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The Financial Situation
Strangely enough, this improvement in sentiment,
ITHOUT question the outstanding financial
past week was the extraor- or rather this expression of it in the markets, so far as
development of the
dinary success of the mid-month financial opera- it is real, occurred during a week in which the news for
tions of the United States Treasury. Not only the the most part rather strongly suggested that the Presiobligations offered in exchange for maturing notes, dent is once more under the influence of the spenders
but, according to reports, those offered for cash, were among his advisers. It likewise coincided in point of
taken with avidity by individuals and non-banking time with what seemed to be a recurrence of the disinstitutions as well as by the banks. The 15-18 year position on the part of numerous business leaders to
bonds as well as the 18 month notes were easily desist from "weasel words" about co-operation, and
disposed of. The rates, it is true, were quite at- to demand in plain language obviously needed budtractive as compared with some that have obtained getary and other reforms, as witness the address of
during recent months. Yet the fact remains that in Mr. Aldrich, Chairman of the Chase National Bank,
obtaining funds the Treasury revealed an ability and the resolutions of the Congress of Industry in
session in New York City under the leadership of the
few if any believed it to possess at present.
large part of the success of the operation National Association of Manufacturers.
While a
is to be attributed to
Large Spending Indicated
artificially swollen excess
Strong Words but True
It is true that no official
reserves of the banks and
"I submit that if we in this country conword has been forthcoming
the plethora of funds awaitcentrate on direct home relief and eliminate
concerning the attitude of
work relief as far as possible, the budgets of
ing an opportunity for fathe municipal, county, State and Federal
the President toward the
vorable investment, which
governments can be brought into balance,
spending program of Mr.
had been made exceedingly
and that if this is not done we will soon be
Hopkins, and only a wellfaced with a situation the seriousness of
difficult by the absence of
which cannot be exaggerated."—Winthrop
generalized statement connew issues as well as by
W. Aldrich, Chairman of the Chase National
cerning his decisions about
Bank of New York, in recent address on the
adverse general conditions
Pacific Coast.
the public works suggesGoverncreated by the
In defense of this strong statement, Mr.
tions of Secretary of the
Aldrich not only expressed the opinion, based
necessary none
ment, it is
upon mature consideration, that work relief
Interior Ickes. Indeed,the
conclude, or so
the less to
costs at least three times as much as home
information,or what passes
relief, but also and equally as emphatically
it seems to us, that a very
objected to work relief on the ground that it
as such, concerning these
substantial proportion of
embodies the mischievous theory that prosprojects in the first place
perity can be produced by creating public
the investors of the coundoes not carry an official
debt.
try have been and are
Truer words, in our opinion, were never
quality. Yet press acstrongly inclined to accept
spoken. Not only that, but no more imporcounts of them, and stateis before the nation at this time
tant subject
more or less at face value
than the one to which this practical banker
ments to the effect that the
the conciliatory assurances
is thus addressing himself.
President is favorably imtime, there is no
If, within a reasonable
which have flowed so
sincere, judicious effort to balance not only
pressed with much that is
freely from official quarthe national but every other budget, the
in them, bear all the usual
fine talk
country will realize that all this
ters in Washington of
about a "turn to the right" has been but
earmarks of having been
late. That such is the
sounding brass and tinkling cymbals.
inspired, although. of
concase seems to be
There is abundant evidence that our more
course, there is the possiintelligent business leaders appreciate this
firmed by reports from
simple but all-important fact far more thorbility, even the probabilbankers and brokerage
oughly than they did a year ago. Is there
ity, that some of the denot some way in which it can be brought
houses indicating a feelhome to the rank and file of the people?
tails that have "leaked
ing of somewhat greater
If only that could be done, the battle over
out" in this way have been
the budget question in Washington would be
hopefulness and confidence
won without a fight.
permitted to become pubon the part of their cuslicly known in order to
tomers.
obtain an indication of the reaction of the public.
Other Securities Also Benefit
There is the fact, too, that the President spent
OLLOWING news of the success of the Gov- all the early part of the week in almost continuous
ernment financing, investors and speculators conferences with such of his advisers as Messrs.
seemed to show a moderately greater readiness to Tugwell, Hopkins and Ickes, who are well known to
buy other types of securities also. The result be strongly in favor of elaborate governmental outwas greater activity in the stock and bond mar- lays and many other activities of anything but a
kets and moderately higher prices. While trade conservative nature. There can be no question of
reports indicated a continuation of the modest the fact, moreover, that reports coming from Warm
improvement that has been under way for some Springs during this period definitely gave an impresweeks past, there was no indication of any striking sion of great confidence on the part of these advocates
change either in the present state of business or of large expenditures. On several occasions disin the outlook, although the advent of more sea- patches appeared from Washington, apparently
sonable weather was stimulating to retail trade. inspired likewise, and pointing in the same general
It seemed necessary also to trace this improve- direction, including one which assured the public
ment, directly or indirectly, to a feeling of en- that a plan was under serious advisement among high
couragement resulting from the "rightist" cam- officials by which the Government would undertake
paign that has been under way, or at least it was so to subsidize new home construction to the extent of
traced in general by those who make it a business to some 20% of the cost of such construction, it being
asserted that some $1,000,000,000 of the taxpayers'
keep in close touch with market movements.
W
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3516
Financial Chronicle
Dec. 8 1934
funds might in this way be devoted to stimulating our firm belief that the manufacturers are wise in
the housing program.
insisting upon looking out for their own legitimate.
A Dissenting Voice
Only toward the end of the week did a few observers at or near the scene of action provide any indications of serious doubt about the accuracy of the
impression that daily news items had given concerning the drift of official thought during the past week
or more, as for example the regular Washington commentary of Mr. David Lawrence in the New York
"Evening Sun" on Thursday. Such expressions of
opinion, moreover, were presented without supporting evidence. We are firm in our belief that if, by
his general attitude and his assurances, vague and
lacking in specific promises though they have been,
the President has led the people to believe in his
intention to act with more care and conservatism in
the future, and has taken advantage of this impression consciously given to obtain large funds from the
investors of the country, he has laid upon himself
a solemn obligation to make these undertakings good,
for undertakings they have become in these circumstances, even though not specifically "nominated in
the bond." We can only express the earnest hope
that the views of Mr. Lawrence about the intentions
of the President may prove to be accurate, though
they are distinctly in the minority.
There has been a good deal of discussion in some
quarters during the past few days of the probable
effect of the success of the Treasury's financial operations upon the spending program of the Administration. It has, of course, been purely conjectural in
nature. On the other hand, there is no difficulty in
knowing what the effect ought to be. It is to be
hoped that Secretary Morgenthau took pains to inform the President plainly that in all probability
many subscribers to the obligations he has just
offered to the public were ready so to invest their
funds because of the faith that had been instilled in
them concerning Administration policies for the
future, and that were this faith to be betrayed by
further extraordinary extravagances, the reception
given Government obligations in the future could
hardly be expected to be good. Despite all the
temptations arising out of the experiences of the past
year and a half, we should be reluctant to suppose
that the Administration would take the attitude that
with the Treasury thus relieved of its immediate
financial worries the Administration is set free to
proceed with larger outlays.
interests and in demanding that the true welfare of
the nation be given more careful and intelligent consideration in governmental circles.
Frankness requires the plain statement that the
words of Mr. Richberg seem to us hardly in accord
with assertions that the Administration, wishing to
be helpful to business, is prepared to withdraw from
competitive activities, believes strongly that revival
is occurring, and desires to be a "partner" with such
executives as those to whom the speaker was talking. To begin, consider his treatment of the plank
in the industrialists' platform reading as follows:
"No group of men is wise enough to plan and control
the operations of all our manifold business activities." What the authors of the statement had in
mind was obviously a condemnation of what is
known as "planned economy." Mr. Richberg, however, made it support a system of "planned economy," albeit a co-operative system, and moreover so
used it as almost inevitably to raise doubt in thoughtful minds as to his own aptitude for practical, constructive business planning of any sort.
Strange Doctrines
His denial of the existence of natural forces of recovery impresses us as an economic absurdity, and
his treatment of the plea of the manufacturers for
removal of "uncertainties as to public policies"
seems to us to be a plain misinterpretation of the
rather obvious meaning of the authors of the words
in question. We find his defense of National Recovery Administration principles wholly unconvincing, and finally—to go no farther into the subject—
we call especial attention to these words that fell
from his lips in the course of this rather remarkable
address: "If business men were ready to move ahead
and private bankers were prepared to encourage
and support them, then the Government might wisely
plan to contract its activities and expenditures and
further to stimulate the advance of private enterprise." We print the address in full on another
page, and earnestly suggest that our readers study
it for themselves.
Mr. Moley's speech was plainly the well-intentioned discourse of a gentleman without experience
in the world of business, a defense of the capitalistic
system by one who obviously does not understand
that system very well. Unfortunately, Mr. Moley,
who is currently credited with being one of the
leaders among those who have been urging the President to adopt a more orthodox course, does not seem
Congress of Industry
to be altogether in a position to speak for the AdHE meetings of the Congress of American In- ministration.
Secretary Roper, who addressed the
dustry under the auspices of the National Congress on
Thursday, adopted a much more friendly
Association of Manufacturers proved to be of first attitude than
did Mr. Richberg, but at the same time
rate significance. The platform adopted, for par- gave evidence that
this otherwise conservative memticulars concerning which we refer our readers to ber of the
President's official family has become an
another page of this issue, reveals clearly a con- advocate of such
undesirable programs as large
viction on the part of the industrial leaders of the public works
construction, unemployment insurance
nation, whatever may be true of the rank and file, and at least some
of the features of the National Rethat it is still of the utmost importance for organized covery Administratio
n.
business to persist in its demands for the observance
of the more ordinary rules of budget balancing and
The Houde Case
freedom of business from constant and hampering
NOTHER indication that the Administration,
Government interference. The violent, unfair and,
despite reports to the contrary, is determined
in our view, highly sophistical attack upon some of to adhere to some of its most mischievous policies
the more important planks of this platform delivered of the past is found in the fact that it has at length
on Wednesday by Mr. Richberg, chief assistant to actually filed papers in a Federal Court in Buffalo
the President, strengthened rather than weakened in the long-disputed Houde Engineering case involv-
T
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Volume 139
Financial Chronicle
ing the so-called majority rule principle in labor
representation in collective bargaining. The principle is one that American industry is fully determined to take to the United States Supreme Court
if necessary. It would of course be idle to undertake to guess what the attitude of the courts will be,
particularly in view of the conflict of legal opinion
on many points of the New Deal activities. What we
can be sure of is that, no matter what the legal aspects of the issue turn out to be, the plan against
which industry is struggling in this case is economically and socially undesirable.
Home Owners' Loan Revelations
NE of the most remarkable developments of the
past week is seen in the extraordinary announcement on the part of the Home Owners' Loan
Corporation that it has already found occasion to
begin more than a score of foreclosure proceedings,
that only about 70% of its debtors have paid their
obligations to the Corporation when due, and, by
plain implication at least,;that the Corporation was
taking legal action only in cases of deliberate default in the presence of ability to make payments
due. Amazing reports have long been in circulation
as to the laxity of this Corporation in making loans
to home owners. But the facts thus disclosed showing such a record as this after so short a period of
operations is nothing short of astounding, the more
so since we had heard so much about conservatism
of appraisal for the loans in question and the soundness of mortgage obligations acquired during a time
when real estate values were exceptionally low. Of
course investors in the obligations of the Corporation fully guaranteed as to principal and interest by
the United States Government need not worry about
the safety of their investment as a result of this disclosure, but the whole country may well be excused
for wondering what the cost of this phase of modern
experimentation will ultimately be.
O
Federal Reserve Bank Statement
HE condition statement of the 12 Federal Reserve banks reflects no new tendencies this
week, although transactions relating to gold again
are quite important. Foreign loans against gold,
which appeared one month ago and then advanced
to $15,765,000 on Nov. 14, have now been liquidated
entirely, as the item has disappeared from the accounting for Dec. 5. On Nov. 28 these loans still
amounted to $3,050,000, and it is hardly to be
doubted that they were extended to Belgium. No
metal was received from that country in the week
covered, making it apparent that a cross-transaction
with France or Holland was utilized to liquidate the
loan. This statement applies, of course, only to the
final $3,050,000 of the advance, since gold was previously received from Belgium in amounts equivalent to the weekly declines from the peak. Monetary
gold stocks of the United States advanced in the
week to Dec.5 in the huge sum of $49,000,000,largely
as a result of imports, and the credit summary
furnished by the Federal Reserve indicates that the
aggregate is now $8,161,000,000, which is a further
high record. These large receipts were compensated
only in part by the deposit or sale of $24,348,000
gold certificates to the Federal Reserve System by
the Treasury in the same period. Since Federal
Reserve holdings of certificates already were at a
high record, this means that the aggregate here
T
3517
also was lifted into new high territory. It is evident that the Treasury is accumulating a backlog
of gold, against which certificates eventually will
be deposited with the Reserve banks, and the potentialities of credit expansion thus are mounting
steadily, although they are already dangerously
high.
The deposit or sale of gold certificates increased
the Federal Reserve holdings of these instruments
to $5,111,620,000 on Dec. 5, against $5,087,272,000 on
Nov. 28. Together with other adjustments, this
resulted. in an increase of total reserves to $5,350,191,000 from $5,327,626,000. But liabilities also
were increased, owing to a gain in circulation in
response to seasonal demands. Federal Reserve
notes in actual circulation moved up to $3,213,805,000 from $3,188,471,000. In contrast with the
previous week, when a small increase was reflected
in Federal Reserve bank notes, this form of currency fell to $27,477,000 on Dec. 5 from $27,774,000
on Nov. 28. Member bank deposits on reserve account were off to $4,073,385,000 from $4,108,453,000,
but Treasury and other deposits increased, and total
deposits dropped only to $4,347,662,000 from $4,354,021,000. The increase of total reserves and the small
drop in deposit liabilities made for a gain in the
reserve ratio to 70.8% from 70.6%, despite the increase of circulation. Industrial advances by the
System continued their slow upward movement, a
total of $10,204,000 being reported on Dec. 5 against
$9,769,000 on Nov. 28. Borrowings from the Reserve
banks fell slightly, as discounts were off to $10,466,000. Bankers' bill holdings of the System were
stationary, for all practical purposes, at $5,682,000,
while holdings of United States Government
securities likewise were virtually unchanged at
$2,430,204,000.
Corporate Dividend Declarations
AVORABLE dividend declarations by corporate
entities the current week were again a feature.
Alabama Great Southern RR. declared a dividend
of $3 a share on the common, payable Dec. 31; a
similar payment was made a year ago, which was
the first since 1931. Eastman Kodak Co. declared
an extra dividend of 75c. a share on the common
stock, payable Jan. 2; previously, the regular quarterly dividend of $1 a share was declared on the
stock, payable the same day. J. C. Penney Co. declared an extra dividend on the common of $2 a
share and 50c. for the quarter ended Dec. 31, both
to be paid on that date; only 30c. a share was paid
in previous quarters. Columbian Carbon Co. declared a special Christmas dividend of 20c. a share
on v. t. c. certificates, payable Dec. 24. United
States Tobacco Co. declared a special dividend of
$2.25 in addition to the regular quarterly of $1.25
a share on the common stock, payable Jan. 2.
American Gas & Electric Co. declared an extra dividend of 20c. in cash on the common in place of the
regular semi-annual dividend of 2% in stock, as
well as the regular quarterly of 25c. a share, both
payable Feb. 1. Pittsburgh Plate Glass Co. declared
a quarterly dividend of 40c. a share, payable Jan. 2,
as against 35c. in the previous quarter. General
American Transportation Co. (previously General
2
1
/
American Tank Car Corp.) declared 87 c. a share,
payable Jan. 1; the last two dividends were 50c. a
share on a semi-annual basis. Associated Oil Co.
declared a common dividend of 50c. a share, to be
F
3518
•
Financial Chronicle
paid Dec. 20; same amount was paid last March.
Briggs Manufacturing Co. declared a dividend of
50c. a share on the common, payable Dec. 29; in
previous quarters 25c. a share was paid. With the
announcement of American Cyanamid Co. of a dividend of 10c. a share, payable Jan. 2, on the class A
and class B shares, making a total of 35c. for the
year, it was stated that the directors hope to be able
to make quarterly distributions in the future.
Dec. 8 1934
number of failures and liabilities was slightly larger
in the Cleveland District.
Separated by branches of business it was again
the trading division that made relatively the best
showing. There was a reduction in the number
of defaults and in the liabilities in November for
all three of the branches of business. For several
months past the improvement has been more marked
in the trading section than in the other two. Failures
in trading lines last month numbered 597 with
Business Failures
liabilities of $6,985,606; among manufacturing conTNSOLVENCIES in commercial lines in the United cerns, 223 for $6,395,716, and for the third division,
I States, so far in 1934, have been greatly'reduced, chiefly agents and brokers, 103 involving $4,968.469
both in number and in the amount of liabilities. of indebtedness. In November of last year, there
There was a temporary increase in October, as to were 820 trading failures owing $12,263.223; 311
both of the particulars mentioned above, but this of manufacturing concerns owing $7,808,470 and
has again been reversed in November. Business 106 in the third division, with liabilities of $5,281,683.
defaults for that month, according to the records
The New York Stock Market
of Dun & Bradstreet, numbered 923 against 1,091
in October and 1,237 in November last year. The
TER a dull and uncertain initial session, some
record for the month just closed was close to the
rather substantial advances in the prices of
lowest of the year. For the month of September equities were recorded this week on the New York
the number of business defaults in the United States Stock Exchange. The spirit of optimism which
was exceptionally low—it was below that for any usually pervades the market in the pre-holiday seamonth back to September 1920.
son was in evidence, and important groups of issues,
Liabilities last month were also considerably re- such as the railroad and copper stocks, were marked
duced, the amount being $18,349,791. These figures upward materially in the mid-week sessions. Alcompare with $19,968,448, for October and $25,353,- most all other groups likewise were active and
376 for November 1933. Liabilities for September higher, and the net result was a quite satisfactory
this year were exceptionally low, the amount being general improvement. Activity also was quite prounder that reported for any other month in 1934. nounced, the turnover on Wednesday being the largWith the exception of September, the amount of est since July 27. The ease with which an imdefaulted indebtedness for the month just closed portant Treasury financing operation was carried
was below that for any other month this year, in fact out contributed to the upswing, as did advances
was less than the amount shown for any month for a in grain quotations and the growing belief that no
number of years past.
further railroad bankruptcies will be permitted by
For the 11 months of 1934, the total number of the Administration.
business failures reported in the United States was
The session on Monday was quiet, with stocks
11,222, against 19,175 in the same period of the mostly a little easier in the turnover of about 750,000
previous year. If this ratio is maintained throughout shares. The reaction to the Treasury financing anDecember, business defaults this year will be con- nouncement of that day was awaited, but when it
siderably below those for any year back to 1920. appeared on Tuesday that an unprecedented overThe total of liabilities reported for the 11 months subscription was likely, interest in all securities
of this year was also considerably reduced compared increased. Stock prices were marked upward, with
with recent years. The amount was $244,337,556 a number of extra-dividend declarations aiding the
against $475,630,152 for the same time in the pre- movement, and sizeable net gains appeared in nearly
ceding year.
all parts of the list. The turnover mounted to not
The reduction in the number of business failures much under 1,000,000 shares. The gains were exlast month, compared with the preceding year, was tended, Wednesday, when turnover was 1,636,000
most marked in the Southwest. Separating the shares. Railroad and copper stocks bounded forrecord by geographical sections, there are three ward in this session, which was one of the most
Federal Reserve .districts, in that part of the United cheerful witnessed in months. Reassuring stateStates, where the number of defaults last month was ments by some Administration spokesmen aided the
practically one-half of those reported in November advance, and all groups of securities participated.
of last year. These three districts were the St. Louis, There was less activity on Thursday, and some eviKansas City and Dallas districts. Other sections dence of profit-taking, but the realizing sales were
where the reductions were relatively large were the absorbed rather easily, and most equities again
showed net gains at the end. Copper stocks conRichmond and Atlanta districts.
For the five large districts, New York, Boston, tinued to forge ahead in spirited fashion. The dealPhiladelphia, Chicago and San Francisco, business ings yesterday were on a much smaller scale than
defaults showed some decline last month, compared in the two preceding periods, but the undertone rewith last year, but the reduction was less than in the mained good. Small fractional recessions occurred
sections first mentioned. More than 72% of all in the bulk of stocks, but there were also a number
the failures reported in the United States last month, of advances in quotations.
In the listed bond market dulness was the rule on
occurred in the five large Federal Reserve districts;
in November 1933, the ratio for the same sections Monday, owing to the Treasury announcement of
was 68% of the total for that month. For the $900,000,000 new borrowing in addition to the reMinneapolis Federal Reserve District there was also funding of $992,000,000 obligations maturing
a small reduction in November this year, but the Dec. 15. When it was seen that the Treasury issues
N
Volume 139
Financial Chronicle
would be taken with alacrity, enthusiasm was
kindled and bonds of all descriptions enjoyed a good
advance on Tuesday. United States Government
issues headed the movement, although this is most
unusual while applications for new securities are
being made. In this and the succeeding session, railroad, utility and industrial bonds of both high and
secondary ratings improved sharply. The .gains
were maintained Thursday and yesterday. In the
commodity markets the tone was uneven on Monday,
but improvement started slowly on Tuesday and
increased on Wednesday, when large gains were
registered. There was a modest reaction Thursday,
but the upswing was resumed yesterday. The foreign exchange markets witnessed some pressure on
the gold currencies of France, Belgium and Holland,
and new shipments of gold from Europe to the
United States were arranged. But currency fears
were little in evidence, despite the continued drain
of the metal from the gold bloc. Reports of retail
trade in the United States are quite favorable, but
industrial indices remain somewhat uncertain.
Steel-making operations were estimated for the
week beginning Dec. 3 at 28.8% of capacity by the
American Iron and Steel Institute, this being an
increase of 0.7 point, or 2.5% over the previous week,
despite the fact that the seasonal trend normally is
downward. Electric power production in the week
to Dec. 1 was 1,683,590,000 kilowatt hours, according to the Edison Electric Institute, but as the
period included Thanksgiving Day, this was under
the figure of 1,705,413,000 for the previous week.
Mainly because of the holiday,car loadings of revenue
freight in the week to Dec. 1 were 488,118 cars, a
reduction of 73,195 cars from the total for the preceding period, the American Railway Association
reports.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 101%c. as against 98%c. the
close on Friday of last week. December corn at
/
/
Chicago closed yesterday at 9378c. as against 8934c.
the close on Friday of last week. December oats at
4c.
/
Chicago closed yesterday at 55%c. as against 523
the close on Friday of last week. The spot price for
cotton here in New York closed yesterday at 12.70c.
as against 12.80c. the close on Friday of last week.
The spot price for rubber yesterday was 13.07c. as
against 13.18c. the close on Friday of last week.
Domestic copper closed yesterday at 9c., the same
as on Friday of last week.
In London the price of bar silver yesterday was
/
24 11/16 pence per ounce as against 2458 pence per
on Friday of last week, and spot silver in New
ounce
/
York at 5434c. as against 55c. on Friday of last
week. In the matter of the foreign exchanges, the
cable transfers on London closed yesterday at
/
$4.94% as against $4.9818 the close on Friday of
last week, while cable transfers on Paris closed
4
1
/
yesterday at 6.59 c. as against 6.59%c. on Friday
of last week.
On the New York Stock Exchange 111 stocks
reached new high levels for the year, while 15
stocks touched new low levels. On the New York
Curb Exchange 39 stocks touched new high levels,
while 24 stocks touched new low levels. Call loans
on the New York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 469,190
3519
shares; on Monday they were 152,565 shares; on
Tuesday, 951,960 shares; on Wednesday, 1,636,613
shares; on Thursday, 1,422,045 shares, and on Friday, 1,023,370 shares. On the New York Curb Exchange the sales last Saturday were 85,330 shares;
on Monday, 136,700 shares; on Tuesday, 165,295
shares; on Wednesday, 223,050 shares; on Thursday,
221,805 shares, and on Friday, 215,685 shares.
The stock market, after a dull and irregular session on Monday of the present week, experienced, on
Wednesday, a perceptible improvement in prices,
with all important groups sharing in the advance.
On Friday, however, the market was again given
over to irregularity, and some issues at the close
recorded fractional declines over Friday of the previous week. General Electric closed yesterday at
4
/
14
20/ against 203 on Friday of last week; Consoli/
8
dated Gas of N. Y. at 231/ against 2378; Columbia
Gas & Electric at 8 against 8%; Public Service of
/
N. J. at 301 2 against 31; J. I. Case Threshing Ma/
chine at 541 2 against 54%; International Harvester
/
/
at 3914 against 38%; Sears, Roebuck & Co, at 4114
/
Montgomery Ward & Co. at 2978
/
against 4118;
4
4
/
against 293 ; Woolworth at 543 against 55½;
/,
American Tel. & Tel. at 109 against 10778 and
4
1
/
American Can at 107 against 106 .
Allied Chemical & Dye closed yesterday at 137
against 136 on Friday of last week; E. I. du Pont de
/
Nemours at 98% against 9834; National Cash Regis/
14
ter A at 18/ against 1778; International Nickel at
/
23% against 231 2; National Dairy Products at
/
/
17 against 171 2; Texas Gulf Sulphur at 3434
Biscuit at 29% against
4
1
/
against 35 ; National
/
3038; Continental Can at 62 against 62%; East4
1
/ against 11214; Standard
man Kodak at 112
Brands at 18% against 19%; Westinghouse Elec. &
4
/
/
Mfg. at 3478 against 353 ; Colombian Carbon at
18;
/
4
1
/
73% against 73 ; Lorillard at 221 4 against 22/
4
/
United States Industrial Alcohol at 46 against 433 ;
Canada Dry at 17 against 16½; Schenley Distillers
at 27% against 27%, and National Distillers at 28
against 26%.
The steel stocks show modest recessions for the
2
week. United States Steel closed yesterday at 381/
last week; Bethlehem
8
against 387 on Friday of
4
1
/
/
/
Steel at 3078 against 3178; Republic Steel at 14
and Youngstown Sheet & Tube at 19
/,
against 1518
against 19%. In the motor group, Auburn Auto
/
closed yesterday at 26% against 2614 on Friday of
/
last week; General Motors at 331 8 against 33%;
/
Chrysler at 3978 against 40, and Hupp Motors at 3
against 3. In the rubber group, Goodyear Tire &
/
4
Rubber closed yesterday at 243 against 2478 on
/
Friday of last week; B. F. Goodrich at 111 8 against
/.
/
11, and U. S. Rubber at 171 8 against 1678
The railroad shares at yesterday's close were, in
some instances, fractionally higher than on Friday
a week ago. Pennsylvania RR. closed yesterday at
/
24% against 2378 on Friday of last week; Atchison
/
Topeka & Santa Fe at 5514 against 5514; New York
/
at 221 8 against 22; Union Pacific at 10678
/
Central
/
%; Southern Pacific at 181 2 against
against 1071
/,
2
181/ ; Southern Railway at 17 against 1678 and
4. Among the
4
1
/
Northern Pacific at 21 against 193
oil stocks, Standard Oil of N. J. closed yesterday at
/
42 against 4278 on Friday of last week; Shell Union
Oil at 7 against 7, and Atlantic Refining at 25
/.
against 2578 In the copper group, Anaconda Copper closed yesterday at 12 against 11 on Friday of
last week; Kennecott Copper at 17% ex-div. against
3520
Financial Chronicle
17 ; American Smelting & Refining at 37% against
/
3
4
/,
3618 and Phelps Dodge at 15% against 14%.
Dec. 8
1934
quiet on Tuesday, and changes again were small.
A firm tone which developed toward the finish occasioned gains in a majority of securities listed at
Paris. International securities were not much in
demand. On Wednesday the trend was steady until
the final hour, when liquidation appeared on a
rather large scale and prices dropped sharply.
Rentes lost ground on apprehensions that the budget
would show a large deficit, and the unsettlement in
the Government issues quickly spread to other departments of the market. In a quiet session on
Thursday losses again were general. Indications of
opposition to the Cabinet's wheat restriction plans
caused liquidation of rentes and other securities
likewise were liquidated. International securities
made a better showing than French stocks, owing to
reports of the favorable trend at New York. Rentes
were slightly higher in quiet trading yesterday, but
changes were unimportant otherwise.
Nervousness was apparent on the Berlin Boerse
on Monday,as the trading was resumed for the week.
Most securities registered slight losses, but the trend
was irregular as some issues dropped sharply while
others showed small gains. The tone improved Tuesday, owing to conclusion of an accord between
France and Germany on the Saar basin plebiscite
and its aftermath. Gains were small but general,
with bonds and stocks alike higher. Overnight publication of a new law limiting the dividends of German corporations caused a wide break on the Boerse,
Wednesday. The new legislation provides that not
more than 6% may be paid, excepting in cases where
the rate now exceeds that figure, in which event the
maximum is 8%. Stocks on which high interest has
been current were swept sharply downward in a
general wave of liquidation, which affected all equities. Losses of 8 to 10 points were registered in
some prominent issues, while 3 to 4 point losses were
common elsewhere. Bonds were quiet and steady.
In a dull session on Thursday the downward trend
was resumed and additional recessions of 2 to 4
points appeared in some market leaders, while losses
in other issues were mostly fractional. Bonds retained their good tone.
European Stock Markets
IRREGULAR price tendencies were noted this week
in dealings on stock exchanges in the leading
European financial centers. The London market
was fairly steady, with advances in some sessions
offsetting declines in others. A good start was made
by the Paris Bourse early in the week, but the tone
softened in later transactions. Pronounced unsettlement developed on the Berlin market on Wednesday, after it was announced by the German Government that dividends on stocks of German corporations hereafter will be limited, with excess earnings to be applied in loans to the Government. This
development caused one of the largest breaks in
German shares in recent months, and there was no
tendency toward recovery in the subsequent session.
The international currency problem continued to
concern all markets, as the chief gold units remained
weak in relation to sterling and dollars. Belgium
obtained a 100,000,000 guilder loan from Dutch
bankers on Monday, for a period of three months,
renewable up to one year, and the very size of the
advance was accepted as a further indication of the
pressure being experienced by some of the gold units.
Trade indices in Britain and Germany remain favorable, with the upward trend in retail sales quite pronounced. In France the new regime of Premier
Pierre-Etienne Flandin is tackling the problem of
recovery with vigor. An Austrian conversion loan
was offered in all the principal European markets•
this week, and the national finances of that country
will benefit from the reduction in interest rates.
The London stock market was cheerful at the opening on Monday, with small gains appearing in nearly
all groups of securities. Liquidation in the latter
part of the session canceled some of the gains.
British funds were quite firm at the opening but
closed with small net losses. Most British industrial
stocks remained in demand and these issues showed
the best results, although gold mining stocks also
were better. The international section was dull.
British funds declined sharply in an inactive session
on Tuesday, but these issues remain far above the
Anglo-American Relations
levels common up to a few weeks ago. In the inMONG the most praiseworthy of all recent diplodustrial section more gains than losses were rematic measures are those of United States
corded, but international securities were soft. In Ambassador Robert W. Bingham, who is endeavoranother quiet session on Wednesday, British funds ing to increase Anglo-American amity
to the point
again receded, while industrial issues were irregular where formal accords on world questions could be
on profit-taking. Gold mining shares were mixed, formulated by the two great English-speaking naand the international issues also showed uncertainty. tions. Mr. Bingham has thrown out repeated hints
The tone was somewhat improved on Thursday, but in public addresses for an understanding on naval
transactions again were on a small scale. British armaments problems, but in an interview now
funds were soft at first but hardened later and granted to the representative of the Sunday "Obclosed without much change. Industrial issues were server," of London, he points out that much more
irregular, but international stocks reflected good de- could be accomplished than an immediate solution
mand after reports of a good trend in New York of the naval question. President Roosevelt, with his
became available. Prices in general were well main- unprecedented party backing in Congress, is in a
tained yesterday, although dealings were small. position to make binding and lasting agreements,
Copper stocks showed best results.
Mr. Bingham said, and this circumstance provides
Initial dealings on the Paris Bourse, Monday, were an opportunity. "If the British Empire and the
generally at improved levels as compared with the United States were agreed on the solution of any
previous close. The general tone was optimistic and problem of diplomacy, that problem would no longer
some securities held their gains, but profit-taking exist, for there is no combination of influences that
developed in other groups and net changes for the could challenge its decisiveness," the Ambassador
day were unimportant. Some French bank and remarked. He urged that the two peoples grasp
utility stocks showed small losses, while interna- firmly the present opportunity for lasting undertional issues dropped more decidedly. Trading was standing and initiate a technique of close diplomatic
A
Financial Chronicle
Volume 139
co-operation. President Roosevelt made no comments on the published interview with Ambassador
Bingham. Secretary of State Cordell Hull suggested
on Monday, however, that the remarks are designed
to combat a spirit of extreme isolation and nationalism that had nearly wrecked the world. They also
serve, he added, to emphasize the importance of sane
and practical international co-operation.
Naval Negotiations
ISCUSSIONS of naval armaments were continued at London, this week, by representatives of Great Britain, the United States and Japan,
even though there seems to be little likelihood of
agreement on a basis for the proposed 1935 conference. The preliminary negotiations have reached
the point where public declarations are being made
on all sides. Norman H. Davis, chief of the American delegation at London, made an appeal Thursday for an understanding, and in the course of his
address he revealed the American position fully.
After describing briefly the treaty structure carefully built up in the post-war years, Mr. Davis remarked that the fundamental issue in the current
talks is that of continuing or discontinuing the naval
equilibrium thus established. The American Government stands for continuance, Mr. Davis added.
The only alternative suggested at London is that of
a new naval agreement based on the principle of
equality of naval armaments, a principle which
would not give equality of security, he disclosed. It
was indicated for the first time in this address that
an American proposal had been made for a Mibstantial all-round reduction in naval armaments, to be
effected in such a way as not to alter the relative
strengths or to jeopardize the security of the participating nations as established by the existing treaties.
"Abandonment now of the principle involved would
lead to conditions of insecurity, of international suspicion and of costly competition, with no real advantage to any nation," Mr. Davis remarked.
The Japanese desire to terminate the Washington
and London treaties is now well known, and efforts
have been made by the Tokio Government to obtain
the support of other signatories in abrogating the
pacts. France and Italy were approached in this
connection, but dispatches from those countries state
that neither is willing to join Japan in the treaty
abrogation. Tokio is expected to act alone on or
about Dec. 20. The Japanese views on naval armaments were discussed in broad terms late last week
by Foreign Minister Boki Hirota, before the newly
assembled Japanese Diet, and it was then made
plain that reduction might be acceptable to Japan
provided all large fleets were brought to parity. In
London dispatches of Thursday it was indicated that
Sir John Simon, Foreign Secretary of the British
Cabinet, had discussed the treaty problem with Ambassador Tsuneo Matsudaira. The Japanese Ambassador was urged to disclose what the Tokio Government intends to do after denouncing the present
treaties.
D
Saar Plebiscite
NE of the most important international agreements of recent years was concluded Monday
by France and Germany, when those nations signed
an accord for the settlement of financial and political problems that will arise if the inhabitants of the
Saar basin vote on Jan. 13 to return to German
O
3521'
allegiance. A special League of Nations Committee
had been considering such matters for a month at
Rome, and the adjustment was reached in that city.
The agreement, to which the French and German
Ambassadors attached their signatures, removes the
Saar plebiscite as a likely source of friction between
the two countries, and it is, therefore, a primary development in the cause of European peace. Although the Saarlanders will vote for return to Germany, adherence to France or continued rule under
the League of Nations, it has generally been acknowledged by expert observers that resumption of
German sovereignty is by far most likely, since the
inhabitants are 98% German. The agreement signed
at Rome was viewed as a French admission that this
result is all but inevitable. The French desire to
avoid friction was again indicated Wednesday, when
the report of the Saar Committee was submitted to
the League Council at Geneva. A French delegate
proposed that neither French nor German troops be
permitted to enter the Saar during the plebiscite
period, if any call for a League army is found necessary. The British Government, which previously
had shown aversion to the inclusion of any British
troops in such a force, reversed itself and it was
stated that British troops would be made available
if necessary. Italy and Czechoslovakia likewise
promised to provide armed forces for patrol of the
Saar in the event of widespread disorders.
The political part of the agreement signed at Rome
consists of an undertaking by Germany, to be observed in the event the Saar votes for return to the
Reich. Guarantees of political tranquillity are extended to the Saarlanders who do not vote in the
plebiscite, as well as to those who do vote. Rights
acquired by the inhabitants in regard to social insurance are to continue. To the entire Saar population, regardless of race, religion or political beliefs,
Germany extends full guarantees against persecution, reprisals or other action for a period of one
year. On the financial side agreement was reached
for a German payment of 900,000,000 French francs
to France in payment for the mines which were allocated to France in the war settlement in return for
German destruction of French mines. Germany is
to deliver to France 11,000,000 tons of coal, but
whether this is to be computed as part of the franc
price or is in addition thereto is not quite clear from
available accounts. The League Council adopted the
Saar Committee report unanimously on Thursday,
and members of the Council praised it as an augur
of peace and good-will in Europe. It was made
known in behalf of Germany that the provision for
a neutral police force, in the event of disorders, was
acceptable to the Reich. Germany,indeed, was said
to be quite content with the adjustment and the
general change in the European attitude occasioned
the surmise that the Reich probably agreed to reenter the League of Nations in return for. the concessions made by France.
European Diplomacy
HERE is ample evidence that some far-reaching
adjustments of pressing political problems
are now being negotid.ted in Europe and it is quite
possible that they will terminate the series of crises
to which the Continent was subjected this year. The
Saar plebiscite understanding between France and
Germany is the most striking indication of the
course of diplomatic negotiations, but other signs
T
3522
Financial Chronicle
of increased amity are not lacking. Negotiations
have been in progress at Paris this week between
Foreign Minister Pierre Laval and the German
special representative, Joachim von Ribbentrop. The
utmost secrecy was maintained regarding the discussions, but it is surmised that they concerned
terms on which Germany might be willing to rejoin
the League of Nations and perhaps become a signatory of the proposed Eastern Locarno treaty. Some
observers are of the opinion that the way already
has been prepared for one or another of these developments by the Saar agreement. London dispatches of last Sunday stated definitely that Germany may be willing to return to Geneva if legal
sanction is provided for the rearmament upon which
she is already engaged. It was noted in a Berlin report of Monday that Germany's Foreign Minister,
Bonstantin von Neurath, seems to be considering
return to the League if the Reich receives "fair
treatment."
Negotiations between France and Italy for settlement of the problems affecting those countries also
seem to be making some progress. Rome dispatches
state that the discussions are well on the way to a
satisfactory conclusion, and a visit to Italy by the
French Foreign Minister, Pierre Laval, is held to
be a matter of the not distant future. Only a formal
international understanding for the preservation of
Austrian independence stands in the way of a general accord, one observer states. But since France
and Italy are agreed on the need for Austrian independence, this may mean that Germany also is
involved in the discussions. Indeed, it was reported
from Vienna last Sunday that several officials of
the German Government are in the Austrian capital
conferring on Austro-German problems.
Less satisfactory than these indications are some
of the problems which the League of Nations Council
considered this week in its special session at Geneva.
Foremost among the troublesome matters is the
growing conflict between Yugoslavia and Hungary,
arising from Yugoslav charges of Hungarian responsibility for the assassination of Bing Alexander.
The Council heard arguments on this problem Wednesday in a private session, and is reported to have
agreed on an immediate hearing of the grievances.
In a Belgrade dispatch of Thursday to the Associated Press, it was reported that the Yugoslav Government now has determined to expel 27,000 Hungarians living within the country, and such action is
hardly calculated to promote peaceful relations.
Vienna reports stated that tension between the two
countries was mounting, and overt acts were feared.
The League Council heard a rather heated argument
on the assassination yesterday, and the international
atmosphere again was filled with rumors of untoward developments. After Yugoslav and Hungarian representatives stated their views, Dr.
Edouard Benes, of Czechoslovakia, declared that any
attempt to break up the Little Entente would result
in warfare. This suggests rather clearly that the
great Powers are suspected of interference in East
:
ern European affairs.
Dec. 8 1934
tion will play no part in the endeavors to turn the
tide of the depression in France, but in other respects the vigorous young Premier is proceeding
along lines that bear more than a passing resemblance to the recovery steps adopted in the United
States. Currency devaluation was debated in the
French Chamber last Monday, and M. Flandin and
Finance Minister Louis Germain-Martin then set
their faces sternly against tampering with the circulating medium. Equilibrium of currencies must
be realized, the Premier admitted, but he held that
it would not be the best method of stabilization to
place the French unit in an unstable position. He
expressed repugnance at the thought of devaluation,
since "the State alone would benefit by such an operation at the expense of those who placed their confidence in it." Addressing the Chamber proponents
of devaluation, M. Flandin declared: "Should the
time come (for depreciation) I will yield my place
to you. You perform the operation if you wish, but
I will not do it." In the course of the debate, M.
Germain-Martin remarked that monetary stabilization by Britain and the United States would be a
great service to humanity, but "there could not be a
worse mistake than to demand a conference on
stabilization."
In an address before a group of French merchants
and manufacturers, delivered a few days before the
currency debate took place, M. Flandin outlined a
"New Deal" for France, which would aim mainly at
adapting French production to consumption and enlarging international markets through lowered trade
barriers.- The French situation was declared frankly
by the Premier to be critical, but he denied that the
choice is necessarily one between deflation and devaluation. French deflation has nearly run its
course, he said, and with a rise in world prices
definitely in view there seems to be no reason to
force further sacrifices. Some elements of the plan
thus outlined already have appeared in proposals
for new legislation. French trade with her great
colonial empire is to be stimulated sharply, in an
attempt to compensate for the large losses suffered
elsewhere. Representatives of the French and Colonial Governments met at Paris, Monday, and started
a conference looking toward ways of improving trade
relations. A start on the French agricultural problem was made last Saturday, when a bill was introduced providing for abolition of the minimum price
of wheat, Government purchase of part of the existing surplus of this cereal and exportation of the remainder. Under this measure, moreover, wheat sowing is to be restricted for the first time in French
history. The budgetary problem, which is usually
most difficult in France, was solved readily on this
occasion, as the Chamber of Deputies approved the
proposed budget on Tuesday by 471 votes to 122.
The Senate is not expected to make any important
changes.
German Banking and Finance
THOUGH nationalization of the German banking and credit system is held inadvisable by a
Reich Committee of Inquiry, it is apparent that the
French Recovery Measures
Nazi authorities intend to make vast incursions into
ONETARY and other policies of the new private control. Several bills were passed on TuesFrench Government are being developed day by the Cabinet, under which all credit transacrapidly by Premier Pierre-Etienne Flandin and his tions must be approved by a supervisory board, while
associates of the new Cabinet of National Union. German industry is regimented ever more decidedly
It has now been made plain that currency devalua- by a new Reich Economic Chamber, over which Dr.
M
N
Volume 139
Financial Chronicle
Hjalmar Schacht will preside. One of the new measures provides that cash dividends on stocks are to
be limited to 6% hereafter, except in cases where
more has been paid of late, in which case the maximum is to be 8%. Earnings above these rates must
be turned over to the Gold Discount Bank, which
will invest them in Government loans. It is indicated in Berlin reports that the funds thus drafted
are to remain the property of stockholders, to be
administered by the Gold Discount Bank as trustee,
and repayable after four years. In a Berlin report
to the New York "Times" it is stated that the forced
loan provisions will affect about 10% of all German
corporations, with 40,000,000 marks annually anticipated for investment in Reich obligations. The
announcement of this measure occasioned a sharp
decline in share values on the Berlin Boerse. This
series of laws was considered an offset to the findings of the Committee of Inquiry on Banking and
Credit, which issued, late last week, a report
strongly denouncing nationalization of banks. It
was urged by the Committee, however, that credit
institutions should be regulated, while State approval should be obtained for the conduct of all
banking firms. Segregation of long- and short-term
• credit business should be enforced, the Committee
also suggested. The German bank crash of 1931 was
not precipitated by organic structural defects in the
banking system, in the opinion of the group, and the
argument against nationalization is based on this
finding.
Terrorism in Soviet Russia •
SMALL upheaval in Soviet Russian Government circles was caused this week by the
assassination at Leningrad of Sergei Kiroff, a member of the Political Bureau of the Communist party,
and one of the 10 foremost men in the country.
Kiroff was shot and killed by an assailant who was
identified some days after the deed was perpetrated
on Dec. 1 as Leonid Nikolaeff. The assassin tried
to kill himself, and he was wounded dangerously,
making questioning impossible for the time being.
The motive for the crime has not been established
with any clarity, but some dispatches from Moscow
suggest that it was probably a matter of personal
animosity. The Soviet authorities, however, made
wholesale arrests on Tuesday of persons suspected
of plotting against the Russian Government. More
than 70 persons were taken into custody in Moscow,
Leningrad and other cities, and they were placed on
trial immediately in closed sessions of Soviet courts.
They were accused of "preparing and organizing
terrorist acts against officials of the Soviet Union."
Sixty-six were found guilty, among them one woman,
and all were executed without delay. An impressive
funeral of State was given•the murdered Soviet
leader on Thursday.
A
Cardenas Inaugurated
stability of the Mexican Government has
HE
been unquestioned in recent years, and it was
again illustrated in elaborate inaugural ceremonies,
held in Mexico City a few hours before General
Lazaro Cardenas assumed office as the forty-fifth
constitutional President of Mexico, last Saturday.
Abelardo Rodriguez, the outgoing President, accompanied General Cardenas to the national stadium,
where the oath of office was administered. In his
inaugural address President Cardenas declared that
T
3523
he would follow the detailed six-year plan adopted
by the National Revolutionary party, which nominated him. Special attention will be given to improvement in the condition of the workers and Indians, who constitute the bulk of the Mexican population, he said. Although Mexico's resources are
ample to insure a just social order, there are still,
the President remarked, immense regions where
Mexicans live completely outside the pale of material and spiritual civilization, buried in ignorance
and the most complete poverty. Solution of the
country's problems cannot be attained by a public
works program, according to the new President, who
suggested a fuller exploitation of national resources
by labor and the Government, working in co-operation. The foreign relations of Mexico remain excellent, President Cardenas pointed out, and he added
that "sincere friendships with all nations will be
cultivated and encouraged."
With respect to foreign commerce, the President
declared in his address that Mexico must take into
serious consideration her tariff policy in order to
facilitate to the fullest extent the exportation of her
products, while at the same time importing only
those not produced within her borders. Labor
groups within the country must forget their quarrels
and work toward a common end. "Mexico has
reached the moment," General Cardenas remarked,
"when we must maintain ourselves under a strict
civic discipline and dedicate ourselves entirely to
the immense labor of construction that we are obligated to carry out." The program of education must
be advanced and children taught to understand
human activities from a scientific, liberal viewpoint,
he said. The Government was pledged to "encourage socialistic education with the purpose that all
children shall understand the aspirations of the
proletariat." It was announced that the Bank of
Mexico would continue to increase its gold reserves
so that the present de facto stabilization of currency
can be turned into de jure stability at the proper
time. In a Mexico City dispatch to the New York
"Times" it is pointed out that President Cardenas
is a little known factor in 'Mexican public life. During his term as Governor of his native State of
Michoacan he showed himself an ardent advocate of
land reform and an anti-Churchman. He has a reputation for scrupulous honesty and sincerity, and
is considered popular with the army, which is always
a factor in the success of any Mexican President,
the report adds. Changes in governmental policy
were regarded as unlikely in view of the new Cabinet
named by the President, as follows:
INTERIOR—Juan de Dios Bojorquez.
FINANCE—Narciso Basso's.
FOREIGN AFFAIRS—Emilio Porte, Gil.
WAR—General Pablo Quiroga.
NATIONAL ECONOMY—Francisco J. Mujica.
AGRICULTURE—Tomas Garrido Canabal.
COMMUNICATIONS—Rudolf° Elias Calles.
EDUCATION—Ignacio Garcia Teller.
LABOR—Silvano Barba Gonzalez.
HEALTH—Abraham Ayala Gonzalez.
FEDERAL DISTRICT GOVERNOR—Aaron Saenz.
FEDERAL DISTRICT ATTORNEY—Raul Castellanos.
ATTORNEY-GENERAL—Silvestre Guerrero.
Japanese Foreign Policy
TN A BRIEF review of Japanese foreign policy,
I presented by Foreign Minister Koki Hirota late
last week before the newly-assembled Tokio Diet, it
was indicated that Japan desires to bring about
thorough and drastic naval reduction and thereby
lighten the tax burdens of nations in the future.
Much of the address was devoted to the preliminary
Financial Chronicle
naval negotiations now in progress at London, but
Mr.Hirota did not divulge anything and he confined
himself to a discussion of the Japanese aims. The
Tokio Government, he said, desires a naval force
fully adequate for the security of Japanese defenses,
and is endeavoring to establish the principle of nonmenace and non-aggression. "It is according to this
principle that Japan proposes abolition of the ratio
principle heretofore in force and establishment of a
common upper limit for the Powers concerned," Mr.
Hirota said. Through drastic reduction and limitation of offensive arms, Japan proposes to render it
difficult for any Power to attack another, but easy
to defend itself, he added. It was indicated that the
Japanese delegates at London are continuing their
efforts toward realization of the Japanese plan and
toward conclusion of a new and reasonable treaty.
The hope was expressed that Great Britain and the
United States will see the equity and justice of the
Japanese claims and that a new naval pact will be
arranged along such lines.
Foreign Minister Hirota declared that the Japanese conduct of relations with other countries had
not changed since his last report was made to the
Diet. Increasing cordiality with the countries of
Europe and America and with China was reflected
in the relations, because a "better understanding
now prevails among the Powers regarding Japan's
position in East Asia," he remarked. The "healthy
development of the Japanese ally, Manchukuo," was
considered a matter for gratification. Some improvement was reported in relations with Soviet
Russia. The Japanese fisking industry in northern
waters was able to proceed this year without trouble,
Mr.Hirota indicated, while negotiations for transfer
of the North Manchuria Railway, better known as
the Chinese Eastern, were resumed in March and
have been pushed steadily since. Notwithstanding
serious obstacles, an agreement of views now has
been reached on a purchase price and most other
major points, leaving only a few technical questions
still to be adjusted. An early conclusion of the transaction is anticipated, Mr. Hirota reported, although
some time will elapse before final settlement of
minor questions can be attained. Reference was
made to the Indo-Japanese trade convention concluded early this year, and Mr. Hirota also expressed
the hope that the long-drawn commercial conference
at Batavia between representatives of Japan and the
Netherlands would terminate in a mutually acceptable accord.
Dec. 8 1934
chukuo, and it was again pointed out that the
monopoly violates the treaty rights of the open door
principle, as well as the Chinese-American treaty of
1844 and the Chinese-French treaty of 1858. Indicative is the fact, according to the notes, that the Manchukuo Oil Co., which controls the monopoly, is
Japanese, since four-fifths of its capital was supplied by Japanese interests. The Tokio Foreign
Office admitted receipt of the protests, but continued to maintain that the British and American
contentions are inadmissible because they ignore
the independence of Manchukuo. It was suggested
by the Foreign Office spokesman that dispatches
from abroad describing the British-American concert on the matter were stiffening the resistance of
the Japanese people. The comment was made in
Washington that the joint British and American
measures appear to confirm the determination of
the two countries not to recognize Manchukuo.
Discount Ratesrof Foreign Central Banks
HE Bank of Finland on Tuesday (Dec. 4) lowered
its discount rate from 432% to 4%. The former
rate has been in effect since Dec. 20 1933 at which
time it was reduced from 5%. Present rates at
the leading centers are shown in the table which
follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria__
Belgium_ _ _
Bulgaria _ _ _
Chile
Colombia__
Czechoslovakia_ __ _
Danzig_ __
Denmark__
England_ __
Estonia____
Finland__
France_ _ _ _
Germany_..
Greece ____
Hnlinnet
Rate in
Date
Effect
Dec. 7 Established
PreMous
Rate
434
234
7
434
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
534
5
334
4
234
2
5
4
234
4
7
214
Jan. 25 1933
Sept. 21 1934
Nov. 29 1933
June 30 1932
Sept. 25 1934
Dec. 4 1934
May 31 1934
Sept. 30 1932
Oct. 13 1933
Rent IR 1932
434
3
3
234
534
434
3
5
734
3
Country
Hungary __
India
Ireland_ _ __
Italy
Japan
Java
Jugoslavia _
Lithuania
Norway
Poland
Portugal...
Rumania
SouthAtrica
Spain
Sweden___ _
SwItterinnt1
Rate in
Date
Effect
Dec. 7 Established
Nbaa.C.C901CTCACOZ20.15
4".GSG24.
3524
Oct. 17 1932
Feb. 16 1934
June 30 1932
Nov. 26 1934
July 3 1933
Oct. 31 1934
July 16 1934
Jan. 2 1934
May 23 1933
Oct. 25 1933
Dee. 8 1933
Apr. 7 1933
Feb. 21 1933
Oct. 22 1932
Dec. 1 1933
Ten 99 IARI
Prodons
Rate
5
4
314
3
3
4
7
7
4
8
6
7
5
634
3
24
Bank of England Statement
HE statement of the Bank for the week ended
Dec. 5 shows a gain of £27,664 in gold holdings,
which raised the total to another new high, £192,708,699; a year ago £191,775,452 was held. Circulation
expanded £5,733,000, but since this was slightly
offset by the gain in gold, the reduction of reserves
amounted to £5,760,000. Public deposits decreased
£19,090,000 and other deposits rose £17,985,299.
The latter consists of bankers' accounts, which increased £19,726,201, and other accounts, which fell
off £1,740,902. The proportion of reserve to liabilities dropped to 43.71% from 47.10% a week ago;
Manchukuoan Oil Monopoly
last year it was 48.30%. Loans on Government seREAT BRITAIN and the United States again curities rose £4,445,000 and
those on other securities
have sent notes to Japan protesting against £239,155. Other securities include discounts and
the oil monopoly to be set up in the Japanese puppet- advances, which increased £410,647, and securities,
State, Manchukuo, in contravention of the Nine- which fell off £171,492 The discount rate remains
.
.
Power treaty and other international accords. 2%. Below are the figures for the present week with
Tokio reports of last Saturday state that a British comparisons of previous years:
note, worded rather vigorously, had been received
BANK OF ENGLAND'S COMPARATIVE STATEMENT
at the Japanese Foreign Office some days previously,
Dec. 5
Dec. 6
Dec. 10
Dec. 7
Dec. 9
while an American note had been delivered that day
1934
1933
1930
1931
1932
by United States Ambassador Joseph C. Grew. To
£
£
1
£
£
385,446,000 374,881,145 365,662,242 358,850,201 364,473,686
Circulation
the last previous protests, sent late in August, Japan Public deposits
8,603,000 6,896,465 8,522,323 10,673,881 5,891,396
145,244,898 152,287,210 138,705,230 113,683,074 105,595,839
had replied that Manchukuo is a sovereign State Other deposits
Bankers'a000unts_ 108,852,033 115,873,179 104,251,534 75,139,775 72,112,383
Other accounts... 36,392,865 36,414,031 34,453,696 38,543,299 33,483.456
and it was indicated that protests should be made Government secure_ 84.807,164 78,016,692 85,844,010 60,615,906 54,291,247
19,667,436 22,143,752
securities
43,951,487 27,102,711
directly to Hsingking, capital of the new country Other & advances_ 9,566,379 8,495,644 29,532,337 12,550,675 4,911,422
Disct.
11,807,235
10,101,057 13,658,108 17,725,102 31,400,812 22,191,289
Securities
which Japan carved out of China. The British and Reserve notes & coin 67,261,000 76,894,307 49,726,845 37,667,039 47,975,090
Coin and bullion.... 192,708,699 191.775,452 140,389,087 121,517,240 152,448,776
American rejoinders are said to insist that Japan Proportion of reserve
43.03%
43.71%
48.30%
30.28%
to liabilities
33.77%
2%
2%
2%
8%
3%.
must accept responsibility for the actions of Man- Bank rate
G
T
Financial Chronicle
Volume 139
Bank of France Statement
HE Bank of France statement for the week
ended Nov. 30 shows an increase in gold holdings of 120,586,250 francs. The Bank's gold stands
now at 82,096,894,088 francs, in comparison with
77,372,612,848 francs last year and 83,359,065,633
francs the previous year. French commercial bills
discounted register a loss of 854,000,000 francs and
creditor current accounts of 1,608,000,000 francs,
while bills bought abroad and advances against securities reveal increases of 29,000,000 francs and 95,000,000 francs, respectively. A large increase appears
in note circulation, namely 1,923,000,000 francs.
Circulation now aggregates 81,880,476,130 francs,
which compares with 82,108,154,160 francs a year
ago and 83,200,287,125 francs two years ago. The
proportion of gold on hand to sight liabilities is now
80.31%, compared with 79.24% last year and 77.95%
the year before. Below we furnish a comparison of
the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Nos. 30 1934
Dec. 1 1933
Dec. 2 1932
Francs
Francs
Francs
Francs
+120,586,250 82,096,894,088 77,372,812,848 83,359,065,633
No change
9,672,300
37,250,319 3,127,489,541
Gold holdings
Credit bals. abroad_
a French commercial
bills discounted_ _ —854,000,000 3,089,854,810 3,502,612,284 2,801,700,015
b Bills bought abr'd
+29,000,000
951,034,250 1,214,888,792 1,862.950,771
Adv. against secure_
+95,000,000 3,228,625,116 2,902,767,704 2,595,513,783
Note circulation__ _ +1,923,000,000 81,880,478,130 82,108,154,080 83,200,287,125
Credit, current accts —1,808,000,000 20,350,444,243 15,530,291,565 23,739,903,845
Proport'n of gold on
—0.13%
80.31°7
hand to sight Bab_
79.240
77 AR c7..
a Includes bills purchased in France. b Includes bills discounted abroad.
3525
against M% on Friday of last week. Money on call
in London yesterday was
At Paris the open
market rate remains at 11 % and in Switzerland
A
at
New York Money Market
NUSUAL activity marked the dealings in the
New York money market this week, entirely
as a result of the several offerings of new and refunding securities by the United States Treasury. Announcement was made Monday of cash offerings of
$450,000,000 11 8% notes clue in 18 months and $450,/
000,000 31 8% 18-15-year bonds. Holders of $992,/
000,000 certificates of indebtedness maturing Dec. 15
were offered their choice of the 11 8% notes or 2 %
/
/
1
2
notes due in 41 2 years. This financing was suc/
cessful beyond all expectations, and books on the
cash offering were closed Monday night. It was
indicated Wednesday that $5,400,000,000 had been
offered the Treasury on its cash issues of $900,000,000. In addition to this financing, the Treasury
sold on Monday a discount bill issue of $75,000,000
due in 182 days, at an average discount of 0.22%,
computed on an annual bank discount basis.
The money market otherwise was a dull affair,
with rates unchanged in all departments. Commercial paper dealings were continued at a relatively
good pace, but bankers' bills showed little activity.
Call loans were continued at 1% on the New York
Stock Exchange, and it is now more than a year
since this rate has remained unchanged. Time loans
held at 3
/
4@1%. The New York Stock Exchange
compilation of brokers' loans, which is now the only
genuinely indicative index of these loans, was made
available this week. It reflects an increase of
$4,081,932 for the full month of November, and the
aggregate of the loans is now $831,115,348.
U
Bank of Germany Statement
HE Reichsbank's statement for the last quarter of
Sloveinger shows an increase in gold and bullion
of 203,000 marks. The total of gold is now 78,593,000 marks, in comparison with 405,398,000 marks a
year ago and 827,229,000 marks two years ago.
Reserve in foreign currency, silver and other coin
and notes on other German banks record decreases
New York Money Rates
of 11,000 marks, 96,704,000 marks and 11,503,000
EALING in detail with call loan rates on the
marks, respectively. Notes in circulation show an
Stock Exchange from day to day, 1% remained
expansion of 283,624,000 marks, bringing the total
of the item up to 3,809,663,000 marks. Circulation the ruling quotation all through the week for both
last year aggregated 3,541,707,000 marks and .the new loans and renewals. The market for time money
previous year 3,531,157,000 marks. An increase has shown no change this week, there having been
appears in bills of exchange and checks of 401,813,000 no transactions reported. Rates are nominal at
marks, in advances of 37,705,000 marks, in invest- Yi@l% for two to five months and 1@131% for
ments of 2,341,000 marks, in other assets of 908,000 six months. The market for prime commercial
marks, in other daily maturing obligations of 26,- paper has been fairly active this week. Paper has
153,000 marks, and in other libailities of 24,475,000 been coming out in good quantities and the demand
i%
marks. The proportion of gold and foreign currency has been strong. Rates are Y for extra choice
names running from four to six months and 1% for
to note circulation stands now at 2.17% as against
11.5% a year ago and 26.5% the year before. A names less known.
comparison of the different items for three years apBankers' Acceptances
pears below:
THE demand for prime bankers' acceptances has
REICHSBANK'S COMPARATIVE STATEMENT
fallen off this week as few bills have been availChanges
for Week
Nov. 30 1934 Nov. 30 1933 Nov. 30 1932
able. Rates are unchanged. Quotations of the
Retchsmarks
Assets-Reichsmark: Reichsmarks Retschmarks
American Acceptance Council for bills up to and
Gold and bullion
+203,000
78,593,000 405,398,000 827,229,000
No change
Of which depos. abroad
20,891,000
50,817,000
57,924,000
including 9t) days are 3-16% bid and
asked;
—11,000
Reserve in foreign curr_
4,141,000
3,216,000 109.743,000
Bills of each, and checks +401,813,000 3,856,605,000 3.027,672,000 2,785,808,000
—96,704,000 149,189,000 198,917,000 192,466,000 for four months, 5-16% bid and 34% asked; for five
Silver and other coin_
—11,503,000
6,127,000
3,352,000
3,341,000
Notes on oth. Ger. bks
and six months, /% bid and %% asked. The bill
1
+37,705,000 119,488,000 162,867,000 206,964,000
Advances
+2.341,000 752,016,000 518,285,000 394,932,000
Investments
buying rate of the New York Reserve Bank is
Other assets
+908,000 686,087,000 570,361,000 763,237,000
Liabilities—
for bills running from 1 to 90 days and proportionate+283,624.000 3,809,663,000 3,541,707,000 3,531,157,000
Notes in circulation
+26,153,000 061,182,000 477,844,000 418,125,000
Other daily matur.°Mg
ly higher for longer maturities. The Federal Reserve
+24,475,000 297,692,000 247,360,000 747,012,000
Other liabilities
Propor. of gold & fore
—0.17%
curr, to note circurn_
2.17%
11.5%
28.5%
banks' holdings of acceptances decreased from $5,683,000 to $5,682,000. Their holdings of acceptances
Foreign Money Rates
for foreign correspondents, however, increased from
LONDON open market discounts for short bills 8490,000 to $548,000. Open market rates for acIN
on Friday were /%, as against M% on Friday ceptances are nominal in so far as the dealers are
of last week, and M% for three months' bills, as concerned, as they continue to fix their own rates.
T
D
3526
Financial Chronicle
The nominal rates for open market acceptances are
as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY
—180 Days— —150 Dap— —120 Days—
Asked
Bid
Asked
Asked
Bid
Bid
34
'II
3d
34
if
34
—90 Days- -80 Days— —30 DaIN—
Bid
Asked
Bid
Asked
Bid
Asked
ha
34
if
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
;I% bid
% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas CRY
Dallas
San Francisco
Rate in
Sired an
Dee. 7
Date
Established
Precious
Rats
2
134
gii
2
3
3
234
234
3
3
3
2
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 18 1934
234
2
3
234
334
334
3
3
334
334
334
234
Course of Sterling Exchange
TERLING exchange has receded from the firmness and steadiness which prevailed for several
weeks. The foreign exchange market is extremely
dull. While rates are easier than last week and
fluctuations more pronounced, there has been a
certain steadiness which has doubtless been due to
operations of the British Exchange Equalization Fund
chiefly on the other side. The seasonal pressure
against the pound is more in evidence perhaps because
of a turn in favor of the Continental gold currencies.
A more confident feeling is apparent with respect to
the French franc and the belga, with the result that
the rush of European funds to the London market has
been halted. Hence sterling is easier in terms of
French francs. The franc has also firmed in terms of
the dollar, so that it is no longer profitable to ship
gold from Paris to New York. The range this week
has been between $4.94 and $4.973/for bankers' sight
%
bills, compared with a range of between .975 and
$4.993/ last week. The range for cable transfers has
been between $4.943/ and $4.97%, compared with a
range of between $4.973 and $4.99 5-16 a week ago.
4
With the greater firmness of the franc in terms of the
pound there was a sharp rise in the London open
market gold price.
The following tables give the mean London check
rate on Paris from day to day, the London open market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
74.989
Wednesday, Dec. 5
Saturday, Dec. 1
75.50
75.172
Thursday, Dec. 6
Monday, Dec. 3
75.29
Dec. 7
75.187
Tuesday, Dec. 4
75.113 Friday,
•
LONDON OPEN MARKET GOLD PRICE
Saturday, Dec. 1
1395. 934d. I Wednesday, Dec. g____140s. 11d.
Monday, Dec. 3
Thursday, Dec. 6..___140s. 7d.
1409. 2d.
Dec. 7__140s.
Tuesday, Dec. 4
140s. 634d. Friday,
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Dec. 1
35.00 Wednesday, Dec. 5
35.00
35.00
Monday, Dec. 3
35.00 Thursday, Dec. 6
Dec. 7
35.00
35.00 Friday,
Tuesday, Dec. 4
There is nothing essentially new in the entire
foreign exchange situation. It is believed that unless
untoward developments arise in European countries
in the next few weeks, the pressure against sterling
will continue until around the middle of January,
Dec. 8 1934
when exchange should normally turn in favor of London as a seasonal matter. Formerly when currencies
were notin the demoralized condition which has prevailed since the outbreak of the World War, exchange
would be in favor of London and against New York
after the turn of the year until toward the end of
August. Markets at present are conspicuously free
from speculative movements. Speculative interests
in the foreign exchanges appear to be held in abeyance
pending the outcome of the Saar plebiscite on Jan. 13.
The current inactivity in the market is due in some
measure to the approach of the year-end. When large
financial and industrial interests wind up their affairs
for the year the market can hardly expect renewed
activity until these interests begin to reshape policies
for 1935. The year-end settlements are also responsible for a slight firming in money rates in the open
market. Less fear is entertained at present regarding
the immediate trend of the gold bloc currencies and
the market seems to have abandoned expectation of
prompt stabilization of sterling with respect to the
dollar.
Despite the present seasonal hardening of money
rates in London, the plethora of funds is such that
money rates must continue easy for a long time. The
fall in money and bill rates during the past few months
has made the Bank of England's 2% rate rather•
anomalous and the propriety of cutting the rate to
13'% has been under discussion in Lombard Street.
The Bank of England has never had so low a rate.
On technical grounds such a decrease in the rate
appears without purpose, as credit is now controlled
through the operations of the stabilization fund rather
than through the bank rate, as formerly. The only
effectiveness of the bank rate at present is on those
occasions when the discount market is forced to borrow from the Bank of England to tide over a temporary squeeze such as usually occurs after the
year-end. The main argument for a lower rate is the
psychological one that it would act as a stimulus to
trade by encouraging the view that cheap money has
come to stay. It is also urged in some quarters that
such a gesture would be interpreted abroad as a sign
that Great Britain's financial position is assured and
that London is an unremunerative center to borrow
in, but on this score it is pointed out that foreign
money is more likely to be attracted than repelled
by such a condition.
The ease with which money is attracted to London
was clearly demonstrated only a few weeks ago, on the
fall of the French cabinet and again on the resignation
of the Belgian cabinet. More conservative opinion
seems to be that the Bank of England is not likely
to reduce its rate below 2%. While the rate has often
been very high, over a period of some seventy years,
it has averaged around 3
When Great Britain
suspended gold payments practically every pound of
gold• in the Bank of England was pledged against
the emergency foreign credits granted in the vain
attempt to save sterling. The lien on Great Britain's
gold was entirely lifted in six months and to-day
British gold holdings are at the highest in the history
of the bank. This is due chiefly to operations of the
British exchange control in regulating the effect of the
steady stream of foreign capital seeking London for
safety. The control sold sterling against foreign currencies and bought gold with the proceeds. Foreign
exchange traders in all markets are firmly of the
opinion that it would be a definite factor in world
Volume 139
Financial Chronicle
business recovery were the United States to settle its
monetary policies once and for all, but until a permanent monetary program is adopted in the United
States, there can be no change in the British position.
There can be no doubt that London has recovered its
historic position as the financial center of the world.
With the improvement in French exchange in terms
of sterling, the London gold price has advanced and
on Wednesday the quotation was 140s. 11d. Higher
prices have, of course,tended to bring more gold into
the market. In Lombard Street two- and threefour-months'bills M%
months'bills are 9-16%to%%,
bills 4%. All the gold
3
to 11-16%, and six-months'
in the London open market this week was taken for
unknown destinations, chiefly, it is believed, for
account of private hoarders. On Saturday last there
was available and so taken £730,000, on Monday
£190,000, on Tuesday £137,000, on Wednesday
£129,000, on Thursday £205,000, and on Friday
£121,000.
The Bank of England statement for the week ended
Dec. 5 shows increase in gold holdings of £27,664.
Total bullion holdings now stand at £192,708,699,
which compares with £191,775,452 a year ago and
with the minimum of £150,000,000 recommended by
the Cunliffe committee. At the Port of New York
the gold movement for the week ended Dec. 5,as reported by the Federal Reserve Bank of New York,
consisted of imports of $39,629,000, of which $19,591,000 came from France, $10,096,000 from Holland,
$3,665,000 from India, $3,353,000 from Canada and
$2,924,000 from England. There were no gold exports. The Reserve Bank reported a decrease of
$700,000 in gold earmarked for foreign account. In
tabular form, the gold movement at the Port of
New York for the week ended Dec. 5, as reported by
the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK,NOV. 29
-DEC. 5,INCLUSIVE
Imports
Exports
$19,591,000 from France
10,096,000 from Holland
3,665,000 from India
None
3,353,000 from Canada
2,924,000 from England
$39,629,000
Total
Net Change in Gold Earmarked for Foreign Account
Decrease: $700,000
Note—We have been notified that approxim ately $228,000 in gold
was received from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday there were
no imports or exports of the metal but gold earmarked
for foreign account decreased $107,100.
Canadian exchange continues firm in terms of the
United States dollar, always at a premium. On
Saturday last Montreal funds were at a premium of
. 0;
2 3-16% to 2 2%;on Monday at 1 15-16% to 23.4 7
on Tuesday at 1 29-32% to 2%; on Wednesday at
1 20-32% to 2 3-16%; on Thursday at 24% to
2 5-16%, and on Friday at 1 29-32% to 2%%.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull with an easy tone. Bankers'
sight was $4.97@$4.973/; cable transfers $4.97A@
2
$4.97%. On Monday sterling was under pressure.
/
The range was $4.953 s®$4.96% for bankers' sight
$4.953/2@$4.96% for cable transfers. On Tuesand
day the pound was off sharply. Bankers' sight was
$4.94%@$4.95; cable transfers $4.943/2@ .95N.
On Wednesday sterling was steady but still under
3527
pressure. The range was $4.94@$4.9434 for bankers'
sight and $4.94%@$4.94% for cable transfers. On
Thursday sterling was steady. Thei range was
$4.95@$4.9631 for bankers' sight and $4.95%@
/
.963i for cable transfers. On Friday sterling was
lower, the range was $4.94%@$4.95% for bankers'
sight and $4.94%@$4.953 for cable transfers.
4
Closing quotations on Friday were $4.945 for
/ for cable transfers. Commer3
demand and $4.94
/
cial sight bills finished at $4.941 2 60-day bills at
;
3
90-day bills at $4.93%; documents for pay$4.94;
ment (60 days) at $4.94, and seven-day grain bills
at $4.943. Cotton and grain for payment closed
at $4.94%.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries is
fractionally firmer owing to improved tone in
the French franc. As noted above, the franc is also
firmer in terms of sterling and the flight of funds from
the Continent to London which followed the fall of
the Doumergue Government has ceased. The new
Premier, M. Pierre-Etienne Flandin, seems to have
brought about a renewal of confidence in the French
franc and as a result the belga and the other gold bloc
currencies are showing a stronger tone in sympathy
with the franc. M. Flandin's aims have met with
marked approval in financial circles and it is perceived
that his energetic measures may effect a return of
prosperity in France. Financial and commercial
circles in Paris were pleased to hear M. Flandin declare that his goal was the re-establishment of liberty
of action in the conduct of business and that he was
firmly opposed to currency devaluation and the theory
of managed economy.
In debates in the French Chamber on Dec. 3
M. Flandin stated in answer to M. Paul Reynaud,
former Finance minister and now the leading advocate of franc devaluation, that M. Reynaud's
devaluation propaganda had seriously embarrassed
the Government last month and that only a sudden
reversal of public opinion had saved the national
credit. M.Flandin said:"International agreement on
our currency does not depend on us alone. Meanwhile I have internal problems which will not wait.
It does not seem likely that stabilization can be
founded on non-stable money." He declared that he
would never assume responsibility for devaluation.
M. Germain-Martin, Finance Minister, expressed the
opinion that "if monetary stabilization could be obtained from England and the United States, a great
service would be rendered to humanity. But it would
be a mistake to propose negotiations now on stabilization." His words were taken to imply that France
had made such suggestions without avail. Devaluation would injure the small investor and benefit the
speculator, he said. "As for the Treasury, it would
be able to borrow a dozen or so billions, but the
operation would be an act of dishonesty. I will never
agree to consider the possibility of devaluation." As
noted above, the Federal Reserve Bank reports the
receipt this week of $19,591,000 in gold from France.
At present ruling quotations for the franc, it is hardly
profitable to bring gold to New York, and Unless
unforeseen political difficulties arise the gold movement from Europe promises to subside. The current
Bank of France statement shows increase in gold
holdings of 120,586,250 francs. Total gold holdings
now stand at 82,096,894,088 francs, which compares
with 77,372,612,848 francs a year ago, and with
E
3528
Financial Chronicle
28,935,000,000 francs when the unit was stabilized
in June, 1928.
The Belgian unit has been decidedly firmer this
week, partly in consequence of the improved tone in
the French franc and also owing to the fact that the
new Belgian Cabinet under the leadership of M.Theunis as Premier and M. Francqui as Finance Minister
was successful in receiving a vote of confidence from
the Belgian Chamber of Deputies. In Tuesday's
market the belga in New York closed above the
lowered gold point for the first time in a month.
This was due in part to information that Belgium had
obtained a 100,000,000-guilder loan in Amsterdam
from a syndicate headed by Mendelssohn & Co.
With this additional backing the belga can be kept
on the gold standard for some time, provided the will
to stay on gold exists in the Cabinet, foreign exchange
circles believe. The Belgian gold position is sufficiently strong to maintain the gold standard if the
Belgian people themselves support the Government
in this course. Belgium's total gold holdings at the
end of September were approximately $626,000,000,
representing an increase in gold holdings since September 1931 of $252,000,000.
Italian exchange is steadier, but on average hardly
changed from last week. The Bank of Italy has
been obliged to support the lira in European centers
constantly since the beginning of March. The increase in the Bank of Italy's rate to 4%, which was
noted here last week, was interpreted as a sign of
weakness, as money rates in all the chief centers tend
toward ease rather than firmness. The last statement of the Bank of Italy shows gold holdings just
under six billion lire for the first time in several years.
Since February 28, when gold holdings were at peak,
the decline has amounted to approximately 1,088,000,000 lire.
Finnish exchange is one of the minor units in the
New York market, but is of interest this week because of the reduction in the rediscount rate of the
central Bank of Finland from 4% to 4% on Dec. 4,
the former rate having been in effect since Dec. 20
1933, when it was reduced from 5%.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
Old Dollar
Parity
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
New Dollar
Parity
Range
This Week
3.92
13.90
5.26
19.30
40.20
6.63
23.54
8.91
32.67
68.06
6.59 to 6.593
23.35 to 23.42
8.52 to 8.53%
32.40 to 32.493
67.59 to 67.63
The London check rate on Paris closed on Friday
at 75.07, against 75.48 on Friday of last week. In
New York, sight bills on the French center finished
on Friday at 6.593, against 6.593. on Friday of last
week; cable transfers at 6.593, against 6.599/8, and
g
commercial sight bills at 6.563/, against 6.563'.
Antwerp belgas finished at 23.34 for bankers' sight
bills and at 23.35 for cable transfers, against 23.34
and 23.35. Final quotations for Berlin marks were
40.18 for bankers' sight bills and 40.19 for cable
transfers, in comparison with 40.17 and 40.18.
Italian lire closed at 8.52 for bankers' sight bills and
2
.
at 8.53 for cable transfers, against 8.52 and 8.523/
Austrian schillings closed at 18.82, against 18.83;
exchange on Czechoslovakia at 4.18k, against 4.18;
on Bucharest at 1.01, against 1.01; on Poland at
18.893/2, against 18.89 and on Finland at 2.193/2,
against 2.20. Greek exchange closed at 0.939/i for
Dec. 8 1934
bankers' sight bills and at 0.933/[for cable transfers,
against 0.933 and 0.93%.
3
--•-XCHANGE on the countries neutral during the
war continues to display mixed trends. The
Dutch guilder and the Swiss franc show hardly any
variation in fluctuations from those of last week,
and the guilder is ruling well below dollar parity.
As noted above, the Federal Reserve Bank of New
York reports the receipt of $10,096,000 in gold from
Holland this week. It is not thought that this gold
movement from Amsterdam to New York will reach
important proportions as Holland will permit direct
export of gold only to another central bank. For
months this year Holland refused to be convinced
that the United States had returned to the international gold standard and permitted exports to this
country only after the American authorities made the
gesture of granting permits for exports to Holland.
The Scandinavian currencies move habitually in
sympathy with sterling, to which they are allied.
Bankers' sight on Amsterdam finished on Friday
at 67.61, against 67.59 on Friday of last week; cable
transfers at 67.62, against 67.60 and commercial sight
bills at 67.59, against 67.57. Swiss francs closed at
32.41 for checks and at 32.42 for cable transfers,
against 32.44 and 32.45. Copenhagen checks finished
at 22.09 and cable transfers at 22.10, against 22.22
and 22.23. Checks on Sweden closed at 25.50 and
cable transfers at 25.51, against 25.68 and 25.69;
while checks on Norway finished at 24.87 and cable
transfers at 24.88, against 25.02 and 25.03. Spanish
pesetas closed at 13.66 for bankers' sight bills and at
13.67 for cable transfers, against 13.66 and 13.67.
E
XCHANGE on the South American countries
presents no new features of importance. The
Argentine paper peso and the Brazilian milreis, so
far as official quotations are concerned, are kept in
more or less close alignment with sterling exchange.
As recently pointed out here, the free market in the
South American exchanges continues to gain in importance. These countries are also showing greater
leniency in permitting imports of commodities which
have for several years been under ban or otherwise
discouraged.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills against 333/i
on Friday of last week; cable transfers at 333/g,
against 333. The unofficial or free market close was
25@253/s, against 25.16. Brazilian milreis, official
rates, are 83' for bankers' sight bills and 8k for
cable transfers, against 83. and 8.31. The unofficial
or free market close was 7, against 71 . Chilean
A
exchange is nominally quoted 103, against 1034.
Peru is nominal at 23%, against 239/.
8
E
XCHANGE on the Far Eastern countries follows
much the same trends as have been manifest
for many weeks. The Chinese units are strongly influenced by the world silver prices. It is understood
that the central bank of China continues to sell silver
in the London open market, and hence the Shanghai
stocks continue to decrease, although all other banks
and individuals in China are subject to tax on silver
exports. The central bank is believed to be selling
silver as the balance of payments appears to be
against China and in favor of London. The Indian
rupee of course fluctuates with the pound, to which
it is legally attached at the rate of is. 6d. per rupee.
E
Financial Chronicle
Volume 139
3529
The Japanese yen is held in close alignment with ministration, that American business and industry
sterling as a matter of fixed policy by the Japanese have yet framed. Unfortunately, what was boldly
said in the first part of the platform was heavily
exchange control.
Closing quotations for yen checks yesterday were offset by surrender and compromise in later addi28.92, against 29.12 on Friday of last week. Hong tions, but the greater number of the positive de/@ mands are both sensible and practical, and the trenKong closed at 42/@42 13-16, against 417
42 1-16; Shanghai at 34/@34 11-16, against 34@ chant criticisms which they make or imply strike at
3438; Manila at 49.90, against 49.90; Singapore at some of the most vulnerable points in the Adminis58.25, against 58.65; Bombay at 37.25, against 37.50, tration's position.
The opening declaration of the platform has a
and Calcutta .at 37.25, against 37.50.
welcome ring of definiteness and assurance. "To
Foreign Exchange Rates
achieve recovery and hasten progress," the stateFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
ment declares,"co-operation founded on the realities
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
1 1934 TO DEC. 7 1934, INCLUSIVE
DEC.
of experience, understanding and good-will must
displace conflict arising from misunderstanding and
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
prejudice. Government should be the servant of its
UM!
Dec. 7
Dec. 6
Dec. 3
Dec. 4 I Dec. 5
Dec. 1
free citizens, not their master. Government con$
5
EUROPEtrol over our destinies by national economic plan187590 .188208* .187830* .187730* .187690. .187630*
Austria,schilling
233411 .233653 .233907 .233653 .233692 .233515
Belgium. belga
ning will not lead to real recovery." The platform,
.012125*
012375 .012000* .012000* .012000* .012125.
Bulgaria, ley
Czechoslovak la, krone .041794 .041773 .041764 .041764 .041778 .041779
accordingly, calls for the avoidance of"policies which
.220600 .221175 .220925
krone
Denmark,
.222016 .221341 .220830
England, pound
tend to centralize control over industry, labor and
4.973583 4.957500 4.948416 4.943250 4.955625 4.949464
sterling
.021955 .021933 .021908 .021887 .021918 .021879
Finland. markka
agriculture and to regiment America. No group of
.065930 .065891 .065886 .065878 .065912 .065906
France, franc
Germany, reichsmark .401700 .401714 .401721 .401664 .401914 .401821
men is wise enough to plan and control the opera009382 .009377 .009368 .009375 .009385 .009382
Greece, drachma
675942 .675907 .676021 .675892 .676057 .676000
Holland, guilder
.295525* .295500
295650* .295525* .295500* .295500*
tions of all our manifold business activities." The
Hungary. pengo
085255 .085205 .085223 .085233 .085270 .095260
Italy. lire
.249125 .248592 .248258 .248920 .248616
249883
Norway, krone
constitutional balance between legislative, executive
188900 .188900 .188900 .188850 .188850 .188550
Poland. zloty
.045135 .045127 .045025 .044891 .044966 .044941
Portugal, escudo
and judicial power should be maintained, and "legisRumania.leu
.010020 .010010 .010010 .010010 .010005 .010010
Spain, peseta
136625 .136582 .136542 .136542 .136607 .136582
lation by administrative regulation and unwarranted
.256416 .255570 .255108 .254816 .255458 .255108
Sweden. krona
Switzerland, franc_ _ .324603 .324707 .324164 .324067 .324121 .324046
delegation of authority" avoided. With these should
.022710 .022780 .022756 .022750 .022762 .022737
Yugoslavia, dinar
ASIAgo the maintenance of "open, public and well reguChinaClmloo (yuan) dorr .338333 .339166 .339166 .339166 .343333 .344166
lated court procedure" and the avoidance of "any
Hankow(yuan) dorr .338333 .339166 .339166 .339166 .343333 .344166
Shanghal(yuan)dor .337812 .338750 .337812 .338593 .342812 .342968
threat of bureaucratic tyranny."
.339166 .343333 .344166
Tientsin (yuan)dol'r .338333 .339166 .339166
Hongkong, dollar_ .417187 .415937 .415937 .417968 .423437 .422500
In the field of public finance the platform calls
.372325 .371625 .371450 .371975 .371715
India, rupee
.374100
Japan. yen
.290445 .289400 .288740 .288435 .288675 .288425
for stability as an essential of both public and
Singapore (S. S.) dol'r .583000 .581250 .580000 .579125 .580625 .580000
AUSTRALASIA
-a stability which is not to be atprivate credit
3.947500.3.930000*3.924375* 3.922500* 3.935000* 3.925625.
Australia. pound
New Zealand, pound.3.970625 3.953437*3.947500*3.945625*3.956875*3.949375*
"piling deficit on deficit and pyramiding
tained by
AFRICA
South Africa, pound_ 4.920000 4.903000*4.894000'4.889250'4.900250'4.896000*
NORTH A M ER.
new debts on old." The way to a balanced Federal
Canada, dollar
1.023333 1.020078 1.019088 1.020078 1.022239 .020703
Cuba. peso
.909200 .999200 .999200 .999200 .999200 .999200
budget, it is pointed out, is through the adoption of
Mexico. peso (silver). .277625 .277625 .277625 .277625 .277625 .277625
Newfoundland. dollar 1.020875 1.017437 1.016500 1.017500 1.020000 1.018062
policies which will "stimulate business, restore emSOUTH AMER.Argentina. peso
331512 .330425. .329637* .329362* .330400* .329933*
ployment, increase national income and permit cutBrazil, milreis
082175 .082125. .081875* .081875* .081975. .081875*
Chile. peso
102725 .102425* .102325* .102275* .102375* .102325•
ting public expenses to fit reasonable taxes." The
Uruguay. peso
801800 .801800* .801500* .801500* .801500• .801750*
Colombia, peso
647300 .645200. .645200* .645200* .645200. .645200*
original platform suggested that Federal aid should
• Nominal rates; firm rates not available.
be withdrawn from States which do not reduce their
Gold Bullion in European Banks
expenditures, exclusive of those for relief and bond
HE following table indicates the amount of gold obligations, to "at least the 1926 level," and probullion (converted into pounds sterling at par posed to substitute for existing State sales taxes and
an
of exchange) in the principal European banks as of "selective Federal sales and 'nuisance' taxes"
ative manufacturers' sales tax
Dec. 6 1934, together with comparisons as of the "equitable non-cumul
levied at only one point of manufacture, collected
corresponding dates in the previous four years:
by the Federal Government and equitably shared
1934
1933
1932
Banks of1930
1931
with the States." The first of these proposals was
£
£
£
£
£
open to objection on the ground of practicality, and
England._ _ 192,708.699 191,775,452 140,389,087 121,517,240 152,448,776
656,775,152 618,980,902 666.872,525 519,628,547 418.815,843
France a
the second should never have been made, and both
2,885,100
Germany b
17,625,800
46,032,900 102,024,450
36,935,090
90,660,000
90,434,000
90,369,000
Spain. _ _ - 98,315,000
89,874,000
65,656,000
were wisely dropped. Further recommendations re76,329,000
57,243,000
60,241,000
62,846.000
Italy
71,300,000
76,703,000
Netherrds _
86,050,000
75,096,000
35,514,000
71,652,000
77,718,000
Nat'l Beig_
garding public finance included the deferral of pay74,501,000
73.085,000
37,059,000
69,482,000
Switzerland
89,166,000
61,710,000
59,181,000
25,619,000
15,766,000
11,443,000
14,323,000
Sweden_ _ _ _
11,433,000
ment of the soldiers' bonus until it was due, restric13.422,000
7,396.000
7,397,000
9,121,000
7,400,000
Denmark __
9.560.000
6,582,000
6,570,000
Norway ___
8,014,000
6.559,000
8,135,000
tion of Federal appropriations to constitutional
week 1,250,862,951 1,239,656,154 1,273,985,612 1,071,768,687 958,156,069
Total
purposes, and the issuance of "frequent, clear and
Aim
I non ass
,
week 1.252.858.447 1.242.732 R21 I 27A 255
complete Federal fiscal statements."
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold
Turning to money, banking and private credit, the
held abroad, the amount of which the present Year is £1.042.550
platform calls for the encouragement of savings and
investment, with no hampering of their "legitimate
Bold Criticism and Disappointing
use," the "return as soon as possible to a genuine
Surrender
and unrestricted gold standard with a definite conThe recovery platform which was adopted by the tent of the standard gold dollar," and protection of
National Association of Manufacturers and the the banking system from "all possibility of partisan
Congress of American Industry at their joint meet- or personal political control over private credit."
ing in New York on Thursday is in many respects The Securities Act and Securities Exchange Act
the most comprehensive statement of principles and should be amended "to conform to the principles of
policies, as well as the most devastating criticism the British law and practice in these fields, leaving
of the economic theories and conduct of the Ad- enforcement to judicial process alone," and the
T
PrAV
qqA
ens
0.1
910
3530
Financial Chronicle
Dec. 8 1934
Frazier-Lemke Act, which "frightens lenders from tween distress which was the worker's own fault and
agricultural loans," should be repealed.
that which was caused by the action of others.
On the subject of Government competition the
In a speech before the National Association of
platform urges the withdrawal of the Government Manufacturers on Wednesday night Donald R. Richfrom all activities which compete with those of its berg, speaking, as of course he always does, for the
citizens and "convert the taxpayer's money into an Administration, took American business, industry,
instrument for his destruction," and a proper ac- labor and agriculture to task for their inability to
counting system for operations in which the Govern- devise "an adequate program to restore prosperity"
ment does engage. "Even if it were a proper func- in 1933, and charged that "those who still cling to
tion of the Government," the statement insists, "to the tattered standard of laissez faire economics" and
build 'yardsticks' with taxpayers' money, there can "talk vaguely" of "non-existent natural forces" prebe no value in any comparison between the costs of sumably meant "that they believe in an irresponspublic and private operations unless the Govern- ible, haphazard private organization and control of
ment 'yardstick' shows inches for taxes, interest, business." The taunt appears to Meet its rejoinder
overhead, insurance, depreciation and all other in a long introduction which the associations precharges which all enterprise must bear, and which fixed to their completed platform. It is "preposterprivate business must take into account."
ous," the statement declares, to think that AmeriRegarding the relations of employers and em- can business has been on a strike, or that it "asks a
ployees the platform speaks in no uncertain tones. license to go its own way regardless of its social
"Industrial strife stimulated by misinterpretation obligations. Business desires that dishonesty and
and misrepresentation of the respective rights and abuses shall be prevented and that controllable conprivileges of employees and employers," it declares, ditions which may have contributed to bringing on
"and the threat of arbitrary determination of wages the depression, increasing its severity or prolonging
and hours which ignore economic possibilities, pre- it, shall be corrected. But reform programs, howvent recovery. The powers of Government should ever commendable in motive, which are unsound in
not be used to control local relationships between method and involve or threaten fundamental changes
employees and employers." Productive efficiency in our financial and economic structure create un"demands that employer and employee be free to certainty, destroy confidence and prevent a forward
bargain collectively or individually in such forms as movement toward normal business conditions." The
are mutually satisfactory to them without coercion co-operation which the Administration has called
from any source," a demand which "precludes the for was promised, but the Administration was neverremote control of such local relations by prede- theless reminded that it "should resist every effort
termined forms imposed by National Labor Boards, to continue or intensify control of Government over
whose efforts now invite and incite conflicts between industry beyond measures required to ensure the
labor and management." To that end the platform effective maintenance of fair, free and open competicalls for the protection of men in their right to work, tion and to conserve the natural resources of the
the prohibition of general or sympathetic strikes, nation."
lockouts, blacklists and boycotts, abstention from
It is to be regretted that the associations, having
"policies which attempt to force men into labor or- said so much that was sound and to the point, should
ganizations," the legal responsibility of every or- have yielded to the Administration on two vital isganization of employers or employees for their acts sues. On the question of unemployment insurance
or those of their agents, the right of individuals and the revised platform, instead of stating frankly that
minorities to bargain for themselves, and the elimi- unemployment is not, in any proper sense, an innation of politics from labor relations. The com- surable risk, and that no scheme of insurance has
pensation of the worker should "fairly and even ever been devised that would meet the necessities of
liberally" reflect his productivity, but labor "cannot an unemployment crisis of more than extremely
share what is not produced," and there is no place, moderate dimensions, sets out at great length the
accordingly, for such arbitrary determination of pros and cons of the question, declares against Fedhours and wages as thirty-hour bills propose.
eral subsidies to State insurance plans, and then
The proposals regarding unemployment relief, re- disposes of the whole matter by recommending the
written and expanded from the original draft, recog- appointment by the President of a commission, repnize that actual distress caused by unemployment resenting equally industry, labor and agriculture,
must be relieved, but at the same time point out that with a neutral chairman representing the public, to
the object of relief is to restore self-support, that re- examine the subject.
lief should not be permitted to undermine the morale
The other surrender has to do with the National
of those who receive it, that the amount provided Industrial Recovery Act. It is proposed that the
"should be based on actual individual and family act be continued for another year from June 16 1935,
needs and not permitted to become a matter of legal in order that such of its functions as have proved
right," and that administration through local agen- worthy of further trial may be continued, "percies is the best way to prevent abuses. Wages for mitting such continued trial by industries which is
relief work, it is insisted, "should be lower than desired, but without burdening other industries
current wage rates in private employment, and must which do not wish such trial." The plan, as further
never be sufficient to entice workers from private elaborated in a long section of the report, does not
employment." The use of relief to encourage or in- appear to differ greatly from the general reconcite strikes "by financing those voluntarily quitting sideration which Administration spokesmen have
their jobs" was condemned, but with this exception for some time been talking about, save that it inthe existence of a strike, it was declared, should not creases the possibilities of confusion by continuing
be allowed to interfere with the operation of relief the system in some industries and suspending it in
principles. Apparently the associations felt that a others. It would still continue, for all practical
distinction should and could be made in practice be- purposes, the Government supervision of industry
and trade which is the fundamental objection to the
whole system, and it clearly looks forward,in one of
its provisions, to making the system permanent "if
upon trial such legislation" as is contemplated
"should prove beneficial to industry and labor and
in the public interest."
So much of the recommendations as fall in with
the purposes of the Administration will doubtless
be welcomed at Washington as evidence that business is prepared to "co-operate" in the way the Government has demanded. It would be gratifying to
be able to think that the trenchant criticisms which
the platform also voices would receive equal attention. Unfortunately, there is little reason to expect
that the reception of the platform in Administration
circles will be anything save strictly selective.
Neither the speech of Mr. Richberg, nor a later
speech of Secretary Roper outlining a six-point program in which co-operation was asked, indicate any
fundamental weakening of the determination of the
Government to keep business firmly in hand. The
most that can be hoped for, apparently, is that the
associations, if their offer of cooperation is accepted,
may yield nothing of what is sound in their contentions, and maintain at other points the critical attitude which in various important matters gives undoubted value to their declarations.
Has Nation's Tax Load Passed
Safety Point?
Total Tax Collections (Figures
In Millions of Dollars)
The ratio of taxes to national income in the United
States was almost constant in the pre-depression
years, 1926 to 1929, moving no lower than 11% nor
higher than 11.8%. Taxes continued to increase in
1930, while national income showed a marked decrease, with the result that the ratio rose to 14.6%.
In the next two years taxes declined precipitately,
but national income dropped even more rapidly.
The ratio for 1932 rose to 20.3%, the highest figure
on record, and for 1934 it will be higher.
TAXES AND NATIONAL INCOME 1926-1932
•4
P. C. Distribution
of Tax Collections
State &
Local Federal
Stale and
Local
Federal
Total
$1,519
2,965
3,933
4,015
4,202
4,619
4,918
5,398
5,722
6,148
6,431
6,798
6,583
6,211
309%
$668
4,500
4,905
3,487
3.032
3,193
2,966
3,207
3,337
3.194
3.328
3,468
2,717
1.789
168%
$2,187
7,465
8,838
7,502
7,234
7,812
7,884
8,605
9,059
9,342
9.759
10.266
9.300
8,000
69.4
39.7
44.5
53.5
58.1
59.1
62.4
62.7
63.2
65.8
65.9
66.2
708
77.6
266%
---
1913
1919
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Per cent Increase 1932
over 1913
dollars in the fiscal year ended 1930, The principal
factor in the decline in total tax collections after
1930 was the marked drop in Federal taxes, particularly income taxes and customs. Federal taxes for
the 1933 fiscal year were at the 1932 level. For 1934,
according to present indications, collections will be
substantially higher.
Increased Federal taxation can be explained. We
are paying for the World War with recovery taxes
added. Increased State taxation in New York is
also easily explained. Much of the taxes collected
by that State goes back to local government. And
it is a fact that in every State local taxation has
shown the largest increase with little excuse, except
the excuses of politics and too much local government.
Here are some of the facts: Since 1913 local
taxation has increased 216.4% in New York State;
297.7% in New Jersey; 293% in Connecticut;
161.4% in Massachusetts; 202.7% in Maryland;
150.6% in California; 196% in Georgia; 213.4% in
Illinois; 299.3% in Michigan; 240.9% in Nebraska;
216.6% in Pennsylvania; 295.4% in Texas; 267.4%
in Virginia; 135.6% in Washington State, and
261.3% in Wisconsin.
With these figures in mind,it is obvious that every
State in the Union must reduce its burdens of local
-abolish counties, consolidate municigovernment
palities apd eliminate needless tax districts.
Taxes and National Income
That taxes are rising steadily and growing progressively more burdensome is unquestionable. It
is a grave public problem that demands the attention
of every corporation and every citizen of the country.
Intelligent analysis of the problem demands a study
of the relative trends of State, local and Federal
taxes.
The combined collections by our State, local and
Federal governments for various periods between
1913 and 1932, as compiled by the National Industrial Conference Board, are shown below:
• Fiscal Years
3531
Financial Chronicle
Volume 139
30.6
60.3
55.5
46.5
41.9
40.9
37.6
37.2
36.8
34.2
34.1
33.8
29.2
22.4
A study of this distribution indicates the extent
to which Federal taxation is becoming relatively
smaller in proportion to the total tax bill, while
State and local taxation is growing to larger and
larger proportions. Aggregate tax collections in the
United States reached an all-time peak of 10.3 billion
Year
1926
1927
1928
1929
1930
1931
1932
,
Total Taxes
National Income
$8,605,000,000
9,059,000,000
9,342,000.000
9,759,000,000
10,266,000,000
9,300,000,000
8,000.000,000
$78,500,000
77,200,000
80.500.000
83,000,000
70,300,000
54,600,000
39,400.000
Ratio of Taxes
to National
Income
11.0
11.7
11.6
11.8
14.6
173:g.
The fundamental policy to which all Government
action must conform is the principal that good government cannot exist with impaired or threatened
credit and a constantly increasing tax burden. Just
as opinions differ concerning the exact proportion
of its net income which a family should spend for
shelter, clothing, food and recreation, so also may
they differ concerning what portion of its income
a nation should turn to public use. If we have not
passed the safety point yet, where is it? Can our
taxes continue to go ever upward?
The New Capital Flotations in the United States During the Month of
November and for the Eleven Months Since the First of January
New capital issues in this country continue to run light.
There is nothing to be said regarding the November financing except to refer to its meager proportions. As a matter
of fact, the record consists simply of the floating of $29,800,000 of corporate securities, the placing of $91,868,033 of
issues by States and municipalities, an offering of $10,/
000,000 Federal Intermediate Credit banks 112% debentures,
and the flotation of a $10,000,000 Republic of Finland 4%
serial loan, the latter constituting the first foreign issue to
be registered under the Securities Act of 1933, as amended,
and the first capital appeal in this market by a European
government since 1930. The grand total of offerings during
the month of November aggregated $141,668,033, and $34,632,355 of this was for refunding purposes, that is, to
take up old issues, leaving the strictly new capital demand
at only $107,035,678. In October the grand total was $157,-
3532
Financial Chronicle
574,395, of which $35,670,982 represented refunding operations and $121,903,413 constituted new capital.
United States Government issues, of course, appeared in
the usual order during November and consisted entirely of
offerings of new Treasury bills sold on a discount basis.
Secretary of the Treasury Morgenthau on Dec. 2 announced
a financial operation which included the offering for cash
of $450,000,000 15-18-year bonds bearing 3%% interest and
$450,000,000 of 18-month Treasury notes bearing 13% interest, and an optional exchange offering of 18-month 1%%
Treasury notes and 4%-year 2%% Treasury notes in payment of which only $992,496,500 of outstanding Treasury
certificates of indebtedness, maturing Dec. 15 1934, may
be tendered. The amount of the offering is limited to the
amount of Treasury certificates tendered and accepted.
This financing forms part of the Government's fiscal operations for the month of December. The new issues are,
therefore, not included in our tables of Treasury financing
for the first 11 months of this year as given further below.
Because of the importance and magnitude of United States
Treasury issues, we furnish below a summary of the new
offerings actually announced during the month of November
and also those put out during the 10 months preceding,
giving particulars of the different issues and presenting a
complete record in that respect for the first 11 months of
the current year.
New Treasury Offerings During the Month of November 1934
Secretary of the Treasury Morgenthau on Oct. 31 announced a new offering of $75,000,000, or thereabouts, of
182-day Treasury bills. The bills, however, were dated
Nov. 7 1934, maturing on May 8 1935, and hence form part
of the Government's financing for the month of November.
Applications for the issue totaled $168,030,000, of which
$75,075,000 was accepted. The average price for these bills
was 99.893, the average rate on a bank discount basis being
0.21%. This financing provided for the refunding of $50,173,000 of similar securities, leaving $24,902,000 as an addition to the public debt.
A new offering of $75,000,000, or thereabouts, of 182-day
Treasury bills was announced on Nov.6 by Mr. Morgenthau.
The bills were dated Nov. 14 and will mature May 15 1935.
Applications to the issue totaled $199,237,000, of which $75,045,000 was accepted. The average price for these bills was
99.889, the average rate on a bank discount basis being
0.22%. This financing provided for the refunding of $50,080,000 of similar securities, leaving $24,965,000 as an addition to the public debt.
Another new offering of $75,000,000, or thereabouts, of
182
-day Treasury bills was announced on Nov. 15 by Mr.
Morgenthau. The bills were dated Nov. 21 and will mature
May 22 1935. Tenders to the issue amounted to $208,855,000,
of which $75,168,000 was accepted. The average price for
these bills was 99.895, the average rate on a bank discount
basis being 0.21%. This financing provided for the refunding of $50.140,000 of similar securities, leaving $25,028,000
as an addition to the public debt.
A further new offering of $75,000,000, or thereabouts, of
182
-day Treasury bills was announced on Nov. 22 by Acting
Secretary of the Treasury Coolidge. The bills were dated
Nov. 28 and will mature May 29 1935. Applications to the
issue totaled $314,910,000, of which $75,287,000 was accepted.
The average price for these bills was 99.886, the average
rate on a bank discount basis being 0.23%. The accepted
bids to this offering represented an addition of $75,287,000
to the public debt, as there were no maturing bills to be
met during the week of this offering.
Mr. Morgenthau on Nov. 29 announced another new offering of $75,000,000, or thereabouts, of 182
-day Treasury bills.
The bills, however, were dated Dec. 5 1934, maturing on
June 5 1935, and hence form part of the Government's financing for the month of December. Applications for the issue
totaled $236,905,000, of which $75,139,000 was accepted.
The average price for these bills was 99.889, the average
rate on a bank discount basis being 0.22%. The rate on
this offering compares with 0.23% obtained on bills dated
Nov. 28; 0.21% on bills dated Nov. 21; 0.22% on bills dated
Nov. 14. and 0.21% on bills dated Nov. 7.
In the following we show in tabular form the Treasury
financing during the first 11 months of this year. The
Dec. 8 1934
results show that the Government disposed of $10,345,561,700, of which $6,704,295,550 went to take up existing
Issues and $3,641,266,150 represented an addition to the
public debt. For November by itself, the disposals aggregated $300,575,000, of which $150,393,000 represented refunding and $150,182,000 was an addition to the public debt:
UNITED STATES TREASURY FINANCING DURING THE FIRST ELEVEN
MONTHS OF 1934
Date
Offered Dated.
.
Dec. 2
Jan.
Jan. It
Jan. 1
Jan. 2
Jan. 2
Jan. 2
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Amount
Applied for.
Due.
Amount
Accepted.
Janust ry total
$1654676,100
Jan. 3 1 Feb. 7 91 days
302.858,000
Jan. 3 i Feb. 7 182 days
244,427,000
Feb. 1 Feb. 14 91 days
230,078,000
Feb. 1 Feb. 14 182 days
178,326,000
Feb. 1!Feb. 19 22 mos. 1.332,409,900
Feb. 1!Feb. 19 3 years
2.285,754.500
Feb. 1 i Feb. 21 91 days
307,110,000
Feb. 2 I Feb 28 182 days
420,115,000
FebrtI ary total
Mar.
Mar.
Mar. I
Mar.2
Mar.2
393.054,000 3100.236,000 Average 99.781
455.175,000 455,175.500
100
344,987,000 100.110.000 Average 99.978
194,789,000
50,091,000 Average 99.980
138,221,000
50,025,000 Average 99.904
Man 15 total_
51500615,300
1,21v
May
May
May
May
May
May
May
4 June
4 June
14 June
21 June
Jun
2 91 days
2 182 days
9 91 days
9 182 days
16 91 days
16 182 days
23 91 days
23 182 days
193,076,000
198,699,000
156,841,000
199,266,000
172,33.5.000
153.646,000
190,788,000
164,466,000
175,055,000 Average
50,037,000 verage
75,114,000 Average
50,173.000 Average
50,254,000 Average
50,080,000 Average
50,457,000 Average
50.140,001 Average
1451,810,000
total
81503987,250
205,138,000
208,743,000
207,015,000
157,856,000
$75,167,000 Average
75,235,000 Average
75,144,000 Average
75,200,000 Average
July total__
99.964
99.966
99.965
99.966
.0.07%
O0.07%
*0.07%
.
0.07%
8300,746,000
July 26 Aug. 1 182 days
Aug. 2 Aug. 8 182 days
Aug. 9 Aug. 15 182 days
Aug. 16 Aug. 22 182 days
Aug. 23 Aug. 29 182 (lays
115,497,000
108.633,000
201,491,000
254,800,000
299,185.000
$75,025,000
75,327,000
75,320,000
75,090,000
75.065.000
Augu St total
0.09%
99.957 .
99.942 .0.12%
0.25%
99.875 *
0.23%
99.885 .
99.889 .0.22%
verage
verage
verage
verage
verage
$375,827,000
Sept. 5 182 days
Sept. 12 182 days
Sept. 15 2 years
Apr. 16 10-12 yrs.
Sept. 15 4 years
Sept. 19 182 days
Sept. 26 182 days
342,426,000
244,980,000
514,126,000
392,000,000
596,691,150
150,849,000
194,266,000
Bente mber to tal
Sept. 27 Oct.
Oct. 4 Oct.
Oct. 11 Oct.
Oct. 18 Oct.
Oct. 25 Oct.
0.07%
99.981 *
99.918 .0.16%
99.983 *0.07%
0.15%
99.926 .
0.06%
99.984 *
0.14%
99.929 .
99.985 *0.06%
0.13%
99.936 *
15 12-14 yrs. 3,003,620,600 8824,816,510
3.00%
100
15 5 years 4,931,780.600 528,591,700
2.125%
100
234,994,000
20 182 days
75,226.000 Average 99.963 *0.07%
251,941,000
27 182 days
75,353,000 Average 99.966 .
0.07%
June 26 July 3 183 days
July 11 182 days
July
July 1 July 18 182 days
July 1 July 25 182 days
Aug. 2
Sept.
Sept.
Sept.
Sept.
Sept. 1
Sept.2
*
0.43%
3.00%
*
0.09%
.0.08%
*
0.19%
184.356.000 150,151,000 Average 99.981 *
0.08%
117.990,000
50.096,000 Average 99.902 *0.19%
1049441,300 1049441,300
100
3.25%
182,226,000
50.257,000 Average 99.982 .
0.07%
147.811,000
60,225,000 Average 99.909 *0.18%
164,508,000
75,047,000 Average 99.980 *0.08%
150,815,000
50,033,000 Average 99.908 *0.19%
184,572.000
75,325,000 Average 99.980 *
0.08%
145,331,000
50,040,000 Average 99.907 *
0.18%
May total
June
June
June
June
.0.66%
.0.94%
.0.66%
*0.99%
2.50%
3.00%
.0.57%
*
0.62%
8755,637,500
Apr. 4 90 days
Apr. 4 182 days
Apr. 16 10-12 yrs
Apr. 11 .1 days
Apr. 11 a2 days
Apr. 18 91 days
Apr. 18 182 days
Apr. 2501 'ays
Apr. 25 182 days
April total
Apr. 2
Apr. 2
May
May
May 1
May I
May I
May 1
125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75,044,000 Average 99.501
418,291,700
100
428,730,700
100
75,155,000 Average 99.855
75.088.000 Average 99.688
11322888,400
Mar. 7 182 days
Mar. 154 years
Mar.21 91 days
Mar.28 91 days ,
Mu.28 182 days
Mar.2
Mar.2
Apr.
Apr.
Apr.
Apr. 1
Apr. 1
Apr. it
Apr. lii
Yield.
Price
391 days
8384,619,000 8100,990,000 Average 99.843 .0.62%
10 91 days
252,825,000 100,050,000 Average 99.843 .
0.62%
17 91 days
289.397,000 125.340,000 Average 99.831 .0.67%
24 91 days
303,560,000 125,126,000 Average 99.831 *
0.67%
29 13)4 mos. 3,424,212.200 528.101,600
100
2.50%
29 734 mos. 1.360,564,500 524.748.500
1.50%
100
31 91 days
381,422,000 150,320,000 Average 99.819 .
0.72%
$75,290,000
75.365,000
514.126,000
3 2,000,000
9
596,691,150
75,041,000
75,023,000
verage 99.908
verage 99.886
100
100
100
verage 99.857
verage 99.855
*0.18%
.0.23%
1.50%
3.25%
2.50%
*
0.28%
.0.29%
81803536,150
3 182 days
10 182 days
17 182 days
24 182 days
31 182 days
243,169,000
232,204,000
237,719.000
205,632,000
198.826,000
Octob er total
75,038,000
75,360,000
75,248,000
75,102,000
75,015,000
verage
verage
verage
verage
verage
99.857 .0.28%
99.881 .0.24%
0.21%
99.894 *
0.20%
99.900 .
0.19%
99.905 *
$375,763,000
Oct. 31 Nov. 7 182 days
Nov. 6 Nov. 14 182 days
Nov. 15 Nov. 21 182 days
Nov. 22 Nov. 28 182 days
$168,030,000
199,237.000
208,855.000
314,910,000
$75,075,000
75.045,000
75,168,000
75,287,000
Nove mber to tal
99.893
99.889
99.895
99.886
.0.21%
*
0.22%
.0.21%
.0.23%
$300,575,000
Gran d total_
Average
Average
Average
Average
10345561.700
*Average rate on a bank discount basis.
USE OF FUNDS.
Dated.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
3
10
17
24
29
29
31
Type of
Security.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2S5% Treas. notes
1%% Ctrs of Ind.
Treasury bills
Total
Feb. 7
Feb. 7
Feb. 14
Feb. 14
Feb. 19
Feb. 19
Feb. 21
Feb. 28
Total
Total Amount
Accepted.
3100,990,000
100.050,000
125.340.000
125,126,000
528,101,600
524,748,500
150.320,000
$1.654.676,100
Treasury bills
Treasury bills
Treasury bills
Treasury bills
254% Treas. notes
3% Tress notes
Treasury bills
Treasury bills
Refunding.
1100,990.000
75,020,000
75,023,000
80,034.000
60,180,000
$25,030,000
50,317.000
45,092,000
528,)01,600
524.748,500
90,140,000
1391.247,000 31.263,429,100
$125,493,000 $125,493,000
50.078,000
60,078,000
75,008,000 I
75,295.000
75,044,000 I
418,291,700
'
428,730,700
75.155,000
60,063.000
75,088,000
75,088.000
81,322,888,400
New
Indebtedness.
$386,017,000
174,757.000
418,291,700
428,730,700
15,092.000
1936.871.400
Tette of
Security
Dated
Mar. 7
Mar. 15
Mar.21
Mar.28
Mar.28
Total
Treasury bills
Treasury bills
331% Tress. bonds
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
2
2
9
9
16
16
23
23
bills
bills
bills
bills
bills
bills
bills
bills
8100.236.000
455,175,500
100.110,000
50.091,000
50.025,000
8755,637.500
850,151,000
350.151.000
50,096,000
50.098,000
1,049,441,300 1.049,441,300
50,257,000
50,257,000
50,225,000
50.225,000
75,047.000
75,047.000
50.033,000
50,033,000
75,325,000
75.325.000
50,040.000
50,040,000
$75,055,000
50,037.000
75,114,000
50,173,000
50,254.000
50,080,000
50,457,000
50,140,000
175,055.000
50.037.000
75.114.000
50,173,000
75,008,000
825.328,000
75,115,000
25.482,000
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
Total
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
350.808.000
$489,069,600
8335,748.950
528.591,700
75,226.000
50,091,000
25,262,000
8614.386.600
8889.600.650
$75,187,000
75,235,000
75,144,000
75,200,000
$50,151,000
75,235,000
75,144,000
75.200.000
$25,016.000
8300.746.000
JWY 3
July 11
July 18
July 25
$400,502,000
6824,818,550
528,591,700
75,226,000
75,353,000
81.503,987,250
3% Treasury bonds
231% Tress. notes
Treasury bills
Treasury bills
15
15
20
27
Total
8275,730.000
$25,016,000
$75,025,000
75,327,000
75,320,000
75,090,000
75,065,000
$75.025,000
75,327,000
75,320,000
50.457,000
75,085,000
$375,827,000
Total
Treasury bills
Treasury bills
131% Treas. notes_
331% Treas. bonds_
234% Treas. notes_
Treasury bills
Treasury bills
Sept. 5
Sept. 12
Sept. 15
Apr. 16
Sept. 15
Sept. 19
Sept. 28
8351,194.000
$75,290,030
75,365,000
514.126,000
392,000,000
596,691,150
75,041,000
75,023,000
824,633,000
$75,290,000
124,633.000
875,365.000
514,126,000
392.000,000
596,691.150
Treasury
Treasury
Treasury
Treasury
Treasury
3
10
17
24
31
bills
bills
bills
bills
bills
50.025,000
75.041,000
24.998,000
$1,803,536,150 $1,628.132.150
Total
Oct.
Oct.
Oct.
Oct.
Oct.
8100,238,000
455.175,500
100,110.000
50.091.000
50,025,000
New
Indebtedness
$451,310,000
Total
June
June
June
June
Refunding
81,500,615,300 81,500.615,300
Total
May
May
May
May
May
May
May
May
Total Amount
Accepted
8755.637,500
Treasury bills
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Apr. 4
Apr. 4
Apr. 16
Apr. 11
Apr. 11
Apr. 18
Apr. 18
Apr. 25
Apr. 25
8175,404.000
75,038,000
75,360.000
75.248,000
75,102,000
75,015,000
50.096,000
50.225.000
50,033,000
50,050.000
50,037,000
24.942,000
26.135,000
25,215,000
25.052.000
24.978.000
$375,763,000
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
Total
Grand total.
$250.441,000
$125.322,000
675,075,000
75,045,000
75,168,000
75.287.000
$50,173,000
50,080,000
50,140,000
$24,902,000
24,985.000
25,028,000
75,287,000
$300,575,000
Total
Nov. 7
Nov. 14
Nov. 21
Nov. 28
3533
Financial Chronicle
Volume 139
$150,393,000
$150,182.000
10.345.561.700 66.704.295.550 83.641.266.150
Features of November Private Financing
Making further reference to the new corporate issues
announced during November, we find that there were only
four offerings, totaling, as previously stated, $29,800,000.
This compares with a similar number of new issues for an
aggregate of $31,390,000 put out in October. The November
issues, all classified as long-term 'borrowings, consisted of
$28,000,000 for public utilities, $1,200,000 for railroad
account, and $600,000 under the heading of industrial and
miscellaneous companies. The month's new issues comprised $18,000,000 Consolidated Gas, Electric Light & Power
Co. of Baltimore 1st ref. mtge. 3%s K, 1964, sold privately
at 96, yielding about 3.95%; $10,000,000 Northern States
Pr. Co. ref. mtge. 5s, 1964, issued at 96, yielding about
5.26%; $1,200,000 Chesapeake & Ohio Ry. Co. equipment
trust 4s, 19404944, offered at prices to yield from 2.75%
to 3.75%, and $600,000 Philadelphia Brewing Co. 1st. mtge.
cony. Os, 1944, floated at 98%, to yield 6.20%.
The portion of the month's financing used for refunding
purposes was $21,573,300, or approximately 72% of the
total. In October the month's corporate issues, at $31,390,000, comprised refunding to the extent of $31,000,000
and new capital of only $390,000. In September the refunding portion was $10,000,000, or more than 58% of the total.
In August the refunding portion was also $10,000,000, or
about 55% of the month's total issues. In July it was
$125,500,000, or more than 86%. In June it was $23,747,000,
or about 71% of the total. In May it was $2,958,000, or
about 9.3% of the total. In April the refunding portion
amounted to $59,283,000, or slightly over 67% of that month's
total. In March it was $12,569,200, or about 47% of that
month's total. In February it was $2,308,000, or about 15%
of the total for that month, and in January it was $1,500,000,
or about 20% of the total. In November 1933 there were
no refunding operations.
An offering of $4,195,000 Government of the Argentine
Nation 2%% to 4% Treasury note issue, dated April 1 1934,
representing the first offering of foreign securities in this
market since 1930, aside from Canadian loans, was announced on Nov. 14 by Brown Harriman & Co., Inc., and
the First Boston Corp. The notes were offered at prices
to yield 2.50% to 5%. They did not represent new financing, and were offered without registration under the Securities Act. The notes were acquired by the two banking houses
from various bankers and trust companies, who had held the
notes since their issuance, last April.
An offering was also made during the month, as already
mentioned, in behalf of the Republic of Finland. This issue
comprised $10,000,000 of 4% serial notes, due $2,000,000 each
Jan. 1 from 1936 to 1940, inclusive. Offering of the 19361939 maturities was made at prices to yield from 2.525% to
4.826%. All of the notes of the 1940 series were taken by
the Bank of Finland. Proceeds of this financing are to be
applied to the redemption of bonds originally sold in this
country.
The month's financing also included a new issue of Federal Intermediate Credit banks 1%% coll. trust debentures,
dated Nov. 15 1934, and due in nine months, offered, as
usual, at price on application. There were no new fixed
investment trust offerings during the month. There was
one new corporate issue floated with a provision for conversion into stock, namely, $600,000 Philadelphia Brewing Co.
1st mtge. cony. 6s, due Sept. 1 1944, convertible on 10 days'
notice into common stock of the company at the rate of
100 shares for each $1,000 of bonds.
The following is a complete summary of the new financing,
corporate, State and city, foreign government, as well as
farm loans issued during the month of November and the 11
months ending with November:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING
1934
MONTH OF NOVEMBER—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Governmental agencies_
• Municipal—States, cities. &e
United States Possessions
Grand total
11 MONTHS ENDED NOV. 30—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Governmental agencies_
• Municipal—States, cities, dre
United States Possessions
New Capital
Refunding
Total
$
$
$
8,226,700
21,573,300
29,800,000
8,226,700
21,573,300
29,800,000
10,000,000
10,000,000
88,808,978
3,059,055
10.000,000
10,000,000
91,888.033
107,035,678
34,632,355
141,688,033
78,572,800
31,550,000
2,908,800
30,365,399
165,533.500
133,705,000
244,106,100
165,255,000
2,908,800
30,365.399
1,200,000
1,200,000
300,438,500
50,000,000
10,000,000
298,300,000
91,275,800
443,835,299
50.000,000
10,000,000
703,411,100
821,113,656
143,396,799
405,111,100
729,838,056
Grand total
1.278.345.955 750.014.100 2.028.360.055
* These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1934 with the
corresponding figures for the four years preceding,-thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during November, including
every issue of any kind brought out in that month.
FOR THE MONTH OF NOVEMBER FOR FIVE YEARS
1,913,075
New Capital
2
18,553,000
7,715,000
566,000
23,289,250
1931
Refunding
2
16,079,000
4,000,000
Total
New Capital
2
34,632,000
55,434,000
11,715,000
61,750,000
566,000
2,950.000
23,289,250
15,487,500
4,233.000
2,000,000
41,591,075
50,123,250
5,000,000
29,588,884
500,000
76,679,959
6,000,000
53,872,398
- 492:359
--
109,995.648
20,571,309
20,079,000
70,202,250
Total
59.667,000
61,750,000
2.950,000
15.487,500
Co,D
2,000,000
6,000,000
54,364,707
137,621,500
2,500,000
5,000,000
26,000.000
85,480,366
4,500,000
3,201,944
141,854,500
2,500,000
9,500,000
26.000,000
88,682,310
130.566.957
256,601.866
11,934,944
268.536,810
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF NOVEMBER
FOR FIVE YEARS
1934
1933
1932
1931
MONTH OF NOVEMBER
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Total
Refunding
New Capital Refunding
Total
New Capital
Long-term Bonds and Notes2
2
2
2
$
2
2
2
$
2
2
8
2
Railroads
1,200,000
1,200,000
1,800,000
1,800,000
7,950,000
4,050,000
12.000,000
:3,600,000
Public utilities
6,426.700
21,573,300
28,000.000
5,899,700
30,958,300
36,858.00C
7,984,000
12.029,000
20.013,000
32.217.1300
Iron, steel, coal, copper, &c
125.000
Equipment manufacturers
5,177,000
Motors and accessories
Dther industrial and manufacturing
600,000
600.000
50,000
50.000
350.000
311
Land, buildings, &c
220,000
220,000
2,619,000
2,619,000
9,965,000
Rubber
3hippIng
•
Inv. trusts, trading, holding, &c_
Miscellaneous
6.000.060
Total
8.226.700
21,573,300
29,800,000
7,969,700
30,958,300
38,928,000
18.553,000
16,079,000
34,632,000
57,434,000
Short-term Bonds and Notes
Railroads
550,000
550,000
Public utilities
750,000
750,000
4,000,000
4,000,000
8,060,000
54,250,000
Iron, steel, coal, copper, &c
750.000
Equipment manufacturers
750.000
Motors and accessories
Dther industrial and manufacturing
75,000
75.000
1,006,000
DR
Land, buildings, Sze
3,165,000
3,165,000
5,000,000
Rubber
3hipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
75.000
75,000
750,000
750,000
7.715,000
4,000,000
11,715,000
61.750,000
Stocks
Railroads
Public utilities
23,272,150
23,272,150
3.112,500
Iron, steel, coal, copper. Szc
225,000
225,000
Equipment manufacturers
Motors and accessories
Dther industrial and manufacturing
6.211,250
6,211,250
713,075
713,075
583,100
583,100
2.335,000
311
4.250,000
Land, buildings, &c
400,000
Rubber
3hipping
Inv. trusts, trading, holding, &c_
1,200,000
1,200,000
Miscellaneous
8,340,000
Total
6,436,250
6,436,250
1,913,075
1,913,075
23,855,250
23,855,250
18.437,500
Total
Railroads
1,200,000
1,200,000
1,800,000
1,800.000
8,500.000
4,050,006
12,550.000
3,600,000
Public utilities
6,426,700
21,573,300
28,600,000
6.649,700
30,958,300
35,256,150
37,608,000
16,029,000
51,285,150
89.579,500
Iron, steel, coal, copper. &e
225,000
225,000
875.000
Equipment manufacturers
5,927,000
Motors and accessories
Other industrial and manufacturing
600.000
600,000
6,286,250
6,286,250
763,075
583,100
•763.075
583,100
3.685.000
Oil
4,250,000
Land. buildings, &c
220,000
220,000
5.784,000
5,784,000
15,365,000
Rubber
Shipping
Inv. trusts, trading, holding, &c....
1,200,000
1,200.000
Miscellaneous
14.340.000
Total corporate securities
8.226,700
21,573,300
29,800.000
6.511,250
6,511.250
10.032,775
30.958.300
50.123,250
41.591.075
20,079,000
70,202,250 137,621.500
1930
Refunding
4,233,000
1930
Refunding
$
4,000,000
158,000
75,000
Total
2
7,600,000
32.375.000
200,000
5.177,000
350,000
9,965,000
4,233,000
6,000.000
61.667,000
51,15b, ,15456
750,000
750,000
1,000,000
GIOILIORO repUeUkg
Total
2
38,928,000
750,000
5,000.000
61,750,000
3,112,500
i:315;1566
4,250,000
400,000
8.140:000
18,437,500
4,000.000
158.000
75,000
7.600,000
89,737,500
950,000
5,927.000
3,685,000
4,250,00(
15.365,00(
4,233,000
14,340,000
141,854,50(
PC61 9 'oda
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING
MONTH OF NOVEMBER
1934
1933
1932
New Capital Refunding
Total
New Capital Refunding
CorporateTotal
New Capital Refunding
Domestic2
2
2
2
3
2
2
2
Long-term bonds and notes
8.226.700
21,573,300
29,800.000
7,969,700
30,958,300
Short-term
75.000
75,000
750,000
Preferred stocks
100,000
100.000
Common stocks
6,336,250
6,336,250
1,913,075
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
8,226,700
21,573,300
29,800,000
6,511,250
6,511,250
10,632,775
30,958,300
Canadian Government
Other foreign Government_
10.000,000
10,000,000
Farm Loan and Gov. agencies
10,000,000
10,000,000
5,000,000_
*Municipal, States, cities, &c
88,808,978
3.059,055
91,868,033
80,358,279
2,322,257
82,680,536
28,867.328
-'721:g6
-United States P
ions_
500.000
Grand total
107,035.678
34,632.355 141.668,033
86,869,529
2,322,257
89,191,786
31.679,856
45,000.103
• These figures do not include funds obtained by States and municipalities from any agency of the Federal Government
1930
Refunding
Total
348.876,155 2,754.182,510
95.220,000 576,505,650
9.350,000 420.538,230
13.829.722 1,034,657,040
45,851,000
8,977,000
lb
245.483.500
5,700.000
13.000.000
16.516,340
177,992,000
31,000,000
10.060,000
522,103,877 5,285,635,270
7,158,000 134,244,000
64,580.000 481,886,000
71.500.000
50,394,132 1,300.540,012
9,675.000
644,236.009 7.283,480,282
1930
Refunding
Total
226,662,750 931231.000
133.771,500 1,436,052.600
27.700.000
4,075,000
14,217,000
255,806.910
173.000,000
141.195,500
30,000.000
10,000,000
78.750,000
79,205.000
4.819,905
403,704,155 3177,658,010
27.355.000
6,950.000
70,000
17,350.000
657.000
835,000
15,000,000
14,500.000
292,350.000
48.750.000
12,750.000
10,100.000
91,705,000
7,56,0,000
57,405,650
18,900,000
1.000,000
95,220,000
41.000.000
18,245.000
613,205,650
26
131--7,222
66,055,600
721,036.164
133,351.675
1.371,500
8,000,000
4.723,962
202,918.815
98,573,463
16,805,000
2,500,000
52,878,000
5,000,000
112,987,079
-382.000 138.319,852
23,179,722 1,494,771,610
229.162,750 1,012,286,600
200,075,722 2,449,438,764
9,075,000 209,801,675
26,967,000
14.823,962
46,i076.866 550.430,725
15,607.000 279,073,463
905,000 215,406,150
48,900,000
15.000.000
10,000,000
232,737,079
6.201.905 235.769.852
522.103,877 5,285,635.270
ap!U017,9 lepUeWg
MUNICIPAL FINANCING FOR THE 11 MONTHS ENDED NOV. 30 FOR FIVE YEARS
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND
1931
1932
1933
1934
11 MONTHS ENDED NOV. 30
New Capital
Total
New Capital Refunding
Total
Total - New Capital Refunding
New Capital Refunding
Total
Refunding
Capital
New
$
Corporate—
$
1,602.870.800 2,405206,355
$
$
Domestic—
925.950,600 676.920,200
265,670,000 132.796.800 398.466.800
23.621,000 114.870.500 138.491.500
78,572.600 165,533,50( 244,106,10(
92,399,500 377.700,250 481.285.650
Long-term bonds and notes
285,300,750
33.366,500 163,894,000 197,260,500
88,203.700
71.528,700
16,675.000
31.550,000 133.705,000 165,255.00(
31.850,000 148.015,667 411,188,230
Short-term
116,165,667
8.975,275
8.975,275
14,817,555
14.817.555
2.908,80(
2.908.800
156.247,806 1,020,827.318
Preferred stocks
156,247.806
10.348.545
3.397,320
6.951,225
122,187,551
32,317,778
89.869,773
30,365,399
30,365,399
Common stocks
140,000,000 199,632,500
Canadian—
140,000,000
5,700,000
Long-term bonds and note
13,000.000
Short-term
16,516.340
Preferred stocks
133.332
133,332
Common stocks
72.800,000 169,015,000
Other foreign—
72,800,000
31,000,000
5.000.000
5.000.000
Long-term bonds and notes
1.600,000
1,600,000
1.200,00C
1,200,000
Short-term
10,060.000
Preferred stocks
Common stocks
4,763,531,393
314,963,000 300,088,120 61b.051,120 1,696.464,823 806,169,700 2,502,634.523 127,086,000
145,116,660 220,316,978 365,433,638
443,835,299
40,922,000
143,396.799 300,438,500
Total corporate
40,922,000
66.015,000
40.000,000
26.015,000
60.000.000
60,000.000
50,000,000
417,306.000
50.000,000
Canadian Government
71.500.000
10,000,000
10.000.000
51.000.000 113,600.000
Other foreign Government__ 62,600,000
92,500,000 156,600.000
64.100.000
75,900.000
12,000.000
63,900,000
.,.,
405,111,100 298300000 703411100
20,067.671 1,210,494,700 1,250,145,880
Farm Loan and Gov. agencies
70,235,882 731.527.808 1,190,427.029
661.291,926
33,312.388 475,260.703
441,948,315
9.675,000
91,275,600 821.113,656
795,000
*Municipal, States, cities, &c__ 729,838,056
795.000
1.192.000
1.192.000
1,400.000
1,400,000
United States Possessions___ _
877,237,371 3.868.446.223 6,639,244,273
652.364.975 325.629.366 977.994.341 1.667.561.926 502,824.002 1.570.385,928 2.991,208.852
1.278.345.955 750.014.100 2.028.360.055
Grand total
These figures do not include funds obtained by States and municipalities from any agency of the Federal Government
STATES FOR THE 11 MONTHS ENDED NOV. 30 FOR FIVE YEARS
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
1931
1932
1933
1934
New Capital
Total
New Capital Refunding
Total
New Capital Refunding
Total
.
New Capital Refunding
Total
11 MONTHS ENDED NOV. 30 New Capital Refunding
A•
$
$
$
Long-term Bonds and Notes—
310227.300 158232.700 468,430,000 705268.250
11,127,000
9.327.000
1200.000
92,627.500
80,627,500
12200.060
50,713.100 101,500,000 155,213,10C
500.252,500 502,661,000 1,002,913,500 1,302.281.100
Railroads
258,925,000 123,419,800 382,344,800
43,239,000
32,518,000
10,721,000
81,585,000
23,625,000
55,225,500
26.359,500
6,062.500 109.002.300
102,939,800
Public utilities
14,217,000
12,934,000
Iron,steel, coal, copper. &c
12,934,000
Equipment manufacturers
89,062,000 228,451.910
5.950.000
Motors and accessories
83,112,000
325,000
325,000
1,725,000
1.725.000
2,908.000
2,308,000
2,000,000 166,050,000
600,000
2,000,000
Other industrial and manufacturtag
4,000.00C
3,500,000
500,000
1,220,000 111,699,000 141,125.500
Oil
110,479,000
3,470,000
50,000
3,420,000
900,000
900,000
30,000.000
400,00€
400.000
Land, buildings, &c
10,000,000
1,650,000
1,650,000
Rubber
78,750,000
Shipping
74.385.095
17.980.000
2,694,000
15.286.000
trusts, trading. holding, &c_
1.200.000
1.200.000
Miscellaneous
2,773,953.855
-265,670,000 132,796,800 398,466,800 1,138,750,600 676,920,200 1,815,670,800
23,621,000 114,870,500 138,491,500
78,572,600 165,533,500 244,106,100
Total
12,000,000
48,050,000
12.530,000
35.520,000
Short-term Bonds and Note —
34,825,000
23.500,000
11,325.000
7,277,000
7,277.000
70.947,000
63,947,000
7.000,000
45,077,500 231.025,000 239.472.000
185,947,500
Railroads
8.285.000 138.144,000 146.429,000
39,795,200
23,295,200
16.500,000
43,750.000
75.500.000
52,500,000
4,000,000
23.000.000
3.101,000
Public utilities
899,000
100.000
100.000
19,597.400
19,597,400
12,750,000
Iron, steel, coal, copper, &c
12,000,000
12,000,000
10,100,000
Equipment manufacturers
74.355,000
55,035,000
33,500.000
21.535,000
Motors and accessories
3,400.000
1.700,000
1,700.000
5,175,000
5,000,000
175,000
6,843.000
3,758,000
10,440,000
2,958,000
800,000
791,000
9.649.000
Other industrial and manufacturi ag
56.570,650
16,000.000
13.550.250
15.500,000
500,000
1,900,000
11,650,250
Oil
4.101.000
4.101,000
3.900.000
Land, buildings, &c
5,959.100
5,959,100
Rubber
450,000
450,000
41,000.000
500.000
500,000
Shipping
17,245.000
20.100.000
20.100.000
Inv. trusts, trading, holding, &c_
7.955.500
7,955.500
250,000
250.000
.._
Miscellaneous
97.399,500 382.700,250 517,985,650
285,300,750
33,366.500 163,894,000 197,260,500
89.803,700
73,128,700
16,675,000
31,550,000 134,905,000 166,455,000
Total
66,055,600
Stocks—
31.050.000 251,550.661 707,609.942
220,500,661
Railroads
8,359.495
1,897,320
6,462.175
9,147,778
2,147,778
7,000,000
3,390.000 133.351,675
3,390,000
Public utilities
3,354,151
3,354,151
588,750
588,750
Iron, steel, coal, copper. &c
4.723,962
Equipment manufacturers
859.269
859,269
21,135,972 201,547.315
800,000
20.335,972
Motors and accessories
6,095,575
1,500,000
4,595,575
30.170,000 120,818,554
90,648.554
90.573.463
21,350,249
3,452,500
21,350,249
3,452,500
Other Industrial and manufacturi ig
1,795,120
1,795.120
16,805,000
1.466.500
1,466,500
011
Land, buildings, &c
2,168,750
2,168.750
525,000
525,000
_
Rubber
4,084,550 112,987,079
4,084,550
._
Shipping
1,200,000
1,200,000
1.088,566
1,088,566
310,200
19.183.290 137.937.852
310.200
19.183.290
Inv. trusts; trading, folding. &c_ ..
1,500.000
1,500.000
75.000
75.000
10,500.000
10,500,000
304.263,473 1,471,591,888
Miscellaneous
31,850,000
272,413.473
19,323,820
3.397,320
15,926.500
32,317,778 137,138,438
104,820,660
33.274,199
33,274,199
Total
345.617,300 170,862.700 516,480,006 783,123.850
45.952.000
Total—
32,827,000
13.125,000
99,904.500
87,904.500
12,000,000
57.713.100 168,447,000 226,160.100
906,700,661 518,788.500 1,485.489,161 2.249.363.042
Railroads
273,672.175 263,461,120 537,133.295
92,181,978
57,960.978
34,221,000
9,163.500 116,392,300 200,726,675
49,359,500 107,725,500 157.085.000
107,228,800
100,000
Public utilities
100,000
22,951,551
19,597,400
3,354,151
26,967.000
588,750
12,934,000
588,750
12,934,000
Iron, steel, coal, copper, &c
12,000.000
12,000,000
14,823,962
Equipment manufacturers
859,269
859,269
40,250.000 165.232,972 504,354,225
124,982,972
9.820,575
Motors and accessories
3,200.000
6,620,575
36,895,000 127,718.554
90.823.554
28.016.249
15.892,500 263.466,463
5.266,000
791,000
22,750,249
15.101,506
Other industrial and manufacturi tg
1,795,120
1,795.120
20,000.00C
19,000,000
3,120,000 126,715,750 214,501,150
1,000.000
123,595,750
7.571.000
011
50,000
7,521,000
900.000
900,000
400,00C
33.900.000
400.000
2,168.750
Land, buildings, &c
2,168,750
5,959,100
67951i.HO
10,000,000
525,000
Cab:MO
525,000
1.650,000
450,000
Rubber
450,000
4,584,550 232.737.079
500,000
4.084,550
1,200,000
Shipping
1,200,000
1,088,566
1.088,566
310,200
57,263,290 229.567.947
2,694,000
310.200
54,569,290
10,655.500
Inv. trusts, trading, holding, &c_
10.655.500
75.000
75.000
10.750,000
10.750.000
-.:
Miscellaneous
314.963,000 300,088.120 615,051,120 1,696,464.823 806,169,700 2,502,634,523 4,763,531.393
448 RRS 211C
145.116,660 220.316,978 365,433,638
R110 ASS Ann
1.1.1 "UM 700
Total corporate securities
3536
Financial Chronicle
Dec. 8 1934
DETAILS ON NEW CAPITAL FLOTATIONS DURING NOVEMBER 1934
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS)
Amount
Purpose of Issue
Price
Railroads—
1,200,000 New equipment
To Yield
About
2.75-3.75 Chesapeake & Ohio Railway Co. 4% Equip. Tr. Mts. due Sept. 1 1940 to March 1 1944. Offered by
Halsey, Stuart & Co.. Inc., and Paine, Webber & Co.
Public Utilities—
18,000,000 Refunding; knots., bett'rn'ts, &c_
96
10.000,000 Refunding:
98
wkg. capital..
3.95 Consolidated Gas Electric Light & Power Co. of Baltimore, let Ref. M.Pis series IC 1964. Sold
to a group of insurance companies composed of the Metropolitan Life Insurance Co.; Prudential
Insurance Co. of America: New York Life Insurance Co.: Mutual Life Insurance Co. of N. Y.:
John Hancock Insurance Co.: Mutual Life Insurance Co. and Insurance Co. of North America.
5.26 Northern States Power Co. Ref. M. 55, 1964. Offered by The First Boston Corp.; H. M. Byliesby
& Co.: W.C. Langley dc Co.: Edward B. Smith & Co., and A. C. Align & Co., Inc.
28,000,000
Other Industrial and Mfg.—
600,000 Retire debt; working capital
Amount
Company and Issue, and by Whom Offered
9834
6.20 Philadelphia Brewing Co. 1st M. Cony. 6s, 1941 (Convertible on 10 days' notice into common stock at
the rate of 100 shares common stock of the company for each $1,000
by Hammoas & Co., Inc., and Atkinson dr Co., Inc., N. Y. principal amount of bonds). Offered
FOREIGN GOVERNMENT LOANS
Issue and Purpose
Price
10,000,000 Republic of Finland 4% Serial Notes, due
Jan. 1 1936-1940 (Refunding)
To Yield
Abating
Offered by
10134-97 .12.525- Brown Harriman & Co.. Inc.; Edward B. Smith dr Co.: Lee, Ifigginson Corp.
and The
4.826
First Boston Corp.
FARM LOANS AND GOVERNMENTAL AGENCY ISSUES
Amount
Issue and Purpose
Price
To Yield
About
10,000,000 Federal Intermediate Credit Banks 134%
Coll. Trust Debentures, dated Nov. 15 1934
and due in nine months. (Provide funds for
loan purpose's.)
Prices on septic.
Offered by
Charles R. Dunn, Fiscal Agent, New York.
ISSUES NOT REPRESENTING NEW FINANCING
Par or No. (a) Amount
of Shares
Involved Price
To Yield
About
Company and Issue and by Whom Offered
4,195.000 4.195.000
2.50-5.00 Government of the Argentine Nation 234% to 4% Treasury Note Issue of April 1934,due April 1 1935-Oct. 1938. Offered
1
by Brown Harriman & Co., Inc.. and The First Boston Corp.
180,000 shs 1,350,000 Mkt. 7,
4
___ Fanny Farmer Candy Shops, Inc. Common Stock. Offered by A. W.Porter & Co., Inc., N.Y.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common
stocks are computed at their offering prices.
Address of Donald R. Rich berg Before National Association of Manufacturers
While we are referring, elsewhere in these columns to-day,
to the address of Donald R. Richberg, Executive Director of
the National Emergency Council, delivered at the WaldorfAstoria, New York, on Dec. 5, at the annual dinner of the
National Association of Manufacturers, meeting in conjunct:on with the Congress of Industry, we give herevii=e
full text of Mr. Richberg's address:
This convention has undertaken to formulate a program of business
recovery which may have far-reaching consequences. Although primarily
concerned with one economic interest, you have expressly recognized that
the welfare of each element of our society "is so inter-related with that
of the others that no one can long prosper at the expense of any other."
When I read in your proposal entitled "The Road to Recovery" the statement,"All must go up or down together," my mind went back to the year
1912, when tan very phrase was the slogan of Theodore Roosevelt in a
campaign for the establishment of political principles, which a conservative
opposition then denounced most vehemently and inaccurately as "socialism." With this recollection came to me a renewed hope that in time the
purposes and policies of the Administration of Franklin D. Roosevelt will
be also fairly and wisely appraised by conservative men of affairs and will
be generally recognized as bulwarks of our constitutional liberties and our
democratic institutions in these critical years when the allied forces of reaction and revolution have overthrown democracy in so many other Nations.
No Group of Men Wise Enough to Control Operations
Let me take the text of my remarks from a sentence in the platform
recently submitted by the board of directors of the National Association
of Manufacturers:
"No group of men is wise enough to plan and control the operations
of all our manifold business activities."
That is a short and powerful statement of the reascia for seeking the
widest possible co-operation in the formulation and execution of plans for
industrial recovery. The driving necessity which compelled the Federal
Government, in the spring of 1933, to undertake a tremendous expansion
of its activities is thus clearly stated in your platform. No group of bankers
or industrialists, no farm or labor organization, could even devise an adequate program to restore prosperity. No group representing one economic
Interest could carry out any plan without the co-operation of many others.
Upon the Federal Government was imposed these obligations: To restore
a sound banking system; to bring about a necessary organization of industry
and agriculture for self-help: to reduce financial pressures that threaten
the ruin of vast numbers of individuals and institutions; to relieve the intolerable distress of millions of men, women and children.
If the Federal Government had not courageously and vigorously mobilized our National energies, had not devised and carried forward measures
of orderly recovery, the Nation could not have risen steadily and peacefully
out of the depths of the depression. Other Nations faced with similar
problems either met their obligation's with political solidarity in constructive
action, or moved through political dissension and economic chaos into
revolution and the restoration of law and order by a military dictatorship.
In the light of these experiences American citizens can Judge of the wisdom
of their political leadership.
The American people have recently expressed themselves upon this
subject, after a long political campaign in which many persons attempted
learnedly or emotionally to explain why a successful Administration had
been a failure, and how we were recovering more slowly from the depression
than we would have recovered if the Government had done something
different, or perhaps done nothing at all. But the saving principle of a
democracy is that people in the mass have a common sense which is frequently lacking in those whosa judgment is warped by the possession of
too much power—or too much education.
I read the other day an article by a College Professor who has been
assured from the beginning that all the New Deal measures are unsound
and who has been determined to prove it by assertions if he cannot prove
it by facts. According to this critic: "The AAA and the NRA reduced
production. The PWA curtailed the demand for private financing. • • •
And the RFC . . . absorbed a large part of the existing market
for bank credit."
Not a word did he write about the improved prices for agriculture
products and the rising profits of industry: not a word about millions of
workers re employed and their increased income. He did not pause to
explain how the PWA had curtailed a demand for private financing that
did not exist before the PWA and was in no way affected by its public
projects. Nor did he venture to explain how the existing market for bank
credit was absorbed by the RFO when it loaned money to banks and
railroads and other institutions that applied to the RFC because they
could not get credit elsewhere.
It is pitiful to think that experienced business men should expose themselves voluntarily, or that college students should be exposed involuntarily
to such mental poisoning, or that any one should shudder at the Professor's
threat of the next experiment which, he says, "Mr. Richberg'of the AAA
will inflict upon American enterprise." Of course, there is no "Mr. Richberg of the AAA": but that casual misstatement indicates fairly the absence
of accurate information within that ivory tower where the Professor reviews
and scorns the work of the Administration.
Co-operation Between Government and Business
The reason I refer particularly to this article is because it exhibited a
malicious purpose which I think should be condemned by every business
man and banker who realizes that co-operation and mutual confidence
between Government and business is absolutely essential to a sustained
economic recovery through the advance of private enterprise. This article
was written for the purpose of ridiculing and undermining that hope of
improved relations between the banks and the Federal Government which
rose out of the recent annual meeting of the American Bankers Association
In Washington.
When the partisan wrangling and confusion of a National election was
ended in November, conditions were ripe for a strong advance of private
business. The emergency measures, passed in the special and the regular
sessions of Congress, had been seasoned by months of experience. Relief
from financial pressures and unemployment distress had boon achieved
and organized for the future. The Nation was clearly recovering from a
grave economic illness. The time had arrived when private enterprise
should begin to lift the load of unemployment from the shoulders of the
Government. If business men were ready to move ahead and private
bankers were prepared to encourage and support them, then the Government might wisely plan to contract its activities and expenditures and
further to stimulate the advance of private enterprise.
Meeting of A. B. A.
The meeting of the American Bankers Association furnished a new
Inspiration to all those who saw in the end of fault-finding and in the beginning of a constructive co-operation between business and Government
the shortest, surest road of industrial progress. Yet many of those who had
most loudly clamored for something to inspire confidence were, like this
critical professor, eager only to sneer at and to belittle any evidence of
a better understanding between the bankers and their Government.
One conclusion seems inevitable. Those who try to attribute all our
ills to lack of confidence in the Government are proving themselves to
be those in whom the Government itself can have but little confidence.
If there Is to be co-operation in economic recovery, it must come from
those who have faith enough in their Government and in themselves to
stop complaining and put their shoulders to the wheel. The man who
spends his days and nights in finding fault with every public official, in
Volume 139
Financial Chronicle
sneering at every effort to serve the general welfare, and then howls for
something to give him confidence, ought to spend a few minutes every
day looking at himself in a mirror and asking himself what he is doing to
inspire any one else with any confidence in him.
Disputes View That Business Stagnates Ezcept When Profitable to Operate
May I say with all due respect that I read with surprise and disbelief
a statement of your board of directors that commitments would be undertaken "only if business men believe that it will be safe and profitable to
operate." My mind slipped back over the history of a few thousand years
of trade and commerce—over the stories of traders who dared the perils
of the sea in little sailing vessels, and who explored strange, dangerous
lands; the adventurers who risked life and fortune to win wealth, to open
upinew avenues of commerce and new fields of trade. Coming down to
more modern times I thought of the pioneers of America who blazed trails
through the wilderness, laid railroads across the continent, built cities
around new-industries and spent their energies and their money in finding
and developing the natural resources of the Nation.
Within the span of my lifetime I could remember billions of dollars and
millions of lives which were ventured in new enterprises, in exploiting
new inventions, that gave us electric light and power, telephones, airplanes,
radios, moving pictures. And so, with all due respect, I beg to disagree
with any assertion that business stagnates except when it is safe and profitable to operate. On the contrary. I dare to assert that risk and adventure
attract the only men who have any claim to greatness, or any right to
leadership, in any line of human endeavor.
Socialists, who idealize the protection of a paternal government, may
scorn my desire to see some elements of "rugged individualism" survive
the degenerating influences of a machine-made civilization. But unless
the business men of America have been shell-shocked into nervous impotence,
there must come a time when they will respond to the fighting spirit of that
old admiral who signaled. "Damn the torpedoes. Go ahead."
I read also, with some surprise, your statement that "until uncertainties
as to public policies are removed, business commitments will not be made"
because I wondered under what form of Government certainty as to public
policy had ever been assured. Down through the ages, Governments have
risen and declined. They have been wisely and foolishly administered.
But always they have been changing their policies and always it has been
necessary for men to go on producing and exchanging goods and services.
Always it has been necessary for the wealth of the community to be used
In some manner or else it would rust away.
Surely it must be realized that the laws, particularly of a democracy,
are never static but always being rewritten in a continuing effort to influence
the employment of the wealth and the man power of a Nation in such a
way as best to advance the general welfare; and that in the end the control
and direction of the business of a Nation must go to those who have the
ability and courage to organize and operate its business enterprises most
effectively to meet the needs of the Nation.
Declares Government Was Forced Into Emergency Activities
What is the fundamental cause of the present expansion of the activities
of the Federal Government? It does not lie in the political ambitions
or theories of a group of politicians. Doctrinaire Socialists have not inspired either the present Administration or the millions of voters who are
supporting it. No reaching out for dictatorial power has incited this Administration to undertake its huge and overwhelming responsibilities. The
stern necessity of temporarily taking care of millions of people who should
have been supported by private enterprise, and of safeguarding billions
of dollars invested in private enterprise, has forced the Federal Government
into its emergency activities.
It was the demonstration that private business was unable to meet
all of its responsibilities to all of the people that imposed new obligations
on the Government; and created a rising demand that the Government
undertake more and more. Against this demand the wailing of timid men
that they dare not rehabilitate their plants, that they dare not expand
their business or re-employ idle workers, until the safety of their operations
Is assured by the Government, furnishes only an incitement and justification of further extensions of the protecting and controlling powers of the
State.
It is not as one who rejoices in this trend, but as one who fears it, that I
beg of you to look upon what is happening—not as the consequence of an
evil design to socialize private property and to stifle individual initiative,bui
as the consequence of the failure of private initiative to develop adequate
means of co-operative action in the employment of private property so as to
provide employment for all those who must work in order that they may live.
During this trying period there have been many,fearful of the extension
of political controls over private business, who have argued that we should
rely on what they called "natural forces of recovery." Unhappily there are
very few economic forces which can be accurately described as "natural."
The economy of a household,the political economy of a nation is man-made,
the product of human thinking, and not the result of natural forces.
When the human body is diseased it contains within it natural powers of
recovery. When a storm sweeps over the land, when the cold of Winter
stops the growth of vegetation, men may wait patiently for the storm to
pass, or for Spring to come again, with the return of a natural period of
growth.
But if a man makes a machine and it breaks down no amount of patient
waiting will start it going again. If a man tries to support his family by
unprofitable labor the natural force of starvation may end their problem,
but it will never produce recovery. If a community life depends on producing coal or cotton or manufactured goods for which there is no market,
the community may achieve a natural death, but never a natural recovery.
If it is to recover its economic health it must devise new ways of making
a living.
The enterprises of a nation designed for the production and distribution
of the necessities of life may be so badly co-ordinated that vast surpluses
can be produced but cannot be exchanged; that billions of wealth and
millions of workers can be idle at the same time.
Economic systems, with their good and evil, are wholly man-made.
They are the product of human thought and energy. When one gets out
of order only human beings can repair it; and they must work together, not
separately on that job.
Natural forces will destroy a people who develop and rely on a poor
economicsystem. But never in the history ofcivilization have natural forces
Produced an economic system or brought about an economic recovery.
Probably few mature men to-day cherish the delusion that we can rely
on any natural forces to produce economic recovery. Those who still cling
to the tattered standard of laissez faire economics and talk vaguely about
these non-existent "natural forces" presumably mean that they believe in
an irresponsible, hapnazard private organization and control of business and
are opposed to any planned organization and control. It will aid us in clear
thinking if we state the issue this way and leave "nature" out of the debate—
except so far as we must all reckon witn numan nature.
Surveys Record of Private Business
In this debate I must confess my prejudice against the arguments proceeding from either the extreme right or the extreme left. To those who lay
3537
faith in the ability of business men voluntarily to co-operate with their
competitors in producing a well balanced system of production and exchange
I would say in a well-known phrase: "Let's look at tne record." To those
who lay faith in the ability of a political authority to do toe job, I would
make the same reply.
First, let us look at the record of private business. It is quite true that
through the rewards held out to private initiative, through the growth
of private enterprise under the incentive of private profit, we have achieved
a great advance in the comfort and well being of great masses of people.
It seems clear to me that the sense of freedom and security which comes
from the ability to acquire private property and to control one's own affairs
is one of the greatest inspirations of human ambition and a continuing
assurance of human Progress.
On the other hand, the expansion of individual power and authority.
resulting from modern mechanisms for the concentration of wealth in
vast commercial enterprises has imposed social obligations upon the owners
and controllers of private property which, although not yet written into
law, must be accepted now as public responsibilities, and must eventually
be enforced as legal obligations. Your organization has expressly recognized these responsibilities; and I may assume that you would gladly
have them translated into legal obligations if you did not fear that a political
control of industry might be the result.
NRA
Every conscientious business man in the period of the depression has
done his best to fulfill these public responsibilities; but because they were
not legal obligations his task has been made well nigh impossible by the pressure of unrestrained competition. The NRA launched an heroic effort to
establish co-operation for the common good in a competition for private
gain. Under codes of fair competition we sought to establish minimum
labor standards that would eliminate a ruthless struggle for business Survival through overworking and underpaying labor. We sought to deny
any advantage for dishonest trade practices, to stop destructive pricecutting and reckless overproduction, in a word, to civilize industry so that
it might offer something better than the cannibalistic choice of eating or
being eaten.
The NRA has accomplished a great deal in the improvement of trade
and industry, in the betterment of labor conditions and in the re-employment of idle workers. The facts ace available to all who care to study them.
They have been reviewed too often for me to waste your time this evening
with vain repetitions. It is much more important on this occasion for us
to admit candidly to each other that our experiment with industrial selfgovernment demonstrated all too clearly that private business is not yet
adequately organized for collective action and self-discipline, and that
Political controls are a poor substitute for voluntary co-operation.
The record of the trade associations, upon which the Recovery Administration relied so hopefully in its infancy, has been, to put it mildly, disappointing. In the first place, we found few trade associations truly representative of an entire trade or industry, and even in the best of them the capacity for self government was pretty weak. Probably in the long years of
intermittent and uncertain enforcement of the anti-trust laws, it could
not be expected that strong trade associations would develop. It was the
early vision of the NRA that when trades and industries were integrated
under codes of fair competition, a voluntary co-ordination of their activities
could be worked out in the second stage of NRA through some sort of a
National industrial council, which might attract to its deliberations the
elder statesmen of business. Now we know that there is a long road to
travel before we reach that stage of economic progress.
We found that business men were theoretically opposed to Government
interference, but practically anxious to wield political power in the disciplining of their recalcitrant competitors. Thus, as usual, political power
was beloved by those whom it favored and denounced by those on whom
it frowned.
Record of Government
Looking for a moment at the record of Government, let it be noted that
in the NRA we sought with a genuine zeal to avoid bureaucracy and red
tape, but nevertheless to use political power to weld together discordant.
competing individuals and groups into a co-operative business machine.
And we found developing, in spite of ourselves, all the hampering restraints
of rules and regulations made necessary by the complexity and intricate
detail of the problems which piled up on the desk of every administrative
officer.
Now we face the future with the need of codes of fair competition and
of their wise administration more plain than ever before; and with the difficulties of this achievement also made more clear. We see the foundations
of a better economic system outlined in the principles which we have been
seeking to make effective in the last 17 months. We see also that if we are
to succeed we must enlist the co-operation, not only of business management
and the government, but also of workers and consumers, in any endeavor
to promote the smooth and continuous operation of private enterprises in
the service of the general welfare.
Urges Co
-Operation in Writing of Permanent Law
If we are to count on co-operation in the development ofa better industrial
system, we must first look for co-operation in the writing of a permanentlaw
in which all economic interests will be protected. The responsibilities of
management in the conduct of business and the rights of investors are, of
course, recognized.
But any proposal that management alone should write codes of fair
competition can hardly be accepted by a government charged equally with
the protection of the interests of workers and consumers. Co-operation
in industrial progress cannot be defined as the determination of policies add
programs by one element of our society and the conscription of the rest of
the community in their fulfillment.
The regimentation of a people under State control of industry is not
consistent with the spirit of our democratic institutions. But even more
antagonistic to our traditions would be the regimentation of masses of the
worker-consumer population under the control of private managers.
It is natural for each group of economic interest to develop its program
along the lines of self-interest, modestly qualified by a minimum of public
responsibility. But in the long run every increase of private power must
carry with it an increase of public responsibility. The increased freedom of
business men and of workers to associate themselves for the advancement
of their common interest will impose upon them increased obligations to the
public interest. The power of associated employers to control the livelihood
of thousands of workers carries with it a responsibility for protecting and
advancing their standard of living. In like manner, the collective power
of workers associated in labor organizations carries with it a responsibility
for the protection of the interests of those by whom they are employed.
These moral responsibilities of to-day will be written down as the legal
responsibilities of to-morrow.
We are passing out of a period of unrestrained competition, wherein the
guarantees of liberty written into the Constitution of the United States
could be made good merely through insuring to each individual property
owner and worker the opportunity to compete freely with his fellow-citizen
In the uses of his property or the employment of his labor.
Financial Chronicle
3538
Economic and social forces utterly beyond individual control are compelling us to choose between collective action through the voluntary association of individuals under political safeguards for the protection of the
public interest, or collective action brought about through political organization.
We cannot conceive of an economic system which does not find its sanctions in a political system. The intimate relationship of government and
industry is not a theory, but a universal fact.
Seventeen months ago in the very launching of the NRA,speaking here
in New York City,it was my privilege and obligation to point out that in the
Recovery Act a great opportunity was offered to the business men of the
nation through the processes of self-discipline, to accept and to fulfill their
responsibilities to the common good. With no tnreatening intent, but with
a profound concern for the perpetuation of private enterprise. I tried to
Point out that if Ws opportunity were rejected,the freedom of business men
to control their own affairs might be swept away in the political revolt of
disillusioned and desperate masses of the people resenting their deprivation
of an inherent right to earn a decent living in a nation possessing such
abundant natural resources as this favored land of ours.
In the intervening months neither business men nor public officials have
realized the full advantages of the flexible mechanisms of economic recovery
and reconstruction provided in the National Industry Recovery Act. But
let each group be fair with the other and recognize that a sincere and earnest
effort was made by both to co-operate in advancing the general welfare; and
In this recognition let us try to write into permanent legislation those
fundamental principles and simpler mechanisms of the codes in fair competition that have proved their worth and have provided effective methods
of combining self-help and public service.
Obligations of Private Business and Government Not Ended
Now that we have begun to emerge from the depths of the great depression, the mutual obligations of private business and government are not
ended, nor is their joint responsibility in furnishing employment to millions
of idle men by any means fulfilled. All those who own property or have
steady jobs, or control opportunities of employment share an obligation of
public service to provide the means of earning a living for the propertyless,
jobless millions, and to better the living conditions of other millions of
workers and their families. The eventual freedom and security of all our
people depend upon toe performance of that public service.
BOOK REVIEW
Credit Manual of Commercial Laws
1935 Edition—National Association of Credit Men.
512 Pages. Price $5.00
This is the 27th annual edition of a handy manual of commercial laws published by the National Association of
Credit Men. Each year the manual is revised as to changes
n laws affe cting trade. During the last part of 1933 and so
far in 1934 some 40 State Legislatures held special and regular
sessions during which new laws affecting trade were passed
and former ones revised.
One of the important features of the 1935 edition is a
complete review of the amendments of the bankruptcy law,
dealing especially with those revisions which set up regulations for Compositions and Extensions by Individuals.
Corporate Reorganizations, Agricultural Readjustments and
changes in general bankruptcy procedure. In addition to
the review and comment upon these important changes, a
full text of the bankruptcy law as amended during the last
few days of the last session of Congress is presented.
Another important section deals with Bonds on Public
Improvement. With the many millions of dollars being
spent in Government contracts by the various departments,
the information contained in this feature is of especial importance to those furnishing materials and equipment for
such Government contracts.
The 1935 edition of Credit Manual of Commercial Laws is
arranged in text book style according to the various steps in
commercial transactions from the time the order is received
until the account is collected. Among the subjects covered
are: Steps Preliminary to Sale; Checking the Credit Law of
Sales, Selling on Security, Negotiable Instruments, Collecting an Account, Commercial Crimes, Laws of Insolvency,
Rights of Creditors under Life Insurance, and various tables
and data of interest to those having to do with the financial
activities of wholesale and industrial institutions.
Moody's Daily Index of Staple Commodity Prices
Continues Upward Trend
Primary commodity markets have continued the gradual
upward trend which has characterized them since early
November. Moody's Daily Index of Staple Commodity
Prices advanced 1.6 points to 150.7 and is now within striking distance of the high levels reached during August as a
result of the drought. This time, however, staples other
than those agricultural products in which the drought produced shortages are also participating in the advance.
Seven of the 15 commodities comprising the Index registered advances during the week, the most important being
in wheat, steel scrap, corn, and hogs, with cocoa, wool tops
and silk following. The only important decline was a
technical one in sugar, reflecting the approach of the new
quota year on Jan. 1, while declines in cotton, rubber and
Dec. 8 1934
silver being of a minor character. Hides, copper, lead and
coffee were unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
Nov. 30
Sat.,
Dec. 1
Mon., Dec. 3
Tues., Dec. 4
Wed., Dec. 5
Thurs., Dec. 6
Fri.,
Dec. 7
149.1
148.5
148.9
148.8
150.2
150.6
150.7
2 Weeks ago, Nov. 25
Month ago, Nov. 7
Dec. 7
Year ago,
1933 High, July 18
Feb. 4
Low,
1934 High, Aug. 29
Low,
Jan. 2
146.8
145.0
125.1
148.9
78.7
156.2
126.0
The Course of the Bond Market
The Dec. 15 financing of the Government, announced early
in the week, was largely completed by Friday and books
closed. A large over-subscription was reported for the new
offerings of 15-18-year 3%% bonds and 18-month 1%%
notes aggregating about $900,000,000. The Treasury likewise announced virtually complete exchange of the $992,000,000 2%4% certificates, maturing Dec. 15, into the new
4%-year 2%s or into the 1%s. The prompt response to these
offerings was in contrast to the rather lagging interest last
September in the Liberty bond conversion offer. The market for outstanding United States Government issues was
strong this week, the average of 105.13 comparing with
104.66 on Friday a week ago.
Corporate bonds have continued to advance, the better
grade of rail issues, namely Aaa's, Aa's, and A's, making
new highs for the year, although the Baa's and lower
grades are lagging far behind this record. All groups of
utilities and industrials on which averages are figured by
ratings have been strong and are selling close to the year's
highs.
Continued strength and higher prices were general among
high-grade railroad issues. Atchison gen. 4s, 1995, closed
at 105%,compared with 104% last Friday; Union Pacific 4s,
2008, at 103% were up 1% points. Medium-grade issues
also were higher than last week. Illinois Central ref. 48,
1955, advanced 2% points to 84%; Canadian Pacific deb. 4s
closed at 84% compared with 84 last Friday. Lower-grade
railroad bonds showed further advances. Erie ref. 58, 1975,
at 71% were up 1 point; New York Chicago & St. Louis deb.
Os, 1935, gained 1 point, closing at 67; Southern Railway
dev. and gen. 4s, 1956, closed at 57% compared with 57%
last week. Following an announcement of a temporary
delay of interest payment on the Pittsburgh & West Virginia
1st 4%s, 1960, these bonds declined to 56 but later rallied
to 63%, which compares with last week's closing of 69%.
• Utility bonds advanced further during the week, all classes
participating in the move. High-grades were noticeably
strong, many issues reaching new all-time high ground.
Among these were Bell Telephone of Pennsylvania 5s, 1960;
Brooklyn Union Gas 5s, 1945; Hudson County Gas 5s, 1949;
Kansas City Power & Light 4%s, 1961; New York Gas, Electric Light, Heat & Power 5s, 1948; West Penn Power 58,
1963, and Rochester Railway & Light 5s, 1954. Lower grades
also advanced well. American Power & Light 6s, 2016,
gained 3% to close at 52%; Electric Power & Light 5s, 2030,
advanced 3% to 38%; Lehigh Power Securities 6s, 2026, at
91% were up 9%; Northern Indiana Public Service 55, 1966,
closed at 78, a gain of 3; Philadelphia Rapid Transit Os,
1962, advanced 4% to 75.
Continued strong demand for industrial bonds was evident
during the week, resulting in higher prices for many issues.
In the meat-packing group Armour & Co. of Delaware gtd.
5%s, 1943, gained 1% to close at 102%, and Morris & Co.
4%s, 1939, advanced % to 101%. Wilson & Co. 1st Os, 1941,
touched a new high at 109 and closed at 108%, unchanged.
Steels, oils and rubbers were firm to fractionally better,
holding the largest portion of past gains in the case of the
better-grade issues. With actual publication of the reorganization plan to be submitted for court approval, Paramount
Publix filed 5%s, 1950, advanced 2% to 61%. Among the
sharpest advances were a gain of 2% by United Drug 5s,
1953, to 89% and a gain of 4% to 88 by General Steel Castings 5%s, 1949.
Foreign dollar bonds again reached new highs or remained
steady. German issues recovered several points, particularly the Government issues. The 5%s, 1965, advanced 4%
to 29%, and the 7s, 1940, gained 6% to close at 41%.
Moody's computed bond prices and bond yield averages
are given in the following tables:
Dec. 7-- 105.13 99.20 116.82 108.21 97.94
6- 105.11 99.04 116.62 108.21 97.94
5-- 105.01 98.88 116.42 108.03 97.62
4-- 105.10 98.73 116.42 107.85 97.47
3- 104.72 98.57 116.42 107.67 97.47
L.104.63 98.73 116.42 108.03 97.47
WeansNov.80- 104.66 98.78 116.42 108.39 97.47
23- 104.70 98.25 116.01 108.21 97.31
16._ 104.46 98.41 116.22 108.03 97.62
9.. 104.01 98.25 116.01 108.03 97.16
2_ 104.13 97.94 115.81 107.67 96.54
Oct. 26- 104.71 98.09 115.81 107.49 96.70
19.. 104.54 97.78 115.41 107.14 96.89
12-- Stock Cullen ge Clot( ed5_ 103.46 96.39 114.43 105.54 95.03
Sept.28._ 102.63 96.08 114.04 105.37 94.43
21.. 102.73 95.48 113.85 105.20 93.55
14._ 102.58 94.58 113.85 104.51 92.68
7- 103.72 96.08 114.63 106.60 93.70
Aug.31- 104.56 96.54 114.63 106.60 94.29
24._ 104.90 96.70 114.43 106.96 94.29
17_ 105.29 96.54 114.63 106.96 94.58
10- 105.24 96.23 114.43 106.96 94.43
3_ 105.97 97.62 115.41 107.85 96.08
July 27_ 106.06 97.62 115.02 107.31 96.08
20_ 106.79 99.68 116.01 108.39 97.94
13.. 106.74 100.00 115.81 108.39 97.94
6.. 106.31 99.36 115.21 107.85 97.00
June 29_ 106.04 99.36 115.02 108.03 97.16
22_ 105.79 99.20 114.82 108.03 97.16
15-- 106.00 99.36 115.02 107.85 97.16
8- 105.52 98.73 114.63 107.14 96.39
1_ 105.27 98.09 114.04 106.78 95.78
May 25_ 105.13 98.25 113.65 106.78 96.23
18.- 105.05 98.57 113.26 106.60 96.70
II__ 105.11 98.41 112.88 106.42 96.85
4_ 104.75 98.73 112.50 106.42 97.00
Apr. 27.. 104.21 98.88 112.50 105.89 97.31
20.. 103.65 98.88 112.31 105.89 97.31
13- 104.35 98.25 111.92 105.54 96.70
6.... 104.03 97.16 111.16 104.68 95.78
Mar.80- Stock E(Wiens a Closed.
23.. 103.32 95.93 110.42 103.48 94.43
16._ 103.52 98.70 111.16 104.16 95.18
9.. 103.06 95.63 110.79 103.15 94.14
2_ 101.88 94.88 110.23 101.81 93.11
Feb. 23- 102.34 95.18 110.23 101.97 93.26
16_ 102.21 95.33 109.86 101.47 93.26
9_ 101.69 93.99 109.12 100.00 92.10
2_ 101.77 93.85 108.75 99.68 91.81
Jan. 26_ 100.41 91.53 107.67 98.41 89.31
'111... 100.36 90.55 107.67 97.16 87.96
12_ 99.71 87.69 106.25 95.48 84.85
5_ 100.42 84.85 105.37 93.26 82.02
High 1934 106.81 100.00 116.42 108.75 98.09
Low,1934 99.06 84.85 105.37 93.11 81.78
High 1933 103.82 92.39 108.03 100.33 89.31
Low11933 98.20 74.15 97.47 82.99 71.87
Yr. Ago
Dec.733 99.60 83.48 104.33 92.25 80.26
2 Yrs.Ago
Dec.732 101.64 78.66 101.97 87.83 75.29
Baa
RR.
P. U. Indus.
79.80
79.68
79.56
79.45
79.11
79.11
98.41
98.41
98.09
97.94
97.62
97.78
93.70
93.40
93.40
93.26
93.11
93.11
106.07
106.07
105.89
105.89
105.72
105.89
78.99
77.99
78.32
78.44
77.99
78.44
78.21
97.78
96.70
96.70
96.70
96.54
97.31
96.70
93.97
92.68
93.26
93.11
92.39
92.25
92.10
106.07
105.89
106.07
105.54
105.37
105.20
105.03
77.11
77.00
76.14
74.67
76.35
77.11
77.44
76.78
76.03
77.77
78.21
81.54
82.50
82.02
82.02
81.90
82.26
81.54
80.72
81.07
82.02
81.66
81.78
83.48
83.60
82.74
81.18
95.03
94.88
93.99
92.25
94.29
94.88
95.63
95.33
94.14
96.70
97.47
99.68
100.49
99.52
99.68
99.88
100.17
99.20
98.57
98.73
99.04
98.88
99.68
100.00
100.33
99.84
99.04
91.11
90.69
89.86
89.04
90.41
90.69
90.55
90.41
90.41
91.67
91.25
93.55
93.40
92.82
92.82
92.82
92.53
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
103.99
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.49
66.38 85.61
77.66 93.26
53.16 69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.70
74.25
89.31
70.05
101.81
102.41
101.41
100.41
100.81
100.81
100.01
99.61
98.81
98.71
98.01
97.01
106.71
96.5(
,
99.0
,
78.4
82.74
73.95
95.9:
65.12
103.69
103.65
103.48
104.51
104.85
104.51
104.51
104.89
105.20
104.81
106.42
106.60
106.07
106.07
106.07
105.81
105.37
104.81
104.81
104.65
104.81
104.65
104.51
104.31
103.61
102.81
Aaa
Aa
3.82
3.83
3.84
3.84
3.84
3.84
4.27
4.27
4.28
4.29
4.34,
4.28
Dec. 7-_ 4.80
6-- 4.81
5-- 4.82
4__ 4.83
3-_ 4.84
1._ 4.83
Weekly4.26
3.84
Nov.30-- 4.83
4.27
3.86
33-- 4.86
4.28
3.85
16.- 4.85
4.28
3.86
9_ 4.86
4.30
3.87
2_ 4.88
4.31
3.87
Oct. 28-- 4.87
4.33
3.89
19_ 4.89
12__ Stock Radian go Clos
4.42
3.94
5__ 4.98
4.43
3.96
SeV1.28__ 5.00
4.44
3.97
21-- 5.04
4.48
3.97
14- 5.10
4.36
3.93
7-- 5.00
4.36
3.93
Allg.31-_ 4.97
4.34
3.94
24__ 4.96
4.34
3.93
17-- 4.97
4.34
3.94
10-- 4.99
4.29
3.89
3-- 4.90
4.32
3.91
July 27-- 4.90
4.26
3.86
20-- 4.77
4.26
3.87
13- 4.75
4.29
3.90
6-- 4.79
4.28
3.91
June 29__ 4.79
4.28
3.92
22-- 4.80
4.29
3.91
15-- 4.79
4.33
3.93
8-- 4.83
4.35
3.96
1__ 4.87
4.35
3.98
May 25__ 4.86
4.36
4.00
18__ 4.84
4.37
4.02
11._ 4.85
4.37
4.04
4._ 4.83
4.40
4.04
Apr. 27_ 4.82
4.40
4.05
20- 4.82
4.42
4.07
13-- 4.86
4.47
4.11
6-- 4.93
Mar.30__ Stock E xchang a Close
4.54
4.15
23-- 5.01
4.50
4.11
16-- 4.96
4.56
4.13
9-- 5.03
4.64
4.16
2_ 5.08
4.63
4.16
Feb. 23._ 5.06
4.66
4.18
16-- 5.05
4.75
4.22
9-- 5.14
4.77
4.24
2-- 5.15
4.85
4.30
Jan. 26-- 6.31
4.93
4.30
19-- 5.38
5.04
4.38
12-- 5.59
5.19
4.43
5-- 5.81
4.24
Low 1934 4.75
3.82
5.20
4.43
High 1934 5.81
4.78
4.28
Low 1933 5.25
5.96
4.91
1012111933 6.75
Yr.Ago
5.26
4.49
Dec.7'33 5.92
2 Yrs.Ago
5.58
4.63
Dec.7'32 6.33
1 Baa
A
RR.
6.23
6.24
6.25
6.26
6.29
6.29
4.85
4.85
4.87
4.88
4.90
4.89
5.16
5.18
5.18
5.19
5.20
5.20
4.39
4.39
4.40
4.40
4.41
4.40
6.36
6.38
6.37
6.37
6.37
6.41
6.30
6.39
6.36
6.35
6.39
6.35
6.37
4.89
4.96
4.96
4.96
4.97
4.92
4.96
5.21
5.23
5.19
5.20
5.25
5.26
5.27
4.39
4.40
4.39
4.42
4.43
4.44
4.45
6.40
6.49
6.51
6.67
6.75
6.75
6.78
6.47
6.48
6.56
6.70
6.54
6.47
6.44
6.50
6.57
6.41
6.37
6.08
6.00
6.04
6.04
6.05
6.02
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
5.07
5.08
5.14
5.26
5.12
5.08
5.03
5.05
5.13
4.96
4.91
4.77
4.72
4.78
4.77
4.77
4.74
440
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.34
5.37
5.43
5.49
5.39
5.37
5.38
5.39
5.39
5.30
5.33
5.17
5.18
5.22
5.22
5.22
5.24
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
4.51
4.53
4.53
4.54
4.48
4.46
4.48
4.48
4.46
4.44
4.46
4.37
4.36
4.39
4.39
4.39
4.40
4.43
4.46
4.46
4.47
4.48
4.47
4.48
4.49
4.53
4.58
6.90
6.96
7.13
7.24
7.30
7.31
7.34
7.33
7.30
7.37
7.47
7.36
7.37
7.45
7.46
7.49
7.53
7.35
7.29
7.25
7.20
7.14
7.19
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
8.62
6.73
7.12
7.56
5.90
7.58
6.42
9.44
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120 Domestic
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120 Domestic Corporate
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1934
Daily Domestic
Averages
120 Domestic
Corporate* by Groups
C
120 DOMenie Corporate*
by Ratings
3539
MOODY'S BOND YIELD AVERAGES 1
(Based on Individual Closing Prices)
MOODY'S BOND PRICES I
(Based on Average Yields)
120
H.S.
Govt. Domes1934
tic
Daily
Bondi
Corp.*
0
*
Averages
bob.
Zz;c
Financial Chronicle
139
=
Volume
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.72
5.75
5.19
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.16
6.74
5.47
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.35
4.97
4.81
6.35
7.34
7.21
7.21
7.39
7.40
7.52
7.59
7.57
7.91
8.09
8.3:
8.51
6.31
8.61
8.6:
11.11
7.73
5.98
6.77
5.01
8.81
8.45
7.19
5.89
5.90
10.44
59.58 69.86 83.85 83.71
and donut purport to show either the average
•These prices are computed from average yields on the basis of one "Ideal" bond (49(% coupon, ma uring in 31 years) relative levels and the relative movement of
way the
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive back to 1928, see the issue of Feb. 6 1932. page 907,
bond market. For Moody's Index of bond prices by months
yield averages, the latter being the truer picture of the
indexes was published In the issue of Oct. 13 1934.
•• Actual average price of 8 long-term Treasury Issues. t The latest complete list of bonds used in computing these
Page 2264. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE,STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Dec. 7 1934.
The upswing in business activity was continued. The
upward trend of industry and retail sales is encouraging.
Steel operations were increased to 28.8% of capacity, and
electric output made a good showing as compared with last
year, despite a slight decline from the previous week. It
Is true coal production shows a decrease for the week, due,
undoubtedly, to the abnormally warm weather last month.
Crude oil output increased, the daily average being 32,400
barrels more than the Federal allowable. With the advent
of colder weather retail business is expected to extend its
gains. It helped the demand for wearing apparel, and
further gains were reported in other branches of the retail
trade. Moreover, all indications point to the largest Christmas trade since 1929. Men's clothing was moving in larger
volume, and sales of women's jewelry was reported to be
running 50% larger than a year ago. Sales of evening
gowns, wraps and fur garments have 'been the best in three
years. Wholesale business was maintained at a steady
pace. Orders for shoes were larger. Christmas merchandise was moving in a satisfactory way. Grain markets
have been relatively strong during the week, owing to the
unusually small crop in this country and the limited supply
available for export in other countries. Cotton has been
fairly active, and prices are about 10 points lower than a
week ago, owing to hedging operations and general liquidation. Advices from Washington led many to believe that
the barter of 500,000 bales of cotton for German goods was
nearing completion, and this, together with the general
expectation that the farmers will vote for continuance of
the Bankhead Control Act, were the principal sustaining
factors. Lard rose to a new high for the season, and higher
prices were registered for the week by sugar, hides and
silk. Coffee, rubber and cocoa declined. The weather during the week for the most part was warm, with rains falling
at times. A light snow fell on the 6th inst., but it melted
rapidly. Some sections of Long Island reported that ripe
strawberries had been gathered during the week. It was
colder to-day. The St. James River basin was flowing over
adjacent lowlands, and from all indications it gives promise
of being the worst local flood with the exception of that in
1899. According to the United States Weather Bureau, it
registered 17.1 feet above normal, and a crest of 19 feet was
expected. Further rains were predicted for Virginia. Rivers and creeks swollen by record-breaking rains swept eastward, flooding lowlands, carrying away bridges and inundated roads, but little private property damage was reported. Kansas City had a snowfall of 3 inches late last
week, which slowed up train and highway service, stopped
air traffic for a time, and carried down miles of telegraph
lines. Minneapolis had a snowfall of 8.4 inches on the 1st
inst., the heaviest in six years. Extra crews of workmen
labored through the night to clear streets for trolley and
auto traffic, and several deaths were reported in St. Paul.
From one to nine inches fell across southern Minnesota.
Iowa had 15 inches of snow on the 30th ult. On the 2nd
inst. planes and buses were delayed by a snowstorm in
Nebraska which amounted from two to three inches. A
tornado in the western part of Hope Valley, R. I., lifted a
new barn 40x60 feet from its foundation and carried it 25
feet. Three typhoons struck the Philippines simultaneously
on the 3rd inst., causing many deaths. Unprecedented floods
In Australia have cost the lives of 40 and left many homeless, and did damage to approximately $5,000,000 worth of
property. An earthquake in Central Honduras did wide-
3540
Financial Chronicle
spread damage. Northern Ontario was in the grip of
winter. The temperature was reported to have dropped to
20 below zero on the 3rd inst. in the Horpayne district, and
heavy snow fell. To-day is was fair and cold here, with
temperatures ranging from 24 to 33 degrees. The forecast
was for fair, somewhat colder to-night; Saturday fair. Overnight at Boston it was 14 to 38 degrees; Baltimore, 30 to 50;
Pittsburgh, 22 to 38; Portland, Me., 16 to 36; Ohicago, 18 to
30; Cincinnati, 22 to 40; Cleveland, 20 to 32; Detroit, 8 to
28; Charleston, 50 to 66; Milwaukee, 12 to 28; Dallas, 32
to 54; Savannah, 48 to 58; Kansas City, 6 to 28; Springfield, Mo., 18 to 38; St. Louis, 22 to 38; Oklahoma City, 18
to 52; Denver,.20 to 42; Salt Lake City, 18 to 32; Los
Angeles,54 to 72; San Francisco, 52 to 66; Seattle, 34 to 44;
Montreal, 6 to 22, and Winnipeg, 2 to 16.
"Annalist" Weekly Index of Wholesale Commodity
Prices Up 0.9 Point During Week of Dec. 4
Breaking away from the level of the past month, the
"Annalist" Weekly Index of Wholesale Commodity Prices
made a decided advance of 0.9 point to 117.4 on Dec. 4,
from 116.5 (revised) Nov.27. In stating this the "Annalist"
added:
The rise of the index was due almost entirely to higher prices in two
-the grains and livestock and their respective products
groups
-although
most of the textiles also advanced somewhat.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for seasonal variation. 1913=100.,
Dec. 4 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
.., Au ..........-,..m.f........ nla Anil
hook.
Nov. 27 1934
x107.6
117.0
x106.5
162.6
109.6
112.4
99.0
77.8
x116.5
84.8
103.0
116.4
157.0
105.3
111.8
98.5
84.0
103.9
507
RO 2
Slight Increase in Wholesale Commodity Prices During
Week of Dec. 1 Reported by National Fertilizer
Association
Wholesale commodity prices advanced slightly during the
week ended Dec. 1 according to the index of the National
Fertilizer Association. When computed for the week this
index advanced one point moving up from 75.7 to 75.8.
During the preceding week the index declined one point.
A month ago the index stood at 74.6 and a year ago at 68.5.
The record low point reached by the index was 55.8 recorded
at March 1933. (The three-year average 1926-1928 equals
100.) Under date of Dec. 3, in noting the foregoing, the
Association said:
Five of the 14 groups in the index were active during the latest week.
• Four groups advanced and one declined. During the preceding week two
groups advanced and three declined. The advancing groups for the latest
week were fuel, including petroleum and its products, grains, feeds and
livestock, textiles and miscellaneous commodities. The food group
declined.
During the latest week the prices for 30 individual commodities advanced
while the prices for 8 declined. The number of declines during the latest
week was the smallest reported in many weeks. During the preceding week
there were 28 advances and 21 declines. Two weeks ago there were 38
advances and 14 declines. Cotton, corn, wheat, cattle and heavy-weight
hogs advanced during the latest week, while potatoes, apples and butter
prices declined. Other commodities that advanced were burlap, silk.
most vegetable oils, hay, bran, middlings. cottonseed, zinc, silver, kerosene, calfsklas and rubber. The advances in prices for some of these
commodities were very small.
WEEKLY WHOLESALE PRICE 1NDE7C-BASED ON 476 COMMODITY
PRICES (1926-1928 = 100
Per QV
Each Group
Bears to the
Total Index
Group
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
Foods
Fuel
Grains,feeds and livestock_ _.
Textiles
Miscellaneous commodities-.
Automobiles
Building materials
Metals
Housefurnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
AJImmurannentdned
Latest
Week
Nov 24
1934
Pie.
ceding
West
Month
Ago
Year
Ago
77.9
70.2
75.4
69.6
68.2
88.4
79.2
81.6
85.9
66.5
93.8
65.5
75.0
99.8
78.2
70.1
74.2
69.0
68.1
88.4
79.2
81.6
85.9
66.5
93.8
65.5
75.0
99.8
76.0
69.4
71.4
68.2
67.9
88.4
80.7
81.7
86.0
64.3
93.7
65.2
74.6
99.8
70.6
68.0
47.5
66.1
67.5
84.9
78.6
78.6
85.4
46.7
88.2
65.6
70.9
90.8
75.8
75.7
74.6
68.5
Revenue Freight Car Loadings for Latest Week
Drop 13%
Loadings of revenue freight for the week ended Dec. 1
1934 totaled 488,118 cars. This is a decrease of 73,195
ears or 13.0 from the preceding week, and a loss of 11,478
cars or 2.3% from the total for the like week of 1933. The
Loaded on Own Lines
Week Ended-
Reed from Connections
Week Ended
Dec. 1 Nov. 24 Dec. 2 Dec. 1 Nov. 24 Dec. 1
1934
1934
1933
1933
1934
1934
Atchison Topeka dr Santa Fe Ry_
Chesapeake & Ohio RY
Chicago Burlington dc Quincy RR
Chic. 6111w. St. Paul dr Pac. Hy
y Chicago & North Western Ay._
Gulf Coast Lines
Internat. Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago dr St. Louis Ay._
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette RY
Southern Pacific Lines
Wabash Ry
as 7
* Preliminary. x Revised. y Based on exchange quotations for France,Switzerland. Holland and Belgium.
inn n
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
15.536
16,571
12,655
14,267
10,391
2,574
2,331
3,615
11,959
31,694
3,858
12,740
44,894
4,058
19,297
4,093
Dec. 5 1933
108.9
118.3
*107.1
162.6
109.6
112.2
99.0
77.6
117.4
Dec. 8 1934
comparison with the corresponding week of 1932 was also
unfavorable, the present week's loadings being 58,977 cars
or 10.8% lower. For the week ended Nov. 24, loadings
were 4.2% below the corresponding week of 1933 but 13.8%
above those for the like week of 1932. Loadings for the
week ended Nov. 17 showed a loss of 3.0% when compared
with 1933 and a gain of 2.1% when the comparison is with
the same week of 1932.
The first 16 major railroads to report for the week ended
Dec. 1 1934 loaded a total of 210,533 cars of revenue freight
on their own lines, compared with 242,206 cars in the preceding week and 215,523 cars in the seven days ended Dec. 2
1933. A comparative table follows:
17,289
20,442
14,700
16,548
12,741
2,732
2,692
4,414
13,294
36,495
4,007
16,022
51,263
4,357
20,516
4,704
16,883 4,161 4,371 4,034
16,184 5.737 7.179 5 393
.
14,442 5,448 6,297 5.509
14,373 5,459 6,221 5.144
12,062 7,396 8,348 7.342
2,217 1,291 1,195 1,228
2,085 2,140 1,879 1.535
4,153 2.144 2,403 2,445
11.816 5,563 6,608 5,813
33,029 44,328 53,775 46,096
3,237 6,557 7,587 6.695
12,212 3,113 3,251 2,909
45,806 27,503 31,522 26,333
3.751 3,837 4,184 3.568
18,792
x
x
I
4.481 5,726 6,855 6.500
Total
210.533 242.206 215.523 130 443 151.675 130.524
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Dec. 1 1934
Total
x Estimated.
Dec. 2 1933
x15.000
23,000
10,223
19,285
25,501
11.747
14,099
23,108
11 675
x48,223
Chicago Rook Island & Pacific Hy.
Illinois Central System.
St. Louis-San Francisco Ry
Nov. 24 1934
56,533
48,872
The Association of American Railroads in reviewing the
week ended Nov. 24, reported as follows:
Loading of revenue freight for the week ended Nov. 24 totaled 561.313
cars, a decrease of 23,212 cars below the preceding week and 24,425 cars
below the corresponding week in 1933 but an increase of 67.995 cars above
the corresponding week in 1932.
Miscellaneous freight loading for the week ended Nov. 24 totaled 206,809
cars, a decrease of 12,381 cars below the preceding week, and 751 cars below
the corresponding week in 1933, but an increase of 40,483 cars above the
corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 159,635
cars, an increase of 2,154 above the preceding week this year, but a decrease of 5,467 cars below the corresponding week in 1933. It was, however, an increase of 12,884 cars above the same week in 1932.
Coal loading amounted to 119.165 cars, a reduction of 6,231 cars below
the preceding week, and 9,902 cars below the corresponding week in 1933,
but an increase of 4.118 cars above the same week in 1932.
Grain and grain products loading totaled 27.938 cars, a decrease of 96
cars below the preceding week, and 4,202 cars below the corresponding
week in 1933, but an increase of 1,275 cars above the same week in 1932.
In the Western Districts alone, grain and grain products loading for the
week ended Nov. 24, totaled 17,753 cars, a decrease of 3,758 cars below
the same week in 1933.
Live stock loading amounted to 19,152 cars, a decrease of 4,101 cars
below the preceding week, but an increase of 1,545 cars above the same
week in 1933 and 2,050 cars above the same week in 1932. In the Western
districts alone, loading of live stock for the week ended Nov. 24 totaled
14,488 cars, an increase of 759 cars above the same week in 1933.
Forest products loading totaled 20,108 cars, a decrease of 1,503 cars
below the preceding week. and 3,040 cars below the same week in 1933, but
an increase of 5,351 cars above the same week in 1932.
Ore loading amounted to 3,650 cars, a decrease of 402 cars below the
preceding week, and 879 cars below the corresponding week in 1933, but
an increase of 1,923 cars above the corresponding week in 1932.
Coke loading amounted to 4,856 cars, a decrease of 652 cars below the
Preceding week. 1,729 cars below the same week in 1933. and 89 cars below
the same week in 1932.
The Eastern, Allegheny, Centralwestern and Southwestern districts reported reductions for the week of Nov. 24 under the same week last year
but the Pocahontas. Southern and Northwestern districts reported increases.
All districts, reported increases compared with the corresponding week
In 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows.
1934
Four weeks in January
Four weeks in February
Five weeks In March
Four weeks in April
Four weeks in May
Five weeks In June
Four weeks In July
Four weeks in August
Five weeks in September _Four weeks in October
Week ended Nov. 3
Week ended Nov. 10
Week ended Nov. 17
Week ended Nov. 24
Total
1933
1932
2,177,562
2,308,869
3,059,217
2.334.831
2,441.653
3,078,199
2,346,297
2,419,908
3,142.263
2,531,489
612,457
594,932
584,525
561.313
1,924.208
1,970,566
2,354,521
2,025,664
2,143,194
2,926,247
2,498,390
2,531,141
3.240.849
2,632.481
614,136
583,073
602,708
585,738
2,266.771
2,243,221
2,825,798
2.229,173
2.088.088
2,454,769
1,932,704
2.064,798
2,867,370
2,534,048
587,302
536,687
572,623
493,318
28.193.515
26.632,816
25.6911.670
3541
Financial Chronicle
Volume 139
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Nov. 24 1934. During this period a total of 52 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Southern System, the Reading Co.,
the Chesapeake & Ohio RR., the Norfolk & Western RR.,
and the Louisville & Nashville RR.:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED NOV. 24
1934
1,598
2,680
7,703
929
2,949
9,975
628
1,853
3,001
7,434
943
2,507
10,394
627
1,183
2,455
6,534
562
2,160
8,642
584
415
4,543
9,715
2,342
2.208
11,228
860
199
4,767
9,858
2.339
2.448
11,661
946
26,462
26,759
22,120
31,311
32,218
Group B
Delaware & Hudson
Delaware Lackawanna & West
Erie
Lehigh de Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
•
Pittsburgh dr Shawmut
Pittsburgh Shawmut & North_ •
4,746
7,837
11,220
181
1,292
6,987
1,649
18,057
1,933
436
377
6,382
10,088
11,631
137
1,640
8,299
2,417
18,460
2,260
461
354
4,513
7,720
9,676
84
1,326
7.184
1.610
15,994
1,940
434
269
6,480
5,454
11,687
1,790
1,130
5,987
52
26,702
1,598
18
277
6.668
6,231
12,930
1,812
962
6,321
35
27,209
2,268
25
175
•
54,715
62,129
50,750
61,175
64,636
594
1.284
6,571
23
285
172
1,443
1,900
4,876
3,594
4,007
4.357
4,005
1,158
4,704
2,752
940
1,530
10.493
40
106
2.475
947
5,708
7,841
181
7,587
4,184
4.179
854
6.855
2.290
883
1,506
10,011
40
91
2,453
803
5,867
7.665
162
7,853
3.912
3,907
579
6.928
2,035
Total
419
1,362
6,759
13
232
176
1,068
1,730
4,631
3,054
2,954
3,737
2,601
963
4.070
2,538
41,725
43,637
36,307
56,210
54,695
. 122,902
Grand total Eastern District__
132,525
109,177
148,696
151,549
360
25,381
1,
767
284
4,903
525
365
185
831
1,130
51,263
12,303
4,125
75
3.135
347
26,199
1,428
275
6,328
a
21,232
986
254
4,888
378
188
933
1,266
54,256
12,188
6,601
58
2,960
207
223
892
1,067
43,897
10,369
3.351
57
2,485
623
12,102
839
6
10,177
55
18
30
2,546
870
31,522
14,192
788
616
11,941
1,102
7
10,011
.54
15
8
2,868
1,397
31,085
13,909
985
106,632
113.405
89,908
Total
Allegheny District
Akron Canton & Youngstown_
.
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & GauleY
_
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania.._ _
Ligonier Valley
Long Island
-Reading Seashore Lin a
b Penn.
Pennsylvania System
Reading Co
Union (Pittsburgh)
_
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk dr Western
Norfolk & Portsmouth Belt Li e
Virginian
Total
5,541
4.763
79,309
Croup B
Alabama Tennessee dr Northern
Atlanta Birmingham & Coast__
Atl. dr W.P.
-W.RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah___
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L
Tennessee Central
1933
1932
1934
189
632
618
3,661
208
972
764
274
1,378
17,433
16,488
156
108
1,763
2,794
331
266
631
572
3,035
250
701
783
349
1,365
18,493
16,229
167
144
1,884
2.608
246
170
551
546
2,676
264
646
763
236
1,121
17,146
14,835
119
181
1.722
2,456
245
94
590
1,104
2.417
258
573
1,310
405
721
8,512
3.542
360
228
1.277
2.043
566
160
607
953
2,152
450
445
1,128
305
612
7.599
3,386
471
187
1,454
2,065
682
1933
47,769
47,723
43,607
24 000
22,656
Grand total Southern District_
85,888
83,705
74,905
51.881
47,838
Northwestern District
Belt Ky. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific •
Chicago St. P. Minn. & Omah
Duluth Missabe & Northern._
Duluth South Shore & Atlantic
•
Elgin Joliet & Eastern
Ft. Dodge Des Moines & Souti i
•
Great Northern
Green Bay & Western
Lake Superior & IshpemIng
Minneapolis & St. Louis
•
Minn. St. Paul & S. S. M
•
Northern Pacific
Spokane International
Spokane Portland & Seattle .
469
12.852
2,054
16,548
3,480
374
347
3,630
285
11,383
599
237
1,583
4,373
8,956
90
1.115
599
13,599
2,349
16,654
3.456
443
474
3,345
266
9,566
459
322
1,752
4,032
9.445
142
993
1.115
10.939
1,904
14,656
2.881
359
288
2,299
210
7,461
448
a
1,443
3,822
8,072
a
878
1.313
8,348
2.433
6,221
2,378
77
288
3.743
122
2,327
325
73
1,304
1,809
2,193
160
826
1,731
8,304
2,116
5,754
2,109
144
332
3.955
113
1,651
273
60
1,193
1,595
2,102
207
891
.
68,375
67.896
56,775
33.940
32,530
17,916
19.953
2,388
2,735
149
181
16,457
13,340
a
1,430
10,035
11,296
2,472
2,843
1,240
1,283
2.706
3,052
336
328
1,604
1,722
2,003a
389
678
116
142
11,721
15,123
166
227
335
292
15,973
12,568
535
424
1,002
1,713
4,371
1.690
27
6,297
577
5,733
1,549
833
1.782
15
1.219
832
189
62
3,124
206
780
6.710
10
1.320
4,312
1,609
57
6,141
774
5,287
1,706
1,091
2,044
19
1,112
1,027
274
182
3,197
258
898
6,758
4
1,613
38,361
Total
Total
Central Western District
Atch. Top. & Santa Fe System. 17,289
2,474
Alton
246
Bingham & Garfield
Chicago Burlington & Quincy_. 14,700
1,456
Chicago & Illinois Midland_ _ .
. 10,092
Chicago Rock Island & Pacific
_
2,759
Chicago dc Eastern II'Mots
1,594
Colorado & Southern
3,057
.
Denver & Rio Grande Western
525
Denver & Salt Lake
1,126
Fort Worth & Denver City .
1,852
Illinois Terminal
487
.
North Western Pacific*
138
Peoria & Pekin Union
Southern Pacific (Pacific)- - . 13,872
190
St. Joseph & Grand Island_
270
.
Toledo Peoria & Western
12,997
Union Pacific System
.530
Utah
1,240
Western Pacific
86,894
98,009
78,864
37,326
133
139
159
2,732
2,692
Ill
1,427
1,108
133
321
581
105
4,413
13,294
43
145
6,940
2,079
6.644
4,908
1,898
15
165
170
226
2,421
2,175
227
1,356
1,182
159
401
541
139
5.173
13,466
42
217
7,991
2,034
7,098
4,985
1,310
19
149
139
251
2,549
1,702
178
1,310
1,022
a
303
723
84
4,519
12,229
41
224
7,511
2,047
6,066
4,619
1,023
35
3,185
194
135
1,195
1,879
757
1,200
711
291
732
200
177
2,403
6,604
11
154
3,278
1,262
1,975
2,838
13,065
34
78,761
20,442
16,022
851
3,287
20,118
14,826
648
3,109
18,492
15,026
731
2,716
7,179
3,251
1,072
640
7,175
3,293
1,250
518
40,602
38,701
36,965
12,142
12,236
8,518
969
347
138
42
1,228
401
288
7,893
18,136
159
8,023
1,039
347
151
49
1,335
404
332
6,712
17,423
167
6,865
716
308
117
52
1,315
374
253
5,515
15,630
153
4,927
1,451
841
282
105
1,091
874
2,956
3,533
11,203
618
4,127
1,214
754
379
114
1,088
716
2,553
3,154
10.420
663
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
.
Fort Smith & Western
Gulf Coast Lines
International-Great Northern_ _
Kansas Oklahoma & Gulf _ _ _ _
Kansas City Southern
_
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas_
SiIssouri-Kansas-Texas Lines .
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
_
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis._ Weatherford M. W. & N. W_ -
I
Southern District
Gross .4
Atlantic Coast Line
Clinchfield
.
Charleston dr Western Carolina
Durham & Southern
Gainesville Midland
.
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac _
Southern Air Line
Southern System
Winston-Salem Southbound...-
14.WW0/N.
b.C.n.4,
BDID7-4.1.7:0701013
, ,
Group C
•
Ann Arbor
Chicago Indianapolis & Louisv
•
C. C. C. At St. Louis
Central Indiana*
Detroit & Mackinac
Detroit & Toledo Shore Line..
.
Detroit Toledo & Ironton
•
Grand Trunk Western
•
Michigan Central
•
Monongahela
N. Y. Chicago & St. Louis_.
•
Pere Marquette
.
Pittsburgh & Lake Erie
Pittsburgh dr West Virginia_.
.
Wabash
Wheeling & Lake Erie
.171qn
.
ING.M000,
1
0WCRW0CAWW ,
Total
1934
1933
ON
1932
Total Loads Received
from Connections
1
1933
Total Revenue
Freight Loaded
Railroads
.
pPW! .
,
3
1934
Eastern District
Group A
Bangor dr Aroostook
Boston dr Albany
Boston & Maine
Central Vermont
Maine Central_
N. Y. N. H. & Hartford
Rutland
Total Loads Received
from Connections
0002.-4t. b.20,1Mtna..py8co..wo
,
Total Revenue
Freight Loaded
Railroads
Total
38,119
35,982
31,298
27.881
25.182
42,280 I 44,013
Total
46.724
51.497
- 50.020
*Previous figures. a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of
the West Jersey & Seashore RR., formerly
Part of Penns)lvania RR.. and Atlantic City RR., formerly part of Read ng Co.
Increase of 0.3 of 1% in Wholesale Commodity Prices
During Week of Dec. 1 Reported by United States
Department of Labor
Wholesale commodity prices advanced by 0.3 of 1% during
the week ended Dec. 1, Commissioner Lubin of the Bureau
of Labor Statistics, United States Department of Labor;
announced Dec. 6. Mr. Lubin stated:
Tho Bureau's index increased to 76.5% of the 1926 average. Compared
with a month ago, when the index was 76.0, prices were up by 0.7 of 1%.
Present prices aro 1.7% below the high point of the year. the week of
Sept. 8, when tho index was 77.8 and 7.7% above the low, the week of
Jaw 6, when the index was 71.0. The current index is 28.4% above the
low point of 1933,(March 4 with an index of 59.6) and 6.7% above the 1933
high (Nov. 18 with an index of 71.7).
Of the 10 major groups of items covered by the Bureau, four-farm
products, fuel and lighting materials, chemicals and drugs, and miscellaneous commodities-registered increases from the previous week. Six
groups-foods, hides and leather products, textile products, metals and
metal products, building materials and housefurnishing goods
-were unchanged. For the first time since early in January none of the groups
showed a decline.
With the exception of chemicals and drugs, and miscellaneous commodities, which reached a new high for the year, all commodity groups are
below the high point for 1934. The declines from the peak range from
% of 1% for fuel and lighting materials to 931i% for textile products. Textile
products and building materials age still at the low of the current year,
which was reached during November. All of the remaining groups, however.
showed increases from the low point ranging from 0.8 of 1% for hides and
leather products to 24% for farm products.
Of the 10 major groups, all but hides and leather products, textile products, and building materials showed higher prices than for the high point
of 1933. The advances vary from 0.6 of 1% for housefurnishing goods to
13.4% for farm products. All groups show increases over the low of 1933.
ranging from 9% for chemicals and drugs to 80% for farm products.
From the high point of 1932 all commodity groups are up from 1.3% for
chemicals and drugs to 30% for farm products and from the low of 1932
all groups are up from 7% for chemicals and drugs to 63% for farm products.
An announcement issued by the Department of Labor,
from which we take the foregoing, said:
Farm products, with an advance of 0.7 of 1% during the week, showed
the greatest advance for any of the major groups. Grains were higher by
2%%;live stock and poultry, 0.4 of 1%;and other farm products, including
cotton, eggs, apples, peanuts and seeds, 0.3 of 1%. Lower prices were
recorded for oranges, hops, white potatoes, and wool. The present farm
products' index, 71.1, is 27% above the level of a year ago, and 52% higher
than two years ago, when the indexes were 55.9 and 46.8. respectively.
Higher prices for fertilizer materials, quebracho extract and certais
vegetable oils resulted in the group of chemicals and drugs reaching a new
3542
Financial Chronicle
high for the year. The present index, 77.4, shows an advance over the
previous week of 0.4 of 1%.
Miscellaneous commodities, with an index of 70.8, also reached a new
high for the year. because of an advance of 3% for crude rubber and 2;5%
for cattle feed. Paper and pulp, on the other hand, decreased slightly.
An increase of 0.6 of I% in petroleum products caused the fuel and
lighting materials group to advance 0.1 of 1%. The sub-groups of anthracite and bituminous coal and coke were unchanged.
The I% increase in "other foods," including coffee. copra, lard, raw
sugar and glucose was counter-balanced by decreases in meats, fruits and
vegetables, and cereal products. The sub-group of butter, cheese and milk
showed no change. The wholesale food index. 75.0, is 19% above a year ago,
when the index was 63.2, and 24% above two years ago, when the index
was 60.7.
The index for the textile products group was unchanged at 69.3, the low
for the year. Increases of 1;5% for silk and rayon and 0.7 of 1% for knit
goods and 0.1 of 1% for other textile products were offset by decreases in
cotton goods and woolen and worsted goods.
The groups of metals and metal products and building materials were also
unchanged from the level of the previous week. Non-ferrous metals, due to
higher prices for silver and pig tin, showed an increase so slight it was not
reflected in the index for the group as a whole. In the group of building
materials a slight increase in paint materials was offset by a decrease In
lumber. The index, 84.9. remained at the low for the year.
Rides and leather products remained unchanged, although slight variations in prices were recorded for certain skins, sole leather and harness.
Average prices of housefurnishing goods were stationary.
The general level for the group of "all commodities other than farm
products and foods" showed an increase of 0.1 of 1%. The present index,
78.2, compares with 77.4 for a year ago and 69.8 for two years ago.
The index of the Bureau of Labor Statistics is composed of 784 price
series, weighted according to their relative importance in the country's
markets and based on the average prices of the year 1926 as 100.0.
The accompanying table shows index numbers of the main groups of
commodities for the past five weeks and the weeks of Dec. 2 1933. and
Dec. 3 1932:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC. 1.
NOV. 24, NOV. 17, NOV. 10, AND NOV. 3 1934, AND DEC. 2 1933, AND
DEC. 3 1932 (1926=100.0)
Dec.
1
1934
Nov.
24
1934
Nov.
17
1934
Nov.
10
1934
Nov.
3
1934
Dec.
2
1933
Dec.
3
1932
Farm products
71.1
Foods
75.0
Hides and leather products
84.9
Textile products
69.3
Fuel and lighting materials
75.7
Metals and metal products
85.3
Building materials
84.9
Chemicals and drugs
77.4
Housefurnishing goods
82.7
Miscellaneous
70.8
All commodities other than farm
products and foods
78.2
70.6
75.0
84.9
69.3
75.6
85.3
84.9
77.1
82.7
70.6
c;aSui
r-r-cotonc000t,co.
71.1
75.9
84.9
69.4
75.6
85.4
85.1
76.8
82.7
70.5
69.9
75.4
84.4
69.5
74.9
85.5
84.9
76.9
82.8
69.6
55.9
63.2
89.1
75.4
73.8
83.4
85.2
73.7
82.0
65.3
46.8
60.7
71.1
53.0
71.9
79.5
70.5
72.5
72.5
63.5
78.1
77.8
77.4
69.8
76.7
76.6
76.0
70.7
63.6
Commodity Groups
All rnmmndltIf, _
76.5
78.1
76.3
The following table shows index numbers for the high
and low weeks of each year, 1934 and 1933:
1934
1933
Commodity Groups
Date and High Date and Low Date and High Date and Low
Farm products
Sept. 8
Foods
Sept. 8
Hides and leather_ _ Feb. 10
Textile products__ _ Feb. 24
Fuel and lighting
Nov. 17
Metals. Ste
May 12
Building materials... June 30
Chemicals dr drugs_._ Dec. 1
Housefurnishings
May 28
Miscellaneous
Dec. 1
All commodities other
than farm products
and foods
Apr. 28
All commodities
_ Sept. 8
74.3 Jan. 6
77.2 Jan. 6
90.5 Aug. 18
76.7 Dec. 1
76.1 Mar. 31
88.8 Jan. 6
87.8 Dec. 1
77.4 Jan. 6
83.9 Jan. 27
70.8 Jan. 6
57.4 July 22
62.7 July 22
84.2 Sept. 2
69.3 Sept. 23
72.4 Nov. 11
83.3 Nov. 25
84.9 Dec. 30
73.3 Nov. 25
81.7 Nov. 11
65.9 Dec. 30
62.7 Feb. 4
66.5 Mar. 4
92.9 Mar. 11
76.4 Mar. 4
74.7 June 10
83.5 Apr. 8
85.4 Feb. 18
73.8 Apr. 15
82.2 May 6
65.6 Apr. 8
40.2
53.4
67.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6
79.2 Jan. 6
77.6 Dec. 30
77.8 Apr. 22
65.5
77.8 Jan.
71.0 Nov. 18
71.7 Mar. 4
59 .
6
October Production of Electricity Shows Gain of 4%
Over Corresponding Month of 1933
The Geological Survey, Department of the Interior, in its
monthly electric report discloses that the production of
electricity for public use in the United States during the
month of October amounted to 7,814,668,000 kilowatt-hours.
This is an increase of 4% when compared with 7,478,854,000
kwh. produced in October 1933. For the month of September 1934 output totaled 7,199,439,000 kwh.
Of the October 1934 output a total of 2,690,753,000
kwh. was produced by water power and 5,123,915,000 kwh.
by fuels. The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
sion
Total by Water Power and Fuels
August
September
October
New England
522,353,000 477,172,000 549,020,000
Middle Atlantic
1,990,260,000 1,906,083,000 2,123,148,000
East North Central_ 1,725,995,000 1,642,627,000 1,778,281,000
West North Central_ 502,306,000 453.546,000 479,717,000
South Atlantic
803,372,000 745,101,000 867,390,000
East South Central_ 327,089,000 296,099,000 341.540,000
West South Central_ 442.837,000 400,859,000 391,951,000
Mountain
240,265,000 229,379,000 256,246,000
Pacific
1155,134,000 1,048,573,000 1,027,375,000
Total for U. S
7,709,611,000 7,199,439,000 7,814,668.000
Changes in Output
from Previous Year
Sept.'34 Oct. '34
-9%
+1%
+1%
-1%
-14%
-10%
+1%
-13%
+8%
-2%
+5%
+8%
+5%
+5%
+9%
+4%
+1%
+5%
-27'.
44%
The average dal y production of electricity for public use in the United
States in October was 252.100.000 kilowatt-hours, an increase of 5% from
the average daily production in September. This is twice the normal increase from September to October.
The average daily production of electricity by the use of water power in
October was 11% larger than in September and 2% larger than in October
a year ago.
Dec. 8 1934
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
1934
January....
February__ _
March
April
May
June
July
August
September..
October....
November _
December_
1933
Ores'
1932
1933a
Kilowatt Hours
7,631.497.000
7,049,492,000
7,718,891,000
7.442.806,000
7,682,509,000
7,471,875,000
7.604,926,000
7,709,611,000
7,199,439,000
7,814,668,000
Kilowatt Ifours
6,964,516.000 c8%
6,296,807,000 cb7%
6,687,462,000 c9%
6.478,090.000 c5%
7,012.584,000
5%
7.242,095,000 10%
7,490,718.000 14%
7,687,990.000 14%
7,349,509,000
9%
7,478,854,000
6%
7,243,360.000
4%
7,469,747,000
457
Produced by
Water Power
1934
Ore?
1933
1 .14
1933
10%
12%
15%
15%
10%
3%
1%
0%
c2%
4‘7:
----_--
.
397,
33%
40%
47%
42%
36%
34%
32%
33%
34%
-------
43%
42%
45%
48%
49%
42%
38%
38%
40%
3
5%
3
5%
37%
Total
85 401.732 000 2.751
____
____
a Revised. b Based on average daily production. c Decrease.
41%
Coal Stocks and Consumption
The total stocks of coal at electric power utilities increased slightly again
in October. On Nov. 1 1934, there were 6,916.535 net tons in reserve, an
Increase of 2.7% over Oct. 1. The bituminous stocks Increased from 5,468,171 net tons on Oct. 1 to 5.631.051 net tons on Nov. 1. or 3.0%. Anthracite
stocks increased from 1,265.299 net tons on Oct. 1 to 1,285,484 on Nov. 1.
or 1.6%.
Consumption of coal by the electric power utilities also rose in October
1934. The total tonnage for both anthracite and bituminous coal used
was 2.912,621 net tons, an increase of 6.2% over September. On the basis
of daily consumption, the electric power utilities used 10.2% more anthracite
and 6.0% more bituminous coal in October than in September. At the
current rate of consumption, there were available 63 days supply of bituminous coal on Nov. I and 264 days requirements of anthracite.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kilowatt-hours or more per month, engaged in
generating electricity for public use, including central stations, both commercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for traction, Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing plants
which is sold. The output of central stations, electric railway and public
works plants represents about 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the Electrical
World includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
those plants which do not submit reports is estimated; therefore, the figures
of output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
[The Coal Division, Bureau of Mines, co-operates in the preparation of
these reports.]
Weekly Electric Output Below Previous Week but
8.4% Above Like Week of 1933
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended Dec. 1 totaled 1,683,590,000 kwh., a gain of 8.4%
over the corresponding week of 1933, when output totaled
1,553,744,000 kwh. The latest week's output, however,
was under the total production for the seven days ended
Nov.24 1934, production of electricity for that week totaling
1,705,413,000 kwh. This was a gain of 6.1% over the
1,607,546,000 kwh. produced during the week ended Nov. 25
1933. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933)
Major Geographic
Divisions
New England
Middle Atlantic
Central Industrial _
West Central
Southern States
Rocky Mountain
Pacific Coast
Total United States_
x Decrease from 1933.
Week Ended
Week Ended
1Veek Ended
Dec. 1 1934 Nor. 24 1934 Nov. 17 1934
Week Ended
Nov. 10 1934
7.0
7.3
8.2
9.7
15.6
12.8
1.5
1.6
4.1
5.3
6.5
17.9
10.4
1.2
x3.5
3.0
3.2
1.3
15,6
5.6
2.9
1.1
1.9
1.6
4.6
11.0
3.1
5.1
8.4
6.1
4.6
3.6
Arranged in tabular form the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS
(In Kilowatt-hours
-000 Omitted)
1934
1933
1932
1931
Week ofWeek ofWeek ofWeek of
June 2 1.575.828 June 3 1,461,488 June 4 1,381,452 June 6 1,593,662
June 9 1,654,916 June 10 1,541,713 June 11 1,435.471 June 13 1,621,451
June 16 1,665,358 June 17 1,578,101 June 18 1,441,532 June 20 1,609,931
Juno 23 1.674.566 June 24 1,598,136 June 25 1,440,541 June 27 1,634,935
June 30 1,688,211 July 1 1,655,843 July 2 1,456,961 July 4 1,607.238
July 7 1,555,844 July 8 1,538.500 July 9 1.341,730 July 11 1.803.713
July 14 1,647,680 July 15 1,648.339 July 16 1.415.704 July 18 1.644.638
July 21 1,663,771 July 22 1.654,424 July 23 1,433,993 July 25 1,650,545
July 28 1,683,542 July 29 1,661,504 July 30 1,440,386 Aug. 1 1.644,089
Aug. 4 1,657,638 Aug. 6 1.650,013 Aug. 8 1,426,986 Aug. 8 1,642.858
Aug. 11 1,659,043 Aug. 12 1,627,339 Aug. 13 1,415,122 Aug. 15 1.629,011
Aug. 18 1,674.345 Aug. 19 1,650,205 Aug. 20 1,431,910 Aug. 22 1,643,229
Aug. 25 1,648,107 Aug. 26 1,630,394 Aug. 27 1,436,440 Aug. 29 1,637,533
Sept. 1 1,626,881 Sept. 2 1,637,317 Sept. 3 1,464.700 Sept. 5 1,635,623
Sept. 8 1,564,867 Sept. 9 1,582,742 Sept. 10 1,423,977 Sept. 12 1,582.267
Sept. 15 1.633,683 Sept. 16 1,663.212 Sept. 17 1,476,442 Sept. 19 1,662,660
Sept. 22 1,630,947 Sept. 23 1,638.757 Sept. 24 1,490,863 Sept. 26 1,660.204
Sept. 29 1,64.8,976 Sept. 30 1,652,811 Oct. 1 1,499.459 Oct. 3 1.645.587
Oct. 6 1,659,192 Oct. 7 1.646,136 Oct. 8 1,506,219 Oct. 10 1.653.369
Oct. 13 1,858,884 Oct. 14 1,618,948 Oct. 15 1.507,503 Oct. 17 1,656.051
Oct. 20 1.667,505 Oct. 21 1,618,795 Oct. 22 1,528,145 Oct. 24 1,646,531
Oct. 27 1,677,229 Oct. 28 1,621,702 Oct. 29 1,533.028 Oct. 31 1.651.792
Nov. 3 1,889,217 Nov. 4 1,583,412 Nov. 5 1,525.410 Nov. 7 1,628,147
Nov. 10 1.675,760 Nov. 11 1,616,875 Nov. 12 1,520,730 Nov. 14 1,623.151
Nov. 17 1,691,046 Nov. 18 1,617,249 Nov. 19 1,531.584 Nov. 21 1,655.051
Nov. 24 1.705.413 Nov. 25 1,607,546 Nov. 26 1,475,268 Nov. 28 1,599.900
flAn
I I R99 AGA flaw
9 I Kk9 744 Ilnn
q 1 Ain 997 Ilan
A I R7I 4RR
%Inc.
1034
Over
1933
+7.8
+7.3
+5.5
+4.8
-I-2.0
+1.1
-0.0
+0.0
+1.3
+0.5
+1.9
+1.5
+1.1
-0.6
-1.1
-1.8
-0.5
-0.2
1
0.8
2.3
3.0
+3.4
+5.4
+3.8
+4.6
+6.1
-4-5.4
3543
Financial Chronicle
Volume 139
DATA FOR RECENT MONTHS
1934
Over
1933
Month of—
1934
1933
1932
1931
January ___
February _ _
March.
April
May
June
July
August
September_ October _
November
December__
7,131.158.000
6,608,456,000
7,198,232,000
6,978,419,000
7,249,732,000
7.056,116,000
7,116,261,000
7,309,575,000
6,832,260.000
6.480.897,000
5,835,263,000
6,182,281,000
6,024,855.000
6,532,686.000
6,809,440,000
7,058,600.000
7,218,678,000
6,931,652,000
7,094,412,000
6,831.573,000
7,009,164,000
7.011,736.000
6,494,091,000
6,771,684,000
6,294.302,000
6,219,554,000
6,130.077,000
6,112,175.000
6,310,667,000
6,317.733,000
6,033,865,000
6,507,804,000
6,638,424.000
7,435,782,000
6,678,915,000
7.370.687,000
7.184.514,000
7,180,210.000
7.070,729,000
7,286,576.000
7,166.086.000
7,099,421.000
7,331.380.000
6,971,644,000
7,288,025,000
10.0%
13.2%
16.4%
15.8%
11.0%
3.6%
0.8%
1.3%
___ -
Total
80.009.501,000 77,442,112,000 86,063,969,000 .--Note—The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Indexes of Business Activity of Federal
of New York
Reserve
Bank
In presenting its monthly indexes of business activity in
its "Monthly Review" of Dec. 1, the Federal Reserve Bank
of New York stated that "available data on the distribution
of goods in the first half of November compared favorably
with October figures." The Bank continued:
Less than the usualseasonal decline:occurred in the movement of merchandise and miscellaneousfreight over the railroads, and this Bank's seasonally
adjusted weekly index advanced moderately in November. A smaller
than seasonal reduction also occurred in the movement of bulk freight
over the railroads, owing to increased coal loadings. Department store
sales in the Metropolitan area of New York showed an expansion of about
the usual seasonal proportions.
In October somewhat less than the usual seasonal expansion occurred
in the volume of retail trade. Among this Bank's seasonally adjusted
Indexes, rather pronounced declines were shown in those covering mail
order house and chain store sales, following sharp increases in these lines
In the previous month. The recession appears to have been largely in
rural areas, which in the previous month showed large increases in sales.
Retail sales of automobiles in the country as a whole showed no material
change other than seasonal.
Several of the more general business indicators also declined somewhat in
October. A less than seasonal increase occurred in the volume of check
transactions, and reductions occurred in railroad loadings of bulk freight
and in the indexes of foreign trade. The index of merchandise and miscellaneous carioadings, one of the best general business Indexes, however,
was unchanged from September to October.
(Adjusted for seasonal variations, for usual year-to-year growth, and, where
necessary, for price changes)
1933
Oct.
1934
Sept.
1934
Oct.
mcom.reso
4.0.40t•
56
58
51r
51r
94
55
58
51r
57r
86
55
54
47r
51r
88
..C10==chneMb.0
.vvooctsc.. 1 01
,.
,
ONOVM1 ..4
...00n,
.
-.ot...0.01
..
.
0. Primary Distribution—
Car loadings, merchandise and miscellaneous____
Car loadings, other
Exports r
Imports r
Wholesale trade
Distribution to Consumer—
Department store sales, United States
Department store sales, Second District
Chain grocery sales
Other chain store sales r
Mall order house sales
Advertising
New passenger car registrations
Gasoline consumption
General Business Aatotty—
Bank debits, outside New York City
Bank debits, New York City
Velocity of demand deposits, outside N. Y. CityVelocity of demand deposits, New York City....
New life insurance sales
Factory employment, United states
Business failures
Building contracts
New corporations formed, New York State
Real estate transfers
General price level •
Composite index of wages •
Cost of living •
p Preliminary. r Revised. • 1913 averagec100.
1934
Aug.
78
74
66
79r
67
60
55
72
74r
71r
65
86r
75
56
52r,
68
71
72
63
77?
70
58
53D
61
43
68
48
62
80
44
21
63
48
138
182
135
60
41
66
45
60
75
42
21
59
50
139
179
IRA
579
38
63
41
61
78p
47
25
58
139D
179p
110
Employment and Wages Showed General Improvement
from September to October According to National
Industrial Conference Board
'
There was a general improvement in employment, hours
and earnings.from September to October, according to the
results of the regular monthly inquiries of the National Industrial Conference Board. The Board on Dec. 3 announced:
The number of workers employed in 25 manufacturing industries was
1.5% higher in October than in September. Employment in the textile
Industries was exceptionally low in September because of the textile strike.
In October it increased approximately to the level of August. Employment
In the automobile industry, on the other hand, decreased markedly from
September to October. Total man-hours worked increased 3.5%, and total
payroll disbursements 4.0%.
Average hourly earnings advanced slightly, from 59.1c. to 59.3c. An
increase of 2.1% in the average work-week, from 33.3 hours to 34.0 hours,
caused the weekly earnings to rise from $19.53 to $20.03, or 2.6%. In
addition, a slight decrease in the cost of living brought real weekly earnings to a level 2.8% above that of September.
Average hourly earnings were exactly the same in October 1934 as in
October 1929. Average hours worked per week, however, decreased from
49.3 hours in October 1929 to 34.0 hours in October 1934, or 31.0%. This
Is due, in part, to code limitations of the maximum work-week. Average
weekly earnings declined from $29.22 to $20.03, or 31.5% in the five-year
period. This decrease was somewhat offset by a decline of 19.9% in the
cost of living, however, causing real weekly earnings to decrease only 14.4%.
Employment decreased 25.6% in this period; total man hours, 48.7%, and
total payrolls, 49.0%.
Thanksgiving Holiday Sends Lumber Movement
Downward
The lumber movement during the week ended Dec. 1 1934
was not only seasonally low but was also affected by the
Thanksgiving holiday. Shipments and new business were
the lowest reported for any week since July and production
was down to the level of the July fourth week, according to
telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of leading hardwood and softwood mills. Reports
were from 1,249 mills whose production was 138,303,000
feet; shipments, 153,918,000 feet; orders received, 153,866,000 feet. Revised figures for the preceding week were
mills, 1,291; production, 173,814,000 feet; shipments, 170,016,000 feet; orders, 174,661,000 feet. The association's report further states:
For the week ended Dec. 1, all regions reported orders above production except California Redwood, Northern Hemlock, Northeastern Softwoods and North Central Hardwoods. Total orders were 11% above production, softwood showing excess of 10% and hardwoods of 19%. Total
shipments were also 11% above output.
All regions reported new business above that of corresponding week of
1933 except California Redwood. Softwoods showed gain of 30%; hardwoods, gain of 25% in this order comparison. Total production was 10%
below that of corresponding week of 1933; shipments were one per cent
above those of last year's week.
Unfilled orders on Dec. 1, as reported by identical mills, were the
quivalent of 20 days' average production, compared with 24 days' a year
ago. Identical mill stocks on Dec. 1, were the equivalent of 170 days'
production compared with 153 days' on Dec. 2 1933.
Forest products carloadings totaled 20,108 cars during the week ended
Nov. 24 1934, which was 1,503 cars less than during the preceding week;
3,040 cars blow corresponding week of 1933 and 5,351 cars above similar
week of 1932.
Lumber orders reported for the week ended Dec. 1 1934, by 913 softwood mills totaled 138,891,000 feet; or 10% above the production of the
same mills. Shipments as reported for the same week were 138,420,000
feet, or 10% above production. Production was 125,752,000 feet.
Reports from 377 hardwood mills give new business as 14,975,000 feet,
or 19% above production. Shipments as reported for the same week were
15,498,000 feet, or 23% above production. Production was 12,551,000 feet.
Unfilled Orders and Stocks
Reports from 1,624 mills on Dec. 1 1934, give unfilled orders of 673,284,000 feet and gross stocks of 5,447,537,000 feet. The 658 identical
mills report unfilled orders as 479,270,000 feet on Dec. 1 1934, or the
equivalent of 20 days' average production, as compared with $85,144,000
feet, or the equivalent of 24 days' average production on similar date
a year ago.
Identical Mill Reports
Last week's production of 443 identical softwood mills was 119,652,000
feet, and a year ago it was 125,691,000 feet; shipments were respectively
132,231,000 feet and 124,891,000; and orders received 132,741,000 feet,
and 102,045,000 feet. In the case of hardwoods, 239 identical mills reported production last week and a year ago 11,043,000 feet and 19,258,000;
shipments 13,556,000 feet and 19,112,000 and orders 12,835,000 feet and
10,257,000 feet.
Flour Produced During November Below Total Output
for Preceding Month and Like Month of 1933
General Mills, Inc., in presenting its monthly summary of
flour milling activities for approximately 90% of all flour
mills in the principal flour milling centers of the United
States reports that during the month of November 1934
flour production totaled 5,373,754 barrels as compared with
6,023,600 barrels in the preceding month and 5,394,331
barrels in the corresponding period of 1933. During October
1933 production amounted to 5,399,712 barrels.
During the five months ended Nov. 30 1934 flour output
by the same number of mills amounted to 27,311,392 barrels
as compared with 26,098,430 barrels during the like period
of 1933. The corporation's summary follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS)
Month of November
5 Mos. End. Nov. 30
1934
Northwest
Southwest
lake Central and Southern_
Pacific Coast
Grand total
1933
1934
1933
1.257,945
1,961.667
1,798,763
355,379
1,531,317
1.811,580
1,721.412
330,022
6,605.022
9,707.223
9,076,095
1,923,052
7,182,888
8,752.893
8,674,043
1.488,606
5,373,754
5,394.331
27,311,392
26,098,430
Farm Price Index of Bureau of Agricultural Economics
Unchanged During Month to Nov. 15
The index of farm prices on Nov. 15 was 102, the same as
on Oct. 15, according to the Bureau of Agricultural Economics, United States Department of Agriculture. The
October index was revised from 100 to 102 on the basis of
more complete reports now available on the prices of truck
crops and tobacco. The November index is 22 points above
that of a year ago. In noting the foregoing, an announcement issued Nov. 30 by the Department of, Agriculture continued:
•
Prices paid by farmers had an index of 126 on Nov. 15, or the same as
on Oct. 15, and the ratio of prices received to prices paid was 81, or 12
points above that for November last year.
Farm prices of hogs averaged $5.04 per 100 pounds on Nov. 15 compared
with $5.20 on Oct. 15, and with $3.70 a year ago. The decline for the
3544
Financial Chronicle
past month is attributed to increased seasonal marketings. The price
reduction dropped the hog-corn ratio 0.1 of a point to 6.7 on Nov. 15, the
lowest November figure on record. The average farm price of corn on
Nov. 15 was 75.7c. a bushel, compared with 76.7c. on Oct. 15, and with
35.1c. a year ago.
Wheat prices averaged 88.1c. a bushel on Nov. 15, compared with 88.5c.
on Oct. 15, and with 71.1e. a year ago. The slight downturn for the past
month is attributed to continued weakness in world markets on account
of heavy shipments from Southern Hemisphere exporting countries.
Cotton prices averaged 12.3c. a pound at local farm markets on Nov. 15,
compared with 12.5c. on Oct. 15 and 9.6c. a year ago. There was a
seasonal decline in average quality of marketings during the past month.
Farm prices of cottonsed, averaging $37.08 a to on Nov. 15, reached the
highest level since May 1929.
• Potato prices averaged 45.9c. a bushel on Nov. 15, compared with 49c.
on Oct. 15 and with 68.8c. in November last year. The Bureau says a
marked increase in crop prospects, together with a smaller-than-seasonal
reduction in shipments, prolonged the decline in prices received by farmers
during the past month.
Butterfat prices advanced sharply from Oct. 15 to Nov. 16, milk production and storage stocks of butter having decreased seasonably to a point
considerably below the levels of last year. The Nov. 15 prices of butterfat
averaged 27.2c. a pound, compared with 24.3c. on Oct. 15 and with 20.4c.
a year ago.
The index of prices of chickens and eggs gained 17 points from Oct. 15
to Nov. 15.
Coffee Futures Trading on New York Coffee and Sugar
Exchange Higher During 11 Months of Year Than
Similar Period 1933 and 1932
Trading in coffee futures on the New York Coffee and
Sugar Exchange for 11 months ended Nov. 30, totaled 6,078,500 bags, the Exchange announced Dec. 3, a gain of
30.1% when compare with 4,672,750 bags traded during the
similar period in 1933 and 55.3% ahead of the similar 1932
period when 3,913,250 bags changed hands. Trading during
the month of November, the Exchange said, amounted to
565,500 bags, which compares with 384,750 in October and
492,000 in November 1933.
Decrease of 3.4% in World's Visible Supply of Coffee
During November Reported by New York Coffee
and Sugar Exchange.
The world's visible supply of coffee, exclusive of restricted
stocks in Brazil, decreased 243,790 bags or 3.4% during the
month of November, according to figures compiled by the
New York Coffee and Sugar Exchange. Stocks on Dec. 1
totaled 6,819,803 bags, compared with 7,063,593 bags on
Nov. 1 and 7,345,029 bags on Dec. 1 last year, the Exchange
announced Dec. 5, adding:
The largest decrease was in United States supplies, which dropped 201,778
bags from 1,521,593 on Nov. 1 to 1,319.815 on Dec. 1, of which 486.200
bags were afloat from Brazil. European supplies were 3,219.000 bags
compared with 3,376.000 bags on Nov.1.a decrease of 157,000 bags,whereas
stocks in Brazilian ports increased 115,000 bags from 2,166,000 on Nov. 1
to 2,281,000 on the first of this month.
Last year on Dec. 1 United States' supplies were 1,686,029 bags,
European supplies 2.667,000 bags, while Brazilian port stocks totaled
2,992,000 bags.
Increase Noted in World Coffee Consumption from
July 1 to Nov. 30 as Compared with Similar Period
Year Ago.
World consumption of coffee during the first five months
of the crop year, July 1 to Nov. 30 ,amounted to 9,120,587
bags, a decline of 665,716 bags or 6.8% when compared
with deliveries of 9,786,303 bags during the similar 1933
period, according to figures compiled by the New York
Coffee and Sugar Exchange. United States' share of consumption amounted to 4,530,587 bags during the similar
period, a decline of 5.8%from the previous year when 4,805,303 bags were delivered into consumptive channels, the
Exchange said on Dec. 4, adding:
Euoprean points accounted for 4,170,000 bags for the 5 months,a decrease
of6.1% from the previous season when 4,443,000 bags were delivered. The
roast of the world took 420,000 bags of coffee compared with 538,000
bags during the 1933 period, a decrease of 22%.
During November this year the United States consumed 987,819 bags
compared with 1,098,448 in October and 963.451 in November 1933.
Europe 746,00 in November, 733,000 in October and 910,000 bags in
November a year ago. Other points 120,000, 63.000 and 80,000 bags
respectively. World consumption amounted to 1,853,819 in November,
compared with 1.894.448 in October and 1,953,451 in November 1933.
The United States so far this season is consuming as much coffee as
the rest of the world combined.
New York Coffee and Sugar Exchange Approves New
Sugar "Futures" Contract—Members to Vote on
Proposal Dec. 27
A new sugar "futures" contract providing for the delivery
of any raw cane sugars,so long as the sugars may be processed
or consumed in accordance with any quota or allotment plan
decreed by any United States Government Department or
Agency, has been approved by the Board of Managers of the
New York Coffee and Sugar Exchange at a meeting held
Dec. 8 1934
Dec. 5. In an announcement issued in the matter the
Exchange said:
Such a contract would permit delivery of all sugars given quotas under
the recently enacted Costigan-Jones Act, which among other things allotted
the United States consumption among the various areas supplying this
country. Sugars from the insular possessions, Hawaii, Puerto Rico, the
Philippines and the Virgin Islands would be deliverable if within their respective quotas. Domestic cane sugars produced in Continental United States
would be eligible. Cuban sugars, both in bond and duty paid, would
also be deliverable in addition to duty paid sugars from other foreign sources
if within their respective quotas.
The new contract will be voted on by the membership
of the Exchange on Dec. 27, the Exchange stated, and
if approved trading will start on Jan. 2 with transactions
allowed in the delivery month of March 1935 and thereafter.
It was further announced:
The present No. 1 contract, which will still continue, only provides for
the delivery of Cuban sugar in bond but has been extensively used neverthe less as a hedge market for other growths. The trade has felt for some
time, however, that a broader contract might be even more extensively
used by the sugar industry.
The new contract provides for sugar deliverable as follows: Cuban sugar
In bond: and at a premium equal to the import duty prevailing on Cuban
sugar of like polariscope test on the regular delivery date. Cuban sugar
duty paid, other foreign growth can sugar duty paid, duty free sugar and
cane sugar the product of Continental United States: so long as the sugar
can be processed under any quota or allotment plan decreed by any United
States Government Department or Agency only sugar permitted to be so
Processed or consumed at the date of delivery being deliverable.
A feature of the new contract is the provision for a "Special Delivery"
in addition to the regular delivery from licensed warehouse. Under the
new rules the receiver may call for a "Special Delivery- at any designated
place in the Port of New York and may name the date delivery is desired.
which date, however, shall not be more than 10 business days succeeding
the issuance of the notice ofintention to deliver. In the event of a "Special
Delivery" $112 per contract of 50 tons is to be paid to the deliver, but the
deliver shall have the right to forego this sum and make delivery in the
regular manner, ex-warehouse if he so wishes. There are also a few other
minor changes in the rules which in the opunion of the trade will tend to
make the contract attractive to the trade.
-sugar Crop of Czechoslovakia for 1934-1935
Beet
Estimated 22% Above Previous Season
Czechoslovakia's 1934-35 beet-sugar crop, harvesting of
which is now under way, is setimated at 623,000 long tons,
raw-sugar value, as compared with 511,000 tons manufactured last season, an increase of 112,000 tons, or approximately 22%, according to advices received by Lamborn
& Co. In an announcement issued Dec. 1 by the firm, it
was also stated:
Czechoslovakia, the leading European sugar exporting country, shipped
during the crop year ended Aug. 31 1934, 157.533 long tons raw sugar.
as contrasted with 305,444 tons in the previous year, a decrease of 147.911
tons, or a little over 48%. The 1934 exports are the smallest since Czechoslovakia became a Republic following the World War. The shipments
reached the peak in 1925-26 when they totaled 1,063,000 tons.
Under the provisions of the 1931 International Sugar Agreement, commonly referred to as the Chadbourne Plan, Czechoslovakia's annual export
quota was placed at 561,800 long tons, but at no time since then have the
actual shipments reached this figure.
Refined Sugar Price Lowered 10 Points to 4.40 Cents
a Pound
A 10 point reduction to 4.40 cents a pound, in the price of
refined sugar, was made on Dec. 5 by several of the leading
refiners. The reduction is retroactive to Dec. 3. The
refiners which made the change include the American Sugar
Refining Co., the National Sugar Refining Co., Pennsylvania Sugar Refining Co., and the Revere Sugar Co. This
is the first change since Nov. 9, when the price was lowered
from 4.65 to 4.50 cents.
In commenting on the latest reduction, B. W.Dyer & Co.
on Dec.6said:
The reduction in the price of refined sugar to 4.40 cents a pound announced by refiners yesterday brings the net return to the refiners to the
lowest point since May, 1932. The 4.40 price retroactive to Dec. 3 includes, besides a cash discount of 2%, the Federal processing tax of 533i
cents a hundred pounds.
With these deductions the net return to refiners is 3.7777 cents a pound.
In May, 1932, before the processing tax went into effect, the net return to
refiners was 3.675 cents a pound, but since that time the price has been
higher than the new one announced yesterday.
Imports of Raw Silk into the United States During
November Rise 22.2%—Deliveries to American
Mills off 23.5%
The National Federation of Textiles, Inc., in its monthly
silk report states that raw silk imports into the United
States during the month of November totaled 47,571 bales.
This is an increase of 22.2% compared with the preceding
month and a gain of 47.2% when compared with the corresponding month of 1933.
Raw silk in storage at warehouses on Dec. 1 totaled 76,502 bales, a
gain of 15.1% when compared with the 66,479 bales in storage on Oct. 1
but a decline of 18.0% when the comparison is made with the 91,122
bales on hand Dec. 11933.
Deliveries of raw silk to American mills during November 1934 totaled
37.548 bales, or 23.5% lower than tne amount delivered in the preceding
month, but 7.8% higher than the number of bales delivered during November 1933.
Financial Chronicle
Volume 119
Japan raw silk in transit at the end of November was 29.6% lower than
at the end of October and 10.0% lower than a year ago.
The following tables were prepared by the Planning and Research Bureau
of the National Federation of Textiles, Inc.
-DEC. 1
RAW SILK AT NEW YORK AND HOBOKEN WAREHOUSES
(Figures in Baled
anang-
Japan Europe Russia Canton
hat
Total
62,205
47,023
At warehouses-Nov. 1
Imported-November a
Total
At warehouses -Dec. 1 b
1,223
121
867 86,479
1,169 1,015
--------427 47,571
109,228
72,700
1,344
1,167
1,189
979
1,015
788
1,294 114,050
868 76,502
c Approx. deliveries to mills
227
426 37.548
177
190
November
36.528
a Manifests 37-38: 129-130 inc. b Includes Commodity Exchange certified
stock 3.980 bales and 7,757 bales at terminals. c Includes re-exports.
SUMMARY
Imports During the Month
In Storage at End of Month.
1934
1933
1932
1934
1933
1932
27,976
29,808
32,301
35.647
38,717
31,057
39.241
28,673
50,550
38,940
47,571
53,114
23,377
22,289
41,134
44,238
47,435
62,348
46,683
49.470
48,346
32,319
32,623
52,238
53,574
38,868
30,953
34,233
31,355
36,0.55
61,412
56.859
58,775
47,422
45,453
83,820
74,607
62.828
61,083
61,060
59,048
66,268
58,694
76,845
66.479
76,502
69.747
60,459
43,814
43.038
40,125
33,933
51,684
55.515
73,800
93,625
91.122
98,788
62,905
70.570
62,675
57.849
59,159
53.048
50,721
52,228
49,393
54,465
57,932
62,837
Total
400.481
Monthly average-- 36,407
503.376
41,948
547,195
45,560
67,912
82,804
57,815
January
February
March
April
May
June
July
August
September
October
November
• December
Approximate DeittY718.1
to American Afills.x
Approximate Amount of Japan
Silk Os Transit as Close
of Month
1934
1933
1932
1934
1933
1932
40,942
39,021
44,080
37.392
38,740
33,069
32.021
36,247
32,599
49,106
37.548
46,204
32,665
38,934
41,910
47,151
53,627
44,597
42,852
31,185
28,521
34,822
28,959
58,793
45,909
46,761
35.779
32,923
37.466
38,382
59.905
59.694
53,703
43,955
40,548
32,200
37,600
41,000
38,400
33,200
38,600
38,000
54,200
46.000
47,600
23,500
25.700
28,100
39,100
40,200
42,300
41,500
38.600
48,800
48,300
37.100
37,200
27,200
48.500
31.000
28,800
34,800
30,800
31,100
43,200
43,400
42.800
44.700
50,200
51.400
T Total
420,765
Monthly average- - 38,251
469.427
39.119
553,818
46,151
40.027
37.842
40,058
JIM1117
February
March
April
May
June
July
August
September
October
November
December
World All-Cotton Consumption During October Largest Since March, New York Cotton Exchange
Reports
World consumption of all growths of cotton during October was the largest for any month since last March, and
was the largest October consumption since 1929, according to the New York Cotton Exchange Service. Consumption of both American cotton and foreign cotton registered increases over September, tue Exchange Service reported, with consumption of foreign growths attaining record
high proportions. The stock of all kinds of cotton in the
world on Oct. 31 was considerably smaller than on the corresponding date in recent years. Under date of Dec. 3 the
Service further stated:
October world consumption of all kinds of cotton aggregated 2,194,000
bales as compared with 1.874,000 in September, 2.128,
in October last
year and 2,073,000 two years ago. The sharp increase of 320.000 bales or
17.1% in consumption of all growths from September to October compares
average increase of 7.2% in the past seven years. and was due in
with an
large measure to the stepping-up of mill activity in the 'United States
following the termination of the textile strike. During the first three
months of the current cotton season, that Is, from Aug. 1 through Oct. 31.
world consumption of all kinds of cotton aggregated 6,004.000 bales as
compared with 6,350,000 bales during the corresponding three month
period last season, and 5,844.000 two seasons ago.
World consumption of foreign cottons during October was the largest
for any month of toe season during the period covered by our records, and
was probably the largest for any month in toe history of the world cotton
spinning industry. October consumption of foreign growths totaled 1.115.000 bales as compared with 1,028,000 bales during September; the
increase of 8.5% from September to October comperes with an average
increase of 8.8% in the past seven years.
During Octoba', world cotton spinners used 1,070,000 bales of American
cotton as against 846.000 bales in September. or 27.5% more, comparing
with an average increase of 6.0% from September to October In the past
seven years. American cotton constituted 49.2% of the total amount of
cotton used by world mills during October as compared with an average
of 54.2% last season, 58.3% two seasons ago, 54.4% three seasons ago,
and 49.87. four seasons ago.
In the United States, and in the Orient and minor cotton-consuming
countries, consumption of all kinds of cotton during October this year was
larger than in October a year ago. while Great Britain and the Continent
used less than last year. As compared with October two years ago. all of
the major divisions of the world cotton spinning industry used more cotton.
Domestic mills consumed 520.000 bales in October as against 504.000
last year, 502,000 two years ago, 461,000 three years ago, and 443,000
four years ago. British spinners used 229,000 bales as compared with
238,000 last year. 222,000 two years ago, 229,000 three years ago, and
178,000 four years ago. On the Continent, nulls spun 650,000 bales as
against 682,000 last year, 623,000 two years ago, 620,000 three years ago.
and 700,001) four years ago. Spinners in the Orient and in minor cottonconsuming countries consumed 795,000 bales as compared with 704,000
last year. 726,000 two years ago, 709,000 three years ago, and 606,000
four years ago.
Toe world stock of all kinds of cotton in all hands in the world on October
31, including the unpicked portions of new crops, was 2,459,000 bales
smaller than at the end of October last year, 2,380,000 smaller than two
years ago, and 1,920,000 smaller than three years ago, but it was 1,733.000
larger than four years ago. It aggregated 32.773,000 bales as compared
with an end-October stock of 35,232.000 last year, 35,153,000 two years
ago, 34,693,000 three years ago, and 31,040.000 four years ago.
The initial world supply of all cottons for this season, computed by adding
the carry over on Aug. 1 to the estimated world production, was 38,777,000
bales as compared with a supply of 41.582 000 last season, 40,997,000 two
seasons ago, 40.481,000 three seasons ago, and 36.303,000 four seasons ago.
3545
Petroleum and Its Products-Government Files Brief
Upholding Constitutionality of Oil Code-Texas
Establishes State-wide Tender System-Pennsyl-October Production
vania Grade Crude Cut
Lower-Marland Parley on Inter-State Production
-Hour Work Week Asked
Compacts Adjourned-30
for Industry
The Department of Justice filed a brief in the United
States Supreme Court Thursday contending that the
National Industrial Recovery Act, as it applied to oil
production, was constitutional. The move was made in
preparation for arguments on Dec. 10 on two cases from
the East Texas oil fields challenging the code's constitutionality.
The brief cited the demoralized conditions prevailing in
the petroleum industry prior to adoption of the code, particularly in the retail markets, as one of the main factors making
action by Congress to stabilize the industry necessary.
"Finally, the emergency conditions existing at the time
of the enactment of the Recovery Act, and still existing,
may have the effect of rendering certain types of transactions,
which in normal times have only an indirect or incidental
effect on inter-State commerce, matters of great moment and
powerful effect," the brief continued.
"In the national emergency, the situation had to be
viewed as a whole. When over-capacity, over-production,
out-throat competition and various unfair trade practices
existed side by side with unemployment and reduced purchasing power, and as a consequence the commerce of the
country was crippled, Congress might reasonably conclude
that drastic action commensurate with the needs of the
situation was required.
"The doctrine that while emergency power does not create
power emergency, it may furnish the occasion for the exercise
of power has been applied to the interpretation of, not only
the due process clause, but the constitutional provision that
no State shall pass a law impairing the obligation of contracts, and the commerce clause.
"An emergency, while not creating powers may nevertheless bring to the attention of Congress and the courts conditions and relationships not previously recognized which call
for the application of powers admittedly in existence."
The Wilshire Oil Co., against which the Federal Oil
Administration is seeking a temporary injunction restraining
it from exceeding its crude allowable, charged in Federal
Court in California early in the week that the code was
unconstitutional.
Two new orders were promulgated by the Texas Railroad
Commission Thursday. The first extended its regulatory
powers to cover all intra.-State movements of crude or
refined products by any or all means of transportation,
and the second set up a State-wide tender system similar
to that now in effect in the East Texas field, both rulings
effective Dec. 10.
The order establishing the tender set-up requires Texas
oil men to register every movement of crude or refined oil
products from the time of its production until its final
delivery to a refinery or consignee. The same ruling orders
all transportation units to file an estimate of the amount
of oil to be moved from the leases during a current month
with the Commission.
A temporary injunction was issued in Federal Court in
San Antonio to the Texas Pipe Line Co. restraining the
Railroad Commission from enforcing its Nov.24 order requiring all oil tendered to pipe lines to be computed from tank
tables showing 100% capacity. The order amended previous
rulings which permitted a 1% reduction by pipe lines for
"strappage." A hearing on application to make the injunction permanent will be held Jan. 7.
A reduction of 25 cents a barrel was posted for all grades
of Pennsylvania crude oil Thursday, effective Dec. 7.
Under the new schedule Bradford-Allegany is posted at
$2.05, Middle District at $1.91 and $1.97, Southwestern
Pennsylvania, $1.72, Eureka, $1.67, and Buckeye, $1.57.
The cut also applied to the Cabib Creek, Bradford Hollow
and Kelly Creek grades in West Virginia, all priced at $1.67.
Corning grade held unchanged at $1.32.
Just a month ago Thursday a similar cut of 25 cents a
barrel was posted in Pennsylvania grade crude oil prices.
Prior to that quotations had remained unchanged from
May 1 last, when they were marked up 10 cents a barrel.
They had been advanced 10 cents a barrel in October of
last year.
Domestic production of crude oil totaled 76,776,000 barrels during October, against 75,810,000 in September and
3546
Financial Chronicle
76,077,000 a year ago, the Bureau of Mines reported Thursday. The daily average of 2,477,000 barrels was 50,000
less than in September. Compared with October last
year, however, it was up 23,000 barrels.
Texas was the only oil-producing section to show a drop
in production during October, daily average output in
East Texas dipping to 499,000 barrels from 524,000 barrels
in September.
Total demand for all oils rose to 91,456,000 barrels in
October, compared with 85,364,000 in September and
86,805,000 in October a year ago. Crude stocks at the
close of the month were off to 346,415,000 barrels, against
348,937,000 in the previous month and 356,849,000 barrels
in October 1933.
Stocks of all oils aggregated 579,581,000 barrels in October,
compared with 587,167,000 and 615,669,000 barrels in
September and the like month last year,respectively. Crude
runs to stills were 75,388,000 barrels, against 73,389,000 in
September, the Bureau making no report for October a
year ago.
Governors and representatives of eight major oil producing States attending the conference called by Governorelect Marland, of Oklahoma, in Ponca City on Dec. 3 to
consider the inter-State compact plan for regulation of
crude oil production sponsored by the latter, adjourned
until Jan. 3 to consider details discussed at the meeting.
Unofficial reports, however, disclosed that there were
marked differences of opinions among the conferees. One
delegate said that the conference had "bogged down amid
conflicting opinions." Governor-Elect Marland was slightly
more optimistic, saying "we have taken as great a step as
can be taken."
It was learned, however, that Governor-elect Allred of
Texas was outspokenly opposed to either Federal control
or the inter-State compact plan, saying he did not see any
reason why Texas should consider letting either the Federal
Government or any other State government set or control
its crude oil allowable. Governor Landon, of Kansas, on
the other hand, favored strict Federal control with Congress
granting Administrator Ickes any additional measures
required to exercise such control.
Attendants at the conference were Governor Landon,
Governors-elect Allred and Marland; J. R. Pemberton, oil
umpire of California, and R. L. Patterson, representing the
Governor of California; Hiram Dow, of New Mexico;
John Ferrell, of Fort Worth, representing the Governors of
Arkansas and Louisiana, and Pierre Le Fliesche, chief of
the Mining Department of Montana.
One angle that was unanimously agreed upon, however,
was the advisability of continuing Sec. 9 of the Recovery
Act, which gives President Roosevelt the power to curb
inter-State movements of "hot oil."
Administrator Ickes said at a press conference in Washington Thursday when asked about the inter-State compact
discussions, that there was every reason to expect disagreement as States have been trying many years unsuccessfully
to work out agreements on oil regulation.
"I am frank to say that I do not believe the Governors
think they can get together on oil successfully," he added.
"There is a red herring being drawn across the trail for
certain ulterior purposes. They are trying to get away
from any control at all. It is all a pretense."
In a statement made in Oklahoma City the following day,
Governor-elect Marland said that it "seemed impossible
that Administrator Ickes could have been guilty of the
exceedingly bad taste," shown in his remarks on the conference.
"Secretary Ickes also is quoted," he continued,"as having
asked in the event of disagreement between the States after
a compact was made: 'Who would be the umpire?'
"In all the discussion here, among the Governors, it was
contemplated and stated, that the President of the United
States would be the umpire—not the Secretary of the
Interior.
"I am sure that the President does not question the good
faith of the governors of the oil States."
The long-awaited test of the constitutionality of the
Federal Tender Board in Texas Federal courts has been
postponed indefinitely. A suit filed by an East Texas
independent and originally scheduled for Nov. 17 has been
ndefinitely deferred following several postponements.
Daily average crude oil production last week rose 3,600
barrels to 2,372,300 barrels, compared with the Federal
quota of 2,340,300, and production of 2,195,050 barrels in
Dec. 8 1934
the same 1933 week, the American Petroleum Institute
reported. The American Petroleum Institute report does
not include "hot oil."
Texas output exceeded its quota of 957,300 barrels for
the first time in several weeks,rising 5,850 to 961,600 barrels.
Oklahoma production, up 11,900 barrels to 463,000, also
was over the allowable. California output broke 26,300
barrels to 448,900, far below its quota of 462,000 barrels.
Amos L. Beatty, Chairman of the Planning and Co-ordination Committee, submitted his resignation which will
be acted upon at a Committee hearing set for Dec. 17.
Mr. Beatty wishes to have more time to devote to his
position as general counsel for the Philips Petroleum Co.
and other private affairs.
Representatives of the International Association of Oil
Field, Gas Well and Refinery Workers charged before the
Federal Petroleum Labor Policy Board that major oil companies were violating labor provisions of the industry's
National Recovery Administration code in hearings Thursday.
"In the Los Angeles basin, companies with little or no
financial backing rent derricks and tools on a percentage
basis, pay workers $2 a day and promise them another $2 in
oil, but the oil money is never forth coming,J. C. Coulter said.
"We figure workers have about $5,000,000 coming to them."
,
The union is seeking amendment of the cose to provide
for a 30
-hour work week without reduction in pay. William
Green, President of the American Federation of Labor,
advocated such a step in previous hearings, saying:
"It is the 30
-hour week with former incomes which would
provide for a renewed flow of purchasing power into the consumers goods and industries."
Harvey Fremming,President of the Union, contended that
oil companies should be prevented from rushing production
for six or eight months, then shutting down operations for
the remainder of the year.
Crude oil price changes follow:
Dec. 6—A reduction of 25 cents a barrel in all grades of Pennsylvania
crude oil was posted by all companies. Under the new list. BradfordAllegany is posted at $2.05; Middle District, $1.91 and $1.97; Southwestern
Pennsylvania, $1.72; Eureka, $1.67, and Buckeye, $1.57. The cut also
applied to Cabib Creek, Bradford Hollow and Kelly Creek grades in West
Virginia, all posted at $1.67 a barrel.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are now shown)
Bradford,Pa
82.05 Eldorado, Ark., 40
81.00
Corning, Pa
1.32 Rusk, ex., 40 and over
1.00
IllInois
1.13 Dust Creek
.87
Western Kentucky
1.08 Midland District, Mich
1.02
Mid-Cont., Okla., 40 and above-- 1.08 Sunburst, Mont
1.35
Hutchinson, Tex., 40 and over
.81 Santa Fe Springs, Calif..40 and over 1.34
Spindleton, Tex., 40 and over
1.03 Huntington, Calif., 20
1.01
Winkler, Tax
.75 Petrolia. Canada
2.10
Smackover, Ark.. 24 and over
.70
REFINED PRODUCTS—EASTERN GASOLINE MARKETS MIXED
—CONTINENTAL REDUCES TO STANOLIND LEVELS—
GASOLINE STOCKS ADVANCE—REFINERY OPERATIONS
SHOW SEASONAL SLUMP
The retail gasoline price structure in Eastern markets held
the attention in the refined petroleum products' field this
week, successive advances and reductions providing highly
erratic market conditions.
The Warner-Quinlan Co. started off the week Monday by
announcing an advance of 4.6 cents a gallon in service-station
prices of gasoline in northern New Jersey to 14.5 cents a
gallon, taxes included, effective as of Dec. 4.
Standard Oil of New Jersey posted a State-wide advance
of 1-cent a gallon in service-station prices of regular and
premium grades of gasoline at noon Tuesday, lifting thirdgrade gasoline ,%-cent. Other majors met the advance but
the independents advanced their prices only %-cent a gallon.
Standard of New Jersey had to let the 1%-cent a gallon
differential thus established stand until noon Wednesday due
to code regulations, which make it necessary for 24 hours to
pass before additional price changes may be posted but at
noon Wednesday, rescinded half of its Tuesday's advance of
1 cent,thereby restoring the old differential of 1 cent a gallon.
The 3' -cent a gallon reduction posted Tuesday was
effective throughout the State with the exception of Greater
Camden where a cut of 0.9 cents a gallon was posted. Major
companies met the cut immediately. Warner-Quinlan announced that it would remain at the 14.5 cents a gallon level.
All major companies posted a cut of 0.6 cent a gallon in
serivice-station prices of gasoline in Philadelphia Thursday
to 10.9 cents, a record low, after independents had reduced
prices %-cent to 10.4 cents a gallon, all prices including taxes.
A slash of 4% cents a gallon at several scattered service
stations in the southern area in Queens County, New York
City, posted by Socony-Vacuum brought prices down to
Volume 139
Financial Chronicle
123/i cents a gallon, taxes included. The cut was not widespread and only distributors in the affected area made similar
reductions.
Socony-Vacuum Friday posted a general cut of % cent a
gallon in service station prices of gasoline in Brooklyn and
Queens to 163/i cents, taxes included, meeting local competitive conditions. In southern Queens, where prices were
cut 43 cents the day before, the scale was advanced to
163/i cents, including taxes.
The Simony-Vacuum Oil Corp. led in an advance in kerosene range oil and No. 1 furnace oil of 3' -cent a gallon to 83/i
cents in New York City, Westchester and Long Island, which
was quickly met by all other distributors. Earlier in the week,
refiners posted an increase of 32-cent a gallon in Nos. 1, 2,
3 and 4 fuel oil in the metropolitan New York district.
Bulk kerosene prices also moved higher during the week,
Hartol Products Corp. posting an advance of 3. -cent a gallon
for tank car lots at Bayonne and Boston to 5Vi cents a
gallon, refinery. Sinclair Refining met the advance, which
was'effective Dec. 7, but extended the range of the markup
to include all ocean terminals between Boston and Charlestown, S. C. Standard of New Jersey also met the advance.
The Continental Oil Co. was unable to sustain the recent
advances in service-station prices of gasoline posted through
much of its Mid-West territory and announced Tuesday that
it would cut prices to the same levels as posted by Standard
Oil of Indiana. Independent distributors who had advanced
prices in keeping with the new Continental scale made
corresponding reductions Tuesday.
Unfavorable driving weather, which cut consumer demand,
was quickly reflected in a drop in jobber buying and a
corresponding easing off of the Chicago bulk gasoline.
Offerings of low octane material were available Thursday
as low as 33 cents a gallon, although the going market
4
held at 4 to 434 cents a gallon.
Domestic consumption of gasoline during October showed
a sharp rise from the same 1933 month and set a new high
for this month, according to reports issued by the Bureau
of Mines. Total consumption was put at 37,544,000
barrels, up 13.7% from October last year. In September,
consumption was only 1% higher than in 1933.
An increase of 539,000 barrels in terminal stocks of gasoline last week was the main factor in advancing total stocks
625,000 barrels to 40,831,000 barrels, the API reported.
Reporting refineries showed a 4.9% drop in operations,
running at 65.6% of capacity, against 70.4% a week ago.
Daily average runs of crude oil to stills average 2,214,000
barrels, off 165,000 barrels.
Stocks of gas and fuel oil showed a contra-seasonal advance, rising 717,000 barrels during the week to a total of
113,979,000 barrels on Dec. 1, the report disclosed.
Representative price changes follow:
Dec. 3
-Retail tank wagon prices of Nos. 1. 2, 3 and 4 fuel oil were
advanced % cent a gallon in the metropolitan' New York area.
Dec. 3
-The Warner-Quinlan Co. advanced service station prices of
gasoline 4.6 cents a gallon in northern New Jersey to 14.5 cents a gallon,
taxes included.
-Standard Oil Co. of New Jersey advanced service station prices
Dec. 4
of regular and premium grades of gasoline 1 cent a gallon throughout New
Jersey. Other majors met the cut with independents moving prices up
X cent a gallon in the sub-normal areas. Standard advanced third grade
% cent a gallon.
-The Continental Oil Co. restored prices to the level posted by
Dec. 4
Standard Oil of Indiana with independents posting corresponding reductions.
-Standard Oil of New Jersey to-day cut service station prices of
Dec. 5
gas
oline 3.i cent a gallon in New Jersey with the exception of greater Camden
where the cut was 0.9 cent a gallon. Other majors met the cut.
Dec. 6-Socony-Vacuum 011 Corp. cut service station prices of gasoline
in the southern area in Queens borough, New York City, 434 cents a gallon
to 1234 cents, taxes included. Other distributors met the cut.
Dec. 6-Socony-Vacuum 011 Corp. led an advance of % cent a gallon
In prices of kerosene range oil and No. 1 furnace oil to 834 cents in New
York City, Westchester and Long Island, which was met by all other units.
-All major marketers posted a reduction of 0.6 cent a gallon in
Dec. 6
Philadelphia service station prices of gasoline to 10.9 cents taxes included,
following a reduction of A cent to 10.4 cents a gallon posted by independents.
Dec. 6-Hartol Products Corp. advanced tank car prices of kerosene
X cent at Bayonne and Boston to 53% cents a gallon, effective Dec. 7.
-Sinclair Refining met the X cent a gallon advance in kerosene
Dec. 6
tank car prices in Bayonne and Boston posted by Hertel and extended the
advance to cover all ocean terminals from Boston to Charlestown, S. C.
both inclusive. These advances also were effective Dec. 7.
Dec. 7-Socony-Vacuum Oil lowered service station prices of gasoline
in Brooklyn and Queens % cent a gallon to 1634 cents, taxes included. In
the southern area in Queens, prices were advanced from 1234 cents to
1634 cents a gallon. Other distributors met the advances.
-Standard 011 of New Jersey met the advance of X cent a gallon
Dec. 7
in tank car and terminal prices of No. 1 heating oil to 534 cents a gallon at
New York, Baltimore, Charlestown, S. C., and Norfolk.
Gasoline, Service Station, Tax Included
3,1612-17 Denver
$.21
New Orleans
$.155
New York
13
Detroit
Philadelphia
.17
109
Boston
115
Jacksonville
Pittsburgh
145
.20
Buffalo
Houston
.128
.15
San Francisco
.185
Chicago
175
Los Angeles
18
St. Louis
.158
Cincinnati
.175
Minneapolis
.149
Cleveland
3547
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York:
'North Texas_5.03 -.0334 I New Orleans_3.0434-.04X
(Bayonne)-2.0534-.053 I Los Angeles__ .0434-.0534 I Tulsa
.0334-.033j
4
Fuel Oil. F.O.B. Refinery or Terminal
N. Y.(Bayonne):
Gulf Coast C
Calltonaa 27 plus D
$1.00
21.05-1.20 I Phila., bunker C..- 1.15
Bunker C
21.15
Diesel 28-30 D
1.89 I New Orleans C_ .95-1.10
Gas Oil, F.O.B. Refinery or Terminal
I Tulsa
S.02-.0234
'Chicago:
N. Y.(Bayonne):
27 plus
8.0434-.05I 32-36 GO_ _ _ _2.02-.02M 1
U.S. Gasoline, Motor(Above 65 Octane),Tank Car Lots, F.O.B. Refinery
Chicago
0434-.05
Standard Oil N.J.:
I New York:
0434
Motor, TI. Et
8.0534 I Colonial-Beacon__$.0534 New Orleans
a Standard Oil N.Y. .06
.06
Los Angeles. ex.6434-.0434
a Texas
Gulf ports-. .0554-.0534
•Tide Water 011 Co .06
.06
yGull
x Richfield 011 (Cal.) .06
.0434-.05
Republic 011
.0534 Tulsa
Warner-Qubilan Co_ .0534 N. Y.(Bayonne):
Shell East'n Pet_ _3.0634
•Tydol, $0.07. a "Fire Chief," $0.07. x Richfield "Golden." y "Good Gulf,
$0.0734. z"Maness."
The following is reprinted from the New York "WorldTelegram" of Thursday Dec. 6:
The Gulf Refining Co. was indicted by the Federal Grand Jury to-day on
72 counts of alleged violations of the NRA petroleum code.
The indictments charged the company compelled maintenance department employees to work longer hours than the code allowed during strike
at the Gulf plant here last July.
The petroleum code restricts maintenance labor to 48 hours a week, with
a maximum of 80 hours for two consecutive weeks. The company. it is
charged, worked employees as long as 48 hours on two consecutive days
of the strike.
Fines totaling $36,000 could be imposed should the firm be adjudged
guilty.
October Natural Gasoline Output 3% Above September
The United States Bureau of Mines, Department of
the Interior, in its monthly petroleum repoit stated that
the production of natural gasoline again increased, the
daily average for October being 4,390,000 gallons, an increase
of 130,000 gallons or 3% over the daily average production
in September. In general, the major portion of the increase
in production in October was registered in the leading producing districts, the Texas Panhandle, Kettleman Hills,
and Oklahoma City. The output in the Texas Panhandle
continued to establish new records; in October the daily
average for that area was 794,000 gallons. A material
increase in output was also recorded in the Appalachian
district. Stocks of natural gasoline reacted to increased
refinery demand and continued to decline; stocks at the
plants declined from 56,520,000 gallons on hand the first
of the month to 45,483,000 gallons on Oct. 31.
PRODUCTION OF NATURAL GASOLINE
(Thousands of Gallons)
Stocks End of
Month
Production
Oct.
1934
Appalachian
Illinois, Kentucky, Michigan
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total
Daily average
Total (thousands of barrels)__..
Daily average
-00. Oct.
-00. Jan.
Sept. Jan.
1933
1934
1934
1934
Sept.
1934
4,400 3,100 43,100 45,300 1,708 2,985
6.800
235
252
600
6,400
700
31,000 28,500 295,000 297,800 17,705 21,964
2,300 2,300 21,700 20,200 1,768 2,099
43,000 41,500 376,600 298,300 18,197 23,046
3,700 3.400 33,900 30,800 1,203 1,436
222
148
1,100 1,100 10,800 12,800
5.500 4,800 48,200 45,100 1,314 1,197
43,800 42,600 414,600 412,200 3,131 3,393
136,000 127,900 1250,300 1169,300 45,483 56,520
3,860
4,390 4,260 4,130
3,238
104
3,046
102
29,769
98
27,840
92
1,083
1,346
Crude Oil Output Rises 3,600 Barrels During Week
Ended Dec. 1-Exceeds Federal Quota by 32,400
Barrels-Stocks of Gas and Fuel Oil Higher
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Dec. 1 1934 was 2,372,700 barrels. This was a gain of
3,600 barrels from the output of the previous week, and
exceeded the Federal allowable figure which became effective Nov. 1 by 32,400 barrels. Daily average production for
the four weeks ended Dec. 1 1934 averaged 2,381,850
barrels. The daily average output for the week ended
Dec. 2 1933 totaled 2,195,050 barrels. Further details as
reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
746.000 barrels in the week ended Dec. 1, a daily average of 106,571 barrels,
compared with a daily average of 101.285 barrels in the preceding week
and 105,821 over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 215,000
barrels for the week ended Dec. 1, a daily average of 30,714 barrels against
61,321 barrels over the last four weeks.
Reports received for the week ended Dec. 1 1934 from refining companies
owning 89.7% of the 3,760,000 barrel estimated daily potential refining
capacity of the United States indicate that 2,214,000 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 23,057,000 barrels of finished
gasoline, 4,738,000 barrels of unfinished gasoline and 113,979,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 17,774,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potencial charging capacity of all cracking units averaged 474,000 barrels daily
during the week.
3548
Financial Chronicle
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
56,300
54,900
27,500
139,400
43,150
410,400
37,850
58,800
40,050
57,250
23,950
121,300
43,300
397,150
51,600
43,550
126,100
126,850
127,000
101,050
956,100
955,300
879,200
Increase In stocks, all oils
24,000
82,850
24,050
80,850
24,000
81,350
26.300
47,500
90,000
106,850
104,900
105,350
73,800
Arkansas
Eastern (not incl. Mich.)
Michigan
30,000
96,000
29,000
31,150
108,550
26,900
30,900
105,000
25,150
30,600
103,900
25,850
32,250
97,200
28,450
Wyoming
Montana
Colorado
33,200
8,500
3,000
36,650
11,900
3,200
36,400
11,400
3,250
36,000
11,750
3,200
28.950
7,000
2,600
44,700
51,750
51,050
47.000
462,000
45,750
448,900
46,200.
475,200
957,300
Total Texas
North Louisiana
Coastal Louisiana
Total Louisiana
Total Rocky Mt. States_
New Mexico
California
50,950
38,550
46,100
476,950
42,150
467,000
Total United States
2,340,300 2,372,700 2,369,100 2,381,850 2,195,050
Note
-The figures indicated above do not include any eat mate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED DEC. 1 1934
(Figures in thousands of barrels of 42 gallons each)
Daily Reflni ig
Capacity of P ants
District
Patential
Rate
East Coast__
Appalachian
Ind. Ill., Ky.
Okla., Kan.,
Mo
Inland Texas
Texas Gulf.,.
La. Gulf
_
No, La.
-Ark.
Rocky Mtn.
California_
Totals week:
Dec. 1 '34
Nov. 24 '34
Crude Runs
to Stills
Stocks a Stocks
Stocks
of
of
of
b Stocks
UtzFinGas
of
Reyor ing
Daily P. C. toted fint.ohed Other
and
Aver- Oper- Gaso- Gaso- Motor
Fuel
Total P. C. age
ated
line
line
Oil
Fuel
582
150
446
582 100.0
140 93.3
422 94.6
467 80.2 11,848
93 66.4
1,694
312 73.9 6,446
461
351
566
168
92
96
848
386
167
552
162
77
64
822
215
89
483
112
41
38
364
3,760
3,760
83.7
47.6
97.5
96.4
83.7
66.7
96.9
3,374 89.7
3,374 89.7
974
262
617
250 14,715
75 1,669
55 5,607
55.7 3,654
53.3 1,075
87.5 4,155
69.1
1,104
53.2
209
59.4
498
44.3 10,148
426
210
1,187
147
39
99
777
615 3,927
530 1,715
130 11,308
10 4,375
40
547
30
647
2,505 69,469
2,214 65.6 d40,831
2.379 70.5 c40.206
4,738
4.703
4,240 113,979
4.230 113.262
a Amount of unfinished gasoline contained in naphtha distillates. b Es 'mated.
Includes unb ended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 22,971,000 barrels at refineries and 17,235,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 23,057.000 barrels at refineries
and 17,774,000 barrels at bulk terminals, in transit and pipe lines.
Production of Crude Petroleum During October Again
Lower-Inventories of Refinable Crude Oil Continue Decrease
According to reports received by the Bureau of Mines,
Department of the Interior, the production of crude petroleum in the United States during October totaled 76,776,000
barrels. This represents a daily average of 2,477,000 barrels, which is 50,000 barrels below the daily average in September but is 23,000 barrels above the level of a year ago.
The Bureau of Mines further stated:
The largest declines in daily average production in October were registeeed in rotas; in fact, production elsewhere increased. Very little change
was recorded in production in the major districts of California and the
daily average output of that State, 466,000 barrels, was only 2,000 barrels
below the average in September. Daily average production in Oklahoma
Increased 8.000 barrels to 470,000 barrels; this gain came chiefly from the
newer fields like Crescent and Lucien. Each of the five major divisions of
Texas recorded a decrease in output in October. The daily average output in the East Texas field declined from 524,000 barrels daily in September to 499,000 barrels in October. This decrease resulted from greater
curtailment as the total initial production of the•new wells completed in
that field was higher than in September. Daily average production in
Louisiana increased to 102,000 barrels, the highest monthly average in
many years.
The decline in crude oil production exceeded the decrease in crude runs to
stills, with the result that heavier withdrawals were made from crude oil
stocks. Total refinable crude stocks, which amounted to 346,415,000 barrels on Oct. 31. declined about 2,500,000 barrels in October against a decline
of 1.900,000 barrels in September.
Daily average motor fuel production in October was virtually unchanged
from September, decreased crude runs being compensated by a slightly
higher yield. The indicated domestic demand for motor fuel was 37.544,000
barrels, a daily average of 1,211,000 barrels. This indicates an increase in
domestic demand over a year ago of 14%; but it should be noted again that
these demand data cover essentially refinery deliveries rather than actual
consumption. A better index of the actual increase over the same period a
year ago would probably be obtained by averaging the abnormally high
figure of October 1934 with the low figure of September 1931. Stocks of
motor fuel, including natural gasoline, declined about 3,300.000 barrels to
a total of 49.263,000 barrels on hand Oct. 31. Of outstanding interest in
the statistics of the minor products were continued gains in the indicated
demand for fuel oil, including kerosene.
According to the Bureau of Labor Statistics, the price index for petroleum
products (192e100) during October 1934 was 50.4. compared with 51.3
In September and 52.7 in October 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude oil capacity of 3,608,000 barrels. These
StocksCrude petroleum
Natural gasoline
Refined products
75,810
2,527
3,046
109
78,965
2,632
76,077 761,872 763,533
2,512
2,454
2,506
2,998 29.769 27.841
1,132
1,363
129
79,204 793,004 792,506
2,607
2,609
2,555
b2,366
1,378
83,870
2,705
b2,490
1,357
82,812
2,760
1,727 27,751 27,142
11,684
932 12,535
81,863 833,290 831.332
2,741
2.735
2,641
c7,586
DemandTotal demand
S. Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel....
Total domestic demand
Daily average
-Oct.
Jan.
-Oct. Jan.
1934
1933
76,776
2,477
3,238
112
80,126
2,585
c2,552
c4,942 c22,632
91,456 85,364
2,845
2,950
)
3,277
4,068
5,957 ,d5,890
23,475
86,805 855,922 807,857
2,657
2,816
2,800
..
3,888 34,011 30,643
6,683 61,055 57,840
37,544 ,c134,877 Z33,022 340,913 318,119
3,434 34,841 30,556
3,957
3.451
27,906 24,483 27,933 268,956 255,458
1,505 15,599 13,977
1,677
1,387
1,031
734
75
, 56
122
7,984
6,352
629
487
1,098
1,491
1,482
1,269 11,424 10,272
4,7217
7,454
692 C 966
555
3,787
3,829
3,990 36,951 38,189
1,231
1,493
131
173
109
4,333
4,215
3,197 36,139 37,837
82,222 d75,406
2,652
2,514
76,234 760,856 719,374
2,503 a 2.366
2,459
.4
I
346,415 348,937 356,849 346,415 356,849
3,287
4,176
4,176 )4,611
3,287
228,990 233,619 255,533 228,990 255,533
Total, all oils
579,581 587,167 615,669 570,581 615.669
Days' supply
206 Allleee.232
220
196
206
a From Coal Division. b Receipts of foreign crude as reported to Bureau of
Mines. c Decrease. d Revised.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS
(Thousands of barrels of 42 gallons)
September 1934
October 1934
Total
Arkansas
California-Huntington Beach_ _..
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana-Gulf Coast
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio-Central and Eastern
Northwestern
Total Ohio
Oklahoma-Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas
-Gulf Coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming
927
1,218
1,838
1,860
1,131
8,407
14,454
103
352
66
3,987
458
2.433
737
3,170
921
414
1,457
350
296
91
387
4,785
3.074
6,712
14,571
1,270
1
5,060
4,186
15,453
1,762
6,892
32,353
374
580
581
1,161
Daily
Aver.
Total
.
55,950
54,400
27,500
139,400
43,400
411,500
37,900
59,200
961,950
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
.
59,800
54,400
27,500
138,800
43,100
413,200
37,900
61,150
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
.
421,750
114,700
W
463,200
123,650
Oct.
1933
. w0.w.4w
.w....
.wwwg,
.
to to w
.WwwW. 41,43
1
.4,
mw ww14..w,nlo-4.a1
4 w..6.0
.0.WWWW0WW W0Ww.W.4.-40.-44 .0,4.0..0.WW
,
.0..aw=0-4..4...0.o0,1wow to to ww.wwwowww.w.q.
451,700
122,900
Sept.
1934
bp.w
4W
0,WW0IWW
.0.4W4..WW0...4w0WW=0*W.WW. 10=cZO
,
463,600
127,300
Oct.
1934
b.
459,300
125,000
capacity, given above.
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
Week
Ended
Dec. 2
1933
W=WW.A.0-4WWW
Actual Production
Federal
Average
Agency
4 Weeks
Allowable Week End. Week End. Ended
Effective
Dec. 1
Nov. 24
Dec. 1
Nov. 1
1934
1934
1934
Oklahoma
Kansas
Dec. 8 1934
refineries operated during October at 67% of their
compared with a ratio of 68% in September.
Daily
Aver.
30
40
61
60
37
270
468
4
13
2
124
15
73
23
96
30
12
48
11
8
3
11
154
97
211
462
40
.._ _ _
174
151
524
58
206
1,113
11
17
20
37
Jan.Oct.,
1934
Jan.
Oct.,
1933
a
9,331 9,833
12,666 9,850
17,779 18,515
19,340 20,789
12,358 15,788
84.188 78,618
148,331 143,560
767
961
3,826 3,477
594
692
38,943 34,830
3,974 3,833
18,380 12,488
7,592 8,288
25,972 20,776
9,053 6,155
2,933 1,850
13,989 11,581
3,129 2,604
2.723 2,683
873
832
3,555 3.556
53,265 56,717
32,162 34,861
66,444 60,507
151,871 152,085
12,099 10,464
4
9
50,112 51,329
41,947 47,721
154,445 177,380
16,809 14,205
57,498 54,319
320,811 344,954
3,435 3,154
5,413 5.925
5,485 3,506
10,898 9.431
United States total
76,776 2.477 75,810 2,527 761,872 763,533
a Final figures; includes Alaska Mississippi, Missouri and Utah
NUMBER OF WELLS COMPLETED IN THE UNITED STATES a
1
Oct. 1934
Sept. 1934
-Oct.'34 Jan -Oct.'33
Oct. 1933 Jan.
011
Gas
Dry
1,234
171
480
1,047
134
368
1,037
92
280
10,481
1,108
3,543
6,180
734
2.752
Total
1,885
9,666
1,549
1.409
15.132
a From "Oil and Gas Journal" and California office of the American Petroleum
Institute.
Revenues of Manufactured and Natural Gas Companies
Rise 3.5% During Month of September
Revenues of manufactured and natural gas utilities
totaled $49,943,300 in September, an increase of 3.5%
from the figure of $48,262,200 reported fer September 1933,
according to the monthly summary of the American Gas
Association, which further reported as follows:
Revenues of the manufactured gas industry aggregated $30.615.000
for the month, an increase of 1.9%. The natural gas utilities reported
revenues of $19,328,300, which were 6.1% above the figure for September
1933.
Sales of manufactured gas reported for September totaled 27,575,100,000
cubic feet. an increase of 5.2%. while natural gas utility sales for the
month were 63,779,100,000 cubic feet, an increase of 13.1%.
3549
Financial Chronicle
For the nine months ended Sept. 30, manufactured and natural gas
revenues aggregated $520,103,200, an increase of 2.8% over the corresponding period of 1933. Revenues from domestic customers were practically unchanged for the period. Revenues from industrial-commercial
users showed an increase of 13%.
Stocks of zinc in the hands of producers rose from 231.485 tons on Sept. 30
to 234,806 tons on hand Oct. 311934.
The following table gives in short tons world production of zinc, according to primary metallurgical works unallocated as to origin of ore:
July
August
September
October
10 Mos.
Ended
Oct. 31 1934
United States- - _Mexico
Canada
Belgium.:
France
Germany
Italy
Netherlands
Poland.:
Rhodesia
Spain
Anglo-Australian
Elsewhere_y
24,843
2,336
10,814
16,214
4,399
6,457
2,145
1,866
8,699
1.893
767
9,365
9,900
26,269
3,462
12,151
18.337
4,613
6.430
2,274
1,835
8.971
1,880
771
9.202
9,900
26,592
3,338
12,590
16,249
3,605
6,415
2,314
1,705
3,314
1.848
723
10,079
10,000
34,540
3,489
12,572
17.277
4,255
7,897
2,335
1,775
8,571
1,904
690
11.146
10,100
295.788
31,711
109.827
158.853
48,008
61,338
22,221
18,435
85,697
17,940
7.503
94,795
97.800
World's total
United States
asewhere
Stock at End
United States
Cartel report
99,698
24,843
74,755
104,095
26,269
77,826
103,772
26,592
77,180
116,551
34.540
82,011
1,049,914
295,788
754.126
97.582
117,195
102,192
120,876
106,794
124,691
111,027
123.779
Month of
October
September
United States
2,099,000 1,786,000
Canada
1,039,000 1,512,000
Mexico
Q6,200,000 26,098,000
905,000
76,800
Peru
940,000
Other America
940,000
1,400,000 1,400,000
Europe
691,000
Australia, refined
672,000
275,000
. 300,000
Other Australia and New Zealand_ - _
Japan
580,000 a550,000
480,000
Burma, refined
480,000
215.000
Other Asia
215,000
82,000
82,000
South Africa
40,000
Other Africa
a40,000
August
2,087,000
1,378,000
6,536,000
934.000
930,000
1,300.000
638,000
275,000
605,000
470,000
205,000
83,000
Q40,000
July
.
1,853,000
1,359,000
5,321,000
797.000
930,000
1,250.000
561,000
275,000
532.000
480,000
205.000
84,000
240,000
14.795.000 14.974.000 15.491.000 13.687.000
Totals
a Conjectural.
World Gold Production During October at New High
World gold production during October totaled 2,313,000
fine ounces, according to an estimate by the American
Bureau of Metal Statistics. This compares with 2,236,000
ounces produced during the month of September and 2,051,000 fine ounces produced during October 1933. United
States output of gold in October amounted to 296,000 fine
ounces, against 284,000 ounces in September and 252,000
ounces in October 1933. Production of gold both throughout
the world and the United States during October reached the
highest figure to be shown for any one month since the
American Bureau of Metal Statistics began compilation of
monthly data in 1932.
Gold production for the world during the first 10 months
of 1934 amounted to about 21,915,000 fine ounces, against
19,825,000 fine ounces in the same period of last year.
Production in the. United States for the 10 month period
was 2,403,000 fine ounces, against 2,011,000 fine ounces in
the same time last year.
Gold production of the world by countries, in thousands of
ounces, according to the latest figures compiled by the American Bureau of Metal Statistics, follows:
10 Months Ended
Oct. 31
Month of
October
1934
September
1934
October
1933
Totals
1934
1933
296
260
*52
•30
67
27
40
*10
53
48
886
25
59
35
*300
•127
284
244
40
27
65
27
538
10
55
46
857
25
59
34
*300
*125
252
245
50
30
45
27
35
9
55
37
909
20
57
30
160
90
2,403
2,448
535
291
586
266
380
93
539
406
8.739
230
580
323
2,935
1,161
2.011
2.451
508
283
384
280
348
73
523
344
9,231
212
534
283
1.600
760
2.313
United States
Canada
Mexico
Colombia
Other South America
British India
Japan
Queensland
Western Australia
Other Australia
South Africa
Belgian Congo
Rhodesia
British West Africa
Russia
Elsewhere
2.236
2,051
21,915
19,825
• Conjectural.
Zinc During October Shows
Increase
According to figures released by the American Bureau of
metal statistics, the world production of zinc during the
month of October totaled 116,551 short tons. This compares with 103,772 tons produced in the preceding month
and 107,108 tons produced during October 1933.
World
Production
of
The average daily world production of the metal during October amounted
to 3,760 short tons, as against 3.459 tons daily in September and 3,455
tons daily in October 1933.
I Total world output for the 10 months ended Oct. 31 1934 amounted to
1.049,914 short tons. During the corresponding period of 1933 903,444
short tons were produced.
x Includes salable zinc duvt. y Partly estimated; includes Norway Jugoslavia.
Czechoslovakia, Russia, Indo-China and Japan.
Slab Zinc Production Higher During November
Shipments Decline
Slab zinc production for the latest month again exceeded
the total for the preceding month, according to the monthly
report issued by the American Zinc Institute. Production
during November amounted to 35,003 short tons. This compares with 34,540 tons produced during the month of
October and 32,582 tons during November 1933. Shipments
for the month of November totaled 29,954 short tons, a
slight falling off when compared with the 30,307 tons shipped
in October but compares favorably with the 26,783 tons
shipped during November 1933. Inventories at the end of
the month again were higher. They stood at 116,076 short
tons at the end of November as against 111,027 tons at the
end of October. On Nov. 30 1933 inventories amounted to
101,223 short tons. The Institute's statement follows:
-1929-1934.
SLAB ZINC STATISTICS (ALL GRADES)
(Tons of 2000 Pounds.)
Produced
During
Period.
1929.
Total for year 631,801
52,633
Monthly aver_
1930.
Total for year_ 504.463
42,039
Monthly aver
1931.
Total for year. 300.738
25,062
Monthly aver_
1932.
22,471
January
21,474
February
22,448
March
20.575
April
18,605
May
16,423
June
14,716
July
13,611
August
September
13,260
October
15,217
_
November
16,076
December
18,653
Shipped
During
Period.
Retorts
(a)
Stock at Shipped °Penang
End of
for
End of
Period. Export. Period.
Unfilled
Orders
End of
Period
75,430
6,352
529
57,999
68,491
18,585
36.275
36.356
143,618
196
16
31,240
47,769
26,6.51
314,514
26,210
129,842
41
3
19.875
23,099
18,273
22,404
21,851
22,503
18,032
18,050
14,971
12,841
16,360
20,638
19,152
15,970
15,745
129,909
192,532
129,477
132,020
132.575
134.027
135,902
133,153
125,774
121,840
121,948
124,856
31
0
0
0
0
20
0
39
20
20
20
20
22,044
21,752
22,016
20.796
20,850
18,742
18,295
14,514
14.915
17,369
19.753
21,023
21,001
20,629
21,078
19,469
20,172
19,670
17.552
15,067
13,809
15,901
17.990
20.372
24,232
23,118
23,712
20,821
19,637
16,116
16,949
18,017
16,028
10.333
8,640
8,478
213,531
17,794
1933.
January
February
March
April
May
June
July
August
September___
October
November_
December _ _-
18.867
19,681
21.808
21,467
21,516
23,987
30,865
33.510
83,279
35,141
32,582
32.022
15,162
14,865
15.889
19,399
27.329
36,647
45,599
42,403
34,279
37,981
26,783
27.685
Total for year 324,705
Monthly aver. 27,059
170
14
218,517
18,210
344,001
28,667
1934.
January
February
March
April
May
June
July
August
September._
October
November_
Average
Resorts
During
Period.
602.801
50,217
Total for year
Monthly aver
wo..wwww..w.4
Silver output in the United States is estimated at $2,099,000 fine ounces
for October, as against $1,786,000 ounces during September and $2.087.000
ounces during August. Canadian production is given at $1,039,000 ounces
for October, $1,512,000 ounces for September and 1,378,000 ounces for
August. Mexico,the largest producer of silver of the "Big Three," produced
approximately 6.200,000 ounces of silver during October. During September 6,098.000 ounces were produced and during the month of August
output totaled 6,536,000(me ounces.
The following computation of world production of new silver, in fine
ounces, has been released by the American Bureau of Metal Statistics.
The accounting for some of the countries, especially for the latest months,
is preliminary.
wwbD.tawwwwww
0.o.oce.000wot.
World's Production of Silver During October
Again Declines
The American Bureau of Metal Statistics in a preliminary
report estimated that the world production of silver during
the month of October amounted to 14,795,000 fine ounces.
This compares with 14,974,000 fine ounces produced during
September and 15,481,000 fine ounces produced during the
month of August.
26,532
32,361
32,753
31.948
35,635
30,186
28,950
21,659
21,990
30,307
29.954
128.561
133,357
139,296
141,364
135,551
122,891
108,157
99.264
98.264
95,424
101,223
105,560
40
0
0
45
0
44
22
22
0
44
0
22
18,560
22,660
23,389
22.375
22,405
23,569
24.404
25.836
27,220
25.416
26,820
28,142
27.190
239
20
111,982
109,793
110,761
109,375
104,732
99.689
97,582
102,192
106,794
111,027
116.076
44
0
3
0
0
48
0
0
0
0
53
21,970
22,500
21,683
21,526
22,154
22.590
24,127
25.968
25,019
25.819
27,159
26,318
6.313
8.562
8,581
18,072
21.056
27,142
35,788
25,594
27,763
23,366
20.633
15.978
23.653
28,744
30.763
26,952
26,892
27,193
31,284
30.324
30,442
31,352
31,964
32.793
26,975
27,779
28,818
25,349
25,086
27.720
29,048
30,637
30,562
32,179
30.265
.4www0www,
Volume 139
•Export shipments are Included in total shipments.
Nott.-Theee statistics include all corrections and adjustments reported at the
year end.
Copper Holds Steady Here and Abroad-Demand for
Zinc Expands
-Lead Quiet
"Metal and Mineral Markets" in its issue of Dec.6 stated
that copper and zinc sales were in better volume in the last
week, indicating that consumers feel a little more encouraged
over the immediate future of these metals. Lead sales
diminished, but this was expected after the heavy buying
in the two preceding weeks. Tin met with a better call,
3550
Financial Chronicle
some consumers purchasing metal for delivery over the first
half of next year. Silver prices fluctuated within narrow
limits. Antimony moved up to 133 c. in the domestic
4
market, in sympathy with the movement of prices in China,
but not much business was placed. Our weighted index of
non-ferrous metal prices for November advanced moderately to 71.07, reflecting the rise in silver. The index number for October of the current year was 70.84, and for
November last year 68.10. The publication further stated:
Copper Sentiment Improves
A decidedly improved sentiment characterized the domestic copper
market last week. Indications we:e said to point to a more substantial
movement of metal in the near future into consumers' hands. In substantiation of this attitude, attention was directed to the better outlet for their
products that wire and brass sheet manufacturers were reporting. Also,
the buying of the week, which exceeded 4,400 tons and included metal for
March delivery, was held to be particularly encouraging at this period of
the year. Consumers' stocks are not looked upon as being excessive, and,
granted a continuation of the current increased activity on the part of general business, the development of a healthy copper market with the opening
of the new year is generally felt to be probable. The price of the metal
was unchanged at 9 cents Valley.
Conditions abroad were practically unaltered last week, with consumer
buying holding to fair proportions. Little or no progress was made, apparently, toward developing any production curtailment plan. Discussions on
this subject among foreign producers are said to be in the preliminary
bargaining stage. Prices during the week ranged from 6.66 cents to 6.875
cents, c.i.f.
Canada produced 27,623,428 pounds of copper during September, the
Dominion Bureau of Statistics reports. This compares with 32,703,462
pounds in August, and 30.720,201 pounds in September, 1933.
Lead Buying Slackens
Demand for lead last week was moderate, sales for the period totaling
around 2.000 tons. In view of the fact that more than 18.000 tons of lead
were purchased in the last half of November, the quiet that set in last week
occasioned little comment. The price situation was unchanged, the market
holding at 3.50 cents, New York, the contract settling basis of the American
• Smelting & Refining Co., and 3.35 cents St. Louis. St. Joseph Lead
again booked some business at a premium of $1 per ton over prevailing
quotations.
The following table shows total lead stocks at the works of smelters and
refiners in the United States so far as reported to the American Bureau of
Metal Statistics, in short tons:
Nov. I
oa.1
In ore and matte and in process
68,240
66,559
In base bullion-At smelters and refiners
4,353
3,585
In transit to refineries
847
738
In process at refineries
12,193
13,206
Refined lead
221,416
220,958
Antimonial lead
8,901
8,803
Total stocks
315,492
314,287
Zinc Sales Large
Consumers of zinc came into the market last week for substantial quantities of the metal, apparently feeling that the bottom had been reached in
the current price movement. Adoption of another, and seemingly effective.
production curtailment program by Tri-State operators was undoubtedly an
influential factor in stabilizing the market. Sales for the calendar week
totaled about 7,500 tons and included several lots of fair tonnage. Galvanizers were said to have purchased heavily. largely on the prospects of
improvement in their business. The price structure of the metal was unchanged at 3.70 cents, St. Louis, throughout the seven-day period.
Tin in Demand
Some good buying of tin was reported last week, many consumers having
arrived at the point where their stocks have been greatly reduced. Most
of the buying was for first-quarter metal, though sales involving the entire
first half of 1935 were put through. Prices moved within narrow limits in
London, but eased slightly here in sympathy with sterling exchange. United
States deliveries of tin in November came to 4,845 long tons, against 2,925
tons in October. The world's visible supply, not including the Eastern
carry-over, was 15,094 tons on Nov. 30, against 16,475 tons a month
previous.
Chinese tin, 99%, was quoted nominally as follows: Nov. 29th, Holiday;
30th, 50.40 cents; Dec. 1st. 51.30 cents: 3d, 50.10 cents: 4th, 50.025 cents.
5th. 50.075 cents.
Copper Production of World, Ex-United States
"Metal and Mineral Markets" in its issue of Dec. 6,
published the following table of copper production in short
tons, on smelter basis, as compiled by the American Bureau
of Metal Statistics.
1933
Jan.
-Mar. Apr.
-June July-Sept.
1934
1934
1934
United States (from foleign ore)-_._ 25,239
Mexico
43,642
Canada
129,763
Chile and Peru
199,413
Germany
54,895
44,154
Yugoslavia
Russia
•
41,336
Other Europe a
38,803
Japan is
67,000
India
5,376
Other Asia
e1,000
Australasia
16,539
Africa
197,621
8.200
d 1 1,900
36,100
59,600
14,500
12,000
10,500
9,700
17,500
1,700
e300
750
162,300
6,300
d11,700
43.200
69,000
13,100
11,600
10,500
9,700
18,600
1,800
e300
3,650
f73,000
7,800
d13,400
42,600
83,600
14,900
11,900
11,4C0
8,900
18,300
1,900
e300
2,900
173,700
Totals
Deduct Cuba c
864,781
8,000
245,050
1,300
272,450
3,300
291,600
1,700
856,781
243,750
269,150
289,900
71 505
RI 911/1
80 718
OR 855
Totals ex-Cuba
Avararra nx,r mnnth
,
a Great Britain, Spain, France, Norway, Sweden, Italy, Rumania, and Belgium
ex-Katanga. b Japanese production for 1933 reported as blister; 1934 is given in
terms of refined, which includes a certain proportion of scrap. c Cuban copper
admitted to U. S. duty free. d Imports of blister into U. S e Estimated. I Partly
estimated and probably a little too low.
Recovery Movement Makes Further Headway in Steel
Industry-Scrap Further Advances
The "Iron Age" of Dec. 6 stated that trends in the iron
and steel industry are still somewhat mixed, but demand in
Dec. 8 1934
the aggregate has registered another small net gain, lifting
ingot output from 29 to 293 % of capacity. The operating
rate has now had a slow but uninterrupted rise for seven consecutive weeks, and trade opinion, though still exceedingly
conservative, is beginning to lean to the view that a creeping
recovery movement may be getting under way. The "Age"
further stated:
Most responsive to this change in attitude is the scrap market, which has
become buoyant on virtually all fronts. Scrap prices, as measured by the
"Iron Age" index, have risen from $10.33 to $10.92 a ton on the strength
of advances of 25c. a ton at Chicago, 50c. at Philadelphia and $1 at Pittaburgh. The scrap composite is now $1.42 a ton above the low of the year.
reached in late September and early October.
Pig iron production in November was in step with the slow expansion of
steel output, showing a gain of 4%, fatal production was 956,940 tons, as
compared with 951,062 tons in October. while the daily average was 31,898
tons as against 30,679 tons in the previous month. The November gain in
daily rate compares with an October increase of 2;4% over September, the
low month of the year. Though output rose in November, the number of
active blast furnaces declined from 65 to 60.
Pig iron shipments in November showed increases of 15 to 20% at
Detroit and 25% at Cleveland, partly, no doubt, because of heavier consumption by automotive foundries. Manufacturers of heating equipment,
sanitary ware and farm implements have also taken more iron. Indicative
of still larger melt in the near future is a current inquiry from a leading
automobile maker for 75.000 tons of malleable castings.
Though automobile foundries and parts makers generally have been
steadily speeding up their operations, motor car builders themselves have
been exceedingly slow in getting started on new model production. Until
recently steel orders from the automotive trade have come mainly from
parts manufacturers, the purchases of the car builders being limited to
small quantities of material for trial tests on new dies. This week, however,
sees Chrysler's new model program under way in earnest, with the pressure
on suppliers proportionately increased.
Aside from the automotive industry, which should expand its steel
orders steadily from now on, buyers are showing the caution characteristic
of the period preceding year-end inventories. And with the reestablishment of virtually all existing market quotations for the first quarter, there
is no price incentive for replenishing stocks, now well deflated. At the same
time the absence of large stocks in buyers' hands indicates that recent gains
In mill output, mainly without the support of the automobile industry,
have reflected a genuine increase in ultimate consumption.
Rail buying is no nearer than it has been, although a few roads which
have been preparing their budgets have indicated their probable needs.
The Santa Fe's requirements are estimated at 27,000 tons of 112-10. rails
and 3.500 tons of 90
-lb. sections, besides 14,000 tons of track accessories.
The minimum requirements of the Van Sweringen roads are placed at
80,000 tons, of which 40,000 tons will be for the Chesapeake & Ohio,
30,000 tons for the Erie and 10,000 tons for the Nickel Plate. The National
Railways of Mexico has bought 400 freight cars in this country in addition
to the 1.200 ordered from an American equipment builder a fortnight ago.
Tin mill operations continue to hold at 45% of capacity on the strength
of large orders for stock plate and a steady flow of export shipments.
Pressure on public works projects has relaxed since the election and
structural awards and inquiries are light. Lettings, at 3,850 tons, are the
smallest of the year, while new projects call for 11,890 tons. Structural
steel awards for the month of November totaled 64.025 tons, compared with
54,230 tons in October and 41,780 tons in September. Sheet steel Piling
contracts for the week total 26,160 tons, of which 26.000 tons is for the
Grand Coulee dam at Almira, Wash. New steel piling projects require
3,900 tons.
The Navy has allotted 4,420 tons of plates and 1,939 tons of shapes for
vessels to be built in its own yards. The War Department has taken bids
on $2,300,000 worth of machine tools for arsenals and field service stations
and thus far has distributed orders aggregating 8470,856 among 47 manufacturers.
Steel production has risen one point to 19% at Pittsburgh, one-half point
to 34% at Chicago, two points to 34% in the Valleys and two points to
41% in the Cleveland-Lorain district. The Detroit rate is off four Points
to 48%.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $17.90 a ton and 2.124c. a lb. respectively. Wire rods are
now quoted in two classifications, common and combination rods. Bale
ties and poultry fence are priced on a length instead of a net ton basis.
Less-than-carload extras are being applied on merchant wire items for first
quarter shipment. The minimum base size of forging quality billets has
been established at 4 x 4 in., with all smaller sizes classed as bars.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Dec. 4 1934, 2.124e. a lb.
Based on steel bars, beams, tank plates,
One week ago
2.124e. wire, rails, black pipe, sheets and hot
One month ago
2.124o. rolled strips. These products make
One year ago
2.008e. 85% of the United States output.
Low
High
2 199o, Apr. 24
2.008c. Jan. 2
2.015e. Oct. 3
1.887e. Apr. 18
1.977e. Oct. 4
I.9260. Feb. 2
2.037o, Jan. 13
1.9450. Deo. 29
2.273o. Jan, 7
2.018e. Deo. 9
2.317o, Apr. 2
2.2730. Oct. 29
",286c. Dec. 11
2.2170. July 17
2.402o. .130. 4
2.212e. Nov. 1
Pig Iron
Dec. 4 1034. $17.90 a Cross Ton
Based on average of baste iron at Valley
One week ago
817.90 furnace foundry Irons at Chicago,
One month ago
17.00 Philadelphia, Buffalo, Valley, and
One year ago
16.90 Birmingham.
1934
1933
1932
1931
1930
1929
1928
1927
1934
1933
1932
1931
1930
1929
1928
1927
High
$17.90 May 1
16.00 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
818.90 Jan. 27
13.56 Jan, 3
13.58 Dec. 6
14.79 Dec. 15
15.90 Dec. 16
18.21 Dee. 17
17.04 July 24
17.54 Nov. 1
Steel Scrap
Dec. 4 1934, $10.92 a Gross Ton
Based on No. 1 heavy melting steel
$10.33 quotations at Pittsburgh, Philadelphia
One week ago
One month ago
9.71 and Chicago.
One year ago
10.00
Financial Chronicle
Volume 139
High
113.00 Mar. 13
12.25 Aug 8
8.50 Jan. 12
11.33 Jan. 6
15.00 Feb. 18
17.58 Jan, 29
16.50 Dec. 31
15.25 Jan. 11
1934
1933
1932
1931
1930
1929
1928
1927
Low
19.50 Sept.25
6.75 Jan. 3
6.42 July 5
8.50 Dec. 29
11.25 Dec. 9
14.08 Dec. 3
13.08 July
13.08 Nov.22
The American Iron & Steel Institute on Dec. 3 announced
that telegraphic reports which it had received indicated
that the operating rate of steel companies having 98.7%
of the steel capacity of the industry will be 28.8% of the
capacity for the current week, compared with 28.1% last
week, 26.3% one month ago, and 28.3% one year ago.
This represents an increase of 0.7 points, or 2.5%, from the
estimate for the week of Nov. 26. Weekly indicated rates
of steel operations since Oct. 23 1933 follow:
1933
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
1934
Jan. 1
Jan. 8
Jan. 15
Jan. 22
1 193431.6%1Jan. 29
26.1%1Feb. 5
25.2% Feb. 12
27.1% Feb. 19
26.9%1Feb, 26
26.8% Mar. 5
28.3%'Mar. 12
31.5%
34.2% Mar. 26
31.6% Apr. 2
Apr. 9
Apr. 16
29.3% Apr. 23
30.7% Apr. 30
34.2% May 7
32.5%
34.4%
37.5%
39.9%
43.6%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
56.9%
1934
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
56.6%
54.2%
58.1%
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
1934
Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov 12
Nov.19
Nov. 26
Dec. 3
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on Dec. 3, stated:
:
Interrupting steelworks operations last week, holiday influences reduced
the national average 1 point to 28%•
The extent of the rebound this week is expected to indicate whether
operations will resume the slow but steady rise, which began with the
third week in October, or merely hold their own until Christmas week.
In three major districts substantial gains are scheduled.
Except for Thanksgiving day suspensions, sheet mills last week were
operating at 40%. 10 points above the preceding period, and tin plate
production was up 5 points to 45%. Some sheet and strip mills working
on automobile orders experienced the second week of continuous schedules
for the first time since June.
To iron and steel producers, the chief significance in recent expansion
in consumer commitments is that it has developed without any artificial
influence such as preceded practically every other improvement since the
steel code went in effect. Stocks are at an irreducible minimum, prices are
unchanged for first quarter,and demand apparently is gaining momentum.
On further consumer buying, scrap prices have advanced to their highest
level in five months.
Despite the confusion prevailing at Washington between the left and
right wings in administration affairs, the belief prevails that whether
further impetus comes through private or government initiative, or cooperative movement, the postion of the durable goods industries is to be
measurably enhanced.
From now on automobile steel commitments are expected to increase
more rapidly, manufacturers swinging into production on new models,
with Chrysler in the lead and placing the largest steel orders.
At the moment railroad buying is at low ebb, but the carriers are formulating 1935 budgets. Three Van Sweringen lines will purchase 100,000
tons of rails. Santa Fe's expenditures will be two and a half times those of
1934, and this road already is in the market for 31,392 tons of rails and
fastenings. Lehigh Valley is expected to release shortly more than 500
tons of steel for car repairs.
American Bridge Co. has started to fabricate 17,000 tons of structural
shapes for building No. 6 in Radio City, New York, released on a contract
for about 100,000 tons placed several years ago. Shape awards in the
week dropped to 11,175 tons from 25,385 tons in the preceding week.
In the pig iron market the most conspicious feature is the gain in orders
from heating apparatus and sanitary ware manufacturers, whose production
has increased to the highest level in several years through co-operation
with the Government's home renovizing program.
October iron and steel exports-220,209 tons-were 81,121 tons less
than In September. Scrap shipments accounted for most of this loss. dropping 77,999 tons. For 10 months exports are 2.250,846 tons, 125% larger
than in the first 10 last year.
Further expansion in the British iron and steel markets contrasts with
lagging markets on the Continent, according to "Steel's" London cablegram. British rail mills booked substantial orders for South America.
Russia is buying more steel in Poland.
Early solution of financing difficulties with Russia is expected to result
in the release of several rolling mills at Pittsburhg, for which the Russians
have been negotiating for several years. A Pittsburgh builder closed last
week for a rolling mill for Japan. A New York exporter has booked a large
order for ship steel, mainly plates, for an undislosed European interest.
Steelworks operations last week increased ;§-point to 3334% at Chicago,
and 234 to 2754 at Birmingham. They dropped 1 point to 20, Pittsburgh;
134 to 1834, eastern Pennsylvania; 8 to 47, New England. Wheeling was
unchanged at 54, Buffalo 24. Cleveland 48, Detroit 48, and Youngs
town 35.
"Steel's" iron and steel price composite, reflecting the advance in scrap
is up 4 cents to $32.22; the finished steel composite remains $54, while
the scrap index is up 25 cents to $10.29.
Steel ingot production in the week ended Dec. 3, is placed
at about 29% of capacity, the same as the week before,
according to the "Wall Street journal" of Dec. 6. Two
weeks ago the rate was 28%. The "Journal" continued:
There was a comparatively good increase in the early part of the week
covered, but the average for the period was kept down by minor curtailment over the Thanksgiving holiday. An increase has occurred since the
beginning of this week.
U. S. Steel is estimated for the past week at 2534%. compared with 25%
in the previous week and 24% two weeks ago. Leading independents are
credited with a rate of 3134%.against 32% in the preceding week and 31%
two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate
change from the week immediately preceding.
3551
Industry
1933
1932•
1931
1930
1929
1928
1927
28
17
28
39
67
8434
61
+1
+1
-1
-1
-2
+134
-5
U. S. Steel
Harpenden:a
26
+2
16
29
-1,
-:i
45
___
68
-2
8334 +134
63
-5
2934
17%
27
35
65
85
60
+ ii
+1
-234
-2
-3
+1
-4
Ingot
Steel Ingot Production Higher in November
The American Iron and Steel Institute report places steel
ingot production by all companies in November at 1,589,049
tons. This total is an increase of 127,117 tons over the
previous month's output of 1,461,932 tons. In November
1933, 1,521,189 tons were produced. The daily output of all
companies in November, which contained 26 working days,
was 61,117 tons as compared with 54,146 tons for the 27
working days in October. The approximate daily output in
November 1933, in which month there were 26 working
days, was 58,507 tons. Below we show the figures by months
since January 1933:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1933 TO
NOVEMBER 1934
-GROSS TONS
'Reported for 1933 by companies which made 97.82% and for 1934 by companies
which made 99.39% of the Open-Hearth and Bessemer Steel Ingot Production
In 1933.
Month
1933
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
OpenHearth
885,663
922,798
784.111
1,180,823
1,716,425
2,211,652
2,743,326
2,430,663
1,991,204
1,847,690
1.331,029
Bessemer
109.000
126.781
94,509
135,217
216.841
296,765
355,836
370,370
242,014
191,673
156,939
Calculated No.of Approx. Per
Monthly
Cent.
Monthly Work- Daily
Output
Output OperaCompanies Output AU fag
Reporting Companies Days AU Cos. lion a
994,663
1,049,579
878,620
1,316,040
1,933,266
2.508,417
3,099,162
2,801,033
2,233,218
2,039,363
1,487,968
1,016,870
1,073,012
898,236
1,345,422
1,976,428
2,564,420
3,168,354
2.863,569
2.283,079
2.084.894
1,521,189
26
24
27
25
27
28
25
27
26
26
28
39,110 117.99
44,709 20.57
33,268 15.30
53,817 24.76
73,201 33.68
98,632 I 45.37
126.734 '58.30
106,058 148.79
87,811 440.40
80,188 136.89
58,507 126.92
11 mos
Dec
18,045.384 2,295,945 20,341,329 20,795.473 285
129,834 1,759,329 1,798,606 25
1.629,495
72,967
71.944
33.57
33.10
Total
19,674,879 2,425,779 22,100,658 22,594,079 310
72,884
33.53
27
24
27
25
27
26
25
27
25
27
26
72.999
90,951
102,255
115,901
124,174
115,999
58.903
50,495
50,065
54.146
61.117
33.15
41.31
46.44
52.64
56.39
52.68
26.75
22.03
22.74
24.59
27.78
91 145 241 9(120 RAS 22 177 1QR 23 315 443 286
81.537
37.03
1934
Jan
Feb
Mar
Apr
May
June
July
kug
Sept
Oct
Nov
11 Tong
1,786,467
1,993,638
2,540,143
2.622,372
3,000,624
2,714,983
1.343,732
1,245,445
1,126,415
1,325,225
1,447,297
172,489
175,873
203,904
257,482
331,620
282,592
119,869
109,598
117,580
127,789
132,059
1,958,956
2,169,511
2,744.047
2,879,854
3,332,244
2,997,575
1,463.601
1,355,043
1,243,995
1,453,014
1,579,356
1,970.979
2,182,826
2.760,888
2,897.529
3,352,695
3,015,972
1.472,584
1,363,359
1.251,630
1,461.932
1.589,049
a The figures of "percent of operatior" for 1933 are based on the annual capacity
as of Dec. 31 1932 of 67.386.130 gross tons, and for 1934 on the annual capacity as
of Dec. 31 1933. of 68,478,813 gross tons for Open-hearth and Bessemer steel ingots
Steel Payrolls Increased 12% from September to
October According to American Iron & Steel
Institute
Payrolls of the steel industry were higher by $3,581,017
in Oct=193
47Egiin September-an increase of more
than 12%, according to a report released Nov. 30 by the
.
American Iron and Steel Institute, which said:
The October payrolls totaled $32,723,909. as against $29,142,892 for the
preceding month. Although steel operations in October were 50% lees
than a year ago, last month's payrolls were only 17% less'than in October,
1933 when the total was $38,334,978.
Total number of employees in the steel industry was 381,431 in October
1934,about the same as September's total of 381,828. During October 1933,
the industry employed 416,277.
Average number of hours worked per week by employees in October 1934
increased 11% from the month before. Employees averaged 26.8 hours
per week in October, compared with 24.2 hours in September and 32.1 In
October 1933. Average earnings per hour for all employees were 72.3
cents in October 1934; 73.8 cents in September 1934; and 64.8 cents in
October 1933.
Employment records for October and September 1934, are compared with
October 1933, in the following table.
Sept. 1934
Oct. 1934
Oct. 1933
Employees
381.431
381,828
416,277
Payrolls
232,723,909 $29,142.892 138,334,978
Hours per week per employee
32.1
24.2
26.8
Average earnings per hour
73.80
72.3c
64.8e
Operating rate
24.59
22.74
36.89
November Pig Iron Output Up 4%
The "Iron Age" of Dec. 6 stated that production of coke
pig iron in November totaled 956,940 gross tons, compared
with 951,062 tons in October. The daily rate in November,
at 31,898 tons, increased almost 4% over the October rate
of 30,679 tons a day. The "Age" added:
There were 60 furnaces in blast on Dec. 1, making iron at the rate of
29.895 tons a day, compared with 65 furnaces on Nov. 1, operating at the
rate of 31.310 tons a day. Seven furnaces were blown out or banked during
November and two furnaces were put in operation. The Steel Corporation
blew in one, and took two off blast, independent steel companies put one
In and took three off blast, and merchant producers blew out or banked two
furnaces.
Among the furnaces'blown out or banked are the following. One Lackawanna and one Cambria. Bethlehem Steel Co.; the Troy furnace, Troy
Furnace Corp.: one Edgar Thomson, Carnegie Steel Co.; one Monongahela,
3552
Financial Chronicle
National Tube Co.; the Neville Island furnace. Davison Coal & Coke Co..
and one Hasleton, Republic Steel Corp.
The Portsmouth furnace of the Wheeling Steel Corp. and a Fairfield unit
of the Tennessee Coal, Iron & Railroad Co. were blown in.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1929
-GROSS TONS.
1931
1929
January
February
March
April
May
June
First six months_
July
August
September
October
November
December
12 mos.average
1930
111,044
114,507
119,822
122,087
125,745
123,908
119,564
122,100
121,151
116,585
115,745
106,047
91,513
115,851
91,209
101,390
104,715
106,062
104,283
7,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
86,025
1932
1933
1934
55,299
60.950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38.964
37,848
36,782
31,625
50,069
31,380
33,251
31,201
28,430
25,276
20,935
28,412
18,461
17,115
19,753
20,800
21.042
17,615
23,733
18,348
19,798
17,484
20,787
28,621
42,166
24,536
57,821
59,142
50,742
43,754
36,174
38,131
36,199
39,201
45,131
52,243
57,561
65.900
64,338
54,134
39,510
34.012
29,935
30,679
31.898
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
Pig Iron x
1934
1933
Ferromanganese y
1934
1933
January
February
March
April
May
June
1,215,226
1,263,673
1,619,534
1,726,851
2,042,896
1,930,133
568.785
554.330
542,011
623,618
887,252
1,265,007
11,703
10,818
17,605
15,418
10.001
10,097
8,810
8,591
4,783
5,857
5,948
13,074
Half year
July
August
September
October
November
December
9,798,313
1,224,826
1,054,382
898,043
951,062
956,940
4,441,003
1,792,452
1,833,394
1,522.257
1,356,361
1,085.239
1,182,079
75,642
10,188
8,733
7,100
9,830
8.134
47,063
18,661
16,953
13.339
18,943
14,524
9,369
Year
136,762
13,212,785
x These totals do not include charcoal pig iron. The 1932 production of this
Iron was 15,055 gross tons as against 46.213 gross tons in 1931. y Included in pig
iron figures.
•
Total for
No. of
Month
Working
(Net Tons)
Days
Average Per
Working Day
(Net Tons)
Cal. Year
to End of
November
Week Ended
Nov. 24
1934 c
Nov. 17
1934 d
Calendar Year to Dale
Nov. 25
1933
1934
1929
1933 e
Baum. coal
-a
Weekly total 7,223,000 7,265,000 7,320,000 320,616,000 294,092,000 479,492.000
Daily avge.._ 1,204,000 1,275,000 1,220,000 1,130,000 1,057,000 1,723,000
Pa. anthra.-b
Weekly total 951,000 1,050.000 1.398,000 51,990.000 44,264,000 65,284,000
Daily avge__ 158,500 210,000 233,000
237,800
189,400
161,300
Beehive coke
Weekly total
23.300
23,600
23,800
898,300
724,600 6,027.600
21,451
Daily arse__
3,883
3,933
3,967
3,197
2,579
a Includes lignite, coal made Into coke, local sales and colliery fuel. b Includes
Sullivan County. washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised. e Accumulations based on original estimates for the year.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week Ended
State
Nor. 17
1934
Nov. 10
1934
Nov. 18
1933
Noy. 19
1932
Nov. 1923
Average a
Alabama
170,000
174,000
178,000
191,000
Arkansas and Oklahoma
46,000
64,C00
50,000
101,000
Colorado
108,000
137,000 119,000
163,000
Illinois
874,000
870,000 930,000 1,058,000
Indiana
323.000
340,000
359.000
386,000
Iowa
64.000
67,000
88,000
94,000
131,000
Kansas and Missouri
122,000
137,000
182,000
Kentucky-Eastern
625,000
608,000
655,000
659,000
Western
170,000
152,000
177,000 241,000
Maryland
31,000
33.000
33,000
29,000
Montana
54.000
50.000
56,000
74,000
New Mexico
24,000
24.000
30,000
35,000
North Dakota
47,000
44,000
48,000
66,000
Ohio
422,000
466,000
488.000
415,000
Pennsylvania (bituminous) 1,728,000 1,822,000d1,946,000 d1,673.000
Tennessee
88,000
80.000
80,000
68,000
Texas
14,000
14.000
15,000
14,000
Utah
50,000
64.000
74,000
81,000
Virginia
198,000
201,000
160,000
190,e00
45,000
Washington
39,000
36,000
43,000
WestVirginta--Southern_b 1,468,000 1,430,000 1,450,000 1,568,000
460,000
Northern.c
478,000 c1542,000 d440,000
111.000
111,000
117,000
99,000
Wyoming
14,000
15,000
Other States
20,000
20,000
Total bituminous coal
Pennsylvania anthracite
Total coal
C•It.1-4
Nov. 1934 (Preliminary)
Bituminous coal
30,298,000
24.7
1,227,000 325,962,000
Anthracite
4,185,000
24.0
174,400 52,684,000
Beehive coke
98,100
26.0
3,773
917,500
Oct. 1934 (Revised)
Bituminous coal
32,573,000
27.0
1,204.000
Anthracite
4,729,000
26.0
181,900
Beehive coke
75,900
27.0
2,811
Nov. 1933
Bituminous coal
30,582,000
24.8
1,223,000 298,340,000
Anthracite
4,811,000
24.0
200,500 44,975,000
Beehive coke
92.800
26.0
3.569
740.000
Note
-All current estimates will later be adjusted to agree with the results of the
complete Callyafri of production made at the end of the calendar year.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Cl
Preliminary Estimates of Soft Coal Production During
November 1934 Slightly Lower-Anthracite Output
Off 13%
According to preliminary estimates made by the United
States Bureau of Mines, Department of the Interior, bituminous coal output during the month of November 1934
amounted to 30,298,000 net tons, compared with 30,582,000
tons in the corresponding period last year and 32,573,000
tons in October 1934. Anthracite production totaled 4,185,000 net tons, a decline of 13.01% as compared with 4,811,000
tons in November 1933 and a decrease of 11.50% from
the 4,729,000 tons produced in October 1934.
During the calendar year to Nov. 30 1934, estimated
production was as follows: Bituminous coal 325,962,000 net
tons and anthracite 52,684,000 tons. In the corresponding
period last year output was as follows: Bituminous coal
298,340,000 net tons and anthracite 44,975,000 tons. The
Bureau's statement follows:
Dec. 8 1934
Weekly Output of Bituminous and Anthracite Coal
Smaller
The weekly coal report of the United States Bureau of
Mines, Department of the Interior, states that the tots,
production of soft coal during the week ended Nov. 24 is
estimated at 7,223,000 net tons. Compared with the output in the preceding week, this shows a decrease of 42,000
tons, or 0.6%. Production during the corresponding week
of 1933 amounted to 7,320,000 tons.
Anthracite production in Pennsylvania during the week
ended Nov. 24 is estimated at 951,000 net tons, in comparison with 1,050,000 tons in the preceding week, when
there were but five active days. The average daily rate
of output was 24.8% lower than in the week of Nov. 17.
During the week ended N ov.25 1933 output totaled 1,398,000
net tons.
During the calendar year to Nov. 24 1934, 320,616,000
net tons of bituminous coal and 51,990,000 net tons of anthracite were produced. This compares with 294,092,000
tons of bituminous and 44,264,000 tons of anthracite produced in the corresponding period of 1933. The Bureau's
statement follows:
7,265,000 7.405,000 07,665,000 7,895,000 10,878,000
1,050,000 1,033,000 1,317,000 1,091,000 1,896,000
8.315.000 8.438.000 8.982.000 8.986.000 12.774.000
a Average weekly rate for entire month. b Includes operations on the N. & W.:
C. & 0.; Virginian; K.& M.,and B. C.& G. c Rest of State, including Panhandle.
and Grant, Mineral and Tucker counties. cl Revised figures. e Original estimates. No revision will be made in the National total until detailed reports
have been assembled for all districts.
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. 5, as reported by
the Federal Reserve banks, was $2,459,000,000, a decrease of
$5,000,000 compared with the preceding week and of $144,000,000 compared with the corresponding week in 1933.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On Dec. 5 total Reserve bank credit amounted to $2,452,000,000, a
decrease of $8.000,000 for the week. This decrease corresponds with a
decrease of $35,000,000 in member bank reserve balances and increases of
$49,000,000 in monetary gold stock and $9,000,000 in Treasury and National bank currency, offset In part by ,ncreases of $29,000,000 ,n money
In circulation, $43,000,000 in Treasury cash and deposits with Federal
Reserve banks and $14,000,000 in non-member deposits and other Federal
Reserve accounts.
The System's holdings of bills discounted decreased $2,000,000, while a
decrease of$5,000,000 in holdings of United States Treasury notes was offset
by an increase of 15.000,000 In Treasury certificates and bills.
During the week ended Oct. 31 the Secretary of the Treasury made payments to three Federal Reserve banks, in
accordance with the provisions of Treasury regulations
issued pursuant to subsection (e) of Section 13-B of the
Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments will
be made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The
amount of the payments so made to the Federal Reserve
banks is shown in the weekly statement against the caption
"Surplus (Section 13-B)" to distinguish such surplus from
surplus derived from earnings which is shown against the
caption "Surplus (Section 7)."
The statement in full for the week ended Dec. 5, in comparison with the preceding week and with the corresponding date of last year, will be found on pages 3000 and 3001.
Changes in the amount of Peserve bank credit outstanding and in related items during the week and the year ended
Dec. 5 1934 were as follows:
Volume 139
Financial Chronicle
Increase (+) or Decrease (—)
•
SinC6
Dec. 5 1034 Nov. 28 1934 Dec. 6 1933
Bills discounted
10,000.000
Bills bought
6,000,000
U. S. Government securities
2.430.000,000
Industrial advances (not including
$7,000,000 commitments—Dee.5). 10,000,000
Other Reserve bank credit
—4,000,000
Total Reserve bank credit
2,452,000,000
Monetary gold stock
8,161,000,000
Treasury and National bank currency 2,478,000,000
—2,000,000
—6.000,000
—106,000,000
—55,000,000
—1,000,000
+10,000.000
—11,000.000
—8,000,000 —183,000,000
+49,000,000 +4,125,000,000
+9,000,000 +201,000,000
Money in circulation
5 545,000,000 +29,000,000
+74.000.000
Member bank reserve balance;
4,073,000,000 —35,000,000 +1,512,000,000
Treasury cash and deposits with Federal Reserve banks
3,060,000,000 +43,000,000 +2,674,000,000
Non-member deposits and other Federal Reserve accounts
413,000,000 +14.000.000
—97.000.000
Returns
of Member Banks in New York City and
Chicako—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks also that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." Beginning with the
report for Oct. 24 1934, the statement was revised to show
separately loans to brokers and dealers in New York and
outside New York, loans on securities to others, acceptances
and commercial paper, loans on real estate, and obligations
fully guaranteed both as to principal and interest by the
United States Government. The new form of statement
however, now only shows the loans to brokers and dealers
for their own account in New York and outside of New
York, it no longer being possible to get the amount loaned
to brokers and dealers "for account of out-of-town banks"
or "for the account of others," these last two items now
being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account,"including the
amount loaned outside of New York City, stood at
$639,000,000 on Dec. 5 1934, an increase of $63,000,000
over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
CENTRAL
RESERVE CITIES
New York
Dec. 5 1934 Nov. 28 1934
Dec. 8 1933
3
Loans and investments—total
7,186,000,000 7,064,000.000 6.733,000.000
Loans on securities—total
1 463,000,000 1,390,000,000 1,630,000,000
To brokers and dealers:
In New York
Outside New York
To others
587,000,000
52,000,000
824,000,000
Acceptances and commercial paper
Loans on real estate
Other loans
U. S. Government direct obligations-2,891,000,000 2,841,000,000 2.249,000,000
Obligations fully guaranteed by U. S.
Government
273,000,000 272,C00,00011,117.000,000
Other securities
0 937,000,000f
940.000,00
Reserve with Federal Reserve bank
Cash in vault
1 355.000,000 1,463.000,000
47,000,000
52.000.000
Net demand deposits
Time deposits
Government deposits
6 490 000,000 6,497,000,000 5,185,000,000
603,000,000 625,000,000 732,000.000
425,000,000 420,000,000 349,000,000
Due from banks
Due to banks
70,000,000
58.000,000
71,000,000
1 713,000,000 1,650,000,003 1,117,000,000
731,000,000
40,000,000
Borrowings from Federal Reserve Bank.
Loans and investments—total
Chicago
1,546,000,000 1,535,000,000 1,173,000,000
Loans on securities—total
To brokers and dealers:
In New York
Outside New York
To others
Acceptances and commercial paper
Loans on real estate
Other loans
+76,000,000 +1,092,000,000
Loans on securities—tote,
3,017,000,000
+19,000,000
—552,000,000
To brokers and dealers:
In New York
Outside New York
To others
660,000,000
155,000,000
2,202,000,000
+6,000,000
+4.000,000
+9,000,000
+32,000,000
—8.000.000
—576.000,000
Acceptances and commercial paper 452,000,000
Loans on real estate
979,000,000
Other loans
3,257,000,000
—14,000,0001
—2.000,000
+11,000,000
—311,000,000
U.S.Government direct obligations 6,715,000,000
Obligations fully guaranteed by the
United States Government
555,000,000
Other securities
2,789,000,000
+41,000,000 +1.601.000.000
Reserve with F. R. banks
Cash in vault
3,108,000,000
281,000.000
—90,000,000 +1.244.000.000
+10,000,000
+50,000,000
13,627,000,000
4,392,000,000
749,000,000
+64,000,000 +2.876,000,000
—30,000,000
—18.000,000
—32,000.000
—68.000,000
1,585,000,000
3,923.000,000
—37,000,000 +450,000,000
—70,000,000 +1,277,000,000
Net demand deposits
Time deposits
Government deposits
26,000,000
23,000,000
181,00(1,000
26,000,000
21,000,000
183,000,000
17,000,000
47,000,000
271,000,000
Borrowings from F. R. banks
69,000,000
20,000,000
222,000,000
66,000,0001
20,000,000 328,000,000
219,000,000
482,000,000
37,000,000
298,000,000
78,000.0001 214,000,000
225,000,000
369.000,000
42,000.000
1 520,000,000 1,513,000,000 1,030,000.000
364,000,000
363,000,000 344,000,000
28,000,000
28,000,000
30,000.000
158,000,000
447,000.000
158,000,000
435,000,000
181,000,000
265,000,000
Increase (-I-) or Decrease (—)
Since
Nov. 29 1933
Nos. 21 1934
Loans and Investments—total_ _. 17,764,000,000
Due from banks
Due to banks
486,000,000
37,000,000
Nov. 28 1934
335,000,000
Reserves with Federal Reserve Bank
Cash in vault
Borrowings from Federal Reserve Bank_
17 1934 the statement was revised to show
separately, and by Federal Reserve districts, loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed,both
as to principal and interest by the United States Government. In view of the new classification of loans the memorandum items heretofore appearing at the botton of the
statement of condition of reporting member banks in New
York City, relating to loans on securities to brokers and
dealers, have been eliminated from that statement. The
figures as published in this statement do not include loans
to brokers and dealers by New York banks for account of
non-reporting banks and for account of others. Figures for
such loans will be published monthly in the "Federal Reserve
Bulletin."
230,000,000
897,000,000
Due from banks
Due to banks
'5' Oct.
230,000,000
.
U. S. Government direct obligations— _ 699,000,000
Obligations fully guaranteed by U. S.
Government
78,000,000
Other securities
228,000,000
Net demand deposits
Time deposits
Government deposits
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Nov. 28 shows increases for the
week of $76.000.000 in total loans and investments and $64,000.000 in
net demand deposits, and decreases of $30,000,000 in time deposits $32.000.000 in Government deposits and $90,000,000 in reserve balances with
Federal Reserve banks.
Loans on securities to brokers and dealers in New York increased $6.000,000; loans on securities to brokers and dealers outside New York district increased $4,000.000; and loans on securities to others increased
$11,000,000 in the New York district and $9,000,000 at all reporting
member banks. Holdings of acceptances and commercial paper declined
$8,000.000 in the New York district and $14,000,000 at all reporting member banks; real estate loans showed little change for the week; and "other
loans" increased $16.000,000 in the Cleveland district, $6,000,000 in the
New York district and $11,000,000 at all reporting banks, and declined
$7.000,000 each in the Boston and Atlanta districts.
Holdings of United States Government direct obligations increased $29.000,000 in the New York district. $8,000,000 in the San Francisco district.
$5,000,000 in the Cleveland district and $41,000,000 at all reporting member banks; holdings of obligations fully guaranteed by the United State;
Government increased $7,000,000 in the New York district and $6,000,000
at all reporting banks; and holdings of other securities increased $23,000,000
In the New York district and $15,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of 61,188.000.000 and net demand, time and Government deposits of 51,314,000.000 on Nov. 28,
compared with $1,190,000,000 and $1.282,000.000. respectively, on Nov. 21.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now include in the statement, together
with changes for the week and the year ended Nov. 28 1934, follows:
525,000,000 562,000,000
51,000,000
43,000,000
814.000,000 1,025,000.000
223,000,000 228,000,0001
134,000,000 133,000,000{1,737,000,000
1 262,000,000 1,263.000,0001
3553
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Irgerve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Nov. 28.
3,000,000
+6,000,0001 +354,000.000
+15,000,000J
+1,000,000
—22.000.000
International Wheat Conference Ends in Failure as
Argentina Refuses to Continue 1933 Pact Provisions—Control of World Production Now Doubtful
The International Wheat Conference at Budapest ended
Dec. 1 with no record of practical accomplishment, since
Argentina categorically refused to continue to adhere to
provisions of the 1933 Wheat Pact, and as a result there is
no assurance as to the future control of world wheat production and trade. The most recent reference to the Conference
was contained in our issue of Nov. 24, page 3231. Despite
pressure from the United States, Canada and Australia,
as well is by the Danubian Nations, R,odolfo Garcia-Arias
oflArgentina on Dec. 1 told the Conference that Argentina
3554
Financial Chronicle
would not be bound by the Pact since the principle of acreage
reduction, which was the basis of allotments, was a failure
this year. Associated Press advices from Budapest on
Dec. 1 summarized the results of the Conference as follows:
Not only are quotas for the current year out of the question now, but
later information revealed that a new program to base future quotas on
demand instead of production had not been definitely formulated.
The members of the big four are not expected to get together again until
January in London, when six months of the crop year will have passed.
The matter of future quota bases was discussed when Argentina refused
the draft ofthe agreement to maintain the acreage reduction of the past year.
Only a general statement regarding these discussions is being submitted
to the big four governments with the request that they decide whether this
plan will be acceptable as a subject for discussion during the London sessions.
Meanwhile decision on all amendments proposed for the Wheat Pact—
two-year extension of quarterly quotas, quota reserve and reallocation
of this year's quotas, and acreage reduction for the next two years—was
indefinitely postponed.
The most hopeful outlook of the delegates now is that the big four can
come to some understanding in January and that the next wheat conference, set for March 5 1935, may approve the amendments, before the next
planting season in April and May gets under way.
Senor Garcia-Arias had been under tremendous pressure for two weeks
on all sides, although it was known Canada and Australia also were dissatisfied with the 1933 pact.
Because of the temporary relief brought by the world-wide drouth, the
cry among traders against a continuation of government control and abandonment of the pact was a likely result of the conference, but it was Argentina's statement of her position which forced the issue into the open.
President Rolph of Imperial Bank of Canada Declares
Redistribution of Products of Wor d Is Needed
Rather Than Redistribution of Gold and Silver—
In Annual Address Says Endeavor Will Be to Cooperate With Bank of Canada—General Manager
Phipps Regards World's Affairs on Way to Better
Times
Pointing out that "what we appear to suffer from throughout the wor d at the present time is not over-production of
any one product, but lack of methods of distribution," Frank
A. Rolph, President of the Imperial Bank of Canada, in
addressing the annual meeting of the bank on Nov. 28, at
Toronto, added:
Here again readjustment is necessary, not a redistribution of gold and
silver, but a redistribution of the products of the world so that the surplus
products of one country are made available for the needs of the others. It is
a complex problem—a problem of first magnitude, but one which is in process of being solved. While this process may be slow we will have to exercise
patience and do our part toward that readjustment and redistribution which
is essential for the world's welfare.
Preceding the above remarks, President Rolph took occasion to state that "the political situation in Europe is causing
a great deal of uncertainty throughout the business world and
the disturbances which have been taking place, together with
the rumours of further troubles to come, are retarding business development along international lines." In part he
continued:
Dec. 8 1934
GenerallManager A.IE. Phipps addressing the meeting
said:
Last year I ventured the opinion that we were slowly emerging from the
condition in which we found ourselves two years ago and I think that all of
you will agree that the prediction was a happy one and proved to be correct.
It is true that business slows up a little from time to time but it goes forward
again and each time the wave comes a little higher up the shore and while
the time of waiting is wearying and tries our patience I still am confident
that barring any major disturbances in the world's affairs we are really on
our way to better times.
Referencelto the annual report of the bank appeared on
page 3428 of our issue of Dec. 1.
Canada Recovering Without Control of Industry or
Economic Experiments Says Sir Charles Gordon,
President of Bank of Montreal—States However
That Both Canada and United States Must Undertake Unemployment Legislation—Comments on
Co-ordination of Railway Systems—Remarks of
General Manager Bog
•
Sirrharles Gordon, President of the Bank of Montreal,
addressing the bank's stockholders at their annual meeting
on Dec.3, said thatiCanada has moved forward consisteary
on the road to recovery, and added that one of the principal
reasons for the Dominion's progress was that it had not
sought a panacea in the control of industry or in economic
experiments. Sir Charles observed:
The wisest course for us to follow is to give single-minded devotion to
reviving business by the methods which experience has shown to be fundamentally sound and not to interfere with the improvement under way
by applying new and untried theories and enacting hampering legislation.
If those who are prone to criticize what is called the capitilistic system
would look around in Canada and observe what private initiative is accomplishing everywhere, they would in all fairness have to admit that it is
doing its full part in laying anew the foundations of prosperity.
Among the problems still facing Canada he cited unemployment, and referring to the legislation on this subject
now functioning soeffectively in Great Britain, he said:
Legislation to deal with this whole subject will have to be undertaken
--
by the Governments of Canada and the United States. Otherwise the
problem will get out of hand and it will be impossible to control the proper
expenditures of the vast sums which are being voted for the purpose of
unemployment relief.
Reviewing economic conditions in Canada, Sir Charles
said:
Trade and industry presented a brighter picture than had been the
case for several years past as most of the basic industries had shown progressive betterment during the year, some of them to a remarkable extent.
Canada has moved forward consistently on the road to recovery and
it is instructive to seek reasons why this progress has been more steady
and more pronounced that that of many other countries. Among the
reasons I think we must count the fact that we have not been so ready
as have some others to seek a panacea in the control of industry or in
economic experiments of one kind and another. phik k, 11
•IP
He referred to the example of Great Britainwhose returning prosperity constituted an inspiring object lesson, remarr:
ing that the people there had made a united effort to promote
For a considerable period of time, and especially within the past 20 years.
changes have taken place throughout the world, gradually evolving better
business and in this single-minded objective had side-tracked
conditions for the underprivileged classes. A most drastic form of change
extraneous reforms and experiments.
is still
took place in Russia by means of revolution and the ultimate result
Sir Charles referred to the serious deficits of the National
In doubt. Italy, accepting a powerful dictator, is far better off than she was
but how long she can continue along present lines is still to be determined.
System of Railways, saying this was the biggest leak in
Germany is trying a different method, so drastic it may bring disastrous
the country's finances and the greatest deterrent to Canada's
results. In the United States President Roosevelt's policy is working a
recovery. Holding that railways competing with each other
which we hope is going to be beneficial, but the situation is
readjustment
so involved at the present time that we cannot foresee the final outcome.
could never succeed in adopting a common policy to meet
We are hoping for the beet. In Great Britain the same process is under way
the many forms of competition, he advocated as a first step
but along democratic lines with the co-operation of the people, and under
the co-ordination of the two great railway systems of Canada
sound legislation. This is bringing the best results of any of the European
countries. All these readjustments aim at betterment, especially for the
and as a second step the regulation of all forms of transportaworking and underprivileged classes.
tion under a Federal Board of Transportation Commissioners.
With regard to Government expenditures President Rolph
As to the outlook for the coming year he said there were
said:
many reasons which justified a hope for a continuation
A few moments ago I mentioned the cost to the taxpayers of Canada
of the betterment witnessed during the past year but they
inlconnection with one item of Government expenditure, namely the mainmust not forget that as Canada's position was largely that
tenance of the Canadian National Railways. This is only one of the services
for which we are paying too much. I am not a politician—never have been
of an exporter, conditions in other countries must have a
matter is, we have altogether too
and hope never to be—but the truth of the
great bearing on conditions there.
much government In this Canada of ours. We need a Federal Government.
W. A. Bog, General Manager of the bank, who also
but we do not need more than half of the Provincial Governments we have.
We do need a certain amount of municipal administration, but we have four
addressed the shareholders, remarked that Canada was
order and
or five times what is required for the maintenance of law and
particularly interested in sterling and the United States
the other essential services required for carrying on the necessary business
of governing a people. I am not finding fault with any particular admindollar being stabilized and said it did not appear that satisistration, Federal. Provincial or Municipal, at the present time. I merely
factory stabilization could be achieved on any other basis
throw out the very general remark that we have altogether too much of it.
than a gold standard. He referred to the much needed
and ability than I have will devise
I hope somebody with more knowledge
some means ofsuggesting to the people of Canada a Government,or Governstimulus which has been given by the Ottawa agreements
ments, which will be adequate without having it as cumbersome, unweildy
to the export of agricultural products, pointing out that
and expensive as what we are laboring under, in its different forms, in
whereas the United States in 1920-21 took 38% of Canada's
Canada to-day.
Mr. Rolph in his reference to the Bank of Canada stated exports of raw farm products and Great Britain .25%, in
that "now that the Bank of Canada is established in Canada, 1933-34 Great Britain's share was 63% and that of the
United States a mere 7% of the total. He added:
it is up to us to support it." He added:
The views expressed at our last annual meeting, regarding the establishment of a Central Bank, have not changed, but we feel that we may congratulate the Government on the appointment of Mr. Towers as Governor
of thelBank, and of Mr. Osborne, Secretary of the Bank of England, as
Deputy-Governor. Under these two gentlemen we should have a wise and
fair administration, and so far as this bank is concerned we will endeavour
o_co-operate with them.
Although Canada's unfavorable balance on merchandise account with
the United States was reduced from $311,000,000 in 1920-30 to $44,000,000
in 1933-34, this trend is now in process of being reversed and the unfavorable
balance with the United States is rapidly rising as compared with last
year. The discount on the American dollar and the high tariff against
our agricultural products impede the free flow of goods across the frontier,
to our disadvantage.
Volume 139
Financial Chronicle
He referred to Canada's banking system as one of the
factors that had prevented the depression there reaching
the low levels experienced in many other countries and
remarked that evidence of the confidence in the Bank of
Montreal held abroad was to be found in the fact that the
number of shareholders of the bank residing outside of
Canada had increased during the past year by over 300
and since 1929 by more than 800.
The annual statement 9f the bank was referred to in
our issue of Dec. 1, page 3427.
France and Germany Sign Agreement Covering Problems Arising After January Plebiscite in Saar
Basin—Germany to Pay 900,000,000 Francs in
Compensation for Mines and Credits—Premier
Laval of France Pledges Adherence to League
Decision Based on Voting
France and Germany on Dec. 3 signed an agreement which
is expected to settle the principal problems of the Saar
Basin, whose inhabitants on Jan. 13 will participate in a
plebiscite to decide whether they shall become French, return
to German allegiance, or remain under the jurisdiction of
the League of Nations. The agreement, which was signed
by the French and German Ambassadors to Rome during a
final meeting of the League Saar Plebiscite Committee,
covers a wide range of financial, economic and political
questions that will arise after the plebiscite. The financial
and economic portion of the agreement includes a commitment by Germany to pay France 900,000,000 French francs
as settlement for the Saar mines when they are returned to
Germany, as well as for all other French credits in the Saar.
There is also outlined a plan covering the manner in which
payments are to be made so that the transfer of so large
an amount would not seriously embarrass Germany. France
has agreed to accept 11,000,000 tons of coal in part payment.
A dispatch from Rome to the New York "Times" gave
further details of the agreement as follows:
It should be added, however, that a divergence of opinion exists on this
last point. German circles in Rome are unanimous in declaring that
delivery of the 11,000,000 tons of coal is to be not in part payment of the
900,000,000 francs but in addition to that sum. According to the same
sources, France will be permitted to use the Warndt pit, the entrance of
which is in France, although its coal Is under Saar territory. This concession will continue for five years, or until 11,000,000 tons of coal have
been extracted.
The political part of the agreement consists of an undertaking by Germany
In which she promises:
1. To extend to the non-voting population of the Saar the same guarantees
accorded to the voting population by an undertaking signed in Geneva on
June 4.
2. To respect all rights acquired by Saarlanders in regard to social
insurance, &c.
3. To extend to the whole Saar population regardless of race, religion
or political belief full guarantees against persecution or reprisals of any
sort for a specified period, believed to be one year.
Committee Member Pleased
Senor Lopez Olivan expressed satisfaction that the Committee should have
been able to go beyond the task entrusted to it by the League Council and
submit not only recommendations as to what should be done after the
plebiscite, but also a definite agreement between the two powers chiefly
interested.
He declared the agreement should be highly instrumental in dissipating
the widespread apprehensions concerning the possibility of complications
resulting from the plebiscite. He particularly underlined the cordial cooperation and conciliatory spirit displayed by the French and the German
experts, which had enabled them to reach with comparative ease a full
understanding on so thorny a subject.
Pierre Laval, French Foreign Minister, declared on Dec. 1
that the Saar issue does not concern France alone, but is
essentially international and could be settled only by the
League. He indicated that in no event would France oppose
the League's decision, based on the results of the January
plebiscite. On the preceding day (Nov. 30) M. Laval suggested that Germany and Chancellor Hitler join the proposed Eastern European pact of mutual assistance, thus
proving the Chancellor's affirmations that 'his principal
desire is for peace.
Germany to Control All Credit Deals Under New Law—
Dividends Held to 6%—Excess to Be Deposited in
"Forced Loan Fund" in Gold Discount Bank—
Number of Stock Exchanges in Germany Reduced
Under one of several bills passed on Dec. 4 by the German
Cabinet, extending the Government's control over economics
and finance, all credit activities and transactions hereafter
will be subjected to the control of a Reich supervisory
Board and a sharp differentiation will be made between the
money and the capital markets. A cablegram from Berlin
to the New York "Times," noting this stated that while
the provisions of the new law have not yet been made public,
it is announced that credit transactions will hereafter cease
to be a function of private initiative. In part the cablegram also said:
3555
Another measure limits cash dividends to 6% and provides that any
excess be diverted to a forced loan fund to be administered by the Gold
Discount Bank. The maximum cash dividend allowed to corporations
that paid more than 6% last year will be 8%. The law further provides
that excess earnings shall not constitute assets or property of the respective
companies.
Schacht's Hand Strengthened
The position of Dr. Hjalmar Schacht as economic dictator of Germany
was greatly strengthened at least for the present by a new law that makes
the man who is already President of the Reichsbank and Economics Minister
also the controlling head of the newly created Reich Economic Chamber,
in which are united all German business organizations and chambers of
Industry. commerce and trade.
The new law bears the cumbersome title, "First Ordinance for the Execution of the Law for the Preparation of the Organic Reorganization of the
German Economy." It is supposed to conclude this reorganization. ,4..
Reduction in Number of Stock Exchanges
Among other laws passed by the Cabinet was one reducing the number
of Stock Exchanges in Germany from 21 to 9. A statement of the Economic
Ministry says that more rapid means of communication have made many
exchanges unnecessary and that the number of districts that constitute
genuine economic units is now small.
The exchanges at Koenigsberg in East Prussia, Magdeburg. Stettin and
Zwickau are to be abandoned in January. The Augsburg Exchange is
to be united with that in Munich, the Bremen and Lubeck Exchanges with
that in Hamburg, those in Chemnitz and Dresden with the one in Leipzig,
the Essen and Cologne Exchanges with the one in Duesseldorf and the
Mannheim Exchange with that in Frankfurt
-am-Main.
The Cabinet also approved a law authorizing the Reich to take over
unexploited mineral deposits and timber lands, and empowered the Prussian
Geological Survey to make a search of German territory for such natural
assets.
Copyright protection, which up to now has been valid for 30 years after
the death of the author or composer, is extended to 50 years after death.
Another law provides for amelioration of the enforcement of judgments,
especially in reference to evictions for unpaid rents. This measure was
largely inspired by recent episodes involving public attacks on landlords and
Property owners for alleged maltreatment of tenants.
Complete Control over German Prices Lodged with
Dr. Karl Goerdeler
Absolute power over Germany's prices was on Nov. 21
placed in the hands of Dr. Karl Goerdeler,recently appointed
Commissar for Prices. Associated Press, advices from Berlin
on that date said:
A government decree divided the nation into districts, with leaders in
each responsible to Dr. Goerdeler, and made his dictatorship over the
amounts Germany will pay for what she has to buy complete.
Fines of 1,000 marks were threatened for concerns that change prices.
The decree, which implemented Dr. Goerdeler's appointment on Nov. 5,
declared that the "economic unity of the Reich must remain guaranteed
In the matter of price control."
Two sections of the Nazi party's economics division have been detailed
to investigate prices. The whole populace is invited to submit information
to them on how much they pay.
Earlier advices (Nov. 13) from Berlin stated that the
decree provides that any agreement by business syndicates
fixing or affecting prices is subject to Dr. Goerdeler's approval, as well as the marketing of new trade-mark articles
through which governmental price regulation might other
wise be circumvented.
Netherland Bankers Extend 100,000,000 Guilder Loan
to Belgium—Repayment of Reserve Bank Credit
to Belgium
A syndicate of Dutch bankers, headed by Mendelssohn &
Co., has granted a loan of 100,000,000 guilders to the Belgian
Government, to meet treasury requirements, it was stated
in the "Wall Street Journal" of Dec. 4,from which we also
quote:
This is the second time in the past year that the house of Meadelsaohn
has headed a banking syndicate for a loan to a foreign government. Last
March. the French Government received a credit of 100,000,000 guilders to
tide the French Treasury over a difficult period of tax collections. The
loan was repaid at the end of six months.
Like the loan to the French Government. the current issue has a potential
life of one year. In its essence, the operation consists of the purchase of a
block of 90
-day Treasury bills issued by the Belgian Government, which
has the option of renewing the bills three times. Like the French loan, also.
the bills carry 4% interest and contain a strict gold clause.
Announcement of the loan caused Belgian exchange to soar in the foreign
exchange market. In New York, spot belgas closed at $.2347, up 7 points
on the day, effectively shutting off, for the time being, possibility of further
losses of gold to New York. The belga was firm against all the other
European gold currencies because of the belief that the guilders borrowed
by the Belgian Government will be sold in order to buy belgas. On the
other hand, the future quotations on the other gold currencies stiffened,
because it is expected that the Belgian Government will buy forward foreign
exchange as it buys belgas in order to make preparations for payment of the
loan on maturity.
Incident to the above loan, it is noted that the Federal
Reserve System's foreign loans on gold, extended in November to assist Belgium in the defense of her currency, were
completely paid off in the week ended Dec. 5, the system's
report for that period, published Dec. 6, showed. From the
New York "Times" of Dec. 7 we also quote:
The repayment apparently reflected the prompt use by Belgium of some
of the funds obtained last Monday from a syndicate of Dutch bankers,
because no gold was received here in the week from Belgium. The loans
reached a high point of $15,765,000 on Nov. 14, and were reduced to
$3,050,000 by Nov. 28 through the application of gold imports from Belgiuxr
shipped here in the period.
3556
Financial Chronicle
The reported credit to Belgium by the Federal Reserve
Banks was referred to in our issue of Nov.24, page 3232.
Method for Payment of Young Loan Coupons Detailed
by German Consulate General
Under date of Dec. 2 the German Consulate General in
New York gave out the following information with regard to
payment of the Young Loan (German Government 5%
International Loan of 1934) Coupons which were due Dec.
1 1934:
On June 30 1934. the German Government has discontinued the transfer
of the interest payments of the long term Government Loans. Previous to
that date the German Government had in the usual way already provided
the Bank for International Settlements, as trustees of the Young Loan,
with funds for one month. Therefore the service of all coupons, due Dec. 1
1934 has been provided for In foreign exchange at 1-6 of their face value.
After this partial payment has been effected, the coupons served at 1-6
of their face value will be perforated with the words. "1-6 paid."
I. Service of Coupons Outside of Germany
A. Payment in Foreign Exchange—It is provided by special agreements
with Great Britain, France, Switzerland, Holland, Belgium. Sweden and
Italy, that the holders of coupons who meet the requirements laid down in
these agreements shall be served in foreign exchange also for the remaining
5-6 of the amount of the coupons.
B. Payment in Reichsmark—The holders of coupons which are not covered
by said agreements and therefore cannot be served fully in foreign exchange
shall be entitled to receive payment in Reichsmark upon delivery of the
the
coupons. The use of these Reichsmark amounts shall be governed by
credits
same rules as have been established for the use of the Reichsmark
October
deriving from the non-transferable part of the payment of the
coupons of the Dawes Loan. In this way the holders of the Young Bonds
so far
coupons have also been given the possibility to receive payment in
as it lies in Germany's power.
as
The details of the procedure of payment have been decided upon
follows:
the
In order to obtain payment of the remaining 5-6 in Reichsmark,
coupons after being paid at 1-6 in foreign exchange should be presented at
either
the office of the Reichshauptbank fuer Wertpapiere, Berlin SW. 11.
directly or through the medium of a bank.
a Reichsmark account to be
Reichsmark thus paid will be credited to
and
established with the Treuhandgesellschaft von 1933 m. b. H. in Berlin
Reichsbank.
can be disposed of by the holders with permission of the
Generally this permission will be granted for the following purposes:
quoted on
1. For the purchase of German securities (bonds and stocks)
German Exchanges and payable in Reichsmark. and for long-term loans.
land charges
2. For investment in mortgages and
the
3. For the purchase of real estate or other propeity approved by
Reichsbank.
visits in Germany.
4. For the payment of travel expenses for temporary
The office of the Reichshauptbank fuer Wertpaplere will render a receipt
von
for the coupons to parties presenting same. The Treuhandgeselischaft
1933 m. b. H. will credit the holder with the Reichsmark amount outstanding on the coupon and render a credit advice.
II. Service of Coupons in Germany
Upon presentation in Germany, the holders of coupons who are nonforeigners in the meaning of the German Foreign Exchange Laws will
receive payment in Reichsmark. The holders who are foreigners in the
meaning of these laws are entitled to receive 1-6 in free Reichsmark and 5-6
in the form of Reichsmark credit as described above under I, B.
_1I
For the trading and sale of the coupons which have been redeemed at
1-6, the same principles will apply as for the unredeemed coupons. The
balances with the Treuhandgeseltschaft von 1933 m. b. H. are also transferable.
United States Government Protests to Japan Against
Manchukuo Oil Monopoly—Similar Action by
Great Britain
The United States Government on Dec. 1 delivered to
Japan a formal note of protest against the establiahment
of an oil monopoly in Manchukuo. This was the third American note on this subject, the two earlier having been delivered to Tokio on July 7 and Aug. 31. The British Government sent a similar protest on Nov. 24. A copyright
cablegram from Tokio, Dec. 1, to the New York "Herald
Tribune" said that these notes will probably be the last
on the subject, and in the future the British and American
Governments may take some further action in the matter.
The dispatch mentioned then continued:
The new American note, it is understood, rejects the Japanese contention
Washthat foreign merchants had better deal directly with Manchukuo.
Co.,
ington points out that four-fifths of the capital of the Manchukuo Oil
at
which controls the monopoly, is Japanese. This company is capitalized
sub5,000,000 yen ($1,450,000), of which 2,000,000 yen ($580,000). was
by a group of four
scribed by the South Manchuria Railway, 2,000,000 yen
leading Japanese oil refining companies, and only 1,000,000 yen ($290,000)
by the Manchukuo Government.
are
The provisions of the treaties which the United States contends
Nine.
violated by the ebt.blishment of an oil monopoly are Article 3 of the
and
Power Pact, Article 15 of the Chinese-American treaty of 1844,
Article 14 of the Chinese-French treaty of 1858, all of which prohibit
monopolies in China.
United States Warns Japan Abrogation of Washington
and London Treaties Will Mean Naval Race—
Norman H. Davis Declares We Will Not Accept
Demands for Parity—First Public Pronouncement
of American Policy Since Beginning of London
Conversations
If Japan persists in her demands for naval parity with the
United States and Great Britain, and abrogates the Washington and London naval treaties, the world will be forced
into a costly naval race, Norman H. Davis, heading the
Dec. 8 1934
American delegation to the naval conversations in London,
declared on Dec.6 at a luncheon of the Association of American Correspondents in London. Mr. Davis's declaration
was considered of paramount importance in view of the fact
that Japanese spokesmen have continued to assert that Japan
will denounce the Washington treaty, with its 5-5-3 ratio,
and also because it was the first public pronouncement of
American naval policy since the conversations started.
Ambassador Fernand Pilo, of France on Dec. 1 had informed
the Japanese Foreign Minister, Koki Hirota, that France
would refuse to associate herself with abrogation of the
Washington naval treaty. Italy was expected to make a
similar reply to Japan.
Mr. Davis, in his address, said that the United States
would advocate the continuance of the principles of the two
naval treaties. He referred to the Washington conference
as one that "put an end to a ruinous naval race," establishing
"a sound basis for peace in the Pacific and the Far East."
We quote below, m part, from his address, as given in
London Associated Press advices of Dec. 6:
Only by the maintenance of the system of equality of security, with proportionate reductions downward of naval strength if possible, can there be
maintained the substantial foundation for security and peace which has
thus been laid.
Abandonment now of the principles involved, would lead to conditions
of insecurity, of international suspicion, and of costly competition, with no
real advantage to any nation.
Great Britain, Japan and the United States discovered at the Washington
conference, he explained, that it was impossible to reach an agreement
through academic discussion of a nation's naval needs or what it required
to satisfy its national pride.
Through cooperation, Mr. Davis declared, the nations concerned in promining peace in the Far East and Pacific reacned agreements which "established an equilibrium of political and economic rights and made possible
naval limitation on the basis of essential equality of security."
"No nation," he said, "attempted to impose its will on the others, but
each was willing to contribute something substantial to the achievement of
the ends desired."
The United States, Mr. Davis recalled, voluntarily scrapped warships
which would have given it naval primacy.
The essence of the Washington treaty was equality of security. Mr.
equality of
Davis asserted, and an attempt to replace that principle with
armament would nullify that security.
"The United States favors a progressive reduction in naval armaments,"
he said, "In accordance with the principles established in the Washington
and London treaties and, under Instructions from the President. I have
to be
proposed a substantial all—around reduction In naval armaments
effective in such a way as not to alter the relative strengths or to jeopardize
these treaties.
the security of the participating nations as established by
"Failing agreement upon any reduction, I have made known we would
the
nevertheless be prepared to abide by the Washington treaty and renew
London treaty with only such modifications in detail as circumstances
thereto."
require and meet the whole-hearted support of the other parties
Exchange Rate for Dollars
Nicaragua In
The official rate of exchange for dollars has been increased
in Nicaragua from 1.02 to 1.10 cordobas to the dollar,
effective November 26, according to information from
American Charge d'Affaires Allen Dawson, at Managua,
made public by the Department of Commerce on Nov. 30.
Unemployment Said to Have Been Virtually Eliminated
in Chile by Reduction of Peso's Gold Content—
S. R. Wharin Finds Industries Thriving
Chile has apparently gone far in solving the economic
problems of the world depression, Sidney R. Wharin, manager of International Business Machines Corporation's
Chilean organization, said on Nov. 30 in a statement issued
at New York City, before leaving for Europe. Mr. Wharin
said that there is virtually no unemployment in Chile at the
present time, while internal trade is brisk and there is a
steady influx of new industries. The present reduced gold
value of the peso, he said, has been responsible for the
elimination of most unemployment, since the former jobless
are now occupied with washing gold from the numerous existing deposits. The statement discussed current Chilean
industrial conditions as follows:
The nitrate industry has liquidated the major part of its accumulated
stocks and is operating steadily. The copper mines are operating at a
high rate and some are expanding. By raising the peso prices of imported
goods and at the same time creating a favorable labor situation, the exchange situation has stimulated the establishment of a number of small
industries, such as the manufacture of wool textiles, storage batteries, electric light bulbs and glass bottles.
Building construction is very active, much of it being reinforced concrete construction, even for the smaller residences. Aside from the stimulation received through the unemployment insurance fund, construction has
been accelerated by a law granting ten years of tax exemption to new
buildings completed before 1935.
Chile has a considerable farming population and is increasing its exports of melons, beans and onions principally, he added.
There is a wide use of office and retail store equipment and the shopping
district of the capital, Santiago, looks like a city of the United States,
with modern architecture, good window dressing and the latest developments in store fronts.
According to Mr. Wharin a plan of unemployment insurance, whereby each employee contributes 5% of his
salary and the employer contributes another 5% to an in-
Volume 139
Financial Chronicle
surance fund, has been very successful in the years in which
It has been in force, relieving a great deal of distress which
otherwise would have existed.
Restriction of Exchange by Brazil—Great Britain Said
of
to Plan Protest on Allocation of Funds
The Banco de Brasil announced on Dec. 3(said Associated
Press advices from Rio de Janeiro) that, effective immediately, it will not grant sterling exchange for imports from
Great Britain and will grant only 46% of dollar exchange on
imports from the United States.
The intention of Brazil to carry out her new plans for
alocation of foreign exchange, was indicated on Dec. 6 by
Finance Minister Arthur Costa, despite reports that the
British Government plans to protest. This was made known
in a cablegram Dec. 6 to the New York "Times" which
further said:
Toe new system provides that the funds available each day for meeting
import drafts shall be allocated to foreign nations on the basis of their
coffee
purchases from Brazil. Great Britain, who purchases no Brazilian
coffee,
is said to be studying the juridicial grounds for a protest.
One London dispatch, commenting on the fact that the United
States
will receive 46% of the available exchange under the plan,likens this to
the
position of Great Britain under the trade treaty negotiated with Argentina
in 1932. American bankers at that time asserted that Britain had threatened to stop her purchases of Argentine beef unless preferred status
was
accorded to her.
Marcos Souza Dantas, exchange director of the Bank of Brazil, declared
the fall of one to two points in Brazilian bond quotations on the London
market should not be attributed to the new exchange regulations.
He
pointed out that provision was made for the retention of .C8,000,000 from
the proceeds of Brazil's export bills for the service of her foreign debt.
Some doubt is expressed in dispatches from New York as to just how the
new exchange regulations will work out. It is pointed out that 15% of the
total available foreign exchange, after the deduction of debt service charges,
Is released to the open market. Foreign exporters receive 60% of the
amount of their bills from the Exchange Office and are required to
purchase
the remaining 40% of their coverage in the open market.
If this procedure is followed,it Is stated,the amount available to American
exporters on the basis of coffee sales will exceed the present total of
American export bills. The question arises, therefore, whether American exporters will be able to obtain exchange to the full amount of their
bills
from the Exchange Office without resort to the open market.
United States Ambassador Hugh S. Gibson conferred to-day with Foreign
Minister Macedo Soares. It was stated that their conversation concerned
the new exchange regulations.
Buenos Aires (Argentina) Bonds Refunded in London
Another loan conversion, the third for the current year,
has been effected by the Argentine Government in the London
market, said Buenos Aires advices Dec. 5 to the New York
"Journal of Commerce," which added that the reoffering,
made by Baring Bros. and Morgan, Grenfell, converted the
5% Port of Buenos Aires extension loan with an amortization
rate of .1% into 4 % bonds with an amortization rate of
one-half of 1%.
The loan was originally £4,601,000. of which E3,399,000 were
still outstanding. The latter amount was offered at 92, a very
satisfactory price
as compared with two previous conversion offerings at 90% and
90, respectively.
This conversion operation removes the last of Argentina's 5% sterling
issuesfrom the London market,and will result in a yearly saving of
1.350.000
pesos (about 8450,000, at the official rate of exchange) for the Argentine
Government.
The increase of 1)4 points in the issue price as compared to the last
conversion offering in the London market presents a striking commentar
y of
the appreciation by foreign investors of Argentina's faithful compliance
in
her commitments, made possible through a steady reduction in
public
expenditures.
New Austrian Conversion Loan—Participation by Italy
A new loan for Austria, with Ita y participating to the
extent of 131,500,000 lire (approximately $11,177,500 at
current exchange), was announced on Dec. 1 by Finance
Minister Guido Jung. Associated Press advices on that date
from Rome said:
The loan, in which it was understood other nations were participatin
g,
is for conversion of an existing loan. It runs for 25 years and bears
interest
at the rate of 434%. The Italian Government guarantees 20)i% of
the
capital and interest of the Italian portion of the loan.
At the same time to-say's newpapers said that the Austrian Government
,
through the Bank of Italy, would pay off at par obligations of the
19231943 loan circulating in Italy on July 1 1935, after which date no interest
will be paid on the old paper.
Portion of External Sinking Fund 6% Gold Bonds,
Issue of 1925, of Argentine to be Purchased for
Sinking Fund
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine Nation external sinking fund 6% gold
bonds, issue of June 1 1925, due June 1 1959, that $444,064
in cash is available for the purchase for the sinking fund of so
many of these bonds as shall be tendered and accepted for
purchase at prices below par. Tenders of such bonds, with
subsequent coupons attached, should be made to the fiscal
agents, at a flat price, below par, before 3 p. m. Dec. 31.
If tenders so accepted are not sufficient to exhaust available
•
3557
moneys additional purchases upon tender, below par, may
be made up to March 1 1935.
Tenders Invited by Chase National Bank, New York,
for Purchase Through Sinking Fund of $303,302
of Argentine External Sinking Fund 6% Gold
Bonds of 1924
The Chase National Bank of the City of New York, acting
for the fiscal agents, is inviting tenders for the sale to it of
Government of the Argentine Nation external sinking fund
6% gold bonds of 1924 series B, due Dec. 1 1958, at a price
below par, in an amount sufficient to exhaust the sum of
$303,301.95 available in the sinking fund. Tenders of such
bonds, it was stated, with coupons due on and after June 1
1935 will be received at the Trust Department of the bank,
11 Broad St., up to 12 o'clock noon, Jan. 2 1935.
$99,874 of External 6M% Bonds ot 1924 of Buenos Aires
(Argentina) to be Purchased Through Sinking
Fund—Tenders Invited by Kidder, Peabody & Co.
Kidder, Peabody & Co., New York, as fiscal agents for
city of Buenos Aires external 64% bonds of 1924, series 2-B,
are inviting tenders of the bonds, at prices not exceeding par,
sufficient to exhaust a sum of $99,874 now held in the
sinking fund. Tenders will be received until the close of
business Dec. 12.
Part Payment of Dec. 1 Coupons by Porto
Alegre
(Brazil) on 40
-Year 8% Sinking Fund Gold Bonds—
Rulings on Bonds by New York Stock Exchange
Ladenburg, Thalmann & Co., New York,as special agents,
are notifying holders of city of Porto Alegre (United States
of Brazil) 40
-year 8% sinking fund gold bonds, external loan
of 1921, that pursuant to decree of the Chief of the Provisional Government of the United States of Brazil, known
as Presidential Decree No. 23829,funds have been deposited
with them on behalf of the city of Porto Alegre sufficient to
make a payment in lawful currency of the United States of
America of 173 % of the face amount of the coupons due
,
Dec. 1 1934, on the above bonds, amounting to $7 for each
$40 coupon and $3.50 for each $20 coupon. The special
agents further announced:
Acceptance of such payment is optional with holders of these bonds and
coupons, but, pursuant to the terms of the decree such payment,if
accepted,
must be accepted in full payment of such coupons and of claims for
interest
represented thereby. Holders of Dec. 1 1934 coupons may obtain payment
upon presentation and surrender of their coupons for final cancellation
.
No present provision has been made for coupons maturing Dec.
1 1931 to
Dec. 1 1933, but they should be retained for future adjustment.
The following announcement of rulings on the bonds by
the New York Stock Exchange was issued on Nov. 30 by
Ashbel Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Nov. 30 1934.
Notice having been received that payment of $7 per $1.000 bond
will be
made on Dec. 1 1934 on City of Porto Alegre guaranteed 40
-year 8%
sinking fund gold bonds, external loan of 1921, due 1961. on surrender
of
the Dec. 1 1934 coupon:
The committee on Securities rules that beginning Dec. 1 1934, the said
bonds may be dealt in as follows:
(a) "With Dec. 1 1931 and subsequent coupons attached";
(b) "With Dec. 1 1931 to Dec. 1 1933, inclusive (ex June 1 1934
and
Dec. 11934) and June 1 1935 and subsequant coupons attached";
That bids and offers shall be considered as being for bonds under
option
(a) above, unless otherwise specified at the time of transaction: and
That the bonds shall continue to tbe dealt in "flat."
ASHBEL GREEN, Secretary.
Rio Grande do Sul (Brazil) Pays 20% of Dec. 1 Coupon
on 6% External Sinking Fund Gold Bonds Due
1968—New York Stock Exchange Rules on Bonds
White, Weld & Co., New York, special agents, are notifying holders of State of Rio Grande do Sul (United States of
Brazil) 6% external sinking fund gold bonds due July 1
1968, that funds have been received with which to pay
20% of the dollar face amount of the coupons due Dec.
1
1934 at the rate of $6 for each $30 coupon. This payment,
if accepted, shall be in full payment and satisfaction
of these
coupons, it was stated. Such payment will be made upon
surrender of the coupons to White, Weld & Co., 40 Wall
St.
Ashbel Green, Secretary of the New York Stock Exchange
,
made known as follows on Nov.30 rulings affecting the
bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
Dec. 5 1934.
Notice having been received that payment of
$6 per $1,000 bond is now
being made on State of Rio Grande do Sul 6%
external sinking fund gold
bonds of 1928. due 1968, on surrender of the
Dec. 11934, coupon:
The Committee on Securities rules that beginning
Dec. 6 1934 the said
bonds may be dealt in as follows:
(a) "With Dec. 1 1931 and subsequent coupons
attached";
Dec. 8 1934
Financial Chronicle
3558
(b) "With Dec. 1 1931 to Dec. 1 1933, inclusive (ex June 1 1934 and
Dec. 1 1934) and June 1 1935 and subsequent coupons attached":
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary,
Dec. 1 Coupons on 7% Bonds of Consolidated Municipal
Loan of Rio Grande do Sul (Brazil) Being Paid
-Rulings
at Rate of $7 for $35 and $3.50 for $17.50
by New York Stock Exchange Affecting Bonds.
The Chase National Bank, New York, as special agent.
is notifying holders of State of Rio Grande do Sul (Brazil)
-Year 7% sinking fund
Consolidated Municipal Loan 40
gold bonds, due June 1 1967, that funds have been received
with which to pay 20% of the face value of the coupons due
Dec. 1 1934, amounting to $7 for each $35.00 coupon and
$3.50 for each $17.50 coupon. This payment, if accepted,
the special agent announced, shall be in full payment and
satisfaction of these coupons. Such payment will be made
upon surrender of the coupons for cancellation at the Corporate Agency Division of the Chase National Bank, 11
Broad Street.
The following announcement was issued by the New York
Stock Exchange Dec. 5, through its Secretary, Ashbel
Green:
NEW YORK STOCK EXCHANGE
Committee on Securities
principal amour t and accrued interest to June 1 1935. A
notice issued Nov. 27 by the fiscal agents said:
The bonds called for redemption will become due and payable on June 1
1935 and will be paid on or after that date at the Trust Department of
Guaranty Trust Co. of New York, 140 Broadway, upon presentation and
surrender thereof with the Dec. 1 1935 and all subsequent coupons attached.
The coupons due June 1 1935 should be detached and presented for payment in the usual manner. Pursuant to the contract of Nov. 15 1927
interest on said bonds will cease on June 1 1935.
Market Value of Stocks Listed on New York Stock
Exchange Dec. 1, $33,888,023,435, Compared with
$31,613,348,631 Nov. 1-Classification of Listed
Stocks
As of Dec. 1 1934, there were 1,186 stock issues aggregating 1.304,936,095 shares listed on the New York Stock
Exchange, with a total market value of $33,888,023,435.
This compares with 1,188 stock issues aggregating 1,305,416,543 shares listed on the Exchange Nov. 1 with a total
market value of $31,613,348,531 and with 1,203, stock
issues aggregating 1,313,378,729 shares with a total market
value of 832,319,514,504 Oct. 1. In making public the
Dec. 1 figures on Dec. 4, the Exchange said:
As of Dec 1 1934, New York Stock Exchange member total net borrowings on collateral amounted to $831,115,348. The ratio of these member
total borrowings to the market value of all listed stocks on this date was
therefore 2.45%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings on
all listed shares and their market value.
Dec. 5 1934.
now
Notice having been received that payment of $7 per $1,000 bond is
40
being made on State of Rio Grande do Sul consolidated municipal loan
year 7% sinking fund gold bonds,due 1967, on surrender of the Dec. 11934,
coupon:
The Committee on Securities rules that beginning Dec. 6 1934, the said
bonds may be dealt in as follows:
(a) "With Dec. 1 1931 and subsequent coupons attached";
(b) "With Dec. 1 1931 to Dec. 1 1933, inclusive (ex June 1 1934 and
Dec. 1 1934) and June 1 1935, and subsequent coupons attached";
option
That bids and offers shsll be considered as being for bonds under
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
As of Nov. 1 1934 New York Stock Exchange member
total net borrowings on collateral amounted to $827,033,416.
The ratio of these member total borrowings to the market
value of all listed stocks on that date was therefore 2.68%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
National Sugar Exporting Corporation Invites Tenders
of Cuba Sugar Stabilization Sinking Fund 534%
Secured Gold Bonds
National Sugar Exporting Corporation, it was announced
Dec. 3, is notifying holders of The Republic of Cuba Sugar
Stabilization Sinking fund 53 % secured gold bonds, due
Dec. 1 1990, that it is inviting tenders of these bonds at a
price not exceeding the principal amount and accrued interest
in an amount sufficient to exhaust the sum of $200.000 now
on deposit with the Chase National Bank of the City of
New York. Tenders will be received up to 3 p.m., Dec. 11
1934, at the Chase National Bank, 11 Broad Street, New
York, or at its office at 86 Aguiar Street, Havana, Cuba.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, Iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable. tel. and radio)
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad.....,
Foreigncompanies (incl. Cuba & Can.)
Redemption by Finland March 1 1935 of Outstanding
Bonds of 7% External Loan Due 1950
The Republic of Finland issued a formal call on Dec. 3,
through the National City Bank of New York, for redemption, at par, of the outstanding bonds of its 7% external
loan due 1950. The redemption will be made as of March 1
1935. Recent announcement was made by the Republic of
the calling for redemption on Feb. 1 1935, also at par, of
5% external loan bonds in the amount of $13,450,000;
reference to the previous announcement was made in our
issue of Dec. 1, page 3400. As to the 7% bonds it was
stated:
of $10,There are $8,774,000 of the 7s outstanding of the original issue
the
000,000 sold in March 1925 at 94 and interest by a group headed by
low as 35 in
old National City Co. These bonds, incidentally, sold as
1931.
Both the 534s and the 7s represent total redemptions announced recently, it was said. The Republic last week
marketed $10,000,000 of 4% serial notes in connection with
its redemption program, which will benefit by the current
low cost of prime investment funds. We gave reference to
this offering also on page 3400 of our issue of Dec. 1.
External 5% Sinking Fund Gold Bonds due 1967 of
Norway Municipalities Bank to Be Redeemed June 1
1935
Holders of Kingdom of Norway Municipalities Bank
(Norges Kommunalbank) external 5% sinking fund gold
bonds, due Dec. 1 1967, are being notified by the Guaranty
Trust Co., New York, as successor fiscal agent, that pursuant to a contract dated Nov. 15 1927, between the Norway
Municipalities Bank and White, Weld & Co. and the National
Bank of Comme:ce in New York, the Norwegian Bank will
redeem all bonds of this issue now outstanding at their
Nov. 1 1934
Dec. 1 1934
Markel
Value
$
2,401,906,782
783,807,231
3,907,175,658
311,502,507
838,292,740
2.440,939,271
269,077,889
426,889,994
164,578,626
32,415,593
1,213,063,266
1,068,447,262
3,892,369,804
230,072,725
2.036,254,423
3,594,207,841
1,338.917,806
201,521,794
1,434,013,614
926,444,657
2,406,073,694
162,882,040
167,242,481
289,426,779
8,991,427
29,661,361
73,427,177
220,543,165
1,670,846,785
19,245,410
613,745,108
714,038,527
Aver.
Price
Market
Value
Aver.
Price
22.59
14.26
52.73
19.86
20.50
32.95
26.66
35.89
11.24
6.55
24.65
19.37
20.42
14.51
32.88
31.24
34.50
16.89
20.64
9.59
64.86
16.97
7.98
27.54
4.29
8.19
13.08
37.17
64.51
18.98
18.28
19.41
$
2,082,194,040
713.534,192
3,614,359,873
258,894,215
725.070.181
2,286,045,895
231,632,042
366,264.445
144,556,387
30,292,896
1,071,737,605
1,036,755,101
3,704,904,420
201,532,061
1,866,425,397
3,407,077,849
1,121,707,262
179,779,333
1,472,921,738
932,716.824
2,426,670,537
157,559,634
128,410,175
259,747,605
5,916,297
25,637,333
70,208,362
208,567,341
1,551,557,741
17,393,199
606,280,572
706,997,979
19.58
12.98
49.32
16.52
17.73
30.78
22.92
30.79
9.93
6.12
21.96
18.59
19.35
12.71
39.14
29.61
28.91
15.07
21.20
9.66
65.41
16.41
6.13
24.71
2.83
7.08
12.50
35.12
59.91
17.15
1806
19.20
33,888,023,435 25.97 31,613,348,531 24.22
All listed stocks
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Exchange:
Market
Value
1932Oct. 1
Nov. 1
Dec. 1
1933Jan, 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Average
Price
$26,734,828,668
23,440,661,828
22,259,137,174
120.39
17.86
16.96
22,767,636.718
23,073,194,091
19,700,985,961
19,914,893,399
26,815,110,054
32,473,061,395
36,348,747,926
32,762,207,992
36,669.889,331
32,729,938,196
1933
Nov. 1
Dec. 1
1934Jan. 1
17.35 Feb. 1
17.71 Mar. 1
15.20 Apr. 1
15.41 May 1
20.73 June 1
25.10 July 1
28.29 Aug. 1
25.57 Sept. 1
28.42 Oct. 1
25.32 Nov. 1
Ilan 1
Market
Value
Average
Price
330.117,833,982
32,542,456,452
$23.30
25.13
33,094,751.244
37.364,990,391
36,657,646,692
36,699,914,685
36,432,143,818
33,816,513,632
34,439,993,735
30,752,107,676
32,618,130,662
32,319,514,504
31,613,348,531
RR 555 022 433
25.59
28.90
28.34
28.37
28.13
26.13
26.60
23.76
24.90
24.61
24.22
25.97
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Dec. 1 1934
The following announcement, showing the total market
value of listed bonds as of Dec. 1 1934, was issued by the
New York Stock Exchange on Dec. 5:
As of Dec. 1 1934, there were 1,575 bond issues aggregating $44,144.total
316,392 par value listed on the New York Stock Exchange, with a
market value of $39,665,455,602.
This compares with 1,579 bond issues aggregating $44,082,890,380 par value, listed on the Exchange Nov. 1 1934, with
a total market value of $39,405,708,220.
In the following table, listed bonds are classified by
governmental and industrial groups, with the aggregate
market value and average price for each:
Nov. 1 1934
Dec. 1 1934
Market
Value
Aver.
Price
Market
Value
Aver.
Price
$
5
5
19,812,064,816 102.77 19,592,072,607 102.54
U. S. Government
4,638,149,025 84.83 4,690,765,639 84.57
Foreign Government
51,642,282 90.38
51.941.019 90.91
Autos & Accessories
67,334,699 96.25
67,980.252 97.17
Financial
86,793.333 89.97
89,923,692 93.22
Chemical
45,889,995 77.63
48,353,403 81.80
Building
62,596,225 97.11
63,137.722 97.95
Electrical Equipment Mfg
218.539.505 100.74
221,625,499 102.16
Food
141,181,775 92.89
145,578,843 95.78
Rubber & Tire
50,877,234 64.18
52,035,594 65.64
Amusement
12,063,326 30.57
12,292,413 31.16
Land & Realty
32,792,572 45.24
34,750,415 47.94
Machinery & Metals
155.958,957 67.66
156,636,393 68.28
Mining (excluding iron)
532,074,154 97.17
506,464,541 97.48
Petroleum
63,123,219 72.45
63,999,643 73.77
Paper & Publishing
21,200,540 78.06
21.322,127 79.89
Retail Merchandising
7,983,716,977 73.87 7,925.641,449 73.42
Railway & Equipment
365,887,853 85.21
378,606,492 88.24
Steel, iron and coke
8,554,107 56.10
8,810,749 57.78
Textile
1,848,088,703 98.06 1,852,812.396 98.28
Gas and electric (operating)
166,778,828 72.19
163,582,273 70.87
(holding)
Gas and electric
Communication (cable, tel. and radio) 1,088,364,868 105.46 1,081,989,884 104.84
388,705,629 68.36
400,398,355 68.78
Miscellaneous Utilities
20,089,308 95.75
20.928,548 99.75
Business and office equipment
15.357,518 45.36
15,994,880 47.24
Shipping services
11,409,645 45.24
12,311,489 48.82
and operating
Shipbuilding
6,000.173 101.50
6,059.288 102.50
Miscellaneous businesses
897,600 100.00
718,080 80.00
Leather and boots
88,832,049 113.47
114.57
89,694,874
Tobacco
194,753,721 46.74
201,040,166 48.28
U. S. companies operating abroad __ _
Foreign companies (incl. Cuba and
1,460,884,46 70.74 1,453,091,998 70.01
Canada)
this year represented a decrease of $4,496,031 from the
Sept. 29 total of 31,529,447.
The report for Nov. 30 shows that demand loans during
the month amounted to $557,742,348, which contrasts with
the Oct.31 total of $546,491,416, while time loans on Nov.30
totaled $273,373,000 against $280,542,000 at the end of
October. The report indicates that $46,039,138 of Government securities were pledged as collateral for the borrowings
during November, against $44,262,450 in October. The
report, issued by the Exchange Dec. 4,follows:
collateral,
New York Stock Exchange member total net borrowings on
30
contracted for and carried in New York, as of the close of business Nov.
1934, aggregated $831.115,348.
The detailed tabulation follows.
Time
Demand
1. Net borrowings on collateral from New York banks$494,721,299 $270,486,000
trust companies
or
2. Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the City 63,021,049 • 2,887,000
of New York
$557,742,348 $273,373,000
Combined total of time and demand borrowings, $831,115,348.
collateral for
Total face amount of "Government securities" pledged as
the borrowings included in items (1) and (2): $46,039,138.
In the report
The scope of the above compilation is exactly the same as
ssued by the Exchange a month ago.
39,665.455,602 89.85 39,405.708,220 89.39
MI listed bonds
The following table, compiled by us, eves a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Market
Value.
1932Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1933Jan 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Market.
Value.
Average
Price.
$38,615,339,620
40,072,839,336
40.132,203.281
39.517,006,993
38,095,183,063
74.27
77.27
77.50
76.38
73.91
31,918,066.155
32,456,657,292
30,758,171,007
30,554,431,090
31,354,026,137
32,997.675,932
33.917.221.869
34,457.822.282
35,218.429,936
77.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
84.63
1933
Oct. 1
Nov. 1
Dec. 1
1934
Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
neo 1
Average
Price.
34,513,782.705
33,651,082,433
34,179,882.418
83.00
82.33
81.36
.34,861.038,409
36,263,747,352
36,843,301.965
37,198.258,126
37,780,651,738
38,239,208.987
39,547,117.863
39,473,326.184
39,453,963,492
38,751,279,426
39,405,708,220
83.34
88.84
88.27
89.15
90.46
90.17
90.80
89.79
88.99
88.27
89.39
20 ARA <IAA 509
RR AA
Futures Trading in Potatoes Voted by New York
Produce Exchange-Market to Be Opened in Near
Future
At a meeting held Dec. 6, the Board of Managers of the
New York Produce Exchange voted to adopt the recommendation of a special committee to open a market for trading
in potato futures. The opening of trading, the Exchange
stated, is planned for the near future. As to the purposes
of the market the Exchange said:
The Potato Futures Market on the New York Produce Exchange is
established for the benefit of the potato grower, the country dealer, the
distributor, the banker and the trading public for all who are interested in
the growing, marketing and developing the trade in potatoes. Also to
provide an improved and modern marketing medium for this Important
commodity'and to supply a stabilizing influence on the price level.
The Exchange further announced:
A contract of potatoes calls for delivery of 30,000 pounds of potatoes,
equal in grade to United States Grade No.1 packed in 100 pound new burlap
bags, delivered in cold storage warehouse licensed by the New York Produce
Exchange, warehouse located in the port of New York. Delivered at sellers
option during the month specified in the contract as provided by the rules of
the New York Produce Exchange.
Trading Is conducted in the current montkand the 11 succeeding months.
Unit of price per 100 pounds. Price changek are registered in multiples of
one cent per 100 pounds.
The daily fluctuations of the price range shall be within a maximum of
50 cents over and a minimum of 50 cents under the previous day's closing
price.
Commission Rates
For each contract of 30,000 pounds of potatoes for the round turn (purchase and sale) based on the price at which the contract originated, the
following commissions are charged:
$10.00
Selling at a price up to and including 4.00 per 100 pounds
15.00
At 4.01 to 6.00 inclusive per 100 pounds
20.00
per 100 pounds
At 6.01 to 8.00 inclusive
25.00
At 8.01 and above per 100 pounds
Increase of $4,081,932 During November in Outstanding
Brokers' Loans Reported by New York Stock
Exchange-Total Nov. 30 of $831,115,348 Compares
with $827,033,416 Oct. 31-Government Securities
in Amount of $46,115,348 Pledged as Collateral
Following four consecutive monthly decreases outstanding
brokers' loans on the New York Stock Exchange increased
$4,081,932 during November from 27,033,416 Oct. 31 to
$831,115,348 Nov. 30. As compared with Nov. 30 1933 the
loans show an increase of $41,885,809. The Oct. 31 figure
http://fraser.stlouisfed.org/
1
Federal Reserve Bank of St. Louis
3559
Financial Chronicle
Volume 139
Below we give a two-year compilation of the figures:
1932Nov.30
Dec. 31
1933
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1934
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.29
Oct. 31
Nov.30
Demand Loans.
$213,737,258
226,452,358
Time Loans.
5123,875,300
120,352,300
Total Loans.
$337,612,558
346.804.658
255,285,758
222,501,556
207,601.081
207,385.202
398,148,452
582,691,556
679,514,938
634.158,695
624.450,531
514,827,033
544.317,539
597,953.524
104.055,300
137,455,500
103,360,500
115.106.986
130.360,986
197,694.564
236.728.996
283,056,579
272.145,000
261.355.000
244,912.000
247.179.000
3.59.341.058
359,957,056
310.961.581
322.492,188
528,509,438
780,386.120
916.243,934
917.215,274
896.595.531
776.182,033
789.229,539
845,132,524
626,590.507
656.626,227
714,279,548
812,119,359
722,373.686
740,573,126
588.073.826
545,125.876
531.630,447
546,491,416
557,742,348
--.....-
276,484,000
281,384,000
267,074.400
276,107,000
294,013.000
341,667,000
334.982,000
329,082,000
299,899,000
280.542.000
273,373,000
903.074,507
938.010,227
981,353.948
1,088.226,359
1,016.386,689
1,082.240.126
923,055.826
874,207,876
831.529.447
827,033.416
831,115,348
Members of Hartford (Conn.) Stock Exchange Not
Permitted to Indicate Affiliation With Exchange
in Advertising and Literature
From the Hartford (Conn.) "Courant" of Nov. 29 we
take the following:
they must cease
Hartford Stock Exchange has written to members that
in their adverto use the term "members of the Hartford Stock Exchange"
1. This is because
tising, literature and office stationery effective Dec.
present as an "over
the members have decided that they will trade for the
which the exchange
counter market." The temporary exemption under
has operated recently expires at midnight Friday.
Exchange
To qualify as a recognized stock exchange the Hartford Stock
into effect the
would have to engage in regular trading sessions, putting
exchange. Before
technique and mechanics incidental to a regular stock
the regulations condoing so the local dealers prefer to await publication of
regulations are
cerning operations in over counter markets. When these
Exchange's future
Promulgated a final decision as regard the Hartford Stock
will be reached.
In our issue of Nov. 24 (page 3235) we noted that the
Hartford Stock Exchange had withdrawn its application for
Exchange Act.
exemption from the Securities -_
0
Twelve Exchanges Exempt from Registration Under
Securities Exchange Act Until Jan. 1-Extensions
of Temporary Exemption Also Granted by SEC to
Honolulu, Manila, and Philippine Stock Exchanges
. The Securities and Exchange Commission on Nov. 30
extended the temporary exemptions granted to 12 securities
exchanges on Sept. 28 until Jan. 1, in order to afford time
within which to complete hearings on applications for
exemption, to permit the filing of reports on such hearings,
and the consideration of such reports by the SEC.
Reference to the exemption granted by the SEC on Sept. 28
was given in our issue of Oct. 6, page 2127. An announcement issued Nov. 30 by the SEC said:
The SEC has ordered that the temporary exemption from registration
as national securities exchanges of the following exchanges be extended until
Jan. 1 1935,subject to the terms and conditions contained in Release No. 11,
dated Sept. 28 1934. unless, in the case of any such exchange, the SEC shall
otherwise determine, after appropriate notice and opportunity for hearing.
Richmond Stock Exchange.
Chicago Curb Exchange.
San Francisco Mining Exchange.
Colorado Springs Stock Exchange.
Seattle Mining Exchange.
Louisville Stock Exchange.
Seattle Stock Exchange.
Milwaukee Or. and Stk. Exchange.
Standard Stk. Exch. of Spokane.
Minneapolis-St. Paul Stock Exch.
Wheeling Stock Exchange.
Reno Stock Exchange.
The SEC also announced on Nov. 30 that it had extended
until Jan. 1 1935, the temporary exemption of the Honolulu,
Manila, and Philippine stock exchanges from filing applies,
tions for registration as national securities exchanges or
exemption, subject to the terms and conditions contained in
3560
Financial Chronicle
Release No. 32, dated Oct. 31 1934. A previous extension
of time for these exchanges to register,from Nov. 1 to Dec. 1,
was referred to in our columns of Nov. 10, page 2916.
Rules Adopted by SEC for Temporary Registration on
Merged Exchanges of Securities Originally Registered
The Securities and Exchange Commission announced
Dec. 3 that it has adopted rules establishing the procedure
for the temporary registration on merged exchanges of
securities originally registered pursuant to Rules JE1 and
JE2. The new rules follow:
Rule JE9. Temporary Registration on Merged Exchange
s of Securities
Originally Registered Pursuant to Rule JE1.
(a) Any security originally registered pursuant to Rule
JE1 on an
exchange which is absorbed by a national securities exchange
may be granted
temporary registration on the latter exchange pursuant
to Section 12(e)
without coinpllance with the provisions of Section 12(b),
(c) and (d) upon
the following conditions:
(1) That the person who applied for temporary registrati
on of the
security under Rule JR1 on the exchange
absorned
successor to such person, shall file with thewhich was exchange, or the
absorbing
at least
two signed duplicate originals and such further duplicate
exchange shall require of(A) a consent to registration of theoriginals as tne
security on the
absoroing exchange, and (B)an agreement to comply with the
rules and regulations of the SEC and of the ansorning
the original application were for temporarexchange to the same extent as of
y
on of the
the absoroing exchange. The consent and registratit may security upon
agre9men
be included in a
single document.
(2) That the absoroing exchange shall file with the SEC,
on behalf of
such person, one of the signed duplicate originals
of such consent and
agreement.
(3) That the absorbing exchange shall file with the SEC (A) a statemen
t
In triplicate, at least one copy of which shall be signed
and attested in behalf
of the absorbing exchange,setting forth the terms under which
such exchange
has absorbed or is to absorb the exchange upon which
such security was
registered pursuant to Rule JE1, and setting
absorption has taken place or is to take place,forth theadate on which such
and (B) request signed and
attested in behalf of the abosring exchange for the temporar
y registration
of such recurity.
(b) Unless denied by order of the SEC. registration of security
a
on an
exchange pursuant to this rule shall become effective on
whichever of the
following dates is the latest:
(1) The seventh day following the date of the receipt by
the SEC of the
consent and agreement required by subdivisions (1)
and (2) of paragraph (a)
of tnis rule; or
(2) The seventh day following the date of the receipt by the
statement and request required by subdivision (3) of paragrap SEC of the
h (a) of this
rule; or
(3) The date of absorption by the absorbing exchange of the exchange
on
which such security was originally registered pursuant
to Rule JE1.
(c) Securities registered pursuant to this rule shall
for all purposes be
considered securities registered pursuant to Rule JE1 and
Rule JE4 and shall
be governed by and subject to all provisions of the
Act and all rules and
regulations of the SEC and of the Federal Reserve Board
and of the absorbing exchange in the same manner and to the sme
extent as if originally
granted temporary registration on the absorbing
exchange pursuant to
Rule JE1 and Rule JE4.
Rule JE10. Temporary Registration on Merged Exchange
s of Securities
Originally Registered Pursuant to Rule JE2.
(a) In addition to the provisions of Rule JE9, any
security originally
registered pursuant to Rule JE2 on an exchange which
is absorbed by a
national securities exchange may be granted temporary
registration on the
latter exchange pursuant to Section 12(e) upon condition
that the absorbing
exchange shall file with the SEC (A) a statement in triplicate
, at least one
copy of which shall be signed, and attested in behalf
of the absorbing
exchange, setting forth the terms under which such
exchange has absorbed
or is to absorb the exchange upon which such security was
registered pursuant to Rule JE2, and setting forth the date on which
such absorption has
taken place or is to take place, and (B) a request signed
and attested in
behalf of the absorbing exchange for the temporary registrati
on of such
security:
(b) Unless denied by order of the SEC, registration of security
a
on an
exchange pursuant to this rule shall become effective on whicheve
r of the
following dates is the later;
(1) The seventh day following the date of
statement and request required by paragrapthe receipt by the SEC of the
h (a) of this
(2) The date of absorption by 013 absorbing exchange ofrule: or
the exchange on
which such security was originally registered pursuant to Rule JE2.
(c) Securities registered pursuant to this rule shall for all purposes
be
considered securities registered pursuant to Rule JE2 and Rule JE4 and shall
be governed by and subject to all provisions of the Act and all rules
and
regulations of the SEC and of the Federal Reserve Board and of the absorbing exchange in the same manner and to the same extent as if listed on such
exchange at the time its registration as a national securities exchange
became effective and as if originally granted temporary registration on such
exchange pursuant to Rule JE2 and Rule JE4.
Rules JE1, JE2 and JE4, referred to in the foregoing new
rules, were given in our issue of Aug. 18, page 1016.
Chesapeake Corporation Seeks to Issue $18,000,000
Bonds—Files Registration Statement with Securities and Exchange Commission
A registration statement for a new issue of $18,000
,000 of
Chesapeake Corporation bonds to be used to refund
the
unpaid balance currently outstanding of a certain bank debt
of the company has been filed, on Form A-1, with the
Securities and Exchange Commission. The bonds are
designated 10-year 5% convertible collateral trust bonds.
.The bank debt now outstanding amounts to $18,000,000
The following banks are participants in this debt in the
following amounts:
Bankers Trust Co
Chase National Bank of the City of New York
First National Bank or the City of New York
Guaranty Trust Co. of New York
J. P. Morgan do Co
National City Bank of New York
New York Trust Co
Total
81,881,538.48
1,681,538.48
3.323.076.95
3,323,076.95
4,153,848.12
2,789,230.78
1,107,692.30
$18,000,000.00
Dec. 8 1934
This amount of current bank debt represents, according
to the statement, the unpaid balance of a bank debt originally
incurred in July 1930, in the principal amount of $32,500,000
participated in by the above banks. The proceeds of this
original bank debt were used for the purchase of stock in
the Chesapeake & Ohio Ry. and Pere Marquette Ry., and
for working capital.
The principal underwriters for the issue and the amount
to be underwritten by each are as follows:
Edward B. Smith dr Co
Brown Harriman dr Co., Inc
The First Boston Corp
Lee Higginson Corp
Kuhn, Loeb dr Co
$7,200,000
3,600,000
3,800,000
1,800,000
1,800,000
The price per unit at which each security is to be sold to
each underwriter has not yet been determined nor has the
price at which each unit will be offered to the public. Amendments covering these facts will be filed before the registration statement becomes effective.
The issue estimates that all expenses in connection with
the sale of the security to be offered will about $149,290,
dividend as follows:
Registration fee
Revenue stamps
Printing and engraving bonds
Authentication
Legal expenses other than in connection with registratio
n statement,
including fee and disbursements of counsel for
underwriters
Issuing bonds
Registered mail and other postage
Preparing this registration statement and prospectu
s—legal, accounting
and other expenses in connection therewith
Printing indenture for bonds
Listing on exchanges—fees, printing, legal, accountin
g and other expenses
in connection therewith
Frees and other expenses in connection with State securities
acts
Miscellaneous
$1,890
18,000
6,500
14,400
20,000
1,500
3,000
60,000
1,000
3,000
5,000
15,000
The "Wall Street Journal", Dec. 4, had the following:
Officials Hold 469 Common Shares
Directors and officers of Chesapeake Corp. as
of Nov. 15 1934, held
only 469 of the company's 1,799.745 shares of
common stock outstanding.
the registration statement revealed. A similar
amount was held at the
close of last year.
0. P. Van Sweringen, Director and President
, held as stockholder of
record and beneficial owner only 18 shares
of the corporation's common
stock, as did M. J. Van Sweringen, Director
and Vice-President.
John P. Murphy, Director. Secretary and Treasurer
, was the largest
holder among the officers and directors. with
300 shares, while Alva Bradley.
Director and Vice-President, claimed 133 shares.
The only underwriter appearing as of stockhold
er of record and beneficial
owner was Edward B. Smith & Co., with
575 shares. This represents a
decrease of 37% from Dec. 30 1933.
None of the directors or underwriters was owner of any
part of the $35.899.000 20
-year 5% convertible collateral trust bonds issued in 1927.
Allegheny Corp. was the owner on Nov. 15 last
of 1,248,900 shares of
common stock of Chesapeake Corp., or 69.39%. the same
as at the close of
1933. All Allegheny's holdings of Chesapeake Corp.
stock are pledged as
collateral under its three bond issues.
Remuneration Up
Remuneration to be paid officers and directors
of Chesapeake Corp.
during the current year is estimated at $13,166,
an increase of around
82% over total payments in 1933. At the
same time, the officers and
directors will receive remuneration from Chesapea
ke & Ohio Ry. in the
amount of $73.479, as compared with $67,188
the preceding year.
The following tabulation shows remuneration
paid officers and directors
of Chesapeake Corp., first by the corporation,
then by the railway:
1934
1933
0.P. Van Sweringen, director
"110
303
President
M. J. Van Sweringen, director
•110
75
Vice-President
John P. Murphy. director
4.110
301
Secretary-Treasurer
2,666
1,016
Alva Bradley, director
*go
243
Vice-President
John Sherwin Jr., director
.110
218
D. S. Barrett Jr., Vice-President
5,000
2,541
C. L. Bradley, administrative
5,000
2,500
• Paid by Chesapeake dr Ohio Ry. Co.:
M. J. Van Sweringen, director
"283
385
John J. Murphy, director
'227
280
Legal service
15,757
10,865
D.S. Barrett Jr., director
200
Administrative
27,936
27,183
C. L. Bradley, director
"850
1.090
Administrative
27.938
26,735
Alva Bradley, director
*490
470
• Directors' fees up to Oct. 1 1934.
The new 818.000.000 issue of Chesapea
ke Corp. 10
-year 5% convertible
collateral trust bonds are to be secured by
1,000,000 shares of Chesapeake &
Ohio Ity, common stock pledged with the
Guaranty Trust Co.
Convertible at $50
The bonds are convertible into pledged stock
at $50 a share up to and
including Dec. 1 1939. and $55 a share thereafte
r.
Under sinking fund provisions. Chesapeake
Corp. agrees to pay on Dec. 1
1935 the sum of $500.000 less 2.75% of
the principal amount of bonds
theretofore retired, and thereafter
semi-annually
the sum of $250.000 lees 1.375% of the principal on June 1 and Dec. 1
amount of bonds theretofore retired otherwise than through the sinking
fund.
The corporation also agree to pay into the
sinking fund semi-annually
on the interest payment dates, beginning
June 1 1936. a sum equal to six
months' interest on the aggregate principal
amount of bonds retired through
the sinking fund payments.
Chesapeake Corp.. according to the registrati
on statement, has a 48.48%
interest in the Chesapeake & Ohio Ry. and
owns 4% of the voting stock
of the Pere Marquette Ry. and 3.21% of the
voting stock of Erie RR.
The statement discloses that O. P. and M.
J. Van Sweringen and their
associates own 100% of the voting stock of
the Vaness Co., which in turn
controls 71.33% of the voting stock of Van Sweringe
n Corp.
Van Sweringen Corp. controls 100%
voting stock In the Cleveland
Terminals Building Co., while the latter owns
100% of the voting stock
of Vested Shares, Inc.
The Vanesa Co. owns 15.30% of the voting
stock of Allegheny Corp.,
whereas Vested Shares, Inc., controls 34.91% of Alleghen
y. Allegheny
Corp. in turn controls 49.58% of the voting stock
of Nickel Plate.
Volume 139
Alleghany Corp. also:controls 69.39% of the voting stock of Chesapeake
Corp., while the Vaness Co. controls 0.18%•
Reserve Board Extends Permit for Correspondent Relationship Between Member Banks and
Dealers in Securities
The Federal Reserve Bank of New York on Dec.5 notified
all member banks in the Second Federal Reserve District
that the Federal Reserve Board had extended until Dec. 1
1935 the revocable permit for correspondent relationships
between member banks and dealers in securities in connection with certain types of securities, including Federal,
State and municipal obligations. The text of the bank's
statement, under Circular No. 1486, is given below:
Federal
It is not feasible for anyone to claim that the increase in savings arises
from a flow of investment money or commercial funds into savings totals.
The Banking Act of 1933 is so stringent and has been so carefully observed
both on the part of bankers and bank examiners that the amount of commercial or investment money in the savings business can be regarded as
negligible.
A year ago every State in the United States with the exception of Utah
showed a loss in savings per inhabitant over the preceding year. Many
of them showed a loss in savings per inhabitant over the 10-year period.
The past year has witnessed a great change. In New England only three
States show a loss per inhabitant over a year ago; the Middle Atlantic
States, none; the Southern States, two; the East Central States, four; the
West Central States, five; the Pacific States, two.
Extension of Permit for Correspondent Relationships Between
Member Banks and Dealers in Securities
To all Member Banks in the
Second Federal Reserve District:
This circular supplements my Circulars No. 1394, dated June 25 1934;
No. 1403, dated July 23 1934; and No. 1419, dated Sept. 19 1934.
At the request of the Federal Reserve Board all member banks in the
Second Federal Reserve District are advised that the Federal Reserve
Board has, by telegram dated Dec. 4, 1934, extended until Dec. 1 1935,
the revocable permit granted by the Board under Section 32 of the Banking
Act of 1933(by its telegram to me of June 23 1934,referred to in my Circluar
any
No. 1394 mentioned above) for correspondent relationships between
member bank or banks and any dealer or dealers in securities in connection
vrithlunderwriting and dealing in the following types of securities only:
obligations of the United States, general obligations of any State or of any
political subdivision thereof, obligations issued under the authority of the
Federal Farm Loan Act, obligations issued by the Federal Home Loan
Banks,and (or) obligations issued by the Home Owners' Loan Corporation;
provided, however, that member banks exercising the privilege granted by
such permit as extended are not required to furnish information concerning
their operations under such permit unless and until the Board shall make
further requirements in this connection. In the absence of such further
requirements, and while such permit as extended remains in effect, it will
therefore not be necessary for member banks exeicising the privilege granted
by such permit to submit information on the form (REP. 29) mentioned in
and enclosed with my Circular No. 1119 dated Sept. 19 1934.
J. H. CASE,
Federal Reserve Agent.
Distribution to Members of Christmas Club to Total
Approximately 6370,000,000—About 6% Above Year
Ago—Amount to Each Member Averages $48.25
About $370,000,000 will be distributed to about 7,500,000
members of the Christmas Club by approximately 5,500
banking institutions and organizations within the next two
weeks, according to an estimate given out on Nov. 12 by Herbert F. Rawll, founded and President of Christmas Club, a
corporation. The average amount received by each member
amounts to $48.25, Mr. Rawll indicated. The total distribution represents an increase of about 6% over last year, while
the increase average accumulation for each member represents about 10%. Mr. Rawll also made known the following:
First Increase Since 1930 in Total Savings in All Banks
in United States—Compilation by A. B. A. Presents
Showing for Year Ended June 30 1934
For the first time since 1930 total savings in all American
banks showed an increase in the annual compilation of the
American Bankers Association with its figures for the year
ending June 30 1934, it is brought out in a statement issued
Dec. 1 by W. Espey Albig, Deputy Manager of the Association in charge of its Savings Division, in the organization's
monthly magazine "Banking." Mr. Albig says:
Savings deposited in banks as of June 30 1934 gained 3.5% during the
past year. The aggregate is an increase over last year of $742,132,000, the
first since the year which closed June 30 1930. This is a notable achievement, for the decline since 1930 had been precipitate and all-embracing.
In that year savings had reached the all-time high of $28,478,631,000. A
year ago the amount was $21,125,534,000, a loss in three years of $7,353,097,000. This year the figure stands at $21,867,666,000, an advance over
last year, but a recession of $6,610,965,000, or 23.2%, from the high mark
of 1930. To find an equivalent figure it is necessary to go back 10 years,
when the total volume of savings stood at 821,188,734,000.
Depositors, too, have gained in number, going from 39,262,442 a year
ago to 39,562,174 this year, a gain of 299,732. Four years ago there were
52,729,432.depositors, or one depositor for each 2.3 persons in the country.
Now there is one account for each 3.2 persons. The realization of a loss of
over 13,000,000 depositors in the face of a population increase over the
four yam of 8,650,000 indicates dramatically the price in fear, despair,
poverty, wrecked ambitions, loss of creature comforts and cultural opportunities exacted by the demoralization in business and industry during the
past five years.
The increase in individual deposits, including both savings and demand deposits, during the past year was also
notable, he points out. The high point was reached in 1928,
with deposits of more than $51,000,000,000. The volume
declined rapidly until a year ago, when it stood at $35,546,407,000. This year it again started its upward climb, and
reached the sum of $38,098,883,000, a gain of $2,552,476,000,
or 7.2% over a year ago. In his comments, Mr. Albig says:
The rapid rise in individual deposits was not reflected by the gain in
savings deposits. The bulk appeared on the side of commercial deposits.
In consequence, savings deposits comprise 57% of individual deposits as
against 59% a year ago. Apparently the necessity confronting many persons of living on their reserves prevented an increase in savings deposits
comparable to that in individual deposits.
The vitality of savings has proved truly noteworthy, Mr.
Albig observes, adding that "when, a year ago, it was disclosed that the gain in savings of nine years had been wiped
out in three, there were those who said that in this era of
plenty savings were no longer an important factor, that
they were unnecessary; yet, 12 months of stable banking
conditions, a slight upturn in industry, and greater employment have been reflected in increased savings." He adds
that another factor in the upturn of savings is the disbursements made through the various governmental agencies, for
a number of months these expenditures having been ranging
well above $100,000,000. He further says:
3561
Financial Chronicle
There was a slight decline, compared with last year, in participating
banks, due to mergers and consolidations effected in many communities during
the past 12 months.
As a group, the Mutual Savings banks show an increase both in the number
of Christmas Club depositors and the total accumulation, and several of
the country's large commercial banks show an increase of more than 20%
over a year ago.
In the distribution of the Chritmas Club this year, New York leads the
other States with about $96,000,000, while the estimate for Pennsylvania is
$39,200,000. New York City's metropolitan district will receive approximately $60,000,000. The Bank of Manhattan Co., in New York, has
$2,500,000 for approximately 75,000 members enrolled at 88 offices in
Greater New York. The Seamen's Bank for Savings in the City of New York
has a total accumulation of approximately $1,350,000.
The following institutions, Mr. Rawll stated, representing
some of the largest accumulations for Christmas Club members, report the following approximate amounts to be
released about the first of December:
Society for Savings, Hartford, Conn
First National Bank & Trust Co, Minneapolis. Minn
Northwestern Nationa, Bank & Trust Co.. Minnes90.18, Minn
The Trust Co. of New Jersey, Jersey City, N.J
Fidelity Union Trust Co., Newark, N. J
Howard Savings Institution, Newark, N. J
National Savings Bank, Albany, N. Y
Bank of the Manhattan Co.. New York City
Seamen's Bank for Savings, New York City
Dime Savings Bank of Brooklyn, Brooklyn, N. Y
East New York Savings Bank, Brooklyn, N. Y
Green Point Savings Bank, Brooklyn, N. Y
Lincoln Savings Bank of Brooklyn, Brooklyn, N. Y.
Roosevelt Savings Bank, Brooklyn, N.Y
Cleveland Trust Co., Cleveland, Ohio
The Ohio National Bank, Columbus, Ohio
Corn Exchange National Bank & Trust Co., Philadelphia, Pa
Industrial Trust Co.. Providence, R. I
First Wisconsin National Bank, Milwaukee. Wis
$445,000
0
344:=
500,000
:
550 w
685 000
485,000
2,550,000
1,350.000
420,000
410,500
443,000
5°0
430,009
.
0
F3 0
5
0 °
475.000
835,000
Based on a direct-by-mail questionnaire to a considerable
number of individual members of the Christmas Club and
applying the analysis to the entire distribution, Mr. Rawll
estimates the total distribution will be used approximately
as follows:
Christmas purchases
Permanent savings
Year end commitments
Taxes
Mortgage Interest
Insurance premiums
Education, travel and charity
42%
25%
8%
12%
5%
5%
$155,400,000
96.000,000
29.600,000
44,400.000
18.500,000
18,500,000
7.400,000
3370.000.000
100%
ESTIMATED TOTALS BY DISTRICTS AND BY STATES
State Total
New England—
513,000
$1,470,000 South Carolina
Maine
2.300.000
1,2 ,000 Georgia
New Hampshire
290.000
594,000 Florida
Vermont
27.680,000
Massachusetts
$27,622.000
1,518,000 Total
Rhode Island
East South Central-9.472,000
Connecticut
8.470.000
Kentucky
8.610,000
Total
$41,962,000 Tennessee
1.720.000
Alabama
Middle Atlantic—
670,000
96,000,000 Mississippi
New York
33,000,000
New Jersey
89.470.000
Total
39,200,000
Pennsylvania
-West South Central
788,000
Total
$168.200,000 Arkansas
2,640.000
Louisiana
East North Central—
760.000
21.684,000 Oklahoma
Ohio
2,810,000
11.368.000 Texas
Indiana
Wisconsin
14,222,000
36,948,000
Total
4,296.000
Michigan
Mountain—
22,110,000
Illinois
464.000
Montana
175,000
Total
$73,680,000 Idaho
360,000
Wyoming
West North Central—
4,620.000
3,416.000 Colorado
Minnesota
318.000
Iowa
5,190.000 New Mexico
364,000
7,300.000 Arizona
Missouri
493,000
290,000 Utah
North Dakota
212,000
310,000 Nevada
South Dakota
960,000
Nebraska
37,006,000
Total
2,314,000
Kansas
Total
South Atlantic.—
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
819.780,000 Washington
Oregon
$1,460,000 California
5,320.000
Total
4,940,000
7.860.000
Grand total
4,319,000
1.620,000
422,000
364,000
14,746,000
815,532.000
$370,200,000
3562
Financial Chronicle
A report by the National Association of Mutual Savings
Banks on Ohristmas savings in the mutual savings banks
of
the United States this year was given in our issue of Nov.
10,
page 2919.
Cut in Dividends of Bank of Manhattan Co. to Be
Recommended by J. Stewart Baker—In Annual
Report Says Average Return on Loans Is Now
But 2.14%—To Make Additional Charge-Offs and
Set Up Further Reserves—Hopes for Modification
of Federal Deposit Insurance Assessments—Views
on Harriman Bank Claim
The intention to recommend to the directors at their
next meeting the declaration of a quarterly dividend of
3734 cents per share (at the annual rate of $1.50) is made
known by J. Stewart Baker, Chairman of the Board of the
Bank of the Manhattan Co. of New York, in his report
to the stockholders at their annual meeting on Dec. 4.
The present dividend payment is at the rate of $2 per year.
Mr. Baker pointed out in his report that "in October 1933
the average return on all the loans and investments of
your company MIS 3.16%." He went on to say:
In October of this year It was 2.14%, a difference of over
1%. This
tells a vital story. Were it not that the bank had invested a large
amount
of its funds in Government securities on which, while receiving
only a
small interest return, the bank was able to realite profits during
the first
six months, the earnings this year would not compare so favorably
with
last year. . . .
As the average rate of return on the bank's loans and discounts
has
Shown a steady decline during the past year and as trading
profits cannot
conservatively be figured as recurring, I believe it is in the
best interests
of the stockholders that the dividend be reduced to a figure which
would
more nearly represent the expected net return from discount and
interest
on the funds of the bank. . . .
For more than a year the directors have added nothing to your company's undivided profits, feeling that any earnings over the
dividend
requirements should be used to write off or mark down certain assets.
At the beginning of this year the reserve for contingencies amounted
to
$4,044,221.98. To this were added during the first nine months excess
earnings of $1,042,345.13 and recoveries and allocated reserves released
of $854,614.38. making a total of $5,941,181.49. This amount
with the
exception of $29,763.96 has been applied as follows: To write off or allocate reserves for loans, discounts and mortgages, $2,723,075.88;
to take
care of depreciation in securities, $114,110.16; to take care of
losses in
connection with the reduction of our German commitments,
$2,176,070.54:
to mark down banking houses and other real estate.
$416,825.38; for
Federal Deposit Insurance and miscellaneous, $481,335.57
.
On Dec. 1 1933 the total amount of all obligations owed to us by the
German Government and its sub-divisions, and by banks, bankers,
corporations, firms and individuals in Germany, was $19,549,000
. Since
that time we have continued our policy of reducing German obligations
as rapidly as possible and in the most economical manner consonant
with
the difficulties involved. On Dec. 1 of this year this amount
stood at
$11,846,000, a reduction of approximately $7,703,000. The loss
incurred
in this reduction was $2,541,000. of which $2,393,000 represented
losses
sustained in converting into other currencies registered reichsmarks
accepted in payment of dollar obligations and in allowing
discounts for
repayments made in currencies other than reichsmarks. The
present
$11,846,000 of German obligations consist of $4.148.000 in credits
of. or
guaranteed by. the German Government or Golddiskon
tbank; $6,157.000
in acceptance credits ($2,168,000 of them fully secured by
commodities);
$218,000 in other "standstill" obligations, and $1,323,000 in
investments.
It may be wise to continue further the policy of liquidating German
credits
as opportunities arise, even though such liquidation occasions
furthee losses.
Your directors are of the opinion that although there are
some signs
of general business improvement and there have been substantial
recoveries
during the past year on assets previously written down,
it is desirable
to make some additional charge-offs and to set up further
reserves. Accordingly. I intend at the end of the year to recommend
that surplus
account be charged $5,000,000; that $1,500.000 of this amount,
together
with $1,500,000 to be taken from undivided profits, be used to write
down
certain loans and investments and that the remaining $3,500,000 be
set
up in a general reserve account. Barring unforeseen developments
this
general reserve should be sufficient to provide for any contingencie
s.
Calling attention to the Sept. 30 statement of condition
of the company, Mr. Baker said:
There are a few items upon which I would like to comment. Our
investment in United States Government securities and securities
fully
guaranteed by the United States Government was $22,000,000 more
than
it was last year. During the year we subscribed to or bid for $1,396,000,
000
of new United States Government issues for our own account
and for
account of our customers. Obligations of the State of New York
increased
$21,000,000, while other public securities increased $3,400,000 and
other
securities $1,700,000. With the small demand for credit from
our customers, it was necessary to invest a greater amount in securities.
There
were 1,134 mortgages owned by the bank which averaged approximat
ely
$9,000 each. Property securing mortgages amounting to $687,000
was
in process of being acquired by foreclosure or conveyance
. The book
value of our banking houses was reduced by $560,000, of which
$350.000
represented a charge to reserves and $128,000 represented
abandoned
banking houses transferred to other real estate. In other assets,
which
were $7,000,000 higher than last year. there was included our
gold and
silver bullion amounting to $10.335.000. accrued interest
receivable of
$891,000, and miscellaneous items such as accounts receivable,
&c., of
$2,608,000.
The actual earnings for the first nine months of
1934 and estimated
earnings for the last three months indicate net operating earnings
for the
year of approximately $4.900,000. This compares with actual
net operating
earnings for the year 1933, as reported, of $4,972,866.51.
Recoveries
during the year on items previously charged off or for
which a reserve
had been allocated amounted for the first nine
months to $854,614.38.
The actual operating expenses for the first nine months
cf this year
and estimated expenses for the last three months indicate
a total operating
expense for the year of $8,200,000. On Dec. 1 1933 your
company employed 2,323 people with a payroll at the annual rate
of $4,860,000. On
Dec. 8 1934
Dec. 1 1934 your company employed 2,141 people with a payroll at
the
annual rate of $4,614,000; in addition, pensions amounting on an annual
basis of $84,326 were being paid to 36 retired employees. The bank
has
paid no bonus or extra compensation to any officer or clerk during
the
past year.
Mr. Baker referred in his present report to what he had
to say a year ago "about the serious question raised by the
requirement that all banks, members of the Federal Reserve
System, must join the Federal Deposit Insurance Corporation." Continuing, he said:
At that time the provision of the law which permitted
an unlimited
assessment against member banks to make good the losses ofthe Corporation
was to have gone into effect on July 1 1934. I
am glad to report that
this law was amended so that the temporary plan,
which called for a limited
assessment and which went into effect Jan. 1 1934, was extended
for one
year from July 1 1934, with the one change that the amount
of each deposit
which is insured has been increased from $2,500 to
$5,000, with the result
that 98% of the accounts in over 13,900 banks of the
country are now
fully insured. Consequently, your company continued
its membership
in this Corporation and has paid to this fund $225,492.98
and is liable
for a further payment of $676,478.92 should the Corporation
be in need
of additional funds. I sincerely hope that before
July 1 next some modification may be made so that the liability for
unlimited assessment effective on that date will be removed from the law.
This is of vital interest
to the stockholders of this and other institutions.
In his report Mr. Baker also said:
You are probably aware that the rehabilitator of New
York Title &
Mortgage Co. has commenced suit against directors of the
New York
Title SG Mortgage Co. and has joined the Manhattan
Co. in this suit because your company at one time owned approximate
ly 9834% of the
stock of the New York Title & Mortgage Co. which it
acquired in 1930,
and, in the latter part of 1932, distributed through the New
York Title &
Mortgage Corp. to its stockholders.
I will confine my statement concerning this suit to
the portion which
particularly interests your company. It is sought to recover
four regular
quarterly dividends of $1,000,000 each paid by the
New York Title &
Mortgage Co. in 1931 and three quarterly dividends of
$300,000 each paid
in the first three quarters of 1932, on the ground that
at the time of each
of these dividends the $20,000,000 capital of the Mortgage
company was
impaired, notwithstanding that it showed surplus,
undivided profits and
reserves throughout the period of more than $37,000,000
. The Mortgage
company also showed earnings during this period covering
the dividends
by a substantial margin. The accounting methods
employed by the
Mortgage company were those required by the Insurance Department
of
the State of New York and the accounts were examined
by a well-known
firm . independent auditors. We have received no
of
facts which would
indicate that the capital was impaired at the times of the
payment of these
seven dividends, as alleged in the suit.
The suit also seeks to recover for purchases by the Manhattan
Co. from
the New York Title & Mortgage Co. of the stocks of American
Trust Co.
and County Trust Co. of White Plains in 1930, and the purchase
of the
shares of stock in the Bank of Manhattan Trust Co. in
1932, on the alleged
ground that the consideration given therefor was
inadequate. The price
paid for the shares of stock in Bank of Manhattan Trust Co.
was determined after an appraisal by the head ofone of the large
financial institutions
in the city having no connection with either company.
The other two
transactions were on the basis of a price formula approved
by an independent firm of auditors. As in the case of the dividend
claim, no facts
have been received which support the allegations.
Harriman National Bank & Trust Co.
You have undoubtedly seen in the press that your
company, with other
members of the New York Clearing House Association
, has been sued
by tne receiver for the Harriman National Bank & Trust
Co., who alleges
that by reason of membership in the New York Clearing
House Association
your company and the other members of that Association
had each become
responsible pro rata for the deposits of that institution. Time
does not
Permit me to go into all tne details of this suit, but I
would like to make
plain to you the position your directors have taken.
As this case brings
up questions of law which have never been decided
and questions of fact
of which they have no knowledge, the directors feel that
the courts should
be asked to determine whether this company has any
liability because of
its membership in a Clearing House Association for the deposits of another
member bank. The directors have not felt that they had
the right to pay
over your funds in response to this claim unless there is legal obligation
a
to do so. If the courts should hold there is such an obligation, will
of
it
course be satisfied in full.
Mr. Baker, departing from his remarks regarding the
affairs of the company, stated that "there seems to be a
failure to understand that officers and directors of banks
are only trustees for others—and their every act must be
decided in the light of what they believe to be in the best
interests of the public, of the depositors, of the beneficiaries
of the trusts which they administer and of the stockholders."
He added:
I know of no private business position where one has
less freedom of
action or where one is answerable to so many people—and
this leaves
no room for adventurousness on the one hand and sentimental
ity on the
other. . . .
When the final chapter of this difficult period is written I am confident
that the part being played by the bankers throughout the country In
the efforts to bring about recovery will merit the commendati
on of all
thinking men and women. With 68,000.000 depositors
who are the
bankers' customers and with over 1,600,000 stockholders
who are the
bankers' employers, can anyone doubt the bankers' earnest wish to cooperate in recovery?
In his further comments he also had the following to say:
During the coming year many suggestions will be made for improving
our banking system. Some of these suggestions will have as their purpose the adoption of fundamental and far-reaching changes in our entire
banking structure which will affect not only the depositors and stockholders but the public. It is most necessary that all study each proposition
as it Is put forward, so when changes are proposed people can understand
their significance and the results which will follow. It is the duty of
bankers to see that the people are informed concerning these changes, for
the public has a right to expect those who are familiar with the problems
to keep it advised as to their meaning.
Volume 139
Financial Chronicle
From Bankers Code of Service Charge
Provisions—Order Issued by NRA
The elimination of local fair trade practice provisions under
the Bankers Code of Fair Competition, through the deletion
of Article VIII, has been officially authorized, it was announced this week by Abner J. Stilwell, Vice-President Continental Illinois National Bank & Trust Co., Chicago,
Chairman of the Banking Code Committee, in a notification sent to the chairmen of all bankers' NRA groups and
Secretaries of State Bankers Associations.
The fair trade practice provisions comprised authority for
adoption under the code of service charge schedules applicable
to banks in clearing house groups. The announcement of
the American Bankers Association points out that banks are
free, as before the adoption of the code, to form voluntary
agreements among themselves in respect to service charges
or to adopt them as individuals. Mr. Stilwell's announcement follows:
Elimination
te to a
of all commercial banks as the "most significant single prerequisi
truly strong, well-supervised and depression-resisting banking system."
but it was
Senator Fletcher said he did not favor this proposal at present,
the power to
one that might come up and, in his judgment, Congress had
provide for such unification "if it sees fit."
to adopt
Dr. Anderson said he did not believe it necessary or advisable
-owned and operated banks.
now a system of government
directed
"Instead," he suggested, "I think present efforts should be
to make it
toward such a reorganization of our private system of banks as
much more trustworthy than in the past.
at least under
"I favor unification of the commercial banking system,
opinion that the
control of the Federal Government. In fact, I am of the
the continuation
greatest single obstacle to a satisfactory banking system is
of that system under 49 different jurisdictions."
The Banking Code Committee submits herewith the official order of the
the
National Recovery Administration dated Nov. 28, 1934, deleting from
Bankers Code of Fair Competition Article VIII, which contains the rules
VIII,the
governing Fair Trade Practices. With the elimination of Article
National Recovery Administration no longer requires that banks adopt and
submit such rules.
Mr. Stilwell requests the Committees and State Secretaries receiving the notification to communicate the information contained in it to the banks in their respective groups.
The official order he refers to is as follows:
e
An application having been duly made pursuant to and in full complianc
Act,
with the provisions of Title I of the National Industrial Recovery
approved June 16, 1933, for approval of an Amendment to delete Article
ty to be
VIII from the Code of Fair Competition for Bankers and opportuni
filed
heard having been afforded to all interested parties and any objections
t
having been duly considered and the annexed report on said Amendmen
to
containing findings with respect thereto having been made and directed
the President:
Now, therefore, on behalf of the President of the United States, the
National Industrial Recovery Board, pursuant to authority vested in it by
Executive Orders of the President including Executive Order No. 6859,
dated Sept. 27, 1934. and otherwise, does hereby incorporate by reference
being
d
said annexed report and does find that the Code, as constitute after
amended, complies in all respects with the pertinent provisions and will
promote the policy and purposes of said Title of said Act, and does hereby
order that said Amendment to delete Article VIII be and it is hereby
approved and that the previous approval of said Code is hereby modified
to include an approval of said Code in its entirety as amended.
NATIONAL INDUSTRIAL RECOVERY BOARD
By L. C. MARSHALL
Executive Secretary
Approval Recommended:
L. H.PEEBLES
Acting Division Administrator
Washington, D. C.
Nov. 28, 1934.
In the New York "Times" of Dec. 7 it was stated in part:
This article provided for the fixing of uniform service charges by banks
for all types ofservices,including trust work. It was provided in the article
under subsection 3, that "services rendered by banks shall be compensated
for either by adequate balances carried or by a scale of charges." A strict
interpretation of this provision of the code meant that no bank could carry
for
an account which did not pay for itself or perform any service, whether
a charitable institution or a business client, whim was not paid for in full.
The attempt by the banks last year to draw up uniform schedules of
service charges under this section resulted in widespread disapproval and
led to the temporary suspension of the entire banking code. The code
committee, of which Abner J. Stilwell, Vice-President of the Continental
Illinois National Bank & Trust Company of Chicago, is Chairman, petitioned the code authority to suspend the article at the time of the American
Bankers Association Convention in Washington in October, stating that,
while principles involved were sound, the practical difficulties in the way
of putting the provision into effect were too great.
The article was suspended by the code authority on Nov.28. The action
leaves the remainder of the code in force, but this provides for little more
than uniform regional hours of operation, minimum wage scales and maximum working hours for certain types of employes. Regional banking groups
who wish to make private agreements for uniform service charges will be
of NRA
left free to do so, but these agreements will lack the authority
enforcement.
Opposition to Further Changes in Banking Laws
Revealed .in Replies to Questionnaire of Senator
Fletcher—Committee However to Grant Hearings
on New Banking Proposals Including Central Bank
Indicating that a cross-section of banking opinion is
revealed to show a definite opposition to any further "radical"
changes in the Federal banking laws, Associated Press
accounts Dec. 6 from Washington added:
Chairman Fletcher of the Senate Banking Committee reported this
economists and students
as "the drift of opinion" of half of the 40 bankers,
questionnaire on the need of new
offinance who have thus far replied to his
fiscal legislation.
ents, but added
The Senator subscribed to this feeling by his correspond
on all new banking and monetary
that his committee would grant hearings
and a unified banking system.
proposals, including those for a central bank
position, that we should not
"I am inclined to think that this is a sound
whole banking system by some
disturb business and undertake to upset the
an opportunity for recently
drastic legislation at this time, but should given
s," he said.
enacted measures to show their worth or weaknesse
sought views on monetary legislation
Mr. Fletcher's questionnaire also
he has yet to study the replies.
in addition to banking law proposals, but
Jr., of the New
One of his questionnaires went to Dr. T. J. Anderson,
Federal incorporation
York University School of Commerce, who advocated
3563
Senator Fletcher's questionnaire was given in our issue of
Nov. 24, page 3237.
Slight Advances in Trade and Industrial Activity
Seen by National City Bank of New York-1935
Outlook—Says Business Would Regard Nothing
More Beneficial in Situation Than Respite from
Labor Cost Changes and Assurance on Dollar
Value
While stating that trade and industrial activity have made
New
further slight advances, the National City Bank of
monthly survey for December of economic conYork, in its
ditions, adds, in part:
policies and expecTo be sure, the gains are moderate, and both current
e. However, the improvetations for the winter months continue conservativ
fall and winter outlook,
ment shows that the pessimistic opinions as to the
the season, were unneceswhich were widely entertained at the beginning of
on the obsticles in the
sarily extreme. These opinions placed emphasis
the emphasis belongs if
way of improvement, and, of course, that is where
business has shown powers of
the depression is to be overcome. But
have been larger than a
recuperation despite the handicaps. Retail sales
keep stocks down, demand
year ago, and although the general tendency is to
production ,exceeding the
for goods has been sufficient to bring a rise in
seasonal expectation.
Commenting on the factors in the outlook for 1935, the
bank says:
of chief interest
becoming
The outlook for the first quarter of 1935 is now
given some of the factors
to business men, and from the description already
That the Treasury disbursements
that will influence the trend are apparent.
reasonably certain, since the
will continue to supply purchasing power is
to argriculture will be
unemployment will call for relief and the payments
Adjustment Administration that
heavy. It is estimated by the Agricultural
thus far authorized will
$283,000,000 of the rental and benefit payments
is half as great as the total
remain to be disbursed after Jan. 1. This
and it takes no account of the
already paid and to be paid during 1934,
It likewise appears that
new cotton, corn-hog, or other 1935 programs.
adjusted to the markets, and
industrial production, on the whole, is well
not stand in the way of imthat the inventory situation, as a rule, will
provement, if purchasing power is maintained.
to help the economic
Moreover, there have been developments tending
which have had a heartensystem to recover its self-supporting character,
show that one of the factors
ing effect. No demonstration is necessary to
of capital to seek investin the disturbance of the system is the reluctance
capital goods indusis an element in the backwardness of the
ment, which
The capital markets have had
tries, the chief area of unemployment.
of the Treasury in termiencouragement during the month from the action
exchange. This is chiefly
nating the controls on purchases of foreign
devaluation of the dollar is at
significant as an indication that no further
controls, which in practice
present contemplated. The purpose of the
a flight of capital from the
were chiefly matters of form, was to prevent
another change in the gold
country during the revaluation process; and
removal that the action is
content would be so inconsistent with their
the dollar stable. . . .
taken as public notice of the intention to keep
man would welcome nothing
It is probable that the average business
would be more beneficial in
more heartily at this time, and that nothing
in labor cost levels and labor
the situation than a respite from changes
that the value of the dollar
policies, coupled with convincing assurance
pushing fiscal policies to
would not be altered, either by intent or by
the constant effort of millions
dangerous extremes. Given such conditions,
make the adjustments necessary
of individuals in the economic system to
far more stimulating than Is
to improve business would have an effect
of the chief influences in
now possible, in view of the incalculable nature
the economic situation.
their calculations for 1935,
Finally, it is notable that business men, in
possibility of "inflation,"
are giving little weight to the much-discussed
rising prices. Either
using the term to denote expanding credit and actively
latent powers of credit
of two conditions might lead to the use of the
One is the establishment
expansion, with stimulating effects on prices.
trade will expand without'
of economic relations in such sound balance that
facilitated, and assured
artificial aids, profits increase, new enterprises be
The other is the
rewards held out for the exercise of business initiative.
its exchange for
development of a general fear of the money, leading to
first condition yet
property and commodities. It cannot be said that the
prevails, but, happily, the second appears to be remote.
Establishment of Municipal Securities Department by
Investment Bankers Association—James D. MaGee
Named Active Head of Department
The establishment of a new department in the Investment
Bankers Association of America, in the interest of investors
and dealers in municipal securities and for closer co-operation with public officials, was announced at the Association's
office in Chicago Dec. 6, with the appointment of James D.
MaGee, Chicago, as Municipal Secretary and active head
of the department. The new department was made necessary,it was explained, by the extensive scope of the municipal
bond business and also because changing economic conditions
had developed the need of greater co-operation among dealers
and public officials. Previously this work had been carried
orilargely by the Association's Municipal Securities Corn-
3564
Financial Chronicle
mittee, the Chairmen of which have for some years given
most of their time to the Committee's activities. The
work
has now grown to an extent where it can no longer be
performed by the volunteer efforts of members of the Associa
tion, it was said.
In our issue of Nov. 24, page 3277, reference was made
to the action taken by the Board of Governors at the annual
meeting of the Association toward the establishment
of the
new department. It is stated that Mr. MaGee will give
all
his time to the new department. His office will be
in that
of the Association in Chicago. He was a lieuten
ant in the
A. E. F.for 14 months, and entered the bond business
shortly
after the world war with Kauffman, Smith, Emert & Co.,
St. Louis. He was a member of the buying departm
ent of
that firm until it was merged in the formation of the
investment affiliate of the Boatmen's National Bank of St. Louis
in 1929. Following the merger, he became an officer of
the
company and manager of its Chicago office, a position
he
held until banks and investment affiliates were separat
ed
by the Banking Act of 1933. Subsequently, he was connected with the sales department of the Chicago office of
Stranahan, Harris & Co., Inc., of Toledo.
According to D. T. Richardson, of Kelley, Richardson &
Co., Chicago, Chairman of the Municipal Securities Committee, the principal reasons for the establishment of the
new department are:
1. State and municipal bonds outstanding constitut
e one of the largest
classes of investments in the United States, totaling
$18,500,000,000.
2. A substantial movement for increased efficiency
and economy in local
government is now going forward throughout the country,
with an attendant
need for still further progress in methods and principles
of municipal finance.
3. A central, national office for assembling and transmitt
ing information
is needed by security dealers as well as investors and
likewise as a co-operative aid to municipal officers and civic organizations.
4. It is impossible for volunteer workers among the
members of the
Investment Bankers Association to give all the time
demanded by the
Municipal Securities Committee work.
Mr. Richardson also stated:
The new municipal department of the Association will
benefit not only
dealers, but also investors and taxpayers. The need
for the department is
evidenced by the fact that there are in the 48 States
182,659 governmental
units that have power to levy taxes or incur debts, according
to the Census.
There are 127,108 distinct school districts, 3,053 counties,
16,366 incorporated communities, 20,262 towns and townships and
more than 8,000
miscellaneous types of local governments. These figures
are from the extensive studies of Prof. William Anderson of the Universit
y of Minnesota.
They indicate the wide significance of municipal bonds.
In many thousands
of these local governments all necessary and permanen
t civic development
is possible largely through financing by bond issues.
At different periods in the settlement of the country
the trend has been
toward increase in both the number and type of
local government units.
Such increase often meant added expense for administr
ation. Now the
trend is strongly toward consolidation,for purposes of
greater efficiency and
economy. Such a movement involves new applicati
ons of sound principles
and practices in municipal finances and it will be
one of the duties of the
new municipal securities department to take an
active part in this work.
During the last two years there has been substantial
improvement in the
finances and operations of local governments in many
parts of the country.
The more acute situations have been adjusted
and a great many of the
problems which seemed fearsome a few years ago
have been cleared up.
In fact, State and municipal credit, as expressed in
municipal bond prices,
now stands at its highest level in 31 years—since
1903. That situation is
owing, in part, of course, to a scarcity of new municipa
l issues as well as
to the improvement in municipal finance. The
object of the new municipal
securities department is to co-operate in the establish
ing and maintaining of
sound principles and practices in municipal finance that
will progressively
increase the credit standing of States and municipalities
generally. While
this work has its practical end, in its benefits to dealers and
to investors, it
also is a public service since its effect is to save money
for taxpayersibecause
sound bond issues and sound municipal operations mean that
a community
can finance its needs at lower interest rates.
Mr. MaGee will work under the direct supervision of the
Municipal Securities Committee, whose membership of 25
is distributed among centrally located cities in all parts of
the country. In addition, he will have the active co-operation of the local Municipal Securities Committees in the
Investment Bankers Association's 16 geographic groups in
the United States.
$75,139,000 Accepted of $236,905,000 Received to
Offering of 675,000,000 or Thereabouts of 182
-Day
Treasury Bills Dated Dec. 5 1934—Average Rate
0.22%
Tenders to the offering of $75,000,000 or thereabouts of
182
-day Treasury bills, dated Dec. 5 1934, maturing June 5
1935, amounted to $236,905,000, of which $75,139,000 were
accepted, Henry Morgenthau, Jr., Secretary of the Treasury,
announced Dec. 3. The bids to the bills were received up
to 2 p. m. Eastern Standard time, Dec. 3, at the Federal
Reserve banks and the branches thereof. The accepted bids
to the offering represent an increase in the public debt as
there was no maturity of bills at this time. The offering was
announced on Nov. 29 by Secretary Morgenthau as noted
in our issue of Dec. 1, page 3407. As to the accepted bids
to the bills Secretary Morgenthau on Dec. 3 said:
The accepted bids ranged in price from 99.900, equivalent
to a rate of
about 0.20% per annum, to 99.885, equivalent to a rate
of 0.23% Per
Dec. 8 1934
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 99.889 and the average rate is
about 0.22% per annum on a bank
discount basis.
The average rate of 0.22% compares with previous rates
at which recent offerings sold of 0.23% (bills dated Nov.
28);
0.21% (bills dated Nov. 21);0.22% (bills dated Nov. 14),
and 0.21% (bills dated Nov. 7).
Offering of $18,300,000 of 13.% Federal Intermediate
Credit Bank Debentures—Books Closed in Half
Hour
A new issue of $18,300,000, 13-6% debentures of the Federal
Intermediate Credit Banks were offered on Dec.5 by Charles
R. Dunn, fiscal agent for the system. Subscription books
were closed a half hour following their opening, the offering
having been heavily over-subscribed. The new debentures
are dated Dec. 15 1934 and are due in six and nine months
.
The 13/% rate is the same as carried by five previou
s
offerings, the last of which, consisting of an issue of
$10,000,000, dated Nov. 15, was referred to in our issue of Nov.
10, page 2920.
New Offering of 182-Day Treasury Bills in Amoun
t of
$75,000,000 or Thereabouts—To be Dated Dec. 12,
1934
Secretary of the Treasury, Henry Morgenthau, Jr., on
Dec. 6 invited tenders to a new offering of $75,000,000 or
thereabouts of 182-day Treasury bills, the tenders to be
received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern standard time, Monday,
Dec. 10. Secretary Morgenthau said that bids will not be
received at the Treasury Department, Washington. The
bills will be dated Dec. 12, 1934, and will mature on June 12,
1935, and on the maturity date the face amount will be payable with interest. They will be sold on a discount basis to
the highest bidders. The accepted bids to the new offering
will represent an increase of that amount in the general fund
from which current expenditures are met, as there is no
maturity of similar securities at this time. In announcing
the offering on Dec.6 Secretary Morgenthau stated:
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 $1,000. The price offered
must be expressed
on the basis of 100, with not more than three decimal places,
e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from
incorporated banks
and trust companies and from responsible and recognize
d dealers in investment securities. Tenders from others must be
accompanied by a deposit
of 10% of the face amount or Treasury bills applied for,
unless the tenders
are accompanied by an express guaranty of payment
by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders
on Dec. 10. 1934,
all tenders received at the Federal Reserve banks or
branches thereof up to
the closing hour will be opened and public announce
ment of the acceptable
prices will follow as soon as possible thereafter,
probably on the following
morning. The Secretary of the Treasury expressly
reserves the right to
reject any or all tenders or parts of tenders, and to allot
less than the amount
applied for, and his action in any such respect shall
be final. Those submitting tenders will be advised of the acceptanc
e or rejection thereof.
Payment at the price offered for Treasury bills
allotted must be made at
the Federal Reserve banks in cash or other immediat
ely available funds on
Dec. 12, 1934.
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. No
less from the sale or other
disposition of the Treasury °Ills 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.
Total of $1,892,496,500 Offered in Dec. 16 Financing
of Treasury—Includes 3 87 Treasu
0
and
151 Treasury Notes Each Offered ry Bonds t of
I%
to Amoun
$450,000,000 or Thereabouts—Latter Issue and
23%7 Notes Offered in Exchange for $992,496,500
0
of 2% Maturing Certificates—Cash Subscr
Books for Bonds and Notes Closed on First iption
Exchange Books Also Closed—Total Cash Day—
SubScriptions About $5,300,000,000
The Dec. 15 financing of the Treasury Department
announced by Secretary Morgenthau on Dec. 2 consists of
an offering foe cash of $450.000,000 of 3%% Treasury bonds
and an offering for cash of $450,000,000 in
13/s% Treasury
notes. In addition, in furtherance of the plans of the
Treasury to refund, outstanding Treasury certificates of
indebtedness of $992,496,500 (Series TD-1934) bearing
23 % interest and maturing Dec. 15 1934 the holders of these
certificates are given an exchange offering at their option
into the 13/% notes, which will mature June 15 1936, or
into 23/% notes maturing June 15 1939. The latter issue
of notes is an addition to and forms part of a series of 2%1%
notes of Series A-1939 announced on June 4 this year, as
indicated in the Treasury announcement detailed below.
Volume 139
Financial Chronicle
0
The subscription books for the offering of 3%7 bonds
and the cash subscription books for the 13 % notes of Series
E-1936 were closed at the close of business Dec. 3, the first
day they were opened. It was stated by the Treasury in
announcing the closing of the books that subscriptions placed
in the mails before midnight Dec. 3 would be considered as
having been entered before the close of the books. The books
for the 13 %notes and 2%%notes for the receipt of exchange
subscriptions of the certificates of indebtedness were ordered
closed at the close of business Dec. 6, by Secretary Morgenthau on Dec. 5, with subscriptions mailed before midnight,
Dec. 6, being considered as having been entered on the books
before their closing. At Warm Springs, Ga., Secretary
of the Treasury Morgenthau expressed satisfaction over the
public's reception of the Government's financing program.
The Secretary, according to special advices from Warm
Springs, Dec. 3, to the New York "Times," stated:
financing of the Treasury was referred to in our issues of
Oct. 13, page 2286; Sept. 29, page 1973; Sept. 22, page 1794,
and Sept. 15, pages 1631 and 1634.
In its announcement of the Dec. 15 financing the Treasury
Department on Dec. 2 said:
The reception was excellent. The whole bond market is selling above
Saturday's (Dec. 1) close. That tells the story, doesn't it? It shows the
bond buyers have confidence in the financial integrity of the Government
and in President Roosevelt. The President and all of us are very happy.
On Dec. 6 Secretary Morgenthau announced the subscription figures and the basis of allotment for the cash offering
of 3A% bonds and 13' % notes. He stated:
Reports received from the Federal Reserve banks show that subscriptions for the offering of Treasury bonds, which was for 2450,000.000, or
thereabouts, aggregate over $2,300,000,000. Subscriptions in amounts
up to and including $10,000 were allotted in full and those in amounts over
$10,000 were allotted 18%, but not less than 810.000 on any one subscription.
For the cash offering of Treasury notes, which was for 2450,000,000, or
thereabouts, subscriptions aggregate over 23,000.000,000. Cash subscriptions in amounts up to and including 210,000 were allotted in full, and those
in amounts over $10.000 were allotted 14%, but not less than 210,000 on
any one subscription.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks.
The Treasury Department's announcement of the closing
of the cash books on Dec. 3 follows:
Secretary of the Treasury Morgenthau announced last night (Dec. 3),
that the subscription books for the current offering of 33-1% Treasury bonds
of 1949-1952 closed at the close of business Monday, Dec. 3 1934.
The subscription books for the offering of 1 3. % Treasury notes of Series
R-1936 also closed at the close of business Monday. Dec. 3, for the receipt
of cash subscriptions, but will remain open, together with the subscription
books for the 2 % Treasury notes of Series A-1939. until further notice
for the receipt of subscriptions for which payment is to be tendered in
Treasury certificates of indebtedness of Series TD-1934, maturing Dec. 15
1934.
Cash subscriptions for Treasury bonds or for Treasury notes of Series
E-1936 placed in the mail before 12 o'clock, midnight, Dec. 3, as shown by
the postoffice cancellation, will be considered as having been entered before
the close of the subscription books.
Announcement of the amount of cash subscriptions and the bases of
allotment will probably be made on Thursday, Dec. 6.
The Treasury Department's instructions of Dec. 5 as to
the closing of the Exchange subscription books on Dec. 6,
were announced as follows by the Federal Reserve Bank of
New York:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
(Circular No. 1485 Dec. 5, 1934)
SUBSCRIPTION BOOKS TO CLOSE DEC. 6. 1934
% Treasury Notes
On Exchange Offering of United States of America
of Series A-1939
Additional Issue
On Exchange Offering of United States of America 1H% Treasury Notes
of Series E-1936
To AU Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned.
In accordance with instructions received to-day from the Treasury
Department the subscription books for the offering of United States of
America 23-1% Treasury notes of Series A-1939. additional issue, dated
June 15. 1934, with interest from Dec. 15 1934. due June 15 1939, in payment of which only Treasury certificates of indebtedness of Series TD1934. maturing Dec. 15 1934, may be tendered, will be closed at the close
of business. Dec. 61934.
%
The subscription books for the offering of United States of America
Treasury notes of Series E-1936, dated and bearing interest from Dec. 15
duo June 15 1936, which were closed at the close of business Dec. 3
1934.
1934 for the receipt of cash subscriptions, but are still open for the receipt
of exchange subscriptions for which Treasury certificates of indebtedness
of Series TD-1934. maturing Dec. 15 1934, are tendered in payment, will
also be closed at the close of business, Dec. 6 1934.
Any such exchange subscriptions for either issue mailed before midnight
Dec. 6 1934, as shown by poatoffice cancellation, will be considered as
having been entered before the close of the subscription books.
GEORGE L. HARRISON,
Governor.
subTreasury bonds bearing interest at 33-1% are offered only on cash
or
scriptions at par and accrued interest to the amount of $450,000,000,
thereabouts. They are to be 15 to 18 year bonds, dated Dec. 15 1934.
at the option of the
They will mature Dec. 15 1952, but may be redeemed
United States on and after Dec. 15 1949.
in the
Treasury notes of Series E-1936 are offered for cash subscription
by
amount of about 8450,000,000 and in exchange, with the right reserved
by an amount suffithe Secretary of the Treasury to increase the offering
payment is tendered in Treasury
cient to accept all subscriptions for which
certificates of indebtedness of Series TD-1934. The notes of Series E-1936
at the rate
will be dated Dec. 15 1934. and will bear interest from that date
15. They
of 13-1% per annum, payable semi-annually on June 15 and Dec.
subject to call for redemption
will mature June 15 1936, and will not be
before that date.
Treasury
Treasury notes of Series A-1939 are offered only in exchange for
15 1934.
certificates of indebtedness of Series TD-1934. maturing Dec.
be an addition to and will
They are not offered for cash. These notes will
to Deform a part of the series of notes issued on June 15 1934, pursuant
identical in all
partment Circular No. 513, dated June 4 1934, and are
issued will
respects therewith except that interest on the additional notes
accrue from Dec. 15 1934. The notes will bear interest at the rate of 2
Dec. 15. They will
Per annum, payable semi-annually on June 15 and
redemption before
mature June 15 1939, and will not be subject to call for
that date.
to-day.—
As more specifically set forth in the official circulars issued
interest, from
the Treasury bonds will be exempt, both as to principal and
-profits and
all taxation, except estate or inheritance taxes, surtaxes. excess
Liberty
war-profits taxes; the interest on bonds (issued under the Second
ownership will be
Bond Act) up to 85.000 of principal amount under one
will be exempt, both as to
exempt from all taxation; and the Treasury notes
taxes.
principal and interest, from all taxation except estate or inheritance
with
The Treasury bonds will be issued in two forms, bearer bonds
interest,
interest coupons attached, and bonds registered as to principal and
$10,000 and
and in the denominations of 850. 8100. 8500. $1,000, $5,000,
form with
2100,000. The Treasury notes will be issued only in bearer
coupons attached, and in the denominations of $100. 8500. 81,000, $5,000.
June 15 1934,
$10,000 and $100,000.- As notes of Series A-1939 are dated
delivered with
with interest accruing from Dec. 15 1934, the notes will be
coupon No. 1, dated Dec. 15 1934, detached.
branches
Applications will be received at the Federal Reserve Banks and
institutions
and at the Treasury Department, Washington. Banking
only the Federal
generally will handle applications for subscribers, but
authorized to act as
Reserve Banks and the Treasury Department are
official agencies.
applications
Applications for Treasury bonds of 1949-1952. and cash
incorporated bank
for Treasury notes of Series E-1936, unless made by an
in full or by payment
or trust company, must be accompanied by payment
if payment for bonds
of 5% of the amount of bonds or notes applied for, and
payment
or notes is not made or completed on the prescribed date the 5%
by the Secshall be forfeited to the United States, upon declaration made
retary of the Treasury in his discretion.
and for the
Exchange applications for Treasury notes of Series E-1936
accompanied
additional issue of Treasury notes of Series A-1939 should be
maturing
by Treasury certificates of indebtedness of Series TD-1934,
Dec. 15 1934, tendered in payment.
official circulars, cash subSubject to the reservations set forth in the
amounts up to
scriptions for the bonds or for the notes of Series E-1936 for
other cash
and including $10,000 will be given preferred allotment, and
and exchange
subscriptions will be allotted on an equal percentage basis,
in payment
subscriptions for notes of Series E-1936 and Series A-1939,
tendered
of which Treasury certificates ofindebtedness of Series TD-1934 are
will be allotted in full.
TD-1934
The holders of Treasury certificates of indebtedness of Series
maturing on Dec. 15 1934, are now offered the opportunity of exchanging
23-4% Treasury notes.
-month 13-1%. or 43 year
their certificates for 18
payable
Interest on the public debt to the amount of about 2137,000,000 is
on Dec. 15 1934.
The Treasuyy's last quarterly financing, for Sept. 15, was
in the form of a refunding program, involving no cash. It
embraced the offering of two new issues of Treasury notes
and an issue of Treasury bonds in exchange solely for
Treasury certificates of indebtedness which matured on
Sept. 15 and Fourth Liberty 43% bonds which had been
called for redemption on Oct. 15. The total face amount of
the called Liberty bonds was slightly less $1,2n0.000,000 and
the amount of the matured certificates, $524,748,500. This
3565
Text of the official circular follows:
UNITED STATES OF AMERICA
33i% Treasury Bonds of 1949-52
RedeemDated and bearing interestfrom Dec. 151934. Due Dec.151952.
interest
able at the option of the United States at par and accrued
June 15 and Dec. 15.
on and after Dec. 15 1949. Interest payable
1934 Department Circular No. 526 Public Debt Service
TREASURY DEPARTMENT
Office of the Secretary
Washington, Dec. 3 1934.
Offering of Bonds
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended, invites subscriptions, at par and accrued interest, from the people of the United States.
for 33-1% bonds of the United States, designated Treasury bonds of 1949-52.
The amount of the offering is 8450,000,000, or thereabouts.
Description of Bonds.
The bonds will be dated Dec. 15 1934 and will bear interest from that
date at the rate of 3Si% per annum, payable semi-annually on June 15
and Dec. 15 in each year until the principal amount becomes payable.
They will mature Dec. 15 1952. but may be redeemed at the option of the
United States on and after Dec. 15 1949 in whole or in part, at par and
accrued interest, on any interest day or days, on four months' notice of
redemption given in such manner as the Secretary of the Treasury shall
prescribe. In case of partial redemption the bonds to be redeemed will be
determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redemption designated in any such notice,
Interest on the bonds called for redemption shall cease.
The bonds shad be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority.
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes. and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income
or profits of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds authorized by the Second Liberty Bond
Act, approved Sept. 24 1917, as amended, the principal of which does not
exceed $5,000, owned by any individual, partnership, association, or
3566
Financial Chronicle
corporation,shall be exempt from the taxes provided for in clause (b)
above.
The bonds will be acceptable to secure deposits of
public moneys,and will
bear the circulation privilege only to the extent provided
in the Act approved
July 22 1932 as amended. They will not
be entitled to any privilege of
conversion.
Bearer bonds with interest coupons attached, and bonds
registered as to
principal and interest, will be issued in denominatio
ns of E50, $100, $500,
$1,000, 35,000,$10,000 and $100,000. Provision will be made for the interchange of bonds of different denominations and of coupon
and registered
bonds, and for the transfer of registered bonds under rules
and regulations
prescribed by the Secretary of the Treasury.
The bonds will be subject to the general regulations of
the Treasury
Department, now or hereafter prescribed, governing United States
bonds.
Application and Allotment
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington.
Banking institutions
generally will handle applications for subscribers, but only
the Federal
Reserve banks and the Treasury Department are authorized
to act as
official agencies. Applications, unless made by an incorporated
bank or
trust company, must be accompanied by payment in full
or by payment
of 5% of the amount of bonds applied for. The Secretary
of the Treasury
reserves the right to close the books as to any or all subscriptions or classes
of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription
,
in whole or in part, to allot less than the amount of bonds applied for,
to
make allotments in full upon applications for smaller amounts and to make
reduced allotments upon, or to reject, applications for larger amounts, to
make classified allotments or to make allotments upon a graduated scale,
or to adopt any or all of said methods or such other methods
of allotment
and classification of allotments as shall be deemed by him to be in the
public interest; and his action in any or all of these respects shall be final.
Subject to these reservations,subscriptions for amounts up to and including
$10,000 will be given preferred allotment, and all other subscriptions will
be allotted on an equal percentage basis. Allotment notices will be sent
out promptly upon allotment, and the basis of allotment will be publicly
announced.
Payment
Payment at par and accrued interest, if any,for bonds allotted hereunder
must be made or completed on or before Dec. 15 1934 or on later allotment.
in every case where payment is not so completed, the 5% payment with
application shall, upon declaration made by the Secretary of the Treasury
in his discretion, be forfeited to the United States. Any qualified depositary
will be permitted to make payment by credit for bonds allotted to it for
itself and its customers up to any amount for which it shall be qualified
in excess of existing deposits, when so notified by the Federal Reserve bank
of its district.
General Provisions
Asfiscal agents of the United States. Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices.
to receive payment for bonds allotted, to make delivery of bonds on fullpaid subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive bonds.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve.
banks.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
UNITED STATES OF AMERICA
IX% T
y Notes of Series E-1936
Dated and bearing interest from Dec. 15 1934. Due June 15 1936. Interest payable June 15 and Dec. 15
1934 Department Circular No. 527 Public Debt Service
TREASURY DEPARTMENT
Office of the Secretary
Washington, Dec. 3 1934
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended, offers for
subscription, at par and accrued interest, 1 % notes of the United States,
designated Treasury notes of Series E-1936. The amount of the offering
is $450,000,000, or thereabouts, with the right reserved to the Secretary
of the,Vreasury to increase the offering by an amount sufficient to accept
all subscriptions for which Treasury certificates of indebtedness of Series
TD-1934, maturing Dec. 15 1934, are tendered in payment and accepted. I
Description of Notes
The notes will be dated Dec. 15 1934, and will bear interest from that
date at the rate of 1
per annum, payable semi-annually on June 15 and
Dec. 15 in each year. They will mature June 15 1936, and will not be
subject to call for redemption prior to maturity.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by the
United States, any State, or any of the possessions of the United States, or
by any local taxing authority.
The notes will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. The notes
will not be issued in registered form.
si%
Application and Allotment
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions generally will handle applications for subscribers, but only the Federal Reserve
banks and the Treasury Department are authorized to act as official
agencies. If payment is to be made in cash, each application, unless made
by an incorporated bank or trust company, must be accompanied by payment in full or by payment of 5% of the amount of notes applied for.
The
Secretary of the Treasury reserves the right to close the books as
to any or
all subscriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any
subscription,
In whole or in part, to allot less than the amount of notes applied for.
to make
allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts,
to
make classified allotments or to make allotments upon a graduated
scale, or
to adopt any or all of said methods or such other methods of allotment
and
Dec. 8 1934
classification of allotments as shall be deemed by him to be in the public
interest; and his action in any or all of these respects shall be final. Subject
to these reservations, cash subscriptions for amounts up to and including
$10,000 will be given preferred allotment, all other cash subscriptions will
be allotted on an equal percentage basis, and subscriptions in payment of
which Treasury certificates of indebtedness of Series TD-1934 are tendered
will be allotted in full. Allotment notices will be sent out promptly upon
allotment, and the basis of allotment will be publicly announced.
Payment
Payment at par and accrued interest, if any. for notes allotted on cash
subscriptions must be made or completed on or before Dec. 15 1934. or on
later allotment. In every case where payment is not so completed, the
5%
payment with application shall, upon declaration made by the Secretary of
the Treasury in his discretion, be forfeited to the United States. Any
qualified depositary will be permitted to make payment by credit for notes
allotted on cash subscriptions to it for itself and its customers up to any
amount for which it shall be qualified in excess of existing deposits, when
so notified by the Federal Reserve bank of its district. Treasury certificates of indebtedness of Series TD-1934. maturing Dec. 15 1934, will be
accepted at par in payment for any notes subscribed for and allotted and
such payment should be made when the subsceiption is tendered.
General Provisions
Asfiscal agents of the United States. Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary
of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices.
to receive payment for notes allotted, to make delivery
of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU JR.
Secretary of the Treasury
UNITED STATES OF AMERICA
2;4% Treasury Notes of Series A-1939
Additional Issue. Dated June 15 1934. with interest from Dec. 15 1934.
Due June 15 1939. Interest payable June 15 and Dec.
15
1934 Department Circular No. 528 Public Debt Service
TREASURY DEPARTMENT
Office of the Secretary
Washington, Dec. 3 1934
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended,
offers for subscription, at par, an additional amount of 23g
, % notes of the United States,
designated Treasury notes of Series A-1939, in payment
of which only
Treasury certificates of indebtedness of Series TD-1934, maturing
Dec. 15
1934. may be tendered. The amount of the offering is limited to the
amount of Treasury certificates of indebtedness of
Series TD-1934 tendered
and accepted.
Description of Notes
The notes nowoffered will be an addition to and will
form a part of the
series of 251,% Treasury notes of Series A-1039 issued pursuant
to Department Circular No.513. dated June 4 1934. are identical
in all respects therewith (except that interest on the notes issued under this circular will accrue
from Dec. 15 1934), will be freely interchangeable, and
are described in the
following quotation from said circular No. 513;
The notes will be dated June 15 1934, and will bear interest from that
date at the rate of 23i% per annum, payable semi-annually, on
Dec. 15 1934,
and thereafter on June 15 and Dec. 15 in each year. They
will
15 1939, and will not be subject to call for recemption prior mature June
to maturity.
The notes shall be exempt, both as to
all
taxation (except estate or inheritance taxes)principal and interest, from the
now or
United States. any State, or any of the possessionshereafter imposed by or
of the United States,
by any local taxing authority.
The notes will be accepted at par during such time
and regulations as shall be prescribed or approved byand under such rules
the Secretary of the
Treasury in payment of income and profits taxes
payable at the maturity of
the notes.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of $100. $500, $1,000, $5.000, $10,000 and $100,000. The notes will
not be issued in registered form.
As interest on the notes issued under this circular will accrue from Dec. 15
1934, notes will be delivered hereunder with coupon No. 1, dated Dec. 15
1934, detached.
Application and Allotment
Applications will be received at the Federal Reserve banks
and branches
and at the Treasury Department, Washington.
Banking institutions generally will handle applications for subscribers, but only
the Federal Reserve
banks and the Treasury Department are authorized
to act as official
agencies. The Secretary of the Treasury reserves the right
to close the
books as to any or all subscriptions or classes of subscription
s at any time
without notice.
The Secretary of the Treasury reserves the right to reject
any subscription,
In whole or in part, to allot less than the amount
of notes applied for, to
make allotments in full upon applications for smaller amounts and
to make
reduced allotments upon, or to reject, applications for
larger amounts, to
make classified allotments or to make allotments
upon a graduated scaie, or
to adopt any or all of said methods or such other methods
of allotment and
classification of allotments as shall be deemed by
him to be in the public
interest; and his action in any or all of these respects shall be final. Subject
to these reservations, all subscriptions will be allotted. full. Allotment
In
notices will be sent out promptly upon allotment.
Payment
Payment at par for notes allotted hereunder must.
be made or completed
on or before Dec. 15 1934, or on later allotment, and
may be made only in
• % Treasury certificates of indebtedness of Series
TD-1934, maturing
Dec. 15 1934, which will be accepted at par, and should accompany the
subscription.
General Provisions
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis and
up to the amounts Indicated by the Secretary of the Treasury to the Federal
Reserve banks of the respective districts, to issue allotment notices, to
receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time.
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU JR.
Secretary of Treasury
Greatest Increase in Federal Debt Shown by United
States—First National Bank of Boston Presents
Figures of 10 Countries Showing Increase Since
1929—Least Recovery Made by United States
In its monthly "New England Letter," the First National
Bank of Boston, submits a tabulation, as to which it says
that "by comparison with other countries the United States,
since 1929, has shown the greatest increase in its Federal
debt and has made the least progress toward recovery."
The bank makes the following further comments:
In this country there has been continued emphasis placed upon large
public expenditures as a means of restoring purchasing power and thus
ending the depression. Under such a policy the Federal debt has continued to mount but no steady advance has been made toward recovery.
As a matter of fact, since last May the index of industrial production has
been consistently under the corresponding period of a year ago and the
number of unemployed in September was nearly 750,000 more than in
September 1933.
The continued piling up of huge deficits has cast a cloud of uncertainty
over the future. In consequence, business has hesitated to make long-term
commitments, capital goods Industries remained stagnant, heavy unemployment continued and the depression did not end. With the new spirit
of co-operation which is springing up all over the country, a new feeling of
hope is coming into our industrial life, and fear seems to be subsiding.
In order to restore prosperity we must definitely work toward a balanced
budget. In addition, artificial price lifting policies should be abandoned as
they hold back demand and increase unemployment. Costs should be
lowered, especially in the building industry, which accounts for a large
Percentage of the unemployed.
Based upon the experience of 150 years of our economic history as well
as upon the results heretofore and now being obtained by countries that are
making the most satisfactory gains, the only way to recovery is through
the balancing of the budget and the maintenance of sound economic and
monetary policies that inspire confidence. We have the largest accumulated
shortages of goods in our history and if the various unnatural barriers are
In whole or in part removed and private enterprise is relieved of fear, there
will be released a huge potential demand for goods that will enable our
industries gradually to absorb the unemployed and maintain high industrial
activity for several years to come.
The following is the table presented by the bank showing
the percentage, of increase since 1929 in Federal debt of the
United States and nine other countries:
Country
Sweden
Great Britain
Germany
Italy
Canada
France
Belgium
Holland
Poland
United States
% Increase in
National Debt
Since 1929
Comparison of
August 1934
Industrial
Activity with
the 1929 Monthly
Average
27.2
2.6
38.8
10.3
22.6
10.3
11.6
19.5
3.8
60.0
101.8
98.7
86.2
79.3
78.3
69.8
68.7
65.4
62.2
62.0
The bank makes the following explanatory statement regarding the figures:
The column of figures at the left shows the percentage increase in the
debt of the central government of various countries, and that on the right
the August 1934. percentage of industrial activity compared with the 1929
monthly average. The data on debt were obtained from official sources
and the indices of industrial activity are those compiled by the League of
Nations. While these indices may not be on a strictly comparable basis,
they are the best available for international comparison and give, we believe, a fairly accurate picture of industrial trends of the countries named.
$746,068 of Hoarded Gold Received During Week of
Nov. 28—$35,358 Coin and $710,710 Certificates
The Federal Reserve banks and the Treasurer's office
received $746,068.04 of gold coin and gold certificates during
the week of Nov. 28, it is shown in figures issued by the
Treasury Department on Dec.3. 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 Nov.28, amounted
to $109,648,862.84. Of the amount received during the
week of Nov. 28, the figures show, $35,358.04 was gold coin
and $710,710 gold certificates. The total receipts are as
follows:
Received by Federal Reserve Banks—
Week ended Nov. 28
Received Previously
Total to Nov. 28 1934
Received by Treasurer's Office—
Week ended Nov. 28
Received previously
Gold Coin
$35,358.04
29,452,222.80
Gold Certificates
5700,010.00
77,311,770.00
$29,487,580.84
$78,011,780.00
$257,302.00
$10,700.00
1,881,500.00
81,892,200.00
$257,302.00
Total to Nov. 28 1934
Note—Gold bars deposited with the New York Assay Office to the amount of
2200,572.69 previously reported.
Transfer of Silver to United States Under Nationalization Order—Receipts During Week of Nov. 30
Totaled 80,662 Fine Ounces
Silver in amount of 80,662 fine ounces was transferred to
the United States during the week of Nov. 30 under the
Executive Order of Aug.9, nationalizing the metal. Receipts
since the Order was issued and up to Nov. 30 total 109,-
3567
Financial Chronicle
Volume 139
570,000 fine ounces,it was noted in a statement issued by the
Treasury Department on Dec. 3. The Order of Aug. 9 was
given in our issue of Aug. 11, page 858. In the statement of
the Treasury of Dec.3it is shown that the silver was received
at the various mints and assay offices during the week of
Nov. 30 as follows:
Fine Ounces
14.467
59,301
5,945
271
678
Philadelphia
New York
Denver
New Orleans
Seattle
80,662
Total for week ended Nov. 30 1934
Following are the weekly receipts since the Order of Aug.9
was issued:
Week Ended—
Aug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Sept. 14 1934
Sept. 21 1934
Sept. 28 1934
Oct. 5 1934
Oct. 12 1934
Fine Ounces
33,465,091
26,088,019
12,301,731
4,144,157
3,984,363
8,435,920
2,550,303
2.474.809
2,883.948
Week Ended—
Oct. 19 1934
Oct. 26 1934
Nov. 2 1934
Nov. 9 1934
Nov. 16 1934
Nov.23 1934
Nov.30 1934
Total
Fine Ounces
1,044,127
746,469
7,157.273
3,665,239
336,191
261,870
80,662
109,570,000
Silver Purchased by Treasury in Amount of 359,295.96
Fine Ounces During Week of Nov. 30
During the week of Nov. 30, it is indicated in a statement
issued by the Treasury Department on Dec. 3, silver amounting to 359,295.96 fine ounces was received by the various
United States mints from purchases made by the Treasury in
accordance with the President's proclamation of Dec. 21
1933. The proclamation, which was referred to in our issue
of Dec. 23, page 4440, authorized the Department to buy
at least 24,000,000 ounces of silver annually. During the
previous week ended Nov. 23 the purchases amounted to
443,531.15 fine ounces. Of the amount purchased during
the latest week, 350,144.96 fine ounces were received at the
San Francisco Mint and 9,151 fine ounces at the mint at
Denver. The total weekly receipts since the issuance of the
proclamation are as follows:
Week Ended—
Jan. 6
Jan. 12
Jan, 19
Jan. 28
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
•Corrected figure
Week Ended—
Ounces
1,157 June 22
547 June 29
477 July 6
94,921 July 13
117,554 July 20
375.995 July 27
232.630 Aug 3
322,627 Aug. 10
271,800 Aug. 17
126.604 Aug. 24
832.808 Aug. 31
369,844 Sept. 7
354,711 Sept. 14
569.274 Sept. 21
10,032 Sept.28
753,938 Oct. 5
438,043 Oct. 12
647,224 Oct. 19
600,631 Oct. 26
503,309 Nov. 2
885,056 Nov. 9
295.511 Nov. 18
200,897 Nov. 23
206.790 Nov.30
Ounces
380,532
64.047
*1,218,247
230.491
115.217
292,719
118.307
254.458
649,757
376,504
11.574
284,307
353.004
103.041
1,054,287
620.638
609,475
712.206
268,900
826.342
359.425
1,025,955
443.531
359,298
President Roosevelt Returns to Washington from Warm
Springs, Ga.—Conferred on Plans for Housing and
Relief—Secretary of the Interior Ickes, H. L. Hopkins and R. G. Tugwell Among Advisers—Proposal
for $1,000,000,000 Housing Subsidy—Miss Katherine
Lenroot Named Head of Dept. of Labor Children's
Bureau
President Roosevelt returned to Washington on Dec. 5
from his home at Warm Springs, Ga., where he has been
spending the past two weeks and has had frequent conferences with advisers and Government officials. The most
recent reference to these discussions was in our issue of Dec.
1, page 3411. Among those who conferred with the President this week were Rexford G. Tugwell, Under-Secretary
of Agriculture, Secretary of the Interior Ickes, and Harry
L. Hopkins, Federal Emergency Relief Administrator. The
principal subjects of discussion included winter relief plans
and projects for housing construction. Reports from Warm
Springs indicated that the President seeks to change the
basic relief program from the present form, resembling the
dole, to a substantial work-relief program with low-cost
housing and grade-crossing elimination playing a prominent
part.
Administration officials on Dec. 4 were said to have discussed the possibility of a Congressional appropriation of
$1,000,000,000 to stimulate home construction activity.
This plan was offered as a compromise between the ideas of
Mr. Ickes, who doubts that private industry will be able to
resume large-scale construction work, and James A. Moffett,
Federal Housing Administrator, who does not wish the
Government to compete with private business in housing
construction. A dispatch from Warm Springs Dec. 4 to
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Financial Chronicle
the New York "Herald Tribune" outlined the tentative
plan as follows:
The proponents of this plan argue that the cost to the Federal Government of the subsidy plan would be even less than tnat of continuing direct
relief, whereas a wholly Federal program would involve a much larger
outlay. They concede that the Federal Government would have a good
chance of getting most or all of its money back from Federally-built housing,
but they doubt that Federal expenditures can be made rapidly enough and
in large enough volume to bring about a sharp burst of recovery and the
early liquidation of Federal relief expenditures.
How the Plan Would Operate
Under the plan proposed a man wishing to build a $10.000 house would
get an outrignt subsidy of 20%,or $2,000. Supposing that his lot is worth
$1,000, he would be able to obtain a mortgage at 5% through the Federal
Housing Administration's insurance system for 80% of $9,000, that being
tne remaining cost of his house plus the cost of the lot. An SO% mortgage
would provide $7,200. Thus, with $1,800 in cash—$1,000 for the lot and
$800 for the house—a man could build a $10,000 house.
The Federal subsidy system is already being used by PWA in the
form 0(30% outright grants for public construction to non-Federal agencies.
Mr. Ickes discussed his housing plan with the President
and other officials on Dec. 3, and later told newspaper
correspondents that he advocated a construction program
large enough "to do the trick until private enterprise comes
in to take up the slack," after which the Government would
' withdraw. A dispatch from Warm Springs to the New
York "Times" noted the conference on Dec. 3 as follows:
The meeting,described as completely harmonious, with a strikin unanimity of ideas, was characterized by two important points stressed by Mr.
Ickes.
First, the Secretary endorsed the President's and Mr. Hopkins's proposal for widespread Federal shun-clearance projects in a field not touched
by private capital, and said it could get under way in sixty days.
t Secondly,he approved proposals that grade-crossing elimination be undertaken on a large scale, with the parallel proposal that this work could be
made self-liquidating through special taxes on railroad passenger tickets,
on freight, on automobiles or gasoline.
The President withheld comment on these plans pending further study,
but the trend of the conference indicated that whatever may be undertaken
in the projected effort to change relief from a dole to the provision of work
for the unemployed on self-liquidating investments is rapidly assuming
form.
It cannot be done, Mr. Ickes said, in the near future, but he estimated
that a complete self-liquidating program could be got under way within
a year. In the meantime, of course, there would remain the need for some
direct relief.
President Roosevelt on Dec. 1 appointed Miss Katherine
LenrOot of Wisconsin as Chief of the Children's Bureau of
the Department of Labor to succeed Miss Grace Abbott,
resigned. Miss Lenroot hasAbeenAAssistant Chief of The
Bureau since 1922.
President Roosevelt Issues Executive Order Withdrawing 173,000,000 Acres of Public Land from
Settlement—Will Classify Area in 12 Western
States for Grazing
Secretary of the Interior Ickes announced, Nov. 28, the
issuance by President Roosevelt of an Executive Order temporarily withdrawing from settlement, location, sale or
homesteading approximately 173,000,000 acres of public
lands in 12 Western States. The order was issued to
effectuate the purposes of the Taylor gtazing law, providing
for the prevention of injury to public lands through overgrazing and soil deterioration. The States affected are
Arizona, California, Colorado, Idaho, Montana, Nevada,
New Mexico, North Dakota, Oregon, South Dakota, Utah
and Wyoming. United Press advices from Washington,
Nov. 28, commented on the action of the President as
follows:
The far-reaching and unprecedented order, which Secretary Ickes said
probably would be in effect no longer than six months, is to effectuate
conservation aims of the Taylor grazing law.
Secretary Ickes's announcement came after he and Ferrington R. Carpenter, director of grazing, decided all Western public lands should be classified
so that grazing privileges may be allotted for their proper use.
Secretary Ickes explained classification of the land must be made "in
order that grazing privileges may be allotted, for their proper use, to
livestock producers, to the extent that their operations are dependent upon
public domain grazing."
President Roosevelt Studies Revised Recovery Program
—Said to Call for Expenditure of $4,000,000,000 Next
Year—Senator King, After White House Visit,
Says Taxes Will Not Be Increased
President Roosevelt devoted the greater part of yesterday
(Dec. 7) to work on his revised recovery program for which,
according to some press advices, he may ask Congress to
appropriate $4,000,000,000. This program is said to be
designed to provide work for the unemployed and at the
same time to co-ordinate Government spending so that the
expenditures would not only relieve present needs but would
also further the President's longer social-insurance policies.
Senator King, who talked with President Roosevelt yesterday, said later that there would be no further increases in
tax rates at the next session of Congress, and predicted that
improved business conditions would result in an increase of
Dec. 8 1934
almost $1,000,000,000 in revenue in 1935 under existing tax
rates.
Government expenditures for the fiscal year ending June
30 1935 passed $3,000,000,000 yesterday, and were approximately $1,000,000,000 above the total for the same period
in the preceding fiscal year.
Associated Press Washington advices yesterday discussed
the President's recovery plans as follows:
Some advisers foresaw a central fund, with a minimum of $4,000,000,000.
from which money would be shared out to carefully chosen projects. A
proposal to put one central agency in charge of the fund has been considered
but, like other details, Mr. Roosevelt's attitude on this has not been disclosed.
Such things as relief, land and water conservation, public works, roads,
subsistence homesteads, slum clearance and many other plans have been
under discussion by high officials, but the place of any of these in the
program may not become known definitely before Congress opens. An
inkling may, however, be obtained from a radio speech the President will
make to the nation within a week or so.
Federal Court Denies Government's Petition to Halt
Distribution of Russian Funds, Nationalized by
Soviet Union in 1918—Refuses to Bar Two New
York Banks from Paying Insurance Company
Claims
A motion brought by the Federal Government to obtain
possession of funds deposited in New York City by Russian
insurance companies before their nationalization by the
Soviet Union was denied on Dec. 5 by Judge Alfred C. Coxe
in United States District Court in New York City. Judge
Coxe refused to recognize any extra-territorial effect of the
Soviet decree of 1918 confiscating private property, and
denied the motion to restrain the Bank of New York and
Trust Companytand the Presidentrand Directors ofjilie
Manhattan Company, successor toithe Bank of Manhattan
Trus Company, from distributingithe funds, totaling more
than $1,000,000. If the decision is upheld in higher courts
the Government would lose approximately $25,000,000,
since that amount is represented in other projected actions.
The case in question was described, in part, as follows in
the New York "Herald Tribune" of Dec. 6:
George S. Van Sc.halck, State Superintendent of Insurance, in 1933
turned over residuary funds, all that remained after the liquidation of
American claims against the Moscow Fire Insurance Company and Northern
Insurance Company, to the banks. The Russian companies had been
required to deposit funds with the insurance superintendent to warrant
payment to American policyholders. Of these there remained $1,080,399
for the Moscow concern, which accordingly was held in trust by the Bank
of New York and Trust Company, while the Northern Insurance Company
turned over $245,307 to the Bank of Manhattan Trust Company, in each
case until proper claimants should appear.
Claimants Live Abroad
When Maxim Litvinov, Soviet emissary, on Nov. 16 1933, assigned all
amounts due to Russia from American nationals to the United States under
the so-called Litvinov agreement,the Government,through Martin Conboy,
United States Attorney, moved to restrain the banks, pending litigation
and to secure the residuary insurance funds. Opposition to the Government's suit has been voiced before Judge Coxe by Frederick Barber Campbell, Paul C. Whipp and Wendell P. Parker. Argument revealed that
claimants against both Russian concerns, dissolved in 1918 by Soviet
decree, live in Berlin. Paris and other foreign cities.
Judge Coxe's opinion stated. "The legislation of any nation has no extraterritorial force as a matter of right. The extent to which such legislation
will be recognized by other nations depends on comity. Comity is "the
recognition which one nation allows within its territory to the legislative,
executive and judicial acts of another nation, having due regard both to
international duty and convenience, and to the rights of its own citizens
or other persons who are under the protection of its laws.
"The confiscatory decrees of the Soviet government are clearly opposed
to the public policy of the United States. They were clearly ineffective
to reach the properties of the Moscow and Northern companies in this
country, and the subsequent recognition of the Soviet government in no
way changed, the confiscatory nature of the decree insofar as these particular funds were concerned."
Treasury Revokes Order Dismissing 1,000 Employees
of Alcohol Tax Unit—Men May Retain Jobs Provided Next Congress Votes Funds for Back Salaries
A Treasury order, which would have dismissed about 1,000
employees of the alcohol tax unit, was revoked on Nov. 30
because of the prospect of an increase in the sale of illicit
liquor as a result of a breakdown in tax enforcement. The
original order was issued under legislation passed at the
last session of Congress. In notifying the men that they
might remain on duty, the Treasury pointed out that money
for back salaries will have to be voted by the next Congress,
and the men will only be allowed to draw expense money
from the Government in the meanwhile. The new policy
of the Treasury was described as follows in a Washington
dispatch of Nov. 30 to the New York "Herald Tribune":
The revolution of the discharge order was authorized by Guy T. Helvering,
Commissioner of Internal Revenue, after conferences with Henry Morgen•
than, Secretary of the Treasury. The 1,000 liquor tax investigators had
failed in the so-called "horse sense" examination recently required of them,
and Treasury officials immediately found themselves facing the trying holiday season with less than 400 trained men to cope with bootleggers and
illicit distillers.
Volume 139
Financial Chronicle
An opinion of Attorney-General Homer S. Cummings, appealed to by
Secretary 31orgenthau in a last-minute effort to hold together his liquor
tax enforcement organization, made possible the new arrangement. That
most of the men will remain on the job in the hope of holding their posts
despite an inability to define words like "complex" and "seldom" in the
trick examination was apparent.
Repeal of Legislation Seen
Incoming Congressional leaders, including Representative Joseph W.
Byrne, Democrat, of Tennessee, majority leader in the present Congress
and leading candidate for Speaker in the next Congress, indicated that the
legislation would be immediately repealed. Some of the Democrats are
notifying agents in their district to keep on the job with the prospect of
remedial action.
The situation came about as the result of a legislative rider on an appropriation bill sponsored by Senator Kenneth D. McKellar, Democrat, of
Tennessee. It required an examination of something more than 1,400
Treasury agents, most of them former prohibition enforcement officers,
to take civil service examination before December.
Federal Grand Jury Returns Indictments Against Two
Officers, Company and an Executive in Morro
Castle Disaster
A Federal grand jury which for the last three months has
been investigating the destruction, on Sept. 8, of the liner
Morro Castle, when 124 persons were killed, returned, on
Dec. 3, indictments accusing of alleged charges of wilful
negligence Acting Captain William S. Warms and Chief
Engineer Eden S. Abbott; Henry E. Cabaud, Executive VicePresident of the New York and Cuba Mail Steamship Co..
which chartered the vessel from the Atlantic Gulf and West
Indies Steamship Lines, and the company itself. Mr.
Cabaud was arraigned on Dec. 4 before Judge Alfred C.
Coxe in New York City, and after pleading not guilty was
released in $2,500 bail. Mr. Warms and Mr. Abbott will be
arraigned on Dec. 10.
This marked the first time since the General Slocum
disaster that an indictment had been returned in the New
York district on charges of wilful negligence resulting in
loss of life at sea. The maximum penalty under the law
for conviction is imprisonment for 10 years and a fine of
$10,000. The New York "Times" of Dec. 4 summarized the
principal points in the indictments as follows:
Specific charges in the indictments relate to the precautions against emergencies and against fire at sea, and charge the defendants with failing to
observe the requirements of the law. Ten specific charges were made
against Acting Captain Warms.
After reciting the particular charges against Mr. Warms, the first indictment declares: "By reason of the foregoing, members of the crew were
without discipline and did not know what to do and the passengers were
left to help themselves; the passengers in large numbers were pushed into
the water or jumped into the water or perished in the fire."
The company, the New York and Cuba Mail Steamship Co., chartered
the ship from the Atlantic Gulf and West Indies Steamship Lines, of which
it is a subsidiary, another indictment recites, accusing the company of
having failed to see that the requirements of the law were carried out. . . .
Seven indictments in all were voted. Each of the four defendants was
named separately. In addition, Mr. Warms and Mr. Abbott were named
jointly, Mr. Cabaud and the company were named jointly, and in the last
the three individuals and the company were named jointly on charges that
"as a result of their negligence and misconduct, wilful on the part of all,
separately and jointly, lives were lost."
Acting Captain Warms and Chief Engineer Abbott were
arrested on Nov. 30 and arraigned before Garrett W. Cotter,
United States Commissioner, on charges of negligence, misconduct and inattention to duties. The two men were then
released in 82,500 bail each. Their case will be heard on
Dec. 12. If found guilty, the men could be sentenced to as
much as 10 years in prison and a fine of 810,000. A reference to the Morro Castle disaster appeared in our issue of
Nov. 17, page 3096.
United States Supreme Court Upholds Right of Colleges
to Require Military Training—Holds Religious
Views Insufficient for Exemption—National Student League to Continue Campaign Against
Military Training
The United States Supreme Court in a unanimous opinion
on Dec.3 upheld the right of the University of California and
other land-grant colleges to require students to include
military training as part of the curricula, and to refuse admission to students who would not comply. The opinion, written
by Associate Justice Pierce Butler, said that it is the duty of
every citizen "to support and defend Government against all
enemies." A concurring opinion was given by Associate
Maces Benjamin N. Cardozo, Louis D.Brandeis and Harlan
F. Stone. The regentsvofithelUniversity of California were
sustained'inytheir action inTdismissing two students who
77rious
.
rolinedfto tareinilitarTfi.ainingTheMuse of their 1
and conscientious objections. A dispatch from
—Dec. 3, to the New Yorkil"Herild Tribune"
WashIVOC,
gave further details of the7decision'as follows:
The controversy has aroused national interest because of the fact that
opposition to military training has been aroused among some students in
many land-grant colleges.
3569
The ruling affirmed a decision of the Supreme Court of California in
litigation begun against the regents of the University on behalf of Albert
W.Hamilton and W.Alonzo Reynolds, minors, by their guardians. Hamilton and Reynolds entered the University in 1933 and asked to be exempted
from military training on the ground they regarded training for war was
immoral, in violation of the doctrines of the Methodist Episcopal Church
and also in violation of the Kellogg-Briand pact to outlaw war.
Counsel for the University had held it was within the jurisdiction of the
school whether to require military training and that no Federal question
was involved, though the Federal Government had granted money and
land to aid in founding the institution. Last term, in a case of like nature
from the University of Maryland, the Supreme Court refused a review.
Denies:ConstitutionPleerq:Obfectors
I To-day's decision points out that the Federal Government has a right to
maintain itself and every citizen owes the duty to defend it. Students have
the right, it was held, to a religious belief under the Constitution. but have
no right to insist they are entitled to compel the University to excuse them
from taking military training.
The Court laid down the doctrine that the privilege of objectors to refuse
to bear arms comes, not from the Constitution. but from Congress. It has
the power to grant immunity, but no such right exists under the Constitution, the opinion finds.
According to the New York "Times" of Dec. 5, criticism
of the Supreme Court ruling upholding compulsory military
training in American colleges was expressed on Dec. 4 by
the National Sudent League, 114 West 14th Street. Remarking that the decision "does not come as a surprise to the
National Student League," the statement, says the "Times"
added:
We have consistently pointed out that the Roosevelt Government was
following a war policy, as evidenced by unprecedented naval armament
expenditures and the militarization of youth through the CCC and the increased appropriations for the ROTC.
The legal decision of the Supreme Court merely supports and reflects the
continuation of this Government policy. The statement that every citizen
must "support and defend the Government against all enemies" is equivalent to saying that it is to the interest of students and workers to engage in
war with the students and workers of other Nations.
The National Student League states categorically that it does not recognize fellow-students in other lands as enemies and will not engage in conflict
with them, no matter what decision in this regard is made by the United
States Government.
The National Student League will continue to lead the student campaign
for the complete abolition of the ROTC and the Naval ROTC.
United States Supreme Court Remands1 New York
Milk Case to Lower Tribunal for Full Hearingon
Merits of Company's Allegations—Opinion by Chief
Justice Hughes Says All Facts Must Be Available
for Determining Constitutionality of Emergency
Legislation
The United States Supreme Court on Dec. 3 reversed a
decree of the District Court of the United States for the
Southern District of New York in the Borden's Farm Products Co. milk case, and remanded the case to the District
Court on the ground that it had not been properly prepared
for final decision. An opinion by Chief Justice Hughes
pointed out that the Supreme Court must have all the facts
at hand in order to pass on the constitutionality of emergency legislation. The opinion said that the District Court
had erred in dismissing the complaint of the company on a
finding that there was insufficient cause for suit, and without considering the merits of the company's allegations in
asking for a temporary injunction restraining the New York
Commissioner of Agriculture from enforcing the price differential. A Washington dispatch of Dec. 3 to the New
York "Times" quoted from the Supreme Court decision, in
part, as follows:
The Supreme Court directed the lower body to hear and decide upon the
motion for a preliminary injunction and proceed to final hearing of the
company's suit.
Court's Demand for Fees
Then came the assertion stressing the need for facts.
"With the notable expansion of the scope of governmental regulation, and
the consequent assertion of violation of constitutional rights," Justice
Hughes said, "it is increasingly important that when it becomes necessary
for the court to deal with the facts relating to particular commercial or
industrial conditions they should be presented concretely with appropriate
determinations on evidence, so that conclusions shall not be reached without
adequate factual support."
The Borden Co. contended that the action of the Commissioner of Agriculture and Markets in fixing at 11c. a quart the price of milk sold by
well-advertised concerns, while permitting its 150 independent competitors
to sell for 10c. a quart, was "arbitrary, oppressive and discriminatory."
It was further contended that the fixing of a price differential had "no
relation to the protection of the public health or the public welfare or to
any of the objects and purposes" for which the statute was enacted, and
that its effect was to deprive the company of sales of about 25,000 quarts
of bottled milk daily.
While the court action to-day was inconclusive from the standpoint of
the law's validity, the opinion in which it was set forth was regarded as
Indicating doubt among the justices as to the constitutional question
Involved.
Speaking for the court, Mr. Hughes described the differential arrangement as "novel if not unique." Aside from the use of a well-advertised
trade name, the product of the complaining company and its competitors
was identical, as were the conditions under which it was sold, he declared.
Also, said Mr. Hughes, "there is no uncertainty as to the effect of the
discrimination."
Mr. Hughes quoted favorably from the opinion of the lower court that
"the statute seeks to take away from dealers who have well-advertised trade
3570
Financial Chronicle
names 'economic advantages which were not only theretofore lawful but
which have generally been commended and fostered.'
"It strikes at the advantage acquired by dealers through the reputation
of their brands and the consequent disposition of the public to buy them,"
he continued.
The Chief Justice added that while the New York Legislature had authorized the establishment of the price differential on the ground of a serious
condition in the industry resulting from declining prices as found by a
legislative committee, that committee had not recommended the fixing of
the differential.
Dec. 8 1934
That copies of this resolution be furnished the Governor, the AttorneyGeneral and the press.
The Chicago "Journal of Commerce" of Nov. 22 outlined
Judge Barnes' decision as follows:
Judge Barnes' ruling that the milk code was unconstitutional will be
appealed, according to advises from Washington where AAA counsel
moved to ask the department of justice to ask for a review by the Circuit
Court of Appeals. The Court's action was directed against Secretary of
Agriculture Henry A. Wallace, Attorney-General Homer J. Cummings,
Frank C. Baker, milk marketing administration for the Chicago area, and
Dwight H. Green, Federal District Attorney here.
The petition for an injunction was filed by the Columbus Milk Producers
Co-operative Association of Wisconsin and 120 individual farmer members.
The Meadowmoor Dairies, Inc., of Chicago, intervened in support of the
co-operative group. While the Court agreed with AAA contention that the
dairies are engaged in inter-State commerce, the jurist denied that the entire
Chicago milk sales area is in inter-States commerce.
Not Inter-State Trade
"The fact that an article is produced for export to another State, said
Judge Barnes' opinion in part, "does not of itself make it an article of inter
State commerce within the meaning of Section 8, Article 1 of the constitution. The power to regulate inter-State commerce, or transactions
affecting inter-State commerce, does not embrace the power to regulate
the production of articles intended for commerce."
Milk Control Legislation Under Court Attack in
Various States—Rulings Handed Down in Virginia,
Illinois, New York and Pennsylvania
State milk control laws have been under court attack in
three States in recent wetks, while efforts of the Agricultural
Adjustment Administration to enforce its milk licensing
agreement were declared unconstitutional on Nov. 21 by
Federal Judge Barnes in Chicago. The New York State
Court of Appeals on Nov. 20 unanimously upheld a ruling
compelling milk dealers to report to the State Milk Control
Commission prices paid for milk, whether it is purchased in
New York or in other States. A test case involving the con- Senate Committee of
Inquiry on Munitions Industry
stitutionality of the Pennsylvania Milk Control Act was
ResumesHearings—Meeting of Arms Manufacturers
recently filed in the Lancaster County Court. Milk
Called by Herbert Hoover in 1925 Subject of Discussion—Mr. Hoover Issues Statement Explaining
producers in Virginia on Nov. 26 urged the Virginia Supreme
Purpose of Gathering
Court of Appeals to reverse its recent decision holding the
The Senate Munitions Committee resumed its inquiry
State Milk Control Act to be unconstitutional.
The ruling of the New York Court of Appeals was noted into the manufacture of arms on Dec. 4, and at its initial
In part as follows in the Albany "Knickerbocker Press" hearing it was disclosed that when former President Hoover
was Secretary of Commerce he called a meeting of manuNov. 21:
facturers of sporting arms and munitions on April 1 1925
The high court in a decision unaccompanied by an opinion upheld a
ruling of the Appellate Division, Third Department, compelling milk
to consider objections raised by these manufacturers to
dealers to report to the Milk Control Division prices paid for milk whether
certain provisions of the proposed Geneva convention for
the product is purchased in this or other States.
control of arms traffic. Senator Nye, Chairman of the
The decision at the same time upheld the action of Agriculture Commissioner Charles H. Baldwin in revoking the license of the Eisenberg
Committee, sought to show that this meeting had some
Farms of Brooklyn because the corporation refused to report prices paid
connection with efforts of manufacturers of war materials
to Pennsylvania dairymen.
"The problem of regulating inter-State milk has been the principal
in the United States and abroad to interfere with the efforts
concern to the Milk Control Division of the past year and a half." comof the League of Nations to draft a new treaty on arms
mented Henry S. Manley, chief of counsel. "This court support will be
control. Irenee du Pont of E. I. du Pont de Nemours &
very helpful in dealing with the problem."
Director Kenneth F. Fee heralded the decision as one giving a "more
Co. and other witnesses asserted that the only purposes of
optimistic outlook to New York State dairymen."
the meeting was to protect the interests of manufacturers of
We quote in part from a Lancaster dispatch of Nov. 29 sporting rifles and munitions, as distinguished from products
to the Philadelphia "Record" regarding the test case of the for war purposes.
Pennsylvania Milk Control Act:
Mr. Hoover, at San Francisco, Calif., issued a formal
It hinges upon an appeal taken by Rohrer's Med-0 Farms Dairy from the
statement on Dec. 5, in which he said that the meeting in
order of the Control Board on Nov. 22, revoking its license for violation
question had been called at the request of the Secretary of
of the price schedule set up by the State.
Defying the authority of the Milk Control Board, Wayne L. Rohrer,
State. The text of Mr. Hoover's statement follows:
owner of the diary, refused to pay farmers supplying him the price stipulated
in its latest order, and has enlisted the support of leading distributors
throughout the State in the legal assault upon the Act under which the
Board was created.
Back Payments Pile Up
Since Rohrer's defiant action back payments of approximately $3.600,
which the State contends he owes 60 to 70 producers, have accumulated.
Hensel Brown, counsel for Rohrer, said he will argue that the Act under
which the price regulations were fixed, is "unconstitutional, unfair and
confiscatory." He admitted the United States Supreme Court recently
upheld similar authority being exercised by the New York State Milk Control
Board, but declared that case is not applicable to Rohrer's
President Judge B. C. Atlee late yesterday granted Rohrer a supersedeas staying the license revocation order of the Milk Board pending disposition of the appeal. The State did not contest the supersedeas but
reserved the right to do so in the future. The revocation order originally
was to be effective Dec. 4.
No Datefor Hearing
Since several steps, including the filing of briefs, are necessary before
the case comes to issue, no date for argument has been set by Judge Atlee.
It is expected, however, that argument will be reached in about three weeks.
The action of Virginia producers was described as follows
in the Richmond "Dispatch" Nov. 27:
Producers voted co-operation with Attorney-General Staples, who has
until Dec. 15 to file a petition for a rehearing.
The effect of the highest court's decision already has been to bring on
price-slashing in some sections, producers were told yesterday. Attending
the meeting were producers from the Richmond, Norfolk, Roanoke, Waynesboro, Danville. Charlottesville, Harrisonburg, Newport News, Williamsburg, and Hopewell milk marketing areas.
"Blow to Industry"
A. D. Kane, representing the National Milk Producers Federation, consisting of 54 "co-op" groups in 42 States, termed the Virginia court's
ruling "the severest blow the milk control advocates have yet received."
Frank Walker of Orange. said the Maryland-Virginia Milk Producers
Association is vitally concerned by the decision, inasmuch as 600 Virginia
milk producers are members of that organization.
The resolution stated.
That toe Virginia Milk and Cream Act of 1934 has proved by its actual
operation of immeasurable benefit to producers, distributors and consumers,
and in many localities nes meant an economic salvation to the industry.
Tnat the continuation of regulation under legislative autnority is essential to preserve the industry and insure a stabilized supply of healthfu
and wnolesome milk at a price compensatory to the producer and reasonable
to the consumer,
Richmond Affected
Tnat we sincerely regret that toe Supreme Court of Appeals of Virginia
deemed it necessary in toe recent case of Reynolds vs. the Milk Commission of Virginia to hold the Virginia Milk and Cream Act uncoastitutional
in its entirety.
That is is !eat ned with gratification that the Attorney-General of
intends to file with the Supreme Court of Appeals of Virginia a Virginia
petition
to rehear the case, and it is earnestly hoped tnat the Court will see fit to
grant tnis petition and reveres its decision.
The full report and details of tne conference of sports arms manufacturers,
which was called by myself as Secretary of Commerce in 1925 and yesterday
referred to before the Senate Committee, are no doubt in the State Department.
The conference was called at the request of the Secretary of State and
for toe purpose of giving a hearing to the manufacturers' views as to methods
of discriminating between sporting arms on one hand and war arms on the
other and such other proper protections as might be necessary to the
American industry at an international convention then about to be held
in Europe.
This convention was for toe purpose of limiting the international traffic
in war arms. As a result of the negotiations an international treaty was
secured controlling that traffic.
It was signed by the United States. During the eight years, from 1925
to 1933,its ratification was held up by the Senate, and probably is yet.
That ratification was incessantly advocated by President Coolidge and
myself and by Secretaries Kellogg and Stimson.
As late as Jan. 10 1933 I again urged its ratification and called tno attention of the Senate to the fact that it had now been ratified by a large number
of otner Nations and that its failure of adoption in the world was largely
because of the failure of the United States. I further recommended tnat,
pending toe ratification of the treaty, they should give immediate and further
authority to the President to control such traffic from the United States.
We quote from a Washington dispatch of Dec. 4 to the
New York "Herald Tribune" regarding the first hearing
after the resumption of the munitions inquiry:
In endeavoring to show that European and American gunmakers tried
to weaken the provisions of the draft of the arms control treaty, signed at
Geneva June 17 1925, Senator Nye submitted a letter from the Union of
Gunmakers of Liege, Belgium, to the Winchester Arms Co. about six
months before the Geneva conference. This letter informed me American
company that it was seeking opinions from leading manufacturers in this
country and Europe on how toe League draft of the proposed treaty should
be changed to protect interests of the manufacturers.
Witnesses insisted the purpose behind this was to protect manufacturers
of arms and munitions used for sporting purposes or purposes of personal
defense, but Senator Nye made it plain he did not think it was confined
to that.
In addition to going into toe atitude of manufacturers toward the Geneva
convention, which was not ratified by this country until last June, and is
not yet in effect, Senator Nye questioned Samuel L. Stone, President of
the Colt Patent Fire Arms Co.,in an effort to bring out that his company
for several years before 1914 expected war in Europe and expanded its plant
accordingly.
Mr. Stone maintained toe increased pre-war business of his company
was due largely to contracts with the United States Government, which
was replacing old-style revolvers with automatics. Senator Nye, however,
introduced in evidence an affidavit by Mr. Stone and statements of two
other representatives of the company in a tax case in 1926 which disclosed
that the company built up its plant before 1914 in anticipation of a European
war. The affidavit of Mr.Stone himself, who took a European trip in 1909,
said there were "indications that Europe was preparing for a great war."
Volume 139
Financial Chronicle
H. F. Beebe, Manager of the foreign department of the Winchester
Repeating Arms Co., testified with special reference to the attitude of
American manufacturers on the proposed Geneva treaty of 1925.
Destruction of Files Denied
Irenee du Pont, who indignantly denied a newspaper report that the
du Pont company had destroyed part of its files, told in detail of the meeting
called by Mr. Hoover and testified on other phases of munitions matters
It was brought out that former Representative John Q. Tilson, Republican, of Connecticut, while House leader, had interceded with the State
Department for the arms makers and later with delegates to the convention
at Geneva.
Dr. Manley 0. Hudson, Bemis professor of international law at Harvard
Law School, gave his views on control of the munitions trade, praised tne
recent efforts of the United States to bring about an international agreement covering trade and manufacture, and held international action
necessary, but said much could be done by individual Nations.
Senator Nye indicated the hearings, which were resumed to-day, will
probably last for three weeks, then efforts will be made to get more money
from Congress and continue them still longer. The Senator at the close
of to-day's hearings deplored the fact that the evidence showed that
while the State Department had been working to limit the arms business
the War Department was working in the other direction.
Secretary of the Navy Swanson Advocates United
States Fleet"Second to None"—Report to President
Roosevelt Urges Construction to Full Treaty
Strength—Opposed to Consolidation of Air Services
The United States navy should be built to full treaty
strength so that the fleet is "second to none," Secretary of
the Navy Swanson declared Dec. 1 in his annual report to
President Roosevelt. He recommended that Congress provide funds within the next few years to construct the 78
vessels which will be needed for treaty strength after ships
now being built have been completed. Opposing proposals
to consolidate the army and navy air service into a single
unit, the Secretary said that aviation is an important integral part of the fleet and that the navy is thoroughly "airminded." Under the present system, he said, our naval
aviation is equal in efficiency to any in the world. Further
details of his report were given, in part, as follows, in a
Washington dispatch of Dec. 1 to the New York "Times":
Referring to the need for full strength, he said:
"In the present unsettled condition of the world affairs it is gratifying
to see the navy being restored to a position commensurate with its yesponsibilities in the defense of the nation.
"While we may be willing to reduce our naval strength proportionately
with other Powers, it is my firm conviction that the interests at stake
justify and require that our navy be second to none."
Secretary Swanson declared that the past fiscal year was "made notable
by the adoption of a definite policy to build up our navy to the strength
permitted by the treaties of naval limitation to which this country is a
party."
Most important in this respect, he continued, was the passage of the
Vinson-Trammell Act, which established the strength of the navy and
authorized the construction of vessels and aircraft to bring the navy to
the prescribed treaty strength and to replace ships as they become over age.
Working on 70 Vessels
"The same resolution has been evidenced by the Congress in the appropriation of moneys for the increase of the navy and by the Executive in
the allocation of sums under the National Industrial Recovery Act, and the
Emergency Employment Act," he went on.
"Altogether, these funds permit the completion of vessels previously
building, the construction of certain others, and the laying down of some
24 vessels during the fiscal year 1935.
"Work on a total of 70 naval vessels is involved, comprising some of
every category limited by the treaties, and two gunboats.
"When this construction is completed within the next 30 months, our
navy will still be short 78 ships from the full treaty strength of modern
vessels. This shortage consists of one aircraft carrier to replace the experimental Langley; two light cruisers, which we may not lay down until
1936, and 51 destroyers and 24 submarines, as replacements for over-age
vessels now in service in those categories.
"It is to be hoped that the Congress will continue to appropriate the
necessary funds from year to year for the replacement of these vessels.
"This action would be necessary to maintain the strength of the navy
at the limit prescribed by the treaties, in the most economical and orderly
way, as recommended in my previous annual report."
Twenty-four Ships Sought in 1936.
Although the Secretary refrained from discussion of the 1936 building
program, to be submitted to the coming Congress, it was revealed before
the London naval conversations began that the budget recommendations
of himself, the General Board of the Navy, and of Admiral William H.
Standley, Chief of Naval Operations, who is attending the London conference, were for the construction of 24 new warships in 1%36.
Senator Thomas Continuing Campaign for Devaluation
of Dollar
According to Associated Press adviees from Washington
Dec. 6 Senator Thomas (Democrat) of Oklahoma, has continued his campaign for further devaluation of the dollar
in a letter to members of Congress contending the Administration's monetary program already has brought about "a
shifting of values to the benefit of the taxpayers and public
generally in the total sum of $162,000,000,000." The
advices from which we quote adds:
The Oklahoma Senator outlined his monetary beliefs in a long letter
addressed also to Governors, bankers, economists, editors, educators,
ministers and "leaders of public thought and action."
He said that despite benefits from the first devaluation of the dollar,
"the dollar still has a value of 130 cents or an excess value of 30 cents, and
such excess is a penalty on the producing and better classes and a congres-
3571
sional or governmental subsidy to the tax consumer, bondholder and
creditor classes."
Asking the reaction of those to whom he sent his letter, Senator Thomas
contended that the over-valued dollar in 1933 required the payment of
taxes and interest on debts with dollars valued at 167 cents.
This resulted, he said, in making the people pay $25,000,000,000 instead
of $15,000,000,000 in taxes and 816,000,000,000 instead of 810,000.000
in interest.
Reports to the effect that the so-called "inflation bloc"
in Congress has agreed on the principles for a program of
legislation which will be offered early next year if the cooperative movement between the Administration and
business does not bring about substantial improvement in
the next two months, were contained in a dispatch from
Washington Dec. 2 to the New York "Times" which went
on to say:
The inflationists believe these efforts should receive a thorough trial
before their own remedies are attempted.
Senator Elmer Thomas of Oklahoma said today that the bloc's program
includes the dissociation of the dollar from gold, and putting enough money
in circulation to bring the purchasing power of the dollar down to one
hundred cents, or the 1926 level. This would be accomplished by issuing
currency to cover the maturing short-term government obligations, which
amount, he said, to about $10,000,000,000.
Issuance of only a few hundred million dollars of new currency would be
necessary to reduce the dollar to the 1926 level, Mr. Thomas thought.
"Our plan is for the stabilization of the dollar when its purchasing power
is brought to the 1926 level, and holding it there through monetary management later," Mr. Thomas said. "But this country would not be returned to a gold standard until Great Britain and other leading countries
joined in an international stabilization agreement."
The Oklahoma Senator predicted that if the Administration attempted
In the next session of Congress to amend theAgricultural Adjustment
Administration Farm Relief Act,an inflation amendment would be attached
to it.
ICC Cuts Rail Rates on Western Grains—Roads to
Lose Above $6,000,000 in Revenues
In a decision intended to settle a freight controversy
existing for many years, the Interstate Commerce Commission, in a decision made public Dec. 5, ordered a downward revga Of Western railroad grain freight rates effective
-April 1 1935. Three members of the Commission filed
dissenting opinions and four other members expressed dissa
-Mfaktion with some of the conclusions. On the basis of
present traffic conditions and without improvements in
services held advisable by the Commission, the new schedule
of rates prescribed will reduce annual revenues of the Western
roads by $6,000,000 to $8,000,000 a year. The new scale
of maximum "reasonable rates" includes many reductions,
some increases and numerous changes of important rate
relationships. The New York "Times" Dec. 6 further
reports:
Pending before the Commission in one form or another since 1926, wnen
the Horn-Smith resolution was passed by Congress, the case has now been
decided by the Commission for the second time.
The first decision, handed down on July 1 1930, to become effective on
Aug. 1 of the following year, was overthrown by the United States Supreme
Court When the Commission refused a request of the roads that the case
be reopened to consider changed economic conditions resulting from the
depression. In their appeal to the court at that time the railroads said the
decision would reduce tneir revenues from wheat and coarse grains by
$20,000,000 a year.
Old Rates Were Restored
When the rates prescribed by the 1930 decision became inoperative as
a result of the court's decision in January, 1932, the railroads on Feb. 20
of that year went back to the schedule prevailing before the Commission's
1930 decision, according to the ICC findings.
Substantially the same rates have been in effect ever since and, according
to the ICC to-day, are 140 to 150% in excess of their pre-war level,although
the value of the products on wnich tne rates prevail are substantially less
than the pre-war average.
Discussing this consideration and the "general conditions" affecting both
shippers and the railroads, the necessity of "reasonable rates" on the presently reduced volume of traffic in all classifications, and the right of the
carriers to a reasonable return on investment, the Commission said:
"The only practicable test of the reasonableness of the rate level on
these commodities is the one of judgment of the regulating body upon all
of the facts, circumstances and conditions affecting both carriers and shippers. That standard underlies the rates herein prescribed."
Hoch-Smith Resolution Recalled
Under the Hoch-Smith resolution, the ICC was directed by Congress to
prescribe the lowest reasonable rates on farm products consistent with the
necessity of maintaining an adequate transportation service. This issue
came before the Supreme Court subsequent to its reversal of the 1930 grain
rate decision and while the ICC was giving the case further consideration.
While the court was not dealing directly with the Hoch-Smith resolution,
it held in substance that, althougn a mandate from Congress, it added
nothing to the powers of the ICC over the general level of rates.
It was on this point, however, that the Western grain rate case appeared
to turn to-day. In all dissenting opinions and in the partly concurring
opinions of those members who supported the majority, the contention
was repeatedly emphasized that the schedule of rates prescribed was unduly
prejudicial to the movement of traffic from farms to primary markets and
unduly preferential to the movement from primary markets to consuming
centres. Three members went along witn the majority on tne expressed
ground that it was more important that general conclusions should be
arrived at and a finding promulgated.
Commissioners Aitchison, Tate and Splavrn wrote dissenting opinions.
Commissioners Porter, Lee and Miller concurred only in part on tne principal ground that tne farmers were being made to bear more than their
fair share of the rate burden. Commissioner Farrel, Chairman, concurred
in all the findings, as did Commissioner Mahaffie, although the latter said
he considered the majority's treatment of many of the issues unsatisfactory.
3572
Financial Chronicle
EastmanlBrealcs:Deadlock
Commissioners Meyer and McManamy wrote no opinion but were
assumed to have supported the majority.
Commissioner Eastman, Transportation Co-ordinator, who does not
participate as a rule in rate ca..es, because of his other duties, was called
in to break a deadlock between the 10 Commissioners participating in
the case. This controversy concerned the equalization of rates from the
Columbia Basin to North Pacific Coast cities.
One feature of the Commission's report is a requirement that for tee
future the same level of rates should apply on coarse grains as on more
valuable wheat and flour. Forty-four years ago the Commission fixed a
rate differential for coarse grains of 15% under wheat and flour and some
differential has been in effect ever since, with the exception of a short
period during and following the World War.
Summary of the Ruling
The Commission summarized the important conclusions contained in
its 210
-page report as follows:
"The general plan of toe prescribed adjustment is the same as in the
original report.
"Through rates over reasonable direct routes through Minneapolis
and the Missouri River markets to Chicago, St. Louis, Memphis and the
Southwest are to be made by combination of prescribed local rates to the
intermediate markets and the prescribed proportional rates beyond the
so-called rate-break combinations. These combinations are to be applied
on all shipments stopped at the intermediate markets.
"On all such shipments proportional rates will therefore exclusively
apply in all instances, and lower transit balances resulting from one-factor
through rates less than the rate-break combinations will be eliminated.
"Transit stops without separate charge will be limited to two.
"Stops for storage in transit will be treated as any other stop in transit.
"A charge for a stop for inspection will be made only when the shipment
is reconsigned after inspection. An inspection at delivery point will be
considered as merged in the delivery, and no charge will be made.
"Carriers are directed to revise their transit rules to eliminate excessive
out-of-line and back hauls and unreasonably liberal transit mixtures.
Rules on Mixed Carloads
"Mixed carload rules should be revised to confine shipments in mixed
carloads to commodities in the grain and grain products family group,
eliminating from the mixtures articles foreign to that family group. In
no instance should the mixture from the transit point be broader than from
the origin from which the through rate applies.
"Rates on cereal food preparations should be higher than on grain and
its direct products.
"Permission to make a minimum charge of 10 cents rescinded.
"Interior scales eliminated.
"In checking, revised adjustment rates from stations between key points
should be graded not to exceed half a cent for each 15 miles, subject to
prescribed key point rates as minimum.
"Transit rules and mixtures and mixed carload rules should be uniform
throughout the entire Western district.
"Same rates on wheat and flour and on wheat and coarse grains.
Difference in the Findings
"The principal difference between the prescribed adjustment and the
adjustment prescribed in the original report is in the general levels of rates
In Southwestern and inter-mountain territories. In Western trunk line
territory the general level is the same as in the original report.
"In the Southwest the rates are made on the basis of an average of the
single and joint-line rates under the second 12,244 scale with modified
grading, and are higher than prescribed in the original report, but on the
whole slightly lower than the present rates.
"In the inter-mountain and Pacific Coast territories, with certain exceptions, the present rates are not disturbed when they do not exceed the revised Southwestern basis. The resulting rates in that territory will be
higher than prescribed in the original report, but on the whole will remain
substantially on the present basis.
"In view of the present lack of export movement and the finding of the
Supreme Court of the United States in the Galveston case, export rates
are left to discretion of carriers."
Labor Relations in Public Utilities and on Railroads—
Survey of National Industrial Conference Board
Unsettled labor conditions resulting from recent legislation have caused little change in the forms of labor relationship on the railroads and in public utilities, according
to a survey recently completed by the National Industrial
Conference Board. An announcement, issued Dec. 5 by the
Board, said:
In public utilities, most of the employees carry on their working relations
with employers now, as they did prior to the National Industrial Recovery
Act, either individually or through shop committees and company organiza.
tions. On the railroads, organized labor unions still remain the major
medium of labor relations.
This latest study, the announcement stated, a pamphlet
entitled "Individual and Collective Bargaining in Public
Utilities and on Railroads," which is a current extension
of many previous surveys of labor relations made by the
Board,covered 697 public utility companies and 66 railroads.
The public utility corporations covered by the Board's survey employ 578,912 workers, or 49% of all the employees in
the industry. Of that number, 12% deal with their employers through organized labor unions. The following is also
from the announcement:
Nearly one-half of the public utility companies included in the survey
report individual negotiation as the exclusive form of labor relation in their
plants. Employee representation—through shop ccanmittees or company
organizations—combined with individual bargaining comprise the systems
of labor negotiation in 45% of the public utility employees covered by the
survey.
The Conference Board made a study in November 1933 of labor relations
In mining and manufacturing industries. At that time 61.3% of 653
plans of employee representation and 41.8% of 416 agreements with labor
unions had become effective after the enactment of the NIRA.
Of the public utility workers included in the present survey who are
now under employee representation, 8.8% have adopted this form of dealing
Dec. 8 1934
since the NIRA. Of those under union agreements, 16.5% selected their
bargaining medium after passage of the NIRA.
Though the union percentage is nearly twice that of employee representation, the actual number of public utility wage earners affected by the
post-NIRA employee representation plans is more than double the number
affected by the union agreements in that period. Those public utility
workers included in the survey who selected employee representation after
the NIRA number 28,420. Those who adopted union representation
total 11,191.
4
Latest figures revealed in the Board's new pamphlet show that practically
three-fourths of the employees included in the study comprising 760,000
railroad workers, or over 72% of the total number of railroad employees,
bargain with their managements through the medium of organized labor
unions.
Seventeen per cent, of the railroad employees covered by the survey deal
through some form of shop committee or company labor organization.
Individual bargaining is the method used by 8% of the employees covered
in this study.
In October 1934 employee representation was in effect on at least 36
railroads and over 130,000 employees were negotiating with their managements through these agencies of collective dealing.
Monthly Report of Railroad Credit Corporation
12th Liquidating Distribution of $1,471,386 Made
Nov. 30
The Railroad Credit Corporation, through liquidating
distributions, made since the termination of its lending
period in June 1 1933, has returned $19,891,184, or 27%,
of the net emergency freight revenues collected by it, according to a report as to its financial condition filed by it
Dec. 4 with the Interstate Commerce Commission. Of this
amount, $8,742,797 was in cash and $11,148,387 in credits
on obligations due the Corporation. An announcement by
the Corporation also said:
The Railroad Credit Corporation has made 12 liquidating distributions,
the last one having been made on Nov.30 1934 in the amount of 81.471.386.
or 2% of the fund.
Collections by the Corporation in November totaled $681.971, of which
$627.369 was paid in reduction of loans. $54,602 in payment of interest.
and from miscellaneous sources.
The Corporation's report as of Nov. 30 follows:
REPORT TO INTERSTATE COMMERCE COMMISSION AND PARTICIPATING CARRIERS AS OF NOV. 30 1934
Na Change
Balance
During
November 1934
Nov. 30 1934
Ands—
$
Investment In affiliated companies (leans outstanding)
—1.389.429.39 55,434,490.28
Other investments
157,200.00
Cash (reserved for tax refunds, 814,020.03)
111,002.16
—38,865.58
Petty cash fund
25.00
Special depocits (reserve for tax refunds)
275,000.00
Miscellaneous accounts receivable (due from contributing carrieis)
57,770.26
—128.84
Interest receivable
151.364.95
—2,449.75
Unadjusted debits
—1,130.51
60,316.70
Expenses; of administration
+9.987.10
121,494.98
Total
—1,421,816.97 56,368,664.33
Liabilities—
Non-negotiable debt to affiliated companies
—1,472,816.64 *53,736,044.59
Unadjirted credits
—1,127.24
1,910,260.22
Income from securities and accounts (interest accrued on loans, Arc.)
721.159.52
+52,126.91
Capital stock
1,200.00
Total
—1,421.816.97 56,368,664.33
— Denotes decrease. + Denotes increase.
• Emergency revenues to Nov. 30 1934
$75,422.410.82
Less: Refunds for taxes
81,753,918.31
Distributions Noe. 1 to 12
19,891,184.28
Fund share assigned to Railroad Credit Corp.
41,263.44 21,686,366.03
853,738.044.59
Correct: ARTHUR B. CHAPIN, Treasurer.
Approved: E. R. WOODSON, Comptroller,
Washington, D. C., Dec. 11934.
HOLC Will Foreclose When Interest Payments on
Property Are Not Met—James H. Fahey Says
Current Delinquencies Are Less Than 20%
The Home Owners' Loan Corporation announced on Dec.
3 that it intends to foreclose on property on which interest
due the HOLC is not paid. John H. Fahey, Chairman of
the HOLC,said that every home owner who obtained a loan
to relieve his mortgage indebtedness would be held accountable for prompt payment of the monthly instalments due,
or of combined principal and interest on loans made after
April 27 1984, when the optional moratorium privilege on
principal amortization payments was withdrawn. He said
that delinquencies in payment were less than 20% to date.
Winthrop W. Aldrich Advocates Direct Home Relief as
Substitute for Work Relief—Discusses Unemployment Problem in San Francisco—Cites Effect of
Vast Government Borrowings, Fears Regal ding
Currency and Competition of Government
-Owned
Enterprise With Private Undertakings
Winthrop W. Aldrich, Chairman of the Chase National
Bank of New York, deeared on Dec.3 that the Government
should concentrate on direct home relief and eliminate work
relief as far as possible. Addressing the Commonwealth
Club in San Francisco, Mr. Aldrich advocated the creation
of some "new instrumentality in each locality which is made
up neither of politicians nor social workers, which will study
Volume 139
Financial Chronicle
3573
Mr. Wolcott H. Pitkin, Vice-President and General Atthe situation, follow its development daily and see to it that
relief is adequate and economically administered." Referring torney of the International Telephone & Telegraph Corp.,
to his recent trans-continental trip, Mr. Aldrich said that presented the picture of the present telegraphic set-up of the
he had observed "a real upturn" in the trend of business, major companies in the domestic telegraph field—the Westwith a distinctly better sentiment and evidence of a return ern Union, Postal Telegraph, the R. C. A., the Mackay
of confidenc). In answering a question regarding "the new Radio and the leased telegraph lines and printer exchange
spirit of co-operation" between industry, bankers and Gov- services of the American Telephone & Telegraph Co.—as
ernment, Mr. Aldrich said that there has taken place within well as the present set-up in telegraphic communications
the last few weeks not "the creation of a new spirit of co- between the United States and foreign countries. He reoperation between finance and industry and the Govern- capitulated somewhat the essential points in the history of
ment," but "the expression of a more sympathetic attitude the growth of the telegraph under competitive conditions,
'
on the part of each toward the difficulties with which the the growth of the long-distance telephone under private
other is faced in carrying out a sp rit of co-operation which monopolistic conditions allowed by law, and the growth of
has always been in existence." He predicted that this attitude the air mail, also the growth of the activities of the American
of understanding will "unquestionably continue." Advocat- Telephone company into the telegraph field through the
ing efforts to bring about a balanced Federal budget, Mr. leased telegraph lines and the printer exchange. Mr.
Aldrich admitted that it is impossible to determine at this Pitkin said:
This company believes that the best safeguard to be included in the law
moment the precise measures which must be adopted to
would be to vest in the Commission itself full authority to approve or disbring about the desired result.
approve any merger or consolidation which may be aroposed in accordance
In discussing measures to be taken in dealing with the with the effect ofsuch merger or consolidation on the public interest.
unemployment problem, Mr. Aldrich said, in part:
Mr. Pitkin pointed out that while unification in the teleFirst, increased Government expenditure, through the ordinary channels
graph field would undoubtedly lessen wasteful competition
of trade, based on borrowed money, Will in itself nave a tendency to make
within this field, nevertheless there would be a maintenance
for increased general business activity, but where the Government borrowing is on so vast a scale as to generate fears regarding the budget,fears
of healthy competition in the field of communications.
regarding the future of tne currency, private enterprise hesitates to make
He said:
long time commitments, hesitates to undertake new ventures, and the
net result is to depress,rather than to stimulate, private business activities.
The credit of the Government and the soundness of toe currency are basic
to that general confidence which is necessary for vigorous business activity,
and, above all, for the making of long time commitments. Second, when
the public expenditure involves the creation of new enterprises, governmentally owned, which compete with private undertakings, the net result
may be an actual decrease in employment. The Government's activities
in connection with new power developments which create a tremendous
excess supply of power for which no present demand exists undoubtedly
do give orders to certain of the heavy industries, with the result that
workmen are employed in the heavy industries, but fears running throughout the public utility field as to the extent of the consequences of these
activities of the Government have meant an almost total cessation of orders
from toe private enterprises in this field to those same industries, and
the net result, I have no doubt,is that the heavy industries are very mucn
less active than they would be if the Government had not been in the
field at all.
I want to say one thing more regarding the relations of the municipalities.
the States, and the Federal Government with respect to this problem of
unemployment relief. I nave already emphasized the necessity for local
administration of relief in order to insure sympathetic and fair handling
of the problem and in order to eliminate a great deal of waste. But the
localities must also bear as important a part as possible in financing =employment relief, In order that those directly charged with the matter will
be interested in holding down expense. It is impossible, in this connection,
to establish a rule which will apply in all parts of the country. In New
York City at the present time, where we are spending at the rate of over
18 million dollars a month for unemployment relief, approximately onethird of the expense is borne by toe city, one-third by the State and onethird by the Federal Government. However,in many parts of the country,
a major portion of the burden Is borne by the Federal Government.
I submit that if we, in this country, concentrate on direct home relief
and eliminate work relief as far as possible, the budgets of the municipal,
county, State and Federal Governments can be brought into balance, and
that if this is not done we willsoon be faced with a situation toe seriousness
of which cannot be exaggerated. If the method of handling unemployment
relief were a small problem and the sums involved were small, we could
afford to experiment, but the problem is so vast and the results offollowing
a wrong theory are so serious that it behooves us all to direct our most
earnest attention to the solution of this problem. If we could be assured
of a sound solution of the difficulties of financing unemployment relief,
one of the most disturbing factors operating to-day against the revival
of private enterprise would be removed.
Great progress has been made in the year 1934 toward the return to
normal conditions in economic life and toward the removal of underlying
causes of the depression. None of us wish to see that progress jeopardized
by the pursuit of an unsound policy in dealing with the most important
symptom of the depression, namely unemployment, which unsound policy,
if continued, might ultimately put the credit of the Federal Government
and the stability of the currency itself into danger.
Postal Heads Urge Telegraph Merger—Unity with
Radio Under Federal Supervision Proposed
Colonel Sosthenes Bohn, President of the International
Telephone & Telegraph Corp., which owns the Postal
Telegraph, Commercial Cables, Mackay Radio and the AllAmerica Cables, together with other officers of these companies, appeared before the Federal Communications Commission Dec.3 to advocate legislation authorizing the unification of all forms of American telegraph services—wire, cable
and radio telegraph—and to co-operate with the Communications Commission in giving them all possible information
upon which to base their recommendation to Congress regarding the unification of these services.
Mr. Howard L. Kern, counsel for Postal Telegraph,
stated:
We are prepared to offer evidence showing the probable effect of unification of telegraph services from the point of view of conditions and security
of labor, efficiency of the telegraph, cable and radio services and the rates
for such services.
The Government does not dolts full duty by merely permitting the private
interests to bring about a solution of these problems, but the Government
has an affirmative duty pending such solution to see that the struggle for
private advantage does not prejudice public interests.
The different forms of communication in the very nature of things compete one against the other—the telephone companies with the telegraph,
the air mail, and to a lesser degree, the mail itself, compete with the telephone, and more directly with the telegraph. Therefore the consolidation
of the telegraph services, whether domestic or transoceanic or both, would
not do away with competition in communication. In fact, by strengthening the telegraph, such unification would intensify the natural competition
among the different forms of communication.
Unless there is something very peculiar about the commercial telegraph
business, the law should permit consolidation among the privately-owned
elements in that business, when we consider that not only is the long-distance telephone furnished by an institution which is a practical monopoly
in its own field, but that institution is to a continually increasing degree
utilizing its resources in expanding into the more profitable part of the
telegraph business.
Colonel A. H. Griswold, Executive Vice-President of the
Postal Telegraph, explained the abuses which had grown up
n the telegraph field largely because of the intense competition. He said:
The domestic telegraph has never been able to extend its services in the
same comprehensive manner as the telephone in this country or as the telegraph in many other countries in the world. With the exception of the refinement of the printer and printer service, it has made no essential progress
in development for the last fifty years. No research worth talking about
is going on to-day or can go on unless the financial position of the industry
can be improved. The reason for this lies primarily in the fact that the two
principal telegraph companies were forced by requirements of competition
to spend their resources in costly duplicate facilities and effort particularly,
in the larger places, and with the larger users of the service, not only to
protect themselves against each other but against other sources of competition. Moneys which ought to have been spent in employment of more
labor, in the extension and improvement of services and a reduction of their
cost, and in providing a reasonable return to the owners of the properties,
are being spent in an intense competitive effort to survive.
In favoring the unification of the telegraph services in this
country Colonel Griswold said:
When the management of an essential public service can base its decisions
on the improvement and extension of its service and betterment of employment conditions rather than upon requirements of competition, there is
bound to result a condition more satisfactory to the public, to the employees
and to a Government regulatory commission.
Mr. Edwin F. Chinlund, Comptroller and Vice-President
of the International Telephone & Telegraph Corp., showed
that in the domestic telegraph field over the last 15 years
the companies have not earned even an adequate return on
invested capital.
Mr. Chinlund also stressed the following advantages in
unification of the telegraph business of this country:
The industry would be subject to effective competition from the longdistance telephone and the air mail, but would be free from the expenses
incidental to duplication and internal competition.
Savings of a substantial character would be made in non-labor items
such as rents, maintenance and carrying charges on duplicate equipment,
certain elements of commercial expense, general headquarters and administrative expense, Zire.
With unification under governmental supervision a new scientific rate
structure which would be fair to all classes of telegraph users could result
promptly.
Service would be extended to places now not served and services would
be improved principally because the industry could devote its attention to
such improvement with confidence in the future.
From a straight service point of view, while there would be some immediate surplus in personnel, based on present volume of business, the absorption of these employees would be provided for in the work incidental to
realignment and reconstruction necessary in converting the two plants into
single operating unit and in the extension and improvement of service.
It might appear from the testimony given that the status of employees
In the telegraph industry is being considered only from the point of view of
benefiting their positions at the expense of the Bell System by regaining the
telegraph business being handled by the Bell System. Such is not the intention of the proposed program of unification. It is our opinion that it is
essential from a sound business point of view to protect the telegraph industry in its field and this can only be done by giving it the right to do all
of the telegraph business. The Bell System should be allowed to segregate
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Financial Chronicle
its telegraph business, which business should be included in any program
of unification and proper consideration given to this investment.
Mr. Chinlund concluded:
After studying all of the available data, it appears that unification of
the telegraph industry is not only necessary as being in the best interests
of the American people in giving to them the best possible telegraph service at the lowest possible rates, but that it is essential to protect the
employees and the investors in the industry.
Radio Corp., Western Union and A. T. & T. Officials
View Unification as Acceptable—Definite United
States Policy Asked
The American communications industry is at a distinct
disadvantage in the international field and will remain so
until a definite national communications policy is adopted
,
by this country, David Sarnoff, President of the Radio Corp.
of America, told the Federal Communications Commission
on Dec. 4.
Reiterating testimony of previous witnesses, who had asked
the Commission to recommend Congressional enactment of
legislation to allow merging of units within the telegraph
industry, Mr. Sarnoff said there can be no effective remedy
for this unhealthy position of the industry as long as unification of telegraph service is forbidden.
The "Herald Tribune" of Dec.5 states in part:
J. C. Willever, Vice-President of the Western Union Telegraph Co.,
the day's first witness at the hearing to determine whether the Commission
should recommend such action to Congress, said that his company believed
unification of the telegraph industry eventually would prove to be the
savior of telegraphy.
Merger Still Unattractive
Nevertheless, he said, Western Union "has not thus far regarded merger
companies as presenting an attractive prospect."
with competing
"It is doubtless true that if all the telegraph and cable traffic of the
United States were handled by one company," Mr. Willever said, "certain
operating economies could be effected which, if there were no offset to these
economies, would tend inevitably to increase the sum total of net income
to the industry."
But, he continued, any economies would be effected largely through
reductions in personnel, and hence the question of whether such a merger
would be in the public interest was "open to reasonable doubt."
"Because of these considerations we have never urged an amendment to
the law along the lines suggested," Mr. Willever said, "but we have never
opposed such a change and we do not oppose it now, if the Commission
concludes that under present conditions or those which may be expected in
the near future it is or may be desirable."
He told the Commission, however, that in event permissive legislation
were recommended to Congress, safeguards should be included to protect
all public interest.
Any unification program should include Western Union, the Postal Telegraph & Cable Co., the Radio Corp. of America and the Mackay Radio
System, Mr. WWever said.
He emphasized that his company was willing to go along under present
conditions.
A. T. & T. for Unification
The American Telephone & Telegraph Co. also favored unification
when C. P. Cooper, Vice-President of A. T. & T., said his company believes
"the possible advantages" of unification of the telegraph industry sufficient
to justify Commission recommendations to Congress for enactment of
permissive legislation.
Mr. Cooper said he did not believe either leased wire services or teletypewriter printer exchanges. both extensively developed by A. T. & T. in
recent years, should be considered as part of the telegraph industry.
Development work in both these fields has been carried out by the Bell
System, and for this reason, he said, they should be left to the telephone
companies rather than included in a telegraphic unification program.
He said a comprehensive unification program also should include plans to
make use of facWties already existing as property of the Bell System b t
can be used for telegraphic communications. This would effect enormous
savings and prevent duplication of plants and facilities and do away with
new construction work.
Labor Seeks Protection if Telegraphs Merge—Union
Official Says They Would Bear Brunt of Any Saving
in Operating Expense from Consolidation
Protection of labor in case of merger of telegraph companies is of paramount importance and any law permitting
mergers should provide for protection of employees, F. G.
Burton, President of the Association of Western Union
Employees, told the Federal Communications Commission
on Dec. 5.
Labor in industry, he said. would stand the brunt of any saving in operating expense resulting from consolidation. Labor in other industries
and business in general would suffer also, Mr. Burton contended.
It may be possible, he said, temporarily to take care of all employees of
the consolidating units but it is quite obvious there ultimately would be
many less employees attached to the telegraph industry. The witness
declared that present paid up membership of his organization numbered
27.000 compared with 38.603 in March 1930, the high point of membership.
Western Union since 1929, the peak year of employment, has furloughed
more than 24.000 employees and Postal approximately 5,500, both figures
including messengers, it was testified.
In case of consolidation of the two systems there would be a surplus of
roundly 8.500 employees, Mr. Burton contended.
Merger of the telegraph companies of the country would put an additional 15,000 employees out of employment, Frank B. Powers. International President of the Commercial Telegraphers' Union, told the FCC.
Employees already have suffered a loss of nearly 40,000 positions since the
beginning of the depression, he said. A telegraph monopoly would result
in closing the branch offices, cosolidation of delivery services and of main
distribution, the discharge of 25% of the employees and loss to the public
of the advantage of aggressive competition, he contended.
The hearings were concluded by appearance of representatives of the
U. S. War and Navy Departments. They told the FCC that they were
Dec. 8 1934
not taking any stand on the merger at the present time, but asked the
FCC to submit any recommendations which it might make to them, for
their study, before their submission to Congress. Testimony presented
during the 3
-day hearings will furnish the basis for the FCC's recommendations to Congress, scheduled to be made before Feb. 1.
Urges Direct Government Subsidy for Shipping—
Roger D. Lapham Advocates Abandonment of
Term "Ocean Mail Contract" as Misnomer
A direct Government subsidy to shipping was advocated
Dec. 3 by Roger D. Lapham, President of the AmericanHawaiian Steamship Co. and of the Oceanic & Oriental
Navigation Co. Mr. Lapham, who spoke before the Western
Divisional Meeting of the Chamber of Commerce of the
United States at Los Angeles, said that the term "ocean mail
contract" is a misnomer which should be abandoned because it had been employed by Congress to "disguise what
was always intended to be a necessary ship subsidy." He
asserted that instead of higher building and operating costs,
American-flag ships in order to survive must have Government aid in some form. Mr. Lapham indorsed President
Roosevelt's policy of not "camouflaging" aid to shipping.
The Post Office Department, he said, should pay for the
carriage of mail only such sums as the service is worth.
Further portions of his address were outlined as follows
in a summary from the American Merchant Marine Information Service in San Francisco on Dec. 3:
"I should like to see new vessels built in American yards, the American
shipowner paying to the American shipbuilder the amount it would cost to
build the vessel abroad, and the Government paying the American shipbuilder a bounty representing the difference between the domestic and the
foreign cost. I should like to see the American ship operator paid for his
services in operating a fleet over a given route at stated intervals for a
stated period, a sum equivalent to at least the difference between American.
and foreign-flag operating costs."
Addressing himself specifically to foreign trade, Lapham said he believed that the country wants an adequate merchant marine, both for the
sake of commercial development and for national defense. Foreign trade
Is necessary, he contended, to American as well as to world recovery,
offering the opinion that while America and the rest of the world were
now in the throes of a Nationalism that had engendered trade restrictions
of all kinds, this was only a passing phase; and that although such restrictions might temporarily retard, they could not permanently prevent,
the freer exchange of goods and our own wider economic dependence upon
other nations.
"I am confident," he said in conclusion, "that the President and the
country want an American merchant marine in foreign trade, not only
from the standpoint of the development of that trade but for the purposes
of national defense as well. And I am hopeful that Congress will intelligently back the President's purposes and such methods of accomplishment
as he may recommend."
Valuation of Insurance Company Stocks To Be On
Basis of Market Quotations as of Dec. 31 1934,
Under Resolution Adopted at Convention of
Insurance Commissioners—Special Provision for
Life Insurance Companies
Unanimous approval was given at the national convention
of insurance commissioners, at St. Petersburg, Fla., to a
recommendation that for the inventory of stocks and bonds
in the annual statements of insurance companies the valuation
be on the basis of market quotations as of Dec. 31 1934.
It was pointed out in a St. Petersburg dispatch to the New
York "Journal of Commerce" that a special provision was
made for life companies, which may use the cost or book
value, whichever is lower in the aggregate, as the fair market
value of stocks. There are some conditions attached to
the basis permitted for the use of life companies, it was added
in the dispatch, from which we also quote:
For the last several years the companies, on recommendation of the
commissioners, have been using so-called "convention" or average values
ofstocks. These values were arrived at by taking the average of the market
prices at the end of five or six quarters. Bonds not in default have been
amortized during the same period.
Recommendations of the Committee on Valuation of Securities, of which
George S. Van Schaick, Superintendent of Insurance of New York, is
Chairman,were contained in the following resolution, which was unanimously adopted:
Text of Resolution
"Resolved, That the Committee on Valuation of Securities of the National
Convention of Insurance Commissioners recommends the following basis of
valuing stocks and bonds for the inventory of such securities in the annual
statements of insurance companies as of Dec. 31 1934:
"1. Stocks and bonds should be valued at market quotations of Dec. 31
1934, except as hereinafter provided.
"2. All bonds amply secured and not in default should be valued on an
amortized basis wherever permitted by law.
"3. Bonds of States ofthe United States and political subdivisions thereof
and of the Provinces ofthe Dominion of Canada, not eligible to amortization
should be valued at the convention values as of Dec. 31 1933, except that
where such bonds shall have been in default for a period longer than two
years Prior to Nov. 1 1934, the values should be the convention values as
of Dec. 311931. less 30% of the difference between such values and the
market quotations of Nov. 1 1934. Such bonds acquired since Dec. 31
1931, except by exchange for betterment of portfolio, should be valued at
market quotations of Dec. 311934. Further,
Basis for Life Companies
"Resolved, That the cost of book value of stocks, whichever is lower in
the aggregate held by life insurance companies, as of Dec. 311934. may be
used in the aggregate as the fair market value of such stocks, provided the
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Financial Chronicle
3575
income received by such companies on such stocks during each of the
five years preceding the date of valuation shall have been at the rate
sufficient to meet the interest required to maintain policy reserves and other
policy obligations, and provided further that the net investment income
received by such companies on their ledger assets shall not have been less
than required to maintain the reserve. This shall not apply to stocks of
corporations in receivership or similar status. Cost as used herein shall
be held to include stocks received as exchanges or rights received as dividends or otherwise at not to exceed the market value quoted on the date
acquired. Further,
"Resolved, That in cases where the condition of insurance companies may
require the immediate disposition of securities, it is the opinion of this
Committee that the discretion of the State supervisory officials of insurance
should be exercised to vary the general formula herein set forth, so as to
adopt prices reflected by the exchanges?'
also adopted. Frederick E. Hasler, as Chairman of the
Committee on the Harbor and Shipping, presented the report
which was also sponsored by the Committee on Internal
Trade and Improvements.
Another resolution adopted commended the Mayor's plan
to make Floyd Bennett field in Brooklyn the terminal airport
for New York City. Gen. Charles H. Sherrill, Chairman
of the Special Committee on Aviation, said the proposed
air-ferry plan would materially reduce the time-distance
between the field and Mahnattan, and, being privately
financed, would not necessitate any additional municipal
The action of the commissioners a year ago with regard expenditures.
Frederick J. Lisman asked consideration of a plan to tax
to the valuation of securities was noted in our issue of
industry on the savings effected by the use of machinery
Dec. 30 1933, page 4613.
which was a contributing cause to unemployment. It was
New York Chamber of Commerce Withholds Action on referred to the Committee on Taxation.
D. M. Dow, Secretary for Australia in the United States,
Report Opposing Participation by Government in
"Slum Clearing" Projects—Joseph P. Day Declares was a guest of the Chamber and heard a resolution adopted
Secretary Ickes' Housing Plan "Bad Attack of congratulating the State of Victoria and City of Melbourne
Socialism"—Chamber Advocates Removal of Courts on the 100th anniversary of their settlement. Mr. Dow said
that Australia was interested in having the United States
From Politics—Other Action by Chamber
Characterizing Secretary Ickes' 85
-a-room housing plan buy more wool, wines and woods from her.
Myron C. Taylor, Chairman of the United States Steel
for New York as "a bad attack of socialism," Joseph P. Day,
realty expert, on Dec. 6 predicted it would ruin the private Corp., was elected a vice-president of the Chamber to serve
building industry and bring heavy financial loss to owners until May, 1938, to fill the vacancy caused by the death of
and mortgagees of competing properties. "This Union can- R. Fulton Cutting. G. Chester Doubleday and Joseph H.
not endure, half communist and half capitalist," Mr. Day McMullen were elected resident members,and Warren Clark,
declared, paraphrasing Abraham Lincoln, and some 300 John W. G. Ogilvie and Charles G. Stachelberg associate
members of the Chamber of Commerce of the State of New members.
York, before whom he spoke, applauded his plea to them to
help head off the evil of Federal housing and the destruction Recommendations of Hutchins Commission Incident
to Retention of Powers Under Gold Act—Favors
of the industry.
Use of Gold Stocks to Balance International PayIf the government puts a billion dollars in such low-cost
ments—Settlement of War Debts Urged—Would
apartments, its investment will be gone forever and taxAbandon Measures Restricting Exports Such as
payers will have to make good the loss, Mr. Day said. He
Cotton Loan Policy—Views on NRA, Tariff, &c.
decried the destruction of tenements merely because they
The recently published report of the commission headed
were old and said that many such buildings had years of safe
and comfortable occupancy ahead of them if they were by Dr. Robert M. Hutchins, President of the University of
renovated. This was the only sound way, he said, that Chicago, makes a number of recommendations on American
-&-room apartments could be provided for the poor.
international economic policy. In expressing its views on
$5
Mr. Day took bankers and money-lenders to task for not the country's monetary policy the commission has the folbeing more tolerant and liberal to property owners and lowing to say:
Monetary Policy: We recommend that gold stocks be used exclubuilders who wished to borrow money. He said the former
sively as at present for the balancing of international payments.
were playing into the hands of socialistic housing schemes.
We recommend that in order to promote confidence the Government an"Secretary Ickes has the very good excuse that private nounce that although it will retain its present powers under the Gold
lenders will not lend and therefor private builders cannot Purchase Act to change the price of gold within the limits there stated,
It does not intend to exercise those powers, and that it will freely permit
build," Mr. Day added.
the export of gold at the present official price for the settlement of interBefore Mr. Day spoke, the Chamber at its regular business national payments.
We believe that there is only a minor relationship between the official
meeting, at which President Thomas I. Parkinson presided,
prices of
voted to refer back to committee a resolution opposing fur- spondence gold or silver and the general price level, and that the correbetween commodity prices and the official prices of these metals
ther slum clearance projects in New York until a compre- is substantial only for those commodities which move importantly in international trade. The Government may enlarge purchasing power through
regional plan had been adopted.
hensive
George McAneny, who introduced the resolution for the maintaining for a time a large Federal deficit, which may be created by
reducing taxes as well as by increasing expenditures. Such a
Special Committee on Housing, urged its immediate adop- emergency purposes need not threaten our financial structure deficit for
if accomtion, but it was opposed by Maurice Deutsch and Samuel panied by sound policies for increasing production and employment.
Robert, who wished the committee to give the subject fuller
In giving recommendations made by the commission the
consideration.
Springfield "Republican" of Nov. 20 observed that the report
The Chamber pledged itself to a movement to liberate the was to be published that day by the University of Minnecourts from the vicious influence of politics. Lawrence B. sota Press, and that copies of the report would be available
Elliman, Chairman of the Executive Committee, who intro- Dec. 10. Those comprising the Commission of Inquiry Into
duced a report based on findings of the sub-Committee on National Policy in International Economic Relations, the
"Republican" notes, were:
Law Reform, said:
The condition of the bench today, its reputation in the public mind, the
calibre of the Judges, and the belief that politics plays a large part in the
courts, all trace back to the influence of political patronage.
The resolutions adopted read in part as follows:
— Resolved, That the Chamber of Commerce, its officers and committees
will use every means to help stimulate, organize and direct the sentiment
of the people of the state and city to condemn and remove that malign
Influence and bring about such changes in our Judicial system as will make
impossible further interference with the independence of the courts and the
administration of Justice.
President Parkinson read a letter from Judge Thomas D.
Thacher, President of the Bar Association of the City of
New York, commending the Chamber's efforts to make the
judiciary independent of politics and telling of the associations' work for the same goal.
Leclanche Moen, Chairman of the Committee on Sanitation, presented a resolution, which was adopted, endorsing
a Federal loan for completion of the Wards Island sewage
disposal plant to handle sewage which now flows directly to
the Harlem River and Hell Gate.
A joint report warning taxpayers and investors of the
danger of opening the state's credit to the Power Authority
for a power generation project on the St. Lawrence River
which would compete with private utility corporations was
Chairman, Dr. Robert M. Hutchins, President of the University of
Chicago.
Vice-Chairman, William Tudor Gardiner, former Republican Governor of
Maine and now Chairman of the Board of Incorporated Investors at Boston.
Carl L. Alsberg, director of the Food Research Institute at Stanford
University.
Isaiah Bowman, director of the American Geographical Society of New
York and Chairman of the National Research Council.
Guy Stanton Ford, Dean of the Graduate School at the University of
Minnesota.
Beardsley Runt, of New York City, Treasurer of R. H. Mary & Co., Inc.
Alfred H. Stone, Chairman of the Mississippi State Tax Commission.
Alvin H. Hansen, it is stated, was Secretary to the Commission and Director of Research. He is Professor of Economics at the University of Minnesota.
From the "Republican" we also quote:
Professor Hansen served as Director of Research and Secretary of the
Commission from the time of its first meeting, on Jan. 4 1934, to July 1
1934, when he became Chief Economic Analyst of the State Department.
After his resignation his work with the Commission was carried on by
Mr. Alsberg, a member of the Commission.
The Commission was conceived in the fall of 1933, and after consultation with President Roosevelt, in November of 1933, the Commission was
appointed by the Social Science Research Council. This Council is an
autonomous body representing the following seven national associations:
American Anthropological, American Historical, American Economic, American Political Science, American Psychological, American Sociological and
American Statistical.
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Financial Chronicle
In the opinion of the Commission,"internal economic relations cannot be greatly improved until the distrust and tension now prevailing in the world are relieved." The adoption by the United States of various measures which the
Commission recommends includes the following:
Immediate withdrawal from the Philippines on terms that will protect
their economic life from injury by American tariffs.
Repeal of the Johnson Act forbidding loans to countries in default.
Immediate settlement of the war debts. We do not believe that the
Interests of the United States require any payment. Since, however, some
countries desire to pay something, we recommend the appointment of a
commission with full power to effect settlements. We suggest a lump-sum
payment, possibly to be effected through the transfer of securities to be
obtained by foreign governments through the exchange of their bonds for
American issues held by their nationals or by any other method that
minimizes transfer difficulties. The proposed commission should have
discretion to accept in part settlement defaulted obligations of political
units of the United States.
• We recommend that our Government make it clear that future investments
abroad are at the investor's risk. We point out the possibilities of friction
involved in even the customary diplomatic representations as to foreign
investments. The investor should be remitted for assistance or redress to
the authorities of the country where the investment Is made.
From the report we also quote the following bearing on
foreign investments:
We are opposed to governmental restrictions on long-term private loans
abroad beyond such regulations as are necessary to prevent fraud. We
regard foreign lending by the United States Government itself as unwise.
We recommend that arrangements be made to make available currently
complete information as to the volume of international short-term lending.
We recommend that no steps be taken by the Government to restrict the
operation or establishment of American branch factories abroad.
Recommendations are likewise made by the Commission
with a view to achieving "a more wholesome balance in the
International accounts"; in furtherance of this, the removal
Is proposed of tariffs "in all cases in which no serious addition to unemployment would result." It is further recommended that "the Government consider the payment, under
proper safeguards, of a dismissal wage to labor thrown out
of employment as a direct consequence of sudden changes
in the tariff." The speedy negotiation of reciprocal trade
agreements pending downward revision of the tariff is
favored by the Commission, which states that it does not
regard reciprocal trade agreements as a substitute for tariff
revision. The conclusion of such agreements is recommended "only on condition that they be used to enlarge
rather than divert world trade." According to the Commission, "the principal difficulty in the way of admitting
additional imports into this country is the 10,000,000 unemployed in the United States." It goes on to say:
An increase in imports might increase this number temporarily, although
some tariffs could be lowered without throwing people out of work; others
are ineffective. Whatever the effect on the volume of new imports, the
Influence of removing or lowering these barriers on the trade policies of
other governments, and hence on the ultimate revival of world trade, would
be substantial. A bolder policy could accompany an ascending scale of
national recovery.
Regarding the country's agricultural policy, the report
says:
Agricultural policy: The Commission recognizes the present necessity
for fundamental readjustments in American agriculture, and feels that
the policies now being applied by the Department of Agriculture should be
continued long enough to determine their practical value.
We recommend the continuation of subsidies such as those provided under
the present domestic allotment program as supplements to agriculture
tariffs, which are likely to be ineffective. The Commission suggests subsidies only in this restricted sense and only to compensate agriculture for
the effects of existing industrial tariffs.
Since any attempt to raise American agricultural prices, without differentiation betwen domestic and world prices, will stimulate foreign production to the detriment of the farmer's export market, all price-raising measures of this character should be discontinued at the earliest possible moment.
We recommend further that all other measures tending to restrict exports,
such as the cotton loan policy, be abandoned at the earliest possible moment. Such policies not only tend to restrict exports by maintaining an
artificially high price for American cotton, but may also make necessary
severe reductions in cotton production in this country in order to protect
the loan extended by the Government.
The recommendation is made "that if the life of the
National Industrial Recovery Act is extended, its tariffmaking features (Section 3-E) be repealed and power over
all tariffs transferred to the Tariff Commission.
The Commission's report embraces nearly 400 pages.
National Industrial Council Opposes Government
Competition with Private Enterprise—Raymond
Moley Says Administration Seeks to Preserve
Present Order—Paul S. Clapp Denounces TVA and
Other "Yardsticks"—Views on Unemployment
Insurance—Return to Gold Standard Advocated
Balancing of the Federal budget, a return to the gold
standard and a non-cumulative manufacturers' sales tax
collected by the Federal Government and shared by the
States were some of the proposals included in a program for
national industrial recovery formulated by the National
ATiociation of Manufacturers and presented to the National
Industrial Council at its annual meeting which began in
Dec. 8 1934
New York City on Dec. 3. C. L. Bardo, President of the
Association, submitted the program, which opposed Government competition in industry and centralization of Government control over business, but advocated modified Government control in labor relationships.
The Association and the Congress of American Industry
closed their joint convention Dec. 6 by adopting a "recovery
platform" which includes most of the recommendations
mentioned above, and in addition advocated an extension for
one year of a modified National Recovery Administration as
an emergency measure, and the appointment of a commission
by President Roosevelt to draw up a comprehensive national
program for unemployment insurance, old-age pensions and
other social security measures. These new planks to the
platform were added after a debate of two days on the floor
of the convention. An extract from the platform, as finally
adopted, is given elsewhere in this issue of the Chronicle.
The New York "Times" of Dec. 7 described changes in
the original platform as follows:
The final platform eliminated a section which had urged a manufacturers
sales tax in the original draft and a section which had advocated the withdrawal of Federal aid from States which failed to reduce expenditures,
excluding relief and bond obligations, to the 1926 level For the latter was
substituted the following:
"Federal relief should be used only to the extent that State and local
resources are inadequate to provide for existing relief necessity. Particular
consideration should be given to the degree to which each State or political
subdivision thereof that applies for national relief has exhausted its possibilities for economy and taxation."
The section opposing government competition with private business
included the following addition to the original draft.
"Industry is an institution for the efficient production of goods and services to be sold to the public at the lowest price consistent with fair wages,
hours and working conditions.
"Industry does not ask to be exempt from its Just contribution to unemployment relief and other public burdens. To these it is and will continue
to be the major contributor.
"All that industry asks is recognition that there should be excluded all
factors which prevent it from serving society efficiently and economically,
and that out of the natural desire to provide greater security for workers.
the foundation of real security, opportunities for employment should not be
undermined."
Raymond Moley, Editor of "To-day" and former Assistant
Secretary of State, who addressed the Council on Dee. 5,
assured his audience that the present Administration seeks
to preserve the capitalistic system and that its greatest
desire is to continue the present order. His speech appeared
designed to reassure business against socialistic aims at
Washington and to pledge the maintenance of the profit
system in industry.
The Council on Dec. 4 adopted a resolution that the
Government should withdraw from all activities competing
with private enterprise. The resolution said that so long
as the threat of Government competition prevails, "private
industry will hesitate, recovery will be delayed."
The proceedings of the Council on Dec. 3 were described
in part as follows in the New York "Times" of the following
day:
In presenting the recovery "platform" to the Council, which consists
of representatives of National, State and local manufacturers' associations,
Mr. Bardo said.
"As business men we are publicly on trial as to our ability to confederate
our objectives; as organizations we are being tested to prove our worthiness
to supply leadership. Both of these are compelling motives to stimulate
this Council to successful operation as a conference on conformity for
industry,"
After outlining the plan he declared that co-operation was clearly contemplated "In the platform of industry now before you." He emphasized
that "any plan for economic recovery must reasonably conform to the
Administration's plans for relief of agriculture and be constructively sound
in its labor relations and economic security provisions."
Stands on Public Opinion
"Industry stands on the threshold of public opinion," he said. "We
will be praised or condemned as we measure up to a sound program of
industrial recovery, based upon the precepts and experiences of our established economic order, and out of which has developed the greatest and
most successful industrial nation in the world.
"That system, through its co-operation with all interests, has raised
the standard of living and the well-being and prosperity of its citizens
to a level not heretofore enjoyed by the people of any other nation. We
will be condemned, and I believe justly so. If the hopes of millions of unemployed and the Administration which has extended its desire to aid,
are dashed to pieces upon the rocks of individual or group selfishness."
Mr. Bardo said the question before the business men of the country
was, What co-operation can be offered and supported which will speed
up the natural forces of recovery? "Are we willing to co-operate with
each other, with Government. labor and consumer to a common goal of
economic recovery?" he asked. "I make bold to say that I think we are
and have in the past. Co-operation is clearly contemplated in the platform of industry now before you."
He opposed the 30
-hour week, declaring that it was economically unsound
and would decrease rather than increase employment.
The New York "Journal of Commerce" of Dee. 5 detailed
the proceedings of the Council on Dec. 4 as follows:
Submitted for the consideration of the convention to-day was a substitute
proposal issued yesterday on compulsory unemployment insurance or
reserves. It was submitted by the National Association of Automobile
Manufacturers. The "sound principles" which, It was said, should be
included in any system would include among other things.
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Financial Chronicle
1. The insurance or reserve plan should be entirely separated from the
relief which must be provided by society to those not eligible or no longer
eligible for benefit payments from the insurance or reserve fund.
2. The plan should be contributory—employers and insured employees.
at least, sharing the cost.
3. Expenditures of the fund must never exceed its income from current
contributions or accumulated reserves.
4. The administration of the fund must be in the hands of a small nonpolitical body, which should be given power temporarily to reduce amount
and duration of benefits to keep the fund solvent.
5. All workers in both public and private employment, regardless of
their occupations or the number of fellow workers employed by the same
employer, earning at the rate of less than a certain amount per year should
be included.
6. Unemployment insurance or reserves legislation should be so framed
as not to increase unemployment.
Hooke Hits Competition
Dr. A. P. Hooke, Managing Director of the National Association of
Furniture Manufacturers, Chicago. in discussing at the meeting the handicap under which business operated because of Government competition,
severely criticized the recovery program. He said that the question was
how ra,r would the Government go in competing with private enterprise?
"There is a desire abroad to get something for nothing," Dr. Haake
added. "The moment you begin to take from those who have to give to
those who have not it is not long before nobody has anything.
"It seems to me that what industry should do lies in two parallel paths.
"First, we must counteract the cart-before-the-horse economics of the
recovery program and with a campaign of education show the futility
of creating employment by putting men to work in Government enterprises in competition with and at the expense of men employed in private
industry or enterprise. We must more clearly and emphatically show the
frightful burden of mounting public debt and taxation, or its even worse
alternative, inflation, which must inevitably follow, and is following, the
insidious destruction of the very sources of Government income for the
doubtful financing of unsound Government enterprises."
Paul S. Clapp, Vice-President of the Columbia Gas &
Electric Corp., told the Council on Dec. 4 that the Federal
policy toward electric utilities represents a threat to' all
private business. Mr. Clapp said that legislation will be
introduced at the next Congress to extend the Federal
Government's activities in the power business. Condemning
the theory that the Administration is setting up "yardsticks" when it operates such projects as the Tennessee
Valley Administration, he said the Government does not
incur the costs which must be met by private companies.
Given the same "subsidies" as the Government, he asserted,
private utilities can immediately put into effect rates below
those charged by TVA.
With reference to the encroachment of Government activity on private enterprise, Mr. Clapp said in part:
This policy of the Federal Government, directed toward public operation
of the electric light and power business of the Nation is of vital concern
to every citizen who believes that the principle of individual initiative
and private enterprise should be conserved.
The broad question transcends that of electric rates. I believe, that
unless the Federal policy with respect to the electric utilities is checked.
It will have a determining influence on the future course of Government
in its relation to all business. The socialization of the electric industry
through public operation, by a combination of Federal. State and Municipal agencies, would make such far reaching changes in the Government's
relation to business, as to affect the whole pattern of Government. It
would open the door for Government entry into a hundred fields of endeavor
now conducted by private citizens. If Government enters the electric
business on the ground that it is a social necessity, what about food, clothes.
shoes, coal, rents, house-furnishings. ex.?
Monetary Stabilization Seen as Necessary to World
Recovery—Dr. Raymond Phelan Suggests Pressure
to Induce President Roosevelt to Reach Agreement
World monetary stabilization is "the golden key to economic recovery," Dr. Raymond Phelan, Professor of economics
at Tuft's College, declared on Dec. 3 in a special address to
150 students. Dr. Phelan said that in a less law abiding
country than the United States the "intelligent citizens in
our crisis would march on their capital and demand sane
monetary action." He urged each student to ask his parents
and friends to write the following letter to their United States
Senators:
Please tell President Roosevelt that I say that capital and business will
continue to hold back and with good cause too until World Monetary
Stabilization is secured. The President tells those who visit him that he
will do what the American people desire. Well, wherever they are awake
and alert, I am sure that they see that the golden key to economic recovery
is world monetary stabilization to be begun with dollar-sterling adjustment.
Death of Rome C. Stephenson, Former President of
American Bankers Association
Rome C. Stephenson, President of the American Bankers
Association from 1930-1931, died of heart disease Dec. 4 at
South Bend, Ind. Mr. Stephenson, who was 69 years old,
was.President of the St. Joseph Loan & Trust Co. and VicePresident of the Saint Joseph County Savings Bank, both of
Sluth Bend. A summary of Mr. Stephenson's career, as
ct.ntained in advices from South Bend, Dec. 4, to the New
York "Herald Tribune," follows:
Mr. Stephenson was born at Wabash, Ind., Feb. 19, 1865. After attending the public schools of Wabash and Rochester, Ind., he studied law under
George W. Holman, of Rochester, and in 1887 was admitted to the Indiana
bar. For 20 years thereafter he was associated with Mr. Holman in the
3577
practice of lalv, discontinuing that partnership in 1908, when he went_to
South Bend th enter the banking field.
From 1905 to 1909 he was a State Senator in Indiana, representing Wabash and Fulton Counties, and when he entered banking he immediately
became active in the American Bankers' Association's legislative activities,
serving first as Vice-President and later as President of the savings bank
division of the Association. He later served on the Indiana State Council
of the Association, being particularly active in the organization's educational, agricultural, Federal legislative and taxation commissions. He had
also been President of the Indiana Bankers' Association, which he headed
in 1925.
As a savings banker Mr. Stephenson utilized his legal training in fostering
State and National legislation relating to banking. Through this activity
he gained a National reputation among bankers and after having been First
Vice-President of the American Bankers Association he was elected President
n 1930, serving one year.
Death of Meade L. McClure, Chairman of Kansas City
Federal Reserve Bank
Meade L. McClure, Chairman of the Board of the Federal
Reserve Bank of Kansas City, and a director of the institution since its organization more than twenty years ago, died
of a heart attack on Dec. 5 at his home in Kansas City. He
was 71 years old. Mr. McClure had been Chairman of the
Reserve Bank for 11 years; his present term would have
expired at the close of the year. His term as a Government
designated director would not have expired for another year.
New York Curb Exchange Suspends A. L. Kennedy
from Membership
Suspension of Arthur L. Kennedy, a regular member of
the New York Curb Exchange, was announced on Dec. 4
by the Exchange. The action was taken, the announcement
said, because of a statement from Mr. Kenn dy that he was
unable to meet engagements. The New York "Herald
Tribune" of Dec. 5, from which this is learned, went on to
say:
Mr. Kennedy, a floor member, joined the Curb Exchange in Sept. 1931.
He transacted no business with the public. Members of the Exchange
were ordered to close their contracts with the suspended member.
TVA Held Unconstitutional by Newton D. Baker and
James M. Beck—Joint Opinion Made Public by
Edison Electric Institute—Investors' Organization
Welcomes Court Test of Legislation
The text of a legal opinion jointly prepared by James M.
Beck, former Solicitor General, and Newton D. Baker,
former Secretary of War, which asserts that the legislation
creating the Tennessee Valley Authority is probably unconstitutional on numerous counts, was made public on
Nov. 30 by Thomas N. McCarter, President of the Public
Service Corporation of New Jersey and of the Edison Electric
Institute. The opinion was referred to in our issue of Dec. 1,
page 3419. The Institute plans to use the opinion as the
basis of its proposed attack on the TVA and similar power
projects of the Administration. The opinion questions the
constitutionality of the Administration's power policy on
the following grounds:
1. The enactment of the TVA Act of 1933 was not within the constitutional powers of the Congress.
2. The program, acts and policies of the TVA are not within the terms of
the TVA Act of 1933 in the following respects:
(a) The act does not authorize the acquisition and operation of electrical
distribution plants.
(b) The regulation of local utility rates in the area occupied by TVA is
only authorized in the case of sales to municipal plants to the extent of
preventing discrimination, but in the case of sales to privately owned
utilities full power of regulation is sought to be granted.
(c) The act does not authorize the activities of the Electric Home and
Farm Authority, Inc.; and the EHFA would seem to be predicated upon
the National Recovery Act.
3. The other elements of the program, acts and policies of the TVA are
in terms within the TVA Act.
Dr. Hugh S. Magill, President of the American Federation
of Utility Investors, Inc., on Dec. 2 made public a statement
in which he said that he "welcomed" the intention of the
Edison Electric Institute to test the constitutionality of the
legislation creating the TVA. The statement read, in part,
as follows:
The 10,000,000 investors, who are the real owners of the public utility
industry, know that the threat of destructive government competition,
which has already caused them losses of hundreds of millions of dollars in
the value of their investments, violates the spirit, if not the letter, of our
Federal Constitution.
We cannot understand why the government should engage in the destruction of our property while it is spending billions of dollars in protecting the
interests of farmers, home owners, organized labor and other classes of
American citizens, Dr. Magill concluded.
Proposed Modification of Cotton Control Act—
President Roosevelt Favors Amendment Exempting
Farmers Growing No More Than Two Bales—
Senator Bankhead Advocates Change
President Roosevelt indicated on Dec. 4 that he favors
modification of the Bankhead Cotton Control Act to remove
from the restrictions imposed by the Act all farmers who
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Financial Chronicle
produce two bales of cotton or less. A vote of cotton growers
to determine their attitude toward the continuance of the
Act for another year will be held on Dec. 14,and it is believed
that at that time they will approve its retention. In announcing his plans to newspaper correspondents during a
visit to the cottage occupied by them at Warm Springs, Ga.,
the President said:
If the Bankhead Act is continued in effect for another year, it is my
purpose to recommend to the Congress an amendment granting an exemption
for the full amount of his base production to each farmer who has an established base production of not more than two bales of cotton.
Following a conference Dec. 4 with Senator J. H. Bankhead of Alabama, author of the Bankhead Cotton Control
Act, the following statement was issued by Secretary of
Agriculture Wallace:
At the request of Senator Bankhead that certain points in connection with
the Act be clarified before producers vote upon its continuance next December 14, announcement of the following Is authorized.
(1) The Agricultural Adjustment Administration will support an amendment to the Act at the coming session of Congress which will provide an
exemption for the full amount of his base production to each producer who
has an established base production of not more than two bales of cotton.
This is requested by Senator Bankhead to remove any objection that the
Bankhead Act, if effective for 1935, would cause a hardship upon those
small producers who customarily produce two bales of cotton or less.
(2) A decision will be expidited on specific plans to remove inequities
in the bases of allotment to individual producers. These plans have been
under consideration for some time and announcement of this decision will be
made after conferences with field workers and representative cotton producers. The objective to be achieved by the development of new bases,
upon which a county's total allotment would • be apportioned among individual producers, will be to eliminate those inequalities which have been
found in this year's experience.
to(3) The AAA has had under consideration in connection with all of its
adjustment programs the development of an effective appeal system which
would permit a producer protesting a decision of his county committee to
obtain a hearing and decision as to the true facts upon which his adjustment
contract should be based. We have assured Senator Bankhead that this
mechanism will be in operation in ample time to provide hearing and final
determination of such appeals as may develop in connection with the
Bankhead Act allotments for 1935, in the event the Act becomes effective.
A dispatch from Warm Springs to the New York "Times"
Dec. 4, had the following to say regarding the President's
views:
Mr. Roosevelt said that his decision was based on the assumption that
the people who need help most are those who have least. Another benefit
which he claimed for his plan was simplifying of crop-regulation work,
now a most difficult task as it involves every cotton grower no matter how
small, and the consequent cutting off of a great deal of red tape.
He estimated that the proposed amendment would aid 600,000 cotton
growers, while adding a potential production of not more than 300,000 bales
a year. Some 700,000 bales are produced by the small growers, but much
ofthat, he said,comes under control aside from that effected by the proposed
'
exemption.
While describing his plan President Roosevelt also cited statistics showing
that in the past year and a half cotton prices have advanced by about 150%
at the same time coming much closer to parity than at any time since the
beginning of the depression years.
He predicted that operation of the Bankhead Act control features for
another four years probably would do more for the South than any other
single thing in the last generation. At the same time it also would reduce the
carry-over that depresses prices, he said.
The cotton plan exemption that he advocated already has been applied
to tobacco.
Mr. Roosevelt told newspaper correspondents that 18 months ago the
administration set up as a final objective the raising of the prices on such
basic agricultural commodities as wheat and cotton to a point that would
approximate parity in relation to the things which farmers must buy.
At that time, in 1933, he went on, the parity price for cotton should have
been about 13 cents a pound, while cotton actually was selling for about
53 cents. To-day the parity price has climbed to about 15X cents. Thus
cotton has increased in actual value per pound by about 150%. while the
figurative parity value has advanced by only about 2.5%.
While Mr. Roosevelt gave this verbal picture of the cotton situation,
Rexford Guy Tugwell, Under-Secretary of Agriculture, stood close by.
Lower Carry-Over Predicted
In connection with the problem of the carry-over, Mr. Roosevelt expressed the hope that by Aug. 1 1935.the carry-over would be only 8,750.000
bales. against 13,250.000 in August. 1932, and that in 1937 it would drop
to about 4,000,000 bales, which administration experts consider a reasonable
figure in the light of present cotton usage.
Mr. Roosevelt took occasion to strike out at critics of the administration
policy who, he said, claim that high prices will hurt the export market.
He said that in the period of the lowest prices cotton exports were diminishing, while production was increasing in such areas as Brazil. Egypt, and
India.
Therefore, he argued, cheap cotton not only means starvation for cotton
growers, but it does not guarantee increased exports or the stoppage of
foreign production.
Mr. Roosevelt indicated a willingness to change the goal set for the
total carry-over if a greater potential demand appeared, citing two possible
controlling factors. The first would be the abandonment of the use of
substitutes, such as those developed in Germany and Italy, a questionable
factor. On the other hand, he expressed a sincere hope that there would be
such an increase in buying power in this country that it would automatically
make the use of cotton more widespread.
He pointed out, not as a joke, but as a fact, that if every man could wear
two shirts a week instead of one, there would be a heavy effect on cotton
consumption.
Loss of Our Foreign Markets for Cotton Feared by
Directors of New Orleans Cotton Exchange if
Government Continues Policy of Curtailing Production—Advance in Price Forces Spinners to
Turn Elsewhere
Pointing out that "up to date this season our exports of
cotton, compared with the same period of last season, show
Dec. 8 1934
a loss of 1,381,990 bales," the annual report of the directors
of the New Orleans Cotton Exchange states that "many
well-informed authorities entertain fear that, if our Government continues to pursue its policy of curtailing production,
and thereby holding the price of American cotton above the
world parity, the loss of our foreign markets for cotton must
inevitably follow." The report also, according to the
New Orleans "Times-Picayune," has the following to say:
Foreigners Boost Acreage
Taking advantage of the curtailed American production, foreign cottonraising countries increased their acreage, in consequence of which the
aggregate amount of foreign-grown cotton, for the first time in the recorded
history of cotton, will this season exceed the total of the production in the
United States.
"In addition to the restrictions imposed by the Bankhead Act and
the greatly reduced crop which resulted, there came the offer from the
National Government to loan to producers of the present crop 12 cents
a pound, basis low middling, h-inch cotton at interior points. The consequence has been that many producers placed their cotton in this 12
-cent
loan which guaranteed them against any loss in case of a decline below 12
cents and allowed them to participate in any advance above that figure.
So large a proportion of this season's receipts have been absorbed into the
12
-cent loan that the amount of cotton seeking distribution through usual
channels has been curtailed to such an extent that an inordinately high
basis has been the rule throughout this fall. The price of American cotton
has in face advanced out of parity with the price of other growths and
spinners of the world have been forced to turn to other growths for their
requirements, adjusting their machinery accordingly in many instances.
The report, issued Nov. 26, was signed by C. P. Ellis Jr.,
President of the Exchange, and Henry Plauche, Secretary.
1935 Cotton Adjustment Program—Calls for Reduction
of 25% from Average Plantings of 1928-32—Producers "Permitted" by AAA to Reduce Up to
30%—Yield Above 12,000,000 Bales Expected with
25% Cut—Total Rental and Benefit Payments
Estimated at 394,230,000—Statement by Secretary
Wallace
A reduction of 25% from the base acreage (1928-32) of
co-operating cotton producers for 1935, as compared with
a 40% reduction in 1934, was officially announced on
Nov. 28 by Secretary of Agr culture Henry A. Wallace and
Chester C. Davis, Administrator of the Agricultural Adjustment Act. Acting under the terms of the 1934 and 1935
Cotton Acreage Reduction Contract, which provides that
the maximum rate of reduction that can be required in 1935
is "to reduce the acreage planted to cotton on this farm by
an amount not to exceed 25% below the base acreage,"
Secretary Wallace on Nov. 28 signed a proclamation making
effective for 1935 the approximately 1,004,000 two-year
contracts signed during the early part of 1934. It also was
announced that new one-year contracts for 1935 will be
offered those producers who did not sign the two-year
contract. The announcement of the Agricultural Adjustment Administration states that it is expected that new
contracts will be available soon so that they may be signed
and accepted by March 1 1935.
It was further stated in the announcement issued Nov. 28:
The basis of payment for the 1935 program, which, under the terms of the
contract must be "similar" to those described in the contract for 1934,
is 33.i cents per pound "on the average yield of lint cotton per acre for this
farm for the years 1928-1932 with a maximum rental of $18.00 per acre"
for the acres rented under the contract, and a "parity payment" of IX cents
per pound on the farm allotment.
The farm allotment, which is the equivalent of 40% of the farmers'
average production for the base period of the farm represents that percentage of production which ordinarily moves into domestic consumption.
For the current crop year, 1934, the basis of payment was 335 cents Per
pound as rental and a parity payment of 1 cent per pound.
The program as approved by Secretary Wallace and Administrator Davis
followed the recommendations of the Cotton Production Section of the
Agricultural Adjustment Administration of which C. A. Cobb is chief.
In recommending this program, Mr. Cobb emphasized that the rate of
reduction would permit an expansion of about 25% ofthe acreage planted by
contracting producers over the acreage planted in 1934.
"Any rate of reduction less than 25% would not be to the best interest of
cotton producers," the recommendations of the Cotton Production Section
stated. "A reduction of 25% offers the possibility of maintaining world
supplies of American cotton near present levels and the further possibility
of returning to cotton producers the highest net income consistent with
contract provisions and the outlook for American cotton."
The total amount of rental and benefit payments which will be disbursed
under the program is estimated at $94,230,000. The program will be
financed by the processing tax of 4.2 cents per pound on raw cotton.
Important points in the 1935 cotton program are indicated
as follows by the AAA:
(1) Producers who desire to do so will be permitted to reduce up to and
including 30% and receive payment therefor. The permitted reduction of
an additional 5% is justified to permit more latitude in the arrangement of
farm plans of individual producers.
(2) The base acreage of producers who are now signatory to conttacts is
approximately 38,210,000 acres. It is estimated that producers who did not
sign contracts planted in 1934 a total of 6,000,000 acres. If under the offer
of new contracts, the base acreage is increased by 1,000.000 acres, a reduction of the base acreage of approximately 39,210,000 acres by 25% would
result in a total of 29.400,000 acres being planted by contract signers. If a
total of 5,000,000 acres is planted by non-contract signers, the total planted
cotton acreage in 1935 would be approximately 34,400,000 acres. The
planted acreage in 1934 was 28,000,000 acres.
(3) With average abandonment of 2.4%, a total of 33,500.000 acres
-year average of
would be left for harvest in 1935. With yields at the 10
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Financial Chronicle
170 pounds per acre on the acreage harvested, the result would be a 12,000,000 bale crop in 1935. (Production for 1934 was estimated in Nov. 1 to be
9,637,000). With a reduced acreage, a somewhat higher yield per acre
might result because of a tendency for more intensive cultivation, and other
factors. Therefore, on the basis of average weather conditions, it would
not be unreasonable to expect a cropsomewhat above 12,000,000 bales with
the 25% reduction in 1935.
(4) It is estimated that with a 25% reduction, but without the Bankhead
Cotton Control Act in effect for 1935, total production would be greater
and probably would result in a a crop of slightly above 13,000,000 bales.
Among the factors which would tend to increase total production if the
Bankhead Act were not in effect for 1935, would be the development of
new cotton lands and the probability of a smaller percent of non-signers
entering into contracts for the 1935 season. It was pointed out by the
Cotton Production Section that probable production without the Bankhead
Act is a matter of opinion and not subject to precise economic analysis.
(5) The average farm price for cotton for the year ending July 31 1934.
was 9.7 cents per pound.. The parity price of cotton is at present 15.6 cents
per pound.
(6) World supplies of American cotton are now indicated at 20,200,000
bales for the 1934-1935 crop year. This figure is in line with past averages
of world supplies of American cotton. With foreign and domestic consumption of American cotton during the current year assumed at 11,000,000 to
12,000,000 bales, the indicated carry-over on Aug. 1 1935 would be between
8,000,000 and 9,000,000 bales, which is higher than a normal carry-over.
A total production of about 12,000,000 bales in 1935, would result in a world
supply of American cotton for the 1935-1936 season of about 20,000,000 to
21,000,000 bales, which might result in some increase over current supplies
in spite of the maximum adjustment under the terms of the contract.
Secretary Wallace, in approving a program which entails
the maximum adjustment -possible under the terms of the
contract, made the following statement:
In considering the 1935 cotton program, various suggestions have been
thoroughly canvassed. These suggestions range from the relaxation of all
adjustment of production to an even greater reduction than is possible
under the present contracts. The course that has been adopted affords
the greatest possibilities from the standpoint of the producer's interest. It
should result in a continued ample supply of American cotton that can be
purchased by foreign and domestic consumers at prices which, judged by
past standards, are not unreasonable. At the same time, this program
seeks to avoid the danger of piling up new and disastrous surpluses. It
Is the nearest approach to a balance that can, under our present knowledge
of existing circumstances, be devised. And under the Agricultural Adjustment Act we have a clear mandate from Congress to maintain such balance
between production and consumption.
The characteristic argument of those advocating unrestricted production is
thatsuch a course would restore our foreign markets. These persons believe
that foreign buyers would take increasing quantities of American cotton at
some price. They have apparently not considered the fact that a situation
could easily develop which might result in producing a surplus amount of
American cotton that could not be sold abroad at any price. In 1931 and
1932, United States maintained a relatively high volume of exports but
prices to farmers were around 5 and 6 cents during those two years. I do
not believe that unlimited production which, with other factors, forced
prices down but maintained a high volume of exports proved to be any
great benefit to the cotton farmer.
I do not believe that the answer to the present grave cotton problem is to
be found in abruptly returning to the policy of unrestricted production. The
program for 1935, although providing for a reduction from the production
to be expected in the absence of such a program, affords an expansion in
acreage for that aseason as compared with 1934. If the response to this
program is what we expect, and production factors next season are average.
there will be some three million bales more cotton added to present supplies.
This will maintain ample supplies of American cotton which, I hope, can be
sole at a fair price. I could not subscribe to any attempted solution of
the cotton problem which would force the farmers' price down to inordinately low levels in the hope that consumption will increase and the
export movement revive. It does not necessarily follow that a reduction in
price brought about by increased production would restore the former
volume of cotton exports. There are other factors, such as the increasing
nationalistic trend of some of our foreign cotton customers, the decline in
imports received in this country and the continued low level of foreign
purchasing power that are more responsible for recent decline in export
movement than the price or production policies in America. Increased
production and a lower price might stimulate the volume of exports to some
degree, but it is not altogether certain that such an increase in volume of
exports would increase the volume of dollar exchange available to pay for
cotton. It might simply mean that foreign cotton consumers would buy
more cotton for the same amount of dollars.
It also is apparent that there exists at present definite limitations to a
continued expansion of cotton acreage in foreign countries under present
and probable price levels. The additional areas available for cotton production throughout the world are rather limited. After a careful survey of
world-wide prospects, the Bureau of Agricultural Economics, in the recent
Outlook Report, comes to the conclusion that further expansion of cotton
acreage in the immediate future outside of the United States is not likely to
be a very serious factor in the world cotton situation and that most of the
increase that occurred this year represents a restoration of previous reductions rather than new acreage brought in. So the conclusion would not
seem warranted that under existing circumstances foreign cotton producing
countries will increase their acreage and production because of the efforts of
the United States producers to prevent the accumulation of new surpluses
by holding supplies in line with apparent market possibilities.
Therefore we have developed a program for 1935 that seems to offer the
best opportunity for the cotton farmer to receive the greatest return for his
labor and investment and which, we hope, will prevent a recurrence of the
disastrous days of 1931 and 1932.
Proclamation of Secretary Wallace Continuing In Effect for 1935 the 1934
and 1935 Cotton Acreage Reduction Contracts
Whereas the 1934 and 1935 Cotton Acreage Reduction Contracts provide
that the contracts shall apply only for 1934 unless the Secretary of Agriculture shall, not later than Dec. 1 1934 proclaim his purpose of continuing
the cotton Acreage Reduction Plan for 1935, and said contracts further
provide that such proclamation shall state the percentage of reduction
which will be required under such contracts for 1935 and that the Secretary
of Agriculture shall not be required to give any notice to the producer
other than a public proclamation which shall be given to the general press
and copies thereof mailed to each County Committee,
Now. Therefore, by virtue of the authority vested in the Secretary of
Agriculture by the Agricultural Adjustment Act, approved May 12 1933,
as amended, and under the terms of the 1934 and 1935 Cotton Acreage
Reduction Contracts, I do hereby prescribe and proclaim and give public
3579
notice by this proclamation (copies of which are being given to the general
press and mailed to each County Committee) that:
1. It is the purpose of the Secretary of Agriculture to continue the
Cotton Adreage Reduction Plan for 1935.
2. Each of the 1934 and 1935 Cotton Acreage Reduction contracts in
effect for 1934 is hereby continued in effect for 1935.
3. The producer under each 1934 and 1935 Cotton Acreage Reduction
Contract shall reduce the acreage planted to cotton for harvest during
the year 1935 on the farm covered by such contract 25% below the base
acreage of such farm as defined under such contract.
4. The Secretary of Agriculture will accept the rental of additional '
acres not to exceed 5% of such base avreage and make rental payments
for the rented acres not to exceed 30% of such base acreage on the basis
set forth in paragraph 5 of this proclamation.
5. Rental payments on each of the acres rented under such contract
to the Secretary of Agriculture for 1935 of 3M cents per pound on the
average yield of lint cotton per acre for the particular farm in the years
1928-32, inclusive, with a maximum rental of $18 per acre, shall under
the terms of the contract be made to the producer in two equal installments.
the first of which shall be made between March 1 and April 30 1935 approximately, and the second of which shall be made between Aug. 1 and Sept.30
1935 approximately: and
6. Parity payment upon the farm allotment of not less than 1 cents
per pound shall under the terms of such contract be made to the producer
(for distribution pursuant to the provisions of such contract) between
Dec. 1 1935 and Jan. 1 1936 approximately.
In Testimony Whereof I have hereunto set my hand and caused the
official seal of the Department of Agriculture to be affixed at the City
of Washington this 28th day of November 1934.
HENRY A. WALLACE,Secretary of Agriculture.
Immediate Balancing of Federal Budget Urged by
A. B. Roosevelt—Co-Founder of National Economy
League Says New Taxes Must Be Imposed and
"Mad Spending" Must End
Immediate balancing of the Federal budget as the most
important method of ending the depression was advocated
Nov. 29 in a radio address by Archibald B. Roosevelt, one
of the founders of the National Economy League. Mr.
Roosevelt said that to achieve this end it would be necessary
to impose new taxes and the Administration would need to
retreat immediately from its policy of "mad spending." We
quote in part from Mr. Roosevelt's speech, as given in the
New York "Herald Tribune" of Nov. 30:
"Once more," Mr. Roosevelt said, "we are embarked on our national
vice—extravagance. If we continue, we shall soon be in the position of a
bankrupt. Bankrupts are not permitted any choice of action. They must
do as their creditors or their receivers tell them. Mr. Micawber went where
his creditors told him—to the debtor's prison. Among the nations of to
-day,
the German people obey the orders of the alien Hitler. The great Russian
people tremble at the nod of their dictator, Stalin. Drained of all their
resources, these people are so close to the wall that they have no strength
to fight foe their rights."
After discussing the effects of the World War and the depression, which
raised the public debt approximately to $45,000,000,000, Mr. Roosevelt
said that service on this amount requires about "20% of the national
income." He described the huge governmental machine as requiring the
work of each citizen for two months out of every year to keep it going.
"Let no demagogue fool you," he said. "No scheme can or will be
evolved which will permit the mass of the people to avoid paying to their
Government by foisting the burden on the few. . . . We must stop
our mad spending. Continued, it means we will burden, all, rich and poor
alike, with intolerable taxes. The only alternative to this is inflation, which
always ends with dire poverty.
"Inflation—preached by madmen and believed by fools as the solution
of a tax-burdened and debt-burdened nation—is only another fallacious
attempt to make two wrongs into a right. It is the inevitable result of
governmental over-spending. It means that the rich man with his millions
can—although but partially—protect himself by buying stocks, buy buying
large parcels of real estate, by putting much of his money into the securities
of other nations.
"For the poor man,it means the total loss of his life insurance, his money
savings and the lowering of his real wages and earnings almost to the vanishing Point.
"There is only one way to avoid inflation and more debt. We must stop
the enormous governmental expenditures. How can we stop the expenditures? Is it by starving the deserving unemployed
Oh, no, that Is not
it. We must look after the deserving unemployed.
"But we must stop wasting money on parasites who are taking a free
ride. We must stop the Federal Government from shouldering all the relief
burden. We must stop the States and their subdivisions from lying down
on the Federal Government.
"Relief money, whether raised by the Federal Government or locally, is
In the end paid out from the pockets of all of us. But when raised locally
and locally administered, the relieffunds are more efficiently administered."
Industry Must Be Looked to as Key to Industrial
Recovery, Says L. E. Wakefield of Reserve City
Bankers' Association, in Surveying Trend of Bank
Loans Over Period of Depressions—Declares Banks
Are Ready to Do Their Part—Study Covers Canada
and England as Well as United States
Lyman E. Wakefield, President of the Association of
Reserve City Bankers, in a statement issued Dec. 3 bearing
on the trend of bank loans over a period of depression,
observes that "our study just completed indicates that it
is the usual thing for bank loans to lag behind business
activity, both on the down-swing and the up-swing."
That is, says the statement,changes in the volume of business
loans follow and do not precede changes in the business
tempo. These characteristics, it is added, are revealed in
studies of depressions in Canada and England as well as
the United States. The conclusion drawn from the study,
according to Mr. Wakefield, "is that we must look to
Financial Chronicle
On Nov. 8 I released to the press a letter giving the results of figures
compiled from a cross-section of the banks of the country regarding lines
of credit granted and new loans made. The figures showed that credit
commitments made and unused amount to many billions of dollars, and
that the banks of the country are not only ready but anxious to lend money
whenever industry finds a need for borrowing.
Those figures aroused wide interest. Following the same line of thought.
the Association of Reserve City Bankers has made another study to determine relationship between the commercial loans of banks and business
recovery. The purpose of this study was to test the charge that the
banks are responsible for retarding business recovery because bank loans
have not risen substantially. This thesis is based on the belief that bank
loans create business rather than that business creates bank loans, and
that a rise in the volume of bank loans must precede a rise in business
activity.
Our study indicates that it is the usual thing for commercial bank loans
to lag behind business activity, both on the down-swing and the up-swing.
This was well illustrated in the 1920-21 depression in the United States.
Industrial production (Federal Reserve Board index) reached a peak in
January and February 1920, and then turned downward, but bank loans
continued to rise until October 1920. Production reached a low point
in April 1921 and rose slowly the first year afterward, but more rapidly
the second year. On the other hand, the "all other" loans of the reporting
member banks, mostly commercial loans, continued to decline until July
1922. 15 months after business had started upward. The production
index had risen about 33% before loans reached bottom and started to rise.
A similar situation prevailed in Canada during the recent depression.
Business activity in Canada
(
index) reached bottom in March
1933 but the current loans of the Canadian chartered banks continued
to decline for 16 months after that date and reached the low point in July
1934. The Index of business activity had risen over 40% before bank
loans reached the low point and started upward.
England furnishes another example. Business activity in England
during the recent depression reached the low point in October 1931. according to the "Economist" index, and has now recovered to about the
pre-depression level. On the other hand, the advances (mostly to customers) of the London Clearing House banks continued to decline until
January 1934, and since that time the rise has been almost imperceptible.
In other words, bank loans to customers declined for two years and three
months after business reached the low point in England. The business
index had risen over 17% before loans to customers stopped declining.
In none of the cases studied did business recovery rise out of the depression through a prior increase in bank loans. On the contrary, the
rise in business finally created a demand for bank loans which followed
business upward after a lag of months. Bank credit is merely an instrument for financing business and does not grow unless the business exists
to be financed.
It is obvious that many industries after a depression are in position to
expand output substantially before resorting to bank loans. This is
especially true in the United States during the current depression, because
the active security markets in pre-depression days were favorable to the
accumulation of surplus funds. That does not mean that no new loans
are being made. The figures given in my previous release show that
new loans are being made by the banks in very substantial amounts.
On the other hand, old loans are being thawed out and paid off about as
fast as new loans are made, and there are many write-offs of uncollectible
loans. This seems to be the usual course of events in the early stages of
recovery and reflects a healthy adjustment to new conditions.
The conclusion from this is that we must look to industry as the key
to industrial recovery. The banks are ready to do their part in the fullest
possible way. If industry is hesitating it is not because of lack of bank
credit. Let us find out the true causes for industrial lack of confidence
and co-operate to remove those causes.
The following figures were used as the basis for the study:
BANK LOANS AND BUSINESS ACTIVITY
Canada
United States
Date
Index of
Produclion a
(1923-25
=100)
"All Other"
Loans of
Reporting
Member
Banks
64*
66
65
65
67
68
71
71
70
8,657,000,000
8,430,000,000
8,232,000,000
8,113,000,000
8,018,000.000
8,005,000,000
7,947,000,000
7,773,000,000
7,655,000,000
1921-
April
May
June
July
August ____
September _
October....
November..
December__
1922January___
February.-.
March
April
May
June
July
August ____
September _
October____
November__
December__
73
76
so
77
81
85
85
83
88
93
97
100
7,493,000,000
7,359,000,000
7,393,000,000
7,345,000,000
7,219,000,000
7,115,000,000
*7,064,000,000
7,080,000,000
7,158,000.000
7,282,000,000
7,297,000,000
7,322,000,000
Dale
1933
March
April
May
June
July
August__
September _
October
Nov ember _
December_
1934
January
February __
March
April
May
June
July
August_ _
September _
Index of
Business
Activity b
(% of
Estimated
Normal)
52.9*
54.2
59.9
64.1
70.8
75.0
71.6
69.9
68.2
68.4
70.4
72.5
76.1
76.9
78.5
77.7
76.3
75.6
____
Current
Loans of
Canadian
Chartered
Banks
925,000,000
913,000,000
897,000,000
900,000,000
889,000,000
885,000,000
905,000,000
912,000,000
884,000,000
898,000,000
879,000,000
869,000,000
875,000,000
877,000,000
875,000,000
862,000,000
*851,000,000
853,000,000
880,000,000
Dec. 8 1934
England
Date
a WI
Index of :Advances of
Trade
London
Monate,c
Clearing
(1924=100) [louse Banks
Date
Advances oIndex of
London
Trade
Clearing
Activity c
(1924=100) House Banks
MUM§ §§§§§§§§§§
il
98.4
March_ ____
95.6
913,000,000 April
99.3
004,000,000 May
100.0
905,000,000 June
99.5
illislipilik4 July
103.7
94.4
909,000,000 August
103.3
95.7
006,000,000 September
100.4
96.3
906,000,000 October
104.3
884,000,000 November __
97.7
104.0
875,000,000 December___
93.5
1934
98.5
856,000,000
109.4
95.1
840,000,000 January ____
108.7
94.2
820,000,000 Feb.uary ___
109.2
94.5
806,000,000 March
107.6
96.0
799,000,000 April
105.6
95.5
789,000,000 May
111.3
98.5
778,000,000 June
**106.5
July
95.5
**110.6
768,000,000 August
**107.4
95.9
769,000,000 September
a Federal Reserve Board Index. b Annalist" Index. c "Economist" index.
* Low point. ** Provisional.
1931October
November __
December_._
1932January ____
February ___
March
April
May
June
July
August
September
October
November __
December___
1933January ____
February ___
*93.1
94.1
94.5
mo.mmac.
3580
industry as the key to industrial recovery." He asserts that
"the banks are ready to do their part in the fullest possible
way. If industry is hesitating it is not because of lack of
bank credit." "Let us," he says, "find out the true causes
for industrial lack of confidence and co-operate to remove
those causes." The results of an earlier survey of lending
activities of a group of banks was made public by Mr.
-Wakefield a month ago, and reference thereto appeared in
our issue of Nov. 10, page 2920. It was indicated at that
time that there were lines of credit available to borrowers
and unused probably to the extent of $8,000,000,000 or
$10,000,000,000. Mr. Wakefield stated then that "the banks
are eager to develop the use of lines of credit," and that they
"are actually making loans" in "much larger volume than
is generally supposed." Mr. Wakefield's statement of
Dec. 3 follows:
Secretary Roper Outlines Proposed Revision of Recovery Program-Describes Six-Point Plan to Congress of American Industry-D. R. Richberg Urges
Business to Co-operate with Administration-J. A.
Emery Says Government Agencies Have Assumed
Illegal Powers
Plans for revision of the National Recovery Administration were described to the delegates to the Congress of
American Industry in New York City on Dec.6 by Secretary
of Commerce Roper, who urged the business leaders of the
nation to discard "crutches of waiting and unfounded fears
and move forward confidently and courageously in a full
stride of activity." Reference to the meetings of the Congress, under the auspices of the Industrial Council and the
National Association of Manufacturers also appears elsewhere in this issue of the "Chronicle."
Mr. Roper declared that business improvement within the
past three months shows that the country is definitely on the
road to recovery and said that the Administration requires
the full co-operation of industrialists in consolidating and
revising the present recovery program. He offered the
following six-point program as a basis for recovery:
1. Return relief responsibilities to State and localities as soon as possible
to relieve the Federal Government of its heavy financial burden.
2. Plan a sound public works program that will provide projects of
general utility without conflicting with private investment and private
industry.
3. Devise a practical plan of unemployment reserves to assure the safety
of employees without penalizing business progress.
4. Open foreign markets to improve trade.
5. Prepare for Congress suggestions and recommendations looking
toward preservation of features of the NRA which have proved workable,
but elimination of those which have not.
6. Release and re-employment of capital by business as soon as possible
for stimulating recovery.
•
James A. Emery, General Counsel to the National Association of Manufacturers, who was also a speaker on Dec. 6,
declared that the various agencies created under the present
Administration have assumed powers which they do not
legally possess. He mentioned the National Labor Relations
Board as one of 30 administrative bodies or commissions,
created under the NRA, which sought to exercise legislative,
executive and judicial powers.
At the annual banquet of the Association on Dec. 5
Donald R. Richberg, Executive Director of the National
Emergency Council, admitted that the NRA has not achieved
all its aims in seeking to bring about industrial self-government, but added that any plans of revision must preserve its
fundamental principles in permanent legislation for codes of
fair competition. This permanent legislation, he said, must
be framed in co-operation with labor and consumers, as well
as with private business and the Government, in order that
there shall be neither work-consumer regimentation by
business, nor business regimentation by Government. He
urged the business men present at the dinner to co-operate
with the Government in its recovery program, and indicated
that if industry failed to do so the Administration might be
forced to embark upon further competition with private
enterprise in order to provide work for the unemployed.
Elsewhere in this issue we are giving Mr. Richberg's address
in full.
Proposal Embodied in Platform Adopted by National
Association of Manufacturers for New Emergency
Legislation Incident to Expiration of NIRA
The following proposal is embodied in the platform adopted
on Dec. 6 by the National Association of Manufacturers
meeting with the Congress of Industry in New York, for
new emergency legislation incident to the expiration of the
National Industrial Recovery Act.
Volume 139
Financial Chronicle
- By its own terms the NIRA expires not later than June 16, 1936. Prior
to its expiration it is recommended that Congress enact, for a period of one
year from the expiry date of the present NIRA as an opportunity for further
trial, new emergency legislation in order that those functions of the national
recovery act, which have proven worthy of further trial may be continued,
permitting such continued trial by industries which is desired, but without
burdening other industries which do not wish such trial.
Such legislation should be administered by an independent administrative
court of five members possessing the authority to approve or disapprove
codes of fair trade practices in interstate commerce that had been voluntarily submitted by a truly representative majority of a given group, trade
or industry.
The new act should require every code of fair competition to contain
suitable provisions concerning hours and wages, prohibiting child labor
safeguarding both labor and employer by giving to labor the right to deal
with employers either individually or collectively or through representatives
of their own free choice without intimidation or coercion of either party
from any source.
It is recommended that the new legislation permit any industry, trade
or other representative group voluntarily desiring to do so, to adopt and
make effective under governmental regulation and after proper investigation in public hearings a code of fair competitive practices containing prohibition of unfair practices and permitting,if desired, provision for publicity
of prices. This would prevent competitive practices that are destructive
of the welfare ofindustry and its employees and that are ultimately injurious
to the public interest, and permit competitive practices most certain to
assure the welfare of industry, its employees and the public.
The standard or rule by which the administrative court would be guided
in rendering decisions on fair trade practices should be established by
Congress. It should prohibit injurious and destructive acts of competition.
It should prescribe limitations on competitive practices enforceable within
the group in order to preserve the fair competition sought. Such legislation
should declare and enforce prohibition against marketing agreements,limitation of output, fixing of prices or other practices which might become
oppressive to small enterprises, except as hereinbefore stated and as they are
determined, by the administrative court, to be in the public interest and
are carried on by such industries under adequate governmental supervision.
The act should be limited in its application to those industries that are
engaged in or directly affect competition in inter-State commerce.
The development and submission of such codes of fair practice should
be voluntary on the part of industry and subject to approval or disapproval
by the administrative court, with opportunities for resubmission on modification to the same authority. The writing of the code in whole or part
by the administrative court should not be permitted, but that privilege
and duty should be placed solely upon the petitioning industry. An approved code should likewise place upon the industry the primary obligation
of policing enforcement, with the aid, on proof of violation, of the administrative court and ultimately through a judicial order.
Under appropriate safeguards the approved competitive practices and
prohibitions submitted by the properly defined majority of a group, trade
or industry should be binding upon the minority. A majority group, in
the absence of a majority request, should likewise be authorized to request
a code of its own,limited in effect to its own members and to a period that
would automatically terminate when a majority of the industry began to
operate under an approved code. No trade, group or industry should be
required to submit or request a code, the entire action being voluntary and
influenced only by the desire of a trade, group or industry to avail itself of
the opportunity afforded under the law. Such action should not be influenced by boycott or threat of boycott or by extra legal process, nor should
government limit its buying in any way to codified groups or industries.
Those industries or groups not submitting a code would continue to operate
under the anti-trust acts.
To prevent confusion in the transition period between the expiration of
the NIRA and the development of codes under this plan, the provisions of
an existing code, unless objected to by a preponderant majority of an industry, should be continued in effect until the administrative court, after
hearing, had opportunity to approve or disapprove of these provisions in
whole or part; or until the industry had obtained a new code or a modification of the old code. Existing codes would thus continue in effect without
Interruption until withdrawn either by the industry or by the administrative court after hearing. Industries not desiring to operate under existing
codes would so notify the administrative court, whereupon such codes
Would be terminated.
F. J. Lisman Urges Federal Government to Guarantee
Railroads Net Income Next Year Equal to That of
1933—Sees Sound Financial Basis for This Action,
Designed to Strengthen Position of Insurance
Companies and Savings Banks
The Federal Government should guarantee the railroads
of the United States in 1935 net earnings equal to those recorded in 1933, F. J. Lisman, Chairman of Lisman Corp.,
advocated in a letter published in the "Wall Street Journal"
Dec. 1. This action, Mr. Lisman asserted, would be justified by the fact that, because of various Administration
policies, railroad operating expenses will be at least 10%
higher next year than they were in 1933, with an increase of
about 10% in wages and a similar amount in the cost of materials and supplies. The wages and increased costs of
materials, he said, were based on expectations of a prompt
rise in volume of traffic, which has not materialized.
"Irrespective of indications of improvement at this time,"
Mr. Lisman wrote, "nobody can predict with certainty that
they will materialize in 1935. Therefore, if the Government
wants these companies to reorganize, it should guarantee to
them net earnings equal to those which they made in 1933,
before Uncle Sam forced up their operating costs."
Such a program, Mr. Lisman declared, would not require
the Government to make advances on which it would be
likely to lose money if business improves at all. At the same
time, he added, it is a better method of saving the companies
and placing them on a sound financial basis than "to keep
shaky companies alive by loans on junior securities which,
An reorganization, might have little value." He also pointed
3581
out that this action would strengthen the position of insurance companies and savings banks by protecting the principal of their investments to a large extent.
The complete text of Mr. Lisman's letter is given below:
To Promote Rail Reorganisations
Editor, the "Wall Street Journal".
The Federal Government, meaning thereby in this matter the Interstate
Commerce Commission, the Reconstruction Finance Corporation, Stc., is
generally reported as being very desirous of expediting all railroad reorganizations.
The security holders of the companies in receivership, such as Missouri
Pacific, Frisco, Rock Island, Seaboard Air Line, &c., are not anxious to
reorganize because present earnings do not form a basis for a reasonable
capital structure which would assure earnings of interest even on the senior
securities. These senior securities, in many cases, are very largely held by
Insurance companies, savings banks, trustees, &c., because at the time of
their issue they were a legal investment for such purposes. Permanent
suspension of interest payment on these issues would have a far reaching
effect on these fiduciary holders and their clients, who belong to the presently "obnoxious" capitalistic class only to a very small extent.
Security holders' committees and officiala of the railroad companies.
after the prolonged period of depression, with increased competition and
other adverse conditions affecting their situation, are not hopeful about
the results foe 1935. Generally speaking, the only safe attitude for them
to take is to assume gross earnings are not going to increase quickly. They
know for certain that, owing to governmental actions, their expenses are
going to be at least 10% higher in 1935 than they were during 1933. During practically all of 1935 wages, which now absorb about 50% of gross
earnings, will show an increase of 10%. This increase is entirely due to
the action of President Roosevelt in "urging" railroad officials to gradually
restore the 10% wage cut.
There is the further increase of an average of over 10% in the cost of
materials and supplies, especially locomotive fuel, due to the National
Recovery Administration. The consequence of this is that the comparatively small margin of net earnings applicable to interest chervil.
which averages a little over 10% of gross revenues on all railroad companies
(especially taking deferred maintenance into consideration), may disappear entirely in 1935.
hitThe Federal Government has by its own action in effect deprived the
carriers of net earnings and now urges revamping of the capital structure,
which must be based on net earnings now existing and to be derived hereafter.
The wages and increased costs of materials were based on expectations
of a prompt increase in volume of traffic which has not materialized. Irrespective of indications of improvement at this time, nobody can predict
with certainty that they will materialize in 1935. Therefore, if the Government wants these companies to reorganize, it should guarantee to them
net earnings equal to those which they made in 1933, before Uncle Sam
forced up their operating costs.
IsSuch a guarantee would furnish a basis of converting the underlying
-guaranteed bond at
bonds of roads in receiver's hands into a Government
a low rate of interest with a proper sinking fund. Then the holders of
junior mortgages would find it worth while to accept income bonds or stocks
ranking as to seniority parallel to their present status, and the warrants of
"deferred assessment certificates" which the stockholders might receive
might have some real prospective value.
Applying this principle to the Missouri Pacific, now permanently before
the public, it would work out as follows:
The entire operating income of the company, including possibly some
unearned dividend income, was in round figures. 1928, $25,400,000; 1929.
$30.000.000; 1930, $25,750.000; 1931, $22,050.000; 1932, $10.900,000:
1933. $8,500.000; 1934. probably about $7,000,000.
If the Government were to guarantee net earnings equal to those of 1933,
there would be available for interest on the first and refunding bonds,
and issues junior thereto, after $2,500,000 charges on equipment and underlying bonds, approximately $6,000,000. or almost enough to pay interest
on the $225,000,000 of refunding mortgage bonds outstanding at the rate
of 2Si% plus a sinking fund.
Such a proposition would not involve the Government in making advances
on which it would be likely to Hose money if business improves at all, and
certainly seems a very much better scheme of saving the companies and
helping them get on a sound financial basis than to keep shaky companies
alive by loans on junior securities which, in reorganization, might have verY
little value.
A guarantee on senior securities which should not cost the Government
anything is much less likely to lead to ultimate Government ownership
than loans on junior securities.
To sum up this plan, it is suggested that the Government should help
the railways by merely guaranteeing interest on underlying liens equal to
net earnings of a very low year because since then operating expenses have
been increased by conditions outside of company control. This action
would strengthen the position of insurance companies and savings banks by
protecting the principal of their investments to a large extent and give
some hope to junior bond and stockholders. It would substantially increase or reinflate shrunken market values which in time would greatly
stimulate general business.
F. J. LIBMAN.
New York, N. Y.
In drawing attention to the above, Mr. Lisman in a communication addressed to us Dec. 3 says:
I am not sure that this idea is practical or its execution even desirable,
but it certainly would be better for the Government to help the bankrupt
companies or, for that matter, all railroad companies which are not earning
a standard return, to refund their first mortgages at a low rate of interest.
rather than have the Government lend on poor collateral.
By helping the companies to refund their senior mortgages at a low rate
of interest, the junior mortgages would, of course, be greatly improved on
account of the reduction in prior interest charges.
Matthew Woll Predicts Passage of General Labor Law
Similar to Railway Labor Act—Would Outlaw
Company Union—A. F. of L. to Urge 30
-Hour
Week at Next Congress
Organized labor will seek to induce the next session of
Congress to enact general labor legislation similar to the
Railway Labor Act that was passed early in 1934 for the
benefit of railway unions, Matthew Woll, Vice-President of
the American Federation of Labor,said in a special interview
3582
Financial Chronicle
upblished in the New York "Journal of Commerce" Dec. 3.
Such a law would outlaw company unions, providing machinery for collective bargaining with respresentatives of
outside unions, and for the adjustment of disputes over
labor contracts by a board of adjustment for an entire industry. Mr. Woll said he believed such a bill would have a
reasonably good chance of enactment as a substitute for
Section 7(a) of the National Industrial Recovery Act. He
also declared that organized labor intends to seek enactment
Of a 30
-hour week bill, despite opposition to such a measure
by some Administration spokesmen.
New York Appellate Court Hears Arguments in Suit to
Test Ban on Home Work—Reserves Decision in
Case of Women Embroidery Workers
Efforts of New York State authorities to eliminate homework by women in the needle trades were pushed in the
New York Appellate Division, on Nov. 30, when Elmer F.
Andrews, State Industrial Commissioner, was required to
show cause why he should not be directed to issue a homework certificate to two embroidery workers, Mrs. Nanette
Sabatini and Mrs. Rose Perricone, both of New York City.
After hearing arguments for both sides the court reserved
its decision. The New York "Herald Tribune" of Dec. 1
summarized the contentions advanced in court as follows:
Henry Epstein, State Solicitor-General, representing Commissioner Andrews, charged that Julius Hochfelder, the attorney seeking the permits for
the two women as members of the Home Workers' Protective League, really
was representing the interests of employers of home workers, being counsel
for the National Hand Embroidery Manufacturers' Association.
Mr. Epstein further argued that Commissioner Andrews was justified in
refusing homework licenses to the two women because National Recovery
Administration codes prohibited such homework in many industries, including the needle trades.
"The purpose of all this legislation," said Mr. Epstein "was to eliminate
sweatshops in certain industries. You cannot go into the homes of 1,000,000
'
people and see that they get fair wages and decent hours, but you can
control wages, hours and working conditions of people in factories." He
added that the exploitation of home workers had reached the point where
many received only two or three cents an hour and were frequently forced
to work at night and use their children as helpers.
Mr. Hochfelder denied this, saying that the minimum wage and child
labor laws applied to home as well as factory workers. He insisted that
the State could supervise industrial home workers. "Even the President
of the United States," he concluded, "hasn't the right to tell a woman in
New York she cannot work."
NLRB Reverses Decision in Which It Claimed Jurisdiction in Disputes Involving Editorial Employees of
Newspapers—Publishers Held Original Ruling a
Threat to Free Press—Newspapermen in Newark
N. J., on Strike as Result of Dismissal of Workers
A ruling by the National Labor Relations Board that it
could assume jurisdiction in disputes involving the American Newspaper Guild was set aside by the Board itself on
Dec. 4, and it was announced that the Board had decided
to reopen the case in which it had held on the preceding
day that the San Francisco "Call-Bulletin" had interfered
with the organization of its employees. In its original
decision the Board ordered the reinstatement of Dean S.
Jennings, a rewrite man, who alleged that he was forced
to resign from the paper because of his work in promoting
the Guild, an association of newspaper editorial employees.
Howard Davis, President of the American Newspaper Publishers' Association, declared the decision of the NLRB on
Dec. 3 a "threat to a free press." When the Board reversed
Its order, Heyward Broun, President of the Guild, asserted
on Dec. 5 that it had been intimidated by the publishers
and officials of the National Recovery Administration, and
he and other Guild officers withdrew from a conference
'with the NLRB.
A Washington dispatch of Dec.4 to the New York "Times"
discussed this case as follows:
The Board said that the reversal came because Blackwell Smith, acting
general counsel of the NRA, had asked this step "in order to afford the NRA
further opportunity to present the circumstances connected with the adoption of the newspaper code, and of rearguing the questions involved in the
decision of the case."
A date for the "argument and presentation" soon will be announced, the
Board stated.
NRA officials, who would not be directly quoted, said that the Labor
Board had not had "a full discussion of the circumstances surrounding" the
promulgation of the code, and that these circumstances had not been
"adequately presented" to the Board.
"Misunderstanding" Reported
It also was understood that the NRA had expected to outline these circumstances to the Board before it made its decision known in the Jennings
case, but that there was a "misunderstanding on the timing."
The NRA, it was said, did not wish to appear as an advocate in the
matter or to take one side or the other. But it was evident that it insisted
on making a full presentation before the Board finally acted.
Officers of the Labor Board said they did not know what 31r. Smith
desired to lay before them, but declared they would be glad to hear it.
Their decision to reopen the case, they said, was made in a spirit of
courtesy and a wish to ascertain all the facts necessary to a final decision.
Dec. 8 1934
It was indicated that Mr. Smith would appear in a very few days. Board
officials discounted the suggestions that there had been a mistake in
"timing" the issuance of the Jennings decision.
Another dispute involving newspaper editorial employees
continued unsettled this week, through failure to end the
strike of news department workers of the Newark, N. J.,
"Morning Ledger." This walkout occurred on Nov. 17 as a
protest against the discharge of eight editorial employees
who were allegedly dismissed because of their Guild activities. L. T. Russell, publisher of the paper, has denied.that
dismissal was for this cause, and offered to arbitrate the
dispute, but his offer was rejected by Guild officials. William Green, President of the American Federation of Labor,
Informed the strikers Dec. 1 that the Federation was ready
to aid them. Officials of the American Newspaper Guild
conferred in Washington this week with Francis Biddle,
Chairman of the NLRB.
Associated Press Washington advices of Dec. 3 noted the
original NLRB decision in the "Call-Bulletin" case, in part,
as follows:
The paper, an interest of William Randolph Hearst, will have opportunity
to present testimony concerning Jennings's claim. At a hearing several
weks ago, counsel for the paper confined his case to an attempt to show
the dispute was not within the Board's jurisdiction.
Most of the Board's decision—the first signed by Francis Biddle, the
new Chairman—was devoted to the question of jurisdiction.
The "Call-Bulletin" maintained the Board could not hear newspaper cases
because the Executive Order creating the Board, if applied to newspapers,
would modify the newspaper code without the publishers' consent. Such
modification, the paper held, was expressly forbidden by the code in the
Interest of freedom of the press, a constitutional guarantee.
"The logic of the argument addressed to us," said the Board, "leads to
the untenable conclusion that the first (freedom of the press) amendment
to the Federal Constitution confers upon the newspaper business complete
immunity from regulation to which publishers do not consent; that an
attempt to impose a code, or modification of the present code, would be
unconstitutional so far as it concerns non-consenting publishers.
"What Congress cannot do is to pass any law abridging the freedom of
the press. Apart from this, the newspaper business stands on a footing no
different from that of other industries."
The Board ruled that unless the paper offered to reinstate Mr. Jennings
within 10 days it would be cited to the NRA Compliance Division for Blue
Eagle removal and to the Justice Department for legal action.
Elisha Hanson, counsel for the "Call-Bulletin," told! the Board at the
hearing that if it took jurisdiction in the case all the publisher's papers
might be withdrawn from the newspaper code.
The text of Mr. Davis's statement follows:
"The decision of the National Labor Relations Board to-day in the San
Francisco 'Call-Bulletin' case is a threat to a free press in the United States.
"It nullifies the freedom of the press reservation contained in the daily
newspaper code. Article VII of the code for the daily newspaper publishing
business was written to preserve the constitutional guaranty of the free
press.
"This article provides that no modification of the code as it affects any
publisher shall be binding upon him unless he consents to it.
"Without such a reservation in the code publishers felt that the press of
the country might be subject to governmental control.
"This article was approved by the President on Feb. 24 1934, 'without
modification, condition or qualification.'
"To-day the NLRB ruled that this provision is meaningless, stating that
lithe President should modify the code, such modification would be binding
on the publisher signatory to the code despite their non-consent to the
modification.
"If this decision is accepted by publishers who have signed the code it
nullifies the freedom Of the press reservation in the daily newspaper code.
"The code provides a complete method for adjudication of controversies
arising thereunder. The publisher of the San Francisco 'Call-Bulletin' has
been ready and willing to submit to that procedure. He declined to assent
to other jurisdiction, and in so doing maintained that he was within his
rights under Article VII of the code."
Labor Advisory Board Seeks Greater Representation
in NRA Activities—Committee Named to Press for
r" Wider Authortty on NIRB
The Labor Advisory Board of the National Recovery
Administration on Dec. 4 appointed a committee to seek
greater labor representation in the NRA, on the theory
that labor should have an equal representation with commerce and industry on the National Industrial Recovery
Board, of which S. Clay Reynolds, President of the Reynolds
Tobacco Co., is Chairman. The co-industry member with
Mr. Reynolds is Arthur D. Whiteside, President of Dun &
Bradstreet, while the labor member is Sidney Hillman,
President of the Amalgamated Clothing Workers of America.
A dispatch from Washington Dec. 4 to the New York
"Times" discussed p tans for greater labor representation in
part as follows:
The labor unionists on he LAB do not regard Dr. Marshall as a labor
member of the NIRB and they place Professor Hamilton in the consumer
group.
William Green, Father Francis Haas and John L. Lewis Named
The labor group committee consists of William Green, Fathe: Francis
Haas and John L. Lewis. It will inform the NIRB that more labor representation is required if a charge Is not be made that the NIRB Is Interested
in continuing the condition underTwhich the personnel of the NRA was
preponderantly chosen from industry.
The labor group contends that the NIRA provides for the united action
of labor and management to bring about recovery. It declares that this
is stated in Section 7-B of the NIRA and has virtually been ignored.
The LAB also appointed a legislative committee, comprising John Frey
of them MetalATrades,Department of the American Federation of Labor;
_
Volume 139
Financial Chronicle
Arthur Wharton of the Machinists 'Union, and Mr. Hillman, to draw up
labor proposals which the NIRB will be asked to sponsor at the Congress
session.
11, This proposed legislation, it was said, would Include labor's oft
-repeated
demand for equal representation on the Code Authorities and for more
adequate representation on all boards and code organizations.
$421,697,389 Paid to Farmers to Nov. 1 for Co-operation
in Four Adjustment Programs—Collections of Processing Taxes Totaled $550,081,419
The cumulative total of rental and benefit payments
received by farmers participating in the wheat, cotton,
tobacco, and corn-hog adjustment programs of the Agricultural Adjustment Administration reached $421,697,389
up to Nov. 1, it was shown in the monthly report of the
Comptroller of the Administration, issued Dec. 3. As of
the same date, cumulative receipts from collection of processing taxes totaled $550,081,419, it was reported to the
AAA by the Bureau of Internal Revenue. An announcement
issued by the AAA further said:
In addition to the rental and benefit payments to farmers, total dis.
bursements of 3169,389,731 were made for removal of surplus agricultural
commodities. Of this sum approximately 3139,381,000 was in direct
payments to farmers for hogs, drought cattle and sheep.
la The report shows the rental and benefit payments that have gone to
,
increase the income of farmers from wheat by 3108.669.557; from cotton,
$166.786.379;from corn-hogs, 3129,668,799, and from tobacco, $16,572,652.
The expenditures for removal of surplus agricultural commodities include
346.039.849 for the purchase of hogs; $5,871,855 for wheat, representing
payments in connection with the removal of 28.300,000 bushels of surplus
wheat from the Pacific Northwest; $91,027,506 for the purchase and
payment of benefits in connection with the drought cattle program; $2,293.987 for the purchase and disposition of drought sheep and goats;
311.826,603 for the purchase and conservation of supplies of superior
and adapted seed varieties in drought areas, and $12,329,929 for the
purchase of butter and cheese. The beef, mutton, pork, butter and cheese
acquired under the surplus removal program are for distribution by Federal
relief agencies and do not enter commercial channels.
The cumulative totals of processing and related taxes collected up to
Nov. 1. by commodity. are:
Wheat
3158.328,178 Cotton ginning tax (under
Cotton
178,608,763 liankbead Act)
$21,605
Tobacco
27,595,345 Tobacco sales tax (under
Corn
7,029,938
Kerr-Smith Act)
269,065
145,034,686 Unclassified
Hogs
645,173
Paper and Jute
10,901,615
Sugar
21,646.684
Peanuts
363 Total
$550,081.419
New York Supreme Court Justice Holds Section 7-A
of NIRA Permits Closed Shop Agreement—Finds
Collective Bargaining Provisions Constitutional—
Doll Manufacturer and Union Ordered to Settle
Dispute
There is no doubt of the constitutionality of the collective
bargaining provisions of the National Industrial Recovery
Act, Justice William H. Black, of the New York Supreme
Court, declared on Dec. 1 in an opinion upholding the
legality of a "closed shop" agreement between the Doll and
Toy Workers' Union and Ralph A. Freundlich, Inc., doll
manufacturer, of New York City. The Court ruled that the
union and the company must settle all disputes within a
week. The union and the company last February concluded an agreement for a closed shop under principles
established under Section 7-A of the NIRA. Several weeks
later a dispute was referred to the Regional Labor Board,
whose decision was unsatisfactory to the company, which
contended that Section 7-A is opposed to the principle of
the closed shop.
The New York "Times" of Dec. 2 summarized other facts
In the case as follows:
When the Freundlich company subsequently purchased a factory at
Clinton, Mass., to which it moved some of its New York employees, the
union protested that the company was fleeing to another State to escape
from its closed shop agreement under Section 7-A. It charged that the
company could pay lower wages and require longer working hours in Massachusetts.
•
With the company denying that it had taken flight from the National
Recovery Administration, the union sued to restrain the company from
moving its plant to Massachusetts. Supreme Court Justice Samuel I.
Rosenman issued an order temporarily restraining the company from
breeching its agreement, but the order did not prohibit the company from
moving its plant to Massachusetts, in as much as it had not been shown
to the satisfaction of the Court that the move was intended primarily to
escape the provisions of Section 7-A.
At the hearing for a permanent injunction before Justice Black, Ralph
Freundlich, President of the company, agreed to employ union members in
New York and in Massachusetts, and as a result of that stipulation Justice
Black gave the litigants a week in which to compose their differences. In
the meantime, the Court laid down the principle upon which they must
try to reach an agreement. Justice Black said:
"In Section 7•A we have reached the Rubicon of industrial relations.
If 7-A is sustained better relations between employer and employee may
go forward. If it is nullified that progress may be temporarily halted.
"If it is to be used as a fort behind which either side may retire every
time a situation arises not entirely to its liking, its passage, instead of
being a benefit will be a detriment to the rights of everybody. In Interpreting this, therefore, great care must be taken to consider the evils at the
time it was intended to remedy, and whether the remedy is constitutional.
"Courageous Legislation"
"It is no part of the duty of this Court to say whether the Act is or is
not perfect. But the Court knows of no more courageous piece of legislation
ever adopted or more appropriate to such a pressing emergency.
3583
"If employers, after all the laborious investigation by an impartial
arbitrator, can violate their agreements and his findings on the ground that
the agreement is in violation of Section 7-A of the NIRA, then the unions
could likewise break their solemn contract.
"This would cause a chaos of uncertainty which would result in great
damage, not only to employers and employees, but to the whole public.
It would be a throw-back to the lawless days which it was the prime object
of the NIRA to abolish, and it is unthinkable that the Congress which
passed the Act had any such idea."
Brooklyn-Manhattan Transit Corp. Again Refuses to
Recognize Authority of NLRB—Head of Company
Denies It Is Subject to Code—Eight Employees
Reinstated
The New York Rapid Transit Corp., operating subsidiary
of the Brooklyn-Manhattan Transit Corp., announced to the
National Labor Relations Board, on Dec. 1, that the company will refuse to recognize the Board's order for the
reinstatement of 20 employees alleged to have been discharged for union activity. William S. Menden, President
of the company, said in a letter to the NLRB that the company is not subject to the National Industrial Recovery Act
or the code of fair competition for the transit industry. He
added, however, that eight of the discharged men have been
re-employed, while another refused the job because he
planned to leave the United States. He said that this action
had been taken "in accordance with our usual practices
and not under your decision."
The order of the NLRB in this case was noted in our issue
of Nov. 24, page 3252. The New York "Times" of Dec. 2
described Mr. Menden's letter to the Board as follows:
Mr. Menden reiterated the position the concern took in refusing to
appear before the Labor Board, following which the Board reached a
decision on the basis of the hearings held by the NRLB.
Challenging the jurisdiction of the Board, he said that the corporation
believed it was not subject to the NIRA of the transit code, and that the
State Schackno Act was not applicable. He also reiterated that the corporation believed itself morally bound to abide by its employee-representation plan.
In addition, he set forth that "to the knowledge of the management over
90% of its motormen are members of the Brotherhood of Locomotive Engineers and more than 90% of its towennen and signalmen are members of
the Brotherhood of Railway Signalmen of America."
Mr. Menden also charged that the union involved in the dispute, the
Amalgamated Association of Street and Electric Railway and Motor Coach
Employees, affiliated with the American Federation of Labor, violated its
contract with the company in 1919 and quoted the receiver for the company at that time as saying: "I will be recreant to my obvious duty to
the people of this community if I should again place their vital interests
at the mercy of any association that has proven itself faithless."
He also reiterated that the men, if they had any complaint, should act
through the employee representation plan and recounted the history of the
adoption of the plan. He did this, he said, "out of courtesy to a Board
appointed by the President and in continuance of our willingness to inform
your body of the facts in the case."
Unofficial reports from Washington this week indicated
the possibility of the Department of Justice instituting proceedings to enjoin the company from ignoring the authority
of the NLRB. A similar suit is being prosecuted against
the Houde Engineering Corp of Buffalo, N. Y.
NRA to Investigate Profibrand Capital'Structure of
Automobile Industry—All Economic Aspects to Be
r" Covered in Hearings Starting Dec. 15—Survey
Designed taStudyirEmploymentIrStabilizationAP '
Pi 7helgatioi7rial,Re r
- 177 y dnunistition plans to investi76
-T
gate the profits and capital structure of the automobile
industry, as well as to survey labor conditions and the
prospects of employment stabilization, Leon Henderson,
Chairman'of the NR Dv
IT. .
i
77177 Research and Planning,
1.
of
annoilnced on Dec. 3. Hearings for stabilizing the industry
will be held on Dec. 15 and 16, he said. President Roosevelt
originally ordered this investigation when he agreed to the
renewal of the automobile code until Feb. 1. A report
based on the inquiry must be in the hands of the President
by mid-January. "All economic aspects of the industry"
will be studied, Mr. Henderson said. A Washington dispatch of Dec. 3 to the New York "Herald Tribune" discussed the scope of the survey as follows:
"All economic aspects of the problem" would be gone into, Mr. Henderson said as he announced he would go personally to Detroit to preside at
the opening of the hearings. A fair return on investment entered into the
situation, Mr. Henderson said. Present payment of dividends, he continued, would naturally fit into the study. The industry is understood to
have paid out $83,000,000 in dividends thus far this year.
IG The broadening of the scope of the inquiry added another major industry
to those under governmental scrutiny. An investigation of like nature is
proceeding in the cotton textile industry as the result of the President's
adoption of the Winant Board report. Power companies are under inquiry
by both the Federal Trade Commission and the Federal Power Commission.
The telephone companies, including the American Telephone & Telegraph
Co.. are facing an investigation by the Federal Communications Commission.
I, The NRA decision to go into the financial structure of the
automobile
industry raised the possibility of another break with Henry Ford, who has
never signed the automobile manufacturers' code and who refused to
loin either the National Automobile Chamber of Commerce or the Automobile Manufacturers' Association. One of the reasons for his independ-
3584
ence was his disinclination to open his books to other members of the
industry. The Government inquiry, as projected to-day, would naturally
lead to the records which he has insisted are private. In the event of the
Industry actually taking this trend, Mr. Ford is expected to hold out again
against the Federal officials.
At the same time, it was disclosed to-day that the NRA is still declining
to rule whether or not Mr. Ford is a complier or non-complier with NRA.
S. Clay Williams, NRA Chairman, said at a press conference this afternoon that the issue was not before his agency. Although the Interior
Department departed from the Government practice of the last year by
purchasing a Ford truck 10 days ago, Mr. Williams said no request for a
ruling on Mr. Ford had come to him. He would not volunteer a ruling
until protests were made against some action taken by a Government
purchaser, he said, resting upon the procedure laid down in an Executive
order.
Despite the Interior Department purchase, Mr. Ford has not signed any
document acknowledging himself to be under the automobile code it was
admitted to-day. R. B. Sabine, local Ford agent, who made the sale to the
Interior Department, filled out only his own compliance slip and a statement to the effect that to the best of his knowledge, Mr. Ford was complying with the NRA code.
Just how far the NRA investigation into the automobile industry's
finances will go was a matter of considerable doubt.
The report on job stabilization must be ready by Jan. 15. Little in the
way of an effective investigation of financial structures can be made by
that time, it was pointed out here. The NRA policy at present is also
directed toward the avoidance of controversy.
William Green Predicts Serious Relief Problem the
Coming Winter—Head of A. F. of L. Reports
October Unemployment 550,000 Above Last Year
10,671,000 Unemployed
The October record of unemployment showed 550,000
more jobless than in October 1933, William Green, President
of the American Federation of Labor, announced on Nov. 29,
adding that as a result the nation's relief problem this winter
will be "the most serious" in the country's history. The
A. F. of L. estimated that 10,671,000 were out of work in
October, as compared with 10,122,000 in October last year.
Business activity in October, the Federation said, was 2.6%
below a year ago, thus partly accounting for the unemployment rise. Mr. Green remarked that a contributing factor
is that the "effort to increase employment in industry is not
so general as it was at this time last year." A Washington
dispatch of Nov. 29 to the New York "Times" noted his
statement as follows:
Although unemployment showed an increase in October as compared
with 12 months ago. the October figure was 279,000 less than September.
when it was announced as 10,950,000.
The peak of unemployment in the past year was set at 11,755,000 for
January, 1934, or 1,084,000 above the estimated total for last month.
"The serious implications of this increase in unemployment cannot
be over-emphasized," Mr. Green said. "Relief need this winter is already
higher than it was last year. Reports from urban areas show that in
October the number on relief rolls was 30% greater than in October 1933.
"In August, the latest month for which we have complete figures for
relief in the country as a whole, there were 900.000 more cases or nearly
3.000.000 more persons on relief rolls than in August last year, an increase
of 20%.
"The total financial obligation for relief had increased from $61,470,000
to $149.426,000, or more than doubled. This means that, in addition to
the increase in unemployment, those who have been unemployed for a long
time have exhausted their resources, those who once had savings are now
wholly dependent on relief. Food prices have increased and the cost of
relief is greater. Also, relief in some cases is more adequate.
"Unquestionably our relief problem this winter Is the most serious this
nation has ever faced. Trade union figures show a greater increase in
unemployment from October to November this year than last year, and
part-time work in the first half of November is higher than ever before in
the history of our figures.
"In building, water transportation, theaters, and all the manufacturing
groups there are more on part time than last year. Thus many of those who
have jobs are finding their incomes lower than last year.
"Government emergency work was provided in October as follows:
508,000 on PWA, 362,000 on CCC. In addition, an average of 1.392,000
had work each week on the ERA work program."
-Hour Week and
Cotton Garment Industry Adopts 36
10% Rise in Hourly Wages—Change Instituted
Under Terms of President Roosevelt's Executive
Order-31 Plants Obtain Temporary Stay
A 36-hour working week and a 10% increase in hourly
wages became effective for the cotton garment industry
Nov. 30 for 165,000 employees in 5,000 plants in 42 States.
This change was made in accordance with President Roosevelt's Executive Order, issued originally on Aug. 21 last.
The order affected all plants in the industry with the exception of 31 companies, which were granted a stay until Dec. 7,
under an order obtained in the District of Columbia Supreme Court, Nov. 28. Raymond Hunter, Chairman of the
Cotton Garment Code Authority, sent the following communication to all members of the industry on Nov. 30:
The Executive Order of the President of the United States, issued originally Aug. 21, and twice stayed at later dates, goes into effect as to all
members of the cotton garment industry Saturday morning, Dec. 1, and
the Cotton Garment Code Authority, as agency to aid in administration
and enforcement of the code, will so proceed until otherwise ordered.
The injunction suit by 31 members of the industry is directed against
the National Recovery Administration, the Cotton Garment Code Authority
and the Attorney-General of the United States, but restraining order issued
in that case and returnable Dec. 7 affects only the plaintiffs in the suit.
The court order consequently does not suspend operations of the President's
Dec. 8 1934
Financial Chronicle
order except as to plaintiffs and in no wise affects any other members in
the industry.
A Washington dispatch of Nov. 30 to the New York
"Times" described the history of the move for a Shorter work
week in this industry as follows:
The shorter work week was obtained under NRA sanction as a result of
hearings held last June, which revealed bitter opposition by many factions
in the cotton garment industry. Strikes were threatened several times to
compel the industry to obey the ruling for the 36-hour work week, but
these were postponed.
On the basin of the hearings, President Roosevelt issued, in August, an
Executive Order providing the 36-hour week in the industry. About 100
manufacturers sent spokesmen to see him, and announced their intention
of not abiding by the order.
Mr. Roosevelt accepted the report of protest, but deferred action until a
few days before Oct. 1, when the ruling was to have become effective. On
that date he postponed the effective date until Oct. 15, and at the same
time ordered a committee of three neutrals to investigate the matter.
Committee Upholds Order
The committee held hearings of its own and supported the order reducing the weekly hours, pointing out that the 36-hour week was already in
effect in industries competing with the cotton garment industry. The
committee advanced an opinion that price increases resulting from the
order should amount to not more than the equivalent of 5c. on a 49c.
work shirt.
It was estimated that 10,000 additional workers would be required in
the cotton garment manufacturing industry as a result of the shorter
work week.
Another protest was forthcoming then from the industry, and the President postponed the effective date of the new regulations until to-morrow.
In the meantime, the three-man board began a study of the industry,
with a result that a comprehensive report on the cotton garment industry,
as well as on the entire prison labor situation, was made two days ago.
This report formulated a specific plan for entirely eliminating the competition of prison-made cotton garments in the commercial field.
New Boards Completed
In the meantime, the completion of the personnel of the Work Assignment
Boards, designated to study the "stretch out" in the cotton, silk and wool
industries, was announced to-day by Secretary Perkins. As a result of the
report made to President Roosevelt by the board headed by Governor Winant
of New Hampshire, whose findings were used as a basis for ending the
textile strike late in September, it was decided that a special inquiry
concerning speeding processes in the mills would be made.
—4,—.
Opposes Plans for Shorter Work Week—George A.
Sloan Says No Action Increasing Costs Can Aid
Recovery—Aid for Durable Goods Industries
Termed Vital for Upturn
A reduction in industrial hours, either to 30 or 36 hours
weekly, would retard the revival of the durable goods industries, to which recovery efforts should now be directed,
George A. Sloan, President of the Cotton Textile Institute,
said in an address on Nov. 26 before a joint meeting of the
Nashville Chamber of Commerce and Rotary Club in Nashville, Tenn. He described a 36-hour law as "an equally
-hour week, since both are based on the
lethal dose" as a 30
theory that "a further increase in costs offers a way out of
this depression." Mr. Sloan said that the public has not yet
absorbed the increased costs incident to the National Recovery Administration. In his address he stressed the problems of the durable goods industries, which he said are vital
to sustained recovery. We quote in part from his speech,
as given in a Nashville dispatch of Nov. 26 to the New
York Herald Tribune":
"Of the now unemployed, approximately one-half are out of work in
the durable goods industries," Mr. Sloan said. "Most of the remainder
are unemployed in trades and services closely related to durable goods.
Indeed, something leas than 500,000 of those now Idle are normally
attached to the consumer goods industries. It is evident, therefore, that
the problem of absorption of the great mass of unemployed depends largely
on the recovery of the heavy industries."
Mr. Sloan observed that signs of recovery already were apparent, especially in the modernization programs of railraods and automobile corporations, accompanied by increased activity in the steel mills. He said
that though sales of farm equipment this year would total 60% greater
than last year,"the surface of potential possibilities has only been scratched."
"Another instance of the old making way for the new," he added,
the plan to demolish the Rialto Theater, situated in the heart of NewYork
City. A new building will take its place. With the land alone carrying
an assessed valuation of more than $750,000, such a display of confidence
cannot admit the remote possibility of a premanent depression."
The heavy industries, however, are "still below normal," he added, and
"their interest and problems are so closely interrelated with those of the
consumer and service goods groups that one is dependent upon the other
In the final accomplishment of permanent recovery. Certainly the surest
and quickest way to revive the heavy industries is for the consumer goods
and service industries to prosper."
Sees Need for Competition
Commenting upon the necessary role of price regulation in adjusting
production to purchasing power, Mr. Sloan said that recovery would proceed soundly if competitive processes were allowed to operate for slowly
Increasing production.
"It is sometimes suggested," he said, "that the way to deal with overcapacity Is to produce more than the needs and wants of the community
as such—that there is no over-capacity in any industry, but simply underconsumption and under-production, and the only answer needed 111 for
production to be speeded up. With the control and methods ofa communist
state such an answer may be both theoretically and practically sound.
"The argument ignores that particular mechanism of production, distribution and of the market, which are characteristic of our capitalist economy.
In a Communist state it may be that an order can be given to increase
production and the product be distributed by direction of the state to those
who would like to have that product. But in our economy. production
Volume 139
Financial Chronicle
Is in the hands of individual concerns. Those concerns cannot increase
their production without increasing working capital to do it. They cannot expect to be able to secure this working capital without a market
forecast which will indicate that the product will be absorbed, and that
product will not in fact be absorbed unless there has been an increased
purchasing power to absorb it."
Strike of Paterson, N. J., Silk Dyers Ended—Employers
Agree to Union Recognition—Plants Reopen Under
New Contracts—Labor Board Starts Survey of
Conditions in Textile Industry
A strike of 25,000 silk dyers in Paterson, N. J., which had
lasted for one month, was ended on Dec. 1 under an agreement which was interpreted as a victory for the strikers.
Shops which had been closed by the walkout reopened on
Dec. 4. The agreement does not recognize the closed shop,
but the manufacturers consented to recognize the Federation
of Silk and Rayon Dyers and Finishers of America as the
representative of employees in all collective bargaining
negotiations. Under the formal two-year agreement signed
on Dec. 3 there will be established a joint labor board for
the consideration of all future disputes. This provision was
designed to prevent additional strikes in the future.
The most recent reference to the strike of silk dyers
(which chiefly centered in Paterson, also embraced northern
New Jersey and Brooklyn, N. Y.) was contained in the
"Chronicle" of Dec. 1, page 3425. The ending of the strike
was noted as follows in a dispatch from Paterson, N. J., to
the New York "Times," Dec. 1:
After carefully considering the contract, leaders of both sides predicted
it would provide a long period of peace in an industry that has been beset
since its inception by intermittent strikes.
The agreement makes the industry one of the first to obtain a 36-hour
five-day week. It provides for minimum wages of 66c. an hour for men
and 48c. for women. General strikes and lockouts are barred.
The manufacturers agreed to fill union vacancies with union members
and to replace non-union workers with non-union ones in the event of
openings in the shops.
The strike started Oct. 25, at the expiration of a one-year contract which
gave the workers union recognition, a 40-hour week at 57c. an hour for
men and 40c. for women. When the union called the strike it was because
the manufacturers would not agree to a 30-hour week, $1 an hour and a
closed shop.
The strike caused little disorder despite occasional picket disturbances..
Nathan W. Shefferman, conciliator of the National Textile Labor Relations
Board, sUbmitted the closed shop compromise which brought the two sides
together.
During the latter part of the strike several large dyeing interests threatened to move their plants from the Paterson area. Civic groups organized
to prevent such a movement.
Other branches of the textile industry have also had fewer
labor disputes in recent weeks. The Textile Labor Relations Board on Nov. 30 announced the appointment of three
boards to determine how-much work should be required of
employees in the industry. Such a survey was provided for
In the settlement of the nation-wide textile strike last
September. Associated Press Washington advices, Nov. 30,
gave the following personnel of the new boards:
William A. Mitchell, textile expert for the Agricultural Adjustment Administration, is to serve as Impartial Chairman of all three boards. He is
to receive $7,000 a year.
Other members are:
Cotton—Godfrey 0. Brown, of East Orange, N. J., for labor, and
Earle
R. Stall, of Greenville, S. C., for the industry.
Silk—E. L. Oliver, of Cincinnati, for labor, and John W. Nickerson, of
Manchester, Conn., for the industry.
Wool—Ruth Reticker, of Washington, for labor, and Harold J. Walter,
of Uxbridge, Mass., for the industry.
The boards are to report their findings to the Textile Labor Board. Employers, in the strike settlement, agreed not to increase the work load
before Feb. 1 1935.
Governor-Elect Nice of Maryland Names Committee
to Redraft State Banking Laws—Will Also Seek
Legislative Authority to Inquire into Bank Failures
and State Departments
In the Baltimore "Sun" of Nov. 25 it was made known
that Governor-elect Harry W. Nice of Maryland has named
a committee of 14 to begin the preliminary work of redrafting
the Maryland banking regulations and recommended for
appointment a new Bank Commissioner to succeed John
Ghingher.
The advices to the "Sun" which were contained in a dispatch from Miami, Fla., where the action of Mr. Nice was
announced, continued in part:
This Committee will be headed by Albert D. Graham. Chairman of the
Board of the First National Bank of Baltimore.
Full Authority to Be Sought
At the 8111110 time Mr. Nice announced that he will ask the Legislature for
full authority "as to the investigation for the purpose of fixing responsibility"
In the banking failures and "the probe of all State departments." . .
The Governor-elect and his advisers plan in the proposed probe of the
State departments to go thoroughly into the question of how deposits have
been distributed through the banks of Maryland with which State officials
and political figures are or have been connected, as to how they were
covered by collateral, and why, as they assert has been reported, that some
3585
of the State's departments have accepted the notes of counties in lieu
of cash. .
Other Members of Committee
Members of the Committee named to revamp and redraft the State's
banking system and regulations, besides Mr. Graham, who, in addition
to his post with the First National Bank, Is President of the Bank of Sparrows Point, are:
Arthur C. Levering, Vice-Chairman. Mr. Levering Is Vice-President of
the Mercantile Trust Co.
Charles E. Rieman, President of the Western National Bank and the
Baltimore Clearing House.
Louis H. Zimmerman, Vice-President of the Maryland Trust Co.
James D. Garrett, President of the Central Savings Bank and of the
Association of Mutual Savings Banks of Baltimore.
Frederic L. Thomas, President of the Savings Institution of Sandy
Springs.
Taaker G. Lowndes, President of the Cumberland Savings Bank and the
Maryland Bankers' Association.
Levi Phillips, President of the National Bank of Cambridge and a director
of the Baltimore branch of the Federal Reserve Bank of Richmond.
Warren F. Sterling, President of the Bank of Crisfield and former President of the Maryland Bankers' Association.
Jacob France, Chairman of the Board of the Equitable Trust Co.
W.S. Hill, Cashier of the First National Bank of Southern Maryland at
Upper Marlboro.
J. Purdon Wright, who was active in Mr. Nice's campaign.
Charles RurAcka.
L. Wethered Barron.
Plans for Stimulating Wider Use of Newspaper Advertising by Banks Announced by President Hecht
of A. B. A.
Plans for stimulating wider use of informative newspaper
advertising by banks in promoting public understanding and
confidence in regard to existing banking conditions and
methods were announced here in New York City, on Dec. 2,
by R. S. Hecht, President of the American Bankers Association, as a part of his organization's activities in aid of general business recovery. According to Mr. Hecht, three-fold
lines of activity in co-operation with member banks are
being followed. A general groundwork was prepared
through a nation-wide survey of advertising by banks relative to their willingness to extend justifiable loans to industry and trade, and this, he said, revealed that a large number in all parts of the country are pursuing aggressive policies along this line. Mr. Hecht further said:
This survey also confirmed evidence from various sources that the main
cause of the failure of bank credit to expand has been the reluctance of
business men to borrow. It was generally reported that uncertainty as
regards future policies and business conditions was the controlling factor.
It was gratifying to us to find how many banks, however, are wholeheartedly doing all they can to encourage their customers in developing
forward-looking business plans, and it is our aim to aid in fostering this
constructive attitude wherever possible.
The second line of action being followed, Mr. Hecht said,
is the preparation by the American Bankers Association
Advertising Department of advertisements for the joint use
of banks in Clearing House groups. The advertising department, he pointed out, has been newly organized as a general
association function under the direct supervision of the
executive officers composing the Publicity Committee, comprising President Hecht, Chairman of Board, Hibernia National Bank, New Orleans, La., Chairman; First Vice-President, Robert V. Fleming, President Riggs National Bank,
Washington, D. C.; Second Vice-President, Tom K. Smith,
President Boatmen's National Bank, St. Louis, Mo., and
Executive Manager, F. N. Shepherd, of the Association.
The department is in charge of Gurden Edwards, Director
of Advertising, and M. E. Selecman, Assistant Director. As
to the course pursued, it is stated:
The material prepared for this joint advertising service was sent to about
450 city and regional Clearing House Associations in all sections. The
purpose was to co-operate with these groups in making their positions
clearer to the people in their communities in respect to their willingness
to increase the volume of sound bank loans to justified industrial and commercial borrowers as an aid to business expansion. Our correspondence has
established that banks quite widely, either through individual or joint
advertising, are already active in calling their constructive loaning
policies
to the attention of their communities, while a number have
adopted the
material we sent them.
The third line of action being carried out through the
advertising department is the preparation of a constructively informative advertising service for the use of
member
banks in the Association to aid them in developing in their
own communities better general public understanding regarding banking, Mr. Hecht said. From the statement made
by Mr. Hecht we quote:
The underlying theme of this advertising is that sound
banking is based
on helpful
human relations and that it has a unity of interest
with the
people of the community that binds them together with a
common purpose.
We are confident that If a clear understanding of this is
brought home to
the people in all our banking communities it will go far in
restoring the
public confidence which good banking deserves. A bank
in which people
deservedly believe is doubly safe. It is to the public
interest for the
people to have confidence in their banks.
Mr. Hecht emphasized, in regard to the new
advertising
facilities being offered to the members of the Association,
that they are not a profit-making venture and that there
is no intention to disturb existing advertising arrangements,
the idea being that these institutional services shall supplement rather than replace present plans, or that they will
give assistance to member banks now lacking satisfactory
arrangements.
Bankers Forum Dinner of New York Chapter, American
Institute of Banking, to Be Held Dec. 12—James A.
Moffett, Federal Housing Administrator, to Speak
James A. Moffett, Federal Housing Administrator, has
accepted an invitation to speak at the Bankers Forum
dinner of New York Chapter, Inc., American _Institute of
Banking,on Dec. 12,at the Hotel Biltmore,it was announced
Dec. 5 by Daniel Sohmeidler, Chairman of the dinner committee. Mr. Schmeidler is an Assistant Secretary of the
Brooklyn Trust Co.
Rudolf S. Hecht, President of the American Bankers'
Association, and William L. Gillespie, President of the New
York State Bankers' Association, will be guests of honor at
the dinner, it was stated, and are expected to speak. Lewis
E. Pierson, Chairman of the board of the Irving Trust Co.,
will act as toastmaster.
Re opening of
Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Dee. 1 (page 3425)
with regard to the banking situation in the various States,
the following further action is recorded:
LOUISIANA
The Citizens' National Bank of Morgan City, La., last
week retired its $50,000 preferred stock, which was subscribed by the Reconstruction Finance Corporation when
the new bank was organized Dec. 1 1933,according to Morgan
City advices on Nov.28, printed in the New Orleans "TimesPicayune," which added:
The new bank replaced the People's State & Savings Bank and Bank of
Morgan City & Trust Co., which did not reopen after the bank holidays
In March 1933.
MICHIGAN
The First People's National Bank of Bronson, Mich.,
closed since the State bank holiday, has recently paid a 65%
dividend to its depositors, we learn from Bronson advices
on Nov. 28 to the Toledo "Blade," which continuing said:
The receiver, R. W. Cutler, said more is expected to be paid later. A
5% dividend had been paid previously.
This, with the 85% dividend paid by the First State Savings Bank
(Bronson) is expected to give an impetus to business here.
According to the Michigan "Investor" of Dec. 1, the
Michigan State Banking Advisory Committee has approved
plans for reorganizing the Liberty State Bank of Hamtramck, Mich.
The Pontiac Trust Co. of Pontiac, Mich., which has been
closed since the banking holiday and operated under a
conservator, was placed in receivership on Nov. 30, we learn
from Lansing advices on that date by the Associated Press,
which went on to say in part:
Decision on the receivership had been withheld pending a recent decision
of the Supreme Court, which ruled that the Trust company was liable for
certain estate funds on deposit with the Pontiac Commercial & Savings
Bank.
"The decision," M. C. Taylor (Deputy State Banking Commissioner)
said, "meant that the Trust company was hopelessly involved and there
was nothing else to do but appoint a receiver."
Regarding the affairs of the Macomb County Savings Bank
of Richmond, Mich., the Michigan "Investor" of Dec. 1
had the following to say:
Progress was made in opening the Macomb County Savings Bank of
Richmond when Judge Spier issued an order for a hearing to show cause
why the reorganization plan should not be approved and the bank reopened.
On Nov. 30 the $84,000,000, or 20%, payoff of depositors
of the First National Bank Detroit, Detroit, Mich., began,
when about 25,000 checks were placed in the mails. The
initial amount totaled nearly $20,000,000. Detroit advices
to the New York "Times". in noting the beginning of the
distribution, went on to say:
Beginning Saturday 2,000 more checks will be mailed. Among the first
batcn of checks were those of the 1,117 big depositors who have agreed to
return 50% of their payoff to trustees for toe depositors' committee. These
Will get their 20% in full, tnen turn half of it back to the $7,100,000 fund
to be used to pay in full depositors who had $300 or less when the bank
closed.
On the basis of the schedule adopted by Receiver B.0.Schram, the payoff vriu be completed on Dec. 20, and will necessitate the writing and mailing of nearly 700,000 checks. With this vast amount of money distributed
throughout the city and state, a Christmas buying boom such as has not
been enjoyed during the last five years is anticipated.
MISSOURI
The First State Bank of Campbell, Mo., under restrictions
since March 1933,was closed Nov.26 by its board of directors
Dec. 8 1934
Financial Chronicle
3586
and turned over to the State Finance Department for liquidation, according to Associated Press advices from Jefferson
City on the date named.
NEW JERSEY
The National Bank of West New York, West New York,
N. J., representing a reorganization of the First National
Bank of that place, opened for business on Dec. 1. The old
institution closed by the national banking holiday in March
1933, had been doing business on a restricted basis since
that time. The new bank has combined capital and surplus
of $170,000, and deposits to the amount of $5,000 are
guaranteed by the Federal Deposit Insurance Corporation.
Officers are as follows: William G. Chapman, President,
E. L. Maupal and Morris Lobel, Vice-Presidents, and
Charles B. Veghte, Cashier.
NEW YORK
Negotiations have been concluded with the Reconstruction
Finance Corporation, through the Comptroller of the
Currency, for a further loan which will allow payment of a
second dividend of 20% to depositors of the Richmond
National Bank of New York, Richmond Hill, N. Y., it was
announced Dec. 2 by James J. Monro, receiver of the bank.
The bank has been closed since March 4 1933. In noting
the above,the New York "Times" of Dec.3 went on to say:
The second distribution will make a total of 50% returned to depositors
thus far, a first dividend of 30% having been Paid last June.
NORTH CAROLINA
From the Raleigh "News & Observer" of Nov. 22 it is
learned that depositors of the closed Asheboro Bank &
Trust Co., Asheboro, N. C., and the closed Bank of Newport, Newport, N. C., recently received dividends of 25%
and 40%,respectively. We quote from the paper:
Depositors of the Asheboro Bank & Trust Co. received checks in the
repreamount of $15,744.47 in payment of a 25% dividend. The checke
sent the first payment to the 689 depositors and other creditors since
the bank was placed in liquidation on March 12 1934.
The bank operated on a restricted basis from March 4 1933 until the
time it was placed in liquidation. During the restricted Period it Paid
paydepositors $62,785.03. or 50%. in dividends. In addition to these
merits, secured creditors have been paid $4,612.04 and preferred creditors
$222.
The 173 depositors of the Bank of Newport received checks aggregating
first to
$8.570.37 in payment of a 40% dividend. The payment is the
depositors since the bank was placed in liquidation on Feb. 5 1934. and
$400.29 and sein addition to the dividend has paid preferred creditors
cured creditors $1.560.10.
•
OHIO
With reference to the affairs of the Napoleon State Bank
of Napoleon, Ohio, and the Commercial State Bank of
Napoleon, both of which, it is understood, are being operated
under a conservator, a dispatch from Napleon on Nov. 30
appearing in the Toledo "Blade," contained the following:
Satisfactory progress is reported in obtaining signers among depositors
opening
of the Napoleon State and Commercial State banks here for the
12% more
of the New Community Bank. Sponsors said signatures of only
of the depositors are needed.
at once,
Under the plan, depositors would be paid 40% of their deposits
impetus
releasing more than $500.000 which, it is claimed, would give an
to business and reduce the number on relief rolls by 25%.
Ira J. Fulton, State Bank Superintendent for Ohio, on
Nov. 30 announced the reopening of the State Savings Bank
at Woodville, Sandusky County, effective Dec. 1, according
to a Columbus, Ohio (A. P.), dispatch. The bank was
closed Oct. 11 to expedite reorganization, it was said:
In regard to the dividend now being paid to depositors of
the closed Union Trust Co. of Cleveland, Ohio, the Cleveland "Plain Dealer" of Dec. 4 said:
been mailed
A total of 76,008 checks to depositors with less than $10 has
wipe out this
out. This leaves about 46,000 checks still to be mailed to
far, including 10%
class of deposits. The aggregate total of the payoff so
checks to larger depositors, is $6,578,892.60.
Nov. 27.
The work has increased its tempo from 2,000 checks mailed
estimated
the first day, to more than 19,000 mailed Sunday. Robertson
the payoff would be completed by Dec. 15.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Dec. 7 for the sale of a New
York Curb Exchange membership at $20,000, an increase of
$2,500 over the last previous sale.
Arrangements were completed Dec. 3 for the sale of a
membership on the Chicago Stock Exchange for $2,500,
unchanged from the last previous sale.
The membership of Sukezo Yamada on the Commodity
Exchange, Inc., was sold Dec. 5 to J. Chester Cuppia, for
another, at $2,300, an increase of $50 over the last previous
Volume 139
Financial Chronicle
sale. On Dec. 6 Louis Sturz sold his membership to Frederick K. Nieschlag, for another, at the same price.
A membership on the Chicago Board of Trade was sold
Dec. 5 at $5,800 net to the buyer, off $200 from the last
sale. On Dec.6 another one was sold at $5,500.
•
The membership of D. E. Japhet in the New York Cotton
Exchange was sold Nov. 30 to James J. Hagerty, for another,
for $16,500, this price being $500 in advance of the previous
sale.
The directors of the Centra- l Hanover Bank & Trust Co.,
New York, in declaring, on Dec. 4, the regular quarterly
dividend of $1.50 a share, payable on Jan. 2 to stockholders
$1
of record of Dec. 20, omitted the usual extra dividend of
which has been voted yearly at this time since 1929.
a share
positions, but will
Employees of the Queensboro Bank will retain their
of fifty employees.
work for the Jamaica institution, which now has a total
with fifteen acThe Jamaica Bank, which was first opened in April 1866,
fifty•seventh among
counts, now has a total of 50,614 accounts and is listed
Its deposits now are
the 100 largest savings banks in the United States.
the resources totaling
in excess of $37,000,000, surplus is $4,500,000, with
more than $41,500,000. . . .
Downing, PresiOfficers of the Jamaica Savings Bank are: George S.
W. Higbie and
dent; Supreme Court Justice Leander B. Faber, Robert
Treasurer; G.
George IL Meynon, Vice-Presidents; Charles R. Doughty,
Secretary.
Warren Smith, Secretary, and Richard W. Reeves, Assistant
Effective Oct. 31, the First National Bank of Fort Kent,
Me., went into voluntary liquidation. The institution, which
was capitalized at $65,000, was replaced by the First National Bank in Fort Kent.
At their annual meeting, he- ld Dec. 4, the stockholders of
the Bank of the Manhattan Co., New York, approved a
proposal to limit the number of directors to not less than
12 nor more than 25, and to fix the present number at 14,
subject to change by the board of directors or stockholders
at subsequent meetings. The retiring board of 15 members
was re-elected with the exception of Lawrence H. Shearman,
of W. R. Grace & Co., who tendered his resignation because
of ill health. The annual report of J. Stewart Baker, Chairman of the Board of the bank, presented at the meeting,
Is referred to elsewhere in our issue to-day.
We are advised that the Liberty National Bank of Ellsworth, Ellsworth, Me., has changed its title to the Liberty
National Bank in Ellsworth. No change has been made, however, in the officers or directors. The institution is capitalized at $150,000, with surplus and undivided profits of
$86,095, and has total resources of $869,591. Leon H. Brown
is President; Edward G. Harwood, Vice-President, and
Frank J. Dunleavy, Cashier.
Charles H. Place, Vice-Pre- sident of the Williamsburgh
Savings Bank, Brooklyn, was elected a trustee of that institution at the regular monthly meeting of the Board, held
this week. Mr. Place, who has been with the Williamsburgh
bank since 1900, started as a clerk, and in turn served as
bookkeeper, Teller, Assistant Comptroller, Comptroller and
Vice-President. He has taken a prominent part in the
activities of Group Five of the Savings Banks Association
of the State of New York, and also in the affairs of the
Junior Officers' Association of that Group.
Thomas A. Reynolds, a Vice-President of the National
City Bank, New York, in charge of the bank's branch at
42nd Street and Madison Avenue, died of a heart attack on
Dec. 2. He was 56 years old. Mr. Reynolds was also a
Vice-President and director of the National City Safe Deposit Co. and a director of the Palos Verdes Corp. He was
President of the Uptown Bankers Association in 1931. Mr.
Reynolds began his banking career as a clerk in the bond
department of the National City Bank in 1902. During the
World War years he became a Cashier, and shortly following the war a Vice-President in charge of the bank's bond
department. In 1921, when the 42nd Street branch was
opened, Mr. Reynolds was placed in charge of the office.
The New York State Banking Department has given its
approval to a certificate, filed by the Trade Bank of New
York, New York City, proposing to reduce the capital from
$660,000, consisting of 6,600 shares of the par value of $100
each, to $206,250, to consist of 16,500 shares of the par value
of $12.50 each.
The Bronx County Trust Co., Bronx, N. Y., has withdrawn
its application, filed with the New York State Banking Department, for permission to open a branch office at the
northwest corner of 149th Street and Exterior Street, in the
Bronx, conditioned upon the discontinuance of the branch
office heretofore authorized by the Banking Department to
be maintained at 3397 East Tremont Avenue. The filing of
the application was noted in these columns of Oct. 20,
page 2468.
On Nov. 21 the First National Bank of Arcade, N. Y., with
capital of $50,000, was placed in voluntary liquidation. The
institution was taken over by the Citizens' Bank of the
same place.
The New York State Banking Department on Nov. 27 approved a proposed merger of the Queensboro Savings Bank
at 90-55 Sutphin Boulevard, Jamaica, L. I., into the Jamaica
Savings Bank of 161-02 Jamaica Ave., Jamaica. Additional
information regarding the merger appeared in the New York
"Herald Tribune" of Nov. 29, which said in part:
with
The bank will henceforth be known as the Jamaica Savings Bank,
Boulevard
the Jamaica Ave. address MI the main office and the Sutphin
The investments, business and good will of
address as the branch office.
the Queensboro bank were turned over to the Jamaica Savings Bank.
3587
One hundred thousand bank depositors in Massachusetts
will receive dividends amounting to $5,645,000 before the
Christmas holidays as the result of action taken by the
State Banking Department to release funds in the following
eight closed trust companies: The Bancroft Trust Co. of
Worcester, Central Trust of Cambridge, Charlestown Trust
Co. of Boston, Exchange Trust Co. of Boston, Highland
Trust Co. of Somerville, Merchants Trust Co. of Lawrence,
Revere Trust Co. of Revere and the Inman Trust Co. of
Cambridge. Boston advices to the New York "Times" on
Dec. 1, from which the above information is obtained, also
supplied the following:
Arrangements for the disbursement were made by Henry H. Pierce,
Supervisor of Liquidation for the State Banking Department, with the assistance of the Reconstruction Finance Corporation.
P.
The distribution was approved to-day (Dec. 1) by Judge Edward
Pierce of the Massachusetts Supreme Court.
of
The dividends will be paid to depositors in the savings departments
all these banks and, in addition, to depositors of the commercial department of the Central and Inman Trust Companies of Cambridge.
Kelley Graham, President Of the First National Bank of
Jersey City, Jersey City, N. J., announced, Dec. 1, that
Avery Robinson had joined the trust department of the
institution. Mr. Robinson for the past few years has been
with the banking house of A. Iselin & Co.
Supplementing our item of last week, page 3426, with reference to the proposed consolidation of the First National
Bank of Hoboken, N. J., with the First National Bank of
Jersey City, we print the following from the "Jersey News
and Observer" of Nov. 28:
Ogden H. Hammond, former Ambassador to Spain, is President of the
Hoboken bank and the present officers, directors and staff of the bank will
hold similar positions in the new bank, it was announced.
At a meeting of the shareholders of the First National Bank of Jersey
City, called for Dec. 28, the members will be asked to vote on three
of
propositions, first, to increase the capital stock of the bank in the sum
$625,000 by issuing additional capital stock to that amount; second, to
$25 to $100 per
change the par value of outstanding common stock from
board
share, and third, to amend the articles of association to provide for a
of directors of not less than five and not more than 25.
The National Bank of West New York, West New York,
N. J., was chartered by the Comptroller of the Currency on
Nov. 30. The new institution is capitalized at $150,000, consisting of $50,000 preferred stock and $100,000 common stock,
and succeeds the First National Bank of West New York.
W. C. Chapman is President of the new bank and C. B.
Veglite, Cashier.
The second and partial accounting of William D. Gordon,
State Secretary of Banking for Pennsylvania, as receiver
for the Aldine Trust Co. of Philadelphia, was filed on
Nov. 24 in the office of the Prothonotary of Common Pleas
Court, and shows receipts and expenditures of the receivership from Dec. 15 1931 to March 31 1934. The Philadelphia
"Inquirer," authority for this, also says:
During the accounting period the receipts amounted to $900,209, which
includes $99,262 cash from the first amount. The disbursements were
$698,410.38.
At the end of the second accounting period the receiver had assets consisting of $303,799.13 in cash on hand and in bank, and other unconverted
assets appraised at $860,875.67.
The account shows cost advanced on real estate amounting to $233,100,
and advanced cost recovered $236,812. The receivership had sundry expenses for the accounting period amounting to $124,319 and real estate
expenses of $30,404, with sundry income of $67,520 and real estate income
of $15,655.
3588
Financial Chronicle
The balance of deposit liability as of March 31 1934 is given as $3,292,243
as compared with $4,227,903 on Dec. 15 1931. Total liabilities as of
March 31 1934 were $4,631,218.
The account will be called for audit in Court of Common Pleas No. 5,
on Jan. 11. Any objections to the account should be made within 30 days
of the filing of the account with the Prothonotary of the Court.
According to Associated Press advices from Lynchburg,
Va., on Nov. 28, a reduction in the capital stock of the
Lynchburg National Bank & Trust Co. from $1,000,000 to
$600,030 and the return of the $400,000 difference to the
stockholders in a cash distribution, will be proposed to the
stockholders at a meeting to be called late this month.
The Brecksville Bank Co. of Brecksville, Ohio, was admitted to membership in the Federal Reserve System on
Dec. 1.
Lewis B. Williams, well known Cleveland, Ohio, banker,
on Nov. 28 was elected !Chairman of the Board of the National City Bank of Cleveland, and Chairman of the trust
committee, following his resignation the previous day as
Chairman of the Board, Federal Reserve agent and a Class
C director of the Cleveland Federal Reserve Bank in order
to accept the new positions. Mr. Williams will devote his
full time and energies to the growth and development of the
bank. An announcement by the bank goes on to say in part:
The creation of the office of Chairman of the Board of the National
City Bank and the election of Mr. Williams to this office, completes another step in the general program of expansion of facilities, personnel and
service inaugurated by the bank in July 1938.
At that time readjustments of the capital structure of the National City
were made to provide additional banking capital, of which the community
was in need, and Sidney B. Congdon was elected President of the bank.
In the brief period of 17 months, under the leadership of Mr. Congdon
the deposits of the National City Bank have been increased from $53,000,000
to $96,000,000, and the resources of the bank have been increased from
$59,000,000 to $108,000,000. Mr. Congdon, in addition to his duties as
President, will continue as Chairman of the executive committee of the
bank. . . .
Toward the end of 1903, Mr. Williams resigned from the Cleveland
"Plain Dealer" to enter the employ of the investment house of Hayden
Miller & Co., then being organized. He became a partner in Hayden
Miller & Co. in 1908, and continued with that firm until March 15 1933,
when he resigned from that and various other connections, including the
office of treasurer of the New York, Chicago & St. Louis Railroad, to become Chairman of the Board and Federal Reserve Agent of the Federal
Reserve Bank of Cleveland. He had been a Class 0 director of the Federal Reserve Bank of Cleveland from January 1 1920.
The National Bank of Covington, Ind., capitalized at
$50,000, was placed in voluntary liquidation on Oct. 23. It
was absorbed by the Fountain Trust Co., Covington.
The Indianapolis "News" of Nov. 27 stated that a second
dividend of 5% for depositors and creditors of the Belmont
State Bank of Indianapolis, Ind., had been ordered paid
Nov. 30. The paper went on to say:
Judge John W. Kern, of Superior Court, Room 1, instructed Frank B.
Ross, receiver of the bank, to make the payment in the "best interests of
the bank and its creditors and depositors."
The money will come as a post-Thanksgiving present to about 1,400 depositors and will total $8,000.
Up to the present time under the receivership the bank had paid depositors the equivalent of 23 cents on each deposited dollar. Judge Kern
said further payment of 5 to 10% is in prospect soon. He said the small
payment to depositors was caused by the shrinkage between book values and
appraised values of the assets, but that the liquidation, at that, was more
successful than had been estimated at first by either the judge or the receivers.
That depositors of the Liberty State Bank of Bloomington, Ill., were to receive a dividend of 7% last week, was indicated in a dispatch from that place on Nov. 25 to the Chicago "Tribune," which said:
A 7% dividend will be paid to depositors of the Liberty State Bank
here during the coming week, William L. O'Connell, receiver said to-day.
The total payment is to be $29,096.17, in 2,600 checks.
Voluntary liquidation of the Merchants' & Farmers' State
Bank of Grayslake, Ill., was approved on Nov. 24 by its
directors, and depositors have been asked to withdraw
their .funds, which exceed $429,000, we learn from the
Chicago "Tribune" of Nov. 25. The paper added:
The action was taken, according to L. Y. Sikes, President, because of
continued inability to operate at a profit under existing conditions. The
institution is 32 years old and is said to be one of three banks in Lake
County licensed to reopen immediately when the banking moratorium of
1933 was lifted.
Local merchants and farmers in the territory are attempting to raise
funds for establishment of a new bank, and the present institution will
remain open until Jan. 1 to provide accommodations as long as possible.
Stockholders of the Merchants' & Farmers', according to Mr. Sikes, should
receive about $180 per share of $100 par value from liquidation following
full payment to depositors.
Regarding the affairs of the closed Kaspar-American
State Rank of Chicon, Ill., the Chicago "Tribune" of
Nov. 25 carried the following:
Dec. 8 1934
The group attempting to reorganize the Kaspar-American State Bank,
1900 Blue Island Avenue, gained ground again yesterday (Nov. 24) through
a decision in Sangamon County Court. Circuit Judge L. E. Stone continued
to Jan. 7 the case of John Peffer and others against State Auditor Edward
J. Barrett to compel him to distribute a depositor payment from cash on
hand which now amounts to $600,000.
Payment of the $600,000 would wreck the reorganization plan, which
depends upon the present cash to reopen the bank in liquid condition after
freezing 21% of the deposit liability in addition to the 25% repaid by
the receiver since the bank closed.
Delay also provides time in which to complete the reorganization, which
now awaits only the official approval of the Federal Deposit Insurance
Corporation in taking the new bank into membership. It was said yesterday that the bank will be out of receivership, probably reopened, before
Jan. 7. In that event, the mandamus suit against State Auditor Barrett
would fail for lack of jurisdiction.
Springfield reports said that Assistant Attorney-General Otwell, representing Mr. Barrett, announced that the bank was preparing to pay a
"dividend." Charles Michel, representing the petitioners, was said to have
agreed to the continuance.
Freeing of 21% more of deposits through reopening would amount to
more than $700,000.
The opposition group has contended that depositors could realize more
cash immediately and in the long run through orderly liquidation by the
receiver, Arthur H. Meyer. The bank has been one of the few to show an
operating profit in receivership. Proponents of reorganization hold that
more will be realized in the end by leisurely liquidation under the new
bank without receivership costs.
Effective Oct. 1, the First National Bank of New England,
N. D., was placed in voluntary liquidation. The institution,
which was capitalized at $25,000, was absorbed by the Citizens' State Bank of New England.
Payment of $520,000 to depositors of the First Iowa State
Trust & Savings Bank of Burlington, Iowa, was to begin
this week, according to an announcement by C. L. Bosier, the
receivership examiner. Burlington advices on Nov. 27 to the
Des Moines "Register," from which this is learned, added:
The payment will bring the total to 50%.
Francis Glanville, furniture merchant, on Nov. 27 was
elected President of the Exchange State Bank of Kansas
City, Kan., succeeding the late C. N. Prouty, who died Nov.
21, according to Kansas City advices to the Topeka "Capital," which continuing said:
Mr. Glanville, a native of England, formerly resided
at Cottonwood
Falls. He is Treasurer of the Regional Bridge Co., and builder of the
Fairfax bridge spanning the Missouri River and connecting Wyandotte
County and Platte County, Mo.
A charter was issued by the Comptroller of the Currency
on Nov. 27 to the National Bank of Pawhuska, Pawhuska,
Okla. The new organization, which succeeds the National
Bank of Commerce of that place, is capitalized at $100,000.
Ed. T. Kennedy is President of the new bank and W. 0.
Dildine, Cashier.
Announcement was made in Thomasville, Ga., on Nov. 26,
that 10% was ready for payment to the depositors of the
People's Bank of that place, which closed its doors in
January 1933. A dispatch from Thomasville, appearing in
the Savannah "News," from which this is learned, went on
to say:
Announcement was made here to-day that a 10% dividend is now ready
for payment to the depositors of the People's Bank,
which closed its doors
In January 1933. This dividend will amount to
$17,000, bringing the
total amount paid the depositors to 80%, or $137,000, exclusive of secured
deposits. This announcement was made by W. C.
Patterson, liquidating
agent of the closed bank.
We learn from Associated Press advices from Athens,
Ga., on Nov. 26 that the Georgia Securities Co., liquidating
agent for the former Georgia National Bank of Athens, on
that date began the distribution of a dividend to the 6,000
depositors of the bank amounting to $45,000 and representing 4% of the original deposits. The dispatch
added:
With this dividend payment, approximately
34% of the deposits will
have been paid.
The appointment of James D. Robinson Jr.
as a VicePresident, in charge of the investment department, and of
Moses C. Turman as Assistant Treasurer in the commercial
banking department of the Trust Co. of Georgia, Atlanta,
Ga., was announced on Nov. 26 by Thomas K. Glenn, President of the trust company, we learn from the Atlanta "Constitution" of Nov. 27. On the following day, Nov. 27, the
bank announced the removal of its investment department
to newly-equipped quarters at the Edgewood Avenue entrance of its banking room, with Mr. Robinson and J. W.
Means, Assistant Treasurer of the trust company,
in charge.
___•___
Effective Nov. 20, the Commercial National Bank of San
Antonio, Tex., capitalized at $300,000, was placed in voluntary liquidation. The institution was succeeded by the
Bexar County National Bank, San Antonio.
3589
Financial Chronicle
Volume 139
The Comptroller of the Currency on Nov. 28 authorized
the First National Bank in Reno, Nev., to maintain a branch
In the town of Tonopah, Nev.
The Comptroller of the Currency on Nov. 30 granted a
charter to the National Security Bank of Toledo, Toledo,
Ore. The new institution is capitalized at $50,000, half of
which is preferred stock and half common stock, and replaces the First National Bank of the same place. F. N.
Hayden is President of the new bank, while C. P. Moore is
Cashier.
We learn from the Portland "Oregonian" of Nov. 22 that
the First National Bank of Condon, Ore., was to become a
branch of the First National Bank of Portland, Portland,
Ore., on Nov. 26, according to an announcement by E. B.
MacNaughton, President of the Portland institution. We
quote in part from the paper:
Negotiations were completed Tuesday (Nov. 20) for the local bank to
take over the Condon institution. Its quarters have been leased and will
be used for the new branch office. John F. Reisacher, President for many
years of the Condon bank, will be in charge of the new branch as manager.
First National of Condon, in its statement of Oct. 17 last, had resources
amounting to $231,583, the bulk of which was in cash. It was organized
in 1903 and, after being temporarily closed during the banking holiday, reopened in August 1984.
"In establishing a branch office in Condors we saw an opportunity to enlarge our service to the Eastern Oregon territory, which we are already
serving from Pendleton. The Dalles and Heppner," stated Mr. MacNaughtots.
"As the only unrestricted bank in the Gilliam County district, the Condon bank served an area specializing in wheat and livestock production.
brought forward from the preceding fiscal year, made the
sum of £463,797 available for distribution. Out of this
amount, the statement shows, there was applied in July in
payment of the semi-annual dividend on the A and B shares
at the rate of 16% and 10% per annum,respectively, £127,875
(under deduction of income tax £37,125), leaving a balance
of £335,922, Which the directors recommended be allocated
as follows: £127,875 to pay the second half-yearly dividend
on the A and B shares (payable Jan. 2 1935) at the rate
of 16% and 10% per annum (under the deduction of income
tax £37,125); £50,000 to be added to contingency fund;
£30,000 to be credited to trustees for officers' pension scheme,
and £50,000 to be applied in reduction of the cost of bank's
properties, leaving a balance of £78047 to be carried forward to the current year's profit and loss account. Total
.
resources of the institution on Oct. 31 1934 were £49,192,236
while total deposits and other credit balances (including
provision for contingencies) were £38,932,033. The paid-up
capital of the Commercial Bank of Scotland, Ltd., is
£2,250,000 and its reserve fund £2,850,000. It was established in 1810. In addition to the head office in Edinburgh.
the institution maintains three offices in London and 364
branches and sub-offices throughout Scotland. The Earl of
Mar and Kellie, K.T., is Governor, and John M. Erskine,
General Manager.
Course of Bank Clearings
Bank clearings this week will show an increase as compared with a year ago. Preliminary figures compiled by
Following the regular meeting of the Board of Directors us, based upon telegraphic advices from the chief cities of the
of The Royal Bank of Canada (head office Montreal, country indicate that for the week ended to-day (Saturday,
Canada) held Nov. 30, a number of important changes in Dec. 8) bank exchanges for all cities of the United States
the personnel of the institution were announced. Sir Her- from which it is possible to obtain weekly returns will be
bert S. Holt, after 26 years in office, has relinquished the 19.1% above those for the corresponding week last year.
Presidency of the institution and has become Chairman of Our preliminary total stands at $5,369,792,093, against $4,the Board of Directors and Chairman of the executive com- 509,434,912 for the same week in 1933. At this center there
mittee. Sir Herbert is succeeded by Morris W. Wilson as is a gain for the week ended Friday of 19.0%. Our comPresident and Managing Directors, and Sydney G. Dobson parative summary for the week follows:
follows Mr. Wilson as General Manager. We quote in the
matter, in part, from the Montreal "Gazette" of Dec. 1:
toeition
of Chairman of the Board, Sir
In assuming the newly created
Herbert will continue a connection with the Royal Bank which began nearly
thirty years ago with his election as a director in February 1905. He was
appointed Vice-President of the bank two years later, and became its
President on Nov. 16 1908. . . .
Morris W. Wilson, the new President and Managing Director of the
Royal Bank, was formerly Vice-President and General Manager. He was
born in Lunneburg, Nova Scotia, where he entered the service of the bank.
His entire business career has been with the bank. . . .
In 1909, when he was twenty-six, Mr. Wilson was moved from the
Maritimes to Vancouver, where he became Manager of the main office two
years later. In 1916 he was transferred to the head office in Montreal as
Chief Inspector. The following year he became Superintendent of Branches,
and in 1922 was appointed Senior Assistant General Manager. He was
promoted to General Manager of the bank in July 1929, and in 1931 became Vice-President as well.
Sydney G. Dobson, who has been Senior Assistant General Manager
and who now succeeds Mr. Wilson as General Manager, has had a similar
career. Like Mr. Wilson, he was born in the Maritimes, at Sydney, Cape
Breton. . . . He started with the bank as a junior clerk in his home
town thirty-fours years ago, becoming accountant at Winnipeg in 1906.
After serving in various other positions, he was appointed Manager of
Sydney branch in 1910 at the age of 27. Five years later he became Assistant Manager in Montreal, and in 1916 he was transferred to Vancouver
to succeed Mr. Wilson as Manager. In 1918 he became Acting Supervisor
of Middle West Branches, with headquarters at Winnipeg, and in 1919
. was promoted to General Inspector at head office. He became Assistant
General Manager three years later, and has occupied this position for the
last twelve years.
From a subsequent issue of the "Gazette," Dec. 3, it is
• learned that a further announcement was made by the
Royal Bank to the effect that G. H. Duggan, a director of
the institution since 1916, had been appointed a Vice-President. Mr. Duggan is President of the Dominion Bridge Co.,
Ltd., and the Dominion Engineering Works, Ltd.
Still another change in the personnel of the Royal Bank
was reported in Montreal advices on Dec. 6 to the "Wall
Street Journal," which stated that H. G. Hesler had been
appointed Secretary to succeed S. D. Doak, who has retired
on a pension. Mr. Hesler, the dispatch said, also continues
in the position of Joint General Inspector, to which he was
appointed in 1931.
The annual statement of the Commercial Bank of Scotland, Ltd. (head office Edinburgh), for the fiscal year
ended Oct. 31 1934 has Just some to hand. The report,
which will be presented to the shareholders at their annual
general meeting, on Dec. 13, shows net profits for the 12
months, after providing for all bad and doubtful debts and
allowing for rebate, interest, &c., of 1379,337, which when
added to £84,460, the balance to credit of profit and loss
Clearings—Re:urns by Telegraph
Week Ending Dec. 8
1934
Per
Cent
1933
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
52,763.907.583 $2,321,953,576
144.488,853
197,420.600
192,000.000
261,000,000
160,000.000
181,000.000
49,047,264
56,443,923
51,400,000
63,300,000
87,303,000
103,967,000
64,876.806
84,908.731
42.952,408
63,184,320
39.699,494
49.747,948
33,838,661
46,395,384
20,971,000
24,300,000
+19.0
+3L6
+35.9
+20.7
+15.0
+22.0
+19.1
+30.9
+67.1
+25.3
+37.1
+15.9
Twelve cities, 5 days
Other cities, 5 days
33,895,580,480
579,246,255
$3,204.581,062
486340.045
+21.6
+19 2
Total all cities, 5 days
All cities, 1 day
—_-_. _.. --._ .__ ____._
$4,474,826.744
894.965,349
nros
-.'kart news Al
Oa•00” I:IL
$3,690.721.107
818,713,805
+21.2
+9.3
o• enn A•IA n•.
1
--
CYR ARV,
'R.
1 •n •
.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Dec. 1. For
that week there is a decrease of 0.9%, the aggregate of
clearings for the whole country being $4,299,325,430, against
$4,338,968,854 in the same week in 1933.
Outside of this city there is an increase of 13.7%, the bank
clearings at this center having recorded a loss of 8.6%. 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 loss of 7.9%, but in the Boston Reserve District
there is a gain of 2.7% and in the Philadelphia Reserve
District of 18.0%. The Cleveland Reserve District has
managed to enlarge its totals by 20.3%, the Richmond
Reserve District by 14.2%, and the Atlanta Reserve District by 16.9%. In the Chicago Reserve District there is
an increase of 20.2%, and in the St.'Louis Reserve District
of 11.5%, but in the Minneapolis Reserve District there is a
decrease of 0.4%. In the Kansas City Reserve District
there is an improvement of 4.6%, in the Dallas Reserve
District of 1.8%, and in the San Francisco Reserve District
of 16.2%.
In the following we furnish a summary of Federal Reserve
districts:
3590
Financial Chronicle
STINIM ARY
Week Ended Dec. 1 1934
B(NB CLEARINGS.
1934
Inc.or
Dec.
1933
Federal Reserve Diets.
$
let Boston_ _ _ _12 cities
203,317,225
2nd New York _ _12 "
2,701,256,008
3rd Philadelpla 9 "
274,782398
6th Cleveland__ 5 "
186,492,064
5th Richmond _ 8 "
90,611,354
8th Atlanta_ ___10 "
93,996,780
7th Chicago _ _ _19 "
300,072,320
8th St. Louis__ 4 "
91,626,710
9th Minneapolis 6 "
64,170,412
10th Kansas City10 "
81,277,717
11th Dallas
5 "
38,783,148
12th San Fran...12 "
172,939,294
$
198,005,988
2,932,506,564
2.32,804,191
155,068.129
79,373.151
80,427,586
249,628,629
82,147,017
64,401,437
77,729,195
38,080,424
148,856,540
Total
110 cities
Outside N. Y. City
1932
4,338,968,854 -'0.9
1,490,745,802 -1-13.7
"Janada
32 ritle9
4,299,325,430
1,695,114,119
105 141 MA
305.372.790
1931
$
%
245,713,651
+2.7
-7.9 3,369,091,470
326,976,870
+18.0
193,229,624
+20.3
+14.2
119601,704
+16.9
81,638,657
+20.2
288,641,701
+11.5
85,050,147
-0.4
66,607.592
+4.6
84,973,938
+1.8
38,772,623
+16.2
170,861,659
$
387.880,343
4,316,653,984
361,292,201
257,914,206
145.815,025
112.096,157
476,538,748
121,472,471
81,983,704
121,760,653
47,534,016
250,490,836
-0.1
1934.
1933.
1932.
1931.
No. Shares. No. Shares. No. Shares. No. Shares,
Month of January
February
March
219.944.929
Not-ember
1933.
Inc.or
Dec.
November
1932,
11 Months
1934.
11 Months Inc.or 11 Months
1933.
Dec.
1932.
11 Months
1931.
Federal Reserve Diets.
$
$3
$
1st Boston_ _ _ 14 cities 10,331,463,285 9,938,573,017 -74.3
.
.
11,288,670,997 19,233,624,024
2nd New York_ _13 " 151,301,579,975 148,060,188,153
+2.2151.497.051.696 251,200,487,808
3rd Phlladelplal2 "
13,767,544,229 11,897,940,294 +15.7 13,438,873,698 19,552,385,791
4th Cleveland_ _13 "
9,370,163,586 7,949,029,696 +17.9 9,441,083,695
6th Richmond. 8 "
4,724,044,427 3,731,831,423 +26.6 5,055,557,753 14,637,316,471
6,756,519,290
6th Atlanta_ _ _ A5 "
4,950,661,585 3,774,892,382 +31.1 4,198,226,471 5,856,503,970
7th Chicago _ _25 "
.
15,785,799,602 12,421,607,973 +27.1 16,026,325,048 28,253,938,326
8th St. Louis_ __ 6 "
4,936,821,630 4,045,612.117 +22.0 4,253,181,364 6,005,758,380
9th MinneapolL912 "
3,794,248,396 3,330,946,214 +13,9 3,392,940,347 4,521,809.288
10th Kansas City14 "
6,332,344,273 4,956,568,708 +27.8 5,721,617,582 8,100,748,552
11th Dallas
10 "
3,396,017.667 2,773,261,527 +22.0 2,877,417,846 3,973,313,477
12th San Fran. _21 "
8,998,216,626 7,477,913,999 +20.3 8,490,429,094 12,209,080,630
Total
163 cities 237,688.905,281 220,328,365,503 +7.9 235,677,375,591
380,301,496,007
Outside N. Y. City
90,733.963,642 76,293,625,105 +18.9 88,772,178,493 134.429,525,900
flonorla
29 of*too
11 44n oat
'Ivo no r.Ao 7.4451 -La a in
olo ni I n.n
,c .." •,.... ...
Our usual monthly detailed statement of transacti
the New York Stock Exchange is appended. The ons on
results
for November and the 11 months of 1934 and 1933 are:
Month of November
Description
1934
1933
Eleven Months
1934
1933
Stock, number of shares
20,870,861 33.646,666
300,248,022
619,939,596
Bonds
Railroad & misc. bonds_ $150,953,000 $150,636.000 $2,062,331,7
00 $1,926,212,400
State, foreign, dm, bonds 42,782,000 69.346,500
558,640,000
704,518,000
U.S. Government bonds. 56,359,000 93,137,850
832,391,000
458,917,950
Total bonds
0250 09.4 non 48313 12n 350 S3 45:1369 700 01 1159 AAR Inn
141.296,205
58.129,049
99.110,149 172.264.213
42,423,343
64.182 836
65,658,034
29.845,282 52,896,596 31,470,916 54.346,836
25.335,680 104,213,954 23,136,913 46,659,625
16.800.155 125,619,530 23,000,594 58,643,847
----213.277.322 340,859,129 176.718,572 331.914,421
Six months
21,113.076 120,271.243
16,690,972 42.456,772
12,635,870 43,333,974
Nine months
23,057,334
82,625,795
67,381,004
33,545.650
24,828.500
51,040,168
263.717,240 546,921,118 326,782,111 441.407,800
October
November
15.659,921
nnon con
on
39,372,212
oo ono oars
29,201,959
47,896.533
oo n44 ,t90
27 9c 11 9112
The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings, Total .411.
Month
1934.
Clearings Outside New York.
1933.
1934.
1933.
$
$
$
%
$
%
Jan_ _ _ 21.395,408.904 20.113,128,506 +6.4 7.843,154.510 7,467.203,48
1
Feb_ _ _ 20,505.980.527 18.375.581.619 +11.6 7,006,078,52, 6,212,264.821 +5.0
1
+12.8
Mar. _ 23,512,613,085 16.454,868,471 +42.9 8,354,246,02.3 4,998,543,20 +67.1
5
1st qu_ 65.414,002,516 54,943,978,596 +19.1 23,203.479,068 18,678,011,5
07 +24.2
A pril_ _ 24,350.127,423 16.682.416,146 +40.0 8,261,512,721 5,893.593,13
5 +40.2
NI ay _ _ 22,955,288.561 20,040,993,182 +14.5 8,496,373,211 6,680,048,937 +27.2
June.. 23.048.671,467 23,268,248.965 -0.9 8,622,867,083 7,443,669,374 +15.8
2d qu_ 70.354,087,451 59,991,658,293 +17.3 25,380.753,015 20,017,311,4
46 +26.8
6 mos_ 135768089,967 114935636,889 + 18.1 48,584,232.083 38.695,322,953
+25.6
November
1931.
We append another table showing the clearings by
eral Reserve districts for the 11 months for each year Fedback
to 1931: •
34,362,383
31,716,267
33,031,499
July
August
September
415.781.005
Federal Reserve Diets.
$
$
$
$
%
1st B0ston_ _ _ _14 cities
985,725,458
930,178,813 +6.0
915,915,566 1,323,201,895
2nd New York_13 "
11,579,302,901 12,873,031,009 -10.0 11,255,249,699 14,909,993.812
3rd PhIladelpla 12 "
1,220,119,139 1,049,545,200 +16.3 1,163,653,513 1,309,742,786
4th Cleveland_ _13 "
838,382,642
720,092,634 +16.4
756,954,194
989,941,284
6th Richmond.8 "
444,710,804
365,704,546 +21.6
423,651,750
518,397,489
8th Atlanta..
._15 "
489,631,725
396,438,438 +23.5
346,596,392
467,378,994
7th Chicago _ _ _25 "
1,421,372,447 1,199,734,778 +18.5 1,144,542,434 1,833,915,193
8th St. Louis_ __ 6 "
479,524,525
419,516,406 +14.3
355,319,895
475,367,159
9th Minneapolls12 "
360,994,808
326,066,322 +10.7
294,770,762
374,552,868
10th Kansas City 14 "
557,526,942
483,287,951 +15.4
460,137,523
639,590,231
11th Dallas
10 "
314,883,139
316,443,252 -0.5
266,806,676
329,519,937
12th San Fran_ _21 "
847,604,519
735.773,510 +15.2
673,230,786
924,821,871
Total
163 cities 19,539,779,019 19,815,812,859 -1.4 18,086,859,190 24,096,480,519
Outside N. Y. City
8,359,798,744 7,289,799,453 +14.7 7,185,043,331 9,645,077,175
Canada_
:49 eltIno I 419 454 9/5 1 1k1 417 107 .4-5 n 1 12n 17, 001 1 510 40• ma
18,718,292
19,314,200
20,096.557
Three months
We also furnish to-day a summary of the clearings for
the month of November. For that month there is a decrease
for the entire body of clearing houses of 1.4%, the 1934
aggregate of clearings being $19,539,779,049 and the 1933
aggregate $19,815,812,859. In the New York Reserve
District the totals register a decrease of 10.0%, but in the
Boston Reserve District the totals record an increase of
6.0%, and in the Philadelphia Reserve District of 16.3%.
The Cleveland Reserve District enjoys an expansion of
16.4%, the Richmond Reserve District of 21.6%, and the
Atlanta Reserve District of 23.5%. In the Chicago Reserve
District the totals are larger by 18.5%, in the St. Louis
Reserve District by 14.3%, and in the Minneapolis Reserve
District of 10.7%. The Kansas City Reserve District shows
a gain of 15.4%, and the San Francisco Reserve District of
15.2%, but in the Dallas Reserve District there is a loss
of 0.5%.
November
1934.
54,565,349
56,829,952
29,909.904
April
May
June
6,681,432,344
2,592,243,282
5,062,162,636
1,793,190,915
Dec. 8 1934
The volume of transactions in share properties on the
New York Stock Exchange for the 11 months of 1931 to
1934 is indicated in the following:
July
21,517,782.747 24,048.057,931 -10.5 8.469,390,20 7,986,186.46
Aug... 19.915,153,005 20.700,458.313 -3.8 8,280.354.694 7.283.691,586 +6.1
5
2 +13.7
Sept
19,586,140,798 19.732,428,383 -0.7 7.965,123,538 7,274,653,380 +9.5
3d qu_ 61,019,076,550 64,480,944,627 -5.4 24,714,011,1 22,544.531,4
35
28 +9.6
9 mos. 196787166,517 179416581,516 +9.7 73,299,100,520 61,239,854.3
81 +19.7
------- -Oct _ _ _ 21,361,959,715 21,095.971.128 +1.3 9,075,064,378
Nov.. 19.539.779.049 19.815.812.859 -1.4 8.359.798.74 7,763,971.271 +16.9
4 7.289.799,453 +14.7
The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years is shown in the sultjoined statement:
BANK CLEARINGS AT LEADING CITIES IN NOVEMBER
November
Jan. 1 VO NOV. 30-(000.000s
1934 1933 1932 1931
1934
1933
1932
1931
omitted.)
$
$
$
$
$
$
$
$
New York
11,180 12.526 10,902 14,451 146.955 144.034 146,905 244,872
Chicago
913
805
726 1,151 10,154
8,802 10,160 17,938
Boston
860
811
826 1,156
8,965
8,609
9,742 17.089
Philadelphia
1,172 1,002 1,105 1,222 13,178 11,338 12,675 18,354
St. Louis
287
254
218
313
3,150
2,635
2,819
4,242
Pittsburgh
364
311
310
399
4,050
3,441
3,835
6,189
San Francisco
460
413
361
473
4,966
4,251
4,657
6,537
Baltimore
209
170
214
255
2,407
1,852
2,673
3,562
Cincinnati
182
148
149
197
1,930
1,922
1,656
2,626
Kansas City
282
242
236
323
3.306
4,069
2,609
2,949
Cleveland
235
212
252
332
2,714
2,315
3,092
4,759
Minneapolis
229
219
193
239
2,472
2,242
2,308
2,920
New Orleans
118
87
101
148
1,136
1,253
1,859
835
Detroit
278
212
204
357
3,237
2,998
5,743
1,704
Louisville
105
82
76
82
1,081
8331 1,046
829
Omaha
103
92
79
120
1,269
1,024
000
1,605
Providence
35
33
32
41
373
393
525
347
Milwaukee
GO
46
50
77
633
510
720
1,072
Buffalo '
110
100
97
126
1,230
1,198
1,103
1,788
St. Paul
90
74
59
77
043
683
704
933
Denver
06
90
80
106
950
778
885
1,192
Indianapolis
55
45
50
62
546
448
582
788
Richmond
149
128
119
135
1,420
1,241
1,162
1,605
Memphis
85
82
53
71
686
602
538
506
Seattle
102
81
81
106
1,072
897
1,054
1,448
Salt Lake City.50
42
41.
55
494
410
435
651
IIartford
39
34
29
39
400
384
539
389
Total
17,853 18,341 16,643 22,113 219,717 205,378 217,885 344,603
Other cities
1,687 1,475 1,444 1,983 17,972 14,950 17,792 35.698
Total all
19,540 19,816 18.087 24.006 237,689 220.328 235,677 380.301
Outside New York_ 8,360 7,290 7,185 9,645 90,734
76,294 88.772 134,430
We now add our detailed statement showing the figures
for each city separately for November and since Jan. 1 for
two years and for the week ended Dec. 1 for four years:
CLEARINGS FOR NOVEMBER, SINCE JANUARY
1, AND FOR WEEK ENDING DEC. 1.
Month of November
Clearings al
1934
1933
11 Months Ended Nov. 30
Inc. or
Dec.
$
$,''
,o
First Federal Rese eve District- Boston
Me.
-Bangor
2.119,859
2,042,048
+3.8
Portland
6,570,119
5,709,252 +15.1
Mass.
-Boston
859,841,537
810,739,427
+6.1
Fall River
2,674,258
2,893,763 -7,6
Holyoke
1,969,486
1,884,841
+4.5
Lowell
1,443,863
1,475,202 -2.1
New Bedford
2.870,015
2,535,057 +13.2
Springfield
11,449,969
11.378,850 +0.6
Worcester
5,044,925
4,865,541
+3.7
Conn.
-Hartford
38,541.391
33,623,636 +14.6
New Haven
12,048,788
13,639,278 -11.7
Waterbury
4,821,100
4,875,400 -1.1
R. I.
-Providence_ _
34,581,100
32,795,100
+5.4
N.H.-Manchester...
1,749,048
1,721.418
+1.6
Total (14 cltles)-
985,725,458
930,178,813
1934
1933
$
$
24,198,067
78.550,201
8,965,136,630
28,393,622
16,142,994
13,146,315
27,612,850
122,571,941
57,275,397
399.747,713
151,531,187
53,130,800
373,183,000
20,842,568
+6.0 10,331,463,285
Week Ended Dec. 1.
Inc. or
Dec.
%
19,825,600 +22.1
64,810,136 +21.2
8,609,283,453
+4.1
26,947,273
+5.4
16,088,246
+0.3
12,260.865 +7.2
25,223,824
+9.5
121,482,293
+0.9
56,649,675
+1.1
384,273,121
+4.0
159,525,840 -5.0
46,135,100 +15.2
346,884,600 +7.6
19,182,991
+8.7
9.908,573.017
+4.3
1934
1933
Inc. or
Dec.
1932
$
8
%
$
1931
5
• MI
432,354
1.340.785
175,329.005
497,028
394.459
1,340,515
171,178,656
488,692
+9.6
+0.1
+2.4
+1.7
466,998
2,215,950
214,382,615
615,796
621,325
5,568,913
341,575,098
015,430
217,703
418.233
2,203,991
934,539
9,789,369
3,129,741
248,506
502.291
2,587,041
1,062,442
8,480.992
3,302,164
-12.4
-16.7
-14.8
-12.0
+15.4
-5.2
303,269
574,068
3,573,386
1,890,855
7,424,573
3,802,249
547,157
849,857
4,295,175
3.200,343
10,699,836
6,805,857
8,541,000
483,477
7.391,800 +15:5
1.028,430 --53.0
0,166,400
1,297.492
11,150.200
1,651.152
245,713,651
387,880,343
203,317,225
198,005,988
+2.7
Financial Chronicle
Volume 139
3591
CLEARINGS
-(Continued)
Month of November
Clearings at
1934
1933
Second Federal Res erve District
--New York
-Albany
N. Y.
38,102,509
27,011.962
Binghamton
3,567.834
3,016,864
Buffalo
109,755,499
99.517,832
Elmira
1,732,701
2,100,539
Jamestown
1,784,006
1,780,007
New York
11,179,980,305 12,526,013,406
Rochester
25,318,263
23,130,481
Syracuse
12,714,489
12,668,902
-Stamford
Conn.
11,172,457
14,246,651
-Montclair
N. J.
1,680,091
1,517,286
Newark
69.514,222
59.823,970
Northern N.J
120.283.934
99,481,331
Oranges
3,696,591
2,721,778
Total (13 clties)
11 Months Ended Nov. 30
Inc. or
Dec.
1934
Week Ended Dec. 1
Inc. or
Dec.
1933
+41.1
412,008,422
388,719,365
+18.3
40,559,657
36,052,897
+10.3 1,229,846,991
1,102,976,435
-17.5
22,925,837
26,207,655
+0.2
21,160,487
17,687,089
-10.7 146,954,941,639 144,034,740,398
+9.5
282.819.184
277,498,826
+0.4
155,592,541
147,558,101
-21.6
128,081,207
117,792,685
+10.7
16,692,762
18,222,673
+16.2
774,956,265
713,205,237
+20.9 1,224,624,777 1,145,123,477
+35.8
37,370,206
34,403,315
11,579,302,901 12,873,031,009 -10.0 151,301,579,975 148,060,188,15
3
Inc. or
Dec.
1933
1932
1931
+6.0
8,430.759
8,008.346 +5.3
5.374.585
7,315.783
+12.5
685,088
762,128 --10.1
967,802
963,616
+11.5
23,800.000
22.218,268 +7.1
25,594,756
34,895.653
-12.5
373.613
512,902 --27.2
718.820
1,044,943
+19.6
404,633
420,005 -3.7
551,530
829,739
+2.0 2,604,211,311 2,848.223,052
3,268,971.721 4,179.189.062
+1.9
5,260.416
6.486,779 -18.9
8,210,364
11.814,488
+5.4
2,865,194
3,332.788 ---14.0
3,351,566
4.435,339
+8.7
2,609,158
2,371,959 +10.0
1,842,812
2.721,676
-8.4
326,382
518,564 --37.1
951,392
1,359,773
+8.7
16,490,486
14.978,247 +10.1
23.738,248
34,773.839
+6.9
35.798,968
24,673,526 +45.1
28,817,874
37,310,073
+8.6
+2.2 2,701,256,008 2,932,506,564
Third Federal Rese eve District Philadelphia- -Altoona
Pa.
1,183,338
1,112,714
+6.3
15,418,682
12,566.932 +22.7
Bethlehem
a7,725,818
a98,395,356
a4,124,475
Chester
1.037.950
1,137,203 -8.7
12,494,738
12,218,815 -FS:5
Harrisburg
6,194,127
5,346,922 +15.8
73,246,002
73,249,378 -0.1
Lancaster
3,532,107
3,315,991
+6.5
39,704,459
35.612.666 +11.5
Lebanon
1,205,188
1,278,707 -5.7
14,476,965
14,240,221
+1.7
Norristown
1,844,798
1,769,369
+4.3
21,165,740
18,656,912 +13.4
Philadelphia
1,172,000,000 1,001,573,000 +17.0 13,178,000,000 11,338,326,000 +16.2
Reading
4.367,495
4,200,447 +4.0
48,459,326
50,587,412 -4.2
Scranton
8,421.432
7,748,179 +8.7
98,465,817
86.667.724 +13.6
Wilkes-Barre
3,582,376
5,786,025 -38.1
56,434,012
68,249,491 -17.3
York
4,520,328
4,164.643
+8.6
49,148,588
46.161,443 +6.5
-Trenton
N.J.
12,230,000
12,112,000 +1.0
160,529,900
141,403,300 +13.6
Total (12 cities)
1,220,119,139 1,049,545,200 +16.3 13,767,544,229 11,897,940,294
+15.7
Fourth Federal Res erve District -ClevelandOhio-Akron
c
c
Canton
4,270.016
3,537,413 +20.7
Cincinnati
181,860.026
147,575,980 +23.2
Cleveland
234,746,309
212,101,330 +10.7
Columbus
35,473,100
29,288,500 +21.1
Hamilton
1,543,079
1,466,032
+5.3
Lorain
625,810
297,531 +110.3
Mansfield
4,256.596
3,908,643
+8.9
• Youngstown
b
b
Pa.
-Beaver County _
595,596
640,697 -7.0
Franklin
331,935
332,670 -0.2
Greensburg
904,761
596,304 +51.7
Pittsburgh
363.897,169
310,563,817 +17.2
Ky.-Lexington
3,683,523
3,377,133 +9.1
Air. Va.-Wheeling _
6.194,722
6,406,584 -3.3
1934
182,112
a2,191,665
248,055
314.295
661,572
626,789
267.000.000
885,024
1,779.137
702,191
987,807
2,336,500
274,782,398
-7.9 3,369,091,470 4,316,653,984
202,866 -10.2
290,254
a342,417
395.598
492,900
a537.622
948,888
+5.5
1,157,036
2.133,434
222,000.000
961,561
1,501,641
1,828,705
1,310,334
4,058,000
+20.3
-8.0
+18.5
-61.6
-24.6
-42.4
314.000,000
1,998,801
2,572,450
2,030,430
1.065.301
3,467,000
344,000,000
3,106.646
3,012.334
2.724,633
1,411,366
3,462,000
232,804,191
+18.0
326,976,870
351,292,201
38,520,278
49,940,505
7,883,900
30,472,038 +26.4
44,301,406 +12.7
7,431,000 +6.1
38,255,244
61,268.197
7,133.700
51.462,991
86.542,451
9.418.400
858,832
711,155 +20.8
671,172
1,000,000
89,288,549
72,092.530 +23.9
85,901,311
109,490,364
54,151,727
1,930,266.679
2,713,731,461
404.490,200
18,100,927
6,457,652
50.634,550
b
7,444.540
4.007,631
9,922,671
4,049,885,843
49,867,106
71,202,599
C
38,894,515
1,655.515.554
2,314.510,782
311,957,650
16,105,515
3,426,523
40,424,847
b
7,261,945
3,314,390
6.796.638
3,440,595,060
40,291,315
69,934,962
9,370,163,586
7,949.029,696 +17.9
186,492,064
155,008,129 +20.3
193,229,624
257.914,206
7,210,533 -10.4
99.023,000 -1.3
1,161,559,306 +22.3
c
34,344,215 +13.7
d6,205,325 + 1070.
1.852,336,354 +30.0
9,975.178 +23.6
b
561,177,512 +19.1
132.672
2,195.000
29,055,459
136.973 -3.1
2,767.000 -20.7
26,949,266
+7.8
410,929
3.807,000
29,481,712
685.451
4.603,699
36,370,371
+15.7
6,462,784
97,692,000
1,420,315,749
C
39.034,699
72.628,790
2,407,234,321
12,325,359
b
668,360,725
13,584,334
11,428,587 +18.9
19,105,885
26,539,497
365.704,546 +21.6
4.724.044,427
3,731,831,423 +26.6
90,611,354
79,373,154 +14.2
110.601,704
145,815,025
134,347,066
425,269,763
1,348,200,000
41,659,800
19,123.280
22,890,132
345.361,739
38,002,074
451,170.110
41,115,870
23,025.800
32,798,000
b
11,814,133
5,152,045
834,962,570
2,116,054
10,111,870
33,500.000
915,057
3,217,376 -34.2
7,933.741 +27.5
27,700,000 +20.9
926,869 -1.3
1,954,441
8,776,945
26,800.000
643,413
3.596,000
10,666,154
34,500.000
1,201.878
728.109
9,640,000
543,921 +33.9
9,426,000 +2.3
446,632
8,043,799
707.296
10,556,466
13,358,278
821,912
10,193.465 +31.0
784.108 +4.8
8,866,156
821,112
11,400,229
1,355,274
+18.1
-15.7
+35.8
105,867,202
521,303,676
1,770,800,000
41.850,017
23.032,286
31,636.859
475.444,491
44,816,914
663.700,063
48,407.416
31,629,234
38,046,000
b
12,688,221
5,224,981
1,136,214,225
+7.4
+1.4
+36.1
88.468
22.717,032
110,120 -19.6
19,591,986 +16.0
90,317
25,195.842
228.848
37,884.012
396,438,438 +23.5
4,950.661,585
3.774.892,382 +31.1
93,996,780
80,427,586 +16.9
81,638.657
112,096.157
Seventh Federal Re serve District -ChicagoMich.-Atrian
223,069
145,172 +53.7
2,622,782
Ann Arbor
1.758,627
1,713,537
+2.6
20,389,733
Detroit
277,572,909
211,964,547 +31.0 3,236,976,018
Flint
3,024.856
2,686,804 +12.6
41,654,352
Grand Rapids
6,763,063
5,388,243 +25.5
75,477,827
Jackson
1,342.2213
953.386 +408
13.434,380
Lansing
3,672,362
2,952,298 +24.4
44,328.449
-Ft. Wayne
Ind.
2,978,048
2,419,358 +23.1
29,181,331
Gary
7,614,059
8.218,823 -7.4
80,234,002
Indianapolis
55,325,558
45,018,000 +22.9
545,639,558
South Bend
4,323,727
2,710,670 +59.5
36,365,132
Terre Haute
15.595,366
13,111.232 +18.9
171,211,550
Wis.-Madison
2.488.255
1.598,356 +55.7
23,556,199
Milwaukee
60.009,014
45,920,232 +30.7
633,050,446
Oshkosh
1,294,218
1,014,157 +27.6
14,918,690
Iowa-Cedar Rapids_
2,768,779
1,006,865 + 174.8
23.460,716
Davenport
b
b
b
b
Des Moines
26,695,917
20,611,945 +29.5
278,379,677
Iowa City
b
b
b
b
Sioux City
11,311,100
8,376,757 +35.0
119,023,094
Waterloo
b
b
b
b
-Aurora
Ill.
913,929
725,444 +26.0
9,809,139
Bloomington
2,080,111
1,553,746 +33.9
21,007,719
Chicago
912,939,077
805,489,255 +13.3 10,154,316,529
Decatur
2,529,410
1,820,217 +39.0
25,562,658
Peoria
11,652,050
9,019,446 +29.2
114,533,626
Rockford
2,741,767
2,176,973 +25.9
28.962,701
Springfield
3,756.860
3,139,315 +19.7
41,703,294
1,050,621 +149.6
21.974,411 -7.2
1,703,988.573 +90.0
32,183,777 +29.4
53,764,056 +40.4
29,046,390 -53.7
22,456,947 +97.4
22,622,506 +29.0
68.507,835 +17.1
447,530,715 +21.9
25,519,959 +42.5
138,417,587 +23.7
15.279,950 +54.2
509,789,351 +24.2
9,193 909 +62.3
e8,430,383 +178.3
b
• • b
215,606,664 + 29.1
b
91,181,001 +30.5
b
7,278,894 +34•8
17.068,583 +23.1
8,801,854.097 +15.4
20,343,230 +25.7
94,202,771 +21.6
25,298,700 +14.5
39.017,063 +6.9
39,117
522,058
60,616,990
35,059 +11.6
281,591 +85.4
47,215,263 +28.4
76,677
848,819
53.477.707
150,460
833.824
101.824.806
1,421,599
1,144,235 +24.2
2,360.626
3,767,329
726,500
614,787
633,273 +36.2
514,330 +19.5
499,400
1,017,977
2,341,464
1,399,484
9,625,000
700,411
3,218,165
8,458.000 +13.8
533,398 +31.3
2,625,623 +22.6
11,185,000
1,027,627
2,768,499
16,296,000
1,956,480
3.612,558
11,334,372
9,495,622 +19.4
12,294,455
20,405,832
477.280
188,240 +153.5
658,761
1,130,609
Total (13 cities)
838.382,642
720,092,634 +16.4
Fifth Federal Reser ye District- Richmond
W. Va.-Hungtington.
546,885
492,864
Va.-Norfolk
10,077,000
7.856,000
Richmond
149,050,375
127,910,331
-Raleigh
N.C.
C
c
-Charleston_ _ _
S. C.
3,760.183
4,006,985
Columbia
8,338,700
b
Md.-Baltimore
208.600,996
169,659,348
Frederick
1,106,727
1,058,458
Hagerstown
b
b
-Washington _
D. C.
63.329,939
54,720.560
Total (8 cities)
444,710,804
Sixth Federal Reser ye District- Atlanta
-Knoxville
Tenn.
9.672,045
13,914,098
Nashville
42,233,503
38,902,550
Ga.-Atlanta
181,100,000
146,800,000
Augusta
4,498,384
4,772,914
Columbus
2,279,565
1,833.569
Macon
3,479,978
2,594,200
-Jacksonville_ _ _ _
Fla.
43,053,912
31,605,803
Tampa
3.371,596
3,352,678
Ala.-Birmingham
69,074,720
54,558,707
Mobile
4.370,931
3,898,824
Montgomery
4,225,028
3,245,969
Miss.-Hattimburg _
3.070,000
2.850,000
Jackson
b
b
Meridian
1,103,368
934,540
Vicksburg
484,899
575,402
-New Orleans__._
La.
117,613,796
86.599.184
Total (15 cities)
Total (25 cities)
489,631,725
+11.0
+28.3
+16.5
-6.2
+22.9
+4.6
-30.5
+8.6
+23.4
-5.8
+24.3
+34.1
+36.2
+0.6
+26.6
+12.1
+30.2
+7.7
+2.5
+20.9
+46.0
+17.7
+23.8
+1.8
-21.2
+22.6
+31.3
+0.5
+20.4
+38.2
+37.7
+17.9
+47.1
+17.7
+37.4
+16.0
1,421,372,447 1,199.734,778 +18.6 15,785,799,602 12,421,607,973
+27.1
Eighth Federal Res erve District -St. Louis
-Evansville
b
Ind.
b
b
New Albany
b
b
b
Mo.-St. Louis
287,240,908
254,058,036 +13.1
104,931,061
81,631,897 +28.6
Owensboro
b
b
b
Paducah
b
b
b
-Memphis
Tenn.
85,262,428
82,416.236
+3.5
186,128
180,237
+3.3
Quincy
1,904.000
1,230,000 +54.8
Total (6 cities)
+39.2
+16.6
+17.2
+29.7
+12.4
+88.5
+25.3
479,524,525
419,516,406 +14.3
b
b
3,149,654,895
1,081,111,000
b
b
686,269.339
2,117.396
17.669,000
4,936.821,630
b
b
2,635,440,579
829,369,324
b
29,040,978
537,652.891
1,547,349
12,560,996
714,554
44,929,335
786,049
-9.1
833,722
1,625,723
37.305,279 +20.4
56,962,456
75,990,284
5,548,901
5,691,486
-2.5
4,723,377
6,020,185
1,961,850
1.827.124
+7.4
2,261,988
3,989,523
619,942
198,737,288
459,111
2,018,291
5.57,226
875,442
295,571
167,309,463
429,054
1.877,803
471,347
702.147
+109.7
+18.8
+7.0
+7.5
+18.2
+24.7
908.585
190,538,080
370,088
1,962,659
435,379
1,225,997
1,376,854
304,389.415
797,871
2,859,957
1,453,256
1,832,841
300,072,320
249,628.629 +20.2
288,641,701
476,538,748
is
+19.5
+30.4
54.700,000
21,026.462
51,900,000 +5.4
16,512,424 +27.3
55,800,000
17,330,553
84,100,000
21,378.765
+27.6
+36.8
+40.7
15,504,248
is
396,000
13,484.593 +15.0
11,497,307
15,143,504
250,000 +58.4
422,287
850,202
4,045,612,117 +22.0
91,626,710
82,147,017 +11.5
85,050,147
121,472,471
Dec. 8 1934
Financial Chronicle
3592
CLEARINGS-Concluded.)
1933
1934
Week Ended Dec. 1.
11 Months Ended Nov. 30
Morilli of November
Clearings at
Inc. or
Dec.
1934
1933
$
Inc. or
Dec.
$
%
1934
1933
Inc. or
Dec.
1932
$
$
%
a
%
8
$
Ninth Federal Res ?. rye District- Minneapolis- +7.1
11,722,732
12,556,145
-Duluth
Minn.
219,305,234 +4.6
229,330,794
Minneapolis
+8.9
785,376
855,071
Rochester
73.592.475 +22.1
•
89,884.235
St. Paul
3,915,000 +2.4
4,008,000
-Grand Forks_ .
N. D.
539,680 +3.2
557,000
Minot
1,886,427 +21.9
2.299.424
S. D.-Aberdeen_ _ _ .
3,572,669 +32.3
4,727,215
•
Sioux Falls
1,541,067 +38.2
2,128,998
-Billings
Mont.
1,704,617 +58.4
2,700,225
Great Falls
7,347.954 +60.0
11,755,990
Helena
153,091 +25.2
191,711
Lewistown
111,689,309
2,471,508,562
8,843,823
942,857,011
39,049,300
6,087.510
21.678,380
41.790,440
18,037,799
26,086,438
104.667,830
1,951,994
119,641,749
2,307,541,387
8,019,902
683.457,155
33.597,000
6,165,285
21,417,677
35.977,351
13,150,795
16,794,663
83,505,190
1.678,060
-6.6
+7.1
+10.3
+38.0
+16.2
-1.3
+1.2
+16.2
+37.2
+55.3
+25.3
+16.3
326,068.322 +10.7
3,794,248,396
3,330,946,214 +13.9
64,170,412
64,401,437
Tenth Federal Res rye District- Kansas City-211,592 +44.6
306,036
•
Neb.-Fremont
b•
311,691
Hastings
6,872,285 +2.1
6,727,122
•
Lincoln
91,770,806 +17.7
107,980,078
Omaha
4,530,089 +11.1
5,033,587
Kansas
-Kansas City
5,818,039 +67.7
9,754,798
•
Topeka
7,288,853 +27.1
9,261,926
Wichita
1,160,240 +23.1
1,427,872
Mo.-Joplin
241,503,469 +16.9
282,354,234
Kansas City
+9.3
10,512,851
11,494,000
St. Joseph
20,056,282 +14.9
23,052,258
-Tulsa
Okla.
1,807,351 +10.4
1,994,800
-Col. Springs
Colo.
+6.1
90,135,461
95,675,168
Denver
1,614,633 +33.4
2,153,372
Pueblo
3,931,545
3,170,776
92,053.654
1,269,064,285
65,648,275
91,944,242
112,902,696
14,940,151
3.306,389,032
136,312,337
239,667,735
23,274,515
950,152,805
22,892,105
2,761,650 +42.4
d950,000 +233.8
75,696,633 +21.6
900,299,637 +41.0
57,654,100 +13.9
68,738,860 +33.8
99,612,750 +13.3
13,864,085 +7.8
2,609,253,345 +26.7
117,585,367 +15.9
183,725,325 +30.4
23,507,700 -1.0
778,480,335 +22,1
24,438,921 -6.3
483,287,951
+15.4
6,332,344,273
4,956,568,708 +27.8
81,277,717
eserve Distric t-Dallas
3,068,382
3,715,549
2,401,199
2,729,498
152,650,592
149,130,373
11,082,435
14,054,429
23.275,884
21,644,653
12,013,000
8,952.000
100.228.352
102,039,453
1,187,715
1,428,299
2,648,602
2,544,207
7,799,091
8,644,678
+21.1
+13.3
-2.3
+26.8
-7.0
-26.0
+1.8
+20.3
-3.9
+10.8
37,927,944
31,423,059
1,589,752,658
127,727,664
236,152.595
95.112,000
1,139,467,128
13,418,503
28,882,343
96,153,773
32.301,152
25.861,892
1,254,734,968
96,906,229
218,287,994
90,046,000
932,469,693
10,879.477
23,488,672
88,485,450
Total(12 clties)-
Total(14 cities)
Eleventh Federal
Texas-Austin
Beaumont
Dallas
El Paso
Ft. Worth
Galveston
Houston
Port Arthur
Wichita Falls
La.
-Shreveport
.
360,994,808
557,526,942
+17.4
+21.5
+26.7
+31.8
+8.2
+5.6
+22.2
+25.6
+23.0
+8.7
1931
$
2,118,383
46,807.823
1,785,858 +18.6
44,279.588 +5.7
1,904,558
46,462,645
3,342,165
54,960,149
12,100.083
15,980,786 -24.3
15,135,274
19,941 727
456,087
385.978 +18.2
509,270
676,317
+44.6
358.559
639,243
1,686,714 +35.1
2,237,286
2,424,103
-0.4
66.607,592
81,983,704
54,741
58,003
1,499,647
19,563,919
67,524 -18.9
___ _
b
1,654,181 -9.3
+0.4
19,479,122
105,660
106,735
1,662,423
19,783,986
254,846
220,980
2,847.097
29.207,162
1,324,398
1.726,471
1.178,035 +12.4
1,479,895 +16.7
1,352,671
3,489,630
2,224,736
4,764.412
+8.3
+7.4
55,606,397
1.873,637
76,592,287
3,468,316
91,769
371,733 -75.3
418,820
1,040.537
401,528
329,786 +21.8
573.979
1,140,280
+4.6
84,973,938
121,760,653
408,827
2,279,409
54,524.283
2,032,958
716,512
30,436,679
4.062,640
1,927,000
282,513
51,276,213
1.892,706
77,729,195
625,924 +14.5
641,330
1,177,074
+3.5
29,771,767
33,490,674
4,376,693 -7.2
2,275,000 +15.3
4.000,000
2,389,000
7.122,037
2,961,000
29,413,087
1,389.740 +18.0
1,970,526
2,783,231
+1.8
38,772,623
47,534,018
21,308,178
7,623,000
480.161
17,579,391 +21.2
4,723,000 +61.4
415,296 +15.6
21,767,093
4,927,000
462,638
28,867,525
8,484,000
897,214
17,960,020
16,515,571
+8.7
15,553,708
24,249.475
9,737,200
9,860,441
+0.8
11.993,535
18.558,131
1,640,317
38,783,148
38,080,424
-0.5
3,396,017,667
2,773,261,527 +22.5
Twelfth Federal R serve District -San Franc'sco1,534,000 +8.0
1,657,363
Wash.-Beffingham.
81,412,188 +25.3
101.986.614
22,488,000 +56.6
35,208,000
Spokane
1.912,952 +26.7
2.424.249
Yakima
3,277,605 +22.8
4,023,871
Idaho-Boise
+9.5
483,000
529,000
-Eugene
Ore.
+5.8
83,204,717
87,835,070
Portland
2,199,003 +17.1
2,574.332
Utah-Ogden
42.463.495 +18.3
50,250,651
Salt Leke City
8,313,966 +29.4
10,758,934
-Phoenix
Ariz.
4,221,401 +33.5
5,638,338
Calif.-Bakersfield__ _
13,424,829 +10.0
14,772,908
Berkeley
11,040.408 +6.6
11,774,119
Long Beach
2.118,547 +7.7
2,279,000
Modesto
11,401,492 -15.0
9,769,004
Pasadena
2,906,567 -16.3
2,434,161
Riverside
13,679,310 +78.4
24,409,358
Sacramento
41h,168.603 +11.4
460,171,590
San Francisco
7,742,812 +13.1
8,757,709
San Jose
4,059,499 +10.1
4,468,890
Santa Barbara
4,633,128 +27.0
5,883,358
Stockton
18,679,128
1,071,866,941
337,393,000
24,869.678
40,902,442
6.461,000
981,574,431
24,231,685
493,739,685
94,694,162
41,099,476
198,136,688
125,468,501
22,717,181
116,921.277
29,025,980
212,050,111
4,965.878,030
87,297,492
46,569,820
58,639,918
16,483,353
897,048,760
241,906,000
15.058,713
26.911,132
4,614,000
770,328,729
20,569.852
409,680.417
69,896,948
29,332,331
131,531.839
126,135,519
17,061,875
116,953,414
27,974,026
149,162.603
4,251,252,901
68,017,962
40,857,882
47,135,743
+13.3
+19.5
+39.5
+65.2
+52.0
+40.0
+27.4
+17.8
+20.5
+35.5
+40.1
+50.6
-0.5
+33.1
-0.1
+3.8
+42.2
+16.8
+28.3
+14.0
+24.4
2,549,149
2,253.867
+13.1
2.830.503
5,022,369
2,246,951
2.188,013
+2.7
2,883,788
4.563,235
4,813.134
102,235,624
1,753.097
968,484
1.263,696
3,607,813
88,336.041
1,657,248
859,397
1,060,462
+33.4
+15.7
+5.8
+12.7
+19.2
6.198,641
100,675,430
1,562.952
964,906
1,044,456
7,348,872
146,521,086
2,441.641
1,833,454
1.703.834
735,773,510 +15.2
8,998,216,826
7,477.913,999 +20.3
172,939 294
148,856,540
+16.2
9
10,861,65
250,190,836
Total(10 cities)
314,883,139
316,443,252
6, Seattle
Total (21 cities)
847,604,519
Grand total (163 cities) 19,539,779,049 19,815,812,859
Outside New York..
-1.4 237,688,905,281 220,328,365,503
+7.0 4.299.325.430 4,338.968.854
-0.9 5.062,182,836 6,681,432.344
1.695.114.119 1,490,745,802 +13.7 1,793,190,915 2,502,243,282
8,359,798,744 7,289,799,453 +14.7 90,733,963,642 76,293,625,105 +18.9
WEEK ENDING NOV. 29.
CANADIAN CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND FOR
Total(32 cities)
1,432,455,225 1,384,587.197
a Not included in otals.
469.342.195
423,261,557
229.956,284
58,920,182
18,530,754
17.141,917
8,684,197
14,951,076
21,743,593
6,763.641
5,808,251
9,494,968
14,508,577
15,461,666
1,283,330
1,765,843
5,861,030
2,182,041
3,003.133
2,395,278
1,723,460
908,683
2,487,458
2,244.433
4,034,038
9,508,183
1,131,136
2,881.343
2,268,276
1,975,176
1,678.647
2,691,051
1933
1934
%
$
%
1934
1933
Inc. or
Dec.
1932
$
i
%
$
+13.0
+7.7
-6.8
.1
+13
+11.2
+4.4
+10.0
+9.4
-2.2
+12.2
+7.1
+8.8
+7.5
+4.0
+8.0
+18.7
+8.6
-4.3
+3.7
+3.7
+18.2
+11.8
+11.4
+3.3
+18.7
+1.9
+11.3
+11.3
+2.8
+3.5
+11.6
+32.6
106,795,820
94,275,604
48,622,760
. .
13 303 633
4,340,555
3,431,696
1,945,084
3,398,781
5,296.922
1,472,616
1,222.722
2,224,199
3,786,290
3,535,031
272,659
393,780
1,257,586
400,564
589,882
529,235
497.986
181,090
555,145
513,292
850.682
1,841.731
332,309
947,806
463,035
500,366
331.044
737,783
99,205,930
95,331,053
59,758,360
.
.372 977
13
3,764,633
3,428,952
1,832,261
2,934,720
5,102,004
1,480,815
1,149,836
2,106,205
3,074,048
3,165,715
220,492
333,337
1,038,260
387,185
575,442
406,638
378,668
212,882
488,992
932,945
710.738
1,928,581
202,544
642.898
447,856
443.877
254,475
560,667
+7.7
-1.1
-18.6
+1.7
+15.3
+0.1
+6.2
+15.8
+3.8
-0.6
+6.3
+5.6
+23.2
+11.7
+23.7
+18.1
+21.1
+3.5
+2.5
+30.1
+31.5
-14.9
+13.5
+18.6
+19.7
-4.5
+64.1
+47.4
+3.4
+12.7
+30.1
+31.8
+5.0 14,480,704,069 13,582,786,888
+8.8
305,143,668
305,373.790
-0.1
+4.9
+0.4
+6.5
+7.5
+7.5
+9.3
+14.6
+8.0
+23.5
+6.1
+5.2
+23.8
+26.8
+14.3
+13.6
+24.4
+16.6
+8.6
+4.9
+22.6
+25.3
+16.3
+14.3
+4.6
+4.8
-15.1
+28.2
+15.7
+5.8
+11.3
+12.7
+15.7
b No clearings available.
5,112,716,405
4,177.037,171
2,463,303,727
692,026,249
200,078,446
182,316,008
101,541,030
175,204,709
233,052.556
76,816,975
67,85,113
118,568.324
169,569,387
164,465,861
14,064,528
18,661,089
59,131,332
22,514,531
34,934,995
29,164,922
22,952,045
10,016,466
28,217,506
26,004,175
46,636,836
96,015,839
13,059,464
31.641,269
24,399.883
19,938,487
18,995,698
31,804,443
,
.IWUNOODWW.-..4W,C7.00..4.....4000..4®
CONMJNewfolp .
ww=0,p,
0=00W04.0.--..W,Wylp-.440
wocroN ,
492.528,147
424,916.989
244,925,050
63,340,140
19,925,011
18,727,842
9,952,493
16,140,670
26,850.396
7,173,955
6,112,423
11,757,763
18,399.037
17,671,311
1,458,306
2,196,119
6,833,927
2,370,132
3,148,982
2,936,099
2,180,321
1,054,772
2,842.371
2,348,517
4,229,267
8,071,621
1,450,335
3,333.980
2,399,745
2.197.571
1,890,996
3,112,937
Inc. or
Dec.
c
14.oWczW...bbo.WWco a 00 oe-4,1:60c7.1.DW
=000.p.co 0,400ww-130wo.o.-yw00000
4,-.4=-4wm.co.4=0-4wooco.000.-44-owow..o.-0,,,co
3
$
Canada
Toronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
1933
ing. or
Dec.
NWa
0
,0 301n
...- - -
1934
Week Ended Nov. 29
11 Months Ended Nov. 30
Month of November
Clearings ag-
c Clearing House not functioning at present.
d Clearings for two months.
1931
$
3,932,456
3,350,888
1,842,561
3,310,574
5,325,193
1,385,904
1,126.859
2,101,342
3,364,359
2,973,724
294,543
303,434
1,339,978
465,528
644.128
442,128
367.829
165 836
562,964
515.217
760,047
1,972,265
239,171
701,555
472,848
417,907
208,382
417,784
114,782,377
147.723,464
70,130,276
16.251,898
7,625,405
6,490.565
3,208.342
5,637,034
7,886,414
2,878,137
2,203,084
3,727,573
5,456,173
5,660.392
672.055
458,871
1,962,273
826,848
1,113,384
770,903
889,683
275,153
603.661
799,202
1.036.897
3,050,977
453,739
985,621
869,996
629.468
652.628
582.169
239,984.929
415,794.660
77,472,653
79,609,884
32,199,222
11.617,766
e Eight months figures.
Volume 139
Financial Chronicle
THE CURB EXCHANGE
Dealings on the Curb Exchange have shown moderate
improvement during the present week, and while there has
been considerable irregularity apparent from time to time,
the trend, with the exception of the session on Monday, has
generally been toward higher levels. Specialties and industrial stocks have attracted a goodly part of the speculative attention and there has been a moderate amount of
buying in the oil group, but the utilities have made little
progress. Alcohol shares have been more or less mixed,
though there has been a fairly good demand for Hiram
Walker. The daily transfers have gradually improved, the
transactions toward the end of the week being the largest
for some time.
Trading on the Curb Exchange was down to the minimum
during the two-hour session on Saturday, and while there
were some dealings in the industrials and specialties, price
movements were within a narrow range though the trend
was onclined toward higher levels. Speculative activity
centered to a large extent in the specialties, though some
interest was displayed occasionally in other parts of the list,
particularly in the miscellaneous group which displayed
moderate activity and in a number of instances recorded
fractional gains. Among the active issues closing on the upside were such stocks as Allied Mills, American Gas &
Electric common, Atlas Corp., Ford Motor of Canada A
and Humble Oil & Refining Co. Many other prominent
issues were unchanged from the initial prices.
Dull trading and irregular price movements were the
rule on Monday. There were a few modest gains, but the
closing levels, on the whole, were slightly lower than the
final quotations on Saturday. One of the features of the
trading was the flurry of buying in Crane & Co. pref., which
boosted that stock upward 16% points to 75. The principal
changes were on the side of the decline and included such
active shares as American Cyanamid B,Atlas Corp., Consolidated Gas Electric Light & Power of Baltimore, Distillers
Seagrams, Fisk Rubber, Greyhound Corp., Humble Oil &
Refining Co., International Petroleum, Newmont Mining
Corp., Swift & Co. and Hiram Walker.
Following an irregular opening, the curb market developed
brisk rallying tendencies on Tuesday and continued fairly
strong until the close. Babcock & Wilcox were in good
demand at higher prices and A. 0. Smith attracted considerable speculative attention and so did Pan American
Airways, and Parke Davis. Stocks closing higher included such active favorites as Allied Mills, American Cyanamid B, American Gas & Electric common, Atlas Corp.,
Commonwealth Edison, Creole Petroleum, General Aviation Corp., Gulf Oil of Pennsylvania. Humble Oil & Refining Co., Swift International and Hiram Walker.
Curb stocks were higher at the close on Wednesday, and
while the turnover was larger than for some time, irregularity
was a prominent factor. Specialties were in demand,
particularly Paoifio Tin which advanced 4% points and
Dow Chemical which improved 4% points. Pittsburgh
Plate Glass and Swift Co., on the other hand, were lower at
the end of the session. Prominent among the stocks closing
on the upside were such popular issues as Allied Mills,
Canadian Marconi, Gulf Oil of Pennsylvania, Hudson Bay
Mining & Smelting, Teck-Hughes and Hiram Walker.
Metal shares were higher on Thursday, but price movements in the oils, alcohols and utilities were narrow and
irregular. Trading continued active, however, and prices
were slightly higher at the end of the day. Stooks 'losing
on the side of the advance included, among others, Allied
Mills, Ford Motor of Canada A, General Aviation Corp.,
Glen Alden Coal, International Petroleum, Lake Shore
Mines, Newmont Mining Corp. and Wright Hargreaves.
Trading continued moderately active on Friday, and while
there were both gains and losses registered as the market
closed, the recessions were somewhat heavier than the advances. As compared with Friday of last week, many of
the market favorites were lower, American Cyanamid "B"
closing last night at 168 , against 173I on Friday of last
%
week: American Gas & Electric at 19%, against 203 ; Cities
%
Service at 13/2, against 1%; Creole Petroleum at 12%,against
12%; Electric Bond & Share at 83/2, against 8%; Glen Alden
Coal Co. at 22%, against 233; Greyhound Corp. at 20,
against 20%; International Petroleum at 30%, against 313j;
Niagara Hudson at 3%,against 3%;Pennroad Corp. at 1%,
against 2, and Swift & Company at 17 8, against 183 .
%
3593
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Dec. 7 1934
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks I
Bonds (Par Value)
(Number
of
Foreign
Foreign
Shares). I Domestic. Government.' Corporate.
35,330 $1,279,000
136.700 2,909,000
165,295 3.249.000
223.050 4,125,000
221,805 4.198,000
215,685 3,389,000
3112,0001
254,000
172,000
205.000
129,000
153,000
1,047.865 $19.649.000 31,025.000
Sales at
New York Curb
Ezchange.
Weak Ended Dec. 7
1934.
1933.
Stocks-No, of shares_
1,047,865
1,178,885
Bonds
Domestic)
$19,649,000 $13,950,000
Foreign government_
1,025.000
626,000
Foreign corporate
443,000
634,000
Total
$21,117,000 315,210,000
Total.
$13,000 $1,404,000
76.000 3,239,000
112.000 3.533,000
166.000 4,496,000
48,000 4,375,000
28,000 4,070.000
$443,000 $21.117.000
Jan. Ito Dec. 7
1934.
1933.
56,038,900
95.556,281
4893.170.000
34.092,000
24,232.000
5817.227.000
40,133.000
38,564,000
$951,494,000
3895.924.000
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov 21 1934:
GOLD
The Bank of England gold reserve against notes amounted to £192.050.330
on the 14th instant, showing no change as compared with the previous
Wednesday.
During the week the Bank of England announced the purchase of £62,753
In bar gold.
In the open market, offerings amounted to about £1.100,000. A fair
general demand was maintained and prices again included a premium Over
gbld exchange parities; this premium, however, tended to ease slightly.
Quotations during the week:
Per Fine
Equivalent Value
Ounce
of Sterling
November 15
139s. 4 Yid.
12s. 2.205.
November 16
139s. 3d.
12s. 2.405.
November 17
139s. 3d.
12s. 2.424.
November 19
139s. 734d.
12s. 2.034.
November 20
139s. 7Sid.
12a. 2.034.
November 21
139s. 53 d.
,
6
12g. 2.20d.
Average
139s. 5.17d.
12s. 2.234.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 12th instant to mid-day on the 19th instant:
Imports
Exports
Netherlands
£8.549 Netherlands
£127.700
Belgium
52.880 Belgium
285.746
France
3.683.716 France
98.794
Switzerland
6.585 Switzerland
5.349
British South Africa
873.119 U. S. A
1.484.836
British Malaya
19.179 Venezuela
162.200
British India
1,696.013 Other countries
227
Venezuela
10.409
Argentine Republic
10.000
Australia
220.413
New Zealand
9.248
British West Africa
44.207
Other countries
13,535
£6.647.853
£2,164,852
Gold shipments from Bombay last week amounted to about 5455.000.
The S.S. "Ralputana" has £429,000 consigned to London and the S.S.
"President Monroe" £26.000 consigned to New York.
The tillowing are details of United Kingdom imports and exports of gold
for the month of October 1934:
Imports
Exports
British West Africa
£295,101
Union of South Africa
4,082.764
Southern Rhodesia
425.837
British India
952.049
British Malaya
45.099
Hongkong
503.838
Australia
685.312
New Zealand
1,218.238
Canada
937.903
Newfoundland & Coast of Labrador
20.636
British West India Islands and British Guiana_
12.789
Germany
21.370
Netherlands
213.033
110.156
Belgium
14.031
197.735
France
309.714
243.360
Switzerland
52.687
218.834
U.S. A
234.917
39.360
Mexico
517.650
Venezuela
37.627
Argentine Republic
66.192
Central and South America (Foreign)
824.636
Other countries
114.783
13,749
£10,761.370 E1,647,830
SILVER
The easier tendency during the past week was due largely to the absence
of buyers, who were reluctant to support the market after the recent sharp
rise. Sales on China account and resales by speculators continued and
offerings met with rather poor resistance. so that prices declined steadily,
241d.for cash and 24%d.for two months delivery being quoted yesterday.
At this level, however, more support was forthcoming, both the Indian
Bazaars and speculators showing more interest, and as a result, there
was
some recovery to-day, when 24 7-16d. and 24 9-168. were fixed for
the
respective deliveries.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 12th instant to mid-day on the
19th instant:
Imports
Exports
Soviet Union (Russia)
£28,320 Norway
£1.250
Netherlands
3.501 Netherlands
3.390
France
2.431 France
16,324
Persia
3,925 French Possessions in India
2,250
China
378.280 Bombay, via other ports.__ 20.000
Hongkong
30.896 U. S. A
63.300
Japan
27.018 Other countries
2.370
Mexico
10.700
Irish Free State
5,000
British Malaya
116,666
Australia
8.213
Canada
16.032
Turkey (Asiatic)
7.000
Other countries
5.888
Quotations during the
£643.870
week:
£108,884
IN NEW YORK
IN LONDON
Bar Silver per Os. Std.
(Per Ounce .999 Fine)
2 Mos. deliv.
Cash deliv.
55% cents
Nov. 14
243.id.
244d.
Nov. 15
55 cents
Nov. 15
/d.
243
Nov. 16
24%d.
54%; cents
Nov. 16
Nov. 17
24 9-16d. 24 11-16d.
54;i cents
Nov. 17
Nov. 19
24 5-16d. 24 7-16d.
54 W, cents
Nov. 19
.
24%ci
Nov. 20
24 Yd.
543( cents
Nov. 20
24 9-16
24 7-16d
Nov. 21
24.615d.
24.490d.
Average
The highest rate of exchange on New York recorded during the period
from the 15th instant to the 21st instant was $5.00, and the lowest 34.97%•
The stocks in Shanghai on the 17th instant consisted of about 34.800,000
ounces in sycee, 290,000,000 dollars and 39.200.000 ounces in bar silver, as
compared with about 36,600,000 ounces in sycee, 299,000,000 dollars and
38,000.000 ounces in bar silver on the 10th instant.
-PER CABLE
ENGLISH FINANCIAL MARKET
for securities, &c., at London,
The faily closing quotations
as reported by cable, have been as follows the past week:
Thurs..
Wed.,
Tues.,
Mon.,
Dec. 6
Dec. 5
Dec. 4
Dec. 3
Dec. 1
24%d.
Silver, per oz_.. 24%d. 24 11-16d. 24 11-16d. 24%d.
1409.2d. 1405.6%d. 140s.11d. 1409.7d.
Gold, p.fine oz. 1398.9Jid.
88%
88%
89%
90%
90%
Consols. 2Si%
British 3)1%106%
106%
107
107g
\V. L
10734
British 4%118%
11834
118g
1189
118%
1960-90
Fri.,
Dec. 7
24 11-16d.
140s.311d.
89%
106%
118m
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) per
oz. (Cu.) U. S. Treasury
U. S. Treasury
(newly mined)
Dec. 8 1934
Financial Chronicle
3594
55
50.01
54%
50.01
54%
50.01
54%
50.01
55
50.01
54%
50.01
64%
64%
6434
64%
64%
64%
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
Dec. Dec. Dec. Dec. Dec.
6
5
4
1
3
Per Cent of Par
27
27
28
27
(AEG) 28
AllgemeineElektrizitaets-Gesellschaft
93
92
93
93
94
Berliner Handels-Ceselischaft(5%)
137
140 139 140 137
Berliner Kraft u. Licht(10%)
69
70
69
69
69
Commerz-und Privat-Bank AG
116 115 117
118 116
Dessauer Gas(7%)
71
71
72
71
Deutsche Bank und Dlsconto-Gesellschaft.... 70
105 103 104 103 102
Deutsche Erdoel(4%)
Deutsche Reichsbahn (German Rye) Pil(7%)115 115 115 115 115
73
74
74
74
73
Dreedner Bank
138 134 136 134 133
Farbenindustrie I G (7%)
107 107 108 107 108
Gesfuerel (5%)
117 117 118 116 118
Hamburg Electric Werke(8%)
27
27
27
27
28
Hapag
74
74
74
73
74
Mannesmann Roehren
30
30
30
30
31
Norddeutscher Lloyd
149 149 145 146
149
Reichsbank (12%)
213 213 215 203 200
Rheinische Braunkohle (12%)
150
152 153 151
Salzdetfurth (734%)
143 142 142 138 136
Siemens & Halske(7%)
each
Dec.
7
27
92
137
69
117
70
101
116
73
134
109
119
27
75
29
147
197
150
137
NATIONAL BANKS
The following information regarding National banks has
been issued by the office of the Comptroller of the Currency,
in the Treasury Department:
CHARTERS ISSUED
Capital
-National Bank of Commerce in Pawhuska, Pawhuska,
Nov.27
$100.000
Okla
President, Ed. T. Kennedy: Cashier, W. 0. Dildine. Will
succeed: No. 13527, the Citizens-First National Bank of
Pawhuska. Oklahoma. and No. 12212, the National Bank of
Commerce of Pawhuska, Okla.
-National Bank of West New York,West New York,N.J. 150,000
Nov.30
Capital stock consists of $100,000 common stock and $50,000
preferred stock. President, W. G. Chapman: Cashier, 0. B.
Veghte. Will succeed No. 12064. the First National Bank of
West New York, N. J.
50.000
-The National Security Bank of Toledo, Toledo, Ore_ _ _
Nov. 30
, Capital stock consists of $25,000 common stock and $25.000
President, F. N. Hayden: Cashier.. 0. P.
preferred stock.
Moore. Will succeed No. 11937, the First National Bank
of Toledo, Ore.
VOLUNTARY LIQUIDATIONS
300,000
-The 011 City National Bank. Oil City, Pa
Nov. 26
Effective Nov.24 1934. Liq. agent, L. M.Campbell, Oil City,
Pa. Succeeded by "Oil City National Bank," 011 City, Pa.,
Charter No. 12474. Liability for circulation will be assumed
under Section 5223, U.S. R. S.
65,000
-The First National Bank of Fort Kent, Me
Nov. 28
Kent,
Effective Oct.31 1934. Lig. agent,Jacob Etscevitz, Fort Kent,
Me. Succeeded by the First National Bank in Fort
Charter No. 14224. Liability for circulation will be assumed
under Section 5223, U. S. R. S.
300,000
-The Commercial National Bank of San Antonio, Tex
Nov.26
Effective Nov.20 1934. Liq. agent, E.A. Baetz, San Antonio,
County National Bank of San
Tex. Succeeded by Bexar
Antonio, Charter No. 14283.
25,000
-The First National Bank of New England, N. Dak
Nov.27
Effective Oct. 1 1934. Liq. agent. J. F. McEntee, New EngCitizens State Bank of New
land, N. Dak. Absorbed by
England,N.Dak.
50.000
-The First National Bank of Arcade. N.Y
Nov.27
Effective Nov. 211934. Liq. agent, Harold D. Hopkins, care
by the Citizens Bank of
of the liquidating bank. Absorbed
Arcade, N.Y.
25,000
-The City National Bank of Ridge Farm, Ill
Nov.28
Effective May 19 1934. Liq. committee: Lewis J. Woodyard,
Foster and G. A. Dice,care of the liquidChairman:John W.
sting bank. No absorbing or succeeding bank.
200,000
-The National Bank of America at Pittsburgh. Pa
Nov. 30
W.Friend,
Effective Nov.191934. Liquidating committee: T.liquidating
Edward Helm, care of the
William J. Brant and
bank. Succeeded by "National Bank of America in Pittsburgh," Charter No. 14271. Liability for circulation win be
assumed under Section 5223, U. S. R. S.
50,000
-The National Bank of Covington, Ind
Nov.30
Effective Oct. 23 1934. Liq. agent, W. N. White, Covington,
Ind. Absorbed by the Fountain Trust Co.of Covington,Ind.
BRANCH AUTHORIZED
-First National Bank in Reno, Nev.
Nov.28
branch: Southwest corner of Brougher Avenue and Main
Location of
Street, Town of Tonopah, Nye County, Nev. Certificate No.1041A.
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Boston, Philadelphia and Buffalo on Wednesday of this
week:
By Adrian H. Muller & Son, New York:
$ per Share
Stocks
Shares
$57 lot
75 Northland Gasoline Co.. Tulsa, Oklahoma (Okla.), par $100
$21 lot
$100
2 Athens National Bank of Athens, N. Y., common, par
$202 lot
20 Athens National Bank of Athens, N. Y., preferred, par $10
25 Bush Service Corp. (Del.) common v. t. c., no par, and 25 7% series A
$5 lot
first preferred, par $100
50
200 Newark Air Service, Inc. (Del.). no par
common, Mts. dep., no par S2 lot
212 Peoples Light & Power Corp. (Del.) class A
Certificates Nos. 4, 93, 109, 204, 217, 236, 371 and 434 of the Queens Valley
$50 each
Inc
Gold
$2 lot
50 Westchester Title & Trust Co.(N. Y.), par $20
8100 lot
50 Rogers Peet Corp.(N. Y.) common, par $100
82 lot
(new), par $1
7 Detroit Aircraft Co. (Mich.) common
$12 lot
56 N. Y. State Holding Co. Inc. preferred par $100
48 Kansas City Public Service Co.(Mo.) common V. t. o., "stamped," no par;
"stamped," no par;
20 Kansas City Public Service Co.(Mo.) pref. A V. t. c.
200 Van Sweringen Corp. (Del.) common, no par; 1 Warner Library Co.
(N. Y.), par $100; 1 Brick Row Book Shop (Conn.) 7% cum. pref.. par lot
$34
$100
$105 lot
50 The Community Corp. (Conn.)
By. R. L. Day & Co., Boston:
$ per Share
Stocks
Shares
8734
2 Pepperell Manufacturing Co., par $100
120
2 Vermont & Massachusetts RR., par $100
81 lot
ioo Massachusetts U. S. Bond & Mortgage Corp, common
70%
10 Plymouth Cordage Co., par $100
21
25 Gulf States Steel common
6g
Thompsons Spa
15 units
113
First National Storm first preferred, par $100
35
10 Dennison Manufacturing Co. $7 preferred, par $100
25 Eagle Machine Co., par 810; 2 Boston Opera Co. v. 1. c.. and 16 1-3 Stone$1
lot
Telegraph & Telephone Co., par $100
10
10 New England Public Service Cos. $7 prior preferred
32% lot
100 Kreuger & Toll American certificates, par 100 kroneas
50c. lot
4 Union Ferry common, par $100, and 23 Varick Realty pref., par $100
Per Cent
Bonds$1,000 Bowdoin Square Garage s. f. 65. July 1940 ctf. for coupons Jan. 1933
17 flat
to July 1934
$2,000 Worcester Investment Trust (Central Building) 63, 1938 ctf. dep„...13 flat
$3,000 Indiana Columbus & Eastern Traction Co. gen.& ref. 5s, ctf. dep. 242_810 lot
87g
$500 West Virginia Water Service 55, Aug. 1951, series A
By Crockett & Co., Boston:
$ per Share
Shares Stocks
21k/
10 Boston Herald Traveler Corp
8g
35 United Elastic Corp
6 Cities Service Refining Co., pref., par $100; 3 Cities Service Refining Co..
com.,; 28 Kreuger & Toll American ctts.; 6 Associated Gas & Electric Co.,
$36 lot
com., par $1
10 City Central Corp. of America, pref., par $100; 50 Kreuger & Toll American
83 lot
certificates
16)1
2 Amoskeag Co., common
81 lot
4 Hotel Bellevue Trust 12 The Bellevue Trust
8%
voting trust certificates, par $5
20 Pelzer Manufacturing Co.,
100 Kreuger & Toll Co.; 1 Mid-Continent Utilities, par $100; 10 First American
$4 lot
Corp
25%
10 Merimack Mfg. Co., preferred, par $100
Per Cent
Bonds$4,000 American Bolt Corp. & Troopers & Townsend Steel Co. Joint & several
$5 lot
734 debentures, due June 1 1934
By Barnes & Lofla,nd, Philadelphia:
$ per Share
Stocks
Shares
67%
25 Philadelphia National Bank, par $20
24
8 Central.Penn National Bank, par $10
300
par $100
6 Market Street National Bank.
10
50 Delaware County National Bank, Chester, Pa., par $10
$1 lot
40 Kensington Security Bank & Trust Co., par $50
7
20 Newtown Title & Trust Co., Newtown, Bucks County, Pa., par $50
$1.85
50 Mitten Bank Securities Corp. preferred, par $25
8234
10 Girard Trust Co., par $10
134
50 American Superpower Corp. common, no par
$3 lot
20 The Land Co. of Florida, common, no par
Si
204 United Founders Corp. common, par $1
1134
50 General Gas & Electric Corp. 86 cumulative preferred, no par, class A
1)1
& Electric Co. class A par $1
82 Associated Gas
500.
2 Associated Gas & Electric Co. common, par $1
834
75 60/600 Electric Bond & Share Co. common, par $5
$1 lot
MO Federal United Corp. class A common
$1 lot
549 Huntington & Broad Top Mtn. RR. & Coal Co. common ctfs
$2 lot
210 Huntington & Broad Top Mtn. RR.& Coal Co. 7% preferred ctfs.
1
50 Leeds & Lippincott 7% preferred
15
50 Leeds & Lippincott 6% preferred
Per Cent
Bonds112)4
$21,000 County of Delaware. Pa.. 434% series 8. due April 1 1948
$16,000 John Wannamaker, Phila.. Pa.,5)1% 1st mtge. guar. reg., due 1949._ 83
$500 Oak Lane Towers Apartments, S. E. cor. 13th St. & 68th Ave.. Phlia8269.95106
delphia, 534% first mortgage, due May 15 1932
$1106
$1,000 Rittenhouse Square Corp. 6% income registered, due Jan. 1948
By A. J. Wright & Co., Buffalo:
Stocks
Shares
212 80/160 Wickwire Spencer Steel common trust certificates
B. B. & R. Knight Corp. V. t. c., class C common
1 10-30
15 First Trust Co. of Sarasota, Fla
8 Sterling Range & Furnace Corp. preferred
60 Plaza Shares Corp
$ per Share
$1.60 lot
81.60 lot
$5 lot
$5 lot
$2 lot
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Adams Royalty
Agnew-Surpass Shoe Stores, Ltd., pref. (quar.)_
Alabama Great Southern RR. CO.. preferred__ _
Ordinary stock
American Cyanamid Co. class A & B corn.(qu.)_
American Express Co.(quer.)
American Factors (extra)
American Gas & Electric Co.common(quar.)Common (special)
Preferred (guar.)
American Motorists Insurance (Chic., Ill.)
-a.)
American National Finance Corp., pref.(s.
American Snuff (quay.)
Extra
Preferred (quer.)
Per
Share
When Holders
Payable of Record
5c Dec. 29 Dec. 20
Jan. 2 Dec. 15
Feb. 27 Jan. 22
Doc. 31 Dec. 17
Jan. 2 Dec. 15
$155 Jan. 2 Dec. 21
80c Dec. 10 Nov.30
25c Jan. 2 Dec. 8
20e Jan. 2 Dec. 8
$1% Feb. 1 Jan. 8
60c Jan. 1 Dec. 24
70c Dec. 15 Dec. 1
75c Jan. 2 Dec. 12
25c Jan. 2 Dec. 12
El% Jan. 2 Dec. 12
07
3595
Financial Chronicle
Volume 139
Per
Share
When Holders
Payable ofRecord
Name of Company.
When Holders
Per
Share. Payable. of Record.
Name of Contany
1231c Jan. 2 Dec. 15
Ideal Financing Asso. (quar.)
2 Dec. 15a
$2 Jan. 2 Dec. 15
50c Jan
American Surety Co. of N. Y
$8 preferred (quar.)
50c Jan. 2 Dec. 15
87c Jan. 2 Dec. 20
American Thermos Bottle,7% pref. (quar.)..
$2 cony. preferred (quar.)
2 Dec. 15
$131 Jan. 2 Dec. 5
6231c Jan
Service,6% pref. (quar.)
American Wringer Co.(guar.)
Indiana General
1 Dec. 22 Dec. 15
5131 Jan. 2 Dec. 5
Anheuser-Busch
Indiana Michigan Elect., 7% pref. (quar.)...._ $131 Jan. 2 Dec. 5
Jan. 2 Dec. 5
Appalachian Electric Power Co. $7 pref.(qu.) . $131 Jan. 1 Dec. 15
6% preferred (guar.)
50c
$131 Dec. 31 Dec. 14
)
Mills, preferred (quar.)
Apponaug Co. (quarterly
Inspiration Hosiery
25c Dec. 31 Dec. 15
$1.16 Jan. 2 Dec. 15
Arkansas Power & Light 00.7% preferred
Interlake Steamship (quar.)
2 Dec. 15
50c Dec. 28 Dec. 12
$1 Jan
nal Elevating Co
6% preferred
,
Internatio
25c Dec. 31 Dec. 15
5131 Feb. 1 Jan. 2
common
Can., pref. (quar.)
Associated Breweries, Ltd.,
International Nickel of
831c Feb. 1 Jan. 2
$1% Jan. 1 Dec. 15
Preferred (quarterly)
7% preferred (guar.)
$1 Dec. 31 Dec. 21
Associated Investment (quar.)
International Printing Ink Co.—
25c Dec. 20 Dec. 15
$1 Dec. 31 Dec. 21
Common (Christmas special)
Extra
50c Jan. 1 Dec. 15
50c Dec. 20 Dec. 14
Associated Oil Co
International Shoe (quar.)
50e Dec. 15 Dec. 1
80c Jan 2 Dec. 15
Co.class A (quar.)
Phila. (quar.)
Axton-Fisher Tobacco
Investment Corp. of
$154 Jan. 2 Dec. 20
40c Jan. 2 Dec. 15
Class B (quar.)
Investors Corp. of R. I., $6 1st pref. (quar.)
2c Dec. 15 Nov.30
$131 Jan. 2 Dec. 15
Fund of America
Preferred (quar.)
Investors
Jan 2 Dec. 12
50c Dec. 29 Dec. 15
731
Bankers Trust Co.(quar.)
Jefferson Electric. (quar)
Jan 2 Dec. 20
$1
Battle Creek Gas,6% pref. (guar.)
Jones (J. Edw.) Realty Trust—
$8 Nov.28 Oct. 31
$131 Jan. 2 Dec. 14
Series D porde. certificates
Beatrice Creamery Co. preferred (quar.)
$1.63 Nov. 28 Oct. 31
12%c Jan. 2 Dec. 20
Series E partic. certificates
Bird & Son (quar.)
Dec. 28 Dec. 13
$1.44 Nov.28 Oct. 31
75c
Bohn Aluminum & Brass Corp
Series F partic. certificates
$2.12 Nov.28 Oct. 31
$1% Dec. 31
Boston Warehouse & Storage (guar.)
Series G partic. certificates
15c Jan. 15 Dec. 31
$2 Nov.28 Oct. 31
Bralorne Mines(quar.)
Series H partic. certificates
$2.11 Nov.28 Oct. 31
10c Dec. 30 Dec. 10
Brass
partic. certificates
Bridgeport
Series I
50c Dec. 29 Dec. 19
$7.15 Nov. 28 Oct. 31
Briggs.Mfg. (special)
Series J partic. certificates
$1.59 Nov.28 Oct. 31
r20c Jan. 2 Dec. 15
British American Oil Co., Ltd.(guar.)
Series K partic. certificates
3731c Jan. 15 Dec. 31
$154 Jan. 15 Jan. 2
British Columbia Power Corp. class A (quar.)
Joplin Water Works 6% preferred (guar.)
20c Jan. 1 Dec. 17
(guar.).- $151 Jan. 2 Dec. 14
Broad Street Investing Co. Inc.(quar.)
Kansas Gas & Electric, 7% preferred
Dec. 20
$131 Jan. 2 Dec. 14
45c Jan. 2
Bucyrus Monighan A (quar.)
$6 preferred (quar.)
Jan. 2 Dec. 21
11 Dec. 1 Nov. 26
$1
Budd Realty Corp.(quar.)
Kansas Utilities, 7% preferred (quar.)
Jan. 15 Dec. 31
$14 Jan. 2 Dec. 15
5131
Canadian Fairbanks Morse, pref.(quar.)
Kansas Power rhi.)(quar.)
$131 Jan. 2 Dec. 15
75c Jan. 1 Dec. 15
Electric (quar.)
Canadian General
$6 preferred guar.)
$131 Jan. 2 Dec. 15
$131 Jan. 1 Dec. 15
Preferred (quar.)
$7 preferred (quar.
1414 Dec. 1 Nov.30
$1 Jan 31 Dec. 31
Canadian Industrial (quar.)
Kemper-Thomas Co. preferred
5.54c Dec. 15
$131 Dec. 15 Dec. 10
G1'
Extra
Keystone Custodian Fund series
Jan 15 Dec. 31
.08c Dec. 15
$131
Preferred (quar.)
Series H-2
1 Dec. 20
36.74c Dec. 15
50c Jan
Canadian Westinghouse, Ltd. (quar.)
Series D
h25c Jan 2 Dec. 15
70c Jan. 2 Dec. 15
Canadian Wirebound Box, Ltd. A
Keystone Public Service, pref. (quar.)
75c Jan. 2 Dec. 17
75c Jan. 1 Dec. 17
Capital Administration Co Ltd,preferred( uar.) x20
Lambert Co., common (quar.)
60c Jan. 4 Dec. 21
A & ord. B (fins
Carreras, Ltd., ord., ord.
Lehman Corp. (quar.)
25c Feb. 1 Jan. 17
$1j Jan. 1 Dec. 14
(
Celanese Corp.of Amer.7% cum.prior pr . Z11) $331 Dec. 31 Dec. 14
Liquid Carbonic Corp.. common (guar.)
25c Feb. 1 Jan. 17
7% cum.first preferred
Common (extra)
3731c Jan. 2 Dec. 18
Coal—
Central Aguirre Associates (quar.)
Little Schuylkill Navigation RR.&
3
pee 15
Jan. 2 Dec. 20
1
$110 Jan.. 31 Dec. 14
Central Hanover Bank & Trust Co.(quar.)-_ $131 Dec. 24 Dec. 13
Semi-annual
50c
Central Illinois Public Service Co. $6 pref
Lone Star Gas 6% preferred (quar.)
25c Dec. 31 Dec. 15
50c Dec. 24 Dec. 13
6% preferred
Mack Trucks, Inc. (guar.)
$3 Dec. 20 Dec. 14
87c Jan. 15 Dec. 31
Central Power,7% pref. (quar.)
Mahoning Investors
n 15
Jan. 31 Dec. 31
10c Jan. 21 Dec. 14
6% preferred (quarterly)
Marine Midland Corp '
Dec. 21
3734c Dec. 18 Dec. 15
Chesebrough Mfg. Co.(special extra)
Marine Midland Trust Co.(guar.)
15c Dec. 18 Dec. 15
SOc Jan. 2 Dec. 14
Chickasha Cotton Oil (quar.),_
Extra
50c Dec. 31 Dec. 20
$1.12 Jan. 2 Dec. 18
Cincinnati & Suburban Bell Tel. Co.(quar.).
Marlin-Rockwell
1
2
p
15 Jan. 2
75c Feb. 1 Feb. 1
$131 Jan.
Clinton Water Works Co.,7% pref. (qu.)
Mayfair Investment (quar.)
$1 Jan. 2 Dec. 17
$131 Jan. 2
Cluett, Peabody preferred (quar.)
McKeesport Tin Plate (quar.)
75c Jan. 2 Dec. 15
Columbia Broadcasting System, Inc.—
Mead Johnson & Co.(quar)
25c Jan. 2 Dec. 15
50c Dec. 27 Dec. 13
and B (quar.)
• Class A
Extra
35c Jan. 2 Dec. 15
$1 Dec. 27 Dec. 13
Class A and B (extra)
Preferred (semi-annual)
40c Dec. 31 Dec. 17
20c Dec. 24 Dec. 13
(quar.)
Columbian Carbon Co.(special)
Merchants & Miners Transportation
$2 Jan. 2 Dec. 17
& Light—
Commonwealth Water
Merck Corp. preferred
$131Jan. 2 Dec. 20
$1.51 Dec. 31 Dec. 24
$7 preferred (guar.)
Metropolitan Coal,7% pref. (quar.)
$131 Jan. 2 Dec. 20
8754c Jan. 1 Dec. 20
(quar.)
Co.,$7 cumul. pre erred
• $6 preferred
Missouri Edison
$151 Jan. 2 Dec. 15
4 Jan. 2 Dec 15
(quar.)
Connecticut Fire Ins.(Hartford) Om.)
Mitchell (J. S.), Ltd.. pref. preferred (quar.)
4
3 Jan. 2 Dec. 15
51.
Cennecticut & Passumpsic Rivers RR—
Mock Judson & Voehringer
Jan. 15 Jan. 2
$3 Feb. 1 Jan. 1
Water 7% preferred (quar.) $131
Semi-annual
Monongahela Valley
$231 Jan. 2 Dec. 15
Co—,
Consumers Gas of Toronto (quer.)
Monongahela West Penn public Service
1 Dec. 17a
435'c Jan. 2 Dec. 15
'Si Jan.
Centinental Baking Corp., preferred (quar.)- _ _ _
7% cum. preferred (quar.)
$2 Jan. 1 Jan. 1
20c Jan. 1 Dec. 14
Moore (Wm.) Dry Goods Store (extra)
Continental Bank & Trust Co.(quark)
15c Jan. 2 Dec. 15a
Jan. 2 Dec. 12
$131
Continental Gas & Electric, prof.(quar.)
Mountain Producers Corp.(quar.) (5.
Jan. 2 Dec. 21
h$1Z Dec. 20 Dec. 10
Preferred
RR.7%% gtf. -an.)_ - 935jc Jan. 2 Dec. 17
continental Steel 7%
Nashville & Decatur
55c
$134, Jan. 1 Dec. 15
Courier-Post, pref. (quar.)
National Battery Co.,preferred (quar.)
1 Dec. 20
50c Jan. 15 Dec. 144
Jan.
5
Dayton Power & Light Co.,6% pref.(mo.)
National Biscuit Co. common (guar.)
25c Jan. 1 Dec. 12
h55c Jan. 2 Dec. 17
De Jay Stores. Inc., A
National Candy Co.:common (guar.)
$131 Jan. 1 Dec. 12
25c Jan. 2 Dec. 18
1st and 2d preferred ((Plan)
Devoe & Reynolds,common A & B (guar.)
50c Dec. 31 Dec. 18
25c Jan. 2 Dec. 18
& Stamping (guar.)- - Common A & B extra
National Enameling
15c Jan. 2 Dec. 14
$131 Jan. 2 Doc. 18
1st and 2nd preferred (quar.)
National Tea Co., common (quar.)
15c Dec. 29 Dec. 12
2 Dec. 22
$131 Jan.
Dominion Glass (quar.)
Natomas Co.(quer.). -.
15c Dec. 29 Dec. 12
$131 Jan. 2 Dec. 22
Preferred (quar.)
Extra '
El% Dec. 1 Nov.20
Jan. 2 Dec. 15
$131
)
Dominion Textile (guar.)
Neiman (M.)7% preferred (guar. ,
$135 Jan. 1 Dec. 15
50c Feb. 15 Feb. 1
Duplan Silk (semi-annual)
Newport Electric. 6% pref. Milan)
$231 Jan. 2 Dec. 14
$2 Jan. 2 Dec. 20
Preferred (quarterly).
New York & Harlem RR.(semi-ann.)
10 Nov. 27
$231 Jan. 2 Dec. 14
Sc Dec.
Eastern Malleable Iron CO.(quar.)
Preferred (semi-annual)
$131 Jan. 2 Dec. 22
$131 Jan. 1 Dec. 15
6% pref.(quar.)
(guar.) ,
Eastern New Jersey Power,
New York Shipbuilding preferred
10c• Jan. 2 Dec. 22
$131 Jan. 2Dec. 14
Eastern Steamship Lines, 1st pref. (guar.)
Founders Shares (quar.)
10c Jan. 2 Dec. 22
8731c Jan. 2 Dec. 14
No par preferred (quar.)
shares (quar.)
Participating
2
n. 15 Dec.
10c
a13j Jan. 2Dec. 15
int
Eastern Steel Products Ltd..7% pf.(qu.)
. 5
1932 Trust Fund ctfs. of beneficial
Jan. 1 Dec 20
2 Dec. 5
75c Jan.
Eastman Kodak Co., com. (extra)
Dec. 15
Northern Securities Co
Jan.
u2c Jan. 1 Dec. 10
Power (guar.)
n Corp., Ltd., com.(guar.)
Ecuadoria
Nova Scotia Light &
Dec. 10
15c Dec. 15 Dec. 10
Jan.
%
3
Preferred (semi-ann.)
Oahu Ry. Sr Land Co.(monthly)
10c Dec. 15 Dec. 10
$131 Jan. 2Dec. 15
Edmonton City Dairy,631% pref. (quar.)
Oahu Sugar, Ltd.(monthly)
$1.20 Dec. 15 Dec. 6
Dec 1 Nov. 26
Elizabethtown Consolidated Gas, extra
Extra
20c Dec. 20 Dec. 10
Dec. 20 Dec. 11
25c
Emsco Derrick & Equipment
Onomea Sugar (monthly) (guar.)
$131 Jan. 2Dec. 15
75c Jan. 1 Dec. 18
Endicott Johnson (quar.)
Ontario Loan & Debenture
14131 Jan. 1 Dec. 15
$151 Jan. 1 Dec. 18
Preferred (quarterly)
Pacific Southern Investment. pref
15
$131 Dec. 31 Dec. 20
20c Jan. 1 Dec.
Eureka Vacuum Cleaning (quay.)
Pacific Telep. & Teleg. (quar.)
$154 Jan. 15 Dec. 31
731c Dec. 20 Dec. 11
Falconbridge Nickel Mines
Preferred (quarterly)
$151 Dec. 21 Dec. 14
Dec. 31 Dec. 15
Xc
Fanny Farmer Candy Shops (quar.)
Paul Knitting Mills, pref. (guar.) (semi-ann.). $131 Dec. 1 Nov. 15
631c Dec. 31 Dec. 15
Extra
Peerless Woolen Mills. 635% pref.
SOc Jan. 2 Dec. 15
pref.(guar.).- $131 Jan. 2 Dec. 10
Faultless Rubber (quar.)
Penn Central Light & Power,5%
50c Dec. 31 Dec. 20
50c Dec. 15 Nov.28
Fear (Fred) & Co.(quar.)
Penney (J. C.) Co., common (quar.)
$2 Dec. 31 Dec. 20
15c Jan. 2 Dec. 21
Federated Dept. Stores, Inc. (quar.)
Common (extra)
$131 Dec. 31 Dec. 20
10c Jan. 2 Dec. 21
Extra
Preferred (quar.)
$15 Jan. 2 Dec. 15
20c Dec. 31 Dec. 19
Band. $7 pref. (guar.)
Filene's (Wm.) Sons, common (quay.)
Pennsylvania Glass
10c Dec. 31 Dec. 19
(guar.).-- $131 Jan. 1 Dec. 15
Common (extra)
Pennsylvania Telep.- Corp.,6% pref.
30c Dec. 28 Dec. 18
$231 Jan. 2 Dec. 15
Finance Co. of Pennslyvania (guar.)
Perfection Stove Co.(v.)
2c Dec. 15 Dec. 5
75c Jan. 2 Dec. 20
tock Corp. (quar.)
First Insurances
Peter Paul, Inc. (quar.)
$131 Mar. 1 Feb. 10a
8231c Jan. 2 Dec. 15
First National Stores, Inc., common (quar.)_
Philadelphia Suburban Water Co., pref. (guar.) $234 Apr. 10 Mar.30
15
$15( Jan. 2 Dec.
73' pref. (quar.)
Philadelphia & Trenton RR.(quar.)
20c Jan. 2 Dec. 15
$231 July 10 June 30
8% preferred (guar.)
Quarterly
$131 Jan. 2 Dec. 12
$231 Oct. 10 Sept.30
Fisk Rubber. pref. (quar.)
Quarterly _
2 Dec. 20
50c Jan. 2 Dec. 15
(Hartford)(quar.)
Foreign Light & Power Co.,6% 1st pref.(quar.) $131 Jan. 2 Dec. 20
Phoenix Insurance Co.
40c Jan. 2 Dec. 10
8731c Jan.
Fruehauf Trailer Co.,7% pref. (guar.)
Pittsburgh Plate Glass Co. (quar.)
$131 Jan. 2 Dec. 15
1730 Dec. 31 Dec. 11
Gannett Co., Inc. $6 cony. pref. (quar.)
Thirft (guar.)
Pittsburgh
50c Dec. 10 Nov.20
(guar.) $131 Jan. 2 Dec. 20
General Amer. Investors Co., Inc.,
Extra
Jan. 2 Dec. 14a
$151 Dec. 31 Dec. 11
pref.
General Mills, Inc..6% cum. prof. (guar.)
7% preferred (quar.)
iSa Dec. 31 Dec. 15
$131 Jan. 19 Jan. 2
com.(guar.)
General Printing Ink, common (quar.)
Plymouth Cordage Co.,
30c Dec. 31 Dec. 15
25e Jan. 2 Dec. 15
Common (special
Pratt & Lambert, com.(quar.)
$131 Jan. 2 Dec. 15
1134 Jan. 15 Dec. 31
Preferred (guar.)
Prudential Investors, 6% pref. (guar.)
25c Jan. 2 Dec. 14
$151 Jan. 1 Dec. 21
(quar.)
Co., common (quar.)
Glidden
Reliance Mfg. of Illinois, pref.
15c Jan. 2 Dec. 14
75c Jan. 2 Dec. 18
Common (extra)
Reynolds (R. J.) Tobacco Co., A & B (quar.)-$13i Jan. 2 Dec. 14
80c Dec. 15 Dec. 5
Prior preferred (quar.)
Rich's, Inc., extra
25c Dec. 15 Dec. 3
$131 Jan. 2 Dec. 20
Sons
Goldsmith (P.)
Richmond Water Works,67 pref. (quar.)
50c Dec. 1 Nov. 27
$10 Dec. 1 Dec. 12
Goodall Securities (quar.)
Rochester & Pittsburgh Coal A (initial)
50c Dec. 28 Dec. 20
Jan. 2 Dec. 20
$1
Gorten-Pew Fisheries (quar.)
Rochester Telep. Corp. (quar.)
25c Dec. 31 Dec. 17
Jan. 2 Dec. 20
Granite City Steel (quay.)
631% 1st pref. (quar.)
25c Jan. 2 Dec. 15
$131 Jan. 2Dec.20
Greif Bros. Cooperage Corp., cl. A com.(quar.) $100 Dec. 29 Dec. 15
(guar.)
5% 2d pref.
SOc Dec. 31 Dec. 20
(guar.)
Group No. 1 Oil
Ross Gear & Tool Co., common (quar.)
$5 Jan. 2 Dec. 14
50c Dec. 19 Dec. 12
Guaranty Trust Co.(quar.)
Ryerson (J. T.) & Sons (special)._ _
1 Dec. 15
Jan
$3 Jan. 2 Dec. 22
Hammermill Paper,6% Pref. (guar.)
St. Croix Paper CO. preferred (semi-annual).—
Dec. 20 Dec. 5
54 Dec. 29 Dec. 19
preferred (quar.)
Hanna (M. A.) & Co.
St. Louis National Stockyards •
5131 Jan. 15 Dec. 31
Oc Dec. 15 Dec. 3
(quar.)
Harrisburg Gas, pref..
San Carlos Mills, Ltd (monthly)
131 Dec. 31 Dec. 28
$131 Jan. 2 Dec. 5
& Co.. preferred (guar.)
pref. (guar.)
6%
Heath (D. C.)
Scranton Electric
Dec. 15 Dec. 1
8734c Jan. 1 Dec. 15
Co.,
Hearst Congo]. Publications, 7% pref. A (guar.) 4351c Jan. 2 Dec. 22
selected Industries $534 prior stock
Hickok Oil, 7% preferred (guar.) (monthly)._ $131 Dec. 31 Dec. 13
Selfridge Provincial Stores, Ltd.— VI •••— fee
Sc
9.6c Dec. 7 Nov. 14
Gold Mines
registered
Hollinger Consolidated
Amer. dep. receipts for ordinary
Sc Dec. 31 Dec. 13
7c Jan. 10 Dec. 20
Extra
Shattuck (F. G.) Co., common (quar.)
1 Dec. 24 Dec. 20
55151 Jan. 2 Dec. 15
Canada.7% preferred
e Mining (monthly)
Homestak
Sherwin-Williams of
0
24 Dec. 2
52 Dec. 10N .30
$3 Dec. 31
Extra
Southeastern Cottons, Inc. 7% preferred
lSc Dec.
Feb. 15 Jan. 2
Honolulu Plantation (monthly)
South Pittsburgh Water 7% preferred (guar.).- 5151 Feb. 19 Feb. 9
25c Dec. 26 Dec. 11
5131
5% preferred (semi-annual)
Hoskins Mfg.(guar.)
25c Dec. 26 Dec. 11
$1 Dec. 31 Dec. 15a
Extra
South West Pennsylvania Pipe Lines
Dec. 15
0
1
20c Jan. 1
$1 Dec. 31 Dec. 215a
Humbolt Malt &[Wowing,8% preferred (qu.)
Extra
Dec.
Jan. 2 Dec. 15
Jan.
Huron & Erie Mtge. (London, Ont.), (guar.)._ $131 Dec. 5 Nov.30
Southwestern Bell Telep., pref. (quar.)
10c
50c
$1K Dec.. 31 Dec. 15
Hutchinson Sugar Plantation (monthly)
Southwestern Light & Power $6 preferred
% Dec. 31IDec. 15
Imperial Tobacco of Canada. ord. (quar.)
.3a
9
3596
Financial Chronicle
Per
When Holders
Name of Company
Share Payabh of Record
Spartan Mills (semi-annual)
$4 Jan, 2 Dec. 22
Springfield Gas & Electric Co. pref. ser.
A (ou.)- 514 Jan. 2 Dec. 15
Square D Co., class A preferred
2734c Dec. 31 Dec. 20
Standard Fuel Co. 63%% pref.
(guar.)
$1%, Jan. 1 Dec. 15
Standard 011 Export Corp., 5% cum.
gtd. pref_ $2% Dec. 31 Dec. 14
Starrett (L. S.)
50c Dec. 31 Dec. 18
Preferred (guar.)
$114 Dec 31 Dec. 18
Stein (A.) & Co., preferred (quar.)
$14 Jan. 2 Dec. 14
Sunset McKee Salesbook 513% class
A (quar.)- - 37)4c Dec. 15 Dec. 4
Taylor milling Co.(quar.)
25c Jan, 2 Dec. 10
Extra
25c Jan. 2 Dec. 10
Teck-Hughes Gold Mines, Ltd
10c Jan, 2 Dec. 10
Texas Electric Service, $6 pref. (qtair.)
$1% Jan. 2 Dec. 15
Texon 011 & Land Co.(guar.)
15c Dec. 29 Dec. 15
Thayers. Ltd.. first preferred (semi-a
nn.)
114 Jan. 2 Dec. 15
Thomson Electrical 'Welding
(guar.)
25c Dec. 1 Nov. 26
Extra
50c Dec. 1 Nov. 28
Toronto Elevator, Ltd.. 7% pref. (quar.)
314 Jan. 15 Jan. 2
Trico Products (quar.)
6234c Jan. 2 Dec. 14
Tr -Continental Corp. $6 cum. pref.
$134 Jan. 1 Dec. 15
Unilever (N. V.) ordinary shares— (quar•)
Payable per 1,000 guilders shares
20gu.
Payable per 100 guilders shares
2gu.
United Dyewood Corp., pref. (guar.)
514 Jan, 2 Dec. 15a
United Engineering & Foundry (special
50c Dec. 24 Dec. 14
United Fixed Shares, series Y coupon )
United States Elect. Light & Power Shs.(Del.)— 103-Sc Dec. 15
Trust certificates, series A
23c Dec. 1
United States Gauge (semi-ann.)
$2% Jan. 2 Dec. 20
7% preferred (semi-annual)
$1
Jan. 2 Dec. 20
United States Tobacco Co. common
513% Jan, 2 Dec. 17
Common (special)
523% Jan. 2 Dec. 17
Preferred (quar.)
$14 Jan. 2 Dec. 17
United States Trust,(N. Y)(guar.)
$15 Jan, 2 Dec. 21
Universal Leaf Tobacco Co.. corn. (quar.)
50c Feb. 1 Jan. 17
Preferred (quar.)
$2 Jan. 2 Dec. 14
Universal Products
20c Dec. 31 Dec. 20
Victor-Monaghan Co. preferred (quar.)
314 Jan. 2 Dec. 20
Vortex Cup (quar.)
37%c Jan. 2 Dec. 15
Class A (guar.)
6234c Jan. 2 Dec. 15
Waldorf System
Dec. 31 Dec. 20
Waldorf System Inc., common..
20c Dec. 31 Dec. 20
Walgreen Co. 63%' pref. (quar.)
$14 Jan. 1 Dec. 20
Washington Water Power $6 pref. (guar.)
$1% Dec. 15 Nov. 23
Wayne Knitting Mills pref. (semi-ann.)
$1% Jan. 2 Dec. 31
Western Canada Flour Mills, 6 % pref
75c Dec. 15 Nov.30
Western Grocers. pref. (quar.)
3111 Jan. 15 Dec. 20
Western Maryland Dairy.
pref.
$134 Jan. 2 Dec. 20
Western Tablet & Statione56 Corp (guar.)
ry
$1 Dec. 31 Dec. 15
7% preferred (quar.)
Jan. 2 Dec. 20
West Jersey & Seashore RR. (s.-a.)
$114 Jan. 2 Dec. 15
Westvaco Chlorine Products preferre
Jan. 2 Dec. 15
51
West Virginia Water, $6 preferred d (quar.)
h$1 Jan. 1 Dec. 14
Wichita Water Co.7% preferred
(guar.)
314 Jan. 15 Jan. 2
Young (L. A.) Spring & Wire (guar.)
25c Jan. 2 Dec. 14
Extra
25c Jan. 2 Dec. 14
Name of Company.
Dec. 8 1934
Per
When Holders
Share. Payable. ofRecord.
Atlantic Refining Co., corn. (quar.)
25c Dec. 15 Nov. 21
Atlas Powder Co.. common (guar.)
50c Dec. 10 Nov.30
Avon Geneseo & Mt. Morris RR.(s-a)
$1.45 Jan. 1 Dec. 26
Babcock & Wilcox Co
10c Jan. 2 Dec. 20
Backstay Welt Co.(special)
s55c Dec. 20 Dec. 5
1s NDoecv 3105
Baldwin Co.,6% pref. A (quar.)
Nov.30
Balfour Bldg., v t c. (quar.)
Nov. 19
Baltimore & Cumberland Valley Ext. RR.(s.-a.)
$14 Jan. 1 Dec. 31
Bangor & Aroostook RR.(guar.)
6
12c Jan.
.
Nov. 30
Preferred (quar.)
$ 34
Nov.30
Bangor Hydro-Electric 6% pref.(guar.)
51% Jan .. 1 Dec. 10
$114
7% preferred (quar.)
Dec. 10
Bankers Investment Trust of America debenture stock (s.
-a.)
5104 Ja n
3
De31 Dec 2
e 1 oi e 10
5
Barber 1W 11.1 & Co . pref (quar.)
Bayuk Cigars, Inc.. common (quar.)
$1 Dec. 15 Nov. 30
Beech-Nut Packing Co., common (quar.)
75c Jan. 2 Dec. 12
Common (e Ara)
50c Dec. 15 Dec. 1
Belding-Corticelli, Ltd.. preferred (quar.)
$14 Dec. 15 Nov.30
Bellows & Co.. Inc.. class A (quar.)
25c Dec. 15 Dec. I
Bell Telephone of Canada (quar.)
rSl34 Jan. 15 Dec. 22
Bell Telephone Co. of Pa.634% pref.(quar.)_
_ _ $134 Jan. 15 Dec. 20
Biltmore Hats. Ltd.. 7% pref.(quar.)
$14 Dec. 15 Nov. 15
Birmingham Electric, $7 pref
5$14 Jan. 2 Dec. 12
$6 preferred
55134 Jan. 2 Dec. 12
Birmingham Water Works
[Hock Bros Tobacco, pref.Co.6% pref.(quar.)_ $134 Dec. 15 Dec. 1
(quar.)
$134 Dec. 31 Dec. 24
Bioomingdales common (quar.)
10c Dec. 27 Dec. 17
Borg-Warner Corp., common (quar.)
25c Jan. 2 Dec. 14
Common (extra)
25c Jan. 2 Dec. 14
Preferred (quar.)
$1.4 Jan. 2 Dec. 14
Boston & Albany RR.Co
$218 Dec. 31 Nov.30
Boston Elevated Ry.(quar.)
$131 Jan. 2 Dec. 10
Boston & Providence RR.(quar.)
52.1234 Jan. 2 Dec. 20
Quarterly
52.1234 Apr. 1 Mar. 20
Quarterly
52.1234 July 1 June 20
Quarterly
52.1234 Oct. 1 Sept. 20
Boston lilt. Holdings, pref. (semi-ann.)
$2 Lin. 10 Dec. 31
Boston Wharf (semi-annual)
$134 Dec 31 Dec. 1
3
Boston Woven Hose & Rubber pref.(semi-a
nn.)
$ Jan. 2 Dec. 1
6% preferred (semi-annual)
$3 Dec 15 Dec. 1
Boyd-Richardson. 8% pref
5$2 Dec. 15 Dec. 10
Bralorne Mines, Ltd.. eitra
20c Dec. 27 Nov.30
Brazilian Traction, Light di Power, pref. (qua?.)
5134 Ja n .. 252
pec
25
15
10
Brewer (C.) Ltd.(monthly)
$1
Dec. 20
Bridgeport Gas Light (quar.)
60c Dec. 31 Dec. 17
Bright (T. G.) & Co., Ltd. (quar.)
714c Dec. 15 Nov. 30
$6 preferred (guar.)
$134 Dec. 15 Nov.30
Brill° Mfg. Co., Inc. common (quar.)
15c Jan. 2 Dec. 16
Class A (guar.)
50c Tan. 2 Dec. 15
Bristol Brass Corp., common (quar.)
25c Dec. 15 Nov.30
Common (extra)
25c Dec. 15 Nov.30
Preferred (quar.)
$14 Dec. 29 Nov. 22
Brooklyn-Manhattan Transit Corp..
pref.(qu.)_ 1134 jul. 15 Jan. 2
Ja ny
Preferred (quarterly)
$1
Apr. 15 Apr. 1
Preferred (quarterly)
$134
July
n
Transit
Below we give the dividends announced in previous weeks Brooklyn & Queens (quar.) Corp., preferred
II Jan. 2 Dec.. 15
Brookly Union Gas
$14 Jan. 2 Dec. 3
and not yet paid. This list does not include divide
Bruck Silk Mills, Ltd. (guar.)
25c Jan. 15 Dec. 15
Extra
nounce I this week, these being given in the precedingnds an- Buckeye Pipe Line
Sc Jan. 15 Dec. 15
Co
table. Bucyrus
75c Dec. 15 Nov. 23
-Erie Co. preferred
50c Jan. 2 Dec. 14
Buffalo. Niagara & Eastern Power—
Per
When Holders
$5. lit preferred (quar.)
Name of Company.
$134 Feb. 1 Jan. 15
Share. Payable. of Record.
Preferred (guar.)
40c Jan. 2 Dec. 15
Bulolo Gold Dredging, Ltd. (Interim)
Abbott Laboratories, Inc.(quar.)
r90c Dec. 31
50c Jan. 2 Dec. 18
23
3
Burroughs Adding Machine Co
Extra
e3% Dec.25 Nov.
Dec. 28
ec 18
.
15c Jan. 2 Dec. 18
Butler Water Co.7% Pref. (guar.)
Abraham & Straus, Inc. (guar.)
$14
Dec. 1
30c Dec. 31 Dec. 21
Calamba Sugar Estate, common (quar.)
Extra
40c Jan. 2 Dec. 15
15c Dec. 31 Dec. 21
California Electric Generating,6% pref.
Acme(3love Works634% preferred
(guar.) 5134 Jan. 2 Dec. 5
h81 4C Dec. 15 Nov. 30
California Ink (quar.)
Adams Express Co.,5% cum. pref.(quar.)
50c Dec. 28 Dec. 18
Dec. 31 Dec. 14a
51
Extra
Affiliated Products Corp.,(monthly)
50c Dec. 28 Dec. 18
Sc Jan. 1 Dec. 14
California Packing Corp
Alabama Power Co.,$7 pref. (guar.)
3734c Dec. 15 Nov. 30
$14 Jan. 2 Dec. 14
Cameron Machine.8% pref. (guar.)
$6 preferred (guar.)
$2 Dec. 31 Dec. 20
$1% Jan. 2 Dec. 14
Canada Malting Co.. Ltd. (guar.)
$5 preferred (qua?.
3734c Dec. 15 Nov.30
h Feb. 1 Jan. 15
Coupon (guar.)
Albany & Susquehanna (s.
-a.)
$434 Jan. 2 Dec. 15
Canada Northern Power Corp. common (qu.)_ _ 3734c Dec. 15
Allegheny Steel Corp.. common
25c Jan. 25 Dec. 31
15c Dec. 15 Dec 1
7% cumulative preferred (quay.)
Allied Chemical & Dye Corp., pref. (quar.)
134% Jan. 15 Dec. 31
Jan. 2 Dec. 11
Canada Permanent Mtge. (quar.)
Allied Laboratories (quarterly)
52 Jan. 2 Dec. 15
Jan. 1 Dec. 26
Canadian Celanese. Ltd.. 7% preferred (guar.).
$334 convertible preferred (qua?.)
414 Dec. 31 Dec. 14
87%c Jan. 1 Dec. 26
Canadian Cotton, Ltd.. corn. (quar.)
Alpha Portland Cement 7% pref. (quar.)
r$1 Jan. 2 Dec. 14
$14 Dec. 15 Dec. 1
Preferred (guar.)
Aluminum Mfg ((mar.).
r$1 Jan. 2 Dec. 14
50c Dec. 31 Dec. 15
Canadian Foreign Investment,8%
7% preferred (guar.)
Pref. (guar.)
r$2 Jan. 1 Dec. 15
$14 Dec. 31 Dec. 15
Canadian 011 Cos., Ltd. 8% pref. (quar.)
Amalgamated Leather Cos., pref
S 50c Jan. 1 Dec. 19
$2 Jan, 1 Dec. 20
Capital Transit Co. (initial)
American Agricultural Chemical Corp
$1 Dec. 15 Nov. 30
50c Dec. 31 Dec. 10
Carnation Co.,7% pref. (guar.)
American Bakeries Co.. 7% pref. (6.-a.)
*11' Jan. 1 Dec. 20
$314 Jan. 1 Dec. 14
Preferred (quar.)
7% preferred (quar.)
314 Apr. 1 Mar. 20
$1
Jan. 1 Dec. 17
Preferred (quar.)
American Bank Note preferred (quar.)
$14 July 1 June 20
o Jan. 2 Dec. 13a
Case (J. I.) Co., preferred (quar.)
American Can Co. common (guar.)
$1 Jan. I Dec. 12
$1 Feb. 15 Jan. 25a
Central Illinois Light Co.,6% pref. (quar.)
Common (extra)
11.6% Jan. 2 Dec. 15
31 Feb. 15 Jan. 25a
7% preferred (guar.)
Preferred (quar.)
145 Jan. 2 Dec. 15
14% Jan. 2 Dec. 14a
Central l'ipe Line (liquidating)
American Capital Corp. $3 preferred
h75c Dec. 24 Dec. 10
89c
Chain Belt Co.. common
American Chicle Co. (quar.)
15c Feb. 15 Feb. 1
75c Jan. 2 Dec. 12
Extra
Special
60c Dec. 22 Dec. 7
50c Jan. 2 Dec. 12
Champion Coated Paper Co.
American Cigar Co., common (quar.)
$2 Dec. 15 Dec. 1
1st and special preferred (quar.)
Extra
$131 Jan. 2 Dec. 19
$2 Dec. 15 Dec. 1
Champion Fiber Co., preferred (quar.)
Preferred (guar.)
$13 Jan. 1 Dec. 19
4
$1% Ian, 2 Dec. 15
Chesapeake Corp.(quarterly)
American Coal Co. of Allegany Co
63c Jan. 1 Dec. 7
50c Dec. 22 Dec. 3
Chesapeake & Ohio Ry. Co.. common (gnat.).
American Factors. Ltd.(monthly)
..
70c Ian. 1 Dec. 7
10c Dec. 10 Nov.30
Preferred (semi-annual)
American hair & Felt 1st preferred
$314 Jan. 1 Dec. 7
h$3 Dec. 15 Nov. 30
Chesebrough Mfg. Co. (quar.)
American Hardware Corp (quer.)
$1 Dec. 28 Dec. 7
25c Jan. 1
Extra
American Hawaiian S.S. Co. (quar.)
31 Dec. 28 Dec. 7
25c Dec. 31 Dec. 15
Chicago Junction Union Stockyards (quar.)
American Home Products Corp. (monthly)_
$24 Ian, 2 Dec. 15
20c Jan. 2 Dec. 14a
6% preferred (quar.)
Monthly
20c Feb. 1 Jan. 14a
5134 Jan. 2 Dec. 15
Chicago Rivet & Machine Co
American Machine & Foundry Co.com.(final).—
37%c Dec. 10 Nov.30
20c Dec. 10 Nov. 27
Christiana Security Co.7% pref.(quar.)
American Mfg. Co.. pref. (quar.)
$1.4 Jan. 2 Dec. 20
$134 Dec. 31 Dec. 15
Chrysler Corp., corn. (quar.)
American Optical Co.,7, preferred (quar.)
7,,
25c Dec. 31 Dec. 1
Jan. 1 Dec. 15
Churchill House Corp
American Paper Goods. 7% pref. (guar.)
50c Jan. 7 Dec. 15
514 Dec. 15 Dec. 5
Cincinnati, New Orleans & Texas Pacific RR—
American Power dr Light $6 preferred
h37%c Jan. 2 Dec. 5
Semi-annual
$5 preferred
531 4c Jan. 2 Dec. 5
$4 Dec. 26 Dec. 4
Extra
American Safety Razor (quar.)
$3 Dec. 26 Dec. 5
$1 Dec. 31 Dec. 10
Cincinnati Union Terminal,4% pref. (quar.)
American Steel Foundries, preferred
Jan. 1 Dec. 20
50c Dec. 31 Dec. 15
Citizens Water (Wash., Pa.), 7% pref. (quar.)_ $1
American Stores Co.(quar.)
$14 Ian. I Dec. 20
50c Jan. 1 Dec. 14
City Ice & Fuel (quarterly)
American Sugar Refining Co., corn. (quar.)_ _
50c Dec. 31 Dec. 15
50c Jan. 2 Dec. 5
Clark Equipment Co..common (guar.)
Preferred (guar.)
20c Dec. 14 Nov.30
$14 Jan. 2 Dec. 5
7% preferred (quar.)
American Sumatra Tobacco Co.(quar.)
$14 Dec. 14 Nov.30
25c Dec. 15 Dec. 1
Clearfield & Mahon1ng RR. Co., (8.-a.)
American Surety Co of N.Y.
50c Jan. 2 Dec. 15
$1% Jan. 2 Dec. 20
Climax Molybloom Co. (guar.)
American Telep. & Teleg. Co.(quar.)
Sc Dec. 31 Dec. 15
$214 Jan. 15 Dec. 15
Clinton Trust Co. of New York (quar.)
American Thread. 5% preferred (11.-a.)
50c Jan. 2 Dec. 20
12%c Jan. 1 Nov.30
Extra
American Tobacco Co. preferred (quar.)
50c Jan. 2 De-. 20
134% Jan. 2 Dec. 10
Coast Counties Gas & Electric.8% pref. (quar.)
American Water Works & Electric Co.—
$1
Dec. 15 Nov. 26
Coca-Cola Co.(quar.)
$6 first preferred (quar.)
$1
Jan. 2 Dec. 12
$1% Jan. 2 Dec. 7
Extra
Anchor Cap Corp., common (quar.)
$ Jan. 2 Dec. 12
15c Jan. 2 Dec. 19
Class A (quar.)
3634 preferred (quar.)
$134 Jan. 2 Dec. 12
Jan. 2 Dec. 19
41
Coca-Cola International Corp., corn. (guar.)._ _
Andian National Corp. (semi-annual)
Jan. 2 Doc. 12
$1 Jan. 1 Nov. 15
Common (extra)
Arkansas Power & Light. $7. pref
h$1.17 Dec. 15 Nov.30
Jan. 2 Dec. 12
Class A (semi-ann.)
$6 preferred (quar.)
S
Jan. 2 Dec. 12
$1 Dec. 15 Nov.30
Colonial Ice, $7 preferred (quar.)
Armour & Co.(Del.)7% guaranteed pref.lqu
$14 Jan. 2 Dec. 20
.). $134 Jan. 1 Dec. 10
$6 preferred B (quar.)
Armour & Co.(Illinois) $6 prior pref. (quar.)$1% Jan. 2 Dec. 20
$114 Jan. 1 Dec. 10
Colt's Patent Fire Arms Mfg. Co.(quar.)
Arms Mfg. Co. (extra)
25c Dec. 31 Dec. 8
50c Dec. 31 Dec. 8
Special
Art Metal Works (guar.)
10c Dec. 21 Dec. 10'
50c Dec. 31 Dec. 8
Columbia Broadcasting System A & B
Extra
Sc Dec. 21 Dec. 10
e50% Dec. 27 Dee. 13
Columbia Pictures Corp., common (guar.)
Associates Investment (guar.)
25c Jan. 2 Dec. 14
$1 Dec. 31 Dec. 31
Common (semi-ann.)
Extra
/2%a Feb. 2 Jan. 14
$1 Dec. 31 Dec. 31
Atchison Topeka & Sante Fe, pref. (8.-a.)
Columbus & Xenia RR
Dec. 10 Nov. 24
$2% Feb. 1 Dec. 31
Commercial Credit (quar.)
Atlanta, Birmingham & Coast Co.,
50c Dec 31 Dec. 11
Dec. 3
Atlantic Coast Line CO. of Conn 5 pf. (8.-a.).. $2% Jan. 1 Dec. 12
$3 A convertible (qua?.)
75c
Dec. 11
$1 Dec. 15 Dec. 4
Atlantic & Ohio Telegraph Co. (quar.)
% 1st preferred (quar.)
$1% Dec. 31 Dec. 11
$131 Jan. 2 Dec. 15
7% cum. preferred (quar.)
Automatic Voting Machine Co.(quar.)
434c Dec. 31 Dec. 11
12%c Jan. 2 Dec. 20
8% cum. preferred (quar.)
Quarterly
50c Dec. .11 Dec. 11
12%c Apr. 2Mar.20
Commercial Investment Trust Corp., coin.(go.)
Quarterly
m50c Jan. 1 Dec. 50
12%c July 2 June 20
Common (extra)
50c Jan. 1 Dec. 50
1,8a
13
Volume
Name of Company.
3597
Financial Chronicle
139
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
When Holders
Per
Share. Payable. of Record.
5
122 Nov 15
3.1100
Hecla Mining Co"
Dec. 10
30c Dec. 31 Mc. 1
-a.)
$1
Commercial Solvents Corp., corn. (s.
Helme(Geo.'W.),common (quar.)
Jan. 2 Dec. 7
Dec. 10
$6 pref. (qu.) $1
52 Jan.
Commonwealth & Southern Corp..
Common(extra)
Jan. 2 Dec. 15
,
114 Jan. i Dec. 10
Commonwealth Utilities,7% pref. A (quar.)__
tspecial)
Common
Jan. 2 Dec. 15
Pr
efrd Dec. 10
B (quar.)
6% preferred
(quarterly)
S14 Mar. 1 Feb. 15
75c Dec. 21 Dec. 10
64% preferred C (quar.)
Hercules Powder Co.,common (quar.)
e25%
75c Dec. 21 Dec. 10
Compressed Industrial Gases
Common (extra)
50c Dec. 15 Nov.30
25c Jan. 2 Nov. 26
Quarterly
Heyden Chemical Corp., extra
Dec. 31 iec. 25
$131 Jan. 2 Dec. 20
Confederation Life Association (quar.)
(quar.)
Preferred
40c Dec. 15 Dec. 1
be Dec. 28 Dec. 21
Congoleum-Nairn. Inc. (quar.)
Hibbard, Spencer. Bartlett & Co. (monthly)...
40c Dec. 15 Dec. 1
50c Dec. 15 Dec. 5
Extra
Home Fire & Marine Insurance (quar.)
75c Jan. 1 Dec. 15
15c Dec. 20 Dec. 12
Connecticut Electric Service (quar.)
Honolulu Gas Co.(rdonthlY)
20c Jan. 2
25c Dec. 15 Dec. 5
Consolidated Bakeries of Canada (quar.)
Honolulu 011 Corp. (quar.)
25c Dec. 1 Dec. 1
25c Jan. 1 Dec. 1
Consol. Diversified Standard Securities (8.-a.)
Humble Oil & Refining Co.(quar.)
Dec. 10
50c Jan. 2 Dec. 10a
Film Industries Inc. preferred
(quar.)
Consolidated
Hygrade Sylvania Corp., common
h50c Jan. 5 Dec. 10
% Jcn.. 2 Dec. 10
2
a
5
$1°c j n
Preferred
Preferred (quarterly)
50c Dec. 12 Nov. 9
3c Dec. 20 Dec. 5
Consolidated Gas(N. Y.)common
Consol. Mines (quar.)
Idaho-Maryland
$I g Feb. 1 Dec. 28
.
Jan. 1
514 Dec 31 Dec. 31
Preferred (guar.)
Illinois Bell Telephone
90c Jan. 5 Dec. 15
„33i
, 52 Jan. 2 Dec. 11
Consolidated Gas of Baltimore. common (qu.)_
Illinois Central RR.leased lines (semi-ann.)
$1 X Jan. 2 Dec. 15
Preferred A (quar.)
Imperial Life Assurance (quar.)
$134 Jan. 2 Dec. 15
Dec. 15 Nov.30
Preferred D (quar.)
Indiana Hydro-Electric Products (quarterly)... 873.c Jan. 1 Dec. 5
SI% Jan. 2 Dec. 15
Preferred C (quar.)
Indianapolis Power & Light. 6% pref. (guar.)._ $131 Jan. 1 Dec. 5
1734c Jan. 2 Dec. 21
$1
Paper, pref. (quar.)
Consolidated
64% preferred (quarterly)
Jan. 2 Dec. 15
Dec. 120
51
Consumers Power Co..$5 pref.(guar.)
Indianapolis Water Co. 5% pref.(quar.)
SI A Jan. 2 Dec. 15
Jan. 1
41k3 .1 .. 2 Dec. 8
67 preferred (quarterly)
Ingersoll Rand Co.. preferred (8.-a.)
$1.65 Jan. 2 Dec. 15
$2 Dec. 28 Dec. 8
6.6% preferred (quarterly)
Common (special)
$1% Jan. 2 Dec. 15
7% preferred (quarterly)
International Business Machine Corp.—
50c Jan. 2 Dec. 15
$134 Jan. 10 Dec. 22
67 preferred (monthly)
55c Jan. 2 Dec. 15
e2% Jan. 10 Dec. 22
6.6% preferred (monthly)
uarteryvidend
ao ck dl
50c Dec. 28 Dec. 28
Sc Jan. 2 Dec. 14
Corox Chemical Co.(quar.)
(guar.)
International Carriers
25c Dec. 24 Dec. 14
25c Dec. 31 Dec. 11
(quar.)
Crowell Publishing
International Cement Corp
68c Dec. 15 Nov. 30a
2734c Dec. 10 Nov. 27
Crown Cork & Seal Co.. Inc., preferred (quar.)
International Cigar Machine Co.(final)
$2 Dec. 28 Dec. 18
15c Jan. 15 Dec. 20
Crum & Forster. 8% preferred (quar.)
International Harvester. corn. (quar.)
$4 Jan. 1 Dec. 20
15c Dec. 20 Dec. 5
Crystal Tissue 8% preferred (semi-ann.)
International Milling Corp..common (quar.)
Dec. 15 Dec. 1
$1
15c Dec. 30 Dec. 5
Cuneo Press. Inc., prelerred (quar.)
l Mining Corp., corn
Internationa
S1"4 Jan. 2 Dec. 20
. 2
s1154 Jan.Dec 31 Dec. 1
pref.(quar.)
Curtis Publishing.$7
International Nickel of Canada, corn
1
Dec. 31
$lg Dec. 20 Dec. 30
Dairy League Corp., 7% prof (8.-a.)
International Ocean Teleg.(quar.)
loc Jan. 2 Nov. 10
3734c Jan. 2 Dec. 15a
Davega Stores Corp. common
International Salt Co
soc Jan. 1 Dec. 16
51 Jan. 1 Dec. 10a
Davenport Hosiery Mills, common
International Silver Co.. preferred
$1 Jan. 2 Dec.
$1•33 1-3 Jan. 2 Dec. 15
Dayton & Michigan RR.,8% preferred
International Telegraph (8.-a.)
75c Jan. 2 Dec. 20
$ 1.33 1-3 Jan. 2 Dec. 15
De Long Hook & Eye (quar.)
International Teleg. of Maine. (8.-a.)
50c Jan. 1 Dec. 26
. 2
n 2 Dec. 14
Jaa
Denver Union Stockyards (quar.)
Intertype Corp., 1st pref. (quar.)
Jan. 2 Nov. 15
Dec. 14
-an.)_ 23
53 Jan.
Deposited flank Shares(N. Y.)series A (5.
6% 2nd preferred (semi-ann.)
Jan. 5 Dec. 20
-a.)
RR.(s.
34e Dec. 20 Nov.30
Detroit Hillsdale & Southwestern
Iowa Electric Light & Power,7% preferred A_ - _ h87 Mc Dec. 20 Nov.30
10 Nov. 24
22c Dec.
h81
Detroit Motorbus (liquidating)
B
631% preferred
60c Dec. 20 Dec. 10
h75c Dec. 20 Nov.30
Detroit Paper Products
6% preferred 0
Jan. 15 Dec. 20
e50% Dec. 15 Dec 1
Diamond State Telep. Co.6M % pref. (quar.)_
iron Fireman Mfg. Co
50c Jan. 21 Dec. 31
Dome Mines, Ltd.(quarterly)
(quar.)25c Jan. 2 Dec. 4
Irving Trust Co.
r30c Jan. 2 Dec. 15
Dominion Stores. Ltd., common (quar.)
Jersey Central Power & Light Co.—
15
2
$131 Jan. 1 Dec. 10
Dominion Textile Co., Ltd., common (quar.)... 51 X Jan. 15 Dec. 31
Dec.
534% preferred (quarterly)
$1% Jas.
$14 Jan. 1 Dec. 10
Preferred (quar.)
607, preferred (quarterly)
600 Jan. 2 Dec. 1
$131 Jan. 1 Dec. 10
Draper Corp. (quarterly)
7% preferred (quarterly)
1
$2 Jan. 2 Dec.
75c Jan. 15 Jan. 2
Extra
Jewel Tea Co.. Inc.. common (quar.)
51% Jan. 1 Dec. 20
50c Dec. 15 Dec. 1
Driver Harris Co.7% pref.(quar.)
Extra
;,‘ ofI% Jan. 2 Dec. 15
17
$1 g Jan. 1 Dec. 20
Duke Power Co.common
lle Corp.. 7% pref. (quar.)
Johns-Manvi
% Jan. 2 Dec. 15
15c Dec. 31 Dec.
Preferred
Kalamazoo Vegetable Parchment Co. (quar.).- $1
Jan. 1 Dec. 14
du Pont de Nemoure(E.I.)& Co.—
Kansas City Power & Light. 1st pref. B (quar.). S1
65c Dec. 15 Nov. 28
Jan. 2 ec. 15
Common (quarterly)
Kansas Electric Power Co.. 7% pref.(guar.).— lg Jan. 2 Dec. 15
15c Dec. 15 Nov.28
Extra
(quar.)i
6% junior preferred
Jan. 25 Jan. 10
51 A
75c Dec. 15 Nov.30
Debenture (quarterly)
Hatt Drug Co.common (quar.)
1 Dec. 15
$134 Jan. 2 Dec. 14
Eastern Gas & Fuel Assoc., 434% Pref.(9115f.)- $1.125 Jan. 1 Dec. 15
$634 preferred (quar.)
Jan.
$131 Jan. 2 Dec. 10
6% preferred (quarterly)
Kaufmann Dept. Stores, pref.(quar.)
Dec. 15 Dee. 5
$1
1234e Jan. 2 Dec. 5
-a.)
East Mahanoy RR.(s.
Corp. (quar.)
Kelvinator
Jan, 2 Dec 5
20c Jan. 2 Dec. 5
Kodak Co., common (guar.)
Eastman
Extra
$134 Jan. 2 Dec. 5
15c Dec. 31 Dec. 10
Preferred (quarterly)
Kennecott Copper Corp
$1 A Jan. 17 Jan. 7
$1.4 Jan. 15 Dec. 29
East Pennsylvania RE. Co. (5.-a.)
pref.(quar.)
Kentucky Utilities Co.,6%
Jan. 2 Dec. 17
$1 34 Jan. 2 Dec. 12
East Tennessee Telegraph (8.-a.)
Kimberly-Clark Corp. preferred (quar.)
Dec. 24 Dec. 10
Jan. 2 Dec. 18
Edison Bros., Storm, Inc., common (quar.)--- Kings County Lighting Co. (quar.)
Dec. 15 Nov.30
Si
n Jan. 2 Dec. 18
Preferred (quarterly)
l
•e
5% pr efea (( uar
6% preferra crar3
Jan. 1 Dec. 15
Jan. 2 Dec. 18
$1%
Electric Auto-Lite Co.7% pref.(quar.)
25c Jan. 2 Dec. 20
5131
51% Jan. 2 Dec. 18
Electric Controller & Mfg.Co.(quar.)
7% preferred (quar.)
75c Jan. 1 Dec. 10
25c Jan. 2 Dec. 20
Electric Storage Battery Co.,common
Klein(D.Emil)quarterly)
The Jan. 1 Dec. 10
$134 Jan. 2 Dec. 12
Cumulative participating preferred
Koppers Gas & Coke.6% pref. (quar.)
$1.61 Jan. 2 Dec. 20
25c Jan. 2 Dec. 11
Elmira & Williamsport RR..7% pref. (11.-11.)
Kresge (S. S.) Co..common
Jan. 15 Dec. 31
Si
5151 Jan. 2 Dec. 11
El Paso Electric (Tex.).6% pref. (quar.)
Preferred (quar.)
50C Jan. 2 Dec. 15
50c Dec. 20 Dec. 11
Emerson Bromo Seltzer, Inc.. 8% Pref. (quar.)
(extra)
Rress (S. H.) & Co.. common
Jan. 1 Dec. 15
Si
$lit Jan. 2 Dec. 30
Empire Power Corp..$6cum.preferred
Kroger Grocery & Baking. 6% 1st pref.(quar.). $1
87 Mc Dec. 1 Nov.30
Feb. I Jan. 18
Erie & Pittsburgh RR. Co
(quar.)
7% 2d pref.
Sc Dec. 31 Dec. 26
Jan. 20cc. 7
7
0
Equity Trust Shares in America (reg.)
Lackawanna RR. of N. J.. 4 gtd. (quar.).__ _
25c Mar. 1 Feb. 15
r50c Dec. 15 Dec. 1
Faber Coe & Gregg (quarterly)
Lake Shore Mines. Ltd.(guar.)
Jan. 1 Dec. 11
$2
r50e Dec. 15 Dec. 1
Farmers & Traders Life Ins.(guar.)
Bonus
Apr. 1 Mar. 11
•
$2
3734c Dec. 31
Quarterly __
Landers. Frary & Clark.corn.(quar.)
Dec. 1.5 Dec. 1
s
Dec. 15 Dec. 5
$2
Federal Knitting Mills Co.,extra
pref. (quar.)
Landis Machine,
16c Dec. 29 Nov. 14
g
2te Dec. 31
Fifth Avenue Bus Securities (quar.)
Latin-American Bond Fund (8.-a.)
Si Dec. 1.5 Dec. 10
Jan. 2 Dec. 20
Food Machinery.84% preferred
Lazarus (F. & R.) Co.(quar.)
25c Dec. 1.5 Dec. 5
$131 Jan. 2 Dec. 20
Foote-Bert Co.. common
Preferred (quar.)
r75c Dec. 17Nov.30
of Canada
Sc Jan, 2 Dec. 20
Ford Motor
Extra
5134 Feb. 1 Jan. 15
8736c Jan. 2 Dec. 14
Freeport Texas Co. preferred (quar.)
Lehigh Portland Cement Co. preferred
87Mc Jan. 1 Dec. 10
35c Dec. 15 Dec. 1
General American Transportation Corp
Leslie-California Salt, (quar.)
$1 Feb. 1 Jan. 16
20c Dec. 15 Dee. 1
General Cigar Co.(quar.)
Extra
$3 Feb. 1 Jan. 16
$2 Jan. 2 Dec. 15
-a.)._
Extra
Co., preferred (s.
Lexington Union Station
s1 Mar. 1 Feb. 20
(quar.)
300 Dec. 15 Nov.30
Preferred
Libbey-Owens-Ford Glass Co (quar.)
stg June 1 May 23
Si X Jan. 1 Dec. 10
Preferred (quar.)
Tobacco,preferred (quar.) __
Liggett & Myers
15c Jan. 25 Dec. 28
37}c Dec. 15 Dec. 1
General Electric (guar.)
Lily Tulip Cup Corp. (quar.)
15c Jan. 25 Dec. 28
$IM Jan. 1 Dec. 20
Special stock (quar.)
Linde Air Products6% preferred (quar.)
25c Dec. 12 Nov. 15
1734c Dec. 17 Dec. 8
General Mo ors Corp., corn.(quar.)
(quar.)
Lindsay Light Co.. preferred
$114 Feb. 1 Jan. 7
$1 X Jan. 2 Dec. 15
(quar.)
$5 preferred
Link Belt Co.. preferred (quar.)
25c Jan. 2 Dec. 10
0
0
151c Dec. 10 Nov. 24
General IV. Signal, common
Little Miami RR,.special guaranteed (quar.)._
SIM Jan. 2 Dec. 10
Dec. 10 Nov. 24
$
Preferred tquar.)
Original guaranteed (quar 1
Jan. 2 Dec. 15
SI
Jan. 15 Dec. 15
Georgia Power Co.$6 preferred (quar.)
Little Schuylkill Nay.. RR. & Coal (semi-ann.). $1.10 Mar. 30 Mar.30
Jan. 2 Dec. 15
Si
$334
$5 preferred (quar.)
-a.)
pref. (s.
Lockhart Power Co.. 7%
$234 Jan, 15 Jan. 1
h35c Dec. 10 Nov.30
Georgia RR. & Banking (quer.?
Loew s London Theatres,7% pref
25c Dec. 31 Dec. 1
Gillette Safety Razor common quar.)
3734c Jan. 2 Dec. 14
London Packing (quar.)
$1% Feb. 1 Jan. 2
1234c Jan. 2 Dec. 14
Preferred (quar.)
Extra
40c Jan. 1 Dec. 15
$I% Jan. 1 Dec. 15
Glens Falls Insurance (quar.)
Long Island Lighting, 7% pref. (quar.)
234e Dec. 21 Dec. 1
$134 Jan. 1 Dec. 15
Goebel Brewing co
6% preferred (quar.)
lc Dec. 21 Dec. 1
$IX Jan. 1 Dec. 180
Extra
Loose-Wiles Biscuit Co.. pref. (quar.)
$14 Jan. 2 Dec. 31
Jan. 2 Dec. 17
$2
Gold & Stock Teleg. (quar.)
Co., common (guar.)
Ex &
Lord traTaylor
25c Jan. 2 Dec. 10
Dec. 17 Dec. 1
5
Goldblatt Bros., Inc.(quar.)
El4 Dec. 31 Dec. 17
$5 Dec. 17 Dec. 1
Gold Dust Corp.,$6 preferred (quar.)
Christmas extra
40c Dec. 10 Nov.30
300 Jan. 2 Dec. 15
Golden Cycle Corp. (quar.)
Lorillard (P.) Co., common
60c Dec. 10 Nov.30
Si Jan. 2 Dec. 15
Extra
Common (extra)
$1 Jan. 2 Dec. 1
Goodyear Tire & Rubber Co., 1st pref
$1.31 Jan. 2 Dec. 15
Preferred
h$lg Jan. 1
Gorden & Belyea, Ltd..7% preferred
Louisville Gas & Electric Co. (Del.)
Jan, 2 Dec. 20
1Ine., preferred (quar.)
Gottfried Baking Co.,
37 c Dec. 24 Nov.30
Class A & B common (quar.)
Dec. 29 Dec. 27
Jan. 2 Sept.30
$
Grace(W. R.) & Co.,6% firsv pref. (5.-a.)
Lowenstein (M.)& Sons. 1st pref (quer.)
s2 Dec. 29 Dec. 27
Jan. 2 Dec. 22
$1
Preferred A (1111tr.)
Lunkenheimer Co.. 634% pref. (quar.)
S2 Dec. 20 Dec. 10
Grand Rapids & Indiana Ry. Co. (8.-a.)
53 Jan. 1 Dec. 15
& Abingdon Teleg. (8.-a.)
Lynchburg
1234c Dec. 31 Dec. 20
Grand Rapids Varnish Corp.(quar.)
75c Jan. 2 Dec. 17
Mapes Consolidated Mfg.(quar.)
25c Jan. 1 Dec. 12
Grant(W. T.) Co., common (quarterly)
75c Apr. 1 Mar. 15
Quarterly
$1 Dec. 15 Dec. 5
Great Western Eleetro-Chemical Co.. corn
75c July 1 June 14
Quarterly
$13 Dec. 15 Dec. 5
Extra
51% Jan. I Dec. 20
Marion Water Co., 7% pref. (quar.)
Si 34 Jan. 2 Dec. 21
15c Dec. 15 Nov.30
1st preferred (quar.)
Maryland Fund, Inc. (initial)
60c Jan. 2 Dec. 15
e3% Feb. 1 Jan. 15
Great Western Sugar Co.,common (quar.)
Stock distribution
$1A Jan. 2 Dec. 15
2
Preferred (quar.)
7
s
3 4c Jan.Jan. 2 Dec. 10
Mathieson Alkali Works,common (quar.)
Dec. 19 Dec. 15
Dec. 10
Greene RR. Co.(semi-annual)
Preferred (quarterly)
50c Dec. 15 Dec. 1
Greenwich Water & Gas System,6% pref. (qu.) 111% Jan. 2 Dec. 20
Mayflower Assoc.. Inc. (quar.)
$1g Jan. 1 Dec. 22
r20c Dec. 15 Nov. 15
Greyhound Corp. A preferred (quar.)
McColl Frontenac 011 Co. common (guar.)
25c Dec. 17 Dec. 5
Griesedick-Western Brewery
h50c Dec. 15 Dec. 1
Melchers Distilleries, Ltd., A
$14 Dec. 15 Nov.30
51X Jan. I Dec. 20
Gulf States Utilities, $6 preferred (quar.)
is
MemphisNatural Gas 57 pref (quar.)
Dec. 15 Nov.30
Si
$5,4 preferred (quar.)
375ic Jan. 1 Dec. 17
Machine Co. common (quar.)
43%C Dec. 31 Dec. 17
Hackensack Water. 7% preferred A (quar.).
25c Jan. 31 Jan. 15
Metal Textile Corp
45c Jan. 2 Dec. 10
25c Dec. 31 Dec. 15
Halifax Fire Insurance Co.(N. S.) (8.-a.)
Participating preferred (extra)
25c Jan. 2 Dec. 14
51% Jan. 2 Dec. 20
Halold Co., common (quarterly)
Metal& Thermit 7% Preferred (qear.),
25e Ian. 2 Dec. 14
Extra
4731c Dec. 15 Nov.30
Metro-Goldwyn Pictures 7% Pref. MM.)
,
Si,' Jan. 2 Dec. 14
51% Jan. 1 Nov.30
7% preferred (quarterly)
Metropollton Edison. 57 pref. (quar.)
Dec. 20 Dec. 5
Nov.30
51M Jan.
Hanna (M. A.) Co., $7 preferred (quarterly).... Si
$6 preferred (quarterly)
Jan. 20 Jan. 10
Nov.30
Hannibal Bridge (quar.)
$5 preferred (quarterly)
1 Dec. 21
Jan.
81
a .
:jan. 1 Dec. 20
liarbauer Co., 7% preferred (quar.)
Co.,6% pref (seml-ann.)—._
Midland Grocery
Jan. 21 Jan. 7
Dec. 5
Dec.
Harbison-Walker Refractories Co.. ef.(quar.).. $1
Midland Royalty Corp.$2 preferred
Jan. 2 Dec. 150
$1
1
5°C
h50c Dec. 1 Nov.30
Hazel Atlas Glass Co
Mississippi Power & Light, 1st pref
25c Dec. 15 Dec. 1
6% pf. B(qu.) 5134 Jan. 1 Dec. 22
Hazeltine Corp. (quar.)
Mississippi Valley Public Service.
$1% Dec. 31
Heath (D. c.), 7% pref. (quar.)
sip
$, t
$1g
.i
$1i'
3598
Financial Chronicle
Dec. 8 1934
Per
When Holders
Name of Company
Per
When Holders
Share Payable of Record
Name of Company.
Share. Payable ofRecord.
Mobile & Birmingham RR.4% pref.(semi-an
n.)
$2 Jan. 2 Dec. 1
Public Service of N. J.(quar,)
Monarch Knitting Mills. 7%
70c Dec. 31 Dec. 1
Preferred
31 Jan. 2 Dec. 15
Monolith Portland Cement.8%
8% preferred (quarterly)
h25c Dec. 10 Nov.30
$2 Dec. 31 Dec. 1
Monroe Chemical Co.. preferred preferred
7% preferred (quarterly)
(quar.)
1613( Dec. 31 Dec. 1
8734c Jan, 1 Dec. 15
Common
$5 preferred (quarterly)
50c Dec. 24 Dec. 10
$1 X Dec. 31 Dec. 1
Monsanto Chemical Co.(quar.)
6% preferred (monthly)
50c Dec. 31 Dec. 1
25c Dec. 15 Nov. 24
Public Service of Oklahoma,6% pref.(quar.)
Extra
Dec. 31 Dec. 20
Si
25c Dec. 15 Nov. 24
7% preferred (quar.)
Montgomery Ward & Co. A
Dec. 31 Dec. 20
h$531 Jan. 2 Dec. 21
$1
Public Service Electric & Gas Co., (quar.)
Montreal Cotton Ltd., pref. (quar.)
Dec. 31 Dec. 1
51
$131 Dec. 15 Nov.30
Montreal Loan & Mtge.(quar.)
7% preferred (quarterly)
Dec. 31 Dec. 1
6234c Dec. 15 Nov.30
$1
Quaker Oats Co., common (quar.)
Moore Dry tioods Co.(quar.)
0134 Jan. 1 Jan. 1
$ Jan, 15 Dec. 31
6% preferred (quarterly)
Morrell (John) & Co., Inc., corn. (quar.)
90c Dec. 15 Nov.24
$134 Feb. 28 Feb. 1
Queens Boro. Los & Electric Co.—
Morris (Philip) Consolidated, A (llquiclating)
$25.34 Dec. 10
Morris & Essex RR. Co
$6 preferred (quarterly)
=Si Jan. 2 Dec. 7
$144 Jan. 1
Rainier Pulp & Paper,$2 class A
Morris Finance, A (quar.)
h50c Mar. 1 Feb. 10
$134 Dec. 31 Dec. 21
$2 class A
B (quarterly)
h50c June 1 May 10
30c Dec. 31 Dec. 21
Rapid Electrotype
7% preferred (quarterly)
5151 Dec. 31 Dec. 21
50c Dec. 15 Dec. 1
Motor Finance Corp. (quar.)
Raybestos-Manhattan, Inc
25c Dec. 15 Nov.30
20c Nov.30 Nov. 23
Reading Co., 1st preferred (quarterly)
Muncie Water Works 8% pref. (quar.)
50c Dec. 13 Nov. 22
$2 Dec. 15 Dec. 1
2d preferred (guar.)
Muskogee Co.common
20c Dec. 15 Dec. 5
50c Jan. 10 Dec. 20
Reeves (Daniel). Inc.,common
Mutual Chem.of America. pref.(quar.)
1234c Dec. 15 Nov.30
(guar.)
$134 Dec. 28 Dec. 20
Mutual Telephone Co. (Hawaii) (monthly)___ _
6 X% preferred (quar.)
8c Dec. 20 Dec. 10
$134 Dec. 15 Nov. 30
Reliance Grain Co. (quar.)
Myers(F. E.)& Bros. Co..corn.(guar.)
40c. Dec. 31 Dec. 15
1234c Dec. 15 Nov. 30
634% preferred (guar.)
Preferred (quar.)
5134 Dec. 31 Dec. 24
Dec. 15 Nov. 30
$1
Reno Gold Mines
Nassau & Suffolk Lighting. 7% preferred
75c Jan. 1 Dec. 15
3c Jan. 3 Nov.30
Rensselaer & Saratoga RR (s.
National Automotive Fibers, $7 preferre
-a.)
$4 Jan. 2 Dec. 15
h$131 Jan. 2 Dec. 15
Republic Petroleum Co.. Ltd
National Biscuit Co. common (quar.) d
50c Jan, 15 Dec. 14
6c Dec. 20 Dec. 10
Reynolds Spring Co., common
National Bond & Share Corp
25c Dec. 15 Nov.30
10c Dec. 29 Dec. 15
Richmond Fredericksburg & Potomac RR
National Breweries, Ltd., common (quar.)
40c Jan. 2 Dec. 15
$2 Dec. 31 Dec. 22
Voting and non-voting common (8.-a.)
Preferred (quarterly)
43c Jan. 2 Dec. 15
$2 Dec. 31 Dec. 22
Rike-Kumler (semi-annual)
National Dairy Products. corn.(quar.)
30c Jan. 2 Dec. 5
50c Dec. 10 Nov. 27
Rickel (H. W.)
A & B. preferred (quar.)
$131 Jan. 2 Dec. 5
8c Jan. 15 Dec. 20
Rochester & Genesee Valley RR.(s.
National Finance Corp. of America
-a.)
$3 Jan. 2 Dec. 20
Royal Baking Powder (quarterly)
6% preferred (quar.)
25c Jan. 1 Dec. 6
15c Jan. 2 Dec. 10
6% preferred (quarterly)
National Gypsum Co., preferred (guar.)
$134 Jan, 2 Dec. 15
$1.34 Jan. 1 Dec. 6
Ruberoid Co. (quarterly)
National Lead Co., corn.(quar.)
25c Dec. 15 Dec. 1
$134 Dec. 31 Dec. 14
Extra..
Class B (quarterly)
$134 Feb. 1 Jan. 18
25c Dec. 15 Dec. 1
Ruud Mfg. Co. (quarterly)
Preferred class A (guar.)
10c Dec. 15 Dec. 5
$151 Dec. 15 Nov. 30
Safety Car Heating & Lighting Co
National 011 Products,$7 Preferred ((Mar.)
$151 Jan, 2 Dec. 20
$1 Dec. 22 Nov.30
St. Joseph Lead Co
National Safety Bank & Trust (initial)
10c Dec. 20 Dec. 7
25c Jan. 1 Dec. 15
St. Louis Bridge first preferred (semi-ann.)
National Sugar Refining Co.of New Jersey
50e Jan. 2 Dec 3
Jan. 2 Dec. 15
Second preferred (semi-annual)
National Transit (s.
-a.)
35c Dec. 15 Nov.30
Jan. 2 Dec. 15
Salt Creek Consolidated Oil
Newark Telephone Co.(Ohio) (quar.)
10c Dec. 20 Dec.1 5
$1 Dec. 10 Nov.30
San Joaquin Light & Power—
Newberry (J. J.) Co.. (quar.)
25c Jan. 1 Dec. 17
Prior preferred (quarterly)
New England Gas & Elec. Assn..$534 pref.(qu.)
$13 Dec. 15 Nov.30
75c Jan, 1 Nov.30
Prior preferred A (quarterly)
New England Tel.& Tel. Co.(quar.)
$134 Dec. 15 Nov 30
$134 Dec. 31 Dec. 10
Preferred A (quarterly)
New Jersey Power & Light, $6 pref. (quar.)
$134 Dec. 15 Nov.30
$134 Jan. 1 Nov.30
Preferred B (quarterly)
$5 preferred (quarterly)
$131 Jan. 1 Nov.30
Dec. 15 Nov.30
Saratoga & Schenectady RR.(s.
New jersey Water Co..7% pref. (quar.)
-a.)
Jan. 15 Dec. 31
$1% Jan. 1 Dec. 20
.
Savannah Elect. & Pow.,8% pref. A (quar.)
New York & Harlem RR. Co., (semi-ann.)
$234 Jan. 2 Dec. 15
Jan. 2 Dec. 10
7 % preferred B (quar.)
Preferred (semi-ann.)
234
Jan. 2 Dec. 10
N. Y. Lack. & Western By. Co., 5% gtd. (qu.) $134 Jan. 2 Dec. 15
7% preferred C (quar.)
$1
Jan. 2 Dec. 10
Jan. 2 Dec. 14
N. Y. Mutual Teleg. (s.
6349' preferred D (guar.)
-a.)
$1
75c Jan. 2 Dec. 31
Jan. 2 Dec. 10
Schiff Co.,common (quar.)
New York & Queens Electric & Power.(quar.)
50c Dec. 15 Nov. 30
$2 Dec. 14 Nov.30
Preferred (quarterly)
New York Steam Corp.$7 preferred (quar.)
$131 Dec. 15 Nov. 30
$151 Jan. 2 Dec. 15
Scott Paper Co., comma!'(quar.)
$6 preferred (quar.)
4234c Dec. 31 Dec. 17
$134 Jan. 2 Dec. 15
New York Telephone
Common (extra)
644% pref. (quar.)_
Dec. 31 Dec. 17
5134 Jan. 15 Dec. 20
Scovill mfg. Co.(quarterly)
New York Transportation (quar.)
Co..
25c Jan. 1 Dec. 15
Seaborrd Oil of Delaware (guar.)
Extaa
Niagara Shares Corp. of Md.class A pref.(qu.)- 50c Dec. 28 Dec. 14
15c Dec. 15 Dec. 1
$134 Jan, 2 Dec. 14
Noranda Mines
10c Dec. 15 Dec. I
OH Dec. 20 Dec.
Second International Securities Corp.
Norfolk Fe Western Ry. Co
$2 Dec. 19 Nov.30
North American Co., preferred (quar.)
6% let cumulative preferred
6244c Jan, 2 Dec. 16
75c Jan. 2 Dec. 5
Senior Securities (quarterly)
Common
30c Dec. 10 Nov. 30
25c Jan. 2 Dec. 5
Sheriff St. Market & Cold Storage
North Central Texas Oil, pref. (quar.)
$1 Dec. 20
Siscoe Gold Mines (quar.)
Northeastern Water & Electric. $4 pref. (quar.) $134 Jan. 2 Dec. 10
3c Dec. 31 Dec. 15
Si Jan. 2 Dec. 10
Extra
Northern Canada Mining Corp.
2c Dec. 31 Dec. 15
2c Jan. 2 Dee. 15
Socony-Vacuum 011 Co
Northern Central Ry. (semi-ann.)
15c Dec. 15 Nov. 160
$2 Jan. 15 Dec. 31
South American Gold & Platinum Co
Northern Ontario Power Co., common (quar.)_ _
10c Dec. 31 Dec. 21
50c Jan. 25 Dec. 31
South Carolina Power Co.. $6 pref.(guar.)
6% cum. cony. preferred (quar.)
$144 Jan. 1 Dec. 15
144% Jan, 25 Dec. 31
South Penn Oil Co.(quarterly)
Northern Pipe Line Co—..
30c Dec. 31 Dec. 15
25c Jan 2 Dec. 7
Southern Acid & Sulphur (quar.)
North River Insurance (quar.)
50c Dec. 15 Dec. 10
15c Dec. 10 Nov 30
Preferred (quarterly)
Extra
Sc Dec. 10 Nov.30
$131 Jan. 2 Dec. 10
Southern Calif. Edison Co., Ltd.
Northwestern Teleg. Co.(13.-a.)
$134
Norwalk Tire & Rubber Co., preferred (guar.)._ 8744c Jan. 2 Dec. 15
7% preferred A (quar.)
43 Mc Dec. 15 Nov. 20
Jan. 2 Dec. 21
79 preferred (quar.)
Norwich Pharmacal Co.(quar.)
4331c Jan.1 15 Dec.'20
$i( Jan. 1 Dec. 20
6% preferred 13 (quar.)
Extra
3744c Dec. 15 Nov. 20
51 Jan. 1 Dec. 20
Series C 544% preferred (quarterly)
Ohio Brass Co. common (quar.)
3430 Jan. 15 Dec. 20
50c Dec. 15 Nov. 24
Southern Canada Power Co.,6% pref.(guar.)._
Ohio Edison Co.. $5 preferred (quar.)
Jan. 15 Dec. 20
$134 Jan. 2 Dec. 15
Southern Colorado Power Co.,7% cum. pf.(qu.) 131
$6 preferred (quar.)
Dec. 15 Nov.30
$134 Jan. 2 Dec. 15
South Porto Rico Sugar Co.,common (quar.)....
$6.60 preferred (quar.)
50C Jan. 2 Dec. 8
$1.65 Jan. 2 Dec. 15
Preferred (quarterly)
$7 preferred (guar.)
$151 Jan, 2 Dec. 15
2; Jan. 2 Dec. 8
Southwestern Gas & Electric8% pref.(qu.)
$7.20 preferred (quar.)
$1.80 Jan. 2 Dec. 15
Jan. 2 Dec. 15
79' preferred (quar.)
Ohio 011 Co.. common (quar.)
15c Dec. 15 Nov. 15
$1.41 Jan. 2 Dec. 15
Southwestern Portland Cement (quar.)
Preferred (quarterly)
$1. Jan. 1
5134 Dec. 15 Dec. 3
Preferred (quar.)
Oklahoma Gas & Electric Co.,6% pref.(quar.) 135%
$2 Jan, 1
Dec. 15 Nov.30
Sovereign Life Assurance
7.7 preferred (quarterly)
o
$151 Dec. 15 Dec. 1
% Dec. 15 Nov.30
Spencer Kellogg & Sons,corn.(quar.)
Old Line Life Insurance Co. of America
40c Dec. 31 Dec. 15
15c Jan. 2 Dec. 15
Standard Brands, Inc., common (quar.)
Omnibus Corp. preferred (quar.)
25c Jan. 2 Dec. 6
52 Jan. 2 Dec. 14
Class A. $7 preferred (guar.)
Oneida Community. Ltd., preferred
h25c Dec. 15 Nov.30
$151 Jan. 2 Dec. 6
Standard Coosa Thatcher, 7% pref. (quar.)
Pacific & Atlantic Telegraph (9.-a.)
50c Jan, 2 Dec. 15
$151 Jan, 15 Jan. 15
Standard Fruit Steamship, preferred
Pacific Lighting Corp., $6 pref. (quar.)
h$144 Dec. 24 Dec. 19
$134
Standard Oil Co. of California (quar.)
Pacific Southern Investors, Inc. (preferred)___ - h$144 Jan. 15 Dec. 31
25c Dec. 15 Nov. 15
Jan. 1 Dec. 15
Standard Oil Co.(N.J.) $25 par value (s.
Page Hersey Tubes (quar.)
-an.)....
r75c Jan. 2 Dec. 15
50c Dec. 15 Nov. 15
Extra
Preferred (quar.)
25c Dec. 15 Nov. 15
5151 Jan. 2 Dec. 15
$100 par value (semi-ann.)
Paraffine Cos., Inc. common
50c Dec. 27 Dec. 17
$2 Dec. 15 Nov. 15
Extra
Paterson & Hudson RR.(semi-ann.)
'
$154 Jan. 2 Tan. 2
$1 Dec. 15 Nov. 15
Standard Oil of Indiana (quar.)
Ponder (David) Grocery Co. class B
25c Dec. 15 Nov. 15
50c Dec. 21 Dec. 10
Standard Oil Co.(Ky.)(quar.)
Penick & Ford, Ltd.(quar.)
25c Dec. 15 Nov. 30
750 Dec. 15 Dec. 1
Extra
Extra
50c Dec. 15 Nov. 30
75c Dec.
Standard Oil Co.(Ohio).5% pref.(guar.)
Penn Central Light & Power. $5 pref.(quar.)_ _ $134 Jan, 15 Dec. 1
$1 X Jan, 15 Dec. 31
2 Dec. 10
No action was taken on the common.
$2.80 preferred (quar.)
70c Jan, 2 Dec. 10
Sterling Brewers, Inc. (initial)
Pennsylvania Gas & Elec. (Del.). 7% pf. (qu.)_
734c Dec. 20 Dec. 5
5151 Jan. 2 Dec. 20
Stony Brook RR.(semi-ann.)
$7 preferred (quar.)
$.3
Ian. 5 Dec. 31
5131 Jan, 2 Dec. 20
Sun Oil Co.. common
Pennsylvania Power Co.. $6.60 preferred
p25c Dec. 15 Nov. 24
55c Jan. 2 Dec. 20
Sunshine Mining (quar,)
$6.60 preferred (monthly)
16c Dec. 31 Dec. 15
55c Feb. 1 Jan. 21
Extra
$6.60 preferred (monthly)
4c Dec. 31 Dec. 15
55c Mar. 1 Feb. 20
Sussex RR.(semi-ann.)
$6 preferred (quar.)
50c Jan. 2 Dec. 15
Sutherland Paper Co. (bi-monthly)
Pennsylvania Water & Power Co.,corn.(quar.)_ $144 Mar. 1 Feb. 20
10c Dec. 20 Dec. 10
75c Jan. 2 Dec. 15
Extra
Preferred (quarterly)
10c Dec. 20 Dec. 10
$134 Jan, 2 Dec. 15
Swift & Co.(quarterly)
Peoples Drug Stores, Inc
12Xc Jan. 1 Dec. I
el00% Dec. 31 Dec. 21
Sylvania Industrial Corp. (quar.)
Quarterly
250 Dec. 15 Dee. 5
25c Jan. 2 Dec. 21
Sylvanite Gold Mines (quar.)
Extra
Sc Dec. 31 Nov. 20
$134 Jan. 2 Dec. 21
Tacony Palmyra Bridge Co., class A (quar.)__ _
Preferred (quar.)
50c Dec. 31 Dec. 10
$I
Common (quarterly)
Peoria Water Works Co., 7% preferred (guar.). $151 Dec. 15 Dec. 3
50c Dec. 31 Dec. 10
Jan. 1 Dec. 20
Peck Hughes Gold Mines
Perfect Circle Co.(quarterly)
10c Jan, 2 Dec. 10
50c Jan. 1 Dec. 14
Tennessee Electric Power Co.—.
Pet Milk Co.. common (quar.)
25c Jan. 1 Dec. 11
59' 1st preferred (quar.
Preferred (quarterly)
Jan. 2 Dec. 15
$151 Jan. 1 Dec. 11
69' 1st preferred (quar.
Petroleum & 'Trading Corp A
Jan. 2 Dec. 15
50c Dec. 28 Dec. 14
79 1st preferred (quar.
Phelps Dodge Corp. (special)
$131 Jan. 2 Dec. 15
25c Dec. 15 Nov.30
7.2% 1st preferred (quar.)
Philadelphia Baltimore & Washington RR..
$1.80 Jan. 2 Dec. 15
6% 1st preferred (mo.)
semi-annual
50c Jan. 2 Dec. 15
5134 Dec. 20 Dec. 15
7.2% let preferred (mo.)
Philadelphia Co., $6 preferred (quar.)
60c Jan. 2 Dec. 15
5134 Jan. 2 Dec. 1
Texas Corp. (quarterly)
$5 preference (quar.)
25C Jan. 1 Dec. 7
$134 Jan. 2 Dec. 1
Texas Gulf Producing Co
Philadelphia Electric Power Co.,8% pref. (qu.)
e234% Dec. 19 Nov. 20
50c Jan, 1 Dec. 10
Texas Gulf Sulphur Corp.(quar.)
Philadelphia & Trenton RR.(quar.)
50c Dec. 15 Dec. 1
$234 Jan. 10 Dec. 30
Tex-O-Kan Flour Mills, pref.(guar.)
Phoenix Finance, pref. (quar.)
$15i Mar. 1 Feb. 15
50c Jan. 10 Jan
1
Preferred (quarterly)
Pioneer Gold Mines of B. C.(quar.)
$1 X June 1 May 15
r20c Jan. 2 Dec. 1
Thrift Srrer, Ltdq. lst erly .(quar.).
2nd n ef sred ( . nar pret
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_
)
4034c Jan. 1 Dec. 15
5131 Jan, 2 Dec. 10
7% preferred (quar.)
1744c Jan. 1 Dec. 15
sm Jan. 8 Dec. 10
Tide Water Associated Oil Co.,6% preferred
Pleasant Valley Water Co
h$2 Dec. 22 Dec. 7
734c Dec. 30 Dec. 15
Tobacco Securities Trust Co.—
Plymouth Oil
e49' Dec. 22 Dec. 3
Ordinary stock (final)
Pollock Paper & Box Co.. pref.(quar.)
trzl4% Dec. 21 Nov.30
'131 Dec. 15
Amer. dep rec. deferred reg
Ponce Electric 7% pref.(guar.)
tor 10.971d
$131 Jan. 2 Dec. 14
Todd Shipyard
Premier Gold Mines (quar.)
50c Dec. 20 Dec. 5
r3c Jan. 15 Dec. 14
Troy & Greenbush RR.Assoc.(s.a-.)
Procter & Gamble Co. common (extra)
$1A Dec. 15 Dec. 1
20c Dec. 15 Nov. Zia
Tunnel & RR.of St. Louis (s.
5% preferred (quar,)
-a.)
Jan. 1 Dec. 15
Dec. 15 Nov. 23a
$134
Underwood Elliott Fisher Co..corn
Producers Royalty Corp.(initial)
50c Dec. 31 Dec. 120
234c Dec. 31 Dec. 20
Preferred (quar.)
Providence & Worcester RR.(guar.)
$131 Dec. 31 Dec. 12a
$234 Jan. 2 Dec. 12
Union Carbide & Carbon Corp
Publication Corp..7% let pref.(quar.)
350 Jan. 1 Dec. 6
$151 Dec. 15 Dec. 5
Union Pacific RR..common
79' original preferred (quar.)
$134 Jan. 2 Dec. 1
$151 Jan. 1 Dec. 20
United Carbon (quarterly)
Public Service Co.of N.II.. $6 preferred (quar.) $1
60c Jan, 1 Dec 15
Dec. 15 Nov.30
United Carr Fastener Corp., (quar.)
$5 preferred (quar.)
150 Dec. 15 Dec. 5
: $1
Dec. 15 Nov.30
Extra
10c Dec. 15 Dec. 5
sia
S
Per
Share
Name of Company
Holders
When
Payable of Record
75c Jan. 2 Dec. 5
United Corp., preferred (quar.)
5
$1 4 Jan. 2 Dec. 15
United Dyewood Corp.. pref. (quar.)
10c Dec. 24 Dec. 5
Elastic Corp. (quar.)
United
1.K % Jan. 1 Dec. 15
United Gas & Electric Corp., pref. (quar.)
30c Dec. 31 Nov. 30
United Gas Improvement Co.common (quar.)
30
$lq Dec. 31 Nov.30
$5 preferred (guar.)
lc Dec. 20 Nov.
United Gold Mines
Light & Rys. Co. (Del.), 7% pref.(mo.) 58 1-3c Jan. 2 Dec. 15
United
53c Jan. 2 Dec. 15
8.36% preferred (monthly)
50c Jan. 2 Dec. 15
6% preferred (monthly)
$2K Jan. 10 Dec. 20
RR.& Canal Co.(quar.)
United New Jersey
15c Jan. 2 Dec. 15
United States Foil Co., common,class A & B_
$184 Jan. 2 Dec. 5
Preferred (quarterly)
25c Jan. 2 Dec. 7
(quar.)
United States Gypsum,common
25c Dec. 24 Dec. 7
Common (extra)
$14 Jan. 2 Dec. 7
Preferred (quarterly)
lc Dec. 10 Dec. 5
U.S. Petroleum Co.(quar.)
12 c Jan. 20 Dec. 31
U. S. Pipe & Foundry Co., corn.(guar.)
Jan. 20 Dec. 31
Preferred (guar.)
25c Jan. 1 Dec. 21
United States Playing Card Co., common
Dec. 21
50c Jan.
Extra
Jan. 5 Dec. 10
United States Sugar Corp., pref. (quar.)
Feb. 20 Sept 10
51
Preferred (quarterly)
$ui Apr. 5 Mar. 10
Preferred (quarterly)
July 5 June 10
Preferred (quarterly)
81 Kc Dec. 15 Nov. 23
United Stores Corp., pref.(quar.)
Jan. 1
Upper Michigan Pow.& Lt..6% pref. (quar.)... 31
Dec. 28 Dec. 15
Upressit Metal Cap Corp.,8% preferred (guar.)
Dec. 26 Dec. 26
-a.)_
$2
Utica Clinton & Binghamton,debenture (s.
823i Jan. 2 Dec. 14
-a.)
Valley RR. Co. of N. Y.(s.
Dec. 10 Dec. 1
Vapor Car Heating Co., Inc.
Dec. 10 Dec. 1
$1
7% preferred (quarterly)
25c Dec. 20 Dec. 1
Viking Pump Co., common
600 Dec. 15 Dec. 1
Preferred (quarterly)
Dec. 20 Nov. 30
Virginia Electric & Power. $6 pref. (quar.)
4% Jan. 19 Jan. 10
Vulcan Detinning (special)
1K % Jan. 19 Jan. 10
Preferred quar.)
Apr. 20 Apr. 10
Preferred guar.)
July 20 July 10
Preferred quar.)
Oct. 19 Oct. 10
Preferred (quar.)
1
Dec. 20 Dec
Wagner Electric Corp., common
$14 Jan. 1 Dec. 20
(quarterly)
Preferred
r25c Dec. 15 Nov. 23
Walker (II.) Gooderham dz Worts, Ltd
50c Jan. 2 Dec. 15
Ward Baking Co.,7% preferred
Dec. 30
$3 K Jan.
Ware River RR., guaranteed (semi-ann.)
30c Jan. 2 Dec. 15
Waukesha Motor (quar.)
Dec. 31
$13i Jan.
-a.)
Knitting Mills Co.,6% pref. (s.
Wayne
Wesson Oil & Snowdrift Co., Inc.—
Dec. 15
12;ic Jan.
Common (quarterly)
Dec. 15
37 tic Jan
Common (extra)
50c Jan. 15 Dec. 20
Western Grocers, Ltd., common
S1K Jan. 2 Dec. 31
N. Y. & Penna Ry. (semi-ann.)
Western
Dec. 31
$1K Jan.
5% preferred (semi-ann.)
Dec. 15
$13i Jan.
West Jersey & Seashore RR.(semi-ann.)
r20c Jan. 1
Paper
Westminster
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 WEEK ENDED SATURDAY, DEC. 1 1934
Surplus and
Undivided
Profits
• Capital
Clearing House
Members
Bank of N Y & Trust Co
Bank of Manhattan Co.
National City Bank _ ___
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr Co_
First National Bank....
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co_
Marine Midland Tr Co_
-_
New York Trust Co_
Comml Nat Bk & To Co
Public Nat Bk & Tr Co_
$
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25.000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
Net Demand
Deposits,
Iterate
Time
Deposits,
Average
S
$
$
12,653,000
105,368,000
10,196,000
30,241.000
296,590,000
31,931,700
38,996,200 a1,013,139,000 157,232,000
21,504,000
335,612,000
48,541,900
51,560,000
177,167,500 b1,016,085,000
266,795,000 100,048,000
10,297.500
28,850,000
61,309,300
576,162,000
21,713,000
183,333,000
16,206,100
13,239,000
404.356,000
90,241,400
8,854,000
390,928,000
57,669,400
1,429,000
32,123,000
3,548,700
69,094,000
66,399,900 c1.332,784,000
102,000
40.891,000
3,278.400
22,397,000
60,123,700 d630,528,000
271,000
15,223,000
8,165,100
4,071,000
54,280,000
7,378,000
16,442,000
224,897,000
21,714,500
1,369,000
50,733,000
7,631,700
36,383,000
53,316,000
5,170,500
614,955,000 726.068,400 7,023.123,000 597.452.000
Totals
• As per official reports. National, Oct. 17 1934; State, Sept. 30 1934; trust companies, Sept. 30 1934.
Includes deposits in foreign branches as follows: a 5199,834,000; b $75,197,000:
$84,273,000: d S26,284,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Nov. 30:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. NOV. 30 1934
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan
Grace National
Trade Bank of N. Y_
Brooklyn—
P.u.ntv'n National
Cash
$
22,047,000
3,169,100
$
85,100
157,989
5.117.000
100.000
Res. Dep.,
N. Y. and
Elsewhere
Dep. Other
Banks and
Trust Cos.
Gross
Deposits
$
$
1,978,600 21,234,600
1,894,400
350,050 3,820,840
1,188,603
310.000
51.000
4,896,000
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kings County
3599
Financial Chronicle
Volume 139
56,613.600
7,001,238
8,867,268
16,665.300
28,523,000
62,996,945
Cash
Res. Dep.,
N. Y. and
Elsewhere
.3,807,300 7,864,000
646,495
100,141
558,308
.556,595
.2,511.5130 1,191,300
348,900
.4,479,200
13,182,756 14,165,101
Dep. Other
Banks and
Trust Cos.
Gross
Deposits
2,375,700 58,403,400
1,057,273 7,114,026
62,385 7,986,797
1,143,800 16,559,900
30,719.700
61,768,653
498,000 93,131,000
2,559,000 15,998,000
28,421,550
1,949,485 5.913,236
Empire, $2,699.790: Fi•Includes amount with Federal Reserve as follows.
53.767.200.
dueiary, $333,579: Fulton, $2,348.800; Lawyers County,
87,892,000
26,763,368
When Holders
Per
Share. Payable. of Record.
Name of Company.
Westmoreland,Inc.(quar.)
Westmoreland Water Co., $6 pref. (quar.)
Weston Electrical Instruments, A
West Penn Electric, class A (quar.)
West Penn Power,6% preferred (guar.)
7% preferred (quarterly)
Weyenberg Shoe Mfg.. preferred (quar.)
-a.)
White River RR., guaranteed (s.
Whitman (Wm.) & Co., pref
Wilcox-Rich Corp , class A (quar.)
Wilson & Co., preferred.(guar.)
Wisconsin Michigan Power,607 pref.(quar.)_ _ _
Wisconsin Power & Light Co.,6% cumul. pref_ _
7% cumulative preferred
Wisconsin Public Service Corp..7% pref.(quar.)
% pt.(ferred (quarterly)
6% preferred (quarterly)
Woolworth (F. W.) & Co., Ltd.,
Amer dep rcts, 6% pref reg. (semi-ann.)___ _
Worcester Salt Co.(quar.)
-Hargreaves Mines (guar.)
Wright
Extra
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
30c Jan. 2 Dec. 15
Jan. 1 Dec. 20
$1
Jan. 1
siq Dec. 31 Dec. 17
Feb. 1 Jan. 4
SI% Feb. I Jan. 4
$13,4 Dec. 15 Dec. 5
$3K Jan. 2 Dec. 31
3
4 Dec. 15 Dec. 1
h$1,
62Kc Dec. 31 Dec. 20
2 Dec. 15
h$1 5% Jan
Dec. 15 Nov. 30
37;ic Dec. 15 Nov.30
43Kc Dec. 15 Nov.30
$1,4 Dec. 20 Nov. 30
Dec. 20 Nov. 30
31
$1K Dec. 20 Nov.30
hii
xtc3%
50C
r10C
r5C
25c
25c
25c
25c
15C
Dec. S Nov. 9
Dec. 30 Dec. 21
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Jan. 2 Dec. 20
Feb. 1 Jan. 19
Mar. 1 Feb. 20
Apr. 1 Mar. 20
Jan. 2 Dec. 10
stock will not be quoted
t The New York Stock Exchange has ruled that
ex-dividend on this date and not until further notice.
that stock will
The New York Curb Exchange Association has ruled notice.
further
not be quoted ex-dividend on this date and not until
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
On account of accuPayable in common stock. p Payable in scrip. is
mulated dividends. .f Payable in preferred stock.
has
on the cony. pref. stock, opt. series of 1929,
m The usual quar. div.
stock, or at the option
been declared at the rate of 5-208 of one sh. of corn,
share. This
in cash at the rate of $1 K for each cony. pref.
of the holder,
5.
dividend is payable Jan. 1 to stockholders of record Dec. the company, a
stock of
p That out of the authorized unissued corn. be issued to holders of the
same is hereby declared to
stock div. be and the
respective holdings of
cora, stock of the Sun Oil Co. in proportion to their of new stock to each
corn. stock on that date at the rate of nine shares be full paid and nonso issued to
100 shares then held, said stock when
assessable.
non-residents of Canada
r Payable in Canadian funds, and in the case ofdividend will be made ;
such
a deduction of a tax of 5% of the amount of quar. div. on its opt. $3 cony.
Ridge Corp. has declared the regular
sBlue
of one sh. of the corn. stock of
pref. stock. ser. of 1929, at the rate of 1-32d.
or, at the opt. of such holders
the corp. for each sh. of such pref. stock,
before
notice thereof is received by the corp. on or
(providing written
in cash.
Nov. 15 1934) at the rate of 75 cents per sharedepositary expenses.
Payable in U. S. funds. o A unit to Less expenses.
u
z Less tax y A deduction has been made for
Condition of the Federal Reserve Bank of
New York
The following shows the condition of thelFederallReserve
Bank of New York at the close of business Dec. 5 1934,
in comparison with the previous week and the corresponding
date last year:
Dec. 5 1934 Nov. 28 1934 Dec. 6 1933
Assets—
3.
S
Gold certificates on hand and due fr m
1,709,342,000 1,768,873,000
U. S. Treasury.:
Gold
1,104,000
928,000
Redemption fund—F. R. notes
47,052,000
48,815,000
Other cash
- 1,759,085,000 1.817,089.000
Total reserves
1,636,000
1,916,000
Redemption fund—F. R. bank notes -Bills discounted:
Secured by U. S. Govt. obligati ,ns
direct & (or) fully guaranteed-- - - __
Other bills discounted
•
b 11'1'1
265,224,000
577,837,000
11,532,000
50,219,000
904,812,000
3,198,000
3.936,000
3,334,000
4,541,000
3,623,000
15,870,000
27,239,000
7,270,100
8,164,000
43,109,000
2,054,000
647,000
2,058,000
617,000
24,063,000
._
140,956,000
447,798,000
189,001,000
140,957,000
449.273,000
187,525,000
170,046,000
361.879,000
299,756,000
Total U.S.Government securiti i--
777,755,000
777,755.000
831,681,000
Total bills discounted
Bills bought In open market
Industrial Advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
992,000
Other securities
Foreign loans on gold
1,053.000
Total bills and securities
787,726,000
789,647,000
899,845,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other assets
299,000
5,960,000
116,164,000
11,567,000
35,629,009
294,000
5,515,000
104,611,000
11,569,000
35,568,000
1,294,000
3,957,000
94,147,000
12,818,000
29,779.000
Total assets
2,718,346,000 2,765,929,000 1,949,850,000
Liabiluies —
669,910,000 668,324,000 652,733,000
F. R. notes In actual circulation
53,168,000
26,759,000
26,417,000
F. R. bank notes in actual circulation let
1,628,189,000 1,694,324,000 905.897,000
Depoelta—Member bank reserve ace'
29,575,000
42.110,000
50,292,000
S. Trea.surer—General account -U.
6,661,000
5,344,000
5,449,000
Foreign bank
52,828,000
94,944,000
96,035,000
Other deposits
—
- 1,779,965,000 1,836.722,000 994,961,000
Total deposits
89,824,000
-- 113,707,000 102,321,000
Deferred availability items
58,443,000
59,583.000
59,600,000
Capital paid in
85,058,000
45,217,000
45,217,000
-Surplus
1,667,000
4,737,000
4,737,000
Reserve for contingencies_
13,996,000
22,266,000
18,793,000
All other liabilities
- 2,718,346,000 2,785,929,000 1,949,850,000
Total liabilities
Ratio of total reserves to deposit a nd
,
54.9 „
72.5%
71.8%
F. R. note liabilities combined
Contingent liability on bills porch a
967,000
292,000
227,000
Dr foreign correspondents
Commitments to make industrial
2.113.000
9.177.000
advances
• "Other cash" does not Include Federal Reserve notes or a bank's own Federal
notes.
Reserve Sant
I These are certificates given by the U. S. Treasury for the gold taken over
o
from the Reserve bank when the dollar was on Jan 31 1934 devalued from 100
cents to 59.06 rents. tnese certificates being worth less to the extent of the difference, the difference itself having been appropriated &a profit by the Treasure
under the provisions of the Gold Reserve Act 011934,
3600
Financial Chronicle
Dec. 8 1934
Weekly Return of the Federal Reserve Board
The following is the return issued by the Federal Reserve Board
on Thursday afternoon, Dec. 6. showing the condition
of the twelve Reserve banks at the close of business on Wednesda
as a whole in comparison with the figures for the seven preceding y. In the first table we present the results for the System
weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for
statement (third table following) gives details regarding transactionseach of the twelve banks. The Federal Reserve note
in
and the Federal Reserve banks. The fourth table (Federal Reserve Federal Reserve notes between the Reserve Agents
bank notes issued and the amount held by the Federal Reserve banks Bank Note Statement) shows the amount of these
along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest
week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 5 1934
ASSETS.
Gold etre. on hand & due trout U.S.Treas
Gold
Redemption fund (F. It. notes)
Other cash •
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial Advances
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks.Uncollected Items
Bank premises
All other assets
Total assets.
Dec. 5 1934 Nov. 28 19341Nor. 21 1934 Nov. 14 1934 Nov. 7
1934 Oct. 31 1934 Oct. 24 1934 Oct. 17 1934 Dec. 6 1933
3
$
5,111,620,000 5,087,272,000 5,055,529,000 5,018,687,000 4.996,077,000
4.966,481,000 4,967,100,000 4,965,342,000 943.475,000
2,586,897,000
19,804.000
20,138,000
19,837,000
21,496,000
21,296,000
22,032,000
21.932,000
22,019.000
42,479,000
218,767,000 220,216,000 240,299.000 231.228,000 212,643,000
223.407,000 227.544,000 215,803,000 206,530,000
5,350,191,000 5,327,626,000 5.315,665.000 5,271.411,000 5,232,016,000
5,211,920,000 5,216,616.000 5,203,164,000 3,779,381,000
2,166,000
1.886,000
1,886,000
2,071,000
2,204.000
1,829,000
2,215,000
2,215,000 12,447,000
6,274,000
4,192,000
7,315,000
4,557.000
t6,073,000
04,650,000
4,816.000
4,326,000
5,003,000
5,666.000
10,469,000
11,872,000
10,723,000
9,142,000
10,669,000
4,986.000
5,999,000
4,107.000
6,757,000
4,306.000
7,406.000
33,244,000
82,317,000
10,985,000
10,864,000
11,712,000 115,561,000
5.682,000
5,683,000
5,685,000
5,708.000
6,073.000
6,082,000
6,998,000
6.177,000
61,281,000
10,204,000
9,769,000
8,673.000
7,753,000
6.617,000
6,149,000
4,999,000
4,576.000
395,588,000 395,544.000 395,550,000 395,545.000 395.589.000
1,405,248,000 1,410,257,000 1.410,229.000 1,410,942,000 1,411,717,000 395,578.000 395,597,000 395.673.000 442,172,000
1,411.707,000 1,411,716,000 1,411,706,000 1,055,300,000
629,368,000 624.368,000 624,368,000 623,687,000 622.886,000
622,886,000 622,888,000 622.886,000 933,585,000
2,430,204,000 2,430,169,000 2,430.147.000 2,430.174,000 2,430,192,000
2,430,171,000 2,430,201,000 2,430.265.000 2,431,057,000
296,000
302.000
1,599,000
3,050,000
10,339,000
15,765.000
2,247,000
2.456,556,000 2,460,543,000 2,465,567.000 2,468,542,000 2,455,798,000
2,453.387,000 2,452,358,000 2,453,032,000 2,609,501,000
803,000
803,000
800,000
802,000
819,001)
811,000
821.000
1,071,000
3,519,000
21,122,000
20,041,000
25,055,000
21,885,000
19,538,000
19,744,000
21,000.000
21,164,000
14,730,000
449,696,600 425.277.000 486,032,000 607,241,000 404,194,000
439.993.000 463,801.000 591,738,000 381,643,000
53,275,000
53,164,000
53,162,000
53.084,000
53.084.000
52,974.000
52.974,000
52.931,000
54,794,000
50,475,000
50,561,000
49,760.000
49,141,000
48,381,000
48,094,000
45,458,000
44.887,000
50,784,000
8,384,284,000 8,339,901,000 8.397,927,000 8.474,177,000 8,216.034,000
8,228,752.000 8,255,243,000 8.370,202.000 6,906,799.000
LIABILITIES.
F. Ii.. notes in actual circulation
F. R. bank notes In actual circulation.
3,213,805,000 3,188,471,000 3,157,686.000 3,178,512,000 3,189,172,000
3,160,777,000 3,155,512,000 3,182.329.000 3,042,725,000
27,477,000
27,774,000
27.769.000
28,164,000
28,313,000
28,664,000
29.123,000
29,425,000 200,740,060
Deposits-Member banks' reserve account 4.073,385,000 4,108,453,000 4,195,892,000
4,106,927,000 4,031,551.000 4,005.999,000 3,985.287.000 3.996.276.000 2,561,180,000
U. S. Treasurer-Geueral accottnt_a
98,369,000
85,576,000
32,699.000
53.180.000
33,049,000
92.293,000 118,002,000
Foreign banks
53.194.000
98,400,000
15,636,000
16,992,000
16.554,000
11,465,000
9,074,000
8,952.000
Other deposits
6,985.000
9,442,000
7,129.000
160,272,000 193,000,000 142,555,000 151,994,000
163,058,000 154,558,000 158,417,000 176,289,000 146,418,000
Total deposits
4,347,662,000 4,354,021,000 4,387,700,000 4,323,566,000
4,236.732,000 4.261,802,000 4,268,691,000 4.232,888.000 2,815,440,000
Deferred availability Items
454,865,000 427,116,000 482,899.000 602.273,000
Capital paid In
146,860,000 146,879,000 147.023.000 146.085,000 420,865.000 438,939,000 464,658,000 588.695,000 379,850,000
146,777.000
Surplus (Section 7)
138,333,000 138.383,000 138.383,000 138,383,000 138,383.000 146,777,000 146,681,000 146,755,000 145,300,000
138,383,000 138,383,000 138,383,000 278,599,000
Surplus (Section 13-11)
3,873,000
2,682,000
2,247,000
2,247.000
1,460,000
845,000
Reserve for contingencies_
22,293,000
22,291,000
22 291,000
22,291,000
22.291.000
22,291.000
All other liabilities
22.291,000
22.290.000
12,091,000
29,066,000
32,284,000 ' 31,929,000
31,756,000
32,021,000
30,274,000
29.704,000
29.437,000
24,054,000
Total liabilities
8,384,284.000 8,339,901,000 8.397.927,000 8,474,177,000 8.216,034.000
8,228.752,000 8,255.243.000 8,370,202,000 6,906,799,000
Ratio of total reserves to deposits and
F. It. note liabilities combined
70.8%
70.6%
70.4%
70.3%
705%
70,2%
Contingent liability on bills purchased for
70.3%
70.2%
64.5%
foreign correspondents
548,000
490,000
295,000
401,000
390,000
465.000
Commitments to make Industrial advances
494,000
516,000
2,894.000
6,656,000
6,657,000
5,063.000
4,257,000
3,822,000
3,218,000
2,692,060
2,182,000
Maluruy Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
81 90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought In open market _....
16-30 days bills bought In open market_
31-60 days bills bought In open market__
81-90 days bills bought in open market
Over 00 days bills bought in open market
Total bills bought in open market
1-15 days industrial advances
18-30 days Industrial advances
31-60 days Industrial advances
81-90 days Industrial advances
Over 90 days industrial advances
Total Industrial advances
1-15 days U. S. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills.__
61-90 days U. S. certificates and bills
Over 90 days U. S. certificates and
U. B. certificates and bills bils'ota
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
3
$
$
3
$
$
9,099,000
265,000
389,000
701,000
12,000
9,884,000
866,000
398.000
699,000
25,000
8,992.000
1,034,000
296,000
310,000
91,000
7.143,000
278.000
1,194,000
379,000
148,000
8.095,000
865,000
1,268,000
293.000
148,000
8,577,000
728.000
1,178.000
347,000
155.600
8,198,000
414.000
1,585,000
437,000
130,000
9,256,000
395.000
771.000
1,241,000
49,000
89,236,000
8,105,000
7,770,000
7,904,000
2,546,000
10,466,000
11,872,000
10,723,000
9,142,000
10,669,000
10,985,000
10,864,000
11,712,000
115,561,000
140,000
1,177,000
952,000
3,413,000
2,745.000
250,000
1,799,000
889,000
3,015,000
224,000
1,782.000
664,000
578,000
418.000
520,000
4,192,000
1.140,000
598,000
237,000
4,098.000
1,101,000
684,000
486,000
3.811.000
324,000
1,161,000
602.000
3.911,000
4,086,000
964,000
905,000
172.000
50.000
27,832,000
8,308,000
5,565,000
19,309,000
270,000
5,682,000
5,683,000
5,685.000
5,708,000
6,073,000
6,082,000
5,998,000
6,177.000
61,284,000
69,000
40,000
281,000
163,000
9,651,000
42,000
82.000
164,000
235.000
9,245,000
34.000
73,000
191,000
232.000
8.143,000
11.000
67,000
70,000
200,000
7,405.000
35.000
60,000
86,000
180,000
6.256.000
37,000
2,000
136,000
46,000
5.928,000
6,060
31,000
90.000
96,000
4.776,000
5,000
15,000
102.000
09,000
4.355,000
10,204,000
9,769,000
8,673,000
128,122,000
42.399,000
64,250,000
83,239,000
311,358,000
195.575,000
65.899,000
78,200,000
284,694,000
629,368,000
624,368,000
7,753.000
6.617,000
6,149,000
4,999,000
4.576,000
16,875.000
173,825,000
73,349.500
75.317,000
301,877,000
36,425,000
233,925,000
65,585.000
307,302.000
229,924,000
49.050,000
307,487.000
38,990,000
16,875,000
209.275,000
52.099,000
305.047.000
36,690,000
36,425,000
187.527,000
71,349.000
290,897,000
33,078,000
38,990.000
185,170,000
77,379,000
288.269.000
230,429,000
97,095,000
118,251,000
118-230,000
369,580,000
624,368,000
623,687.000
622,886,000
622,886.000
622,888,000
622.888,000
933,585,000
296,000
302.000
1,453,000
27,000
83,000
36,000
Total municipal warrants
296,000
302.000
1,599,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent...... 3,489,128,000 3,464.219,000 3,457.582,000
3,471.064,000 3.459.862.000 3,443.6/15,000 3,459,191,000
Reid by Federal Reserve Bank
3,474,757.000 3,301,981,000
275,323,000 275,748,600 299,896,000 292.552.600 270.690.000 282.908,000
303,679,000 292,428,000 259,256,000
In actual circulation
3,213.805,000 3,188,471,000 3.157,686,000 3,178,512,000 3,189.172,000 3,160,777.000
3.155,512,000 3,182,329,000 3,042,725.000
Collateral field by Agent as Security for
Notes Issued is Bank
Gold etre on hand & due from U.8. Tress
By gold and gold certificates
3.281,200,000 3.243,416,9003.250.916,000 3,258,916,000 1.252.916.000 3,224,416,000
Gold fund-Federal Reserve Board
3.214,416.000 3.214,416,000 1475189000
By eligible paper
1 136 675000
8,837,000
10,237,000
8,854,000
7,233,000
9,015,000
9,238,000
7.961,000
U. S. Government securities
6.449,000 131,210,000
235,000,000 258,700,000 254,700.000 254,100,000 255.400,000 277.800.000
294.400,000 294,400.000 616,000,000
Total collateral
3.525.037.000 3.512,353,000 3.514,470,000 3.520.249.000 3.517.361,000 3.511,454.000
3.517.177.000 3.517.265.000 3,359,074,000
•"4 itner cash" does not Include Federal Reserve notes
or a bank's own Federal Reserve bank notes.
t Revised figures.
These are certificates given by the U. S. Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31 1934 devalued
69.06 cents, these certificates being worth less to the extent of tne difference,
from 100 cents to
toe difference Itself paving been appropriated as profit by the Treasury
of the Gold Reserve Act of 1934.
under tile provislonS
.Caption °flanged from "Governmsat" to "U
Treasurer-General account" and s100.000.000 included in Government
deposits on May 2 1334 transferred to
"Other teDo.lte."
{
3601
Financial Chronicle
Volume 139
Weekly Return of the Federal Reserve Board (Concluded)
DEC. 5 1934
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Two Ciphers (00) Om(tted.
Federal Reserve Bank of-
&arras.
St. Louis Minneap. Kan. City Dallas
Chicago
Cleveland Richmond Atlanta
Phila.
New York
Boston
Total
$
$
$
$
RESOURCES
loin certificates on band and due
149,629,0 184,158,0 107,553,0 317,696,0
1,076,354,0 195,249,0
5,111,620,0 383,166,0 1,709,342,0 269,956,0 396,655,0 204.161,0 117,701,0
344,0 3,661.0
649,0
from U.S.Treasury
346,0
666,0
1,452,0
928,0 2,727,0 2,367,0 1.907.0 3,921,0
836,0
19,804,0
tedemption fund-F.R. notes
27,816.0 11,630,0 10,764,0 9,222,0 7,333,0 15,088.0
48,815,0 32,484.0 10.657,0 8,803,0 10,458,0
218,767,0 25,697.0
Other cash
132,030,0 1,105,622,0 207,545.0 160.739,0 194,029,0 115,230.0 336,445,0
5,350,191,0 409,699,0 1,759,085,0 305,167,0 409,679,0 214,871,0
Total reserves
1,916,0
250,0
2,166,0
tedem. fund-F. R. bank notes_
1111s discounted:
51,0
39.0
See. by. U.S. Govt.obligations
57,0
200,0
25.0
69,0
185,0
542,0
3.936,0
6,274,0 1,170,0
15,0
direct and(or)fully guaranteed
46.0
23,0
3,0
71,0
47,0
199,0
426,0
3,334,0
28,0
4,192,0
Other bills dhmounted
66,0
85,0
23,0
60,0
200,0
96,0
116,0
384,0
968,0
7,270,0
10.466,0 1,198,0
390,0
154,0
Total bills discounted
154,0
80,0
115,0
707.0
303,0
209.0
528,0
584,0
2,054,0
404,0
5,682,0
245,0
•
lilts bought in open market
678,0
256,0
416.0 1,059,0
757,0
741,0
420,0 1.357,0
647,0 1,967,0
1,661,0
10,204,0
ndustrial advances
J. S. Government scour ties:
13,797,0 15,381,0 13,334,0 13,818.0 23,858,0
62,143,0
395,588,0 23,207,0 140,956,0 25,137,0 30,557,0 14.858,0 13,542,0 248,917,0 54,481,0 34,652,0 53,870,0 36.129.0 97.753,0
Bonds
1,405,248,0 92,259,0 447,798,0 97,961,0 125,196,0 60,863,0 55,369,0 117,283,0 24,922,0 15,610,0 24,640,0 16,528,0 44,720.0
Treasury notes
25,324,0
629,368,0 42,205,0 189,001,0 44,022,0 57.271,0 27,842,0
Certificates and bills
94,235,0 428,343,0 93,200,0 65,643,0 91,844.0 71,475,0 166,331,0
Total U.S. Govt. securities_ 2,430,204,0 157,671,0 777,755,0 167,120,0 213,024,0 103,563,0
430,007,0 93.791.0 66,805,0 92,339,0 72,307,0 167,032,0
57,0
2,456,556,0 160,934,0 787,726,0 170,639,0 214,356,0 105,245,0 95,375,0
22,0
Total bills and securities
22,0
6,0
9,0
105,0
28,0
31,0
77,0
87,0
299,0
60,0
803,0
)ue from foreign banks
349,0 3,894,0
968,0
826,0 1,231,0
1,909.0
560,0 1,066,0 2,645,0 1,298,0
5,960,0
416,0
21,122,0
red. Res. notes of other banks..
57,068,0 20,417,0 12,840,0 25,277,0 16,461,0 22,106,C
36,011,0 41,460,0 40,851,0 13.642,0
449,696,0 47,399,0 116.164,0
Incollected Items
7,389,0 3,127,0 1,664,0 3,544,0 1,757,0 4.089.0
11,567,0 4,621,0 6,788,0 3,133,0 2,372,0
515,0
53.275,0 3,224,0
lank premises
889,0
342,0
854,0
232,0
969,0
35,629,0 5,764,0 1,365,0 1,480,0 1.872.0
564.0
111 other resources
50,475,0
325,947,0 244,139,0 316,521,0 207,015,0 534,138.0
1.603.069,0
8,384,284,0 622,546,0 2,718.346,0 522,849,0 674,791.0 368,256.0 246,667,0
Total resources
$
$
$
3
s
$
LIABILITIES
r. IL notes in actual circulation_ 3,213,805,0 269,739,0 669,910,0 243,264,0 302.608,0 175,058,0 137,067,0
26,417,0
27,477,0 1,060,0
'.R. bank notes in act'l circull'n_
2eposits:
Member bank reserve account_ 4,073,385,0 271,885,0 1.628.189,0 201,341,0 286,713,0 133,465,0 77,022,0
50.292,0 6.480,0 8,359,0 1,764,0 2,342,0
98,369,0 3,909,0
U. S. Treasurer-Gen. acct.__
545,0
592,0
1,620,0 1.495,0
5,449,0
15,636,0 1,122.0
Foreign bank
96,035.0 3,127,0 3.901,0 5,083,0 3,502,0
160,272,0 2,842,0
Other deposits
4,347,662,0 279,753,0 1,779.965,0 212,568,0 300,468,0 140,904,0 83,411,0
Total deposits
454,865,0 48,706,0 113,707,0 34,167,0 41,184,0 40,717,0 13.381,0
2eferved availability items
59,600,0 15,147,0 13,065,0 4,984,0 4,373,0
146,860,0 10,913,0
.1apltal paid In
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
lin plus (Section 7)__
378,0
183,0
1,050,0
768,0
3.873,0
iurplus (Section 13 b)
4,737,0 2,345,0 2,300,0 1,156,0 2,486.0
22,293,0 1,053,0
ieserve for contingenelet
426,0
266,0
893,0
956,0
18,793,0
939.0
29,066,0
111 other liabilities
$
$
$
777,951,0 143.182,0 107,898.0 118,763.0 54,461,0 213.904,0
707,658,0 132,544,0 102,621,0 156,351.0 119,309.0 255.787,0
10,988,0 5,451,0 3,583,0 2,495,0 1,383,0 1,323,0
436,0 1.106,0
436,0
358,0
514.0
1,963,0
3,828,0 11,884,0 8,570,0 4,136,0 1,150,0 16,214,0
724,437,0 150,393,0 115,132,0 163,418.0 122,778,0 274,430,0
58,836,0 22,278,0 12,810,0 25,250,0 20.538.0 23,291,0
12,719,0 4,079,0 3,120,0 4,052,0 4,050,0 10,758.0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9.645,0
257,0
504,0
733,0
620,0 1,133,0 1,620,0
850,0 1,026,0
2,967,0
490,0
372,0
548.0
229,0
409,0
4,745,0
8,384,284,0 622,546,0 2,718,346.0 522,849,0 674,791,0 368,256,0 246,667,0 1,603,069,0
Total liabilities
Memoranda
total res. to dep. & F. R.
Lath)of
73.6
59.9
68.0
67.9
71.8
66.9
74.6
70.8
note liabilities combined
)oinIngent liability on bills pur62,0
17,0
19,0
47,0
51,0
227,0
35,0
548,0
(Maned for torn correspondents
)onimItmenta to make industrial
027 n
.Inn n
,r,n n
Ins n
o 177 n
a 'ma n 1 0.40 n
,
.d v.. ....
•"Other Cash" does not Inc Ode Federal Reserve notes or bank's own Federal Reserve bank notes.
325,947,0 244,139,0 316,521,0 207,015,0 534,138.0
72.1
16,0
68.8
14,0
68.9
65.0
11.0
70.7
14,0
35,0
503,0
192.0
040 0
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
New York
Boston
Total
$
$
Federal Reserve notes:
Issued to F.R.13k. by F.R.Agt.. 3,489,128,0 293,559,0
Held by Fed'I Reserve Bank__ 275,323,0 23,820,0
In actual circulation....___ 3,213,805,0 269,739,0
Collateral held by Agent as security for notes Issued to bka:
Gold certificates on hand and
due from U.S. Treasury__ 3,281,200.0 296,617,0
8,837,0 1,198,0
Eligible paper
U. S. Government securities_ 235,000,0
'mini rt.111wthrftl
2 0‘10 no7 n00, 01015
Phila.
$
$
s
s
s
s
s
s
s
s
5
&IN Fran.
Si. Louis Minneap Kan. City Dallas
Chicago
Cleveland Richmond Atlanta
766,472,0 260.676,0 320,095,0 185.932,0 153,104,0
96,562,0 17,412,0 17,487,0 10,924,0 16,037,0
808,448,0 148.799,0 111,956,0 125,340,0 60.836,0 253,861,0
30,497,0 5,617,0 4,058,0 6,577.0 6,375.0 39,957,0
669,910,0 243,264,0 302.603,0 175,053,0 137,067,0
777,951,0 143,182,0 107,898,0 118,763,0 54,461,0 213,904,0
773,706,0 217,000.0 285,215,0 156,340,0 85.385,0
179,0
89,0
384,0
800,0
5,831.0
43,000.0 35,000,0 30,000,0 70.000,0
812,513,0 141,936,0 112,500,0 122,550,0 61,675,0 215,763,0
51.0
44,0
61,0
200,0
44,000,0
5.000,0
8.000,0
770 027 A 000 0,1,1 11 1011 0000 144 400 A 100 0A1
n
019 7120
140 007 ri 112 500 0 127.594.0 61.675.0 259.814.0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
New York
Boston
Total
Chicago
Cleveland Richmond Atlanta
Phila.
Federal Reserve Dank notes:
Issued to F. R. Bk.(outstdg.)_
Held by Fenn Reserve Bank__
$
38,529,0
11.052,0
$
1,511,0
451,0
S
$
26,810.0 10,208,0
393,0 10,208,0
._
In actual circulation-net 4
Collat. pledged *get. outat. notes:
Discounted & purchased 1311118.
0. S. Government securities._
27,477,0
1,060,0
5,000,0
San Fran.
St. Louis Mtnneap. Kan. City Dallas
$
$
3
$
$
$
$
26.417,0
43,874,0
s
26,874,0 12,000,0
• Does not Include
the United States.
26.874.0 12.000.0
-- deposited lawful money with the Treaeurer of
Federal Reserve bask notes for the retirement et which Federal Reserve banks have
42 874 0
Total oollateral.
s81,013,000 of
$
5.000.0
for the Member Banks of the Federal Reserve System
Weekly Return
items of the resources
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
obtained. These figures
liabilities of the reporting member banks in 91 leading cities from which weekly returns areBoard upon the figures for
and
are always a week behind those for the Reserve banks themselves. The comment of the Reserve
which we also give the
the latest week appears in our department of "Current Events and Discussions," immediately preceding
New York and Chicago reporting member banks for a week later.
figures of
ON NOV. 23 1934
BY DISTRICTS.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES,
(In Millions of Dollars)
Cleveland Richmond
Chicago
Atlanta
St. Louis Minnsay. Kan. CUP
Dallas
San Fran.
579
430
1,902
1,145
7,964
1,042
Loans on securities-total
3,017
221
1,590
205
179
59
61
279
68
35
54
49
217
To brokers and dealers.
In New York
Outside New York
To others
660
155
2,202
20
34
167
547
54
989
19
16
170
29
23
227
2
33
6
3
45
4
1
44
19
8
190
452
979
3,257
6,715
555
2,789
47
93
259
360
8
157
230
250
1,421
3,029
291
1,153
20
72
175
278
32
260
77
35
293
868
95
266
6
7
110
148
3
57
22
14
116
243
14
116
3
25
119
172
18
44
21
343
314
628
37
342
3,108
281
13,627
4,392
749
1,585
3,923
210
68
907
323
51
111
196
1,519
64
6.938
1,050
439
119
1,711
s
126
15
709
300
39
145
234
531
47
1.759
496
44
234
531
63
4
265
122
7
93
119
89
12
465
165
13
198
265
78
9
316
122
42
133
141
157
16
736
932
46
190
207
-total
Loans and Investments
Acceptances and commercial Paper
Loans on real estate
Other loans
U. S. Government obligations
Obligs. fully guar. by U. S. Govt.__
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits...........
Time deposits
Government deposits
Dualrom banks
Due to banks
.-... o
.
- ., .....
-____
00.0.4 W
WW01-4000W
17,764
.AV.
386
CII
W010
532
0000.0
1,913
.40.00 W
..44....8.W00
347
N.0
353
1,191
N20..
01
0101.31.300
Phila.
.W
—.0
WW ,
QW
4.00.WWW
New York
.ON
Boston
C 1.3 O.& VI
0120214o
Total
11..NOWt.30
,
_WWWWW00
Federal Reserve District-
3602
Financial Chronicle
o
re
Tainntort
so Sinttnrial
(g
United States Government Securities
Bankers Acceptances
L'
n
Dec. 8 1934
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$9.00
$15.00
In Dominion of Canada
16.50
9.75
South and Central America, Spain. Mexico and Cuba.-- 18.50
10.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
20.00
11.50
NOTICE.
-On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
la New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO ONFIcx-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orrics--Edwards & Smith, 1 Drapers' Gardens. London, B.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
United States Treasury Bills
-Friday, Dec. 7
Rates quoted are for discount at purchase.
Md.
Deo, 19 1934
Dee, 26 1934
Jan. 2 1935
Jan, 9 1935
Jan, 16 1935
Jan. 23 1935
Jan. 30 1935
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1935
Mar. 8 1934
Asked.
0.20%
0.20%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
United States Government Securities on the New
York Stock Exchange
-Below we furnish a daily record
of the transactions in Liberty Loan, Home Ow'ners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S223ond Prices Dec. 1 Dec.3 Dec. 4 Dec. 5 Dec.6 Dec. 7
gh 103"32 103133, 10321,3 1030 10312s 103"n
First Liberty LoanHi
s:
834% bonds of 1932-47_4Low. 103"32 103133, 103"32 103,2,1 103ns2 103",,
(Flan 334.)
Close 103"3: 103153, 103241 1032,12 10322n 103221,
Total sales in $1,000 units.2
10
78
2
46
31
Converted 4% bonds et(High
1932-47 (First 45).-- LowClose
Total sales in $1,000 units- _
1037ti; 107 -2Ws 10127- 10-1;33 103os,
3
Converted 434% bonds-{ High
3 ,
of 1932-47 (Flint 434s) Low- 103ws, 103173,
10321 10342n 103",,
,
103221, 1034h2 103on
Cloee 103201, 103on
Total sales in $1,000 units.,
2
25
2
4
2
Secondconverted 434%(High
bonds of 1932-47(First Low_
Second 43(s)
Close
Total sales in 11.000 units_ Fourth Liberty Loan
10-;
1
{High
16;,
2
idsw; 10322s,
4M% bonds of 1933-38_ Low_
--- 103221, 103"33 10322s, 103ns 103",,
(Fourth 4ifs)
Close
--- 103343, 1032222
103n, 10322,1
Total sates in $1.000 units,
14
13
15
11
-- 3
FourthLiberty Loan
{High 1021;- 102133 102 33 102
102
,
101on
434% bonds (3d called). Low_ 1021s, 10242 102
101"s, 10122n 101oss
102
Close 10211, 10213, 102
1012222 10122
,,
Total sales in $1,000 units._
13
37
31
13
14
34
Treasury
., 1120,, 112os, 112nn 1121222 112",,
(High 1124
ifles 1947-52
1121,,
112w,, 112",, 1121222 11222as
Close 1124n 112% 112",, 112",, 1122
% 112nn
Total sales in $1,000 units_
1
5
136
7
1
29
I High 107n3, 107ion 108331 1082n 1082
,1 log I,,
es, 1944-54
Low_ 107343, 1072131 108211 1084, 1084s, 108222
Close 107",, 107ws, 1082n 1081
:, 1084s, 1082n
Total sales in $1,000 units___
28
15
90
34
5
21
1 High 101",, 1024,, 1021•3 102on 10212,, 102",2
43(s-33(s, 1943-45
Low_ 1012632 10122,2 1022n 102ws, 102",, 10224,2
,
Close 101,73 1024,2 1022212 10242n 102on 10242,2
Total sales in 51,000 units_
63
18
5
36
112
159
{mini 1062,, 1064n 10624s, 10622s3 106"n 106242,
Ms. 1948-58
Low_ 1068a, 106.3: 1068,, 10611, 1060 106",,
,,
Close 196232 106 s, 106"n 106,4,2 1060 106,21,
,
,2
Total sales in $1,000 units_
1
2
303
19
1
39
Hifi 103
10322,1 10320:, 103on 10322
,,
3%.. 1943-47
{Low_ 103
1032ss 103,22, 103",, 10322s,
Close 103
10322,2 10322 103201 1032422
:2
Total sales in $1,000 unite- .
42
15
24
82
4-{
;,
Illih 1001n 1002 - 100"n 100,4 10014 10014,2
,1
,2
35, 1951-55
Low_ 100
992, 1002,, 1002,2 1002
,,
% 10022n
,, 100s,, 10022 10022, 1000 1004222
Close 1008
:,
i,
Total sales in $1,000 unitsriii
39
237
202
140
398
66
1002
,, 1002
,, 1001, 100on 10021 10024,2
,,
,,
3s, 1948-48
,, 100
Low. 1002
1008
,, 100on 10024, mon
Close 1002
:, 1004s, 100211 , 10012,2 1002222 100nn
,
' Total sales in $1,000 units59
314
746
314
84
779
{Hill 103"n 10321n 104ht 1041,, 104n
3Me. 1940-43
Low. 103"if 10320 104222 1042,2 104 32
,2
,
Close 10324s2 1032222 1042,1 104831 10483,
Total sales in $1,000 units..
25
6
2
41
15
I Hii 103143, 1031.32 104233 104% 104222 1040,,
vh_
334s. 1941-43
103na, 10314,2 103nn 104222
1042
,,
!Clow 103wit 103on 1042,, 104 ,, 1042n 104 1,
,
0
Total sales in $1.000 units-52
36
7
6
129
25
2
,2 1014s2 10122, 10121,2 101122, 101"31
1111es 1012
3348, 1948-49
Low_ 1664.32 10012n 1012
,2 101222 101222 101131
101
Close 101
1012
,2 101222 1012,2 1013
,,
Total sales in $1,000 units___
106
402
695
162
31
298
1 High 10312 10324,, 1042,2 1041222 10442,2 104on
,
°Ms. 1941
Low_ 1031222 103nn 104
104 ,, 104212 10411s,
,
Close 10311,, 10324,2 1042
,2 1042st 10422:1 104123,
Total :ales in $1,000 units..__
52
36
233
155
31
29
1 High 101" 1024,, 102193, 1021431 102"3, 102",,
82
334s, 1944-46
Low_ 1012333 1012.3 102433 102103, 102"3, 102 1,
0
Close 1012% 10283, 1021in 1021,33 1021033 102on
Total sales in 11.000 units___
110
271
341
433
54
105
Federal Farm Mortgage (High 101
101
101in 101482 101'33 101na
834s, 1944-64
Low_ 1002833 101
101
101133 10143, 1012
,1
Close 101
101
101231 101d3, 10153, 1012222
Total sales in 11,000 units_ __
2
3
5
63
4
62
Federal Farm Mortgage (Nigh 9824,,
992,1
99
99
98",,
3s, 1949
Low_ 9821,, 982412 98on 988 ,, 9822st 982)
ss
Close 98",, 9827s, 99
98$03, 98283, 9820a,
Total sale: in $1,000 units.. _ _
24
61
217
36
111
72
Home Owners' Loan
(Nigh 1012
,2 1010 1012
22
,2 1012n 101422 101%
is, 1951
Low_ 1002222 101222 101422 101222 101222 101212
Close 101232 1012
:2 1012
,2 1014n 101in 1014,2
Total sales in $1.000 units. _533
265
77
236
40
206
Home Owners' Loan
(High 983733 98i133 99233
99
99
99 32
,
38, series A, 1952
jLo w_ 98353, 98213, 98nn 982222 982212 981933
(Close 9822
:2 9821133 9913,
Nun 98,033 99
Total sales in 81,000 units_ -.
389
167
163
190
224
138
Home Owners' Loan
{High 952% 958032 96s33
96 n
,
96
96
234s, series1949__
13
, Hun 652,,, 9586
Low_ 6524,, 95218
952113
Close 952832 9528n 96132
9522s2 96
96
Total sales in 11,000 units_ __
364
247
530
119
575
106
Note
-The above table includes only sales
registered bonds were:
bonds. Transactions in
15 4th 434,(3d called)
5 Treas. 334s1943-45
1 Treas. 3s 1951-55
7 Treas.3hs 1946-49
1 Treas. 311s 1941
2 Treas.3h's 1944-46
of coupon
1012133 to 1011131
10221, to 1022st
10021, to 100in
101
to 101
10421, to 104',,
1022,2 to 1022n
Asked.
. Bid.
Mar. 13 1935
Mar. 20 1935
Mar, 27 1935
Apr, 3 1935
Apr. 10 1935
Apr, 17 1935
Apr. 24 1935
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 510011
0.25%
0.25%
0.25%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0 5001.
_____
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Dec. 7
Maturity.
Ins.
Rate.
Bid.
June 15 1936...
Sept.15 1936.,,.
Aug. 1 1935._
June 151939...
Dec. 15 1934_
Mar.15 1935_
Sept. 151938...
Dec. 16193$.,,,,,
Feb. 1 1988-
134%
1h %
134%
234%
234%
234%
234%
234%
234%
100w,
1011,33
101831
10024,2
100
101%
1022s,
102os,
102ns
Asked.
Int.
Rate.
Maturity
nee. 15 1936___
Apr. 15 1936._
June 15 1938_
June 15l035.
Feb. 161937....
101631 Apr. 15 1937_
1022ss Mar.15 1938...
102"n Aug. 1 1936102203, Sent.13 1937...
100241
10153,
101,
3,
10022a,
Bid.
Asked.
234%
234%
*34%
3%
8%
3%
3%
8M %
310 %
10301„
1032,2
1031933
1011731
1032,33
103221,
103on
1041,2
10420.
103n,,
103412
103,1,3
1011
.33
1031133
finny
103",,
1044,2
104w,
The Week on the New York Stock Market
-For
review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Dec. 7 1934.
Blocks,
Railroad
State,
Number of and Miscell. Municipal &
Shares,
Bonds.
For'n Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
469,190
752,565
951,960
1,636,613
1,422,045
1,023,370
$3,675.000
6,405,000
8,235,000
10,354,000
9,238,000
8,359.000
51,105,000
1,998,000
2,490,000
2,511,000
2,760,000
1,770,000
Total
Bond
Sales.
11,739,000
2,168,000
3,905,000
1,724,000
2,930,000
1,607,000
86,519,000
10,571,000
14,630,000
14,589,000
14,928,000
11.236,000
6.255.743 146.266.000 112.634.000 114.073 min
172 072 onn
Week Ended Dec.7
1934.
1933.
Stocks
-No. of shares_
6,255,743
7,455,375
Bond:
Government bonds_ __ $14,073,000 $11.160,900
State & foreign bonds_
12,634,000 16.346.500
Railroad bonds
46,266,000 39,903,000
Total
United
States
Bonds.
Jan. 1 to Dec. 7
1934.
1933.
306,503,765
628,208,598
1846,464,700
571,274,000
2,108,597,000
$471,917,500
723,185.500
2,070,867,900
572,973,000 567,410,400 53,526,335,700 $3,105,970,900
CURRENT
NOTICES
-Hadley, Livingstone & Co., Inc., of Chicago, announces the opening
of a new York office at 115 Broadway, under the direction of Herbert F.
Schroeder, Vice-President, formerly with Rhoades. Williams & Co.
-B. J. Van Ingen & Co., Inc.. 57 William St., New York City, are
distributing a list of New Jersey State and municipal bonds and Florida
county and city bonds with current quotations.
Ira Haupt & Co., members New York Stock Exchange, 39 Broadway.
New York, have issued a brief discussion of the Yonkers, N. Y., situation,
together with a list of available Yonkers bonds.
-Joseph Lyon Andrews, formerly of Redmond & Co., has become
associated with Abraham & Co., members New York Stock Exchange, as
Manager of their Commodity Department.
- J. Young & Co., Inc., has prepared an income tax memorandum
explaining the new provisions relative to capital gains and losses under
Section 117 of the Revenue Act of 1934.
Homer & Co., Inc., 40 Exchange Place, New York, have prepared
a circular on high-grade railroad and public utility bonds, showing their
advance for the year to date.
- Dennis Ryan, formerly with the Gauranty Company of New York
E.
and more recently with Paine, Webber & Co. has become associated with
E.P. Frazee & Co.
-William B. Connolly. formerly with MacKubin, Legg & Co. of Baltimore, is now associated with the Baltimore office of Herrick, Heinzelmann
St Ripley, Inc.
- Kemper Nelson, previously associated with G. M.
E.
-P. Murphy &
Co.. has Joined Gibson, Lode & Co. as a specialist in railroad and public
utility bonds.
-H. Herbert Oltman, member of the New York Stock Exchange, has
been admitted as a general partner in the firm of Chisholm & Chapman.
First of Michigan Corp., 20 Exchange Place this city, have
Prepared
a list of State and municipal bonds yielding from 1.25% to 5.08%•
-Willard L. Smith, an independent investment securities broker, will
make his office with Reynolds & Co., 120 Broadway, Now York.
-Robinson & Co., Inc., 120 S. La Salle St., Chicago announce that
Mr. Jerome M. Kurz has become associated with them.
-Phelps, Fenn & Co., 39 Broadway, New York, have prepared a list of
State and municipal bonds yielding from 1.00% to 4.55%.
Bristol & Willett, 115 Broadway, this city, are distributing the December issue of their "Over-the-Counter Review."
Edward B. Smith & Co., 31 Nassau St., New York, are distributing
the current issue of their"Outlook for Equities."
3603
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
Bales In computing the range tot the year.
-PER SHARE, NOT PER CENT
111W1 AND LOW SALE PRICES
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week
No account Is taken of such
Range Since Jan. 1
-share Lots
On Basis of 100
Lowest
Highest
July 1
1933 to Ranee far
Not. 30 Year 1933
1934
High
Low Loa
$ per share $ per eh $ per share
1318 4012
30
43 Apr 18
97
80
89
111 Nov 28
3
1314
6
8
117 Feb 5
71
39
65
84 July 18
8
215
8
1412
8
347 Apr 6
518 1212
6
8
113 Feb 6
318
1,4
8
75 Feb 5
933
11 4
8
55
4%
,
958 Feb 6
4712 112
8018
113 Nov 26
114
4
12
338 Apr 26
1118 33
8
165
237k Jan 15
178
170
205 July 16 170
77 Apr 24
4
33
8
93
1
4 7.1
*3% 412
-;3i8 -. 3
112
814
8
7
4
1
/
5 Feb 1
158
1 4 7,000
,
,
14
4
13
1
21 8
,
518
1618 Apr 10
7
718 718 1,500
7
4
/
11 21
4
/
41
1
/
144 Apr 10
300
*512 6%
2
*512 6,
14 20
412
1432 Apr 9
100
•512 61
612
•5
26
5
1314
2318 Feb 23
8
•183 221
•1812 22,
2
83
82
82
9814July 26
,
70 4 152
16084 Feb 17 10712
13634 13712 _ 1.666
- -32
136- fid" 136 1381- 135 13 4 15512 1364 13612
125
115
130 June 22 117
128 128
400
*12812 12912 12812 129 *128 12912 128 128 •127 129
8
263
6
10%
23% Feb 5
15 4 16
1512 1614
10,900
,
1514 1512 15
8 14% 1514 1514 15%
153
5% 24
1112
2018 Feb 6
700
1714 1712 1712 *1612 1712
8
165 1658 163 163
4 17
4
*1612 17
5
614
2
5
4
/
21
7 4 Mar 12
•31, 314
5
312 3 8 3,200
314
312 312
3%
3
,
34
,
38 38
,
40
5
214
50 25 Jan 6 45 Mar 13
7% preferred
*2712 33 8 •2712 32
,
•27
*2712 32
*2712 30
31
33
"27
4
1
/
1812 47
27
8June 8
No par 39 Oct 8 555
4814 *4734 4814 4818 48% 1,300 Amerada Corp
48
473
47
48
4 48
48
48
1018 31
2712
Am Agri Chem (Conn) pf_No par 38 Aug 18 40 Aug 21
714 35
20
Jan 4 48 Nov 9
4512 4512 ;iL- 46
41" 46
3900 Amer Agri° Chem (Del) No Par 2514
:163
- 4 113 4 ;:sLi2 4614
*4518 457
2812
8
1118
10 1112 Sept 18 2514 Apr 27
1412 14% 2,600 American Bank Note
1418 1412 1412 14% 1434 147g
8 1412 15
1414 145
49%
34
3412
60 40 Jan 4 5012 Apr 27
45
48
Preferred
46
45
460
8 4412 44 4 45
4
48
443 447
,
,
44 4 45
4
/
91 4212
1912
38 Feb 6
,
,
1
/
2,500 Am Brake Shoe & Fdy___No par 1912Sept 17
,
,
4
4 244 24 8 2412 24 4 24 4 2naa 24 4 25
8
245 2458 243 243
106
60
88
Preferred
100 96 Jan 10 11518 Dec 7
480
113 113 *11012 11384 11314 114
11314 11314 11314 11513
•109 113
4912 10012
80
25 9014May 14 10714 Feb 15
10614 107
1
/
10614 107
9,800 American Can
10412 1053 1044 10612 106 107
4
105% 106
134
112
Preferred
100 12612 Jan 6 15212 Nov 26 120
300
14712 14712 148 148
"145 150 •145 14912 147 147 *145 150
4
/
61 393
12
4
pr
No Io 12 July 26 3378 Feb 5
17 4 1812 1812 19
8
175 18
8
175 18
,
1814 184 5,200 American Car & Fdy
1
/
,
17 4 18
59%
15
31%
Feb 5
32 Oct 30 5612
Preferred
1,500
4
,
36 4 3614 3718 3712 4212 •382 40 4
,
36% 36% 364 3614 35
4
8 14
15
gt.
412 Aug 7 1214 Feb 27
812 812 *812 83
800 American Chain
No Par
912 912
8% 9
,
74 8
4
312 311
14
4
/
7% preferred
100 19 Aug 31 40 Apr 24
34
34
200
8
*305 36
•3312 36
2
2
31, 31, .3258 35
*3018 37
34
4
51,
4312
,
No par 4614 Jan 8 70 8 Dec 7
8
800 American Chicle
4
70%
.69% 701 6012 695 *6914 69% 693 69% 7018 7018 70
4
/
27
20
20
*2612 35
10 Am Coal of N J (Allegheny Co)25 22 Apr 7 3512 Feb 21
.2612 35
2612 2612 •2612 35
*2612 35
*2612 35
618
2
2
Feb 6
612
373 •33
*33
218 Aug
8 .314 4
10
100 Amer Colortype Co
8 33
33
1/4 4
8 37
•3
*314 414
89%
13
4
203
6212 Jan 31
20 20,July 2
4
1
/ 31% 3318 3314 3418 3314 3 4 3312 333 13,600 Am Comml Alcohol Corp.
4
4,
,
32 4 3312 3214 33
1634
1
513
612 Nov 23 1312June 19
8
8
10
4,500 b American Crystal Sugar
612 718
8
712
*7
818 83
,
7 2 8%
612 7
32
2% 64
.5212 5312 54
7% preferred
360
51
53
100 4512 Jan 4 72%June 18
51
50
52
5312 53% 53
52
6
1
4
/
11
5 Feb 16
Patine 2
2
2
179 218 3,500 Amer Encaustic Tiling___No par
218
2
2
2
2
2
218
.2
3% 13
4%
8
43 Nov 13 1012 Feb 3
200 Amer European Bec's__No pa
5
412 412 *43
4 5
4 5
•43
5
*418 4% •418 5
4
/
3% 191
412
,
13 4 Feb 6
412July 2
No pa
518
5
,
58
518 8.300 Amer & For'n Power
518 514
5
514
5
5
.5% 5%
,
11 4
30 Feb 7
74 44%
,
11 4 Nov 2
14
Preferred
No par
700
15
1432 1412
14
1412 141 •1418 15
01314 15% *14
438 2714
618
1712 Feb 6
2
618July
2nd preferred
No pa
7
718 714
4 634 1,400
63
7
718
7
4
1
/
4 7
7,
*714 7%
613 35%
1014
11 Nov 13 25 Feb 6
600
$6 preferred
No pa
8
12
*1114 12
12
13
12
4
/
12
13
1138 111 1178 117
4
/
41 2112
1012
8
225 Feb 16
10 1012July 2
700 Amer Hawaiian S S Co
13
,
1312 1312 131 *12
•1218 12 4 *1212 13
13 4 1312 1312
,
212 16
Feb 5
1012
4
/
31
312July 2
900 Amer Hide & Leather_No pa
0412 5
4% 51
*412 5
5% 5%
*412 5
,
5 4 514
1312 5712
17%
4214 Mar 15
*2012 22
Preferred
100 17% Aug
2,400
*2012 22
24
22
2412 25
*2012 22
2412 25
4 4212
243
24%
8
,
31% 3014 3012 30
1 25 4 Oct 27 363 Apr 26
31
14,300 Amer Home Products
4
1
/ 31 4 31 4 3278 3234 33
3012 30
,
,
1712
10 Feb 5
3%
314
No pa
,
,
3
34 3 4
3 4 Sept 1
5
8 3,600 American Ice
,
3 8 3%
8 35
4
33
,
3 4 32
8 38
35
,
3 8 312
57%
25
454 Mar 26
25%
4
100 253 Oct 2
non-cum pref
6%
*2612 28
300
28
*2714 28
27% 27% *27
*2714 27 4 27 4 27 4
,
,
,
1518
414
434
454 July 2
11 Feb 6
No pa
8 7
3,400 Amer Internet Corp
65
6% 6%
,
64 7
4 7
8 7
*63
67
7
6%
312
112 Apr 4
14
%Nov 2
12
8
8
12
%
12
8
,
8
03
s
,
% 2,700 I Am L France & Foarnite_No pa
12
2
114
10 May 22
314 Sept 2
100
414 •378 4
Preferred
8 *378414 *37
8 47
8 414 •3
*37
4
1
/ 414 *4
8 3918
57
1412
38% Feb 6
1412Sept 1
4
1
/ 3.700 American Locomotive__--No Pa
,
1812 19
18% 1812 1814 1812 1814 1812 18 4 1918 18% 1914
4 63
173
3512
5
100 3512 Sept 12 74 8 Mar 13
Preferred
4812 45
47
8
46
"483 4912 47
46
46
4714 1,700
4512 45
,
8% 22 8
12
123*July 27 2214 Nov 10
22
4
193 19% 19% 2012 2012 20% 21
8
217 2214 21 4 2218 19,700 Amer Mach & Fdry Co-No Pa
,
6
1
3
314 Jan 3 1014May 11
4
1
/ *75
8 7
*75
Pa
8 1,400 Amer Mach &
8 7% *75
7% 812 •754 8
712 75
8
77
a
514
3
412 Jan 24 10 May 22
No pa
ctfs
Voting trust
4
2,500
,
,
64 64
,
6 4 6,
678 7
,
68 7
8 7
*65
,
6 4 678
318 235s
1314
8
1278 Dec 5 275 Feb 15
Ns pa
8 13
,
127 1414 1412 153
1314
8
8 1478 1614 18.400 Amer Metal Co Ltd
1312 13% 13 8 135
8
1512 757
63
100 63 Nov 20 91 Feb 15
6% cony preferred
•6814 71
*6612 73
•6814 70
*6814 71
*6814 71
"6614 73
3012
17
20%
34% Mar 13
21 Jan 3
Amer New,. N Y Corp__ No pa
2514 •24
2514 •24
2514 •24
•24
2514 •24
2514
2514 *24
197
4
8
312
312 Nov 19 1214 Feb 6
3% 418
3% 4
8.100 Amer Power & Light--No Pa
4
/
41 438
3% 418
3% 418
8 4
37
3 4118
97
1112
1112Sept 17 29% Feb 6
No pa
36 preferred
8
8 135 14
8
135 1334 1312 1312 2137 137
•13
135
8
8 1,000
13% 13
35
9
1014
1014 Sept 17 2614 Feb 7
No pa
1114 2,700
$5 preferred
1112 11
•1112 117
,
8 1112 1112 *1114 1112 1138 11 4 11
8 19
45
10
1558 16
3
15 4 1614
1553 16
1614
16
15 4 161 155 15% 36,900 Am Rad & Stand San'y- No par 10 July 26 1758 Feb 1
8
,
4
/
8112 119
100 11112 Jan 23 126 Nov 19 10712
Preferred
•128
•128
•128
_
*126
•128
•128
5% 31%
12%
25 1312July 26 284 Feb 19
21 8
207,
2534 - -1- 2018 2058 20% - 8 20 4 - ; 21 214 205 211 24;i155 American Rolling Mill
3 21
4
/ 8
1
2018 4734
8
335
No par 36 Jan 13 6514 Dec 6
1,700 American Safety Razor
64
3
*6212 6312 6212 6212 6312 6312 63 4 6334 64
6514 263
718
8
7
2
,
7 8 Feb 19
218July 27
6
6
,
5 4 •5
*5
900 American Seating v 1 e_ -No par
6 18
6
8
57
5%
5
4
4 53
53
412
12
3,
,
2 8 Jan 30
8,
52
4
1
/
8
*2
52 Oct 2
34
No par
8
7
4
3
4
3
3
•4
400 Amer Ship & Comm
*1/4
4
3
4
3
1 112 363
15
4
8July 27 80 Jan 30
215 21 8 21
No par 175
8
,
0211. 22
2112 2058 21
440 Amer Shipbuilding Co
,
21 4 2258 *21
,
21 4
4 5312
103
2812
8
4
/
3618 361 3558 3614 357 361, 35% 37 4 37
,
38
374 377 22,900 Amer Smelting & Refg_ No par 3014July 26 5114 Feb 15
8
9912
71
31
118 11814 •118 11812 11814 11812 11712 11838 11712 11712 1,200
Preferred
100 i00 Jan 2 125 June 29
118 118
2012 73
57
100 7114 Jan 2 104 Dec 7
2nd preferred 6% cum
10312 10312 10314 1033 *103 103% 103 10312 10312 10312 10312 104
4
2.400
43
3212 5114
,
25 48 4 Jan 5 71 Nov 28
70
,
70 4 70
71
7012 70
6912 69
•70
1,300 American Snuff
71
69
69
10218 112
100 106 Feb 2 12712Nov 8 106
Preferred
12612 127 •12614 12612 12612 127
340
•120 127 •1264 127
127 127
8 27
45
1018
1018 July 26 2612 Feb 6
8 1714 17,
,
8 16% 1714 4,700 Amer Steel Foundries__ __No par
1758 175
4 1714 1712 17 8 17 4 17% 175
,
8 85
375
52
8June 2 90 Dec 5
100 597
86
Preferred
89
86
89
89
100
90
90 90
90
0871 2 99
90
30
3518
47%
444 Feb 7
44
No par 37 Jan 3
44
44
44
*4312 4412 *44
44
4412
44
4
1
/ 44
*43
400 American Stores
4512
2112 74
100 46 Jan 3 72 July 14
6418 6418 6414 6412 263% 6612 67
70
6812 6,600 Amer Sugar Refining
,
,
67 2 69 2 68
11214
80
129 129% 2128 4 129 *124 12918 126 126 812312 12718
100 10312 Jan 3 12918 Dec 3 102
Preferred
,
500
*128
26
6
11
,
21 4 22 4 22 4 2314 227 227
,
,
2114 Ills 21% 22
8
5,100 Am Sumatra Tobacco___ _No par 13 4May 10 24 Nov 15
,
8 2212 23
8612 134%
10712 1077 1075 1093 10912 111
100 10018 Nov 17 1254 Feb 6 10018
8
8
4
109 109 8 17,400 Amer Talent dk Teleg
10912 110
,
107% 108
49
8
907
6312
8512 Nov 26
84
25 6514 Jan 6
8
825 83
2,100 American Tobacco
82
8314 8312 8214 83
82
8412 83
•84
4
5034 943
64%
25 67 Jan 8 89 Nov 26
Common class B
8514 8312 841 12,400
,
8514 8612 84
8612 804 85 4 8612 8512 86
4
/
102% 120
•129 132 *129 4 131 •1293 132 •130% 134 2130 130
Preferred
100 10714 Jan 3 x130 I)ec 7 105
,
100
4
•129
218 25
No par
3 July 25 13 Feb 21
8 4% .4% 412
45
400 :Am Type Founders
*414 5
412 412 *414 5 4 *414 5
,
7
8
377
7
100
1414
,
7 4 Jan 6 28% Feb 21
14
Preferred
,
14 4 135 1412
14
14
280
8
1312 14
1414 14
14
1234
8 4314
107
8
4
4
/
1478 13 4 141 9.900 Am Water Wks & Elec.- No par 123 Nov 16 275 Feb 7
1518 1538 1473 1518 - 1412 147
,
8 145 1518 14
8
80
35
50
80 Feb 5
lat preferred
No par 64 Jan
600
63
63
65
.6112 61 4 6112 6112 *60
,
06214 68 .6212 68
312 17
7
4
/
No par
83g
812
7 July 31 171 Feb 5
8
8% 812 3,800 American Woolen
814
,
8
8% 8 8
8
8
}{13 85
8 6712
225
36
,
83 4 Feb 7
Preferred
100 36 Sept 1
8
,
3914 3812 4014 39 4 40% 39 4 40
,
7,000
4 375 4014 38
.1018 40,
418
38
1
414 Mar 14
4
/ 118
11
1
1 June 27
,
18
300 :Am Writing Paper
4
/
118 *11 1% .11%
118
8 *1%
13
114
*118
8
27
4
/
171 Apr 23
4 1431
3
2%July 2
8
Preferred
No par
5
300
4% 458 !*412 45
412 412 *418 412 *4
*412 5
8
24 107
4
33 July 2
9 Feb 16
8
33
4
1.100 Amer Zinc Lead & Smelt_ _
4
5
458 43
5
8 *412 478 • *438 43
8 45
45
,
44 5
66
20
32
25 3612 Nov 26 504 Feb 16
Preferred
300
40
38
3712 *37
3714 •35
8
367 3678 37
*3512 3712 *35
8
227
5
10
4
July 26 171 Apr 11
50 10
4
/
51.000 Anaconda Copper Mlning
4
/
8
10% 11
1012 10 4 105 11% 111 1134 111 12
,
1034 11
418 1512
8
75
8
185 Nov 22
1712 17%
8
*155 16
1612 1714
1.100 Anaconda Wire dr Cable_ _No par
16
16
014 Jan 1
4
/
161 1614 •1(112 17
3914
8
1318
No par
1318July 24 2 1 Jan 31
44
8
185 18 4
1812 19
8
4
1
/
,
18 4 1918 183 18 4 185 184 2,000 Anchor Cap
,
19
,
19
6212 90
80
106 Dec 5
$8.50 cony preterredNo par 84 Feb
440
10512 106 *106
10512 10512 10558 10512 106 106
105 105
6
25
8
512
0414
1412
.512 Oct 4 1018 Apr 12
10
Andes Copper Mining
,
*412 6
*414 6
*414 6% *414 6 8 .414 6
4 294
4
/
391 Dec 6
93
21%
Archer Daniels MidI'd___No par 264 Jan
8
38
,
8 38 4 3918 385 385
387
8 2,700
3814 38
3714 3714 38
37
95
115
100 110 Jan 24 117 Dec 4 106
7% preferred
10
•11638
117 117 •117 -- •11658
8
- - •1163 117
•11614
90
64
41
8
1033 Nov 23
100 7014 Jan
8
34
8
997 99% 995 10018 10012 101 •100 1014 1.200 Armour & Co (Del) pref
100 100
8
•997 100
312
5
6% Aug 29
312July 26
8
5% 5%
4
1
/ 57 19,500 Armour of Illinois new
5
5% 6
,
5 4 573
5% 5%
578 5%
4614
No par 4614 July 26 7114 Nov 30
$6 cony prof
26918 691 6,600
4
/
1
/
4
/
,
7114 70% 711 704 70 4 7014 7034 7018 71
71
4
/
311
100 54 July 28 85 Nov 24
Preferred
*8532 9018 •85
9018 *8514 00 8
*8514 90
*8514 90
,
90
•85
$ per share
.3014 4212
*10914 110
,2
712 7
*8318 85
3112 3112
818 818
2 6
*5,
612 612
112 113
,
1
/
*14 1 4
1712 175
8
S per share $ per share $ per share S per share
_
*3614 4212 "3614 4212 .3614 4212 *3614
110 110 010912 110 *109 110 .109 III
8
712 78
8
712 77
4
4
/
71 73
8
75
714
4
•833 85
4
,
*83 4 85
8312 83, *833 85
2
33
,
32 4
*3118 31% 32
32
,
*30 8 32
8
8
8
8
9
818 818
8
6
•513 6
6
6
,
5 4 *5
*5
7
4
1
/ 7
6
7
4
/
614 61
8 7
67
11114 111% 11012 11012 111 11212 112 113
112 112
158
112
112
112
112 1,2
8
175 17% 175 177
8
,
8
8 175 1818 17 4 1814
_
---- -,378 4,4 .37
8 412 *3
8 412
4 237
'8 43
8
15
,
8
15
4
13
8
15
8
15
,
14 14
8
15
718
718
7 18
7
*612 7
714 714
8 658
65
,
6 8 6%
,
6 8 6%
612
0512
614 614 '6
2
6,
"5
612 .1'634 612
8
*18% 2212 *1838 2212 *183 2212 .1838 2212
• 1114 and asked prices, no sales on this day.
0
$ per share Shares
50
40
40
25
109 109
712 7 4 9.100
,
10
4
•833 85
,
31 4 31 4 1,600
,
7,300
,
84 9
512 6
300
714 10,000
7
11214 1123
4 3,500
600
8
4
/ 15
011
17% 18 4 17,100
,
Par
No par
Abraham & Straus
100
Preferred
No par
Adam, Express
100
Preferred
No par
Adams Millie
10
Address Multlgr Corp
No par
Advance Rumely
Affiliated Products Inc__ _No par
No par
Air Reduction Inc
Air Way Elsa Appliance No par
10
Alaska Juneau Gold Mln
100
Albany & Susquehanna
No par
A P A Paper Co
No par
Allegheny Corp
100
Pref A with $30 warr
100
Prof A with $40 warr
100
Pre A without wart
No par
Allegheny Steel Co
Allegheny & West 6% gtd___100
Allied Chemical & Dys __ _No pa
100
Preferred
No par
Allis-Chalmers Mfg
Alpha Portland Cement No par
1
Amalgam Leather Co
1 Companles reported In receivership.
a Optional sale.
$ per share
35 Jan 17
89 Jan 2
6 July 26
7014 Jan 25
16 Jan 5
4Sept 14
63
4
1
/
3 July 27
475 Sept 25
914June 2
8
13 Nov 2
8Sept 14
165
196 Sept 14
1
3 4July 27
112Sept 18
8
57 Jan 4
5 Sept 8
54 Jan 6
15 June 16
82 Jan 10
11618Sept 17
4
/
1221 Jan 16
8July 26
103
1112July 28
24 July27
1
/
c Cash sale
5 Sold 16 daye. r Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 2
3604
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
Sales
for
the
Week
$ Per share 5 per share 3 per share $ per share $ per share $ per share
.6
618
57
8 618
614 614
614 6%
638 63
4
612 61
*614 812 0
614
712
614 614 *4
812 *4
613 *5
6
*61
67
*61
67
*61
67
*61
67
*61
67
*61
07
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 8 1934
Range Since Jan. 1
-share Lots
On Basis of 100
Lowest
Highest
Shares
Par 5 per share
5 per share
2,200 Arnold Constable Corp
83 Fen 9
5
8
3 July 27
100 Artloom Corp
414 Jan 5 1012 Apr 21
No par
Preferred
100 65 Aug 16 70 July 24
93 Apr 23
Art Metal Construction
10
4 July 27
'8
125 1 5
8
8 1 14 1214
121, 121 1 1213 12
117 1214
8
12
12
1,600 Associated Dry Goods
1
714July 26 1814 Feb 6
*77
82
*77
82
*77
80
80 80
.76
80
753 753
4
4
200
6% lot preferred
100 46 July 26 8112Nov 23
*53
5478 *54
547 *54
8
.567
8 54
54
.493 557 '50
4
8
567
8
100
7% 2d preferred
100 36 July 26 647 Apr 20
8
'313 33
*313 33 .313 33 '313 33
4
4
313 313
4
4 32
32
90 Associated Oil
.25 2912 Jan 6 4011 Apr 25
553 5612 5434 563
8 5518 .573
8 563 573
8
8 553 565
4
25,800 ,1ch l'epeka & Santa Fe..._ 100 4514 Aug 11 733 Feb 5
8 5518 56
4
87
8712 87
8714 871.3 8712 873 8838 873 88
4
4
88
8812 1,900
Preferred
100 7018 Jan 5 90 July 14
3412 3518 34
3513 34
3614 3614 37% 3614 37
3512 3614 13,500 Atlantic Coast Line RR
100 2412July 31 5414 Feb 16
8
8
8
8
"7,2 97
70 Al 0 & W I 88 Lines__No par
712 7 2 *718 98 *7
,
5 Aug 1
914
16 Apr 12
77 Nov 9 24 Apr 24
'914 10
*914 11
*914 11
*914 11
4 °63 103
8
4
93
4 03
Preferred
100
100
257 26
8
2534 25% 2514 257
8 2508 257
2513 253
4 25
2512 7,500 Atlantic Refining
25 2112July 26 3514 Feb 5
*42
43 4 4312 4313 *4212 44
3
433 433
4
4 4313 4412 4313 44
1,555 Atlas Powder
No par 3514 Jan 8 5512 Mar 13
106 108
1053 105 4 106 106
4
106 106 *106
3
_ •106
_ .
170
Preferred
100 83 Jan 9 106 Dec 1
*6
619
6
6
6
6 18
6
612
No par
7 s _- ,
2,300 Atlas Tack Corp
512 Nov 13 1614 Mar 14
7
5s
712 8
26
2612 2534 2513 254 263
26
273
4 27
273
4 285 2714 6,000 Auburn Automobile
8
No par
1612July 30 5734 Mar 13
1514 1514
8 15
8
15 .1413 15
1408 147 *1414 147
*1414 1412
600 Austin Nichols
No par
813Sept 20 1658 Mar 5
13 5912 60
'593 61
4
4
59
*593 61
61
59
60
59
Prior A
59
90
No par 3114May 14 64 Apr 28
434 434
438 434
413 5
47
8 5
5
6
53
4 614 89,800 Aviation Corp of Del (The)
4July 26 10% Jan 31
---5
33
53
8 53
512 53
4
514 53
4
514
53
8 512 19,100 Baldwin Loco Works-...No par
55
8
413 Oct 29 18 Feb 5
4
512 53
4
*2218 2512 2014 23
21
2213 2213 2312 22
2238 20
21
Preferred
2,600
100 1614 Oct 27 64% Apr 21
15
1514 15
4 1534 157
1512 14% 153
8 1513 15% 147 1512 23,500 Baltunore & Ohlo
o
100 1314 July 26 3412 Feb 5
173 177
4
8 1712 1713 1734 1812 1812 1934 18
19
175 1814 4,400
Preferred
8
100 16 Nov 23 373 Feb 6
8
10278 10278 101 101 *1013 1027 01013 1027 101 1013
*101 103
4
8
4
160 Bamberger (L) dr Co prof_
8
100 8613 Jan 9 1027 Dec 3
4
8
40 40
40
40
*4018 40 4 403 403 *4014 4113
4013 40
3
4
4
500 Bangor & Aroostook
50 3512July 27 4618 Feb 1
110 110 *11018 11013 *110 11012 110 11012 11014 11014 11014 11014
Preferred
140
100 95% Jan 5 111 June 30
434 514
514 513
514
51.
512 512
514 514
4% 514 3,200 Barker Brothers
'lo par
214July 24
612 Feb 5
3014 32
3313 34 - 3514 3712 37
3712 36
36
3413 3512
550
100 1618 Jan 9 3812 Apr 12
6 I4% cony preferred
614 614
6
6 14
614 634
6
6%
618 614
6% 614 8,000 Barnsdall Corp
5 5 7 Oct 4 10 Jan 22
8
437 4412 43 4 433
*4318 44
3
4 4414 4434 443 453
4
4 44
4538 2,000 Bayuk Clears Inc
No par 23 May 8 453 Nov 15
4
'10614 10712 10614 10614 107 107
10712 10712 10714 10712 *10714 109
160
1st preferred
100 89 Jan 15 10712 Dee 5
1713 1712 .175 18
177 17% 178 1834 18
8
8
1834 *173 1818 3,700 Beatrice Creamery
4
.25 1014July 27 193 Apr 28
4
981
. 98[2 9812 *97 10518 *98 10018 *98 10018
__ *96
100
Preferred
100 55 Jan 13 98,2 Dec 4
7612 761* 7634 7812 *7412 7614 7613 7613 7612 7634 7613 7613
*96000 Beech-Nut Packing Co
20 58 Mar 2 7634 Dec 6
1234 1234 121 1213 1214 1214
1214 1214
1238 123
8 1213 1212 2,400 Belding Hemingway Co_No per
8% Jan 3 1514 Apr 24
.109 11018 11018 11018 11012 11013 .1105 11118 1103 111
8
4
500 Belgian Nat Rys oart prat
11118 11118
9513 Jan 9 127 Sept 8
163 163
8
4
1614 1634 1614 165
8
1634 1734 17
1682 17
25,000 Bondi' Aviation
5
1734
93
4July 26 238 Feb 1
15
1518 15
1518 151g 1518 15
1518 1513 1618 1614 167 12,300 Beneficial Indus Loan____No par
3
1213 Jan 31
1918 Apr 26
*39
3914 384 39
3812 39
383 3918 3812 387
4
3 3814 3833 3,000 Best & Co
No par 26 July 28 40 Nov 26
3113 317
3 3012 3134 305 3112 3114 32
8
31
314 30 4 3134 20,600 Bethlehem Steel Corp
3
No par
2434 Oct 26 4913 Feb 19
.6618 67 .6512 667
8 663 663
4
6713 673
4 664 67
4 67
100 547 Oct 30 82 Feb 19
7% preferred
6712 1,300
*245 25
8
"23
2313 2418 2412 2412 2412 2413 243
24
24
220 Btgelow-Sanf Carpet Inc__ No par
8
1914Sept 17 40 Feb 5
*10
97 1012 1038 103
1014 10
8
10
8 1014 1034 1018 1018 4,200 Blow-Knox Co
No par
8 Sept 17 1614 Jan 30
21
8
21
203 *17
20% 203 019
205
8 2050 21
*2112 2212
100 Bloomingdale Brothers
No par
17 Oct 2 26 Feb 7
.1043 107
4
1043 1043 105 105
4
106 106
4
106 106
Preferred
275
10514 10514
100 88 Jan 8 109 Nov 23
*2712 30
8 28
28
293 293
8
*28
30
028
20 Blumenthal & Co pref
30
*28
29
100 28 Nov 30 56% Feb 19
95
97
8
93 1018
1118 1034 1114 1018 11
97 1014 10
g
8
23,200 Boeing Airplane Co
5
6% Oct 29 1114 Dec 6
5812 5912 5918 6018 014 6018 59, 597
4
5912 597
8 583 59
4
8 4,100 Bohn Aluminum & Br ___ -...5 4413SePt 17 604 Jan 24
91
92
91
9118 9110 9118 9118 9014 9014 01
92
310 Bon Ami class A
No par
02
76 May 14 92 Nov 27
2434 248 2434 2478 2434 2473 245 247
8
3 2412 243
4 245 247
8
s 6,700 Borden Co (The)
25 Ws Jan 6 2814 July 14
2778 2818 2712 277
8 2714 277
273 2812 28
8
28
273 287 12,100 Borg-Warner Corp
4
8
10 1618July 26 293 Nov 23
3
0
613 63
4 *612 714
53 Nov 1
734
Vs
800 Boston dr Maine
7
734 73
*612 712
4
7
100
1912 Feb 5
13
5118
13
18
113
13
8
13
134
*114
600 213otany Cons Mills class A ..50
113 *1%
112
3July 25
7
3 Feb 9
8 233 2414 24% 2513 25
2314 237
4
24
2438 2313 24
12 Jan 6 2513 Dec 6
2512 44,700 Briggs Manufacturing_No rho
*21
213
4 2112 2112 2112 2112 213 22
4
22
2212 22
No par
22
600 BrIgg8 & Stratton
14 July 20 247 Apr 21
8
4
3384 3312 3334 3313 333 3334 333 3412 *3312 3412 3412 3413 1,700 Bristol-Myers Co
5 28 Jan 4 3712Ju1y 18
*312 4
45
*313 38 *312 37
'312 37
8
33
4 4
1,900 Brooklyn & Queens Tr___No par
414
312 Aug 6
83 Feb 7
8
3658 "32
*32
39 '32
.32
35
3512 3513 3512 3634 3634
300
Preferred
No par 3212 Nov 15 5814 Apr 26
"3912 40
4 3912 4012 4 14 41% 4012 427
3914 393
8 4218 4414 26,900 Bklyn Manh Transit
0
No par 28% Mar 27 447 Aug 27
*943 95
8
9313 947
8 9412 9412 *9414 95
95
95
9513 96
800
$6 preferred series ANo par 8212 Jan 4 97 July 21
507 5113 5182 5143 51
8
5113 504 5112 507 51
8
1,300 Brooklyn Union Gas
5114 5114
No par 50 Nov 16 8012 Feb 6
05713 59
5712 5712 5712 5712 5712 5712 057
*5712 58
500 Brown Shoe Co
59
No par 45 Sept 15 61 Feb 16
4
'123 1233 .123 1233 1233 1233 *124
4
4
_ ..124
_ __ *124 . _
Preferred
100 118%June 1 125 Aug 2
10
*6
612
6
6
'57
612 •57 6%
.3
6% 6 8
800 Bruns-Balke-Collender___No par
4 July 23 107 Mar 17
3
14
614 8
8
0438 5
434 434
434 43
4
43
4 43
4
5
5
43
4 5
1,300 Bucyrus-Erie Co
934 Feb 5
10
312July 27
*834 938 .812 9
*812 87
2
9
93
8
914 91.1
9% 932 1,20'
Preferred
_5
6 July 26
1412 Apr 24
57
57
58
*56
57 .5413 57
59
60
60
60
*60
7% preferred
61
100 50 July 30 75 Jan 15
5 8 512
3
513 5 3
3
514 5 8
514 6
3
514
78 Apr 25
54
3
514 53 15,000 Budd (E GI Mfg
8
No par
3 July 26
30
293
2914 2914 29
4 29
3114 3318 30
3214 30
3012 1,260
100 18 July 25 44 Apr 25
7% preferred
4314 312
314 3 8
3
314 314
314 3%
312 3 8
5
3 8 312 4,100 Budd Wheel
3
No par
2 July 26
53 Jan 30
8
*414 5
47
8 47
*412 588
8 .458 5
*45
8 5
'434 5
100 Bulova Watch
No par
27 Jan 9
8
613 Apr 28
8 12 4 123
,
13
•123 133
8 1212 13
1314 127 1318
4
8
1212 123
8 3,100 Bullard CO
No par
57 July 31
1513 Feb 18
4
*2
4
*2
"2
4
*2
3% *2
312 "2
Burns Bros class A
No par
312
152 Jan 26
6 Feb 21
.1.12 3
,2 '112 312 *113 3 2
,
*5/
8 312
Class A vtc
052 318
*5
8 313
No par
1 Jan 23
412 Feb 23
2
.7
8
112
*3
4
112
*3
4
*% 2
.
7
8 2
*34
113
Class II
No par
1 Aug 15
313 Feb 21
018
12
*18
12
03
8
12
113
*3
3 1,2
Class B ctts
*3
3
1,
2
"3 1
No par
212 Feb 23
12 Jan 2
9
"83
4 9
9
9
9
9
9 8 •9
5
912
83
4 9
330
7% preferred
100
4 Jan 9 1512 Feb 20
155 157
8
1513 153
8 1518 157
8
4 1514 157
8 153 1512 5,600 Burroughs Add Mach____No par
1534 157
8
1012July 26 21938 Feb 1
1
1
118
1
1%
1
1,
8
118
114
114
114
1,300 :Bush Term
114
No par
3
4r-ept 19
372 Feb 9
3
.
*33
8 412
3
418 418
418 418
234 318
413 412
400
Debenture
234Nov 27
100
6 Mar 8
1013 1012 .95 1012 10
4 1013 113
1012 1012 113
4 1134 12
370 Bush Term BI gu prof ctfs
5% Jan 3 153 Feb 23
100
4
___ Butte & Superior Mining___10
218 Feb 18
112 Jan 13
0178 - 2
•17
3 2
17
8
13
4
17
I%
1%
2
.13
4 -2
1,100 Butte Copper & Zinc
112July 27
314 Aug 8
5
15
5
17
2
2
'13
4 2
13
*13
4 *1
*13
4
48 Feb 1
14
13
4
700 Butterick Co
No par
1% Oct 28
183 193
8
4 197 2014 193 20
8
197 197
s
8 1542 1914
8
19
193
3 5,400 Byers CO (A M)
4July 28 32% Feb 7
No par
133
8
50% *4713 507 047 507 *4713 507 '4712 50%
'46
8
51
*46
8
Preferred
100 40 Aug 6 67% Apr 23
37% 3714 3714 3713 3714 3713 3712 3812 *3818 381 1 38
38
2,500 Californla Packing
18% Jan 4 443 Aug 29
No par
2
3
4
54
53
3
4
31
3
.3
3
4
3
4
34
13July 27
7
8
3
4
7
1% Jan 23
8 2,700 Callahan Zino-Lead
1
*27
8 3
278 3
3
3
27
8 3
3
27
8 314 8,400 Calumet & Hecht Cons Cop.. .25
334
23
4July 28
634 Feb 5
93
954 934
10
4 10
*93 10
4
912 98
93
93
4 98
700 Campbell W & C Fdy__No par
6 July 27 157 Feb 23
8
4 16% 1612 1812 163
4 167 1714 163 17
8
165 163
8
163 17
4
4
4,100 Canada Dry Ginger Ale
5 1212July 26 2913 Apr 24
*4813 52
*51
52
52 '51
*4812 52 .50
52
*51
52
Canada Southern
100
4812July 27 5812 Apr 24
8 12% 1238 '1214 1214 12
117 123
8
1214
12% 123
1214 21,200 Canadian Pacific
8 12
8
25 107 Nov 21
1814 Mar 12
4 373 373i 3738 3734 37'2 374 373 3814 3712 3834 2,000 Cannon Mills
4
4
373 373
4
No par 2812 Jan 4 381, Dec 6
67
8 67
*63
8 6%
58 Jan 2 1014 Apr 20
63
4 63
4 "63
7
8 67
7
063
4 718 1.000 Capital AdnUnis Cl A
1
*31
3113 3113 32
35
*30
3112 .30
3113 *30
.31
35
270
Preferred A
4
.10 283 Jan 24 39 Apr 20
__ "62
- - *62
___ ______ Carolina Clinch & Ohio Ry 100 74 Apr 2 85 June 19
__ '62
.._ '62
_ *62
95
.
95 . . -- ._ _ _ -95 ... _ _ _ 95
95
.62- 0_ _ - - •_ _ _ _ - - • _
_
05
. .. - Stpd
100 70 Jan 6 9212June 23
8
5334 5412 5213 533
4 5212 5312 533 5533 54'2 5638 5434 5614 15,600 Case (J I) Co
190 35 July 26 8844 Fen 6
88 88
88
88
873 873
873 873
4
80
'87
Preferred certificate.
888 87 87
100 56% Aug 15 837 Nov 28
4
5 3434 34
3514 3314 3450 15,700 Caterpillar Tractor
325 3313 3234 3314 3234 3312 33
8
No par 23 Sept 14 3514 Dec 6
8 2950 3014 297 3134 293 305 20,200 Celaneee Corp of Am
293 3014 2934 30
4
4
2918 297
8
8
No par
1718July 28 447 Feb 5
8
*3% 4
8
3% *3% 4
500 Welotex Corp
313
*312 4
0318 33
3
*3
No par
118July 27
57g Nov 5
17
2
2% •13
2
2
1%
013
600
4
1%
2
Certificates
.134
214
No par
1 July 27
4 Apr 12
16
16
16
16
16
173
4
4 1613 1612 1,050
1514 1514 153 1614
Preferred
812 Jan 18 22% Apr 13
100
1913 195
2314 11,800 Central Aguirre A350___-No par
3
19
183 1)ec 4 3218 Feb 5
4
195
8 183 20 4 20% 2212 203 2214 23
4
4
61
5513 5813 *57
61
59
63
060
60
1,000 Central RR of New Jersey..100 53 July 27 92 Feb 3
6212 060
59
107 10%
8
10 4 10 4 10% 1114 11
3
11
3
11
1134 11
113
8 4.100 Century Ribbon Mills__No par
512Sept 14
1234 Feb 10
Preferred
120
95 95
_ 100 102
95
'92
*92
95
100 82 Mar 31 102 Dec 7
95
*92
4 393 413 *95--4
393 3934 3914 393
4 3918 393
4118 4212 34,900 Cerro de Pasco Cooper- _No par 3014May 18 4312.1rily 5
8
4 404 42
8 57
*534 6
58 618
3
6
6 18
3% Jan 2
53
8 53
8 2,300 Certaln-Teed Products___No par
555 538 555
73 Apr 5
4
2712 307
*2412 28
7% preferred
8 3012 3114 30
27
610
27
27
30
100 1713 Jan 19 35 Apr 5
27
100 Checker Cab
5
518 Oct 10
'512 11
*6
1014 *512 1014 *512 0
1612 Mar 16
7
7
*7
9
No par 34 Jan 4 487 Apr 21
3912 4012 4014 404 4012 42% 4312 4414 2433 441, 4313 45
8
12,100 Chesapeake Corp
8
45
453
8 4412 4518 4412 45 4 45 4 4613 245
19,900 Chesapeake & Ohio
4550 4418 45
25 368s Jan 5 485
3
3
8June 16
100
114
200 :Chia & East III Ry Co
1 18 Dec 1
114 *188
*114 2
llg
188
*11
2
2
*118 2
7 Feb 17
214
6% preferred
600
'213 212 *212 213
100
15
214
*July 23
184
1% *13
13
4 2
8 Feb 16
4
17
8
2%
214
218 2% 1,2%
218
*2
2
2
2% "2
218
100
700 Chicago Great Western
173 Nov 3
512 Feb 1
*41
Preferred
413
100
414 414
800
4 July 23 117 Feb 19
8
44
414
4,
4
414 414
434 412 0412 4
:Chic Ind dr Loulsv pref__100
2 Nov 14
7 Apr 24
*14 3
*I% 3
*I% 3
'13
4 3
•134 3
" 4 3
13
212July 26
.27 3 "278 3
8
3
27
3
27
3
1,600 Chic Milw St P & Pao -No par
3
27
3
812 Feb 5
414 412
Preferred
438
4
414 434
413 6,700
100
413 43
414 43
358July 26
408 43
8
1314 Feb 6
4
534 538
5 8 512 7,900 Chicago & North Western_ 100412July 28 15 Feb 5
3
04
5 2 53
,
8
314 512
54 5
3
514 55
Preferred
2,700
814July 26 28 Feb 16
100
8
4 1112 1113 1050 11
1055 1012 1013 1050 1013 1118 113 113
97 Feb 5
*638 613
638
658
613 67
6% 612
858 67
4,100 Chlcago Pneumat Tool___No par
3%July 26
613 63
*2238 223
Cony preferred
4 22
22
No par
1414July 26 283 Apr 24
223
22
8 2214 225
2214 22
8 2134 2212 6,400
*2
214 "2
2% 2%
218
2
2% 218
218 1,500 /Chicago Rock lel & Paciffc_100
2 July24
214 214
6,4 Feb 7
7% preferred
400
100
3 Nov 21
7
9% Feb 6
'3 4 3 3 *314 33
; '3,
33
,
8 333
8 38
33
4
3 2 3 2 *334
,
,
23
"23
8 24
3
600
2%
6% preferred
213 25
100
8 *214
2 July 23
212 213
24
3
8 Feb 6
212 212
--__ ____ ______ Chic St Paul Minn & Om
100
118Sept 25
613 Apr 7
--_-_---_-_- --_-_
--_-_-_ -_-___
-_-_- 2: --_-_- -_-_-_- --_-_-_
.10_
_
Preferred
100
4 Oct 2 113 Feb 15
4
10
10
0
Vo par
10%
10 .10
300 Chicago Yellow Cab
918 Oct 24 216 May 18
1014 1014 1014 .10
1013
• Bid and asked prices, no sales on this day.
1 Companies reported In recelverstdp.
July 1
1933 to Range for
Nor.30 Year 1933
1934
Low Low
High
$ per oh $ per share
27
8
Ds
7
318
2
913
6814
4812 70
97
3%
312
714
313 20
44
18
6112
36
15
513
4
26
63
4 3512
3434 8018
4413
5314
50
793
4
2412
1613 59
412 28
5
77
413 337k
2118
123
8 3212
18
9
3918
75
60
8318
512
1 12 343
4
1612
31
8414 i
4
7
8
908
13
3912
2708
334
512 1634
312 1734
413
16
013 GO
1314
814 377
16
912 3934
80
6814 99 8
2014
20
415
91 12
68% 10
214
3
8
714
14
518 2414
57
3
11
314 5212
23
27
100
80
834
7
27
45
85
55
54
45
7013
312 1212
7
6214 101 84
833
4
93
4
618 2114
1218
1314 15
9
21
33%
1018 4914
23
2514 82
44,18
Ms 2912
18
312 1914
8
834 21
16
65
53
88
28
24
50
63
4
- _- 333
4
58-12
912 .
78
68
62
18
3713
18
512 2214
114
53
30
6
3
8
412
50
1450
25
614
1013
714
18%
3814
25
25
312
312
93
8
3212
353
6018
2534
213
4 41 84
8312 ,
64
69%
8813 1
60
50
8
2812 537
41
10814 118
117
1812
1%
4
1278
2
312
8
6
23
4 193
2013 72
47
97
%
3
3
35
16
53
4
2
1
7
g
5
212
4[8
212 1334
82
5
1
14
3
1
31*
1
1
4,
2
14
134
13
3
*
6% 207
1012
3
4
1
8
912
1
2
8
418
418
2%
138
1
12
414
113
7118
38 1
114
133
812 4314
3018 80
40
73
3484
16%
i2
23
4
6
2
12,
44
107
8
2214
484
26
60
70
35
567
IS
1718
IN
7
8
212
19%
53
512
75
233
234
1034
5[8
2912
3718
1
112
178
4
2
212
35
412
8%
35
144
2
3
2
Ill
314
91g
14 Name changed from Amer. Beet Sugar Co. z Ex-dividend.
214
%
93
8
2
1614
2
7 2 4112
,
45
40
8
712 207
3534
14
4%
1212
25% 35'2
61
42
5014 7913
3012 10312
8614
41
582 293
8
412 587
12
57
3
43
3
8
*
113 125
41
14
122
38
1155
2
100
52
57
445
750
1
3034
4
712 231z
1478 5212
245
8 4914
8
82
12
812
7388
13
8
283 147
6
25
11%
1
1 12 1814
16
114
244
2
218 123
s
512 25'4
1018
2
312 1912
27
8
II
I
6
12
2
61g
223
8
3605
New York Stock Record-Continued--Page 3
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
-share Lots
On Basis of 100
Lowest
Highest
July 1
1933 to Range or
Not. 30 Year 1933
1934
Low '
Im
High
$ per share $ per sh $ per share
Par 6 per share
iS per share 6 per share $ per share $ per share $ per share $ per share Shares
15
5
34
4
2738 28
28
10 1914 Jan 8 303 Feb 5
283
4
4
283 29
4
283 29
4
7,500 Chickasba Cotton 011
26
2734 263 27
8
318
4July 25 115 Feb 19
2
1018
33
No par
4 61s
61s 612
612 7
65
8 67
8 5.600 Childs Co
*512 53
4
53
4 53
4
53
1014
6
*12
1312 012
12
1412 *12
20 Chile Copper Co
25 1014 Aug 9 1758 Apr 9
2112
1412 12'2 1212
1412 12
*12
2614
74
5
5758
40
383 393
2
2 393 407
2
5 2914 Aug 7 6038 Feb 23
2 4012 41
397 4012 77,400 Chryaler Corp
8
40
4014 39
8
1412
718 2.5
1714 Jan 5 243 Jan 30
21
21
*203 21
4
21
21
No par
21
21
2114 2114
207 21
8
1,900 City Ice & Fuel
633
8
45
72
100 67 Jan 3 9018 Dec 7
4 853 857
4
8 853 86
4
88
904
Preferred
863 88
4
810
8512 8512 8512 853
55
3714
40
*3714 44
100 3714 Nov 19 52 Feb 17
*3714 44
*3714 44
City Investing
*3714 44
*3714 44
44
*3714
218 Feb 6
14
35
8
12July 27
12
No par
78
7
8
1
1
1
1
7
8
1
4.100 City Stores
7
8
1
4 I
12
12
12
*12
5
4
*12
44
114 Feb 6
18
218
Ss
12
12
12
5 July 24
8
Voting trust certifs
No par
3*
3,400
12
812
2
8
112
55 Feb 6
214July 25
Class A
No par
*35
8 418 *358 412 *35
8 412 *35
8 45
8 *35
8 412 *37
8 412
518 Feb 21
2 July 20
3
4
312
312 *314
Class A v IC
No par
54
514
*33
8 434 *33
8 43
4 *33 , 43
8
4
414
418 418
200
5
1414
4
612
*15
83 Jan 5 213 mar 5
4
16
16
16
*15
16
No par
*15
100 Clark Equipment
16
*15
16
*1514 16
58
4July 26 100
38
*45 _ __ _ *45 _ ___ *45
C C C& St Louis pref
100 71 Jan 17 903
*45 ____ *45
_ *45
60
60
65
*7734
07712
*7712
Cleveland & Pittsburgh
50 7012Sept 19 78 Nov 15
-- 079
-_ *79
____ *79
31
30
31
*44 15
044 75
45 15
*44
Special
50 38 Jan 25 45 Dec 5
45
044
_
90
04414 22
10
4112
2912 30
30
8
30
2912 _--- *28 29
1,200 Cluett Peabody dr Co____No par 247 Nov 28 45 Apr 7
283 2914 2912 30
4
293
4
90
90
100
8
40
8
8
Preferred
100 95 Jan 28 115 Apr 23
8
1127 1127 1127 1127 *112 11278 *11212 1127 .112 116 011218 116
8
85
7312 105
15412 1543 155 155
4
15612 15714 15714 15714 158 159
No par 9514 Jan 2 159 Dec 7
1,200 Coca-Cola Co (The)
*15412 155
4512
44
51
50, Jan 11 57 Oct 11
8
57
Clam A
No par
57
57
8 1,000
5612 5612 .5614 5612 5612 5612 57
563* 565
9
7
223
8
1714 17
93 Jan 3 184 Mar 13
8
8 1718 1714 17
1714
1718 173
8 167 1714 7,400 Colgate-Palmolive-Peet No par
8
1714 173
66
49
88
101, 1014 *10114 102
8
102 10212 *10118 102 x101 101
100 684 Jan 8 10212 Dec 5
6% preferred
800
101 101
10
3
26
10 July 26 2812 Feb 19
8 1414 143
4 1412 144 1412 1478
No par
8 1412 145
1412 15
5,400 Conine & Alk11124111
1412 147
637
8 85
72
100 74 Nov 5 94 Apr 18
8312 80
81
783 783
4
4 7812 7812 80 80
120
Preferred
*81
7912 7912
514
12
*614 612 *614 612 *614 612
5
111 Colonial Beacon Oil
No Par
5 Aug 2
8
9 Feb 5
*614 7
614 614
*614 7
27
8
27
8 173*
35 Jan 2
8
83 Feb 6
4
438 412
412 412
No par
43
8
412 5
418 418 *4
47
8
478
1,600 :Colorado Fuel & Iron
9
54
9
*21
22
*21 , 22
22
22
100 1012 Jan 3 32 Feb 23
22
2112 2112 22
Preferred
*21
22
30
16
1514 51
8
*19
22
22
22
22
21
100 18 Aug 4 403 Feb 1
23 .20
2234
60 Colorado de Southern
*20
223 *20
4
13
1212 423
4
8
1514 16
100 13 Nov 7 3314 Feb 9
1612 147 15
165 1714
8
1712 1712 17
280
4% 1st prof...red
1712
*15
11
10
30
1212 1212 1312 12
13
*11
100 11 Nov 14 30 Feb 3
250
4% 2d preferred
.
12
1214 1214
123 123 •10
4
45
2318 714
7214
7214 73
73
72
723 7312 723 7312 3,300 Columbian Carbon v t c __No par 58 Jan 8 7714 Apr 23
4
8
7314 72
73
65
8 28
1718
2112 July26 414 Dec 3
4
8 4014 4012 4018 403
4 3918 40
383 3912 8,800 Columb Pict Corps t o___No par
4
3914 4014 393 413
67
s
8
814 858
9
812 85
6*Sept 17 1914 Feb 6
284
4
85
8 83
818 83
814 18,800 Columbla Gas & Elec__No par
8
814 85
8
8
50
50
83
Preferred series A
100 52 Jan 5 7834June 21
4
4
8 623 6312 623 623
4 623 6314 623 623
4 6212 6312 1,400
*623 633
4
4
4
40
41
7412
100 41 Jan 9 71 Apr 24
*5018 60
*50
58
*50
58
5% preferred
*42
56
*42
68
051
58
1114
4
1914
8
8 38
10 185 Jan 4 3912 Dec C
8
39
3812 3912 38
39
17,900 Commercial Credit
367 3718 3612 3714 365 375
3
22
1812 25
25 2312 Jan 5 3018 Nov 30
344 30 30
7% 10t preferred
347 *30
8
*30
344 *30
130
*30
33
30
30
16
32
3912
50 38 Jan 3 52 Dec 7
*51
Class A
513
8 51
51
517
8 515 517
8 52
52
1,000
8
513a 5112 51
23
1818 251s
25 24 Jan . 30 Mar 3
40
Preferred B
30 30
*3918 303 .3018 3112 *3018 3112 *304 3112
8
30
30
85
70
957
8
470
110 110
110 110
64% first preferred___.__ 100 9112 Jan 3 110 Dec 5
110 110
10914 10914 10912 10912 *100 110
273
4
18
4312
4
No par 353 Jan 4 61 Aug 16
6014 593 6018 5912 60
11,200 Comm Invest Trust
4
4
5814 5
813 583* 6014 x583 5912 59
8412
84
8
Cony preferred
No par 91 Jan 3 114 Nov 23
977
8
4
200
8
4
*112 1143 1125 1125 *111 11434 *112 1143 *11212 11434 a11212 11212
5714
I53
4Ju1y 28 363 Jan 30
4
153
4
9
V_ par
8 22
23
2214 2212 37,300 Commercial Solvents
2118 215* 21
21N 21
21s 2112 223
4
No par
I Nov 20
33 Feb 6
1
114
618
114 29,400 Commonwilth & Sou
13*
8
14
114
14
13
8 112
114
11
114
114
13
1738
214 Jan 2 5234 Apr 23
173* 60,2'
4
No par
4 3578 373 .34
3512 *333 35
35
3412 353
$6 preferred serles
4
3,800
3513 3512 35
3
11
8Apr 19
5
Conde Nast Pub., Inc
No par
5 Aug 2 133
8 912 *75
8 812
100
*8
912
8
8
*75
8 912 *75
8 912 *75
1612
8
73
8 275
343
8 3312 3418 33
No par 22 July 26 353 Nov 19
8
345 3518 3414 3458 34
3414 9,400 Congoleum-Nairn Ino
3434 35
612 18
714
714Sept 7 1412Mar 5
No par
10
*97 10
8
*93 10
4
97 10
8
1018 1018
900 Congress Cigar
4 10
93
94
3
52
60
4712
4712 Nov 13 61 June 23
Connecticut Sty & LIghting_100
*34
45
*____ 52 •____ 46 *__ __ 46
*38
43
*38
43
8 5512
507
8
507
100
55 Jan 18 58 Jan 15
Preferred
0
55 *-_-_ 55 •__ r _ 55 *__ __ 52 e____ 48 *__ 48
4
514July 26 134 Mar 17
514
34 193
No par
9
1,700 Consolidated Cigar
94 93
8
9
914
914 915
9
9
9
* 8
87
93
8
3014 60
3014
100 31 Jan 5 60 Dec 5
40
Preferred
*55
60 .55
60
60 60
*60
9812 *55
65
60
*55
65
4514
31
10
4514 Jan 2 69 Dec 6
6714 6714 68
Prior preferred
6712 *67
69
69
69
69
30
6712 *67
067
4514
3812 623
____066
20
Prior pref ex-warrants _ _ ...100 49 Feb 13 70 Dec 6
6712 *66
6712 6712 6712 70
70
*6612 70
6712 *66
IN
13
4
53
4
1
15
8July 27
53 Feb 15
4
4
8
412
8
438 42 10,200 Consol Film Indus
35
8 37
4
4 33
412 45
32
*33
4 37s
734
54 144
No par
10,1* Jan 2 1958 Dec 6
183
8 1814 1812 1812 1912 1918 195 x1814 183 19,300
Preferred
18
8
8
177 1814
8
34
2114
No par 2114 Nov 20 4738 Fen 6
6413
235 2418 2312 2414 235 243
8
8
4 2312 243* 234 235 39,300 Consolidated Gas Co
8
23s 24
80
8118 99
No par 80 Nov 19 95 July 23
2,200
Preferred
83
8312 8412 8312 8412 8334 84
8
8312 8312 827 8312 83
43 Feb 7
8
112
No par
IlaSept 18
112
512
800 Consol Laundries Corp
8
13
4
•15
8
13
4
13
4
13
4
13
4
14
,
15
8 13
4
112
112 *15
714
5
No par
714July 26 1414 Feb 13
153
4
818 83
8
8
818
8
8 14
818 814
8
8 18 21,800 Consol 011 Corp
814 83
8
9512 108
100 108 Feb 9 11218 Oct 18 103
4
8% preferred
4
4
4
4
•1093 1123 .110 1123 *110 1123 *110 1123 *110 1123 *110 11234
4
114
63 Feb 5
4
Vs
1135s
3
•3
218 Jan 5
318
3
318
200 Consol RR of Cuba pref
100
3
*23
4 318 .3
.23
4 312
3
314
14
12
12July 26
218 Feb 7
No par
4,100 Consolidated Textile
3
4
5
8
34
3
4
5
8
5
8
3
4
54
5
8
3
4
5
8
3
4
414
4
118
20
618 Jan 5 133 Apr 23
10 4
,
104 1058 1034 104 *1012 103
4
4 2,300 Container Corp class A
103 11
4
1114 11N
105* 103
2
23 Jan 2
8
53 Apr 18
8
14
412
No par
Class B
378
4
378 4
4
4
4
4
35
8 33
4 4.000
4
4 11
514 July 26 1458 Jan 24
514
3
1814
No par
1,100 Continental Bak claw A
6
53
4
53
4 54
3
6
54
3
54
3
*54 6
54
3
57
8
54
4July 27
238 Feb 7
3
4
12
31z
1
No par
1 7,
,
Class 11
10,100
7
1)
1
7
8
1
1
1
7
8
1
1
7
8
64
464
36
64 Feb 9
_ __ _ _100 4414 Dec
Preferred _ _ ___ _
04414 4712 04412 47
300
*4414 49
*4514 4714 4414 451g
*4414 47
563
4 .___
4
6212 6314 623 63
____20 563 Oct 30 64'2 Nov 26
___
14,500 Continental Can Inc
63
4
623 627
8
8 615 6234 613
8
4
62
627
8
filo
6
6 July 26 1134 Feb 6
712 712
5
"3'2
4
1,300 Cont'l Diamond Fibre
73
4 73
73
4 73
8
818 814
74 8
3
4
77
8 77
1012 3612
20
2 60 233* Jan 6 3614 Dec 6
3514 3512 353* 357
8 35
3512 3518 3512 3514 3614 3514 357
8 7,600 Continental Insurance
4
4July 2
Feb 21
4
1
3
No par
23*
3
4
7
8
3
4
7
8
3
4
7
8
3
4
'3*
7
8 8,200 Continental Motors
3
4
3
4
3
4
1214
47
8
195
8
4
4July 26 223 Apr 21
5 153
193 1912 1918 193
8
8 183 1914 187 1918 187 1918 185 184 11,900 Continental 011 of Del
8
8
4
8
4012
51 Jan 31
__
48
481
4834 49
47
4814 4512 47
680 Corn Exchange Bank Trust Co 20 4012Sept 1
4512 46
5512
153 - 8
8 905
.67 08
66
25 5512 Aug 8 8418 Jan 26
66
66
67
6678 675
6614 66
8 6612 6714 6,500 Corn Products Refining
4
11712 1453
100 135 Jan 4 150 Nov 5 133
•148 150
148 148 *147 149 .147 148 *147 148
Preferred
148 148
200
314
23
8
712
8
8July 26
97 Fen 5
35
63
8 65
8
63
638
658
6
No pa
4 714
63
4 7
63
4 7
612 21,100 Coty Inc
23
23
4
347 35
8
343 3478 3458 35
4
3912
343 347
4
8 343 35
347 347
8
No par 28 Jan 3 35 Jan 31
8 1,800 Cream of Wheat orb]
4
7
2 14 143
8 Jan 2 1712June 16
1314 *127 133
8
8 13
1518
1438 15
No par
13
1314
13
14
14
7,900 Crosley Radio Corp
1834
1414 65
4July 26 3614 Feb 1
8 261. 2612 2612 2612 2618 26'z 2614 2614 25
273
27
183
2514
1,600 Crown Cork & Seal
A par
32
2412 3812
4412 4414 4414 04212 4414 44
4414 44
44
__No par 3512 Jan 2 4414 Dec 3
*44
*4338 44
$2 70 preferred
600
17
54
4218
47 Jan 9 8218 Dec 5
__ 8012 8012 *82
85
84
*82
84
.8012
8218 8218 *82
30 Crown V."mette Pap lot pfNo pa
812
314
1
658 Apr 27
47
8 47
44 44
*July 27
412 _4N
43
4 5
44 47
8
412
35
434 6,800 Crown Zellerbaok v t o___No pa
14
9
223
4 23
3713
2314 2312 233
8
4 23
*223 2312 22
4
2312 *22
1,000 Crucible Steel of America_ __100 17 July 27 383 Feb 19
2314
30
16
604
53 •5218 124
*52
54
54
543 55
4
53
53
543 543
100 44 Nov 7 71 Apr 19
4
4
800
Freferred
s,
43
8
114
34 Feb 9
12
I Jan 2
114
114
No par
114
114
114
114
114
1,300 Cuba Co (The)
*114
13
8
114
114
212 16
05
014 .5
3
6
05
53
*5
6
*5
6
34 Jan 15 1012 Jan 23
•5
6
100
Cuba RR 6% pref
118 1118
212
312 Jan 10
97 Feb 8
8
10
*514 512
614
514
514
52
,
512 57
8
5'2 6
5 2 552 3,400 Cuban-American Sugar
,
68
10
1412
457
8 4412 4412 46
*44
473 *46
47
45
*44
46
4512
230
Preferred
100 2018 Jan 9 65 Aug 30
3518
203
4 5912
*4618 47 .4618 471 *4612 4714 474 4718
8
4714 4714 *4612 47
50 37 Jan 2 525 Aug 29
200 Cudahy Packing
612 3214
197 2012 20
2
2018 2038 2058 2034 2158r 2112 23146,900 Curtis Pub Co (The)
.°
1312
4
134 Jan b 293 Apr 12
8
2012 203
No par
66
8 8714 873
3812
30
8714 873
4 873 89
4
87
90
0212 9212 95
87
3,300
No par 4318 Jan 3 95 Dec 7
Preferred
112
43
8
3141 41,500 Curtiss-Wright
2
278 27
8
23
4 3
514 Jan 31
27
s 318
3
3 18
218 Nov I
3
1
314
31s
9
918
8
878
918
2
84
3
938
33
4
01
958
912 1014
93 h0'sl 42,500
4
1
514 Jan 3 1214 Apr 2
Class A _
9612
75
74
*7514 79 .7514 79
*7512 7912 07512 7912 .7512 791l
.7514 79
Cushman's Sons 7% pref ___100 80 Nov 10 91 May 1
6412
6012 82
*6412 70
*6412 70
*6412 70
*6412 70
*6412 70
69
No par 6412 Nov 26 90 June 19
69 I
10
8% Preferred
414 21
912
177
8 1714 1814 184 188
8 18N 18311 • 1 2 18
8 17
177 177
8
11 Jan 4 214 Feb 21
No par
17
2,800 Cutler-Hammer Inc
83
4
712 8
.712 818 *712 818
512
15*
07323 8
*714 8
8
8
814 Feb 5
300 Davega Stores Corp
5
6 Jan 10
4
2 23
234 2318 2414 244 2614 245 2514 26,800 Deere & Co
243
8 49
1018
2314 233* 223 233
8
No par
1018July 26 344 Feb 1
184 1818
18
1814
173 18
4
1814
*
1814 183
4 1812 1812 5,100
1014
6,
4
183
Dec 6
18
4
20 1014July 27 183
Preferred
425
8 43
44
417
8 41
4212 4314 4112 43
35
375
8 933
4112 415
8 41
4
10,900 Delaware & Hudson__ __WO 35 Aug 6 7312 Feb 1
8
1912 2014
4
1912 2018 19
14
1714 46
1912 183 1912 185 1978
1934 20,500 Delaware Lack rk Western
19
4
50 14 July 26 333 Feb 5
512 *518
*54 512 *478 538 *478
512
43
4
54 *434
4
2
193
4
518
500 Deny & Rio Or West prat__ __100
418July 26 1314 Mar 28
713
4 705 72
8
55
4
705 705
48
8
8
400 Detroit EdIson
9112
.7014 713 *6912 711s 7118 7118 .71
100 634 Jan 5 84 Feb 23
3
912
8
*4
8
*4
8
M
M
8
8
04
5
*4
8
7 Feb 6
Detroit dr Mackinac fly Co __100
5 Jan 25
10
*4
*4
10
.4
10
10
*4
10
112
112 16
04
.4
10
5% non-cum preferred __100 10 Mar 19 1814June 20
5314 5118 527
10
50 4 5118 5114 5214 *5178 5212 5214 5312 52
3
8 4,200 Devoe dr Raynolda A____No par 29 Jan 6 5518 Apr 25
20
337
8
115 115
115 115 *11212 115
7914 100
115 115
8912
30
*11212 120 *11212 120
1st preferred
100 99 Feb 17 116 Sept 5
25
2512 2514 2578 25 4 257
4
3
1712 2913
2 3,300 Diamond Match
21
2414 2412 2412 2412 243 25
No par 21 Sept 17 284 Jan 16
34
*331.2 34
33
.33
333 53312 34
8
335 34
2618 31
8
275
8
.3212 33
800
Participating preferred
25 2814 Mar 27 3412 Aug 21
8 3712 373
8 377 3814 38
8
38
8
374 383
373 373
8
4 373 375
8 7,200 Dome Mines Ltd
25
12
3912
No par 32 Jan 25 4614June 27
123 13
4
123 123
4
4
1218 123* 1212 1212 113 1212 3,300 Dominion Stores Ltd__ _No par
4
1012 263
8
1134 Dec 7 23 Mar 10
13
132 1338
8
4 235 2412 2314 2418 36,100 Douglas Aircraft CO Inc NO par
8 2314 2418 2388 2412 237 243
8
1014
Ills
1814
;
235 237
1414 Jan 2 283* Jan 31
8
634 18
200 Dresser(SR) Mfg cony A No par
814
•163 1714 *163 1714 *1612 1714 *1612 1714 1612 1612 *1614 17
8
814 Sept 14 20 Nov 16
0614 712 *6
712
712 .6
712 712 .718 8
*718 8
100
Convertible class B
No par
33
8
24 103
4
5 Sept 14 1178 Mar 28
12
*5
8
3
4
*5
8
100 Duluth S S & Atlantic
212
5
8
3
4
*3
8
3
4
N Jan 15
158 Apr 20
14
3
8
*3
8
3
4
100
.5
8
3
4
012
1
*1. 1
•12 1
*58
1
*12
1
Preferred
1
100
12 Nov 16
218 Apr 20
•
12
318
3
8
12
412 412
43
4 43
4
45
8 57
2 5
8
041.
53
4 6
2,400 Dunhill International
3
4
*414 5
I
3 seat 15 113 Mar 26
4
4 143
1712 1712 *17
1912 17
17 .1612 19
18
18
18
912 2838
700 Duplan Silk
1312
No par
1312 Oct 31
•17
23 Feb 16
Preferred
8234 95
92
100 100 Fels 9 110 Mar 9
0106 108 *107 108 *107 108 *107 108 *107 109 *107 109
9812 98
983
4 9818 997
9612 974 97
8 985 9914 16,000 DuPont deNemours(E.1.)&Co.20 80 May 16 1037 Feb le
8
3218 963
8
8
60
9712 99
12658 12658 *1265 12714 *12612 129
1263 1273 *12612 127
4
4
8
600
9712 117
6% non-voting deb
*12612 127
100 115 Jan 2 12712Nov 27 10414
10412 10412 10412 1043
150 Duquesne Ltght 1s1 pref
85
10218
4
85
•104 10412 0104 10434 *104 10412 104 104
100 90 Jan 16 107 Sept 21
23
*21
__ *21
_ __ *211 - - *2112 ---912 1914
10 Durham H
2312 23
13
Hosiery Mills pre100 21 Feb 7 30 May 4
f_
.21
4
1,500 Eastern Rolling Mills____No par
312
118
10
714
714 _- 8
73
73
8 -,
72
714
714
2--15 *7
7
714
418July 25 123 Feb 19
73
2 74
4
6512
46
11312 11314 1133 x11112 11212 113 11334 11212 11212 112 11212 3,100 Eastman Kodak (N J)_No par 79 Jan 4 11612Nov 26
11214
893
4
4
20
6% cum preferred
110
130
100 120 Jan 16 147 June 27 120
*140 14312 *140 1433 *139 14312 14112 14112.142 14312 *142 143
1712 18
18
1814
18
1812 1814 183
4 6,400 Eaton Mfg Co
10
1814 174 18
1218July 26 2212 Apr 19
318
16
No par
18
•7:, 712 *714 8
73
8 712
73
4 8
8
8
84 818
900 Eitingon Schild
6
'he par
6 Sept 17 1914 Mar 6
8
4 273 273
8
2732 273 25,400 Elec Auto-Lite (The)
4
4 2738 28
2
115
8
8 263 2712 267 273
5 15 July 26 3132 Feb 21
10
2712 277
27
-12
8812
108 10812 10812 1083 *1073 10812
530
4
Preferred
75
75
4
100 80 Jan 5 110 Nov 19
1083 10812 108 10812 108 108
8
518
45
8 47
8
43
4 5
(08
514
5
43
4
518
5
5
7,600 Electric Boat
712 Jan 29
3
1
814
3
3 July 26
71 1
73
8
718 718
67
8 7
67
8
718
718
718
41.
678
414 Jan 3
918May 8
212
1
71s 9,600 Elec & Mus Ind Am shares
314
314 33
314
8
34 33
8
318
34 4,100 Electric Power & Light
31. 3,
33
8 358
27 Nov 23
8
95 Feb 7
8
27
8
33*
No par
155*
812
83
4
814
817
83
4 9
658 Nov 10 21 Apr 18
8,
4
812
83
8 9
2,700
Preferred
'ho par
63
74 361 3
83* 812
0712 ft
*7
814 *7
8
.7
8
8
8
8
ft
200
85 nreferr.r1_.
1934 Feb 7
Wel p4
, 6 Nov 19
6
64 323
4
• 1316 and asked prices, no sales on this day. :Companies reported in receivership. a Optional sale. c Cash sale. z Ex-dIvidend. y Ex-rights.
3606
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 1
Mohday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
$ Per share $ per share $ per share $ per share $ per share
463 463
4
4 4613 4718 47
4714 4712 483
8 483 49
8
3
4
*2
8
1
*5
8
7
8
*:,,,
3
*22
4
5
3
5
8
*13
8
13
4 013
8 13
4 *13
8
13
4 '114
15
8 *114
13
8
*54
547 *54
8
547
9 54
54
5412 547 *54
8
55
12712 12712 *12712 _ _ *1263
4•126 4 - -- 1263 1263
,
4
4
*23
8 32
,
318 - -13
3
318 - -12 *23
3
4 - 8 '23
35
4 314
*16
17
*16
167 *16
8
1612 1613 1612 16
161g
*1638 1613 17
17
17
17
17
1712
1714 *17
*1713 1812 .1712 1812 1813 1813 183 183
8
8 1812 1812
5
5
5
5
5 18 514 *5
53
8
13
1312 1318 133
1412 14
4 133 1412 14
8
1414
167 1714 *1614 1713 17
8
1713 1713 18
1713 1712
*107 12
8
12
12
1213 1212 *1212 13
12
12
*6414 68
68
6414 6414 *59
*59
68
*59
68
113 1134 1114 1114 1112 1112 1113 12
4
1112 117
8
193 197
4
8 1913 197
8 1912 197
8 193 2014 20
4
2014
*418 412 *4
438
4
4
418 414 '414 412
113 112 *114
15
8 *114
112 113
15
8
15
8 *114
614 612 *6's
718
6
718 *648 7
*6
612
*13
14
133 14
4
14
1414 1414 153
4 1512 1638
5712 5712 5612 57
57
56
56
6014 60
64
*5
512 *5
512 '5
512
518 512
512 512
•4658 49
*4658 49
463 463 *48
4
4
4912 48
48
*56
60
*50
60
*50
60 "50
60
*50
60
*60
70
060
70
*60
70
*60
70 '60
70
*553 514
538
538 *55
553
8 5
5
5
514
33
4 33
4
4
4
*35
8 4
*23
4 312
312 312
114
118
118
*1
13
8 *1
114 *1
118
118
2212 2213 22
2214 2214 2214 2212 23
22
223
4
35
3514 3412 35
343 3514 343 3514 35
4
4
35 8
,
Friday
Dec. 7
$ per share
24612 48
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 8 1934
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Highest
Par $ per share
$ per share
No par 34 Sept 22 52 Jan 24
Elec Storage Battery
17 Feb 21
8
:Elk Horn Coal C,orp
No par
58May 11
7
8
7
8
33 Feb 23
4
50
1 July 26
13
8
13
8
6% part preferred
Endicott-Johnson Corp
50 45 Sept 8 63 Feb 16
5414 5414
Preferred
100 120 Jan 3 128 Nov 22
1263 127
4
Engineers Public Serv_ __No par
8% Feb 7
212July 27
'27
8 318
1614 1614
$5 cony preferred
No par 1018July 27 2313 Feb 6
No par
17
17
11 Jan 8 241z Feb 5
3534 preferred
19
19
$6 preferred
Vo par
13 July 26 2512 Feb 5
5
5
Equitable Office Bldg
No par
5 July 24 10 ,3 Jan 22
3
8
Erie
100
93
8Sept 17 247 Feb 5
1338 14
17
17
First preferred
100 147
8Sept 17 2814 Apr 26
12
12
Second preferred
100
9 Sept 25 23 Apr 21
Erie de Pittsburgh
*59
68
50 50 Jan 25 6414 Dec 3
1113 113
8
Eureka Vacuum Clean
8
5
7 July 28 143 Feb 19
Evans Products Co
Jan 3 2714 Apr 27
197 20
6 9
Exchange Buffet Corp___No par
*414 45
8
3 July 27 1012 Apr 2
Fairbanks Co
*114
25
1 Sept 1
23 Apr 17
8
1 12
Preferred
100
*614 612
33
4Sept 18 1212 Apr 14
1534 1612
Fairbanks Morse de Co___No par
7 Jan 6 18 Feb 19
Preferred
100 30 Jan 10 05 Dec 7
633g 65
460
15
4 July 27 114 Apr 3
700 Federal Light de Tree
8
512 55
50
Preferred
No par 3418 Jan 12 62 Mar 13
4912 4912
700 Federal Min & Smelt Co____100 52 Oct 11 107 Feb 14
57
6012
Preferred
100 62 Oct 6 98 July 12
100
70
70
4
53
4 57
8 1.300 Federal Motor Truck__ No par
278July 25
83 Jan 30
2 Jan 13
*338 4
400 Federal Screw Worta____No par
559 Feb 23
4 Feb 6
400 Federal Water Sery A_ ___Ne par
1 Nov 20
118
11g
22
2212 2.400 Federated Dept Stores_ _No par 20 Aug 7 31 Mar 6
8
_2.50 233 Jan 5 353 Dec 6
35
4
3514 5.100 Fidel Pben Fire Ins N
Fifth Ave Bus Sec Corp._.No par
Y17 Feb 15 11 Jan 3
Filene's(Wm)Sons Co_ __No par 23 July 25 30 June 21
*2313 -3
012
1012 .2312 1012 '2312 1612 *2312 -- -12 *2312 1012
3
0
'105 10513 *105 10512 10512 1053 '105 10512'105 10512'105 10512
60
100 87 Jan 10 106 Aug 9
4
6 Si% preferred
163 1713 17
4
17
163 17
8
163 1713 17
4
10 1318 Oct 26 2514 Feb 19
173
8 163 173
4
4 5,100 Firestone Tire & Rubber
86
853 86
4
86 86
100 71 Jan 9 8714 Dec 7
8614 8512 86
86
Preferred aeries A
86
86
8714 2,800
8 647 6478 65 65
8
6313 65
6513 6513 643 653
4
62
63
4,300 First National Stores____No par 5414 Jan 5 694July 16
2412 25
8
257
8 25
800 Florsheim Shoe class A _ __No par 15 Jan 4 25 Apr 11
25
25
247 247 *25
3
26
25 '24
314 314
33
33
2 July 26 173 Feb 21
8
"3
1,100 :Follansbee Bros
No par
312
3 4 314
,
37
8 37
8
38 37g
2112 21
No par
2014 2014 2014 2114 21
2114 20
1012 Jan 9 2112 Dec 4
21
2012 2053 3.800 Food Machinery Corp
1514 15
15
15
153
No par
14
1412 15
8 1518 1514
15
15
2,700 Foster-Wheeler
812July 27 22 Feb 16
Preferred
20
No par 55 July 23 80 Mar 16
060
65
65 65
*60
70
*6558 70 "6518 70
*6518 70
*9
93
4 *9
900 Foundation Co
No par
614July 26 1714 Jan 30
938
918
Ws
9 4 912
,
914 914
914 959
2412 2514 2514 254
243 2514 25
4
3.600 Fourth Nat Invest w w
1 1712July 26 2713 Feb 6
4 2412 25
2514 2514 20
No par
814July 26 1713 Feb 26
137 143
8
8 137 141g
8
14
1418 137 1414
8
1312 137
8
4
1312 133 14.700 Fox F1101 class A
4212 4213 44
*43
45
43
44
43
40
41
41
41
170 FkIn Simon & Co Inc 7% pf__100 20 Aug 16 63 Feb 7
1
10 2112Sept 20 503 Feb 19
2712 2712
2712 273
4 265 2718 2714 2712 2738 273
8
27% 3,700 Freeport Texas Co
4 27
Preferred
100 113125ept 21 16012 Jan 31
*11818. *11818
_ ______
_ '11818
_ *11818
_ *11818
__ •11818
Fuller (0 A) prior pref___No par 14 July 26 3312 Apr 26
•175 - - "175 --- •173 If '18 8 il
4
if '18 i0
"18
__-4
203
8 21
No par
5 July 26 1959 Apr 26
50
36 2c1 pref
1012 *813 1012
914 914 *9
97
3
9
9
93
4 93
4 *8
43 Mar 12
3
No par
118July 25
*15
8 13
4
100 Gabriel Co (The) el A
13
4
4
13
4 *13
8 2
8
13
*15
8
17
3 •138
13
4 '13
812 Nov 17 20 Feb 19
340 Gamewell Co (The)
No par
10
10
93 10
4
9
10
9
8 10
918 9
a1
918 97
552July 27 1112 Feb 0
No par
7
738
714
4 713
712
714 712 3,000 Gen Amer Investors
714 714
714 714
63
Preferred
No par 73 Aug 25 87 Mar 13
"823 8518 '823 85
8
8
*823 85
8
*823 847 *8238 85 '823 85
8
8
8
3
5 30 Aug 9 433 Feb 19
3813 3914 39
39
3814 387
8 387 3914 383 383 23734 3814 4,500 Gen Amer Trans Corp
8
4
4
10 12 July 26 2312 Apr 24
173 18
4
1712 1712 1714 1712 1714 173
4 1718 1712 1659 1714 3,600 General Asphalt
8
5
612 Oct 27 143 Feb 5
712 712 1,900 General Baking
" 8 8
77
77
8 77
8
734
77
7 4 77
3
3
713 73
4
01035 10112 *10312 10414 10414 10412 105 105
No par 100 May 8 10812 Feb 7
8
260
38 preferred
105 105
105 105
5
6 Sept 18 1018 Mar 9
559 6,
618 8,500 General Bronze
618
6
8
6
538 618
512 57
8
618 614
No par
214July 26
618 Feb 1
318 318 '318
318
3
3
*3
700 General Cable
318
318 318
318 318
*53
No par
414July 27 12 Feb 1
100
Class A
6
6
4 *53
4 7
67
"63
8 63
557
a
7
*6
7
*2312 25
100 1412 Jan 9 33 Apr 20
2413 2458 2512 26
"2312 243 *217 24
4
8
"223 263
8
8
600
7% cum preferred
No par 27 Jan 2 58 Dec 6
*563 567
4
8 5638 5618 57
57
57 12 5712 5773 58
1.300 General Cigar Inc
5734 58
100 97 Jan 8 120 Oct 6
120 120
120 120
11912 11912 *11614 11913 11614 11912 "11614 11912
70
7% preferred
201 207
4
8 20
2058 20
No par
167
3July 26 2514 Feb 5
2058 2014 203
20
2012 20
203 71.800 General Electric
3
Special
10 1132 Jan 2 123 Feb 26
4
_12'2 1212 1212 1238 1212 1212 1212 1238 1212 123
4 '1212 1238 6,000
No par 28 July 26 36% Jan 30
343 35
4
3412 35
7,900 General Foods
3412 35
347 35
8
347 35
8
3473 35
12
12
12
12
12
12
3
8
12
3
8
12
3
8
12 2,500 Gen'l Gas dr Elea A
No par
3 Nov 16
8
13 Feb 6
4
014 Jan 2 19 Mar 13
•127 1312 .1278 1312 *1232 1318
2
1318 1318 *13
1312 13
13
300
Cony pref series A.._ No par
1414 1414 *1418 16
"1414 15
.1438 16
No par 11 July 35 21 Mar 13
*1418 16
*1418 16
50
$7 pref class A
1518 1512 *1513 16
•1514 16
'l5l 16
110
38 pref class A
No par
13 Aug 6 22 Mar 12
1512 1512 "1512 16
591g 5918 59
59
*563 59
4
*57
59
*57
5918 *5612 59
300 Gen Ital Edison Elea Corp
50 Jan 24 6218 Oct 29
603 603
4
4 6014 6012 6014 607
8 61
6118 6159 6112 6118 6113 1,800 General Mills
No par 61 Sept 20 6412 Jan 15
.•1155 12018 51153 1203 *116 11813 '11638 11713
8
*115_ *115
Preferred
100 103 Feb 27 117 Nov 28
4
4
3318 3312 3212 - 14 323 33
8
33
333
10 243
31
8 33
337
8 33
333 77.200 General Motors Corp
8
8July 28 42 Feb 5
1063 1063 10718 10718 10714 10712 10713 10814 108 10812 10712 108
4
4
$IS preferred
2,900
No par 89% Jan 6 10813 Dec 6
1014 *9
938
914
"9
1014 59
914
914 914
914
914
300 Gen Outdoor Adv A
No par
83 Jan 5 21 Apr 14
4
•33
8 312
32
8 33
2
314 Nov1
382 33
8
33
8 33
8
312
312
338 338
Common
1.000
No par
653 Apr 20
20
22
2113 22
19
1938 193 20
4
2012 2138 203 203
4
4 1,230 General Printing Ink
No par 1012 Jan 3 2512 Apr 23
•90
943 "90
4
943 "90
4
943
4 90
90
*9112 943 '92
10
$6 preferred
4
No par 7312 Mar 10 94 Nov 30
9434
53 Feb 7
"212 218 0218 214
214
214
23
8 212
212 212 '214 212
900 Gen Public Service
No par
2 Nov 2
29
29
29
2912 *2812 29
28
2913 2812 2912 29
1,600 Gen Railway Signal
29
4
No par 2312July 27 453 Mar 3
*61
88
•61
88 '61
88
*61
88
Preferred
*70
88
*70
88
100 90 May 2 10112 Feb 2
113
113
114
13 '114
8
113
112 15
8
112 15g
112 112 4,700 Gen Realty de Utilities
1
1 July 26
3 3 Jan 30
3
13
13
1213 1212 1212 1212 123 1412 14
4
14
"13
14
2.000
$6 preferred
No par
10 Sept 14 263 Jan 30
8
1714 1714 177 18
1712 1713 18
18
8
1734 177g
3
No par
1712 1712 1.300 General Refractories
1018 Jan 3 233 Feb 23
153 157
4
8 15% 16
153 1618 16
4
Voting trust certits
No par
10 July 26 1912 Feb 21
1653 1618 1613 1618 1614 8,700
25
*23
*207g 25
*203 25 '203 25 '21
4
4
25
25
30 Con Steel Castings pre( No par
175 Oct 3 4812Mar 15
8
2512
1312 13 8 1333 133
,
8 1338 1312 133 133
8
4 1353 133
4 133 1418 11,200 Gillette Safety Razor
4
No par
813 Jan 6 147 Nov 15
3
7114 71
7114 71
7114 71
7014 7012 6912 7014 71
713
4 2.700
Cony preferred
4
No par 47 Jan 11 713 Dec 7
4
4
378 418
4
4
4
414
418 414
4
418 2,400 Gimble Brothers
63, Feb 5
253Ju1y 27
No par
21
213 2238 2214 2314 2259 2253 1,500
4
*2012 21
2013 2012 21
Preferred
100 1614 Jan 8 30 Feb 6
28
2738 2753 2714 2712 27
2734 2818 2734 2818 12.600 Glidden Co (The)
273 28
4
8
No par 1558 Jan 4 283 Apr 26
10613 10612 106 107
107 107
•10613 1063 10613 107
4
10712 10712
220
Prior preferred
100 83 Jan 19 10712 Dee 7
912 Feb 27
414 43
8
43
8 43
4
412 43
4
43
4 478
45g 434
412 43
4 5,900 Cobol (Adolf)
3S July 26
5
8 1718 1712 1718 1814 18
1738 1759 1712 1759 1718 173
18 8 17,500 Gold Dust Corp v t o
,
No par 16 Oct 26 23 Apr 23
300
$6 cony preferred
No par 9613 Jan 6 120 Sept 4
.110 11413 0112 11412 *112 11412 *11312 11412 11412 11412 "113 11412
4
103 1118 107 1118 1012 1114 9,900 Goodrich Co (13 F)
4
8
8
No par
8 July 26 18 Feb 19
11
1118 11
1118 105 103
46
*41314 48
1,400
4378 437
473 48
8
Preferred
100 3512 July 26 62% Apr 21
8 4414 4414 4414 4438 45
1812 Aug 6 413 Feb 19
8
247 2514 2438 25
8
2418 25
25
253
8 2412 25% 243 2512 26,600 Goodyear Tire & Rubb___No par
4
let preferred
80
803
4 81
81
80 80
8112 813
4 813 82
4
2,200
No par 64 Aug 0 8614 Feb 19
80 80
55
8 53
4 2,300 Gotham SIP., Hoge
No par
8
573 6
37
*53
4 6
55
8 57
8Ju1y 26 1114 Feb 5
6
6
614 614
a50
50
*4814 49
70
Preferred
4814 4814
100 4814 Dec 7 7112 Apr 26
*4814 53
5014 51
*50
54
218 13,900 Graham-Paige Motors
2
218 218
412 Feb I
218
218
218 218
2
2 18
1I2July 26
2
2 14
1
4,600 Granby Cons M Sm & Pr... 100
67
8 718
63
4 718
67
2 7
4 Nov 10 133 Feb 16
8
8 7
634 7
67
8 7
*67
5
5
1,900 Grand Union Cot,call
518
1
4 Jan 8
5
5
478 47
8
47
8 514
5
5
5
8% Jan 31
Cony pref series
No par 23 Jan 6 40 Apr 24
32
32
3012 32
*2914 3014
900
*31
32
*31
32
*31
32
Granite City Steel
No par 21 Oct 26 31 18 Apr 25
•22
26
*223 27 '22
8
27 "223 243 .23
4
4
2484
'2213 25
8 3.100 Grant (W T)
No par 28 Sept 17 40 8 Feb 19
343
4 3412 3514 3414 343
3
35
35
35
35
3414 343
4 34
8 2,800 Gt Nor Iron Ore Prop
117 117
8
No par
1178 12
812July 27 1518 Feb 19
115 113
8
8
8 117 11% 1113 115
8 113 12
8
1638 1718 46.300 Great Northern prof
100 1214 July 26 3212 Feb 5
8
4 1678 173
16
1612 157 16% 153 1718 1718 173
8
4
17,100 Great Western Sugar__No par 25 May 14 3514 July9
2814 2812 28
29
30
30
30 7
8 2914 30
2813 28
29
Preferred
20
100 102 Jan 2 1163
4Nov 26
•11513 11914 11512 11512 '115 116
116 116 *117 _-_- 11712 ---100 18 Jan 10 59 Apr 24
10 Greene Cananea Copper
40
46 '35
50 '35
*32
40
*32
37
35
35
*32
No par
114
114
1,200 Guantanamo Sugar
1.4 Jan 2
112 •114
112
312 Feb 8
114
114
'114
113
114
114
114
Preferred
100
714 Jan 16 31 Feb 9
60
4
1712 1713 "1312 20
*1312 1612 1612 1612 '17
193 *17
1934
100
714 *612 8
200 Gulf Mobile & Northern
5 July 25 1614 Feb 20
'613 712 *512 614
612 612 '614
7
7
Preferred
100 12 July 28 35 4 Feb 21
3
16 '15
17
100
*16
173
4 16
18
*16
18
.1513 18
'16
Gulf State, Steel
No par 1514July 20 42 Mar 13
*2313 27
*21
27
*21
27
*21
27
*21
26
*21
27
Preferred
100 47 Jan 8 83 Apr 20
10
55 '57
62
•52
62
*52
62
•52
62 '53
5414 55
Hackensack Water
25 2013 Jan 9 2614July 6
*2114 24
*2114 24
*213 24
3
*2114 24
*2114 24
*2114 24
SO
7% preferred claw A
25 27 Jan 4 31 Nov 2
29 .28
29
29 12 2912
30
3014 293 2913 •28
8
29
*28
No par
312July 26
814 Feb 15
618 612 35,200 Hahn Dept Stores
633 634
559 6
57
8 638
55
8 54
3
53
2 5
's
Preferred
100 2514 Jan 9 525 Apr 21
43
4314 43 43
4313 433
4 46
52
503 5212 507 5213 5,400
4
8
10
312 Jan 8
•638 613
63
8 638
4 *612 712 1,300 Hall Printing
93 Fab 14
4
614 63
61
61
*612 63
4
No par
300 Hamilton Watch Co
8
10
10
*9
10
4
35* Jan 26 117 Apr 20
*9
10
914 93
*914 93
'912 93
4 •
Preferred
100 25 Jan 15 63 Dee 1
"58
63
190
63
63
60
63
*58
63
60 60
60
60
4July 21
101 101
99 100
99 100
300 Hanna(M A) Co $7 pf___No par 84 Jan 8 1013
993 10112 2100 100
4
100 100
•1718 1714
17
1714
17
17
1718 1714 17
8 2,400 Harbison-Walk Retrae___No par 13 July 26 24% Feb 21
17
163 167
4
Preferred
100 87 Jan 10 100 Jan 26
"91
99
97 '91
97
*91
99
"91
99
*91
99 '91
112July 26
612 Apr 13
6
6
6
53
4 6
53
4 53
4
900 Hat Corp of America el A____1
*514 6
6
53
4 57
8
4
100 193 Jan 4 7612 Dee 7
90
6 Si% preferred
7314 7314 '73
75
*74
75
75
75
*7312 7612 7612 761z
12 Oct 8
No par
112 Jan 23
512
7
2 .
12
7
2
12
12
12 3.800 Havana Electric Ry Co
12
12
12
12
12
100
3 Jan 2
812 Apr 19
Preferred
512
512 '4
*312 512 *312 51* *312 513 *312 513 .4
Shares
3,600
500
100
400
60
400
400
500
500
3,400
6,300
2,100
400
20
2,900
6,800
160
30
190
4,200
*2313
• Bid and asked prices, no sales on this day
I Companies reported in receivership.
a Optional sale.
c Cash sale. z Ex-dividend.
Juty 1
1933 to Range for
Nor. 30 Year 1933
1934
Low Low
High
$ per sh 1 per share
34
21
54
18
4
%
1
59
6
26
6278
45
112
107
123
2 12
33
4 143
4
11
47
1018
11
11
497
8
12
12
55
5
613 1338
93
8
33
4 253
4
412 2912
1314
9
212 2314
50
45
50
63
8
3
1814
3
7
8 10
3
312 11,2
7
9
23
3
1
312
1
84
,
47
8
212 11,
4
25
10
4212
4
43
4 1412
5912
33
33
52
15
103
74
50
18
27
8
4
3
4 113
1
3
4
47
8
138
63
4
1
1814
712 30
1014 36
2014
5
95
8
614
9
30
21
285
81
95
1318
918 31,
2
6718
42
75
4713
43
703
4
1238
712 18
,
2
212 19
612 16
,
1013
813
413 23
1
4414
3212 71
2359
614
2
163
8
1359 2614
19
12
814
12
50
20
2112
1618 4933
97
11312
16018
1212
9
31
4
23
5
118
1
514
812
612 2 7
0
55
8
25
8 12
42
85
6413
13% 43 4
2534
,
438 27
12
612
1012 207
100
993 10814
4
218
1012
5
214
1 14 11,
2
214 23
414
612 46
14
2414 485
8
2414
112
90
90
1012 3014
1618
1118
107
8
1214
28
21
397
8
13
27
8
3
3
514
318 1612
63
4
63
4
18
'2
5
20
713
3914
2414 553
4
3513 71
51
£1212 106,
10012
2
2213
10
353
84
6512 95
513 24
814
314
2,
2 10,
8
1012
34
,
17
82
31
6114
2
814
2
13,
4 4938
2312
694 93
90
32
438
1
512 223
4
10
81z
212 193
4
714
714 18
173
8
9% 3812
73
8
753 2
014
4513 75
4512
25
8
1312
12
8
803
33
4
16
9613
8
261 2
1812
55
37
8
4912
112
4
35
8
20
8
207
25
73
4
1214
25
99
18
%
714
4
12
1514
2514
197
8
26
312
18
33
8
338
20
77
12
82
1,
2
1412
3
8
3
y Ex-rights.
7
%
54
514 33
33
4 20
9112
48
16
3
2738
12
9612 105
3
2113
9
63
914 4738
273
4 8014
612 1738
73
41
53
3
1
373 155
8
35
8 103
3
20
3638
1118 305s
153
4 3612
518 16%
4% 333
4
67
8 41%
7212 110
8158 3014
14
412
5
3712
1% 1113
212 2313
4 38
63
1614 64
2512
15
25
287
/1
1111
912
9
3812
31s
10 2
,
213
9
35
15
4512 85
618 2512
95
48
7
8
712
518 30
3
8
2%
112
6%
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
I Companies reported In receivership.
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
$ per share 5 per share 5 per share $ per share $ per share 5 per share Shares
Par
314
358 314
35
3%
314 314
314 312
43
8 6,800 Hayes Body Corp
38 35
2
86
86
8512 8512 853 86
4
857 86
8612 8612 .8614 863
4 1,400 Hazel-Atlas Glass Co
25
.135 145
142 142 .120 144
142 142 .13478 14518 •125 13912
200 Helme (0 W)
25
.148 1493 14912 1494 •148 150
4
148 148
14912 150 x150 150
Preferred
70
100
.9
10
*9
10
*9
10
*9
10
.9
10
*9
10
Hercules Motors
No par
7912 798 783 783
7912 .78
4 79
79 .78
79
x7512 7612 2,000 Hercules Powder
No par
12317 124
125 125
12514 12514 12512 1253 1255 1253 1255 1255
4
8
,
4
8
57 cum preferred
250
100
72 .705 72
71
7214 72
8
72
72
*7118 72 .707 72
400 Hershey Chocolate
No par
1004 10114 .10114 10112 10114 10114 10112 10112 10212 10212 10212 10212 1,200
Cony preferred
No par
812 812
814 83
8
814 8%
814 85
814 858
1,700 Holland Furnace
8
8
No par
912 105
8 1012 1114 1012 107
9,
2 912
*9% 912
8 10
102 10,500 Hollander & Sons (A)
8
5
.365 380
378 380
378 378 .365 379
370 377
379 380
800 Homestake Mining
100
2912 30
28% 29% 294 307
8 31
323
8 31
3214 3114 317
8 9,500 Houdaille-Hershey cl A ....No par
67
8
7'
7
718
7
75
75
77 55,900
7/2
712 818
8
Class B
,,, par
5212 5212 5212 527 527
.51
8 52
52
5218 52% .50
513
8
600 Household Finance part pf___50
.1512 1612 *1512 1612 153 1614 158 161
4
8 1658 1738 1612 17
3,300 Houston 01101 Tex tern ctfs__100
.234 3
3
3
3
3
3
3
3
314
Voting trust Ws new
3
318 4.300
25
4914 4912 4914 4914 4812 483
4 4912 505
8 5012 5112 504 523
8 9,000 Howe Sound • to
5
512 52
4
57g
512 8
54 512
53
554
55
512 53
100
4 4,400 Hudson & Manhattan
1012 11
145 *115 145
1158 1118 .12
8
8 1234 124 .11
13
Preferred
500
100
1214 1212 1218 1212 117 1218 1218 127o 1212 1234 1214 125 22,400 Hudson Motor Car
8
8
No par
318 3%
3
31a
3%
3
3
318
3
318
3
3% 10,100 Hupp Motor Car Corp
10
1712 18
173 183
4
4 1814 1834 18
1758 1818
184 1714 18
16,000 Illinois Central
100
25
25
25
25
2514 27
263 27
4
2614 2614 26
26
1,500
0% pref series A
100
•5614 57 .56
57
57
57
*5614 57
*5612 59
*5612 59
10
1 ease,, lines
100
*934 1012 *93 1012 1012 1012 .10
4
11
.10
11
RR Sec (Vs series A_1000
.10
11
50
.258 23
4 .258 23
4
238 25
238
22g .212 23
4
258 25
8 3,500 Indian Refining
10
2512 257
253 263
4
8 285 273
8
4 273 287
4
8 2812 2938 28
283 26,300 Industrial Rayon
4
No par
66
66
67
6612 6812 68
6812 71
x6712 6914 6712 6712 4.500 Ingersoll Rand
No par
.1063
__ *107
.
107 107 .107% ___ •1O45 _ - .110 -- __
8
Preferred
10
100
.431 1 - - 4 444 - 3
443
4- 4414 4458 445 4f 4
45
44% 44
- -34 44
44
2,300 Inland Steel
No par
3
3
.2 4 3
3
.24 3
231 27
3
3%
318 314
1,300 Inspiration Cone Copper
20
4
4 18 .4% 438
418 418
414 414
414 43
8 *418 43
1,900 Insuranshares CHI; Inc
1
.134 1414
14
14
135 14
14
1414 155
145
1514 1612 25.400 flnterbhro RapidTran Tic __100
Certificates
No pa
- - -- - -- - - - -- - -- - -- - - - ____
-- - -1- 414 -4.358
12 •2 3 -g%
5
4 *54 - 12 *412 r;
70 Internal Rys of Cent Amer__100
12 *i
-i'll
*334 5
*33
4 5
*33
4 5
*314 5
*33
4 5
Certificates
Vs pa
*33
4 5
.16
183
.1
16
16
.145 16
8
.145 16
8
014
16
•1518 16
Preferred
20
100
27
8 27
2 4 23
3
4 .25
8 27
214 218 .212 214
5,700 Intercont'l Rubber
24 23
No pa
512 53
4 *512 53
4
53
4 53
4
51
4 51
4
6
6 18
53
1,300 Interlake Iron
4 6
No par
414
414
414 414
414 43
8
458 410
414 412
414 43
8 2,400 Internet Agricul
No par
•3014 3212 3014 3014 .30
31% 315 315
8
8 32
3212 3214 3214
Prior preferred
700
100
15412 15412 154 154
154 157
4
15712 1587 15814 1583 1584 159
2,400 Int Business Machines_ __No par
84 6
638 6.7
4
8
61 1 614
618 65
8
612 63
4
614 65
8 4,000 Internet Carriers Ltd
1
2812 2812 283 2918 283 29
4
4
285 2958 2914 2958 2914 294 6,000 International Cement__No par
8
3814 3
817 38
9
3
8
3
3812 3 8 3912 3918 4012 39
85
40
18,900 Internal Harvester
No par
.13212 140 •1334 140
135-58 1353 .135 138
8
137 137 .135 138
200
Preferred
100
27
27
8
24 21
25
2
14
2
4 27
8
24 24
23
4 28 3,700 Int Hydro-El Sys el A
25
•23
4 3
23
4 23
27
27
4
23
4 23
4 .25
8 3
•212 3
500 lot Mercantile Marine___No par
2332 2312 223 2318 224 23
4
225 23
8
23% 232
4 2312 234 36,900 Int Nickel of Canada__No par
*127 12812 12812 12812 .127 130 .128 12914 .128 129
127 128
600
Preferred
100
---- ---- ---- ---- ---- ---- ---- ---24 23
4
212 23
21, 214 214 2% 2% 238 212 212 2,300 Internet Paper 7% prey 'Vo 100
4
Inter Pap & Pow cl A
par
.114
112 *III
13
8 .1 14
13
8 *114
13
8
114
112 .1
158
300
Class It
No par
7
8
1
7
8
7
8
1
7
8
1
1
%
1
%
7
8 3,000
Class C
'Jo par
8 10
1012 105
1017 10
10
1018 103
4 107 113
8
8 1078 1114 7,300
Preferred
100
*22
2214 2214 2278 234 2512 233 247
4
8 2312 2414 .233 24
4
4,700 Int Printing Ink Corp___No par
9412 9412 9412 95
.93
95
*9412 9512 06
96
*06
03
160
Preferred
100
.3014 3012 30
3014 30
30
30
30
30
3018 030
3014 1,300 International Salt
No par
445* 4458 •4458 4434 4312 4438 44
4412 444 444 41
444 1,400 International Shoe
No par
.23
244 2312 2312 .2212 2312 2312 2518 26
26
26
2614 1,300 International Silver
100
.66
6934 69
69
.6612 68
66
70
72
7212 x70
71
210
7% preferred
100
914 912
9
9 14
9
912
914 9%
94 95
8
918 03 34,000 Inter Telep & Teleg
8
No par
133 133 .13
4
4
1358 135 135
8
8 133 1418
4
1312 1418
1312 135
2,300 Interstate Dept Steres
No par
.77
8231 .77
8218 .78
823 •79
8
823
8 79
79
.7138 83
Preferred
100
100
.6
714 .8
714 .6
714 .6
714 .6
714
714
100 1ntertype Corp
714
No par
*2914 30
30
30
3018 32
317 3214 317 318 •305 313
8
8
8
4
1,500 Island Creek Coal
1
.106 108 .108 108 .106 108 .106 108 *106 108 .106
108
Preferred
1
567 5712 5712 5712 567 567 .563 57
8
8
4
57
57
.55
567
8
900 Jewel Tea Inc
No par
5412 55
5312 5412 5418 548 5412 554 543 554
8
5358 5417 17.300 Johns-Manville
No par
.118 121 .118 121
119 119 .119 121
121 121
120
280
Preferred
100
.130 175 .130 175 .130 175 .130 175 .130 175 .130 120
175
Joliet & Chia RR Co 7% gld_100
55
5613 85
5612 54
55
5512 57
557 56
56
890 Jones & Laugh Steel pref
5914
100
•114
_
•114 ._... *114
___ *114
_ ___ •114 .r _ .114
_ __ _ _ _ _
Kansas City P & L pf ser BNo par
.8
- 4 *712 - 3
8384
812 _- 3
84
83
4
.7% 812 *Ps 812 1,200 Kansas City Southern
100
•127 14
.127 14
8
.1312 143
1312 1412 .127 14
8
1314 1314
500
Preferred
100
.8
814 .74 8
77
8
818 818
812 812
814
814
500 Kaufmann Dept Stores $12.__50
17
17
*16% 17 .164 1658 167 17
8
*1612 165
8 1612 167
3,000 Kayser (J) & Co
5
.30
34 .30
34 .30
34 .30
34 .28
*28
33
33
Keith-Albee-Orpheum pref__100
112
15
8
112
112
112
112
112 15
8
112 112
15
14 5,800 Kelly-Springfield Tire
5
*8
87
8 *8
83
4 *8
83
8
83
812 81 s
9
s 85g
914
1,000
'
6% preferred
No par
*5% 7% •6
8 7% .5 8 718 •
718 .53
3
Kelsey Hayes Wheel conv.clA__1
5315 713 .53
5
718
43
4
43
4 .438 47
8 •43
2 434 .43g
434
434 43
4 .4% 5
Class B
200
1
1612 164 1658 163 216
4
1618 1612 1614 1612 1612 167 17,900 Kelvinator Corn
1658
8
No par
8412 85 .8012 8412 .8212 8412 .8212 83
83
83
8412 86
300 Kendall Co pt pf ser A_No par
1718 1712 1678 1714
1658 1718 17
1712 1712 1814 x1758 18
44.4001 Kennecott Copper
No par
•1114 1138 .1014 113 •
1114
8 1014 1114 .104 1114 .10
1114 .10
Kimberly-Clark
No par
'358 o
*35
4 5
*35
8 414
44 414 .414 4lz .414 412
100, Kinney Co
No pa
24
24
.21
27
25
25
•24
27 .25
25
27
27
1101
Preferred
No par
207 2118 20% 21
8
205 21
8
21
2114 21
213
8 21 18 2114 15.000 Kresge (58) Co
10
111 111
11112 1111 .112 113 .112 112% 11212 11212 113 113
190
7% preferred
100
.434
li4 •33
4 5 8 •33
,
4 5
43
4 434 .414 5
100 Kresge Dept Stores
*33
4 .5
No par
.3012 43 .3912 45
*3912 45 .3912 45
.3912 45
*3912 45
Preferred
100
64
65
•63
65
6378 64
6312 6312 *6218 6412 6412 6412
600 Kress (S 11) & Co
No par
293 293
4
4 2912 297
2912 207
8 2914 293
4 2918 2912 29
298 7,900 Kroger Groc & Bak
No par
23
2212 23 .20
23
22 .20
22
2112 2112 21
21
100 Laclede Gas Lt Co St Louis _AGO
.24
40 .24
33
31
34
*2112 34
.2412 34 .2412 34
20
5% preferred
100
28
28
2858 28'z 2838 29
2912 301 1
2934 3018 2912 2934 9,100 Lambert Co (The)
No par
.812 10% *812 103
8 *912 103
8 .9
9% 10% 1018 .914 10
100 Lane Bryant
No par
,
.1114 11 8 1114 111 •1012 1117 11
1114
11% 11
11
11
1,500 Lee Rubber & Tire
5
•1412 1434 *1312 14
.14
1414
1414 1412 .14
1413 •137 1418
8
300 Lehigh Portland Cement
50
•__._ 90 •____ 90 .
7858 90 .785 90 .785 90 .785 90
8
8
8
7% prefersed
100
1034 1114
1114 1112 107 1 17
8
115 117
8
s
8 1112 1154 11
1112 4.400 Lehigh Valley RR
50
27
8 3
27
8 27
27
8 3
3
3
.278 3
3
3
1.000 Lehigh Valley Coal
No par
12
12
*115 12
8
113 12
4
12
1258 1134 117
8 113 113
4
2,500
Preferred
50
704 7014 703
703 70% 6912
8
8 7012 71
72
72
7118 72
4,400 Lehman Corp (The)
No par
1513 15
.1514 1558 .15
15
15
1512 1534 1618
1612 17
1,400 Lehn & Fink Prod Co
5
2513 283
4 2714 2814 274 2818 283 29
8
2812 2914 283 30
4
11.600 Llbby Owens Ford Glass__ No par
4 217 2214 22
2212 2212 2212 223
8
223
4 225 2234 23
8
23
4,600 Life Savers Corp
5
10712 10712 108 108 •105 108 .105 10712
107 107
107 107
400 Liggett & Myers Tobacco......25
1094 1083 10712 10858 10712 108
4
103 109
103 10812 107 10812 5,300
Series B
25
*151 15212 15212 15212 .14812 15212 .14812 15212 *150 15212 .147 152
100
Preferred
100
8
•193 19% 193 1958 1914 1914 *185 19
8
8
19
1912 .183 1918
4
500 Lily Tulip Cup COM_No par
•1817 21
*1914 203 .187 20
8
2014 21% •20
2034 1,000 Lima Locomot Works _No par
1958 20
.165 1734 *165 177 .165 1714 174 175 .1658 1712 •165 1712
8
8
8
8
8
200 Link Belt Co
No par
233
4 2314 2314 2338 235
8 2312 21
23
241 25% 25
2514
9.000 Liquid Carbonic
No par
358 363
8 353 3612 3614 367
35% 365
4
4 3524 365, 67.400 Loew e Incorporated
363, 37
No par
.103% 10412 .104 10412 104 101
1043 104'4 1043 105 010412 104%900
,,
4
Preferred
No pa
15
8
131
1%
IN
14
134
15
8
1%
1%
13
4
112
15
8 1,600 Loft Incorporated
No pa
•218 21 4
Da
218 218 •218 214
24
,
2
2
.178 2
700 Long Bell Lumber A
No pa
353 3512 .3515 36
8
36% 3538 355
8 1,600 Loose-Wiles Biscuit
.36
35
3512 364
35
2
..
42518 _ - •12518 _ .•12512 _.. •12512 _ _ 126 126 •12534
.
20
7% 1st preferred
10
22
4 2218 2134 213.1 -22
217 14 213 - 2218 22
2212 2218 - - 2214 50,000 Lorillard (P) Co
10
1193 12012 12012 12012 120 121
121 12114 12114 124
4
125 125
830
7% preferred
100
1
118
1
114
118
.11g
1
118
1
118 .1
118 1,200 Louisiana 011
No par
1112 .9
13
1112 .9
•9
.912 11
.10
1034 *1018 10%
Preferred
100
4
4
14
1312 1358
14 .13% 133 .1312 133
134 134 1318 '3'sl
800 Louisville Gas & El A___No par
46
46
47
46
471 487
4614 46
.
8 48
48
47
48141 3,000 Louisville & Nashville
100
15. 1518 153
1
8 15 4 153
4 15
1512 153
3
4
1512 1534 1512 1512 2,200 Ludlum Steel
1
85 - 83 83
85
87
*85
.8314 86 .82
85
•82
300
8411
Cony preferred
No par
4
4117 413 414 .42
.403 4112 41
4
421
42
42
41
4178
700 MacAndrews & Forbes
10
____ •111
__ •111
____ *111
•111
____ •111
__-- •111
____ .
6% preferred
100
Mackay Cos preferred
100
• Bid and asked prices, no gales on thls day.
3607
10 1.44, A
a Optional sale. e Cash sale
Highest
1933 to Range for
Nov. 30 Year 1933
1934
Low Low
High
$ per share
5 per share $ per sh
114 Jan 2
63 Feb 15
4
1
65
74 Sept 11 9678 Apr 23
101 Jan 9 145 Nov 28
94
12312 Mar 17 150 Oct 19 120
514July 10 12% Mar 15
514
8July 17
59 Jan 4 815
40
111 Jan 4 1254 Dec 5 10418
4812 Jan 15 7312 Nov 26
44
8112
83 Feb 16 10212 Dec 6
43 Aug 8 1014 Apr 23
4
4
53 Jan 2 13 June 21
4
518
310 Jan 4 x4301sJuly 19 200
11 Jan 8 323 I)ec 5
8
712
258July 26
81 Dec 5
212
43 Feb 6 54 Mar 12
43
1212July 26 394 Feb 5
1212
55 Apr 6
212July 27
212
3512 Jan 3 5714June 28
20
412 Nov 24 1218 Feb 7
412
9 Nov 24 2614 Jan 24
9
2414 Feb 5
618
64July 23
17 July 23
74 Jan 30
17
135
,July 26 387 Feb 5
135
8
22
22 Nov 22 50 Apr 26
48% Jan 5 66 May 2
4618
712Sept 19 2414 Feb 6
712
25
8May 19
44 Apr 5
23
8
193
8July 28 2918 Dec 6
1918
49% Oct 26 733 Feb 3
45
4
105 July 16 1163 Apr 20 105
4
26
3414 Sept 14 494 Feb 21
25 Nov 20
8
8
6% Feb 5
25
218 Jan 2
43 Nov 26
8
2
512July 26 1612 Dec 7
512
612May 11 1212Nov 21
5
2 Aug 6
7 Apr 18
2
212Sept 20
3
658 Apr 19
75 Jan 15 223 Apr 17
8
4
68
24 Jan 15
57
8May 4
2
4 Sept 14 1114 Feb 19
4
2 Jan 8
618 Feb 5
112
10
15 Jan 8 374 Feb 3
131 June 2 159 Dec 7 1253
4
412July 28 1212 Feb 21
4
183
8Sept 18 374 Feb 5
183
8
2314 July 26 467 Feb 5
8
2314
110 Aug 31 137 Dec 6 110
918 Feb 7
258 12ec 4
24
214
2/4July 27
6 Jan 24
21 Jan 4 2914 Apr 27
144
1151 Jan 13 130 June 26 101
4
10 July 27 25 Apr 24
814
612 Apr 20
2
2 July 23
1 18July 27
312 Apr 21
118
78
% Oct 11
234 Apt 23
812July 26 247 Apr 23
8
67
8
9 Jan 13 2512 Dec 4
9
65
66 Jan 2 96 Dec 6
20
21 Jan 3 32 June 19
s
38
38 Sept 19 503 Jan 26
19
19 July 27 454 Feb 15
40
59 Jan 4 8412 Apr 9
712July 26 IN Feb 6
712
312 Jan 4 163 Apr 20
8
24
1614
215s Jan 4 8112Nov 30
4
8
55 Jan 3 10 Feb 8
204
243 Jan 29 324 Dec 5
4
90 Jan 31 110 Aug 7
85
26
33 Jan 8 5712 I)ec 1
39 Aug 6 663 Jan 30
3612
8
101 Jan 4 121 Dec 6
87
135 Feb 14 140 Oct 11 115
45
45 Aug 1 77 Jan 23
977
8
977 Jan
114 Oct 25
4
65s
193 Apr 21
658 July26
1114
1114 Aug 7 2712 Apr 21
514
8 July 26 103 Apr 13
8
12
13% Jan 4 1812 Apr 20
18
20 Jan 19 3712 Aug 2
4121,far 12
114
158 July26
5 July 26 20 Jan 30
5
212
3 July 28 10 Feb 16
112
238 Sept 15
712 Feb 16
7
11%July 2
2114 Mar 14
55
6518 Jan 18 90 July 20
1558
16 July 26 2318June 13
Oa
10 Nov 2 184 Apr 12
3 Jan 16
214
714 Apr 13
12
1312 Jan 6 41 Apr 28
134 Jan 2
101 Jan 4
2% Jan 8
19 Jan 12
36 Jan 3
2314 Jan 8
20 July 26
30 Aug 30
224 Jan 4
5 Jan 6
7 July 26
11 May 14
735
8June 22
912July 26
212 Jan 8
5 Jan 3
6414July 26
1112Sept 17
2212 Nov 1
1718 Jan 8
73 Jan 6
7412 Jan 8
129 Jan 13
16 Jan 15
1514Sept 12
1112 Oct 16
1618July 26
207
8July 26
72 Jan 2
114 Aug 15
1 July 26
3314 Oct 29
1193 Jan 11
4
153 Jan 8
4
102 Jan 26
1 Oct 15
714 Jan 2
13 July 2f
4Sept 18
373
84July 28
60 Oct 10
30 Jan 5
95 Jan 13
2018 Aug 25
223 Feb 5
4
113 Nov 26
74 Feb 7
55 Apr 4
6518 Nov 28
335 Apr 23
8
6312 Feb 13
60 Feb 9
313* Feb 5
1414 Apr 19
1412 Apr 26
20 Feb 23
81 Apr 26
2114 Feb 5
5 Feb 21
1638July 19
78 Feb 6
2312 Apr 19
43 2 Jan 19
7
24 Apr 23
110 Nov 26
11114 Nov 26
15212 Dec 3
2612July 18
3614 Feb 5
1938 Feb 6
353 Apr 23
8
37 Dec 1
105 Nov 30
3 Jan 31
3 Nov 5
x443 Jan 17
4
12812July 13
22% Dec 16
125 Dec 7
33 Apr 4
2312 Apr 4
21 Feb 7
6212 Apr 20
1912 Feb 20
97 Feb 20
42 Dec 6
11114 Oct 24
33 May 2
1014
9914
2
12
4
273
19
20
30
193
8
4%
518
9
73
912
2
4
583
4
1112
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1552
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7314
123
1414
1514
1112
1618
1912
66
14
1
3314
116
144
9812
1
6
13
34%
712
50
21
871
2018
s Sold 15 days. x Ex-dividend.
5 per share
14
312
65
97%
6912 105
11614
13218
3
17
15
685
85
1104
3512 72
643
4 90
,
3 2 1012
214
1012
145
373
44 15
1
64
514
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1%
758
8
512 383
612 19
1818 5113
1638
- 3
15
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4
812 5014
16
6018
31
60
412 34
118
412
1918
105
12
2
114
418
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118
414
5
8
218
7s
5
753
4
27
8
618
135
8
80
212
114
64
72
212
12
14
14
2
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35
134
243
8
94
2412
518
112
12
1%
11
85
23
1214
42
115
35
93
012
x12
258
6%
8
7
8
6
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112
318
30
8
73
57
1
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1
10
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50
36
78
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5
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120
25
106
4
29
25
67
20
95
31
96
y Ex-rights.
New York Stock Record-Continued-Page 6
3608
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 1.
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
$ per share $ per share $ per share $ per share $ per share
8
253 2612 255 2614 2614 263
4
4 2612 2814 2734 281*
46
463
3 453 463
4
4
8 47
4
4712 453 453
4712 47
43
*453 43
4
512 512
5
/ 53
1
4
4
53
8 53
4
4 54
/
1
*183 193
19
1912 *19
19
8
8 19
4
8 193 193
193
4
214 *2
214
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23
8
214 214
2
2
163
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173
4
18
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4 16
1
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1
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4
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418 418 *114 43
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513 *4
513 *412 512 *51 512 *51 512
/
4
/
4
4012 41
41
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3913 40
39
39
*3313 39
8
8
263
4 257 275
4
*2314 23
/ 233 2412 2414 2514 25
1
4
13
133
4
*133 15
4
4
8 1314 1314 133 14
1314 133
*112 17
8 *112 214 *113 218 *112 218 *113 218
5
5
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518
5
5
5
5
/
4
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6
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8 718
63
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/
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614 653
618 653
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8
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8 514 *44 514
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/
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4
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8 214
8 214
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8 214
404
2418 2212 23
*2313 2413 .23
2212 2312 *223
4
1258 1214 125
8 113 12
117 117
8
8 12 11 1218 12
12
8
712 8
8
814 812
73
4 8
814 812
812
4
4
4 2914 293 2283 2914
4
/
1
8 283 2914 2914 293
2914 284 293
*13312-- 13312 13312 134 134 *122 134 *12014 134
/ 4478 45
1
4
4412 45
4
45
4412 433 4438 44
4313 45
/
1
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5
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8
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2712 2712 2712 2812 29
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4
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8112 8112
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82
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82
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31
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/
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6
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7
7
6
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8
63
4 63
4
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49
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4113 413 42
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4 94
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4 4112 4212
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/ *43
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/
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*3014 311 3114 321 31
30
30
31
$ per share
265 267
8
8
4714 4714
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8
*183 1914
4
2
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•16
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4
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4
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4
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318 314
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3
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8 310
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/
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19
____
____ *87
____ *87
____ *87
_ *87 ____ *87
*87
• Bid and asked prices, no sales on this day
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week
Dec. 8 1934
Range Since Jan. 1
On Basis of 100-3hare Lots
Lowest
Highest
July 1
1933 to Range for
,Vcv. 30 Year 1933
1934
Low Low
High
$ per share $ per sh $ per share
$ per share
22
1312 4638
4
22 July 26 413 Feb 6
2414 653
3514
3514Sept 14 6218 Jan 30
4
15
8
7
212
7 Apr 27
25 Jan 2
8
8
53
8 195
1214
1513 Jan 17 x2314June 28
514
7
8
1
414 Apr 24
112July 26
263
4
3
4
75 Jan 9 333a Apr 24
8
53
4
14
1
3 Jan 23
/
1
4
1 Jan 8
1
914 Apr 26
134 Jan 3
/
1
4
91
/
4
113
97
8
3
812 Jan 26
3 July 26
28
12
14
20 Jan 3 41 Dee 7
20
6
104
/
1
8
1O4 July26 293 Sept 10
512 23
1014
/
1
4
1013July 27 20 Feb 1
4
12
118
33 Feb 17
8
118July 25
8
53
8
47
418
53 Feb 5
8
4'* Sept14
5
1112
5
9 Feb 6
51 July 27
318
18
2 Mar 17
/
1
4
58Sept 26
1/4
414
2
1
814 Apr 24
312July 20
11
/
4
8
312
418 Nov 5 1214 Apr 24
13
313
7
8
414 Apr 24
1 Jan 9
2314
12
6
17 July 31 32 Jan 25
8
/
1
4
4
/ 181
1
4
/
4
8
838 Aug 9 195 Apr 11
2,7
8
214
8
4 July 27 123 Mar 3
12
14
465
8
2312
23128ept 15 4034 Jan 24
110 Jan 23 135 June 11 10512 10018 11214
23
4
94 33
/
1
30 Jan 2 453 Nov 22
118
813
314
418 July 26
83 Feb 21
4
318 1514
834
4
10 Jan 2 293 Nov 23
11
8
8
9 Jan 13 29 Dec 7
58
15
27
49 Jan 3 9213 Apr 3
13
304
/
1
22
24 Jan 11 32 Apr 13
38
47
8
814 Nov 5
3
4
118 Jan 8
6
118
11
/
4
738 Nov 5
114 July 24
212 21
313
514 Jan 2 57 Nov 5
3
81
/
4
4
4 Jan 4 1012 Apr 21
18
481
/
4
285
8
3813 Jan 25 5012June 19
441 953
/
4
6714
4
79 July 26 95 Nov 8
11 134
/
4
313
/
1
914 Dec 6
414July 26
353 25
912
4
111 Jan 2 423 Dec 6
/
4
14 338
4
1 Jan 6 143 Deo 6
3
4
21 227/1
/
4
6
9 Jan 2 9112 Dec 6
/
1
4
83
4 283
4
1712
26 Jan 2 40 Dec 6
20
2
312
312July 26 11 Jan 22
22
57
24
24 Sept 26 52 Apr 19
---- -28
4June 13
28 Sept 18 333
/
1
4
x2018 Nov 30 x23 Dec 7 x2018
1313 /2
18
4
21 Jan 5 273 Nov 26
93
4
11
/
4
3
612 Feb 16
3 July 26
33
4 16
918
/
1
918July 26 144 Feb 5
3
17
/
1
4
612
612July 26 2178 Feb 19
72
26
44
44 Oct 2 8514 Apr 21
13
364
/
1
205
8
36 Jan 4 63 Dec 5
53
4
7
2
112
57 Jan 30
2
17
8July 26
30
6
16
4
28 3.53 Feb 1
1512July
/
1
4
214
„
13 Mar 28
8
14July 80
12
5
/
1
4
1/4
35 Feb 6
8
3 Oct 26
4
3
4
812
13
4
518 Apr 20
13 Jan 8
4
2,
2 1412
113
713 Mar 10
112 Nov 23
,
53
4 17 11
43
8
8
438July 27 147 Feb 5
1112 3714
131
/
4
1314 Sept 17 3438 Feb 6
11 1014
/
4
2
6 Feb 5
2 July 26
11 1514
/
4
3
93 Feb 7
4
3 Nov 26
7
22
11
121 Jan 4 2238 Apr 21
/
4
83
25
39
/
1
39 May 14 614 Nov 26
85
8 287
8
1514
8
20 Aug 6 355 Feb 15
56
25
341
/
4
37 Jan 4 6118 Dec 5
4912 64
/
4
551
58 Jan 11 71 Apr 18
/
1
4
218
12
12July 17
13 Feb 8
8
14
81
/
4
6 July 27 12 Feb 21
134
73
4 303
4
1514
4
1514July 27 443 Feb 15
112 1153
614
658July 26 1612 Feb 16
4
112 103
/
1
4
3
5 Jan 12 1558 Apr 23
/
1
4
5
25
10
1218 Jan 12 46 Apr 21
183
8
5
10
13 Aug 10 2514 Apr 13
15
8 1112
3
/
1
4
8
July 26 115 Feb 16
8
20,
2
1312
14 July 26 33 Dec 6
1118 27
1238
121
/
4July 26 3214 Jan 30
57
13
4
193
193 Nov 22 46 Jan 24
4
118
73
4
3
318 July 23
8 Feb 23
/
1
4
93
8 1018
514
514 Sept 14 1314 Jan 31
11
/
4
91
/
4
34
,
814 Jan 6 12114 Mar 19
3112 605
8
8
257
257g Oct 1 4912 Jan 16
145
181 Jan 3 14812July 23 12912 118
518 235
8
12
8
12 July 26 235 Feb 6
1012 254
/
1
111
/
4
13 Jan 4 183
4June 9
21
/
4
/
1
4
12
1 Jan 9
3 Oct 22
/
1
4
11 10
/
4
3
5 Jan 17 2818 Nov 7
201 3314
/
4
16
16 July 28 3138 Feb 1
193
8
5
10
161 Jan 5 327 Apr 24
/
4
8
4314 140
135 Feb 10 170 Dec 7 100
12814
101
100 122 Jan 16 14514 Dec 7 122
Preferred A
10018
75
993
4
100 10012 Jan 9 12014 Dec 5
Preferred 13
67
8 2012
8
65
658NoY 19 1512 Feb 01
No par
National Pow & Lt
358
58
1 May 113
23 Apr 4
8
Nat Rys of Mex 1st 4% pf___100
%
11
/
4
/
1
4
100
1 Mar 7
3 Jan 5
8
2d preferred...
/
1
4
5518
15
25 34125ept 25 5814 Feb 5
National Steel Grp
33
285
8
4
914
25 10 July 26 2118 Apr 24
National Supply of Del
6014
17
33
/
1
4
Preferred
100 33 Jan 4 60 Apr 23
613 27
9 July 26 1834 Feb 1
No par
9
National Tea Co
112 1218
4
613 Jan 4 3014 Apr 13
NO par
Neisner Bros
---- ---15
No par 31 July 26 49 Apr 10
/
1
4
Newberry Co (J J)
100 100 Apr 3 112 Dec 3
- -80
7% preferred
- 8 If
53
Ms
6 July 26 25 Feb 21
(New Orleans Texas & Mex_ _100
/
4
13
8 111
5
513Sept 18 13 Mar 6
I
Newport Industries
618 2312
1112
1112July 26 243 Feb 7
No par
4
N Y Air Brake
5812
14
/
1
No par 1838 Aug 6 4514 Feb 5
184
New York Central
/
1
4
218 27
9
b July 26 264 Apr 24
100
/
1
NY Chic & St Louis Co
25
8 3414
1414
100 16 Sept 17 4314 Apr 23
Preferred series A
/
4
23
4 111
258July 3
100
2
/
1
4
81 Mar 19
/
4
New York Dock
6
22
5
5 July 26 20 Mar 13
100
Preferred
100
1583
4
50 108 Jan 2 139 Feb 1 101
N Y & Harlem
125
99
50 112 Sept 27 120 Sept 1 112
Preferred
/
1
4
2
/
1
4
No par
1/4
114 Feb 7
3
8Sopt 14
211 Y Investors Ins
751 80
/
4
7813
N Y Lackawanna & We8tern_100 83 Feb 7 96 J111181 16
1118 347
2
714
100
714 Nov 21 2418 Feb 5
NY NIT & Hartford
56
18
100 113 Nov 21 375 Feb 5
8
8
113
Cony preferred
712 15
413
8
412July 27 115 Feb 5
N Y Ontario at Western
100
18
312
38
4
8July 23
No par
13 Jan 16
4
N Y Railways pref
134 2211
91
/
4
8
912July 26 227 Feb 1
NY Shigabldg Corp part stk____1
90
31
6912
100 72 July 26 893 Apr 13
4
7% preferred
1017
8
70
70
Vo par 73 Nov 20 9912 Apr 10
N Y Steam 26 pre:
110
83
83
8May 26
No par 90 Jan 15 1097
$7 1s1 preferred
/
4
17
/ 381
1
4
25
No par 3014 Nov 20 454 Aug 9
/
1
Noranda Mines Ltd
13
41
/
4
1
100
118July 23
418 Apr 20
:Norfolk Southern
11112 177
100 161 Jan 5 187 July 16 138
Norfolk dr Western
74
8712
77
100 82 Jan 8 100 June 9
Adjust 4% pref
/
4
1214 361
1014
1014 Nov 20 2514 Feb 6
No par
North American Co
46
31
31
50 34 Jan 9 45 Apr 20
Preferred
9
4
258
25
1
8July 26
83 Feb 1
4
North Amer Aviation
79
39
39
No Amer Edison prei____No par 4713 Jan 4 7418 Apr 26
- - 74
/
1
718 Nov 1 16 Feb 27
North German Lloyd
7
612
19
71
50 81 Mar 10 88 July 18
Northern Central
Par
No par
Mack Trucks Inc
No :par
Macy (R 11) Co Inc
Madison Sq Gard v t o.--No Dar
10
Magma Copper
Mallinson (H R)& Co___No par
100
7% preferred
:Mania' Sugar
100
100
Preferred
Mandel Bros
No par
200 :Manhattan Ry 7% guar ___100
100
Mod 5% guar
10,700
25
1,500 Manhattan Shirt
Maracaibo Oil Explor__ _No Dar
5
1,500 Marancha Corp
5
24,100 Marine Midland Corp
Market Street Ry
100
100
Preferred
Prior preferred
20
100
2nd preferred
100
No liar
700 Marlin-Rockwell
No par
5,400 Marshall Field & Co
No par
3,800 Martin-Parry Coro
4,400 mathieson Alkali Works No var
Preferred
100
220
4,100 May Department Stores
10
No par
2,000 Maytag Co
No par
Preferred
700
Preferred ex-warrants_ _No par
140
No par
Prior preferred
210
No par
1,100 McCall Corp
13,600 :McCrory Stores classA No Dar
No Dar
Class B
3,800
100
Cony preferred
1,000
1,100 McGraw-Hill Pub Co__No par
6,100 McIntyre Porcupine Mines___5
3,000 McKeesport Tin Plate ___No par
5
51,000 McKesson at Robbins
50
Cony pref series A
15,800
No par
33,200 :McLellan Stores
100
8% cony pref ger A
500
No par
6,200 Melville Shoe
1
2,200 Mengel Co (The)
100
00
7% preferred
Merch &Min Transp Co.No par
5
20,600 Mesta Machine Co
400 Metro-Goldwyn Pict pref____27
5
1,500 Miami Copper
10
6,600 Mid-Continent Petrol
No par
2,600 Midland Steel Prod
100
8% cum let pref
190
1,300 Minn-Honeywell Regu-No par
13,300 Minn Moline Pow Impl __No par
No par
Preferred
1,600
.
100 :Minneapolis & St Louts _ _ _ 100
Minn St Paul & SS Marie_ -100
100
200
77 preferred
100
4% leased line ctfs
120
No par
4,900 MO-Kan-Texas RR
100
Preferred series A
7,700
100
100 :Missouri Pacific
100
Cony preferred
2,600
20
1,400 Mohawk Carpet Mills
10
3,700 Monsanto Chem Co.
77,500 Mont Ward & Co Ino____No par
No par
900 Morrel (J) & Co
50
Morris & Essex
1,900 Mother Lode Coalition-No par
1
Gauge
Moto Meter Gae & Eci
4,700 Motor Products Corp____No Dar
5
8,100 Motor Wheel
No par
500 Mullins Mfg Co
No par
Cony preferred
210
No par
1,000 Munsingwear Inc
10
17,400 Murray Corp of Amer
No par
500 Myers F & E Bros
No par
41,400 Nash Motors Co
230 Nashville Chatt & St Louis _100
1
600 National Acme
3,000 National Aviation Corp._ _No par
900 :National Bellas Hess pref___100
10
26,000 National Biscuit
100
7% cum prat
100
No par
16,700 Nat Cash Register
No par
21,300 Nat Dairy Prod
2,400 :Nat DepartmentStores_No par
100
Preferred
530
No par
93,400 Nail Distil Prod
400 Nat Enam & Stamping_ _No par
100
2,800 National Lead
Shares
10,300
4,700
4,400
1,100
800
120
1,700
160
800
130
9,600
100
800
6,000
1,000
550
5,700
2,800
230
5,500
1,700
49,400
1,600
4,300
190
1,100
11,100
3,900
400
7,000
100
80
3,600
500
190
31,600
1,400
24,500
1,100
I Companies reposted in receivership
a Optional sale.
c Cash sale. 8 Sold 15 days. r En-dlyldend.
y Ex-rights.
New York Stock Record-Continued-Page 7
_
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
Sales
for
the
Week
$ per share $ per share $ per share $ per share $ per share $ per share
213
4 2112 2214 2118 22
203
193 205
4 20
21
8
8 20
2178
8
8
*375 4112 *375 4112 *375 4112 *3758 41 12 39
8
39
3812 3812
2
2
*2
*2
218
218 *2
218 *2
218
218 02
34
.31
34
*31
*31
34
3212 *31
•32
36
*32
36
101 10
/
4
1014 10
1014 1018 1014 10
10
1014
10
1018
4
35
8 414
312 33
312 312
3
/ 41
1
4
3
/ 312
1
4
/
4
3
/ 31 2
1
4
1814 1812 183 1912 1912 217
4 19
4
183
8 21
1812 18 12
2112
412 43
412 43
4 *412 434
*412 5
4
*412 5
43
4 518
83 .71
83 .71
*71
83
83
*70
7112 7112
*71
83
93
4 *9
93
4 *9
*9
93
4
91 91
/
4
914 914
/
4
912 91
/
4
15
144 15
/
1
15
15
1514
15
15
151 15
/
4
15
15
10018 10018 *10018 103 *1001 1037 *10018 1037
8
/
1
4
8
/
4
*10018 103 *10018 104
51 51
/
4
8
/
4
5
54 514
/ 5
1
4
/
1
8
51 53
/
4
/
1
4
514 53
8
51 53
/
4
2114 21
/
4
21
211 211 2114 2114 *1912 2114 .20
2012 2012
/
4
04518 49
*4212 4912
49
4512 47 .45
042
41
43
4812
_ *115
*115
•115
__ *115
__ *115 . __
•115
84 4
84 8 3 8818
8412 -- 3
843 - / 8512 - 4 85
4 g61
8412 4
8412
853851
-/
4
4 21 *2
/
4
4 212 .13
*1st 212 *13
212
•17
218 214
8 3
43
•3
6
.
3
4 *3
43 .
4
312 43 .
4
352 4
/
1
4
43
4 512
*2
3
*2
3
2
*2 . 3
2 14 *210 3
*2
3
1478 15
15
147 15
8
8 15
141 15
/
4
151 153
1412 1412
/
4
223 223
4
223 23
4
4 227 233
8
2334 24
4 2312 2334 2314 2314
1912 1912 1912 194 •1912 20
/
1
107 194 *1912 20
8
/
1
191 195
/
4
8
7112 7112 7112 7112 7114 7112 7114 7114 7118 713
4 713 7134
4
11012 11012 11012 11012 *11012 115 .111 115
110 110
111 111
714 7
/
1
4
73
4 818
8
63
4 64
/
1
914
67
8 7
9
93
8
418
4
4 18
4
418 412
41
/
4
4
44 41
4 14
/
1
/
4
4
*103 13
4
/ 13
1
4
*104 13 .103 13 .10
/
1
*103 13 .1104 13
4
21
*19
.20
21
2012 2014 2012 21
*19
21
21
2114
8
8
8
05
8
3
*2
8
3
4
*8
8
4
3
4
34
"
/
1
4
3
4
01
/
4
*3
4
*3
1,
4
8
1
*3
4
1
7
8
*
/ 1
1
4
3
4
3
4
03
4
•718 912
8
8
712 712
*8
10
*712 81 *712 10
/
4
/
1
4
3 4 31
318 3
,
33
3 31
/
4
33
8 3
/
4
31
/ 312
4
/
1
4
312 358
8
3
/ 35
1
4
31 33
/
4
/
1
4
3
/ 38
1
4
8
31 314
/
4
3
31 31
/
4
314 3
/
4
Ds
118
118 118
118
118
Ds
118
1
114 *118
114
8 13
/ 14
1
4
/
1
1410 144 1414 143
1312 14
1312 141.4 134 1438
/
1
1178 1218 1159 117
8 113 1134 1112 113
4
4 1112 111 1118 113
/
4
4
112 112 "11 112
/
4
/
4
112 158
*112 11
11
/ 158
4
112
112
/ 643
1
4
6414 6412 64
4 6412 6412 6412 65
6478 6512 6312 64
,
s 6814 68 8 683 703
6812 687
4
4 71
7212 7134 7212 7114 713
4
_ .106
_ .•10612 _ __ *10612
*103
*105
__
.•10612
314 *212 314 *212 - ,
.25
318 *212 _-8 - / *21 .-3
1
4
31
314 *212 _- 4
/
4
/
4
4
414 414 *41 41
41
/
4
4
418
4
4
4
4 18
8
184 187 *17
/
1
.1938 22
22
19
19
*18
23
*18
20
2412 2414 2518 2514 2512 244 2514 2412 2518
237 2.114 24
8
/
1
/ 8412 6414 6414 62
1
4
06212 6412 .63
62
6312 6312 6312 64
8
8
•1083 112 .1083 112 *1083 112 *11012 111
8
110 11012 .110 111
2212 2314 2212 234 23
8
/
4
*22
233 *221 23
/
1
23
*213 23
4
*2
/ 3
1
4
*214 3
"214 3
.24 2
/
1
/ *2
1
4
/ 278
1
4
2
/ 3
1
4
qv, 21
*1918 21
*18
21
20
/ 2038 20
1
4
*1714 20
20
3112 32
32
31
297
8
33
33
/ 333 *32
1
4
8
35
35 .32
2718 2718 275s 2758 .2712 29
25
25
30
*26
30
*26
173 *164 17 4 1714 1714 "171 173 *1714 1734 *1714 173
4
/
1
,
*16
4
/
4
4
STOCKS
NEW:YORK STOCK
EXCHANGE
-Preferred
• Bid and asked prices, DO sales on this day.
1 Companies reported In receivership.
Range Since Jan. 1
-share Lots
On Basis of 100
Lowest
Shares
par
34,200 Norther, Pacific
100
40 Northwestern Telegraph
50
100 Norwalk Tire & Rubber __No par
Preferred
50
11,300 01310 011 Co
No par
11,000 Oliver Farm Equip
No par
6,100
Preferred A
No par
1,200 Omnibus Corp(The)vte_ No par
Preferred A
100
100
500 Oppenhelm Coll & Co__No par
5,300 Otis Elevator
No par
20
Preferred
100
3,200 Otis Steel
No par
Prior preferred
400
100
ISO Outlet Co
No par
_ _ _ ___
Preferred
100
4,600 Owens-1llinole Glass Co
25
30 Pacific Coast
10
1st preferred
50
No par
2d preferred
20
No par
5,800 Pacific Gas & Electric
'5
2,600 Pacific Ltg Corp
No par
700 Pacific Mills
No par
510 PacifIc Telep & Teleg
100
200
8% preferred
100
0,000 Pac Western Oil Corp____No par
58,100 Packard Motor Car
No par
Pan-Amer Petr & Trans
5
600 Park-Tilford Inc
1
300 Parmelee Transporta'n___No par
100 Panhandle Prod & Ret___No par
20
8% cony preferred
100
26.700 :Paramount Publix ctfs
10
12,100 Park Utah C M
1
4,400 Paths Exchange
No par
3,300
Preferred class A
No par
6,700 Patino Mines & Enterpr No par
1,400 Peerless Motor Car
3
1,300 Penick & Ford
No par
15,300 Penney GI C)
No par
______
Preferred
100
Penn Coal & Coke Corp
10
1,800 Penn-Dizle Cement
No par
Preferred series A
200
100
41,600 Pennsylvania
50
2,900 Peoples Drug Stores
No par
Preferred
50
100
2,200 People's 0 L & 0 (Chic)
100
300 Peoria & Eastern
100
200 Pere Marquette_
100
1,000
Prior preferred
100
300
Preferred
100
100 Pet Milk
No par
*918
938
*918
93
8
914
914
918
914
9
914
918
93
8
2,700 Petroleum Corp of Am
5
8
/
1
4 143 144 1438 1412 145 1478 1412 155
1458 143
8
-Dodge Corp
8
8 144 153 14.300 Phelps
/
1
25
30
*2812 293 .2938 2934 .2814 293
30
30
30
4
4 1.800 Philadelphia Co 8% pref
4 293 293
8
50
*46
49
*46
49
*46
54
*48
54
*46
$8 preferred
54 .46
54
No par
3
/ 31
1
4
31 3
/
4
/
4
/ *33
1
4
31 312
/
4
310 :Philadelphia Rap Tran Co__50
414 .4
4 4
412
4
712 712 *714 812 *714
612 612
/
4
818
*53
712 71
4 61
300
7% preferred
50
/ .412 4
1
4
*41 4
/
4
5434 5
/
1
4
434 51
/
4
434 4
No par
4 5,900 Ptilla & Read 0 & I
/
1
4
43
8 43
3912 3914 3912 3914 3978 3918 4012 40
393 4014 39
4
4214 7,000 Phillip Morris & Co Ltd
10
1112 *93 11
01012 1112 .9
4
*1018 11
*1014 1112 1118 1118
200 Phillips Jones Corp
No par
*51
56
56
.51
56
56
*51
5934 *56
30
*56
7% preferred
65
65
100
/
4
1512 153
8 151 1512 15
151 1514 1512 1514 1512 15
/
4
No par
153 10,200 Philips Petroleum
.4
*7
8
7
100 Phoenix Hoislery
7
*7
74 •
/
1
7
7 12 "7
712 *714 712
5
.55
58
*56
58
*54
58
*56
58
Preferred
56
10
56
*53
100
5612
3
4
54
3
-1
3
4
7
8
78
1
7
21,800 :Pierce-Arrow Mot Car Co
8
31
7
8
5
7
8
1
.12
52
12
12
12
12
•12
58
12
600 Pierce 011 Corp
12
5
8
5
25
8
*412 6
•458 6
.412 6
412 412 .412 6
*412
Preferred
5
100
109
1
*7
8
78
7
8
47
8
1
1
1
*7
8
1
500 Pleree Petroleum
/
1
4
/
1
4
No Par
34
34
*33
3414 34
3418 3312 3331 334 34
2,200 Pillsbury Flour Mills
34
/
1
34
No par
78
300 Pirelli Co of Italy Amer shares__
075
*753 7714 *7614 78
4
/
4
783 *751 78
781 781 78
/
4
/
4
*83
4 912 *83
4 98
83
4 83
4
9
0
100
*812 914 0812 914
200 Pittsburgh Coal of Pa
028
8
297 .2818 30
*28
30 .28
30
*28
30
29
29 3
4
200
Preferred
100
.106
_ ___ ____ *166
_ ___
_
_ __
_ __ ____ _
__
5/7_ Pitts Ft W & Chic pref
100
012 _-612
612 634
612 _-- 4
63
6i4 - -7
68
(I0
i4
7
63
4 - -7- 03 8
0 Pittsburgh Screw & Bolt_. No par
3112 *2114 30
•2112 2710 *22
*23 311 *24 2712 *2414 2512
/
4
Pitts Steel 77 cum pref
100
/ *13
1
4
.13
8 24 *13
4 23
/
1
8 •134 23
4 2
8 .134 2
/ •11 2
1
4
/
4
/
1
4
Pitts Term Coal Corp
100
1614 14
161 .14
14
.14
*15
1812 15
15
*15
16
20
6% preferred
100
4 2
2
*13
2
4 2
*13
.13
4 2
2
2
*13
8 2
300 Pittsburgh United
25
35
34
.34
36
34 .32
*34
3614 36
36
36
36 14
110
Preferred
100
8
8
8
123 125 •125 17
•13l2 17
1312 1312 .12 4 17
3
*123 17
4
200 Pittsburgh A West Virginia 100
Pitts Young & A sht R17% pf.100
17 212 523
8 27
8 *23
8 24
/
1
23
8 238 .238 28 .23 14
7
8
3
200 Pittston Co (The)
No par
/
1
4
812 812
/
4
81 8
/
4
812 81
81 81
/
4
/
4
812 83
4
812 83
8 2,300 Plymouth 011 Co
5
/ 1012 .10
1
4
1014
1014 101 09
1014 1012 10
/
4
1012 10
10
1,300 Poor & Co class B
No par
0312 43
8 .3
4
*318 4
*314 4
*3
4
*312 4
Porto Ric
-Am Tob Cl A___No par
13
4 *11
/ 13
4
8
8 *13
4
17
.15
8
13
8
11
/
4
114
114 *114
13
Class 13
4
400
No par
153 1838 15
4
/ 16
1
4
1614 1712 17
173
4 165/ 1712 1612 167 13.300 Postal Tel & Cable 7% pref _100
3
8
_ _ _ r _ __ _ ...„
__,, _ _ __,_ _ __ _ ...„, _ _ _ _ _ _ Prairie ripe Line
.
25
214 214 *214 2
'2
214
214
218
- -14
2
214
212
214
- -12 1,500 :Pressed Steel Car
2
No par
11
*9
8 11
127
1134 .912 11
*II
.9
11
*91 11
/
4
100
Preferred
100
8 4314 4312 4314 43
/ 433
1
4
/ 43
1
4
4314 43
/ 4314 4312 43
1
4
4312 7,700 Procter & Gamble
No par
11418 115
1143 11512 *115 11512 115 115
•115 11558 •115 116
4
280
5% prat (ser of Feb 1 '29)_-100
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ______ :Producers & Refiners Corp___50
50
8
3
567 3114 307 31
8
034 -------3058 3114 3012 30 4 3012 3
7,460 Pub Ser Cory of NJ
No par
72
71
72 .70 4 7114 71
070
72
3
*70
715
8 715 72
8
2,400
$5 preferred
No par
8612 .84
8612 *8414 861 86
8658 .84
*85
86
/
4
*84
863
4
200
8% preferred
100
•95
9012 .9618 99
98
*94
*957 98 •95
8
98
*98
98
7% preferred
100
•104 112 *104 112 *10512 112 *10512 112 *10512 112 .10512 112
87 preferred
8
100
09810 99
98
98
98
9812 0812 99
98
99
9912 100
900 Pub Ser El & Gas pf $5___No par
/
4
4
/
4
/
4
4912 4912 483 491 4914 491 491 50
49
4012 473 4812 6,900 Pullman Inc
4
No par
7
718
71
/
4
7
7
7
718
7
658 7
67
8 7
9,600 Pure 011 (The)
No par
55
54
54
554
54
57
55
5212 53
.54
5258 5214
190
8% cony preferred
100
87
8 9
83
8 9
85
8 88
,
85
8 84
,
83
4 87
8
83
4
88
7
4,300 Purity Bakeries
No par
619
q
61
/
4
6
5
/ 6
1
4
5
/ 6
1
4
/
1
4
612 678
0
/ 634 197,200 Radio Corp of Amer
1
4
No par
537g 54
5112 5212 521g 5358 53
5412 537 5412 53
8
535
8 5,900
Preferred
50
814 3712 3812 3914 433
364 3712 371 2 3
/
1
4 42
4312 4212 4512 83,000
Preferred B
No par
134
11
/
4
14 11
/
1
13
4 218
/
4
11 1 4
/ ,
4
17
8 218
11 214 36,900 tRadio-Keith-Orph
/
4
No pa
8
4 2012 2034 205 207g 2012 2012 1,300 Raybestos Manhattan.
/
1
s
.20
34 2078 207 204 203 203
8
-No par
44
4312 .42
43
/ 4414 423 423
1
4
4
4 44
4214 4214 *42
4418 1,300 Reading
50
03812 393
8 3812 3912 03812 4018 *3812 4018 *38
4
/ 4018 *383 3912
1
4
100
1st preferred
60
.35
3612 *35
3512 *35
361 *35
/
4
36
535
36
.35
36
2d preferred
50
8 712 • 4 712 .87
7
63
7
*7
7 3
712
8 712
200 Real Silk Hosiery
87
8 67
8
10
41
3934 3934 38
4112 .37
8
40
*37
37
413 *37
37
60
Preferred
_100
2113 218 *21g
21
/
4
212 *2
8 .2
212 "2
*2
23
214
100 Reis (Robt) & Co
No par
*1212 13
100
.l212 1312 *1212 1312 .1212 1312 1212 1212 .1212 13
1s1 preferred
100
1012 103
4 103 104 1012 1078 103 10
8
/
1
105 107g
8
8
/ 7,400 Remington-Rand
1
4
4
103 11
64
65 6514 66
6618 6634 6634 66
8412 64
663
4 1,700
1st preferred
63
100
64
65
65
65
65 65
65
6412 65
270
6314 65
61
2d Preferred
100
23
8 212
23
8 212
8
212 25
8 7,000 Boo Motor Car
212 212
212 212
23* 25
6
/
1
8
/
1
1414 143 34.300 Republic Steel Corp
/
4
143 151 1414 1434 1414 144 143 144 1412 15
4
4
No par
423 434 4312 4414 4212 4334 42
8
/
1
4218 43
43
10.200
4234 43
8% cony preferred
100
Revere Copper & Brass
*714 9
"714 0
*71 9
/
4
*714 9
571 9
/
4
*714 9
5
1818 *161g 1818 .1618 is'
Class A
1818 .1618 181g *1618 1818 .15
"15
10
83
83
85
83
83
83 83
.83
85
90
Preferred
85 .82
*82
100
8 2312 2438 2338 2414 2338 24
7,450 Reynolds Metal Co ____No par
2312 2312 2314 235
2312 24
1314 1314 153
15
5,800 Reynolds Spring
/
4
15
8 1512 16
1312 1314 131 *13
"13
1
/
4
3
/ 53
1
4
/ 29,500 Reynolds(R J) Tob class B___10
8 5112 5214 511 5234 527 53
1
4
53'l 5112 52
52
523
631 *57
6312 .57
631 *57
6312 *57
Class A
6312 *57
•60
6312
10
Rhine Westphalla Elec Power _
,1
4
1518
151 *13
•12
/ 154 "131 1513 •13/ 1518 *1314 1518 .13
1
4
/
1
/
4
3001 Ritter Dental Mfg
.6
7
712 *6
.612 71
7
712 .61 71
612 612
/
4
Vo par
8
400 Roan AntelopeCopper Mines__
8
23
/ 235
1
4
•221 2318 *2212 23 .223 2212 2212 2217 2314 237
/
4
3609
$ per share
1412July 31
33 Sept 13
1° July 27
30 Aug 13
8I2July 26
2 July 25
9 July 27
358July 27
70 Nov 27
518July 27
1314 Oct 26
92 Jan 18
8July 27
33
9 Jan 2
30 Feb 5
97 Jan 23
60 Sept 17
134 Nov 30
334 Jan 19
2 Jan 3
123 Oct 4
8
2034Sept 17
1914 Dec 7
7078 Nov 27
103 Jan 3
512 Oct 4
24 July 26
103 Jan 9
4
17 July 28
12 Nov 5
5
8July 24
7 Oct 30
13 Jan 2
4
212July 26
12July 27
1012 Jan 4
103 Nov 30
4
114 Oct 4
445
8Sept 17
5112 Jan 4
10512 Mar 8
17
2July 27
2
/
1
4July 28
1214July 26
2018 Sept isi
105 Jan ol
8
86 Jan 191
195 Nov 201
8
2 Sept 191
12 Aug 71
18 Jan 131
1318 Aug 7
914 Jan 3
/
4
81 July 27
1314Sept 17
244 Jan 2
/
1
49 Jan 12
2 Nov 1
412 Jan 12
3 Jan 4
/
1
4
1112 Jan 3
7 July 27
48 Aug 14
13 Oct 18
/
1
4
412July 26
60 Jan 27
/ Oct 31
1
4
12July 24
412 Dec 5
7 Oct 31
8
184 Jan 8
/
1
701 Jan 22
/
4
712July 28
29 Dec 7
14112 Jan 15
412July 28
1514July 28
112July 26
81 Jan 4
/
4
11Sept 26
/
4
2.53
8Sept 17
1114July 30
133 Mar 2
13 Jan 4
4
8 July 28
6 June 2
2 Oct 9
/
1
4
1 July 27
1012July 27
12 July 2
114 July26
53
8July 26
3318June 2
10212 Jan 22
/ Jan 2
1
4
118Nlay 2
26 Nov 19
67 Jan 2
79 Jan 8
90 Jan 8
105 Jan 12
90 Jan 10
3514 Oct 4
814 Oct 29
49 Oct 29
87
sNov24
412July 26
2314 Jan 4
15 Jan 4
112July 23
1412July 26
3518 Aug 11
3312 Feb 8
2918 Jan 11
5 July 27
35 Oct 26
11
/
4July 27
5
/
1
4July 26
8 July 28
323 Jan 5
8
30 Jan 8
2 July 26
1012July 213
3312 Oct 29
6 Jan 8
1114 Jan 29
48 Jan 5
1512 Jan 2
812 Jan 9
3934 Mar 21
67 Jan 6
1212 Oct 18
518 Aug 1
207 Oct 4
8
Highest
July1
1933 to Range for
Nov. 30 Year 1933
1934
Lou Low
,
High
$ per share $ per sh $ per share
1412
3614 Apr 20
958 3478
43 Apr 26
Es
263
4 43
158
412 Feb 19
11
/
4
5
/
1
4
30
4014Sept 5
29
36
812
8
157 Fab 5
43
4
175
8
2
7 Fcb 5
11
83
4
9
271 Feb 5
/
4
4
314 303
83
8July 9
38
5
13
4
83
4
70
95 Jan 3
64
95
518
212 15
145 Mar 31
8
113
4
1018 254
193 Feb 16
8
/
1
92
103 Nov 10
9312 106
3
8 Feb 19
114
94
,
712
25 Feb 20
214 211
/
4
28
47 Dec 6
22
42
100
105
97
11412May 19
60
3112 963
94 Jan 30
4
13
4
1
63 Mar 14
7
3
15
8 10
33
4
1114 Apr 20
2
/
4
7
61 Mar 14
1
32
123
8
2312 Feb 7
15
434
/
1
22
203
4
37 Feb 7
6
29
19
34 Feb 5
69
65
8512Mar 13
943
4
9914
991 11112
/
4
116 June 22
512
94 Dec 7
/
1
534
012
84 Feb 23
/
1
23
4
13
4
61
/
4
14
8
8,
4
1112 Jan 30
363
8
6
3512 Feb 8
161
/
4
12
2 Feb 5
373
3
38
414
213 Apr 6
53
2112 Apr 6
53
4 20
7
18
212
5 Feb 16
/
1
4
11s
Al
414
2
61 Feb 15
/
4
12
14
212
414 Mar 2
4June 12
43
8
243
114
1414
103
4
3112 Jan 2
5
/ 25
1
4
114
478June 5
3
4
91
/
4
4458 x2512 603 ,
67 Nov 27
4
3512
:
7212 Dec 5
1914 56
108I2May 16 103
108
90
11
/
4
514 Apr 26
3
4
95
8
73 Feb 5
4
23
4
3
4
912
41 32
/
4
10
32 Apr 2%
2018
133
4 4214
377 Feb 19
8
4 32
21
66 Nov 10
103
85
87
80
11214 Oct 20
78
101
/
4
434 Feb 6
/
1
25
78
9
2
8 Feb 17
3
/ 37
1
4
12
351 Apr 24
6
1412
4413
5112 Apr 23
412 3812
12
43 Apr 23
/
1
4
612
1814
914
17 Nov 16
452 15
814
141 Feb 3
/
4
412 184
187 Apr 26
8
/
1
113
4
2112 36
2112
37 Feb 9
643 Feb 17
3814 82
4
3814
6 Apr 25
2
57a
2
3
10
3
18 Apr 24
23
4
212
912
133 Feb 21
4
8
1018
4214 Dee 7
144
/
1
3
163
4
21 Apr 2
7
35
48
/
35
4
741 Apr 7
43
4 184
/
1
11
z2011 Apr 11
/
4
41
/
4
15
8 173
4
1312 Feb 3
72
44
84 Mar 3
25
3
4
612 Feb 19
3
712
12
14
17g
118 Jan 30
43
4
103 Feb 14
4
3
/ 137
1
4
8
/
1
4
234
7
8
2 Feb 6
938 21378
18
343 Nov 28
4
5358
87 Sept 19
8 75
333
23
74
/
1
4
1812 Feb 19
48
30
17
4212 Feb I
150
169 Nov 28 14114 134
41
/
4
113 Apr 4
8
11 1184
/
4
4
1514
43 Feb 21
1014 383
312 Feb 21
12
61
/
4
1'8
2312
4
818
1912 Nov 13
118
5 Feb 19
34 613
1534 64
254
/
1
597 Feb 19
8
612 3534
1114
27 Feb 21
9812 115
144 Oct 24 113
3
8
7
114
5 Feb 21
83
4
1758
8
164 Jan 30
/
1
13
4 133
4
6
147 Feb 5
8
158
8
61 Jan 30
/
4
259
/
1
4
4
1
314 Jan 30
4
40
1012
/
4
291 Feb 6
7
22
12
20 Feb 20
512
512 Feb 16
bti
1,
4
18
3
514
22 Feb 17
/
4
191 4712
334
/
1
8
443 Nov 21
97
1103
4
8
117 Oct 4 1015
14
14
24
/
1
114 Mar 15
13
2
118
6 Feb 19
/
1
4
26
45 Feb 8
324 571
/
1
/
4
597
8
597
8 8812
84 Feb 6
9734 July11
75
1011
/
4
75
11212
84
84
106 Feb 21
125
99
11912 Feb 17
99
837 10312
8
10412 Aug 9
831/4
18
5818
3514
59 Feb 5
/
1
4
61
/
4
212 153
8
147 Feb 16
8
30
697
8
49
80 Feb 6
8
5
/ 253
1
4
83
8
19 Feb 5
/
1
4
44
/
1
3
1214
9Is Feb 6
22
5412 Dec 5
1314 40
812 27
/
1
4
4512 Dec 7
13
54
5
Ds
1
414 Feb 17
20
/
1
4
5
1118
23 Feb 5
2312 621 2
3518
563 Feb 5
8
38
4112June 9
25
28
2312 37
27
3912June 19
512 201
8
14 Feb 6
5
60
25
35
6014 Apr 26
6 Apr 2
14
412
11
/
4
53
8
3834 Apr 2
11 1812
/
4
212 1114
514
1338 Feb 23
712 3712
244
/
1
691251ar 14
8
353
67 Mar 14
4
24
2
512 Feb 23
11
/
4
61
/
4
4
23
9
253 Feb 23
4
19
9
5412
6712 Feb 23
114
12
141 Apr 11
/
4
3
214 25
2812 Apr 11
10
90 June 25
7
80
35
273 Apr 26
6
12
4
2112
16 Dec 6
8
112 15
/
1
4
533 Dec 5
4
2612 x5414
393
4
827 Nov 26
8
8234
57
60
1212
23 Mar 13
24
14
1312 Feb 8
518
812 1634
3318 Apr 26
233
8 2812
201
/
4
a Optional sale. c Cash sale. a Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 8
3610
11101! AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 1
Monday
Dec. 3
3 per share $ per share
..._.:_ ___
3305 303
8
8 30% 33 4
*4
7
*3
7
16
1658 1612 16
*112 13
4 *112
13
4
2
2
2
2
*7
14
*7
14
•12
1912 •12
1912
4812 4812 4812 4812
*103 106
108 106
110 1103 110 4 110 4
4
5
3
7
*6
77
8
7
27% 2812 2712 2814
312 3 8
5
32 32
,
,
1812 1812 173 18
8
*597 60
60
6058
8
4
3
4
*3
8
8
4
112
13
8
13
8 *13
8
*2614 263
4 261 1 2612
*414 4% *414 47a
41
4118 40 403
4
13
4
•112
13
4 *112
4614 4612 4612 463
4
Tuesday
Dec. 4
Wednesday
Dec. 5
Thursday
Dec. 8
Friday
Dec. 7
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 8 1934
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
Nor.30 Year 1933
1934
Low Low
High
$ per share $ per share 3 per share $ per share Shares
____
___ _ __ ____ _
_ ____
. ____
*30 30%293 3 -18 .29 --8 0
2934
500
.3
7
.418 7
*418 7
*418 7
1614
1614 163 x18$4 173
16
4
8 188 1712 8,000
*112 13
4
134
134
158
13
8 *15
13
4
200
17
2
2
2
2
2
218
2
1,200
*8
11% •8
14
*8
14
*8
14
*13
1912 *12
1912 *12
20
*12
20
484 485
8 4812 4912 4938 4912 485 49
8
3,200
106 106
10618 10618 106 10612 106 10612
440
112 112 *111 112
112 1124 112 112
190
73
8 *6
64 63
618 63
4 *63
8 74
3
500
275 27% 2814 283
8
4 2818 285
8 2758 28
25,400
4
4
3
3 4 418
3
312 3 2
,
358 3 4
3,200
17
1758 175 177
8
18
193
4 184 19
730
80 8 603 *60
3
8
6012 *60
6012 60
90
60
84
3
4
5
8
3
4
%
8
8
84
3
4 3,200
*13
8
112 *13
8
112
138
138 13
8
500
158
2614 2612 2618 2612 2614 267
8 2638 2612 4,100
47
*414 47
8 *414 47
8 *414 47
8 *414
4118 41
4218 413 4214 41% 415 38,600
40
6
8
15
*13
8
13
8
15
8
1%
15
8
1%
158
500
463 463
4
4 463 467
4
47
47
*463 4712
4
240
Par $ per share
$ per share 8 per sh
33
Rossla Insurance Co
5
4 Jan 3 1014 Feb 6
Royal Dutch Co (N Y shares)._
295 Dec 6 3914 Feb 19
297
8
8
55
Rutland RR 7% pref
100
55 Oct 5 15 Feb 7
8
St Joseph Lead
10 1514 Oct 30 277 Feb 5
154
:St Louis-San Francisco____100
I%
4 8 Feb 6
5
13 Nov 30
8
112
618 Apr 4
112 Nov 7
St Louis Southwestern
8
8 July 26 20 Mar 8
100
13
Preferred
100 13 Oct 27 27 Apr 30
4
353
Safeway Stores
No par 3814 Oct 4 57 Apr 23
80
6% preferred
4
100 843 Jan 3 108 July 5
7% preferred
9014
100 9812 Jan 15 113 June 18
412
Savage Arms Corp
518 Oct 20 1214 Feb 13
No par
Schenley Distillers Corp
8
1718
6 1718July 28 387 Apr 11
212
Schulte Retell Stores
8 Feb 5
1
3 Sept 14
4
Preferred
12
100 15 Jan 2 303 Apr 18
3714
Scott Paper Co
No par
AI Jan 10 6038 Dec 3
:Seaboard Air Line
2 Feb 6
No par
%Sept 13
%
Preferred
1
100
1 Sept 12
314 Feb 21
Seaboard Oil Coot Del___No par 203 Oct 4 3858 Apr 11
19
4
Seagrave Corp
No par
212Sept 15
47 Feb 7
8
212
Seam. Roebuck & C0
No par 31 Aug 8 5114 Feb 5
30
Second Nat Investors
1
112 Nov 7
14
414 Jan 26
30
Preferred
1 32 Jan 8 47 Dec 6
11
2 Jan 22
No par
lSeneca Copper
lz Sept 13
7% 74
7
7i 8 7
-14
--Ti
-718
7
j14 11.,6456 Servel Inc
758
43 July 28 9
312
8
1
Apr 24
814 9
9
818 814
918
818 818
9
918
8
No par
63 Jan 2 137 Mar 9
6
4
858 8% 8,900 Shattuck (F 0)
85
8
85
*9
93
9
88 918
912
9
9
918 918 1,200 Sharon Steel Hoop
4
No par
518 Jan 11 1314 Feb 23
514 514
4 July 26
4
5% 5%
77 Feb 5
No par
513 51
5% 57
54 3,800 Sharpe & Dohrne
512 53
4
514
*42
454 *4312 4514 *437 454 *44
4514 *40
8
454 *44
Cony preferred irer A _ __No par 3814 Jan 8 49 May 3
30
4514
21
21
*21
2114 2118 •2118 2112
2112 *207 2112 .20
8
100 Shell Transport & Trading_.£2 19 Nov 22 2612 Mar 14
8 2112
19
*678 7
67
8 7
6544 68
67
8 7
63 7
7
718 7,600 Shell Union Oil
No par
6 Oct 18 1112 Jan 27
6
693
4 8912 13912 *69
4 69
*6914 693
70% 570
900
7012 70
Cony preferred
70
100 57 July 31 89 Jan 26
47
97
97 101
10
93
4
10
1018 10
53
97 1018 10
8
2,900 Silver King Coalition Minea___5
1018
8 June 4 1212 Feb 16
105 107
8
8 103 1118 1118 113
8
108 107
8 103 11
4
4
1118 1112 9,100 simmons Co
818July 26 2412 Feb SI
No par
818
o 157 1612 1518 1558
*1818 1612 15% 184 1614 167
1518 153
714July 26 1718 Nov 26
74
8 7,400 Simms Petroleum
10
714 74
25
8 Oct 4 1114 Apr25
6
712
7'2 *73
758 758
8 7
'2
74 712
7 2 758 1,500 Skelly Oil Co
,
8
5612 567
*567 59
8
8 55
*567 60
5512 56
557 58
2,600
56
100 51 12Nov 2 6818 Apr 26
42
Preferred
14 193 *1514 193 .1514 204 *1514 197 *1514 198
*1514 2012 *15
4
4
Sloss-Sheff Steel & Iron___ 100 15 Jan 9 2712 Feb 17
12
2!)
•241 29
*26
29
*2418 29
•241 29 .26
100 1812 Oct 11 42 Apr 23
7% preferred
*2418 29
15
8 165 1634 16% 17
8
167 167
8
17
1718 17
18
175 1858 8,600 Snider Packing
84 Jan 3 1833 Dec 7
8
_ --No Par
313
143 15
143 147
4
8 144 15
145 147
8
145 147
8
.
8 143 148 21,100 Socony Vacuum Oil CoInc. __15 1212July 26 197s Feb 5
Corp8
912
.10512 110 .106 110 *106 110 *106 10712 10712 10712 10714 10714
200 Solvay Am Invt Tr pref
100 88 Jan 6 10712 Dec 6
78
21
2278 2318 237 22318 233
22
2212 234 21
8
No par 21 Dec 3 393 Feb 5
4
4 2314 233 16,600 Bo Porto Rico Sugar
8
2314
129 129, •129 133 z133 133 *127 136
*127 133 *129 133
20
100 115 Jan 18 137 July 23 112
Preferred
1212 1214 125
123 1258 121
4
8 1212 123
4
1214 1238
1218 1214 3,300 Southern Calif Edison
25 1018Sept 15 22% Feb 7
1018
*512 103
8 *6
10 8 *6
3
Southern Dairies class A No par
103
8 *6
10 8 .6
3
103
8 *6
512Sept 24 1018 Oct 29
103
8
512
*214 35* *214 33
*214 331
No par
Class B
4 *214 4% *214 418 *214 41s
214 Sept 10
34 Nov 16
214
1858 183
4
I818 183
1818 194 194 193
8 183 1958 1812 187 34,800 Southern Pacific Co
4
100 147 Aug 6 333 Feb 5
8
14%
8
4
17
1714 163 17% 17
4
1714 173
173
4 1712 18
1714 21,400 Southern RallwaY
4 17
1112
100 114 Aug 6 3612 Feb 5
2012 2012
2012 203
8
2114 2258 2112 2214 207 2114 8.500
4 207 22
100 14 July 26 4114 Apr 26
Preferred
14
.3114 35
*33
*3114 35
35 .33
*3114 35
Mobile & Ohio atk tr ctfa -100 314 Nov 20 473 Apr 20
363 *3314 383
4
4
28
4
*6
•6
612
7 4 *6
3
612 612 86
9
7
5 Oct 2 13 Apr 21
7
7
300 Spalding (AG)& Broe___No par
5
•48
50
*48
50
48
100 304 Jan 11 74 Apr 21
48
*43
48
48 .43
20
48
let preferred
48
3014
_
_ _
7 Jan 22 15% Apr 23
Spang Chalfant & Co Inc_ No par
7
.60
Preferred
65
*66
Wg
60
-6.i"
100 30 Jan 23 66 Nov 28
*66------170
20
47
51
27
No par
5
27
8Sept 14
5
43
4 47
8 Feb 21
8
6'4 46,600 Sparks Witbington
57
8
43
4 6
'2
5
'2
618
57
57
73 Apr 18
No par
10 Spear & Co
2 Jan 3
*33
4 512 *4,
*43
4 53
z 534
4 *44 57
*414 53
4
112
.50
100 39 Apr 10 53 Apr 24
Preferred
70
*50
70
*50
70 .60
70
*50
70
*50
70
3012
3114 32
32
32
3114 3114 3112 '3112 313 3154 31
3
4
1214
3112 1.500 Spencer Kellogg & Sons __No par 15 4 Jan 5 3212Nov 13
53 Jan 5 113 Apr 2
1
912 52,000 Sperry Corp (The) v to
8
9 4 9%
,
94
,
35
8
9
93*
93
8 93
9% 912
4
914 94
9
10
No par
.83 11
8
*812 134 *834 123
*1018 107 *10
200 Spicer Mfg Co
8
0 July 19 13 Feb 7
107
8
8
No par 215 Jan 2 3712 Dec 5
.34
3412 *3414 3514 *34
470
3712 3514 36
Cony preferred A
3514 3514 3712 36
18
No par
70
70
6812 693
4,600 Spiegel-May-Stern Co
4 69
19 Jan 4 7214 Nov 28
7114 6914 70
697
714
893 71
70
No par
1918 1933 19
1914
187 193
187 19% x187 1914
8
8
8 183 193 35,700 Standard Brands
1714July 28 2514 Feb 1
4
8
8
1714
No par 12114 Jan 3 127 Sept 4 120
126 126
Preferred
12518 12512 *12518 12612 x125l3 126
126 126
126 128
70
3 Oct 29
378 37
3
4
312 358
312 358
414 2,200 Stand Comm Tobacco__ _No par
8 Mar 13
333 3,2
533
8 34
3
58
53
No par
5 Nov 20 17 Feb 6
6,900 Standard Gas & El Co
53
6
4
5
5
4 6%
53
4
613 63
614
6
64
*658 7
No par
*7
714
53 Nov 20 17 Feb 6
8
858 -7
612 67
1,400
Preferred
55
8
68 64
658 658
*155 17
8
1712 •15
*15% 17
16
16
*15
*15
No par
16
*15
15 July 27 33 Feb 6
$6 cum prior pre
15
1912 19% .19
19
19
19
193
4
183 19
19
No par
4
•18
1614 Nov 20 3812 Apr 24
194
900
$7 cum prior pref
16
7
8
•1
114
1
1
1%
1
118
No par
1
118
1
118
7 Jan 13
8
1%
1,300 Stand Investing Corp
17 Jan 5
.113 114
114 114
11312 114
11212 11212 11314 11314 113% 11318
600 Standard Oil Export pref____100 9612 Jan 2 114 Dec 3
9412
317 317
313 32
4
315 32
3112 324 12,400 Standard 011 of Calif
32
32% 3214 327
No par 2614 Oct 4 42 8 Jan 30
7
2812
25
2518 25
25 8 2514 2513 2514 2538 12,600 Standard 011 of Indiana
3
25 2312 Oct 26 2714 Aug 30
2518 247 2518 25
234
2818 •23
*23
2818 .23
2718 *23
26
2818 *2212 2818 26
300 Standard Oil of Kansas
10 26 Dec 7 41 Apr 21
19
4258 4234 4213 423
8 423 423
25 3914 Oct 27 50% Feb 17
4 425* 423
4 42% 423
4 417 4218 12,100 Standard Oil of New Jersey
3318
s
8 143 147
4
8 143 1514 1418 15
4
1412 147
6 Jan 15 1538 Nov 26
8 14% 147
6,400 Starrett Co (The) L S____No par
8 1418 147
6
10 4714 Jan 4 6512July 30
6014 60
60% 604 603
60
593 6018 60
8014 6,200 Sterling Products Inc
4
453
4
6958 60
15
8 *138
138
13
.114
8
13
114 Nov 16
13
8
114
15
114 .1,
1,800 Sterling Securities Cl A ___No par
4
13
3 Feb 6
1
*37
43
45
438 45*
412 412 *414
458 414
*414
300
No par
Preferred
3 Jan 3
25
8
7 Feb 6
414
.32
333 *32
344 3414 35
8 33
344 3712 1,400
333
333 337
4
Convertible preferred
60 30 Jan 12 3712 Dec 7
2818
97
87
9
5
918
412July 26 105 Feb 21
83
9
4 87
7,700 Stewart-Warner
8
84 9
83
83i
412
94
8
54 5,700 Stone & Webster
No par
43
5
45
4Nov 20 134 Feb 6
514
,
8
55,
,
5 2 55
54 512
514 5 2
5,2 558
2
218
2%
2
218
2
2
2% 32,500 :Studebaker Corp(The) No par
21
2
2%
17 Nov 14
17
8
17
8
914 Feb 21
14
1,200
1318 1312 1312 1312 14
143 145
1418 1414 1414
100 10 Sept 24 47 Feb 19
8
8 14
Preferred
10
*67
70
6912 6914 6918 60'e
*65
70
200 Sun 011
*65 4 70
*85
3
70
42
No Dar 614 Jan 2 7414 Nov 21
1161 11758 11612 118
240
.
100 100 Jan 17 118 Nov 2
*11512 11614 11614 11614 118 11612 117 117
Preferred
96
*1512 17
1112July 27 2514 Feb 5
8
*1458 17
500 Superheater Co (The)____No par
1514 1512 •145 17
•144 16 .144 16
1114
13
: 14.I
1
1
14July 26
13
4
17
8
1%
2,700 Superior 011
13
4
17
8
I%
154
13
13
13
4
3 Feb 1
1
14
813 812
100
45,July 28 15 4 Feb 19
8
83
1,600 Superior Steel
4
8
814 814
818 814
45
8
812 812
3
833
43
48
55 Jan 26
50
318July 27
500 Sweets Coot Amer (The)
4
*414 45
8 *414 433 *414 43
*414 48
43
318
4 5
3
4
34
No par
900 Symtrigton Co
3
8July 24
7
8
212 Feb 19
3
4
*8
4
3
4
14
54
5
4
84
4
kl
h
3
%
238
53 Feb 23
212 212 *212 23
112July 27
23
4
300
No par
Class A
8
8 27
8 •2% 27
234 234 *23
Ill
5
8% 83
4
918 93* 2,300 Telautograph Corp
ilzSept 14 1514 Feb 1
83
4 914
8% 83
4
8
8
812
712
914 95
47
47
1.100 Tennessee Corp
412 458
4% 45
458 45,
5
318July 20
43
4 43
4
.45
8 47
3%
63 Feb 19
4
2134 22
x2114 215
2134 22
25 195 Oct 28 293 Feb 5
8 2114 2158 13,000 Texas Corp (The)
217 22
8
213 22
8
1814
3458 35
8,900 Texas Gulf Sulphur
35
No par 30 July 26 4314 Feb 6
3514 3412 343
4
3514 3514 35
353* 3412 35
223
313 314
10
212July 27
314 8,000 Tex..1a Pacific Coal & 011
3
212
6% Apr 4
34 314
,
3% 3 4
,
314 3 2 *314 3 2
,
1
818
818 814
68 Jan 6 12 Apr 2
8
8
8 14 4,200 Texas Pacific Land Trust
8
8%
6
818 814
*814 812
23
800 Texas & Pacific Ry Co
8
100 1312July 27 434 Feb 1
4
2431 2312 2312 223 233 *20
8
2312 2312 223 2312 *23
1312
*1512 157
*1514 18
No par
8 July 28 18 Nov 26
900 Thatcher Mfg
4 157 16
8
1512 153
8
.1512 1614 .1514 1614
547
51
200
No par 39 Jan 15 51 Nov 28
$3.80 cony pref
50
4912 4912 4912 4912 *50
50
547
3853
*48
50
No par
4 Aug 7 1214 Feb 16
*714 8
500 The Fair
*714 8
8
714
74
8
4
814 84
8-58 83
90
100 50 Jan 10 83 Apr 30
Preferred
7212 .70
7212 72
7212 7212 .70
45
,2 72 2
*63
,
75
.6312 75
412 43
8 2,800 Thermold Co
3
I
212 Nov 3
412 4 4
418 *4
414 412
414
418 44
4
918 Feb 10
212
53
8 3,200 Third Avenue
100
4 July 26
5
47
8 5%
4
*412 43
*43
8 514
4 54 *458 54 *43
814 Jan 12
400 Third Nat Investors
*1812 2018 2018 2014
20
19
*19
.20
20
2018 *19
13
20
1
1314 Jan 2 2012 Nov 28
47 Aug 15 11 Feb 5
8
300 Thompson (J R)
6
25
6
612
6
612 *6
41
8
612 *6
612 *6
*8
4
17
10 July 28 2014 Feb 16
1814 163 17,600 Thompson Products Inc__ No par
16
1614
10
16
15.8 15 8 153 155
3
3
8
8 15% 164
13
24 3,300 Thompson-Starrett Ce...._No par
4July 28
27
3
23
4
278 3
2%
3
3 18
54 Jan 29
3
3
23
1%
$3.50 cum pref___. ___No par
•1712 22
17 Nov 3 2413 Jan 30
*1712 22 .1712 22
17
*1712 22
*1712 22
•1712 22
75
93
No par
8 Oct 24 1458 Apr 23
8% 918 9,300 Tidewater Assoc 011
9
9 14
914
9
9
9
9
918
918
900
100 6412 Jan 4 86 Nov 30
Preferred
44
8412 85
*84
86
851 8518 18412 8412 *8214 8312
85 85
32
No par 2518 Nov 27 41) Apr 27
71de Water 011
32 .22
32
*22
18
nz
*22
•22
32
32
*22
32
g
Preferred
99
9914
1,100
98
99
62
100 80 Jan 11 0914 Dec 7
975 9758 973 973
8
4
4 977 98
4
4 973 973
37 Jan 4
10
87
8 4,600 Timken Detroit Axle
63
4 67
8
83
3
678
812 Apr 24
65
8 634
83
4 7
65
2
67
8 67
3214 3314 8,100 Timken Roller BearingNo par 24 July 26 41 Feb 5
21
33
33% 335 337
3212 33
3312 337
323 333
8
57 10,900 Transamerica Corp
57
618
53
57
53
No par
518July 26
812 Feb 5
534
53
4 6
4 6
6
53
6
612 63
4
67
412
8 67
8 1,000 Transue & Williams SM.No par
63
8 7
412July 26 1312 Feb 17
634 *63
8 7
67
8 672
63
3,800 Tr -Continental Corp_
37
No par
8 4
3% July 27
35
318
8 37
8 4
37
358 33
338 37
312 358
6% Feb 3
No par 6014 Jan 9 78 Apr 20
8% preferred
300
697
8 695 895
8
7018 *69
8
6812 69% *69
*67
70
51
•87
70
1,700 Tile° Products Corp
No par 33 Jan 6 4212Nov 28
41
41
41
25%
41
4134 4118 41% 4112 417
8 41 12 4112 41
54 8,900 Truax Train Coal
5
514
43
5
No par
51g
434 512
478
512 Dec I
153 Jan 3
5%
5
1,2
.5
33
5
10
33 July 23
95 Feb 11)
8
5 2 512 2,300 Truscon Steel.
,
54 53
4
512 558
6'2
5% *514 512
534 5
133 Jan 10
.3 8 438 *35
5
.3% 4 -------Twin City Rapid Trans_ No par
8 43* *358 414 *35
812 Apr 24
3
4
8 4
*33
4 4
412
130
Preferred
100
6 Jan 12 39 Ara 24
8 187 187
8
19
8 1812 1812
19
8
183 1834 183 1812 185 183
4
8 2
No par
1 July 23
200 Ulen & Co
4 Jan 15
8 2
*17
1
8 2
17
8 *17
•17
I%
*17
8 214 *17
8 214
564 56% 66
56
2212
5814 3,600 Under Elliott Fisher Co -No par 38 Jan 5 587 Dec 5
s 58-58 583
56
4 58
58
5858 587
95
100 102 Jan 22 1287 Nov 2
Preferred
a127 127
___ •128
100
8
__ •128
__ *128
*12713_ *128
*4412 *4512 rff12
31 12
47
1.100 Union Bag & Pap Corp_No par 3914July 26 607 Feb 23
47
43 4 3 44
8
44 141. 4512 *45 2 47
,
3412
8May 14 5078 Jan 19
,
46
4614 451 4578 4538 46 - x45% 4614 458 465* 4618 4612 22,100 Union Carbide he Carb___No par 357
1112
1558 15 : 157 1611
25 1112 Oct 4 2012 Feb 5
3
16
1618 16
8 1618 1614 4,300 Union 011 California
1618 1618 183
.
wi a -6-2-t, *ail
• Bid and asked prices, no gales on this day
I Companie* reported ln receivership.
a Optional sale
c Cash sale. 3 Sold 7 days. z Ex-divl lend.
NT share
2
10%
175
393
4
1812
6
4
618 313
%
9%
914
1
54 22
12
26%
6258
28
9412
72
8014 105
214
12
24
454
5
8 1014
318 353
4
447
28
14
3
38
47
8
15
433
8
118
43
4
1212 47
114
5
48
24
35
8
18
14
758
53
4 1314
112 12
212
85
8
2114 417
8
1114 31
312 115
8
2812 61
218
1058
4% 31
12%
47
97
3
22
5712
35
7
8,
4 42
5
8
93
4
17
6
92
58
15% 485
8
132
112
1418 28
35
8 2012
114
734
1118 3884
418 36
57
8 49
8
4014
s
4
117
2518 61
414
1512
1712 50
3
4
8
$
12
612
42
20
712 22
218
74
5
16
11% 324
1
214
13% 375s
124
120
1
93
8
518 2212
634 257
61
15
66
16
27
8
12
9212 10234
1912 45
- -34 -3-97*
12
2254 4712
4
1112
60%
455
5
8
37*
112
734
20
36,
4
213 114
512 194
112
83
9
3818
59
35
103
89
712 27
3
4
412
223*
2
80
1
is
3
14
54
8% 163
8
13
8
714
4 30%
103
1514 454
612
138
8
34 11,
43
15
5
2214
2753 44
23
8 1212
70
33
104
I
44 1218
4
10
21,
6
154
53
8 2014
912
12
12
30
318 113
4
2312 6514
94 26
80
45
112
814
13% 35 2
,
95
25,
27a
1712
23
4
83
x75
41
20% 387
8
12
54
123
4
2
54
434
412 15
54
658
914 394
105
76
51 2 60
194 51%
812 23%
v Ex-rights.
3611
New York Stock Record-Concluded-Page 9
HIGH AND LO1V SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
1Vednesday
Dec. 5
Thursday
Dec. 6
Friday
Dec. 7
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-3hare Lots
Lowest
Highest
July 1
1933 to Range for
Nor. 30 Year 1933
1934
Low Low
High
par $ per share
$ per share $ per sh
8 per share $ per share S per share $ per share 3 per share S per share Shares
90
8
4
4
107 10714 1063 10712 1063 10814 108 10918 108 1087 1067 1073
100 90 Aug 8 1337 Apr 11
8
8
4 6,200 Union Pacific
627
8
844 844 '841 854 86
84
/
1
/
1
823 823
4
4 84
100 71% Jan 18 89 July 13
/
4
*8234 84
1,300 Preferred
88
133
4
15 8 Jan 9 22 Dec 7
3
No par
4
4 203 2112 215 22
4
4 203 203
8
2 203 203
203 20s 203 203
8
4
1,900 Union Tank Car
1112
8
1112Sept 18 373 Feb I
United Aircraft & Tran _No par
818
818 Sept 18 141 Dec 6
5
123 131 133 143/
4
/
4
- 147
4 - 4 1414 - - 8 1334 - 1218 1158 1212 li
12,200 United Aircraft Corp
1412 1612Sept 5
418 45
412 414
458 518
8
413 414
418 414
314
3 4 Sept 14
,
434 518 47,500 United Air Lines Transp v t c....5
7
1212 •912 1212 *1012 13
8 July 24 17 Feb 6
*10
*1014 13
United American Bosch_No par
*1012 123 *1012 123
4
4
19
2518 245 25
245 25
8
8
25
2518 2412 251; 25
2414 2412 1,700 United Biscuit
No par 2114Sept 19 2914 Apr 26
4
100 107 Jan 9 120 June 30 10414
*115 117 *115 1153 "115 11512 115 115 *115 116
Preferred
50
116 116
8
8 4912 50
2014
4814 4814 487 497
8
4918 4918 4814 49
No par 35 Jan 4 503 Dec 7
497 503
2
8 6,600 United Carbon
314
23
4
87 Feb 7
8
3'
23 Nov 22
4
No par
3
3 14
34 314
318
318. 314 50,900 United Corp
3
3,8 314
22,
8
27
2618 2714 254 2612 253 253
x26
267 27
8
2634 27
8
/
1
Preferred
No par 2418 Nov 19 3772 Feb 7
4 8,300
618
/ 15
1
4
8 13
8
914 Jan 8 1814 Apr 28
1412 141 14
1359 137
133 1418 1352 137
4
5
/
4
1414 31,400 United Drug Inc
8
23
4
6
3 Jan 2 107 Apr 26
/
1
4
10
63
6
63
4
6
2
8 63
8 2,500 United Dyewood Corp
5 8 37
7
*51
4 6
*53
4 6
50
*75 . _
*7.5
_
4
100 5934 Mar 9 753 Nov 10
075
*75
Preferred
*75 - - *75 3
57
8 - 8
6
6
714 Nov 13
318 Jan 10
57
53
4 012
No par
63
8 - 8
63
514 54
53
4 - 4 2,000 United Electric Coal
53
4912
72
7334 7318 7312 7,200 United Fruit
723
4 7214 7412 73
713 72
713 72
4
No par 59 Jan 5 77 Apr 21
115
8
133
8 13
1314 133
8 1314 1312 13
1312 13N
115 Nov 20 2012 Feb 8
8
No par
1338 13
1318 16,700 United Gas Improve
8212
4
*9212 937
8 9312 9312 *9212 9312 *923 937
8 9212 923
Preferred
No par 86 Jan 8 993 July 18
4 923 923
700
4
4
I
35 Feb 19
8
152 Nov 1
100
212 *218
24 218 *218
2 8 *210 212
3
*2
23
8 "2
212
200 /United Paperboard
4
5
6
6 14
53
8 63
4
4 July 26 13 Feb 20
638 718
5
/ 614
1
4
638 67 11,600 United Piece Dye Wks___No par
8
512 5 4
3
30
385
8 3612 3914 40
33
3434 36
31
100 30 Nov 28 68 Feb 21
31
39
43
580
4114
61
/
4% preferred
514
53
8
54 5 8
214 July 26
55
8 64
514 512
3
24
5
/ 6
1
4
612Nov 5
12,900 United Stores class A____No par
51 6
/
4
4912
*665 704 *6659 72
8
/
1
71
71
.6638 71
No par 54 Aug 15 71 Dec 3
Preferred class A
*67
72
100
*67
72
37
58
59
5614 59
/
1
5712 577
8 574 59
5514 563
5612 10,300 Universal Leaf Tobacco No par 4014 Feb 26 63 Nov 26
4 56
Preferred
100 11212 Jan 9 140 Dec 5 10814
/
1
*138 1394 138 138 *138 1394 139 140
/
1
139 139 *135 139
330
15
42
43
423 43
4
40
42
40
40
/
1
100 164 Jan 8 4612 Apr 11
260 Universal Pictures let pfd
43 43
43 43
7,
8July 27
159
15
8
15
8
*112 159
3 Feb 16
1
15
8
112 112
159
2,200 Universal Pipe & Rad
159
13
8
112
414
*12
*1014 15
414 Jan 3 24 Apr 25
100
143
4 14
*1018 15
•1014 15
1 referred
14
60
123 13
4
12
8
2114 2112 205 21
8
205 213
8
8 213 2159 21
20 1512July 26 33 Feb 7
2138 8,300 US Pipe & Foundry
211 21
/
4
1314
2
19
19
*1812 19
*1812 19
No par 1612 Jan 11 195 Feb 23
19
19
19
19
lat preferred
187 187
8
8 1,100
35
1
5
4 Jan 31
112 Jan 5
No par
900 U S Distrib Corp
3
54 334
33
4 33
4
31 33
/
4
4
34
3
3
/ 3N
1
4
3
359
4
4 Nov 3 14 Nov 30
123 123 *1218 15
13
4 13
100
8
4
*1414 153
Preferred
*12
15
50
12
12
14
114 Apr 19
14 Nov 5
100
United States Express
•14
5 '
8
*14
*14
5
8
14
N
*14
5
8
014
5
8
59
11
14
1414
*1312 14
1438 1412 1412 1618 *15
*134 14
No par 11 July 26 2712 Feb 5
157
8 1,600 U ES Freight
6
8 Oct 30 1514 Feb 5
12 712
par
No
738 73
712 73
784
4 *738
712 712
7
'2 7'2
4 1,000 U S & Foreign &cur
7
60
/
1
4
*7014 75
*7014 75
*7014 75
No par 63 Jan 5 78 Feb 26
*71
75
*71
75
•7014 75
Preferred
3414
50
50
503
4 48
4912 x4812 487
4812 4912 49
20 3414June 1 5114 Nov 28
7,400 US Gypsum
8 4814 49
*14112 14212 "142 14212 14212 14312 14212 14212 x1403 141 "141 14312
100 115 Jan 10 14312 Dec 4 110
4
130
7% preferred
314
45 Jan 9 1018 Apt 24
8
5
*512 612
6
6
*6
612
612 612 *53
300 U S Hoff Mach Corn
4 612 *53
4 618
32
4312 4514 45
4512. 4514 47
44
445
8 4312 44
453 465
4
8 8,500 U El Industrial Alcohol__No par 32 Sept 17 644 Feb 9
0512 6
54
512 614
514
53
8 50
8
518July 26 117 Jan 24
618 614
No par
614 654 3,500 U S Leathery to
514
7
84 83
84 84
4
*83
4 9
2
7 Oct 29 193 Feb 1
No par
/
1
9
107
8 104 1118 11
Class A y 1 0
115
8 8,400
45
6812 *53
6812 *53
60
6912 *53
100 45 Sept 24 80 Jan 30
*53
59
•53
Prior preferred v to
•53
59
4
63
8 714
614 63
8
4
4 July 26 12% Feb 2
63
4 74
64 63
4
614 63
No par
612 63 12,500 U S Realty & Impt
4
10%
1614 163
4 163 1714 1612 1714 165 173 20,800 U S Rubber
1614 17
4
163 17
8
8
No par 11 July 28 24 Apr 21
8
174
8 3812 3938 3838 3914 3914 4138 4014 4114 403 4212 26,800
3914 395
100 2418 Jan 8 8114 Apr 20
4
1st preferred
5314
11814 12038 11912 1207 11958 12312 12,900 U S Smelting Ref & Ann
11814 11812 118 11814 117 118
5
60 96 8 J21113 141 July 19
8
5112
6212 6212 63
*61
63
63
*6112 63
6212 63
50 5412 Jan 13 13512 Oct 1
633 6338 1,500
8
Preferred
3712 383
8 3712 3858 3814 3914 385 3912 3812 387 49,500 1:1 8 steel corn
8
3812 39
8
loo 2938Sept 17 597 Feb 19 2932
8
6714
82
8014 815
8 813 8312 83
8334 *8212 8312 5,700
4
8114 8114 81
100 6714Sept 17 9912 Jan 5
Preferred
813
4
12514 130
*1294 143 "130 140 *130 140 *125 135
/
1
127 127
No par 99 Jan 5 140 Nov 30
300 U S Tobacco
*144 146 *1144 ____ *14412 ---- 5j4414
"14312
Preferred
100 126 Jan 10 150 Nov 2 12459
*1443 ____
4
5114
*4812 50
*4812 .50
4
4812 *493 5 3- *493 54
4
4
50
10 4812 Dec 6 67 Apr 26
51
51
80 Utah Copper
13
4
5 8 Feb 6
3
218
218 *2
218 *2
2
2 18
2
28
,
11 Oct 29
/
4
2
2
2'o
1
800 Utilities Pow & Lt A
24
54 July 21
118
114
148
118
1
17 Jan 25
8
118
114
114
No par
114 12,000 Vadsco Sales
7
8
8
4
7
8
1914
*1914 2218 2218 2212 *1914 2312 *1914 2318 *1914 2318 *1914 2318
1914 Aug 28 2212June 27
100
200
Preferred
14
1914 191 20
/
4
1912 20
2012 2014 2012 20
20
20
4
14 July 26 313 Feb 19
20
4,700 Vanadium Corp of AmNo par
33
4
10
1014 10
10
2
93 1032 1012 11
4
1014 1014
412 Jan 2 113 Apr 18
5
3,400 Van Raalte Co Inc
91 10
/
4
28
88
88
*8712 88
88
88
88
*874 88
*88
88
7% 1st prof
100 x5414 Mar 1 98 Feb 5
130
90
2318
4
4July 20
4 344 3414 344 3414 3414 3412 2,400 Vick Chemical Inc
333 341_ 3334 3418 333 333
4
5 245* Jai) 4 363
11
/
4
34 4
312 312
33
8 33
4
53 Jan 23
8
*33
4 3
359 35*
11
/
4July 23
/ 2,000 Virginia-Carolina Chem ..No par
1
4
359 35
10
*1912 20
20
20
20
2012 21
20 20
213
8 2114 213
8 2,000
100 10 July 26 26 Feb 5
6% preferred
574
*78
83
*78
83
*78
83
"78
82
*78
83
3
*79
82
100 59 4 Jan 8 84 Aug 17
7% preferred
60
7412 74
•74
7412 74
74
74
7412 7412 7412 7418 7412
110 Virginia El & Pow $6 pt __No par 85 Jan 2 80 July 31
513 512
312
514 512 *53
*44 512
4 7
9 Feb 23
3
/
1
4July 31
60 Virginia Iron Coal & Coke_100
8
512 512 0418 65
36
74
5
7312 743
4 73 8 74
7512 76
77
77
100 52 Jan 4 80 Dec 7
79
-lining
360 Vulcan Dal
773 80
4
95
*108
*108 - _ *108
Dec 7
_ _ *108
_ __ •111 112
100 95 Jan 20 112
20
112 112
Preferred
*152 - 17
2
24 *1N 24 513
2 218 *IN 2
4 Jan 30
/
1
4
17
8July 27
.1.15*
*15
8 2
100
2
:Wabash
214
852 Apr 26
2July 26
318 3
8 *34 31
3
33
8
*318 310 *3
23
Preferred A
400
34 *34 33
100
'8
13
4
"2
214 *2
214 *2
612 Mar 14
218
13 Nov 3
4
*13
4 214
4 214
218 214 *13
Preferred B
100
100
4
63
8 612
8 Feb 20
/
1
4
63
4 714
65
8 7
612 67
8
41 Oct 24
63
4
7
7
73
8
No par
3,800 Waldorf System
28
2814 28
28
2813 5,400 Walgreen Co
277 28
8
2214
28
8 2818 2819 28
283
No par 2214 Feb 26 2914June 18
81
11412 11412 11312 11412 *11412 115
4
11611 1165 '116 1193
/
4
115 115
638% preferred
100 8412 Jan 4 1165 Dec 6
120
214 July 27
214
63 Feb 1
2
6,600 Walworth Co
3
3
24 3
/
1
3
3 12
*341 314
No par
318 314
27
2 314
5
73
4
7
7
714
400 Ward Baking class A__....No par
73
4 73
4 *7
712 *7
5 Aug 6 12 Feb 5
/
4
7
/ *612 71
1
4
14
114 July 27
•152
13
4
152 IN
3 8 Feb 5
5
Class B
112 112
14
13
4
8
13
4
*15
8
I% *15
No par
600
24
31
3114 3112 3112 32
3212 3212 33
33
323
4 33
Preferred
100 24 Sept 18 36 Jail 24
33'2 1,800
43
/
4
4
41 518
s
23
47
8 a
54
5
472 5
47
2 5
514
814 Feb 5
4July 26
46,700 Warner Bros Pictures
23
5
12
17
213
4 214 2312 2212 233
/
4
8
8
2438 223 2318 223 2338 2,770
15 Nov 23 311 Apr 24
8 22
13.85 cony pref
No par
1
*1
114
3 Feb 16
/
1
4
*1
118
1 Nov 30
700 Warner Quinlan
1
1
118
114
114 *1
114
114
No par
514
514Nov 1 I35* Jan 24
*57
8 6
6
6
6
6
53
4 5
54 6
3
No par
552 53
4 3,100 Warren Bros
/
1
4
10
8
*1118 13
*1118 14
•1118 14
10 July 30 287 Apr 23
300
Convertible prof
No par
113 1218 *1218 1418 *1138 14
4
1312
2712 3.800 Warren Fdy & Pffs3
27
2412 2412 2438 247
26
4 2514 2612 26
8 2412 243
No par 1312July 27 31 Jan 20
3
412
412 *Cy 5
*412 5
7 Jan 25
5459 .5
544 5
3 July 27
200 Webster Eisenlohr
*412 5
No par
60
"80
_ "80 . _ *80 __ _ *80 _ "80
_ __ *80 . _
Preferred
100 65 Jan 8 90 Aug 2
%
•1
1
12 *1
__112 *1
1 12 *1
2 Jan 23
/
1
4
%July 27
"1
1
Wells Fargo A Co
1
- 8 "1
13
18
3
15
4 3318 333
33
337
8 3318 333
3318 8,000 Wesson Oil & Snowdrift __No par 15 4 Jan 4 3372 Dec 1
8 3318 333
3
4 3318 3312 33
49
74
74
7412 743
7418 74
4
5212 Jan 5 743 Dec 4
74
4 7412 7412 7412 7412 74
Cony preferred
900
No par
2912
8
8 3512 3712 36
2
4
3718 353 3678 20,200 Western Union Telegraph_100 2912sept 15 667 Feb 6
353
8 317 363
36
3612 35
154
/
1
253 253
4
4 254 2512 2512 253
4 253 26
2512 2,800 Weeffngh'se Alt Brake
4
25
25
26
157,July20 36 Feb 8
No par
277
2
8 34 8 355* 3518 3614 3514 36
35
353
4 3412 35,
,
343 353 25,000 Westinghouse El & Mfg
4
8
50 2772July 26 4714 Feb 5
01
77
*8814 90
9014 0014 91
89
89
90
90
let preferred
80
*8814 9012
60 82 Aug 8 95 July 11
5
1312 1312 13
1312 14
"14
1414
133 *1212 1312 1332 1338
4
6 July 30 1512 Nov 26
1,500 Weston Elea 103trum't___No par
15
2812 2812 29
*2812 29
*28
29
*28
32
29
29
29
163 Jan 5 2912Nov 28
2
Class A
70
No par
4
393
53
5438 54
54
*51
54
*53
*54
58
58
140 West Penn Elea class A_ _No par 4412 Jan 8 70 June 13
*55
57
59
60
58
61
47
5812 58
61
60 603
4
*59
61
59
290
Preferred
100 5138 Jan 8 80 July 13
51
*51
51
51
4018
5118 5112 517
*50
5218 5218
52
8 52
80
6% preferred
100 45 Jan 3 x6812July 19
10133 107 *10614 107
4
8812
*106 107
1063 1063 10612 10612 107 109
4
170 West Penn Power prof
4
100 8912 Jan 2 1104June 12
1004 1004 100 101 *100 101 *100 101
783
4
/
1
/
1
100 100
190
101 101
4
100 783 Jan 10 105 June 29
8 2
13
2
'11 214 *17
/
4
212
214 214 *214
2
2
8 2
700 West Daffy Prod Cl A__ __No par
13 Oct 29
4
64 Jan 30
/
1
12
8
8
212 Jan 30
Class It v t 0
800
.12
18 *12 5s
52
52
12July 27
No par
59
5
8
ss
28
5
8
1014
912 1018 10
9 2 93
,
4
4
97 10
8
*912 93
659
912 93
8 7,400 Western Maryland
718July 26 1714 Feb 20
100
144 15
914
*14
*1212 15 .13 .15
*13
143
16
15
4 15
2d preferred
900
914Sept 17 23 Feb 20
100
218
400 Western Pacific
100
34 314
338
3,2 31 2 *314
31 31
/
4
/
4
/
4
"318 35* 5318 31
812 Mar 29
259July 27
8
7
/ 818
1
4
*74 8
/
1
4
83
8
83
8 83
7
/ 83
1
4
8 4,500
4
Preferred
8
8 14
452 Jan 5 1712 Mar 28
100
8
4
*21
213
4 203 207 *2012 2114 21
1214
1,300 Westvaco Chlorine Prod__ No par 14 Jan 12 274 Feb 8
2114
214 21
2112 21
/
1
4
2412
*1218 2712 "124 2712 *1218 2712 *124 271 2
*1218 29
*1218 29
Wheeling & Lake Erie fly Co _100 2412July 3 29 Apr 26
*24
27
27
27
*24
27
27
*24
33
21
6% non-cum preferred
110
27
27
27
25 Jan 15 36 June 27
100
17
1112
400 Wheeling Steel Corp
167 167
8
8
*167 1714
8
17
ietz 11312 .16 1612 16 16
1112Sept 17 29 Feb 21
No par
*39
45
45
*39
45
*39
41
*3812 41
*39
34
Preferred
*393 41
4
100 34 Nov 9 57 Feb 26
16
1612 1612 16
*153 17
4
50 White Motor
1512 154 *1534 163
"1612 17
15
4
60 15 July 26 284 Feb 19
24
24
*2312 24
24
25
24
1,400 White Rk Mln Spr elf ----No par 2114JulY 26 3112 Aln 19
/
1
2412 2414 244 25
24
2114
413.
4 2
14
11
/
4
"13
4
17
2
2
13
4
500 White Sewing Machine-No par
8
4
2
13
4 '13
112 Jan 8
3 Feb 6
/
1
4
14
4614
714 *614 714 *614 714 *612 67
*614 8
(Amy preferred
100
612 7
8
4
5 July 25 1114 Apr 20
No par
214
212
212 212
214 214 1,100 Wilcox On & Gas
214
23
8
238
238
4
*214 23
212
214 Dec 4
534 Apr 5
5
53412
*3412
__ _ _ _
*3412 36
Wilcox-Rich Corp class A _No pa
53412
*3412 36
*3412 35
2718 Jan 17 34 Nov 30
227
2
612 _- 8 4,100 Wilson & Co Inc
65
65
8 - -N
6
6
/ 7
1
4
65 _- - 8
8 07
6,2 67
8
63
8 65
8
318
4 4 Jan 8
3
No par
9 Apr 11
2612 28
2614 27
2712 2614 2712 15,400
2714 2818 27
2612 27
Class A
1114
1214 Jan 9 293 Nov 10
No par
2
95
9412 941 95 • 95
/
4
1,900
8
9512 9512 953 9614
Preferred
30
100 53 Jan 8 9614 Dec 7
9514 9514 94
543 55
4
543 55
17,300 Woolworth (F W) Co
4
5514 5412 55
55
513 5538 5412 55
4
35
5114 Jan 3 5514 Nov 26
1
/
1
22
8,400 Worthington P & W
21
21
2112 21
1912 2012 194 2114 2014 2112 21
100 1312July 24 311 Feb 5
1312
/
4
3
38
4314 41
4
4312 4014 4112 393 4118 6,510
383 42
4
3714 39
Preferred A
100 3112Sept 14 53 Jan 24
31 12
8 3212 33
*31
3214 3014 31
4 3012 313
Preferred B
3,000
2214
100 2332 Aug 6 42 Jan 24
29
2954 2314 303
8
4 533 553
8 54
5214 533
54
5512 1,360 Wright Aeronautical
54
5514 5418 568
53
12
167 Jan 8 75 Jan 27
2
No par
*7312 741 744 744 7414 741 7.184 743
2
74
7418 747 75
/
4
/
1
/
1
/
4
900 Wrigley (Wm) Jr (Del) No par 5412 Jan 11 75 Nov 7
4
4734
8
8 195 2012 1912 21
x20
20
21
2,200 Yale & Towne Mfg Co
20
1959 195
*1952 20
114
25 14 Jan 5 22 Apr 24
12 3
31s 334
4
7,300 Yellow Truck & Coach cl B
4
312 359
3
/
1
4
234July 26
iO
3
/ 414
1
4
33
4 3
/
1
4
714 Feb 19
23
4
3512 3512 .3412 37
320
3714 40
Preferred
40
40
*341; 3714 *3412 36
100 28 Jan 2 4712 Apr 26
25
1918
1918 1934 193 2014 20
19
4
2018 193 197
8 5.700 Young Spring dt Wire_ _.No par
4
19
13 July 26 223 Feb 19
19
1012
4
187 19
8
19
1914
1878 1912 1914 193
4 1914 193
123
8July 26 333 Feb 19
4
4 183 1918 6,600 Youngstown Sheet & T___No par
4
125
8
45
45
4618
45
45
400
4712 543
•46
493 *43
555 preferred
8
45
100 34 Nov 7 5934 Feb 17
45
34
212 212
218 23
8 2,200 Zenith Radio Corp
25
8 25
8
214 214 *218 21
No pa
1* July 26
212 238
43 Feb 5
4
1,2i
4
37
8 4
4
438 412 13,200 Zonite Products Corp
412 44
434
4
418
1
332July 26
*4
7 Feb 19
/
1
4
33
8
• Sid and soled prices, ne sales on this day
.
I Companies reported in receivership.
a Optional sale.
c Cash sale
., Sold 7 days
$ per share
6114 132
56
7512
1012 22
/
1
4
164 461
/
4
- 1
Tile
1312 275
2
92
111
1014 38
4
1412
2218 401
/
4
618 12
3
4
61
/
4
283
4 70
1
87
2
2314 68
131 25
/
4
8212 100
12
512
312 211
/
4
85
35
714
%
45
66
2112 51 2
,
96
12012
35
10
14
3
/
1
4
1812
4
64 2212
123
4 19
1
6
4
20
2
2
218
7
2 95*
312 173
4
3612 84
18
5312
10114 121
13
2 117
8
1312 94
238 1714
414 27
/
1
4
781
/
4
30
212 145
24 25
/
1
512 4312
1312 10512
3912 5812
23
/ 674
1
4
5
105
59
1094
/
1
12459 1304
35
83
/
1
4
11
/
4
814
,
s
3
154 24
73
2 36
11 101
/
4
/
4
2012 6512
234 3118
N
74
/
1
332 26
353
2 837
8
60
85
24 15
123
4 67
102
57
112
72
,
97
8
118
1
6
5 8 12
,
---- -75
90,2
/
1
4
81
/
4
24 20
538
%
2
1112 447
918
1
414 2412
58
472
212 2232
712 354
/
1
30
5
1
8
75
50
4
3
7
37
63
40
1714 7714
1184 3552
194 5 /
/
1
81
4
6012 96
312 1314
2214
10
73
30
773
4
37
3312 6912
/
1
8812 1104
101
80
212 111
4
78
414
16
4
55* 1912
912
1
11 16
/
4
5
2012
li
712
15
14
23
12
118
2
15
78
4
19
2518
8
14
14
6
3412
7
24
18
312
712
25
12
352
li
35
67
2612
29
434
1012
512
2714
11
22
7212
501
/
4
3371
51
47
24
5714
23
7
/
1
4
42
191s
3738
61
5
812
z Ex-dividend. z Ex-rights.
•
3612
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
-except for income and defaulted bonds
On Jan. 1 1909 the Exchange method of Quoting bonds was changed and prices are now "and interest"
NOTICE-Cash and deterred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
in the week in which they occur. No account is taken of such sales In computing the range for the year.
regular weekly range are shown in a footnote
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7
July 1
Week's
43
'
4_ 1933 to
Range or
g. .71, Nov. 30
Friday's
zt
1934
-,s. Bid ,t Asked 45t5
,
,
tote
Mg' NO.
U. S. Government.
First Liberty Loan-3)4 of '32-47____ 1 D 103 4110354, 169
,
J D
Cony 4% of 1932-47
J D 10314,10355n 53
Cony 442% of 1932-47
J D 0103",,10354, ____
2d cony 434% of 1932-47
Fourth 1-113 Loan 442% of 1933-1938 A 0 1032132193"n 52
1933-1938- - 1004,1024, 151
434% (3d called)
1947-1952 A 0 1124, 1121,42 180
Treasury 442s
1943-1945 A 0 10114110215,2 494
Treasury 342a
1944-1954 J 13 1075421084, 192
Treasury 45
1946-1956 M 9 10o5,, 10624,2 365
Treasury 342s
10354, 166
1
Treasury 3445,
1943-1947 . D 103
32
Sept 15 1951-1955 M 9 9933321001, 1088
Treasury 3e
10014, 2285
Dec 15 1946-1948 J 0 100
Treasury 3s
89
Treasury 344s____ June 15 1940-1943J D 10314,1045,,
Treasury 3348.___ Mar 15 1941-1943 M 9 103140 10414, 255
Treasury 3448.___ June 15 1946-1949.3 D 10055,,101153, 1690
Aug 1 1941 F A 10314,1041ln 531
Treasury 334,
1944-1946 --- - 10136,210214, 1314
Treasury 342s
1964 M 9 10034,101",, 145
Fed Farm Mtge Corp 342s
,, 525
1944-1949 M S 9814, 993
3s
1951 J J 10034,10154, 1338
Home Owners Mtge Corp 4s
1952 MN 9854, 995,, 1169
3,5 series A
1939-1949 F A 9554, 9642 1823
2.4.is
Range
Since
Jan. 1
High
Low Low
99
1004110414,
,
10014, 10011,3 103 41
4,
9954, 1014,104,
102
10214,10254,
10054, 10154,10415u
1024, 101553,102151,
104"13 10411411141u
9724„ 97,,„104,4„
10115,, 10114,10954,
9954, 1004, 1084,
984, 9854,105.0
931,,, 93114,10214,
9754, 9755,,10214,
110554,
9815,, 9854
98,,, 9854,10555,,
9435,, 9514,10314,
9724, 97,4,19515,,
9924s, 99,43004"o,
98 102541
98
9457,1 94170014,
9424, 94554, 10154,
9455,, 2454, 1014,
9254, 9254, 9651,
State & City-See note below.
Foreign Govt & Municipals
1
35
35
1947 F A
Agric Mtge Bank s 1 6s
2
3212 3318
Feb 1 1935 aubseq coupon
__ ---Apr 15 1948 A 0
Sinking fund to A
033
35
*32-April coupon on
8778 9012 52
1963 MN
1 Akershus (Dept) ext bs
1112 28
1945 J 1 1034
I Antioquia (Dept) coil 75 A
8
11
1945.3 1 1058
External a 1 78 aer B
8
1114
11
1945.3 .1
External s f 75) ser C
11
1945J J
1118 30
s 1 73 ser D
External
1012
4
1957 A 0 1018
External 0 1 78 lot ser
4
8
1957 A 0 1012 103
External sec of 7s 2d ser
1957 A 0 *1014
104 --rr
External sec s f 75) 3d tier
8 29
1958 J D 9614 983
Antwerp (City) external 58
1060 A 0 9212 9414 73
Argentine Govt Pub Wks fis
9418 235
1959 1 D 92
Argentine 6s of June 1925
9414 198
1959 A 0 9214
Extl516, of Oct 1925
9414 148
1957 M 5 92
External s f 62 series A
9414 152
1958 J D 92
External 6s series B_Dec
70
1960 M N 924 94
Extl s 1 6s of May 1926
192
1960 51 S 9218 94
External e 16* (State Ry)
9414 135
92
1961 F A
Extl 695 Sanitary Works
9418 111
Extl 6s pub wks May 1927 _.196i M N 92
209
1962 F A 8612 89
Public Works extl 5140
10
8
1945 M 5 984 987
Argentine Treasury 58£
268
1955 J .1 984 100
Australia 30-yr 5s__July 15
335
External 5s of 1927_ _Sept __ _1957 M 5 9834 100
8
947 283
1958 M N 94
External g 444s 01 1928
8 08
1027
1943 .1 D 102
Austrian (Govt) 5 f 70
43
8 90
1957.3 J 847
International loan, f 7e
4
183
1812
1538
27
64
8
73
634
712
714
8
83
614
8
65
7312
44
44
4458
44
4414
4412
444
4412
45
4114
6912
773
8
78
734
8312
4212
1853 35
35
20
1538 38
35
27
6611 9012
818 173
8
9
17
938 17
818 1714
4
8
77 143
8
8
143
5
143
8
8212 1024
5312 9414
534 9418
53
9414
9414
53
8
535 9414
5355 94
534 94
524 9 '4
4
8
525 9418
474 89
4
803 10114
8812 100
89 100
95
83
908 1027
8
60
90
3
1712
2212 ---8
187
2114
8812
8612
923
4
91
8718
8214
22
2012
1718
558
,
41
8
.
43.
8
217
193
8
1918
185
8
29
68
68/2
75
4
293
24
404
36
3614
2914
255
8
31
3
253
15
i5t2
8
177
1612
284 5912
95 105
94 104
99 109
2
957 1063
4
68
26,2
4
664 903
52
22
2012 4912
1718 25
012 113
4
54 1012
518 1012
4
223 4114
2014 37
8
2014 367
204 3814
6318
29
734 95
941 1
73
83 101 14
314 4612
28
24
4618 8912
3
83 4
47
454 8212
3014 70
2614 6012
3152 7214
83
27
18 I 25
1512 2312
8
177 2612
1612 224
15
15
2
104
8
1047 101
4
1113 11212 43
34
8
1035 104
9
5712 58
1312
8
1338
24
4314 47
25
8 35
317
,
35 2 110
31
3
394
3914
15
16
32
2
153 103
1412
1514 36
1418
1518 58
14
1412 1514 19
8 22
147
1414
1514 53
14
1438 63
134
1312 1414 11
25
14
13
8 18
135
13
83
94 53
8
10
43
42
99
1
99
8
27
2614
1014
8612
9912
981-,
5614
10
2912
26
26
2718
7
5
818
618
618
64
6
8
73
972
712
712
5
22
75
22
8
103
92
1034
10034
5614
1014
2912
26
26
2718
812
712
7
7
4
73
714
74
912
10
84
8
7
2
273
814
22
4
183
8
1047
11212
105
8012
51
33
13
8
2
45
3
5
4
17
6
15
18
2018
14
12
14
6012
854
12
3738
8
297
2518
214
21
15
1512
15
6312
5912
1414
374
8
297
2518
39
3914
27
3
263
2712
9212
8712
4912
45
5018
74
1
4
2618
14
4
403
30
8
4
183 265
4
283
1945 F A
Bavaria (Free State) 6458
1949 NI S 9914
Belgium 25-yr extl 6440
1955 1 J 99
External s 1 68
1955 1 D 10434
External 30-year of 7s
1958 M N 10212
Stabilization loan 78
Bergen (Norway)5s__Oct 15 .._.J949 A 0 9612
1960 141 5 8838
External sinking fund be
1950 A 0 2612
Berlin (Germany) a f 6,4455
8
1958 J D 255
External s f 6s_ _June 15
1945 A 0 *1712
extl of 88
Bogota (City)
7
1947 MN
Bolivia (Republic of) exti fts
6
1058 J 1
External secured 78 (Pat)
6
1969 M S
External,f 70 (flat)
1941 J I) 37
Brazil (US of)ext,ernal 88
1957 A 0 3158
External ,f 83.4, of 1026
1957 A 0 32
External a f 644s of 1027
1952 1 D 33
78 (Central Ry)
1935 141 5 3214
Bremen (State of) exti 78
1957 M 9 94
Brisbane (City) 8 1 6
3
9312
1958 F A
Sinking fund gold bs
1950 .11 D 100
20
-year,f (3s
4
1962 J D 403
Budapest (City) extl is f 6s
28
Dec 1 1934 coupon on
Buenos Aires (City) 6340 B 2 ____1955 J .1 88
1980 A 0 82
External ,f 8s ser 0-2
1960 A 0 82
External s f 138 ser C-3
1961 M S 69
Buenos Aires (Prov) eat! 68
1961 M 9 5714
(18 stamped
72
1961 F A
External s f 640
1961 F A 60
8348 stamped
1967 3 J *1812
Bulgaria (Kingdom)s 1 7s
17
July coupon off
Stabil'n e t 745s_Nov 15 --1968 NI N 021
*
May coupon off
J J
Caldas Dept of(Colombia)7348'46
1960 A 0
Canada (Dom'n of) 30-yr 413
1952 M N
5s
1936 F A
44-48
1954 J .1
Carlsbad (City) s 1 8aCauca Val (Dept) Colom 7448'46__ A 0
15E0 M S
Cent Agile Bank (Ger) 7s
1980 J J
Farm Loan of 6o .July 15
1960 A 0
Farm Loan s f lis_ _Oct 15
Farm Loan (Is ser A Apr 15 _ 1938 A 0
1942 /41 N
Chile (Rep)-Ext1 e t 7s
1960 A 0
External sinking fund 615
-1961 F A
Ext sinking fund 6s__Feb
__1961 .3 J
Jan
Ry ref ext ,f 6s
Ext sinking fund 6s-Sept --__1961 M S
1962 M 9
External sinking fund to
1963 M N
External sinking fund to
1957 J D
Chile Mtge Ilk 6445 June 30
1961 J D
9 f 642s of 1926__June 30
_1961 A 0
Apr 30
Guar a f 68
1962 M N
Guar e f 65
1960 51 S
Chilean Cons Munic 7s
1951 1 D
Chinie (Flukuang Ry) bs
Christiaria (Oslo) 20-yr s f 6s '54___ M 9
1950 M II
Cologne (City) Germany6 Ms
Colombia(Rep) toot'28_ _Oct'61
Oct 1 1934 and sub coupons on__ A 0
Exter6s (July 1 '34 coup on)'61 J J
1247 A 0
Colombia Mtge Bank 644s of
1946 51 N
Sinking fund loot 1926
1947 F A
Sinking fund 7s of 1927
1952 J D
Copenhagen (Clty) 5s
25
1953 M N
-year g 444s
1957 F A
Cordoba (City) extl Of 75
1957 7s stamped
1937 M N
External s 1 7s__ __Nov 15
1942 .1 J
Cordoba (Prov) Argentina 78
Costa Rica (ltepublic)1951 51 N
7s Nov 1 1932 coupon on
1951 ____
7s May 11936 coupon on
354
8
353
8
215
2112
2312
9012
86
4712
4
433
50
70
a40
25
4
4
283
10012 141
10014 136
1074 82
104
39
1
9612
4 11
883
28
31
4
273 107
1812 --,
712 79
8 44
65
6 18 27
3812 103
34
172
3414 89
34
135
3312 18
95
95
9414 02
10114 23
4
4112
28
3
8912 47
823
3
4
8218
5
5
70
6012 302
724
3
6114 43
3612
3658
2312
2214
24
9212
8712
4912
45
5018
4
723
a40
26
73
69
69
70
18%
8
177
174
9
177
8
177
174
4
173
1712
1814
174
1638
4
123
43
99
50
July1
Week's
1933 to
Range or
1'R
le3 Nov.30
b...,-Friday's
ut
,a, Bid ..t Asked 640 1934
Low
High No. Low
Foreign Govt. & Munk.(Con.)
6818
4
94
J3
1944 M S
Cuba (Republic) Soot 1904
831:
93 _-_1949 F A 078
External 5s of 1914 ser A
8
615
5
4 853
4
F A 853
1949
External loan 44451
61
77
3
1953 1 J 77
Sinking fund 544s Jan 15
4
193
8 27
70
1915 .1 D Z257
Public wks 544s June 30
10
6
1458
8
153
1959 M N
Cundinamarca 6445
21
4
773
1951 A 0 9712 100
Czechoslovakia(Rep of) 855
„.
sinking fund 88 8 B
77
1952 A 0 9712 9918 11
8
797
4
1942.3 J 1013 10212 138
-year exti 6s
Denmark 20
75
116
9812 99
1955 F A
External gold 544s
61
4
1962 A 0 9114 913 194
External g 4445_Apr 15
1932
Deutsche Fik Am part ett 8e
49
4 11
34812 503
Stamped extd to Sept 1 1935
40
4
64
_'42 M 9 62
Dominican Rep Oust Ad 544,
38
58
3
a
1940 A 0 573
_lot ser 544s of 1926
36
2
5818
1940 A 0 57
26 series sink fund 544s
27
6
33
3612
1945 NI N
Dresden (City) external 75
--------36
1948 3 ./ •63
El Salvador (Republle) 88 A
35
_ --_J 1
Certificates of deposit
8438 8438
4812
2
1967 J J *5618--Estonia (Republic of) 72
8
13
4
893
1945 M S 1045 105
ext to
Finland (Republic)
77
1950 M 9 10114 10112 55
External sinking fund 75
7012
1956 M S 10112 10212 20
External sink fund 6448
4
4 38
683
1258 F A 10012 1003
External sink fund 544s
87
7
1954 A 0 10034 101
Finnish Mun Loan 644,
5
6714
2
1954 A 0 10012 10012
External 644s serial B
43
20
1953 M N 2512 28
Frankfort (City of) of 644e
8
1941 1 D 1843 18612 59 126
French Republic extl 740
12 12712
1949 1 D 18412 e187
External 78 of 1924
German Government Interns23
8
1965 1 D 2612 305 470
Donal 35-yr 540 011930
3112
42
190
1949 A 0 3514
German Republic ext.' 7s
German Prov & Communal Bks
2312
353
4 28
1958J D 35
Loan) 644e
(Cons Agri°
49
8 25
1954 54 N 1064 1073
Graz (Municipality) 8s
62
87 ____
- 085
Only unmatured coupons on ____
8
4 45 1073
1153
FA 113
1937 ,.Gr Brit &Ire(U K of) 544s
954
1090 MN 11614 11712 67
14% fund loan £ opt 1960
22
1
36
1984 MN 36
Greek Government of ser 7s
164
13
2812 30
1968 F A
of sects Aug '33 coupon
67
6
1952 A 0 8212 8212
Haiti (Republic) e f 63 ser A
8
2018
283 158
1948 A 0 24
Hamburg (State) 68
15
2518 16
21
'50 J .1
Heidelberg (German) act! 744s
6614
8
10012
19130 A 0 100
Heisingtors (City) eat 644s
25
5
Hungarian Muni° Loan 734* __ _1945 J .1 374 38
25
30 ____
J J 025
Only unmet coup attached
26
38 ____
1946 J 3 0_ __ External ,f 7e (coup)
2514
294 __
Only unmat'd coups attached_ _ _ J .1 *____
8
295
48 ____
.'61 MN •____
Hungarian Land 14,1 Inst 73-4o
31
45 ____
1961 M N 0_ _
Sinking fund 744s ser B
302
4 12
4
393 • 413
1944 F A
Hungary (King of) of 744s
3918
--February coupon on
9012
1980 MN 0108
8
1153 ____
Irish Free State extl of Ss
8514
132
8 97
1951 J 13 963
Italy (Kingdom of) eat! 7s
4
893
2
Italian Cred Consortium 7s A _-__'37 M 9 994 9912
82
37
1947 M 9 924 93
External see of 70 ser B
7212
29
1 5 864 89
1952
Italian Public Utility extl 7s
77
4
9218 933 224
1954 F A
Japanese Govt 30-yr s f 6448
6612
1965 M N 794 8014 41
Extl sinking fund 544s
2212
2
1957 A 0 344 3414
Jugoslavia secured s f g is
154
18
23
2218
is with all unmet coup
1957
1312
8 ____ ____
With Oct 1 '35 Ck sub coups on __ __ ---- 0203
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7 '
1947 F A *33
Leipzig (Germany) 8 f 715
1950 J D 10312
Lower Austria (Prov) 7448
Only unmatured coups attach'd__
1114
1954 J D
Medellin (Colombia) 644s
7
1943 MN
Mexican 'Mg Asstng 4448
..'45 @ J •____
Mexico (US) exti Soot 1890 £
*94
1945 ---Assenting bs 01 1899
_
*812
Assenting 5s large
Assenting 5s small
1954 ---- *--__
4s of 1904
614
1951 ---Assenting 4s 01 1904
8
63
Assenting 415 of 1910 large
6
-Assenting 45 01 1910 small
0814
*Trees Os of'13 assent(large)- __ _33 1 J
1 J _
*Small
2
Milan (City, Italy) extl 844s ___.1952 A 0 83i
1958 M 9 20
Minas Gerass (Brazil) 644s
1812
---September coupon off
1959 M 5 20
Ext sec 644s series A
1932
September coupon off
I) 3912
1952 J -Montevideo (City of) 78
1852 51 N *364
External s 1 6s series A
963
4
1957 F A
New So Wales](State) ext1 Es
_Apr 1958 A 0 9714
1943 F A 10212
Norway 20-year eat' (is
1944 F A 102
20-year external 61
1952 A 0 10012
30-year external 6s
1985J D 99
40-year s 1 544s
1963 M 9 9612
External s 1 5s__Mar 15
1967 J 13 10112
Munlcipal Bank extl a f bs
1970 1 D 98
Municipal Bank extl s t 5s
2512
1952 F A
Nuremburg (City) extl 65
8
1953 M S 787
Oriental Bevel guar 65
7412
1958 51 N
Extl deb 534s
1955 M N 98
Oslo (City) 30-year s t Go
1953 1 D 105
Panama (Rep) exti 544s
1963 M N 44
Extl s f 5s set A___May 15
40
_,,-Stamped
8
Pernambuco (State of) extl 71) -247 m 9 153
„-r
16
September coupon off
1959 51 5 14
Peru (Rep of) external 75
4
93
Nat Loan extl Of Os 1st ser _..__1960J 0
2
93
1961 A 0
Nat Loan war 016,2d ser
4
1940 A 0 713
Poland (Rep of) gold 6s
1947 A 0 11414
Stabilization loan a 1 7e
1950 1 J 84
External sink fund g tts
1961 J 13 24
Porto Alegre guar 821
020
-_-June coupon oft
1966 3 5 21
Extl guar sink fund 744s
July coupon off---1952 iii N 98
Prague (Greater City) 7348
Prussia (Free State) extl 6440 -.251 M S 2812
1952 A 0 28
External 0 f 6s
Queensland (State) extl oils __1941 A 0 10832
1947 F A 10412
-year external 68
25
1950 51 s 40
Rhine-Main-Danube 78 A
1946 A 0 24
-year s f 8s
Rio de Janeiro 25
18
-32
April coupon off
1814
A
1953
External s f 6%v
1712
z
August coupon off
A0 25
Rio Grande do Sul extl s t 8s __ _ _1946 --21
Apr'32-Oct'33-0c04 cpn on __ -- _1968 .1
2134
External sinking fund Bo
June coupon off21
22
1966 Si N
EXternal s 1 7s of 1926
Slay coupon off
, 22
1067 1 D
-.--1
2238
Enema!s f 78 munic loan
June coupon on
---- •____
Range
Since
Jan. 1
Low
7472
93
2
827
8
817
224
1018
88
90
8612
8334
71
High
9912
9512
89
8418
,
417
4
193
101
101
103
4
993
92
4812 77,
4
4314 70
36
67
374 87
5818
32
4814 6512
5538
38
5773 89
79 105
864 10214
784 1034
8
76 1007
77 101
4
7512 1003
48
20
15414 18812
160 189
23
,
83 2
2
314 87,
23
702
8
573 1074
86
62
8
1115 12412
109 12
04
30
22
4
180 31
4
s
74, 823
284 68
44
15
4
720 10012
284 44,
4
25
2714
8
305 45
2514 30
3312 504
5018
31
314 43
3918 42
10818 116
3
89 4 102
0314 100
8914 100
9315
76
8414 9612
734 86
2318 4212
8
155 27
8
1312 203
8514
104
63
183g
8
97
8
7,
13
13
10
712
9
9,4
914
114
1112
008
24
23
2412
2214
45
36
981,
9778
1044
10413
10212
100
1,8
4
1013
93
5512
794
8
75,
994
612 ____
7 1 14
1
81
65
2
61
12 ___
_ __
81
- 12 32
7
8
20,
6
1918
2
21
7
1912
7
40
40 __
9814 166
8 86
977
8 28
1037
103
159
1011, 45
8
997 143
974 74
10112 22
5
98
3112 57
7912 19
6
75
9912 25
8
293
50
50
8
3
4
4
518
618
44
3
4
4
534
534
74
17
1912
17
1812
2714
25
4
733
,
73 2
88
8712
8318
8
787
78
7712
794
22
64
594
73
3014
60
50
814
Cy
8
64
7
818
8
43
Cs
5
8
43
812
3
54
79
17
1812
17
1812
2714
2614
85
854
914
904
8912
8
83,
804
8312
81
22
85
624
764
2 24
1053
3
44
12
42
4 10
163
1
16
14
15
1014 109
61
10
II
72
85
117
8512 76
24
I
4
223 ____
1
21
2
2112
2
9812
3012 54
3014 69
19
109
10614 65
2
4112
2
2412
5
2218
1912 16
1731 32
ip
2618
4
2212
2234 15
Oj
2118
8
2312
5
2218
3
2212
8
257 ____
89
8
247
27
84
8
157
7
5
4
43
56
63
634
1614
21
1412
21
4
77,
2412
2318
94
4
833
354
1312
19
13
18
17%
,
18 4
L514
2012
1612
184
17,4
2412
98 10518
294 4614
8
293 44
1072 1812
8
157 17
84 174
8
87 1418
614 1418
79
69
88 1333
4
694 90
1712 25
23
21
1652 25
23
21
83 100
2412 5812
2318 57,
2
102 109
9412 106,
4
3712 594
1713 27
2314
19
25
16
24
18
274
19
1838 27
1514 27
2012 264
1718 271 3
8
183 27
1714 2718
2412 27
35 ____
2
10312
3
8
113
1
7
25 ____
1034 ____
73, _ _ _ _
For toonotes see page 3617.
the counter.
NOTE-tSales of State and Clty secur ties occur very rarely on the New York StoCk Exchange, dealings In such securities being almost entirely over Securities..
Old and asked quotations, however, by active dealers in these seenritlei, will be found on a gubveutient page under the general head of "Quotations for Unlisted
,
New York Bond Record-Continued-Page 2
Jmy I
Week's
Range or '1933 to
..i.
4
i. Nov. 30
Friday's
...
,
.!.; ct Bid & Asked co ,5
3 1934
Z.'
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7
High No
Log
Foreign Govt. &Munk.
(Cona.)
86
107
1952 A 0 85
Rome (City) esti 6545
4 19
1964 M N 12814 1303
Rotterdam (City) extl 6s
8 21
377
37
1959 F A
Rumania (Monopolies) gu 7s
____
35
35
3
August coupon on
78
78
1955 J J
5
Saarbruecken (City) Os
26 ---1952 MN *24
Sao Paulo(City)*1 8s__Mar ..
27 _--May coupon on
N
1957 M - *1912 25 _ _-External *1 6348 of 1927
2212 2212
1
May coupon
1
45
1936 J
off- J 45
San Paulo (State) extl of 85
__
39
39
2
July 1932 coupon on
2
_1950 .11 J 2618 27
External sees 18s
255
____
25%
1
July 1932 coupon on
2414
4
1956 M S 24
External a 17* Water L'n
2314
2314
2
September coupon off
1968 J J 2218 23%
7
External 5168
____
21
21
1
July 1932 coupon on
----- ---May 1934 coupon off
1940 A 0 8934 92
88
Secured 5 t 75
52
8
1942 St S 52
Santa Fe (Prov Arg Rep) 78
8 10
14 515
-50
Stamped
4
3712 33
A 353
Saxon Pub Wks(Germany) 7s ____'45
1951 MN 3258 3518 27
Gen ref guar 6 Hs
1915 J D 3612 3612
1
Saxon State Mtge Inst 7s
52
6
Sinking fund g 6)45__Dec -_1946 J 0 52
2812 2812
3
1962 M N
Serbs Croats & Slovenes 8s
____ 02112 02112.
2
All unmatured coupon on
1814
4
173
5
Nov 1 1935 couponon_
N 2273
4 80
4 283
1962 iii External sec 7s ser 13
35
22
20
____
All unmatured coupons on
17%
____
8
175
8
Nov 1 1935 coupon on
Low Low
High
7813
92
80
9118 112 144
23
40
23
364
32
32
56
6618 81
18
22
30
2012
2012 2514
8
155
174 26
1912
1912 23
1518
45
18
32
42
32
1212
8
135 2914
1812 29
1812
127
133 257
8
2212
2212 277
125% 2612
4
103
8
177 241
8
177
25
25
61
9212
65
17
1812 5212
38
8
515
38
3213 67
3912
2812
2812 607
36
36
71
447
447 70
1914
21 18 304
25
16
123
4
1312 1814
1312
17
30
18
124 24
121
11
11
18
6620 24
1958 J D 657
42
Silesia (Prov of) extl 78
43
11
417
33
Silesian Landowners Assn 68
1947 F A
2 117
173
1936 NI N 173
Soissons (City of) extl 68
957
957
1946 F A
2
4714
Styria (Prov) external 78
. 068
February 1934 coupon on
--------70
75
Sydney (City) 5 1 5%,
3
A 66 4 9918 121
1955 169
58
1971 J J 7412 75
Taiwan Elec Pow 5 f 5948
2
8
703
5334
1952 M S 704
Tokyo City 58 loan 01 1912
1961 A 0 75
77
9
4
533
External s f 5340 guar
147
3
8
812
Tolima (Dept of) ext.! 75
1947 NI N *124
N 91
91
1957 M
1 rondhjem (City) 181 554s
4
633
4
: 6
5134
1945 1 D 10212 1031
Upper Austria (Prov) 7s
--------70
70
Only unmatured countsnttch__ __ -_- _r .
4113
External at 6§4s_June 15 _1957 J -D 971.1 9
814 21
.65
--------70
Unmatured couponson.
4412
A 4314
33
1946 FUruguay (Republic) esti 8s
2612
1960 MN 3818 3912 38
External 5 f 60
375
33
39
265
8
1961 M N
External et els
Venetian Prov Mtge Bank 75 __-_'52 A 0 8912 9
012
4
89
2
5
52%
1952 M N (19712 0713
Vienna (City of) extl a 168
MN ___
__ ---4312
Unmatured coupons attached
4 -- 4 15
633
643
41
1958 F A
Warsaw (City) external 75
7912 23
63
19813 D 7814
Yokohama (City) esti Os
RAILROAD AND INDUSTRIAL
COMPANIES.
4
'53 .3 D 303
:Abitibi Pow & Paper 1st 5s
1943 A 0 10414
Abraham & Straus deb 534a_
3
1948 M 9 85 4
Adams Express coll tr g 4s
1952 A 0 a99
Adriatic Elm Co ext 78
10433 D .10313
Ala Gt Sou 1st cons A 05
19432 D 10012
1st cons ts ser B
1948 A 0 61
Albany Perfor Wrap Pap 138
1946 A 0 9958
Alb & Swig 1st guar 354s
1941 F A 6614
Allegheny Corp coll tr 5s
1940 .1 D 58
Coll & cony 55
Coll & cony 55
1950 A 0 2512
25
Certificates of deposit-___
Alleg & West 1st gu 48
1998 A0 8712
Alleg Val gen guar g 48
1942 M S 104%
Allis-Chalmers Mfg deb 55
1937 M N 9914
Alpine-Montan Steel 1st 75
1955 M 9 95
Amer Beet Sugar 6s
1935 F A 10018
F A 9215
Os extended to Feb 1 1940
American Chain 5-yr Os
1938 A 0 95
Am & Foreigh Pow deb 56
4
2030 M S 523
1953 J D 7113
American Ice s f deb 55
Amer 10 Chem cony 514s
1949 M N 10314
J J 86
Am Internet Corp cony 554s
1939 A 0 10513
Amer Mach dz Fdy a 1 Os
1938 MN 10812
Am Rolling Mill cony .55
_'97 A 0 1024
Am Sm & It let 30-yr laser A
-year (is
1937 J J 1027
Amer Sue Ref 0
8
1936 M S 10318
Am Telep & Teleg cony 4s
19463 0 109%
30-year coil tr 59
1960 1 J 11012
-year *1 deb 55
35
f
1943 M N 112
20
-year, 5145
1939 .1 .1 10712
Cony deb 445
1965 F A 11014
Debenture 05
:Am Type Founders 6s ctfs
1910 -___
31
Am Water Works & Electric1975 M N 77
Deb g 68 series A
1944 M 5 98
10-yr 08 cony coil tr
1947.3 J 2218
:Am Writing Paper 181e 05
Anglo-Chlican Nitrate 75
1945 MN
912
:Ann Arbor 181 g 48_July _ _1995 Q J *5212
1964 M S .80
Ark & Stem Bridge & Ter Is
1939 J D 10214
Armour az Co (III) 1st 410
1943 J J 101
Armour & Co. of Del 5148
1940 1 D 10314
Armstrong Cork cony deb 55
-Gong 45
1995 A 0 10412
Atch 'Fop dr 9 Fe
1993 Nov 210012
Adjustment gold 4s__JulY
1995 MN 100%
Stamped 48_ . __ _ July
_9
19552 I) *97
Cony gold 45 of 9999
1955.3 D 10014
Cony 4s of 1905
1960
D 97
Cony g 45 issue of 1910
1948 J D 105
Cony deb 4545
10652 J 100
Rocky Mtn Dlv 1st 48
1958
.1 810612
Trans-Con Short I. 1st 4s
1962 M S 1071 i
Cal-Ariz lot & ref 454s A
1916
D .102
Atl Knox & Nor 1st g 50
3312 47
10412 20
15
8014
a99
8
10712 __-10012
2
6134
18
997
8 12
149
71
6314 196
135
27
2714 107
5
8712
10518 83
4
1003 156
2
05
1001s
2
95
19
9614 26
5514 256
72
30
1034 116
8712 41
3
10512
1095 137
10418 112
10314 24
3
10312
10912 123
4
1103 104
11212 102
4 26
1073
8
1107 205
8 11
323
7812 55
125
99
23
30
59
101
5514 ____
85 ___
8
1027 140
10312 255
8 44
1035
4 99
1053
10012 11
10114 73
10238 --- 38
101
1
97
106
73
15
100
__ ____
11
075
1- 8
11012 ____
Rant.
Since
Jan. 1
52% 71
33
69
150 1744
95%
55
70
70
99%
80
613 75
4
73%
65
4
613 77
1012 17
674 0312
62 101
76
70
4812 9814
70
70
3412 46
2714 44
2914 44
9914 109
58
94
60
76
6014
03
80
66
153*
87
61
9014
8018
74
4612
83
4
473
41
19
21
62
93
8312
50
7014
80
5813
32
62
7612
65
103
87
92
10212
8
1007
10113
8
1017
104
105
1013
8
20
182* 4S3
4
93 1053
62
8614
9014 110
94 10412
96 10114
68
70
85 100
5118 74
6912
44
19
46
4018
21
4
733 91
96 10518
9013 1003
4
56% 95
71 101
80
9614
64
9614
35
5912
7934
62
83% 104
0718 8712
10412 10712
4
953 11612
99% 107
8
1027 10712
8
101% 1045
10518 11012
1034 11112
8
1057 113
8
1063 113
10318 11114
20 40
58
05
18
644 90
95 Ill
62
18
314
27
7818
75
74
85
8114
7412
7518
75
7414
78
Ws
70
89
8714
993
4
0
174
60
29
80
90
8714 1027
82 10312
86 10112
93 106
84 10012
83 .1014
8213 9613
80 101
7818 97
954 107
82 102
9514 1064
95 10818
994 10512
3613
Week's
1;,
July 1
d
o
r.. ...
Range
Range or
1933 to
...1
BONDS
3
_
.E!.. Nos. 30
Since
Friday's
z •N. Y. STOCK EXCHANGE
....i, Bid & Asked o§ 0
1934
5
Jan. 1
Week Ended Dee. 7
-----Lou
High No. Low Low
High
19443 J 10313 10312 15
86% 1031.,
8678
At! & Charl A List 43.4s A
88 i063
86
1944 J .1 10513 106
9
lot 30
-year Is series B
1947 .1 D *10112 --------95
95 10018
Atlanta Gas L 1st 50
75
74
91 14
1951 J 2 *9112 95 -- Atlantic City 1st guar 43
115
7112
82 10012
'52 M S 9914 100
Atl Coast Line It cons 40 July
873 107
4
92
74
614
1964 1 0 85
General unified 4%s A
85
68
57
4 7912 68
773
1952 SIN
L & N coll gold 4s___Oct
37
3512 537a
3512
8
1948j J 37
Atl & Dan 1st g 45
31
29
27
4
47
1948 J J 30
2d 4s
4834 50
46
4012 611,
4013
1959 1 J
Atl Gulf & WI SS coil tr 50
8
1035 108
1937 J J 10714 10712 37 101
Atlantic Refining deb 50
533 -- -64
46
37
1949 A 0 .45
Atl & Yad lot guar 43
081
1941 J J
794 92
92 --..„
75
Austin & N W lot gu g 5s
8
99 108
9814
1940 M N 1003 10112 b1
Baldwin Loco Works lot 5s
8214
4
88% 10314
Ball & Ohio lot g 4s--- 1948 A 0 1003 1028 103
_ _July
7112 98
5412
86
63
1995 J D 69
Refund & gen 50 series A_
9813 109
94%
A 0 10612 10718 70
1st gold 58
July ____1948
8212 SO
735 9712
59
1995 J D 80
Ref & gen 6s series C
4
8 9914 3
85 100
76%
1941 M N 985
P. L E & W Va Sys ref 4s
9512 40
8313 10014
7414
1950 J .1 94%
Southwest Div let 334-5s.
1959 J J 82
66
37
83
8812
61
Tol & Cho Div 1st ref 45 A
4
703 117
,
627 8518
53
2000 M 9 68
Ref dc gen Ss serles D
4612
5414 5712 292
4912 724
1960 F A
Cony 4 %s
71
172
8912 857
54
1996 M S 69
Ref & gen M 58 ser F
8
9412 101 110
1943 J J 1085 10918 20
Bangor & Aroostook 1st 5s
10114 78
75 101 14
74%
1951 J J 100
Con ref 48
1951 ____ 10314 210312 13 10212 10212 1031 2
4s stamped
8 1023 116
945
8
1942 J J .10814 111 ---Batavia!" Petr guar deb 44*
73 ---6514
60
60
1989 J D .591
Battle Crk & Stur 1st gu 38
102
90 102
88
6
1936 J J 102
Beech Creek 1st ell g 4s
4
91 101 4
8913
1936 J - -----1003 ---2d guar g 58
95 ---95
83
66
1951 A 0 .92
Beech Creek ext 1st g 3148
4
100 11414
1948 J I 1133 11414 32 103
Bell Telep of Pa 03 series B
10 10314 106 117
8
1960 A 0 1163 117
lot & ref Is series C
84 108
82
Beneficial Indus Loan deb as __ _1946 M S 10514 10612 11
8
273
4
273* 653
Berlin City Elec Co deb 634* -- 1951 J D 2912 34% 40
3212 10
4
2814
253 67
4
253
1959 F A
Deb sinking fund 6545
3218 30
943* 8514
1955 A 0 2914
243*
Debentures 6s
3312 21
8
273 74
2738
Berlin Elec El & Underg 614s -- --1956 A 0 297
4
1063
9418
242 M N 106
6
997 1153
s
Beth Steel 1st & ref 58 guar A
10312 38
99 104
94
1936 J 1 103
-year pm & impt st Is
30
9618 103
___ ---90
1944 J D •1025
Big Sandy 1st 43
45 --30
25
3712
1950 M S 5338Bing & Bing deb 6
7518 146
5914
6412 9018
1987 IM S 70
Boston & Maine lot 58 A C
71
. 79
741
6578 90
61
1955 M N
let M Is series II
4
4 693 101
56
6058 8414
1901 A 0 663
let e 430 set JJ
8 4814
467 7312
11
8
47
1955 F A 467
Boston & NY Air Line 1s1 45
124 30
812
812 25
1934 A 0 12
:Botany Cons Mills 634s
4
8
75
A 0 1113 1112
7% 20
Certificates of deposit
1931
§Bowman-Bilt Hotels 1st 75
Stmp as to pay of 6135 tat red
112
If
8 -1
65 1 51s
1:11'way & 7th Av 1st cons 6_......8'433 0 597
88
88
72
6812
7
1941 J .1 87
Brooklyn City RR let 5s
6 103
4
10513 11014
1949 J J 1093 110
Bklyn Edison Inc gen 50 A
19522 J 10914 10912 34 10212 10514 110
Gen mtge 58 series F
4
1043 208
863
9314 1043
8
4
1968 J J 104
Bklyn-Manh R T see 130 A
98 10014
1949 1 3 ------------98
6s series A
57
57
Si N
525
1
8
525 67
241
Bklyn Qu Co & Sub con gtd 58
4
573 6734
574
1941 2 2
1st 5,stamped
4 71
9813 993
7212
7513 9934
1950 F A .53---- --.7,Bklyn Union El late Ss
11512 12 105
1063 115
1945 MN 115
,2
4
Bklyn Un Gas 1st cons g Ss
1 10514 1107g 12018
1947 M N 12018 12018
lot lien & ref Os series A
158 150
-__ ---- 158
19362 J
Cony deb g 5145
93
6
1
98 1053
8
1035 1045
1
1950 . D .103- 8 5
Debenture gold 53
8 18 10012 1043 1107
8
4
1957 M N 10913 1107
1st lien & ref 58 series B__
8
887
---88% 1003
4
1938 2 J .99
Bruns & West let gu g 4.5
- -38 46
8
1981 F A 1083 109
9612
99 1093
8
Buff Gen El 4545 series B
91
97 106
1937 M S 10514 10512 10
Buff Koch & Pitts gene 5s__
587 804
8
50
34
1957 M N 6712 70
Consol 44*
2578
1
26
8
257 4814
§:Burl C R & Nor 1st & coil 59 --__'34 A 0 26
25
40
Certificates of deposit
39
5
65
50
5 1952 A- -1
:Bush Terminal 1st 48
3558 102
1018
1218 3538
.1 J 28
1955
Consol 5s
49
31
8 59
8
363 8012
Bush Term 13Idgs 58 gu tax e.._ x .60 A 0 067
54
: 10
801
811s 88
By-Prod Coke lst 5540 A1945 IQ N 78
a - 64
10 1023*
108
1937 M N 108
Cal0& E Corp unf & ref Ss
7
4
85
1940 J J 1033 101
Cal Pack cony deb 5s
92
Cal Petroleum cony deb 8 1 5
s '39 F A 101% 10218 14
9414
1938 50 N 102% 10212 18
Cony deb a t g 545
7
,
42
414
_
118
1942
Camaguey Sugar 75 ctts
79
10812 18
A0
1962 -- 108
Canada Sou cons gu 65 A
911
92
4
1954 M S 1053 106
Canadian Nat guar 4%s
914
1957 J J 1115, 11314 76
30-year gold guar 4%s
9118
1960 J 0 10712 10814 27
Guaranteed gold 4945
11712 65
963
4
July 1969 J 1 116
Guaranteed g 5s
11912 79
9618
Oct 1969 A 0 118
Guaranteed g 55
963
4
MO F A 1193 11918 11
Guaranteed g 513
9434
Guar gold 4 Si s
June 15 1955 1 D 11618 11714 21
8
915
1956 F A 11318 11412 56
Guar g 4348
50
8
913
4
Guar g 445
Sept 1951 M S 1123 114
10812 53 102%
1910 J I) 108
Canadian North deb guar 7s
s
9 10518
4
1946 J J 1213 1217
Deb guar 8148
9812
8 25
1025
.
1935 J J 102
guar g 4555
___ 84
4
843 121
4
523
Canadian Pee Ry 4% deb stock
66
35
1946 M S 992 100
Coll tr 4 54o
043
8
8
1944 J J 1093 11012 37
55 equip tr etts
734
Dec 1 1954 J D 10112 10214 92
Coll tr g Is
8 71
8 963
4
641
1960 J .1 955
Collateral trust 43.45
19
1949 1 J *3914 50 ____
:Car Cent 1st guar g 4s
3
95 4
1938 .1 I) •10618 10714 -Caro Clinch & 01st 5s
8914
10914 li
Dec 15'52 J D 109
1st & cons g (is ser A
68
84 ---1981 J D +72
Cart & Ad lot gu g Is
2414
47 -_ 1948 J 11 .48
Cent Branch U P isle 45
8
8 1035
8
8
1943 J r• 1095 1097
Cent Dist Tel 1st 30-yr 58
:central of Ga lot g 5g
55 ____ 1 39
A
Nov 1945 F -- .40
1612
1812 2012 35
1945 M N
Consol gold 5s
1114
4
83
5
1959 A 0 11
Ref & gen 5%,series B
114
812
9
1959 A 0 11
Ref dr gen 50 series C
1712
27 --__
1951 1 D .20
Chatt Div par money g 4s
Mac & Nor Div let g 5s
1946 J J ------------35
20
25 ____
Mid Ga & Atl Div our m 5._ ..s '47 J J •_-__
25
___
Mobile Div 1st g 53
1946 1 J
1
- 10018
109
109
Cent Hudson 0 & E 5s
Jan 1957 M 9 .20-
For footnotes see page 3617.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
Private Wires! to
-
-
NEW YORK
Chicago. /ndianapolia and Si. Louis
10318 10858
8612 104
8
963 103
991g 10412
8
27 12
8
92 1097
985 1063
8
4
9812 113 4
,
9912 10918
105 117,
2
104% 11912
105 11918
10212; 117,
4
100 11412
10018 114
8
105 1095
1084 12212
10012 10418
8512
61
744 100
9918 110%
7714 10258
7118 97
3212 45
953 1074
4
9014 10914
84
70
28
56
101% 110
41
65
1612 38
26
9
26
9
37
18
20 21
-12
25
35
10418 1091*
New York Bond Record-Continued-Page 3
3614
.
t
• BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7
Cent III Elec & Gas let 58
Cent New Engl let gu 48
Central of NJ gen g 58
General 421
Cent Pac let ref gu g 4s
Through Short L let gu 4s
Guaranteed g 58
:Cent RR & Bkg of Ga coll 58 _
Central Steel let g a f 88
Certain-teed Prod 548 A
Week's
July 1
Range or
a. 1933 to
t.5
Friday's
VS Noo.30
= ...1934
415: Rid & Asked co i'a''
Hie
Low
8 6812
1951 F A 667
64
1961 1 .7 60
1987.1 .1 10514 106
94
1987 J '
J
963
8 9714
1949 F A
95
1954 A 0 95
74
7778
1960 F A
6212
1937 MN .59
115
1941 51 N *114
1948 M 8 664 70
No.
112
25
23
250
4
222
_--_--213
Range
Since
Jan. 1
Low Low
High
43
4512 697
8
60
60
833
4
90
95 1087
8
9712
78
78
6553
7512 9714
6312
734 95
55
634 87
49
53
73
100
1014 115
42
5218 744
8
Charleston & Sav'h 1st 721
---- 103
1
1936. J *1047
Chesap Corp cony bs __May 15'47 M N 10414 10612 243
94
9 104
Ches & Ohio let con g fe
4
1939 M N 1103 11114
11338 45
General gold 4948
9114
1992 M 13 112
1993 A 0 106
Ref & impt 44e
1063
4 63
8312
1995 .1 .1 1053 10614 61
4
Ref de !mot 44s tier B
84
Craig Valley 1st 58__May
--------98
1940 .1 J *105
Potts Creek Branch let 48
--------8.5
1946 J .1 *102
1989 J .1 10414 10431
R & A Div let con g 48
4
9018
1989 1 J *10112 ____ ---2d consol gold Is
8712
Warm Spring V 1st g bs
---1941 M 8 *104
99
Chle & Alton RR ref g 38
1949 A 0 4812 494 17
454
10218 43
Chic Burl & Q-III Div 3345
1949.1 J 101
84
93
Illinois Division 41
1949 J i 1054 10612 106
4
/ 80
1
4
General 45
1958 M S 1043 105
8414
1977 F A 104
105
let & ref 44•ser B
5S
77
1st & ref 55 SerA
844
1971 F A 1094 11014 21
76
4:Chicago & Emit III let 6s
1934 A 0 75
9
53
103
:0 & E III fly (new co) gen Ss
4 29
74
7 /4
7
MI M N
8
2
9
812
Certificates of deposit8
Chicago & Erie let gold 5e
---1982 ii- *1103
824
N
8
Chi)L & Coke let gu g So
97
1937.1 i 1033 10334 21
1959 M 5 31
Chicago Great West 1st 4s
3312 13
25
4e stamped_
24
1959 ---- 3018 321, 39
:Chic Ind & Loutav ref 68
21
1947 J J *2218 38 - ---4 35 ---Refunding g ba ser B
1947 J 1 *213
21,
4
25 --,,,,
Refunding 4s series C
20
1947 J J *18
1966 M N
let & gen 55 series A
74
8 2 69
,
7
1
8
712
712
let & gen fla series B_May __1968 .1 .1
1956 J J *871 1 891 1 ---Chic Ind & Sou 50-year 43
70
1969 1 D *1057
Chic LB & East 1st 44e
8
--, 99
Cbio NI & St P gen 4s ser A
/ 82
1
4
49
1989 J J 5318 57
1989 J J *50
Gen g 3948 eer B May 1
55 --r, 47
Gen 44e series C._May 1 __ 1989 J . 5812 61
524
31
1
Gen 44seerles E__M ay 1
40
52
1989 J .1 5712 61
Gen 431e series F__May 1 .1983_
634
J 63
7
544
25
Chic Milw St P & Pac be A
342
18
23
1975 F A
6
/
1
4
Cony adj be
73 737
8
_2000 A 0
57
5
Jan 1
4712 10
Chic & No West gen g 334s
46
1987 M N 47
1987 M N 50
27
53
General 4,
48
52
Stpd 4s non-p Fed Inc tax
5
1987 M N 52
544
Gen 494e stpd Fed Inc tax
6
5512
1987 M N 5712 58
Gen 58 atpd Fed Inc tax
23
58
1987 M N 6012 61
434e stamped
1987 MN ----- 56
- 71
Secured g 6.345
4
64
1938 M N / 70
3612 27
1st ref g 55
294
May 1
_2037 J 13 33
let & ref 434e stpd_May 1 __ _2037 .1 D 2812 2912 67
2612
1st & ref 4.4s ser C_May 1 _.2037J
D 284 99
53 34
254
/
1
2253 25
Cony 432e series A
317
1919 MN
20
/
1
4
I:Chicago Railways let be stpd___
F A
64
64
Aug I 1933 25% part pd
1
423
4
1988 J J42
44
47
:Chic RI & P fly gen 4s
4014
_ _ •____
45 --Certificates of deposit
40
1818 35
;Refunding gold 4s
1414
1934 A 0 16
147
8
1614 22
14
Certificates of deposit_
19
133
(Secured 414s series A--......1952 F
1512
5t-S 1612
14
Certificates of deposit151. 16
15
Cony g 44e
712 96
1960 1- i.-1
Ps
k
7
N
BONDS
Y. STOCK EXCHANGE
Week Ended Dec. 7
Dec. 8 1934
Week's
July 1
t.
b
"3
Range or
4. 1933 to
a t Friday's g 3 Nov. 30
-.5., Bid & Asked Z1 ,.%
1934
Low
Consol fly non-cony deb 4.3
1954 1 J 38
Debenture 48
1955 1 ..1 •____
Debenture 48
__
1955 A 0
Debenture 48
1956.1 J __
:Cons Coal of Md 1st & ref 5s__ _1950 J D 2414
Certificates of deposit
25
:-- Consumers Gas of Chic gu Is ____1936. D 10311
1
Consumers Power let 58 C
1952 M N 10814
Container Corp 1st 6s
1946 1 D 98
15
-year deb 58 with warr
1943 1 13 77
Copenhagen Telep 55 Feb 15
195-1 F A
9434
Crown Cork Seal 8 f 6/1
1947.1 0 10513
Crown Willamette Paper 65
1951 1 J
9918
Crown Zellerbach deb 58w w
1940 M 8 95
1942 .1 D 35
Cuba Nor fly let 5348
Cuba RR 191 5,g
1952. 1 z303
1
4
1st ref 74e series A
1963. 0 26
1
181 lien AL ref 6s ser B
1936.1 0 26
1:Cuban Cane Prod deb 63
1950 J J
218
Cumb T & T let & gen 5s
1937 1 J 1067
8
High No
I
38
397 __
8
484 ____
38 ___
12
25
I
25
2
10312
1084 12
/
1
9378 23
77
80
9512 3:3
18
107
64
103
49
100
37
30
12
3214
16
30
6
27
253 95
1071 1 33
Low Loa'
Hips
40
38
69,
2
494
4911 68
443
3
441 59
/
4
81
44
44
5 2
12
10
27
10
114 2614
98
100 10518
10012 1091 2
98
70
9912
68
494
52
81,
2
693
8
754 9614
91P2
974 107
7912 103
75
65
70 100
15
1914 39
18
34
1314
1318
1614 31
15
29
15
11
/
4
210 84
102
10312 1074
103 106
/
1
4
96 112
1054 11234
983 1133
4
8
8853 1064
/
1
8812 10614
974 10514
9012 101
4
974 1043
874 10112
99 105
Del & Hudson let & ref 48
1943 M N 93
67
109
94
be
47
/ 7018
1
4
1935 A 0 *101
927
8
102 --__
Gold 5348
88 10218
1937 M N 10212 103
8912
12
Del Power & Light 1st 4948 _ _1971 .1 J 10512 10512
97 107
2
933
4
let & ref 434e
4
924 1053
1969 J J 102
88
1
/ 1021
1
4
/
4
let mortgage 44s
8318 105
1969' J •10478 --------93
96 11014 D RR & Midge 1st g 45
_
1936 F A *10218 96
Den Gas & El L 1st & ref s f 53...._1951 M N 10112 102
83
53
85
7
74 9512
Stamped as to Penns tax
1951 M N 10213 10212
834
1
Den & R 0 let cons g 48
21
8
1936 / .1 38
304
3914 46
1936 J J 383
4 3918
Consol gold 444s
91 1l012
8
34
Den & R (3 West gen bs __ __Aug 1955 F A
9814 106
11
10
1214 26
Assented (sub) to
25
57
8
53
.
2
. 1012 11
Ref & impt 5s ser B plan)---0 22
24
33
Apr 1978 A
2012
21
23
21
4712 (Des M & Ft Dodge 45 ctle
218
612 ____
1935 . J *4
11
2114 4218 Des PlaMes Val 1st gu4348
1947 NI 8•____
/
1
80 ____
634
41
Detroit Edison 58 ser A
20
1949 A 0 10S
109
13
95
7
237
8
Gen & ref 58 series B
1955 -1 13 1084 109 4 62
92
3
Gen & ref 58 series C
8
1962 F A 1087 10913
7 2 253
,
9414
5
8
1961 F A 1064 1075
71
953
4
Gen & ref'348 series D
8518
8 41
99 1057
8
Gen & ref 5s series E
1952 A 0 1083 10912 25
917
3
4
49
744 Dot & Mac 1st lien g 4s
--------20
1995 1 D *23
47
71
Second gold 4s
1995 1 D *1212 112 ____
1118
5218 8012 Detroit River Tunnel 434e
1961 M N 10553 106 --__
84
52
81
Dodge Bros cony deb fle
1940 MN 1064 10712 151
92
Donner Steel 1st ref 7s
5412 84
1942.1 . 10114 10114
1
87
1
1941 .1 J •10512
18
5612 Dui Missabe& Noreen be
_ ____ 102
8
/ Dul & Iron Range 1st 5a
1
4
1937 A 0 107
57 23
167
- .14 13 102
1937 J J 3912 4112 22
46
70
Dul Sou Shore & AN g 55
20
48
77
Duquesne Light 1st 4348 A _ _1967 A 0 108
9914
10812 33
52
78
let Mg 4348 series B
1957 M 8 11112 11113
8
991
/
4
5512 823
4
53
8738 'East Cuba Sug 15-yr a f 74e _1937 M S
814
9
93
4 23
East fly Minn Nor Div 1st 45
6012 62
1948 A 0 •1004 _
8912
- -__
/
1
.
64
98
East T Vs & Ga Div 1st be
1956 M N 10618 106 8
78
5
-52912 6612 Ed El III Bklyn 1st cons 45
1939 1 J 107
99
3
107
Ed Elec(N Y) lot cons g be
1095-S 1 125
2612 604
3 10712
125
253 61
4
El Pow Corp (Germany) 64s _ 1950 M 8 3212 3412
7
3118
1953 A 0 33
lot sinking fund 64s
3582
20
/ 5312
1
4
8
30
Elgin Joliet & East 1st g be
1941 M N *1043 10512 --89
4
47
64
El Paso & SW 1st 5s
1965 A 0 89
814
8
90
4014 7312 Erie & Pitts a gu 348ser B
1940 J .1 *101
90
10178 --__
40
73
Series C 348
1940 J J •10114 10134 --__
90
1414 3112 Erie RR let cons g 48 prior
1996 J J 9512 962
8 50
69
14
29
let consol gen lien g 4s
1996 1 J 7512 77st 124
52
1512 323
4
Penn coll trust gold 43
8
1951 F A *1037 ___. 911
15
28
Cony 4s series A
1953 A 0 7412 7514
7
504
Series II
61 183
/
4
4
1953 A 0 74
5012
7518 17
Gen cony 49 series D
_ ___
1953 A 0 ___
62
Ch St L & N 0 Is
81
4
75
81 107
June lb 1951 J 13 81
Ref & impt Is of 1927
1967 M N 7014 -. . 192
4612
7211
Gold 334eJune 15 1951 J D *78
r
/
1
Ref & impt 58 of 1930
844 844
/
1
--- 634
1975 A 0 70
717 337
8
464
/
1
1951 .1 D *81
- . ---82
Memphis Div 1st g 48
59
6314 864
/
1
Erie & Jersey let St 68
19553 J 11312 114
24
9014
5512 38
Chic T IT & So East 1st be
1960 J D 511 1
45
45
80
Genessee River 1st a f t3s
1957 J 1 110
9212
11012 11
Inc gu be
27
251
/
4
254 62
/
1
Deem _ _1960 M S 3212 34
NY & Erie RR ext 1st 4s
1947 M N *10212
86
Chic Un Sta'n let gu 44e A
7
1963.1 .1 10813 10813
938
4 1003 1087
3d mtge 43-48
3
8
1938 M 8•10113_
95
let Is aeries II
109
I 100
1963.1 .1 109
10512 11012 Ernesto Breda 78
1954 F A
86
88
- - 1 --2
8614
Guaranteed g bs
9
1944 J D 1073 10812
95
0714 1083
4
1143
8 20 108
let guar 848 series C
1963.1 J 114
11134 1154 Federal Light & Tr 1st .58
1942 M 8 755
60
8 7612
1
Chic & West Ind con 45
1952 J J 9112 9214 183
634
7214 93
55 International series
75
1942 M 8 *7018 763 ___
8
1st ref 5349 series A
4
47
1062 M S 1023 104
82
let lien e f 58 stamped
843 10412
8
1942 M 8 755•3 77
59
ii
Childs Co deb be
1943 A 0 5913 6334 156
3014
41
65
1st lien 6s stamped
1942 M 8 824 8238
594
/
1
2
Chile Copper Co deb 53
7914 65
1947 J .1 77
48
58
30-year deb Cs series B
87
4614
1954. 0 .5618 65
.
1
1952 MN 38
36
Choc Okla & Gulf cons be
1
37
36
62
Federated Metals e f 7s
9514
1939 J D
_ __ _ _
Cin 0& E 1st M 423A
1968 A 0 10312 10414 34
877
8
92 10414 Fiat deli,f g 7e
1946 i J
9512 - .
6512
2
974
8
Cln H .413 2d gold 4348
1937 1 J *1033 1043 --- 3
887/1
96 1031* :Fla Cent & Penis 58
_1043 / J *32
25
4212 -___
8
C I St L & C lets/ 43__Aug 2 _ _1936 Q F *1033 10418 ____
97i
00 104:Florida East Coast 1st 4413
1959 1 D 615
48
8 65
30
Cln Leb & Nor 1st coy. gu 42
1942 M N *9912 101 --_
82
86 101
612
let & ref ba series A
1974 M S
103
8
200
12
Cln Union Term 1st 41-55 A
2020.3 J 10918 10912 17
973
8 10012 10912
CertifIcatcs of deposit
57
8
94
111 131
/
4
10
1st mtge 58 series B
2020.1 J 11134 112
983
4 10438 1127 :Fonda Johns A Cloy 4348
8
1952
/
4
30 100
1957 MN 1111 112
let guar ba series C
8
10412 1123
Proof of claim Med by owner
M N 'Pt
10 --- 4
_ _ --__
J *64
Clearfield Bit Coal 1st 4s
1940 J
524
524 6518
(Amended) let cons 2-48
isis
.
1943 J J •9612 169 ---,
Clearfield & Mah let gu 513
Proof of clalm Pled by owner__ NI N
7812
961 10314
/
4
S
3
334
4
Cleve Cin Chi & St L gen 4s
,
1993 J 13 9312 94 2 40
65
7518 97
Certificates of deposit
,*3382
-_
_- - ---1993 J D -„General be aeries B
9212
9212 109
Fort St U D Co let g 44s
1941 1 . 100 83
1
180 - - 12
- Silt
Ref & Impt 13s ser C
7
1941 J .1 9712 73
80 10012 Ft W & Den C lAt g 6 43
1961 J 0 *105
9478
. ...._
/
4
7812 811 27
66
1963.3 J
743 Oil, Framerlean Ind Dev 20-yr 7343
8
Ref & impt 5s ser 13
1942 1 I •10618 1- - ......
941
/
4
07
8 7412 61
1977 J 3 707
Ref & impt 44e ser E
554
/
1
64
82 :Francisco Sue 1st a 17348
1942 M N
15
20
20
4
414
Cairo Div 1st gold 4s
1939 1 J *104
--------8829
92 10
4
4 843
1
58
J 843
Cin W & M Div 1st 45
1991
68
9212 Galv Hous & Hend let 5343 A__-_ _ _
'38 A 0 *72
75
82 92
92
S
1990 al N
St L Div 1st coil Ire 4s
66
77
95
Gannett Co deb (38 ser A
1943 F A 10012 10112 23
733
4
1940 M S •I0114 102 -- -Spr & 001 Div let e 4s
85
99
Gas & El of Berg Co cons g Se_ _1949 1 D *112103
92
/
1
4
'_ _
9513 --- W W Val Div Isle 45
J .83
72
1940
734 9514 41:3elsenkirchen Mining 14
-di- 16 354
1934 M S 269
8
1
87
99t2 10334 Gen Amer Investors deb Se A
Cleveland & Mahon Val g Is _ _ _1938 1 J 10353 1035
1952 F A
9712 99
7312
45
101
2
1935 M N 101
99
9912 102
elev.& Mar let FM e 448
Gen Baking deb s f 548
1910 A 0 10412 1054 12 100
8 ____ ____
Clev & P gen gu 4.3415 tier B
1942 A 0 .1045
Gen Cable lets f 54e A
1047.9 1 8012 8312 53
40
____ ____
A 0 *98
Gen Electric deb g 3.4s
Series II 34e guar
1942
I
97
1942 F A 1054 1054
8 --------10014 . 4 10134 Gen Else (Germany) 7s Jan 15-_ _ _ '45 1 .1 40
J 81045
1613
Series A 4348 guar
1942
3212
41
25
10112 ---s f deb 834s
1948 M N 098
90
10112 10112
Series C 3iis guar
1940.3 D 241
33
13
41
1 2 ---- ---1950 A F *100
Series D 348 guar
20-year s f deb fis
1948 M N a395 a395
3014
8
I
8
1977 F A 010512 107 --_91
10012 106
Gen Petrol 1st sink ni ba
Gen 434s ser A
1940 F A 10314 10338 21 1023
4
10212
3
734
Cleve Rho Line let gu 44s
82 10418 Gen Pub Serv deb 534s
1961 A 0 102
1030.3 / 93
it
94
70
74
8412 104
Cleve Union Term cu5.348
Gen Steel Cast 5449 with warr
1972 A 0 z10012 10178 72
1949.3 J
837
8 8i314 166
55
/
1
100
1st s f bs Series B guar__.....1973 A 0 954 96
71
82 1007 ((Gen Theatres Equip deb 68
8
1940 A 0
812
94 62
212
101
/
4
66
1977 A 0 881 90
75
86
lst a f 4 148 series C
Certificates of deposit77g
85g 63
24
:Ga & Ala Ry let cons 5s.. __ Oct '45 :1 J 2014 2014
1
9
95 10314 420a Caro & Nor 1st ext Cs
Coal River ny 1st an 43
- -- - 9212
.1945 1 D
1934 3 .1 28
19
1
28
4718 36
4;
42
12
Colon 011 cony deb 65
1938.3 J •10314--82
Georgia Midland let 38
1
39
1946 A 0 454 4518
6512
264
8512 22
30
:Colo Fuel .4 Ir Co gen at 5s __ _1943 F A 64
25
26'el 36
36
11:001 Indus 1st & roll 58 gu
1934 F A
154
/
1
1712 3312 Good Hope Steel & Ir sec 78
1945 A 0 36
34
1
8 46
1935 111 N 9312 95,
977 Goodrich(B F)001st 8148
8
Colo & South ref & ext 4418
724
/
1
84
18473 ./ 10612 10712 97
8912
7112 74
66
1980 M N
5512
General mtge 434s ser A
644 81 12
/
1
Cony deb 6s
1945 1 D 8512 9014 213
63
Columbia G.4 E deb 5s
5912
907 Goodyear Tire & Rub 1st 55
8
69
_ May 1952 M N 824 854 61
1957 M N 103
834
/
1
10312 217
844 32
Debenture 58
6014
9118 Gotham Silk Hosiery deb 613
70
Apr 15 1952 A 0 83
1936 J D 003
85
3
8 903
3
8
Debenture 58
58
8618 89 ((Gould Coupler 1st a f 6a
Jan 15 1961 1 J 8154 833 176
1940 F A */618
177g -- _ _
8
Col A, H V let ext g 4s
- - -,,
Clouv at Oswegatchle 1st be
96 103
1948 A 0 *1031
94
1942 1 D *9512 10014 _- -2
.-8-Columbus fly P & L 1st 43.0
73
73
9578 Cr R& text 1st gu g 43-4s
1957 J J 9714 934 31
1941 J J 102
/ --------87
1
4
1064
/
1
5
Secured cony e 534s
9014
9014 10712 Grand Trunk of Can deb Te
1942 A 0 106
1940 A 0 1074 10712 56 10152
Col dr Tol let ext 48
97 105
- ---,
91
Deb guar 68
1955 F A
1936 51 S 107
10718 17 10014
11114 112
.59
Comml Invest Tr deb 534s
__
954 101 11112 Grays Point Term let cu Ss
_ __
1949 F A •101,4- -1947 .1 D _ _
Conn & Passum Rh? 1st 4s
9
92
,1412 Gt Cons El Pow (Japan) 7s
1943 A 0 961, 9614
92
1944 F A
.-12
iiii ii 11 58
Conn Ry & L 1,1 .4 ref 44s
3-_- --- 8818
103 105
1st & gen 5 f 634n
1951 1 J *1043
1950.3 J 81
56
5
82
Stamped guar 44s
- 3
97 10618 Great Northern gen 7s ser A
2
95
1951 J J 10553 1653
2671 714
1936 J J 893
4 92
Consolidated Hydro-Elee Works__ __
lot es ref 41.(s series A
1961 .1 1 954 9712 79
68 2
,
of Upper Wuertemberg 7s
7
357
8 36
1956 J J
34
345 60
8
General 543 series II
1952 J J S43
0418
8 5812 79
Consol Gas (N Y) deb 54s
1064 139
1945 F A 108
99
1014 10814
General 5e series C
1973 1 J
79
/ 5212 211 57
1
4
Debenture 44s
8
1951 1 D 1003 10114 138
88
• 904 10314
/
1
General 434s series D___.....1976 J J
7414
7614 95
531
/
4
Debenture 5*
4
1957
93
.1 1033 10412 45
7.08
7614 180, 5312
1977 1 J
974 106
General 44s series E
For footnotes see page 3617.
.
Range
Since
Jan. I
8014 97
97 1094
92 105
9414 1053
4
8
8953 1045
94 10458
994 1011
/
4
86 103
873 1033
4
4
3512 6112
37
63
10
32
8
25
204 4912
4
85
4
65
874
961 109%
/
4
963 1093
8
4
983 10912
3
89 10758
97 11014
MI
20
1118 1212
84 106
9814 103
94 10112
1034 1034
10212 108,
4
2312 4912
1013 1083
4
4
10212 11112
714 22 2
,
8912 9914
91 10918
10013 107 4
,
110 125
32
6912
32
6914
944 105 2
,
8112 94
9414 1017
3
95 100 2
,
794 98
79
/
1
4
64
9912 10433
623 7
3 8
78
63
62
76
60
797
8
59 4 794
3
96 11412
97 111
933 105 2
4
,
/
4
100 1021
89
68
82
64
75
803
4
6013 82,
4
64
85,2
5112 Ms
101 106
95, 105
2
46
34
65
50
612 19
54 174
7
IS
312
2
83
9614
1024
1618
12
3,2
100
105,2
110
41
75
9114
794 101 1 2
104 112
494 80
794 99
102 105
/
1
4
8312
59
100 10518
3212 60
34
634
3218 83 2
,
10314 106
7
6
951
_/
4
694 vu
34 13
3
111
/
4
1412 26
2014 3012
40
60
8318
34
05 1071 2
72
9012
8914 10329
8512 95
87 22
8
- -,::- -.
„
Cib'4 1,4.4
105 10912
10253 109
__
.
1EIC4 -8-834
.
0518 8612
9929
82
78
991
/
4
7512 99
684 923
4
65
571
/
4
6412 8612
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec:7
July 1
Week'r
Range or
j_ 1933 to
Friday's
.......
Nor. 30
.2:14.. Bid & Asked se,
4 1934
E43
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7
3615
2.,
Week's
..n1
ts Range or
Friday's
t
.4a. Bid .Se Asked
July 1
- 1933 to
to Nov.30
„.....„
650 1934
Low
High No
Low
Leg & East 1st 50-Yr Is gu
___ ---- 8914
1965 A 0
128% 12954 18 117
1944 A 0.112Liggett & Myers Tobacco 7s
7 103
55
1951 F A 11712 11854
___ ---- 8112
Little Miami gen 45 series A
1962 MN *1021
70 78
105
1941 A 0 104 2Loew's Inc deb s f 65
42 74
Lombard Elec 7s ser A
1952.1 D 8612 87
9 9712
Long Dock consol g 65
1935 A 0 10312 104
Long Island
1938 J D .1034 10412 ---- 9814
General gold 4s
1949 M S 1023 1023
1 903
4
4
4
Unified gold 48
7 9218
8
20-year p m deb Is
1937 M N 1037 104
18 85 4
3
4
Guar ref gold 4s
1949 M S 1023 103
Lorillard (P) Co deb 75
1944 A 0 1263 12712 16 110
8
9
1951 F A 110 4 11112 11 935
55
68 3812
1969.1 1 61% 64
Louisiana & Ark 1st 55 ser A
Louisville Gas & El (Ky) Is
1952 M N 10818 10812 26 86
4 7518
Louis & Jeff Bdge Co gu g 4s
1945 M S 10112 10112
1937 M N •107% 10814 ---- 100
Louisville & Nashville 55
1043
8 41 8812
1940.1 .1 104
Unified gold 48
2003 A 0 10418 10512 38 81
1st refund 531s series A
10417 10 8072
2003 A 0 104
let & ref 55 series B
974 266 74
1St & ref 431s series C
2003 A 0 9814
1941 A 0 010618 --------9812
Gold 53
--__ 82
Paducah dc Mem Div 48
1946 F A
5412
*693
4 71
1980 M 8.10018--- __
St Louis Div 2d gold 35
_ ---- 864
Mob az Montg 1st g 430
1945 61 5 *1061
105 111
54
23 564
8-_763
4 78
1952 J J
9214 10512
South Ry joint Monon 48
27 80
104
1955 M N 103
Atl Knoxv & CM Div 4s
33 100
9 444
9712
92
997 Lower Austria Hydro E1634s__ _1944 F A 97
8
Low
High No. Low Low
High
Feb .33
26
3818
26
Green Bay & West deb etre A
Feb
414
412
Debentures Ws B
9
414 85
4
8
1940 M N *10278- -__,
884
9812 102
Greenbrier Ry 1st gu 4s
1950 A 0 58
60
3
58
50
Gulf Mob & Nor 1st 531e B
8612
14 36
1950 A 0 5714 58
let mtge 55 series C
5714 81
4912
57
70
55
__ ---Gulf &S I lot ref & ter 55 ____ Feb1952 1 J
J J *5658-- --77
*565
8 66
Stamped
55
57
55
71
9212
50
Gulf States Steel deb 531e1942 J D 8714 9052 26
1952 .7 -I 10518 106
96 106
9512
Hackensack Water 1st 4s
9
31
17
1939 A 0 324 35
3218 5712
Hansa SS Lines 69 with warr
3812 10
1949 1 .1 37
3612
'Tarpon Mining 65
3612 7038
37 ---1952 F A *34
23
Ilavana Elec consol g 55
294 39
512
1951 M 5 *512
512 93
4
612 Deb 5315 series of 1926
11014 24
1999.1 1 110
Hocking Val 1st cons g 4315
91
98% 11012
38 ---25
9
.0
1:Hoe(R)& Co 1st 6315 ser A _ _ 34 A 0 *32
40
1947 M N .1212 25 1412
Holland-Amer Line 65 (flat)
1412 1818
4 96
1937 MN 943
Housatonic Ry cons g 53
12
80
82 101 14
1937.1 .1 •105--------90½
H & T C let g 58 Int guar
97 1053
4
1937.1 . 10218 1024
Houston Belt & Term let be
1
89
5
9134 103
1940 M N 8618 88
Houston Oil sink fund 5315 A
16
61
65
88
4612 97
Hudson Coal 1st s f 5s ser A
1962 .1 D 43
39
51
38
115
1949 SIN 114
Hudson Co Gas 1st g oss
3 101% 10514 115
1957 F A 8614 8812 197
flud & Manbat 1st 5s ser A
633
4
72
8912
Adjustment income bs __ __Feb 1957 A 0 3614 3712 70
27
32
505
8
11012 35 10312
Illinois Bell Telephone bs
1956 J D 110
Illinois Central 1st gold 4s
1951 1 J *10112
83
let gold 331s
1951 1 J 09812
7612
-Extended 1st gold 33111
1951 A 0 .100
--------78
1st gold 3s sterling
1951 M S *66
- - 14 29
79
Collateral trust gold 48
1952 A 0 77
-.
57
8414 56
Refunding 45
1955 SIN 81
55
Purchased lines 331e
1952 J J .6712 7612 ---56
72
Collateral trust gold 48
12
523
1953 M N 69
4
Refunding 59
1955 M N 0115 9312 24
7014
15
1936 .1 4 10012 101
-year secured 631e g
23
82
159
61
40-year 414e
Aug 1 1966 F A 50
5112
Cairo Bridge gold 48
1950 J D .9612 99
7(118
1951 .1 J 8112 83
Litchfield Div 1st gold 35
2
73%
6312
1
90
Lotilsv Div & Term g 3319 ....1953J 4 90
1951 F A *67
Omaha Div 1st gold 3.9
80
60
St Louis Div & Term g 3s
61
1951 J .1 *70
85
Gold 33
-is
6212
1951 J J *82
Springfield Div 1st g 33.48
1951 J J 08718
67
Western Lines 1st g 4s
85
10
75
1951 F A 85
III Cent and Chic St L &N 0Joint 1st ref bs series A
1963 J D 7414 76
137
55
lot az ref 431e series C
1063.1 D 6912 714 45
52%
10712 23 10114
Illinois Steel deb 4 343
1940 A 0 107
Ilseder Steel Corp mtge Os
31
3914 22
1948 F A 438
1940 A 0 .98--------8913
Ind Bloom & West 1st ext 45
4 953
4
Ind III & Iowa 1st g 48
3
1950 .1 J 953
72
Ind Nat Gas & 011 ref 5s
1936 MN *102
94
1023
4
(Ind & Louisville let gu 4s
1956 J J 01018
17
17
hod Union Ry gen Is ser A
96
1965 1 .3 •10414
104
Gen & ref be series 11
1
1965 .1 .1 104
98 4
,
Inland Steel 1st 411 ser A
79
1978 A 0 1024 1034 72
let M at 431s ser B
80
1981 F A 1024 10312 33
1966 4 .1 8112 847 771
8
tInterboro Rap Tran let 55
5612
110-year (35
225
1914
67
1932 A 0 555
50
56
Certificates of deposit
40
2014
110-year cony 7% notes
215
5712
1932 M 5 854 88
5712
84
8612 154
Certificates of deposit
Interlake Iron 1st 51313
71
72
24
50
1951 MN
lot Agric Corp 1st & coil tr IsM N 9112 9112 26
Stamped extended to 1942
52
int Cement cony deb Is
4 99
74
1918 M N 973
225
tint-Girt Nor lot (38 ser A
8 334 117
25
1952 1 IQ 297
Adjustment Os ser A
7
812
9
42
July 1952 A 0
1st 59 series 11
46
2314
1956 3 .1 2912 30
1st g Is series C
2314
2912 3112 43
1956 J J
Internet IIydro El deb 69
1944 A 0 4714 4912 178
36
lot Mere Marine a 1 6s
1941 A 0 5012 53
36
37
Internet Paper bs ser A & II
7412 116
47
1947 J .1 6818
Ref at Os series A
8 57
119
1955 M S 527
314
Int Rye Cent Amer let 65 B
3
4518
4 69
1972 M N 683
1st coil trust 0% g notes
7512 78
1941 M N
7
4918
let lien & ref 631s
72% 737
1947 F A
8
2
4312
5
lot Teiep & Teleg deb B 434,
57
60
1952 .1 J
182
37
Cony deb 4345
1939 .1 .1 65% 6712 223
42
Debenture Is
40
4 62% 279
1955 F A 603
Investors Equity deb 59 A
9712 16
1947 .1 D 97
404
Deb 5.9 ser 13 with warr
1948 A 0 *9611
82
Without warrants
97
1948 A 0 97
9
82
:Iowa Central let be ctfs
914
10
1938 1 14
19
3%
1st & ref g 4s
218
210
1951 M 8
2
14
James Frank & Clear 1st 45
8114
1959 J D 81
7
66%
Kal A & OK lot gu g be
1938 .1 1 *5612 99
Kan az 51 1st gu g 45
1090 A 0 97
1
97
31C C Ft S & NI Ry ref g 45
1936 A 0 3618 3314 18
Certificates of deposit
A 0 35
38
6
1957 J J 108
K C Pow & Lt lot 431e ser B
10814
6
let mtge 4145
1961 F A 10912 110% 69
Kan City Sou 1st gold 3s
1950 A 0 743
4 76
72
Ref & impt bs
Apr ____1950 .1 ..1 691, 733 181
Kansas City Term 1st 48
1960 1 J 10312 104 4 103
3
Kansas Gas & Electric 431e
1980 J D 9712 99
17
Karstadt (Rudolph) 1st Os
1943 M N 301
. 3012
2
Certificates of deposit
21
27
36
Keith (13 F) Corp lot Os
, 644
1946 M S 6412
5
Kelly-Springfield Tire (ls
1942 A 0 3712 4012 18
Kendall Co 531s
1948 SI 5 1014 101% 62
Kentucky Central gold 48
1987 J .1 •1021
-__
_ _
Kentucky & Ind Term 431e
1961 J J 90 490
1
Stamped
1961 1 J 95
95
5
Plain
1961 . .1 •102
1043
4
Kings County El L APIs
1937 A 0 i087- 13*
Purcbase money 69
1997 A 0 143
13
2
Kings County Elev 1st g 43
1949 F A 044 95
10
Kings co Lighting 1st bs
1954.1 J 111
111
5
_
First and ref 6345
1954 J J .117
236 J D *93
Kinney (GR)dx Co 731% notes
9912 ---1936 J D 1023 10312 50
Kresge Found'n coll tr Os
8
tKrcuger & Toll cl A bs ctfs
1959 M S 24
273 311
4
Lackawanna Steel lot Is A
1950 M 5 10612 10802
1
§Laciede G-L ref & ext 55
1934 A 0 95
9514
I
A 0 954 953
55 1934 extended 10 1939
45
1953 F A 6012 62
Coll & ref 531s series C
53
1960 F A 60
Coll & ref 534s series 13
6114 25
1937 J J 10012 1013
Lake Erie & West let g 5s
4 24
1941 .1 1 *90
93 ____
2d gold 5s
1997 J D 9614 97
Lake Sh & Mich So g 334s
35
10
1954.1 .1
1118 151
Lautaro Nitrate Co Ltd 65
Lehign C & Nay s f 43121A
1954 J J 1013 102
4
9
1954 1 J 1013 102
s
Cons sink fund 431e Fier C
6
1945 M 5 0684 72 2
Lehigh ANY let gu g 45
,
Lehigh Val Coal 1st & ref el bs__ _ '44 F A 884 89
16
1954 F A 6614 70
7
let & ref s f 55
1964 F A 654 6612 14
let & ref s it Is
1974 F A 673
4 675
1st az ref s 1 Is
1
1938 J J .9612 99 ____
Secured 6% gold notes
1954 F A 10012 10112 13
Leh Val Harbor Term g' 5s
19405 .1 9814 99
6
Leh Val N Y let gu g 4 Wi
2003 M N 464 48
Lehigh Val (Pa) eons 545
41
2003 M N
5012 521
General cons 431e
15
2003 M N 534 504
General cone Is
3
1941 A 0 10618 1063
Leb V Term fly let gu g 55
4
3
r or rootnotes see pace 3617.
d
10212
70
3012
29
07
90
514
56
8134
70%
133
4
13
44
295
4
68
SO
73
80
93
118
66
1003
4
10512
774
67
1014
95
79
9
0
404
46
77
61
78
43
4
77 2
,
80
5212
64
33
3112
32
73
79
757
8
4014
44
47%
8918
:14 3
5
63 - 74
8814
63
82
6212 7958
8012 954
90 1037
8
521
4 7612
87 100
75
8312
76
90
6212 78
79
66
69
8512
67
80
75
90
1:McCrory Stores deb 634s
1941
75
7712 19
Proof of claim filed by owner ____ __
307
250 MN 9314 95
McKesson & Robbins deb 531s .
17 ____
§:Manati Sugar 1st e f 7 Sis
1942 A 0 *9
*9
20 ____
Certificates of deposit
8
20 ____
0 *65
IStinpel Oct 1931 coupon
1942 A 5
•
10
Certificates of deposit9
•
5 __
§Flat stamped modified
-i5T2
i
1012
Certificates of deposit
:Manhat KY(NY)cons g 4s --__1990 A 0 5518 6112 343
55
5814 46
Certificates of deposit
_
_ _ _14 _ _ _ 3
8 _
4
_
2d 4s
2053 l D -84
1613 rvi s
Manila Elec RR & Lt s f 5s
8
7318 73%
Manila RR (South Lines) 4s
1931, M N
1
1st ext 4s
1951- M N694 6918
62 ____
Man GB & NW 1st 3318
1941 .1 J •--.Mfrs Tr Co ctfs of panic In
1943 1 13 72 2 735
,
7
A I Names & Son 1st Os
12
Marton Steam Shovel s f 65
1947 A 0 5112 52
8012 13
Market St Ry 75 ser A _April __ IOC) Q .1 SO
43
1945 al N 768 79
Mead Corp 1st (35 with warr
1
1957 A 0 9712 9712
Meridlonale Elec 1st 7s A
9
4
1953 1 3 1023 103
Metr Ed 1st az ref 58 sec C
9412 21
1st g 4348 series D
196‘ M S 04
1950 A 0 9712 9012 47
Sletrop Wat Sew de D 5318
9
9
2
1tSlet West Side El(Chic)4.9
1931 F A
875 87
8
6134 81
10212 10814
34% 5912
95 100
75
9712
94 103
17
25
9812 10412
100 104
86 10312
1
2
2
1977 M S
8512 10312 Meg Internet 1st 49 asstd
457 ____
8
654 847 Snag Mill Mach 1st s 1 78
8
1959 1 D *25
Michigan Central Detroit & Bay
30
67
8
City Air Line 4s
1940 1 J •10214 1037 _
2712 56
92 ____
Jack Lens & Sag 33is
1951 94 5 *84
7014 88
12
99
674 8612
1952 M N 99
1st gold 3319
9214 17
197p.1 3 92
Ref & impt 43.4s series C
60
7718
1
79
Mid of N J let ext Is
1940 A 0 79
4 76
1936 M 8 10212 1023
62
9134 Midvale St & 0 coil tr s f 59
120
1961 4 D 7512 77
Milw El Ry dr Lt 1st Is B
7978 99
72
76
1971 1 .1 74
25
1st mtge 55
4412
234 1 D -----------7
1814 1Milw&Nor let ext434s(1880)
_ __
§Cons ext 4348 (1884)
1934 1 D _
25
404
H1
.4
Sill Spar & NW 1st gu 4s
1947 M 5 :107 ii
24
41
- -___
4018 69% Milw & State Line let 3318
1941 1 ..1 *58
812
--- ---07
1934 M N
403 634 :Minn & St Louis 55 ctfs
3% _--Ise & refunding gold Is
574 8212
1949 M S *3
314
Ref & ext 50-yr 5.9 ser A
1962 Q F *2
381 73
6
118
1
Q F
Certificates of deposit
454 7214
3214 56
31
51St P & SS M con g 4s Int gu __ _'38 J J
494 78
28 ____
*26
lot cons be
4312 734
1938 J 1
8
383
4
393
4
1st cons Is gu as to Int
1938.1 .1
484 66
56
7312
lot & ref 6s series A
1
1946. i *---23 --"
614 69%
i
% 193
;
25
-year 5348
1949 M S 19
73
3
72
1st ref 5345 series B
1078.1 J
82% 98
88
8 -------1,5rt Chicago Term s f 4s
98
1941 M N *773
93 ____
877 98
MissIssippl Central let Is
19495 J *81
8
4
113,
18% 12
18
1959 J .1
15
512 fMo-Ill RR let Is series A
8 90
49
6918 8814 Mo Kan & Tex 1st gold 4s
1990, D 893
7412 SO
Mo-K-T RR pr !len 5s ser A
J J 7318
1962
25
64
-year 4s series B
40
1962 J .1 62
10212 10212
26
4
3
79
Prior lien 4318 aeries D
7
97
Jan 1986 J 0 6 5
9 7 A .1 3 8 6734 50
36
533
Cum adjust 5s ser A
25% 2614 21
34
1965 F A
62 :Slo Pac 1st az ref Is ser A
.333
4
10012 10814
CerLficates of deposit
General 4s
100% 1108
814
1
'2 51
1975 M S
6212 7712
1st & ref 55 series F
1977 M 5 2512 2638 331
8
2414
624 84
24
Certificates of deposit
37
9312 1043
25% 26
1st & ref Is series 0
1978 M N
4
3
251s. 2512
7213 99
Certificates of deposit
4
19
63
.2
7 4 41
3
1949 M N
3612
Cony gold 53.4s
1012 32
43
1st & ref g Is series II
1980 A 0 2512 26
61
72
*233
4
-- - Certificates of deposit
29 4 5912
5
2512 2614 lii.
let at ref Is series I
1931 F A
19
744 102
245
2414
Certificates of deposit
904 10314 Mo Pac 3d 78 ext at 4% July ____1938 MN *7618 80 ___
73
92
80
9512 Slob & Birm prior lien g bs
99 ____
1945.1 1 .____
93
99
Small
J J .___39 --1st 51 gold 4s
104 103%
59 ____
1945.1 J *42
J, ------55 ____
122 145
Small
76
9512 :Mobile & Ohio gen gold 48
89 ___
1938 M 5 •____
i
10314 111
Montgomery Div 1st g be
1612
1947 F A
1912
108 120
Ref & Rapt 4343
3
10
1977 M 5 10
8112 106
See 5% notes
M 5 *9
113 ---8
1938
82% 10312 Mob & Mal 1st gu gold 4s
8512 ___
1991 M 5 .80
107 2734 Mont Cent 1st gu 6s
8
25
102
1937 J J 100
97 10818
let guar gold Is
15
4
1937 J J 993 100
79
974 Montana Power let bs A
34
94
1943.3 4 93
90
953
4
Deb 59 series A
9
623
4
1982 1 D 62
60
695 Montecatini Alin & Agric8
50
693
Deb g 75
12
97
97
1937 4 J
834 10134 Montreal Tram 1st & ref Is
1
1941 .1 4 9914 9914
70
95
Gen & ref 9 f .59 series A
1955 A 0 *7012 8312 ____
81
98
Gen & ref 8 f 5s series B
1955 A 0 .7012 86 ____
54 1912
Gen & ref Of 431s series C
76 ____
1955 A 0 .66
81 102
Gen & ref 5 f 55 series D
1955 A 0 .7012 79 ____
80 102
Siorrts & Co lot s f 434s
8
1939.1 .1 1007 1013
4 14
57
83
Morris & Essex 1st gu 334s
2000 J D 8918 89% 72
7912 91
Constr M bs ser A
1955 M N 9712 9912 58
40
70
Constr M 4315 series B
1955 M N 92
9212 71
424 6612 1Murray Body lot 631s
1934 J D 9318 96
21
40
674 Slutual Fuel Gas let gu g 5s
8
1942 M N 1037 10414 23
8118 97
Mut Un Tel gtd Os ext at 5
1941M N 10212 1024
3
824 10312 Names (A I) & Son_ _See Mfrs Tr__ __
834 100% Nash Chatt & St L 45 ser A
1978 F A *904
95 ____
407 68
8
Nash Flo & S 1st gu g 5a
1937 F A *10412_ ___.
45
7412 Nassau Elec gu g45 stpd
1951 .1 J 56
-- ii 41
53747% 83
Nat Acme 1st s f 60
1942 J D *85
94 1083 Nat Dairy Prod deb 534s
4
1948 F A 10212 103
270
-
Range
Since
Jan. 1
Low
91
1194
106
95
85
74
99
High
112
1304
1183
4
10012
105
98
104
9914
95
9334
9212
11212
9912
534
88
84
102
9412
92%
go
83
10112
82
604
9611
6418
115
51
105
105
1043
4
1047
8
12712
11112
684
10812
10112
108
105
105½
10412
9912
106%
101
744
10512
84 2
,
104
9712
493
4
51
50
50
5812
9
9
10
6
12
9
4218
37
284
82
574
65
594
88
95
233
4
20
20
20
20
1012
6112
5314
43
97
76
7214
70
57
41
63
47
9118
77
67
74
9
60
44
68
53
9118
77
71
80
9
773
4
61
9112
81
116
103
983
4
9912
18
14
32
17
8 214
48
78
934
873
4
84,
2
70
6138
90
57
56
65
,
6_1,
94
873
4
8412
7514
62
974
57
56
7814
65
103%
91
100
97
8518
10314
8512
85
97
25
50
6012
4
1%
2
%
1
29,
2
25
36
16
15._
51.
3
85
75
464
704
4
4
2
254
1
2913
25
38
1812
15
60
85
7612
7512
75
918
54
4,
4
434
49
4212
56
38
34
80
88
93
12
67
%
584
51
14
757
s
70
61
631s
324
20
22
4612
53
9
712
612
6
12
35
35
82
27
20
1912
20
20
6
20
.
22
20
20
69
%
26
93 8
3
9112
79
83%
6212
39
35
818 208
3814
20
194 35
20
38 2
,
20
34
6
16,
2
20
38,
2
34
22
20
3812
20
34
7214 89
85
82
46,
2
44
30
14,
4
7
8
70
87
7914
77
6012
85
82
48
55
99
1434
73
4
8
78
877
8
81
794
53
87%
88
703
s
g
723
634
70%
82
70
77
65
%
83
95
893
5
90
9812
9512 1033
7418 82,
4
74
74
7212 76
33
85
8412 1013
4
745 895
4
8
77 103
975
8
73
86 100
95 10512
97 10311
78
91
52 2
,
6512
744
8212 9512
99 100
5212 6254
6511 36
7812 103
524
37
20
22
8'8
93
91
60
SO
9912
27
21%
23
86
10314
102%
10012
813
4
-
New York Bond Record-Continued-Page 5
3616
BONDS
N. Y. STOCE EXCHANGE
Week Ended Dec. 7
Week's
July 1
ii
Range or
1
1933 to
zi... ..
Friday's
1 Nov.30
gcr. Bid & Asked CC1,
Z 1934
E.:3
Range
Since
Jan. 1
High No
Low Low
Low
High
Nat Ry of Mex pr lien 450
1957 J J
Assent cash war rct No 4 on ---------354
414
9
112
24 638
Guar 4s Apr '14 coupon
7 A
412 _
Assent cash war rct No 500
*33
8
634
112
215
Nat RR Mex pr lien 448
1926
Aisent cash war rct No 4 on
234 93
8
.
---o 634 634 5 2
1st consol 48
15Ei A
Assent cash war rct No 4 on
414
44
5
15
8
2
84
Nat Steel lot cell 58
149
85
1956 A 0 106
107
91 107
Naugatuck RR Isle 48
1954 811 N *68
Newark Como! Gas cons bs
3 10112 103 11312
1948 ..I D 1123 11312
4
Newberry (ID Co 54%
34
'40 A 0 104
8212
8813 105114
105
New England RR guar Is
1945.1 J *
notes82
7718
7718 9212
Cense! guar 48
1945 J J *
85
7214 613
8
66
New Eng Ti & Tel Is A
1952 J D 1145 1155
8
8 13 1043
8
8 10512 1155
1st g 454e series B
112
49
1961 M N 111
9914 101 112
N JJunclJon RR guar 1st 45
1986 F A *9112
8212
8212 92
NJ Pow & Light 1st 4 4s
6912 933
6812
4 9312 55
1960 A 0 913
4
New On Great Nor be A
3
5112 54
1983 J J
5612
5112 77
54
7512
NO & NE 1st refatimpt 4)46 A _ _ _'52 J J 55
55
1
53
New Orl Pub Serv 151 Is A
1952 A 0 5512 58
45
38
414 65
8 60
First & ref be series B
1955 J D 555
38
8 573
4034 85
New Orleans Term 1st gu 48
1953.1 J 827
8 83
26
573
4
623 90
4
:N 0 Tex & Mex n-e Inc be
1935 A 0 •
21
4
1214
16
293
Ilst 513 series B
1954 A 0 2112
2312 23
14
175 32
8
1st Is series C
1958 F A *2314
25 ---144
/814 33
let 4)4s series D
1956 F A
22
223
4 24
1418
1514 3112
lot 554q series A
2312 24
1954 A 0 2212
1412
174 33
104
N & C Bdge gen guar 454s
1945.1 J 104
1
92
97 10410114 18312
NYB&MBletcongbs
1935 A 0 1023 1023
4
4
6 101
NY Cent RR cony deb 65
23
1935 M N
69
9214 93
83 101
Cony secured 65
4
1944 Ni N 11014 1133 354 1093
3
4 109 4 11812
Cense! 95 series A
8514 867 167
1998 F A
64
8
73 8 9012
3
Ref & impt 445 series A
2013 A 0 5814 6012 93
525 75
8
51
Ref & inept 58 series C
2011 A 0 6314 6678 191
58
5814 82
NY Cent & Ilud Ely NI 34s __ _ _1997 J ./ 9314 9412 54
8
7915 96
737
Debenture 4s
1942.7 .1 94
95
20
67
8018 99
Ref & impt 434s ser A
5812 8012 171
2013
51
5212 75
Lake Shore coil gold 345
8478 865
8 56
1998 F A
64
6918 8811
Mich Cent coil gold 34s
34
65
83
85
1998 F A
88
71
NY Chic & St L let g 45
8 42
1937 A 0 10014 1003
77
8518 101
Refunding Ills series A
114
4312
71
1974 A 0 6858
5512 803
4
Ref 4)4s series C
8
3634
474 70
1978 NI S 5918 607 269
111
4112
49
80
3-Yr 6% gold notes
1935 A 0 6512 70
NY Connect 1st gu 4448 A
1053
4 17
9212
4
1953 F A 105
98 1063
1953 F A *10714--------99
1st guar 58 series B
101 10712
N Y Dock let gold 4s
58
59
9
1951 F A
4112
483 87
4
44
Serial 5% notes
37
1938 A 0 41
30
37
58
NY Edison 1st & ref 644e A
11412 29 1081s 10912 115
1941 A 0 114
1st lien & ref be series B
8 31 10212 10512 11014
1944 A 0 10914 1097
1st lien & ref Is series C
31 1023
8
4 10512 110
19511A 0 1093 110
N Y & Erie-See Erie RR.
1
NY Gas El Lt 11 & Pow g ba
19481 D 11614 11612 24 10118 107 11612
Purchase money gold 43
63
95
9912 108
1949 F A 10712 108
NY Greenwood L gu g 5s
1946 M N .8118 85 - 81
88
68
NY & Harlem gold 34s
.--2000 M N *92
8314
86
9514
N Y Lack & West 48 ser A
9254
923 9812
9712 9812 65
4
1973 M N
43413 series B
1972 M N 10312 10312
8912 100 10412
1
--------7513
NY L E & W Coal & RR 54e ____'42 M N *91
7512 95
NY L E & W Dock & Impt be ____'43 3 J *10158 105 ---87
87 10112
N Y & Long Branch gen 48
__ ---9512
9512 101
1941 M S •101
N Y & N E Boat Term 418
.-1939 A 0
NYNH&Hn-cdeb4s
1947 FA 8 *____
Non-cony debenture 34e
1947 M 8 3714
Non-cony debenture 34s
1054 A 0 37
Non-cony debenture 4s
1955.7 1 42
Non-cony debenture 45
403
4
- 1956 M N
Cony debenture 334s
37
1956.7 .1
Cony debenture 88
51
1948 J J
Collateral trust 68
1940 A 0 63
Debenture 48
2918
1057 M N
lot & ref 44e ser of 1927
1907.1 D 44
Harlem R & l't Ches 1st 4s
94
1954 FA N
NYO&Wrefg 42
June 1992 51 S 6038
General 48
1951.7 D 51
NY Providence & Boston 4s
1942 A 0 *95
NY &Putnam 1st con gu 48
1993 A 0 83
NY Rys Corp Inc _ _Jan __ _1965 API
75
8
Prior Hen Os series A
1965 J J *7512
8sNY St Richm Gas let Os A
1951 M N 10812
IN Y State Rys 450 A etre
1962 ---*24
64e series B certificates
1962 -,._
*13
4
N Y Steam Os series A
1947 M N 10878
1st mortgage 5s
1951 al N 105
1st mortgage 55
1958 51 N 10512
NY SUSQ & West 1st ref 58
1937.7 J 61
2d gold 44s
4712
1937 F A
General gold Is
4712
1940 F A
Terminal 1st gold Is
1943 M N *9618
NY Telep 1st & gen s f 445
1939 M N 1083
4
N Y Trap Rock 1st Os
1946.7 D 53
NY Westch & B let sent 434s___'40 .1 1 32
Nlag Lock & 0 Pow 1st 58 A
1955 A 0 10312
Niagara Share(Mo) deb 545 --1950 m N 635s
53
NorddeutscheLloyd 20-yr s f 68._ _'47 NI N
New 4-8%
3878
1947 51 N
Nord fly ext sink fund 84e
1950 A 0 16814
*)Norfolk South 1st & ref Is
1981 F A
1612
Certificates of deposit
1812
1941 M N
11Worfolk & South 1st g Is
3578
N & W Rs 1st cons g 45
1996 0 A 10754
Div'l 1St lien & gen g 4s
1944 .1 .1 1065
8
Pocah CA C Joint 43
1941 2 D 10818
North Amer Co deb 55
8338
1961 F A
No Am Edison deb Is ser A
1957 IN S 280
Deb 54s leer B
Aug 15 1963 F A 83
Deb be ser C
7414
Nov lb 1969 M N
North Cent gen & ref Is A
1974 M 8 *107
Gen & ref 44s series A
1974 M S 010412
Worth Ohio 1st guar g 58
1945 A 0 s____
Ex Apr'33-Oct'33-Apr'34 cpne-__-*___
Strnpd as to sale Oct 1933. &
•
Apr 1934 coupons
Nor Ohio Tract & Lt 8e A
1947 M S 104
North Pacific prior lien 48
1997 Q i 9958
Gen Hen ry & Id g 35Jan __2047 Q F 693
4
Ref & Impt 4548 series A
8618
2047 J J
Ref & Impt 6s series B
2047 J 1 9814
Ref & impt bs series C
2041.7 1 92
Ref & kept .55 series D
2047 J .1 92
Nor fly of Calif guar g Is
1938 A 0
Nor States Pow 25-yr Os A
1941 A 0 103
1st & ref b-yr fie ser B
1941 A 0 10512
Norweg Hydro-El Nit Ills
1957 NI N 85
Og & L Cham 1st gu g 4s
Ohio Connecting fly 1st 4s
Ohio Public Service 74s A
1st & ref 7s series B
Ohio River RR 1st g 5s
General gold As
:Old Ben Coal 1st 6s
Ontario Power N F let 5s
Ontario Transmission 1st 5.9
Oregon RR & Nay corn g 43
Ore Short Line 1st cons g 53
Guar stpd cons be
65
49
__
____
4218
35
31
3918
37
31
47
5612
2614
393
4
82
5212
45
81 18
6614
4
56
96
114
118
98
90
9112
4014
43
313
4
723
4
1024
4558
27
90
48
38
38
10512
5
4
1414
91,
4
973
4
96
6118
55
56
54
08
88
35
353
4
19
5
71
344
747
8
76
5012
60
6812
64
61
99
89
93
884
1948 J -1 50
507
8
2
1943 NI S •101
2
1948 A 0 10814 10814
7
1947 F A 10612 10714
2
1936 J D 10412 10412
2
103
1937 A 0 103
1212 ____
1944 F A •1112
8 11
1943 F A 10914 1095
8
3
1945 MN 11138 e1113
1948 J D 1055 1053
8
4 10
1946.7 .3 11212 113
22
19403 .1 *11218 114
89
78
90
87
10
99
9412
834
100
995
8
For footnote see page 3.117.
-s
407 ____
8
378
8
3
373
4 17
1
42
42
28
3814 16
55
54
647g 27
3112 21
4512 102
94
5
62
114
5212
6
- ---4
-8412
9
53
7714 10812 10
27s ---3
109
13
1055
8 12
1055
8 14
6314 19
4712
1
48
5
100
10914 30
53
4
3412 60
10414 21
05
19
53
11
3818
9
1687
8 35
1714
6
17
6
36
3
1087
8 3
3
108
34
107
6
8512 47
8112 19
85
29
101
76
487 _
8
10412
0
101
269
707 132
8
8712 35
100
78
9212 18
9212 97
10312
1063
4
86
4512
Dec. 8 1934
, July 1
Week's
r.
:3 Range or1 I 1933 to
Range
Friday's
s_ Von. 30 Since
it
e5
1934
.,a. Bid & Asked
Jan. 1
--Low
Mph WO
Low Low
MA
Ore-Wash RR & Nay 4s
834 10158
1013 139
8
7714
1961 J J 100
1963 M g 65
isi
58
6512
20
94
6812 22
9
5
Oslo Gas & El Wks extl 55
694 95
28
Otis Steel 1st mtge Ore ser A
70
2
25
25
Pacific Coast Co 1st g bs
404
1946 J D 3712 3712
9 1
1063
Pacific Gas & El gen dr ref be A
4 30, 9812 10012 10712
_'42 J J 106
96
21 64
1936 M 8 955
67
8 9538
Pacific Pub Serv 5% notes
80
874 1003
9918 993
4
Par. RR of Mo 1st ext g 48
4 17
1939 F A
1938 .5 j *9612 9712 ____
84
84 10012
2d extended gold 55
10718 15 10314
Pacific Tel & Tel 1st Is
10414 10812
1937 1 J 107
10518 11112
Ref mtge Is series A
3 10414
1952 M N 11012 111
Paducah & his 1st s f g 448
93
1003 10512
4
1955 J J *9712 10514 ---,
3, 2518
255 4712
8
I4Pan-Am Pet Co(Cal)conv as__ _240 ..1 D 413
4 42
4112 321 25
-__
28
40
483
Certificates of deposit
4
1951 J .1 43
4412 541 2718
30
47
Paramount-B'way 1st 54s
..... *44
30
47
47 ---Certificates of deposit
2712
:Paramount Fam Lasky 63
1947
5912 8112 89
1Procd of claim flied by owner
2918 6112
2258
j D
593
8 61
135
15
Certificates of deposlt
2812 6114
:Paramount Pub Corp 54s
1950 F A
IProof of claim filed by owner
127
____
5912 6112 130
8
294 6112
6114 407
14
___
59
Certificates of deposit
29
6112
Paris-Orleans RR ext 54e
8
4 85 10414 12314 16212
1968 IN S 1573 1583
934 2212
Park-Lexington 64e etre__
1
8
1414
1414
1953
1944 -- *2512 32 _ _ _ _
14
A0
14
Parmelee Trans deb Cis
3512
Pat & Passaic 0 di E cons 58
10312 111,
-- ---:. 102
1949 M 9
2
9912 9912
Bathe Excl.' deb 75 with warr__
.3
1937 M N *110-85 100
7358
mi.
50
453
4
2
Paullsta fly 156 ref s f78M S 9112 9112
Ni S *10114 ____ ____
94
Penn Co gu 34s coil tr A
94 10118
1 93172 F A *9918 --------8158
1 994 1
Guar 348 coil trust ser B
943 100
4
4
---Guar 34s trust ctfs C
833
4
86
993
4
1942. D *973
7
4
Guar 34s trust etre D
8112
883 99,
4
1944 2 D 0973
2
99'2
85
Guar 45 ser E trust Ws
8418
99
5
1952 IN N 9914 .4
Secured gold 44s
82
853 10412
4
1963 Ni N 10418 10412 43
Penn-Dixie Cement let Os A
8 16
55
77
1941 M S 7112 727
63
10312 24
78
Pa Ohio & Del let & ref
85 10334
_ _17 A 0 103
2 10158 1013 10212
448 series B
4
1981 1 J 10212 10212
448A994
79
753
4
1981 A 0 9734 9834 143
Pennsylvania PAL 151 4148
1943 M N 106
5
106
983
4
101 1081 1
Pennsylvania RR cons g 45
1948 PA N 1073 1075
9412 100 108
8 23
8
Coneol gold 4s
48 sterl stpd dollar May 1
4
2
9938
994 1073
4
1948 FA N 10712 1073
11318 31
Consol sinking fund 44s
0812 103 11358
1980 F A 112
8838 10411
803
3
General 44s series A
1965 1 D 10314 10414 03
8
1968 J D 1083 1095 145
873
974 110
s
General Is series B
8
77 1111
1033 10712
4
Secured 64e
4
1936 F A 1053 106
58
81
914 105
Secured gold 55
1984 M N 10418 105
9212 174
66
7814 927
8
Debenture g 4 338
1978 A 0 01
834 9911
9914 146
1981 A 0 08
General 44s series D
753
4
9112
Gen tntge 44s ser E
9712 9812 257
9112 984
1994 J J
11114 41 100
Peep Gas L & C lat cons Os
1007 11212
8
1943 A 0 110
80
94
83 10314
Refunding gold be
1947 NI S 9812 100
8184
Peoria & Eastern 1st cons 4s
17
50
57
1940 A 0 71', 75
Income 45
712 14
612
454
512 194
April ____1990 Apr
Peoria & Pekin Un let 548
854 10912
3
8312
1974 F A 10012 10214
51
Pere Marquette 1st ser A ba __ _1956 J J 827
62
5812 90
8 86
1956 5 2 7112 74
50
1st 45 series B
48
5014 7812
8 62
514 81
1st g 41 series C
48
-Is
1980 1ka 8 7212 777
Phila halt .ix Wash 1st g 43
987
8 10012 10734
4 15
4
1943 M N 1073 1073
1974 F A •10934 --------952 100 111
1
General Is series B
General g 44s series C
924 10512
4
87
5
8
1977 1 J 1043 105,
16 1003
1981 J D 10414 105
4
4
1003 105
General 4 3-4s series D
6114
Phila Co sec 58 series A
633 924
4
1967.1 0 8514 8612 IN
1967 Ni N 10812 109
PULL Elec Co 1st & ref 44e
5 100
1013 109
4
44
197i F A 10414 105
893
8
9314 105
1st & ref 45
5034 74
Phila & Reading C & I ref 5
79
485
8
8
1973 1 J 6912 74
5518
Cony deb (Is
39
311
1949 M 9 5012 5213 159
6
2318
2212 31 14
1917 J J 2212 25
Philippine fly 1st s f 4s
1939 J D 1017 10212 119
894 10212
8
844
Phillips Petrol deb 54s
25 1021 1
Pillsbury Flour Mills 20-yr Os
243 A 0 10812 109
105 1094
9912 100 10512
Pirelli Co (Italy) cony 75
1952 M N 10512 10512 11
4
6 100
1014 1083
4
Pitts C C& St 1. 41 A
-Is
1940 A 0 10812 1083
102 109
Series B 44e guar1042 A 0 *10878 ____ ____ IN
____ ____ 1003
4 103 10858
Series C 448 guar
1942 51 N *109
1945 NI N *10512 _--- ---9918 10414
9418
Series D 4s guar
98
8 ___. ---Series E 345 guar gold
8912
98
1949 F A *993
1953 J D
99 1033
___ ---r
4
Series F 4s guar gold
9618
99 105
1957 NI N *1042
98
105
105
Series 0 4s guar
- ---Series H cons guar 4s
1960 F A
9618 10212 10512
10034 109
99
1963 F A *10314--- ____
*10814 11012
Series I eons 414s
2
9012 1015. 109
109
Series .1 cons guar 448
1984 MN 109
94 110
1970 J D 10912 1097
863
4
8 21
General NI 58 series A
9438 110
8514
10914 15
1975 A 0 109
Gen mtge 6s ser 13
843 10312
4
A .1
10312 38
Gen 448 series C
75
1977 J 0 103
103 103
97
110 ____
*106
Pitts Sh & L E 1st gIs1910
1943 J J *101__.......
1st cense] gold Is
- 04
Pitts Va & Char 1st 48 guar
1043 M N *10112 1074 ---56
Zii 16;
7012 ____
19551J D *60
Pitts & W Va 1st 4545 ser A
793
8
52
60
62
15
1958 A 0 60
1st NI 43 series B
-Is
80
56
523
4
6314 40
let Nf 44s series C
1980 A 0 561s
9414 100
923
4
. ____
Pitts Y & Ash 1st 4s ser A
1948 1 D
97
101 10912
1
10918 10918
1st gen Is series B
1962 F A *101-_95
69
8
61,
4
Port Arthur Can & Dk Os A
1953 F A *8218 855 __
8912
1953 F A *82
613
70
.
.
92
1st mtge Os series B
Port Oen Nice let 44a sec C _ 1960 NI S 50
51'2 99
37 3
'
39
5754
4512 5314
4512
be assented
1957 ---7 4912 5034 51
9512
1935 J J 596
78
9912 ---75
Portland Gen Elec 1st Is
3215 574
43.
2814
4114 22
Porto Rican Am Tob cony Os -_' 7 J 40
63
37
37
1953 J J 4214 4612 715
Postal Teleg & Cable coil Is
681s
40
40
5012 ____
1:Pressed Steel Car cony g 5s__ _1933 1 2 *40
50
37
40 ____
1957 M N *21
37
Providence Sec guar deb 4s
2
__ ____
8112
814 91,
Providence Term 1st 4s
1956 M S 4,
,
J D 108
85-10812 22
9818 10012 10812
Pub Serv El &0 1st & ref 44e
_'67
1976 F A 310812 10812
100 10812
97
5
1st & ref 44s
93 106
10534 23
8814
1st & ref 4s
1971 A 0 105
904 1004
1937 F A 10018 10034 106
87
Pure Oils f 5 Si% notes
92
87
997
8
8
13 f 54% notes
1940 M 9 9812 997 149
7814 97
8112 95
784
Purity Bakeries s f deb Is
1948 J J 80
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7
4218 65
35
8012
31
58
394 8412
37
64
31
5978
47
877
8
5612 8918
2614 58
393 704
4
8354 997
8
5712 71
684
50
90
953
8
717. 873
4
618
11
78
83
4
98 1083
1 15 5
212 412
10214 11012
985 10858
8
973 10612
8
60
76
43
5812
3834 5812
8258 9812
103 10912
47
83
27
5914
90 106
724
60
454 73
364 49
128 17114
8
25
754 22
1414 40
4
983 10912
10018 1083
8
99114 107
634 913
4
61
91
95
82
5618 8784 :Radio-Keith-Orpheum pt pd ctfs
35
_ ____
,- _
for deb 6s & com stk (05% pd)
15
3612
8
34
1Debenture gold Os
0912 10618
1941 2 b *40--73
9834 25
Reading Co Jersey Cent coll4s_ 251 A 0 98
35
60
79
8
Gen & ref 44s series A
1997 1 J 1045 10512 66
353 64
4
7914
4
7
Gen & ref 448 series B
1997 2 J 1043 10518
93
343 52
8
Remington Arms let g f Os
1937 M N 10114 10112 45
9918 100
159
63
747 10514 Rem Rand deb 54s with wan' _ _247 M N
5
1941 M N *108
Rensselaer & Saratoga Os gu
83 101
---16
11
102 4
-- -3Repub 1 & S 10-30-yr 58 s f
60
71
1940 A 0 102
8112
9014
Ref & gen 554s series A
73
1953 . . 9712 On 66
1 1
76
Revere Cop & Brass Os ser A
8 34
83 103
1948 M 9 10612 1075
2612
764 9712 Rbelnelbe Linton a f 78
15
3212 34
1948 i J
25
2818 314 13
Rhine-Ruhr Water series 68
754 97
1953 1 J
3614
1
1950 NI N 40
40
Rhine-Westphalia El Pr 7e
100 100
4
345
375
8
3912 42
Direct mtge Os
1952 M N
894 10512
35
375
8 3912 12
Cons mtge Os of 1928
9414 1077
8
1953 1.' A
33
3912 16
Cone M 68 of 1930 with warn - -'55 A 0 37
7718 90
3318 58
20
3014
1:Richfield Oil of Calif Cle
1944 M N
1912
PA N
3014
3312 98
48
72
Certificates of deposit
1948 51 N *4012 55 - 38
Rich de Meek 1st g 43
--------99
89 110
Riches Term Es' let gu 58
1952 1 J 5105
45
1955 F A *Ws 10 --_
78 108
Rims Steel 1st a f 78
1939 J 0 *8712 923 ---100 1043 Rio Grande June 1st gu 58
4
4
70
*12
4 __
1 14
1940 J 1
:111.2 Grande Sou 1st gold 48
89 104
23
Guar 4s (Jan 1922 coupon).._ 1940 .1 J ------------1
10
66
11
1939 ..I J 8212 84
101 11014 Rio Grande West 1st gold 45
40
18
4 45
1949 A 0 433
101 1113
1st con & coil trust 45 A
8
06
92 1653 Roch GAB gen Ni 648 ser C
248 ‘1 S 10914 10912 11
4
80
I
107
197751 S 107
10414 11312
Gen mtge 44s series D
8912
1962 M El 10612 10714 16
10411 115
Gen mtge Is series F
37
35
1814 41
81
983t
86 10512
8612 10518
9612 10312
76 100
-- -- ,85 14
12
997
8
74
8
80 1075
73
2612
25 8 5612
3
364 734
3512 71
71
35
3558 71
2114 36
3514
20
43
39
4
993 10314
5414 63
9633
73
---- ---68
937s
67
40
997. 110
88 107
94 10814
3617
New York Bond Record—Concluded—Page 6
BONDS
N Y STOCK EXCHANGE
Week Ended Dec. 7
.0
Low
1934 M S 1212
1It
11 I Ark & Louis 1st 434s
1945 A 0 13318
Royal Dutch 4s with warr
1948 A 0 *
Ruhr Chemicals 1 6s
1949 J 1 *4214
-Canada lot gu g 4s
Rut
194 J 1 •45
Rutland let con 414s
1947J J 102
&Joe & Grand laid 1st 48
1941 M N 110
St Joseph Lead deb 5345
93
1937 MN
Jos Ry Lt lit & Pr 1st 5s
St
1996 J 1 82
St Lawr & Adr 1st g 55
1996 A 0 •
2d gold 6s
8t Louis Iron Mt & Southern—
1933 M N 63
§Riv & G Div 1st g 4s
*5712
Certificates of deposit
1948 3 J
55
St L Poor & N W 1st gu 5s
1955 3 J •5112
St L Rocky Mt & P 5s stpd
1950 J .1
1412
:St L-San Fran pr lien 4s A
1412
Certificates of deposit
1950 J J
15
Prior lien 55 series B
1318
Certificates of deposit
1978M S 12
Con M 4%a series A
8
113
Ctrs of deposit stamped
7412
St L 9 W 1st 414 4 bond ctfs _ _1989 MN
Nov 1989 J J
55
2s g 4s Inc bond ctfs
1952 J J 517
8
1st terminal & unifying 5s
1990 3 J 40
Gen & ref g 5s ser A
1937 J J
74
St Paul City Cable cons 5s
1937 J J •76
Guaranteed 55
1968 1 D 98
8t P & Duluth 1st con g 4s
1947 J J
8t Paul E Or Trk 1st 410
1941 F A
1534
St Paul & K C Sh L gu 4145
1943 J J 106
St Paul Minn & Man 5
1937 J D 10112
Mont ext let gold 4
8
1940 J J 100
tParific ext gu 45 (large)
1940 2 J
4s small
1972 J J 113
St Paul Un Dep 5e guar
8 A az Ar Pass 1st gu g 48
San Antonio Publ Serv let 6s
Santa Fe Pres & Phen 1st 5s
Schulco Co guar 6145
Stamped
Guar s f 6%a series 13
Stamped
Scioto V & N E 1st gu 4s
:Seaboard Air Line let g 43
Certificates of deposit
'Gold 4e stamped
Certife of deposit stamped
Oct
Adjustment 5e
§Refunding 4s
Certificates of deposit
1st & cons 65 series A
Certificates of deposit
lAtl & Birm 1st g 45
:Seaboard All Fla es A etre
Series 11 certificates
Sharon Steel Hoops f 5348
Shell Pipe Line s t deb 55
Shell Union 011 s f deb 5s
Deb 55 with warrants
Shinyetsu El Pow lst 6 He
Siemens & lIalske s f 7s
Debentures 1 634e
Sierra & San Fran Power 5s
Silesia Elec Corp s f 6148
Silesian-Am Corp coil tr 7s
Sinclair Cone 01174 ser A
let lien 610 series B
Skelly 011 deb 514e
Bo & No Ala cons gu g 5s
Gen cons guar 50-year 5s
J
7912
J 99
S •107
J *32
•32
1946 A 0 •35
36
1989 M N •1075
8
1950 A 0 *1612
17
A 0 18
1950
A 0 17
1949 F A
318
712
1959 A 0
*67,
1945 111 5
912
8
1933 M S 16
AO
1935
312
1935 FA
378
1948 FA
76%
4
1952 MN 1033
1947 MN 1023
8
1949 AO
1952 JO 8414
1935 22 5412
1951 M S 41
1949 F A 1007
8
1946 FA
29
A 52
1941
1937 MS 1023
4
1938 JD 10312
1939 M
4
953
FA •1045
1938
8
1983 AO *112
1943 .1
1952 1
1942 M
19463
Hlo/i No.
6
1312
6
13314
8
435 8
497
51
1
102
1114 35
9312 12
12
83
85
55
55
1513 66
1518 27
1614 32
5
15
4 53
133
4
123 118
15
76
3
55
23
8
527
4118 10
7
76
79
2
98
5312
1714 49
10612 44
20
102
3
100
113
4518
52
53
37
12
11
12
11
978
8
97
51
4112
43
3612
45
8
457
84
45
15
9218
86
85
98
96
78
47
55
70
8
947
3554
38
-- —
2613
40
29
42
5
30
30
90
24-12 ---,; 1538
16
17
1212
5
18
1014
2
17
3
318
8
8
29
5
5
6%
10% 76
912 Ill
514
10
6
1614
26
4
8
23
415
214
35
78 "
86
10418 86
78%
1034 47
79
58
8412 10
65/2 29
39
36
29
42
14
86%
102
26
321, 36
33
521; 17
8
,S, 1007
5
103
8
987
1041,
80
971; 73
98
89
83
100
1047 AO 5512
Tenn Cent 1st es A or B
1951 J 2 114
Tenn Coal Iron & RR gen 55
____1944 MS 8513
Tenn Copp & Chem deb 134
1947 J D 87
Tenn Hee I ow 1st Os ser A
1939 A 0 10818
Term Man of 9t L 1st g 4348
1944 F A *11012
1st cons gold 55
1953 J
8
997
Gen refund s 2 g 45
A 93
1050
Texarkana Az Ft S gu 534s A
1944 A 0 103
Texas Corp cony deb 58
1943 J 2 84
Tex dr N 0 con gold 5s
D 11118
2000
Texas & Pac 1st gold 55
1977 A 0 8512
Gen & ref 5s series B
1979 A 0 8513
Gen & ref 55 series C
D 85
1980
Gen & ref 5s series D
1984 M S 8614
Tex Pac-Mo I ac Ter 514s A
4
1960 J J 543
Third Ave Ity let ref 45
8
Adj Inc 5s tax-ex N Y_Jan __A960 A 0 267
1937 J .1 101
Third Ave RR 1st g 5s
2022 M N 10618
Tobacco Prods(NJ)634s
1955 M S 87%
Toho Else Power 1st 75 A__
Tokyo Elec Light Co Ltd
1953 J D 7714
1st 65 dollar series
1935 J J •101
Tol & Ohio Cent 1st gu 5e
1935 A 0
Western Div let g 58
5
1935 J D •100T4
General gold 58
8
1950 AC) 857
Tol St LAW 151 48
1042 MS '102
Tol W V & Ohio 48 ser C
ham & Buff 1st g 4s — —1948 J D 053
Toronto
1949 M S •11118
Trenton 0 & El 1st g 5s
1943 M N 68
Truax-Traer Coal cony 61411
4
983
1940 MN
Trumbull Steel 1st s f 63
85
1955 MN
Tyrol Hydro-Elec Pow 7144
1952 FA 80
Guar sec s f 7e
1945 M 8 8718
UJigawa Elec Power s f 75
1957 A 0 10812
Union Elee Lt & Pr (Mo)59
1954 1 3 10217
UnE 1.& P1111) let g 514s A
10912 84 10312
6014
8218
1
_9
46
‘
67% 5
55
77i4 255
44
57
as
135
43
6434
42
6414 297
8018
45
100
100
95
212
6018
99%
9912 --96
74
4514
58
65
60
3
54
73
4212
104
634
10214
96
62
14
31
31
98%
10318
4
583 190
77
26
58
80
1
89
8112 20
10178 - - - 5
59
110% 12
8
4
4
1023 285
10312 109
9612 10
4714
47
1123
4
57
114
86
8912
1083
4
8
1 -1
95
1031
841
11214
8
877
87118
871
8812
58
2814
10112
10874
8814
Range
Since
Jan. 1
LOW Low
High
972 25
9%
90% 10213 14214
7412
44
3018
47
4312
72
51
78%
50
8314
86 103
4 10514 114
1053
9614
72
70
9514
6414
77
70
4
797 93
6714 289
South Bell Tel & Tel 1st 5 f 5s __'41
.1 109
Southern Colo Power es A
1947 J
82
So Pac coll 4s(Cent Pac coll)
1949 3D 65
let 414ti (Oregon Llnes) A
1977 MS 7412
Gold 41§8
1968 M
4
623
Gold 43.4s
1969 MN 63
Gold 414s
1981 MN 62
AO 9915
San Fran Term let 4e
1950
So Pac of Cal 1st con Cu g 54
1937 MN •1053
8
So Pac Coast 1st gu g 45
1937 J J *100
So Pao RR 1st ref guar 4s
1955 J J 894
*89
Stamped (Federal tax)
1955 J
1994 J J 9812
Southern Ry let cons g 5s
Devl & gen 48 series A
1956 AO 56
Devl & gen Os
1956 AO 7314
Devl & gen 614s
1956 AO 78
blem Div 1st g bs
1996 32 89
1951'3 8112
8t Louis Div 1st g 4s
East Tenn reorg lien g 5s
1938 M S
Mobile & Ohio coil tr 48
1938 M * 59
1954 F
S'west Bell Tel let & ref 55
11012
1955 J J
:Spokane Internat 1st g 55
712
Stand 011 of NJ deb 54 __Deo 15 '46 FA 10212
1951 JO 103
Stand 011 of NY deb 4348
1943 3D 9612
Staten Island Ry 1st 4348
IfStevens Hotels es series A
1946 J J •13
f(Studebaker Corp 8% notes ____'42 JO 453
4
45
Certificates of deposit
Sunbury & Lewiston 1st 4s
1036 J 2•10114
D 11218
1951
Syracuse Ltg Co 1st g 55
July 1
1933 to
Nor. 30
1934
Weeks'
Range or
Friday's
Bid .1 Asked
10
5
4
60
9
4314
10118
60
5412
99
98
36
71
37
6414
168
0312
2
64
30
82
34
55
5312
52
96
54
7
87
102
38
157
8
215
11
8514
93
97
4
7014
k
777 106
1013 - - -4
10214 ---10112 --- 4
87
5712
9118
91
83
60
953
5
114 ---70
12
60
99
8712
8
7
8318
87'z 10
10634 13
13
107
8
1015
35
6712
4512
4318
6918
8
943
9914
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 7
1§
.
Week's
Range or
Friday's
g
Bid .1 Asked
Low
1945 A0 *1012
(Union Elev Ry (Chlo) 5s
May 1942 FA 11512
Union 011 30-yr 68 A
4
Apr 1945 JD 1033
Deb 55 with warr
4
Union Pac RR 1st & Id gr 4s __1947 J J 1063
10214
June 2003 Si
1st Lien & ref 4s
1967 ii 10314
Gold 4)48
June 2008 MS 11518
1st lien & ref 5s
1968 ID 9914
Gold 48
4
1942 MN 1053
United Biscuit of Am deb ea
86%
1953 M
United Drug Co (Del) 5s
4
1944 MS •1073
U N 3 RR & Can gen 4s
4
1934 J J 253
((United Rya St L 1st g 4s
1947 J J 9012
U 8 Rubber 1st & ref Meer A
1937 MN *98
-year 65
United S8 Co 15
1951 ID 3212
Un Steel Works Corp 6148 A
8
1951 ID 4333
Sec. s t 6344 series C
1947 13 31
Sink fund deb 634e ser A
1951 AO 111
Un Steel Works (Burbach)78
Universal Pipe & had deb es __ _1936 JO 22
1953 AO 36
Untereibe Power & Light es
1944 AO 62%
Utah Lt & Trac 1st & ref 5s
1944 FA 6712
Utah Power & Light 1st 55
Utica Elec L& P lst e f g 5s
1950 J J *11014
.1 11514
1957
Utica Gas & Elec ref & est ta
D 2712
1947
Util Power & Light 53513
24
1959 FA
Debenture 58
High
13
11618
104
108
103%
10412
1153
4
100
107
9014
No.
10
22
111
191
15
12
133
11
204
July 1
1933 to
Nor. 30
1934
Range
Since
Jan. 1
Low Low
High
1014 24
1014
1074 11612
105
4
943 10414
9212
99% 1083
4
94
8
89 1035
8012
894 105
81
10212 115%
99
8212 100
4
765
97
102% 10712
9014
60
53
9713 1004 107%
17
15%
2612
9112
68
56
8518
904 98
20
26
66%
26% 6133
26%
4
87
23
23
9812 107 12518
13
33
13
33
8
735
33
574 7512
5013
8012 81
52%
109 110
109
102 118
100
2218 4114
20%
1812 3818
18
2
25%
8714
9112 270
59
10014
82
24
35
61
10
35
28
7
3314
26
6
12518
30
3
2218
28
6
36
2512
4 31
633
2413
71
69
8114
63
11514
6912
4 84
293
5812
100
26
82
80
8912
62
AO 8414 8512 37
5812
Vanadium Corp of Am cony 58 ____'41
100
99 102
99
_
1955 FA *10318
: Vandalla cons g 4s Series A
781
974 101%
85
1957 St N *10318 _ _
Cons f 4s series B
4
373
213 6
134
6
1933 J J *2
8
1083 (Vera Cruz & P let gu 434s
314
3
3
.1 *312
r
July coupon oft
102
4
43
3% 14
3
412
1942
Vertientes Sugar 7s etre
100
90 109
95
8
1942 IDSt S *1093
8
985 Va Elec & Pow cony 5345
10178 104 8 --la 10114 10114 105
-31954
58 series II
113
107 11014
4 25 107
1944 J J 109% 1093
Secured cony 514s
6514
10
52
50
55
55
1949 M
4
853 Va Iron Coal & Coke 1st g 58
604
,
98 4 1037s
91
8
1027 10312 12
1936 M
71 10012 Virginia Midland gen 5s
2
757s 97
75%
Va & Southwest let gu 5s
2003 13 9314 9314
97 107
87
87
55
7934 12
1958 AO 78
let cons 5s
3534 41
994 110
56
89
8
1962 MN 1087 110
30
Virginia Ry let 5s series A
45
14
90 105
8412
1962 MN 10412 105
1st mtge 414s series B
32
41
30
41
95
74
57%
4 43
1939 MN 89% 903
9712 10712 :Wabash RR 1st gold 5s
5818 8312
4913
4 7414 27
713
1939 F A
2d gold 5s
1714 27
60
53
58
53
1954 J J .50
lst lien g term 4s
2312
16
70 100
70
9812
1941 J is,--Det & Chic Ext 1st 55
16
27
1
58
45
45
52
1939 IJ 52
Des Moines Div let g 4s
15
25
55
45
38
4912
1941
Omaha Div 1st g 334s
712
3
75
70
56
90
1,941 MS *67
g 4s
Toledo & Chic Div
14
5
1312 29
1212
18% 12
18
'75 M
:Wabash Fty ref & gen 53.45 A
13
5
1312 25
11
4 10
163
16
Certificates of deposit
4
63 164
13
12
281s
4 1812 16
173
FA
514 14%
Ref & gen 5s(Feb'32 coup) ____B'76
2414
1
14
11
5 15%
155
144 2514
Certificates of deposit
1314 2812
12
4 1312 38
1978 A0 173
Ref & gen 434s series C
8 712
23
2512
16
11
1714
•1554
214 74
Certificates of deposit
1314 28
12
1980 AO 1713 1812 40
81
38
Ref & gen 5s series D
2312
13
13
1712
*15%
894 10414
Certificates of deposit
124 4412
4 14
343
1212
895 10314 Walworth deb 614s with war__ __r '35 AO 32
4
7
1212
15% 37
33
A0 31
,
8
893 102 8
Without warrants
50
4512 47
21
1818
43
m
134A A
let sinking fund es ser A
8
845 85
40% 67
2812
58% 6114 258
39
Warner Bros Pict deb es
81
9
4812
26
26
2614 27
1939 M S
36
Warner-Quinlan Co deb es
69
10512 109
10812 14 104
1941 J D 107
4
863 10414 Warner Sugar Refin 1st 7s_
3514 63
3614
1941 M 8 3714 39% 22
28
6812 Warren Bros Co deb 6s
80
76
78
78
78
2000 F A
37% 583 Warren RR 1st ref gu g 334s
4
9014
79
79
9014 9014
1948 Q M
10213 10454 Washington Cent let gold 48
93 103
86
1945 F A *10114
101 1053 Wash Term let gu 314s
4
4
1013 1034
94
1945 F A *103
8412 9713
1st 40-year guar 4s
9818 107
9818
105
1939 J J 105
8
1005 1045 Wash Water Power s f 55
8
6
105 11512
4
91 1113 Westchester Ltg 58 stpd gtd __ _1950 JO 11412 11512 12 10314
4
10112 1033 111
S 10912 110
1946
West Penn Power ser A .5s
4 101% 104 1143
4
4
1143
1983 MS 114
1st 5s series E
10514 11012
28 101
104 11014
1956 JD 10912 110
1st sec 5s series G
6318 86
6 103
103 10612
1961 J J 10612 10612
53
1st mtge 413 ser H
747
4
634 8414
4
9418
9714 1043
1944 AO 10314 10412 98
Western Electric deb 5s
53% 72
130
7012 8812
6112
1952 A0 8614 87
Western Maryland 1st 45
72
53
4
973
80
66
9514 96% 53
1977 J
71
1st & ref 514s series A
52
102% 107
100
1937 J J *106%
827 994 West N Y & Pa lst g 5s
8
4
85 1043
11344
78
--1943 AO 104
Gen gold 4s
101 107
30
4
463
28
1946 MS 3412 3512 21
Western Pac 1st Os ser A
99 101
31
334 38
3312
3514 36
Assented
1946
Ss
70
4
903
91% 10214
8312
J 10014 101% 20
1938
Western Union coll trust 5s
7414 9012
6712
Funding & real est g 4 3.4s
1950 MN 804 84% 41
8
86 1047
4
96 1023
92
-year 614e
15
1936 FA 100% 101% 48
7334
53
79
954
71%
25
1951 JO 8612 8812 34
-year gold 5s
95
69
9412
78
72
8714 61
86
30-year 5s
1960 M
4
3
73 4 973
27
68%
62
27
29% 33
1953 J
Westphalia Un El Power Os
4
803 100
57
68% 86
68
85
84
West Shore 1st 45 guar
2361 Ji
6614 91
6512 823
4
63
80%
J J •79
2361
Registered
84 102%
4
85 102%
81
8
1023 1027
Wheel & L E ref 434s ser A
4
81
56
1966 NO
1
9313 105
6518
105
105
l0518 11112
Refunding 55 series B
1986 M
8
86% 10112
83
101
99
RR let consol 48
1949 M
4
63 17
4
8214 993
70
4 30
8 993
987
Wheeling Steel Corp 1st 53.45 _ _1948 J J
10212 107
89
72
60
88
100 l043
88% 95
let & ref 414s series B
1953 AO
4
58
58
4212
9612 9612 White Sew Mach Os with warr __'36 J J *5014 70
69
49
45
ii •504 63
2814
13
Without warrants
57
1
48
4212
57
57
Panic 5 f deb Os
1940 Si N
35% 6812
34
:Wickwire Spencer St'l 1st 78
67
'35
1412
6
414
Ctf deo Chase Nat Bank
914 31
100 101
9
413 14
18
4
33
10
9
10312 11313
Ctfe for col & ref cony 7s A _1935 MN
39% 59%
33
6
,
45 2
Wilk & East 1st gu g 5s
1942 ID 44
99 102%
1
86
8
697 Will & 8 F let gold 5s
46
1938 ID 10214 10214
97% 109
9514
33
104 114
Wilson & Co 1st s f es A
1941 AO 1084 109
90 10214
82
3 .1 010114
654 8814 Winston-Salem S II 1st 4s
1980
1114 224
11
1114
57
9014 :Wis Cent 50-yr 1st gen 45
1949 J J
914 13
4
914
1012 1012
8
1003 108%
Certificates of deposit
4J12
1
612 174
8
Sup & Dui div & term 1st 4s ____'36 MN
101% 111
8
5% 6
1
8
57
5%
82 101
Certificates of deposit
5%
7012
66
86
Wor & Conn East 1st 4 148
J
7514 97
1943
634
1
.
7412 90
90 — 53
9674 1033 Youngstown Sheet & Tube 5s ____'78 .1 .1 -8914
4
7412 9014
6314
1st mtge s f 5s ser B
1970 AO 8912 9014 54
91
6414 11214
91
64
877
8
87%
65
r Cash sales not Included in year's range. a Deferred delivery sale not included in
87.2
65
9114 year's range. § Negotiability impaired by maturity. t Accrued Interest payable at
67
exchange rate of 84.8665. I Companies reported In receivership. • Friday's bid
58
41
3134 and asked price.
25
86 10112
e Cash sales in which no account is taken in computing the range are given below.
10114 10812
9512
80
French 7s 1949, Dec. 5 8500 at 195.
Ontario Transmission 55, Dec. 4 at 113.
7912
z Deferred delivery sales In which no account is taken In computing the range, are
9412 10312
given below:
974 102%
Atch., Top. & S. Fe adj. 45, Dec. 3 at 9934.
90 102
Bangor & Aroostook 49, stamped Dec. 4 at 10394.
87% 874
Cleve. Un. Term. 5145, Deo. 3 at 10034.
Cuba 514s 1945, Dec. Sat 2534.
- 732- WI;
Cuba It. R. 5s, Dec. 4 at 30.
102 113
70
Deutsche 65, Dec. Sat 4734•
37
Gelsenkirchen 6s, Dec. 3 at 66%.
8
834 1007
Gen. Elec. 634s, Dec. 1 at 399-4.
8712
48
Ilseder Steel Os, Dec. 1 at 37.
8318
45
734 89
No. Amer. Ed. 55 Sec A, Dec. 3 at 7934.
Pub. Serv. El. & Ga.s 4 1,45 1970, Dec. Sat 10831.
9612 1074
Un. Steel Wks 61.4s Set C. Dec. 1 at 3234.
,
102 1071
474
52
55
3714
12
11
12
11
978
978
644
8
425
48
3618
454
45%
84
50
15
97
94
89
98
101
637,
3618
Financial Chronicle
Dec. 8 1934
New York Curb Exchange-Weekly and Yearly Record
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
egular weekly range are shown In • footnote in the week In which they occur. No account le taken of such salesIn computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Dec.1 1934) and ending the present Friday (Dec. 7 1934). It is compiled entirely
from the daily reports :of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Stocks-
Par
Week's Range
of Prices
Low
Acetol Products cony A_ •
Acme \VIreCovtO
25
Adams Millis 7% let pf 100
Aero Supply Mfg Cl B___•
2%
Agfa Ansco com
1
Ainsworth Mfg Corp._ _ _10 15%
Air Investors corn
•
ills
Warrants
Convertible pref
• 11
Alabama(It Southern_ _50
Ala Power $7 pref
• 42%
•
$6 preferred
Alliance Investment
•
Allied Interned Investing •
g
$3 convertible pref
•
Allied Mills Inc
• 10%
Aluminum Co common_ • 20%
6% preference
100 64%
Aluminum Industries corn.
8
Aluminum Goods Mfg_'
9%
Aluminum Ltd com
•
C warrants
6% preferred
100 54%
Series 0 warrants
Amer Beverage corn
1
1
Amer Book Co
100 59
Amer Brit & Cont Corp_'
%
Amer Capital
•
Class A common
Common class B
••
$3 preferred
$54 prior preferred_ •
Amer Cigar Co
100
Am Cities Pow & Li
Class A
25 26%
Claes B
154
Amer Cyanamid el B n-v .• 17%
Am Dist Tel N J 7% pf.
_100
Amer Equities Co com_ _1
Amer Founders Corp_ I
%
pref series 13
50
6% let pref ser D _ _50 14
Amer & Foreign Pow Warr_
3
Amer Gas & Eiec corn _• 19%
Preferred
Amer Hard Rubber
ao
Amer Investors corn
1
Warrants
%
Amer Laundry M ach _ _20 11%
Amer L & Tr com
25 10%
6% preferred
25
Amer Maize Prod
• 24
Amer M anufacturers.._ _100
Amer Maracaibo Co
Amer Meter Co
•
Amer Potash & Chemical_'
Am Superpower Corp corn•
let preferred
Preferred
Amer Thread Co pref__ --5
4
Amsterdam Trading
American shares
•
Anchor Post Fence
•
14
Anglo Persian 011
Amer dep rcts reg. -El
Apex Electric Mfg
•
Appalachian Elee Pr pref_'
Arcturus Radio Tube_ Arkansas Nat Gas com_ _•
1
Common class A
•
Si
Preferred
331
10
Arkansas P & L $7 pref___• 41%
Armstrong Cork com_' 23%
4
Art Metal Works corn__ _ _5
Associated Elea Industries
6
Amer deposit rcts._ LI
Assoc Gas & EleeCommon
1
Class A
1
14
$5 preferred
•
Warrants
In
Assoc Laundries v t c com •
Associated Rayon corn....
1%
Assoc Telep $1.50 prat_ - •
Assoc Tel UM corn
•
Atlantic Coast Fisheries...•
8%
Atlantic Coast Line CO _SO 30
_50
Atlas Corp common
9%
•
$3 preference A
• 46%
Warrants
3
Atlas Plywood Corp
7%
•
Automatic-Voting Mach
' 5
Axton-Fisher Tobacco
Class A common
10 60
Babcock & Wilcox Co _ _100 33
Baldwin Locomotive Worts
Warrants
Baumann(L)&Co7%pfd100
Bellanca Aircraft v t(3_1
231
Bell Telof Canada
100 128
Benson & Hedges corn _ _•
Converitble preferred_ -•
Bickfords Inc corn
•
$24 cony preferred.__'
Bliss(E W)& Co com..' 534
Blue Ridge Corp corn._ _1
1%
$3opt cony prof
• 32%
Blumenthal (5) & Co
33
4
•
Bohack(H C)Co cow_
•
7% 1st preferred __100
Borne Scrymser Co
6
25
Botany Consol Mills
•
13ourJois Inc
4
•
Bower Roller Bearing_ _ _ _6 16
Bowman-Biltmore Hotels
7% 1st pref
2%
100
Brazilian Tr Lt & Pow• 10%
Bridgeport Machine
2%
•
•
Brill Corp class B
Class A
1%
•
Brill° Mfg Co corn
6%
•
Class A
• 25
Sales
for
Week
July 1
1933 to
Nov.30
1934
Low
231
6%
664
600
14
High Shares
2%
16
1%
500
1,400
13
300
42%
100
14
600
13% 25,600
51% 1,650
1,450
67
100
8
200
9%
55
200
1%
09
14
500
20
100
11
4,700
725
231 2,300
17% 14,400
14
3,600
25
N
6
41
3(
23%
1%
831
98
1
14
900
12
14
100
9
74
N
134
"is
3%
41%
24
434
6
1,200
200
1,200
200
10
3,500
4,900
506
Stocks (Continued) Par
Low
High
Jan
7
2% July
634 Sent 11% Feb
Oct
Jan 103
73
4
Jan
131 July
3
Aug
4% June
Dec
Jan 16
10
Jan
're Sept
3
Jan
% Oct
1
Sept 21% Apr
9
40
Jan 63% Apr
31% Jan 58% Apr
Apr
32% Jan 62
Feb
2
Si Sept
g Jan
1% July
934 Jan
8% Jan
13% Dec
5% July
4834 Sept 85% Jan
Jan
Sept 78
80
Jan
Dec 13
8
July 11% Feb
8
18% July 36
Apr
Apr
10
Feb
3
Apr
Mar 60
37
12% July
6% Mar
334 Feb
1
Oct
Nov
Jan 60
48
Mar
1
Si Jan
lA Nov
2% Apr
3.1 Dec
Si Jan
14
15% Jan 21% Feb
9%
46
Jan 68
58
Nov
138
Sept
120
Sept 140
100
200
350
2,200
400
150
450
16,200
1,600
4
14
9
33%
26
25
'I'
Ire
8%
514
4831
54
10
8
1834
3
37
8
2%
1631
5734
7
2
14
10
8:i
18
20
8
34
5%
12
1%
48
9
3
75
1454
3% 1,800
20% 20,900
sax
650
%
12%
11%
5
Range Since
Jan. 1 1934
14
1%
25%
13
131
4
23%
1.14
1431
102
1
%
10%
931
2%
16%
72
7
2
%
10%
8%
19
20
8
34
7
11
1%
4934
9
314
3434 Apr
Nov
434 Feb
Nov
July 22% Apr
Jan 112% Aug
Feb
Jan
Feb
July
Sept 21% Apr
Jan 22% Apr
934 Feb
Nov
Nov 33% Feb
Jan 91
July
Aug
10
Feb
431 Feb
Jan
1
July
Mar
18
Jan
Jan
19% Feb
Nov
Mar 22
Apr
July
3634 Feb
Sept 16
Feb
July
131 Feb
17% Jan
June
Dec 19% Feb
434 Feb
Nov
Dec 70
Apr
Nov 33
Feb
4% Oct
Jan
12
Feb
31 Nov
12% Sept
2% Mar
12%
334
74
'a
14
%
I%
Sept
Sept
Beet
Sep
Oct
Nov
28%
Jan
Jan
Jan
12%
734
77
1
2%
2%
3%
42%
26%
414
14%
134
4
Aug
Mar
6%
Sept
Mar
Aug
Feb
Feb
Feb
Apr
Nov
Feb
Apr
Nov
42
100
34
5%
17%
%
934
35
15%
49
64
83(
8%
May
Feb
Apr
Feb
Nov
Apr
50
57
Aug
69%
Feb
18%
18%
Oct
51
Jan
2%
11
2%
111%
154
334
6
23%
234
lg
30%
3
8
40
6
'is
4
5%
Si
31
134
100
1%
34 Dec
311 Jan
1% Jan
's Jan
h Sep
1
July
15% Jan
Si July
Jan
2
July
28
734 Jul
39
Jan
231 Jul
July
5
2% Jan
231
11
M
400
5,200
554
14
1
13
14
934 1,800
30
31
10% 20,700
700
4731
334 3,600
200
7%
531 2,200
60
21
3834
3,550
351
129
900
100
28
7%
35
2%
1%
1
4%
23
2
37%
331
400
2,100
2,300
100
6
50
434
16%
400
500
3
10%
2%
150
2,000
200
134
631
25%
300
300
150
1%
28%
3
8
40
3%
8%
2
8
14
5%
22%
2
8.
Si
SS
1
5%
22%
2% Feb
2% Feb
F
63.4 Feb
Sept
Mar
Feb
Feb
Sept
Feb
11
Oct
July
Apr
24
Feb
6
Aug
Jan 129
Dec
July
4% July
Apr
July 10
854 Mar
Aug
Nov
Feb 33
10% Mar
Jan
3% Feb
Nov
Nov 39% Apr
Sept 12% Feb
1431 Jan
July
Sept 76
Jan
Jan
Jan
11
Nov
Si Feb
July
63.4 Jan
July
17% Feb
Mar
July
Jan
Sept
Nov
Jan
Mar
5
14%
3%
231
3%
754
25%
July
Feb
Apr
Feb
Feb
Feb
Dec
Weeks' Range
of Prices
Low
British-Amer Oil coup..
•
Registered
•
British Amer Tobacco
Am dep rcts ord bearerEl
Am dep rcts ord regEl _
British Celanese Ltd
Am dep rcta ord reg.._10e
Brown Co 6% MI
100
Brown Forman Distillery.]
Buckeye Pipe Line
ao
Buff Meg & East Pr pref 26
$5 let Preferred
•
Bulova Watch $334 !vet •
Bunker MU& Sullivan_ _ 10
Burco, Inc corn
•
Warrants
Burma Am dep rota reg ehS
Butler Brothers
10
Bwana M'Kubwa Copper
Amer shares Es
Sales
for
IWeek
High Shares
Jul(' 1
1933 to
Noc.30
1934
Low
12%
14%
Range Since
Jan. 1 1934
Low
12% July
14% Jan
High
1531 Mar
14% Oct
313-4 Aug
31
Aug
3131 3131
100
2434
2434
28%
2834
Jan
Jan
234 2%
8% 8%
8
8
30% 31%
1654 1651
200
200
100
250
700
2%
3%
2331 2331
28
29%
100
325
231
5
731
26
1531
6834
16%
27%
1
34
231
4
Oct
Jan
July
July
Jan
Jan
Jan
Oct
Oct
Oct
Nov
Jan
434
16%
21%
38
1934
81
28
63%
231
%
3%
1234
Mar
Apr
Mar
Mar
Feb
Aug
Apr
Feb
Mar
Feb
Feb
Apr
Si
Aug
131
Jan
231
8
2%
851
300
2,000
26
15%
6834
1651
27%
34
3.4
2%
si
Cable Elec Prod v t c
•
14
1% 4,000
1% Nov
34 Aug
94
Cables & Wireless LtaA m dep rcts A ord shs_ El
1% Jan
'Is Aug
Am den rcts B ord abs El
34 July
hi Jan
100
31
34
31
Amer dep rcts pref ohs El
4
4
3% 351 Aug 334 Nov
100
Calamba Sugar Estates.20 20
Mar
20
100 164 18% July 25
Campe Corn corn
•
10
10
10
Aug
Aug
Canadian Indite Alcohol A•
203i Jan
7% 8%
5% July
1,600
5%
B non-voting
•
6% 63.4
4%
19% Jan
4% July
100
Canadian Marconi
1% 24 5,200
134
1
154 Aug
4% Feb
Carib Syndicate
25c
2%
2
2
2
1,600
Oct
534 Mar
Carman & Co class B
•
131
14 Feb
334 July
Convertible class A_
•
9 June
6
July
6
Carnation Co com
• 17% 1731
Apr
18
100 13% 13% Feb
Carreras, I.tdAmer dep rcts A
El
Oct
37
Oct 37
37
Carolina P & L $6 pref.- •
Apr
27
27
Jan 37
$7 preferred
•
33
Sept 4334 JUIY
33
Carrier Corporation
• 1131 1231 4,400
634 May 12% Nov
4%
Catalin Corp of Amer_ _ _I
534 531 3,600
3% Mar
34
6% June
Celanese Corp of America
7% 1st partic pref ___100 9631 9734
July 10434 Feb
81
1,175 81
7% prior preferred _ _ _100
75
82% Aug 9834 Feb
Celluloid Corp corn
15 15
16
Jan
600
July
7
19
63.4
$7 div preferred
• 36
38%
Jan
225 163.4
44
1634 July
81
Is preferred
81
Dec
25 40
5334 Oct 81
Cent Mud 0.4E vt
831 831
Feb
300
Oct 13
8
8
Cent States Rice corn.... _
Si
Nov
Ns 4,200
'14
251 Feb
6% prof without warr 100
834 Feb
1%
Nov
7% preferred
234
100
Jan
2
1,725
15
2
234
Nov
Cony preferred
100
1%
1% Nov
Jan
12
Cony prof op ser'29._100
1%
1%
1
93i Apr
50
1
Oct
Centrifugal Pipe
•
4
4
300
731 Jan
4
July
33-4
Charts Corporation
•
Apr
014 Mar 20
9
Chesebrough Mfg
25 11334 133%
100 105
116
May 134% Nov
Chicago Nipple cl A
5_
34
3.4 Feb
1i June
Chicago River & afach__• 1431 1534
3,000
1734 Apr
49-'
434 Feb
Chief Consol Mining
1
SS
1% Mar
31 Jan
Childs Co pre(
810
100 24% 2831
13
Feb
Aug 44
Cities Service corn
•
1% 1% 20,300
4% Feb
134 Oct
19-4
Preferred
• 13
133i
1,300 10
11% Jan 26% Feb
Preferred B
•
1
234 Juno
1
Jan
•
Preferred BB
2334 June
8%
Jan
9
Cities Serv P & L $7 pref."'
14
1014
30 June
Oc
$6 preferred
•
May
834
Jan 25
9
•
City Auto Stamping
5%
200
3
3
Aug 11% Jan
Claude Neon Lights Inc ...1
5is
34 Aug
300
1% Feb
Si
Si
Cleve Elea Illum corn..._' 22% 23
3034 Feb
600 213( 21% No
Cleveland Tractor corn _ _•
6% Feb
2% 331
1,800
1%
1% July
Club Aluminum Utensil_•
Feb
200
36
1
14
34 Oct
34
Cockshutt Plow Co corn_ _•
Cohen & Rosenberger corn.
Colon Oil Corp cons
•
Colt's Patent Fire Arrns_25
Columbia Gas & EleoCony 5% pref
100
Columbia Oil & Gas vtc_ _•
Columbia Pictures
•
Commonwealth Edlson_100
Commonwealth & Southern
Warrants
Community P & L 36 prof•
Community Water Serv •
Compo Shoe Machinery _.1
Consolidated Aircraft _ _ _ _1
Consol Auto Merchand'g.•
Consol Copper alines_ _ _5
Consol G E L&P halt corn •
Consol Min & Smelt Ltd_25
Canso' Retail Stores
5
8% preferred w w......100
Consol Royalty 011
10
Cent G & E 7% prior pf 100
ContinentalOtiof Mex.__I
Continental Securities_ •
Coon (NV B) Co corn
•
Cooper Bessemer com____•
$3 pref A w w
•
..•
Copper Range Co
Cord Corp
0
Corroon & Reynolds
Common
1
$6 preferred A
•
Cosden 011 cons
1
Preferred
100
Courtaulds Ltd
am dep rcta ord reg._ El
Crane Co corn
25
Preferred
100
Creole l'etroleum
5
Crocker Wheeler Elee
•
Crown Cent Petroleum..1
Crown Cork Internatl A _ .•
Cuban Tobacco corn vtc.•
Cuneo Press corn
•
Curtis Manufacturing5
CUM Mexican alining_ _60c
Darby Petroleum corn.. .8
Davenport Hosiery Mills...
De Haviland Aircraft Co
Am den rcts ord reg...E1
73i
514
54
7%
6%
14
100
400
2,900
72
733.4
Si
%
200
1,000
65
4634 47
1,400
1934
31
'is
94
6% 631
34
34
14
14%
8
934
7,000
200
200
1,200
7,700
34
3
31
8
6
Ili
131
5534 5634
1,100
1,100
2
35
234
35
14
15
ss
sit
45%
115
600
Si
1234
134
100 29
334
331
17
17
3% 351
334 4%
400
100
100
8,200
2
3
2%
12
3
2%
24 2%
273i 27%
31
Si
600
100
600
1
10
3.4
9% 9%
75
75
1234 1231
53.4
5
isii
"I
7
6
4
4%
2434 253.4
2,250
50
4,700
1,000
300
3,200
200
400
8
1%
2
751
5%
%
1834
Dec
Dec
Nov
Jan
751
6%
3%
27
Dec
Deo
Feb
Feb
65
34
244
34%
Nov 103
131
Sep
Feb 35
Jan 61%
Feb
Feb
Sept
Feb
%
Oct
Sept 1134
%
34 Ma
15
8
Jan
634 Oct 10
he
Jar
134
54 Jar
68
5034 No
170
125
Jul
1% Sep
2%
35
Au
20
2
1% Sent
Nov 67
35
% May
Jan
6
3
4
Nov
3
63i
234 July
21
14
May
534
34 Oct
8%
234 July
Feb
Apr
Jan
Nov
June
Feb
Oct
July
Mar
Feb
Nov
Jan
Apr
May
May
July
Jan
Feb
Apr
Jan
14
11i Jan
1054 Jan
34 Dec
3
Nov
Feb
4
Nov
30
3% Jan
Mar
9
1454 Apr
Jan
11
4%
10%
12
Jan
Aug
Jan
Jan
July
July
July
Dec
Jan
Jai
July
Oct
Feb
4
10
Fe
36
5%
33.4
fi
531
5
1531
5
28,100
1034
534
46
9%
3%
%
534
4
16
5
7-4
4%
75
14%
84
13(
834
26
10
Dus
A er
Feb
Feb
Mar
Mar
Apr
Nov
6
2
Feb
Jan
2031 iEsy
7
1534 June 4,
Ala
3619
Financial Chronicle
Volume 139
Stocks (Continued) Par
Week's Range
of Prices
July 1
Sales 1933 to
for
Nov.30
1934
Week
High Shares Low
Low
1
Derby Oil& Ref corn
941
Diamond Shoe corn
•
Diatillers Co Ltd
Amer deposit rata _ _ £1 2234 2336 2,300 174
1631 34,800
Distillers Corp Seagrarns_ • 15
8%
3
• 1034 114 1,800
Doehler Die Casting
31%
Dominion Bridge Co Ltd _•
546 544
2%
Dominion Steel & Coal B25
100
Dominion Tar & Chem _ _•
200
3% 434
• 77% 81% 2,000 55
Dow Chemical
13%
10 13
934
Driver Harris Co
300
82
100 80
20 49
7% preferred
ite
Dubiller Condenser Corp_l
10 38
40
150 37
Duke Power Co
34
Durham Hosiery class B •
•
2
534 831 4.400
Duval Texas Sulphur.__.
3%
3%
1,100
431
Eagle Pleber Lead Co_ _ _20
East Gan AC Fuel Assoc
•
4%
5
Common
100
5
544
434% prior preferred 100
100 5636 5736
75 40%
6% preferred
_•
34
East States Pow nom B.
500
Si
Si
53.4
$6 preferred series B_ •
5% 5%
531
$7 preferred series A ___•
50
3
Easy Washing Mach "P.".•
400
331 3%
Edison Bros Stores com__• 24% 25%
200
•
3.4
ELsler Electric Corp
Elec Bond & Share com_ _.5
9
73-6
27,700
• 34
38% 1,300 25
$5 preferred
• 39
42% 2,400 28%
$6 preferred
344
3% 4
Elea Power Assoc corn_ _.l
400
3%
336
436 1,900
1
Class A
534
Elec P & L 2d pret A_ _ _ _•
125
53.4
534
135
136 1%
Option warrants
1,600
Electric Shareholding
Common
135
134
136
1
300
3434 3634
$6 cony pref w w
475 34
80
Electrical Secur $5 pref_ •
1
44 436
Electrographic Corp
200
15
634
Elgin Natl Watch
13
50 1234
Empire District El 6% _100 13
Empire Gas & Fuel Co
100 14
14
75 10
6% preferred
12
100
834% preferred
100 14% 154
7% preferred
150 11
100 17
17
8% preferred
50 1334
4
Empire Power Part Stk_ •
1
10c
131 135 10,700
Equity Corp coin
30
100
Eureka Pipe Line
European Electric Corp
544
10 10
10%
Class A
200
Option warrants
34
400
III
316
3ps
Evans Wallower Lead..__.•
500
314
2
356
100
250
7% Preferred
64
3
Ex-cell-0 Air & Tool
1,800
1
Fairchild Aviation
934 2,100
9
Fahey Aviation Ltd
4
American [Mares_ _10s
100 75
77
175 59
Fajardo Sugar Co
Falcon Lead Mines
111
236
1
236 236
FalatafI Brewing
500
84 834 1,600
734
Fanny Farmer Candy new).
136
134
136
Fansteel Products Co_ _ •
100
•
4
5
5
F E D Corp
300
4
Fedders Mfg Co class A •
•
Federal Bake Shops
44
100
34
•
136
Federated Capital
• 13
13%
Ferro Enamel_ _
7%
600
15%
Fiat Amer dep rag _ _ 200L
Fiddle Brewery
34
3/
34 4,800
Fire Association (Phila.) 10 54% 55
450 35
First National Stores
7% 1st preferred _ _ _100 11236 11336
60 110
531
Fisk Rubber Corp
834 9% 3,050
1
784 1,850 354
$6 preferred
100 75
FlIntokote Co CIA
• 1234 15
3'4
8.700
9
9
84
Florida P & L $7 pref. •
50
Ford Motor Co Ltu444
Am dep rcts ord reg.£1
844 94 7,650
8%
24% 26
Ford Motor of Can Cl A _
9,60
1436
• 36
Class B
3636
7
Ford Motor of France
3
American dep rcts _100F
34
Foremost Dairy Products_•
Cony preferred
•
3%
3.34 534
100
Foundation Co (torn shsl•
Froedtert Grain & Malt
14%
15
Cony preferred
Range Since
Jan. 1 1934
20
84
331
31%
2%
331
6734
934
56
34
3736
74
4
334
Jan
July
Jan
Nov
Jan
Dec
July
Sept
Jan
Jan
July
July
Jan
NON
24%
26%
114
34%
3
5%
434
814
23
95
1
57%
2
1034
734
Apr
Jan
Apr
May
Apr
Dec
Dec
Apr
Apr
Feb
Apr
Feb
May
Mar
4%
56
46
34
5%
534
3
8
55
734
2834
31
3%
331
531
134
Nov
Jan
Jan
Sept
Nov
Nov
Oct
Feb
Oct
Nov
Jan
Jan
Oct
Oct
No
No
1034
79
70
234
19%
21
834
28%
1%
234
5034
60
831
8
1736
431
Feb
July
July
Feb
Feb
Feb
Jan
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Apr
Feb
134
34
80
2
734
124
Sep
Nov
Jul
Fe
Jan
Oct
434
52
80
434
14
2334
Feb
Feb
July
Dec
Nov
Feb
1051
15
124
18
5
I
30
Jar
July
Jan
Nov
Jan
Sent
July
2534
2234
294
32
10
234
37
Feb
Feb
Feb
Feb
Apr
Feb
July
834
44
316
2
431
54
June
July
Nov
Dec
Sep
Jan
1244
254
fi
5%
834
9%
Feb
Feb
Jan
Mar
Feb
Aug
•
1136
1
3
9%
3
5%
3
20
1
52
5631
35
1
184
10
534
4
34
34
108%
15.6
13%
11
High
231 Feb
944 Oct
Low
1
Aug
941 Oct
•
2536
Garlock Packing com_ _ __• 23
900
13( 1%
General Alloys Co._ _ _ __ •
500
531 6
General Aviation Corp_ _ _ I
12,200
Gen Electric Co Ltd
Am dep rots ord reg__£1
Gen Fireproofing corn. •
-----Gen Gas & Flee
• 1334 1334
50
$8 cony pref B
Gen Investment com_b
800
4
44
$8 cony pref clam B • 1731 1734
100
Warrants
,
s2
832
500
30
Gen Pub Serv $6 pre....• 29
120
Gen Rayon Co A stock_ •
7036
General Tire & Rubber_25 66
300
100
6% preferred A
Georgia l'ower $6 pref___..• 5236 55 Is
150
•
Gilbert (A C) corn
Preferred
• 22
2334 4,800
Glen Alden Coal
•
7
736
500
Globe Underwriters Ex
Godchaux Sugars Inc B •
7% 7%
100
Goldfield Comical Mines_ 10
Ile
31
7,700
134
1
Gold Seal Electrical._
1,200
Goodyr T & It 7% Met100
336 4% 4,600
Gorham Inc class A corn_•
• 184 204
$3 preferred
350
Gorham Mfg CO
13% 1734
3,100
V t 0 agreement extended
756
631
Grand Rapids Varnish_ _ _•
1,700
Gray Telep Pay Station_ _•
Great All & Pao Tea260
Non-vot corn stock__ • 13034 136
130
7% 1st preferred____100 12534 128
25 25
25
150
Gt Northern Paper
Greenfield Tap & Die '
5 1934 2036 7,300
Greyhound Corp
III
Si
1,500
Grocery Stores Prod v t c25
1
Guardian Investors
2,300
56%
Gulf Oil Corp of Penne_ _25 54
Gulf Sts Util $5.50 pref_
•
100
536 536
Hall Lamp Co
1
't•
200
Hamilton Gas v t 0
34
•
Happiness Candy
200
34
Si
Hartford Electric Light _25
14
14
200
Hartman Tobacco Co_ _ _ _•
•
Hazeltine Corti
25
634
736 3,600
Ueda Mining Co
200
41
34
Helena Rubenstein
10 394 40
200
Hayden Chemical
•
Holophane Co
1834 1934 6,000
Hollinger Collard G M_ _b
Stocks (Continued) Par
5
85
tis
234
734
1%
4
5
31
134
716
183.4
34
41
934 Dec
Mar
July
May 105
July
314 Jan
No
834 Apr
836 Dec
Oct
Sep
44 Feb
Jul
84 Mar
July
Mar
10
Oct
Si Jan
Apr
Sept
1434 Apr
Jan
Sept
June 28
Nov
234 Jan
Dec
Feb 55
110% June 117
631 Oct 2036
58
Sept 81
44 Ian
16
831 Nov
2436
534 May
16
Jan
20
Jan
3
July
May
O
436 Sep
10% Sept
2634 Nov
40
June
434 Apr
34 Jan
134 Feb
894 Mar
1644 Sept
Dec
Sepi
Sent
2536 Dec
NI nr
3
94 Fvb
104 June
341 July
1234 Nov
84 Feb
12
1
3
7
'
16
6
'is
20
1
52
75
4354
14
19
10%
63.4
436
34
34
1084
134
14
Jan
Mar
19
Jan
Feb
3
Apr
Jan
22
Jan
Feb
Apr
Sept 57
Jan
341 Jan
July 99
Apr
Nov
Sept 90
Sept 6436 Feb
Jan
434 Apr
Sept 25
Feb
Jan
2534 Nov
Feb
7% Dec
Jan
Feb
10
Jan
36 Apr
July
234 Sept
Aug 1084 Aug
Jan
43.6 Dec
Sept 2034 Dec
11
July
4% Aug
Sept
8
Range Since
Jan. 1 1934
Low
High Shares Low
1%
•
Horn (A C) Co corn
14
1st preferred
50
800 1531
Horn & Harlan
• 2036 23
180 8334
100 102 10234
7% Preferred
74
12% 6,200
Find Bay Min & Smelt...• 12
8,700 33
Humble 011 & Ref
• 4336 41
Huylers of Delaware Inc
400
34
Common
1
Ble34
2434
100
7% pref stamped_
434
Hydro Electric Securities.
246
700
24 241
HYgrade Food Prod
5
225 17
HYgrade Sylvania Corp..
25
25%
500 10
Illinola P & L Sil pre'
• 1234 1431
250 10
14
100 13
6% Preferred
Imperial Chem Industries
a
Amer deposit rcta_ __El
Imperial Oil (Can) coup_ _• 16% 164 15,000 104
•
114
Registered
300
934
Imperial Tab of Canada _ _5 124 1244
Im pellets! Tobacco of Great
400 234
344 344
Britain and Ireland.. £1
3%
200
Indiana Pipe Line
1
434
444
48
Ind'polis P & L 64% pfl(a
Indian Ter Ilium Oil
131
Non-voting class A. •
100
134
151
1%
ClassB
•
34
Industrial Finance v t 0_16
1,100 3434
564
Insurance Co of N Amer_ 10 55
18%
International Cigar Mach •
900
34
1
1
Internatl Hold & Invest..'
Intermit Hy dro- Elea-8%
200
50
944 104
Frei $3.50 series
1,500
7%
1336 1334
Internet Mining Corp.__
2%
Warrants
5
536 6,600
International Petroleum_ • 30% 3151 15,000 1531
23
Registered
1
International Products__ •
1
Internet! Safety Razor B.
Internat'l Utility
2
Class A
•
6,300
34
Class B
1
Si
Si
Interstate Equities
1
'ii 1,200
Si
1531
$3 cony preferred_
50
200 13
264
Interstate Its Mills
• 26
7
Interstate Power $7 prof_•
34
Iron Cap Copper
10
5
Iron Fireman v t
241
600
336 4
Irving Air Chute
1
74
200
Italian Superpower A. •
134
131
Si
Warrants
Jersey Central P & L100 50
54% preferred
100 464 4634
100
Jonas ar Naurnburg
•
34
46
5
100
$3 cony preferred
•
6% 6%
310 15%
Jones & Laughlin Stee1.100 23% 26%
Kerr Lake Mines
4
Kings County Lighting Co
56
100
5% Preferred
1%
600
2
Kingsbury Breweries....l
2
34
Kirby Petroleum
600
1
2
234
Kirkland Lake G M Ltd_ _1
31
934
Klein(Emil)
•
5
200
Kleinert Rubber
10
6% 7
1
Knott Corp
1
Kolster Brandes Ltd_ _41
Koppers Gas & Coke Co
55
100
6% preferred
10
Kress (8 II) 2nd pref. _100
436
Kreuger Brewing
900
1
511 •
May
Mar
Mar
Aug
Jan
Oct
14%
,Juty 1
Sales 11933 to
for ,Nov.30
1934
Week
Week's Range
of Prices
1814 Aar
731 Jan
1934 Feb
Jan
115
125
150
Feb
120
121
Jan 132
Nov
1931 Mar 26
1931
Nov
Apr
334
5
84 Nov
5% Jan 204 Nov
531
h• Dec
94
34 Feb
34
31. Jan
34 Mar
43
494 Sept 7641 Jan
404 41
Jan 50
Feb
34
331 July
631 Jan
't
is Nov
Si Feb
34
Tit Mar
3.4 Jan
4834 4834 Jan 58
July
34
4
'
81s Feb
Mar
234
5% Sept 1231 Mar
4
4
July
844 Feb
14 Mar
34 Jan
14
19
Jan 40% Nov
154
14 Sept
34 Feb
834 1134 Jan 2231 Sent
Lake Shore Mines Ltd_ .1
Lakey Foundry & }Mach_.I
Lane Bryant 7% pref 100
Lefcourt Realty nom
Preferred
•
Lehigh Coal & Nay
•
Leonard Ill Develop__ 25
Lerner Stores common_ •
6% pref with warr _ _100
Libby McNeil k Libby_ _10
Lion 011 Development....•
Loblaw Groceterias A...8
B sto k
•
Lone Star Gas Corp
Long Island LtgCommon
•
100
7% preferred
100
Pre class B
Loudon Packing
Louisiana Land & Explor_ •
Lynch Corp corn
5
al angel Stores Corp
•
100
64% pretw w
Mapes Consol Mfg
•
Marconi Internet Marine
A merican dep receipts_ £1
blarvoni Wireless, see Canadian Marconi.
Margay Oil Corp
Marion Steam Shovel_ _ .•
Maryland Casually
Mass CHI Assoc v t
•
Massey-Harris corn
•
Mavis Bottling class A
i
Mayflower Associates. _ _ _•
May Hosiery $4 pref
•
McColl Frontenac Oil_
•
McCord Rail & Mfg B •
McWilliams Dredging_
•
Mead Johnson & Co
•
Memphis Nat Gas corn.
.5
Merritt Chapman & Scott •
834% A preferred... _ 100
Meeabl Iron Co
•
Met Edison $6 pref
•
•
Mexico Ohio 011
•
Ntichlgan Gas & Oil
Michigan Sugar Co
•
Preferred
10
Middle States Petrol
Class A vto
•
ClassB v Lc
•
Middle West VIII corn_ _•
86 cony pre ser A
•
Midland Royalty Corp
$2 cony pref
•
Midland Steel Prod
•
Midvale Co
•
Mining Corp of Canada •
Minneapolis Honeywell
Regulator preferred_ _100
Miss River Pow pref _ _ _100
Mock Judson Voehringer_•
blob & Bud Pow 1st pref_'
2d preferred
•
Molybdenum Corp vie..
Montgomery Ward A_
Montreal Lt Ht & Pow_ _ _•
kloody's Investors Service
Partic preferred
•
523.1 54
36
1
2,500
1,100
24
231
15% 15%
73.4
734
31
31
39% 4336
300
100
900
1,200
1,200
5%
431
17%
651
436
1746
3,000
200
100
5
1,100
5
High
Low
Feb
3
134 Sept
23 June
14
May
Dec
164 Jan 23
9031 Jan 10231 Dec
15% Aug
% Jan
46% Apr
3331 Jan
2
30
8
54
2534,
30
28
jeb
12% F
74Feb
Jan
13
10% June
Apr
10
1734 Nov
1734 Nov
1246 Nov
28
Jan
334 Aug
58% July
3534 Nov
634 Feb
Apr
72
131 Aug
1% Nov
Jan
Jan
Jan
19
41 Aug
38M,
44
434
3
57
27
244
Feb
Feb
Apr
Nov
Nov
Feb
8% Oct
104 Jan
331 Jan
19% Jan
27
May
I
Jan
Sep
1
314
1434
631
334
30
3
241
Apr
Apr
Apr
Nov
Nov
Aug
Nov
836
1%
14
22
30%
19
14
20
7%
3
1
Feb
Feb
Feb
Feb
Apr
Mar
Apr
Nov
Feb
Feb
Feb
36
31
25
1
7
5Si
10%
40
231
3%
15
1434
4%
244 3
54
54
4334 44
1,000
50
475
434 5
32% 33%
7% 7%
50
50
3234 32%
8,600
1,300
300
50
200
246
38
32
22
131
2534
1
12
2941
4
GOO
636
234 231
134
2
134
136
436
436
3.4
4
41
43
100
400
100
100
2.400
20
83,
1,900
61% 624
2
236
1
1
6
7
1,000
500
500
400
5%
Jan
Feb
Feb
Apr
Dec
Apr
Feb
Dec
Slav
July
2
41 Dec
17
Sept
104 Jan
12
Sept
.
111
25
44
134
131
3
4
38
22
12
14
16
4431
2
1
4634
1%
36
41
200
"ri
23,4
34
'Is
34
34
36
200
2,200
300
3.4
'le
54 534
35
35
200
25
105% 105%
75
75
1331 144
43
43
10
10
1,600
125
7
130
7%
131
9,300
3S0
1734 1736
25
2
Nov%
Oct
Aug34
Ja,
Jan
15%
19
7
July
3.4 Nov
834j n
2July
a
1
Sept
31 June
463i Dec
.
11 July
534 Jan
15% July
46 May
O t
Feb
734 Oct
Feb
48
34 Mar
Nov
Sep
Mar
Feb
May
Mar
Aug
Aug
Nov
56
94 Jan
May
3
ills Sept
134 Feb
834 Feb
334 Feb
134 Oct
Apr
68
1034 Jan
434 No
82 June
11% Oct
144 Apr
4135 Jan
July
Am
65
1% Jan
Jan
584 Jan
Oct
14
Jan
Jan
53
241 Jan
344 Nov
Mar
15
1434 Mar
431 July
6031 Sent
244 Apr
73 June
3
Apr
Dec
1106M Feb
P.
Mar
4331 Dec
9934 Apr
841 Aug
56
134
1%
34
1054
5%
1
3u
53
1%
16
8
NPv
A r
18
Oct
844 Feb
8%
6931
60%
25
5
41
7%
Feb
Apr
Apr
Aug
Nov
Novb
Fe
234
4536
3631
25
234
2531
2
20
2931
Nov
Jan
Jan
Aug
Jun
July
Jan
Jan
July
7
Mar
836 Dec
Oct
Aug
Jan
May
Nov
Nov
July
Mar
Feb
Jan
Jan
Jan
Oct
Sept
Aug
Sept
Jan
Jan
Nov
Sept
Sept
841
341
3
231
234
47
35
14%
636
2634
6334
4
234
14
34
79
231
5
141
434
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Apr
Nov
Nov
Jan
Apr
Feb
Feb
Mar
May
Nov
Mar
Apr
Jan
Feb
Oct
3-4 Sent
'It Dec
44 Dec
3;6
134
34
,
234
Apr
Apr
Feb
Feb
531
14
1%
131
346
4
38
2834
12
144
16
45
2
1
8
'is
51
1%
24
3,4
234
1
par
3 34 M ec
84
0
934 Jan
Feb
15
Apr
49
2% Feb
4
431
1836
1%
631
4%
1834
134
68
85
634
44
20
2%
57
2734
Jan 10551
87
Jan 89
70
2051
Jan
9
43
Dec 64%
May 40
20
Jan
9%
5
88
Jan 131
3934
274 Nov
163
%
1844 Nov
Mar
Nov
May
Nov
22
Dec
May
Apr
Jan
Feb
Apr
Dec
Feb
Apr
3620
Stocks (Continued) Par
Financial Chronicle
Week's Range
of Prices
Sales
for
TVeek
July 1
1933 to
Nov.30
1934
Range Since
Jan, 1 1934
Stocks (Continued) Par
Low
High Shares Low
Low
High
Moore Drop Forging A •
Jan 20
10
Nov
834
Mtge 13k of Colombia
Amer shares regls
134
34 Aug
235 Jan
Mountain & Gulf Oil Co_ _1
35 Sept
34
X Jan
Mountain States Power_ _•
35 Nov
100
135 May
31
Yr
34
Mountain Producers. ___ lb
44 44
4
1.400
335
535 Apt
Jan
Mountain Ste Tel de Tel 100
100
Jan 111% Apr
100
Murphy(0 C)Co
• 73
73
300 3131
Jan
39
73
Nov
8% preferred
100
105
105
Oct
Sept 112
Nachman SpringfIlled_ _ •
100
74 74
735 Dec
534
735 Dec
Nat Baking Co
•
35 Nov
100
14 Mar
34
34
34
Natl Sellars Bess eona..
i
234 2% 22,300
2
13(
Jan
435 Apr
Nat Bond & Share Corp.
304 31
250 2831 2831 Aug 38
Feb
Natl Container corn
1
10
Feb 40% Apr
25
$2 cony pref
•
29
Feb 4134 Apr
29
Nat Dairy Producta100 105% 1054
7% pret class A
25 80
Jan 10934 Oct
80
National Fuel Gas
• 134 14
1.900 12% 13% Sept 184 Apr
National Investors com 1
13.4 2,600
135
Nov
1
1
3
Feb
1 64
354 preferred
644
75 35
4035 Jan 6431 Dec
Warrants
500
he
34
14 Feb
.%1 JulyDec
34
•
Nat Leather corn
1
131
500
2% Jan
31
National P & L $6 pref _• 49% 5234
1,450 32
3534 Jan 69% Feb
National Refining Co __25
4%
Mar
431 July
6
•
Nat Rubber Mach
431 43.1
100
3
2
735 Feb
Sept
1
Nat Service common
34 Sept MI May
300
54
34
31
Cony part preferred_ •
35 Sept
35
331 Apr
Nat Steel Car Corp Ltd •
114
1335 July 184 Feb
• 3435 35%
Nat Sugar Refining
500 29
Feb 38
29
June
National Transit ____12.50
731 731
100
935 Feb
7
7
Oct
1
Nat Union Radio com
34
34
500
714
35 Dec
1% May
•
Natomas Co
9% 3,600
8%
7%
73.1 June 1034 Arp
Nebraska Pow 7% pref _100
•
Nerd Corp corn
•
1st preferred
Nelsner Bros 7% pref_ _100
Nelson(Herman)Corp_5
Neptune Meter class A_ •
*
5
Nestle-Le Mur CIA
New Bradford 011
•
New Haven Clock
25
New Jersey Zino
New Men & Ariz Land_ _ _r
Nowmont Mining Corp_10
New York Auction Co •
N Y & Honduras Rosario10
New York Merchandise__•
N Y Pr &IA 7% pref_100
•
$6 preferred
N Y Shipbuilding Corp
Founders shares
1
NY Steam Corp com
•
N Y Telep 635% pref_100
N Y Transit
5
NY Water Serv pref.. _100
Niagara Bud Pow
Common
15
Class A opt warr
Class B opt warrants__
Class C opt warr
Niagara Share A pref__100
Class 13 common
5
•
Niles-Bement-Pond
Nipissing Mines
6
Noma Electric
•
Northam Warren pret •
Nor Amer Lt & Pr-Common
1
•
$6 preferred
North American Match_
North Amer UM Sec___*
Nor Cent Texas Oil Co5
Nor European Oil eiana___1
No Indiana Pub Serv100
6% preferred
Northern N Y Utilities
7% 1st preferred__ _100
Northern Pipe Line
10
Nor Sts Pow corn class A100
Northwest Engineering __•
Novadel Agene
•
Ohio Brass Co Cl 13 com •
Ohio Oil
pret
100
Ohio Power 6% pret
100
011stoeks Ltd corn
5
Outboard Motors B corn_•
Class A cone pref. •
Overseas Securities Co___•
Pacific Eastern Corp
1
Pacific0 dr E6% let pref25
535% let pref
25
Pacific Ltg $6 pref
•
Pacific Pub Serv let pref_*
Pacific Tin spec elk
•
Pan Amer Airways __10
Pantepec Oil of Venez_ •
•
Paramount Motors
Parke. Davis & Co
Parker Rust
-Proof corn •
Fender(D)Grocery el A_ •
Class B
•
Peninsular Telep com_
•
Preferred
100
Penn Men Fuel Co
1
Pennroad Corp v t o
1
Pa Cent Lt & Pow pret•
Pa Gas & Elee class A_
•
•
Pa Pr & Lt $7 pref
Peoria Salt Mfg
50
Pa Water & Power Co.
Pepperell Mfg Co
100
Perfect Circle Co
•
Pet Milk Co 7% pref___100
Philadelphia Co corn
•
Phila Electric $5 prof__ •
Phila. El Pow 8% pref___25
Philip Morris Consol Inc lo
Class A
25
Phoenix Securities
Common
1
$3 cony pref ser
Pie Bakeries corn v t o •
Pierce Governor corn
•
Pines Winterfront Co_ -5
Pioneer Gold Mines Ltd__1
Pitney-Bowee Postage
Meter
•
Pgh Bessemer & L Er1e_50
Pittsburgh Forging Co. _I
Pittsburgh & Lake Erle_50
Pittsburgh Plate G1ass__25
l'ond Creek Pocahontas__•
Potrero Sugar corn
5
l'owdrell & Alexander__ •
Power Corp of Canada.__*
Pratt de Lambert Co____•
Premier cold mining
1
9235
231
2%
914 9231
735
735
2
2
53%
1si 13-1
3835 4135
52
38%
26
69
5834
39%
28
70
5835
1234 1335
1435 15%
11834 1194
34
100
1,400
400
4,000
31
2031
2
335
135
134
14
4731
31
34
450
400
50
50
1734
15
66
58
100
200
200
9235
1
31
40
2
3%
14
14
2
47%
1
37%
14
28
23
66
5835
Nov x96% Nov
335 Oct
Feb
Nov 31
Nov
Jan 101
July
Nov
8
Jan
Mar
Jan
6
33( Oct
Feb
234 June
Jan
Mar
5
Sept
May 63% Jan
231 Apr
Jan
Oct 57% Apr
4
Jan
July
Feb 464 July
Oct 3334 Apr
Nov 77
Oct
Jan
Dec 65
1,100
8
1,100 13
175 113
3
20
July 20% Mar
10
13
Nov
Mar
38
11434 Jan nog June
Jan
3
431 Mar
25
Jan 39% June
4%
3
.1
51
8,600
1,100
200
234 24
10%
10
2% 24
1,200
600
1,800
34 Nov
Ire Nov
Dec
Jan
40% Jan
234 Nov
73.1 Nov
May
2
31 Jan
32
Jan
931
34
235
Ira
50
7
154
235
236
37
Feb
Feb
Oct
Jan
Oct
Feb
Feb
Feb
Feb
Jan
Sept34
335 Jan
18
July
35 Jan
14 Jan
14 Nov
.
331
16
25
135
335
Apr
Apr
Nov
Feb
Apr
May
34
3,1
55
34
11.
112
40
731
14
41
304
3
18
2435 24%
50
Ile
4,000
2831 28%
150
204
21
Jan
3234 May
200
2,200
200
1,000
56
435
931
3
17
56
4%
931
3
17
Nov
Jan
Nov
July
July
6335 May
Feb
Febr
32
735 Mar
2334 Apr
10%
814
80
631
34
IX
131
135
1835
17
69
231
10
31%
Si
331
1931
43%
24%
12
834
80
8%
he
231
131
135
1831
1734
69
231
17
31%
34
34
2234
434
26
8
5
664
331
1%
26
634
824
5031
45%
Mar
Jan
Jan
Jan
July
Jan
No
Jul
Oct
Seri
Sep
Jan
Jan
Aug
Jan
Sep
Jan
July
Apr
Oct
Apr
No
Jan
Oct
May
Jan
Fe
Mar
Jan
19% Nov
91
Nov
904 July
10% Apr
135 Apr
3% Apr
335 Jan
3
Feb
2335 Mar
2035 Feb
Apr
90
831 Oct
2935 Deo
51
Jan
334 Mar
535 May
334 Dec
73% Feb
31% Nov
8
Oct
9% Feb
Apr
69
Jan
6
431 Feb
2935 July
1934 June
93 June
72
Dec
5634 Aug
34
131
.11
5
5
9% 11%
5% 54
20% 21
1735 19
90
91
8535 87
135
235
235
19% 20%
150
500
60
100
1,700
1.400
7231 72%
25
2935
25
3834 4136
135 234
150
4,800
2.030
3135 33%
55
5635
2,700
1,250
I%
235 16,000
50
2831 2831
8331 8331
72
72
52 41 52
50
50
200
8635 T8035
160
735
7%
32
32
1635 18
300
50
8,300
6635
235
14
26
6
7435
4235
41%
July 101
69
6531
24
Jan 31%
25
90% 92% Feb 114
735 Nov
735
15
92
10135 May 104%
30
30
Nov 33
235 Jan
18
235
19
Feb 26%
19
Jan
Feb
Nov
June
Nov
Oct
Dec
June
31 Oct
1631 Sept
4
Jan
Sept
1
35 Nov
104 Jan
2
30
14%
334
1
1431
Feb
Apr
Feb
Feb
Aug
Apr
236
3034
2
55
39
14
31
731
8
17%
1
435
354
5
81
5735
2135
34
24
1435
33
154
Apr
July
Feb
Apr
Apr
Nov
Apr
Feb
Feb
Nov
Mar
135
14
234 27
1131 13%
1%
1%
4.100
300
3,500
100
Si
1634
33.4
1134
11%
1.900
3.4
835
435
434
2,400
5235 53%
20
20
1
1,400
100
200
8354 84
30
3034
si" 14
50
400
7,700
23-4
29
2
54
304
1034
7
1535
34
Sept
Jan
Nov
Sept
Jan
Apr
Sent
Nov
July
Jan
Jan
Dec. 8 1934
Week's Range
of Prices
Sales
for
Week
Juto 1
1933 to
Nor 30
1934
Range Since
Jan. 1 1934
Low
Low
High
High Shares Low
Producers Royalty
1
34 July
34 Jan
31
34
35 13,300
Propper McCall Hos Mills
31
235 Jan
1
35 Aug
200
Providence Gas Co
13% 13% Sept 1”i Sept
Prudential Investors
July
5
84 Feb
6
2,600
634
435
$6 preferred
• 78% 82
614 Jan 874 Mar
400 59
Pub Serv 100 prior pref. •
8% Sept 19
Apr
8%
Public Serv Nor III corn _.• 16% 1635
10
Nov
Feb
20
100 10
$60 par value
15
13
1535
Oct 22
Feb
100 13
6% preferred
100
Jan 8035 May
54
54
Puget Sound P & L• 1435 15
$5 preferred
834 July 20
Apr
754
,
100
$6 preferred
•
15% Aug
54 Jan
5
60
834 935
Pure Oil Co 6% pref__100 3631
Feb
450 3335 3335 Oct 63
37
Pyrene Manufacturing_.10
334 No,
.
14
13.4 May
Quaker Oats corn
• 12935 1294
108
May 129% Nov
10 108
6% preferred
100 130131
Nov
Jan 131
113
20 111
Railroad Shares Corp..
35 Feb
31 Aug
800
31
34
.1
Ry & Light Secur corn
Feb
11
531 Jan
44
25
74 735
RY dr Utilities Investing A 1
1
Feb
35 Oct
35
Rainbow Luminous Prod
Class A
•
35 Feb
31 Mar
800
34
31
31
Raymond Concrete Pile
$3 cony prof
•
Sept
17
17
Oct 20
Raytheon Mfg•t o_- _50c
434 Feb
14 No
1%
Red Bank Oil Co
•
135 Mar
Si Apr
34
Reeves(D) coca
•
8% Dec 164 Feb
200 10
831
834
Reiter-Foster Oil
Jan
•
1
•is
Ill Dee
520
34
Reliable Stores Corp
•
635 Nov
235 Feb
131
5% 635
1.700
Reliance International A_•
34 Jan
234 Nov
135
500
235 235
Reliance Management._
Feb
2
% Sep
34
100
31
31
Rey barn Co Inc
10
1%
1A Jan
334 Apr
231
234
1,200
Reynolds Investing
1
35 Jan
134 Apr
5,700
36
1
Richfield 011 prof
25
Feb
4
35 Jan
si
200
35
Richmond Radiator
Mar
1
35 May
35
Rike-Kurnier corn
June
11% Jan 20
10
RocheeterG& E6% D pf 100
Sept
Jan 76
75
65
Roosevelt Field, Inc
15 June
231 Feb
135 1%
1,800
3-4
Root Refining corn
1
1
Jan
31 July
31
Cony prior pref
10
831 Apr
335 Nov
3%
4 4
300
Rossia International
•
s% Feb
% July
34
200
5i
34
Royal Typewriter
Jail
14
9
8%
Jan
200
1334 134
Ituberold Co
26
July 45% Nov
44
43
175 25
Russeks Fifth Ave
it
Apr
10
434 Sep
23.4
Ryan Consol Petrol
334 Jan
35 Aug
36
Safety Car Heat & Light100
St Anthony Gold Mines I
St Regis Paper corn
10
7% preferred
100
Salt Creek Consol Oil
_1
Salt Creek Produizers___10
Savoy 011 Co
Schiff Co corn
Schulte Real Estate
•
Scoville Manufacturing.25
Seaboard Utilities Shares _
Securities Corp General.•
•
Seeman Bros Inc
Segal Lock & Hardware_*
Seiberling Rubber eorn •
Selby Shoe Co coin
•
Selected Industries InoCommon
$5.50 prior stock
25
Allotment certificates___
Selfridge Prov Stores
Amer dep roe
Sentry Safety Control_.
•
Beton Leather corn
Shattuck Dann M Wing_ 5
Shawinigan Wat& Power_•
Sheaffor Pen corn
•
Shenandoah Corp com ___1
$3 cone pref
25
Sherwin-Williams cons. 25
6% preferred A A__100
Singer Mfg Co
100
Amer dep rcts ord reg_gl
Smith (A 0)Corp corn_ •
Smith (L C) & Corona
Typewriter v t c corn_ •
Sonotone Corp
1
Bo Amer Gold & Plat
Sou Calif Edison
5% original preferred.25
7% pref series A
25
Preferred B
25
535% met series C
25
Southn Colo Pow Cl A_ _25
Southern Corp corn
•
Southern Nat Gas corn. •
Sou New Engl Telep._1011
Southern Pipe Line
10
Southern Union Gas corn...
Southland Royalty Co..
.5
South Penn 011
25
So-west Pa Pipe Line ..50
Spanish & Gen Corp
Am dep rcts ord bearer.61
Am dep rcts reg shs.C1
Spiegel Slay Stern
635% preferred
100
74
74
1% 14
2315 25
50
1,900
30
35
13-4
34
54
135
1535
1
38
3735
1
No
4035 Jar
Jan
40
6%
1,500
3335 36
Ire
Ill
20
2031
Yr
31
1,400
400
300
500
4434 4434
9.4
54
114
134
100
1,400
800
1
136
1,200
45
4635
900
35
34
335 531
131 2
1631 1631
600
900
1,000
100
1
131
13
133.5
824 86%
108 108
25536 260
3
3
2731 30%
500
300
3,945
30
40
500
9.900
24
331
2,800
7,500
335
135
15-4
2035 2035
16% 1736
15% 16
200
1,200
700
28
1835
15%
1435
6
131
3
54
55
315
3%
535 535
22% 234
14
14
3-4
3
3%
131
14
1435
16
1031
715
1
1
12
12
33
473(
914 100
119
156
2
3
1536
,
1535
800
5i
3.4
100
3/4
200
34
435
100
900 1535
3435
34
'Is
914 924
250
Stahl-Meyer corn
Standard Brewing Co_- •
Standard Cap & Seal com.5 2931 32
50
Stand Investing 85.50 Pf-• 1531 17
250
Standard 011(KY)
10 17
17% 9,800
Standard Oil(Nob)
25
9
9%
400
Standard OH (Ohio) corn 25 134 144
400
5% preferred
100
Standard P & L corn
-----Preferred
• 18
18
50
Common class B
•
Standard Silver Lead__ 1
Si 9,700
Starrett Corporation
1
800
34
5i
6% preferred
10
300
134
Steel Co of Canada
Stein (A) de Co corn
• 11
11
100
635% Preferred
100 101% 105
20
Stein Cosmetics
114
35 4,000
Stetson (J B) Co com
•
•
Stinnes(Hugo)Corp
Stroock (S) dr Co
531 534
200
Stutz Motor Car
•
231 2,300
2
Sullivan Machinery
• 113.5 1135
100
•
Sun Investing COM
335
200
$3 cony pref
• 41
41
100
Sunray Oil_
14 1,800
1
Sunshine Mining Co__10c 1135 1235 27,70
SwanFinch OUCorp____ 25
235 4% 1,400
Swift AC Co
25 1731 18% 11,600
Swift Internacional
15 33% 35% 3,60
Swiss Am Elec pref_100 42
42;5
20
Swiss 011 Corp
1
Taggart Corp corn
•
Tampa Electric Co com • 2436 25
40
Tastyeast Inc class A_
5,00
•
3-4
Technicolor Inc corn
• 1335 1431 4,50
Teck•Hughee Mines
435 3.70
4
Jan
Nov
Oct
Sep
Jan
July
Aug
Jan
June
Oct
July
June
Jan
Sep
July
Feb
50
.31
131
20
.11
534
31
1731
31
17
31
135
36
Si
13.4
20
Si
1%
1834
/Is
5
3i
13
34
17
45
34
34
23
10%
1335
835
1231
764
131
1534
13(
Ill
loll
32
80
35
8
435
134
24
34
5i
734
134
11%
19%
32%
1
2151
Si
7Si
33-4
54
51
1
7%
1
4031
31
2635
3.6
435
48
1
5
2431
Apt
Apr
Feb
Apr
Nov
Apr
Mar
Apr
Feb
Jan
Feb
Feb
Apr
Jan
Jan
Apr
Feb
3
614 Apr
624 Feb
234 Mar
Jan
35 Mar
Au
Oct 1034 Feb
Jan
3
July
24% Apr
No
July 13% May
2% Feb
July
Mar
23
Au
Jan 86% Dec
Jan 10931 Sein
Nov
Ma 274
44 Fob
Oct
Feb
43
Jul
5% Jun
135 Oct
254 July
28
1835
1535
1435
1
Si
%
103%
335
35
435
174
41
83
834 Nov
4% Mar
534 Feb
Feb
Oct 36
Feb
Oct 25
Sept 2134 Feb
Sept 194 Feb
Feb
4
July
Dec
14 Jan
'ma Jan
Apt
Oct 1074 Mar
54 Feb
Nov
235 Mar
Feb
6
Feb
Jan
2635 June
Jan
Feb
Feb 47
Its Aug
4 July
yi Feb
35, Feb
Jan
92% Dec
60
331 s
s 041
July
23
1434 Jan
14%
Nov
12 5 Oct
831.
7735 Jan
NovAou
23.‘ Nov
17
Aug
Nov
1" A u
s
4 Aug
ja
Jan
32
Jan
84% j n
7
Jan
8 June
3:4 AprI
435 Oct
Oct
134 J
531 Oct
33( Sept
Jan
35
7%
235
13%
3241
23
Aug
Aug
Jan
SeptJan
131 July
34 July
ar
2154 sto
755 Ma
335 Oct
635
24
32
25
174
1635
28%
05
10
35
735
34
136
335
38
11
105
2%
1034
8
10%
17%
535
41%
2
12%
435
2031
4035
4931
335
231
28
134
1431
ti
Mar
Mar
Dec
Mar
Nov
Feb
Feb
July
Feb
Apr
Feb
Feb
Feb
Feb
Sept
Deo
Dec
July
Jan
May
Mar
Mar
Apr
Feb
Apr
Feb
Nov
Jan
Aug
Sept
Feb
Nov
Apr
Apr
Apr
June
Apr
Volume
July 1
WeeA's Range Sales 1933 to
for
Non.30
of Prices
Stocks (Concluded) Par
Week
1934
Range Since
Jan. 1 1934
21% 21%
2
16
104
3
600
1,
300
335
334
7%
735
150
5
5%
15
15
4% 434
20
2131
Ills
34
95
95
200
200
100
300
600
500
35
is 13.200
I% 8,700
134
3634 4231 8,500
% 6,700
34
oog 60%
High
54
Aug
lis July
Feb
11
4495 Apr
Dee
65
134 Apr
22%
6
19
62
7735
%
35
1%
Sept
Sept
Jan
Feb
Mar
July
Sept
July
25
735
28
7734
89%
35
135
435
Nov
Nov
May
Apr
A pr
Nov
Feb
Jan
1% July
May
1
335
235
Jan
Feb
May
Nov
Sept
Sept
Jan
Jan
21
20%
15
30%
7%
30
May
Apr
Jan
Jan
Mar
Apr
Oct
2
July
17
106% Aug
Oct
3
34 Jan
mg
135
1,600
634
3
7
3
2,300
25
435
%
494
35
900
300
1,250
67% 70
'ii
1,800
%
7
1
1335 1434
1
135
48
47
34
35
3335 333-4
800
2,900
800
600
100
300
17
17
r115 rl%
31
34
3% 4
235 27-4
35
35
1
3.4
13% 14%
400
3,300
600
100
900
375
131
1%
43% 45
600
275
15
75
150
154
35
13-4
,
qe
400
900
531
535
200
35
34
600
73-4
600
34
2,600
2894
17
36
9,100
900
100
'is
3,700
7
•
Waco Aircraft Co
•
Wahl Company
•
Waitt & Bond cl A
%
•
Class B
Walgreen Co warrants_
Walker(111ram)-Gooderh'm
• 2634
& Worts Ltd corn
• 16%
Cumul preferred
35
1
Walker Mining
Watson (John Warren)__ •
•
Wayne Pump Co
Convertible preferred_ •
34
1
Wenden Copper
West Texas Util $6 pref....•
_ _10 12%
Western Air
Express_Western Auto Supply A_ •
Western Cartridge pref _100 9894
Western Dairy Products•
$6 preferred ser A
Western Maryland RY
7% 1st preferred_ __100
Western Power pret_ _ _ _100 7434
Western Tab & Stet v t a _•
Westvaco Chlorine Prod100 97%
7% preferred
315
West Va Coal & Coke_ .... _•
• 15
Williams(R C)& Co
Wil-low Cafeterias Inc
131
Common
•
cony preferred
*
16
Wilson-Jones Co
Wisconain P & L7% p1,100
1
3%
Woodley Petroleum
Woolworth(F TV) LtdAmer deposit rcts____58 28%
Am den rats 6% Pre--£1
835
\Vright-liargreaves Ltd_ _•
f
"is
Yukon Gold Co
13
9831
18
9%
3%
935
3
15%
0
7% Dec
3
5%
2%
13
%
y..i
2
35
134
15
%
10 413
135
300
25
134
174
5
3
20
Apr
Feb
Jan
Oct
Nov
Feb
Feb
Jan
Feb
Apr
Feb
Feb
Mar
Dec
Nov
Nov
Apr
Feb
Feb
Apr
Nov
Apr
Feb
Nov
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Feb
19
535 July
2%
1% June
735
4% Jan
1%
35 Dee
134 Oct434
Apr
Feb
June
Jan
Feb
28%
23%
24%
2574
25
22%
2939
753-4
99
61
22
23
2634
2835
84 ..„1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Dec
Nov
Feb
Feb
Feb
Feb
Dec
Feb
6035 Nov137
Dec 973-4 July
50
102%
101%
101%
105
7634
31
4034
104
3634
104%
103%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11234
113%
11334
127
102
7034
60
108%
78%
111
112
Nov
Nov
Nov
Nov
Oct
Mar
Apr
June
Oct
Nov
Oct
1093.4110%
11235 114
34
6%
9
26%
2
31 Dec
6A Feb
Jan
11
2634 Nov
234 Oct
2
10%
1751
2834
534
1735
6
554
'is
2234
635
695
34
.
Jan
Mar
Jan
Jan
293.-I
9%
1034
35
2035
1234
31
34
'is
1
A
22
7
17
6235
194
34
55
1334
77
134
38
35
191
711
1
4
135
35
335
2134
147-4
gis
%
3is
1
A
22
7
19
63%
July 5735
July
1734
Nov
114
Sept34
Oct1%
Sept6
55
Jan
Oct2634
Jan 20
Jan 4834
Jan 99
11
Jul
100
200
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Jan
9834
535
20
535
134
334
34
135
1
%
a%
%
16,900
800
13
10
10
11%
1135
1134
12%
53
80%
42%
9%
10
lb
14
5035
Apr
86
34 Jan
1134 July
71
1
4
134
35
2%
7%
60
%
11
85-4
34
Low
High
134 Sept
5% Feb
79
Jan 9435 Nov
Feb
9% Mar 20
73
Jan 9534 June
16% Jan 3434 Aug
143
4 Jan 32% Apr
40% Sept 67% Feb
Oct
9734 Jan 106
70% Jan 98% Dec
Apr
4734 Jan 70
Dec
76
Jan 102
Aug
102
Jan 108
59
Jan 88% July
Jan 79% Apr
57
25% Jan 4235 Feb
10435 10474 22,000 8735 9134 Jan 105% Nov
10035 10035 9,000 10034 10035 Dec 10335 Apr
10034 100% Oct 10335 Feb
34
234
1
34
54
14
77
34
30
34
155
550
1,700
500
2835
Low
$
High
Low
135
231 234 2,000
Amer Comm Pow 5%s '53
2,000 78
Amer & Continental 581943 9334 94
935
Am El Pow Corp deb 6957
934 1034 10,000
92% 135.000 64
Amer G & El deb 59_2028 89
29% 16.000 13%
Am Gas & Pow deb 65_1939 28
1953 24% 2534 20,000 12%
Secured deb 58
53% 292,000 38%
Am Pow & Lt deb 65.2010 49
Amer Radiator 435s _ _1947 104% 10535 24,000 9731
Am Roll Mill deb 55_1948 96% 98% 179,000 62
17.000 40
Amer Seating cony 65_1936 65% 67
89,000 64
Appalachian El Pr 55_1956 100% 102
Appalachian Power 55_1941 106% 107% 9,000 99
/
2024 82% 833 12.000 58
Deb 6e
Arkansas Pr & Lt 55_1956 71% 7235 64.000 50
35% 64,000 2035
Associated Flee 4%s 1953 35
Associated Gas & El Co
42,000 12
19
1938 18
Cony deb 5355
934
2,000
16
Cony deb 43.a C.. 1948 15
9%
Cony deb 4358
1949 14% 15% 117,000
17% 59,000 11
1950 16
Cony deb be
44,000 11%
17
Deb be
1968 16
15% 15% 1,000
Registered
8,000 11
19
1977 18
Cony deb 6355
69
14,000 3831
Assoc, Rayon Es
1950 68
27,000 76%
Assoc Telephone Ltd Os '65 97% 99
Assoc T & T deb 535s A '55 57% 5834 45,000 34
9
Assoc Telep Util 5148_1944 12% 13% 2,100
8
26,000
Certificates of deposit 11% 13
1933
1334
68
Ctfs of deposit _ _1933 1834 1934 3,000 13%
84
3,000 47
Atlas Plywood 5%s _ _1943 82
Baldwin Loco Works
87,000 64%
1938 6034 71
65 with wart
59% 376,000 57
1938 50
Cis without warr
Bell Telep of Canada
1st M 55 series A _ _ _1956 110% 11135 25,000 98
%
1957 112 1127 36,000 97
1st 9.1 Se series B
1960 112 11234 16,000 9735
be series C
Bethlehem Steel 6s _ .._1998 --------------102
14,000 76%
Binghamton L H & P 58'46 10134102
41,000 45%
Birmingham Elec 4 %s 1968 6735 68
5635 6,000 3834
Birmingham Gas 55_1959 55
7,000 102%
Boston Consol Gas 58_1947 107 108%
Broad River Pow 5s 1954 71% 7234 13.000 29
1939 109 109% 6,000 10234
Buff Gen Elea be
1946 --------------102
Gen .4 ref be
Range Since
Jan. 1 1934
7935 Apr
86
May
14% Apr
•pi
$
Bonds9,000 8635
Abbott's Dairy 6s- - _ _1942 100% 101
Alabama l'ower Co28,000 63
1946 9135 92
let & ref 55
1951 8334 84% 53,000 5435
1st At ref bs
84% 4,000 55
1956 84
let dr ref fa
1968 7131 7254 15,000 4735
1st & ref bit
6835 71.000 4414
1967 67
let k ref 43511
35,000 9234
Aluminum Co 5 f deb be '52 103% 104
Aluminum Ltd deb 55.1948 9574 9735 83,000 59
Pow
Amer Commonwealth
56
,
91 20,000
g
1940
Cony deb off
1953 --------------34
534s
635
Jan
4%
Aug
935
Apr
Jan 7134
Jan 3835
Aug
13.4
35
Nov
'II
Mar
5
Nov
Jan
143-4
2
Oct
Sept 6055
Jan
134
Jan 3334
331
Oct
Oct19
1%
Jan
June
134
b
Jan
Oct455
35
Feb
27
%
Jan
Dee 2634
Nov 82
4
Jan
53
Jan
251
Nov
594
Jan
Nov
2%
Nov
4%
17%
July
July
5%
July
155
9
Jan
9855
435
17
100
Jan
Dec
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Apr
Mar
Apr
Feb
Feb
Feb
Sept
Nov
334
35
6
5734
3234
35
A
31.
35
5%
%
39%
55
1634
135
125
200
Sept
July 1
Sales 1933 to
for
Nor.30
Week
1934
11% Apr
234
35
6
4834
3034
34
35
II
34
535
34
39%
Si.
1434
13,4
734
50
65
93.4
395
8
15%
15
11
2634
235
2%
3%
134
3%
453.4
1%
62
5.55
6%
2434
335
29
Sept
Jan
Jan
Jan
Nov
Sept
July
Dec
Nov
Jan
July
Feb
Nov
Oct
Nov
Apr
Jan
Week's Range
of Prices
99% 26.000 71
81
Jan 9934 Nov
53 99
Canada Northern Pr 68.
Jan 104% Mar
Canadian Nat Ry 7s 1935 102% 102% 11,000 wog 102
Apr
102% Jan 117
Canadian Pac Ry 6s 1942 110% 111% 119,000 98
Apr
7034 Jan 90
Capital A dminis 5.5_ _ _1953 8735 8734 8,000 65
81% 51,000 46% 52% Jan 8134 Dec
Carolina Pr & Lt 5s_ _ 1956 80
13.000 9495 103
Feb 113% Sept
Cedar Rapids M & P 5s '63 112% 113
7634 Jan 94% Apr
Cent Ariz Lt & Pow bs 1960 8735 8834 13,000 7234
Cent German Power
3735 July 63% Mar
2.000 3334
41
1934 41
Pattie ctte fie
Nov
7,000 99
100
Jan 108
Cent Ill Light 5,,.,,1943 10735 10734
Central Ill Pub Service
12.000 50
70
5235 Jan 7635 Apr
be series E
1956 69
Feb
1st & ref 450 eer F_1967 6234 6334 50,000 4535
4734 Jan 68
39,000 49
7435 Apr
52
Jan
bs series G
1968 6731 71
1,000 46
Apr
4734 Jan 68
1981 6335 6335
435% series II
9634 10.000 72
75
Jan 9834 Aug
Cent Maine Pow 4341 E'57 95
1955 100 1017-4 36.000 80
8534 Jan 10254 Nov
5s series D
22,000 5534
May
57
Jan 77
Cent Ohio Lt & Pow 551950 7014 72
28,000 373-4
41
Jan 6134 Feb
Cent Power Sneer D 1957 5534 57
Apr
5915 77,000 3734
4154 Jan 62
Cent Pow & Lt 1st 58_1956 58
64,000 25
25
Nov 52% Apr
Cent States Elea 5s_ _ _1948 2931 31
Feb
2534 Nov 45
1954 30% 3131 102,000 2534
535s ex-warr
3374 Jan 9334 Apr
Cent States P & L 5%s_'55 4634 5034 90.000 22
Jan 9134 July
37,000 62
62
Chic Dist Elec Gen 4348'70 90% 91
Jan 1003.4 Sept
74
74
Deb 5%e_ _Oct 1 1935
Chic Jet Ry & Union 5th
Sept
1,000 95
95
Jan 107
yards 55
1940 10534 10534
8,000 5134 5434 Jan 84% Nov
8334
Chic Pneu Tools 5358-1942 82
Dec
29,000 43
46
Jaa 65
1927 613-4 65
Chic Rye 55 ars
Cincinnati Street BY
Apr
5,000 4034 50
69
Jan 81
1952 68
5 351 series A
Apr
3,000 47
5234 Jan 83
1955 7591 75%
6e series B
1966 4034 4215 17,000 2834 3055 Jan 5234 Apr
Cities Service 5s
1950 4134 4334 413,000 28% 30% Jan 5374 Slay
Cony deb 65
Cities Service Gas 5355 '42 6234 6535 40,000 4374 4634 Jan 6834 June
Cities Service Gas Pip
25,000 55
80% 86
194
5774 Jan 8635 July
Line 68
2735 Jan 4934 Apr
Cities Serv P & L 530 195
35% 3834 141,000 27
1949 3634 3834 44,000 2735 2735 Jan 4994 Apr
574s
33,000 103
Jan 108% Nov
105
Cleve Elea III 1st 65.._1939 10791 108
7,000 10134 106
Jan 11235 Oct
1954 110% 112
58 series A
Nov
1061 112% 112%
5,000 102
10594 Jan 113
55 series B
Commersund Privet
22,000 33
1937 3491 38
33
Sept 6234 Feb
Bank 53513
Commonwealth Edison
Jan 109% Dec
1st 8158 series A.._ _1953 108% 109% 21,000 863.4 92
Dec
Jan 109
3,000 8635 92
1st M be series 8_1964 108% 109
1956 103 103% 24,000 80% 8435 Jan 10535 July
let 435s series C
Jan 10435 July
14,000 7934 86
1957 10334 104
4355 aeries D
Jan 10334 July
24,000 80
85
1960 10235 103
434s series E
jet M 4s series F_ _ _1981 93% 9434 273,000 6935 7234 Jan 9435 July
1962 107 10734 24,000 9234 9434 Jan 10834 Nov
6355 series G
6634 Jan 8774 MaY
Com'wealth SWAM:16358'48 8434 85% 91.000 54
June
5034 55,000 3334 3635 Jan 57
Community Pr & Lt Ss 1957 47
Connecticut Light & Power
112
112
Mar 12034 June
1951
75 series A
111
2,000 104
10635 Jan 11234 June
1954 111
535e series B
2,000 9834 100
Sept
Jan 108
1956 108 108
4 35e series C
104
Jan 111% Dee
1,000 102
1962 111% 11131
be series D
5
16
4% No
Feb
25
July
6% Mar
34 Jan
3
535
3
15
35
%
2
35
1%
17
94
46
13-4
1%
5
3
20
35
65
635
75
Bonds (Continued)-
Low
Dec
45
34 Apr
435 July
Jan
24
45
Feb
% Jan
High Shares Low
Low
100 46
4635
Tenn El Pow 7% 1st pf _100 45
34
Tennesee Products
•
434
6% 634 2,700
Texon Oil & Land Co _ _ _ _*
100 --------------20
Thermold 7% pref
575 37%
65
Tobacco Allied Stocks_.• 60
35
400
1% 134
Tobacco Prod Exports-- _•
Securities Trust
Tobacco
100 1834
Am dep rcts ord reg__.C1 24% 24%
534
100
734 79-1
Am dep Pets def reg__.C1
100 18
_
Todd Shipyards Corp.._• 27% 27%
10 51
73
73
Toledo Edison 6% pref
10 .5835
83
100 83
7% preferred A
Tonopah Belmont Develp 1 --------------34
A
200
31
%
onopah Mining of Nev _ _ 1
135
500
2
334
1
Trans Air Transport
Trans I.ux Pict Screen1%
2
215 1,000
1
Common
1
300
134 134
Tri-Continental warrants__
Triplex Safety Glass Co
11%
---- ______
Am dep rcts ord reg _108 ____
____ _ ____
9%
Trunz Pork Stores Inc_ • ___
3%
2,800
5% 53-4
Tubize Chatillon Corp __ _1
16
300
1 15
934
Class A
3% 4
234
400
Tung-Sol Lamp Works__ •
100 12
27
• 27
$3 cony pref
10
Unexceled Ws
Union American Inv's_ _•
Union El Lt & Pr pref_100
Union Gas of Can
•
•
Union Tobacco corn
Union Traction (Pa)-___
50
517.50 paid in
United Aircraft Transport
WarrantS
United Carr Fastener_ _ _ _.
United Chemicals com___•
*
$3 cum & part pref
United Corp warrants
United Dry Docks cam _ •
United El Serv Am she 501.
I
United Founders
United Gas Corp cam_ _ _1
•
Pref non-voting
Option warrants
United G & E 7% pref _100
United Lt & Pow corn A_•
•
Common class B
•
$6 cony let pref
•
United Milk products...
•
$3 preferred
United Molasses CoAm deli pets ord ref _ _ £1
-Sharing- •
United Profit
i0
Preferred
United Shoe Macb com_ 25
25
Preferred
•
U S Dairy Prod B
US Flee Pow with wart_ _1
Warrants
•
II S Finishing corn
1
US Foil Co class 11
•
U S Intl Securities
•
let pref with warr
•
U S Lines pref
10
US Playing Card
IT 8 Radiator cons
100
7% preferred
US Rubber Reclaiming_ ..•
•
United Stores v t a
Un Verde Extension _ __50c
•
United Wall Paper
•
United Zinc SmeltIng
5
Utah Apex Mining Co
titan Pow & I,t $7 pref_ •
Utica Gas & El 7% pref 100
Utility Equities Corp.__.•
•
Priority stock
•
Utility & Ind Corp
•
Cony preferred
Util Pow & Lt new com 1
1
V t c class B
100
7% preferred
10
Venezuela Mex Oil
Venezuelan Petroleum_ __IS
•
Vogt Manufacturing
3621
Financial Chronicle
139
Juts
Jan
Jan
9294 July
66
59
60
65
51
95%
72
101
Jan 9234
Jan 58
Jan 8754
Jan 8094
Jan
733.4
Jan 106
Jan 9774
2
34 Nov
34 Oct2
Jan
Jan
Feb
Feb
Feb
Apr
Apr
Oct
Jan
AP1'
Nov
Conn River Pow 5s A 1952
Consol GEL & P 435a 1935
Stamped
Canso' Gas (Balto CRY3Dec
1939
68
Apr
Gen mtge 4355
1954
Mar Consol Gas El Lt & P (Ball,
1969
4945 series 0
Feb
4358 series H
1970
1981
Apr
let rats 1 48
July Consol Gas Util Co1st & coll fls ser A.,.,1943
Aug
Feb
Cony deb 634sw w _1943
Consol Publishers 73401936
Oct
1939
734s stamped
Mar ConsumerePow 4346_1958
1st & ref 5s
Mar
1938
i Apr Cont'l Gas & El 5s_ _ _ _1958
Cosgrove-MeehanCoal Corp 6358
1945
Dec Crane Co 68_ _ _ _ Aug 1 1940
1940
Crucible Steel 58
July Cuban Telephone 7345 1941
1944
July Cuban Tobacco 5s.
July Cudahy Pack deb 5%a 1937
July
s 1 5e
1946
July Cumberld Co P& L 4%9'56
Nov Dallas Pow & Lt 68 A_1949
Dec
be series C
1952
Dayton Pow & Lt 50_1941
Feb Delaware El Pow 6368-_'69
Jan Denver Gas tit Flee 55_1949
4,000 10035 104%
6,000 9935 102
Jan 111
Jan 114
Oct
July
1,000 10194 105
10835 10834
Jan 10934 Nov
July
10831 108% 18,000 9)335 10334 Jan 110
106% 107
25,000 8834 93
Dec
Jan 107
4934 5634 189,000
1,000
634 6%
70
107
1037-4
4535
78
2,000
107% 60,000
104% 55,000
46% 195,000
634 4,000
6
10154 10135 14,000
9535 97
92,000
66
6934 10,000
104
104
95
10935
10531
10734
86
10634
10434
106
9634
10935
105%
10834
8734
10834
61,000
26,000
31,000
1,000
1.000
22.000
36,000
4,000
33% Jan 5635 Dec
33
53-4 Sept 13
53.5
APT
63
48
July
Jan 89
Dec
70
70
Sept 78
88
9454 Jan 107% Nov
1004 10234 Jan 10534 July
33
Apr
3635 Jan 57
234
234
7735 85
6034 7335
50
Si)
35
35
9351 98
102
10334
65
74
10034 10415
94
99
9935 102%
65
65
9234 9294
Sept
Jan
Jan
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
10134
97
8034
50
10434
10735
9634
110
109
10934
9154
1063-4
Mar
Dec
Dec
June
Jan
Nov
July
Nov
Apr
Nov
Nov
July
Dec
3622
Bonds (Conlinued)-
Financial Chronicle
Week's Range
of Prices
Sales
for
Week
July 1
11133 to
Nov.30
1934
Range Since
Jan. 1 1934
Bonds (Continued)-
Dec. 8 1934
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Vor.30
1934
Range Since
Jan. 1 1934
Low
High
Low
Low
$
High
Low
Low
High
$
High
Low
Derby Gas & Mee 55_1946 8239 83
Apr Jacksonville Gas 5s.__1943 374 384 18,000 32
7.000 564 5739 Jan 85
May 53
32
Feb
Det City Gas 65 ser A _ 1947 9639 9939 73,000 76
8439 Jan 101
May Jamaica Wet Sun 545'55
Jan 108
Nov
9634 100
So lat series B
1950 8639 8839 66,000 8734 73
Jan 9294 July Jersey C P & L 445C_1961 91
94 179,000 704 7339 Jan 98
July
Detroit Internal Bridge55 series B
1947 10135 102
83
Jan 104
27,000 77
July
6355
Aug. 1 1952
3
Oct
3
7
34 4,000
Feb Jones dr Laughlin Sti 58 '30
2%
10234 10339 Jan 108
Oct
Certificates of deposit..
Oct
239
2
135
5
234
Feb Kansas Gas & Else 65_2022 87
1,000
88
Jan 00
June
7,000 6134 62
Deb 75
Aug 1 1952
39
2
Jan Kansas Power 5a
39 2,000
SS Jan
31
1947 7539 76
6034 Jan 8644 Apr
9,000 65
Certificates of deposit_
35
4 Aug
2
Jan Kansas Power Is Light
Dixie Gulf Gas 6398_1037 10115 10231 23,000 78
Jan 103
79
Aug
65 aeries A
1955 10434 105%
7,000 8049 8414 Jan 10539 Nov
Duke Power 445
1967 10439 105
Jan 1054 Nov
85
9,000 85
Est series B
1957 9841 100
734 Jan 100
Dec
40,000 70
Eastern Utilities Investing
Kentucky Utilities Cobs set A w w
1954 17
Mar
935
17
lst mtge 55
3,000
1034 Jan 25
Jan 68
5739 59
47
19
Mar
61
17.000 46
Elan Power & Light 5a _ 2031) 3439 394 206,000 22
2534 Jan 5139 Apr
634n series D
1948 69
Jan 864 Apr
58
744 38.000 55
Elmira Wat.Lt & RR 55'56
55
Jan 86
62
Nov
5345 series F
1955 6239 63
Apr
Jan 73
51
3,000 50
El Paso Elec (55 A _ _ _ _1950 8634 88
Jan 88
64
Dec
8,000 64
55 series I
1969 58
Mar
6931 44,000 4534 4534 Jan 68
El Paso Nat Gas 6395_1943
Kimberly-Clark Se.
..i943 10031 101
24,000 824 8834 Jan 10194 Nov
With warrants
Nov Koppers G & C deb 55 1947 10134
5639 87
Jan 86
8239 Jan 1024 Dec
10294 49,000 72
Deb 6395
1938
Jan 75
35
Sink fund deb 548_1950 1024 104
Nov
25
844 Jan 104
Dec
66,000 76
Empire Dist El 55_ _1952 664 6834 28,000 46
464 Jan 75
July Kresge(SS) Co be__ _1945 10534 1054 13,000 89
89
Nov
Jan 106
Empire Oil& Ref 548 1942 564 5815 58,000 41
4635 Jan 72
Apr
Certificates of deposit_ - 10194 10231 13.000 85
Nov
874 Jan 103
Ercole Marelli Elec MfgLaclede Gas Light 5451935 66
Jan 7534 Feb
50
2,000 50
66
6348 A ex-warn
1053 75
76
Oct 88
69
Apr Laruton Gas 83,4e..1935 _
2,000 67
Jan 10134 July
93
91
Erie Llirbting 55
1967 9931 100
Jan 1024 July Lehigh Pow Secur 135_ _ 2026
88
7,000 78
6139 Jan 944 Deo
9494 691,000 54
-Leonard Tietz 7Psse I w '46 81
European Elea Corp Ltd
28
Mar
25
Oct 65
6395 x-warr
1965 9139 9331 19,000 694 80
Jan 10034 Apr Lexington UtIliti es55_ 1953 72
Apr
4 Jan 76
73
16,000 5494 641
European Mtge Inv 75 C'67 4739 49
39
8,000 24
54
Jan
June Libby McN Is Libby 55'42 974 9839 77,000 57
68 3 Jan 99
Nov
1
Fairbanks Morse be_ _1942 9431 98
Jan 98
63
53,000 58
Dec Lone Star Gas 55
1942 100
Jan 10134 Dec
13,000
Farmers Nat Mtge 7s_1963 --------------334 42
8
Jan 5839 Sept Long Island Ltg 65_ _1995, 9639 10131 29,000 8234 8239 Jan
Nov
98
67
65
97
Federal Water Serv 5355'54
4
15
1834 Jan 42
May Los Angeles Gas & 6ea48
Finland Residential Mtge
55
July
Jan 108
102
1939 10741 1074 2,000 100
1961
Banks 65-5s
54
Nov
5834 734 Jan 100
1961 101
Jan 10134 Aug
10194 14,000 8739 89
Stamped
9835 90 169.000 86
Sept 9939 Nov
86
65
1942 108 108
5,000 9914 9931 Jan 10949 July
Firestone Cot Mills 55.48 1034 10319 45,000 85
8939 Jan 10439 Nov
545 series E
1947
944 Jan 10734 June
94
Firestone Tire & Rub 55'42 103 10334 63,000 89
10434 Nov
93
Jan
539s series F
1943 104 104
954 Jan 1064 July
1,000 94
First Bohem Glass 78_1957 --------------61
Jan 744 July
62
539e series I
1949 105 105
1,000 94
9494 Jan 10739 July
Fla Power Corp 548_1979 715 74
42,0
5839 Jan 80
Apr Louisiana Pow & Lt 5.5 1957
48
8934 9239 131,000 6134 0634 Jan 9734 July
Florida Power & Lt ba 1954 65
Apr Louisville G & E 68._ _1937
6734 380,000 4434 5339 Jan 71
90
June
Jan 104
3,000 90
10134 102
Gary El Is Gas 5s ser A 1934 5734 6239 56,000 3139 34
Jan 6734 Apr
4345 series C
1961 10339 10334 9,000 79
Jan 10334 Nov
82
Gatineau Power let 55 1956 964 98 120,000 714 7759 Jan 98
Nov
Deb gold 68 June 15 1941 93
9534 19,000 66
Jan 9534 Dec Manitoba Power 5%a _ 195 I
69
55
5539 6,000 2239 3819 Jan 6734 July
Deb &series 13
1941 93
6831 Jan 954 Dec Mass Gas deb Egi
9539 17,000 62
1955 9539 96
Jan 9839 July
74
60,000 70
General Bronze 65_ _ _ _1941
834 844 34,000 55
Nov
Jan 85
80
5395
1946 102 10235 4,000 80
July
Jan 104
143
General Motors Acceptance
McCord Radiator Is Mfg
5% serial notes _ _1935 --------------101
101
.
Nov 10334 Jan
(35 with warrants _ _ .1943 72
Jan 734 Nov
40
7234 13,000 33
5% aerial notes
1936 --------------10234 10294 Jan 10534 July Memphis P & L 55 A.-1948
Jan 9834 Aug
70
52,000 70
90
92
General Pub dery be ....1963 80
80
84
54
5,0
Jan 824 Aug Metropolitan Edison0
Gen Pub Util 845 A.195n 474 53
2539 Jan 56
June
83,000 2339
48 series E
66
Jan 9141 Nov
1971 8894 904 26,000 63
General Rayon 65 A..1948 56
57
45
2,000 36
Feb 5834 May
be serle5 F_
1962 10034 10134 41,000 73
Jan 10134 Nov
73
Gen Refractories 68_ _ _1938
Middle States Pet 6395
Juno
5351 Jan 75
2,000 48
With warrants
141
9894 Jan 14634 Apr Middle West Utilities '45 6494 65
14434 120,000 90
44,000 85
Without warrants
85
9844 99
Mar 99
Aug
55 ate of deposit _ _1932
1034 Feb
534 Nov
539 54 69,000
34
Gen Vending fis ex war '37 --------------2
9
Mar
24 Jan
bs otfs of dap
419 Nov
339
1034 Feb
5% 539 53,000
1933
Certificates of deposit_..
44 439 3,000
2
• 739 Mar
Jan
2
65 etre of dep
1934
1039 Feb
5
494 Nov
5% 44,000
334
Gen W at Wks Is El 55_1943 58
59
25,000 3839 40
Jan 62
June
55 efts of deposit_ _1935
104 Feb
439 Nov
334
539 535 23.000
Georgia Power ref 58.-1967 7834 8034 196,000 5441 594 Jan 8431 Apr Midland Valley
Apr
be. _ _1943 56
.
60
Nov 75
53
7,000 53
Georgia Pow Is Lt 55. _ 197R 55
10,000 40
56
40
Jan 65
Feb Milwaukee Gas Lt 4395'67 1
9334 Jan 10834 Nov
9,000 90
0734
Gesture]68 x-warrants 1953 9439 9939 5,000 30
30
Sept 73
Jan
Minneap Gas Lt 4395_1950 944 10394 53,000 67
73
Jan 9519 Nov
95
Gillette Safety Razor 5s '4e 1034 10334 13.000 93
Jan 10439 July
94
Minn Gen Elea 58
1934
Aug 1024 Apr
100
100
Glen Alden Coal 4s...1965 8334 8635 340,000 53
5739 Jan 8619 Dec Minn P Is L 4345
Aug
554 Jan go
.1955 -ii- iiii 12'565 54
Gobel (Adolf) 639s.. _1935
be
Jan 8939 July
1955 834 8631 46,000 5835 64
with warrants
74
74
1,000 70
Sept 85
70
API' M1551851901 Pow 55_ _ _1955
Jan 674 July
40
45,000 3514
Godchaux Sugar 745_1941 106 10639 3,000 95
95
Jan 10641 Nov Miss Pow Is Lt 55__ 1957 f34 65
734 Dec
4894 Jan
72
7334 55,000 40
,
Grand (I W)Prop 68_1946
Mississippi River Fuel
Certificates of deposiV
40
40
Apr
16,000
631
163( Jan 41
68 with warrants _ _ _1944 97
Apr
904 Jan 100
9,000 il9
98
Grand Trunk Ry 639s 1936 1054 10534 11,000 9841 1004 Jan 106
Apr
Without warrants...-. 96
Apr
Jan 99
89
7,000 8534
97
Grand'I runk Vt est 48_1950 8835 8939 10,000 63
70
Jan 8939 Dec Miss River Pow let 55 1951 10639 10635 4,000 9519 9634 Jan 1074 June
Great Northern Pow be '35 9911 10034 97,000 9394 9334 Jan 101
Aug Missouri Pow Is Lt 546'56 1014 10211 6,000 7035 7039 Jan 10294 Dec
Great Western Pow 55 1848 10694 10739 6,000 9339
9439 Jan 108
June Missouri Pub Set, 55_1997 4239 44
Feb
Jan 56
5.000 33
37
Guantanamo Is West 6s'58 184 20
9.000 10
Jan 27
12
Sept Monongahela West l'enn364 15,000 24
Guardian Investors 58_1948 26
24
Jan 48
Feb
Pub Set,54 set B.1953 864 8731 23,000 58
61
Jan 9049 June
1037 10534 10594 12,000 9914 101
Gulf 011 of Pa 55
Jan 10519 Nov Montana - Dakota Power
Ss
1947 10441 10639 90,000 97
994 Jan 107
Nov
539s
1044 4719 48
Nov
4739 Nov 48
2,000 48
Gulf States Util 58._1956 9031 93
64,000 62
66
Jan 93
Dec Montreal L H & P Con
1961 8434 86
7,000 55
434e series B
63
Jan 86
Dec
let & ref be son A _ _1951 10734 1084 11,000 9494 10439 Jan 11154 Aug
be series B
1970 10814 10939 21,000 9335 10314 Jan 11139 Aug
Hackensack Water 55_1938 109 109
2,000 984 10031 Jan 109
Dec Munson Steamship Linea
1977 106 106
58 series A
1,000 98
Jan 106
99
1)ec
8395 with warranta_1937
47
4 532 15,000
3
Nov
3
1994 Feb
Hall Printing 5395_ _1947 61
643-4 53,000 60
604 Nov 83
Apr Narragansett Elea Se A '57 105
Jan 10634 June
10534 34.000 9139 98
Hamburg Elect 75_ _ _ _1935 45
95
2,000 48
45
Dec 82
Feb
be series B
1957 105 1054 19,000 9331 98
Nov
Jan 106
Hamburg El Underground
Nassau Is Suffolk Ltg te '45
_
98
_
Jan 101
98
May
1938 3335 3931 16.000 28
Is St Sly 535e
Sept 7034 Jan Nat Pow dr Lt 8s A
28
2026 6935 73% 137:069 51
Feb
Jan 53
57
Hood Rubber 548-1936 77
82
7,000 55
Jan 82
66
Dec
Deb 5s series B...2030 5939 6354 263,000 42
Feb
4739 Jan 74
83
75
1936 82
5,000 65
70% July 83
Apr Nat Public Service 55 1978
Houston Gulf Gas 65._1943 90
80,000 40
91
Jan 05
42
Nov
Certificates of deposit__ 1834 Feb
639 639 6,000
531 Nov
54
634a with warrants_ 1943 7431 7741 30.000 2931
31
Jan 774 Dec Nat Tea Co be
Mar
1935 10094 10034 17,000 9631 974 Jan 103
51,000 80
Howl I & P 1st 494e E.1981 10349 104
814 Jan 104
Oct Nebraska Power 4396_198i 10735 10831 31.000 83
9134 Jan 1084 Den
4395 geries D
1978 10239 10234 3,000 79
8239 Jan 103
June
Batteries A
2022
Jan 1014 May
16,000 704 77
1953 105 10594 24,000 9134 9339 Jan 10694 Nov Neisner Bros Realty 68 '48 9931 101
So series A
8739
10.000 35
43
Jan 90
Dee
Hudsoi. Bay M Is 86e.1935 1034 10334 8,000 10334 1034 Nov 11834 Apr Nevada-Calif Elec 55_1956 6934 90
5741 Jan 81
July
7334 72.000 54
Hungarian-Hal Bk 7395 '83 --------------4134 4939 Jan 56
Mar New Amsterdam Ga 55-'48 102 1023.4 15,000 85
Jan 10331 July
85
Hydraulic Pow be.- _ _1951 --------------100
Feb 1074 Nov N E Gas A El men 55_1947
10334
Feb
394 Jan 65
5534 564 40,000 34
111
1950 111
2,000 10031 104
Se
Nov
Jan 111
Cony deb ba
1948 5514 5639 23,000 3336 39
Feb
Jan 61
WV
Cony deb 58
1 Ygrade Food Products- .!
1
.1950 554 5639 51,000 3314 3
834 Jan 6194 Feb
6439 6539 31,000 4034 48
Jan 70
1949
Apr New Eng Pow Awn 86_1948 59
65 series A
Apr
72
60
96,000 4634 514 Jan
1949 6434 69% 1,000 42
6.5 series 13
50
Jan 6019 Apr
Debenture 545_ _1959 6135 6334 132,000 50
Jan 7744 Apr
54
4,000 36
1947 10439 106
Idaho Power 55
874 Jan 106
Dec New On l'ub Serv 439s '35 4639 49
June
47,000 3239 364 Jan 63
Illinois Central RR Cs 1937 1 7934 8035 61.000 78
79
Sept 9339 Apr
65 aeries A
1940 32
34
25
22,000 25
Jan 4431 Apr
1957 102% 10439 12,000 8234 8239 Jan 105
III Northern Ut1155
Aug NY Central Elec 5155 '50 7639 7735 2,000 5
6
Jan 85
69
May
96,000 48
Ill Pow & L let 65 ser A '53 7435 77
52
Jan 7839 May N Y Is Foreign Investing- 5'4
85,000 46
474 Jan 75
let dr ref 5348 set B.1954 6939 74
Apr
5395 with warrant/1_1 48 89
89
10,000 65
70
Jan 9034 NOV
1st dc ref 55 ser C.._ 1956 67 .169 110,000 4236 434 Jan 70
Apr N Y Penna Is 01110 4395 '31 10194 10135 20,000 89
9639 Jan 10235 June
St deb 5395 ...May 1957 574. 60
5
95,000 3251
Jan 66
37
Apr NY P&L Corp 180 4355 '67 9039 9139 233.000 73
Jan 964 July
74
Indiana Electric Corp7, 1044
N Y State0Is E 4195_1980 83
844 55,000 5841 644 Jan 8639 July
6519 68
7,000 5434 5931 Jan 754 Feb
1947
65 series A
15t5345
1982 95
July
9534 8,000 77
80
Jan 100
59
1,000 58
69
Jan 80
639s series B
1953 69
Apr N Y & Weatch'r Ltg lis 2004 10039 101
53,000 81
June
98
Jan 100
24,000 45
47
1951 1584 62
Jan 68
6s series C
Apr
Debenture be
1954 10639 10634 2,000 96
Jan 10635 Dec
98
--------------93
Jan 10634 Nov Niagara Falls Pow 68_1950 10839
98
Indiana General Elec 5048
108% 8,000 104
1043.4 Jan 11(14 Mar
Indiana Hydro-Elec 55 56 1 6134 6239 11,000 44
47
Jan 874 Apr
bet series A
1959 108 10834 20,000 9931 10031 Jan 10844 Den
Indiana Is Mich Elec 55 '55'
9839 10139 18.000 /0
71
Jan 10139 Doe Nippon El Pow 6195 1953 83
834 13,000 63
Sept
Jan 86
65
85
1957 10739 10735 2.000 8834 91
Jan 10894 June No American Lt Is Pow
Indiana Service 5e_
2539 Jan 4839 Apr
I950 3494 3739 11,000 2331
5% notes
1935 ____
____ ______ 90
91
Jan 10149 June
let lien Is ref 55. _ _1963 3439 3631 11,000 22
2439 Jan 4894 Apr
5% notes
1936 --------------8194 82
June
Jan 103
Indianapolis(3. 55-A _1953 -------------- 68
Jan 88
71
Apr
5358 serial A
1956
39 133,1
Apr
254 25q ran se
76
Ind'polls P Is L 55 set A'S? 9531 9694 125000 73
Jan 9839 July Nor Cont Util 5345_ _ _1948 2534 26
8,000 184 20
Jan 364 May
Intercontinents Powerrfae . . .'.1
'
No Indiana 0 Is E 65_1953 9331 9534 36,000 71
Jan 9934 July
71
(2 !
13.4
Deb 65 x warrants_1948 ,. 4 339 6,000
134 Nov
Apr Northern Indiana P 85
International Power Sea-5s series C
IN
1966 7374 785 12,000 514 594 Jan 7894 May
%
1955 C80 t, 6039 10.000 73
639e series C
73
July 98
Mar
58 series D
1969 7539 78
Deo
50,000 5239 55
Jan 78
8939 11.000 74
75 series 1
,
77
1957 88
July 10339 Mar
439135erles E
1970 67
Mar
7141 104,000 494 60
74
Jan
12,000 74
7s series F
1952 81 083
78
Aug 102
Mar NO Ohba P Is L 5355_ _1951 102 10294 18,000 69
July
7039 Jan 103
4.000 8341 84
International Salt 5s...1951 10539 106
Jan 106
Dec Nor Ohio Trac Is 1,1 55 '56 974 99
Dec
15,000 65
Jan 09
68
International Sec 543_ _1947 67391;6841 44,000 43
464 Jan 684 Dec No States Pr ref 44s 1961 9094 9234 89,000 71
734 Jan 9554 July
884 23.000 5339 6734 Jan 8934 Sept
Interstate Inn Is St! 436s'46 87
539% notes
1940 904 92
20,000 69
714 Jan 0534 July
103
Feb 10634 Nov N'western Elect 65_...1935 7334 7339 15,000 54
68_1936 10534 10631 • 2,000 103
Interstate Nat Gas
Apr
Jan 87
54
Interstate I'ower bs 1957 571 il 59 173,000 37
4119 Jan 614 Feb N'weetern Power tis A _1960 273,4 28
4
18,000
839
1239 Jan 364 May
Debenture 68
2839 Jan 98
9039
1952 3934:. _ 36.000 36
Certlficates of deposit__ 27
Apr
27
10,000
831
14
Jan 3434 May
Interstate Public ServiceN'western Pub Set,58 1967 6739 7139 25,000 474 5034 Jan 73
June
bs series D
23,000 41
474 July 64
1956 52 '. .54
Feb Ogden Gas ba
1990 9019 113
July
15,000 734 774 Jan 100
435s series F
4215 Jan 61
1958 49
497-4 43.000 42
Feb Ohio Edison 1st 58..._1960 9534 9731 129,000 634 6734 Jan 98
July
Invest Co of Amerill
Ohio Power let ba 13._1952 106 10635 17,000 88
954 Jan 1074 Sept
ba series A w w
1947
67
67
Jan 894 Oct
let Is ref 434s kr D 1956 10454 10419 24,000 834 85
Aug
Jan 105
without warrants
1,000 67
88
88
Jan 88
67
Dec Ohio Public Service CoIowa-Neb L & P 58_.J957 8534 87
634 Jan 897.4 Apr
35.000 56
fle series C
1953 10334 10131 11,000 704
7041 Jan 1044 Deo
58 series B
1961 5 84393 86
Jan 8934 Apr
20,000 5649 64
bs sacks D
1954 9835 9.431 27,000 6039 6335 Jan 9944 Deo
Iowa Pow Is Lt 4398_1958 1101 11014 13.000 72
75
Jan 10135 Dec
1961 994 1014 18,000 63
Jan 10134 Dec
5198 series F
63
Iowa Pub Serv 58
1957 83
84
19,000 574 58
Jan 8749 Slay Okla Gas Is Elea 56...1950 98
993-4116,001) 6835
7339 Jan 0934 Dec
Isarco Hydro Elec 75.1932 8339 854 3,000 70
70
Sept93
Apr
Be series A
66
June
Jan 93
1940 8939 9031 11,000 63
1sotta Fre/mini:11 78_1942 it 8839 78835 2,000 7334 7334 Sept90
Nov Okla power Is Water 55'48 4839 50
12,000 40
Jan 60
44
Feb
Italian Superpower of Del .
.
Osgood Co Os ex-warr.1938 --------------31
Mar 45
33
Aug
Sc WIthOUt war 1963 6734 6834 16,000 49
rich
June 7834 Apr Oswego Falls 68
49
1943 6334 6934 4,000 4534
6131 Jan 6914 Dee
i
Financial Chronicle
Volume 139
Week's Range
of Prices
Bonds (Continued)
-
Pacific Coast Power 55 1940
Pacific Gas & El Co1941
ln 6s series 13
lot & ref 6 45 sec C_1952
1955
be series D
1957
let & ref 44a E
let & ref 4 48 F..._1060
Pacific Investing Ess A.1948
Pacific Ltg & Pow 58_1942
Pacific Pow & Ltg 58_ _1955
Pacific Western 011655s'43
With warrants
1938
Palmer Corn 68
1936
Park & Tilford 88
Penn Cent L & P 4548 1977
1979
ba
Penn Electric 45 F._ _1971
Penn Ohio Edison
1950
A zw
68
Deb 5 35s series 13_ _ _1959
Penn-Ohio P & L 515s 1954
1956
Penn Power 55
Penn Pub Serv as C_1941
1954
be series I)
Penn Telephone 58 C.1960
Penn Water Pow 6e,,_1940
1968
434s series B
Peoples Gas I. & Cote1936
% serial notes
1981
45 series 13
1957
68 series C
19741
Peoples Lt & Pr 55
Low
High
973,1 98
Phila Electric Co 55_1966
Phlia Elec Pow 54s _ _1972
11111a Rapid Transit 65 196?
Phil Sub CoG & E 4558'57
PhDs Suburban Wat ba '55
Pledm't Hydro-El 615a '60
Piedmont & Nor 58.._ _1954
Pittsburgh Coal 6s
_1949
Pittsburgh Steel Gs _1948
Pomeranian El 61,-...._19153
Poor & Co 65
1939
Portland Gas & Coke te '40
Potomac, Edison 511_ _ _ 1950
434eseriesF
196
Potomac Elea Pow 58_1936
Potrero Sugar is
1947
PowerCorp(Can) 455s 1.159
Power Corp of N 194
6 34e serlee A
194
5555
Power Securities 136...1945
Prussian Electric 68_196
Pub Serv of Nil 434813 '57
Pub Serv of N J pet etre_ _ _
Pub Serv of Nor Illinois
let & ref 65
1956
56 seders
1966
435s series D
1978
44e series E
1980
let dr ref 4348 ser F.1981
6555serie8G
1937
6545 series H
1952
Pub Serv of Oklahoma
1961
be series C
be merles 1)
1967
Pub Serv &Meld 5558_1949
Puget Sound P & L 548'49
let & ref he series C.1050
1st & ref 414s ser D_ 1950
Quebec Power Se
1968
Queens Boro 0& E 44e '68
555s series A
1952
Reliance Management 63'64
With warrants
Republic Gas Os
1945
Certificates of deD081t_ _ _
Rochester Central Pr 55'53
Rochester Ry & Lt 55_1954
Ruhr Gas Corp 63-48.1953
Ruhr Housing 64s-1958
Ryerson (Joe T)& Sons-1943
Se...
Sate Harbor Water 448'79
St Louis Gas & Coke tla '47
San Antonio Puulle Service
1968
&geodes B
San Diego Gas & Elec
1960
534s series 1)
San Joaquin LS & Power
1952
68 series B
1957
ba merit% I)
1955
Sande Falls 55
Saxon Pub Wks 65_ --1937
ricrIPP(E W)Co 5548..1943
Seattle Lighting 55_1949
1948
Serve' Inc 5s
Shawinigan W & P 44e '67
45-4e8ches B
1968
1970
let 55 series C
let 455e:series 1)._ 1970
Sheffield Steel 555e.. 1948
Sheridan WYO Coal 68 1947
Sou Carolina Pow 55_1957
Southeast P dr L 65_ _ _2025
Without warrants
Sou Calif Edison 5a_.1951
1939
be
Refunding 55 June 11964
Refunding 50 Sop 1952
Sou Calif Gas Co 445.1961
1957
let ref 55
1952
S3eserleeft
Sou Calif Gas Corp be 1937
Sou Counties Gas 454s_'68
Southern Gas Co 645.1935
,
Sou Indiana 0& E 6345 '57
Sou Indiana RY 48- _ _1951
Sou Natural Gas as__ _1944
Unstain ped
Stamped
lirwestern AssocTel ba '61
Southwest G & E 58 A_ 1957
1957
65 series B
Wweetern Lt & Pr te_ _1957
S'western Nat Gas 88.1945
Bo'West Pow & Lt 68_2022
Sweet Pub Serv tia.. _1945
1942
Staley Sitg 68
Stand Gas & Elec 65_1935
1935
Cony 68
1951
Debenture 6e
Debenture 65_ Dee 1 1966
Standard Invests 5555 1939
1937
Se ex warrants
Stand Pow & Lt On.. _ 1957
Standard Telep 545_1943
Sales
for
Week
Juiy 1
1933 to
Nov.30
1934
Low
$
5,000 65
11055
106
10434
100%
100%
7915
99 163,000
102% 2,000
94
4,000
86% 57.000
Low
77
Jan
111%
10655
104%
101%
101%
82
94%
102%
90
844
Range Since
Jan. 1 1934
101%
11,000 101
29,000 954 95%
6,000 91
92
36,00
8234 85%
62,000 824 8534
14.000 69
70
104
102
5755 5855 98,000 35
35%
77% 7934 19,000
67
604
103%
106
984
89
103%
1094
10755
70
87
2
113%
10855
7134
10754
7335
9155
103
9454
2855
97
79
10055
934
10555
33
8554
68
6255
104%
10655
100
91
10335
110
10755
7334
85
62
57
67
5135
34,000 394
80,000 35
25,000 74
5,000 9234
13,000 66%
2,000 60
1,000 86
14.000 103
1,000 89
72
84.000
8035 137,000
255 17,000
93
5654
6855
134
2,000 104%
11334
109
12,000 100
75
8,000 4455
108
12,000 98
954
74
9,000 66
92
16,000 69
1053-4 16,000 89
95
9,000 79
2934 5.000 2534
974 11,000 80
79
13,000 73
1014 33,000 72
94
5.000 65
10555 2,000 101
33
5,000 13
8534
1,000 53
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
0934 July
1144
108
1074
103%
103
8255
111
5034
Aug
June
July
July
July
May
Aug
Nov
Jan 93
Deo
78
854 Jan 10211 Dec
Dec
Feb 94
77
5955 Jan 884 July
Jan 9655 Aug
71
57
Jan 79% Nov
4615
4135
79
95
75
84
86
103%
9554
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7435
70
105
107
101
92
1034
111%
10755
July
Apr
July
Oct
June
May
Dec
July
Nov
Nov
95
Jan 101
6235 Jun 80
May
75
Jan 99
Apr
555 Jan
114 Nov
105%
10455
493,4
100
9654
66
74%
93
85
2555
83
73
74%
73
10234
18
63
Jan
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Mar
Oct
Jar
Sep
Jan
Jar,
Jan
Jan
Jan
10454 104% 54,000
76% 88
76,000
69% 83 110,000
103% 104
11654 117
Bonds (Concluded)
-
Jan
70
70
5155 Jan
50
Jan
4135 45
29
29
Sets
11,000 82% 83% Jan
103
Jan
6,000 102
11354
110
75
10834
10535
92%
95
10531
9755
5434
9754
954
10154
95%
10638
3455
854
Oct
Oct
Dec
Nov
Nov
Apr
Nov
Dec
Dec
Feb
July
Mar
Nov
Nov
June
Apr
Dee
104% Nov
88
Dec
83
Dec
Feb
73
104
Oct
11935 July
904
91
80
7855
7835
102
9755
9155
91
8134
8034
804
10355
9834
72,000
6,000
2,000
58,000
134,000
113,000
76,000
62
5855
534
5234
5254
73%
6915
6634 Jan
60% Jan
56
Jan
5554 Jan
55
Jan
7655 Jan
7134 Jan
91%
91
824
8154
81%
10315
9934
July
Dec
July
July
July
Dee
July
904
9155
77
5435
534
50
92
94
7755
57
6451
5034
6,000
34,000
12.000
304.000
24,000
67,000
604
65
4054
37%
3655
334
62
Jan
57% Jan
42
Jan
41% Jan
393,4 Jan
364 Jan
92
94
8535
5935
5755
55
Dec
Dec
June
Feb
Feb
Sept
10255 103
864 8754
8,000
5,000
85
88
6134
91
88
62
3855
39
35
11234
331(
2815
Jan 104% Nov
Jan 103
Nov
Jan 89
Apr
Jan
79
5535 59
14% Jan
39
3,000 14
415(
15
Jan
39% 37,000 1335
41%
3655
7,000 224 28% Jan 47
113
1024 Jan 113
6,000 100
3514 25,000 2834 28% Nov 66
23
2855 10,000 23
July 70%
103 103
5,000
10715 109
55,000
755 74 18,000
91% 9234 66,000
DO
91
355
91% Jan 104Si Oct
9534 Jan 109
Dec
335 Aug 11
Feb
64
65
9835 102
9654 9654 37,000
3614 r37
94% 9535
28
2834
9855 99
95% 9751
953,4 97%
103 1043-4
9534 97
104% 10555
46
46
7315 74%
7,000
58.000
28,000
52,000
83,000
10,000
11,000
57,00
29,000
2,000
12,000
May
Nov
Nov
Feb
July
Feb
Feb
Jan
94% July
Sept 10755 July
88
88
Jan 108%
75% 7554 Jan 99%
101
103% Jan 110
364 36% Dec 724
6655 73
Jan 9555
17
17
Sept 41
61
71
Jan 99
6315
72
Jan 97%
63
7255 Jan 9735
73
79
Jan 106
6334 724 Jan
9755
7751 8555 Jan 10555
38
as Sept 4934
41
5155 Jan 79
67
6835
1044 105
10755 10755
104% 105
1043-410134
9835 97
10254 1024
10334 103%
10034 10035
• 95
9534
July
July
Nov
Mar
Deo
Feb
Dec
Nov
Nov
Nov
Nov
Nov
Feb
Slay
172,000 3715
4334 Jan 7455 Apr
42,000 92
9334 Jan 106
June
7,000 100
10215 Jan 10834 July
25,000 90% 93% Jan 106
June
4,000 9234 93
Jan 106
June
28,000 784 82
Jan 98% July
1,000 854 89
Jan 104
June
1,000 92
9355 Jan 106
June
29,000 83% 833.4 Jan 10231 July
12,000 79% 87
Sept 9734 Aug
93
96
Jan 1024 Apr
108% 10855 5,000 9634 101
Jan 109
Nov
44% 47
26,000 45
45
Nov 73
Apr
7835 8034
7955 79,55
584 5955
91
93
904 93
69
71
5955 60
48
50
774 7755
104
104%
63
674
63% 68
39
42
3935 9035
77% 7755
80 , 81
35% 38
25
2534
54,000
1,000
15,000
52,000
8,000
20,000
5,000
11,000
1,000
9,000
51,000
37,000
98,000
70,000
8,000
16,000
76,000
10.000
53
58
40
60
60
45
25
37
55
83
3854
38
30
284
64
8435
27
16
59
60
42
623,4
634
47
34
40
57
87
43%
4355
32%
324
6455
66
2955
18
Jan 8034
Jan
793,4
Jan 644
Jan 93
Jan
93
Jan 7534
Jan 60
Jan 6635
Jan 84
Jan 105
Jan 94
Jan 93
Jan 60
Jan 59
Jan 82
Jan 83
Jan 674
Jan 25
3623
Week's Range
of Prices
Low
High
Stinnee (Hugo) Corp
7e ex-warr
1938
334
7-4% stamped
1936 31
78 ex-warr
36
1946 36
7-4% stamped
30
1946 26
Super Power of Ill 434s '68 83
83%
let 448
1970 814 824
se
1961 974 08
Swift & Co 1st met 56_1944 107 107%
5% notes
1940 10355 104
Syracuse Ltg 535s......_1954 10754 1073
5
beseries B
1957
Tennessee Elec Pow 551956
Tens Public Service 55 1970
Term Hydro Eleo 6 558 1953
Texas Elec Service 58_1960
Te,s Gas 1%11
_1945
Texas Power & Lt 6s 1958
55
1937
68
2022
Thermoid Co 558100.1937
Tide Water Power 55_ 1972
69
Toledo Edison bs
Twin City Rao Tr 5358'52
Uien Co deb t3a
1944
Union Amer Inv 58 A _1948
Union Elea Lt & Power58 series A
1964
1195674
65 series B
4545
1957
Un Gulf Corp 55 July 1 '50
United Elec NJ 4s_ _ _ _1949
United El Serv 75 x-w.1956
_
United Industrial 6555 1941
let 65
1945
United Lt & Pow 68_.1975
634e
1974
655s
Apr 1 195"
Un Lt & Rye (Del) 54s'52
United Lt & Rye(Me)
68 series A
1952
65 series A
1973
U S Rubber Ps
1930
63.4% serlalnotes_.1935
654% serial notes_ _ _1936
634% serial notes_ _1937
84%,serial notes_ _ _1938
83-4% serial notee_1939
635 serialnotes _ _ _1940
Utah Pow dr Lt Os A._2022
4
111999456624
Utica & E E
55 series D
Valvoline Oil 7s
1937
Vamma Water Pow 648'57
Va Eleo & Power 5a_ 1965
Va Public Serv 515s A_1946
158 re/ Se ser B
1950
(is
1946
Waldorf-Astoria Corp
71 with warrants._ _1954
7. otts of deposit_1954
Ward Baking 65
1937
Wash Gas Light Es_ _1958
Wash Ry & Elect 4s_ _1951
Wash Water Power 65..1960
West Penn Elcc 58_ _ _ _ 2030
West Penn Traction 5s '60
West Texas Util be A.1957
Western Newspaper Union
85
1949
Western United Gas & Elec
let 5555 series A......1955
Westvaco chlorine Prod
5iis
1937
Wheeling Elect bs_ _ _1941
Wise Elea Pow be A _ _ _1954
Wise-Minn Lt dr Pow ba '44
Wisc Pow & Lt 58 F_ _1958
bs series E
1956
Wise Pub Serv 68 A_ _ _1952
Yadkin Riv Pow ba1941
York Rye Co Se
1937
July 1
Sales 193310
for
Nor.30
Week
1934
Low
4,000
1,000
34,000
15,000
32,000
5,000
27,000
41,000
6,000
Range Since
Jan. 1 1934
Low
30% 32
26
28
29
33
25
25
59
59
5734
56
73
70
10154 10334
9434 9835
1034 10335
100
97
84
81
82
82
7634 78
8234 85
14
12
9454 95
1034 103%
8455
84
69% 70
7055 72%
10555 106%
424 44
46% 47
90% 90.34
33,000
1,000
6,000
16,000
5,000
51.000
22.000
2.000
23,000
39,000
128,00
80.00
15,00
1,000
106% 106%
106 10655
105% 10555
10355 103%
10755' 108
78%
78
36% 37
3351 37
3355 35%
3415 36
75
77
454 46%
4,00
7,00
2,00
78,00
4,000
9,000
6,000
17,000
35,000
40,000
38.000
58,000
101
99
924 9635
903-4 92
101%
98
964 100
65
65
35
35
3334
34
27 on
26
264 31
50
60
31
3554
79%
35%
1024
101
1003.4
98%
9655
96 A
,
9531
5334
5755
36,000
6,000
14,000
66,000
22,000
47,000
42,000
5,000
20,000
2,000
3,000
5154
25
894
75
65
60
60
48
40
62
60
13
65
87
51
55
49
79
19
33
78
55
44
62
63
12
*1734
89.4
56%
65
50
-634
23%
455
85
High
July
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
68
55
61
ao
86%
85
9934
108%
1044
108%
1084
Jan
Feb
Jan
Jan
July
July
July
Oct
Mar
July
Aug
Jan 84
Dec
Jan
9635 Sept
June 864 Apr
Jan 88% Apr
Dec 25
Apr
Jar. 9534 July
Jan 1044 July
Jan
Si
May
78
Jan
Feb
7414 May
Jan
Jan 10634 Dec
Jan
58
Apr
Jan 5234 May
Jan 91
Oct
Jan
Jan
Jan
Jan
Jan
June
Nov
Dec
Jan
Jan
Jan
Jan
10651
10(355
1064
106
108
90
6934
6735
52%
58
80%
564
Nov
Nov
Oct
June
Oct
Apr
Jan
Jan
Apr
Feb
June
Feb
Jan
Jan
1043.4 1043.4 -166
45
45
91
92
58
28%
90
8815
77
7034
6954
6955
68
464
464
93%
94
85
52
103
10155
10054
9955
994
984
99
674
6735
105
105
June
Feb
Dec
Slay
Dem
Dec
Dec
Apr
Apr
Feb
Feb
July
Nov
943.4
105
74
67%
60
605
75
86
52
45
45
Feb 85
75
7954 Jan 9655
Jan 105
89
5554 Jan 80
Jan
61
76
6734 Jan 70
June
Nov
Nov
Apr
Apr
Apr
44
2
92%
76
8355
75
4635
60
41
444
2
9654
79
8355
80
55
61
46
0434
10435
71
6554
59
8255
36
103
10134
10031
9935
99%
9834
99
54
58
WOO
6,00
64,00
45,00
12,00
8
04 8,000
955 11
8.000
104 104
6,000
9835 9935 57,000
0734
64
84
604
6;556
083,4 2
64
11,000
84
2.000
614 74,000
oo
oo
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Oct 20
Jan
Jul
18
Feb
Jan 10434 Nov
Jan 10035 July
Jan 100
Nov
Jan 9954 July
Jan 71
Apr
Jan 87
July
Jan 67% Apr
47 • 50% 69,000
23
26
Jan
5054
8755 89
64
65
Jan
90
Hib55
9235
7634
784
964
95%
96
Foreign Government
and MunicipalitiesAgric Mtge 13k (Columbia)
7s with coupon
194
78
194
Baden 7s
2535
195
Buenos Aires (Pr.:miner: 0
7s stamped
5954
195
7345 stamped
194
63
Cauca Valley 75
1035
194
Cent Bk of German State a,
Prov Banks 68 B....195
43%
65 series A
195
36%
Danish 6563
195
9534
55
90
195
Danzig Port dr Waterways
External 64e
195
German Cons Muni° is '4 -27454
Secured 68
194
2654
Hanover (City) 78......_193
27
Hanover(Prov)645.._194.
28
Lima (City) Peru 674.1958
Ctt of deposit
755
Maranho in
1958
163,4
75 coupon off
1958 15
Medellin 78ser E
1951
Mendoza 7348
1951
45 stamped
1951 45
Mtge Ilk of Bogota 75_1947
Issue of May 1927
23
Issue of Oct 1927
20
Mtge Ilk of Chile 68_.1031
Mtge Bk of Denmark ba '72 9155
Parana (State) 75._ _1958 1455
Coupon off
14
Rio de Janeiro 6 35e_ _1959 17
Coupon oft
r18
Russian Govt 6355. _ _14)19
44
6555 certificates_ _ _1919
455
5548
1921
4
5148 certificates _ _ _ _1921
4
Santa Fe 75
1935 4134
Santiago 7e
1949
9%
78
1961
955
1053,4
93%
78
784
9854
963.4
9755
50.000
1014 Jan
101
10255 Jan
100
99
Jan
_4;666 97
84
Jan
18,000 61
17,00
5934 Jan
51
5,00
58
Jan
62
14,00
7854 Jan
7855
20,00
Jan
63% 66
76
Jan
25,00
70
10434
106%
106
94;y
83
8334
99
98
100
Dec
Oct
July
Nov
Aug
Oct
July
July
July
July
July
3
3661 Nov
Nov
Jan
28% 20,000
20
1954
21
23
19
22
29,000
62
653,4 26,000
1135 5,000
2534
2734
734
254 Jan
294 Jan
Jan
8
631
7
4554 13,000
364 5,000
974 10,000
15,000
90
30
22
6835
61
30
Sept
30
Aug
7934 Jan
62% Jan
Feb
70
73
Feb
b
974 Dec
90
Nov
3634
244
2134
23
24
455
355
1254
14
1035
25
2335
44
2435
2115
23
24
5
531
12%
14
104
2635
284
Jan
Sept
Sept
Sept
Nov
Jan
Jan
Jan
Nov
Jan
Jan
Jan
75
Aug
5955 Feb
5735 Feb
Feb
1334
13%
755
62%
15
16
84
75
855
13
143(
15
2
2
2
2
18%
535
655
Jan
Jan
Jan
Jan
Jan
Oct
Jan
Au
Sep
Jan
Sep
July
Jan
Jan
Jan
27
2434
1654
92
17
1555
1955
18
5
293.4
29
32
30
18;66,
5
60,000
109,000
12,000
73,4 _ 3:665
16%
L000
15
L000
4734 13,665
23
23
92
15
15
1715
518
5
455
5
4%
43
10
935
1,000
3,000
11,666
16,000
'2,000
3,000
1,000
74,000
241,000
67,000
193,000
7,000
6,000
7.000
May
Jan
Aug
6235
16
Nov
Oct
Feb
635512
1035
21
15
2034
60
eebb
eb
Feb
Feb
Dec
Feb
Sept
4955 Sept
Oct
Sept
Sept
Dec
Feb
Oct
Feb
Dec
Mar
Slay
May
May
Dec
FebFeb
13
114
Deo
15
Dec
2
Apr
134
Dec
5
155
Dec
134
5
May
43
13
Dee
113
3
554
Feb
554
May
Nov
•No par value. a Deferred delivery sales not noluded In year's range.
r Under
June the rule sales not Included
in year's range. s Ex-dividend.
June
z Deterred delivery sales not Included In weekly or yearly range are given
below:
June
Saxon l'ubllc Works 6s, 1937. Dec. 3 at 41.
Air
Abbreviations Used Above -"cod" Certificates of deposit "cons" Consolidated.
Apr "cum"
Apr stock. Cumulative. "cons" Convertible. "m" Mortgage. "n-v" Non-voting
Aur rants. "v t C" Voting trust certificates. "w I" When ironed. "w w" With warx w Without warrants.
I) cc
Financial Chronicle
3624
Dec. 8 1934
_
Other Stock Exchanges
G,
0000
000
W..
..
.
..
.. 1...N
00
.
N
00
u.
-,,,-...t., to
N
Paul H.Davis &ea
Low
Range Since
Jan. 1 1934
551
215
24
1
10
14
534
1034
%
35
%
234
4
1
1134
14
534
1034
15
15
33
43
2
334
5
1
1
134
204
7
84
15
1034
6
134
15
8234
10
33
2
5
7
1
I
134
224
714
8%
414
10%
6
1.34
14
1
5
234
6
82
2
14
333
334
44
6
10
934
935
3
%
10
3%
18
1234
5
84
10
4
10
16
7
234
334
4234
9
715
634
9
14
19
115
734
65
133
234
15
1
2
1034
2215
2
3%
3934
1234
834
4
1
2
5
234
54
44
2
14
3%
334
415
834
10
934
12%
4
533
10
3%
15
1334
534
334
10
4
1034
16
11
231
33.4
4234
17
734
8
104
18
21
1%
1134
70
133
3
x
2
2
1615
28
215
34
40
1434
gm
15
1
34
10
33
33
1%
High
1634 Mar
Mar
7
1233 Apr
334 Apr
2034 Feb
115 Feb
8% Feb
Apr
24
15 Feb
15 Feb
33 Feb
Oct
Sept
Jan
July
Jan
Mar
Nov
Jan
Aug
July
July
Dec
Mar
Oct
Jan
Jan
Aug
2
1334
17
1834
134
1%
4
314
1134
19
1534
1034
17%
433
15
62
44
Jan
Jan
Jan
Nov
Oct
Oct
Jan
Feb
July
Feb
Feb
Dec
Apr
Feb
Jan
Feb
Feb
Jan
Jan
July
Aug
Jan
Oct
Oct
Nov
Feb
Mar
Jan
Nov
Dec
Sept
Jan
Oct
Sept
Jan
July
July
Feb
Jan
Sept
Oct
Jan
May
Jan
July
Aug
Jan
Jan
July
Jan
July
Aug
Jan
July
Jan
Mar
Sept
Jan
Aug
Mar
Apr
Apr
July
Jan
Jan
July
6
114
84
1134
80
234
214
Feb
Feb
Jan
Jan
Dec
Mar
Jan '
Mar
Jan
Nov
Aug
Nov
Feb
Jan
Mar
Apr
Nov
Jan
Aug
Jan
Apr
Oct
yi Jan
h
4
7
2
7
5
411
15
1
73i
Aug
Nov
Jan
Nov
Sept
June
Jan
Nov
Jan
Jan
Jan
Low
534
4
93-4
234
914
915
4%
15
may
Dec
Jan
Apr
Feb
Jan
133 Feb
x Feb
Feb
Dec
Dec
Sept
Jan
Dec
Feb
Jan
July
ie
1, eb
F y
2734
114
16
434
634
84
814
23
12
1934
32%
23-4
714
1231
Dec
May
Feb
Feb
Jan
July
Feb
Nov
Nov
June
Jan
Feb
Apr
Jan
22
22
66
75
Feb
Feb
July
Jul,
21
94
12
28
38
1034 Nov
10% Oct
34
Jan
aus Jan
106
106
111
115
9
9
1233
11
534
4
32%
31
34
31
Feb
Jan
Nov '
Feb
Dec
Feb
Mar
Aug
Dec
Dec
Feb
May
Nov
Jan
Nov
Dee
Nov
Apr
Feb
May
May
Jan
Aug
Feb
Nov
Jan
Sept
Feb
Apr
Jan
Dec
July
Sept
001
Jan
Jan
Jan
Jan
Jan
Jan
June
Nov
Nov
17
33
10
%
2%
56
3
10
4
6
21
4
2
1%
15
10
%
2%
6034
3%
15
4%
6
23
34
2
1%
mar
1034
1615
9
18
14%
9
23
2
14
2
21
34
Ju y
l
1 94 July
734
7%
6%
19
16
144
17
20
734
1634
154
1034
324
22
2033
934
15
9
20
21
32
8
74
70
29
1734
1934
18
8034
38
6%
2333
88
934
834
134
5
3%
2515
4015
20
1034
5114
2633
1934
415
3%
Nov
Jan
Jan
Jan
Jan
Mar
July
Dec
Oct
Apr 12934 Dec
Jan 13234 July
1934 Apr
July
Jan 20M Dec
7% Dec
mar
Feb
Aug 51
2% Mar
Aug
14
13-4
32
334
1934
11%
14
% Nov
115 Aug
Jan
50
2
Dec
Jan
24
Jan
14
14 July
14
134
150
II
ai..W
gl, " ,,,,,
cea
,,..
,,,,,,..,,
"
wm
Chicago Stock Exchange
c000888 8888888 8E88 88888888E88888E8888888E8E88 88888888888888E888E88888888000000000000000000o000
C4 00
.
.
.
fmoo
CHICAGO SECURITIES
l
'"tip,g00,ttg.55 101e0Z;gtwm.q/gt.24gga.
1
6
...I
..
N
.
t.2
New York Real Estate Securities Exchange
"ggsgnIntright gggreggiral
Range Since
Jan. 1 1934
C)
Par
... ce.. lzwo..wmODW.ac g.
,,
High
Low
Bruce Co(E L) corn
•
6% 634
Bunte Bros corn
10
334 334
Butler Brothers
10
8
834
Canal Construe cony pref..*
1
1
High
Low
High Shares Low
Low
Castle & Co(AM)com_10 1715 19
2
Feb Cent Ill Secur corn
15 Jan
Abitibi Power
500 38c
1
115
_ _.1
1
14
14
915 Mar
334 Nov
3%
200
Preferred
100
334 415
Convertible preferred_ _*
614 7
Jan 38c Feb Cent Ill Pub Serv pref.....• 11
9c
70
4,000
Admiralty Alaska
10c
12c
1633
1
25e July
Jan Cent Pub Serv Corp A
400 25c
Aetna Brewing
1 260 38e
1
%
34
% Oct
434 Feb Cent Pub Util Corp cl A .•
14
1%
1% 2,700
Allied Brew
1
14
15
333 Mar
450
Oct
3.000 450
x Altar Consol Mine
1 75c 850
V t c common
33
I
33
200 Aug 70e Dec Central B Nt,5,000 200
x Arizona Comstock
1 4134 700
I
Aug
134 Nov
1
400
1%
a Austin Silver
1
134
Common
%
14
1
433 Aug
133
234 Jan
100
334 333
1
Bancamerica Blair
Preferred
•
334 333
35c
Oct
334 Dec
B G Sandwich Shops
*
234 234 13.900 35e
Prior Hen pref
• 1034 1134
22c Nov 65c May Cherry-Burrell corn
1,000 22e
250
x Black Hawk Cons Mine 1 22c
• 1634 18
215 Jan Chic City & Con Ry pt pfd*
15 Oct
15
700
33
34
*
Brewers & Distill vto
134 134
May 1934 Jan
15
200 15
Cache La Poudre
20 1734 18
Certificates of deposit_ .._
115
1%
900 Sept
100 900
334 Mar Chicago Corp common__.
x Carnegie Metals
1 1.20 1.20
•
231 234
100 00,„ 1.00 may
Apr
234
1 1.00 1.00
Central Amer Mine
Preferred
• 294 30
33.1 Oct Chic Flexible Shaft com„5 104 104
430 May
8c
1 1.50 1.90 16,900
x Como Mines
Apr Chicago Mall Order corn.5 1434 1533
3
1% Sept
I
I%
134 7.700
a Croft Brew
1
1% Feb Chic & N W Ry cam_ _100
Jan
45e
400 260
15
15
Davison Chemical
*
5% 515
2
2
100
5
Nov
Apr
3
3
1
x Dejau Stores
Preferred
100 10% 1034
134 Oct 45% Apr Chic Rivet & Mach cap_ _.
5 1634 1815 4,400 1134
Distilled Liquors
0
1434 15
234 Nov 10% Mar Cities Service Co corn _ _•
24
600
3% 44
5
Distillers & Brewers
115 1%
I% Apr Club Alum Utensil Co----*
Oct
250
1,500 25c
Elizabeth Brewing
1 260 290
34
14
115 Apr Commonwealth Edison 100 46
250 Nov
200 250
2 300 35c
Flock Brew
47
234 June Congress Hotel Co corn 100 1215 1215
2
Dec
1%
100
2
2
1
Fort Pitt Brew
115 Apr Consumers c,
o__
Oct
300
100 300
300
Schmidt_ _1 30e
x Fuhrmann dr
3% Mar
I%
700
135
134 Aug
I%
1
x Harvard Brew
6% prior pref A
100
3
3
6% Jan 1234 May Continental Steel oom
6%
600
1034
Helena Rubenstein pref * 10
•
5% 6
2% Feb Cord Corp cap stock
30c July
300 300
%
34
*
Hendrick Ranch
5
334 5
Oct Crane Co common
75e Nov 930
4,500 75c
900
1 85e
Horn Silver
934 933
25
94 Feb
15e Nov
100 150
1 20c 200
Preferred
Huron Holding
80
100 73
94 Mar 1% Nov Curtis Lighting Inc com-_* 2 • 2
14
400
134
134
International Vitamin__.•
1415 Oct 1534 Oct Decker & Cohn com_ __ -10
10 1434
10 14% 14%
Irving Trust
% 1%
44 Mar Deep Rock Oil cony pref..*
Oct
3,100 1.75 1.75
234 231
1
4
Kildun Mining
4
Feb Dexter Co (The) com____5
1
Jan
25e
100 100
1 350 350
Kinney Air_
5
5%
May Eddy Paper Corp com_.• 1434 15
184 Jan 39
10 11
38
Macfadden Publ'n pref * 38
Oct
260
23's Apr Elea Household UM cap.6 1334 154
260
100
10 320 320
National Surety
2
815 Feb Elgin Nst Watch cap stk 15 1334 14
Aug
2
100
234 234
"
Newton Steel
Sc Nov 25c June Fitz Sim & Com D&D com•
•8c
100
80
8o
1
N Y Title & Mtge
934 934
233 June Gardner Denver Co cora_ _* 18
Oct
1
1
300
1%
134
a Northampton Brew prat 2
18
1% July 19% Jan General Candy Corp cl A_5
1%
500
115 214
1
Oldetyme Distillers
511 534
4% Oct Gen Household Mil tom_•
1% Jan
1
3,200
315
315
10
Paramount Publlx
5% 634
1% Nov Godchaux Sugars Inc al A • 1434 15
% July
34
134 3.300
134
1
x Penn York Oil A
Oct
115 Jan
38e
1,100 38e
% 1
Class B
•
x Petroleum Conversion_ 1
734 834
Mar Goldblatt Bros Ina corn
5
33 July
%
200
134 2
*
Petroleum Derivatives
.• 1733 1834
% Feb Great Lakes D & D com_• 1733 1734
150 Sept
400 150
• 25c 25e
Richfield 011
2% Apr Greyhound Corp com
Dec
1
1
400
133
1
*
Ru.stless Iron
5 1934 20
134 Apr Hall Printing Co com__10
1
34 Aug
ti
%
15
500
x Simon Brew
6% 6%
Apr Hammerill Paper
Jan 2.60
2.000 1.25 1.45
1 2.50 2.50
Siscoe Gold
15
15
Jan Hart-Carter cony corn_ _10
7
2% Oct
233
5,400
434 434
pref
•
a Texas Gulf Producing_*
7
7
Jan
53-4 Feb Hart Sch dr Marx com _ _100 13
200 1.00 1.13
234
233
1
Utah Metals
13
120 Nov 50e Feb Hormel dr Co corn
100
300
15e
1 12e
Van SwerIngen
• 20
2035
Feb Houdallle-Hershey Cl A* 31
Oct
2
1
534
700
2%
2
1
West Indies Sugar
32
15 Feb
10e Sept
50
2,200
170
5 150
Class B
Willys-Overland
•
6% 8
3% Feb Illinois Brick
15 Dec
500 25e
15
115
100
Preferred
534 5/4
Co cap--25
Oct Ill Nor UM pref
330
210 Nov
1,000 190
1 230 230
Zenda Gold
55
100 55
Ind Pneu Tool v t e for cm• 2
Bonds834 29
Apr Interstate
Dec 80
30
39 520,250 30
Shamrock Oil & Gas 6s '39 30
12
Power 37 pref _.• 12
Iron Fireman Mfg v t o.. • 1834 1833
•No par value* x Listed.
Jefferson Electric Co corn.* 1734 18
Kalamazoo Stove oom_.• 29
30
Katz Drug Co corn
1 3
5% 36
Closing bid and asked quotations, Friday, Dec. 7
Ken-Rad sth w p:com
yetoneTbetLir om A_•
215 214
• 20% 2134
Preferred
100 78% 79
Bid Ask
Adige Issues.
Bid Ask
Active Issues.
Kingsbury Brewing cap...1
131
134
Libby McNeil & Libby-10
574 634
Bonds(Concluded)Bonds% 1
Lincoln Prtg Co com
•
ctfs___1941 25 ____ Mortgage Bond (NY)534a
Alden 6s bond &
50
5
3
7% Preferred
42
1934 39
Broadmoor 135 bds & Ms'41 45 ----(Ser 6) St Bldg
1939 30 ____ Ill John
33-4
10
315
6s___1948 38 ____ Lindsay Light corn
Butler 11131165
Loudon Packing com____• 19% 20
.___ Park Central Hotel
Ii Park Place Corp 4s 1948 30
5 3215 •34
Wes ars of deposit _1935 14 ._.. Lynch Corp corn
1941 22 ___
Dorset 8155 ctfs
17
McCord Rad & Mfg A__..• 15
16
Film Center Bldg 6s_ 1943 49 --_- Prudence Co 6sser 7___1934 13
1034
13 10
Boxy Theatre 614s._ _1940 13 __ McGraw Electric com
42d St & Lexington Ave5134
McQuay-Norrts Mfg com• 51
____
1945 43 ____ 1088 Park Ave Bldg 63_1939 36
015
2433
McWilliams Dredging Co..
• 24
2 Park Ave Bldg 6s____1941 45 ____
Fox Theatre & Office BldgMarshall Field common • 11% 1234
27
9 29th St Towers Inc 3s w tv'42 24
7
1941
6s
134 134
43 Westinghouse Bldg 4s _ _1939 54 ____ Mer & Mfrs Sec cl A com_i
Hotel St George 534s. _1943 41
13-4
115
Mickelberry's Fd Pr corn 1
Stocks43
41
Certificates of deposit.. _ _
Midland Utd Co
23 __ _
4
Lewis Morris Ants 6s..1937 30 ____ City & Suburban Homes114 2i4
Convertible pref A__ _.•
31
34
30 ___ French (F F) Investing
deposit__
Certificates of
Middle West Util Co corn.*
15
15
2 __
1940 37 -_-_ Lincoln Bldg Corp v t c corn_
Marcy 6.9
5
5
Miller & Hart Ina eonv pf_•
* 1514 1634
Modine Mfg corn
9
8
Monroe Chemical com_...•
16
Mosser Leather Corp corn • 16
• 1134 13
Muskegon Mot Spec cl A.
9
7
Nachman-Sprgfld corn.
..t
2174
Listed and Unlisted
National Battery Co prei• 21
Nat Elec Pr 7% pref _100
.
14
14
Nat'l Gypsum ci A com....5
9%
9
National Leather corn__ _10
131
1
Nat Rep Inv Tr cony pref•
134 1%
Members:
National Standard com_• 2731 2734
Chicago Stock Exchange
Nat Union Radio corn
1
34
34.
New York Stock Exchange
Chicago Curb Exchange
NoblItt-sparks Ind oom • 1414 14%
New York Curb (Associate)
1%
1
No American Lt & Pr com 1
Northwest Bancorp oorn •
37 So. La Salle St., CHICAGO
315
3
Okla Gas & El 7% pref_ lie 7814 7834
Oshkosh Overall cam
•
5
514
28
Convertible preferred * 23
12
Parker Pen Co(The)com10 10
sales lists Penn Gas & Elea A oom_.* 10
10
Dec. 1 to Dec. 7, both Inclusive, compiled from official
3234
Perfect Circle (The) corn.* 32
July 1
Pines Winterfront com___5
35
34
Range Since
Week's Range Sales 193310
234 215
Potter Co (The) com__•
Jan. 1 1934
for Nov.30
of Prices
Far
•
1% 2
StocksPrima Co corn
1934
Week
Public Service of Nor Ili
Common
• 1434 163.4
High
Low
High Shares Low
Low
Common
60 14% 1634
Nov
Jan 6034
200 3433 40
5914
62
100 60
Abbott Laboratories corn.* 59
6% preferred
2734 Jan 4734 Feb
400 81
423-4
25 40
Acme Steel Co
7% preferred
100 6533 6734
Apr
16
Jan
6
4
400
13%
.° 11
Adams Mfg (J D) corn..
Quaker Oats Co
Jan
4
1% Sept
133
3,650
1% 234
Common• 128 129%
Advance Alum Cstgs corn 5
b
1,450
• 1314 14%
Allied Products cl A
100 13015 130%
514Feb
5
9
Jag
9% AugA un 2 %%
9% 10
30
1634
Altorfer Bros cony pref..* 16
9
9
Feb Reliance Mfg Co com-__10
13
Jan
5
3
90
6% 7
Amer Pub Eery Co pref_100
.
614 June Ryerson & Sons Inc corn_ • 1831 2034
4
July
4
750
5% 5%
Armour & Co common-5
Sangamo Electric Co
7,i
731
*
334 Jan
1% July
1%
215 4,150
115
1
Asbestos Mfg Co com
Dec Sears Roebuck & Co corn * 4034 4133
Jan 78
50 4214 55
78
Associate Invest Co com * 78
Southern Union Gas corn *
31
11
15 Feb
14 Jan
15
20
ki
Yr'
Assoc Tel Util 36 cony pLk•
oh Feb Standard Dredge
234 Jan
215
1,500
7
6
Automatic) Products corn.5
•
%
Common
11
Feb
3
Nov
1
1
100
1%
1
•
Automatic Washer cony pf
234
2
Convertible preferred_*
Nov
May 12
5
435
120
12
Backstay Welt Co com * 12
70
Dec St Louis Nat Stkyds cap_ _• 63
Mar 70
50
20
10
70
Balaban & Katz pref_ _ _100 70
24
2
Feb Stutz Motor Car corn_ __.*
3% Aug 10
334
250
4% 415
•
Bastian-Blessing com
15 3434 35
t
PM July 2334 Feb S_wift International
934
• 1615 173-4 3,500
kiendia Aviation corn
1
31
. 17% 1833
25
231 Sept 1114 Jan swir & CoGo Fro ete
234
1,250
234 2%
1
Berghoff Brewing Co
com
du
1633 July 2934 Nov Utah Radio
3.150 1114
Borg-Warner Corp corn_ 10 2715 29
Jan 109% Deo Utli & Ind COrD93
20 87
100 10934 10934
7% preferred
34
Common
35
•
Brown Fence & Wire
1% 234
•
Convertible preferred..
Nov
Jan 13
6
5
100
13
• II
Class A
c
Stocks-
a,
July 1
Week's Range Sales 1933 to
of Prices
for
Nov.30
1934
Week
w. I-,
July 1
Weeks' Range Sales 1933 to
Nov.30
for
of Prices
Week
1934
Stocks (Continued) Par
1-,c00..0..pp
New York Produce Exchange
•
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
34 Nov
134 Jan
215 Jan
534 Feb
Sept
70
log Feb
4031 Sept
20% Aug
2% Jan
2
6
Feb
Feb
Financial Chronicle
Volume 139
Stocks (Conauaed) Par
Week's Range
of Prices
Sales
for
Week
Range Since
Jan. 1 1934
1933 to
Nov.30
1934
Low
High Shares Low
134
150
734
7
.
Viking Pump Co com_.._ •
50 2134
36
• 35
a. Preferred
Vortex Cup Co—
554
750
• 1434 15
Common
50 24
32
* 32
Class A
4
300
1
134
•
Wahl Co(The) corn
1,500 1534
_
• 2734 2835
Waigreen Co
230 56
commonWard (Montg) & Co clA... 12934 13054
50 1734
Waukesha Motor Co corn " 2855 284
954
250
1335
Wieboldt Stores Inc coin.* 13
255
50
24 254
Williams 011-0-Matic coin*
134
550
234 24
Wisconsinl3ankshares corn*
14
100
34
56
Yates-Amer Mach pt pf •
550 10
1034
Yellow Cab Co Inc (Ch1).• 10
900
24 2%
134
Zenith Radio Corp corn_ _•
Bonds—
$2,000 37
61
Chicago City Rys 5s.1927 61
2,000 36
60
60
Certificates of deposit _ .._
Chicago Rys Eis UN _ _1927 634 6434 12,000 4334
208 So La Salle St JElldg3,000 24
1958 2754 2834
543
• No par value. z Ex-dividend. 1 Ex-rights.
,
Low
134 Jan
Feb
23
834
25
1
1734
88
19
94
214
.
2
34
10
154
High
74 Dec
Dec
36
Jan
1634 Aug
Mar 324 July
234 Feb
Jan
29
June
Jan
Jan 1304 Dec
Feb
35
July
1854 Feb
July
Feb
4
June
Feb
4
Aug
Jan
134 Feb
Sept 1634 May
Feb
5
July
4654
44
47
Jan
Jan
Jan
Dec
61
6154 Oct
64.4 Dec
19
Oct
384 May
BALLINGER & CO.
Members Cincinnati Stock Exchange
CINCINNATI
UNION TRUST BLDG.,
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First of Boston Corporation
Cincinnati Stock Exchange
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
Par
Stocks—
1Veek's Range Sales
of Prices
for
Week
July 0
1933 to
Nov.30
1934
Low
High Shares
.
7
7
75
Aluminum Industries_ _ ...
56
Amer Laundry Mach___20 1134 12
100
American Products
434 434
*
100 3434 42
84
Carey
12
100 70
71)
Preferred
3
Champ Coated Spl pre( 100 994 994
20
Cincinnati Car pref
he
be
399
7734
42
Gin Gas & Electric......100 76
687
50
34 334
Cincinnati Street Ry
138
Cincinnati Telephone_ _ _50 65
655%
6
Cin Union Term pref_100 10555 10535
7
* 204 2054
City Ice & Fuel
• 14
14
23
Crosley Radio
s
7 .7
10
Crystal Tissue;
135
•
8
834
Dow Drug
20
334 44
369
Eagle-Picher Lead
12
* 12
5
Formica Insulation
•
34
3.1
297
Gerrard (S A)
* 144 1434
16
Gibson Art
250
Goldsmith
•
854 834
12
7
7
Hatfield prior pref
35
* 2734 27
Hobart class A
6
.4
* 2934 30
134
Kroger
Lazarus preferred
100 10634 10654
20
Leonard
*
434 6
475
25 10
10
15
Nash Co
66
l'rocter & Gamble
• 4334 4334
5% preferred
10
100 114 114
139
Rapid
• 254 27
200
Richardson
a
755 8
10 32
388
333-4
U S Playing Card
253
•
24 234
U S Printing
10
50 11
11
Preferred
IV114nUcar
* 90
90
20
Range Since
Jan. 1 1934
Low
Low
7
Dec
6
Jan
104
11
1
31
31
Sept
51
51
Oct
7934 85
Mar
he
'ii Apr
62
66
Jan
3
Nov
3
Jan
6054 62
86
9734 Mar
17
Jan
1434
754
8
Jan
6
6
Nov
2
234 Jan
334
34 Nov
8
8
Aug
55
35 Feb
Jan
714
9
4
3
Feb
7
Nov
7
1854 Jan
2234
20
2334 Jan
95
98
Jan
1
24 Jan
10
10
Oct
3331 3334 June
101
1034 Nov
12
12
Feb
6
6
Oct
17
Jan
1434
2
234 Dec
44
534 Jan
10
IR
An
High
16
Jan
18
Jan
49
Feb
70
Nov
10034 Aug
4 Jan
83
Apr
6
Apr
71
Apr
1054 Nov
24.54 Jan
1734 June
11
Feb
834 Dec
74 Mar
16
Jan
134 July
1534 July
834 Dec
954 Mar
28
Apr
33
Apr
10614 Dec
5
Apr
May
16
4434 NON
115
NON
26
NON
12
Fel
3334 Nol
6
Api
19
Api
25 111n4
3625
Stocks (Concluded) Par
Week's Range
of Prices
Sales
for
Week
.1 my I
1933 to
Nor.30
1934
Low
High Shares Law
Patterson-Sargent
• 22
2414
280 1034
Richman Bros
• 47
4714
543 38
Seiberling Rubber
134
•
134
200
134
8% cumul pref
100 10
10
53 10
Sherwin-Williams
25 834 85
25 324
AA preferred
100 10934 1094
14 9054
S M A Corp
1
9
9
25
834
Stouffer class A
14
* 16
94
16
Truscon Steel cm 7% Pf 100 35
100 30
35
xv,,Qt .1.:. Inv A, nr nf 100 90
915
90 90
GILLIS, WOOD & CO.
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
Low
High
1434 Jan 25
Dec
38
Sept 494 Jan
154 July
555 Jan
10
Jan 20
Jan
4734 Jan 85
Dec
99
Jan 1094 Nov
84 Oct
11
Oct
934 Mar 16
Dec
30
Jan 36
Apr
on
5,,,, og
C.,.
Pittsburgh Stock Exchange
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
Stocks—
Par
July 1
IWeek's Range Sales 1933 to
for
of Prices
Nov.30
1934
1Week
Range Since
Jan. 1 1934
Low
High
Low
High Shares Low
Allegheny Steel pref._ _100 100 100
60 90
90
Feb 100
July
Jan 2635 Feb
Armstrong Cork Co
14
260 13'%
• 2334 234
1654 Jan
Blaw-Knox Co
1055
430
64
654 Sept
* 10
90c Sept
3
Feb
Carnegie Metals Co
14
134
9,041 90c
1
334 Sept
64 Feb
Clark(DL)Candy Co
320
34
*
354 34
734
734 Nov
Columbia Gas & Elec
325
19 • Feb
*
834 84
Duquesne Brewing cl A 5
44
434 Aug
534 Feb
600
534
534
134
14 Jan
254 July
Fort Pittsburgh Brew_ _1
1,025
.
24 24
91
Dec 100
Jan
Harb-Walker Refrac pfd100 91
20 91
91
Feb
Jonas & Laughln Stlpfd 100 55
20 4734 4734 Sept 75
55
Apr
65
Jan 85
Koppers Gas & Coke pfd100 75
230 54
78
434 July
834 Feb
Lone Star Gas
1,100
534
•
5
434
Nov
1754 Jan 33
Mesta Machine
402 14
5 21
2334
75c Nov
14 Feb
Natl Fireptg Corp corn_. 75e
150 754
754
414 Feb
154 Dec
210
134
Preferred
Si)
154
134
5
Feb
24
449
Pittsburgh Brew corn
*
24 24
234 Sept
Feb
16
Nov 39
Preferred
15 16
• 1634 164
July
2
Nov
4
2
50
Pittsburgh Forging Co _ I
234
24
Apr
94 324 3934 Jan 57
Pittsburgh Plate Glass.25 53
5355
414 July
1116 Apr
434
913
Pittsburgh Screw Bolt....'
634 7
134 Jan
234 Apr
1
100
Renner Co
14 134
1
15
Apr
94 Jan
94
80
Ruud Manufacturing_ _.5 1134 1134
16
Jan 283.4 Del
1,775 15
United Engine & Foundry * 2434 2834
14 Dec
900 850
90c Sept
I
134
1
Victor Brewing
334 Nov
7
Fe!:
331
165
334
Western Public Serv v t c_a
334
5
154 July 35% Fel
404 153<4
Westinghouse Air Brake._0 254 2634
S5 9R14 9514 .Inly 47
PM
• No par value.
MEMBERS
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New York Coffee 4< Sugar Ex,
Commodity Exchange, Inc.
Honolulu Stock Exchange
Portland Crain Exchange
DEAN WITTER & CO.
Municipal and Corporation Bonds
Kohl Bldg.
SAN FRANCISCO
Oakland Sacramento
Honolulu
Portland
Van Nuys Bldg.
LOS ANGELES
Fresno New York
Tacoma
Seattle
San Francisco Stock Exchange
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
Stocks—
Par
IVeek's Range
of Prices
Sales
for
Week
July 1
1933 to
Nov.30
1934
Low
High Shams
625
Alaska Juneau Gold Mng10 1754 1834
356
,
Anglo Cal Nat Bk of S 1 _20 124 124
134
134
850
Assoc Insurance Fund _ __10
112
5
54
Atlas Imp Diesel Eng A..5
70
Bank of California N A_100 141 142
1,600
Byron Jackson Co
*
6% 654
520
Calamba Sugar com __ _ _20 1934 20
25
7% preferred
20 214 2114
15
CalaverasCement6% pf 100 31
32
300
74 11
Calif Cotton Mills com_100
California Packing Corp.
.• 3754 3834 1,944
5
Calif West Sts Life Ins cap5 10
10
Caterpillar Tractor
4,589
* 3254 35
Listed and Unlisted
125
Claude Neon Elec Prods _ _ • 1034 103-4
548
Cons Chem Indus A
* 264 27
Crown Zellerbach v t c
a
434 47-4
4,610
Preferred A
621
a 5834 62
423
Preferred B
62
• 59
Members Cleveland Stock Exchange
90
Di Giorgio Fruit $3 pref100 1634 1654
Union Trust Bldg.—Cherry 5050
240
Eldorado 011 Works
• 16
1734
460
Emporium Capwell Corp_a
7
7
79
Fireman's Fd Indemnity 10 26
26
750
Fireman's Fund Insur_ _ _25 68
73
Food Mach Corp corn_ _ _ _* 2054 2154 3,507
11
20
20
First National Corp Port__
70
3534
Galland Mere Laundry_.._' 35
375
• 144 15
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists Gen Paint Corp A com
200
B common
24 274
*
July 1
1,518
Golden State Co Ltd
• . 554 54
Range Since
Week's Range Sales 1933 to
350
Haiku Pine Co Ltd com_20
34 4
Stocks—
for
Jan, 1 1934
of Prices
Par
Nov.30
150
F) 203-4 22
Preferred
Week
1934
520
•
934 10
Hale Bros Stores Inc
50
Hawaiian C & S Ltd_ _ _ _25 4114 42
Low
Low
High
High Shares Low
116
33
Allen Industries Inc
4
Jan
834 Dec Home F & M Ins Co.._ 10 32
8
84
310
2
36
14
Preferred
a 38
10 17%
. 30
May 38
Dec Honolulu Oil Corp Ltd_ • 14
38
774
*
8
8
Apex Electrical Mfg
34 Sept
834 Apr Hunt Bros A com
385
314
414
355
3
15
8
814
2
Bessemer Lim & Gem CIA *
114
134
154 Apr
114
37
May Hutch Sugar Plant
20
534 534
City Ice & Fuel
1754 Jan 234 Feb Jantzen Knitting Mills_ *
a 204 2134
246 1434
400
934
9
*
Preferred
Jan 864 Apr Langendorf Utd Bak A
100 854 8534
33 63% 68
36
2334
• 23
Cleve Builders Realty ._5
17
1
2
Jan
334 Dec Leslie-Calif Salt Co
34 34
4
8034
16
Sept 2834 Jan LA Gas & Elec Corp p1100 80
19
170 16
Cleve-Cliffs Iron pref _ _ _ _a
204
17
9
I Magnin & Co corn
•
9
Cleve Elec III 6% pref _ _100 110 1104
209 9934 10034 Jan 1134 July
74
24
Merchant Cal Mch com_10
13-4
Cleveland My Ws of dep100 5734 584
181 3434 3954 Jan 7034 July
4,30
a
84 9
Corrigan, McK Steel vot41 124 134
Jan Natomas Co
885
8
934 Jan
17
1
30
1
13
914 Oct 17
Jan No Amer by 6% pref _ _100 30
Non-voting
1334
50
84
2,66
10
• 80
June 8234 Dec North Amer 011 Cons_ _.i0 10
llow Chemical
8234
363 364 62
50
10 21
21
1084 Mar 117
100 117 117
15 99
Nov Occidental Ins Co
Preferred
1,095
1434
Aug 8734 Dec Oliver United Filters A_ * 12
Firestone TRzR 6% pref 100 86
8734
90 6734 76
250
B
•
334 34
19% Aug 25
Goodyear Tire & Rubber.* 25
25
50 1834
Dec
25 1434 154 3,664
84
Jan 10134 July Pacific G et E corn
Hanna(MA)457 cum pref * 100 10154
80 77
25 2034 2034 2,610
6% 1st pref
• 2334 2334
2014 Mar 33
109 20
Feb
Interlake Steamship
1,474
25 1834 1834
54% pref
634
614 Jan
9
9
20
12
Mar
lielley Island Lim & Tran •
956
234
254 Oct
4
73
255
Lamson Sessions
7% Jan Pao Light'n Corp corn_ _ * 23
434
* 7134 7351
356
6% preferred
6
754 Oct 11
85
Feb
Medusa Portland Cement •
714 755
397
Pac Pub Sec (non-vot)cm_•
130
54
4
20 130
J00 140 140
Sept 141
Aug
National Carbon pref.
1,705
"
654 67%
Preferred
3;4 334 Dec 734 Feb
25
34 4
150
National Refining
113
100 7014 72
10
1
Aug
•
134
134
3
Feb Pac Tel & Tel corn
National Tile
53
100 1094 11034
6% preferred
50
100
34 Nov
National Tool
%
4 Jan
55
34
942
* 41
42%
155 Jan
434
1
4
420
44 Dec Paraffine Co's corn
Nestle LeMur cum cl A _ _
60
3434
21
•
Cp A _ _a 22
50 21
Feb 24
Apr PIg'n Whistle pref
22
Nineteen Hundred
60
6
7
14 10
12
May 20
Nov My Equip & Realty ser 2_ _*
• 19
19
Ohio Brass B
1,234
31
3% Mar
•
100
64 Dec Rainier Pulp & Paper Co_* 29
354
63<4 654
Packer Corp
110
100 85
85
1
1
1
30
Nov Roos Bros pref
34
4 June
Robbins& Myers vt eser I•
1,500
(BF)cma
34 Mar
3-4
20
1
Nov Schlesinger & Sons
34
Series 2
34
35
Ti
2
2
100
100
Preferred
4
Nov
240
2
Jan
35i 335
Preferred v t
OHIO SECURITIES
Range Since
Jan. 1 1934
Range Since
Jan. 1 1934
Low
Low
-17
July
17
814 Jan
74
1
Jan
7-1
2
Jan
1.14
Jan
12034 121
334 Jan
334
154 18
July
17%
19
Feb
Oct
30
30
434 Jan
4
19
Jan
17
9
Oct
74
1534 2354 Jan
10
Sept
10
2434 Jan
21%
34 July
314
34
Jan
27
23
Jan
23
16
Aug
16
Oct
13
13
5
Sept
5
184 Jan
17
474 Jan
44
1054 Jan
1034
15
Jan
1334
314 314 July
5
• 64 Jan
1
Jan
35
434 Mar
4
1% Jan
34
434 Apr
455
8
Oct
8
40
May
40
244 2534 Jan
1034 Oct
1014
,
4% Jan
356
7
Jan
7
4
5.34 Jan
9
Dec
9
21
Nov
21
75
Sep
75
634 Sep
6
1
1% Sep
734 July
314
17
Jan
14
64
734 May
1434 Jan
13
Jan
6
5
134 Aug
114
12% Oct
1256
19
Oct
19
17
Sept
2155
2134 Sept
6651 664 Oct
54
.55 Oct
134
14 Jan
6815 69
Oct
101
10
Oct
21
254 Jan
4 Nov
34
234 Mar
134
15
1714 Jan
61
70
Aug
34 Aug
134 Oct
165%
High
2334 Jan
14% June
24 Apr
734 Apr
159
Feb
8
May
254 Mar
214 Sept
4754 Apr
124 Feb
4334 Aug
14 June
35
Dec
1114 Sept
274 July
634 Apr
62
Dec
62
Dec
22
Slay
2034 Jan
834 Feb
30
Nov
73
Nov
2134 Dec
204 Sept
354 Dec
15
Dec
3
Nov
734 Feb
534 Sept
22
Dec
1155 Feb
52
Jan
33
Dec
15% Feb
1034 Aug
11
Mar
8
Apr
1434 Jan
26
June
9494 Mar
104 Feb
234 Jan
104 May
33
Apr
1034 Aug
22
Feb
14% Dec
434 Apr
2334 Feb
234 Mar
2134 Apr
36% Feb
89
Mar
35 May
84 Oct
86
Mar
116
June
4234 Nov
1% Jan
1234 June
31
Dec
85
Dec
34 Feb
2% Apr
- 4.
Financial Chronicle
Stocks (Conauded) Par
Law
6%
69
18%
1%
I
5%
31%
High
11% Jan
86% Feb
333.1 Feb
7% Mar
534 Mar
5% June
42% Jan
Low
Oct
6
July
60
15% July
131 Oct
Oct
1
4% Jan
26% Oct
High Shares Low
744
6
7
55 45%
69
287 15%
19%
1%
336
134
1
100
1
4
5%
50
2634
32% 2040,
Los Angeles Stock Exchange
Range Since
Jan. 1 1934
Deo
Apr
May
Feb
Feb
Apr
Sept
Feb
Feb
Established 1874
DeHaven & Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
NEW YORK
1415 Walnut Street
52 Broadway
Philadelphia Stock Exchange
M
Tacony-Palmyra Bridge-.•
Tonopah Mining
I
50
Union Traction
Otte of deposit
•
United Gas Imp com
•
Preferred
•
Westmoreland Inc
•
Westmoreland Coal
129
700
2,996
10
6,300
278
87
137
17%
%
5
5
1134
86
634
4%
0
0
WWWN
..N0
15%
1734
2534
102
19%
34
634
634
12%
9234
9
5%
BondsElec & Peoples tr ctfs 4s '45 19
Ctfs of deposit
1934
Peoples Pass tr Ws 4s.1943 30
Phila Elee lst & ref 4s_1971 104%
20%
"if
9%
6%
13%
9434
9
5%
$
23 119,000
1934 2,000
1,000
30
104% 1.000
% Oct
2% Apr
34 Jan
3% Apr
1% Oct
4% Feb
20% Sept 3934 Feb
51
Mar 75
Nov
11
Aug 21
Jan
93
Jan 10634 Nov
29% Nov 333-4 July
1
Jan 13 may
43-4 Jan 15% Apr
394 Jan
631 Feb
1634 Jan 2934 Apr
17% Dec 2634 Apr
Nov
43% June 60
Oct 24
Jan
Nov
1.71. Feb
July 1134 Apr
Jan
9 May
Nov 2034 Feb
Jan 100% June
Sept 1034 may
Nov
7% Apr
Jan 2934
Nov 2734
Nov 36
Aug 104%
Apr
Apr
June
Nov
•No par value.
ci4 QS 4
427
3,486
3,249
4,281
236
71
113
611
1,821
851
57
1,150
107
21
a .4.6
94 2%
Mitten Bank Sec Corp_ _25
1% 2%
25
Preferred
•
Pennroad Corp v t c
134 2%
Pennsylvania RR
50 23% 25%
50 73
75
Penna. Salt Mfg
12
Phila Dairy Prod pref-25 12
Phil& Elec of Pa S5 pref___* 10331 104
25 31% 3234
Phila Elec Pow pre
.
334 434
Phila. Rapid Transit _ _ _50
50
6
834
7% preferred
5
5
Phlia & Rd Coal& Iron_ __*
.
Philadelphia Traction- _50 1894 2334
Ctfs of deposit
1734 22
• 59% 60
Scott Paper
0=X0 00
.4.P.WW.I.
.00
Low
High
Jan 4434 Dec
39
11134 Jan 117% Mar
3 July
7% Apr
231 July
594 Jan
34
Jan 4334 Oct
33% Sept 513-4 Jan
17
Jan 21
Dec
39% Jan 5434 Nov
53.1 Jan 10% Feb
934 July 20% Feb
00 0000
00000
OMMNWC.WO
.0
,
0.00...PNWCt.
MO
WW.C1
NeN.MN
00
Low
High Shares
224
• 43% 4434
American Stores
447
100 115% 116%
prof
Bell Tel of Pa
5% 2,0181
"
5
Budd (E G) Mfg Co
•
331 3%
512
Budd Wheel Co
10
50 4234 42%
Cambria Iron
170
Electric Storage Battery100 4634 48%
21
120
Horn & Hard(N Y)corn...* 21
404
Insurance Co of N A _ _ _10 5434 56
73i 7%
651
•
Lehigh Coal & Nav
200
50 11% 11%
Lehigh Valley
a
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1934
for
Nov.30
Par of Prices
StocksWeek 1934
a4.a
PHILADELPHIA
Low
High
Bandini Petroleum
1
334 334
Barker Bros prof
100 3734 3734
Barnsdall Corp
5
631 631
Boisa Chios 011 A
10
2% 2%
Bway Dept St 1st pref_100 68% 68%
Buckeye Union 011
1 13
13
Preferred
1 26c 28c
Preferred v t o
1 24c 28c
Byron Jackson Co
*
634 6%
Calif Packing Corp
• 3834 3834
Central Investment_ _ _100
s% 6
Chapman's Ice Cream Co_•
2% 234
Chrysler Corp
5 38% 4094
Citizens Nat Tr & S Bk _ _20 21
21
Claude Neon Elec Prod_ _ _• 1034 1031
Consolidated Steel
• 1.15 1.25
Douglas Aircraft Ine
• 2334 2434
Emsco Derr & Equip Co _ _5
6
634
Exeter 011 Co A
I 12
12
Gladd1ng McBean & Co_ _*
7
7
Golden State Co
•
534 534
G'year T & R (Cal) pref100 79
79
G'year T & it(Akron)
* 2534 2534
Hancock Oil A corn
*
9
9
Klnner Airpl & Mot Corp 1 35
38
Lincoln Petroleum Corp_ _1 43
49
Lockheed Aircraft Corp 1
1.20 1.35
L A Industries Inc
2 7234 80
LA Gas & Elec 6% pref100 80
80
LA Investment Co
10
5
5
Mills Alloys Inc A
•
5
5
Mortgage Guarantee Co100
5
5
Pacific Finance Corp__ _10
934 9%
Preferred A
10, 1034 1034
Preferred D
10
9
9
Pacific Goa at Eleo Co
25 2034 2031
0% 181 pref
Pacific Westexn 011
•
7% 934
Republic Petroleum Co...10
134 2
Rice Ranch 011 Co
1 40
40
Samson Corp B corn
• 41
41
6% preferred
10
231 3
Sec-First Natl Bank
20 31
3231
Security Co Units
• 1534 1534
Shell Union 011 Corp
•
6% 63-4
Signal Oil & Gas A com
*
634 6%
Socony-Vacuum 011 Co_ _15 1431 1434
So Calif Edison Co
25 1234 1234
Original pre
25 2834 28%
7% preferred
25 2034 2034
6% preferred
25 16% 1734
534% preferred
25 16
1634
Southern Pacific Co_ _ _100 1834 1934
.
Square D Co B corn
•
5
5
A preferred
* 15
15
Square D Co Inc
•
5
5
Standard 011 of Calif
• 3134 3234
Taylor Milling Corp
• 11
1234
Transamerica Corp
•
534 574
Union Flank & Trust Co_50 71
71
Union Oil of Calif
25 1531 1634
IY 8 011 de Royalties Co_25e
30
3c
134 134
Universal Cons 011 Co_ _ _10
Miningklaska Juneau G M Co_10 1834 1834
Black Mammoth C M 10e 13o 140
10e 1234c 1334c
Galumet Mines Co
cons Ch CI & S M Co__ _ _1 65o 660
Imperial Develop Co_ _25e 134c
134c
mom Reed 0 Mines Co_ _ _1 35.3 360
tends Gold Mng Co
1
180 210
Unlisted
Amer Tel & Tel
100 10734 11034
Aviation Corp (Del)
5
434 434
Bethlehem Steel
32
• 32
Glees Service
•
134 13,4
Gord Corp
5
3% 334
General Motors
10 3234 333.4
Montgomery Ward
• 2931 3034
Packard Motor Car Co_ _ _•
434 4%
Radio Corp of America_ •
6
6%
Warner Bros PlctureS__5
5
5
c44,
6
Sept 33
Oct 14
Jan 85
834
Oct
Oct 2034
Jan
7%
Jan 235
1
Jan
Sept 14
30
78 28
33
• 33
Telephone Inv Corp
8
770
734
934 934
Tide Water Assd 011 corn_•
13 43% 6434
85
100 85
6% preferred
5
5
5% 5% 18,822
•
Transamerica Corp
12
Union Oil Co of Calif_ _ _25 15341 1634 1,603 12
4
4
300
5
5
Union Sugar Co coin_ _25
185
20 179
Wells Fargo 13k & U T_100 22634 22634
31
X
300
%
%
West Amer Fin Co 8% p110
736
7%
585
1034
Western Pipe & Steel Co_10 10
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
rum 1
•
Week's Range Sales 1933 to
Range Since
StocksPar of Prices
Nov.30
Jan. 1 1934
for
Week 1934
t8288"4§§888888.98888§88'885§18488g888 888rar;888§288§88.88888'8§8 8888§88 FA888g888
Shell Union 011 Co com_ _ _•
100
Preferred
Southern Pacific Co_ _ _100
•
So Pee Golden GI A
•
B
Spring Valley Water Co_ _•
Standard 011 Co ot Calif- _*
saw, a
Week's Range Sales 1933,0
of Prices
for Nov.30
Week 1934
Dec. 8 1934
Low
2
18
6%
131
42
3
6c
15c
3%
1834
1
1
2934
18
734
1
1234
23-4
12
4%
61
1934
6
30
20
1.15
50
7334
1%
%
3
6%
9
8
1834
534
194
50
50
234
25
13
634
1%
1234
1031
26
1834
1534
1434
1534
1
8
2
2634
8
5
71
1194
134o
1%
16%
7c
6c
1
134e
340
lle
Low
High
2
Jan
4
Nov
3214 Mar 3734 Dec
634 Dec
9% Feb
43-4 Jan
1% July
5134 Jan 76
Feb
334 Mar 16
Apr
6c Jan 36c May
150 Sept 28c Dec
4
Jan
734 May
1934 Jan 3934 Nov
2
Jan
6
Dec
1.30 Jan
4.15 May
Feb
2934 Aug 60
18
Oct 28
Feb
73,4 Jan 1234 Feb
1
July
3
Feb
1434 Sept 2831 Jan
3
Jan
83-4 Apr
12
JOly 20
Jan
4% July
7
Dec
534 Dec
53,4 Dec
66
Jan 76
July
1934 Sept 4134 Feb
6 June 10
Nov
30
Oct 95
Feb
29
July
1.45 Mar
1.15 Nov
334 Mar
50
July 1.0734 Mar
7334 Sept 95
Feb
5% July
234 Jan
5
Dec
54 ---334 Jan
8
Mar
734 Jan 1034 May
9
Mar 1034 Oct
8 Sept
934 Jan
1931 Oct 2231
534 Oct
93,4
1% July
5%
40
Dec 70
50
Jan 55
234 Nov
3.80
25% Oct 3894
13
Sept 20 di
634 Oct 113-4
2
Jan
614
1331 Sept 1934
1034 Sept 22
26á Sept 3731
1834 Oct 2534
1534 Oct 22
1434 Oct 1931
153-4 July 3334
5
Dec
5
15
Dec 15
5
15
Dec
2634 Oct 4291
Feb 1231
9
8%
534 July
Feb 100
71
1194 Oct 2031
2c
Jan
5
134 Sept
L3540
Feb
Dec
Jan
Apr
Mar
June
Jan
Mar
Jan
Nov
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Dec
Dec
Dec
Jan
Dec
Feb
Jan
Feb
Apr
Jan
1634 Sept 2334 Jan
70 June 270 Aug
60 June 15340 Jan
1
2.40 May
Sept
1340 Oct
7c Mar
29c ___ 52c 110 May 310 Jan
10034 10034 Nov 125
331
3% July 1094
26
28
July 4334
434
1%
131 Oct
2%
834
2% July
2431 24% July 4134
16
2031 Aug 3534
2% 2% July
63-4
9
434 July
434
July
834
3
3
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
ST. LOUIS MARKETS
San Francisco Curb Exchange
LISTED AND UNLISTED
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
1141y 1
Week's Range Sales 1933 to
Range Since
Stocks-.
Par of Prices
for
Nov.30
Jan, 1 1934
Week 1934
WALDH El M,PLATT &CO.
Members
New York Stock Exchange St. Louis Stock Exchange
New York Curb Exchange (Assoc.)
Chicago Stock Exchange
Monthly quota:ton sheet mailed upon request.
ST. LOUIS
MISSOURI
513 Olive St.
St. Louis Stock Exchange
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1934
Nov.30
for
Par of Prices
StocksWeek 1934
•
Drown Shoe corn
•
Burkart Mfg com
•
Preferred
Century Electric Co..-100
*
Corno Mills corn
5
Curtis Mfg COM
*
Elder Mfg corn
100
A
Ely & Walker DGds corn 25
100
2d preferred
1
Falstaff Brew corn
Fulton Iron Works com •
Barn-Brown Shoe corn.....5
Hussmann-Ligonier corn •
*
International Shoe com
Mo-PtId Cement corn....25
National Candy 2d pref 100
•
Rice-Stix D Gds corn
100
2d preferred
•
Scullin Steel prof
*
Securities Inv corn
S'western Bell Tel pref_100
Wagner Electric com- __ _15
Bonds* City & Suburb P S 5s '34
1941
•Scullin Steel 138
•No par value.
Low
High
High Shares Low
Low
Mar
4534 Sept 80
55 42
58
58
8
Dec
Jan
1
1
20
8
8
Dec
10
Jan 28
9
150
28
24
Apr
Dec 35
20
4 30
20
20
Aug 1234 Dec
10
35 10
1234 1234
7% Feb
Oct
5
4%
50
634 634
10% Feb 15 June
4 10
12
12
Jan 46. Dec
4 20% 36
46
46
Feb
14
July 21
125 13
15%
15
June
Mar 81
75
10 70
77
77
7% Apr
234 Nov
234
90
234 254
10e Dec
1% Feb
1,330 100
100 10e
8
Feb
334 July
234
150
4%
4
3
Feb
1
Mar
1
70
134 2
3834 Sept 4934 Jan
22 38
44
44%
Feb
9
6
Aug
6
35
6% 8%
Dec
Jan 100
86
3 86
100 100
8
Aug 12% Feb
6%
130
9% 10
Apr 8734 Dec
83
5 70
8734 8735
4% Feb
1
Dec
25 40c
1
1
loo 153.4
Dec
1534 May 23
23
23
61 11534 116% Jan 121% July
12034 121
Dec
8
July 15
634
299
14% 15
$1,001
27
27
1374 13% 1,000
18
21
2134 Aug
13% Dec
27
Dec
2734 Feb
Alaska United
5
American Factors
20
Amer Toll Br (Del)
1
Anglo Nat Corp
•
Argonaut Mining
5
Aviation Corp
5
Cities Service
•
1
Claude Neon Lights
Crown Will 1st prof
*
2d preferred
•
Dominguez Oil
•
•
Edwards Dental
Emsco Derrick & Equip _5
Ewa Plantation
20
10
General Motors
Gr West Elec-Chem com100
Holland Land
Idaho-Maryland
1
Halo Petroleum
1
Preferred
1
Libby McNeill
10
•
MontgomerY Ward
Nat Auto Fibres A
•
North American Aviation _
Occidental Petroleum ____1
*
O'Connor Moffatt
Paciflo-American Fish __ _•
Pacific Eastern Corp
1
Pacific Western Oil
•
Pineapple Holding
20
Radio Corp
•
Masts Water corn
•
3ou-Calif Edison
25
ssi% preferred
25
6% preferred
25
7% preferred
25
3uper Portland Cem A .._•
LT S Petroleum
1
Universal Cons 011
10
Virden Packing
25
Araialua Agricultural _20
Alm, One.., T II.
• No par value.
in
Lew
High Shares Low
Low
High
3
3
300
3
3
Nov 16
Jan
107% nou
337 101
Feb
101
Nov 125
210 21c
200 200
200 Mar 320 Jan
734 834
334
3
3.15 Jan 10 June
1434 1534 3,710 1.75 4.50 Jan 1634 Sept
5
6
600
3%
334 Sept 1034 Jan
134 134
972
431 Feb
13i Oct
134
500 500
400 35o
410 Sept
13-4 Feb
8034 89
415 40
Dec
4334 Jan 89
40
50
235 1634 193-4 Jan 50
Dec
23
23
25 17
2031 Oct 2434 Feb
634 7
70
7
Aug
534
534 Jan
6
6
100
534
834 Apr
534 Oct
4334 433-4
125 41
Apr
-42
Jan 44
3234 3334
951 24
2434 July 4234 Feb
127 127
10 85
Nov
85
Feb 127
4.50 4.50
6 6
4.50 Dec
734 July
3.30 3.55 2,380 2.50 2.50 May
3.75 Jan
13c
15c
1,000
5o
9e
Oct 350 Feb
600 65c
1,813 47o
1.80 Feb
50e Nov
6
634 1,052
291
Jan
851 Aug
3
2931 29%
20 16% 2431 June 3334 Feb
831 1034
860
3
3.75 Jan 1034 Dec
4
4
100
22c 22c
200 20o
200 Nov 560 Feb
2.75 3.00
105 2.00 2.00 Sept
734 Jan
874 103-4 2,130
5
1331 May 1034 Dec
234 234
771
1%
134 July 3 Mar
Dec
9
9
100
9
534
534 July
5
931 1034 3,100
634 Jan 1034 Apr
6
694
960
934 Feb
494
434 July
21
Aug
20
45 11
1591 Jan 22
1234
522 1034 1034 Sept 2231 Feb
12
1634
255 1434 1434 Oct 1931 Feb
16
1631 17
567 1534 15% Sept 2231 Feb
2034
20
37 1834 1834 Oct 2434 Mar
Mar
26
25 17
21
Mar 26
28
210 23c
300 20c
200 Oct 420 Feb
1.65 1.70
300 1.20
531 Jan
1.20 Sept
4.05 4.05
5 3.75 3.75 May
7
Aug
Feb
91 29
32
Apr 40
33
3334
,17c 01/
Ill
A on
I Ic Tlnn
8
Mar
3627
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
Apr 1 1935
454s
Jan
1 1948
6s
1 1956
Oct
455s
l'rov of British Columbia
Feb 15 1936
45.4s
July 12 194
Is
Oct
1 1953
455s
Province of Manitoba
Aug 1 194
456s
June 15 195
Is
Dee 2 195
bs
Prov of New Brunswick
June 15 193
4 U8
Apr 15 196
4303
Apr 15 196
43s
Province of Nova Scotia
Sept 15 1952
48
Mar 1 1960
be
Ask Province of Ontario
5558
Jan
3 1937
10112 102
104 105
Oct
1 1942
55
65
Sept 15 1943
993 1001.
4
5s
May 1 1959
4s
1003 10114
June 1 1962
4
455s
Jan 15 1965
10114 10214
973 983 Province of Quebto4
4
455s
Mar 2 1950
48
1003 10112
Feb
1 1958
4
454s
10514 10614
May 1 198
Province of Saskatchewan
109
4%5
May 1 193
Is
June 15 1943
1033 10412
4
110 111
5565
Nov 15 1946
4%s
10812 110
Oct
1 1951
Bid
10814
1123
4
119
120
1053
4
113
Ask
109
1133
4
120
121
10612
11114 11214
107
1102 ifiC4
10014 101
9914 10014
10314 10414
943 9512
4
LAIDLAW & CO.
Members New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
109 11012
11612 11712
Montreal Stock Exchange
Wood,
Gundy
14 Wall St.
New York
&
P riday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Canadian
Bonds
Range Since Jan, 1.
Low.
High.
Imperial Tobacco
1234
2,610 1156 Nov
1256 1234
1254
Int Nickel of Canada....
• 23
22
23
6,434 21.15 ' Jan 20.00
lnternat Pow pref___100 38
35
38
215 14
Jan 45
Jamaica Pub Serv Ltd_ • 20
20
20
25 20
Oct 20
Preferred
150
110 110
100 97
Jan 110
Lake of the Woods
1234 1334
•
1,489
113
July
15
Preferred
100
82
82
30 55
Jan 8535
Massey-Harris
*
434
434 434
2,970
356 Nov
8
MeColl-Frontenac Oil • 13
13
1334
2,503 1034 Jan
1434
Montreal Cottons pref _100 80
80
80
10 63
Jan 87
Mont LAI& Power Cons... 30h
30
Nov 3055
3034 6,811 27
Montreal Tramways_ __100
77
80
28 73
Nov 125
National Breweries
• 31
3056 31
3,450 2356 Jan 31
Preferred
25 3734
190 31
3754 3
Feb 38
8
Natl Steel Car Corp...
• 17
1534 17
710 1254 July
1855
Niagara Wire Waving pre
43
43
10 31
May 43
Ogilvie Flour Mills
•
185 185
6 165
Nov 209
Ark
Bid
Preferred
100 140
140 140
27 125
Jan 14054
Ottawa I. II & Power..100
80
80
25 79
Jan 02
2012 22
Preferred
100
103 103
10 90
Jan 104
57
55
Penmans
• 61
60
61
GO 47
Jan 64
10212 104
Preferred
100
105 105
7 87
Jan 105
56
55
Power Corp of Canada___•
856
855 834
225
755 Jan
15
48
46
Quebec l'ower
• 16
1534 16
175 15
Jan 20
1083
4
Rolland Paper pref
90
90
40 80
Nov
90
Si
82
St Lawrence Corp
*
1.35 1.95
410 1.00
Oct334
1053
5
A preferred
50
6
257
63-4
1134
556 Jan
105%
St Lawrence Flour Mills100 40
40
40
25 33
Feb45
10412
St Lawrence Paper pref 100 13%
12
312
1334
934 Nov 26
Shawinigan IVat AL Pow__• 16
1534 1654
2,099 1556. Nov 2456
4914 5012 Sherwin Williams of Can..
• 1434
1334 15
495 12
Oct 21
1075 10888 Simon (II) Ac Sons
8
7
7
5
634 Jan
10
10814 109
Simpaons preferred_ ..l00
8434 85
100 60
Feb 85
10712 109
Southern Can Power_..
5 1135
1135 1134
305 10
Nov
16
9814 9912 Steel Co of Canada
• 4034 3934 4015
1,055 28
Jan
413.4
73
Preferred
25 3854
385 31
Jan 39
3856 39
28
293
Wabasso Cotton
• 2055 20
2054
60 20
Jan 37
2912 Winnipeg Electric
28
*
2
2
50
4
134 Jan
10612
Woods Mfg pref
100
4534 50
32 20
Jan 50
100 102
1063 108
8
Banks
837
8
Canada
56
57
56
296 56
Dec 58
108
Canadienne
100
130 130
14 124
Aug 145
87
853
4
Commerce
163 16534
100
328 120
Jan 166
911 93
Montreal
100 202
200 203
167 169
Jan 205
89
Nova Scotia
276 276
100
3 250
Sept 277
S7
Royal
100 16655 16614 1613",
80 12934 Jan 170
1021
1021 10312
• No par value.
1021
1023
s
963 97
1021 104
1051
112%
9414
13300TUPORATED
6612 68
10734 109
ESTABLISHED 11111
9914 101
52
55
255 St. James St., Montreal
CO., Inc.
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Abitibi P & Pap etre 55 1953
Alberta Pacific Grain 681948
Asbestos Corp of Can Is 1942
Beauharno151. II & P 5%s'73
ileauharnois l'ower 85_1959
Bell Tel Co of Can Is._1955
British-Amer 011 Co 61E1945
Brit Col Power 555s___1960
5s
1960
British Columbia Tel bs 1960
1948
Burns & Co 5555
Calgary Power Co 53
1060
1941
Canada Bread 65
Canada Cement Co 555s '47
Canadian Canners Ltd 68'50
Canadian Con Rubb 85_1946
Canadian Copper Ref 68 '45
Canadian Inter Paper 65 '49
Can North Power 58. .1953
Can Lt & Pow Co 53.__1949
Canadian Vickers Co 63 1947
Cedar Rapt& M & P58 1953
Consol Pap Corp 5555_1961
Dominion Canners 65 1940
Dominion Coal 55
1940
Dom Gas & Elea 6555._1945
Domlnlon Tar (is
1949
Donnaconna Paper 555s '48
Duke Price Power 6s. 1966
East Kootenay Power 78 '42
Eastern Dairies Cis
1949
1949
Eaton (T) Realty 5a
Earn Play Can Corp 63_1048
1950
Fraser Co as
Gatineau Power 5s...„1956
General Steelwares 6s 1952
Great Lakes Pap Co let 8550
Hamilton By-Prod 75..1043
Harris Abattoir Co 65 1947
Smith II Pa Mills 5545_195
Int Pow dc Pap of Nfid be '6
Jamaica Pub Serv 53..1950
D... 1
Bid Ask
2914 30
8912
102
10214 101
713
8
11112 112
1067 10814
8
108 109
1031 105
.
1053 1063
4
4
3712 39
1011s 102%
102%
10138 10212
108
09 8 101
3
108
6914 69.8
09 100%
9734 99
59 4 61
3
1123 11312
8
1612 1712
110
10414
663 6i
4
12
9514 07
47
097 115(118 - 8
7612
73
10218
10018 102
421
971 073
4
911
29
30
1023
1051 _ _ _ _
10114 10214
lOOti 101
1033 - 8
Lake St John Pr & Pap Co
63.4s
1942
6555
1947
MacLaren-Que Pow 5548 '61
Manitoba Power 5568.._1951
Maple Leaf Milling 51481949
Maritime Tel & Tel 65_ _1941
Massey-Harris Co 58..1947
McColl Frontenac 011651949
Montreal Coke dc M 51.4s '47
Montreal Island Pow 5345'57
Montreal L 11 & P (550
par value) 35
1939
65
Oct 1 1951
Is
Mar 1 1970
Montreal Pub Serv 55..1942
Montreal Tramways 55.1941
New Brunswick Pow Is 1937
Northwestern l'ow 65.1960
Certificates of deposit_ _
Northwestern Util 7s__1938
Nova Scotia L & P 65__1958
Ottawa I,t Ht & Pr 53__1957
Ottawa Traction 5155..1955
Ottawa Valley Power 555570
Power Corp of Can 455s 1959
Is
Deo 1 1957
Price Bros & Co 65
1943
Certificates of deposit__
Provincial Paper Ltd 515547
Quebec l'ower 53
1968
Rio Tramways Co 5s._1935
Rowntree Co 65
1937
Shawinigan Vat dr 1'4 ha '67
Sinarsions Ltd as
194
Southern Can Pow 5s 195
Steel of Canada Ltd 63.194
United Grain Grow bs_ _194
United Securies Ltd 5545 '52
West Kootenay Power 55 '56
Winnipeg Elec Co 55_ 1935
fis
1954
56 Sparks SL, Ottawa
Montreal Stock Exchange
754
16
156
1555
13
107
15
555
25 1455
100
134
50 10
120 1115
10 101
Aug
855
July 22
June
254
Jan
16
Oct 1434
Nov 107
Feb
Mar
Jan
Nov
Nov
Dec
Bathurst Pow & Pap A__•
555
556 6
19
Bawl( N Grain pref...100
19
100 127
Bell Telephone
123.55 127
Brazilian T L & I'
*
10
10
1056
Brit Col Power Corp A..* 2734
2634 2734
•
B
434
434
• 1334
1354 1454
Bruck Silk Mills
•
Building Products A_
2254 2355
425
3
Jan
834
23
7
Jan 20
536 110
Jan 127
3,708
755 July
1456
815 2254 Jan
323-4
25
4,14 Dec
854
590 1255 July 22
130 HI% Jan
2356
Mai
Nov
Dec
Eel
Fet
Eel
Mai
Eel
•
735
754 834
Canada Cement
Canada Foreign Invest _ ._• 29
2756 29
Canada Forgings class B. •
4
4
18
Canada North Pr Corp..." 18
18
•
1.50 2.00
Canada Steamship
Preferred
100
5
454
5
• 26
26
Canadian Bronze
2634
100 112
111
112
Preferred
•
634
734
774
Can Car & Foundry
25 14(4
1256 1434
Preferred
• 19
1834 19
Canadian Celanese
1255 1234
Famous ('layers C Corp...
•
13
13
Foundation Co of Can...
5
•
414
4
General Steel Wares
113 113
Goodyear T prat Inc 27 100
•
654
6
654
Gard (Charles)
5.
55
555
53.4
Gypsum Lime & Alabast_•
•
455 43
Hamilton Bridge
Hollinger Gold Mines_ _ __5 18.85 18.00 18.85
834
834 10
Howard Smith Paper M__•
45.6
2,712
536 25
110
2.34
405 1634
555 700
552
255
280 17
195 95
1,660
53.4
680 1156
95 1555
60 10
10 10
400
3
5 107
130
5
3'
4 14
15
4
1,165 11.40
4
525
1011
16
1335
80
7A N6
754
la
155
1515
1335
107
84
420
RR
July
12
Nov 29
Nov
654
Jan
2234
Jan
354
Jan
9
Jan 28
Jan 112
July
935
May la
Sept 2254
Jan
18
Jan
1634
Oct
6
Jan 115 14
Oct
11,34
Sept
8(4
Nov
956
Jan 21.55
Jan
11
Inn
NON
Fet
Fet
Fet
Be,
De(
Fet
Deo
Eel
Jul)
Mai
Noi
Oc
Oc
Fel
Fed
De,
Eel
Ma:
Sep
Ma:
Eel
Ma
Ma
De
Ma
Or
Jul
Ap
Fe
Ma
No
Fe
Fe
No
No
ism
HANS N. BROS Canadian Government
0
Municipal
to Dec. 7, both inclusive, compiled from official sales lists
Frtaay
sales
Last Week's Range for
Range Since Jan. I.
Sale
of Prices.
Week.
StocksPar Price. Low. High. Shares.
Low.
High.
Agnew-SurPass Shoe
•
Alberta Pac Grain pref.
_100
•
Amal Electric Corp
Preferred
50
Assoc Breweries com___ ..•
Preferred
•
Nov
Apr
Nov
Oct
Oct
Eel
Oct
Fet
84
Feb
Be,
Feb
Ma,
A p,
Air
0c,
Del
Mal
Eel
Mal
An
Jun,
Eel
Oc
Ap
Eel
Fel
Seri
Mai
Do
330 Bay St., Toronto
Public Utility and
Industrial Bonds
Montreal Curb Market
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last TVeek's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
Asbestos Corp vtg trusts..
Assoc Oli& Gas Co Ltd. •
Brit Col Packers Ltd
•
Cum preferred
100
Bathur5t l'ow & Paper is.
Bright (T G)& Co Ltd_ •
Preferred
ioo
Brit Amer Oil Co Ltd._.•
Canada Paper pref
50
Cndn Dredge & Dk Ltd_ •
Canadian Vickers Ltd_
•
Cum preferred
100
Champlain Oil Prods pref •
Commercial Alcohols Ltd •
Distill Corp Seagrarns Ltd•
Dominion Eng IVks Ltd..
Dominion Stores Ltd
Dorn Tar & Chem Co Ltd •
Cum preferred
100
Fraser Companies Ltd. •
Voting trust
•
Freiman Ltd(A J) cum
preferred 634
100
Home Oil Co Ltd
•
Imperial Oil Ltd
•
Int l'etroleum Co Ltd__ _ •
Melchers Distil Ltd A_ ... _•
•
Mitchell & Co Ltd (Robt)•
Page-Ilersey Tubes Ltd.
Reliance Grain Co Ltd_ __•
Rogers Majestic Corp_ _ _ _•
Thrift Stores Ltd
Cumpref63.434
25
6
18
1.50
14%
50
7
15%
22
1135
355
40
55e
16h
3034
1034
73
3
8%
3
Range Since Jan. 1,
Low.
High.
22
12h
334
42
4
255
509
1,200
80
10
76
130
10
1,115
50
270
29
25
642
460
4,905
100
325
4,840
906
36
5
5
Sept
1056 Dec
1.10 Aug
11
July
75c Sept
10
Jan
7556 July
1236 JUIY
50
Dec
18
Aug
1.25 Nov
434 Aug
6% Nov
30c July
8% July
18)4 Aug
1136 Dec
1.75 Nov
15
Jan
3
Jan
2
Oct
1335
35
21,
4
20
355
12
7555
15%
50
3456
3
634
9
1.50
2655
28
22%
555
42
12h
9
Apr
Jan
July
Nov
Feb
Aug
July
Mar
Dec
Feb
Feb
Mar
Mar
Jan
Jan
Feb
Mar
Feb
Dec
Apr
Apr
63
55c
16%
3034
1055
334
3
73
35.1
8h
3
13
40
15
5,755
2.649
12
3
1
18
6
1,500
90
200
60
450
1255
1954
9
3
3
56
2
7%
3
10
Nov
Nov
Jan
Jan
Oct
Oc
July
Jan
Jan
Nov
Dec
Dec
63
1.90
17%
3256
,
17
1154
1034
7456
6%
9%
1154
25
Dec
Feb
Nov
Nov
May
Jan
Feb
Mar
Feb
Aug
Jan
Jan
554
103.4
1.2.5
18
1.35
11
7554
1435
50
22
1.25
5
7
650
14%
22
113‘
3
33h,
3%
254
6
11
1.25
18
1.50
12
7556
15
50
2255
1.25
51.4
754
80c
63
55c
16
30%
10
35.6
3
71%
3
8
3
10
1674
Financial Chronicle
Dec. 8 1934
Canadian Markets-Listed and Unlisted
CANADIAN MARKETS
CANADIAN SECURITIES
GOVERNMENT, MUNICIPAL, CORPORATION and RAILROADS
JENKS,GWYNNE & CO.
Members Now York Stock Exchange, Toronto Stock Exchange. Vancouver Stock
Exchange and other principal Exchanges
ERNST & COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
65 Broadway, New York
256 Notre Dame St. W., Montreal
230 Bay St., Toronto
Philadelphia Burlington, Vt.
Victoria
Vancouver
-
PRIVATE WIRES MONTREAL. TORONTO AND CHICAGO
Montreal Curb Market
Toronto Stock Exchange
Sates
Friday
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
WalkervUle Brewery Ltd *
•
Walker Gooderham & W.
•
Preferred
WhittallCanLtd cum pf100
Public UtilityBeauharnois Power Corp.•
C No Pow Corp Ltd pref100
*
Hydro-Elea Sec Corp_
Inter Util Corp class A_ *
1
Class B
Pow Corp of Can cum rif100
Sou Can P Co Ltd pref_100
5.75
2754
65
534
30e
5.75
26
164
63
6.00
27%
16%
65
54 6
104 104%
4
4
2
2
25e 450
79
79
894 91
810
195
140
35
724
83
10
100
325
5
321
Mining
85-0
Barry-Hollinger G M Ltd 1
29e
1 29e
Big Missouri M Corp
23c
B R X Gold Mines Ltd..500
Bulolo G Dredging Ltd....5 32.50 32.50
22c
Brazil Gold & Diamond...1 300
Cartier-Malartic G M Ltd' 254c 234
660
Castle-TretheweY M Ltd.! 66c
48e
Crown Cons Mines Ltd..25c 53c
3.35
Faleonbridge Nickel
25%0
1
Green Stabell Mines
12034c 19340
J M Consol
51.75
Lake Shore Mines Ltd__..1
4c 35‘c
1
Label Oro Mines Ltd
40
1
Lee Gold Mines Ltd
40.50
McIntyre-Porcupine Ltd.5
• 32.00 30.50
Noranda Mines Ltd
21e
Parkhill G Mines Ltd.--.1 21e
1.27
Premier G Mining Ltd--.1
1.60 1.46
1
Pickle-Crow
100
Quebec G Mining Corp_ I
690
Read-Authier Mine Ltd__1 75e
1
2.61 2.45
Siscoe G Mines Ltd
370
1 430
Sullivan Consol
3.98
Teck-Hughes G M Ltd. ..1
Towagmae Expior Co Ltd 1 2334e 21340
890
• 890
Ventures Ltd
90
90
White Eagle Silver Mines *
Wright-Hargreaves M Ltd* 8.00 8.00
8340
300
23o
33.60
32e
234e
660
530
3.50
2534c
20340
52.25
4340
4e
40.50
32.25
230
1.35
1.70
110
78e
2.63
43c
4.01
23540
89e
100
8.20
Unlisted Mines
1540
•
Arno Mines Ltd
940
Cent Patricia G Mines_ -1 97e
880
Eldorado G Mines Ltd__1
120
G Mines Ltd..
Granada
980
1
Howey G Minas Ltd
540
Kirkland Lake GM Co__ _1
26340
MoVittie Graham M Ltd_l
4.40 4.15
San Antonio GM Ltd___1
43550
Sherritt-Gordon M
150
stadacona Rouyn Mines--• 165.40
134c 2,000
97c
600
1.00
550
700
12340
500
1.00
2,125
560
2734e 2,500
4.40
700
350
45c
18340 20,950
Unlisted
Abitibi Pow & Paper Co..'
Cum preferred 6°4,-100
Ctf ot dep 6°4 pref_ _100
Brewing Corp of Can Ltd."
•
Preferred
Canada Malting Co Ltd..*
Claude Neon Gen Ad Ltd *
Consol Paper Corp Ltd...'
Ford Motor of Can Ltd A *
General Steel Wares pf 100
G'year Tire & Rubber Co •
100
Price Bros Co Ltd
100
Preferred
Royalite 011 Co Ltd
•No par value.
1.20
454
434
4
214
29
300
1.50
2534
38
2
1.05 1.20
44 5
434
4
4
4%
204 2234
294
29
3013 30c
1.50- 1.75
24% 25%
38
40
13934 139%
1.89 1.00
18
17
15.75 15.75
One South William Street
Range Since Jan. 1.
Low.
3.90
2134
14%
33
34
884
4
2
25e
51
72
80
200
150 26340
200 23c
225 23.50
8,500 10e
lc
21,500
500 52e
65,440 31e
100 3.00
500 250
6,800 19340
365 42.50
10,800 3,31,0
40
500
200 39.00
4,022 29.80
975 18c
1.05
500
4,750 1.37
7,400 10e
4.000 26a
1.43
3,855
11,046 370
1,075 3.80
1.000 200
100 77e
90
500
5,470 6.75
1540
545io
880
103.40
98e
25c
24540
1.76
4334c
85-ic
855 750
3
310
2
1,118
4
1,245
1,190 1554
130 26%
100 300
1.00
1,721
3,224 154
400 1434
5 90
1,725 950
7
75
10 14.00
Jan
July
July
Jan
High.
10.10
58
17%
65
July
Jan
Jan
Dec
Feb
Jan 10
Nov
Jan 105
Dec
8
Feb
654. Feb
Oct
1.50 Feb
Dec
Jan 85 June
Nov
Jan 92
Nov
June
Dec
Jan
Oct
Jan
Feb
Aug
Feb
Nov
Dec
Jan
Nov
Dec
Nov
Nov
Nov
Jan
Aug
Nov
Jan
Jan
Dec
Oct
Nov
Jan
Dec
Jan
190 Apr
50e Feb
1.37 July
37.50 Aug
1.50 July
90 Mar
80o Mar
53e Dec
4.15 Mar
1.20 Apr
4234c July
58.50 Sept
25340 Apr
210 Mar
49.75 July
45.00 June
71340 May
1.75 Mar
1.95 Oct
70c Apr
1.74 June
2.87 Aug
630 July
8.00 Apr
694c Apr
1.12 Mar
41e Feb
10.25 Apr
Nov 18c
1.25
Jan
Dec 4.30
1.00
Nov
1.37
Feb
Jan 75e
1.20
Nov
6.20
Jan
1.43
Dec
Jan 46.4o
Feb
Sept
Mar
Apr
Apr
Sept
Jan
July
Apr
July
2% Feb
Nov
Oct 10.4 Apr
754 Apr
Sept
Apr
Oct 11
Jan 32% July
Oct 354 Mar
Jan
Nov 80e
334 Jan
Nov
Jan 253s Nov
Jan 47 June
Jan 132% Dec
6 May
Jan
Jan 37% May
Aug 19.25 Jan
Toronto Stock Exchange
Dec. 1 to Dec. 7, both inclusive, comp led from official sales lists
WNW
Friday
Range Since Jan. 1.
Last Weeks Range for
Week.
of Prices.
Sale
High.
Low.
High. Shares.
Par Price. Low.
Stocks1.05 1.25
1.10
Abitibi Pow & Paper corn.*
4
5
44
100
6% preferred
1454 17
Alberta Pao Grain pref_100 17
534 6
534
Beauharnois Power cora...
12334 127
100 127
Bell Telephone
28
• 28
Blue Ribbon 636% pref.50
27
27
Brantford Cord lot pref _25
104
Brazilian T L & Pow cam.* 1034 10
650 7013
Brewers bv Distillers corn.*
434 434
•
434
B C Power B
2234 2334
•
Building Products A
29
3034
25 30
Burt(F N) Co corn
334 351
*
336
Canada Bread corn
60
58
100
lot preferred
18
18
100
B preferred
734 84
774
Canada Cement corn -...*
5434 61
* 59
Preferred
1.40 1.40
Canada Steamship com- •
234 236
*
Canadian Bakeries A.
12
12
100 12
Preferred
554 534
534
Canadian Canners com--*
92
91
100 92
let preferred
Erpi 834 9
Convertible preferred __•
651 754
734
Can Car & Foundry corn.*
1434
25 1434 13
- Preferred
2134 2234
Can Dredge & Dock corn.'
6234 64
Can Can Electric pref_ _50 63
634 8
734
Can Indust Alcohol A......*
654 634
•
B
134 13
•
Canadian Oil corn
p.a.-rad
100 117
117 118
1,300 800
3
280
225 1434
456
334
355 110
12 2354
10 1.10
734
2,600
1,850 600
4
505
75 16
240 27
2
683
167 25
8
24
434
1,647
2,005 33
1.40
50
25
234
51
9
5
2,240
75 75
7
1.330
54
440
90 1134
513 17
203 59
534
6,968
54
105
25 10
50 92
Oct 2.25 Apr
Nov 1054 Apr
Feb
Dec 23
Jan
934 Feb
Nov
Jan 127
Apr
Jan 32
Nov
Jan 29
July 144 Feb
2.95 Jan
Nov
Nov
834 Feb
Jan 2336 Feb
Jan 34 May
554 Jan
Sept
Nov
Aug 64
Nov
Aug 29
Feb
July 12
Dec
Jan 61
24 Feb
Dec
Feb
Dec
4
Dec
Oct 12
Apr
8
Nov
Jan 9334 Nov
Feb
Sept 10
July
934 Mar
Jan 1636 Feb
July 3434 Feb
Nov
Feb 65
July 2034 Jan
July 1934 Jan
July 18 June
Feb 120 June
New York
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Canadian Pacific Ry......25
Canadian Wineries
•
Cockshutt Plow cora
Conduits Co prof
Cons Mining & Smelting 25
Consumers Gas
100
Cosmos Imp Mills
•
Preferred
100
Crow's Nest Pass Coal-100
Dominion Stores corn....•
Eastern Steel Products_ •
Easy Wash Mach corn...*
•
Fanny Farmers corn
Ford Co of Canada A
"
Frost Steel & Wire cora *
Preferred
Gen Steel Wares cora__ •
Goodyr T & Rub pref.
.100
Gypsum Lime & Alabsst.*
Hamilton Cottons pref....30
Ham United Theat com_25
Hinde & Dauche Paper__ _•
Internatl Mill 1st pref__100
A preferred
100
International Nick corn...*
•
Internatl Utilities A
•
Kelvinator corn
' •
Hake of Woods Mill corn.'
Laura Secord Candy torn.'
Loblaw Groceterias A__ __•
12
5%
7%
137
191
1234
100
23
11%
854
25%
2
50
534
954
110
23
5
1734
Loew's Theat(M)corn....
Maple Leaf Milling com_.• --1:66
454
Massey-Harris cam
•
Monarch Knitting pref_100
Moore Corp corn
15%
A
100 117
100
Mukheads Cafeterias pfd10
1854
National Sewer Pipe
Ont Equitable 10% pald100
634
Page-Hersey Tubes corn._• 724
Photo Engravers & Elea_ •
Porto Rico pref
100
•
Pressed Metals corn
Riverside Silk Mills A_ •
Russell Motors pref.
...100 62%
•
Simpson's Ltd A
To
•
100 84
Preferred
Steel of Canada corn
4034
Preferred
25 39
Tip Top Tailors preL._100 80 •
Twin City Rapid corn....'
Union Gas Co corn
3%
34
United Steel Corp
Walkers (Hiram) corp....* 274
16%
Preferred
6
Western Can Flour corn._•
Weston Ltd (Geo) corn * 4634
Preferred
100
Wood Alex dr James pref.__
Banks
Canada 25% paid
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
Loan and Trust
Canada Permanent
100
Huron dr Erie Mortgage 100
•
20% paid
National Trust
100
Toronto General Trusts 100
50
Toronto Mortgage
114 1254
534 54
84
7
50
50
135 137
190% 192
12% 13
99% 100
23
23
11% 13
10
10
154 154
8
834
244 2534
2
2
50
45
4%
4
111 11334
54 5%
23% 2454
14 151
934 9%
110 110
97 100
22% 23
234 2%
35
35
534
5
12% 13
58
58
17
1734
1734 17%
14% 14%
1.00 1.15
334 44
70
70
14% 1534
117 117
127 127
531 54
18% 19
634 7
70
73
204 2034
82
82
10
11
244 24%
62%
60
114 12
634 7
84
844
38% 4034
38% 39
80
73
19
19
3% 4
254 34
25% 27%
16% 1634
6
6
4551 4634
Ica% 110
24
24
56
56
56%
163% 165
155
19454 193 195
195 200
202 203
202
276 277
166
166 169
21854 2174 21834
130
14
164
100
108
130
80
134
164
100
108
130
8234
14
164
102
112
Range Since Jan. 1.
Low.
3,906 1134 Nov
437
45.4 Oct
2,320
534 Oct
4 50
Dec
337 118
July
155 163
Jan
91
754 Jan
44 85
Jan
35 16 May
1,895 114 Dee
40
6
Aug
25
14 July
2,127
7
Nov
10,162 15
Jan
7
2
Dec
95 30
Jan
100
3% Oct
452 106
Jan
835
454 Sept
125 14
Jan
15
1
Aug
325
54 Jan
10 99
July
47 84
Jan
6,438 2134 Jan
40
234 Dec
100 35
Dec
160
4 Sept
286
9% Oct
250 4654 May
2.525 14
Jan
250 1334 Jan
Sept
1 12
90 50e Nov
3 Sept
14,461
Jan
15 45
827 11
Jan
18 96
Jan
35 109% Jan
40 75
Nov
100 14% Jan
80
534 Jan
115 55
Jan
20 14
Jan
10 60
Jan
143 110
Dec
200 19
Jar
130 11)
Mar
100
934 Aug
Jan
73
4
473 424 Jan
1,022 28
Jan
Jan
600 31
20 54
Oct
Dec
10 19
2
1,822
Aug
Oct
1,305
2
July
5,769 21
1,662 1454 Aug
Dec
6
255
Feb
830 28
35 8834 Jan
Dec
5 24
294
131
53
50
39
135
65
18
60
12
23
19
20
31
High.
1834 Mar
10
151 Fea
jab
Oct
60
Apr
170
200 Sept
13
Dec
Dec
100
Nov
28
Mar
23
1336 Nov
534 Apr
854 Nov
25% Dec
3 May
50
Dec
6Feb
118
July
Deb
Fee
2 1
2
4
Feb
954 Nov
110% June
100
Dec
Apr
29
634 Feb
Feb
150
54 Feb
14
Feb
Nov
59
184 Apr
174 Oct
Oct
14
Jan
834F0j
(
1754 Feb
Nov
118
May
130
54 Dec
30
94 Feb
77
204
83
25
20
Mar
Dec
Nov
Ney
A pr
6234
17
8
85
4154
Dee
e
Oct
Oct
Oct
Dec
ea
8034 Feb
3980
2431 June
64 June
6 6 Mar
1
5734 Jan
174 Jan
Jan
47
841 SeptS
Dec
110
244 Nov
5834
66
123
133
141
167
250
1304
163
Dec
Jan
Jan
Jan
Jan
Sept
Jan
Jan
118
70
13
140
100
100
Jan
Jan 1.2
Sept
5
July
Dee
Jan 112
168
198
200%
204
278
170
218%
Nov
Feb
Nov
Nov
Nov
Nov
Nov
Dec
Septicarr
in Dec
AprM
•No par value.
Toronto Stock Exchange-Curb Section
Dec. 1 to Dec. 7, both inclusive, comp led from official sales lists
Friday
Sales
Last Wears Range for
Range Sines Jan.!.
of Prices.
Sale
Week.
Par Price. Low. High. Shares
StocksHigh.
Low.
Blltmore Hats corn
14
12% 14
53
734
25
Bissell Co (T E) pref....."
25
5 18
•
4
4
44 3,276
Brewing Cory corn
354
• 21
20% 2234 1,225 15
Preferred
• 14
14
Bruck Silk
14
155 134
751
Canada Bud Brew cora...*
7;5
7
430
7
Canada Malting cora...." 29% 29
2934
550 27
Canada Vinegars corn...* 2754 27% 284
265 2134
14
Can Wirebound Boxes A..*
14%
20 13
Consolidated Press Ltd...
554 534
30
5%
22
22
Consol Sand dr Gravel pref
105 22
• 1551 14% mg 33,785
Distillers SeagramS
84
32
•
32%
Dominion Bridge
330 254
Dom Power & Trans stubs. 1.15 1.15 1.15
100 1.00
354
334
3
970
134
Dom Tar & Chem corn_ _ _ •
34
100
40
290 184
Ps Preferred
24
• 24
24
Dufferin Paving corn....
5 18
70
English Elec of Canada A.*
534 8%
534
•
2% 254
234
10
133 141
55 90
Goodyear Tire & Rub corn*
Feb 14
Nov 29
Oct 11
Jan 32%
Oct 22
Dee 12
Oct 3531
Jan 294
Nov 16%
Dec 11%
Dec 30
July 26%
Jan 37
July 1.50
Nov
5%
Jan 40
Jan 40
Dec 16
Dec
6
Jan 141
Dec
Jan
May
Aug
Mar
Mar
Mar
Nov
Jan
Feb
May
Jan
Mar
June
Feb
Dec
Mar
Feb
Mar
Nov
3629
Financial Chronicle
Volume 139
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Mining Section
Toronto Stock Exchange-Curb Section
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
*
Hamilton Bridge com_
Preferred
100
Honey Dew cora
Preferred
Humberstone Shoe cora_.•
Imperial Tobacco ord__ .5
Inter Metal Industries._*
Langleys prefer vd
_100
Montreal L H & P Cons*
National Breweries com_ *
National Grocers pref__100
National Steel Car Corp.*
*
Ontario Si'knit corn
Preferred
100
Power Corp of Can com_.•
•
Rogers-Majestie
Robert Simpson pref...100
Shawinigan Wat & Power*
Stand Pay & MatIs corn_ *
Preferred
100
lamblyns Ltd (G) corn_ •
Preferred
100
Toronto Elevators corn__*
Preferred
100
United Fuel Invest pref 100
•
Waikerville Brewing
Waterloo Mfg A
24
500
28
30%
8%
15%
34%
1834
1.40
4% 4%
24
23
35e 500
6% 7
28
28
12% 12%
5% 6
50
45
30%
30
30% 30%
120 120
15% 15%
8
8
61
58
8% 8%
8%
8
101 101
15% 16%
1.15 1.15
15
15
23
23
110 110
32
34%
113 115
17% 18%
5% 6
1.00 1.40
Oils
14%
British American 011• 15
*
2
Crown Dominion Oil_
* 16% 15%
Imperial 011 Ltd
International Petroleum...* 30% 30%
13
McColl Frontenao Oil oom• 13%
100 95% 91%
Preferred
70o
5
North Star 011 corn
1.50
5
Preferred
•
900
Prairie Cities 011 A
22%
Supertest Petroleum ord •
109
Preferred A
100
*
6
6
Thayers Ltd corn
40
38%
Preferred
15
2
16%
3034
13%
96
700
1.50
900
23
109
6
40
Friday
N3148
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Nov
4
30
Nov
40 21
Oct
165 250
Oct
2
90
Mar
5 24
600 10% Sept
3% Nov
360
Jan
15 25
Nov
1,272 26
Apr
45 26
65 90% Jan
85 13% Sep
Sep
3
3
Jan
96 31
7% July
5
Jan
3,422
5
Jan
47 80
561 15% De
Oct
10 85e
No
10 10
Sept
5 20
May
100 90
Jan
560 17
158 89% .Tan
9% Jan
557
5% Nov
220
115 850 Sept
7,245 12
2
70
8,600 12%
8,200 18%
10%
1.69
71%
12
100 500
60 1.00
100 750
225 16
10 99
5%
3
50 18
July
Nov
Jan
Jan
Jan
Jan
Oct
Oct
Nov
Jan
Jan
No
Jan
9% Feb
Feb
37
Apr
1.60
Feb
11
Dec
28
1234 Feb
10% Feb
May
63
39% Feb
30% Dec
Dec
120
18% Feb
834 Nov
Dec
61
Feb
15
9% June
Dee
101
24% May
4% Feb
Feb
25
Oct
28
Dec
110
34% Dec
Dec
115
20% Apr
July
10
4.00
Feb
15% Mar
Mar
17% Nov
32% Nov
14% Nov
Dec
96
1.90 May
3.00 Mar
Feb
2.00
29% Mar
Nov
114
July
7
42 June
•No par value.
DOHERTY ROADHOUSE & CO.
Members
The Toronto Stock Exchange
Correspondence Solicited
Range Sinus Jan. 1.
High.
Low.
Oct 234e Feb
3,800
Kootenay Florence_ __200
340
10
340
Lakeland Gold Mines_ _ _ _1 114c 1340
1%c 8,500 1340 Nov 23e Mar
Lake Shore Mines
1,375 42.00 Jan 58.50 Oct
1 53.00 52.00 53.00
30 Nov 480 Aug
Lamaque Contact Gold 1 4340 3340 434c 23,600
3e Dec 22c Mar
1
21,500
Lee Gold Mines
3e 40
7.75 July
4.05 May
Little Long Lac
* 5.90 4.70 5.90 34,589
80 Nov 44e Feb
Lowery Petroleums
•
1.000
100 10e
3.00 Apr
1.85 Jan
Maeassa Mines
2.45 2.25 2.49 17,652
1
Man & East Mines
27,300 160 Nov 40e July
160 180
•16%e
1.00 Mal
To Nov
Maple Leaf Mines
1 71 40
,
70 8340 30,600
958 39.00 Nov 50.00 Mai
McIntyre-Porcupine
5 41.05 40.50 41.05
1.74 July
1.01 Apr
McKenzie Red Lake
1
1.21 1.13 L26 31,000
16,700 340 Nov 750 July
McMillan Gold
350 40c
1 400
1.21 Jar
11,725 240 Nov
MeVittie Graham
1 300
27e 30c
17,300 25e Feb 55340 Aug
McWatters Gold
* 330 3234e 350
Jar
*
3,100 1834e Nov 42e
Merland Oil
200 210
Apr
9e Sept 48e
Mldwal 011 & Gas
18e 28340 16,300
1 27e
2.47 Apr
1.05 Nov
1,470
Mining Corp
' 1.10 1.05 1.10
Jar
500 180 Nov 32e
Model Oils
1
200 200
Jan 8340 Api
Moffatt-Hall Mines
1 2360 234c 23(0 16,800 2340
20c Fet
Sc Nov
5,600
Moneta Porcupine
1 110 9340 120
40 Api
Oct
le
5,000
Murphy Mines
1
lc
le
Sc
2,000 134e Nov 934e Api
Newbeo Mines
20 20
20
*
2.88 00
2.00 May
3,275
Nipissing
5
2.39 2.35 2.50
6,999 29.75 Nov45.05 Jun(
Noranda
* 32.00 30.65 32.10
54e Mai
1,000 220 Jul
Nor Can Mining
28e 2834
* 28360
8,200 3340 Dec 340 Fel
Olga Oil & Gas
* 3340 3340 4c
21,700 1634c Nov 31%e Al]
Paymaster
1 200
180 20e
634e Ale
1
20
Peterson Cobalt
20 2360 17,500 1140 Aug
1.95 Oc
1.26 July
1
1.61 1.40 1.67 77,875
Pickle Crow
1,205 10.30 Sept 14.15 At
Pioneer Gold
1 11.50 11.15 11.50
1.75 Ma
1.02 Feb
I
Premier Gold
1.43 1.24 1.45 48,370
1.05 No,
600 30e Feb
*
Prospectors Airways
80c 800
1.73 Jul.
Jar
11,800 27o
69e 77e
Read-Authler
1 750
1.30 Ma
1.13 1.02 1.16 15,950 75e June
Reno Gold
1
12.75 Oct 19.55 Fel
2,31
Royalite 011
* 17,00 15.50 17.00
70 Dec 1834e No
70 9%c 74,850
Roche Long Lae G M Ltd 1 9340
6.30 Jul
1.75 Jan
4.313 3.95 4.36 12.38
1
San Antonio
3c Nov 130 Ap
20
1
40 40
Sarnia 011 & Gas
1.40 At
43e Sept
8,10
1 450 4436e 450
Shemin Gordon
2.86 Au
1.43 Jan
2.60 2.47 2.63 21,27
1
Siscoe Gold
JS
20 Nov 2614e
16,00
2340 30
South Tiblemont
*
40.300 220 Nov 65e Sep
25e 31e
St Anthony Gold
1 300
2.00 Ma
IMO Jan
6,660
1.20 1.08 1.26
*
Sudbury Basin
130 July 16340 Ms
7340 734e 1,000
1
Sudbury Contact
10,848 35e Dec 610 0(
35e 430
1 42e
Sullivan Cons Mines
3.19 Al
1.29 Jan
16,496
2.31 2.15 2.36
Sylvanite Gold Mines__ I
500 40e Nov 42e No
41e 41e
Sheep Ck G M Ltd_ .50c
8.00 Al
3.75 Oct
3.95 4.1 16,960
4.02
Teck-Hughes Gold
1
1.03 01
1,300 60e Nov
650 650
Texas Can MCorp Ltd _ *
770 Al
200 24c 5,600 1535e Nov
24e
1
Toawagmae Explor
Oct 234e Fe
Ifio
2,000
10
%a
Vacuum Gas & Oil
Tie
*
1.12 At
21,350 77e July
82e 91e
* 90e
Ventures
1.53 Ai
692 43e Nov
430 45e
*
Waite Amulet
60 July 50e FE
29,000
90 10e
500 934a
Wayside Cons
64,650 7340 Dec 43%0 Ai
* flic 734o 100
White Eagle
Ai
40 Dec 18e
70 28,900
40
50
1
WIltsey-Coughlan
6.75 Jan 10.25 Al
S 55 R nn 540 14.800
*
•No par value.
Telephone:
293 BAY ST.
WAverley 7411
TORONTO
Toronto Stock Exchange-Mining Section
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1
Week
Sale
of Prices
Par Price Low
Low
High Shares
StocksHigh
18340 18340 1914e 11,200 160 Nov 32340 Mar
Acme Gas & 011
1
500
34o
340
34c
Oct
Monde Mines
6o Feb
1
1.00 86o
1.00 93,000 72o Nov
1.60 Feb
Ajax Oil & Gas
16,000 134e
20
Oct 100 Feb
Alexandria Gold Mines I 134e 134o
7,500
30 Nov 18e
Apr
Algoma Mining & Fintsh.• 3340 336c 40
1
lc
10
lo
6,000
lc Nov
40 Mar
Amity Copper & Gold
• 3.65 3.57 3.65
1,845
2.00 Jan
Anglo Huronion
4.51 June
1 1340 136e
20
10,000 1360 Dee 834e Mar
Area Mines
1 16e
3,900 150 Nov
160 170
1.25 Mar
Ashley Gold Mining
1 2360
20
234c 12,000
2o Nov
Jan
Astoria Rouyn Mines_
180
1
4e
Bagamac Rouyn
5340 514e 7,700
Jan 600
Apr
1
8o
10,950 7340 Nov 220
7340 80
Barry-Hollinger
Apr
• 610
26,900 600 Dec
600 630
2.05 Mar
Base Metals Mining
Jan
Bear Explor & Research _1 23e 1734e 240 120,900 16e July 910
1.95 1.92 1.95
3,335
1.90 Nov
Beattie Gold Mines
2.45 Sept
1 290
290 3035c 8,325 27e May 510 Feb
Dig Missouri (new)
1 28e
250 29340 57,000 23e
Jan 750 July
Bobjo Mines
50e 240 2234o 260
3,900 16o Nov
1.41 July
13 It X Gold Mines
22
1
1.70 Oct3.72 July
2.20 2.20 2.25
13radian Mines
• 12.60 12.30 12.65
4,57
9.90 Jan 17.00 July
Bralorne Mines
1
5,400
1.90 Jan
3.11 2.85 3.20
Buffalo Ankerite
3.98 Sept
• 134o 134c
2,000
20 Nov
20
14c
Apr
Buffalo Canadian
40
Oct110 Sept
Bunker Still Extension...*
4360 414c 1,400
800 600
Oct1.60 Mar
69e 690
Calgary & Edmonton..
1,100
40 Dec150
Jan
40 40
Calmont Oils
• 58e 5234e 580
9,175 39e
Jan 780 Aug
Can Malartio Gold.
1
2,175
1.00 June
1.42 1.41 1.55
2.85 Jan
Carlboo Gold
1 6536e
17,800 490 Feb8136e Mar
650 670
Castle 'troth
1
1.00 900 1.00 28,775 520 Apr
1.25 Sept
Cent Patricia
• 2.10 1.82 2.10 19,897
1.10 July
3.50 Feb
Chemical Research
Jan 16%c Apr
Chicouhamau Pros
•
813
70 80
10.000 514e
Oct 140 Apr
2H0 2%c 6,250 2140
Clerley Googol (new)....*
* 14e
33,000 12e Dec 9430 Apr
Columarlo Cons
120 15e
•
40 Sept 120 Feb
Commonwealth Pete
2,000
4e 40
1.00 Jan
*
2.05 1.90 2.05
4,575
2.05 Nov
Conlaurum Mines
708 32.00 Apr 45.50 June
• 37.50 36.55 37.50
Dome Mines
60 Nov
1
1,000
14e
Oct
6340 6%e
Dom Explor (new)
1
4.35 Mar
1.05 860 1.09 22,290 86e Dec
Eldorado
3,005
3.05 Jan
4.75 Mar
Faleonbridge
*
3.65 3.45 3.65
Jan 11360 Apr
1 2%c
2340 10,500 134o
20
Federal Kirkland
4.30 July
•
1.61 1.47 1.69 90,015 700 Feb
God's Lake
1 16o
8,3
Jan 30o July
11,100
15c 160
Goldale
1
Oct 57e Apr
500 130
20o 20o
Goldfield Cons
1
Oct 430 Apr
2,000 736o
12c 120
Goodfish Mining
1
20 Nov 18%o Mar
2340 6,500
2e
Graham Bousquet
1.00 Apr
51,250 11340 Dec
1 1630 11340 180
Granada Gold
8o Dec 53e June
6,100
8e 100
Grander° Mines
1.22 Apr
76,650 200 Nov
1 33e
21e 35e
Greene Rebell
Oct48e
Apr
1
1.000
5e
50 Sc
Grull Wihksne
2.50 July
44e 590
86,600 44e Dec
1
560
Gumbo' Gold
40 Nov 530 Apr
Sc 414o
Sc
12,300
1
Halcrow Swayze
150 Apr
7,500 3%0 Jan
1 51140
50 5140
Harker Gold
7.570 11.45 Jan 21.65 Sept
5 18.65 18.15 18.75
Hollinger Cons
1,500
80 Nov 250 July
1
Sc'
Sc
Oil & Gas
Homestead
Jan
1.40 May
1
1.03 96e 1.05 20,205 93e
Howey Gold
6.25 Apr
4.00 Mar
1,000
5.25 5.25
Internatl M Corp (warr).1
10,910 18e Dee 480 July
180 220
J M Cons Gold Mines.--1 21340
4,400
ite Nov39340 Sept
1 100
100 12c
Kirkland Cons
550 66%c 14.200 290 Feb7934e Sept
1 560
Kirkland Lake Gold
-New York & Toronto
Direct Wire
CANADIAN MINING STOCKS
SILVER FUTURES
42 Broadway
New York
& CO.
C. A. GENTLESExchange 347651,Street
Member. The Toronte Stock
11 Comedian Commodity Exchange, loc.
Toronto
Toronto Stock Exchange-Mining Curb Section
Dec. 1 to Dec. 7, both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1
Last Week's Range for
Week
Sale
of Prices
High
Low
Shares
Par Price Low
High
Stocks
Aidermao Mines
Assoc Oil& Gas
Baldwin Gold
Balt,ae Oils
Brett Trethewey
Brownlee Mines
Canadian Kirkland
Capital Rouyn
Central Manitoba
Churchill Mining
Clifton Consol
Coast Copper
Cobalt Contact
Daihowde Oil
Dom Kirkland G M
East Creast Oil
Gilbee Gold Mines
Hilltop Gold Mines
Home 011
Hudson Bey Mining
Keora Mines
Apr
7340 8540 8,655 630 Nov 330
Jan
1,500 10c Dec 35e
100 100
434e Apr
-lo Jan
3
11
40 21,500
1340
Jan
30 Sept 120
1,000
30 30
30
160 Feb
20 Nov
20 2340 3,500
1 c Apr
3
1360 Jan
1340 10,900
133413 11 4o
,
2340 The 2340 27,173 2%o Nov 200 Apr
I4c Jan 2340 Apr
Hc 5,500
340
160 Mar
be Nov
60
(se 636c 8,500
40 Nov 15340 Jan
40 4;ic 4,500
40
340 Oct 334c Apr
3,000
%0
5.75 Apr
1.60 Nov
595
2.15 1.80 2.15
20 July 6340 Apr
7,500
2360 2340 2%
Oct 650 Feb
2,800 220
250
24e 28e
Jan 2340 Apr
340
7,000
lo 134e
134c
Jan
7e Dec 30o
4,800
7e
Sc
70
70 Apr
20 Sept
3,500
20 20
340 Jan 2340 Apr
36e 9,000
340
340
1.90 Jan
Oct
800 45e
500 500
9.00 Jan 15.00 Aug
1,659
1200 11.75 12.25
Jan 3H0 Oct
340
le
134e 9,000
8340
•
1
1
1
1
1
1
1
1
5
1
•
1
•
•
1
•
•
1
Kirkland Bunton
1
Kirkland Townsite
1
Lake Maron CI Mines_ __.• 4340
Lebel Oro Mines
40
Malroble Mines
1 1%0
Mandy Mines
•
8c
McLeod River
* 134(3
Night Hawk Pen
3e
1
Nordon Corp
5
Oil Selections
• 2310
Parkhill Gold Mines__ _ _1 210
Pawnee Kirk G M
1
Pend Oreille
1 420
Porcupine Crown
1 234e
Preston East Dome
1 1340
Ribago Copper Corp
1
Ritchie Gold
1
Robb Montbray
1 336c
South Keora Mines
1
* 1735o
Stadaeona Rouyn
Sudbury Mines
1 7340
Vickers Mines
1
White Lake Mines
1
Wood Kirkland G M
1
70
•No par value.
2,000
lc
lc
7,800
200 20e
29,700
4e 5o
3340 436e 16,500
11,000
2e
1360
1,000
80 80
134o
1340 7,000
4,500
2340 30
1,00
50 50
2360 2340 5,00
13,150
200 23e
1340 1,000
136o
1,350
410 42e
2340 2340 6,000
1340 1%c 5,000
140
440 3,000
134e
1340 2,000
234o
336c 17,890
2,000
234e
30
56,070
150 190
7%0 301,066
634e
lc
1340 9,000
1,000
20 2e
500
70
70
c Jan
Oct
15o
3e Nov
Oct
3e
1360 Nov
Jan
Sc
134e Jan
2340 Dec
434e Nov
2360 Oct
200 Nov
1360 Jan
40o Nov
1340 Jan
1340 Jan
360 Oct
le Nov
2e
Jan
2340 Jan
836e Jan
340 Jan
le July
1%0 Nov
Jan
50
Sc
4056o
280
26e
8140
170
634e
6%c
17340
90
720
6e
1.40
8330
6140
23-40
5310
11340
7340
460
1134e
334c
7He
200
Apr
Mar
Mar
Apr
Mar
Apr
Air
July
Mar
Feb
May
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
July
May
Mar
Feb
Mar
3630
Financial Chronicle
Dec. 8 1934
Over-the-Counter + Securities + Bought and Sold
21 traders covering
11
Private wires to
HOITAISE &DOTER,
74 Trinity Place, New York
Whitehall 4-3700
special fields
185
different houses
Members New York Security Dealers Association
• Open-end telephone wires to Boston, Newark and Philadelphia. • Private wires to principal cities in United Slates and Canada. .
Quotations on Over-the-Counter Securities-Friday Dec. 7
New York City Bonds
Bid 458
10014 10012
923 9314
4
923 9314
4
9
812 99,2
9934
99
993
4
99
99
993
4
04 15 -1017 10238
8
101.7 10238
8
100 1003
4
1017 10238
8
102 1025
8
a3s May 1935
4333s May 1954
a333s Nov 1954
a4t3 Nov 1955 & 1956
a4s M & N 1957 to 1959___.
a4s May 1977
ais Oct 1980
c43ja Feb 1.5 1935 to 1940_
a43is March 1962 dr 1964_.
a4j4s Sept 1960
a-ths March 1960
a434 April 1966
a434s April 15 1972
Bid
102
102
102
102
10214
1043
4
10514
10512
10512
ails Jan 25 1935
369 Jan 25 1936
ails Jan 25 1937
10038 1003
4
8
10318 1035
1043 10514
4
New York State Bonds
Bid
Bid
Ask
World War Bonus
434s April 1935 to 1939__
434s April 1940 to 1949._
Institution Building
4s Sept 1934 to 1940
is Sept 1941 to 1976
Highway improvement
4s Mar de Sept 1958 to '87
Canal Imp 4s J & J '60 to '67
Barge C T 48 Jan 1942 to'46
Canal & Highway
91 75
58 Jan dr Mar 1935
58 Jan & Mar 1936 to 1945 93.25
68 Jan & Mar 1946 to 1971 03 85
Highway Imp 414s Sept'63_ 122
122
Canal Imp 4125 Jan 1964_
Can & Imp High 434s 1965_ 119
Bank and Insurance Stocks
Bought, Sold and Quoted
MIMS, WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks
C Reglste eC coupon (serial). el Coupoa.
b Basis
a Interchangeable.
Ask
10258
10258
1025
8
10253
10234
10512
1053
4
106
106
a43.is June 1974
a4 a Feb 15 1978
a4 a Jan 1977
a4348 Nov 15 1978
o4 34s March 1981
a43.3a M & N 1957
a4 SO July 1967
a434s Dec. 15 1971
a4I3s Dec 1 1979
Ask
83.25
03.00
92.50
03.30
115
115
109
Par Bid Ask
Bank of Manhattan Co10 2112 23
Bank of Yorktown
100 32
37
Bensonhurst National.
.100 30
Chase
13.55 2414 25:- 34
2114 2234
City (National)
1234
Commercial National Bank
dr Trust
100 141 147
Fifth Avenue
100 1000 1050
First National of N Y 100 1485 1525
35
Flatbush National
100 25
Par
KIngsboro Nat Bank._ _ _100
National Bronx Bank ____60
Nat Safety Bank cic Tr.
..25
Penn Exchange
10
Peoples National
100
Public National Bank de
Trust
25
Sterling Nat Bank & Tr .21
Trade Bank
100
Yorkville (Nat Bank of) l00
Bid Ask
50
15
20
83
8 958
5
612
48
58
2914 303
4
1778 1878
13
15
25
35
New York Trust Companies
Ba.51s.
Port of New York Authority Bonds
Bid
Ask
Bid 'Ask
Bayonne Bridge 45 series C
Arthur Kill Bridges 434s
1938-53
JdeJ 3 98
M&S 10112 10212
99
series A 1935-46
Inland Terminal 4338 ser D
M&S 99121 1003
1938-60
4
Geo. Washington Bridge
48 series B 1936-50_ __J&D 10114 10212 Holland Tunnel 43 a series E
1935-60
M&S 93.7513.65
4335 see B 1939-53__M&N 03 85 3.70
bBasis.
United States Insular Bonds
-Bid
Ask
Philippine Government
99
HonolulL bs
97
48 1946
99 100 US Panama 3s June 1 1961_
4338 Oct 1,159
9912 10012
28 Aug 1 1936
414s July 1952
2s Nov 1 1938
10012 10212
be April 1955
Govt of Puerto Rico
102 104
bs Feb 1952
434, July 1958
106 108
534s Aug 1941
Is July 1948
108 109
Hawaii 4348 Oct 1956
S Consol 2s
1930
Bid I Ask
107 110
108 109
10112 1017
8
10012 101
103 106
108 109
997 100,
8
8
Federal Land Bank Bonds
48 1945 optional 1944 __J&J
is 1957 optional 1937_1;i&N
4s 1958 optional 1938..M&N
433s 1956 opt 1936____J&J
4348 1957 opt 1937____Jdzi
4311 1957 opt 1937M&N
434s 1958 opt 1938__M&N
Bid Ask
Bid
Ask 1
10014 1005 433s 1942 opt 1934___M&N 1003 101 14
8
4
9934 100141 4339 1943 opt 1935__J&J 10058 10118
993 10014 03s 1953 opt 1935____J&J 10012 101
3
10014 10034, 4345 1955 opt 1935____J&J 10012 101
,
10014 10034, 433e 1956 opt 1936____J&J 1003 101 34
4
10014 100341 58 1941 optional 1934 M&N 1013 1017
8
s
8
10012 101 , 521 1941 optional 1934_M&N 1013 10178
ALL ISSUES
LAND BANK BONDS
Bought - Sold - Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
Robinson & Company, Inc.
-COUNSELORS
MUNICIPAL BOND BROKERS
State 0540
120 So. LaSalle St., Chicago
Joint Stock Land Bank Bonds
Hid
Atlanta 5s
87 2
,
8912
Atlantic Is
90
Burlington 55
96
California Is
a3112
Chleago Is
93
Dallas 5s
83
Denver Is
96
Des Moines Is
86
First Carolinas .58
92
First of Fort Wayne Is
First of Montgomery 58
78
First of New Orleans 5s_ ....
84
89
First Texas of Houston 55._
First Trust of Chicago 5s
83
F etcher 55
,
96
Fremont Is
81
95
Greenbrier Is
87
Greensboro Is
Illinois Midwest Is
77
Illinois of Monticello Is... _ 80
Iowa of Sioux City Is
83
Lexington 55
100
Lincoln Is
8312
a Defaulted.
Ask
98
3212
95
85
88
___
__
87
91
86
83
79
___
8512
Bid Ask
84
LaFayette Is
87
Louisville 5s
92
Maryland-Virginia 55
94
Mississippi-Tennessee 5s.... 89
New York Is
3 8712 8912
-North Carolina Is
84 86
Ohio-Pennsylvania Is
R7
80
Oregon-Washington Is
77
70
Pacific Coast of Portland Is 88
90
Pacific Coast of Los Angeles 97
_
Pacific Coast of Salt Lake Is 97
- -Pacific Coast of San Fran.5s
_
Pennsylvania Is
90 .92
97Phoenix Is
98
Potomac Is
87
90
- -St. Louis 5s
a55
57
San Antonio Is
93 95
Southwest Is
79
81
Southern Minnesota 5s
543
45
Tennessee 55
89
Detroit Is
Union of
87
89
Virginia-Carolina Is
87
_
Virginian Is
8912 _
Chicago Bank Stocks
Per Bid
American National Bank &
Trust
100 110
Continental Ill Bank dr
100 34
Trust
Ask
125
345
8
Par 814 Ask
First National
100 793 81
s
Harris Trust & Savings.
.100 175 185
Northern Trust Co
100 376 380
Par Bid Ark
Banos Comm Italians_ _ _100 140 150
Bank of New York dr Tr_100 330 338
10 5612 5812
Bankers
12
Bank of Sicily
20 10
Bronx County
20
512 612
100 87
92
Brooklyn
20 111
Central Hanover
Chemical Bank & Trust__10 3312
50 40
Clinton Trust
100 11
Colonial Trust
10 1112
Continental Bk & Tr
20 4412
Corn Each Bk & Tr
115
4012
45
1312
13
4512
Par
10
100
100
1
100
25
Bid Ask
1712 1812
230 245
313 318
14
15
1760 1/ 30
5
35
37
Manutaaturers
20
New York
25
Title Guarantee & Trust._20
2012 22
97 100
33
4 43
4
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Underwriters
United States
100 59
100 1825
88
1675
Investment Trusts
Par Bid I Ask
1 14.77 15.71
Administered Fund
8
Amerex Holding Corp.....' 11181 125
.92' 1.03
Amer Bankstocks Corp.. •
.89 .98
Amer Business Shares
712 812
Amer & Continental Corp
4
4
Am Founders Corp 6% p150 133 183
60 14, 17 4
4
,
7% Preferred
412 612
Amer & General Sec el A...•
• 40
46
$3 preferred
5
534
Assoc Standard 011 Shares._
Par Bid Ask
investment Trust of N Y.•
43
8 5
Major Shares Corp
•
Mass Investors Trust
• 18.95 20.60
Mutual Invest Trust
1.08 1.18
Nation Wide Securities Co_ 3.02 3.12
Voting trust certificates_
1.15 1,20
N Y Bank Trust Shares_
234
No Amer Bond Trust Otte
88
--8934
No Amer Trust Shared, 1953 1,82
_
Series 1955
2.29
Series 1958
226
318 37
8
Series 1958
Bancamerlca-Blair Corp__._
2.32
.00 1.05 Northern Securities
Bancshares, Ltd part she 50c
100 50 0 C(
• 3.03 .
Basic Industry Shares
.35
55 Pacific Southern Invest pt.' 30
British Type Invest A
31
ciam B
C ass A
l
113 123
4
4
1
4
Bullock Fund Ltd
53
•
11
4
Canadian Inv Fund Ltd____ 3.30 3.55 Plymouth Fund Inc ci A.100
.86 .1,8
2012 2212 Quarterly Inc Shared
1 25 1 37
Central Nat Corp class A__
la
212 Representative Trust Shares 7.98 8 73
Class B
• 20.61 22.16 Republic Investors Fund_
Century Trust Shares
1.95 2 08
88
23
8 314 Royalties Management
7
8
Commercial Nati Corp
Corporate Trust Shares.... 1.94
Second Internet Sec el A___•
1 86
112
Series AA
Ill
Class B common
1 86
•
Accumulative series
1
2 19 2 32, 6% preferred
Boric, AA mod
32
50 28
2 19 2.32, Selected Amer Shares Inc._
Series ACC " od
1.11 1.22
22 I Selected American Shares__ 2.37
Crum dr Foster Ins corn...' 19
109 114 Selected Cumulative Sha___ 6 35
8% preferred
Selected Income Shares___. 3.30 3
Crum & Foster Ins Shares
.75
23 28 Selected Man Trustees She.
Common B
43
8 5
100 102 107 Spencer Trust Fund
14.83 15.77
7% preferred
Standard Amer Trued Shares 2.65 2.90
.
Cumulative Trust Shares..' 3.79
Standard Utilities lot
.46 .48
• 63.89 09.53
Deposited Bank She ser A__ 2.02 2.21 State Street Inv Corn
3.64 405 Super Corp of AM Tr SW; A 2.86
Deposited Insur Sits A.
AA
7
DiversifiedTrustee She B_
2 12
13
290 320
3 03
BB
412 5
2 14
120 1.32
C
Dividend Shares
5 35
D.
1812 2212
5.36
Equity Corp cv pre
40 49 43.61 1 Supervised Shares
Fidelity Fund Inc
1.21 1.32
Five-year Fixed Tr Shares__ 3.37
Trust Fund Shares
• 797
Fixed Trust Shares A
3 4 353
,
Trustee Standard Invest C._ 2 00
13.75
1
.9
2 04
Fundamental Investors Inc 144 24.153
Trustee Standard 011 She A 5.60
p
stee
Fundamental 'Cr Shares A.
4.77
37
8
Shares 11
Trusteed Amer Bank She B.
.87 91T9
11 Trusteed Industry Shares
Guardian Invest prof w war
1.07 1.18
18
12 Trusteed N Y Bank Shares. 1.20 1.35
Huron Holding Corp
_
I 50
Incorporated Investors....' 17 18 27 20th Century orlg series
Series B
2.55 2.95
8
Indus & Power Security...' 123 1418
United Gold Equities (Can)
Internet Security Corp(Am)
18 1
•
Standard Shares
Class A common
1 2.20 2.45
•
US & Brit lot class Acorn'
18 1
Class B common
•
Preferred
100 1214 1814
6
9
634% Preferred
16 111 Elec Lt & Pow Shares A
1012 11
100 12
6% preferred
1.51 1.61
Investment Co. of Amer
Voting trust etre
10 2112 2412
.53 .61
New common
• 2112 -_- Un N Y Bank Trust CS
3
312
7% preferred
1
Un Ins Tr 1411, Rer
17g 2 8
,
•No par value. z Ex-dividend.
3631
Financial Chronicle
Volume 139
Quotations on Over-the-Counter Securities—Friday Dec. 7—Continued
Real Estate Bonds
We speciaiize in
Bid
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
-L
WI1Came&Ewen
Tel. HEctor 2-3273
2 Wall St., New York
Public Utility Bonds
ear
Albany Ry Co con be 1930__
General 58 1947
Amer States PS 5.35s 1948_
Amer Wat Wks & Eke 68'75
Associated Electric be 1961
ASSOC Gas & Eke Co 414s '38
Associated Gas az Elea Corp
Income deb 314s..__1978
Income deb 33is____1978
" 1978
Income deb 48
Income deb 4348____1978
Cony debenture 45 1973._
Cony debenture 434s 1973
Cony debenture 58 1973_ _
Cony debenture Vie 1973
Participating 88 1940_
Bellows Fulls Hydro El 5858
Birmingham %Vat Wks bs'57
534s 1954
Bklyn C & Newt'n con 55'39
1946_ _
Central G & E 5
let lien coil tr Os 1946
Colorado Power Is 1953_ _
Con leld & Bklyn con 48 '48
Duke Price Pow 1966
Federal 1'S let Os 1947
Federated Utll 514s 1957_
42d St Man & St Nick 58'40
Green Mountain Pow be '48
III Wat Ser let bit 1952
Interborough R T be Ws'68
Iowa So Util 514e 1950
Kan City Pub Serv 38 1951.
Key/4one Telephone 514s '55
Lehigh Vail Trans ref Is '60
Bid
530
025
4634
65
39
18
Ask
35
4
493
67
3912
19
1312 133
4
1312 14
1412 15
1612 1712
28
30
33
32
36
35
40
38
74
72
9334
92
100 10112
10214 10312
73
80
5018 515
8
5114 5314
4
1013
58
9912 1002918 3118
3814 4014
60
,
87 4 6834
8
897 9214
82 84
67
65
31
30
68
35
34
Bid Ask
102
8814 9014
95 100
9£1
90
5512 57
76
73
8
937 953a
9412 96
107 109
9212
90
58
5912
4
753 77
44
42
76
74
102,
2
8812
36
33
95
70
88
.15
e4
8
8
975 993
86,2 8814
58
65
102 104
52
53,2
70
78
83
8
99
9212 04 2
-14
1043
6212 6412
65
58
70
88
58
65
Par
Long Island Lighting 55 1955
Monmouth Cons Wat 5856
Nassau El RR 1st 65 1944...
Newport N & Ham 5s 1944_
New England G & E be 1962
New York Cent Elec Os 1952
New Rochelle Water 512s '51
NY Water Ser 58 1951
Nofl & Portsmouth Tr be '36
Northern N Y URI 5a 1955.
Okla Natural Gas 55 1948_
Otis Natural Gam 68 1946_ _ _
Old Dom Pow 5a.May 15'51
Parr Shoals l'ower Os 1952_ _
PeninsularTelephone530'61
Pennsylvania Elea be 1962
Peoples L & P 534e 1941._
Public Sexy of Colo 6e 1961_
Roanoke W W 56 1950
Rochester Ry let Sc 1930
Schenectady Ry Co let 5846
Scranton Gas di Wat 4 lis'68
Sioux City Gas & Elec Os '47
Sou Blvd RR let 5s 1945..
South Pittsburg Water Os'60
Tel Bond & Share 55 1958
Union Ry Co NY be 1942
Un Trac Albany 4i4e 2004
United Pow az Lt 55 1944._ _
58 series B 1947
Virginia Power Se 1942
Wash & Suburban bWe 1941
Westchester Elee RR Is 1943
Western PS 5348 1960
Yonkers RR Co gtd Is 1946.
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in l'ublic Utility Preferred Stocks
New York
Tel. HAnciVer 2-4350
Public Utility Stocks
Par
Alabama Power $7 prat.100
Arkansan Pr dr t.t $7 pref__•
Amor, Gaa & El orig Pre!__•
•
$6 60 preferred
•
97 preferred
Atlantic City Elea $6 pret_•
7.
Bangor lIydro-E17, 0_100
Birmingham Elec $7 pref_.
liroad Itiv Pow 7% pf l00
Buff N lag & East pr pret.25
Carolina Pr dr Lt $7 prof _.•
•
6% preferred
Cent Ark Pub Sere peel _100
Cent Maine Pow 8% 01.100
100
$7 preferred_
Cent Pr & Lt 7% Prof _A00
Cleve Elea 111 6% pref. _100
Columbus; Ry Pr & Lt—
let $6 preferred A _ .. _100
$6.50 Preferred B.--- 100
Consol Traction(N J)_ _100
Consumers Pow $5
100
6% preferred
100
6.60% preferred
Continental (las & El
100
7% preferred...
Dallas Pow & IA 7% prof 100
Dref100
Dayton Pr & 1.1
Derby Gas & Eiee $7 pref_•
.100
Essex4ludn00 Gas _
Foreign Lt & Pow unite._
Gag & Elec of Bergen... _100
.l00
Hudson County Gas.
•
Idaho Power $6 pref
100
7% preferred
Illinois Pr & Lt let pref.._•
Interstate Natural Gas.___•
Interstate Power $7 pref ...•
Jamaica Water Supply pf_50
Jersey Cent P & L 7% p1100
Kansas Gas & El 7% pf 100
Kings Co Ltg 7% pref 100
Long bland Ltg 6% p1. 100
100
7% preferred
Loa Angeles0& E 6% p1100
Memphis Pr & Lt $7 pref _•
bitieriselppl P & L SO pref..
Metro Edleon $7 prat 13___•
6% preferred err C___ _•
4 44
ass
4312 45
4114 4214
14
1
12 138
12
138
85
4
078 101
33
35
32
38
1618 17
42
45
3912 4112
6214 65
43
46
48
50
16
18
109 111
73
63
37
68
75
79
76
66
40
70
77
8012
3512
10112
89
5312
168
80
104
168
66
76
1212
1012
912
4714
58
73
75
4314
53
8112
41
31
77
77
3712
-12
91
56
_ ••
if
78
1312
12
1012
50
60
80
45
4
543
4412
.
3212
82
Par
miss Itiv Pow 6% pref__100
blo Pub Sen $7 pret_ _ _100
Mountain States Pr corn. _•
100
7% Preferred
Nassau & Suffolk Ltg Of 100
Nebraska Power 7% pref100
Newark Consol Gas
100
New Emil G & E 514% Df.•
New Eng Pow Assn 6% pf100
New Jersey Pow & Lt $6 pf •
New Oil l'ub Sem, $7 pf___•
N Y & Queens E L P p1100
Northern States Pr $7 p1100
100
Ohio l'ower 6% pref
•
Ohio Edison $6 pref
•
$7 preferred
Ohio Pub Sere 6% pf..100
7% preferred
100
Okla GA E
pref....100
Pile Gas ar Flee 6% pf _ _ _ 25
1
9 -100
Pacific Pow & Lt
Penn Pow az Light $7 pre!..•
Philadelphia Co $5 prof_ _50
Piedmont Northern Ry_100
Pub Serv of Colo 7% pf_.100
Puget Sound Pow & Lt—
$5 prior preferred
•
Queens Borough G&E
100
6% preferred
Roch Gas az Elea 7% pref 13_
100
Preferred C
Sioux City 0& E $7 pf .100
tiom'set Un & bIld'aex Ltg
25
Sou Calif Ed pref A
25
Preferred LI
South Jersey Gas & Elec_100
Tenn Elea Pow 6% orer_wo
100
7% preferred
Texas Pow & Lt 7% pf .100
Toledo Edison 7% of A.100
United G & E (Conn) 7% pf
United 0 & E(NJ) pref 100
Utah Pow et It $7 pre _ _•
Utica Gas & El 7% pref. 100
pref100
Util l'ower az Lt
Virginia Railway
100
Wash Ry & Elec oom100
100
5% preferred
Western Paver $7 pref _100
Art
7512
212
112
—
512 d
28
30
9734 9834
10312 106
2212 2312
4
614 363
3
6512 6712
914
8
101
4 453 461;
8512 8712
6514 6712
7414 7612
6314 65
7014 723
4
77
80
21
20
32
30
8412 86
41
45
33
38
76
Bid
7213
14
16
56
58
88
75
43
igt;
80
2018 2
67;
.
1714 173
4
168 175
42
44
46
48
79
81
82
84
59
61
50
62
13
1412
72
74
5
6
57
62
320 345
9812
,
73 1
Associated Gas & Electric System
•
Securities
75 Federal St., Boston
Hancock 8920
COrtlandt 7-1868
Direct private telephone between New York and Bostcrn
5012
5
33 8 3414
a738
39%
3212
4
583
4112
72
a41
832
4138
3312
4
603
46
74
43
4214
8
515 54
100
102
73
Mayflower Hotel let Os. '48
Munson Bldg let Old's, 1939
N Y Athletic Club—
let & gen 63, 1946
NY Eve Journal 63.4s, 1937
NewYork Title& Mtge Co
534s series BK
5345 series C-2
5348 series F-1
s series Q
1 Park Ave 65, 1939
165 B'way Bldg 1st 5348•'51
Posturn Bldg let 634rr, 1943.
Prudence Co 5345, 1961_
Realty Assoc Sec Corp
5s, guaranteed. 1943
Savoy Plaza Corp—
Realty ext let 5348, 1945.
6s, 1945
Sherry Netherland Hotel
1st 514s. 1948 etre
61 B'way Bldg let 535s, 1950
General 78, 1945
Textile Bldg let 6s, 1958._
Trinity Ridge Corn
1st 534it, 1939
2 Park Ave Bldg let 65. 1941
a4214 4414
4
3
0233 25 4
02234 241,
9914 101 02012
a 173
4
02512
4
5303
4
653
43
4 4
4
913
a5814
4
23,
4
193
28
4
333
6712
4812
4
943
6012
03814
all 34 13
4
0123 14
al93 2114
4
4112
17
-2
4
463 49194
98
a4512
75
Travelers Insurance Company
Bought — Sold — Quotcd
Phone
a;NR
S. Bissell &Co.HAF .
D,
.
C
Insurance Companies
Par 844
Aetna Casualty dr Surety _10 5712
10 4312
Fire
Aetna
10 18
Aetna Life
.25 63
Agricultural
10 2112
American Alliance
5 2112
American Equitable
812
10
American Home
American of Newark__ _332 1114
American Re-lnaurance _10 49
10 2112
American Reserve
25 2912
American Surety
10 2414
Automobile
234
13altimore Amer
25
Bankers & Shippers
100
Boston
5
Camden Fire
10
Carolina
100
City of New York
Connecticut General LIfe.10
5
Continental Casualty
2)4
Eagle Fire
Employers Re-Insurance_10
5
Excose
10
Federal
Fidelity & Deposit of Md.20
5
Firemen's of Newark
b
Franklin Ftre
1
General Alliance
10
Georgia Home
5
Glens Falls Fire
5
Globe az Republic
Globe dr Rutgers Fire__ __25
5
Great American
Great Amer Indemnity__ 1
10
Halifax Fire
25
Hamilton Fire
10
Hanover Fire
10
Harmonia
10
Hartford Fire
Hartford Steam Boiler_ _ .10
5
Home
10
Home Fire SeeruritY
10
Homestead Fire
10
Hudson Insurance
1m porters & Ex p ..of N Y_26
Knickerbocker new
5
914 Lincoln Fire
2
4
123 Maryland Casualty
25
Maas Bonding & Ins
51
23 Merchants Fire A our com 214
3112 Merch & Mfrs Fire Newark _ 5
10
4
253 National Casualty
10
National Fire
2
5 National Liberty
4
20
National Union Fire
7012 75
5
526 540 New Amsterdam Caa
10
1912 2012 New Brunswick Fire
10
4
213 2314 New England Fire
New Hampshire Fire__ _ .10
192 198
20
4
273 New Jersey
2614
5
4
1212 133 New York Fire
12.50
4
4 23 Northern_
13
2.50
River
North
2712 30
1412 15 4 Northwestern National_ _25
,
25
71,2 75 Pacific Flre
10
,
401. 42 Phoenix
5
4
4 63 Preferred Accident
63
2314 2434 Providence-WashMeton _ .10
10
4
113 Rochester American
10
5
24 Rossi&
22
36 Si Paul Fire & Marine__ 25
34
912 1212 Seaboard Surety
4412 Security New Haven____10
41
IC
4
2014 213 Southern Fire
,
4 7 4 Springfield Fire & Marire_25
63
10
1754 1914 Stuyvemant
100
25 Sun Life Assurance
18
100
35
37 Travelers
4
2114 223 U S Fidelity & Guar Co_....2
1
S Fire
5412 5612
2.50
3
70 4 7254 Westchester Fire
60
4512
1912
6513
23
4
243
Bid Ask
2812
27
12 1 12
1914 2034
714
7
6
4
93 1234
3
4
33
114
212
16
15
34
31
7
5
614 712
58
56
612 712
116 120
512
2514 2634
13
4212 4412
3512 39
13
16
7412 80
4
2214 233
117 121
80
85
4
4
703 723
1012 1134
3112 3312
1714 203
4
812 912
171 176
1412
13
3214 3414
2212
21
102 105
,
212 4 4
338 345
406 416
514 6 4
,
4
433 4534
2814 293
4
Water Bonds
6
Alton Water 58 1956.4,44140
Ark Wat 181 5, A 1956_A&O
Ashtabula %V W be'58_A&O
Atlantic Co Wat 5e'58 telazS
Birm WW let 5 48 A'54A&O
let in 5s 1954 ser 13_ _JAD
let be 1957 series C__F&A
Butler Water 58 1957A&O
City of Newcastle Wat 58'41
City W (Chat) be B '54 JazD
let be 1957 series C_M&N
Commonwealth Water—
FAA
let Os 1956 B
let in 511 1957 eer C_F&A
Davenport W Se 1981_ _J&J
E 8 L & Int W 5s 1942.J&J
let in 68 1942 ser B_J&J
F&A
let 5919 60ser D
Ask
Bid
102
10112 103
100
99
10214 10012
100
100
10012
102, 1011;
4
102
102
102
102
102
9111
97
90
__ _
0
- 4
10 19212
9812
92
Hunt'ton W let Cee54._M&S
let m Is 1954 ser 13__M&S
6s 1962
Joplin W W 58'57 sec A M&S
Kokomo W W be 1958..J&D
Monm Con W let 56'56 JAB
Monon Val W 514e '50-J&J
Richm W W let 5s'57_M&N
St Joseph Wat 58 1941_A&O
So Pitts Wat let ba '55_F&A
let & ref 5s'60 ser A _J&J
1st & ref 5s'60 ser B.J&J
Terre Hte WW (Ss'49 A SAD
1st in 58 1956 ser 13__J&D
Texarkana W let 5E1'58 F&A
Wichita Wat let 68'49_M&S
let in 5s '56 ser 13_ _ FAA
1st m Is 1960 ser C_M&N
Bid Ask
__ _
104
__ _
100
58 101
111 080500:
10907:112
0
102
414
2
0
10312 100332
1 311 413
103 104
100
87
104
100
100
_
-10412
Short Term Securities
Bid Ask
Bid I Art
1939 9134 9214 Long Island Ltg 5a____1936 1031 2 10412
Belt & Ohio 4 if e
Texas Pow & Light 55__1937 103 10312
1938 101 110414
Consumers Power 55
8
Edison El III (Bee) 38
-1937 1013 102
8
Gull 011 of Pa be
8
1937 1053 1053
Sugar Stocks
•
Members New York Curb Exchange
150 Broadway, New York
27
4
643
4
533
65
52
31
,
29 2
51
Primary Markets in
Inquiries Solicited
S. A. O'BRIEN & CO
Ask
a25
6211
4
513
6312
49
a31
a273
4
4912
a4318
4812
661;
We deal in
30 Broad Street
B'way Barclay Off Bldg
6s, 1941 cite
B'way Motors Bldg 6s 1948_
Chesebrcugh Bldg 1st 65,'48
Chrysler Bldg 1st 6s, 1948__
Eoultable Off Bldg deb 5552
500 Fifth Ave 6313, 104')....
50 13'way Bldg let 3s, 1946__
40 Wall St Corp 6s, 1958_ _ _
4251 St & Lex Av Bldg6 4[3'45
42 B'way let 65, 1939
Fox Metrop Playhouse
63.6s, 1932 ctfs
Fox Theatre & Off Bldg
1st 1314s, 1941
Fuller Bldg deb Os, 1944_
534e, 1949
Graybar Bldg 5s, 1946_
Harriman Bldg 1st 6s, 1951_
Hearst Brisbane Prop 68 '42
'43
Hotel St George let 5s.
Lefeourt Manhattan Bldg
1st 3s extended to 1948_
Lincoln Bldg inc 554s, 1963_
Loew's New Broad Prop
6s, 1945
Loew's Theatre Realty Corp
1st 65. 1947
Par Bid Ist
Ask
Par Bid
1 I 112
•
1 12 212 Haytian Corp Amer
East Porto Rican Sug com_.1
512 Savannah Sugar Ref..„.....• 813 1 2 ___
4
Preferred
100 104 12 109
78
7% preferred
100 74
Fajardo Sugar
• No par value.
a Flat.
e Defaultec
f Ex-coupon.
a Ex-dividend.
3632
Financial Chronicle
Dec. 8 1934
Quotations on Over-the-Counter Securities-Friday Dec. 7-Continued
Railroad Stocks
Guaranteed & Leased Line
Preferred
Common
Railroad Bonds
OVER-THE-COUNTER SECURITIES
BOUGHT
-QUOTED
-SOLD
RYAN aSt McMANUS
Members New York Curb Erehanoe
Adams & Peck
63 WALL ST., NEW YORK
BO vvling Green 9-8120
Boston Hartford Philadelphia
Alabama & Vicksburg (Iii Cent)
IN
6.00
Albany & Susquehanna (Delaware & Hudeon).100 10.50
Allegheny & Western(Buff Roch de Pitts)
100
6 00
Beech Creek (New York Central)
50
2.00
Beaton & Albany (New York Central)
100
8 75
Boston & Providence(New Haven)
100
8.50
Canada Southern (New York Central)
100
3.00
Caro ClInchfield & Ohio(L & N A C Id A%
100
4.00
Common 5% stamped
100
5.00
Chic Cleve Cinc dr St Louis pref(NY Cent)
100
5.00
Cleveland dr Pittsburgh (Pennsylvania)
50
3.60
Betterman stock
50
2 00
Delaware (Pennsylvania)
26
2.00
Fort Wayne & Jackson pref(N Y Central)..
.„100
5.50
Georgia RR & Banking(L & N, A CL)
100 10.00
Lackawanna RR of NJ (Del Lack dr Western)_100
4.00
Michigan Central (New York Central)
100 80.00
Morris & Essex (Del Lack & Western)
50
3.875
New York Lackawanna & Western(DL & W)_100
5.00
Northern Central (Pennsylvania)
60
4.00
Old Colony (N Y N H & Hartford)
100
7.00
Oswego dr Syracuse (Del Lack & Western). _ _ _ 60
4 50
Pittsburgh Ben dc Lake Erie (1.1 S Steel)
60
1.50
Preferred
60
3.00
Pittsburgh Fort Wayne & Chicago (Penn)___100
7.00
Preferred
100
7.00
Rensselaer dr Saratoga (Delaware & Hudson).100
6.90
St Louis Bridge 1st pref (Terminal RR)
100
6.00
2nd preferred
100
3.00
Tunnel RR St Louis (Terminal RR)
100
3.00
United New Jersey RR dr Canal(Penna)
100 1000
Utica Chenango & Susquehanna(D L dr W) 100
6.00
Valley (Delaware Lackawanna dr Weetern)_100
5.00
Vicksburg Shreveport de Pantie (III Cent)
500
5.00
Preferred
100
6 00
Warren RR of NJ (Del Lack & Western)
3 60
60
West Jersey & Sea Shore (Penn)
50
3 00
Bid.
Ask.
84
207
95
33
114
150
50
83
88
84
7(1
44
43
72
162
74
800
68
96
88
75
68
33
65
148
168
120
132
65
132
230
88
95
69
69
50
61
90
210
98
35
118
156
63
85
90
88
82
46
45
78
168
78
99
90
77
72
36
70
172
124
136
67
136
240
92
73
73
53
84
EQUIPMENT TRUST CERTIFICATES
STROUD & COMPANY INC.
Quotations-Appraisals Upon Request
Private Wires to New York
Philadelphia, Pa.
Railroad Equipment Bonds
Bid
Atlantic Coast Line 855s__
4558
Baltimore & Ohio 455s
5s
Boston & Maine 4)45
55
Canadian National 4558.55
Canadian Pacific 4558._
Cent RR New Jer 434s...
Chesapeake& Ohio 5558_.
63is
455s
58
Chicago de Nor West 455558
Chic Maw & St Paul 455s.
be
Chicago R I & Pat 4555_
5s
Denver & It G West 4558_
bri
555e
Erie RR 5558
6s
4558
55
Great Northern 4348
6s
Hocking Valley 5s
Illinois Central 45.i8
55
555s
6558
78
Internal Great Nor 4555.Long Island 4555
bs
Loulsv dr Nashv 4555
5s
6558
Maine Central 58
5358
Minn SIP & 85 51
4348
Ask
3.25
3.50
3.90
3.90
4.25
4.25
4.00
4.00
4.00
3.50
3.25
3.00
3.25
3.25
6.50
6.50
6.50
6.50
60
60
5.75
5.75
.5.75
4.00
4.00
4.00
4.00
3.50
3.50
3.40
3.65
3.65
3.65
3.60
3.50
90
3.40
3 40
3.40
3.40
3.25
4.75
4.75
6.50
8.50
2.75
3.00
3.70
3.70
3.80
3.80
3.79
3.79
3.80
3.00
2.75
2.50
2.50
2.50
6.00
6.00
6.00
6.00
70
70
5.25
5.25
5.25
3.50
3.50
3.50
3.60
3.00
3.00
3.00
3.25
3.25
3.25
3.25
3.15
95
3.00
3.00
3.00
3.00
2.75
4.25
4.25
8.00
6.00
Bid
Missouri Pacific 455s
5s
535e
New On Tex & Hex 4555
New York Central 4358
5s
6s
78
N Y Chic & St L
5s
N Y N it & Hartford 455s.
Se
Northern Pacific 4)58
Pennsylvania RR 434s.. _ _ _
5s
Pere Marquette 43.4s
Reading Co 4558
bs
St Louis-San Fran 4s
435a
55
St Louis Southwestern 58.
5555
Southern Pacific 78
4555
5.8
Southern Ry 455e
55
5.55s
68
Texas Pacific 45
43-18
58
Union Pacific 4555
5s
7s
Virginian Ry 4555
5(8
Wabash Ry 4555
58
5558
65
Western Maryland 455855
Western Pacific 5e
51 5s
.
Ask
6.50
6.50
6.50
7A.10
3.80
3.60
1.50
1.50
4.10
4.10
4.3.5
4.35
3.75
3.00
3.00
4.10
3.20
3.20
70
70
70
4.50
4.50
1.30
3.60
3.60
4.25
4.25
4.25
2.00
4.00
4 00
4.00
3.10
3.l0
1.50
3.20
3.20
7.00
7.00
7.00
7.00
4.25
4.25
6.00
8.00
6.00
6.00
6.00
6.00
3.20
3.20
1.00
1.00
3.80
3.80
4.00
4.00
3,25
2.75
2.75
3.80
2.90
2.90
80
80
80
4.00
4.00
1.00
3.15
3.15
3.75
3.75
3.75
1.50
3.75
3.75
3.75
2.80
2.80
1.00
3.00
3.00
6.00
6.00
6.00
6.00
3.75
3.75
5.50
5.60
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(N J) eon
Preferred
100
Bell Teiep of Canada_
100
Bell Telep of Penn pref 100
Cincin & Sub Bell Telep 50
Cuban Telep 7% pref
100
Empire AL Bay State Tel_100
Franklin Teleg $2.50._.100
tot Ocean Tries 6% _ _
-100
Lincoln Tel & Tel 7%
•
Mount States Tel Sr Tel _100
New England Tel & Te1.100
Bid !Ask
7112 _
1121014
120 '129
1153 117
4
64
6612
22
28
54
58
37
41
7912 83
Bid Ask
21
25
11112 11312
143 183
4
4
4
6
6814 713
4
10112 105
17
10512 l072
1193 213
4
4
107
97
93 101i
.1
11012 _
New York Mutual Tel__100
Northw Bell Tel p1634% 100
Pac & Ati Teleg US 1%25
Peninsular Telephone corn_•
Preferred A
100
Roch Telep $6.50 1st pf _100
So dr Ati Teleg $I 25-25
100
Sou New Endl Telep
S'western Bell Tel. pf.-100
Tri States Tel & Tel
109
Preferred_
10
9831 Wisconsin Telep 7% pref 100
New York City
Digby 4-2290
Privafe Wire Connections to Principal Cities
Miscellaneous Bonds
Guaranteed Railroad Stocks
(Guarantor in Parentheeis
Dim:tend
Par in Dollars.
39 Broadway
Bid
Ask
Adams Expresa 48 ____1947 83 84
American Meter 6s ____1946 90
Amer Tobacco 45
1951 10112
Am Type Fdrs Os
1937 e31
34
Debenture 6e
1939 e31
34
Am Wire Fabrics 78 _1942 89
Bear Mountain-Hudson
River Bridge 78
1953 73
75
Butterick Publishing 6541936 28
30
Chicago Stock Yds be__ 1961 90
93
Consolidation Coal 455s 1934 e21
25
Deep Rock Oil 7s
1937 53712 3912
Haytian Corp 8e
1938 513
1514
Hoboken Ferry 55
1946 84
8612
Home Owners' Loan Corp
155e
Aug 15 1936 I 00,3,2 101
Aug lb 1937 100.4, 10014as
28
Aug 15 1938 100 s, 100,4,1
,
Journal of Comm 6)48- 1937 52
58
Maine Central RR 6s._1935
Merchants Refrig 65_ _ _1937
Nell Radiator 5s
1946
Y & Hob ry 5s
194n
N Y Shlphidg be
1946
NorthAmerican Refractories
63.4s
1944
OtIaSteel6sctts
1941
Pierce Butler & P 6355_1942
Scoville Mfg 5555
1945
Standard Textile Products
1st 615s enas'nted .._.1942
Starrett Investing 58......1950
Struthers Wells Titusville
614a
1943
Toledo Term RR 4 Sis_1957
WItherbee Sherman Os 1944
Woodward Iron bs ____1952
Bid
68
92
25
75
98
Ask
72
e38
60
e4
1003
8
4012
65
7
101
27
78
20
13712 4i 2
60
10014 1013
4
8
55
27
825
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
Industrial Stocks
Par Biel
A8*
Adams
-Millis Corp, pf_100 101 104
American Arch $1
• 12
American Book $4
100 59
61
American Hard Rubber...50
5
8
American Hardware
25 22
23
American Mfg
100
514 8
Preferred
100 45
50
American Meter nom
• 1114 12,
4
210 212
American Republics com _ -•
Andlan National Corn- -• 38'2 403
4
412 512
Art Metal Construction_ _10
Babcock & Wilcox
100 36
37
Bancroft (Jos)& Sons com_•
1
4
Preferred
100 14
20
4912
Beneficial Indust Loan Pi_• 47
Biles(E W)1st pref
50 13
19
2d pref B
10
112 312
Bon Ami Co B common_ _ _ • 42
44
Bowman-Biltmore Hotels_•
1st preferred___. ____100
3
is
1
2nd preferred
100
Brunsw-Balke-Col pref _ _ 100 5414 _
Bunker II & Sullivan corn 10 28
30 2
1
Canadian Celanese
_•
Preferred
.100
carnation Co $7 pref __IOU
ClInchfleld Coal Corp p1100
Colts Patent Fire Arms......25
Columbia Baking corn_ __•
1st preferred
•
24 preferred
•
Columbia Broadcasting MA •
Chisel)
•
Columbia Pictures pref
•
Crowell Pub Co $1 corn__ •
$7 preferred
100
Dictaphone Corn
•
Preferred
100
Dixon (Joe) Crucible
100
Doehler Die Cast pref
•
Preferred
50
Douglas Shoe preferred __I00
Draper Corp
•
Driver-Harris pref
100
First Boston Corn
Flour Mills of A merlon__ •
Franklin Railway SuPPIY--*
Gen Fireproofing $7 Pt.
.100
Golden Cycle Corp
Graton JC Knight con.. _ _ _•
Preferred
100
Great Northern l'aper _ _ _25
16
115
10112
32
2212
1
3412
34
423
4
20
9112
22
103
44
73
3612
19
55
80
193
4
112
11
52
35l
3
2212
2412
Par
Herring-Hall-Mary Safe _100
International Textbook ..._•
King Royalty com
$S preferred
Kinner Airplane & Motor .1
Lawrence Port Cement._ 1(10
Locomotive Firebox Co..__•
Bid
812
13
4
9
74
14
14
5
Ask
133
4
23
4
11
78
5,,
16
7
Macfadden Publicanscom 6
414 514
Preferred
• 3612 3812
Merck Corp $8 pref
_100 135
65
61
National Casket
107
Preferred
National Licorice com _ _100 30
Nat Paper & Type pref _100
1
New Haven Clock pref .100 53
58
North Amer Match Corp_• 2418 2518
Northwestern Yeast_ ___100 154 15812
Norwich Pharmacal Co._ -• 98 102
Ohio Leather ____
17
- • 14
Pathe Exchange 8% pref 100 96 100
Publication Corp corn
4
• 1814 203
87 1st preferred
100 x88
19 Remington Arms corn
1
33 18
s
118
2312 24
Riverside Silk Mills
_ Rockwood & Co
912
•
Preferred
100 39
2 12 Ruberoid Co
- i
4372
100 42
1
3 Scovill Mfg
1912 21
25
14 Singer NianufacturIng
100 253 258
353 Standard Cap & Seal
32
4
5 30
3514 Standard Screw
100 56
443
4
2214 Taylor Milling Corp
• Z9'2 x1112
Taylor Wharton Ir&St coin •
13
4 3
25 TubizeChatillon cum pf _100 37
41
4812
81
41
21
57
88
2114
8
23
Unexcelled Mfg Co
U S Finishing pref
10
100
Welch Grape Juice prof...100
West Va Pulp & Pap coin._ •
Preferred
White(85) Dental Mfg___20
White Rock Min Spring
$7 1st preferred
100
60 Wilcox-Glibbs corn
60
3912 Worcester Salt
100
412
25 Young (J S) Co corn_.__ 100
26
7% preferred
1011
218
2
318
414
70
4
918 103
8212 8412
4
133 143
4
97
21 12
47
77
Chain Store Stocks
Par Bid
Ask
Par
Bohack (II C) corn
• 1014 1234 Lord dr Taylor
100
7% preferred
100 63
69
hat preferred 6%
100
2nd preferred 8%._ 100
Diamond Shoe era
100 70
Melville Shoe pref
100
Miller(I) & Sons pref....100
Edison Bros Stores pref _100 9312 100
MockJuds&Voeheger p1100
Murphy(0 C)8% pref.
_100
Fishman(M II) Stores _ _• 10
12 Nat Shirt Shops (Del)____•
Preferred
100 81
83
1st preferred
100
2nd preferred
100
Great A it P Tea pf
4
100 1243 1273: Reeves (Daniel) pref __ _100
Schiff Co preferred _ .100
Kress(S H)6% pref
10 1114 113 United Cigar Stores 6% pref..
4
6% Pret etre
Lerner Stores pref
100 91
98
S Stores preferred__ ._i00
ma Ask
150
95
100
hiS
-.12
-.70
105 110
1 12 3
24
- -38
87
94
4
1014 101
03
8
9
32
,
Realty, Surety and Mortgage Companies
Puri Bid I irk
Par Hia 1 485
Bond & engage Guar_ .20
18
3
8I1Lawyere Mortgage
_ 201
3
8
5
8
Empire Title 6c Guar
100
6
13 Lawyers ride or (1par Inn
12
las
• No par value. e Defaulted. x Ex-dividend.
3633
Financial Chronicle
Volume 139
Baltimore Stock Exchange
Quotations on Over-the-Counter Securities
sales lists
Dec. 1. to Dec. 7, both inclusive, compiled from official
Jaw I
Range Since
Week's Range Sales 1933 to
Jan. 1 1934
Nov.30
for
of Prices
Par
Stocks1934
Week
-Concluded
Friday Dec. 7
U LLE-R , CRUTTEN DEN .F.7 COMPANY
High
Low
High Shares Low
Low
Jan
13c
Jan
10c
7c
70
11c
• 100
Appalachian Corp
1839 Jan
114 Sept
1159
771
• 1539 17
Arundel Corp
An International Trading Organization
July 4539 Feb
24
10 24
31
Atl Coast Lino (conn)_50 31
839 Nov
434
785
434 July
899
Brokers for Banks and Dealers Exclusively
8
*
Black & Decker corn
834 Jan 244 Nov
225
83-4
21
25 20
Preferred
Members:
July
11534 Sept 119
100 112
Cues & l'ot Tel of lilt p1100 11791 118
Chicago Board of Trade
Dec
Chicago Stock Exchange
10 1374 2534 Feb 38
38
38
Comm Credit Corp coin_
Chicago Curb Exchange Association
2439 Jan 304 Dec
23
15
3034
25 30
Preferred 13
Dec
Jan 109
90
ST. LOUIS
8 85
CHICAGO
100 109 110
655% 1st pref
Nov
Jan 30
24
11 20
Boatmen's Bank Bldg.
25 2994 30
7% preferred
120 So. LaSalle St.
172 4639 5239 Jan 684 July
Consol Gas E L & Power.* 5539 5634
Phone: Chestnut 4610
Dearborn 0500
Phone:
Oct
Jan 112
101
33 100
54% pref w I ser E__100 109 109
Nov
Jan 106
93
144 91
100 1034 105
5% preferred
34 Oct
259 Sept
259
100
2
2
E Porto Rican Sugar cony 1
Oct
7
Dec
4
44
40
4
4
1
Preferred
Mar
Jan 22
18
55 103-4
2134
Emerson Br Seitz A_2.50 20
Jan 4454 May
19
151 15
4159
20 40
Bid. dot
Fidelity & Deposit
iliz
Nov
470
834 104 Jan 23
2234
Fidel & Guar Fire Corp.10 22
12612 2912 Hungarian Ital Bk 7948,'32 /75
Anhalt 75 to 1946
734 Dec
Jan
3
3
16
7
73-4
30
Finance Co of Am cl A•
Jugoslavia Zis, 1956
Argentine 5%. 1945. 5100
459 Jan
934 Apr
4
525
759
7
100
/37-45
Houston Oil pref
101
99
Jugoslavia coupons
pieces
399 Mar
Oct
1
1
140
139
134
/32
12912 3212 Koholyt 639s, 1943
Mfrs Finance 28 pref__25
299 Feb
Antioquia 8%:1946
134 Jan
1
680
199
1
79
174
Maryland Cas Co
Land M Bk, Warsaw 85.'41
Feb
Austrian DefaultedCoupons fee-130
Dec 35
24
2459
130
12
244
Merely & Miners Transp * 24
1934 June
Bank of Colombia, 7%. 47 12613 28 Leipzig Oland Pr. 645.'46 /34
Jan
13
20 1259
17
Monon W Pa PS 74, p1_25 17
28
Leipzig Trade Fair 75, 1953 13012
Apr
Bank of Colombia. 7%,'48 /2612
Jan 49
27 1939 22
45
MtVern-Woodb Mills p1100 43
/2812 3012 Luneberg Power. Light di
Bavaria 639s to 1945
539 Oct 1299 June
559
1,489
/30
539 699
New Amsterdam Casualty5
Water 7%,1948
Bavarian Palatinate Cons.
7419 Jan 8974 Dec
20 71
281, Mannheim & Palat 75, 1941 /29
50 89
8974
Northern Central
,
/251.
Oct
Cit. 7% to 1945
65 4291 454 Jan 57
/2712 3012 Penne \Vat & l'ow com__• 5234 63
Munich is to 1945
Bogota (Colombia) 634.'47 11712 19
Feb
7
Jan
3
3
2.043
579 514
30
2
U S Fidel & Guar
8
Munlo Bk, Hewn,79 to '45 /26
/6
Bolivia 6%, 1940
58
Municipal Gas & Eleo Corp
/56
Buenos Aires scrip
Bonds
32
Recklinghausen, 75. 1947 /2812 3212
Brandenburg glee. 68, 1953 /30
•
38
Baltimore CityBrazil funding 5%, '31-51 7114 72 Nassau Landbank 634s.'38 /36
Feb 1054 Dec
100
5600 93
1951 10534 1054
4s paving loan
Natl. Bank Panama 654%
17114
Brazil funding scrip
Feb 2434 Dec
15
4612 48
2434 2434 5.000 15
1946-9
Consol Coal 54. Mrs
BritIsti Hungarian Bank
Nov
8.4 Jar
4
4
1,000
4
4
59
Nat Central Savings Bk of
Md El Ry 6390 (flat) __1957
157
7595. 1962
56
Hungary 745, 1962_ _ _ /53
United Ry & El
Feb
Brown Coal Ind. Corp.
Sept12
8
751
3,000
94 1054
1949
Hungarian & Ind.
38
National
1st 13:3 (flat)
131
Feb
6595. 1053
10
854 Jan
774
59
/58
1949
931 934 11,000
Mtge.7%,1948
4 1454
lot 6s ctfs (flat)
Call (Colombia) 7%, 1947 /133
% Sept
59 Nov
%
59 8,000
29
54
1949
12 Oberpfalz Elec.7%,1946._ 126
Income 5s Ws
9
1944
Callao (I'eru) 734%.
Feb
Apr 10
8
7
1,000
10
1949 10
5 Oldenburg-Free State 7%
/2
1st 4s (flat)
Ceara (Brazil) 8%. 1947_
774 Sept104 Pet
774
2,000
30
127
934 10
70
to 1945
1st 4s ctfs (flat)_ __ _1949
Columbia scrip issue of '33 /68
21
/19
Annapolis
Alegre 7%, 1968_ _
Porto
56
Wash halt &
/54
189110 of 1934
239 Oct
1 19 Dee
1 1<
I% 3.000
1
1941
55 Protestant Church (Ger5s ctfs (flat)
Costs Rica funding 5%,'51 53
33
/30
many). is. 1946
City Savings Bank, Buda•No par value.
35
/4312 45 Prov Bk Westphalia tki, '33 /32
pest. is. 1953
31
32
Prov Bk Weetphaila 613. '36 129
Dortmund Mon Util 65.'48 /28
39
/2512 2812 Rhine Westph Eleo 7%.'36 /34
Duisburg 7% to 1945
29
Duesseldorf Is to 1945_ . /2512 2812 Rio de Janeiro 6%. 1933.. 125
from official sales lists
35
Dec. 1 to Dec. 7. both inclusive, compiled
32 Rom Cath Church 6995.'48 /32
Pr 68. 1953. /30
East Prussian
32
Jut?, I
R C Church Welfare 75,'4,, /30
European Mortgage & InRange Since
75
6212 Saarbrueoken M 131 65.'47 /72
vestment 745, 1968...... /60
(Week's Range Sales 193310
/43
Jan. 1 1934
Nov.30
Salvador 7%, 1057
/65
for
7:413. 1950
of Prices
Par
Stocks175 Salvador 7% elf of dep '57 /341.2
1934
Week
French Govt. 53413, 1937.. 171
132
35
168 Salvador scrip
French Nat. Mall SS.65;52 166
High
Low
30 Santa Catharine (Brasil).
/27
High Shares Low
Frankfurt 7s to 1945
Low
2512
934 July
/24
459
474 Jan
8%. 1947
165
34
German All Cable 75, 1946 /30
799 819
34 Jul,
1412 Amer Continental Corp__•
134 July
139
Santander (Colon) is. 1948 11313
125
291
German Building & Land155
Amer Pneu Serv Co com 25
Nov
1034 Jan
3
13212 3
3
100
3
512 Sao Paulo (Brazil) 6s. 1943 12112 23
bank 64%,1948
3
Amer Pneu preferred_ _ _50
Nov 1254 Feb
Saxon State Mtge. 65. 1947 /3812
German defaulted coupons. 127
100 10774 11034 3,549 1004 1004 July
Amer Tel & Tel
104 Feb
30
334
1'6-8 8-10 Serbian Is. 1958
334
1,621
German scrip
399 439
•
Arnoskeag Mfg Co
Jan 8911 July
137-45
79
19 60
/23-27 27-31 Serbian coupons
8319
German celled bonds
• 83
Bigelow Sanford pref
July
220
85 Stem & Halske deb 65. 9290 1110
80
162 10959 10999 Jan 190
1154
Haiti 6% 1953
100 111
Boston & Albany
Apr
70
Jan
36
33
55
185 .55
87 State M tg Bk u.5l5s1536
liamb-Am Line 8 4s to '40 /85
100 6034 6274
Elevated
Boston
139-45
coupons
Hanover Harz Water Wks.
Boston St Maine
1414 Nov 4239 Feb
j30
400 144
31 Stettin Pub lJtil 75. 1946.
6%, 1957
/27
22
100 2()
Prior preferred
j4512 4712
499 Oct 1659 Feb
439
300
45 Tucuman City is. 1951_ _
Housing & Real Imp 70,'46 /10
699 834
Class A 1st pref stpd_100
134 Feb
89
66
459 Nov
499
150
Hungarian Cent Mut 75.'37 /4812 5012 Tucuman Prov. 75, 1950
519 654
100
Class A lot pref
Feb
21
47
j43
559 Nov
519
Tucuman Scrip
30
Hungarian Discount & Ex 10
9
lot pref stpd 100
Cl B
Feb
26
64 Nov 25
699
29
chance Bank 75, 1963.... /4014 4134 Yeeten Eleo Ry is, 1947_. 123
11
Class D 1st pref stpd_100 11
124 Feb
31
Jan
9
974
Wurtemberg 71 to 1945_ _
50
Hungarian defaulted mops 140-80
11
Boston Personal Pr Tr..* 11
July
Jan MO
24 1354 139
148 150
Boston & Providence .100
619 Feb
I Flat once.
211 Nov
211
61
374
3
Calumet & Berle
Apr
16
Jan
5
334
55
814 84
Brown Co 6% cum pref100
8634 Jan 10319 No'.
66 85
103
ChJctRy& UnFitk Yds pf 100 101
534 Feb
Jan
3
3
965
359 4
25
Copper Range
Biel I AsT
Rid I Ask
East Gas & Fuel A880
1034 Fe!
411 Nov
115
434
5
5
*
Union of Soviet Soo Repub
Common
Union of Soviet Soo R.epub
Nov 8039 July
165 4039 51
58
100 15
6% cum pref
7% gold rouble___ 19431 86.441 88.431 10% gold rouble__ _19421 87.301
July
70
Jan
45
285 53
70
44% prior preferred 1110 66
,
/69 MD)
499
634 Jan
25
• Quotation per 100 gold rouble bond equivalent to 77.4234 grains of pure gold. East Mass Stay let P1 100
634 7
Eel
3
Oct
1
1
60
1
1
100
Adjustment
831 July
499 Oct
44
4()
459 559
•
Eastern S S Lines
Jal
42
Oct
33
9 33
33
• 33
Preferred
2134 On
July
16
10 1555
• 1959 20
Economy Stores
10534 Nov 15439 Fei
875 10534
100 10831 109
Edison Eleo Ilium
1274
674
355
Eel
71 Jan
1134 1234
Employers Group
Oct 2655 No?
18
701 124
• 2559 2619
General Cap Corp
Jar
134 Jan 2
55
100
134
134
Georgian Inc(The)Apref 20
Go
13
Nov
3
234
172
aq 4
•
Dile/mist Corp
No'.
15
834 Jan
7%
359
1334 1311
Gillette Safety Razor....
194 No?
1239 Jan
10 1219
Quotations of representative stocks as received by cable each day Hathaway's Bak pref_* 1891 1874
Oct 254 De,
18
200 1774
254
of the past week
Hygrade Sylvania Lamp_• 24
1574 Ma
1534 Apr
83-1
10
my, 161<4
Int Buttonhole Mach_ __10
Sep
8
Dec. 1 Dec. 3 Dec. 4 Dec. 5 Dec.6 Dec. 7
494 July
239
10
574 574
Libby McNeil & Libby _ _10
655 Eel
Oct
Francs Francs Francs Francs Francs Francs
4
4
14
5
5
25
Loew's Theatres
..
10,100 10,300 10,300 10,200 10,100 10_,I00
Bank of Francs
1459 Eel
Aug
5
941
5
943
944
940
110
____
539
5
100
Maine Central
Banque de Paris et Pays Bas
999 Nov
2715 Ma
438
999
437
444
430
25
____
10
100 10
Banque d'Unlon Partslenne
Preferred
274 Eel
May
1
193
195
"ioo Mass Utilities Assoc v t 13.•
191
1
196
196
405
199
199
Canadian Pacific
2054 July 3434 De
18,700 18,600 18.600 18.600 18,800 18,600 Mergenthaler Linotype --• 304 34 19
410 2054
anal de Sues .
3-4 Ma:
31 Oct
1,782 1,767
1.740
1,792
100 25c
y,
91
Distr. d'Electricitle
National Serv Co
•
Cle
No.
Jan 100
83
1,230
1,230
,
1- 200 New Eng Tel & Tel
1,200
1,210
1,220
216 75
.100 9439 98
Cie Generale d'Electrieitle
Fel
74 Nov 24
28
30 NY N Haven&Hartford100
8
819 94
318
Cie Generale Transatlantiquo --------------25
Jai
122
200 Nov 80e
121
122
1,400 20c
27c
24c
2.50
North Butte.
Citroen B
Nov 1004 Jul.
71
979
979
983
980
____
232 71
100 7491 753.4
Old Colony RR
Comptolr Nationale d'Escompte
119 All
96
91
97
250 Nov
89 Old Dominion Co
96
96
96 25c
25 300 300
S A
Coty
Dec 3459 Fe
225
219
220
225
19
60 19
20
100 19
Pacific Mills
Courrleree
De
23
595
595
Jan
596
98
10
5
925 10
PC Pocahontas Co
23
• 21
Credit Commercial de France_
Fe
1,760
1,730
1,725 Pennsylvania RR
1.750
2174 Aug 39
1,760
Credit
1-,i50
1,523 2074
Si) 24
2539
Lyonnais
219 Ap
39 Sept
2,140
2,110
2,060 Quincy Mining Co
2,160
2,180
2,180
135 500
y
3/
25
Eaux Lyonnais
Jun
3
490
Jan
486483
2
____
14
200
10
239 24
Reece Fide Mach Co
Energie EltetrIque du Nord
_ ___ Shannon Copper Co
693
694
-705
702
120 Apr 210 No
____
1,025 100
25 17e 20e
Energie Electrique du Littoral
502
498
93-4 Fe
507
501
574 Aug
579
1,080
9 8
71
Shawmut Assn tr ctfs____•
Kuhlmann
133-4 Fe
620
-625 Stone & Webster
630
630
499 Nov
630
620
43-4
374
5% 534
Liquide
•
L'Air
2074 Au
910
910
Jan
928
14
900
____
436 11
Svrtft & Co
25 18
1874
Lyon (1' L M)
1,206
De
1,220
1,236
71
1,237
494 Jan
415 35
Torrington Co
• 6959 71
Nord Ry
445
451 United Founders corp.__ _1
14 Fe
453
448
.19 Dec
453
2
-44216
71
%
Ti.
Orleans By
51
49
7134 Co
52
52
6834 Jan
1,666 47
U Shoe Mach Corp
704
25 67
Pathe Capital
__
Set:
886
898
38
905
3231 Jan
904
200 31
25 354 36
Preferred
Pechiney
Fe
_77.00 Utah Apex Mining
3
76.75
77.10
Jan
77.40
75e
77.30
77.25
1
100 72c
91
5
Rentes. Perpetuel 3%
Jan
84.25
84.10 Utah Metal & Tunnel_ _..1
84.50
634 Jul
1
84.50
84.40
84.60
239
1,475 61c
294
ROOM.]4%, 1917
84.00 Waldorf System Inc
84.10
84 Fe
379 Oct
84.70 84.50
379
84.60
3.55
84.40
639 759
•
Rentee 4%. 1918
Ma
90.70 Waltham Watch prior pf100 55
91.10
90.60
Oct 55
33
91.40 91.30
91.20
5 30
55
Rentes 4 4%, 1932 A
88.90 Warren Bros Co
88.90
1374 J5
54 Nov
89.60 89.40
599
89.70
181
89.40
539 64
•
Rental 44%, 1932 13
1219 Mc
Nov
8
113.40 113.40 112.90 111.90 112.40 'Warren (SD)Co
5
112.40
50
•
831 855
Rentes 5%. 1920
1,360
1,370
1,400 1,400
1,400
1,410
Royal Dutch
-,-982
978
994
1,000
BondsSaint Gobain C & C
At
1,370
Aug 78
1,375
1,380
1,385
55,000 5391 58
Amoskeag Mfg Co 65.1948 624 63
Schneider & Cie
4
471..7" Chic Jet By Or Lin Stk Yds
47
46
45
40
Societe Francalse Ford
IN
36
39
5334 Jan 106
39
5,000 90
106
38
1940 106
5s
,Soolete Generale Fonder°
Ma
Jan 52
2,120
2,145
38
2,175
2,180
E Mass St Ry ger A 43913'48 4834 98 19 6,000 3211
____
Societe Ivonnaise
Ma
58
Jan
547
39
546
2,000 35
546
545
East Ma.ss St Ry B 58 1948 534 5339
Societe Nlarseillalis3
__ _73
73
_
69
70
Tubize Artificial Silk pref
631
631
646
646
d'Electricitie
Union
• No oar value. r Ex-dividend.
68
71
70
71
Wagon fits
German and Foreign Unlisted Dollar Bonds
Boston Stock Exchange
161;
*Soviet Government Bonds
Quotations on Other Stock Exchanges
Prices on Paris Bourse
3634
Financial Chronicle
Dec. 8 1934
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
-MISCELLANEOUS.
Below will be found in alphabetical arrangement
current news pertaining to all classes of corporate
entities-railroad, public utility and industrial
companies. This information was heretofore given
under classified headings, such as Current Earnings,
Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Monthly Gross Earnings of Railroads-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes),
of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
Gross Earnings.
Month.
1933.
1932.
Inc. (4-) or
Dec. (-).
$
228,889,421
213,851,168
219.857,606
227.300.543
257,963,036
281,353,909
297,185,484
300.520,299
295,506,009
297,690,747
260,503,983
248.057.612
$
274,890,197
266,231,186
288.880,647
267.480.682
254,378,672
245,869,626
237.493.700
251.782,311
272.059,765
298,084.387
253,225 641
245,760,336
Length of Road.
$
-46,000,776
-52.380,018
-69.022,941
-40.180,139
+3,584,364
+35.484,283
+59,691,784
+48.737,988
+23,446.244
-393,640
+7.278.324
+2.297.276
Per
Cent.
above issues. Quarterly
on these shares from Julydistributions of 40 cents per share were made
1 1929 to July 1 1930 incl.-V. 139, p. 3147.
American Encaustic Tiling Co., Ltd.
-Earnings
Period End. &pi. 30- 1934-3
Mos.-1933
1934-9 Mos.-1933
Net lees after taxes, int.,
depreciation, &c
x$192,895
x$414,968
$395,489
x Also after a write-off of $100,000 $112.786
covering inventory adjustments.V. 139, p. 3147.
1
1
„
.
---American Factors, Ltd.
-SO-Cent Extra Dividend
Thu directors
have declared an extra dividend of 80 cents' per'ifhare in
addition to the regular monthly dividend of
stock, par 325, both payable Dec. 10 to 10 cents per share on the capital
Miles
holders of record Nov. 30. An
extra dividend of 40 cents per share
-16.73
was distributed On Dec. 9 1933, as
241.991
against extras of 20 cents per share on
-19.67
241,467
Aug. 10 1933 and Dec. 10 1932.V. 139. p. 1544.
-23.89
241.489
-15.02
242,160 ---American Fork & Hoe Co.
-Bonds Called
+1.41
242.143
All of the outstanding ($220,000)
+14.43
leasehold bonds due subsequent
242.333
to Dec. 1 1934 have been called for 6%
+25.13
redemption as of Dec. 1 at 102 and
241,908
interest. Payment will be made at the Union
+19.36
242,3S8
Trust Co., Cleveland,
Ohio.
-V. 138, p. 4288.
+8.62
239.904
-0.13
242.177' American
Gas & Electric Co.(& Subs.)-Feagnings-+2.87
241,143
/Period End. Oct. 31- 1934
+0.93
-Month-1933
240,950
1934-12 Mos.-1933
Subs. Cos. Consolidated
1934.
1933.
(Intercohtems elim.
1934.
d.)
1933.
January ___ _ 257,719,855 226 276,523 +31.443.332
Operating revenue
+13.90 239.444 241.337
$5.121,562 $4,898,807 $60,816,554 $56,918,637
February_ 248.104.297 211,882.826 +36,221.471 +17.10
239,389 241.263 , Operating expenses
2,551,998
2,439,818 30,052,230 26,660,664
March
292,775,785 217.773,265 +75,002.520 +34.44 239,228 241.194 ,
/
April
265,022.239 224,565,926 +40,456,313 +18.02 239.109 241,113
Operating income_
_ $2,569,564 $2,458.988 $30.764,323 $30,257,973
May
281.627.332 254,857,827 +26.769,505 +1050 238,983 240,906
Other income
45,999
56.042
722.305
822,116
June
282,406,507 277.923,922 +4,482,585 +1.61 239,107 240,932
July
275,583,676 293,341,605 -17.757,929
Total income
6.05 239,160 240,882 1
$2,615,564 $2,515,031 $31,486.629 $31,080,089
August
282,277,690 296,564,653 -14,286,954 -4.82
Reserve for renewals and
September _ _ 275.129,512 291,772,770 -16,643,258 -5.70 239,114 240,658
replacements (deprec.)
238,977 240,563
706,230
623,015
8,269,921
7.597,885
Deductions
1,349,061
1,345,728 16,199,242 16,159,683
Nut Earn nos.
Inc.(+)or Dec.(-).
Balance
Montt)
$560,271
$546,287 $7,017,466 $7,322,521
Amer. Gas & Eke. Co.
1933.
1932.
Amount.
Per Cent.
Bal. of subs. cos. earns
applic. to Amer. Gas 8:
January
Electric Co
45.603,287
3560,271
3546.287 $7,017,466 $7,322,521
45.964,987
-361.700
-079
February
Int. and pref. stock divs.
41,460,593
58.187.604
-14.727.011
-20.21 1
March
from sub. companies.
43,100.029
425.726
68.356.042
5,126,777
426,799
5,113,535
25,256,013
-36.94 \ Other income
A prU
52.585,047
20,342
58,261,840
344,632
39,023
364.435
-3.676.193
-6.55
May
74.844,410
47.416.270
+27,428,140
+57.85 \ Total income
June
94.448,669
$1,006,340 $1.012,110 $12,475,634 $12,813.734
47,018,729
+47.429.940
+100.87 'Expenses
July
100,482.838
34.246
46.148.017
21,573
497,699
417.158
+54.334.821
+117.74
August
'Deductions
96.108.921
391,378
62.553,029
391,378
4,703,343
4,696.539
+33,555,892
+53.64
September
94.222.438
83,092.822
+11.129.616
+1339
October
lance
9(.000.573
$580,716
$599,158 37,281,395 37.693,232
98.337.561
7.336,988
-7 48
November
66.866,614
63.962.092
+2.904,522
+4.54
December
69,129,403
"Pays Extra Dividend in Cash
57,861.144
+1.268.259
+2.19
The directors on Dec. 4 declared 11 extra dividena of 20 cents
share
in addition to the regular quarterly dividend of 25 cents per per
1934.
1933.
share on
the common stock, no par value, both payable Jan. 2
January
62.262.469
44.978.266
+17.284.203
1935 to holders of
+38.43
February.
record Dec. 8. Previously, extra dividends of 1-50th of a
59,923.775
40,914.074
+19,009,701
share of common
+46.48
March
stock had been paid semi-annually from July 1924 to July 1934 incl. In
83,939,285
42,447.013
+41.492,272
+97.75
April
addition the company in January 1925 paid a special extra dividend of
65,253,473
51,640.515
+13.612.958
+25.36
50% in common stock, one of 40% in January 1927. one of 50%
May
72,084,732
73,703.351
1,618.619
in January
-2.20
June
1929 and one of 20% in January 1931.-V. 139, p.
74,529.258
92,967.854
-18,438,598
-19.83
2820.
July
67,569,491
;
98.803.830
31,234,339
31.61
August
--71,019,068
-American Snuff Co.
94,507.245
-Usual Extra Dividend-, 4.f1et
23.488,177
24.85
1
September
71.781,674
92.720,463
The directors have declaied an extra distribution of 25 cents per sh re
20,938,789
-22.58
In addition to the usual quarterly c.ividend of 75 cents per share on the
common stock, par $25, both payttole Jan. 2 1935 to holders of record
Akron Canton & Youngstown Ry.-Earnings.Dec. 12. Similar extra dividends were paid Jan. 2
1934,
October1931, while an extra of 50 cants per share was paid Jan. 1933. 1932 and
1934
1933
1932
2 1930.-V. 138,
1931
Gross from railway
p. 3078.
$136,256
3133,107
$150,846
3162.475
Not from railway
35,888
41,744
62,298
58.038
Net after rents
15,041
21,455
39,686
33,041 --- American Superpower Corp.
-Offers to Purchase Pref.
From Jan 1Stock at $53.50 per Share-V:000;000- Deposited for- This
Gross from railway
1,443.980
1,356,648
1,333,808
1,660.759
Net from railway
484,527
498,660
420,088
519,340 • Purpose-Net after rents
234,595
273,705
203,14
/250,19'
The corporation is prepared to purchased 1st Pref. stock at $53.50 per
-V. 139. P. 2667
share from such holders as may wish to sell. The shares
so purchased will
be retired.
Alabama Great Southern RR.
-$2 Common ividenc17
Accordingly corporation is depositing with New England Trust Co.,
135
The directors have declared a dividend of $2 per share on the comiOn
Devonshire St., Boston, the sum of $3,000,000 with instructions to pay
stock, par $50, payable Dec. 31 to record Doc. 17.
$53.50 per share for such 1st pref. stock as shall be tendered to it before the
On Dec. 30 1933, a similar amount was paid prior to which no dividend
close of business Jan. 5 1935. taking and paying for stock in the order of its
had been paid since Dec. 30 1931, when a semi-annual payment of $2 per
receipt. The corporation reserves the right to accept more stock if tendered
share was made.
-V. 139. p. 3471.
and to extend the time for the tendering of such stock.
-V.139. P. 433...if
January ____
February ___
March
April
May
June
July
August
September_ _
October
November _
.
December__ _
1933
1932
Ma.,
241,881
241.189
240,911
241.680
241,484
241,455
241.348
241.166
240,992
240,858
242.708
240,338
7
Alaska Juneau Gold Mining Co.
-Earnings
Period End. Nov. 301934-Morall-1933
1934-11 Mos.-1933
Prof. after oper. exp. &
develop charges but
before deprec., depict.
& Federal taxes
$190,500
$211,328 $2,074.350 $1,629,598
Company recovered approximately 11,345 fine ounces of gold in Nov.,
high for 1934. against about 12.119 ounces in Nov. 1933. Costs are running
higher since wages were increased in July, with mining and milling costa
averaging $191,000 monthly during the four months ended Nov. 30. as
against $157,600 in the like 1933 period.
During the four months ended Nov. 30, this year, Alaska Juneau mined
1.4.56,380 tons. against 1.404,820 tons in the like 1933 period increase
3.6%. In the same period. ses,..Winef•eased 21.2% over 1933.-V. 139,
P.
2985.
f
.
-/")/ ,1; h4
Alleghany-Corp. P/an Declared Operative
3
-
The corporation on No
't. 30 declared operative its readjustment plan
for meeting the next five years' interest on the 5% coll, trust bonds due in
1950. Bondholders were offered in exchange for their coupons five shares of
convertible first preferred stock and the privilege of converting their bonds
into 100 shares of common stock.
A total of $18,228,000 out of $24,532,000 outstanding had been deposited
up to Dec. 6. This represents a over 73% of the entire issue. The other two
bond issues of the company are not affected by the plan.
In declaring the plan operative, 0. P. Van Sweringen, President, said
that the "action was subject to any ratification that may be required under
the law and final confirmation of the Court."
-V. 139, p. 3471.i
L
American Cyanamid Co.
-Cent Dividend A&tifAt
-10
-
The directors on Dec. 4 declared a dividend of 10 cents perlhare payaale
on Jan. 2 1935 to holders of the class A and class B shares o the common
stock of record Dec. 15, out of the available surplus and undivided profhs
of the company.
While the directors consider it unwise at this time to estaolish a dividend
basis or policy for the future, it is their anticipation that, if business does
not decline from present levels, dividend payments will be made quarterly.
On Feb. 1 last a special dividend of 25 cents per share was paid on the
American Telephone & Telegraph
Service to Japan
-
-Telephone
Co.
Overseas telephone service from the United States was
on Dec. 7, affording a direct voice connection between opened to Japan
any Bell System
telephone in this country and all telephones in principal cities on the
Island of Hondo, including Tokio, Kyoto, Yokohama
and Kobe. Japan.
with its 480,000 telephones, Is the 60th foreign country to be brought
within voice range of the United States. Its addition
loaves few nation,
of commercial importance to be included in the world-wide telephone network in which the United States holds a pivotal position. There are
now only three countries with more than 100,000 telephones
-New Zealand.
China and Russla-with which the United States has not any telephone
communication.
The cost of a three-minute conversation from San Francisco to Tokio
will be $30. Charges for more distant points in the United States will
be somewhat greater, depending upon the additional mileage involved.
Commercial service began following eonversations between Washington
and Tokio which inaugurated the service. Government and telephone
officials of both nations participated.
....The new radio channel is the 17th direct radio telephone connection
between American Telephone & Telegraph Co. stations and overseas
points. Four of the channels operate with Great Birtain. Service to
the other 46 countries is given by means of land lints or radio or a combination of both. Two and sometimes three radio channels are Interconnected to roach the more distant countries.
-V. 139. P• 3319
.
American Water Works & El. Co. Inc.
-Weekly Output
Output of electric energy for the week ended Dec. 11934. totaled 33.317.000 kilowatt hours, an increase of 11% over the output of 30,030,000 kilowatt hours for the corresponding period of 1933.
Comparative table of weekly output of electric energy for the last five
years follows:
Wk. End.1934
1933
1932
1931
1930
Nov. 10.... 34,257.000 33,629,000 29,026,000 30,522,000 34.851,000
Nov. 17___ 35,014.000 33.065,000 28.584,000 :30,177,000 34,384,000
Nov. 24 _ _ _ 35,437,000 33,231,000 x28,336,000 x28,313,000 34,094,000
Dec. 1_ _ _ x33,317,000 x30.030,000 28,720.000 29,454,000 x32,322,000
x Includes Thanksgiving Day.
--V. 139, p. 3472.
-Earnings
Anchor Cap Corp. (igc Subs.)
1931
1932
1933
1934
9 Mos. End.Sept.30$1,477,175 51,947.422
$1,776,078 $1,533,243
Gross mfg. profit
689,436
609,046
595,224
712,732
Sell., adv. & adm. exps.
376,041
374.426
354,299
379,118
Depreciation
54,372
55,838
76.072
114,957
Other deductions (net)_
38
Cr22.614
Prov.for Can.exch.fluct
108,179
65,455
77.040
81,366
Fed. and Can. inc. taxes
$719,394
$372,373
$453,223
230.758
227,758
227.758
227,758
$2.44
$0.95
$1.31
$1.16
Balance Sheet Sept. 30
1933
1934
1934
1933
Liabilities$
S
AssetszPreferred stock__ 4,090,500 3,171,800
x Land, buildings,
macninery, &o_ 5,142,044 4,545,151 aCommon stock__ 3,089,563 2,170,762
497,375
I Capital surplus_ _ 497,375
63,001
Patents & rights_
640.527
388,030 Earned surplus,__ 868,907
297.923
Cash
621,873 Accounts payable,
y Notes & accts. ree 1,072,116
336,568
633,339
ezc
2,504,474 1.320,117
Inventories
Notes payable_ _ 575,000
Prepaid insurance
96,701
105,864
44.276 Federal taxes
60,340
and taxes
1 Provision for ex152,875
Other assets
5,715
change fluctua'n
1,567,776
Goodwill b
Net inc. for period--Shares corn, stock outstanding (no par)____
Earnings per share
$487,905
9,860,549 6,919,448
Total
9,860,549 6,919,448
Total
,
a After depreciation of $3,972,186 in 1934 ($2,878,863 in 1933). 3 After
Represented by 40.905
allowance for doubtful receivables of $154,347. z
in 1934 (31,718 in 1933) no par shares of $6.50 cony. pref. stock. a Represented by 227,758 no par shares of common stock. b Stated value of capital
stock, issued in exchange for the capital stock of a subsidiary acquired
during 1934, in excess of the book amount of the net assets other than good
-V. 139, p. 1392.
will„of such subsidiary.
-151
----Anheuser-Busch, Inc.
10.(
Dioidefit?-044
share in cash on the
The directors have declareda dividend of $1
common stock, payable Dec. 22 to holders of record Dec. 15. The last
previous dividend was on Dec. 20 1933. when company paid 81 a share in
cash and one share of Borden Co.'s stock for each 20 shares of Busch stock
held. A similar distribution was made on Dec.20 1932.-V.139. p.2356.
Sugar Estates
-To Omit Interest and Sinking
Fund Payments in 1935
no conIF The directors have determined and declared that there are available
30
1934
solidated net earnings for the fiscal year ended Sept.
for the payment of accumulated interest on Jan. 1 and July 1 1935 on the
-year 6% income notes or for the
-year 67 income debentures or the 20
20
payment a a sinking fund instalment on the debenturse on March 1 1935,
Accordingly, the coupons due Jan. 1 and July 1 1935. pertaining to such
-V.113. p. 4531
debentures and notes, are void, the company announces.
4g
-i
-Preferred Diviletrs-: ?
-Arkansas Power & Light Co.
The directors have declared dividends of $1.16 per share on Um $7
pref. stock, no-par value,rand $1 per share on the $6 cum. pref.
cum.
stock, no par value, both payableVan. 2 1935 to holders of record Dec. 15.
-This compares with $1.17 per share and $1 per share, respectively, paid on
,
Dec. 15 last. 58 centsVer share and 50 cents per share paid on the eespective
issueslon Oct. Itand'July 2 last, and on April 1. July 1 and Oct. 2 1933,
while on Jan. 2 and:April 2 1934 the company distributed 59 cents per
share on the $7 pref. and 50 cents per share on the $6 pref. stock. Prior
to.the April 1 1933 distribution, dividends were paid on the above issues
at_the regular quarterly rates.
-V. 139, p. 3473.
Armour & Co. of Delaware-Transfer Agent
The Bankers Trust Co. was appointed transfer agent for the 7% cumu.
lative preferred stock, effective Dec. 1 1934.-V. 135, p. 2834i
---Associated Breweries of Canada, Ltd.-25-CfebtO.AThe directors have declared a dividend of 25 cents per share on he
common stock, no par value, payable Dec.31 to holders of record Dec. 15.
A similar distribution was made on Sept. 30 and Jan. 2 last, while 15 cents
per share was paid on Dec. 31 1932.-V. 139. p. 3148.
Associated Electric Co.(& Subs.)
-Earnings
r' 12 Mos. End. Sept. 201934.
Operating revenues-Electric
Gas
Miscellaneous
1933
814.596,972 814,002,242
3,189,849
3.315.564
1.931.037
1,799,459
Total operating revenues
$19,711,995
Total operating expenses, taxes, &c
12.512.327
Operating income
$7.199.668
423.794
Other income (net)
Gross income
$7.623,462
Deductions from income--subsidiary companies
Interest on funded and unfunded debt
1,853,974
ór22,649
Interest during construction
87,541
Amortization of debt discount and expense- Income applic. to stocks of subs, held by public
423
Associated Electric Co.
Interest on funded debt
3.550,000
Interest on unfunded debt
48,446
Amortization of debt discount and expense
248,263
r Balance of income
$1,857,463
-V. 139 p 2513
•
3635
Financial Chronicle
Volume 139
.
819,123.129
12.030.049
87.093.079
301.866
87,394,946
1,899,957
Cr26,791
146.369
163
•
3.550.000
72,285
248.225
$1,504,736
-161,260,000 Bonds Placed
Bangor Hydro-Electric Co.
Privately-The company announces that it has sold privately to institutional investors $1,360,000 1st lien & ref.
mtge. bonds,4% series due 1954. The proceeds of the bonds
will be used to meet underlying mortgage bond maturities
on July 1 and Sept. 1 1935. The placing of the new issue
was arranged by Edward B. Smith & Co., E. W. Clark &
-V.139, p. 3320, 3149.
Co., and the Maine Securities Co.
-New ChairmanBarker Bros. Corp.
Elven Musick was elected Chairman of the Board on Nov. 19. The election took place at a meeting of directors at which-the resignation of H. E.
Bennett as President was accepted.
The presidency of the company, the formal announcement stated, will
-V. 139. p. 2513.
remain vacant for the present.
Beaumont Sour Lake & Western Ry.-Earnings.1932
5103.548
26.066
def19,379
1931
$148,439
30.082
def18.981
1,371,111
1,118,699
1,406,416
347,999
236.864
328,185
def103,508 def180,164 def143,650
OctoberGross from railway
Netfrom railway
Net after rents
From Jan 1
Gross from railway
Netfrom railway
Net after rents
-V. 139, p. 2822.
2,256,660
681,588
63,239
1934
8112,429
11,401
def26,952
1933
$107,061
13,973
def25.483
-Bell Telephone Co. of Pennsylvania-Earnings
1934-10 Mos.-1933
Period End. Oct. 31- 1934-Month-1933 $50,016.192 $49,293,025
$5,128,572 $5,032,494
442.264
146,306
31,868
21.273
3.673.054 35.955.354 36,696.322
3.629,563
Net oper. revenues___ $1,477,736 $1,327,572 $13,914,532 512.154,439
2,313,183 " 2,029,309
213,897
242.785
Operating taxes
Net oper. income...... 31.234,951 $1,113,675 511.601,349 510,125,130
Operating revenues
Uncollectible oper. rev
Operating expenses
Seeks to Acquire Keystone Telephone Co.
The company announced Dec.3 that it has filed with the Public Service
Commission of Pennsylvania a petition seeking approval of a step that
would lead to the merger of the Keystone Telephone Co.of Philadelphia with
the Bell System.
stock
The Bell company seeks permission to purchase the entire capital
Theodore
of the Imperial Securities Co., which was organized in 1931 byTelephone
the New Jersey Bell
Gary & Co. of Chicago in co-operation with
Co.to gain stock control of the Keystone.
TeleThe Imperial Securities Co. has acquired gradually stock control ofunder
phone Securities. Inc.,a New Jersey holding company formed in 1902
the name of Keystone Telephone Co. and owning all of the capital stock of
the Keystone Telephone Co. of Philadelphia. Telephone Co. said it had
A statement issued by the New Jersey Bell
the Imperial
made the Bell Co. of Pennsylvania its agent for purchase of Company at
Securities Co. Its ultimate desire is to split the Keystone dividing the
the New Jersey-Pennsylvania line, the two State companies
independent system geographically.
telephones
A Bell company statement said there were 39.000 Keystone
Jr..
and 345.000 Bell telephones in the same territory. F. Clack Durant his
call a meeting of
President of the Keystone company, said he would
company's
board of directors after he had obtained a copy of the Bell
-V.139,p.3149.
petition.
'Bethlehem Steel Corp.-Staefl-on-Golci-Bond nyt
Bank-Farmers Trust
e Bethlehem Steel Co. is being sued by the City
i
-ar gold
30
C .for payment due on coupons of first lien & refemtge.6% 1912 t was
by the Steel company in New York(on May 1
bonds issu
Supreme Court, Dec.6,when the Steel company
disclosed in e New York
it with a
filed a motion asking that the Trust company be required to serveheard by
be
bill of particulars of its claim. The motion is scheduled to
Dec. 10.
Juice William H. Collins of the Supreme Court,
which it claimed
The Trust company holds 17 coupons of-the-bonds, on
Holland, on
the Steel company promised to pay at Amsterdam. an aggregate
coupon,or
Nov. 1 1933, the sum of 62 guilders and 25 cents a Trust company asserts
for the plaintiff's holdings. The
of 3,375 guilders
presented
t wB refused at Amsterdam when the coupons were
3
9
tn t
ohaNpoavym.
17
of Bethlehem Data Sought
Examination
N. J., Dec. 4.
A petition filed with the Clerk of Chancery, at Trenton,
Chancery Court
shows that the Standard Investment Co. has applied in ofthe Bethlehem
records
for an order to permit that company to examine the
Steel Co. to determine the exact method by which $600,000 was allegedly
paid to discontinue a suit brought in 1931 for an accounting.
preferred stock,
The Standard Investment Co., holder of 150 shares of
Charles M.
began suit in April 1933, against the Steel company to have
other officers account
Schwab,Chairman;Eugene R. Grace,President, and
of bonuses to them of more than $5,000,000. about the disfor payment
The $600,000 payment was made, it is alleged, to bring
Berendt and others
continuance in 1931 of an action brought by Camillus A. large sums paid in
in 1931. Berendt sought to have the officials account for
-V. 139. p. 2670.
bonuses but the action was dropped.
-Sales
(H. C.) Bohack Co., Inc.
Period End. Dec. 1Sales
-V. 139, p. 2823.
-1933
1934-44 Wks.
-1933
1934-5 Wks.
$25,250.171
$2,849,281 $3,076,295 $25,482,700
-Cent Dividend- '
-75
Out
Associated Gas 8c Electric System-Electric Output- ----Bohn Aluminum & Brass Corp. 75 cents per share on the
The directors have declared a dividend of
13.
r For the week ended Nov. 24. Associated Gas & Electric System reports
record
common stock, par $5, payable Dec. 28 to holders of
el
net electric output of 56,158,061 units) , whichO an increase of
Orwh.
April 2, last. See
Similar distributions.were made on Oct. 1, July 2, and
4.9% above the same weeks year ago. This lathe highest weekly net out,t,-V. 139, P. 2514.
also V. 138, P. 1565_for further dividend record.
put reported for the System since the week ended Jan. 10 1931.
For the four weeks to date output increased 3.2% over the corresponding
Approved
--Boston Elevated Ry.-Bond Issue Utilities has approved the
period last year.
-V. 139, p. 3473.
The Massachusetts Department of Public
Theda bonds are t0 be so d
iabtlebo2ndsytoearsbe dated Jan. ll935,andlp to theayable
5
Associated Oil Co.
-50
negotiable
-Cent Dividend-iGeZt,
l
nce
than
The directors have declared a dividend of 50 cents per snare on the
ia
in3notua esfsift$h6an,30195,rr not
than the rate payable
common stock, par $25, payable Dec. 20 to holders of record Dec. 14.
Boston Metropolitan District at a rate 2% higher issued to provide funds
This is the first payment to be made on this issue since March 30 last,
on bonds of the Boston Metropolitan District to be
when a similar distribution was made. A dividend of 50 cents per snare
for purchase of the Elevated bonds.
sinking fund for
was also paid on Dec. 22 1933. Dividends of 25 cents per share were
The Department also approved the establishment of a1 1936, and on or
before
paid on Dec. 31, Sept. 30, July 12 and April 15 1932.-V. 139. P. 2987.
the payment of not in excess of $65.000 on oramountJan.been accumulated
has
before Jan. 1 in each succeeding year until an
of this issue.
-TendersAtlantic Beach Bridge Corp.
sufficient to retire not in excess of $2,500,000 of bonds calling for redemption
The proceeds of this issue are to be applied solely to
The Marine Midland Trust Co. of New York, successor trustee, will
Aug. 1 1957.
until 12 noon, Dec. 10, receive bids for the sale to it of sufficient 6%%
Feb. 1 1935, of the 6A % sinking fund bonds maturing
on
-V.139. p. 1232.
gold bonds to absorb the sum of $10.380. No bids will be accepted at a
outstanding in equal amount.
price exceeding 105 and interest.
-V. 129, p. 2075.
-Notes Called
Boston Store of Chicago Inc.
for pay-Earnings.Atlanta Birmingham & Coast RR.
All of the outstanding 5% secured gold notes have been called made at
Payment will be
1932
ment on Jan. 1 1935 at 101M and interest.
October1933
1934
1931
the office of Ames. Emerich & Co. 105 So. La Salle St., Chicago, Ill..
8201,660
$212,066
$239,484
Gross from railway
$217,281
-V. 132. p. 4416.
def13,860
def36,453
and at Chase National Bank. 11 Brdad St., N. Y. City.
def63,149
def19,215
Net from railway
def32,704
def54,182
def88,976
der38,943
Net after rents
--Earnings
From Jan 1Ltd.
Brewing Corp. of Canada,
2.036,149
2,176,404
2,352,578
2,857,549
Gross from railway
1933
1934
3 Months Ended Oct. 3117,068 def505,576 def443,317
def21,226
Net from railway
$156249 loss$26,809
Profit after deprec., int. &c., but before Inc. taxes- ,
def254,290 def215,185 def742,837 def776.248
Net after rents
-V. 139. p. 2988.
-1,
. 4eiaI
-V. 139, p. 2822.
-Initial Div on New Stock on the
----Bridgeport Brass Co.
-Earnings'.Atlanta & West Point RR.
cents per share
directors have declared a dividend of
-The
1932
1931
1933
1934
October
This
no-par capital stock. payable Dec. 30 to holde of record Dec. 13. from
$108,205
$113,926
$142,596
$126.670
Gross from railway
lathe initial distribution on this stock since the par value was changed
1,932
5,032,
20,004
Net from railway
$100 to no par. The last previous dividend paid by the company on the old
def20,041
def1,939
def15,644
def26,881
Net after rents
stock was a $1 distribution made on Dec. 1 1930.
From Jan 11933
1934
9 Mos.Ended Sept. 301,585,157
1.081.037
1.071,037
1,171,488
Gross from railway
1225.838
Net earns,after taxes,deprec.and other charges-- 5392.945
141,926
def46,416
22,812
61,344
Net from railway
$0.43
$0.75
Earns, per sh. on 520,992 atm. outstanding
de174.199
def119,255 def184,930 def264,966
rents
Net after
-V.139, p. 1393.
-v. 139, p. 2822.
3636
Financial Chronicle
----N-Briggs Manufacturing Co.
-Doubles Dividend
The directors
Dec. 8 1934
Bulolo Gold Dredging, Ltd.
-Earnings
-
have declared a dividend of 50 cents per share on the common stock, no par value, payable Dec. 29
Earnings for the Year Ended May 31 1934
holders a record
This compares with 25 cents per share paid to Oct. 30, July 30, Dec. 15. ,Bullion won
on
April 30
$2,995,561
and Jan. 30 last, and on April 25 and Jan. 25 1932. During
Working costs
529,981
1931 37%
cents per share was paid each quarter. In addition an extra of 25 cents
Royalty
149.221
per share was disbursed on Oct. 30 last, and 12} cents extra was paid on Bullion freight & refining
17,915
Jan. 26 and April 25 1931.-V. 139. p. 3149.
Misc. exps., incl. proper. chargeable of directors' fees, admin.,
travel, rentals & general charges62,746
Brillo Mfg. Co., Inc.
-Earnings
-
Period Ended Sept. 30 1934
Net earnings, before deprec. Fed. and State taxesDepreciation and amortization charges
Federal and State taxes
3 Months
$60.313
11,148
9,287
9 Months
$170,624
33,427
22,623
Net earnings, after deprec.. Fed. and State taxes
Earnings per sh.on 160,000 abs. coin. stk.(no par)..
-V.139, p. 3474.
$39.877
$0.16
$114,573
$0.47
Brooklyn-Manhattan Transit Corp.
-Company Formally Denies Labor Board Has Jurisdiction in Union Dispute
W. S. Menden, President of New YorkPid Transit Corp. (operating
subsidiary) has made public copies of a letter addressed to the National
Labor Relations Board in connection with ruling handed down by that
body on Nov. 21, in which the company was directed to reinstate certain
employees recently laid off.
In his reply, Mr. Menden stated that the New York Rapid Transit Corp.
is not subject to the National Recovery Administration or the code of fair
competition for the transit industry, and that therefore the National Labor
Board has no jurisdiction in the matter in the opinion of the corporation's
counsel. The letter also states that the State law called, the Schackno Act,
has no application to the situation.
-V. 139. p. 3320.
Bruck Silk Mills, Ltd.
-Earnings
--
Years Ended Oct. 31Gross profit from trading
Selling, delivery, administration and
other expenses
Bond interest
Bond discount, amortized
Depreciation
1934
$526,052
Operating income
Dividend received on investment-
8214,183
44
$178,083
44
$30.258
Total Income
Reserve for income taxes
$214,227
29,994
$178.127
21.973
$30.258
2,000
Profit for year
Previous surplus
$184,233
552.375
$156,153
411.970
$28.258
387,927
Total surplus
Reserve for doubtful accounts
Old buildings and plants written off..
Additional income taxes
Profit on bonds redeemed, transferred
from reserve to contingency
Dividends paid
$736,608
$568,123
10,000
5,607
141
$416,185
Balance, Oct. 31
Assets
1934
X Land, buildings,
plant, mach., &c $933,684
Cash
44,571
Cash on call loan,.,. 100,000
Cash surr. value
life insurance_ _
32,345
Deposit with Insur.
underwriters_ _ _
6,273
Trade accts. me_ 247,795
Inventories
460,373
Investments
5,707
Cash in sink. fund.
305
Deferred charges_ _
4.659
Trademarks, proc•
eases, &c
105,176
195,531
30.134
2.000
84.203
1933
$477.831
190.210
31.034
2,000
76,503
1932
$306.496
171,457
32.074
2.000
70.706
4,215
112,500
8624,108
$552,375
$411,970
Balance Sheet Oct. 31
1933
1934
1933
Y Common stock.. $787,500 $337,500
$937,717 Funded debt
454,100
463,600
26.545 Accounts payable.
28,625
29,208
Res.for income tax
32.196
21.973
Res. for conting_ _
14,359
14,162
28.562 Profit & loss acct.. 624,108
552,375
5,287
97,400
314,106
2,280
305
6,615
Burco, Inc.
-Earnings
-Years End. Sept. 30Dividends
Interest
Miscellaneous income__ _
1934
$34,054
43,170
107
1933
846,893
30,670
387
1932
8119,844
14,595
6,308
1931
8123.338
46,022
2,168
Total income
Salaries
Directors' expenses
Statistical
Transfer agents and registrars'fees
Rent
Federal and State taxes
paid or accrued
Legal expenses
Miscellaneous expenses_
Prov. for Fed. inc. tax
$77,331
26,608
1,260
208
$77,950
20,317
1,330
408
$140,748
9.985
2,101
766
$171,528
19,100
577
1,156
4,999
1.377
4,849
685
5,854
780
6,388
1,500
3,326
3,391
3,437
8,569
3.803
2,758
5,263
1,542
11,524
3,537
4,404
9.944
4,415
y$24,154
z96,463
y$38,536
x103,519
$104,658
x116,385
$124,048
149,553
Earned deficit
$72,309
$64,983
$11,727
$25,505
x Of whicn $72,309 (1933, $30,708 and 1932. $36.398) paid out of capita
surplus. y Not including net profit on sales of securities amounting to
$113,633 (1933, $84,628. also in 1932 net loss on sales of securities purchased
prior to Sept. 30 1932 amounting to $312,542) credited (or charged) to capital surplus account. Such net profit (or loss) is computed by applying
sales against the average cost of securities purchased. z Of which $72,309
was paid out of capital surplus.
Balance Sheet Sept. 30
Assets1934
1933
Liabilities1934
1933
Cash in bank and
Accts. payable, &a
$6,590
$12,810
on hand
$107,003 *174,828 Prov. for Fed. InMlscell. accts. rec.
2,530
come tax
8.569
Prepaid expenses_
2,181
2,589 Preferred stk. diviAccr. int. & dive,
deed declared..
23,681
25,609
received
20,355
21,557 Res, for coating_
8,297
a Securities at cost 1,615,663 1,518,429 c Preferred stock_ 315,750
341,460
Note receivable_
4,175
135,000 b Common stock94,405
94,405
Depts. as collat.
Capital surplus- 1,307,275 1,378,119
for letter of cred.
12,661
Total
S1,764,569 $1,852,404
Total
$1,764,569 $1,852,404
a Market value Sept. 30 1934. $1.433,144; Sept. 30 1933, 31,397,337.
b Represented by 94,405 no par shares. c Represented by 31,575 no par
shares in 1934 and 34,146 no par shares in 1933.-V. 138, p. 4122.
Burlington & Rock Islrnd RR.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railsay
Net from railway
Net after rents
-V.139. p. 2823.
82,235,699
1,308.659'
Total surplus
Dividends
Amortization fund appropriation
$3,544,358
459.000.
150.000.
Surplus May 31 1934
$2,935,353
Balance Sheet May 31 1934
Assets-.
Liabilities
Cash
*304.176 1 Sundry creditors
$36,976
Bullion in transit
670,320 Accrued wages
15,232Sundry debtors
11,635 Sundry charges
2,001
Inventory
386,672 Placer Development. Ltd.....
103,919'
Prepayments-cont. & sund.
8,406 Deferred liabilities
750,000'
Fixed assets
6.681,412 Reserves
434,272
Deferred assets
40.136 Capital stock
3,825,000.
Surplus
2,935,358.
Total
$8,102,760 Total
$8,102,760
Note
-After dredging has proceeded for two years on the Bulowat area,
a further allotment of shares will be made to Placer Development, Ltd..
In completion of purchase price of the Bulowat-Burnside areas, should it
then be estimated on the dredging results obtained to that date that the
above 150.000 shares will be insufficient to return to the vendor by way
of dividend and return of capital an amount equal to 42% of the then
estimated total Bulowat-Burnside profits, or alternatively an allotment
estimated as being the equivalent of the above will be made at a prior
date-V. 139, p. 2988.
Butterick Co.
-Earnings
-
9 Months Ended Sept. 30Operating loss
Other income
1934
$190,505
117,767
1933
$91.521
133,047
1932
$51,197
79.947
Loss
interest, depreciation, &c
$72.738 sur$41,526 sur$28,750'
285.014
286,556
232.030
Net loss
$357,752
$203,280
$245.030
For the quarter ended Sept.30 1934 the net loss was $323,793 after taxes
and other deductions as compared with a net loss of $294,146 in the September quarter of 1933-V. 139. p. 1395.
California Oregon Power Co.
-Earnings
12 Months Ended Oct. 31Gross earnings
Operating expenses, maintenance and taxes
1933
1934
$3,744,761 $3,604.593
1,707,915 x1,482,399
Net earnings
Other income
$2,036.846 *2,122,194
11,414
6,269
Net earnings including other income
Lease rentals
Interest charges
-net
Amortization of debt discount and expense
Appropriation for retirement reserve
$2,043,116 $2,133,608
238.468
236,717
1,054.742
1,049,037
158,868
157,269
198,961
293,18:1
Net income
$482,567
8306,908
x Including $16,666 for amortization of extraordinary operating expenses
deferred in 1931.-V. 139, p. 3150.
California Water Service Co.
-Earnings
12 Months Ended Oct. 31Gross corporate income (balance before bond interest, deprec., dtc)....
-v. 139. p. 2988.
1934
1933
1932
$992,740 S1.017.070 31,071,171
Canadian Industries Ltd.
-Extra Dividend- (
-
Total
$1,940,889 $1,418,819 Total
$1,940,889 $1,418,819
x After depreciation reserve of $436.778 in 1934 and $439.604 in 1933.
y Represented by 125,000 no par shares in 1934 (100.000 in 1933).-V.
139. D. 3475,
Net income
Dividends paid
Net income
Previous surplus
1934
$92,588
5,676
def8,377
670,416
def91,143
def225,643
1933
$149,538
61,454
38,234
1932
$141,553
69,254
48,105
1931
$185,340
89,643
62.601
765.922
805,745
1,214,969
108,122
49,229
167,291
def41.798 def132,075 def112,300
The directors have declared an extra dividend of $1.50 per share in
'
addition to the regular quarterly distribution of $1 per share on the class A
and class B common shares. The extra distribution is payable Dec. 15 to
holders of record Dec. 10. The regular quarterly payment is due on
Jan. 31 1935 to holders of record Dec. 31. An extra of 75 cents per share
was paid on July 31 last and an extra of 8711 cents per share was distributed on Jan. 31 1933. The regular quarterly rate was raised on
Oct. 31 last from 87X cents per share to $1 per share.
-V.139, p. 2040.
Canada Dry Ginger Ale, Inc.
-1934 Annual Report
P. D. Saylor, President, states in part:
Financial Position-Working capital continues to hold at a strong and
satisfactory level, being in the ratio of $4.88 of current assets to each dollar
of current liabilities.
The reduction in cash and the sale of securities was necessary in order to
complete payment for our investment in the Hupfel Brewery totaling
$1,000,000, and to finance the increase in accounts receivable and inventories occasioned mainly by our entry into the alcoholic beverage business.
The bank loans made during the year were obtained for the purpose of
financing purchases of alcoholic beverages from time to time. These borrowings, however, amounted only to $200,000 at Sept. 30 1934.
Brewery
-On Sept. 30 1933, investment in the brewery consisted of 5,000
shares of its common capital stock (representing 25% thereof) at a cost to
us of $500,000. During the year the status of our investment in the brewery
has changed. For the purpose of completing the equipment of the plant
and supplying the brewery with the necessary
Invested an additional $500,000 in the plant. In working capital, we have
the process of accomplishing this arrangement we turned back to the Hupfel Corp., for cancellation.
our 25% stock interest together with an additional $500,000 in cash, for
which we received a first mortgage on the property for $1,000,000 together
with a 50% interest in the corporation,represented by 7,500shares ofcapital.
This stock as indicated, is carried on the books of company at a value of
$1. The Property covered by our $1,000,000 mortgage has been independently and conservatively appraised at a value of $1,400,000.
Consolidated Income Account Years Ended Sept. 30
1934
1933
1932
1931
Gross mfg. profit
$5,277,070 $4,633,957 $4,873,505 $6,553,994
Advert., sell.. distrib. &
administrative exp.._ 4.572,972 3,989,220 4.093,222 4,519,791
Profit from operations $704,098
$644,736
$780.283 52,034,204
Other income
128.963
145,535
136,826
357.769.
Gross income
$833,062
8790,272
$917,110 $2,391,973
Other deductions
123.560
77,325
93,232
243,122
Depreciation
200,085
202,481
281,591
331,325
Interest
10,116
7,066
966
10,735
U. S.& Canadian income
taxes (est.)
59,754
46,310
180,680.
57,995
Net income
8139.547
$457,087
$423,822 $1,685,614
Previous surplus
4,155,927 4,527,336 4,699,383 4,676.56.3
Other credits
461,208
519,848
10,600
Total surplus
$5,056,682 $5,504,272 85.133,804 86,362,177
Divs. declared payable
in cash
512,531
1,521.142
507.959
605,204
Other charges
840,385
1,264
141,653
Surp. at end of period $4,544,151 $4,155.927 $4.527,336 $4,699.383
She common stock outstanding (par $5)....
512,631
512 631
b503387
b505,287
Earnings per share
$0.86
$6.89
$6.84
$3.33
b No par shares.
Consolidated Balance Sheet Sept. 30
1933
1934
Lfabilt1ies1933
1934
Assets$566,483 $838,497 Accounts payable. $279,625 $123,734
-Cash
_ -- 200.000
Notespayable
State, county and
128,133
municipal bonds 530,523 1,482,055 Dividends payable 128.133
United Starts and
Railroad & IndusDom. of Canada
trial and public
89,295
80,728
198.630 Income taxes_ _ _
utility bonds_ _ 104,310
3,034 Bal. pay,on porch.
3,101
Other investments
of cap. stk. of J.
982
982
'Treasury stocks
G. Hupfel Brewa Notes, drafts &
400,000
accts. receivable 1,520,738 1,087,635 ing Co
Res, for property
in capstk.
Invest,
13.319
13,319
adjustment...
of J. Chr. G.
Res, for obsolete
Hupfel Brewing
35.352
35,353
bottles
500,000
1,000,001
Corp
Local taxes, wages
Due from subscrib62,144
& miscell. accts. 126,310
ers to cap.stk
470,157
25,610 Customers' demo- 942.541
6,951
Employees
575,314 Reserve for con1,243.950
Inventories
145,000
145,000
3,892,372 3,300,223 tingencies
b Property
2,563,155 2.563,155
174,234 c Capital stock
Deferred charges_ 188,903
4,544,151 4,155,926
Surplus
-Good-will, trade1
marks, &o
$9,058,315 $8,186,217
Total
$9,058.315 $8,186,217
Total
a After reserves for uncollectible notes and accounts of $111,687 in 1934
b After reserve for depreciation of $1,355,305 in
and $102,544 in 1933.
value.
1934 and $1.179,097 in 1933. c Represented by shares of $5 par
V. 139, P. 593.
loans.
year 5% cony, col.. trust bonds. Proceeds are to repay bank
a
Further details are given under "Current Events and Discussions" on
1:41
preceding pave -
-Earnings
Champlain Oil Products, Ltd.(& Subs.)
Earnings from Jan. 1 1933 to July 31 1934
Net income from operations after deduction of selling, admin.
general expenses, but before deprec., directors fees and
and
income taxes
Depreciation
Directors fees
Provision for estimated income taxes
$627,952
108,006
1.600
85.000
Net profit for period
Preferred diva.,stoca ofsub.company held by minority interests
Dividends on preference shares
Dividend on common shares
$433.346
3.792
300.000
15.000
-Earnings.
Canadian National Lines in New England.
OctoberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Netfrom railway
Net after rents
-V. 139, p. 2824.
1934
$80.106
def35,450
def84,028
1933
$93,208
def29,198
def76,655
1931
1932
$66,702
$121,187
def61.504
16.872
def27.967 def124,715
1.233,503
999.529
894,027
899,985
def207,289 def150,064 def196,815 def309,538
def684,078 def646,570 def763,085 def926,744
Earnings of System for Fourth Week of November
1933
1934
$4,328,793 $4,090,827
Gross earnings
V.
- 139, p.3475.
Consolidated Balance Sheet July 31 1934
Liabilities
Assets
$591,448 Accounts payable and accrued
Cash
$1,129,793
charges
and notes receiv., less
Accts.
62.500
reserve for doubtful accounts 504,479 Bank loans
Govt. and municipal taxes__ _ _ 116,091
Stocks on hand-gasoline, oils,
90,000
307,813 Divs. payable Aug. 15 1934_
greases, &c
Provision for estimated income
Unexpired insurance, taxes, li85,000
taxes
36,672
and rents
censes
99,853
42,600 Mortgages payable
Mortgages receivable
83,911 Membership subscrlp. deferred
Deferred charges
(automobile associations)
Property, plant and equipment
50,220
life and ordinary
x2,308,187
(at cost)
350,000
Reserve for contingencies
Good-will, contract rights and
850,000
Capital surplus
3,910,581
trade-marks
73.200,000
Preference stock
x1,600,000
Common stock
37,680
in subsidiaries
Minority int.
114,554
Earned surplus
$110,352
def29,876
def3,632
def42,604
def56.627
1,753,663
1,423,283
1,307,395
1,671,976
def45,445 def136.168
157,551
215,644
def49,578 def100.920 def328,590 def435,748
Canadian Pacific Lines in Vermont.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
'Gross from railway
Net from railway
Net after rents
- 136, p. 2824.
1934
$79,258
def17,518
def37,736
1933
$75,013
def12,918
def33.336
1932
$101.195
4,382
def22,635
$7,785.693
Total
17.785.693
Total
x After reserve for depreciation of $489,853. y Represented by 500.000
-V.139. p.594.
no par shares. z Represented by 150 000 no par shares.
Charleston & Western Carolina Ry.-Earnings.-Increase
$237,966
Canadian Pacific Lines in Maine.-Earnings.1931
1932
1933
1934
October$137,057
$100,822
$117,625
$114.554
Earned surplus
Canadian National Rys.-Earnings-
Gross from railway
Net from railway
Net after rents
From Jan. 143ross from railway
Net from railway
Net after rents
V.
- 139. P. 2824.
3637
Financial Chronicle
Volume 139
1931
$89,557
def13,552
def45,202
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Grass from railway
Net from railway
Net after rents
-V. 139. p. 2825.
1934
$143,461
36,468
29.234
1933
$145,545
37,400.
20,032
1932
$141,571
39.356
28,564
1931
$197,159
48,910
31,520
1,613,850
501.561
319,540
1.590,815
546,913
368,760
1,385,830
282.345
132,045
2.152.750
588,853
356.871
Chesebrough Mfg. Co., Consolidated-$5 Special Extra
Dividend
per share on
The directors have declared a special extra dividend of $5
to holders of record Dec. 12.
the common stock, par $25, payable'Dec. 31 regular quarterly dividend of
of $1 per share, in addition to the
An extra
Dec. 7. Extra divilike amount, is payable Dec. 28 to holders of record
and March 30
29,
dends of 50 cents per share were paid on Sept. yearJune 29
from 1929 to and incl.
and September of each
last and in March. June
of $1 per share was
1933, while in December of the same years an extra
paid.
-V. 139. p. 3151.
1,156,779 ---Chicago 8c Eastern Illinois Ry.-Reorganization Hearing
919,934
757,358
786,843
def82,500
def92,865
def183,909 def112,491
Postponed
de1398,707 def336,135 def354,764 def388,090
hearing scheduled
The Interstate Commerce Commission has canceled a the proceedings
reassigned
for Dec. 3 on the proposed reorganization and Finance Bureau, Director.
Feb. 5, in Washington before the
for hearing
Canadian Pacific Ry.-EarningsC. & E. I. counsel, who
0. E. Sweet. The postponement was requested bya U. S. Supreme Court
await
Earningsfor Fourth Week of November
said final decision on reorganization must South by which the C. & E. I.
Increase
1933
1934
of new service to the
decision on rerouting
Louisville & Nash$26,000
$3,331,000 $3,305,000
Gross earnings
would lose to the Big Four the combined service with
-V. 139, p. 3475.
-V. 139. p. 3476.
ville RR.
x=
-Accumulated Div.
Canadian Wire Bound Boxes, Ltd.
acccaMt
The directors have declared a dividend of 25 cents per share on
of accumulations on the $1.50 cumulative class A participating stock, no
par value. payable Jan. 2 1935 to holders of record Dec. 15. The dividend
is,payable In Canadian funds and is subject in the case of non-residents to
a 5% tax. A similar distribution was made on Oct. 1 and June 30 last and
compares with 374 cents per share distributed on April 1 and Jan. 2 last.
-V.
Accruals after the Jan. 2 payment will amount to S2.6214 per share.
139, p. 1548.
-Orders New Cars
Capital Transit Co.
The company has ordered 10 street cars from J. G. Brill Co. and 10
from St. Louis Car Co. The cars will be constructed of Coy-ten high
-V. 139. p. 3476.
tensile steel.
Central Aguirre Associates-Earnings
1932
1931
1933
1934
Years End. July 31Net inc. after deprec.,
$858.615
$2,198,508 $1.878.739 $1,361,887
Federal taxes, &c
Shares capital stk. out.
x720.000
x720,000
717,536
742,774
(no par)
$1.51
$1.90
$2.65
$2.96
Earnings per share
x Stock to be outstanding when all stock of Central Aguirre Sugar Co.
-V. 138. p. 153.
been exchanged.
has
Central of Georgia Ry.-Cost of Cars
The company states that the 200 all-steel hopper bottom coal cars purand recently dechased from the Pullman Car & Manufacturing
-V. 139.
Corp..
livered , cost $556,000, which is the equivalent of $2,780 per car.
3476.
p.
-Central Illinois Public Service Co.-Accum. Pref. Divs,,
50 cents per share on accouni
The directors have declared dividends of
6%
no par value,
of accumulations on the $6 cum. pref. stock,24 to holders ofand theDec.
record
clam. pref. stock, par $100, both payable Dec.
Oct. 15
these issues
13. These are the first payments to be made on July 15 and since 15 1933
May
1933 when similar distributions were made. On
dividend's of 50 cents per share were paid, prior to which regular quarterly
payments of $1.50 per share were made.
Accumulations on the above issues after the payment of the Dec. 24
dividends amount to $8.50 per share.
L. A. Magraw,
The present action, according to a statement issued byduring the third
President, was taken in view of the company's earnings 1934 contributed
Ice sales during the hot spring and summer of
quarter.
materially to income but revenues from utility operations still continue
unsatisfactory and show little improvement for the first nine months of
expenses and
1934 as compared with the same period of 1933. Increased
t in
Increased provision for taxes have more than offset the improvemen
revenues.
construed as a resumption of regular
The present declaration is not to be
from
dividends. The policy regarding future dividends must be determined -V.
conditions dictate.
time to time as earnings and general business
139, p. 2824.
J r
-Preferred Dividends- "
-Central Power Co.
of 87% cents per share on
The directors on Dec. 3 declared a dividendon the 6% cum. pref. stock,
share
the 7% cum. pref. stock and 75 cents per 1935 to holders of record Dec. 31.
value, payable Jan. 15
both of $100 par
1934 and July 15 1933 prior
Like amounts were paid on Oct. 15 and July 16
issues at the regular quarterly
to which the company paid dividends on both
-V.139, p. 2989.
rate.
-Year
-Seeks to Issue $18,000,000 10
."'"'Chesapeake Corp.
.5% Cony. Coll. Trust Bonds to Repay Bank Loans
Securwith Federal
P The corporation has flied a registration application
permission to issue $18,000,000 10
ities and Exchange Commission for
Chicago & Illinois Midland Ry.-Earnings.1932
1933
1934
October$149,420
$276,327
$302,395
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2825.
96,730
87,279
107.225
89,432
22,852
31.000
1931
$259,974
142,350
130,770
2,463,377
695,263
653.150
2,495,166
883,324
786,445
1,599,621
250,960
106,019
2,281,669
494,641
369,198
Chicago Indianapolis & Louisville Ry.-Classification
of Claims
Court for
S. District
On Nov.30 an order was entered by the judge of U.which provides that
the Nortnern District of Illinois, Eastern Division,may be presented the
of any plan of reorganization that
for the purposes
classes:
creditors and stockholders are divided into the following le.
-months' rule,
i j e under the 6
tod3fnoritys
o tip
i
a
' 11 Elaims ?nr tledon
Other prior claims.
Refunding mortgage 4, 5 and 6% gold bonds.
First & general mortgage 5 and 6% gold bonds.
Indianapolis & Louisville Ry. 1st mtge.4% bonds.
trust
'
je 2 ats, *
l' itidci esseries D.
P =nut
Car & Mfg.
9) Equipment lease warrants and interest notes. Pullman
Corp. equipment agreement.
(10) Equipment trust certificates, series E.
(11) Collateral loans.
stock.
(12) Chicago, Indianapolis & Louisville Ry. 4% preferred
(13) Chicago. Indianapolis & Louisville 113'. common stock.
(14) Other claims.
rank, preferThe foregoing enumeration of classes does not indicate any 3476.
-V. 139, p.
ence or priority of any class over any other class.
3
4
(5)
(6)
-Dec. 1
Chicago Milwaukee St. Paul & Pacific RR.
Interest on Milwaukee & Northern RR. Consol. Mtge. 43%
Bonds, Due June 1 1934 (Unassented) Being Paid
The interest due Dec. 1 1934 on the Milwaukee & Northern RR. consol.
being paid on pre-
6
,
mtge. 43 % bonds, due June 1 1934 (unassented) is
sentation of bonds for stamping.
The Committee on Securities of the New York Stock Exchange rules
that the bonds be quoted ex-interest 2.51% Dec. 1 1934.-V. 139. p. 3476.
-Asks Modification of
Chicago & North Western RR.
RFC Loan Terms
The company has asked the Interstate Commerce Commission for permission to modify the provisions of a contract made in connection nith a
loan, so
previously approved Reconstruction Finance Corporation Coal Co.that the
between
RFC waive dividends it is due to receive from the Superior
1934 and Dec. 31 1935.
Dec. 31
agreement, dividends of $400,000 anUnder the Provisions of the loan
nually from the Coal company were assigned to the RFC. The railroad
increased,
company says that the cost of its coal from the company has been a
and it is finding it burdensome to pay the prices stipulated under contract
agreed to in 1932. If the payment of dividends is waived, the railroad and
the Coal company can readjust prices and bring about a reduction in prices
Coal company
for fuel to the railroad. Under the contract between the a
and the North Western, the latter agreed to pay 20 cents ton in excess
of the cost of production and to buy 2,000,000 tons of coal annually. The
North Western controls Superior Coal.
In its application for modification, C. & N. W. stated that the road's
deficit after charges for the first 10 months of 1934 was $6,623.414. compared with $6,352,802 for the like period of 1933. Cash on hand on
Nov. 24 1934 was $3,056,400.
3638
Financial Chronicle
The RFC borrowings of the
while Railroad Credit Corporaticompany now amount to $40,530,012,
on loans
4. These,
gether with rank loans of $5,000,000 and atotal $1,771,48Administr toation
advances of 111,360,000. amount to aggregatePublic Works
borrowings as of Dec. 1 1934
of $48,661,496.-V. 139, p. 3176.
Chicago Rock Island & Gulf Ry.-Earnings.-
OctoberGross from railway
Net from railway
Net ter rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2825.
19'14
$335,293
79,175
15,456
1933
$350,078
93,595
6,625
1932
$332,155
104,362
40.882
1931
$490,088
219,179
187,895
3,060,303
2,780,791
739,268
661,449
def16,288 def308,047
3,420,603
1.134,926
396,545
5,177.239
2,127.716
1,580.212
Chicago Rock Island & Pacific RR. Seeks to ller
trustee
Payment on Equipments-Trustees File Petition with Court
Dec. 8 1934
Note-Proportion of net profits
dends received therefrom accruing of subsidiary companies in excess of divito Cohn-Hall
-Marx Co. and not included
In net profit for year
-$77,410.-V. 135, p. 2838.
Colorado & Southern Ry.-Earnings.-
Octoberrailway1934
Gr
f
$586,568
Net from railway
171,541
Net after rents
88,030
From Jan. 1Gross from railway
4,630,842
Net from railway
,
820
Net after rents
72,903
-V. 139, p. 2826.
1933
$649,668
239,061
155,577
$603,330
19 2
5
$8531
193 533
,
224,565.
920
160,281
192,765
4,325,655
4,559,277
,
.
56,346 de1172,156
6,655,236
995
.. .
‘,445,184
t----Columbia Broadcasting System-S1 Speciahy.t.Eiqi k
us ena
ner
share, 1 1reet 'r8
plus tfsArEec d ar
1 us
3
ca'st gi eVdaoargshte d giao
d
c
c h. c
.4' ce111
= f ie 32, 0
l
l
shares of class A stock and 253.000 shares
of
Due to the weakened cash position of the company
are payable on Dec. 27 to holders of record Class B stock. Both dividends
the
ve
filed with the U. S. District Court at Chicago a
are not payable with respect to the shares Dec. 13. The cash dividends
petition in which is into be issued by the company on
cluded a financial plan that calls for
Dec.27 as a 50% stock dividend.
-V.139. p.3477.
of principal payments on the several among other things the non-payment
1 A,
equipment trust issues.
Interest due Dec. 1 on the equipments will not be paid
" Columbian Carbon Co.
-Special Christmas Dividend-41 A .
until ordered by
a%
court,he
The directors have declared a special Christmas dividend
of 20 cents(
A statement issued by the trustees says:
Per share on the voting trust certificates for common stock, no par value.
,.
"On Jan. 30 1934 the trustees declared operative as
payable Dec. 24 to holders of record Dec.
to all series of equip13. An extra distribution of
ment trusts the plan for deferring payment of
25 cents per share was made on March
1 last. The company on Sept. 1
due in the year neginning Dec. 31 1933, more principal maturities falling
last increased the regular quarterly rate from
than 91% in amount of the
75
holders of all outstanding certificat
per share. See also V. 139, p. 924 for detailed cents per share to 85 cents
consented thereto. The
dividend record.
-V. 139.
trustees have paid, in accordance withes having all
p.3151.
the plan,
instalments of interest
becoming due in the 12
-month period.
"The cash situation of the trust estate, however, is
Connecticut Power Co.
-Earnings
have not funds available to resume the payment such that the trustees
9 Months Ended Sept. 30of principal instalments
of equipment trust certificates. The forecast
1933
1934
Gross earnings
of the 3ear 1934 indicates that at the end of the of casts for the remainder
,
$3,244,560 $.3,187,913
year the trustees will have
Operating expenses and taxes
In their bands the sum of approximately
1.582,461
1,647,954
$2,736,600. This makes no
Interest charges and lease rentals
allowance for tne payment on Dec. 1 of 11753.000 equipmen
107,364
114,622
turities, series L & Q,or the payment during the six months' t trust maBalance
default period
of the interest due July 1 1934 on tbe gen. mtge. 4%
$1,489,242 $1,490,829
,
-V. 139. p. 1552.
bonds, said interest
amounting to $2,039,000. It is estimated
31 1934 will be approximately $3,200,000. the unpaid vouchers on Dec.
Consolidated Gas Co. of N. Y.
-Vice-President Retires
"Ad valorem taxes on the property of the trust estate,
Henry M. Brundage, Vice-President has retired effective
due to the various
States, have not been paid currently
as ef Dec. 11.V. 139, p. 3152.
arranfed to bring these taxes to a for some time, and the trustees hall)
practically current situation by the
72 IC
/44
1
7
end
the year.
---- Consolidated Gas Utilities Co.-NewLPlan<Offsrid"The trustees must be prepared to meet during
Gaston F. Balme, former director and voting trustee
items of suostantially increased expenditure, as the year 1935 several
the company,.
has sent a letter to the holders of the
compared with 1934.
The principal of these items is the increased cost
plan of reorganization. His plan is in61.6% debenture containing a new
restoration by all the railroads of the 10% pay cutof wages resching from
opposition
put into effect in 1932.
committee (V. 139, p 3322), now before the U. S.to that of the Battles
This restoration will amount in 1935 to
District Court for the
about
Western District of 'Oklahoma.
than for 1934. The increased cost of fuel and$2,800,000 more in wages
other
Mr. Balme says his plan includes many advantage
plies will be about $2,500,000, based upon ertimates materials and supof the same amount
other plans and in addition offers these advantages. ous features of the
of consumption.
"Debenture holders to receive in exchange for their debentures a total
"In addition, the Railroad Retirement
of 44% of the outstanding stock of the reorganized company, compared
of about $1,500,000 during the year as the Act will require the accrual
to
trust estate's contribution to
38.8% under the committee plan.
the Railroad Retirement Fund, which with
toe accrual made in 1934
"If debenture holders exercise their subscription rights to notes and stock
for the same purpose, will require approxima
tely $2,100,000 in cash during
to the extent of approximately 1.300,000 of notes offered, they will acquire
1935.
In addition 25% of the stock of the new company, or a total
"During the last few years,
of 69% compared to a total of 58.2% under the committee plan.
have necessarily been reduced maintenance expenditures on the property
-V. 139. P. 3322.
to
increased. The trustees recently a minimum, and will now have to be
have been furnished with a copy of
Consolidated Telegraph & Electrical Subway Co.
a report by Coverdale & Colpitts,
consulting
Claim Settled
indicates that there is now an accumulation of engineers. The report
deferred maintenance of
way and structures and of equipmen
This company, a subsidiary of the New York Edison Co on Nov.
t exceeding $10,000,000, and states
that, while the restoration of much of
27.
paid Paul Windels, corporation counsel of N. Y. City.
this can
Improvement in traffic, the property now urgentlybe postponed pending
ment of a claim for $375,000. The claim, dating from $170,000 in settleneeds the expenditure
of $1,500,000 to $2,000,000 per year during
1920, was
intending and inspection work done on underground constructifor superthe next two years in excess
of the expenditures for 1934."
by the company, which is in the business of installing undergrou on Put in
It was agreed that in the future the city would be reimburse nd conduits.
Equipment Committee Forming
d for all such
work.
-V. 137, p. 4012.
It is stated that a protective
ment trust certificates is being committee to represent holders of equipformed and
Continental Motors Corp.
-Charges Denied
This, it is said, will constitute one of the few will oe announced shortly.
equipment trust protective
The management has sent a communication to stockholders
committees on record. There is a protective
letter sent out recently by a stockholders protectite committereplying to-a
equipment certificates of the Florida East Coast committee representing
e, alleged
Ry. which is in receiverhave been organized by L. N. Rosenbaum, New York. The manageme to
shlp.-V. 139, p. 3476.
nt
letter urges stockholders to refrain from signing proxies
asked by the
Chicago St. Paul Minneapolis & Omaha Ry.-Earns. tective committee and denies charges of mismanagement contained inprothe
committee letter.
October1934
The stockholders interested in the protective committee recently
1933
1932
1931
Gross from railway
filed
suit against officers and directors of the company
*1.402.219 $1,332.913 $1,384.641 $1,556,350
seeking restitution of
Net from railway
$16,000,000 alleged to have been lost by the management
256,237.
3 .855
207.993
Net after rents
The letter from the management says that stockhold in past four years.
87.137
194,369
81,939
20,770
ers starting this suit
From Jan. 1
hold of record 525 shares out of 2,448,652 shares outstandi
Gross from railway
ng. The present
officers, directors and members of their immediat
12.512,797 12,316,280 12,591,533 15,982,276
e families are said in the
Net from railway
letter to hold 89.136 shares -V.139, p.
2.268,538
2,908,711
1.349,457
2.009,090
29914 I
Net after rents
•
1
-V.139, p. 2825.
Continental Roll & Steel
----Chicago & Western Indiana RR.
-Bond ' Offering
io Months Ended Oct. 31-
Foundry_Co.-Earnings-
1934
1933
Ne410infter Mares,dePrec.,Int., & other deduct $210,551
.
p.
An offering of $6,100,000 1st and ref. mtge. 5%%
$171,866
Sept. 1 1962, is scheduled to be made early next week by a bonds maturing
syndicate whi
includes Brown Harriman Co., Inc., Edward B.
Smith
"
cil
Peabody & Co.; Field, Glore & Co., and Lee Higginson .54 Co.. Kidder, ''Continental Steel Corp.
-$1.75
4
Corp.
The directors have declared a dividend of Preferred Dundend $1.75
To Pledge Bondsaccumulations on the 7% cumulative preferred per share on acc nt of
payable
The company has applied to the Interstate Commerc
• Dec. 20 to holders of record Doc. 10. A shnllar stock, par $100,made on
e
distribution was
authority to pledge and repledge not exceeding $593,000 Commission for
Oct. 1 last,this being the first disbursement
series B 5%
1st & ref. bonds as collateral for short term notes. Corporati
1931, when the regular quarterly dividend made on this issue since July 1
on has $237,000 in bank loans maturing within the next three months
Effective with the Dec. 20 payment, arrears of $1.75 per share was paid.
which are to be
as of Jan. I 1935 will amount
renewed with the bond as collateral
to $21 per share.
-V. 139, P. 1235.
-V. 139. P. 2517.
Clinchfield RR.
-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2826.
Corno Mills Co.
-New Director
-
1934
$444,452
175,081
179,275
1933
$415,793
176,647
195,978
1932
$384,086
171,912
150,355
4,378,499
1,861,594
1,735,884
4,039,819
1,811,538
1.550.270
3,306,890
1,033,797
554,170
Cohn-Hall-Marx Co.
-Earnings---
Alfred Fairbank has been elected a director, succeedin
g Leroy C. Bryan,
1931
deceased.
-V. 139, p. 2517.
$466,439
182,702--CocrlticOpia Gold MineySuspended
iro
from Dealing-4, 1
146.660
N.The(
York Produce Exchange as suspended
stock, . 5 par, because of quest' as to whetherfrom dealing the capital
4,589,595
should be registered under the Securities Act of certain of issued shares
1.572,907
1933.-V. 139, p. 1704.
1,249 399-.4Curtis .
Ptil
Wsriing Co., Phila.-Preferrecrfiividends,
r
Earningsfor the Year Ended July 31 1934
Net profit
Previous balance Aug. 1 1933
Prior years'adjustments
Total surplus
Preferred dividends
$568,451
1,386.567
35,473
31,990,492
60,000
. Balance July 31 1934
$1,930,492
Balance Sheet July 31 1934
Assets
LiabilIttesCash In banks dr on band
$550,918 Notes payable to banks
Trade accts. & notes receiv
x2,465,473 Trade acceptances payable...22,250,000
558,111
Current advances to empls_ _ _ _
17,373 Trade accounts payable
402,919
Accts. recely,from affil. cos.__
76,324 Accts. payable to Will. mks_
129,057
Inventories
4,796,869 Accrued liabilities
70,566
Notes rec. due after July 31 '35
96,500 Reserve for Federal Income tax
91,281
Advances to employees et
6 ,cum. pref. stock
,
1,000,000
others for stock purchases
139,595
2,000,000
Investment In aff11. co., at cost 210,000 Common stock
Capital surplus
421,815
Invests. in sub. cos., at cost_ _
311,880 Earned surplus
1,930,492
Other invests., at cost
1,414
Fixed assets, at cost
y81,608
Deferred charges
106,285
Total
28,854,243
Total
x After reserve for doubtful accounts of $50,000.
depreciation of $376,552.
dfi 854,243
y After reserve for
The directors have declared a dividend of $1.75
per share on account`‘.t
,
of accumulations on the 71 cum. pref. stock,
1935 to holders of record Dec. 20. A similar par $100, payable Jan. 2
dsitribution was made on
Oct. 1 last and compares with $1.25 per share paid on
July
per share on April 2 last and 50 cents per share on Jan. 2 last, 75 cents
23
Accruals on the preferred stock, after Jan. 2 dividend, 1934.
will amount to
$8 per share.
Personnel
Walter D. Fuller has been elected President
Lorimer, who resigned to become Chairman of the, succeeding George H.
board,
since the death of Cyrus H. K. Curtis. Allen Grammera position vacant
has been elected
Secretary.
-V. 139. P. 2675.
Davison Chemical Co.
-Petition to Reorganize-1-'4
(- .
. Plans for the early reorganization of the company were initiated Tttc,(
D
6
by the filing in the U. S. District Court at Baltimore of a creditors' petitIon
proposing an adjustment of the affairs of the company under
Section 7-B
of the new Corporate Reorganization Act. At the same time a similar
creditors' petition was filed in that court against the Davison Realty Co.,
a wholly owned subsidiary of the Chemical company, which has outstanding
an issue of 31.565,000 of 10
-year 6% notes duo Oct.
guaranteed as
to principal and interest by the Chemical company. 11940. and
Interest
fund payments on such notes have been in default since the early sinking
part of
1933.
In connection with the institution of the proceedin
it was announced that a reorganization committee gs under Section 77-B.
has been organized at
the request of noteholders, and other creditors substantia
the Chemical company and the Realty company. This lly interested in
committee consists of E. J. Quintal, Vice-President of Chase National Bank,
New York:
Charles B. Gillet of Gillet & Co., Baltimore: ,Edward J. Johnston, Baltimore and Henry B. Thomas Jr., Vico-President of the Baltimore Trust Co.,
Baltimore, Md. Mr. Quintal Is Chairman of the Committe and
e
the
(-,
-55-Cent Class A
•--Dejay Stores, Inc.
A dividend of 55 cents per share was declared on the cumulative cony.
class A stock, representing the accrual of 43ji cents per share for the period
from Jan. 1 to March 31 1934 and the amount of 11.14 cents per share
being a portion of the dividend accrued on the cumulative convertible class
A stock for the period April 1 to June 30 1934. The dividend is payable
Jan. 2 1935 to holders of record Dec. 17 1934.-V. 139, ri• 1865.
-Earnings.
Delaware Lacka wanna & Western RR.
October
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 2827.
1934
1932
1931
1933
53,784,230 $3,775,136 $4,134,472 85.187,352
870.293
701.769
1,159,875
1,385.093
233,183
593.607
895,964
457,644
37,566,006 36,084,439 39,067.516 50.119.862
7,761.611
7.331,965
7,887.388 11,013,148
2,847,750
3,298,955
6,346,870
3,988,742
Denver & Rio Grande Western RR.--lnterest on Rio
Grande Junction Bonds
Interest due Dec. 1 on Rio Grande Junction 1st 5s, 1939, guaranteed by
-V. 139, p. 3478.
the Denver & Rio Grande Western, was paid.
Denver & Salt Lake Ry.-Earnings.-OctoberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 2827.
3639
Financial Chronicle
Volume 139
Secretary is Richard Griffiths, 18 Pine St.. N. Y. City. Counsel to the
committee are Milbank, Tweed, Hope & Webb, 15 Broad St.
Deposits of securities and assignments of claims are not being solicited by
the committees at this time as a detailed plan of reorganization has not yet
been prepared. It is expected that a plan will be ready for submission
shortly after trustees for the estates of the two companies have been appointed and other necessary legal proceedings and reports have been prepared and filed.
A statement issued Dec. 6 follows:
The Davison Chemical Co. has been in the hands of equity receivers
appointed by the Federal Court at Baltimore since Feb. 13 1933. During
the receivership substantial progress has been made in straightening out
Its affairs and adjusting claims against it. Receivership proceedngs have
been favorable, a substantial amount of cash has been accumulated, and
those who have made a study of the company's affairs feel that the time
has come to effect a reorganization. Throughout the period of the receivers' management, the operating results of the Chemical company's
plants and organization have shown very marked improvement.
Prompted by this improvement in the company's own showing, and in
anticipation of continued improvement in the fertilizer and heavy chemical
Industries generally, the present action has been taken with a view to reorganizing the company at the earliest possible date and placing the new
company in a position to continue the progress which has been made during
the receivership period. The Davison Chemical Co.'s relative position in
both the fertilizer and heavy chemical industries has been definitely enhanced through the receivers' operation and there is substantial support for
the opinion that it is now ready to assume the position of leadership rightfully belonging to this institution which had its origin in Baltimore 100
years ago. It is believed that after reorganization the Davison Chemical
Co. will be in a position, from the standpoint of both its capital structure
and its organization and the location of its distributing agencies, to compete
most favorably with all other organizations engaged in the fertilizer and
heavy chemical industries.
Shortly after the institution of the Chemical company receivership, the
same receivers were appointed for the Davison Realty Co. Its principal
asset is a large tract of land, available for industrial and residential sites and
adjoining the Chemical company's Curtis Bay plant.
Receivership of the Chemical company was brought about in part by
depressed conditions in agriculture and also because of heavy annual interest charges. Its Indebtedness, in addition to the corporate notes of the
Davison Realty Co., includes over $3,350,000 of commercial bank debt,
-year 6%7 notes, due Oct. 1 1937, miscellaneous claims of
$2,940,500 5
0
creditors in excess of $500,000, all in default since the early part of last
year, and certain disputed contingent liabilities -V. 139, p. 1865.
1934
$269,493
163.007
186,615
1933
$208,403
113,874
104,780
1932
$244,914
156,844
143,783
1,279.989
542.281
602,184
1,372,024
613,480
582.554
1,545,102
704,484
587,644
1931
$270,662
167,126
155,413'
1,852,640
764,237
656.135
Derby Oil & Refining Corp.
-Earnings
9 Mos. Ended Sept. 30Net loss after deproc.,depl.,expa.,and other chges.
Earnings per share on 263.162 common shares___
-V. 139. p.440.
1934
$48,724
Nil
1933
$63,569
$0.02
-Notes Called
Dow Chemical Co.
The company is calling $1,615,000 10 year 6% gold notes on Feb. 1 1935
at 101 and int. This is the balance outstanding of $3,500,000 of 10 years
-V. 138. p. 4461.
notes, the rest having been retired previously.
Dryden Paper Co., Ltd.-Earnings-1933
1934
Year Ended Sept. 30a Profit from operations
Interest, &c
$32.488
99,726
$87.632
87,670
1932
1931
58882:812378
18061.633779
$67,238
$33,258
sur$5.310
$38
income from investments.
Balance Sheet Sept. 30
Liabilities1934
1933
1933
1934
Assets$22,999 Accounts payable_ $27,145
$22,549
$17,440
Cash
1,000
78,282 Accrued charges__
108,648
1,163
Accts. receivable_
326,414 Dominion & other
312,873
Inventories
1,243
taxes
6,777
Deterred charges_
8,598
Interest accrued on
Invest. in bonds &
14,520
1st mtge. bonds_
177,855
14,690
160,289
stocks
1,060,607 1,043,746
Reserves
Mills, bldgs., ma6% 1st mtge. bds. 1,419,500 1,426,000
chinery & plant,
a Common stk. &
real est., timber
z5,352,906 y5,369.804
surplus
& water powers_ 7,269,073 7.265,624
Net loss
a Includes
$7,876,921 $7,877,952
Total
$7,876,921 87,877,952
Total
x Represented by 150,000 (no par) shares. y Capital paid in and capital
surplus, $5,400.000 less deficit from operations of $30,195. z Capital
paid in and capital surplus $5,400,000, less deficit from operations of
547,094.-V. 137. p. 4194.
Duluth Missabe & Northern Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 2827.
1934
1933
81,054.072 $1,444,494
841.516
478,221
404.490
761.365
9,295.290
3,471,034
2,740,931
1932
1931
3415.697 51.158,893
52,322
522,735
519,991
29,161
9,539.738
2.242.888 10.887,724
4,931,921 def1,767,922 3,098,499
4,291,718 def1,879,722 2.385,556
Duluth South Shore & Atlantic Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 2827.
1934
$203,026
50,963
38,116
1,910,090
397,431
193,376
1933
$173,055
23,551
487
1932
$159,518
def6,732
def44,663
1931
3231,558
36.225
2,566
1,629.741
1,434,320
2,381,246
257.646 def158.833
203,857
32,988 def461.151 def147.151
Duluth Winnipeg & Pacific Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2827.
1934
$88,314
def1,988
def14,806
738.261
def62,133
def63,363
1933
$82,370
6.287
12,219
1932
$70,074
def21,321
def6,252
1931
$80.064
def25,334
def26.030
978,175
723.520
683.049
def67,323 def174,138 def271,463
def40,533 def299,565
52,537
Duquesne Light Co.
-Earnings
12 Months Ended Oct. 31Gross earnings
Operating expenses, maintenance & taxes
1934
1933
$25,299.036 $23.924,640
10.608,199
8,541.463
Net earnings
Other income (net)
$14.690.836 $15,383,177
935.287
988.495
Net earnings, including other income
Rents for lease of properties
Interest charges (net)
Amortiz. of debt discount & expense
Miscellaneous
Appropriation for retirement reserve
$15,626,124 316,371.673
178.134
178.464
3,233.533
3,213.305
167,280
167.308
721
721
2,123,922
1.913,971
Net income
-V. 139, p. 3153.
39,922.531 510.897.901
-Earnings
Eastern Steamship Lines, Inc.(& Subs.)
1934
-Month-19'33
1934-10 Mos.-1933
Period End. Oct. 315683,172 58.449 289 $8.235.790
Operating revenue
3739.052
s. - Des Moines Ry.-Files Bankruptcy Petition
- •
650.451
7,315.134 6,832.773
Operating expense
702.863
company filed an involuntary bankruptcy petition Nov. 26 in U. S.
The
1.338
18.920
Other income
1 107
44,479
District Court. Des Moines, Ia. The petition contained notice of intended
68,782
628.917
723,841
Other expense
56,718
reorganization under Section 77-B of the Bankruptcy Act, and was accompanied by a second petition asking that the company be allowed to conNet income
def$19,422 def$34,723
$524 158
$723,655
tinue operation.
-V.139, p. 2992.
Federal Judge Charles A. Dewey signed an order approving the bankruptcy petition as filed, set hearing for Jan. 7, and granted the request
---75-Cent Extra Dividend- '
for permission to operate with the present company organization under ' --Eastman Kodak Co.
The directors have declared an extra dividend of 75 cents per share In
-V. 132. p. 2385.
direction of the court pending the hearing.
addition to the usual quarterly distribution of $1 per share on the common
Detroit & Toledo Shore Line RR.-Earnings.stock, no par value, both payable Jan. 2 1935 to holders of record Dec. 5.
Previously the company had paid extra dividends of $3 per share each
1932
1933
October1934
1931
Jan. 2 from 1925 to 1932, inclusive. See also V. 138. p. 3269 for further
railway
$220,623
$207,884
$218,374
$213,783
Grass from
dividend record.
-V. 139. p. 1706.
114,495
101,666
104,509
88.304
Net from railway
39,970
50,544
43.181
after rents
24.949 "-----Ecuadorian Corp., Ltd.
Net
-Two-Cent DividendFrom Jan. 1
The directors nave declared a dB blond of two cents per share on the
1,826,988
2.121,544
2,440,009
2.441,397
Gross from railway
common or ordinary shares, no par value, payable (in United States funds)
railway
1,053.591
792,742
1,267,758
1.057.367
Net from
on Jan. 1 1935 to holders of record Dec. 10. A similar payment was
438,853
232,580
610,443
362.934
Net after rents
made on Oct. 1 last and compares with one cent per share paid on July 1
-V. 139. p. 2827.
and April 1 last. Distribution of two cents per share were made on July 1
mt
''' and April 1 1932.-V. 139, p. 1553.
'•
-Extra Distributions-'
Devoe & Raynolds Co.
The directors have declared an extra dividend of 25 cents per share In
1----Electric Bond & Share Co.
-Electric Output of Affiliates
addition to the usual quarterly dividend of like amount on the class A
Electric output for the throe major affiliates of the Electric Bond &
common stack and class B common stock, no par value, all payable Jan. 2
Share System for the week ended Nov. 29 compares with the corresponding
distributions were made on these
to holders of record Dec. 18. Similar
week of 1933 as follows (kwh.):
-V. 139. p. 2518.
Issues in each of the four preceding quarters.
--Increase-%
-Earnings
1934
1933
Amount
Diamond Match Co.
American Power & Light Co_ __83,958,000 74,330,000
9.628.000 13.0
301933
1934
1932
9 Months Ended Sept.
Electric Power St Light Corp_ _ _35,860,000 33,378 000
2,482.000
7.4
Gross earnings from all sources____ $2,461.665 $2,548.167 $2.644.637
National Power & Light Co_ _ _ _69,226,000 53,663,000 15,563.000 29.0
580,004
683.8931 1,059.613
Federal, State & city taxes
-V. 139, p. 3479.
333.6151
287.118
Depreciation
Elgin Joliet & Eastern Ry.-Earnings.-$1,594.543 $1,530.659 $1,585,024
Net income
October1934
1933
1932
1931
5.851.558
5,897.443
5,811,375
Surplus Jan. 1
Gross from railway
$775.925
$931,118
5650.496
$860.818
577
604
Dr1,933
adjustments
Surplus
Net from railway
121,115
194,104
104,937
96.370
Net after rents
18.258
49.183
14.909
def49.929
37.446.706 $7,428.679 $7.394.465
Total surplus
From Jan. 1250.000
Appropriation to general reserve_
Gross from railway
8.706.26.5
8.483.367
6.614.042 11.707.234
675.000
680,653
703.668
Preferred dividends
Net from railway
13981,482
2,226.044
529.571
1,929.280
525,000
700.000
700.000
Common dividends
Net after rents
489,152
750,413 def902.785
123.826
-V. 139. p. 2829.
$6.071,706 35.973,025 $5,990,797
Balance Sept. 30
a$1.21
a
e$1.31
Earns, per sh on corn. stock (no par)
Elizabethtown Consolidated Gas Co.
-$2 Extra Div.
An extra dividend of $2 per share was paid on Dec. 1 on the capital
a For the first six months of 1932 company earned 60 cents per share on
stock. par $100 to holders of record Nov. 26. An extra of $1 per share
the 1,050.000 common shares outstanding. During the third quarter of
was distributed on Dec. 1 1933. The company on July 2 last increased
1932 company purchased and placed In Its treasury 350,000 shares of
share earned on the 700.000
the regular quarterly rate from $1 per share to $2 per share.
stock and shows earnings of 39 cents per
-V. 138,
-V.
p. 4125.
shares outstanding for this quarter. c On 700,000 no par shares.
j,
,/
139. p. 1553
.
-Value of Output
Dome Mines, Ltd.
Per. End. Nov. 30Value of production_
-V.139, p. 2518.
j934-Month--1933 1934-11 Mos.-1933
$623,465 56,544,338 $5,685,255
$554.008
Emsco Derrick & Equipment Co.-25-Cent Common Div.
The directors have declared a dividend of 25 Cents per share on the
common Stick. no par value. payable Dec. 20 to h dders of record Dec. 11.
A similar distribution was made on Sept. 20 last, this being the first payment since Oct. 25 1930, when a dividend of 20 coats per share was dis _
le/ ._
Q
Financial Chronicle
3640
tributed. Prior to then quarterly distributions of 40 cents per share were
made.
-V. 139, p. 1708.
-Earnings
Equitable Office Building Corp.
Period End, Oct. 31Rentals earned
Miscellaneous earnings
1934-6 Mos.-1933
-Month-1933
1934
$368,168 $1,783,466 $2,208,060
$298,940
153,546
143.005
21,458
22,263
r Total earnings
Oper. & admin. expense_
Depreciation
pr Net oper. profit
Other income
$321,203
77,263
22,981
$389.626 $1,926,471 $2,361,606
421,419
440.570
75,515
137.890
137,890
22,981
$220,958
715
$291,129 $1,348,010 $1,802,296
10,397
4,417
2,466
L
P Total income
Real estate taxes
Interest
N. Y. State & other taxes
Res,for doubtful accts
Prey.for Federal taxes--
$221,673
66,866
97,917
3,000
4,632
8.335
$293,595 $1,352.427 $1,812,693
376,650
401,200
62.775
598,424
587,594
99,633
19.958
18.311
3,812
49,574
25,666
7,456
113,000
50.923
18,000
Net profit _
Res,for addtional deprec
$40.921
14,045
$101,918
12.422
$268,731
84,270
$655.085
74,533
Avail, for dividends_
Earns, per share on 862,098 shs. common stock
no par)
-V. 139, p. 3479.
$26,876
$89,496
$184,460
$580,551
$0.03
$0.10
$0.21
$0.67
Erie RR. $2,775,000 RFC Loan Extended-Company Not
in Need of Financial Reorganization -The Interstate Commerce Commission on Nov. 28, in pproving the extension
of a loan of 82,775,000 from the Reconstruction Finance
Corporation, found the company "not to be in need of
financial reorganization in the public interest at the present
time." The supplemental report of the Commission states
in part:
By supplemental report and certificate issued May 27 1932 we approved
a loan of $2,775,000 to the company by the Reconstruction Finance Corporation for a term not exceeding three years. An advance of that amount
was made by the Finance Corporation on May 31 1932, evidenced by the
applicant's six months' note maturing Nov. 30 1932. At that and each
subsequent maturity date the note has been renewed for a six-months'
period, as such renewals were within the period originally prescribed.
The loan is secured by the pledge with the Finance Corporation of $6,105,000
of the applicant's 1st consol. mtge. gen. lien 4% bonds, due 1996, $217,000
of its gen. mtge. cony. 4% bonds, series B, due 1953, and $2,421,000 of
its gen. mtge. cony. 4% bonds, series D, due 1953.
On Oct. 29 1934 the applicant filed with us a supplemental application
requesting an extension of the time of payment of the $2,775.000 note
maturing Nov.30 1934,for a further period of six months. The RFC Act
as amended, vests the Finance Corporation with authority to extend
the time of payment of loans made under that Act to dates not later than
five years from Feb. 1 1935, subject, however, to our prior approval and
certification that the applicant railroad is not in need of financial reorganization In the public interest. The proceeds of the loan for which
an extension is sought were used to discharge one-half of the applicant's
then existing short-term indebtedness to banks in the principal amount
of $5.550,000. We conditioned our approval, however, upon the holders
of these obligations assenting to an extension of their loans to maturity
dates not earlier than the maturity date of the loan conditionally approved. The Finance Corporation has granted its several extensions of
the applicant's note upon a similar condition. However, at the May 31
1933 maturity one of these banks, holding a $200,000 note of the applicant,
was In the hands of a conservator who not only expressed himself as unwilling to extend the note but insisted upon exercising the right to offset
funds in his possession against the note. The $2190.000 note was accordingly satisfied on May 311933. leaving $2.575,000 of bank loans which
are still outstanding. In requesting an extension of the $2,775,000 note
for a further period of six months the applicant states that it is unable
to discharge this indebtedness at the present maturity date.
The a II I licant is also Indebted to the Finance Corporation for a loan of
approved by our original certificate in this proceeding issued
$4.458,
Feb. 19 1932 to provide for payment of equipment maturities, sinking
fund requirements, overdue vouchers, and for additions and betterments.
Advances in this amount were made by the Finance Corporation between
Feb. 25 and April 28 1932. against the applicant's notes payable three
years from their respective dates and secured by the pledge of $8.916,000
of Erie ref. & impt. mtge. 6% bonds, series of 1932, due Feb. 1 1962.
By certificate issued Oct 21 1932 we approved an additional loan of $6.170,000 to the applicant by the Finance Corporation, for the purpose
of paying, in part, overdue vouchers, taxes. Interest, rents and equipment
trust principal due between Oct. 21 1932 and Jan. 11933. The loan was
made by the Finance Corporation in four instalments, with each advance
evidenced by the applicant's promissory note payable three years from
date and secured by the pledge of $17,084.000 of Erie ref. & impt. mtge.
6% bonds of 1962, and the bond and mortgage of the Niagara Frontier
Food Terminal, Inc.. dated March 1 1931 in the amount of $900.000,
executed to the Buffalo Properties, Inc. The foregoing loans, totaling
$13,403,000, have been reduced in the amount of $4,689.40 by repayments,
resulting in a balance of $13,398,310 now outstanding.
As of Sept. 30 1934 the applicant was indebted to the Railroad Credit
Corporation to the extent of $33,251,774 for loans from that Corporation.
These loans are evidenced by notes maturing in 1934. 1935 and 1936.
By certificate issued Dec. 29 1933, and supplements thereto dated
Feb. 23 and May 24 1934, we approved the acquisition of freight and
passenger equipment by the applicant at an approximate cost of $11,282,736
as desirable for the improvement of transportation facilities. These
funds were to be procured from the Public Works Administration through
equipment trust leases and agreements, one covering the freight equipment
with certificates maturing within 15 years and another the passenger
equipment with certificates maturing within 20 years. To Sept. 30 1934
the applicant had sold $10,088.000 of these certificates to the Federal
Emergency Administrator of Public Works.
Upon application, we have also approved proposed maintenance to be
applied by the applicant and the conversion of 750 drop-bottom gondola
-clearing hopper cars at a total cost of $2.672,311. These
cars into self
funds were also to be procured from the Public Works Administrator,
evidenced by 4% registered serial collateral notes authorized by us to
be issued In an amount not exceeding $2,671,000. Eleven notes in the
principal amount of $2,481.000 had been issued as of Sept. 5 1934, maturing Feb. 1 1937 to Feb 1 1944.
The applicant filed with us on Nov. 26 1934 an application which is
now pending for approval of a loan of $3,179,000 by the RFC, with which
to make sinking fund payments, and pay taxes and equipment trust maturities during the months of December 1934, and January and February
1935.
Based upon an income account detailing the actual results of operations
for nine months and estimated for three months the applicant states that
its operating revenues for the current year will aggregate $76,596,541
and that there will be $12,639,965 available with which to meet Interest
charges of 312,498.819, with resultant net income of $141,146.
The applicant estimates that with $33,762.000 of cash on hand Nov. 1
1934 it will close the month with a balance of $1.640,000, and that cash
on hand Dec. 31 1934 will amount to $2.434,000. For the calendar year
1935 it is estimated that operating revenues will aggregate $81,160.000,
operating expenses $58.765.200. and net income, after fixed charges,
$794.500. During November and December 1934 the applicant (including
the Chicago & Erie and leased lines) will have maturing obligations as
follows: Notes. $5.480,000; mortgage bonds, $12,000., and equipment
trust certificates, $578,000, a total of 36.070,000. Obligations maturing
In 1935 total $28.983,402, of which $9.989,802 is represented by notes
to the Railroad Credit Corporation and the Finance Corporation. $15,511,500 mortgage bonds (including controlled leased lines), and $3,482.100
equipment trust certificates.
, Charges to operating expenses for depreciation of equipment amounted
to $4,877.514 in 1932, $44.743,845 in 1933 and it is estimated will aggregate
$44,646,800 in 1934.
Dec. 8 1934
Conclusions
We conclude:
(1) That we should approve the extension of the time of payment through
renewal, substitution of new obligations, or otherwise, of the loan of
$2.775,000 to the applicant by the Finance Corporation, maturing Nov.
30 1934, for a period of not to exceed six months, upon the express condition that the applicant forthwith deposit with the Finance Corporation
binding commitments of the then holders of those obligations or other
evidence satisfactory to the Finance Corporation, that the bank loans
outstanding in the amount of $2,575.000 will be extended to maturity dates
not earlier than the maturity date of the loan herein conditionally approved for extension, and upon the further express condition that the
Hen of the Finance Corporation upon the collateral now pledged for the
loan be not impaired in the course of effecting such renewal or extension;
-V.
(2) That the Finance Corporation will be adequately secured.
139. p. 3324.
Eureka Vacuum Cleaner Co.
-Increases Common Div.
The directors have declared a dividend of 20 cents per share on the
common stock, par $5, payaole Jan. 1 1935 to holders of record Dec. 15.
Previously, 123i cents per share was paid on this issue on Oct. 1, July 1
and April 1 last, this latter payment being the first made since April 30
1932, when a special cistrioution of $2 per share was paid.
President Fred Wardell stated that earnings are running well in excess
of dividend requirements at the now annual rate of 80 cents, and that
November was tee largest month from the standpoint of unit sales since
1930.-V. 139, p. 598.
-Smaller Dividend Falconbridge Nickel Mines, Ltd.
The directors have declared a dividend of 7% cents per share on the
capital stock, no par value, payable Dec. 20 to holders of record Dec. 11.
This compares with 10 cents per share paid on Sept. 27 last, 5 cents per
share each quarter from Dec. 29 1933 to and including July 2 1934 and 10
cents per share on June 30 and Jan. 20 1933.-V. 139. p. 2829.
Fanny Farmer Candy Shops
-Extra Div. on New Stock-2
The directors have declared two cash dividends on the 400,000 shares
of ($1 par) common stock, one of 63-i cents per snare, representing the
regular quarterly disbursement, and one of the same amount representing
an extra payment. Both dividends are payable Dec. 31 to holders of
record Dec. 15. Both dividends are equivalent to 50 cents a r bare on
the old stock, which was split four for one.
'me regular dividend rate on the old stock prior to the four for one
split-up as of Sept. 25 1934 was $1 per share annually. Earnings for the
first 101 months were at the rate of better than $1 per share per,annum.,
See also V. 138, p. 1752; V. 139, P. 3479.
-Extra Dividend-7
'-Federated Department Stores, Inc.
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly distribution of 15 cents per share on
the common stock, no par value, both payaJle Jan. 2 1935 to holders of
record Dec. 21. Similar distributions were made in each of the four preceding quarters.
-V. 139, P. 1708.
-
-10-Cent Extra Dividend-7
Filene's Sons Co.
The directors have declared an extra dividend of 10 cents per share
In addition to the regular quarterly distriaution of 20 cents per share on
tho common stock, no par value, both payable Dec. 31 to holders of record
Dec. 19. Similar distributions were made in each of the four preceding
-V. 139, p. 1402.
quarters.
(M. H.) Fishman Co., Inc.
-Sales
Month of
January
February
March
April
May
June
July
August
September
October
November
x 11 months ended Nov. 30
-V. 139, p. 2993.
x Estimated.
1934
$154,807
161,181
226,565
226.096
298,648
323,384
275,357
294,552
294.211
347,807
298,284
1933
$101,306
123,869
126,196
197,556
228,879
239,800
249.870
247,639
278,313
284,169
249,535
$2,905,012 $2,326,063
-Earnings
Florida Public Service Co.
1934
$1,631.780
1.307,884
1933 r
$1,735.930
1.157.319
Operating income
Other income
$323.895
9,483
$578.611
4,322
Gross income
Total interest on secured funded debt
Interest on unfunded debt
$333,378
757.436
345,067
$582.933
757.436
307.935
12 Months Ended Sept. 30Total operating revenues
Total operating expenses, &c
$4482.438
$769.124
Deficit
-The above statement excludes amortization of debt discount and
Note
the 1934 period and $55,422 for 1933, and also exexpense of $51.198 in
-V.139.
cludes a small credit for interest during construction in each period.
P. 2676.
-Annual Report-Harvey
Firestone Tire & Rubber Co.
S. Firestone, Chairman, states in part:
The rubber industry has made great progress in the design, development
and manufacture of tires and other rubber products. but I regret to say
it has not made equal progress In economical methods for merchandising
and distributing its products. During tne year 1934 the industry has
been faced witn continual price cutting, making it difficult for the tire
division to be profitable in spite of tne fact tnat we had sufficient rubber
and cotton for use tnroughout the year at prices far below tne market.
Firestone, however, nas furtner diversified its lines of products and
established additional One-Stop Service Stores, and we are glad to tell
you that our sales amounted to $99,130,243. which is a 31% Increase
over last year. After taking a depreciation of $5.804.294 on plants and
equipment, and after providing for taxes and all other charges, our net
profit was $4,154.655. It will interest you to know that during the year
we paid an excise tax of 2 qc. per pound on tires and 4c per pound on
tubes and a cotton processing tax of 4.2c. per pound, all of whicn amounted
to $5,200,000 and our total taxes for the year were more tnan $7,500.000.
In 1933 our employees organized the Firestone Employees' Conference
Plan, by wnich the employees select their own representatives from tne
different departments to represent them with the management in collective bargaining on matters pertaining to their employment, including
wages, hours of work, working conditions, safety, sanitation, recreation
and various other subjects of employee interest. We are glad to say that
this plan has been very successful and most satisfactory, both to the employees and the management and has brought many benefits to both.
In spite of the general industrial unrest we have had the finest co-operation
and loyalty from our employees.
This year we gave e.nployment to 28% more people than last year.
Our pay rolls were 65% greater than last year and our average hourly
wage is 14% nigher than in 1929. During the year we aetin offered to
our employees common stock of the company at $20 per share on a liberal
To-day more
Payment basis and they suascribed for 72.775 shares. the company.
than 75% of our employees are common stockholders of
sick and accident
We have enlar ged our life insurance plan and added
benefits. Including hospitalization.
For several years past crude rubber has sold at very low prices-at
times bolos' the cost of production. During this unorofitable period
the trees on our 55.093 acre ruboer plantations In Liberia have been maturing. During tne year 1931 the price of crude rubber has sharply advanced and we are now undertaking to tap the trees on 6,000 acres and
to build a factory and warehouses. We are also proceeding to plant additional areas from tne large nurseries of budded stock available. Eleven
countries producing 98% of the world's rubber supply nave joined together In another rubber restriction plan which became effective In June
1931 and continues until Dec. 31 1938. This fact again confirms the
wisdom of our having undertaken to establish an independent source
of rubber supply.
Financial Chronicle
Volume 139
3641
Fort Worth & Denver City Ry.-Earnings.We now have nearly 500 One-Stop Service Stores and stores that carry
tires and auto supplies. We have been able to train and build up an
1931
1932
1933
1934
Odoberambitious and efficient organization to manage these stores, which this
$715.040
$624.593
$654,175
Gross from railway
$477,976
year-for the first time-showed a profit. We have a great opportunity
277.
303,4-49
339.981
Net from railway
.778
to merchandise auto supplies through these stores at a low cost and, there192,989
245.644
264.963
Net after rents
89,626
fore, we are adding a full line of auto supplies, which will give us a complete
From Jan. 1
auto supply and service program for car owners. Througn our stores
4,806,997 4.489,070 4,799,529 6.766.396
Gross from railway
petroleum products has become increasingly important and
the sale of
2,483,150
1,762,443
1.731,122
Net from raway
1,771.956
t
to-day we are among toe largest purchasers and distributors of gasolines
1.857.913
1.158,942
' N after re
rents
1,155.760
1,149,485
oils and greases in this country.
V. 139, p. 2830.
on hand at prices considerably
With a year's stock of rubber and cotton
below the market, with an efficient and loyal factory organization agd----General Aviation Corp.-CPlans to Liquidate-Will Disa well trained and ambitious sales and distributing organization, we are
tribute Holdings in North American Aviation to Its Stockholders
looking forward with confidence to continued growth and successful
operations in 1935.
A special meeting of the stockholders will be held on 'Dec. 21 to vot
on a plan of dissolution, and the distribution of the company's interest in
Consolidated Income Account Years Ended Oct. 31
North American Aviation, Inc.
1931
1932
1933
1934
Present holdings of General Aviation include 1,485,922 shares of North
$99,130,244 $75,402,268 $84.337.173 $113797,283
Net sales
American, out of a total of 3,435,033 shares outstanding. This amounts
Mfg., adm. & sell. exP 87,090,175 65,718.650 72,960,392 101,377.865
to a little more than 134 shares for each holder of the 980,900 shares of
5,665.063
5.804,295 5,625.096 5,211,893
Depreciation
General Aviation outstanding. The company plans to distribute 134 shares
for each share of its own stock, and sell the balance on the market or at
16,235.774 $4,058,522 $6.164,888 86,754.354
Balance
public auction.
1,578.152
673.302 1,105.561
484.555
Other income
A letter sent to stockholders explains that dissolution is necessary because
the present Air Mail Act makes it unlawful for a holding company to hold
$6,720,329 84,731.824 $7,270,449 88.332.506
Total income
stock in an air mail contractor after Dec. 31 1934. If the reorganization
1,200,190
976,482
1,215,562
980.396
Interest
plan of North American Aviation is carried out, the company will be
Other deducts., Ind inc.
-V. 135c p. 4468.
classed as such a contractor.
taxes & min. int. in
572,768
1,157,151
subsidiaries' oper
1,157,982
-Shareholders to Vote on "Buy
General Capital Corp.
. 54
0,,,, „,
688 1
180,272
307,040
196,385
Liberia develop. exp
Back" Obligation. Note Management Contract
125,000
Add. to res. for conting.
Adj. of net Inc. for for'n
A special meeting of stockholders will be held Dec. 18.
subs, due to fluctuaPresident Demlett states that the market price of the company's stock
165.240
99.367
tions in exch. rates_
has been less than the value of the assets, at times by over 35%. The
liquidating value Nov. 26 was $28.71 Per share.
Net profit
$4,154,656 $2.397,060 $5.151,978 $6,028.631
The directors believe that steps should be taken to bring the market price
Dividends
into line with the liquidating value by amending the certificate of incorpora8% preferred
2,799,604 2,814,966 3,024.233 3,371,904
tion to include an obligation on the company to buy back its shares. if
Common
772,588 1,037,340 2,041,123
2,136,521
any stockholder so requests, the price paid to be the net asset value less
estimated expenses, commissions, &c.
Surplus for period,,
886.623
1520,206
$582,463df$1,455.246
Since Aug. 7 1929 Capital Managers, Inc., has served under a managePrevious surplus
33,815.325 33,247,175 36.380,958 41,984.249
ment contract as investment advisor and manager providing, without cost
Incr. in insur. acct. stu..
93.613
106,824
to the company, office space and facilities, equipment and personnel, and
Excess ins. res. returned
the services of the members of its organization, president, vice-presidents,
to surplus
2,149,263
treasurer and assistant secretary.
Capital Managers. Inc. has exercised its right to terminate this manageTotal surplus
$34,397.788 $33,941,192 $36,561,194 $42,611,279
ment contract on Dec. 31 next. It has offered to enter into a new contract
Prov. for res. to reduce
to render similar services for a quarterly fee of one-eighth of 1% of the
empl. stk. purch. cost
3,004,850
value of the net assets at the beginning of each quarter. Mr. Carl P.
Adjust. of net assets of
Dennett, President and director, as well as the other officers, have been
foreign subsidiaries_
1,809.361
from its organization officers. directors and stockholders of Capital ManNet adjust. of various
agers, Inc.
-V. 139. p. 1239.
accounts
786,864
-Par Value of Stock Reduced
* --General Investment Corp.
Charge resulting from
cancel, of empl. stock
The company has notified the New York Curb Exchange of the filing of
31,958
125.867
contracts, &c
564,756
of incorporation reducing the
629,246
a certificate of amendment to its certificate
-V.139. P. 2363.
a Consol.sur. Oct. 31334,429,746 $33,815.325 135,996,438 $36,380,958 Par value of the common stock from $5 to $1 per share.
Corn. shs. outstanding
-Cent Special Dividend
-30
---General Printing Ink Corp.
1,897,597 1,970.849
(par $10)
1,986.189 2,115,268 ""
The directors have declared a special dividend of 30 cents per share and
$0.71
Nil
Earns, per sh. on corn
$1.07
$1.25
the regular quarterly dividend of 15 cents per share on the common stock.'
a Summarized as follows:
no par value, both payable Dec. 31 to holders of record Dec. 15. An
General surplus
132,423.855 $31,841,392 $31,147.375 $31,416,109
j
4
extra dividend of 10 cents per share was distributed, on 0.0.1 last -V.
Surplus arising from
139, P. 2677.
issuance of common
k-ti •I ..•
stk on present empl.
-P n Confirmed by Court-'
---General Public Utilities Co.
stock contracts_
2,005,892 1,973,933
2,099,800 2.309.200 The plan of readjustment was confirmed by th U. S. District Court for
Insur. accts. surplus..
2,749,263
2,655.650
the Southern District of New York at a hearing held Dec. 5 and an order
Comparative Consolidated Balance Sheet Oct. 31
has been signed by the Court authorizing that the plan be carried out. This
1934
1933
1934
1933
announcement was made Dec. 6 by the readjustment committee under the
Assets$
$
Liabilities-.
s
$
plan and agreement of readjutment, consisting of Burton A. Howe„
Land, bldgs.,
6% pt.stk. ser.A 46,597,500 46,690,200
:
Chairman, Herbert W. Briggs and James T. Woodward of New York
& equipment. 59,643,064. 58,945,411 Common stock_ 18,975,970 19,708,490
A. C. Allyn of Chicago, Walter E. Kennedy of Baltimore, Md., and Oscar
10,614,593 14,320,030 Bds. of sub. cos. 17,350,000 18,962.800
Cash
D. Randal of Amarillo, Texas.
Inventories
36.326,223 28,541,261 Res. for invest_
875,000 2,200,000
This plan of readjustment, dated as of Sept. 25 1933 (V. 137. p. 3147)
Custom'rs' notes
Insurance res___
600,000
600,000
was presented to security holders early in October 1933.
accounts, &o.. 15,146,334 13,905,011 Min. stkholders'
Under this plan, the first mortgage and collateral trust 634% bonds
8,775,416 10,281,114 Int. In subs__
Other assets_
985,252
760,241
series A and series C are not affected, as they are to be assumed together
Deterred charges 1,528,629 1,622,518 Accts. payable_ 5,895,590 3,842,485
with certain other indebtedness not dealt with in the plan, by a new corny Firestone Park
pany known as General Public Utilities, Inc. Approximately 13,200.000
Notes Payable_ 5,000,000
1,856,513 1,909,867 Acerraxes & Int 3,406,725 2,720,660
Land Co
.
of unsecured liabilities now appearing on the company's books will be elimSurplus
34,429,746 33,815,325
inated, being exchanged for preferred and common stock of this new company. Furthermore, $3,082,544 book value of $7 preferred stock will be
133,890,772 129,525,212 Total
Total
133,890,772 129,525,212
eliminated through the exchange share for share for common stock of the
new company. The security of the bonds is not disturbed. All subsidiaries
reserve for depreciation of $27,984.482 in 1934 and $25,313.897
x After
of the present company will become subsidiaries of the new company, and
In 1933. y After mortgages and accrued interest of $126,719 in 1934
none of them will be affected.
and $165.928 in 1933.-V. 139. p. 2993.
At the time the plan was presented there were outstanding approximately
•
-year secured notes due Dec. 1 1931, and Dec. 1 1933. Of
-Earnings'--$2,566,000 2
Fort Pitt Brewing Co.
this amount there now remains unconverted only $201.000 principal amount,
Earnings for the Year Ended Oct. 31 1934
which under the plan will be converted into first mortgage and collateral
Grass income from operations
$4245:989075
trust bonds series C.
Other income
General Public Utilities, Inc., the new company, will have a capital
structure consisting of the first mortgage and collateral trust 634% gold
Total income
$430,802
bonds series A and series 0, above referred to, approximately 8,000 shares
Interest paid and discounts allowed
192
-V. 139. IL
of $5 preferred stock, and 134,000 shares of common stock.
Uncollectiole accounts charged off
24,998
3480.
Net loss from rental of property not used in operations
1.578
Depreciation
-To Succeed General
.
27 620 .----General Public Utilities, Inc.
Net loss on disposal of capital assets
40.425
-See latter company.
Public Utilities Co.
Provision for Federal Income taxes
46,215
Net income
Balance Nov. 1 1933
Adjustments
8289.771
Total surplus
Cash dividends paid
-Obituary-General Refractories Co.
3357,953
52,483
15,699
Frank J. Kier, a director, died on Nov. 29.-V. 139, P. 2677.
Georgia RR.
-Earnings.
1931
1932
1933
October1934
1339.514
8285.508
$258,862
$287,851
Gross from railway
58,779
55.336
35,941
76,821
Net from railway
Balance Oct. 31 1934
68.767
$282,953
58.983
39,787
Net after rents
80,222
From Jan. 1Balance Sheet Oct. 31 1934
2,536,484 2,417,545 3,505,555
Gross from railway
2.659,511
I4abilitiesAssets
489.228
178.615
425,466
Net from railway
431,076
Cash In bank and on hand____ $77,959 Accts. pay, upon completion
062
229,951
.
469,285
Net after rents
438.574
12,037 of unfinished improvements _ $147,940
Accounts receivable
-V. 139. p. 2830.
75,135 Accrued taxes, royalties and
Inventory
17.557_Ite.411.4.,L.
Insurance
Real estate not used In open,
-Cent Extra Dividend
-15
Glidden Co.
48,954 Federal Income tax-year 1934
46,215
less allow, for depreciation
The directors have declared an extra dividend of 15 cents per share in
Customers' deposits on barrels
First 434% Liberty Loan bonds
addition to the regular quarterly dividend of 25 cents per share on the
10,246 and cases
27,798
with aeon int. thereon
common stock, no par value, both payable Jan. 2 1935 to holders of record
7,475 Common stock
50
Miscell. notes receivable
-V. 139. P.3AV
ott_4_
Dec. 14. Similar distributions were made on Oct. 1 last.
Earned surplus
.
°
282 Ser3
Cash on deposit In banks
414 Paid-in surplus
operating under restriction_
-Cent Diviljid
-25
Globe Underwriters Exchange, Inc.
12,471-1.035,849 Unearned surplus arising from
Permanent assets
A dividend of 25 cents per share on the $2 par capital stock was paid'?
30,595 the inclusion of permanent
Deterred charges
Dec. 3, to holders of record Nov. 20. A similar distribution was made on
assets at appraised values
263,729
June 12 last, this latter being the first payment on the issue since Arne 26
1933 when a special dividend of $1 per share and a regular dividend of 20
$1,298,667 Total
$1,298,667
Total
Cents per share was disbursed. During 1932 15 cents per share was paid
-v. 139. D. 2676.
on Dec. 30, and 20 cents per share on May 2.-V. 138. p. 3272.
75.000
Fort Smith & Western Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139 ,p. 3154.
1934
$67,074
11,803
3.796
1933
$85,469
29.319
20,008
1932
$91,800
30,395
23,393
1931
$88.742
19,191
8.471
566,412
48,143
def21,499
544,532
55.325
def11,491
564,595
16,137
def60,115
668,783
11,326
ef 1,582
-Larger Dti
eneral American Transportation Corp.
r7G
rhe directors have declared a dividend of 8734 cents per share on thil
common stock, par $5, payable Jan. 1 to holders of record Dec. 10. Previously semi-annual dividends of 50 cents per share were paid from July 1
1932 to and including July 1 1934.-V. 139, p. 3480.
-Court Takes
Globe & Rutgers Fire Insurance Co.
Company from Custody of Van SchaickCompany on Dec. 5 made its official re-entry into the insurance field
when Supreme Court Justice Alfred Frankenthaler of New York signed a
final order releasing the company from the custody of Insurance Superin-months
tendent George S. Van Schaick. Thus ended successfully a 20
effort on the part of the company itself and State insurance officials to
rehabilitate the company.
The company stated it Is expediting in every way the procedure necessary
to initiate payments of claims under the plan of rehabilitation. "There are
In elates of 300,000 claims in all parts of the world which must be met,"
the announcement said. "This will be a task of gigantic proportions and
its physical accomplishment will take some time." The company said that
a full announcement of the method of making payment will be announced
within a week or ten days.
3642
Financial Chronicle
Registrar
Toe Guaranty Trust Co. of New York has been appointed registrar for
80,000 shares of common stock and 35,000 shares of cum. 1st pref. stock
of the company.
-V.139, p. 3480.
(P.) Goldsmith Sons Co.
-Dividends Resumed
-
The directors have declared a dividend of 25 cents per share on the
no par common stock, payable Dec. 15 to holders of record Dec. 3. This
Is the first payment to be made on this issue since Feb. 1 1932 when 10 cents
per share was distributed. A dividend of 20 cents per share was paid
on Nov. 1 1931 prior to which the stock was on a $1.20 annual dividend
basis.
-V. 134. p. 3105.
•---Grace Steamship Co.
-Notes Called
-
An of the 6% serial gold notes, series J. numbered 3601 to 4000 inclusive,
have been called for redemption on Jan. 1 1935 at 105 and interest. Payment will be made at the office of W. R. Grace & Co.,7 Hanover Square.
New York City.
-V.134, p. 1589.
Grand Trunk Western RR.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. p.2830.
1932
1931
1933
1934
$1,289.836 $1,250.344 $1,256,513 $1.393,622
116.696 def117,315
53.491
123,495
def65,587 def292,175
6,642 def109,365
14,744,871 12,700,860 11,761,208 17,235,703
72,066 1,296.322
2.191,756
1.110,568
498.636 def690,570 def1.776,394 def1,374,395
(W. T.) Grant Co.
-Sales
Month ofJanuary
February
March
April
May
June
July
August
September
October
November
x 11 montns ended Nov. 30
Estimated.
-V. 139, p. 2995.
$70,549,591 $65,196,893
Greater New York-Suffolk Title & Guarantee Co.
Court Authorizes N. Y. State to Handle Rehabilitation
Justice Alfred Frankenthaler of the N. Y. Supreme Court on Dec. 6
granted a motion authorizing George S. Van Schaick, Superintendent of
Insurance, to take over for rehabilitation the Greater New York-Suffolk
Title & Guarantee Co., whose main office is located at 341 Madison Ave.,
N. Y. City.
The company was organized in 1925 and at present has outstanding guaranties of about $13,000,000. Its original capital was $150,000. Subsequently it was increased to $3,000,000 and as Suffolk Title & Guarantee
Co. in 1933 was reduced to $1,500,000.
Hearings began Dec. 3 on a show cause order obtained by Mr. Van
Schaick through, his attorney, Harry Rodwin, as to why the company should
not be placed in rehabilitation. The company opposed rehabilitation on
the grounds that it has made no default in interest payments or in payments
-month grace period had expired.
of principal in cases where the 18
Mr. Rodwin pointed out that rehabilitation was essential to guard the
rights of certificate holders and mortgagees in that three subsidiary corporations of the Greater New York-Suffolk have petitioned the Federal
courts under Section 77-B of the Federal Bankruptcy Law and that temporary receivers have been appointed for them.
These subsidiaries are the West Division Corp., the Land Owners East
Division Corp. and the Ridgewood Homes Corp.
Green Bay & Western RR.-Earnings.1934
1933
.1932
$115,172
Gross from railway
$99,054
$101,976
20,930
Net from railway
15,491
15,438
Net after rents
14.910
12,357
8.268
From Jan. 1
Gross from railway
917.831
927,676
968,913
59.996
133,950
Net from railway
114.913
def7.743
Net after rents
65,541
31,094
-v.139. P. 2831.
October-
1931
$133,583
30,442
19,985
1,211,310
213,083
120,230
-Earnings
Greyhound Corp.
1934
$1,184,102
96,219
2.774
1933
$451.186
126,236
Total income
Interest and amortization
General expense
$1,283,096
167.698
81,768
$577,422
284.324
79,594
$213,503
$704,180
$564,107
719,753
Loss on operations_ _ _
Other income (net)
Loss
Deprec. of mills, &c_ _ _ _
Addit. prov.for losses on
advances to colones
1934
1933
1931
1932
$733.289
$927,242
535,781
822,790
1,042,084
$15,573 prof$28.325
Dr71,100
Dr45,203
$89,502
Dr37,529
$114,841
32,884
$127.031
302,135
$81,957
367,889
$429.166
$318,951
$340.981
1,099,805 def758,824 def329,659
$449,f347
120,187
$86,673
232,278
$16,878
258,578
65,524
Deficit
$1,418,756 $1,099,805
$758,825
x After deducting sea freight, commissions, &c.
Balance Sheet Sept. 30
Assets1934
1934
1933
Liabilitiesa Real est., buildPref. 8% stock_ _ _$1,728,700
logs, do
54,905,872 84,965,783 13 Common stock_ 4,048,350
d Invest.in Guantc Old common____
1,650
anamo RR
795,673
834,813 Notes pay. (sec.).e1,399,400
Other investments 192,080
283,440 Accts. payable_ _ - 263,010
Grow, crops carr'd
Leans Pay. (see.). 257,128
to follow. season
65,819
16,641 Other notes pay'le
Inventories
523,189
352,994 (unsecured) _ _ __ 511,119
Cash
49,295
28,967
18,189 Taxes dr conting's.
Advs. to colonos
300,109
1,418,756
403,929 Deficit
Miscells. accounts
receivable, erc.._
17,756
13,051
Unexpired ins.,da.
10,432
17.413
$329,659
1933
$1,728,700
4,047,100
2.900
1,406,900
- 99,807
156,857
514.500
49.295
1,099,805
Total
86,839,896 86,906.254
$6,839,896 $6,906,254 Total
a After deducting $1,940,037 (81,858,659 in 1933) reserves for depreciation. b Common stock authorized, 405,000 shares of no par value, issued
and outstanding, 404,835 shares of no par value in 1934 and 404,710 in
1933. c $50 par value. d After reserves of $302,000 in 1934 ($245,000_1n
1933). e Partly secured.
-V. 137. P. 4008.
Gulf Colorado & Santa Fe Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2831.
1931
1932
1934
1933
$1,220,779 $1,325,107 $1,400,381 $1,779,303
656,954
536.829
263,716
357,409
485,336
415,127
105,539
192,575
10,066,468 10,419,73.5 11,713.924 16,021,737
963,001
1,406,024 2,166,623 3.453,237
1,454,940
343,104
def597,007 def340,354
1931
October1934
1933
•
1932
$359,730.
Gross from railway
$455.145
$460,681
$448,853
105,078
Net from railway
134,166
140,483
137,099
Net after rents
63,045
58,644
64,879
63,821
From Jan. 1
Gross from railway
4,354,632 3,392,967 3,227,194 3,492,331
Net from railway
604,482
1,205,168 1,108.424495,631
Net after rents
104,850'
405,026
567,804 def52,176
For comparative purposes operations of New Orleans Great Northern RR.
are included beginning July 1932.-V. 139, P. 3481.
Heyden Chemical Corp.(& Subs.) Earnings
3 Months
9 Months
Period EndedSept. 30'34. June 30'34. Mar. 31'34. Sept..30'34.
Net income after deprec.,
and other charges_ -_ $114,680 $148,450
$399,714
$136,584
Earns. per sh.on 147,000
common shares
$0.89
$2.60
80.74
$0.97
-V.139, p. 3155.
Hightstown Rug Co.
-Tenders
--
Guy George Gabrielson, General Counsel, 30 Broad St., N. Y. City,
will until 2 p. m., Dec. 14 receive bids for the sale of sufficient 15
-year
0 % sinking fund gold debentures (with stock purchase warrants for
,
6
common stock), to exhaust the sum of $30,000.-V. 139. p. 600,..t
.ter ,, ,
a Le
L
3,219
473,743
Net operating revenue
Other income
$5,597.737 $3,658,841
206,665
223,237
Total income
Interest and amortization
Income taxes
Miscellaneous
35;804,402 $3,882,079
253,850
527.701
798.025
402,843
162,996
63,928
31,115,803 $1,093,542
Comb.ned net profitfrom operations ofassociated
bus companies
$4,688,598 $2,788.537
Equity of Greyhound Corp. in the above combined
net profit based upon stocks owned and other
interests at end of each period
2,464,103 1,364,966
Deduct,diva, received from associated bus cos_
444,702
1.184.083
The directors have declared an extra dividend of 5 cents per share lin
addition to the regular monthly dividend of like amount on the capital
stock, par $5, both payable Dec. 31 to holders of record Dec. 13. Similar
distributions were made on Dec.3 and Nov.5 as against an extra of 10 cents
per share in addition to the usual monthly dividend paid on oct.8.x:ra
(
e,
xt.e
dividends of 5 cents per share were also paid on Sept. 10, Aug. 13, July 16,
June 18. May 21 and April 23 last, while on March 26 last an extra of 15.
cents per share was distributed.
-V.139, p. 3156.
-+Iomestake Mining Co.
-Extra Div. of $2 per Share A-
The directors have declared an extra dividend of $2 per share in saidi- •
tion to the regular monthly dividend of $1 per share on the capital stock.
par $100, both payable Dec. 24 to holders of record Dec. 20. Similar distributions were made on Nov. 26, Oct. 25, Sept. 25, Aug. 25 and July 25.
last. The company paid extra dividends of $1 per share and regular dividends of $1 per share each month from Jan. 25 1934 to and incl. June.,25.
last.
-V.139, p. 2998.
Honolulu Rapid Transit Co., Ltd.
-Earnings
Period Ended Oct. 31- 1934
-Month-1933 1934-10 Mos.-1933
Gross rev,from transp__
$77,910
$611,339
$65,717
$702,320
Operating expenses
51,405
490,418
52.728
484,187
Net rev, from transpRev. other than tramp
326,505
2,063
312,989
2,237
$218,133
19,278
$120.921
17,673
Net rev. from °per,Deductions from revenue
328.569
14,584
$15,226
12,896
3237.411
145,795
3138.594
171.407
Net revenue
-V. 139, p. 2832.
313,984
32.329
$91,615 def$32,812
Hoskins Mfg. Co.
-Extra Dividend
$920,263
Tenders
The Northwestern National Bank & Trust Co. will until Dec. 31 receive
bids for the sale to it of sufficient 6% collateral trust notes to exhaust the
sum of $212,435.-V. 139, p. 1869.
(H. L.) Green Co. Inc.-Notes Called
The company has called for payment on Jan. 1 1935, all of its serial 6%
'
gold notes, series E, F and GI then outstanding by payment of unpaid
principal amount and all unpaid and accrued interest to that date. Holders
Guantanamo Sugar Co.
-Earnings
Years End. Sept. 30x Gross sugar & molasses
sales
Cost of cane, mfg., shipping and gen. expenses
920,263
-Hollinger Consolidated Gold Mines, Ltd.
7
-Extra Div. -
Earnings ofcorporation,incl. equity in undivided
net profit or loss from °peens of assoc. cos__ _ $2,401,888 $1,610,729
•Operated as a division of the Greyhound Corp. from May 27 1934.
Earninls of Associated Bus Companies of Greyhound Corp.
(Exclusive of World's Fair Greyhound Lines)
1934
9 Mos. Ended Sept. 301933
$25,150,977 520.729,424
Operating revenue
17,496,271 14,566,088
Operating expense
Depreciation and retirements
2,056,969 2,504,494
Net equity of Greyhound Corp. in undistributed
net profit from operations of associated bus
companies, based upon stocks owned and
other interests at end of each period
$1,280,020
New Committee Assails Silver Company's Receivership
-
An independent stockholders' committee has been formed on behalf of
those who received their stock in exchange for preferred stock of the Silver
company in a merger in 1932. The committee charges in its letter that the
Silver company was put into receivership when it owed no money and that
it should sue for restitution of funds it had in the banks at the time of
receivership.
The committee consists of Lowell 0. Cleland, Alfred Weyer and Joseph
R. Snyder. Sidney Benjamin,15 Union Square, N.Y. City, is Secretary.
-V. 138, p. 4464.
Gulf Mobile & Northern RR.
-Earnings.
--
9 Months Ended Sept. 30Income-Dividends
Interest
Miscellaneous
Net profit (exclusive of World's Fair Greyhound
Lines operation)_,
$1,033,629
Equity of Greyhound Corp.in combined net profit
from operations of associated companies, based
upon stocks owned and other interests at the end
ofeach period, after deducting dividends received:
Bus companies
1,280.020
Other companies
14,860
World's Fair Greyhound Lines, Inc.*
73,377
are requested to surrender their notes to the Trust Department of Chase
National Bank, 11 Broad St., N. Y. City.
The company also announced that principal and interest on its serial 6%
gold notes,series D,which mature Dec.29 1934, will be paid on that date.
Balance, deficit
Previous surplus
1933
1934
$4,832,562 $4,272,879
4,549,610 4,492,044
6,773.950
5,136,563
5,950,286 6,267,376
7,179,930 6,552.836
7,361,231
6.509,624
5,743,377 5,771,013
6.295,060 5.749,854
6,571,803 6.433,228
7.822,175 7,122,539
7,493,579 6,898,039
Dec. 8 1934
' *"
1The directors have declared an extra dividend 0125 cents per s srein
addition to the usual quarterly dividend of like amount on the common
stock, no par value, both payable Dec. 26 to holders of record Dec. 11.
Similar distribution were made on Sept. 26 last. (See also V. 138, p. 1406)V. 139. P. 1556.
" (J. L.) Hudson Co.
--Notes Called
All of the 5% serial notes. series NI and series N due, Aug. 1 1935 and
Feb. 1 1936. respectively, have been called for payment on Feb. 1 1935 at
100X and int. Payment will be made at Chemical Bank & Trust Co.,
trustee, 165 Broadway, N. Y. City.
-V.138, p. 692.
Volume
139
Financial Chronicle
...
'''Humble Oil & Refining Co.
-To Transfer Part of Surplus
to)Capital Account
The stocknolders will vote Dec. 17 on a proposition to transfer the
greater part of the company's surplus account to capital. The company
states that tne surplus has always been invested in the company's business
and used as capital and that transfer to capital where it properly belongs
Is deemed advisable.
The two propositions to be presented to tee stockholders are: (1) Shall
capital be increased by transferring a part of the surplus to capital, and
(2) if such an Increase in capital is voted, by what amount shall the increase
bejmade. If the capital Increase is voted. It will necessitate making changes
In tile company's charter and by-laws to conformito toe new capitalization.
-V. 139. P. 766.
Hupp Motor Car Corp.
-November Shipments
Shipments of Hupmobiles for November broke a five-year record for
volume, according to a statement released by Rufus S. Cole, Executive
Vice-President and General Manager.
"The month just concluded was the best November for shipments since
1929," states Mr. Cole. "Not only did November shipments show a 50%
gain over October, which in itself is unusual, but it was our third largest
month in 1934. Despite those heavy shipments our carry-over of unfilled
orders on Dec. 1 indicates that our December shipments will be equally
satisfactory, and perhaps triple or quadruple those of the corresponding
month of last year.
"In spite of production delays, which postponed volume output of our
Aerodynamic models until May, the years total shipments through November are 20% ahead of last years 12 months shipments.
"Our export business is particularly gratifying for in 11 months we have
shipped 133% more cars than in the entire year of 1933. The same substantial increase is true in our Canadian business which in 11 months has
taken 122% more cars than in all of 1933.
"We have been watching very carefully the registration figures as
Indicating the rapidity and volume with which Hupombiles are being
delivered to retail buyers. Advance reports on November registration and
reports received from our dealers clearly indicate that in November Hupmobile's retail sales will exceed those of any month to date in 1934."-V. 139.
p. 2832.
Hydro-Electric Corp. of Va.-Tenders," The City Bank Farmers Trust Co., successor trustee, will until 12 noon,
Dec. 14 receive bids for the sale to it of 1st mtge. 5% gold bonds, series
A. at a price not exceeding 104 and interest, in an amount sufficient to
exhaust the sum of $6,758 available in the sinking fund.
-V.134. p. 4157.
'Illinois Central RR.
-$4,000,000 RFC Loan Approved
The Interstate Commerce Commission on Dec. 1 approved a loan of
$4,000,000 to the company from the Reconstruction Finance Corporation.
The report of the ICO says in part:
The Application
A loan of $4.000,000 is requested for a term of three years, advances to
be made in the amount of $2.400.000 on Nov.29 and 51.600.000 on Dec.28
1934, to aid in paying the following obligations:
Interest: Payable in December 1934
Sterling 5s of 1905 extended as gold 3s of 1950
$17,500
I.0,-C.St. L.& N.0.jt.refdg. mtge.58 of 1943
1.217,358
1,0.-c.St. L.& N.O.jt refdg. mtge.4Ms of 1963
390.375
Gold Carlo Bridge 4s of 1950
60,000
-Year 6% notes of 1937
3
375,000
0.St.L.& N.0.5s of 1951
284,225
C.St.L.& N.0.3 4sof 1951
23,782
0,St. L.& N.0. Memphls Division 411 of 1951
70.000
Taxes
Illinois charter
Louisiana charter
Kentucky charter
32.438.241
$769,000
410.000
515,000
$1,694,000
Total
Interest: Payable in January 1935
Equipment trust series 04sof 1942
Gold 45 of 1951
Gold 3 yis of 1951
Gold St. Louis division 3s of 1951
Gold St. Louis division 3sof 1951
Gold Louisville division 334s of 1953
Gold Springfield division 33s of 1951
Gold Litchfield division 3s of 1951
Gold purchased lines 33s of 1952
15..year secured gold 634s of 1936
Sterling 3sof 1950
Leased line stock certificates(4%)
Y.& M.V.reg. gold improvement 56
34.132,241
$101.520
30.000
43,733
74.970
146,598
415,310
35.000
48.525
210.000
260,000
92.155
199.794
12.075
Total
51.669.679
The amount of the obligations not paid with borrowed funds will be met
by the applicant from cash In its treasury.
By our previous reports and certificates we have approved loans to the
applicant by the RFOI in the total amount of 518,500.000. By subsequent
modification of our certificate issued on June 29 1932, the total of loans
approved was reduced to $13,796,333. The total of these loans now outstanding is $13,320,333.
The applicant has also entered into a contract, dated March 1 1934, with
the Federal Emergency Administrator of Public Works under which the
latter has agreed to purchase $10.000,000 of the applicant's equipment
trust certificates, series Q.59.000,000 of which have been purchased to date
and it is expected that the remainder will be purchased on or before Dec. 1.
The proceeds of this sale are being used by the applicant for certain maintenance work, approved by us as desirable for the improvement of tranportation facilities. The contract between the applicant and the PWA
Administrator requires the applicant to make certain expenditures for the
same purposes out of its own funds. 32.300.000 having been so expended
by the applicant in the present year to date. The applicant has also received loans from the Railroad Credit Corporation, of which the sum of
$1,444.803 is now outstanding.
The applicant states that substantially all of its available collateral is
now pledged with the RFC as a result of which it can seek further aid only
from that corporation.
3643
Investments of $40,295,391. If to the value for rate-making purposes as
of June 30 1915 which we found for this property pursuant to Section 19a
of the Interstate Commerce Act, be added the net cost of additions and
betterments to Aug.31 1934,as reported by the applicant,the total amounts
to 336.005,682.
Upon the issue and pledge of these additional debenture bonds, the
following securities will be pledged with the RFC as security for both the
loan of $4,000,000 herein requested and for 313,776.333 of previous loans
heretofore approved by us:
Yazoo & Mississippi Valley RR.registered 5% gold Imp. bonds
of 1934,extended to 1939
514.949.000
Southern Illinois & Missouri Bridge Co. 1st mtge.45 of 1951--600.000
10.093,000
Dubuque & Sioux City RR.4% deb. bonds of 1951
4,575,000
Illinois Central RR.western lines 1st mtge.4s of 1951
156,000
Illinois Central RR.,Louisville Div. 1st mtge.3;is of 1953
Illinois Central RR.4% coll,trust bonds of 1953
71,000
199.985 shares of common stock of Central of Georgia By.,
par value
19,998.500
37.960shares ofcommon stock of Chicago Produce Terminal Co.,
3.796.000
par value
10,000 shares of common capital stock of Dunleith & Dubuque
1,000,000
Bridge Co.,par value
80,000
-trust certificates..
Chicago & Illinois Western RR.5% equip.
Under the provisions of Section 15 of the Emergency Railroad Transportation Act, 1933, we may not approve a loan to a carrier under the
Reconstruction Finance Corporation Act, 1933. as amended, if we are of
the opinion that the carrier is in need of financial reorganization in the
public interest. By reason of the applicant's satisfactory record of earnings
In the past and during the unfavorable business conditions of the last few
years, we are of the opinion, and find, that the public interest does not, at
this time, require a financial reorganization of this applicant.
Conclusions
We conclude:
1. That we should approve a loan of not exceeding 34,000.000 to the
applicant, for a term not to exceed three years.
2. That the applicant should deposit with the RFC as security for the
loan approved (a) $6,000.000 of Dubuque & Sioux City RR.4% debenture
bonds of 1951, together with a written agreement with the RFC that the
applicant will establish such sinking fund for the retirement of said debenture bonds as this Commission may hereafter approve: (b) 3240.000. Par
value of the capital stock of the Belt By. Co. of Chicago: and (c) valid
negotiable notes of the Gulf & Ship Island RR.and of the Southern Illinois
& Kentucky RR. evidencing the indebtedness of these companies to the
applicant for advances in the amounts of 56,511.169 and $22,230,715,
respectively, together with a certified copy of a resolution of the applicant's board of directors authorizing such deposits.
3. That the applicant should agree in writing with the RFC that it will
not permit the creation of any further debt upon the properties of either
the Dubuque & Sioux City RR. or Southern Illinois & Kentucky RR.
superior to the aforesaid debentures and advances, repsectively: and that
the applicant should further agree in writing with the RFC that it will not
permit any increase during the term of the loan of the debt of the Gulf &
Ship Island for other than ordinary operating requirements, without the
written consent of the RFC:.
4. That the applicant should agree with the RFC that all of the collateral
deposited by it for loans heretofore approved, and the collateral deposited
for the loan herein approved, shall apply equally and ratably to all such
loans.
-V. 139. P. 3481
.
-Rates Cut
E; Illinois Power & Light Corp.
The Illinois Commerce Commission has issued an order requiring the
company to make rate reductions totaling about $150,000 annually. The
reductions apply both to residential and commercial customers in Central
-V. 138, P. 4465.
and Southern Illinois.
Illinois Terminal Co.-Earnings.OctoberGross from railway
Net after rents
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2679.
1934
$421,209
124,821
82,644
1933
$421,030
136,548
75,470
1932
$440,299
137,944
91,417
1931
5493.838
122,197
65,555
4,080,370
1,213,626
78.3,361
3,967,982
1,299,497
734,287
3,810.161
1,088.675
503,864
5,464,690
1,823,302
1,222,195
-Earnings
-Indiana Associated Telephone Corp.
1934-40 Mos.-1933
Period End. Oct. 31- 1934-Month-1933
3899,321
$888,451
$89,019
Operating revenues_ _ _
$89,757
5,465
4,082
112
545
Uncollectible oper. rev
475,016
467.377
46.644
Operating expenses.. __ _
46,732
Net oper. revenues__ _
Rent for lease of oper.
property
Operating taxes
Net oper. income.._ _ _
V. 139. p. 1405.
342,913
387
14,891
327,635
$41,830
3416,992
$418,840
11.825
$30,005
763
136,436
5279,793
113,918
$304,922
-Meeting Dec. 26Interborough Rapid Transit Co.
A special meeting of the holders of voting trust certificates for stock
will be held at the office of company, 165 Broadway, New York, on Dec. 26
1934, for the purpose of considering and acting upon proposals to approve
agreements and arrangements preliminary to the resumption of unification
negotiations.
The matters to be considered and acted upon at this meeting are said to
be of vital importance to the holders of voting trust certificates.
Only holders of voting trust certificates of record at the close of business
on Dec. 6 will be entitled to vote at the meeting, either in person or by
proxy.
The stockholders, in addition to considering an agreement between the
company and the Manhattan Ry., will also vote on the appointment of
Mr. Sullivan and Mr. Cromwell and Samuel Untermeyer, respectively,
as counsel and special and associate counsel in the negotiations, proceedings
and litigations involved in unification.
-V. 139, p. 3481.
International Great Northern RR.-Earnings.OctoberGross from railway
Not from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 28.33.
1934
31.191,620
347,999
199.005
1933
3969,381
239,624
108,531
1931
1932
$878,991 $1,1.10,014
255.207
248,521
111,17
140,548
8.489,255 15,944,322
10,704.537 10,539,719
Transportation Properties and Operations
4.436,511
1,490.724
2,916,569
3,049,753
The applicant expects to incur a deficit of 51.068.523 in net income for
2,398,001
391,402
1,438,675
I 344 602
the year 1934 as compared with a net income of $1,377,874 in 1933. It
estimates that railway operating revenues for 1934,Including actual revenues
months, will be in excess of operating revenues for 1933,
International Harvester Co.
for the first nine
-New Vice-President
but forecasts a deficit for the year by reason of extraordinary expenditures
Fowler McCormick on Nov. 30 was elected a Vice-President. He will
for deferred maintenance as a result of the applicant's obligation under the
have charge of foreign sales.
-V. 139. p. 2365.
contract with the PWA Administrator mentioned above. Estimated
expenditures for maintenance of way and structures for 1934 amount to 'International Printing Ink Corp.
-Special Christmas
37.679.000 compared with 36,002.824 in 1933, and for maintenace of equipDividend .1 /-0 41/.4.
ment. $18,393.000 in 1934, compared with 515,186,975 in 1933.
The directors have declared a special Christmas dividend of 25 cents pee
The applicant has filed a cash forecast in which it estimates that, without
share on the common stock, payable Dec. 20 to holders of record Dec. 15.
the loan, its cash receipts for the months of November and December 1934.
A special dividend of like amount was distributed on Nov. 1 last, this being
will fall short of its necessary cash disbursements by $2,270,000, and that
the first distribution to be made on this issue since Nov. 1 1930 when
an additional deficiency of 51,458.000 will be incurred in January 1935.
62% cents per share was disbursed. Prior to then regular quarterly diviUpon the basis of prospective railway operating revenues and expenditures,
dends of 75 cents per share were paid.
-V. 139, p. 2998.
estimates that its cash shortage at the end of the year 1935 will be $2,368,it
000. The applicant states that it requires a cash balance of $3,500.000 for
International Rys. of Central America.
-Earnings
working capital.
Security
Period End. Oct. 311934-10 fos.-1933
1934
-Month-1933
Gross revenues
3306,149
5278,109 33,946,054 53,778,077
security for the loan the applicant tenders the collateral already
As
Oper. exps. & taxes_ _ _ _
248,793
242,219
2,488,654
2,587,607
pledged with the RFC as security for the former loans above mentinIned,
together with the additional pledge of $6,000,000 of Dubuque & Sioux City
Income applicable to
RR. Co. 4% debenture bonds of 1951. Of the same issue $4,093.000 is
fixed charges
$57,356
$35,890 51.457,400 31.190.470
Included in the collateral now pledged with the RFC. The $6,000.000
-V. 139, p. 2833.
additional Dubuque & Sioux City debenture bonds will be issued agabist
expenditures In excess of $7,500,000 for additions and betterments upon
Jefferson 8c Clearfield Coal & Iron Co.
-Bonds Called
that railroad. Underlying bonds are outstanding in the amount of $18,A total of 839,000 Indiana County 1st mtge. 5% sinking fund gold bonds
930.000, of which the applicant owns $8,505,000, the remaining $10,425,000
due July 1 1950 have been called for redemption as of Jan. 1 1935 at par
being owned by the public. The Dubuque & Sioux City has total reported
3644
Financial Chronicle
and interest. Payment will be made at the Guaranty Trust Co. of New
York, trustee.
-V. 126, p. 113.
L
Jefferson Electric Co.
-Cent Dividend-'
-50
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable Dec. 29 to holders of record
Dec. 15. This compares with a similar distribution on Oct. 1 last, and
25 cents per share paid on July 2 and April 20 last. The company also
made a distribution of 25 cents per share on Oct. 1 1931, prior to which the
stock received quarterly dividends of 50 cents per share.
;
-V.13942050.
(Mead) Johnson & Co.
-Cent Extra Dividen
-25
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, no par value, both payable Jan. 2 1935 to holders of
record Dec. 15. Similar distributions were made on Oct. 1, July 2, and
April 1 last.
-V.139, p. 2050.
Kansas City Structural Steel Co.
-Earnings
Earnings for the 8 Months Ended Attu. 31 1934
Net operating loss after caps., int. and other charges
-V. 139, p. 2051.
$21,782
-Pays Preferred Accruals
Kemper-Thomas Co.
A back dividend of $14 a share on the 7% cumulated preferred stock,
Par $100, was paid Dec. 1 to holders of record Nov. 30. The dividend,
which covers the years 1933 and 1934, pays up arrears on the 415 shares
of $100 par 7% preferred stock outstanding.
-V. 136. P. 1385.
Kentucky Utilities Co.
-To Reduce Capital
A special meeting of stockholders will be held Dec. 27 to approve a reduction of $6,691.490 in the common stock book value. This will be done
through surrender of the present 102,946 common shares of $100 par value
for the same number of new no par shares at a price of $35 a share. The
Middle West Utilities Co.,which owns all the common stock,has tentatively
agreed to the plan.
-V.139, p. 3158.
Keystone Telephone Co. of Phila.-4d/ Company Seeks
to Acquire Properties-,--See Bell Telephone Co. of Pa. above.
-V. 139, p. 2366.
-November Sales
(S. S.) Kresge Co.
1934
-November
-1933 Increase
-1933
1934-11 Months
Increase
U1.285,287 $10,465,036' $820,251 5116,213,998 5106001.964 510,212,034
.and 46 Canadian
On Nov. 30, last, company had 85 American stores,
stores, or a total of 731 against a total of 721 stores at end of Nov. 1903.
V139, p. 3483.
Lake Superior & Ishpeming RR.-Earnings.OctoberGross from railway
Net from railway
Net after rents
,t..From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139. P. 2834.
1934
$163.275
74,310
51,902
1.351,070
555,161
350.384
1933
$349.976
236.157
190.195
1932
$85,335
35,043
24,745
1931
$132,811
53,655
35.138
1,710,930
381,675
1,008.180 def132.496
759,162 def285 171
1.152,525
282.320
87.649
Lehigh & Hudson River Ry.-Earnings..OctoberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 2834.
1934
$119,537
31,542
8,676
1933
$120,390
35,588
12.408
1932
$138,652
56,443
28,571
1931
$188,938
65.468
32,291
1,212.908
346,055
119,135
1,209,228
400.432
162,713
1,319,138
371,746
113,702
1,708,556
510,790
202,834
-Class A Dividend Omitted
Knudsen Creamery Co.
-
The directors have omitted the dividend ordinarily payable Nov. 20 on
the no par class A shares. Previously regular quarterly dividends of
37% cents per share had been paid every three months from Aug. 1 1929
up to and including Aug. 1 1934.-V. 129, p. 1454.
-November Sales
Lerner Stores Corp.
-1933 Increase 3 1934-11 Mos.-1933 Increase
-November
1934
5618,6671524,077.055 $18,401,140 55.675,915
$2,482,586 $1,863,919
On Nov. 30 1934 company had 15 stores in operation, one lass than a
-V.139, p. 3328.
year ago.
Lewis Foundry & Machine Co.
-Receives Order
-
Dec. 8 1934
share made on Oct. 1. 12% cents per share on July 1 and April 1, and
25 cents per share on Jan. 2 last. A. regular quarterly rate of 25 cents per
share was in effect on this latter date.
-V. 139, p. 1243.
Louisville & Nashville RR.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 3483.
1934
1933
1932
1931
$6.087,481 $6,044.382 $6.136,897 $7,167,244
1,497,732
1,311.706
1.864.089
1,255.025
1,212.573
1,061,151
1.625,818
952,749
58,248,949 55,052,434 53.018,165 74,566,920
13.729.405 13,207,222 8,844,923 12,647,375
10.472,950 9,943,847 4,998,756 8.197,034
Louisville Gas & Electric Co.(Del.)(& Subs.)
-Earns.
12 Mos.End. Oct.31Gross earnings
•
Operating expenses, maintenance & taxes
1934
1933
$9,945,812 59,666,154
4,783,652 4,491,412
Net earnings
Other income
85,162,159 $5,174,742
399,954
427.347
Net earnings,including other income
$5,562,114 $5,602,089
Interest charges
-net
1,536,572 1,536.975
Amortization of debt discount & expense
141,971
141.866
Other charges
37.959
37.890
Appropriation for retirement reserve
893,000
893,000
Dividends on pref. stock of Louisville Gas &
Electric Co.(Ky.)
1,354,920
1,354,920
Net income
$1.597,759 $1,637,368
-V.139. p. 3158.
Loew's London Theatres, Ltd., Canada-Earnings
Earningsfrom Jan. 5 1933 to Aug.30 1934
Gross ticket receipts
Sundry revenues
$211,715
581
Total revenue
Theater expenses, salaries, wages, &c
$212.296
145,421
Balance
Rent received
Interest and exchange
$66,875
100
2,556
Total revenue
Taxes, insurance, repairs, renewals, &c
Provision for Dominion Gov't income taxes
569,531
55,607
1.883
Net profit
$12,041
Balance Sheet Aug. 30 1934
Assets
LiabilitiesCash
$55,063 Accts. pay. & accrued charges
$707
Goodwill, booking rights, do_
516,827 Provision tor Dominion GovReal estate. buildings, &o_
:274,477 ernment income taxes
1,900
Movietone installation
1 7% preferred stock
337,410
Prepaid insurance & expenses
4,998 Common shares
500,000
Deferred charges
793 Surplus
12,143
Total
$852,161
$852,161
Total
z After reserve for depreciation of 3172,502.-V. 139, p. 3483.
(Marcus) Loew's Theatres, Ltd.
-Earnings
-
Earnings for the Period Jan. 5 1933 to Aug. 30 1934
Total revenue
Theatre expenses, salaries and wages,&c
Balance
Interest, taxes, depreciation, &c
Net profit
Balance Jan. 5 1933
Total surplus
Preferred dividends
$575.348
310.535
$264,811
168,178
$96,633
571,115
3667,748
11,443
Balance, Aug. 30 1934
$656,305
Balance Sheet Aug. 30 1934
Assets
LiabililiesCash on hand and in bank,and
Accounts payable and accrued
accrued interest thereon__ __ $159,379 charges
$2,151
Accounts receivable
728 Prov. for Dom.Govt.inc.taxes
11.900
Receivable under guaranteed
Mortgage payable (Yonge and
rental agreements
3,212 Bloor Theatre)
31,500
Real estate, leasehold, build852
Accrued interest
ings and equipment at cost_ 1,152,782 7% cum. preferred shares_ _
653,900
& booking rights_
750,000 Common shares
750,000
Organization expense
30,000 Profit and loss account
656,305
Prepaid insurance & expenses_
10,506
-inch "three big.," rolling mills, with tables, motor and
An order for a 68
controls, for a Japanese steel company was received on Dec. 4 by the
company, a subsidiary of Blaw-Knox Co., Albert C. Lehman, President
of the latter company, announced.
Tne mill will be used for rolling sheet steel, having a capacity of 70 tons of
-gauge sheet per eignt-hour shift, and will be driven by a 500
-hp. electric
16
motor. Delivery will be in 10 to 12 weeks.
-V. 129. p. 3176. /
Liquid Carbonic Corp.
-25
-Cent Extra DividendL,. 'Id'14C. Total
$2,106,609 Total
$2,106,609
The directors have declared an extra dividend of 25 cents pef/share in
-V. 139, p. 2052.
addition to the regular quarterly distribution of like amount on the common
stock, no par value, both payable Feb. 1 1935 to holders of record Jan. 17
McGraw-Hill Publishing Co.(& Subs.)
-Earnings
1935. Similar distributions were made on Feb. 1, 1934.-V. 139, p. 3483.
Period End. Sept.30- 1934-3 Mos.-1933
1934-9 Mos.-1933
Net profit after all int.,
Loft, Inc.
-Earnings
taxes and depreciation x$150,389
$42.160 $354.513 1069566,598
Period End. Sept. 30- 1934-3 Mos.-1933 1934-9 Mos.-1933
Before depreciation.
-V. 139, p. 769.
Net sales
$2,811,154 $2,816,513 $9,124,007 $9,000,539
Net loss after deprec.,
McKesson & Robbins, Inc.
-Net Sales
amortiz.. taxes, &c..-..
74,944
64,294
170,472
65,321
1934
1933
19$33
1934
-V. 139, p. 1407.
Month$
Month
$
January
11,549,832 8,598,303 August
9,869,635 8,629,646
Los Angeles & Salt Lake RR.
-Earnings.
-February
9,753,342 7,650,743 September
9,989,528 9.316,223
October1934
1931
1932
1933
March
11,585,545 7,742.201 October
x11,232,330 9,217,882
Gross from railway
$1,504,702 $1,438,960 $1,406,156 $1,620.312
April
9,928,061 7.539,051
Net from railway
546,249
647,054
633,254
724,462
May
9,975,412 8,545,505
Net after rents
415.147
251.607
369,230
409,023
June
9,811,048 8,798,986 Total 10 months
From Jan 1
July
8,598,161 8,178,903
end. Oct.31 x102297,428 84,217,442
Gross from railway
13.715,905 11,485,882 12,982,070 16,167,277
x Estimated.
Net from railway
5,140.186 3,724,453 4,249,029 3,909,952
Signs Large Wine Contract
1,131,076
Net after rents
2,769,988
1,468,121
1,287.988
The company has signed a contract with Matson F. Chauvenet. S.A..
-V. 139, p. 2835.
of Nuits-St. Georges,France.for the exclusive importation and distribution
Louisiana & Arkansas Ry.-Earnings.rights in the United States for that company's famous brands of Burgundy
wines, F. Donald Coster, President, announced Dec. 4. Chauvenet for
October1931
1932
1933
1934
many years, has been one of the world's largest shippers of sparkling wines.
$376,650
Gross from railway
$568,824
$362,994
5401.306
Mr. Coster also announced the signing of a similar contract with James
265,166
140,779
Net from railway
101,933
137.272
Martin & Co., Ltd. of Leith, Scotland. for the exclusive importation and
Net after rents
184,476
115,375
67.610
92.003
distribution rights for Martin's VVO Scotch.
From Jan 1
Since McKesson & Robbins entered the liquor importation and disGross from railway
3,716.025 3,451,315 3,443.079 4,968.629
tributing field upon an expanded scale about a year ago, it has signed
1.915,247
1,034.585
Net from railway
1,210,718
1,285.386
13 exclusive contracts for the importation of prominent foreign wines and
654.429 1,225,367
Net after rents
860,694
786,792
liquors, including the famous Ponunery Champagne, produced by Pommery
-V.139, p. 2835.
& Greno of Rheims, France, and the famous Denis-Mounie Cognac, produced by J. Denis-Henry Mounie o.. of Cognac, France.
Louisiana Arkansas & Texas Ry.-Earitings.--V.139. p. 2836.
1932
October1931 ""McLellan
1933
1904
Stores Co. Move to Lift Bankr46;11,1tiad;Gross from railway
$80,759
$65.116
$88.134
$96.239
Net from railway
32,658
19,596
4,289
25.451
Morrow Seeks to Reg9in Control of Store Propertiet-LiFounder
Net after rents
def5,392
18,064
1,355
6,336
Re-elected Head
-No New Financing Due- .
From Jan 1
Grose from railway
The management of the company headed by George K. Morrow, has
696,387
555.123
604,036
816,486
Net from railway
made a move to lift the bankruptcy and regain control of the properties,
72,684
121,522
184,981
17,504
Net after rents
It was disclosed by Mr. Morrow Dec.3 following his election as chairman of
def27,094
def13,204
def82,653
13,756
-V.139. p. 2835.
the company's board. He indicated that the bankruptcy may be terminated before the end of the month. He also announced that the comSAJZ
Loudon Packing Co.
-Smaller Extra Dividend
pany's policy will be to pay all dividends and sinking fund arrears on the
The directors have declared an extra dividend of 12% cents per share,
referred stock and to place the issue on a current dividend basis as soon as
In addition to the regular quarterly dividend of 37% cents per share on
possible.
the common stock, no par value, botn payable Jan. 2 1935 to holders of
At the meeting of the board Dec. 3, W. W. McLellan, founder, was
re-elected president.
record Dec. 14. This compares with extra distributions fo 25 cents per
Financial Chronicle
Volume 139
According to the announcement, no new financing is required or contemplated with the plan to lift the bankruptcy.
In his statement, Mr. Morrow said:
"Directors at their meeting authorized the filing of a petition in the
bankruptcy proceedings in the U.S. District Courtfor the Southern District
of New York,looking to the prompt termination of the bankruptcy and the
return to the company of its properties. It is hoped that this may be
accomplished before the close of the current month.
"It is not expected that the company will need any financing and none is
planned.
'The company's net earnings for this year to Oct. 31, before Federal
taxes and employees' bonuses, according to trustees'figures, were $825,753
as against $179,966 to Oct. 31 last year. The company's profit before
before Federal taxes and the usual employees' participations for the last
two months of last year was $1,042,753. This profit, however, contained
some large non-recurring items, such as year-end adjustments caused by
the general price rise and conservative valuation of the inventories by the
trustee at the beginning of the bankruptcy, and amortization charges for
closed stores transferred to non-recurring charges.
"It is expected, however, that the profits for the balance of this year will
be substantial and that the company's cash position on Jan. 1 will be
satisfactory. Ifany cash is needed to enable it to liquidate trustees'accounts
or other expenses of the bankruptcy, the company is assured of being able
to obtain it at commercial rates. Such borrowing, however, will probably
be unnecessary.
"At its meeting the board re-elected Mr. McLellan as President. Mr.
McLellan was the founder of the company and responsible for its past
growth and prosperity until the depression brought on its financial difficulties in 1932. Mr. McLellan has been continouusly active in the financial
rehabilitation of the company which has been brought about under the
able administration of the Irving Trust Co. as trustee in the bankruptcy
proceedings. No changes in the executive personnel or management of the
company or its stores is contemplated.
"Answering numerous inquiriesfrom the company's preferred stockholders
as to the company's policy with respect to arrears of dividends and sinking
fund payments on its preferred stock, the company will address itself to
the earliest and as rapid a liquidation of these arrears as will be consistent
with the company's financial position and earnings. and the policy of the
company will be to liquidate these arrears and return its preferred stock to
a current dividend basis before embarking on any policy of expansion. It
should be encouraging to the stockholders that the net earnings of the
company for the first 10 months of this year have largely exceeded all
arrears of dividends on the preferred stock."
-V. 139, p. 483
--Mahoning Investment Co.
----$3 Dividend
The directors have declared a dividend of $3 per share on the no-par
capital stock, payable Dec. 20 to holders of record Dec. 14. This compares
with $1 per share paid on Sept. 1 last, 50 cents per share on March 1 1933.
$1.50 per share distributed on Sept. 1 1931. $1 per share paid on Sept. 1
and June 1 1927, and $1.50 per share paid on March 1 1927 and Dec. -1
1926.-V. 139, P. 1244.
Manhattan Ry.-Stockholders' Meeting Dec. 27-
A special meeting of stockholders will be held on Dec. 27 1934 at the
office of the company. 165 Broadway. N. Y. City, for the purpose of considering and acting upon proposals to approve agreements and arrangements
preliminary to the resumption of unification negotiations.
The matters to be considered and acted upon at this meeting are said to
be of vital importance to the stockholders.
Only stockholders of record at the close of business on Dec. 7 1934 will
be entitled to vote at the meeting, either in person or by proxy.
Applies to Sumeme Court in "L" Assessment Case
The company has filed application with the U. S. Supreme Court for a
writ of certiorari for a review of the opinion of the New York State Court
of Appeals affirming the Appellate 'Division award of $539,000 for condemnation by New York City of the company's 42d street elevated spur,
which amounts with interest to $1,000,000. The company is now seeking
$4.500,000. The company had asked the Court of Appeals for $6,500,000.
The structure was removed the spring of 1924.
While the award would be paid by the City of New York to Manhattan
By.in the first instance, the amount would be charged by way of assessment
against the property owners benefited over a wide area of assessment
already established in the legislative act authorizing the condemnation
of the company's property.
-V. 139. P. 3484.
Manila Electric Co.
--Earnings
12 Months Ended Sept. 30-
Total operating revenues
()mating expenses
Maintenance
Prov. for retirements-renewals & replacements
Taxes
1934
1933
$4,755.124 $4,839,977
1.668.828
1,777.036
415,286
419.305
329,078
296,904
139,679
141,008
Operating income
Other income
$2,234,426 $2,173,548
952
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Amortization of suspense
Interest during construction
$2,235,379 $2,173,548
134,251
143.238
1,023,620
1,145,542
24,000
36,000
36,000
Cr8,054
Cr12,920
Balance of income
.-Nr. 139, p. 1714.
$1,025,562
$861,688
Maritime Electric Co., Ltd.
-Appeal from Rate Cut
Upheld
The Supreme Court of New Brunswick has allowed appeal of the company
(a subsidiary of New England Gas & Electric Association) from an order
of the Board of Commissioners of Public Utilities dated Feb. 27 1934,
after hearing on complaint of the City of Fredericton, that rates for electric
energy be reduced so as to yield the company $17.000 less per annum
than existing rates.
-V. 127, p. 3397.
-Earnings
Market Street Ry.(& Sub.)
12 Months Ended Oct. 31Gross earnings
Operating expenses, maintenance & taxes
1934
1933
$7.305.884 $7,390,725
6,367,807
6,398.772
Net earnings
Other income
$938,077
12,105
Net earnings, including other income
Interest charges-net
Amortization of debt discount & expense
Other charges
Appropriation for retirement reserve
3950.183 $1,002,116
529,367
552,880
28,682
30,551
8,342
8,738
383,790
399,945
Net income
-V. 139, p. 3159.
$991.952
10.164
Nil
Nil
-Sales
Melville Shoe Corp.
4 Weeks Ended
Jan. 20
Feb. 17
Mar. 17
Apr. 14
May 12
June 9
July 7
Aug. 4
Sept. 1
Sept. 29
Oct. 27
Nov. 24
48 weeks ended Nov. 24
-V. 139, p3001.
1934
1933
$1,325,243 $1,060,914
1.290,857
1,017.181
1,543,401
1,010.003
2,720,111
1,945,178
2,323.145
1,444,198
2,910,143
2,054.505
2,152,583
1.770,716
1,283.701
1,242,728
1,562.967
1,500,467
2,549,956
2,028,993
2,305.298
1,829,453
2,148,161
1,860,431
$24,115,567 $18,765,009
-Proposes to Reorganize
Rockwell Corp.
been called for
A special meeting of stockholders has rphaat noips Dec. 17 to consider
ti y
g so
o a neheisom i
f
r
isal to reoztnlze tw elar co t ort tgl o suarts azd liabilities
will opobe
name.
ur
3645
"Among the reasons for this change," the letter to stockholders states.
"Is that consolidated returns can no longer be made. Consolidation
eliminates the possibility of heavy tax assessments against a profitable
subsidiary when no income has actually been earned by the parent company. Consolidation. with operation of subsidiaries as divisions, effects
many operating economies."
The corporation owns two subsidiaries, the Standard Steel & Bearings
Corp. and the Strom Bearings Co.
-V. 139, p. 3001.
Mengel Co.
-New Committee Formed
The directors at a recent meeting formed a new committee to be called
the Executive Committee. The committee is composed of William L.
Hoge, President, James C. Dorman, Secretary and three additional members elected by the directors: William B. Harrison, William C. Dabney and
Charles J. Hodapp. The three last mentioned men were also made directors. William B. Harrison was elected Chairman of the Committee and
James C. Dorman,Secretary.
-V.139, p. 3484.
Merck Corp.
-Merger Plan Considere-Shares to Be Exthanged-Holders-Of Preferred Stock to Receive Common in Lieu
of Accrued Dividends
(A plan for simplification of the capital structure of the Merck Corp..
winch wW provide for consolidation with its operating subsidiary, Merck &
accumulated dividends on
Co Inc. and will make possible the caring
the pre
ed stock of the parent company will be voted on by stockholders)
soon, it was announced Dec. 6. The accumulated dividends amount
to 34%.
"As a result of increased earnings of Merck & Co., Inc., during the last
four years," a letter to stockholders reads in part,"your directors feel the
time is Opportune for this step. Such a merger will simplify the capital
structure of the two companies, eliminating the holding company and
permitting the stockholders of the Merck Corp. to hold sebck directly in
the company which owns the Merck properties and operates the Merck
business.
It is proposed that upon the consolidation each preferred stockholder
of the Merck Corp. receive share for share 8% cumulative preferred stock
of the consolidated corporation and in addition, in place of accrued dividends, two shares of the common stock of the consolidated corporation in
•
respect of each share of preferred stock now held.
"The consolidation agreement provides for an issue of 51,395 shares
of 8% cumulative preferred stock and 300.000 shares of common
stock of the new consolidated corporation. This stock will be apportioned among the stockholders of Merck Jc Co.,Inc., in the proportions in
which its stock is now held, namely, 65.522% to Merck Corp. interests
and $34.478 to the other stockholders. The stock attributable to the
stockholders of the Merck Corp. will be issued to its preferred stockholders
as above provided and the balance, being 129,216 shares of common stock.
to the common stockholders of Merck Corp.
"The proposed consolidation will result in the formation of a new consolidated corporation, under the laws of New Jersey,to be known as Merck
& Co., Inc. The preferred stock of the new corporation will be entitled
to cumulative quarterly dividends at the rate of 8% per annum in priority
at
to dividends upon its common stock. It will be redeemable to $115 Per
$100 per
share plus unpaid cumulative dividends. It will be entitled
dissolution or
share plus accrued dividends in the event of any involuntary the event of
share and accrued dividends in
liquidation and to $115 per
may be
any voluntary dissolution or liquidation before any distribution
made to the holders of common stock."
income of Merck & Co., Inc. for
The letter states that the consolidated
$1,068.848
the first 10 months of this year was $948,925, compared with dividend of
quarterly
for the 12 months of 1933. It adds that the regularpreferred stockholders
$2 a share has been declared, payable on Jan. 2 to payment will not be
of the Merck Corp. of record a Dec. 17,and that this
affected by consummation of the plan. It adds: estate of George Merck,
"Most of the common stock is owned by the
W. Perkins.
George W. Merck, President of Merck & Co. Inc.; George President.
executive Vice-President and Treasurer, and.!. J. Kerrigan, Vice
All
directors of your corporation own substantially all the balance. 139.
Other
-V.
of the foregoing common stockholders have approved the plan."
p.769.
-Stock Issue Authorizedstock by
----Metropolitan Edison Co.
prior preferred
The issuance and disposal of 112,865 shares of
Commission
the company was authorized Nov. 23 by the Public Service
of Pennsylvania.
in exchange for outThe company proposes to offer $5. $6 and $7 stock
basis. A share
standing cumulative preferred stock on a share-for-shareshare of $5 prior
of $5 cumulative preferred stock may be exchanged for a
preferred
preferred stock or one share of $5 and one share of $7 cumulative p.3159.
-V.139.
stock may be exchanged for two shares of the new $6 stock.
-Earnings
Mexican Light 8c Power Co., Ltd.
(In Canadian currency)
--1933 1934-9 Mos.-1933
-Month
Period End. Sept. 30- 1934
6,657,924
6,097,120
685,986
579.815
Gross earns.from oper,,..
4.203,282
4.065,599
422,811
456,728
Oper. expenses & deprec.
2.454,642
2.031,521
263,175
123,087
Net earnings
the lower
-The decreases in gross and net earnings are caused by increased
Note
rates arbitrarily imposed by the Mexican authorities, and by
-V.139, p. 2524.
taxes.
-Earnings
Michigan Bell Telephone Co.
1933 1934-10 Mos.-1933
-Month
Per,End. Oct. 31- 1934
$2.570,905 $2.481,979 $25,634,374 $24,680,437
Operatingrevenues
816,380
167.881
75,269
340
Uncollectible oper,rev_ _
1.582,517 17.545,787 17.134.355
041
1,806,
Operating expenses
$824.193 $7,920.706 $6,729.702
Net oper.revenues_ _ _ $764,524
336,099 2,637,462 3,029,557
242,046
Operating taxes
$488.094 $5,283,244 $3,700,145
Net oper.income-- - - $522,478
-V.138. p. 1230.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139. p. 3484.
1931
1934
19332
3
119
32,148,000 $2,121,143 $2,9 9,357 $2,335,881
378.290
575.793
543,921
572,351
60,113
267.423
258,821
364,599
18,758,812 18.761.176 24,699,731
19,003,508
4,094.001
1,795,692
3,757,968
3,698,242
571,150
951,686 defl.347,906
1,082,538
-Earnings
Mississippi Power & Light Co.
(Electric Power & Light Corp. subsidiary)
-Month-1933 1934-12 Mos.-1933
Period Ended Oct.31- 1934
$443,910 $4,733,411 $4,410,996
Operating revenues
$448,454
2.797.228
3,071.145
279,511
295,694
Oper. exp., incl. taxes
$164,399 $1,662,266 $1,613,768
Net revenue from oper $152,760
Rent from leased prop.
10.777
8.626
821
(net)
502
17,627
15,689
939
1,288
Other income
Gross corp. income__
Interest & other deduct_
$154,550
73,198
$166,159 $1.686,581 $1,642,172
940,622
902.031
76,633
Balance
y$89,526
y$81.352
Property retirement reserve appropriations
xDividends applicable to preferred stock for period
whether paid or unpaid
3784.550
366.986
$701,550
530.157
403,608
403,479
$13,956 def$232,086
Balance
x Dividends accumulated and unpaid to Oct. 31 1934, amounted to
$403,608. after giving effect to a dividend of 50 cents a share on $6 preferred
stock declared for payment on Nov. 1 1934. Dividends on this stock are
cumulative. y Before property retirement reserve appropriations and
-V. 139, p. 3330.
dividends.
3646
Financial Chronicle
Mississippi Central RR.-Earnings.October1934
1933
1932
Gross from railway
$56.683
$55,653
$62,553
Not from railway
7,100
6,445
17.131
Net after rents
1,697
889
8,985
From Jan. 1
Gross from railway
539,768
510.902
524,243
Net from railway
52,627
46,683
23,801
Net after rents
def2,855
def16,031
def51,478
-V. 139. p. 2837.
1931
$98.031
36,045
22,654
870,972
215,140
112,405
- Missouri Edison Co.
-Larger Preferred Dividend
-h
The directors have declared a dividend of 873. cents per share on the
$7 cum. pref, stock, no par value. payable Jan. 1 1935 to holders of record
Dec. 20. Previously, 58 1-3 cents per share was paid in each of the five
preceding quarters, prior to which the stock received regular quarterly
payments of $1.75 per share. After the Jan. 1 dividend, arrearages will
amount to $6.70 5-16 per share.
-V. 139, p. 2054.
Missouri Illinois RR.-Earnings.October1934
1933
Gross from railway
$92,225
$79,466
Net from railway
23,445
21,917
Net after rents
11,095
8,387
From Jan. 1
Gross from railway
805,364
708.375
Net from railway
175,950
153.162
Net after rents
47.690
18,233
-v.139, P. 2837.
1932
$76,647
14,314
1,905
738,124
138,614
18,690
1931
$110,888
21,239
6,853
Assets
Cash
Accts. rec.-trade_
Accr: int, on invest
Notes receivable
Inventories
Marketable secur.
(at cost)
Sundry accts. rem.
Plant and equip
Prepaid taxes and
insurance
,Organization exps_
Patent rights, trade
marks and goodwill
Dec. 8 1934
Balance Sheet Sept. 30
1934
1933
526,479
552.429 Accts. payable
279,857
240,982
trade
865 Unclaimed empties
6,071
4,863 Notes payable__ _
324,594
312,063 Replace. Moxie duo
agents
550
33,862 Accrued expenses_
659
2,256 Real estate mtges_
629,683
665,156 x Class A stock_ _ _
y Class B stock....
12,484
13,155 Surplus
10,287
10,287
655,925
1934
1933
$24,939
1,035
20,000
$25,536
1,597
110,000
685
3,267
167,500
889,040
377,870
462,254
3,500
4,442
167,500
889,040
377,870
412,398
655,925
Total
$1,946,590 $1,991,885
Total
x Represented by 58,399 no par shares.
no par shares.
-V. 137. p. 4022.
51,946,589 $1,991.886
y Represented by 399,992
(G. C.) Murphy Co.
-November Sales
1934-November-1933
Increase
1934-11 Mos.-1933
Increase
$2,425,664 $1,976,458
5449,2061823,484,630 $18,254.209 $5,230,421
On Nov. 30 1934 the company had 185 stOres in operation, against 179
in November 1933.-V. 139, p. 3002.
1,148.071
295,275
151,206 --Murray Corp. of America-Dec. 1
Interest Paid
The interest due Dec. 11934. is being paid but the principal due Dec. 1
1934, of Murray Body Corp. $1,875,000 let mtge. 635 10-year sinking
,
Missouri & North Arkansas Ry.-Earnings.fund gold bonds, due Dec. 1 1934. is not being paid. %Details of bond
•
October- •1934
extension plan were given in V. 139. p. 3002.
1933
1932
1931
Gross from railway
$72,211
$97,652
$88,945
$79,279
Nashville Chattanooga & St. Louis Ry.-New President
Net from railway
15.553
def4,102
28,150
7.178
Net after rents
Fitzgerald Hall was elected President on Nov. 30 succeeding James B.
8,149
15,487
def6.316
def16,935
From Jan. 1
Hill, resigned.
-V. 139. p. 2838.
Gross from railway
794,059
732.448
722,875
991,535
National Cash Register Co.
Net from railway
163.654
151,883
-Domestic Sales
36,486
10,243
Net after rents
1934-November-1933
55,857
41,552
def97,651
def91,647
Increase
1934-11 Mos.-1933
Increase
-V. 139. P. 2831.
$1,185,250
5979,675
$205,5751$15,524,325 $11,541,775 $3,982,550
-V. 139, p. 3003.
Missouri Pacific RR. Files Brief with U. S. Supreme
National Power & Light Co. (8c Subs.)
-Earnings
Court Defending Abrogation' of Gold Clause in Contract
Period Elm!. Oct. 31-1934-3 Mos.--1933
1934-12 Mose-1933
Declares Congre s as Legally Exercising Power to Regulate
e
,
Subsidiaries
$17,639,783 $17,076,429 $71,176,838 $68,429,192
Value of Money See last week's "Chronicle", page 3417. Operating revenues
Oper. exp., incl. taxes
9,750.920
9,289,945 38.629.868 35,716.374
-V. 139, p. 3 5
4.
Net revs.from oper_ _ _ $7,888,863 $7,786,484 $32,546,970 $32,712,818
Mobile & Ohio RR.
Other income
-Earnings.
-38,795
16,599
131,558
129.975
October
1934
1933
1932
1931
Gross corp. Income__ - $7,927,658 $7,803,083 $32,678,528 $32,842.793
Gross from railway
$731,455
$7173,598
$744,408
$825,054
Interest to public and
Net from railway
92,427
114,161
86,593
144,513
other deductions
3,226,501
3,237,563 12,859,467 12,866,596
Net after rents
5.964
8.181
16,300
def17,660
Int.charged to construeDr.698
Cr.632
Cr 9,209
From Jan. 1
Cr.4,118
Prop,retire. res. approp. 1,510.385
1,353,000
Gross from railway
5,557,561
5,438,411
7,206,189
6,822,928
6,632,502
8,711.275
Net from railway
1.062,849
1,191,092
673,990
1,110,149
Balance
$3,190,074 $3,213,152 $14,270,709 $14,541,904
Net after rents
62,174
155,293 def505,619
def84,657
Prof. diva, to public (full
- 139, p. 2837.
V.
div. require. applic. to
rosp. periods whether
Montgomery Ward & Co.
-November Sales
earned or unearned).... 1,515,853
1,515,508
6,063,386
6,056.312
-November-1933 Increase l
1934
1934-11 Mos.-1933
Increase
Portion applic. to min.
$26,900.806 $20,969,808 $5,930,9981$209,310,649 $157.777,623 551,533,026
interests
3,997
5,673
24.111
23,596
- 139, p. 3160.
V.
'
Net equity of N. P. &
(William R.) Moore Dry Goods Co.
-S2 Extra DivA
L Co. in inc. of subs- $1,670,224 $1,691,971 $8,183,727 $8,461,481
The company on Jan. 1 1935 will pay an extra dividend of $2 per Aire
National Power ‘t:. Light Co.
on the capital stock, in addition to the regular quarterly dividend of $1.50
Net equity of N.P. & L.
per share previously declared -V. 138, p. 875.
Co. In Inc. of subs. (as
shown above)
$1,670,224 $1,691,971 $8,183,727 58,461,481
(Philip) Morris & Co., Ltd.
-Status of Options
Other income
17,334
23,382
89.553
160,794
The New York Stock Exchange has been notified by the company that
the status of outstanding options as of Oct. 31 1934, were as follows:
Total income
$1,687.558 $1,715.353 $8,273,280 $8,628.275
Expenses, incl. taxes__ _
197 shares of common stock to employees at $8.93 per share, extended
56,398
39,784
126.721
149,553
Int. to public and other
to Feb. 15 1935.
deductions_
341.114
3.577 shares of common stock to employees at $8.93 per share, expiring
341,429
1,356,134
1.356,609
Feb. 15 1935.
Bal. carried C./ consol.
2,867 shares of common stock to customers at $10 per share, extended to
earned surplus
Feb. 15 1935.
$1,290,046 $1,334,140 $6,767,593 $7,144,945
100 shares of common stock to customers at $10 per share, extended to
Note-All inter-company transactions have been eliminated from the
Feb. 15 1935.
above statement. Interest and preferred dividend deductions ofsubsidairies
292 shares of common stock to customers at $10 per share, expiring
represent full requirements for the respective priods paid or accrued (where
Feb. 15 1935.
not paid) on securities held by the public. The "portion applicable to
8.578 shares of common stock to employees at $8.93 per share, expiring
minority interests" is the calculated portion of the.balance of Income availFeb. 15 1936.
able for minority holdings by the public of common stock of subsidiaries.
293 shares of common stock to customers at $10 per share, expiring
Minority interests have not been charged with deficits where income account
Feb. 15 1936.
of subsidiaries have so resulted. The "net equity of National Power &
Light Co.in income ofsubsidiaries"Includes interest and preferred dividends
Transfer Agent
-The Guaranty Trust Co. of New York has been appointed
paid or earned on securities held, plus the proportion of earnings which
transfer agent for 1.000,000 shares of $10 par value capital stock.
-V. 139.
accrued to common stocks held by National l'ower & Light Co., less losses
p. 2838.
where income accounts of individual subsidiaries have resulted in deficits
for the respective periods.
(Philip) Morris Consolidated, Inc.
-Removed from UnNet Revenues from Operation of Subsidaries Only for the Month of October
listed Trading
The New York Curb Exchange has removed from unlisted trading
1933
1934
Operating revenues
privileges the class A stock, $25 par.
-V. 139, p. 3485.
$5,998,349 $5,766.134
Operating expenses, including taxes
3,182.920
3.319,890
x Net revenues from operation
Morristown & Erie RR.
-Tenders
2,583,214
2,678,459
x Net revenues from operation are before deductions for property retireThe National Iron Bank of Morristown, Morristown, N. J., will until
ment reserve appropriations, interest and dividends.
3 p. m., Dec. 28. receive bids for the sale to it of 1st mtge. 6% 10
-year
Note
coupon bonds, due Sept. 1 1943 at 105 and int., sufficient to absorb the
-The above statements Include the operations of Memphis Street
Railway (which entered receivership July 22 1933) as reported by the cosum of $5,690.-V. 137. p. 4187.
receivers.
-V. 139, p. 3161.
Mountain States Power Co.
-Earnings
-"---"Natomas Co.
-Extra Dividend
- -1
12 Months Ended Oct.311934
1933
The directors have declared an extra dividend of 15 cants per share in
Gross earnings
$2.894,340 $2,725,531
addition to the regular quarterly distribution of like amount on the capital
Operating expenses, maintenance and taxes
2.102,872
1.927.663
stock, no par value, both payable Dec. 29 to holdots of record Dec. 12.
See also V. 138, p. 3611. for further dividend record.
-V. 139, p. 3485.
Net earnings
$791,467
$707.867
Other income
244,003
Neisner Brothers, Inc.
246,277
-Sales
1033
1934
Net earnings including other income
$1,035,470 $1,044,145
January
$984,463
$793,048
Lease rentals
12,000
12,000
February
831.704
958,105
Interest charges-net
876,198
870,595
March
924,976
1,562,676
Appropriation for retirement reserve
147,272
59,522
April
1,278.039
1.300.074
May
1,363,374
1,706,901
Net income
Nil
$102,027
June
1,311,135
1,579,663
-V. 139, p. 3160.
July
1,153.910
1.157,604
August
1,148,592
1,203,248
Moxie Co.
-Earnings
September
1,249.223
1,296,517
October
Years Ended Sept. 301.296,191
1934
1,412,088
1933
1932
November
Net sales
1,295,611
$1,032,174
$973,254 $1,506,162
1,375,014
Cost of goods sold (Incl. selling, adver.
11 months ended Nov. 30
and administrative expenses)
959,581
x$14,567,722 $12.645.803
1,044,885
1,469,737
x Estimated figures.
-V. 139, p. 3003.
Income from operations
$72,593 loss$71,631
$36.425
Nevada Northern Ry.-Earnings.Other income
4,292
8,397
15,224
October1934
1931
1932
1933
Total income
$76,885 loss$63,234
Gross from railway
$51,649
$42,871
$38,738
$32,210
$30,093
Interest, bad debts, &c
23.955
36,196
Net from railway
25,618
17,003
5,778
5,739
5,797
Non-recurring loss on sale of equip_
Net after rents
22,021
26
12,609
3.634
1,817
Provision for Federal income taxes_
From Jan. 1444
Gross from railway
299.710
417.510
287,148
230.891
Balance of net income
$52,930 loss$99,430
Not from railway
$3,566
69,105
85,110
def2,270
17,655
Previous surplus
277,997
470.420
Net after rents
641,769
37.754
def18,047 def225,640
def29,874
Adjustments
9
Dr92,993
-V. 139, p. 2838.
202
Total surplus
(J. J.) Newberry Co., Inc.
$330,935
-November Sales
$277,997
$645.539
Dividends paid on class A stock
1934-November-1933
175,118
Increase' 1934-11 Mos.-1933
Increase
$3.301,295 $2.935,998
5365,2971534,262,001 $29,078,171 $5,183,830
Earned surplus
$330.935
$277,997
-V. 139, p. 3161.
$470,420
Financial Chronicle
Volume 139
New Orleans Public Service Inc.
-Earnings
[Electric Power & Light Corp. Subsidairyj
Period End. Oct. 311934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$1,230.016 $1,197,837 $15,032,207 $14,871,931
Operat'g exp's incl. taxes
798,265
831,087
9,680,474
9,112,455
Net revs. from oper
Other income
$431,751
1,739
$366,750 $5,351,733 $5,759,476
9,852
7,911
22,736
Gross corp. income_ _ _
Interest & other deduct_
$433,490
238,264
$374,661 $5,374,469 $5.769,328
243,694
2,919,523
2,918,293
Northern Texas Traction Co.
-Abandonment
Permission to abandon the Fort Worth-Dallas Interurban line, which
operates between the two cities since 1901, and to salvage the rails, trolley
and substations, was given A. F. Townsend, receiver on Nov. 26 by Federal
Judge James C. Wilson at Fort Worth, Tex.
The Fort Worth street car and bus service, also owned by this company
was not involved in the order.
The reason given for the abandonment was shrinkage in patronage.
The company's cash loss during the'10 months ended Oct. 21, after paying
taxes and exclusive of charges to interest or depreciation, amounted to
$21,435.
Judge Wilson's order authorized the receiver to sell at public or private
auction all property used in the operatino of the line and convey back to
original owners all right of way which had been granted to the company
with the provision that the land would be returned when the line was
abandoned.
The company is owned by the Northern Texas Electric Co., holding company.
-V. 118. p. 664.
Balance
y$195,226
y$130,967 $2,454,946 $2,851,035
Property retirement reserve appropriations
2,124,000
2,124,000
z Dividends applic. to preferred stock for period
whether paid or unpaid
540,935
544.586
Balance
$186,100
def$213,640
x Dividends accumulated and unpaid to Oct. 31 1934, amounted to $930.318. Latest dividend, amounting to 87-3 cents a share on $7 perferred
stock, was paid Apr. 1 1933. Dividends on this stock are cumulative.
y Before property retirement reserve appropriations and dividends.
Extension of Time to Deposit
The holders of the general lien 4)4% gold bonds are notified that the
directors have extended the time within which holders of the bonds may
become parties to the extension agreement, to and incl. Feb. 1 1935.
As of Nov. 27 insurance companies, banks and individual investors have
deposited under the extension agreement more than $8,200,000 principal
amount of bonds, constituting more than 71% of the total issue outstanding.
The officers and directors believe that under existing conditions the
extension plan is fair and that the bondholders' interests will best be protected by prompt deposit of their bonds.
The plan provides:
(a) upon the deposit of bonds thereunder, for the immediate payment in
cash by the company of all interest coupons maturing on or prior to July
1 1935; and
(b) when the plan becomes operative, for
1 the payment in cash of 10% of the principal amount of the deposited
bonds;
2 the extension of the maturity of bonds to July 11942; and
3 an increase in the interest rate for the extended period to 5%,instead
of 4)4% as at present.
-V. 139, P. 3161.
-Earnings
Northwestern Bell Telephone Co.
Period End. Oct. 31- 1934-Month-1933
1934-10 Mos.-1933
Operating revenues..... $2,472,759 $2,351,548 $23,993,343 $23,450,961
302,851
Uncollectible oper. rev__
102,427
15,011
14,030
Operating expenses_ _ _
1,668,551 17,195,728 16.448.977
1,792,196
Net oper. revenues_ -Operating taxes
1934
$103,659
def10,887
7,377
1933
$97,953
def4,399
9,782
1932
$102,679
402
23,588
1,048,850
74,418
223,791
1,305,791
186,724
286,130
1,887.756
409,626
523,872
$4,166,128 $4,707,449 $5,246,301 $6,113,698
Not income
-Dividends on the preferred stock of Northern States Power Co.
Notes
(Wis.) were discontinued Feb. 28 1933.
$11,490
5,409
$201,147
61,353
$185,498
53,165
$16.135
$6,081
$139.794
$132,333
Net oper. income_ --- 139, p. 3162.
V.
$956,008
344,996
$953,182 $9,764,226 $9,324,566
3,478,743
3,473,099
355.077
$611,012
$598,105 $6,291,127 $5,845,823
Oklahoma Gas & Electric Co.
-Earnings
-12 Mos. End. Oct. 31Gross earnings
Operating expenses, maintenance and taxes
1934
1933
$10,907,814 $10,432,896
5,300,792
5,740,423
$5,132,103
61,160
Net earnings
Other income
A dividend of $1.75 per share on account of accumulations was recently'/
paid on the 7% cum. 1st preference stock, par $100, in Canadian funds
subject to a 5% tax for non-residents. Similar distributions were made
on March 1 and Dec. 1 last. Following the above payments, accruals on
the 1st preference stock amount to $35 per share.
-V. 138, p. 1759.
Net earnings including
$11,610,442 512,147,596 414,193,959 $15,042,292
other income
4,842,448
Interest charges-net_ _ _ 4,844,725
5,812,928
5,800,021
Amortization of debt dis173,428
172,418
207,580
count & expense_ _ _
202,418
Minority interest in net
22,827
21,947
27,148
income of sub. co_ __ _
26,153
Appropriation for rotire2,403,333
2,403,333
2.900,000
2,900,000
ment reserve
$19.297
3,312
Net oper. revenues
Operating taxes
Miles
-
$11,517,270 $12,061,466 414,080,234 $14,941,830
93,172
86,130
113,724
100,461
3,673.350
2,777.062
313.113
177,506
def224,221 def140,729
Ohio Bell Telephone Co.
-Earnings
-
4.
----North American Elevators, Ltd.
--Accumulated DividendA
Net earnings
Other income
124.460
77.411
1934-10 Mos.-1933
Period End. Oct. 31- 1934
-Month-1933
Operating revenues
$2,865,740 $2,751,835 $28,346,692 527,448.586
245.482
Cr16,308
Uncollectible oper. rev__
8,312
33.989
Operating expenses
1,901,420
1.764,664 18,598,774 17,878.538
The company has requested authority of the ICO to build and operate
i
two extensions of its line along the Levisa River in Buchanan County, Va.
bnl nin Theo irto
re . s e la would
e
a loivv
oggregating gl)i
w
j'agities for sransmt
ni de t ts a g
at=
bituminous
produced
upper watershed of the river.
-V. 139. p. 3486.
1
Period End. Oct. 31- 1934-10 Mos.-1933
1934-12 tos.-1933
Gross earnings
$26,331,238 $25,404,363 $31.876,130 $31,050,626
Oper. expenses, main14.813,968 13,342,897 17,795,895 16,108,795
tenance & taxes
$391,4og
1 31
Net oper. income__ _ _
- 139, p. 1560.
V.
The(New York Curb Exchangphas removed from unlisted trading
privileges the class C optional sto
purchase warrants.
-V. 139, p. 2839.
Northern States Power Co.(Del.)(& Subs.)
-Earns.
-
2,393,309
2,794,836
115,289
329,287
53,996 defI81,677
1932
$357.348
111.097
73.908
Net oper. revenues_ - _
Operating taxes
.'Niagara Hudson Power Corp.
-Removed from Unlisted
The directors nave declared a dividend of 32 per share on the ca tal
stock, par $100. payable Jan. 10 1935 to holders of record Dec. 20.- A
similar distribution was made on Aug. I last and compares with $3 per
share paid Jan. 30 last; $2 per snare Nov. 1 1933; $2.50 per share Jan. 9
1933; $3 per share on July 9 1932 and $4.50 per share each six months
from Jan. 10 1928 to and including Jan. 9 1932.-V. 139, p. 452.
1933
$273,741
32,057
7,175
-Earnings
-Ohio Associated Telephone Co.
Net oper. revenues..-- $4,715,476 $4,564,094 $44,211,994 $41,115,917
Operating taxes
1,490,400
1,484,707 15,115,111 12.705,120
Net operating income_ $3,225,076 $3,079,387 $29,096,883 $28,410,797
-Ir. 139, p. 3o86.
-82 Dividend
,.----Northern Securities Co.
1034
$312,013
44,462
16,104
1934-10 1i4'os.-1933
Period End. Oct. 31- 1934-Month-1933
$506,412
$505.228
Operating revenues_
$42,534
1150.07
8,074
8,659
854
Uncollectible oper. rev
865
312,840
295,422
30,190
Operating expenses_ _ _ 30,535
$16,158,551 $15,755,062 5155585,742 5153935,076
100,085
130,764
902,885
1,481.864
11,342,990 11,060,204 110,470,863 111,337,295
Application was filed with the Interstate Commerce Commission Dec.6
for the approval of a Reconstruction Finance Corporation loan of $10,500.000 for 20 years for the purpose of completing the road's original 331-mile
project between Miles City, Mont., and Casper, Wyo. The project was
abandoned in 1924 after the completion of 47 miles.
The company,in receivership since 1924, has an authorized capital stock
of$12.000.000 and ,since its incorporation in 1923,has confined its operation
to the 47 miles between the Salt Creek oil field and the lines of the Northwestern and Burlington Railroads.
It was pointed out by It. E McNally, receiver for the company, in
support a his application, that the project if completed, would make
an ideal feeder line for either the Chicago, Milwaukee, St. Paul & Pacific
or the Northern Pacific Railroads. The present property of the applicant.
Is valued by the ICC at $1,307.379.-V. 139. p. 2057.
$4,743,326
The directors have declared an extra distribution of $1.20 Per sh
in add tion to the usual monthly dividend of 10 cents per share on the
common stock, par $20, both payable Dec. 15 to holders of record Dec. 6.
Extra distributions of 30 cents per share were made on Dec. 15 and Nov. 15
1933.-V. 139, p. 1095.
New York Telephone Co.
-Earnings
-Period End. Oct. 31- 1934-Month-1933
1934-10 Mos.-1933
& South Ry. of Wyo.-Seeks RFC Loan
-
$460,152 $4,460,991
-Extra Dividend--Oahu Sugar Co., Ltd.
New York Railways Corp.
-Earnings
-
Norfolk & Western Ry.-Would Build 38
$464,425
Northwestern Pacific RR.
-Earnings.-
Period End. Oct. 311934
-Month-1933
1934-10 Mos.-1933
Gross earnings
$473,996
$447,522 $4,408.126 $4,238,157
* Surp. after charges__ _
29,985
36,816
205,860
115,232
* These figures include certain interest on bonds and sinking fund requirements of controlled companies (for which New York Railways Corp.
states it has no liability) which are in default, and exclude interest on
income bonds which has not been declared.
-V. 139, P. 3003.
Operating revenues
Uncollectible oper. rev
Operating expenses
$667,986 ;6,695,188 $6,699,133
1,955.807
2,234,197
207,834
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1Gross
Gro from railway
Net from railway
Net after rents
- 139, p. 2839.
V.
1931
$175.775
27.636
38,760
1,395.960
306,467
446,636
$666,533
202,108
Net oper. income_.- 139. p.2084.
V.
New Orleans Texas & Mexico Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 3486.
3647
No provision has been made in the foregoing statement for taxes imposed
under the terms of the North Dakota gross receipts tax law enacted in 1933.
which, in the opinion of counsel for the company, is unconstitutional. The
taxes so imposed are estimated to be approximately $60.000 for the calendar
year 1933 and $80,000 for the calendar year 1934. A temporary injunction
has been issued restraining the assessment of these taxes. On Oct. 26 1934
the U. S. District Court for the District of North Dakota handed down an
oral opinion in favor of the company holding the said gross receipt tax
to be unconstitutional.
-V. 139, p. 3161.
$5,167,391
35,161
Net earnings including other income
Interest charges-net
Amortization of debt discount and expenses
Appropriation for retirement reserve
$5,202,552 $5,193,264
2,264,230
2,264,309
200,000
200.000
950,631
950,000
Net income
-V. 139, p. 3162.
$1,788,322 $1,778,323
-Consolidated
Oldetyme Distillers Corp. (& Subs.)
Balance Sheet as of Jan. 31 1934AssetsLtabiZetesCa-1h
3687,434 Accounts payable
Notes &accts.receivable
x66.330 Accrued taxes
Advs. made on whiskey MirRents received in advance____
chase contracts
140,000 Reserve for contingencies__
Cash value life insurance
63,770 Common stock (Par $1)
z Cap. stk. of Distillers Corp.Capital surplus
Seagrams, Ltd
176,481
Miscellaneous assets
ts
Capita.assets
y176
Good-will
1
Deferred charges
25,698
$4327:453765
1,733
20,000
268,934
982,643
Total
$1,343.323
31,343,323
Total
z After reserve for doubtful notes and accounts receivable and adjust
ments of $19,000. y After reserve for depreciation provided since JULIO 1
1932 of $18,524. Z 7,550 shares at quoted market value at Jan. 31 1934.
-V. 138, p. 160.
` ---Oliver Farm Equipment Co.
--To Extend Bank Loans
The bankers agreement, under which the company has been operating
since its reorganization late in 1930,is expected soon to be formally extended
for another year, according to a Chicago press dispatch which further states:
"Representatives of the banks and the company have met and the
understanding is that the agreement will be put through for 12 months.
Formal papers, however, have not yet been presented.
The company's total bank loans now are reported to bounder $7,500.000.
against $8,625.000 as of the last year-end and $16.700.000 at the time of the
reorganization. This 50% slash achieved during four dull years displays the
underlying strength, even in adverse times, of the major firms selling to the
rural trade.
Wig
"With 1935 giving promise of being the best year for agricultural machinery makers since 1930, the outlook for Oliver is proportionately enhanced. The company has drastically cut operating expenses in the past
years, and also has written off huge sums as losses.
While the bankers agreement on Oliver's loans strikes an encouraging
note at this time there is also some likellhood that its debt burden may be
further lightened for the time being.
"One banker connected with the situation thinks a refunding of the
bank loans into bonds would be a logical step which, he states, may be
given consideration by the bankers concerned. It is stated that such a possible refunding would be a matter between the management and the
bankers only.
-V. 138, p. 3613.
.
Financial Chronicle
3648
Oregon Short Line RR.-Earnings.October1931
1932
1934
1933
Gross from railway
b2,370,173 $2,439,285 $2,299,447 $2,657,484
Net from railway
1,198.711
1,101,161
1,010,265
1,124,210
Net after rents
796,851
707,394
781,058
633,548
From Jan. 1
Gross from railway
17,855,062 16,668,564 16,925.698 23,216,868
Net from railway
6,341,425
5,324,513
5,828,980 5.806,092
Net after rents
2,561,045
1,952,654
2,689,025
2,564,910
-V.139, p. 2840.
Oregon-Washington RR. & Navigation
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 2840.
Co.-Earns.1931
1932
1934 ire
1933
$1,299,707 $1,154,052 $1,668,753
$1,485,170
499,786
320.973
198,778
444,721
176,021
193.820
45,642 def78,249
12,938,012 11,079,336 11,181,273 16,748,292
1,404,425
2,750,408
2,883.994
2.180,192
495,571 def264,341def1,208,977 def180,408
Oregon-Washington Water Service Co.
-Earnings
12 Months Ended Oct. 31Gross corporate income (balance before interest, depreen, &c.)
-V. 139, p. 3004.
1934
$190,901
1933
$201,705
1932
$228,861
Panhandle & Sante
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 2840.
Fe Ry. Earnings.1934
1933
1932
1931
$838,002
$919.749
$789,669 51,088,573
346,965
401,468
277,366
433.446
271,739
277,664
153,582
292,137
7,514,261
2,658,876
1,540,797
6,994,493
2.141,199
979,924
6,949,111 10,223,996
1,342,239 3,076,842
def3,916
1,488.409
'Paramount Publix Corp.
-Reorganization Plan Proposed
-A plan for the reorganization of the company, drawn up
under the provisions of Section 77-B of the Bankruptcy Act,
was submitted Dec. 3 to Judge Alfred C. Coxe in the U.S.
Ditsriet Court for the Southern District of New York.
The Court has set Dec. 27 for a hearing on the proposed
plan. At that time the trustees and the creditors will be
required to show cause why it should not be put into effect.
An introductory statement to the plan affords the following:
Business and Corporate Structure
Prior to November 1932. the debtor engaged (in part directly and in part
through subsidiaries) in all branches of the business of production, distribution and exhibition of motion pictures. Since November 1932, the
debtor has been a holding company. Through the Picture Group,[Paramount Pictures Corp.; Paramount Productions, Inc.; Paramount P'ictures
Distributing Corp.: Paramount International Corp .and their substantially
wholly owned subsidiaries, which corporations are primarily engaged in the
business of producing and distributing motion pictures or control, through
stock ownership, corporations so engaged], it has conducted the business
of producing motion pictures and distributing them in all peas of the
world. Through other subsidiaries it has engaged in the exhibition of motion
pictures, largely in the United States and Canada, with some theaters in
England and France. The theaters in which it has interests of varying
Character,exceed 1,100 In number.
Prior to its ieceivership the debtor had appoximately 500 subsidiary and
affiliated corporations. In addition to the receivership and bankruptcy
of the debtor, a number of its theater owning subsidiaries are in receivership or bankruptcy. Some of them have been reorganized during the
receivership and bankruptcy of the debtor, and others are now in process of
reorganization. Many of the important subsidiaries, including the Picture
Group, have remained solvent.
t
•
The Old Broadway company (Paramount Broadway Corp.) is a whollyowned subsidiary of the debtor and is owner of the Paramount Building
(including the Paramount Theater) at Broadway and 43d Street,N.Y.City.
Assets
Because of the very complicated corporate structure of the enterprise
and because of the changing status of many of the subsidiaries it has been
impracticable to obtain a detailed audit or appraisal of the consolidated
assets of the debtor and all its subsidiary and affiliated corporations at any
particular time, or a detailed audit of their consolidated financial position
at any time since the receivership. Furthermore, an appraisal of the fixed
assets would,in any event, not be of practical value. The ordinary measure
of real estate values cannot be exclusively applied in measuring the fixed
asset value of theater properties, as a substantial part of the value of the
theater properties in which the debtor is interested arises, first, because
large numbers of theaters are operated together in groups or chains,thereby
enhancing their going-concern value, and, second. because these theaters
furnish a substantial and assured part of the outlet for motion pictures
manufactured and distributed by the Picture Group
The aggregate of(1) the debtor's interest in its subsidiary and affiliated
companies, not in receivership or bankruptcy, and for which financial
reports are available, as taken from the books of each such subsidiary or
affiliated company itself (after deducting all book liabilities other than the
bank debt, with interest thereon);(2) the book value of the investments of
the debtor in other subsidiary or affiliated companies not in receivership
or bankruptcy; (3) the estimated value of the debtor's interest in companies in receivership or bankruptcy. and (4) the book value of other
assets of the debtor, amounted as of Sept. 29 1934 to $89,471,587. This
figure excludes all items of good-will.
The estimated consolidated balance sheet (see below) of the debtor and
subsidiaries not in receivership or bankruptcy, before reorganization, based
on unaudited financial statements as of Sept. 29 1934, includes suggested
new reserves of $14,000,000 against book values,leaving the stated amount
Of the consolidated assets, before deducting claims against the debtor in the
reorganization proceeding, and before deducting costs of administration
and reorganization, at approximately $75,000.000.
Included in the consolidated assets of the debtor and its wholly owned or
substantially wholly owned subsidiaries not in receivership or bankruptcy,
at Sept. 29 1934, was cash aggregating approximately 317.071,146. and the
film inventory [includes cost of unreleased completed pictures and pictures
In process, value of released pictures after reserves for exhaustion, story
rights, scenarios, &c.], of the Picture Group having a book value of $14,484,887, after what are believed to be conservative charges for exhaustion.
While it may not be completely clear that all of the properties of the
estate will be of value to the new company, it has been assumed that substantially all of the present assets of the debtor will be vested in the new
company and that the present subsidiaries will retain their present corporate
form, or, as a result of reorganization,substantially all their assets,leaving
for later consideration whether any part of the assets either of the debtor
or of any of its subsidiaries shall be abandoned or otherwise disposed of.
Earnings
The consolidated earnings of the debtor and its subsidiaries, after taxes,
for the years 1928-1931, inclusive, as certified by Price, Waterhouse &
Co., were as follows: 1928, $8,713,063; 1929, $15.544.544; 1930, $18,381,178; 1931. 86,345,487.
No audited consolidated statements in respect of the operations of the
debtor and its subsidiaries for the year 1932 were ever prepared. It has been
estimated that there was a loss in 1932 of approximately $21,000,000,
of which approximately $9,600,000 was incurred in the production and
distribution business due in part to decrease in foreign exchange rates, to
liquidation of production activities in France, and to extraordinary writedowns of film inventory because of the drop in film rentals.
The combined net operating earnings of the consolidated subsidiaries
[exclusive of Olympia Theatres, Inc.; Saenger Theatres, Inc., and Minnesota Amusement Co., which are in receivership or reorganization proceedings, and also excluding profit or loss from foreign exchange losses
of the Old Broadway Company and net losses of subsidiaries which are
inactive or the future status of which is uncertain,and excluding net capital
gains and losses], after all charges (except the claim for interest on the
Dec. 8 1934
bank debt), but before Federal income taxes, for 1933 and the first nine
months of 1934. as computed from reports furnished by the accounting
staff of the debtor and its subsidiaries, have been as follows: x
-Year 1933
First 9,Mos. 1934
Net
Net Cash
Net Cash
Net
Operating
Operating
from
from
Operations Earnings
Operations Earnings
Picture Group and substantly wholly-owned
foreign subs, of the
debtor, excl. profit or
lossfrom for,exchange $6.796,000 $5,852,000 $4,716,000 84,048,000
Theater & other cos., Including dive,from noncense'. cos., but excl.
the Old Broadway Co.
& cos. inactive or the
future status of which
is uncertain
482.000
2,324,020 def160,000 2,244,000
Total from cos. which
will probably remain
in operation on present basis
$9.120,000 $5,692,000 $6.960,000 $4,530,000
x Figures given for Picture Group for 1933 are for 12 months to Jan. 27
1934 (the year following receivership) for domestic business and for 12
months to Dec. 30 1933 for foreign business. Figures for foreign subs. for
1933 are for 11 months to Dec. 2 1933. For the first nine months of 1934.
figures for domestic business of the Picture Group are for nine months to
Sept. 29 1934 and fir foreign business of the Picture Group and foreign
subsidiaries are for nine months to Sept. 1 1934.
Earnings figures for the third quarter of 1934 for the Picture Group and
said foreign subsidiaries, adjusted to the same basis as the above figures in
respect of 1933, indicate for that Group and for such subsidiaries net
earnings for the third quarter of 1934 of approximately $574,000. as compared with approximately $918.000 in the third quarter of 1933. Preliminary
earnings figures for the Picture Group for the fourth quarter of 1934 to date
indicate a substantial continuing decline as compared with the same period
In 1933.
Estimated reserves for Federal income taxes in respect of earnings for the
first nine months of 1934 are $525,302. The above earnings are exclusive of
earnings of the debtor (arising largely from the distribution of old pictures,
which, however, are relatively small in amount and are expected to disappear in the near future) and exclusive of charges on the books of the
debtor (which are believed to be largely non-recurring), and do not take
into account any accruals for interest or other obligations of the debtor
which are not also obligations of subsidiaries. The dividends from nonconsolidated companies included in such figures amount to $90,000 in 1933
and to $219,000 in the first nine months 011934: certain of such dividends
were,in each period,in excess of the debtor's share in the net earnings for
such period of the companies declat Mg such dividends.
Profit from foreign exchange amounted to $1,579,000 in 1933, and to
$8.000 in the first nine months of 1934.
Net operating losses of the Old Broadway Co. amounted to $720,000 In
1933,and to $530,000 in the first nine months of 1934. It is expected that,
with the benefit of reduced interest charges on the new Broadway bonds,
[the bonds to be issued by the new Broadway company pursuant to plan],
such losses will be reduced, and that such reduction will be more substantial
if the new Broadway company writes off original cost of property to the
extent of the reserve of $3.800,686 suggested.
Net operating losses of companies which are inactive or the future status
of which is uncertain amounted to $1,593,000 in 1933, and to $529,000 in
the first nine months of 1934. It is expected that,upon elimination ofcertain
companies and completion of pending subsidiary reorganizations, a substantial portion of such losses will be eliminated.
The approximate net capital losses excluded in the above earnings figures
amounted to $1.695.000 in 1933,and to $86.000 for the first nine months
Of 1934 in respect of active companies, and to $9.621,000 In 1933. and to
$911.000 in the first nine months of 1934 in respect of inactive companies
and those the future status of which is uncertain.
Claims-Against the
-Debtor's Estate
The total amount of claims filed in the bankruptcy proceeding and(or)
reorganization proceeding up to Nov. 28 1934, after eliminating duplications and exclusive of claims for indeterminate amounts, was $297,702.162. [While the time for filing of claims in the reorganization proceeding expired on Sept. 15 1934, six claims aggregating $153,144 were
filed after that date and up to Nov. 28 1934, by special leave of the Court
and additional claims may hereafter be filed by like leave of the Court.
er
Of this amount $178,543,654 was represented by the claim filed in respect
of the $8,875,000 principal amount of Paramount Broadway Corp. 1st
mortgage 5%% bonds, and $23,644,255 was represented by the claim filed
by the trustees of Allied Owners Corp. Upon consummation of the settlements heretofore negotiated by the trustees, which as set forth in Article III
it is proposed to carry out as parts of the plan, the claim against the debtor's
estate in respect of the Old Broadway bonds will be eliminated, and the
claim filed by the trustees of Allied Owners Corp. will be reduced to $5,000:
000. Deducting the amount ofsuch contemplated elimination and reduction
the total claims figure would be reduced to $100,514,253.
In addition, up to Nov. 28 1934, claims have been eliminated or reductlons effected, by negotiations or litigation conducted by the trustees,
or otherwise, in an aggregate amount of $16,891,401.
Of the remaining $83.622,853 of claims, $5,720,413 is represented by
claims of wholly owned subsidiaries of the debtor which it is proposed to
release or otherwise deal with under the plan on a basis not involving the
issue of new securities. Deducting this amount leaves a figure of $77,902.440.
Of this $77,902.440, the claims dealt with in Article III of the plan, in
addition to the claims in respect of the old Broadway bonds and the claim
of the trustees of Allied Owners Corp. above mentioned, are as follows
.
$13,529,316
Bank debt
Claim in respect of Paramount Properties bonds
2,750,000
Claim on Paramount Land Corp. notes
816,667
Claim in respect oflease on theater property at Jacksonville. Fla.
786.256
Claim in respect oflease on theater prop. at St. Petersburg, Fla_
602.114
Claim in respect oflease on studio, &c., at Long Island
886.
709
Claims in respect of bonds & debs.of G. B.Theatres Corp
City- 1,397,408
$20,768,469
Amt. to be allowed in respect of Allied Owners claim, pursuant
to Article III of the plan
5,000.000
$25,768,469
Total
Deducting these claims from the figure of $77,902.440 above stated,
and deducting also the claims filed in respect of the old debentures aggregating $25,835,572 [$11,918.000 Paramount Famous Laskey Corp. 6%
bonds due 1947, and $13.259,000 Paramount Publix Corp. 534% bonds due
1950, plus accrued unpaid interest], and the priority claims aggregating
$145,788, leaves general claims aggregating $26,152,612.
While the foregoing amounts include some claims for interest, they are
exclusive of varying amounts of interest to Jan. 1 1935, to be Included
in claims as dealt with in the plan. They are also exclusive of claims for
indeterminate amounts and claims which may hereafter be filed by leave
of the Court.
On the other hand, of said $26,152,612 of general claims, approximately
75 claims, aggregating approximately $25,000,000, have not been finally
allowed or conceded by the trustees. In respect of a number of these define,
as well as of claims for indeterminate amounts, and in respect of certain of
the claims dealt with In Article III of the plan, the trustees are carrying
on, or may, prior to the carrying out of the plan, undertake, negotiations
for elimination or reduction by payment in cash, the making of new leases
or operating contracts, or otherwise. Any special settlement made with
respect to any such claim will be subject to the approval of the Court in
the reorganization proceeding and, if so approved, will be binding on the
new company.
It is hoped that such a reduction in the claims will be effected, either by
negotiation or by litigation, that the aggregate amount of priority claims,
general claims, old debentures, old bank debt, [that part of the bank debt
equal, in the ease of each of said banks, to the amount of the indebtedness,
if any, of the debtor to such bank prior to the issue of the bank debt and
repaid out of the proceeds of the bank debt, aggregating $8,750,000 principal
amount], and other claims dealt with under Article III of the plan and
which are ultimately treated on a parity with general claims, including
Interest to Jan. 1 1935. to the extent provided in the plan, will not exceed
Volume 139
Financial Chronicle
$55000,000. The plan provides that it shall not be carried out unless and
until such aggregate, including such interest, but exclusive of claims
the
asserted for indeterminate amounts at the date of final confirmation of the
plan and of claims heretofore filed and based upon alleged violations of
more than 565,000.000.
anti-trust laws, shall be reduced to not
Cash Requirements
The trustees held cash as of Sept. 29 1934, amounting to $3,969,856.
addition, the consolidated cash of the wholly owned or substantially
In
wholly owned subsidiaries of the debtor not in receivership or bankruptcy
as of Sept. 29 1934, amounted to approximately $13,101,290. This latter
(which
sum is, however, widely distributed among the numerous companiesbelow),
had as of Sept. 29 1934, current liabilities in the amounts stated
and it would seem advisable to retain the entire amount for the operations
and capital and other commitments of the various companies.
In this connection it should be pointed out that certain amounts are
annually required for capital renewals and also that the combined balance
.sheet of the consolidated subsidiaries as of Sept. 29 1934, shows mortgages,
bonds, purchase money obligations and other capital liabilities of such
subsidiaries. (including an item of net accrued expenses in connection with
capital liabilities of subsidiaries which are in process of reorganization
estimated to constitute current liabilities), amounting to 546,910.616.
Some of these obligations may be eliminated as obligations of consolidated
subsidiaries pursuant to pending reorganizations or eliminations of such
subsidiaries. Some fall due from year to year and funds may be required to
meet them, but the obligations are either spread over a large number of
years or the amounts which the respective subsidiaries are expected to have
available as the result of charges for depreciation are substantially sufficient to take care of their maturing capital commitments. In addition to
the underlying obligations which mature from year to year, there are in the
case of certain of the subsidiary companies wholly matured or demand
mortgage obligations, a substantial portion of which it is expected can be
renewed or continued.
For the payment of the new bank debt, [that part of the bank debt, in
respect of each of said banks,in excess of the old bank debt, if any, held
by such bank, aggregating $4,618,932 principal amount], under the pro.
visions of the plan, for expenses of administration of the estate of the
debtor and of reorganization, including the reorganization of subsidiaries
is
now pending, and for the corporate purposes of the new COmpany, it as
estimated that, in addition to the cash held by the trustees ($3,969.855
of new money should be
of Sept. 29 1934), approximately $6,500.000
provided. This amount is exclusive of cash, if any, which may be required
under Articles X and XII of the plan.
Desirability of Early Reorganization
In every year of its operation since 1927 to the receivership, except 1932.
the consolidated net earnings of the debtor and its subsidiaries (after all
charges and taxes) exceeded 56,345,000, and, eliminating 1932, averaged
over $12.000,000.
Despite the handicap of receivership and bankruptcy proceedings, combined net operating earnings in 1933 of the debtor's consolidated subsidiaries (excluding the old Broadway company and subsidiaries which were
inactive or the future status of which is uncertain and excluding foreign
exchange profits and losses. and net capital gains and losses), after all
charges but before the imerest chargeable to one of the subsidiaries on the
bank debt and before Federal income taxes, exceeded $5.690.000 (including
$90.000 in dividends from partly owned companies).
It Is estimated that earnings for 1934 on the same basis will not equal
those for 1933.
It is believed that an early reorganization, and the consequent removal
of the handicap of bankruptcy should increase the efficiency of the enterprise and result, under comparable conditions in the industry, in increased
net operating earnings. Earnings for 1933 and 1934 appear to be at an
annual rate sufficient to provide a substantial return upon, and substantial
amortization of, the estimated amount of claims entitled to participate
in the reorganization proceeding. Under these circumstances, it would seem
that a reorganization should promptly be effected.
To that end protracted negotiations have been carried on by the Vanderlip
debenture conunittee, the bank creditors' committee, the merchandise
creditors' committee, the Broadway bondholders' committee, the stockholders' committee, the petitioners in the reorganization proceeding and
others interested In the estate of the debtor. The debtor believes, although
the plan has not been approved and adopted by any of the above committees, that the plan embodies the principles which have been agreed to
in such negotiations.
The Bank Debt
In March 1932, the debtor owed $9,600,000 to various banks on current
order to provide funds to pay off these current borrowings and
loans. In
for the completion of its program for production of pictures, the debtor
by agreement dated March 29 1932. arranged a bank credit available for a
year of up to approximately $14,000,000, utilizing a portion thereof immediately to repay the $9,600,000 which was then owed to the banks.
The banks joining in this credit included some, but not all, of the banks
which held maturing obligations of the detitor, and in addition banks to
which the debtor was not then indebted. Subsequently the debtor further
availed itself of the credit so that the principal amount used aggregated
513.368,932.
The agreement of March 29 1932. provided that the debtor would sell
certain assets (films and net rentals from films) to Film Production Corna wholly owned subsidiary, that Film Production Corp. would issue its
notes to the debtor in payment therefor, and that the banks would, in turn,
buy the notes for cash upon endorsement by the debtor. The assets thus
sold to Film Production Corp. had, at the commencement of the bankruptcy Proceeding, a book value, and, it is believed, an actual value.
materially In excess of the bank debt. The agreement also provided that
Film Production Corp. would engage in no business except with tne debtor.
and that obligations incurred to the debtor would, in the event of nonpayment of the notes when due, be subordinated to the notes. By a !weaned productoin-distribution agreement of March 30 1932, Film Production Corp. arranged for the completion by the debtor of motion pictures
included in the assets sold to it, the production of future motion pictures,
and the distribution by the debtor of the motion pictures so producd.
On or about Nov. 1'' 1932, the debtor consummated the segregation of
the producing and distributing branches of its business by the organization
corporations
of the Picture Group and the vesting in the severaldistributing of that
branches
Group of the assets employed in the producing and
of its business. This segregation had been under contemplation by the
debtor's directors for some time and was deemed advisable by them both
as a matter of internal administration and as a means of protecting the
branches of the business as
good-will of the producing and distributing
going concerns. In connection with this segregation, agreements were
entered into under date of Nov. 17 1932, substituting members of the
Picture Group for the debtor in connection with various obligations of the
debtor under the production-distribution agreement.
In an action brought in June 1933, in the U. S. District Court for the
Southern District of New York, the trustees have attacked the agreement
the agreeof March 29 1932. the production-distribution agreement andasserting in
ments of Nov. 17 1932, and the claims of the banks thereunder,
status of the bank debt was that of a general unsecured
substance that the
claim against the estate of the debtor. In the action the trustees also seek
paid by the debtor
to recover from the banks all interest and commissions
in connection with the bank debt.
Because of the complexity of the questions of law and fact involved, it is
believed that a final determination of the rights of the parties in this action
could not be had without protracted litigation.
The plan proposes that the dispute as to the status of the bank debt shall
he compromised by the payment of the new bank debt in full in cash, the
treatment of the old bank debt on a basis part pagan with the old debentures
the
and general claims, the dismissal of the trustees' suit andpast release of all
payments in
claims against the holders of the bank debt in respect of
therewith.
connection
Claim of Trustees of Allied Owners Corp.
between New York
Pursuant to an agreement dated Jan. 27 1927, Starrett Co. and
the
Inc. (then Realty Associates), Thompson
Investors,
acquired by Allied Owners Corp. (a whollydebtor, theater sites were
the following theaters
owned subsidiary of New York Investors, Inc.), and
N. Y.; Alabama
were erected thereon: Paramount Theatre, Brooklyn,
Theatre, Birmingham, Ala.; Paramount Theatre, Fremont, 0.; ParaTheatre, Glens Falls„ N. Y.,• Pitkin Theatre, Brooklyn, N. Y.;
mount
Brooklyn, N. Y,
Valencia Theatre, Jamaica, N. Y. and Kings Theatre, in each year for 15
to Allied Owners Corp.
,
P. The debtor agreed to pay
equal to 10% of the "capital account." as defined in said
years an amount
an
agreement. In the case of theaters in Greater New York, and the amount
in
case of
equal to 10%% of the "capital account," as so defined, at the end of
New York, and in addition, to pay
theaters outside of Greater
3649
15 years a final payment of 509' of such "capital account" against conveyance to the debtor of title to such theater properties. The "capital account"
as so defined included, in addition to the actual cost of the sites and the
theaters, an amount equal to 4% of such cost for financing and 7%% of
such cost for promoters' fees.
Pursuant to said agreement, leases covering the above mentioned theater
properties were executed between Allied Owners Corp., as landlord, and
the debtor, as tenant, at rentals equal to the annual payments above
mentioned. Said agreement provided that any party thereto or Allied
Owners Corp. might, at any time and from time to time, treat the abovementioned payments as payments on account of the purchase of land and
building or as payments of rent or as part payment of each. It further
provided that until all such payments should have been made the relation
of Allied Owners Corp. with the debtor should be that of landlord and
tenant.
On Nov. 15 1927, the debtor assigned to Loew's Theatre & Realty Corp.
its rights under the leases relating to the Pitkin, Valencia and Kings theaters,
and Loew's Theatre & Realty Corp.assumed all the obligations of the debtor
in respect of such leases, the faithful performance of the obligations so
assumed being guaranteed by Loew's, Inc.
On July 15 1932. in consideration of the deferment by Allied Owners
Corp. of the payments due on July 1, Aug. 1 and Sept. 1 1932. in respect
of the four remaining theater properties, the debtor purported to assign to
Allied Owners Corp. the guaranty by Loew's, Inc., and the sub-lease from
the debter to Brooklyn-Manhattan Transit Co. in respect of the greater
portion of the office space in the Paramount Theatre Building in Brooklyn.
The debtor defaulted on the payments due in respect of such four remaining
theater properties on Jan. 1 1933, and on JUJU, 1 1933, Loew's Theatre &
Realty Corp. defaulted on the payments due in respect of the Pitkin,
Valencia and Kings theater properties.
The total amount payable pursuant to the agreement of Jan. 27 1927. as
asserted in the claim filed by the trustees of Allied Owners Corp., aggregates
$29,735,016, of which $6,544,886 had been paid prior to June 16 1934. The
trustees of Allied Owners Corp. (it having become bankrupt in 1933 and
-II of the Bankruptcy
a petition for reorganization pursuant to Section 77
Act having been filed in respect thereof in 1934) have filed a proof of claim
in the reorganization proceeding for the unpaid balance of V..3,190.129,
plus interest to June 16 1934, on past due instalments amounting to $77,754
and unpaid taxes and penalties to June 16 1934, amounting to $376.371,
or a total claim for $23,644,255. Of this amount 311.000,308. Is claimed in
respect of the three theater properties the leases of which were assigned
toLoew's Theatre & Realty Corp. and $12,643,947 is claimed in respect
of the four theater properties retained by the debtor. The annual payments
provided for in respect of such four properties are $794,517 in each year,
and the final 50% payment is $3,972,585.
The obligation of Loew's Theatre & Realty Corp. and of Loew's, Inc.,
In respect of the Pitkin, Valencia and Kings theater properties has been the
subject of litigation by the trustees of Allied Owners Corp. but a settlement of such litigation has been reached, subject to confirmation thereof
in the proceeding for reorganization of Allied Owners Corp., upon a basis
involving the sale of such properties to Loew's Theatre & Realty Corp. It
Is believed that the settlement between the trustees of Allied Owners
Corp. and the Loess companies will necessarily result in a release of the
obligations of the debtor in respect of the Pitkln, Valencia and Kings
theater properties.
The trustees filed objections to the claim of the trustees of Allied Owners
Corp. in the bankruptcy proceeding but no proceedings have been taken
to date in connection with such objections or in connection with the claim
as filed in the reorganization proceeding. The magnitude of the claim, the
complexity of the issues of law and fact involved, and the likelihood that
the claim would, after litigation, be sustained in a substantial amount,
made settlement desirable. The trustees therefore negotiated with the
trustees of Allied Owners Corp. for a settlement on the basis outlined in
the plan.
The plan proposes to give effect to such settlement by providing for the
issue of the same amount of new securities which would be issued to the
holders of $5,000,000 of old debentures or general claims (without interest),
the payment of $150,000 in cash (being in respect of a claim for use and
occupancy by the trustees), the purchase of the Alabama Theatre at Birmingham, Ala., and the leasing of the Paramount theaters at Brooklyn,
N. Y.; Fremont, 0., and Glens Falls, N. Y upon the terms set out in
the plan.
Digest of Reorganization Plan
(I) Claims and Interests to Participate in the Reorganization
The total amount of claims filed in the bankruptcy proceeding and (or)
reorganization proceeding has been reduced, or upon consummation of
settlements heretofore negotiated is expected to be reduced, from $297.702.162 (as of Nov. 28 1934) to $83,622,853. Said remaining claims are
disposed of under the plan as follows:
55,720,413 Is represented by claims of wholly-owned subsidiaries of the
debtor which it is proposed to release or otherwise deal with on a basis not
involving the issue of new securities;
525.768,469 represents claims dealt with under Article III of the plan, in
addition to the claim on the old Broadway bonds;
$25,835,572 represents claims filed in respect of old debentures;
$145,788 represents priority claims; and
the balance of $26,152,612 represents general claims.
A roximately 75 of said general claims, aggregating approximately
as filed (again, exclusive or claims for -indeterminate amounts),
$25,111
have not been finally allowed or conceded by the trustees.
It is estimated that the additional interest accruing to Jan. 1 1935. to
the extent provided in the plan in respect of the old bank' debt, the old
debentures and the general claims as filed, aggregates approximately
$6,500.000.
Is Additional claims which may be entitled to participate in the reorganization are claims for indeterminate amounts and claims which may hereafter
be filed by leave of the Court.
It is hoped that a reduction in the claims will be effected, either by
negotiation or by litigation, that the aggregate amount of priority claims,
general claims, old debentures, old bank debt and other claims dealt with
under Article III of the plan and which are ultimately treated on a parity
with general claims, including interest to Jan. I 1935. to the extent
provided in the plan, will not exceed an aggregate amount of $55,000.000.
The plan shall not be carried out unless and until such aggregate amount
of all priority claims, general claims, old debentures, old bank debt and
other claims dealt with under Article III of the plan and which are ultimately treated on a parity with general claims, including interest to
Jan. 1 1935, to the extent provided in the plan, but exclusive of claims
asserted for indeterminate amounts at the date of final confirmation of the
plan and of claims heretofore filed and based upon alleged violations of the
anti-trust laws,shall be not more than $65.000,000.
Holders of the common stock of the debtor, outstanding in the amount
of 3,220.903 shares,shall also be entitled to participate in the reorganization.
(//) Executory Contracts Obligations and Liabilities of the Trustees
The new company will be deemed to have assumed such of the contracts
of the debtor which are executory in whole or in part. including unexpired
leases, as shall have been affirmed or adopted by the trustees prior to the
date of confirmation of the plan, and also all executory contracts of the
trustees and other obligations and liabilities incurred by them in the administration of the estate. All other executory contracts of the debtor
shall be deemed to have been rejected and disaffirmed by the plan.
(III) Treatment of Obligations of Subsidiaries Also Constituting Claims
Against the Debtor and of Obligations in Respect of Specific Properties
(1) Old Broadway Bonds
$8.875,000, of old Broadway bonds are outstanding. These bonds,
dated Jan. 1 1926 are guaranteed by the old Broadway company and are
secured by a mortgage upon the Paramount Building at Times Square.
N. Y. City. The debtor was the lessee of the entire mortgaged property
under a lease, and a claim for $178,543,654 was filed In the bankruptcy
proceeding in respect of the old Broadway bonds.
The trustees negotiated with the Broadway bondholders' committee for a
settlement of this claim and entered into an agreement dated July 25 1934,
subject to the approval of the Court in the reorganization proceeding,
with the Broadway bondholders' committee, the old Broadway company,
the debtor, Paramount Productions, Inc., Paramount Pictures Distributing
Corp. and Paramount International Corp., providing for the recommendation to the holders of old Broadway bonds of a settlement of their
claims.
In full settlement of all claims of the old Broadway company, the debtor,
the trustees and the holders of and the trustee for the old Broadway bonds
against one another, there will be issued to holders of old Broadway bonds,
against surrender of their old Broadway bonds (with July 1 1933, and all
subsequent interest warrants attached), a like principal amount of new
3650
Financial Chronicle
Broadway bonds which will be the obligations of the new Broadway company, which will be a wholly-owned subsidiary of the new company and
will own the Paramount Building. The new Broadway bonds will be dated
as of Feb. 15 1935, will mature Feb. 15 1955, will be secured by a first
mortgage on the Paramount Building and by the leases and guaranties
thereof hereinafter mentioned, and until the principal amount of the new
Broadway bonds outstanding shall have been reduced to $4,437,500, will
be entitled to:
(a) 3% per annum aofixed interest, payable semi-annually;
(b) in each year, commencing with the calendar year next succeeding the
date of confirmation of the plan, $200,000 or the net income of the new
Broadway company for the preceding calendar year, whichever is less,
[pursuant to guaranty by the new company, a minimum of $100,000 in
each such year will be so applied], to be applied to the purchase or redemption of new Broadway bonds, provided that no such payment shall be made
which would reduce below $50,000 the excess of the new Broadway company's cash and marketable securities over its current liabilities (including
therein proper accruals for fixed non-capital liabilities payable within one
year); and
(c)
% per annum as additional non-fixed Interest on the new Broadway bonds, such additional interest to be cumulative, but such additional
interest to become payable in any year only (i) out of net income remaining
after making In such year the payments mentioned in (a) and (b) above and
after applying the balance to the retirement of such indebtedness as may
have been incurred by the new Broadway company for necessary capital
expenditures on the Paramount Building, (U) In units of 3e%, or multiples
,
thereof, of the principal amount of new Broadway bonds then outstanding,
and (iii) to the extent that such payment will not reduce below $50,000 the
excess of the new Broadway company's cash and marketable securities over
Its current liabilities (including therein accruals as stated In (b) above),
Until the principal amount of the new Broadway bonds outstanding shall
have been reduced to $4.437,500, the ;payment of the fixed interest of 3%
per annum and the application to the purchase or redemption of new
Broadway bonds of not less than $100.000 per annum will be guaranteed
by the new company. Upon such reduction all accumulations. If any, of
said additional non-fixed interest on the new Broadway bonds which shall
not have become payable in accordance with sub-section (c) above will be
released as obligations of the new Broadway company.
Upon final confirmation of the plan, the new Broadway company will
pay to the trustee for the old Broadway bonds, for distribution to holders
thereof who, within two years from the making of such payment to such
trustee, shall surrender their old Broadway bonds in exchange for new
Broadway bonds, an amount in cash equal to interest on the old Broadway
bonds at the rate of 3% per annum from May 1 1934. to the date of the
new Broadway bonds. Any part of such payment not so distributed within
two years after the making thereof will be applied to the sinking fund for
the new Broadway bonds.
After the new Broadway bonds outstanding have been reduced to $4,437.500, the full interest at the rate of 5%% per annum will become fixed, and
all net income of the new Broadway company remaining after payment of
such interest will be applied to the purchase or redemption of new Broadway
bonds to the extent that such application will not reduce below $50,000 the
excess of its cash and marketable securities over Its current liabilities
(including therein proper accruals for fixed non-capital liabilities payable
within one year). Until all of the new Broadway bonds are retired, the new
Broadway company will not declare or pay divigends on Its stock.
Corporations nominated by the new company will lease from the new
Broadway company, as from the date of the new Broadway bonds. (a)
117.592 square feet of office space in the Paramount Building at a fixed
rent of $188.147 per annum for an initial term of 10 years and two additional
terms of five years each, but the lease will terminate at the expiration of the
term during which the principal amount of the new Broadway bonds outstanding shall have been reduced to $4,437.500. and (b) the Paramount
Theatre for a term ending on the date when the principal amount of the new
Broadway bonds outstanding shall have been reduced to $4.437,500, at a
fixed rent of *260,000 per annum (subject to reduction of $30 for each
$1,000 of new Broadway bonds retired during any preceding year, but not
less than $200,000 fixed rent per annum) plus, as additional rent, the
amount, if any, by which the percentages of the gross annual receipts from
admissions (less admission taxes) hereinafter set forth exceed the fixed rent:
Gross receipts up to $4,750,000. 15%; excess up to $2,000,000, 16%;
excess up to $2.250.000. 17%; excess up to $2,500,000, 18%; excess up to
*2.750.000. 19%; excess up to $3,000,000, 20%; excess up to $3,250,000,
22;e%, excess over $3.250,000, 2o70.
Dec. 8 1934
Paramount Theatre Building at Glens Falls, N. Y., including the theater
equipment therein, for a term of 20 years at a rent of $12,000 per annum,
payable in weekly instalments, plus, as additional rent, the amount, if any,
by which 15% of gross receipts from admissions (less admissions taxes)
exceeds $12,000 per annum.
(4) Agreement for the leasing by the trustees of the debtor or the new
company, or by a subsidiary of the debtor or of the new company, of the
Paramount Theatre Building at Fremont, 0., including toe theater equipment therein,for a term of 201 years from Jan. I 1935, at a rent of $15.000 Per
annum, payable in weekly instalments, plus, as additional rent, toe amount,
if any, by which 15% of gross receipts from admissions, less admissions'
taxes, exceeds $15.000 per annum.
(4) $2,750,000 Paramount Properties Bonds
The Paramount Properties bonds are the obligations of Paramount
Properties, Inc., a wholly owned subsidiary of the debtor, incorporated In
California, and the claims thereon have been filed In the bankruptcy pro-.
ceedings and in the reorganization proceeding primarily on the tneory
that the debtor is liable as a stockholder of Paramount Properties, Inc.,
pursuant to the provisions of the Constitution and statutes of the State of
California existing at the time of the issue and sale of the Paramount
Properties bonds.
The Paramount Properties bonds now outstanding bear Interest at the
rate of 6% per annum, payable semi-annually, and the principal of the
Paramount Properties bonds is payable in the amount of $150,000 per
annum until Sept. 1 1942, when the balance of $1,700,000 is payable.
There are no existing defaults under the deed of trust securing the Paromount Properties bonds.
The trustees have negotiated with holders and representatives of substantial amounts of these bonds for the settlement and readjustment
outlined below:
The Paramount Properties bonds will be replaced by new bonds with an
Interest rate of 6% per annum, which will mature Sept. 1 1942. In lieu of
the present serial maturities, a sinking fund to be applied to the purchase of
bonds at not exceeding par and Interest, or redemption of bonds at par and
accrued interest, will be provided in an amount sufficient to retire $100.000
of bonds on Sept. 11936. $125.000 of bonds on Sept. 1, In each of the years
1937 and 1938, and $150,000 on Sept. 1 in each of the years 1939. 1940,
1941 and 1942. Paramount Properties,
will have the option of tendering bonds, at their principal amount, for the purposes of the sinking fund,
Inc..
In lieu of cash. The purchase of bonds for the sinking fund by the trustee
for the bonds shall be upon calls for tenders and. in the event of tenders
at the same price, preference in purcnases shall be given to new bonds
exchanged for presently outstanding bonds of earliest serial maturities.
Corporations nominated by the new company, or (if prior to final confirmation of the plan) by the trustees, will lease from Paramount Properties,
Inc., the Paramount Tneatre Building In Los Angeles and the West Coast
Studio in Hollywood for teems expiring Sept. 1 1942 at annual rentals
sufficient in tne aggregate to meet the service charges on toe new bonds.
Such leases will be guaranteed by the new company and will be assigned as
additional security for the new bonds. As further additional security, the
furniture, fixtures and equipment In Paramount Theatre Building owned
by the debtor or any of its subsidiaries will be subjected to a chattel mortgage
for the benefit of the new bonds. The release provisions contained in the
present deed of trust will be eliminated, and In lieu thereof the new deed of
trust will provide that the West Coast Studio will be released from the new
deed of trust upon payment of 60% of the principal amount of tne bonds
at the time outstanding.
Tne claims filed In the bankruptcy proceeding and in the reorganization
proceeding in respect of the Paramount Properties bonds will be released,
and the Claims filed by Paramount Properties, Inc., and Los Angeles
Theatre Enterprises, Inc., will be released or, in the alternative, assigned to
BUM other corporation as the new company, or (if prior to final confirmation
of the plan) toe trustees, may designate.
If holders of at least two-thirds In amount of the Paramount Properties
bonds do not consent to the treatment outlined above, the Paramount
Properties bonds may be adjusted in such manner as may be agreed with the
holders of at least two-thirds In amount thereof by the board of directors, or
if (prior to final confirmation of the plan) by the trustees. In either case
with the approval of the Court in the reorganization proceeding: and such
adjustment may Include tne continuance of the mortgage at a rate of
interest not more than the present rate and for a term not less than the
present term, and the making or guaranteeing by the new company of a
lease or leases which may be pledged as collateral for the indebtedness
secured by the mortgage.
Failing such agreement, the holders of Paramount Properties bonds shall
(2) Bank Debt
be entitled to treatment as holders of general claims in respect of the claims
New bank debt—$5.175.131,including interest to Jan. 1 1935. The new
filed on account thereof in the reorganization proceeding in such amount
bank debt will be paid in full in cash.
(if any)as may be determined In the manner provided in the plan.
Old bank debt—$9,813.095. including interest to Jan. 1 1935. The
nolders of the old bank debt will receive for each $1,000 of their claims,
(5) $816.667 Paramount Land Corp. Notes
6% sinking fund debentures, and five shares new cum-year
$500. new 20
The claim for $816.667 in respect of the Paramount Land Corp. notes
ulative convertible 6% first preferred stock (par $100 per share).
has been filed upon the alleged guaranty of the debtor by its endorsement
The foregoing will be in settlement of all claims of the holders of the
upon the Paramount Land Corp. notes of the obligations thereunder of
bank debt. The suit of the trustees against such holders will be dismissed,
Paramount Land Corp. (a wholly owned subsidiary of the debtor).
such holders will assign to toe new company or its nominee the notes of
The trustees have entered into an agreement, subject to the approval of
and all claims against such nolders in respect of past
Film Production Corp..
the Court in the reorganization proceeding, with the holder of the Parapayments in connection with the bank debt will be released.
mount Land Corp. notes and others for the settlement of the claim on such
notes upon the basis set forth below.
(3) Claim Filed by Trustees of Allied Owners Corp.
The principal amount of the Paramount Land Corp. notes will be reduced
The trustees of the debtor have negotiated with the trustees of Allied
by the payment on account of principal of $36,667 in cash. Accrued interest
Owners Corp. for a settlement on the basis outlined below and the detailed
to July 1 1934, aggregating $61,250. and tax and assessment arrearages
agreement for carrying out such settlement is now in process of preparation.
against the property securing the notes, now aggregating approximately
If such agreement shall have been completed and approved by the Court
533,116, will be paid In cash. The remaining $780,000. principal amount,
In toe reorganization proceeding prior to final confirmation of toe plan,
of notes will be exchanged for a like principal amount of new notes of
it will be binding upon the new company. If at the date of final confirmaParamount Land Corp. dated as of July 11934. bearing interest at the rate
tion of toe plan, sucn detailed agreement shall not have been so completed
of 5% per annum, payable quarterly, and maturing serially at the rate of
and approved, the detailed agreement for carrying out the settlement out$6,000 per quarter until July 11939. at which time the remaining principal
lined below snail be in sucn form as may be approved by the board of
amount of the new notes shall become payable. Pending litigation between
Paramount Land Corp. and another subsidiary of the debtor and the
directors of the new company. The proposed settlement is as follows:
In full settlement of all claims of Allied Owners Corp. and the trustees
holder of the Paramount Land Corp. notes will be dismissed.
The claim of the holder of Paramount Land Corp. notes against the debtor
of Allied Owners Corp. against the debtor and tne trustees of the debtor,
shall be treated as a general claim under this plan in the amount of $780,000
a claim In the amount of $5,000,000. without interest, is to be allowed
and shall be entitled to receive new securities therefor upon the basis proagainst the debtor's estate, toe sum of $150,000 In cash in satisfaction of
vided In the plan. Such new securities shall be held in trust, under the
the claim against the trustees of the debtor for use and occupancy by them
declaration of trust, for Paramount Land Corp. but as additional security
of Allied Owners properties is to be paid, and the following agreements
for the new notes; and the declaration of trust shall provide that the trustee
are to be entered into with the trustees of Allied Owners Corp. or their
shall not have the right to sell such new securities except upon 30 days'
successors:
notice of default in the payment of interest or principal or other non(1) Agreement for the purchase by the trustees of the debtor or the new
performance by Paramount Land Corp. of its obligations under the declaracompany, or by a subsidiary of the debtor or of the new company, and the
tion of trust and failure of Paramount Land Corp. to cure such default
sale by the trustees of Allied Owners Corp. or their successors, of the
within 30 days; provided that If at any time after July 11935, the aggregate
Alabama Theatre Property (including the theater equipment In such
market value of such new securities, determined on the basis of average
theater) at Birmingham. Ala., free of all liens and encumbrances. for
closing prices (or the mean of bid and asked prices if no sales occur during
*1.000.000, of which $100.000 will be payable in cash upon conveyance of
the day) for 10 consecutive business days, be loss than $390,000. then such
title. The balance ($900,000) shall be payable as follows and shall be
pledgee may, upon 30 days' notice (provided such aggregate market value,
secured by a first mortgage on the property:
deteemlned as above provided, does not during such 30 days exceed $390.$20.000 at the end of one year after conveyance of the title and at toe
000). sell all or any part of such pledged new securities and shall apply the
end of each year thereafter for a period of nine additional years* $30.000 at
proceeds of such sale, after deducting all expenses thereof, to payment on
the end of each year thereafter for a period of four years; and $580,000 at
account of the principal of the new notes then outstanding.
the end of 15 years after the date of conveyance of title: the unpaid balance
from time to time to bear interest at the rate of 4% per annum, payable
(6)8561,750 First Mortgage on Theater Property, Jacksonville, Fla.
semi-annually. The trustees of the debtor, the new company or sucn
Hiawatha Co., a wholly-owned indirect subsidiary of the debtor, is the
subsidiary, as the case may be, will have the right to prepay all or any
owner of the Florida Theatre property at Jacksonville, Fla., which is subject
part of the unpaid balance on any interest payment date.
to a first mortgage to The Prudence Co., Inc., securing *561.750 as of
(2).Agreement for the leasing by the trustees of the debtor or the new
Sept. 29 1934. As further security for such indebtedness, a lease to the
company, or by a subsidiary of the debtor or of the new company. of the
debtor expiring April 7 1912, at a net annual rental of $200.000, has been
Paramount Tneatre in Brooklyn, N. Y. (including the theater equipment
pledged under such mortgage. The Prudence Co., Inc., has filed a claim
therein and marquee and other signs used as theater signs, but excluding
in the reorganization proceeding upon such lease In the amount of 5786.256.
the commercial and general office 'portion of toe building) for a term of
Toe indebtedness secured by the mortgage bears interest at the rate of
20 years at a fixed rent of 8100.000 per annum, payable in weekly instal7% per annum, payable semi-annually, and the principal is payable in the
ments, plus, as additional rent, the amount, if any, by which the peramount of 52,916.68 monthly until April 11937, when the balance of $430.admissions (less admissions taxes)
centages of the gross receipts from
500 is payable. Amounts due under the mortgage (Including payments on
hereinafter set fortn, exceed the fixed rent:
account of principal) as of Oct. 1 1934, aggregate approximately $100.000.
In case theater is operated on a straight picture policy: Gross receipts
Said Indebtedness may be adjusted in such manner as may be agreed
up to $15.000 per week. 12Le %; excess over $15.000 per week and up to
with the holder of the mortgage by the board of directors, or (if prior to the
$20,000 per week, 15%; excess over $20.000 per week. 20%•
final confirmation of the plan) by the trustees, In each case with the apstage-show policy: Gross receipts up to
When tneater is operated on a
proval of the Court in the reorganization proceeding; and such adjustment
$20,000 per week, 12 ie %: excess over $20,000 per week and up to $25.000
may include the curing of defaults under the mortgage, the continuance of
per week, 15%; excess over $25,000 per week, 20%.
said indebtedness at a rate of Interest not more than the present rate and
policy when
The theater will be deemed to be operated on a stage-snow
for a term not leae than the present term, and the making or guaranteeing
there snail be expended not less than $4,000 In any week for orchestra,
by the new comeany of a lease which may he pledged as collateral for the
ill b
stage nands, theatrical performers and all other expenses in connection
Indebtedness secured by the mortgage. Falling such agreement the holder
with stage snows, stage presentations or vaudeville shows. 'mere
of the mortgage shall be entitled to treatment as a holder of a general
paid as additional rent the amount of water rent assessed in connection
claim in respect of the claim filed in the reorganization proceeding under the
with the tneater.
lease to tho debtor constituting part of the security for the mortgage, in
(3) Agreement for the leasing by the trustees of the debtor or the new
such amount as may be determined in the manner provided in the plan.
company, or by a subsidiary of the debtor or of the new company, of the
Volume 139
Financial Chronicle
(7) $465,000 First Mortgage on Theater Property, St. Petersburg, Fla.
St. Petersburg Enterprises, Inc., a wholly-owned indirect subsidiary of
the debtor, is the owner of the Florida Theatre property at St. Petersburg,
Fla., which is suojact to a first mortgage to The Prudence Co., Inc., securing
a principal amount of indebtedness of $465,000, as of Sept. 29 1934. As
further security for such indeotedness, a lease to the debtor expiring Aug. 14
1938, at a net annual rental of $150,000, has been pledged under such
mortgage. The Prudence Co., Inc., has filed a claim in the reorganization
proceeding upon such lease in the amount of $602,114.
The indebtedness secured by the mortgage bears interest at the rate of
6X% per annum, payanle semi-annually, and the principal is payable in
the amount of $2,066.67 monthly until April 1 1936, when the palance of
$388,400 is paya ale. Amounts due under the mortgage (including payments
an account of principal) as of Oct. 1 1934, aggregate approximately $85,000.
[Said indebtedness may be adjusted in same manner as the Jacksonville
case above.]
(8) $930,000 First Mortgage on Studio,laboratory and Film Depot Properties,
Long Island City, N. Y.
Seneca Holding Corp., a wholly-owned subsidiary of the debtor, is the
owner of the studio, laboratory and film depot properties in Long Island
City, N. Y., which is subject to a first mortgage to The Prudence Co.,
Inc., securing a present principal amount of indebtedness of $930,000. As
further security for such indebtedness, a lease to the debtor expiring Dec. 31
1937, at a net annual rental of $233.000, has been pledged under such
mortgage. The Prudence Co., Inc., has filed a claim in the reorganization
proceeding upon such lease in the amount of $486,709.
The indebtedness secured by the mortgage nears interest at the rate of
6% per annum, payable semi-annually, and pursuant to the mortgage the
principal is payable in the amount of $40,000 semi-annually to and including
July 1 1935, the oalance of $730,000 being payable on Jan, 11936. Amounts
due under the terms of the mortgage (including payments on account of
principal, but excluding unpaid taxes) as of July 1. 1934, aggregate approximately $203,700.
[Said indebtedness may be adjusted in same manner as Jacksonville
case above.]
(9) $574,100 First and Refunding Mortgage Sinking Fund 6X% Bonds and
$615,200 7% Debentures 010. B. Theatres Corp.
G. Ti. Theatres Corp., not a subsidiary of the debtor, was prior to 1930
the owner and lessee of various theaters, chiefly in Massachusetts. In that
year, it sold substantially all of its properties and assets to the debtor which
%
transferred such properties and assets to Olympia Theatres, Inc., a subsidiary now in receivership. At the time of that sale, G. B. Theatres Corp.
had outstanding first and refunding mortgage sinking fund 6X% bonds and
7' debentures.
Holders of the 634% bonds and of the 7% debentures have filed claims
(a) in the receivership proceeding of Olympia Theatres, Inc., on the theory
that the obligation of G. B. Theatres Corp. on the 6X% bonds and the
7% debentures was assumed by Olympia Theatres, Inc., and (b) in the
reorganization proceeding, on the theory that such obligations were assumed by the debtor, and further that the alleged assumption by Olympia
Theatres, Inc., was guaranteed by the debtor.
There are outstanding $574,100, 6X% bonds and $615,200, 7% debentures. The 6X % bonds are secured by a mortgage on theater properties
In Massachusetts..
The trestees have, with the approval of the Court in the bankruptcy
proceeding, taken the following action with respect to the claims against
the debtor on the 7% debentures and the 6X% bonds:
7% Debentures-The trustees have caused Lares Theatres Corp., a wholly
owned subsidiary of the debtor, to agree to purchase from Nathan E.and
Samuel Goldstein the entire $615,200 7% debentures, or the new securities
'
or cash to be issued or distributed in respent of such claims as may have been
or may be filed thereon in the receivership proceeding of Olympia Theatres,
Inc., or in the reorganization proceeding, at 50% of their principal amount.
At Nov.28 1934, the Goldsteins owned or controlled approximately $610,000
of the debentures. To the extent that the 7% debentures represent claims
against Olympia Theatres, Inc., Lares will use such debentures as the basis
of participation ty it as a creditor of Olympia Theatres, Inc., in any reorganization thereof.
6X % Bonds
-The trustees, in collaboration with toe principal holders
of the
% bonds, and with a committee representing additional holders,
have evolved a plan of reorganization with respect to such bonds (which has
already been approved by holders of $261,600 of such bonds), and have
caused hares to enter into agreements with such principal holders and such
committee to attempt to consummate such plan, of which the following
is a summary:
A new corporation (New (1. B. Co.) has been formed with an
common stock of 520 shares of class B stock (to be acquired authorized
by Laces)
and 480shares of class A stock (to be held by the Goldsteins)•
The new G. B. company will issue the new bonds, and the holder of
each of the outstanding 634% bonds (with March 1 1933 and subsequent
interest coupons attached) will receive in exchange therefor from the new
G. B. company, at his option, either
(A) a like principal amount of new bonds plus cash equal to full unpaid
interest on his 634% bonds to the date of the new bonds. or
(B) 65% of the principal amount of his 634% bonds in cash,
less, in either case, any payments in respect of interest made on the 634%
bonds subsequent to April 23 1934.
The new U. B. company will also (a) acquire at foreclosure, subject to
existing underlying mortgages and other liens, the properties securing the
634% bonds; (b) acquire from the Goldsteins an existing lease expiring in
1941 on the Arcade Theatre in Springfield for $31,500 payable from the
earnings of the theater, and certain other considerations:(c) enter into longterm management contr acts with the Goldsteins providing for aggregate
salaries to the two Goldsteins of $525 per week, plus an additional amount
of not exceeding $225 per week payable out of net earnings:(d) acquire from
Paramount Pictures Distributing Corp. a 10
-year franchise for Paramount
motion pictures in certain Massachusetts cities and towns:(e) enter into an
arrangement with Paramount Theatres Service Corp. for the furnishing
by the latter of advice and assistance in connection with the operation of
theaters. and (f) acquire from Lares, in consideration of an assignment to
Lares by the new G. B. company of the 634% bonds to be acquired by it
(which, prior to such assignment, will have been applied to the payment of
the foreclosure bid), either (1) leases on additional Massachusetts theater
properties now in the hands of Olympia Theatres, Inc., or one or more of
its subsidiaries, or (2) $400,000 of such debentures as may be issued in
connection with the reorganization of Olympia Theatres, Inc., or (3)
$200,000 in cash.
To the extent that the 6X % bonds so acquired by Lares will then represent deficiency claims against Olympia Theatres, Inc., Lares will use
them as the basis of participation by it as a creditor of Olympia Theatres,
Inc.,in any reorganization thereof,including payment to Olympia Theatres,
Inc. for the leases described in (1) above.
The Goldsteins will provide all cash required. (a) upon exchanges of
0
6347 bonds pursuant to (H) above,Inconsideration of the transfer to them
of all such 634% bonds, which they will exchange for new bonds and cash
pursuant to (A) above, and (b) in satisfaction of the foreclosure bid. in
consideration of the issue to thee' of such aggregate principal amount of
new bonds as the cash so provided would purchase at a price equal to
55X% of the principal amount thereof, provided, however, that such
aggregate principal amount of new bonds shall not exceed the aggregate
principal amount of 634% bonds which shall not be exchanged pursuant to
(A) or (B) above.
The class B stock of the new G. B. company will be purchased from the
In
Goldsteins by Lares for $107.500 in cash. - further consideration for said
cash payment, the Goldsteins have agreed with Lares to carry out all their
obligations above mentioned, and also to deliver to Lares, without further
cost to it, securities of the same kind and in thesame amount as may be
issued in respect of such claims as may be filed in the receivership proceeding of Olympia Theatres, Inc., or in the reorganization proceeding,
by holders of (3)4% bonds who do not exchange their bonds pursuant to
(A) or (B) above, or the cash, if any, distributed in respect of such claims.
In addition to those to be issued In exchange for 634% bonds, the indenture will authorize $1,500,000. principal amount, of new bonds,'satiable
only for the purpose of refunding an equal amount of obligations constituting liens senior to the lien of the new mortgage.
To the extent that the 7% debentures and the 6 A % bonds lobe acquired
by Lares represent claims against the debtor, such claims will be released
or otherwise dealt with under the plan on a basis not involving the issue of
new securities. Holders of such of the 7% debentures and of the 634%
bonds as shall not be acquired by Lares shall be entitled to treatment as
holders of general claims under this plan in respect of the claims filed in the
reorganization proceeding as above stated.
3651
(IV) Treatment of Old Debentures and General Claims
Holders of old debentures and of general claims, and of all claims separately dealt with under Article HI but in respect of which claims against the
debtor's estate may ultimately be allowed, will be entitled to participate in
the reorganization upon the basis of the amount of their respective claims as
finally established and allowed in the reorganization proceeding (or in such
other manner as may be determined by the board of directors with the
approval of the Court in the reorganization proceeding), with interest at
the rate of 6% per annum from the date in respect of which each such
claim shall have been allowed for interest (if any)to Jan. 1 1935,from which
date the new securities will bear interest and rank for dividends.
Holders of such claims thus established and allowed will be entitled to
receive for each $1.000 in amount of such claims, including such interest
to Jan. 1 1935:
$500 new 20-year 6% sinking fund debentures, and five shares new
cumulative convertible 6% first preferred stock (par $100 per share).
The claims of the old debentures are lobe computed for the purpose of the
plan at$1.017 09inrespect ofeach $1.000 20
-year6% sinking fund gold bond
with coupons maturing on and after June 1 1933,and at $1,034.00in respect
of each $1,000 20
-year 534% sinking fund gold bond with coupons maturing
on and after Feb. 1 1933. with interest on the respective amounts so allowed
from March 14 1933, at the rate of 6% per annum,so that the total claim
with interest accrued to Jan. 1 1935, will be for each such $1,000 6% bond
with coupons, approximately $1,126.94 and for each such $1,000
% bond
with coupons, approximately $1,145.67.
Priority claims shall be paid in cash to the extent (if any)that the asserted
right to priority shall be finally established in the reorganization proceeding.
(V) Treatment ofStockholders
For each share of old common stock of the debtor (of which 3,220,902.85
shares are outstanding) held, stockholders will receive (1) X share of new
common stock and (2) a warrant evidencing the right to subscribe for a
period of 60 days, at $2,for one unit consisting of X share of new common
stock, and 1-5 share of new cumulative convertible 6% second preferred
stock (par $10 per share). Subscription warrants will be valid for 60 days
from the date when such warrants shall be made available for distribution
to stockholders. The warrants will entitle the holders thereof to subscribe
upon presentation, within said 60 days, of the warrants in negotiable form
accompanied by payment in cash of the subscription price, for account
of the new company, at the office of Commercial National Bank & Trust
Co., 56 Wall St.. N. Y. City.
(VI) Capitalization of the New Company
As provided the plan shall not be carried out unless and until the aggregate
amount of all priority claims, general claims, old debentures, old bank debt
and other claims dealt with and which are ultimately treated on a parity
with general claims,including interest to Jan 1 1935,to the extent provided
In the plan, but exclusive of claims asserted for indeterminate amounts at
the date of final confirmation of the plan and claims heretofore filed and
based upon alleged violations of the anti-trust laws, shall be not more than
$65,000.000.
It is believed, however, that this amount may be substantially reduced
by litigation or negotiation. It is hoped that this reduction will be in a
sufficient amount so that, if none of the claims separately dealt with under
Article III of the plan (other than the claims on the old bank debt, the
claim of the trustees of Allied Owners Corp.. and the claim on the Paramount Land Corp. notes) requires the issuance of new debentures or first
preferred stock, the capitalization of the new company outstanding upon
the consummation of the reorganization will be not more than:
$27,500.000
-year 6% sinking fund debentures
20
27,500.000
.
Cum.cony.67 1st pref.stock (par $100 per share)
6,441,806
.
pref.stock (par $10 per share)
Cum.cony.6 0 2nd
1.610.452 sirs.
Common stoc
of new securities, other
To the extent that all claims requiring the issue
than claims on the old bank debt, claims on the old debentures. the claim
Paramount
of the trustees of Allied Owners Corp. and the claim on thelitigation or
Land Corp. notes, are not hereafter so reduced as a result of
otherwise as to aggregate $10,785,595 or less in amount including interest
on the general claims (and priority claims for which new securities may be
new
Issued) to Jan. 1 1935, to the extent provided in the plan, additionalsuch
securities will be required to be issued pro tanto. To the extent that
claims are so reduced to less than the aggregate of $10,785,595. including
such interest to Jan. 1 1935, the above estimate of the amount of new
securities to be outstanding may be reduced pro tante.
the
as
The authorized amounts of the new securities shall be suchout in the
of
time co carrying
o
oa a e
or dro ors shnllbitt
of pir
orin aneof the
p aaioe m
a
aou r and
s
o is e e itiea
the new
eet to
per
boardessary
yyj
fmcaprran
deliver to all creditors and stockholders of the debtor the new
provided for in the plan, and to provide any cash or new securities which
required under the provisions of the plan.
may be
Shares of the common stock of the new company will be reserved to the
amount required for the conversion of the authorized first preferred stock
and second preferred stock of the new company.
The shares of common stock may be without par value, or may have such
par value as the directors may determine.
Distribution of New Securities
Assuming the realization of the hoped-for reduction of claims as set forth
above, the new debentures, first preferred stock, second preferred stock
and common stock issued under the plan will be distributed approximately
as follows:
Second
First
Common
Preferred
Preferred
New
(Shares)
Stock
Class of Creditors or
Debentures
Stock
Stockholders$
$
$
Old bank debt
4,906,548
4,906.548
Allied Owners Corp_
2,500,000
2,500,000
Paramount Land Corp.
notes
390,000
390.000
Old debentures
14,310,655 14,310,655
General claims
5.392,797
5,392,797
Stockholders (incl.shares
1.610,452
6,441.806
issuable agst. warr'ts)
1,610,452
Total
27,500,000 27.500,000 6,441,806
Management
-It is contemplated that the new company will have a
members,so classified
board of directors of not less than 12 nor more than 20
that one-fourth shall be elected annually for terms of four years.
The board of directors of the debtor has been partially reconstituted and
the board of directors of the new company is expected to include the following persons: Gerald Brooks, Duncan G. Harris. Percy H. Johnston.
Julius Klein, Henry R. Luce, Charles A. McCulloch, Maurice Newton.
Frank A. Vanderlip, and Adolph Zukor.
Underwriting-It is expected that, prior to final confirmation of the plan.
arrangements will be made with responsible parties for the underwriting
of the subscriptions by the stockholders of the debtor to the new securities
under the warrants to be issued pursuant to the plan.
The board of directors may cause the new company to enter into an
agreement for such underwriting with such parties and upon such terms and
conditions as it may determine with the approval of the Court in the
reorganization proceeding.
Claims of Wholly-Owned Subsidiaries of the Debtor Which it is Proposed to
Release or Otherwise Deal with Under the Plan on a Basis not Involving
the Issue of New Securities
Granada Realty Corp
$40,626
$816,194 Penn York Supply Co
Paramount Pictures Distrib.
1,000
State Theatre Co
Co., Inc
698
314.980 Zelda Amusement Co
Paramount Properties, Inc.._ _ 2,098,308 Los Angeles Theatres EnterParamount Land Corp
1,061,825
140,804
prises, Inc
Paramount Internat. Corp__ _ 433,525 St. Francis Amusement Co._ _ 229,519
Paramount Famous Lasky
9,021
Paramount Productions, Inc
Corp. (Del.)
,000 Paramount Pictures Distrib.
Cedric Realty Corp
44,333
158,359
Corp
Atgar Corp
31,905 Paramount Film Service, I,td_
33,497
Parcol Corp
4,313 Paramount Broadway Corp__
13,737
Penates Trading Corp
5.000
Charles Frohman. Inc
222,769
Total
85,720,413
Claims Filed for Indeterminate Amounts
(1) American Tri-Ergon Corp.
-This is a claim for an accounting of
profits for alleged infringement of a patent relating to the manufacture of
sound films, the claimant having obtained an adjudication of the validity
of its patent and of infringement by the debtor in the Circuit Court of
Appeals for the Second Circuit. Certiorari has been granted by the U. S.
3652
Financial Chronicle
Supreme Court to review said decision. This claim may be very substantial, but it is impossible to forecast the amount, and it is the opinion
of the debtor's legal department that, if the claim is finally sustained, the
debtor may be successful in asserting a right to indemnification.
(2) First National Bank of Seattle—This claim is for $88,456 plus an
unspecified amount and is in respect of a guaranty of a lease on the Paramount Theatre. Seattle, Wash. A settlement has been arranged with the
committee representing holders of bonds issued in respect of the property.
but the consummation of the settlement awaits completion of legal proceedings in Seattle.
(3) Joseph P. Bickerton—This claim is on account of royalties on the
picture "Dance of Life," the aggregate amount of recovery in respect of
Which is estimated at not exceeding $1,000.
(4) Jesse L. Lasky—This claim was filed for $282,000 plus an indeterminate amount on account of an employment contract between the claimant
and the debtor.
(5) State of New York—Two tax claims were filed for indeterminate
amounts and are believed to be duplicated by other claims filed for specified
amounts.
(6) Isidore A. Simon and Jennie C. MacMahon, as executors of the
estate of Will MacMahon—This claim is asserted on account of alleged
violation of copyright, and while the amount of any recovery is expected
to be small, it is expected that the claim will be settled on a basis involving
a release of all liability of the debtor.
Estimated Consolidated Balance Sheet Before Reorganization (incl Subs. not in
Receivership or Bankruptcy)
(Based on financial statements as of Sept. 29 1934, and reflecting suggested new reserves.]
Assets—
$17,071,146
Cash on hand and in banks
893,534
Marketable securities at cost (market value, $928,038)
Notes & accts. rec'le (film customers & sundry) less res. on books 3,826,275
Other working assets (largely cony. into cash within one year,
but which must be immediately replaced in oper. of business):
14,612,579
Inventories
456,424
Advances to outside producers less reserves on books
aNnvestments in and advances to affiliated companies:
$33,148,301
(1) Total by Paramount Public Corp
Less: Reserves (in respect of cos. for which financial reports as of Sept. 29 1934, are available)
equal to excess of such invests. & advs, over
net tangible value thereof on books of such
affiliated cos. not in receivership or bankruptcy
& over est. value thereof in respect of cos. in
receivership or bankruptcy
19,536,312
13.611,989
(2) Total by consol. subs. of Paramount Publix
Corp
7,828,764
Add:Excess (in respect of cos. for which financial
reports as of Sept. 29 1934. are available) of
net tangible value of such invests. & advs. on
books of such affiliated cos. over amt. thereof
as carried on books of consol. subs
1,871,117
Land, bldgs., leases & equip—book depreciated value
Land, bldgs., leases & equip. the mtgs., &c. on which are in
process of reorganization—book
depreciated value
Deposits to secure contracts and in connection with litigation_ _
Prepaid expenses
Bond discount, &c., deferred charges
9,699,881
60,804.968
24,676,811
1,322,201
1,136,036
1,612,496
$149,724,339
Total
L
Liabilities—
Current Baba. of subs.(per books) which will not be satisfied in
reorganization (excl. conting. claims of indeterminate amt.)_ $5,505,287
Est. exps. of adminis, of est. (incl. only unpaid compensation &
earl's. of trustees & counsel, accountants & others employed
by them, as allowed by Court) & of reorganiz. (Incl. only
compensation & exps. of committees, depositaries, counsel,
accountants & others in connection with reorganiz., as allowed
by Court) accrued to date of consummation of reorganiz_ _ _ _
2,500,000
Capital liabs. of subs, past due, due on demand & due within
one year (excl. cap. liabs. which are in process of reorganiz.)_
3,107,322
Net accruals in connection with capital liabs. ofsubs., which are
in pr:Tess of reorganiz., & which are est,to constitute current
2,445.820
liabilities
1934 Federal income tax reserves of subsidiaries (estimated)
525,302
Other liabilities of subsidiaries:
Mtges bonds & purch. money obligs. due after one year __ _ 22,366,245
Cap. liabs. of subs, which are in process of reorganization_ _ _ 18,991.229
Advance payments (self-liquidating) and reserves
1,411,303
c Claims agst. the estate (excl. claims dealt with under Article
III of the plan other than bank debt & Allied Owners
claims) with in, to Jan. 1 1935, to the extent provided
in the plan b:
Claims to be paid in cash:
New bank debt
5,175,131
Allied Owners (use and occupancy claim)
150,000
Other Article III Claims:
Allied Owners
5,000,000
Old bank debt
9,813,095
Old debentures
28,621,309
Claims for which priority has been asserted
145,787
General claims
9.592,897
Add'l int. on priority claims & general claims to Jan. 11935.._
1.046,910
Minority stockholders' interests in consolidated subsidiaries
5,900,243
Suggested new reserves:
To reduce certain items of investments in & advs. to affil,
cos. to estimated probable values
2,200,000
As res. agst. book value in Balaban & Katz Corp.(in amt. of
$4,000,000) & as res. In amt. by which book values of fixed
assets of certain subs, on which mtges. are in process of
reorganiz. &c., are in excas-s of the amt. of such mtges.
& accruals thereon (of which res. $3,800,685 is attributable
'
to Paramount Broadway Corp.)
8,152,800
New general reserve
3,647,200
Interest ofcommon stock (3.220,902.85 shares)
d13,426,456
Total
$149,724,339
a Including companies in receivership or bankruptcy, the conunon stock
of which is substantially wholly owned by Paramount Publix Corp.
b The remaining claims to be dealt with under Article III of the plan
(except the G. B. bonds and debentures which are carried on the books as
obligations of a subsidiary in receivership) are included in the above balance
sheet as liabilities of subsidiaries under their appropriate headings at the
amount at which they are reflected on the books, viz.:
Old Broadway bonds, $9,834,852; Paramount Properties bonds, $2,775,199; Paramount Land Corp. notes, $925,674; Jacksonville, Fla., mtge.,
$596,351; St. Petersburg. Fla.. mtge.. $506,764; Long Island Studio mtge.,
$1,035,362.
c As the Paramount Land Corp. notes are reflected in the above balance
sheet among liabilities of subs., the claim thereon has not been included
"
in the balance sheet among the Claims against the estate"; as provided in
Article III of the plan, cash payments aggregating $131,033 are to be made
and the claim in respect of the notes will entitle the holder to receive new
securities in the same amount as a holder of a general claim for 8780,000,
which new securities are to be held in trust for Paramount Land Corp. by
the holder of the notes but as further security for the new notes of Paramount Land Corp. to be issued in exchange for such notes. Adding these
amounts to the claims reflected in the above balance sheet results in a total
of'
'Claims to be paid in cash" of $5,456,164, and a total of other claims of
$55,000.000. Included in the claims reflected in the balance sheet, however,
are five claims aggregating $212,812. which are also obligations of sub.
or affiliated companies.
d After deducting suggested new reserves of $14,000,000.
Note—The above balance sheet assumes that the claims against the debtor
(which, as stated in the introductory statement to the plan, have been filed
in the bankruptcy proceeding and (or) reorganization proceeding for
amounts aggregating V97.702,162, exclusive of claims for indeterminate
amounts and exclusive of such claims as may be filed after Nov. 28 1934)
will be so reduced, either by negotiation or by litigation, that the aggregate
amount of priority claims, general claims, old debentures, old bank debt
and other claims dealt with under Article III of the plan and which are
ultimately treated on a parity with general claims (including interest to
Jan. 1 1935 to the extent provided in the plan, but excluding claims for
Dec. 8 1934
indeterminate amounts at the time the plan is finally confirmed) will not
exceed $55,000,000. To the extent that such assumption is not realized, the
claims against the estate will be correspondingly increased; to the extent
that a greater reduction is obtained, the claims against the estate will be
correspondingly reduced; and in either case adjustment will be required
in the interest of common stock in the estate.
Court Authorizes Trustees to Seek to Recover High Fees—
Directors and Bankers Named—Stock Trading Profits also
Under Fire—
On the petition of Charles D. Mlles, Eugene W. Leake and Charles E.
Richardson, trustees of the corporation, debtor, in corporate reorganization
proceedings. U. S. District Judge Alfred 0. Coxe signed an order. Dec. 3.
authorizing and directing the trustees to institute a suit or suits against
certain officers and directors of Paramount and others. The petition sets
forth that the trustees' counsel, Root, Clark, Buckner & Ballantine, have
advised that probable causes of action exist and that the trustees are of the
opinion that Court determination of the matters set forth in the petition
through the institution of a suit or suits is required.
The order authorizes the trustees to sue the directors named in the
petition to compel them to account for any unreasonable compensation
paid by Paramount during the years 1927, 1928, 1929 and 1930 to certain
executives of Paramount, to account for the issuance and delivery of
certain shares of Paramount stock to certain officers, who were also directors,
under an Employees' Stock Purchase Plan, and to account for any loss
incurred by Paramount from the purchase and sale by it of shares of its
own stock in 1929 and 1930, and to sue for an accounting recipients of
certain shares of stock of Paramount issued to certain officers and directors
as part of the Employees' Stock Purchase Plan.
The New York "Times," Dec. 4, stated:
The trustees were authorized to bring a series of suits against Paramount
directors and executives to recover "any unreasonable compensation"
they may have voted to themselves or others in the movie industry's big
boom years.
The trustees also were empowered to sue members of Kuhn, Loeb &
Co. to compel them to account for their profits and the Paramount losses
in connection with Paramount stocks issued under an Employees' Stock
Purchase Plan.
In addition, the Court ordered an accounting to establish the losses
suffered by Paramount through the sale and purchase of its own capital
stock in the open market.
Leaders in Industry Involved
Among the potential defendants in the actions authorized are some
of the leading men of the industry—Jesse L. Lasky, Adolph Zukor, Sam
Katz, Sidney R. Kent and Ralph A. Kohn. The amount of money involved
was not made public, but it was reported that the total would run well into
the millions.
The petition set forth that the attorneys investigated three phases of
Paramount's activities. These were:
The legality of the amounts of compensation paid to the principal executives of Paramount prior to the corporation's receivership, which began
on Jan. 26 1933.
The issue and delivery of 139,800 shares of common stock to the principal officers and directors of Paramount "under a socalled Employees'
Stock Purchase Plan"; the transfer by certain officers and directors of such
shares issued to them,and the delivery of certain shares to others.
The legality of the action of certain officers and directors in causing
Paramount to conduct trading operations in its own stock from October
1929 to January 1930, and from June 1930 to Jan. 1931.
Cause for Action Seen
On the basis of that three-fold investigation, the petition said, counsel
for the trustees reached the conclusion that they "have a probable cause of
action or causes of action.
The document set forth that in the years 1927 to 1930 principal Paramount executives received "compensation .
. in amounts so great
as to require determination by a Court of equity as to whether such pay'
ments were reasonable." The petitioners asked that any payments found
excessive be restored.
The order empowered the trustees to bring suit in seven different categories.
The first category dealt with the question of the authorization of toohigh pay, and it named as potential defendants Frank A. Bailey, Jules E.
Brulatour, Gayer G. Dominick, Harold B. Franklin, Arthur S. Friend,
Daniel Frohman, Felix E. Kahn, Gilbert W. Kahn, Sam Katz, Sidney R.
Kent, Ralph A. Kohn, Jesse L. Lasky, Frederick G. Lee, Elek J. Ludvigh,
Maurice Newton, Maurice Wertheim, Theodore F. Whitmarsh Sr., Sir
William Wiseman, Herman Webber, Adolph Zukor, Eugene J. Zukor,
Donald S. Stralem as executor of the will of Casimir I. Stralem, Eugene J.
Zukor, Melville Shauer and Julia K. Shauer as -executors of the will of
Emil E. Shauer, and William H. English Jr., as executor of the will of
William H. English. All are described in the petition as directors of Paramount in the years 1927-30.
The second category of the order directed suits to compel the return
of money in excess of "reasonable compensation" received by Adolph
Zukor, President of Paramount; Mr. Lasky, who served as 1st Vice-Free.:
Mr. Kent, who was General Manager; Mr. Katz, who was a director and
Vice-President, and Mr. Kohn, the former Treasurer.
Stock Purchase Plan
The third category calks for suits against certain officers and directors to
"to account for their official conduct in connection with the
compel them
formulation and carrying out of a so-called Employees' Stock Purchase
Plan, and further to compel such persons to pay to the debtor (Paramount)
. . damages resulting from the violation of their duties in connection
with the formulation and carrying out of such plan."
The fourth category called on 13 officials to account to Paramount for
"the amount of any actual or potential profits received by them"from stocks
issued to them under the purchase plan.
The fifth category authorized suits against members of Kuhn, Loeb &
Co.. including, among others. Felix M. Warburg and the executors of the
estates of Otto Kahn and Mortimer L. Schiff, "to compel them to account,
individually and as members of the co-partnership . . . for the actual
or potential profits made by them and (or)for the loss incurred by the debtor
the
in respect of the receipt by them from certain officers and directors of the
debtor of certain shares of stock of the debtor issued in connection with
carrying out of the purported Employees' Stock Purchase Plan."
In the sixth category the trustees were empowered to force an accounting
of the profits of Robert Craig Montgomery from the stock purchase plan.
On the final category, 13 potential defendants were set down to account
for any losses resulting from trading in Paramount stock by Paramount.—
V. 139, p. 3487.
Philadelphia Co. (8c Subs.)—Earnings—
(Not including Beaver Valley Traction Co. (in receivership) and its
subsidiary.]
1933
1934
12 Mos. End. Oct. 31—
$46.977,231 $44,863,538
Gross earnings
23,538,976 21,616,764
Operating expenses, maintenance and taxes
Net earnings
Other income—net
$23,438,254 $23,246,773
633,892
502,461
$23.940,716 $23,880,665
Net earnings including other income
1.717,143
1,652,848
Rent of leased properties
6,762,040 6,743,417
Interest charges—net
69,432
69,150
Contractual guarantee
387,198
387,368
Amortization of debt discount and expenses
85,400
161,037
Other charges
7,076,815
Appropriation for retire, and depletion reserve_ 7,411.394
Net income
—V. 139, p. 3163.
$7,496,877 $7,801,259
Philadelphia Rapid Transit Co.—Reorganization Plan—
The company on Dec. 4 filed in the Federal District Court,
Philadelphia, a reorganization plan under Section 77-B of
the Bankruptcy Act. The plan provides for the consolidation of virtually all privately owned transportation services
in the City of Philadelphia under the name of Philadelphia
Transportation Co. The plan will be submitted to the
directorate of each company involved and then to stock-
Volume
139
Financial Chronicle
holders. Approval of a majority of each class of stockholders is necessary.
Under the plan Philadelphia Rapid Transit Co. and present underliers
will meige to form a new company, Philadelphia Transportation Co., which
will be a single owning and operating company. The holders of stock and
stock trust certificates of underlier companies will receive in exchange for
their present securities,approximately 887.000,000face amount of securities
of Transportation company. The total interest on these new securities
will be approximately $2,000,000 less than the annual rentals which the
holders of such underlier securities are entitled to receive under existing
leases. All of the common stock of Transportation company will, under
the plan, be placed under a 10
-year voting trust.
The accumulated dividends on P. R. T.preferred stock will be waived
and the holders of such stock will convert one half of their holdings into
common stock so that they will receive, in exchange for each share of
P. R. T. preferred stock, one half share of 7% cumulative preferred stock
of Transportation company and voting trust certificaets for one-half share
of common stock of Transportation company.
The holders of P. R. T. common stock will receive voting trust certificates for one share ofcommon stock of Transportation company in exchange
for each share of P. R. T.common stock or voting trust certificate therefor.
Certain funded debt of P. R. T.and of underliers will be refunded with
new bonds or obligations of Transportation company and the balance of
such present funded debt will remain outstanding and become, by virtue
of the merger, the obligations of Transportation company, which will assume all obligations of merging companies.
Digest of Plan of Reorganization
Corporations Parties to the Plan
The corporations parties to the plan will be: Philadelphia Rapid Transit
Co. and 25 street railway and traction companies classified, for purposes
of the plan,in three classes, as follows:
Class A Underliers, viz: Street railway companies whose systems are
leased to intermediate traction companies listed as "class B underliers,"
such class A underliers being as follows:
Catherine & Bainbridge Streets Ry of the City of Philadelphia.
Citizens Passenger Ry. of Philadelphia.
Continental Passenger Ry. of Philadelphia.
Empire Passenger Ry. of Philadelphia.
Fairmount Park St Haddington Passenger Ry.
Frankford .Itt Southwark Philadelphia City Passenier RR.
Germantown Passenger -11y.
Green & Coates Streets Philadelphia Passenger Ry.
Peoples Passenger Ry.
Philadelphia City Passenger Ry.
Philadelphia & Darby Ry.
Philadelphia & Gray's Ferry Passenger Ry.
Ridge Avenue Passenger Ry.
Second & Third Streets Passenger Ry. of Philadelphia.
Seventeenth & Nineteenth Streets Passenger Ry. of Philadelphia.
Thirteenth & Fifteenth Streets Passenger Ry.of the City of Philadelphia.
Union Passenger Ry. of Philadelphia.
West Philadelphia Passenger Ry.
Class B Underliers, viz: Intermediate traction and street railway companies whose systems are leased to Union Traction Co. of Philadelphia.
listed under "class C underliers," such class B underliers being as follows:
Philadelphia Traction Co.
Electric 'Fraction Co. of Philadelphia.
Peoples Traction Co.
Hestonvlie, Mantua & Fairmount Passenger RR.
Class C Underliers. viz: Traction and street railway companies, other
than wholly owned subsidiaries of P. R.T., whose systems are leased direct
top. R. T.,such class C underliers being as follows:
Union Traction Co. of Philadelphia.
Darby, Media & Chester Street Ry.
Darby & Yeadon Street Ry.
Formation ofPhiladelphia Transportatim. Company
By a merger agreement, P. R. T., all underliers and street railway companies whose stock is wholly owned by underliers and(or) P.R.T. will
merge into a single company with the corpora.e title "Philadelphia Transportation Co." By virtue of this merger Transportation company will
own, either directly or thtough stock ownership, all franchises and property now owned or eased by .R.T., with the exception of the City-owned
er
High Speed Lines. The ownership will be direct except in the case of certain subsidiaries of merging companies which will remain in existence as
subsidiaries of Transportation company. Property not owned by or
leased to P. R. T. is not included in the merger.
Capitalization of Transportation Company
The authorized capitalization will be as follows:
(a) First and Blanding Mortgage Bonds—Secured by a mortgage and
deed of trust creating a direct lien upon all surface railway franchises and
lines of Transportation company and all real estate used in connection
with such surface lines and certain additional real estate, subject only to
such existing prior lien bonds, mortgages and ground rents as are not to be
presently refunded. The bonds will be further secured by the pledge of
all of the stock of Philadelphia Rural Transit Co. and of the equity in the
stock of Market Street Elevated Passenger Ry. Bonds will be issuable
for the following purposes only:
(1) For refunding purposes as follows:
To refund 1st & ref. mtge. bonds as the same may from time to time
mature;
To refund certain bonds, mortgages and ground rents of companies merging to form Transportation company and of companies which will be wholly
owned subsidiaries of Transportation company.
To refund certain other funded debt and mortgages or ground rents
which may at any time ho a direct prior lien on property subject, or made
subject to the lion of the mortgage; provided, such refunding is reasonably
necessary and proper for the preservation and efficient operation of the
property and business of Transportation company and (or)its wholly owned
subsidiaries.
(2) To provide new capital up to not more than 75% of the cost or value
of additions, betterments and extensions to the property of Transportation
company and (or) its wholly owned subsidiaries, which additions, betterments and extensions shall be made subject to the lien of the mortgage.
(3) Such amount of bonds as may be necessary to enable Transportation
company to raise, either through sale or pledge, sufficient cash to pay
accrued rentals not to be funded under this plan, and to provide working
cash capital not exceeding $3,000,000; also to meet reorganization expenses
as provided in this plan.
The mortgage will provide for the issue of bonds from time to time for
the purposes above set forth in different series with different maturities,
different rates of interest and different call prices. The mortgage will
contain sinking fund provisions. Bonds purchased for the sinking fund
shall be kept alive. The mortgage will also require Transportation company, prior to the payment of interest upon the debenture bonds to set
aside a sum equal to one-half of the interest so paid to be kept and used
solely for additions, betterments and extensions to the property of and(or)
to purchase and retire fixed interest bearing obligations of Transportation
company and(or) its wholly owned subsidiaries.
(b) Consolidated Mortgage Bonds—Secured by a mortgage junior to
mortgage securing the let & ref. mtge. bonds and covering the same franchisee and properties. Bonds will be imitable for the following purposes
only:
(1) In exchange for stock and(or) stock trust certificates of class A
underliers outstanding in the hands of the public and(or) pledged to secure
outstanding collateral trust bonds, and for dividends or interest thereon
payable out of rentals in arrears.
(2) For refunding consolidated mortgage bonds and for other refunding
and for additions and betterments as set forth in the case of the 1st St ref.
bonds.
The mortgage will provide for the issue of bonds in different series with
different maturities, different rates of interest, different sinking fund provisions and different call prices, if any. The mortgage will contain sinking
fund provisions. Bonds purchased for the sinking fund shall no canceled.
(c) General Mortgage Bonds—Secured by a mortgage junior to the mortgage securing the consolidated mortgage bonds and covering the same
franchises and property. General mortgage oonds will be issuable for the
following purposes only:
(1) In exchange for stock and(or) stock trust certificates of class B
underliers outstanding in the hands of the public and(or) pledged to secure
outstanding collateral trust bonds, and for dividends or interest thereon
payable out of rentals in arrears.
3653
(2) For refunding general mortgage bonds, consolidated mortgage bonds
and for other refunding and for additions and betterments, as set forth in
the case of the 1st & ref. bonds.
The mortgage will provide for the issue of bonds from time to time for
the purposes set forth above in different series with different maturities.
different rates of interest and different call prices, if any. It will provide
for the payment into a sinking fund of all excess amounts received from
the sinking fund of the consolidated mortgage bonds. Bonds purchased
for the sinking fund shall be canceled.
(d) Debenture Bonds—The principal of the debenture bonds and the
Interest up to6% per annual cumulative, payable when and as earned, will
be the general unsecured obligations of Transportation company but will
be Junior to the principal and interest of general mortgage bonds. The
right to receive and the obligation to pay interest on debenture bonds will
be as folloes:
In any year in which Transportation company shall have net income
otherwise available for dividends, then such income shall be applied onethird toward the reserve for additions and betterments provided for in the
1st & ref. mtge. and in the consolidated mortgage and two-thirds toward
the payment of interest upon debentures. Provided, however, that payments of interest on debentures shall be to the nearest % of 1% for which
applicaole funds are available and shall never exceed 6% per annum cumulative and that the payments required to be made into the reserve for additions and betterments shall never exeeed one-half of such interest Payments
so made on debenture bonds. So long as any portion of interest upon
debentures at the rate of 6% per annum cumulative is in arrears, Transportation company shall not declare or pay any dividend on any of its
stock. Failure by Transportation company to pay interest on debentures
to the extent earned and payable as above provided, within six months after
the close of any year, shall constitute an actionable default. Debenture
bonds will be issuable only:
(1) In exchange for stock of class C underliers outstanding in the hands
of the public, and for dividends thereon payable out of rentals in arrears.
Transportation company shall not issue any obligation senior to debenture bonds and having a lien on presently owned property of merging companies or, having a lien on any property subsequently acquired by Transportation company or by any of its wholly owned subsidiaries (except liens
existing before such acquisition or purchase money obligations), save as
provided in this plan.
(e) I-referred Stock—A presently authorized issue of 140.000 shares of
7% cumulative non-participating preferred stock (par $50). Preferred
stock will have no voting rights except upon default after 1935 of two
semi-annual dividend payments, in which event it shall have voting rights,
share for share with the common stock.
(f) Common Stock—A presently authorized issue of 720,000 shares of
common stock (par $50).
Voting Trust
The present voting trust of P. R. T. common stock will be revised as
follows:
The number of voting trustees will be increased from three to seven.
The four additional voting trustees will be chosen, one by the present three
trustees, and one each by the respective trustees of the consolidated mortgage bonds, the general mortgage bonds and the debenture bonds.
Distribution of Securities of Transportation Company
The present distribution of securities of Transportation company will
be as follows:
(a) To holders of stock Of class A underliers, outstanding in the hands
of the public, in exchange therefor, consolidated mortgage 6% bonds in
such amounts that the annual interest thereon will equal 85% of the present
annual return to the holders of such stocks.
To holders of Peoples Passenger Ry. Co. 4% stock trust certificates due
in 1943, in exchange therefor, consolidated mortgage 3.4% bonds in equal
face amount which will provide an annual return equal to 85% of the
present annual return to the holders of such stock trust certificates.
Such bonds will be all of one series maturing on April 1 2035 and noncallable. The precise amount of such bonds to be issued in exchange for
the stock or trust trust certificates of each class A underlier amountsAto
836.903,682.
(b) To holders of stock and(or) stock trust certificates of class B underHers, outstanding in the hands of the public, in exchange therefor, 6%
general mortgage bonds in such amounts that the annual interest thereon
will equal 75% of the present annual return to the holders of such stocks
and(or) stock trust certificates. Such general mortgage bonds will be all
of one series maturing on April 1 2035 and non-callable. The precise
amount ofsuch general mortgage bonds to be issued in exchange for the stock
and(or) stock trust certificates of each class B. underlier amounts to
$35,125.007.
(c) To holders of stock of class C underliers, outstanding in the hands
of the public, in exchange therefor. debenture bonds in such amounts that
the interest thereon at the rate of 6% per annum will equal .50% of the
present annual return to the holders of such present stock of class C underliars. Such debenture bonds will be all of one series maturing on April 1
2035 and non-callable. The precise amount of such debenture bonds to
be issued in exchange for the stock of each class C underlier amounts to
$15.279,973.
(d) The holders of stock and(or) stock trust certificates of class A, B
and C underliers, outstanding in the hands of the public, shall accept and
receive dividends or interest payable out of rentals in arrears at the effective
date of the plan in bonds of transportation company at par, as follows:
Class A underliers three months' dividend and(or) interest in consolidated mortgage bonds of the same series issued in exchange for their stocks
and(or) stock trust certificates:
C11188 B underliers six months' dividends and(or) interest in general
mortgage bonds of the same series issued in exchange for their stocks and(or)
stock trust certificates;
Class C underliers nine months' dividends in debenture bonds identical
with those issued in exchange for their stocks.
(e) To holders of the 280,000 outstanding shares of 7% cumulative Preferred stock of P. R. T., 140,000 shares of 7% cumulative preferred stock
of Transportation company and voting trust certificates for 140,000 shares
of common stock of Transportation company.
(f) To holders of the 579,926 outstanding shares of common stock of
P. R. T. or of voting trust certificates therefor, voting trust certificates for
he 579,926 shares of common stock of Transportation company to be
tasued to the voting trustees.
(g) To holders of $2,233,860 of outstanding bonds of underliers as listed
below, in exchange therefor, $2.233,860 face amount of 1st & ref. 6%
mortgage bonds of Transportation company, due April 1 1965:
Face Amount
Peoples Passenger Ry,4% 1st mtge. bonds, due Jan. 15 1935-- $219,000
Philadelphia City Passenger Ry.5% deb bonds, due Mar. 1 '35
100.000
Empire Pass. Ry.of Phila.6% 1st mtge. bonds,due Mar. 1 1935
200.000
Catherine & Bainbridge Streets Ry. of City of Philadelphia 6%
first mortgage bonds, due April 1 1935
150,000
Frankford & Southwark Phila. City Passeniger RR.(West End
Passenger Ry.)4% 1st mtge. bonds, due Oct. 1 1935
132,100
17th and 19th Streets Passenger Ry. of Philadelphia 6% 1st
mtge. bonds, due July 1 1939
100,000
Hestonville. Mantua & Fairmount Passenger RR.5%% consol,
gold bonds, due May 1 1934 and May 1 1939
896.760
13th and 15th Streets Passenger Ry. of City of Philadelphia 6%
1st mtge, bonds, due Jan. 1 1944
436.000
Total
$2,233.860
(h) To holders of $1,191.000 outstanding bonds of claw C underliers as
listed below, in exchange therefor, $1,191,000 4%% general mortgage bonds
of Transportation company, due April 1 2035:
Face Amount
Darby & Yeadon St. Ry.4%% 1st mtge. bonds,due Dec. 1 1934 8200010
Darby, Media & Chester Street Ry.4j% 1st mtge. bonds, due
July 1 1936
991.000
Total
$1,191.000
(1) To the trustee of $705,000 Union Traction Co. of Ph ladelphia 4%
sinking fund collateral trust mortgage gold bonds, due July 1 1952. in
exchange for the existing collateral therefor. $1,166,667 of6% general mortgage bonds of Transportation company, due April 1 2035. Such general
mortgage bonds shall be canceled upon the retirement of the sinking fund
collateral trust mortgage gold bonds,
(j) To the trustee of $2.878,000 Philadelphia Rapid Transit Co. 5%
collateral gold bonds, due Feb. 1 1957,in exchange for the existing collateral
therefor, 84,738,334 6% consolidated mortgage bonds of Transportation
company, due April 1 2035. Such consolidated mortgage bonds shall be
canceled upon the retirement of the collateral gold bonds.
(k) To the treasury of Transportation company such amount of let &
ref. mtge bonds as may be necessary to enable Transportation company to
3654
Financial Chronicle
raise, either through sale or pledge, sufficient cash to pay back rentals not
to be funded under this plan, and to provide working cash capital not
exceeding $3,000,000. also to meet reorganization expenses.
Modification of Rights of P. R. T. Stockholders-Holders of P. R. T.
preferred stock will waive their right to receive all unpaid and accumulated
dividends and will convert their holdings of P. R. T. preferred stock onehalf into 7% cumulative preferred stock and one-half into common stock
of Transportation company (to be presently represented by voting trust
certificates) so that in place of $14,000,000 P. R. T. preferred stock presently outstanding with annual dividend requirements of $980.000, there
will be $7,000,000 preferred stock with annual dividend requirements of
$490,000 and $7,000,000 common stock.
The P. R. T.common stockholders will convert their holdings of P. R. T.
common stock, share for share, into common stock to be presently represented by voting trust certificates.
Different Classes of Outstanding Stockholders Whose Rights are Modified or
Altered by the Plan
Shs. Outsi'd'a
Sits. Outsi'd'a
Class A (Continued)
Phila. Rapid Transit Co.-Pret_ 280,000
Common
579,926 Second Sr Third Sts. Pass. Ry___ 21,204
17th & 19th Sts. Passenger Ry__ 10,000
Class .4
13th & 15th Sts. Passenger Ay__ 20,000
30,000
Catherine & Bainbridge Sts. Ry_
8,000 Union Passenger By
Citizens Passenger Ry. Co
10,000 West Philadelphia Passenger By. 15,000
Continental Passenger By
20,000
Empire Passenger By
Class B
12,000
al75,000
Fairmount Park & Haddington
Electric Traction Co
Passenger By
6,000 Peoples Traction Co______ ____b200,000
Hestonville, Mantua & FairFrankford & Southwark Phila.
City Passenger RR
37,500
mount Passenger RR.:
39,322
Germantown Passenger Ry
30,000
Common
10,678
Green & Coates Streets Phila.
Preferred
400,000
Passenger By
10,000 Philadelphia Traction Co
Peoples Pass. Ry.Co.
--Common x60,000
130,000
Class C
Preferred
600,000
Philadelphia City Passenger Ry_ 20,000 Union Traction Co
Philadelphia & Darby By
4,000 Darby, Media & Chester St. By. 17.000
Phila. & Grays Ferry Pass. Ry
12,388 Darby & Yeadon Street Ry__ _ _
100
Ridge Avenue Passenger Ry
15,000
x 41,650 shares of common and 22,950 shares of preferred are pledged to
secure $4,452,000 outstanding Peoples Passenger By. 4% stock trust ctfs.
a 174,986 shares pledged to secure $29,730,114 Electric & Peoples Traction 4% stock trust certificates. b 199,939 shares pledged to secure
$29,730,114 Electric & Peoples Traction 4% stock trust certificates.
The plan is conditioned upon its acceptance by a majority of each such
class of outstanding stockholders; also upon the acceptance of the plan by
the corporations parties thereto who own the stock of the wholly owned
subsidiaries.
Different Classes of Creditors Whose Rights are Modified or Altered by the Plan
Face Amount
Catherine & Bainbridge Streets Ry., 1st mtge. 04, 1935
$150,000
991,000
Darby Media & Chester St. By. 1st mtge. 43s, 1936
Darby & Yeadon St. Ry. 1st mtge. Ois, 1934
200,000
Empire Passenger Ry. 1st mtge. 04, 1935
200,000
Frankford & Southwark Phila. City Passenger ItIt., West End
Passenger By. 1st mtge. 4s, 1935
132,100
Hestonville, Mantua & Fairmount Passenger RR. consol. 5s.
1934 and 1939
896,760
Peoples Passenger Ry. 1st mtge. 48, 1935
219,000
Philadelphia City Passenger Ry. 5% debs , 1935
100,000
Philadelphia Rapid Transit Co. coll. 5s, 1957
ab2,878,000
17th & 19th Sts. Passenger By. 1st mtge. 04, 1939
100,000
13th & 15th Sta. Passenger By. 1st mtge. (is, 1944
436,000
Union Traction Co. of Philadelphia coll. tr. 4s, 1952
c705,000
Total
$7,007,860
a After estimated sinking fund retirements to March 311935. b These
bonds are to remain outstanding, the collateral therefor to be exchanged as
provided in plan. c These bonds are to remain outstanding, the collateral
therefor to be exchanged as provided in plan.
The plan is conditioned upon its approval by two-thirds of each such
class of creditors.
Different Classes of Creditors Whose Rights Are Not Modified or
Altered by the Plan
Face Amount
Continental Passenger By. 1st mtge. 4s, 1959
$280,000
Doylestown & Willow Grove By. 1st mtge. 4s, 1960
500,000
Electric Traction Co. of Philadelphia, ground rent
1,254
Frankford & Southwark Phila. City Pass. RR., Lombard &
South t. Passenger Ry. let mtge. 334s, 1951
150,000
Frankford & Southwark Phila. City Pass. RR. ground rents
7,510
Germantown Passenger By. ground rents
14,081
Market Street Elevated Passenger Ry. 1st mtge. 4s. 1955
10,000.000
Motor Real Estate Co.
-P. R. T. real estate 1st mtge. 68 of
C. Benton Cooper, due Jan. 1 1944
a2,357,000
Motor Real Estate Co.
-Metropolitan Life Insurance Co. blanket
real estate mtge. 6s, 1951
a1,460,000
Motor Real Estate Co.
683,917
-miscellaneous real estate mortgages
285,000
Peoples Passenger By. 2d mtge. 4s, 1961
246.000
Peoples Passenger By. Co. consol. mtge. 45, 1962
70,000
Peoples Passenger By. real estate mortgage
200,000
Philadelphia City Passenger By. 1st mtge. 4s, 1960
35,000
Philadelphia City Passenger Ily. ground rent
100,000
Philadelphia & Darby By. 1st mtge. 55is, 1957
(2d
P. R. T. 50
-year 5% & 6% sinking fund gold bonds, 1962'
a8,538,000
mtge. on Market St. subway-elevated)
a170,000
P. R. T. equip, trust series J 5s, 1926-1936
a380,000
Equipment trust series K 5s, 1926-1936
a1,960,000
Equipment trust series L 6s, 1930-1937
24,640
Philadelphia Rural Transit Co. real estate mortgage
75,000
Philadelphia Traction Co. real estate mortgage
50,000
Ground rent
462,700
Phila. & Willow Grove St. Ry. 4s. 1934 and 1939
333
Real Estate Holding Co. ground rent
500,000
Union Passenger B. 1st mtge. 4s, 1961
250,000
2d mtge. 4s, 1960
10,000
Union Traction Co. of Philadelphia real estate mortgage
246,000
West Philadelphia Passenger Ry. 1st mtge. 34s. 1956
750,000
2d mtge. 50, 1956
10,000
Willow Grove Park Co. real estate mortgage
Dec. 8 1934
Ridge Ave. Connecting By.(100% Philadelphia Traction Co.).
Tioga & Venango Sts. Pass. Ry. of Phila. (100% 13th & 15th Streets
Passenger Ry.).
22d St. & Allegheny Ave. Pass. By. (89% by Phila. Traction Co, 11%
by Union Traction Co. of Phila.).
Walnut St. Connecting Pass. Ry.(100% Philadelphia Traction Co.).
Companies not to be merged, all the stock of which except as noted will
be owned by Transportation Co.:
Brown Sr White Caby Co.
Motor Real Estate Co.
Chester & Philadelphia By. Co. (51% Pennsylvania Rapid Transit Co.
Philadelphia Rural Transit Co.
of stock owned).
Quaker City Cabs, Inc.
DM&CBusCo.
Diamond Cab Co.
Real Estate Holding Co.
Doylestown & Willow Grove By.
Willow Glove Park Co.
Market Street Elevated Passenger By. Yellow Cab Co. of Philadelphia.
Prior lien bonds, mortgages and ground rents to remain outstanding and
which may be later refunded by the issue of Philadelphia Transportation
Co. bonds:
$280,000
Continental Passenger By. of Phila. 1st mtge. 4s, 1959
Frankford & Southwark Phila. City Pass. RR., Lombard &
150,000
South St. Pass. By. let mtge. 3%s, 1951
285,000
Peoples Passenger By. 2d mtge. 4g, 1961
246,000
Consol. mtge. 4s, 1962
200,000
Philadelphia City Pass. By. 1st mtge. 4s, 1960
100,000
Philadelphia & Darby By. 1st mtge. 5 Xs, 1957
6462,700
Phila. & Willow Grove St. By. 43.s, 1934 and 1939
500,000
Union Passenger Ry. of Phila. 1st mtge. 4s, 1961
250,000
Union Passenger By. of Phila. 26 mtge. 4s, 1960
246,000
West Phila. Pass. By. 1st mtge. 3 s. 1956
750,000
West Phila. Pass. By. 2d mtge. 5 s, 1956
Real estate mtge. bonds & miscellaneous real estate mtges. and
a4,798.735
ground rents
$8,268,435
Total
a After estimated sinking fund retirements to March 31 1935. b Will
be retired at or before maturity due to operation of sinking fund.
Existing bonds refundable upon certificate as provided above:
$500,000
Doylestown & Willow Grove By. 1st mtge. 45, 1960
10,000,000
Market St. Elevated Pass. By. 1st mtge. 4s, 1955
ab2.878.000
P. R. T. 5% coll, gold bonds, 1957
-year 58 and 6s, 1962(2d mtge.on Market St.subway-elev.)ac8,538,000
50
Union Traction Co. of Phila. coll. trust 4s, 19526705,000
$22,621,000
Total
a After estimated sinking fund retirements to March 31 1935. b Issues
which will be retired before maturity due to sinking fund operations. c It
is estimated that less than $3,000,000 will be outstanding at maturity due
to operation of the sinking fund.
Capital Securities to be Outstanding Upon Effectuation of the Plan
$2,510,000
P. R. T. equip, trust certificates (series J, K, L)
Real estate mtge. bonds & miscell, real estate mtgee. & ground
4,798,736
rents
3,583.000
Collateral trust bonds a
22,507.700
Divisional lien bonds_b
6,426,433
c Philadelphia Transportation Co. 1st & ref. mtge. 65
33,027,368
Consolidated mtge. bonds
-6% series
4,496,520
3.4% series
36,530,007
Gen. mtge. bonds
-6% series
1.191,000.
4;4% series
16,038,412
Debenture bonds
7,000,000
7% preferred stock (140,000 shares, par $50)
35,996,300
Common stock (719,926 shares, par $50)
$174,105,476
Total
a Collateral Trust Bonds
$2,878,000
P. R. T. 5% coll, gold bonds, due Feb. 1 1957
Union Traction Co. of Phila. 4% 50-yr. s. f. coll. tr. mtge. gold
705,000
bonds, due July 1 1952
b Divisional Lien Bonds Outstanding April 1 1935
$280,000
Continental Passenger Ry. of Phila. 1st mtge. 4s, 1959
500,000
Doylestown & Willow Grove By. 1st mtge. 45, 1960
Frankford & Southwark Phila. City Pass. RR., Lombard &
150,000
South St. Passenger By, 1st mtge. 3s,1951
10,000,000
Market St. Elevated Pass. By. 1st mtge. 4s, 1955
285,000
Peoples Passenger Ry. 2d mtge. 4s, 1961
246,000
Peoples Passenger Ry. consol. mtge. 4s, 1962
200,000
Philadelphia City Passenger By. 1st mtge. 4s, 1960
100,000
Philadelphia & Darby Ry. 1st mtge. 5 Its, 1957
P. R. T. 50
-year 5% & 6% sinking fund gold bonds, due March
x8,538,000
1 1962 (2d mtge. on Market St. subway-elevated)
462,700
Philadelphia & Willow Grove St. Ry. 40,1934 and 1939
500,000
Union Passenger By. 1st mtge. 4s, 1961
250,000
2d mtge. 4s, 1960
246,000
West Philadelphia Passenger By. 1st mtge. 3;is, 1956
750,000
2d mtge. 5Yis, 1956
x It is estimated that less than $3,000,000 will be outstanding at maturity
due to operation of the sinking fund.
c Philadelphia Transportation Securities Outstanding April 1 1935
(1) First and Refunding Mortgage 6% Bonds
Issued to Holders of
$219,000
Peoples Passenger Ry. 1st mtge. 4s, 1935
100,000
Philadelphia City Passenger By. 5% debentures, 1935
200,000
Empire Pass. By. of Phila. 1st mtge. 6s, 1935
150,000
Catherine & Bainbridge Streets By. 1st mtge. 65, 1935
Frankford & Southwark Phila. City Pass, RR., West End Pass.
132,100
By. 1st mtge. 4s, 1935
Hestonville, Mantua & Fairmount Pass. RR. consol. 5;is, 1934
896,760
and 1939
100,000
17th & 19th Streets Passenger By. 1st mtge. 6s, 1939
436,000
13th & 15th Streets Passenger Ry. 1st mtge. 6s, 1944
Total to be presently issued for refunding
Sold or Pledged to Secure Cash for Following Purposes
To pay rentals overdue at April 1 1935 as follows:
Rentals due Class A companies in excess of 3 months
Rentals due Class B companies in excess of 6 months
Rentals due Class C companies in excess of 9 months.
$2.233,860
$1,194,010
1,398,563
$2,592,573
$29,816,435
Total
1,400,000
Less estimated cash available
a After estimated sinking fund retirements to March 31 1935.
$1,192,573
Tort Claims
-All claims incident to or arising out of the ordinary operaAmount to be financed through sale or pledge of bonds
3,000,000
tion of the P. R. T. System, whether founded in contract or in tort, and
To provide working capital
including taxes, will, under the plan, be paid in due course in cash.
$4,192,573
Total to be issued for working capital, &c
Companies to merge in addition to parties to the plan.
$6,426,433
(1) Companies, All the Stock of which is Owned by P. R. T.
Total to be outstanding April 1 1935
Broad Street & Boulevard Street By.
Mt. Vernon. Shawmont & Box. St. Ry.
(2) Consolidated Mortgage Bonds Outstanding April 1 1935
Moyamensing & Southwark Rapid TranBroad Street Rapid Transit Street By.
For 3 Mos.
Bustleton & Byberry Rapid Tr. St. By.
sit Street By.
Rentals in
Parkside Rapid Transit Street By.
Cayuga & Torresdale Street By.
Total
Arrears
For Stock
6% SeriesPelham & Frankford Street By.
Champlost Street Connecting By.
Issued to Holders of the Stocks of
Sansom Street Connecting By.
Frankford Connecting Ry.
$35,000 $2,018,333
Citizens Passenger Ry
$1,983,333
Franktord Street Ry.
Tioga &
Germantown Loop Ry.
1.19
5Ligs
26,849
Continental Passenger By
1,471,854
Wayne Junction Connecting By.
Glenwood Rapid Transit Street Ry.
4,500
255,000
'Fairmount Pk & Haddington Pass. Ry
Frankford & Southwark Phila. City
(2) Companies, All the Stock of which is Owned by Union Trac. Co. of Phila.
9.731,250
168,750
Passenger RR
9,562,500
Girard Avenue Passenger Ry.
Aramingo Avenue Passenger Ry.
2,g(:
5 888
)
39,375
Germantown Passenger By
2,231,250
Hillcrest Avenue Passenger By.
Beach Street Connecting By.
15,000
850,000
Green & Coates Sts. Phila. Pass. By..
Brown & Parrish Street By.
Lehigh Avenue Railway of Phila.
2,153,741
37,348
Philadelphia City Passenger By
2.116,393
Centennial Passenger By.
Northern Passenger Railway.
78.613
1,313
Philadelphia & Darby Ry
77,289
Citizens Clearfield & Cambria Street Ry. Philadelphia. Cheltenham & Jenkintown
709.069
12,296
Phila. & Grays Ferry Pass. By
696,773
Passenger By.
Citizens East End Street By.
2,595,000
45,000
2,550,000
Ridge Ave. Passenger By
Philadelphia & Willow Grove Street By.
Citizens North End Street By.
3,668,292
63,612
3,604,680
2d & 3d Streets Passenger Ry
East Aramingo Avenue Passenger By. Snyder Avenue By.
3,451,350
59,850
13th & 15th Streets Passenger By...... 3,391,500
2,836,639
50,813
(3) Companies, All the Stock of which is Owned as Follows:
2,785,826
Union Passenger Ry
891,248
15,967
875,281
Phila, Passenger By
West
Fairmount Park By.(100% 13th & 15th Streets Passenger Ry.).
Huntingdon St. Connecting Pass. By.(100% Phila. Trac. Co.).
$575,685 $33,027,367
$32,451,682
Total
St. Connecting Pass. By. (100'% Phila. Trac. Co.).
Kessler
3.4% Series-Issued to Holders of
Park Ave. & Carlisle St. Pass. By. of Phila. (100% 13th & 15th Ste.
4,496,520
44,520
Peoples Pass. Ry.4% stk. tr. ars_ - 4.452,000
Passenger Ry.).
Volume 139
Financial Chronicle
3655
November to Marco, the applicant forecasts a substantially stronger cash
position; for April 30 a balance of $247.200 is forecast: and for subsequent
months, to and including July,still greater balances. For July 31,a balance
of $521,557 is forecast, as compared with total disbursements for the
month of $319,900. Upon this estimate it does not appear that the term
for which the additional loan will be required will exceed one year.
Security
The applicant has deposited as security for the existing reconstruction
loans $1,788,000 of its first mortgage 434%. series D, bonds of 1960. $8,047,000 of its general mortgage 6% bonds of 1952. 4,200 shares of Wheeling
& Lake Erie By, preferred stock, and 28,400 shares of Wheeling & Lake
Erie By. common stock. It offers to repledge these securities for the
additional loan applied for, and, in addition, equipment trust certificates,
Total
S35,125007 $1,405,000 $36,530,007
in such amount as may be necessary, to be issued under a new trust agree4%% Series-Issued to holders of the following
ment and lease on all the equipment at present subject to the lien of the
Darby & Yeadon Street Ry.434% gold bonds, due Dec. 1 1934_
$200,000
outstanding equipment trust certificates maturing Nov. 1 1934. There is
Darby, Media & Chester St. By. 1st mtge. 434% gold bonds,
also available $125,000 par value, tne entire issue, ofstock of the Acme Coal
due July 1 1936
991,000
Cleaning Co. The maturing certificates mentioned are those to be paid
with a part of the loan applied for: and tne payment of $300,000 on or
Total
$1.191,000
before Dec. 1 1934, will constitute the last payment required to discnarge
the lien of the present issue of certificates. Application has been made
(4) Debenture Bonds OutstandinglApril 1 1935
for autnority to assume obligation and liability for not to exceed $1,000,000
For 9 Mos.
of the new certificates.
tRentals in
The Railroad Credit Corp. has been pledged the applicant's equity in
Issued to holders of the stocks of- limlFor Stock
Arrears ill glintal
the collateral deposited witn the RFC, and has been given a lien on tne
Union Traction Co. of Philadelphia_ _$14,974,475
$727,659 $15,702,134
equipment coming under the 1924 equipment trust agreement. The
Darby,Media & Chester Street Ry___
336,278
305,498
30,780
applicant proposes to pledge with the Railroad Credit Corp. such amount
of equipment trust certificates under the new trust agreement as may be
Total
$15,279,973 1
11%758.439 116,038,412
necessary to obtain from it tne release of its present lien, given to secure
-V..139, p..3334.
hat corporation's loan of $202,500 to the applicant made in May 1933,
larger loan maturing in 1936.
Tb. T.J. C.)Penney Co. Larger Common Dividend-32 Extr
45, nd maturing in May 1935, and not a was approximately $3.822,418, and
I
The directors on Dec. 4 daclared an extra dividend of $2 per share in ', The original cost of this equipment
ts depreciated book value was approximately $1,868,35., as of Sept. 30
addition toe quarterly payment of 50 cents per share on the common
1934. The equipment was built at various dates, the present age being
stock, no par value, both payable Dec. 31 to holders of record Dec. 20.
from 11 to 27 years. With units subsequently retired, it supported an
The company stated that the 50
-cent dividend was to be considered as
issue of $3,000.000 of equipment trust certificates in 1924. Tne applicant
only the payment for the quarter ended Dec. 31 1934.
had a credit balance in nire-of-freight-cars account of $363,412 in 1933 and
Previously quarterly payments of 30 cents per share had been made
$256,909 for the first 8 months of 1934.
from March 31 1983 to and including Sept. 29 last; 45 cents per share on
Tne applicant's first mortgage 434%,series C, bonds of 1960, during the
Dec.31 and Sept. 30 1932 and 60 cents per share each quarter from March 31
week ended Nov. 2, sold at a price of 73%. The 1934 range prvious to
1931 to and including June 30 1932. In addition an extra dividend of $1
hat week had been high, 80: and low, 56. None of the applicant's general
per share was paid on Jan. 30 1934.-V. 139 P. 3004.
mortgage 6s is actually outstanding. These bonds have a lien on the
. -----Pennsylvania Glass Sand Corp.
-n.75 Pref. Diviggn
applicant's property following that of the first mortgage bonds. They are
The directors have declared a dividend of $1.75 per share on accounelif
not traded in or quoted. The applicant's stock, however, was quoted at
accumulations on the $7 cum. pref. stock, no par value, payable Jan. 2
10 bid and 16 asked on Nov. 2 1934. Wheeling & Lake Erie common
holders of record Dec. 15. Like amounts were distributed on this
1935 to
stock was quoted on Nov. 2 1934, at 12% bid and 29 asked, and Wheeling
issue on Oct. 1, June 15, April 1 and Jan. 3 last. Accruals after the Jan. 2
& Erie preferred stock at 27 bid and 33 asked. The Acme Coal Cleaning
payment will amount to $8.75 per share.
Co.'s plant was constructed from 1931 to 1933 and its stock was sold at par.
For the year 1932. railway operating revenues were $2,239,822, and
Bonds Called
there was a deficit in net income of $433,530. For the year 1933, railway
There have been callea for redemption as of Jan. 1 1935 a total of $71,000
operating revenues were $2,530,258 and there was a deficit in net income
of 1st mtge. 6% s. f. bonds, due July 1 1952. Payment will be made at
of $106,106. For the 8 months ended Aug. 31 1934, railway operating
105 and int. at the offices of Brown Brothers Harriman & Co. in Philadelrevenues were $1,895,989, an increase of $157,025 over the first 8 months
phia, New York and Boston.
-V. 139, p. 1561.
of 1933. There was a deficit in net income for the first 8 months of 1934 of
$14,234, representing an improvement over the corresponding 8 months of
Pioneer Gold Mines of British Columbia, Ltd.
-Earns. 1933 amounting to $21,439. The monthly comparisons from Jan. to Aug.
Month ofNov. 1934 Nov. 1933
1934, with the corresponding months of 1933,show improvement in revenues
Oct. 1934
Oct. 1933
Gross profit
and net income, month by month,from Jan. to May,inclusive, and dimin$257,000
$224,200
$255,000
$187,300
Expenses
ished revenues and net income for June. July and August. Sept. 1934 gram
61,500
68,500
64,000
64,200
was above 1933; and the preliminary estimate for Oct. 1934 was subProfit before deprec.,
stantially above 1933 in both gross and net.
depletion and taxes_
The earliest maturity of bonds of the applicant's own issue, or as to which
$195,500
$155,700
$191,000
$123.100
-V.139, p. 3004.
it has direct liability, will rie in 1937, when $1,000 of West Side Belt' RR.
first mortgage 5% bonds mature. Thereafter. in 1942, $2,667,000 of outstanding Pittsburgh Terminal Railroad & Coal Co.first mortgage 5% bonds,
,""Pittsburgh Plate Glass Co.
-Larger Dividend
-4477
the direct obligations of the Pittsburgh Terminal Coal Corp., but guarandirectors have declavicl
par $ 5, pa ya a
2
viyend
ta
cea s
l rperrsha ea. p comd i on1the
r
teed by the West Side Belt RR., will mature. The applicant has assumed
mon stock.
holders
Tnis
the obligation of toe West Side Belt RR. as guarantor of these bonds
-compares with 35 cents per share paid on Oct. 1 and July 2 last and 25 cents
pursuant to its agreement of Aug. 30 1927, with the West Side Belt RR.
Per share paid on April 2 and Jan. 2 1934. In addition, an extra distributhrough which the latter's property, franchises, rights and credits were
tion of 10 cents per share was made on April 2 last.
acquired by the applicant. The guaranty is secured by a mortgage lien
President H. S. Werrett issued the following statement:
on the property acquired. The applicant is also surety on a supersedeas
"The present increased activity of the automobile manufacturers and
bond for $142,561 of the Pittsburgh Terminal Coal Corp. The net profits
the greater demand for Duplate safety plate glass indicate a considerable
of the latter and suresidiaries before depreciation, amortization and depletion
improvement in the output of this important product of the company durwere $234,815 for the first 9 months of 1934, as compared with in eres
ing the early montns of 1935 "-V 139
1561
44.,..iocirequirements of $99,788. On the same basis there was an aggregate net
loss of $162,258 from operations of 1931, 1932 and 1933. Interest on the
,--- Pittsburgh Thrift Corp.
-Extra Distribution
-01a
Pittsburgh Terminal RR. & Coal Co. bonds paid by the applicant, in
The directors have declared an extra dividend of 50 cents per share in
amount 5121517.has been refunded by the North American Coal Corp.
e usual quarterly dividend of 1734 cents
comOn Dec. 1 1958, the first of the bonds of the applicant's own issue actually
mon stock, par $10. The extra distribution will beper share on the10 to
paid on Dec.
outstanding, in amount $3.000,000, will mature. As of Aug. 31 1934, the
holders of record Nov. 20. while the regular dividend will be paid on Dec.
applicant had $2,921,207 of bank loans outstanding, maturing on May 28
31 to holders of record Dec. 11. An extra dividend of 10 cents per share
1935, carried as funded debt. This was in addition to a small loan of
was paid on Dec. 311933.-V. 137, P. 4200.
the Pennroad Corp. due Nov. 2 1934,
,.......s $19,868 past due, $325.000 owing to $202,500 maturing Jan. 25 1936, and
and demand notes for $557,107 and
..„(
Pittsburgh & West Virginia Ry.-Errnings.May 3 1935, respectively, owed to the Railroad Credit Corp., all carried
ctoberas current liabilities.
1934
1933
1932
1931
G oss from railway
Under the provisions of the Emergency Railroad Transportation Act.
$204,808
$196.201
$237,421
$251,773
et from railway
1933, we may not approve an application for a loan under the RFC Act,
45,312
31,099
89,615
69.291
et after rents
as amended, if we are of the opinion that the carrier is in need of financial
62,654
58.083
129.936
62.045
From Jan. Ireorganization in the public interest. As of Aug. 31 1934, the applicant
rmo from railway
reported total investments amounting to $62,381,758, capital stock out2,311,686
2,143,241
1,872,993 2,496,009
t from railway
standing in the amount of $30.500,000, and total long-term debt $20,135,664,690
714,516
404,992
555,780
t after rents
414. including $6,896,414 owed to banks and the RFC upon collateral
729.311
197,918
445,565
537.408
rates. At the same time its corporate surplus was reported as $7,162.065.
500,000 RFC Loan Approved Conditionally-To Be GuaranThe value for rate-making purposes of the property owned and used by
the applicant for common carrier purposes was found to be $23,682,328 as
„tee y Pennroad Corp.)
-of June 30 1917. including $82,328 for working capital; and the value for
The Inter-State Comm
i
Commssion on Dec. 1 approved conditionally
rate making purposes of the common carrier 'property owned and used by
a further loan of not to exceed $500,000 by the Reconstruction Finance
the West Side Belt RR.,as of the same date, $5,050,537, including $40.537
Corporation. In approving the loan the Commission stated that since
for working capital. The property and franchises of the West Side Belt
the Pennroad Corp. owns approximately 75% of the stock of the road it
RR. were acquired by the applicant as of Jan. 1 1929. If there be added
would be the chief beneficiary of any loan approved. Consequently, the
to the values stated for the properties of the applicant and the West Side
Commission concluded, that it would approve the, loan for a period of one
Belt RR.as of June 30 1917, the net cost of properties added, less property
year under the condition that the Pennroad Corp.unconditionally guarantee
retired, to Dec. 31 1930, the total for all such property now owned and used
repayment of the principal and the punctual payment of interest.
by the applicant becomes $52,012,538. Investments in road and equipment
The report of the Commission says in part:
have increased by $1,797.476 from Dec. 31 1930, to Dec. 31 1933. In
The company on Oct. 30 1934,filed an application to the RFC for a loan.
addition to its investments in road and equipment, the applicant owned
On May 28 and Oct. 27 1932, upon previous application, we approved
stocks in other companies as of Dec. 31 1933, having a book value of
loans of $3,805,222 and 1169.985, respectively, to the applicant by the
$4,324,252. The latter were for the most part stock of the Wheeling & Lake
RFC, upon prescribed terms and conditions and for specified purposes.
Erie By. Co.of which $5,940,000 common,$1,460.000 preferred, and $4,513
The purposes of the first loan specified in the earlier report were modified
prior lien preferred were owned by the applicant.
some extent in the later report cited. Of the loans totaling $3,975,207
to
Not in Need ofFinancial Reorganization
thus approved, the entire amount had been advanced, and none repaid,
In view of the applicant's record of earnings prior to the current depression,
on Aug. 311934,
the conservative relation of its outstanding debt to total investments, and
We have also approved proposed maintenance and equipment, as desirits probable property values, it is not apparent that the public interest
able for the improvement of transportation facilities, proposed to be
would be served by reorganization of the applicant under the Bankruptcy
financed by a loan of $47,000 to tnis applicant by the Federal Emergency
Act. We are of the opinion, and find, that the applicant is not at present
Administration of Public Works, and by the sale to tnat agency of $331,000
in need of financial reorganization in the public interest.
of equipment trust certificates. None of these funds had been advanced
The Pennroad Corp. owns approximately three-fourths of the stock of the
on Aug. 311934.
applicant. It will be, consequently, the chief beneficiary of any loan
The Application
approved.
The applicant now requests a further loan of $500,000 from the RFC,
Conclusions
to mature Nov. 30 1936, to be used in paying the final instalment of prinWe conclude:
cipal, in amount $300,000 due on equipment obligations, series of 1924,
1. That we should approve a further loan to the applicant by the RFC
and unpaid vouchers carried over from the months of Marcn to Sept.,
of not to exceed $500,000 for a period not to exceed one year, for the purinclusive, 1934, amounting to $206.151. The equipment obligations
poses and upon the terms specified in this report, upon condition that the
matured Nov. 1 1934, and should be paid not later than Dec. 1 1934, to
Pennroad Corp. unconditionally guarantee repayment of the principal and
avoid default. The applicant states that it can not secure the necessary
the punctual payment of interest;
funds in whole or in part from any source other than the RFC; that no
2. That tne applicant should deliver to the RFC as collateral security
additional credit can be obtained by it from its banking and other financial
for this and previous loans, the following additional securities:
connections; and that all other sources of obtaining additional funds have
Equipment trust certificates having a first lien on equipment at
been exhausted.
at present subject to trust agreement and lease of 1924 (as
Necessities of the Applicant
enumerated) to be issued under new trust agreement and lease.
Toe current necessities of the applicant are indicated by the amount
In form satisfactory to the RFC, and being part of a total
Issue of not to exceed $700,000, principal amount
and purposes of the loan applied for. Its balance in cash account on
$500,000
Oct. :31 1934, was $42,981; and its forecast of cash receipts and disburseAcme Coal Cleaning Co., capital stock, par value
125,000
ments from Oct. 31 1934. indicates that the cash on hand on Nov. 30 will
3. That the applicant :would agree not to vote the stock of the Acme
on Dec.31,$75,371; on Jan. 31, $137,055; on Feb. 28, $82,564:
Coal Cleaning Co., while it shall be pledged hereunder, to increase the
be $112,225;
debt of that, company for other than ordinary operating requirements,
and on March 31, $42,129. These balances are forecast on the assumption
that ordinary receipts will be supplemented by a loan sufficient to pay
without the written consent of the RFC;
the equipment maturity of Nov. 1 and oring the payments of vouchers to
4. That the applicant should agree that all collateral security now dea current basis. It will be seen, therefore, that according to tne applicant's
posited by it with the RFC. and the additional collateral to be deposited in
estimate current receipts will be inadequate to provide for any considerable
accordance with the provisions hereof, shall apply equally and ratably to
part of either of the items for which the loan is asked. Following the period
secure all loans now or hereafter owing to the RFC by the applicant;
(3) General Mortgage Bonds Outstanding April 1 1935
For Stock
For 6 Mos.
Trust
Rentals in
6% Series-Issued to holders of stock Ws. &Stk.
Total
Arrears
trust ctfs. ee stks. of the following
companiesHestonville, Mantua & Fairmount
$104,728
Passenger RR.
-Common
$100,700
$4,028
230,022
Preferred
8,847
221,175
Philadelphia Traction Co
800,000 20,800,000
20,000,000
Electric & Peoples Traction 4% stock
trust certificates
592,125 15,395.257
14,803,132
3656
Financial Chronicle
5. That the applicant should agree to use the proceeds of the additional
loan herein conditionally approved solely for the purposes and in the
manner designated in this report.
6. That the loan be further secured, as to the payment of both principal
and interest, by the unrestricted endorsement and guaranty of the Pennroad
Corp.
December Interest to Be Paid
Amnon I. Derr, Treasurer, has announced that the Dec. 1 interest funds
on the first mortgage series A 4s of 1958 has been forwarded to the New
York paying agents.
-V. 139, p. 2842.
Power Corp. of New York-Bonds Called
The company has called for redemption on Jan. 29 1935, all of its outstanding 1st mtge. gold bonds, it was announced on Nov. 27.
The bonds consist of $4,275,000 of 63% series A. due Nov. 11942. and
$855,000 of 6% sinking fund series B, due on the same date. The 636
bonds are to be redeemed at 104 and interest and the 6% bonds at 10434
and interest. Payment will be made at the Equitable Trust Co., of New
York, successor trustee.
-V. 139. p. 2843.
----- Przerties RealizatioD/Corp.-LingAApprovedThe ew York Curb Exchangetas approved the'listing of voting trust
certifi es for 13,798 shares of capital stock, (par $0.33 1-3) and authorized
the listing of voting trust certificates for 63,382 additional shares of capital
stock.
-V. 138. p. 3787.
Public Service Co. of Northern Illinois-Bonds Called
The $1,000,000 636% 5
-year bonds series G which have been called for
payment on Dec. 31 (V. 139, p. 3335) will be redeemed at 10134 and int. at
Continental National Bank & Trust Co.. Chicago.
-V. 139. p. 3335.
-Earnings
Richmond Fredericksburg & Potomac RR.
October
-1934
Gross from railway
$412,384
Net from railway
def18,089
Net after rents
def37,923
From Jan. 1
Gross from railway
5,097,774
Net from railway
900,217
Net after rents
313.865
•
-V. 139. p. 2844.
1933
$390,550
42,283
8,665
1931
$525,815
14,240
6ef32,505
1932
$379.225
36.715
5,624
Dec. 8 1934
Napa, Calif., against the road, which operates in Napa and Bolan° counties,
Calif.
The bank alleged the payment was due Oct. 18 1934.
Shortly after action was filed Superior Judge Percy King appointed Clyde
E. Brown (General Manager of the railway) as receiver.
-V.119, p. 1734.
San Diego Consolidated Gas & Electric Co.
-Earns.
12 Months Ended Oct. 31Gross earnings
Operating expenses, maintenance & taxes
1933
1934
$6,796,443 $7,042,581
3,972,770
3,855.130
Net earnings
Other income
$2,941,313 $3,069,811
5,214
10.222
Net earnings, including other income
Interest charges-net
Amortization of debt discount and expense
Appropriation for retirement reserve
$2,951,536 $3,075,025
856,570
860,021
82,537
80,459
1,1$5,000
1.176,000
Net income
-sr. 139, p. 3164.
$835,055 $1,000,917
---,Selected Industries Inc.
-Reduces Preferred Dividend
The directors have declared a dividend of 8736 cents per share on the
$5.50 cumulative prior preferred stock, par $25, payable Jan. 1 1935 to
holders of record Dec. 15. Previously, the regular quarterly rat9 of 51.3731
per share had been paid.
-V. 139, P. 2373.
/
-(Frank G.) Shattuck Co.
-Seven-Cent Common Dividend
-
The directors have declared a quarterly dividend of 7 cents per shar
on the common stock, no par value, payable Jan. 10 1935 to holders of
record Dec. 20. This will bring the 1934 dividend distributions to 25
cents per share, 6 cents per share having been paid in each of the three preceding quarters. A similar dividend of 7 cents per share was paid in the
final three months of 1933, bringing the total distributions for 1933 to 25
cents per share.
-V. 139. p. 3007.
-Accumulated
7,656.009 "-----Sherwin-Filliams Co of Canada, Ltd.
1,923,391
1,012.842
The directors have declared a lVidend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, bar $100, payable
Jan. 2 1935 to holders of record Dee. 15. This is the first dividend paid
Inc.
-80
-Cent Extra Dividend-At.e4PT.2on the preferred stock since the regular quarterly dividend of $1.75 per
The directors have declared an extra dividend of 80 cents per s are on
share was paid on Dec. 311932.
the common stock, no par value, payable Dec. 15 to holders of record Dec.5.
Arrearages on the above issue after the Jan. 2 payment will amo t to
The regular quarterly dividend of 30 cents per share was paid on Nov. 10
$12.25 per share.
-V. 138. p. 161.
last.
-V. 138, p. 1062.
4,966,306
1,112.134
383,166
5.347,500
1.107,953
392,069
-$1. Extra w. 7
-- Roche
,
-Initial Class A ----South West Pennsylvania Pipe Lines per share in addieibn
Dividendt4=ttt
e :gh Coal Co.
,
The directors have declared an extra dividend of $1
The directors have declared an initial dividend of $1.50 Per share on the
,class A stock, par $100, payable Dec. 18 to holders of record Dec. 12.V. 139, p. 1251.
Gross revenues
Operating exp.,incl. London and mine administration charges_ -
/489,126
351,355
Estimated surplus over working expenditure
Provision for debenture stock int. and prem. on redemption
Reserve for depreciation
£134,771
22,926
37.500
£74,345
-(Joseph T.) Ryerson & Son, t_
,...7 Dividend
St. Joseph & Grand Island Ry.-Earnings.1933
$318.068
183,897
114,671
1932
$267,247
124,954
79,727
1931
$300.300
143,331
86,331
2,436,087
1,001.776
524,214
2,185,628
907,097
502,348
1,934,234
630,378
294,353
2,677.773
758,815
315,119
St. Louis Brownsville & Mexico Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 139, p. 2844.
V.
1934
$353.835
71,501
42,067
1933
$257,121
20,049
def696
1932
$274,285
66,171
31,883
1931
$363,240
102,748
58.482
3.853.127
1.141.274
• 643,113
3,346,928
957,970
453,480
4,112,080
1,585,007
1,002,125
5,259,168
1,738,350
1.065,180
,
St. Louis Gas & Coke Corp.
-Trustee Appointed
A letter sent to holders of the 6% series first mortgage bonds due in 1947
by a protective committee headed by E. M.Goodman discloses that on Sept.
26 bankruptcy proceedings were instituted against the company by the
Utilities Power & Light Corp. in Federal court in Illinois and that G. B.
Evans, former receiver, was appointed permanent trustee in bankruptcy
on Oct. 29. Utilities Power & Light sold the other corporation last year.
Deposits of bonds with the National Bank & Trust Co. of Raci
.,
will be received until Dec. 25, the letter states.
-V. 139, p. 289.
-$3.50 Dim en
-"St. Louis National Stock Yards Co.
,j
The directors have declared a dividend of $3.50 per share on the capial
stock, payable Dec. 29 to holders of record Dec. 19. This compares with
$1.50 per share paid on Oct. 1, July 2 and April 2 last, $2.25 per share distributed on Jan. 18 last, and $1.25 per share paid in each of the three preceding quarters.
-V. 139, p. 2216.
-EarningsSt. Louis Southwestern Ry. Lines
PeriodGross earnings
-V. 139, p. 3489.
-Fourth Week Nov.- -Jan. 1 to Nov. 301934
1933
1934
1933
$338,161 $13,162,152 $11,971,597
$314,700
-Earnings.San Antonio Uvalde & Gulf RR.
1933
$63,908
13,613
def6,606
1932
$50,783
def1,847
def26,241
1931
$74,968
def2,634
def32,546
623,901
905,562
292,465
120,627
49,094 def113,950
819.841
197,654
def92,190
1,191,587
271,092
def46,642
OctoberGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-7. 139, p. 2844.
1
1934
$81,684
31,158
7.528
OctoberGross from railway
Net from railway
Net after rents
From Jar.. 1
Gross from railway
Net from railway
Net after rents
-V.139. p.2844.
1934
$29,811
def16,199
def16,573
,
San Diego & Arizona Eastern Ry.-Earnings.=
384,922
def27,422
def33.763
1932
$23,218
def15,692
def17,895
1931
$35,961
def15,613
def16,990
335,612
372,375
def25,290 def221,073
def38,323 def257,561
663,457
59,938
28.465
1933
$27,041
def7,807
def7,008
---San Francisco Napa & Calistoga Ry.-Receiver
Alleging default of a $337,000 bond payment, the American Trust Co.
of San Francisco on Nov. 24 filed a foreclosure suit in Superior Court,
$790,968
992
$776,567
314
Net earnings including other income
Interest charges
-net
Appropriation for retirement reserve
$791.961
433,699
188,148
$776,881
432,187
153,268
$170,113
$191,425
et income
- • 139, P. 3165.
44.0
-
yg
1934
$304,206
144,831
83.340
1933
1934
$1,816,241 $1,694.665
918,098
1,025,272
Net earnings
Other income
The directors have declared a special dividend of 50 cents per share
on the capital stock, payable Dec. 19 to holders of record Dec. 12. This
ug duri
nrvillngrtal dividend distributions
A
land
on Nov.
ngivce2tsanE
May 1 last. (See also V. 139. p. 454.)-V. 139. p. 2061.
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 139, p. 2844.
V.
-Earnings
Southern Colorado Power Co.
12 Months Ended Oct. 31Gross earnings
Operating expenses, maintenance and taxes
-Earnings
-Roan Antelope Copper Mines, Ltd.
Earnings for the 3 Months Ended Sept. 30 1934
Profit, subject to taxation
-V. 139. p. 3336.
to the regular quarterly distribution of like amount on the conunon stock,
par $50, both payable Dec.31 to holders of record Dec. 15.-V. 138, p. 3790.
-Earnings.
outhern Pacific Co.
October
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 3336.
1931
1933
1932
1934
$10,491,306 $9,770,986 $10,165,130 $12,423,167
3,194,513
3,090.176
4,334,776
3.149,852
1.775,020
2,368.427
2,353,597
2,057,986
95,392,459 50,414,413 91.937,075 126,767,955
26,477,273 19,360,227 27.791,187 34,785,879
7,175,758
7,196,954 18,622,493
14,796,612
-Earnings.Southern Pacific SS. Lines.
October
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 2846.
1934
$414,295
def92,273
def91,317
1933
$368,491
def2,653
def1,831
1932
$385,397
def21,580
def22,404
1931
$557,946
39,701
39,268
5.382,507
3,756,883
3,564,026
3,757.680
def662,392 def320,226 def759,438 def722,016
def663,243 def328,728 def771,969 def735,343
Southern Ry.-Earnings-Fourth Week Nov.- --Jan. 1 to Nov. 301933
1934
Period1934
1933
Gross earnings (est.)---- $2,438,701 $2,383,379 $93,300,562 $90,461,722
-V.139, p. 3490.
-Earnings
Southwestern Associated Telephone Co.
-Month
1933 1934-10 Mos.-1933
Per. End. Oct. 31- 1934
$610,806
$649,446
$63,514
Operating revenues
$66.552
15,000
6,200
1,500
Uncolleetible oper. rev_
350.988
410,430
41.038
34,336
Operating expenses
Net oper. revenues- -..$25.514
4,747
perating taxes
income_ _ _ _
Net o.
-V. 139, p. 1563.
$20,767
$27,678
4,850
$232,816
48,380
$244,818
47,059
$22,828
$184,436
$197,759
Spiegel-May-Stern Co., Inc.
-November Sales
Ina ease
Increase] 1934-11 Mos.-1933
1934-November-1933
$3,328,163 $2.144.048 $1,184.1151$22,964,549 $11,519,953 $11,444,596
-V. 139. p. 3007.
Spokane International Ry.-Earnings.October
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 2846.
.
552,278
8,751
4,835
435,750
def38,154
$50,530
4,204
def3,114
1931
$62,109
5,865
def2,738
373,312
460,757
ef3 ,
,046
def95,832 def114,108
663,687
96,103
5,699
$440,671
5,167
48
Spokane Portland & Seattle Ry.-Earnings.OctoberGross from railway
Net -rom railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.139, p. 2846.
1934
1933
$474,191
$414,762
196,175151,438
112,048
90,751
4,916,913
2,148.024
1,297,705
3,826,880
1,512,445
681,297
1932
$450,456
147,678
47,811
1931
$526,875
16l,__
53,576
4,220,024
1,231,788
336,625
5.321,944
1,825,134
856,646
are D Co.
-Accumulated Dividend-dte•-"- 4-de.)1•
The directors have declared a dividend of 2714 cents per share on the class
A cumulative preferred stock, no par value, payable Dec. 31 to holders of
record Dec. 20. A similar amount was distributed on Oct. 1 and June 30
last and Sept. 30 1931, prior to which regular quarterly dividends of 55
cents per share were paid. Accumulations after the payment of the
Dec. 31 dividend amount to $6.60 per share.
F. W. Magin, President, announced that directors are considering plans
for funding the accrued dividends on the class A stock, amounting as of
Dec. 31 1934 to $6.60 per share.
•
Volume 139
3657
Financial Chronicle
Note-Reichsmark transactions carried on tfie German books herein
converted at $1=4.20 reichsmarks.-V. 138, p. 699.
(May List Stock on New York Curb Exchange -
lie directors have authorized the officers to take up with the N. Y. Curb
Exchange the question of listing the class A and class B stock. The stock---Studebaker Corp.
-Protective Committee Formed for
is now traded in on the Detroit Stock Exchange, the Chicago Board of
Common Stockholders
Trade and the Los Angeles Stock Exchange.
To represent the interest of the common stockholders in proceedings
Earnings for Period Ended Sept. 30
looking to reorganization of the corporation, a common stockholders'
1934-3 Mos.-1933 1934-9 Mos.-1933
protective committee has been formed with J. L. Van Zelm, Vice-President,
Net earnings after all
Bank of New York & Trust Co.. as Chairman. Other members of the
charges
$81.223
$80.585
$81
$280,853
committee are Rome C. Stephenson, President, St. Joseph Loan & Trust
-V. 139, p. 2373.
Co., South Bend, Ind., and Clinton S. Lutkins, of R. W.Pressprich & Co.,
Choate, 32 Liberty St., N. Y. City, is Secretary,
Standard Gas & Electric Co.
-Vice-President Resigns
- N. Y. City. AllisonPutnam & Roberts are counsel. The committee and
was
Winthrop, Stimson,
Robert G. Hunt, Vice-President has resigned effective Dec. 1.-V. 139,
formed at the request of a number of the larger holders of Studebaker
p. 3490.
common stock.
It is understood that a plan for reorganization of the corporation as a
--(L. S.) Starrett Co.
-Common Dividends Resumed
going concern will be presented in the near future to the U.S. District Court
The directors have declared a dividend of 50 cents per share on the
for the Northern District of Indiana. This committee proposes to study
common stock, no par value, payable Dec. 31 to holders of record Dec. 18
the plan from the point of view of the common stockholders and is reThis payment will mark the resumption of dividends on this issue, no disquesting authority to represent their interests, and to appear in the proceedbursements having been made since Dec. 30 1931, when 20 cents per share
ings in their behalf.
was paid. Prior to then 50 cents per share was distributed every three
Deposits of stock are not being asked at this time and no financial liability
months.
-V. 139, p. 1418.
for stockholders is involved in their authorization to this committee to
appear for them.
-V. 139. p. 3491.
(Hugo) Stinnes Industries, Inc.
-Earnings
-
-Electric Output
Standard Gas & Electric Co.
Consolidated Income Statement (Company and Subsidiaries)
Calendar Years1933
1932
1931
1930
Gross earings
*2.226,354 *2,054,557 $2,240,346 - $1,992.840
Other oper. and miscell.
income and credits.-586,590
956,514
657,011
748,226
Electric output for the week ended Dec. 1 1934, totaled 82.973,066 kwh.,
an increase of 6.6% compared with the corresponding week last year, and
a decrease of 3,019,353 kwh.. or 3.5% under the week ended Nov. 24 thls
year.
-V.139, p. 3490.
Total income
$2,812,944 $2,711,568 $2,988,573 $2.949,364
Gen. and admin. exps- 1.616,742
1,630,294
1,510,400
1,683,763
Mtge. & other int. pay_
204,188
158,685
215,125
187.719
Int. on 20
-year deb_ _536,114
642,236
759,473
667,897
Int, on funds borrowed
for construction Purposes capitalized
Cr29,243
Deprec. of properties__ _
452,818
420,945
419,634
408,666
Deprec. of investments_
3,063
5,656
10,889
11,090
Capital exp. written-off..
5,225
18,403
54,354
49,179
Losses due to exchange
1£1variation (net)
69,966
110,341
Reserve for bonuses to
managers, amortiz. of
financingexps.,profits,
taxes, &c
194,738
207,515
152,419
173.640
Net loss for year
$269,910
$313,945
$298,646
Consolidated Balance Sheet Dec. 31
1933
1932
1933
Assets.Liabilities
4,Ld ,bldgs., mach.
Funded debt
8,299,000
& equip., &c..__ 8,582,626 8,490,313 Mtges. & debens.
Invests. in & advs.
Payable
469,890
to affil. & other
Other long-term
companies
20,961,617 21,168,964 Indebtedness.- 546,837
Prepay. on constr.
Accts. Day, with
work in progress
10,786
affil. companies_ 1,510,582
3,577
one-term accts.
Bank loans and
receivable
5,181,708 5,123,938
overdrafts
1,914,699
Inventories
1,431,280
973,718 Trade bills pay'le_ 338,825
Accounts reedy. 2,915,582 2,170,315 Accounts payable_ 2,645,591
Bills recelvable..
159,574
131,059 Min'ty int. of subs
71,428
Curr. acct. with
Accrued liabilities_ 543,099
Hugo Stinnes
Advs. from cusCorp
1,107,149 1,098,900
tomers
424,516
Marketable scour.
Deferred income
150,090
109,540
at book values
18,804 Insurance reserve_
81,670
296,962
Cash
310,605 y Capital surplus _24,492,187
Def. chgs, to opera 239,597
114,807 Earned deficit
488,498
Earned deficit of
cos, not previously
consolidated
3,495
$206,984
1932
8,436,000
401,499
674,698
1,493,124
1,619,721
369,792
1,852,606
80,952
365,629
14,225
78,548
24,492,187
273,981
Total
40,996,421 39,605,000
Total
40,996,421 39,605,000
Note-Reiclunark transactions carried in the German books have been
converted at $1=.4.20 reichsmarks.
x After depreciation of $2,759,953 in 1933 and $2,315,146 in 1932.
y Represented by 220,000 no par shares.
-V.138, p. 3455, 2428, 2268.
(Hugo) Stinnes Corp.
-Earnings
-Consolidated Income Statement (Hugo Stinnes Corp. & Subs.)
1
-Extra Dividendek41.<
Sunshine Mining Co.
The directors have declared an extra dividend of four cents per sha in
addition to the regular quarterly dividend of 16 cents per share on the
common stock, par 10 cents, both payable Dec. 31 to holders of record
Dec. 15.-V. 139. p. 1418.
Swedish Match Co.-Awaided Peruvian Contract
A press dispatch from Lima, Peru, Nov. 24. states;
Contract for the supply of matches to the state monopoly has been
awarded to the Swedish Match Co.over bids from a Chilean and a Japanese
firm. Although the Japanese bid was lower, the cheapest of the three,
in fact, it was found that the matches did not have the same resistance to
moisture as the Swedish match.
Under a 1926law,the Swedish Match Co..through a Peruvian subsidiary,
was given the exclusive monopoly for the supply of matches sold in the
country for 20 years. In return for this concession, the Government was
to receive £200,000 per annum, at that time approximately 2,181,820 sols
at the prevailing exchange of 22d. to the sol (about 46 cents).
Subsequently the law was modified, and in 1931 it was declared that
from Jan. 1 1932, the sums due the Government from the Peruvian match
company should be paid in gold Bois at the rate of 11.75 to the pound
sterling.
In 1932 the contract was annulled because of failure of the Swedish
Match Co. ,and the executive was authorized to collect the instalments in
either cash or matches.
At the same time, a state monopoly was organized. Since then the
Swedish Match C'o. has continued to supply Peru with matches, in spite
of suggestions for a match factory there. Last year the price was reduced
from 10 to 5 centavos a box.
The new two-year contract provides for matches to the state monopoly
at £4.15 a case of 10,000 boxes at any Peruvian port. including Iquitos on
-V. 135. p. 4229.
the upper Amazon.
-25
-Cent Extra Dividend-dastA-tse
" -Taylor Milling Corp.
-share in
The directors have declared an extra dividend of 25 cents per
addition to the usual quarterly disbursement of like amount on the common
stock, no par value, both payable Jan. 2 1935 to holders of record Dec. 10.
-V. 139. p. 2374.
-Earnings.Texas & New Orleans RR.
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 2847.
1931
1932
1933
1934
$2,956,289 $2,646,569 $2,688.130 $3.911,367
949,501
469,535
577,069
647,156
490,862
111,412
136.697
216,023
26,440.532 23,883.175 26,202.512 39,802,373
7.926,369
3,108,871
3,893.676
3,843,732
2.848.658
def466.537 def281,025 def1.375,031
4te
4 .<
-Cent Extra Dividend
-50
Thomson Electric Welding Co.
An extra dividend of 50 cents per share in addition to the regular quarterly
distribution of 25 cents per share on the common stock, par $20, was paid
on Dec. 1 to holders of record Nov. 28.-V. 135, P. 1507.
Calendar Years1933
1932
1931
1930
-To Retire Preferred Stock
---1'ime, Inc.
Gross earnings
$2,258,236 $2,137,620 $2,449,095 $2,239,564 ."
Dividends from Mathias
The company will on Jan. 2 1935 retire 426 shares of $6.50 dividend cum.
Stinnes mines & other
cony. pref. stock at 105 and dividends. Payment will be made at Bank
not wholly owned subs.
of Manhattan Co., 40 Wall St., N. Y. City.
and invests.. int. roc.
The holders of the stock called for redemption have the right to convert
and other income_ _ _
such shares into common stock at the rate of 134 shares of common stock
742,556
907.500
1,006,872
1,314,222
for each such share of pref. stock up to the close of business on Dec. 20
Total income
1934.-V. 139, p. 2375.
$3,000,792 $3,045,120 $3,455,970 $3,553,785
General and admin. exps. 1,781,589
1,681,862
1,891,602
1,914,193
-Doubles Dividend
Mtges. and other int.
'
,
Todd Shipyards Corp.
payable
288,313
The directors have declared a dividend of 50 cents per share on the
304,766
231,378
261,012
-year gold deb.
to holders of record Dec. 5.
Int. on 20
536,115
626,506
capital stock, no par value, payable Dec. 20
667,897
759,473
-year gold notes
Int.on 10
548,964
Previously 25 cents per share had been distributed each Quarter from
353,170
448,419
524,666
Int, on funds borrowed
June 20 1932 to and including Sept. 20 last; 50 cents per share was paid
purfor construction
on March 21 1932, and $1 per share previously every three months.
poses-capitalized-Cr
V. 139, p. 130.
29.243
Deprec. of properties_ -544,709
511,874
484,138
491,785
Deprec. of investments_
3,063
14,415
8,398
Toledo Peoria & Western RR.-Earnings.10,422
Capital exp. written off_
5,225
1931
18,403
1932
54,354
50,977
October1933
1934
of[inane. exps_ _
Amort.
$143,797
$176,303
39,565
5.607
$160,397
$171,190
Gross from railway
Losses due to exch.variat.
79,595
33,247
55,658
139,612
48,805
Net from railway
56,388
Reserve for bonuses to
16,940
32,296
26,128
Net after rents
21,626
managers, profits, tax,.
From Jan. 1
statutory reserve, &c_
202,692
1,401.111
214,457
148,098
1.258,586
138,441
1,472.828
1,403.153
Gross from railway
276,807
221,848
364,891
Net from railway
332,651
Net loss for year
$793,679
$775,582
150.021
$731,440
87,530
$600,147
Net after rents
194,014
130,388
-V.139, p. 2847.
Consolidated Balance Sheet Dec. 31
1933
1932
1933
1932
-Earnings
Tri-State Telephone & Telegraph Co.
AssetsS
Liabilities$
-10 Mos.-1933
Per. End. Oct. 31- 1934
-Month-1933 1934
xLd., bldgs., mach.
10-yr. 7% g. notes 4,831,500 5,678,500
Operating revenues
$411,961 S4,147,976 $4,188,625
$427,539
and equip., &c_15,035,378 15.548,483 20-yr.
sink. fd.
45,686
11,881
Uncollectible oper. rev..
4,643
50
Invest. in & advs.
g. debs. of Hugo
2,901,205
3,099,450
Operating expenses
294,059
324,343
to attn.& oth.cos.21,668,62821,943,920
Stinnes Inds.Inc. 8,299,000 8,436,000
Prepayments on
Mtges. and deb.
Net oper. revenues_ _ _
$113,259 $1,036,645 $1.241,734
$103,146
constructional
Payable
1,426,141 1,359,299
293.405
256,746
Operating taxes
26.226
26,571
work in progress
10,786
3,577 Other long-term
Long-term accounts
Indebtedness
917.448
865,218
$948,329
Net oper. income_ _ _ _
$779,899
$76,575
$87,033
6,431,816 6,860,693 Bank loans & overreceivable
-V. 138, p. 2944.
Inventories
1,575,662 1,116,857
drafts
1,950.243 1,657,341
Accounts reedy... 3,176,621 2,449,845 Bills payable
338,825
369,792
Union Pacific RR.-Earnings131,059 Accounts payable_ 2,847,183 2,075,186
Bills receivable.... 159,574
Marketable secur_
115,015
1931
October19,070 Accts. pay. tooth!.
1932
1934
1933
318,095
Gross from railway
325,336
companies
1,634,041 1,495,806
Cash
87,076,602 $7,250,449 $7,563,696 $8,977,766
Net from railway
Insurance reserve_
81,670
Deferred charges to
3,612,096 4.555.639
78,548
2,702,640
3,350,136
268,752
Net after rents
operations
117,755 Deferred income_
150,090
2.898,156 3,594,566
1,651,891
2,287,267
From Jan. 1
Min. int. of subs
71,428
80,952
Gross from railway
Accrued liabilities_ 631,345
452,854
56,650,897 52,067,931 56.227,147 76,503,180
Net from railway
Adv.from custom_ 424,726
14,451
17.552,846 18,587.907 19.138,121 23.994.044
Net after rents
y Capital surplus_29,077,321 29,077,321
9,886,755 11,464.478 12,188.581 15,072.961
-V.139, p. 3491.
Earned deficit of
cos, not prey.
consolidated
13.960
--Subize Chatillon Corp.
-To Retire Bonds
Earned deficit.... 4,250,072 3,511,786
The corporation will retire the remaining $528,000 1st mtge. 7% Village
387,113
Liquidation acct._ 343,398
bonds on Jan. 1 1935, according to an announcement made Dec.6 by J. B.
Bassill, President. These bonds were part of an original issue of $2.000,000
48,760,327 48,516,595
Total
48,760,327 48,516,595
Total
secured by a mortgage on the Mill Village at Rome, Ga., and sold by the
American Chatillon Corp. prior to its merger and consolidation with Tubize
x After depreciation of $3,205,970 in 1933 and $2,664,988 in 1932.
Artificial Silk Co. of America in 1930.
y Represented by 988,890 no par shares.
3658
Financial Chronicle
Mr. Bassi11 further announced that the bonds will be paid off out of
current cash, and that the company will not do any borrowing or refunding
In connection with their retirement, and also that on the retirement of these
bonds the company would have no funded debt.
-V.139. P. 1721.
United Gas Corp. (Sr Subs.)
-Earnings
Period End. Oct. 31- 1934-3 Mos.-1933
1934-12 Mos.-1933
Subsidiaries
Operating revenues
$5,760,741 $4.661,478 $24,356,279 $21,075,326
Oper. exps., incl. taxes.._ 3,479.885
2,803.557 12.783,960 11,251,542
Net revs,from oper
$2,280,856 $1,857,921 $11,572,319 $9,823,784
Other income
26,156
31,233
105,001
95,709
Gross corp. income.-- $2,307,012 $1,889,154 $11,677,320 $9,919,493
Int. to public & other deductions
331.979
308,677
1,276,769
1,356.405
Int. charged to construct
Cr9.898
Cr1,456
Cr6.636
Cr18.261
Property retirement and
depletion reserve appropriations
785,081
606,519
3,190,505
2,774,735
Balance
$1,223.152
Pref. dividends to public
9,655
Portion applicable to
minority interests_ _
Dr55,307
Net equity of United
Gas Corp. In income
of subsidiaries
$1.158,190
United Gas Corp.
Net equity of United Gas
Corp. in income of
subs.(as shown above) $1.158.190
Other income
20,562
Total income
$1,178.752
Expenses. Incl. taxes_ _ _ _
49,311
Int. to public & other
deductions
723,350
$952,112 $7,228,307 $5,794.989
29.724
9,441
38,604
Cr8.698
Dr18,860
$951,369 $7,170,843
$5,795,666
$967,888 $7,245,621 $5,856,587
120,002
202,873
36,353
2,869,812
2,953,584
Balance carried to
cons, earned surplus $406,091
$208,185 84,172,936 $2,783,001
Note
-All intercompany transactions have been eliminated from the
above statement. Interest and pref. dividend deductions of subsidiaries
represent full requirements for the respective periods paid or accrued
(where 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.
For the respective current periods minority interests have not been charged
with deficits where income accounts of subsidiaries have so resulted. The
"Net equity of United Gas Corp. in income of subsidiries • Includes interest
and pref. dividends paid or earned on securities held, plus the proportion
of earnings which accrued to common stocks held by United has Corp.,
less losses when income accounts of individial subsidiaries have resulted In
ficlis for the respective periods.
Revenues from Operation of Subsidiaries Only for the Month of October
1933
1934
Operating revenues
$1,967,301 $1,667,315
Operating expenses, including taxes
960,607
1.161,165
a Net revenues from operation
706,708
806.136
a Net revenues from operation are before deductions for property retirement and depletion reserve appropriations, interest and dividends.
Notation-The above statements include the operations of Houston Gas
&11Fuel Co. (which entered receivership Sept. 24 1932) as reported by the
receiver.
-V. 139. p. 3167.
United Gas Improvement Co.
-Electric Output
Week EndedDec. 1'34 Nov.24'34 Dec.2'33
Electric output of U. G. I. System
(kwh.)
71,022,261 72,687,862 65,404,395
-V.139, p.3492.
United Printers & Publishers, Inc.
-Earnings
Years EndedFeb. 28 '34 Feb. 28 '33 Feb. 29 '32 Feb. 28 '31
Gross profit from oper-- $1,305.241 $1,693,230 $2,355,376 $3,754,229
Admin., selling & other
expenses
1,284,046
1,942,146
3,057,373
2,976,985
Net profit from oper_ _
Other income
$21,195 los$248,916 loss.S701,997
158,746
134,643
160,165
$777,243
110,019
Net income from all
sources
Depreciation
Interest on debentures_ _
Other int. & Fed.taxes._
$179,941 loss$114.273 loss$541,832
217,021
88,149
100,437
85,605
105,465
73,906
114,971
95,212
147,054
$887,262
205.301
112,261
126,822
Net loss after above
charges
Special inventory adjustments & line depletion
& obsolescence due to
consolidation
$97,084
United States Fidelity & Guaranty Co.
-Balance Sheet
Sept. 30 1934Assets
Real estate & buildings
Bonds and stocks
Cash
Loans secured
Prem. In course of collection..
Due from reinsurers on paid
losses
Due for subscriptions
Deposit with Workmen's
Compensation Reinsurance
Bureau
Accounts receivable
Funds recov. under depos.
losses paid
Interest due and accrued
Secured claims
Total
,
139, P. 2533.
Liabilities
$4,242,784 Funds held under reinsurance
30,922,254
treaties
$89,922
2,924,641 Reserve for taxes and expenses
3,744,507 In transit
476,668
5,493,805 Commissions accrued on uncollected premiums
1,061,317
97,108 Premium reserve
13,052,440
46,486 Reserve for claims
18,468,170
Reserve for depreciation on
bonds and stocks
5,998,350
153,273 Voluntary reserve for canting. 2,000,000
114,561 Common stock
2,000,000
Preferred stock
800,000
387,361 Accrued divs,on pref. stock__
73,333
314,231 Reserve for depreciation on
176,731
the cos. office bldgs
210,260
4,387,283
Surplus
$48,617,742
Total
6,742
$0,17
,
446)
or30.401'United States Tobacco Co.
-Special $2.25 Dividend-ir,
$951,369 $7,170,843 $5,795,666
60.921
74,778
16,519
723,350
Dec. 8 1934
$395,528 $1,011.371profS442,878
The directors have declared a special dividend of $2.25 per share In
addition to the regular quarterly dividend of $1.25 per share on the common
stock, no par value, both payable Jan. 2 1935 to holders of record Dec. 17.
A special dividend of $5 per share was paid on Jan. 2 1934. The company
on July 2 last increased the regular quarterly dividend from $1.10 per share
to $12.25 per share. See also V. 138, p. 3963.
Utah Light & Traction Co.
-Earnings
-Period End. Oct. 31Operating revenues
Oper.exps.,incl. taxes.._
1934-12 Mos.-1933
1934-Mo/1th-1933
$935,120
$78,966
$984,742
$89.196
86,797
882.272
69,510
883.326
Net rev. from oper
Rent from leased prop__
Other income
$2,399
50,889
347
$9,456
79,531
389
Gross corp. income.-..
Int. & other deductions_
$53,635
53,964
$79,376
90,671
$101,416
603.133
2,440
$52,848
1,007,021
1,766
$706,989 $1,061,635
1,077,179
712,872
x Deficit
$329
x Before property retirement reserve $
appropriations
priations
5
3,883
-V. 139, p. 2848.
155
dividends.
div ens.
Utah Power & Light Co.-Earnings[Incl, Western Colorado Power Co. and Utah Light & Traction Co.]
Period End. Oct. 311934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$851,909
$796,711 $9,880,975 $9,614,654
Oper. exps.,incl. taxes.5,189,482
553,226
443,100
5,703,747
Net revs. from oper_ _ $298,683
$353,611 $4,177,228 $4,425,172
Other income
37,903
34,145
4,886
4,766
Gross corp. income_ _ _
Int. & other deductions_
$303,569
243,527
$358,377 $4,211,373 $4,463,075
3,106,902
259,628
2,963,542
Balance
3460,042
y$98,749 $1,247,831 $1,356.173
Property retirement reserve appropriations.--300,000
700,000
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
1,704,636
1.704,761
Deficit
$648,463
$1,156,930
x Dividends accumulated and unpaid to Oct. 31 1934, amounted to
$3,125,395. Latest dividends, amounting to $1.75 a share on $7 loreferred
stock and $1.50 a share on $6 preferred stock, were paid Jan.3 1933. Dividends on these stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
-V. 139, p. 2849.
Utah Ry.-Earnings.OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p.2849.
1934
$111,657
42,287
21,466
1933
$92,865
20.986
8,757
1932
$128,559
61,612
33,906
1931
$140,887
61.543
31,696
538.257
77,580
def98.049
785,147
229,033
45,083
854,459
253,856
54,068
981,784
276,079
71,559
Vick Chemical, Inc.(& Subs.)
-Earnings-3lionths
-9MonthsPeriodSept. 30 '34 June 30 '34 Mar.31 '34 Sept. 30'34
Net profit after taxes,deprec., & other charges $631,919
$790,799 $1,613,836
$191,118
Earns, per sh.00 700,280
$2.30
shs.(par $5)cap.stock
$0.90
$0.27
$1.13
-V. 139, p. 2849.
240,976 "'Wabash Ry.-Asks $2,350,000 PTVA Loan
Authority to obtain $2,350.000 from the Public Works Administration
to help finance the construction of a bridge across the Missouri River at
St. Charles, mo., was sought by the receivers in an application to the
156,642
170,969
250,453
250,432
Interstate Commerce Commission Dec.6. It is proposed to sell to the PWA
Nil
Nil
Nil
$0.80
a like amount of first mortgage serial bonds of the Wabash-St. Charles
Bridge Co., a wholly owned subsidiary, which would own the bridge and
Comparative Condensed Consolidated Balance Sheet Feb. 28
lease it to the Wabash Ry., or its receivers.
Assets-1934
1933
1934
1933
Construction of the bridge and its approaches was discontinued on Dec. 1
a Cash & accts. &
Accts.& notes pay. $155,131 $1,349,539
1931, upon the appointment of the receivers, and operations over the
notes receivable_ $914,639 $1,176,132 Accrued expenses,
St. Louis to Kansas City route has continued using the 50
-year-old structure
Inventories
271,092
544,965 Including Fedwhich the company asserts cannot be used after 18 months hence despite
b Real est., bides.,
eral and other
-V.139. p. 3492.
continued repairs.
mach. 5:equip 2,292,166 2,617,191
taxes
57,805
60,744
Other investments 434,000
434,126 Notes payable_ _
855,155
---Waldorf System-Resumes Common Dividends
Commissions adv.
Bonds and mortThe directors have declared a dividend of 20 cents per share on the
to salesmen on
gagee
1,124,755 1,358,788
common stock, no par value, payable Dec. 31 to holders of record Dec. 20.
business booked.
Regarves
14,746
This is the first distribution to be made on this issue since April 1 1933
C Capital account_ 1,858,294 2,205,412
but not shipped,
when a payment of 25 cents per share was made. 25 cents per share was
other deferred
also paid on Jan. 3 1933, as against 3714 cents per share paid quarterly
items
200,067
153,988
from April 11 1927 to and including Oct. 1 1932.-V. 139. p. 3169.
Good-will, tr. mks.
1
1
& copyrights_
Deficit
Shs. com. stk. outstanding (no par)
Earnings per share
$97.084
$3395,528 $1,011,371 sur$201,901
Walgreen Co.
-November Sales-
Total
Total
$4,065,887 $4,972,483
$4,065,887 84,972,483
a After reserve for doubtful accounts of $333,912 in 1934 and $346.817
in 1933. b After reserve for depreciation of $832.501 in 1934 and $726,688
In 1933. c Represented by 92.547 (92.961 in 1933) shares of preferred
stock and 156,642 (170,969 in 1933) shares of common stock, all of no
par value.
-V. 138, p. 1583. •
-Co-Trustee Resigns
United States Cold Storage Co.
The Fidelity National Bank & Trust Co. of Kansas City, Kansas City,
Mo., has resigned as co-trustee for the first mortgage bonds.
-V. 139. P.
1882.
U. S. Dairy Products Corp.-Pref. Stockholders Organize
The holders of the $7 preferred stock have formed a protective committee
to assist in the preparation of a plan for reorganization of the corporation.
which recently filed a petition in the United States District Court of Maryland under Section 77-B of the Bankruptcy Act.
The committee consists of Dr. Howard C. Reynolds, Harrisburg. Pa.,
Harry A. Neeb Jr. Pittsburgh, Pa., and Harry B. Shenk and Evan B.
Sharpless. prominent Pennsylvania dairymen, all of whom are disassociated
from the past or present management of the corporation. It is contemplated
that the committee will be enlarged in the near future. Counsel for the
committee are Messrs. Fox, Rothschild, O'Brien and Frankel.
The committee has opened offices in the Bankers Securities Building,
Room 1705. Walnut and Juniper Streets, Philadelphia, in charge of Jerome
Kaufman, Secretary.
-V. 139, p. 1721.
Increase
1934-Norernber-1933
Increase! 1934-11 Mos.-1933
$4,_527.345 $3,871,256
$656;089$48.629,819 $442,094,383 $8,535,436
The above figures are exclusive of sales made at stores located on grounds
of "A Century of Progress Exposition," Chicago. As of Nov. 30 1934, the
company had 497 stores, exclusive of the Fair Stores in operation, against
474 last year and 490 a month ago.
-V. 139, p. 3492.
-Annual Report
Warner Bros. Pictures, Inc.
(& Subs.)
Harry M. Warner, President, says in part:
The operating loss for the year, after deducting all xbarges including
interest, amortization and depreciation, was $2,530,513 as compared with
an operating loss of $6,291.748 for the year ended Aug. 26 1933.
Exclusive of the operating loss, there has been a net credit to deficit
account of $5,730,955, arising principally from the settlement with Electrical
Research Products, Inc.
As set forth in our letter of June 26 1934, this company together with its
subsidiaries settled the disputes which had arisen between them and Eletrical Research Products, Inc. and its affiliated companies. Under this settlement company received $2,500,000 in cash, notes aggregating $1,300,000
(subsequently sold) and additional financial benefits as reflected on the
books and records of your company and its subsidiaries in the amount of
31,899,789, after deducting certain legal expenses and discount on the
notes sold, but before provision for Federal income and State taxes. A
further amount not to exceed the sum of $200,000 will be receivable under
certain contingencies which will not be finally determined until April 26
1937.
Volume 139
Financial Chronicle
Cash on hand at Aug. 25 1934 was $4,664,137 as compared with $2,831,123 at Aug. 26 1933.
The consolidated balance sheet reflects mortgages and funded debt as at
Aug. 25 1934 of $86,487,734 as compared with $90.627,930, as at Aug. 25
1933,• $96,922,500 as at Aug. 27 1932 and $104,898,926 as at Aug. 29 1931.
Funded indebtedness due within one year aggregated $15,121,200 including
$2,943,200 of sinking fund and mortgage instalment payments. It is
expected that the company will be successful in renewing mortgages as
they mature and that bonds to apply against sinking fund and mortgage
instalment payments may be purchased at cash discounts. Subsequent to
Aug. 25 1934. more than $2,000,000 of mortgages due within one year have
been renewed.
On Sept.4 1934 the company retired 81,300,000 optional 6% convertible
debentures fulfilling the purchase fund requirement due Aug. 1 1935. In
addition the company now holds 11640,000 of such debentures.
At present company and its subsidiaries operate 388 theatres located in
21 States. During the past year 56 pictures of feature length and 126 short
subjects (one and two reel motion pictures) were released. It is planned
that approximately 60 features and 130 shorts will be released during the
current year.
The anti-trust suit brought by the Government against company, arising
out of the acquisition of First National Pictures, Inc., has been dismissed.
Consolidated Income Statement
Years EndedAug. 25 '34 Aug. 26 '33 Aug. 27 '32 Aug. 29 '31
a Net income
$26,828,737 $23,504,457 $23,045,518 $36,371,383
Amt.offilm costs
018,160,209 d16,074,565 d21,272,419 d28,301.253
Amort.& deprec. of prop 6,174.278„
9,856.720
. .
Int. & misc. chgs. (net)_ 5,092,995
5,573,478
6,853,597
6,181,007
Prov.for inv.in affil.co's
168.233
111,483
349,390
373,562
Prey. for losses of co's in
equity receivership_
70,769
327,652
Prov. for Fed. inc. taxes
21,555
Miscellaneous charges
42,280
77,811
Net loss before min.
interest
$2,809,258 $6,636,756 $14,409,668 $9.011,130
Other income
268,579
341,978
315.784
1,184.027
Total loss
$2,540,679 $6,294,778 $14,093,884 $7,827,102
Propor. of net earnings
or losses applicable to
minority stockholders
91,502
10,166
3,030
1.170
3659
Western Pacific RR.-Earnin
October
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 2849.
3
-1934
933
1932
1931
$1,458,487 $1,305,285 $1,516,896 $1,415,674
492.941
443,001
646,404
495,779
328,825
316,666
320.680
452,793
10,350.716
2,212,521
1,179,367
8,961,046
1,592.881
667,580
9,273.421 10,970,299
1,631,803
1.214.348
572,146
227,170
Western Ry. of Alabama.-Earnings-October
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
- 139, p. 2849.
V.
1934
$119,950
11.448
7,327
1,079,081
def21,582
def39,040
1933
$109,094
def7,068
def15,693
1932
$118,937
11.817
3.915
1931
$143,098
def7,271
def15,762
1,032.563
1.051.118
def30.633 def96,463
def80.659 def154,238
1.616,503
102,304
47,303
4
1,(1
*-"Western Tablet 8c Stationery Corp.
-451 Dividenddi 4f i..
The directors have declared a dividend of $1 per share on the common
stock, no par value. payable Dec. 21 to holders of record Dec. 15. This
compares with a similar distribution on Dec.21 1933 and 50 cents per share
pail on Dec. 20 1932.
From Aug. 1 1929 to and incl. May 1 1931 regular quarterly payments
of 50 cents per share were made on the common stock, which was followed
by a disbursement of $1 per share on Dec. 21 1931.-V. 138, p. 1066.
Westinghouse Electric & Mfg. Co.
-Complete Sale of
R. C. A. Holdings
The company has notified holders of fractional receipts for one-half a
common share of the Radio Corp. of America that it had sold all shares
of the stock it held on Nov. 21 against its outstanding fractional receipts.
Holders of receipts will receive $2.82 for each receipt as the pro rata share of
the net cash proceeds ofthe sale ofthe stock. Receipts will become valueless
if not surrendered by Nov. 21 1941.-V. 139, p. 3169.
Wichita Falls & Southern RR.
-Earnings
--
Net loss
$2,530,514 $6,291,748 $14,095,054 $7.918,605
Previous deficit
19,547,005 12,078,665 sur223.747 sun 1027379
Profit on redemption of
6% debentures
1,155,172
1,286,071
2,870,503
233.451
Settlement made with
Elec. Research Products, Inc. after deducting taxes & other
expenses
5,099,789
Other credits
159,447
796,259
OctoberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
NV. 139, p. 2850.
Total deficit
$15,663,112 $16,288,083 $11,000,803sur$3342,225
Preferred dividends_
198,481
396,961
Common dividends
Miscellaneous debits_ -683,452 63,258,922
879,381
2,721,516
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
-year
10 a. m. on Dec. 17 receive bids for the sale to it of 1st mtge.6% 25
s. f. gold bonds due April 1 1941. series A. to an amount sufficient to exhaust $248,044, at a price not exceeding 107M and int.-V. 139. p. 3493.
Profit & loss deficit-- _$16,346,564 $19,547,005 $12,078,665 sur$223,747
a Before providing for amortization and depreciation, interest, miscellaneous charges. la Includes net loss on sale or abandonments of proponies of $1,535.894; loss on sale of subsidiary company of $334,444; provision for loss on guaranty of mortgage of an affiliated company of $546,730;
net loss on miscellaneous investments and advances of $18,966; investment
in and advances to Skouras Bros. Enterprises, Inc. (in bankruptcy) of
$668,666; investment in and advances to an affiliated company $155,220.
c Includes depreciation of studio properties amounting to $691,011. d Exclusive of depreciation of studio properties.
Consolidated Balance Sheet
Aug. 25 '34
Assets11
Cash
$4,664,138
Notes receivable
56,794
Trade customers
947,181
Officer & employee notes & accts.rec.
44.567
Sundry accounts receivable
269,056
Inventories
10,830,560
Rights and scenarios
728,110
Advances to outside producers
10,625
Dep.to secure contr.& sink,fund dep 2,003,938
Mortgages receivable
162,632
Investments
1,251,639
Properties owned and equipment--.115,833,978
Properties leased and equipment
21,877,109
Deferred charges
1,147,074
Good-will
8,514,623
Aug. 26 '33 Aug. 27 '32
$2,831,124 $2,48,645
83.612
157,693
930,594
931,852
77,996
28,947
350,939
343,859
9,442,645
9,219,276
995,902
529,976
33,431
26,929
2,008,595
1,833.840
253,933
328,616
2,388,612
3.784,196
116.759.755 123,160,586
24,557,642 28,672.942
1,281,895
1,347.641
8,531,468
8.695.675
1934
$43,637
10.661
6,101
1933
$58.455
25,240
19.942
1932
$58.476
22,607
14,837
1931
$48,240
11.360
3.695
439,411
104,128
47 727
460.333
128,817
69,417
488,404
131,633
55,028
562.264
140,125
56,182
Wilson & Co., Inc.
-Tenders--
(F. W.) Woolworth Co.
-November Sales
Increase
1934-November-1933 Increase[ 1934-11 Mos.-1933
$22,332,301 $20,994,716 $1.337,585 I $231113,874 $213516.804 $17,597,070
-Ir. 139, p. 3010.
4
-Cent Extra Div -V. 44,,,....0
-25
----"-E.L. A.)Young Spring & Wire Corp.
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, no par value, both payable Jan. 1 1935 to holders of record Dec. 14.
Similar distributions were made on Oct. 1 last. The company on Aug. 1
last resumed the payment of dividends on this issue with a disbursement of
-V. 139, p. 2533.
25 cents per share.
CURRENT
NOTICES
-Charles A. Otis, nationally known in financial circles and for many
years a partner in Otis & Co. of Cleveland, will be Chairman of the Board
of the newly formed First Cleveland Corp., which has been chartered with
capital of $500.000.
Selden E. Kline will be present and active head of the new corporation.
which expects to enter actively into underwriting of security issues. He
recently resigned from Otis & Co. John B. Works, veteran municipal
bond authority, will also be associated with the First Cleveland Corp.
Lyman B. King will be Secretary and H. Kendall Kelley, Treasurer.
Capital stock will be 50,000 shares of $10 par value, and half of the total
Total
168,342,026 169,791,058 182,727,759
of $500,000 is expected to be initially paid in. Permanent offices will be
Liabilities
occupied about Jan. 1.
Notes payable
$100,000
$560,000
Unsecured notes payable
$365.354
308,393
278.337
-Announcement is made of the formation of the firm of Holsapp le
Purchase money obligations
250.744
803,665
768.763
•
Harvey & Co. to succeed the firm of Holsapple, Safford Sz Co.. which was
Accts. pay.& sundry accruals
9,463,869
9,673,391
9,791,473
Due to affiliated companies
183,714
130,317
197.019
dissolved as of Nov.30 with the retirement of George Safford.
Deferred income
2,993,423
1,937,230
908,296
Holsapple, Penn Harvey. John F.
Members of the new firm are Earle T.
Royalties payable
636,651
1,190,841
980,858
Conlin Jr. and George K. Coggeshall. The firm will hold membership in
Advance payment of film deps., &c
263,961
261.833
330,146
the New York Stock Exchange and associated membership in the New
RemItt.from for'n. cos. held in abey_
394,289
362,625
188,078
Purchase money obligations
955,137
1,350.387
1,175,853
York Curb Exchange.
Reserve for Federal income taxes_ _
540,000
-Bryan, Penington & Colket, members New York Stock Exchange,
Reserve for contingencies
551,576
935.095
860.164
Opt.6% cony debs.,ser. due 1939- - _ 33,845,000 34,440,000 36,990,000
announce the opening of a bond department in their New York office under
Mortgages and funded debt
52.642,734 56,187,931 59,932,501
the management of Donald S. Campbell, formerly with Field, Glore & Co.
Proper. of cap. & aurp. of sub. cos.
Richard M. Allerton, previously with Pask & Walbridge, will represent
applic. to minority stkhldrs
599,045
653,263
841,849
5,670,885
5,670.885 5.670,885
y Preferred stock
the new department in an institutional sales capacity.
19,006,723 19,006,723 19,006,723
x Common stock
- G. Burrows, M. D. Kilborn and E. T. Stowe have formed the firm
C.
56,325,485 56,325,485 56.325,484
Capital surplus
of Burrows & Co. to deal in general unlisted securities with offices at 29
16,346,564 19.547,005 12.078,665
Deficit
Broadway, New York. Mr. Burrows and Mr. Kilborn were formerly
168,342.026 169.791,058 182,727,759
Total
associated with H. L. Doherty & Co., while Mr. Stowe was connected with
x Represented by 3,801,344 shares common stock. y Rep esented by
E. W. Clucas & CO.
-V. 139, p. 948.
103.107 shares of no par value.
-Philip Connors, formerly Assistant Vice-President of Prudence Corn-Accumulate
vt, nal pany, Inc. and Prudence Bonds Corp., is now associated with Hart Smith
A
--West Virginia Water Service Co.
The directors have declared a dividend of $1 per share on account of/ & Co. in charge of their out-of-town sales department, in which capacity
accumulations on the $6 cumulative preferred stock, no par value, payable
he served in his prior connection.
Jan. 1 1935 to holders of record Dec. 14. This is the first distribution to
be made on this issue since April 1 1932 when the regular quarterly dividend
-Fuller, Rodney & Co.. members of the New York Stock Exchange,
per share was paid.
of $1.50
announce the admission as a general partner in their firm of Douglas G.
Accruals after the payment of the Jan. 1 dividend will amount to $15.50
Bonner, member of the New York Stock Exchange, and a former partner
-V. 139. p. 3009.
per share.
in Theodore Prince & Co.
-November Sales
Western Auto Supply Co.
them
Co., Inc. announces the association
Increase in -William B. Nichols & of Thomas H. Barber, formerly a with
1934-November-1933 Increase 1934-11 Mos.-1933
partner of
their New York office
$317,0001$15,280,000 $11,549,500 $3.730.500
$1.636,000 $1,319,000
A. Iselin & Co. and previously associated with Roosevelt & Son in railroad
-V. 139. P. 3009.
44.4.4, 4
41
reorganization work.
-Accumulated Div
-Western Canada Flour Mills, Ltd.
-The New York Stock Exchange firm of White & Stanley announces
The directors have declared a dividend of 75 cents per share on accounil of
that Robert Buechner and William Prentice Willetts, both formerly with
accumulations on the 13;i% cumulative preferred stock, par $100, payanle
G. M.
-P. Murphy & Co., have been admitted to general partnership in
Dec. 15 to holders of record Nov. 30. Similar distributions have been made
their firm.
on this issue each quarter since and including March 15 1933, prior to which
dividends of $1.62% per share were paid.
regular quarterly
Munds,Winslow & Potter, members of the New York Stock Exchange,
Effective with the Dec. 15 distribution, arrearages on this issue will
announce that John E. Carney, formerly a partner of Clark, Childs &
-V. 139. p. 3009.
amount to $7 per share.
Keech. will become a partner of Munds, Winslow & Potter as of Jan. 1.
.
A-Western Power, Light & Telephone Co.- eorg Plan
Holt, Rose & Treater, 74 Trinity Place, New York, are distributing
ederal Dist4
The company Iipresented a reorganization plan to th
their current edition of "Facts and Figures" containing comment on New
on' the plan.
urt
Count in Chica o. The Court has set Jan. 110 for hear
York City bank stocks,insurance stocks and other over-the-counter issues.
-V.139. P. 26 .
•
3660
Financial Chronicle
Dec. 8 1934
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES--METALS--DRY GOODS
-WOOL
-ETC.
strength in corn. Hogs were 15c. to 25c. lower with the top
COMMERCIAL EPITOME
Coffee futures on the 1st inst. ended with Santos contracts $6. Cash lard was firm; in tierces 11.40c.; refined to Continent 93/i
5 to 13 points higher after sales of 3,750 bags and with Rio 6th inst. to 99'c.; South America 99/i to 94c. On the
futures
contracts 4 to 9 points higher after sales of 2,000 bags. weakness was closed unchanged to 7 points higher. Early
attributed to the weakness in grains but buying
The trade was buying futures against sales of actuals. Spot increased later
coffee was in better demand and steady. On the 3d inst. with the top and a rally resulted. Hogs were 100. higher
$6.10. Cash lard continued firm; in tierces
futures closed 10 to 14 points lower on Santos and 8 to 13 11.50c.; refined
%
points lower on Rio with sales of 3,500 bags of Santos and To-day prices to Continent 95 c.; South America 9
ended unchanged to 5 points higher owing to
3,750 bags of Rio. Brazilian markets were weaker. On the the strength of hogs.
4th inst. futures closed with Santos contracts 10 to 11 points
DAILY CLOSING PRICES OF LARD FUTURE IN CHICAGO
lower after sales of 6,500 bags. Rio contracts were 5 to 9
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
December
11.12
11.20
points lower with sales of 3,250 bags. Cost and freight January
11.27
11.40
11.47
11.60
11.27
11.25
11.37
11.55
11.55 11.60
offers from Brazil were unchanged to 15 points lower. On May
11.70
11.67
11.80 11.95
12.00
12.00
the 5th inst. futures closed 16 to 23 points higher on Santos
Pork was steady; mess, $23; family, $19, nominal; fat
with sales of 22,750 bags and 13 to 17 points higher on Rio backs, $17.25
to $19.
with sales of 10,250 bags. Spot coffee was in fair demand nominal; family, $19 toBeef firm; mess, nominal; packet,
$20, nominal; extra India mess,
and steady.
nominal; bellies, clear,
On the 6th inst. futures after early steadiness turned bellies, clear dry salted,f. o. b. N. Y., 6 to 12 lbs., 1734c;
boxed, N. Y., 14 to 25 lbs., 1558c.;
/
weaker late in the session to close with Santos contracts 1 to 25 to 30 lbs.,
6 points lower and with Rio off 4 to 5 points; sales 13,250 loose c. a. f.,153o. Cut meats, steady; pickled hams, picnic
4 to 10 lbs., 9c.; skinned, loose, 14 to 16 lbs.,
bags of Santos and 4,500 bags of Rio. Brazilian markets 159jc.; 18 to 20 lbs.,
15c.; 22 to 24 lbs., 134c. Butter,
were higher. Cost and freight offers from Brazil were creamery,
unchanged to 5 points up. Spot coffee met with a better flats, 163 firsts to higher than extra, 27 to 313c. Cheese,
20e.
inquiry and was firmer. To-day futures closed 1 point packs, 1934 to 23c. Eggs, mixed colors, cheeks to special
to
lower to 1 point higher on Santos contracts.and unchanged
Oils-Linseed was in fair demand and steady with tank
on Rio March.
cars, 8.1 to 8.3o. Cake was somewhat firmer. Cocoanut,
Rio coffee prices closed as follows:
December
7.35
6.92 July
tanks, Western mills, 3%c.; tanks, N. Y., Dec.
-March,
March
7.13 September
7.45
39/sc. China wood, N. Y. drums, delivered, 93o.; tanks,
May
7.23
spot, 8.4 to 8.7c. Corn, crude, tanks, Western mills, 9%c.
Santos coffee prices closed as follows:
Olive, denatured, Spanish, 84 to 850.; shipments, Spanish,
December
10.35
10.50 July
March
10.35 September
10.36
830.; Greek, 76 to 77o. Soya bean, tanks, Western mills,
May
10.35
spot forward, 7 to 74c.; cars, N. Y., 8.1c.; L. C. L., 8.5o.
Cocoa futures on the 1st inst. ended 1 point higher in a Edible, cocoanut, 76 degrees. 100. Lard, prime, 9c.; extra
featureless market. Sales were only 42 lots. March ended strained winter, 834e. Cod, Newfoundland, 35c. Turat 4.77c., May at 4.91c., July at 5.05e. and Sept. at 5.19c. pentine, 53 to 57c. Rosin, $5.25 to $6.40.
On the 3d inst. futures closed 1 point lower to 1 point higher
Cottonseed Oil sales, including switches, 66 contracts.
after sales of 179 lots. Manufacturers bought spot cocoa
Crude, S.
moderately. Dec. ended at 4.55c., Jan. at 4.63c., Mar. at December E., 9c. Prices closed as follows:
10.00110.15IAprll
10.15110 25
4.78c., May at 4.91c., July at 5.05c., Sept. at 5.19c. and January
10.05 10.15 May
10.27 10.29
10.08 10.18 June
Oct. at 5.26c. On the 4th inst. futures ended 1 to 2 points February
10.28 10.38
March
10.1510 17 J
July
10.38 10.40
higher with sales of 103 lots. March ended at 4.80c., May
Petroleum-The summary and tables of prices formerly
at 4.930. and July at 5.07c. On the 5th inst. futures closed
11 to 12 points higher after sales of 307 lots. Dec. ended at appearing here regarding petroleum will be found on an
4.68e., Jan. at 4.77c., Mar. at 4.91c., May at 5.05c., July earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
at 5.19c. and Sept. at 5.32c.
On the 6th inst. futures advanced 4 to 7 points under good
Rubber futures on the 1st inst. closed 7 to 13 points lower
buying by manufacturers and Wall Street. There was also after sales of 950 tons. Spot ribbed smoked sheets fell
to
a better outside interest. Sales were 305 lots. Dec. ended 13.05c. London ended 1-16d. lower to 1-16d. higher.
at 4.72c.; Jan. at 4.82c.; March at 4.98c.; May at 5.10c.; Singapore was 5-32d. off. Dec. ended at 13.05c., March
July at 5.24c.; Sept. at 5.38c., Oct. at 5.45e., and Dec. at at 13.380., May at 13.57 to 13.58c. and July
13.76c. On
5.57c. Today futures closed unchanged to 2 points lower the 3d inst. futures closed 13 to 16 points at
light
lower
with sales of more than 200 lots. Mar. ended at 4.97e.; trading. Sales were only 1,390 tons. Spot ribbed in
smoked
May at 5.11e.; July at 5.23c.; and Sept. at 5.36c.
sheets fell to 12.87c. London declined slightly and Singapore
Sugar futures on the 1st inst. were 1 point lower to 2 points dropped as much as 5-32d. Dec. ended at 12.89c., March at
higher with sales of 130 lots. Sales of 70,000 bags of Cuba. 13.23 to 13.240., May at 13.45c., July at 13.63 to 13.65c.,
Dec.
-Jan. shipment were reported sold Friday at 1.65e. and Sept. at 13.83c. and Oct. at 13.93c. On the 4th inst.
the National is reported to have bought 4,000 tons of ware- futures closed 4 to 9 points higher with sales of only 1,840
housed Cubas at 2.80c. duty paid. On the 3d inst. futures tons. Spot ribbed smoked sheets rose to 12.98c. London
closed 1 point lower to 1 point higher with sales of only 119 was quiet but steady and Singapore was 1-32d. to 1-16d.
lots. Raws were dull. On the 4th inst. futures closed un- lower. Dec. ended ar 12.98 to 12.900., March at 13.30 to
changed to 2 points lower with sales of 171 lots. A sale of 13.32o., May at 13.49 to 13.500., July at 13.600., Sept. at
Cubas was reported at 1.695c. Refined was quiet. On the 13.89e. and Oct. at 13.99o. On the 5th inst. futnres ended
5th inst. futures closed 3 to 6 points higher with sales of 364 unchanged to 3 points higher. Sales were 2,350 tons. Spot
lots. The strength of raws and outside markets stimulated ribbed smoked sheets rose to 13.00e. London was unchanged and Singapore was unchanged to 1-32d. higher.
buying. Eastern refiners reduced their prices to $4.40.
Dec.
On the 6th inst. futures closed unchanged to 2 points lower 13.32ended at 12.99 to 13.02c., Jan. at 13.000., March at
to 13.34o., May at 13.52c., July at 13.700., Sept. at
with sales of 16,750 tons. Three cargoes of Cubas for Dec.
shipment sold on Wednesday at 1.70c. and further offerings 13.900. and Oct. at 14.00c.
On the 6th inst. futures closed 7 to 11 points higher with
at that price were reported. Sales of warehoused Cubas
were made at 2.973,c. To-day futures ended unchanged sales of 3,520 tons. Spot ribbed smoked sheets were up to
13.060. London was 1-16d. higher and Singapore was unto 4 points lower. Closing quotation follow:
changed. Dec. ended at 13.06 to 13.000., Jan. at 13.200.,
December
1.87 May
1.84
March at 13.40 to 13.41c., May at 13.59 to 13.60c., July
January
1.75 July
1.88
M
March
1.80 September
1.91
at 13.77 to 13.80c. and Sept. at 14.00e. To-day futures
Lard futures advanced into new high ground on the 1st closed unchanged to 1 point higher with sales of 100 lots
inst. under good general buying. They closed 32c. to 35 reported. Dec. ended at 13.07c., Jan. at 13.21c., March
points higher. Hogs were unchanged to 100. higher. Cash at 13.41c., May at 13.60c., July at 13.78c., Sept. at 14.000.
lard was firm. On the 3rd inst. futures ended 2 points lower and Oct. at 14.100.
to 8 points higher. Early prices touched new highs but
Hides futures closed 3 points lower to 2 points higher with
liquidation set in later and sent the market downward. sales of 400,000 lbs. Dec. old was 6.700. at the close while
Hogs were 25 to 50e. higher with the top $6.30. Cash lard standard contract ended with Dec. at 8.20 to 8.21c., March
3
was firm; in tierces 11.17c.; refined to Continent 9% to at 8.50 to 8.60c., Sept. t 9.210. and Dec. at 9.45e. On the
93/2e.; South America 99/i to 9%c. On the 4th inst. futures 3d inst. futures closed 11 points lower to 2 points higher
ended 7 to 12 points higher on a good demand from the after sales of 600,000 lbs. Old contract closed unchanged.
trade and buying of May lard against sales of July corn. Standard Dec. ended at 8,52 to 8.600., June at 8.84e., Sept.
Commission houses also bought. Cash lard was firm; in at 9.10 to 9.200. and Dec. at 9.45c. On the 4th inst. futures
tierces 11.27c.; refined to Continent 93/20.; South America closed 20 to 33 points higher with sales of 3,290,000 lbs.
95 ae. Hogs were weaker with the top $6.20. On the 5th Old contract rose 25 points in small trading. Spot sales in
/
inst. futures closed 12 to 15 points higher in response to the the Chicago market totaled 10,850 hides inluding 750
Volume 139
heavy native steers at 10c. Some 600 heavy native steers
sold in New York at 110. Dec. ended at 8.450., March at
8.720., June at 9.08 to 9.10c., Sept. at 9.350. and Dec. at
9.65c. On the 5th inst. futures closed unchanged to 10
points higher after sales of 3,400,000 lbs. Sales were reported
in the Chicago spot market of 10,700 hides with light native
4
cows selling at 73 c. Dec. ended at 8.45c. March at 8.75
,
to 8.820., June at 9.11 to 9.12c., Sept. at 9.15c. and Dec. at
9.70 to 9.80c.
On the 6th inst. futures closed unchanged to 5 points
lower with sales of 1,920,000 lbs. Sales of 15,000 hides were
reported in the Chicago spot market with light native cows
at 8c. Dec. closed at 8.40 to 8.50c.; Mar. at 8.75 to 8.83c.;
June at 9.12 to 9.150., Sept. at 9.40 to 9.44c. and Dec. at
9.65 to 9.75e. To-day futures closed 11 to 20 points higher
with sales of 17 lots reported. Mar. ended at 8.88c., June
at 9.230., Sept. at 9.55c., and Dec. at 9.85e.
Ocean Freights were fairly active.
Charters included-grain-prompt St. Lawrence to Antwerp-Rotter-5 loads French Atlantic from New
dam, 7c. and 7%c.; grained booked
York, 7c.; 34 load to Havre, 7c. and two to Marseilles at 10c.; a loan or
so to Havre-Dunkirk, 7c. and to Marseilles at 10c. Sugar-Cuba, spot
United Kingdom-Havre, Hamburg, range 128. part cargo; Santo Domingo
prompt to United Kingdom. 13s. for 1,500 tons. Coal-about Dec. 15
-prompt, West Indies round,
readiness, to Pernambuco, 85. 9d. Trips
70c.;same 90c. Pitch-prompt Atlantic range to Spain.$3.25. Tankers
February, Philippine Islands to Philadelphia, molasses. $4.40 a ton; Dec.
Scrap iron, December range to Japan, 138.
Gulf, dirty, N. II., 17Iic.
8d.; West Indies to Japan, 16s. range to United Kingdon, 85.
-The industrial demand was steady but the warm
Coal
weather recently hurt retail business. In the week ended
Dec. 1 which included the Thanksgiving holiday bituminous
output dropped 1,131,000 tons. For the three weeks ended
Dec. 1 the production was 20,546,000 tons and the weekly
average 6,848,000 tons against 21,210,000 and 7,070,000
tons respectively a year ago.
Copper was in better demand for both domestic and
foreign account. Blue Eagle for domestic shipment was unchanged at 9c. while for European destinations, 6.800. was
quoted c. 1. f. Hamburg, Havre and London. London on
the 6th inst. closed us. 3d. higher for spot at £27 us. 3d.,
futures rose 8s. 9d. to £27 18s. 9d., sales 50 tons of spot
and 2,000 tons of futures, electrolytic spot unchanged at
£30 10s., futures off 5s to £31.
Tin was in small demand and spot straits tin was quoted
at 51.050. In London on the 6th inst., spot standard was
off 12s. 6d. to £227 15s.; futures unchanged at £1.228 15s.;
sales, 180 tons of spot and 170 tons of futures; spot straits
dropped 12s. 6d. to £229 15s.; Eastern c. i. f. London was
up 5s. to £231 2s. 6d.; at the second London session standard
was unchanged with sales of 40 tons of spot and 35 tons of
futures.
Lead was quiet at 3.50c. New York and 3.35c. East St.
Louis. In London on the 6th inst., spot was unchanged at
£10 75. 6d.; futures unchanged at £10 12s. 6d.; sales, 250
tons of spot and 150 tons of futures.
Zinc was quiet with prime western unchanged at 3.70o.
East St. Louis. The zinc code is expected to be adopted in
the next few days. In London on the 6th inst., spot was
unchanged at £11 16s. 3d.; futures up Is. 3d. to £12 3s. 9d.;
sales, 25 tons of spot and 175 tons of futures.
Steel production continued to expand. Sheet mills are
operating at around 40% and strip mills at 35% or better,
while tin plate was holding fairly steady. Operations in the
steel industry showed an increase for the seventh consecutive
week and are now. at 28.8% of capacity. The automobile
industry is expected to increase its purchases after the turn
of the year. Prices showed no change. Heavy melting steel
at Pittsburgh was quoted at $11.25 to $11.50 and at $9.50
at Chicago. Semi-finished steel was $27 Pittsburgh for
billets and $28 for sheet bars.
Pig Iron continued dull in most sections but local sales
were reported to have increased somewhat. Quotations:
No. 2 foundry plain, Eastern Pennsylvania, $19.50; Buffalo,
Chicago Valley and Cleveland, $18.50; Birmingham, $14.50;
basic Valley, $18; Eastern Pennsylvania, $19.
Silk futures ended on the 3rd inst. with net gains of
3 to 5 points; sales, 2,940 bales. Crack double extra rose
5io. to 1.40. Japanese markets were firmer. Dec.
ended at $1.28 to $1.28, Jan. at $1.28M to $1.29, Feb. at
$1.29 to $1.30, March and April $1.30 to $1.31, May
$1.30M to $1.31, and June and July at $1.31. On the
4th inst. futures closed Mc. lower to Mc. higher after sales
of 1,710 bales. Crack doublt extra fell lc. to $1.39.
Japanese cables were easier. Dec.ended at $1.28 to $1.28M,
Jan. at $1.28 to $1.29, Feb. at $1.28, March at $1.293
to $1.30, April at $1.30, and May, June and July at $1.31 to
$1.313. On the 5th inst. futures ended M to 1Mc. lower
after sales of 1,520 bales. Crack double extra was unchanged at $1.393. Japanese cables were encouraging.
Dec. ended at $1.27 to $1.28, Jan. at $1.273', Feb. at $1.28
to $1.29, March and April $1.28M to $1.29M, and May,
June and July at $1.30 to $1.303'.
On the 6th inst. futures closed Mc. low3r to Mc. higher
with sales of 810 bales. Dec. ended at $1.26M to $1.27,
Jan. at $1.27 to $1.2734, Feb. at $1.273/ to $1.28 2, Mar.
at $1.29, Apr. at $1.283'2 to $1.29, May at $1.30, and June
and July at $1.29M to $1.30. To-day futures closed lc. to
3o. higher on a good demand. Sales were reported of 1140
bales. Dec. ended at $1.28M;Jan., $1.2934; Feb., $1.303';
Mar.$1.30; Apr.,$1.303';and May,June and July at $1.33.
3661
Financial Chronicle
Wool was in fair demand and firm. Boston wired a
Government report on Dec. 6th saying: "Texas wools comprise a large portion of the current demand for Western
grown wools. The bulk of the call in Texas lines is on
average twelve months' wools at mostly 68 to 70c. scoured
basis. Some of the better types sell occasionally at prices
slightly above 70c. Moderate quantities of good eight
months' wools have been sold at around 62 to 63c. scoured
basis. Very short greasy fall wools have been sold at 45
to 47c. scoured basis." In London on Dec. 3rd offerings
at the Colonial wool auctions were 9,047 bales. Demand
from home and Continent was good. Barely a thousand
bales were withdrawn. Prices were firm. In London on
Dec. 4th offerings of 8,500 bales met with a good demand
at firm prices. Yorkshire and the Continent were the best
buyers. On Dec. 5 at the Colonial auctions in London
offerings were 10,284 bales and the home and Continent
were active buyers, at the recent basis of values. Fully
85% of the offerings was sold. In London on Dec. 6th
offerings were 9,786 bales, Yorkshire and Continental liberal
buyers, prices firm. Detail :
Sydney, 2,791 bales; greasy merinos 73j to 13Iicl. Queensland, 911
bales; scoured merinos 20 to 23d.; greasy 934 to 12Iici. Victoria, 243
bales; scoured merinos 17 to 21d.; scoured crossbreds 10 to 17d. West
Australia, 77 bales; greasy 9 to lid. New Zealand, 3.405 bales; greasy
crossbreds 431 to 1031d. Puntas, Patogonia, 1,969 bales; greasy merinos
7 to lid. Chilean washed crossbreds sold at 53.5d. to 931d. New Zealand
slips ranged from 931d. to 1131d.. the latter for halfbred lambs. Cape
offerings of 61 bales were withdrawn.
COTTON
•
Friday Night, Dec. 7 1934.
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
104,014 bales, against 119,755 bales last week and 133,525
bales the previous week,making the total receipts since Aug.1
1934 2,886,429 bales, against 4,892,303 bales for the same
period of 1933, showing a decrease since Aug. 1 1934 of
2,005,874 bales.
Receipts at-
Mon.
Sat.
Wed.
Tues.
Thurs.
Fri.
Total
7,322 6,982 3,855 2,343 3.403 5.055 28.960
Galveston
1,163 1.163
Texas City
4,934 2,932 2.548 1,005 2.365 9,663 23.447
Houston
325
44 3,082
442
71 1,026
1,174
Corpus Christi
Beaumont103 1,000 1,103
--- 8.542 9,195 4,099 4,318 1,249 27.403
New Orleans
33 4,662
364
612
835
1,037 1,781
Mobile
441 1,761
------------1.030
290
Pensacola
15
--15
------------------Jacksonville
498
6 2,627
244
398
403
688
Savannah
137 1,115 3.156 5,982
564
81
929
Charleston
9
44
449
---ii--Lake Charls_ - _ _
H
zoo
il
494
I
Wilmington
616 2.232
484
424
133
254
321
Norfolk
634
634
Baltimore
,,o.: mis ,vook 18 758 21.087 18.812 0.181 14.332 24.114 104014
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
Galveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_
Wilmington
Norfolk
Newport News_
New York
Boston
Baltimore
Philadelphia
Totals
Stock
1933
1934
Receipts to
Dec. 7
This Since Aug This Since Aug
Week 1 1933
1 1934
Week
1934
1933
28,960 643,384 70,018 1,338,531 619,463 866,980
65.565
34.003
56,077 5,695 136,817
1,163
23,447 84.1,370 67,377 1,690,650 1,078,929 1.565,243
94.903
91 247
948 302,134
3,082 260.676
10.312
2,681
6,327
---4.360
1,103
611,996 60,445 820,948 745,398 853.417
27,403
98,781 104.964 129,719
97,507 2,885
4,662
35,515
17.377
89,094
57,541 1.816
1,761
7.727
4,453
10,906
146
6,008
15
93,762 1,630 135,968 122,914 136.473
2.627
21.176
459 2.215
56.679
70,232
98,437
99.892 1,766
5,982
57,663
37,147
87,390
893
50,239
449
19,051
23,064
15,110
841
10,556
494
26,299 • 24.782
26.582
808
2,232
33.971
634
16,631
849
13,452
38.785
5.965
2,285
105,201
11.567
2.050
1114 1114 2 FIRR_420 218.332 4.892.303,3.028.862 4.039.191
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1934
1933
1932
1931
1930
1929
Galveston.._.._
Houston
New Orleans..
Mobile
Savannah
Brunswick_
Charleston_ __
Wilmington__
Norfolk
NewportNews
All others...._
28,960
23.447
27,403
4,662
2,627
70,018
67,377
60,445
2,885
1.630
2,215
1,766
841
808
77,825
113,571
73.303
7,547
3,250
65,638
70.371
52,361
18.023
2,462
1,231
788
393
1.736
37.675
64.275
55,284
26.517
16,167
65,161
107,031
58.290
12,348
12.459
8.254
1.568
4,294
4.842
4.249
6,680
8,207
10,347
14,377
14,109
8,874
10.338
Total this wk..
104,014
218.332
298,545
227,112
222.908
281.398
Receipts at-
5,982
494
2,232
3,031
2,631
3,010
Since Aug. 1.... 2,886.429 4.892.303 5.138.781 5,487.933 6.314,286 6.053.287
The exports for the week ending this evening reach a total
of 178,026 bales, of which 18,509 were.to Great Britain,
17,521 to France, 5,353 to Germany, 23,409 to Italy,
82,272 to Japan, 1,050 to China, and 29,912 to other destinations. In the corresponding week last year total exports
were 265,887 bales. For the season to date aggregate exports
have been 2,036,403 bales, against 3,583,480 bales in the
same period of the previous season. Below are the exports
for the week:
3662
Financial Chronicle
Week Ended
Dec. 7 1934
Exports from
Galveston
Houston
Corpus Christi.. _
Texas City
Beaumont
New Orleans_ _ _ _
Lake Charles_ _ _
Mobile
Pensacola
Savannah
Norfolk
Gulfport
Los Angeles_ _
San Francisco_ _
Total
Exported to
Great
Britain France
5,922
3,104
4,690
8,354
_
Germany
Italy
Japan
China
1,525 10,391 23,945
1,470 6,923 33,308
2,544
393
-566
400
1,237 2,710
100
1,585
518
900
Other
Total
50
16:7 H,
7
5,325
666 11,578 58,717
284 9,710 63,153
2.544
831 2,020
600 1,000
6,120 17,407
223 2.183
463 3,137
1,348
_--___
.387 3,090
698
290
100
17,114
5,325
18,509 17,521
5,353 23,409 82,272
1,050 29,912 178,026
496
3.013
375
1,056
1,348
2,303
383
290
214
4,227
-Zoo
-jai)
110
-566
-ioo
Total 1933_ _ _ 52,000 28,870 53,359 38,137 53,777 10,204 29,540 265.887
Total 1932
36,761 31,785 41,483 29,245 94,968 11,944 30.750 276,936
From
Aug. 1 1934 to
Dec. 7 1934
Great
Exportsfrom
- Britain I France
Galveston
Houston
Corpus Christi_
Texas
Beaumont ___ _
New Orleans_ _
Lake Charles_ Mobile
Jacksonville.. _
Pensacola
Panama City- Savannah
Brunswick_ _ _ _
Charleston.....
Norfolk
Gulfport
New York_ _ _
Boston
Philadelphia _
Los Angeles.. _
San Francisco.
Seattle
Total
43,183 41,981
41,009. 55,635
25,613 19,867
9511 8,411
2,898
60,747 40 566
.
4,337 7,633
15,462 6,690
2,280
52
5,814
5,503
22
37,190 2,570
259
37,003 2.586
2,541
103
1,929
1,950
"192
48
2.470
106
aoo
Exported to
Germany
35,127
29,925
7,906
1,186
223
58.882
873
19,526
1,053
6,319
3,216
19,986
12;555
2,295
425
5,533
2,292
643
Italy
Japan
China
J
Other I Total
51,058 209,980 4,503 95,6951 481,527
63,254 215,533 33,462 92,802 531,620
11,277 120,027 5,67 30,596 220,961
358
743
7,410 19,059
400
1,019
4,540
51,232 79,721 1,37 57,816 349,773
2,152
7,946
7,091 30,032
11,062 26,275
7 : 6,463 85,478
: :
_
3,935
550
1;ii5 9,469
2,672 25,957
14,014
552 23,307
100
- __
: 4,215 69,611
5,550 : 200
459
10,400 : : 2,429 64,808
:
:
438
6,627
...._ 1,250
2,354
1,703
---_ 6,091 15,469
962
963
99
so
75,155:1 1,150 1,600 83,146
15,424
250
148 16,571
107
107
291,294 186,342 207,800 194,718 790,116 46,115319,7182036,403
plan to exempt 600,000 two-bale cotton growers from the
Act. The question now arises as to what the Administration
will do concerning loans. It is hardly possible that they
will be eliminated, for crop control and loans have long
been synonymous as far as cotton is concerned. The trade
was fixing prices on a larger scale, and Wall Street and
Japanese interests were buying. New Orleans, the South
and commission houses sold. Liverpool was better than
due, and Bombay was strong. Bombay was buying here as
well as in Liverpool. Worth Street reported a moderate
business.
On the 6th inst. prices showed a reactionary trend under
general liquidation, and closed 7 to 12 points lower. Hedge
selling and Southern offerings showed a noticeable increase.
The trade demand was fair, but it was not enough to lift
prices. More new outside speculative demand was in evidence early in the day, but it almost entirely disappeared
later on when the market failed to advance. The spot basis
at the South continued firm, but mills were purchasing only
enough to fill immediate needs. Worth Street reported a
fair business. The weather was generally cloudy in the belt.
The average guess of 88 members for the present season's
crop was 9,709,000 bales.
To-day prices ended unchanged to 3 points lower. Humors
that some 200,000 bales of Government controlled cotton
would be released depressed the market. It was a narrow
market, with many awaiting to-morrow's Government report
on the crop for 1934.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 1 to Dec. 7Middling upland
12.70c.
10.15c.
5.75c.
6.10c.
10.50c.
17.40c.
20.00c.
19.65c.
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Germany
Other CoastForeign wise
4,100 3.000 2,000 20,300
5,449 1.888
433 24,020
16,137 2,749
888 10,919
------------500
Leaving
Stock
Total
900 30,300 589.163
_-__ 31,790 1,047,139
2,843 33.536 711,862
---500 122,414
Mobile
792
__
--------1,616
2,408 102.556
-------------------------26,299
Norfolk
Other ports *_
260.663
Total 1934_ _
Total 1933.._
M1..11099
26.478 7.637 3.321 57.355
23.833 10,925 12.261 92,396
19 970 99 cl:M Ina sqn
90100
1926
1925
1924
1923
1922
1921
1920
1919
12.55c.1919
20.55c.11917
23.30c.11916
35.75c. 1915
24.85c. 1914
17.50c. 1913
16.25c. 1912
39.85c. 1911
29.25c.
29.95c.
20.05c.
12.75c.
7.50c.
13.50c.
12.75c.
9.40c.
15.00c.
14.85c.
9.25c.
12.15c.
10.95c.
12.60c.
8.00c.
12.50c.
1910
1909
1908
1907
1906
1905
1904
1903
Spot Market
Closed
Saturday_ _ _
Monday __ _
Tuesday __ _
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed
Quiet,5 pts. dec.. _ _ _
Quiet, 10 Ms.dec-- Met, unchanged _ _
Quiet. 15 pts. adv..10
dee__ _
Quiet, unchanged. -
Steady
Barely steady_ _
Barely steady_ _
Very steady __ _
Steady
Steady
Total week_
Since Aug. 1
SALES
Spot
Contr'ct
Total
14,400 14,400
14,400 14,400
31,570 72,100 103,670
Futures.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Dec. 1
3,743 98,534 2,930,328
6,051 145,466 3,893,725
a tula 7R4
Monday
Dec. 3
Tuesday
Dec. 4
Wednesday Thursday
Dec. 5
Dec. 6
Fl
D C. 7
9 ORO 17R 7AR
* Estimated.
Speculation in cotton for future delivery was only moderately active, and prices show a decline of about 10 points
for the week. Hedging sales and general liquidation caused
the decline. Advices from Washington led many to believe
that the barter of 500,000 bales of cotton for German goods
was nearing completion, and the continuance of the Bankhead Control Act for another year seems assured now that
the President bas revealed a plan to exempt 600,000 two-bale
farms from the Act.
On the 1st inst. prices ended 2 to 5 points lower under
Southern selling and week-end liquidation. Selling was not
heavy but it was of sufficient volume to offset the demand.
Sentiment is growing in favor of the continuance of the
Bankhead bill. On the 3rd inst. there was a further decline
of 9 to 18 points owing to selling by the South and Liverpool.
Demand continued slow. The falling off in the demand
after the recent upward swing discouraged holders, who let
go of long lines. Distant deliveries showed the most weakness and some believed this indicated that some traders
take a bearish view of reports on next year's crop possibilities. Textile markets were less active. The spot basis
remained firm though there was no increase in sales reported. Three private reports on the crop as of Nov. 30
ranged from 9,592,000 bales to 9,724,000 bales. Last
month's Government report was 9,634,000 bales. On the
4th inst. the market showed a steady tone most of the day
under trade buying and an absence of selling pressure, but
hedge selling and liquidation towards the close caused a
setback and prices ended irregular, i.e., 1 point lower to
6 points higher. The poll to be taken among farmers on
Dec. 14 as to whether or not the Bankhead Act should be
continued for another year is awaited with interest, and
many are inclined to await its outcome before trading aggressively either way. The question as to whether or not
the Government will make loans on coming crop is also
causing not a little uneasiness. The spot demand continued
small but the basis was still firm. Textile markets were
quiet but prices were well maintained.
On the 5th inst. prices ended 17 to 22 points higher, or at
about the peak levels for the day. October was the strongest delivery, awing to buying of that delivery believed to be
by Government interests. The continuance of the Bankhead
Act seems assured now that the President has revealed a
Mon. Tues. Wed. Thurs. Fri.
12.65 12.65 12.80 12.70 12.70
Market and Sales at New York.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared., at the ports named:
Dec. 7 at-
Sat.
12.75
New York Quotations for 32 Years.
1934
1933
1932
1931
1930
1929
1928
1927
Total 1933....... 631,822449,004 711,722343,451 875,077108,976463,4283583,480
Total 1932_
592,989452,609 856,939312,592 748,761 94,608431,5873490,085
On Shipboard Not Cleared for
-
Dec. 8 1934
Dec.(1934 1
Range.. 12.46-12.53 12.36-12.48 12.34-12.44 12.47-12.56 12.45-12.53 12.4 -12.49
Closing 12.4612.37 -12.36 --- 12.55 -12.46-12.47 12.41
Jan.
(1935)
Range _ 12.52-12.58 12.39-12.54 12.37-12.45 12.47-12.56 12.47-12.55 12.4! 12.51
Closing 12.5212.3912.3812.5612.41
12.49Feb.
Range..
Closing 12.55n
12.41n
12.41n
12.59n
12.41
12.52n
March
Range.. 12.58-12.64 12.44-12.59 12.44-12.52 12.55-12.63 12.52-12.62 12.5 -12.58
Closing 12.59-12.60 12.44-12.46 12.45-12.46 12.62-12.63 12.5512.5:
April
Range _
12.45h
12.44n
12.63n
Closing - 12.59n
12.5:
12.55n
May
Range-- 12.58-12.65 12.44-12.58 12.43-12.52 12.55-12.65 12.53-12.64 12.5: 12.58
Closing _ 12.59-12.60 12.44-12.45 12.4612.64-12.65 12.55-12.56 12.5:
June-Range...
12.41n
Closing.. 12.55n
12.42n
12.61n
12.51
12.52n
July
Range.. 12.51-12.58 12.37-12.51 12.36-12.44 12.47-12.59 12.47-12.59 12.41 -12.52
Closing 12.51-12.53 12.37 ---- 12.37-12.38 12.58-12.59 12.49 ---- 12.41 -12.49
Aug.Range-12.27n
Closing.. 12.42n
12.29n
12.50n
12.40n
12.31
Range _
12.17n
Closing _ 12.33n
12.21n
12.42n
12.31
12.31n
Oct.
Range _ _ 12.21-12.28 12.06-12.21 12.08-12.16 12.22-12.35 12.22-12.34 12.1E 12.25
Closing - 12.24-12.25 12.06-12.07 12.12-12.14 12.34-12.35 12.22-12.23 12.21
Nov.
Range.Closing..
n Nominal.
Range of future prices at New York for week ending
Dec. 7 1934 and since trading began on each option:
Option for
Dec. 1034.... 12.34
Jan. 1935._ 12.37
Feb. 1935_
Mar. 1935.... 12.44
Apr. 1935._
May 1935_ _ 12.43
June 1935
July 1935.. 12.36
Aug. 1935
Sept. 1935
Oct. 1935._ 12.06
Nov. 1935
Range for Week
Range Since Beg fining of Option
Dec. 4 12.56 Dec. 5 10.73 Dec. 27 1933 13.98 Aug. 9 1934
Dec. 4 12.58 Dec. 1 11.02 May 1 1934 14.03 Aug. 9 1934
Dec. 3 12.64 Dec. 1 11.13 May
1 1934 14.15 Aug. 9 1934
Dee. 4 12.65 Dec. 1 11.79 May 25 1934 14.23 Aug. 9 1934
Dec. 4 12.59 Dec. 5 12.03
12.30
12.35
Dec. 3 12.35 Dec. 5 11.74
Nov. 1 1934 14.21
Nov. 14 1934 12.30
Oct. 24 1934 12.35
Nov. 1 1934 12.39
Aug. 9 1934
Nov. 14 1934
Oct. 24 1934
Nov.28 1934
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.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 7Stock at Liverpool
Stock at Manchester
bales
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1934
842,000
58.000
1933
810,000
88,000
1932
678,000
111.000
1931
670,000
148,000
900,000
326.000
162,000
27,000
71,000
43,000
10.000
8.000
898,000
576,000
287.000
29,000
82,000
131,000
14,000
8,000
789,000
481.000
253.000
19.000
65,000
89.000
818,000
303,000
200,000
14,000
84.000
66,000
647.000 1,127,000
•
1933
Since
Since
Dec. 7Aug. 1
Week
Aug. 1
Week
Shipped89,083
7.520
88,191
5,952
Via St. Louis
64,773
4.381
43,559
2,436
Via Mounds, &c
676
Via RockIsland91
5,423
157
7.221
--12
Via Louisville
68,394
3,849
73,816
3,923
Via Virginia points
17.235 170,988
26,439 233,050
Via other routes, &c
1934
38,762
Total gross overland
Deduct Shipments
634
Overland to N. Y., Boston, Ste__ _
355
Between interior towns
8,787
Inland, &c.,from South
Total American
East Indian, Brazil, &c.
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
379.000
44,000
322,000
46,000
Season
465
17,214
6.885
69
22,101
174
41,666
160
1,034 103,938
26,039
501
40,307
582
27,048
787
27,817
60
64,943
1,578
15,821
514
64,210
2,188
23,007
833
wainutRidge
4,404
31
Ga., Albany___
12,263
115
Athens
52,053
2,333
Atlanta
75,683
3,895
Augusta
15,700
500
Columbus_ _.
10,846
394
Macon
14,353
1,450
Rome
53,962
608
La., Shreveport
Miss.Clarksdale 2,478 102,284
17,299
200
Columbus_ - _
Greenwood_ . 2,988 114,314
22,048
451
Jackson
3,142
179
Natchez
14,957
657
Vicksburg27,721
311
Yazoo City
78,133
5,952
Mo., St. Louis_
808
142
N.C.Greensb'ro
Oklahoma
8,119 185,820
15 towns *
S.C., Greenville 5,950 58,878
,Memphis 48,743 834,308
Tenn.
20,181
495
Texas, Abilene_
18.913
1,052
Austin
13,270
111
Brenham
36,626
797
Dallas
31,215
549
Paris
6,669
2
Robstovm_ .._
13,807
271
San Antonio.
23,866
486
Texarkana
47,805
1,581
Waco
82,000
59,000
129,000
423,000
570,000
53,000
45,000
100,000
572,000
513,000
Came into sight during week
Total in sight Dec. 7
219,588
North. spinn's' takings to Dec. 7_ 27,551
7,198,301
944.905
28,881
362.081
_-5,548,870
8.172.087
30,103
530,309
446,703
Movement into sight in previous years:
76,000
36,000
136,000
740,000
365,000
7
Week
Season
Ship-
Quotations for Middling Cotton at Other Markets.
Week Ended
Dec. 7
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
. Houston
Little Rock__ _ _
Dec.
Week
8
21,860
6,236
23,811
34,860
105,316
16,3491
39.329
42.455
25,ll6j
81,812
25.3431
86.0531
45,6221
10,0531
22,5431
46,6541
106,072
8,9
11.5691
9,03:
46,91
104,131
14,002
129,993
24.0 I
3,771
16.61
26,833
89,472
3.302
1,308 15,073
100 6,123
1,625 36,757
1,083 47,634
2,758 77,589
772 17.064
1,274 33,680
2,071 20,419
1,759 16.376
4,220 57,989
379 22,566
3.270 50,546
2,222 30,575
1,330 6,319
400 54.985
1,9 191.048
1,391 146.097
300 15,661
215 34,157
300 8.875
2.085 44.780
4,764 63,961
1,197 13,572
5,642 97.681
1,636 20,321
20 5,063
370 11,534
534 19,001
629
7.520
249 17,610
I
7,859119.233 33,9681 640,082
5,278 78,900 5,546 70,896
49,801 543,604 70,010 991.319
55,1 I
588 6,854 2,002
270
17,79.
726 6,643
82, 25,84:
130 5,913
79,15
754 12,778 2,520
48.297
572 16,034 1.241
5,156
26
3' 1,757
9,63
105
667 3,506
594 23,52
1,033 21,005
81,043
1,310 14.699 1,445
34.359233.537
4,905 95,324
53,953 597.964
3,132 3,964
131 4,659
404 7,752
3,334 29,609
820 18,307
101 1,186
170
765
787 17,875
2,6481 21,512
6221 8.986
284 7,006
4691 25,931
333, 49,600
2,262 98.774
434 27,287
1,639, 33,909
102 24,457
336 26,737
2,009 52,558
674 16,883
2,0531 49,656
1,186 15,658
408 8,488
49,041
6
3,58 136 694
2,2811141,267
13,711
467 27.603
250 19,163
1,895 35,503
4,971 70,392
100 19,294
7,668 83,982
888 23,737
132 5,645
1,092 11,224
1,056 27,568
5,952 1,640
567 17,236
917
100
198
339
5,1511
92
1,5781
227
2,304
4,177
1.315
2,433
2,096
61
1,125
7,244
1,800
300
158
625
890
2,965
815
1,683
504
131
342
64,
7,520,
116,
Bales
8,141,475
9,014,774
9,989.599
Since Aug. 1
Bales
375,436 1932
333,461 1931
339,135 1930
Week1932
-Dec. 10
-Dec. 11
1931
-Dec. 12
1930
Stocks
menu
Receipts
Tutu! MI towns 99.7892.392.328 113.5631960556 166,003 3.276.022 157.489 2207139
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 13,412 bales and are to-night
The
246,583 bales less than at the same period last year. than
receipts at all the towns have been 66,214 bales less
the same week last year.
Overland Movement for the Week and Since Aug. 1.
movement
We give below a statement showing the overland telegraphic
for the week and since Aug. 1, as made up from
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
102,339
296,998
233.000 4,791,612 353,232
Total marketed
8.849
807,819
*13.412
Interior stocks in excess
Excess of Southern mill takings
*50,561
over consumption to Nov. 1_ _ _
Movemeni to Dec. 8 1933
Ship- inecks
Dec.
meats
Week
4.333
28,900
* Decrease.
Movement to Dec. 7 1934
Week
140,654
305,183
1933
1934
Since
Since
InSight and Spinners'
Aug. 1
Week
Aug. 1
Week
Takings
104,014 2,886,429 218.332 4,892.303
Receipts at ports to Dec. 7
296,998
28,900
305.183
28.986
Net overland to Dec.7
Southern consumption to Dec. 7_ _100,000 1,600,000 106.000 2,009.000
384,000
91,000
Continental imports for past week have been 100,000 bales.
The above figures for 1934 show a decrease from last
week of 100,211 bales, a loss of 2.,114,405 bales from 1933,
a decrease of 2,701,720 bales from 1932, and a decrease of
2,339,664 balAs from 1931.
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:
Ala.. Blrming'm
Eufaula
Montgomery.
Selma
Ark..Blytheville
Forest City
Helena
Hope
Jonesboro- - Little RockNewport_ ___
Pine Bluff__ _
13,447
4,987
83,905
The foregoing shows the week's net overland movement
this year has been 28,986 bales, against 28,900 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 8,185 bales.
7 854,515 9.968.920 10556,235 10194.179
Total visible supply
5.21d.
5.04d.
5.75d.
7.02d
Middling uplands, Liverpool_ _
6.20c.
5.90c.
10.10c.
12.70c
Middling uplands, New York__ _ _
8.55d.
7.87d.
7.75d.
9.73d.
Egypt, good Sakel, Liverpool_.. _ 4.97d.
4.76d.
4.16d.
5.74d.
Broach, fine, Liverpool
5.30d.
4.89d.
4.88d.
6.57d.
Tinnevelly, good, Liverpool
Receipts
399.337
. 849
265
3,219
* Including movement by rail to Canada.
1,817.000 1,686,000 1,651,000 1,828,000
6,037,515 8,282,920 8,905,235 8,366,179
Total East India &a
Total American
33.233
16,631
5,518
118,505
9,776
Total to be deducted
6,037.515 8.282,920 8.905,235 8.366.179
627,000
27,000
57.000
23.000
70.000
68,000
171,000
284,000
490.000
445,837
Leaving total net overland *__ _28.986
667,000
907,000
1,547,000 2,025,000 1,696,000 1,485.000
Total European stocks
36,000
45,000
59,000
68.000
India cotton afloat for Europe
American cotton afloat for Europe 266,000 470,000 523,000 549,000
&c.,afl't for Europe 171,000 129,000 100,000 136.000
Egypt, Brazil,
284.000 423,000 572,000 740.000
Stock in Alexandria, Egypt
490.000 570.000 513.000 365,000
Stock in Bombay, India
3,028,862 4.039,191 4,783.520 4,637.862
Stock in U. S. ports
1,960,556 2.207,139 2,256,650 2,205,713
Stock in U. S. interior towns
39.604
67,065
46,590
39.097
U. S. exports to-day
7.854.515 9.968.920 10556.235 10194,179
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 215,000 431,000 356,000 286,000
Liverpool stock
57.000
65,000
44,000
31,000
Manchester stock
269,000
Bremen stock
139,000
Havre stock
89,000 1,045,000 854,000 591,000
Other Continental stock
266,000 470,000 523,000 549.000
American afloat for Europe
3,028.862 4.039.191 4,783,520 4,637,862
U. S. port stocks
1,960,556 2,207.139 2,256,650 2,205,713
U. S. interior stocks
39,604
67,065
46.590
39,097
U. S. exports to-day
Towns
3663
Financial Chronicle
Volume 139
Dallas
Fort Worth _ _ _ _
Closing Qoutationsfor Middling Cotton on
Saturday Monday Tuesday Wed'day Thursday Friday
12.65
12.70
12.75
12.60
12.60
12.75
12.71
12.74
12.83
12.65
12.65
12.78
12.52
12.55
12.65
12.46
12.47
12.56
12.72
12.75
12.83
12.65
12.66
12.79
12.62
12.65
12.73
12.55
12.55
12.72
12.45
12.45
12.50
12.35
12.35
12.50
12.57
12.60
12.67
12.50
12.50
12.64
12.25
12.30
12.45
12.30
12.30
12.45
12.70
12.70
12.80
12.60
12.60
12.75
12.37
12.46
12.55
12.36
12.37
12.46
12.35
12.35
12.45
12.30
12.30
12.40
12.35
12.35
12.45
12.30
12.30
12.40
New Orleans Contract Market.
Saturday
Dec. 1
Monday
Dec. 3
Tuesday
Dec. 4
12.35n
12.39n
Wednesday Thursday
Dec. 5
12.54n
12.57n
Dec. 6
12.45n
12.48n
Fl
D .7
12.4:
12.41
12.34n
Dec.(1934) 12.49n
12.39n
Jan.(1935) 12.54n
February _
12.63-12.65 12.54-12.55 12.5 -12.52
12.4712.45March_ _ _ 12.60April
,
12.47-12.48 12.66-12.67 12.55-12.57 12.5
12.46May
12.61June
12.41 12.49
12.5012.59n
1240n
12.55 Bid. 12.41n
July
August _ _ _
September
12.36-12.37 12.23-12.24 12.2:
October _ _ 12.26-12.27 12.09-12.10 12.15November
Tone
St, dy
Steady. Very stdy. Steady.
Steady.
Steady.
Spot
St dy
Steady.
Steady.
Steady.
Steady.
Options__ _ Steady.
n Nominal.
Weather Reports by Telegraph-Reports to us by
telegraph this evening denote that freezing weather has been
felt over much of the northern half of the cotton belt. Condition of the soil in all but the extreme western portion is
described as being good. Weevils have not gone into Winter
quarters, as was the case a year ago.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
Houston. Tex
Palestine, Tex
Port Arthur, Tex
San Antonio, Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport. La
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta. Ga
Augusta, Ga
Macon, Ga
Charleston. S. C
Asheville, N. C
Charlotte, N.0
Raleigh, N.C
Wilmington, N.0
Memphis, Tenn
Chattanooga. Tenn
Nashville. Tenn
Rain Rainfall
2 days 1.20 in.
dry
2 days 0.28 in.
1 day 0.10 in.
2 days 0.74 in.
dry
dry
1 day 0.01 in.
2 days 2.12 in.
1.46 in.
1 day
2 days 0.26 in.
4 days 0.67 in.
1 day
1 day
3 days
1 day
2 days
1 day
2 days
2 days
1 day
1 day
A days
1 day
1 day
4 days
2 days
2 days
2 days
in.
iir..k
0.22 in.
0.74 in.
0.16 in.
0.88 in.
0.52 in.
0.16 in.
0.24 in.
0.02 in.
0.42 in.
0.10 in.
0.02 in.
0.36 In.
0.54 in.
0.13 in.
0.74 in.
3 days
2 days
1.41 In.
0.40 In.
OM In.
2 days
2 days
3 days
3 days
1 day
2 days
0.26 in.
2.03 in.
1.20 in.
0.38 in.
0.72 in.
Thermometer
high 72 low 45 mean 59
high 56 low 20 mean 38
high 72 low 34 mean 53
high 62 low 26 mean 44
high 78 low 46 mean 62
high 80 low 42 mean 61
high 56 low 32 mean 44
high 72 low 34 mean 53
high 74 low 40 mean 57
high 66 low 34 mean 50
high ss low 40 mean 54
high 74 low 38 mean 56
high 56 low 18 mean 37
high 54 low 28 mean 41
high 52 low 28 mean 40
high 68 low 42 mean 55
high 62 low 34 mean 48
high 60 low 34 mean 47
high 60 low 36 mean 48
high 67 low 37 mean 52
high 64 low 32 mean 48
high 68 low 38 mean 53
high 80 low 48 mean 64
high 82 low 70 mean 76
high 72 low 40 mean 56
high 84 low 60 mean 72
high 80 low 43 mean 62
high 70 low 32 mean 51
high 74 low 34 mean 54
high 72 low 34 mean 53
high 71 low 42 mean 57
high 68 low 30 mean 49
high 70 low 32 mean 51
high 70 low 36 mean 53
high 70 low 40 mean 55
high 56 low 34 mean 43
high 72 low 32 mean 52
high 64 low 28 mean 46
3664
Financial Chronicle
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Dec. 7 1934
Dec. 8 1933
Feet
Feet
New Orleans
Above zero of gauge_
3.4
1.4
Memphis
Above zero of gauge.
14.4
3.3
Nashville
Above zero of gauge..
9.6
13.3
Shreveport
Above zero of gauge.
12.1
7.1
Vicksburg
Above zero of gauge16.9
4.0
Receipts from the Plantations.
-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
WeekI Receipts at Ports I
Ended
I 1934 1933 1932
Stocks at Interior Towns
!ReceiptsfromPlantattons
1934
1933 I 1932 I 1934 1933 1932
Sept.
7... 137,090188,484 183,676 1,152,815 1,118,779 1,271,7351187,732 195,73493,916
14._ 191,728 276,291 235,434 1,226,568 1,152,214 1,344,300 265,481 300,710307,999
21..230,070 328,745255,127 1,339,176,1,231,502 1,452,801 342,678 408,033356,228
28..237,205406,645322,464 1,446,19411,366,589 1,571,911 344,223541,732 441,574
Oct._ 244.448 401,837 311,26411,547,57211,502,765 1,695,492345,826 538,0131123.581
12..240.603 376,794 347,0251,644,1281,657,587 1,802.899 337,159-531,61604,432
19..208,963376.859 395,485 1,735,6091,785,278 1,889,862 300,444504,550,482,448
26.1282,059 348,464 387,507i1,829,198I1,881,9102,030,251,325,648 445,096527,896
Nov.2._1201,932 313.111 404,069 1,882,223 1,986.7372.133.283 254,957417,938507,101
201,932
9..1148,501 275.658 377,879 1,922.2M 2,081,239 2.201.601 188,532 370,160446,197
16_ _1134,427 257,126425,222 1.963.2932.151,371 2,248,953 175,466 327.256472.574
23.. 133,525 285,757 308,468 1,983,174 2,186,556 2,251,477 153,406 250,572 310,992
30. 1119,755268,062 375,711 1,973,968 2.198.290 2,246,716 110,549 277,7961370,950
7
Dec.1
1
7_ _ 104,014218.332 298,545 1,960,556 2,207,1392,258,650 90,602227,181 257.542
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 3,689,503 bales;
in 1933 were 5,828,589 bales and in 1932 were 5,939,545
bales. (2) That, although the receipts at the outports the
past week were 104,014 bales, the actual movement from
plantations was 90,602 bales, stock at interior towns
having decreased 13,412 bales during the week.
World's Supply and Takings of Cotton.
-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
Cotton Takings,
Week and Season
1934
1933
Season
Week
Week
Season
Visible supply Nov.30
7,954,726
9,847,555
Visible supplu Aug. 1
6,879,719
7,632,242
American in sight to Dec. 7-219,588 5,548,870
362,081 8,172,087
Bombay receipts to Dec. 6....
31.000
323,000
40,000
258,000
Other India ship'ts to Dec. 6_
189,000
3,000
179,000
Alexandria receipts to Dec. 5_
36,000
724,200
58,000
816,400
Other supply to Dec. 5 *6-___
197,000
7,000
10,000
210.000
Total supply
8.248,314 13,861,789 10,320,636 17,267.729
Deduct
Visible supply Dec. 7
7.854,515 7,854.515 9,968,920 9,968,920
Total takings to Dec. 7_a
393,799 6,007,274
351,716 7,298,809
Of which American
267,799 4,206,074
281.716 5,731,409
Of which other
126,000 1,801,200
70,000 1.567.400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, Sm.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,600,000 bales in 1934 and 2,009,000 bales in 1933
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 4,407,274 bales in 1934 and 5.289,809 bales in 1933,
of which 2,606,074 bales and 3,722,409 bales American.
b Estimated.
India Cotton Movement from All Ports.
-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1934
Dec. 6
Receipts
Week
Since
Aug. 1
1933
Week
1932
Since
Week I Aug. 1
31,000 323,000 40,000 258,000 131,000 476.000
Bombay
Since August 1
For the Week
Exports
from-
Since
Aug. 1
GreatniConii-'Jan's&
Brital neat China Total
Great
Britain
Contineat
Japan
China
Total
Bombay
1934
42,
--_1 11,000 31,
1933
11,
1932
1:5551 13;000 13,111 27,
Other India1934
I
1933
2,000 1,000
1932
1,000 3,000
10,
13,
8,0
97.000 263,000 370,000
127,000 78,000 218,000
92,000 195,000 295,000
39
49
29
150,000
130,000
103,000
Total all
1934
1933
1932
49,000 247,
257,
62,
195,
37,
11,000 31,
2,000 12,000
2,000 16,000 13.
42,
14,
31,
189,000
179,000
132,000
263,000 559.000
78,000 397,000
195,000 427,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record an increase
of 28,000 bales during the week, and since Aug. 1 show an
increase of 162,000 bales.
Alexandria Receipts and Shipments.
-We now receive weekly a cable of the movements of cottoc at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Dec. 8 1934
Alexandria, Egypt,
Dec. 5
1934
1933
1932
180.000
3.627,534
290,000
4,073,938
200,000
2.512.936
This Since
Week Aug. 1
This Since
Week Aug. 1
This Since
Week Aug. 1
Receipts (cantars)This week
Since Aug. 1
Exports (Bales)
To Liverpool
To Manchester,&c
To Continent and India
To America '
9.000 56,146
47,863
22,000 277.857
13,302
21.000 122.995 7,000 42.346
11,000 71,623
33,583
28,000 214,088 16,000 168.459
3.000 25,243
12,535
Total exports
31.000 395.168 63,000 433.949 22.000256,923
Note
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 5 were
180.000 canters and the foreign shipments 31.000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both
yarns and cloths is steady. We give prices to-day below
and leave those for previous weeks of this and last year for
comparison:
1934
325 Cop
Twist
1933
834 Lbs. Shirt- Cotton
fags, Common Middrg
to Finest
Uprds
d.
a. d.
Sept.
7...... 10%01134 9 4
14-- 103401134 9 4
21.... 103401134 9 2
28-- 103401134 9 1
008.5-- 103401134 9 0
12...l034@1134 91
19.... 03401134 9 1
26-- 03401134 9 1
Nov.
2._. 0 01134 9 1
9_ 10 0113.4 9 2
16._ 1034in11% 9 2
23.-- 103401134 9 4
30_ _ 10g@1134 9 4
Dec.
7.... 101401134 9 4
s. d.
32s Cop
Teo St
854 Lbs. Shirt- Cotton
tags. Common Afideg
to Finest
Uprds
d.
d.
s. d
d.
098
in 9 6
094
in 9 3
7.20
7.10
7.05
6.91
swg 914
834010
534010
854010
3
3
4
4
0
40
in
0
6
6
6
6
5.38
6.47
6.42
5.60
in 9 2
093
in 9 3
in 9 3
6.88
6.88
6.97
6.92
834010
8340 934
8340 934
8340 934
4 0
4(5
4 0
4 in
6
6
6
6
6.44
6.44
6.61
6.64
in 9 3
in 9 4
in 9 4
0 96
09 6
6.79
6.81
6.88
6.91
6.96
swg 934
834010
8hog 934
8340 934
8340 9% .
4
4
4
4
4
0
0
in
0
0
6
6
6
6
6
5.43
6.31
5.13
6.09
5.15
09 6
7.02
83.4(5 93(
4 0
6
6.26
Shipping News.
-As
a. d.
shown on a previous page, the
exports of cotton from the United States the past week have
reached 178,026 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON-To Gdynia-Nov. 27-Addebolm, 717...
..Nov. 30
-Ingram.815--Dec.3-Karpfanger,531
,
2,063
To Kobe-Dec.6-Amaquisan,3,089
3,089
To Oslo-Nov.27-Addeholm, 200
200
To Yokahoma-Dec.6-Amaquisan Maru,1,049
1,049
To Gothenburg-Nov. 27-Addeholm, 638
638
To Osaka
-Dec.6-AmaquIsan Mani,6,347
6,347
To Copenhagen-Nov.27-Addeholm 1.078
1,078
To Moil
-Dec.6-Axnaquisan Meru, .895
2,895
To Genoa-Nov. 28-Maddalena Odero, 4,762- _Nov. 29
Western Queen,860
5,622
To Bremen-Nov.30
-Ingram,891---Dec.3-Karpfanger,634 1.525
To Venice-Nov. 30
-Teresa, 3,121.... Nov. 29
-Western
Queen, 247
3,368
To Trieste-Nov. 30
-Teresa, 1,251---Nov. 29
-Western
Queen, 150
1,401
To Liverpool-Nov. 30
-West Quechee, 4,922
4,992
To Manchester-Nov. 30
-West Quechee, 930
930
-Western Queen,1,463_Dec.3
To Barcelona-Nov.29
-Mar
Cantabrico,3,616
5.079
To Ghent
-Dec. 1-West Tacook, 537
537
To Havre-Dec.1-West Tacook,4,640
4.640
To Rotterdam-Dec. 1-West Tacook.684
684
To Dunkirk-Dec, 1-West Tacook, 50
50
To Leixoes
-Dec. 3-0gontz, 153
153
To Lisbon-Dec.3-0gontz,200
200
To Oporto-Dec.3-0gontz,946
946
To Japan-Nov.28-Elmsport•6,174---Dec.2
-Charles L.D.
10.565
4,391
To China-Nov.28-Elinsport,666
666
HOUSTON-To Genoa-Dec.1-Western Queen,1,672._ _Nov.30
-Maddalena Odero,3,986
5,658
To Barcelona-Dec.1-Western Queen,3,527: Mar Cantabrico,
5,781
2,254
To Venice-Dec. 1-Western Oueen, 415
415
To Trieste-Dec.1-Western ueen.250
250
ena Odero, 100
To Leghorn-Nov.
100
To Naples
-Nov.30-Maddalena Odero, 600
500
-Charles
To Japan-Dec. 1-Elmsport, 4,097-- _Nov. 26
L. 13.. 7,173_ _ _Nov. 30-Fernbank, 15,164- Dec. 3Amagrham Mani,2,831... _Dec. 5
-Norfolk Mani, 4,043 33,308
To China-Dec. 1-Elmsport, 284
284
To Bremen-Dec.5--Karpfanger,1.470
1,470
To Coruna-Dec.4-Agentz,205
205
To Gdynia
-Dec.5-Karpfanger, 1,289
1,289
To Oporto-Dec. 4-Agentz, 879
879
-Agents, 35
35
To BIlboa-Dec. 4
-Dec. 4-Agentz. 197
To Leixoes
197
-Dec. 4-Agentz. 150
To Passages
150
To Liverpool-Dec.4
-West Ekenk. 780
780
-West Ekenk,2,324
To Manchester-Dec.4
2,324
-West Tacook, 150._ _Dec. 5-Floride, 633
--Dec.4
To Ghent
783
-West Tacook, 5,606---Dec. 5
To Havre-Dec. 4
-Florida,
8.203
2.597
To Dunkirk-Dec.5-Floride.151
151
-West Tacook, 291
291
To Rotterdam-Dec.4
-West Tacook, 100
To Antwerp-Dec. 4
100
100
-To Japan-Nov. 28-Amagasan Mani, 100-- _
NEW ORLEANS
875
To Oporto-Nov.28-Agentz.875
-San Mateo, 1,364
To Antwerp-Nov. 30
1,364
-Nov, 30
To Havre
-San Mateo, 3,111
3,111
To Dunkkk-Nov.30
-San Mateo,400
400
To Hamburg-Nov. 30-Westerwald, 416
416
To Bremen-Nov. 30-Westerwald, 837---Dec. 1-Nashaba,
1,237
400
811
To Gdynia-Dec. 1-Toronto 811
200
To Oslo-Dec. 1-Toronto, 2C10
750
To Gothenburg
-Dec. 1-Toronto, 750
To Rotterdam-Dec. 1-Buchdyk, 650
650
To Havana-Nov. 17-Plzaola, 40_ __Nov. 24-Tivives, 40.....
120
Dec. 1-Zacapa, 40
300
To Arica Chile-Nov. 17-PLxaola. 300
150
To San Felipe-Nov.20-Zacapa. 150
50
To Buena Ventura-Dec. 1-Zacapa,50
-West
To Genoa-Nov. 24-Western Queen, 150Dec. 1
2,710
Camak, 1,406__ -Dec. 4-Maddalena Odero. 1,154
2,115
-West Ekenk, 2,115
-Nov. 28
To Liverpool
-West Ekenk,898
898
-Nov. 28
To Manchester
300
To Marseilles
-Dec. 1-West Camak
850
To Barcelona-Dec. 1-West Camak, 850
-To Japan-Dec. 1-Amagisan Meru,2,544- 2.544
CORPUS CHRISTI
3665
Financial Chronicle
Volume 139
256,200,000 bushels last year. He put the Australian yield
at 130,000,000 bushels against 160,000,000 a year ago. On
the 3d inst. after showing early strength prices reacted under
to 4o.lower. Early in
December liquidation and ended
the day May wheat passed the $1 mark. Winnipeg was off
to 1%d. higher. A cable
% to %c. but Liverpool ended
from Argentina said that only 13,000,000 bushels remained
for export and indications were the old crop surplus would be
exhausted before the new is available for shipment. The
American visible supply decreased 539,000,000 bushels. On
the 4th inst. showed independent strength of its own and advanced % to 1%c. Liquidation owing to heavy December
deliveries caused an early setback but later came a rally under
a better demand stimulated by reports of bad weather in
Argentina and an unfavorable forecast. Deliveries on
December contract were 1,892,000 bushels. Some 500,000
bushels of Canadian wheat were reported to have been sold
to the United Kingdom and the Continent and further sales,
it was intimated, were sold to this country. Private estimates of an increase of 4.4 to 6% in the area seeded and a
yield of 460,000,000 to 520,000,000 bushels fell flat. Winnipeg was % to %c. higher and Liverpool declined Xd. to
%d.
On the 5th inst. prices advanced sharply, ending 2% to
3%c. thigher. The rise was aided by a stronger Liverpool
market, unfavorable weather reports from Argentina, and
the oversold condition of the market. Shorts covered and
spreaders were buying wheat against sales of corn and
rye. Deliveries against December contracts were only
345,000 bushels. In some sections of Missouri farmers who
own wheat stored in elevators were reported to be hauling
it back to farms for seed. Winnipeg was 2% to 2%c. higher,
178.026
Total
and Liverpool and Rotterdam were stronger. On the 6th
lower. Selling against
-Current rates for cotton from New inst. prices ended unchanged to lc.sales caused the decline.
Cotton Freights.
g
as furnished by Lambert & Barrows, Inc., are as purchases of corn and profit-takinmarkets responded rather
York,
Winnipeg was easier and foreign
follows, quotations being in cents per pound:
coolly to the advance •here on the previous day. To-day
High Stand
High StandHigh StandDensity and
Denstty and
Density and
prices ended %c. lower, under general liquidation. Early
.75c. .900.
.500. .850. Piraeus
Liverpool .25e. .250. Trieste
prices were higher, owing to the tense European political
.500. .850. Salonlea .760.
.25o. Flume
.25o.
Manchester
.50c. .85e.
Barcelona .35o. .50e. Venice
situation. Liverpool was stronger.
350.
Antwerp
Bales
900
-Ida Zoo, 900
-Nov.24
-To Genoa
MOBILE
200
-San Mateo, 200
-Nov. 24
To Havre
150
Cantabile°, 150
-Mar
To Barcelona-Nov. 24
100
-San Mateo. 100
-Nov.24
To Ghent
104
Bremen-Nov.25-Westerwald, 104
To
213
To Gdynia-Nov. 25-Westerwald, 213
414
To Hamburg-Nov. 25-Westerwald, 414
554
-Nov. 28-Historian, 554
To Liverpool
502
To Manchester-Nov. 28-Historlan, 502
396
-Nov. 30-Kenowis, 396
-To Liverpool
PENSACOLA
511
511
-Nov. 30-Kenowis,
To Manchester
454
SAVANNAH-To Liverpool-Dec.1-Wildwood,454
1,849
ec.1-Wildwood,1,849
To Manchester-D
100
To Hamburg-Dec. 1-Schoharie, 100
387
To Rotterdam-Dec. 1-Schoharie, 387
300
To Japan-Dec. 1-Morn, 300
-Nov. 27-Wacosta, 290___Dec. 2GULFPORT-To Liverpool
656
Kenowis, 366
75
To Manchester-Dec. 2-Kenowis, 75
5,325
-To Japan-(?). 5,325
SAN FRANCISCO
400
1-Carlton.400
BEAUMONT-To Genoa-Dec.
600
To Barcelona-Dec. 1-Carlton, 600
50
-To Liverpool-Dec. 1-Artlgas, 50
NORFOLK
50
To Genoa-Dec. 7-01ty of Norfolk, 50
338
-Dec. 1-Artigas, 338
To Manchester
150
-City of Norfolk, 150
To Naples-Dec. 7
110
To Bremen-Dec. 1-City of Havre, 110
375
-West Cohas, 375
-To Manchester-Dec. 1
CHARLES
LAKE
1.585
-Carlton, 1.585
To Genoa-Nov.30
223
-Carlton,223
To Barcelona-Nov.30
377
-West Quechee, 377
-Nov. 30
-To Liverpool
TEXAS CITY
119
-West Quechee, 119
To Manchester-Nov.30
162
-Western Queen, 162
To Genoa-Nov. 29
731
Queen, 731
v.29
-Western
To Barcelona-No
138
-Western Queen. 138
-Nov.29
To Venice
393
To Bremen-Dec. 3-Karpfanger, 393
100
-Dec.3-Karpfanger, 100
To Gdynia
-To Japan-Nov. 28-Asania Maru, 1,650;
LOS ANGELES
1,800; Golden Dragon, 2,000-Nov.30
Hokuroku Maru,
Niel Maersk, 3,000: La Plata Maru. 200___Dec. 3-Pres.
16,750
Harrison. 100; Thurland Castle, 8,000
100
-Niel Maersk. 100
To China-Nov. 30
50
-Winnipeg, 50
To Dunkirk-Nov.30
214
214
To Liverpool-Dec. 4-Gothlc,
.25c.
Havre
Rotterdam .35c.
.400.
Genoa
.46e.
Oslo
Stockholm .420.
• Rate Is open.
.400.
.500.
.55e.
.61c.
.57c.
s Only
•
Japan
•
Shanghai
Bombay a .40c.
.35o.
Bremen
Hamburg .350.
small lots.
•
•
.55c.
Copenhag'n.38e.
.400.
Naples
.40e.
Leghorn
Gothenberg.42o.
.55e.
.55o.
.570.
•
-By cable from Liverpool we have the followLiverpool.
ing statement of the week's sales, stocks, &c., at that port:
Nov. 16 Nob. 23 Nov. 30
53,000
50.000
47.000
.000 870,000 847.000
235,000 232,000 218,000
35.000
68,000
32,000
15,000
18,000
6,000
118,000 148,000 174,000
76,000
72.000
63,000
Forwarded
Total stocks
Of wnicn American
Total imports
Of which American
Amount afloat
Of which American
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
11434 11534 11834 11854 11834
115
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
9934 9934 99R 102% 10234 101%
December (new)
10334 10334 10334
99
9834 100
May (new)
97
97
97
92% 94
93
July (new)
10134
102
9934 9934 103
99
(old)
December
Season's Low and When Made
Season's High and When Made I
July 2 1934
89
11334 Aug 10 1934 Dec.(old)
Dec.(old)
(new)__ _ 8834 July 9 1934
(new)---113g Aug. 10 1934 Dec.
Dec.
9334 Oct. 31 1934
1934 May(new)_
Aug. 10
May(new)._ _ _117
9834 Dec. 5 1935 July (new)--- _ 8754 Oct. 31 1934
July (new)_ _
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
7834 80% 7934 79
7854 78
December
8334 854 845 84
82
83
May
8654
8634 85
8334 8334 84
July
Dec.7
58,000
842,000
215,000
46,000
13,000
171.000
82.000
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:
Corn continued its advance and new highs for the season
were made almost daily early in the week. Cash corn was
firm and at times sold at higher prices than wheat. On
A fair
Market, 1
Quiet
Moderate
%
More
Quiet.
Quiet.
business
12:15
the 1st inst. prices rose 23 to 25%c. on buying prompted by
demand. demand.
doing,
P. M.
reports of a virtual famine in the farming sections of this
7.02d.
7.04d.
7.04d.
6.954.
7.00d.
country. New highs for the season were reached. The
7.00d.
MId.Upl'ds
cash market was firm with No. 1 white selling at $1.075%,
Steady
Steady,
Steady,
Quiet,
Futures.1 Steady, Quiet but
which was also a new high for the season. Snow and rain
2 pts. stdy., 1 pt. 5 to 7 pts. 3 to 4 pts. 1 to 3 pts. 4 to 5
1 to
Market
advance, advance. pts decline
decline,
advance. advance,
opened
fell over the belt. On the 3rd inst. prices closed % to %a.
Steady, Quiet but Quiet but
lower after showing early firmness. May sold at 92c., a
Quiet but Steady.
Quiet,
Market, I
Ito 2 pts. stdy., 2 pts 4 to 5 pts. 7 to 12 pts. stdy., un- sty. 1 to 4
4
new high for the season, but receded under heavy liquidation
advance, changed to ptg. decline
decline,
advance,
P. M. I decline,
1 pt. dec.
late in the session. Cash corn sold at higher prices than
for wheat. No. 1 white sold at $1.085%. The American
Prices of futures at Liverpool for each day are given below: visible supply decreased 1,448,000 bushels. On the 4th
inst., for the first time in a week or more, corn relied partly
/
Saturday Monday Tuesday Wed'day 1Thursd'y I Friday
on wheat to get its strength. Prices ended % to 18s03.
Dec. 1
day. Buying was also stimulated by heavy
12.0012.00 12.15 4.013 12.15 4.00 12.15 4.00.12.15 4.0012.15 .400
to
m.p. MP. m.p. In. higher on thatwhich amounted to 260,000 bushels. Elevator
p. in. p. in. p. in. p.m. p.m.P. In.0. in.'s.
p.
Dec. 7
shipping sales,
d.
d.
d.
d. d. , d.
d.
S.
interests were buying Dec.
New Contract
.
6.71 .
January (1935) d.. 6.73 6.73 6.67 6.69 6.76 6.76 6.76 6.76 8.74 6.75
On the 5th inst. prices ended 1 to 1%c. higher. They
6.69 6.71 6.74 6.65 6.67 6.74 6.74 6.7 6.74 6.72 6.73
March
6.66 6.88 6.681 6.62 6.64 6.72 6.72 8.72 6.72 8.69 6.70
again reached new highs for the season. No. 2 white adMay
6.63 6.85 8.85 6.58 6.61 6.09 6.69, 6.6 6.69 6.66 6.67
July
vanced to $1.09%, the highest price since July 1929. On
6.45 6.47 6.47 6.41 6.43 6.53 6.54 6.54 8.54 6.50 6.51
October
6.51- _. 6.48
the 6th inst. prices ended %c. lower to %c. higher. The
December
6.48
6.51
January (1536)
strength of cash corn stimulated some buying, and shipping
6.48
6.51
6.43
March
4c.
8.47
6.51
sales were fairly liberal. To-day prices ended % to 1V
8.43 __
May
6.47
6.50
July
lower, on selling owing to reports of further imports of
6.47
8.44
6.47
6.36_ 6.41 ._
' 8.39
October
Argentine corn. Early prices were up to new high ground
November
for the season, but liquidation caused the recession.
Spot
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
BREADSTUFFS
Friday Night, Dec. 7 1934.
Flour as in fair demand and steady. Shipping directions
were reported as fair.
Wheat continued to be dominated by the fluctuations in
corn in the forepart of the week but later showed independent
strength of its own. Trading was fairly active. On the 1st
inst. the market got its strength from corn advancing 15%
to 1%o. It was reported that Canada was competing with
France for the sale of feed wheat to this country, but this had
little effect on the market. Winnipeg was %c. to 13ic.
3
higher and Liverpool advanced %d. to /01. Broomhall
estimated the Argentine crop at 249,000,000 bushels against
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
10834 10754 10834 11034 11054 10954
No 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
9234 9134 9334 9434 9534 94
December (old)
9234 9134 9354 9454 9534 93
December (new)
91
923492
91
9054 91
May (new)
88
8834 8934 89
8834 88
July (new)
Season's Low and When Made
and When Made
Season' High
5634 June 5 1934
9534 Dec. 5 1934 December
December
Oct. 4 1934
75
May
9334 Dec. 5 1934 May
Oct. 4 1934
1934 July (new)_.,..75
July (new)_.._ 9034 Dec. 5
Oats were an echo of other grain. On the 1st inst. they
sympathized with corn, ending 15% to 15%c. higher. On
the 3rd inst. prices ended unchanged to 10. higher. The
visible supply in this country fell off 1,591,000 bushels. On
3
the 4th inst. there was a rise of % to 1%c., reflecting the
strength in wheat.
3666
Financial Chronicle
On the 5th inst. prices were % to 11
4c. higher. On the
6th inst. prices were Y lower to %c. higher, with 45,000
2c.
bushels tendered on December contracts. To-day prices
ended % to 1%c. lower, in sympathy with other grain.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
6554 6654 68
6951 683'l 6731
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
December (new)
54
5434 56
5751 5636 5554
May (new)
5334 5334 5434 55
5454 53%
July (new)
4834 4834 4936 5034 4934 49
December (old)
54
55
56
57
Season's High and When Made
Season's Low and When Made
December
5734 Dec. 5 1934 December
4134 June 22 1934
May
5934 Aug. 10 1934 May
4531 Oct. 4 1934
July (new)...,....51
Dec. 5 1934 July (new)_ _
41
Oct. 4 1934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
4234 42
4234 4234 4234 4334
December
4354 44
4436 4554 4434 4531
Exports from-
No. 2 white
Rye took its cue from corn and advanced 11 to 33 3c. on
4
/
the 1st inst. On the 3rd inst. prices ended with net gains
of A to le. On the 4th inst. followed wheat upward and
closed 13.1 to 1 Ac. higher.
On the 5th inst. prices advanced % to 2%c. On the 6th
inst. prices ended lc. lower to Ihc. higher. Tenders on
December contract amounted to 21,000 bushels. Rumors
were afloat that the Government would raise the tariffs in
order to discourage importations. To-day prices ended
unchanged to %c. lower.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues, Wed. Thurs. Fri.
December (new)
7634 7734 7834 8034 81
8034
May (new)
76
7634 7834 8034 80
7951
July (new)
7531 7654 7731 7954 7834 78
December (old)
7631 7734 7834 8034 805' 80%
Season's High and When Made
Season's Low
Dec new)_--- 9034 Aug 9 1934 Dec.(new),,___ and When Made
6534 June 22 1934
May new)---- 95
Aug. 9 1934 May new)____ 69
Oct. 26 1934
Dec. old)
90
Aug. 9 1934 Dec.(old)
6554 June 22 1934
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues, Wed, Thurs. Fri.
October
5734 5734 58
6034 5934 6034
December
61
6154 6134 64
6351 6434
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fn.
December (new)
83
8534 8531 8654 87
88%
May (new)
7934 8034 81
8234 8.334 8.33i
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
5434 54% 5534 56% 56% 5634
December
5754 57% 5854 5931 5834 59
Closing quotations were as follows:
GRAIN
Wheat, New York
Oats, New York
No. 2 red., c.1 f., domestic-118%
No. 2 white
67%
Manitoba No. 1,f.o b N.Y- 9334 Rye,No.2,f.o.b.bond N.Y 69%
Barley, New York
Corn, New York4754 lbs. malttng
10334
No.2 yellow. all rail
10934
Chicago, cash
75-126
FLOUR
Spring pats-high proteln$7.75 8.30 Rye flour patents
$4.90@5.10
Spring patents
7.35 7.55 Seminola bbl.,Nos.1-3-- 9.90@l0.05
Clears,first spring
6.90 7.20 Oats4.05
Soft winter straights
6.20 6.60 Corn i
Notr
2.80
Hard winter straights- 6.75 7.00 Barley goods
-Hard winter patents
6.95 7.20
Coarse
4.65
Hard winter clears
6.55
6.25
Fancy pearl,Nos.2.487 7.40@7.60
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 br each
of the last three years:
Receipts at-
J
Flour
Wheat
Oats
Corn
Rye
Barley
bls 198 lbs bush 80 lbs bush 56 lbsbush 32 lbs bush 56 lbs bush 48 lbs
Chicago
154,000
144,000
414,000
574.000 352.000
232,000
Minneapolis_
464,000
18,000
52,000 134,000 386,000
Duluth
120,000
167.000
63,000 217,000
Milwaukee_ _ _
8,000
283,000
75,000
43.000
499,000
Toledo
380,000
28,000
30,000
Detroit
18,000
12,000
13,000
8,000
10,000
Indianapolis_ _
32,000
239,000
70,000
40,000
St. Louis__ _ _
122,000
104,000
105,000
20.000
1,000
73,000
Peoria
29,000
8,000
144.000
8,000
35.000
48,000
Kansas City
11,000
184,000
266,000
38,000
Omaha
53,000
66,000
51,000
Bt. Joseph_
5.000
12,000
27,000
Wichita
101,000
29,000
6,000
Sioux City_.
1,000
31,000
13,000
1,000
Buffalo
5,129.000 1,247,000
112,000
2.000
96,000
Total wk.1934
Same wk.1933
Same wk.1932
306,000
374,000
409,000
7,044,000
8,640,000
7,984,000
2,686,000
4,355,000
6.504,000
1,224,000
616,000
915,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Dec. 1 1934, follow:
Receipts at-
Flour
1
Wheat
Corn
Oats
bbts 196 Ms'bush 60 lbs bush 56 lbs bush
New York_ _ _
129,000
386,000
266,000
Philadelphia .
23,0001
53,111
5,000
Baltimore___ _
2,111
9,0001
21,111
New Orleans•
23,0001
63,000
Galveston..
10,000
Montreal __
99.0001 1.848,111
Boston
42
It1
Quebec
375,000
Halifax
5.000
Total wk.1934 330,000 2,628,000
Since Jan.1'34 12,583,000 85.088,000
Week 1933.
343,000
5,370,000
nnt01104 790 Ann
404.111
8,288,000
Rye
Barley
32 lbs bush 56 lbs bush 48 lbs
25,000
2,000
4,000
80,000
3,000
1,000
19,000
57,000
2,111
70,000
1,i 1'
188,000
5 0
.0 0
71. 00
0
8,794,000 2.723,000 3,202,000
76,000
388.111
30,000
143.000
A 595 flilf1
el 749 nnn
4071100
515711011
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
101nnn Inn 1.
32 12 OM
New York
Baltimore
New Orleans
Montreal
Halifax
Quebec
Wheat
Bushels
Corn
Bushels
310,000
Flour
Barrels
Oats
Bushels
14,474
1,000
1,000
99,000
5,000
1,848,000
375,000
Total week 1934._ 2,533,000
Same week 1933_ _ __ 3,582,000
149,000
120,474
120,025
Rye
Bushels
Barley
Bushels
57,000
1,000
70,000
58,000
70,000
109.000
The•destination of these exports for the week and since
July 1 1934 is as below:
Exports for Week
and Since
July 1 to-
Flour
Week
Dec. 1
1934
Wheat
Since
July 1
1934
Week
Dec. 1
1934
Corn
Since
July 1
1934
Week
Dec. 1
1934
Since
July 1
1934
Barrels Barrels
Bushels
Bushels
United Kingdom_ 94,869 1,189.961 1,678,000 21,460,000 Bushels
Continent
16,140
299,728
834,000 21,779,000
So.& Cent. Amer.
_
23,000
8,000
133,000
West Indies
1,000
112,000
1,000
26,000
Brit. No. Am. Col
3,000
56,000
Other countries_ _ _ 3,465
84,064
12,000
824,000
Total 1934
120,474 1,764.753 2,533,000 44,222,000
Total 1933
120,025 2,347,230 3,562,000 61,785,000 149,000
Bushels
4,000
'
4,000
182,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dee. 1, were as follows:
United StatesBoston
New York •
"
afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
"
afloat
On Canal
GRAIN STOCKS
Wheat
Corn
Oats
Barley
Rye
bush,
bush.
bush,
bush.
bush.
136,000
80,000
1,000
25,000
206,000
138,000
114,000 *435,000 .327,000
17,000
322,000
25,000
838,000
128,000
26,000
23,000
115,000
1,738,000
38.000
19,000
148,000
204,000
41,000
366,000
46,000
236,000
22.000
796,000
4,468,000
315,000
593,000
34,000
7,000
1,164,000
110,000
116,000
3,951,000
1,685,000 2,643,000
5,000
250,000
21,918,000 4,632,000
3,000
801,000
42,000
6,958,000 8,902,000 1,045.000
28,000
2,000
342,000
748,000
16,000
256,000
6,406,000
262,000
15,000
365.000
58,000
1,776,000
725,000
509,000
4,000
282,000
58,000
5,864,000 10,942,000 3,810,000 6,718,000 1,322,000
383,000
311,000
255,000
937.000
715,000
492,000 2,201,000
585,000
12,764,000 6,833,000 6,978,000 1,987:000 . 1r5,080
7
L°
0
5.349.000 1,743,000 2,824.000 1,881,000 2,426,000
157,000
10,000
33,000
11,000
12,000
8,382,000 4,964,000 1,605,000
583,000
857.000
6,281,000 1,645,000
957,000
370,000
180,000
265,000
TotaPDeo. 1 1934._ 92,746,000 48,579,000 21,398,000 13,233,000 14,894,000
Total Nov. 24 1934.__ 93,285,000 50.063.000 22,989,000 13.463,000 14,972,000
Total Dec. 2 1933_133,338,000 61,720,000 46,145,000 14,139,000 15,656,000
• New York also has 89,000 bushels of Argentine rye and 300,000 bushels of Argentine oats in store.
Note-Bonded grain not included above: Oats
-Duluth, 23,000 bushels; total.
23,000 bushels, against none in 1933. Barley-Buffalo. 296,000 bushels; on Lakes.
596.000; total, 892,000 bushels, against none in 1933. Wheat
-New York, 659,000
bushels; New York afloat. 1,166.000; Philadelphia, 60,000;
Buffalo afloat. 8,740,000; Duluth, 1,658.000; Erie, 2.206,000; Buffalo, 5,222.000:
Lakes, 2,983,000:
Canal, 1,365,000; total, 24,059,000 bushels, against 16,758,000on
bushels in 1933.
Wheat
Corn
(Mit
Barley
Rye
Canadianbush,
bush,
bush.
bush.
bush.
Montreal
6,442,000
583,000
253,000 1,240,000
Ft. William & Pt. Arthur 54,272,000
2,312,000 2,501,000 3,356.000
Other Canadian & other
.
water points
59,215,000
3,144,000
376,000 1,655,000
Total Dec. 1 1934__ _119,929,000
6,039,000 3,130,000 6,251,000
Total Nov. 24 1934_ __125,615,000
6,236,000 3.280,000 7,382,000
Total Dec. 2 1933_ _ _115,594,000
10,689,000 3,202,000 6,534,000
Summary
American
92,748,000 48,579,000 21,398,000 13,233,000 14,894,000
Canadian
119,929.000
6,039,000 3,130,000 6,251,000
Total Dec. 1 1934_212,675,000 48,579,000 27,437,000 16,363,000 21,145,000
Total Nov. 24 1934_218,900,000 50,063,000 29,225,000 18,743,000 22,354,000
Total Dec. 2 1933_248,676.000 61,720,000 58,834,000 17.341,000 22.190.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Nov. 30,and since July 1 1934 and July 2 1933, are
shown in the following:
635.000 1,560,000
676,000
674.000
172.000 2,063,000
Since Aug.11934
6,649,000 124,650.000 104,072,000 26.539,000 8,142,00034,329,000
1933
6,081,000120,871,000 90,889,000 39,299.000 6,997,00024,197,000
1009
7112A AAA 109 409 (11111 RR 054 11511 47 ean nnn 5 4111 MO 20 RR1
WW1
Dec. 8 1934
The exports from the several seaboard ports for the week
ending Saturday, Dec. 1 1934, are shown in the annexed
statement:
Wheat
Exports
Week
Nov. 30
1934
Since
July 1
1934
Corn
Since
July 2
1933
Week
Nov. 30
1934
Since
July 1
1934
Since
July 2
1933
Bushels
Bushels I Bushels
Bushels
Bushels
North Amer_ 4,238.000 84,343,000 100,404,000 Bushels
258.000
13,000
Black Sea__ _
144,000 3,808.000 22,083,000
374,000
17,185,000
Argentina_ _ _ 3.063,000 80,132,000 48,101,000 2,559,000 6,804,000 91,770,000
100,477,000
Australia
1,729,000 43,057,000 35,764,000
India
320.0001
0th. countr's 960,000 16.928,0001 13,584.000 570.000
18,780,000 3,718,000
Total __ 10,134,000228,588,000 219,936,000 3,503,000126,074,000 112,929,000
Weather Report for the Week Ended Dec. 5
-The
general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 5, follows:
The week
brought great contrasts in temperature to different parts of
the country. From the Ohio Valley eastward and'northward it was one
of the warmest weeks ever known for so late in the season, with some
previously high temperature records broken. On
otner hand, tne
Central and Southern States in the western half oftne country had an
tne
abnormally cold week. In the trans-Mississippi area are killing frost for tne
first time this fall extended over the southern nalf of Oklahoma, where it
was tne latest of record, into northern Texas. Rainfall was frequent in
the Mississippi Valley, tne Atlantic area, and Pacific Northwest. Fair
weather was the rule in the far Southwest and the western Great Plains.
The data in the table on page 3 show that tne weekly mean tempera-
Volume 139
Financial Chronicle
tures were above normal everywhere east of the Mississippi Valley and in
the northern border States to toe westward. The greatest plus departures
appear from Virginia northward where toe period averaged from about
10 deg. to as much as 18 deg. warmer than normal. Except in the more
northern States and along tile south Pacific coast, the means were below
normal everywhere west of the Mississippi Valley, with the largest minus
departures in the Great Basin and central and southern Rocky Mountain areas.
In the East freezing weather extended as far south as Macon. Ga., and
in the west to west-central Texas, soutnern New Mexico, and south-central
Arizona. The lowest temperature reported was 2 deg. below zero at
Lander, Wyo., Nov. 30. Tins is tne first zero temperature of the season
reported from a first-order station, with occurrence unusually late. In
previous years temperatures in some Central-Northern States have reached
as low as 25 deg. below zero in November.
The data show also that precipitation was generally neavy throughout
the Mississippi Valley, the extreme western Lake region, and in most of the
Atlantic States. It was especially heavy in the lower Mississippi Valley
section, the Carolinas, northern Virginia, Maryland, and Pennsylvania,
Elsewhere the amounts were mostly moderate, and a considerable area of
the Southwest had practically no rain.
Frequent rains or snows in the Mississippi Valley and western Lake
region, and rains in tile Atlantic Coast States made an unfavorable week
for outside operations in those areas. Elsewhere conditions were mostly
favoratile. The generaous rains in the Middle and South Atlantic States
were decidedly beneficial in replenishing soil moisture, which is now mostly
ample for present needs, though unfavorable dryness continues in much
of Florida.
In other sections of the country the soil-moisture situation has not appreciably changed, except that continued precipitation in some interior
areas, especially the central and upper Mississippi Valley, are replenishing subsoil moisture to a considerable depth. Toe week brought heavy
snows to western and nortnern Wisconsin, southeastern Minnesota, much
of Iowa, Missouri, and some adjoining sections. In Iowa tne snowfall
ranged up to 19 inches locally, and reached 16 inches in parts of southern
Missouri. The snow fell on generally unfrozen soil, which will permit
absorption as it melts. The unusual depth caused considerable traffic
delay in areas where heaviest.
Farther west there were good rains or snow, mostly snow, in western
Colorado, western Wyoming, northern Utah, and much of Idano, whicn
improved toe outlook in those sections. In the Pacific area soil moisture
is ample, except locally in southern California.
Just west of the Appalachian Mountains tnere is a belt which continues
unfavorably dry. Thifif centers in Ohio where conditions have become
serious in many places, with failures in wells and springs increasing rapidly,
necessitating much hauling of water. The dry area extends southward
over eastern Kentucky and eastern Tennessee. Also, the persistently
dry sections in the western and northwestern Great Plains and eastern
slopes of the Rocky Mountain States are still unrelieved. In the North
this includes practically all of North Dakota, and northern and western
Minnesota. West of the Rocky Mountains conditions continue to improve.
though moisture is still badly needed in southern Utah, and most parts
of New Mexico and Arizona.
There were no material narmfully low temperatures, though the first killing frost of the season covered the southern Great Plains. In most places
east of the Rocky Mountains the first killing frost this year occurred later
than usual. There was some damage from nigh waters in eastern North
Carolina and northern Virginia.
SMALL GRAINS—In the eastern Ohio Valley precipitation was insufficient to relieve the extreme dryness and progress and condition of
winter wheat continue from very poor to only fair; in the central and western
valley districts frequent moderate to rather neavy rains were very beneficial,
with growth and condition of wheat good to excellent. In the Mississippi
Valley conditions continue very favorable, with generally ample moisture
and winter grains are mostly good to excellent. In the eastern Great
Plains winter wheat was favored, with progress and condition satisfactory,
although some fields are too wet to pasture.
In the western Plains area, including western Texas and Oklahoma, as
well as the eastern portions of New Mexico. Colorado, Wyoming, and
Montana, and rather generally North Dakota and western Minnesota,
moisture is still urgently needed, with most winter grains in poor condition. Frequent precipitation from the Rocky Mountains westward to
the Pacific Coast was very beneficial, with soil conditions much improved
and winter grains doing well. Moderate to heavy rains in the Southeast
favored germination and growth, while elsewhere in the East winter grains
are in satisfactory shape.
The Weather Bureau furnished the following resume of
conditions in the different States:
Virginia—Richmond: Temperatures slightly above normal; precipitation excessive in northwest and west to moderate in east. Moisture highly
beneficial, but considerable high water damage and ground too wet for
outdoor work. Wheat and oats poor, but improving, in northwest where
drought broken; good to escellent elsewhere.
North Carolina—Raleigh: Eastern rivers in heavy flood as a result of
excessive rainfall 28
-29th,• considerable damage, eepecially to bridges on
tributaries of Nouse and Tar Rivers. Rather heavy rain in west and aside
from flood damage, rainfall beneficial over State, as a whole.
South Carolina—Columbia: Mostly warm, with much cloudiness. Heavy
to excessive rains 28th-lst were beneficial to germination and growth of
grain and winter truck, but plowing retarded.
Georgia—Atlanta: Warm, followed by seasonable temperatures; frost
to Florida line Sunday; rainfall moderate to heavy. Now favorable for
sowing and growth of grains. Pecan harvest and sirup making nearly
finished.
Florida—Jacksonville: Week warm, although frosts in interior of north
Sunday. Drought continuos, except in west. Truck suffering, except
irrigated. Strawberries doing good. Citrus dry and considerable dropping.
Alabama—Montgomery: Seasonable temperatures; moderate rains kept
soil in good condition. Vegetables, oats, and cover crops growing nicely.
Some plowing being done, but most work suspended.
Mississippi—Vicksburg: Generally warm first three days, slightly cool
thereafter. Occasional rains moderate in oast, but somewhat excessive in
west, with water standing in fields in many delta localities. Some farm
activity in east, but little elsewhere.
Loutsiana—ew Orleans: Rapid changes, with frequent, mostly modN
erate, but occasionally heavy rains. Freezing locally on 1st in many interior localities; no material damage. Oats an winter truck growing well.
Farm work retarded by rains.
Teas—Houston: Averaged cool; heavy to killing frosts in northern
half, but damage slight. Dry in extreme west and southwest and
light
showers elsownere, except on upper coast whore excessive falls. Wheat,
oats, and other grains, pastures, and truck improved where moisture.
Cattle somewhat better, though some continued locally poor in central
and west-central.
Oklahoma—Oklahoma City: Cool, with minima below freezing last
half over practically entire State; first killing frost of season for much of
central and south Saturday morning, latest of record. Light to moderate
rains and some snow. Very little cotton remains in fields. Condition
and progress of winter wheat fair to very good, except rather poor in some
extreme western areas on account of dryness; wheat affording good pasturage
in most sections. Livestock fair to good.
Arkansas—Little Rock: Rains unfavorable for farm work, but very
favorable for growth of winter crops. Soil in excellent condition for plowing. Wheat, Oats, meadows, pastures, and winter truck good to excellent.
Little cotton, corn, and rice in fields in some localities.
Tennessee—Nashville: Helpful showers throughout. Ground soaked
in west, but insufficient moisture in east. Winter grains and clover growing
and mostly In good condition. Handling tobacco made good progress.
Some late corn gathered.
Kentucky—Louisville: Mild, showery weather beneficial to fall grains
and pastures in central and oast, but more rain needed to replenish water
supplies. Most wheat looks well, though somewhat small. Faxoratile
for handling tobacco. Corn mostly gathered.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 7 1934.
Unseasonable weather conditions prevailing during the
earlier part of the period under review were again responsible for a rather sluggish movement of gogds in retail
channels, but even at that, most stores were able to report
3667
appreciable gains in volume over last year. Later in the
week, with the weather turning clear and cold, activities
in the retail field broadened considerably. A growing demand for holiday articles made itself felt, and although
special promotions and goods in the lower price brackets
attracted most attention, there was a smattering interest in
articles of the luxury class. Sales for the month of November are estimated at about 5% above last year, while forecasts concerning this year's holiday trade count on an increase of approximately 10% over the 1933 Christmas period.
Trading in the wholesale dry goods markets started the
week in a somewhat desultory fashion, partly because of
the interruption due to the annual inventory-taking and
partly as a result of the slower movement in heavy apparel
lines. Better reports from the retail trade and growing
strength of prices in the primary markets, as evidenced by
an advance of 3
4c. in percale quotations, improved sentiment in the wholesale market later on, with numbers of
reorders for accessories and holiday articles being received.
While orders by retailers for January and February sales
events have not yet made their appearance, it is expected
that initial purchases for this purpose will start in another
week or so. Meanwhile, a moderate volUme of new business is being booked on staple lines. Business in silk goods
continued fairly active, and prices held firm under the
influence of the strength in the raw silk market and the
continued disturbance caused by the dyers' strike. Following the termination of the latter, trading attempted to adjust itself to the new condition, with the result that business became somewhat unsettled. In the greige goods market best demand was shown for crepes, while in the finished
goods division printed and plain matelasses and cantons led
in sales. Trading in rayon yarns continued active, with
most producers now being booked up for the rest of the
year, and some plants starting to increase their production.
The bulk of the demand still centered in weaving yarns,
while knitting numbers remained neglected. Prices stayed
firm, and rumors of a moderate price advance early next
year were again heard.
Domestic Cotton Goods—Trading in gray cloths continued in active fashion during the earlier part of the week,
with sales exceeding production by a considerable margin,
as a result of which the statistical position of the market
showed further substantial improvement. Later in the
week sales slowed down appreciably, notwithstanding the
stiffening of raw cotton prices and the better reports coming from the retail trade. While buyers appeared interested
in goods and were known to be in need of large amounts for
first quarter shipment, they were reluctant to concede the
higher price demands of the mills. Towards the end of the
week it appeared likely that this deadlock over the price
question would be broken in favor of the mills, and a broad
covering movement would set in, provided that the raw
cotton market maintained its steadier trend. More interest
developed in sheetings, with prices holding quite steady.
Business in fine goods continued at a lively pace, with
prices holding firm and mills demanding premiums for early
1935 deliveries, reflecting their improved inventory position.
A steadier undertone prevailed in the combed broadcloth
division, and a moderate movement was noted in carded
piques. Closing prices in print cloths were as follows:
39-inch 80's, 9 to 9%c.; 39-inch 72x78's, 8%c.• 39-inch
68x72's, 7%c.; 38%-inch 64x60's, 6% to 6%c.;'
38%-inch
60x48's, 5% to 5%c.
Woolen Goods—Trading in men's wear fabrics remained
active as clothing manufacturers continued to cover their
more distant requirements on a considerable scale. The
buying movement in the last few weeks has caused a substantial improvement in the position of the mills, many of
whom are now reported to be sold up for periods ranging
from two to three months. Additional price advances were
announced, and rumors of pending further increases in quotations served to stimulate buying operations. While initial
orders on new spring lines were said to be encouraging.
reports from retail centers on the sale of men's apparel
made a less favorable showing, but this was attributed to
temporary adverse weather conditions and to the present
seasonal shift in consumers' interest from clothing to gift
articles, such as hosiery, gloves, scarfs, &c. Spring lines
of women's wear fabrics met with a good response on the
part of garment manufacturers, particularly those fitted
for the winter resort and cruise trade. While no actual
price increases in this field came to light, rumors of such
advances were circulated and helped to stimulate buyers'
interest. The movement of heavy women's apparel in retail
channels was somewhat retarded by mild temperatures
during the earlier part of the week.
Foreign Dry Goods —Trading in household linens continued its seasonal expansion, with prospects for an active
holiday demand further improved. Demand for dress linens
and suitings, on the other hand, remained disappointing,
being confined to some fill-in orders for the cruise and
winter resort trade. Prices, however, held steady, reflecting the firm advices from the foreign primary markets.
Following an early further advance in burlap prices as result of higher Calcutta cables, a slight recession in quotations developed, due to reports from the primary market
that the dock strike in that port was nearing a settlement.
Trading was light, being largely confined to scattered spot
transactions. Domestically, lightweights were unchanged
at 4.40c.; heavies at 6,00e.
3668
Financial Chronicle
Dec. 8 1934
State and City Department
Specialists in
Illinois &
Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
.
DIRECT
WIRE
.
314 N. Broadway
ST. LOUIS
MUNICIPAL BOND SALES IN NOVEMBER
A resumption of State and municipal bond financing on a
large scale occurred during the month of November, when
the awards of tax-exempt issues aggregated $91,868,033, as
compared with $42,804,395 in October; $40,819,694 in
September and $27,708,331 in August. In each of the
previous months of 1934 the monthly average was $88,000,000. The municipal bond sales in November 1933
amounted to $82,680,536.
Announcement during November of the adjustment of
the financial problems of several prominent cities, including
Detroit, Mich. and Yonkers, N. Y., was responsible in good
measure for the avidity with which new offerings by States
and municipalities were sought by investment interests.
The State of Illinois was the heaviest contributor to the
November bond sales total of $91,868,033, having made
award of an issue of $30,000,000 poor relief bonds. In addition, Yonkers, N. Y., placed privately a total of $8,962,000
bonds and certificates of indebtedness, while the State of
Massachusetts disposed of a $6,000,000 issue at competitive
sale. Then, too, the Reconstruction Finance Corporation
was an important factor, having sold to private investors
an additional block of its own and Public Works Administration holdings of municipal bonds with an aggregate par
value of $7,098,200.
The total for November does not include the $5,000,000
Los Angeles County Flood Control Dist., Calif., bonds sold
to R. H. Moulton & Co. and associates, as the issue was
originally purchased by the County Treasurer in October.
A request for bids on the issue from investment bankers
resulted in a re-sale of the loan.
The issues of $1,000,000 or more which were disposed of
during November are listed herewith:
$30,000,000 Illinois (State of) 33 % poor relief bonds awarded to a nationwide group of banks and investment banking houses headed
by the Harris Trust & Savings Bank of Chicago, at a price of
101,58, the net interest cost to the State being about 3.08%.
Issue is due serially from 1935 to 1954, incl. and public reoffering was made by the bankers at prices to yield from 0.50%
to 3.10%, according to maturity.
8,962,000 Yonkers, N. Y., bonds and certificates of indebtedness were
placed privately with holders of temporary obligations of the
City. The total includes $5,962,000 5% general corporate
bonds, due serially from 1938 to 1942, incl., and $3,000,000
507 certificates of indebtedness, repayable within the years
1935 to 1937. The last $500000. due Dec. 15 1937, may be
retired at an earlier &teat the option of the City. The bonds
were issued by the City in exchange for a like amount of
outstanding notes and certificates of indebtedness, while the
$3.000,000 certificate issue was sold to provide for the payment of salaries of city employees, merchandise claims and
State and County taxes. Neither loan has as yet been publicly re-offered.
6,000,000 Massachusetts (State of) emergency public works and municipal relief bonds, including $5,000,000 of the former, bearing
207 interest and 91,000,000 of the latter description, with
1%% coupons, were purchased by the First Boston Corp.
and associates, as follows: $5,000,000 issue, due from 1935 to
1944, incl., was sold at a price of 100.71, a basis of about
1.83%, while the $1.000,000 loan, maturing $200.000 annually
from 1935 to 1939, incl. brought a price of 100.46, with the
net interest cost being 1%59%. The entire $6,000,000 bonds
were re-offered for investment on a yield basis of from 0.40%
to 2.10% depending on maturity date and interest coupon.
4.500,000 Paterson, N. J., 4% funding bonds were sold as follows:
$1,500,000, due $125,000 each year from 1938 to 1949, incl.,
awarded to an account headed by the Bancamerica-Blair Corp.
of New York, at 95.60, a basis of about 5.1107. This block
was offered to investors priced to yield from 4.10% to 4.80%,
according to maturity. The remaining $3,000,000 bonds were
placed privately with banking institutions In exchange for tax
notes of the City. These bonds have not been publicly offered
as yet.
3,220,000 Nashville, Tenn.. bonds, including $2,803,000 330 and 8417.000 33.4s. due serially from 1935 to 1963, incl., were awarded
to a group headed by Edward B. Smith & Co. of New York,
at a price of 100.05, or a net interest cost of 3.49%, for the
3%s and par for the 334s. Re-offered for general investment
at prices to yield from 1%, to 3.60%c
!
2,323,000 San Diego, Calif., 5% El Capitan Dam aonds were awarded
at competitive sale by the RFC to the First National Bank of
New York and associates, at 103.37, a basis of about 4.78%.
The bonds mature serially from 1935 to 1965, incl., and were
marketed by the bankers to yield from 1% to 4.60% according
to maturity.
2,000,000 Los Angeles, Clair., 4%% water works, due $50,000 annually
from 1935 to 1974, incl., purchased by a syndicate managed
by the Anglo-California National Bank of San Francisco, at
100.401, abasis of about 4.22%. Re-offered for public subscription, priced according to maturity, to yield from 1.50%
to 4.20%.
2,000,000 New Jersey (State of) 34% highway impt. bonds, maturing
serially from 1936 to 1969, incl., purchased by a syndicate
headed by Gertier & Co. of New York, at 102.13, a basis of
about 3.11%. Placed on the market priced to yield from 1.25%
to 3.107, according to maturity.
1,200,000 Mount Vernon, N. Y., bonds, comprising $690,000 5s, due
from 1935 to 1940, incl.. 8460,000 4s, due from 1941 to 1944
and $50,000 330, due from 1945 to 1954, incl., sold to the
Chase National Bank of New York and associates, at a price
of par, or a net interest cost to the City of about 4.285%.
Public re-offering was made by the bankers at prices to yield
from 2.509 to 4.20%, depending on the coupon rate and the
maturity of the bonds.
1,125,000 Springfield, Mass., I % municipal financial year adjustment
bonds, due $225,000 each year on Dec. 1 from 1935 to 1939,
incl., awarded to a group headed oy the Bankers Trust Co.
of New York, at 100.29, a basis of snout 1.65%. Re-offered
for public investment at prices to yield from 0.50% to 1.85%,
according to maturity.
1,080,000 Worcester, Mass.,
% municipal financial year adjustment
bonds, due $216,000 annually from 1935 to 1939, incl., Purchased by Edward B. Smith & Co. of New York and associates
at 100.12, a basis of snout 1.7007. Priced to yeild, according
to maturity, from 0.50% to 1.90%.
o
1,000,000 Texas (State of) poor relief bonds, comprising $704,000 33O,
maturing serially from 193510 1941, incl., and $296,000 3s, due
from 1941 to 1943, incl., sold to an account headed by Mahan,
Dittmar & Co. of San Antonio, at 100.0007, a basis of about
3.20%. Re-offered for general investment at prices to yield
from 1.50% to 3.20%, according to maturity.
1,000,000 Texas (State of) poor relief bonds (additional issue) awarded
to the Mercantile-Commerce Bank & Trust Co. of St. Louis
and associates, on their bid of 100.005 for $754,000, maturing
from 1935 to 1941, incl., as 33i, and $246,000, due in 1942
and 1943. as 3s, the net interest cost oeing about 3.14%.
Although market conditions for the sale of municipal
bonds have been rather consistently favorable since the
begining of 1934, our records disclose that each month
there are a number of municipalities which fail to dispose
of their issues. However, as previsouly noted by us, the
volume of such failures during the months of this year has
been considerably less than was the case throughout 1933.
The number of such failures in November was 16, as compared with 50 in the same month last year. It should be
noted, however, that many issues have been purchased by
the PWA, which possibly could not have been sold in the
private bond market, particularly in view of the fact that
such issues have borne a uniform interest rate of 4%. Favorable market conditions in recent months, however, have made
it possible for the Reconstruction Finance Corporation to
place with private investors, at competitive sales, an aggregate of $25,490,590 municipal bonds which had been acquired
either by the RFC or the PWA in connection with the
Federal Government's program of financing so-called self
liquidating projects.
In the table which follows we furnish a list of the unsuccessful November offerings, showing the name of the municipality, the amount and rate of interest named in the issue,
togehter with the reason, if any, assigned for the non-sale
of the bonds:
RECORD OF ISSUES THAT FAILED OF SALE DURING NOVEMBER
Pape
Name—
Int. Rate
Amount
Report
3506 Anne Arundel Co., Md___
5%
No bids
•
$18,000
X
3185 Ardmore, Okla
34,000
No olds
47
3351 al3ig Sandy, Tex
48,000 Sale not held
3024 Blythe Twp. S. D., Pa_ _ _
Not sold
140,000
3352 Cherokee Co. R. D. No. 1
Tex
5%
47,000 Bids rejected
not exc. 6%
3353 East Paterson, N. J
No bids
50,000
6%
3508 Fulton Co., Ind
4,449
No bids
3354 Garfield Heights S. D., 042,500
No olds
3354 Guilford Co., N. C
4
232,000
Not sold
4*7,
9
,
3187 Jackson, Mich
No bids
644,000
x
3510 bMinneapolis, Minn
Re-offered
173,000
5
3029 Mogadore,0
18,750
No bids
3190 Port of Bay City, Ore__
67
102,000
No bids
5 0
3030 Redfield, S. Dak
No bids
15,000
3031 Summit
0
No olds
500,000
Twp.,
3193 Teaneck Co., N. J
1,022,000
No bids
x Rate of interest was optional with the bidder. A report of proposed
sale was erroneous. b Obligations are being re-advertised for sale on Dec. 18.
Short-term financing by States and municipalities during
November resulted in the sale of notes and other forms of
temporary obligations aggregating $72,031,145. This figure
includes $50,900,000 of such borrowing by the City of New
York and $7,000,000 by Boston, Mass.
The sale by Toronto, Ont., of $4,098,000 bonds accounted
in large part for the $4,577,914 of Canadian municipal
financing negotiated in the past month. The City awarded
the bonds, bearing 33% interest, to the Dominion Securities
Corp. of Toronto and associates, at 100.01, a basis of about
3.498%. The issue is payable in Canadian funds and was
placed with investors in the Dominion.
There was no United States Possession financing undertaken during November.
Below we furnish a comparison of all various forms of
obligations put out in November during the last five years:
1934
1933
1930
1932
1931
$
$
$
Perm't loans (U.S.) 91.868.033 82,680,536 29,588,894 54,364,707 88,682,310
*Temp.loans(U.S.) 72,031,145 73,839,381 58,003,247 65,975,000 77,362,000
Canadian—
None
2,500,000
Placed lc U. S__
None
None
None
Placed in Canada- 4,577,914 3,407,764 80,342,000a215,130,042 2,500,000
General fund bonds
14,000,000
(New York City)_
None
None
None
None
None
None
None
Bds.of U.S.Posses'ns None
500.000
Total
168,477,092 159,927,681 168,434,131 335,469,749 185,044,310
• Includes temporary securities Issued by New York City: $50,900,000 in Nov.
1934:$55,411,900 in Nov. 1933:$28,200,000 in Nov. 1932; $22,500,000 In Nov. 1931:
$60,000.000 in Nov. 1930.
a Includes $215,000,000 Dominion Government internal loan.
Financial Chronicle
Volume 139
The number of municipalities emitting bonds and the
number of separate issues made during November 1934 were
242 and 294, respectively. This contrasts with 223 and 274
for October 1934 and with 90 and 99 for November 1933.
For comparative purposes we add the following table,
showing the aggregate of permanent loans, excluding Canadian and United States Possessions issues, for November and
the 11 months for a series of years:
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Month of
November
191,868,033
882,680,536
29,588,884
54.364,707
88,682,310
84,687.874
•171,281,282
101,528,336
71,074,222
66,926,289
74,765,203
98,5/1,514
44,379,484
119,688,617
57,602,117
47.564,840
27,783.332
15,890,626
18,813,239
28,815,595
21,691,126
For the
11 Months
$821,113,656
475,260.703
731,527,808
1,210,494,700
1,300,540,012
1,139,822,962
1,265,355,715
1,398,557,694
1,220,179,240
1,241,650,345
1,305,270,172
949,473,914
1,034,567,913
988,081,613
627,711,624
629,435,991
273,572,370
418,719,565
421,361,571
463,644,631
444,862,916
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
Month of
For the
November
11 Months
130.708.685 8358,611,490
13,021,999 358,893,919
19,738.613 360,830,804
24,456,351 283,414,600
18,906,555 307,673,842
28,427,304 285,747.250
4,408,381 213.924,703
12,511,550 180,483,172
25,888,207 174,825,430
32,597,509 240,819,161
14,846,375 138,789,258
13,728,493 136,895,772
6,989,144 116,092,342
9,956,685 123,572,311
8.790,489 113,131,789
7,721.284
95,778,450
6,868.775 120,128,531
34.913.894
95.831,773
6,524,901 105,475,839
4,549,580 103,869.851
7,300,770
60,114,709
a Includes 170,000.000 bonds sold by New York City. • Includes 855.000.000
bonds sold by New York City.
In the following table we give a list of November loans in
the amount of $91,868,033, issued by 242 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle where accounts of the sale are given.
"
Page
Name
Rate Maturity
Amount
Price
Basis
3184 Allegany County, Md
354 1940-1964
525,000 103.41
3.49
3505 Allen County, Ohio
3
1937-1938
2.86
24,000 100.38
3351 Ambler, Pa
3
1935-1964
75,000 101.38 2.87
3184 Amesbury. Mass.(3 Issues)
2
1935-1939
41,000 100.54
1.79
3506 Aurora, Mo
4
1935-1954
25,000 100.56 3.93
3024 Babylon itch. Dist. No. 9, N. Y_ 4( 1935-1945
5,500 100
4.25
3506 Bay City. Mich
355 1936-1945 r101,000 100.20 3.73
3185 Belmont County, Ohlo
255 1937-1938
32,000 100.18 2.68
3351 Bend, Ore
5
1935-1948
r34,500 100
5.00
3024 Berlin. Md
4
1944-1962 d100,000 95.09 4.42
3506 Bethlehem, N. II
4
1935-1951
33,000 103.77 3.42
3508 Bethlehem, N. II
4
1935-1951
12,000 103.28
3.47
3506 Bethlehem, N. H
4
1935-1945
5,500 102.92 3.36
3185 Bethlehem, N. Y
3.70 1935-1958
00..53
73,000 100 02 3..65
3506 Blackwell School District, Okla_ 4
59,500
3351 Blairsville School District, Pa_ _4g 1938-1944
d20,000 100,15 4.47
3351 Bloomington Norm.San. Dist.,111.4
90,000 105.56 _ __
Bradley County, Tenn
3024
455 1935-19M
20,000 101.30 4:59
3025 Broken Arrow, Okla
535 1937-1952
16,000 100
5.75
3506 Brookfield, Mo
4
1935-1953
42,000 101.07 3.87
3351 Brookhaven S. D. No. 28, N. Y_ _4.10 1937-1957
125,000 100.44 4.05
3506 Buffalo, N. Y
4
1942-1946
184,000 106,26 3.25
3506 Buffalo, N. Y
4
1935-1938
134.000 102.79 3.72
3025 Burlington, Iowa
315 1949-1953
d24,000 100.83 3.40
3506 Butler, Mo
4
1934-1950
25,000 100.65 3.90
3506 CanaJoharle, N. Y
4
1935-1952
40,000 103.20 3.53
3352 Centerburg School District, Ohlo.455 1935-1941)
9,610 100
4.75
Chelsea, Mass
3506
3g 1935-1944
3,60
60,000 100
3506 Chelsea, Mass
ni 1935-1944
50,000 100
3.25
3506 Chester County, S. C
4g 1943-1952
120,000 100.94 4.15
3506 Chickasha, Okla
r100,000
3506 Clarksville, Tenn.(2 issues)
4
1936-1952 r119,000 99.99
4.01
3026 Clifton, N. J
43
1935-1979
403,000 103.05 4.30
3507 Clinton County, Ohio
2g 1937-1938
13,000 100.13 2.45
3185 Columbus, Ohio
4
1946-1954
550,000 103.59 3.66
3185 Columbus, Ohio
4
1940-1957
46,200 101.79 3.82
3352 Columbus, Ohio
31
4 1937-1946
55,000 100.04 3,49
3675 Cook County, Minn
5g 1935-1940
87,000
3026 Corning, N. Y
2.60 1935-1942
60.000 100.20 2.56
3352 Covington, Ky
3
1935-1944
120,000 66.77 3.66
3507 Cumberland, Md
5
1955-1958
100,000 117.02 3.58
3186 Cuyahoga County, Ohio
335 1937-1938
726,700 100.43 3.34
3507 Dane County, Win
3
1935-1939 d400,000 98.50 3.32
3507 Dane County, Win
3
1938-1942
400,000 98.50 3.32
3186 Dawson, Ga
2.00
1938-1942
5
5,000 100
3353 Deerfield-Shields Township School
District No. 113, III
1936-1954
275,000 105.67
3353 Denver (City Sz County), Co1o___23
1944-1948
118,000 100.31
2.72
3353 De Smet Ind. S. D., S. Dak
51
/ 1935-1946
r30.000
3353 Des Moines, Iowa
335
350.000
3026 Dighton. Mass
1935-1952
23
72,000 100.33 2.46
3507 Dover, N. H
3
1935-1952
130,000 101.38 2.83
3353 Duluth, Minn
414 1936-1938
30,000 104.80 2.85
3507 Duluth, Minn
1935-1939
4
49,000 101.49
3.33
3186 Duncan, Okla
5
5 yrs.
25,000 100
5.00
3186 East Chelmsford Water District,
Mass
4
1937-1962
53,000 100.03 3.99
3507 East Providence, R. I
4
1960-1969
72,500 104.33
3507 East Providence. R. I
1935-1944
4
10,000 101.51
3.82
3507 East Providence, It. 1
4
1935-1945
11,000 101.51
3.68
3026 East Liverpool, Ohio
51/ 1936-1945
,
*67,257 100.43 5.17
3353 Easton, Pa
235 1935-1954
100,000 100.61
2.68
3186 East Tawas, Mich
4
6,000 100
4.00
3186 Elgin, III
4
1937-1956
58,000 103.01
3.68
3508 Ellwood City Sch, Dist., Pa
4
1940-1958
71.000 102.05 3.81
3027 Elmira N. Y
1.80 1936-1938
125,000 100.07
1.78
3353 El Paso Co. S. D. No. 33, Colo...5
10.000
3186 Erie County, N. Y
4
1936-1940
719,000 103.85 3.01
3353 Erie County, Ohio
255 1937-1938
40.400 100.37
3508 Everett School District, Pa
4
1935-1942
17,000 100.52 3.65
3186 Fairfield County, Ohio
23i 1935-1937
45,000 100.06 2.20
3354 Fargo, N. Dak
4
1936-1940
25,000 100
4.00
3027 Findlay, Ohio
3( 1935-1943
90,000 100.27 3.69
3186 Forty Fort S. D., Pa
4
1935-1946
91,000 100.31
3.95
3508 Franklln, N. H
4
1935-1950
24,000 105.35 3,24
3508 Gallatin County, Ill
514 1-15 years
60,000 100
5.50
4
3508 Geneva, N. Y
1938-1944
75,000 107.10 2.75
434
3508 Gering, Neb
100.000
3354 Gilbert Ind. S. D., Minn
455
133.000
4
1935-1959
3508 Glendale, Ohio
43,200 104.53 3.53
3508 Glendale Village S. D., Ohio
4
1935-1958
71,000 104.53 3.53
4
1935-1963
3508 Glocester. R. I
72,000 101.97 3.83
3508 Gloucester, Maas
134 1935-1939
110.000 100.22
4
3508 Goshen, N. Y
1935-1962
118.000 106.03 3.42
4
1935-1950
3508 Grand County S. D., Utah
93,000 98.61
4.20
3186 Grand Junction, Colo
4
1935-1954
60,000 103.01
3.63
2-20 years
3508 Grays Harbor County, Wash._-5
146,366 100
5.00
1943-1945
3354 Green Bay Met. Sewer Dist., Wis.4
111,000 105.27 3.36
School District, Calif.
3354 Gridley
35.000
3188 Grinnell, Iowa
r20.000
554 1935-1947
3187 Guttenberg, N. J.(2 lanes)
74.000 100
5.50
3354 Hamilton county. Ohlo
2
1937-1938
92,700 100.14
1.95
335 1936-1955
3354 Hamilton County. Ohio
17.469 100.11
3.49
Co. S. D. No. 48, Tex3027 Harris
25,000
234 1935-1938
3187 Henry County, Ohio
44,000 100.16 2.65
234 1935-1938
3354 Highland County. Ohio
27,000 100.33 2.33
1939-1946
3187 Highland Park East Park Dist.,111.4
30,000
3669
Page
Name
Rate Maturity
Amount
Price Baits
3354 Hillsboro, Ore
10,064
3354 Hillside Township, N.J
396,000
3187 Hinsdale, N. H
4
1935-1953
52,000 105.78 3.22
3028 Hoboken, N. J
1934-1942
6
146,000
3354 Holton, Kan
4
1935-1945
22,000 100
4.00
3354 Holyoke. Mass
2
1935-1939
280,000 100.09
1.98
3187 Hornell, N. Y.(3 issues)
2 90 1935-1944
27,000 100.01
2.89
3187 Humeston, Iowa
4
r10,000
3187 Huron. S. Dak
5
1-15 years
90.000 101.11
4.82
335.5 Illinois (State of)
334 1935-1954 30.000.000 101.58 3.08
3509 Jackson, Miss
5
210,000 101.42
3509 Jackson County, Ohio
22,700 100.18 Iii
234 1937-1938
3509 Jamestown City S. D., N. Y,
1940-1945
4
275,000 107.04 3.02
3028 Jefferson County. Ohio
255 1935-1938
79,400 100.29
2.69
3355 Joplin, Mo
4
20 years
87.500
3677 Kalamazoo Co., Mich
4
1935-1949
277,000 100.03 3.03
3677 Kalamazoo Co., Mich
1950-1964
3
285,000 100.03 3.03
3355 Kearny, N. J
6
1935-1964
60,000 99
6.10
3355 Kent, Conn
335 1936-1954
110.000 103.88 2.82
3187 Kenton City S. D., Ohio
22,000
3187 King County, Wash
5
2-20 years
250.000 100
5.06
3187 King County, Wash
515 1936-1949
160.000 100.07 5.11
3187 King County, Wash
5
1950-1954
90,000 100.07 5.11
3509 Kingfisher S. D., Okla
28,000
3355 Knox County, Ohio
6
1935-1938
7,700 100
6.00
3028 Lake County, Ohio
514 1938-1947 r119,850 100.09 5.49
3028 Lake County, Ohio
255 1937-1938
16,500 100.06 2.73
3677 Lake County, Ohio
5
1938-1947 r119,850 100.16 4.98
3677 Lake County, Ohio
235 1937-1938
16.500 100.42 2.59
3187 Lancaster, Ohio
15,000
3509 Lebanon, Mo
4
1935-1954
88,000 99.56 4.05
3509 Lewis dr Clark County S.D.No. 1,
Mont
4
1935-1954
180.000 100.78 3.90
3028 Lexington, Tenn
1935-1944
6
12,000 100
6.00
3028 Liberty, N. Y
1935-1941
4
7.000 101.42 3.61
3187 Licking County, Ohio
235 1937-1938
44,600 100.31 2.38
3187 Ligonier. Ind
4
1935-1954
15.000
96
4.45
3188 Lima, Ohio (2 issues)
r52,000 100
6
6.00
3509 Lindenhurst, N. Y
1935-1938
7,500 100
3356 Longmont, Colo
315 5 years
85,000 100
Iii
3028 Lorain County, Ohio
235 1937-1939
84,800 100.16
2.70
3188 Los Angeles, Calif
455 1935-1974 2,000,000 100.40
4.22
3509 Louisville, Neb
4
1939-1954
01,300 100
4.00
3356 Louisville, Ohlo
6
r36,500 100
6.00
3509 Louisiana S. D., Mo
4
1936-1954
62,000 101.13 3.88
3356 Maine (State of)
1935-1939
2
250,000 101.26
1.57
3510 Marlboro, Mass
4
1935-1943
18,000 103.69
3.20
3510 Maryland (State of)
4
1943-1945
899,000 103.51
3.55
3510 Massachusetts (State of)
2
1935-1944 5,000.000 100.71
1.83
3510 Massachusetts (State of)
134 1935-1939 1,000,000 100.46
1.59
3029 Massillon School District, Ohio 435
r17.500
3188 Mogadore, Ohio
5
r18,750 100
1.60
3510 Mount Horeb, Wis
10,000
3510 Mount Lebanon Township, Pa_ __4g 1942-1948
500,000 100.03 4.49
3.510 Mount Morris, N. Y
4
1937-1955
37,000 105.30 3.43
3510 Mount Morris, N.Y
1935-1945
4
11,000 103.07 3.40
3510 Mount Vernon, N.Y
5
1935-1940
690.000 100
4.28
3510 Mount Vernon, N.Y
4
1941-1944
460.000 100
4.28
3510 Mount Vernon, N.Y
50,000 100
334 1945-1954
4.28
3511 Muskingum Watershed Conservancy District. Ohio
4
150,000 101.51
1936
2.98
3189 Nashville, Tenn
34 1935-1963 2,803.000 100.05 3.49
3189 Nashville, Tenn
417,000 100
334 1935-1963
3.50
3678 New Britain, Conn.
214 1935-1939
100,000 100
2.50
3357 NewburrPort, Mass
1935-1938
2
21,000 100.12 1.95
2867 New Jersey (State of)
335 1936-1969 2,000.000 102.13 3.11
3511 Newman, Ga.(2 issues)
434 1940-1964
65,000 100.29
3189 Newport News, Va
4
1935-1957
48,000 101.68 Iii
3357 Newton, Mass
235 1935-1954
50,000 101.28 2.34
3511 Newton Township S. D., Ohio_ _ _6
1940-1948
r9,000 100
6.00
3189 New Trier Twp,IL S. D.No.203,
III
99,000 109.26 3.59
434 1946-1948
3511 Niagara Falls, N. Y
2 15 1936-1940
200,000 100.01 2.14
3189 Niles. Ohio
535
r36,091 100
5.50
3357 North Adams, Mass
155 1935-1939
75,000 100.03
1.74
3357 North Bend, Ohio
535 1936-1940
11,000 100.54 5.35
3029 No.Hempstead S.D.No.6, N.Y.4.20 1937-1964
110,000 100.66
4.14
3189 No.Hempstead S.D.No.1. N.1(.4
1936-1945
130,000 101.66 3.69
3511 Norton, Kan
435 1939-1953
r60,000
3189 Northwood, Iowa
41:66
mow 100
3679 Ogden School District, Utah
1950 r257.000
335
3189 Orange Co., Calif
4
1935-1963
613,000 101.28 3738
2868 Weans,Neb
435
r117.000 100
4.50
3189 Oxford, Ohio
1935-1959
43,000 100.53 3.94
4
3189 Oxford, Ohio
4
1935-1959
.000 100.81
3.92
3511 ParisSchool Distriet. MO
.... 35.000 100.20 3.98
1935-1954
4
3189 Park City, Utah
r17.500
5
3189 Paterson, N. J
434 1938-1949 1,500,000 91:1311 Kii
3189 Paterson, N. J
44
3,000,000
3030 Patterson ac Kent S.D. No.9. N.Y455 1935-1948
7,000 100
1:75
3190 Paxton, Mass
*4
1940-1964
70.000 104.79
3.59
3190 I elham, N. Y
4
1938-1961
128,000 101.26
3.88
3511 Penn Yan, N. Y
1935-1952
35,000 104.63 3.35
4
3511 Petersburg, Va
1936-1962
4
64,000 100.59 3.95
3511 Phelps, N.Y
5
1936-1942
21 000 105.98 3.67
40000
:
3358 Plain City, Ohio
6
3358 Port Huron, Mich
3.5i
r54,000 100.58
11334
9 6-1949
3
4
3
3358 Portland Water DistriCt, Me
100,000 100.53 2.96
3190 Portage Co., Ohio
1935-1938
19,500 100.30 2.88
3
3190 Port Chester, N. Y.(3 issues)
46,719 100.31
415 1935-1937
4.25
3358 Port Chester, N. Y.(4 Lssues)._ 3.70 1938-1939
200,000 100.05 3.68
3030 Portsmouth, Ohio
1939-1945 r133,000 100.27 5:577.96
6
3190 Portsmouth, Ohio
r241,000
3512 Poughkeepsie, N. Y.(2 issues). _2.70 1936-1954
239,000 100.18 2
3512 Prince George's Co., Md
ce
1935-1962
4
275,000 103.25 3.72
3512 Princeton N J
4
1035-1947
25,000 103.88 3.33
3512 Putnam Co., Ohio
43,400 100.34 2.27
234 1935-1938
3190 Reading School District, Pa
1940-1964
500,000 100.77 2.95
3
3512 Renwick Ind. S. D., Iowa
7,500 101
3.31
334 1939-1942
3192 Richford, Vt
1939-1958
59,000 103.05 3.70
4
3359 Robeson Co., N. C
415 1935-3951 r120,000 100.42 4.45
3512 Rockmart, Ga
1938-1959 „3337 107.81
22 0
:0 )
4
3.26
3512 Rusk Co., Tex
514
3030 Rutland, Vt.(3 issues)
335 1937-1957
144,000 104.31
3.04
3512 St. Joseph, Mich
1939-1943
4
46,300 100.08
3.98
3192 St. Louis Co., Minn
1935-1942
4
364,000 103.16 3.17
3512 Salina S. D. No. 8, N. Y
4
1935-1964
81,400 100.26 3.98
3512 San Antonio Ind, EL D., Tex ___ 455 1935-1974
950,000 103
4.60
3512 San Diego, Calif
5
1935-1965 2,323,000 103.37 4.78
3359 Schenectady, N.Y.(2 lanes)
235 1936-1944
422,000 100.27
2.45
3192 Schenectady Co , N. Y
4
1943-1952
202,000 110.18 3.02
3192 Scott Twp. 5,1),, Pa
4g 1949-1962
190,000 103.65 4.00
3031 Seneca Co., Ohio
255 1937-1938
25,000 100.16 2.69
3512 Shelby, Ohio
454
,
3513 Shinnston, W. Va
4
1935-1961
10,000 100
4.00
3031 ShIppensburg, Pa
3
1935 1964
30,000 101.17 2.90
3031 Somerset Pa
10,000 103.15 3.84
454 1935-1944
3513 Sometsworth, N. H
4
1935-1947
39,000 102.36
3.58
3192 Southampton S. D. No, 3. N. Y _4
1935-1963
89,000 103.15 3.72
3513 Southold S. D. No.9, N. Sr
4
1935-1962
197,000 100.19 3.98
3360 Springfield, Mass
134 1935-1939 1,125,000 100.29
1.65
3513 Steubenville. Ohlo
4
1935-1948
41,000 102.21
3.63
3513 Steubenville. Ohio
4
1935-1943
30,000 101.44 3.79
3360 Stockton Port District, Calif
_414 1935-1947
170,000
_ .
3360 Stockton Port Dint., Calif
130,000
434 1948-1964
3360 Stoneham, Mass
16,000 100.33 2.13
234 1935-1939
3360 Stonewall S. D., Miss6
6,500 100
6.00
3360 Talmadge S.D.No.31,Neb
434 1939-1961
23,000 100.22 3.73
3193 Tenino, Wash5
7000 100
,
.
3031 Texas(suttee°
355 1935-1941
704,000 100.0007 3.20
3031 Texas (State of)
3
1941-1943
296,000 100.0007 3.20
3681 Texas (State of)
355 1935-1941
754,000 100.005 3.14
3681 Texas (State of)
3
1942-1943
, :278 100.005 3.14
2
17
460)
3193 Tilden. Neb
3513 Torrance, Calif
200,000 100.12
Financial Chronicle
3670
Page
3193
3513
3513
3361
3513
3513
3513
3361
3193
3361
3193
3513
3031
3361
3381
3103
3361
3514
3193
3682
3194
3194
3032
3032
3362
3514
3194
3514
3514
3514
3194
3194
3032
3514
3382
3382
Rate
Name
5
Tripp, N.flak
5
Tulsa, Okla
43.1
Tulsa, Okla
5
University Heights. Ohio
2 40
Utica, N. Y
4
Walden, N.Y
Waltham, Mass
4
Walton S. D.No. 1. N.Y
3.H
4
Warwick, R.I
4
Wasco S. D., Calif
Washington Mills Wat. D., N.Y..3.70
4
Waterbury,Conn
2H
Watertown, Mass
4
Watervliet, N.Y
2
Wellesley, Mass
4
Wellsville, N.Y
4
West Bend, Wis
4
Westchester Co., N. Y
3H
Westchester Co.. N.Y
334
West Reading, Pa
5
Whitaker S. D.,Pa
4
Whitefield S. D., N.H
Wichita, Kan
334
Wichita, Kan
334
4%
Wilmerding.Pa
Wolcott, Butler, Huron St Rose
4
No. 1, N.Y
2%
Wood Co.. Ohio
4
Woodstock, III
Woodward,Okla
1H
Worcester. Mass
Yakima Co. 8.1)., Wash.(2 issues)
4.20
Yates S. D. No.3, N. Y
6
Yellow Springs, Ohio
Yellowstone Co.S.D. No.2, Mont4
5
Yonkers, N. Y
5
Yonkers, N.Y
Maturity
1942-1954
1940-1946
1947-1949
1935-1944
1935-1957
1935-1950
1935-1954
194.2-1963
1936-1948
1937-1956
1935-1952
1935-1944
1935-1960
1934-1944
1936-1950
1935-1944
1936-1940
1935-1939
1-30 years
1944
1935-1952
1935-1944
1935-1944
1944-1959
1935-1959
1935-1938
1935-1957
1935-1939
1936-1955
1935-1940
1939-1954
1938-1942
Amount
d7,500
70,000
30,000
r700,000
300,000
221,000
32,000
10,000
240,000
42,000
20,000
45,000
55.000
146,000
175,000
85,000
10,000
343,000
250.000
70,000
30,000
80,000
r95,979
24,150
20,000
140,000
50,000
46,000
20,000
1,080,000
18,000
46,000
3,000
180,000
5,962,000
3,000.000
Price
100
100.03
100.03
Basis
5.00
4.89
4.89
100.28 2.35
106.19 3.31
105.77 3.10
3.125
100
104.04 3.88
100.47 3.95
100.22 3.88
106.10 3.21
100.57 2.07
102
3.80
100.18 1.95
103.91 3.50
4.00
100
102.81 3.01
100.22 3.17
101.82
5-J-ai
100
105.87 3.17
101.72 2.91
101.86 2.92
109.28 3.74
98
100.21
102.91
4.19
2.66
3.79
100.12
1.70
100.27
100
100.62
100
4.17
6.00
3.93
5.00
Total bond sales for November (242 municipalities,
6891,868,033
covering 294 separate Issues)
d Subject to call in and during the earlier years and to mature in the later years.
k Not including $72,031,145 temporary loans or Reconstruction Finance Corporation
municipal loans. r Refunding bonds.
The following items, included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Name
Page
3358 Phelps, N.Y.(Aug.)
3358 Pottsville, Pa.(Oct.)
Rate
Maturity
Amount
21,000
r380.000
Price
Basis
We have also learned of the following additional sales
for previous months:
Rate
Name
Page
4
3028 Eldora,Iowa
5
3027 Glassport S. D.,Pa.(April)
4
3027 Grafton S. D. No.3, N.flak
6
3355 Ironton, Ohio
3028 Kenmore, N.Y
3187 Kerrville, Tex
534
3356 Koochlching Co., Minn. .'?,c;•.t.)_ _4-434
8
2866 Lucas Co., Ohio (Feb.)
5
3358 Missouri City S. D.,Tex
5
3029 New Kensington,Pa
3029 Niles City S. D.. Ohio
4
3189 Owego Con.S. D.,Iowa
4
3030 Pine Bluff, Iowa
434
3190 Pomeroy S. D., Iowa
4
3030 Portland S. D.,Pa.(July)
3359 Sanders Co. S. D. No. 14. Mont.
534
(March)
3380 Tillman Co. S. D. No.5. Okla.._ _5H
254
3031 TrirnbuiI Co., Ohio
Maturity
1936-1938
1936-1953
1938-1947
1935-1938
1.20 yrs.
1934-1936
1940-1944
1936-1953
1944
20-yrs.
1937-1944
1937-1938
Price
100
100
100.01
100
100
95
Basis
4.00
5.00
3.99
6.00
100
100
100
100
100
98
100.29
100
6.00
5.00
5.00
1:66
13,675 100
11.500 100
77,500 100.08
5.50
5.25
2.72
Amount
r8,000
92,000
96,000
20,000
110,000
50,000
r500,000
525,000
60,000
150,000
r17,000
12,000
80,000
48,000
6,800
6.11
4.47
4.00
All of the above sales (except as indicated) are for October.
These additional October issues will make the total sales
(not including temporary or RFC loans) for that month
$42,804,395.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN NOVEMBER.
Price Basis
Amount
Rate Maturity
Name
Page
20.475 103.38
1935-1944
5
3032 Carleton Co., Ont
49,496
1-20 yrs.
3194 Gloucester Twp., Ont.(3 issues)- _554
200,000 95.08 4.37
4 • 20 yrs.
3194 Moncton, N.B
30,000 97.25 4.72
454 20 yrs.
3362 New Glasgow, N.S
175,000
1935-1949
R. C.S. D., Que.. _ _ 5
3032 Three Rivers
334 1935-1964 4,098,000 100.01 3.498
3382 Toronto, Ont.(8 issues)
4,943
434 1-20 yrs.
3032 Waterloo, Ont.(2 issues)
Total long-term Canadian debentures sold in Nov_ _84.577.914
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS CHANGED
During recent months many of the municipal subdivisions
which had been awarded loans and grants by the Public
Works Administration found that they could float their
bonds more advantageously in the open market, or that the
condition of their various sinking funds warranted their
application for cancellations of the loan portion of their
allotment, utilizing only the grant customarily given by the
Federal Government. Recent press releases by the Administration have been laying greater stress on these changes than
on announcements of new allotments and we therefore give
below summaries of the latest changes we have received.
The following announcements were made public by the
Public Works Administration this week:
Re ease No. 1085
Increases totaling 5336.020 that have been made in 17 previously awarded
non-Federal allotments were announced to-day by Public Works Administrator Harold L. Ickes.
The following allotments have been increased:
-Docket 1312: Grant of $50,500 for improving
Harris County, Tex.
approximately 20 miles of the West Montgomery Road increased to $249,500.
the
The increase is made to enable the county to improve sections of and CrosbyTidwell
Lynch, Holmes, Ferndale, Post Oak,Berry School. Kuykendahl
Avenue, in addition to the West Montgomery Road.
Roads and Holland
to Union High
-Docket 1444: Grant of $7.800
Spokane County, Wash.
School District No. 202, for a two-story and basement addition to high
school building increased to $8,700 based on the increased coat of completed construction over the estimated cost.
-Docket 2017: Grant of $12,000 to Yakima County
Toppenish. Wash.
School District No. 49 for an auditorium addition to the high school and
improvements to a grade school building has been increased to $12,120.
-Docket 2057: Grant of $33,600 for storm and saniBridgeport, Conn.
tary sewers increased to $41.100 due to the increased scope of theaproject.
waterAthens, Ohio-Docket 2377: Loan and grant of $50,000 for
softening plant increased to 356,000, based on supplemental application
presenting increased cost of construction and revisions in scope of the
project.
Dec. 8 1934
Stratford, Conn.
-Docket 2396: Grant of $4.800 to the State for street
improvements in Stratford increased to $5,400, based on an increased
cost of construction.
Marlborough, Mass.
-Docket 2354: Grant of $5,000 for street surfacing
increased to $6,600, based on an increased cost of construction and in the
scope of the project.
Bellevue, Wash.
-Docket 2971: Grant of $4,000 to School District
Nc. 57 of King County for a one-story and basement school building at
Bellevue increased to $6,000, based on an increased cost of construction
and additional work to be done.
Kerens, Tex.
-Docket 3135: Loan and grant of $83,000 for purchase of
three existing private water systems and improvements to municipal water
works increased to $85,000, based on an increased cost of construction.
Anderson County, Kan.
-Docket 3240: Grant of $5,000 for two rereinforced concrete bridges increased to $6,800, based on the construction
cost of the completed project over the estimated construction cost.
Fayetteville, N. C.
-Docket 5027: Loan and grant of $87,500 for a river
and railway terminal on the Cape Fear River increased to $89,900. based
on Increased cost of construction evidenced by contract awards.
Baltimore County, Md.-Docket 5626: Grant of $14,500 to the Bahlmore County Board of Education has been increased to $48,000. This
change is made to correct an error that occurred on Nov. 7 1934 when the
Board of Education requested an amendment of the original allotment
made Oct. 10 1934. That allotment was for an addition to the Catonsville
Elementary School and a two-story addition to the Sparrows Point High
School. The Board then requested that permission be given to use part
of the allotment for a new building at Knoebel instead of the addition to
the Sparrows Point building. This request was misinterpreted and the
money intended for the Sparrow Point building was rescined on Nov. 7
1934. The increase made to-day restores the allotment to the original figure
of $48.000 and gives permission for construction of the Knoebel building
instead of the Sparrows Point school addition.
Mower County, Minn.
-Docket 5754: Grant of $33.500 for road surfacing increased to 538.000, based on an increased cost of construction.
Pasadena, Calif.
-Docket 6077: Grant of $32,500 to the Pasadena City
-classroom
School District for a one-story assembly room building, 10
building, a three-classroom school building and a kindergarten building
increased to $48,300 based on an increased cost of construction.
Pasadena. Callf.-Docket 6082: Grant of $15,000 to the Pasadena City
School District for a seven-classroom school building increased to 526,500,
based on an increased cost of construction on an enlarged scope of project.
Greenwood, Dela.-Docket 7102: Grant of $20,900 to the School Building Commission of Greenwood for an eight-classroom and cafeteria addition
and alterations to senior and junior high school building increased to
$27,900. based on an increased cost of construction.
Illinois State-Docket 8186: Grant of $55,000 for building construction
and improvements at the Illinois School for the Deaf at Jacksonville increased to $94,800 based on additional items of work not included in the
original application.
Release No. 1086
Reductions totaling $378,000 have been made in seven previously awarded
allotments of loans and grants for non-Federal projects, Public Works
Administrator Harold L. Ickes announced to-day.
The following allotments have been reduced:
Ionia. Mich.
-Docket 1734: Loan and grant of $70,000 for improvement
to its waterworks system has been reduced to $58.500. The applicant
advises that they will be able to supply the difference in the amount through
the sale of bonds locally.
Yadkin County, N. C.
-Docket 3132: Loan and grant of $199,000 to
the Board of Education for additions and improvements to eight school
buildings has been reduced to $196,000, based on a revised estimate of the
cost of the project.
-Docket 5028: Loan and grant of 5310,000
Winchester County, N. Y.
to the Central High School District No. 2 for an addition to the Yorktown
Heights school building has been reduced to $185,000, based on a supplemental application presenting a reduction in the scope and cost of the
project.
Washington State-Docket 5468: Grant of$4,500 to the State Parks Committee for improvements to Larrabee Park has been reduced to $2.800.
based on a supplemental application presenting a reduction in the scope
and cost of the project.
Norfolk. Va.-Docket 5532: Loan of $250,000 to the Chesapeake Shore
Reconstruction Association for repair or construction of new buildings
resulting from recent storms reduced to $20,200, the amount actually spent
for such purposes.
Quinton. Va.-Docket 6319: Grant of $16,900 to the New Kent County
School Board for an addition to the high school building has been reduced
to $10,500, based on application presenting a reduction in the scope and cost
of the project.
Platte City. Mo.-Docket 8480: Loan and grant of $12.000 to the Platte
City School District for an auditorium-gymnasium addition to the high
school building reduced to $11,400. based on the amount of bonds the city
is authorized to issue.
Release No. 1087
Twenty-one more allotments of loans and grants awarded for construction of non-Federal projects have been cnanged, at the request of the recipients, to grants only of 30% of the cost of labor and materials to be
used on their projects. The changes were requested because the recipients
have been able to sell their bonds in the private investment market and do
not need PWA loans.
The changes announced to-day released 51,054,033 of PWA funds for
reallotment to other projects still on the waiting list. To date a total of
441 such changes have been made and 549,700,366 has been released for
reallocation to expand the public works program.
-Docket 1266: Loan and grant of $25,783 for street
Hutchinson, Han.
Improvements changed to grant of $2,300.
Cache County, Utah-Docket 1384: Loan and grant of $213.000 to the
Cache County School District for construction of several school buildings
changed to grant of $60,800.
Davis County, Utah-Docket 2484: Loan and grant of $53,300 for improvement of 16 miles of county roads changed to grant of $15,400.
-Docket 3439: Loan and grant of 5115.000 to Central
Sherburne. N. Y.
Rural School District No. I of Chonango and Madison counties for a threestory addition to school building changed to grant of $45,700.
Rolla, Mo.-Docket 3880: Loan and grant of $70,000 for a school building changed to grant of 520,100.
-Docket 4319: Loan and grant of $2,500 for installation
Crossville, Tenn.
of a heating system in a school building changed to grant of $750.
Beaver City, Neb.-Docket 4972: Loan and grant of 516.000 for improvements to the water works system changed to grant of $5,000.
-Docket 5906: Loan and grant of $83,500 to Central
Hartford. N. Y.
School District No. 1 of Washington County for a two-story and part
basement school building changed to grant of $24,300.
-Docket 6030: Loan and grant of $25,500 for street imWinslow, Ill.
provements changed to grant of $7,100.
Mason City, Neb.-Docket 6173: Loan and grant of $45,900 to School
District No. 169 of Custer County for a two-story school building and a
one-story auditorium building changed to grant of $13,400.
Franklin County, Ohio-Docket 6232: Loan and grant of $75.000 to the
Mifflin Township Rural School District for a two-story and basement addition to the Sunbury Road School Building changed to grant of $21,600.
-Docket 7028: Loan and grant of $88,500 for road
Bloomfield, Conn.
and highway improvements changed to grant of $32.000.
-Docket 7064: Loan and grant of $14,300 for
Kennebunk-Port, Me.
side walks and improvements to streets changed to grant of $4,100.
-Docket 7788: Loan and grant of $142.000for road
East Windsor, Conn.
improvements changed to grant of 545,600.
-Docket 7990: Loan and grant of $118,000 for
North Branford, Conn.
road improvements and construction of a highway bridge changed to grant
of $34,300.
-Docket 7992: Loan and grant of 558,000 for road imBozrah. Conn.
provements changed to grant of $2G,100.
-Docket 7993: Loan and grant of $106,000 for road
Windham, Conn.
improvements and construction of a highway bridge changed to grant of
534,500.
Edina, Mo.-Docket 8549: Loan and grant of $80,000 allotted to Knox
County for a court house building changed to grant of $22,600.
-Docket 8615: Loan and grant of $118,000 for conHutchinson, Kan.
struction of a storm sewer on Elm Street changed to grant of $33,000.
-Docket 8216: Loan and grant of $12,000 for extensions
Trenton, Mich.
to water filtration plant changed to grant of $3,500.
-Docket 8292: Loan and grant of $61,000 for a oneOntario, Calif.
story library building changed to grant of $20,100.
Volume 139
Financial Chronicle
3671
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS
The following is a list of the municipalities to whom the
Public Works Administration has agreed to furnish loans and
grants for various public works projects. These allotments
were reported during the period from Nov. 16 to Dec. 7,
inclusive. In each instance the PWA has agreed to furnish a
grant, not subject to repayment, for 30% of the total expenditures incurred for the payment of labor and material
costs. Moreover, the PWA will accept 4% general obligation or revenue bonds of the municipality as security for the
loan portion of the allotment. The table shows the name of
the municipality, the total allotment, estimated expenditures for labor and materials and the nature of the project
to be undertaken. In the case of the type of bond to be
used as security for the loan, this is indicated, whenever
known, by(5 for generalubligations and (x) for revenue or
)
special assessments. We wish to point out that mere announcement of an allotment does not necessarily imply that
a given project is already under way or that arrangements
have been fully completed. The PWA has already allotted
millions of dollars to local government units but has purchased a comparatively small portion of the bonds covered
by the allotments. In many cases, too, the municipalities
have asked that allotments be rescinded in the belief that
they can finance the projects in the public market on terms
lower than the 4% interest rate basis required by the PWA.
Durham, N. C.
-Docket 5140: Loan and grant of $40,000 for improvements to the municipal incinerator rescinded because the city has decided
to defer the work until some later time.
Fayetteville, Tenn.
-Docket 5216: Loan and grant of 811,000 for improvements to the water system and sewer system rescinded at the request
of the city.
Wahlciakum County, Wash.
-Docket 5334: Grant of $2,900 for road
improvements rescinded at the request of the county.
Sibley, Iowa-Docket 5340: Loan and grant of $26,000 for improvements
to the municipal power plant rescinded at the request of the town.
Crystal City, Tex.
-Docket 5486: Loan and grant of $20,000 for improvements to the water system rescinded at the request of the city.
Canal Winchester, Ohio-Docket 5496: Loan and grant of $13,000 for
improvements to the water system rescinded at the request of the village.
Killen. Ala.
-Docket 5615: Loan and grant of $30,000 allotted to the
Lauderdale County Board of Education for a new school building at Killen
rescinded at the request of the applicant.
Burlington, Iowa-Docket 5837: Grant of 89,800 for an armory building
rescinded at the request of the city.
Ardsley, N. Y.
-Docket 5896: Loan and grant of 2166,000 allotted to
Union Free School District No. 5 of the Town of Greenburgh for additions
and alterations to the grade and high school building in Ardsley rescinded
at the request of the applicant.
Durand, Wig.
-Docket 6048: Grant of $16,000 for improvements to the
water system rescinded because the grant agreement has not been executed.
Houston. Tex.
-Docket 6314:. Loan and grant of 81,219.000 for a city
hall rescinded because the question of issuing bonds to defray the city's
share of the cost of this project was defeated at the election.
Madera County, Calif.
-Docket 6447: Grant of $2,400 to the Chowchilla
Union High School District for additions and alterations to the SmithHughes School building rescinded at the request of the applicant.
Lewis Run. Pa.
-Docket 6634: Loan and grant of $10,000 allotted on
June 20 for paving work rescinded because the Borough has refused to
execute the bond contract sent out on July 26 or to reply to inquiries from
PWA requesting an explanation of the delay.
Fulton, Mo.-Docket 6637: Loan and grant of $98.500 for a Butane-air
gas generating plant and distribution system rescinded at the request of the
town.
Smithfield, Va.-Docket 6707: Grant of $10,000 allotted to the Isle of
Wight County School Board for a new school building at Smithfield reLabor and
scinded at the request of the Board.
Total
Material
Thief River Falls, Minn.
-Docket 6796: Grant of $4,800 for improveName
Allotment
Costs
Nature of Project
ments to the municipal electric plant rescinded at the request of the city.
Academy Ind. Sch. Dist., Texas. ..$6,900
$6,600 School building
Tellico Plains, Tenn.
-Docket 7008: Loan and grant of $138,700 for a
Apache, Okla
17,000
16,300 Water works system
new school building rescinded because the town has refused to execute the
Bayonne, N. J
*1,281,000 1,207,986 High school building
bond contract sent to it or to reply to inquiries from PWA requesting
Beardstown, ill
:72,000
70,000 Water works system
information as to the cause of the delay. The allotment was made on
Blossom Prairie, Texas
:40.000
36,500 Water works system
June 20 and the bond contract was sent out on July 21.
Canyon, Texas
:62,000
53,500 Dormitory building
Angola, N. Y.
-Docket 7254: Loan and grant of $50,000 for waterworks
Canyon, Texas
:6,500
6,000 School building
improvements rescinded on information from the State Engineer that the
Canyon, Texas
:29,000
27,800 Student cottages
city intends to construct this project with funds obtained from other sources.
Cape Charles, Va
*35,000
32,000 Sewage disposal plant
Wayne County, Mich.
-Docket 7459: Loan and grant of 81,050.000 for a
CharlottevIlle, Vs
:208,500
201,500 Hospital addition
tuberculosis hospital at Eloise rescinded because the project has been
Claremont, N. H
*487,000
434,000 Sewer system
abandoned.
Cloverdale Union High School
Elmira. N. Y.
-Docket 7531: Grant of 860,000 for storm sewer conDistrict, Calif
*45,600
39,400 High school building
struction rescinded at the request of the city.
Corozal, Puerto Rico
*50,000
45,000 Water works system
Sharon. Conn.
-Docket 7555: Loan and grant of 873,000 for improveDeepwater, Mo
*60,000
57,000 Water works system
manta to the West Cornwell
-Sharon Road rescinded at the request of the
Eden Twp. Rural Board of Eduapplicant.
cation, Ohio
*85,000
82,400 School building
Fulton County, Ga.-Docket 7560: Loan and grant of $300,000 for imHardensburg. EY
:56,000
50,000 Water works system
provements to five county roads rescinded at the request of the applicant.
Marion, Texas
x544,000
41,000 Water works system
Benton County, Wash.
-Docket 7595: Grant of $1,500 for improvements
Randolph, Nab
*29,000
25,900 Community house
to Spring Gap Road rescinded because the applicant failed to execute the
St. George, Utah
x132,000
100,000 Water storage basin
grant agreement.
San Mateo County, Calif
*167,000
156,400 Court house building
Benton County, Wash.
-Docket 7596: Grant of 83,100 for improvements
Santaquin, Utah
:30,000
28,000 Water system
-Off Road rescinded because the applicant failed to
to Highlands Cut
Spencer, N. C
*35,000
33,000 Sewage-treatment plant
execute the grant agreement.
Tigerton, Win
*50.000
46,000 Water works system
St. Charles, Ill.
-Docket 8036: Grant of 831,000 for a sewage treatment
Tom Bean Com.8.D.No.45,Tex. *30,000
28,930 School building
plant rescinded at the request of the applicant.
Weymouth, Maas
:60.000
Hospital addition
Fulton County, Ga.-Docket 8107: Loan and grant of $854,000 for road
z Secured by 4% first mortgage bonds.
improvements rescinded at the request of the applicant.
Du Page County, Ill.
-Docket 8112: Loan and grant of $751.600 for a
Court House building has been rescinded because the project was rejected
MUNICIPAL ALLOTMENTS RESCINDED
at the election.
Wayne County,
-Docket 8262: Loan and grant of $209.600 for a
In line with the above changes, the Public Works Ad- 3-story Vocational Mich.
Building, additions to power house and instalation of
ministration has been forced to rescind many loans and ventilation and drainage in power tunnel has been rescinded because the
grants to municipal bodies for various causes, such as un- applicant has decided to abandon the project. and grant of /1905.000 for
Wayne County, Mich.
-Docket 8273: Loan
successful bond elections, cancellation of projects, &c. It several buildings at the Eloise Hospital and Infirmary rescinded because
project for reasons of economy.
has been our custom to publish these under their separate the applicant decided to abandon theLoan and grant of$53,000 to the Board
Portland, N.Dak.-Docket 8328:
headings whenever reported, but for the sake of convenient of Education for an addition to the high school building rescinded because
for the
of bonds
reference we have gathered together the following latest the electionCalif. issuance8378: failed to carry. to the Tulare Union
Tulare.
-Docket
Grant of $43,500
reports issued from Washington.
High School District for an auditorium building rescinded at the request
The following announcements were issued by the PWA of the applicant.
Grenada County, Miss.
-Docket 8431: Loan and grant of 230.800 for a
this week:
-room school building rescinded on advice from the State Engineer that
7
Release No. 1083
it is unlikely that the building will be constructed.
Walnut Grove, Mo.-Docket 8482: Loan and grant of 831,000 for a
Public Works Administrator Harold L. Ickes announced to-day that 60
water system rescinded because the bond election failed to carry.
previously awarded loan and grant allotments totaling 810,043,481 have
Popular Bluff, Mo.-Docket 8491: Loan and grant of $148,000 for an
been rescinded. The rescinded allotments had been made to municipalities
auditorium and community building rescinded at the request of the appliand other types of local public bodies for non-Federal projects. The money
cant.
released by the cancellations announced to-day is being reallotted to other
Rockdale County, Ga.-Docket 8573: Grant of $1,800 for construction of
projects that are still on the waiting list.
• an annex and alterations to court house building has been rescinded due to
The following allotments were rescinded:
the applicant's failure to proceed with construction.
Las Animas, Colo.
-Docket 133: Loan and grant of $555,000 to the
Grenada County, Miss.
-Docket 8671: Loan and grant of $8,000 to the
Bent County Irrigation District for improving its facilities, rescinded beGore Springs Consolidated School District for construction of four adcause the holders of the now outstanding debt of the District have refused
ditional class rooms to present school building has been rescinded because
to agree to subordinate their securities to the bonds that the District was to
the applicant has failed to execute the loan and grant agreement.
issue to PWA to secure the loan portion of the allotment. The allotment
Grenada County, Miss.
-Docket 8719: Loan and grant of $10,060 to the
was made on condition that funds would not be advanced unless and until
Holcomb Consolidated School District for an auditorium building and
the holders of previously issued securities agreed to such subordination.
repairs and alterations to two school buildings has been rescinded because
Ottumwa, Iowa-Docket 1566: A loan and grant of $265.000 to the
the applicant failed to execute the loan and grant agreement.
city for a concrete viaduct across the Dee Moines River and railroad yards
Grenada County, Miss.
-Docket 8720' Loan and grant of $16,000 to the
rescinded because construction has not commenced. Originally, a grant of
Ingram Consolidated School District for construction of a 1-story school
$94,000 was allotted for this project on Oct. 17 1933. This was changed to a building rescinded because the applicant failed to execute the loan and
loan and grant of 8265,000 on Jan. 9 1934. On Oct. 29, PWA advised the
grant agreement.
State Engineer for Iowa that the allotment would be rescinded unless the
Mansfield. Ohio-Docket 8764: Grant of $3,000 for street improvements
city had submitted plans and specifications by Nov. 15. On Nov. 13 the
rescinded at the request of the applicant.
State Engineer advised PWA headquarters in Washington that the plans
Abington, Mass.
-Docket 8774: Grant of $8,000 for replacements and
had not been submitted to him and that the city was unable to expedite
extensions to water distribution system rescinded because the applicant
delivery because the plans are being prepared by the Iowa State Highway
has decided to construct this project without the aid of PWA funds.
Commission.
Mansfield, Ohio-Docket 8788: Grant of $7,400 for street improvements
rescinded at the request of the applicant.
-Docket 1589: A loan and grant of $2,502,000 for imHouston, Tex.
Mansfield, Ohio-Docket 8799: Grant of $1,800 for street improvements
provements to the water system rescinded because the question of issuing
rescinded at the request of the applicant.
bonds was defeated at the election.
Mansfield, Ohio-Docket 8804: Grant of 83.100 for resurfacing Spring
State of Maryland-Docket 2276: A grant of $39.500 for improvements
Mil! Street rescinded at the request of the applicant.
at the Spring Grove Hospital rescinded at the request of the Board of ManMansfield, Ohio-Docket 8807: Grant of $2,600 for improvements to
agers of the Hospital, who state that the work is being done with money
North Milberry Street rescinded at the request of the applicant.
appropriated by the State.
Mansfield, Ohio-Docket 8828: Grant of $2,500 for improvements to
Burlington, Vt.-Docket 2352: A grant of $5,800 for a timber crib dock
Rowland Avenue rescinded at the request of the applicant.
the request of the city.
rescinded at
-Docket 3565: Grant of $2,000 for road
Walakiakum County, Wash.
improvements rescinded at the request of the county.
Monett, Mo.-Docket 3582: Loan and grant of $32,000 for water system
improvements rescinded because the bond issue was defeated at the election.
Bradford. Vt.-Docket 4238: Grant of $7,300 to the Bradford Academy
Brevard County, Fla.
-Report on Progress of Bond Refundand Graded School District of Bradford. Vt., rescinded at the request
ing-The refunding program on the bonds of this county is
of the applicant.
-Docket 4253: Loan and grant of $82,181 for paving
St. Mary's, Pa.
said to be going ahead very satisfactorily. The plan includes
work rescinded because the Borough has notified PWA that it does not
county highway bonds, court house and jail bonds, and
desire to commence work until next spring, although the allotment was
made on March 7 1934.
certain county and special road and bridge district bonds
-Docket 4605: Loan and grant of $31,000 for improvBrovrnwood, Tex.
and time warrants.
ing the water system rescinded at the request of the city.
-Docket 4712: Grant of 81,000 for road improveKitsap County, Wash.
The refunding is being carried out on the basis of par for par, with interest
ments rescinded at the request of the county.
reduced to 3ti% for the first five years, and a subsequent increase after
-Docket 4879: Loan and grant of $102,000 for storm
Port Arthur, Tex.
that time. Defaulted interest coupons on the bonds will be paid on the
protection work rescinded at the request of the city.
new basis of 3 % upon exchange of the bonds.
-Docket 5126: Loan and grant of $160,000 for water
Durham, N. 0.
The new deal for lolrevard County is such that it should be able to
Pay
. - because the city has decided to defer the
system improvement:
off its entire debt on the new schedule. It gives the bondholder a current
work until some later ,ine.
bond with fair return and an assurance that his bonds can be paid off in
NEWS ITEMS.
3672
Financial Chronicle
the future. It is interesting to note that the market price of the Brevard
County obligations that are to be refunded has increased steadly since
the refunding contract was let.
L. C. Atkins & Co., of Topeka. Kan. is the refunding agent, and asks
'
that all holders of the above-mentioned Brevard County bonds who have
not done so get in touch with them at once.
Florida-Court Holds Homesteads Still Subject to Levies
-In an evenly divided
for Payment of Refunding Bonds
opinion handed down on Dec. 1 it was held by the State
Supreme Court that homesteads still are subject to taxation
for the payment of refunding bonds issued, when a political
subdivision is unable to meet its original bonds at maturity.
The Court affirmed a decree of the Duval Circuit Court
validating $445,000 worth of refunding bonds issued by the
city of Jacksonville. The validating order was entered by
the Circuit Court the day after the voters approved a
constitutional amendment exempting homesteads up to a
value of $5,000 from ad valorem taxation. (For complete
report on this and other amendments, see V. 139, p. 3183.)
An Associated Press dispatch to the Jacksonville 'TimesUnion" of Dec. 2 commented in part as follows on the
Court ruling:
Under Supreme Court procedure an evenly divided decision by the six
justices affirms the lower Court ruling appealed from, but it does not
establish a precedent for decisions in future cases. Hence, other refunding
bond questions brought to the Supreme Court in the future will be decided
on their particular points.
Chief Justice Fred H. Davis and Associate Justices J. B. Whitfield and
Glenn Terrell agreed with the Duval Circuit Court refunding order unconditionally. Associate Justices W. H. Ellis, Armstead Brown and
Rivers Buford dissented in part. Justice Buford held the lower Court
decree should be affirmed without a provision that homsteads would be
subject to continuing taxes to pay refunding bonds.
The Duval Circuit Court held that refunding bonds are proper extensions
of original bonds and that therefore property subject to taxation for original
bonds remains subject to taxes for refunding bonds. This includes homesteads.
Jesse Boatright of Jacksonville appealed from the lower Court decree
and the case was looked to as a precedent by which the Supreme Court
would decide whether homesteads would be subject to taxes for refunding
bonds.
In its holding the Supreme Court said that the Jacksonville bonds being
'
refunded constituted tax liens upon homesteads and other taxable property
until paid. The Federal Constitution prohibits passage of State legislation
impairing obligation of contracts.
When the people voted for the homestead amendment to Article 10 of
the Florida Constitution. the Supreme Court said, they "intended that new
bonds can continue as liens against homesteads because new bonds are
merely extension of the old bonds."
The new amendment, the Court said, was intended to be placed alongside of and not as a substitute for Section 6 of Article 9 of the Constitution,
which provides for issuance of refunding bonds. "To hold otherwise would
be to hold that the people intended a general liquidation of bonds with no
refunding bonds to be issued," the Court explained.
Ballinger & Taylor, municipal bond analysts of Miami.
commented as follows on the above decision, in a report sent
out on Dec. 5:
In the first decision after the popular adoption of homestead tax exemption by constitutional amendment, the Florida Supreme Court in validating
3445,000 in city of Jacksonville bonds held the homestead exemption does
not apply to those refunding bonds issued to extend previous issues.
The Supreme Court divided three and three on this question, thereby
upholding the lower court. It was made apparent, however, that this
decision establishes no completed precedent. It may help some bondholders to get a better picture of the case when it is related that the contestants to this Jacksonville suit were friends of the city, so there was no
real test of the right of refunding bonds to claim taxes from homesteads.
The highest State court can base its decision in such cases on the facts
presented.
Many other refunding suits are in preparation. The legal status of several
refunding plans in the bond exchange state probably will be questioned,
particularly such counties as Sarasota, where the refunding issues have not
been finally passed by the Supreme Court.
One Florida bond house announces satisfactory refunding for the following units: city of Bartow, city of New Smyrna, Citrus county, city of
Winter Haven. Pasco county, Sumter county, Ocean Shore Improvement
District, Date county and Pinellas county. All exchange of bones has been
halted, however, pending the final determination of the effect of homestead
exemption upon such refunding bonds.
-The Senate
-Sales Tax Extension Bill Passed
Illinois
early on Nov.23 passed the State Administration bill extending the 2% sales tax for an indefinite period. The vote on
the bill is said to have been 32 to 10. According to Springfield advices of the 23d the General Assembly adjourned
sine die following the action of the Senate. It is stated that
Governor Horner will sign the bills. This fourth special
session is said to have lasted only 81 hours mall, the shortest
ever held by an Illinois Legislature.
-In
Massachusetts-Changes in List of Legal Investments
a bulletin dated Dec. 1, the Commissioner of Banks indicated
the following changes in the list of investments considered
legal for savings banks:
Public Funds of the United States
The following recapitulation of the bonds of the Federal Farm Mortgage
Corporation and Home Owners' Loan Corporation includes all such bonds
as are now legal investments:
Federal Farm Mortgage Corporation 3s, 1944-1949.
Home Owners' Loan Corporation series A, 3s, 1952.
Home Owners' Loan Corporation series 13, 2g s, 1949.
Home Owners' Loan Corporation series 0, 1 gs, 1936.
4s,
Home Owners' Loan Corporation series D, fl s, 1937.
Home Owners' Loan Corporation series E. 2s. 1938.
Added to list of July 11934:
Bangor & Aroostook System-Bangor & Aroostook RR. stamped cony.
4s, 1951; consolidated refunding.
Pennsylvania System-Pennsylvania RR. general series E 4gs, 1984;
Brooklyn & Montauk RR.second (now first) 5s, 1938.
Legally authorized bonds for municipal purposes of the following cities:
Cumberland, Md. and Youngstown, Ohio.
Bonds and notes of the following: Town of Little Compton, It. I.
-Bonds of State of
Removed from the list of July 1 1934: Public funds
Arkansas.
-Return of Prices to More Normal Levels
Municipal Bonds
Forecast-Prices of high grade municipal bonds, which are
selling currently at a higher level than at any time since
1901, are not likely, in the light of all experience, to go much
higher and should., in the fairly near future, again decline
toward more normal levels. This opinion is expressed by
Webster, Kennedy & Co.,a New York municipal bond house,
in the December edition of their "Semi-annual Bulletin of
Comparative Debt Statements," which includes the debt of
all cities in the United States with a population of over
Dec. 8 1934
30,000, certain smaller municipalities and the most important counties, as well as all 48 States.
Lack of normal demand for capital in business has left large sums available for investment in high grade bonds which are selling at marked premiums, according to the firm which states that "various indices show that at
no time in the past 20 years have bond prices maintained a level comparable
to that of to-day for any extended period. It is generally true that high
grade bond yields tend to move with money rates. As business activity
increases and there is a greater demand for capital, money rates will rise,
accompanied by a corresponding increase in bond yields. When this will
occur and to how great an extent, cannot be definitely forecast.
"While it seems evident that the better municipal credits are selling out
of line, it must be recognized that municipal finances have continued the
constructuve trend mentioned in our June bulletin. With but few exceptions tax delinquencies have been checked in communities throughout the
country, further governmental economies have been effected and new
sources of revenue are being tapped."
With the cities included in the Bulletin divided into population groups, a
weighted average of the most important ratios given show a range in the
ratio of direct net debt to 100% assessment of from 7.4% for five cities with
over 1,000,000 population down to 3.05% for a group of 123 cities with a
population of 30,000 ot 50,000; a per capita net direct debt of 8140.62
down to 847.68, and a per capita net debt including overlapping debt of
8170.69 down to $78.55. Asbury Park, N. J. is shown to have the highest
per capita net direct debt, 8869.90, while three cities, Cicero Ill.' Moline,
and Quincy. Ill., have no direct net debt, and Fargo, N'. Dak., a per
capita debt of only 35 cents. Among the counties, the highest shown is
that of Buncombe County. N. C., $219.67, and the lowest, Fulton County,
Ga., 40 cents. The complete figures on the average for the various groups
follows:
Per Capita
Ratio of
Net Debt
Per Capita
Direct Net
Including
Debt to 100% Net Direct
Overlapping
CitiesDebt
Assessment
3170.69
8140.62
Over 1,000.000 (5)
7.4
147.09
5.4
111.33
500,000 to 1.000,000 (8)
144.73
300,000 to 500,000 111i
100.90
5.8
104.74
100,000 to 300,000 68
65.97
4.3
93.70
3.15
62.20
50,000 to 100,000 98
78.55
3.05
47.68
30,000 to 50,000 123)
New York City-Amended 1935 Budget Adopted by Board
of Aldermen-Reductions in the city budget for 1935 totaling
$139,867.50, garnered after 20 days' consideration of the
appropriations by the Aldermanic Finance Committee, were
adopted on Dec. 3 by the Board of Aldermen. The final
figure was thus reduced from $548,441,099.90, the figure
submitted by the Board of Estimate, to $548,301,232.40, a
reduction of only .025% on the total.
The final budget was sent to the Mayor, who has ten days
in which to veto any reduction of which he disapproves. It
was predicted in informed circles that Mayor La Guardia
would return the budget with a strong message of disapproval
of most, if not all, of the modifications. A three-fourths vote
would be required to override his veto, a majority the Democrats are unlikely to attain because of the strength in the
Fusion ranks of that body. We quote in part as follows
from the New York "Journal of Commerce" of Dec. 5:
Mayor La Guardia said yesterday that he had not made up his mind
what he would do with the items which the Board of Aldermen had cut
out of the 1935 city budget representing cuts of more than 8139.867.
However, it was thought that he would veto most of the cuts.
It was regarded as doubtful whether the Board of Aldermen could muster
enough votes to override a veto.
The Mayor yesterday received a number of vigorous protests against
the action of the board of Aldermen in eliminating certain positions deemed
necessary to the Boards of Health. Hospitals and Sanitation.
Peter Grimm. Chairman of the Citizens' Budget Commission, described
the budget passed by the Aldermen as "an amazing mixture of waste and
parsimony."
"Through unnecessary appropriations it Increases the cost of living by
over $20,000,000," he added. "Through unwise savings it threatens the
public nealth and safety. Political expediency dictated the waste. Political
expediency dictated the savings. The public pays for both."
New York City-Relief Tax Bills Signed by Mayor-City
-On the strength of
Obtains $15,000,000 Loan for Relief
three new tax bills aimed at producing about $58,000,000 in
new relief funds, signed by Mayor La Guardia on Dec. 5,
the city arranged a short-term relief loan with is bankers
for $15,000,000, carrying an interest rate of only 1%%.
(This relief loan is discussed in greater detail on a subsequent
page of this section, under the heading of New York City.)
Mayor La Guardia made short work of the public hearing
on the three bills, which opened in City Hall at 9 a. m. on
the 5th. He allowed an hour and a half for the hundred or
more objectors to protest and closed the hearing with fifty
speakers still unheard. He signed the three measures immediately afterward and they became law. The tax program
includes a city sales tax of 2% on virtually all commodities
except foodstuffs and medicines, a 3% tax on the gross
income of public utility corporations and a city tax upon
inheritances equal to 40% of the State inheritance tax. .All
three bills are subject to amendments which will clarify
their administration and make the collection of tax revenues
easier.
The New York "Herald Tribune" of Dec. 6 discussed
these new taxes in part as follows:
The $58,000,000 emergency revenue measures passed by the Municipal
Assembly last week were added yesterday to the city's tax laws, Mayor
F. 11. La Guardia affixing his signature at 10:45 a. m., after listening impatiently to the eleventh-hour protests of business men.
City's New Relief Taxes
The new taxes are:
A 2% tax on all sales of merchandise within New York City, except feeds.
beer, drugs and medicines dispensed on physician's prescription, and newspapers and periodicals. The tax also is levied on cover, minimum or other
charges imposed on patrons by establishments offering entertainment in
addition to food and drink. The tax, for whose collection the merchants
will be responsible, becomes effective Monday, Dec. 10 and will remain in
effect until Dec. 311935. The estimated yield is $40,000,000.
A 3% tax on the gross receipts of public utility corporations, including
subways, exclusive of the city-owned independent subway, and other
transportation companies. The tax Is for the calendar year of 1935, and
the estimated yield is $15,000,000.
A municipal tax on inheritances at a rate equivalent to 40% of the State
rate, which ranges from 1 to 20%, according to the size of the estate. This
levy is effective from the date of the passage of the bill and will remain in
effect until Dec. 31 1935.
The hills as signed by the Mayor were in the form of the original drafts,
but fortifying and clarifying amendments are contemplated. The Mayor
himself suggested that a 2% personal property tax be imposed to discourage
evasion of the sales tax by purchasing out of the city. Ills idea was that
the personal property tax should apply to all merchandise bought by a
resident of New York during the period the sales tax is to be in force.
Where it could be shown that the 2% sales tax had been paid the personal
property tax would be waived.
Financial Chronicle
Volume 139
NORTH and SOUTH DAKOTA
Cities-Towns-Counties-School Districts
-Sold-Quoted
Bought
Gearhart & Lichtenstein
99 Wall Street, New York
A. T.& T.Teletype-New York-1-852
Tel. WHitehall 4-1356
In connection with the above described sales tax, the following regulations on the rate of the tax as applied to items
costing from 10. to $1 and over, were made public by the
Department of Finance on Dec. 7:
Comptroller Joseph D. McGoldrick is promulgating tc-day the regulations with respect to the rate of tax and is issuing certain explanatory statements interpreting the meaning of the new sales tax law. Supplemental
regulations will be issued hereafter. In the short interval between the
enactment of the tax and the date of its imposition the time has been insufficient to permit promulgation of complete regulations. Comptroller
McGoldrick explained that it was necessary to devise the table of taxes
on items costing less than 50 cents because, the cent being the lowest medium
of exchange, it was impossible to provide anything smaller. The result of
the table, the Comptroller said, would be to bring to the city every cent of
tax collectible and at the same time provide the least ossible nuisance to
botb merchants and customers. The Comptroller pointed out that while no
tax would be collected upon items costing lc. to 12c. inclusive, this omission would be equalized by the tax of lc. on items costing 13c. to 62c.
Inclusive, and of 2c. on items costing 63c. to 99c. inclusive.
The regulations promulgated to-day follows:
The Rate of Tax-Under Local Law No. 20, the rate of the tax is 2%
of the amount of the receipts of every sale and service enumerated in section 2 of the Local Law.
The tax to be collected upon every taxable sale or service shall be charged
separately from the sale or service price and shown separately on any evidences of sale issued or employed by the vendor and shall be paid by the
purchaser to the vendor for and on account of the city.
The Comptroller rules and regulates that the tax payable by the purchaser
to the vendor, for and on account of the city, upon the receipts of every sale
and service taxable under the Local Law,shall be as follows:
Sale or service of:
lc. to 12c. inclusive
-no tax
13c. to 62c. inclusive-1c. tax
63c. to 99c. inclusive-2c. tax
On each even dollar of purchases, 2c plus the above rate on the amount
In excess of even dollars.
The amount of the tax actually collected by the vendor, in accordance
with the above schedule, is payable to the city of New York.
In the event that the vendor fails to keep adequate records showing the
collections in accordance with the schedule, he shall pay to the city at its
tion, the amount of the tax actually collected by him or 2% of the total
amount of his receipts from every sale and service taxable under the Local
Law.
Adequate records shall mean, for example, daily and cumulative records
for each period covered by the return, showing the amount of tax actually
collected in accordance with the above schedule.
Oklahoma-Governor-Elect Urges Repeal of Gas Tax Diversion Law-E. W. Marland, Governor-elect, in a statement
made at Ponca City on Nov. 23, said that he will sponsor
repeal of the 1933law diverting 40% of the State's share of the
gasoline tax for retirement of the $13,000,000 treasury note
issue with which the general revenue fund deficit was refunded, according to Ponca City news dispatches. He went
on to say that he hopes from a study of revenue and taxation
problems to evolve a plan that will permit the State to pay
as it goes and failing that, refunding of the $13,000,000
floating debt may be proposed.
Pennsylvania-Two Supreme Court Decisions Affect Trust
Investments
-Two decisions of great importance to banks,
trust companies and others throughout the State interested
in mortgage pool investments and other trust investments in
mortgages were handed down by the State Supreme Court
recently, according to the Pittsburgh "Post Gazette" of
Nov. 28. One decision holds that where an agreement with
a trustee for investment of funds provides for payment in
cash on notice by either party of termination of the agreement, cash and not participating certificates must be given
in payment, according to report.
'The other, made in the case of the estate of William Yost,
holds that trust investments made by trust companies in
specific mortgages must be carried in their names as trustee
for the trust estates, it is stated. While upholding the
present practice which permits companies to carry such
mortgage investments in their own name when the trust
funds are invested in a mortgage pool, it reverses a decision
of the Allegheny County Orphans' Court that companies can
also carry the investments in their own name in cases where
they have invested in specifically designated mortgages
particularly for the account of the said trust.
Old-Age Pensions Start-On Dec. 1 the State Department of
Welfare initiated a new pension system for indigent residents
of the State who are 70 years of age or more. An appropriation for this purpose to take care of December and
January needs was passed at the last special session of the
General Assembly. No person may receive more than
$30 a month, but for each additional member of a family
eligible for assistance $15 a month will be allowed. It is
estimated 40,000 persons will receive aid from the fund.
HOLC Bonds Held Legal for Trust Funds-The Department
of Justice on Nov. 30 advised Wm. D. Gordon, Secretary of
Banking, that bonds of the Home Owners' Loan Corporation are legal investments for trust funds, according to a
Harrisburg dispatch of that date. Dr. Gordon is said to
have requested the opinion, which was written by Harold D.
Saylor, Deputy Attorney General. Mr. Saylor is reported as
saying that bonds of the Federal Farm Mortgage Corporation also are legal investments for trust funds.
United States-Mayors Repoli Improvement in Ci edit
Standing of Cities-The Chicago "Tribune" of Nov. 24
carried the following report on the statements made by a
number of the Mayors of representative cities throughout
3673
the country, regarding the improvement recorded lately
in their municipalities on credit rating and outlook:
Cities of the United States are emerging from a period of financial strebs
under the impetus of governmental economies, according to a number
of mayors who are attending the United States Conference of Mayors in
the Congress Hotel.
Chicago was not alone in being beset with financial problems, beginning
with the depression, these mayors revealed Thursday in relating their
experiences with dwindling revenues and resultant budget slashes. And
as Chicago has improved its financial position, these mayors claimed for
their cities a better credit standing and better tax collections in 1934,
and predicted more improvement during 1935.
Superfluous Things Cut Out
In gaining greater financial security, the cities followed the same general
course, according to the mayors. There were reductions in budgets,
consolidation of departments, the elimination of non-essential services,
and a curtailment in personnel in order to keep the more necessary public
services operating without impairment.
The keynote of what the mayors have been doing with their budgets
was sounded by T. A. Penny, Mayor of Tulsa, Okla.:
"People want better government," Mayor Penny said, "but at less
cost. In Tulsa we are placing our finances on a good businesslike oasis
by trimming off the superfluous fungi that has oecome attached to the
government. The things that were viewed as necessities when they
were added a few years ago now appear in looking back as luxuries."
Expenses Reduced 50%
•
In Tulsa the expenditures from taxes have been reduced by approximately
50%. Toe budget for 1930 was $2,000,000 in round figures and for 1934
only one-half of that amount. The saving, Mayor Penny said, was accomplished by eliminating non-essentials, cutting some salaries, and
reducing the personnel.
Expressions of the mayors of other cities on the financial condition of
their municipalities follow:
Charles L. Smith, Mayor of Seattle, Wash.: "Our expenditures from
taxes have been curtailed close to 50%, with the budget being reduced
from approximately $12,000,000 in 1929 to $7,000,000 for 1934. We
are practically on a cash basis and tax collections are better than a year ago."
Progress in New Orleans
T. Semmes Walmsley, Mayor of New Orleans and President of the
Conference: "Budget reduced from $9,000,000 plus in 1930 to $6,100,000
for 1935; believes coming tax collections will show 30% improvement judging from heartier response to Community Chest drive and estimate of
business increase; bonded indebtedness reduced by $4,000,000 and the
city has cash on hand to meet January maturities and interest and July
Interest."
Dr. William H. Speer, Wilmington, Del.: "We are on a cash basis
and in good financial condition. Reduced budget a out 10% and bonded
Indebtedness is going down. We keep within our revenues."
Angelo J. Rossi, Mayor of San Francisco: "The city was $1,125,000
in the red in 1932, but now has a surplus of over $2,000,000 and is on a cash
basis. Tax delinquencies are a little over 4%,which is less than last year
Final Tax Payments Improved
Joseph K. Carson, Jr., Mayor of Portland, Ore.: "Delinquent tax
payments are encouraging; funded obligations will be $2,000,000 lass on
Nov. 30 than a year ago. Believe we will be on a cash basis next year.
Borrowings for current expenses were $1,752,000 on Oct. 1 1933 and only
$432,000 on Oct. 1 1934.'
Daniel W. Roan, Mayor of Milwaukee: "In better financial shape
than a year ago. Budget cut about 20% during depression oy referendum,
going down from $29,000,000 in 1929 to $21,000,000 in 1934. Never
Sad to borrow from banks. In last three years have reduced bonded
Indebtedness from $51,000,000 to $39,000,000. A 10% voluntary salary
cut VMS donated to fund to give employment, and nest year 5% of that
will be returned."
Watkins Overton, Mayor of Memphis: "Tax collections improved over
1933 and outlook is better for next year. Have reduced budget in each
of last three years. Have kept within revenues and reduced a deficiency
of $1,000,000 in 1928 to $250,000. Tax rate reduced from $2.25 in 1929
to $2.13 in 1934."
Chicago's budget has been reduced from a high of approximately $63,000,000 to 844,000.000 for the current year. Bonds have sold recently
at a premium; arrears in the salaries of employees have been caught up.
WE WANT OFFERINGS
STATE AND MUNICIPAL BONDS
Arkansas, Louisiana & Mississippi
Edward D. Jones & Co.
Members At. Louis Stock Exchange
(New York Curb Exchange (Assoc.)
Boatmen's Bank Bldg.
ST.LOUIS, MO.
BOND PROPOSALS AND NEGOTIATIONS.
ADA SCHOOL DISTRICT (P. 0. Ada) Pontotoc County, Okla.
BONDS VOTED-At the election on Nov. 27-V. 139, p. 3351-the voters
approved the Issuance of the $42,000 in school building bonds.
It was reported later that the Board cf Education voted to issue the above
bonds, probably to be taken by the Public Works Administration.
ALBANY, Albany County, N. Y.
-TAX BUDGET LOWER-The
Board of Estimate and Apportionment on Nov. 27 forwarded to the
Common Council the 1935 net tax budget totaling $6,443,531.52. The
current levy is $6,509,991.66.
ALBIN SCHOOL DISTRICT NO. 3 (P. 0. Albin), Laramie County,
Wyo.-BOND SALE
-A $50,000 issue of 4%% refunding bonds is reported to have been purchased recently by the State of Wyoming. at par.
ALBION, Noble County, Ind.
-BOND SALE
-The $27,000 municipal light and water plant revenue bonds offered on Nov. 27-V. 139.
p. 3351-were purchased by the American State Bank of Ligonier.
The issue is dated Feb. 15 1934. bears 5% interest and matures as follows:
$2,000 from 1936 to 1938 incl.: $2,500, 1939 to 1941 incl.; $3.000. 1942 to
1944 incl., and $4,000 in 1945. Denoms. $1,000 and $500. Interest payable F. & A. The bank paid a price of 103.51 for the issue.
ALLEGAN, Allegan County, Mich.
-BONDS NOT SOLD
-SALE TO
PWA SCHEDULED
-No bids were obtained at the offering on Dec. 3 of
$348.000 municipal utility bonds
-V. 139 p. 3505. In connection with
the lack of tenders, a dispatch from Detroit to the "Wall Street Journal"
of Dec. 5 stated as follows: "No bids were received by the City of Allegan.
Michigan, for $348,000 of 4% bonds, proceeds of which were to be used in
building a municipal lighting plant. One Detroit bond house which wrote
to the city for information regarding the city's tax situation, preparatory
to making a bid, received a reply from Clare Hoffman, city attorney,
stating that he wouldn't look up required facts unless compensated, and
that the bond house was better able to secure the information itself. Mr.
Hoffman later explained that the bonds were offered only to comply with
statutory requirements, and that the city expected to dispose of them to
the Public Works Administration, from which it had already received
a grant of approximately $75,000 toward cost of the plant. The bonds
offered included $123,000 general obligation bonds and $225,000 revenue
bonds, to be retired from power plant revenues."
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-BOND SALE
SCHEDULED-Offering will be made sometime this month of $9.025.000
bonds to cover the cost of the program recently approved by the County
Commissioners
-V. 139, p. 3505. The total will include $5,000,000 refunding delinquent taxes bonds; $1,200.000 for road improvements: $1.609,000
(plus $589,000 Public Works Administration grant) Poor District direct
o_digations; $870,000 park bonds; $268,000 (plus $98,000 PWA grant)
3674
Financial Chronicle
to oe used for construction of Juvenile Detention Home and $7S,000 for
ptrchase of workhouse land. The bonds are to bear interest at rates from
2%%o 4%. They will be sold subject to approving opinion of Reed.
Smith, Shaw & McClay of Pittsturgh.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-COURT DISMISSES CLAIM FOR PAYMENT OF OLD BOND COUPONS
-The suit
brought against the county by William T. Kirk, Jr. of Philadelphia, demanding payment of $2,490 with interest from 1853 on interest coupons
carried on bonds issued in connection with the construction of the Pittsburgh
& Steubenville Railroad was dismissed by Judge Harry H. Rowland in
Common Pleas Court on the ground that the statue of limitations barred
the claim for collection. The coupons, according to the Pittsburgh "Post
Gazette" of Nov. 29, were discovered by Mr. Kirk recently in an old chest
given him by his mother.
ALLEGHENY COUNTY AUTHORITY (P. 0. Pittsburgh), Pa.MAYOR OF CITY SEEKS TO BLOCK PWA PROJECT
-Mayor William
N. McNair of Pittsburgh wrote Public Works Administrator Harold L.
Ickes on Nov.30 that he would use "force if necessary" to prevent construction of the Liberty Tubes Plaza as long as Public Works Administration
requires tolls on the tunnels as a condition of extending a loan to the Authority to finance the work, according to report. The PWA has agreed to
advance about $25,000,000 for the purpose of paying the cost of a program
of improvements to be undertaken by the County Authority.
-V. 139,
D. 3184.
ALTOONA SCHOOL DISTRICT,Blair County,Pa.
-BOND SALE
The $250,000 coupon school bonds offered on Dec. 3-V. 139,_p. 3505were awarded to Halsey, Stuart & Co., Inc., New York, and Butcher &
Sherrerd of Philadelphia, jointly, as 4s, at par plus a premium of $820,
equal to 100.328, a basis of about 3.91%. Dated Jan. 1 1935 and due
Jan. 1 as follows: $30,000. 1936 and 1937; $40,000, 1938 and 1939; $50,000
in 1940 and $60,000 in 1941.
ANDOVER, Ashtabula County, Ohio
-BOND DESCRIPTION
The $8,500 sewage disposal plant bonds mentioned in V. 139, p. 3506,
will be dated Jan. 1 1935, bear 6% interest and mature $500 each six months,
starting in 1936. Principal and interest (A. & 0.) payable at the Andover
Bank,
ARROYO GRANDE ELEMENTARY SCHOOL DISTRICT (P. 0.
San Luis Obispo), Calif.
-BONDS VOTED
-At a recent election the
voters are said to have approved the issuance of $41,000 in school building
bonds. It is stated that the Public Works Administration will purchase
these bonds and make a grant on the project, which is to cost $53,500.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-SEEla
LOAN
-C. Albert Hodges, Treasurer, stated on Dec. 3 that the county
is trying to borrow funds in order to meet operating expenses until the
end of the year. The amount sought was not disclosed.
ASBURY PARK, Monmouth County, N. J.
-BONDHOLDERS
DEMAND $1,328,360
-We quote from the Newark "News" of Nov. 30
as follows: "A suit to collect $1.328.360 from the City of Asbury Park has
been filed in Federal Court in behalf of three bondholders in New York and
Connecticut. The plaintiffs, Albert G. Christmas of 975 Park Ave., New
York; Nolan Hartigan of Randall Manor, S. I.. and Edwin H. Barker of
New Canaan. Conn., claimed they owned more than 180 school and temporary bonds issued by the city between 1926 and 1933. The complaint.
which was filed by Arthur T. Vanderbilt,charged the municipality defaulted
In payments of interest.
ASHLAND, Boyd County, Ky.-BOND OFFERING
-Sealed bids will
be received until 4 p.m. on Dec. 12, by A.J. Brown, Secretary of the Board
of Education, for the purchase of an issue of $103,000 4% school improvement bonds. Denom. $1,000. Dated April 1 1934. Due on April 1 as
follows: $2,000, 1936: $4,000. 1937 and 1938; $5.000, 1939 and 1940;
$10.000, 1941 to 1947 and $13,000 in 1948. Prin. and int. (A. & 0.)
payable at the Chemical Bank & Trust Co. in New York City. It is stated
that the successful bidder will be furnished the approving opinion of the
decision handed down by the Court of Appeals on Nov. 23. A certified
check for 5% of the amount of bonds bid for, payable to the Board of
Education.is required.
In connection with the above notice we give the following Associated
Press dispatch from Frankfort on Nov. 23:
'The validity of $103,000 of school improvement bonds authorized fo
sale by the City of Ashland was upheld by the Court of Appeals to-day.
"Judgment of Boyd Circuit Court which held the statute under which
the bonds were voted was repealed by the 1934 school code and the city
net not authorized to incur the debt was reversed by the Appellate Court.
'The bonds represent part of a $500,000 school bond issue authorized by
the city in 1929. In 1930, $100,000 of the bonds were issued and sold. In
the following year the city school board called on the City Commissioners
to offer $103.000 of bonds for sale. In litigation that ensued, the Appellate
Court held the bonds were obligations of the city and not the Board of
Education and that the Issue was valid.
"The City Commissioners were preparing to sell the bonds and obtain
from the Public Works Administration a $40,000 grant when A. N. Cisco,
a taxpayer, brought suit to enjoin the sale. His contention that the 1934
Act invalidated the bonds was sustained by Circuit Court. The Court of
Appeals held, however,the bonds remain the obligation of the city and have
not been affected by the new law."
ASHLEY, Delaware County, Ohio
-BONDS AUTHORIZED-The
Village Council recently passed an ordinance providing for the issuance of
$27.000 mortgage revenue bonds in connection with the proposed construction of a municipal water works system under a loan and grant by the
Public Works Administration. The bonds would be dated Dec. 1 1934, bear
4% interest and mature Jan. 1 as follows: $1,000 from 1937 to 1951, incl.
and $1,500 from 1952 to 1959. incl. Denoms. $1,000 and $500. Principal
and interest (J. & J.) payable at the Village Treasurer's office.
-BOND SALE
ASHTABULA COUNTY (P. 0. Jefferson), Ohio
The $17,100 coupon poor relief bonds offered on Dec. 5-V. 139, p. 3351
were awarded as 2%s to the National Bank of Ashtabula, at par plus a
premium of $52, equal to 100.304, a basis of about 2.58%. Dated Dec. 1
1934 and due as follows: $2,200 March 1 and $2,300 Sept. 1 1935; $2,400
March 1 and Sept. 1 1936; $2,500 March 1 and $2,600 Sept. 1 1937; $2,700
March 1 1938. Other bids were as follows:
Int. Rate Premium
BidderHayden,Miller & Co.,Cleveland
$17.5017.00
Braun-Bosworth & Co.,Toledo
2
15.30
BanrOhio Securities Co., Columbus
3
17.85
Seasongood & Mayer,Cincinnati
8.50
3%
Jefferson Banking Co.,Jefferson
-BOND OFFERING
ATHENS COUNTY (P. 0. Athens), Ohio
Maude Lowry, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Dec. 19, for the purchase of $14,000 not to
exceed 6% interest poor relief bonds. Dated Dec. 1 1934. Due as follows:
$1,900 March 1 and Sept. 1 1935; $1,900 March 1 and $2,000 Sept. 11936;
$2,100 March 1 and Sept. 1 1937 and $2,100 March 1 1938. Principal and
interest (M. & S.) payable at the County Treasurer's office. A certified
check for 1% of the pith, payable to the order of the County Commissioners,
must accompany each proposal.
-It is stated by the
-BOND CALL
AUSTIN, Travis County, Tex.
City Manager that 5% school bonds of the issue of July 1 1912, numbered
from 61 to 85, are being called for payment at the Chase National Bank of
New York on Jan. 1.00 which date interest shall cease. Dated July 1 1912.
Due on July 1 1952.
-The $12,000 coupon
-BOND SALE
BADEN, Beaver County, Pa.
-were awarded as 4%s to
water bonds offered on Dec. 3-V. 139, p. 3351
McLaughlin, MacAfee & Co. of Pittsburgh, at par plus a premium of
as
$270.60; equal to 102.255, a basis of about 4.25%. Dated Dec. 1 1934
+Ind due Dec. 1 as follows: $2.000 in 1942 and $ .000 in 1944 and 1949.
Principal and interest (J. & D.) payable at the Freedom National Bank,
Freedom. The Borough Council will make an assessment for retirement
of the bonds according to law, and, in addition. the Water Commission
has agreed to levy water rates sufficient to pay off the obligations without
the necessity of using the assessment to be made for that purpose.
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT CLASS
-It Is stated by the District
-BOND CALL
A, No.1(P.0.Pocatello), Ida.
Treasurer that the following 5% bonds are being called for payment on
Jan. 1, through the First Security Bank of Idaho, in Pocatello; Nos. 41 to
134 and 145 to 180. for $1,000 each. Series of July 1 1919. Also Nos. 1
to 4, for $10,000 each. Issue of Jan. 1 1924. Interest shall cease on date
called.
Dec. 8 1934
BARBERTON, Summit County, Ohio
-BONDS NOT SOOD-Charles
A. Gardner, City Auditor, states that no bids were obtained at the offering
on Nov. 19 of $129,842.36 5% refunding bonds.
-V. 139, p. 2863.
BAYONNE, Hudson County, N. J.-PWA ALLOTMENT
-The
Public Works Administration on Dec.3 allotted 81,281,000 for construction
of a new high school building.
DISCUSS FINANCE PROBLEM
-At a special meeting of City Commissioners and local bankers to determine the best move of financing
Bayonne's current expenses during the year of 1935, held yesterday in
the city hall, it was agreed that Harry Braverman, accountant for the
City of Bayonne, should submit his findings on the best means of caring
for the 1935 financial requirements, according to the "Jersey Observer"
of Dec. 1. Mr. Braverman will submit the findings of his survey within
the next few days and should it be found that the most advisable procedure will be to float long-term bonds at a low rate of interest to remove
from the bank's vaults standing Bayonne paper to the extent of approximately $3,000,000, it is expected that he will advise this procedure.
BEALLSVILLE, Washington County, Pa.
-BOND OFFERING
Philip
Clark, Borough Secretary, will receive sealed bids until 81o. m.
on Dec. 24 for the purchase of $12,000 43
coupon bonds. Dated
Dec. 1 1934. Denom. $1,000. Due $1,000 on Dec. I from 1935 to 1946
incl. Interest payable J. & D. A certified check for $500, payable
to the order of the Borough Secretary, must accompany each proposal.
Sale is subject to approval of issue by the Pennsylvania Department of
Internal Affairs. Legal opinion of Burgwin. Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
BEDFORD, Bedford County, Va.-BOND OFFERING DETAILS
In connection with the offering of the $100,000 electric plant and water
works refunding bonds, being offered for sale on Dec. 11-V. 139. p. 3506
we are informed by the Town Clerk that the original bonds to be taken up
were formerly in the amount of $150,000, dated April 1 1920, with the
optional date in 1935.
BEDFORD CITY SCHOOL DISTRICT, Cuyahoga County, Ohio
OPTION GRANTED
-No formal bid was submitted at the offering on
Nov. 30 of $30,500 5% refunding bonds
-V. 139, P. 3185-R. P. Orchard,
Clerk-Treasurer of the Board of Education, states that a 10
-day option on
the issue has been granted. Bonds are dated Dec. 1 1934 and mature
Oct. 1 as follows: $3,000 from 1939 ot 1947, incl. and $3.500 in 1948.
BEE COUNTY (P. 0. Beeville), Tex.
-BONDS VOTED
-At a recent
election the voters are said to have approved the issuance of $160,000 in
road bonds.
BEND, Deschutes County, Ore.
-BOND OFFERIN-Saled bids
will be received until 5 p. m. on Dec. 14, by L. G. McReynolds, City
Recorder, for the purchase of a $22,000 issue of 5% semi-ann, refunding
bonds. Due as follows: $1,000. 1935 to 1940: $2,000, 1941 to 1944, and
$44.000 in 1945 and 1946. A certified check for 2% of the par value of the
bonds bid for, payable to the city, is required.
BEVERLY, Essex County, Mass.
-LOAN OFFERING
-John C.
Lovett, City Treasurer, will receive sealed bids until 11 a. m. on Dec. 12
for the purchase at discount basis of a $150,000 current year revenue
anticipation loan. Dated Dec. 12 1934. Denorns. $25,000. $10,000
and $5.000. Due June 12 1935. Payable at the First National Bank
of Boston or at the First of Boston International Corp., New York. Legal
opinion of Ropes, Gray, Boyden & Perkins of Boston.
BIG SPRING, Howard County, Tex.
-At
-BONDS DEFEATED
the election on Nov. 20-V. 139. p. 3024
-the voters defeated the proposal
to issue $20,000 in park bonds, according to the City Secretary.
BLOOMFIELD, Essex County, N. J.
-REFINANCES AT LOWER
RATE
-The city on Dec. 3 effected the renewal of $750,000 tax revenue
notes at 43 % interest. This rate compares with that of 5% paid on
the maturing loan. The sale consisted of $650,000 in 1934 tax revenue
paper and $100,000 of 1933. The notes are dated Dec. 13 and mature
June 8 1935. They were purchased by the Bloomfield Bank & Trust Co.
BOISE ORIGINAL LOCAL IMPROVEMENT DISTRICT NO. 2
(P. 0. Boise), Ida.
-BONDS AUTHORIZED
-A $5,000 issue of refunding bonds is reported to have been authorized recently.
BOSTON METROPOLITAN DISTRICT, Mass.
-BOND OFFERING
Joseph Wiggin, Treasurer, will receive sealed bids until 12 M. on Dec. 11
far the purchase of $6,309,000 2%.2%,25i or 3% refunding bonds, issued
for the purpose of taking up a corresponding amount of Boston Elevated
Ry. Co. bonds maturing Jan. 1 1960. The new bonds will be dated Jan. 1
1935. In coupon form,regisertable as to principal only and of $1,000 each.
Maturity of the issue will depend on the rate of interest which the bonds will
bear and the schedules for each of the rates which may be named are shown
below. Bidders are asked to name a single interest rate for the entire issue.
Prin. and int. J. & J. will be payable at offices in N. Y. City and Boston to
be designated by the trustees of the District. The bonds will bear the usual
certification or a bang or trust company in Boston and will be sold subject
to approval of legality by Ropes, Gray, Boyden & Perkins of Boston,
whose legal opinion will be furnished without charge to the successful bidder.
A certified check for 1% of the bonds, payable to the order of the District,
must accompany each proposal. The bonds will mature as follolws,
according to the coupon rate named:
%
$%%
1936
Slik000
126,000
$126,000
$126.000
130,000
1937
129.000
129,000
129,000
1938
132,000
134,000
134.000
133,000
1939
137,000
135,000
136,000
135,000
1940
142,000
137,000
141.000
140,000
1941
141,000
142,000
145,000
1942
145.000
14
50
7:880
0
147,000
148.000
1943
147,000
155,000
153.000
150,000
1944
151.000
160,000
153,000
156,000
1945
154,000
181,000
1b5.000
158,000
1946
158,000
169,000
162,000
166.000
1947
161,000
175,000
170.000
165,000
148
165,000
180,000
170.000
175,000
1949
168,000
185,000
174,000
179,000
1950
172,000
191,000
178,000
185,000
1951
176,000
183,000
189,000
197,000
1952
181,000
202,000
187,000
195.000
1953
184,000
209,000
192,000
200,000
1954
188,000
214,000
197,000
206,000
1955
193.000
222,000
201,000
211,000
1956
197,000
228,000
217,000
207,000
1957
201,000
234,000
223,000
212,000
1958
206,000
242,000
229,000
217,000
1959
210.000
249,000
223,000
236,000
1960
2.352,000
1,966,000
2,099,000
2,228,000
BOUNDARY COUNTY DRAINAGE DISTRICTS (P. 0. Bonners
Ferry), Ida.
-CONFIRMATION OF RFC LOANS
-The County Clerk
confirms tne report that the Reconstruction Finance Corporation has
authorized loans aggregating $277,000, for refinancing purposes
-V. 139,
-and he states that no disbursements have been made as yet.
la• 3359
BRITTON INDEPENDENT SCHOOL DISTRICT (P. 0. Britton)
Marshall County, S. Dak.-WARRANTS CALLED
-The holders of
warrants are being notified that all registered warrants of the district outstanding, registered up to and including Reg. No. 455, are being called for
payment. All warrants should be presented for payment at the First National Bank of Britton.
BROOKLINE, Norfolk County, Mass.
-The
-TEMPORARY WAN
$500,000 revenue anticipation notes offered on Dec. 3-V. 139, p. 3506
were awarded to the Brookline Trust Co. at 0.347% discount basis. Dated
Dec. 3 1934 and due Oct. 22 1935. Other bidders were as follows: Merchants National Bank, Second National Bank and New England Trust Co.,
Jointly. 0.375%; National Shawmut Bank, 0.38%; Whiting, Weeks &
Knowles, 0.39%; Faxon, Gade & Co., 0.40% plus $2; W. 0. Gay & Co..
0.41% and Bankers Trust Co., N. Y., 0.48% plus $11.
-At the
-BONDS DEFEATED
BRUCETON, Carroll County, Tenn.
election on Nov. 27-V. 139, P. 3351-the voters rejected the proposal to
issue $18,000 in city hall construction bonds by a count of 45 "for" to 109
"against.'
Volume 139
Financial Chronicle
BUCYRUS, Crawford County, Ohio-BONDS AUTHORIZED-The
City Council recently passed an ordinance prodding for the issuance of
$35,000 69' sewer construction bonds. Dated Jan. 1 1935. Denom.$1,000.
Due 31,000 April 1 and Oct. 1 from 1936 to 1952. incl. and $1,000 April 1
1953. The bonds were authorized at the Nov. 6 general election. Principal
and semi-annual interest payable at the City Treasurar's office.
-It is stated
-BOND EXCHANGE
BURNS, Harney County, Ore.
that a $9,000 issue of 69' semi-ann. refunding bonds were offered for sale
without success on May 31 but were exchanged for water and sewer bonds
in the same amount which matured on June 1 1934.
CACHE COUNTY SCHOOL DISTRICT No. 1(P.O. Logan), Utah
-A $50,000 issue of tax anticipation notes is reported to have
NOTE SALE
Continental National Bank of Salt Lake
been purchased recently by the
City, at 1.75%, plus a premium of $7.
-The $50,000
-BOND SALE
CAMBRIDGE,Middlesex County, Mass.
coupon street bonds offered on Dec. 3-V. 139, p. 3506-were awarded as
2;is to Bond, Judge & Co. of Boston, at a price of 100.55, a basis of about
2.39%. Dated Dec. 1 1934 and due $5,000 on Dec. 1 from 1935 to 1944,incl.
Other bidders were: (for 23s) Blytn & Co., 100.517; F. L. Putnam & Co..
100.344; Faxon Gade & Co., 100.26; B. 11. Rollins & Sons, 100.093; R. L.
Day & Co., 100.09: (for 2tis) A. C. Allyn & Co.. 100.61; Estabrook & Co..
100.81; Burr & Co., 100.26 plus $5; (for 3s) Newton, Abbe & Co., 100.634
and Hornblower & Weeks, 100.07.
-BOND ISSUANCE CONTEMCANTON, Van Zandt County, Tex.
-it is said that the City Council intends to issue $14,000 in 4%
PLATED
sewer system revenue bonds. Dated Sept. 1 1934. Due on Sept. 1 1954.
(A loan and grant of $18,000 has been approved by the Public Works
Administration.)
CAP1TAN UNION HIGH SCHOOL DISTRICT (P. 0. Carrizozo),
-At an election held on
Lincoln County, N. Mex.-BONDS VOTED
Nov. 24 the voters are reported to have approved the issuance of $41,000
in school construction bonds.
CARROLL UNION FREE SCHOOL DISTRICT NO. 2(P.O. Frews-The $28,000 coupon
-BOND SALE
burg), Chautauqua County, N. Y.
-were
or registered school bonds offered on Nov. 30-V. 139, P. 3352
Seligman & Co. of New York, at par plus a
awarded as 3.805 to J. & W.
premium of $5.60. equal to 100.02, a basis of about 3.79%. Dated Dec. 1
1934 and due $2,000 on Dec. 1 from 1935 to 1948 incl.
-ADDITIONAL,INFORMATION
CAYUGA, Cayuga County, N. Y.
-The National Bank of Auburn paid a price of par for the $45,000 4%
-V. 139, P. 2080. Dated
water system bonds purchased in August.
Sept. 1 1934 and duo $1,500 annually from 1935 to 1964 incl.
-At
-BONDS VOTED
CENTERVILLE, Hickman County, Tenn.
-the voters approved the
the election held on Nov. 30-V. 139, p. 3506
issuance of the $25,000 in county-town municipal building bonds by a
very wide margin. It is said that the bonds will be sold about Feb. 1.
-It is stated by
-BONDS SOLD
CENTRALIA, Lewis County, Wash.
the City Clerk that the voters on Nov. 28 approved the issuance of the
-and they
-V. 139. p. 3185
$46,000 in gravity pipe line replacement bonds
were purchased at par by the Public Works Administration. (A loan and
grant of $80.000 has been approved by the Public Works Administration.)
-BONDS NOT SOLD
CHARTER OAK, Crawford County, Iowa
It is stated by J. II. Sander, Town Clerk, that a $33,000 issue of funding
bonds was offered for sale without success on Dec. 3.
-PURCHASER--It is
CHATTANOOGA, Hamilton County., Tenn.
stated by the City Auditor that the $100,000 loan authorized by the City
-has been purchased by
-V. 139, p. 2235
Commission late in September
a local bank.
CHICAGO, Cook County, 111.-33,297.000 BONDS CALLED FOR
REDEMPTION-The city recently announced that it is calling for redemption $3,297,000 of its 5H % refunding bonds of 1934. which will
be retired at par and accrued interest Jan. 1 1935. The bonds called
are various numbers in five different series A,B, C, D and E. The 555%
refunding bonds of 1934, now being called in part, were issued toward the
close of 1933. to meet the city's funded debt obligations maturing at that
time.
-The $196,000
-BOND SALE
CHICOPEE, Hampden County, Mass.
coupon municipal financial year adjustment bonds offered on Dec. 4-V.
-were awarded as 2$1s to Faxon, Gade & Co. of Boston,
139. p. 3506
at a price of 100.04, a basis of about 2.737, Dated Dec. 1 1934 and due
Dec. 1 as follows: $40,000 from 1935 to 1938 incl. and $36,000 in 1939.
Other bids were as follows:
Rate Bid
led. Rate
Bidder100.15
39'
First National Bank of Boston
100.18
3.25%
Tyler, Buttrick & Co
3.50%
100.127
Ilornblower & Weeks
-BONDS AUTHORIZED
-The
CHILLICOTHE, Ross County, Ohio
City Council recently passed an ordinance providing for the issuance of
$17,700 4% coupon refunding bonds. Dated May 23 1934. Due Oct. 1
as follows: $1,700 in 1936 and $2.000 from 1937 to 1944, incl. Principal
and interest (A. & 0.) payable at the First National Bank, Chillicothe.
-TRUSTEES OPPOSE
CINCINNATI, Hamilton County, Ohio
JAN. 2 BOND REFUNDING-The Trustees of the Sinking Fund on
adopted a report to the City Council opposing the proposed reNov. 30
funding of $910.000 44% bonds callable Jan. 2 1935. The text of the
report, according to the Cincinnati "Enquirer" of Dec. 1 was as follows:
"The Board feels it ill-advised and premature to recommend a call of
bonds Jan. 2. The Board must not look entirely to the immediate condition
of its affairs, but to its future obligations and financing. The procedure
In a call for redemption of bonds at an option period has been carefully
worked out and there is not the time prior to Jan. 2 1935, to execute the
call in an orderly way nor is it fair tor the bondholders."
"The Board recommended that the 3910,000 in bonds be called in April
or May. if financial conditions at that time permit. Thus, it was announced, will require a refunding issue of $500,000."
CLINTON, Clinton County, Iowa-CERTIFICATE AUTHORIZATION DEFERRED-It is reported by the City Clerk that the City Council
was to hold a meeting recently to consider a resolution authorizing the
issuance of 6% permanent sidewalk certificates but toe matter wall put off
for an indefinite period.
-BOND CALL
-The State
COLORADO, State of (P. 0. Denver)
Treasurer is said to be calling for payment at his office on Jan. 1, Nos. 651
of the 4% insurrection bonds of 1914, in the aggregate amount of
to 726
$7,600. Denom. $100.
-BOND SALE
-The $746,400
COLUMBUS, Franklin County, Ohio
-were awarded to a
deficiency bonds offered on Dec. 6-V. 139, p. 3352
of Ilalsey,
group composed Milwaukee Stuart & Co., Inc.; Lawrence Stern & Co.,
at a price of 101.15,
Milwaukee, as 3
Chicago and the
Co..
a basis of about 3.299'. Dated Dec. 1 1934 and due as follows: $37,400.
March 1 and Sept. 1 1936 and 1937 and $37,300, March 1 and Sept. 1 from
1938 to 1945 incl. Brown, Harriman & Co.; Hayden, Miller & Co.; Lowry,
and Huntington National Bank were second high bidders,
Sweney &
Co..
offering 100.659 for 310. In all, there were eight bids for 3I•i% coupon.
Bros.•, Phelps, Fenn & Co., and Stone & Webster and 13Iodget
Lehman
bid 100.50 for 30.
-The Sinking
COLUMBUS, Franklin County, Ohio-BOND SALE
Fund Trustees purchased at a price of par the issue of $10,800 4 % Judg-V. 139. p. 3507. Dated Dec. 1 1934
ment bonds recently authorized.
and due Feb. 1 as follows: $2,000 from 1937 to 1940 incl. and 32.800 in 1941.
-BOND OFFERING-Sealed
COLUMBUS, Lowndes County, Miss.
W.
bids will be received by T.the Lewis, Jr., City Secretary-Treasurer, until
purchase of two issues of 5% semi-annual
in. on Dec. 17 for
7.30 p.
bonds aggregating $70,000, divided as follows: follows:
to
1 as
349,000 refunding bonds. Due on Feb. 82.000, 1961. $2,000, 1940 reBids will be
1955: $3,000, 1956 to 1960. and
ceived on 13 of said bonds, which refund $13.000 bonds maturing
Feb. 1 1935; on six of said bonds, which refund $6.000 of bonds
maturing March 1 1935* on 22 of said bonds, which refund $22,000
of bonds maturing April 1, and on eight of the bonds, which
refund 38.000 bonds maturing July 1 1935.
Due on Feb. 1 1942.
21,000 street impt. refunding
1 1935. Prin. and int. payable at the
Denom. $1,000. Dated Feb. bonds.
Central Hanover Bank & Trust Co. in New York City. isA certified check
required.
0
for 57 of the issue of said bonds, payable to the city, V.
139. p. 3352.)
(This report supplements the offering notice given in
3675
-It
-BOND CALL
COMAL COUNTY (P. 0. New Braunfels), Tex.
is reported that the County Treasurer is calling for payment on Dec. 15,
o
on which date interest shall cease, 59' special road bonds numbered as
follows: 12, 103 to 209, 211 to 215, 217, 219, 220. 231 to 239, 241, and
247 to 350, for $500 each. Due in 30 years. optional in 10 years.
-The
-BOND SALE
COOK COUNTY (P. 0. Grand Marais), Minn.
0
$87,000 issue of 5%7 semi-ann. funding and refunding bonds offered for
-is stated to have been purchased by the
sale on Nov. 30-V. 139, p. 3352
Allison-Williams Co. of Minneapolis. No other bid was received. Dated
Dec. 1 1934. Due from Dec. 1 1935 to 1940.
CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.
NOTES AUTHORIZED--Tne Township Committee on Nov. 27 authorized
the issuance of $125,000 not to exceed 6% interest notes to finance the
township's share of the cost of completing the Rahway Valley joint sewer
disposal plant project.
-The $30,000
CRETE.Saline County, Neb.-BOND SALE DETAILS
-are stated to have
sewer bonds that were reported sold-V. 139, p. 964
been purchased by a local investor. as 53s, at par. Int. payable semiannually.
-BOND OFFERCUYAHOGA COUNTY (P. 0. Cleveland), Ohio
/NG-George H. Stabler, Clerk of the Board of County Commissioners,
will receive sealed bids until 11 a. m.on Dec.28 for the purchase of $594,500
4;4% coupon or registered bonds, divided as follows:
follows:
$575,000 series E poor relief bonds. Denom. $1.000. Due as $82,000
$77.000. March 1 and Sept. 1 1935:879.000. March 1 and
Sept. 1 1937. and
Sept. 1 1936; $84.000, March 1 and $87,000.
$89,000, March 1 1938.
19,500 series B Main Ave. bridge bonds. Denoms. $1.000 and $500.
Due Oct. 1 as follows: $500 from 1936 to 1942 incl. and $1.000
from 1943 to 1958 incl. Payable from taxes unlimited as to
rate or amount.
Dated Jan. 1 1935. Prin. and int. (A. & 0.) payable at the County
Treasurer's office. Bids for the bonds to bear interest at a rate other
than 414 %,expressed in a multiple of 1.i of 19'. will also be considered.
Bids may be made separately for each issue or for "all or none." A certified check for 1% of the bonds bid for, payable to the order of the County
Squire,
Treasurer, must accompany each proposal. Approving opinion of bidder.
Sanders & Dempsey of Cleveland will be furnished the successful
1
AUTHORIZEr-BOND ISSUANCE
DALLAS, Dallas County, Tex.
The following report is taken from a Dallas dispatch to the "Wall Street
Journal" of Nov. 30:
"The Dallas Centennial Committee has authorized the formation of a
corporation to be known as the Texas Centennial Central Exposition. and
authorized issuance of 32,000.000 of its bonds to raise money toward finanpoll
cing the celebration here in 1936, dependent on outcome of a postcardCento give the City Council authority to issue the $3,000.000 Fair Park
tennial bonds voted Oct. 30. The corporation's issue will probably be
made immediately after the City Council is authorized to issue its bonds
for street improvements and additions to Fair Park."
DANE COUNTY (P. 0. Madison), Wis.-BOND SALE DETAILS
It is now stated by the Deputy County Clerk that the bonds aggregating
the Securities Co. of Mil3800.000, sold recently to a group headed by
-were awarded as follows:
-V. 139, P. 3507
waukee
a basis of about
$400,000 3% corporate purpose bonds at a price of 98.50, optional on any
3.33%, to maturity. Due on Dec. 1 1939 and
int. payment date.
400.00039' relief bonds, at a price of 99.50. a basis of about 3.10%. Due
$80,000 from April 1 1938 to 1942 incl.
-In connection with the $250,000
BOND OFFERING CONTEMPLATED
road bonds that were authorized recently by the Board of County Super-it is stated by the County Clerk that these bonds
visors
-V. 139, p. 3507
will be offered for sale some time in May.
-The County
DANE COUNTY (P. 0. Madison), Wis.-BOND CALL
office,
Treasurer is said to be calling for payment at par on Dec. 15, at his 1934.
purpose notes. Dated Aug. 15
the entire issue of $500,000 corporate
-A
-NOTE SALE
DAVIDSON COUNTY (P. 0. Lexington), N. C.
pur240.000 issue of revenue anticipation notes is reported to have been 3%,
National Bank of Greensboro, at
chased on Nov. 27 by the Security
plus a premium of $11, through the Local Government Commission.
DAWSON COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Eddyville),
-A $28,000 issue of 4% semi-ann. refunding bonds is
Neb.-BOND SALE
reported to have been purchased by the Greenway-Raynor Co. of Omaha.
-It is also stated that $28,000 59' semi-ann. refunding
CALL
BOND
bonds are being called for payment at the office of the above company. on
Jan. 11935. Dated Jan. 1 1932.
-O.0.
DAY COUNTY (P. 0. Webster), S. Dak.-1VARRANT CALL
Floren, County Treasurer, is reported to be calling the following registered
warrants for payment:
All general warrants, Reg. No. 1320 to 1705. incl.
Mothers' pension warrants, Reg. No. 195 to 376, incl.
County road warrants. Reg. No. 2071 to 2105.
Bridge fund warrants. Reg. No. 1.
Interest ceased at date of notice.
-BONDS AUTHORIZED
DAYTON, Montgomery County, Ohio
The City Council recently passed an ordinance providing for tne issuance
1934. Denom.
of $300,000 411% deficiency funding bonds. Dated Oct. 1 $10,000, March
$1,000. Due as follows: $8,000. March 1 and Sept. 1 1939:
1 and Sept. 1 1940; $12,000, March 1 and Sept. 1 1941; $16,000. March 1
and Sept. 1 1942; 820,000, March 1 and Sept. 1 1943; $24,000, March 1 and
Sept. 1 1944; $28,000, March 1 and Sept. 1 1945, and $32.000, March 1
and Sept. 1 1946.
The Commission also has authorized an issue of $25,000 public land and
building fund bonds.
DECORAH INDEPENDENT SCHOOL DISTRICT (P. 0. Decorah)
-An issue of 8100.000 coupon
Winneshiek County, Iowa-BOND SALE
school building bonds was offered for sale on Dec.3 and was awarded to the
of $80.
Carleton D. Beh Co. of Des Moines. as 3 Sis, paying a premiurn Nov. 1
equal to 100.08, a basis of about 3.24%. Denom. $1,000. Dated
1934. Due as follows: $7,000, 1942 to 1945. and $8,000, 1946 to 1954, all
incl. Optional in 1949. Principal and interest (M. & N.) payable in
Decorah. Legality to be approved by Chapman & Cutler of Chicago.
-A $20_,000
-BOND SALE
DEER LODGE, Powell County, Mont.
issue of water revenue bonds is said to have been purchased by the Deer
Lodge Bank & Trust Co.
-BOND OFFERING
DEFIANCE COUNTY (P. 0. Defiance), Ohio
H. Reineke. Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m. on Dec. 18 for the purchase of $20,400 6% poor
relief bonds. Dated Dec. 1 1934. Due as follows: $800, March 1 and
8700. Sept. 1 1935; $800. March 1 and Sept. 1 1936; $5,700. March 1 and
$5,800, Sept. 1 1937, and $5,800, March 1 1938. Principal and interest
(M. & S.) payable at tne County Treasurer's office. Bids for the bonds
to bear interest at a rate other than 6%, expressed in a multiple of Si of
0,
17 will also be considered. A certified check for $1,000. payable to the
order of the County Treasurer, must accompany each proposal. Bidders
will be required to satisfy themselves as to the validity of the bonds.
-We are
-NO BONDS PROPOSED
DeKALB, DeKalb County, 111.
advised that no election was held on Dec. 4 to consider the issuance of
$60,000 sewerage disposal plant bonds.
DELCO INDEPENDENT SCHOOL DISTRICT NO. 3(P. 0. Burley,
-It is reported by
-BOND CALL
R. F. D. No. 1), Cassia County, Ida.
the District Treasurer that the following bonds are being called for payment on Jan. 1:
% school bonds, Denom. $1,000 and $500. Dated July 1
$23.500
1922.
6.000 6% school bonds. Denom. 8500. Dated July 1 1918.
These bonds are to be presented at any bank in Boise. The Department
of Public Investments of Idaho, will pay the face value of the bonds, Plus
accrued int. to Jan. 1, the date of call.
DEL RIO, Val Verde County, Tex.
-BONDS SOLD-The City Clerk
states that the $62,000 47 semi-ann. water works bonds approved by the
voters in September and byiy the Attorney General in October-V. 139. p.
2236
-have since been purchased by toe Public Works Administration.
(A loan and grant of $77,000 has been approved by the PWA.)
,-TTie
-WARRANTS CALLED
DELTA COUNTY(P.O. Delta), Colo.
County Treasurer is reported to have called for payment at his office on
3676
Financial Chronicle
Nov. 20, the various school district special fund, general school fund and
county fund warrants.
DES MOINES, Polk County, lows
-BOND EXCHANGE
We are informed by Emmett G. Powers, City Treasurer, that REPORT
issue of 3%% coupon funding bonds was exchanged recently for a $350,000
judgments
held against the city on defaulted sewer assessment
$1,000. Dated Nov. 1 1934. Due from 1935 to 1940. bonds. Denom.
Interest payable
M.& N. The judgment holders are all Des Moines residents. (This report
corrects that given in V. 139, p. 3353.)
DUTCHESS COUNTY (P. 0. Poughkeepsie), N. Y.
-ISSUES OF
CERTIFICATES SOLD-The $140.000 coupon permanent
tificates of indebtedness offered on Dec.8-V. 139, p. 3507 home relief cerawarded
as 2.40s to Halsey, Stuart & Co., Inc. of New York, at par-werepremium
of $497, equal to 100.35, a basis of about 2.32%. The saleplus a
consisted of:
$90,000 series B certificates to raise new money for relief purposes. Due
$10,000, Marcia 1 from 1936 to 1944 incl.
50,000 series A certificates to effect payment of a like amount outstanding.
Due $10,000, March 1 from 1936 to 1940 incl.
Each issue is dated Dec. 1 1934. Other bids were as follows:
BidderIT t. Rate
:0
4 %
Premium
Edward B. Smith & Co
Blyth & Co., Inc
2.40
V69.'66
194 4
0
Bancamerica-Blair Corp
2.50
212.00
Harris Trust & Savings Bank of Chicago
2.50
93.80
Salomon Bros. & Hutzler
2.50
70.00
F. S. Moseley & Co
2.50
53.20
First National Bank
2.50
Par
First Michigan Corporation
2.60
250.60
Brown, Harriman & Co., Inc
270
447.86
Lazard Freres & Co.,Inc
2.70
401.80
George B. Gibbons & Co
2.70
364.00
Marine Trust Co. of Buffalo
2.75
420.00
Failkill National Bank & Trust Co., Poughkeepsie_ _ _ _2.80
Par
EASTHAMPTON, Hampshire County, Mass.
-NOTE SALE-Estabrook & Co.of Boston were awarded on Dec.6 an issue of $30,000 municipal
relief notes as 2s, at a price of 100.34. Dated Dec. 1 1934 and due from
1935 to 1938 incl. Other bidders were (for 2.4s): Merchants National
Bank, 100.38; Faxon, (Jade & Co., 100.14; W. 0. Gay & Co.,
and Washburn, Frost & Co.. 100.1075. (For 2;is): R. L. Day100.135.
& Co.,
100.03 and (for 2%s), F. L. Putnam & Co., 100.076.
TEMPORARY LOAN
-A $30,000 revenue anticipation loan was awarded
at the same time to Whiting, Weeks & Knowles of Boston, at 0.74% discount basis. Due Nov. 8 1935. Other bidders were: Merchants National
Bank, 0.76%; Faxon, Gade & Co., 0.979" R. L. Day & Co.,0.98%; First
National Bank of Boston, 1% plus $1; Washburn, Frost & Co., 1.06%;
First Boston Corp., 1.09%, and W.0. Gay & Co., 1.13%.
EAST LIVERPOOL, Columbiana County, Ohio
-BOND SALE
The $75,000 5% municipal building bonds recently authorized-V. 139,
p. 3507
-will be purchased by tile State Teachers' Retirement System.
Dated Sept. 1 1934 and due $5,000 on Sept. 1 from 1936 to 1950 incl.
ELBERT COUNTY (P. 0. Kiowa), Colo.
-WARRANTS CALLED
The County Treasurer is reported to be calling for payment at his office,
various county and school warrants. Interest snail cease on the county
warrants on Dec. 14 and ceased on the school warrants Dec. 4.
ELGIN, Union County, Ore.
-BOND CALL
-R. L. Shoemaker, City
Treasurer, is reported to be calling for payment at his office on Jan. 1 1935,
Nos. 1 to 12 of the refunding bonds, Series A. Interest shall cease on
date called.
ELIZABETH, Union County, N. J.
-BOND SALE
-The $3.290,000
coupon or registered general refunding bonds offered at public sale on Dec.4
-V. 139, p. 3507
-were awarded to a syndicate composed of toe Chase
National Bank, Cnemical Bank & Trust Co., R. W. Pressprich & Co.,
E. H. Rollins & Sons, Inc., Roosevelt & Weigold, Inc., Schaumburg,
Rebnann & Osborne, Hemphill, Noyes & Co. and Hannahs, Ballin & Lee,
all of New Yorlr, also Whiting, Weeks & Knowles, Inc. Boston; C. C.
Collings & Co. and Edward Lowber Stokes & Co., both of Philadelphia.
'
and Van Deventer, Spear & Co., Inc. of Newark. The bankers paid par
plus a premium of $13,818 for the bonds as 4%s, equal to 100.42. a basis
of about 4.719'. Tile bonds are part of a total authorized issue of 34.890,000, the remaining $1,600,000 having already been placed in accordance
with arrangements made by toe City prior to toe present sale. The
$3,290,000
% bonds just sold bear date of Dec. 1 1934 and will mature
Dec. 1 as follows: $125,000 from 1936 to 1961 incl. and $40,000 in 1962.
Public reoffering is being made by members of the successful group at prices
to yield, according to maturity, as follows: 1936. 3%; 1937, 3.50%; 1938,
3.75%; 1939. 49'; 1940. 4.20%;1941, 4.309'; 1942 and 1943, 4.40%; 1944
and 1945, 4.45%; 1946 to 1998. 4.50%; 1919 to 1952, 4.55%, and from
,
1953 to 1962 incl., 4.60%. The bonds are stated to be legal investment
for savings banks and trust funds in the States of New York and New
Jersey. General obligations, payable from unlimited ad valorem taxes,
it is said.
OTHER BID
-An account of the only other offer made for the issue
follows: A second tender, submitted by penman Brothers and associates,
called for 5% obligations at price of 101. Otner members of this group
were Stone & Webster and Blodget, Inc.; Estabrook & Co.; the BancamericaBlair Corporation; Blyth & Co., Inc.; Kean, Taylor & Co.; Goldman,
Sachs & Co.; toe First of Michigan Corporation; Mercantile Commerce
Bank & Trust Co.; Geo. B. Gibbons & Co., Inc.; Bacon, Stevenson & Co.;
B. J. Van Ingen & Co.; Graham, Parsons & Co.; A. C. Allyn & Co.; Burr &
Co., and Adams & Mueller.
EL PASO, El Paso County, Tex.
-BONDS VALIDATED
-A bill is
said to have passed the Legislature recently, validating the $440,000 insewer construction bonds for which a Public Works Administration allotment was approved-V. 139, p. 3508.
EUGENE, Lane County, Ore.
-BOND OFFERING
-Sealed bids
be received until 7:30 p. m. on Dec. 14 by R. S. Bryson, City Recorder,will
the purchase of a $78,650 issue of funding bonds. Interest rate is notfor
to
exceed 5%, payable semi-annually. Denominations not less than $100 nor
more than $1,000 as desired. Bonds to bear date as the Mayor may
designate. Due $8,000 each year for nine years and $6,61‘0 in the 101h
year. Optional after two years. These bonds were approved
voters on Nov. 6. The right is reserved to reject any and all bids by the
and to
negotiate a sale or exchange of said bonds at private sale, or exchange for
district improvement warrants. A certified check for 2% must accompany
the bid.
EUREKA, Humboldt County, Calif.
-BOND OFFERING-Sealed
bids will be received until 8 p. m. on Dec. 11, by A. Walter Kildale, City
Clerk, for the purchase of a $959,000 issue of 4% water bonds. Denom.
$1,000. Coupon bonds dated Nov. 1 1934. Due on Nov. 1 as follows:
$25,000. 1935 to 1944: 530,000, 1945 to 1949;$35,000. 1950 to 1957;$39,000,
1958. and $40,000 from 1959 to 1964, all incl. Prin. and in (M.
payable at the City Treasury, or at the National City Bank in New& N.)
York
City. Bonds shall be payable in any tender which is legal upon date of
payment. These bonds were authorized by the City Council on Nov. 7
-V. 139, p. 3353. Bids may be submitted for all or any part of said
bonds, bids to be for not less than par value. A certified check for 5%
of the bid, payable to the Mayor of the City, is required. The following
information is furnished with the offering notice: The City of Eureka
contains a population of 15,752; assessed valuation, $13.341,434, exclusive
of operative property of public utilities; with present bonded indebtedness
of $362,025.
EUREKA, McPherson County, S. Dak.-BOND SALE
-The $10,000
issue of 4% semi-annual sewer bonds offered for sale on Nov. 30-V.
p. 3352
-was purchased at par by the Public Works Administration. 139,
other bid was received. Dated Aug. 15 1934. Due $1,000 from Aug.No
15
1935 to 1944, inclusive.
FAIRFIELD, Fairfield County, Conn.
-BOND SALE
-The $50.000
coupon (or fully registered) highway construction bends offered on Dee. 5V. 139. p. 3508
-were awarded as 2s to Putnam & Co. of Hartford, at a
price of 100.19. a basis of about 2.46%. Dated Nov. 11934. Due $5,000
on Nov. 1 from 1935 to 1944 incl.
TEMPORARY LOAN
-R. L. Day & Co. of Boston purchased on Nov. 20,
at 0.83% discount basis, a $250,000 tax anticipation loan, due June 5 1935.
FINLEYVILLE, Washington County, Pa.
-BOND SALE
-The
$18,000 coupon water system bonds offered on Dec. 5-V. 139, p. 3354
were awarded to S. K. Cunningham & Co. of Pittsburgh, as 5s, at a price
Dec. 8 1934
of 100.10, a oasis of about 4.99%. Dated Jan. 1 1935 and due $1,000 on
Jan. 1 from 1938 to 1955, inclusive.
FITCHBURG, Worcester County, Mass.
-BOND SALE
-The $200,000 coupon (registerable as to principal only) municipal financial year
adjustment bonds offered on Dec. 9-V. 139, p. 3508
-were awarded to
Burr & Co., Inc. of Boston, as 2s, at a price of 100.38, a basis of about
1.87%. Dated Dec. 1 1934 and due $40,000 on Dec. 1 from 1935 to
1939 incl. Other bids were as follows:
BidderInt. Rate
Rate.13
7
1
F. L. Putnam& Co., Boston
2%
100.3
Lincoln R. Young it Co., Hartford, Conn
2
100.212
Bond, Judge & Co., Boston
100.12
Halsey, Stuart & Co., Boston
100.085
2
Second National Bank, Boston
23i 9'
100.346
E. H. Rollins & Sons, Boston
100.317
Merchants National Bank, Boston
110000.
Faxon, Gade & Co., Boston
os
Blytn & Co
100.198
R. L. Day & Co
2% 0
100.29
FORT LEE, Bergen County, N. J.
-NOTICE TO HOLDERS OF CITY
AND SCHOOL DISTRICT OBLIGATIONS
-Announcement is made of
the formation of a Committee representing holders of a substantial part
of the outstanding bonds and notes of the Borough and the School District.
The membership Includes Charles H. Plenty, Chairman; Carl K. Withers,
Roland G. Eves and Burleigh B. Draper. This body, known as the Committee for Security Holders of both units, states that as a result of conferences with municipal officials regarding the financial affairs of the Borough.
it has concluded that concerted action is advisable to formulate a plan for
adjusting the affairs of the municipality and the protection of its creditors.
It is suggested that all holders of Fort Lee securities communicate with the
Chairman of the Committee. Mr. Plenty. the Chairman, is Vice-President
of the Hackensack Trust Co.. Hackensack. The Committee declares that
no deposit of bonds is being requested at this time.
FRANKLIN COUNTY (P. 0. Columbus), Ohio
-BOND SALE
The $161,800 poor relief bonds offered on Dec. 5-V. 139. p. 3186
-were
awarded as 2s to the BancOhio Securities Co. of Columbus, at par plus
a premium of $112.70, equal to 100.06. a basis of about 1.964%. Dated
Dec. 1 1934 and due as follows. 521,000 March 1 and $21.800 Sept. 1
1935: $22,500 March 1 and $23,000 Sept. 1 1936; $23,800 March 1 and
$24,500 Sept. 1 1937, and $25,200 March 1 1938. An official list of the
unsuccessful bids follows.
Bidder
bit,RatePremium
Otis Si. Co. Cleveland
Breed & Harrison,Cincinnati
McDonald-Callahan-Richards Co.,Braun,Bosworth & Co., 4 "
155848
Toledo
100..300
Mitchell. Herrick & Co.; Merrill, Hawley & Co.,Cleveland-2h%%
2
Lowry, Sweney, Inc., Columbus; Hayden, Miller Co.,
Cleveland; Van Lahr, Doll & Isphording,
411.50
Chas. A. Hinsch & Co.,Seasongood & Mayer, Well, Roth dt2 i%
Cincinnat
Irving Co.,Cincinnati
167.00
234%
Halsey,Stuart & Co.,Chicago
FREDONIA, Wilson County, Kan.
00
-BOND ELECTION CON2 ON 25.
TEMPLATED-It is said that an election will be called in the near future
e on the issuance of $65,000 in water works system construction
to v s
bondot
.
FREEPORT, Nassau County,N.Y.
-REVOKES TAX PENALTIES
It is reported that the Village has revoked penalties on unpaid taxes and
assessments for the collection of which property has not been sold, provided
the delinquent sums are paid prior to Jan. 31 1935, with interest at 6%
from time they became due.
GILBERT INDEPENDENT SCHOOL DISTRICT (P. 0. Gilbert)
St. Louis County, Minn.
-BOND SALE DETAILS
-The $133,000
43j% semi-ann. warrant funding bonds that were purchased by the State
of Minnesota
-V. 139. p. 3354
-were awarded at par and mature on July 1
as follows: 57.000, 1940; 58,000. 1941 to 1945: 510,000, 1946 to 1950, and
512.000, 1951 to 1953.
GLENS FALLS:WM County, N. Y. 1301=0/PLI
'
.-TrW=-8eliled
bids addressed to the City Chamberlain will be received until S p. m. on
Dec. 18 for the purchase of $100.000 nonds, the proceeds to be used in the
payment of that amount of $160,000 notes now outstanding. Issue will be
dated Jan. 1 1935 Denom.*Low (Udder to name the rate of interest.
GRANTS PASS IRRIGATION DISTRICT (P. 0. Grants Pass),
Ore.
-CONFIRMATION OF RFC LOAN
-The Secretary-Manager of the
District confirms the report given in V. 139. po. 3359, that the Reconstruction Finance Corporation authorized a loan of $282,500 for refinancing and
he states that upon receipt of the official resolution from the said corporation the matter will be submitted to the Bondholders Committee.
GRAY COUNTY*
(P. 0.'Pampa) Tex.
-P WA ALLOTMENT REJECTED-The county officials are said to have advised the Public Works
Administration that they have abandoned plans for the financing of highway construction through the loan and grant of $120,000 approved by the
PWA some time ago.
GRAYSON COUNTY (P. 0. Sherman), Tex.
-WARRANT ISSUANCE CONTEMPLATED
-The Commissionet's Court has given notice
of its intention to issue not to exceed $216,000 In time warrants, to be
used as security for a Public Works Administration loan and grant of
5300.000 for the construction of a new courthouse awl jail. Dec. 12 has
been set as the date upon wnich the warrant issue will be authorized by
the Commissioner's Court.
GROTON, Middlesex County, Mass.
-REJECTS MUNICIPAL
UTILITY PLAN
-The proposal that a municipal power and light plant
be constructed was rejected at a town meeting held on Dec. 4.
GULFPORT, Harrison County, Miss.
-VALIDATION OF BONDS
SOUGHT
-A dispatch from Gulfport to the New Orleans "Times Picayune"
of Nov. 27 reported as follows on the proposed consummation of a loan and
grant contract from the Public Works Administration:
"What is believed to be the final step toward securing from the PWA
the funds required to build the new pier and warehouse on the west side of
the Gulfport Harbor was taken this afternoon when the municipality of
Gulfport filed an application with the Harrison County Chancery Clerk, to
validate $857,000 worth of special obligation bonds of the City of Gulfport.
The prescribed cost of the harbor project is $1,150,000, but the Government
has agreed to pay 30% of the construction costs. Validation proceedings
will come up before Chancellor D. M. Russell at Gulfport Dec. 7, Judge
G. Garland Lyell, State Bond Attorney, and Judge Hiram H. Creekmore,
State PWA Attorney, were in Gulfport to-day in connection with the
preparation of the validation papers. In addition to the application for
validation, the bond mortgage executed by the municipality was also
filed in the chancery clerk's office this afternoon."
HANCOCK COUNTY (P. 0. Findlay), Ohio
-BOND OFFERING
G. R. Morehart, County Auditor, will receive sealed bids until 10 a.m. on
Dec. 22 for the purchase of $10,300 69' poor relief bonds. Dated Dec. 1
1934. Due as follows: 51.500. March 1 and $1,400, Sept. 1 1935; $1.400.
March 1 and Sept. 1 1936: $1,500, March 1 and Sept. 1 1937 and $1,600.
March 1 1938. Principal and interest (M. & S.) payable at the County
Treasurer's office. Bids for the bonds to bear interest at a rate other than
6%,expressed in a multiple of 31 of 1%,will also be considered. A certified
check for $250, payable to the order of the County Auditor, must accompany each proposal. This issue was authorized recently
-V. 139. p. 3187.
HANCOCK AND TOMPKINS CENTRAL SCHOOL DISTRICT
NO. 6(P. 0. Hancock), Delaware County, N. Y.
-BOND OFFERING
William H. O'Neill, District Clerk, will receive sealed bids until 10 a.m.
on Dec. 11 for the purchase of $138,000 not to exceed 5% interest coupon
or registered school bonds. Dated Nov. 1 1934. Denom.$100 or multiples
thereof, as stipulated by the bidder. Due Nov. 1 as follows: $1.000,
1936 to 1941 incl.; 52.000. 1942 to 1944 incl.; $3,000. 1945 to 1947 incl.;
$4,000. 1948 to 1950 incl.; 55,000, 1951 to 1953 incl.: 36,000, 1954 to
1956 incl.; $7,000, 1957 to 1959 Ind; $8,000, 1960 to 1963 Incl.; $9,000
in 1964 and $10,000 in 1965. Principal and interest (M. & N.) payable
In lawful money of the United States at the First National Bank, Hancock.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of
or 1-10th of 1%. A certified check for $1,380, payable to
R. A. Forester, District Treasurer, must accompany each proposal. Legal
opinion of Clay, Dillon & Vandewater of New 'York will be furnished the
successful bidder.
Volume 139
-An elec-BOND ELECTION
HARCOURT, Webster County, Iowa
tion is said to have been scheduled for Dec. 17 to vote on the issuance of
$14,000 in water works construction bonds. (A loan and grant of $19,000
has been approved by the PWA.)
-BONDS VOTED
HARDEMAN COUNTY (P. 0. Quanah), Tex.
-the voters approved
At the election held on Dec. 1 - V. 139, p. 3508
in hospital bonds by a margin of almost two to
the issuance of the $80,000
one. The bonds are to repay the loan portion of a Public Works Administration allotment for this project.)
-BOND ELECTION-It is
HARLINGEN, Cameron County, Tex.
stated that an election will be held on Dec. 17 to vote on the issuance of
$60,000 in bonds for repairs to the Fair auditorium.
HARRISON (P. 0. Harrison), Westchester County, N.Y.-TEM-The First National Bank of Harrison has made a loan
PORARY LOAN
of $125,000 at 3% interest. Payable Feb. 15 1935.
-TENDERS OF SCHOOL
HIGHLAND PARK, Wayne County, Mich.
-Mrs. Mabel G. Herald, Secretary of the Board of
BONDS SOUGHT
Education, states that tenders of bonds of the school district will be received
until 8 p. m. (Eastern Standard Time) on Dec. 18. Funds are available
in the several sinking funds for the purchase of bonds in the approximate
amounts as follows:
$26,000
5% serial refunding bonds dated June 1, 1932; due June 1 1935_ 19,500
5% refunding bonds dated March 15 1933: due March 15 1943__
4,000
4 refunding bonds dated Aug. 1 1933; due Aug. 1 1943-4 ff 7
against 1930, 1931
5% 1934 refunding bonds to refund Notes
and 25% of 1932 delinquent taxes, dated April 16 1934; due
April161937--26,000
In addition to the foregoing there is approximately $12,000 in the longterm bond sinking fund available, and to be used for the purchase of any
of the outstanding bonds of said school district. Make separate tender
for each different issue of bonds offered. Right is reserved to reject any
and all tenders; to accept the best tenders, in part or entire (unless otherwise
stated in tender), at not more than par and accrued interest, up to the
respective amounts available, and to waive any irregularities in favor of
the district.
-NOTICE TO BONDIRON MOUNTAIN, Dickinson County, Mich.
-Harold C. Lindholm, City Clerk, states that sealed bids on
HOLDERS
series A and B refunding bonds will be received until
$17,500 par value,
7.30 p. m. (Central Standard Time) on Dec. 21. No tenders shall be
accepted at a price in excess of the par value and accrued int. of such bonds.
HILLSBORO EXEMPTED VILLAGE SCHOOL DISTRICT (P. 0.
--BOND OFFERING-Stanley
Hillsboro), Highland County, Ohio
Rogers, Clerk of the Board of Education, will receive sealed bids until 12 m.
floating debt funding bonds,
on Dec. 13 far the purchase of $9,149.96 43
authorized by House 13111 No. 11, passed at the third special session of the
90th General Assembly of Ohio. Dated Dec. 1 1934. Due as Mows:
$1,149.96, Dec. 1 1935 and $1.000, June land Dec. 1 from 1936 to 1939 incl.
Interest payable semi-annually. Bids for the bonds to bear interest at a
rate other than 4 %, expressed in a multiple of 34 of 1%. will also be
considered. A certified check for $50, payable to the order of the Board
of Education, must accompany each proposal.
-BONDS PARTIALLY
HILLSIDE TOWNSHIP(P.O. Hillside), N.J.
-Of the $107,000 storm sewer bonds offered on Nov. 28-V. 139,
SOLD
p. 3354-a block of $15,000 were exchanged through H. L. Allen & Co. of
New York, as 6s. at a price of 99, for a like amount of outstanding temporary obligations. The $15,000 mature Oct. 1 as follows: $LOW, 1953;
-day option
$9,000. 1954, and $5.000 in 1955. The company obtained a 60
on the balance of $92000 storm sewer bonds and the $112,000 general
improvement issue which was offered at the same time.
-H. L. Allen & Co. of New York,
$1,904,000 BONDS EXCHANGED
fiscal agents for the township in a program for the exchange of serial bonds
in payment of outstanding temporary municipal obligations, recently
reported that $1,904,000 of the interim indebtedness which matured in
the past three years has been converted into permanent debt.
-At the election
HILLSVILLE,Carroll County, Va.-BONDS VOTED
-the voters approved the issuance of
held on Nov. 20-V. 139, p. 2710
in school bonds, according to report.
the $12,500
-PROPOSED BOND ISSUE
HOBOKEN, Hudson County, N. J.
The City Commission passed on first reading Dec.4 an ordinance providing
funding of $11.500 tax revenue bonds of 1932. Principal of the
for the
maturing issue totals $11.789. The new bonds will be dated Dec. 1 1934,
bear interest at not more than 6% and mature $5,000 Dec. 1 1939 and
$6.500 Dec. 1 1940.
-The
-BOND SALE
HOCKING COUNTY (P. 0. Logan), Ohio
$9,700 coupon poor relief bonds offered on Nov. 30-V. 139, p. 3187
as 234s to Fox, Einhorn & Co. of Cincinnati, at Par Plus a
were awarded
premium of $6.66, amal to 100.08, a basis of about 2.48%. Dated Sept. 1
1934 and due as follows: 111,200 March 1 and Sept. 1 1935: $1,200 March 1
and $1,300 Sept. 1 1936: 31.600, Marcn 1 and Sept. 1 1937 and $1,600
March 11938. Other bids were as follows:
Dd. Rote
Premium
Bidder$11.85
355%
Seaaongood & Mayer
3
11.64
Provident Savings Bank & Trust Co
2
11.00
Lowry Sweney, Inc
Par
3
Farmers & Merchants Bank, Logan
HUNTSBURG TOWNSHIP (P. 0. Huntsburg), Geauga County,
-A. D. Williams, Clerk of the Board of
EXCHANGE
-BOND
Ohio
Trustees, states that the $7,000 6% refunding bonds unsuccessfully offered
-have since been exchanged for bonds which
-V. 139. p. 148
in June
matured. The refundings are dated May 1 1934 and due Oct. 1 as follows:
$500 from 1936 to 1941 incl. and $1,000 from 1942 to 1945 incl.
-The monthly report of
-DEBT STATEMENT
ILLINOIS (State of)
John C. Martin, State Treasurer, includes the following:
Statement of Indebtedness Dec. 11934.
Called bonds outstanding which have ceased to draw
interest, viz:
$4,000
New internal improvement stock
New internal improvement interest stock, payable
500
1878
after
1.000
One old internal improvement bond
12,000
Twelve canal bonds
$17,500
$140,506,000
State highway bonds
32.011,000
compensation bonds
Soldiers'
6.000,000
Waterways bonds
20.000,000
Emergency relief bonds
$198.534,500
Total bonded debt
28,500,000
Revenue notes for use of emergency relief
2,790.000
Motor fuel tax fund for revenue
260.000
Tax Anticipation !Motor fuel fund for waterway bond
Motor fuel tax fund for soldiers' compenNotes held by
910,000
[ sation bond
500,000
[Agricultural Premium fund for revenue
$231.494.500
Total
-It is
IRON COUNTY (P. 0. Hurley), Wis.-BOND ELECTION
election will be held on Dec. 18 to vote on the proposed
reported that an
issuance of $110,000 in road bonds. (A tentative report on this election
appeared in V. 139. P. 3355.)
The Minocqua "Times" of Nov.23 commented as follows on the bonds:
funds from
"The question of bonding Iron County for $110,000 so thatof Highway
the Cartwright grant may be matched for the improvement the county
between Hurley and Mercer will go to the electorate of
U. S. 51
at a special election Dec. 18. Hurley late Tuesday afternoon, the County
"Concluding its session at
on the bond
a
Board adopted a formal resolution calling for ofreferendum Committee
proposal. It was also decided to send members the Highway
Chairman of the Board to Madison Nov. 24 to confer with the
and the
Highway Commission on the bonding proposal. the bond issue as bonds
of
"The State proposes to pay the principalapproves the plan, will meet
become due. The county, if the electoratebond issue,
Finance Comthe
the interest. Anticipating approval of set up a reserve the be known as a
to
mittee was instructed by the Board to
to
trust account to meet the interest on bonds. The amount the be set aside
bonds may
shall not exceed $15,000. the Board decided. Interest on
not exceed $12,000.
3677
Financial Chronicle
JACKSON, Madison Counti, Tenn.-130ND ISSUANCE NOT CON-It is stated by Mayor Taylor that no definite steps have
TEMPLATED
been taken as yet toward the issuance of the $85.000 in high school and
incinerator bonds that were approved by the voters on Oct. 4-V. 139
p.2710.
-BOND OFFERING
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
-Sealed bids will be received by Floyd Wray, County Clerk, until 10 a. m.
on Dec. 10 for the purchase of three issues of 334% bonds aggregating
$50,000, divided as follows:
$20,000 Wellman Road impt. bonds. Due $2,000 from Dec. 1 1935 to
1944 incl.
20,000 Winchester-Easton road inapt. bonds. Due $2.000 from Dec. 1
1935 to 1944 incl.
10,000 E. E. Barnard to Winchester road impt. bonds. Due $1,000
from Dec. 1 1935 to 1944 incl.
Denom.$1,000. Dated Dec. 1 1934. Interest payable J. & D. Legality
to be approved by Dean & Dean, of Topeka. A certified check for 2%
of the bid is required.
-BOND OFFER.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio
NG-Stella M. Campbell, Clerk of the Board of' County Commissioners,
will receive sealed bids until 1 p.m.on Dec. 18 for the purchase of $29.200
not to exceed 6% interest poor relief bonds. Dated Dec. 1 1934. Due as
follows. 83.900 March 1 and Sept. 1 1935: $4,000 March 1 and $4.200
Sept. 1 1936: $4.300 March 1 and $4,400 Sept. 1 1937 and $4,500 Sept. 1
1938. Principal and semi-annual interest payable at the State Treasurer's
office. A certified check for 2% of the bonds, payable to the order of
the County Commissioners. must accompany each proposal.
JEFFERSON INDEPENDENT SCHOOL DISTRICT (P. 0. Jeffer-It is stated by C.P. Lyon.
son), Greene County, Iowa-BOND CALL
Secretary of the Board of Directors, that $40,000 4 X % school refunding
bonds of the issue of July 1 1928, are being called for payment at the
Jefferson State Bank, as of Jan. 1. interest to cease on that date. The
bonds being called mature from July 1 1938 to 1943.
-BOND SALE-KALAMAZOO COUNTY (P. 0. Kalamazoo), Mich.
The $562.000 coupon municipal building bonds offered on Nov. 30-V.
-were awarded to Edward B. Smith & Co. of New York and
139, p. 3509
Watling, Lerchen & Hayes, Detroit, jointly, at a price of 100.03, a basis of
about 3.03%. Award was made as follows:
to
$277,000 bonds sold as 4s. Due Dec. 1 as follows: $18,000 from 1935
1942 incl. and $19,000 from 1943 to 1949 incl.
bonds sold as 3s. Due $19,000 on Dec. 1 from 1950 to 1964 incl.
285,000
Bonds maturing on and after Dec. 1 1946, are redeemable at the option
of the county by payment of principal, with accrued unpaid interest, plus
a premium of ti of 1% upon principal for each year and fraction thereof
ng the bonds
for the unexpired life of the bond. The bankers are re-offeriaccording to
for public investment at prices to yield from 1 to 3.25%,
maturity.
-COURT HOLDS PWA
KANSAS CITY, Wyandotte County, Kan.
PROJECT INVALID-Cities of this State which agree to borrow money
imfrom the Public Works Administration or other Federal agencies for
agree
provements, under the Special Act of the 1933 Legislature, cannotor inlevies, directly
to ray off the loan through general property tax
ruling
directly, the State Supreme Court held in a recent decision. The to put
was handed down in a case involving the above city, which sought on the
through a $2,000,000 wharf and barge line terminal proposition
Missouri River.
-BOND DEFAULTS PUT AT
KANSAS, State of (P. 0. Topeka)
LESS THAN 1%-We quote in part as follows from the Topeka "Capital"
29, dealing with the number of bond defaults which have occurred
of Nov.
in this State:
the
"W. T. Markham. Superintendent of Instruction and Secretary of
Commission, voted for the purchase of enough of the more than 82.000,000
about
of Kansas municipal bonds offered, to have taken care of all but
Boynton
$100.000 of the cash on hand. But the action of Ryan and
resulted in the rejection of all but a few thousand dollars worth in the
last four months.
"Finally, last week, Ryan sent to the State Treasurer's office and asked
were
to know how many bonds owned by the School Fund Commission
in default. J. J. Rhodes, State Treasurer, supplied the information.
invested by the School
"Out of a total of $10,800,000 of school funds
Fund Commission-before Ryan and Boynton emulated the Biblical
not get
servant who carefully folded his talent in a napkin so it would interest
-out of this total of $10,800,000, there is delinquent $15,000 of
lost
$102,000 of principal.
and
"In other words, less than 1% of the principal is in default. A pretty
good showing for Kansas bonds in a depression as severe as this one has
been."
-It is re-BOND CALL
KENTUCKY, State of (P. 0. Frankfort)
ported by Ben Johnson, Secretary of the State Highway Commission, that
for payment as of Jan. 1, a block of $50,000
the said Commission is calling
Kentucky bridge bonds, Project No. 3, Ashland Bridge, and $100,000
Project No. 8, Henderson-Evansville bridge, with a premium of 234% and
accrued interest, as provided by Article 2. Section 1, of the respective
trust indentures. The bonds will be paid at the principal office of the
Chemical Bank & Trust Co. in New York City. Interest will cease on
date of call. Jan. 1.
-It is stated
-OAS SYSTEM SOLD
KERRVILLE, Kerr County, Tex.
that tne Kerrville Gas Co. has sold its plant to the above city and the sale
has been approved by the court. It is said that out of the $50,000 bonds
-the sum of $15,000 will be spent for
sold on Oct. 30-V. 139, P. 3187
improvements.
-BOND SALE CONKNOX COUNTY (P. 0. Knoxville), Tenn.
TEMPLATED-The County Judge is said to be contemplating the issubonds, to take up outstanding
ance of $125,000 in 434 or 434% refunding
5% bonds which mature on April 11935.
KNOXVILLE SCHOOL DISTRICT NO. 101, Knox County III.
BOND SALE
-The $54,000 4% school bonds offered on Dec. 3-V. 139.
-were awarded to Paine. Webber & Co. of Chicago, at par plus a
P. 3355
premium of $1,804.66, equal to 103.341, a basis of about 3.61%. Dated
Sept. 1 1934 and due Sept. 1 as follows: $2,000, 1935 and 1936; $2,500
from 1937 to 1944 incl. and $3,000 from 1945 to 1954 incl.
Other bids were as follows:
Premium
Bidder$1,392.66
Stone & Webster and Blodget, Inc
1,211.78
'&
First Galesburg National Bank Trust Co
1,193.00
First National -Bank of Chicago
1,155.60
Channer Securities Co
0
69727..000
Bartlett, Knight & Co
White-Phillips Corp
-The
-BOND SALE
LAKE COUNTY (P. 0. Painesville), Ohio
$136,350 coupon bonds reoffered on Nov. 30 were awarded to Fox, Einhorn
& Co. of Cincinnati, as shown below. They were originally awarded on
Nov. 5. but the sale was not consummated owing to a technicality. The
new sale was made on the following terms:
$119,850 refunding bonds sold as 5s, at par plus a premium of $201, equal
to 100.167. a basis of about 4.96%. Dated Oct. 1 1934 and due
Oct. 1 as follows: $5,700 April 1 and $6,150 Oct. 1 1938; $5.1,50
April 1 and $6,150, Oct. 1 from 1939 to 1947 incl.
16,500 poor relief bonds sold as Ms, at par plus a premium of $70.70,
equal to 100.42, a basis of about 2.59%. Dated Nov. 1 1934
and due as follows: $5,300. March 1 and $5,500 Sept. 1 1937 and
$5,700 March 1, 1938.
Other bids for the Issues were as follows:
Bidder
-$119,850 Issue
-816,500 Issue
$52.00
5 %
Provident Savings & Trust Co
$805.00
3%
& Co
750.00
5Y 7
555 4
455.43
°23.10
Stranahan & Co
3
1
214.00
54.45
BancOhio Securities Co
3)4%
1,240.00
Johnson, Kase & Co
17.85
Seasongood & Mayer
3%
Otis & Co
234%
21.00
Borton & Co
Braun, Bosworth & Co.and McDonald
Callahan Richards Co •
331% P 29.00
-SECOND CASH DISTRIBUTION
LAKELAND, Polk County, Fla.
-The Florida municipal bondholders' protective committee,
ANNOUNCED
headed by John S. Harris, announces a second cash distribution to holders
In:88
3678
Financial Chronicle
Dec. 8 1934
of obligations of the above city who have deposited them
with the comMILFORD
mittee. The committee is active in a number of
TOWNSHIP
CONSOLIDATED
INDEPENDENT
Florida municipal default
SCHOOL DISTRICT (P. 0. Ames) Story County, Iowa-BOND
situations which are too small individually for protective committees
and
CALL
-C. S. Christy, Secretary of the Board of Education, is reported to
currently is accepting deposits of bonds issued by 27 communities.
Thombe calling for payment at his office or at the White-Phillips Co. in
son. Wood & Hoffman, of New York, are general counsel
port, on Jan. 1, on which date interest shall cease, the following 5%Davenmittee, while Harry A. Dunn, of the Hillbrandt Building, for the combonds:
Jacksonville, is
$10,000 school, Series A: $24.000 school, Series B, and $22,000 school,
Secretary.
JSaernins1
bonds. Dated Jan, 2 1923. Due on Jan. 1 1943, optional on
LAKE WORTH INLET DISTRICT (P. 0. West Palm Beach),
C1935
Fla.
-FEDERAL FUND ALLOTMENT
-The following statement was
MILLS COUNTY ROAD PRECINCT NO. 1 (P. 0. Goldthwaite),
released for publication by the Public Works Administration on Dec. 5:
Tex.
-BOND ELECTION
-A special election was held on Dec. 8 to vote
"Allotment of $80,000 to the Corps of Engineers,
on the issuance of $20,000 in 5% road improvement bonds. Due in 30
for the improvement of Lake Worth Inlet, Fla., was War Department,
announced to-day
years.
by the PWA.
"The channels and turning basin will be deepened to a depth of 20
MILWAUKEE, Milwaukee County, Wis.-BOND ISSUANC=Vfeet
at mean low water."
TEMPLATED-It is reported that a referendum will be held
order to obtain authority for the issuance of $600,000 in schoolnext April in
LANCASTER, Lancaster County, Pa.
construction
-BOND SALE
-The $500,000
bonds.
coupon or registered bonds offered on Dec. 4-V.
-were
139, P.
awarded jointly to the Union Trust Co. of Pittsburgh and 3187
MINNEAPOLIS, Hennepin County, Minn.
Edward B.
-BOND AND CERSmith & Co. of New York, as 234s, at a price of 101.66,
TIFICATE OFFERING RESCHEDULED-It is stated by Geo. M. Link,
2.57%. Dated Dec. 1 1934 and due Dec. 1 as follows: a basis of about
Secretary of the Board of Estimate and Taxation,that the $93.000 funding
$15,000, 1936 to 1938 incl.; $20,000. 1939; $37,000, 1940 $10,000, 1935:
bonds and the $80,000 certificates of indebtedness scheduled for sale
$69,000 in 1953, and $60,000 in 1954. The bonds are due to 1947 incl.;
on Nov. 30, the sale of which was deforred-V. 139, p. 3510
-will again
1939 incl., and are being reoffered by the bankers at prices from 1935 to
be offered for purchase on sealed bids Dec. 18. The securities offered
to yield from
0.75% to 2.20%, while the remaining bonds are being offered at the uniform
were previously described as follows and we have been informed of no
dollar price of 102.50. They are issued to refund term bonds and to fund
later change in these:
floating indebtedness.
$93,000 fundinrbonds. Due on Dec. 1 as follows: $18,000, 1935 and
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Fort
1936, and $19,000. 1937 to 1939. The proceeds to be used by the
Collins), Colo.
-BOND ELECTION
City Council for defraying in part the current expenses of the city
-It is stated that an election will
be held on Jan. 8 to vote on the proposed issuance of $35,000 in refunding
during the year 1934, incl. the payment of additional obligations
bonds, to be used for the retirement of optional bonds now outstanding,
incurred by the city by reason of strikes and disorder in the city.
bearing a higher rate of interest.
80,000 certificates of indebtedness. Due on March I 1935. $330,000 of
the proceeds thereof to be used by the Library Board for the
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Cheyenne),
purpose of meeting the current expenses of said Board for the
Wyo.-BOND CALL
-It is stated that Nos. 1 to 180 of the 5% school
year 1934, the principal and interest to be paid, when due, from
bonds, dated Dec. 15 1919, arc being called for
the library board fund of the city; and the remainder $50,000 of
the Stock Growers National Bank in Cheyenne.payment on Dec. 15 at
the proceeds thereof to be used by the City Council in making
tional in 1934. Interest to cease on date called. Due in 1944 and oppublic improvements of the city, incl. among others the making
LEMARS, Plymouth County, Iowa-BOND SALE
of paving repairs in 1934 made necessary by storms, the principal
-The First National Bank of Le Mars is said to have agreed to purchase the $15,000
and interest to be paid, when due, from the permanent improve4% park purchase and improvement bonds that were approved by the
ment fund of the city.
voters on Oct. 16-V. 139. p. 2711.
r=t7 rate Ls not to exceed 6%,stated in a r=ple
rest
atr717:1
of 1%.
Dec. 1 1934. Bids offering an amount less than par of34
LEWIS COUNTY (P. 0. Chehalis), Wash.
cannot be accepted.
CALLED
-WARRANTS
These bonds will be accompanied by the opinion of Thomson, Wood &
The County Treasurer Is reported to have called for payment at his office
Hoffman of New York. Each proposal will he accompanied by a certified
on Nov. 23 various school district general fund warrants.
or bank cashier's check, payable to C. A. 13loomquist. City Treasurer, for
LINDEN, Union County, N. J.
an amount equal to 2% of the amount of the obligations bid for.
-BOND OFFERING-James J.
Smith. City Treasurer, will receive sealed bids until 2 p. m. on Dec. 18
for the purchase of $280,000 not to exceed 6% interest coupon or registered
MINNEAPOLIS, Hennepin County, Minn.
-BONDS AUTHORIZED
-It is stated by Charles C. Swanson, City Clerk, that a resolution was
refunding bonds. Dated Dec. 15 1934. Denom. $1,000. Due Dec. 15 as
adopted recently by the City Council providing for the issuance of work
follows: $25,000 from 1936 to 1939 incl.; $32,000 in 1940 and $37,000 from
relief bonds aggregating $160,000, as follows: $100.000 school improvement
1941 to 1944 incl. Principal ano semi-annual interest payable at the Linden
and equipment, $50,000 park, and $10,000 library bonds.
Trust Co., Linden. Rate of interest to be expressed by the oidder in a
multiple of Y. of 1%. A certified check for 2% of the bonds bid for, payable
MINNESOTA, State of (P. 0. St. Paul)
-LARGE BOND SALE PROto the order of the City, must accompany each proposal. The approving
POSED
-A news dispatch from St. Paul to the "Wall Street Journal" of
opinion of Caldwell & Raymond of New York will be furnished the successDec. 6 carried the following report on a contemplated bond sale:
ful bidder.
"State Treasurer Julius Schmahl plans a State bond issue of $12,000,000
to $15.000,000 which he will ask Governor Olson to include in his recomLOWELL, Middlesex County, Mass.
-TEMPORARY LOAN
-The
mendations
$100,000 revenue anticipation loan offered on Dec. 4-V. 139. P. 3509
- take care to the Legislature when it meets in January. The issua would
was awarded to Faxon, (lade & Co. of Boston, at 1.28% discount basis.
of $6,000,000 outstanding certificates of inciebtedness, a $3.000,
overdraft in the general fund, $3,000,000 due the University of Minnesota
Dated Dec. 4 1934 and due May 15 1935. Other bids were as follows:
000 from the general fund, and $500,000 outstanding State warrants. It
BidderDiscount Basis
would oe retired $1,000,000 annually over a period of 12 to 15 years, from a
First National Bank of Boston and Bank of the Manhattan
special tax which the Legislature would provide.
Co., jointly
1.37%
W.0. Gay & Co
MINNESOTA, State of (P. 0. St. Paul)
1.69%
-RURAL CREDIT BONDS
LIQUIDATED-The following report is taken from the St. Paul "PioneerMcALLEN, Hidalgo County, Tex.
-BOND ISSUANCE HELD UNPress" of Nov. 27:
CONSTITUTIONAL
-A recent opinion of the Attorney-General held un"A million dollars in bonds held by the State Investment Board was
constitutional House Bill No. 68, which authorized the above city to issue
liquidated Monday by the Minnesota Rural Credit Department with funds
bonds against a loan of $33,218.91 from the PWA for the construction of a
received from rented farms and loans.
municipal abattoir
-V. 139, p. 2866.
"The department, now acting as a liquidation agency under Theodore
McMINN COUNTY (P. 0. Athens), Tenn.
H. Arens, conservator, received a considerable increase in revenue tnis
-NOTESPURCHASED
The $25.000 revenue anticipation notes and the $30,000 county deficit
fall because of the prosperous condition of Red River Valley farms, Mr.
notes that were authorized by the County Court on Oct. 1-V.139. p.2399
Arens said."
-are said to have been purchased by the Fidelity & Bankers Trust Co.
MISSISSIPPI COUNTY RURAL SPECIAL SCHOOL DISTRICT
of Knoxville.
NO. 1 (P. 0. Whitton), Ark.
-BOND OFFERING-It is reported that
MANCHESTER, Hartford County, Conn.
sealed bids will be received until Dec. 18, by F. B. Dean, Secretary of the
-VOTE ON UTILITY
PLANT
Board of Education, for tne purchase of a $19,000 issue of refunding bonds.
-An election Is expected to be held prior to Jan. 1 on a proposal
providing for a municipal electric power system.
MISSOURI CITY SCHOOL DISTRICT (P. 0. Missouri City) Fort
MARION COUNTY (P. 0. Knoxville), Iowa-BOND SALE
Bend County, Tex.
-ADDITIONAL SALE DETAILS
-The 3600,00
-The
350.000 refunding bonds that were authorized in September by the Board
school bonds that were purchased by the State Board of Education, as
of Supervisors
54 at par
-V. 139, p. 1743
-V. 139, p. 3357
-are said to have been purchased by Glas-are dated July 10 1934. Coupon bonds in the
pell, Vieth & Duncan, of Davenport, as 43is at par.
denomination of $500. Due $2,500 from 1936 to 1959, incl. Interest
payable J. & J.
MARTINSVILLE, Henry County Va.-BOND OFFERING-Sealed
'
,
bids will be received until 10 a. m. on Dec. 14, by C.P. Craig, City Clerk,
MONTGOMERY COUNTY (P. 0. Amsterdam), N. Y.
-BONDS
for the purchase of an issue of $100.000 455% coupon water works and
AUTHORIZED
-The Board of Supervisors on Nov. 28 adopted a resolusewer revenue bonds. Denom. $1.000. Dated Jan. 1 1935. Due $4,000
tion to issue $250,000 welfare bonds.
from Jan. 1 1936 to 1960. incl. Prin. and int. (J. & J.) payable at the
MONTGOMERY COUNTY (P.O. Dayton), Ohio
-BOND OFFERING
City Treasurer's office. These bonds are issued under authority of Section
-F. E. Treon, Clerk of the Board of County Commissioners, will receive
127b of the State Constitution, and are exempt from local taxation. Legal
sealed bids until 10 a, m. on Dec. 13 for the purchase of $300,000 ST
approval by Thomson, Wood & Hoffman of New York. These bonds were
refunding bonds. Dated Dec. 1 1934. Denom. $1,000. Due
voted on June 28-V. 139, p. 149. A certified check for $1,000 must
June 1 and Dec. 1 from 1938 to 1947 incl. Principal and interest (J. & D.)
accompany the bid.
payable at the County Treasurer's office. Bids for the bonds to bear
MARYLAND (State of)
Interest at a rate other than 6%,expressed in a multiple of 34 of 1%, will
-GOVERNOR REPORTS ON FINANCIAL
STATUS OF ROADS COMMISSION-Governor Ritchie's report on the
also be considered. A certified check for 33,000, payable to the order
financial condition of the State Roads Commission, along with surveys
of the County Treasurer, must accompany each proposal. Reputable
prepared by the Commission auditor, was issued on Nov. 29. The Goverattorneys have been employed to assist in the preparation of legislation and
nor s analysis, according to the Baltimore "Sun" of the following day,
issuance of the bonds and will certify as to the legality of the securities.
showed:
MORROW COUNTY (P. 0. Mount Gilead), Ohio
-BOND OFFER"More than one-fourth of the income which it is estimated the ComING
-F.A.Dukes,Clerk of the Board of Education,will receive sealed bids
mission will get next year has already been encumbered. In other words,
until 2 p. m. (Eastern Standard Time) on Dec. 17 for the purchase of
$4,914,418.39; the Commission had payable on Sept. 30 over $500,000
$19,600 6% poor relief bonds. Dated Dec. 1 1934. Due as follows:
worth of bills with no funds with which to pay them; three counties
- $2,600 March 1 and Sept. I 1935; $2,700 March land $2,800 Sept.1 1936;
Calvert, Kent and Montgomery-have received funds to such an amount
32,900 March 1 and $33,000 Sept. 1 1937, and $3,000 March 1 1938. Printhat when their allotments for next year are deducted their overdrafts
cipal and interest (M. & S.) payable at the County Treasurer's office.
still total almost $250,000; overdrafts of all the counties on Sept. 30 totaled
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
$726,081.11: the Commission failed to abide by an agreement that its
multiple of 34 of 1%. will also be considered. A certified check for $500.
chief auditor should give specific prior approval to all payments and compayable to the order of the County Commissioners, must accompany each
mitments, and that the Governor and other State officials were aware
proposal.
of the impending shortage of funds last spring and it was discussed at
a meeting then."
MOUNT CALM, Hill County, Tex.
-BOND OFFERING-It is reported
that bids will no received by the Village Clerk, until 11 am. on Dec. 10,
MEDFORD, Jackson County, Ore.
-BOND ELECTION-It is
for the purchase of a $14,500 issue of 4% sewer revenue bonds. These
reported that an election was held on Dec. 4 to have the voters pass on
bonds are expected to be taken by the Public Works Administration.
the proposed issuance of $78,000 in sewer system bonds. The entire
project is to cost $100,000, of which $22,000 is expected as a grant from
NASHVILLE, Davidson County, Tenn.
-CONFIRMATION
-The
the Public Works Administration. (This report corrects the tentative
City Clerk confirms the report given in V. 139, p. 3511, that the City
election notice in V. 139, P. 3356J
Council has called an election for Dec. 27 to vote on the issuance of $400.000
in market house construction bonds.
MIAMI, Dade County, Fla.
-REPORT ON TAX COLLECTIONS
The following report was sent to us on Dec. 5 by Ballinger & Taylor,
NASSAU COUNTY (P. 0. Mineola), N. Y.
-B. J.
-NOTE SALE
municipal bond analysts of Miami:
Van Ingen & Co. of New York purchased recently an issue of $250,000
"Many counties and cities in Florida report tax collections double or
work and home relief notes. Dated Dec. 5 1934. Denoms. $25,000,
ipreater than at the same date in 1933. The City of Miami, just emerging
310,000 and $5,000. Due June 5 1935. Payable at the Chase National
from a $25,000,000 refunding, had collected 26% of its current roll on
Bank, New York, or at the County Treasurers office. Legality approved
Dec. 1, or twice as much as on Dec. 1 1933. Miami. like many other
by Reed, Hoyt & Washburn of New York.
cities, is preparing to foreclose on thousands of tax-dellnquent lots, in an
NEW BRITAIN, Hartford County, Conn.
-R. L..
effort to force the payment of back taxes. All this augurs well for security
-NOTE SALE
Day & Co. of Boston were awarded on Nov. 30 an issue of $200,000
holders who see ahead of them a great reduction in the 350,000,000 default
notes at 0.86, discount basis. Due June 18 1935. Among the other
In Florida bonds."
bidders were F. S. Moseley & Co.. at 0.87%; R. P. Griggs Co., 0.87% and
Kean, Taylor & Co., 0.88%.
MICHIGAN (State of)
-NOTICE TO DRAIN DISTRICT BONDOn the same day award was made to Coburn & Middlebrook of Hartford
HOLDERS
-Bondholders' Committee for Storm Sewer Drain Districts in
of $100,000
% coupon tax anticipation welfare notes at par and accrued
Michigan has filed with each of its depositaries a statement and account
Interest. Dated Dec. 1 1934 and due $20,000 annually from 1935 to
of its receipts and disbursements for the year ended Oct. 311934. Pursuant
1939 inclusive.
to the deposit agreement dated Nov. 1 1932. depositors are required to file
objections thereto, if any, in writing with one of the depositaries within
NEW HAVEN, New Haven County, Conn.
-BORROWING CON30 days from Nov. 24.
SIDERED NECESSARY
-It is reported that the city will be obliged to
borrow $500,000 shortly in order to cover operating expenses until tax
MILFORD
TOWNSHIP
CONSOLIDATED
INDEPENDENT
collections increase after Jan. 1. Part of the funds may be used to meet
SCHOOL DISTRICT (P. 0. Ames) Story County, Iowa-BOND
debt service charges in January. Current expenditures at present are
SALE
-A $46,000 issue of school bonds is reported to have been purchased
exceeding revenue receipts due to a lag in tax payments, it is said. The
by the White-Phillips Co. of Davenport. as 4345.
recent ruling of the State Attorney General prohibiting compromises on
Volume 139
Financial Chronicle
delinquent tax penalities has contributed to the falling off in revenues from
that source.
NEWMAN GROVE SCHOOL DISTRICT (P. 0. Newman Grove)
-A $35.000 issue of 4% semi-ann.
Madison County, Neb.-BOND SALE
refunding bonds is stated to have been purchased by the Greenway-Raynor
Co. of Omaha. Dated Jan. 1 1935. Due on Jan. 1 1950, optional on
Jan. 1 1940.
-It is also stated that $35.000 434% semi-ann. building
BOND CALL
bonds are being called for payment at the office of the above company on
April 15 1935. Dated April 15 1930.
-TEMPORARY LOAN
NEWTON, Middlesex County, Mass.
issue
Faxon, (lade & Co. of Boston purchased on Dec. 6 a $25,000 sewerOther
discount basis. Due May 1 1935.
anticipation loan at 0.27%
bidders were: Second National Bank of Boston, 0.30%; Washburn
Frost & Co., 0.45%; Bode11 & Co. of Hartford, 0.72%.
NEW YORK, N. v.-85,002,000 NOTES CALLED-Joseph D. McGoldrick, City Comptroller, announced on Dec. 4 that $5,002,000 4%
revenue notes of the issue dated Nov. 1 1933, due Nov. 1 1936, have been
Compdrawn by lot for redemption on Dec. 14 1934 at the office of themay
be
troller. A list of the numbers of the notes included in the call
.
at the Comptroller's office. Room 828. Municipal Bldg.. N. Y
obtained
NOVEMBER TEMPORARY FINANCING-During the month of
November the city borrowed a total of $50,900,000 for various operating
purposes, through issuance of the following:
$20,000,000 3 revenue bills of 1934. Due Dec. 31 1934.
special revenue bonds of 1934. Due Feb. 15 1935.
3.400.0003%special corporate stock notes. Due Nov. 21 1935.
4 special corporate stock notes. Due Nov. 14 1935.
2,500,000
2,500,000 2)4% special corporate stock notes. Due Jan. 25 1935.
1,500,000 2 % special corporate stock notes. Due March 14 1935.
1,000,000 4 o special corporate stock notes. Due Nov. 20 1935. relief
.000,000 2 % certificates of indebtedness for home and work
needs. Due March 25 1935.
1,000.0002)4% tax notes of 1934. Due Feb. 26 1935.
-Comptroller McGoldrick anCITY TO SELL $40,000,000 BONDS
nounced on Dec. 6 that he was arranging for the sale of $40,000,000 serial
bonds within the next two weeks. Of the proceeds, $31,175,000 will he
used to retire outstanding special corporate stock notes, of which $25.000,000. bear 6% interest, while the balance of $8,825,000 will be used as
fresh money to pay confirmed awards and contractors' bills for work on
City projects. The last previous long-term financing negotiated by the
City occurred on July 18. when $58,000,000 bonds, comprising $36,000.000
45 and $22,000,000 bearing interest rates ranging from 134% to 334%, were
awarded to the Chase National Bank of New York and associates at a
net interest cost basis of 3.80%. At the same time an issue of $12,000,000
corporate stock notes, due May 10 1935, was sold at 1)4% interest to
Haligarten & Co. and associates. At the instance of the bankers, the City
subsequently advanced the due date on a block of $6,000,000 of the notes
to Nov. 20 1934. The City was obliged to call for bids on two occasions
before the financing was accomplished. At the initial offering on July 10
the offer of the Chase National Bank of New York to purchase the entire
offering of $72,000,000 bonds and notes on a 4.03% cost oasis was rejected.
both Mayor LaGuardia and Comptroller McGoldrick claiming that the
old was not "consonant with the City's credit position.' Of the $60,000,000
bonds, $2,000.000 were sold to the Emigrant Industrial Savings Bank,
New York. The remaining $58.000,000 were sold at the subsequent offering
on July 18, although $36,000,000 bonds of shorter maturities were substituted for the same amount of longer dated obligations included in the
-V. 139, p. 479.
original offering
The $40,000,000 bonds now scheduled for sale will include $19,800,000
due serially in 40 years: $12,000,000 duo serially in 30 years, and $8,200.000
due in from 1 to 20 years. The Comptroller is carrying out his policy of
issuing serial bonds instead of corporate stock, in accordance with his theory
that this is for the best interest of the City, an innovation which he announced in August.
OFFERING INCREASED-Comptroller McGoldrick later stated that
an Issue of $2,900,000 Incinerator bonds, due serially in from 1 to 25 Years.
would be included in the offering. Sale of the entire $42,900,000 bonds is
expected to be held in a week or so. Formal notice of the projected financing
has already been given in the "City Record."
P.BANKS EXTEND FINANCIAL AND OTHER AID ON STRENGTH
OF NEW TAX PROGRAM-Simultaneously with the enactment into
law on Dec. 5 of the recently-formulated tax program, designed to raise
$58.000,000 for poor relief needs during the next 12 months, the bulk of
which is to be obtained through the imposition of a local 2% retail sales
tax, representatives of the syndicate of local banking institutions which
have been financing the city's loan requirements during the past two years
agreed to furnish additional aid to the municipality. A statement issued
by the Department of Finance set forth the immediate results of enactment
of the tax program as follows:
"Comptroller Joseph D. McGoldrick announced to-day that at a conference with the committee of banks making up the banking group which
signed the bankers' agreement, he had obtained an additional relief loan
of $15,000,000 at 1 %%, due April 5 1935. This is 1% less interest than
the city is paying on emergency relief loans obtained during the last two
months totaling $7,000,000, under agreement which ran for 120 days
and 150 days.
"The five banks constituting the committee agreed to underwrite the
loan and planned to ask the Clearing House group of banks to participate.
The amount of the loan, $15,000,000, is equivalent to the city's share
of relief for a period of about three months.
"The Comptroller announced at the same time that he had obtained
another modification of the bankers' agreement. The Comptroller
said that the representatives of the banks at the same conference had
agreed to refund at 3%, a reduction of 1%. the revenue bills outstanding
on Dec. 31 1934 issued in anticipation of the collection of the second half
of the 1934 taxes, by an issue of revenue notes at that rate. The refunding operation will approximate between *48,000,000 and $50,000,000.
On the basis of $50,000,000 the net saving to the city on interest is approximately $250,000 during the life of the notes.
"This is the fourth important modification of the bankers' agreement
that Comptroller McGoldrick has obtained. The first three included a
reduction in the so-called banking reserve for 1935, 1936 and 1937, 50%
each year, or $25,000,000 each year; a reduction from 4% to 3% in the
Interest paid on the revenue notes issued to refund the revenue bills outstanding on July 1 1934 issued in anticipation of the first half of the 1934
tax collections, and a reduction from 4% to 3% on revenue bills.
.
"The total savings to the city in interest charges since Jan. 1 1934 is
now approximately 34,750.000."
-COUPON REDEMPTION
NOGALES, Santa Cruz County, Ariz.
-The following communication was sent ot us an Nov. 28 by the
NOTICE
Pasadena Corp. of Pasadena:
"To-day we received advice from the Treasurer of the City of Nogales
that funds are now available for the payment of certain past due coupons.
The coupons which may now be presented for payment were due as follow:
Coupons
Coupons
to Be Paid
Rate
to Be Paid Date Purpose
Rate
Date Purpose
Sept. 1 34 1927 Water
5
434% June 134*
1911 Sewer
434% June 1'34
Sept. 134 1927 Sewer
5
1911 Water
6%
Dec. 1 '33*
Feb. 1534 1929 Water
5
1920 Water
6%
Dec. 1 '33*
Feb. 1534 1929 Sewer
1920 City trail 534
4)4% June 1 '34
1927 Street
*All or part were previously paid.
"The City Treasurer also states that additional tax money will be available Dec. 3 and that possibly further payments can be made after that
date. We are requesting that next payment include the June 1 1934
coupons on the 1929 water and sewer 6% issues."
NORFOLK, Norfolk County, Va.-BOND OFFERING DETAILS
In connection with the offering scheduled for Dec. 12 of the $997,000
general improvement bonds, report of which appeared in V. 139, p. 3357,
we are informed by the City Manager that the improvements authorized
in this bond issue have been completed and paid for from corporate funds
realized from this sale will
and a capital loan. Ile states that the fundsis understood that this will
be used to liquidate the said obligations. It
be invested
give the Sinking Fund Commissioners $950,000, which will
in Norfolk bonds.
NORMAN SCHOOL DISTRICT (P. 0. Clifford), Trail! County,
of 4% coupon school
N. Dak.-BONDS NOT SOLD-The $32,000 issuenot sold.
-was
bonds offered on Sept. 22-V. 139. p. 1745
by Florence L.
BONDS REOFFERED-Sealed bids will be received
in Hillsboro,
Rygg, District Clerk, at the office of the County Auditor
3679
until 2 p. in. on Dec. 10 for the purchase of the above bonds. Dated
Sept. 1 1934. Due on Sept. I as follows: $1,000, 1937 to 1940. and
A cer$2.000. 1941 to 1954. Payable at the County Auditor's office. $43.500
tified cheek for 2% must accompany the bid. (A loan and grant of
has been approved by the Public Works Administration.)
-The
-BOND SALE
NORRISTOWN, Montgomery County, Pa.
-were awarded
$100,000 coupon ponds offered on Dec. 4-V. 139, p. 3189
to Biddle, Whelen & Co. of Philadelphia, as 1%s, at par plus a premium
of $170, equal to 100.17, a basis of about 1.69%. Dated Dec. 15 1934
and due $20,000 on Dec. 15 from 1935 to 1939 incl. Other olds were
as follows:
Rate Bid
Int. Rate
Bidder100.17
.1%%
Biddle, Whelen & Co
100.05997
1%%
Bioren & Co., Philadelphia
100.049
1.9%
Montgomery National Bank, Norristown
100.379
2
Graham, Parsons & Co., Philadelphia
100.278
Dougherty, Corkran & Co., Philadelphia
100.198
Yarnall & Co., Philadelphia
100.0665
C. C. Collings & Co., Philadelphia
100.03999
2
W.H. Newbold's Son & Co., Philadelphia
100.067
2)4%
Moncure Biddle & Co., Philadelphia
100.000
22-10%
Norristown-Penn Trust Co., Norristown
2)4%100.08
E. H. Rollins & Sons, Inc., Philadelphia
100.183
2)4%
& Co., Philadelphia
Edward 0. Wyckoff
--COURT ISSUES SHOW
NORTH BERGEN TOWNSHIP, N. J.
-The "Jersey Observer" of
CAUSE ORDER IN DEBT DEFAULT SUIT
in part as follows on the decision handed down in connection
Dec.3 reported
with the effort of the Seaboard Trust Co., Hoboken, to compel immediate
Township of $389,946.56 in defaulted debt charges.-
rymt
i. p.b3y35t7h:e
have
"Instead of issuing a peremptory writ of mandamus, which would
defaulted
compelled North Bergen to pay immediately $389,946.56 of as trustee
Co., Hoboken,
int. and prin, payments due the Seaboard Trust
Thomas J.
for the depositors of the closed Steneck Trust Co., Chief Justice
Brogan granted a rule to show cause. Saturday morning.
the
"This means a possible six-months' delay for the township, bemuse
be argued
rule to show cause why the mandamus should not issue must
term.
before the Supreme Court, at Trenton, next Schloeder first argued for
"Although Corporation Attorney Nicholas
consented
another adjournment, at the Court House, Saturday, he readily was equieffect
to the issuance of the rule to show cause, since the actual
postponement.
valent to a
of the State
"Thomas McNulty, of John Milton's office, representatives
asked by Mr.
Banking Commissioner, objected to the adjournment, first Steneck bank
depositors of the closed
Scnloeder. He declared 20,000
The town could not
were being deprived of what is justly due them. fact, the municipality
In
dispute that the money was due, he asserted.budget and collected taxes
had already provided for these debts in its
from the people on that understanding, he pointed out. that the North
"Although not mentioned in Court, it is well known
the bondBergen officials used this money to pay county taxes, ignoring funds."
collected the
holders and noteholders for whom it had originally
-BOND SALE-Albina
iN NORTHAMPTON, Hampshire County, Mass. 30 of 189.000 coupon
Nov.
L. Richard, City Treasurer, made award on Lincoln R. Young & Co. of
year adjustment bonds to
municipal financial
about 0.00%. Dated
Hartford, as 150, at a price of 100.233, a basis of follows: $18.000 from
Dec. 1 1934. Denom. $1,000. Due Dec. 1 as and interest (J. & D.)
in 1939. Principal
1935 to 1938 incl. and $17,000
Legality approved
Payable at the Merchants National Bank of Boston. Other bidders were:
by Storey, Thorndike, Palmer & Dodge of Boston. Day & Co., 100.10;
R. L.
-Tyler. Butterick & Co., 100.19:
For 1%8
Abbe & Co. 100.513:
for 28-F. L. Putnam & Co., 100.612; Newton, Halsey, Stui:rt & Co.,
W. 0. Gay & Co., 100.487; Myth & Co., 100.362; 100.117: Bond Judg
Co.,
100.21; E. H. Rollins & Sons, 100.169; Burr & & Knowles, 100.33.
-Whiting, Weeks
& Co.. 100.099, and for 230
-MAINTAINS OPERATIONS ON
NUTLEY Essex County, N. J.
the Department of Revenue
CASH BASIS-Raleign S. Rife, Director of Town will finish the current
declared on Nov. 26 tnat the
and Finance,
requirements will have been met
fiscal year on a cash basis. All budget
taxes, he said.
witnout recourse to borrowing against uncollected 1934
County, Ohio
CITY (P. 0. Dayton), Montgomerythe Board of EduOAKWOOD
-R. A. Parker, Clerk-Treasurer of
BOND OFFERING
the purchase of
cation, will receive sealed bids until 12 m. on Dec. 18 for
1934. Denom. $182.50.
$23,177.50 5% refunding bonds. Dated Nov. 1 1936 to 1945 incl.: $730.
Due as follows: $912.50, April 1 and Oct. 1 from Interest payable A.& 0.
$912.50, Oct. 1 from 1946 to 1958 incl.
April land
Winters National Bank &
Bonds will be delivered to the purchaser at the payable to the order of the
Trust Co., Dayton. A certified check for $235,
accompany each proposal.
Board of Education, must
County,Utah
OGDEN SCHOOL DISTRICT (P. 0.Ogden) Weber
bonds is
-A $257,000 issue of 35i% semi-ann. refunding Savings
BOND SALE
recently by the Harris Trust &
reported to have been purchased
1950. Legality to be
Bank of Chicago. Dated Dec. 11934. Due on Dec. 1
approved by Thomson, Wood & Hoffman of New York.
refunding bonds is re-A $26.3,000 issue of 334% school Bergin Co., and the
BOND SALE
ported to have been purchased jointly by the Snow,
First Security Corp., both of Salt Lake City.
County, Utah
OGDEN SCHOOL DISTRICT (P. 0. Ogden), Weber
Board intends to
--BOND ELECTION CONTEMPLATED-The School
in high school
call an election soon to vote on the issuance of $100,000
building bonds, according to report.
-BOND OFFERING
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
bids until 2 p. m.
-Chester H. King, County Treasurer, will receive sealed interest coupon
on Dec. 12 for the purchase of $642,000 not to exceed 5%
as follows:
or registered bonds, divided
.000,1935 iircrga
-De=lius folioN10
$7477000 refrining haigThue
1943. incl. and
U0.000, 1937; $50,000, 1938; $55,000, 1939 to
$57,000 in 1944.
purposes.
general bonds for home and work relief
200,000 series IV of 1934
Due $20.000 on Dec. 1 from 1935 to 1939,incl.
*1,000. Principal and interest
Each issue is dated Dec. 1 1934. Denom.
First Trust
(J. & D.) payable in lawful money of the United States at the
Bidder
& Deposit Co., Syracuse,or at the Guaranty Trust Co.,New York.
expressed in a multiple
to name a single interest rate for all of the bonds,
obligations of
of % or 1-10th of 1%. Bonds are declared to be generalcertified check
the county, payable from unlimited ad valorem taxes. A
accompany
for $12,840, payable to the order of the County Treasurer, must & Longeach proposal. The approving opinion of Hawkins, Delafield
bidder.
fellow of New York will be furnished the successful
Financial Statement
_$466,862,595
Assessed valuations, real property, incl. special franchises_ _ _
5,012,000
Total bonded debt, including this issue
(The above statement of bonded debt does not include the
of any other subdivision having power to levy taxes
debt
u aze 3: ty
or agz or al of the property subject to the taxing power
291,000
Population, 1930 Federal Census
Taxes
Amount of Last Anit, of such Taxes Amt. of such as of
Uncollected
Four Preceding Uncollected at End
Dec. 1 1934
of Fiscal Year
Tax Levies
Year$26,266.21
5102,726.54
S3,647.068.44
1931
126,783.66
241,166.61
4,000,375.40
1932
136,629.94
241,378.32
3.125,292.01
1933
181,128.77
205,401.19
3,496,912.49
1934
-TAX PAYMENTS TO COUNTY
ORANGE, Essex County, N. J.
Director Bianchi of the Department of Revenue and Finance on Nov. 27
made payment of $124,446.34 to the County Treasurer, representing taxes
owed by the City for the first two quarters of 1934 and interest of $21,579.87 on county taxes, due from 1931 to date.
OSAGE CITY SCHOOL DISTRICT (P. 0. Osage City), Osage
-An election is said to be scheduled
-BOND ELECTION
County, Kan.
for Dec. 20 to vote on the issuance of $64,000 in high school construction
bonds.
-It is reported that
-BONDS SOLD
OVERTON, Rusk.County, Tex.
the $110,000 water and sewer bonds offered for sale without success on
2084-have since been purchased by Geo. L. Simpson
Sept. 10-V. 139, p.
& Co. of Dallas.
3680
Financial Chronicle
Dec. 8 1934
PANGUITCH, Garfield County,
-At a recent
$205,000 Village of Cedarhurst, Nassau County N. Y., 4% general oblielection-V. 139. p. 3189-4he voters Utah-BONDS VOTED
gation sewer bonds of 1934, maturing Sept. 1 as follows: $10,000.
in water system construction bonds. approved the issuance of the $32,000
1937-55 incl.; $15,000. 1956. Legal opinion, Hawkins, Delafield
PERSIFER TOWNSHIP (P. 0. Appleton), Knox County, III.& Longfellow, New York, N. Y. Place of delivery, Federal
BONDS VOTED
Reserve Bank of New York, New York, N. Y.
-At an election held on Nov. 14 the voters authorized the
issuance of $6,000 road bonds.
99,000 Board of Education of Central School District No. 2 of the
Towns of Chester, Horicon and Warrensburg, Warren County.
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY LOAN-Ttte
New York, 4% general obligation school bonds, maturing as
Agricultural National Bank was awarded on Nov.
a $100,000 revenue
follows: $2,000, 1936-37 Incl.; $3,000, 1938-47 Incl.; $4,000.
anticipation loan at 1% discount basis. Payable 30 two installments of
1948-60 incl.; $5,000. 1961-62 incl., and $3,000, 1963. Legal
$50,000 each. The last previous loan made by thein
City was for $500,000
opinion, Hawkins, Delafield & Longfellow, New York, N. Y.
at 1.11%, which was paid in full on Nov. 24.
Place of delivery, Federal Reserve Bank of New York, New Yorit.
N. Y.
PITTSBURG ELEMENTARY SCHOOL DISTRICT (P. 0. Pitts72,000 Town of Christiansburg, Va., 4.7 general obligation sewer bonds,
burg), Contra Costa County, Calif.
OFFERED-Sealed bids
were received until Dec. 8 by the Clerk-BONDS
maturing April 1 as follows: $2,000, 1938-41 incl.; $3,000, 1942-49
of the Board of Supervisors for the
incl., and $4,000, 1950-59 incl. Legal opinion, Thomson, Wood
purchase of a $79.000 issue of school bonds.
& Hoffman, New York, N. Y. Place of delivery, Federal Reserve
PLEASANT TOWNSHIP SCHOOL DISTRICT (P. 0. R. D. 4,
Bank of Richmond, Richmond, Va.
Warren) Warren County, Pa.
88.000 Village of Croton-on-Hudson, N. Y 4% water system. IIarmon
-BOND SALE
-The $15,000 coupon
school building bonds offered on Nov. 30-V. 139, p. 3190
extension bonds, 1933, maturing March 1 as follows: $5,000,
-were awarded
as 4;•is to the First National Bank of Warren, at par plus a premium of
1935-39 incl.; $4,000. 1940-54 Incl., and $3,000, 1955. Legal
$500, equal to 103.66. a basis of about 3.90%. Dated Dec. 15 1934 and
opinion, Thomson, Wood & Hoffman. New York, N. Y.
due 31.000 on Dec. 15 from 1939 to 1953, incl. Other bids were as follows:*
of delivery, Federal Reserve Bank of New York, New York,Place
N.Y.
Bidder68,000 City of Danville. Ky. 4% water works revenue bonds, maturing
Int. Rate Premium
Glover & MacGregor, Inc
March 1 as follows: '
$105.50
43i%
$2,000, 1935-43 incl.,• $3,000, 1944-54 incl.,
Singer, Deane & Scribner
and $4,000. 1954-58 incl. Legal opinion,Chenault Huguely,Esq.,
4)4,%
100.00
S. K. Cunningham & Co
Danville, Ky. Place of delivery. Louisville Branch of the Federal
4H%
57.50
Reserve Bank of St. Louis, Louisville, Ky.
POINTE COUPEE PARISH SCHOOL DISTRICT NO. 10 (P. 0.
50,000 Commissioners of Elsmere. New Castle County, Del.,4% Elsmere
New Roads), La.
-BOND OFFERING-Sealed bids
general obligation improvement bonds, maturing Feb. 1 as follows:
10 a. m.on DOC. 18 by A. McFarland, Secretary of the will be received until
Parish
b2,000, 1940-64 incl. Legal opinion, Wm. T. Broughall, Esq.,
for the purchase of a $70,000 issue of school bonds. Due School Board.
serially in
Wilmington. Place of delivery, Federal Reserve Bank of Philayears. All bids must be in keeping with the law governing the sale 20
of
delphia, Philadelphia, Pa.
bonds, which requires that they be sold for not less than par and accrued
100,000 City of Goshen. Ind., 4% water works revenue bonds, maturing
interest. Further offering details will be st.pplied upon application to the
April 1 as follows: $4,000, 1935-38 incl.; $6,000, 1939-50 incl.;
above Secretary.
$8,000, 1951, and $4.000, 1952. Legal opinion, Matson. Ross,
McCord & Clifford, Indianapolis, Incl. Place of delivery, Federal
POLK COUNTY (P. 0. Des Moines) Iowa-BOND SALE
-A $56,000
issue of refunding bonds is stated to have been purchased recently by the
Reserve Bank of Chicago, Chicago, Ill.
35.000 City of Greenfield, Ind.,4% sewage disposal works revenue bonds,
Iowa-Des Moines National Bank of Des Moines, as Ms,paying a premium
maturing Feb. 1 as follows: $1,000, 1937 and 82.000, 1938-54 incl.
of $23. equal to 100.046.
Legal opinion, Robert F. Reeves,•Esq., Greenfield, Ind. Place
PONTOTOC COUNTY (P. 0. Ada), Okla.
-ADDITIONAL INof delivery, Federal Reserve Bank of Chicago. Chicago, Ill.
FORMATION
-In connection with the $56,639 6% semi-annual funding
53,000 Central School District No. 2 of the Towns of Guilford and Norbonds that were authorized by the County Commissioners recently
-V.139.
wich, Chenango County and Butternuts and Unadilla. Otsego
p. 1904
-we are informed that these bonds were issued on old warrants held
County, N. Y., 4% school building bonds. maturing Sept. 1 as
chiefly by local banks and that these banks are taldnu the bonds in exfollows: $1,000 1935-45 incl.:$2,000, 1946-55 incl.;$3,000, 1956-€0
change far the original warrants.
incl.; $4.000, 1961. and $3,000, 1962. Legal opinion, Clay,
Dillon & Vandewater, New York, N. Y. Place of delivery,
PORTLAND, Multnomah County, Ore.
-BOND OFFERING-Sealed
Federal Reserve Bank of New York, New York, N. Y.
bids will be received until 11 a. m. on Dec. 19 by R. E. Riley, Conunis110,000 Town of Hampton, N. H., 4% sewage disposal general obligation
sioner of Finance, for the purchase of a $200.000 issue of 5% improvement
bonds, maturing as follows: $5,500. Jan. 1 1935-54 incl. Legal
bonds. Denom. 31.000. Dated Nov. 15 1934. Due In 10 years. The
Opinion, Ropes, Gray. Boyden & Perkins, Boston, Mass. I'lace
city reserves the right to take up and cancel such bonds upon the payment
of delivery, Federal 'Reserve Bank of Boston, Boston, Mass.
of the face value thereof, with accrued interest to date of payment upon
23,000 School District of Hanover, N. H., 4% high school building
the first of any month at or after 3 years from the date ofsuch bonds. Said
general obligation bonds, maturing Feb. 15 as follows: 4)7,000.
bonds shall be redeemed consecutively by number. Principal and semi1937 and 38,000. 1938-39 incl. Legal opinion, Rope, Gray,
annual interest, payable In lawful money at the office of the City Treasurer.
Boyden & Perkins, Boston, Mass. Place of delivery, Federal
These bonds shall be sold subject to the prior approving opinion of Storey,
'
Reserve Bank of Boston, Boston, Mass.
Thorndike,Palmer & Dodge of Boston. Bidders will bo requested to submit
19,000 City of Keene, N. H.. 4% general obligation water bonds, maturunconditional bids,except as to the legality of the bonds. A certified check
ing Feb. 1 as follows: $3,000. 1936-38 incl. and $1.000, 1939-51
for 5% of the face value of the bonds bid for,payable to the city,is required.
incl. Legal opinion, Storey, Thorndike, Palmer & Dodge,Boston,
PORTLAND, Multnomah County, Ore.
B aso. Plac .o delivery, Federal Reserve Bank of Boston.
. n, ma
M sto
-BONDS DEFEATED-It
s
:
f
is stated by the Deputy City Auditor that at the election on Nov. 6 the
voters defeated the proposed issuance of 250,000 in bonds, to takelup
6,500 City of Keene, N. H.. 4% general obligation security bonds,
scrip that was issued in 1933.1
maturing Feb. 15 as follows: $1,000. 1936-37 Incl. and $500.
1938-46 incl. Legal opinion. Storey. Thorndike,Palmer & Dodge,
PORT OF NEW YORK AUTHORITY, N. Y.
-NEW JERSEY MAY
Boston, Mass. Place of delivery, Federal Reserve Bank of BosOPPOSE PROPOSED BOND FLOTATION-The proposal to issue $45.ton, Boston, Mass.
000.000 Port Authority bonds
-V. 139, p. 3511 -may be blocked by
35.000 City of Lebanon, Ind., 4% sewage works revenue bonds, maturing
officials of New Jersey unless the State is definitely guaranteed return of
May 1 as follows: $1,000. 1936-43 incl.; 32.000, 1944-51 incl.;
$8,000,000 advanced some years ago to defray construction costs on the
$3.000, 1952-54 incl., and $2,000, 1955. Legal opinion. Baker &
George Washington and Staten Island bridges. This money, on which
Daniels, Indianapolis, Ind. Place of Delivery, Federal Reserve
interest of $1.600,000 has accrued, is considered a prior lien by State
Bank of Chicago, Chicago. Ill.
authorities, according to a dispatch from Trenton to the "Herald Tribune"
46,000 City of Montevideo. Minn., 4% sewage disposal plant general
of Dec. 4. Governor Moore is reported to have announced that he would
obligation bonds, maturing July 1 as follows: 32,500, 1935-40
refuse to approve the bond issue and suggested to Governor-elect Harold G.
incl.• $2,000, 1941: $3,000. 1942-50 incl., and $2,000. 1951.
Hoffman that the Legislature consider the problem.
Legal opinion, Chapman & Cutler, Chicago, Ill. Place of delivery,
Mr. Hoffman disclosed on Dec. 5 that the Port Authority will submit
Federal Reserve Bank of Minnow oils, Minneapolis, Minn.
a refinancing plan in connection with the $10,429,330 owed to the State.
84,000 Central School District No. 5 of the Towns of New Berlin and
He expressed the belief, it Is said, that the money would be a "senior
Norwich. Chenango County and Morris, Butternuts and Pitt
obligation" against the new bond issue.
field, Otsego County, N. Y., 4% general obligation school bonds,
maturing April 1 as fAlows: 33,000, 1935-56 incl.: 34.000, 1957-60
PULASKI, Oswego County, N. Y.
-BOND OFFERING-Merritt A.
incl., and $2,000, 1961. Legal opinion, Clay, Dillon & VandeSwitzer, Village Clerk, will receive sealed bids until 2 p. m. on Dec. 18 for
water, New York, N. Y. Place of delivery, Federal Reserve
the purchase of $10,000 not to exceed 8% interest coupon or registered
Bank of New York, New York, N. Y.
water bonds. Dated Jan. 1 1935. Denom. $1,000. Due $1,000 on Jan. 1
18,000 City of North Vernon, Ind., 4% water works revenue bonds,
from 1938 to 1947. incl. Bidder to name a single interest rate for all of
maturing April 1 as ildlows: $1,000. 1935-41 incl.; 32.000, 1942-48
the bonds, expressed in a multiple of ).1 or 1-10th of 1%. Principal and
incl., and 31,000, 1947. Legal opinion. Smith, Remoter, Horn
interest (J. & J.) payable at the Continental Bank & Trust Co., of New
brook & Smith. Indianapolis, Ind. Place of delivery, Federal
York, which institution will supervise the preparation of the bonds. A
Reserve Bank of Chicago, Chicago, Ill.
certified check for $200, payable to Ernest H.Dillenbeck, Village Treasurer,
18,000 Town of Olathe. Montrose County Colo., 4% water works Immust accompany each proposal. The approving opinion of Caldwell &
provement general obligation bonds. maturing July 1 as follows:
'
Raymond of New York will be furnished the successful bidder.
$1,000, 1935-44 incl. and $2,000, 1945-48 incl. Legal opinion,
Pershing, Nye, Bosworth & Dick, Denver, Colo. Place of dePUTNAM couNry. (P. 0. Ottawa), Ohio
-ADDITIONAL BIDS
livery, Denver branch of the Federal Reserve Banat of Kansas
Other bids for the $43,400 poor relief bonds awarded on Nov. 26 to StrausCity. Denver, Colo.
ban, Harris & Co. of Toledo, as Ms, at a premium of $147.56, equal to
25,500 Town of Oldenburg, Franklin County, Ind.. 457 water works
100.4, a basis of about 2.27%-V. 139, p. 3512
-were as follows:
revenue bonds, maturing April 1 as f
; $1.000. 1936-56 incl.
Int. Rate Premium
and $1,500. 1957-59 incl. Legal opinion, Smith. Remoter, HornBraun, Bosworth .Sc Co., Toledo
2H%
$126.00
brook & Smith, Indianapolis. Ind. Place of delivery, Federal
Hayden, Miller et Co., Cleveland
24%
22.00
Reserve Bank of Chicago, Chicago, Ill.
Seasongood & Mayer, Cincinnati
2).5%
45.85
31400 City of Petersburg, Ind.. 4% water w-rlcs revenue bonds, maturBancOhio Securities Co., Columbus
234%
65.10
ing Dec. 1 as follows: $1.000, 1935-38 incl.; 32,000, 1939-43 incl.;
Provident Savings Bank & Trust Co.. Cincinnati
3%
30.38
$3,000. 1944-48 incl.. and $2,000. 1949. Legal opinion, Matson,
Ross, McCord & Clifford, Indianaplis, Ind. Place of delivery,
QUINCY, Norfolk County, Mass.
-BOND SALE-Blyth & Co. of
Boston were awarded on Dec. 6 an Issue of $50,000 sidewalk construction
Federal Reserve Bank of Chicago. Chicago, Ill,
bonds as 25, at a price of 100.274, a basis of about 1.91%. Dated Dec. 1
RICHMOND, Wayne County, Ind.
-PROPOSED BOND ISSUE
1934 and due from 1935 to 1939 incl. Other bidders were: National ShawThe city may issue 8360.000 direct obligation bonds for the purposeof
lout Bank, 100.125 for 2s;(for 2)(s), Newton, Abbe & Co., 100.531; Faxon,
paying part of the cost of constructing a proposed $500.000 sewage disposal
Gade & Co., 100.27; F. L. Putnam & Co., 100.218: E. 11. Rollins & Sons,
system.
100.127 and for Ms,R. L. Day & Co. 100.23.
RIO GRANDE COUNTY P. 0. Del Norte), Colo.
-WARRANT
RAPID CITY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
CALL
-It is reported that the County Treasurer is calling for payment at
Rapid City), S. Dak.-WARRANT CALL
his office various county and school warrants. The interest on the county
-Kathryn Keough. District
warrants ceases Dec. 16, and on the school warrants it ceased Dec. 6.
Treasurer, is reported to be calling for payment all warrants up to and including Reg. No. 16.853.
RIO GRANDE COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 7
-PRE
READING, Barks County, Pa.
-ELECTION SALE
-A $95,000
-ADDITIONAL INFORMATION
- Issue of (P. 0. Del Norte), Colo.
434% refunding bonds is reported to have been purchased by Amos
The 3515.000 4% coupon or registered water bonds being offered for sale
C. Sudler & Co. of Denver. at par plus a slight premium. Dated Jan. 1
on Dec. 19-V. 139. p. 3512
-originally sold on Jan. 17 to the Public
1935. Due from 1938 to 1960.
Works Administration which, at the request of the city, abrogated the
agreement and permitted the bonds to be offered at public sale.
ROCHESTER, Monroe County, N. Y.
-BOND OFFERING
-Paul B.
Aex, City Comptroller, will receive sealed bids until 11 a. m. on Dec. 12
RECONSTRUCTION FINANCE CORPORATION-OFFERING OF
for the purchase of $1,000.000 not to exceed 3)4% interest water bonds.
MU1 ICIPAL SECURITIES TAKEN FROA4 PWA HOLDINGS
-It was
Dated Nov. 1 1934. Due 3125,000 each year on Nov. 1 from 1935 to 1942
announced on Dec.5 by Jesse A. Jones, Chairman of the above Corporation,
incl. Bidder to name a single interest rate for all of the bonds, expressed
that sealed bids will be received at noon on Dec. 18 at the offices of the
in a multiple of H, of 1%. Principal and interest (M. & N.) payable
Corporation in Washington, for the purchase of municipal securities aggreat the paying agent of the city in New York City. A certified check for
gating $3.795,300, divided as follows:
2% of the bonds bid for, payable to the order of the City Comptroller,
$23,000 Independent School District of Albia. Monroe County, Iowa,
must accompany each rroposal. The approving opinion of Reed, Hoyt
4% school building bonds, maturing Nov. 1 as follows: $1,000,
& Washburn of New York will be furnished the successful bidder. Bonds
1937-44, incl.; 82.000. 1945-51, incl., and $1,000, 1952. (Interest
will be delivered at the place in New York City stipulated by the purchaser
on these bonds begins to accrue from Nov.1 1936.). Legal opinion,
on or about Dec. 20.
Chapman & Cutler. Chicago, III. Place of delivery, Federal
The City Comptroller reported that the X1,000.000 bonds being offered
Reserve Bank of Chicago, Chicago, Ill.
for sale will replam a like amount of'4% water bonds maturing Jan. 1 1942,
10,000 Village of Blooming Prairie, Steele County, Minn., 4% water
which are now stiaject to redemotion. As above noted, the now issue will
and sewer improvement general obligation bonds, maturing
mature serially from 1935 to 1942 incl. The refinancing will result in a
as follows: $1,000. Feb. 15 1936-45. incl. Legal opinion, G. S.
savings of interest charge; to the City both on the lower interest rate to be
Thorson, Esq., Blooming Prairie, Minn. Place of delivery,
obtained and by paying off the debt before the original maturity. An adFederal Reserve Bank of Minneapolis, Minneapolis, Minn.
ditional $1,450.000 redeemable water bonds maturing in 1942 and 1944
84,000 Central School District No. 12 of the Towns of Brookfield, Madiwill shortly be called for redemption as of Feb. 1 1935; $1,200,000 to be
son County and Plainfield, Otsego County. N. Y., 4% general
replaced by short serial matt.rities and toe Jolene° paid fron sinking funds.
obligation building bonds, maturing as follows: a.3,000. Sept. 1
BOND CALL
-The city recently issued a call for redemption on Jan. 1
1935-62 incl. Legal opinion, Clay. Dillon & Vandewater, New
1935 of $1,000,000 4%, series of 1911. water w-Tico impt. bonds, dated
York, N. Y. Place of delivery: Federal Reserve Bank of New
Jan. 1 1912 and due Jan. 11942. It is reportcd that the 3H% water bonds
York. New York, N. Y.
due Feb. 1 1935 also will be called for redemption.
Volume 139
Financial Chronicle
In connection with announcement of its sale Dec. 12 of $1,000.000 of
water bonds, the city reports full valuation for the current year at $812,600
and assessed valuation at $633,827,915. For the previous year the figures
were $828,600,000 and $646.315,013 respectively. Bonded debt totals
$68,983,500 for which there are sinking funds of $5,451.933. These figures
Include $7.623,500 water debt for which there are sinking funds of $1.579,910, and $9,665,000 special assessments, payable from general taxation,
for which there are sinking funds of $1,858,244. The debt statement is as
Dec. 1 1934.
The bonded debt total compares with $68,631,060 a year ago, and shows a
reduction from the figure of $74,832,870 of two years ago. Bonds now
authorized, but not issued amount to $1,038.000. The city reports all
utility bonds fully supported by earnings of the property. The only
overlapping debt is that of Monroe County which totals $14,899,000 of
which Roclaester's share is $11,911,200. Total unfunded debt is put at
$900,000 against $1,800,000 a year ago and $7,350.000 two years ago.
Total receipts for 1933 are $24,571,642 and expenditures $24,481,498,
leaving a surplus of $90,144.
Taxes for the fiscal year beginning Jan. 1 are due in quarterly installments and become delinquent Nov. 15. Taxes uncollected as of Dec. 1
1934 total $3,188,672, against a total ad valorem tax of $16,244.405.
Accumulated total of uncollected taxes for fiscal years prior to 1932 amount
to $1,501,728. As of Dec. 1, the city reports bank deposits of $8,120,130
in eight banks.
-BONDS SOLD-it is
ROCKY MOUNT, Edgecombe County, N. C.
stated by the City Clerk that the $15,000 in water works bonds approved
--was
-V. 139, p. 1746
by the Local Government Commission in Sept.
purchased by the Public Works Administration, as 4,03 at par.
-It is reported
ROLAND, Story County, lowa-BOND OFFERING
that sealed bids will be received until 7 p. m.on Dec. 14 by H.E.Evenson,
Town Clerk, for the purchase of a $13.000 issue of 4% semi-annual water
works bonds.
-BOND SALE
-It is reported that
RUPERT, Minidoka County, Ida.
0
a $60,000 issue of 43 7 semi-annual refunding bonds has been purchased
by Fenton & Coffin, of Boise. These bonds take up original 6% bonds.
-CLEARS UP TAX OBLIGARUTHERFORD, Bergen County, N. J.
-The Borough Council on Dec. 4 authorized payment of $91,279.69
TIONS
for back county and State taxes and those due Dec. 15. A resolution providing for the payment also included the announcement that the "refinancing of Borough bonds had been approved by the bonding company."
-TEMPORARYFINANCST.CLAIR COUNTY(P.O. Belleville), III.
/NG-County officials have arranged to sell $225,000 tax anticipation
warrants to local banks.
-BOND OFFERING-Sealed
SAINT CLOUD,Stearns County, Minn.
bids will be received until 10 a. m. on Dec. 26 by Grace M. Atkinson, City
Clerk, for the purchase of a $67,000 issue of water works refunding bonds.
Dated Jan. 1 1935. Due on Jan. 1 as follows: $10,000, 1936; $50,000 in
1942, and $7,000 in 1944, with the privilege of prepayment on 30 days'
notice, on any interest payment date. Bidders to name the rate of interest.
The purchase price of said bonds shall be MX. Principal and interest
payable at the Guaranty State Bank & Trust Co. of St. Cloud. These
bonds are being issued for the purpose of refunding outstanding bonds of
an equal amount and of the same maturity as above stated. A certified
check for $3,500 must accompany the bid.
ST. JOHNSVILLE, Montgomery County, N. Y.
-BOND SALE
The $18,000 coupon or registered public works bonds offered on Dec. 1-were awarded as 3.90s to George B. Gibbons & Co., Inc.
V. 139, p, 3192
of New York, at a price of 100.17. a basis of about 3.87%. Dated Dec. 1
1934 and due $2,000 on Dec. 1 from 1936 to 1944, incl. Other bids were
as follows:
BidderInt. Rate Rate Bid
Manufacturers & Traders Trust Co
4.40%
100.357
Par
Phelps. Fenn & Co
4.30%
ST.LOUIS, Mo.-BOND REFUNDING CONTEMPLATED
-On Nov.
28 the Board of Estimate and Apportionment is said to have authorized the
City Comptroller to negotiate with bankers, looking toward the refunding
of $2,533,000 of bonds that mature in 1935. Of these bonds, it is reported
that $1,566,000 will be refunded on Feb. 1. the remainder on Oct. 1.
(A tentative report on this proposed refunding was given in V. 139. p
3359.)
SALT LAKE CITY,Salt Lake County, Utah-NOTE REFUNDING
We are informed by our Western correspondent that the $225,000 tax anticipation notes that were purchased by local banks on Oct. 5-V. 139. p.
-came due on Dec. 5 and were refunded as 35. It-is stated that they
3192
now are due from Dec. 1 1935 to 1939.
SAN MATEO, San Mateo County, Calif.
-BOND OFFERING
Sealed bids will be received until 8 p. m. on Dec. 17 by E. P. Wilsey, City
Manager.for the purchase of an $85,000 issue of coupon sewer outlet bonds.
Denom. $1,000. Date to be fixed. Due $2,000 in the first five years
and $3,000 per year thereafter. Bidders to name the rate of interest.
The principal and interest are payable at the office of the City Treasurer.
These bonds were authorized at the general election-V. 139. p. 3192.
-BONDS
SAN MATEO COUNTY (P. 0. Redwood City), Calif.
-At the general election the voters rejected the proposed
DEFEATED
Issuance of $112.000 in bonds for a new county court house.
SAUGUS, Essex County, Mass.
-BOND OFFERING-Sealed bids
will be received until 8 p. m.on Dec. 10 for the purchase of $80,000 fire and
police station building bonds, dated Dec. 1 1934 and due serially from
1935 to 1954. inclusive. Rate of interest to be named by the bidder.
SCANDIA SCHOOL DISTRICT (P. 0. Scandia), Republic County,
-At an election on Nov. 27 the voters are re-BONDS VOTED
Kan.
ported to have approved the issuance of $18.000 in 4% school addition
bonds. It is also reported that these bonds will be offered for sale about
the first of the year. (An election on a $25.000 issue of school bonds,
scheduled for the end of October, was indefinitely postponed-V. 139.
p.3359.)
-H.L. Collier,
-BONDS CALLED
SEATTLE, King County, Wash.
City Treasurer, is said to have called for payment from Nov.22 to Dec.5,
various local improvement district bonds and coupons.
-BOND SALE
SENECA FALLS, Seneca County, N. Y.
-John C.
Humphrey, Village Clerk, states that the Seneca Falls Savings Bank
purchased on Dec. 4 an Issue of $5.000 4% civil works bonds at a price of
Dar•
SHEFFIELD LAKE (P. 0. Lorain), Lorain County, Ohio-BONbS
NOT SOLD-No bids were obtained at the offering on Nov. 9 of $19,975
-V. 139. p. 2870. Dated Oct. 1 1934 and due
5% refunding bonds.
Oct. 1 as follows: $1,700 from 1938 to 1940 incl. and $2,125 from 1941 to
1947 incl. Callable at any maturity data.
-BOND OFFERING-Sealed bids
SHOSHONE, Lincoln County, Ida.
will be received until noon on Dec. 18 by the Village Clerk for the purchase
$20,000 issue of Improvement bonds. Interest rate is not to exceed
of a
7
60 . payable semi-annually. Denom. $100 or any multiple not exceeding
,
$1°000. Dated Sept. 1 1934. A certified check for 5% of the amount
bid is required.
SIOUX FALLS SCHOOL DISTRICT (P.O. Sioux Falls) Minnehaha
County, S. Dak.-CORRECTION-It is stated by the District Clerk that
the report given in V. 139, p. 3513, to the effect that the Board of Education had approved an issue of $129,021 school bonds, was incorrect.
-BOND OFFERING-George
SOMERS, Westchester County, N. Y.
Turner. Town Supervisor, will receive sealed bids until 3 p. m. (Eastern
Standard Time) en Dec. 19 f r the purchase of $8,000 coupon or registered,
not to exceed 6% interest bonds, the proceeds of which will be used to pay
the town's share of the c-st of acquiring real property f)r highway purposes.
Dated Dec. 15 1934. Den m. $1,000. Due $1,000 on Dec. 15 from 1935
& D. 15) payable in lawful money of the
to 1942 incl. Prin. and int.
United States at the Northern Westchester Bank, Katonah. Bonds are
general obligations of the town, payable from unlimited taxes. A certified
check for $200, payable to the order of the town, must accompany each
i
of ?lLDlllon & Vandewater of Ne
irslheargglgogig"
grAl be furnished the successful bidder.
Financial Statement
The assessed valuation of property subject to taxation in the Town or
Somers. is $5.757,786. The total bonded debt of the town including this
Issue of $8,000, is $425,000. The population of the town (1930 census), is
1.514. The total debt above stated does not included the debt of ally other
3681
subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the town.
Tax Data
e
l total amount of taxes levied for the preceding three fiscal Years. is
Uovnco. llect.ed
Collected
Amount
Fiscal
22
in Year
Levied
e
Y
1931 ar:4488
$78,974.59
M12,253129
$2120:818556.3036
114,465.93
1932
27
112,585.55
1933
The amount of town taxes levied for the curreni fiscal year coniniencing
Jan. 1 1934. is $142,957.66, of which amount there has been collected to
date, $112,426.82.
-NOTE SALE
SOUTH CAROLINA, State of (P. 0. Columbia)
A $450,000 issue of tax anticipation notes is reported to have been purchased by a syndicate composed of McAlister, Smith & Pate, of Greenville, the South Carolina National Bank and the First National Bank,
both of Columbia,at 1.60%. Dated Dec.1. 1934. Due on Feb. 28 1935.
-BOND OFFERING.....
SOUTH ORANGE Essex County, N. J.
M. A. Fitzsimmons, Village Clerk, will receive sealed bids until 8:30 p.m.
on Dec. 14 for the purchase of $200,000 not to exceed 6% interest coupon or
registered refunding bonds. Dated Dec. 1 1934. Denom. $1,000. Due
$20,000 on Dec. 1 from 1939 to 1948, incl. Bidder to name the rate of
interest in a maniple of X of 1%. Prin. and int. (J. & D.) payable in
lawful money of the United States at the Continental Bank & Trust Co.,
New York. This institution will supervise the preparation of the bonds
and certify as to their genuineness. A certified check for 2% of the bonds
bid for, payable to the order of the Village Treasurer, must accompany
each proposal. The approving opinion of Caldwell & Raymond of New
York will be furnished the successful bidder.
-WARRANTS CALLED
SPOKANE COUNTY (P.O.Spokane) Wash.
-It is reported that the County Treasurer called for payment at his office
22, various school districts and county warrants.
on Nov.
-The
STAMFORD, Harlan County, Neb.-BONDS AUTHORIZED
Board of Trustees is said to have adopted a resolution providing for the
Issuance of $15.750 in 43 % semi-ann. water refunding bonds, to take up a
like sum in 4X % water bonds. dated Dec. 15 1926.
-BONDS SOLD-It is reported by
0' STANLEY, Gaston County, N. C.
the City Clerk that the $81,000 water and sewer bonds approved by the
-V. 138, p 332I-have been purLocal Government Commission in May
chased by the Public Works Administration. (A loan and grant in this
amount was approved by the PWA.)
-It
-BOND ELECTION
STEVENSVILLE, Ravalli County, Mont.
rted that an election was held on Dec. 6 to vote on the issuance of
is
$40,111 in water bonds, to secure a Public Works Administration loan and
re'.
grant.
STRATFORD, Marathon County, Wis.-BONDS AUTHORIZED
An ordinance was passed recently by the Village Board, authorizing the
coupon semi-ann. water works mortgage bonds. Deissue of $15,000 5%
nom. $1,000. Dated Nov. 1 1934. Due $1,000 from Nov. 1 1937 to 1951
inclusive.
-At an
-BOND ELECTION
SUFFERN, Rockland County, N. Y.
election to be held on Dec. 12 the voters will consider a proposal calling
for the issuance of $25,000 fire nouse construction bonds.
-BOND SALE
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
The $824,000 coupon or registered bonds offered on Dec. 3-V. 139. P.
-were awarded as 2.70s. to a group coniposed of Halsey, Stuart &
3360
Co., Bancamerica-Blair Corp. and Darby & Co., all of New York. at par
plus a premium of $535.60. equal to 100.065, a basis of about 2.69%. The
sale included the following:
8400,000 Emergency relief refunding bonds. Due Nov. 1 as follows:
$75,000 from 1936 to 1939 incl. and $100.000 in 1940.
169.000 Refunding bonds. Due Nov. 1 as follows: $9.000 in 1936 and
$20,000 from 1937 to 1944 incl.
155,000 Series A bridge bonds. Due Nov. 1 as follows: $5,000 in 1936
and $10,000 from 1937 to 1951 incl.
75,000 Highway bonds. Due Nov. 1 as follows: $4,000 from 1936 to
1953 incl. and $3,000 in 1954.
25,000 Series B bridge bonds. Due $1,000 on Nov. 1 from 1936 to
1960 incl.
Each issue is dated Nov. 1 1934. Public re-offering of the bonds is being
..90
2
:
made by the bankers at prices to yield from 1.60% to 2 75 according to
ur
matity. An official list of the unsuccessful bids follows:
Rate Bid
Int. Rate
BidderLazard Freres & Co., Inc.; First of Michigan Corp.;
100.049
Marine Trust Co. of Buffalo
Estabrook & Co.; Phelps, Fenn & Co.; Graham,
100.04
2.75%
Parsons & Co
100.039
2.80%
Suffolk County National Bank
Manufacturers & Traders Trust Co.;
Lehman Bros.;
100.04
Kean. Taylor & Co.; Adams, McEntee & Co., Inc _ 2.90%
100.029
2.90%
Edward B. Smith & Co.; First Boston Corp
and Bledget,
Blythe & Co., Inc.; Stone & Webster
100.105
3%
Inc.; F. S. Moseley & Co
Dick & Merle-Smith; Geo. B. Gibbons & Co., Inc.;
100.369
3%
Roosevelt & Weigold, Inc.; Eldredge & Co., Inc- -BIDS REJECTED-The
SUMMIT COUNTY (P. 0. Akron), Ohio
Nov.
bids submitted for the $500,000 refunding bonds offered on which 26were
-were rejected. These included the following,
V. 139. p. 3360
the highest offers: Fox, Einhorn & Co., for 5Xs, 100.81. and Provident
Cincinnati, also for 5Xs. 100.003.
Savings Bank & Trust Co..
-BOND SALE
TARRANT COUNTY (P. 0. Fort Worth), Tex.
-It is reported that the sale of the $7800004 X% semi-annual
POSTPONED
-was postponed inNov. 28-V. 139, p. 3360
road bonds, scheduled for
definitely. Due $30.000 from Oct. 10 1935 to 1960. inclusive.
TAYLOR SCHOOL DISTRICT (P. 0. Taylor) Williamson County,
-BOND ELECTION NOT HELD-In connection with the report that
Tex.
conthe issuance of $25,000 in high school gymnasium bonds was being elec-it is stated that no
templated by the School Board-V. 139, p. 2555
tion has been held and none is contemplated.
-SUBMITS REFUNDING PLAN
TENAFLY,Bergen County, N. J.
The Borough has offered for consideration of holders of $725.000 bonds,
1937 incl., a plan providdated June 1 1929 and due on Dec. 1 from 1934 to
ing for payment in full of Dec. 1934 interest coupons; 20% of principal in
cash and the balance of so% in 5% refunding bonds having an average
maturity of about 7 years. Hawkins, Delafield & Longfellow of New York
are legal attorneys for the Borough in the matter.
-BOND SALE DETAILS
TENINO, Thurston County, Wash.
The $7,000 street impt. bonds that were purchased by the State of Washing-year period
ton as 5s at par-V. 139. p. 3193-are due serially over a 15
and are optional on any interest payment date.
-An issue of 51.000.000
-BOND SALE
TEXAS,State of(P.O. Austin)
relief, third series, third instalment bonds, offered for sale on Nov. 30V. 139, p. 3360
-was awarded to a syndicate composed of the MercantileCommerce Bank & Trust Co. of St. Louis. A. W.Snyder & Co., George V.
Rotan & Co. both of Houston, and Barrow, Leary & Co. of Shreveport.
paying a premium of $50, equal to 100.005, a basis of about 3.15% on the
bonds divided as follows: $754.000 as 3Sis, maturing on Oct. 15 as follows:
6131,000 in 1935: $93,000, 1936: 597,000. 1937; $103,000. 1938: 05105.000.
1939; $110,000, 1940, and $115,000 in 1941; the remaining 5246.000 as 38,
maturing on Oct. 15 as follows: $120.000 in 1942 and $126,000 in 1943.
-A $41,000
-NOTE SALE
THOMASVILLE, Davidson County, N. C.
,
issue of notes is reported to have been purchased recently by the First
National Bank of Thomasville, at 4%, plus a premium of $5.
-At
-BONDS DEFEATED
TILLAMOOK, Tillamook County, Ore.
-the voters are stated to have rethe election on Oct. 9-V. 139, p. 2086
Jected the proposal to issue $45,000 in water refunding bonds.
-M. A. Car-BOND OFFERING
TIONESTA, Forest County, Pa.
ringer. Borough Secretary will receive sealed bids until 2 p. m. on Jan. 2
'
for the purchase of $7,500 4X% coupon sanitary sewer bonds. Dated Jan.
1 1935. Denom. $500. Due Jan. 1 1955; optional on any interest paying
date after Jan. 1 1940. Interest payable J. & J. A certified check for $500.
,
payable to the order of the Borough Secretary, must accompany each proposal. Sale is subject to approval of issue by the Pennsylvania Department
of Internal Affairs.
3682
Financial Chronicle
Dec. 8 1934
TOLEDO, Lucas County,
a 6% basis, he stated, adding that the current sale indicates
IZED-In connection with the Ohio-REFUNDING BONDS AUTHORthe
recent approval of the plan for refunding
able progress that has been made in restoring the city's credit. remarkall unpaid bonds matured or maturing during
1933 and 1934-Y. 139.
of the $1,000,000 bonds represented the conclusion of a $9,962,000Disposal
3361-the City Council has passed ordinances providing for issuance P.
funding
program, as .
of
arrr eemenrr
yg ar se t alwae com pier4actaly for thet he rexcht a of
nds anc
$3,083,000 refunding bonds as follows:
5
yea
ig s
ete
$1,243,000 series A bonds. Due $113,000 on Dec. 15from 1939 to 1949 incl.
of indebtedness for a like amount of current maturing temporary
debt
1,166,000 series B bonds. Due $106,000 on Dec. 15from 1939 to 1949 incl.
V. 139. p. 3514.
674,000 bonds. Due Dec. 15 as follows: $61,000 from 1939 to 1946 incl.
Award of the recent issue of $1,000,000 bonds was made as follows:
and 862.000 from 1947 to 1949 incl.
$355,000 5% series II general of 1934 bonds, issued for work and home
Each issue will be dated Dec. 15 1934. Denom.
$1,000.
relief and veteran aid purposes. Dated Nov. 1 1934 and due
TOOELE, Topele County, Utah-BOND ELECTION
Nov. 1 as follows: $55,000 in 1939 and $60,000 from 1940 to 1944
-It is stated by
the City Clerk that an election will be held on Dec.24 vote
Inclusive.
on the issuance
of $50,000 in water bonds, mentioned tentatively in to
275,000 4%% water of 1934 bonds. Dated Nov. 1934. Due
V. 139, p.3361.
1
Nov. 1
as follows: $10,000 in 1936 and 1937 and $15,000 from 1938 to
TULARE, Tulare County, Calif.
-BOND ELECTION
1954 inclusive.
•
PLATED-The City Council recently voted to call an election CONTEMwithin the
146,000 4% series A local improvement (city's portion) bonds. Dated
next 60 days to have the voters pass on the issuance of
$250,000 in electric
Nov. 11934. Due Nov. 1 as follows:
distributing system purchase bonds, according to report.
Inclusive and $8,000 from 1939 to 1954 86,000 from 1936 to 1938
UNION CITY,Hudson County, N. J.
105,000 5% equipment of 1934 bonds, issued to Inclusive.
-FAILS TO MEET PAYROLL
pay
The Dec. 1 municipal payroll was mot met. For two
for various city departments. Dated Nov. the cost of equipment
11934. Due Nov. 1
been falling behind in its payrolls, although two months years the city has
as follows: $11,000 from 1936 to 1938 inclusive and $12,000 from
ago it succeeded in
catching up on its arrears and kert payments up-to-date until the present
1939 to 1944 inclusive.
44,000 4%% public building of 1934 bonds.
instance.
Nov. 1
•
Nov. 1 as follows: $2,000 from 1936 toDatedinclusive1934. Due
1948
and $3.000
VAN WERT, Van Wert County, Ohio
-PROPOSED BOND SALE
from 1949 to 1954 inclusive.
An ordinance providing for the sale of $125,000
40,000 5% series A assessment bonds of 1934. Dated
and disposal plant
bonds to the Public Works Administration was a sewer
Nov. 1 1934. Due
ed by
$4,000 on Nov. 1 from 1935 to 1944 inclusive.
the City Council recently to provide that a block cf $100,000resolution of
35.000 43.% series B of 1933 local improvement bonds. Dated Oct.
of the bonds
be offered at public sale. Local banks had
1
1933. Due Oct. 1 as follows: $2,000 from 1935 to 1951 inclusive
Issue, but this was not possible as $25,000 agreed to pnschase the entire
had already been advanced by
and $1,000 in 1952.
the PWA.
The successful bidders made public re-offering
yield from 3% to 4.60%, according to maturity. of the bonds at prices to
* VINCENNES, Knox County, Ind.
-BOND OFFERING-Joseph I.
Muentzer, City Clerk, will receive sealed bids until 11 a. m. on
Dec. 15
for the purchase of $53,000 5% Judgment funding bonds
of
Dec. 15 1934. Denom. $500, unless otherwise requested by 1934. Dated
Due Dec. 15 as follows: $6,000, 1945; $10,000, 1946; the purchaser.
$12,000, 1947;
814.000 in 1948 and $11,000 in 1949. Interest payable J. & D. 15. Legal
EDMONTON, Alta.
-SINKING FUND HOLDINGS IN
option of Matson. Ross, McCord & Clifford of Indianapolis will
Slightly over $1,200,000 of the bonds held in the EdmontonDEFAULT
be
sinking fund
furnished the successful bidder. This issue was recently
authorized
- are in default, according to a recent statement by Frank Barnhouse, city
V. 139, p. 3361.
Treasurer. Last year the sinking fund totalled slightly less than $9.600,000,
Mr. Barnhouse explained that some small municipalities
WATERBURY, New Haven County, Conn.
-PROPOSED
technical defaulters, but that they continued to make delayedare habitual
ING
-It is reported that the city may ask the Legislature for REFUNDpayments
authority to
Interest and principal. He disclosed, however, that he has little hops of
refund part of the bonds which mature in 1935 and
of
1936.
receiving interest on the major defaults this year.
WEST ALLIS, Milwaukee County, Wis.-BOND ISSUANCE
ONTARIO (Province of)
-PLANS $25,000,000 REFUNDING ISSUE
PROPOSED-It is reported by M. C. Henika, City Clerk,
-Press reports from Toronto state that the Provincial Government plans
issue $125,000 in school bonds, to be taken over that it is intended to
to float a $25.000,000 bond issue early next year for the purpose of refunding
by the Public Works
Administration.
at a lower interest rate three 60/ term issues totaling about $22,000,000 and
maturing between Feb. 1 and Dec. 11935.
WEST READING, Pa.
-BOND SALE
-The $70,000 coupon bonds
offered on Nov. 30--V. 139, p. 3032
ONTARIO (Province of)
-$10,000.000 POWER ISSUE OFFERED
Harriman & Co. of Philadelphia, at -were awarded as 33s to Brown
par plus a premium of $1.137.50.
FOR SALE
-A. Murray McCrimmon, Comptroller of the Hydro-Electric
equal to 101.625. Dated Dec. 1 1934 and due in from
Power Commission, announces that sealed bids will be received until 2 p. m.
1 to 30 years. Other
bids were as follows:
on Dec. 11 for the purchase of $10,000,000 bonds, guaranteed as to payBidderInt. Rate
ment of both principal and interest by the Province
Premium
Ontario. Bids are
Halsey. Stuart & Co
Invited for the bonds as follows: $10.000,000 dated of
295.40
$
E. H. Rollins & Sons
Jan. 1 1935. payable
Jan. 1 1943, bearing interest at the rate of 3%% per annum, payable
280.00
3
Butcher & Sherrerd
half
-yearly; or $10,000,000, dated Jan. 11935. payable Jan. 11950, subject
1,072.26
W. H. Newbold's Son & Co
to redemption at 1000/ and accrued interest on any interest payment date
818.93
Dougherty. Corkran & Co
on or after Jan. 1 1947, bearing interest at the rate of 3%% per annum,
334
809.90
Leach Bros
3(%
payable half
1,141.00
-yearly.
Principal and interest will be payable in lawful
Berks County Trust Co
money of Canada at the offices of the Bankers of the Commission in the
_o
Graham, Parsons & Co
cities of Toronto, Montreal, Ottawa, St. John. Halifax, Winnipeg and
202.30
35•I%
W1LLACY COUNTY (P. 0. Raymondville), Tex.
Vancouver, at holder's option. Bonds will be in denoms. of $1,000 each
-BOND ELECTION CONTEMPLATED
with interest coupons attached and may be registered as to principal only.
-An order is
been passed recently
by the Commissioners Court. calling an said to havethe
The Commission carries on the business of generating, purchasing and
election for
purpose of voting
on tne cancellation of $450,000 unsold road bonds
distributing electric energy throughout the Province of Ontario under
of the district.
authority conferred by the Power Commission Act of Ontario and amendWILLACY COUNTY WATER CONTROL
ments thereto. The annual statement for the year ending Oct. 31 1933,
DISTRICT NO. 1 (P. 0. Raymondville), Tex. AND IMPROVEMENT
shows that the capital used by the Commission in its business was approxi-BOND OFFERING NOT
CONTEMPLATED
-It is stated by the President of the District that the
mately $260,000,000, of this amount $205,000,000 had been advanced by
$1,504,000 4% refunding bonds approved by the Attorney-Gen
the Province of Ontario as a loan, the balance in the form of bonds issued
eral in
October-V.139, p.2716
-will not be put on the market at the present time.
directly by the Commission and guaranteed by the Province, both as to
principal and interest. Throughout the years of the depression, the ComWILLIAMS, Coconino County, Ariz.
-BONDS OFFERED-It is
mission has continued to set up sinking funds, which will retire $151,801,000
stated that sealed bids were received until 10 a. m. on Dec.
8. by Mayor
or 74% of the capital advanced by the Province by 1960, and $44,310,000
W. C. Rittenhouse, for the purchase of a $66,000
issue of
or 80% of the moneys invested in Hydro bonds by the public. It. therewater works improvement bonds. These bonds are said 4% seml-ann.
to have been
fore, appears that by 1960 no less than 75.67% of the total capital invested
authorized recently by the Town Council
-V. 139. p. 3514. Dated Jan. 2
In the power business by the Commission will have been returned to the
1934. (A loan and grant of $120,000 has been approved by the Public
Investors.
Works Administration.)
This loan is for the purpose of refunding $8.000.000, 50 debentures, due
/
WILLIAMSVILLE, Erie County, N. Y.
Jan. 1 1935, issued in part purchase of undertakings and companies from
-BOND SALE
-The Village
Board on Dec. 4 sold an issue of $28,000 5% bonds to the Manufacturer
Dominion Power & Transmission Co., Ltd., and to restore reserve funds
s&
Traders Trust Co. of Buffalo. They were issued to fund 1933 unpaid
used temporarily in the retirement of the outstanding first mortgage. 5%
taxes.
Last year the village was obliged to pay 6% interest on its bonds,
gold bonds of Electrical Development Co. of Ontario,
it is said.
March 1
1933. The Commission will furnish the favorable legal Ltd., due Messrs.
WILSON COUNTY (P. 0. Wilson), N. C.
opinion of
-NOTE REDEMPTION
Long & Daly, Toronto, and copy will be endorsed on the definitive bonds.
A tax anticipation note for $50,000 and interest is said to have been
Full payment for the bonds with accrued interest
paid
on Nov. 26. The payment was to the National Bank of Wilson for a
to date of'payment to
be made in Canadian funds at the office of the Treasurer of the Commission
loan
made July 2, which was not due until Dec. 1.
In Toronto on or about Jan. 2 1935, against delivery of bonds in interim or
definitive form, at the option of the Commission. Sealed tenders endorsed
WINCHENDON, Worcester County, Mass.
-TEMPORARY
- "Tender for $10,000.000 Hydro-Electric Power Commission bonds" should
Dudley L. Higgins, Town Treasurer, made award on Dec. 4 LOAN
be addressed to W. W. Pope, Esq., Secretary, Hydro-Electric
revenue anticipation notes to Faxon, Gade & Co. of Boston.of $40,000
Commission of Ontario, 620 University Ave., Toronto. Tenders Powerbe for
discount basis. Due Nov. 6 1935. Next highest bidder was at 0.8%
must
the First
the full amount offered, and each tender must be accompanied by a certified
Boston Corp. with an offer of 1.09%.
cheque for $100,000. to be applied in the case of the successful tender in
WINDSOR, Windsor County, Vt.-BOND SALE
part payment for the bonds.
-The $114,000
refunding bonds offered on Dec. 3-V. 139, p. 3362
-were awarded as 43s
RIVIERE DU LOOP, QUE.-BOND SALE
to Arthur Perry & Co. of Boston, at a price of 100.75, a basis of about
-J. Label. SecretaryTreasurer, reports that award was made on Dec.5 of 8112.00050/ improve4.41%. Dated Oct. 1 1934 and due $6,000 on Oct. 1 from 1936 to 1954,
ment bonds to a group composed of Luden Cote. Inc., Dube, Leblond & Co.
inclusive. A bid of 100.26 was tendered by E. H. Rollins & Sons.
and J. E. Laflamme & Co.. all of Montreal, at a price
of 98.46, a basis of
about 5.33%. Dated Nov. 11934. Denoms.
WOOSTER, Wayne County, Ohio
-BOND OFFERING-Helen R.
serially in from 1 to 10 years. Payable at $1,000. $500 and $100. Due
Walter, City Auditor, will receive sealed bids until 12 m. on Dec. 17 for
Riviere du Loop, Montreal.
Quebec and Toronto.
the purchase of $52,500 6% water works improvement bonds. Dated
ST. JOACHIM DE TOURELLE, Gaspe West County Que.-IN
Sept. 1 1934. One bond for $500. others for $1,000. Due Sept. 1 as
DEFAULT
follows: $3,500. 1936: $3,000, 1937 to 1943 incl., and $4,000 from 1944
-The Quebec Municipal Commission has
Superior
Court in Perce, Gaspe, a petition declaring the above filed with the
to 1950 incl. Pricipal and interest (M. & S.) payable at the City Treasmunicipal corporation
in default.
urer's office. Bids for the bonds to bear interest at a rate other than
6%,expressed in a multiple ofII,' of 1%, will also be considered. A certiSASKATCHEWAN (Province of)
ADJUST-PROPOSED
fied check for $600, payable to the order of the city, must accompany
MENT
-As soon as the Provincial government has the DEBT Saskatcheeach proposal. The approving opinion of Squ're, Sanders & Dempsey
general
*an debt situation outlined it will move for an adjustment
of Cleveland will be furnished the successful bidder.
and not a postponement of debts, according to the "Financial
of
Just what the adjustment will be is not clearPoet"it Toronto of Dec. 1.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 7 (P. 0.
the
and
government has yet any idea of what it may be able is not believed the
Laurel), Mont.
-BOND OFFERING-Sealed bids will be received until
to do. So
rural municipalities and school board debts have been tabulated. far
7 p.m. on Dec. 22 by E. L. Fenton, District Clerk, for the purchase of
FUTURE BONDS TAXABLE
-The "Monetary Times" of Toronto of
a $62,000 issue of school building bonds. Interest rate is not to exceed
Dec. 1 reported as follows:
6%. Due on the amortization plan. Dated Jan. 1 1935. No bids for
"All future Saskatchewan bond issues held in the Province will be subject
less than par will be considered. A certified check for $620 must accomto all Provincial, municipal and school taxes. Premier J. G. Gardiner has
pany the bid.
given notice of the introduction of a bill to amend the Saskatchewan loans
YOUNGSTOWN, Mahoning County, Ohio
Act. The amendment will delete the clause which makes all Saskatchewan
-BOND SALE
-The
$100,000 park and playgrounds bonds offered on Dec. 3-V. 139. p. 3194
- bond and debenture issues tax free, and will make all such bonds held In the
were awarded as 5s to Seasongood & Mayer of Cincinnati, at par plus a
Province,subject to whatever taxes would apply to similar securities issued
premium of $644.85, equal to 100.644. a basis of about 4.88%. Dated
by other than the Province. Legislation providing
tax free
Sept. 15 1934 and due $10,000 on Oct. 1 from 1936 to 1945 incl.
bonds has been in effect in the Province ever since for issue of
1909."
YONKERS, Westchester County, N. Y.
-BOND SALE
TORONTO HARBOUR COMMISSIONERS, Ont.-BOND CALL
-The $1,000.000 coupon or registered bonds offered on Dec. 5-V. 139, p. 3514
It is announced that variously numbered bonds of the 434% issue secured
-were
awarded to a syndicate composed of Lehman Bros., Bancamerica-Blair
by trust deed dated Sept. 1 1913. in favor of the National Trust Co., Ltd.
Corp., Estabrook & Co., Stone & Webster and Blodget, Inc., George B.
and the Toronto General Trusts Corp. as trustees, have been drawn by lot
Gibbons & Co., Inc., Kean, Taylor & Co., Phelps. Fenn & Co., all of New
for redemption on March 11935. Redemption will be made at par, together
York, and the Manufacturers & Traders Trust Co. of Buffalo on their
with a premium of 5% and interest due. The places for payment of bonds
bid of par for $500,000 43s and $500,000 5s. Net interest coat to city
are the principal office or agency of the Bank of Toronto in the City of
about 4.6932%. Two other bids were submitted. E. H. Rollins & Sons,
Toronto or at Guaranty Trust Co. of New York (the successor of National
In association with Hemphill, Noyes & Co.. Rutter & Co. and A. C. Allyn
Bank of Commerce in the City of New York) or at Midland Bank, Ltd.
& Co.. named a price of 100.21 for $500,000 4
(the successor of the London City & Midland Bank, Ltd.) London, England.
and $500,000 as 5s. An
account composed of Graham, Parsons & Co., Blyth & Co., Bacon, StevenVALLEYFIELD, Que.-BOND SALE
son Sr Co., Eldredge & Co. and Edward Lowber Stokes & Co. offered
-An issue of $150,000 430;
bonds, due serially in from 1 to 25 years, has been sold to McLeod,Young.
100.269 for the entire $1.000,000 bonds at 5% interest.
Weir & Co. of Toronto.
Mayor Joseph F. Loehr declared that the sale marked the last step
"In the complete rehabilitation of the city's credit position" and pointed
V1CTORIAVILLE, Que.-BOND OFFERING
-W. Fortier, Secretaryout that the basic cost of 4.6932% compares with that of 5.99% paid at
Treasurer. will receive sealed bids until 8 p. m. on Dec. 11 for the purchase
the last previous public sale in June 1932, when $2,420,000 6% bonds
of $48,000
% improvement bonds, dated Nov. 1 1934 and due serially
were sold. Four months ago bonds of the city were selling slightly below
on Nov. 1 from 1933 to 1954 inclusive.
CANADA, Its Provinces and Municipalities.
t°
@FedFRASER