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The Financial Situation
The Social Security Program
NCERTAINTY and inability to see a reasonable
The position and prospects of the social security
distance into the future have characterized the
general situation during the week on practically all bill now before Congress are no clearer or more
economic fronts. No clue at all has been forthcoming certain than they were a week or more ago. As a
as to when the Supreme Court will hand down its matter of fact, opposition to several of its features
decision in the gold clause cases, except, of course, the and inclination to insist upon various changes are
obvious fact that the greater the lapse of time without apparently growing fairly generally in the business
a decision the shorter the period before action by the community, although it is far from clear whether
Court. Naturally, the financial community is, as this opposition is sufficiently coherent and articulate
.
usual, completely without infor
as to the na- to be effective. N
The AAA
ture of the position to
be taken by the Court.
Dangerous Misconceptions
\
the Agricultural AdjustIt is likewise without any
"The fact is that laissez-faire in banking
ment Act, which are curdependable information as
and the attainment of business stability are
rently described by Adto what Congress is likel
incompatible. If variations in the supply of
money are to be compensatory and corrective
ministration spokesmen as
to do in the event the
rather than inflammatory or intensifying,
designed to clarify existdecision is not to the
there must be conscious and deliberate conliking of the Administratrol. The difficult and controversial quesing law, but which really
tion is who should do the controlling"—
would (if upheld by the
tion. The financial comMarriner S. Eccles, Governor of the Federal
courts) greatly broaden
munity has continued to
Reserve Board to the Ohio Bankers Association.
and strengthen governbe so much absorbed with
It would be impossible, we are certain, to
mental powers in respect
this matter that it has
pack more that is both unsound and dangerous in banking doctrine into such a few
not had much time or
to agricultural operations
words. "Laissez-faire in banking" does not
thought for anything
and transactions in the
exist in this country, and has not within the
memory of living man.
else.
products of agriculture,
"Business stability," if by that is meant
have been forwarded, apelimination of what is usually termed the
Other Important
parently as an Adminisbusiness cycle, may be incompatible with
what Mr. Eccles seems to suppose is "laissezMatters
tration measure, to Confaire in banking," but it is equally incomgress. These are about the
UT other matters of
patible with the frailties of human nature.
The difficult question is not, as Mr. Eccles
same proposals that were
grave national imporbelieves, "who should do the controlling" of
offered last year and finally
tance remain very obthe "supply of money," but how to rid the
political powers of the wholly unfounded idea
withdrawn or permitted to
scure at the present time.
that anyone, or any group of men, can so
die in order to get ConSome of them have, if
"control the supply of money" as to stabilize
business or in the long run be of service to
gress out of Washington.
anything, become even
the country.
What chance they have of
more difficult to appraise.
The 15,000 bankers who are now alleged to
adoption this year is cercontrol our supply of money do not make
The Senate Appropriations
loans merely to add to that supply, or retainly not clear at theimoCommittee has at length
fuse to make loans to avoid adding to that
ment, although reports are
supply—and of course they ought not to.
reported a modified reThey make loans on the basis of their
to the effect that they
lief bill, but several of
judgment as to whether the particular loan
have larger organization
the provisions in the reapplication is in accord with sound banking
principles. Upon the wisdom of this desu •port in both houses of
vised measure are there
cision, and not upon the "supply of money,"
Co gress, than they enby virtue of very close
depends the strength of our banking system,
and in substantial measure the stability of
Vt year.
votes in the Committee,
business.
and those who were thus
Not even Mr. Eccles, or any of the others
The Banking Bill
who talk so loosely about the supply of
narrowly defeated have
money, would claim, or at least so we should
made known their intenHAT Congress, and
suppose, that politically appointed agents
assembled largely in Washington could postion of carrying their opparticularly the Sensibly hope to pass upon the millions of such
position to the floor of
ate, is likely to do with the
applications that come to the banks almost
the Senate, where the
Administration's banking,
daily with even half the rather indifferent
success which our bankers as a whole have
daily press finds the sitbill is still a question, alhad during the past few decades.
uation anything but clear
though it must be said that
in respect to the future
if Senator Glass, who, one
of the measure here in question. The President and feels certain, will not desire to see Title II become
leading representatives of the American Federation law, is to have sufficient support from the financial
of Labor conferred at length some days ago, and community to enable him to be effective in saving
the rather vague impression given in some dis- the day, our bankers and their organizations must
patches was that "pipes of peace" were used freely become far more active and vigorous than they
during the conference. The fact remains, how- appear at the present moment. Apparently the
ever, that the American Federation of Labor is gold clause situation, with a number of other factors,
now reported to be using its influence to the utmost is preventing the business community in general
at the other end of Pennsylvania Avenue for the from taking the enlightened and vigorous action it
purpose of inducing Congress to write into the should, and in other circumstances would take
relief bill a requirement that individuals employed regarding a number of pending legislative situations
with the funds it provides be paid the prevailing in Washington, among the more conspicuous of which
rate of wages, a provision that the President is are the relief measure, social insurance bill, and the
new banking proposals. This attitude of indifferstrenuously opposing.
U
B
1014
Financial Chronicle
ence, inertia, or timidity, whichever it is, is in our
view a misfortune, and in no case more so than in the
matter of banking legislation.
We fear that our leading bankers have for the most
part not yet fully realized what the implications and
probable consequences of this measure are, or are
likely to be. We find it impossible to believe that
bankers of foresight and understanding could be complacent before a proposal to grant the politicians the
authority to change the reserve required of them at
will and without limit, if they fully appreciated the
implications of such a system. It may be that the
presence of excess reserves, at this moment running
into astronomical figures, has led bankers to feel
over-confident or unwarrantably secure in the face
of this threat, or to suppose that the danger inherent
in such a reserve situation in any way warrants, or
could warrant, procedure of this sort. According to
the terms of the present bill, as we read them, the
Federal Reserve Board, wholly subservient to the
will of the President, could require reserves of 100%,
and thus in large part install without further legislation some one of those wild schemes of the monetary
fanatics which have as their:central idea a 100%
reserve requirement. One well-known advocate of
such a plan is now a member of the technical staff
of the Federal Reserve Board itself. Such a plan, if
installed, would give the President of the United
States the power by proxy to pass upon each and
every bank loan made in the country.
False European Analogies
• To be sure, well-informed bankers can hardly be
much deceived by the current political talk about the
advantages to be derived from bringing our central
banking system more "into line" with European
systems and practices. If we had the well-developed
and effective traditions of good commercial banking
which London can boast, we too doubtless could
afford to leave our banking operations free from
virtnally all legal restrictions designed to prevent
the banks from becoming hopelessly water-logged with
slow assets which have no place in the portfolios of
commercial banks. We unfortunately have no such
tradition and no such record of voluntary self-restraint in bank management. It is clear enough, of
course, that the politicians have no such conception
of banking. On the Continent the controlling position of the Government has on more than one occasion resulted in policies on the part of Continental
central banks which are akin to what is apparently
being planned in Washington—always with the same
result—disaster. Why should we wish to imitate
what has proved unworthy and even calamitous in
European experience? To be sure, all this must be
well enough known to our bankers, many of whom
are showing but small concern over the fact that it
is now proposed to remove practically all restrictions
upon the operations of the Reserve banks and some
of the most important of those heretofore found wise
for member banks. We deceive ourselves if we suppose that in the long run any of us,even those bankers
who doubtless would not take advantage of such
laxity, will escape serious injury by the installation
of any such system.
To those who are inclined to be indifferent, or at
least inactive, in these matters we recommend a
careful reading of the lengthy statement issued by
the Governor of the Federal Reserve Board late last
week. Here is a brief extract from that utterance:
Feb. 16 1935
"Fluctuations in production and employment, and in the
national income, are conditioned upon changes in the available supply of cash and deposit currency, and upon the rate
and character of monetary expenditures.
"The effect of an increased rate of spending may be modified by decreasing the supply of money and intensified by
increasing the supply of money. Experience shows that,
without conscious control, the supply of money tends to
expand when the rate of spending increases and to contract
when the rate of spending diminishes. . . .
"This is one part of the economy in which automatic adjustments tend to have an intensifying rather than a moderating effect. If the monetary mechanism is to be used as
an instrument for the promotion of business stability, conscious control and management are essential.
"At the present stage of economic developments, main
reliance for bringing about a rise in the national income
must be placed upon increased governmental and private
expenditures. The most important role of monetary control
at the moment, therefore, is assuring that adequate support
is available whenever needed for promoting and accelerating
recovery. . . .
"In order that the Reserve administration may endeavor,
with some prospect of success, to render prompt support for
emergency financing in case of need, to prevent the recovery
from getting out of hand, and to prevent the recurrence of
disastrous depressions in the future, it is essential that the
authority of the Federal Reserve Board be strengthened.
"As matters now stand, the Board is charged with responsibility for monetary developments in this country, but lacks
the clear and explicit authority for determining the country's monetary policies.
"An essential step in giving the Board this authority is to
give it a controlling influence over the system's open-market
operations, for these are by far the most important instruments of reserve policy.
"By these operations reserves may be given to or taken
away from member banks; and it is on these reserves that
deposits are based.
"It is not too much to say that the power to control openmarket operations is the power to control the expansion
and contraction of bank credit, and thus, in large measure,
to control the country's supply of money. . .
"It is therefore obviously necessary to concentrate the
authority and responsibility for open-market operations in
a body representing a national point of view. . . .
"To facilitate the carrying out of national policies, it is
proposed to remove certain of the restrictions that are now
imposed on the Federal Reserve System by the Federal Reserve Act, but that experience has shown to be detrimental
and impracticable. . . .
"The proposals relating directly to member banks of the
Federal Reserve System are few in number, but vital to
speeding recovery. Their purpose is to make it more feasible for banks to meet the present requirements of mortgage
borrowers and to participate more aggressively in a revival
of activity and employment in the construction indus"The effect of these proposed changes would enable commercial banks to take an effective part in the reopening of
the mortgage market and to give their unstinted support,
in a manner not now possible for them, to that branch of
industry in which the opportunity for meeting both a social
and an economic need is now greatest."
This, in essence, is what has become known as
planned money. This exposition of it is furnished
not by some faddist without governmental authority
or influence, but by the head of the Federal Reserve
Board, which under the proposed law would become
nearly all-powerful in the banking world. The
words are those of the official who, from all outward
appearances, now holds about the position in the
Administration formerly occupied by Professor
Warren, who induced the President to undertake,
in the early months of his administration, the monetary manipulation which is now almost everywhere
admitted to have been not only futile but exceedingly
harmful. The time has come when the banking
community must bestir itself. Later protests may
be wholly unavailing.
Volume 140
Financial Chronicle
Lack of Interest Elsewhere
O FAR, at least, as outward appearances can be
trusted, the business community is either exceptionally indifferent or inarticulate in its attitude
toward .other vitally important legislative proposals
now pending. True, the works relief measure has
had rather hard sledding before the Senate Appropriations Committee, where some highly sensible
amendments an.d some very doubtful changes were
lost by narrow margins. From all accounts a similar
experience awaits its course on the floor of the upper
house. This situation, however, apparently has
arisen not so much from intelligent action on the part
of the general business public through its sundry
organizations as from feuds and factions in and around
Congress itself, and to some extent from the work of
the representatives of the labor unions, which do not
like certain aspects of the measure as it is now drawn.
We believe we are correct in stating that the vast
majority of the abler business leaders of the country
are strongly of the opinion that honest effort ought
to be made at once to bring the national budget into
balance. Several leading financial authorities with
wide knowledge and experience in such matters
have from time to time insisted that by far the most
economical and best method of dealing with relief is
the direct method. Yet we have heard of no vigorous
organized effort at Washington to induce Congress
to heed such good advice.
The business community for the most part seems
to assume that vital social insurance legislation this
winter, both at Washington and in a number of State
capitals, is "inevitable." Not a few are inclined to
agree, or more than half agree, that in the present
emergency action of this sort "might as well be tried."
Yet few, so far as we have been able to observe, who
have given the matter careful, independent thought
have become convinced that any good of consequence
is likely to come from all this proposed legislation,
and any thoughtful man must be able to discern
the hazards by which it is surrounded. Yet opposition seems largely confined to efforts to alter this
provision or modify that clause in such a way as to
reduce partially the inconvenience of the plans being
brought forward. What we ought to have from the
thoughtful elements in the business ,community is
a strong, forceful analysis of the fundamental weaknesses of all such schemes, and a sincere effort to
convince both Congress and the rank and file of the
truth of such an analysis.
Holding Company Proposals
HE proposed AAA legislation has hardly been
on Capitol Hill long enough for the observer to
be sure just how effective the honest opposition is
likely to make itself. The proposed measure abolishing the utility holding company has, of course,
greatly aroused the utility industry, which doubtless
will do what it can to ward off this unwarranted and
unwise blow. Yet it is by no means clear whether
that industry has the support it ought to have from
other sections of the business community, virtually all
of which, whether they know it or not, have a direct
or indirect interest of real importance in this matter.
This submissive attitude on the part of the average
business man of intelligence, whether it springs from
timidity, a sense of hopelessness, or a feeling that he
need only stick closely to the task of running his
own business in order to escape, is, we repeat, to be
seriously:regretted at this time.
S
T
1015
The Stabilization Fund
HE Secretary of the Treasury during the past
week was led by the nervousness of the business
community over the gold clause situation to announce that the stabilization fund had been active
for some time past in the foreign exchange markets,
which everyone knew, and that it would continue to
act with a view to keeping the dollar stable in terms
of other currencies, which everyone expected. Just
what bearing, if any, such an announcement at this
time has upon the question of what the Administration's policies are to be in the event of an adverse
ruling on the gold clause issues by the Supreme Court
it is, of course, impossible to tell. Should the gold
clauses be upheld all round and interpreted in a rational way, no such action on the part of the stabilization fund could possibly, we believe, suffice. The
situation that would thus be created would in some
of its aspects be unrelated to the operation of the
fund, as a matter of fact. The public therefore
remains as much in the dark as it ever was about the
plans of the Administration in this matter.
T
The SEC and the Over-the-Counter Markets
E WELCOME the
assurance given
WExchange Commission general of bodySecurities
last week by the Chairman
the
and
intends,
that that
as far as it can, to maintain the approximate status
quo between the organized exchanges and the socalled over-the-counter markets. We believe this
should be the objective of the Commission, it being
understood, of course, that it will not stand in the
way of changes in this relationship which are clearly
indicated by real economic needs, particularly in
connection with individual issues. We, however,
confess to some uncertainty as to whether the Commission is likely to find it feasible to regulate many
of the aspects or phases of the unorganized securities
markets of the country in the way apparently being
planned. It is probable, however, that the Commission has as yet reached no final decisions in these
matters, and quite possible that it will keep its efforts
in this direction within the limits of reasonable
practicability.
Federal Reserve Bank Statement
TION taken by the Federal Reserve Bank of
Nanomalous Federal Reserve of its liability on
New York for elimination
the
bank notes which
were authorized during the banking crisis of 1933
constitutes the most important change reflected in
the current banking statistics. The change is a very
modest cause for satisfaction in this period of potentially dangerous credit ease and legislative proposals
for even more direct control of the Federal Reserve
System than now is exercised by the Treasury.
Although very nearly $100,000,000 of these Federal Reserve bank notes still are outstanding,
provision for retirement of this unbacked credit
currency has been made by the various banks of the
System to varying degrees by depositing "lawful
riioney" with the Treasury for redemption when the
notes return from circulation. The New York institution in the week to Feb. 13 has carried this process
to its long overdue conclusion by making provision
for the retirement of all notes of this kind still outstanding against it, in an amount of $24,324,000.
This caused a recession in the net circulation of the
notes from $25,627,000 on Feb. 6 to $1,192,000 on
1016
Financial Chronicle
Feb. 13, according to the combined condition statement of the 12 banks. The remaining $1,192,000
notes are those of the Federal Reserve Bank of
Boston, and it is to be hoped that this experiment
in fiat currency soon will be terminated, so far as
the Federal Reserve System is concerned, through
provision for the elimination of the item.
The banking statistics, in other respects, fail to
reflect any important change from previous tendencies. Member bank deposits on reserve account fell
$52,306,000 from $4,632,647,000 on Feb. 6 to $4,580,341,000 on Feb. 13, but this was due almost entirely
to Treasury withdrawals of funds from war loan
deposit accounts. The reduction made only a small
inroad on the excess reserves over requirements,
which now are somewhat under $2,300,000,000.
Treasury deposits on general account and "other
deposits" increased, so that the aggregate deposits
with the System were only $10,024,000 lower, at
$4,834,165,000, as against $4,844,189,000. Federal
Reserve notes in actual circulation continued to increase, in accordance with the normal seasonal
trend, and this item was $3,118,015,000 on Feb. 13
against $3,101,685,000 on Feb. 6. Gold certificates
were deposited by the Treasury with the System
only in the amount of $4,538,000 in the week covered by the report, even though the monetary gold
stocks of the country increased $35,000,000. This
is a partial offset to the excess deposit of certificates over gold acquisitions recorded last week.
Because of a decline in other cash, total reserves
of the System were not much changed at $5,730,959,000 on Feb.13 from the previous figure of $5,731,990,000. The increase in circulation liabilities and
the decline in deposit liabilities offset each other,
and with reserves almost unchanged, the ratio was
again 72.1%. Borrowings by member banks from
the System reversed their recent trend and showed
a small increase to $6,510,000 from $6,428,000. Industrial advances were $18,375,000 against $17,824,000. Open market holdings of bankers' bills
were only $1,000 lower, at $5,502,000, while United
States Government security holdings were up
$113,000 to $2,430,334,000.
The New York Stock Market
Trading in the New York stock market was at
a minimum this week and prices showed little
change, owing to the many uncertainties of the present situation. The holiday on Tuesday, in observance of Lincoln's Birthday, tended to diminish
activity in the early part of the week, and turnover in stocks on the New York Stock Exchange
was much under the 500,000 share mark in all
sessions until yesterday, when a modest improvement occurred. The market was disappointed in
its expectation of Supreme Court decisions on the
four gold clause suits, while unsettlement in various foreign markets also discouraged traders and
investors. Foreign exchange markets became more
stable, owing to extensive use of the stabilization
fund, and French francs advanced above the gold
import point for the first time in several weeks
after Secretary of the Treasury Henry Morgenthan, Jr., announced on Monday that the Treasury
is prepared to manage the external value of the dollar as long as it may be necessary. With uncertainty on every hand, the stock market was almost
at a standstill, Monday, and the small net changes
in both directions were quite without significance.
Feb. 16 1935
After the holiday, trading was resumed on Wednesday in much the same atmosphere. The Treasury
announcement that the dollar will be kept stable
caused a little more confidence, and small fractional gains outnumbered the equally modest
losses. Interest in stocks improved on Thursday
and some leading issues were up a point or more
for a while, but selling was encountered in such
issues and most of the gains were lost before the
close. Numerous fractional advarices again appeared at the end, however, and the market thus
had a steady appearance. Improvement was general and more pronounced yesterday and many
fairly good advances were recorded in this session,
which was much the most favorable of the week.
In the listed bond market a gradual improvement
took place as the week progressed. Investment
activities were modest at all times, but the steady
absorption of high grade securities occasioned a
number of record high figures. United States Government bonds were in. demand, and slight advances in such issues were paralleled by gains in
the well rated railroad, utility and industrial bonds.
Speculative bonds were irregular, but more gains
than losses appeared in most groups. Commodity
markets were dull and little changed, small gains
and losses being recorded alternately in grains,
cotton and other staples. Trade and industrial reports fail to furnish conclusive indications of the
long time trend, some indices reflecting improvement while others are adverse. After continued
improvement for 16 weeks, the estimate of steel production by the American Iron & Steel Institute
for the week ending today shows a decline to 50.8%
of capacity from 52.8% last week. Production of
electric power in the week ended Feb. 9 was 1,763,696,000 kilowatt hours, according to the Edison
Electric Institute, as compared to 1,762,671,000
kilowatt hours in the preceding week. Carloadings
of revenue freight were 592,560 cars in the week
to. Feb. 9, the American Railway Association reports, this being a reduction of 5,604 cars from the
previous period.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 97%c. as against 96%c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 86/ as against 84%c. the close on
14c.
Friday of last week. May oats at Chicago closed
yesterday at 51%c. as against 4978c. the close on
/
Friday of last week. The spot price for cotton here
in New York closed yesterday at 12.65c. as against
12.65c. 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 was 24 13/16
pence per ounce as against 24 7/16 pence per ounce
on Friday of last week, and spot silver in New York
/
at 54%c. against 5378c. In the matter of the foreign
exchanges, cable transfers on London closed yester/
/
1
2
day at $4.87 as against $4.881 8 the close on Friday
of last week, while cable transfers on Paris closed
2c.
/
yesterday at 6.59Y as against 6.5618c. on Friday
of last week. On the New York Stock Exchange 113
stocks reached new high levels for the year, while
87 stocks touched new low levels. On the New
York Curb Exchange 96 stocks touched new high
levels for the year, while 61 stocks touched new
low levels. Call loans on the New York Stock Exchange remained unchanged at 1%.
Volume 140
Financial Chronicle
On the New York Stock Exchange the sales at the
half-day session on Saturday were 293,300 shares;
on Monday they were 358,947 shares; Tuesday, being
Lincoln's Birthday and a holiday, the Exchange was
closed; on Wednesday, 386,445 shares; on Thursday,
405,026 shares, and on Friday, 726,482 shares. On
the New York Curb Exchange the sales last Saturday were 93,460 shares; on Monday, 125,680 shares;
on Wednesday, 120,195 shares; on Thursday,118,321
shares, and on Friday, 173,505 shares.
The stock market for the week continued to be a
very dull affair, with the decision of the United
States Supreme Court on the gold clause suits still
to be rendered, and Lincoln's Birthday, on Tuesday,
a holiday, there was little incentive for trading. As
compared with the close on Friday a week ago, prices
at yesterday's close were irregularly changed. General Electric closed yesterday at 2378 against 23%
/
on Friday of last week; Consolidated Gas of N.Y. at
17% against 1878; Columbia Gas & Elec. at 51/
4
/
against 6%; Public Service of N. J. at 23% against
241 J. I. Case Threshing Machine at 56% against
4;
55%; International Harvester at 41 against 40%;
Sears, Roebuck & Co. at 35% against 3512; Mont/
gomery Ward & Co. at 26/ against 26%; Wool14
worth at 54% against 53/s; American Tel. & Tel. at
104 against 104, and Amerfcan Can at 119
against 114%.
Allied Chemical & Dye closed yesterday at 137%
against 135% on Friday of last week; E. I. du Pont
de Nemours at 95 against 947/8; National Cash Register A at 16 against 16; International Nickel at
/
1
2
23% against 23%; National Dairy Products at 16%
against 15%; Texas Gulf Sulphur at 35% against
35; National Biscuit at 2812 against 28%; Conti/
nental Can at 70% against 66; Eastman Kodak at
120% against 11318; on Feb. 13 the quarterly divi/
dend rate on the no par common stock was increased
from $1 a share to $1.25 a share, payable April 1;
Standard Brands at 17% against 17%; Westinghouse Elec. & Mfg. at 39% against 38%; Columbian
Carbon at 75% against 73%; Lorillard at 2014
/
against 2014; United States Industrial Alcohol at
38% against 37%; Canada Dry at 13% against 1318;
/
Schenley Distillers at 2578 against 25%, and Na/
tional Distillers at 28 against 27y.
8
The steel stocks show little change in prices as
compared with the close on Friday a week ago.
United States Steel closed yesterday at 36 against
3618 on Friday of last week; Bethlehem Steel at
/
29% against 29%; Republic Steel at 13% against
13%, and Youngstown Sheet & Tube at 17% against
17%. In the motor group, Auburn Auto closed
3
yesterday at 24 against 23% on Friday of last week;
General Motors at 3118 against 31%; Chrysler at
/
39% against 3878 and Hupp Motors at 2% against
/,
2%. In the rubber group, Goodyear Tire & Rubber
3
closed yesterday at 23 against 22% on Friday of last
week; B. F. Goodrich at 10% against 978 and
/,
United States Rubber at 15 against 14%.
The railroad shares closed lower for the week.
Pennsylvania RR. closed yesterday at 2118 against
/
21% on Friday of last week; Atchison Topeka &
Santa Fe at 43% against 44%; New York Central
at 16% against 17%; Union Pacific at 99% against
100; Southern Pacific at 1514 against 15%; South/
ern Railway at 11% against 12%, and Northern
Pacific at 17% against 17%. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 40%
against 40% on Friday of last week; Shell Union
1017
Oil at 678 against 7, and Atlantic Refining at 24%
/
against 24%. In the copper group, Anaconda Copper closed yesterday at 10% against 10% on Friday
of last week; Kennecott Copper closed yesterday at
17 against 17; American Smelting & Refining at
3578 against 35, and Phelps Dodge at 15%
/
against 14%.
European Stock Markets
rofound unsettlement was the rule this week on
stock exchanges in the foremost European financial centers. The London Stock Exchange was especially disturbed by continued failures of old brokerage firms that were involved in the collapse of the
pepper bubble last week. This factor, together with
growing signs of popular dissatisfaction with the
National Cabinet and a sharp January increase in
unemployment, caused serious declines in quotations of all securities at London during the first
half of the week. A recovery started Thursday
and proceeded in vigorous fashion, but the improvement failed to offset the losses of previous sessions.
The sessions at London early this week were described in dispatches as the worst since the period
immediately preceding the British abandonment of
the gold standard in 1931. On the Paris Bourse
the trend was mostly downward, and the Berlin
Boerse also suffered from adverse conditions. But
the movements on the Continental markets were
orderly. The Rome exchange witnessed extensive
liquidation early in the week on reports of Italian
mobilization in connection with the Abyssinian dispute, but recovery quickly followed. The unemployment figures now made available show that the
trend of trade and industry in the leading European
countries became suddenly adverse during January,
and the market performances were due largely to
that showing. The British Ministry of Labor reported an increase of 239,558 in the roster of the
jobless for the month, this being more than the
January increase in any previous year of the depression. It brought the British total of unemIn France the upward
ployed up to 2,325,373.
tendency in the number of unemployed was uninterrupted last month, and the most recent figures
show 487,426 idle, notwithstanding extensive deportations of foreign workers. German unemployment totals increased 369,000 in January to an
aggregate of 2,973,000.
Conditions on the London Stock Exchange on
Monday reflected the week-end announcements of
the failures of the produce brokerage firms of Rolls
& Son and J. F. Adair & Co., with extensive
liabilities, and the fears that further complications
might be disclosed. A political flurry and rumors
that a general election might be held in the early
future added to the unsettlement. British funds
receded sharply, some issues falling more than a
point. Industrial stocks and gold mining issues
were heavy, while foreign securities showed little
change. Pronounced unsettlement again was in
evidence Tuesday. British funds rallied for a time,
but fresh liquidation toward the end forced figures
well below those of the preceding session. The
increase in unemployment totals depressed the industrial list. African gold mining issues held rather
well, but international securities were soft.
• Although Stanley Baldwin, Lord President of the
Council, declared there would be no early national
election in England, securities again tumbled on
p
1018
Financial Chronicle
Wednesday. Prices were marked steadily lower
until near the close of the session, when a rally
finally developed. British funds recovered more
quickly than other issues and closing levels were
not much changed, but industrial stocks generally
were quite weak. Gold mining issues and most
foreign securities likewise receded sharply. The
tone was firm during most of the trading on Thursday, but small recessions at the end brought prices
down a bit from their highs of the day. British
funds led the rally, and heavy bear covering in
industrial stocks occasioned large advances in that
group. Gold mining securities and foreign issues
likewise were in demand. In an inactive session
yesterday, prices were well maintained in nearly all
groups of issues. Gilt-edged securities were fractionally lower, but industrial stocks and foreign
issues improved.
On the Paris Bourse prices were marked uniformly lower in the initial session of the week.
There was very little trading as the public refused
to take any interest in the proceedings. Rentes
were off decidedly and French bank and industrial
stocks also lost ground. The French market was
impressed favorably on Tuesday by American indications of monetary stability, whatever the
Supreme Court may rule on the gold clause suits,
and advances were general in Paris. There was also
less pessimism regarding the internal political
situation, and rentes led a substantial rally on the
Bourse. French equities and international securities joined in the advance, but on a more modest
scale. Reports of the sharp and continued decline
at London caused uneasiness in Paris on Wednesday, and prices again were marked downward.
Rentes and French equities were off only a little,
but international securities suffered from extensive
liquidations. The tone improved on Thursday,
when it appeared that Premier F/andin is likely to
receive support for part, at least, of his recovery
program. Better news from London also influenced
the trading at Paris, which was marked by extensive gains in rentes and more modest advances in
French equities and most international securities.
The advance was continued at Paris, yesterday, with
rentes and French equities in fair demand. International securities were up sharply.
Prices on the Berlin Boerse drifted slowly lower
in a very dull session on Monday. Uncertainty regarding the international outlook occasioned aloofness. The only section of the market that showed
any life was the automobile group, advances being general in such issues owing to the impending automobile show in Berlin and the expectation
of numerous orders. The slow drift to lower quotations was continued on Tuesday, with all groups of
issues affected. There was little trading and most
recessions were confined to small fractions.
Wednesday's session brought no increase in activity,
but the tone was slightly better. Recessions again
were the rule, but they were small and a number
of gains also were recorded. Conditions were unchanged Thursday, most securities again receding
slightly, although some showed moderate improvement. Real investment demand for fixed-interest
issues appeared for the first time in the week and
this section of the market showed better results
than others. Although activity again was on a •
small scale yesterday, fractional gains were general.
Feb. 16 1935
World Bank Meeting
HEN directors of the Bank for International
Settlements assembled at Basle for their
usual monthly meeting, last Sunday and Monday,
their deliberations apparently were tinged darkly
with pessimism regarding the international monetary and trade outlook. A sudden turn for the
worse in the employment situation in all the leading European countries did much to occasion the
pessimism, while uncertainty regarding the American position added to the gloom. Leon Fraser, the
American President of the B. I. S., indicated last
month that he would not accept reappointment,
and this factor, together with the growing signs
of American aloofness from European affairs,
caused much concern regarding the international
collaboration that the Bank was established to
foster. "Nerves seemed to be more on edge than
they have been in some time," the correspondent
of the New York "Times" remarked in a report of
the meeting. "The prevailing pessimism appears
due far less to anything concrete than to nerves
that are getting ragged from accumulating strain,
discouragement and doubt," the dispatch added.
Dr. L. J. A. Trip, President of the Nederlandsche
Bank of Amsterdam, probably will succeed Mr.
Fraser as the head of the B. I. S., but his acceptance of the post depends upon the appointment of
a satisfactory alternate, since Dr. Trip would expect to spend only part of his time at Basle. This
matter is to be settled in the March meeting of the
directors Problems of monetary stabilization occupied the Governors of the chief European Central
Banks, who comprise the directorate of the B. I. S.,
but no progress whatever was discernible in this
connection, reports said. The American litigation
on the gold clause was discussed extensively, it is
said, and part of a rather heavy loss in B. I. S.
deposits was attributed to the uncertainty regarding the decision of the United States Supreme Court.
With the American position more uncertain than
in some months past, talk of currency stabilization
was considered little more than wasted effort. The
British attitude is said to be unchanged, with London still insisting that the French franc must come
down or the American dollar revalued upward before any degree of genuine stability can be anticipated. In recent talks of French Ministers at London, these views are understood to have been reiterated. Comments by the bankers indicated, moreover,
that the monetary and trade strain on the gold standard countries is growing steadily, making further
defections from the gold group ever more likely.
Belgium was described as the weakest member of the
gold bloc, but recently the pressure in France and
Switzerland against continued adherence to present
monetary standards has increased. The American
trend toward isolationism is shown, according to
the views expressed at Basle, by the refusal of the
United States Senate to vote adherence to the World
Court. The bankers also cited American sales in
Europe of approximately 5,000 shares of B. I. S.
stock, out of the 20,000 shares distributed in the
United States when that institution was founded
in 1930. "They wonder whether the sale foreshadows, when Mr. Fraser finishes his term, complete American isolation from the bank that Americans did so much to found," the "Times" dispatch remarked. The formal session of the directors was
W
Volume 140
Financial Chronicle
concerned almost entirely with technical questions
relating to monetary problems incident to the
transfer of the Saar area to German sovereignity
on March 1.
1019
of the Council Stanley Baldwin scoffed at such
rumors. George Lansbury, as the present leader
of the small Labor group in the House of Commons,
moved on Thursday a vote of censure on the ground
that the Government had forfeited the confidence
Trade with Germany Declines
of the country in handling the unemployment situaNFAVORABLE trade balances with Germany tion. This move followed publication of the January
were utilized by a number of European coun- employment figure's, which showed the unusual intries last year to force German payments . on ex- crease of 239,558 in the number of jobless during
ternal Reich obligations held in those countries, that month. It is generally believed that these inlargely by means of clearing arrangements. In cidents have weakened the Cabinet, and some review of this situation, it is exceedingly interesting vision is possible.
to note that the favorable American balance of
European Diplomacy
trade with Germany is turning into an adverse balance. American officials have indicated on more
XTENSIVE and protracted negotiations on the
than one occasion their distaste for clearing or
Anglo-French bid for a German return to the
other arrangements of a like nature, and it seems League of Nations and the General Disarmament
quite clear that discrimination of this nature will Conference are indicated by the German reply, made
not be utilized by the United States Government, orally in Berlin, Thursday, to the British and
at least until after expiration of the treaty of trade French Ambassadors there. The Anglo-French
and friendship between Germany and America, effort covers a wide range of European affairs and
which the Reich denounced some months ago. includes a proposal for a mutual air defense pact
Apart from such considerations, however, the appar- to be negotiated by Britain, France, Germany, Italy
ent turn of the trade tide with Germany is interest- and Belgium. It proposes recognition of the rearmaing because German officials consistently have pro- ment already effected by the Reich, but called for
claimed that America must buy more German goods. German acceptance of the Eastern Locarno pact
There would seem to be little point in their pre- and the Central European security treaty sugtensions, now that the United States is buying more gested in the Franco-Italian exchange. After confrom Germany than the Reich is buying here. "In sidering the proposals for 11 days, Germany made
the course of last year Germany cut her imports an initial and conditional reply on Thursday
from the United States by 70%, until in the final through Foreign Minister Konstantin von Neurath,
months of 1934, for the first time in the history who received the British and French Ambassadors
of German-American trade relations, German ex- separately at the Wilhelmstrasse. The Angloports to the United States were running above French memorandum was accepted by Berlin as a
American exports to Germany," a Berlin, dispatch basis for discussion, Berlin dispatches said. The
of last Sunday to the New York "Times" states. Reich looks with favor upon the idea of a Western
According to American trade figures available in European mutual air defense pact, it is indicated,
Berlin, the American trade balance with the Reich but the suggestion for the Eastern Locarno agreebecame unfavorable in November, the report indi- ment was viewed with the same distaste that has
cates. This result seems to have been achieved marked German consideration of this proposal in
mainly by means of sharply curtailed German pur- the past. There was, moreover, no direct mention
chases of American raw materials, and it is noted of the bid for Germany's return to the League and
in the dispatch that German industries, especially the Disarmament Conference. The German Foreign
the cotton factories, are Suffering severely because Minister is said to have insisted upon recognition
of the enforced dearth of such goods.
of an equal armaments status for the Reich as a
•
prelude to actual discussions of this subject, this
British Cabinet
being in line with previous German tendencies.
:
I THOUGH the National Government in Great Further diplomatic exchanges on the whole range
Britain can rely upon the support of an over- of problems now is anticipated in Berlin, which
whelmingly large proportion of the Members of looks to England and France to take the initiative
Parliament, it would seem that. popular opposition in developing the discussions. "Their inception, it
to Prime Minister Ramsay MacDonald and to some was announced, is not only welcomed by the Reich
of his Ministers is increasing. Mr. MacDonald, Government, but the Anglo-French initiative also
who was formerly the leader of the Labor Party in will find National Socialist Germany ready and
England, has been jeered and mocked on all occa- determined to assist further progress as an indicasions recently, when he attempted to make public tion of Germany's will to peace," a dispatch to the
addresses. Last week a by-election occurred at New York "Times" said. An official German stateWavertree, which is staunchly Conservative, but the ment on the matter is to be published to-day or toLabor candidate won the contest because of a divi- morrow, it is said.
sion of Conservative votes between the regular canItalo-Abyssinian Dispute
didate of that party and the son of Winston
Churchill, who is in revolt against the leadership
NNOUNCEMENTS at Rome last Sunday foreof Stanley Baldwin, the real head of the present
shadowed new developments in the longNational Government. The insurgent Conserva- smoldering dispute between Italy and Abyssinia
tives voted with the Opposition in a Parliamentary over the boundaries between Italian Somaliland
division on Monday, when the Government's India and the ancient Christian Kingdom in Africa. The
bill came up for a second reading, and the Govern- Italian Government made known, in an official comment was supported by 404 Members, while oppos- munication, that an armed conflict had occurred
ing votes numbered 133. There was some talk last Jan. 29 at Afdub, south of Ualual, some casualties
week-end of an early election, but Lord President occurring on both sides. The incident was much like
U
E
A
A
1020
Financial Chronicle
that which occurred at Ualual on Dec. 5 last, which
was witnessed by British engineers. The Ualual
incident was aired in the League of Nations Council
session last month, and largely because of a report
by a British observer, Abyssinian views were generally accepted and arrangements finally were made
for settlement of the affair by direct negotiations.
Such negotiations still were in progress when the
fresh incident at Afdub occurred, and it is quite
evident that it will serve to complicate the relations
between Italy and Abyssinia to a great degree.
Italy promptly demanded satisfaction from Abyssinia because of the Afdub occurrence, and the demands were given a most warlike tone by orders for
the mobilization of several divisions of Italian
soldiers. As on the previous occasion, Abyssinia
denied responsibility for the incident, but it seems
that no British engineers were present on this occasion. What the outcome may be is considered by
most observers more a matter of secret agreements
regarding Abyssinia among the leading European
Powers, and of Premier Mussolini's ambitions and
inclinations, than of the actual circumstances of the
conflict at Afdub. Italian legions began to sail
yesterday for Somaliland and the Italian colony of
Eritrea, but whether for police duty or a punitive
expedition is not yet certain.
The Italian communication last Sunday stated
that a band of armed Ethiopians attacked an Italian
post at Afdub, five native troops on the Italian side
being killed and six wounded, while the Ethiopians
lost a greater number. Extensive troop movements
in Italy were noted the same day. Rome reports of
Monday indicated that Premier- Mussolini had sent
an ultimatum to the Abyssinian capital, Addis
Ababa, demanding "complete satisfaction" in the
form of suitable apologies, payment of indemnities
and military honors to the Italian flag. The Ethiopian Emperor, Haile Selassie I, replied to the
Italian note on Tuesday, and the answer was made
public even before it reached Premier Mussolini.
The Italian charge of aggression was denied flatly
in the Abyssinian note, which declared that the
Ethiopian garrison at the nearby town of Gerlogubi
did not at any time make any sally or attempt
against the Italian garrison at Afdub. A group of
25 Ethiopians, armed with rifles, was attacked by an
Italian band armed with machine guns after various
reconnaisance flights by Italian airplanes, the note
added. There could not have been any attempt to
surround Afdub, according to the communication,
since that post was evacuated by the Italians at the
time the supposed attempt took place.
Statements were made on both sides, Wednesday,
to the effect that a peaceful solution is desired, and
the initial apprehensions of an armed conflict between Italy and Abyssinia were somewhat alleviated. But they were not dispelled entirely, even
though the British Foreign Secretary, Sir John
Simon, assured the British Parliament that the
Italian mobilization of some 7,000 men seemed to
be a "precautionary defensive measure," which did
not imply an Italian intention of abandoning endeavors to obtain an amicable settlement. The
British Government was informed, Sir John said,
that the Italian forces had not advanced from the
line they long had occupied in the disputed area.
Negotiations for peaceful adjustment of this latest
incident already were under way, it was indicated,
and the British Minister at Addis Ababa had been
Feb. 16 1935
authorized to use his good offices in promoting the
negotiations. In British official circles the view
was taken that the Italians have sufficient cause
to demand indemnification for the deaths of their
soldiers, and it was recalled that wild nomads recently had attacked a French group on French colonial territory. In Rome a "serious view" was taken
of the Ethiopian reply to the Italian demands, and
it was indicated Thursday that 15,000 troops would
be on their way to Eritrea and Italian Somaliland
by the end of next week. The full extent of the
scheduled troop movement was not disclosed, but
high Italian authorities were quoted in Rome reports as saying the expedition indicated that the
Italian mobilization was not a bluff. According to
the Associated Press, an authoritative source declared that the Italian Government is prepared to
spend 10,000,000,000 lire on a campaign against
Ethiopia if war breaks out. Premier Mussolini
began extensive conferences with the Fascist Grand
Council, late on Thursday, to determine the Italian
course of procedure.
It was made quite clear in dispatches from London, Paris and Geneva that Italy has a free hand in
the current dispute with Abyssinia, and some observers suggested that a partition of the African
Kingdom may well be envisioned by the European
Powers. The London correspondent of the New
York "Times" recalled, in a dispatch of last Monday, that the London Treaty of 1915 carried a clause
providing for "adequate compensation" to Italy relative to the frontiers of the Italian colonies of Eritrea
and Somaliland in the event that France and Great
Britain increased their colonial possessions in
Africa at the expense of Germany. "Apart from
,
action bS the League, there is nothing to prevent
Premier Mussolini from acting as he pleases toward
this distant Italian colonial neighbor," the report
continued. "It is generally understood that when
the subject of recent Abyssinian conflicts came up
in his conference with Pierre Laval, last month, the
French Foreign Minister gave the Italian Premier
a free hand to carry out any police operation he
cared to undertake in that part of the world. No
forceful interference from Great Britain is likely
either." It was noted that Premier Mussolipi cannot declare war on Abyssinia, which, like Italy, is
a member of the League, but any "punitive expedition" after the fashion set by Japan in China has
been shown to be possible without graver consequences than a League rebuke. In Paris the impression prevailed that Premier Mussolini intends to
try to establish some sort of protectorate over
Abyssinia. One of the dangers in the present situation is to be found in the warlike spirit of the Abyssinian population and the difficulty the peaceably
inclined Emperor Haile Selassie may experience in
curbing his followers. It is estimated the Ethiopian
Emperor could call 1,000,000 men to the colors in
the event of an armed conflict.
Brazilian Trade andlExchange
OON after signatures were attached to the new
reciprocal trade treaty between the United
States and Brazil, officials of the Rio de Janeiro
Government announced a very material liberalization of the foreign exchange restrictions that have
long been applied in Brazil. There may be no direct
connection between these incidents, but it seems
probable that the expansion of exports anticipated
S
Financial Chronicle
Latin-American Revolts
RIEF and unsuccessful revolts have occurred in
recent weeks in Argentina and Uruguay, the
established Governments in both countries proving
much too strong for the malcontents who sought
changes by means of violence. A year or two after
the depression started, such revolts were exceptionally numerous, and many changes of Government were occasioned at the time, but a greater
degree of stability has been the rule in the last year.
The Argentine Government dealt summarily with a
rebellion in La Plata, late last week. This brief
struggle in the capital of the Province of Buenos
B
1021
Aires seems to have been due to differences within
the Conservative party, as the Conservative Governor, Frederico Martinez de Hoz, was deposed by
the rebels, almost all of whom were members of
that party. The Federal Government took control
of the Capitol and quickly reinstated Senor Martinez de Hoz. In Uruguay a more protracted revolt
against President Gabriel Terra was put down by
loyal troops after a few weeks of desultory fighting
in which the Federal regime had the upper hand at
all times. Many of the rebels fell into the hands of
the Government forces, while others fled across the
boundaries into Brazil and other countries. Reports
regarding this conflict were uncertain for a time,
owing to a strict censorship, but by the end of last
week all doubts regarding the outcome were dispelled. Many political prisoners were released last
Saturday, and a decree was issued disbanding
civilian volunteer forces and returning to their owners horses and automobiles that were requisitioned
as a precautionary measure.
Discount Rates of Foreign Central Banks
HERE have been no changes during the week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria____
Belgium _ _ _
Bulgaria...
Chile
Colombia__
Caechoelovakla__
Danzig_ ___
Denmark__
England_ __
Ectonia____
Finland___
France__ -Germany __
Greece ____
Frnllaml
Rats Pt
Date
Effect
Feb. 15 Established
XX
by Brazil as a consequence of the new pact furnished
an additional reason for the beneficent action on
exchange taken last Monday. The Foreign Trade
Council, over which President Getulio Vargas presides, announced that the sale of export bills would
be started immediately in the open market, with the
reservation that 35% of the amounts realized from
exports must be placed at the disposal of the Bank
of Brazil in order to meet external commitments.
This percentage, it was estimated, would supply the
bank and the Government with sufficient exchange
to meet the agreements for the thawing of frozen
credits. The Brazilian Financial Mission, headed
by Finance Minister Arthur de Souza Costa, sailed
from New York for London last Saturday, apparently without realizing its aim of obtaining a loan
in this market. The Mission expects to discuss trade
treaties with the Governments of Great Britain,
France, Germany, Italy and Spain, and it seems
quite likely that loan arrangements also will be
canvassed.
In Washington, meanwhile, efforts to conclude
further reciprocal trade agreements along the lines
of the Brazilian pact were pushed with vigor. Secretary of State Cordell Hull, irritated by an extensive propaganda directed against lowered tariff
rates, issued a statement last Sunday in which he
attacked critics of his reciprocal trade policy. He
characterized as "grossly exaggerated and misleading" the suggestions that many thousands of American manganese miners will be thrown out of work
by the reduction in the duty on manganese ore from
110% to 55%, as called for in the Brazilian treaty.
Actually, only a few hundred workers are employed
in the American industry, he said. The United
States, moreover, imports about 90% of the manganese used in American industries, and American
consumers thus were forced to pay a heavy tax and
one out of all proportion to the value of domestic
production of manganese, Mr. Hull remarked. "The
main purpose in proposing a reduction in the rate
on manganese ore, as in the case of any similar rate
reduction, is to induce other countries, in turn, to
lower their rates or other obstructions against the
exportation and sale of those commodities which
we export," he continued. "There is no other possible way for the accomplishment of this practical
and mutually profitable result. The American public, therefore, has the choice either to continue to
close its eyes and rush headlong further in the direction of shutting out every possible opportunity to
sell our goods and restore full prosperity, or it can
pursue instead a broad and practical program for
the normal restoration of mutually profitable trade
between nations."
Si•JA•MIACANt3.1.4i
Volume 140
FreNow
Rate
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
634
5
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
Sent IR 1933
434
3
3
234
534
434
3
5
734
3
Rate ix
Pro
Effect
Daze
rictus
Feb. 15 Established
Rats
'
434 Oct. 17 1932 6
Hungary —
India
334 Feb. 16 1934 4
Ireland
3
June 30 1932 334
Nov. 26 1934 3
4
Italy
Japan
3.85 July 3 1933 3
Java
334 Oct. 31 1934 4
Jugoslavia_
Feb. 1 1935 634
5
Lithuania
6
Jan. 2 1934 7
Norway
334 May 23 1933 4
Poland
5
Oct. 25 1933 6
Portugal
5
Dec. 13 1934 5.34
Rumania
434 Dec. 7 1934 6
SouthAtrica 4
Feb. 21 1933 5
Spain
6
Oct. 22 1932 634
Sweden__
234 Dec. 1 1933 3
Switzerland 2
Jan. 22 1931 234
Country
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 5-16@%% as against 5-16@/%
on Friday of last week, and 5-16(4)/% for threemonths' bills as against 5-16@/% on Friday of last
week. Money on call in London yesterday was X%.
At Paris the open market rate remains at 17
/%,
and in Switzerland at 11
/%.
Bank of England Statement
HE statement of the Bank for the week ended
Feb. 13 shows a slight loss of £474 in gold holdings, reducing the total to £193,021,734 as compared
with £191,843,044 a year ago. A contraction of
£2,042,000 occurred in note circulation and reserves
rose in the same amount, the loss of gold being too
minute to have any consequence. Public deposits
increased £1,806,000 and other deposits fell off
£1,170,486. The latter consists of bankers'accounts,
which decreased £2,249,389, and other accounts,
which rose £1,078,903._ The reserve ratio is at
48.61%, up from 47.53% a week ago; last year the
ratio was 53.82%. Loans on Government securities
decreased £145,000 and those on other securities
£1,261,655. The latter includes discounts and
advances, which fell off £1,334,089, and securities,
which increased £72,434. The discount rate did
not change from 2%. Below are tabulated the different items with comparisons of previous years:
T
1022
Financial Chronicle
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Feb. 13
1935
Circulation
Public deposits
Other deposits
Bankers accounts_
Other accounts
Govt. 8ecurities_
Other securities- —
Diact. <4. advances_
Securities
Reserve notes & coin
Coin and bullion_
Proportion of reserve
to liabilities
Bank rate
Feb. 14
1934
Feb. 15
1933
BANK OF FRANCE'S COMPARATIVE STATEMENT
Feb. 18
1931
Feb. 17
1932
£
£
£
£
£
374,946,000 366.280,410 355.073,533 344,882,554 344,130,524
18,341,000 23,375,578 15.849.635 15,358,981 15,167,040
142,246.340 135,597,489 139,093,691 102,444,726 94,289,617
101,819,644 99,278,011 106,327,281 70,455,852 61.145,540
40,426,696 36,319,478 32.766,410 31,988,874 33,144,077
82,767,413 72,195,610 90,858,315 33,495,906 36,134,952
17,922,000 19,387,454 29,387,456 51,068,598 34.403,415
7,942.597 8,200,336 11,970,324 11,944,547 9,688,839
9,979,403 11.187,118 17,417,132 39,124,051 24,714,576
78,076,000 85,562,634 52,873,605 51.435,033 57,076,139
193,021,734 191,843,044 132,947,138 121,317,587 141,206,663
48.61%
2%
53.82%
2%
31.12%
2%
43.66%
5%
52.14%
3%
'Bank of Germany Statement
HE Bank of Germany in its statement for the
first quarter of February shows another increase in gold and bullion, this time of 62,000 marks.
The total of gold now stands at 79,844,000 marks,
which compares with 354,483 000 marks a year ago
and 822,288,000 marks two years ago. Increases
are also shown in reserve in foreign currency of
16,000 marks, in silver and other coin of 16,443,000
marks, in notes on other German banks of 5,149,000
marks, in other assets of 34,743,000 marks and in
other liabilities of 126,650,000 marks. Notes in
circulation reveal a contraction of 134,626,000 marks,
bringing the total of the item down to 3,525,470,000
marks. Circulation last year aggregated 3,332,160,000 marks and the previous year 3,242,218,000
marks. Bills of exchange and checks, advances,
investments and other daily maturing obligations
record decreases. of 91,679,000 marks, 17,332,000
marks, 3,092,-000 marks and 47,714,000 marks, respectively. The proportion of gold and foreign currency to note circulation stands now at 2.39%, in
comparison with 10.9% the same period a year ago.
Below we furnish a comparison ot the different items
for three years:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch, and checks
Silver and other coin _
Notes on other Ger.bkm.
Advances
Investments
Other assets
._
Feb. 7 1935
Feb. 7 1934
Feb. 7 1933
Rekhsmarks Reichemarks Reichsmckks •
Reichsmark.,
79,844,000 354.483,000 822,288,000
+62,000
38,116,000
39,458,000
21,204,000
No change
97.907,000
9,154,000
4,646,000
+16,000
—91,679,000 3,529,205,000 2,829,595,000 2,410,837.000
+16,443,000 237,906,000 268,715,000 260,163,000
7,792,000
8.353,000
+5,149,000
9,816,000
79,396,000
71,597,000
63,906,000
—17,332,000
—3,092,000 756,389,000 632,008,000 400,810,000
+34,743.000 764,396,000 569,616,000 815,499,000
Liabilities—
Notes in circulation__. —134,626,000 3,525,470,000 3,332,160,000 3,242.218,000
—47,714,000 774,255.000 528,097,000 315,557,000
Other dally matur.°bill;
+126,650,000 404,334,000 259.552.000 770,052,000
Other liabllities
Ptopor. of gold dr for'n
10.0%
28.4%
2.39%
-L0.09%
curr, to note eircurn
Bank of France Statement
HE Bank of France weekly statement dated
Feb. 8 shows an increase in gold holdings of
3,536,295 francs. The Bank's gold now aggregates
81,883,243,599 francs, in comparison with 74,882,707,163 francs a year ago and 81,580,731,965 francs
two years ago. A decrease appears in credit balances abroad of 1,000,000 francs, in bills bought
abroad of 2,000,000 francs and in advances against
securities of 93,000,000 francs, while French commercial bills discounted and creditor current accounts
register increases of 241,000,000 francs and 866,000,000 francs, respectively. Notes in circulation reveal
a contraction of 783,000,000 francs, bringing the
total of notes outstanding down to 82,560,361,995
francs. Circulation last year aggregated 81,392,539,260 francs and the previous year 83,941,559,255
francs. The proportion of gold on hand to sight
liabilities is now 80.49%; last year it was 77.79%.
A comparison of the different items for three years
appeats below:
T
Feb. 16 1935
Changes
for Week
Feb. 8 1935
Feb. 9 1934
Feb. 10 1933
Francs
Francs
Francs
Francs
+3,536,295 81,883,243,599 74,882,707,163 81,580,731,965
—1,000,000
9,950,746
14,039,847 2,901,654,107
Gold holdings
Credit balm. abr'd
a French commercial
bills discounted
+241,000,000 3,797,035,927 5,161,184.206 2,542,429,325
b Bills bought abr'd
950,328,983 1,070.097,800 1,493.617.380
—2.000,000
Adv. set. securs__
—93,000,000 3,140,827,961 3,003,674,913 2.600,836,961
Note circulation__ _ —783,000,000 82,560,361,995 81,392,539,280 83,941,559,255
.
Cred. eurr. accts.__ +866,000,000 19,164,766,281 14,870,681,805 20,892.171,752
Proport'n of gold on
hand to sight nab.
77.82%
80.49%
77.79%
—0.07%
a Includes bilis purchased in France. b Includes bills discounted abroad.
Bankers' Acceptances
HE market for prime bankers' acceptances has
shown extreme dulness this week. Few bills
have been available and there has been only a
limited number of transactions. Rates are unchanged. Quotations of the American Acceptance
Council for bills up to and including 90 days are
3-16% bid and M% asked; for four months, 5-16%
bid and 4% asked; for five and six months, M%
1
bid and %% asked. The bill buying rate of the
New York Reserve Bank is M% for bills running
from 1 to 90 days and proportionately higher for
longer, maturities. The Federal Reserve banks'
holdings of acceptances decreased from $5,503,000 to
$5,502,000. Their holdings of acceptances for foreign
correspondents remain unchanged at $366,000.
Open market rates for acceptances are nominal in so
far as the dealers are concerned, as they continue to
fix their own rates. The nominal rates for open
market acceptances are as follows:
T
SPOT DELIVERY
—180 Days— —150 Dogs— —120 Dori—
Bid
Asked
Bid
Asked
Bid
Asked
Prime eligible bills
54
84
Id
54
84
*it
—90 Don— —130 Days— —30 Days—
Bid
Asked
Bid
Asked
Bid
Asked
Prime eligible bills
rid
%
sir
)f
lir
%
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
yi% bld
Eligible non-member banks
34% 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
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco- _ -
Rats in
Effect on
Feb. 15
Dais
Establtshsd
Previous
Rale
2
134
2
2
234
2
2
2
234
234
234
Mao!Resew Bank
Feb. 8 1934
Feb. 2 1934
Jan. 17 1936
Feb. 3 1934
Jan. 11 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
Jan. 8 1935
Dec. 21 1934
Jan. 8 1935
Feb. 18 1934
284
2
254
2h
3
256
254
256
3
3
21
4
New York Money Market
EALINGS in the New York money market were
on a very modest scale this week, the holiday
on Tuesday and the gold clause uncertainty combining to diminish the activity. Rates for accommodation remained unchanged in every department of
the market. Call loans on the New York Stock Exchange were 1% for all transactions, whether renewals or new loans, while some transactions were
reported in the unofficial street market at 34%.
Time money was %@1%. Bankers' bills and commercial paper were in deficient supply, even at the
low rates, which were carried over from last week.
Toward the end of this week the pressure of idle
funds was reflected increasingly in demand for longterm high grade bonds, but these also were scarce.
D
Volume 140
Financial Chronicle
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
has shown no improvement this week, no transactions
having been reported. Rates are nominal at Yi©
'1% for two to five months and 1@1317 for six
0
months. The demand for prime commercial paper
has been very active this week. Paper has been in
good supply and transactions have shown an increase
over the preceding week. Rates are 4% for extra
3
choice names running from four to six months and
1% for names less known.
Course of Sterling Exchange
TERLING exchange is dull and steady and fluctuating within a narrower range than last week
or than at any time since the wide break which
occurred in the foreign exchange market on Jan. 15.
The greater steadiness in foreign exchange rates
seems to be due chiefly to the intervention of the
British Equalization Fund, the operations of the
United States Treasury, and official support by the
principal central banks on the Continent. During the past week bear speculative operations seem not
to have been in evidence. In terms of the French
franc sterling has been so much easier that in Wednesday's trading the London check rate on Paris dropped
from 74.156 francs to the pound, the ruling rate on
Tuesday, to 73.94, when the British Equalization
Fund entered the market and forced the mean
quotation up to 74.07. The range for sterling this
week has been between $4.873.i. and $4.885 for
A
bankers'sight bills, compared with a range of between
$4.867 and $4.89 last week. The range for cable
A
transfers has been between $4.873 and $4.883 com4
4
pared with a range of between $4.87 and $4.893 a
week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
D
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, Feb. 9
74.25
Wednesday, Feb. 13
74.07
Monday, Feb. 11
74.195 Thursday, Feb.14
74.00
Tuesday, Feb. 12
74.156 Friday,
Feb.15
73.959
LONDON OPEN MARKET GOLD PRICE
Saturday, Feb. 9
142s. 234d. Wednesday, Feb. 13_142s. 4d.
Monday, Feb. 11
142s. 33id. Thursday, Feb. 14__142a. 6Md.
Tuesday, Feb. 12
142s. 2;icl. Friday,
Feb. 15_ _1428. 80.
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Feb. 9
f
35.00 Wednesday, Feb. 13
35.00
Monday, Feb.
35.00 Thursday, Feb. 14
35.00
Tuesday, Feb. 12
(Holiday) Friday,
Feb. 15
35.00
The outstanding event in the current foreign exchange market was undoubtedly the statement issued
late on Monday from Washington by Secretary of the
Treasury Morgenthau which declared that the
United States "is prepared to manage the external
value of the dollar as long as it may be necessary."
The Secretary (who may have been well advised)
undoubtedly aimed to give firm assurance to business
• that it may proceed with commitments irrespective
of how the Supreme Court rules in the gold clause
cases. His interpretation is regarded in foreign
exchange circles as a definite warning to speculators
that the United States will not hesitate to step in
to prevent wild gyrations in the dollar. The foreign
exchange community regarded the statement as well
timed as it would have full publicity in the papers
here and would belbroadcast to all parts of the world
1023
on a holiday (Lincoln's brithday), when the American
financial markets were closed.
However, foreign exchange bankers were not fully
assured from the statement that the Government
would continue to purchase all gold offered to it at
the price of $35 an ounce. There is as much hesitancy
now about buying gold for shipment to this side as
there was in mid-January, as the Secretary's statement says: "Since Jan. 14 banks and dealers in foreign
exchange and gold have practically stopped buying
and selling gold within gold import and export points,
which means that the international gold standard
as between foreign countries and the United States
has ceased its automatic operation." He then observes that the stabilization fund was promptly put
to work and concludes: "The country can go about
its business with assurance that we are prepared to
manage the external value of the dollar so long as it
may be necessary." However, the specific assurance that bankers wanted was a direct, positive, and
unequivocal statement that the forthcoming Supreme
Court decision would cause no alteration in the present United States price of $35 per ounce for gold.
Failing such definite assurance, many foreign exchange bankers continue to refuse to take a chance
on importing gold.
The London gold price, that is the London open
market price in shillings and pence, gave an equivalent in dollars this week of between $34.69 and $34.74
an ounce. Prices which would have made it profitable to import gold from abroad. It requires about
ten days to make a shipment from Paris or London,
which explains the desire of the foreign exchange
bankers for more positive assurance. However, the
Secretary's statement was effective in steadying all
the European foreign exchanges and undoubtedly
arrested speculative drives. Most of the Continental
currencies moved up to points sufficiently close to
the lower gold point to make the matter of sending
gold to this side somewhat more hazardous. However, since Jan. 15 most of the gold which has come
to this side has come from private hoards maintained
for the most part in the vaults of the great London
banks. Practically all the gold sold in the open
market in London since January seems to have found
its way to this side. While the movement this way
has apparently subsided for the present, approximately $446,000,000 gold has arrived since Nov. 5.
Some close financial observers seem to discover in
London financial opinion a less positive tone of satisfaction with the trend of events in the sterling bloc.
All the statements issued to shareholders at the end
of the year by the heads of the great London banks
gave rather strong assurance that the British authorities were well satisfied with sterling managed currency. It would seem that they desired no change and
that stabilization was not in immediate prospect, but
reports issuing from Basle over the week-end, where
the heads of the European central banks had been
in session, hinted strongly that London authorities
are not now so positive that an anti-stabilization
program is desirable. The impression has gone out
that London would be very glad to see a definite
outline of monetary policies on this side which might
lead to stabilization of the pound with reference to
the dollar. There are some signs of retardation in
the British business upturn. An important Oriental
steel contract was recently lost by Great Britain and
went to Germany, and even Japanese bidders quoted
Financial Chronicle
1024
prices below those of the British concerns. The
recent upset in commodity markets has also been
hurtful to the British position. At the meeting of
the central bank governors at Basle, Montagu Norman, Governor of the Bank of England, expressed
no anxiety with regard to the British position and
policies. On the contrary his informal report on
trade and unemployment conditions indicated improvement. While his statements were not made
public, they are reported to have left some sterling
area bankers wondering as to the future. Some
bankers abroad agree that a slight business recession
has occurred in Britain but feel that it is not sufficient to cause her to view stabilization more favorably at the present time.
London bill rates continue excessively easy. Bill
rates remain at levels which continually involve loss
in running them with money borrowed from the
big banks, and the discount houses are hoping that
the banks may soon see their way to reducing their
charges still further. Indefinite prolongation of the
present condition would threaten the existence of
many London discount firms, which constitute an
important part of London's money market machinery. Unlike the banks, the discount houses are unable to expand their operations in other directions to
offset the contraction in normal business of discounting which has been brought about by the severe disturbance in international commerce since the abandonment of gold by Great Britain in September 1931.
Call money against bills in Lombard Street is in
1
supply at M%to 4%. Two-months'bills are 5-16%
to 4%, three-months'ibills %%,four-months' bills
4% to 7-16%, and six-months' bills 7-16% to %%.
All the gold available in the London open market
this week was taken for unknown destinations. On
Saturday last there was available and so taken
£230,000, on Monday 002,000, on Tuesday
£252,000, on Wednesday £465,000, on Thursday
£185,000, and on Friday £148,000. The Bank of
England statement for the week ended Feb. 13
shows a decrease in gold holdings of £474. Total
gold holdings now stand at £193,021,734, which
compares with £191,843,044 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 Feb. 13, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$31,082,000, of which $15,473,000 came from France,
$11,179,000 from England, $2,112,000 from Colombia, $1,675,000 from Canada, $349,000 from India,
$275,000 from Holland, $16,000 from Panama, and
$3,000from Guatemala. There were no gold exports.
The Reserve Bank reported an increase of $1,692,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Feb. 13, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,FEB. 7—FEB. 13, INCLUSIVE
'Exports
Imports
$15,473,000 from France
11,179,000from England
2,112,000 from Colombia
None
1,675,000from Canada
349,000 from India
275,000 from Holland
16,000 from Panama
3,000 from Guatemala
$31,082,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $1,692,000
Feb. 16 1935
The above figures are for the week ended Wednesday evening. On Thursday $10,832,600 of gold was
received from France. There were no exports of the
metal or change in gold held earmarked for foreign
account. On Friday $1,677,000 of gold was received
from Canada. There were no exports of the metal
or change in gold held earmarked for foreign account,
Canadian exchange continues steady, ruling itt
from a slight discount to pax in terms of the United
States dollar. On Saturday last Montreal funds were
at a discount of %% to par, on Monday at a discount
of 3.g%©1-16%. On Tuesday, Lincoln's birthday,
there was no market in New York. On Wednesday
Montreal funds were at a discount of 3-16% to %%,
on Thursday at a discount of 3-16% and on Friday
at a discount of 3-16% to par.
Referring to day-to-day rates, sterling exchange
On Saturday last was dull but steady. Bankers'
sight was $4.87%@$4.88%; cable transfers $4.88@
$4.88%. On Monday sterling displayed a firmer
undertone. The range was $4.88@$4.88% for
bankers' sight and $4.883'@$4.883/ for cable transfers. On Tuesday, Lincoln's Birthday, there was no
market in New York. On Wednesday sterling eased
off slightly. Bankers' sight was $4.87%@$4.883';
cable transfers $4.88@$4.883. On Thursday sterling was steady. The range was $4.875 @$4.88 for
%
bankers' sight and $4.87%@$4.881 for cable trans4
fers. On Friday sterling was steady the range was
$4.87X.@ $4.8734 for bankers' sight and $4.87%@
$4.87% for cable transfers. Closing quotations on
Friday were $4.873. for demand and $4.873/ for
cable transfers. Commercial sight bills finished at
14.873; 60
-day bills at $4.8634; 90
-day bills at
$4.865.4; documents for payment(60 days) at $4.865 ,
%
and seven-day grain bills at .86 8 Cotton and
.
grain for payment closed at $4.873'1.
Continental and Other Foreign Exchange
RENCH francs are firmer and quoted at ranges
which make it unnecessary to send gold from
Paris to support exchange. The firmness in Continental exchange is due to the statement made last
Monday by the Secretary of the Treasury Henry
Morgenthau, Jr. and to official support of the
foreign currencies. The main features affecting the
renewed strength in the Continental exchanges are
discussed above in the resume of sterling exchange.
The franc is firmer in terms of the neighboring
European currencies, so that Holland and Switzerland and other countries have been sending gold to
Paris. Gold hoarding seems to have become less
popular in France at present. The money market
there is somewhat firmer as banks for the past week
or more have been keeping their funds in anticipation of the issuance of new Treasury bonds. The
French financial interests continue to urge early
stabilization of sterling and the United States dollar.
A recent dispatch from Paris to the New York
"Times" points out "The gold franc is a fixed point
used as a support by countries detached from gold
in order to let the respective value of their currencies
vary, and it is from gold bloc reserves that all these
countries take the gold they need. It may be that
they do not want the gold bloc also to give up the
gold standard, but their policy tends to produce this
result. They do not seem to realize what would
happen if every country put an embargo and suppressed gold conversion of its currency. There would
be no common standard left, neither for prices of
F
Financial Chronicle
Volume 140
goods nor for the value of their various currencies.
It would even be impossible to settle international
trade with gold and it would be necessary to use the
barter system. According to opinion expressed here,
only general stabilization, from the gold bloc standpoint, could dispel this horrible prospect."
The weekly statement of the Bank of France as
of Feb. 8 shows an increase in gold holdings
of 3,536,295 francs. Total gold holdings now
stand at 81,883,243,599 francs, which compares
with 74,882,707,163 francs a year ago,and with 28,935,000,000 francs when the unit.was stabilized in
June 1928. The bank's ratio is now at the high
figure of 80.49%, which compares with 77.79% a
year ago, and with legal requirement of 35%.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
23.54
8.91
32.67
68.06
Range
This Week
6.57M to 6.60%
23.25 to 23.39
8.4654 to 8.49
32.26 to 32.39
67.30 to 67.69
1025
Bankers' sight on Amsterdam finished on Friday
at 67.58, against 67.29 on Friday of last week; cable
transfers at 67.59, against 6/.30 and commercial
sight bills at 67.56, against 67.27. Swiss francs
closed at 32.35 for checks and at 32.36 for cable
transfers, against 32.23 and 32.24. Copenhagen
checks finished at 21.76 and cable transfers at 21.77,
against 21.79 and 21.80. Checks on Sweden closed
at 25.13 and cable transfers at 25.14, against 25.16
and 25.17; while checks on Norway finished at 24.50
and cable transfers at 24.51, against 24.53 and 24.54.
Spanish pesetas closed at 13.66 for bankers' sight
bills and at 13.67 for cable transfers, aginst 13.6034
2
.
and 13.613/
on
Exchange on the South American countries presents
no new features of importance from those of recent
weeks. From all accounts the business prospects of
the South American countries are more propitious
than they have been in several years. The tendency
is to give further play to the unofficial or free markets
in these currencies. The foreign exchange bankers
are awaiting with some expectancy the establishment of the new central bank in Argentina, when the
Argentine peso will probably be revalued at around
its present official quotations.
Argentine paper pesos closed on Friday, official
/
quotations, at 325 8 for bankers' sight bills, against
4
325 on Friday of last week; cable transfers at 323 ,
4
against 323 . The unofficial or free market close
4
4
was 25%, against 253 . Brazilian milreis, official
rates, are 834 for bankers' sight bills and 834 for
cable transfers, against 8.13 and 834. The unofficial or free market close, 63 , against 63 .
4
4
Chilean exchange is nominally quoted on the new
basis at 5.20, against 5.20. Peru is nominal at
23.373/2, against 23.50.
The London check rate on Paris closed on Friday
at 73.93, against 74.30 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.593 8, against 6.563 on Friday of last
/
4
week; cable transfers at 6.593/2, against 6.567 and
A
commercial sight bills at 6.57, against 6.543 . Ant4
werp belgas closed at 23.33 for bankers' sight bills
and at 23.34 for cable transfers, against 23.24 and
23.25. Final quotations for Berlin marks were 40.12
for bankers' sight bills and 40.13 for cable transfers,
in comparison with 39.98 and 39.99. Italian lire
closed at 8.46% for bankers' sight bills and at 8.473
4
for cable transfers, against 8.46 and 8.47. Austrian
schillings closed at 18.85, against 18.75; exchange on
Czechoslovakia at 4.183., against 4.163/2; on Bucharest at 1.003 ,against 1.0034; on Poland at 18.90,
4
against 18.82, and on Finland at 2.163/, against
2
Exchange on the Far Eastern countries is steady
2.15. Greek exchange closed at 0.93 for bankers' but inactive. These units are, of course, affected by
sight bills and at 0.9334 for cable transfers, against the factors influencing the major Occidental cur0.927 and 0.93M.
A
rencies, particularly the pound sterling. The Indian
rupee is, of course,legally affixed to sterling at the rate
Exchange on the countries neutral during the war
is ruling firmer in consequence of the factors which of is. 6d. per rupee. The Japanese exchange control
have firmed up the gold bloc units and which have pursues a fixed policy of keeping yen in harmony
already been discussed above. There is nothing with the movements of sterling. The Chinese units
essentially new in the situation of the neutral ex- are firm owing to the firm prices of world-silver.
changes. It is doubtful if foreign exchange traders The financial and credit situation in China continues
abroad will take a positive technical position with greatly distressed as a result of the high prices of
respect to any foreign currency until after the United silver induced by the American silver purchasing
States Surpeme Court has rendered its gold clause policies and there seems to be no abatement in the
decisions. It is undertsood that there is a tacit extensive smuggling of silver stock from Shanghai
agreement among the governors of the foreign banks and other centers of China under the control of the
to name Dr. L. J. A. Trip, President of the Neder- National Government.
Closing quotations for yen checks yesterday were
landsche Bank of Amsterdam to succeed Leon
28.44, against 28.47 on Friday of last week. Hong
Fraser as President of the Bank for International
Settlements. Dr. Trip declared that he could not Kong closed at 44%@44 7-16, against 44; Shanghai
4
accept the post unless he was allowed to continue as at 36%@36%, against 361 ®36 5-16; Manila at
3
head of the Netherlands bank and to spend only 49.95, against 49.95; Singapore at 57%,against 5732;
part of his time in Basle. The reasons for this decision Bombay at 36.94, against 36.98, and Calcutta at
are the difficulty of the preesnt period for Holland 36.94, against 36.98.
as a member of the gold bloc and the fear that his
Foreign Exchange Rates
resignation might be misinterpreted. It seems quite
probable that Dr. Trip will be elected with an
URSUANT to the requirements ot Section 522
alternate, so that only part of his time need be spent
of the Tariff Act of 1922, the Federal Reserve
in Basle. However, it is not improbable that he may Bank is now certifying daily to the Secretary of the
insist upon the selection of another candidate, in Treasury the buying rate for cable transfers in the
which event the choice seems likely to fall upon Sir different countries of the world. We give below a
record for the week just passed:
Otto Niemeyer, of the Bank of England.
p
1026
Financial Chronicle
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
FEB. 9 1935 TO FEB. 15 1935, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
Feb. 9
Feb. 11
Feb. 13
Feb. 14
Feb. 15
$
.187708*
.233411
.012750*
.041785
.217891
Feb. 12
EUROPE8
$
$
Atuitrla.schIlling
187341* .187291*
Belgium, belga
.232607 .232575
Bulgaria, lev
.012750* .012750
Czechoslovakia, krone .041667 .041671
Denmark. krone
217933 .217900
England. pound
sterling
4.881416 4.881833
Finland. markt&
021500 .021575
France, franc
.065774 .065755
Germany, reichsmark .400107 .400169
Greece, drachma
.009315 .009310
Holland. guilder
.673507 .673435
Hungary, pengo
.296375* .296500*
Italy, lire
084785 .084705
Norway, krone
245240 .245216
Poland. zloty
.188140 .183160
Portugal, escudo
.044440 .044358
Rumania.leu
.010050 .010020
Spain, peseta
.136276 .136250
Sweden, krona
.251633 .251591
Switzerland, tram-. .322676 .322592 HOLIYugoslavia, dinar-- .022687 .022662
DAY
ASIAChinaChefoo (yuan) dol'r .359583 .361250
Hankow(yuan)dorr .360000 .361666
Shaughal(yuan)dol'r .359687 .361093
Tientsin (yuan)dorr .360000 .361666 .
Hongkong. dollar_. .435468 .437500
India. rupee
.368840 .368468
lapan, yen
.284015 .283890
3Ingapore (S. S.) dol r .571562 .571250
AUSTRALASIAtustralla, pound
3.867187*3.870312*
New Zealand. pound.3.890625* 3.894052*
AFRICAit/nth Africa. pound 4.828750'4.831250*
NORTH AMER.Danada, dollar
.988984 .999166
'Juba, peso
.999200 .999200
tlexlco. peso (silver). .277500 .277500
trewfoundland. dollar .996484 .996625
SOUTH AMER.trgentIna, peso
.325037* .325037*
Small. milreht
.081275* .081275"
Mlle. peso
050625* .050625*
Jruguay, peso
.798625* .798625*
3olombia, peso
.602400* .588200*
•Nominal rates: firm rates not available
$
.187758*
.233353
.012750*
.041789
.217841
$
.188041*
.233292
.012750*
.041803
.217675
4.879666 4.879166 4.874583
.021575 .021587 .021579
.065944 .065934 .065946
.401035 .401250 .401242
.009322 .009330 .009350
.675150 .675335 .675769
.297500* .297750* .298000*
.084908 .084850 .084882
.245212 .245212 .244966
.188430 .188660 .188840
.044375 .044370 .044327
.010050 .010035 .010050
.136617 .136650 .136660
.251558 .251525 .251308
.323534 .323517 .323528
.022693 .022731 .022787
.363333
.363750
.362812
.363750
.438750
.368506
.284345
.570625
.362500
.362916
.362656
.362916
.439687
.368506
.284450
.570625
.363750
.363750
.363125
.364166
.440312
.368406
.284225
.570625
3.867968*3.866562*3.8133750*
3.891250'3.8900003.887187y
4.328500*4.826500*4.825000*
.997942 .998098 .997526
.999200 .999200 .999200
.277500 .277500 .277500
.995437 .995500 .994937
.324937*
.081275*
.050625*
.800250*
.571400*
.324912*
.081275*
.050625*
.800550*
.571400'
.324687*
.081250*
.050625*
.801875*
.571400*
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Feb. 14 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1935
England...
France a...
Germany b.
Spain
Italy
Netherlands
Nat. Belg
Switzerland
Sweden
Denmark
Norway _
£
193.021.734
655,065,948
2.932,000
90,729,000
62,854,000
67,960,000
72,669,000
69,071,000
15,993,000
7,395,000
6,852,000
1934
£
191.843.044
599,061,657
16,192,500
90,462,000
76,700,000
74,341,000
78,448,000
67.541,000
14,560,000
7,398,000
6,574,000
1933
£
132,947,138
652,645,855
39,213,350
90,351,000
63,095,000
85,634,000
74,828.000
88,965,000
11,440,000
7,399,000
8,015,000
1932
1931
£
121,317,587
584,272,597
42,682,450
89,939,000
60,854,000
71,800,000
72,440,000
61,999,000
11.435,000
8,160,000
6,559,000
£
141,200,663
445,904,456
102,332,550
96,608,000
57,287,000
37,173,000
39,640,000
25,743,000
13,357,000
9.552,000
8,134,000
Total wk. 1.244,542,682 1,223,121,201 1,254,333,343 1,131.458,634
Prey. week_ 1.244 51111 226 1 241 062 152 1 252 026 276 1 1213 n07 nal
976.937,669
075 eictla c4.11
a These are the gold ho dings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,060.200.
President Roosevelt and the American
Federation of Labor
. There is something curious, and not a little
mysterious, about the conference which was held at
the White House last Monday between President
Roosevelt and the executive council of the American Federation of Labor. Newspaper headlines
such as "President Renews Amity with Unions" and
"A. F. of L. Agrees to. Co-operate with Roosevelt"
gave the impression that the sharp differences which
were known to exist between the President and the
Federation over labor and'industrial policies had
been ironed out, and that harmony instead of discord might henceforth be looked for where the interests of organized labor were concerned. Exactly
what happened at the conference, which was asked
for by the labor officials, is not fully known, but
it appears that William Green presented the members of the executive council to the President, that
the President read a statement which, according
to the well-known Washington journalist David
Feb. 16 1935
Lawrence, was prepared "hours before the executive council made its call," that Mr..Green read a
statement setting forth the views of the Federation
on a number of matters, and that some discussion
followed. At the close of the conference both
statements were given to the press.
A reading of the statements and of the dispatches
of experienced Washington correspondents based
upon them fails to show any such "meeting of
minds" as some newspaper headliners affected to
discover. Mr. Roosevelt's statement was cast in
the tone of cordial generality, agreeable in phrasing but only slightly furnished with substance, with
which he has more than once disarmed his critics
and transformed dissension into something resembling unity of purpose. The Federation, he declared, "has been helpful and co-operative in the
development of the programs for the rehabilitation
of industry and of our economic life over the last
two years," and he hoped that the co-operation would
continue "active and effective." He recalled the
approval which he had several times given to the
principle of collective bargaining, but noted the
difficulties in carrying out the policy "by reason of
the absence, in many respects, of a disciplined order
both as it refers to labor and industry," and pointed
out that while "the well organized and highly developed organization of both employees and employers" would be of the highest service in "rehabilitating our economic structure," the Federal
Government "cannot, of course, compel employers
and employees to organize" and that such organization "should be voluntary."
"No one," he continued, "can disregard the importance of the American Federation of Labor as.
one of the great and outstanding institutions of the
country. It has been my purpose to recognize this
in every practical and logical way, and I have no
intention of changing my ,point of view." It was
his impression "that our difficulties are found
largely in the. heretofore totally unorganized field,.
both as it affects employers and employees," and
"in such cases we must have patience." The statement concluded with the rhetorical declaration
that "we are seeking to promote peace, co-operation
and understanding in all of the industries of the
United States between labor and management, to
the end that we can eliminate the inequities and institute practical and scientific stabilization for the
common good of all those engaged in industry as
well as for the Nation itsetf."
Where the President was general and conciliatory,.
Mr. Green was straightforward, specific and aggressive. Mr. Roosevelt said little or nothing that
the assembled labor leaders could have regarded as.
important; Mr. Green "talked business," and at a
length more than four times that of Mr. Roosevelt.
American labor, Mr. Green declared, endorsed the
"fundamental principles" of the National Industrial Recovery Act, and urged the continuance of'
the Act "temporarily at least." The criticisms.
which it has made of the National Recovery Administration had been directed, not at the principles of the Act, but at "errors in administration,
machinery of administration, procedure followed
and interpretations made by those clothed with
administrative authority." The success of the Act
depended "very largely" upon "the application to.
human relations in industry of the principle and
policy of mutual agreements determined jointly by
Volume 140
Financial Chronicle
1027
the parties concerned under governmental super- was sharply criticized. The Wolman Board "lost
vision." Unless self-government is developed in the confidence of labor," the statement declared,
industry, "it will •be necessary to extend political "shortly after it was established in March, 1934,"
control into this sphere," and such control "will partly because "the labor members of the Board
completely failed to represent labor and became
inevitably be of an arbitrary nature."
Specifically, Mr. Green asked that the administra- the center of agitation and discord within the
tion of the Act "be kept a government function" unions," partly because the chairman of the Board
and not "transferred to private, non-governmental had made it clear to the unions that the functions
agencies"; that Section 7-A, together with the of the Board were limited to conciliation and
regulation of child labor and the establishment of arbitration, and the Board had never actually
minimum wages and maximum hours, be retained; ordered the reinstatement of a man who had been
that labor be given "equal representation with in- discriminated against for union membership, and
dustry" in the administration of the Act and "ade- because the automobile workers were not accorded
quate representation upon all code authorities," majority representation, as in other agreements, on
with equal right to suggest amendments of codes, the automobile board. For these and other reaand that "when there is undue delay in the sub- sons the members of the Federation had been admission or development of a code through the trade vised not to take part in the elections held by the
association of an industry, the President shall have Wolman Board, and in view of this abstention certhe right to impose a code upon such an industry." tain statements made by the Board regarding the
In regard to Section 7-A, Mr. Green's statement strength of the Federation in plants where electook no pains to spare Mr. Roosevelt's feelings. tions have been held are "false and misleading."
A comparison of Mr. Green's statement with that
The workers of the country, the statement declared,
had "joined unions to benefit by the legal right ex- of President Roosevelt discloses no basis whatever
tended to them, only to meet persecution and dis- for concluding that organized labor, as reprecrimination and even the loss of jobs. . . .Shocked sented by the American Federation, and the Adand disillusioned when the Government did not ministration have buried the hatchet. As the Washprotect them in the exercise of their right to or- ington correspondent of the New York "Herald
ganize and bargain collectively, their resentment Tribune" correctly observed, the President and the
has been deep and bitter and is growing." They labor chieftains"smoked the peace pipe," but neither
accordingly urge the enactment of an industrial side "made one tangible concession of importance
disputes measure which will secure and implement on issues which have brought them into conflict."
the rights set out in Section 7-A and make the prin- If Mr. Roosevelt was informed in advance of what
ciple of that provision the law of the land. The the labor leaders were to say, he may well have
reference, it is understood, was to a bill, substan- perceived that he could not pick and choose among
tially the same, it is reported, as the industrial dis- the items of the ultimatum which was to be offered
putes bill which was before the previous Congress, to him, and that his only safety lay in generalities.
which Senator Wagner of New York is expected He could recognize the importance of the Federation and wish it well, but he could not safely recog.shortly to introduce.
This was not all. The statement called for the nize the sweeping claims to consideration which
payment, in relief work, of wages "not less than Mr. Green let out of the bag when, at the close
the rates for similar work prevailing in the same of his statement, after referring to the labor group
locality," and the opening of relief work to all per- for which he and his associates were speaking, he
sons unemployed and not solely to those on relief. added that "our welfare and progress condition
If the relief rate is lower than the private rate, it the achievement of recovery for all other groups."
was insisted, "the higher rate will be forced down He could reaffirm his belief in collective bargainto the lower rate" and "the community wage stand- ing, but he could not say anything about implementards which labor has established through years of ing Section 7-A without anticipating the revision
effort and struggle will be lowered." The NRA of the Recovery Act which is still under consideralabel should be removed from convict-made goods tion. He is strongly opposed, rightly as we beoffered for sale, and the support of the President lieve, to paying "prevailing rates of wages," fixed
was asked for the Guffey coal mine regulation bill in many cases by union coercion, for relief work,
as a measure needed to "conserve our national re- and his opposition is reported to be equally prosources and save the coal mining industry and nounced to the 30-hour proposal. The automobile
those associated with it from economic degradation situation is certainly not satisfactory, but he could
and financial ruin." Notice was also given that hardly have forgotten the defeat which the Adlabor had been "forced" to support legislation for ministration met with on the question of collective
a 30-hour week because "employers of labor have bargaining when the automobile code was drawn
positively refused to yield to the exigencies of the up, and he surely could not have been expected to
situation, to be governed by the facts, and to volun- repudiate the Wolman Board while so much of
tarily reduce hours of labor through the code-mak- the situation with which it has to deal is sharply
ing process to the point where unemployment would in controversy.
What Mr. Green and his executive council have
be substantially reduced."
In conclusion, Mr. Green stated at length the done, in short, is to announce a labor program
position of the Federation regarding the automo- which Mr. Roosevelt has adroitly sidestepped. The
bile industry and the automobile agreement of attitude of Mr. Green and other labor leaders durMarch, 1934, which was extended on Jan. 31. The ing the past week toward the wages provisions of
suggestion in the Executive order of the latter date the relief bill and the provisions of the new tobacco
that new models be introduced in the fall was ap- code seems to indicate that the program will be
proved, but the failure of the industry to establish adhered to, while Mr. Roosevelt, on his side, shows
collective bargaining as called for by Section 7-A no sign of yielding. The "co-operation" between
1028
Financial Chronicle
labor and the Administration, accordingly, remains
just about as unstable as it was before the alleged
truce was announced.
Feb. 16 1935
not be taken as a sure indication of the ultimate
and general success of Secretary Hull's tariff
policy. The conclusion of similar agreements with
every Latin American State would not greatly affect
Cross Currentsin American Foreign Policy the declining American export trade in cotton,
wheat and processed or manufacturing commodities.
It would be difficut to bring under any one The test of the new tariff policy will be its success
definition the characteristics of Mr. Roosevelt's with Canada, Great Britain, France, and the Euro.
foreign policy. It would be natural to expect that, pean countries which have raised their tariff barabsorbed as he has been with the multifarious under- riers and struggled hard to develop their own manutakings of his domestic program, he should, in for- factures and cultivate their own and nearby mareign relations, have adopted the famous Walpole kets. Even Secretary Wallace, who has written
policy of letting the sleeping dogs lie, and refrained prolifically and persuasively about American.forfrom doing anything that did not really need to be eign trade, has not made it clear that American
done until the pressure of domestic affairs had economic policy is not destined to be increasingly
been somewhat relaxed. To some extent this in- nationalistic, with the development of the domestic
active course has been followed, but with variations market and the attainment of a reasonable economic
and divergencies so important as to mar, if not self-sufficiency as the ultimate aims.
indeed to destroy, its consistency. Broadly speakWhere the Latin American policy of the Ading, it appears to have been Mr. Roosevelt's inten- ministration is one of studied friendliness and the
tion to keep the United States as aloof as possible winning of minor trade advantages, and the Eurofrom European affairs, "stay in the game" of cer- pean policy that of waiting to see what may turn
tain international interests without actually having up, the Far Eastern policy is disturbing. Whatmuch concern about them, cultivate friendly re- ever opinion may be held regarding Japan's course
lations with Latin America, hold a high hand with in Manchuria and its withdrawal from the League,
Japan and in the Far East generally, and prepare there can be no doubt of the determination of Japan
for an inevitable war. Into several of these streams, to assert, by whatever means it may judge neceson the other hand, he has injected cross currents sary or desirable, its claim to predominance in
which make one wonder what American policy the Far East, and to resist all efforts of other
really is.
Powers to limit its territorial or naval expansion.
The European situation affords a good case in The recent negotiations between the Japanese and
point. There was, of course, no reason whatever Nanking Governments point to a continuance and
why Mr. Roosevelt should concern himself with the accentuation of the pressure which Japan has
political maneuvers of Great Britain, France, exerted to bring about an accord with China in
Italy or other Powers regarding Germany, or ex- which Japan will dictate the terms. The reported
press any opinion about the agreements or alliances conclusion of the negotiations for the acquisition
which the European Powers have made or the bal- of the Chinese Eastern Railway does not indicate
ances of power which they have sought to readjust. any serious opposition on the part of Soviet Russia
He has not opposed the entry of the United States to the Japanese plans.
into membership in the International Labor Bureau
The Stimson doctrine of non-acquiescence in terriat Geneva, perhaps because that body has no im- torial or political changes made in disregard of
portant function except to collect and publish labor treaties, to which the Roosevelt Administration is
statistics, and is wholly without influence in either committed, stands squarely in the way of cordial
national or international labor situations. It is relations between the United States and Japan,
doubtful if he was very keenly disappointed at however friendly the surface relations may seem
the failure of the Senate to approve American to be, while to that cause of difference has been
membership in the World Court, and it may be added the denunciation by Japan of the Nine-Power
suspected that he has played along with the dreary Treaty limiting certain kinds of naval armament.
disarmament debate, not because American inter- One may discount, perhaps, the reports of an inest in armament reduction and limitation was any formal understanding between the British and
less hollow than that of other Powers, but because American Governments regarding the policy to be
withdrawal would allow Europe to charge the followed in the Far East. It is more likely that
United States with responsibility for the failure. Great Britain, whose financial and commercial inYet it has seemed to be also his policy to let the vestments in that part of the world exceed those
war debt issue drop except for formal notifications of any other Power, will do its utmost to avoid
of periodical default, and to do nothing, as far as a break with Japan and allow the United States
the American public knows, to induce the debtor to pull the chestnuts from the fire if that operaGovernments to pay what they can if the obliga- tion is at any time to be performed. One cannot
tions into which they have entered, and which they ignore, however, the challenge to Japan in the
have taken pains to declare they still recognize, proposed fortification of Hawaii and the forthcomcannot be completely fulfilled.
ing naval maneuvers in Alaskan waters. The only
The Montevideo Conference and the repeal of the interpretation, apparently, to be put upon American
Platt Amendment regarding Cuba are, of course, policy at these points is that the Administration
bright spots in the Administration's foreign policy, is not confident that peace in the Pacific will be
and there is, happily, no indication as yet of a maintained and that it is preparing, through the
disposition to yield to the clamor of American expansion of the navy and the construction of
Catholic interests and take a hand in the church fortifications in its island possessions, for the
controversy in Mexico. The tariff agreement re- eventuality of war.
cently negotiated with Brazil, on the other hand,
There is some parallel in all this to the Theodore
while mutually advantageous as far as it goes, can- Roosevelt policy of walking softly and carrying a
Financial Chronicle
Volume 140
big stick. Toward Europe the policy is more and
more one of abstention from even an expression of
interest in the political controversies which vex
that part of the world, joined to neglect of the
legitimate and large American interest in the war
debts. Toward Latin America there is avowed
friendliness and a hopeful concern about tariff
agreements. Toward Japan, on the other hand, the
policy appears to be one of firm though undemonstrative resistance, coupled with naval preparations
which have no justification save in the expectation
of war. The recent announcement from the Department of State that the rights and obligations
of neutrality were being weighed in the balance and
might, perhaps, be given up clearly opens the way,
if neutrality should in fact be abandoned, for a
wholly new American policy in the event of war
among other Powers. In so far as the Administration, with more knowledge of what is going on under
the political surface than the public at large can
have, is safeguarding the future by active and extended preparations for national defense, its policy
is wise and should be supported. The situation in
the Far East, however, is one to be dealt with on
the basis of realities as well as of theories, and
any attempt to keep Japan in leading strings where
no American interest is endangered is fraught with
peril. The developments in the Far East will be
watched with concern until it is clear what objects
the Administration has in mind and what methods
it proposes to use in attaining them.
Government Interference and the Public
Utility Crisis
BY STEWART H. SEIBERT
Recent rate controversies between municipalities
and public utility companies, which the National
Administration at Washington voluntarily entered,
bring to a head a most serious situation. The
policies of the Administration in regard to the power
question are not only affecting adversely the holders
of the securities of the public utility units involved,
whether individuals, insurance companies or banks,
but are retarding all business because of the broad
implications of further Government competition with
private enterprise. We should not attempt to condone obviously mistaken management or rate-making
policies, but it is now imperative that consumers,
investors and law making bodies be apprised of the
true facts.
During the past 20 years or so, most of our States
have established regulatory commissions for public
utilities whose major functions are:
1. Approval of rates filed by public utility companies, and settlement of controversies pertaining
thereto.
2. Approval of issuance of securities (bonds, preferred and common stocks)for fixed capital, or general
corporate use.
3. Examination of earning reports. (Operating
expenses are classified into about 100 separate accounts, each of which is subject to the scrutiny of
the commission,and becomes a guide with respect to
future operating expenses. These financial reports
as well as numerous statistical and appraisal records
are on file for public inspection.)
4. Investigations and issuance of orders in connection with complaints relative to extensions for new
service, or in character of existingservice.
1029
With the human element always to contend with,
it is natural that these commissions should carry out
their duties with varying degrees of efficiency. That
they are on the whole successful in protecting the
interests of the consuming public through their
regulatory powers is manifest by the constantly
decreasing cost of electricity regardless of business
conditions and precludes the necessity of the Federal
Government infringing upon the rightful prerogative
of the States. In considering present rate structures
it should not be forgotten that millions of dollars
have been spent by utilities in developing the present
high plant efficiency and that in the process of experimentation methods have been improved and
cheaper ways devised of supplying satisfactory ser- •
vice. But is it fair to ask that investments be written
off at once because improved methods have been
developed by public utilities in their efforts to reduce
their costs so that the consumer might benefit thereby? Would the public be better served if all efforts
toward improvement of facilities were to cease with
the threat that fixed capital values would be at once
reduced to the basis of the new methods? The
answer, of course, is obvious.
It should be remembered, too, that in many cases
public utility companies have been required by the
public service commissions to make extensions into
rural territory and were urged to establish rates as
low as in the larger cities, the inference being that it
was in the public interest to adopt this policy, even
if the returns did not justify the investment. These
extensions were made and security issues representing
these investments were approved. Perhaps it is not
desirable to condemn policies of this character which
tinged with public interest, but it would seem most
unfair to make security holders take losses as a consequence thereof. Unbalanced conditions, such as this,
where one type or division of service carries another,
make it possible for apparent savings in the operation
of competing municipal plants. It is now time for
public utility executives to discard their passive
attitude and reveal facts of this character to the
general public.
Despite the abundance of evidence, such as that
just enumerated, indicating that the State regulatory
bodies on the whole have been extremely vigilant on
behalf of the public, the Administration is now
engaged in a prodigious spending spree, which involves among other things,setting up so-called "Yardsticks" to determine what constitutes "fair" electric
utility rates. Perusal of their activities in this
direction reveals that accounts are being rather
violently juggled,investments written down, portions
of power development charged to unemployment
relief and many other reprehensible practices indulged
in to make it appear that the cost figure is less than
is actually the case.
It is reported that while the power investment at
Muscle Shoals has been written down from $60,000,000 to $21,000,000, the Government was offered
$2,400,000 per annum for lease of this site which is
a pretty good indication that the higher figure should
be used in determining the rate structure in this
instance, since private concerns were willing to pay
a rental return entirely in keeping with the original
cost of these plants which were constructed at a time
when costs were lower than at present.
The Tennessee Valley Authority is financed on
Federal funds at low interest rates, its•operating costs
1030
Financial Chronicle
being also a direct Government obligation, and it is
doubtful if it or any of the other so-called power
"Yardsticks" could be financed independently at any
interest rate. It probably would be found that even
if bonds covering only these projects were offered
privately with a Federal guarantee of 50% of the
interest and principal, there still would be no
bidders.
It is now reported that neither interest during
construction nor overhead costs are charged against
power costs. All mail matter is sent in franked
envelopes, and freight is hauled at special Federal
rates. Some months ago the TVA purchased from
the Mississippi Power Co. all its transmission and
distribution equipment in nine counties in northern
Mississippi. This purchase was made at a price
which was forced under threat of a Federal Emergency
Administration public works loan to duplicate their
facilities and enter into competition with them, if
the sale was not made at a price determined by the
Authority. Distribution lines in Alcorn County were
then resold to a local community power association,
which now purchases its power from the TVA. How
closely such a procedure approaches racketeering!
Although Mr. W. L. Willkie, President of the Commonwealth & Southern Corp., has stated that,granted
the same subsidies, his companies could establish
rates less than those of the TVA,President Roosevelt
seems to take at face value all statements made by
his subordinates on the power question. He asserts
that the projects sponsored by municipal and Federal
governments are "paying taxes," but he fails to
elucidate on this point so that all may know exactly
how much they are actually contributing in this
respect. The truth of the matter is that the
TVA pays 5% of its ridiculously low wholesale rate
of about four mills per kilowatt hour in the form of
taxes, while power companies throughout the country
are obliged to pay at least 15% on an average retail
rate of 2 cents per kilowatt hour, or the equivalent
of 15 times more than the Federal subsidized project.
This loss of taxes to municipalities and States, of
course, will have to be met by offsetting taxes in
other directions. The President should thoroughly
acquaint himself with the real financial status of
these Administration power enterprises and acknowledge frankly their failure to effect the miracles
claimed for them by their proponents.
Operating public utility companies are now subject
to a Federal tax of 3% of gross operating revenues
from residential and commercial lighting, the funds
from which finance very substantially both the
Federal "Yardstick" developments, and the 30%
subsidy granted to municipalities which either build
competing plants, or buy out the existing private
plants at a price usually less than their fair value
by using the tactics previously described. The repudiation by the U. S. Supreme Court of a system
which discriminately taxes companies when such
funds tend to finance competing units seems almost
assured; but it may take some time to secure such a
decision, and the practice of both State and municipal
authorities of putting additional gross receipt taxes
on public utilities is growing in alarming fashion.
(The Consolidated Gas Co. of New York expects
its total taxes for 1935 to be 22% of its gross
operating revenues.) At the same time pressure is
being brought by municipal committees and others
for enormous reductions in rates. Most of this has
Feb. 16 1935
beenimotivated by the Administration and its fantastic ideas on electric rates. No one will invest in
an industry under such conditions, especially when
there seems evidence that revenues may drop much
further, even with present prospects for a new high
level of electric production.
The President attempts to justify his policies by
pointing out that a selected group of public utility
bonds are selling higher to-day than in 1929. In
most instances these securities are first mortgage
bonds of companies which are not mortgaged much
over 50% of the present reproduction values. It is
obvious that these securities can weather any kind
of attack. For if there is agitation for a municipal
plant, and one is approved, these bonds will be paid
in full from Government funds since it would cost
more to install duplicate equipment than to take
over the existing plants. He makes no mention of
junior grades of bonds, preferred stocks, or common
stocks, whose present prices are in most cases the
lowest for all time, a situation caused more by fear
of the Administration's policy than of present low
earnings.
Early in December the New York Power Authority
announced that the results of its intensive studies
had shown that a reduction of about 40% should be
made in electric rates throughout New York. The
conclusion must have been based on unsound data
and inference, for this Authority refused to give the
New York Public Service Commission its data or
any inkling as to the basis for its conclusion. Almost
every electric company has a different financial setup, and operates under different conditions, so that
this report can be attacked in only a general way.
The operating expenses, taxes and retirement reserve
items alone usually run about 60% of gross revenues,
and could only be reduced by drastic changes in the
quality of service rendered. The experience in most
municipal plants is that the quality of service is
materially below that given by private utilities,
and long interruptions frequently occur. About 70%
of private utility taxes are based on property values,
and therefore fixed. The total taxes of electric
companies for 1935 will probably average 18% of
revenues, and a 40% reduction in rates would leave
this item almost the same. It can thus be seen that
to maintain solvency with such a drop in rates,
the physical condition of the properties would
deteriorate very rapidly, and there would be no
returns whatever for junior security holders. We do
not think that a majority of our citizens wish to see
such a state of affairs brought about. The claim has
frequently been made that rates can not be reduced
because executives receive such large salaries. An
examination of the 1932 report of the New York
Public Service Commission reveals that the total
administrative salaries were, for most companies in
this State, around
of 1% of revenues. Under the
circumstances, not much help in reducing operating
expenses can be expected from this source.
The New York Power Authority states that there
is now much plant and equipment which is obsolete,
and should be written off. If this is the case, then the
retirement reserves of electric utilities over a period
of years have been inadequate, as the funds are not
available for wholesale retirements. It therefore
follows that rates should have been higher in the
past to permit the accumulation of adequate reserves
for this purpose. If there were much basis of fact in
Volume 140
Financial Chronicle
this question of obsolescence, one wonders how the
Public Service Commission could have approved the
issuance of new securities from time to time. Surely
this point would have been raised in the course of the
careful examinations usually made before its approval
is given on security issues. The fact is that the
maintenance of these obsolescent plants is very
necessary to cope with the unusual conditions which
develop in this industry. Reserve capacity is sometimes required at very short notice, for instance,
during a sudden storm or on a very over-cast day,
when the electric load on primary plants is already
at its peak. Such power reserve may be needed for
only a short period of time, and these less efficient
plants can start operating almost instantly while considerable time is required for a modern steam generator to reach its peak capacity. It is thus
obvious that the so-called obsolescent plant is cheaper
to operate for such service, and its investment for
rate making justified.
In the New York City controversy the local
authorities would like to see the electricity rate f9r
cooking purposes lowered to a point where it would
compete with gas. They have asserted that all gas
properties should be written off, although the
revenue from the gas division of the Consolidated
Gas Co. is about $45,000,000 per year. No consideration is given to the changes that would be required
in extending existing wiring facilities, cost of ranges,
or the huge investment the electric division would
1031
have to make in order to supply this additional
load. Where will this capital come from, when it is
suggested that several hundred million dollars
should be written off at will, and that the return on
the additional or remaining investment should be
under 6%? The local situationTreveals the extent
to which the National Administration policies are
warping the judgment of politicians throughout the
country, creating previously non-existent issues.
Engineers recognize possibilities for an enormous
increase in the sales of gas for heating houses during
the next few years with the restoration of confidence in the business world, and the extension of
natural gas into the eastern areas.
It is now time for the Administration to realize
that the TVA and other power projects are headed
toward inevitable failure. Its power policy will
retard all business by the precedents established.
It has already destroyed all incentive for investment
of new Private capital in the power industries. The
policy seems to be to make private capital run all
the risk, and to eliminate every possibility of making
a profit. The 30% subsidy to municipal plants
should stop at once. Administration interference on
all local rate issues must be eliminated. The TVA
and other "Yardstick" developments should cease
attempting to force sales with threats of setting up
duplicate plants, and the intensive sales campaign of
these power projects and condemnation of private
utilities must be dropped.
Gross and Net Earnings of United States Railroads for the
Month of December
The modest trade and industrial improvement
which characterized the final quarter of 1934 is
reflected in our compilation of gross and net earnings of United States railroads for the month of
December. When taken by themselves, the results
of operations in that month are most inadequate,
but they do at least show some improvement over
the same month of 1933 and a continuance of the
trend observed in the latter part of last year. Gross
earnings in December were higher by $12,107,100,
or 4.94%, than in the same month of 1933, while
net earnings were $3,837,771, or 6.58% better. This
comparison, however,is with a period in which trade
and industry was rapidly declining to levels that
were virtually the lowest of the depression, and the
fact that 60 little progress has been reflected in the
operations of the carriers is the best indication of
the vitally necessary gains still to be effected. It is
to be remembered, in this connection, that the gross
earnings in December 1933 were virtually level with
those of the same month in 1932, when the precipitate and uninterrupted decline of the depression
reached its culmination.
It would seem that more cause for encouragement
is to be found in the growing realism of the official
approach to the railroad problem than in the exceedingly modest gains of gross and net earnings. Federal control of competing methods of transportation
long has been advocated by all experts, and it is
noteworthy that this suggestion finds a prominent
place in the recommendations recently laid before
the President by Joseph B. Eastman, Federal Coordinator of Transportation. Mr. Eastman also
calls for regional consolidations of systems, and
there is doubtless much improvement possible in
this long-agitated proposal. The Interstate Commerce Commission now has under consideration the
application of the Association of American Railroads for increased freight rates as a means of conserving the credit of the nation's chief carriers, and
approval of this application, together with general
control of competing modes,could be counted upon to
bring about a much-needed betterment. Other official
aspects, such as the Railroad Pension Law which
now is under litigation, are distinctly unfortunate.
The effect of the pension measure can best be understood when it is noted that operating expenses of
the railroads are increasing out of all due proportion to the gain in gross earnings. Last December
the operating expenditures increased $8,269,329, or
4.43% over those of December 1933, and thus absorbed by far the greater part of the advance in
gross, leaving comparatively little for swelling the
net earnings.
1934
Month of December—
1933
/nr. (+) Or DM!
(-)
—1,263 0.53%
Mhes of 146 roads
239,833
238,570
Gross earnings
$257,199.427 $245,092,327 +812.107,100 4.94%
+8,269,329 4.43%
Operating expenses
186,742.135
195,011,464
Ratio of expenses to earnings.
76.19%
75.82%
—0.37%
Net earnings
862,187.963
858,350,192
+83,837,771
6.58%
To account for the modest improvement noted in
December, it is only necessary, as indicated, to consider the course of trade and industry, for the operations of the principal carriers continue to reflect
business conditions with substantial accuracy, notwithstanding the inroads made by other means of
transportation. Some of the basic industries, such
as steel and iron, continued to progress during the
1032
Financial Chronicle
latter part of 1934, largely as a consequence of
readier disposition of automobiles. Others, such as
the building industry, showed no improvement at
all, other than the extensions occasioned by public
works activities.
Taking first the statistics relating to automobile
production, we find that 183,187 motor vehicles were
produced in Decemberd 1934 as against only 80,565
vehicles in December 1933; 107,353 vehicles in December 1932; 121,541 vehicles in December 1931;
155,601 in December 1930; 120,007 in December 1929,
and no less than 244,116 in December 1928. In the
case of pig iron production in December 1934, however, no such favorable comparison with the month
the previous year can be made. The "Iron Age"
reports that the production of coke pig iron in the
United States in December 1934 totaled only
1,027,622 gross tons as compared with 1,182,079
gross tons in December 1933. However, in December 1932 the make of pig iron reached only 516,080
tons, and in December 1931 only 980,376 tons; but
if we go still further back we find that the production of iron in December 1930 was 1,965,690 tons,
and in December 1929 no less than 2,836,915 tons.
Steel production, on the other hand, showed a
marked increase, the output of steel ingots, according to the report of the American Iron and Steel
Institute, having reached 1,941,127 tons in December
1934, whereas in December a year ago only 1,798,606
tons were produced. In December 1932 the output
was but 861,034 tons, and in the same month of 1931
only 1,301,211 tons. But in December 1930 it totaled
1,979,547 tons, and in December 1929 no less than
2,903,012 tons. Coal production, as it happens, in
December 1934 was somewhat heavier than what it
had been the year before, but this is not saying
much, since it was so small in this previous year.
The amount of bituminous coal mined in December
1934 is reported by the United States Bureau of
Mines at 31,386,000 net tons. This compares with
30,377,000 tons in December 1933. In December
1932 the production of coal was 31,522,000 tons; in
December 1931, 30,579,000 tons, but in December
1930, 40,222,000 tons. If we go still further back
we find even larger totals to compare with, the quanties of coal mined in December 1929 having been
47,046,000 tons. The output of Pennsylvania anthracite in December 1934 totaled 4,705,000 net tons, as
against 4,437,000 tons in December 1933, but comparing with 5,141,000 tons in December 1932;
4,679,000 tons in December 1931, and with no less
than 6,050,000 tons in December 1930.
In the building industries evidences of reviving
activity were entirely lacking in December 1934.
The F. W. Dodge Corp. reports that construction
contracts awarded in the 37 States east of the Rocky
Mountains involved an outlay in the final month of
the year of only $92,723,700, a decline of 55% from
December 1933, when the figures stood at $207,209,500. Going further back, however, we find that
comparison is with only $81,219,300 in December
1932. In December 1931 the contracts were valued
at $136,851,600; in 1930 at $249,435,500, and in 1929
at the huge sum of $316,368,100. The falling off in
construction contracts in December naturally found
reflection in the lumber trade. Production during
the four weeks ended Dec. 29 1934, as reported by
the National Lumber Manufacturers Association,
covering an average of 674 identical mills, was only
486,355,000 feet as against 531,540,000 feet in the
Feb. 16 1935
same period of 1933, a decline of 9%, but 35% above
the record of comparable mills during the same
period of 1932. The Western grain movement, too,
was on a greatly reduced scale as compared with
December 1933, the decline having been brought
about by the much smaller volume of corn and of
wheat moved to the Western primary markets. We
give the details of the Western grain movement in a
separate paragraph further along in this article, and
will note here merely that the receipts of wheat,
corn, oats, barley and rye, combined, at the Western
primary markets for the four weeks ended Dec. 29
1934 reached only 25,201,000 bushels as against
31,693,000 bushels in the corresponding period of
1933, but comparing with only 19,838,000 bushels in
the same period of 1932. Going further back, however, comparison is with 25,563,000 bushels in
December 1931 and with no less than 55,661,000
bushels in the same four weeks of 1930.
Turning now to the loading of revenue freight on
the railroads of the United States, which furnishes
a sort of composite picture of the freight traffic of
all kinds, we find from the figures compiled by the
American Railroad Association that during the five
weeks ending Dec.29 1934,1,592,079 cars were loaded
with revenue freight on the railroads of the United
States against 2,587,236 cars in the corresponding
period of 1933 and 2,483,282 cars in the same five
weeks of 1932, but comparing with 2,774,783 cars in
1931; 3,396,442 cars in 1930, and no less than
4,137,016 cars in the corresponding five weeks
of 1929.
In the case of the separate roads and systems, the
exhibits are in consonance with the showing for the
railroads as a whole, which means that the great
majority of the roads are able to report increases in
gross earnings, and a substantial number increases
in net earnings as well, though in both cases the
gains are small. Lack of space prevents our naming
separately, with their increases, even the more conspicuous of the roads distinguished for increases in
both gross and net alike, so we will therefore only
mention two, the Pennsylvania RR (which heads
the list of increases in the gross), which reports
$1,850,971 gain in gross earnings and $839,390 increase in net earnings, and the New York Central,
which, with $1,756,569 gain in gross, has $230,934
increase in net. These figures cover the operations
of the New York Central and its leased lines. Including the Pittsburgh & Lake Erie, the result is an
increase of $1,706,860 in the gross and a gain of
$222,756 in the net. In the subjoined table we bring
together all changes for the separate roads for
amounts in excess of $100,000, whether increases or
decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF DECEMBER 1934
Iftcrease
Increase
31.850.971 Detroit Toledo & Ironton. $144,521
llOcItntral
al.756,569 Northern Pacific
New
rni
136,967
Southern Pacific (2 roads) 1,083.503 Union Pacific(4 roads)... 136,610
665,238 Lehigh Valley
Great Northern
135.963
Louisville tz Nashville...._ 606,216 Atlantic Coast Line
122,196
533.708 Virginian
Chesapeake & Ohio
119,145
498,051 Boston & Maine
Southern
119.095
483,957 CM NO & Texas Pacific- 108,498
Baltimore & Ohio
Atch Top & Santa Fe (3)- 466.568 Chic St P Minn & Omaha_ 106,815
Chic Milw St P & Pacific. 451.754 Denver & /I 0 Western__ 106,746
360.351 Chicago Burl & Quincy... 103,215
Missouri Pacific
' 247,339 Western Pacific
Illinois Central
100,550
222,510
Reading
198,715
Total(41 roads)
Wabash
$12.390,801
188,879
Wheeling & Lake ErieDecrease
183.445
Pere Marquette
180.266 Minn St P & 88 Marie__ - $335,815
Grand Trunk Western_..
177.289 Missouri.Hansas-Tezas..... 249,464
Seaboard Air Line
207,027
Los Angeles & Salt Lake- 177,075 Yazoo & Miss Valley
161,369 Colorado & Sou (2 roads). 187.777
Norfolk & Western
153,597 NY Ontario & Western.... 114,492
Central of Georgia
New York Chic & St Louis 151,597
Total(6 roads)
$1,094,575
Chicago & North Western 151,313
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $1.706,860.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF DECEMBER 1934
Increase
Increase
$107,271
Southern Pacific (2 roads) 3912.003 Del Lack & Western
, 106,139
Pennsylvania
839,390 Virginian
105,759
Boston & Maine
824,143 Mae Central
Delaware & Hudson
705,171
$8,201,045
Total (27 roads)
655,535
Southern
Decrease
497,214
Chesapeake & Ohio
375,736 Atch Top & 8 Fe (3 rds)-31,002,309
Baltimore & Ohio
-Kansas
-Texas__ _ 516,118
353,312 Missouri
Great Northern
349,120
346,700 Illinois Central
Lehigh Valley
Louisville & Nashville...
287,875 Chic R I & Pac (2 roads). 324,407
279,516
-San Fran(3rds)_
Wheeling & Lake Erie.-- 275,855 St Louis
270,128
Central of New Jersey-- 241,995 Mimi St P & S S Marie
231,299
New York Central
a230,934 Yazoo & Miss Valley
205,544
Duluth Missabe & Nor--- 222,849 Norfolk & Western
203,273
Chic Burlington & Quincy 214,463 Texas 3; Pacific
Erie(2 roads)
153,869 Colo & Southern (2 roads) 191,189
168,932
Chicago & Eastern Illinois 143,292 Bessemer & Lake Erie_ _
138.460 Chic St P Minn & Omaha.. 155,264
Chicago & North Western
145,920
Chic Mllw St Paul & Pac- 121,164 Wabash
109,804
Richm Fred & Potomac.... 120,478 Internet Great NorthernLos Angeles & Salt Lake_
113,672
34,152,823
(Total (20 roads)
Denver & Salt Lake
107,766
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, theyesult is an increase of $222,756.
When the roads are arranged in groups or geographical divisions, according to their location, as
is our custom, the generally favorable character of
the returns is brought out quite clearly, inasmuch
as it is found that all the different districts-the
Eastern, the Southern and the Western-as well as
all ge various regions grouped under these districts,
show increases in gross earnings and net earnings
alike, with the single exception, in the case of the
net, of the Western district, where losses occurred
in two of its regions-the Central Western region
and the Southwestern region. Our summary by
groups is as below. As previously explained, we
group the roads to conform with the classification
of the Interstate Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table:
SUMMARY BY GROUPS
District and Region
Grass Earnings -Month of DecemberInc.(÷)or Dec.(-)
1934
1933
Eastern District
New England region (10 roads)...._ 11,870,827
1.10
11,742,161
+128,666
Great Lakes region (24 roads)
+2.442,137 4.95
51,818,251 49,376,114
Central Eastern region (18 roads)._ 53,118.434 49.772.911
+3,345,523 6.72
Total(52 roads)
Southern District
Southern region (28 roads)
Pocahontas region (4 roads)
116,807.512 110,891,186
+5,916,326
5.33
Total(62 roads)
33,851,456
15,887.419
32,003,538
14.978.956
+1,847.918
+908,463
5.77
6.07
49.738,875
46,982.494
+2.756,381
5.87
27,656,390
42,707,293
20,289,357
26,477,788
40.741,483
19,999,376
-1-1,178,602
+1,965,810
+289,981
4.45
4.83
1.45
90,653,040
Total(32 roads)
1Vestern District
Northwestern region (16 roads)_ ___
Central Western region (21 roads).
Southwestern region (25 roads). _ _
87,218.647
+3,434,393
3.94
Total all districts (146 roads)
257,199,427 245.092,327 +12.107.100 4.94
Net Earning
District and Region
Month of Dec.- -Mileage-1934 .
inc.(+) or Dec.(-.)
1933
Eastern District$
1933
1934
$
$
%
New England region.. 7,137
7,182 3,781,508 2,752,802 +1.028,706 37.37
Great Lakes region_ 26,903 27,028 11,906,033 10,458,019 +1,449,114 13.86
Central Eastern region 25,101 25,057 14.000,389 12.107,794 +1,892,595 15.63
Total
59,141 59,267 29,687.930 25,317.515 +4,370,415 17.26
Southern District
region
Southern
39,272 39,526 8,679,220 8,440,411 +238.809 2.83
6.068 6,043 6,863,820 6,345,533 -I- 518,287 8.17
Pocahontas region
Total
Western District
Northwestern region__
Central Wessell) reg'n
Southwestern region
Total
1033
Financial Chronicle
Volume 140
45,340 45,569
15,543,040
48,450 48,575
53,189 53,539
32,450 32,883
5,037,716
8,929,016
2,990,261
4,742,608 +295,108 8.22
9,362,249 -433,233 4.63
4,141,876 -1.151,615 27.80
134,089 134,997
16,956,993
18.246,733 -1,289,740 7.07
14,785,944
+757,096 5.12
Total all distficts
238,570 239,833 62,187,963 58,350,192 +3.837,7716.58
NOTE-Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following Indicates the confines of the different
groups and regions:
EASTERN DISTRICT
New England Region-comprises the New England States.
Great Lakes Region-Comprises the section on the Canadian boundary between
New England and the westerly shore of.Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region-Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkeisburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region-Comptises the section east of the Mississippi Rhea and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region-Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region-Comprises the section south of the Northwestern Region.
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
River
Southwestern Region-Comprises the section lying between the Mississippi
south of St. Louis and a line hom St. Louis to Kansas City and thence to El Paso
and by the Rio Grande to the Gulf of Mexico.
As we have noted further above, the grain traffic
over Western roads in December 1934 fell far below
that of December of the previous year. It is proper
to state, however, that the movement in December
1933 was the largest for that month since 1930. The
shrinkage in December 1934 was due entirely to the
very much smaller volume of wheat and corn,
especially the latter, moved to the Western primary
markets, the movement of all the other staples, in
greater or less degree, having been on an increased
scale as compared with the same period of 1933.
Thus the receipts of wheat at the Western primary
markets for the four weeks ending December 29 1934
were only 7,925,000 bushels as against 10,477,000
bushels in the same four weeks of 1933, and of corn
only 8,776,000 bushels as against 15,101,000, but of
oats, 2,998,000 bushels as compared with 2,817,000;
of barley, 4,935,000 bushels as compared with only
2,963,000, and of rye, 567,000 bushels as against only
335,000 bushels. Altogether, the receipts at the
Western primary markets of the five items, wheat,
corn, oats, barley and rye, during the four weeks of
December 1934 aggregated only 25,201,000 bushels
as against 31,693,000 bushels in the same four weeks
of 1933, but comparing with only 19,838,000 bushels
in the same period of 1932. In December 1931 the
receipts were 25,563,000 bushels, and in the corresponding period of 1930 reached 55,661,000 bushels.
In the following table we give the details of the
Western grain movement in our usual form:
WESTERN FLOUR
Wheat
4 Wks.End. Flour
(Bush.)
(BM.)
Dec. 29
Chicago
1,390,000
1934_.__ 624,000
342,000
1933.... 546,000
Minneapolis
2,078,000
1934..
3,616.000
1933_
Duluth
242,000
1934_
1.798,000
-1933
Milwaukee
786,000
54,000
1934....
271,000
51,000
1933....
Toledo
555,000
1934.
207,000
1933....
Detroit
72,000
1934__
56,000
1933_
Indianapolis & Omaha
392,000
1934.
606,000
1933...
-5,Louis
428,000
1934.... 379,000
836,000
1933-- 450,000
Peoria83.000
1934-- 130,000
34,000
1933-- 214,000
Kansas City
871,000
56.000
1934._
40,000 2,044.000
1933-Bt. Joseph198,000
97,000
1933--Wichita
800,000
1934.....
447,000
-1933
Sioux City
30,000
1934__
123.000
1931._
-Total all
1934._ 1,243,000 7,925,000
1933...... 1,301,000 10,477,000
AND GRAIN RECEIPTS
Barley
Oats
Corn
(Bush.)
(Bush.)
(Bush.)
Rye
(Bush.)
2,394,000
3,579,000
597,000
691,000
672,000
511,000
174.000
20,000
171,000
2,002,000
365,000
467,000
1,724,000
1,222,000
163,000
111,000
11.000
1,023.000
318,000
101,000
165.000
15,000
11,000
129,000
255,000
653,000
168,000 1,927,000
846,000
218,000
10.000
10,000
146,000
179,000
484,000
64,000
3,000
2.000
1,000
3.000
64,000
39,000
49,000
24,000
54,000
62,000
11,000
34.000
1,903,000
3,023,000
343.000
436,000
1,059,000
847.000
207,000
292,000
120,000
105,000
4,000
1,000
990,000
816,000
48,000
172.000
268,000
194,000
166,000
17,000
1.461,000
1.856,000
234,000
106,000
118,000
690,000
151,000
226,000
37,000
236.000
17,000
3,000
167.000
158,000
17.000
17,000
2.000
6,000
1,000
8,776,000 2,998,000 4.935,000
15,101,000 2.817,000 2,963,000
567,000
335.000
27,000
9,000
The Western livestock movement, too, appears to
have been somewhat smaller than in December 1933.
At Chicago the receipts comprised only 10,826 carloads as against 11,617 carloads in December 1933,
and at Omaha but 2,125 carloads as against 2,240,
though at Kansas City they embraced 3,800 cars as
compared with only 3,044 cars.
Coming now to the cotton movement over Southern roads, while this was very much larger so far
as the overland shipments are concerned, the receipts of the staple at the Southern outports were
on a greatly reduced scale-in fact, were the smallest for the month in all recent years. Gross ship-
1034
Financial Chronicle
Feb. 16 1935
ments of cotton overland during December 1934 pared with 1922) was not large, relatively speaking, being
aggregated 128,238 bales as against 97,334 bales in $19,212,804, or 3.75%, but it testified to a slackening in
December 1933; 65,166 bales in December 1932, and trade, of which much had been heard in the summer and
autumn of 1923. This falling off of $19,212,804 in the gross
76,849 bales in December 1931, but comparing with was attended by a reduction in expenses of $16,773,652,
142,249 bales in December 1930 and 150,261 bales in leaving, nevertheless, a small falling off in the net, viz.,
December 1929. The receipts of cotton at the South- $2,439,152.
In considering this shrinkage in gross and net, however,
ern outports aggregated only 432,371 bales in Decemin December 1923 the circumstance should not be overlooked
ber 1934 as against 764,167 bales in December 1933; that comparison then was with extremely heavy totals in
1,039,511 bales in December 1932; 1,113,458 bales in the year preceding (1922)-so much so that some falling off
December 1931; 888,213 bales in December 1930, and in traffic and revenues was rendered inevitable, the moment
1,107,014 bales in December 1929. The details of the slackening of trade made its influence felt. In reviewing
the cotton receipts at the Southern outports for the the results for December of that year (1922), we noted as
an interesting fact that as the country got farther away
last three years are shown in the table we now from the disturbing influence of the coal miners' strike of
present:
the previous spring and summer, and of the railway shop-
sun,
Ga1veston_
Houston, da3
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Bunswiek
Charleston
Lake Charles
Wilmington
Norfolk..
Jacksonville
119,635
85,245
7,991
1,151
151,740
18,493
6,174
8.775
20,259
3,732
3.778
7,140
268
432,371
Total
MAIO
265,365
278,355
5.641
1,908
158.643
17.997
3,455
5,971
9.107
7,199
5.707
2,629
3,516
774
1004
254,001
383,267
9,572
2,513
284,436
45,655
9,881
8,910
293
12,283
9,253
10,105
8.157
1.185
1001
302,089
366,889
13,848
3,379
305,455
62,812
3,368
25,448
1,231
7,895
9,788
4,256
5,770
1,270
764,187 1,039,511 1,113,458
LVOV
1040
165,789
288,431
10,097
4,002
215,439
86,595
4,548
65,705
270,032
417.108
10,841
23,434
1,451
6,541
16,149
32
24,570
1,502
18,599
29,782
230,402
58,472
2,978
42,928
888,213 1,107,014
RESULTS FOR EARLIER YEARS
The improvement in railroad earnings in December 1934
over December of the previous year has been exceedingly
moderate-only $12,107,100 increase in gross for the whole
body of roads, and but $3,837,771 increase in net. And it
follows, moreover, only very slight gains in gross and in
net
-$2,297,276 'andj $1,268,259, respectively-4n 1933 as
compared with 1932. This is the more noteworthy as it
follows four successive years where there was a large shrinkage of earnings, making a cumulative loss for these four
years for the month of December which stands out with
conspicuous prominence. The shrinkage in the gross in
December 1932 was $42,454,535, though this was converted
Into a gain of $4,372,095 in net through a cutting down of
expenses. The falling off in December 1931 was $89,259,333
in gross and $32,841,593 in net, and it followed $91,220,835
falling off in gross and $25,567,928 falling off in net in
December 1930, and $27,767,999 in gross and $32,186,071 in
net in December 1929. It seems proper to point out, however, that the falling off in earnings in December 1929
quite generally came after ,,ains in gross and net in the
previous year. In this previous year (1928) virtually all
circumstances and conditions combined to bring about favorable results, and our compilations then showed $27,178,944
gain in gross earnings attended by a reduction in expenses
of $21,265,477, thus yielding a gain in net in the large sum
of $48,444,421, or over 54%. On the other hand, it must
also be borne in mind that these gains followed a heavy
loss in gross in December 1927, and, in the case of the net,
losses in both 1927 and 1926. In December 1927 our compilations recorded $59,294,705 falling off in gross and $28,169,018 in net. In December 1926 the exhibit was a poor
one, there having then been only $2,943,972 gain in gross
with $15,267,349 loss in net. In the years prior to 1926,
likewise, the December showing was somewhat disappointing. In December 1925 the exhibit was quite an indifferent
one, due to the strike at the anthracite mines, with the
complete stoppage of the mining of hard coal involved, this
baying operated to pull down the earnings of the anthracite
carriers, all of which suffered heavy losses in gross and net
alike at that time. Stated in brief, our compilations for
December 1925 showed no more than $18,591,184 increase
In gross, or 3.69%, and $10,354,676 increase in net, or 8.34%,
notwithstanding the country was then enjoying great prosperity. In the previous year, too, the improvement was
rather moderate, our tables for December 1924 having
shown only $11,308,819 gain in gross, or 2.29%, though the
net earnings of the roads, by reasons of the growing
efficiency with which they were being operated, increased
$17,998,730, or 16.90%. On the other hand, this followed
losses in both gross and net in the year preceding (1923).
The contraction in the gross in December 1923 (as com-
Gross Earnings
Month
of
December
Year
Given
•
Month of December
Pons
men's strike of the summer, the returns of earnings were
becoming better. The addition to the gross in December
1922 over December 1921 was no less than $87,735,590, or
20.66%, and though this was attended by an augmentation
In expenses in amount of $52,530,924, there remained an
increase in the net of $35,204,666, or 45.87%.
There was, however, a qualifying consideration to take
Into account in connection with the big gain made in December 1922. Comparison was with a period of intense business depression in the previous year, our tabulations for
December 1921 having shown $120,615,992 falling off in the
gross earnings, though accompanied by a curtailment in
expenses in the huge sum of $144,215,090, leaving, hence, a
gain in net of $23,599,098. As it happened, too, this gain
in the net in December 1921 followed a moderate gain in
the net in December 1920, making the December statement
for 1922 the third consecutive one in which improvement in
the net had been recorded.
It should be added that the improvement in the net in
December 1920 followed entirely from the higher schedftles
of passenger and freigiht rates which had then been put into
effect a short while before. In December of that year business depression had already begun, and a marked falling off
in traffic had occurred. But owing to the advance in rates
referred to, the falling off in traffic was obscured. Our
tabulations for December 1920 showed a gain of $96,073,439
in gross and of $13,804,825 in the net. Moreover, this small
gain in net succeeded a whole series of losses in net in the
same month of the years immediately preceding. Below we
furnish the December summaries for each year back to 1909:
003,20004100000000000000 004200
:
,
OWWWW14NWNWhDNWWV
0
PWW..
00
00.
4=0"1 WW.0000,
,4
1001.1.WW..00 .
1115141 .1 1 1611,11111.111.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR
SIX YEARS, 1929 TO 1934, INCLUSIVE
Year
Preceding
Mileage
Inc.(+) or
Dec.(-)
8217,724,459 8203,799,142 +813,925,317
229,379,163 214,311,201 +15,067,962
233,614.912 232,275,177 4-1,339,735
263,768,603 234,087,361 +29,681.242
254,218,891 286,224,678 -12,005,787
232,598,369 258,285,270 -25,886,901
295,202,018 232,763,070 +62,438,948
262,171.169 242,084,235 +20,106,934
343,875,052 317,836,386 +28,038,666
438,365,327 335,607,571 +102,757,756
451,991,330 440.481,121 +11,510,209
539.197,615 443,124,176 +96,073.439
406,864,055 527,480,047 -120,615,992
512.433,733 424,698,143 +87,735,590
493,099,550 512.312,354 -19,212.804
504,818,559 493,509,841 +11,308,918
523,041,764 504,450,580 +18,591,184
525,411,572 522,467,600 +2,943,972
466,526,003 525,820,708 -59,294.705
495,574,485 468,395,541 +27,178,944
468,182,822 495,950,821 -27,767,999
377,473,702 468,694,537 -91,220,835
288,239,790 377,499,123 -89,259.333
245,751,231 288,205.786 -42,454,535
248.057,612 245.760,338 +2,297,276
OK, Inn AO,
.
0,11Enno ow,
,
.•
__In sesn snn
,
.
Net Earnings
Month
of
December
Per
cent
6.83
7.03
0.57
12.68
4.51
9.94
26.82
8.31
8.18
30.62
2.61
21.68
22.87
20.66
3.75
2.29
2.69
0.56
11.28
5.80
5.82
21.47
23.64
14.73
0.93
•
etA
.
Year
Given
Year
Preced's
229,369
228,887
238,561
238,072
243,322
246,807
248,437
216,811
247,988
232,774
233,899
229,422
225,619
235.920
235,379
236,190
236,957
238,982
238,552
240,337
241,864
242,677
242,639
241,806
240,338
225,066
225,177
235,682
234.148
241,180
243,242
247,673
215,669
247,271
232,399
233,814
228,134
224,784
236,121
235,555
235,875
230,057
237,373
237,711
239,288
240,773
242,592
242.319
241,950
240,950
.......,
,
......... .......
,
Inc. (-I-) or Dec.(-)
Year
Often
Year
Preceding
Amount
Per Cent
1909
1910
1911
1912
1913
1914
1915
19113
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
87,014,765
68,276,448
81,225,377
81,701,974
88,800,026
61,134,750
105,878.758
83,237,395
85,716,727
44,738,149
38,536,432
51,322,679
67.849,188
111.942,758
106,248.158
124,480,894
134,445,634
119,237,349
90,351,147
138,293,445
108,315,167
80,419,419
*47.141.248
57,854.895
59,129.403
88,317,388
66,101,371
56,776,970
72,932,360
82,622,271
88,274,222
61,186,558
86,302,108
103,520,028
85,787,019
44,919,752
37.517,854
44,250,090
76,738,092
108,687,310
106,482,164
124.090,958
134,504,698
118,520,165
89,849,024
138,501,238
105,987,347
79,982,841
*53,482,800
57,861,144
-1,302,623
+2,175,077
+4,448,407
+8,769,614
-13,822,245
-7,139,472
+44,692,200
-3,064,713
-17,804,301
-41,028,870
-8,383,320
$13,804,825
23,599,098
35,204,688
-2,439,152
+17,998,730
+10,354,676
-15,267.349
-28,169,018
+48,444,421
-32,186,071
-25,587,928
-32,841,593
+4,372,095
±1,268,259
1.91
3.24
7.83
12.02
16.73
10.46
73.04
3.55
17.23
47.84
14.21
36.79
53.33
45.87
2.25
16.90
8.34
11.38
23.76
54.43
23.12
24.08
41.06
8.17
2.19
1924
R9 107 002
0R 2M 109
2029771
0 02
1035
Financial Chronicle
Volume 140
THE CLEVELAND STOCK EXCHANGE—STOCKS AND BONDS.
On this and the following pages we furnish a complete record of the high and low prices for both stocks
and bonds made on the Cleveland Stock Exchange for each month of the years 1933 and 1934. The compilation is the work of the Cleveland Exchange itself and is, of course, based on actual sales, and covers
these and nothing else.
For record of previous years see "Financial Chronicle" of Feb. 17 1934, page 1112; Feb. 18 1933, page
1095; Feb. 20 1932, page 1264; Feb. 21 1931, page 1297; Feb. 15 1930, page 1035; Feb. 16 1929, page 959;
Feb. 25 1928, page 1109; Feb. 26 1927, page 1133; Feb. 27 1926, page 1084; Feb. 28 1925, page 1019.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1933.
STOCKS.
November December
August September October
June
January February
March
May
July
April
Low High Low High Low High Low High Low High LOW High Low High Low High Low High Low High Low High Low High
$ per share
78 1
•
Aetna Rubber
1
• 1
Allen Industries
6
• 6
Preferred
50
American Vit Products
s
4 43
• 43
Apex Electric
100 _
Prior preferred
• 112 14
Brown Fence B
•
A preferred...............
100
Bulkley Bldg Prof
•
Byers Machine A
100 _
Canfield Oil pref
• 1314 13 4
National
,
Central Union
100 _
Chase Brass 6% pref
• 1114 1214
City Ice & Fuel
100 52 52
Preferred
18
tg
10
Clark (Fred G)
per share $ per share Per share Per share $ Per share 8 per share per share per share $ per share
212 212 212 212
218
2
214 212 212 3
2
2
78 1
318
114 -14
2
34 412 212 3
5
134 6
---- 212 258 2
15
.--- 10
10
10
16
10
1812 1312 1714 1812
812
-------14
512 "-414 41
2
5
-11- 512 612
4
4 12 412 6 - 5
4
68
-5
50 50
45 45
50 5018
---- 50 50
2
2
---- ---612 612 ---4 84
83
3
_
---18
la
1 --__
hs
----.38- 16"
60 60 ---Ii" "la" "11— 9 104
1224
13 16"
12
16 15 25
14
12 25
14
9
SO 90 82 82
8012 8012 80 80
78
78
76
65 65
65 65
18
16
8
19 2012 154 1912 147 16
20 25
1734 24
10
12
107
4
912 123 1212 18
64 64
65 65
65 65
4934 514 63 6514 69 69 69 59
52
50
46
14
Is
8
5
18
8
3
14
Per share
7
14
4
1214
76
1118
8
503
Cleve Auto Mach 1st prof......
Cleve Bldrs Realty
..____
Cleveland Bldrs Supply
"iF 1ECleveland Cliffs Iron pref_.•
iio jai,nil" l07' 1094 9518 106 98 102
Cleve Elec III 6% pref
100 39
41
40 43
32 32
Cleveland Ry
100 3712 42
29 38
Certificates of deposit
40 431s 343 40
4
•
Cleve Sec prior pref
3a
38
14
14
100 119 120
Cleveland Trust
90 117
70 110
9
9
1012 1012 91 10
Cleve Union Stock Yards '
4
• 4
4
412 412 "I" 413 5
4
Cleveland Worsted Mills
• 4
4
5
4
Cliffs Corp•t c
312 312
• 23
112 112
4 2 4 212 212
Col Auto Pts pref
3
•
..-Commercial Bookbinding
1 318 318 312 312
Corr McK voting
...1 318 318 212 3
Non-voting
-io" If"
a 30 3312 3114 33
Dow Chemical
3424 3612
100
Preferred
100 100
•
Eaton Manufacturing
Edwards(Wm) 6% pref____100 24 24 "iF VO"
* 1014 12
Electric Controller
10
1014
Enamel Products
• -1712 16" 17 - 1Faultless Rubber
. 7i2 1/ 2
• 2978 33
Federal Knitting Mills
2814 3012 26 26
• 1118 2
Ferry Cap & Set Screw
Firestone Tire & Rubber_ _ --10
100 6214 6214 50 51
6% preferred
• 712 9
Foote Burt
712 8
•
Fostoria Prs SD
512 6
Gabriel
2;
25 25
General Tire
100 30 30
6% preferred
29 33
•.
Geometric Stamping
Godman H C
7 7
--iisho
414 6
5
5
4
3
25 25"
24 24
22 2212 22 24
ioi" 106 ioiCs
98 103 105 107 10512 108 10512 108 ioir.
44 44
40 40
ow! 39 36
41
49
3214 3214 36 40
3612
3412 37
4212 4912 38 4518 3612 40
33 41
32 37
14
14
12
12
12
12
I
74',110 93 95 64 89 50 61 4014
60 75
6018 80
712 74 9
812
9
7
7
12
10
9
9
8
8
4
1114 9 113 912 1212 912
8
12
8
6 15
414 8
1214 1212 8
814
8 14 8
1212 19
16
6
,
10 2 11
4
4
_
4 312 312
112 23
1h -- ;
11
2 14 24 218
2
12
17 10
10
15
1014 "iF
12
10
1012 1212 104 24
15
12
10
18
101$ 10
10
84 25
8 1018 824 10
1-e7cs
•
•
100
•
•
100
•
•
100
8
8 12
812
112
64 10
218
2
4
3
6
2
1I
ii,
1
8
93
1', 163
5
5
20
16
9912 10311
38 40
39
37 40
38
h
h
12
40 46
50
9
9
9
912 1014
10
6
8
114 114
218
2
11
8
12
12
1
8 4 11
----
15
18
-IF
914 11
8
1114
4412 4412
50 50
794 8314
5
414 412 5
3
93
6
2
3
8
31
-- ;
5
5
3
7
1912 1912
aro Wiz
264
221,
3
412
12
5
3
26
32
4
242 2018
16"1": "51 "lit;
on ovs
:
26
341 3414 "W2 42
32
2012 2012 24
50': 2212
818 8
9
914 924 8
8
8
533 533 533 53 8
3
8
55 55
81
77 8012
81
6
6
412 412 65
8 64 8
612 7
78
78
8
5
14
1
4
2
3
74 74 4
412
---712
3 ---.
52
12
4
3
214
12
8
3
25 26
25 2312 29
712 63
7
7
4 7
6
6
50 50
13 13's
16
12
24 218
5
3
4 524 W7; 5 8 512
63
1412 1712 15
15
19
15
19
17
124 17 20
8
5
312 612 514 54 5
59 59
59 59
s 47
7
4 4 47
8 712 5
5 12
514
3
7
4 4
73
5
10
5 1412
9
12
101s
7
10
8
812 812
10
4
183 183
15
15
s
-105 WI;'IF WI;
24 218
412 5
15 2012
9
9
412 412
----
3178 3812 -3114 47
7358 75
-30 30
4 2
12
54
14
1412 1712 22 24
2012
214 214 212 212 3
-
4
812
918
7
8612 8612
16
173
4
-ii4
4
112
5 12
5
4
4
513 513
55
98
15
• 212 212 112 214 - - • 143 16
4
14
1412 15
16
•
10 412 412
100
7
• 9 3 10
•
314 314
20 20
72 75
73 65 6812 66 72
65 73 66
8
59 78
517 59
98 9818 -- -- 103 10412 10414 10414 10412105 105 105 105 105
114 114
15
15
20 "tii- 162 1824 16
166,
14 /6" 17 "if 20 22
11
11
7
3
6
3
54 54
25 "2"i"
22 22
21 "Zo- 161; 24 25 "ii" WI; 2212 2212 22 24
18
32
3312 3412
31
3012 31
30 30
s
33 3412 293 3412 30 30
30 33
26 27
2
8 2
212
234 23
1
4
3
3
212 212 3 8 5
312 414 3
7
2214 2214
7214 -757- "fit;
"ii 71
8
4
744 743
60
47's
812 6.8 74 5
5
4
63
612 7
8
612 712 7
7
,
52 6
712 6
5
4
712 712 3 3 63
4
6
6
6
8 412 6
54 54 6
7
3
3
4
"ii" 16'
85 85
56 88 -io 1182
35 46
25 35
60 60
75 80
iF 62 63 636, 70 71
75 80
65 75
35 4912 50 60
14 1
---4 2
13
112 112 1
112
1
54
4 112 4
23
4
3
4 ---4
3412 3812 39
96
96 98
• 5s 58
Goodrich (II F)
3
3
100
Preferred
"iois
1424 286, 28
8
Goodyear Tire & Rubber...-. 145 183 "lois "as; 14
16
8
4
3.53
•
lit preferred
34 34
100
Great Lakes Towing
28 "ii"
"ii"
20 20
100
Preferred
30 30
• 914 914 10
121Greif Bros Cooperage A
10
8
10
8
1012 12 - 2
70
14 212
15 30
Guarantee Title & Trust__100 49
5
5
Halle Bros
5% 5% 4
100 384 3814 37 37
Preferred
4
4
ii1" 3814 Ii1"
Hanna OH A) $7 prof
4
513 52
48
50
. 23
Harbauer
4 3
3
34 3 4 4
3
Harris-Seybold-Potter..... .
ii
Higbee 1st pref___ .......100
112 -12
16,
1
t2
100
2d preferred
India Tire & Rubber
Interlake
Jaeger Machine
Kaynee
Preferred
Kelley Island L & T
Korach (S)
Lamson & Sessions
McKee (A G) B
Medusa Cement
Metropolitan Brick
Preferred
Miller Drug
Mohawk Rubber
Preferred
Murray Ohio Mfg
Myers (F E) Bros
Preferred
Per share
52
23 25
512
10
13
"ii" 22" "io" 227, "iail If"
512
5
"Oil "(W10 10
54
5
15
_124 1212 15
10
10
212 4
"i"
48 48
52 52
10
10
8
8
i" F
4
91 10
2 14
2
334 412
8
918 8
8
8
8
161164 164 -1612 - 2 14
9
2
i
14
6
112
27
2514
14 14
10 212 212 214 24
318 5
2
412 412 4
474 34 5
618 618 718 54 714 6
5
4
6
100 120 120 115 12212 110 110 112 120 120 122 125 13212 133 135 13312 135 131 136 133 134 133 134 4 131 135
,
100
140 140
-14012 14012
---- -25 33
4 4
338 3 8 3
3
34 312 6
8 7 8 612 9
47
54
8 5
3
712 612 8
7
100 55 55
30 40
40 40
45 45
34 34
4512 50
47 47
53 58
50 50
• 1
8
17
118 17
212 312 212 3
112 2
4 23
23
234 234 118 13
8 2
s
4 412 212 4
50
2
2
1
1
1
1
1
1
---100
3
318 3
3
31s 318
3
---• 318 318 3
4
*
84
4
8 1
7
-14 Ds 2 112 2 1l 2 14 -18 1 134
73
• 23 24
2012 23
214 2112
21
2012 213
8
21
4
213 213 2212 2212
4
•
h
• 51
71 WI; 12 1514
7
7
1 618 6
6 12 6
6
1318 18
12 "jars 1i13's 10
12
100
44 44
55 55
55
56
55
4712 4712 46 46
58
48 48
56 56
•
2
2
2
2
•
64
4
---12
12
Packard Electric stamped__ •
---312 312 512 i"
• 314 338 2
2
412 512
Packer Corp
414 41 "11; 44 44
418 44 4
•
1,
14
.12
22
Paragon Refg II 3d end
• 912 928
4
132 20
10
10
10
11
Patterson Sargent
"fit; 12l 13'i 111: 13
18 20 "ii"
"iLio li" 1312 15
3
Peerless Motor
4 512 44 94 514
13
8
534 47 514
4 12
4
Republic Stamp & Enamel—.
12
12
12
12
12
12
*
23 2712"0 Ws; 2
4
-2
Richman Brothers
44 53 45 48
50
951 131- 41
4114 50
38 46
38 41 "io 441
•
River Raisin Paper
4 11
13
4
---14
14
...Robbins & Myers•t c ser 1_ *
*
....
-...
V t c ser 2
14
14
1
25 1
Preferred •t c
2
2
184 - 1• 2
3
4 jig 31
13
474 42
32 1
2 14
8 7
6
5
Selberling Rubber
7
5
3
412 21
8 318 212 3
10
100
15
10
16
Preferred
20 23
25
16
15 15
• 10
13
12
1012 1312 20
4
4
1512 2012 163 20
171
1712 - 1- 17 193 19 22
4
11 2
Selby Shoe
•
6
6
6
6
Sheriff Street Market
814 812 814
6
141 16" "iiiz 11 20 3812 31
2
3234 43
25 15
35 ii"
1718 1312 16
38
-454 48
455;
Sherwin Williams
51 - "iii.
79 8012 70 7518 7412 76
80 91
90 91
100 80 81
9014 9812 95 98
95 96
Preferred
98 98
9714 99
97 99
National Acme
National Carbon prof
National City Bank
National Refining
Preferred
National Tile
National Tool corn
Preferred
Nestle Le Mur A
Nineteen Hundred Corp A
North American Sec"A"
Ohio Brass B
Preferred
Ohio Confection A
Otis Steel
"HT., 16"
—
-lois
.
•No par value.
Financial Chronicle
1036
Feb. 16 1935
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1933—(Concluded).
STOCKS.
April
October
May
March
November December
June
July
August September
January February
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
—
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share 5 per share 5 per share 3 per share $ per share
itandard Oil of Ohio pref__100 86 86 ____ ____ 7712 7712 --------------------------------83 83 80 80
764 7912 ---- ---- ---- ---itandard Textile
•
A preferred
•
B preferred
•
;toutfer A
•
;wartwout
•
rhompson Products Inc
4
18
167
8
618 612 ----------------814 914 134 15; 1214 153 14
' 714 73
Crumbull Cliffs pref
75 75
60 60
70
65
60 60 ----------------60 60 60
100 60 60
Cruscon Steel pref
37
100 ---------------------------- ----30 30 ---------------30 30
Jnion Metal
2
2
3
3
3
3
--------------------------------1
214 278 --_- --._
ran Dorn
3
•4 312 2
3
2
13
3
8
4
3
,
Ichek Tool
4
4
412 412 4
13 -- 4 ._ — _ -- - - _
4 13
178 17
g
•
4
Veinberger Drug
6
74 9
/
1
8
812 9
i
7
77
8 722
8 --------7
• 724 812 7
V RI C 6% prior pref
25 25
15
3
25 25 25
3 --------12
3
3
3
100 --------3
Vhite Motor
Preferred
100
BONDS.
:lereland Ry 5s
'irectnne• nf Calif Sc
---10
55 2 1778
18
--------21
1114 18
12
20
1318 ---- -_-68 68 68
70
68 68
72
3812 35 37 --------30 30
3
3 --------3
14 14
2 ---------------4
212 212 212 212 212 212
812 7
3
73
4 712 7 4 724 71z
3
25
2434 25
25 25
24 25
ii
Id 55 -Ed :45 li 56 16 ii if io ii 55 -di 56 12 56 -
1933
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1934.
STOCKS.
May
June
April
July
March
August September October
January
November December
February
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BANnS.
5 per share $ per share
Aetna Rubber
• 2
214 212 3
Air.Way Electric preferred..
.108
Akron Rubber Reclaiming
•
Allen industries Inc
• 4
512 -414 -614
Preferred
31
•
31
Apex Electric Mfg
6
7
614 7
Prior preferred
100
Bessemer Lime & Cement A.__ _"
Brown Fence & Wire B
•
Bulkley Building preferred_ _100
Byers Machine A
•
Canfield Oil
100
Preferred
100 55 55
Central United Nat Bank
16
20 10
Chase Brass 6% preferred_...100 85 87
City Ice & Fuel
• 17% 23% -554 114
Preferred
781 7814
/
4
100 68 68
Per share 5 per share $ per share 3 per share Per share per share per shore S Per share $ Per share 3 per share
1
11 112 1 4 114 114 1
/
4
118
118 118
__-214 222 112 2
,
Vs 122
253 253
10
4
10 ____
---4
12 ____
22
---684 63
8 67
8 51 53
4
/
4
4 52 -13- 512 612 612 7
4 5% 6% -614 714
5 -14 43
330 32
31
3114 33
33
33 34
35 36
32 32
-- 37
37
38 38
414
312 412 4
314 414
4 8% 5 2 6% 5
7
814 718 812 63
,
54
65 65
60 60
71
66 66
7014 7014
71
65 65
70
70
2
122 112 2
114 ll
312 312 3
/ 3
1
4
/ 2I
1
4
3
2
2
---1
112
--_4
4
45 11; "45" 11____
65 65
723 8
1014 13 —5; -if 14
812 10
3
12 ill; 12
98 98 ---- -92 95
85 85
2212 20 2112 1512 2214
1812 19
2012 22% 21
161;
561 2 2.
8 -128212 82 2 83 85
8614 8614
/
1
4
7912 7922 79 8514 8512 91
,
Cleve Autom Mach 1st pref....• ---- ---- -..- --- 23
3
4 3
3
Cleveland Builders Realty
3
3
• 2
3
2
3
3
3
25
8 3
Cleveland Builders Supply
2
8 258
2
212 478 25
2
112 112 112 112 2
• 5
5 12
Cleveland Cliffs Iron pref
23 2322 2314 253 25 25
• 24
23 23
21% 2128
2818 -2T -- 22 23
2
66
Cleveland Elec III 6% prof...100 10018 103 10312 10614 105 1071 105 10812 1083 10938 109 11012 108 11312 108 110 1073 109 10884 111
4
4
/
4
Cleveland Quarries
6
6
5
•
5
Cleveland Railway
48 52 -51 li" -55F3 -E6 "56- 16- 572 63
55 57
54 56
100 44 44
-1;
45 473. 48 48
Certificates of deposit
53 56
4622 5312 5212 57
53 5712 5222 5514
55 701 58 63
43 48
45 48
100 3914 48
/
4
Cleveland Trust
61
65 70
50 55
71
6312 67
5014 55
70 83 65
71
100 5018 70
55 82
7112 81
Cleveland Union Stock Yards_.• 10
1012 1012 1014 1012 1012 1012 10
11
10
11
8
10
10
10 --- -- 1012 1012 103 11
Cleveland Worsted Mills
74 7
/
1
7
7
618 618 512 6
914 724 9
10
13
824 1022 8
6% 7
• 93 11
4
Cleveland & Buffalo Transit_ _.• ---- -- - 1
13
4 13
4
---- 1
Cliffs Corp v t c
.
10
• 9
12 - I1 - 12- 9% 101z -16" -1612 6
-64 722 ---522 6 --5;i2 512
Comm rcial Bookbinding
e
318 318
•
Corrigan McKinney voting
l3ls 10
13
"10- 115- -15- 1E1; "io- 111- --522 11 4
8
19- 1514 12
8
I 94 17
/
1
1212 16
-2Non voting
1212 1322 10
10
10
1212 10
1012
1 10
1218 91 1012
12% 14
13
17
14
16
/
4
Dow Chemical
84 92
• 7212 76
72 100
72
7612 6912 71
After 50% stock dividend___.•:.- — - Preferred
log2 1;6 ioiTa 109 ii5- 111 1104 111
T -100
14
Edwards(Wm)6% preferred_100 ---- --1912 -Electric Controller
. 2
i16
• 15
li
16 -I0- I - 16
Enamel Products
•
5
518 53
8 5
Faultless Rubber
-iii2 li" 2712 28
• 25 26
28 28
Federal Knitting Mills
3712 40
41
42
41
• 34
42
447 40 43
8
Ferry Cap & Set Screw
3%
4
314 33
• 27
8 4
4
4 3
4 14 4
Firestone Tire & Rubber
10 ---793 843. 827 lila
4
6% preferred
71
*
100 71
---- -Foote-Burt Co common
• 612 712 -/ V
6
6
612 612 612 7 4
,
Fostoria Pressed Steel
• 612 8
9
9
712 712 712 712
General Tire & Rubber
953 9612 -56- 164
25 80 90
6% preferred
100 70 80 -01 18— -55- 16- 88 8812
5
Geometric Stamping
3
2%
2
1
" 15
8 15s 312 212 314 2
Godman (H C)
4 63
4
• 512 512 63
Goodrich (B F) preferred___ _100 --Goodyear Tire & Rubber
•
First preferred
•
Great Lakes Towing
100 Preferred
100 Greif Bros Cooperage A
• 21,
2
Halle Brothers
5 9
Preferred
100 Hanna (Itt A) 87 cum pref
84
Harbauer Co common
• 612
Harris-Seybold-Potter.........* ____
Higbee 1st preferred
100 6
2nd preferred
100 Interlake Steamship
• 2114
Jaeger Machine
• 31.2
---- --_ ____
90 93%
62 69
67 78
112 112 115 115
22
22
82
1
- -i51
ii" 4
20
5
27
55" 38 40
3
3 2 212
,
1812 1812 163
8
8212 83 813
4
4
514 6
712
40
23
16
75
95
16
2313
18
80
94
16
2312
18
85
95
19
1
42
2312
16
83
92
1412
3
4
16
Kaynee Co common
13
14
10 ........8
Preferred
70 70
100 65 65
Kelley Island Lime & Trans___• 611 11
101g 11 "i6i4
Korach (S) Co class A
• 21g 218 -------Lamson Sessions
• 4
738 612 714 5%
Leland Electric
•
McKee (Arthur G) B
•
14
16
14
Medusa Portland Cement
11
8
10
10
• 9
Metropolitan Paving Brick
4
4 14 4
* 218 3
Preferred
55
100
• 312 312 ____ ____
Miller Wholesale Drug
Mohawk Rubber
* 214 412 25s 414 2 4
3
Preferred
9
10
8
100 10
Murray Ohio Manufacturing___• 43
s 412 412 412 412
Myers(FE) & Bros
• 15
15 ..oi . _
9
.
Preferred
5 -55100
1312 1414 16
75
75
8
113 12
12
110 112 113 113 11512 117 114 118
6
6
22 "IC III;
20 -56" 1E" -1984 163; 184 -161- 18
2
5
612 612.
5
4
29 30
28 -55F4 2
16- 27 27 2713 li143 96
45 45
40 45
38 40
4014 40 40
212 2
214
112 2
112 1,
2 212 212
1638
"ii" "fi" -70- 16" -kr 16- -00- 1683
518 5
5
44 412 4
/
1
5
412 4
712 712
,
722 7 2
722
60 60
732, 731 'WI 16"
76 "
76
82
118 118.
118
138
1
11g
1
1
Us 1
114
--
14
16
13
llli 1114 10
37
39
5% 6 "-413 "I- -5
6
5
9
"i"
912 912 9
9
10
11
4
4
412 4
414 4
50
53 53
55
4
5
4
_
258 11
/
4
8 23
4 2
314 23
/
1
_---- -- 24
4% 414
4
412 4
19
01- 95 "kW 1-
912 10
1312
10
-i5-
10
64
10
- V12
31g 318
93 14
8
98 133a
8
-55" ii"
---- 68 68
"i5T8 161 "io- - ---- ---- -40- - -46" - - - "i6- 40
464
6
8
4"62_8_ 27 27 27 27 27 27 27 27
2512 26
2718 27 .
11
1112 111 1112 123 133 ,
/
4
1618 13
4
14
4
-51 85 83 83 81 83 85 86
8312 8312 8312
42
23%
1614
83
9214
1712
1
18
1212 15
75
75
117 12
8
1012
638
110 4 115
3
2312
1618
83
84 84
98 99
95 95
84
937 10134 101 101% 99% 100
8
55 85
18
18
814 8
1612 19
8
13
9
1022 1012 19s 167
4
112 114 1,
14 14
1
1
____
1
7
2 112
4
15 22
-Di 15
14
8
10
1212
14
5
5
2712 - - 1 "55 151" -55- 2512 22 23'2 22 22
— .
27I 31
21
23
:
2 4
6
26
28
33 -55- 32
512 3
312 312 4
3
8 528 4
512 522 512 47
4
414 312 3%
5
2312 2212 25
10
10
6
"76- 731- "ill VE1- "70- 16" "ii" If1"
7
3
2
8
"70"
4812 4812
195s 195* ---693 695s 6312 6312 ---s
5612 5622
40
2212
123
8
75
8918
13
218
3
/114
3
212 212 214 214
1612 17
19 21
10912 111 110 III
518 514
,
5012 60
561 59
/
4
50 5812-
It;
10
4
50
518
214
224
19
-io- 10 9
-5- i]; ii"2
623 ".673 —512 "i"
812
9
8
2
4
4
3
3
45
50 50
314 314
114 112 11 --171-2
212 212
13'2 1312 15
IdC
2
21
9
99 100 100 10112.
18
18
18
21
2
13
4 1% 1
"2012
5
812 822
70
70
9
10
3
9
212
45
21
23
5
3
713 8
218 218
45 95
314 314
-- -2
212
"iii2
4%
7
2822
5%.
7
9
10
212 21g.
4
4 12 •
5
512
7
10 4
,
712 81s.
3
1
2
312 •
114
212
"23" li" 51 Ii" -56"
372 412 43
4
National Acme
4
4 474 512 512 •
511 512
6
1 47
8 612 612 838 712 83. 7,
2 7 4 512 Vs 6
3
National Carbon preferred_ 100 135 135 136 137 135 138 135 135 13912 140
36 140 139 139 140 fir 130 134 140 140 140 140 140 145
National City Bank
__-- ----60 60
100
4l
-- 2 4
41432
National Refining
25
2 4
5
6
5
-18 4
75
61 6
/
4
37 8 6% 6% 522 -14 5
3
25 5
Preferred
63 6412 62 65
643 65
4
6834 60 75
68
70 75
70
60
70
71
70
7012 65
100 45
5312 55
National Tile
1
112 112
1
122 2
11213. 122 112 1
114
2
3
13
• 13
4 2
4 212 1% 2
12
12 •
12
50
14
12
14
National Tool
---- --- ---.
---3
Preferred
3
3
3
3
100
---- ---- 3
Nestle LeMur A
4%
27
2 314 3
ii 3 —14 -I"
s -1;
8 3% 54
21g 3 4 03.4 324 23
• Po 23
312 4
2 17
2 2
,
22 2212 22 2212 22
2312
Nineteen Hundred Corp A
24
2112 23
24
224 23
/
1
• 21Is 2112 21
21
24
2
223 217 23
4
North American Securities A.
12
13 __ ____ _
Ohio Brass B
15 - 3- "ii
14 "iti- 1412 "ii" -fi" -lir., Tit; 1312 1514 "ii" 16- 1712 20
11 4
15 "ii
• 1312 1812 14
18 1.1 10
Preferred
85 85
85 89
94 96
100 5012 5012 ____ ___ 85 85
85 85
75 85 80 95
86 89
Otis Steel
_
•
4% 414
—5F8 11 6 6
4
Packer Corp
-1" 4 4
4
4 - 0
4
•
5
cz 378 4
- 4
412
Paragon Refg B 3rd paym end_.• ......_ ...%
3
S
3
3
/
1
4
V t c 3rd payment end
•
3
8
%
- 164 1i1- -51 Id"
4
Patterson Sargent
4
1611 16'- "ii" Id" 17 -- -1- "ii- 16- 17'i 193 "1922 If" "55" 13
16
• 1414 1912 1712 20
18 2
16
112.
112 112 114 lit 1
214 214
Peerless Corp
4
412
4 4
3 214 214 4
418 3 8 312 414 424 33
3
46 49
41
46
454 49
4112 45l 40 42 "55 43
Richman Brothers
• 39 4914 42
4918 42 447 4312 48
4012 43 4 4012 44
3
2
•No par value:
Volume 140
Financial Chronicle
1037
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1934—(Conclu
ded).
--
January
February
March
April
May
June
July
October
November December
Par Low High Low High Low High Low High Low High Low High Low High August September
Low High Low High Low High Low High Low High
$ NT share $ per snare $ per share $ per share $ per share $ per share
5 per share 5 per share $ Per share $ Per share $ Per share 5
Per share
Robbins & Myers v t c series 1—*
12
8
12
12 5
58
12
12
12 -------14
------------14
12
18 ---------2 1
12 1
Voting trust ctfs series 2
*
14
14 -------14
14
_ _ .. __ _ _
___ _ _ _
12
12 -------1
7
2
7a
12
Preferred voting trust ctfs_ • 2
2
23
s 23
8 214 214
3
8
2
2 18 2
i
2
.
i
2
-2
24 212
34
212 4
3
Seiberling Rubber
33
3
• 212 514 4
47
8 312 412 312 413 27s 33
4 214 27
8 112 212 2
2 14 13
4 2 --------13
4 21s
4 gts
13
Preferred
100 10 20
20 20
15 15
13 13
13
13
12
12 ____ ___ ____
__ ____
___ ____
__ ____
_
712 10
Selby Shoe
• 22 23
22
2212 22 22
2112 243 21
s
23
21
23
2312 2312 2112 -- 8 2112 215
2112 20
2114 2112 --- 23 25
2112
Sheriff Street Market & Star__ _• 5
5
5
6 --------------------------------------------------------10 -10
Sherwin Williams
25 4712 62
6212 6612 61 66
613g 6812 63 70
67 70
69
713 70
8
72
7014 7014 7114 73 73 If 8314 881:
Preferred
100 99 10212 10218 10612 104 10512 10412 1063 10312 1063 105 107 106 107
4
4
106 108 1073 10812 10712 108 10712 1093 10712 10912
4
4
S M A Corp common
1 _
10
87
Smallwood Stone A
s 911
Standard Oil of Ohio pref.._l00 83 83
Standard Textile
3 I
4
54 i
3
4 34 i 1
12
12
12
12 ---12 :------ -- -- -- -- -- ------ .- ------ -- -- --: -- -- ---- : : -- -- --:
12
:
-A preferred_Il_
412 412 31s 318 318
318 --------112 112 ----------------1
1
12 Ill
Stouffer Corp A
*
lo lois 10
912 912 912 912
912 ------------------------11 11 11 15 161 20
912
Thompson Products Inc
• 15
1814 1714 1812 18
IS --------------------------------13
13 ----------------1315 1434
Trumbull Cliffs preferred___100 71
.
ao 73 73 69 69
7
7
so ao
7
ta 88 _53_-i
1 i
Truscon Steel preferred
100 30 30 30 30
32 32
36 36 --------30 30 --------32 32
34 34 --------34 34
35 35
Union Metal
Van Dorn Iron Works
VIchek Tool
STOCKS.
Weinberger Drug
• 714 9
Weliman Engineering pref.. AO0
WRInvestingCorppref
100 ii ii
YounestownshRTIlh•nrpf Inn 24 51
9
914
818
87
8
814
87
8
______________ii -2i
AR
AR
AA
AA
An
814
914
24 -;
21
591, 41
Rfl
83
s
22
40
87
8
914
912
912
5 ____--_Zo
441. in
40
28
912
9 4 11
3
11
11
16 ____--__55
40
RA
21
RA
21
35
1012 12
13
Zo
34
20 20
4211 421
-26
42
1311
•No oar value.
THE CINCINNATI STOCK EXCHANGE
In the following we furnish a monthly record of the high and low prices on the Cincinnati Stock Exchange
for each of the years 1933 and 1934. The tables include all stocks in which any dealings occurred during
these years and the prices are all based on actual sales:
For record of prices for previous years see the "Financial Chronicle," for Feb. 17 1934, page 1113; Feb.
18,
1933, page 1097; Feb. 20 1932, page 1267; Feb. 211931, page 1301, and Feb. 15 1930, page
1040.
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1933.
STOCKS.
Ahrens-Fox A
Aluminum Industries
Amer Laundry Mach
American Products
Preferred
American Rolling M111
American Thermos A
Preferred
Atlas National
January
February
March
April
May
June
July
August September
Odober
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
5 Per share $ per share 5 per share 5 per share $ per share $ per share $ per share $ per shwa $ per share $ per
share $ per share $ per share
4
4
83
4 Ks
Champ Fibre preferred
Churngold Corp
Cincinnati Advertising Prods_
Cincinnati Ball Crank pref
Cincinnati Car preferred
Cincinnati Gas preferred
Cin Gas Transportation
CN&C
Preferred
CNO&TP
Preferred
Cincinnati Street Ry
Cincinnati & Sub Bell Tel
Cincinnati Tobacco Ware
Cincinnati Union Stock Yards_
Cincinnati Union Term prat_
City Ice & Fuel
Preferred
Coca Cola"A"
Cohen (Dan) Co
Col Ry 1st preferred
B preferred
Crosley Radio
Crown Overall preferred
Crystal Tissue
40
45
5
5
____
5
11
812 814 16
15
1414 1612 13
____
712
Mg 1312 1312 1912 16
112 112 312 4
3
14
14
16
134
2
1 ------------------------214
----------------25
25
V
2 4p
4 5
69
70
70
70
I
10
1
70
70 70
412 312 41
10
11
11
312 312 31
78
873 93
4
1
7s
81- 9112 80
1
83
7012 813 7212 82
4
76
76
8
712
14
19
10
13
712
i
7
11
9
1412 12
i i
117g 812 93
4 812 812 6
87
s
14
1012 1312 1058 113 1012 12
4
2 2
2
1
218
8
-3
4 7
7 --------5
1614 3012 1912 243 1712 233 13
24
4
s
1912 1412 1812 177 2012
3
3
3 3
4 4 --------13
4 17
8 218 21g
214 3
134 2
1614 20 2118 ____ ____ 2212 2212 ___ ___
____ _ _
2
212
gg
85
76
--------1
2
____ ___
112
112
118
gg18 g
gg 2 gg 2 --------45
t
i
16 --------90
86 90
55
---------------- 7914 80
80
7812 8314 7812 86 62
3
;
its
1
__.'.2
!.
1 -11- ---- ----1 -I- --i- --1
4
--
gg .
40
16
80 --------81
72 80
79 83 80 80
7814 7812 --------81
4
8
512 7
2 212 2
412 5
21s 218
20 30
212 25 ----------------1812 212 ----------------2
8
312
80 4 85
3
118
81
2
218
- - Ws "5 -iiis -53-4
5
"
50
.
if
80
1
13s
544
81
1
2,4 4
69
7070
_.
6
58
7
63
614 8
67
8 712 412 63
8 41s 9
58 6212 58 64
59 60
571s 62
ii "76 ----------------80 16
63
7
4 814 6
2 6
43
4 6
603 70
4
70 7512 70 73 6814 71
58 ii ii a ii ii
418 43
4 4
412 4
5
6512 683 6012 6512 6112 64
8
"ii- 11- -if3- 11- -1715 171 1714 -11- -ii- -iii- -26- if- 21 2:1 — -ii- -iir4 -2- - - -11'266 ii,
ills 12 12 12 1014 11 1014 1418 1234 17 1734 25 17 2474 19 20 17 18 1433 1514
612
7070
212 3
3
4
312
12
141
a
10
212
24
3
214
3
612
612
212
614
a
16
8
1112
912 ii
9
11
_
_
13
4
212
312
5
4
6
48
7
61
5
23
4
514
412
612
6
73
s
63
3
81s
612
3
212
143
8
6
12
10
8
1
.
8
12 --------1
10
to,
10
7
131s 1314 13
5l
914
51
7
914 10
712 144 612 -1614 934 -11
3
212
1212 ...... _--- ---- ---- ---- ----
11
8
--------25, 3
5
712
11118 211
16
7
1014 ------514r.'
"19i2 16
1614 1712 171
4
1
-
11
11
i If
6 IA; 734 ..
4
412
3
3
212
3
2
214
6
63
4
64
3
618 .
51s
6
43
4
6
ii ii 16 Fri., -1112 lir I712 --------16 -16 !
-
130
- 2 6J-4 ii 1212 130 ii 16 ii ii iiiz -147 -ii- -111- -16" 161- -io- If
6
1
2172
- 2
2
t ____
1112
9
1
Goldsmith Sons
Goodyear 1st preferred
Griess Pfleger preferred
Gruen Watch
Preferred
712 10
7
11
69
3
Hatfield Campbell
Preferred
Hobart Mfg co
5
9
1-
Eagle Picher Lend
Preferred
Early & Daniel
Preferred
General Machinery pref
Gerrard (S A)
Gibson Art
Globe•Wernicke common
Preferred
512
63g
414 7
8
11
2
Dow Drug
First National
Formica
Fyr-Fyter A
5
5
412
Ps 63 10
4
812
83 101g
8
Baldwin
6% preferred
Biltmore
Burger Brothers
Preferred
Carey common
Preferred
Carthage Mills
Central Trust
Champ Coated Paper
Preferred
Special preferred
5
7
_ __
_ _
_____
_-1112 'gig _- - - il --14
1213 9 .--934
I
----------------1
__
__ ____
—83 -4 918
8
__
_- 14
9
i2
12
742
9s
7
Vs ----------------1
1%
i
s
8
94
8
4
.
112
12
112 ---- - - _
_
5
5
13
4 212 ---- - 21, -25,25,
7
1112 1114 15
10 10
5
8
97
s 978 ----------------934 - s 97
3 97 1212 14
97
8
1212 10
12
10
012 1012 15
15
181 19
,
27
20 21
214
5
214
7
2
614
- 14
i
7
112 112 --I
7 7
614 7
__
__ __
__ 121s 1214
-18- - - -17- - - - - i ii, 20
2
6
in- - iiti. -2
01. I R
1*
Financial Chronicle
1038
Feb. 16 1935
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1933—(Concluded).
November December
April
August September October
March
May
June
July
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS.
$ per share $ per share $ per share $ Per share $ per share $ per share $ per Maas $ per share $ per share 5 per share $ per share $ per share
International Printing
Preferred
Jaeger Machine
4114 1114 --------35
ulian & Kokenge
____
Kahn Sons 1st pref
A
Kelley-Koett pref
Kemper-Thomas pref
Kodel "A"
Kroger Grocery
12
12
17
18
6
12
6
12
6
10
6
6
12
8
1518 173 1518 19
88
Magnavox
Manischewitz
Mead Corp preferred
Meteor Motor Car
Moores Coney"A"
87
87
6
612
--------10
26
1812 28
85
87
5
88
Lazarus preferred
Leonard Custom Tailors
Little Miami guar
Lunkenheimer
53
35
10
8
10
8
10
55
12
55
12
54
10
25
35
95
1
7
8
10
12
5
-
5
5
9
Procter & Gamble
8% preferred
5% preferred
Pure Oil 6% preferred
el
Ftandall A
B
Rapid Electrotype
Richardson
2312 2938
155 155
10312 10312
35 48
4
4
4
4
--------618
9
-- ----------------6712
7
6
7
7
4
10
4 18
4
712
12
12
3
3
183 16
4
11
12
5
4
- -- - - 6812
i -18
8
J
------------------------50
--------10 10 --------10
53 53
1012 11
2514 2814 2228 28
20
23
2014 24
10
50
101s
2212 24
----------------9712 9712 9612 9612 9712 98
212 212
2
2
3
3
3
3
3
2
7
8
8
------------------------55
11
11
- -- - -
712 __ - -
4014 46$4
3912 44
3712 43
----------------158 161
4
4
9712 9914 1013 102 101 1013
283 3812 35 3712 40 46
4
23
15
1612 20
. 15 15
4
173 25
18
2
9 g 11 —5- 121- 1214 1512 15
7
10 4 13
3
212 8
__
1 __._
112 17 ----------------1
8
314 4 _ _ _ _ _ _ _ _ _ _ _ _ . .
5
10
3 .5
3
4
.
_
-- - 23
4
70
-
28 28 ----------------20
2
2
2
4
212 212 4
4
4 ------------------------10
3
3
-------------------------------- -3
3
177 17
8
11
10
7
67
8 7
4 7
714 53
4
4 14 4
24
3
912
55
11
95
1
12 30
10
10
- _-_ - _ - _ - --- ---_ - --- ---_ --- - ---- -- -. — --
Waco Aircraft
Western Paper "A"
Whitaker Paper
Preferred
di
91
5
Nash Co
National Recording Pumps_ — -
United Milk Crate A
U S Playing Card
U S Printing & Litho
Preferred
11 S Shoe
68
2912 2812 32
7
24
3714
19,14 28
2018 25
155 158 --------150 150
98 99
102 10212 9914 100
35 40 --------20 27
--6
8
--------90
5
5
-0
5
7
-
5612 68
-
20
2
312
i
5
5
312
art 112
5
6
314
312
----------------15
15
3
4
8
4
2 ____ ____
2
7
3812 4312 40 43 8 35 4218
165 170 --------160 162
4
10112 1033 103 10314 1023 10412
4
47 563 5512 56
4
4
383 41
3814 4212
160 160
105 108
46 46
38 4218
164 164
107 10912
4314 46
912 12
10
4
10
1012 1012 113 12
12
1212 12
314 4 ----------------284 44
3 12 314 4
163 1$
8
15
15
1$
13
163 15
4
17
167 15
8
8
8 12 8
1312 812 10
83 10
4
8
9 10
18 20
17 17
17
17
1612 17
1818 22
15 8 -3 1814
143 16
4
17
3
1812 2714 17 22 4 17 2112 15
212 212 214
21
8 2 8 --------2
6
5
64 512 6
_
11 . _ _ _ _ _ _ 6
8
5
612 5
912 1(17 10
418 6
1212 10
1212
9
9
9
11
1012 1112 10
11
1412 11
13
8 13
8
R
1
7
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1934
STOCKS.
July
August September October
November December
March
April
May
June
January February
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
8 per share $ per share 5 per share 5 per share 5 per share $ per share 8 per share i per share $ per share I per share $ Per share 8 per share
Aluminum Industries
American Laundry
American Products
Preferred
American Rolling Mill
American Thermos A
Preferred
Atlas National
Baldwin
Preferred
Burger Brewing
Preferred
Carey (Philip)
Preferred
Carthage Mills preferred
Central
ferreil__
Champ Coated /Ryer preSpecial preferred
95e 1112 9
11
712 16
103
4 9
4
1212 1512 1118 1312 1212 1314 93 1314 10
8
13
143 13
8
144 1114 135 1112 1212 113
8
1312 143 1418 15
4
1312 17
11
18
2
2
212 212 212 212 212 212 2
3
238 238 212 212 --------2
6 --------714 712 7 8 75
6
6 ----------------6
5
31
8 7
1,1; 212 144 1912 151$ 173 1512
3
2 42 17 2114
3
4
8
2412 24 28
18
412
47
8 5
412 578 472 6
5
5
7
818 6
4 5
13
4 312 43
95
8 9
1214 12
212
2
10
912
1718 ---5
9
8
9
7
7
1314 1112 1218 1112 1512
2$4 212 23
4 412 43
4
1118 11
1118 133 15
4
---- ---- ---- ---- ----
2
3
2 212 3
3
4 23 ---- - — -_ ____ __-_ -_-. 23
4
23
4 23 ---- --.8 23
8 23
212 212 23
4
- ----- 4914
50 5018 ---------------- 4914 - - ----------------5013 5012 --------60 60 --------6012 6012
112 113 212 21$
40
42 42
42 45
49 49
40 40
6212 6212 ---- ---- 6012 6212 --------61
94
____ ____ 65 92
----------------85
80 80
Champion Fibre preferred
212 3
Churngold
14
Cincinnati Advertising Products 13
2
2
Cincinnati Ball Crank pref
94
85
40
35 3512 35
61 --------61
98 100
97 97
--- - ---- 90 97
35
61
31 — -_ 3212 34
--------31
53
5712 5712 --------51 --- 65 70
99 99
--------103 103
9414 9414 _ _ -- - — _ 94 100
--------9812 100
_ -- - _ _ 997 100
.
8
3414 42
70 71
10014 10014 ------100 100
997 1111/
3
93 93 --------94 100
„
4
9212 923 93
9714 100
8214 8214 --------------------------------91
_
214 214 3,
312 312 212 3 ____
2 32 3
,
3
181g 1812 20
19
1912 19
13 -- ----------------13 15 --------18
13
12
1912
11
13 13
$ 314 3
8
2
112 112 --------112 112 112 17
13
4 314 212 212 212 212 --------2
3
17
Preferred
Cincinnati Gas & Elec pref
Cincinnati Land Shares
C N & C Light & Traction
Preferred
Cinc NO & Texas Pacific
Preferred
Cincinnati Postal Term
Cincinnati Street Ry
Cincinnati Telephone
Cincinnati Tobacco Warehouse_
Cincinnati Union Stock Yards
Cincinnati Union Term pref
City Ice & Fuel
Coca Cola A
Cohen (Dan)Co
Col R y Pow & Lt 1st pre,
B preferred
Crosley Radio
Crystal Tissue
Dixie Ice
Dow Drug
Preferred
Eagle Picher Lead
Early & Daniel
Preferred
Egry Register A
Fenton United preferred
Formica Insulation
Founders Investment
Preferred
General Mach preferred
Gerrard (S A)
Gibson Art
Globe Wernicke
Goldsmith Sons Co
Griess-Pfleger preferred
Gruen Watch
Preferred
Hatfield Campbell
Preferred
New
Prior preferred
Participating preferred
Hobart Manufacturing
Class A
66
7412 69
76
70
773 7612 83
8
8
774 8112 7814 807 78
90 90
_
55i8 - - 18
6
i
65 69
.
Z
210 210 215 235 ii6 ii6 . 55 23i 2ii iii
-----8513 8512 8712 8712 100 100
82 85 ------------ 44
53
8 6
53
4 518 6
6 5
4 57
5
434 J: 23 5
694 7012
6712 7012 65 6812 68 71
62 70
10
11
11
12 --------10
10
9
5
83
14
15
16
17
17
7914 71
744 7412 79
76
81
73
7712
_
.
_ ____ _ _
_
_
_
_
.
8812 684 _ _
.
--------225 Hi 566 itiii jai fii i561' 11612 i5is 191 --- ---2
99 101 101 101 10014 10014 100 100 100 100 100 100 ---- ---4
478 514 412 5
64
683 71
8
677 71
8
10 1014 --------10
20 20
20 2018 20 22
20 21
21
23 2312 2412 20
21
___ .-__ -_-- 9712 9734 -------- ---- ---- ---- ---104 105
1914 20
22 2238 20 2138 20 21
4
-___17 2414 213 234 21 14 22
11
72
1514 1614 --------18
16
ia
20
104
19
438 4
43
8 312 418 3
6812 63 65
64 68
63
94 9
10 --------8
312 3
312
68
617 65
41
0
9
9
2112 2212 2378 2238 2312 2212 23
213 21
4
104 --------10412 10412 1053 1053 10612 10512
4
4
8
193 187 19
4
1818 19
1914 2018 2012 21
ii 17'2 1712
_. .
_
-.
-12
- - — - - -- - -- ---- ---- iii2 /5 - - - - --- - ---. - - - - - __ -.
-.
12 1458 1234 1714 ii12 1i ---- ---- 1214 13 li12 -11 iii4 -1412 i5 If
-11 iitz ii i314 is
1
5 -144 . ii2 -
512 138
4
44
33
4
4
4
4
212
414
412
6
5
4 5
2 Vs 512 63
2 61
4 53
478 53
8 53
1614 ___ ____ 1412 15 --------14
184 1812 16
____ ____ ---- -___
12
14
13
14
16
10
16
____ -- ---- ---- ---- ---61
60 60
Ii
Tht _ 4
n
5
4
5
33
4
418
432
43
4
43
2
512
412 3 2 4
414 518 4
3
4 5
518 33
13
113 123 ----------------12
4
14
4
a -73, 71,
314 33
4
13
14
33
4
812
53
8
:6 li Di "ii 11 Ii i 1 6 'IV i 1 —9 ---- ---- --12
12
13
i if
ai WI
li ii " ----------------61 " ai"
6i
di
61
--
61 61 --------------------------------78 79
5412 5412 --------58 58 --------65 65 65 65
3
12
3
8
4
4
4
34 112 --------34
12
4
4
4
3
8
3
4
'2
12
12
3
8
4 - r; - ---4 :
8
1414 1412 14'4 1514 134 1512 14
1314 127 14
14
15
1
1312 14
1414 1512 144 163
4
9
1112 1012 1318 11
4
____ . _
4
6
i
6
54
6
4 6 --------513
514 53
7
7
6 --------7
6
7
54 512
512 5
5
----------------314
512 54 112 5 i i is.
314 --------5
5
3
8
63
2l
2l --------------------------------------------------------1
7
7
912E9.______.
9 4 93
3
; 9
28 28 --------27 28
28 30
28 30
4
4
4
383 383 383 383 32 32 --------27 27
4
2212 243 --------2414 273 2614 2784
4
4
24 243 221g 25
23 28
2212 22 244 22 28
21
2112 25
1812 27
4
4
4
4
4
____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ 243 243 2212 243 2312 243 2414 273 2614 2734
18
18
3012 46
38
Financial Chronicle
Volume 140
1039
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1934—(Concluded).
STOCKS.
January February
March
Apra
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Lew High Low High Low High Low High Dow High
$ per share 4 per share 8 per snare 8 per share i per share $ per share $ per share $ per share $ Per share 5 Per share $ Per share 4 Per share
6614 6614 70
Preferred
72
Jaeger Machine
Julian & Kokenge
33
4 5
8
1014 1114 1112 117
Kahn "A"
First preferred
Kodel "A"
Kroger
10
10
10
52
t
116
2314 2914 ii
10
60
70
70
812
812 -- ---- ---10
10
10
--------52
10
52
51
ii
3214 5554 ii
1916 If_ -
9
9
--------8
10
52
11
52
____
__ ____ ___ ____
__ ____ ____ 1012 103 11
4
59 -- --------53 -- --------60 60
60
60
60
2812 - 14 55
31
ii
i
6
-8
6
ia -31-12 ii -2914 ia
-16
9
10
11
60
- - 273 293 iiTs iii
281
8
4
8
113 113
8
4
65 70
2774 Ili
Lazarus preferred
Leonard
Lincoln National
Little Miami guaranteed
Lunkenheimer
98 --------100 103 ---------------- 10312 10312 105 105 10412 106 10612 10612
98 100 --------98_
98 98
314 312 312 5 --------314 4 --------3
314 314 312 312 312 312 314 5
312 5
3
43
4 612
_ _
_ ____ ____ ____ ____ 130 135 --------135 135
iii i6 -----------------90 90 ----------------91 "9
-5 --------93 li 53 ii 63 li
1012 07 1012 1012 1012 012 1012 1012 1012 1012 ---- _ _ _ _ ._ -- ---- ---- --- _ _ _ _ _ _ _ _ _ _ _ _ _ __
8
11
13
10
10
.
Magnavox Co
New
Manischewitz
Mead Corp preferred
Meteor Motor Car
Moores Coney "A"
Nash Company
ss 1
12 114
12
5
8
%
78
2
4
5
8 118
•
------------------------------------------------212
Paragon "B" $13 paid
Proctor & Gamble
5% preferred
8% preferred
Pure Oil 6% preferred
8% preferred
- ____- 36 41
105 1053
4
161 162
__
_ 30
_
30
--------28
ii
-3
1
--; - 128 16
16
28
_ __
__ ___- --__ ---- --- 14
1
15 -- ----------------1515
15
44
44
io
2
4
3 4 -- - ,
- -- ----
41i --------40
Ici
14
5i
114
212
212 - — -
-
ii14 --------3734 37%
ii ------------------------ 184 134 10 1014 1034 134
iki 214 1 10
--------1010
----------------1415
---- --14
14
14
14 ---- ---3334 35
375 8 4012 3378 3812 3478 37
4
10412 105 103'105 10712 1073 108 110
--------166 166 --------170 17314
_ _ _--- --_ ____ ---_
--- 25c 25c
---- ---3314 3612 ----- , 35 393 ____- -8 36 4 4014 393 445
3412 37 4
4 357 385
4
,
8
8
112 114 ----------------114 114 --------113 115
17518 180 179 18014 180 180 180 180 185 185 195 195
___
___
423 4 44
114 114
194 194
166 166
Randall "A"
15
14
16
1612 21
16
1612 15
16
1812 1612 1812 1712 18
17
1612 17
8 43
4 4
37
8 43
4 45
6
4% 9
5
6
612 6
4 8
612 6
83
4 63
153 153 16
4
16
12 12 --------15
18
19
4
18% 171a 175 17
8
912 10 8 8
10% 11
9
97
8 912 12
,
8 --------7
814 -------- 8
Rapid Electrotype
Richardson
Sabin Robbins preferred
Second National
United Milk -A"
United States Playing Card
U S Printing & Lithographing
Preferred
Waco Aircraft
Whitaker Paper
Preferred
Wurlitzer 7% preferred
15
17
17 24
212 5
143 15
4
51
51
6
17 ----------------71,
23 27 '55 ii 1914
2112 253 2112 2514 22 2
2
314 312 312
3
4
33
4 6
4
4
37
8 5
--------9
112 ------------------------8
14
18
18
18 --------24 25
21
85 90 --------------------------------79
12
In
) l
____ ____
1712 177 17 8 1714 173 1714 17
4
8
7
14
8 512 6
63
4 812 65
512 534
24 26
2014 20 25
2512 2734
7
6
6
7
7
712 8
- 314
ii ii 11 iii4 15' i5 - . 12 32
3
3
3 12 ------------------------218
-11
1
i1. - -14 i
4 8
- -14 --------8
3
i
21 --------2212 2212 20 20 --------20
78 78
79
80
AO --------85
78 78
12
612
.
2314 -22
33
4 3
314
31g
3
214
11
20
85
MONTHLY RANGE OF PRICES ON THE DETROIT EXCHANGE
The three tables following show the range of prices for each month of the years 1933 and 1934 for all
securities dealt in during that period on the Detroit Stock Exchange. The record is based entirely on actual
sales, and is that of the Detroit Stock Exchange itself except that we have brought the figures for the different
months together and combined them into a single statement, enabling the reader to trace the fluctuations
for each security during the different months by casting the eye along a single line across the page. The
table, it will be observed, covers stocks only, and is meant to include every sale made during the year. It
also includes sales of bank and trust company shares.
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1933.
January February
March
April
May
June
July
August September October
November December
Low High Low HOD Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS.
Alloy Steel class A
Class B
Auto City Brewing corn
Auto Fan & Bearing COM
•
•
•
•
Baldwin Rubber class A
Class B
Bend': Aviation Corp
Bower Roller Bearing
Briggs Mfg Co common
Burroughs Adding Machine
•
•
Capital City Products
Chrysler Corp common
Consol Paper common
Continental Motors
Copeland Products
Crowley Milner & Co
$ per share 8 per share I per share $ per share $ per share $ per share $ per share 3 per share $ per share 3 per share $ per share $ Per share
13
4
-
212
114
114 13
8 13 --------------------------------238 258 238 212 ____ __ ____ ____ ___
8
__ _
_ ____
3
8
3 ------------------------1
8
214 8712e 18 ------------------------8. -- iie
4
158
he
1514 19 8 .1'16% 21
--------------------------------1212 1
3
15% 614 1612 183 _ __ _ _. 11% 1512 14% 17
.
8
14
5
51a 5 4 5
3
514 3
313 313 47
5
8 514 8 8 814 1018 8
97
8 65
8 84 7
5
812 6 4 - 14 7
5
7
814 8
10
338 2.13 354 414 27
•
6 1258 1114 13 8 812 1418 812 1218 9 1214 812 9 8 814 934 93 1214
a 41s 278 6
5
8
5
738 813 712 8
6
718 718 8 12
1112 167 16
193 1513 2014 1612 18
4
1418 1814 13 143 1434 1614 15
1612
4
•
278 278 --------------------------------484 43 --- --- 5 g 6 ---- -- ---- - 4
7
---- —
5 1318 173 1112 133
8
8 9 8 11% 914 11
3
24
214 3614 29 8 387 3253 ,
8
4718 4114 52
371/ - ; 3818 4912 4812 17
3 457
312 312 ------------------------612 612 7
10
_
7 8 67 67 --------612 63
5
:8
8
4 7
7
614 712
•
17
8 23
4 138 2
151
s 2
2
3 8 118 4
5
2
38 2
7
112 112 114 I% 115 114
214 112 2
•
58 4
1
114
12
78
It 114 1
$14 112 258 118 13
4 1
13 —
8
- - -- - --- ---- ---- ....
•
313 4
214
10
514 513 ----------------2
Delsel Wemmer Gilbert
5
43
8 514 512 78
4 612 83
4 512 6
5% Ms 412 45
8 43
8 412 418 413
10
23 r3
4
Detroit & Cleveland Nav
27
8 27 ---- _
11
212 3
2
4
3
4
212 3
14 218 2% 2
2 14 218 214 218 218 218 218
8
Detroit Edison common__ -100 68% 72 667 7014 5112 6018 48 58
57 78
80 88 80 893 7112 83 62 72
4
5812 6512 56 61
58 6112
Detroit Gray lron&Foundry_5
1
1 --------------------2
2
154 184
_
Detroit Mich Stove common_l __
____ ____ ____ ___ ___ ____ _ _
2
-25; 134 278
ir8 - -518 1
114 i
1
3- 1
4
Detroit Paper Prod
•
Detroit Steel Products
Dome Mines Ltd
*
Eaton Mfg Co common
Eureka Vacuum Cleaner
Ex-Ce11-0 Aircraft
•
•
3
--------------------------------171
s
514
58
4
514
512
4%
438
4
72
7
25
8
318
212
278
1%
1%
114
- 12
1
29
2013
I15- "2838 Id' 2878
8
832 1312 1214 1412 13
812 105
8 9.
1612 9
238 418 312 4 4 4
3
-138 138
353 5iEs 8
04 313 39
4
5:1
li
airz - 7118
1412 13 8 137 117 123 10% 13
7
8
8
8
107 113 113 14%
8
4
4
18
9 10
8 gis
914 1114 7
14
85s 7 8 934 82
5
63
4 418 538 313 5
238 3 8 212 412 312 4%
5
• 700 700 ----------------608 60o
Federal Mogul common
1
158 21
512 4
7 8 4 8 512 33
3
4 47
3
318 438 4
412 312 414
•
13
8 112 13
Federal Motor Truck
8 112 232 238 218 218 2 8 8
5
7
9 4 7 1134 7
3
3 4 612 5
3
8
812 6
•
612 618 8
7
8 1
Federal Screw Works
1
1
1
1 --------1
312 3
438 2 4 412 234 3
8
3
3 --------214 214 ,
112 2
Ford motor of Canada class A-•
6% 714 5 8 613 5
7
3
47 61
8
6 10
,
3 1014 12% 12 8 181 14
5
161
1 141
3
21 10 4 1514 1312 151
3
4
Class 11
-----------------------------------------24 24 -------- -------- ------ ------ 1914 1914
_.
__
__
-, ...,-I
1878 197 1814 18% 17 195 1812 2313 207 2418 23%
8
Fourth National Iztvestors
8
8
25% 23 2 2577
8
2 - 1958 215. 175 194 17 8 195s 175 -159
8
7
4
•
314 314 3
Gemmer Mfg Co class A
612 618 9
14 812 812 8
8
612 7 __
- -- - -_
_
General Fdry & Mach units_
_ _ -- - - --- - 114 1%
- ---_ _
General Motors common----15 ii
2712 3312 5i2 iii
,
184 212 13
1
8 17a 118 13
Graham Paige Motor
8 1
17
8 17
2 3 8 2 4 4 8 318 5 8 313 414 3
7
3
3
3
37
8 214 3
214 23
8 23
318
•
218 238 218 214 114 112 114 238 238 414 3 8 7 4 518
Hall Lamp common
7
8
718 57 612 4
8
414 312 414 312 4
58 4
3
Hiram Walker-Gooderham
•
514 518 ---- ---- 414 414 43
& Worts common
8
8 48
63 163 1614 3714 31 63 41
4
4712 4112 511 33 48
33 41
4214 5
418
10
Hoover Steel Ball
112 27
2 23
4 3% 3 4 3 4 2
3
3
2 --------113 112
_
1
1
mfg Co corn
Hoskins
•
1213 1312
1612 18
•
6
6 ----------------414 6% 63 118 1338 1412 11
Houdaille Hershey class A
8 - 313
1112 12
io flys 938 95
8 if{ 'if
1012 11
•
2
2% 114 2
212 2
118 23
Class B
4 23
8 814 47
8 654 3 4 63
5
8.414 5 . 314 45
8 212 314 3
.
3 4 314 412
3
0
,
_ _ 6, 75 _ . . .
Houseman Spitzley class A • --- - -- 110 110 ___—___ ____
10e_ 10e
413 1
•
Hudson Motor Car
14 4
4% 34 312 312 67
3 Ws - 12 83 13
1
4
1
.0 --- i1 ilia lo1- --- --6 II- --lira 16
4 15
4
11 4 ii 11 15
-5,
-178, ii% I4 ii1, 13% iils 'Eli Ws 1E4 2434 ma i. 1418 iii, 15 iii, I54 iii, ifIs
-
Kenneth Mfg common•
Kresge (S S) Co common____10
•
Lakey Fdy & Mach corn
83 103
8
4
8
5s
918
400
6
12 --814 5 8 9 4
7
938
- 1150
4
12
i I if4 -1
14 i
-
--1
1
153 11% 1634 1158 13
8
12
-1
113484
143 1012 1318 1138 1312 1212 14%
8
-
*No par value. z Ex-dividend. r Sold for Cash.
removed from unlined department and admitted to trading In
t Bend!: Aviation stock
provisional listing department. Effective July 8 1933.
618 613
Feb. 16 1935
Financial Chronicle
1040
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1933—(Concluded).
STOCKS.
Mahon (R C) cony pref
McAleer Mfg Co common
Mesta Machine common
November December
October
September
August
July
May
June
April
March
February
January
High Low High
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
share 5 per share $ per share $ per share
$ per share $ per share $ per share $ per share 3 Per share $ per share S per share $ per share 3 per 43
458 4_—
8 4
438 45
5
48
5
218 358 5
112 112 --------2
218 212
_
•
-38 113
1033 10
5
18
1918 1914 la
3illi 14 114
2.4
414
414 3
2
5
4
4
4
4
1912
31
20
15 22
3
138 10 4 15
1214 143 ION 1218 12
5
4 7 8 1014 714
4 73
8 312 43
8 27
3 17
17
8 27
318 27
3
i50 21c
i0c
iac -
5 -c
550 "iic 55c --5 680 i
Michigan Sugar common____i0
10
Preferred
1
Motor Bankers Corp
•
Motor Products Corp
*
Motor Wheel common
Muller Bakeries class A
*
Preferred
•
Murray Corp common
National Investors common—I
•
National Steel common
•
Packard Motor Co corn
•
Parke Davis & Co
Parker Rustproof COMMOD— •
lO
Preferred
5
Reo Motor common
2
Rickel(MW)& Co corn
•
River Raisin Paper corn
30c
10
Scotten Dillon common
Second National Invest com_l
•
Preferred
14
8
1412 1712 163 1728 ____ _
1638 1618 18
13 13
8 3
178 278 23
4
-2 ____ ____
2
8
33 33 ____ ____ ---_ ___ 317 3I7 35 40
le
Square D class A
1
Class B
Stearns (Frederick) corn
Sutherland Paper common_10
1
Third National loves com
10
Timken Axle common
Preferred
1
Tivoli Brewing Co corn
10
Truscon Steel Co
United Shirt Distributors___*
•
U S Radiator common
100
Preferred
•
Universal Cooler class A
5
Class 13
Universal Product common_ •
Walker & Co units
1
Warner Aicraft common
Whitman & Barnes corn_ 2.50
Wolverine Portland Cement_10
•
Wolverine Tube corn
Yosemite Holding common_10c
Young(LA) Co common
8
167 187
114
278 38 23
4
212 212 ---_
2018 21 __
8 2
27
21
167 1812 18
32
30 34
158
218
212
4 8
3 38 103
1214 32
153 214
3
3 212 318 314
112 154 33
112
-___
8
8
4
8
_ __ ---- - - 217 371 357 443 437
438
31s 5
151/ 3
4
4 23
23
- 8 13 - 8
1618 1314 1818 173 217 20
1918 14
44
3514 50
2212 35
25 25
34
1311
218
g
17
8
13
30c ____ ____ ____ __ _
8
45
4
33
.53
iir
-14
6
i
400
214
14
212
218
__ ____ ____
i
4
5
354 18
258
318
14
08 1
234 412
3
2
25 0
14
212 312
112 214
18
i" Fs 1
212 3
1
128
3512
7
153
4
493
418
2512
58
273 IN
212 244
112 2
18
183 1935 1812 19N
s
4
18 2318 20 2318 1912 2318 1714 193 18
8 238
15
134 218
418 418 318 31/
3 318 318 214 214
314 4
3912 3912 __-_ —__ ---_ -_-_ ___ ____ 2912 31
4312 4312 47 47
.
31 5
1 __
.
8
18$8
iirs -- - 147 147g
31 3512
a5
55
6
5
6
,
8 5 2 814 4
4 712 1112 7N 87
103
111 112 IN
134 134
4 212 212
3
2 8 23
212 35
3N
3914 4510 4518
8
8
8
393 503 4312 4618 403 43
5112 4412 54
312 418 312
4
8 514 3
4 512 37
8 43
4 67
612 43
2012 2318 2314
8
8
2712 221 1 273 22 2318 217 2312 1912 22
8
54 687 45 577 53 5538 5312
4
533 50 6818 60 69
300 300
8
15
Ii
33
'
3
88
2
5 - -38 112 118 111 1 138 -14 ifs -1-12
3
34
8 314 314 314 314 3
414 47
4 5
8 43
62
418 418
4
4
4
4
5 __-4
5
26 31
27
4
313 21
8
367
2612 ---- 21
31
21
32
8
4 612 914 712 835 814 05
1114 812 1028 918 103
L
13
8
6
--
,
LT if
5
5I2 -12-- ---- - _ -
-
4
43
-2 ---3
C2 24 i
6
5F2 - -12 ____ ____ ____
7
-i
-_
_ -__—_ ---_ ____ _ _ ____
___-- 1414 1414 1414 1414
_ 1512 1512 -- _
8
187 191g 198 201.__
8
165
11
6
1. 1412 - 12 14 -- 8 147 19
157
15 -- & 16
412 37
s 431
414 4
4 512 77
618 i -8 62 33
; Lr1. 8 412 72
IN 338 318 55
4 312 214 235 112 2
23
_
-___ ____ __ _
__ ------_
2 __
2 _35c 45e _—_
8 4 -_-35
8
458 45 ____
42c 55c 44c
--------13
---- -_ --__
N
78
_ ____ ____ ____
____
_
__
__-_
44c
- _158
____
54
---_
____
35c
------14
-___
____
a
--__
. ____
00
-- 40c
1
-- 212
-- - ---14
12
____ ____
____ ____
34 ---- ----
84
____ __ _
7
_ . 550
914 912
6
1
212
3
2
___
8 118
15
850 80c
8
43
4 212 5
23
4
,
- - 6 2 612 63
112 750
55c
- - 44c
118
_
___
112
1
1
____ --___1
1:1;2
8
125
138
11
314
8
15
612
714
2
13
212
312
7
1
ii
123
14
1
11
8
234 37
_
,
6 4 912
.
oi2 10
4 1, ---- ---3
4
10
10
8
i
5
3
4
3
- -14
612
3
7
8
2,
434
31
8
27
614
3
4
5
4
3
1
61s
1
i
212 IN
_ ____
4 2
13 - _
178 228 ___ _
____ __ _
4
3 700
112
4 80c
3 --- 550
95c
4 IN 75c --3
1
112
412 412 412 518 4 8 4 8 458 47g
45
5
5
6
4
8 63
8 65
8 6511 65
4 6N 65
4 63
8 63
-- -_ _ _
638 65
114 65c 95c 51c 750 500 660 54c 72c
1-34 650
80c
4 184 212 212
13
_
4 2 -__
13
2
2
____ _ _
218
212 212 2
4 314
8 23 -35
412 3
-3
312 3
-8
4
-1114 i5k 1138 ii -fi ____ ___-_ -1514 -167- -1014 'WI, ii "fi
1238 IE58
BANKS.
Detroit Bankers
Guardian Detroit
UNLISTED DEPARTMENT.
63 612
•
American Radiator
8
1027 102N
American Tel & Tel
3
8
25 2018 257
100- 207 2178
Borden Co
10
Borg Warner Corp
4 218 212
213 23
Commonw & Southern Corp_•
-518 514 ---•
Consolidated 011 Co
2414
• 24 271s 24 -General Foods Corp
47
8 5
3
5 8 43
•
Kelvinator Corp
812 838
918 97
•
Kennecott Copper
8
1735 1818 17N 177
Kroger Grocery & Baking Co..•
8
• 1412 1738 133 145
National Dairy Products
34
•
5
78 7
Nurity Bakeries Corp
8 714
4 63
8 73
67
25
Pocony Vacuum Corp
4
• 143 1518 1438 1512
Standard Brands Inc
x Ex-dividend. r Sold for caah.
•No Par value.
8
912 93 133 1238 1714
612 612 7
88 9614 993 11918 118 131
8
91N 93
3
8
4
213 227 2134 297 3114 3514 33 36N
1113 1612 14N 2018
4 33
13
8 618
8 27
3 214
8 13
17
1
a
67 ION 1112 15
8 81
518 5N 65
4
4
303 333 3338 3835
8
2518 253 2514 32
2 614 1018 87 1235
3
8 412 3 4 63
37
1812 1618 205,3 1812 2114
914 914 9
8
8
1712 183 183 3018 2638 2938 283 3212
8
4
8
1312 138 1312 173 175 21 18 197 25
8
4 814 1435 1514 233 208 2218
712 73
618 612 614 1118 8N 1128 1014 1412
8
1538 1918 177e 2138 1812 287
1612 17
1812 1418 1718
13
8
119 1327 1207 130
8
g
3
30 11 3718 277 3258
4
1414 2014 183 21
4
318 512 318 33
4
4
83 1512 1014 133
3912 347 38
34
8
115
8
67 1335 10
8
175 2514 187 23
8
8
2514 3512 255 2814
,
195 2534 19 8 2114
4
193 2412 19N I93
5
8
93 15 8 1118 1314
8
2138 367 2412 2938
8
1212 1612 115 1514
4
116 1321. 1103 121 18
g
8
2258 274 205 237
8
8
3
147 14/ 123 1514
21
212
3
38 2
8
1212 1514 101g 137
8
4
347 3938 323 363
4
8
95 123
155
11
20 2512 1618 2312
22 28
4
193 2212
4
193 127g 153
14
___
_
____ _
8
27
8 11
18 10 1-115
8
2318 2934 2012 257
1212 1438
10914 122
20N 2312
8
14N 163
138 214
8
105 1312
330 365
935 1214
8
8
197 237
8
207 24
137 16
4
1478 153
8
105 167
22N 25
127 153
8
105%121
1913 213
.
181 21
14 14
8
97 12
8
327 37
8
103 121g
8
187 2114
227 25
1114 1414
4
4
133 133
8
1435 165
2014 2438
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1934
STOCKS.
November December
October
August September
July
May
June
April
March
January February
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share 5 per share $ per share $ per share $ per share
138 17
IN 2
8
112 13
1
8 IN 2N
23
2 34 2
8 2
8 33
22
331
4 412 27
23
6 238 314
4 215 218 25
13
114 1,18
13 14 158 2
,
- ---- - - - - -- --- --7 - _-818 63
7
4 63 - --- 4
714 814
9
918 8
323 358 5
6
-- 5 53i 434 -, 434 0 434 6
- -14 5
611
52
4 5
4 63
63
.
114 112 ---- ---- - - -- -- -- --- - ---- - -- - --- - ---- ---- --.. - -- --- - -___
8 138
7
8 118 114
17
1
34 1
*
4
123 1114 133g
2
2
5 1712 23 --------1812 2012 1712 197 1514 1712 137 1612 1412 1518 12
57
8 54
4
8
8
52 557 518 5318 497 5938 5318 553 453 523 473 627 65
5
1114 117 113 1612 153 1714
8
4
1218 1014 12
1218 10
4
1412 16
1218 141 1 1214 1314 9
1714 1412 17
5 912 1312 12
237 2612
8
177 1538 1714 1718 181 1 1733 24
8
4
15N 173 1418 1612 1613 1918 158 1712 1614 175 1414 51714 15
• 123e 18
1512
8
163 15
115 1212 1318 147 14
8
12
11
,
8
147 1614 1212 14 4 1314 1412 1114 14
17
8
1918 163 1914 15
• 1512
3512 3912 38
8
8
4012
8
8
553 371 4 46N 397 4335 33 4112 3013 3512 3012 333 327 35
50
8
4
5 5014 58N 543 597 4913 57
12
4
4
4
4 93 123 l23 118 12 ---- _ _ 1035 1035 11
8 93
10 812 812 853 87
3
4 13
54
54 1
8
-7
N
4
N
-78
8 1
7
-14
1
8 112 1
1,
112 IN
214
14 218 2
* 114 2
3
•
11
14 714 714 838 a -18
78
7
4 7
714 73
18 65
2
8
77
8
514 7
10 413
212 212 218 212 18
, 234
4 23
4 23
4 23
4 23
4 13
8 258 234 23
4
8 25
3 14 25
4 318 3
8 23
212 33
10 218 334
Detroit & Cleveland Nay
70
7212 65
7218 66 72
6612 70
7812 69
74
778 65 70
79 8212 7412 81
7812 81
7512 7312 84
100 62
Detroit Edison corn
8 314
8 25
17a 17
- 5Detroit Gray Iron & Fdy
34 815
54 815
12
4 1
3
88 '16
78
4
3
12
54 1
8
13
13
114 112 1
112 IN
2
138
1
1
Detroit Mich Stove corn
712 8
8
8
7
11
8
9
11
7
12
98 8
1218 1012 1212 10
• 312 37
4 414 714 1212 10
33
Detroit Paper Prod
3
3 — - ---- 314 314 ---- ---- 314 314 3
8 1N ---- -_-- ---- ---_ ---- ---- 3
13
Dolphin Paint & Varnish cl A • ---- ---_ ---- --_
4
3
13
•
Class B
838.
3 15; -4-538---- - -- 3512 37
8
-18 3738 3
38
4033 3712 372 5612 1558 901-2 138 413 14 4 ,8 4018 3633 8
• 3212 347 345 347 353 Dome Mines Ltd
147 1412 15
1514 1514 177 18
8
8
8
8
• 157 1931 2112 2218 1838 2112 195 2178 1553 1912 1818 1814 1253 167 127 1512 14
8
Eaton Mfg co corn
8 914 1112 105 12
8
833 9N 812 87
4
1012 73 101 1 812 9
1318 10
1114 10
114
8
• 712 127 ION 1414 11
13
Eureka Vacuum Cleaner
4 818
63
7
4N 012 0
8 412 57
714 518 57
4 5
512 73
6
712 5
4 6
4 73
63
8 612 8
3 312 67
Es-Cello Airctaft & Tool
53
8 47
8 53
312 35t 338 33
8 314 314 37
312 312 4
3
4 6
43
38 4
,
5 8 614 514 6
• 338 6
Federal Mogul com
7
58
4 3N 38 35
33
8 418 35
4 5
8 43
4 458 3
23
3 812 512 78 418 6
• 634 831 7
858 618 714 67
Federal Motor Truck
8 323 4
4 33
23
- - ---- --_
-- ---214 214 - -_
4.
3
5N 414 5
514 4
318 3
• 27
Federal Screw Works
22
4
4
233 26
2512 283
-2
4
4
2414 193 222N 201 2418 1712 2012 III 2012 193 2014 22 8
2214 2413 22N 23N 227
* 15 22
Ford Motor of Can class A
24
25 25
2533
Class B
8
4
213 21 218 183 403 1518 26
8
3
i
8 2 8
8
24 273 2233 2418 ii 2E38 21.5 - - 3 21
1
. 20 21
Fourth hat investors
18
0 -- -- --_ 818 1
8 77 - -- - - - -- - - - -- 8
77
8 -- -- -_-_ 614 712 -- • 618 6N 612 712 7
Gemmer Mfg Co class A
29 3012 3028 3234 31
8 30
34
2
-- 33012 3614 3018 31 4 248 3238 277 31 8 267 4
35 393 3614 39
10 3412 4018 3712 42
General Motors corn
4
23
IN 2
8 214 2
8 IN
17
17
4 IN
212 112 212 13
8 314 2
25
4 4N
1 28 414 338 412 338 414 33
Graham Paige Motor
Gt Lakes Eng Works corn
414 37
4
8 414 4
8 .5
33
53
4
4 47a 57
414 514 418 412 3
4 514 6
8 53
618 514 658 48
Hall Lamp common
• 37
Hiram Walker Gooderham .5(
234 2914 2612 2612 2312 255 25 2914 2438 28
35
4913 4012 4414 3112 3614 3528 3758 22
4918
8
• 52 5714 457 48
Works common
*
Home Dairy class A
2
2
2
214 23
4 2
4 213 3
lig 112 114 13
-38 1 4 ____ . __
4 1
i3 - -34 15
8 2
17
8 112 212 338
10 13
Hoover Steel Ball
.. 18
_ ____
18
1914 20
21
2111
18 _—_ ___ ____
18
21
18
18 20
18
1812 ____ ____ 15
• 16
Hoskins Mfg Co common
20 21
0
2
22 2912 3112 32
1814 -0
2
8
193 205. 188 - 2012 2012 18 22 -_-- 20 21
• 1113 2314 198 22
Hershey class A
Houdaille
5
4
2 412 7
43
8 133
67
414 312 413 4
4 418 3
45- 4 23
618 37
8
8 514 4
Class B
5
• 3 4 64 518 635 512 614 53
77
8
8 814 1012 9
1214 105 1212
914 814 85
638 95
8
123 1613 87 14
22
16
18 23
• 13N 2312 19 24
Hudson Motor Car
1
112 112 1
114 114
113 118 114 114
---- ---124 114
1 ____ ____
Kermath Mfg corn _ _
5
Kirsch Co cony pref
isTc 51-78 5513 if%
1712 1912 17s 18N li 18N 1712 no
1712 19
4
8
4
10 133 173 1712 2212 1818 203 198 2118 163 19
4
Kresge (S S) Co corn
8 113
7
118
'2
8
5
'8
4
3 ---84
234
1N 118--- - -IN
1
18
158 25
2
1 _
I
Lakey Fdy & Mach corn
5712 512 512 5
512 -5
5
514 5
,
54 5
5
4 612 412 518 --_ . _ _ -___ - _
3 412 53
* 37
Mahon (R C)cony pref
33
- -4
3
8 4
4 234 23
23
4
4
18 412 0
0
5
5
5
6389
•
McAleer Mfg co corn
8
8
8 2818 303 ____ ____ 233 245
8
4
8
5 20
2214 2912 2912 2518 253 26 273 228 2238 2533 252 2618 2618 2514 2514 253 257Mesta Machine common
'"' '"• ...,"
'
414 414 ---- - - 312 312 ---- - - --- -- - --, ' "" ."'
Mich Steel Tube Prod ______ _•
58 13-16
ig
8
5
8
7
12
1
18
I
14 112
118 15
'4 I5-g 1
118 1
3
18 1
8 1
13
1
34
10 1N - -7
18
11 2 1
11Ichigan Sugar common
5
338 318
3
8 28 238 3
213 27
353 37
8 314 3
a 318 27
3N
3 14 27
3
37
4
3
4
8 4
10 33
Preferred
1fotor Bankers Corp
i814
1838 2118 il 1614 i2438 71 5534 -if ___ _ _
Ii 18 204 1612 18
43 5873 ii 5513 3
4
* 3138 423 58rs - 1lotor Products Corp
912 918 101&
712 814 8
4 107
103 -- 8 714 71 ---- ---- 713 8
4
12
4
133 12
1618 1358 1512 1212 143 10
5 9
llotor Wheel common
01.
• o
._ . _ _ ___ — Auto City Brewing corn
Auto Fan & Bearing corn
Baldwin Rubber Class A
Class A new
Class B
Bendix Aviation Corp
Bohn Aluminum & Brass
Bower Roller Bearing
Briggs Mfg co corn
Burroughs Adding Mach
Chrysler Corp corn
Consol Paper corn
Continental Motors
Crowley Milner & Co
Diesel Wemmer Gilbert
•
6-038 5638 i,-,,
-------,
6,4 71, 7912
„ aT -7
77.':
ia
-dividend. r Bold tor cash.
•No par value. z Es
Financial Chronicle
Volume 140
1041
MONTHLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE FOR YEAR 1934-(Concluded)
STOCKS.
Murray Corp common
National Investors common
National Steel corn
Mardi
February
May
January
April
June
September
Nosernber December
August
October
July
Low High Low High Low High Low Nigh Low High Low High Low High Low High Low High Low High Low High Low Nigh
Par $ per share $ per share $ Per share $ per share $ Per share $ per share $ 7er share $ per share $ per share $ per share $ per share $ per fhafe
* 614 103
1012 614 353 612 73
412 514 412 5
4 9
103
8 9
115
9
4 412 53
8 4
4
63
418 7
68 818
238
I
153 23
112 178
8 2
4 218 23
153 158 13
4 13
4
112 112 --------114 114 -- -- - -- -- 2 2
8
5158 4718 505 42 48% 331* 437 3818 417 385 4012 347 405 3512 375 -405 -- 8 433 -8
5012 583 46
* 56
56
8
8
8
4 47
-8455
-- 8
*
214 214
Class A preferred
Packard Motor Co common_" 37
411 - 1_ . T8 - -15 '
3 6
6
- i4 i
i
8 6
7
; 5 111 - 52 5E4
i
Parke Davis & Co
0 2212 25
2414 2514 2334 243 2414 2514 2253 2434 237
4
8
Parker Rustproof corn
74
53 68
56 63
60
5018 6558 51
* 54 63
_ _ _ __
_
_ 5
5 15 -- - -- -- -4
- _ __
Rights
412 5
Reo Motor common
4
8 318 6
5
:3T4 -1
31- 4 6
3Ts
4 313 312 3
Rickel (IL W)& Co corn
2 212 27
33
8 23
4 3
4 33
3% 23
4
River Raisin Paper
8 314 212 3
2
258
17
* 17
8 214
8 258 23
2
Scotten Dillon common
2112 1714 20
1712 1912 1718 19
2118 20
10 18
175
Second Nat Invest corn
1
238 418 23
4 4
23
8 23
4 212 23 --------253
4
44 ____
Preferred
8
__ ____
427 427 44
* 37 37
8
__ 4014
Square I) class A
712 9
10 434 518 57
8 7
7 _9
8 _9
918
Class B
212 212 212 318 --------272 23 23
I
13
4 2
8
Stearns (Frederick) corn
512 512 512 53
5
* 43.1 514
4
514 5
Third Nat Invest corn
8
1 173 183 19
8
1918 173 173 1314 168
8
8
- 7-- 147
8
Timken Axle corn
10 414 7% 53
4 714
63
4 83 ----531 67
8 6% 714 614
Preferred
100
4 314 412 334 414 312
Tivoli Brewing Co common__ I 218 23
253 33, 314 33
4
Truscon Steel Co
10 5
758 714 912 712 83
4 74 8
3
53
4 618 534
United Shirt Distributors
2
212 2
412 3
* 114 2
33
4 25
8 23
4 238
U S Radiator com
Preferred
100
Universal Cooler class A
• 4
61t :lit - -1
6, ii4 -E
'4 .fig i is; .
a
.
Class B
13
4 2
* 1 14 253 18 214
114 17
13
8 118 183
8
Universal Products common
* 43
4 8
714 8
714 818 73
4 818 77
8 8
8 77
Walker & Co units
Warner Aircraft common
112 118 17
I 70c
8 1
.
8 114 15
48
3is "I
E.,
Whitman & Barnes com____2.50 214 3 __ _ . _ ___- -___
17
8 214 --------214
Wolverine Port Cem
Wolverine Tubecommon4 4
Young(LA) Co common
26 1678 191, iiii
26
* 16 -. 3 2E64 --138 iii, Ili% ii% 2 8
UNLISTED DEPARTMENT
American Radiator
8
* 14
173 143 1712 137 1512
8
4
Amer Tel & Tel
8
8
100 1075 120 119 12518 11718 1233
Borden Co
25 20
26
2212 2718 2214 25
Borg Warner Corp
8
275 2453 2812 2418 265
8
10 21
Commonw & Southern Corp___* 13
4 37
4 318 23
8 212 3
Consolidated Oil Co
8
117 143 1134 13
8
* 93 13
4
General Foods Corp
* 327 367 33 363 33 343
8
8
4
8
Hupp Motor Car Corp
5% 614
10 512 714 518 7
Kelvinator Corp
* 12
1512 1514 2053 1853 2114
Kennecott Copper
11 183 223 1918 23
4
4
8
17% 203
Kroger Groc & Bak Co
* 233 2912 277 328 2912 313
4
8
National Dairy Prod
8
17
0 1314 163 147 175 15
NY Central RR
100 --------375g 4353 34 3918
Purity Bakeries Corp
* 1318 1812 157g 187 1518 1514
8
Socony Vacuum Corp
25 1514 19
163 1931 157 173
4
Standard Brands Inc
• 203, 25
211A 251, 205t 2234
1
ii
s
418 338
158 3
2514 237 2538 2514
42
54
45
4314 52
_
_
_ _ _.
i
- 14 RI i
2i2
318 212 278 214
112
218 112 2
183 1712 18
173
8
8
13
4
I% 17 ---8
3518 --------3212
1012 812 113 1012
8
23
212
4
8
•
67
8 718 912 912
1614 --------1553
612 5% 6
514
245
61
_ _
- 12
6
338
23
8
173
4
25
8
4014
1034
3
5l8
147
8
714
23
4412
__
21.
2
212
112
1731
13
4
3518
312
218
67
8
16
43
4
4
653
212
212
35
8
238
814
5
A 115 1 4
,
4 814
73
214
8
is
238
4
512
212
Es
ii
253
214
III, iii, IE
214 318
48 478
4
112 . 13
634 3r2 -4
312 418 4
-5
2918 317 3112 337
2612 26% 30
8
4812 46
5812 5314 593
5212 49
4
- - --- - - .
- _ __ _ _
212 2
- -12 ' Ts - 2
- 5- 23 2
i
,
5
53
253 214 25
8 253 318 27
8 3%
1
8 212 27
2
134
17
8 23
20 2011
177 1712 1812 19
8
20
- ---- ---- ---- ---- ---- ----- 52 ---- ---_ --32
- --_
1114 --------1414 1438 1412 - 21
4
212 3
314 314 614 8
1112 98 95
8 814 812 8
814
153 -----------------------4
58 553 6
57
8 714 618 67
1
_ 77 77
8312 9612
214
13
4 214
8 13
2
4 2
13
4 23
458 453 41g 55
4
8 4721 511
4
15
8 1% ----- ---- 2
33
4
114
7
5
114
7
Es
212
112
7
33
-
212
8 iEs - 12
5
412 55
i
114 112 114 175
155
712 --------733 73
4
l
Es - in
212
212
1413 -- 3- 1518 --1612
164
Es 1116
212
1f3
212
ii
-1
4
i's
212
17
ill
112 2
918 914
'
i
536
212
19
--
f
212
211
lb /61,
.
1478 1618 117 147 125 15
1412 14
1638 143 1632
4
8
8
8
8
1014 1412 107 1414 1212 1358 13
11818 1235 10818 11812 111 4 120 1057 117 10612 1133 10814 11314 109 112 10014 11210 10112 11051
8
4
,
8
8
247 263 227 247
8
225 2614 2212 2478 243 273 2412 277 247 263 233 2618 2412 26
8
;
8
8
8
4
8
8
237 2818 213 245s 2153 245 17
8
8
8
8
8
8
8
223 1812 233 195 225 20% 2414 237 2918 275 3132
8
a
7
2
132
7
8 112
25
23
8 3
8 2
8 112
138 153 13
214
112 13
112 218
4
77
8k
8 834 73
117 13
8
8
8 8
_ 73
953 117 10% 1153 758 1038 814 914 778
8
34 36
2912 3218 317 3518 3312 361i
311 3412 3112 33
2912 3018 29 30
2953 32
3
43% 6
43
8 312 4
4 212 314 253 31,
2
312 238 2t 214 253 214 23
154 17
s
1418 113 135o 1214 1614 147 17
2012 1514 1853 1618 1914 117 1653 12
4
18
1912 2253 1814 21
1115 2318 1614 2114 174 2012 173 193% 1653 1812 1612 173 1612 18
8
8
275 297 273 238
8
307 3312 277g 3118 287 3153 2618 32
8
8
4
273 298 2553 2812 2712 30
4
1512 1818 153 173% 163 1853 158 185 153 173 155 173 16
8
163 175 157 171
8
8
17
4
8
4
8
3612 26
31
24
20
3114 26
323 1812 29
1858 2412 198 2314 21
8
2253 198 234
87 11
97
8
16
173 127 1518 1418 1418 10
8
918 10
8 9
95
8 97
1353 1018 107
Ma 1714 143 1612 15
17
8
127 1618 1312 1553 133 145 127 1412 131 15
8
8
138 15
4
211n 23
185 21181 1953 211 1 1710 21
8
1912 1753 191IS
187 21
8
1810 197 1818 2018 Ig
• No par value. x Ex-dlvidend. r Sold for cash. a Deterred delivery sales.
YEARLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE
In addition to the foregoing monthly record, we also show on this and succeeding pages the high and low
prices for each of the last two calendar years for every stock in which any dealings have taken place on the
Detroit Stock Exchange during these two years, as well as the total volume of business during the year in
each security. The record of prices is that compiled by the Detroit Stock Exchange itself, but we have added
.n every case the month when the high and low prices were reached.
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1934
No. Shs.
Auto City Brewing common
Automotive Fan & Bearing common
Baldwin Rubber A (new stock)
A (original listing)
Bendix Aviation
Bohn Aluminum & Brass common
Bower Roller Bearing common
Briggs mfg. common
Burroughs Adding Machine
Chrysler common
Consolidated Paper common
Continental Motors common
Crowley, Milner & Co. common
Diesel-Wemmer-Gilbert common
Detroit & Cleveland Navigation common.__
DetroitEdison common
Detroit Gray Iron Foundry common
Detroit-Michigan Stove common
Detroit Paper Products common
Dolphin Paint & Varnish A
13
Dome Mines Ltd
Eaton mfg. common
Eureka Vacuum
Ex-Cell-O Aircraft & Tool common
Federal Mogul common
Federal Motor Truck common
Federal Screw NVorks common
Ford Motor of Canada A
Fourth National Investors common
Gemmer Mfg. A
General Motors common
Graham-Paige Motor common
Great Lakes Engineering common
Hall Lamp common
Hiram Walker-Gooderham & Worts corn
Home Dairy class A
Hoover Steel Ball common
Hoskins Mfg. common
Houdaille-Hershey A
11
Hudson Motor Car
Kermath Mfg. COM
Kirsch convertible preferred
Kresge (S S) common
Lakey Foundry & Machine common
Mahon (R. C.) convertible preferred
McAleer Mfg. common
Mesta Machine common
Michigan Steel Tube Products common
Michigan Sugar common
Preferred
Motor Bankets common
Motor Products common
Motor Wheel common
Murray Corp. common
Mullet Ilakeries A common
National Investors common
National Steel common
High
Low
4%
2
631
11%
1%
23
65
17%
2644
1941
69%
12%
231
4%
Apr
Feb
June
Feb
Feb
Jan
Apr
Feb
Dec
Feb
Feb
Apr
Mar
Mar
1%
34
431
33-4
31
11%
4531
9
1234
11
3044
834
31
244
Oct
Jan
Oct
Jan
Jan
Sept
Sept
July
Jan
Aug
Aug
Jan
Sept
Oct
14,554 11
15,604 331
9.072 84
472 341
34,701
2
33,868 1234
450 331
31
400
1,516[45%
13,875 2234
64,082 14%
91,826 844
32,888 641
55.460 831
541
9,391
19,147 2831
52 39
1.899 27%
Dec
Jan
Feb
Dec
Feb
Mar
Sept
May
June
Feb
Feb
Dec
Feb
Jan
Feb
Dec
June
Feb
444
1%
62
1%
44
344
1%
34
3234
12%
7%
334
3
2%
21
1
15
24
18%
Jan
Deo
Jan
Nov
Aug
Jan
Mar
May
Jan
July
Jan
Jan
June
July
July
Jan
Mar
Aug
8% Dec
42
Feb
434 Feb
1034 Apr
634 Feb
57% Jan
11
Nov
3% Feb
21% Dec
32
Dec
831 Dec
24
Feb
134 July
8% June
22% Feb
231 Apr
634 Feb
9
Feb
3034 (Oct
434 Mar
1% Jan
4
rJan
ao y 4 Pan
43.80 .43
Feb
41.922 !1634 Feb
108,492 P134 Feb
700 !23-4 Jan
2,539 23( Jan
3,556 5834 Feb
634
24%
144
634
3
22
10
1 44
15
113.4
2%
6%
1
834
13%
44
3%
234
20
334
34
2%
4
16
741
4
2
1%
34%
Jan
July
July
Jan
July
July
Dec
July
Mar
Jan
July
July
Aug
June
Jan
Nov
Jan
Aug
Jan
May
Oct
Oct
Jan
July
July
July
Jan
Sept
Sept
184,388
25.882
2,026
2,563
19,065
14.101
1,733
72,129
87,835
31,873
118,185
1,593
12,138
872
1,662
125,320
57,621
1,100
82.537
8.245
88
5,039
3,42
18,02
208,705
80,944
1,03
50
76,60
11,49
1,45
2,98
1,099
18
114,89
9,30
No. Shs.
Outboard Motors A
13
Packard Motor common
Parke, Davis & Co
Parker Rust-Proof common
Rights
Reo Motor common
Rickel & Co.(H. NV.)
River Raisin Paper common
Scotten Dillon common
Second National Investors common
Preferred
Square D
-A
Stearns & Co.(Frederick) common
Third National Investors common
Timken-Detroit Axle common
Prefer'ed
Tivoli Brewing common
Truscon Steel common
United Shirt Dist. common
U. S. Radiator common
Preferred
Universal Cooler A
Universal Products common
Walker & Co., units
Warner Aircraft common
Whitman & Barnes common
Wolverine Portland Cement common
Wolverine Tube common
Young Spring &Wire(L. A.)common
Total Industrial
630
1,625
186,922
90.666
14,993
27.285
39,212
183,866
53.435
25,403
6,548
107
8,497
3.377
6,916
461
57,940
44
169,184
19,139
High
2%
1
644
33%
74
1%
534
334
334
2134
444
44
21
8
1144
1944
834
9634
444
944
20,744 4%
625 2%
10
8%
20,219 8%
139.91
234
9%
7,44
39
7
1%
154,46
3
3.08
3.60
351
200 4
10,257 2134
Aug
Dec
Feb
Dec
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Mar
Dec
Dec
Sept
Feb
Apr
Dec
Apr
Feb
Low
241
44
2%
2234
43%
54
2%
1
173.4
1%
3234
431
1%
4%
14%
4%
77
131
3%
Jan
Aug
July
Jan
Aug
Mar
Nov
Sept
Oct
May
Aug
Sept
Jan
Jan
Jan
June
Jan
Nov
Oct
July
Mar 134
Dec 151
Sept 8%
June 4
Jan 14
Dec 4%
Feb 674
Feb
34
Jan 1%
Jan
134
May 4
Fe
1331
Jan
Jan
Sept
Jan
May
Jan
Jan
July
Apr
Aug
May
July
Feb 1041
Feb 100%
July 20
Dec 17
Feb
34
Feb 734
Jan 29
Jan 2
Mar 1134
June 1641
Apr 2354
June 1334
Feb 1844
Feb 8%
Feb 1214
Feb 1734
July
Nov
Jan
July
Nov
Oct
Sept
July
Sept
July
Jan
Jan
July
Dec
July
July
3,243.809
UNLISTED DEPARTMENT
American Radiator
American Telephone & Telegraph
Borden
Borg Warner
Commonwealth & Southern
Consolidated Oil
General Foods
Hupp Motor
Keivinator
Kennecott Copper
Krocer
National Dairy
New York Central RR
Purity Bakeries
Socony Vacuum
Standard Brands
Total
249,163
Total shares-Listed and Unlisted Dept
Total shares
19,620 1734
6,321 1253.4
6,385 2774
5,091 31%
31,830 3%
11.501 1454
6,793 36%
26,523 7%
51,737 2144
12,684 2344
7,543 33%
20,121 1834
13.816 4334
1,865 18%
12,679 1934
14,644 2531
3,492,962
TOTAL SALES FOR FIVE YEARS
1934
1933
1931
1932
3,492,962 4,089,671 2,771,794 3.843,225
1930
5,065.720
Feb. 16 1935
Financial Chronicle
1042
CHANGES IN LISTINGS DURING 1934
Allen Industries, Inc. common stock removed from the list and trading at close of
business May 1 1934.
American Industries common stock removed from the list and trading effective as
of the opening of business Oct. 1 1934.
Automotive Fan & Bearing common stock removed from the list and trading as of
the opening of business Oct. 1 1931.
Baldwin Rubber A stock (new stock) admitted to the list and trading effective as of
the opening of business June 25 1934.
Baldwin Rubber A (original listing) removed from the list and trading at the close
of business June 23 1934.
Baldwin Rubber B stock removed from the list and trading effective at the close of
business June 23 1934.
Beiadix Aviation stock temoved from the list and trading effective as of the opening
of business Oct. 1 1934.
Bohn Aluminum & Brass common stock admitted to trading in Provisional Listing
Department April 9 1934.
Brown Fence Jr Wire A & B stocks removed from the list and trading as of the
opening of business Oct. 1 1934.
Columbia Sugar common stock removed from list and trading at close of business
March 20 1934.
Continental Department Stores units removed from list and trading effective at the
opening of business Oct. 1 1934.
Detroit Brass & Malleable common stock removed from list and trading at the
opening of business Oct. 1 1934.
Durant Motors common stock removed from the list as of the opening of business
Oct. 1 1934.
Ex-Cell-0 Aircraft & Tool common stock changed from no par to $3 par value
effective Jan. 23 1934.
Fourth National Investors common stock removed from the list as of the opening of
business Oct. 1 1934.
business
General Foundry & Machine units removed from the list as of the opening of
Oct. 11034.
Globe Finance common stock removed from the list as of the opening of business
Oct. 11934.
Great Lakes Engineering common stock removed from the list as of the opening
of business Oct. 1 1934.
Houseman-Spitzley A & B stocks removed from the list as of the opening of business
Oct. 11934.
Kalamazoo Stove common stock removed from the list as of Oct. 1 1934.
Kermath Mfg. common stock removed from the list as of Oct. 1 1934.
Kirsch Co. common stock removed from the list as of Oct. 11934.
Kirsch Co.convertible preferred stock removed from the list as of Oct. 11934.
Lakey Foundry & Machine common stock changed from no par to $1 par value,
effective April 24 1934.
Michigan Bakeries A common stock removed from the list as of Oct. 1 1934.
Michigan Bakeries preferred stock removed from the list as of Oct. 11034.
Motor Bankers common stock removed from the list at close of business March 20
1934.
Miles-Detroit Theatre common stock removed from the list as of Oct. 11934.
Muskegon Piston Ring common stock removed from the list and trading at close of
business May 11934.
National Baking preferred stock removed from the list as of Oct. 11914.
National Investors common stock removed from the list and trading as of Oct. 11934.
Parker Rust-Proof rights admitted to trading effective March 8 1934, expiration
date March 311934.
Second National Investors common stock removed from the list as of Oct. 1 1934.
Second National Investors preferred stock removed from the list as of Oct. 1 1934.
Sutherland Paper common stock removed from the list as of Oct. 1 1934.
Third National Investors common stock removed from the list as of Oct. 1 1934.
Union Mortgage preferred stock removed from the list as of Oct. 1 1934.
Wolverine Portland Cement common stock removed from the list as of Oct. 1 1934.
Hupp Motor Car stock admitted to trading in Unlisted Department Jan. 18 1934.
New York Central RR. capital stock admitted to trading In Unlisted Department
Feb. 16 1934.
RANGE OF PRICES OF COLUMBUS (OHIO) STOCKS AND BONDS
the following compilation, showing
We are indebted to Stevenson, Vercoo, Fuller & Lorenz of Columbus, Ohio, for
and bonds. It includes the
prices during the calendar years 1934, 1933, 1932 1931 and 1930 of Columbus stocks
the range of
securities traded in during the year, as also the active unlisted issues.
principal
1118; Feb. 18 1933, page 1103; Fob. 20
For record of previous years see "Financial Chronicle" of Feb. 17 1934, page
25 1928, page 1112.
1263; Feb. 211931, page 1300; Feb. 15 1930, page 1041; Feb. 16 1929, page 966; Feb.
1932, page
1934
RANGE OF PRICES OF COLUMBUS, OHIO, STOCKS AND BONDS DURING
High
STOCKS
Buckeye Steel Castings common
6% preferred
Columbus Dental common
Columbus Packing preferred
Columbus Railway Power & Light 6% preferred....
654% preferred
Godman Shoe 2nd preferred
Common
834 Feb
70>h May
Nov
50
35
Dec
7755 May
Oct
65
Dee
40
.
754 Feb
High.
1933-STOCKS.
Buckeye Steel Casting, common
6% preferred
Columbus Coated Fabrics. preferred
Columbus Dental, common
Columbus Mutual Life Insurance
Columbus Packing, preferred
Columbus Railway. Power & Light, first preferred_
Second preferred
Franklin Mortgage
Godman Shoe, second preferred
Gordon Oil
Jaeger Machine
Jeffrey Manufacturing Co., preferred
Ohio Power, preferred
Ralston Steel Car, common
Smith Agricultural Chemical. preferred
-STOCKS
I932
Buckeye Steel Castings common
lute% preferred
Columbus Coated Fabrics preferred
Columbus Dental common
Columbus Mutual Life Insurance
Columbus Packing 7% preferred
Columbus Railway. Power & Light 1st preferred__
Second preferred
Franklin Mortgage
Godman Shoe 2d preferred
Gordon Oil
Jaeger Machine
Jeffrey Manufacturing preferred
Ohio Power preferred
Ralston Steel Car common
Smith Agricultural Chemical preferred
10
63
102
42
7555
82
735.5
10
20
11
755
82
88
1
70
12
67
100
42
180
914
8754
85
15
5234
5
431
90
91
3
85
STOCKS
Low
534
62
49
30
51
45
2855
355
Nov
Aug
Oct
Oct
Jan
Jan
Aug
Dec
Low.
June
Sept
Nov
Nov
7
4754
9855
37
Dec
Apr
Apr
July
May
Aug
Aug
Sept
Oct
Nov
July
Dec
July
Dec
Aug
70
62
50
955
15
234
254
7234
64
14
55
Apr
Apr
Dec
Sept
June
June
Feb
July
Nov
Dec
Mar
Mar 10
Mar 3755
Oct 90
Apr 38
Apr 160
Jan 85
Jan 55
Jan 50
10
Apr
Jan 30
255
Jan
2
Mar
Mar 7255
Mar 70
154
Jan
Dec 50
Nov
June
July
Nov
Dec
Oct
JUlle
June
Nov
Aug
Dec
Dec
July
June
Nov
Oct
Gordon Oil
Jaeger Machine
Jeffrey Manufacturing preferred
Ohio Power preferred
Smith Agricultural Chemical preferred
Common
1931-STOCKS
High
10
554
85
88
9255
16
Dec
Feb
Nov
Apr
Dee
Mar
llioh.
Low
8
355
80
81
8756
103.6
Jan
Feb
Sept
Mar
July
Jan
Low.
42
Buckeye Steel Castings common
100
6% preferred
108
654% preferred
10354
Columbus Coated Fabrics preferred
61
Columbus Dental common
235
Life Insurance
Columbus Mutual
Columbus Railway, Power & Light 1st preferred_ 109
109
Second preferred
30
Franklin Mortgage_
90
Godman Shoe second preferred
10
Gordon 011
100
Huber Manufacturing preferred
105
Jeffrey Manufacturing preferred
10954
Ohio Power preferred
6
Ralston Steel Car common
100
Chemical preferred
Smith Agricultural
15
Mar
Mar 7734
Mar 100
Mar 9834
Mar 47
Sept 200
Mar 85
Mar 87
Mar
15
Jan 50
Nov
5,4
Jan 0654
Mar 90
Mar 90
3
Mar
Jan 70
Dec
Nov
Oct
Sept
Nov
Dec
Deo
Dec
Dec
Dee
Mar
Apr
Dec
Doe
Dec
Nov
1930-STOCKS
Buckeye Steel Castings common
Preferred
Columbus Dental common
Columbus Railway Power & Light let preferred
Second preferred
Columbus Coated Fabrics Co., preferred
Franklin -Mortgage
Godman Shoe 2d preferred
Gordon Oil
Huber.Manufacturing preferred
Jeffrey Manufacturing preferred
Ohio Power preferred
Ralston Steel Car common
Preferred
Smith Agricultural Chemical preferred
Mar
June
Nov
Apr
June
Feb
June
Mar
May
Jan
Dec
Oct
Apr
Dec
Feb
37
1023.4
56
104
10455
105
30
98
744
99
102
10355
5
40
9$
Nov
Nov
Feb
Jan
Feb
Nov
Nov
4854
105%
61
10854
109
108
34
100
12%
100
10334
10334
11
43
9934
Mar
Nos
Apr
Apr
Feb
Oat
Mar
June
Annual Report of Comptroller of Currency J. F. T. O'Connor-Entire Banking System Rebuilt Since Collapse in March 1933-Suggestions as to New Legislation
Propose Amendment to Law Governing FDIC Affecting State Bank's Admission
to Fund-Favors Relieving National Bank Stockholders from Double Liability
but Would Require That Surplus Equal Common Stock
Comptroller of the Currency J. F. T. O'Connor, in his
annual report made available on Feb. 11, finds "there is
little evidence remaining of the collapse in March 1933 of
the banking structure of the nation." "The entire system
has been rebuilt," says Comptroller O'Connor, who states
that "since the banking holiday three main problems have
confronted this Bureau:
jurisdiction of the
First, the task of reopening 1,417 banks under the
banking holiday
Bureau which were not licensed at the ',conclusion of the
all banks, State
(this Bureau has jurisdiction over all National banks and
secondly, the distribution
or National,located in the District of Columbia);
thirdly, the approval
of dividends to depositors in:receivership banks, and
The first and third of
of thetsale of preferred stock by National banks.
office.
these problems were ,entirely new to the Comptroller's
The report continues:
of the Comptroller
These 1,417 unlicensed banks under the jurisdiction
$1,971,960,000. All except
of the Currency had a deposit liability of
voluntarily liquidated, or placed
five of these have been either reopened,
banks have 56,438,000 In deposits, or 3-10ths
In roceivership.a These five
1.417 banks, and all five of them have
of 1% of the total deposits in the
summary of the disposition
plans approved for reorganization. A brief
e interesting. 1.088 banks, with deposits
of these j1,417 banks,may_prov
this Bureau
a Figures relating to the current work of
are stated as of Del. 31 1934
of 51.802,086,000. were reorganized under old or now charters, or absorbed
by other National banks; 30 banks went into voluntary liquidation, paying
in full 511,204.000 to thebldepositors; 294 banks, representing 5152,018,000
in deposits, were placed in receivership. Seven of these 294 receivership
banks, with deposits of 53,537.000, have plans approved for reopening.
The deposit liability in these receivership banks has been reduced by the
payment to the depositors of 549.029,304, leaving a balance of deposit
liability in these banks of $103,018.696 after deducting the amount in
the banks approved for reopening and dividends paid. This remaining
the
balance duo to depositors represents 5.2% of the amount frozen in
1.4171banks unlicensed at the conclusion of the banking holiday.
depositors
Since-1th° banking holiday there has been distributed to
those
In all closedlbanks,under thetfurisdiction of this Bureau, including
prior to the banking holiday, the sum
for which receivers were appointed
amount
of $612,854,783. Of this amount $596,289,062, or 55.1% of the
due, was paid to depositors in banks for which receivers were appointed
following the banking holiday.
the
As of March 4 1933 there were 1.067 National banks, including
and In process of liquidaDistrict of Columbia State banks, in receivership
appointed
tion. During the period of the banking holiday, receivers were
receivership
for four additional banks with deposits of $2.826.741. and one
leaving 1,070
with deposits of $493.803 was finally liquidated and closed.
as of March
National and District of Columbia State'banks in receivership
5889.800.000.
16 1933, with deposits at date of suspension amounting to
depositors up to
Of these•total deposits. $461,500,000 had been paid to
depositors of such
Dec. 31 1934, or 51.8% of the total amount due the
1933, 946 still
banks. Of the 1,070 banks in receivership as of March 16
Financial Chronicle
Volume 140
in process of liquidation as of Dec. 31 1934, with deposits at suspension
of $816.000,000, had paid to depositors a total of $414,000,000. or 50.7%
of the amount due them.
A plan has been worked out between Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation, and this Bureau for completing
the liquidation of receivership banks which have assets valued at $30,000
or less. The RFC will loan to the receiver the full amount of the appraised value of the assets less estimated interest and collection charges,
take the receiver's note, and hold the assets as collateral. The receiver is
then authorized to sell the assets of his trust, subject to the loan from the
RFC, to a depositors' committee for a nominal consideration, whereupon
the receiver is instructed to terminate his trust immediately. The RFC
will liquidate the assets until the loan has been fully repaid, and any remaining assets will be returned to the depositors' committee, which will
complete liquidation in the interest of the depositors. The first trust to
be handled in this manner was at Milton, N. flak. The plan has met
with hearty approval in all parts of the country. There are approximately
400 trusts which it is hoped can be disposed of in this manner, and then
the plan may be extended to other trusts.
National bank receiverships are conducted with a maximum of efficiency and a minimum of expense. From the date of the first failure of
a National bank in 1865 to Oct. 31 1934, National banks placed in receivership numbered 2,908 Of these, 1.219 had been completely liquidated
and their affairs closed. Expenses incident to the administration of these
1.219 closed trusts, such as receiver's salaries, legal and other expenses.
amounted to 3.86% of the book value of the assets and stock assessments
administered, or 7.39% of collections from assets and stock assessments.
In other words, about 93 cents out of every dollar collected by receivers
went to creditors.
The importance of strengthening the capital structure of banks, as well
as of making funds available for credit purposes, was quickly recognized
and the work done along these lines represents one of the striking contributions made by the Administration to banking recovery. Preferred
stock in the amount of $4491.215,050 has been sold by 1,975 National
banks. $419,313.925 of which was purchased by the RFC and $71,901,125
in the various communities where the banks were located. In addition,
the capital stock of 128 National banks has been further strengthened
by the sale of $16,895,276 in new common stock, and approximately 300
National banks have plans of recapitalization formally approved by the
Office of the Comptroller of the Currency net yet consummated. When
the provisions of these plans have been complied with it will involve the
approAmate sum of $56,000,000 for additional capital strengthening.
At the close of the banking holiday there were 4,522 active National
banks with deposits of $16,315,586,000 under the jurisdiction of the Comptroller's office. There are now 5,490 licensed banks with deposits of
$20.906,176,000. This represents a gain of 968 banks and $4.590,590,000
in deposits.
The Comptroller points out that "for the first time in
the history of the Bureau a survey was made from the
1934 reports of the National bank examiners." He goes
on to say:
As is well known to bankers, examiners classify loans under three headings
—slow, doubtful, and loss. There is little room for argument when assets
are placed in the loss column, and very little question arises regarding
the items in the doubtful column. The slow column attracts the most
attention and controversy. An examination of the reports on 5.275 banks
filed in the Office of the Comptroller of the Currency reveals the following
interesting figures. The total amount of loans was $7.740.596,000. The
examiners placed 2.88% of these loans in the loss column, 4.19% in the
doubtful column and 27.05% in the slow column. It is indeed remarkable that within so short a time after the greatest banking catastrophe in
the history of this nation, less than 3% of the loans in National banks
should be placed in the loss column and only 4.19% in the doubtful column.
These figures speak with greater emphasis than any words. Before the
State convention of bankers at Louisville. Hy.. on Sept. 12 1934, the
following definition of slow paper was given. "The items placed in the
slow column are merely 'flagged.' In other words, the attention of the
bank officials is called to these items with the suggestion that they be
watched. No suggestion is conveyed or implied that the borrower should
be requested to pay the same. They are therefore considered slow loans.
This is our interpretation unless the examiner in his report makes specific
criticisms of particular items in the slow column."
The report notes that "it is interesting to compare the
record for 1934 with that of the 12 years from 1921 through
1932, when 10,816 banks, with aggregate deposits of $4,885,126,000, failed in the United States. In other words, the
average number of failures a year during the 12 years was
901, with average deposits of $407,903,833, as contrasted
with 58 bank failures during 1934, 9 of which were members
Of the Federal Deposit Insurance Corporation." •
"Suggestions" for legislation are contained in the report,
these proposing eleven more or less technical changes in banking laws,principal of which is strengthening of the powers of
the FDIC. Other recommendations largely were overshadowed by the Banking Act of 1935 recently introduced
in Congress.
Commenting on the proposal in the report that "the law
should be amended to make a State bank's admission to the
fund conditional upon the approval of its capital structure
by the Corporation," the writer in the Washington "Post"
of Feb. 11 (Elliott Thurston) makes the following observations:
Highly important as the proposed new powers of the Reserve System
are, in extending Government powers over credit and contemplating
atinanaged currency, the plan to bring insured State banks under the same
Federal controls now exercised over National and Reserve member banks
envisages a new era of American banking. State banks must, in effect,
surrender the independence they now enjoy if they are to benefit by
Federal insurance.
The Comptroller's suggestions were noted as follows in
the report:
Suggestions for Legislation
Under the provisions of Revised Statutes 333 as amended, United
States Code, Title 12, Section 14, the Comptroller is required to include
1043
in his annual report to Congress "Any amendment to the laws relative
to banking by which the system may be improved, and the security of
the holders of its notes and other creditors may be increased." On pages
8 to 16, inclusive, of the Comptroller's annual report for the year ended
Oct. 31 1933, issued Jan. 3 1934, certain detailed recommendations were
made as to corrective and clarifying legislation, not only as to the National
banking laws in general but as to the Banking Act of 1933 in particular.
and bills embodying such recommendations in great part were approved
by the Senate and House Banking and Currency Committees, but Congress adjourned before action could be obtained thereon by way of adoption
or rejection. Without repeating the recommendations of the previous
report, attention is again called to them, and the recommendation is
made that the action initiated in the last session of Congress with respect
to putting them into effect be completed as soon as may be possible.
Additional recommendations arising out of experience in administering
the Banking Act of 1933 during the past year, as well as recommendations
as to other provisions of law affecting National banks, are as follows.
1. Section 23 of the Revenue Act of 1934. paragraph (b), provides
for certain deductions from gross income. It is understood that State
banks which have sold capital notes or debentures to the RFC may under
this paragraph deduct interest paid thereon in computing their net income
for taxable purposes.
National banks in strengthening their capital structure have issued
preferred stock to the RFC. paying dividends thereon, which payment of
dividends is substantially equivalent to the payment of interest made
by State banks on capital notes sold by them to the RFC. In both cases
a common object was in view, namely, strengthening capital structure,
but the two methods of so doing were necessary because in many cases
State banks could not issue preferred stock or stock without assessment
liability. Since National banks cannot deduct the dividends paid on
preferred stock to the RFC from their gross income for tax pureoses. It
Is manifest that they are placed at a disadvantage as compared with the
State banks. It is accordingly suggested that paragraph (p) of Section 23
of the Revenue Act of 1934 be amended by making an additional excep- •
tion in the case of banks to the extent that they have paid dividends on
preferred stock to the RFC.
2. Section 11-B of the Banking Act of 1933 prohibiting payment of
Interest on demand deposits, with certain exceptions, should include
the added exception of demand deposits of trust funds upon which interest
is required to be paid by fiduciaries under State law. This is necessary
to enable National banks to comply with State law and to put National
banks on a parity with State banks in competing for fiduciary appointments.
3. Section 12, amending Section 22 of the Federal Reserve Act by adding
Section (g) thereto, prohibits loans to executive officers of member banks
but provides that "loans heretofore made to any such officer may be
renewed or extended not more than two years from the date this paragraph
takes effect, if in accord with sound banking practice." A great many
inquiries have been received as to the effect of this legislation In the event
the executive officer in question is unable to pay his indebtedness at the
expiration of the two-year period; that is, by June 16 1935. It is not dear
from the section as worded whether the bank or the executive officer will
be considered as having violated the Act and will become subject to penal
provisions thereof in the event such loan is not paid at that time. It
furthermore is not stated whether or not the executive officer in question
must resign his executive position if the loan is unpaid and is not extended
or renewed. There is some doubt as to whether or not the bank should
take the position that such loans must be carried as past-due paper and
charged off as had debts within the provisions of R. S. 5204 that "All
debts due to any association, on which interest is past due and unpaid
for a period of six months, unless same are well secured, and in process
of collection, shall be considered bad debts." There are other cases where
a bank holds the mortgage indebtedness of an executive officer incurred
prior to June 16 1933, with a maturity expiring after June 16 1935, as
would be the case of a three- or five-year mortgage. Since this obligation
Is not due and payable by June 16 1935, is either the bank or the executive
officer, under the provisions of this section of the law, required to take
any action on June 16 1935 relative to the disposition or payment of this
indebtedness in order to avoid violating the criminal provision of this
section? The two-year period for elimination of executive officer loans
was placed in the Act with the apparent belief that general conditions
would permit such elimination in that time. Conditions have not, however, made it possible for such loans to be eliminated, creating a situation
whereby the Act should be amended to extend the time three more years,
with the proviso that in each case where an extension or renewal is made
the board of directors shall satisfy themselves that such extension or renewel is in the best interest of the bank, and that the officer concerned
has made reasonable effort to reduce his obligation, such finding to be
evidenced by a resolution of the board of directors spread upon the minute
books of the bank.
4. Section 13 of the Banking Act of 1933, being Section 23-A of the
Federal Reserve Act, provides certain restrictions and conditions under
which member banks may have dealings with their affiliates. In connection with the restriction on amount of loans to affiliates under this
section, numerous cases have arisen of loans to affiliateslmade prior to the
enactment of this law, which loans were in excess of the restrictions of
this statute. Frequently the amount of these loans and the circumstances
of their creation are such that, though the loans are reduced at their
maturity, it is necessary as a practical matter to extend or renew. While
the section does not specifically provide that upon extension or renewal
such loans must be reduced in conformity with the limitations in amount
provided by the section, this office has placed such construction upon
the section due to the fact that no express provision is made for extensions
or renewals of existing obligations of affiliates such as is specifically provided under Section 12 of the Banking Act of 1933 which permits extensions and renewals without requiring reduction of loans made to executive
officers of member banks.
In view of the prohibition of the section against "extension of credit
to" affiliates except within certain limitations and subject to the obtaining
of a prescribed type of collateral security, banks have been prevented from
obtaining the benefit to be derived through an affiliate relieving the bank
of objectionable paper, real estate, or other assets by purchase thereof,
in cases where the affiliate is unable to make immediate payment in full
In cash but is willing to give its obligation for the purchase price, which
obligation, due to the size of the transaction, would exceed in amount
the 10% limitation provided by the section.
This section states that its provisions shall not apply to any affiliate
"engaged solely in holding the bank premises of the member bank with
which it is affiliated." It has long been the custom recognized as permissible by the courts for banks to construct and use buildings to be occupied
by the bank in its business, but these buildings also contain a great amount
of office space to be leased out to others to provide an income to the bank.
In those cases where an affiliate corporation owns the building occupied
by the bank, a similar condition exists with respect to same being occupied
by other tenants with resulting activities of the affiliateicorporation involved. The affiliate corporation may invest the income received from
1044
Financial Chronicle
the building in securities of various types. It is difficult to determine
whether or not by the use of the words, "engaged solely in holding the
bank premises," such affiliate corporation can properly claim the:exemptions provided thereunder. It is not believed that Congresspadlin contemplation a strict construction which would limit „thelexemption to jan
affiliate corporation owning and operating premiseslexciusivoly occupied
by the bank or engaged in investing and reinvestinglin securities the assets
of the corporation or income,derived from the bank building.
It is believed that the limitation on loans to affiliates, and the provision that they must be secured in any event by a certain type of collateral
should not apply in case of loans to an affiliate where the:affiliate relationship has arisen out of a bona fide debt contracted prior to the date of
the creation of the affiliate relationship. Banks frequently obtain stock
control of corporations through foreclosure of stock collateral. The
recovery to be made by the bank often depends upon the continued operation of the corporation, with a consequent advancejof funds thereto by
the bank, for which advance the corporation, due Ito its financial condition, is unable to provide the prescribed type of collateral, and which
corporation under the circumstances is unable to obtain loans from other
banks. It becomes a salvage operation for the bank holding the stock
control, and removal of the limitations of the section is advisable under
such circumstances.
5. Section 18 of the Banking Act of 1933 amends Revised Statutes
5139 by providing that no certificate representing stock of thepank shall
represent the stock of any other corporation ;except a member bank or
one engaged solely in holding the bank premises, nor shall the ownership,
sale, or transfer of such certificate be conditionedlinjany „manner upon
the ownership, sale or transfer of stock of any other corporation except
a member bank.
Our comments under Section 4:above relative/to:the intent of Congress
as to when a corporation is to be considered as "engaged solely in holding
the bank premises" are similarly applicable here.
Considerable difficulty has been encountered in determining what
steps must be taken to comply fully with the:provisionsjof thisjsection,
:
particularly that part thereof which provides ithat ,the lownership, sale
or transfer of bank stock shall not in any mannerpe conditioned upon
:
ownership, sale or transfer of a certificate representinglthe'
astocklof another
corporation. Difficulty arises ordinarily in cases wherela corporation
has beenprganizod to relieve the bank of non-conforminglassets or large
amountspf real estate taken for debts previously,contracted, and the
stockjof this corporation is trusteed for the/benefit ,of thelbank's,shareholders. *There are many other situations where such condition arises,
and from a practical standpoint there seems to1be1no neodifor a complete
divorcement of this corporation from the bank,fparticularly if the corporation is not engaged in the type of activities describodlin Section 20
of the Banking Act of 1933, which section defines which affiliates of
member banks must be divorced by June 1611934. Thisjofficelhas construed1Section120 as defining for the purposespf the/Banking Actlof 1933
the type of corporations which must be divorcedAfromithelbank, and
has beenpf the opinion that Section 18 here underidiscussionlshould not
by,implication. and does not by its express language, requireldivorcing
of any affiliate not falling within the typejdefined inISection120. We
havelexpressed our opinion that Section 18 trequires onlykhatIthe bank
eliminate from its stock certificates any provision that may:appear thereon
to the effect that the certificate represents stockjof the other corporation
or any provision that the ownership, sale or transfer of the bank's stock
Is conditioned upon the ownership, sale or transfer of the stock of the
other corporation. In cases of an affiliate relationship, as above referred
to,1whereby trustees are holding stock of the other corporation in trust
forithe shareholders of the bank under a trust agreement which makes
the ,stock of the other corporation transferable only, as and jwhen, the
bank stock is transferable. It has been our opinion thatIcompliance with
this section does not require a dissolution of such trustee arrangement
or its modification so as to permit the stock of the other corporation to
be ltransferred independently of the stock of the bank. This position
has been taken for two reasons. The trust agreement in question frequently is of such type that it is not revocable or subject to amendment,
at least at the instance of the bank. Consequently, the bank has no
control over the situation. Secondly, it is frequently desirable that the
affiliate relationship be permitted to continue under the circumstances
of a particular case, whereas dissolution of the trust instrument or amendment„thereof would make possible the destruction of the affiliate relationship through separation of the stockholding interests. The Banking
Act of 1933 through its provisions recognizes repeatedly that there is
no objection to banks having certain types of affiliates. The objectionable
types are specified in Section 20, being those engaged primarily in security
dealings.
This section should accordingly be amended in such a way as to state
clearly that it does not operate to prevent the ownership, sale or transfer
of stock of any other corporation being conditioned upon the ownership,
sale or transfer of a certificate representing stock of a National banking
association.
6. Section 19 of the Banking Act of 1933. amending Revised Statutes
5144, prohibits a holding company from voting on any question submitted at meetings of shareholders, unless it shall have obtained a voting
permit from the Federal Reserve Board. In order to obtain such permit.
extensive data must be furnished, sometimes involving great expense
on the holding company, and certain obligations must be undertaken
by it, all of which matters are of no practical materiality where the bank
is going into voluntary liquidation. Revised Statutes 5220 requires a
vote of two-thirds of the bank's shareholders in order for the bank to go
Into liquidation. If a holding company is unable or unwilling to comply
with the requirements as now laid down for the obtaining of a voting
permit, or even though willing is unable to obtain such permit, the resulting inability of the holding company to vote its shares prevents the
obtaining of a two-thirds vote and prevents the bank from going into
voluntary liquidation where there is desire or necessity therefor. It is
accordingly recommended that a holding company affiliate be exempted
from the requirement of obtaining a voting permit to vote upon the question of placing the association into voluntary liquidation.
7. Under Section 16 of the Banking Act of 1933 there is a provision
that thellimitations and restrictions contained in that section as to dealing
in, underwriting, and purchasing for its own account investment securities,
shall notlapplylto:obligations of the United States and various other types
of securities therein described. This provision has been construed as
an authorization to National banks to deal in, underwrite, and purchase
for their own accounts, such types of securities particularly specified in
the section.
However, Section 21-A (1). which is not framed as an amendment to
the National Bank Act or as an amendment to the Federal Reserve Act
In so many words. nevertheless prohibits any firm, corporation, association, business trust, or similar organization, engaged in the business
of issuing, underwriting, selling, or distributing securities, from receiving
deposits subject ito check or payment upon the request of the depositor.
Literal application of the language of this section taken by Itself has given
Feb. 16 1935
the impressionItolsomelthat it operates to prohibit National banks from
engaging in the very activities permitted to them under Section 16 of the
Banking Act of 1933 as above pointed out. This office has construed
Section 16 as governing in this situation, in-so-far as National banks are
concerned, but the apparent conflict between the two sections should
be eliminated.
S. Section 21-A (2) of the Banking Act of 1933 prohibits any firm,
corporation, association, business trust, or similar organization other
than a financial institution or private banker, subject to examination
and regulation under State or Federal law, from engaging in the business
of receiving deposits unless It shall submit to periodic examination by
the Comptroller of the Currency or by the Federal Reserve Bank of the
district, andishall make and publish periodic reports of its condition.
This section in its present form is apparently incomplete in vital respects and presents many administrative difficulties in addition to those
referred to in the Comptroller's report for 1933.
No specific provision is made for payment of the cost of the examination referred to. It has been the position of this office that it cannot use
funds collected from/assessments on National banks for their examination,
to pay the expense of examination of institutions under this section, and
that by implication Congress intended that the institution submitting to
examination therJunder should boar the cost thereof. Our position has
been controverted by some of these institutions and any doubt on the
question should be eliminated through amendment of the section. The
section makes no provision or gives no direction as to what is to be done
by this office beyondsmaking examination and calling for reports. If
it was intended that such examination and reports should be used as a
basis for supervisory regulation, similar to that exercised by this office
over Nationaljbanks and by State banking authorities over State banks,
the Act falls so to state. *If it is not intended that this office shall have
power to require correction of situations dangerous to depositors of such
Institutions or of forcing them into liquidation where they appear to be
hopelessly insolvent, then it is not apparent what purpose is attained
by making examination and requiring reports of their condition.
Any contemplated amendment of this section giving part or all of the
foregoing supervisory powers should be made with a view to the fact that
with very few exceptions, banking institutions which come under this
section are operated by individuals or by partnerships with the result
that examination as to the condition of the institution involves taking
Into consideration not only the specific assets and liabilities of the business
entity but alsop.11 other assets of the individuals conducting the business
as individuals or as partners, and all of the liabilities thereof.
This is necessary because of the general rule of individual liability of
partnerslfor all partnership obligations and because the depositors of the
banking institution would also have to share with all other creditors of
the partners in the available assets of those conducting the business. Any
proposed scheme of forced liquidation where it appears that continuance
of the business is dangerous to depositors would in consequence necessarily involve not only liquidation of the banking business in which the
partners are concerned but would appear to involve a typical bankruptcy
proceedings embracing an adjusting of the rights and interests of all creditors
of the partners or of the individuals involved, regardless of whether or
not they dealt with the private banking institution. This would involve
conflicts with existing bankruptcy laws and apparently would have effects
far beyond those incidental to the liquidation of a bank operating in corporate form.
Double Liability
Section 22 of the Banking Act of 1933 relieves shareholders of National
banks from the additional liability imposed by Revised Statutes 5151,
as amended, and Section 23 of the Federal Reserve Act, as amended,
with respect to shares issued after the date of the enactment of the Act.
Bills were presented in the last session of Congress to extend this relief
to all outstanding shares of stock of National banking associations, regardless of date of issue.
In the event it is determined to completely eliminate this assessment
liability of shareholders, it is suggested that serious consideration be
given to providing for increasing the surplus of National banking associations until same equals the amount of its common capital stock, thereby
restoring to the bank's creditors the protection now given by the potential
assessment liability of the shareholders and maintaining a sound banking
structure.
10. Revised Statutes 5243 prohibits persons or corporations doing
the business of bankers, brokers, or savings institutions except where
authorized by Congress so to do, to use the word "National" as part of
the name or title of such institution. The Attorney-General of the United
States in 22 Opinions Attorney-General 475 ruled that the use by State
banks of the word "International" as a portion of their name or title is
not in violation of this section. It is believed that the use of the word
'International" as well as other combinations of the word "national"
may frequently be as misleading as the use of the word "national" and
that the section in question should be amended to prohibit also the use
of the word "international" or any combination of the word "national"
by institutions doing a banking business except as to such as may be organized under authority of the Federal Government.
Miscellaneous incidental matters affecting the Federal Reserve System
which should be provided for are as follows:
Give the Board discretion to relieve holding companies from necessity
of obtaining voting permits where not engaged as a business in holding
bank stocks; give the Board power to control matter of officers, directors
and employees of banks being connected with securities companies by
regulation rather than by issuing of permits in individual cases; eliminate
any doubt that a holding company with a permit to vote its shares may
cumulate same as may any other shareholder; correct oversight in existing
law so as to require member banks to reduce their stockholdings in the
Federal Reserve bank upon a reduction of surplus; place State member
banks on a parity with National banks as regards limitation on loans
secured by Government obligations; in making loans to private concerns
by Federal Reserve banks to permit same to be made on adequate endorsement or adequate security instead of requiring both as at present;
authorize the Board to define the word "deposit" and related terms for
the purpose of reserve requirements and permit amounts duo from other
banks to be deducted from gross deposits in determination of reserve
balance requirements; extend present power of Board to regulate payment
of interest by member banks to include all insured banks and require
member banks to maintain same reserves against Government deposits
as required against other deposits; amend Clayton Act to permit Board
to supervise matter of interlocking directorates by regulation instead
of bylperinit; and amend Section 24 of the Federal Reserve Act to exempt
real estate loans made for industrial purposes in co-operation with Federal
Reserve banks or the RFC from the restrictions of that section.
Federal Deposit Insurance Corporation
11. Consideration should be given to strengthening the provisions
of the law governing the FDIC. In view of the protection afforded depositors, no doubt many of the States will follow the precedent established
Volume 140
1045
Financial Chronicle
by,Congress in eliminating the double liability on shares of stock. Relieving shares of stock from the double liability, and the insurance of
bank deposits offer added encouragement to the establishment of new
banks. Great caution should be exercised in the future in the establishment of either State or National banks, or branches of either, in order
to prevent a repetition of the failures of a few years ago. Under the
present law, if a bank's assets are sufficient to pay its liabilities, the FDIC
must accept it as a member, although it may have no capital structure.
The Comptroller's office, under existing law, is in a position to require
National banks to maintain adequate, sound capital, and also to prevent
the organization of a new National bank unless it has adequate, sound
capital, and unless there is need for additional banking facilities in the
location chosen, and a reasonable prospect that the bank will operate
successfully. The Comptroller's office is thus able to protect the interests of the FDIC in those respects with reference to National banks.
particularly since the Comptroller is a member of the board of the Corporation. There is, however, no such safeguard as to State banks, and
It is believed that the law governing the FDIC should be amended to
make a State bank's admission to the fund conditional upon the approval
of Its capital structure by the Corporation; and in the case of a new State
bank, the board should be required to pass upon the need for additional
banking facilities in the place selected and upon the reasonable prospect
of the bank's successful operation.
It would be well to consider whether the law should not be further
amended to permit the Corporation, under proper limitations. to Purchase assets of an insured bank for the purpose of assisting in merging such
a bank with another, or of reorganizing when it becomes apparent that
a loss to the Corporation is impending. In this manner, losses may be
limited or minimized. Under the present law, the Corporation may do
nothing until a bank is closed and after that its recovery is dependent
upon liquidation. Recoveries through liquidation are certain to be less
than the values which may be placed upon the same assets by a going
Institution.
The law should be amended to provide for examination by the Corporation of State non-member banks which become members of the fund.
An express provision should be made for reports of condition by all insured banks not now reporting to a Federal agency at intervals of not
oftener than twice a year, such report to be as of the same date as a call
report made by National banks to the Comptroller of the Currency.
The Banking Act of 1933 in Section 11, subsection (d), makes specific
provision that security for deposits of postal savings funds in banks shall
not be required to the extent that such deposits are insured. A general
statutory provision should be enacted so that no security shall be required
under Federal statutes for any deposits in banks to the extent that deposits referred to in such statutes are insured under Section 12-B of the
Federal Reserve Act, as amended.
iLyIt is believed that Congress might well consider the advisability of
levying an annual assessment under the permenent plan in lieu of an
assessment merely to repair insurance losses, and that it might make
provision for carrying a portion of the assessment in a reserve which could
ultimately operate to decrease such annual assessment. In banking.
as in other businesses, it is desirable when practicable to anticipate the
fixed charges, and, so far as possible, the cost of insurance should be made
a fixed charge subject to reduction through economical and efficient
operation.
Miscellaneous incidental matters affecting the FDIC should be provided for as follows:
Extend criminal provisions applicable to officers of member banks to
officers of all insured banks. Eliminate reference to par value of FDIC
stock in subsection E of Section 13-B of the Federal Reserve Act by substituting therefor the amount paid for said stock; extend the prohibition
In the present law against gratuities to Federal examiners to examiners
of all insured banks and their officers and likewise extend to same the
prohibition against disclosure of confidential information; give the Federal
courts jurisdiction of actions against the Corporation; extend to the Corporation the protection now given to other Federal institutions against
misleading use of their names; and extend to all insured banks the present
law making robbery of member banks a Federal offense.
and for the six months ended Dec. 31 1933. Statements showing details
of the summary for the six months ended Dec. 31 1933, and like information for the six months ended June 30 1934, and the year ended June 30
1934, classified according to Reserve cities. States and Federal Reserve
districts, are published in the appendix of this report.
EARNINGS AND DIVIDENDS OF LICENSED BATIONAL BANKS FOR
THE FISCAL YEAR ENDED JUNE 30 1933 AND THE SIX MONTHS
ENDED DEC. 31 1933
Year Ended 6 Mos. Ended
June 30 1933 Dec. 31 1933
(4,902 banks) (5,159 banks)
Capital, par value: a
Class A preferred stock
Class B preferred stock
Common stock
51,193,000 140,295,000
4,400,000
2,600,000
1.463,412,000 1,444,759,000
Total
Surplus_a
1 517,205,000 1,589,454,000
940,598,0130 880,670,000
Total capital and surplus_a
2,457,803,000 2,470,124,000
Gross earnings:
473,696,000
Interest and discount on loans
283,568,000
Int. & diva, on bonds, stocks & other securities
10,657,000
on balances with other banks
Interest
14,099,000
Collection charges, commissions, fees, &c
Foreign department (except interest on foreign loans.
12,538,000
Investments, and bank balances)
21,46.1,000
Trust department
14,006,000
Service charges on deposit accounts
52,337,000
Other earnings
882,362,000
Total
Expenses:
Salaries and wages
Interest on deposits of other banks
Interest on other demand deposits
Interest on other time deposits
Interest and discount on borrowed money
Taxes
Other expenses
Total expenses
Withdrawals from reserves for expenses of previous
periods accrued and unpaid_b
Grand total
Net earnings
Recoveries, profits on securities, &c.:
On loings
On bonds, stocks and other securities
All other
Total
Total net earnings, recoveries, &c
201,985,000
139,529,000
928,000
9,082,000
7,701.000
11,543,000
7,520,000
25.477,000
403,770,000
204,513,000
18,521,000
46,715,000
189,087,000
17,181,000
41,020,000
120,714,00
99,771,000
872,000
5,627,000
S3.509,000
2,962,000
22,119,000
62,447,000
637.751,000
277,307,000
28,259,000
666,010,000
277,307,000
216,352,000
126,463,000
17,120,000
51,515,000
9,915,000
10,548,000
24,912,000
5,196.000
78,559,000
40,656,000
294,911,000
167,119,000
a Capital and surplus at end of period. b Amounts set aside in previous periods
as reserves for accrued expenses unpaid, and amounts set aside in previous periods
as reserves for depreciation on banking house, furniture and fixtures and other
real estate, but which were withdrawn from reserves and charged off in the sixmonth period ended Dec. 31 1932. For details of amounts see tables 66-A and 67-A
lathe annual report for 1933.
National Banks in the Trust Field
Impressive gains in the number and volume of trusts under administration by the banks in the National banking system were reflected during
the fiscal year ended June 30 1934. One thousand nine hundred and
twenty-eight National banks had authority to exercise trust powers on
June 30 1934, with combined capital of $1.452,519,428. and banking
assets of $20,934,134,715, which represented 35.5% of the number. 83.5%
of the capital and 87.6% of the assets of all banks in the National banking
system.
Of the number authorized to exercise trust powers 1,560 banks had
active trust departments and were administering 122,022 individual
trusts with assets aggregating $8,516,551,744, and in addition were administering 15,903 corporate trusts and acting as trustees for outstanding
From the report we also quote the following:
note and bond issues amounting to $11,484,461,737.
Investments of National Banks
Compared with 1933 these figures represent a net increase of 25,785,
The table following disclosed a summary of the investments of National
or 18.7%, in the number of trusts being administered; an increase of
banks in United States Government and other bonds and securities as
$2,204,893,991, or 34.9%. in the volume of individual trust assets; and
of June 30 1032, 1933 and 1934:
an increase of $1,066,034,800, or 10.2%, in the volume of note and bond
limo thousands of dollars)
Issues outstanding under which National banks had been named to act
June 30 June 30 June 30
as trustees.
1934
1933
1932
Segregation of the number of fiduciary accounts in National banks
revealed that 66,481, or 48.2%. were those created under private or living
Number of banks
a5.422
a4,902
6,150
trust agreements; 55,511, or 40.3%, were trusts being administered under
Obligations of
the jurisdiction of the courts, and the remaining 15,903, or 11.5%, were
Reconstruction Finance Corporation
175,970
trusteeships under corporate bond or note-issue indentures. Private
Federal Farm Mortgage Corporation
33,671
Home Owners' Loan Corporation
trust assets comprised $6,852.872,340, or 80.5%. of the total assets under
148,270 .
administration, while the remaining i$1,663.679,404. or 19.5%. belonged
Total securities, other than direct obligations,
to court trusts. Invested trust funds aggregated 37.647,459.891. of
guaranteed by U. S. Government as to Inwhich bonds constituted 47.1%, stocks 31.7%, real estate mortgages
terest and(or) principal
357,911
Obligations of Federal Land and Intermediate credit
9.6%, real estate 6.9% and miscellaneous assets 4.7%.
banks
184,312
The impressive development of trust activities in National banks is
Stock of Federal Reserve bank
88,674
83,603 90,417
further emphasized by comparing the record in 1934 with that of 1929,
Obligations of States, counties, districts, political
which reflects an increase during the five-year period of 61,937. or 44.9%,
subdivisions and municipalities_ b
1.212,397 1,162,478 1,117,698
Obligations of territorial and insular possessions of
In the number of trusts being administered; an increase of 84.278,903.081.
the United States
16,021
or 50.2%, in the volume of individual trust assets under administration,
Obligations of Joint Stock Land banks
23,620
and an increase of $4,114,307,281. or 55.8%. in the volume of bond and
Bonds, notes and debentures (not including stock)
of other domestic corporations:
note issues outstanding for which National banks are acting as trustees.
Railroads
529,090 530,634 652,665
Two hundred and forty-nine National banks were acting as trustees
Public utilities
519,584 533,260 684,465
under 880 insurance trust agreements involving 642,467.908 in proceeds
08,937 1c653,600 c839,124
Real estate corporations
from insurance policies, while 671 National banks had been named trustees
Other domestic corporations
391,081 J
Stock of other domestic corporations:
under 18,597 insurance trust agreements not yet matured or operative,
32,314
Real estate corporations
supported by insurance policies with a face value aggregating 6732,036,875.
23,744 1 110,436 114.669
Banks and banking corporations
Three hundred and sixty-four of the banks spent $249.278 during the
85,226
Other domestic corporations
year for trust advertising, 40 banks employed full-time trust solicitors.
Foreign securities:
Obligations of foreign central governments
95,341 149,389 168,155
and 75 banks utilized the services of part-time trust solicitors.
Obligations of foreign provincial, State and
An analysis of the new business placed on the books of the National
48,796 1 116,655 176,793
municipal governments
banks between June 30 1933 and June 30 1934 developed that 231 banks
53,764 1
Other foreign securities
were named trustees for 1,159 bond and note issues:aggregating $602,576,Total miscellaneous bonds and securities not
909; 785 banks were named to act as individual trustees under 7,360 agree3,344,901 3,340,055 3,843,986
guaranteed by U. S. Government
ments involving $380,758,416; 748 banks were named to act under 2,649
3,702,812 3,340,055 3,843,989
Total miscellaneous bonds and securities_
executorships involving $121,641,275; 550 banks were named as adminis5,645,741 4,031,576 3,352,666
U. S. Government securities, direct obligations
trator under 1,486 appointments involving 626,666,211; 551 banks were
9,348,553 7,371,631 7,196,652
Total bonds and securities of all classes
named under 3,671 guardianships involving $12,678,706; 11 banks were
a Licensed banks; I.e., those operating on an unrestricted basis. b Including
named to act as assignee in 41 instances involving $813,911; 44 banks were
school, irrigation, drainage and reclamation districts, and instrumentalities of
named to act in 227 receiverships involving $6,437,025; 129 banks were
one or more States. c Includes claims and Judgments.
named to act as committee of estates of lunaticslin 408 cases..involving
Earnings and Dividends of National Banks
$2,385.814, while 402 banks were named to act 7,139At1mesLin miscellaneous
The statement following shows a summary of the earnings and divifiduciary capacities, other than those enumerated above, involving
$625,722,473.
dends of licensed National banks for the fiscal year ended June 30 1933,
1046
Financial Chronicle
Feb. 16 1935
Eighty-six banks were named registrar of stocks and bonds in 323 cases
Involving $392,960,996, while 66 banks were named transfer agent in
276 instances involving $41,760,938.
National bank branches, numbering 173 on June 30 1934, were actively engaged in administering 12,617 trusts, with individual trust assets
aggregating $770,715,941, and were acting as trustees for outstanding
bond and note issues amounting to $362,395,271.
The following tables show in detail the activities of National banks
in the trust field, segregated: First, according to capital of the banks;
second, according to the population of places in which the banks were
located: third, according to Federal Reserve districts, and fourth, analysis
of the type ofinvestments held In trust, with a supplemental table showing
the extent to which National bank branches were furnishing trust service
to the communities in which they were located. . . .
The length of time a loan has to run is not a true measure
of soundness, nor of liquidity. Notes that mature within
a year can be as unsound as a twenty-year mortgage. Making
the latter rediscountable may solve one problem, namely that
of increasing loans and discounts of commercial banks, who
must strive for liquidity, but it adds a problem to the Federal
Reserve System, which must strive for soundness.
L. MERLE HOSTETLER.
Branches
Bond prices in general have continued steady this week,
at about the levels reached in last Friday's rally. Among
the medium-grade issues, as exemplified by the Baa grouping, rails averaged about the same all week, and industrials
were mildly stronger, but utility Baa's pushed up into new
high ground, slightly above their recent January high.
United States Government obligations, indeed all high
grades, continued strong, close to recent high prices, or at
new top levels.
High-grade railroad bonds were firmer and closed the
week fractionally higher. Baltimore & Ohio 1st 5s, 1948,
closd at 108%, unchanged since a week ago; Pennsylvania
cons. 4s, 1948, advanced % point to 1101
4% Cleveland Union
Terminals 1st 4%s, 1977, closed at 88, down 1; Pennsylvania
deb. 4%s, 1970, at 96 were up %. Fractional losses were
general throughout the lower-grade rail issues. St. Paul
mtge. 5s, 1975, closed at 231 compared with 23% last Fri4
day; Illinois Central deb. 4%s,1966, at 56 were off % point;
New York Central ref. 4%s, 2013, closed at 581 down %;
4,
Southern Railway 4s, 1956, closed at 55, down 1 point.
A moderate upward trend featured the utility bond market. High grades made fractional advances. Lower grades
were more pronounced in their gains. Central Illinois Electric & Gas 5s, 1951, closed the week at 821 up 114; Mil4,
waukee Electric Ry. & Light 5s, 1961, advanced 2% to 89%;
13
Montana Power 5s, 1962, gained 4%, to close at 79/ ; Minnesota Power & Light 5s, 1955, at 97 were up 2%; South Carollna Power 5s, 1957, gained 314 points, closing at 80%.
Although some issues of the highest grade have receded
a bit from recent highs, the general tone of industrial
issues have been firmer during the week. Liggett & Myers
Tobacco 7s, 1944, sold down to 130% from the recent 134
mak. Tire and rubber issues were stronger, with U. S.
Rubber 5s, 1947, gaining 1% to 951 and Goodrich 6s, 1945,
4,
advancing 1% to 95%. In the steel group, Youngstown
Sheet & Tube 5s, 1970, rose 1 to 94%, and General Steel
Castings 5%s, 1949, advanced 1 to 89. In the amusement
4
classification the Paramount issues have been strong and
active, the Paramount Famous Lasky filed 6s, 1947, for
example, advancing 1% to 70. Loew's 6s, 1941, gained lh
point to close at 101%, while Warner Bros. Pictures 6s,
1939, declined 1% to 54%. Speculative sugars rallied, Francisco Sugar 7%s, 1942, at 26% being up 2%, and Eastern
Cuba Sugar 7%s, 1937, advancing % to 9.
The foreign bond market was fairly strong, with no outstanding movements in either direction. Italian issues lost
some ground, due to threats of war, while Chilean and Argentine bonds also declined a point or two. Gains of minor
proportions were seen in Belgian, German, Polish and Brazil
obligations.
Moody's computed bond prices and bond yield averages
arc given in the following tables:
On Feb. 25 1927, the date of the passage of the so-called "McFadden
bill." there were in existence in the National system 372 branches as compared with a total of 1,264 branches in existence on Oct. 31 1934.
During the intervening period 1,651 branches have been added to the
system, of which 834 were de novo branches, 307 were branches of State
banks which convected into National associations, and 510 were brought
Into the National system through consolidations of State with National
banks, while 759 branches were relinquished, of which latter number 538
went out of the system through the liquidation of the parent institutions,
and the remainder, 221, were discontinued through consolidations and
for various other reasons. The net result of these operations was a gain
for the National system of 892 branches for the period under discussion.
In the year ended Oct. 31 1934 a net gain of 53 branches in existence
was recorded, 113 de novo branches being established, 64 of which were
authorized under the Banking Act of 1933 in places other than local. There
were no branches brought into the system during this period through
the conversion of State banks, or the consolidation of State banks with
National banks.
Sixty branches were lost to the National system, 38 through liquidation
of the parent bank and 22 through action of the directors and shareholdç.x.. . .
T
e Editer, he Proposed
Banking Act
(
rThe Commercial and Financial Chronicle:
It is to be regretted that the highly volatile subject of
banking has been introduced into the combustion chambers
of the National Legislature. It is inconceivable that all the
far-reaching ramifications of the Banking Act of 1935 will
be scrutinized to the extent they should be. Some of its
assumptions, inaccurate though they are, will be taken for
granted by unschooled legislators.
I am thinking particularly about the provision which contemplates the re-entry of commercial banks into the longterm loan field. The framers of the Act undoubtedly assume
that the chief objection to a long-term loan or mortgage is
its illiquidity. They propose to remedy the situation by
making such instruments eligible for rediscount at the Federal
Reserve "window." That is, I believe, an erroneous assumption.
The chief objection to be found in a long-term loan, if
made by a commercial bank, is not a lack of liquidity, but
rather that funds, so loaned, are far more apt to be used in
enterprises that prove to be uneconomic, before the loan is
amortized. If a lending institution makes a loan for ten
or fifteen years or more, it is a sound asset only if the funds
are used in fulfilling a want, at a profit to the entrepreneur.
On the other hand, if the money loaned is invested in a
venture that becomes unprofitable for the borrower, rediscounting may make it liquid as far as the commercial bank
is concerned, but it is an unsound loan, and should certainly
never be permitted to find its way into the assets of the
Federal Reserve System.
The Course of the Bond Market
MOODY'S BOND PRICES t
(Based on Average Yields)
1935
Daily
Averages
U.S.
120
Govt. DomesRonde
tie
**
Corp.*
• 120 Domestic Corporate*
by Ratings
Asa
120 Domestic
Corporate. by Groups
A
Baa
all.
P. U. Indus.
101.14
100.98
100.81
83.60
83.60
83.23
99.68
99.52
99.20
99.68 107.85
99.52 107.85
99.20 107.85
100.65
100.81
110.49
100.17
100.17
100.17
100.17
100.33
100.33
82.87
82.99
82.50
81.54
80.95
81.42
81.90
82.28
82.38
99.20
99.20
99.04
98.41
97.78
98.25
98.73
99.04
99.04
98.88
99.04
98.41
98.09
97.62
97.62
97.62
97.78
97.94
107.85
107.85
107.85
107.67
107.67
107.85
107.49
107.49
107.31
110.05 100.81
109.31 99.52
109.12 99.52
108.94 98.88
110.79 101.14
108.57 98.73
108.75 99.04
93.11 81.78
84.35
82.26
82.50
81.54
84.60
80.95
83.72
66.38
100.49
99.68
100.17
100.00
100.49
97.78
100.49
85.61
98.73
96.23
95.93
94.58
99.88
94.14
94.58
742.5
107.49
106.78
106.96
106.96
107.85
106.78
106.78
96.54
Aa
Feb. 15- 107.49
14._ 107.45
13-- 107.31
12- Stook
11-- 107.32
9-- 107.37
8-- 107.47
7__ 107.31
6.- 107.27
5.- 107.23
4-- 107.15
2._ 107.11
1_ 107.10
102.30 119.07 110.79
102.14 118.66 110.79
101.97 118.66 110.61
Exohan go Cloe ed101.81 118.86 110.61
101.97 118.66 110.61
101.64 118.66 110.42
101.14 118.45 110.42
100.81 118.25 110.23
100.98 118.25 110.23
101.14 118.25 110.05
101.31 118.25 110.05
101.31 118.04 110.05
Ian. 25-- 107.33
26_
18- 106.79
IL- 106.81
4-. 105.76
High 1935 107.49
Low 1935 105.86
Ellgh 1934 106.81
Low 1934 99.06
Yr.AgoFeb.1514 102.17
1 Yrs.Ago
Pah 15 33 103.08
.
102.14
100.81
100.81
100.33
102.30
100.00
100.00
84.85
118.04
117.43
117.63
117.43
119.07
117.22
117.22
105.37
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
95.03 109.88 100.81
93.11
80.03
97.00
88.23 100.49
82.14 105.37
An 14
61 26
76.57
84.72
91 90
85.35
All
1935
120
Daily
DomesAverages
tie
120 Domestic Corporate
by Ratings
Aaa
Aa
A
Feb. 15_ 4.61
3.71
4.13
4.68
14__ 4.62
3.73
4.13
4.69
13.. 4.63
3.73
4.14
4.70
12... Stock radian go Clog ed4.71
3.72
4.14
11- 4.64
9.. 4.63
4.14
4.70
3.73
8.. 4.65
3.73
4.15
4.72
4.15
7_ _ 4.68
4.74
3.74
6_ 4.70
4.16
4.74
3.75
5._ 4.69
4.16
4.74
3.75
4__ 4.68
4.17
4.74
3.75
2._ 4.67
4.17
4.73
3.75
1_ 4.67
4.73
3.76
4.17
Weekly
Ian. 25._ 4.62
4.70
3.76
4.17
18._ 4.70
4.78
3.79
4.21
4.78
3.78
4.22
11-- 4.70
4- 4.73
4.82
3.79
4.23
Low 1935 4.61
4.68
3.71
4.13
High 1935 4.75
4.83
4.25
3.80
Low 1934 4.75
4.24
4.81
3.80
High 1934 5.81
5.20
6.06
4.43
Yr. AgoFeb.15'34 5.07
4.70
5.20
4.18
I Yrs.A go
Fah 15'22 603
442
826
6.20
120 Domestic
Corporate by Groups
tt
80
ForP. U. Indus. signs
Baa
RR.
5.91
5.91
5.94
4.77
4.78
4.80
4.77
4.78
4.80
4.29
4.29
4.29
6.04
6.06
6.06
5.97
5.96
6.00
6.08
6.13
6.09
6.05
6.02
6.01
4.80
4.80
4.81
4.85
4.89
4.86
4.83
4.81
4.81
4.82
4.81
4.85
4.87
4.90
4.90
4.90
4.89
4.88
4.29
4.29
4.29
4.30
4.30
4.29
4.31
4.31
4.32
6.02
6.01
6.01
6.04
6.05
6.06
6.09
6.12
6.12
5.85
6.02
6.00
6.08
5.83
6.13
5.90
7.58
4.72
4.77
4.74
4.75
4.72
4.89
4.72
5.75
4.83
4.99
5.01
5.10
4.77
5.13
5.10
6.74
4.31
4.85
4.34
4.34
4.29
4.35
4.35
4.97
6.16
6.15
6.22
6.30
6.01
6.33
6.35
8.65
6.21
4.94
5.55
4.72
7.51
8.22
6.52
6.R2
877
10
.01
•These prices are computed from average yields on the basis of one "ideal" bond(4(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate In a more cornprehens ve way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For NfOodY'S index of bond prices by mon hs back to 1928, see the Issue of Feb. 6 1932, page 907.
"Actual average price of 8 long-term Treasury issues. t The latest Complete list of bonds used in computing these indexes was published in the Issue of Oct. 13 1934.
gage 2264. ti Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Volume 140
1047
Financial Chronicle
Indications of Business Activity
-COMMERCIAL EPITOME
THELSTATE OF TRADE
Friday Night, Feb. 15 1935.
There was a tendency in some branches of industry to
recede somewhat, but others continued to surge ahead unmolested. Retail and wholesale trade was of good volume.
Electric output gained 6.8% over the same week in 1934
and shows an increase for the week of 7.7%. Bituminous
coal production rose to a daily average of 1,413,000 tons,
and equaled 8,480,000 tons for the week ended Feb. 2, the
highest weekly total reached since March 1934. Employment and payrolls in New York State in January showed a
gain over 1934. Radio equipment exports last year made
a new record, being valued at $24,857,000 as against $16,126,000 in 1933. The Bureau of the Census reported wholesale automobile financing in 1934 at $890,239,000 as compared with $479,984,000 in 1933. Steel operations, after
16 consecutive weekly increases, declined to 50.8%. Lumber
output, however, showed a gain, and shipments and new
orders showed increases. Furthermore, the output of automobiles showed a further rise. In the retail trade, men's
clothing and furnishings were active, and sales exceeded
those of last year. There was also a better demand for
men's and women's shoes. Retail failures showed a falling
cff. Commodity markets, after displaying easiness early in
the week, showed some rallying power recently, and most
of the early losses were recovered. There seemed to be
less fear of the pending gold clause decision, but its delay
has certainly limited business. Heavy buying orders are
expected to be thrown on the markets if the decision is
favorable to the Government, especially in cotton. Grain
markets, after a poor start, turned firmer later on. Bullish
factors in wheat were a further drop in visible supplies and
small marketings. Corn was higher, owing to a better
inquiry, and the strength of hogs, which rose to the highest
levels seen since December 1930. Rye and oats followed
the action of other grain. Livestock markets were firmer.
Lard was up in sympathy with hogs. Sugar was rather
quiet, but prices were firmer, and at one time reached the
highest levels in five years. Raws were also quiet. Most
refiners boosted the price of refined to 4.50c. Cotton, too,
was weak early in the week, but trade buying recently
steadied the market. Trading was comparatively light.
Cotton goods were in somewhat better demand at firm
prices. Hides were rather active and firmer. Rubber also
showed some improvement. The weather here during the
week was generally fair, with moderate temperatures. On
the 14th inst. rains were very heavy, but had the effect of
clearing the streets of much of the snow that remained
from the storm late last month. The snow removal work,
it is estimated, will cost the city about $4,000,000. Violent
gales did widespread damage and injured several persons
In Los Angeles on the 12th inst. Twelve died and 70 were
hurt in a tornado in East Texas and part of Louisiana.
Roofs of houses were blown off and trees were uprooted
In Groveston, Tex. To-day it was partly cloudy and mild
here, with temperatures ranging from 36 to 47 degrees.
The forecast was for partly cloudy; moderate temperature
to-night; Saturday fair and colder. Overnight at Boston
it was 32 to 38 degrees; Baltimore, 34 to 42; Pittsburgh,
44 to 54; Portland, Me., 30 to 34; Chicago, 38 to 46; Cincinnati, 48 to 56; Cleveland, 46 to 52; Detroit, 40 to 44;
Charleston, 56 to 64; Milwaukee, 34 to 38; Dallas, 50 to 68;
Savannah, 58 to 78; Kansas City, 40 to 50; Springfield, Mo.,
40 to 56; Oklahoma City, 42 to 62; Denver, 20 to 40; Salt
Lake City, 20 to 38; Los Angeles, 50 to 60; San Francisco,
46 to 56; Seattle, 36 to 48; Montreal, 32 to 34, and Winnipeg,
24 to 36.
ended/Jan. 26 showed a loss of 1.3% when compared with
1933 and an increase of 16.9% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
Feb. 9 1935 loaded a total of 280,502 cars of revenue freight
on their own lines, compared with 284,609 cars in the preceding week and 272,914 cars in the seven days ended Feb. 10
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Humber of Cars)
Loaded on Own Lines
Weeks Ended
Feb. 9 Feb. 2 Feb. 10 Feb. 9 Feb.2 Feb. 10
1934
1935
1934
1935
1935
1935
16,716
27,124
21,412
13,214
16,902
12,882
2,573
2,361
3,843
13,165
43,218
3,800
17,950
56,463
5,286
18,888
4,725
Atch. Top. dr Santa Fe Ry
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Ch1cago4Burl.a Quincy RR
ChleagoAllw.St.P.a Pao.Ry __
Chicago & North Western Ry__
Gull CoastiLines
Internat. Great Northem RR
Missourl-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N.Y.Chic.& St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific LinesWabash Ry
16,967
28,720
20,588
13,737
18,054
13,534
2,501
2,738
4,211
13,945
43,516
3,951
17,897
56.304
5,632
19,381
4.935
16.186 4,654 4,781 4,305
28,001 14,050 14,043 12,460
21,296 8,439 8,643 6,706
14,342 6,828 6,833 5.489
16,831 6.828 7,149 6,016
13,898 9,097 9.888 8.709
2,886 1,256 1,337 1,177
2,900 2,081 2,259 1,850
4,468 2,574 2,503 2,565
13,343 7,271 7,035 7.155
39.707 60,628 61,457 58.359
3,587 8,984 9,554 8,111
18,197 3,969 3,649 3.564
52,133 35,755 34,899 30.331
4.633 5,283 4,946 4,684
z
17,896 3
a
4,810 8,471 8,417 7,033
280602 284.809 272.914 184.184 185.371 166.51 1
s Not reported.
TOTAL1LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Feb. 9 1935
Chicago Rock Island & Pacific By.
Illinois Central System
St. Louis-San Francisco Ry
Total
Feb. 2 1935
Feb. 10 1934
20,239
27,392
11,541
20,817
27,973
11,788
19,049
26,068
12,027
59,172
60.578
57,144
Association of American Railroads in reviewing the week
ended Feb. 2 reported as follows:
.
Loading of revenue freight for the week ended Feb.2 totaled 598.164 cars.
This was an increase of 42,396 carslabove the preceding week. 32.763
cars above the correspondingoveek 1n11934, and,an increase of 112,105 Cars
above the corresponding week in 1933.
- Miscellaneous freight loading for the week ended Feb. 2 totaled 210,718
cars, an increase of 21,270 cars above the preceding week, 20.922 cars above
the corresponding week in 1934, and an increase of 57,053 cars above the
corresponding week in 1933.
Loadingjof merchandise less than carload lot freight totaled 154.366 cars.
an increase of 7,578 cars above the preceding week, but decreases of 7,924
cars below the corresponding week in 1934 and 7,596 cars below the same
week in 1933.
Coal loading amountedlto 155.434 cars, an increase of 1,931 cars above
the preceding week, 20.786 cars above the corresponding week in 1934 and
48.0521carsiabove the same week in 1933.
Grain and grain products loading totaled 25,959 cars, an increase of 3.356
cars above the preceding week. but 5,402 cars below the corresponding week
In 1934. It was, however, an increase of 435 cars above the same week in
1933. In the Western districts alone, grain and grain products loading for
the week ended Feb. 2 totaled 16,126 cars, a decrease of 4,767 cars below
the same week in 1934.
Live stock loading amounted to 14.147 cars, an increase of 338 cars above
the preceding week, but decreases of 1,480 cars below the same week in
1934 and 1.890 cars below the same week in 1933. In the Western districts
alone,loading of llve stock for theiweek ended Feb. 2 totaled 10,779 cars, a
decrease of 1,403 cars below the same week in 1934.
Forest products loading totaled 24,361 cars, an increase of 6,439 cars
above the preceding week. 4,115 cars above the same week in 1934. and
9.911 cars above the same week in 1933.
Ore loading amounted to 3,446 cars, an increase of 883 cars above the
Preceding week, 975 cars above the corresponding week in 1934. and 2,026
cars above the corresponding week in 1933.
Coke loading amounted to 9.733 cars, an increase of 601 cars above the
preceding week, 771 cars above the same week in 1934 and 4,114 cars above
the same week in 1933.
All districts except the Southern, which showed a small decrease, reported
Increases for the week of Feb. 2, compared with the corresponding week
In 1934,in the number of cars loadedlwith revenue freight, while all districts
reported increases compared with the corresponding week in 1933.
7.ing of revenue freight in 1935 compared with the two previous years
follows.
1935
Revenue Freight Car Loadings for Latest Week 18,662
Cars Above Like Week of 1934
Loadings of revenue freight for the week ended Feb. 9
1935 totaled 592,560 cars. This is a decrease of 5,604
oars, or 0.9% from the preceding week, but a gain of 18,662
cars, or 3.3% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 was even
more favorable, the present week's loadings being 89,897
oars, or 17.9% higher. For the week ended Feb. 2 loadings
were 5.8% above the corresponding week of 1934, and 23.1%
above those for the like week of 1933. Loadings for the week
Received Irons Conn•rns
Weeks Ended
Four weeks in January
Week of Feb. 2
Total
2.170,471
598,164
2.768.635
1934
2,183,081
565,401
2.748.482
1933
1,924,208
488,059
2.410.267
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Feb. 2 1935. During this period a total of 84 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Pennsylvania System, the New York
Central RR., the Chesapeake & Ohio RR., the Things
Central System,the Louisville & Nashville RR.,the Southern
1048
Financial Chromcie
Pacific RR. (Pacific Lines), the Baltimore & Ohio RR., the
Reading Co., the Norfolk & Western RR., the Chicago,
Feb. 16 1935
Milwaukee, St. Paul & Pacific Ry., the Atchison, Topeka
Santa Fe System,and the Missouri Pacific Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED FEB. 2
Total Revenue
F eight Loaded
Railroads
Total
Croup CAnn Arbor
3hicago Indianapolis & Loulsv_
D. C. C. & St. Louis
7.entral Indiana •
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
.3rand Trunk Western
Vlichigan Central
VIonongahela
V. Y. Chicago & St. Louis
, Marquette
ere
,
ittsburgh & Lake Erie
,
Ittsburgh dr West Virginia_ _
Vabash
Vheeling & Lake Erie
Total
1935
1 2,325
i 3.070
,7,951
962
3,350
10,137
507
1,596
3,381
7,500
865
2,807
10,421
491
1,740
2.679
6,849
590
2,454
9,433
468
340
4434
10,503
1,492
2,943
11,610
1,111
232
4,301
9.573
2,125
2.371
10,340
944
28,302
27,061
24,213
32,633
29,886
5,905
10,224
12,650
131
1,763
9.220
2,075
19,295
2.142
385
328
5,411
7,373
11,741
127
1,387
7,889
1,767
18,930
1.846
387
378
4,197
7,430
10,158
141
1,164
7,291
1,426
17,063
2,206
278
229
6,844
6,298
14,218
1,895
1,064
6,590
36
29.170
1,894
14
219
5,980
5,499
12,321
1,749
968
6,994
20
26,675
2,051
16
184
64,118
57,236
51,583
68,242
62,457
524
1,338
7,760
25
211
323
2,982
3,877
8.136
3.915
3,951
5.632
5,225
1,149
4,935
3,427
475
1,274
7,337
25
156
253
1,955
3,198
7,044
3,910
3,629
4,806
3,621
973
5,039
2,962
395
1,364
7,093
14
170
227
734
3,016
5,237
2.876
3.418
3,797
2,385
836
4,789
2.645
233
1.462
11,510
58
69
2,892
1,274
6,270
9,006
148
8,096
4,472
4,377
662
7.239
2,579
53,410
46,657
38,996
71,098
61,047
;rand total Eastern District._
145,830
130,954
114,792
171,873
153,390
Allegheny DistrictAkron Canton & Youngstown__
3altimore & Ohio
lessemer & Lake Erie
3uffalo Creek & Gauley
)ambrla & Indiana
)entral RR. of New Jersey___.
1ornwall
iumberland & Pennsylvania.-Jgonler Valley
,ong Island
'Penn-Reading Seashore Lines
,
ennsylvania System
Leading Co
Talon (Pittsburgh)
Vest Virginia Northern
Vestern Maryland
544
26,720
1,193
258
1.044
6.340
1
370
185
739
1,068
56,304
13,364
8,149
86
3,255
372
25.808
1,181
298
1,054
4,421
1
352
190
698
995
52,557
13,250
4,874
101
3,018
257
21,340
635
209
a
4,896
1
246
207
914
870
46.389
10,126
3,105
76
2.403
860
14.043
2,045
8
16
10.711
59
20
19
3,163
1,464
34,899
14.776
1,502
634
12,155
1,092
g
34
9,480
49
13
23
2.118
1,433
29,531
13,577
1,068
5,935
4,897
119.620
109,170
91,674
89,520
76,113
Total
r
Pocahontas District:hesapeake & Ohio
forfolk & Western
Torfolk & Portsmouth Belt Line
Irginlan
Total
Southern DistrictGroup ,4tlantic Coast Line
linchfield
Charleston & Western Carolinaourham & Southern *
alnesville Midland
fortolk Southern
ledmont & Northern
ichmond Fred. & Potomac_ _anthem Air Line
outhern System
finston-Salem Southbound
20,586
17,897
900
3,426
19,571
16,165
944
3,224
17,240
13,400
627
2.905
6,643
3,649
990
743
6,149
3,557
1,028
612
42,809
39,904
34.172
12,025
11.346
7,940
1,146
349
128
40
948
456
271
6.727
18,365
135
8,343
1,179
336
156
7,492
803
323
117
1,038
492
292
7,088
19,591
123
1,342
509
244
6,158
17.322
134
4,690
1,501
883
246
100
1,681
743
2,492
3,204
11,626
677
4,892
1,482
978
313
126
1,244
759
2,675
3,335
11,763
568
so
51
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1935
1934
00-
Group BDelaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Westernittsburgh & Shawmut
Pittsburgh Shawmut:& North
1933
1,0.4..m.a.wwwmws,00w4,
Total
1934
w
Ht..27s.C3lm.M.b7m b'oo.
•t.3.too.
00.40toow
1935
Eastern District
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y.N.H.& Hartford
Rutland
Total Loads Received
from Connections
Group B
Alabama Tennessee & Northern
Atlanta BirminghamrkCoast_
Atl. & W.P.-W.111R. of Ala__
Central of Georgia
Columbus NGreenville
Florida Easti,Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin &rSavannah____
MississippirCentral
Mobile & Ohio
Nashville Chattanooga & St. L_
TennesseerCentml
1934
1933
1935
189
668
651
3.486
183
712
657
306
1,312
19.049
18,892
114
134
1,650
2,628
362
130
649
625
3,545
252
946
871
351
1.186
18,272
18,656
115
131
1,663
2,636
385
142
523
571
2.808
153
993
814
222
1,089
16,205
14,905
124
108
1,585
2,488
297
139
641
1,023
2,332
218
609
1,256
371
713
9,409
3,645
328
223
1,416
2,000
717
1934
177
719
1,092
2,470
278
785
1.549
425
721
8.373
3,910
468
233
1,444
2,338
711
50,993
50,413
43,027
25,040
25,683
Grand total Southern District__
87.498
89,101
77,522
52,783
53,818
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern__
Duluth South Shore Sc Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming.___
Minneapolis & St. Louis
Minn. St. Paul & S.S. M
Northern Pacific
Spokane International •
Spokane Portland & Seattle____
799
13,534
2,050
18,054
3,717
697
604
5,295
233
9,640
711
252
1,475
4,835
8,228
62
936
777
14,136
2,326
16,889
3,742
576
455
3,370
267
8,192
526
286
1,719
4,295
7,680
82
1,1041
439
11,518
1,959
13,906
2,793
321
380
2,515
224
6,618
461
195
1,385
3,742
6,203
60
648
1,556
9.866
2,692
7,149
2.688
59
316
5,778
172
2,886
458
117
1,665
2,127
2,331
147
879
1,497
8.802
2,220
5,895
2,561
127
333
3,974
109
1,782
332
82
1,275
2,052
1,088
178
818
71,022
66,422
53,367
40,886
33,988
16,967
2.473
214
13,737
1,652
9,796
3,244
1,223
2,263
487
1.008
1,825
468
48
13,705
162
276
10,064
492
1,175
16,439
2,352
178
14,794
1,738
10,572
3.155
880
2,253
250
1,072
1,908
585
111
12,144
279
350
11,242
351
955
15,885
2,657
170
12,164
961
9,612
2,382
901
1.922
227
1,160
1,616
310
138
9.829
266
249
9.495
788
896
4,781
1,982
29
6,833
917
7,395
2.064
872
1,619
3
897
1,132
211
63
3,517
238
902
6,230
9
1,334
4,164
628
1,
33
5,87R
593
5,663
1,883
717
1.583
5
813
1,029
279
40
3,088
283
908
5,464
3
1,048
82,179
81,608
71,628
41,028
34,790
113
146
206
2,501
2,738
131
1,593
1,077
139
441
713
99
4,211
13,945
31
80
6,912
2.316
5,676
4,083
1,874
18
163
109
135
205
2,554
2,489
162
1,487
1,297
176
398
637
82
4.491
13.657
41
99
7,557
1,909
5,036
3.972
1,553
13
183
108
154
198
2,204
2,407
174
1,334
1,116
196
233
555
67
4.158
12,147
46
135
6,572
1.969
4,417
3,208
1,483
23
a
3,904
282
200
1,337
2,259
1,143
1,695
700
275
787
186
211
2,503
7,035
13
87
3,402
2.117
2,390
3,401
15,025
32
60
3,837
277
156
1.243
1,810
1,087
1,370
898
324
760
197
264
2,833
7,007
19
119
3,267
1.719
2,166
3,251
15,830
31
133
Total
Total
Central Western District
Atch. Top.& Sante Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland_ _ _ _
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City_.._
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern._
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_ _ _
1- itchfield & Madison
Midland Valley
Missouri & North Arkansas_ _ _
Missouri-Kansas-Texas Lines._
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
Ft. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis....
Weatherford M. W.& N. W___
Wichita Falls & Southern
Total
49,206
48,242
28,135
42,904
34,495
27,743
38,688
49,053
36,505
48.325
•Previous figures. a Not available. b PennaYlvanln-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly part 0
Pennsylvania RR.,and Atlantic City RR.,formerly part of Reading Co.
Total
Col. Ayres of Cleveland Trust Co. Finds Natural
Forces Making for Recovery Active on Surface but
Inert at Foundations
"The natural forces making for recovery are active on the
surface of our national economy," says Colonel Leonard P.
Ayres, Vice-President of the Cleveland Trust Co., of Cleveland, "but they are inert at its foundations. There the
constantly renewed uncertainties of the business outlook
continue to discourage new enterprise," observes Colonel
Ayres. Colonel Ayres's comments are made in the Feb. 15
Issue of the "Business Bulletin" of the trust company. In
his observations on business conditions Colonel Ayres refers
to the conditions confronting the railroads, as to which he
says most of the roads "are not earning enough to meet
their fixed charges." We quote, as follows, from his
comments:
It is encouraging that business conditions now are better than they were
a year ago, but it is disquieting that despite their improvement they are
fundamentally closely similar to those that prevailed early last year.
The
improvement is clearly shown in the basic factors of employment, production, and trade. Business activity was expanding in the early weeks of
last year, as It is now, but this time it is doing so at higher levels. The
latest month for which we have complete figures in most of the important
series is December 1934, which we may compare with December of 1033.
The volume of industrial production moved up last year from 69 in
December of 1933 to 77 in December of 1934. Factory employment
increased from 74 to 78, and payrolls from 55 to 63. Freight loadings
went from 56 to 66, and the value of department store sales from 121
to 133. These are all important increases, and they are considerable in
amount. All the data are from the Federal indexes, in which the average
for 1923, 1924 and 1925 is taken as equal to 100, and all are data that
have not been corrected for seasonal variations. The relative advances
have been at least largely maintained in January and February.
However, despite the increases in production and in freight loadings,
most of the railroads are not earning enough to meet their fixed charges
and have anything left over for replacements and improvements. They
must shortly meet heavy increased wage payments, and it is clear that they
cannot be good customers of the heavy industries this year. The volume
of building construction has remained at very low levels during four
years in spite of the enormous expenditures for public works, and the
amount of new residence building is still almost negligibly small. Still
more serious is the fact that there has been no revival of the capital
markets where the new corporate issues in 1934 were less than one-twentieth
as large as they were in 1930.
Financial Chronicle
Volume .141)
Moody's Daily Index of Staple Commodity Prices
Continues Recovery Movement
Primary commodity markets displayed a return of confidence in an increasing degree during the week under
review. Moody's Daily Index of Staple Commodity Prices
advanced 1.8 points to 157.4. In two weeks there has been
a recovery of about two-thirds of the decline from the high
point reached on Jan. 9.
Ten of the fifteen staples included in the Index closed the
week at higher levels, three declined, and two, copper and
cotton, were unchanged. The most important advance was
in hogs, which reached the highest levels in over four years.
Corn, hides and wheat were next in line as important contributors, while wool tops, sugar, silk, silver, lead and
cocoa also scored fair advances. Of the declines, the only
considerable one, in coffee, was the result of a change in
Brazilian exchange regulations, and those in steel scrap and
rubber were only fractional.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri..
Feb. 8
Sat.. Feb.9
Mon., Feb. 11
Tues., Feb. 12
Wed.. Feb. 13
Thurs., Feb. 14
Fri..
Feb. 15
155.6
155.6
155.1
Holiday
156.0
156.7
157.4
2 Weeks ago,Feb. 1
Month ago --Jan. 15
Year ago.
Feb. 15
1933
-High, July 18
Low, Feb. 4
193445 High Jan.8 1935
Low Jan.2 1934
153.5
155.0
140.0
148.9
78.7
160.0
126.0
"Annalist" Monthly Index of Business Activity
Increased Sharply During January
A further sharp increase during January brought the
"Annalist" Index of Business Activity to the highest level
since July 1933. The preliminary figure is 83.9, as compared with 78.5 for December, 71.2 for November, 80.2 for
May, last year's high, and 89.3 for July 1933. With the
exception of the 1933 high, the combined index is at the
highest level since May 1931. In noting the foregoing, an
announcement by the "Annalist" continued:
The most important factor in the rise of the combined index was an
estimated gain in the adjusted index of cotton consumption. Substantial
gains were also recorded by the adjusted indices of electric power production, steel ingot production, pig iron production, freight
-car loadings and
automobile production. On a weighted basis, the gains for the power,
steel and pig iron indices were about the same. The power and automobile
Indices are based on estimated output. Only two of the components for
which data are available declined last month. The adjusted index of silk
consumption declined 7.5 points, while the adjusted index of zinc production decreased 1.4 points. Data are not available on wool consumption.
boot and shoe production, lumber production and cement production.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and, where necessary, for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1930.
or
hi
TABLE I
-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
January
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined Index
December
66.2
63.1
69.1
57.3
52.3
37.2
a100.3
97.6
695.7
84.3
--*123.1
37
3
74.6
November
58.9
42.8
33.3
93.6
86.0
102.2
60.8
97.9
43.5
42.5
42.3
68.0
71.2
c107.0
-95s
46.3
----43.9
66.7
•83.9
*78.5
TABLE II
-THE COMBINED INDEX SINCE. JANUARY 1930
1935
January
February
March
April
May
June
July
Anglin
September
October
November
December
1934
1933
1932
1931
1930
*83.9
73.1
63.0
70.1
81.4
102.1
76.7
61.6
68.1
83.1
102.5
78.9
58.4
66.7
85.1
10 .5
80.0
64.0
63.2
86.4
101.8
____
80.2
72.4
69.0
85.1
98.5
.
77.2
83.3
60.4
82.6
97.1
. . 73.2
89.8
59.7
83.1
93.1
71.1
83.5
61.3
78.9
90.8
66.5
76.4
65.2
78.3
89.6
70.5
72.3
65.4
72.6
86.8
71.2
68.4
64.7
72.2
84.4
*78.5
69.5
64.8
72i
ice 9
•Subject to revision. a Based on an estimated output o 8,496,000,000 kwh.
as against a Geological Survey total of 8,039,000,000 kwh. in December and 7.631,000,000 in December 1934. b Based on an estimated output of 540,000 bales, as
against Department of Commerce total of 413,535 bales for December and 508,034
bales in January 1934. c Based on an estimated output of 306.000 can and trucks.
as against Department of Commerce total of 185,919 cars and trucks in December
and 163,811 cars and trucks in January 1934.
1049
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
Feb. 11 1935
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
h All onmmorlItleg an old dollar basis_
Feb.5 1935
Feb. 13 1934
121.6
128.1
*105.8
157.5
109.6
112.1
98.6
80.1
124.0
74.0
92.2
120.6
107.1
127.1
122.4
a106.3
160.1
156.5
109.6
105.0
112.1
113.5
98.6
99.5
80.0
87.0
123.7
108.5
74.0
65.3
•Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
Decline in Retail Prices During January, According to
Fairchild Retail Price Index
While retail 'prices of foods have been tending sharply
higher during the past several months, prices for general
merchandise have been tending lower, according to the
Fairchild Publications Retail Price Index, which declined
five-tenths of 1% on Feb. 1, as compared with Jan. 2,
besides showing a decline of 2% under Feb. 1 a year ago.
Retail prices have been sagging for nearly a year following
the peak reached on April 1 1934; it is further pointed out
that the sagging tendency has been much more orderly
as may be noted by the decrease of only 3.2% from April 1
1934 to date. The announcement issued by Fairchild
Publications Feb. 14 continued:
The index on Feb. 1 at 86.8 (Jan. 2 1931=100), while showing a gain
of 25% from the May 1933 low, nevertheless shows a decline of 26.7%
below the November 1929 high. It may, therefore, be noted that despite
the sharp upturn in quotations from the 1933 low to the 1934 high, current
prices have only retraced about half of the 1929-33 losses.
For the first time in several months none of the major classifications
showed advances. Piece goods, women's apparel and home furhisnings
recorded the greatest declines. Women's apparel also showed the greatest
decline below a year ago, as well as below the 1934 high. Infant's wear
showed the smallest decline as compared with the 1934 high.
In discussing the current trend of retail prices, A. W.Zelomek, economist
for the Fairchild Publications, points out that the sagging tendency In
general merchandise is not only favorable to retailing, in that it has tended
to eliminate consumer resistance, but it is also important from a consumer's
standpoint. The lower prices will make possible sustained purchases of
merchandise. It will tend to offset to a great extent the increased percentage of the family budget absorbed by food purchases.
-JANUARY 1931=100
THE FAIRCHILD RETAIL PRICE INDEX
(Copyright 1935. Fairchild News Service)
May 1
1933
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets & comfortables
Women's apparel:
Hosiery
iAprons & hOUlierdre8Bef
Corsets and brassieres
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear_ _Hats and Caps
Clothing, incl. overalls
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical instruments
Luggage
Elec, household appliances
China
Feb. 1
1934
April 1
1934
Dec. 1
1934
69.4
65.1
70.7
71.8
76.4
70.2
88.5
84.2
86.5
89.5
91.0
86.5
89.6
85.9
88.9
91.2
93.6
88.7
57.4
69.2
68.6
70.0
81.9
100.6
65.0
72.9
Jan. 2
1935
Feb. 1
1935
87.4
86.1
87.3
88.8
94.3
89.2
87.2
*86.0
87.4
88.1
93.9
88.5
86.8
85.8
87.4
87.9
93.9
88.2
70.9
80.3
106.6
66.7
83.4
108.2
68.9
82.9
108.2
66.8
82.4
108.2
93.9
93.1
97.6
97.3
97.7
100.3
96.2
98.6
96.6
98.0
59.2
75.5
83.6
66.8
69.2
76.5
79.5
101.7
96.2
88.2
87.8
83.3
79.4 1
103.4 A
96.2 A
92.7
89.9
86.0
76.3
102.2
92.6
93.1
86.0
82.6
64.9
69.6
74.3
69.7
70.1
76.3
85.8
93.2
90.3
79.1
83.1
87.9
87.4
95.2
92.2
81.4
87.2
89.8
87.2
92.9
84.6
81.7
87.2
90.1
87.2
92.5
86.5
81.8
86.9
90.0
87.2
92.4
86.6
81.6
87.1
90.0
74.0
74.3
80.9
69.4
79.9
50.6
60.1
72.5
81.5
90.2
91.9
90.9
97.1
96.3
57.9
80.2
77.1
90.1
95.2
94.9
90.6
96.7
97.8
60.6
80.6
78.0
93.0
97.4
94.0
91.5
95.6
101.6
60.1
76.6
77.4
91.6
96.8
93.5
91.4
94.7
101.3
60.2
76.8
77.9
91.1
96.6
93.5
91.5
93.2
101.1
60.0
76.5
77.8
90.6
75.9
76.1
102.4
102.5
92.4
92.3
89.9
90.4
85.1
85.5
82.181.7
•Revised.
Wholesale Commodity Prices Up Slightly During Week
,
of Feb. 9, According to National Fertilizer AssoI ciation-Index Highest Since Jan. 17 1931
The index of wholesale commodity prices of the National
Fertilizer Association rose slightly during the week of
Feb. 9 to 77.9, based on the 1926-28 average as 100, compared with 77.7 the week before, 77.7 two weeks before, 77.1
three weeks before, and 77.6 four weeks ago. The index
Increase of 0.3 Points During Week of Feb. 11 Noted last week was at the highest level since the week of Jan. 17
in "Annalist" Weekly Index of Wholesale Com- 1931. The highest point in 1934 was 76.6 reached in the
modity Prices
week of Sept. 22. The increase last week was due in large
The "Annalist" Weekly Index of Wholesale Commodity part to a continued rise in the prices of cattle and hogs,
Prices rose 0.3 points during the week to a new high for the which were the highest in four years. The Association
current advance, touching 124.0 on Feb. 123.7 (revised) further reported on Feb. 11:
Three of the component groups of the index advanced last week and
Feb. 5. The "Annalist" also stated
three declined. Advances occurred in the foods, grains, feeds and liveThe rise was due to higher prices for livestock and the meats except veal.
for lard, wheat and the other grains, butter, rubber and crude petroleum.
Losses in hides, coffee, cotton yarn and refinery gasoline only in part
offset the advances elsewhere.
stock. and fats and oils groups. The rise in the foods group was due largely
to higher prices for eggs, pork, and potatoes. The only item of this group
to decline was cornmeal. Grains and feedstuff prices were generally lower.
but these declines were much more than offset by higher livestock quota-
1050
Financial Chronicle
tions. The sharp:advance In the prices of fats and oils which has been in
progress for the past several months,continued,in the last week, with six
Items in this group moving upward. The:decline in the textiles group was
the result of slight decreaseslinicotton, cotton yarns, burlap, and silk.
No textile items registered increasesllast week. There was a small decline
in the fuel group, the net result of lower gasolinelprices and a rise in crude
petroleum. Lower prices for hides, news
-roll paper, and crude rubber
resulted in a small decline for thelmLscellaneous group.
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
Group
23.2
16.0
12.8
10.1
8.5
6.7
6.6
8.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing geode
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements__
Latest
Week
Feb. 9
1935
Preceding
Week
Month
Ago
Year
Ago
78.3
68.9
86.9
69.1
69.8
88.3
78.8
81.8
85.4
83.0
94.0
65.8
76.5
100.6
77.4
69.5
86.1
69.3
70.3
88.3
78.8
81.8
85.4
82.5
94.0
65.8
76.5
100.6
77.1
69.7
86.7
69.9
70.6
88.4
78.8
81.9
85.5
75.9
94.0
66.1
76.9
99.7
71.6
68.2
54.4
72.1
69.0
84.9
79.1
78.5
85.2
53.4
93.0
67.4
74.5
92.3
77.9
77.7
77.6
Feb. 16 1935
Electric output during the week ended Feb. 2 1935 totaled
1,762,671,000 kwh. This was a gain of 7.7% over the
1,636,275,000 kwh. produced during the week ended Feb. 3
1934. The Institute's statement follows:
PERCENTAGE
Ifajar Geographic
Divisions
Week Ended
Feb. 9 1935
OVER 1934
Week Ended
Feb. 2 1935
Week Ended
Jan. 19 1936
Week Ended
Jan. 26 1935
New England
Middle Atlantic
Central Industrial_ _ _ _
West Central
Southern States
Rocky Mountain
Pacific Coast
2.8
4.5
8.8
9.1
7.9
15.2
4.7
5.5
6.4
9.5
8.5
8.9
10.8
2.7
8.0
8.6
14.2
7.4
10.3
13.6
0.5
6.4
7.1
11.9
6.8
11.0
11.7
5.8
Total United States_
6.8
7.7
10.6
9.4
70.7
Arranged in tabular form the output in kilowatt-hours of
the light and power companies of recent weeks and by
months is as follows:
DATA FOR RECENT WEEKS
Week of-
1935
1934
Weekly Data for Precious Years)
in Millions of Kilowatt-Hours
P. C.
Change
1933
100.0
All groups combined
Department Store Sales During January According to
Federal Reserve Board-Decrease of More Than
Estimated Seasonal Amount Reported
Preliminary figures on the value of department store sales
show a decrease from December to January of more than the
estimated seasonal amount. The Federal Reserve Board's
index, which makes allowance for differences in the number
of business days and for usual seasonal changes, was 72 in
January, on the basis of the 1923-25 average as 100, compared with 76 in December and 73 in November. In its
announcement issued Feb. 13, the Board further announced:
In comparisonlwith a year ago, the value of sales for January was 4%
larger. The largest increases compared with last year in total sales for the
month were shown in the Cleveland and San Francisco districts, while a
decrease from a year ago was reported for the Boston District.
PERCENTAGE CHANGE FROM A YEAR AGO
No. of
Reporting
Stores
+5
+9
+11
63
52
29
27
50
39
55
37
43
18
20
80
-1-4
No. of
Cities
to
l•O NI ..)
b3 b.,
1-,
IN
1b2 oP“.0 b0 1D oP.-• Gi CO OD
,,
=,
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
January •
801
-4
,
1
+2
+14
+6
+6
+9
+2
mt..)
227
•January figures preliminary: in most cities the month had the same number o
business days this year as last year.
Sales of 24 Chain Store Companies Increase 6.47%
During January
In January six grocery chains made a very good showing,
sales increasing 10.14%. Safeway Stores showed the largest
increase, 14.3%,according to a compilation made by Merrill,
Lynch & Co., investment bankers.
Twenty-four chain store companies, including two mail order companies,
reported total sales of $151,006,916 for January 1935, compared with
$141,831.776 for January 1934, an increase of 6.47%. The two mail
order companies alone reported sales of $39,511,716 for January 1935,
compared with $35,165,229 for January 1934, an increase of 12.36%.
Excluding the two mall order companies, the 22 chain store companies
alone reported aggregate sales of $111,495,200 in January 1935 compared
with $106,666,517 in January 1934, an increase of 4.52%. The increase
shown by 22 chain storelcompanies of only 4.52% is due largely to a decrease of 2.58% shown by eight 5
-and-10-cent chains. This decrease by
-and-10-cent chains was somewhat due to the large business these com5
panies did in December, when their,sales showed an increase of 9.44%,
and also to bad weather which prevailed in January.
Following is the percentage of change of the groups for January 1935
over January 1934:
10.14% Inc.
6 Grocery chains
2.58% Dec.
8 Five-and-ten-cent chains
3.49% Inc.
4 Apparel chains
9.70% Inc.
2 Drug chains
31.90% Inc.
1 Shoe chain
28.00% Inc.
1 Auto supply chain
Total, 22 chains
2 Mall order companies
4.52% Inc.
12.36% Inc.
6.47% Inc.
Total. 24 chains
-4,-- •
Electric Production for Latest Week 6.8% Above
Corresponding Week of 1934
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 Feb.9 1935 totaled 1,763,696,000 kwh. Total output
for the latest week indicated a gain of 6.8% over the corresponding week of 1934, when,output totaled 1,651,535,000
kwh.
1931
1930
1929
1,619
1,602
1,598
1,589
1,589
1,579
1,545
1.512
1,714
1,717
1,713
1,687
1,679
1,684
1,680
1.633
1,680
1,816
1,834
1,826
1,809
1,782
1,770
1.746
1,542
1,734
1,737
1,717
1,728
1,726
1,718
1.699
DATA FOR RECENT MONTHS
Month ofJanuary... _
February___
March
April
May
June
July
August
September _ _
October.__ ..
November,.
December....
1934
1933
7,131,158,000
6,608,356,000
7.198.232,000
6,978,419,000
7,249,732,000
7,058,116,000
7,116,261,000
7,309,575,000
6,832,260,000
7,384,922,000
7,160,756,000
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
8,831,573,000
7,009,164,000
Total
Federal Reserve District
1932
1,426
1,495
1,484
1,470
1,455
1.483
1,470
1.426
Jan. 5_. _ 1,668,731,000 1,563,678,000 +6.7
Jan. 12. _ _ 1,772,609,000 1,646,271,000 +7.7
Jan. 19.._.. 1,778,273,000 1,624,846,000 +9.4
Jan. 26.__ 1,781,666,000 1,610,542,000 +10.6
Feb. 2_ _ _ 1,762.671,000 1,636,275,000 +7.7
Feb. 9...... 1,763,696,000 1,651,535,000 +6.8
Feb. 18..__1,640,951,000 ____
Feb. 23__ _
L64648& 000 ___
%
Change
1932
1931
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
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
6,633,865,000
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
7,166,088,000
7,099,421,000
7,331,380.000
6,971.644,000
7,288,025,000
80.009.501.000
77.442.112.000 88.063.969.000
Note
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
United States Department of Labor Reports Wholesale
Commodity Prices Unchanged During Week of
Feb. 9
The general level of wholesale commodity prices was
unchanged during the week ending Feb. 9, the Bureau of
Labor Statistics of the United States Department of Labor
announced Feb. 14. The average level of prices remained at
79.1% of the 1926 average, the highest level reached since
the inauguration of the weekly index in January 1932. The
announcement by the Bureau further said:
The Feb. 9 index is nearly 33% above the low point reached on March 4
1933. As compared with the corresponding week of a year ago, this week's
index is higher by 8% and when compared with the corresponding week of
1933,the index is up by 31%. Since prices began to advance late in November of last year, the accumulated rise has been nearly 4%.
Of the 10 major groups of items covered by the Bureau, three groups
foods, chemicals and drugs, and housefurnishing goods-registered increases
from the previous week. Six groups
-farm products, hides and leather
products, textile products, fuel and lighting materials, building materials,
and miscellaneous commodities
-showed decreases, while the group of
metals and metal products was unchanged.
Foods and chemicals and drugs have reached a new peak. All other
groups are lower than the previous highs ranging from 1% for farm products to 9% for textile products. All of the 10 major groups of commodities
Included in the index showed substantial increases over the low point
reached since Jan. 1932. Farm products registered the greatest rise with an
increase of 94% over the low reached on Feb. 4 1933, when the index was
40.2. Foods have advanced 54% over the low of March 4 1933. Textile
products are 3734% above the low of March 4 1933, and hides and leather
products 28% higher than the low of March 4 1933. Other increases over
their respective low points ranged from 11% for metals and metal products
over April 8 1933, to 22% for fuel and lighting materials over the low of
June 10 1933.
Index numbers for the high and low weeks since Jan. 2 1932, the week of
Feb. 9 1935, and percent of change are shown in the following table:
Commodity Groups
Feb. 9
1935
Dale and High
P. C.
of
Dec.
Date and Low
P. C.
of
Inc.
All commodities_
79.1 Feb. 9 1935 79.1 0.0 Mar. 4 1933 59.6
32.7
Farm products
Food
Hides and leather products
Textile products
Fuel and lighting materials
Metals rir metal products
Building materials...
Chemicals and drugs_
Housefurnishing goods
Miscellaneous
All commodities other
than farm products
and foods
78.1 Jan. 26 1935 79.0 1.1 Feb. 4 1933 40.2
82.3 Feb. 9 1935 82.3 0.0 Mar. 4 1933 53.4
94.3
54.1
86.6 Sept. 2 1933 92.9 6.8 Mar. 11 1933 67.5
69.6 Feb. 24 1934 76.7 9.3 Mar. 4 1933 50.6
28.3
37.5
74.3 Nov. 17 1934
76.1 2.4 June 10 1933 60.8
22.2
85.2
84.7
80.4
82.3
70.1
88.8
87.8
80.4
83.9
71.2
Apr. 8 1933 76.7
Aug. 13 1932 69.4
Apr, 15 1933 71.2
May 6 1933 71.7
Apr. 8 1933 57.6
11.1
22.0
12.9
14.8
21.7
79.2 1.8 Apr. 22 1933 65.5
18.8
May
June
Feb.
May
Dec.
12 1934
30 1934
9 1935
26 1934
15 1934
77.8 Apr. 28 1934
4.1
3.5
0.0
1.9
1.5
Farm products recorded a drop of 0.3 of 1% during the week. The
decline was due to a 2.4% decrease In prices for livestock and poultry
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF FEB. 9.
FEB. 2, JAN. 26, JAN. 19 AND JAN. 12 1935, AND FEB. 10 1934. AND
FEB. 11 1933 (1928=100.0)
Feb. 9 Feb. 2 Jan 26 Jan 19 Jan 12 Feb.10 Feb.11
1935 1935 1935 1935 1935 1934 1933
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
products and foods
79.1
79.1
79.0
78.5
78.6
73.3
60.2
78.1
82.3
86.6
69.6
74.3
85.2
84.7
80.4
82.3
70.1
78.3
81.5
86.8
69.9
74.4
85.2
84.9
80.2
82.2
70.2
79.0
80.9
86.8
70.0
74.3
85.2
84.9
80.0
82.1
70.6
76.7
79.8
86.8
70.0
74.0
85.3
84.8
79.8
82.1
70.7
77.2
79.7
86.9
70.0
74.2
85.6
84.8
79.6
82.2
71.0
61.4
66.8
90.5
76.4
73.9
85.0
86.3
75.1
81.9
68.5
41.2
54.4
68.1
51.0
64.7
77.9
69.6
71.4
72.7
60.6
77.8
77.9
77.9
77.9
78.1
78.7
as 6
Trend of Business in Hotels According to Horwath &
Horwath-January Sales Above Year Ago
In their review of the trend of business in hotels, Horwath
& Horwath state that "again in January as in December the
sales increases over the corresponding month of the year
before were smaller than they had been running for some
time." The firm said:
This is especially true of the restaurant department which, with the
beginning of this year, began competing with full months of liquor sales in
1934. Thus:
INCREASES OVER SAME MONTH A YEAR AGO
Increases over Same Month a Year Ago
Total
Sales
November
December
January
Average for 3 months
Room
Sales
Restaurant
Saks
26%
16%
15%
19%
13%
10%
12%
12%
43%
21%
20%
28%
Occupancy at 64% is 6 points above that a year ago,whereas recent months
have shown gains of only 3 points; and the seasonal rise over December is
the sharpest ever recorded-10 points. Nevertheless, the January 1935,
average is 8 points below the January average prior to 1930.
Rates made better comparisons with last year in Chicago and Detroit.
but in the group, other cities, the gain was slightly less than usual. However, the average for the country continued to exceed that of a year ago
and there have been no decreases in this average since last February.
Encouraging though the sales increases have been during the last year,
the total hotel business throughout the country has, since last June, remained approximately 35% below that of five years ago, as the following
table shows.
1051
Financial Chronicle
Volume 140
1.1% in grains; and 1.2% in other farm products, including beans, lemons,
hay, hops, seeds, white potatoes and wool. Average prices of cotton, eggs,
apples and oranges, on the other hand, were higher. The present farm products index, 78.1, is 27% higher than a yearlagoland 90%higher than two
Years ago, when the indexes were 61.4 and 41.2, respectively. It is 0.4 of
1% above the index of all commodities other than farm products and foods.
Wholesale food prices are up 1%, due to advances/of 1.8% in the subgroup of other foods, 1.6% in butter, cheese and milk, 1.4% in fruits and
vegetables and a slight advance in meats. Cereal products recorded a
small decrease. Price increases were reported for butter,cheese, evaporated
milk,fresh and cured pork,lard, oleo oil, raw sugar, tea and vegetable oils.
Important food items decreasing in prices were oatmeal,flour, dried fruits.
Iamb, mutton, veal and coffee. Since Dec. 8 of last year, wholesale food
prices have shown a steady upward tendency with an accumulated rise of
nearly 10%. The index for the group. 82.3,is 23% higher than a year ago,
when the index was 66.8, and 51% above two years ago, when the index
was 54.4.
Advances in prices for certain chemicals resulted in the group of chemicals
and drugs increasing 0.2 of 1% to a new peak. Mixed fertilizers and fertilizer
materials were slightly lower, while drug& and pharmaceuticals remained
unchanged from the previous week. The present index for the group as a
whole, 80.4,is the highest since May 1931.
The index for housefurnishing goods, 82.3, was 0.1 of 1% higher because
of advancing prices for furnishings. Furniture, on the other hand, was
fractionally lower.
Textile products declined to 69.6% of the 1926 average due to lower
prices for clothing, cotton goods,silk and rayon,and other textile products,
Including burlap and jute. Average Prices of knit goods and woolen and
worsted goods were unchanged.
Hides and leather products with an index of 86.6 decreased 0.2 of 1%•
Higher prices for harness were offset by a drop of 1% in hides and skins.
The sub-group of shoes showed no change.
Building materials also registered a decline of 0.2 of 1% because of lower
prices for brick and tile and lumber. The sub-groups of cement, paint and
paint materials, plumbing and heating fixtures, structural steel, and other
building materials remained stationary.
Declines of approximately ;i of 1% in anthracite coal and petroleum
products forced the index of fuel and lighting materials down 0.1 of 1%•
Average prices of bituminous coal and coke remained unchanged.
In the group of miscellaneous commodities an increase of over 3% in
crude rubber was more than counter-balanced by a drop of3% in cattle feed
resulting in a decrease of 0.1 of 1% in the index for the group as a whole.
Automobile tires and tubes, paper and pulp, and other miscellaneous
commodities remained at the level of the previous week.
For the third consecutive week the group of metals and metal products
have remained unchanged at 85.2. Advances in average prices of certain
agricultural implements were counter-balanced by falling prices of pig
lead and bar silver. The sub-groups of iron and steel, motor vehicles, and
plumbing and heating fixtures were unchanged.
The general level for the group of "All commodities other than farm
products and foods" declined 0.1 of 1% from the level of the week before.
The present index, 77.8, compares with 78.7 for a year ago and 66.6 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 average prices of the year 1926 as 100.0.
The following table shows index numbers of the main groups of commodities for the past five weeks and for the weeks of Feb. 10 1934 and
Feb. 11 1933.
TOTAL SALES DECREASES FROM SAME MONTHS. FIVE YEARS AGO
Aug.
Nov.
Dec.
Jan.
33.8
2.7
53.4
26.8
50.3
41.2
41.0
37,8
37.1
19.1
45.1
21.7
41.3
35.3
42.2
85.1
36.2
38.0
48.6
20.6
36.5
84.2
39.7
33.1
36.5
40.4
48.3
18.9
39.5
25.5
39.6
31.8
84.4
40.9
44.0
14.5
43.0
28.8
39.0
820
36.1
Total
Oct.
33.2
5.6
52.1
20.1
41.7
44.9
38.5
37.6
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others
Sept.
36.4
36.0
34.1
38.6
34.3
The following analysis by cities was also issued by Horwath
& Horwath:
TREND OF BUSINESS IN HOTELS IN JANUARY 1935 COMPARED
WITH JANUARY 1934
Saks.
Percentage of Increase (+)
or Decrease (-)
Total
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others
Total
Rooms, Restaurt
Room
Rots
PIITC4191all0
Same Ise.(+)
w
This
Month
lifonth Last Year Dec (-)
Occupancy
+6
+9
+17
+14
+15
+32
+19
+11
+18
+7
+10
+17
--5
+9
+18
+20
+12
+13
+6
+8
+18
+29
+22
+52
+18
+8
+25
67
67
46
61
61
59
48
68
63
+15
+12
+20
64
62
-1
37
63
62
39
62
56
-5
-2
-2
+4
-2
+2
+1
58
+1
es
55
+8
United States Chamber of Commerce Forecasts Con-Industrial Level
tinued Business Improvement
Last Year Estimated at 25% above 1932
Business improvement continued to be evident during
January, the Chamber of Commerce of the United States
said in its weekly review of Feb. 9, adding that "barring the
intervention of disturbing, artificial and arbitrary influences,
there is ahead more improvement in the durable goods fields
and renewed advance in the industries that offer products
for immediate consumption." Industrial production in
1934 was estimated at 25% above 1932, the low year of the
depression, and the Chamber said that this increase was
accompanied by greater employment, with manufacturing
industries alone employing 1,300,000 more wage earners in
December than in the corresponding 1932 month. The
review then added, in part:
If any one should undertake to point out that this general average was
but 5% over the rate for 1933, which was a year of abnormal and uneven
stimulations, be will at once oe met by the encouraging circumstance that
the most pronounced increases, about 25%. in 1934 were in investment
goods, as our foreign friends classify all products which are not for immediate consumption.
Among the durable goods nothing like uniformity was realized or to be
expected. A significant feature was the increasing strength toward the
end of the year in the iron and steel industry, with its wide influences.
The increase in production of iron and steel has continued with acceleration
so far in 1935. giving a good augury for what is ahead unless untoward
developments reverse the present evidences of gathering progress.
This is obviously a period when untoward events would be very detrimental to the national public interest.
The manufacturing payrolls for last December were at least $190,000.000
more than for the same month two years before. All of the statistics
yet available indicate that, instead of showing a moderate seasonal recession, which is normal, employment in manufacturing was maintained in
January at the December level, and perhaps rose higher.
Among the statistics appears remarkable use of electric power, which
in January this year exceeded use in January. 1929. At the end of January
coal was moving by railroad in greater volume than at this time of year
since 1931. So far as checks drawn on bank deposits supply an index of
aeneral business activity, they were 15% over the total for January. 1934.
Lloyd's Shipbuilding Statistics for 1934 and Quarter
Ended Dec. 31
-World Construction of Merchant
Vessels Above 1933
The world's construction of merchant vessels during 1934
was almost double that of 1933, says a statement just issued
(Feb. 6) by Lloyd's Register of Shipping, covering launchings of all vessels of 100 gross tons and upward,for all countries except Russia, for which returns have not been available for some time. The statement continued in part:
Last year's total of 967,419 gross tons showed a gain of 478.000 tons over
1933 and of 241,000 tons over 1932, but is 650,000 tons less than the 1931
figure and 2,365,000 below the total for the last pre-war year, 1913.
Of the 10 leading maritime countries of the world, Lloyd's Register reports all showed gains in construction during 1934 except France and
Sweden. For France. the decline amounted to more than 50%. and for
Sweden to about 20%.
Much the largest gain reported was for Great Britain and Ireland, which
launched about three and a half times as much tonnage in 1934 as in 1933.
the increase amounting to 326.000 gross tons, orImore than two-thirds of
the gain for the entire world. Japan more than doubled its figure for 1933.
and Germany and Denmark made substantial gains. The launchings for
the United States aggregated about two and a half times this country's
production for 1933. but the increase represented only about 14.000 tons.
All the American construction was:carried out on the Atlantic coast.
How launchings in Great Britain and Ireland, the 'United States and the
other maritime countries, taken sea group, have:compared during the last
two years is shown by Lloyd's Register in the following table, the figures
representing gross tons.
1052
Financial Chronicle
1934
Great Britain and Ireland
United States
Other countries
1933
459,877
24,625
482,917
133,115
10,771
345,130
World total
489.016
967.419
Of the 967,419 gross tons of merchant ships launched by all countries
during 1934, a total of 714,587 tons was constructed under the supervision
of Lloyd's Register and intended for classification with that society. Nearly
75%, therefore, of all the world's merchant shipping launched last year was
built to Lloyd's supervision.
Vessels launched during 1934 included 46,757 gross tons constructed for
countries other than those in which the vessels were built, as compared
With only 12,077 tons In 1933.
Launchings of steam and motor tankers of 1,000 gross tons and upwards
each last year were more than double the total for 1933, when no tank
vessels were reported as launched in Great Britain and Ireland, the United
States. Japan and Holland. More than a third of the total tanker launchings last year, however, were in Great Britain and Ireland. . . .
kkOf the total tanker construction, all but 16,744 gross tons represented
motor tankers.
hikThere was a slight increase during 1934 in the production of sailing vessels
and barges, the total launchings for the year being 12.642 gross tons, as
against 9,457 tons in 1933. This type of ship, however, represents little
more than 1% of the total of all classes of vessels. . . .
Numerous changes occurred in the ship production ranking during last
year. The lead in the volume of tonnage launched was retained by Great
Britain and Ireland, who have held it continuously since they displaced the
United States in 1921; and Japan is again in second place. In 1933 Japan
launched 58,000 gross tons less than Great Britain and Ireland, but last
year the gap was widened to 307,000 tons.
Third place is now held by Germany, which was fourth in 1933, and Denmark has come from seventh position to fourth. Sweden has dropped from
third place to fifth, and Holland from fifth to sixth, while Italy has advanced from ninth position to seventh.
The United States, which stood tenth in 1933, has advanced to eighth;
Norway has risen from eleventh to ninth; Spain has fallen from eighth to
tenth, and France has dropped from sixth position to eleventh.
The contrast in the volume of tonnage launched by these various countries during the last two years is shown by Lloyd's Register as follows.
1934
Great Britain and Ireland
Japan
Germany
Denmark
Sweden
Holland
Italy
United States
Norway
Spain
France
1933
459,877
152,420
73,733
61,729
49,542
46,905
26,638
24,625
18,857
18,358
15,950
133,115
74,290
42,195
34,016
60.860
35,899
16,560
10,771
9.718
18,044
34,073
As to shipbuilding during the last quarter of 1934, an
announcement issued Jan. 16 by Lloyd's Register of Ship'.
pingsaid:
A decline of about 43i% in the world production of merchant vessels
during the closing months of 1934 is shown by the returns of Lloyd's Register
of Shipping for the three months ending Dec. 31 1934. The returns, which
show a decrease of about 60,000 gross tons, as compared with the total
under way at the end of September 1934, include all merchant ships of 100
gross tons and upwards, being constructed throughout the world, except in
Russia. In contrast with conditions a year ago, however, the aggregate
tonnage being built in all countries shows a gain of nearly 500,000 gross
tons.
During the quarter just ended,slight decreases in the volume of merchant
ship construction under way were reported for Great Britain and Ireland,
Sweden, Italy and the United States; while there were larger declines for
Japan and Holland. Gains were shown for Germany and Denmark, while
the figure for French production remained practically unchanged.
The present total of world construction is 1.251.722 gross tons, says
Lloyd's Register; and of this amount. 47.7% is being built in Great Britain
and Ireland, 1.6% in the United States, and the remaining 50.7% in the
other shipbuilding countries, taken as a group. Only 757.000 tons were
being produced throughout the world at this time last year, and Great
Britain and Ireland were constructing 43.8% of this, the United States.
1.6% and the remaining countries. 51.6%. Great Britain and Ireland have
been slowly forging back towards tho position they formerly held, when they
built more merchant shipping than all the other maritime nations combined.
The contrast in production between the quarter Just ended and the previous one is shown by Lloyd's Register in the following table of gross
tonnage.
Feb. 16 1935
Of the total of 338,070 gross tons of tankers now being constructed,
287,670 tons are motor vessels.
At this time last year, the total production of tankers of all typos was
only 117.608 gross tons.
Some decreases in the volume of motor ship construction are reported by
Lloyd's Register in the returns for the last quarter. Japan's production of
this type of vessel fell off sharply, and Holland's output was reduced in
somewhat lesser degree. Sweden showed a small decline, as did the United
States. Gains were made during the same period, however, by Great
Britain and Ireland. Germany. and Denmark. The comparative figures for
the past two quarters are given by Lloyd's. as follows, in gross tons.
Dec. 31 1934 Sept. 30 1934
Great Britain and Ireland
Denmark
Germany
Japan
Sweden
Holland
Italy
United States
294.137
74,950
69.211
66,215
60,000
41,698
37.000
503
291,517
72,588
59,401
120,350
64,425
64,100
37,000
2,625
Of all types of merchant ships being constructed, motor vessels now
represent 55.8%. as compared with 58.3% in the quarter ended Sept. 30
last. During the quarter ending Dec. 31 last, there was a decrease of 66.000
gross tons in motor ship production, as against an advance of 6,000 tons for
all other types of vessels combined. The present motorized tonnage of
698,000 tons, however, compares with only 418.000 tons under way at this
time last year. At present, nearly 150,000 tons more of motor ships are
being built than of all other types of vessels combined. Lloyd's Register
shows the contrast for all countries combined, in typos of construction
during the past two quarters, as follows, the figures representing gross tons.
Dec. 31 1934 Sept. 30 1934
Motor vessels
Other types
698,768
552.954
764,909
546,748
Total
1,311,387
1,251,722
•• * During the quarter just ended there was a decline in the total horsepower of all oil engines being built throughout world for marine use, Lloyd's
returns show that the aggregate of 729,469 I.H.P., reported at the end of
the Septembee quarter, fell to 697,204. For Japan there was a decrease
from 112.335 to 90.655; for Sweden, from 82,732 to 80,435; for Denmark,
from 50,100 to 43.700; for Holland, from 61,537 to 27,593; and for the
United States, from 9.005 to 6,830. For Great Britain and Ireland, there
was an advance, from 249,940 to 261,266; for Germany, from 51,120 to
62,135. and for Italy, from 53,500 to 80,700.
Steam turbines being constructed throughout the world showed an
Increase in aggregate shaft horse power, from 616,389 S.H.P. at the and of
September last, to 646.601 at the end of December. Germany's total gained
sharply, advancing from 48.759 to 04,451; while the aggregate for Great
Britain and Ireland dropped from 314,880 to 291,400. France's total of
224,300 remained unchanged, as did the 8,000 figure of the United States.
For steam reciprocating engines building throughout the world for
marine use, there was a decline during the last quarter, from 122.698
I.H.P. to 102,033. Great Britain and Ireland's total of 87,673 decreased
to 77, 858.
Several changes in the relative ranking of the various loading shipbuilding countries occurred during the quarter just ended, says Lloyd's
Register. Great Britain and Ireland continue to hold the lead, with over
450,000 gross tons more of shipping under way than any other country.
Germany, which stood fourth at the end of September last, increased its
output by about 18,000 tons, and moved into second place. France retained
third place, with practically no change in production; but Japan, which had
been second, dropped to fourth position, in consequence of a decrease in
output of 45,000 tons. Denmark, with a small gain in tonnage, continued
to hold fifth place. Holland's production fell 22,000 tons and she moved from
sixth position to seventh, exchanging places with Sweden, whose decreases
was only 4,000 tons. Italy and the United States. with little change in
tonnage, remained in eight and ninth positions, respectively.
Lloyd's Register shows the ranking and production of the various countries during the last two quarters in the following table of tonnage.
Dec. 31 1934 Sept. 30 1934
Great Britain and Ireland
Germany
France
Japan
Denmark
Sweden
Holland
Italy
United States
596,834
139,611
120,952
104,640
78,630
60,140
48,333
37,000
20,103
604,296
120,816
120,868
149,750
74,938
64,565
70,735
37,970
22,225
Of merchant ships of 20,000 gross toms and above, each five are being built
In Great Britain and Ireland, and one in France.
Dec. 31 1934 Sept. 30 1934
Great Britain and Ireland
United States
Other countries
World total
596,834
20,103
634.785
604,296
22,225
684,866
1,251.722
1,311,387
The returns for the quarter ended Dec. 31 last, show that of all merchant
vessels of 100 gross tons each, and upwards, now being built in all countries,
883.190 gross tons are being produced under the supervision of Lloyd's
Register, and are intended for classification with that Society. Included
in this total are 549.818 tons now under way in Great Britain and Ireland,
333,372 tons being in other countries. Lloyd's, therefore, is supervising
more than 90% of all the merchant shipbuilding in Great Britain and
Ireland. and over 70% of the whole world's production. . . .
Lloyd's returns show a continuance of the increase in the construction of
steam and motor tankers of 1,000 gross tons each, and upwards. The tonnage of such vessels now under way is nearly three times as groat as it was
a year ago. Germany and Denmark, especially, Increased their volume of
tanker production during the quarter just ended, while small decreases were
reported for Great Britain and Ireland, Sweden and the United States.
Lloyd's Register gives the comparison of tanker production during the
past two quarters in the following gross tonnage table.
Dec. 31 1934 Sept. 30 1934
Great Britain and Ireland
Germany
Denmark
Holland
Sweden
United States
Other countries
World total
94,000
67,450
52,900
40,270
34,700
18,600
40,150
101,500
38,150
44,100
40,270
43,200
19,842
37,650
338,070
324,712
New York State Factory Employment Declined Seasonally from Mid-December to Mid-January-Payrolls
Up Slightly-Employment in New York City
Dropped Sharply During Month
A seasonal decline in factory employment of somewhat
less than the usual proportions for this time of the year
occurred in New York State during the period from December 1934 to January 1935. According to a statement issued
Feb. 12 by Industrial Commissioner Elmer F. Andrews, the
number of persons employed in New York State factories
decreased 0.8% between the middle of December and the
middle of January. Total factory payrolls, however, registered a slight rise over the monthly period, the statement
said. It continued:
Compared with the corresponding period a year ago, employment this
January with 7.2% greater, and the total amount of wage payments was
12.3% larger. The State Labor Department's index numbers of factory
employment and payrolls, which are computed with the average for the
three years 1925-1927 taken as 100, stood in January at 70.5 and 58.2,
respectively.
This analysis is based on reports from 1,690 representative factories
located in various parts of the State, employing during the middle week
of January 348,960 workers on a total payroll of $8,365,000. These establishments report eaah month to the New York State Department of Labor's
Division of Statistics and Information, which is under the direction of
Dr. E. B. Patton.
Although decreases in employment were scattered generally throughout
the manufacturing industries, the losses were for the most part small and
were counteracted to a large extent by gains in those industries which were
not. seasonally depressed. The largest reduction in working forces occurred
In the food industries, due partly to seasonal tendencies and partly to
strikes at plants producing baked goods. The percentage changes in employment from December to January in the last 21 years are given in the
following table:
Decreases
December to January
Increases
December to January
1916
1920
1053
Financial Chronicle
Volume 140
1.7%
1.0%
1915
1917
1918
1919
1921
1922
1923
1924
1925
1926
0 4%
1 1%
0.4%
5.0%
7.6%
1.6%
0.1%
1 2%
0.5%
0.9%
1927
1.8%
1928
2 1%
1929
0 6%
2 2%
1930
1931
2 7%
1932
40%
1933
3 0%
1934
0 6%
1935 (prelimlnary)..-0.8%
Gains Continued in Metal Industries
A set increase of 2.1% in numbers employed at factories producing metal
products and machinery occurred from December to January, continuing
the rise shown during the previous month. Unlike the December rise,
which was confined mostly to individual plants, the gains in January were
fairly general. Large gains in numbers employed were noted in the iron
and steel and automobile and automobile parts divisions. Smaller increases
occurred at brass, copper and aluminum, sheet metal and hardware,
machinery and electrical apparatus, and shipbuilding and repairing concerns, and at plants producing business machines and miscellaneous instruments and appliances. Silverware and jewelry, structural and architectural
iron, heating apparatus, and railroad equipment and repair shops reported
fewer employees than in December. A slight decrease in working forces
was noted in the firearms, tools and cutlery division.
Slight Net Rise in Clothing Group
Many of the needle trades continued to report reductions in employment
during January, but the losses were offset by large seasonal increases in
activity at men's clothing shops, where manufacturing for the spring
season was in full swing. Mixed movements were noted in the women's
clothing industry, with some plants showing a seasonal upturn in activity
while other factories continued to curtail their forces. Reductions in
employment were reported by the millinery, miscellaneous sewing, men's
furnishings, and laundering and cleaning divisions. A few persons were
also let go by manufacturers of women's undergarments.
Textile Mills Extend Employment Gains
Employment at textile mills increased 3.0% in January, extending the
gains which occurred during the preceding month. The most prominent
rise, as in December, was registered in the carpet and rug industry. Larger
working forces were noted also at silk and silk goods, knit goods, and
miscellaneous textile mills. Manufacturers of cotton goods again went
counter to the general tendency and reported reductions in the number of
operatives.
Employment Curtailed in Other Groups
The food and tobacco group, which had shown a large decrease in employment during December, recorded a further loss of more than 14% in
January. A large part of this decline was due to a strike in the baked
goods industry, which caused employment in that division to be reduced
by more than one-third from December. Large seasonal reductions in working forces were reported by candy plants and canneries. Reduced working
forces were noted in all divisions of the stone, clay and glass group, due
principally to seasonal factors. Net decreases were shown by the wood
manufactures, chemicals, oils and paints, pulp and paper, and printing and
paper goods groups. Most of the industries comprising the furs, leather
and rubber goods group reported seasonal losses in employment, but these
decreases were offset by gains at leather and shoe factories. Water, light
and power plants had the game number of employees as in December.
Sharp Drop in New York City
Employment in New York City factories registered a drop of 4.0% in
January, as compared with December, accompanied by a decrease of 2.8%
In total wage payments. The major part of these decreases was due to
exceptionally large cuts in working forces reported by the food industries.
Strikes occurred at plants producing baked goods, while seasonal curtailment of forces occurred at other food processing concerns. A good-sized
drop in the number of employees was reported also by printing and paper
goods plants.
Most of the needle trades continued to show seasonal decreases, but the
losses were to a great extent offset by re-employment at men's clothing
shops, where manufacturing for the spring trade had begun. Small net
reductions in numbers employed occurred in the stone, clay and glass,
metals and machinery, and chemicals, oils and paints groups. The wood
manufactures, and furs, leather and rubber goods groups showed small
net gains in employment, and some increase in activity was noted at
textile mills and water, light and power plants.
Employment Higher in Four Up-State Cities
Four of the six major up-State industrial centers reported gains in employment and payrolls in January. In Buffalo, the principal gains were in
the metals, especially at plants producing iron and steel and automobiles
and automobile parts. Rochester reported seasonal activity in the shoe
and men's clothing industries. The most prominent increases which
occurred in Binghamton were in the metal products and shoe industries.
The Albany-Schenectady-Troy area showed small net advances in employment and payrolls, with the principal gains occurring at a few of the
metal concerns. Reports from the Utica district show decreases in employment and payrolls, due largely to curtailment at textile mills. In Syracuse the declines were mainly in the metals.
The percentage changes from December 1934 to January 1935 in employment and payrolls in each of the major industrial centers of the State are
given below:
December 1934 to January 1935
City
Emplownent
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester.
Syracuse
Utica
New York City
Payrolls
+0.5
+1.4
+3.4
+1.7
-2.4
+0.4
+6.3
+5.9
+5.2
-2.2
-4.4
-2.8
-4.0
FACTORY EMPLOYMENT IN NEW YORK STATE
(Preliminary)
Percentage Change
Dec. 1934 to Jan. 1935
Industry
Total State
N. Y. City
-6.0
-3.4
-7.1
-15.9
-3.4
+2.1
-6.0
+1.6
+16.9
-4.9
+2.1
-0.6
-7.3
+0.5
+15.4
-1.0
+3.5
+0.5
-1.1
-6.0
-3.4
+1.3
+2.8
+0.1
+0.9
-5.2
+2.1
-8.0
-1.4
-5.6
Stone, clay and glass products
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, <kc
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, are
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta Peralla
Pearl, horn, bone, Ac
Chemicals, oils, paints, Ai,
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
lidLscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
-4.2
No change
+2.6
+12.5
-11.9
-0.3
-10.7
-0.1
+0.9
-1 31i
7
+0.1
43
-5.8
+4.7
-1.5
+1.1
-3.7
-5.4
+5.9
+0.3
+6.3
-5.9
-3.3
+0.1
-1.9
-3.5
-2.7
+0.4
-3.6
-5.4
-2.1
-3.4
-2.3
-0.5
+0.1
-0.7
-1.9
-4.9
+1.2
-2.0
+3.0
+2.9
+8.2
-2.7
+0.7
+1.5
+0.7
+8.5
-3.8
No change
-0.6
-1.1
-17.6
-2.5
-14.3
-0.1
-18.0
-2.8
-3.7
-34.1
-15.2
-1.0
-2.0
+0.1
-1.1
-1.8
+1.2
-2.1
+3.0
-0.7
+10.9
-16.2
-0.9
-1.1
-22.5
-3.1
-20.8
+6.7
-7.2
-4.7
-3.2
-44.6
-17.7
-1.5
-7.7
+1.5
Total
-4.0
Lumber Production During FiveWeeks Ended Feb. 2
Falls 1% Below Corresponding Period of 1934
Shipments Up 3%
We give herewith data on identical mills for the five
weeks ended Feb.2 1935, as reported by the National Lumber
Manufacturers Association on Feb. 9:
An average of 941 mills reported as follows to the "National Lumber
Trade Barometer" for the five weeks ended Feb. 2 1935:
Production
Shipments
Orders Received
(In 1,000 Feet)
1935
Softwoods
Dardwoods
Total lumber
1934
1935
1934
1935
1934
577,605
64,712
591,210
59,642
729,872
62,871
526,471
51,878
864,221
71,940
651,765
51,942
642,317
650,852
792,743
578,349
936,164
703,707
l'roduction during the five weeks ended Feb. 2 1935 was 1% below
that of corresponding weeks of 1934, as reported by these mills, and 35%
above the record of comparable mills during the same period of 1933.
Softwood cut in 1935 was 2% lower than during the same weeks of 1934,
and hardwood cut was 9% above that of the 1934 period.
Shipments during the five weeks ended Feb. 2 1935 were 37% above
those of corresponding weeks of 1933, softwoods showing gain of 39% and
hardwoods gain of 21%.
Orders received during the five weeks ended Feb. 2 1935 were 33%
above those of corresponding weeks of 1934 and 63% heavier than those
of similar weeks of 1933. Softwoods in 1935 showed order gain of 33%
and hardwoods gain of 39%, as compared with corresponding weeks of 1934.
On Feb. 2 1935 gross stocks as reported by 1,312 mills were 4,794,591,000
feet. As reported by 954 mills, stocks were 4,416,913,000 feet, the equivalent of 165 days' average production of reporting mills, as compared with
4,364,973,000 feet on Feb. 3 1934, the equivalent of 163 days' production.
On Feb. 2 1935 unfilled orders as reported by 1,312 mills were 863,349,000
feet. As reported by 954 mills, unfilled orders were 798,739,000 feet, the
equivalent of 30 days' average production as compared with 667,847,000
feet. the equivalent of 25 days' production on Feb. 2 1934.
Increases in Employment and Payrolls in Pennsylvania
Factories from November to December Reported by
'Philadelphia Federal Reserve Bank-Decreases
r
-Noted in Delaware
The number of wage earners in Pennsylvania factories
showed an increase of almost 1%, and the amount of wage
disbursements over 3% from November to Decemb,?r, according to indexes prepared by the Federal Reserve Bank of
Philadelphia from reports from 2,138 manufacturing plants,
which about the middle of December had on their rolls
over 414,000 wage earners drawing a weekly payroll of
Financial Chronicle
1054
$7,880,000. In an announcement issued yesterday (Jan. 18),
the Philadelphia bank also reported:
The volume of work done, as measured by employee hours actually worked
In about 90% of reporting companies, also was nearly 4% larger in
December than in November. These increases in employment, payrolls and
working time reflected a much more favorable change than that reported
for the same period in the preceding eight years.
An average fachiry wage earner in December worked about 33 hours per
week as compared with less than 32 hours in December 1933. Hourly
earnings per worker also increased over 4% in the same period. The number of working hours in the entire year 1934 averaged 32.6 per week as
compared with 33.1 in 1933, while average earnings for the industry as a
whole approximated 57c. per hour, or a gain of 19% over a year before,
reflecting in part the influence of industrial codes with respect to minimum
wages and maximum hours of work.
The index of employment for Pennsylvania factories in December was
fractionally over 76% of the 1923-1925 average as 100, or 5% higher than
a year before. The payroll index number was 58, showing an increase of
14% over December 1933. Since the early spring season both employment
and wage payments have continued at a fairly steady level except for the
Interruption by the textile strike which occurred in September.
Employment and working time in 1934 as a whole showed a gain of
about 11% over 1933, while the amount of wages paid increased 28%.
The general level of manufacturing activity also was considerably higher
than in 1932 and part of 1931, a period of continued severe decline in
employment, payrolls and production.
Combined reports for Delaware factories showed a decrease of less than
2% in employment and about 1% in wage payments and working time
from November to December, reflecting mainly declines in such important
industries as transportation equipment and textiles. Leather products, certain building materials and metal products reported gains in this period.
Compared with December 1933, employment decreased 6% and payrolls 4%.
For the entire year 1934 the number of factory wage earners employed
averaged 11% more and their earnings were 16% larger than in 1933.
FACTORY EMPLOYMENT AND PAYROLLS BY PENNSYLVANIA
INDUSTRIAL AREAS
Prepared by the Department of Research and Statistics, Philadelphia Federal
Reserve Bank from reports collected by this Bank in co-operation with the
United States Bureau of Labor Statistics and the Pennsylvania Department of
Labor and Industry.
(Industrial areas are not restricted to corpora e city limits but comprise one or
more counties)
+0.0 +7.1
+1.2 +3.1
+3.2 +24.2
+6.9 +3.8
+0.5 +8.9
-1.3 +14.7
-2.1 +2.4
-0.3 +12.5
+0.4 +5.8
1.3 +0.9
+2.6 +7.4
+0.8 +4.2
-2.0 +3.2
+2.5 +7.8
-1.6 +0.5
5.4
1.8 +1.7 +1.5
+2.0 +2.5
+1.1 +1.8
1.8 -5.8
1.3 +1.0
-
54.1 +5.2 +15.8 +1.7 +7.7
46.5 +1.1 +7.4 +2.6 +10.0
72.3 +6.2 +60.7 +1.3 +50.6
51.5 +7.1 +8.6 +9.0 +14.5
55.2 +2.0 +17.4 +1.6 +5.8
43.2 -1.8 +12.5 -1.0 +1.1
1.3 +0.9 -12.7
30.1 +0.7 44.5 +1.8 +25.7 +1.5 +23.7
81.8 +4.6 +15.4 +4.7 +3.5
36.9 +2.8 +1.9 +3.2 -3.1
68.5 +3.6 +19.7 +6.0 +13.6
53.4 +3.9 +14.8 +4.6 +6.7
58.0 +0.5 +18.6 +0.3 +7.9
64.3 +3.5 +18.0 +4.5 +12.4
70.9 +2.2 +12.0 +0.6 +2.3
3.2 +3.7 -15.3
33.7 +3.7 48.2 +9.5 +28.9 +5.2 +25.5
75.8 -1.3 +19.5 -2.3 +5.9
57.6 +0.7 +24.4 +0.5 +4.4
64.9 -0.6 -4.6 -1.3 -9.1
77.8 +8.3 +22.7 +4.8 +7.8
-INDEXES
FACTORY EMpLOYMENT AND PAYROLLS IN DELAWARE
OF EMPLOYMENT AND PAYROLLS IN ALL MANUFACTURING
INDUSTRIES. (Base period: 1923-25=100)
Prepared by Dept. of Research & Statistics of Federal Reserve Bank of Philadelphia
Payrolls
Employment
1932
1933
1934
1934
Compared
with 1933
Per Cent
1932
1933
1934
1934
Compared
with 1933
Per Cent
January
February
March
April
May
June
July
August
September
October
November
December
80.0
79.2
76.5
75.4
73.2
72.0
70.5
68.8
72.8
71.6
72.2
74.2
74.1
75.2
72.1
70.3
73.8
80.0
87.9
94.2
98.1
95.1
94.2
92.7
89.0
93.4
95.8
96.1
95.5
97.9
96.6
92.6
94.3
94.8
89.1
87.4
+20.1
+24.2
+32.9
+36.7
+29.4
+22.4
+9.9
-1.7
3.9
0.3
-5.4
-5.7
61.1
62.9
60.5
55.8
52.2
51.4
48.6
47.3
50.7
60.9
49.4
52.2
49.6
51.4
47.0
45.0
51.2
56.9
66.0
64.9
67.7
67.7
65.5
66.5
63.4
68.3
69.0
69.5
68.7
71.4
71.2
67.4
67.8
70.5
64.2
63.7
+27.8
+32.9
+46.8
+54.4
+34.2
+25.5
+7.9
+3.8
+0.1
+4.1
-2.0
-4.2
Average
73.9
84.0
93.5
+11.3
53.6
58.3
67.9
+16.5
Indexes
Indexes
FACTORY EMPLOYMENT,PAYROLLS AND WORKING TIME IN DELA-PERCENTAGE COMPARISON WITH THE PREVIOUS MONTH
WARE
BY INDUSTRY
Prepared by Dept. of Research & Statistics of Federal Reserve Bank of Philadelphia
No.
of
Plants
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
All manufacturing industries
x Based on reports from 47 plant,.
9
5
3
7
4
4
5
8
51
Per Cent Change December 1934
Compared with November 1934
Employm't Payrolls
+0.3
-13.4
-3.8
-0.2
+4.9
+1.1
-2.7
+2.5
+1.4
-1.9
The high rate of January deliveries, a rate in excess of production, had
the effect of reducing producers' stocks, of course. The cause of the high
shipments was a demand based upon increased prices in December, current
activity in certain woven goods constructions, an active knit goods market,
and general preparation by fabricators for the spring business.
The late Easter this year (April 21) complicates an appraisal of the
sustaining character of these deliveries. It is true that there is a certain
backing-up of woven goods in the market, due principally to slow activity
among the .cutters. Supporters of the present market hold that there still
Ic plenty of time for these cutters to evidence a good demand for the spring
business; there are not enough facts and precedents available to warrant
making a forecast at this time of the probable outcome of this situation in
the next two months.
Silk deliveries to American mills during January, it was
stated, amounted to 47,443 bales, or, roughly, 6,300,000
pounds, against 40,941 bales delivered in December 1934;
40,942 bales in January 1934, and a 1934 monthly average
of 38,476 bales.
The "Organon's" indices of rayon deliveries (unadjusted
Index based upon actual shipme-ts and not adjusted to a
seasonal basis) for January and previous months follow:
(Daily Average 1923-25=100)
+6.9
-11.4
-1.1
-3.3
+3.2
+4.5
-1.6
+2.7
-7.0
Employeehours x
-1.3
9.8
-2.3
-1.0
+0.7
+4.0
-2.8
+2.5
-7.7
1.5
-
January
553
383
353
273
279
268
255
205
174
136
125
78
77
1935
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
December
November
Yearly Avge.
iii
556
555
324
382
225
204
242
234
209
151
120
146
70
376
371
255
216
290
245
222
156
158
123
7:t
385
293
317
244
277
214
214
131
132
93
70
Textile Consumption During 1934 Reported 13% Below
Previous Year
Consumption of textile fibers-namely, cotton, wool, silk
and rayon-for the year 1934 aggregated 3,164,000,000
pounds, a decrease of 13%, compared with consumption of
3,646,600,000 pounds reported for 1933, according to figures
compiled by the "Textile Organon," published by the Tubize
Chatillon Corp. The consumption of all fibers .registered
a decline from the previous year amounting to 13% for
cotton, 26% for wool, 2% for silk, and 4% for rayon, said
an announcement in the matter issued Feb. 11, which
added:
With the exception of 1933, the consumption of rayon was the largest
for any year on record. Silk consumption was the smallest for any year
since 1924. Wool consumption was the smallest in more than 16 years.
Based upon the figures contained in the current issue of the "Organon,"
consumption of the various textile fibers during the past few years
follows:
Cotton
0000000
NNWWWWW
W.0.-.WW.A.
December
Per Cent
Per Cent
Per Cent
Dec. Change from Dec. Change from Change from
1934
1934
Index Nov. Dec. Index Nov. Dec. Nov. Dec.
1934 1933 1934 1933
1934 1933
Allentown-Lehigh (3 cos.) 68.2
75.8
Altoona (2 counties)
Chambersburg(3 counties) 83.5
Clearfield (4 counties)- - - 71.5
75.7
Erie (2 counties)
Harrisburg (3 counties) _ _ 61.5
Johnstown (3 counties) -- 41.8
Kane-011 City (5 counties) 57.5
101.3
Lancaster (1 county)
Lewistown (3 counties) _ _ 52.7
Philadelphia (5 counties). 82.6
Pittsburgh (8 countles).__ 76.7
Pottsville (2 counties) _ _ _ 77.1
Reading-Lebanon (2 cos.) 81.7
Scranton (5 counties) _ _ 74.7
Sharon-New Castle(2 cos.) 50.5
59.1
Sunbury (4 counties)
Wilkes-Barre(3 counties)- 95.2
Williamsport(5 counties)- 84.1
78.2
Wilmington (1 county)
York-Adams (2 counties)- 76.6
Rayon Shipments During January Reached Record
Textile Activity Seen as Progressing Rapidly
Deliveries of rayon in the United States in January broke
all previous monthly records, and textile activity in general
also has gone ahead rapidly in the past four months, in
spite of a late Easter and spring season ahead, states the
"Textile Organon," published by the Tubize Chatillon Corp.,
in its current review of trade conditions. While actual figures covering shipments are not made public for trade reasons, the deliveries index, as compiled by the trade, reached
a new all-time high record of 553, as against 488 in December 1934; 383 for January 1934, and a 1934 monthly average
of 353 (1923-1925 equals 100). The paper, as announced
Feb. 11, continued:
Employeehours
Payrolls
Employment
Feb. 16 1935
Wool
Pounds
Pounds
2,662,900.000 240,200,000
3,052,500.000 324,300,000
2,457,600,000 240,900,000
2.656.700.000 320,900,000
2,608,300,000 268,800,000
3.426,300,000365,600,000
3.187.400.000 336.600.000
Silk
Rayon
Total
Pounds
Pounds
Pounds
61,400,000 199,500.000 3,164,000,000
62,400,000 207,400,000 3,646,600,000
73,700,000 152,200,000 2,924,400,000
79,100,000 157,300,000 3,214,000,000
77,400,000 117,200,000 3,071,700,000
82,400,000 131,300,000 4,005,600,000
75.000_000 100 mo non a 700 onn non
Commenting upon the activities of the past year, the "Organon" states
that "the data indicate that wool consumption declined the most from 1933
to 1934, while silk consumption declined the least. This showing is somewhat misleading, unless the already low levels of 1933 silk consumption is
taken into account. By the same token, the declines of cotton and rayon
from their relatively high 1933 levels are correspondingly less serious."
Regarding the long-term trends of the respective divisions, the paper
points out that "cotton maintained its important and dominant position
In consumption, wool consumption continued the decline which has been
exceptionally noticed since 1929, rayon's growth trend which has obtained
since 1920 is uninterrupted, and silk consumption reached a plateau from
Its consumption decline which has been noticeable since 1929."
Automobile Financing During December 1934
A total of 133,103 automobiles were financed in December
on which $16,262,603 was advanced, compared with 162,834
on which $58,093,809 was advanced in November, the Department of Commerce reported on Feb.f11.
Volume of wholesale financing in December was $37,951,278 as compared with $30,588,692 in November.
Volume 140
Financial Chronicle
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 456 identical organizations, are presented for January to December 1934
and for July to December 1933; and for 282 identical organizations for January to December 1934 and 1933. The
Increase in the number of reporting organizations for July
to December 1933 and for January to December 1934
resulted from the inclusion of additional organizations.
The changes in the number of organizations included have
not greatly affected the totals, as is indicated by comparisons
for the same months appearing in the two summaries.
Atri()MOBILE FINANCING
Year
and
Month
Retail F nandng
Wholesale
Financing
Volume
in Dollars
Total
Number
of Cars
New Cars Financed
Volume
in Dollars
Number
of Cars
Summary for 456 Identical Orga nizations. a
1934
January
836,577,358 109,997 836,533,359
February
62,551,490 132,485
47,623,890
March
104,597,190 195,196
72,520,725
April
122,967,488 244,537
91,849,963
May
125,529,739 273,320 103,794,935
June
104,422,741 269.656 103,450,110
July
92.069,965 265,147
99,630,687
August
86.746,755 245,799
91,618,666
September
56,848,511 190,236
70,303,368
October
46,495,841 196,440
71,501,317
November_b
30,556,373 162,783
58,085,294
December
37,951,278 c133,103
46.262.603
35,691
54.455
86,880
110,988
125,354
128,794
123,562
109,302
80,653
80,003
63,749
46,013
Volume
in Dollars
819,841.711
30,223,621
47,838.975
61,458,602
69,801,775
70,900,335
67.034,990
59,822,255
44.599,299
44.130.425
34,861,719
25,598,662
Total (year)
8907,314,729 2,418,699 6893,174,917 1,045,434
8576,112,369
1933 d
July
58.973,704 194,652
68,522,872
86,926
44,696,167
August
60,705,795 211,708
74,813,725
94,613
48,860,024
September
52,276,214 184.998
65,665.515
80,928
42,166,003
October
39,776,604 172,432
60,316,106
73,002
37,940,369
November
•
18.364,889 135,584
46,063,578
51,356
27.077,214
December
•
17,060.916 108.606
35.217,934
33,729
18,486,989
Summary for 282 Identical Orga nizations e1934
January
135,879,064 101,700 634,437.38
34,426 819,189,736
February
61,513.896 124.349
45.377,552
52,772
29,290,038
March
• 102,775,967 183,724
69.202.632
84,300
46,427,926
April
121,060,526 231,735
87.998,227 107,926
59,772,079
May
123,691,003 259,120
99,591.058 122,155
67,991,000
June
102.706,220 255,449
99,113,597 125.073
68,842,069
July
90,294,039 251,611
95.484.543 120,017
65,092,674
August
85.107,739 233,154
87,700,286 106,641
68,028,789
September
55,586,456 179,886
67.209.428
78.179
43.249,804
October
45,363,396 185,414
68,224.126
77,502
42,737,846
November_b
29,729.762 153,261
55,303,319
61,769
33,784,399
December
36,530,495 6124,184
43,789,120
40,505
24,761,098
Total (year)._ .._ 5890,238,563 2,283,587 8853,431,268
.
1.014,664 8559,167,458
1933
January
30.133,915
92,083
31,280,101
35,546
18,327.630
February
27,514,654
87,512
29,188.663
32,609
16,842.415
March
27,706,336 101,456
33.546,689
38,329
19,463,540
April
40,840,508 132,088
45.337,026
55,571
28,225,885
May
55,005.590 168,328
58,192,788
75,025
37,475,257
Juno
56,937,616 185,286
65,514,154
84.358
43,004,313
July
57,866,453 182,244
65,152,510
84,282
43,333,572
August
59,613,121 198,911
71,186,944
91,617
47,290,779
September
51,127,428 173,770
62,538,790
78,379
40,887,086
October
38,962,531 162.140
57.502,969
70,669
36,790,012
November
17,703,226 126,855
43,889,065
49,719
26,278.194
December
16,572,650 100,457
33.124.069
32,467
17,794,238
Total (year)_
_ 8479,984,028 1.711.130 8596.453.758 790 071 5.170 110 001
Year
and
„Ifonth
Retail Financing
Used Cars Financed
Number
of Cars
Volume
in Dollars
Summary for 456 Identic at Organizat Ions. a
1934
January
71,607
$15,864,436
February
75,283
16,510,453
March
104,369
23,274,767
April
129,281
28,859,676
May
143,073
32,156,212
June
135,875
30,679,003
July
136,726
30,805,120
August
131,905
30,153,258
September
106,057
24,452,047
October
112.425
26.011,360
November_b
95,766
22,103,212
December
83,892
19,652,395
Total (year)
1,326,259
6300,521,929
1933 d
July
103,554
22,538,097
August
112,917
24,580,709
September
100,265
22,231,578
October
95,947
21,323,104
November
81,560
18,116,265
December
72,279
15,933,279
Summary for 282 Identic al Organizat ions e1934
January
64,575
814,420,432
February
68,830
15,197,698
March
05.477
21,367,713
April
119,542
26,694.463
May
132,072
29,763,110
June
126,389
28,400,756
July
126.725
28,601,292
August
122,621
28,028,344
September
98,181
22,707,602
October
103,900
24,126,748
November_b
88 224
20,398,557
December
70,481
18,016,476
Total (year)
1933
January
February
March
April
May
June
July
August
September
October
November
December
Total (year)
Unclassified
Number
of Cars
Volume
in Dollars
2,699
2,747
3,947
4.268
4,893
4.987
4,869
4,692
3,526
4,012
3,268
3,198
$827,212
889,816
1,406,993
1,531,885
1,836,948
1,870,772
1,790,577
1,643,163
1,252,022
1,359,632
1,120,363
1,011,546
47,006
816,540,619
4,072
4,178
3,805
3,483
2,678
2,596
1,288,608
1,372,992
1,267,934
1,052,633
870,099
797,666
2,699
2,747
3.947
4,268
4,893
4,987
4,869
4,592
3,526
4,012
3,268
3,198
$827,212
889,816
1,406,993
1,531,685
1,836,948
1,870,772
1,790,577
1,643,153
1,252,022
1,359,532
1,120,363
1,011,546
1,221.917
6277,723,191
47,006
816,540,619
54,234
62,796
60.625
73,267
89,260
96,741
93,930
103,161
91,011
87,996
74,458
65,392
12,173,577
11,725,419
13.335,403
16,106,512
19.428,060
21,181,515
20,542,189
22,535,753
20,392,629
19,665,186
16,740,762
14,532,165
2,303
2,107
2,502
3,250
4,043
4,187
4,032
4,133
3,780
3,473
2,678
2,598
778,894
620,829
747,746
1,004,629
1,289,471
1,328,326
1,276,749
1,360,412
1,259,075
1,047,771
870,099
797,666
943,473
$208,350,170
39,086
$12,381,687
a Of these organizations, three discontinued automobile
financing in March,
two In April, one in May, three In June, and four In July 1934. b
Revised. c Of
1055
this number. 34.6% were new cars. 63.0% were used cars, and 2.4% unclassified.
d Data prior to July not available. e Of these organizations, eight discontinued
automobile financing in January, two in February, two in March, five in June,
one in July, two in August, one in September, one In October. and two in December
1934. f Of this number. 35.8% were new cars. 61.6% used cars, and 2.6% unclassified.
Lumber Output Gains, Shipments and Orders Hold
Up Well
The weekly report of the National Lumber Manufacturers
Association states that a slight increase in lumber production was reported for the week ended Feb. 9 1935 as compared with the previous weeks of 1935; shipments from the
sawmills were heaviest of any 1935 week except that ended
Feb. 2; orders were only slightly less than those booked
during preceding three weeks. Due to substantial additions
in revised figures, last week's report, when complete, may
show excess of new business over previous weeks of 1935.
These comparisons are based upon reports from 1,057 mills
whose production during week ended Feb. 9 was 157,145,000
feet; shipments, 171,930,000 feet; orders received, 186,356,000 feet. Revised figures for the preceding week were:
mills, 1,192; production, 154,588,000 feet; shipments, 202,222,000 feet; orders, 205,042,000 feet.
All regions but Southern Pine, Northern Hardwood and Northeastern
Hardwood reported orders above production. Total orders were 19%
above output, softwoods showing excess of 19% and hardwoods of 16%•
Shipments were 9% above production. All regions except Northern Pine.
Northern Hemlock and Northeastern Hardwood reported orders above
those of corresponding weeks of 1934, total orders being 42% above those
of a year ago. Production was 8% in excess of that of corresponding week of
1934 and shipments were 28% above those of last year's week.
Unfilled orders on Feb. 9, as reported by 958 identical mills, were the
equivalent of 31 days' average production, compared with 26 days' a year
ago. Identical mill stocks on Feb.9 were the equivalent of 165 days' output.
compared with 165 days' on Fob. 10 1934.
Forest products carloadings totalled 24,361 cars during the week ended
Feb. 2 1935. This was 6,439 cars more than during the preceding week,
4,115 cars above corresponding week of 1034 and 9,911 cars above those
loaded during similar week of 1933.
Lumber orders reported for the week ended Feb. 9 1935 by 882 softwood
mills totalled 173,698,000 feet. or 19% above the production of the same
mills. Shipments as reported for the same week were 161,568,000 feet, or
11% above production. Production was 146,196.000 feet.
Reports from 213 hardwood mills give new business as 12,658,000 feet.
or 16% above production. Shipments as reported for the same week were
10,362,000 feet, or 5% below production. Production was 10,949,000 feet.
Unfilled Orders and Stocks
Reportsfrom 1,302 mills on Feb.9 1935 give unfilled orders of888,007,000
feet and gross stocks of 4,800,573.000 feet. The 958 identical mills report
unfilled orders as 822,308,000 feet on Feb. 9 1935, or the equivalent of 31
days' average production, compared with 688,194,000 feet, or the equivalent of 26 days' average production on similar date aiyear ago.
Identical Mill Reports
Last week's production of 758 identical softwood mills was 143,929.000
feet, and a year ago it was 133,867.000 feet; shipments were respectively
158,521,000 feet and 124,152,000; and orders received 171,773,000 feet and
120,671,000 feet. In the case of hardwoods, 125 identical mills reported
production last week and a year ago 9.957,000 feet and 9,078,000 feet;
shipments, 9,186,000 feet and 7,260,000 feet, and orders 11.672,000 feet
and 8,889,000 feet.
Petroleum and Its Products-Marland Plan Considered
at Governors' Conference-House Committee Passes
Revised Form of Connally Oil Bill-Representative
Disney Discusses New Legislation with President
Administrator Ickes Blasts Industry, Mr. Byles
Answers in Defense-Federal Purchase of East
Texas Field Rediculed by President Roosevelt
Crude Oil Output Within Quota
Delegates to the third conference of governors and representatives of the major oil companies held in Dallas Friday
under the leadership of Governor Marland, of Oklahoma,
sponsor of the inter-state compact plan of controlling crude
oil production, were told by Governor Marland that such
a compact must be reached quickly to prevent Congress
from "taking it out of our hands."
One new factor that may prove to be a possible unpassable
barrier was a demand made by Governor Allred, of Texas,
that representation on any control board he based upon potential production. Such a system, it was pointed out,
would give Texas, the largest oil producing state, and overwhelming majority on the board.
On the eve of the conference, Governor Allred made public
a suggested oil compact which he submitted to the delegates
at yesterday's (Friday) meeting. The compact stressed the
opposition of the Texas administration to any compact designed to raise oil prices.
The sole purpose of any compact, Governor Allred contended, is to control and prevent waste. His suggestions
listed seven specific forms of oil and or gas waste and pledges
each contracting state to maintain legislation preventing
such waste. Oil produced in violation of these rules would
not be allowed to move in inter-State commerce.
The compact, which would expire June 1, 1937, contains a
clause which would permit any state to withdraw on 60
days' notice with another clause specifically forbidding any
1056
Financial Chronicle
agreement to limit production to fix or stabilize prices or to
balance supply and demand.
The seven definitions offered in Governor Alfred's compact follow: (1) Operation of a well with an inefficient gasoil ratio; (2) Drowning strata capable of production; (3)
Avoidable waste or wasteful burning of gas; (4) Unnecessary fire hazard; (5) Well spacing or equipment that will
cause waste or loss in ultimate recovery; (6) Inefficent or
improper use of reservoir pressure, and (7) Open storage or
avoidable loss or destruction.
The House Inter-State and Foreign Commerce Commission
Wednesday ordered reported to the House a revised version
of the Connally oil control measure, already passed by the
Senate.
The bill probably will be taken up on the Floor Monday,
Chairman O'Connor (D. N. Y.) of the Rules Committee
said Friday when the committee moved to give the measure
legislative preference, approving a resolution under which
the measure may be debated for two hours and left open to
amendments on the House Floor.
Among the differences between the bill as reported by the
House Committee and the draft passed by the Senate, is
the provision in the House measure for termination of the
law on June 1 1936, against permanent control as proposed
in the Senate bill.
The House bill also provided authority for the Government
to seize shipments of "hot oil" moving in inter-State commerce. This was not mentioned in the Senate measure.
The President would have the authority to lift the ban on
shipments of "hot oil" at any time when movements of
petroleum products are not sufficient to meet demands under
the House bill.
The Connally measure was designed to meet the objections
to Section 9-C voiced by the United States Supreme Court,
which held it unconstitutional. The principal difference
between Section 9-C and the Senate bill was that the latter
directs the President to control oil shipments, while the
former merely delegated to him the power to assume control
of shipments.
The House measure defined as contrabrand oil any oil
or petroleum products derived in whole or in part from
production or withdrawals from storage in excess of the
amount permitted under State law or regulations. The
shipment or transportation of such oil in inter-State commerce
Is prohibited.
The bill also provides for the creation of Federal Tender
Boards, whose decisions denying a certificate of clearance
may be appealed to the United States District Court serving
the area in which the Board is located. The act pared the
possible fine of $5,000 in the original bill to $2,000, or imprisonment of six months or both.
It further provides that holders of oil, other than the
violating shipper, who may have for such product a certificate
of clearance which on its face appears to be valid, are to
be protected against seizure. Provision also is made for the
protection against claims for damages of any common carrier
which refuses to accept oil without a certificate.
Under its regulations no penalty is to be imposed on any
common carrier transporting oil which may have an apparently valid certificate of clearance. It also authorizes the
President or the Attorney-General to bring action in the courts
to enjoin violations of the law in advance of their being
committed, whenever it appears to them "that any person
is engaged or about to engage in any acts or practices that
constitute or will constitute a violation of any provision
of this act or any regulation issued there under."
Early in the week Representative Disney, who with
Senator Thomas, also of Oklahoma, sponsored the unsuccessful Thomas-Disney oil bill in the last session of
Congress, conferred with President Roosevelt, on the terms
of a new oil bill he planned to propose. Mr. Roosevelt,
he said, planned to submit it to the Interior and Justice
Departments for consideration.
The bill, he disclosed, would allocate production according
to demand through the country. It also provides for the
establishment of a new oil board upon which the Secretary
of the Interior would be a member, the remainder of the
board to be appointed by the President. Control over
imports also would be vested in the proposed group. The
bill also contains permissive authority for the various oilproducing States to enter into inter-State control pacts.
No further Federal interference with the States beyond the
establishment of monthly quotas after detailed surveys of
prospective demand and supply would result under the terms
Feb. 16 193S
of the Disney measure. Should a State violate its quota,
however, the bill specifically provides that the Federal
Government prevent the movement of this surplus in interState commerce.
A demand for a "real" oil policy was voiced by Harold L.
Ickes, Secretary of the Interior, and Oil Administrator,
in an article published in the current issue of the "Saturday
Evening Post," according to an Associated Press dispatch
contained in the Feb. 12 issue of the New York "WorldTelegram."
"Ordinary common sense should demand a permanent
national policy that will prevent profiligate and unscientific
methods in the production, manufacture and distribution
of oil," Mr. Ickes was quoted as saying. He also stated,
it was reported, "the industry and the oil States have been
unable to work out a policy of conservation in their own
interest by collective action.
Challenging "any other present-day industry in the
United States to show greater waste, inefficiency and mismanagement than seem to be inherent in the oil industry,
whether of its own making or because of inadequate laws,"
Mr. Ickes proposes that "we must abandon the aim of the
past, which has been not to produce all we can reasonably
use, but to produce all that we are capable of producing,
whether we can use it or not."
The views of the Oil Administrator as voiced in the magazine article were quickly answered by Axtell J. Byles, President of the American Petroleum Institute, who took sharp
issue with Mr. Ickes, charging that "the secretary makes an
attack upon the good faith of the entire petroleum industry,
condemning it in sweeping generalties and ignoring its great
contribution to the progress of the country. It is equivalent
to showing but one side of a balance sheet—failing to disclose
the assets and dramatizing the liabilities."
The marked technical progress made by the industry in
recent years was cited by Mr. Byles as evidence of the
desire of the industry as a whole to better its underlying
background.
"The industry admits faults common to rapid growth,"
Mr. Byles stated, "but feels that it has rendered unique a
service to the American people. It has aided the unparalleled development of automotive transportation to
which the public owes so much. No person has been
charged unreasonable prices or in any way handicapped in
his utilization and enjoyment of the products of petroleum.
"The industry to-day is meeting the gasoline requirements
of the Nation out of half of the volume of crude oil, which
would have been necessary to meet such requirements
17 years ago. To have produced last year's gasoline requirements by the processes in use in 1917 it would have been
necessary to run 1,866,000,000 barrels of crude oil. In 1934
the industry actually supplied the gasoline requirements by
running 893,000,000 barrels of crude oil. That is real conservation of a limited natural resource."
Mr. Byles made a bitter attack upon the sharp rise in
taxes on refined products, pointing that the retail price per
gallon at which gasoline was sold to the public in 1934 was
just half of the retail price per gallon it was necessary to
charge 15 years ago. This reduction in cost to the consumer, made possible by increased efficiency on the part of
the industry, he contended, was largely defeated by the
cumulative Federal, State, county and municipal taxes,
which on gasoline and motor lubricants alone amounted to
more than $754,000,000 last year.
"There has been some waste incidental to the production
of crude oil," he conceded, "particularly in the earlier stages
of development, but such waste has been mainly due to the
law of capture which was imposed upon the industry by the
courts. This constitutes a fundamental problem which
representative members of the industry long have struggled
to eradicate, developing proration and unit operation as
partial correctives. Certainly, the oil industry cannot
justly be charged with the appalling gas waste in the Panhandle field or failure to enforce proration in East Texas."
Mr. Byles, whose organization placed itself on record at
its last annual convention in favor of inter-State compacts
for crude oil production regulation, said that he did not agree
with the Secretary's views concerning the futility of an
inter-State compact, and expressed serious doubts as to the
legality of remedies proposed by Mr. Ickes.
"Federal control of the industry offers nothing that the
industry, with the aid of States wherein crude oil production
lies, cannot itself more effectively provide," he contended.
"One of the most constructive things which the Federal
Volume 140
Financial Chronicle
government could do is to re-enact, in constitutional form, a
prohibition against transportation in inter-State and foreign
commerce of crude oil and its products produced in violation
of state laws". Regimentation from Washington would stifle
the far-flung individual activities necessary to sustain this
dynamic enterprise and, in the long run, would lead to
the creation of a shortage of a so high a price for motor fuel
that it would work grave injury to the American public."
Any attempt to operate the petroleum industry as a public
utility was held impossible by Mr. Byles and "threats to
attempt to do so may delay progress toward the consummation of those things which both the Secretary and the
industry desire to attain in the public interest."
Commenting in Washington upon Administrator Ickes'
article in the magazine, Wirt Franklin, President of the
Independent Petroleum Association of America, contended
that the industry is justified in expecting the Federal Government to aid it in settling its difficulties without taking away
its initiative,"or reducing it to the status of a public utility."
President Roosevelt "laughed off" reports of a proposed
purchased of the East Texas field by the Government condemnation proceedings when queried at his morning press
conference Wednesday. Indicating that the plan was news
to him, Mr. Roosevelt remarked that it was "pretty early
in the morning to have such a proposal sprung on him."
The newspaper reporters based their queries on an announcement made by Representative Dies (Dem., Tex.)
in Washington the same day in which he said that he will
introduce a bill within the next 10 days or two weeks, proposing Government purchase of the East Texas oilfield.
The Federal Government would not develop the field
under the terms of his proposed measure, Representative
Dios said, but would lease portions to private interests. In
this way,he contended,the Government would be reimbursed
for the purchase price over a period of years.
"Government ownership of the East Texas field would
solve the problem of regulating petroleum production,"
he declared. "The key to the whole situation lies in this
area."
With "hot oil" production in the East Texas area rising
slowly but steadily, the Texas Legislature moved to
strengthen the power of the Railroad Commission.
Tuesday the House passed a bill that would give the
Supreme Court original jurisdiction over prohibitory writs
granted by district courts. It already has passed a measure
limiting injunctive powers of the district courts.
Also introduced in the House on Tuesday was a bill which
would levy a graduated production tax on crude oil. The
proposed minimum is 6 cents a barrel, with a tax of 4 cents
a barrel from wells producing from 10 to 15 barrels daily,
and 2 cents a barrel from wells producing less than 10 barrels
daily.
The Oklahoma legislature also moved to increase taxes on
crude oil, the House of Representatives Thursday passing a
new gross production tax bill levying a large increase on
crude oil and natural gas produced in the State. The new
rate is 8 per cent of value as against the present rate of 3 per
cent and a rate of 5 per cent in the House bill supported by
the State Administration.
An increase of 112,000 barrels in stocks of domestic and
foreign crude oil during the week ended Feb.9 lifted the total
at the close of the week to 323,044,000 barrels, the Bureau of
Mines reported. Domestic stocks rose 89,000 barrels and
foreign stocks 23,000 barrels. Imports of crude oil during
the week dipped 18,000 barrels from the previous week,
totaling 51,000 barrels.
Despite a gain of 63,150 barrels in daily average crude oil
production during the week ended Feb. 9, the 2,511,150barrel total was 14,500 barrels under the Federal quota of
2,526,100 barrels,the American Petroleum Institute reported.
Gains of 47,000 barrels in California and 14,250 barrels in
Oklahoma were the main factors in lifting total output.
California and Kansas produced in excess of their Federal
allowable but Texas and Oklahoma held output within their
quota limits.
There were no crude oil price changes during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are now shown)
$2.35
Bradford. Pa
1.15
LIMA (Ohio 011 Co.)
1.32
Corning,Pa
1.13
Illinois
1.08
Western Kentucky
Mid-Cont., Okla., 40 and above._ 1.08
.81
Hutchinson. Tex., 40 and over
1.03
Spindletop, Tex.. 40 and over
.75
Winkler. Tel
Smackover. Ark., 24 and over
.70
Eldorado. Ark., 40
$1.00
Rusk. ex.. 40 and over
1.00
Darst Creek
.87
Midland District. Mich
1.02
1.35
Sunburst Mont
Santa Fe Springs. Calif.,40 and over 1.34
Huntington, Calif., 28
1.01
2.10
Petrone. Canada
1057
REFINEDIPRODUCfS—SOCONY CUTS GAS PRICE IN METROPOLITAN NEW YORK AREA—UP-STATE NEW YORK GAS
PRICES LIFTED—FUEL OIL PRICES CUP IN NEW JERSEY
—MARCH GASOLINE ALLOWABLE INCREASED—MOTORFUEL STOCKS RISE
Developments in the local refined products market were
featured by a cut of Mcent a gallon in service station prices
of gasoline in the metropolitan New York City area
posted Friday by the Socony-Vacuum Oil Co., effective
Feb. 18. Other marketers are expected to meet the cut
which will lower the price to 12.5 cents a gallon, less taxes.
Advances of M to 3 cents a gallon were posted the
same day by Socony in service station prices of gasoline in
northern New York State where the market has been at
sub-normal levels for several weeks due to a bitter price war.
The advances, which restore prices in the affected area,
which includes Buffalo, Rochester and Utica, to 15 cents a
gallon, taxes included, will be met by all distributors, it was
indicated late last night (Friday) The markups, which are
effective Feb. 16,leave the market structure 2 cents a gallon
under the "normal" level.
The local fuel oil market was somewhat soft during the
week although no price changes were made. Brooklyn, in
particular, is affected by "chiseling" on prices which has
spread to the point where it presents an active threat to the
stability of the market as a whole, trade factors report.
l
In New Jersey, price-cutting competition forced the
Standard Oil Co. of New Jersey to meet its competitors'
schedule which involved State-wide reductions ranging from
M to 1 cent a gallon in retail fuel oil prices.
Standard Oil Co., New Jersey, Wednesday posted cuts of
M to 1 cent a gallon throughout the State. The tank wagon
price of No. 1 was lowered M cent to 8 cents a gallon. No. 2
was cut M cent to 63/i cents except at Trenton and Camden
where the reduction was a full cent to 6 cents. A slash of
M cent to 6 cents was effective on No. 4 except at Trenton
and Camden where prices were slashed a full cent to 534
cents a gallon.
Standard Oil Co. of Ohio Wednesday advanced service
station and tank wagon gasoline prices 1 cent a gallon in
eight counties in an effort to restore prices in this area to
more normal levels. Despite the advance, however, quotations are still 1 cent a gallon below the State-wide structure.
The advance listed premium grades of gasoline at 183.
cents, regular at 16M cents with third-grade also posted at
the latter price. Tank wagon prices are a cent a gallon
under these levels, all quotations including taxes. Hamilton
and Montgomery counties, which include Cincinnati and
Dayton, are the major counties involved in the advance.
Service station prices of gasoline were advanced 1 cent a
gallon in Kentucky Friday to 20 cents, 19 and 18 cents, respectively for the three grades. In the northern section of
the state, prices were lifted 13/b cents a gallon to 20 cents, 17
and 16 cents, respectively, for the three grades.
An increase of 3,300,000 barrels in the March gasoline
allowable to 35,860,000 was ordered by Oil Administrato
Ickes Thursday. The daily average for next month, how
ever, will be 6,000 barrels under February at 1,157,000
barrels due to the fact that March has more days.
The sharp increase in the allowable was attributed to the
need of refiners to build their working stocks to the point
where they will be adequate to meet the peak gasoline consumption demand which develops during the spring and
summer.
The allowable was based upon reports of Bureau of Mines
experts to Mr. Ickes recommending that refinery gasoline
production in March be set at 32,902,000 barrels to meet
current demand, and that provisions be made to add 2,940,000 barrels to inventories to meet trade requirements.
Reports from Madison, Wis., Monday disclosed that the
State Department of Agriculture and Markets had issued an
order setting a minimum price of 16 cents a gallon for the
cheapest gasoline sold in Wisconsin in an effort to stabilize
motor fuel prices and avert future price wars.
It was disclosed, however, that the order will not change
the retail price of gasoline, and is based upon the actual
refinery cost plus 5 cents a gallon to cover handling charges
of jobbers and dealers. At current levels, the retail level
for the lowest-priced grade of gasoline is posted at 16.5 cents
a gallon, taxes included.
"The purpose of the order," according to R. M. Orchard,
Counsel for the Department,"is to stabilize price conditions
by setting a figure below which prices cannot go. Prices can
go higher than the figure quoted where costs warrant, but
the Department will watch the industry to see that exorbitant
1058
Financial Chronicle
prices are not charged." The order prohibits secret discounts
and rebates.
Standard Oil of Indiana Friday increased tank wagon and
service station prices of regular and premium grade gasoline
0.3 cent a gallon in Wisconsin to comply with the ruling.
The advances restored prices to a "normal" basis. In areas
where larger advances were necessary to restore prices to a
"normal" basis, the company instituted such markups.
Refineries reporting to the American Petroleum Institute
operated at 66.7% of capacity during the week ended Feb. 9,
against 64.6% in the previous week. Daily average runs
of crude oil to stills rose 74,000 barrels to 2,275,000 barrels.
The continued seasonal expansion of gasoline stocks lifted
the total 1,186,000 barrels during the week to an aggregate
of 50,752,000 barrels. Gas and fuel oil stocks dipped 1,642,000 barrels from the previous week to 100,558,000 barrels
on Feb. 9.
Representative price changes follow:
Jan. 13 Standard Oil Co., New Jersey, posted reductions of % to 1 cent
a gallon in retail fuel oil prices through New Jersey. Tank wagon prices
on No. 1 fuel oil were cut % cent to 8 cents. Quotations on No. 2 were
cut 34 cent to 634 cents except at Trenton and Camden where the cut was
1 cent to 534 cents. No. 4 was cut 34 cent to 6 cents, except at the same
two points, where the price was slashed 1 cent to 534 cents a gallon.
Jan. 13 Standard Oil of Ohio advanced service station and tank wagon
prices of gasoline 1 cent a gallon in Hamilton, Montgomery and six other
counties. Despite the advance prices in this area are still 1 cent below the
State-wide level of 1734 cents a gallon, taxes included, for regular grade
gasoline.
Jan. 15 Socony-Vacuum Oil Co. advanced service station prices of
gasoline in the northern section of New York State % to 3 cents a gallon,
establishing a level of 15 cents, taxes included, 2 cents under the "normal"
level of 17 cents, taxes included.
Jan. 15 Socony-Vacuum posted a reduction of 34cent a gallon in service
station prices of gasoline in the metropolitan New York area to 12.5 cents,
less taxes. The cut is effective Feb. 18.
Jan. 15 Advances of 1 to 134 cents a gallon were posted in service station
prices of gasllne throughout Kentucky, the larger mark-up being effective
in the northern part of the state.
Jan. 15 Standard Oil Co. of Indiana lifted tank wagon and service station prices of gasoline 0.3 cent a gallon in Wisconsin to "normal" levels.
Gasoline. Service Station, Tat Included
Cincinnati
5.175
Minneapolis
5.149
$.17
Cleveland
.175
New Orleans
.165
164
Denver
.21
Philadelphia
16
Detroit
17
145
154
Pittsburgh
.12
Jacksonville
.185
19
San Francisco
.115
Houston
St. Louis
.158
16
.163
Los Angeles
18
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York:
I North Texas-$.03 -.0334 I New Orleans $.05
.
14
(Bayonne) - -$.06-.06K I Los Angeles__ .043$-.05K Tulsa
.0335-.033(
Fuel Oil, F.O.B. Refinery or Terminal
N. Y.(Bayonne):
Gulf Coast C
California 27 plus D
$1.00
Bunker C
$1.15
$1.05-1.201Phila., bunker C____ 1.15
1.89 New Orleans C.
1.00
Diesel 28-30 D
New York
Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
Gas Oil, F.O.B. Refinery or Terminal
I Tulsa
N.Y.(Bayonne):
I Chicago:
S.02.-0236
27 plus
,
$ 0435 051 32-36 GO___$.02-.0234
U.S. Gasoline, Motor(Above 65 Octane),Ta nkCar Lots, F.O.B. Refinery
New York:
Standard 011 N. J.:
Chicago
$.O434.O48
Colonial-Beacon_ 6.06 . New Orleans._ -.-- .0435
Motor, U. 13
5.0634
.0635
a Texas
.05K Los Angelee,ex_.0435.-04 K
Socony-Vacuum:
.06 Gulf ports-----0464-.0414
Tide Water 011 Co. .0612
y Gulf
Repel:110 Oil
.0614 Tulsa
t New York prices do no
American, Dutch and Soviet oil companies to-day were
granted quotas under the new Manchukuoan oil monopoly
four times greater than the allotment. made to Japanese
interests, according to a United Press dispatch from Hsinking
in the Feb. 15 issue of the Now York World-Telegram.
The dispatch continued:
The American, Dutch and Soviet allotment, which concern wholesale importations, totaled 59%, compared to 14%
for the Japanese company.
Standard Oil of New Jersey, which recently has supplied
approximately 50% of Manchukuo's oil, was given a quota
of 21% of allowable imports and wholesale sales. The
Asiatic Petroleum Co. (Shell) was allotted 18%, the Texas
Oil Co. 14% and the Soviet Oil Syndicate ("Nefti") 6%.
All other interests besides those named were allotted 6%
quotas.
The quotas apparently relieved fears that foreign oil companies wold be excluded from the market, with the Japanese
controlled Manchurian Oil Co. receiving the lion's share of
the monopoly.
Foreigners also were permitted to retain existing retail
advantages under an order naming 310 retailers.
Daily Average Crude Oil Output Up 63,150 Barrels
During Latest Week
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Feb. 9 1935 was 2,511,150 barrels. This was a gain of
63,150 barrels from the output of the previous week, but
fell below the Federal allowable figure which became effective
Feb. 1. The drop amounted to 14,950 barrels. Daily
Import of crude and refined oil at principal United States ports totaled
695,000 barrels for the week ended Feb. 9, a daily average of 99,286 barrels.
against a daily average of 183,571 barrels the preceding week and a daily
average of 122.214 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 79,000
barrels for the week, a daily average of 11,286 barrels, against a daily average of 35,571 barrels over the last four weeks.
Reports received for the week ended Feb. 9 from refining companies
owning 89.8% of the 3,795,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,275,000 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 31,954,000 barrels of finished
gasoline; 5,273,000 barrels of unfinished gasoline and 100,558,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18,798,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units averaged 469.000 barrels daily during
the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Federal
Average
4 Weeks
Agency
Allowable Week End. Week End. Ended
Feb. 9
Feb. 2
Effective
Feb. 9
Feb. 1
1935
1935
1935
Oklahoma
Kansas
497,100
138,600
Week
Ended
Feb. 10
1934
455,550
139,700
441,300
137,250
476,300
140,300
504,950
106,200
59.100
56,600
26,050
150,250
52,250
431,750
47,600
58,700
60,500
56,750
26,100
154,100
51,250
429,300
47,600
58,400
60,350
56,750
26,050
153,250
51,650
428,700
47,400
58,050
40,150
53,100
25,000
129,150
43,100
410,200
46,800
41,300
128,000
128,550
127,850
109,750
1,031,700 1,010,300 1,012,550 1,010,050
22,800
22,850
23,100
91,350
91,650
89,550
898,550
27,650
47,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
North Louisiana
Coastal Louisiana
Total Louisiana
109,500
112,650
75,150
31,500
101,400
36,100
31,500
101,200
34,400
31,250
92,900
27,550
34,750
11,700
3,950
31,950
10,650
3,500
33,300
11,650
3,750
30,000
5,300
2,850
48,500
50,400
46,100
48,700
38,150
49,400
488.600
Total Rocky Mtn.States
New Mexico
California
114,500
31,250
101,650
35,800
35,500
9,500
3,500
Wyoming
Montana
Colorado
114,150
32,000
100.700
30,000
Arkansas
Eastern (not incl. Mich.)
Michigan
46,050
526,300
48,000
479,300
47,600
505,450
41,600
467,900
Total United States _ 2.:_ 2.526.100 2,511,150 2.448,000 2,508,150 2,284,200
Note
-The figures indicated above do not include any estimate of any oil which
might have been surreptiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED FEB. 9 1935
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants
District
.0434-.04
Shell East'n Pet--S.063i
•a "Fire Chief," $0.065 y "Good Gulf." $0.063.4.
include the 2 per cent City Sales Tax.
average production for the four weeks ended Feb. 9 1935 is
estimated at 2,508,150 barrels. The daily average output
for the week ended Feb. 10 1934 totaled 2,284,200 barrels.
Further details as reported by the Institute follow:
East Coast_
Appalachian.
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf__ __
No. La.
-Ark.
Rocky Mtn_
California....
Potenhat
Rate
Stocks a Stocks
Stocks
of
of
of
b Stocks
UnFinGas
of
Reporting
Daily P C.- ished finished Other
and
Aver- Oper- Case- Gaso- Motor
Fuel
Total P. C. age
ated
Oil
line
Fuel
line
582
150
446
582
140
422
461
351
601
168
92
96
848
386
167
587
162
77
64
822
QM.4. MAC.CMCOO
0=0, WVCAOMOCI
p.1
Richfield Oil(Cal.) .0614
Warner-Quinlan Co_ .0614
Feb. 16 1935
Crude Runs
to Stills
459 78.9 14,315
87 62.1 2.068
305 72.3 8,775
239
80
498
107
42
37
421
61.9 5,181
47.9 1,411
84.8 6,104
66.0 1,351
54.5
262
57.8
816
51.2 10,469
765
272
684
220 10,447
45 1,012
70 4,285
735
200
1,276
239
40
110
952
420 3,917
460 1,848
110 8,908
____
3,967
30
460
50
686
2,645 65,028
Totals week:
Feb. 9 1936 3.795 3,409 89.8 2,275 66.7 d50,752 5,273 4,050 100,558
Feb. 2 1935 3,795 3,409 89.8 2,201 64.6 c49,566 5,090 4,055 102,500
a Amount of unfinished gasoline contained In naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 30,700,000 barrels at refineries and 18,866,000 barrels at
bulk terminals, In transit and pipe lines. d Includes 31,954,000 barrels at refineries
and 18,798,000 barrels at bulk terminals. in transit and pipe lines.
World Crude Oil Production Increase 5.66% in 1934
The world production of crude oil in 1934 amounted to
1,497,862,951 barrels, against 1,417,534,489 barrels in
1933, an increase of 80,328,462 barrels, or 5.6%, according
to official figures from the Governments of oil-producing
countries, published in "World Petroleum."
The United States Increased production only 1.14%, or 10,233,000
barrels, from 898,874.000 barrels in 1933 to 909.107,000 barrels in 1934.
Other important producing countries registering large increases were
Russia (12.50%), Venezuela (17.53%), and Rumania (20.78%).
An increase in consumption of all petroleum products within the United
States of close to 6.00% will more than balance the slight increase in
production, placing the United States petroleum industry in a much
better statistical position than it has enjoyed in several years.
Despite an increase of 18,746.800 barrels in the 1934 production of the
Soviet Union, domestic requirements of that country are growing so rapidly
that it may be necessary for the Soyusnefteexport (Soviet oil exporting
trust) to restrict exports during the coming year. Mechanization of
agriculture and industrialization of the country have thrown tremendous
demands on the Soviet oil industry which is operating far below the figure
set forth in the Second rive Year Plan.
Only three countries, Poland, Sarawak and BMA, show smaller production In 1934 than in 1933. In Poland Government control of production has contributed to make exploration for new oil fields uneconomic
and caused a decrease of 4.15% in the 1934 figure.
1059
Financial Chronicle
Volime 140
Iraq shows a large increase in production as a result of the completion
of the Iraq-Mediterranean pipe line, described fully in the same issue of
"World Petroleum."
WORLD CRUDE OIL PRODUCTION
(Barrels of 42 U. S. Gallons)
% Inc.
1933
909,107,000
168,648,700
142.072,329
61,569,523
52,761,604
38,167,022
42,289,408
17.340,724
14,518,041
14.143,959
10,894,363
8,997.399
3,697,617
1,948,044
1,476,012
1,489,169
1,655,062
1,424,412
2,266,964
2,411,599
552,000
432,000
1.14
12.50
17.63
20.78
6.42
12.57
9.87
31.80
5.51
1.59
13,96
3.16
x4.15
x14.91
7.13
x6.43
2.00
2.41
32.35
100.96
---__-
1.417.534.489
Total
1934
898,874,000
149,901,900
120,882,802
50.971,200
49,581,280
33,904,882
38,512,663
13,157,127
13,759,565
13.923,281
9,560,039
8,721,665
3,858.085
2,289,472
1,377,761
1,591,495
1,622,624
1,147,825
1,712,823
1,200,000
552,000
432,000
United States
Russia
Venezuela
Rumania
Persia
Mexico
Netherland India
Colombia
Argentina
Peru
Trinidad
British India
Poland
Sarawak
Japan
Egypt
Ecuador
Canada
Germany
Iraq
France
Others
1.497.862.951
5.66
x Decrease.
Production of Coal Continues Upward Swing
The weekly coal report of the United States Bureau of
Mines,
--- Department of the Interior stated that production of
coal continued to increase in the week ended Feb. 2. The
total production of soft coal is estimated at 8,480,000 net
tons, a gain of 230,000 tons, or 2.8%, over the preceding
week, and of 985,000 tons over the corresponding week last
year.
Anthracite production in Pennsylvania during the week
ended Feb. 2 is estimated at 1,503,000 net tons. This is an
increase of 167,000 tons, or 12.5%, over the preceding week,
and compares with 1,131,000 tons produced in the corresponding week of 1934.
During the epal year to Feb. 2 1935, 292,141,000 net tons
of bituminous coal and 45,057,000 net tons of anthracite
were produced. This compares with 289,055,000 tons of
bituminous and 43,413,000 tons of anthracite produced in
the corresponding period of 1933-34. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
1Veek Ended
Feb. 2
1935 c
Jan. 26
1935 d
Coal Year So Dale
Feb. 3
1934
1934-1935
1933-1934e 1932-1933e
Bitum. coal_ a:
Total period_ 8,480,000 8,250,000 7,495,000292,141,000 289,055,000 250,492,000
Daily avge__ 1,413,000 1,375,000 1,249,000 1,135,000 1,120,000
972,000
Pa. anthra. b:
Total period_ 1,503,000 1,336,000 1.131,000 45,057,000 43,413,000 41,098,000
Daily avge__ 250.500 222,700 188,500
176,700
170,200
160,500
Beehive coke:
Total period_
16,000
16,200
25,100
692.100
742.900
528,000
Daily avge__
2,667
2,700
4,183
2,642
2.835
2,015
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. c Production during first week in April adjusted to make
accumulations comparable with the year 1934-1935.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week Ended
Stale
Jan. 26
1935
Jan. 19
1935
Jan. 27
1934
Jan. 28
1933
Jan. 26
1929
Alabama
194,000
172,000
192,000
147,000
372,000
Arkansas and Oklahoma
111,000
76,000
51,000
35,000
165,000
Colorado
192,000
131,000
120,000
112,000
275.000
Illinois
1,227,000 1,060,000
924,000
798,000 1,590,000
Indiana
392,000
380,000
342,000
253,000
425,000
Iowa
85,000
94,000
65,000
71,000
101,000
Kansas and Missouri
165,000
157,000
128,000
123,000
196,000
Kentucky-Eastern
637,000
606,000
514,000
418,000
985,000
165,000
193,000
147,000
• Western
258,000
396,000
Maryland
40,000
37,000
38,000
32.000
65,000
Montana
69,000
66,000
45,000
45,000
76,000
New Mexico
29,000
23,000
25,000
27,000
63,000
North Dakota
53,000
46,000
53,000
45,000
58,000
465,000
453,000
344,000
Ohio
299,000
452,000
Pennsylvania (bituminous) 1,820.000 1,908,000 1,730,000 1,355,000 2,984,000
Tennessee
89,000
83.000
71,000
71,000
110,000
14,000
17,000
14,000
11,000
Texas
25,000
91,000
73,000
55,000
87,000
Utah
157,000
180,000
177,000
Virginia
188,000
138,000
287,000
Washington
27,000
34,000
46,000
42,000
58,000
West Virginia-Southern a 1,455,000 1,380,000 1,433,000 1,198,000 2,158,000
Northern_ b
493,000
483,000
535,000
337,000
791,000
80,000
Wyoming
118,000
98,000
70,000
173,000
13,000
10,000
20,000
14,000
20,000
Other States
Total bituminous coal
Pennsylvania anthracite_ _
Total coal
8,250,000 7,760,000 7,150,000 5,867.000 11.988,000
1,336,000 1,245,000 1,184.000
816,000 1,606,000
586.000 9,005,000 8,334,000 6,683.000 13,594,000
a Includes operations on the N.& W.,C.& 0., Virginian, K.& M.,and B. C.& G.
b Rest of State, including tl e Pentland e, and Grant, Mineral, and Tucker Counties.
World Lead Output at 1,485,962 Tons for Year 1934
According to figures released by the American Bureau of
Metal Statistics the world lead production during the month
of December 1934 totaled 130,651 short tons. This compares
with 125,612 short tons produced during the preceding month
and 134,328 tons produced during December 1933.
The total world output for the entire year of 1934 is estimated at 1,485,962 short tons. This compares with 1,339,600
tons produced during the year 1933.
The following table gives, in short tons, lead production
on a refined basis by the various countries with output
accredited so far as possible to country of origin of the ore:
December November
December November
United States
Canada
Mexico
Germany
Italy
Spain
a Other Europe._
32,500
14,176
17,457
12,676
4,673
5,682
16,200
29,755
14,287
15,888
11,151
4,514
6,150
15,500
Australia
Burma
Tunis
a Elsewhere
World's total-_.._
16,554
6,698
1.335
2,700
17.367
6.698
2,110
2,200
130,651
125,612
a Partly estimated.
Anthracite Shipments for Month of January 2.29%
Below Like Month Last Year
Shipments of anthracite for the month of January 1935,
as reported to the Anthracite Institute, amounted to 5,070,658 net tons. This is an increase, as compared with
shipments during the preceding month of December, of
857,011 net tons, or 20.34%, and when compared with
January 1934,shows a decrease of 118,822 net tons,or 2.29%.
Shipments by originating carriers (in net tons) are as
follows:
Jan. 1935 Dec. 1934 Jan. 1934 Dec. 1933
1,101,605
Reading Company
867,338
Lehigh Valley RR
407,019
Central RR. of New Jersey
615,785
Delaware Lackawanna'& Western RR.
507,018
Delaware & Hudson RR.Corp
614,624
PennsylvanLaIRR
374,138
Erie RR
341,660
N.Y.Ontario & Western Railway__ _ _
241,471
Lehigh dc New,Xngland RR
Tntstl
909,677 1,295,019
857,279
716.728
365,838
326,561
438,493
500,388
547,555
421,471
627,407
542,725
436,507
360,148
304,874
244,548
316,508
191,401
908,961
677,329
365,496
468,972
452,468
440,294
345.652
236,865
115,955
5.070.658 4.213.647 5.189,480 4,011,992
Lead Price Raised Five Points on Good Buying-Copper
Price
Sales in Fair Volume
"Metal and Mineral Markets" in its issue of Feb. 14 stated
that demand for major non-ferrous metals during the last
week was in fair volume, notwithstanding the continued
suspense over the delay in the Supreme Court's decision on
the "gold clause" case. Producers believe that actual
consumption of copper, lead and zinc is at least as heavy as
in January, with the trend in some directions actually
upward. Lead buying was in good volume, which was
reflected in a five-point advance in the price on Feb. 13.
Copper conversations have reached the point where a general
meeting of the foreign group is expected late this month.
Tin was unsettled abroad on the general weakness in the
London metal market, following the heavy liquidation in
speculative commodities.
Copper Buying Good
Demand for domestic copper again reached fair proportions, with sales of
allocated copper during the week ended Feb. 12 totaling 6,261 tons, as
against 6,513 tons for the preceding week. Total sales for the month,
up to and including the 12th, stood at 11,255 tons, the highest total for that
12
-day period for any month since June 1934. Brass and other fabricating interests reported a continuation of the improved demand for their
products that has prevailed during the past few weeks. The price of the
metal was unchanged at 9c., Valley. Opinion in the trade apperaed to be
that much of the current demand for copper products was attributable to
the present activity of the automobile industry. A sustained, demand in
this direction was generally expected.
An optimistic tone found in the market on Feb. 13 was traceable to the
report that meetings of foreign and domestic copper interests will probably
take place in New York the latter part of this month. Foreign representatives were said to have already booked passages on vessels sailing about a
week hence. Some agreement is generally considered to be a logical outcome of the forthcoming meetings. With this belief is associated, of course,
the assumption that an improvement in the foreign price of the metal is
therefore probable soon after the meetings begin.
Foreign markets were somewhat less active, undoubtedly as a result of
the heavy liquidation of a week ago. The downward trend in the price level
that began late in the preceding week when heavy liquidation took place
continued into the early part of the past week. During the last few days.
however, the pressure eased and price of the metal became practically
stationary.
Smelter output of copper by Rhokana, operating in Northern Rhodesia.
totaled 35,385 long tons during the second half of 1934. Production for
the calendar year was 68 691 long tons. The refinery furnace has been
started, according to a statement to stockholders issued Jan. 31 1935, and
the first shipment of wirebars is expected to be made this month (February).
Lead Advanced to 3.55c., New York
Buying of lead was in sufficient volume to bring out a better feeling in
the market. Sales for the week were not as large as in the preceding seven-was well
day period, but the tonnage booked-In excess of 5,700 tons
above the average. Phe price was raised $1 per ton early Feb. 13, establishing the quotation at 3.55c., New York, which was also the contract
settling basis of the American Smelting 8c Refining Co., and at 3.40c..
St. Louis. Throughout the week St. Joseph Lead Co. quoted and obtained
a premium of $1 per ton on certain brands.
Demand for lead seemed to switch to March shipment metal. A fair
tonnage was booked last week for shipment during the current month, but
the volume was not what had been expected. Corroders were the principal
buyers. Though cable manufacturers have been showing more interest In
the market, buying from this source remains far below what might be accepted as normal under present conditions.
1060
Financial Chronicle
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.
Dec. 1
60,699
6.315
389
12,219
223,141
9,793
6,045
1,528
11,567
225,020
10,435
316,570
Total stocks
Jan, 1
64,713
In ore and matte and In process
In base bullion:
At smelters and refiners
In transit to refiners
In process at refineries
Refined lead
Antimonial lead
315,294
Zinc Holds at 3.70c.
The zinc market, generally described as quiet last week, was revealed by
statistics for the calendar week to have been fairly active, inasmuch as total
sales for the period exceeded 3.500 tons. The price of the metal continued
unchanged at 3.70c., St. Louis. One comparatively small lot of metal,
however, changed hands on Monday (Feb. 11) on the basis of 3.675c.,
St. Louis; this lot was for February shipment and was not of sufficient
tonnage to Influence the quotation for the day.
Stocks of slab zinc were practically unchanged at the end of January.
Compared with a month previous, according to statistics issued by the
American Zinc Institute. [These figures were published in our issue of
Feb. 9, page 874.]
Tin Demand Slows
The price was somewhat
lower, reflecting unsettlement in London, where all commodity markets had
to absorb heavy forced liquidation. The failure of James & Shakespeare
Is said to have involved, among other metals, about 1,400itons of tin.
Yesterday (Feb. 13) prompt Straits tin was quoted here at150.375c. per
pound, whereas April forward material could have been obtained at 50c.
Tin-plate operations here are holding at close to SO% of capacity.
Chinese tin, 99%, was quoted nominally as follows. Feb. 7, 50.10c.:
Feb. 8, 50c.; Feb. 9. 50c.: Feb. 11, 49.65c.; Feb. 12, 49.625c.; Feb. 13,
49.275c.
k Buying of tin here was inactive last week.
World Copper Production for 1934,1 Ex-United States
"Metal and Mineral Markets" in its issue of Feb. 14
published the following table of copper production in short
tons, as compiled by the American Bureau of Metal Statistics:
A preliminary accounting of the production of copper in the world from
ore originating outside of the United States. allocated to countries where
produced as blister copper, with a few exceptions as noted, during 1934, by
quarters as well as for the year, with data for 1933, in short tons:
1934 Output by Quarters
Totals
1933
First
U.S.(from foreign ore)
Mexico
Canada
Chile
Peru
Germany
Yugoslavia
Russia
Other Europe d
Japan a
India
Other Asia
Australia
Africa
25,239
43,642
129,763
172,345
27,068
54,895
44,154
41,336
38,803
67,000
5,376
1.000
16,539
200,430
8,200
11,900
36,100
53,100
6,500
14,500
12,000
10,500
9,700
17,500
1,700
300
750
62,300
Totals
Monthly averages_
867,590
72,299
245,050
81,682
Second
6.300
11,700
43,200
61,800
7,200
13,100
11,600
10,500
9,700
18,600
1,800
300
3,650
73,000
272,450
90,817
Third
Fourth
7,800
13,400
41,500
75,400
8,200
14,000
11,900
11,500
8,900
18,300
1,900
300
2,900
73,200
290,100
06,700
Totals
1934
5,700 b28,000
14,900 c51,900
48.700 169.500
83,000 273,300
8,100
30.000
15,400
57,000
12,600
48,100
12,000
44,500
10,000
38,300
18,600
73,000
1,600
7,000
300
1,200
4,300
11,600
80,300 e288,800
315,500 1,123,100
105,167
93,592
a Japanese production for 1933 Is reported as blister copper, but for 1934 is given
In terms of refined copper, which includes a certain proportion of reworked scrap: and
the 1934 figures may be about 12% too high on that account, with corresponding
effect upon the world's total.
b Copper content of ore and matte imported at 95% including receipts from
Cuba amounting to 8,700 tons in 1934, admitted duty free. In 1933 such receipts
were 8,000 tons.
c Imports of blister copper into the United States.
d Great Britain, Spain, France, Norway, Sweden, Italy, Rumania, and Belgium
ex-Hatangai copper from Katanga matte smelted in Belgium is credited to Africa. .1
Partly estimated; includes Belgian Congo, Rhodesia, and South Africa.
"
Note-Though the above accounting of copper production is described as on the
basis of blister copper (excepting Japan and perhaps Russia), the real meaning is
blister copper or its equivalent: I. e.. copper produced directly as cathodes and by
direct fire-renting, including bessemer, Is reckoned as blister copper. The totals
determined In this way are not exactly the same SS "mine production," for there is e
not inconsiderable quantity of copper that passes as matte and precipitate directly
Into consumption as bluestone.
Steel Shipments Rise in January
Steel product shipments by subsidiaries of United States
Steel Corp. in January totaled 534,055 tons, which is 115,425
tons greaterTthan the previous month, when 418,630 tons
were shipped. In January 1934 shipments were 331,777
tons. Below we show the figures by months since January
1931:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTIIS FOR
YEARS INDICATED
Moruh
January
February
March
April
May
June
July
August
September
October
November
December
Yearly adjustment_
Tntal for year
Year 1931
Year 1932
Year 1933
Year 1934
Year 1935
800,031
762,522
907,251
878,558
764,178
653,104
593,900
573,372
486,928
476,032
435,697
351,211
426,271
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310,007
275,594
227,576
285,138
275,929
256,793
335,321
455,302
603,937
701,322
668,155
575,161
572,897
430,358
600,639
331.777
385,500
588,209
643,009
745,063
985,337
369,938
378,023
370,306
343,962
366,119
418,630
534,055
a(6.040)
a(5,160)
b(44,283)
7.676.744
3.974.062
5.505 235 c5.925.873
a Reduction. b Addition. c Cumulative monthly shipments reported during
,he calendar year are subject to some adjustments reflecting annual tonnage reconillations, which will bei comprehended In the total tonnage shipped for the year
,
Us stated In the annual report
Feb. 16 1935
Steel Production Suffers First Major Setback SinceAugust-Ingot Rate Falls to 5332%
Steel ingot output, declining from 563/2 to 533/2% of
capacity, has suffered its first important setback since last
August, according to the "Iron Age" of Feb. 14.
The reversal is due in part to technicalities of the steel
code which require the completion of shipments against
contracts before the expiration of each calendar quarter.
So long as finishing mills could still book orders for the
current quarter the pressure for raw and semi-finished steel
increased. Now that makers of cold-finished sheets, wide
cold-rolled strip and other materials used for automobile
manufacture are fully committed, more accurate estimates
of the steel needs of the mills can be made. The "Age"
further stated:
Concurrent with the readjustment of ingot output to finishing requirements there has been some relaxation of demand from the consuming trade.
In the case of light flat-rolled products the current lull is ascribable in
large part to the sold-up condition of the mills. Producers cannot open
their books for second quarter until March 1 and a renewallof buying on a
.
large scale Is looked for soon after that date. Already some,:of the large
buyers in the automotive field have tried to place tonnage for the next
three-month period, and, while orders cannot now be accepted, tentative
allotments are being made pending the time when formal contracts can be
entered.
4
An early resumption of active demand is also indlcatedlby the:fact that
putting blast furnaces on reducedidraft instead of taking
producers are
them off entirely. Nevertheless, sentiment in the steel trade, which is
unusually sensitive, has been unsettled. More is now heard of accumulations of steel stocks by one or two of the leading motor car makers and there
are again pointed references to the gold clause case, political variables:and
other uncertainties that are chilling business enthusiasm.
Motor car production shows no let-up. Unless labor disturbancesvintervone, total assemblies for this month should range from 360,000 to 380,000.
while March output is expected to exceed 400,000 units. A possible recession in steel purchases by Ford is expected to be offset by heavier orders
from Chevrolet and other General Motors units.
Railroad buying and construction work are counted on by the mills,to
act as supporting Influences in the second quarter if demand from the
motor car Industry falls off. Winter rollings of rails have been unusually
light and, even if expenditures for track are kept at a minimum, a sizable
amount of delayed tonnage should reach the mills in the spring. An
accumulation of orders for 50,000 tons, including 15,000 tons from the
St. Louis-San Francisco, 15,000 tons from the Loulsyille & Nashville,
12,500 tons from the Southern Pacific and 3,800 tons from the Central of
Georgia, has enabled the Alabama rail mill to resume operations for.a
sustained run. The Milwaukee road plans to buy 10,000 tons of rails.
The Cincinnati New Orleans & Texas Pacific has ordered 300 automobile
cars. The Burlington contemplates building 500 composite coal cars in its
own shops. The New York Rapid Transit Co. will take bids March 1
on 25 five-section articulated subway cars.
Structural steel awards of 9,655 tons compare with 16,600 tons in the
previous week. New projects total 5,800 tons as against 16,150 tons a
week ago. Plate lettings aggregate 1,130 tons, and fresh inquiries 2,250
tons.
Scrap prices, although weaker In most markets, are showing resistance in
the face of the drop of steel production. The "Iron Age" scrap composite
remains unchanged for the third week at $12.17 a ton.
The "Iron Age" composite prices for pig iron and finished steel are unchanged at $17.90 a ton and 2.124c. a lb. respectively. A bidder on 2,400
tons of reinforcing bars for a Government project in Ohio entered a quotation of $2 a ton below the code price but later withdrew it. No important
code price changes for the second quarter are looked for. Bolts and nuts
however, may be advanced slightly.
Ingot output is off four points to 41% at Pittsburgh, two points to 65%
at Chicago, one point to 60% in the Valleys, two points to 67% in the
Cleveland-Lorain area, and five points to 90% in the Wheeling district.
In the South, production has risen from 29 to 50%.
Finished Steel
Feb. 12 1935, 2.124c. a lb.
(Based on steel bars, beams, tank plates.
One week ago
2.1240.1 wire, rails, black pipe, sheets and hot
One month ago
2.124c.
rolled strips. These products make
One year ago
2.008e. 85% of the United States output.
Low
11105
2 124e. Jan. 8
1935
2.124o. Jan. 8
1934
2.1990. Apr, 24
2.0080. Jan, 2
1933
2,015e. Oct. 3
1.867o. Apr. It
1932
I.977c. Oct. 4
1.926c. Feb. 2
1931
2.037c. Jan. 13
1.1145o. Deo. 29
1930
2.2730. Jun. 7
2.018e. Dec. 9
1929
2.317c, Apr. 2
2.273o. Oct. 22
1928
2 286e. Deo. 11
2.217e. July 17
1927
24020. Jan. 4
2.212o. Nov. 1
Pig Iron
Feb. 12 1935, 317.90 a Gross Ton
Based on average of basic iron at valley
One week ago
$17.90
furnace and foundry irons at Chicago.
One month ago
17.001 Philadelphia, Ituffalo, Valley and
One year ago
10.00] Birmingham.
//toh
Low
1935
$17.90 Jan. 8
$17.90 Jan, 8
1934
17.90 May
16.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Deo, 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Deo. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
•
Feb. 12 1935, 512.17 a Gross Ton
Based on No. 1 heavy melting steel
One week ago
$12.17
quotations at Pittsburgh, Philadelphia
One month ago
12.33
and Chicago.
One year ago
Iligh
Low
12.08]
1935
$12.33 Jan. 8
$12.17 Jan. 29'
1934
13.00 Mar. 13
9.50 Sept. 25
1933
12.25 Aug. 8
6.75 Jan. t
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Deo. 29
1930
15.00 Feb. 18
11.25 Dec. 2
1929
17.58 Jan. 29
14.08 Dee. 3
1928
16.50 Dec. 31
13.08 July 1
1927
15.25 Jan. 11
13.08 Nov.22
The American Iron and Steel Institute on Feb. 11 announced that telegraphic reports which it had received indi-
cated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 50.8%
of the capacity for the current week, compared with 52.8%
last week, 47.5% one month ago, and 39.9% one year ago.
This represents a decrease of 2 points, or 3.8% from the
estimate for the week of Feb. 4. Weekly indicated rates
of steel operations since Oct. 23 1933 below:
1933Oat. 23
Oct. 80
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Deo. 18
Deo. 25
1934Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
193431.6% Feb. 12
26.1% Feb. 19
25.2% Feb. 26
27.1% Mar. 5
26.9% Mar. 12
26.8% Mar. 19
28.3% Mar.26
31.5% Apr. 2
34.2% Apr. 9
31.6% Apr. 16
Apr. 23
Apr. 30
29.3% May 7
30.7% May 14
34.2% May 21
32.5% May 28
34.4% June 4
37.5% June 11
1061
Financial Chronicle
Volume 140
193439.9% June 18
43.6% June 25
45.7% July 2
47.7% July 9
46.2% July 16
46.8% July 23
45.7% July 30
43.3% Aug 6
47.4% Aug. 13
50.3% Aug. 20
54.0% Aug. 27
55.7% Sept. 4
56.9% Sept. 10
56.6% Sept. 17
54.2% Sept. 24
56.1% Oct. 1
57.4% Oct. 8
56.9% Oct. 15
1934
56.1% Oct. 22
44.7% Oct. 29
23.0% Nov. 5
27.5% Nov. 12
28.8% Nov. 19
27.7% Nov.26
26.1% Dee. 3
25.8% Dec. 10
22.3% Dec. 17
21.3% Dec. 24
19.1% Dec. 31
18.4% 1935
20.9% Jan. 7
22.3% Jan. 14
24.2% Jan. 21
23.2% Jan. 28
23.6% Feb. 4
22.8% Feb. 11
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
"Steel" of Cleveland, in its summary of the iron and steel
markets on Feb. 11 stated:
After nine consecutive weeks of improvement in steelworks operations,
steel demand is leveling off, new commitments so far in February falling
below tonnage booked last month.
The first effect of this was apparent last week when the national rate held
unchanged at 54%%. A sharp reduction was made at Youngstown, and
Pittsburgh is scheduled for a decline of 2 points, which may lower the
national average this week. A reaction in the upward swing would not be
without precedent.
Shipments to the automobile industry, which last week increased its
output 5,000 units to 78,500, are believed to have reached a peak for the
present, but barring labor defficulties are expected to hold close to this
level for several months.
The market for iron and steel, however,is approaching a test as to underlying strength. Steelmakers are scanning structural and railroad prospects
for another lift, but admittedly see little tonnage from these until March
or April.
With 8,000 tons of structural shapes placed for a Manhattan, New York,
express highway, awards last week totaled 21,115 tons, double the preceding
week. Bids will be taken March 1 on 9.000 tons for an addition to the
Library of Congress building, Washington.
Nearly 200.000 tons of steel pipe will be required if negotiations between
Texas and Secretary Ickes for a natural gas line from the Panhandle to St.
Louis and Detroit are successful. The Government is reviving the project
for a western tree shelter belt, which when discussed last fall was estimated
to require 192,500 tons of steel fence posts and 165.000 tons of wire. A
revision on a more moderate scale is being considered. Financing difficulties stand in the way of numerous private barge purchases at Pittsburgh.
The Carniegie Steel Co. has completed its February rail schedules at the
Edgar Thomson, Braddock. Pa., mills and may not resume until March.
St. Louis & San Francisco has awarded 15.000 tons of rails to the Tennessee
Coal, Iron & Rallroad.Co., and the Burlington has distributed 16.000 tons
of rails and 8.000 tons of accessories to several producers. Freight car
awards in January totaled 24, compared with 110 in December.
Current inquiries for steel mill equipment are estimated at $50.000,000.
Bethlehem Steel Co. will spend $500,000 for equipment to roll spring steel
and heat treat wire at its Johnstown. Pa., plant. An order for 37 by-product
coke ovens booked by the Koppers Construction Co. for the Public Service
Corp. of New Jersey is the first additional coking capacity since 1930. -4
A more definite impression prevails that iron and steel prices will not be
advanced for second quarter when books are opened March 1. Demand
for many of the heavy finished steel products, such as plates, ahapes,veinforcing material, pipe and rails has shown little or no improvement.on
which to base higher prices. Some sheetmakers believe an increase would
be "impracticable" because it is impossible for them to ship all the material
they have booked by March 1, when code regulations cancel unfinished
business.
On 1,200 tons of reinforcing bars for a dam in the Muskingum, Ohio,
conservancy district, a Youngstown producer submitted a bid $2 a ton
under the established base price; this being one of the first instances since
the President ruled last fall that code prices could be reduced 15% on
Government work. Open-hearth ingot iron billets have been reduced $1.90
a ton at Cleveland.
Steel ingot output in January. 2,834,170 gross tons, was the largestlfor
that month since 1930. The tonnage was 85% of that produced in May,
peak last year. Daily average output 104,969 tons, was 35% more than in
December;44% more than in January, 1934;and 29% over the daily average
for all of last year. "Steel's weekly compilations showed a 48% operating
rate for January, while the official figure is 47.67. highest since last June,
at 52.68.
Steelworks operations in the Chicago district last week increased 1 point
to 67%; eastern Pennsylvania. 1 to 31; Cleveland, 4 to 82; New England,
11 to 63. Pittsburgh held at 44; Detroit, 100; Birmingham,32; Buffalo.45.
Wheeling was down 5 to 90. Youngstown.6 to 58.
"Steel's" iron and steel price composites are unchanged. Iron and:and
steel, $32.56; finished steel, $54, and steel works scrap, $11.65.
ingot production 'for the week ended Feb. 11 is
placed at about 54% of capacity, according to the "Wall
Street Journal" of Feb. 14. This is unchanged from the
previous week. Two weeks ago the industry was at 53%.
The "Journal" continued:
U. S. Steel is estimated at 48%, against 47% in the week before and
177ael
a little under 46Ji% two weeks ago. Leading independents are credited
with rate of 58%, compared with a shade below 59% in the preceding
week and 57% two weeks ago.
The following table gives comparisons with the nearest corresponding
week of previous years, together with the changes, in points, from the
week immediately preceding;
Mg
industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
U. S. Steel
+1
5448
+3
35
394 +5
- 34
16
1934 + X
2734 + li
27
+ X
+2
53
4934 +234
8334 +334
7934 +3
+1
89
+1
87
+1
90
+1
85
8834 +2
+2
81
Independents
-1
58
4254 +234
+1
22
2614 +1134
+3
47
76
+3
84
+11
+1 4
80
73
+2 i
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 Feb. 13, as reported by
the Federal Reserve banks, was $2,467,000,000, an increase
of $4,000,000 compared with the preceding week and a decrease of $142,000,000 compared with the corresponding
week in 1934. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Feb. 13 total reserve bank credit amounted to $2,450,000,000, a
decrease of $16,000,000 for the week. This decrease corresponds with a
decrease of $53,000,000 in member bank reserve balances and increases
of $35,000,000 in monetary gold stock and $22,000,000 in Treasury and
National bank currency, offset in part by increases of $23.000,000 in money
inicirculation. $65,000,000 In Treasury cash and deposits with Federal
Reserve banks, and $5,000,000 in non-member deposits and other Federal
Reserve accounts.
Relatively small changes were reported in holdings of discounted and
purchased bills, United States Government securities and industrial advances.
Increase (+) or Decrease (-)
Since
Feb. 14 1934
Feb.6 1935
Feb. 13 1935
s
$
$
-61,000,000
+1.000,000
7,000,000
Bllis discounted
-80,000,000
6,000,000
Bills bought
-2,000,000
2,430,000,000
U. S. Government securities
Industrial advances (not includingCe
+18,000,000
-Feb. 13) 18,000,000
13,000,000 commitments
--17,000,000
10,000,000 -16,000,000
Other Reserve bank credit
2,450,000,000 -16,000,000 -143,000,000
Total Reserve bank credit
8,456,000,000 +35,000,000 +1,367,000,000
Monetary gold stock
Treasury and National bank currency..2.525,000.000 +22,000,000 +224.000,000
5,430,000,000 +23,000,000 +109,000,000
Money in circulation
4,580,000.000 -53,000,000 +1,729,000,000
Member bank reserve balances
Treasury cash and deposits with Fed2 995,000,000 +65,000.000 -396.000,000
eral Reserve banks
Non-member deposits and other Fed.
+7,000,000
427,000,000 +5,000,000
eml Reserve accounts
Returns of Member Banks in New York City and
Chicago--Broker's Loan
Below is the statement of the Federal Reserve Board for
Beginning with the week ended Oct. 31 1934, the Secretary the New York City member banks and also for the Chicago
of the Treasury made payments to three Federal Reserve member banks for the current week, issued in advance of
banks, in accordance with the provisions of Treasury regula- the full statement of the member banks, which latter will
tion issued pursuant to subsection (3) of Section 13-B of not be available until the coming Monday. The New York
the Federal Reserve Act, for the purpose of enabling such City statement formerly included the brokers' loans of
banks to make industrial advances. Similar payments have• reporting member banks and showed not only the total of
been made to other Federal Reserve banks upon receipt of these loans but also classified them so as to show the amount
their requests by the Secretary of the Treasury. The amount loaned for their "own account" and the amount loaned
of the payments so made to the Federal Reserve banks is for "account of out-of-town banks," as well as the amount
shown in the weekly statement against the caption "Surplus loaned "for the account of others." On Oct. 24 1934 the
(Section 13-B)" to distinguish such surplus from surplus statement was revised to show separately loans to brokers
derived from earnings, which is shown against the caption and dealers in New York and outside New York, loans on
"Surplus (Section 7)."
securities to others, acceptances and commercial paper,
The statement in full for the week ended Feb. 13, in com- loans on real estate, and obligations fully guaranteed both
parison with the preceding week and with the corresponding as to principal and interest by the United States Government. This new style, however, now shows only the loans
date last year, will be found on pages 1102 and 1103.
Changes in the amount of Reserve bank credit outstanding to brokers and dealers for their own account in New York
and in related items during the week and the year ended and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
Ferinanivere as follows: AN
-
1062
Financial Chronicle
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 $623,000,000 on Feb. 13 1935, an increase of
$30,000,000 over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKSIIN CENTRAL
RESERVE CITIES
Increase (±) or Decrease (--)
Since
Jan. 30 1935
Feb. 7 1934
$
Loans and investments—total.....18,208.000,000
—36,000,000 +1,126,000,000
Feb. 6 1935
Loans on securities—total
2,992,000,000
—32,000,000
—595,000.000
To brokers and dealers:
In New York
Outside New York
To others
679,000,000
163,000,000
2,150,000,000
—23,000,000
—3,000,000
—6,000,000
—124,000,000
+16,000.000
—487,000,000
429,000,000
969,000,000
3,136,000,000
—10,000,000
—2,000,000
+9,000,000
—179,000,000
Accepts, and com'l paper bought
Loans on real estate
Other loans
New York
Feb. 13 1935
Feb. 6 1935
Feb. 14 1934
Loans and investments—total
7,392,000,000 7,363,000,000 6,922,000,000
Loans on securities—total
1,437,000.000 1,413,000,000 1,677,000,000
To brokers and dealers:
In New York
Outside New York
To others
564,000,000
.59.000,000
814,000.000
Accepts, and commercial paper bought
Loans on real estate
Other loans
536,000,000
57,000,000
820,000.000
651,000,000
45,000,000
981.000,000
222,000,000 224,000,000
131,000,000 131,000,00011,734,000,000
1,198.000,000 1,172.000,0003
U.S. Government direct obligations____3,117,000,000 3.129,000,000 2,448,000,000
Obligations fully guaranteed by United
States Government
277,000,000 283,000,000)1,063,000,000
Other securities
1,010,000,000 1,011,000,000
Reserve with Federal Reserve Bank__1,765,000,000 1,804,000,000
Cash in vault
57,000,000
50,000,000
810,000,000
41,000,000
Net demand deposits
Time deposits
Government deposits
6,864,000,000 6,851,000,000 5,361,000,000
618,000,000 619,000,000 704,000,000
623,000,000 680,000,000 501,000,000
Due from banks
Due to banks
75,000,000
77,000,000
72,000,000
1.948,000,000 1,903,000,000 1,322,000,000
Borrowings from Federal Reserve Bank_
Chicago
Loans on investments—total
Feb. 13 1935
Feb. 14 1934
Feb. 6 1935
$
1,655,000,000 1,651,000,000 1,351,000,000
Loans on securities—total
231,000,000
233,000,000
To brokers and dealers:
In New York
Outside New York
To others
26,000,000
24,000,000
181,000,000
26,000,000
27,000,000
180,000,000
16,000,000
32,000,000
228,000,000
49,000,000
18,000,000
214,000,000
52,000,000
19,000,000
218,000,000
296,000,000
U. S. Government direct obligations
841,000,000
Obligations fully guaranteed by United
States Government
81,000,000
Other securities
221,000,000
833,000,000
500,000,000
81,000,0001 279.000,000
215.000,000J
Reserves with Federal Reserve Bank
Cash in vault
404,000,000
36,000,000
Accepts, and commercial paper bought
Loans on real estate
Other loans
Net demand deposits
Time deposits
Government deposits
Duo from banks
Due to banks
388,000,000
38,000,000
276,000,000
353,000.000
43,000.000
1,503,000,000 1,514,000,000 1,170,000.000
386,000,000
386,000,000
327,000.000
43,000,000
44,000,000
62,000,000
198,000,000
491,000,000
170,000,000
486,000,000
175,000,000
327,000,000
Borrowings from Federal Reserve Bank.
CompleteiReturns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Feb. 6:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Feb. 6 shows decreases for the week
of 636.000,000.in total loans and investments and $20,000.000 in not demand
deposits, and increases of $12,000,000 in time deposits and $54,000,000
in reserve balances with Federal Reserve banks.
Loanslon securities to brokers and dealers in New York City declined
$21,000,000 at reporting member banks in the New York District and
823,000,000 atIall reporting member banks; loans on securities to brokers
and dealers outside New York City declined $3,000,000; and loans on
securities to others declined $6,000,000. Holdings of acceptances and
commercial paper declined $9,000,000 in the New York District and
$10,000,000 at all reporting member banks; real estate loans showed little
change for the week, and other loans increased $12,000,000 in the Boston
District and $9,000,000 at all reporting member banks.
Ili..Holdings of United States Government direct obligations declined
$17,000,000 in the New York District, $5,000.000 in the Boston District
and $10,000,000 at all reporting member banks, and increased $13,000,000
In the Chicago District and $4,000,000 in the Kansas City District; holdings
of obligations fully guaranteed by the United States Government Increased
$12,000.000 in the New York District and $15,000,000 at all reporting
banks; and holdings of other securities declined $8,000,000 in the New
York District and $6,000,000 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 81,225,000,000 and net
demand, time and Government deposits of $1,386,000,000, compared with
$1.217,000,000 and $1,392,000.000. respectively, on Jan. 30.
A summary;of the principal assets and liabilities of the reporting member
banks In 91 leading cities that are now included In the statement, together
with changes for the week and the year ended Feb. 6 1935, follows.
Feb. 16 1935
U.S. Govt. direct obligations
7,227.000,000
Obligations fully guaranteed by the
United States Government
616,000,000
Other securities
2,839.000,000
—10,000,000 +1,380.000,000
Reserve with Fed. Res. banks
Cash in vault
3,493,000,000
275,000,000
+54,000,000 +1,588,000,000
+48,000,000
—3,000,000
13,998,000,000
4,446,000,000
1,224,000,000
•-20,000,000 +2,873,000,000
+12,000,000
+74,000,000
—3,000,000 +236,000,000
1,801,000,000
4.363,000,000
+16,000,000 +448,000,000
+118,000,000 +1,235,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
• Jan. 30 figures revised (St. Louis District).
+15,000,0001
—6,000,0001
+520,000,000
—12,000,000
G. F. Towers, Governor Bank of Canada, Chosen
Chairman of Board—Thomas Bradshaw Named
Executive Director—Assistant Deputy Governor
Appointed
At the first meeting of the Board of Directors of the
Bank of Canada, Canada's Central Bank, held Jan. 30,
Graham Ford Towers, Governor of the Bank, was chosen
as Chairman of the Board. The Board also named Thomas
Bradshaw executive director. As executive director Mr.
Bradshaw will be a member of the]Executive Committee. The
other members of the executive committee are the Governor,
Deputy Governor, J. A. C. Osborne and Deputy Minister
of Finance W.C. Clark. The Board of Directors of the Bank
of Canada, consisting of seven members, was appointed on
Jan. 23 as noted in our issue of Jan. 26, page 553.
According to Canadian Press advices from Ottawa,
Feb. 10, announcement was made by E. N. Rhodes, Finance
Minister of Canada, of the appointment of Leo Saint-Armour,
of Montreal, Manager of the foreign business department
of the Banque Canadienne Nationale, as Assistant Deputy
Governor mf the Bank of Canada.
No definite date for the opening of the new bank has as
yet been set but it is expected that operations will commence
on March 1.
BrazilFrees Foreign Exchange From Restrictions
Frees
Advices Feb. 11 from Rio de Janeiro stated that the
foreign exchange market was freed of restrictions that day
at a meeting of the Foreign Trade Council at which President
Getulio Vargas presided. The Bank of Brazil, it was added,
no longer will control exchange transactions and importers
will be compelled to buy foreign currencies in the open
market. From the advices to the "Times" we quote further:
The Bank of Brazil explained the Council's action as follows:
"Commencing immediately, all foreign exchange obtained by the sale of
export bills will be sold to the open market and to bona fide banks."
Payments of foreign currencies for merchandise already shipped will be
made under the old exchange scheme.
Banks purchasing export bills must deliver to the Bank of Brazil sight
drafts on London or Now York at the exchange rate fixed by the Bank of
Brazil equal to 35% of the amount obtained from the sale of exports. This
fund will be used to meet commitments of the government and the Bank
of Brazil.
An oMcialrof tho Bank of Brazil said that the foreign exchange obtained
from the restricted 35% should give Brazil enough to meet the government's
agreements for theithawing of credits and leave a balance to take care of
£20,000,000 newly frozen credits.
Importers welcomed the freeing of the foreign exchange market. They
said it would be easier for thorn to meet foreign drafts. Coffee dealers
predicted increased exports.
Brazil's exports lost year amounted to £60,000,000, resulting in a favorable
balance of £16,000,000.
In United Press accounts from Rio do Janeiro on Feb. 12
it was stated:
Hitherto the Bank retained 155 francs, equal to 80% on every bag of
coffee for fulfillment of commitments. At the same time the Bank offered
importers 60% of exchange requirements, leaving 40% to be obtained in
the free market. The 60% provision, however, was recently temporarily
suspended, presumably because of shortage of exchange after payment of
debt service installments.
Buenos Aires (Argentina) to Lay March 1 Coupons in
Part on 6% Refunding External Sinking Fund
Gold Bonds Dated March 1 1928
The Province of Buenos Aires, Argentine Republic, is
notifying holders of its 6% refunding external sinking fund
gold bonds dated March 1 1928, due March 1 1961, that it
has made available at the offices of Hallgarten & Co. and
Kidder, Peabody & Co., for payment on or after March 1
to those holders assenting to the Loan Readjustment Plan
of 1933, the sum of $22.86 with respect to each $30 coupon,
and $11.43 with respect to each $15 coupon, maturing
1063
Financial Chronicle
Volume 140
March 1 1935, together in each case with 5% arrears certificates for the unpaid balance on coupons.
4.
0
04,7 Bonds of Finland Due Feb. 1 1958 Stricken from
Listing and Registration on New York Stock
Exchange
The New York Stock Exchange announced Feb. 13 that
it has stricken from listing and registration the Republic of
Finland aM% External Loan Sinking Fund Gold Bonds
due Feb. 1 1958.
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The New York Stock Exchange on Feb. 14 made public
the monthly list of companies on the Exchange reporting
changes in the reacquired holdings of their own stock. In
issuing the list, the Exchange also made known several companies reporting holdings of their own stock for the first
time since the issuance of the last previous report; the last
previous report of the Exchange was given in our issue of
Jan. 19, page 388. The announcement of Feb. 14 follows:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on Stock List.
Name
Shares
Preciously
Reported
Shares
Per Latest
Report
62,848
63,123
Allis-Chalmers Manufacturing Co.(common)
American Beet Sugar Co.(convertible debentures ex8288.400
8484,400
tended to 1940)
2,820
1,600
American Crystal Sugar Co.(Preferred)
1,403
800
Armour & Co.(Ill.),(7% preferred)
39,305
33,251
Armour & Co.(Dm),
(7% preferred)
15,663
15,513
Atlas Powder Co.(Preferred)
96,484
63,484
Ramsdell Corp.(common)
47,400
37.400
Briggs Manufacturing Co.(common)
655
2,301
Century Ribbon Mills, Inc.(preferred)
37.922
37,918
Childs Co.(common)
170.165
171,305
Commercial Investment Trust Corp.(common)
34,200
35,000
Congress Cigar Co., Inc.(common)
6,261
5.201
Corn Products Refining Co.(preferred)
9,370
8,797
Curtis Publishing Co.(common)
36,332
38,939
Curtis Publishing Co.(preferred)
Detroit Edison Co.(common)
3,430
4,658
1,911
Florsheim Shoe Co.(class A)
893
Hat Corporation of America (preferred)
3,608
3,597
A.Hollander & Sons, Inc.(common)
13,475
6,900
3,972
3.895
International Business Machines Corp.(common)_ _ _
Kroger Grocery & Baking Co.(common)
37,185
39,025
Lehigh Portland Cement Corp.(common)
15,454
14,854
Lehigh Portland Cement Corp.(preferred)
8.632
Liggett & Myers Tobacco Co..Inc.(preferred)
9,100
9.000
Mack Trucks, Inc.(common)
55,010
48,810
Minneapolis-Honeywell Regulator Co.(common)- _ _ _
20
31
Morris & Co., Ltd.(Philip),(common)
14,389
16,023
Murray Corporation of America(common)
40,181
40,581
National Lead CO.(common)
321
38,331
New York Steam Corp.(preferred A)
1.601
1,451
North American Co.(common)
27.411
27,416
Peoples Drug Stores, Inc.(preferred)
1,945
1,855
Safeway Stores,Inc.(common)
21,051
21,054
Safeway Stores, Inc.(6% preferred)
1,183
Safeway Stores, inc.(7% preferred)
1
2,989
Schulte Retail Stores Corp.(preferred)
7.821
7.813
Simms Petroleum Co.(common)
37.229
37,438
Skelly Oil Co.(preferred)
53.100
53.000
Standard 011 Co.(Indiana)
16.599
Texas Corporation (capital)
500,714
501,500
Tide Water Associated Oil Co.(common)
367.609
367,569
United Drug,Inc.(common)
15,041
15,012
United States Gypsum Co.(common)
58,739
58,709
Vadsco Sales Corp. (preferred)
1,422
Wheeling Steel Corp.(common)
14.881
14.851
Wheeling Steel Corp.(preferred)
2,443
2.078
Since the last publication of the Committee on Stock List covering the
holdings of listed companies, the following have reported holdings of their
own stock as set forth below.
No. of Shares
Name
Reported
Minneapolis-Honeywell Regulator Co.(preferred)
1,554
Standard Oil Co.(New Jersey).(capital)
348,861
New York Stock Exchange Favors Office Partners as
Members of Governing Committee-President Whitney Hopes for Early Understanding with SEC on
11-Point Program of Reforms
Incident to the 11-point program proposed 11by the /Securities and Exchange Commission for Administration
Changes in the New York Stock Exchange, Richard Whitney
President of the Exchange yesterday (Feb. 15) presented to
the Commission a suggestion that the Governing Committee
be increased to 48 members, 8 of whom would be office
partners who upon election would become members of the
Exchange of a special class to be known as "governing
members," right to act as governors and go upon the floor
of the Exchange, but would not have the right to transact
business.
The suggestion has to do with the second of the 11-point
program proposed by the SEC,reference to which was made
in these columns of Jan. 26, page 557. Mr. Whitney's
statement of yesterday follows:
Representatives of the New York Stock Exchange and of the Advisory
Committee of the Association of Stock Exchange Firms met with the
SEC this morning for the purpose of discussing the eleven points specifically
recommended in the Commission's Report to Congress.
The specific suggestion made to the Commission in regard to its second
recommendation, which has a vital bearing on the work of the nominating
committee of the Exchange in its preparation of a slate of Governors to be
nominated for the May election, was as follows:
That the Governing Committee be increased to 48 members, eight of
whom shall be office partners, who, upon election, will become members of
the Exchange of a special class to be known as "Governing Members." with
the right to act as Governors and to go upon the floor of the Exchange. but
not the right to transact business on the Exchange. The eight additional
members of the Governing Committee to be elected at the annual meeting
of 1935 would hold office two for one year, two for two years, two for three
years and two for four years.
It is hoped that an early understanding will be reached with the Commission in regard to the 11 recommendations contained in its report.
The 11-point program of the SEC has already received the
approval of the Association of Stock Exchange Firms. The
Advisory Committee of the Association passed a resolution
on Jan. 28 (as noted in our issue of Feb. 2, page 731) to the
effect that the Board of Governors "place themselves on
record as approving and endorsing the program". Action to
this effect was taken by the Governors on Feb. 4. A letter
sent by Frank R. Hope, President of the Association, to
President Whitney of the Stock Exchange,in indicating the
Governors' action, said:
I have to advise that at a special meeting of our Board of Governors.
fully attended, held Feb. 4, the following resolution was unanimously
adopted:
Resolved, That the Association of Stock Exchange Firms approve the
action of the Advisory Board in promptly indorsing the 11-point program
set forth in the report rendered by the SEC to Congress as of Jan. 25 1935,
and that the Association's president be directed to transmit a copy of this
resolution to the President of the New York Stock Exchange with the
earnest request that every consistent!effort be made to develop immediate
and sympathetic co-operation with the Commission in the matter of the
disposal of the Commission's recommendations.
Futures Trading in Tobacco on New York Produce
-Tobacco
Exchange to Be Inaugurated Feb. 25
Committee Chairman to Address Tobacco Markets
in Kentucky
Samuel Knighton, President of the New York Produce
Exchange, has announced that tobacco trading will be
inaugurated on that Exchange on Feb. 25 1935.
It had been the intention of the Exchange to start trading
in tobacco futures on Feb. 18 but due to a possibility of the
Supreme Court rendering a decision in the gold clause cases
on that date the Exchange later decided to postpone the opening one week.
James Lovatelli, Chairman of the Committee on Tobacco
of the Exchange, left New York Feb. 10 for the South to
address the Tobacco Boards of Trade and other organizations
and associations in Lexington, Louisville and Maysville,
Ky. on the Produce Exchange's tobacco futures market.
The appointment of the Committee on Tobacco of the
Produce Exchange was noted in our issue of Feb. 9, page 884.
Filing of Registration
Statements
Act of 1933
UnderlSecurities
The Securities and Exchange Commission announced on
Jan. 23 that a registration statement under the Securities
Act of 1933 had been filed with it by the Wisconsin Public
Corporation. In the statement (2-1267, Form A-1) the
company seeks to issue $7,000,000 first lien and refunding
mortgage 532% bonds, series C, due 1959. The pricejat
which the bonds are to be offered, said the Commission's
announcement, of Jan. 23, has not yet been determined,
according to the statement, but will be made known in an
amendment to the registration statement to be filed before
the statement becomes effective. The registrant (according
to the Commission) stated that the proceeds of the issue will
be applied against bank loans aggregating $6,375,000.
The Commission also announced the filing of seven additional registration statements under the Securities Act. The
total involved, including the statement on the Wisconsin
Public Service Corporation, is $29,340,133.33, of which
$8,896,800 represents new issues. The securities involved
.
are grouped as follows:
Commercial and industrial issues
Certificates of deposit
Reorganizations
Investment trusts
Foreign corporation issues
•Approximate.
$8,896,800.00
260,833.33
782.500.00
1,000,000.00
*18,400.000.00
The list of securities for which registration is pending as
announced Jan. 28 (Nos. 2-1260-1266) follows:
La Grange Placer Mines, Ltd. (2-1260, Form A-1) of Weaverville, Calif.,
seeking to issue 721,800 shares of 81 par value common stock. The first
400,000 shares are to be offered at par. Wm..7. Webster of New York
City is the principal underwriter.
PUtock Block, Inc. (2-1262. Form D -1A) of Portland. Ore., seeking to
issue certificates of deposit for its own $782,500 parIvalue outstanding first
mortgage 6% gold bonds. It is stated the bonds have a market value of
E224.750.
Pittock Block. Inc. (2-1263, Form E-1) of Portland, Ore., registering
$782,500 of first mortgage[6% gold bonds in a plan of reorganization.
Lyons Mid-Continent Corp. (2-1264, Form C-1) New York, N. Y.. proposing to issue $1,000,000 preferred commodities trust certificates (series A).
The body of the trust is to be composed of oil and gas royalty deeds, working
Interests, leases, rights, and other securities.
The Old Maryland Rye Distilling Co., Inc. (2-1265. Form A-1) of Laurel.
Md.. seeking to issue 500,000 shares of El par class A convertible common
stock with warrants attached, at $1.35 per share to build and operate a
distillery.
Peacock Special Machine & Drilling Co. (2-1266. Form A-1) of Paola
Ran., seeking to issue 500.000 shares of $1 par common stock at ti Per
share to purchase equipment, materials, and for working capital.
1064
Financial Chronicle
In issuing the above announcement the Commission
added the following footnote:
Note—Description of the securities registered by the Conversion Office
for Foreign German Debts (Konversionskasse fur deutsche Auslandsschulden), Docket 2-1261 (total offering 46.000.000 reichsmarks) is included
in.Release No. 282.
.
This registration statement was referred to in these
columns Jan. 26, page 558.
The Commission on Feb. 4 announced the filing of seven
additional registration statements. The total involved is
$6,520,412, of which $5,120,412 represents new issues. The
securities involved are grouped as follows:
Commercial and industrial issues
Investment trusts
Oil royalties
$4,962,900
1,400,000
157,512
The list of these securities (Nos. 1268-1274,) follows:
Unity Gold Production Co. (2-1268, Form A-1) of New York City, a
Delaware mining corporation, seeking to issue 150,000 shares of Si par
'value treasury common stock at prices ranging from Si to $1.25 per share.
6g H. L. Guild (2-1269, Form G-1) of Oklahoma City, Okla.,seeking to issue
oil royalty interests in 30-160ths (30 acres) of a tract in Oklahoma City.
The fractional interests are to be offered from 1-160 (1 acre) at $5,250 to
1-2,560 (1-16 acre) at $328.15. The royalty owner is to receive payments
from the Empire Oil & Refining Co. of Bartlesville. Okla.
Gold Eagle Gold Mines, Ltd. (2-1270, Form A-1) of Toronto, seeking to
issue400,000;shares of $1 par common stock to be offered at 45c. per share.
.
The company proposes to continue development of its mining claims in
Ontario. Charles E. St. Paul is President and director.
Palestine Economic Corp. (2-1271, Form A-1) of New York City, seeking
to issue 15,000 shares:of $100 parlvalue common stock at $100 a share.
jss Investors Fund C. Inc. (2-1272,,Form A-1), formerly the Irving Investors
Fund C. of New York, seeking to issue 45,000 shares of $1 stated value at
prices based on the market value of underlying assets, the market value of as
Jan.125 1935, being $67.12.
Valora Gold Exploration Co., Ltd. (2-1273, Form A-1) of Toronto, seeking
to issue 300,000 shares of $1 par common stock, to be offered at 25c. a
share. Harry Kops Co., Chicago, Ill., is principal underwriter.
National Associated Dealers, Inc. (2-1274, Form C-1) of New York.
seeking to issue 1,000,000 shares of Trusteed New York Bank Shares at
prices based on the market value of underlying assets plus 935% "loading
charge" and other additions.
bi On Feb. 11 the Commission announced the filing of 12
additional registration statements (Nos. 1275-1286, inclusive) under the Securities Act. The total involved is $41,701,833, of which $40,688,333 represents new issues the
securities are grouped as follows:
Commercial and industrial issues
Certificates of deposit
Voting trust certificates
Securities in reorganization
Investment trusts
$3,608,333
663,500
100,000
250,000
37.080.000
he list of these securities for which registration is pending
follows:
Standard Capital Co. (2-1275, Form A-1) of Wilmington, Del., a corporatiqn proposing to engage in financing the production of motion pictures
and allied activities, seeking to issue 15,000 shares of 6% preferred stock,
par value $100, and 33,333 shares of $1 par common stock, both to be
offered at par. (See registration statement No. 2-1276.)
George N. Armsby, El Al (2-1276, Form F-1) of New York City, seeking
to register voting trust certificates for 100,000 shares of $1 par value
capital stock of the Standard Capital Co. Voting trustees are George N.
Armsby and J. Cheever Cowdin of New York City, and Lawrence W.
Fox Jr., of Los Angeles. (See registration statement No. 2-1275.)
Murwood Gold Mines, Ltd. (2-1277. Form A-1) of Toronto, Can., seeking to issue 500,000 shares of $1 par value capital stock at 35c. a share.
10. Federal Wood Products Corp. (2-1278, Form A-1) of Pikeville, Tenn., a
Delaware corporation, seeking to issue up to $200,000 of $10 par common
stock, at a price tentatively decided upon as $10 a share.
Gyro Air Lines. Inc. (2-1279, Form A-1) of Denver. Colo., an Arizona
corporation, seeking to issue 1,000,000 shares of no par class A common
stock, to be offered at $1 a share.
Northwestern Natural Gas Co. Bondholders Protective Committee (2-1280.
Form D-1) of Seattle, Wash., seeking to register certificates of deposit for
$413,500 of 7% first mortgage bonds of the Northwestern Natural Gas
Co. of Kansas.
Bondholders' Protective Committee Adlon Apartments First Mortgage Bonds
Constituted Under Deposit Agreement Dated April 24 1933(2-1281, Form D-1)
of St. Louis, Mo., seeking to issue certificates of deposit for 635% first
,
mortgage real estate gold bonds, dated Oct. 15 1925, and duo on or prior to
Oct. 15 1937. The amount on deposit as of Jan. 15 1935, was $247,200.
The issuers are Nelson Cunliff and Martha W. Cunliff, his wife. The
guarantor is the Fidelity Bond & Mortgage Co.
M. M.Halligan (2-1282. Form E-I) of St. Louis, Mo., seeking to issue
$250,000 face amount 5% Adion Apartments first mortgage real estate
Income bonds in a reorganization plan.
Cavalier Oil Co. (2-1283. Form A-1) of Houston. Tex., seeking to issue
50.000 shares of no par common stock, to be offered at $5 a share.
The Salt Dome Oil Corp.(2-1284, Form A-I) of Houston. Tex., seeking to
Issue 112,500 shares of $1 common stock, to be offered at market prices of
an over-the-counter market.
Corporate Equities, Inc. (2-1285, Form C-1) of New York City, seeking to
issue trust endowment agreements, type B. calling for total payments
of $7,200,000, to be invested in trust endowment shares, series A, previously
registered. The trustee is the First National Bank of Jersey City.
Massachusetts Investors Trust (2-1286. Form A-1) of Boston. Mass.,
seeking to issue 1,500,000 shares of beneficial interest. $I par value. The
price at which the shares are to be offered will be based on the net asset
of the trust at the time the offering is made. As of Jan. 30 1935. the offering price would have been $19.92 per share, or $29,800,000 for the
1,500,000 shares.
In making public the above lists the Commission said:
These statements are now being examined by the Commission. In no
ease does the act of filing with the Commission give to any security its
approval or indicate that the Commission has passed on the merits of the
Issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
n our issue of Jan. 26, page 557.
Feb. 16 1935
Opinion by John J. Burns, SEC Counsel, Modifies
Rules Governing Application of Securities Act to
Reorganizations Under Bankruptcy Act
The Securities andlExchange Commission made public on
Feb. 15 an opinion of John J. Burns, its General Counsel,
as
--T
the application of the Securi les Act of 1933 to reorganizations under Section 77-B of the Bankruptcy Act. As
to the views expressed'by Mr. Burns the SEC said:
The opinion was confined tolthe question as to whether or not it is necessary to register with the Commission approvals and acquisitions of, or
deposits under, a plan of reorganization in connection with proceedings
Instituted under Section 77-B.
In substance the opinion concludes that a reorganization committee may
solicit approvals or acceptances of the plan in such reorganizations without
filing a registration statement with the Commission. As to deposit receipts, the opinion stated in part that:
"Deposit receipts issued prior to the court's confirmation of a plan of
reorganization proposed in connection with Section 77-B proceedings need
not be registered if their legal effect is equivalent solely to 'approval' or
'acceptance' of a plan or reorganization in those proceedings."
Mr. Burns' opinion was announced as follows by the
SEC:
In responseitola7number of inquiries with regard to the application of
the SecuritieslAct of 1933, as amended, to approvals and acceptances of,
or deposits under, a planiof reorganization in connection with proceedings
instituted under Section 77-13 of the Bankruptcy Act, the SEC published
to-day an excerpt from an opinion of John J. Burns, its General Counsel.
The excerpt follows:
"The exemptionlafforded by Sectios 77-B(h) of the Bankruptcy Act is
believed, with certain immaterial exceptions, to apply only to securities
Issued subsequent tots court's confirmation of a plan of reorganization,
and sine* certificate of deposit is normally a security within the meaning
of the SecuritiesiAct, the exemption is therefore not applicable, generally
speaking, to certificates of deposit which are offered prior to such confirmation of a plan.
"However, assuminglthat thelplan of reorganization meets the requirements of Section 77-I3(b) of the Bankruptcy Act,it is my opinion that:
1. A reorganization committee, either before or after the institution of a
proceeding under Section 77-13 of the Bankruptcy Act, may solicit from
creditors and stockholders, by mail or by use of instrumentalities of interstate commerce, approvals of a plan the obtaining of which is necessary in
order to authorize its proposal to the court in such a proceeding without
'
there being in effect any registration statement in connection with the plan
or the securities to be issued thereunder.
2. Similarly, no registration under the Securities Act is required prior
to the solicitation of acceptances of such a proposed plan pursuant to the
provisions of Section 7743(e)(1) of the Bankruptcy Act in order that such
plan may be confirmed by the court in conformity with the provisions ot
that subsection.
"I am further of the opinion that, assuming the plan of reorganization
is one which meets the requirements of Section 77-13(b) of the Bankruptcy
Act, the deposit of outstanding securities, or the presentation thereof for
stamping, may be solicited to evidence the approval or acceptance of the
plan by security holders, even though such solicitation takes place prior
to confirmation of the plan, provided that:
1. Any general power of the reorganization committee under the plan
Is or will be limited to a power, subject to the provisions of Section 77-11,
to take such steps and action as may be incidental to the effectuation of
the plan in accordance with the provisions of that section;
2. Holders of stamped or deposited securities will not become liable
individually nor their securities be subjected to any lien to pay any expenses
or fees in connection with the reorganization, except to the extent that the
court may order payments to be made out of the debtor's assets in accordance with Section 77-B; and
3. The effect of the deposit or stamping of securities does not create any
greater substantive rights, powers or obligations than those involved in
the giving of approvals or acceptances previously referred to.
"In tether words, deposit receipts issued prior to the court's confirmation of a plan of reorganization proposed in connection with Section 77-13
proceedings needi'not be registered if their legal effect is equivalent solely
to 'approval' or 'acceptance' of a plan or reorganization in those proA
ceedings."
New Ruling of SEC Permits Amendments to Registration Statements to Be Filed Quarterly Instead
of When Changes Are Made
•41
The Securities and Exchange Commission announced on
Feb. 15 that it had amended its rules governing the manner
in which registered exchanges must keep their registration
statements up to date. Heretofore, the Commission points
out, under Rule CB2 and under the instructions accompanying Form 9, registered exchanges were required to file
formal amendments to their registration statements whenever any changes, such as the sale or purchase of memberships, or the listing or delisting of securities, took place. The
Commission found that these requirements forced exchanges
to file an unnecessarily large number of amendments to
their registration statements. The Commission adds that
the revised requirements make it possible for exchanges to
file certain amendments only quarterly, with the provision
that the Commission is to be kept informed of interim
changes by means of informal notices.
Exemption from Registration Under Securities Act of
1933 of Fractional Undivided Interest in Oil, Gas,
Etc., Extended by SEC Until Further Notice
The Securities and Exchange Commission has extended
until further notice, it was announced Feb. 14, the exemption from registration under the Securities Act of 1933 of
fractional undivided interests in oil, gas or other mineral
rights (other than fractional undivided oil and(or) gas
royalty interests), commonly known as working interests
in leases. Ten days' notice of the termination of this
exemption will be given.
Volume 140
Financial Chronicle
A previous extension of the exemption, until Feb. 15, was
noted in these columns of Jan. 19, page 389.
SEC Issues Regulations Modifying Registration Requirements—Will Permit Partial Statements When
Permanent Registration Is Applied for if Omissions Are Corrected Later
—The ru
-Serities ana Exchange Commission Feb.. 13 made
—
Foub=es F—
rei:rung=ing of applications for perman7:7173e—
istration of securities on national securities exchanges
under _t e Securities Exchange Ad— a 1934. The SEC
i=l'ed certain amendments to the Instruction Book for
VOTE—Tirfor corporations, which was promulgated last
eg- mber, an also several new general regulations under
673 -th=cchange Act. —
The new rules list a number of exceptions from the use
of Form 10, but provide that this form will be used after
Feb. 13 for all corporations except certain specified organizations such as banks,insurance companies and carriers. The
SEC pointed out that in order to facilitate prompt registration applications it has permitted the filing of statements
even though initially complete, if the registrant agreed to
correct the omissions at an early date. It also stated that
eorporations are assured that by the act of applying for and
acquiring registration they will not be subjected to additional obligations-without their consent.
1
The SEC announcement is given below:
The SEC announced to-day its rules governing the filing of applications
for the permanent registration of securities on national securities exchanges
under the Securities Exchange Act of 1934. The rules take the form of
certain amendments to the Instruction Book for Form 10 for Corporations.
which was promulgated in December, and also several new general regulations of the Commission under the Exchange Act.
i tUnder these rules. Form 10 is to be used by all corporations seeking
f
permanent registration of their securities, except the classes of corporations
specifically excluded from the use of this form, such as banks, insurance
companies, carriers, and the like, for which other forms will shortly be
prescribed.
Corporations which had any securities listed on an exchange as of Oct. 1
1934. and which securities were temporarily registered under the rules of
the Commission providing for such temporary registration, are to use
Form 10, supplying balance sheets and profit and loss statements for their
fiscal year ending not prior to Dec. 31 1934. In the cases of those corporations whose fiscal years end on some later date than Dec. 31 1934,
financial statements need not be filed as of the time that registration is
sought, if the corporation agrees to file such statements within 93 days
after the close of its fiscal year. Thus a company whose fiscal year ends
on Sept. 30 may apply for registration by agreeing to file its financial
statements within 93 days after Sept. 30 1935. Other information called
for by Form 10, which is dependent upon the financial statements, may
be similarly delayed. By this means all corporations, irrespective of when
their fiscal year ends, may acquire permanent registration by July 1 1935.
facilitate prompt applications for registration, the Commission has
permitted the filing of statements even though initially incomplete if the
registrant agrees to correct the omissions at an early date. Furthermore.
to facilitate examination of these statements both by the exchange and
by/thepommission, provision is made for the submission of partial statements without actual filing. Thus, prior to actual filing and without the
incomplete statement becoming a public record, an examination of the
portion submitted can be made. Thus, upon the filing of the subsequent
portion of the statement, examination is made much simpler, and registration can be readily expedited. Corporations are urged to take advantage at an early date of this right to submit statements in a partially finished
form so as to facilitate the work of examination both by the exchanges
and the Commission.
Corporations which had no securities listed on an exchange prior to
Oct. 1 1934, are also to use Form 10, with the difference that a three-year
instead of one-year audit is required. But to encourage prompt registration of issues that have not hitherto been listed on an exchange, either
having been dealt in only in the over-the-counter markets or on the unlisted
department of an exchange, the Commission has provided that these corporations may, until July 1 1936, apply for registration upon essentially
the same basis as corporations already listed on an exchange. They need
thus furnish only a one-year audit, provided that the Commission finds
that, like issues on an exchange, the issue whose registration is sought or
one junior thereto has been generally dealt in by the public and that the
corporation for the past five years has furnished its security holders reasonably informative financial statements. The effect of this is that corporations with seasoned securities, which have hitherto not had their securities
listed, are given the opportunity to obtain registration and an exchange
market.
Certification of financial statements by independent auditors is required,
but when a listed corporation has not hitherto had such auditing and its
introduction at the outset would be unduly burdensome,it can be dispensed
with for the first year if the corporation thereafter agrees to have its financial
statements audited by independent accountants.
Provision is also made for the consolidation of statements of subsidiaries
when their fiscal year ends a few months earlier than the fiscal year of the
parent.
Incorporation by reference of financial material filed under the Securities
Act, corresponding to that required by Form 10, is expressly permitted,
thus making it unnecessary for a corporation to duplicate the required
financial statements.
Corporations are expressly permitted to reserve any constitutional
right or claim they may possess in applying for registration. They are also
assured that by the act of applying for and acquiring registration they will
not be subjected to additional obligations without their consent. If any
such additional obligation is imposed upon them in the future, the corporation may within 30 days file a request for the expiration of registration
and registration will automatically expire before the corporation can be
requested to assume this obligation. Thus all corporations can at any
time adequately determine in advance of registration the nature of the
obligations that registration entails.
Provisional registration on Form 7Iis still permitted for 90 days so that
no disturbance may be produced by the introduction of Form 10. Furthermore, any issuer seeking the registration of securities for which no form
1065
has been provided is still to use the provisional method of registration on
Form 7 until an appropriate form shall have been authorized.
Form 7 has been simplified by eliminating the requirement for the filing
of a corporation's latest annual report. In most cases such reports were
prepared before the publication of Form 10 indicated the type of financial
statement desired by the Commission. The Form has also been modified
by limiting the requirement for specimens of securities and underlying
indentures to those relating solely to the securities to be registered, and by
eliminating a requirement for the filing of an opinion of counsel.
A new rule makes clear that the suspension of a security from trading
by an exchange, pursuant to its own rules, will not terminate the registration
of the security.
Federal Judge Caffey Holds SEC To, Be Without
Authority to Conduct Injunction Proceedings on
Its Own Initiative—Prosecutions Must Be Through
Federal Attorney
In the United States District Court in New York on
Feb. 14, Judge Francis G. Caffey ruled that the Securities
and Exchange Commission is without authority to institute
on its own initiative and authority injunction proceedings
against individuals or corporations. The action of Judge
Caffey in dismissing the injunction suits brought by the
SEC was based on the technicality that all civil and criminal
actions involving the United States must be brought through
the United States Attorney for the District unless he has
been superseded by the Attorney-General of the United
States. The injunction suits in which Judge Calfey's decision
was given were brought against the Eurydice Gold Mining
Co., Robert Collier & Co., Robert Collier and H. L. Garner,
and the Stock Market Finance Co., Thomas J. Murphy,
John J. Hackett and others.
Regarding the Court's ruling and the Commission's action
the New York "Times" of Feb. 15 said:
Undecided on Appeal
Officials:of the SEC said they were undecided whether to appeal Judge
Caffey's decision or to enlist the co-operation of United States Attorney
Martin Conboy in new injunction suits again the two companies.
The Eurydice Gold Mining Co. was engaged in developing mining
properties in Colorado. The Stock Market Finance Co. conducted an
investors' service. Through J. J. Burns, its General Counsel, Jacob
Gruber and Edwin Martinet, the Federal Commission charged that stock
sales were being promoted by both companies without proper registration
of the securities, and that misrepresentations had been made in connection
with sales.
The defendants denied the allegations and the Eurydice Gold Mining
Co., through Thomas E. Dewey, its attorney, contended that the Commission was without power to bring suit on its own authority, citing an
old law which makes it the duty of the United States Attorney to press all
such actions.
In his opinion Judge Caffey said:
Section 35 of the Act of Sept. 24 1789, makes it the duty of the United
States Attorney in his District to prosecute all civil actions in which the
United States shall be concerned.
The sole contention of the complainant is that Section 20-B of the Act
of 1933, or that section as amended by Section 21-E of the Act of 1934,
empowers the complainant to institute and carry on injunction suits through
its own attorneys.
To construe a mere grant to a governmental agency of powers between
an action as arming it with authority wholly to displace the previously
existing Government officials designated by statute to prosecute that
action seems to me, therefore, completely without warrant. Here, at best,
it requires a good deal of surmise to attribute to the lawmakers a design to
bring about so dramatic a change as that which the complainant insists it
did make.
Besides the extract quoted fUrther above we also take
the following from the "Times":
Company's Acts Defended
Mr. Dewey, who is a former assistant United States attorney, told the
Court in the course of his argument that the defendant company had filed
Its prospectus with the Commission and asserted that "every dollar" of the
money received from the public was intact in the corporate bank account or
had been used for actual expenses of the Eurydice Mining Co.
He said further that none of the officers of that company received any
salary. Commenting on the Court's ruling, Mr. Dewey said.
"Judge Caters decision is a decisive victory for orderly and fair administration of the great powers conferred upon the SEC. The Commission's entire case was based upon a one-sided hearing conducted by two
young lawyers employed by the Commission, who refused to receive any
statement of the facts and who prohibited the defendants' counsel from
bringing out the true facts of the case.
"After this farcical proceeding, these two young lawyers were then
permitted to go to the Federal Court secretly, without any notice to the
defendants, or any chance for them to state their side of the case, and
secure an injunction on grossly misleading and inadequate papers."
At the SEC offices it was said that despite Judge Caffey's decision the
restraining order would remain in force until next Thursday when, it was
expected, Judge Caffey would sign the final order.
Richard Whitney Sees "Triple Safeguard" to Public
Interest in Security Dealings—Self-Protection,
Advisory Committee and SEC All Act to Aid Investor, He Declares in Final Radio Address
Richard Whitney, President of the New York Stock Exchange, on Feb. 13 concluded a series of three radio broadcasts on "Security Markets and the People." In his address Mr. Whitney took occasion to express his confidence
in the personnel of the Securities and Exchange Commission, and incident thereto he declared that the public
ibterest in the Stock Exchange is now protected by a
"triple safeguard": "the self-interest of the security mar-
1066
Financial Chronicle
ket which requires the full protection of its clients," "the
active representation of the public by a group of prominent
citizens," and "the administration of the Security Exchange
Control Act by a governmentally appointed commission."
Mr. Whitney's second radio address was summarized in
our issue of Feb. 9, page 885. In closing his speech on
Feb. 13, he remarked that if the public indicates an interest
in the subject, he may attempt to enlarge upon the points
discussed.
In discussing the "safeguards" upon the public interest,
Mr. Whitney pointed out that the Stock Exchange recently
invited a group of ten citizens to serve as an Advisory
Committee. The purpose of this body, he said, is to act
as a contact between the public and its major security
market. The purpose of these men, he continued, is to present the public viewpoint for the guidance of the Exchange.
Mr. Whitney then added, in part:
The success with which a security market can function depends to
a great extent upon the cooperation of the public. This co-operation
is not onerous. There is needed only a frank recognition of the limitations
which mark the operation of a security market. The public, in other
words, should understand what a security market cannot and therefore
does not do.
You should know, for example, that millions of citizens believe that
the New York Stock Exchange buys and sells securities. It is a widely
prevailing impression that the exchange keeps on hand a supply of all
the securities that are listed, that these securities are bought and sold
by the exchange in much the same manner as a grocer sells flour and
potatoes. This is decidedly not the case. The New York Stock Exchange is rather like the owner of a large public market who rents stalls
to tradesmen. This owner has the power to make rules under which
merchandise shall be bought and sold, rules that are fair to those who
buy as well as to those who sell. The owner is not a merchant himself and does not buy or sell.
An error closely related to the foregoing holds that the New York
Stock Exchange fixes the prices at which securities are bought and sold.
Here again the exchange is in the position of the market proprietor.
This market place owner, be it a town, a corporation or an individual,
Is eager to bring the largest possible number of buyers and sellers together. From this meeting of demand and supply a market price emerges.
The owner of the market place does not fix that price—could not in
fact fix it if he tried. He is merely the owner of the place in which
price is naturally and automatically determined by supply and demand.
A third error as fundamental as the previous two and probably more
mischievous is the belief that the stock exchange is responsible for
booms and depressions. The last thing that a security market wants is
a depression or an unhealthy boom. However, it wishes in the matter
have nothing to do with it. The business cycle, as you well know, is
world wide in its coverage. It is entirely probable that it is the result
of forces which men do not fully understand and foresee, and certainly
cannot control. Since the security market easily and quickly records men's
hopes and fears of the future, it has been mistakenly assumed that
the market is the cause of those hopes and fears. It would be just as
correct to say that a barometer is the cause of the storms and fair
weather which it indicates, or that the thermometer inflicted upon us the
piercing cold of a week or so ago.
The service which a security market can render the public will be
distinctly enhanced if its limitations are keep clearly in view. A security
market does not buy and sell securities. It does not fix security prices.
It does not cause booms and depressions.
On the other hand the services which such a market does render are
as clear as they are vital. It assures to buyers and sellers of securities
the greatest freedom consistent with fair trade practice and the public
Interest. An open market means that a buyer should be subject to no
restraint except as to the supply of securities and the willingness of
others to sell. Similarly a seller should be free from restraint except
as to the demand for securities and the willingness of others to buy.
Arbitrary or uneconomic restrictions upon either party will result in
prices which do not fairly represent true market judgment, nor allow
true freedom to the law of supply and demand.
An efficient security market directs a strong light upon all transactions. Prices and volume are promptly reported. Prices are determined openly in the presence of hundreds of brokers representing sellers
and buyers. Listing requirements reveal financial and operating facts
about business corporations which are bound to help the investor.
By barring manipulations and corners, by making every transaction
a real purchase and sale, by flooding the market stage with a powerful
white light, by encouraging and demanding the publication of understandable corporate facts, by giving the public able representation in
its counsels, by energetic and since cooperation with the government
commission, by all these means does the security market serve the people.
Chairman Kennedy of SEC, Before Union League Club
of Chicago, Outlines Commission's Objectives in
Regulation of Over-Counter Trading—Also Assures
Business It May Undertake New Financing Without
Undue Burdens—Registration of Securities Urged
Before the Union League Club of Chicago, on Feb. 8,
Joseph P. Kennedy, Chairman of the Securities and Exchange Commission, addressing approximately 1,000 Ohicago
business men, assured American business that it may now
undertake new financing without any unreasonable burdens
of effort, expense or liability.
In addition to a discussion of the need of Federal regulation to prevent securities frauds, indicated by numerous
complaints recently received by the Commission, Mr. Kennedy spoke specifically about three important phases of
the Commission's work, namely, the responsibility of officers and directors, the registration of new issues, and the
Over-the-counter markets.
Feb. 16 1935
He urged officers and directors not to neglect their responsibility for filing reports as to their ownership in the
equity securities Of their companies, pointing out that "if
a man acts in good faith and tells the truth as he knows it,
there is no danger of liability." According to Mr. Kennedy,
fears about the registration of securities under the 1933 Act
are without foundation. He urged business men to seek
registration not only because of the protection it gives in1,estors but also because registration will prove to be a
source of protection to corporation officials against strike
suits. For the first time the Commission's objectives in
the regulation of the over-the-counter trading were outlined
by Mr. Kennedy, who stated that the Commission is considering a plan to register over-the-counter dealers and securities traded over-the-counter. He made known that already
much new financing is in process of preparation for registration under the Commission's new forms. Referring to
the practice of making so-called private issues, Chairman
Kennedy warned as follows:
Wholly apart from the unfortunate effects which such a procedure has
upon the general investing public thus deprived of an opportunity to participate by investment in new and attractive offerings, I call your attention
to the danger in which the issuing corporation is involved.
Discussing the question of new capital issues, he said :
You have been told when you sought to raise money or readjust corporation finances by refunding, that the labor, expense and legal liabilities
involved imposed upon the issuer of the new securities unbearable hardships.
Gentlemen, I ask you now to disregard those warnings and to forget that
bogie. Do your business as usual. Come down to Washington in person
and present your problems to us, and I am confident that we can show
you how to do new financing legally, pleasantly and inexpensively.
With reference to the filing of reports regarding changes
In the holdings of officers, directors or beneficial owners of
10% in the equity securities of registered corporations, Mr.
Kennedy said:
If you are an official or director of a registered corporation, or the
holder of 10% of such a corporation's equity securities, you are required
by law to file with the Securities and Exchange Commission the amount of
all securities of which you were the beneficial owner as of Jan. 31 1935.
Thereafter, no reports are required unless the official, director, or 10%
stockholder changes his holdings. Evidence at hand shows an indifferent
response to this requirement with numerous instances of insufficient and
incorrect filing under the requirements of the Act. Of course, in a great
many instances, due to the newness of the Act and lack of familiarity
with the forms for reporting prescribed by the Commission, honest mistakes
have occurred. These will become fewer as time goes on. But I urge
upon you the wisdom of being properly advised concerning your duties.
As to the justification for the filing of such reports, the
speaker had the following to say:
Directors and officers are the agents of shareholders who, in many
cases, because of their small holdings, are powerless to investigate or to
supervise. The least we can give them is information which will disclose
the existence of any interest of these agents which might be adverse to
those shareholders.
In his comments with regard to the regulation of over-thecounter issues, Mr. Kennedy observed that "Congress, almost
In the opening clause of the 1934 Act, stated that:
Transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are affected with a national public
interest which makes it necessary to provide for regulations and control
of such transactions and of practices and matters related thereto, including
transactions by officers, directors and principal security holders, to require
appropriate reports, and to impose requirements necessary to make such
regulation and control reasonably complete and effective, and to insure the
maintenance of fair and honest markets in such transactions. . . .
It is true that the Act is more elaborate in dealing with organized
exchanges, but in Section 15 we find a Congressional recognition that
this control must not be discriminatory. . . .
Congress intended that no undue advantage be given to one form of trading over the other. In a sense the status quo is to be maintained. Congress
foresaw that the whole Act could be defeated if effective regulation of
over-the-counter markets was not provided for. We are alive to this problem.
We are considering the registration (or licensing, if you will) of the
dealers and brokers of the country whose business involves inter-State
commerce. We are considering registering the securities of large corpora.
Hong similarly involved whose securities are widely distributed and requiring reports of officials of such companies in order that delisting will not
be an attractive process. We shall seek to place at the disposal of
investors substantially the same information concerning issues of securities
traded in over-the-counter as that required of listed companies. I ask you
in simple fairness—why shouldn't each form of trading be subject to regulations substantially the same? The Commission plans to provide that a
registration statement filed under either Act shall be in substance a compliance with the other Act.
Summarizing the Commission's attitude, Chairman Kennedy said:
The aim of the SEC is to exert its every effort in behalf of the restoration and preservation of sanity in the security business. We hope to
interpret the Securities Act of 1933 and the Securities Exchange Act of 1934
so that no one will be asked to assume unreasonable burdens when issuing
new securities, and no one will be hampered by unreasonable regulations
when trading in those securities once they have been issued.
In his concluding rem-rks Mr. Kennedy expressed It as
his belief that "our Commission, regardless of political
changes, will have a permanent place in our scheme of
government. A Chicago dispatch, Feb. 8, to the New York
"Herald Tribune" said:
Volume 140
Financial Chronicle
In a press interview following his address, Mr. Kennedy declared that a
voting trust which seeks to perpetuate the control of a management in
reorganizations to the exclusion of investors is a "type of thing which is
not within the spirit of the law."
He also denied that the Commission had anything to do with the filing
of the suit to block the merger of the Republic Steel Corp. and the Corrigan-McKinney Steel Co. He declared the Republic company displayed a
spirit of co-operation with the Commission and supplied a voluminous
registration statement for that reason rather than in an attesamt to confuse
the Commission.
Concerning investigation of reorganizations, he pointed out that the body
had been delegated to make such an inquiry for the purpose of recommending
to Congress such measures as would serve to protect the interest of investors.
The Celotex Co. reorganization was one of those selected as offering a good
example for study, he said.
He also revealed that the Commission has power to tell corporations
whether or not they may delist their securities, which would prevent wholesale withdrawals from exchanges in an effort to circumvent the requirements of the Securities Act.
United State Supreme Court Still Delays Announcement as to Decision in Gold Clause Cases
The United States Supreme Court still maintains its silence
as to its decision in the cases involving the constitutionality
of the gold clause in contracts. Yesterday (Feb. 15) it was
stated in press advices from Washington that the Court
met at noon without announcing any action, and it was
added that the session would be the last the Court would
hold this week. On Feb. 13, when it was.observed in Washington Associated Press accounts that the Court again followed the regular schedule, listening to arguments on pending cases, giving no clew when the decision in the gold cases
could be expected, it was added that the expectation is that
the decision may be postponed until March 4. A week ago,
in our issue of Feb. 9 (page 885) reference was made to the
delay by the Commission in making known its conclusions.
From Washington, Feb. 9, special advices to the New
York "Times" said that in announcing that day that neither
the decision op the gold clause cases, nor any other opinions,
would be handed down on Monday, the traditional decision
day, the Supreme Court provided another complete surprise,
and again broke an old custom. The dispatch continued:
Shattering a precendent last Saturday by stating that the gold verdicts
would not be rendered on the following Monday, the court reversed its
practice of years when it decided not to release any of its findings on Monday next. For years it has been the practice to make its decisions known on
Monday and rarely, indeed, has any other day been so used.
The announcement followed the regular Saturday conference of the
justices, lasting this time for nearly five hours, during which time President
Roosevelt conferred at the White House with Attorney General Cummings
on plans to meet any decision of the court unfavorable to the government.
After talking earnestly together, the eight associate justices left the
Capitol in their'automobiles at about 5 p. m. Chief Justice Hughes then
called Chaeles Elmore Cropley, court clerk, to the conference room. In a
short time Mr. Cropley returned:and gave out this verbal statement:
"There will be no opinions Monday."
Senator Thomas Says Secretary Morgenthau Is Ready
to Manage Internal Value of Dollar if Gold Clause
Ruling Is Adverse
Senator Elmer Thomas, Democrat, of Oklahoma, according to the New York 'limes" quoted Secretary of the
Treasury Morgenthau on Feb. 14, as saying that if the
United States Supreme Court upholds the gold clause Mr.
Morgenthau is prepared to maintain the dollar's present
erchasing power to protect debtors until Congress can act.
Mr. rhomas, a leader of the inflationary bloc in Congress, disclosed a
conversation he said he had with the Secretary, in the course of a speech
before the Men's Club of Forest Hills, at the Community House, Borage
Place, Forest Hills Gardens, Queens, where he was the guest of Robert M.
Harriss.
.Mr. Thomas said the conversation took place Tuesday, (Feb. 12). This
was the day following Secretary Morgenthau's announcement that "the
country can go about its business with the assurance that we are prepared
to maintain the external value of the dollar as long as it may be necessary,"
and his disclosure that the Treasury had been using its stabilization fund
to manage the dollar in the foreign exchange markets for the last month....
Mr. Thomas, in a radio address later over Station WMCA, warned
that the Roosevelt administration faces "exile" from Washington together
with the Hoover administration if it falls to correct the mat-distribution of
wealth. He added:
"Early in this administration we adopted a monetary program, but
then we hesitated, faltered and refused to go forward. To the extent that
we followed the program we prospered, and when we halted we began a
retreat. We have no recourse other than to adjust our money system to
meet the demands of our people and our local interests. The sooner this is
done the sooner we will be on the road to full recovery."
Arthur W. Cutten Barred from Trading Privileges on
Grain Markets for Two Years — Charged with
Violating Grain Futures Act
Arthur W. Cutten, a member of the Chicago Board of
Trade, is to be denied trading privileges by all contract
markets in the United States for two years, beginning
March 1, under an order issued Feb. 12 by the Grain Futures
Act Commission. The Commission, according to the announcement issued Feb. 14 by the Department of Agriculture, found that Mr. Outten "is guilty of having violated
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the Grain Futures Act by attempting to manipulate the
price of grain by concealing his transactions in the market,
by making false reports, and by failing to report."
The Department of Agriculture, at the same time, said:
The 15 contract markets, exchanges dealing in grain futures, which have
been ordered to deny Mr. Cutten trading privileges are:
Chicago Board of Trade,
Chicago Open Board of Trade,
Minneapolis Chamber of Commerce,
Kansas City Board of Trade,
Milwaukee Grain and Stock Etchange,
Duluth Board of Trade,
St. Louis Merchants Exchange,
New York Produce Exchange,
Seattle Grain Exchange,
Hutchinson Board of Trade,
Portland Grain Exchange,
Baltimore Chamber of Commerce,
Omaha Grain Exchange,
Grain Trade Association of the San Francisco Chamber of Commerce,
Los Angeles Grain Exchange.
Boards of trade are required to make these orders effective and do so
by notifying each of their members.
This is the second case in which contract markets have been ordered to
deny trading privileges to a member. In November the Commission ordered
that Adrian Ettinger and Ewing W. Brand of Cleveland be barred from
exchanges dealing in grain futures for six months. Thomas M. Howell,
also a member of the Chicago Board of Trade, was charged by the Government last November with manipulating the price of corn. The Commission has not yet ruled on the Government's request that he be denied
trading privileges.
Cutten was asked by the Government last April, through Secretary
of Agriculture Henry A. Wallace, to show cause as to why he should not
be denied trading privileges. Evidence in the case was taken in May.
Later Mr. Cutten, through his attorneys, demanded that the Government
drop the case, maintaining that the Grain Futures Act does not cover past
violations and is unconstitutional in certain respects. This request the
Commission, which is composed of the Attorney-General, the Secretary of
Commerce and the Secretary of Agriculture, denied. Final arguments
before the Commission were heard Jan. 12.
The Cutten case, as well as the Howell, and Ettinger and Brand cases,
has been handled by Leo F. Tierney, special attorney, under the general
direction of the Solicitor of the Department of Agriculture. Each case
was a violation of the Grain Futures Act of 1922, administered for the
Department of Agriculture by the Grain Futures Administration, of which
Dr. J. W. T. Duvel is chief.
In Associated Press advices from Chicago, yesterday
(Feb. 15), it was stated that Mr. Cutten plans an appeal
from the Federal order barring him from activity on American grain markets. Mr. Cutten's attorney is reported as
stating that the constitutionality of the Grains Futures Act
will be tested through the courts, even if a Supreme Court
appear is necessary.
Reference to the Government's charges against Mr. Outten
was made in our issue of Dec. 1, page 3421. According to
the Washington advices, Feb. 14, to the New York "Herald
Tribune," the finding of fact by the Grain Futures Act Commission were announced as follows in the Cutten case:
The Commission, having duly considered the evidence and the arguments
and briefs of counsel, now makes the following findings of fact:
1. The Chicago Board of Trade was duly designated as a contract market
under the Grain Futures Act on May 3 1928, and it has been a contract
market continuously since that date.
2. During the year 1930 and 1931 respondent was, and now is, a member
of the Chicago Board of Trade.
8. From and after Oct. 31 1927, through and including the year 1931,
members of contract markets were required by regulations made pursuant
to the Grain Futures Act to report to the Grain Futures Administration
their net position in futures owned or controlled by them, long or short,
by grain and by future, when they had net open commitments in any one
future equal to or in excess of 500,000 bushels of wheat, corn or oats, and
200,000 bushels of rye or barley.
4. Respondent in 1930 and 1931 had knowledge of the reporting requirements.
Thirtylive Accounts Cited
5. Respondent, in 1930 and 1931, transacted his business through eight
commission firms. He split his trade into 35 accounts. He carried some
of his accounts in the names of relatives and associates. Respondent
owned or controlled each of the 35 accounts.
6. During the year 1930 respondent did not make any reports to the
Grain Futures Administration.
7. On approximately 130 days during 1930, respondent had open commitments in a single wheat future in accounts owned and controlled by
him equal to or in excess of 500,000 bushels.
8. On approximately 119 days during 1930, respondent had trades
in a single wheat future in accoants owned and controlled by him in
which he had open commitments equal to or in excess of 500,000 bushels.
9. During the year 1931, respondent made reports irregularly to the
Grain Futures Administration, none of which was true or correct as a
statement of his net position on the market on the day covered by such
report.
10. During the year 1931 there were a great many days on which respondent made no reports at all, although having on such days open commitments in a single wheat future, in accounts owned and controlled by
him, equal to or in excess of 500,000 bushels.
Deals In 1981 Traced
11. On approximately 110 days during 1931, respondent had trades
in a single wheat future in accounts owned and controlled by him, in
which he had open commitments equal to or in excess of 500,000 bushels.
12. On many days during the years 1930 and 1931, the respondent,
In accounts definitely identiffed as belonging to him, had open commitments and trades which he failed to report as required by the Act and
regulations made pursuant thereto.
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Financial Chronicle
13. During the year 1931, the respondent made false reports of his
open commitments and transactions in accounts definitely identified as
his and indisputably belonging to him, contrary to the act and regulations made pursuant thereto.
14. Respondent's purpose in concealing his position in the market was
tr manipulate the price of grain and thereby to make large profits.
Ile systematically allocated purchases and sales of wheat futures to
the various accounts in order to keep them under 500,000 bushels and
this to avoid detection. Ile attempted to manipulate the price of grain.
Conclusion
Respondent's conduct as shown by the record constitutes a yiolation
of the grain futures act and the rules and regulations made pursuant
thereto.
It is the conclusion of this commission that an order should be entered
directing all contract markets to refuse all trading privileges thereon
to respondent for a period of two years from March 1 1935.
Order
Accordingly, it is hereby ordered that all contract markets refuse all
trading privileges thereon to Arthur W. Cutten for a period of two years
from March 1 1935.
It is further ordered, that a copy of this opinion, findings of fact,
conclusion and order to be transmitted by registered mail to the respondent and to the secretary of each board of trade which is now
operating as a contract market under a designation as such heretofore
made by the Secretary of Agriculture.
In witness hereof, the Secretary of Agriculture, the Attorney General
and the Secretary of Commerce, sitting as a commission pursuant to
Section 6 of the grain futures act, 1922, have hereunto set their hands
this twelfth day of February, 1935.
Plan for Liquidation of Assets of Chicago Joint Stock
Land Bank Submitted to Bondholders
-10% Liquidating Dividend to Be Made Feb. 25
The bondholders' protective committee for the Chicago
Joint Stock Land Bank bonds has prepared a plan for the
liquidation of the assets of the bank, which has been submitted to bondholders, it was announced Feb. 13. Robert
Stevenson, of Chicago, is Ohairman of the committee. The
announcement continued:
The plan proposes that the assets of the bank shall be offered for sale
by the receiver. The bondholders' protective committee would then bid
$10,681,024 for the bonds, a sum equal to 25% of the principal amount of
the bonds, which would be reduced by the amount of dividends paid to
bondholders by the receiver in addition to the first dividend of 30% and
by the book value of all assets withheld from sale.
Payment of an additional dividend of 10% to bondholders, in accordance
with the recently-announced intention of the receiver for the Chicago Joint
Stock Land Bank, would thus automatically reduce the amount of the
bid to 13% of the principal amount of outstanding bonds.
If the protective committee is the successful bidder on the sale, a
corporation organized for the purpose would issue five-year income debentures to bondholders to a total equal to 25% of the principal amount of the
outstanding bonds, or, making allowance for the 10% dividend, to 14%.
In addition, no par common stock in the amount of 10 shares of stock
for each $1,000 bond would he issued to voting trustees, who would, in turn,
Issue voting trust certificates to bondholders.
Interest on the debentures would be payable only if earned, and would
not be cumulative. The voting trustees holding the common stock would
be subject to removal by the vote of the holders of the debentures.
The plan has been submitted with the consent of the Land Bank Commissioner, who will act upon a request for definite approval of the plan
only after a public hearing which is provided by the plan.
In its letter to bondholders, according to the announcement, the protective committee states:
The theory of the plan is that the assets not represented by the debentures, that is, those which will probably require a much longer time for
liquidation, will be represented by the common stock. While it is quite
probable that such balance of the assets has a value in excess of the
difference between the amount the committee has heretofore fixed as the
maximum proposed to he bid and the principal amount of debentures proposed to be issued, the committee feels that the assenting bondholders
should not assume the risks of liquidation of these assets for the benefit
of such bondholders as do not care to participate in the liquidation.
As to the payment of a 10% liquidating dividend by the
Land Bank, referred to above, the Chicago "News" of
Jan. 30 said:
John B. Gallagher, receiver for the Chicago Joint Stock Land Bank,
formerly the First Joint Stock Land Bank of Chicago, announced, Jan. 30,
authorization of the payment of a 10% disbursement on or about Feb. 25.
The payment, to be paid all holders of claims, including bonds, coupons
or receiver's certificates of record Feb. 9, follows a 30% payment on
Sept. 29 1934.
Administration's Banking Act—Chief Purposes for
Changes Discussed by Governor of Federal Reserve
Board—Most Important Rate of Monetary Control
That of Promoting Recovery, Says Mr. Eccles—
Control by Reserve Board Over Open Market
Operations Declared Essential
The Administration's "Banking Act of 1935" featured the
regular Friday press conference on Feb. 8 of Governor Marrifler S. Eccles of the Federal Reserve Board, a statement,
In reply to inquiries, being made by Mr. Eccles in which he
cited the following as the chief purposes of the proposals
for changes in our banking laws, in so far as they relate
to the Federal Reserve System:
1. To accelerate the rate of economic recovery.
2. To make our banking and monetary system, which was designed under
the conditions prevailing prior to the World War, more reopens-lye to
our present and future economic needs.
3. To prevent a recurrence of conditions that led to the collapse of our
entire banking structure in the spring of 1933.
Feb. 16 1935
Mr. Eccles asserted that "the banking system has proved
to be an element of weakness in our economic structure that
has aggravated and prolonged the worst phases of the depression and it still impedes the rate of recovery." "Experience stows," he said, "that without conscious control the
supply of money tends to expand when the rate of spending
increases and to contract when the rate of spending diminishes." Two supremely important duties are likely to devolve upon the Reserve administration in the future," said
Governor Eccles; "the first is as "assuring that a recovery
does not result in an undesirable inflation"; the second is
"assuring that a recovery is not followed by a depression."
"As matters now stand," Mr. Eccles stated, "the Board is
charged with responsibility for monetary developments in
this country, but lacks the clear and explicit authority for
determining the country's monetary policies." He went on
to say that "an essential step in giving the Board this
authority is to give it a controlling influence over the System's open-market operations, for these are by far the most
important instrument of Reserve policy." After summarizing, as above, the chief purpose of the proposed changes,
the statement issued by Mr. Eccles continued:
The banking system of this country has been put to a severe test and
has not stood that test. It has not been able to stand up under he strain
of the depression or to lend effective support in the fight against it. On
the contrary, the banking system has proved to be an element of weakness
in our economic structure that has aggravated and prolonged the worst
phases of the depression. And it still impedes the rate of recovery.
The explanation of this is not to be found only in the excesses and abuses
that characterized our banking practices in the recent past, nor in the
present relative inertia of the banking system, nor by an assumption that
bankers are less eager than other men to hasten the progress of recovery.
The fact that the banking system has proved to be inadequate is to be
explained, in large part, by the fact that our banking structure has
remained essentially unchanged throughout an epoch of far-reaching economic changes both in this country and in the world at large.
The principal measures contemplated in the proposed legislation, therefore, are designed to remedy deficiencies now inherent in the banking
structure itself. In this connection it is proposed to make the Federal
Reserve System, which is the cornerstone of the banking structure, more
responsive to our national economic needs. It is also proposed to make
our commercial banks better adapted to meeting the credit requirements
industry, commerce and agriculture under the changes that have taken
place in our economic system since most of our present banking laws were
enacted.
Underlying the proposed changes in the banking laws are fundamental
economic and monetary considerations, the widespread influence of which
has not been adequately understood. In fact, the lack of an adequate
understanding of these fundamental considerations was an important factor
in bringing about the disastrous collapse of our economy which culminated
in the closing of all the banks in the spring of 1933.
Fluctuations in production and employment, and in the national income,
are conditioned upon changes in the available supply of cash and deposit
currency, and upon the rate and character of monetary expenditures. The
effect of an increased rate of spending may be modified by decreasing the
supply of money and intensified by increasing the supply of money. Experience shows that, without conscious control, the supply of money tends to
expand when the rate of spending increases and to contract when the rate
of spending diminishes.
During the depression the supply of money did not expand, and thus
moderate the effect of decreased rates of spending, but contracted rapidly
and so intensified the depression. This is one part of the economy in which
automatic adjustments tend to have an intensifying rather than a moderating effect. If the monetary mechanism is to be used as an instrument for
the promotion of business stability, conscious control and management are
essential.
At the present stage of economic developments, main reliance for bringing about a rise in the national income must be placed upon increased
governmental and private expenditures. The most important role of
monetary control at the moment, therefore, is assuring that adequate
support is available whenever needed for promoting and accelerating
recovery.
Two supremely important duties are likely to devolve upon the Reserve
administration in the future. The first is assuring that a recovery does
not result in an undesirable inflation. The second is assuring that a
recovery is not followed by a depression. If recovery is allowed to develop
into inflation, it is certain ultimately to lead to another depression. To
regain prosperity without excesses, and thereafter to maintain business
stability, are the two immediate objectives of monetary policy.
In order that the Reserve administration may endeavor, with some
prospect of success, to render prompt support for emergency financing in
case of need, to prevent the recovery from getting out of hand, and to
prevent the recurrence of disastrous depressions in the future, it is essential
that the authority of the Federal Reserve Board be strengthened. As
matters now stand, the Board is charged with responsibility for monetary
developments in this country, but lacks the clear and explicit authority
for determining the country's monetary policies.
Open Market Operations
An essential step in giving the Board this authority is to give it u
controlling influence over the System's open market operations, for these
are by far the most important instrument of Reserve policy. By these
operations reserves may be given to or taken away from member banks;
and it is on these reserved that deposits are based. It is not too much
to say that the power to control open market operations is the power to
control the expansion and contraction of bank credit, and thus in large
measure to control the country's supply of money.
In the present administrative organization, the power to initiate openmarket policy rests with the 12 Federal Reserve banks, which act jointly
through the 'Federal Open Market Committee established by the Banking
Act of 1933. The Federal Reserve Board has no representation on this
Committee. It is given only the power to approve or disapprove open
market policies recommended by the Committee, and to prescribe the
regulations under which the open market operations are to be carried out.
Volume 140
Offices of Governor and Chairman.
Another anomaly in the present administrative organization of the Federal Reserve System is the arrangement in respect of the Reserve Bank
Governors. The Governors are the principal executive officers of the
Reserve banks, and their positions are of major importance in the System ;
yet they are not even mentioned in the Federal Reserve Act, nor is their
appointment subject to the approval of the Federal Reserve Board. It is,
therefore, proposed to recognize the office of Governor in the law, to combine this office with that of Chairman of the Board of Directors, and to
make the appointment subject to the approval of the Federal Reserve Board.
To facilitate the carrying out of national policies, it is proposed to
remove certain of the restrictions that are now imposed on the Federal
Reserve System by the Federal Reserve Act, but that experience has been
shown to be detrimental and impracticable. These restrictions are largely
predicated on conditions that prevailed when the Federal Reserve Act
was adopted in 1913, and were wisely imposed on a system that was new
and untried ; but in the course of time the circumstances that gave rise to
them have diminished in importance or greatly altered.
A conspicuous example in this respect is the rigid definition of the
kinds of paper that the Federal Reserve banks are permitted to discount.
Changes in the country's economic life, notably in the methods of financing
business enterprise, have materially reduced the volume of short-term, selfliquidating paper of the classes to whirls the discount privileges of the
Reserve banks are largely restricted by law. In times of stress, therefore,
when the help of the Federal Reserve System has been most urgently needed,
many banks, though holding sound assets in their portfolios, have been
devoid of the particular kinds available under the law for borrowing at
the Reserve banks.
The undue severity of the limitations on eligible paper was finally
recognized, and they were removed temporarily by emergency legislation;
but this action was not taken until much harm had been done to the
business of the country and unwarranted hardship and loss suffered by bank
depositors. Furthermore, there is at present considerable evidence that
these limitations are proving an impediment to recovery. New loans of a
type that commercial banks have customarily made in the past are now
refused, not because the applicants do not possess sound assets, but because
the sound assets that they do possess are technically ineligible for redismint. There is also still a tendency among many banks to remove from
their portfolios paper that cannot be immediately liquefied by recourse to
the Federal Reserve banks.
For these reasons it is proposed that the legal limitations on eligibility
be removed and authority be given to the Federal Reserve Board to determine by regulation the character of paper that shall be eligible for discount
at the Reserve banks.
Requirement for Segregation of Collateral Behind Federal Reserve Notes
Another of the proposed changes in the Federal Reserve Act would dispense with the requirement for segregation of collateral behind Federal
Rserve notes, without in any way altering the present requirement of 40%
reserve of gold certificates. When there was a foreign drain on the country's gold in 1931-1932, the requirement for segregation of collateral
caused serious difficulty by tying up gold over and above the 40% required
reserve. The situation was met for the emergency by permitting the pledge
of United States Government obligations as collateral against Federal
Reserve notes ; but the authority of the Reserve banks in this matter is
only temporary.
Since Federal Reserve notes are prior liens on all the assets of the issuing
Reserve ,bank, and are in addition obligations of the United States Government, the requirement for segregation of collateral serves no useful purpose
and adds nothing to the safety of the notes.
It has been erroneously asserted that to dispense with the requirement for
segregation would give the Reserve banks power to issue notes without
adequate backing. This is not the case. The Reserve banks have two
principal classes of liabilities: deposits and notes. Back of these, in
addition to gold and lawful money, are the Reserve banks' bills and
securities. Either notes or deposits can be increased through the acquisition by the Reserve banks of an acceptable asset. Their total can be
increased in no other way. It is at the time the asset is acquired that
the determination is made that it is good enough to be held by the Federal
Reserve bank; and this determination is made without reference to
whether the asset is ultimately to become backing for a deposit liability
or for a note liability. The deposits of the Federal Reserve banks are
the reserves back of all deposits of member banks. Assets that are good
erough to constitute the backing for deposits of the Reserve banks are
also good enough to back Federal Reserve notes.
Furthermore, a holder of a deposit with a Federal Reserve bank has the
right to withdraw it in notes at any time, and consequently the Federal
Reserve bank should be in a position to use the asset acquired at the time
the deposit was created as backing for the notes into which this deposit
is convertible.
Neither the elasticity of our currency supply nor the safety of Federal
Reserve currency is in any way affected by the proposed change in the
law. Its only practical effect is to eliminate the cumbersome and useless
requirement that certain specific collateral be segregated, and held at
considerable expense and in a privileged position, as backing exclusively
for Federal Reserve notes.
Mortgage Loans
The proposals relating directly to member banks of the Federal Reserve
System are few in number, but vital to speeding recovery. Their purpose
I., to make it more feasible for banks to meet the present requirements of
mortgage borrowers and to participate more aggressively in a revival of
activity and employment in the construction industry. The changes proposed would authorize banks to use a larger proportion of their assets for
mortgage loans than is permitted by existing law, to lend up to 75% of the
property value and for a term up to 20 years on properly amorized first
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Financial Chronicle
However much the Board may desire an erergetic buying and selling
policy, it has no authority under the law to initiate such a policy.
On the other hand, the ability of the Open Market Committee to give
effect to policies that it recommends is dependent both on the approval
of he Board and on the willingness of the Reserve banks individually to
participate in the operations.
The existing arrangement is cumbersome and unwieldy. To what extent
It has prevented the proper functioning of the Federal Reserve System, it
Is impossible to tell. But it is clear that, if it is retained, there is no
reason to suppose that the System will in the future be more effective in
bringing about business stability than it has been in the past.
It is, therefore, obviously necessary to concentrate the authority and
responsibility for open market operations in a body representing a national
point of view. This is provided for in the proposed legislation without in
any way impairing the autonomy of the Federal Reserve banks in matters
of local or regional concern.
mortgages, and to make such loans without regard to the local geographical limits to which the existing law confines them.
Member banks of the Federal Reserve System hold nearly $10,000,000,000
of time deposits that represent in large part the people's savings. These
are long-time funds. Their use for long-time purposes is proper from
every point of view.
The release of member bank long-time funds for use in the mortgage
market will help the banks to meet the local needs of their communities
and will do away with the necessity of having other institutions take over
a service that the banks are equipped to render.
The problem of finding profitable use for their funds is a vital one
with the banks at the present time, and a relaxation of restrictions on
real estate loans will provide such a use without impairing the soundness
of the banks' condition. It should be noted that long-time mortgages,
with provision for amortization, are sounder than short-time mortgages
without amortization, and that the introduction of amortized mortgages
into the holdings of member banks will contribute to the stability of the
mortgage market.
These changes would put an end to restrictions in the existing law
that practical experience has plainly shown to be injurious to banks and
mortgage borrowers alike. The effect of these proposed changes would
enable commercial banks to take an effective part in the reopening of the
mortgage market, and to give their unstinted support, in a manner not
row possible for them, to that branch of industry in which the opportunity
for meeting both a social and an economic need is now greatest.
Details of the nlw legislation proposed in the "Administration's Banking Act of 1935" were given in our issue of
Feb. 9, page 893.
The Banking bill was also the subject of an address
by Governor Eccles in Columbus, Ohio, Feb. 12, and an
account of that speech appears elsewhere in this issue.
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York—Figure for
Jan. 31, $170,900,000, as Compared with $166,200,000 Dec. 31
The New York Federal Reserve Bank issued the following
announcement yesterday (Feb. 15), showing the value of
commercial paper outstanding on Jan. 31:
Reports received by this bank from commercial paper dealers show a
total of $170,900,000 of open market paper outstanding on Jan. 31 1935.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1935—
Jan. 31
1934—
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
1933—
S170,900,000 Dee. 31
Nov. 30
Oct. 31
$166,200,000 Sept. 30
177,900,000 Aug. 31
187,700,000 July 31
192,000,000 June 30
188,100,000 May 31
168.400,000 Apr. 30
151,300,000 Mar. 31
141,500,000 Feb. 28
139,400,000 Jan. 31
132,800,000
1932—
117,300,000
108,400,000 Dec. 31
Nov. 30
1932—
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
8113,200,000
110,100,000
108,100.000
100,400,000
103,300,000
111,100,000
107,800,000
105,606,000
102.818,000
107,902.000
1931—
Dec. 31
Nov. 30
S81,100,000 Oct. 31
109,500,000
!
8117.714,784
173,684,384
210,000,000
$108,700,000
133,400,000
129,700,000
122,900,000
107,400,000
96,000,000
72,700,000
60,100,000
64,000,000
71,900,000
84,200,000
84,600,000
IN
New Offering of 182-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To Be Dated Feb.
20 1935
Tenders to a new offering of $75,000,000 or thereabouts
of 182-day Treasury bills, to be received at the Federal
Reserve banks, or the branches thereof, up to 2 p'. m.,eastern
Standard Time, Monday, Feb. 18, were invited on Feb. 14
by Henry Morgenthau Jr., Secretary of the Treasury.
The Secretary pointed out that tenders will not be received
at the Treasury Department, Washington. The bills will
be dated Feb. 20 1935, and will mature on Aug. 21 1935,
and on the maturity date the face amount will be payable
without interest. They will be sold on a discount basis to
the highest bidders. The bids accepted to the offering will
be used to retire an issue of similar securities maturing
Feb. 20 in amount of $75,090,000. Secretary Morgenthau's
announcement of Feb. 14 said:
They (the bills) will be Issued in bearer form only, and in amounts or
denominations of $1,000, 810,000, $100,000, $500,000. and $1,000,000
(maturity able).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The;price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible;and recognized dealers In investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty cf payment by an Incorporated
bank or trust company.
Immediately after the Closing hour for receipt of tenderd[on Feb. 18 1935,
all tenders received at the Federal Reserve! banks or branches thereof up
to the closing hour will be opened and publi4announcementrof thelacceptable 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. ancao7a1lot less than the
amount applied for, and his action In any such respectrshall be final. Those
submitting tenders will be advised of the acceptance:or rejection thereof.
Payment at the price offered for Treasury bills allottedimustIbe made:at
the Federal Reserve banks in cash or other immediately available funds
‘
on Feb. 20 1935.
The Treasury bills will be exempt, as to principarand interest, and-any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and Inheritance taxes. No loskfrom the sale or
Financial Chronicle
1070
other disposition of the Treasury-bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by theaUnited States or any of its possessions.
Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills Dated Feb. 13 1935-Correction
The item in our issue of Feb. 9 (page 889) with reference
to the offering of $75,000,000 or thereabouts of 182-day
Treasury bills, dated Feb. 13 1935, should have read "the
accepted bids ranged in price from 99.965, equivalent to a
rate of about 0.069% (not 0.009%) per annum, to 99.941,
equivalent to a rate of about 0.117% per annum on a bank
discount basis."
Hoarded Gold Amounting to $441,582 Received During
Week of Feb. 6-$23,762 Coin and $417,820 Certificates
Receipts of gold coin and certificates during the week of
Feb. 6 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Feb. 11, amounted to 8441,581.73. 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 Feb. 6 amount to $115,907,663.61. Of the total
received during the week of Feb. 6, the figures show, 823,761.73 was gold coin and $417,820 gold certificates. The
total receipts are shown as follows:
Received by Federal Reserve BanksWeek ended Feb. 6 1935
Received previously
Total to Feb. 6 1935
Received by Treasurer's Office
Week ended Feb. 6 1935
Received previously
Gold Coin
$23,761.73
29,843,135.88
Gold Certificates
$409,620.00
83,361,040.00
$29,866,897.61
$83,770,660.00
$259,306.00
$8,200.00
2,002,600.00
$2,010,800.00
5259,306.00
Total to Feb. 6 1935
Note-Gold bars deposited with the New York Assay Office to the amount of
$200.572.69 previously reported.
1,167,705.94 Fine Ounces of Silver Received by Mints
During Week of Feb. 8
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly mined silver annually,
the Department during the week of Feb. 8 turned over
1,167,705.94 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Feb. 11 showed that
of this amount 1,075,307.11 fine ounces were received at
the Philadelphia Mint, 79,590.83 fine ounces at the San
Francisco Mint, and 12,808 fine ounces at the Denver Mint.
During the previous week, ended Feb. 1, the receipts by
the mints amounted to 321,760.37 fine ounces.
The statement issued by the Treasury on Feb. 11 indicated
that the total receipts from the time of the issuance of the
proclamation and up to Feb. 8 were 25,410,000 fine ounces.
Reference to the President's proclamation was made in our
issue of Dec. 31 1933, page 4441. The weekly purchases
are EIS follows (we omit the fractional part of the ounce):
Week Ended1934Jan 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
*Corrected figures.
Ounces
1,157
547
477
94,921
117.554
375,995
232,630
322,627
271,800
126,604
832,808
369,844
354,711
669,274
10,032
753,938
436,043
647,224
600,631
503.309
885.056
295,511
200,897
206,790
380.532
64,047
*1,218.247
230,491
115,217
Week EndedJuly 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept.21
Sept.28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Nov.30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Ounces
292,719
118.307
254,458
649,757
376,504
11,574
264,307
353,004
103,041
1,054.287
620,638
609,475
712,206
268,900
826,342
359,428
1,025,955
443,531
359,296
487.693
648,729
797.206
484,278
467,385
504,363
732,210
973,305
321,760
1,167,706
Silver Transferred to United States Under Nationalization Order-Totaled 33,806 Fine Ounces During
Week of Feb. 8
Announcement was made by the Treasury Department
on,z Feb. 11 that 33,806 fine ounces of silver were transferred to the United States during the week of Feb. 8 under
the Executive Order of Aug. 9 1934, nationalizing the
metal. Total receipts since the order of Aug. 9 (given
in our columns of Aug. 11, page 858) was issued, amount to
112,213,204 fine ounces, the Treasury announced. During
the week of Feb. 8 thq silver, according to the Treasury's
Feb. 16 1935
statement, was received as follows by the various mints and
assay offices:
9,307.00 fine ounces
16,641.00 fine ounces
4.720 00 fine ounces
2,364.00 fine ounces
259.00 fine ounces
515.00 fine ounces
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
33,806.00 fine ounces
Total for week ended Feb. 8 1935
Following are the weekly receipts since the order of Aug.
9 was issued:
Week EndedAug. 17 1934
Aug. 24 1934
Aug. 311034
Sept. 7 1934
Sept. 14 1934
Sept. 21 1934
Sept. 28 1934
Oct. 5 1934
Oct. 12 1934
Oct. 19 1934
Oct. 26 1934
Nov. 2 1934
Nov. 9 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
1.044,127
746.469
7,157,273
3,665,239
Week EndedNov. 16 1934
Nov. 23 1934
Nov. 30 1934
Dec. 7 1934
Dec. 14 1934
Dec. 21 1934
Dec. 28 1934
Jan. 4 1935
Jan. 11 1935
Jan. 18 1935
Jan. 25 1935
Feb. 1 1935
Feb. 8 1935
Fine Ounces
336,191
261,870
86,662
292,358
444,308
692,795
63,105
309,117
535,734
75,797
62,077
134,096
33,806
Treasury Department Making Use of Stabilization
Fund to Support Dollar in Foreign Exchange
Transactions
The 82,000,000,000 Stabilization Fund is being availed of
by the Treasury Department to support the dollar in foreign
exchange transactions, announcement to this effect having
been made as follows: On Feb. 11 by Secretary of the
Treasury Morgenthau:
1, Since Jan. 14 banks and dealers in foreign exchange and gold, have
practically stopped buying and selling gold, within gold import and export
points-which means that the International Gold Standard as between
foreign countries and the United States has ceased its automatic operation.
2. Thanks to the foresight of 73rd Congress, we now have a Stabilization Fund.
3. When we saw that the external value of the dollar was rapidly going
out of control, we put the Stabilization Fund to work on a moment's
notice, with the result that for the past four weeks we have successfully
managed the value of the dollar in terms of foreign currencies.
The country can go about its business with assurance that we are prepared
to manage the external value of the dollar as long as its may be necessary.
Indicating that the Treasury's action in making use of the
fund was prompted by uncertainty over the pending gold
clause decision of the U. S. Supreme Court which threatened
to disrupt foreign exchange operations by depressing the
value of the dollar, the Baltimore "Sun" in Washington
advices Feb. 11 added in part:
The amount of money needed to stabilize the dollar was not disclosed by
the Treasury. . .
Although the stabilization fund of 82,000,000,000, created out of the
82,800,000,000 of "profits" on the:gold .devaluation program, is available
for emergencies of the sort Mr. Morgenthau pointed to this afternoon, only
$200,000.000 of the fund has been earmarked on the Treasury's books as
as active stabilization account.
The purpose of to-day's official announcement was twofold. It was
intended first to give the interests that deal in foreign exchange the assurance that the dollar has been stabilized and business may now go on as
usual.
In the next place, it is intended to give the further assurance that no
matter what the court's decision may be, the Treasury will be prepared to
meet the market emergency.
In making his comment to-day Mr. Morgenthau had before him a graph
showing the fluctuations in the gold exchange market beginning on Jan. 14
and continuing through Saturday of last week.
Two Sinking Spells
The point of comfortable stabilization, it was explained, was when the
gold stood at around $35 an ounce delivered in New York with all charges
paid. This is thejprice fixed,by the Government.
The graph further shows that ,the value of the dollar had two slaking
spells. By Jan. 16, gold dropped.as low as $34.6163 an ounce. It wavered
for a time, going up, then down, and on Jan. 25 it went down again to
$34.7058. By reason of the stabilization operations, however, It had been
brought up to-day to 531.9685, which the Treasury regards as a satisfactory
figure.
Mr. Morgenthau explained that In "managing" the market in support
of the dollar he had not "consulted" the central banks of Europe as to the
wisdom of his action, but he did in fact given them notice of what he was
doing.
Mr. Morgenthau's announcement was made at his regular
press conference on Monday.
President Roosevelt Issues Executive Order Withdrawing Remaining Public Land from Use-Move
in Nation-wide Conservation Program
In preparation for a nation-wide conservation program,
President Roosevelt va Feb. 9 withdrew all remaining public
land from use. His order, completing that of last November
(said Associated Press advices from Washington on Feb. 9),
affects about 1,200,000 acres and puts the final touch on
withdrawal from settlement, location, sale or entry of the
entire 165,695,000 acres of public d main. The Associated
Press added:
The November order was to make possible segregation of 80,000,000 acres
as permanent livestock grazing areas under the Taylor Act.
The President said to-day's withdrawal, applicable to 12 States, was
"pending determination of the most useful purposes to which they may be
put in furtherance of the land program and conservation and development
of natural resources."
He added that this land, not suited to profitable growing of crops, was
destined for the conservation and development of forests, soil and other
Volume 140
Financial Chronicle
natural resources, the creation of grazing districts, and the establishment
o! game preserves and bird refugee.
Although the Interior Department has not yet made final selection of
the 80,000,000 acres of grazing land, Rene L. DeRouen, Democrat, of
Louisiana, Chairman of the House Public Lands Committee, has introduced
a bill to extend it to the remaining areas suitable for livestock.
Little of the land withdrawn to-day was grazing acreage, and officials
said much of it would be used for forest and game preserves. A legislative
program to end further homesteading and set up permanent uses for the
acreage was authoritatively reported to have been drafted and is to be submitted to Congress soon.
Washington, with 692,751 acres of unsettled public land, was more
affected by to-day's order than any other of the 12 States. Public land in
the others named included: Minnesota, 269,461 acres; Arkansas, 175,924;
Florida, 32,303; Nebraska, 20,225. Inconsiderable amounts exist in Alabama, Kansas, Louisiana, Michigan, Mississippi, Oklahoma and -Wisconsin.
The withdrawals were authorized under the land program section of the
Recovery Act.
President Roosevelt's Executive Order of Nov. 28 was
referred to in our issue of Dec. 8, page 3568.
President Roosevelt Confers with Executive Council
of A. F. of L.—Labor Leaders Present Six-Point
Program for NIRA Modification—Executive Reiterates Adherence to Principle of Collective Bargaining Clause but Asserts Government Cannot
Compel Organization
President Roosevelt on Feb. 11 conferred at the White
House with the Executive Council of the American Federation of Labor, who discussed with him their objectives in
future legislation. In return, the President told the union
leaders that he would adhere to the principle of the collective bargaining clause of the National Industrial Recovery Act. "The Federal Government has indicated
through the NIRA," he said, "its desire that labor and
management organize for the purposes of collective bargaining and the furtherance of industrial peace and prosrerity, but the Federal Government cannot, of course,
undertake to compel employers and employees to organize.
It should be a voluntary organization."
William Green, President of the Federation, assured Mr.
Roosevelt that organized labor seeks to co-operate in carrying out the purposes of the NIRA. He urged that the
measure, which will expire in June, be extended, with
certain modifications. The changes proposed by the Federation include relief, the manufacture and sale of convictmade goods, regulation of the bituminous coal industry, a
shorter work week, and the problems of the automotive
industry. Mr. Green also said that the tobacco manufacturing code is not as satisfactory as has been hoped, and
that he was sure the basic 40
-hour week would not result
in re-employment of workers now idle.
In replying to the union leaders, the President said:
I have been particularly glad to receive and discuss common problems
with the executive council of the American Federation of Labor, and
to congratulate them upon their enlarged Executive Council, bringing
Into co-operation more units of the labor movement. The American
Federation of Labor has been helpful and co-operative in the development of the programs for the rehabilitation of industry and of our
economic life over the last two years, and I hope their co-operation
will continue active and effective.
Co-operation with labor as well as with business is essential to the
continuation of the programs we are working out for a more stable and
more satisfactory industrial life in this country. I have on a number
of occasions urged the necessity as well as the soundness of furthering
the principle of collective bargaining as between labor and management.
This Is my personal point of view, but it is also set forth in the National Industrial Recovery Act.
In pursuance of the policy as referred to, we must fully understand
the difficulties attendant to its accomplishment by reason of the absence,
In many respects, of a disciplined order both as it refers to labor and
industry. Nothwithstanding this, it must be obvious that the beet possible way in rehabilitating our economic structure is to be found in the
well organized and highly developed organization of both employees and
employers, with their relationship resting upon the foundation of conciliation and arbitration and the full and frank recognition of the
unescapable community of interests to be found in the industry itself.
The Federal government has indicated through the NIRA its desire
that labor and management organize for the purposes of collective bargaining and the furtherance of industrial peace and prosperity, but the
Federal Government cannot, of course, undertake to compel employers
and employees to organize. It should be a voluntary organization.
To you of the Executive Council of the American Federation of Labor,
permit me to very definitely assure you of my appreciation and recognition of the federation in the work of rehabilitating industry and in
the protection of our country itself. No one can disregard the importance of the American Federation of Labor as one of the great and outstanding institutions of the country. It has been my purpose to recognize this in every practical and logical way, and I have no intention
of changing my point of view.
My impression is that our difficulties are found largely in the heretofore totally unorganized field, both as it affects employers and employees. In such cases we must have patience.
Finally, permit me to say that we are seeking to promote peace,
co-operation and understanding in all of the industries of the United
States between labor and management, to the end that we can eliminate
the inequities and institute practical and scientific stabilization for
the common good of all those engaged in industry as well as for the
nation itself.
1071
We also quote, in part, from the statement to the President by the Federation officials:
We most earnestly urge that the NRA be extended with the following recommendations embodied:
1. That the administration of the NRA be kept a government function. We believe it is a basic principle that the development and administration of codes should not be transferred to private non-governmental
agencies.
2. That Section 7-A be retained, which gives legal status to employees' right to organize and to bargain collectively through representatives of their own choosing.
3. That provisions for the regulation of child labor, the establishment of minimum rates of pay and maximum hours of work be retained.
4. That labor shall have equal representation with industry in the
administration of the NIRA and shall be accorded adequate representation
upon all code authorities. Labor representation upon code authorities will
guarantee improved code enforcement and better protection to the public
against indefensible price-fixing and monopolistic control.
5. That when there is undue delay in the submission or development of a code through the trade association of an industry, the President shall have the right to impose a code upon such an industry.
6. That labor equally with management shall have the right to suggest
amendments to codes of fair competition.
We believe that continuation of the NRA, directed by these fundamental principles, would result in progress toward stable industrial expansion, with equal protection of the rights of employers and employees,
while safeguarding the interests of all the people through government
administration.
Section 7-A
The workers of the United States accepted with implicit confidence
the right assured them under Section 7-A of the NIRA. They joined
unions to benefit by the legal right extended to them, only to meet
persecution and discrimination, and even the loss of jobs from which
their meager incomes came. Shocked and disillusioned when the government did not protect them in the exercise of their right to organize
and bargain collectively, their resentment has been deep and bitter and
is growing.
We believe that in addition to continuation of the NIRA. it is necessary to enact the principle contained in Section 7-A into substantive
legislation, so that it may be the law of the land without regard to
whether industries are operating under codes of fair competition. We,
therefore, are urging the enactment of an industrial disputes measure
which will assure to all wage earners the right to membership in free
trade unions and representation through persons of their own choosing
and will implement these rights. There should be written into this
legislation such definitions as experience shows are necessary to protect
labor in the exercise of its legal rights.
Relief Work
We wish to state our position upon certain fundamental issues involved in legislative proposals for relief purposes. We urge acceptance
of the practice of paying rates of wages not less than the rates for
similar work prevailing in the same locality. We believe that employment on government relief work should be open to all unemployed and
not restricted to those on relief.
Our opposition to the establishment of a "relief wage" to be paid
dependent unemployed lower than the rate paid for similar work in
private industry is based upon our experience and knowledge that two
wage rates, a higher wage in private industry and a lower wage in government work, cannot be maintained. The higher rate will be forced
down to the lower rate. The community wage standards which labor
has established through years of effort and struggle will be lowered. If
the relief wage cannot be made to correspond with the prevailing wage, the
prevailing wage will be reduced until it corresponds with the relief wage.
This would have a disastrous effect upon wage standards and wage
rates established by labor in all lines of industry. Because we are
confident that it is not the purpose or intention of your Administration
to depress or lower wage levels established by labor in various industries
and for different types of work and service, we respectfully request that
the normal and usual procedure be followed by contracting all work
Initiated and carried forward under the provisions of the relief measure
with the requirement that the prevailing rate of wages be recognized
and paid.
Shorter Work Week
The failure of industrial codes of fair competition to reduce unemployment through a substantial reduction of the number of hours worked
each day and each week, has forced labor to support legislation which
provides for the thirty-hour week. Employers of labor have positively
refused to yield to the exigencies of the situation, to be governed by
the facts, and to voluntarily reduce hours of labor through the codemaking process to the point where unemployment would be substantially
reduced. As evidence of this fact, we refer to the eloquence and touching appeal which you made to the employers of the nation in Marsh,
1934, to reduce hours 10.-io and increase wages 10% in order to overcome unemployment and increase purchasing power. If employers of labor
will not agree to reduce hours of labor to the point where increased
work opportunities will be accorded the millions of unemployed, our
only recourse is to secure the shorter work day and shorter work week
through legislative enactment.
President Roosevelt Signs Code for Tobacco Industry
—Pact Covers Hours and Wages—President Orders
Further Study of Working Conditions—William
Green Disappointed over Terms—Cigarette Code
Opposed by Labor Heads
President Roosevelt on Feb. 10 announced that he had
signed a code of fair competition for the cigarette, snuff,
chewing and smoking tobacco industry. It was added at
the White House that the code had been sent to the National
Industrial Recovery Board, together with a letter from trfie
President directing a further investigation into working
conditions and wages in the industry. This action of the
President placed under a code one of the few large Industries which had had no pact. The code, which is devoted
principally to specifications of rates of pay and hours of
1072
Financial Chronicle
labor, establishes a basic 40
-hour week, a maximum eighthour day, and minimum wages ranging from 25c. to 40c. an
hour. Proficient workers in the cigarette industry are to
receive minimum wages of 30c. a hour.
The new wage rates, according to the NRA, should result
Iii an increase of 20% to 40% in the earnings of unskilled
workmen over the present level, said to be about 15% abuse
that prior to August 1933, when the modified President's
re-employment agreement became effective. In his Executive Order approving the code, the President ordered "a
study of conditions in the industry relating to wages and
hours of labor of employees to determine the extent of the
contribution made by the industry toward re-employment
and increased purchasing power." The text of the Executive Order follows:
An application having been duly made, pursuant to and in full compliarce with the provisions of Title I of the National Industrial Recovery Act„
approved June 16 1933, for my approval of a code of fair competition for
the cigarette, snuff, chewing and smoking tobacco manufacturing industry;
and hearings having been duly held thereon; and the annexed report on said
code, containing findings with respect thereto, having been made and
directed to me:
Now, therefore, I, Franklin D. Roosevelt, President of the United States,
pursuant to the authority vested in me by said title of said Act, and otherwise, do hereby adopt and approve said report and findings; incorporate the
same herein by reference; find further that the approval of said code will
be in the public interest; and order that said code of fair competition be
and it hereby is approved.
I further order that the Division of Research and Planning of the National
Recovery Administration be and it hereby is directed to make a study of
conditions in the industry relating to wages and hours of labor of employees
to determine the extent of the contribution made by the industry toward
re-employment and increased purchasing power, and submit its report
thereon together with its recommendations with respect thereto to the
NIRB as soon as practicable in order that said Board may, after due
notice and hearing, take such action in connection therewith as it may
deem necessary and proper to effectuate the purposes of said title of
said Act.
The President, in his letter to the Executive Secretary of
the NIRB, said that there was a lack of "adequate information" upon which to base the code provisions. The letter
follows:
I have signed the code of fair competition for the cigarette, snuff, chewing and smoking tobacco manufacturing industry. As signed, the code is
in effect until June 16 next.
Four members of the NIRB recommended the code and two members
dissented. Clay Williams took no part in the consideration of the code.
In its present form it is a compromise offering some improvement over
th2 terms proposed in the code as it stood in November.
I am not satisfied with many of the provisions, and I have directed the
Division of Research and Planning of NRA to make a study of conditions
in the industry relating to wages and hours of labor and submit a report.
It is reported to me that adequate information is lacking, so that the
exact effects of the provisions in the code, especially as affecting small
enterprises, are not clear.
•
A Washington account, Feb. 10, to the New York "Herald
Tribune" stated that the code was recommended by four
members of the NIRB over the dissenting opinions of two
others. S. Clay Williams, Chairman of the Board and a
prominent figure in the cigarette industry, took no part in
the proceedings. In part, the dispatch also said:
The President's decision on the code had been considered of high importance because proposals of manufacturers in the industry have been
bitterly fought by organized labor; it is the first code approved since the
extension of the automobile code, which was condemned by labor; it represents an industry where the use of machinery has sharply curtailed employment, and monopolistic control of the industry has been alleged.
The President met the situation by satisfying labor only in part, limiting the code to hour and wage provisions, and providing for further inquiry.
The NIRB's report on the code adopted to-day admitted that it would not
result in any appreciable increase in employment.
William Green, President of the American Federation of Labor, gave
further evidence of the Federation's rift with the Administration by voicing
his "disappointment" over the terms of the code, which, he said, was the
"industry code." and not the so-called "Riley code," approved by an NRA
divisional administrator. This proposal, Mr. Green said, had provided a
36-hour week and a 35c. an hour minimum wage. The Federation President, however, said the code would be accepted in the hope that further
investigation would bring higher standards in June. . . .
The cigarette code may set a precedent in that it contained no fair-trade
practices, but was confined to wage and hour provisions. In the extension
of the NRA a simplification of trade practices in most codes is anticipated,
and in many there may be only labor provisions. . . .
Minimum Wage Schedule
The following minimum wage rates are established in the tobacco manufacturing code:
1. Cigarettes:
Forty cents an hour for manufacturing employees.
Thirty-five cents an hour for pre-fabricating processors, including machine
stemmers.
Thirty cents an hour for hand stemmers, searchers, pickers, cleaners.
hangers, prizers and classers, except that not more than 15% of the hand
stemmers in each establishment, classed as slow workers, may receive not
less than 25c. an hour, provided they receive the same piece rate a pound.
2. Snuff and smoking tobacco:
Thirty-five cents an hour for manufacturing and processing employees.
Hand stemmers, &c.—The same rates apply as in cigarette establishments.
3. Chewing tobacco:
Twenty-five cents an hour for all classes.
Exceptions to the basic 40-hour work week and maximum eight-hour day
at, specified as follows:
Feb. 16 1935
(1) Managerial, executive, supervisory employees and outside salesmen
earning not less than *35 a week.
(2) Emergency repair and maintenance employees must be paid time and
one-half for all hours worked in excess of daily and weekly hour limitations.
(3) Engineers, firemen, receiving and shipping employees may be permitted to work 44 hours in any week, but time and one-half must be paid
for all hours in excess of eight in any one day.
(4) Employees handling and prizing leaf tobacco during the leaf-buying
season may work 48 hours a week, provided time and one-half is paid for
all work over eight hours in any day or 44 hours in any week.
(5) Watchmen may work 10 hours in any 24 and 56 hours in any week
with a minimum rate of pay of $18 a week.
An NRA statement said:
"The industry covered by this code consists of a few very large unite and
a greater number of small establishments. Considerable difficulty was
encountered in drafting a code which would make adequate contributions
to re-employment and increased purchasing power, and, at the same time,
not impose an inequitable burden upon the smaller firms.
"Production of cigarettes has been increasing, but that of other products
of the industry has been declining. Manufacture of plug, twist and fine
cut chewing tobacco, for example, declined from 206,000,000 pounds in
1917 to 70,000,000 pounds in 1932. Cigarette production rose from less
than 9,000,000,000 in 1910 to 124,000,000,000 in 1930.
"The tendency toward concentration in the industry is shown in the
decline in number of plants. The number of establishments in the cigarette
industry declined from 61 in 1923 to 14 in 1931, while the number of
establishments in the tobacco and snuff branches declined from 206 to 125
in the same period. It is estimated that eight companies produce over 95%
of the cigarettes made, and that four of them produce 65% of the total.
These eight companies also produce the bulk of the chewing and smoking
tobacco. The manufacture of snuff is concentrated in about five companies.
"The majority of the industry's plants are located in the South. In
1932 plants in North Carolina, Virginia and Kentucky produced 93% of all
cigarettes.
"An advisory committee of five members to be selected by the industry,
subject to approval by the Board, will serve as a point of contact between
the Board and the industry."
The cigarette code signed by President Roosevelt was
characterized as "a ghastly reflection on the reorganized
NRA" in a joint statement issued Feb. 11 by I. M. Ornburn,
President of the International Cigarmakers *Union, and E.
Lewis Evans, President of the Tobacco Workers International Union. A dispatch from Washington, Feb. 11, to
the New York "Times" further reported:
They said that the vote in the NIRB on the code was 2 to 2 instead of
4 to 2, as had been stated. In this connection it was reported at the NRA
that Sidney Hillman and Dr. Walton Hamilton had favored the Administration or so-called Riley code, while Arthur Whiteside and Leon 0. Marshall
had favored the industry's code, which was approved by the Presidents. Clay Williams, Chairman, did not vote because of his connection
with the R. J. Reynolds Tobacco Co.
Leon Henderson and Blackwell Smith, economic and legal advisers of
the NIRB, have no votes.
The statement by the labor leaders declared that the White House "failed
to take note of the hundreds of families of tobacco workers that have
been on relief because of the pitifully low wages paid by this wealthy
industry."
"The 40-hour week will not re-employ a single worker," the statement
added. "The code as signed makes no provision against the stretch-out and
the speed-up, both of which are evils which defeat all wage increases in
this industry.
"But labor will not submit supinely to the insult administered by this
code,
"Labor is prepared to organize a national boycott of the products of
those companies which proposed the industry's code.
"Those companies of an industry which has a labor cost of only 2% of
wholesale value, which have enjoyed an enortnous profit while nearly all
other industry was operating at a loss, are not entitled to the patronage
of labor anywhere."
NRA to Inquire into Distribution Problems in Trade
Codes—Dr. Willard L. Thorp to Conduct Survey
The National Industrial Recovery Board on Feb. 10 anrounced that a special inquiry will be made into existing
ard proposed code provisions which are concerned with distribution differentials affecting the channels through which
codes flow from manufacturers to retailers. The National
Recovery Administration said that changes in distribution
channels, development of new methods, and practices designed either to protect existing distribution facilities or to
foster novel and special agencies have become increasingly
Important. It was added that sufficient experience has
been obtained under the codes, supplemented by studies and
proposals made by interested parties, to permit a thorough
survey to show to what extent and by what policies the NRA
should contribute to the solution of these problems. Dr.
Willard L. Thorp, Chairman of the Advisory Council, has
been designated to undertake the study, according to the
announcement issued by the NRA, which also said:
The following have been appointed as an advisory committee to Dr. Thorp:
Wroe Alderson, Washington, President of Merchandising Facts, Inc.,
research analyst, author of several studies of distribution problems.
L. F. Boffey, of the Consumers' Advisory Board staff.
Milton Katz, Advisory Council, legal department.
C. A. Pearce, Division of Research and Planning.
R. S. Rauch, Industrial Advisory Board and Advisory Council.
"The problem of distribution differentials has become important," said Dr. Thorp. "because of the acute competition
between jobbers and manufacturers who sell direct to retailers, or between jobbers and mass distributors, or between
long-established agencies of distribution such as Jobbers or
Volume 140
In severa' cases one step in distribution is bound by code restrictions
regarding price filing, maximum discounts, and so on, which do not apply
to other steps distributing the same goods, with the possible result that a
new situation of unfair competition may have been created.
There are four main purposes of the inquiry. They are:
1. To examine the nature of the alleged unfair methods of competition
in this general field.
2. To consider the relevance of present code provisions to the basic
problems as they appear.
3. To determine the degree to which devices now in codes are or are not
operating in the public interest.
4. To formulate a definite policy for action.
Among the code provisions aimed at such problems are those establishing
mandatory wholesale differentials, merchandising plans, mandatory classifications of customers, fixed rates of discount, resale (wholesale) price
maintenance, and the like. Furthermore, arbitrary differentials may be
created by jurisdiction over several competing groups in the distribution
of a specific product falling in separate codes.
After completing its study of the problems and investigating proposed solutions, the special committee will report
its recommendations to the NIRB.
Administration's Banking Bill of 1935—Senate Committee Refers Bill to Sub-Committee Headed by
Senator Glass
The Administrations new Banking Bill of 1935, to which
reference was made in our issue of Feb. 9, page 893, was
referred on Feb. 12 by the Senate Banking Committee to a
sub-committee headed by Senator Glass, Democrat,. of
Virginia. Associate Press advices from Washington Feb. 12
said:
The bill, which would expand the Reserve Board's authority over currency
and credit, was thus turned over to the subcommittee headed by the one
man in the Senate believed to be most critical of some of its provisions.
This same subcommittee already was studying the nomination of Marriner
S. Eccles of Utah as governor of the Federal Reserve Board.
Mr. Eccles was one of the drafters of the proposed new banking law and
recently termed the bill necessary to prevent a recurrence of the 1933
banking collapse.
Despite reports that the controversial bank bill would be handled by the
full Banking Committee headed by Senator Fletcher, Democrat, of Florida,
the Committee at an executive session to-day decided unanimously to refer
the measure to the group headed by Mr. Glass.
In addition to Mr. Glass, membership of the subcommittee includes
Senators Bulkley of Ohio, McAdoo of California, Byrnes of South Carolina
and Bankhead of Alabama, Democrats, and Townsend of Delaware,
Couzens of Michigan and Cutting of New Mexico, Republicans.
Central Bank Bill Offered by Senator Frazier
The following from Washington Feb. 15 is from the New
York "Post:"
Establishment of a Central Bank controlled by the Government, with
power to issue currency, was proposed in a bill introduced today by Senator
Frazier, Republican, of North Dakota.
The Washington correspondent of the New York "Journal
of Commerce" stated on Feb. 12 that division of the bill
into two and possibly three parts so as to permit of early
action upon the proposed revision of deposit insurance provisions of existing law will be sought when the Glass subcommittee of the Senate Banking and Currency Committee
meets to consider what disposition shall be made of the
general measure.
$4,800,000,000 Work Relief Bill Goes to Senate After
Committee Completes Action on Measure Following
Dropping of Prevailing Wage Rate Provision—
Compromise Amendment Gives President Control
Over Rates—Gen. Robert E. Wood Named to
Advise President on Expenditure of Fund
The Administration's $4,800,000,000 work relief bill was
placed before the Senate on Feb. 14, following the
completion of action by the Senate Appropriations Committee on the bill. As we have already indicated in these
columns (Jan. 26, page 565) the bill was passed by the
House on Jan. 24. Co-incident with the submission of the
measure to the House on Feb. 14 announcement was made
by Secretary of Commerce Roper, after a conference with
President Roosevelt, of the appointment of a Committee
of business men, under the headship of Gen. Robert E.
Wood,President of Sears, Roebuck & Co., which it is understood will advise the President on allocating the work relief
fund. Noting the action of the Senate Appropriations
Committee in authorizing Senator Carter Glass, Chairman
of the Committee, to report the measure to the Senate the
Washington account Feb. 13 to the New York "Herald
Tribune" stated that ajnendments attached to the bill since
it left the House include the following:
By Senator Millard E. Tydings: Providing that no person shall be eligible
for Federal relief unless he establish to the satisfaction of the administering
authority that he is in actual need: that he has not within sixty days resigned from or left a job paying more than $50 month, and that he has tried
in vain to regain employment.
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Financial Chronicle
brokers and novel or special agencies of distribution such
as truckers or co-operatives." In part, Dr. Thorp also said:
By Senator Frederick Stelwer: Providing that all road, river and harbors, reclamation and publlc building projects shall be carried out by the
government department or agency which ordinarily would have jurisdiction over such projects.
By Senator Pat McCarron: Authorizing the President. wherever practicable, to take full advantage of the facilities of private enterprise on public works projects.
The committee struck out of the House bill language which authorized
the President to:
Establish and prescribe the duties and functions of governmental agencies, including corporations.
Consolidate, redistribute abolish or transfer the property and personnel
of any emergency governmental agency.
Delegate powers conferred on him by this resolution to any governmental
agency or corporation.
Guarantee loans or payments to needy individuals.
Another significant Senate revision was abolition of language in the
House Bill which several Senators contended would preclude review of public works expenditures by the Comptroller-General.
William Green, president of the American Federation of Labor, issued
a statement asserting the Russell substitute for the McCarron amendment
was "unacceptable and unsatisfactory," and that labor would fight it.
The same account to the "Herald Tribune" also stated:
The Administration forces won a victory in the committee by defeating
the McCarron prevailing wage amendment and also defeating the Adams
amendment intended to cut the total of the bill down to $2,880,000,000.
chiefly for direct relief. A substitute for the McCarron amendment, offered
by Senator Richard B. Russell, Democrat, of Georg!.. was adopted by a
vote of 14 to 9. This amendment authorizes the President to fix wages
under the bill, as did the original measure, but contains a provision. Intended to mollify organized labor, that if the wages fixed are found to
be adversely affecting prevailing wages in a locality, they shall be brought
up to the prevailing wage level. While intended as a compromise it does
not satisfy the outright adilocates of the prevailing wage.
Material Changes Made
While the Administration forces, spurred on by the President, prevented
the bill from being torn to pieces today, nevertheless the measure which
Senator Glass will report to the Senate tomorrow is materially changed
from the form in which it passed the House. Section 4, which conferred
sweeping power on the President to consolidate, redistribute, abolish or
transfer the functions and personnel of government agencies, was eliminated.
However, the bill still confers vast authority on the Chief Executive, and,
in practical working, will undoubtedly enable the President to do about
as he pleases in expending the huge sum allowed for works. This sum Is
14.000,000.000, while the amount for direct relief is $880,000,000.
The bill was rushed through the House under "gag" rule January 24.
Most of the time since then, it has been in the Senate Committee on Appropriations, either while testimony was being taken or while in controversy
over amendments. In the committee, much of the opposition to the
confering of sweeping and indefinite powers on the President come from
Democrats. It is the most striking instance thus far in the session of the
development of strong and open Democratic opposition against an important Administration program. . . .
Arrangements have been made to keep the F. E. R. A. in relief money
until the bill is passed. Speech-making on the bill may begin tomorrow,
but Senator McCarron will seek to delay formal consideration until senators
have read the report. He proposal to establish a rule that bills reported
shall lie over for two days.
2he report to adopt the Russell substitute was as follows:
Ayes
-14. Glass, McKellar, Hayden, Byrnes, Tydings, Russell, Coolidge, Adams. Bankhead, O'Mahoney, McAdoo, Truman, Democrats;
Hale, Keyes, Republicans.
Nays
-9. Copeland, Thomas of Oklahoma, McCarron, Overton by
proxy, Democrats; Nye, Steiwer, Norbeck, Townsend, Carey, Republicans.
Senator Pat McCarron, Democrat, of Nevada, intends to renew the
fight for his amendment on the floor, but Administration leaders believe
•they can hold the Russell substitute.
Senator Adams's amendment to reduce the bill to $2,880.000,000 was
defeated by 12 to 11.
-11. Glass, Copeland, Tydings, Adams, McCarron, Democrats:
Ayes
Bale, Keyes, Stelwer, Dickinson, Townsend, Carey, Republicans.
Nays
-12. McKellar, Hayden, Thomas of Oklahoma, Byrnes, Russell,
Coolidge, Bankhead, O'Mahoney, McAdoo, Truman, Democrats; Nye,
Norbeck, Republicans.
Copeland Backs Adams Move
Senator Royal S. Copeland, Democrat, of New York, made a vigorous
speech for the Adams amendment, declaring he did not believe his constituents in New York would derive any particular advantage from the
resolution or bill as it stands and he was opposed to further alarming
increases in the public debt.
What was called the contract amendment, adopted several days ago.
was reconsidered and eliminated. This required that all work projects requiring skilled labor to the extent of 10 per cent or more of the total labor
cost should be left by contract to the lowest responsible bidder.
The insertion in the bill of the prevailing wage rate provis;on was noted in our Feb. 9 issue, page 896. Stating that
the Administration regained part of its lost ground on the
bill on Feb. 11 when the Committee voted 14 to 9 to reconsider the "prevailing wage" amendment, written into the
measure Feb. 7 by a division of 12 to 8 a Washington dispatch Feb. 13 to the New York "Times" added:
This is the amendment which President Roosevelt's spokemen said would
"defeat the very purpose" of the new works relief plan. Official estimates
laid before the committee over the week-end by the Budget Bureau indicated it would cut the tenure of the plan to a scarce seven and one-half
months, or restrict it to 2,250,000 unemployed workers.
As the matter stood tonight the adminstration had only succeeded
Partly in removing the objectionable amendment. The 14 to 9 vote was
on a motion by Senator McAdoo to reconsider Thursday's [Feb. 71 action.
It will take another vote to determine whether the amendment shall be
put back into the bill or discarded.
From the "Times" Washington dispatch Feb. 13 we quote
the following:
Senator Glass threw all of his personal force to the support of the administration to prevent the "prevailing wage" amendment going back into
the resolution, according to an account of the session. He repeated
Parts
of the conversation he had recently with President Roosevelt to the effect
that the $4,880,000,000 program was all the credit the government could
stand for the new program at this time.
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Financial Chronicle
He repeated Budget Bureau figures to show that the "prevailing wage"
requirements would run the cost of the contemplated program to $6,000.000,000 or $7,000,000,000.
McAdoo Objection Fails
Overriding an interruption from Senator McAdoo, who insisted that
the President had made no such representations to responsible committees of Congress, Senator Glass, according to the account, went ahead to
draw a picture of financial distress should a crack occur in the government's
credit.
While Mr. Glass's statement was being made, W. C. Hushing, legislative agent for the American Federation of Labor, waited outside of the
committee room to learn the fate of the controverted amendment. He
heard within a few minutes that a compromise was afoot. A little later
Senator McCarran emrged, obviously crestfallen, and disclosed what had
happened. A compromise amendement had been adopted, 14 to 9.
The compromise was offered by Senator Russell of Georgia. It was
believed to have been worked out in a conference of admInstration leaders
and with the advice of Vice President Garner. It read as follows:
"The President is authorized to fix the rates of wages of all persons
compensated out of funds appropriated by this joint resolution and may
fix different rates for various types of work, which rates need not be uniform throughout the United States.
Provisions for Wage Inquiries
"In the event the President or such official or agency of government
as he may select shall determine after investigation that the rate of wages
paid is affecting adversely or is likely to decrease the prevailing rates of
wages paid for any work of a similar nature in any city, town, villiage or
other civil division of the State in which the work is located. or in the
District of Columbia, the President, or the official or agency designated by
him, shall immediately fie the rate of wages at an amount not lees
than the prevailing rate of wages paid for work of a similar nature
In such
locaity."An and al contracts which may be entered into under the authority
contained in this resolution shall contain stipulations which will provide
,
for the accomplishment of the purposes of this section.
"
In part the advices Feb. 14 to the New York "Herald
Tribune" said:
Immediate consideration of the bill was asked today by Senator Carter
Glass, Democrat, of Virginia, when he reported the bill from the Senate
Appropriations Committee. Senator Charles L. McNary, of Oregon,
Republican leader, protested that members had not had an opportunity
to study the measure. A few minutes later Senator Pat McCarran, Democrat, of Nevada, offered his "prevailing-wage" amendment which finally
had been rejected in committee.
Despite the fact that Senator McNary's protest postponed formal consideration of the bill until tomorrow, Senators Steiwer, Long and Borah
made some observations on the subject.
"The desire to be relieved from legal restraint of existing law portrays a
spirit which is alike impatient of restraint and bent upon the attainment
of utter freedom in spending the people's money," Senator Steiwer asserted.
"The Attorney-General has co-operated in creating an atmosphere of
extravagance and non-restrained expenditures by his advice to the President
that 'in his discretion' means an unqualified discretion.
Sees Threat to Naticm's Credit
"The appalling possibilities of this situation become increasingly clear.
We know that on the less expensive basis of direct relief the government
can continue caring for those in distress for a very long time to come.
We do not know and can only speculate upon the length of time the credit
of this government will be able to carry the load on a work relief basis
at a cost of $4,000,000,000 or $5,000,000,000 a year. The work relief
theory on so grand a scale is an untried theory."
Senator Steiwer said there was nothing in the bill to prevent the President
from setting the government up in direct competition with privately
owned industries. Unless prosperity returns he said, "we will find that we
have invited national catastrophe by permitting zealous optimists to
submit our government to this monumental risk. It is even possible that
the wage relief scheme will destroy America."
"If the Supreme Court doesn't hold this bill invalid and unconstitutional,"
he said, "the whole character of the government, as far as the expenditure
of this $5,000.000.000 is concerned, will be determined by this unknown
person under a plan not even outlined In detail in the message of the
President."
The intervention of President Roosevelt in the Senate
Committee proceedings which threatened the disruptmg of
the Bill, was noted in the "Times" account from Washington
Feb.8 which said in part:
In doing so he (the President) has appealed directly to Senator Glass,
,to use his influence in protecting this one.
chairman of the committee
Mr. Glass revealed today that Mr. Roosevelt telephoned him at his
hotel last night. That was the first time the two had conferred on the
relief resolution, which has been pending for two weeks before the Senate
committee.
The President was understood to have pleaded for Mr. Glass's leadership in deleting the "prevailing wage" amendment written into the measure
yesterday and in preventing further body blows to the relief program.
Resolution Introduced in Senate Proposes Investigation of NRA
A resolution, proposing an investigation of alleged charges
of injustices, oppression, etc., in the administration of NRA
codes, was introduced in the United States Senate on Feb. 14
by Senators Gerald P. Nye, of North Dakota, and Patrick
McCarran, of Nevada. As introduced, the resolution proposes that the investigation be conducted by the Senate
Commerce Committee, and that the Committee be appropriated $25,000. Immediate action on the resolution on
Feb. 14 was deferred by the Senate. As to this, Washington
advices, Feb. 14, to the New York "Journal of Commerce"
said.:
Prompt action on the resolution was blocked by Senator Couzens, of
Michigan, who protested against the inquiry being made by the Commerce
Committee instead of the Finance Committee of which he is a member
and which handled the National Recovery Act two years ago.
Proponents of the measure insist, however, that the investigation be conducted by the Commerce Committee and plan to press for early action,
probably tomorrow. One: of their reasons for having the Commerce
Committee make the inquiry is the fact that Chairman Copeland has been
critical of New Deal activities and recently stated that his committee would
be a sympathetic forum for complaints of business.
Feb. 16 1935
Senate Passes Resolution Calling for Investigation by
FCC of American Telephone & Telegraph Co. and
Other Companies
The Senate on Feb. 12 passed a resolution calling upon
the Federal Communications Commission to investigate and
report on the American Telephone & Telegraph Co. and on
all other companies engaged directly or indirectly in telephone communication in interstate commerce, including all
companies related to any of these companies through a
holding-company structure, or otherwise. A similar resolution was approved on Feb. 7 by the House Committee on
Interstate Commerce as noted in our issue of 'Feb. 9, page
893. The resolution passed by the Senate on Feb. 12 authorizes the appropriation of $75,000 to the FCC to conduct
the investigation. The resolution, according to Associated
Press advices from Washington, Feb. 12, directs the FCC
to inquire into the following:
The corporate and financial history and capital structure to determine
Whether the structure has enabled evasion of taxes or concealment of profits.
Inter-company service and contracts, and their effect on rates.
Reasons "for the failure generally to reduce telephone rates and charges
during the years of declining prices" and whether local subscribers have
borne the cost of research development.
Effect of "monopolistic control" on charges and service.
Effects of mergers and consolidations, and determination of whether
there have been "write-ups."
Methods of competition.
Senate Requests from Secretary Ickes Data of Interior Department Relative to Postmaster-General
Farley
The Senate yesterday (Feb. 15) adopted a resolution requesting Secretary Ickes to furnish all reports of the Interior Department investigators referring to PostmasterGeneral Farley. The resolution was introduced on Feb. 14
by Senator Huey Long, of Louisiana. From Washington
advices (Associated Press), last night, we take the following:
As approved, the resolution requests Mr. Ickes to furnish all reports
gathered by Louis Glavis, Secretary Ickes' chief investigator, "which
affect, mention or report on James A. Farley, or any concern with which
said Farley has been or is now identified."
It also asked for reports dealing with contracts to James Stewart &
Co. on supplies furnished to that company by the General Builders Supply
Corp.
Senator Wagner Plans to Introduce Trades Disputes
Bill Next Week—Provisions Expected to Outlaw
Plant Unions for Majority Rule Plan
The intention of Senator Wagner (Democrat) of New
York to introduce next week his labor disputes bill was
announced on Feb. 14. The bill, if it follows the lines
Indicated, said the Washington advices, Feb. 14, to the
New York "Herald Tribune," would write into law a policy
of majority rule in determining representation in collective
bargaining. It was also stated in the dispatch that Senator
Wagner, who sponsored the Recovery Act and the Labor
Board measures for the Administration, has not received
Presidential approval for the measure he will introduce,
but plans to go ahead with it in any event. The dispatch
also had the following to say, in part:
While he declined to make public its details at this time, It was
taken for granted that the bill would be closely similar to the one he introduced at the last session, with the majority rule idea—that a majority
of workers in any plant or craft shall select the representatives for bargaining
for all employees—probably strengthened.
Wagner to Fight Compromise
The bill would be a direct attack on the "social engineering" experiment
In collective bargaining by proportional representation which President
R- osevelt recen,ly continued in approving extention of the automobile
:
code until June 16 without change despite the bitter opposition of the
American Federation of Labor. The Automobile Labor Board would be
outlawed, along with other special boards set up by the President to handle
labor disputes in various industries, to be superseded by the National Labor
Relations Board with possible extensions of the powers of that agency.
The bill setting up the N. L. P. B., it was recalled, was a compromise
measure in the last session, and Senator Wagner has indicated that he would
not be willing to accept a compromise this year. At present, it has been
pointed out. the Labor Board is dependent on the compliance division of
N. R. A. and the Department of Justice for enforcement of its decisions.
and it has been made clear that the special boards have separate jurisdiction
In their own fields. Senator Wagner and other Congressional spokesmen
prefer an independent and more powerful "supreme court" for labor
disputes.
winder the labor bargaining Ideas known to be held by Senator Wagner,
as expressed by him on various occasions, it is assumed that his new bill
will contain provisions calculated to make the company union impossible.
and explicitly encourage the closed shop, although not going so far as to
make that principle mandatory.
House Committee Tentatively Approves Old-Age Pension Provisions of Social Security Bill—Protest
to Senate Committee Against Some Features of
Measure—Cost of Pension Plan Put at Over
$221,000,000
The House Ways and Means Committee tentatively
approved on Feb. 14 the old-age pension sections of the
Social Security bill. Minor amendments were voted by
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140
Financial Chronicle
the Committee, said the advices from Washington to the
New York "Times" which stated that earlier in the day the
Committee voted against giving the FERA jurisdiction over
Federal grants in aid to States for care of the dependent
aged. In its Washington account Feb. 14 the "Times" also
said:
Recalling protests throughout the country over the fixing of a minimum
wage of 55 cents an hour on relief projects by Administrator Hopkins, the
Committee voted to place jurisdiction over the Federal grants in the Social
Insurance Board under which unemployment compensation is placed by
the pending bill.
Other provisions of the old-age relief section were rewritten to give the
States more latitude in determining the amount of individual pensions.
The bill originally gave the Relief Administrator authority to withhold
the Federal grants if he considered the State's contributions inadequate to
maintain the aged indigent.
The Committee also changed provisions of the original bill which would
have disquallfied any State from receiving Federal aid if one of its counties
failed to provide pensions. Under the tentative alteration it would be
sufficient for every State to have enacted old-age security legislation.
Will Take Changes to Roosevelt
The Committee plans to confer with President Roosevelt soon on the
changes and to get his approval of each title of the bill as altered before
reporting the omnibus measure to the House.
Before the Senate Finance Committee on Feb. 14 William I. Harriman,
President of the Chamber of Commerce of the United States, suggested a
series of amendments to quote from the "Times" dispatch that day. One
of these would provide that employes bear at least 1% of the 3% payrolls
tax. This is left in the bill to the discretion of State Legislatures.
Bitterly opposed by organized labor, employes' contributions were
suggested by Mr. Harriman "so that the employe will help to keep the
fund solvent by seeing that improper demands are not made upon it, and
will feel that he has a direct interest in the proper handling of the fund."
Would Exempt Farm Labor
Mr. Harriman joined with Secretary Morgenthau in the suggestion that
farmers, domestics and casual workers be exempted from the provisions of
the bill.
President Roosevelt has informed Committee members, however, that
these should be retained if possible.
Mr. Harriman further proposed that the 3% payroll tax be confined
to that part of the payroll originated by workers benefiting from the tax.
The administration's program was opposed in toto by lk oel Sargent.
secretary, and John Gall, associate counsel, of the National Association of
Manufacturers, on the ground that the study thus far given the problem
was insufficient to insure against falling into the same errors that had
plagued the British system.Akam
Associate Press accounts from Washington Feb. 11 said:
The Senate Finance Committee received a protest today from the National Dry Goods Association on some features of the administration's
social security plan.
Samuel W. Reyburn of New York, spokesman for the association, urged
that old-age pensions be financed from general taxation rather than a
payroll tax. He protested against Secretary Morgenthau's proposal to
increasa the old-age pension payroll tax.
Both Mr. Reyburn and Albert D. Hutzler of Baltimore, another spokesman for the association, commended the general principle of the bill and
said they only differed with some of the provisions.
Mr. Hutzler asked elimination from the bill of the contributory old-age
pension plan, so that it could be studied further.
The old-age pension tax, on top of the unemployment insurance tax,
Mr. Hutzler said, would encourage business to get labor-saving machinery.
by adding to the cost of employment.
Mr. Reyburn told the Committee the "mass mood" of the nation was
changing from pessimism to "courage, self-reliance and confidence."
President Roosevelt's Economic Security Committee estimated on Feb.9
the immediate plan for pensioning the needy aged would cost $221,314,000.
contributed equally by the states and the Federal government. Associate
Press advices from Washington Feb. 9 indicating this added: It (the
Committee) based this estimate on the calculation that 915,800 persons more
than 65 years old would be pensioned, provided all states join.
The Administration experts figured that on a general average a pension
would be only $20 a month a person, with $10 paid by the states and $10 by
the Federal Treasury. The pending bill has been generally interpreted as
providing for a maximum of $30 or slightly more. Many Congressmen are
demanding an increase.
If each of the 915.800 estimated prospective pensioners received $20 a
month, the total cost would be $219,834,000. The committee, however,
estimated the amounts paid would vary from state to state in proportion
with the present variance in relief payments. Its estimates on this basis
gave the cost figure of $221,314,000.
An item bearing on the bill appeared in our issue of Feb. 9, page 897.
Comptroller-General McCarl Reverses Attorney-General
Cummings in Case Involving Pay Cuts in Salaries
of Employees of Emergency Government Agencies
The salaries of several hundred employees of emergency
Government agencies may be reduced as the result of an
opinion issued Feb. 1 by Comptroller-General McCarl,
in which he over-ruled Attorney-General Cummings in a
case involving 17 civilian War Department workers who
were paid on account of services to the Civilian Conservation
Corps. In his ruling the Comptroller-General contended
that the President's discretionary powers under emergency
appropriations were limited by general laws, while in this
particular case the Economy Act prevented administrative
promotions up to July 1 1934. The decision was summarized as follows in a Washington dispatch of Feb. 1
to the New York "Herald Tribune":
When the 17 War Department employees were put on the emergency
payroll they were advanced in salaries beyond a limit of one set-up, which
the Comptroller-General held to be the maximum advance possible under
the Economy Act. His office has refused to sanction many advances
allowed by administrative officials; however, the War Department sought
the opinion of the Attorney-General, who held that the advances made
1075
were proper. The Comptroller-General agreed to review the whole case.
and his decision to-day was the result of that review.
Rapid Promotion Is Issue
Government officials would not estimate how many other emergency
employees would be affected by the decision, which appeared to apply to
rapidity or degree of promotion rather than to salary scales originally
fixed in the emergency agencies to which civil service classifications do
not apply.
In his opinion, the Comptroller-General said:
"It is true that some of the officers in the executive branch and even
heads of offices having unclassified employees and including the AttorneyGeneral, as suggested by you, appear of the opinion that when Congress
In appropriating the $3,300,000,000 to carry out the provisions of the
National Industrial Recovery Act, provided the appropriation might be
expended 'in the discretion and under the direction of the President,'
the authority so vested in the President was sufficiently broad as to permit
expenditures from said appropriations in disregard of and even in direct
violation of other laws.
War Department Official Criticized
"This view overlooks the fact that when an undefined discretion is
granted by law it is a legal discretion and not a discretion to disregard or
to violate statutory law—and that when a broader authority is intended,
for instance, active disregard of other laws, the form of legislation long
followed by the Congress has been to specifically include the words 'notwithstanding the provisions of other laws' or other words having like
meaning."
The War Department payments were made by authority of Major W.
C. Rawls, and Comptroller-General McCarl's decision was critical of the
action. "There can be properly no claim of good faith or of justified
error advanced on behalf of the accountable officer here involved," Mr.
McCarl said.
The Comptroller-General pointed out that the President's Executive
orders, designed to bring salaries in emergency agencies in line with those
in civil service classifications, did not purpose to contravene existing
laws limiting advances in salaries.
Pay of Federal Employees Restored to Pre-Depression
Level as President Roosevelt Signs Deficiency Bill
—End of Cuts Effective April 1—Executive Warns
Congress Must Raise Additional $16,000,000 in
Taxes to Meet Cost
President Roosevelt on Feb. 13 signed the deficieney
bill providing the restoration of full pay to all Federal
Government employees on April 1 instead of July 1, as he
had previously recommended. At the same time a formal
statement issued at the White House said that Congress, as
a result of the passage of the measure, must also pass legislation to raise the $16,000,000 involved through the abolition
of pay cuts. The President pointed out that this sum was
not contained in the budget estimates and said that "consideration should properly be given to methods by which
Government revenues can be increased to meet this and any
other new appropriations which tend to throw the regular
budget out of balance." This statement was interpreted
as indicating that Mr. Roosevelt would insist upon additional taxes to finance any expenditures above those which
he recommended to Congress.
The Senate on Jan. 28 adopted a compromise proposal to
restore Federal pay to pre-depression levels on April 1, and
the deficiency bill was sent back to the House for consideration of this and other changes. The House and Senate on
Feb. 4 both approved the conference agreement and the bill
was sent to the President for his signature.
President Roosevelt's statement, made public Feb. 13 at
the time of signing the bill, is given below:
The President has approved joint resolution making appropriations for
the Federal Communications Commission, etc. This joint resolution also
sets forward the date on which all Government employees shall receive full
salary from July 1 1935, to April 1 1935. This decision of the Congress
will, it is estimated, constitute an additional charge on the Government
of $16,000,000. it should be noted that this sum was not contained in
the budget estimates and that consideration should properly be given to
methods by which Government revenues can be increased to meet this and
any othee new appropriations which tend to throw the regular budget out
of balance.
We also quote in part from a Washington dispatch of
Feb. 13 to the New York "Herald Tribune" regarding the
bill in question:
Representative Bertrand H. Snell, Republican leader of the House, suggested a "fair exchange." "If he'll provide the $5,000,000,000 that he
proposes to waste, we'll furnish the $16,000,000," Mr. Snell said. He
added, "Why did he announce just before elections that he himself was
going to restore Government salaries?"
This was a reference to Mr. Roosevelt's announcement last fall that full
pay to Federal employees would be restored by next July at the latest.. . .
Representative Robert L. Doughton, Democratic Chairman of the House
Ways and Means Committee, was not worried about the $16,000,000, but
he also was not optimistic enough to believe that Congress would confine
Itself to this amount in "raising the ante" on the President's expenditure
program.
"If this $16,000,000 is the most the President asks us to produce before
the session is over we will be lucky." he said.
Senator Pat Harrison, Chairman of the Senate Finance Committee. Indicated that there might be a reckoning later which would involve consideration of new taxes, but he pointed out that existing taxes might produce
more than the President had estimated. "We are waiting to see what
bills are passed by Congress that will exceed the President's budget," he
said. "But as for receipts,it looks as if we would get more than we thought,
although we can't tell until much later in the session. All are agreed that
existing taxes expiring this year must be extended."
The pay cut for Federal employees amounted to as much as 15% in the
economy act of June 1933. The law provided for restoration in proportion
1076'
Financial Chronicle
to the increase in the cost of living as determined by the Bureau of Labor
index every six months.
During the early operation of the law no cost of living increase was found
to justify salary boosting, but Congress a year ago provided a 5% restoration in February and another 5% in July. Again last fall Mr. Roosevelt
found no justification in the index for full restoration of pay, but proposed
It anyhow for next July 1. His budget for the next fiscal Year was constructed on that basis. Government workers wanted the full restoration
on Jan. I, and April I became the compromise.
In a letter to President Roosevelt Luther 0. Steward, President of the
National Federation of Federal Employees, thanked him to-day for "restoring the purchasing power of Government workers."
• "We believe that this action corrects a moral and an economic injustice
and that the step you have taken is definitely in line with the whole plan
of the recovery movement," he said.
President Roosevelt's Executive Order, continuing until
July 1 the Federal pay cut, was referred to in the "Chronicle"
of Jan. 12, page 241.
Secretary Morgenthau's Recommendations Regarding
Changes in Social Security Bill
Before the House Ways and Means Committee, on Feb. 5,
Secretary of the Treasury Morgenthau recommended that
contributory old age pension taxes in the social security
bill be sharply increased to prevent huge future Federal
contributions. Mr. Morgenthau conceded that "by inaugurating a national contributory old age annuity system the
Federal Government is undertaking very heavy responsibilities . . . entending into the indefinite future." "It
Is our opinion," he went on to say, "that the national contributory system can be launched and maintained on a
sound financial basis by establishing the combined rate of
payroll and earnings taxes at 2% for the first three years,
3% for the next three years, 4% for the third three-year
period, 5% for the fourth three-year period, and 6% thereafter; in substitution for those now incorporated in the bill,
which start at 1% and are increased by 1% at the end of
each five years until a permanent level of 5% is reached at
the end of 20 years." Other recommendations made by
Secretary Morgenthau were summarized as follows in
Associated Press advices from Washington. Feb. 5:
•
Other recommendations included:
Administrative changes designed to simplify enforcement of the contributory
system by exempting transient laborers, domestic servants, and agricultural workers.
Transference from the social insurance board to the Treasury Department of the
functions of issuing and selling voluntary annuity certificates.
Under the contributory system wage earners making less than $2,500 a
year pay half of the old age security tax from their earnings and industry
pays an equal share. It is designed to bpild up a fund to provide pensions
at the age of 65. Mr. Morgenthau held that unless the tax rate was
increased the Federal Government would be forced to pay out in gratuities
a tremendous amount for those persons new 40, 45 or 50.
Mr. Morgenthau said the alteration would make possible annuities of
from $22.50 to $82.50 a month for individuals with monthly wages of $150
or more, and $15 to $55 for those whose monthly wages average $100.
Secretary Morgenthau said that under his proposal the contributory old
age security system would not require any Federal contribution when figured
on a long-range basis, whereas the present bill would require a Federal
contribution of $165,000,000 in 1965 and $1,500,000,000 from 1980 on.
He said he did not agree with those economists who believe that the old
age problem can be met "by borrowing from the future to pay the cost."
Representative John McCormack, Democrat, of Massachusetts, criticized
Mr. Morgenthau's proposal that transients, domestic laborers and farm help
be eliminated from pension provisions.
"That is the attitude of defeatism," said Mr. McCormack. "If we don't
get them in the bill now we never win."
Mr. Morgenthau's statement to the House committee follows:
The chief suggestions that we should like to make in connection with
the Economic Security bill are the following; (1) The substitution in the
contributory old age annuity system of a scale of contributory taxes and
benefit payments that will facilitate the continued operation of the system
on an adequate and sound financial basis, without imposing heavy burdens
upon future generations; (2) the transference from the Social Insurance
Board to the Treasury Department of the function of issuing and Balling
voluntary annuity certificates; and (3) administrative simplification.
I. Old Age Provisions
1. By inaugurating a national contributory old age annuity system, the
Federal Government is undertaking very heavy responsibilities extending
from year to year into the indefinite future. Under the modification that
we shall suggest, as well as under the plan now incorporated in the Economic Securities bill, the sums to be paid out each year in benefit payments will rise to more than $4,000,000,000. It is obvious that we must
make sure now that the provisions incorporated in the bill will enable the
Federal Government continuously to meet the heavy and recurring liabilities
that will be imposed upon it.
2. Under the provisions now embodied in the Economic Security bill.
the Federal Government is called upon to defray, out of its general revenues,
not only one-half the cost of the Federal-State system of non-contributory
old age assistance, but also the cost of substantial unearned gratuities that
are provided under the contributory system for persons who will retire
during the next 40 years. The benefits provided for such persons will be
substantially in excess of the contributions, plus interest, made in their
behalf. Such excess benefit payments Would be borrowed from current
contributions to the fund and repaid with compound interest in subsequent
years. In consequence, under the present bill, by 1980 and forever after,
the cost of the contributory system to the Federal Government is estimated
at $1,500,000,000 a year. This burden is in addition to a Federal cost
estimated at $504,000,000 a year in 1980 and thereafter for the noncontributory system.
3. The alteration that we recommend will make it possible, without
the imposition of onerous burdens upon the future, to provide annuities
Feb. 16 1935
ranging from $22.50 to $82.50 per month for individuals whose monthly
wages have averaged $150 or more; $15 to $55 for those whose monthly
wages have averaged $100, and $7.50 to $27.50 for those whose monthly
wages have averaged $50—the monthly annuities in each case varying with
the number of years of contributions. This scale of benefits is the same
as that now incorporated in the Economic Security bill for those who retire
during the first 10 years. Our scale is somewhat smaller than that now
incorporated in the bill for those who retire between 10 and 30 years after
the system goes into effect, and our scale is distinctly higher thereafter.
The aggregate benefit payments under the plan that we propose are substantially identical with those now incorporated in the bill, as may be
seen in the appended tables. The small number of individuals who receive
very modest annuities under the scale that we recommend would be eligible
to have these supplemented under the non-contributory system, precisely as
is the caseeunder provisions now incorporated in the bill.
4. Any actuarial computations extending indefinitely into the future,
such as are necessary for the establishment of a national contributory old
age annuity system, inevitably rest upon assumptions and forecasts that
are subject to a very considerable margin of error. Subject to this acknowledged limitation, it is our opinion that the national contributory system
can be launched and maintained on a sound financial basis by establishing
the combined rate of payroll and earnings taxes at 2% for the first three
years, 3% for the next three years, 4% for the third three-year period,
5% for the fourth three-year period, and 6% thereafter; in substitution
for the rates now incorporated in the bill, which start at 1% and are
increased by 1% at the end of each five years until a permanent level of
5% is reached at the end of 20 years.
5. A combined contributory tax rate of 5% is the minimum that will
permit the payment of adequate annuities and at the same time maintain
the financial integrity of the system under both the present Economic
Security provisions and under our proposed alteration. But a 5% rate can
do this only if it is imposed from the start. Under the present provisions of the Economic Security bill, a 5% rate does not go into effect
for 20 years. Hence, under the bill a heavy deficit is accumulated in the
early years, and the small sums paid on behalf of individuals now middleaged or over are kept so low as to be far out of keeping with the benefit
payments scheduled for them upon retirement—despite the fact that the
majority of such individuals will have means of their own. Under our
proposal, the 6% rate that goes into effect at the end of 12 years will
make up for the deficiency created by the low rates that will be in effect
during the earlier years of the system.
6. Under our proposal, the Federal Government would guarantee an
investment return of 3% on all receipts from the payroll and earnings
taxes that were not currently disbursed in benefit payments. Suds sums
would be used progressively to replace the outstanding public debt with
the new liability incurred by the Federal Government for old age annuities.
To the extent that the receipts from the old age annuity taxes are used
to buy out present and future holders of Government obligations, that
part of the tax revenues that is now paid out to private bond holders will
bs available for old age annuity benefits, thereby minimizing the net
additional burdens upon the future. Such accumulations and public debt
retirement will, of course, be relatively small during the first 10 years
by reason of the low tax rates with which we propose that the system
should be inaugurated.
7. It should be emphasized that the Federal Government, by,inaugurating
a national contributory old age annuity system, is undertaking responsibilities of the first magnitude. Not only is it committed to paying a 3%
return upon all collections in excess of current benefit payments involved,
but it is also diverting for the purpose of old age security a very large
fraction of its possible tax revenues. But we recommend this deliberately,
In view of the outstanding importance of objective. We know, moreover,
that, even in the absence of the well-considered legislation, we cannot
avoid important financial outlays for the care of the aged. Students of
our population trends tell us that the proportion of the aged and of the
dependent aged in our population gives promise of increasing very materially in the course of the next few generations.
8. There are some who believe that we can meet this problem as we go
by borrowing from the future to pay the costs. They are willing to Incur
the large and growing new liability for old age annuities without effecting
any compensating reductions in the outstanding public debt, reductions that
could be represented by a reserve account in the Treasury. They Would
place all confidence in the taxing power of the future to meet the needs
as they arose.
We do not share this view. We have already cited the fact that the
aggregate benefit payments under our proposal, as under that of the
Economic Security bill, will eventually exceed $4,000,000,000 a year. We'
cannot safely expect future generations to continue to divert sueh large
sums to the support of the aged unless we lighten the burdens upon the
future in other directions. If we fail to do this, the $4,000,000,000 a
year will be a net additional burden. Such a burden might well jeopardize
the continued operation of the system. If, on the other hand, we are
able to reduce the necessary outlays of future generations in other directions, as by retiring a large part of the public debt, and by the provision
of useful public works, we can look forward with far more assurance to
the continued support of the system. This, then, is the purpose of our
proposal. We desire to establish this system on such sound foundations
that it can be continued indefinitely in the future; and, at the same time,
to meet the highly desirable social objective of providing an adequate
annuity without a means test to all eligible workers upon retirement.
9. We recognize that the incidence of the payroll and earnings taxes
appears to be largely upon the mass of our population. But it should be
emphasized that the effect of these taxes is to provide a substitute form
of savings from which our workers will receive far greater and more
assured benefits than from many other forms of savings now in existence.
These taxes, in other words, will not be a net deduction from workers'
incomes. They will release funds, as well as relieve anxiety hitherto
directed toward the universal problem of providing against one's old age.
10. Further, it is entirely possible that improvements in our revenue
system may permit us in the course of time to reduce various taxes on
consumption goods, and thereby to return to the mass of our population
in this form what is taken from it in the form of payroll and earnings
taxes.
Voluntary Annuity Certificates
It would appear to be highly desirable that the function of issuing.
and determining the terms and conditions of issue, of voluntary annuity
certificates be in the hands of the Treasury rather than in those of the
Social Insurance Board. These certificates will be direct obligations of the
United States, and will involve rates of interest, direct or indirect. They
will differ chiefly in form from other interest-bearing obligations of the
United States. For example, a 20-year Treasury bond contains the promise
Financial Chronicle
Volume 140
cn the United States to make 40 semi-annual interest payments as well
as a principal payment at maturity. An annuity certificate would also
contain the promise of the United States to make a series of periodical
payments. Depending upon the character and form of the annuity, these
payments might be made monthly, quarterly,, or otherwise; they might
be made for a stated limited period, or they might be made until the
death of the holder; or they might even be made in perpetuity to any
holder. Whether the payments were to begin immediately after the
purchase of the annuity, or whether the contract called for payments
beginning 20 or 30 years from that date, or when the holder attained the
age of 65, the certificates in all cases would constitute promises of the
'United States, precisely like other direct Treasury obligations.
The language of Title V providing for these certificates is very broad
In character and would appear to permit the sale of all the types of certificates just indicated. It would be wholly desirable to retain such a
broad choice of forms; but the intent of the Congress in providing this
wide range should be made absolutely clear. In any event, however, the
terms of issue of the certificates and the rates of interest involved would
appear to be proper matters for determination by the Treasury.
III. Administrative Simplification
This Committee is well acquainted with the Treasury's attitude on law
enforcement. If there is a law on the statute books to be enforced by
the Treasury, we insist on enforcing it to the utmost of our powers. But
In one respect the bill in its present form imposes a burden upon the
Treasury that it cannot guarantee adequately to meet.
The national contributory old age annuity system, as now proposed,
Includes every employee in the United States, other than those of governmental agencies or railways, who earns less than $251 a month. This
means that every transient or casual laborer is included, that every
domestic servant is covered, and that the large and shifting class of
agricultural workers is covered. Now, even without the inclusion of these
three classes of workers, the task of the Treasury in administering the
contributory tax collections would be extremely formidable. If these three
classes of workers are to be included, however, the task may well prove
Insuperable-certainly, at the outset.
Under the income tax law, the Bureau of Internal Revenue last year
handled something less than 5,000,000 returns; with the present nearly
universal coverage of the bill's provisions with respect to contributory old
age annuities, we estimate that some 20,000,000 returns would be received.
In addition, there would be required the sale of stamps to be used in
connection with hundreds of thousands of odd payments for casual work,
often for only a few hours' duration. We recognize, without question, the
need of these classes of workers for the same protection that is offered
ether employed workers under the bill. But we should like to ask the
Committee to consider the question whether it is wise to jeopardize the
entire contributory system, as well as, possibly, to impair tax-collecting
efforts in other fields, by the inclusion under the system of the necessity
for far-flung, minutely detailed, and very expensive enforcement efforts.
In view of the great importance of our objective, we should greatly
regret the imposition of administrative burdens in the bill that would
threaten the continued operation of the entire system. After the system
has been in operation for some years, more inclusive coverage may prove
to be entirely practicable; but we should like to see the system launched
midi fashion that its administrative as well as its financial provisions
contribute directly to the assurance of its success.
Industrial Loans Totaling $34,222,535 Authorized by
RFC During Period from June 19 to Dec.31 1934
The Reconstruction Finance Corporation, during the
period from June 19 1934 to Dec. 31 1934,inclusive, authorized loans of $34,222,535 to 599 industrial and commercial
businesses, according to a report, segregating the loans by
industries, issued on Feb. 7 by Jesse H. Jones, Chairman of
the RFC. The report follows:
LOANS AUTHORIZED (AND COMMITMENTS OUTSTANDING AS OF
DEC. 31 1934) TO INDUSTRIAL AND COMMERCIAL BUSINESS
UNDER SECTION 5D OF THE RFC ACT (INCLUDING PURCHASES
OF PARTICIPATIONS, AND AGREEMENTS TO PURCHASE PARTICIPATIONS IN LOANS)
BY INDUSTRIES (FROM JUNE 19 1934 TO DEC. 31 1034 INCL.)
Industry--
12
25
46
40
599
6.6
14.7
16.1
3.5
1.2
2.0
.8
3.6
5.7
10.9
1.6
2,859.500
8.3
2,239,500
6.5
Nert..0
17
52,264,150
5,043.400
5,517,250
1,214,350
397,650
696,000
260.000
1,219,000
1,939,500
N
48
% of
Total
3,715,650
551,300
42
16
Amount
Authori:ed
W
Total
62
75
97
15
29
16
2
13
44
% of
Total
ONWNVN
Manufacturing
Food and kindred products
Textiles and their products
Lumber products
Paper and allied products
Printing & publishing & allied industries__
Chemicals and allied products
Rubber products
Leather and its products
Stone, clay and glass products
Iron and steel and their products (excluding machinery)
Non-ferrous metals and their products_ _ _
Machinery (excluding transportation
equipment
)
Transportation equipment (including RR.
repair shops)
Non-manufacturing-Mining
Wholesale trade
Retail trade
Not classified
Number
of Norinners
1.804,000
581,000
2,499,035
1.421,250
5.3
1.7
7.3
4.2
534.222.535
duty from 110% to 55%,marking the maximum amount the
President is authorized to reduce the tariff under the law.
In discussing the tariff situation in general, Mr. Hull said
that the question "is whether an attempt should be made to
recover a part of this lost trade by modifying the obstructions
to commerce or whether we shall continue to suffer these
losses of hundred of millions of dollars for the sake of 'protecting' industries which represent only an infinitesimal
portion of our production."
Secretary Hull's statement follows:
I feel that some notice should be taken of the grossly exaggerated and
misleading propaganda which is being circulated by the combined lobbies
seeking to kill all efforts to restore normal world trade
-a trade upon which
the employment of millions in this country and of tens of millions in the
world is dependent.
This propaganda would make it seem that the proposed reduction of the
duty on manganese ore from 110% for 1933 to 55% will throw many thousands of American wage earners out of employment and wreck a great
nation-wide industry. This combined propaganda is the rebirth of the old
log-rolling system which gave us the Smoot
-Hawley misery of the past
few years.
I dare say that even McRinely or Dingley, if alive in 1932, would not
have fixed the rate as high as 55% in the first place. The fog of propaganda
cannot obscure the truth. First, the number of wage-earners mining manganese ore in the United States is only a few hundred of a total of nearly
45,000,000 Americans gainfully employed. Despite the tariff benefits of
69% to 110% paid since 1922 by the general public, this is the total em'ployment which the industry has been able to offer to Americans.
Secondly, the amount of American production of manganese after all
these years is less than 10% of the amount consumed In the United States.
The other 90% and more must be imported as it has been in the past.
Furthermore, the sum total of the results of domestic efforts to produce
manganese has declined for a number of years.
When this Government raised these and other duties on similar business
undertakings in this country to skyscraping levels, other countries promptly
proceeded to raise their duties against, or by other methods to restrict,
their purchases of our cotton, copper, wheat, hog products, tobacco, automobiles, machinery, and other extremely burdensome surpluses. The most
uninformed person now knows the disastrous effects which have resulted.
The main purpose of proposing a reduction of the rate on manganese
ore, as in the case of any similar rate reduction, is to induce other countries
In turn to lower their rates or other obstructions against the exportation and
sale of those commodities which we export. There is no other possible way
for the accomplishment of this practical and mutually profitable result.
The American public therefore has the choice either to continue to close
Its eyes and rush headlong further in the direction of shutting out every
possible opportunity to sell our goods and to restore full prosperity, or it
can instead pursue a broad and practical program for the normal restoration
of mutually profitable trade between nations.
Mr. Hull also made public with his statement the following
history of tariff protection on manganese ore:
Before 1922 there was no duty on manganese ore and, except for the
highly stimulated period of our participation in the World War, production
had been only about 2% of domestic demands.
In 1922 manganese producers told Congress that if a duty of 1 cent per
pound was imposed on imparts they would soon produce 50% to 75% of
domestic needs.
They got the duty they asked for.
Instead of making good their promise, domestic production for the six
years, 1923 to 1928,inclusive, averaged only 8.3% of domestic consumption.
Despite this showing, manganese producers came to Congress in 1929
and asked still greater duties on imports, making the same promises as they
had made seven years previously.
They got the increase. The 1 cent per pound duty was made applicable
to ores containing 10% or more manganese content instead of to those
only of 30% or more.
With this increased duty, domestic manganese production declined instead of increasing. In 1931. 41,616 tons were produced; in 1932. 20.079,
and in 1933, 20.138 (estimated). These figures include Puerto Rico.
Since 1922 the tariff rate has been equivalent to 69% to 110% ad valorem.
The total value of all domestically produced manganese ores of ferro and
chemical grades for the six years 1923-28 was $7,617,800 (Department of
Commerce), where as duties collected on imported manganese ores of the
same kind for the same period amounted to $31,773,480. Hence,as domestic
Production during those „years was 324,198 tons, consumers paid a tax of
over $98 for every ton of it.
Only n n • States produce chemical and ferro grades of manganese in
significant quantities. The production of these States for 1932 was:
Long Tons
Output
State
-
Value
15,479
200
1,306
525
Montana
Georgia
Arkansas
Virginia
New Mexico
Washington
Arizona
Colorado
Nevada
10 other States
100.0
100.0
267
17,777
2,302
$377,222
65,509
20.079
Puerto Rico
Total
Secretary Hull Attacks Critics of Tariff Cuts in
Reciprodal Trade Agreements
-Discusses Duty
on Manganese Ore and Supports Reduction in
Brazilian Pact
Secretary of State Cordell Hull, in a prepared statement
made public on Feb. 10, criticized the "combined lobbies"
which, he charged, "are seeking to kill all efforts to restore
normal world trade." Mr. Hull's statement was issued in
reply to criticism of the tariff concession on manganese ore
contained in the reciprocal trade agreement recently signed
with Brazil. There cannot be any serious unemployment
in the United States, he said, because of the reduction in
1077
$442,731
Domestic production of ferro and chemical grades of manganese ore over
the period since a duty was put on imports, domestic needs and imports
were:
Year-
Domestic
Production
Long Tons
Imports
Long TOM
*1923
31,500
339,536
*1924
58,515
540,065
*1925
98,324
681.395
*1926
46,258
692,108
*1927
44,741
682,120
*1928
46,860
637,258
a 1929
60,379
660,558
a 1931
39,242
293,136
a 1932
17,777
90,782
a 1033 (eRtimated1
1R MR
9AQ wan
•Commerce Department figures. a Tariff Commission figures.
Apparent
Domestic
Consumpfn
Long Tons
371.036
596,580
779.719
738,368
726.861
684,118
720,937
332,378
108,559
9712 &an
•
1078
Financial Chronicle
The total number of wage-earners engaged in mining manganese ore in
1929 was 354, according to the Census data.
These nine States, in 1929, had a stake in foreign trade of 1226,742.000,
representing exports of cotton, tobacco, copper, iron and steel manufactures, food products and a great variety of other exported commodities.
In 1932, after the Hawley
-Smoot Tariff Act, with the highest rates in our
history, had been in effect two years, and foreign countries had imitated us
by erecting barriers against trade, this share had fallen to $87,864,000, or
a loss from 1929 of $138,878,060.
RFC Report for December-3280,750,769 in Loans
Authorized During Month—Actual Disbursements
Total 3114,805,891—Statement of Condition as of
Dec. 31
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, submitted on Feb. 4 to the President and Congress a report of the Corporation's operations during December. The report shows that new loans of $280,750,769
were authorized during the month, including $145,000,000
transferred to the Federal Emergency Relief Administration
and $10,000,000 to the Federal Housing Administrator.
Actual loan disbursements by the Corporation during December totaled $114,805,891 and repayments on loans
$103,221,913.86. During December the Corporation withdrew or canceled authorizations for loans, which had not
been disbursed, amounting to $47,147,718. The December
authorizations were as follows:
Loans under Section 5:
To banks and trust companies (including receivers)
To building and loan associations (Including receivers)
To insurance company
To mortgage loan companies
To railroads
To fishing industry
Loans to industry
Loans on assets of closed banks
Under Emergency Relief and Construction Act of 1932
Under Emergency Farm Mortgage Act of 1933
On preferred stock of banks
Subscriptions for preferred stock of banks
Purchases of capital note or debentures of banks
L08118 on preferred stock of an insurance company
To Federal Emergency Relief Administrator for expenses
To Federal Emergency Relief Administration
To Federal Housing Administrator
Total
$22,779.267.97
20,867,069.21
275,000.00
8,064,932.50
11,679,000.00
35,000.00
5.393,660.00
49,801.26
33,702,149.62
3,455,344.57
265,530.00
16,585.250.00
1,847,000.00
750,000.00
1,763.75
145,000,000.00
10,000,000.00
1280,750.768.88
Actual disbursements by the Corporation during December on the new and earlier authorizations were shown by the
report as follows:
To banks and trust companies (including receivers)
$65,943,478.50
To Joint-Stock Land banks
147,787.41
To mortgage loan companies
8,530,509.02
To agricultural credit corporations
275,000.00
To railroads (including receivers)
15,095,271.00
To industrial and commercial businesses
2,486,398.45
For self-liquidating projects (par 55.820.000)
5,697,149.33
For repair or reconstruction of property damaged by earthquake,arc.:
Under Section 201-A, Act of July 211932,88 amended
22,608.51
Under Act of April 13 1934
25,500.00
For financing sale of agricultural surpluses in foreign markets
269,529.17
For financing the carrying and orderly marketing of agricultural
commodities and livestock produced in the United States:
Commodity Credit Corporation
10.626,862.54
Other
53,599.68
To drainage, levee and irrigation districts
976,697.62
Secured by preferred stock—Insurance companies
4,250,000.00
Secured by preferred stock—Banks and trust companies
405,500.00
Total
$114,805,891.23
Repayments during the month on earlier loans, according
to the report, were:
To banks and trust companies (Including receivers)
$28,027,335.89
To credit unions
450.00
To building and loan associations (including receivers)
2,383,195.03
To insurance companies
4,413,740.20
To Federal Land banks
32,025,520.04
To Joint-Stock Land banks
594,538.81
To livestock credit corporations
129,393.92
To mortgage loan companies
3,501,605.29
To agricultural credit corporations
8,356.72
To railroads
33,975.12
To processors or distributors for payment of processing taxes
505.69
To State funds for insurance of deposits of public moneys
267,979.87
To Industrial and commercial businesses
25,798.20
On assets of closed banks (Section 5-E)
856.54
For self-liquidating projects (par $2,400)
2,400.00
For repair or reconstruction of property damaged by earthquake,803.:
Under Section 201-A, Act of July 211932. as amended
25,775.00
For financing sale of agricultural surpluses in foreign markets
85,756.30
For financing the carrying and orderly marketing of agricultural
commodities and livestock produced in the United States:
Commodity Credit Corporation
7,495,285.88
Other
1,809,182.29
To public school authorities
22,300.000.00
Secured by preferred stock—Insurance companies
2,000.00
Secured by preferred stock—Banks and trust companies
88,263.07
Total
$103,221,913.86
The Corporation's statement of condition as of Dec. 31
1934 follows:
STATEMENT OF CONDITION OF THE CORPORATION AS OF THE CLOSE
OF BUSINESS DEC. 31 1934
Assets
Cash on deposit with Treasurer of United States
$5,868,698.17
Funds held in suspense by custodian banks
44,523.27
Petty cash funds and travel advances
9,475.00
Allocated for expenses regional agricultural credit corporations
(under Farm Credit Administration)
13,247,492.25
Allocated for Federal Emergency Relief Administration (1933
Relief Act)
500,000.000.00
Allocated for relief and(or) public works (under Emergency
Appropriation Act of 1935) (1)
500,000,000.00
Allocated to Secretary of Treasury (2)
124,741,000.00
Allocated to Secretary of Treasury (3)
200,000,000.00
Allocated to Land Bank Commissioner (4)
$300,000,000.00
Leas—Reallocated o Fed.Farm Mtge. Corp_
55,000,000.00
245,000,000.00
Allocated to Federal Farm Mortgage Corporation
55,000,000.00
Allocated to Federal Housing Administrator (5)
25,000.000.00
Feb. 16 1935
Allocated to Secretary of Agriculture (6)
$200,000,000.00
Less—Reallocated as capital, regional agricultural credit corporations
844,500,000.00
Reallocated to Governor of
Farm Credit Administration 40,500,000.00 85,000,000.00
Capital regional agricultural credit corporations
Allocated to Governor Farm Credit Administration
L0888 under Section 5:
Proceeds disbursed (less repayments):
Banks and trust companies (I)
$632,208,504.86
Credit unions
385,657.72
Building and loan associations (7)
20,081,849.43
Insurance companies
24.828,803.48
Federal Land banks
78,646,819.19
Joint-Stock Land banks
6,495,270.54
Livestock credit corporations
1,333.828.58
Mortgage loan companies (7)
160,591,127.30
Other agricultural credit corporations
863,372.83
Railroads (Including receivers)
376,555,435.44
Processors or distributors for payment of
processing taxes
1,467.68
State funds for insurance of deposits of public
541,070.75
moneys
Fishing industry
25,000.00
Proceeds not yet disbursed:
Banks and trust companies (7)
Building and loan associations (7)
Insurance companies
Joint-Stock Land banks
Mortgage loan companies (7)
Railroads (including receivers)
Fishing industry
44,500,000.00
40,500,000.00
1,302,558,207 80
5126,093.341.25
20,867,069.21
409,690.77
589,297.98
103,128,497.24
5,364,252.00
72,500.00
256,524,648.45
Loans to industrial and commercial businesses:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans on assets of closed banks (Section 5-E):
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans and contracts for self-liquidating projects:
Proceeds disbursed (lees repayments)(par $116,076.100)
Proceeds not yet disbursed (par $101,703,000)
Loans for repair or reconstruction of property damaged by earthquake, Stc.:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans under Section 201-0, for financing sale of agricultural
surpluses in foreign markets:
Proceeds disbursed dew repayments)
Proceeds not yet disbursed
Loans for financing the carrying and orderly marketing of agricultural commodities and livestock produced in the United
States:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to drainage, levee and irrigation districts:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans secured by preferred stock insurance companies:
proceeds disbursed (less repayments)
Loans secured by preferred stock banks and trust companies:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Relief authorizations (1932 Act):
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Preferred stock banks and trust companies:
Purchased (lees retirements)
Subscriptions authorized
Preferred stock insurance company purchased
Capital notes and debentures banks and trust companies:
Purchased (less retirements)
Subscriptions authorized
Purchases of securities from Federal Emergency Administration of
Public Works:
Purchases consummated (less sales)
Purchases authorized but not yet consummated
Advances for care and preservation of collateral:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Collateral purchased (cost less proceeds of liquidation)
Accrued interest and dividends receivable
Reimbursable expense
$644,292.67
Furniture and fixtures
99,544.21
Less allowances for depreciation
Miscellaneous disbursements
Total
115,000,000.00
6,626,885.01
21,318.729.89
20,450.13
104,516.87
114,452,998.38
100,600,528.41
8,289,582.78
3,536,108.04
15,175,799.43
3.094.614.20
37,619,862.96
390,595.952.28
12,298.179.87
67,948,829.07
30,033,000.00
19,123,743.92
1,781,455.00
297,773,590.00
15,001.00
585,857,903.40
63.417,710.00
100,000.00
260,101,838.57
68,414,500.00
1,528,609.70
14,499,831.10
109,140.32
202,462.37
1,730,484.12
42,760,913.10
565,785.38
544,748.46
206,266.57
$5,598,444.065.27
Liabilities and Capital
Payable on certificate of Federal Emergency Relief Administration
(1933 Relief Act)
Payable for relief and(or) public works (under Emergency Appropriation Act of 1935) (1)
Payable to Secretary of the Treasury (2)
Payable to Land Bank Commissioner (4)
Callable by Farm Credit Administration for expenses of regional
agricultural credit corporations
Liability for funds held as cash collateral
Proceeds not yet disbursed:
Loans under Section 5
Loans to industrial and commercial businesses
Loans on assets of closed banks (Section 5-E)
L088.9 and contracts for self-liquidating projects '
Loans for repair or reconstruction of property damaged by earthquake, Jar
Loans under Section 201-C, for financing sale of agricultural
surpluses in foreign markets
Loans for financing the carrying and orderly marketing of agricultural commodities and livestock produced in the United
States
Loans to drainage, levee, and irrigation districts
Loans secured by preferred stock banks and trust companies_ ._
Relief authorizations (1932 Act)
Advances for care and preservation of collateral
Subscription authorizations:
Preferred stock banks and trust companies
Capital notes and debentures banks and trust companies_ __
Purchases of securities from Federal Emergency Administration
of Public Works authorized
Cash receipts not allocated pending advices
•
Miscellaneous liabilities (including suspense)
Liability for funds held pending adjustment
Liability for deposits with bids
Unearned discount
Interest paid in advance
Interest and dividend refunds and rebates payable
Interest accrued
Deferred credits—Income on collateral purchased__ $157,144.83
89,056.70
Premium on sale of notes
$411,753.34
30,000,000.00
43,095,300.00
97,400,000.00
2,854,994.27
341,699.80
256,524,648.45
21,318,729.89
104,516.87
100,600,528.41
3,536,108.04
3,094.614.20
390,595,952.28
67,948,829.07
1,781,455.00
15,001.00
202,462.37
63,417,710.00
68,414,500.00
14,499,831.10
9,421,335.40
11,684,585.39
4,377.46
299,760.00
301.02
12,986.54
142,111.54
10,961,142.45
246,201.53
3,834.336,666.67
Notes—Series "D.""DA,""E,""F,""G"and "II"
500,000,000.00
Capital stock
$65,075,963.18
Surplus
100,000.00
Reserve for self-Insurance
65,175,963.18
Total
$5,598,444,086.27
Volume 140
NOTES
(1) Title II of the "Emergency Appropriation Act, fiscal year 1935," approved
June 19 1934, provides:" .
. That not exceeding $500,000,000 in the aggregate of any savings or unobligated balances in funds of the Reconstruction Finance
Corporation may, in the discretion of the President, be transferred and applied to
the purposes of the Federal Emergency Relief Act of 1933 and(or) Title II of the
National Industrial Recovery Act, . . .
Under the above Act the Corporation to and including Dec. 31 1934 had transferred $470,000,000 to the Federal Emergency Relief Administration.
(2) Section 2 of the Reconstruction Finance Corporation Act, as amended by
the Federal Home Loan Bank Act, provides that "in order to enable the Sec7etary
of the Treasury to make payments upon stock of Federal Home Loan banks subscribed for by him in accordance with the Federal Home Loan Bank Act, the sum of
$125,000,000 or so much thereof as may be necessary for such purpose, is hereby
allocated and made available to the Secretary of the Treasury out of the capital of
the Corporation and(or) the proceeds of notes, debentures, bonds and other obligations issued by the Corporation." The amount of such stock subscribed for by the
Secretary of the Treasury is $124,741,000.
(3) Section 4-13 of the Home Owners' Loan Act of 1933 provides that "the Board
(Federa. llome Loan Bank Board) shall determine the minimum amount of capital
stock of the Corporation (Home Owners' Loan Corporation) and Ls'authorized to
increase such capital stock from time to time in such amounts as may be necessary.
but not to exceed in the aggregate $200,000,000. Such stock shall be subscribed
for by the Secretary of the Treasury on behalf of the United States, and payments
for such subscriptions shall be subject to call in whole en in part by the Board and
shab be made at such time or times as the Secretary of the Treasury deems advisable.
. . In order to enable the Secretary of the Treasury to make such payments
when called, the Reconstruction Finance Corporation Is authorized and directed to
allocate and make available to the Secretary of the Treasury the sum of $200,000,000,
or so much thereof as may be necessary, and for such purpose the amount of notes,
bonds, debentures, or other such obligations which the Reconstruction Finance
Corporation is authorized and empowered under Section 9 of the Reconstruction
Finance Corporation Act, as amended, to have outstanding at any time, Is hereby
increased by such amounts as may be necessary." The amount of such stock subscribed for by the Secretary of the Treasury Is $200,000,000.
(4) Section 30 (a) of the Emergency Farm Mortgage Act of 1933 made 5100,000,000 available to the Farm Loan (now Land Bank) Commissioner for loans to Joint
Stock Land banks. Section 32 of the same Act made $200,000,000 available to
the Farm Loan (now Land Bank) Commissioner for direct loans to farmers. Of the
amount made available under Section 32, $145,000,000 was paid to the Land Bank
Commissioner and the balance. $55,000,000, was reallocated and paid to the Fedmat Farm Mortgage Corporation under Section 3 of the Federal Farm Mortgage
Corporation Act.
(5) Under the provisions of Section 4 of the National Housing Act of 1934, which
states that "the Reconstruction Finance Corporation shall make available to the
Administrator such funds as he may deem necessary," 525,000,000 has been paid
to the Federal Housing Administrator.
(6) Section 2 of the Reconstruction Finance Corporation Act as amended made
available to the Secretary of Agriculture $200,000,000. Of this amount $135,000,000
was Paid to him, of which $20,000,000 was returned to the Corporation. Of the
$85,000,000 difference, $44,500,000 was reallocated and disbursed as capital of the
regional agricultural credit corporations (Sec. 201 (e) Emergency Relief and Construction Act of 1932). The remainder. $40,500,000, was made available and has
been paid to the Governor of the Farm Credit Administration, pursuant to the provisions of See. 5(a)(I) of the Farm Credit Act of 1933.
(7) Loans under Section (5) of the Reconstruction Finance Corporation Act.
to aid In the reorganization or liquidation of closed institutions, have been authorized in the aggregate amount of $1,057,743,695.24, of which $143,787,496.90 has
been canceled. After taking into consideration repayments of 5319,355,087.44,
Items (7) of the balance sheet include the balance of $443,370,380.99 representing
proceeds disbursed (less repayments) and 5151.230,729.91 representing proceeds not
yet disbursed, exclusive of $9,542,500 loans approved in principle upon the performance of specified conditions.
In addition to loans and other authorizations reflected on the statement
of condition, the Corporation has approved in principle loans in the amount
of $93,892.925.82 and purchases of preferred stock, capital notes and debentures of banks and trust companies in the amount of $72,866,170, upon
the performance of specified conditions.
mThis statement of condition does not take into consideration expenditures
incurred but not paid by the Corporation at the close of business Dec. 31
1934, nor income of regional agricultural credit corporations whose capital
stock was subscribed by the Corporation.
Report of Operations of RFC Feb. 2 1932 to Jan. 31
of
1935—Loans of $9,001,925,035 Authorized During
Period—$4,926,050,526 Expended for Activities of
Cor oration
ATM7iizations and commitments of the Reconstruction
Finance Corporation in the recovery program to Jan. 31,
—.—
including disbursements of $720,000,736 ot other governmental agencies and $1,299,972,411 for relief, hal7
-€777371
$9,001,925,036, said a report issued Feb. 7 by Jesse H.
Jones, Chairman. Of this sum, $800,723,430 has been
canceled and $1,105,519,745 remains available to the
borrowers and to banks in the purchase of preferred stock
and capital notes, it was stated. The relief disbursements
include $299,984,999 advanced directly to States by the
Corporation, $499,987,412 to the States upon certification
of the Federal Emergency Relief Administrator, and $500,000,000 to the Federal Emergency Relief Administrator
under provisions of the Emergency Appropriation Act
1935. Of the total disbursements, $4,925,050,526 was
expended for activities of the Corporation other than
advances to governmental agencies and for relief, and of
this sum $2,559,966,709, or approximately 52%, has been
repaid. The report continued:
Loans authorized to 7.346 banks and trust companies aggregate $2.296,266,329. Of this amount $333,035,012 was withdrawn or canceled
and $138,485,869 remains available to the borrowers and $1,824,745,417
was disbursed. Of this latter amount $1,228.994,611, or 67%, has been
repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6,767 banks and trust companies aggregating
$1,207,789,040 and 1,042 loans were authorized in the amount of $29,829,505 to be secured by preferred stock, a total authorization for preferred
stock, capital notes and debentures in 7,020 banks and trust companies of
$1.237.618,545. $87,766.179 of this was canceled or withdrawn and
$196,387.755 remains available to the banks when conditions of authorizations have been mot.
Loans have been authorized for distribution to depositors of 2,544 closed
banks aggregating $1,057,780,449. $152.174,791 of this amount was
1079
Financial Chronicle
canceled or withdrawn and $130,179,764 remains available to the borrowers.
$775,425,894 was disbursed and $360,028,733 has been repaid.
Loans have been authorized to refinance 429 drainage, levee and irrigation districts aggregating $82,821,718. of which $1.922,365 was withdrawn
or canceled, and $65,488,690 remains available to the borrowers. $15,410,663 has been disbursed.
159 loans aggregating $17.594.675 have been authorized through mortgage
loan companies to assist business and industry in co-operation with the
National Recovery Administration program. $9,569,475 of this amount
was withdrawn or canceled and $2,780,663 remains available to the
borrowers. $5,244.537 was disbursed and $220,769 has been repaid.
Under the provisions of Section 5 (d), which was added to the Reconstruction Finance Corporation Act June 19 1934. the Corporation has
authorized 651 loans to industry aggregating $34.189,024. $3,526.900 of
this amount was withdrawn or canceled and $22,774,910 remains available
to the borrowers. In addition the Corporation has authorized, or has
agreed to, purchases of participations aggregating $5,269,135 of 89 businesses, $247,725 of which was withdrawn or canceled and $4,257,777
remains available.
The Corporation has purchased or agreed to purchase from the Federal
Emergency Administration of Public Works 234 issues of securities having
par value of $53,373,350. Of this amount securities having par value of
$50,426.600 were sold at public sale to thelhighest bidders at a premium
of $951.196; and securities having par value of $2,946,750 were purchased
or are to be purchased by the Corporation at par to be held and collected
or sold at a later date. The amounts received by the Corporation together
with accrued interest have been paid or will be paid to the Public Works
Administration.
Disbursements and repayments to Jan. 31 for all purposes
were reported as follows:
Repayments
Disbursements
Loans under Section .5:
Banks and trust companies
$1,824,709,705.70 $1,228,993,106.64
Railroads
70,856.064.24
449,943,272.11
Federal Land banks
310,212,539.86
387.236,000.00
Mortgage loan companies
134,252,672.69
290,545,157.01
Regional agricultural credit corporations_
173,243,640.72
173,243,640.72
Building and loan associations
99,431.100.68
115,070,726.54
Insurance companies
65.494,961.90
89,517,863.45
Joint Stock Land banks
10,129.021.56
15,659,372.29
Livestock credit corporations
11,503.745.20
12,817.732.81
Federal Intermediate Credit banks
9,250,000.00
9,250,000.00
State funds for insurance of deposits of public
moneys
8.387,715.88
8,387,715.88
Agricultural credit corporations
4,672,757.44
5,536,130.27
Credit unions
213,870.81
580,854.21
Fishing industry
42,500.00
Processors of distributors for payment of
processing tax
14,150.38
14,718.06
Total loans under Section 5
$3,382,555,369.05 $2,126,655,348.00
Loan to Secretary of Agriculture to purchase
cotton
3,300,000.00
3,300,000.00
Loans for refinancing drainage, levee and
irrigation districts
1,074.09
15,410,063.28
Loans to public school authorities for payment
of teachers' salaries
22,300,000.00
22,300,000.00
Loans to aid in financing self-liquidating construction projects (including disbursements of
$8,692,264.54 and repayments of $418,599.26 on loans for repair and reconstruction
of property damaged by earthquake, fire and
tornado)
134,515,838.84
9,107,690.73
Loans to aid in financing the sale of agricultural
5,023,443.54
20,199,242.97
surpluses in foreign markets
Loans to industrial and commercial businesses_
135,214.98
8,650,847.75
1,504.83
35,711.53
Loans on assets of closed banks
Loans to finance the carrying and orderly
marketing of agricultural commodities and
livestock:
Commodity Credit Corporation for:
138,473,350.24
167,400,555.64
Loans on cotton
121,706,606.77
124,530,876.12
Loans on corn
170,978.62
4,552,017.46
Loans on turpentine
7,053,116.33
11,230,030.11
Others
Total loans, exclusive of loans secured by
53,894,687,172.75 52,433,928,334.13
preferred stock
Purchase of preferred stock, capital notes and
debentures of banks and trust companies
(including $21,167.835 disbursed and 51,680,842.06 repaid on loans secured by preferred stock)
$79,243,632.06
5953,464,610.90
Loans secured by preferred stock of insurance
companies (Including $100,000 disbursed for
30,225,000.00
the purchase of preferred stock)
192.000.00
$963,689,610.90
Total
Federal Emergency Administration of Public
Works security transactions
Total
$79,435,632.06
$46,673,742.68
$46,602,742.68
54,925,050,526.33 52,559,966,708.87
Allocations to governmental agencies under
provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp_ _ $200,000,000.00
Capital stock of Federal Home Loan bauks_81,645,700.00
Farm Loan Commissioner for loans to:
Farmers
145,000,000.00
Joint Stock Land banks
2.600,000.00
Federal Farm Mortgage Corporation for loans
to farmers
55,000,000.00
Federal Housing Administrator:
To create Mutual Mortgage Insurance Fund
10,000,000.00
For other purposes
15,000.000.00
Secretary of Agriculture for crop loans to
farmers (net)
115,000,000.00
Governor of the Farm Credit Administration
for revolving fund to provide capital for production credit corporations
40,500,000.00
Regional agricultural credit corporations for:
Purchase of capital stock
44,500,000.00
Expenses:
Prior to May 27 1933
3,107,530.00
Since May 26 1933
7.647,505.73
Total allocations to governmental agencies $720,000,735.73
For relief:
To States directly by corporation
$299,984,999.00
To States on certification of the Federal
Relief Administrator
499,987,411.70
Under Emergency Appropriation Act, 1935 500,000,000.00
$2,266,941.00
Total for relief
$1,299,972,410.70
Grand total
$6,945,023,672.76 $2,562,233,649.87
52,266,941.00
The following table, contained in the reports, shows the
loans authorized to each railroad, together with the amount
disbursed to and repaid by each (as of Jan. 31 1935):
1080
Financial Chronicle
Authorized _ Disbursed
Repaid
Aberdeen & Rockfish RR. Co
$127,000
89,000
$127,000
Alabama Tennessee & Northern RR. Corp_
275,000
275,000
Alton RR. Co
2,500,000
20500,000
Ann Arbor RR.(receivers)
634,757
634,757
Ashley Drew & Northern Ry. Co
400,000
400,000
Baltimore & Ohio RR.Co
72,125,000 72,110,400 J12,144,900
I *14,600
(Note)
Birimingham & Southeastern RR.Co
41,300
41,300
Boston & Maine RR. Co
7,569,437
7,569,437
Buftalo-Union, Carolina RR. Co
*53,960
53,960
Carlton & Coast RR.Co
1 1,206
535,800
549,000
1'13.200
Central of Georgia Ry. Co
230,028
3,124,319
3,124,319
Central RR. Co. of New Jersey
1464,298
464,298
500,000
1'35,702
Chicago & Eastern Illinois Ry. Co
155,632
5,916,500
5,916,500
Chicago & North Western Ry. Co
3,538,000
46,589,133 46,588,133 [
*1.000
Chicago & Great Western RR
838
1,289,000
1,289,000
Chicago Milwaukee St. Paul & Pac. Ry. Co. 12,000.000 11.500,000
538
Chicago North Shore & Milwaukee RR.Co. 1,150.000
1,150,000
Chicago Rock Island dr Pacific Ry. Co
377,279
13,718,700 13,718.700
Cincinnati Union Terminal Co
8,300,000 f 8,300,000
10,398.925
1.2,098.925
Columbus & Greenville Ry. Co
"60,000
60,000
Copper Range RR. Co
53.500
53,500
Denver & Rio Grande Western RR. Co__
8,300,000
8,081,000 f 571,300
1'219,000
Denver ds Salt Lake Western RR. Co
3,182,150
3,182,150
Erie RR. Co
16,582,000 16,331,000
4,689
Eureka Nevada Ry. Co
*3,000
3,000
Florida East Coast Ry. (receivers)
627,075
*90,000
717.075
Ft. Smith & Western Ry. (receivers)
227,434
227,434
Fredericksburg & Northern Ry. Co
*15,000
15,000
Gainesville Midland Ry. (receivers)
'10,539
10,539
Galveston Houston & Henderson RR. Co
1,061,000
1,061,000
Georgia & Florida Ry. (receivers)
354,721
354,721
Great Northern Ry. Co
6,000,000 6,000,000
6,000,000
Greene County RR. Co
915
13,915
13,915
Gulf Mobile & Northern RR.CO
520.000
520,000
520,000
Illinois Central RR. Co
17.863,000 17,837,333
1 75,000
1'16,667
Lehigh Valley RR. Co
8,500,000 *1,000,000
9,500,000
Litchfield & Madison Ry. Co
800,000
800,000
Maine Central RR. Co
2,5.50,000
2,550,000
87,952
Maryland & Pennsylvania RR. Co
100,000
100.000
Meridian & Frisbee River Ry. Co.(trustee)- 1,488,504
500,000
*744,252
Minneapolis St.Paul&St.Ste.MarieRy.Co. 6,843,082
8,843,082
512,715
Mississippi Export RR. Co
100,000
100,000
Missouri Pacific RR. Co
23,134,800 23,134,800
Missouri Southern RR. Co
99,200
99,200
Mobile & Ohio RR.Co
785,000
785,000
785,000
Mobile & Ohio RR. Co. (receivers)
1,070,599
1,070,599
193,000
Murfreesboro-Nashville Ry. Co
25,000
25.000
New York Central RR. Co
27,499,000 27,499,000
New York Chicago & St Louts RR. Co
18,200,000 18,200,000 2.688,413
New York New Haven & Hartford RR. Co. 7,700,000
7,699,779
*221
Pennsylvania RR. Co
29.500,000 28,900,000 128,900,000
1 *600,000
Pere Marquette Ry. Co
3,000,000
3,000,000
Peioneer and Fayette RR. Co
10,000
10.000
Pittsburgh & West Va. Ry. Co
3,975.207
4.475,207
Puget Sound & Cascade Ry. Co
300,000
300,000
St. Louis-San Francisco RR. Co
7,995,175 2.805,175
7,995,175
St. Louis-Southwestern
18,790,000 18,672,250 1 790,000
*117,750
Salt Lake & Utah RR. (receivers)
200,000
200,000
Sand Springs Ry. Co
162,600
162,600
Southern Pacific Co
23,200,000 22,000,000 *1,200,000
Southern Ry. Co
14.751,000 14,751,000
246,000
Sumter Valley Ry. Co
23,580
100,000
100.000
Tennessee Central Ry. Co
147,700
147,700
Texas Oklahoma & Eastern RR. Co
*108,740
108,740
Texas & Pacific Ry. Co
700,000
700,000
100.000
Texas South-Eastern RR. Co
30,000
5,000
30.000
Tuckerton RR. Co
f
81
39,000
45,000
1*(3,000
Wabash Ry. (receivers)
15,731,583 15,731,583
Western Pacific RR. Co
4,366,000
4,366,000 1,303.000
Wichita Falls & Southern RR. Co
400,000
400,000
Wrightsville & Tennllie RR. Co
22,525
22,525 . 22,525
8457,856,080 8449,943,272 870,856,064
•Denotes amount canceled or withdrawn instead of repayment. (Total cancellations, $6,408,556.)
Note-Loans to the Baltimore and Ohio RR. Co. outstanding, amounting to
$59,965,500, are evidenced by collateral notes of the railroad in the total face amount
of $60,100,400. Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 446% secured note due Aug. 1 1939. in‘the amount of $13,490,000, at a discount of 1%, equivalent to 8134,900.
Private Initiative Must Supply Impetus for Permanent
P , Recovery, According to Jesse H. Jones of1RFCz
Government Spending Held only Subordinate Aid
Private initiative and private business must constitute
the principal factors in promoting industrial recovery, Jesse
H. Jones, Chairman of the Reconstruction Finance Corporation, said Feb. 9, in an address before the weekly luncheon
of the National Democratic Club in New York City. Government lending and Federal construction projects may aid
this recovery, he continued, but "giving money away" constitutes the most dangerous form of relief, and can offer
only temporary assistance.
Mr. Jones praised President Roosevelt for the efforts he
has made in his recovery program, and declared that the
country needs a better understanding between those "inclined to the right and those wanting to go to the left." The
President, he said, has the common understanding, and has
st.ccessfully followed a "middle-of-the-road" policy. Mr.
Jones Is optimistic regarding the future of business, and
said that there are many indications that conditions are
improving. He urged his audience to judge the President
by the success of his program as a whole, and asserted that
he cannot be held to account for "inevitable mistakes in
administration."
In discussing the operations of the RFC since 1933 Mr.
Jones said, in part:
RFC operations prior to March 1933 totaled approximately $2,000.000.000.
Since that time $7.000.000.000 have been added, including $1,300,000,000
used for direct relief and $700,000,000 to other Government agencies.
Feb. 16 1935
$1,200,000,000 has been put into bank capital in almost 7,000 banks.
More than a billion dollars has been loaned to bank receivers for distribution to depositors in closed banks.
More than a billion and a half dollars has been made available to farmers
through the Farm Credit Administration and for commodity loans. Through
these operations, cotton, corn, wheat, tobacco and many other farm products
are now selling at living prices.
All together, $9,000,000,000 have been authorized through the RFC, and
except for the funds used in direct relief, and allocations to other Government agencies, it is being handled in a businesslike way, and there will
be little ultimate loss to the taxpayer. Our repayments have already exceeded $2,500,000,000.
Congress has just extended the active life of the Corporation for two
years, subject to termination at an earlier date by Executive Order of the
President. It gave us some added authority pertaining to industrial loans,
real estate loans, and loans to railroads.
Loans to industry have been difficult to make because of the badly
depleted state of many offering to borrow, together with poor prospects of
their being able to repay the loans. But it is the purpose of our directors
to try all the harder to make these loans, especially where employment can
maintained or increased. In fact, we can only make such loans under
these circumstances.
We are authorized to lend for as much as 10 years, not only to industry,
but to others. We requested this added authority largely in the interest
of the depositors in closed banks, the assets of which will yield more if
liquidated over a longer period, and to help real estate debtors. We should
like to help people save their properties where possible, and we want to
encourage and assist the organization of mortgage companies throughout the
country. The Congress gave us this authority.
We do not want the Government to do all the lending, but the Government wants to assist in starting mortgage companies that will be operated
on a sound basis and that will lend on real estate at fair rates, both to
meet present indebtedness and for new construction where the new construction is justified.
We are given some added authority is loans to railroads, largely for the
purpose of assisting in reorganizations. To what extent we can make use
of this added authority is yet to be determined.
Congress gave us no added borrowing power, but we did not ask for it,
feeling that we had all that we could safely use for the year 1935, and if
our activities and operations are serving a good purpose and more credit
is needed a year from now, Congress will be in session and can give it to us.
We do not want to continue the RFC one day longer than it can be useful
as an emergency organization.
Past Year Described as Marking "Upswing" in Banking
Conditions in Ohio-State Superintendent of
Banks S. H. Squire Finds Economic Outlook for
1935 Decidedly Reassuring
In his first official statement, issued at Columbus, Feb. 5,
Samuel H. Squire, new Superintendent of Banks of Ohio,
reports that indications that general business conditions are
definitely improved and that the economic outlook for 1935
is decidedly reassuring, are furnished in the State bank call
reports of Dec. 31 1934. The past year, says Mr. Squire,
marks the beginning of the upswing in banking conditions
now in progress in Ohio, following the recession which.
started in 1929. In his statement, based on the reports
made in response to the recent bank call, Superintendent
Squire also says:
Throughout 1934 their [Ohio banks] resources and deposits rose steadily
in volume, showing substantial gains for the first time in more than five
years. The scope and value of their banking service increased appreciably
during the past year, and a better public understanding of banks and
their purposes has been effected. Stimulation in business has enhanced
banking stabilization. . . .
Total resources of all banks under State supervision, 466 in number, 13
being unlicensed banks, on Dec. 31 1934, were $1,157,587,466, an increase
of $32,259,391 since the call of Oct. 2 1934, and an increase of $96,952,50
since Dec. 30 1933.
Total deposits of these banks on Dec. 31 1934 were $965,041,004, an
Increase of $34,540,439 since Oct. 2 1934, and an increase of $90,453,423
since Dec. 30 1933.
These gains for the year are the largest since the fall of 1929, when the
peak of all time for State banks in Ohio in resources and deposits was
reached.
Classified, the totals reported for deposits of all State banks were:
Individual deposits, $277,501,043, increases of $28,708,913 and $54,509,087, respectively.
Savings deposits, $498,645,796, increases of $14,784,154 and $41,417,874.
respectively.
'rime certificates, $48,613,595, decreases of $9,859 and $18,090,181
respectively.
"All other deposits," $140,280,570, a decrease of $8,942,769 since Oct. 2
1934 and an increase of $12,616,646 since Dec. 30 1933.
The reduction in time certificates of deposit may be explained to a
material extent by the transfer of such deposits to other deposit accounts.
Loans and discounts totaled $475,970,660, decreases of $7,508,227 and
$64,872,571, respectively. Cash and reserve totaled $179,316,045, increases
of $17,020,527 and $40,049,848, respectively. Combined capital totaled
$64,282,395, a decrease of $115,000 since Oct. 2 1934 and a decrease of
$2,466,305 since Dec. 30 1933. The capital stock decrease noted is due
to the fact there were 87 fewer banks at the close of 1934 than at the
beginning of the year.
Notes and bills rediscounted, bills payable and bonds borrowed, representing obligations of the banks, totaled 81,505,236, a decrease of $715,623
since Oct. 2 1934 and a decrease of $20,887,956 since Dec. 80 1933. This
large curtailment of obligations on the part of banks is exceedingly
gratifying, revealing, as it does, increased liquidity and strengthening of
position.
Securities owned by all banks were: United States Government, $216,963,616; State, county and municipal bonds, $44,002,308, and other bonds,
stocks and securities, $104,968,590. Federal Reserve bank stock reported
totaled $2,627,050. Banking house and fixtures owned are valued at
$36,679,099.
Of the reporting banks, 463 are licensed banks. The resources of licensed
banks totaled $1,187,317,869, an increase of $153,061,952 since Dec. 80
Volume 140
Financial Chronicle
1933. Total deposits of these licensed banks totaled $948,201,187, an
increase of $131,512,986 since that date.
Resources of State banks in the seven largest cities, 46 banks in all,
totaled $853,875,269, an increase of $88,924,085 since Dec. 30 1933.
Deposits totaled $715,943,643, an increase of $78,952,037 since that date.
Resources and deposits in these city banks were:
Cleveland, nine banks; resources, $29,488,043; deposits, $367,316,287.
Cincinnati, 11 banks; resources, $227,879,808; deposits, $192,731,289.
Akron, five banks; resources, $41,668,199; deposits, $36,295,318.
Toledo, five banks; resources, $92,875,531; deposits, $73,509,456.
Columbus, six banks; resources, $10,694,582; deposits, $8,587,236.
Canton, six banks; resources, $22,671,288; deposits, $17,544,168.
Youngstown, four banks; resources, $28,597,818; deposits, $19,959,889.
The foregoing summary, in the opinion of officials of the
Banking Department, furnishes convincing proof that banking conditions in Ohio are decidedly satisfactory, and that
they will become even more so during the coming year.
The recent appointment of Mr. Squire as Superintendent of
Banks was noted in our issue of Feb. 9, page 908.
Ruling on Southwestern Rates Issued by ICC—Western
Trunk Line Scales to Apply with Eastern Tariffs
on Goods to the Seaboard
The Interstate Commerce Commission again on Feb. 12
Lndertook to patch up the existing class rate structure in
handing down its long-awaited decision on the consolidated
Southwestern railway freight rate cases. The Commission
ruled that the Western trunk line rate schedule would
govern freight charges in the Southwest with the exception
that rates from that territory to the East should be governed by Eastern trunk line rates. The "Journal of Commerce," in reporting the matter, states:
Sweeping Decision Made
The Commission's printed decision included more than 100 pages and set
out maximum first class rates between practically all cities in the Southwest and key points throughout the rest of the country. For application
of the scale of rates and differentials prescribed, the portion of Western
Munk line territory involved includes Missouri south of the Missouri River,
Southwestern territories and the western portion of Southern territory.
The decision prescribed maximum reasonable percentage relations of the
several Western, Eastern and Southern classes for application to, from and
within Southwestern territories, as the cases may be, including a reduction
of Western fifth class from 40% of first class to 27.5%.
Both concurring and dissenting Commissioners agreed the new rate scales
attempt to harmonize Southwestern rates with Western trunk line territory,
representing a partial relief of shippers.
The formula used in the instant decision was devised in the Western case
In order properly to reflect, in the rates prescribed, the varying rate levels
In the different rate zones and territories in instances where the shortest
possible route between two given points passes through more than one rate
zone or territory.
It requires the application to the entire distance over such route of the
scale of rates provided in that case for the lowest rated zone or territory
through which such route passes plus the differential or differentials
provided for the higher-rated zone or zones.
Differentials Are Cited
Those differentials represent approximate amounts that the scale rate in
the higher-rated zone is above the scale rate in the next lower-rated zone
for the corresponding distance block. The formula, therefore, contemplates
addition of the differential Tor the aggregate remaining distance beyond the
point of view of entry into each zone of higher rate level. The resulting
rate is applied in either direction.
Case Originated in 1927
The so-called consolidated Southwestern cases were taken up originally
In 1927 and the proceedings reopened in 1930.
The Commission's order directs the railroads involved to establish on or
before June 12 1935 key rates on commodities to which are applicable all
rail inter-State first class rates which per 100 pounds shall not exceed
those respectively prescribed as maximum reasonable rates.
In the majority opinion, written by Commissioner Miller, Chairman Lee,
while concurring, expressed doubt of the legality of the prescription of the
use of the destination classification.
"Notwithstanding my doubt of the legality of our prescription of the use
of the destination classification," wrote the Commiasion's Chairman, "I
concur in the report because I believe that the resulting rates will he more
properly related to one another and to rates from, to and within Western
trunk line territory; that they will promote the freer movement of traffic,
and that they will be in the public interest."
Commissioner Splawn concurred in the report, but stated that he was not
In entire agreement with the finding that transportation and traffic conditions throughout the Southwest are comparable with those throughout
Zone 111 of Western trunk line territory.
Dissenting Opinion Cited
In a dissenting opinion, Commissioner Porter held the interterritorial
bases of rates approved in the report are an improvement over the present,
"but the increased intraterritorial rates which the majority here approve
seem to me a mistake."
Commissioner Mahaffie, also dissenting, declared that "in view of present
conditions affecting this traffic It seems to me futile to try to patch up the
existing class rate structure."
While the Commission's findings provide for construction of rates to and
from Western trunk line territory, it Was stressed they will be understood
to relate only to the portion of that territory within the scope of these
proceedings; that is, exclusive of North Dakota, South Dakota (other than
Sioux Falls), and the portions within Wyoming and Colorado, but will
include routes through eastern Colorado.
Inasmuch as there is pending before the Commission an application of
carriers for certain general increases in rates, it was announced that the
determination in the instant case is made "upon the record submitted to
us, in the light of our knowledge and experience with respect to the matters
so shown."
1081
Seatrain Service to Cuba Is Upheld—Commission
Allows Missouri Pacific and Texas & Pacific to
Continue Stock Interest in Coastal Service
Final determination of the three-year-old cases affecting
operations of Seatrain Lines, Inc., was on Feb. 12 reached
by the Interstate Commerce Commission, and the development presented another knotty problem for the Commerce
Department's Shipping Board Bureau. The Commission
issued orders permitting the Missouri Pacific RR. (trustees)
and Texas & Pacific Ry. to continue their stock interest in
the company and brought the carrier under full control
of the ICC. The "Journal of Commerce," Feb. 13, further
states:
Seatrain Lines, Inc., which operates vessels carrying freight cars from
New York to New Orleans by way of Havana, has been under ICC jurisdiction since Oct. 1 1933, under an order involving the jurisdictional question, but the present orders decided the questions of competition and public
interest relating to the operations.
To Continue Operations
Pending this final decision the water carrier has been given temporary
permission by the Shipping Board Bureau to continue operations in the
coastwise trade. It will be up to the Bureau to decide whether the vessels
should be permitted to continue operations in the coastwise trade.
The company holds an ocean mail contract, but it has never received
payments under the award which is now before the United States Court
of Claims.
Another complex problem arises from the company's obligations under
construction loans granted by the Government shipping agency to aid in
building two of its vessels. Payments amounting to $439,000, principal and
interest, are listed by the Bureau as overdue on the original loans which
aggregate more than $2,500,000.
Summary of the Commission's findings in the questions
Involved in the Seatrain cases follow:
1. Interest of Missouri Pacific RR. and Texas & Pacific Ry. in Seatrain
Lines, Inc., found to be such an interest as is contemplated by Section 5(19)
of Act.
2. Establishment of coastwise service between Hoboken, N. J., and New
Orleans (Belle Chasse), La., by Seatrain without Commission's authority
found to have been in violation of Section 5(19)-(21) of Act.
3. Operation of vessels and transportatioo of property by Seatrain fount
not to have been otherwise in violation of Act since Oct. 1 1933.
4. Competition for traffic between Missouri Pacific and Texas & Pacific
on one hand and Seatrain on other hand found to exist.
Service le Upheld
5. Service of Seatrain between Hoboken and New Orleans (Belle Chasse)
found to be in public interest and of advantage to convenience and commerce of the people and its continuance not to exclude, prevent nor reduce
competition on that water-route.
8. Where through routes exist between rail and water carriers, found
that Commission has jurisdiction to require rail carriers parties thereto to
interchange cars with the water carrier if that is the reasonable and appropriate method of interchanging traffic moving over such through routes.
7. Alleged violation of Section 7 of Act not established.
The "Journal of Commerce" further states:
The Commission ordered that all rates, fares, schedules and regulations
of Seatrain Lines be established on or before April 5. Previous orders found
that Seatrain is not a common carrier by railroad or an extension of a line
or railroad within the meaning of those terms as used in the Act; that
it is a common carrier by water engaged in the transportation of property
partly by railroad and partly by water; that it and the Hoboken Manufacturers RR. are used under a common control, management and arrangement for continuous carriage or shipment of property in railroad cars in
inter-State and foreign commerce.
Complaints of railroads, led by Southern Pacific, which operates the
Morgan Line, were dismissed by the Commission.
Commissioners Mahaffie and McManamy dissented from the majority
decision. They held that there is no warrant in the statute for the order
issued by the majority undertaking to permit Missouri Pacific and Texas &
Pacific 'to continue their stock interest in and to continue operation by
Seatrain Lines, inc., of vessels between the ports of New York and New
Orleans."
Program Which Will Do Most to Effect Recovery is One
Insuring Relief to Railroads According to W. J.
Wollman & Co.—Restoration of Confidence in
Railroads Would Result in Employment of Serveral
Hundred Thousand Men
According to W. J. Wollman & Co. the program that will
help most to bring the country definitely out of this depression is one which will give the railroads the credit they need.
In its weekly letter dated Feb. 9 the firm urges that all proprosed legislation that looks toward increasing the railroads'
expenses be dropped; that the increase in freight rates asked
by the roads be granted; that equality of opportunity be
given to the railroads in competition with highways and
waterways; that the National Consllidation scheme imposed
by the Rariroad Transportation Act of 1920 be dropped;
removal of impositions on railroads whereby they bear a
large proportion of the expense of grade separations, &c.
We quote in full the comment by the firm in its weekly
letter on "The Railroads":
It Is highly important that the railroads get out of the red promptly.
Why? Because of
Employment-1,660,000 people had steady jobs on railroads in 1929
including expansion programs; this number had dropped to less than
1,000,000 in 1934. At least 46c. out of every dollar the railroads take in
during 1935 will go to the payroll. 97% of this will go to the rank and file.
Railroads bought last year supplies and materials used in operation having
only one-half the value of the purchases of 1929. This reduction repre-
1082
Financial Chronicle
sented a loss in employment in furnishing these supplies of approximately
800,000 in 1929 to a little less than 400,000 in 1934. One million men lost
their lobs in the railroads and related industries because of forced economies
since 1929. Is this important?
in Stockholders—The Interstate Commerce CommissionIvalued the improvement of the railroads devoted to public service on basis of snot Prices
June 30 1932 at $23,742,000,000; including lands used for rights of way
and other railroad operations, $26,582,000,000; after deducting depreciation, there is left $20,439,000,000 to which must be added working capital
and the value of properties not devoted to public use including those of
subsidiaries which will raise the total well above $22,000,000,000. Railroad managements claim a much higher figure. The equity of the stockholders based on Government figures in railroads and subsidiaries is thus
above $11,000,000,000. What do the 800,000 stockhoiders get? In 1933
less than 1% on this Government ascertained equity; to be exact, the
dividends were $95,725,000. The 1934 figures will not vary greatly. If
the stockholders had received 5% instead of 1% the Income of the 800,000
would have been increased from an average of $120 to $600 on their savings.
Is this important to the country's purchasing power? Is this important
Co the railroads' credit?
•
Bond and Note Holders—At the end of 1934 the railroads owed the people
of this country interest bearing securities to the amount of $11,300,000,000.
One-half of our people at least have a direct stake in these obligations
--savings banks, trust
through insurance companies—life, accident, fire,
companies, endowments of various public institutions, investment trusts,
in pledging of these securities for loans, and in direct personal ownership.
Is not then the maintenance of railroad earnings and credit important in
connection with the savings of our people? This leads to the question, are
the railroads as a whole bankrupt? Of course not. The interest charges
in 1934 of Class 1 railroads amounted to $516,000,000—actually a reduction of $2,000,000 as compared with 1931 after four years of depression.
Is this a bad record?
The alarm about the ruin of the railroads and the great loss to the Government because of Its loans have no real foundation in fact. On Oct. 31
last the railroads owed the Reconstruction Finance Corporation $353,170,000—say about 14% of the value of the railroads' resources based on
exhaustive Government valuations. The actual loans up to Oct. 31 were
$423,801,000 but $70,635,000 had been repaid.
Certain statesmen think the Government is going to lose a large part of
this money. If they had any financial dealings with the RFC they would
know this could not be true except as a result of a national cataclysm. On
Nov. 12 1934 only seven railroads had defaulted on interest to the Government out of 63 that had borrowed money. The RFC has wisely and carefully picked adequate collateral out of the railroad strong boxes in making
loans and It is altogether probable that with the modification of the two
droughts—one of nature and one of the Agricultural Department—the
modest increase in earnings necessary to make the Government secure with
respect to these seven roads will follow. While the picture is not as dark
as painted it will get darker unless the railroads get an equitable deal. In
the last year many good,strong railroads did not earn their interest charges.
They used their depredation funds or borrowed on good credit established
by long years of adequate earnings. But they cannot keep this up unless
they receive fairer treatment. Further, restoration of confidence in railroads through better earnings means the immediate employment of several
hundred thousand men not only on the railroads but in heavy industries.
Expansion depends on credit and credit depends on surplus earnings above
fixed charges. The railroads have always re-invested a substantial part of
their earnings in expansion to meet public needs occasioned by the constant
changing in location and nature of public activities and by the advance in
the art of transportation. Phese figures are conclusive that the United
States cannot get out of the depression until the railroads get out of the red.
What have we done about it? And what are we going to do about it?
Let us first inquire if managements have done their part. The facts show
conclusively that they have. They have made mistakes. Who did not in
the boom years that ended in the collapse of 1929? Some managements
have been more efficient than others. That lies in human nature but all
of them operating the railroads have been qualified by long experience and
Intelligence.
In the last four years these managements have been hampered in their
efforts to create efficiency and economy. They have been pressed for
expenditures of money for improvements that are not necessary, for maintenance of facilities and train service that could not be Justified on economic
grounds. They have not been given equality and opportunity in competition with highways and waterways. Nevertheless these railroad managements have maintained and adequate and efficient service to the public
about which there has been little complaint. They have done this and at
the same time cut their expenses from $4,632,000,000 in 1929 to $2,367.000,000 in 1933—almost one-half. If it had not been for the forced increase
In wage scales and the higher prices for their supplies and materials, the
reduction in expenses would hvae made an even better showing in 1934.
These were forced economies not to the liking of railroad managements but
a tribute to their resourcefulness in the face of a drop In gross revenue from
$6,279,000,000 (Class 1 Railroads) in 1929 to $3,271,000,000 in 1934—
a decrease of almost one-half. What other industry has made a better
showing for capable management? Taking out of the picture any appropriations made for relief, what government in the United States—national,
State or city—has clone as well? The answer Is. so far as any community
on importance is concerned, none. The fact that a few railroads have been
mismanaged and a topheavy financial structure created or unfortunate
mistakes made, does not justify the anatomical dissection of the railroad
patients by national doctors who at the same time except the patient to
attend to his business and continue the good service to the public.
What is needed? An increase of 15% in 1935 in dollars taken In compared with 1934 will do the trick if the Increase in expenses will not be
greater than those now known because of the increase in scale of wages
agreed to and the Increase in prices of materials and supplies. It is regretable that labor chiefs do not see that the expansion of employment depend.
upon increased volume of traffic and not upon increasing the cost of moving
the traffic that exists, which either restricts commerce or transfers it to
highways and waterways.
The program that will help most to bring the country definitely out of
this depression and give the railroads the credit they need and are entitled
to is as follows:
1. Drop all proposed legislation that looks toward increasing the railroads' expenses: Pension bills, full crew bills, train length bills, additional
taxation, exactions for cost of grade separations or construction of any
property that does not bring an adequate net saving to the railroads.
Stop all the interference that is taking the time and energy of railroad
officers which should be devoted to their business, as well as greatly increasing railroad expenses. Stop wholesale investigations.
2. Grant the increase in freight rates asked for by the railroads, not
ecause it is good permanent economy, but because it meets halfway the
rise in prices and the increase in rates of pay that the Government has
fostered and which have greatly increased the burdens of the railroads.
The rate level even then will be below that of 1926. Let the railroads
determine through their own experiences what the passenger rates should
be. Passenger rates must be made responsive to conditions that are dif-
Feb. 16 1935
ferent in various sections of the country and which vary from time to
time in those sections.
3. Give equality of opportunity to the railroads in competition with the
highways and waterways. This means uniform National regulation
without the rigid robot
-made rules; and such elasticity in making rates
and giving service as would be promptly responsive to constantly changing
business conditions over the country. Eliminate the Fourth Section of the
Interstate Commerce Act so that railroads and shippers desiring to establish
a rate may not have to take from one to two years to get the approval of the
ICO. The Commission after this elimination will still have full control
of the rate making of the railroads under other sections of the Act.
4. Drop the national consolidation scheme imposed by the Railroad
Transportation Act of 1920, responsive to which the ICO reluctantly provided a plan after asking Congress three times to be relieved of an impossible
obligation. Let the railroads consolidate in a natural way requiring the
approval of the ICO as protective to the public interest.
5. Cut out by law the traditional impositions on the railroads of making
them bear a large proportion of the expense of grade separations. Remove
the power of States and cities to require the railroads to spend money for
uneconomic facilities to provide monuments to local pride. Cut down in
every way the cost of national and State bureaucratic supervision over the
railroads that involves greatly increased expenses both for the general taxpayers and for the railroads. Reports required by the ICO, which has had
long experience, should cover the entire ground for all public bodies and
should be constantly reviewed by the Commission in effort to reduce and
not increase requirements.
6. The Co-ordinator has been required under the existing law, the socalled Emergency Railroad Transportation Act of 1933, to review the
railroad activities and to make reports upon constructive action that he
feels they might undertake in promoting efficiency and economy. The
hands of the Co-ordinator, the Regional Committees under him, and the
managements of the railroads were at the same time effectively tied by a
provision in the Act under which no co-ordination of railroad facilities would
be permitted that deprives one man of his Job or.gives him status in employment less than he had had. The whole work has been without real accomplishment except as it has brought to light some useful information collected
by the many questionnaires of the Co-ordinator. These have created much
work and expense. Moreover, and of great importance, a vast public
misapprehension has resulted from the publication not of the facts developed
but of the conclusions reached by the Co-ordinator's assistants in connection with these studies. They have presented to the public statements as
to possible savings ignoring very largely the practical and controlling elements in the situation as related to a necessary and imposed public service.
Every experienced railroad man knows that these plans for car pooling,
consolidation of merchandise handling and reconstruction of passenger
service cannot produce any such results as claimed by the Co-ordinator's
assistants. The Co-ordinator himself has wisely not approved of these
conclusions but put them forth as having enough promise to justify full
consideration by railroad managements. Yet his assistants in published
statements and speeches treat these conclusions as to savings as something
proved to be real and tangible.
Let us assume that the foregoing program is adopted. Let us also assume
that the ICO grants an increase for the time being at least in freight rates
to the railroads that will on the 1934 volume of business give them additional freight revenues of 6% or 7%. These two things done, it will only
be necessary for the volume of business in 1935 to exceed that of 1934 by
10%,or at the outside 12%, to put the railroads as a whole on firm ground.
This does not mean that they will earn an adequate return or have an
adequate sum for expansion, the money for which is always derived partly
from earnings and partly from additional investments. The railroads do
not expect to climb fully out of their difficulties when the rest of the country
is still partly immersed, but with the spirit of the above program established
and the earnings sufficient to meet the meeting needs of the country confidence will again be restored.
Then is not this program worth while? Is indeed it not essential to
restore national prosperity?
Practices of Utility Holding Companies Criticized in
Additional FTC Reports to Senate—Power Companies Deny Tax Evasion—Power Commission
Finds Wide Variation in Rate Schedules
Utility holding companies have collected from operating
subsidiaries sums due for Federal income taxes, and have
then filed consolidated tax returns, appropriating the savings to their own treasuries, the Federal Trade Commission alleged in a further instalment of its report on holding companies, filed with the Senate on Feb. 11. The Commission said that formerly holding companies were permitted to file consolidated returns for all subordinate companies, and as a result the holding company often collected
from a subsidiary the amount it would have paid to the
Federal Treasury. Thus, the report said, subsidiary operating companies were not permitted to enjoy the saving
and possibly pass the benefit along to rate payers, but,
instead, the amount of the saving was usually retained by
the holding company and entered by it as profit.
An earlier installment of the report, transmitted to the
Senate Feb. 7 by the FTC, discussed methods alleged to
have been employed to support ptices of utility holding company stocks. A summary of this section of the report was
given as follows by the FTC in a statement of Feb. 7:
Channels and methods of distribution include:
Pro rata subscriptions by individuals and other already holding such
securities;
Sales through investment bankers, many of whom the report says "may
be described more plainly as dealers in stocks and bends";
Through "purchasing groups," usually consisting of a group of investment bankers, or dealers, who agree to buy specified, quantities of such
securities at specified prices, at wholesale ;
"Selling groups," which buy from the "purchasing groups," or wholesalers, for resale at retail ;
"Distributing groups," which undertake to sell the securities upon terms
offered by the issuing company, but without any commitment as to the
quantities to be sold;
Sales through controlled or affiliated sales organizations;
Customer ownership campaigns, carried on in territories served by the
issuing companies or their subsidiaries, and usually conducted through
employees;
"Over-the-counter" sales, either at the offices of the issuing companies,
their subsidiaries, or in the offices of investment dealers;
Sales on stock exchanges.
Sometimes, says the report, the success of such selling campaigns is
underwritten by a banking group or an underwriting syndicate.
The Federal Power Commission, in a report of Feb. 8,
also transmitted to the Senate, said that discrepancies
Volume 140
Financial Chronicle
between electric power charges between cities in various
parts of the country run as high as 343%. The Commission's report was based on a rate survey in the 191 cities
of 50,000 or more population. The survey said that there
are numerous conditions which would justify a variation in
charges, but that nevertheless "the amazing variety of rate
forms, many of which are . . . not justifiable."
We quote from a FTC press release of Feb. 11 regarding
the investigation of tax collection practices among utility
bolding companies:
"Holding companies are not justified in recording as income the savings
from this procedure. . . . The subsidiary companies in a holding company group are entitled to the benefit of any savings to the group due to
filing a consolidated income tax return. Only the amount of Federal
income tax paid by a holding company on the basis of a consolidated
return should be borne . . . by those companies having taxable income,
for which companies a consolidated return was filed."
The report also notes that some State commissions engaged in the regulation of utility companies permitted operating companies to add the
estimated amounts of Federal income tax to operating expenses. Commenting on this, the report says:
"This Commission considers that there should not be added to operating
expenses of electric and gas utility companies any amounts paid as Federal
income tax. The amounts paid . . . should be deducted from the net
income on which the tax was calculated."
This installment of the Commission's report also deals with the income,
expenses and surplus generally of holding companies in the public utility
field examined during its investigation. It shows that the combined net
income available for dividends of the 18 holdings companies examined, for
the year during which the examinations were made, was $226,589,942.
This is exclusive of Federal income tax payments which for those years
for these 18 companies amounted to $1,835,829. Examinations of the
respective companies were made during the period between 1927 and 1930,
inclusive.
The combined net income available for dividends of the 42 sub-holding
companies for one year, usually the last year in which the books were
examined, was $123,950,072, exclusive of only $994,666 paid In Federal
income taxes.
For the 91 operating companies examined by the Commission, the report
shows that for a one-year period their net income available for dividends
amounted to $141,574,921 after the payment of Federal taxes amounting
to $8,788,987.
Sources of income of holding companies, the report shows, in the case
of those companies which usually have no other functions, are chiefly interest
and dividends from investments and profits originating from the sale of
investment securities. The report notes, however, that where holding
companies also act as servicing companies, fees for services rendered may
form an important item of income.
The Edison Electric Institute, in a statement issued
Feb. 11, denied that public utility holding companies evaded
taxes through the use of consolidated tax returns, as implied in the report of the FTC.
This statement said, in part:
"There has been no tax evasion by public utility holding companies
as was implied in the Feb. 11 news release of the FTC on consolidated tax
returns.
"Under the Federal tax laws holding companies for a number of years
were required and for many years were permitted to file consolidated
returns for all their subordinate companies. In so doing the regulations
of the Treasury Department were scrupulously followed in complying with
a law which the Treasury itself repeatedly praised.
"The FTC complains that holding companies usually retained the savings
effected by filing consolidated tax returns and did not permit subsidiary
operating companies to enjoy such benefit or to pass it along to ratepayers.
"The statement is apparently intended to convey the impression that
the consolidated tax return in itself effected a saving. Instead, it merely
permitted the fair and equitable treatment of a group as a property holder
for purposes of taxation.
"The tax reduction represented a certain measure of salvage which the
parent company recouped against the losses or charges which its business
bore. These losses or charges were borne by the parent company. Subsidiary operating companies did not absorb them. Why, then, should they
derive any benefit from them? . . .
"The FTC was surely aware that the practices followed by holding companies were legal and ethical and the common practice in other lines of
business. It has had eight years to acquaint itself with this fact.
"The law permitting the filing of consolidated tax returns was abolished
by the last Congress. It must appear, therefore, that the purpose of the
FTC's release of Feb. 11 was primarily to maintain the drumfire being
conducted against business and industry during the present period."
From the New York "Times" of Feb. 12 we take the following:
Robert Burns, counsel for the Cities Service Co., also issued a reply
yesterday to statements of the FTC. In part, he said:
"Cities Service Co. denies that it has ever diverted or evaded any of its
Federal taxes. The statement released by the publicity bureau of the FTC
creates the false impression that the method of handling the Federal
income tax payments by Cities Service Co. was improper. This is absolutely untrue.
"The Federal income tax law specifically provided for a consolidated
return by holding companies, so that because of common ownership the
• loss of one unit should be offset by the profits of another, in determining
thc correct taxable income. This method, specifically provided by statute,
was strictly adhered to by the company and the tax paid to the Government. There is nothing to be criticized in this practice either from a
moral, legal or accounting standpoint.
"Furthermore, unlike many other holdings companies, Cities Service Co.
is the owner of approximately 100% of the common stock of practically
all its subsidiaries and its earnings were exactly the same as they would
have been had it held the operating properties by direct ownership. The
appropriate tax accruals by the operating companies is neither evasion
nor diversion of taxes, but is the standard and proper method of reporting.
"All of the above facts are fully known to the investigators and publicity
departments of the FTC, and the attempt to distort these facts to the
1083
detriment of the stockholders of Cities Service Co. is inexcusable and
unjustifiable."
The Associated Gas ,k Electric Co. issued yesterday a statement asserting that the report of the FTC to the Senate on holding companies' methods of calculating taxes "contains the usual loose and misleading statements." It added:
"The filing of returns on a consolidated basis was definitely in accordance with the spirit and letter of the income tax law at the time. The
amendment to the Federal income tax law providing for the filing of consolidated returns was enacted during the Wilson Administration and recognized that profits accruing to a group enterprise should be taxed only
once. However, the right to file consolidated returns was eliminated from
the Federal income tax law in 1934.
"If the purpose of the FTC's reports to the United States Senate is to
show where remedial legislation is necessary or desirable, it is difficult to
understand this portion of the report and the resultant publicity in view
of the fact that the legislation has already been enacted."
Charles J. Maxcy Selected Director of Accounting
Division of PWA
Selection of Charles J. Maxey as director of the accounting division of the Federal Emergency Administration of
Public Works, was announced Feb. 3 by Harold L. Ickes,
Administrator. Mr. Maxey is a certified public accountant
and director of the New York State Society of Certified
Public Accountants. He is also Vice-President of the New
York division of the Society of Industrial Engineers. As
director of the accounting division Mr. Maxey will have
charge of the auditing and accounting of the vast expenditures of PWA funds both in the headquarters at Washington
and in the field. He will have representatives in every
State.
Advisory Board of 52 Appointed to Aid PWA in Three
Housing Projects in Chicago
Appointment of 52 prominent Chicagoans to an advisory
board to co-operate with the Federal Emergency Administration of Public Works in the establishment of the three
slum clearance and low-rent housing projects it has planned
for Chicago was announced recently by Administrator
Harold L. Ickes. All those invited to serve have accepted
the appointments and have pledged their assistance to the
PWA Housing Division in the three hugh projects for which
more than $30,000,000 has been allotted, Mr. Ickes said.
The personnel of the board includes business leaders, sociologists, educators, clergymen, representatives of labor and
members of the professions.
The Chicago housing projects, it was stated, will provide
good metropolitan housing at low rentals for around several
thousand families, now occupying socially disqualified
dwellings.
Public Works Program Involved About $2,020,000,000
to Jan. 1—Government Participated in Extent of
$1,949,162,000
Approximately $2,020,000,000 had been put into circu-
lation by Jan. 1 by the Public Works program to restore
purchasing power through creating employment, it was
reported Feb. 11 to Public Works Administrator Harold L.
Ickes. Cash disbursements by the Federal Government
totaled $1,949,162,000, and approximately $71,000,000
had been spent by contractors for labor and materials for
which they will be reimbursed as work is completed, said
an announcement issued by the Federal Emergency Administration of Public Works. It added:
An average of $118.424,500 monthly of PWA money was disbursed in
the last half of 1934, the total for the period being $710,547,000.
Expenditures by departments of the Federal Government from money
allotted them by PWA totaled $874,603.000 to Jan. 1. On that date the
departments had completed 9,439 projects and 4,777 were under construction. Only 537 projects out of the 14,753 for which allotments had been
made to Federal Departments were not under construction on Jan. 1.
Most of the projects not started received allotments in recent months.
Public roads construction created employment and put money into circulation faster than any other type of Federal project, the report to Administrator Ickes showing that $360.280,000 had been spent out of the
$405.000,000 allotted for Federal-aid highways and public land roads.
Only $44,720,000 of the road money remained unexpended on Jan. 1.
Road construction was not held up by legal difficulties and projects were
scattered all over the country so that thousands of jobs were under way
simultaneously. . . .
Non-Federal projects accounted for expenditures amounting to $319,381,000, of which $146,250,000 was spent by railroads to which PWA
made loans for employment creating construction work, and 3173.131,000
was spent by local public bodies to which PWA had made loans and grants
for local improvements.
The railroad loans have provided employment and put money into
circulation faster than any other type of non-Federal project because
expenditures by railroad companies were not impeded by legal restrictions
or the necessity of acquiring property. Loans were made to 30 railroad
companies for property improvements and purchase of new equipment.
Approximately $50,000,000 worth of railroad construction remained to
be done on Jan. 1.
Local non-Federal public improvements will provide nationwide employment throughout this year. Approximately $908,000,000 remains
to be spent by public bodies. PWA allotted $786,000,000 to local public
bodies which will supplement the allotments with approximately $
295.
000,000 of their own money.
1084
Financial Chronicle
On Jan. 1, 690 local public improvements financed by PWA loans and
grants had been completed and 1,601 were under construction. Most
of the 1,773 non-Federal projects not started on Jan. 1 received allotments
within recent months, and practically all of them are ready to go into
construction and provide increased employment as soon as the spring
building season opens.
It is estimated that the Federal and non-Federal projects combined
have provided 10.000,000 man-months of primary employment and an
equal amount of secondary indirect employment.
A vast additional amount of both primary and secondary employment
was created by the Civilian Conservation Corps. Civil Works Administration, Tennessee Valley Authority, and other no.% ly-created agencies
of the Government which received allotments from the public works fund.
Up to Jan. 1 these agencies had spent $826,454,000.
Better Housing Campaign of FHA Has Resulted in
Modernization and Repair Work Amounting to
$239,655,874 to Feb. 2
The estimated amount of modernization and repair work
reported by field offices of the Federal Housing Administration, covering the entire country, carried the total through
Feb. 2 to $239,655,874, the FHA announced Feb. 4. This
is an increase of $17,840,154 over the preceding week.
Field representatives reported that this modernization work
has been chiefly the result of the better housing campaigns.
The Administration's announcement continued:
The total amount of insured loans reported by private lending institutions up to Feb. 2 reached $37.206.671. which was an increase of 81,158,842 for the week. This amount covered 88,396 insured loans, an increase
of 2.752 for the week.
One hundred and fifteen new contracts were issued during the week
to financial institutions, entitling them to lend money under the Modernization Credit Plan. This brought the number of lending institutions which
have signed the insurance contract by Feb. 2 to 12,364. There were on
that date 5,529 Better Housing Campaigns organized or in the process
of organization. This represented an increase of 208 communities over
the previous week's total.
AAA Drops Four Officials—F. C. Howe to Leave Post
of Consumers' Counsel
Chester C. Davis, head of the Agricultural Adjustment
Administration, on Feb. 5 announced a "reorganization"
of the AAA which resulted in the resignation of Jerome
Frank, AAA legal adviser, the elimination of three other
associated officials, and a change in the official designation of Frederic C. Howe, AAA Consumers' Counsel. The
announcement from the AAA did not mention the names of
the persons who left the organization. This announcement
with regard to the changes, made public on Feb. 5, read as
follows:
Reorganization of the AAA was announced to-day by Chester 0. Davis,
Administrator.
Mr. Davis announced that the reorganization follows several months of
study of ways and means to make the Administration a more efficient
operating unit of the Department of Agriculture.
The oreorganization will consolidate the AAA legal division with the
office of the Solicitor of the Department of Agriculture; will subdivide
the Commodities Division into several smaller divisions reporting directly
to the Administrator's office, and set up an operating council headed by
the Secretary of Agriculture and the Administrator, with other executives
as members.
Effective at once, and in conformity with the practice otherwise obtaining in the Department of Agriculture, the legal work of the AAA will be
performed under the supervision and direction of the Solicitor of the
Department.
In addition to the Secretary of Agriculture and the Administrator, members of the operating council, with their divisions, include A. G. Black,
in charge of all livestock, including corn-hogs, cattle and sheep; Ward M.
Buckles, finance, with the office of the Comptroller transferred under
his direction; Cully A. Cobb, cotton; Victor A. Christgau, commodities
purchase, agricultural labor, drought and other emergency programs; J. B.
Hutson, tobacco, sugar, peanuts and rice; George A. Farrell, wheat, flax,
barley, rye and other grains; Alfred D. Stedman, information; Jesse W.
Tapp, dairy and other marketing agreements and licensee, general crops
and field investigation; IL R. Tolley, planning; Seth Thomas, Solicitor
of the Department of Agriculture; the Consumers' Counsel.
The reorganization will group the sections of the Commodities Division
into six smaller divisions, each covering closely related activities.
In a Washington dispatch, Feb. 6, to the New York
"Times," which commented on the reorganization, Secretary Wallace was reported as explaining to newspaper men
attending his weekly press conference that "the move we
took was for the greatest possible harmony." In the same
account it was noted that the reorganization, the second
since the AAA was created, follows that of a year ago,
when George N. Peek resigned following differences with
Jerome Frank, counsel for the AAA. From the same account we quote:
To-day Mr. Frank heads the list of those separated from the service.
With him went Lee Freshman, Frank Shea, Gardner Jackson and probably
Victor Rotnem. The status of the latter was "in suspense," Secretary
Wallace said.
P. C. Howe Is Affected
Frederick C. Howe, Consumers' Counsel, regarded as second. in importance only to Mr. Frank, was divested of his executive authority, but
prcbably will remain in Government service, it was explained. . . .
The Consumers' Counsel activities of the National Recovery Administration and that of the AAA will be co-ordinated, Mr. Davis explained. The
new division will be more of a statistical organization.
Feb. 16 1935
NRA Rules Legal Opinion Unnecessary Where Issues of
Securities Purchased by Agency of Federal Government Are Resold to Investment Bankers—Ruling
Bears on Sale of New York City Bonds by RFC
and Fair Practice Provisions of Investment Bankers'
Code
Frank L. Scheffey, Executive Secretary of the New York
Regional Code Coinnaittee of the Investment Bankers' Code,
has received an National Recovery Administration ruling
with respect to legal opinions on municipal bonds sold by
Government agencies, it was announced this week. The
announcement said:
In connection with a recent sale of New York City bonds by the Reconstruction Finance Corporation there was some confusion as to whether
or not under the Investment Bankers' Code of Fair Competition a legal
opinion, other than an opinion of corporation counsel of the city, would
be required in order to comply with code provisions in offering the bonds
for public sale.
Article IV, Section 2, Sub-section (c) of the Investment Bankers' "Code
of Fair Competition" provides that the investment banker offering municipal issues—
"shall, either himself procure or require the issuer to procure the opinion
of an attorney, other than an officer or an employee of the issuer, who is
satisfactory to such investment banker, approving the validity of the
issue."
The effect of the NRA ruling is that such opinions are not necessary
in the cases of issues of securities which have been purchased by an agency
of the Federal uovernment and suosequently sold to investment Dangers.
In addition, the ruling aeciaes that such offerings are eAempted from the
requirements of sub-sections (e) and (f) of Article IV of the cone.
Protests Against Black-Connery 30
-Hour Week Bill—
Manufacturers,
Industrialists, &c.,
Oppose Measure—A. F. of L. Supports Bill at
Publishers,
NRA Hearings
Opposition of various business and industrial interests to
the Black-Connery 30
-hour bill was accentuated on Feb. 12
by representatives of the National Association of Manufacturers, the American Publishers Conference, and others,
before the subcommittee of the Senate Judiciary Committee, which is conducting hearings. According to a Washington dispatch, Feb. 12, to the New York "Herald Tribune"
(from which the foregoing is quoted), the National Retailers Council held a meeting in Washington and considered
plans to oppose the bill. On Feb. 12 James A. Emery, general counsel of the National Association of Manufacturers,
made an exhaustive argument, largely legal, against the
proposed legislation. After an analysis of the bill's provisions Mr. Emery portrayed it as demolishing the whole
National Recovery Administration structure. ' From the
"Herald Tribune" we quote, in part, as follows, what Mr.
Emery had to say:
It [the bill] demolishes the entire structure of the NRA, puts no
machinery in its place, throws into confusion and chaos all working agreements, all code structures, all bargaining arrangements, which have been
worked out through 48 codes in two years. It violently destroys every
voluntary agreement made by the President, frustrates every negotiation he
has executed and substitutes an arbitrary and invalid control for every
arrangement which the President and his representatives have induced
citizens to make with and within individual industries, after months of
effort. The bill not only thus destroys every voluntary agreement but
undertakes to thrust into every code a compulsory substitute for it, without the slightest relation to the character or condition of the industry,
the region in which it operates, the collective bargains it has made with
it employees under Section 7-A, or the differentials peculiar to the
region in which the business operates.
•
Measure Not Clear
Applying by its terms to the enumerated forms of employment "situated
In the United States," it is not clear whether its terms apply to Federal,
State or municipal employment of like nature. If it does not, it arbitrarily
discriminates between public and private employment, grants privileges
to the one which it denies to the other, and inflicts burdens and penalties
upon private effort which it dare not inflict on public operation. For
the first time in the history of the United States it restricts under penalty
the earning power of every workingman and thus limits his capacity to
support either himself or those dependent on him, by punishing every employer who can and does enlarge his pay envelope, and thus impairs and
limits the bargaining power of workers, whether individually or collectively.
The measure neither authorizes nor provides any procedure for its necessarily extensive and complex administration. Destroying the voluntary
system contemplated by the NRA, it puts naked, arbitrary, unsystematized
and invalid compulsion in its place.
The centralization of authority contemplated, the right to contract earning power asserted, the impairment of every form of contract contemplated,
is as complete and despotic as though the Constitution were amended to
give Congress exclusive and plenary authority to determine every circumstance of production, fix hours, wages and working conditions, and authori70
the National Legislature to fix the amount of his labor any man may
sell in any capacity. Whatever the injury it may cause to employers,
whatever temporarily it may give to some labor as a producer, it takes
from all labor as a consumer. Exempting the farmer by its terms, the bill
cannot save him from its effects. Assuming for the moment it gave to
working people a temporary advantage, that advantage would be purchased
by surrendering to government the right to fix the earning power of
free men.
Guy L. Harrington, representing the National Publishers
Association, appeared, on Feb. 12, before the subcommittee
in opposition to the bill. He held the bill would mean sudden drastic changes in the magazine publishing industry of
a destructive nature. He declared a rigid work week, such
as the bill proposes, is impractical.
Volume 140
Financial Chronicle
William Green, President of the American Federation of
Labor, declared on Jan. 30 that organized labor intended to
work for adoption of the 30-hour week proposal. His assertions were made before the National Industrial Recovery
Board's public hearings on employment provisions in codes,
which began Jan. 30 and continued through Feb. 2. Leaders
of organized labor and industry and representatives of the
consumer made oral statements and filed briefs during the
Board's hearing. Ralph E. Flanders, President of Jones &
Lamson Machine Co., speaking at the hearing, Jan. 30, de- •
clared that a general 30
-hour work week would only act
to decrease production and distribution of goods, and would
thus retard recovery.
At a hearing before the Board, on Feb. 1, Dr. 0. G. Saxon,
Professor of Business Administration at Yale University,
said that a 30-hour week would either result in a great
Increase in prices, to be passed on to the consumer, or else
would cause another downward "deflationary spiral." His
testimony was described, in part, as follows, in a Washington dispatch of Feb. 1 to the New York "Journal of
Commerce":
He expressed the belief that there is already under way "natural" forces,
aided by devaluation of the dollar, which, barring inflationary moves, will
bring about a lower plateau of prices ,and which, in turn, would induce
re-employment and increaled production by reasserting a parity between
all the elements of production—land, labor and capital.
Urges Halt on Intervention
Because of the "sensitivity" of the industrial economy, brought about
largely by inflexible prices in large areas of the economy, Dr. Saxon said,
nothing further should be done at this time by governmental intervention.
"I am not arguing against intervention, •but pointing to the degree and
proper timing of such intervention," he said.
A great deal can be said, he stated, for a maximum 40-hour week,
flexibly administer, "which might possibly increase production, get men
to work, and lower production costs." But he said he would not go any
further than that, except to recommend the so-called Kent plan to "pull
us back to the volume of 1926."
"The major factor fundamental to recovery to-day," Dr. Saxon said,
"Is confidence—confidence based on understanding between all the economic groups which go to make up modern society. In so far as industrial
organizations are concerned, it is essential that the relationship between
employer and employee shall be on a basis assuring co-operation and
harmony based on an understanding of their mutual problems."
Two ex-officio members of the NIRB returned a vigorous answer to the
charge, made often and repeated at this afternoon's session on employment
provisions in code, that lack of Government enforcement was responsible
for breakdowns of enforcement of the lumber code.
Lumber Breakdown Causes
Blackwell Smith and Leon Henderson told L. S. Beale, Secretary of the
hardwood division agency of the lumber code, that "economic factors beyond
the control of Government," failure to report early violations to NRA, and
the lumber industry's failure to make the most of its self-governing powers
under the code were factors in the breakdown.
Mr. Beale said that "a very complete answer" could be made to their
statements, but he would not undertake it at this hearing. He insisted
that "a lack of striking Government enforcement of early violations" was
"the fundamental cause of the breakdown."
We also quote from United Press Washington advices of
Jan. 31 describing Mr. Green's testimony on that date before
-hour
a Senate committee hearing on Senator Black's 30
week bill:
Organized labor, marshaling for a determined drive on Congress, to-day
began its campaign for a compulsory 30-hour work week with a broadside
against the NRA.
President William Green of the A. F. of L. declared that labor had been
"severely disappointed and disillusioned" over NRA codes.
Mr. Green spoke before a Senate Judiciary subcommittee which opened
hearings on the 80-hour week bill offered by Senator Hugo L. Black,
Democrat, of Alabama.
"The NRA has not gone far enough in the use of the shorter work
week," he shouted. "That portion of the Recovery Act providing for
re-employment through shorter hours has not succeeded.
"The time has come when bolder and more far-reaching measures must
be taken."
Mr. Green, more vigorous than usual in his Congressional appearances,
left no doubt of labor's stand on the Black bill.
"Labor proposed it, labor supports it, and labor indorses it," he said.
NRA Board Report to President Roosevelt Condemns
Labor Relationships in Automotive Industry—
President Denies Automobile Code Will Be Revised Before Expiration in June
The automobile industry is perhaps foremost in the United
States in technical skill, engineering development and productive facilities, but, nevertheless, has complicated the
unemployment and social problems of the country in its
resort to newer and faster machines to replace man power,
according to a report by the National Recovery Administration Research and Planning Division, made public on Feb. 7.
This report, which was characterized as the first comprehensive survey of the automotive industry by a neutral
agency, was made at the direction of President Roosevelt.
A covering letter sent by the NRA to the President said that
the Board proposed the establishment' under the National
Industrial Recovery Act and under a Public Resolution
No 44 of a neutral automotive industry relations board,
1085
which would be granted wide powers to seek to improve
relationships between employers and employees.
This recommendation was ignored by the President when
he continued the Automobile Labor Board, headed by Dr.
Leo Wolman. The President on Feb. 8 also announced that
the automobile code will continue in force as written until
the expiration of the NIRA on June 18 1935. The President
at his press conference denied reports that the code might
be revised, but he added that constant inquiry would be
made into points not clear in order to correct them in a
new code, should one be adopted under another recovery
law passed by Congress.
William Green, President of the American Federation of
Labor, on Feb. 8 said that the NRA report on the automotive industry supported labor's contentions that working
conditions in the industry are bad. Some of the principal
features of the report are given below, as summarized in a
Washington dispatch of Feb. 7 to the New York "Times":
While the NRA report, directed by Leon Henderson, indicated that certain regulations worked out by the Wolman Board were "a distinct advance" from conditions preceding their development, it was said that
"unfortunately" the regulations were administered in a manner so as
"not to meet the needs of those workers who have voluntarily presented their
problems to those conducting the survey."
The Wolman Board, in the opinion of the investigators, did not solve
the problem of how to handle complaints or dismissal by foremen in
cases where the dismissed men were not told why they had been dropped;
nor had it solved the problem of restricting the age limit of employees
"which undoubtedly exists with increasing rigor in most automobile plants
with the speed-up of to-day."
Further light was shed on the confused situation of last Thursday
[Feb. 7] when, as the "zero hour" approached for the expiration or renewal
of the automobile manufacturers code at midnight, it developed, according
to friends of Secretary Perkins, that she had not been kept informed either
by the White House or by Donald R. Richberg of the status of the
negotiations. It was said that she sought repeatedly to communicate with
Mr. Richberg but that her efforts to reach him were unavailing, and that
she learned of the President's renewal of the code last Thursday night after
it had been announced to the press.
New Devices Reduce Jobs
The picture of the automobile industry drawn by the Research and
Planning Division was that of an aggregation of technical, engineering
and productive skill that had contributed to such extraordinary progress
ia the depression years that new devices, displacing large numbers of
workers, have been installed in the last few years at an increasingly
rapid pace.
In sharp contrast was the description of a "speed-up" system of
production which, it was said, put the pace of the machine beyond the
capabilities of human endurance, while the "espionage" systems in the
manufacturing plants were "bitterly resented by the workers as unAmerican."
At the same time a new "low" age for the displacement of workers was
created in this industry—men near 40 years finding great difficulty in
obtaining work after law-offs. The investigators asserted that "it is socially
and economically indefensible for the automobile industry to say that
old age comes to its workers from 10 to 20 years prior to the time it comes
to any other group of similar workers in the United States."
In effect, the report maintained that because of the system of industrial
"espionage," because of the bitter attitude of the men toward their foremen, because of their ignorance as to their earnings under group and bonus
systems, and because of their complaints of "terror and discrimination,"
genuine collective bargaining—whether by proportional representation,
works councils or majority rule—could not exist.
Regularization of employment by announcement of models in the autumn
was proposed in the report. This suggestion was made prior to the renewal
of the code last Thursday. It is part of the amendment adopted at
that time.
Pleads for Smaller Companies
The report pointed out that three large companies—Ford, General Motors
and Chrysler—were increasingly obtaining a greater and greater share of
the business, and It was suggested that this tendency toward concentration
"should not be accelerated by the Government" because "the contribution
of the small companies far exceed their importance in rank of production"
and "the value of preserving the status of the efficient smaller units are
obvious even to the casual observer."
The report proposed a change in the code to provide a maximum 40-hour
week, with a 48-hour maximum for no more than an eight-week period,
and time and a half pay for all time over 40 hours.
The National Industrial Recovery Board, in its recommendations, also
found fault with the "averaging" of hours over a long period, and it also
urged a revision of hours. The amendment to the code adopted last week
retained the averaging of hours over the life of the code—until next June—
with a 40-hour week and a 48-hour maximum, but included pay of time
and a half above 48 hours for about 20% of the workers, those who are
permitted to work above 48 hours. The "averaging" provision in this
code was one of the sections most attacked by the labor group.
The manufacturers have maintained an unreasonable attitude toward
their dealers in recent years, according to the report.
In a discussion of the part played by the hundreds of suppliers of
parts, it was asserted that these parts manufacturers were dependent on
the purchasing methods of a few automobile companies, and that "the
inequalities of bargaining power" between the manufacturer's and the parts
manufacturers laid undue burdens on the workers employed in the parts
manufacturers' plants.
More Interest in Dealer Urged
The welfare of the dealer is at best entirely at the mercy of the manufacturer," the report maintained. "When the manufacturer feels that it is
desirable from his standpoint to permit competitors to influence his sales,
he ordinarily makes change without full consideration of the effect on the
pocketbooks of the dealers who are a vital part of his distribution
machinery."
From the standpoint of stabilization, it was suggested that the manufacturers "take a much more active interest" in "the welfare of the
Individual dealer."
1086
Financial Chronicle
While the investigators said the study indicated that "the insecurity of
the worker had been tremendously increased in recent years," it was suggested that the proposals by the Research and Planning Division should be
treated "as a part of the whole program now developing for economic
security on a national scale." Those in charge of the Administration's
national social security program were urged to examine the report.
The report suggested that the industry aim toward more regular employment for the maximum number of workers rather than for sporadic employment of a greater number at the peak, and expressed the belief that "the
feeling of economic security, if coupled with a less harsh drive on the
daily job, should return dividends of cash to automobile stockholders, as
well as to social dividends to the community at large."
In describing the swing to the lower.priced car field, the report pointed
out that while the three dominant companies produced 77% of the automotive vehicles in 1929, this had increased to 88% in 1934.
The cash and working position of the large companies was described as
excellent, with a profit showing "far greater than the average industry
and a high percentage of the profits having been retained in the industry."
As to the small companies, the showing was said to be quite different.
Working capital of eight companies had declined from $179,000,000 in
1929 to $79,000,000 in 1933.
"Despite the depression, the industry has continued to increase the values
delivered to customers, while at the same time effecting reductions in
price," the report said. "During the same period the industry's labor
costs were increased by compliance with requests for spreading work."
In connection with the study made of the development of new machinery
and technogolical processes which displace labor, and the accompanying
decrease in unit labor coots, the report gave a large number of illustrations.
Here are sonic of them:
The 1929 labor cost of an automobile door was $4. The 1935 cost is 15c.
In 1929 body framing cost $3. The present cost is 35c.
Hand finishing body frames of wood before paneling cost $3 in 1929 and
20c. to-day.
Trimming the body cost $12 in 1929 and $4 to-day.
Welding back and quarter panels now requires one machine and two
operators and a helper. The old process required six welders and 12
finishers for the same panel.
In 1928 and 1929 three skilled men were required to do certain machine
work which had to be accurate to within .0006 of an inch. To-day the
game part is finished by one unskilled mechanic in the same time that
the three men formerly required.
NIRB Approves Four Amendments to Silk Textile Code
—Defines Selling Agents, Prohibits Bribery, Provides for Open Price Filing—Members of Code
Authority Named
The National Industrial Recovery Board on Feb. 13
approved four amendments to the silk textile code. These
included a definition of accredited factors or selling agents,
a prohibition against commercial bribery, a provision for
open price filing in the sewing thread division, and a lilting
of terms of sale for woven labels. Approval of these amendments followed an announcement on Feb. 8 by the National
Recovery Administration, when it stated that it recognized
the following as duly elected members of the Silk Code
Authority:
Silk textile Industry—Louis Alpren, Alpren Brothers Corp.. Now York
City.
Nat If. Aronsohn, C. If. & N. H. Aronsohn. Inc., New York City.
M. B. Blake, Cheney Brothers. New York City.
Louis E. Cohen. Prudential Silk Mills, Paterson, N. J.
B. Edmund David. David Silks. Inc., New York City.
Alexander F. Ix, Frank Ix & Sons. Inc., New York City.
C. D.Jencks, Hamlet Textile Co., Pawtucket, R. I.
R. C. Kramer, Belding Hemingway Corticelli Co., New York City.
Irving Levy. Century Ribbon Mills, Inc., New York City.
Nathan Lewis, Kahn & Feldman. Inc., New York City.
John R. McGinley, Phillipsburg Silk Co., Phillipsburg. N. J.
William Menke, Menke, Kaufman & Co., Inc., New York City.
W. W.Metcalf, Portland Silk Co., Inc.. New York City.
Bertrand H. Perry, Perry Silk Co.. Inc., New York City.
Ben Reis, C. Reis & Bros., Inc.. New York City.
Edward Roberts, Roberts. Cushman & Co., Inc., New York City.
Ewald H. Schnlowind. Susquehanna Silk Mills, New York City.
D. I. Stern. D. I. & C. H. Stern, Inc., New York City.
Walter H. Stunzl, Stunzl Sons Silk Co., Inc., New York City.
J. Y. Wilkins, Goldstein-Wilkins Corp., New York City.
A. E. Wulischleger, Wullschleger & Co., New York City.
Feb. 16 1935
chases for each calendar half year, such ratings to be on the present basis
of rating trade buyers in five classes and jobbers in three.
The woven label provision of Article XI is amended to read "each employer shall bill woven labels on date of snipment upon the teems of 2-10
0.0. m."
An additional section is incorporated in Article VIII to provide standard
commercial bribery regulations.
A. F. of L. Charges Industrial Boards Under Codes Are
Unfair to Labor—Survey Says Wages Must First
Be Increased, and Profits Will Follow—January
Business Activity Seen at 80% of Normal
Most industrial boards organized under National Recovery
Administration codes have failed to prove fair courts of
justice in cases involving the collective bargaining provision of the National Industrial Recovery Act, the American
Federation of Labor declared in its monthly survey of
business issued Feb. 13. Instead, the Federation charged,
these boards are responsible to the "employer-controlled
code authority." If industry is to sell its products to-day,
the review continued, strong trade union organization "with
power to raise wages" is essential, since if wages are raised
first profits will follow.
The survey said that business in the United States is now
making its fourth spurt toward prosperity since the summer
of 1932, and estimated that January business activity was
80% of normal, the highest level since last spring.
A summary of the report is given below, as contained
in a Washington dispatch of Feb. 13 to the New York
"Times":
A comparison is made between wages paid in unionized industry and
what is paid in non-union industry, with a conclusion drawn that mass
purchasing power is greatly increased through unionization.
While the poorly organized cigarette industry increased average wages
by only 75 cents a week from 1933 to 1934, the survey stated, wages in the
women's clothing industry, a well unionized industry, rose nearly $.3 a
week.
The survey referred to the "developments of the past month" which
"have weakened the agency set up to protect workers' rights to organize."
In this connection it was said that organized labor was interested in continuing the National Labor Relations Board as an impartial agency, "yet in
the past month the Administration has restricted the Jurisdiction of the
NLRB and intrenched boards under code authorities."
"If labor is denied agencies which give a fair hearing it has no means of
redress but to strike," the survey continued. "Widespread strikes this
spring would jeopardize progress toward recovery. The more hopeful
attitude of business men in general is shadowed by apprehension of the
labor situation. Union organization has become an issue of the first importance in the business picture."
The survey said that two "significant facts" in the recent course of
business stood out:
"(1) In spite of increases and declines, business has kept well above
the low level of March 1933. Increased buying power of workers and
farmers has been the chief factor in sustaining this higher level.
"(2) Business profits have increased in these two years. The financial
condition of business firms in general has improved so that in the spring
of 1935 many more firma are in a position to profit by rising activity than
in any of the three previous years.
"Besides the increase in production, operating economics and financial
adjustments which have taken place in the last four years place many
corporations in a position to operate profitably even if production does not
increase. Take for instance the experience of twenty-eight of our largest
corporations in twenty different industries.
"In 1929 they earned a 13.6% profit on sales amounting to $1,214.300.000.
By 1932 their sales had been cut in half and their profit on Balm reduced
to 4% or $172,200,000. In'1933 although total sales did not increase at
all, operating economies and other adjustments had reduced costs so that
their profit on sales doubled to 8.6% or $364,700,000. This record indicates that large corporations in particular are in a position to increase
wages this spring."
Building Service Employees in New York City Again
Threaten General Walkout—Partial Settlement
Achieved When Some Employers Recognize Union
as Collective Bargaining Agent
The threat of a general strike of building
The amendments to the bilk code approved by the NRA in office and apartment house buildings service employees
in New York City
on Feb. 13 were described as follows in a dispatch of that was believed averted on Feb. 14, when
owners of a number of
date from Washington to the New York "Journal of Com- buildings affected by a preliminary
walkout agreed to
merce":
recognize the Building Service Employees Union as the
Article JC1 of the code, as it deals with ribbons. is amended to define
collective bargaining representative of the workers. Union
accredited factors or authorized selling agents as concerns or individuals
who sell merchandise shipped to them by consignment or memorandum by
leaders said that 1,500 were still out on strike late this week,
manufacturers for sale in the name of such manufacturers, factors or selling
however, and that others would be called out unless all
agents pursuant to a written agency agreement.
owners of large buildings acceded to their demands. More
Terms of Agreement
than 200 buildings were affected Feb. 13 when 2,500 emSuch written agreement is to specify that the agent shall sell at prices not
ployees walked out. The union claims a membership of
less than those determined by the manufacturer; that commissions shall
be set forth, and that net proceeds of sales less commissions shall be set
140,000. Settlement of the controversy was sought by an
forth, and that net proceeds of sales less conunissiona or other deductions
arbitration committee headed by Major Henry H. Curran,
shall be remitted to the manufacture.% fhe agency agreement also must
appointed last December by Mayor LaGuardia to adjust the
Prohibit reconsignment except to another registered selling agent with
differences between the union and realty interests.
consent of manufacturer, and stipulate that agents or factors cannot sell
The New York "Times" of Feb. 14 described the preto themselves.
The same article, as it deals with sewing threads and flosses, is amended
liminary walkout in part as follows:
to provide that each member of the industry shall file identified lists of
all price terms with a confidential code authority agent. These are to be
first filed fifteen days from February 11; are to be available immediately
to all members of the industry and shall not be revised upward within 48
hours of their filing.
Each employer in the thread and floss division is to report his total
dollar sales made to each customer for the preceding calendar half year on
Aug. 1 and Feb. 1. On Sept. 1 and March 1 of each year, the confidential
agent shall establish, the ratings of all buyers on the basis of their pur-
The committee was to have made known its award yesterday, It failed
to do so, however, and last night Major Curran announced that the award
would not be made public until to-day. The committee remained in session
all evening at Major Curran's office, 280 Madison Ave.
"Ill Advised," Says Mayor
Mayor La Guardia on being informed of the walkouts, which occurred
In the Harlem. Washington Heights and Madison Square sections, termed
the strikes as "111 advised."
Volume 140
Financial Chronicle
At the office of the union, 1450 Broadway, responsibility for the strikes
was disclaimed. The walkouts were characterized as "unauthorized." but
the statement was added, "We cannot hold them back any longer—our
men have lost patience waiting for the award."
A fortnight ago James J. Hambrick, after a meeting of the union's Executive Committee and the Presidents of its 15 locals in the city, had promised
Major Curran that every effort would be made to prevent any strikes,
pending the outcome of the arbitration proceedings.
This was in response to a plea from Major Curran to keep the men from
striking lest such action jeopardize the arbitration award. Major Curran
said yesterday's strikes came as a surprise to him.
General Strike Prevented
"rAt a meeting of more than 8,000 members of the union in Rockland
Palace. 155th St. and Eighth Ave., last night union leaders succeeded in
Preventing a general strike vote pending announcement of the arbitration
award.
Pacific Coast Longshoremen's Hiring Hall to Be Opened
Feb. 25—Aftermath of Waterfront Strike
Advices from San Francisco, Feb.9,said that arrangements
for the longshoremen's hiring hall, bone of contention in last
year's prolonged waterfront strike, have been made. The
hall itself, which it to be jointly operated by the employers
and the International Longshoremen's Association, will be
opened Feb. 25, according to the announcement of Pacific
Coast Co-ordinator Harold H. Ebey. The advices added:
1087
the 83 aboard and reveal "how the accident began and the sequence of
events." Admiral Reeves advised Admiral William H. Standley. Chief of
Naval Operations, that he was convoking an immediate inquiry. Naval
officials indicated they approved Admiral Reeves' plans.
Soon after this announcement Chairman Carl Vinson (Dem., Ga.) of
the House Naval Affairs Committee announced his committee also would
investigate. He has not decided yet on the in.estigating personnel and
where the inquiry will be held, but it will begin as soon as the Navy's is
ended.
A third investigation was threatened by Representative Otha D. Wearin
(Dem., Iowa), who said he was drafting a bill to investigate "the entze
field of dirigibles.** . . .
President Roosevelt said he would not oak Congress for money to replace
the Macon, but pointed out that this dAd not mean that further development
of dirigibles was ended here. He said that if the money were available he
would rather have it spent in construction of about 50 long-range scouting
planes.
Secretary of the Navy Claude A. Swanson, who has never favored dirigible construction, said he had not made up his mind about the future, but
indicated extreme pessimism.
"Frankly, I do not know whether lighter-than-air craft justify expenses
and accidents," he said. "We need other things worse--ships and airplanes, for example."
Bruno Richard Hauptmann Convicted for Kidnaping
and Murder of Lindbergh Baby
Bruno RichardRau tmann, a German carjaenter:who Twas
reportedrs7lle—
gally aving entered the ignited States some
With this problem solved, and with the Labor Relations Committees of
ears ago, was convicted at Flemington, N. J., on Feb713,
the longshoremen and of the employers functioning actively, the various
of murder in the first degree for the killing of Charles Augusminor issues not specifically covered in the award of President Roosevelt's
National Longshoremen's Board are being slowly but surely settled in a
tus Lindbergh,*Jr., of Hopewell, N.V., infant son of the
manner satisfacotry to both sides.
noted aviator, on the night ofElarch 1 1932.11Hauptmann
was convicted by a •
of eight men and four w`omen_after
Closing of Gate on Boulder Dam Controlling Colorado a trial which had asted since Jan. T.Ffhe State of New
i
River—Formation of 115-mile Lake Started After Jersey conducted the prosecution,
which was led by AtteineyFour Years of Work
The Colorado River was brought under control on Feb. 1 471era1 David T. Wilentz. The defendant was represented
by a legal staff headed by Ed—ward J7Reilli7The verdict
with the closing of the gate on Tunnel No. 4 of the Boulder
Dam,in Nevada. One tunnel remains open, Tunnel No. 1, carried with it a mandatory death sentence, and immediately
but this is regulated by valves and only enough water will after it had been delivered Judge Trenchard, before whom
be permitted to flow through the outlet as is necessary to the trial was held, sentenced Hauptmann to die in the electric
meetirrigation needs in southern California's Imperial Valley. chair in the State prison at Trenton some time during the
In Associated Press accounts from Boulder Dam, Feb. 1, week of March 18. Hauptma.nn's lawyers announced that
to the New York "Herald-Tribune" of Feb. 2,it was stated: they would file an appeal in behalf of their client. Hauptmann was arrested last fall after he had passed bills which
Although the Dam has been under construction since 1930 as a Govern•
ment project, the actual stopping of the river was a matter of less than one
were later identified as part of the $50,000 ransom money
hour. From this time on only such water of the great river as the engineers
Feld by Colonel Lindbergh to the kidnaper of his child.
wish to pass will continue to flow below the Dam. All the rest will be stored.
Police found a large quantity of this money at his home in
So to-day a new lake was created. It eventually will extend back about
115 miles from the Dam. By June 1 it will be 300 feet deep and extend
the Bronx;New York City. Possession of the money, and
back 60 miles. That means about 3,000,000-acre feet of water about
ileriiification of his handwriting with that on the ransom
one-tenth the ultimate capacity of the lake. Three to four years will be
letters sent to Colonel Lindbergh, were among the strongest
required of normal river flow to fill the lake.
With Tunnel No. 4 closed—the last tunnel through which the river
arguments for his conviction. Hauptmann throughout his
flowed unharnessed—work now starts on building a concrete plug some 400
trial denied any implication in the kidnaping of the Lindfeet long and more than 60 feet in diameter to replace the gate in sealing it.
bergh baby. His arrest and subsequent conviction were
Power to start the electric work of the project is expected to be generated
early next year. Eventually 1,800,000 h.p. vrill be developed. That is
brought about through close co-operation between Federal
three times as much as the ultimate capacity of any other power developauthorities and State and city police.
ment.
l'residentlRoosevelt's signature on May 18 1934 of six
Crash of Dirigible Macon Threatens Further Lighter- bills designed to enlarge the authority of the Department of
than-Air Experimentation for United States De- risticelinIcombatineprganized crime, including kidnaping,
fense—Disaster Recalls Destruction of Akron in was noted in the "Chronicle" of May 26 1934 (page 3536).
1933
The development of dirigibles in military aviation was
believed halted, at least temporarily, when on Feb. 12 the International Labor Office Ratifies William Green of
A. F. of L. for Seat on Governing Body-40
$4,000,000 U. S. Navy dirigible Macon lurched out of
-Hour
Week Advocated for Some Industries
control, fell 2,500 feet, and sank in the Pacific Ocean off the
The American Federation of Labor was assured repreCalifornia coast. Of the 83 Navy men aboard, 81 were
saved, principally by Naval vessels which sped to the scene sentation on the governing body of the International Labor
after receiving a warning by radio that the Macon was in Office on Feb. 2 when Leon Jouhaux, spokesman of the
danger. The catastrophe recalled the destruction on April 4 workers' group, announced that the Federation had ap1933 of the Akron, sister ship of the Macon, which was pointed William Green, its President, to participate in the
destroyed by fire when flying above the Atlantic Ocean. governing body's work. This appointment is provisional,
Of the Akron's crew of 76, only three survived. The most and will not become final until June. Mr. Green is exrecent reference to that disaster was contained in the pected to attend the June conference, when it will be decided
whether he will continue to hold the post personally or will
"Chronicle" of April 22 1933 (page 2715).
The exact cause of the crash of the Macon has not been name a substitute.
The governing body of the ILO on Feb. 1 recommended a
determined. A Naval court of inquiry began the first of
a series of investigations at San Vrancisco on Feb. 14. 40-hour week in the coal, iron, steel, public works and glass
Lieut.-Commander H. V. Wiley, a survivor of the Akron bottle industries. It defeated, however, a proposal by Isador
disaster and master of the Macon, was expected to be the Lubin, American member, to include the textile industry
within the resolution. The June meeting of the organizaprincipal witness.
President Roosevelt on Feb. 13 said at his press conference tion is expected to draft a 40-lhour week convention for apthat he would not ask Congress at present to appropriate proval by member governments in the ease of the industries
funds to replace the Macon. He added that even if funds listed.
A dispatch from Geneva, Feb. 2, to the New York "Times"
were available at this time he would prefer to recommend
their use in the building of 50 long-range scouting planes described the proceedings on that date as follows:
James Wilson, who has succeeded in getting the constitution
and customs
instead of in the construction of another dirigible.
of the International Labor Office workers' group
altered considerably
United Press advices from Washington, Feb. 13, described favor of the Federation, made his only speech of the session to-day. in
He
some of the official comment on the Macon disaster in part briefly thanked the workers' group for having solved the problem of the
relationship of the American trade union movement with the
governing
as follows:
body. He Bemired the governing
Rear Admiral Ernest J. King. Chief of Naval Aeronautics, announced
hat Admiral Joseph M. Reeves, Commander-in-Chief of the United States
leet, would convene the court, take the testimony of the 81 survivors of
body that It would find the American
Federation of Labor "has a great constructive force
and will advocate
those things which are constructive in character."
After finishing routine work, the governing body adjourned to April
28.
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Financial Chronicle
Feb. 16 1935
Mr. Wilson said he had given up his plans to visit Berlin before sailing
for home Tuesday. He will remain here until then, conferring with the
permanent International Labor Office officials about details of American
participation.
It is expected here that Miss Frances Perkins, United States Secretary of
Labor, will attend the June conference if Congress is not in session then.
Jan. 24, was referred to in our issue of Jan. 26, page 581.
Dr. Grayson, who was personal physician to former President Woodrow Wilson, will assume his new office on
March 1. He has been a member of the board of incorporators of the Red Cross for many years. When informed
or his appointment, Dr. Grayson stated:
Announcement By Department of Commerce on Appointment of Committee Headed By Robert E.
Wood to Advise President Roosevelt on Expenditures Incident to Work Relief Fund
On Feb. 14 announcement was made by Secretary of Commerce Roper of the appointment of a committee of business
.
—
men, under the Chairmanship of Robert E. Wood, President
of Sears, Roebuck & Co., to advise President RooSe771
concerning the expenditure of the 84,800,000,900 works
en.
relief-Yu —=•a7—13.71:717G—
-rd. e
a.y
dall, textile manufacturer and Chairman of Mr. Roper's
Business Advisory and Planning Council, conferred at the
White House with President Roosevelt on Feb. 14, according
to the Washington correspondent of the New York "Herald
Tribune," who reported Mr. Roper, after the conclusion of
the conference, as saying:
It is a great honor and a great opportunity to serve humanity. I want
to serve humanity, and I want everybody to help me make it go—not for
myself personally, but for all that the Red Cross represents. It is nonpartisan, non-political, for the help of all.
The Business Advisory and Planning Council, Is endeavoring to help in
every way it can President Roosevelt and those associated with him in one
of the most important activities before us—the wise and judicious expenditure of the $4,880,000,000 fund in the event that Congress approves of it.
This committee will work in a purely advisory capacity. It will endeavor to serve a useful purpose for whatever commission or group may
be set up to allocate the funds made possible by the legislation now pending.
The thought in mind Is to give the administrative body the views and suggestions of business.
Group to Continue Studies
The Business Advisory and Planning Council for the Commerce Department has been in existence for more than a year and a half, during which
time it has made studies of many important subjects and has given the
Administration much valuable data that have been made use of in forming
the basis of legislation and in various administrative activities. The committee to be headed by General Wood will function along these same lines,
and in this way those who are charged with the responsibility of allocating
this fund will have the benefit of the point of view and Information originating in the business world.
pi The committee will carry on further intensive studies that up to th:s
time have been made by three committees of the Business Advisory and
Planning Council, namely, the private:construction committee, headed by
Mr. A. P. Greensfelder, of Philadelphia; the committee on decentralization
of industry, headed by Mr. William A. Julian, Treasurer of the United
States and the committee on financing of private construction, headed by
Colonel Robert G. Elbert, of New York City.
The same account to the "Herald Tribune" also said:
It was reported a few days ago that General Wood would be asked by
the President to take full charge of the National Recovery Administration
under a one-man administration. This report was denied at the White
House.and to-day General Wood said flatly. "I have never been approached
directly or Indirectly on this matter and I know nothing about it."
Treasury Appoints Ray T. Tucker to Aid Sale of "Baby
Bonds"
Ray T. Tucker, newspaper and magazine writer, has been
appointed to aid in the Treasury's publicity campaign'to
sell "baby bonds", it was announced Feb. 11. The appointment, it was said, is temporary, possibly for a period of six
months. As was indicated in our issue of Feb. 2, page 727,
the Treasury expects to put the first issue of the bonds on
the market about March 1. The text of the bill signed
by President Roosevelt on Feb. 4, authorizing the issuance
of "baby bonds", was given in these columns of Feb. 9,
page 892.
Departure ot Ambassador Dodd for Germany—Following Vacation in United States
William E. Dodd, United States Ambassador to Germany,
sailed for Berlin on Feb. 14 on the United States Liner
"Washington." Mr. Dodd had been vacationing in the
United States about two months.
George C. Hanson Appointed Consul General and
Charge d'Affairs at Addis Ababa, Ethiopia
Announcement was made at. Washington Feb. 12, of the
appointment of George C. Hanson as Consul General and
Charge d'Affairs at Addis Ababa, capital of Ethiopia, a
post vacant since last July. Mr. Hanson had been Consul
General and First Secretary of the United States Embassy in
Moscow. He is now in the United States on furlough but
will depart for his new post early in March. Mr. Hanson
will be the ranking American diplomat in the territory inasmuch as the post of Minister to Ethiopia is at the present
vacant.
Appointment by President Roosevelt of Cary T. Grayson
as Chairman of American Red Cross
Dr. Cary T. Grayson was appointed on Feb. 8 by President
Roosevelt as Chairman of the American Red Cross, to succeed the late John Barton Payne. Mr. Payne's death, on
Former President Hoover Installed as Director of New
York Life Insurance Co.—Alfred E. Smith Elected
Chairman of Agency Committee of Board
Herbert Hoover, former President of the United States,
was installed on Feb. 13 as a member of the Board of Directors of the New York Life Insurance Co. Mr. Hoover,
who was elected to the Board Jan. 9, was presented to the
members of the directorate at their regular monthly meeting
by Thomas A. Buchner, President of the company. The
election of Mr. Hoover was noted in our issue of Jan. 12,
page 252.
At the Board's meeting Feb. 13, Alfred E.Smith,a director
of the company, was unanimously elected Chairman of the
Agency Committee of the Board to succeed the late Alba
B. Johnson.
Robert Gregg Elected Director of American Iron and
Steel Institute—G. C. Crawford Resigns
Robert Gregg, Vice-President of the United States Steel
Corp., was elected to the Board of Directors of the American
Iron and Steel Institute at a meeting of the Institute's
directors held Feb. 14. He succeeds to the vacancy caused
by the resignation of Charles L. Wood,former Vice-President
of the United States Steel Corp. Announcement was also
made of the resignation of George Gordon Crawford, former
President of Jones and Laughlin Steel Corp., from the
Board of Directors of the Institute. At their meeting Feb. 14
the directors selected May 23 as the date for the annual gen
eral meeting of members of the Institute in New York.
Fred C. Moffatt Elected President of New York Curb
Exchange—C. S. Leahy Vice-President—Other
Officers Elected
Fred C. Moffatt, Vice-President of the New York Curb
Exchange during the past year, was unanimously elected
President of the Exchange by the Board of Governors at
the organization meeting held Feb. 13. He succeeds E.
Burd Grubb, who was not a candidate for re-election, having
recently purchased a membership on the New York Stock
Exchange. Mr. Grubb has joined the Stock Exchange firm
of Coggeshall & Hicks.
Charles S. Leahy was elected Vice-President of the Curb
to succeed Mr. Moffatt and Mortimer Landsberg was reelected Treasurer. Eugene R. Tappen was re-appointed
Secretary, E. J. Muller, Assistant Treasurer, Charles E.
McGowan, First Assistant Secretary and James S. Kenny,
Martin J. Keena and James R. Murphy were re-appointed
Assistant Secretaries.
Mr. Moffatt, the new President, is senior partner of
Moffatt & Spear, New York. He became a member of the
Curb Exchange on Sept. 12 1923 and in May 1929 was
appointed to the Board of Governors to fill an unexpired
term. On Feb. 9 1931 he was elected a member of the
Board for three years and in February 1934 was re-elected
for another three year term. During the past year, besides
holding the office of Vice-President of the Exchange, Mr.
Moffatt has served as President of the New York Curb
Exchange Securities Clearing Corp., Assistant Treasurer of
the New York Curb Exchange Realty Associates, Second
Vice-Chairman of the Finance Committee, Vice-Chairman
of the Law Committee.and as a member of the Committee
on Business Conduct, Committee of Arrangements and the
General Committee.
At the annual election of the New York Curb Exchange
held Feb. 11, the regular ticket was unanimously elected,
there being no opposition ticket. The following were elected
members of the Board of Governors for a three-year term:
John J. Beatty, G. Arthur Callahan, Joseph A. Cole, James A. Corcoran, J. Chester Cuppla„lames A. Dyer, Harold H. Hart, Reginald H.
Heard, Nathaniel S. Howe, Thomas Morris, David U. Page and W. ReItze.
The following were also elected Feb. 11:
Leo A. Delaporte was elected a member of the Board of Governors for a
one year term. E. R. McCormick was elected a trustee of the Gratuity
Fund for a three year term.
John A. Donovan, Harold B. Godsell, Henry L. Goldberg, Erik Neuberg and Donald C. Portser were elected members of the Nominating Committee for the year 1935-1936.
Volume 140
Financial Chronicle
Leon Fraser to Become Vice-President of First National
Bank of New York—Will Retire Shortly as President
of Bank for International Settlements
Announcement was made yesterday (Feb. 15) by Jackson
E. Reynolds, President of the First National Bank of New
York, that Leon Fraser, President of the Bank for International Settlements, would mm the staff of the bank as a
Vice-President—about July 1. Mr. Fraser intends to resign
from the Bank for International Settlements when his term
expires in May. He has been President of the Bank since
1933 having succeeded Gates W. McGarrah at that time.
Prior to his election OA President, Mr. Fraser had been VicePresident of the World Bank since 1930. In our issue of
Jan. 26, page 581, we made note of Mr. Fraser's intention
to resign as its President.
New Graduate School of Banking to be Opened June 17
by American Bankers Association and American
Institute of Banking
Opportunity to study the administrative phases of banking
in a school especially designed for bank officers will be
afforded in the new School of Banking now being developed
by the American Bankers Association and the American
Institute of Banking, the educational section of the Association, in co-operation with Rutgers University of New
Brunswick, N. J. The school will open June 17 and sessions
will be held at Rutgers University in New Brunswick. An
.announcement issued Feb. 11 by the American Bankers
Association said:
Enrollment in the school will be limited to the first 200 bank officers
who meet the qualifications for admission and are approved by the Faculty
Committee on Admissions. Since all of the students will be actively
engaged in the banking business a unique plan combining resident work
and supervised home study has been devised. The resident work this
summer will cover two weeks from June 17 to June 29. Upon completion
of this work at the University, students will continue their studies during
the following ten months at home under the supervision of the instructors
ofthe school. They will then return for an additional two weeks ofresidence
instruction at Rutgers in June 1936 and this session will be followed by
another period of ten months of supervised extension work.
The final resident session of the school for those entering this summer
will be in June 1937. Written examinations will be given at the conclusion
of each course and a comprehensive oral examination will be given at the
close of the final session. Upon satisfactory completion of both the oral
and written work, students will be awarded a diploma, issued jointly by
the Graduate School of Banking and Rutgers University.
Lewis E. Pierson, Chairman of the Board of the Irving Trust Co. of
New York, will be Chairman of the Board of Regents for the school.
Annual Convention of Illinois Bankers Association to
be Held in Decatur May 20 and 21
H. A. Brinkman, President of the Illinois Bankers Association, announced at Chicago, Feb. 8, that the 45th
annual convention of the Association will be held at the
Orlando Hotel, in Decatur, Ill., May 20 and 21 1935. The
•announcement said:
The invitation was extended by the Decatur Clearing House Association,
the Mayor, and the Chamber of Commerce. The members of the Clearing
House Association, which will have charge of local arrangements, are:
• Citizens National Bank, William Barnes, Jr., President; Millikin National
Bank,0. B. Gorin, President; National Bank of Decatur, H. R. Gregory,
President.
'Third Conference on Business Education to be Held
at University of Chicago June 27 and 28
Special emphasis will be given to the money problems of
the individual at the Third Conference on Business Education
to be held at the University of Chicago on June 27 and 28
1935, under the auspices of the School of Business. "Business Education and Money Management" will be the
general topic discussed at the conference. The program of
the conference was made known as follows:
The individual's money problems will be dealt with on the first day of
the conference. In the morning, Stuart P. Meech, Associate Professor of
Finance at the School of Business, will talk on "The Money Market and
the Individual Investor," and H. A. Tonne, Assistant Professor of Education, New York University, will discuss "How Various Income Groups
Manage Their Money." At the afternoon session, RalPh R. Pickett,
head of the department of commerce at Kansas State Teachers College,
Emporia, will speak on "Money Management According to Ages, Occupations, and Sex," and Garfield V. Cox, Professor of Finance in the School
of Business will discuss "An Evaluation of Financial Information and
Services Available to the Individual."
The general topic for the second day will be "The Status and Means of
Money Management Education." At the morning session, Dean W. H.
Spencer of the School of Business will discuss "The Limitations of Law,"
and Samuel 0. Rice, educational director of the Investment Bankers
Association of America will talk on "How Business Educates the Investor."
At the afternoon session, Ann Brewington, Assistant Professor ofsecretarial
training in the School of Business, will discuss "Money Management and
the Schools," and the session will close with a jury panel discussion which
Is expected to lead to conclusions and recommendations on the main topic.
II. G. Shields, Assistant Dean of the School of Business, will preside at
the first session; Clay D. Slinker, Director of the department of business
education, Des Moines Public Schools, Des Moines, Iowa, at the second;
Emery Filbey, Dean of Faculties of the University of Chicago, at the
third, and J. M. Trytten, instructor in commercial education, School of
Education, University of Michigan, at the fourth. Floor discussion will
follow each session.
1089
While the sessions will not be open to the public, educators
and business men with a definite interest in the topics to be
presented are cordially invited to attend the conference.
Objectives of Banking Act of 1935 Discussed by Gov.
Eccles of Federal Reserve Board Before Ohio
Bankers—Declares Banking Control Essential to
Business Stability
"Monetary Problems of Recovery" were discussed by
Marriner S. Eccles, Governor of the Federal Reserve Board,
at the annual mid-winter meeting of the Ohio Bankers
Association in Columbus, Ohio, on Feb. 12. Mr. Eccles'
conception of the objectives of the Administration's banking
bill of 1935 formed the theme of his remarks, as to which he
said "broadly speaking, there are four main objects which
we seek to accomplish." He went on to say:
In the first place, we wish to make the banking system a more efficient
Instrument for the promotion of stable business conditions in the future.
Secondly, various proposals in the bill are designed to bring our banking
system into closer conformity with modern conditions and, more immediately, to aid in business recovery.
Thirdly, we seek to make certain rather fundamental changes in the law
relating to deposit insurance in order to make the system sounder and more
equitable; and
Finally, we seek to correct various inequalities, ambiguities, and abuses
that have developed in the banking system in the course of time. In the
limited time at my disposal I shall have to confine myself to a discussion
of the broad principles behind the proposals which are designed to secure
the first two objectives mentioned, stability and recovery.
"The fundamental premise underlying the bill and underlying my discussion this afternoon," Governor Eccles said,
"is that business stability is a desirable objective." He
added:
I feel sure that no one will disagree with this premise, and to my way of
thinking agreement on this one vital point alone will lead you to lend your
whole-hearted support to the Banking Bill of 1935.
If we had a perfectly flexible cost and price structure—which would
have to include, I may remind you, an equally flexible wage and interest
structure—our economy could probably adjust it-self to rapid expansions
and contractions with little resultant unemployment. Without such
flexibllty expansion and contraction, instead of calling into play forces that
adjust and correct such movements, tend to feed upon themselves.
It is not realistic, however, to say that all that is necessary is to introduce
more flexiblity into our system. Numerous rigidities and inflexibilities
have developed in our economy, and the trend in the recent past plainly
points to more rather than less rigidity in the future. If there is one thing
that to me seems clear it is that, unless conscious effort is made to prevent
them, booms and collapses will continue to recur in capitalistic democracies. It also seems evident to me that neither capitalism nor democracy
can survive another depression of the rnangitude of the one from which we
are just emerging.
Taking up the question of monetary control, Governor
Eccles asserted that the operation of the banking system,
left tolitself with no conscious effort of control, tends to
intensify rather than to counteract business fluctuations;
he further observed:
it For example in the period from
1929 to 1933. when expenditures were
falling rapidly and the national income was being cut in half, the supply of
deposit money decreased by approximately one-third. Part of the decrease
can be attributed to bank failures, accentuated by withdrawals of cash for
hoarding, and part to the contraction of loans and investments by surviving
banks. No one person or body is responsible for this decline. The responsibility must be shared by the entire system.
"The fact is that laissez faire in banking and the attainment of business stability are incompatible," said Mr.
Eccles, who also had the following to say:
If variations in the supply of money are to be compensatory and corrective rather than inflamatory or intensifying, there must be conscious
and deliberate control. The difficult and controversial question is who
should do the controlling.
The power to coin money and to regulate the value thereof has always
been an attribute of a sovereign power. It was one of the first powers
given to the Federal Government by the Constitutional Convention.
The development of deposit banking in the latter half of the 19th century,
however, introduced into our National economy numerous private agencies
which have the power to create and destroy money without being aware
of it themselves and without being recognized as creators or destroyers
of money by the Government or the people. The trend since 1913 reprosents,a gradual recognition of this condition and a reassertion by the
State of a power which it always possessed.
In developing this point, Governor Eccles quoted as
follows from the speech of President Roosevelt to the
American Bankers Association last October:
The old fallacious notion of the bankers on the one side and the Government on the other as more or lees equal and independent units has
passed away. Government by the necessity of things Mt= be the leader,
must be the judge of the conflicting interests of all groups in the community, including bankers. The Government is the outward expression
of the common life of all citizens.
Governor Eccles made it clear that he was not arguing
for a "highly centralized control of all banking activities."
The administration of certain interests, he said, could obviously be handled more efficiently locally, whereas others
could be handled more efficiently on a national scale.
"We should consider each case on its merits," he continued,
"and provide for local control or national control, whichever is in the public interest." He explained the operation
of this principle as follows:
1090
Financial Chronicle
Banks in this country perform twolmain services. Theyjact as middlemen for the investment of a substantial portion of the community's savings,
and through the provision of checking facilities they supply the bulk
of the community's means of payment. So far as the investment of savings
and the determination of individual credits are concerned, chief reliance
must rest on the judgment and knowledge of the individual banker.
When we come to the second function of banks, namely, that of providing the community's money supply, a different range of factors must
be taken into consideration. The effect of variations in the supply of
money is nationwide and cannot be localized. The Reserve administration may make condition favorable for the creation of new deposits,
but it cannot insure that the new money will be used in any particular
section of the country, or spent on any particular kind of goods.
Since, therefore, the effect of monetary policy is nationwide, the formulation of monetary policy should be by a body which represents the nation,
and which is activated by National considerations. It is inconceivable
that variations in the community's money supply should be left to the
Individual decisions of some 15.000 local bankers. It is scarcely more
logical that the variations should reflect unco-ordinated decisions of the
12 Federal Reserve banks.
After reviewing the origin of the open market machinery
of the Federal Reserve System in 1922 and 1923, and the
development of this mechanism since then, Governor
Eccles said:
The System itself, by virtue of necessity, has developed a large measure
of co-ordinated activity in regard to open market operations, the single
most important instrument of reserve control. This co-ordination, while
It represented a great advance over the situation which prevailed up to
1923, nevertheless leaves much to be desired. The body which is charged
with the formulation of open market policy is the Federal Open Market
Committee, which is composed of the Governors of the 12 Federal Reserve banks. These Governors are independent of the Federal Reserve
Board. After the Open Market Committee has formulated its policy,
its recommendations may be adopted or rejected by the Federal Reserve
Board. Even after the policy has been formulated by the Committee
and approved by the Board, any Federal Reserve bank through its board
of directors is free to decline to participate in the policy. Since you are
all administrators, I do not think that I need spend much time in pointing
out to you how bad this set-up is from an administrative point of view.
The body which is ultimately responsible for policy, the Federal Reserve
Board, legally can take no part in the formulation of the policy. The
body which formulates policy, on the other hand, legally has no power
to bring the policy into operation. The boards of directors of the individual Reserve banks, who take no part in the formulation of policy,
have the power to obstruct its operation. It is a well-known fact that the
more people there are who share a responsibility for policy the less keenly
does any one of those people feel his own personal responsibility.
The theory, therefore, back of the open market provision in the recent
banking bill becomes clear. The bill provides for a small, responsive
body which is charged with the duty of acting in the National interest
in formulating open market policy and in accepting responsibility for its
consummation and results.
You will observe next that we propose to leave the essentially regional
organization of the Federal Reserve System virtually unchanged. I
feel that in a country the size of ours the regional system of Federal Reserve banks must always play an important and necessary role in our
banking system. They afford, for one thing, an essential link between
the thousands of individual member banks on the one hand, andlthe
Federal Reserve Board on the other. Besides keeping in close touch with
member banks the Reserve banks examine member banks, admit banks
to membership, provide check clearing facilities. make loans to individual
member banks, carry the reserves of member banks, and supply the curremcy needs of their localities.
There is but one change in the internal organization of the Reserve
banks which in the interests of economy, efficiency and co-ordination,
I think it is necessary at this time to effect. Officially the Federal Reserve Board has no relations with the Governors of the Reserve banks.
In their dealings with the Reserve banks the Board is supposed to work
through the chairmen who are not the chief executive officers of the banks.
It is proposed to end the dual administration of the Reserve banks under
the chairman of the board, who is appointed by the Federal Reserve Board,
and the Governor, who is appointed by the local board of directors, to
give the Governors a legal status and to combine their position with that
of chairmen of their boards of directors. Inasmuch as the Federal Reserve Board is surrendering the appointment of the chairman, it is obviously desirable in the interests of co-ordination and harmony that the
appointment of Governors by the local boards be subject to the approval
of the Federal Reserve Board.
In laying down a guiding principle for the President in his selection of
future members of the Board, it seemed desirable to substitute for the
somewhat meaningless phrases in the law the unequivocal requirement
that the members should be persons qualified by education and experience
to take part in the formulation of National economic and monetary policies.
This is a recognition in the law of the principal function of the Federal
Reserve Board.
In view of the enormous difficulty of the task of the Federal Reserve
Board, the bill attempts to make a position on that Board as attractive
as possible for the purpose of securing and retaining the services of the
best talent in the country. The attractiveness of a position on the Board
will be Increased by the added powers granted to it and by providing that
its members shall be relieved as far as possible from financial worries.
A Position on the Board is one of the most important posts in the nation
and recognition of this fact is accorded in the bill.
I turn now to proposed changes in the operation of the Federal Reserve
banks.
Paper Eligible for Rediscounting and Segregation of Collateral for Reserve Notes
Two of the proposed changes now In the bill have been widely commented upon and have been as widely misunderstood. I refer to the
provision that the type of paper eligible for rediscounting at Federal Reserve banks shall not be defined in the law but shall be subject to the
regulation of the Federal Reserve Board, and to the provision that segregation of collateral for Federal Reserve notes shall be repealed.
In order to understand our reasons for wishing to modify the present
requirements in the law relating to eligibility, it is necessary to recount
briefly certain developments that have occurred in the history of the
Federal Reserve System. Apparently it was the theory of the framers
paper from
of the Federal Reserve Act that borrowings on commercial
closely
the Reserve banks and the issue of Federal Reserve notes would be
connected. It was provided, therefore, that Federal Reserve notes is100% collateral
sued by Federal Reserve agents should be secured by
in actual circuin gold or eligible paper and that Federal Reserve notes
that
lation shall have a 40% reserve in gold. It was apparently believed
Feb. 16 1935
the demand for notes arose fro= commercial borrowers, that the collateral
requirements would restrict the issue of notes to such borrowers,'and
that this would afford elasticity and prevent the danger of over-issue.
This line of reasoning did not take cognizance of a profound change in
our monetary habits. In a deposit-using country such as the United
States, currency is seldom borrowed from a bank. Borrowers normally
receive deposit credits and pay their bills with checks. The demand
for currency arises chiefly from individuals and businesses who for the
sake of convenience desire to convert a portion of their checking accounts
into currency. The volume of money in circulation fluctuates with changes
in the volume of those activities which employ the largest amount of cash:
namely, retail trade and factory payrolls. A consequence of this development is that the Reserve banks play a passive role in supplying Federal
Reserve notes for circulation. If they issued Federal Reserve notes in
payment for securities purchased, the sellers of the securities would immediately deposit the notes in the member banks and the member banks
would send them in to the Reserve banks. If they sold securities for
Federal Reserve notes, the buyers of the securities would get the notes
from their member banks and these banks in turn would get them from
these Reserve banks. Thus it will be seen that the framers of the Federal
Reserve Act were mistaken in two of their expectations regarding note
Issue. Notes are not associated in any direct or immediate way with the
needs of business for commercial loans. Neither is there any need to
place restrictions on the issue of Federal Reserve notes since, as we have
just seen, the volume outstanding is not susceptible to control in a predominantly deposit-using country.
Although the requirements that Federal Reserve notes be secured by
eligible paper or gold does not serve as a restriction on the issue of Federal
Reserve notes, it may in the future, as it has in the past, severely restrict
the ability of the Reserve administration to increase the volume of deposits
through open-market operations. Thus, in 1931 there occurred simultaneously a demand for gold for export and for notes to hoard. Owing to
the shortage of eligible paper held by the Reserve banks, more than a
billion dollars in gold in excess of the 40% gold requirement had to be
earmarked for the account of Federal Reserve notes. Had the Reserve
banks bought securities in order to build up member banks reserves, the
rediscounts would have decreased and more gold would have had to be
pledged against Federal Reserve notes. The Reserve administration felt
at that time that its hands were tied and that it could take no action to
stem the course of deflation so long as the note issue provisions remained
in the law. The Glass-Steagall Act of 1932. by making Government securities bought in the open market eligible as collateral for Federal Reserve
notes, permitted the Reserve administration to buy securities, get member
banks out of debt, and thus stem the process of deflation. This Act
expires this year unless extended by the President for a maximum of two
more years.
It is realistic and desirable at this time to do away with the collateral
requirements altogether. They add nothing to the safety of the Federal
Reserve notes since these notes are an obligation of the United States
Government and have a prior lien on the assets of the Federal Reserve
banks. This does not mean that notes will be issued without adequate
backing. Any increase in the note issue must be counter-balanced by a
corresponding increase in Federal Reserve bank assets. It makes no change
in the requirement for a 40% reserve in gold certificates or lawful money.
It is merely a proposal to get rid of an antiquated feature in the Federal
Reserve Act which has never served a useful purpose and has in the past
at times prevented the timely launching of an essential monetary policy.
The restriction of the rediscounting privilege to a particular and narrowly
restricted type of bank loan is in accordance with a theory of reserve banking
which I think we have now outgrown. The major task of the Reserve
administration is not to encourage the extension of a particular type of
loan. The restriction of the borrowing privilege to commercial loans has
no connection with regulation of the volume of bank credit or of the access
to the Reserve banks. The aggregate amount of paper eligible for rediscounting has been at all times greatly in excess of the volume of rediscounts.
Moreover, banks have been permitted to rediscount their own notes secured
by Government obligations. To control the amount of borrowing from
Reserve banks the Reserve administration relies upon the rediscount rate
and the general policy, amounting to unwritten law, that borrowing should
not be continuous and should be for emergency and seasonal purposes only.
Hence, the elimination of technical restrictions on eligibility does not
involve any danger of excessive use of Reserve bank facilities. But it does
enable the Reserve banks to come to the assistance of banks who may have
sound assets but may be devoid of eligible paper. For the emergency such
a provision was made by the Glass-Steagall Act, but not until great harm
had resulted from the inability of the member banks to receive help from
the Reserve banks in the emergency.
Loans on Real Estate
Governor Eccles placed stress on the provision in the
new bill that would permit banks to make loans on improved
real estate up to 75% of its appraised value and on an
amortized basis for a 20-year period, and in an aggregate
amount up to 60% of their time deposits. He said that he
regarded this provision as the most important aid to business
recovery in the bill, but at the same time the one most
susceptible to misunderstanding. In part Governor Eccles
continued:
It has been asserted that this is an invitation to banks to make loans of
a character that do not conform to sound banking principles or standards.
The collapse of real estate values is cited as an illustration of the dangers
associated with such loans. It is constantly stated that the troubles of
our banking system were due entirely to the acquisition of long-term assets
by the banks. It is suggested that banks in the future should confine
themselves to short-dated commercial loans and investments. But I need
not tell you that, if this suggestion were acted upon, the result would be
fatal to the banks.
In October 1934 the eligible paper ofmember banks,within the meaning&
the Federal Reserve Act,amounted to onlyslightly morethan $2,000,000,000.
Even in 1929 this paper amounted to only $4,500,000,000. Banks cannot live
on the interest from such a small volume ofloans, and an attempt to confine
themselves to these loans would greatly curtail the scope of banking. The
more business the banks refuse, the more will be handled by other agencies,
including the Government, and the less room will remain for the operations
of the private banking system.
I am fully aware of the fear with which bankers view the extension of
other lending agencies and the uneasiness they feel at having to rely more
and more on the holdings of Government obligations to keep up their income. I might point out, however, that these developments are a consequence of the failure of the banking system to perform its functions
adequately. If the banking system would utilize in real estate loans and
other long-term investments the savings and excess funds that it now pos-
Volume 140
Financial Chronicle
sesses, business activity would be greatly stimulated, and the Government
would then be able to withdraw rapidly from the lending field.
'The bankers also feel a deep concern about the constant growth of the
Government's deficit and of the public debt, and yet a considerable part
of this debt is incurred in refinancing mortgages and in undertaking other
functions which the banks have been failing to perform. Release of banking
funds in those field would enable the Government to diminish its expenditures and to reduce the rate of growth of the public debt.
You will carefully note that I am criticizing the banking system and not
the bankers as individuals. I do not see how you as individual bankers,
having to secure liquidity alone and unaided, could safely have followed
a different lending policy than you did.
This,then,is the dilemma that faces the banks: If they go into the longer
term loaning business they run the risk of depreciation and of inability to
realize quickly upon their assets in case of need; if they do not go into this
business, they cannot find an outlet for their funds—their earnings will
suffer and the justification for their existence diminishes. How can this
dilemma be solved? It is proposed in the bill to solve it by removing the
problem of liquidity as such from the concern of the banks—by bestowing
liquidity on all sound assets by making it possible to borrow on them at the
Reserve banks in case of need.
Reliance on the form of paper as a guide to soundness and eligibility has
not protected the banking system from disaster. We wish to divert bankers'
attention from the semblance of paper to its substance;to emphasize soundness rather than liquidity.
What we are proposing is that the problem of liquidity shall cease to be an
individual concern and shall become the collective concern of the banking
system. A single bank which adopts a policy calculated to pay off all of
its deposits at a moment's notice, even though the National income is
cut in two, cannot adequately perform its duty of serving its community.
What we want to accomplish to make it possible for banks, without
abandoningprudence or care,to meet local needs both for short and long time
funds. We want to make all sound assets liquid by making them eligible
as a basis of borrowing at the Reserve banks, and then to use the powers
of monetary control in an attempt to prevent the recurrence of National
conditions which result in radical declines of National income,in the freezing of all bank assets whether they are technically in liquid form or not,
and in general unemployment and destitution.
Let me make myself clear that I do not expect the passage of the Banking
Bill of 1935 to solve the problem of the business cycle. What I do expect
is that its passage will make conditions more favorable for its eventual solution. My own view is that, while through the compensatory action of the
banking system much can be done to eliminate fluctuations,it will be necessary for the Government also to help in offsetting and counteracting rapid
expansion and contraction of expenditures on the part of the community
at large. It can do this by varying its expenditures and by use of the taxing
power in securing a better distribution of income.
One thing is certain. We will not obtain stability unless we work for it.
A policy of laissez faire pre-supposes an economy possessing a flexibility
which I think it is hopeless for us to expect to achieve. Therefore it is absolutely essential to develop agencies which by conscious and deliberate
compensatory action will obviate the necessity of drastic downward or upward adjustments of costs and prices, wages and capital structures. If we do
not develop such agencies our present economy, and perhaps our present
form of Government, cannot long survive.
Mid-Winter Trust Conference of Trust Division of
A. B. A.—Philip A. Benson Optimistic on Real
Estate—Sees No Lack of Mortgage Money for New
Construction
Expressing himself as "more optimistic about real estate
now than I have for some time," Philip A. Benson, President of the Dime Savings Bank of Brooklyn, New York
told the Mid-Winter Trust Conference of the Trust Division, American Bankers Association in New York on Feb. 13
that "the dark spots are the exceptions." "Useful real
estate, and that means by far the greater part of the real
estate in this great metropolitan area, is," he said, "coming into its own."
Mr. Benson referred to the recent convention of the Mortgage Conference of New York, at which several speakers
expressed the opinion that real estate is due for an upward
move and that it is coming soon.
"Rents have been too low," he declared, "but they are
going up. There is a potential demand for a large amount
of housing space which will become an actual demand as
business recovery progresses and families now doubled-up
will want separate homes." The determinating factor in
new construction, the speaker made clear, is the point at
which increased rentals and values make it profitable to
build. "That," he said, "is when the building produced
has a value in excess of its cost."
Modernization efforts he commended. For the reason
that the profitable point for new construction has not yet
been reached, Mr. Benson does not believe a building boom
is imminent. He went on to say:
What we need is rehabilitation of a great deal of the old space. Old
buildings. sound in construction, well located as to transit and other conveniences essential to modern living, will of course not be destroyed. They
can and should be modernized and thereby made more useful and productive of better rental incomes. Should we not aim to make good use
of what we have rather than build on outlying vacant land?
The banker saw no lack of mortgage money needed for
new construction. He said, "There is plenty of money for
investment, and I mean private money and institutional
money—not Government money! Mortgages have been
our best investmentfor decades,and we still believe in them."
But Mr. Benson believes the future should be approached
in the light of the lessons of the immediate past. "Why
not let us make a code among ourselves as to our future
mortgage lending ?" he suggested. "It may not be strictly
1091
enforceable, but if we break it and violate sound principles
a penalty will surely follow." Suggested code rules would
include one not to finance any mortgage for the erection of
an unnecessary building; another would outlaw the practice
of lenders' bidding against each other with the result of
raising loan limits. Proper and adequate appraisals and
other necessary information would also be covered. Among
other things Mr. Benson said:
We had some mistaken ideas about marketing real estate securities.
We thought that a mortgage representing a loan made by a mortgage
company could be split up into small shares or certificates and these certificates sold to dozens and sometimes hundreds of investors.
There had been no previous experience to lead us to foresee that when
a severe depression came, chaotic conditions would result. It was never
contemplated that mortgage companies might not be able to pay and that
certificate owners might have to have remedies by which they could protect themselves. Not only were the provisions of the mortgage and the
certificates inadequate, but the laws failed to protect these investors.
If mortgage securities are again to be widely distributed,
the banker believes "the best minds should work out the
proper plan for doing this and it should be a plan that will
provide for every contingency. . . It ought to be possible for a trustee to step in and act. He should have not
only the right, but it should be his duty to do this—to make
expenditures to protect the estate and have these expenditures prior liens."
Mid-Winter Trust Conference of Trust Division of
A. B. A.—Rudolph S. Hecht on Supervision of
Trust Departments by National and State Authorities—Letter from Governor Eccles of Federal _
Reserve Board Indicates that Periodical Conferences with View to Exchange of Ideas and
Standardization of Methods Is Contemplated
In addressing on Feb. 14 the Mid-Winter Trust Conference
of the Trust Division of the American Bankers' Association
at the Waldorf Astoria Hotel in New York City, Ruldolph
S. Hecht, President of the Association and Chairman of
the Board of the Hibernia National Bank of New Orleans
took occasion to speak about "the comparatively recent
development for the through examination of trust departments by National and State supervising authorities." "It
is my understanding," said Mr. Hecht, "that tLe Comptroller's office has set up a most efficient staff in Washington
to supervise this special work, and that the examinations of
national banks are being conducted on a uniform basis."
Mr. Hecht added:
I am also informed that in each one of the 12 Federal Reserve districts
there have been added to the ordinary examining staff some experienced
men who thoroughly understand the trust business, and are therefore
capable of making intelligent examination which are not only valuable to
the supervising authorities but to the member banks themselves.
I think I am safe in saying that the trust officers of all of these banks
are well satisfied with these arrangements, and that their only desire is to
get as much uniformity into these examinations as passible. This is a little
more difficult in the exmainations of trust departments of banks which are
not national banks because there are 12 separate authorities directing the
examinations of such banks.
Mr. Hecht in his further comment said;
It will interest you to know, however, that during a recent visit to Washington I had occasion to discuss this phase of the situation with the Federal
Reserve Board authorities, and received their assurance that they are doing
everything possible to standardize these examinations throughout the 12
districts. Only on Monday I received a letter from Governor Eccles, from
which I would like to quote the following.
As you are probably aware, last year the Board prepared a standard form
of examination report for use by examiners for the Federal Reserve banks
in examinations of State member banks, and it is the trust section of such
reports to which Mr.Sargent refers in his letter. At the time of the preparation of this standard form of examination report, the office of the Comptroller of the Currency revised the form of examination report used by the
national banks examiners and the Federal Deposit Insurance Corporation
was preparing its new form. The trust department sections of the three
forms of report are practically identical. It is understood, also, that the
standard form of examination report prepared by the Board is being adopted
in whole or in part by some State banking departments.
The Board has been instrumental in the appointment of one or more trust
examiners at each of the Federal Reserve banks, and, as a preliminary step
toward the co-ordination of trust department examination procedure, a
conference was held in Washington in September 1934, which was attended
by the trust examiners for the 12 Reserve banks. The conference included
a round-table study and review of that part of the examination report form
relating to trust department activities, as well as the procedure to be
followed in the examination of trust departments and a discussion of the
problems encountered in such examinations.
It is contemplated that similar conferences will be held periodically,
with a view to the interchange of ideas and experiences, and to standardization of trust department examination methods and routine. It is also contemplated that as important problems arise in connection with the examination of trust departments of State member banks they will be referred to
the Board for consideration, and any rulings of general interest will be
transmitted to all of the Federal Reserve banks. It is believed that through
the holding of conferences as outlined above, the customary review made
of the reports of examination by the Board's Division of Examinations in
Washington and rulings of the Board from time to time, a satisfactory degree
of uniformity may be obtained in the examination of the trust departments of
State member banks, with due allowance, of course, for the variations necessary duo to the difference in State laws and the nature of the fiduciary business. However any suggestions or recommendations which the American
Bankers Association may wish to make in connection with the supervision
of fiduciary matters in member banks will be welcomed and will be given
careful consideration.
Mr. Hecht in part also said:
I should like to take this opportunity also to pay my respects to the
Trust Division for the "Statement of Principles of Trust Institutions" which
was adopted by the Executive Committee of your division at the spring
meeting in 1933. As President R. M. Sims stated in his annual report at
the Chicago convention. "this statement of principles is of extreme significance in the history of ..kt,erican trust business," and I bespeak for this
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Financial Chronicle
high-minded declaration of principle and practice its universal adoption
by all institutions in our country engaged in the trust business. . . .
It came to my attention only recently that, as a result of a survey among
a group of representative banks located in widely separated cities of our
country. only 20 customers out of every 1.000 use the trust department,
while 670 use the savings department, and 108 use the commercial department. Obviously if our trust departments are serving only 2% of our total
clientele, the field for increased business is unlimited. Consequently a continuous program of public education is essential in order that our trust
companies may be given the opportunity to render the maximum of service.
Mid-Winter Trust Conference of Trust Division A. B. A.
—Leon M. Little Reviews Important Changes During Year Affecting Trust Institutions—Federal
Reserve Examinations of Trust Departments Discussed by Richard L. Austin
Important changes during the past year which have affected trust institutions were discussed in New York on
Feb. 12 by Leon M. Little, President of the Trust Division,
American Bankers Association and Vice-President of the
New England Trust Co., Boston, in his opening address
before the Sixteenth Annual Mid-Winter Trust Conference
at the Waldorf-Astoria. Mr. Little said in part:
If you will mentally review the year since the last Conference and the
changes that year has contained which are applicable to trust work, each
one of you will probably first think of the Federal Reserve examinations.
Secondly, some of you will think of Federal Deposit Insurance as it applies
to us, and some of you will think of the Home Owners Loan Association
and the manner in which it affected our real estate mortgages. Some of
you will think of other major things which were wholly new to us and which
presented new problems which had to be met, properly digested and assimilated into our working day, legally, efficiently and with due regard to the
rights of life tenants and remaindermen, and with as little disturbance
to them as possible.
Without doubt the inauguration of the Federal Reserve examination of
trust departments is the chief happening of the year. We have thought
It so important that we have devoted much of the session to it. We must
all agree that in theory it is excellent and I am sure that the very great
majority of us, if not all, feel that it might well have been inaugurated
years ago to our very considerable benefit.
To those examiners who are present, I want to say for the Trust Division
that we believe their work is founded on the proper fundamental principle
of examination, that is, on the basis of assistance to the department, and
that as time goes on they will see in each bank an improvement based on
their recommendations,and further, that the Trust Division stands willing
to aid insofar as it properly can, this constructive work in which they are
engaged. . . .
During the years the complexities of the trustees' work have increased
a thousand fold. A great many of us can remember the hue and cry that
went up when the income tax came upon us; then the various estate and
inheritance taxes, and at the same time a great growth in the number of
desirable trustee investments necessitating enlarged knowledge which could
successfully be acquired only through statistical departments.
Since the "Depression" we have been faced with difficulty in the collection of mortgage interest and rents and the Real Estate Deaprtment is
being asked to agree to credit some of the money collected on overdue
taxes and to accept partial payments everywhere.
The Federal Deposit Insurance brought a serious problem to the operating man, and one that had to be worked out with great precision in a
very short time.
To bring together and keep together in a smooth working machine the
present complexities of our operations is the business of the operating
officer who becomes increasingly influential in direct ratio to the increase
in the details he must co-ordinate.
Banks now subject to examination by the three Federal
agencies—the Comptroller of the Currency, the FDIC and
the Federal Reserve Banks—comprise 90% of all chartered
banks in the United States. The Wide scope cf Federal
supervision was brought out by Richard L. Austin, Chairman of the board, Federal Reserve Bank of Philadelphia, in
a discussion of trust department examination policies, before
the trust conference of the Trust Division. It was pointed
out that during the year just past trust departments of State
member banks have been examined by trust examiners of
the Federal Reserve Banks in accordance with the decision
reached late in 1933. Because the "triple threat" examinations cover such a large number of banks, careful study
was devoted to the development of a practically uniform
report.
"After the adoption of the uniform report," said Mr.
Austin, "a four-day conference of the Federal Reserve Bank
trust examiners was held in Washington for the purpose of
developing uniformity in examination procedure to conform to it." He referred to the preparation and adoption
of the "Statement of Trust Principles," by the Trust Division of the American Bankers Association during the past
two years as a particularly important achievement. Trust
department examination policies of the Reserve Banks are
arranged with the purpose of bringing the operations of
trust departments into conformity with the objectives expressed in that statement.
Examination procedure provides for a review of important
policies, no one of which, said the speaker, is more vital than
that relating to investments. This policy is reviewed as it
relates to safety of principal, income return, and the legality
of the investment. The Reserve Banks do not presume to
be investment counsellors, but proper supervision makes it
incumbent upon them to ascertain the general quality of
investments. Mr. Austin added:
Feb. 16 1935
A trust committee is exercising the cardinal virtue of prudence, when
its investment policy is based fundamentally on providing for the safety
of the principal and a proportionate income. There has been noted during the past year an increasing tendency on the part of trust committees
to revise investment programs so as to comply more completely with this
Policy.
The difficulty of being both safe and satisfying the speaker
recognized as something with which trust committees have
to contend. "Any one who has handled trusts knows," he
said, "that no mcome ever is sufficient, so far as the average
beneficiary is concerned. The trustee very often is compelled to submit to much unjust criticism for failure, due,
it is claimed, to lack of judgement and diligence, to secure
investments which pay a satisfactory rate of interest. How
often he is praised for making sound investments and preserving the principal of the estate one does not hear."
Mr. Austin also mentioned some practices which Reserve
Bank trust examiners do not countenance, saying:
In connection with the management of trusts there has been more or
less selling of mortgages and other securities owned by trust institutions,
to their trust estates, and likewise buying for themselves mortgages and
other securities from their estates. These transactions come under the
heading of "self
-dealing." We are unalterably opposed to this practice.
Another practice is that of the commercial departments
of trust institutions purchasing from trust accounts assets
which were originally in proper form but have since become
undesirable as trust investments. That is charactetized as
"an improper use of the institution's funds, to which objection must be made."
The need was emphasized for agreement on a uniform
basis for the valuation of trust assets, so that the actual
responsibility of the trustee may be known. The speaker
went on to say:
Some trustees carry the assets of the estates at par, some at cost value,
and some at inventory value. The advantages of various bases for carrying trust assets were considered at the trust examiners' Washington conference and it was the sense of that meeting that assets of trusts should
be carried on the trust department books at the inventory price, for assets
received from the decedent, and at cost for securities subsequently purchased, rather than at unit, par or nominal values.
The Chairman of the Philadelphia Reserve Bank strongly
opposed "guarantees or assurance of any nature in connection with trust activities." He said,"The only guarantee
a trustee should give are those of honest, able, and efficient
management." In conclusion he said:
Our examinations are conducted in full co-operation with the State
supervisory authorities and it is our hope that the directing of such joint
efforts toward the improvement of the methods and policies to be followed
by corporate trustees will lead to a better preservation of trust porpoerty
and will bring a wider use by the public of the valuable services that can
be rendered by corporate fiduciaries.
Mid-Winter Trust Conference of Trust Division of
A. B. A.—Robertson Griswold on Confusing Tax
Picture and Perplexities Encountered in Court
Decisions
Robertson Griswold,ftVice-President of the Maryland
Trust Co., of Baltimore spoke of the relationship of trusts
to tax saving, before the sixteenth mid-winter trust conference of the Trust Division of the American Bankers
Association at the Waldorf-Astoria, in New York on Feb. 13.
To prove that "uncertainty attends all tax problems,"
Mr. Griswold cited some interesting cases and experiences
of trust officials. Tax avoidance, he made clear, is one
thing, while tax evasion is something else. In his remarks
he said:
The deliberate adoption of legal methods to reduce or avoid taxes is
not an act involving any moral turpitude. In a case (lidded many years
ago, the Supreme Court of the United States said; "If the device is carried
out by means of legal forms, it is subject to no legal censure. . . .
While his (i.e., the taxpayer's) operations deprive the Government of the
duties it might reasonably expect to receive, it is not perceived that the
practice is open to the charge of fraud. He resorts to devices to avoid
the payment of duties, but they are not illegal. Ile has the legal right
to split up his evidences of payment and thus avoid the tax." (Isham
vs. United States, 17 Wallace, 496).
In a later case, Mr. Justice Oliver Wendell Holmes said. "We do not
speak of evasion, because, when the law draws a line, a case is on one side
of it or the other, and if on the safe side is none the worse legally that a
party has availed himself to the full of what the law permits. When an
act is condemned as an evasion, what is meant is that it is on the wrong
side of the line indicated by the policy if not by the mere letter of the law."
(Sullen vs. Wisconsin, 240 U. S. 625. 630).
Mr. Griswold pointed out, however, that it should be
remembered that this rule of law does not apply when the
entire tax-saving device is a sham—as in the case of a taxpayer who formed a corporation purely for the purpose of
taking advantage of the re-organization provisions of the
income tax law. He went on to say:
The ability to avoid unnecessary taxes, presupposes an intimate knowledge of taxation which it is difficult these days to acquire. Adam Smith,
the great British economist of the eighteenth century, laid down four
principles which should govern taxation; namely (1) equality. (2) cer
tainty, (3) convenience and (4) economy in administration. How sweet
these words sound to an ear attuned to the present discordant tax symphony.
Volume
140
Financial Chronicle
The trust official said that he has yet to see or hear of
anything more confusing than the sporadic and kaleidoscopic changes in the tax picture. What is told customers
one day may be all wrong to-morrow. And further preplexities are encountered in court decisions. Nor is this the
end of hazards. For if the Supreme Court sustains the
taxpayer, Congress will most probably bend every effort to
circumvent the decision, as in a recent case involving an
irrevocable deed of trust.
Mid-Winter Trust Conference of Trust Division of
A. B. A.—George W. Edwards of City College
Suggests Uniform Code in Field of Trust and
Legal Investment
A "new deal" in the formulation of investment standards
governing trust and savings investments was proposed by
George W. Edwards, Ph.D., Chairman of the Department of
Economics, College of the City of New York, in addressing
the mid-winter trust conference of the Trust Division of the
American Bankers Association, in New York, on Feb. 13.
"The legal list has too long given a false sense of security,
and in the future must be modified in the light of the lessons
learned from the investment experience of this depression,"
he said. "Just as the States have adopted uniform laws
for the regulation of warehouse receipts and negotiable
Instruments," Dr. Edwards declared, "so in the even more
important field of trust and legal investment a uniform
code should be adopted for every State in the Union."
A study of the investment system, conducted by several
members of the economics department at the College of the
City of New York, and based on an analysis of 3,230 bonds,
has developed factual evidence of the decline in the supply
of high-grade bonds available for the investment of trust
funds. Dr. Edwards added:
In the case of railroad bonds the high-grade securities, as judged by
the yield, constituted 81% of all the railroad bonds in 1927, and by 1933
tbey had dropped to 8% of the total. In dollar value the decline meant
that whereas the trust officer could select from 617 separate issues in 1927,
having a value of $8,163,000,000, he had a choice of only 63 issues in
1933, with a par value of less than one billion dollars.
The decline in the volume of high-grade utility bonds was lees drastic
than in the case of railroads. The number of high-grade industrial bonds
has always been much smaller than in the case of railroad and utilities,
but even this number was further decimated.
The total figures indicate a drop of high-grade bonds, when judged by
their yield, from a total value of $9,244,000,000 to $2,919,000,000. From
a relative standpoint, in 1927 somewhat more than one-half of the bonds
outstanding could have been regarded as high-grade, while only 11% of
the total colud have been considered high-grade in 1933. There is little
reason to believe that these percentages have changed drastically since
that date.
The speaker developed some facts as to roads of good
credit which were not on the legal list. "In this respect,"
• he said,"New York excludes six, or 30%, of this total, while
New Jersey bars five, or 25% of the total. Connecticut
keeps out the large number of 14, or 70%. Maine rejects
10 roads, or 50% of the total, while Vermont and Massachusetts omit nine good roads, or 45%." Investment tests
laid down by the laws of these States, the economist declared, are almost unbelievably simple. And it is in this
direction that the "new deal" is needed. Shortcomings of
some of these tests, such as those relating to minimum mileage, gross income, percentage of dividends over a stated
period, and the ratio of the mortgage to underlying property, were outlined by the speaker.
Election of Officers of Trust Companies Association
of State of New York—George C. Cutler President
George C. Cutler, Vice-President of the Guaranty Trust
Co. of New York, was elected President of the Trust Companies Association of the State of New York at the annual
meeting held Feb. 14 at the Lawyers Club. Mr. Cutler has
been actively identified with the work of the Association
for a number of years, having served formerly as VicePresident and as Chairman of the Legislative Committee.
He is now also chairman of the Legislative Committee of the
New York State Bankers Association.
Other officers were elected as follows at the meeting:
Vice-Presidents: Walter W. Schneckenburger, Vice-President Marine
Trust Co.. Buffalo, N. Y.; Henry J. Cochran, Vice-Chairman Bankers
Trust Co., New York City.
Treasurer. Richard R. Hunter, Vice-President Chase National Bank,
New York City.
Secretary. Henry L. Servoss, Vice-President Chemical Bank & Trust
Co., New York City.
The following were elected to the Executive Committee:
Class 1936
James G. Blaine. President Marine Midland Trust Co. of New York,
York City; William A. Read, Vice-President Central Hanover Bank
New
& Trust Co., New York City; Schuyler Merritt, Vice-President New York
State National Bank, Albany, N. Y.
•
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Class 1937
Harold K. Downing, President The Troy Trust Co., Froy, N. Y.;
Traphagen, President Bank of New York & Trust Co., New York City;
Harry E. Ward, President Irving Trust Co.. New York City.
Class 1938
James H. Perkins, President City Bank Farmers Trust Co., New York
City; Lewis G. Harriman, President Manufacturers & Traders Trust Co..
Buffalo, N. Y.; Boyd G. Curts, Vice-President New York Trust Co., New
York City.
Mid-Winter Trust Conference of Trust Division of
A. B. A.—James W. Allison Points to Advertising
as Accepted Method of Improving Public Relations
"Advertising is an accepted and approved method of improving both customer and public relations and an abandonment, or even drastic reduction of trust advertising is
believed to be false economy," James W. Allison, Vice-President and Trust Officer of the First & Merchants' National
Bank of Richmond, Va., declared on Feb. 12 at the WaldorfAstoria in an address before the mid-winter trust conference
of the Trust Division of the American Bankers Association.
Mr. Allison, who spoke on "Trust Institutions and the Public," also said:
Likewise, personal contact improves public relations. For the making
of personal contacts, men and women who are thoroughly grounded in trust
business, both from a theoretical and a practical viewpoint—not highpressure salesmen—should be retained or employed by trust institutions on a
still larger scale.
It should never be lost sight of, however, that good trust advertising
and good personal representation are profitable accessories to good trust
service, not substitutes for it. . . .
Our trust institutions are public service corporations in the sense that
they exist to serve all those persons, associations, corporations and governmental units of the community that need their trust services. We are
dependent upon the public for our patronage. We cannot command patronage ; we must win it and hold it: first, by rendering good trust service;
second, by establishing and maintaining with our trust customers a cordial
relationship based on complete information and understanding, and third,
by making certain that the public at large knows our aims, our purposes,
and our accomplishments.
Kansas Court Upholds Compulsory Military Drill in
State College, Despite "Conscientious Objection"
—Student Federation Urges Training BeRMade
Optional
Students who have conscientious scruples against military
training are not thereby excused from such training at
Kansas State College, Judge Otis E. Hungate, of Topeka,
Kan., ruled on Jan. 12 in denying the application of Raymond McMahon, a student at the college, for an injunction
against military training. This decision followed the action
of the National Student Federation of America in adopting
a resolution, on Jan. 1, urging the amendment of Section 40
of the National Defense Act so that military drill in colleges
and universities be made optional instead of compulsory.
The Federation also decided to support "those boys who
are conscientious objectors of compulsory military drill and
as such cannot receive a college degree."
The decision of Judge Hungate was noted as follows in
Associated Press advices from Topeka, on Jan. 12:
Mr. McMahon had objected to military training at the school, a land-grant
college, on the ground of conscientious scruples. He contended he was discriminated against because he had to attend the college to enroll for the
course in veterinary medicine, and that in requiring him to take military
training the Board of Regents was violating the State constitutional exemption provided for those objecting to bearing arms because of religious or
conscientious scruples.
Judge Hungate ruled there was no Federal or State constitutional provision prohibiting Pantos from making military training compulsory at
the college; that the Board of Regents had the power to make the training
compulsory, and that It could expel a student for not complying with
requirements.
Edward Rooney, attorney for Mr. McMahon, said he planned to appeal to
the Supreme Court.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
At the regular board meetings of J. Henry Schroder Banking Corp. and J. Henry Schroder Trust Co., both in New
York, held Feb. 13, Gerald F. Beal, Vice-President, was
elected President of both corporations to succeed the late
Prentiss N. Gray. Mr. Beal was formerly with the Discount
Corp. of New York and has been associated with the J.
ffenry Schroder Banking Corp. since its organization in 1923.
He is a director of Prudential Investors, Inc., Continental
Securities Corp. and Grange Trust, Limited.
From the Feb. 8 "Weekly Bulletin" of the New York
State Banking Department we take the following concerning
the Times Square Safe Deposit Co., at 665 Seventh Ave..
New York City:
Certified copy of order granted at a Special Term,Part 1, of the Supreme
Court of the State of New York, held in and for the County of New York,
at the County Court House, Center and Pearl Sts., Borough of Manhattan.
City of New York, Feb. 11935. declaring the subject dissolved and its corporate existence terminated, filed.
1094
Financial Chronicle
Announcement was made Feb. 11 by the Board of Directors
of theatafayette National Bank, Briial n. of-thetelection
fg"—
of Joseph P. Stair as a Vice-Pident. Mr. Stair was To7merly an Assistant Vice-President of the Lawyers Trust
Co., New York, now the Lawyers County Trust Co.
The New York State Banking Department announced on
Feb. 8 approval of a reduction of the capital and par value
of shares of the Mutual Trust Co. of Westchester County
at Port Chester, N. Y., from $300,000, consisting of 3,000
shares of the par value of $100 each, to $120,000, consisting
of 12,000 shares of the par value of $10 each.
Plans for the reduction of the capital stock and par value
of shares of the Bank of Castile, Castile, N. Y., from
$50,000 at a par value of $100 a share, to $25,000 at a par
value of $50 a share, were approved by the New York State
Banking Department on Feb. 7.
On Feb. 7 the New York State Banking Department approved plans to increase the capital of the Olean Trust Co.
of Olean, N. Y., from $25,000 to $100,000.
George Avery White of Worcester, Mass., on Feb. 5 was
elected President of the Worcester County Trust Co. of
that city, succeeding A. Otis Davis, who was made Chairman of the Board. Mr. Davis will continue his executive
duties until Mar. 1. The announcement by the bank continued in part:
Mr. White, on Mar. 27 1933, was appointed conservator of the Worcester Bank & Trust Co. During his service, the re-organization of that
bank and the Worcester County National Bank of Worcester and Fitchburg, the Second National Bank of Barre, the North Brookfield National
Bank and the Spencer National Bank was planned and executed. . ..
The Worcester County Trust Co. is the largest commercial banking
institution in Massachusetts outside of Boston, and the Trust Company's
charter dates back to 1868. Total resources are more than $35,000,000.
It has a capital structure of more than $4,000,000.
Its most recent statement showed deposits in excess of $30,000,000.
The trust department has under management in various fiduciary capacities
funds in excess of $35,000,000. In addition to four offices in Worcester, Worahester County Trust Co. has offices in Fitchburg, Spencer,
North Brookfield and Barre, Massachusetts.
The election of William R. Matthews, Princeton, N. J.,
contractor and builder, as President of the First National
Bank of that city, was announced on Feb. 8, according to
Princeton advices to the New York "Herald Tribune." Mr.
Matthews, formerly a Vice-President, and a director of
the institution for the past ten years, succeeds Joseph S.
Hoff, acting President of the Bank since the death of
Colonel David Flynn a year ago, the dispatch stated.
Concerning the affairs of the defunct State Bank of Linden,
Linden, N. J., the Newark "News" of Jan.6 had the following to say:
lid
State Banking Commissioner Kelly was authorized yesterday by ViceChancellor Buchanan to pay a final dividend of 7%% to creditors of the
State Bank of Linden. which Commissioner Kelly is liquidating. The
order was signed on application of Richard V. Stein, counsel to the Commissioner.
to The petition:stated claims totaling $302,340.90 had been approved by the
Commissioner and that liabilities totaling $1.900.87 appear on the bank's
books for which no claims have been presented. The Court directed
Commissioner Kelly to holdfin reserve $143.41 to pay a 734% dividend on
these liabilities when claimeshall be presented and to set aside $1.771.22
for expenditures in liquidatingithe bank.
The Court approvediexpenditures of $12,513.23 since May 6 last.
The Fidelity-Philadelphia Trust Co. of Philadelphia for
the year ended Dec. 31 1934 reports gross earnings of
$5,570,312. After deduction of $2,837,922, consisting of
operating expenses, Federal, State and city taxes, net earnings for the year were $2,732,390.11 These earnings compare
with gross of $4,674,594 nad net of $1,998,162 in 1931and
with gross of $4,778,373 and net of $2,045,946 ini,1932.
The annual report of the trust company, presentedito the
stockholders at their annual meeting on Feb. 13 by William P.
Gest, Chairman of theiBoard,olsoksaid:
The balance of undivided profits on Dec. 31 1933 amounted to $559.284.
the report states, and to this the above-mentioned net earnings for the
year 1934 have been added, together with the sum of $35,792 representing
recoveries from securities and loan previously charged off. After all deductions. including dividends paid in 1934, there remained a balance of
52.078.499 in undivided profits. Against this balance, there were charged
off or written down specific items of securities and loans amounting to
$413,501, and there were transferred to reserve for contignencies and to
reserve for insurance, the sums of $897,000 and $50.000 respectively.
leaving a balance of $717,998 in the undivided profits account at the close
of business Dec. 31 1934.
It isllearned fromIthe Philadelphial"Record" ofp'eb. 9
that Dr. Luther A.% Harr, StatelSecretary of Banking for
Pennsylvania, announced oniFeb. 8 that an additional
dividend of 5% would be paid within two weeks to depositors
Feb. 16 1935
of the closed Franklin Trust Co. of Philadelphia. The payment, approximating $800,000, was to be made possible
by a loan fromkthe Reconstruction Finance Corporation.
Thee pape_ltcontinued:
•
When the bank closed in October 1931, It had 55.863 depositors with
unsecured deposits of $16.000.000. Secured deposits totaled $11,000,000.
To date depositors of the Franklin Trust have received a return of 25%.
The last payment was made Jan. 15 1934.
Additional payments to Franklin Trust depositors, Dr. Harr said, will
depend upon a more liberal policy on the part of Federal authorities in
appraisements and upswing in the real estate market.
Thomas L. Orr, heretofore Assistant Cashier of the
Mellon National Bank of Pittsburgh, Pa., was promoted
to the office of Cashier of the institution at a meeting of the
directors on Feb. 6. He succeeds B. W. Lewis, formerly
Vice-President and Cashier, who continues with the institution as Vice-President. In noting this "Money &
Commerce" of Feb. 9 also supplied the following in regard
to Mr. Orr's career:
Mr. Orr, after going to school in Pittsburgh, graduated from Hamilton
College, near Utica, N. Y. He served in France during the World War
two years and returning to Pittsburgh entered the Bond Department of the
Mellon National Bank in February 1919. He advanced in that department,
becoming Assistant Manager and Manager in 1926. in June 1927, he was
appointed Assistant Cashier. He is identified with a number of organizations, and is a director of the Wilkinsburg Bank of Wilkinsourg. . . .
According to a dispatch from Elmore, Ohio, on Feb. 12,
printed in the Toledo "Blade," payment of a 47% dividend
will be made to depositors of the First National Bank of
Ehnore about March 1, Edward P. Carsten, the receiver,
has announced. The dispatch added:
A $90,000 Reconstruction Finance Corporation loan will finance part of
the dividend. One dividend of 20% was paid previously.
On Feb.4 the Comptroller of the Currency issued a charter
to The First National Bank in Mt. Gilead, Mt. Gilead, Ohio.
The new organization replaces The Mt. Gilead National Bank
and is capitalized at $50,000. William F. Bruce is President
of the new bank and G. C. Sesler, Cashier.
Repayment of a 5% dividend to depositors of the Adams
State Bank of Chicago, Ill., was begun on Feb. 8 on authorization of Edward J. Barrett, State Auditor of Illinois,
according to the Chicago "Tribune" of Feb. 9, which likewise said:
The distribution amounts to $20,209, and was obtained through a loan
from the Reconstruction Finance Corporation late in 1934. The bank
closed July 1 1932, and now has returned a total of 12% on deposit
liability. William L.. O'Connell, receiver, announced that preferred and
secured creditors have been paid $199,588.
We learn from the Chicago "News" of Feb. 9 that the
Marshall & Ilsley Bank of Milwaukee, Wis., has announced
the election of Albert S. Puelicher as President of the institution to succeed his father, J. H. Puelicher, whose death
occurred on Jan. 28, and also the appointment of Charles
Ilsley to the newly-created office of Chairman a the
Board of Directors.
On Feb. 2, The First National Bank of Eagle Bend,
went into voluntary liquidation. This bank, which was
capitalized at $25,000, was succeeded by the Citizens' State
Bank of the same place.
A 46% dividend to depositors of the failed Chapman
State Bank at Chapman, Neb., was announced on Feb. 9
by the Nebraska State Banking Department, according to
Lincoln, Neb., advices by the Associated Press on that date,
which added:
The new dividend brought returns to depositors to a total of 78%, or
$58,413.
The Inter-State National Bank of Kansas City, Mo.,
has absorbed the Drovers' National Bank in Kansas City,
the merger becoming effective at the close of business Feb.
9. The Kansas City "Star" of Feb. 10, authority for this
also said:
The continuing institution, the Inter-State, housed on the second floor
of the Live Stock Exchange building, has a history running far back in
the early days of the yards and has had a national charter for nearly
40 years. For 26 of those years it has been headed by George S. Hovey,
with the institution for a third of a century. . .
The motive behind the purchase of the Drovers' National, controlled
by the Morris packing interests, by Mr. Hovey and his Inter-State associates is obvious and admitted—to gain the uthantage of economies
and earnings of a merged institution at a time when banks are crowded
with money, but with only a limited commercial demand for its use.
The selling Drovers stockholders were paid a substantial bonus for their
business.
The Interstate National's statement will continue to show an extreme
example of banking liquidity, emphasized in amount by the absorption.
Deposits will total about $22,600,000. The enlarged institution will
Volume 140
Financial Chronicle
1095
The trend of prices was toward higher levels on Friday,
and while the advances did not extend to all parts of the list,
there were a number of stocks in the specialties section that
showed fairly substantial gains. Dow Chemical was one of
the strong stocks of the day and registered a net advance of
3 points above the previous close. Greyhound Corp. closed
at 293 with a gain of 33% points and Todd Shipbuilding
%
moved up 2 points to 29. As compared with Friday of last
week, prices were slightly higher, Allied Mills closing last
night at 15 against 137% on Friday last, Aluminum Co. of
America at 443% against 44, American Cyanamid B at 167
%
against 163 ,Atlast Corp. at 8% against 83%, Carrier Corp.
%
at 18% against 17%, Central States Electric at 7-16 against
%, Consolidated Gas of Baltimore at 583% against 567%,
%
Effective Jan. 25, The First National Bank of Gastonia, Distillers Seagram Ltd. at 175 against 173%, Electric Bond
N. C., capitalized at $500,000, was placed in voluntary liqui- & Share at 57% against 53%, Fairchild Aviation at 87% against
dation. It was replaced by the National Bank of Commerce 87%, Fisk Rubber Corp. at 97% against 83%, Greyhound
Corp. at 293% against 227%, Gulf Oil of Pennsylvania at
of Gastonia.
567% against 56, Hiram Walker at 327% against 303%, Humble
Oil (New) at 483% against 46%, National Bellas Hess at 2
THE CURB EXCHANGE
%
against 13 ,New York Telephone pref. at 1173/3 against 117,
Trading on the New York Curb Exchange has been quiet Pioneer Gold Mines of B. C. at 103 against 1034, Sherwin
%
and without special feature during the present week. There Williams Co. at 89 against 863% and Swift & Company at
have been occasional flurries in the public utilities and 187% against 1834.
specialties, and while the trend of prices has been upward,
'DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
the changes have been within comparatively narrow channels.
Greyhound Corp. attracted buying and broke into new high
Bonds (Par vatue).
Stocks
(Number
Wee* Ended
ground for the movement with a net gain of 35% points.
of
Foreign
Feb. 15 1935
Foreign
Total.
Domestic. Government. Corporate.
Shares).
Mining and metal securities were in small demand and
$33,000 53,721.000
5170,000
93,460 53,518,000
drifted downward most of the time and oil shares were Saturday
34,000
38,000 3.382.000
Monday
125,680 3,310,000
fairly steady but show little change.
HOLI DAY
Tuesday
HOLI DAY
124,000 4,808.000
91,000
120,195 4,593,000
Wednesday
Strength in the preferred stocks, particularly those of the Thursday
7,000
69,000 5,369.000
118,321 5,293,000
47,000
21,000 6,438,000
173,505 6,370,000
public utility group, was the feature of the trading during the Friday
short session on Saturday. The gains among the active
3285,000 523,718.000
Total
631,161 328.084,000
5349,000
shares in this section ranged from 1 to 2 or more points,
Jars. lto Feb. 15
Salm at
Week Ended Feb. 15
but in the specialties list the advances were in small fractions.
New York Curb
1934.
Exchange.
1935.
1934.
1935.
Lower prices prevailed among the miscellaneous industrials
14,652,494
631,161
5,093,755
1,924,310
the oil issues were steady, though there were occasional Stocks—No, of shares.
and
Bonds
$160,913,000
823,084,000 $19,025,000
$152,494,000
fractional declines recorded during the session. Prominent Domestic
717,000
7,589.000
Foreign government_ 349,000
3,583,000
6,996,000
among the stocks showing advances as the market closed Foreign corporate
285,000
753,000
1,869,000
were American Cyanamid B, American Gas & Electric comTotal
$23,718,000 820,495,000
$157,946,000
5175,498.000
mon, Cities Service pref., Electric Bond & Share, Ford
Motor of Canada A, Swift International and Hiram Walker.
COURSE OF BANK CLEARINGS
Greyhound Corp. was the outstanding feature of the quiet
Bank clearings this week will show an increase as comdealings on Monday. The stock opened at 22 and moved
gradually upward throughout the session and closed at pared with a year ago. Preliminary figures compiled by us,
25%, with a net gain of 35% points. The general trend of the based upon telegraphic advices from the chief cities of the
list was toward higher levels, the public utility shares again country, indicate that for the week ended to-day (Saturday,
leading the moderate upward swing. Considerable irregu- Feb. 16) bank exchanges for all cities of the United States
larity was apparent during the forenoon, but this gradually from which it is possible to obtain weekly returns will be
simmered down as the session progressed. Mining and 5.4% above those for the corresponding week last year.
metal issues were weak and there was little or no visible Our preliminary total stands at $4,845,121,176, against
movement in the oil stocks. The gains for the day in- $4,595,309,097 for the same week in 1934. At this center
cluded among other active shares, American Cyanamid B, there is a gain for the week ended Friday of 2.9%. Our
American Gas & Electric common, Carrier Corp, General comparative summary for the week follows:
Tire & Rubber, Hudson Bay Mining & Smelting, Humble
Per
Cieartngs—Relurns Si, Telegraph
Oil & Refining Co., Sherwin-Williams Co. and Standard
1934
Cent.
1935
Week Ended Feb. 16
Oil of Kentucky.
82,412,516,957 52,343,695,298
+2.9
New York
152.649,307 +15.8
The curb market, the Stock Exchange and all local com- Chicago
176,771.786
211,000,000
193,000,000
+9.3
Philadephia
modity markets were closed on Tuesday in observance of Boston
141,000,000
152,000,000 —7.2
64.118,199
50,866,595 +26.1
Kansas City
Lincoln's Birthday.
53.900,000
52,600.000
+2.5
St. Louis
82,000,000
81,317,000
+0.8
Firm prices in the specialties group stimulated trading to San Francisco
69,326,095
59,532,151 +16.5
Pittsburgh
some extent on Wednesday, and while the advances did not Detroit
62,735,945
49,417,601 +27.0
45,260,642
43,798,221
+3.8
Cleveland
extend to all sections of the group, there were a number Baltimore
38,991,121
39,614,830
—1.6
23,713,000
22,404,000 +5.8
of substantial gains apparent before the closing hour arrived. New Orleans
The turnover was slightly under the total transactions on
$3,381,333,745 $3,240,895,003
+4:3
Twelve cities, 5 days
531,267.235
454,764,555 +16.8
Monday, but the tone was fairly firm throughout the entire Other cities, 5 days
$3,912.600,980 53,695,659,558
+6.1
Total all
session. Advances ranging from fractions to a point or All cities, 1 cities, 5 days
932,520,196
899,649,539
+3.7
day
more were registered by such active securities as Allied Mills,
Tntat .111nItlasa fro. amok.
as %LA 191 175
Id SAS IRA 1107
4-5 A
American Cyanamid B, American Gas & Electric common,
Canadian Industrial Alcohol A, Consolidated Gas of BaltiComplete and exact details for the week covered by the
more, Ford Motor of Canada A, Greyhound Corp., Gulf Oil foregoing will appear in our issue of next week. We cannot
of Pennsylvania, Sherwin-Williams Co., Standard Oil of furnish them to-day inasmuch as the week ends to-day
Kentucky, Swift & Co., United Gas Corp. and Hiram (Saturday) and the Saturday figures will not be available
Walker.
until noon to-day. Accordingly, in the above the last day
Few changes were apparent in the curb market on Thurs- of the week in all cases has to be estimated.
day, and while there were occasional stocks like Pepperell
In the elaborate detailed statement, however, which we
Manufacturing and Technicolor that registered moderate present further below, we are able to give final and complete
advances, the greater part of the list showed only minor results for the week previous—the week ended Feb. 9. For
changes from the preceding day with most of these on the that week there is a decrease of 5.0%, the aggregate of
side of the decline. Among the active stocks recording frac- clearings for the whole country being $4,865,448,234, against
tional losses as the market closed were Sherwin Williams, $5,123,407,124 in the same week in 1934.
National Bellas Hess, Hudson Bay Mining & Smelting,
Outside of this city there is an increase of 12.5%, the
Greyhound Corp.,Ford Motor of Canada A,Electric Bond & bank clearings at this center having recorded a loss of 13.1%.
Share and Allied Mills.
We group the cities according to the Federal Reserve dis-
have something like $9,000,000 in cash and another $9,000,000 in Government bonds, the loans at this time aggregating only $5,600,000. • • •
January saw the withdrawal of Harry L. Jarboe, long President, from
the Drovers' National, and the sale of his own stock to the majority
Interests, at a price said to have been $200 a share. The Morris Interests
transferred to Kansas City Raymond E. Law from East St. Louis. A
lease on its banking quarters was approaching a renewal date. Under
these circumstances, new negotiations of the Inter-State National executives with Col. Nelson Morris in Chicago resulted in the sale consummated as at the close of business yesterday (Feb. 9).
Besides Mr. Hovey, the Inter-State National organization includes J. M.
Hellings and David T. Beals, Vice-Presidents; A. B. Chrisman, Cashier;
and John 3. Boone, George S. Bradbury, F. B. Moore and Phil G. Hovey,
Assistant Cashiers.
A part of the Drovers National staff, including George Young, VicePresident, is expected to be absorbed into the Inter-State. Mr. Law will
return to his Morris post in St. Louis.
1096
Financial Chronicle
tricts in which they are located, and from this it appears
that in the New York Reserve District, including this city,
there is a loss of 12.0%, and in the Boston Reserve District
of 1.5%, but in the Philadelphia Reserve District the totals
show a gain of 11.1%. The Cleveland Reserve District
has to its credit an increase of 16.6%, the Richmond Reserve
District of 6.4%, and the Atlanta Reserve District of 11.6%.
In the Chicago Reserve District there is an improvement of
20.2%, in the St. Louis Reserve District of 12.3%, and in
the Minneapolis Reserve District of 7.8%. The Kansas
City Reserve District has managed to enlarge its totals
by 16.0%, the Dallas Reserve District by 11.3%, and the
San Francisco Reserve District by 8.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Feb.9 1935
1935
Inc.°,
Dec.
1934
1933
1932
Federal Reserve Dicta.
let Boston._ _ _12 cities
2nd New York__12 "
3rd Philadelpla 9 "
4th Cleveland.. 5 "
5th Richmond. 6 "
8111 Atlanta_.__ 10 "
7th Chle.ago _ _ _19 "
8th St.Loula___ 4 "
9th Minneapolis 8 "
10th Kansas City10 "
Ilth Dallas
5 "
12th Ban Fran_ _12 "
$
201,743,432
3,165,594,010
276,087,712
188,295,047
92,664,559
108,210,819
336,815,510
104,831,615
67,627,315
108,204,322
45,579,006
169,794,887
$
704,735,398
3,597,457,996
248,422,112
161,426,121
87,075,217
96,955,030
280,287,330
93,379,270
62,725,272
93.314,728
40,964,159
156,664,491
%
-1.5
-12.0
+11.1
+16.6
+6.4
+11.6
+20.2
+12.3
+7.8
+16.0
+11.3
+8.4
$
169,618,707
2.881,384.183
268,976.741
158,600,715
88,619,964
90,733,2,45
213,997,524
68,479,498
43,289,686
70,564,729
30,574,948
125,477,961
9
223,876,280
2,720,875,709
241,540,613
180,340,786
103,723,129
86,695,412
298,458,163
89,438,585
51,825,724
92,028,014
36,525,330
149,137,597
Total
110 cities
Outside N. Y. City
4,865,448,234
1,816,959,109
5,123,407,124 -5.0
1,615,270,512 +12.5
4,210,317,901
1,409,174,657
4,277,465,342
1,640,017,846
olo a71 11R
77F 10S Allel
,
3anana
32 pities
'la
VIR 107
,es
r.s. am
4-1 A 1
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Feb. 9
Clearings al
1935
First Federal
-Bangor _
Me.
Portland
Mass -Boston.
Fall River_ _ _
Lowell
New Bedford
Springfield..
Worcester
Co n n.-Hartfor
New Haven_ _ _
R.I.-Providenc
N.H.-Manch'r_
Total(12 cities)
1934
Inc. or
Dec.
$
S
%
Reserve Dist rict-Boston597,929
442,689 +35.1
1,499,488
2,019,411 -25.7
175,055,427 179,003,959 -2.2
511,998
578,411 -11.5
319,331
234,589 +36.1
594,717
552,391
+7.7
2.921,928
2,470,423 +18.3
1.133.592
1,111,954
+1.9
8,178,240
7,418,316 +10.2
3,034,369
3,307,739 -8.3
7,530,400
7,266,500
+3.6
366,013
329,016 +11.2
201,743,432
204,735,398
-1.5
1933
S
1932
$
339,081
1,919,688
147,402,742
557.981
265,561
366,188
2,225,213
1,448,326
5,340,451
3,096,014
6,319,300
338,162
434,198
2,124,726
195,764,108
673,053
242,030
632,558
3,035,521
2,073,497
5,877,711
4,318,125
8,304,700
396.053
169,618,707
223,876,280
Second Feder al Reserve D istrict-New York
-Albany _ _
N. Y.
16,823,896
12,458.742 +35.0
9,656,783
5,118,408
Binghamption _
1,359,909
710,844 +91.3
667,640
662,459
Buffalo
22.500.000
21.729,948
+3.5
18,218,149
22,020.824
Elmira
796.396
472,019 +68.7
514.770
695,652
Jamestown..
425,121
404,150 +5.2
371,066
588,687
New York.._ 3,048,492,125 3,508,136,612 -13.1 2,801,143,244 2,637,447,496
Rochester
6,799,817
7,547,575 -9.9
5,508,131
6,423,277
Syracuse
3,628,262
3,246,627 +11.8
3.019.785
2,841,454
Conn.
-Stamford
3,000,038
2,483,229 +20.8
2,532,432
2,825,894
N. J.
-Montclair
.400,000
328,636 +21.7
362,993
396,614
Newark
21,691,253
16,685,081 +30.0
16,403,026
19,345,587
Northern N. J.
39,677,193
23,254,553 +70.6
22,986,164
22.509,359
Total(12 cities) 3,165,594.010 3,597,457,996 -12.0 2,881,384,183 2,720,875,709
Third Federal Reserve Dist rict-Philad elphia-Pa.
-Altoona._ _
324,349
270.154 +20.1
220.762
Bethlehem _ _ _ _
a2,140.368
b
____
a355,738
Chester
323,696
248,130 +30.5
228,874
Lancaster
953,759
625,672 +52.4
762.202
Philadelphia..
267,000,000 240,000,000 +11.3 261,000,000
Reading
986,074
1,153,224 -14.5
1,301,082
Scranton
2,011,475
1,643,783 +22.4
1,690,846
Wilkes-Barre_ _
831.716
1,180,544 -29.5
1,167.722
York
1,136,643
852,605 +33.3
791,253
N.J.
-Trenton
2,520,000
2,448,000 +2.9
1,814,000
-
Total(9 cities).
278,087,712
248,422,112 +11.1
188,295,047
161,426,121
c
c
38,305.768
53,732,104
7,466,700
b
b
80,836,214
+16.6
158,600.715
180,340,786
327,409
1,828,000
23,291.420
547,051
46,747,891
15,878,193
302,175
2,705,307
25,662,035
800,000
53,858,252
20,395,360
88,619,964
103,723,129
Sixth Federal Reserve Dist rict-Atlant aTenn.
-Knoxville
2,553,626
1,844,288 +38.5
3,083,168
Nashville
12,660,501
10,077,789 +25.6
8,009,114
Oa.
-Atlanta....
39,100,000
33,200,000 +17.8
23,300,000
Augusta
821,618
588.052
1,103.601 +25.6
Macon_ _
783.263
_
720.987 +8.6
316,532
Fla.-Jack'nville.
13,806,000
12,121,000 +13.9
7,554,711
Ala.-Birm'ham
14,077,475
11,747,126 +19.8
7,534,887
Mobile
1,161,463
991,324 +17.2
792.527
-Jackson _
Miss.
b
bh
Vicksburg
167,990
160,818
132,862
-I--4.8
-New Orleans
La
23,078,883
24,988.099 -7.8
39,421,392
2,857,407
7,654,036
28,500,000
885,487
598,272
10,652,296
8,812,966
855,057
la
157,218
25,722,673
Total(10 cities)
92,664,559
108,210,819
87,075,217
+8.4
96.955.030 +11.6
1935
90.733.245
Inc. or
Dec.
1934
Seventh Feder al Reserve D istrict-Ch icagoMich.
-Adrian
67,556
43,946 +53.7
Ann Arbor_ _ _ _
424,818
478,548 -11.2
Detroit
70,056,569
56.160,729 +24.7
Grand Rapids _
1,673,662
1,419,795 +17.9
Lansing
987.583
738.100 +33.8
Ind.
-Ft. Wayne
702,922
466,018 +50.8
Indianapolis
12,504,000
10,310,000 +21.3
South Bend
715,944
677.450 +5.7
Terre Haute_ _ _
3,231,304
3,597.615 -10.2
Wis.-Milwaukee
15,512,509
12,138,211 +27.8
la.-Ced. Rapids
796,021
278,050 +186.3
Des Moines_ _ _
6,446,983
4,495,691 +43.4
Sioux City_ _ _
2,438,801
2,114,883 +15.3
Waterloo
Ill.-13loomingt'n
264.821
261,353 -F1.5
Chicago
216,602,820 183,072,228 +18.3
Decatur
581,551
453,097 +28.4
Peroria
2,331,686
2,313,905 +0.8
Rockford
616,190
438.544 +40.5
Springfield...
859,770
829,367 +3.7
Total(19 cities)
Eighth Federa
Ind.
-Evansville
Mo.-St. Louis
KY -Louisville
Tenn.
-Memphis
Ill.
-Jacksonville
Quincy
336,815,510
280,287,330 +20.2
Reserve Dis trict-St. Lo
64,500,000
25,942,105
13,969,510
1933
86.695.412
1932
77,373
454,141
44,469,695
1,986,167
436.069
647,973
10,834,000
1,058,908
2,528,195
9,688,632
is
4,488,183
1,450,376
125,008
595,429
53,965,903
2,268,642
1,185,800
1,036,956
12,203,000
1,088,731
2,859,220
17,512,542
612,812
4,773,692
2,320,213
582,628
131,929,165
341,926
1,742,036
328,799
953,258
818,848
192,300,830
508,793
2,190,500
704,882
1,386,362
213,997,524
298,458,163
42,400,000
17,626,589
8,264,391
60,800,000
18,061,795
10,014,324
nig-
55,700,000
23,567,223
13,807,047
+WA;
+10.1
305,000
+1.2
. 7
+31.7
188,518
562,466
93,379.270 +12.3
68,479,498
89,438,585
Ninth Federal Reserve Dis rict-Minne spoils
Minn.
-Duluth
1,943,033
1,857,885 +4.6
Minneapolis_ _
43,000.645
41,938,385
+2.5
St. Paul
18,962,475
16,260,318 +16.6
S. D.
-Aberdeen.
442.057
337,919 +30.8
Mont -Billings.
488,296
295,045 +65.5
Helena
2,790,809
2,035,720 +37.1
1,542,214
29,131,496
10,144.366
452,454
210,635
1,808,521
2,125,857
37,326,986
13,001,338
529,993
335,424
1,506,126
+7.8
43,289,686
54,825,724
Tenth Federal Reserve Dis trict-tans as City
Neb.-Fremont..
73,225
43,083 +70.0
Hastings
87,074
84,764
+2.7
Lincoln
2,167,947
1,869,913 +15.9
Omaha
24,057,371
25,092,491 -4.1
Kan.
-Topeka _
2,118,913
1,783,913 +18.8
Wichita
2,552,957
2,143,335 +19.1
Mo-Kansas City
73.368,832
58,545.440 +25.3
St. Joseph_ _ _
2,723,665
2,747,915 -0.9
Colo.
-Col. Spgs.
553,877
573,902 -3.5
Pueblo
500,461
429,972 +16.4
45,313
88,338
1,401,112
14.981,808
1,428,225
3,028,598
46,477,983
2,197,484
468,809
447,059
136,915
156,897
2,249,735
20,030,585
1,951,783
4,096,867
59,152,598
2,835,615
722,461
694,568
93,314,728 +16.0
70,564,729
92,028,014
Eleventh Fede ral Reserve District-Da IlasTex.
-Austin....
1,563,613
870,757 +70.6
Dallas
34,638,170
30,681,640 +12.9
Ft. Worth_ _ _
5,313,308
5,643,148 -5.8
Galveston
1,840,000
1,819,000 +1.2
La.
-Shreveport.
2,223,915
1,949,614 +14.1
789,152
22,233,457
4,021,271
1,254,538
2,276,530
911,798
24,911,836
6,157,843
1,725,000
2,818,853
30,574,948
36,525.334)
Twelfth Feder al Reserve D strict-San Franc isco
Wash -Seattle...
21,341.251
18,265,603 +16.8
15,249,084
Spokane
6,109,000
5,038,000 +21.3
3,337,000
Yakima
468,867
377.387 +24.2
216,212
Ore -Portland..
10,006,572
15,214,734 -34.2
11,878,285
Utah-Salt Lk C.
10.145,883
8,792,912 +15.4
6,739,898
Calif -Long Bch
2,855,301
2,618,676
2,486,081
+9.0
Pasadena
2,744,498
3,388,574 -19.0
2,981,501
Sacramento...
4,446,409
2,897,985 +53.4
3,362,169
San Francisco. 107,454,536
96,532,581 +11.3
76,606,228
San Jose
1,810,444
1,544,281 +17.2
1,089,639
Santa Barbara.
978,083
847,598 + 15.4
719,979
1,433,843
Stockton
1,146,160 +25.1
811,885
19,430,681
5,079,000
409,516
15,579,224
8,309,242
2,933,293
3,698,718
6,566,003
83,545,836
1,302,292
1,042,185
1,235,608
Total (4 cities).
Total (6 cities).
Total(10 cities)
Total(5 cities).
420.000
104,831,615
67,627,315
108,204,322
45,579,006
62,725,272
40,964,159 +11.3
Total (12 cities) 169,794,887 156,664,491
Grand total (110
cities)
4 865,448,234 5,123,407,124
+8.4
125,477.961
149,137,597
-5.0 4,210,317,901 4,277,465.342
Outside New York 1,816,956,109 1,615.270.512 +12.5 1,409.174,657 1,640,017,846
1Week Ended Feb. 7
Clearing., at
1934
Inc. or
Dec.
1933
241,540,613
Fifth Federal Reserve Dist rIct-Richm ondW.Va -Hunt'ton
132,877
109,429 +21.4
Va.-Norfolk. _
2,292,000
1,660,000 +38.1
Richmond
__
26,661,250
26,042,771
+2.4
.C.
-Charleston
844,023
899,962 -6.2
Md.-Baltimore.
46,125,184
45,108,379
+2.3
D.C.-Washing'n
16,609,225
13,254,676 +25.3
Total(6 cities).
Week Ended Feb. 9
Clearings at
-
1935
268,976.741
Fourth Feder al Reserve D strict-Cley eland-Ohio-Akron._ _
C
c
____
c
Canton
C
c
c
Cincinnati
__
40,947,314
35,899,252 +14.1
41,774,900
Cleveland
49,181,515
44,428,348 +10.7
47,754,829
Columbus
10,078,900
7,436,700 +35.5
5,073,000
Mansfield
1,075,656
853,527 +26.0
652,660
Youngstown
b
b...
b
_
Pa.
-Pittsburgh
87,011,662
72,810,294 +19.5
63,345,326
Total(5 cities).
456,128
2555,361
349,140
935,941
231,000,000
1,971,052
2,088,634
1,427,747
1,080,971
2,231,000
Feb. 16 1935
Canada
Toronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat..
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
126,531,397
89.944.401
30,822,919
14,482,883
4,938.405
4,110,055
2,250,749
4,246,852
4,802,008
1,649.686
1,619,879
2,979,249
4,352.773
2,770,289
307,353
408,181
1,329,698
529,593
752,030
606,350
539,071
194,241
604,000
536,274
936,552
2,899,898
354,881
602,415
534,579
465,161
459,270
638,561
97,134,464
87.193,712
28,481,889
14,297,780
4,386,535
4,179,191
2,080,453
4,000,075
4,654,523
1,543,171
1,607,943
2,419,190
3,934,229
2,531,587
265,705
355.156
1,161,282
488,721
730,162
612,770
447,788
201,433
572.871
524,408
952,244
2.164,691
255,358
618,091
508,236
489,185
388,567
505.012
+30.3
+3.2
+8.2
+1.3
+12.6
-1.7
+8.2
+6.2
+3.2
+6.9
+0.7
+23.2
+10.6
+9.4
+15.7
+14.9
+14.5
+8.4
+3.0
-1.0
+20.4
+5.4
+2.3
-1.6
+34.0
+39.0
-2.5
+5.2
+18.2
+28.0
97,711,691
81,770,548
22,710,490
10,998,060
3,764,644
3,533,983
1,7543,703
3,034,608
3,949,944
1,345,015
1,239,417
2,103,382
2,707,344
2,494,386
227,721
263,907
1,957,566
428,161
679,569
485,046
404.914
151.376
449,824
471,725
670,379
1,915,190
199,024
526,175
480,470
356,372
345.291
346,833
1932
9
77,041.907
74,124,011
22,801,977
11,976,294
4,367,329
3,144,380
1,895,329
3,451,860
4,54413,260
1,756,145
1.427,673
2,329,700
3,429,218
2,338,771
316,724
267,601
1,279,287
489,902
751,801
485,778
435,128
183,328
465,882
492,492
731,008
2,177,880
274,034
561,172
504,948
473,597
377,139
459,165
308,197,233 269,686.422 +14.3 249,473,738 225,395,800
a Not included in totals. b No clearings available. c Clearing House not
functioning at present.
• Estimated.
, Total (32 cities)
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 30 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,403,692
on the 23d inst., showing no change as compared with the previous Wednesday.
On the 25th inst. the Bank announced the purchase of £30,433 in bar
gold.
In the open market bar gold to the value of about £2,200,000 was disposed of during the past week.
There has been buying on American account and further shipments
have been made to New York, although these will not arrive before the
reassembly of the United States Supreme Court on Feb. 4, when its decision
regarding the "gold clause" is expected to be made known.
There is still a measure of uncertainty, the majority of operators abstaining from making shipments, and prices were fixed at a substantial discount
on dollar parity.
Quotations during the week:
Equivalent Value of
Per Fine
E Sterling
Ounce
12s. 0.26d.
Jan. 24
141s. 4d.
12s. 0.22d.
Jan. 25
141s. 434(1.
11s. 11.92d.
Jan. 26
141s. 8d.
12s. 0.09d.
Jan. 28
141g. 6d.
11s. 11.884.
Jan. 29
141s. 8%d.
11s. 11.50d.
Jan. 30
1428. Id.
115. 11.98d.
Average
141s. 7.33d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
Exports
Imports
British South Africa__ -- £1,273,618 United States of America £7,037,055
British West Africa_ --14,200
135,111 Netherlands
British India
2,010
445,226 France
26,400
Australia
150,132 Belgium
New Zealand
1,717
38,848 Germany
British Guiana
1,146
9,724 Switzerland
Netherlands
663,573
France
133,672
Iraq
9,410
Venezuela
16,068
Other countries
24.893
£7,082,528
E2.900,275
A large shipment of gold was made from Bombay last week, the S. S.
"Ranchl" which sailed on the 26th inst. carrying £1,403,000; of this amount
£1,298,000 is consigned to London and £105,000 to New York.
SILVER
The market continued to show a steady tone and there has been little
change in quotations during the week.
There has been further buying by China speculators and purchases for
the American Treasury were again a feature. Weak advices from Bombay
were followed by substantial resales by the Indian Bazaars, which with
other speculative resales were the main source of supply.
The market maintains its good undertone, although there has been a
disposition to liquidate some of the speculative holdings, possibly induced
by nervousness prevailing in other markets.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
Imports
Exports
Hongkong
£804,844 United States of America £1,899,820
British Malaya
83,308 Southern Rhodesia
x31,415
Japan
x6,196
78,288 Palestine
China
42,193 French Possessions in
Peru
4,000
India
2,000
Australia
7,975 Germany
2,970
France
10,914 Other countries
2,118
Belgium
10,500
Austria
17,500
Iraq
6,125
Other countries
8,647
£1,944,519
£1,074,294
x Coin not of legal tender in the United Kingdom.
Quotations during the week:
IN LONDON
IN NEW YORK
-Bar Silver per Oz. Std.
Cash
2 Mos.
(Per Ounce .999 Fine)
Jan. 24___24%d.
24%cl.
Jan. 23
54% cents
Jan. 25---24%d.
24%d.
Jan. 24
54% cents
Jan. 26_ - _24 11-16d.
24 13-164. Jan. 25
54 9-16 cents
Jan. 28_ _ _24
24%d.
Jan. 26
54% cents
Jan. 29..- _24 d.
24%d.
Jan. 28
54% cents
Jan. 30_ - _24 16d.
24 11-164. Jan. 29
54 11-16 cents
Average_ _ _24.6670.
24.792d.
The highest rate of exchange on New York recorded during the period
from the 24th inst. to the 30th inst. was 84.89 and the lowest 84.82.
INDIAN CURRENCY RETURNS
(In Lacs of Rupees)
Jan. 22
Jan. 15
Jan. 7
Notes in circulation
18,367
18,399
18,447
Silver coin and bullion in India
9,425
9.457
9,564
Gold coin and bullion in India
4,155
4,155
4,155
Securities (Indian Government)
3,363
3,363
3,304
Securities (British Government)
1,424
1,424
1,424
Stocks in Shanghai on the 26th inst. consisted of about 17,200.000
ounces in sycee, 253.000,000 dollars and 44.000,000 ounces in bar silver,
as compared with about 19,600,000 ounces in sycee. 252,000,000 dollars
and 43,200,000 ounces in bar silver on the 19th inst.
rr.
ENGLISH FINANCIAL MARKET
-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Tues.,
Wed.,
Sat,
Mon..
Feb. 12
Feb. 13
Feb. 9
Feb. 11
Silver, pea. __ 247-16d. 247-16d. 24 7-16d. 247-16d.
Gold, p.fineos..142s.24d. 1428.34d. 1423.2.50. 142s. 4d.
88%
88%
Consols,2%% Holiday 89%
British 3)4%
105%
1063
Holiday 106%
W. L
British 4%
118%
1960-90....Holiday 119%
118%
Thurs..
Frt.,
Feb. 14
Feb. 15
24%d.
24 13-16d.
142s.634d 1424.8%d.
90%
89%
107%
107%
119%
119
The price of silver in'New York on the same days has been:
Silver in N. Y.,
(foreign) per
53%
oz.(cts.)_
U.S.Treasury_ 50,01
U. S. Treasury
(newly mined) 64%
1097
Financial Chronicle
Volume 140
53%
50.01
64%
53%
50.01
64%
53%
50.01
54%
50.01
044
win
64%
64%
64)4
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation Afloat an-
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Nola
S
Jan. 31 1935_ _ _ _ 677,472,540
Dec. 31 1934_ 684,354,350
Nov.30 1934____ 690,752,650
Oct. 31 1934._ _ _ 696,720,650
Sept. 30 1934,._ _ 700,112.950
Aug. 311934.... 707,112,660
July 31 1934_ ._ _ 718,150,910
June 30 1934____ 736,948,670
May 31 1934.... 750,869,320
Apr. 30 1934._ 799,699.770
Mar. 31 1934_ _ __ 847,058,170
Feb. 28 1934____ 887,005,520
Jan. 31 1934_ .__ 890,191,530
82,432,763 Federal Reserve bank
lawful money, against 82,470,980 on
Legal
Tenders
Bonds
Total
$
$
$
876,372,130
205,204,723
671,167,407
887,936,475
209.127,752
678,808,723
898.904,788
212.667,960
686.236,828
907,392,088
214.595.435
692,796,653
223.506,135
694,482.633
917.988,768
928,988,450
226,778,812
702,209.638
941,784,225
228,770,240
713.013.985
954,664,753
224,720.785
729,973,968
963,191,553
219.211,255
743.980,298
182,152,445
' 974.148,798
791,996,353
981,547.663
140,669.333
840.848,330
984,636,948
100,489,113
884,147,835
985,594,513
99.508,223
888,086.290
notes outstanding Feb. 1 1935, secured by
Feb. 1 1934.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Jan. 31 1935:
U. S. Bonds Held Jan. 31 1935
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes
Notes
Bond, on Deposit
Feb. 1 1935
$
2s„ U. S. Consols 011930
25, U. S. Panama of 1936
2s. U. S. Panama 01 1938
3s, U. S. Treasury 01 1981-19.55
3Iis, U. S. Treasury of 1946-1949
3%5, U.S. Treasury of 1941-1943
34s, U.S. Treasury of 1940-1943
334s. U.S. Treasury of 1943-1947
3s, U. S. Panama Canal of 1961
3s, U. S. convertible of 1946-1947
3%s, U. S. Treasury of 1943-1945
3%s. U. S. Treasury of 1933-1941
3%s, U. S. Treasury of 1944-1946
3s, U. S. Treasury of 1946-1948
3%s. U. S. Treasury of 1949-1952
Total
field
$
$
489,504.750 489,504.750
28.732,820
26,732,820
15,022,020
15,022,020
29,641,600
29,641,600
17,037.150
17,037.150
21.911,000
21,911,000
7,929,050
7,929,050
23,455,250
23,455,250
1,000
1.000
15.000
15,000
272.500
272,500
19.602.650
19,602,650
12,225,500
12,225,500
10,239,750
10,239,750
3,882,500
3,882,500
677.472.540 677.472.540
Tntain
The following shows the amount of National bank notes,
afloat and the amount of legal tender deposits Jan. 2 1935
and Feb. 1 1935 and their increase or decrease during the
month of January:
-Total Afloat
National Bank Notes
Amount afloat Jan. 2 1935
Net decrease during January
8887.936,475
11,564,345
Amount of bank notes afloat Feb. 1 1935
Legal Tender Notes
Amount deposited to redeem National bank notes Jan. 2
Net amount of bank notes redeemed in January
8209,127,752
3,923,029
Amount on deposit to redeem National bank notes Feb. 1 1935_
CURRENT
8876,372,130
_8205.204,723
NOTICES
-At the annual business meeting and luncheon of the New York Financial
Advertisers Association held on Thursday, Edwin Bird Wilson, of Edwin
Bird Wilson, Inc., was elected President to succeed William G. Rabe,
Vice-President of the Manufacturers Trust Co. Other officers elected for
the ensuing year were Amos Bancroft, the First Boston Corporation. First
Vice-President; F. R. Kerman, Public National Bank & Trust Co., Second
Vice-President; Mabel Thompson, Union Dime Savings Bank. Secretary;
and Donald G. Price, Franklin Savings Bank, Treasurer. In addition, the
following were elected directors to serve throughout 1935: Alden B. Baxter.
American Bankers Association; Jake Cushner, United States Trust Co.,
Paterson, N. J.; Arthur DeBebian, Chase National Bank; Alex Leighton.
Williamsburg Savings Bank. Brooxlyn; William G. Rabe; William P. Sarre,
Bankers Trust Company; Robert W. Sparks, Bowery savings Bank; Edward F. Streeter, Fifth Avenue Bank; and George Wells. of the New York
"Times."
NATIONAL BANKS
The following information is issued by the office of the
Comptroller of the Currency, Treasury Department:
CHARTERS ISSUED
Capital
Feb.4
-The First Nat. Bank in Mt. Gilead, Mt. Gilead, Ohio_ _
President, Wm.F. Bruce; Cashier, G.C. Sealer. Will succeed
No. 6620, the Mt. Gilead National Bank, Mt. Gilead, Ohio.
VOLUNTARY LIQUIDATIONS
8500,000
Feb. 2
-The First National Bank of Gastonia, N. C
Effective Jan. 25 1935. Lig. committee: S. N. Boyce, F. L.
Smyre and W. B. Hair, care of the liquidating bank. Succeeded by "National Bank of Commerce of Gastonia,"
Charter No. 14291.
$25,000
Feb. 7
-The First National Bank of Eagle Bend, Minn
Effective Feb. 2 1935. Lie. agent: E. N. Scott, Eagle Bend,
Minn. Succeeded by Citizens State Bank of Eagle Bend.
Minn.
CHANGE OF TITLE
Feb.4
-The Clarion County Nat. Bank of Edenburg, Knox,Pa.
To: "The Clarion County National Bank of Knox." to conform to change of name of place where bank is located.
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per sure
600 The Russell Producing Co. (Ohio), par 810
$1,700 lot
341% Chaleurs Bay Mills (Quebec), par 8100, and $6,000 State of Louisiana
8% bonds,due July 1 1910, with July 1 1874 and subsequent coup. attached.$4 lot
$500
1,000 The Boras del Toro Estate, Inc.(N.Y.), no par
1098
Financial Chronicle
Feb. 16 1935
By Adrian H. Muller & Son, Jersey City, N.
100 So Missouri Lawn Mower Co., (N. J.)
$5 lot
98 Marshall Engineering & Equipment Co. (N. SO
$47 lot
2 Mason Air Brake & Signal Co. (IiI.); 250 The Allegheny Consolidated
Mining Co. (Colo.); 200 Penn. Seaboard Steel Corp. (N. Y.) "stamped"
v.1 0
$1 10t
Name of Company
Per
Share
When Holders
Payable of Record
International Mining Corp
15c Mar. 20 Mar. 1
Intertype Corp..8% 1st preferred (guar.)
$2 Apr. 1 Mar. 15
Katz Drug Co.(quarterly)
75c Mar. 15 Feb. 28
Preferred (quarterly)
$134 Apr. 1 Mar. 15
Shares
Stocks
$ per Share
Kaufman Dept. Stores preferred (quar.)
$1 04" Apr. 1 Mar. 9
4
5 Keene National Bank, Keene, N. H.. par $100
50
Kemp (Thomas)7% preferred
Feb. 15
12 Safety Fund National Bank, Fitchburg, par $100
140
77 special preferred
°
147 Mar. 1 Feb. 19
156 Consolidated American Royalty Corp. common, par $3
$9 lot
Rorach (S.)
54 Feb. 28 Feb. 21
Bonds—
Per Cent
Kresge (S. S.) Co
25c Mar.31 Mar. 12
$2,500 Poll New England Theatres 5s, May 15 1983
7 fla1
515f Mar.31 Mar. 12
Preferred (quar.)
$114 certificate issued under the plan of composition of Curtis az Sanger ser. B--$8 lot
K W Battery Co.. Inc. (quar.)
161a Feb. 15 Feb. 5
Libbey-Owens-Ford Glass (guar.)
30c Mar. 15 Feb. 28
By Crockett & Co., Boston:
Magnin (I.)6% pref.(quar.)
$1,4 May 15 May 5
Shares
Stocks
$ Per Share
6% preferred (quar.)
$134 Aug. 15 Aug. 5
50 First National Bank, Boston, par $20
31)i
6% preferred (guar.)
$134 Nov. 15 Nov. 5
35 'Union Market National Bank, Watertown, Mass, par $10
12 .
Matson Navigation (quar.)
$1.15 Feb. 15 Feb. 10
20 Air Container, class B common
23.i
Middlesex Water (quar.)
75c Mar. 1 Feb. 25
10 Merrimack Manufacturing Co., preferred, par $100
28X
Milwaukee Electric By.& Light CO.$6 pf.(qu.)- $134 Mar. 1 Feb. 15
Bonds—
Minneapolis Gas Light Co. (Del.)
Per Cent
7% preferred (quarterly)
$3,000 Leominster, Shirley & Ayer Street Ry. 1st 5s, extended at 4% (August
$151 Mar, 1 Feb. 20
1927 coupon on)
6% preferred (quarterly)
yi% flat
$135 Mar. 1 Feb. 20
Mississippi Valley Pub. Service Co.—
By Barnes & Lofland, Philadelphia:
7% preferred series A (quarterly
X Mar. 1 Feb. 19
Shares
Stocks
$ per Share
Montreal Loan & Mortgage (guar.
62 c Mar. 15 Feb. 28
50 Central-Penn National Bank, par $10
2734
(John)& Co.(guar.)
Mar. 15 Feb. 23
40 Real Estate-Land Title & Trust Co., par $10
834
Motor Finance Corp.(quar.)
20c Feb. 28 Feb. 21
10 Pennsylvania Sugar Co., par $20
45
Muncie Water Works Co.8% pref.(quar.)
$2 Mar. 15 Mar, 1
15 1510 Walnut Street Corp. voting trust certificates, pat $50
$3 lot
Murphy (G. C.) Co. (guar.)
40c Mar. 1 Feb. 19
66 Baltimore & Philadelphia Steamboat Co., par $20
$6 lot
Nashua Gummed & Coated Paper
$1 Feb. 15 Feb. 8
Apr. 1 Mar.25
Bonds—
7% preferred (quar.)_
Per Cent
National Automotive Fibers $7 preferred
88131 Mar. 1 Feb. 15
$1,000 University Club, Philadelphia, 6% debs.. due Jan. 15 1954 (July 1931
Neisner Bros. (quar.)
and subsequent coupons attached)
25c Mar. 15 Mar. 1
$16 lot
50c Mar. 15 Mar. 1
Extra
$1,503 Chatham Court Apartments No. 2 1st 6s, due Mar. 1 1933
10 flat
Newberry (J. J.) Co.(guar.)
40c Apr. 1 Mar. 16
4 Philadelphia Bourse common
8
New Method Laundry 634% pref.(guar.)
$134 Mar. 1 Feb. 16
By A. J. Wright & Co., Buffalo:
New World Lite ins. (Seatde, Wash.)
40c Mar. 1 Feb. 13
Stocks
Shares
$ per Share
Nineteen-Hundred Corp."A"(quar.)
50c May 15 Apr. 30
$0.75
3 Rustiess Iron & Steel common
"A"(quar.)
50c Aug. 15 July 31
50c Nov. 15 Oct. 31
"A" (quar.)
North American Elevators 1st pref
88131 Mar. 1
North Pennsylvania RR.(quar.)
51 Feb. 25 Feb. 18
DIVIDENDS
North Star Oil, Co., 7% preferred
hl7he Mar. 1 Feb. 15
Dividends are grouped in two separate tables. In the Oahu Sugar Co.(monthly)
10c Mar. 15 Mar. 6
2c Feb. 15 Feb. 8
Oil
first we bring together all the dividends announced the OceanicFlour Mills preferred (quar.)
Ogilvie
$131 Mar. 1 Feb. 20
current week. Then we follow with a second table in which Oklahoma Gas & Elec.6% pref. (quar.)
Mar. 15 Feb. 28
$1
7% preferred (guar.)
8131 Mar. 15 Feb. 28
we show the dividends previously announced, but which 133 Geary Corp
50c Feb. 25 Feb. 15
have not yet been paid.
Page-Hersey Tubes, Ltd.(quar.)
75c Apr. 1 Mar. 15
Preferred (quarterly)
$131 Apr. 1 Mar. 15
The dividends announced this week are:
Penick & Ford (quar.)
75c Mar. 15 Mar. 1
. --Peninsular Telephone Co.7% pref.(quar.)
51 X Feb. 15 Feb. 5
Per
When Holders
Petroleum Oil & Gas Co
3c Mar. 1 Feb. 20
Share Payable of Record
Name of Company
Pfaudler Co.,6% preferred (guar)
$134 Mar. 1 Feb. 20
Plymouth Fund, Inc., class A
134c Mar. 1 Feb. 15
75c Apr. 1 Mar. 26
Agricultural Insur.(Watertown, N.Y.)(quar.)_.
Mar.
Procter & Gamble Co. preferred (guar.)
$131 Mar. 15 Feb. 25a
75c
Ainsworth Mfg. Co.(special)
4 Feb. 21
Public
111!5 Mar. 1 Feb. 20
,
Alabama Power Co.,$7 pref. (quar.)
$ly Apr. 1 Mar. 15 Purity Electric Light,8% pref.(quay.)
Bakeries (quarterly)
25c Mar. 1 Feb. 21
. 1 Mar. 15
A
$1
$6 preferred (quarterly)
Radio Corp. of America, A pref. (guar.)
Apr. 1 Mar. 1
May 1 Apr. 15
$1
$5 preferred (quarterly)
Rapid Electrotype
Mar. 15 Mar. 1
Mar. 1 Feb. 18
American Dock Co.,8% pref. (quar.)
Reeves (Daniel) Inc. (quar.)
12)5o Mar. 15 Feb. 28
American Electric Securities Cord. panic. pref„ 734c Mar. 1 Feb. 21
161% Mar. 15 Feb. 28
634% preferred (guar.)
882 Apr. 1 Mar. 15
American Hair & Felt 1st preferred
Mar.
Reliance International $3 pref.(quar.)
Sc Mar. 1 Feb. 20
10c
Amer.Invest. Co.of Illinois B (quar.)
1 Feb. 20
Rtliance Mfg.(Ill.) (quar.)
15c May 1 Apr. 20
4334c Apr. 1 Mar.20
7% preferred (guar.)
Preferred (quar.)
$131 Apr. 1 Mar.21
American Investment Securities
15c Feb. 15 Ftb. 12
25c Mar. 11 Feb. 23
Rike-Kumler (guar.)
American Radiator & Standard Sanitary Corp.—
Rutland & Whitehall
50c Feb. 15
Preferred (quar.)
$134 Mar. 1 Feb. 21
San Carlos Mills (monthly)
20c Feb. 15 Feb. 2
Atlantic Refining Co.,common
25c Mar. 15 Feb. 21
Savannah Ga. Co.. 7% pref. (quar.)
43Xc Mar. 1 Feb. 20
Bangor Hydro-Electric (guar.)
75c Apr. 1 Mar. 11
Second Standard Royalties, preferred
lc Mar. 1 Feb. 20
7 preferred (guar.)
8131 Apr. 1 Mar. 11
2.1c Mar. 15 Feb. 28
Selected American Shares (semi-ann.)
$1
6 preferred (guar.)
Apr. 1 Mar. 11
3c Mar. 15 Feb. 28
Siscoe Gold Mines(quar.)
Birmingham Water Works Co.6% pref.(qu.)
$134 Mar. 15 Mar. 1
3c Mar. 15 Feb. 28
Extra
Black-Clawson preferred (quar.)
$135 Mar. 1 Feb. 25
47
Southern Ry.(Great Britain)
w234 an Apr. 5 Feb. 27
Burma Corp , Amer. dep. receipt (interim)
4
Framed
Butler Water Works (Pa.) 7% pref.(qUar.)---- 5134 Mar. 15 Mar. 1
Feb. 28 Feb. 18
Staley (A. E.) Mfg. Co
40c Mar. 1 Feb. 15
Canada Vinegars (quar.)
Standard Collateral Trustees Shares (liquidat'g) $5.20 Feb. 14
$1 Apr. 1 Mar. 15
Canadian Cottons (guar.)
Strawbridge & Clothier, 86 pref. series A (qu.)_ _ $134 Mar. 1 Feb. 14
5134 Apr. 1 Mar. 15
Preferred (guar.)
$131 Mar. 1 Feb. 20
Terre Haute Water Wks. Corp.7% pref.(qu.)_ _
Case (J. I.), preferred
$1 Apr. 1 Mar. 12
Apr. 1 Mar. 20
Tip-Top Tailors 7% pref. (guar.)
Central Arkansas Public Service Corp.—
25.4 Feb. 15 Jan. 31
Tobacco TrusG Shares,series A reg.(initial)
134% Mar. 1 Feb. 15a
Preferred
15c Mar. 1 Feb. 15
Tri-State Telep. & Teleg.6% pref.(quar.)
50c Feb 15 Feb. 9
Central Surety & Insurance (Kansas City)
25c Feb. 8 Feb. 2
Tyer Rubber
Central Vermont Public Service $6 pref. (quar.) 11144 Feb. 15 Jan. 31
$134 Feb. 15 Feb. 2
6% preferred (quar.)
Chicago Dist. Elec. Generating Corp.$6 pf.(qu.) $134 Mar. 1 Feb. 15
50c Mar.30 Mar. 126
Underwood Elliott Fisher Co.common (quar.).,
3735c Mar. 12 Feb. 25
Chicago Rivet & Machine
$15/ Mar.30 Mar. 12a
Preferred (quar.)
Citizen.,Gas,Indianapolis,5% pt ef. (quar.)_ _ _ _
d Mar. 1 r eb 20
Apr. 1 Mar. 1
Union Pacific
$1
SOc Mar.30 Mar. 15
City Ice & Fuel (guar.)
Apr. 1 Mar. 1
Preferred (semi-annual)
$1
Mar. 1 Feb. 22
Preferred (guar.)
25c Mar. 28 Mar. 20
Union Twist Drill (quer.)— -$1
Mar. 1 Feb. 20
City of New Castle Water 6% pref.(quar.)
$134 Mar. 28 Mar. 20
Preferred (quar.)
20c Mar. 15 Feb. 28
Clark Equipment
$134 Apr. 1 Mar. 14
United Dyewood preferred (quar.)
$1
Mar. 15 Feb. 28
Preferred (quar.)
10c Mar. 23 Mar. 5
United Elastic (guar.)
$134 Mar. 15 Feb. 25
Coast Counties Gas & Electric pref. (quar.)_ _
Mar. 1
52
United States Envelope
(quar.)
50c Mar. 15 Feb. 28
Compressed Industrial Gases,
$3
Mar. 1
Preferred (semi-annual)
40c Mar. 15 Mar. 1
Congoleum-Nairn (quar.)
United States Freight Co
25c Mar. 1 Feb. 18
20c Apr. 1 Mar. 15
Consolidated Bakeries of Canada (guar.)
50c Mar. 31 Feb. 18
Veeder Root (quarterly)
50c Apr. 15 Apr, 1
Consolidated Investors Trust (semi-ann.)
Virginia Fire & Marine Insurance Co
75c Feb. 23 Feb. 12
70c Apr. 15 Apr. 1
Special
Vogt Mtg.(quarterly)
25c Mar. 1 Feb. 15
Ill )(quarterly)
Continental Casualty Co.(Ohic.
15c Mar. 1 Feb. 15
$134 Apr. 1 Mar, 15
Westvaco Chlorine Products preferred (quar.)
81 Mar. 1 Feb. 26
Cook Paint & Varnish Co.(Del.),$4 pref.(qu.)75c Mar. 1 Feb. 18
Western Auto Supply, A & B (quar.)
6%
Courtaulds, Ltd. (final)
West Kootenay Power & Light, pref. (qu.)- — $14 Apr. I Mar. 20
3
.
Creameries(a Amer., Inc., $334 prei (quar.)_ -- 8734c Mar. 1 Feb. 10
Whitman(Wm.) Co.7% preferred
/415 Mar. 15 Mar. 1
Cushman's Sons,$8 preferred (quar.)
$2 Mar. 1 Feb. 21
Wisconsin Electric Power 6% pref. (quar.)
Apr. 1 Mar. 25
$134 Mar. 1 Feb. 21
7% preferred (quarterly)
634% preferred (quar.)
115 A .r. 1 Mar. 25
50c Mat. 1 Feb. 20
Dayton Power & Light Co.,6% pref.(monthly)
Zimmerknit Co.7% pref.(semi-ann.)
$334 Mar. 1 Feb. 15
25c Apr. 1 Mar.20
Devoe & Raynolds A & B (guar.)
25c Apr. 1 Mar. 20
A & B (extra)
Below we give the dividends announced in previous weeks
$134 Apr. 1 Mar. 20
1st & 2nd preferred (quar.)
Sc Mar 9 Feb. 20
and not yet paid. This list does not include dividends anEastern Malleable Iron Co., (quar.)
Eastman Kodak common (quar.)
s134 Apr. 1 Mar.15 nounced this week, these being given in the preceding table.
Preferred (quar.)
$134 Apr. 1 Mar. 15
East St. Louis & Interurban Water Co.
Per
When Holders
7% preferred (quar.)
$131 Mar. 1 Feb. 20
Name of Company.
Share. Payable. of Record.
$134 Mar. 1 Feb. 20
6% preferred (quar.)
Empire Power Corp. $6 cum. preferred
$135 Apr. 1 Mar. 15
5c Mar, 1 Feb. 14
Affiliated Products fmonthly)
Galland Mercantile Laundry (quar.)
8734c Apr. 1 Mar. 15
Agnew-Surpass Shoe Stores, corn. (semi-ann.)
20c Mar. 1 Feb. 15
Gilmore Gasoline Plant, No. 1,(monthly)
20e Feb. 25 Feb. 23
Preference (quar.)
% Apr. 1 Mar. 15
Gilmore Oil
15c Feb. 28 Feb. 15
% Feb. 27 Jan. 22
Alabama Great Southern RR. Co., preferred__ _
Great Western Electro-Chemical pref. (quar.)_ _ $134 /Mar. 1 Mar. 21
Allegheny Steel
250 Mar. 15 Mar. 1
Green Mountain Power $6 preferred
875c Mar. 1 Feb. 19
7% preferred (quarterly)
5131 Mar. 1 Feb. 15
$6 preferred (quar.)
Allen Industries preferred (quar.)
$134 Mar. 1 Feb. 19
75c Mar. 1 Feb. 20
Greyhound Corp., preferred A (guar.)
$134 Apr. 1 Mar. 22
Preferred
h75c Mar. 1 Feb. 20
Rabid Co.(quar.)
25c Mar.30
Alpha Portland Cement
25c Apr. 25 Apr. 1
Extra
25c Mar.30
Ambassador Petroleum (monthly)
2c Feb. 20 Jan. 31
7% preferred (quar.)
American Arch Co.(quar.)
25c Mar. 1 Feb. 18
$134 Mar.30
Hanes(P. H.) Knitting Co.(quar.)
1234c Mar. 1 Feb. 18
American Asphalt Roofing Corp.8% pref. (qu.) h$1 Si Apr. 15 Mar.31
5.Class B (quarterly)
1294c Mar. 1 Feb. 18
American Business Shares, Inc
2c Mar. 1 Feb. 15
Hawaiian Agricultural Co.(momhly)
American Capital. 3534 preferred (guar.)
20c Feb. 28 Feb. 21
$134 Mar. 1 Feb. 16
Hawaiian Elecoic Co.(monthly)
15c Feb. 20 Feb. 15
American Chicle (quar.)
75c AIL.. 11 Mar. 12
Hazeltine Corp
25c Mar. 15 Mar. 1
American Factors, Ltd.(monthly)
10c M
1 Feb. 21
Holland Land (liquidating)
l Feb. 26 Feb. 16
American & General Securities Corp.—
Honolulu Gas Co.(monthly)
Feb. 20 Feb. 12
Common, A (quarterly)
714c Mar. 1 Feb. 15
Honolulu Plantation Co.(monthly)
15c Mar. 10 Feb. 28
Preferred (quarterly)
75c Mar. 1 Feb. 15
Huntington Water Corp.7% pref.(quar.)
$134 Mar. 1 Feb. 20
American Home Products Corp.(monthli)---20c Mar. 1 Feb. 144
6% preferred (quar.)
8134 Mar. 1 Feb. 20
American Rolling Mills. 6% preferred
142 Mar. 1 Feb. 15
Hutchinson Sugar Plantation Co.(monthly).,,_ _
10c Mar. 5 Feb. 28
American Smelting & Refining,6% prof
/43 Mar. 1 Feb. 8
Illinois Water Service 6% pref. (guar.)
7% 1st preferred (quarterly)
$1 Mar. 1 Feb. 20
11134 Mar. I Feb. 8
Indianapolis Water Co.5% cum. pref.(quar.).. $134 Apr. 1 Mar, 120
American Steel Foundries. 7% preferred (qu.)...
b0c Mar. 30 Mar. 15
Insuranshares Certificates, Inc. (semi-ann.)__ _ _
7c Mar.20 Mar. 12
American Stores Co. (quarterly)
50c Apr. 1 Mar. 15
International Milling Co. orig. pref. series (qu.)_ 5134 Mar. 1 Feb. 18
American Sugar Refining (quar.)
50c Apr. 2 Mar. 5
Preferred series A (quar.)
5134 Mar. 1 Feb. 18
Preferred (guar.)
$134 Apr. 2 Mar. 5
By. R. L. Day & Co., Boston:
A
1,5
Ite
Name of Company
Per
Share
When Holders
Payable of Record
American Tobacco, corn. & corn. B (quar.)- - - $1
Mar. 1 Feb. 8
Amoskeag Co.,common
75c July 2 June 22
Preferred (semi-annual)
$231 July 2 June 22
Armstrong Cork (special)
1231c Mar. 1 Feb. 14
Associated Dry Goods Corp. 1st preferred
83 Mar. 1 Feb. 7
Atlas Corp., $3 pref. A (quar.)
75e Mar. 1 Feb. 15
Atlanta & Charlotte Air Line By.(semi-ann.)
5431 Mar. 1 Feb. 20
Archer-Daniels-Midland (quar.)
25c Mar. 1 Feb. 18
Extra
25c Mar. 1 Feb. 18
Artloom Corp.. preferred
hSl31 Mar. 1 Feb. 15
Atlas Powder Co.(quarterly)
50c Mar. 11 Feb. 28
Automatic Voting Machine Co (guar.)
12Sic Apr 2 Mar. 20
Quarterly
124c July 2 June 20
Automotive Gear Works, 31.65 preferred (guar.) 41 Sic Mar. 1 Feb. 20
Backstay Welt
35c Apr. 1 Mar. 16
Baltimore American Ins
10c Feb. 20 Feb. 1
Bamberger (L.) 64% pref. (quar.)
$131 Mar. 1 Feb. 15
Sandlot Petroleum (monthly)
Sc Feb. 20 Jan. 31
Bangor & Aroostook RR. (quar.)
63c Apr. 1 Feb 28
Preferred (quarterly)
$131 Apr. 1 Feb. 28
Bankers National investing Corp.(Del.) (qt.:4- 8c Feb. 2.5 Feb. 15
Series A and B (quar.)
32c Feb. 25 Feb. 15
60c preferred (quar.)
15c Feb. 25 Feb. 15
Baton Rouge Elect. Co...16 pref. (quar.)
5131 Mar. 1 Feb. 15
Belding-Corticelli. preferred (guar.)
Mar. 15 Feb. 28
$I
Bigelow Sanford Carpet, pref.(quar.)
$131 Mar. 1 Feb. 15
Bloch Bros. Tobacco,—
Quarterly
3731c May 15 May 10
6% pref. (quar.)
Mar.30 Mar. 25
$1
6% preferred (quar.)
June 29 June 25
$1
Blue Ridge Corp.,$3 cony. pref.(quar.)
475c Mar. 1 Feb. 5
Borden Co.,common (quar.)
40c Mar. 1 Feb. 15
Boston & Albany RR. CO
$2 Mar.30 Feb. 28
Boston insurance (quarterly)
$4 Apr. 1 Mar. 20
Boston & Providence RR.(guar.)
52.125 Apr. 1 Mar. 20
Quarterly
$2.125 July 1 June 20
Quarterly
$2.125 Oct. 1 Sept. 20
Quarterly
52.125 Jan.2'36 Dec. 20
Boston Warehouse & Storage Co.(quar.)
$131 Mar. 1
Brach (E. J.) & Sons
25c Mar. 1 Feb. 9
Brewer (C.)& Co.. Ltd.(me.)
Si Mar. 25 Mar. 20
Bridgeport Machine Co. preferred
142 Feb. 25 Feb. 15
Bristol-Myers CO. common (quar.)
50c Mar. 1 Feb. 11
Common (extra)
10c Mar. 1 Feb. 11
Brooklyn Edison Co. (quar.)
$2 Feb. 28 Feb. 11
Brooklyn-Manhattan Transit Corp.
Preferred (quarterly)
5114 Apr. 15 Apr. 1
Preferred (quarterly)
July 16 July 1
$I
Brooklyn Union Gas (quar.)
Apr. lMar. 1
SI
Brown Forman Distillery $6 Preferred (qlar.)$131 Apr. 1Mar.20
Brown Shoe Co.. common (quar.)
75e Mar. 1 Feb. 20
Buckeye Pipe Line Co
75c Mar. 15 Feb. 21
Buffalo Niagara & Eastern Power, pf. (quar.)
40c Apr. 1 Mar. 15
$5 preferred (quar.)
514 May 1 Apr. 15
Burroughs Adding Machine Co.(guar.)
15c Mar. 5 Feb. 2
Calamba Sugar Estate (quarterly)
40c Apr. 1 Mar. 15
Preferred (quarterly)
35c Apr. 1 Mar. 15
California Packing (quar)
374c Mar. 15 Feb. 28
Campo Corp.. common (quar.)
20c Mar. 1 Feb. 15
Canadian Foreign Investment (quar.)
40c Apr. 1 Mar. 15
Quarterly
40c July 1 June 15
Preferred (quar.)
$2 Apr. 1 Mar. 15
Preferred (quar.)
52 July 1 June 15
Canadian Hydro-Electric, 1st pref.(quar.)
r$131 Mar. 1 Feb. 1
Canadian Oil Cos.. preferred (quar.)
112 Apr. 1 Mar. 20
Canfield Oil. preferred (guar.)
514 Mar.31 Feb. 20
Carnation Co,7% preferred (quar.)
1 Mar. 20
$131 Apr
7% preferred (quar.)
$14 July 1 June 20
7% preferred (quarterly)
$14 Oct. 1 Sept.20
Carolina Telep. & Teleg
$24 Apr. 1 Mar. 25
Caterpillar Tractor (quar.)
25c Feb. 28 Feb. 15
Central Mississippi Valley Electric Properties
6% Preferred (quarterly)
5131 Mar. 1 Feb. 15
Central Ohio Light & Power Co.. $6 pref
h$131 Feb. 28 Feb. 18
Central Tube
Sc Feb .25 Feb. 15
Centrifugal Pipe Corp.(quar.)
10c May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 6
Century Ribbon Mills. preferred (quarterly)__
$14 Mar. 1 Feb. 20
Chainption Coated Paper (guar.)
$I Feb. 25 Feb. 9
1st preferred (quarterly)
8131 Apr. 1Mar.20
Special preferred (quarterly)
5131 Apr. 1 Mar. 20
Champion Fiber Co., preferred (quar.)
$14 Apr. 1 Mar. 20
Chartered Investors. Inc., $5 pref. (quar.)
$1.4 Mar. 1 Feb. 1
Chicago corp.. preferred (quar.)
25e Mar. 1 Feb. 15
Chicago Mail Order Co.(guar.)
25c Mar. 1 Feb. 9
Extra
123jc Mar. 1 Feb. 9
Chicago Yellow Cab (quar.)
Mar. 1 Feb. 19
Cincinnati Inter-Terminal RR. 00.4% preferred (semi-annual)
$2 .Aug. 1 July 20
Cinc. New On. Tex. Pac. By.,5% pref.(quar.) 51)1 Mar. 1 Feb. 15
Cleveland Electric Illuminating. 6% pref. (qu.) 81)4 Mar. 1 Feb. 15
Cleveland & Pittsburgh By.7% guar.(guar.)._ 8734c Mar. 1 Feb. 9
7% guaranteed (gnarl
874c June 1 May 10
7% guaranteed (guar.
8 34c Sept. 1 Aug. 10
7
7% guaranteed (guar.
8734c Dec. 1 Nov. 9
Special guaranteed (guar.
Mar. 1 Feb. 9
Special guaranteed (guar.
50c June 1 May 10
Special guaranteed (guar.
50c Sept. 1 Aug. 10
Special guaranteed (guar.
50c Dec. 1 Nov. 9
Colgate-Palmolive-Peet (guar.)
12
Mar. 1 Feb. 8
Preferred (quarterly)
Apr. 1 Mar. 5
Collateral Trust Shares(N. Y.)series A
8c Feb. 28
Collins & Alkman Corp. preferred (quar.)
1M% Mar. 1 Feb. 15
Columbia Pictures Corp., preferred (quer.).
75e Mar. 1 Feb. 14a
Columbian Carbon CO.(guar.)
$1 Mar. 1 Feb. 15
Columbus & Xenia RR
$1.10 Mar. 11 Feb. 25
Commonwealth Utilities,6X% pref. 0(guar.)._ $1 31 Mar. 1 Feb. 15
Compania Swift Internacional (semi-ann.)
$1 Mar. 1 Feb. 15
Connecticut Light & Power 631% pref. (guar.). Si X Mar. 1 Feb. 15
5X % preferred (quar.)
$1X Mar. 1 Feb. 15
Connecticut River Power.6% pref. (quar.)_
51 X Mar. 1 Feb. 15
Consolidated Cigar, 7 pref. (guar.)
$131 Mar. 1 Feb. 15
Consolidated Gas Co.(N
25c Mar. 15 Feb. 11
Consolidated Gas El. Lt. & Pow. Co. of Balto.:
Common (quar.)
90c Apr. 1 Mar. 15
Series A 5% preferred (quar.)
513( Apr. 1 Mar. 15
Series II 6% preferred (guar.)
$134 Apr. 1 Mar. 15
Series E 5 % preferred (guar.)
$1% Apr. 1 Mar. 15
Consolidated Paper (guar.)
150 Mar. 1 Feb. 18
Preferred (guar.)
1734c Apr. 1 Mar. 21
Consumers Glass Co.. 7% pref. (guar.)
Mar. 15 Feb. 28
Consumers l'ower Co., $5 pref. (quar.)
$131 Apr. 1 mar. 15
6% preferred (quarterly)
$14 Apr. 1 Mar. 15
6.6% preferred (quarterly)
$1.65 Apr. 1 Mar. 15
, preferred (quarterly)
5131 Apr. 1 Mar. 15
6 o preferred (monthly)
50c Mar. 1 Feb. 15
preferred (monthly)
50c Apr. 1 Mar. 15
6.6% preferred (monthly)
Mc Mar. 1 Feb. 15
6.6% preferred (monthly)
55c Apr. I Mar. 15
Copperweld Steel (quar.)
1234c Feb. 28 Feb. 15
Quarterly
1231c May 31 May 15
Quarterly
1231c Aug. 31 Aug. 15
Quarterly
1231c Nov.30 Nov. 15
Corno Mills (guar.)
Mar. 1 Feb. 19
Crown Cork & Seal Co., Inc., common (quar.)_ _
25O Mar. 6 Feb. 25a
Preform! (quar.)
67c Mar. 15 Feb. 28a
Crown Zellerbach, A & B. preferred
75c Mar. 1 Feb. 13
Crum & Forster Ins. Shares Corp., A& B (guar.)
15c Feb. 28 Feb. 18
A & B extra
10c Feb. 28 Feb. 18
7% preferred (quarterly)
$131 Feb. 28 Feb. 18
8% preferred (guar.)
75c Mar. 31 Mar. 21
67
1099
Financial Chronicle
Volume 140
Name of Company
Per
Share
When Holders
Payable of Record
Cuneo Press. Inc. 64% preferred (quarterly). $IX Mar. 15 Mar. 1
Daniels & Fisher Stores
$2
64% preferred (quar.)
5131 Mar. 1 Feb. 20
Danville Traction & Power. preferred
3 X%
Dayton & Michigan RR.(semi-ann.)
8714c Apr. 1 Mar. 15
'11 Apr. 1 Mar. 15
8% preferred (quarterly)
Deere & Co., preferred
20c Mar. 1 Feb. 15
Denver Union Stockyards, 7% pref. (quar.)
$1,
4 Mar. 1 Feb 20
Detroit Paper Products (quar.)
25c Mar. 1 Feb. 15
Dexter Co
20c Mar. 1 Feb. 15
Diamond Match
75c Mar. 1 Feb. 15
Participating preferred (semi-ann.)
750 Mar. 1 Feb. 15
Dictaphone Corporation
25c Mar. 1 Feb. 15
Preferred (quarterly)
$2 Mar. 1 Feb. 15
Durham Duplex Razor, 51 preferred
2(ic Mar. 1 Feb. 21
Eastern Liao di Fuel Assoc..4X % pref.(guar•)
51.125 Apr. 1 Mar. 15
6% preferred (quarterly)
$131 Apr. 1 Mar. 15
Eastern Shore Public Service, $64 pref. (qu.)- $131 Mar. 1 Feb. 10
$6 preferred (guar.)
Feb. 10
$131 Mar.
Eldorado Oil Works(quar.)
Xflic Mar. 1 Feb. 19
Elizabeth & Trenton RR. (semi-ann.)
51 Apr. 1 Mar. 20
Si Oct. 1 Sept. 20
Semi-annual
$131 Apr. 1 Mar. 20
5% preferred (semi-annual)
5% preferred (semi-annual)
$1 31 Oct. 1 Sept. 20
El Paso Electric Co., Texas.6% pref. (quar.)
$14 Apr. 15 Mar. 29
25c Mar. 1 Feb. 18
Ely & Walker Dry Goods (quar.)
50c Apr. 1 Mar. 15
Emerson's Bromo Seltzer 8% preferred (guar.)
$1 Mar. 1 Feb. 19
Empire & Bay State Telep„ 4% 'td.(quar.)
51 June. 1 May 22
4% guaranteed (quar.
$1 Sept. 1 Aug. 22
4% guaranteed (quar.
Si Dec. 1 Nov. 21
4% guaranteed (quar.
10c Feb. 28 Feb. 20
Empire Capital Corp.. c ass A (quar.)
Sc Feb. 28 Feb. 20
Class A extra
10c Feb 28 Feb. 20
Class B
82 Aug. 1 July 27
Eppens, Smith & Co., semi-annual
7rie & Pittsburgh RE. Co.7% gtd.(guar.).— 87)0 Mar. 10 Feb. 28
7 guaranteed (guar.)
8731c June 10 May 31
87 Sic Sept. 10 Aug. 31
7 guaranteed (guar.)
'$ar
8731c Dec. 10 Nov.30
7 o guaranteed (quar.)
SOc Mar. 1 Feb. 28
Guaranteed betterment (quar.)
80c June 1 May 31
Guaranteed betterments (guar.)
80c Sept. 1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Guaranteed betterment (guar.)
25c Mar. 1 Feb. 15
Faber Coe & Gregg. Inc. (quarterly)
Farmers & Traders Life Ins. iquaro
8231 Apr. 1 Mar. 11
50c Apr. 1 Mar. 15
Faultless Rubber (quar.)
Federal Light & Traction, pref. (quar.)
$1% Mar. 1 Feb. 15a
16c Mar. 29 Mar. 16
Fifth Ave. Bus Securities (quar.)
Firestone Tire & Rubber,preferred (guar.)
$131 Mar. 1 Feb. 15
I5c Mar. 1 Feb. 15
Fishman(M.II.), (quar.)
1231c Mar. 1 Feb. 18
Fitzsimmons & Connell Dredge (quar.)
$131 Mar. 1 Feb. 15
Florida Power Corp.7% pref. A (quar.)
7% preferred (guar.)
87Sic Mar. 1 Feb. 15
250 Apr. 1 Mar. 20
Florsheiru Shoe Co.. A (quar.)
Apr. 1 Mar.
Class (guar.)
1234 Mar. 15 Mar. 20
50c
10
Food Machinery Corp., preferred
Food Machinery Corp. of N. Y.50c Mar. 15 Feb 10
64 preferred (monthly)
preferred (monthly)
50c Apr. 15 Apr. 10
64
50c May 15 May 10
.
64 G preferred (monthly)
50c June 15 June 10
6)1% preferred (monthly)
Feb. 15
25c Mar.
Freeport Texas (quar.)
Apr. 15
$134 May
Preferred (quar.)
$1%, Mar. 1 Feb. 16
Gates Rubber. 7% preterred (quar.)
10c Mar.
Feb. 15
General American Corp
Feb. 20
$131 Mar.
General Cigar„ preferred (guar.)
Preferred (guar.)
$151 June 1 May 23
25c Mar. 12 Feb. 14
General Motors Corp. common (guar.)
$131 May 1 Apr. 8
$5 preferred (quar.)
40c Apr. 1 Mar. 15
Glen Falls Insurance (quar.)
Globe Democrat Publishers Co., pref. (guar.)._ 51)1 Mar. 1 Feb. 20
40c Mar. 10 Feb. 28
Golden Cycle Corp.(quar.)
60c Mar. 10 Feb. 28
Extra
Gottfried Baking Co., Inc. preferred (guar.)._ 1)1% Apr. 1 Mar. 20
131% July 1 June 20
l'referred (quarterly)
131% Oct. 1 Sept.20
Preferred (quarterly)
37)(4c Mar. 1 Feb. 8
Grand Union,$3 cony. pref.(q_uar.)
$1 34 Feb. 28 Feb. 8
Great Atlantic & Pacific Tea Co.(guar.)
250 Feb. 28 Feb. 8
Extra
$1% Feb. 28 Feb. 8
Preferred (quarterly)
25c Mar. 1 Feb. 20
Great Northern Paper (quar.)
$1 X Mar. 15 Mar. 1
Gulf States Utilities Co., $6 pref. (quar.)
$1 X Mar. 15 Mar. I
5.54 preferred (quarterly)
15c Mar. 1 Feb. 15
Hale Bros. Stores (quar.)
h50c Apr. 2 Mar. 15
Hamilton Cotton. Ltd., preferred
Apr. 1 Mar. 15
Hammermill Paper. pref. (quar.)
$1
10c Mar. 1 Feb. 15
Hancock Oil of California. A & B (guar.)
250 Mar. 11 Mar. 5
Hanna (M A.) Co.(quar.)
$14" Mar.20 Mar. 3
Preferred (quar.)
Hardesty (R.)-Mfg. Co.,7% pref.(quar.)
SlY Mar. 1 Feb. 15
June 1 May 15
Si
7% preferred (quarterly)
$1% Sept. 1 Aug. 15
7% preferred (quarterly)
$1% Dec. 1 Nov. 5
7% preferred (quarterly)
25c Mar. 1 Feb. 11
Harbison-Walker Refractories Co
Preferred (guar.)
$134 Apr. 20 Apr. 8
SI Feb. 28 Feb. 20
Hartford & Connecticut Western RR.(s-a)
20c Mar. 15 Mar. 5
Hawaii Consol. By.,7% pref. A (quar.)
20c June 15 June 5
7% preferred A (quarterly)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
7% preferred A (quarterly)
25c Mar. 1 Feb. 18
Helena Rubinstein. inc.,pref. (quar.)
25e Mar. 1 Feb. 18
Heyden Chemical (quar.)
10C Feb. 22 Feb. 15
Hubbard. Spencer, Bartlett& Co.(monthly)- _
10c Mar. 29 Mar. 22
Monthly
50c Mar. 1 Feb. 15
Hires (Chas. E.) Co. class A common (quar.)_
Hobart Manufacturing class A (quar.)
3734c Mar. 1 Feb. 15
Hollinger Consol. Gold Minos (monthly)
1% Feb. 25 Feb. 8
Extra
1% Feb. 25 Feb. 8
51 Feb. 25 Feb. 20
Homestake Mining (monthly)
52 Feb. 25 Feb. 20
Extra
Horn & Hardart of N. Y.. pref. (guar.)
$131 Mar. 1 Feb. 8
Imperial Tobacco Co.of Great Britain & Ireland
Ordinary register
731% Mar. 1 Feb. 13
is. 6d. Mar. 1 Feb. 13
Ordinary register (extra)
Amer. deposit receipts for ord. reg
% Mar. 8 Feb. 13
Amer. deposit receipts for ord. reg.(extra) to Is. 6d. Mar. 8 Feb. 13
Indiana Hydro-Elec. I'ower. 7% cum. pref.(go.) 87 tic Mar. 15 Feb. 28
Industrial Power Security (quar.)
15c Mar. 1 Feb. 15
Sc Mar. 1 Feb. 15
Extra
Ingersoll-Rand
50c Mar. 1 Feb. 4
Inland Steel (quar.)
25c Mar. 1 Feb. 14
International Business Machine Corp. (quar.)_ _ 51
Apr. 10 Mar. 22
International Harvester preferred (quar.)
$lq Mar. 1 Feb. 5
International Nickel Co ,common
r15c Mar. 30 Feb. 28
International Power Co., 7% 1st preferred
&Si Apr. 3 Mar. 15
International Safety Razor, class A (quar.)_ _ _
60c Mar. 1 Feb. 15
Inter-Ocean Re-Insurance (semi-ann.)
SI Mar. 9
Interstate Hosiery Mills (quar.)
50c May 15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Investment Trust of N. Y.. Inc.—
Collateral trustee shares,series A (semi-ann.)_
Sc Feb. 28 Feb. 1
Iron Fireman Mfg.(guar.)
25c Mar. 1 Feb. 9
Quarterly
25c June I May 10
Quarterly
25c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
Ironwood & Bessemer Ry.&',GOO..7% pref.(qu. ) $14 Mar. 1 Feb. 15
Irving Air-Chute Co., Inc., common (quar.)
10c Apr. 1 Mar. 15
Japtzen Knitting Mills, preferred (quarterly) _ _ $14 Mar. 1 Feb. 25
Jefferson Lake Oil Co.. Inc.,7% pref.(semi-an.)
35c Mar. 10
Jewel Tea Co., Inc. corn.(quar.)
Mar.
75c Apr. 15 Apr.
Kelvinator Corp
124c Apr. 1
Financial Chronicle
1100
Name of Company
Per
Share
When Holders
Payable of Record
15e Mar.30 Mar. 20
Kalamazoo Vegetable Parchment (guar.)
Quarterly
15c June 30 June 20
Quarterly
15c Sept.30 Sept. 20
Quarterly
15c Dec. 30 Dec. 30
Kendall Co.,cum. partic. pref. ser. A (guar.)._ _ $133 Mar. 1 Feb. 100
Keystone Steel & Wire
50c Mar. 11 Mar. 1
25c Apr. 1 Mar. 20
Klein (D. Emil.) Co.(quarterly)
1231c Apr. 1 Mar. 20
Extra
1233c July 1 June 20
Extra
Knabb Barrel Co., Inc.. pref.(s.
7.5c June 1
-a.)
Kroger Grocery & Baking (guar.)
40c Mar. 1 Feb. 8
6% preferred (quarterly)
3131 Apr. 1 Mar. 20
7% preferred (quarterly)
$193 May 1 Apr. 19
Lake Suferior Di_trict Power Co.7% pref. (qu.) $13 Mar. 1 Feb. 15
4
6% preferred (guar.)
11131 Mar. 1 Feb. 15
Landis Machine preferred (guar.)
$1% Mar. 15 Mar. 5
$131 June 15 June 5
7% preferred (quarterly)
7% preferred (quarterly)
$14 Sept. 15 Sept. 5
$134 Dec. 15 Dec. 5
7% preferred (quarterly)
$1 Feb. 28 Feb. 19
Lanston Monotype (guar.)
8733c Apr. 1 Mar. 14
Lehigh Portland Cement Co., preferred
3733c Mar. 1 Feb. 15
Lehn & Fink Prod. Co., corn. (quar.)40c Mar. I Feb. 1
Life Savers Corp. (quar.)
$1 Mar. 1 Feb. 15
Liggett & Myers Tobacco Co. common (quar.)
$1 Mar. 1Feb. 15
Common (extra)
$1. Mar. 1 Feb. 15
Common B (guar.)
$1 Mar. 1 Feb. 15
Common B (extra)
60c Aug. 8 Aug. 2
Lincoln National Life Insurance (semi-ann.)--25c Mar. 1 Feb. 21
Lincoln Stores (quarterly)
$131 Mar. 1 Feb. 21
Preferred (quarterly)
15c Mar. 1 Feb. 15
Link Belt
$133 Apr. 1 Mar. 15
631% preferred (guar.)
50c Mar. 9 Feb. 25
Little Miami RR. Co. spec. god. (guar.)
50e June 10 May 24
Special guaranteed (quarterly)
$1 Mar. 9 Feb. 25
Original capital
$1.10 June 10 May 24
Original capital
r25c Mar. 1 Feb. 12
Loblaw Groceterias, A & B (guar.)
$3 A Mar. 30 Mar. 30
Lockhart Power Co.. 7% pref. (8.-a.)$131 Apr 1 Mar. 18
Loose-Wiles Biscuit, preferred (quarterly)
3131 Mar. 1 Feb. 16
Lord & Taylor, 1st pref. (guar.)
$133 Feb. 25 Jan. 31
Louisville & Nashville RR.(semi-ann.)
$131 Mar. 1 Feb. 9
Ludlow Mfg. Associates (guar.)
$133 Apr. 1 Mar. 21
Lunkenheimer Co.6 A % pref(quarterly)
$133 July 1 June 20
633% preferred (quarterly)
$131 Oct. I Sept. 20
631% preferred (quarterly)
$133 Jan. 1 Dec. 21
631% preferred (quarterly)
Sc Mar. 1 Feb. 9
Macassa Mines, Ltd.
50c Mar. 1 Feb. 8
Macy (R. H.) & Co., Inc., corn. (guar.)
$133 May 15 Apr. 30
Magnin (I.) & Co.,6% pref. (guar.)
$133 Aug. 15 July 31
6% preferred (quarterly)
$133 Oct. 31 Nov. 15
6% preferred (quarterly)
I5c Mar. 1 Feb. 11
Manhattan Shirt (guar.)
75c Apr. 1 Mar. 15
Mapes Consolidated Mfg.(guar.)
75c July 1 June 14
Quarterly
40c Mar. 1 Feb. 15
May Department Stores Co. (guar.)
h25c Mar. 1 Feb. 15
May Hosiery Mills, preferred
Preferred (quarterly)
$1 Mar. 1 dFeb.15
4331c Mar. 1 Feb. 28
McClatchy Newspapers,7% pf. (qu.)
433,3c June 1 May 31
7% preferred (quarterly)
7% preferred (quarterly)
4331c Sept. 1 Aug. 31
4333c Dec. I Nov. 30
7% preferred (quarterly)
r20c Mar. 15 Feb. 15
McColl Frontenac Oil (guar.)
50c Mar. 1 Feb. I
McIntyre Porcupine Mines (guar.)
50c Mar. 1 Feb. 15
McWilliams Dredging Co
dsl31c Mar. I Feb. 20
Metal Textile Corp.. preferred (quarterly)
Metro-Goldwyn Mayer Pictures.7% pref (g11.). 4731c Mar. 15 Feb. 28
$131 Apr. I Feb. 28
Metropolitan Edison. $7 pref. (guar.)
$133 Apr. 1 Feb. 28
$6 preferred (quarterly)
$133 Apr. 1 Feb. 28
$5 preferred (quarterly)
$1 Mar. 1 Feb. 15
Mitchell (J. S.), Ltd
3c Mar. 11 Feb. 18
Model Oils. Ltd
h$131 Apr. 1 Mar. 15
Monarch Knitting Mills, Ltd., 7% pref
25c Mar. 15 Feb. 25
Monsanto Chemical (guar.)
$133 Apr. 1 Apr. 1
Moore Dry Goods (guar.)
$131 July 1 July 1
Quarterly
$133 Oct. 1 Oct. 1
Quarterly
$133 Jan. 1 Jan. 1
Quarterly
50c
Feb. 7
Morns (Philip) Congo). (liquidating)
Morris 5 & 10c to $1 Stores,Inc.,7% pref.(qu.)- $1.34 Apr. I Mar. 20
7% preferred (quarterly)
3131 July 1 June 20
$133 Oct. 1 Sept.20
7% preferred (quarterly)
$1 Mar. 1 Feb 23
Morris Plan Insurance Society. (guar.)
$I June 1 May 27
Quarterly
311. Sept. 1 Aug. 27
$I Dec 1 Nov 26
Quarterly
20c Nov. 30 Nov 23
Motor Finance Corp. (quar.)
Muskogee Co.6% cumulative preferred (quar.)- $133 Mar. 1 Feb. 16
Sc Feb. 20 Feb. 11
Mutual Telep. Co.(Hawaii)(mo.)
h$133 May 1 Apr .20
National Bearing Metal Corp. 7% pref
$133 Feb. 28 Feb. 14
Biscuit. preferred (guar.)
National
25c Mar. 15 Feb. 28
National Bond & Share Corp
50c Mar. 1 Feb. 15
National Container Corp. $2 pref. (guar.)
3131 Mar. 15 Mar. 1
National Lead,pref. A (guar.)
10c Feb. 20 Feb. 1
National Liberty Ins. Co. of Amer. (s.-a.)
Sc Feb. 20 Feb. 1
Extra_
20c Mar. 1 Feb. 4
National Power & Light Co. common (quar.)_
$131 Mar. 1 Feb. 20
National Telephone & Telegraph A (guar.)
$13 1 Mar. 1 Feb. 14
/
Nebraska Power,7% pref.(guar.)
$133 Mar. I Fob. 14
6% preferred (quarterly)
$131 Mar. 1 Feb. 16
Newberry (J. J.) Co.. 7% pref. (guar.)
10c Mar. 15 Feb. 15
New Bradford Oil
80c Feb. 20 Feb. 5
New Jersey Insurance Co
Apr. 1 Feb. 28
New Jersey Pow.& Lt. Co.,$6 pf.(guar.)
Apr. 1 Feb. 28
$5 preferred (quarterly)
$133 Mar. 1 Feb. 16
New River Co. (guar.)
$1 4 Mar. 1 Feb. 20
3
New Rochelle Water 7% pref. (guar.)
. 15
50c Mar. 28 Mar. 15
New York Transportation (guar.)
3133 Apr. 1 mar.
Niagara Share Corp. of Md., pref. A (quar.)_ _ _
$1 Feb. 19 Jan. 31
Norfolk & Western. adj. pref. (guar.)______ _ _ _
$2 Mar. 19 Feb. 28
Quarterly
$2 Mar. 19 Feb. 28
Extra
$133 Mar.
Feb. 15
North American Edison Co. pref. (guar.)
Jan. 31
$1 Mar.
North American Match
15c Mar. 1 Mar. 1
North River Ins. Co. (guar.)
10c Mar. 1 Mar. I
Extra
Feb. 19
$1 Mar.
Northern RR.Co. of N. J.4% gtd. (guar.)
31 June
May 20
4% guaranteed (quar.)
$I Sept.
Aug. 20
4% guaranteed (guar.)
Nov. 21
31 Dec.
4% guaranteed (guar.)
Feb. 20
Northwestern Public Service, 7% pref. (quar.)- - 8734c Mar.
Feb. 20
60% preferred (guar.)
75c Mar.
Mar. 21
8731c Apr.
Norwalk Tire & Rubber. pref.(quar.)
Feb. 16
3134 Mar.
Nova Scotia Light & Power. 6% pref. (guar.). _
Mar. 15
13133 Apr.
Ohio Edison Co.. $5 preferred (guar.)
Mar. 15
$133 Apr.
$6 preferred (quarterly)
Mar. 15
$1.65 Apr.
$6.60 preferred (quarterly)
Mar. 15
$133 Apr.
$7 preferred (quarterly)
Mar. 15
$1 80 Apr.
$7.20 prtferm:1 (quarterly)
Feb. 8
$133 Mar.
Ohio Power.6% preferred (guar.)
Feb 15
Ohio Public Service Co., 7% preferred (monthly) 58 1-3c Mar.
Feb 15
50c Mar.
6% preferred (monthly)
Feb. 15
41 2-3r Mar.
5% preferred (monthly)
$2 Apr.1 Mar. 15
Omnibus Corp.. pref. (guar.)
20c Feb. 20 Feb. 11
Onomea Sugar Co.(monthly)
50c Mar. 1 Feb. 20
Oshkosh Overall Co..$2cony. pref.(guar.)
$231 Feb. 20 Feb. 6
Oswego & Syracuse RR. (semi-ann.)
25c Mar. 30 Mar. 20
Ontario Mfg. Co.(quarterly)
Preferred (quarterly)
$131 Mar. 30 Mar. 20
15c Mar 1 Feb. 15
Parker Pen Co., common
p75c Feb. 20 Feb. 11
Parker Rut Proof (quarterly)
25c Mar. 1 Feb. 15
Patterson-Sargent (quarterly)
Name of Company
Feb. 16 1935
Per
Share
When Holders
Payable of Record
8733c Mar. 1 Feb. 20
Pender (David) Grocery,cony. A (guar.)
75c Feb. 16 Feb. 5
Penmans. Ltd. (quarterly)
Penn State Water,$7 preferred (quar.)
3154 Mar. 1 Feb. 20
3733cd Mar. 1 Feb. 20
Penna Gas & Elec. Corp.(Dela.) A (guar.)
$131 Apr. 1 Mar. 20
7% Preferred (quarterly)
$7 preferred (quarterly)
5154 Apr. 1 Mar. 20
55c Mar. 1 Feb. '20
Pennsylvania Power Co.. $6.60 pref. (monthly)
$133 Mar. 1 Feb. 20
36 preferred (guar.)
50c Mar. 15 Feb. 15
Pennsylvania RR. Co
40c Ma
1 Feb. 19
Prentice Hall (quarterly)
75c Mar. 1 Feb. 19
Preferred (quarterly)
Peoples Telep. Corp., preferred
$154 Mar. 1 Feb. 28
25c Mar. 1 Feb. 9
Philadelphia Co.,5% pref. (s.
-a.)
Philadelphia Suburban Water Co., pref. (guar.) $133 Mar. I Feb 100
$233 Apr. 10 Mar 30
Philadelphia & Trenton RR.(quar.)
$233 July 10 June 30
Quarterly
5231 Oct 10 Sept.30
Quarterly
25c Mar. 1 Feb. 5
Philips Petroleum
50c Apr. 10 Mar. 31
Phoenix Finance Corp.,8% pref. (guar.)
50c July 10 June 30
8% preferred (quarter.y)
50c Oct. 10 Sept.30
8% preferred (quarterly)
50c Jan. 10 Dec. 31
8% preferred (quarterly)
8713c Mar. 1 Feb. 13
Phoenix Hosiery, 7% 1st preferred
r50c Mar. 1 Feb. 15
Photo Engravers & Electrotypers (8.-a.)
40c Mar. 1 Feb. 15
Pillsbury Flour Mills (guar.)
10c Mar. I Feb. 21
Pioneer Mills Co., Ltd. (monthly)
75c Apr. 1 Mar. 15
Pittsburgh, Bessemer & Lake Erie (8.-a.)
3154 Apr. 1 Mar. 9
Pittsburgh Ft. Wayne & Chicago By. (quar.)
$133 July 1 June 10
Quarterly
Quarterly
$154 Oct. 1 Sept. 10
$133 Jan. 2 Dec. 10
Quarterly
7% preferred (guar.)
$133 Apr. 2 Mar. 9
3133 July 2 June 10
7% preferred (guar.)
3134 Oct. 8 Sept. 10
7% preferred (guar.)
7% preferred (quar.)
$133 Jan. 7 Dec. 10
Pittsburgh Youngstown Sz Ashtabula RR.
8
31/ Mar. 1 Feb. 20
7% preferred 1quar.).
7% preferred guar.)
$153 June 1 May 20
7% preferred guar.)
3154 Sept. 1 Aug. 20
7% preferred guar.)
3154 Dec. 1 Nov.20
Ponce Electric Co.,7% pref.(guar.)
3133 Apr. 1 Mar. 15
50c Feb. 28 Feb. 20
Portland & Ogdensburg RR.(quar.)-Potomac Electric Power Co.
6% preferred (guar.)
$133 Mar. 1 Feb. 15
533% preferred (guar.)
e
$134 Mar. I Feb. 15
e2% Apr. 1 Feb. 28
Pressed Metals of Amer.,Inc., common
Properties Realization, voting trust ctfs
80c Feb. 20 Feb. 14
33 July 1 July 1
Protective Life Insurance (8.-a.)
Public Service Co. of Colorado, 7% pref. (mo.)_ 58 I-3c Mar. 1 Feb. 15
6% preferred (monthly)
50c Mar. 1 Feb. 15
5% preferred (monthly)
41 2-3c Mar. 1 Feb. 15
Public Service of N. J. (guar.)
70c Mar.30 Mar. 1
$5 preferred (quarterly)
$1 X Mar.30 Mar. 1
S2 Mar.30 Mar. 1
83- preferred (quarterly)
7
73- preferred (quarterly)
$15 Mar.30 Mar. 1
4
50c Feb. 28 Feb. 1
6% preferred (monthly)
6% preferred (monthly)
50c Mar. 30 Mar. 1
Puritan Ice, common
38 Apr. 1 Dec. 31
Quaker Oats (Jo., 6% preferred (quarterly)
$134 Feb. 28 Feb. 1
Radio Corp. of America
$933 Feb. 19 Jan. 29
Rainier Pulp & Paper. $2 clams A
htiOc Mar. 1 Feb. 10
550c June I May 10
$2 class A
Reading Co. 1st preferred (quarterly)50c. Mar. 14 Feb. 21
Reno Gold Mining Ltd. (guar.)
3c Apr. 1 Feb. 28
Republic Petroleum Co.(monthly)
3c Feb. 20 Feb. 9
Reynolds Metals Co. (quarterly)
25c Mar. 1 Feb. 15a
Rich's. Inc. 633% preferred (guar.)
$133 Mar.30 Mar. 15
Rochester Gas St Electric.7% pref. B (quar.)
$131 Mar. 1 Feb. 11
6% preferred C (quarterly)
$131 Mar. 1 Feb. 11
$131 Mar. 1 Feb. 11
6% preferred (quarterly)
Rockwood & Co., preferred
h$2 Feb. 20 Feb. 10
Rockwood Co.,8% preferred
h$2 Feb. 20 Feb 11
Rolland Paper Co..6% pref. (guar.)
$133 Mar. 1 Feb. 15
St. Joseph Lead Co
10c Mar. 20 Mar. 8
.
1
St. Louis Rocky Mountain & Pacific RR. Co.
25c April 20 April 5a
Common (quarterly)
3131 April 20 April 5a
Preferred (quarterly)
$133 July 20 July 5
Preferred (quarterly)
$1 31 Oct. 21 Oct. 5a
Preferred (quarterly)
San Jose Water Works,6% preferred (quar.)
3733c Mar. 1 Feb. 20
Savannah Electric & Power
32 Apr. 1 Mar. 15
8% preferred A (guar.)
733% preferred B (guar.)
3133 Apr. 1 Mar. 15
$131 Apr. 1 Mar. 15
7% preferred C (guar.)
3133 Apr. 1 Mar. 15
631% preferred D (quar.)
75c Mar. 1 Feb. 15
Second Investors Corp.(R.I.). $3 pref.(qu.)_ _ _
20c Mar. 15 Feb 28
Second Twin Bell Syndicate (monthly)
75c Mar. 1 Feb. 15
Secord (Laura) Candy Shops (guar.)
50c May 1 Apr. 15
Seeman Bros.. Inc common (extra)
$133 Mar. 1 Feb. 20
Shenango Valley Water,6% pref.(qu.)----Sherwin-Williams Co. preferred (quarterly)--- - $133 Mar. 1 Feb. 15
Sioux City Stockyards CO.$134 part ref(guar.) 3733c May 15 May 14
3133 participating preferred (qua.
3734c Aug. 15 Aug. 14
3733c Nov. 15 Nov. 14
$133 participating preferred (guar.
$1 May I May 1
Smith (S. Morgan) Co. (quarterly)
$1 Aug. 1 Aug. I
Quarterly
31 Nov. 1 Nov. 1
Quarterly
15c Mar, 15 Feb. 20a
Socony-Vacuum 011 Co
South Carolina Power Co., $6 pref. (quar.)-- 3134 Apr. I Mar. 15
South Calif. Ed Co.. Ltd.. 7% ser A pref(guar.) 4333c Mar. 15 Feb. 20
3733c Mar. 15 Feb. 20
67 series B preferred (guar.)
South Pittsburgh Water 5% pref. (semi-annual) $131 Feb 19 Feb. 9
50c Mar. 1 Feb. 15
Southern Fire Insurance Co.(semi-annual)
15c Mar. 1 Feb. 15
Southern Pipe Line Co
10cd Feb. 28 Fob. 18
Southerland Paper Co., common (bi-monthly) 5cd Feb. 28 Feb. 18
Extra
25c Apr. I Feb. 25
Standard Brands, Inc.. common (guar.)
3133 Apr. 1 Feb. 25
$7 cumul. preferred, series A (guar.)
Standard Coosa-Thatcher,7% pref. (quar.)___ _ $133 Apr. 15 Apr. 15
25c Mar. 15 Feb. 15
Standard Oil Co. of California
25c Mar. 15 Feb. 15
Standard Oil (Indiana )(guar.)
n
Mar. 15 Feb. 15
Standard Oil Co. of N. J
95c Mar. 1 Feb. 15a
Sterling Products, Inc. (guar.)
25c Mar. 15 Feb. 25
Sun 011 Co.(guar.)
$133 Mar. I Feb. 11
6% preferred (guar.)
Susquehanna Utilities Co., 1st preferred (guar.) $133 Mar. 1 Feb. 20
25c Mar. 1 Feb. 21
Telephone Investments Corp.(monthly)
Tennessee Electric Power Co.
$1 31 Apr, 1 Mar. 15
5% 1st preferred (guar.)
$1
Apr. 1 Mar. 15
6% 1st preferred (quar.)
$131 Apr 1 Mar. 15
7% 1st preferred (guar.)
31.80 Apr.
Mar. 15
7.2% 1st preferred (guar.)
50c Mar.
Fob. 15
6% preferred (monthly)
50c Apr.
Mar. 15
6% preferred (monthly)
60c Mar.
Feb. 15
7.2%, preferred (monthly)
60c Apr.
Mar. 15
7.23 preferred (monthly)
$154 Mar.
Feb. 21
Texas Utilities, 7% preferred (guar.)
$1 31 Mar.
Feb 15
Tex-O
-Kan Flour Mills, pref.(guar.).
8154 June
May 15
Preferred (quarterly) _
10c Feb. 28 Feb. 27
Third Twin Bell Syndicate (bi-monthly)
$131 Mar. 1 Feb. 10
Tide Water Power. .36 pref. (guar.)
$131 Mar 1 Feb. 20
Timken Detroit Axle 7% pref. (quar.)
25c Mar, 5 Feb. 18
Timken Roller Bearing Co
2c Feb. 21 Jan. 25
Toburn Gold Mines. Ltd
Toledo Edison Co., 7% preferred (monthly)— - 58 I-3c Mar. 1 Feb. 15
50c Mar. 1 Feb. 15
6% preferred (monthly)
41 2-3c Mar. I Feb. 15
5% preferred (monthly)
10c Mar. 1 Feb. 15
Trans
-Lux Daylight Picture Screen Corp
10.79c Mar. 1
Trustee Standard 011 Shares. series B coupon
$2 Mar. 5 Feb. 28
Twin Bell 011 Syndicate (monthly)
30c Mar. 1 Feb. 15
Union Tank Car Co.(quarterly)
Financial Chronicle
Volume 140
Per
Name of Company.
Share.
United Biscuit Co.of America,common (quer.)40c
. Preferred (quarterly)
$13(
United Gas Improvement
25c
Preferred (quarterly)
$1)(
United Light & Rys.(Del.)
-7% pr. pref(mo.)- 58 1-3c
6.36% prior preferred (monthly)
53c
6% prior preferred (monthly
50c
7% prior preferred (monthly
581-3c
6.36% prior preferred (montily)
53c
6% prior preferred (monthly)
50c
United New Jersey RR.& Canal %quar.)
$212
United states Pipe & Fdy Co.(quar.)
1234c
Common (quar.
1234c
Common (quar.
1234c
Common (quar.
12)4c
1st preferred (quell
1st preferred (quar.
30c
1st preferred (quar.
300
1st preferred (guar.)
30c
United States Playing Card (quar.)
25c
Extra
25c
United States Steel, preferred (quar.)
50c
United States Sugar Corp., pref. (guar.)
$134
Preferred (quarterly)
$134
Preferred (quarterly)
$1
Upper Michigan Power& Light,8% pref.(quar.) $1.34
6 preferred (quarterly)
$134
6 preferred (quarterly)
3134
6 preferred quarterly
3134
Utica Chenango & Susquehanna Valley RR.—
Guaranteed (semi-annual)
$3
Utica Clinton & Binghamton Ry.—
Debenture stock (semi-ann.)
$234
Debenture stock (semi-ann.)
$254
Utica Knitting. 7% preferred
14334
Van Raalte Co.. 1st pref. (quar.)
$134
Vapor Car Heating Co., Inc
2
7% preferred (quarterly)
$1%
Vermont & Boston 1 elephone tsemi-ann.)
:2
Vick Chemical Co.(quarterly)
50c
Extra
10c
Virginia Electric & Power, $6 preferred (quar.)_ 3134
Vulcan Detinning, Preferred
1
(guar.)
Preferred (quar.)
Preferred (quar.)
Waialua Agricultural, Ltd
Walker (H.), Gooderham & Worts. pref.(qu.)-25c
Warren tNortham) Corp.,$3 pref.(quar.)
75c
Washington R.& Electric Co.(quar.)
$3
preferred (quarterly)
preferred (quarterly)
5 Q prefe
Wei 1 (Raphael) & Co. (semi-ann.)
Weeson Oil & Snowdrift Co.,Inc
-Convertible preferred (quar.)
$1
Western Cartridge Co.6% preferred (quar.).... $1)4
5?
1111
$4
When Holders
Payable. ofRecord.
Mar. 1 Feb. 7
May 1 Apr. 15
Mar.30 Feb. 28
Mar.30 Feb: 28
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 10 Mar. 20
Apr. 20 Mar.30
July 20 June 29
Oct. 20 Sept. 30
Jan. 20 Dec. 31
Apr. 20 Mar.30
July 20 June 29
Oct. 20 Sept. 30
Jan. 20 Dec. 31
Apr. 1 Mar. 21
Apr. 1 Mar. 21
Feb. 27 Feb. 1
Feb. 20 Sept 10
Apr. 5 Mar. 10
July 5 June 10
May 1 Apr. 26
Aug. 1 July 27
Nov. 1 Oct. 26
2-1-'36 Jan. 27
May 1 Apr. 15
June 26 June 16
Dec. 26 Dec. 16
Mar. 18 Feb. 18
Mar. 1 Feb. 14
Mar. 9 Mar. 1
Mar. 9 Mar. 1
July 1 June 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 20 Feb. 28
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct 10
Feb. 20 Feb. 18
Mar. 15 Feb. 22
Mar. 1 Feb. 15
Mar. 1 Feb. 16
Mar. 1 Feb. 16
June 1 May 15
Mar. 1 Feb. 1
Mar. I Feb. 15
Feb. 20 Jan. 31
1101
Per
Share
Name of Company
Western Public Service, pref. A (quar.)
Westinghouse Electric & Mfg. Co
Westland 011 Refining, A (monthly)
Westvaco Chlorine Products,(quar.)
Wheeling Electric, 6% preferred (quar.)
Wilcox hich Corp.class A (quar.)
Class B
Will & Baumer Candle Co., Inc—
Preferred
Williamsport Wit.er. $6 preferret: (quar.)
Whisteci Hosiery (quar.)
Quarterly
Quarterly
Woolworth (F. W.)Co.(quar.)
Wrigley (Wm.) Jr. (monthly)
Monthly..............
Zions Cooperative Mercantile Ins. (quar.)
Quarterly
Quarterly
When Holders
Payable of Record
3735c Mar. 1 Feb. 11
Feb. 18 Jan. 21
10c Mar. 15 Feb. 28
100 Mar. 1 Feb. 15
Si54 Mar. 1 Feb. 8
41323ic Mar.31 Mar.20
200 Feb. 15 Feb.
$2 Apr.
$134 Mar.
May
Aug.
Nov.
60c Mar.
25c Mar.
25c Apr.
50c
50c
50c
1 Mar. 15
1 Feb. 30
11
1 Feb. 11
Feb. 20
Mar. 20
Apr. 15
July 15
Oct. 15
t The New York Stock Exchange has ruled that stock will not be quote
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock w
not be Quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
el Correction. e Payable in stock
Payable in common stock. g Payable in scrip. h On account of accu
mulated dividends. 3 Payable in preferred stock.
Blue Ridge Corp. has declared the quarterly dividend on its optional $3
convertible pref. stock, series of 1929. at the rate of 1-32nd of one share of
the com. stock of the corporation for each share of such pref. stock, or, at
the option of such holders (providing written notice thereof is received by
the corporation on or before Feb. 15 1935). at the rate of 75c. per share in
cash.
n Standard Oil of N..1. div. of one sh. of Mission Corp. stock for each
25 shares of S. 0. of N. J. $25 par value and 4 shs. of Mission Corp. stk.
for each 25 abs. of St. 0. of N. J. $100 par value.
o Lynch Corp. declared a 50% stock dividend in addition to Its regular
quarterly dividend.
p Parker Rust Proof, distribution of 1 share of Parker Wolverine 5% pref.
for each share held.
q Westinghouse Electric env
share of R. C. A. for a share of its corn.
and pref.: pref. shareholders given option of $314 in cash: pref. div • and
option constitutes full 1935 payment
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. B. funds.
A unit w Less depositary expenses
z Less tax. u A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
STATEMENT OF MEMBERS OF' THE NEW YORK CLEARING
HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, FEB. 9 1935
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 13 1935,
in comparison with the previous week and the corresponding
date last year:
,The weekly statement issued by the New York City
Clearing House is given in full below:
Clearing House
Members
Surplus and
Undivided
Profits
• Capital
Bank of N Y & Trust Co
Bank of Manhattan Co.
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co.__
Manufacturers Trust Co
Ceiat Hagover Bk & Tr CC
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 dr Trust Co.
Marine Midland Tr Co.
New York Trust Co___.
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Net Demand
Deposits,
Average
$
6,000,000
$
10,298,100
20,000,000
119,337,000
25,431,700
297,983,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000.000
10,000,000
$
38,273,300 a1,038,599,000
48,104,400
367,249,000
177,294,700 51,086,448,000
10,297,500
280,436,000
61,512,800
612,467,000
16,124,900
193,836,000
89,218,100
408,509,000
57,819,800
409,002.000
3,608,900
31,785,000
68,839,400 c1,422,408.000
3,329,600
44,605,000
62,018,800 4659,466,000
8,160,400
14,619,000
7,503,200
57,521,000
21,361,500
239.481,000
7,644,700
54,256,000
5,148,200
53,004,000
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
Time
Deposits,
Average
8
6.494,000
29,340,000
154,007,000
19.460,000
52,881,000
103,699,000
27,322,000
20,849,000
12,688,000
4,519,000
1,865,000
65,459,000
352,000
17,629,000
258,000
3,292,000
16,032,000
1,405,000
37,725,000
1111 nkx non
/01 annnnn a an, n11 nnn
m/c 0/m nnn
* As per official reports: National, Dee.
31 1E34: State, Dec. 31 1934' trust
companies, Dec. 31 1934.
Includes deposits in foreign branches as follows: a
5201,077.000; b 363,177.000;
c$84,381,000; 528,056,000.
Feb. 13 1935 Feb. 6 1935 Feb. 14 1934
Gold certificates on band and due fr lm
U. S. Treasurys-Redemption fund—F. R. notes__ . -
Other cash
Total reserves
Redemption fund—F.R. bank notes.
Rills discounted:
Secured by U. S. Goat obligati Ins
direct & (or) fully guaranteed... Other bills discounted
s
$
s
2,072,723,000 2,112,095,000
1,535,000
1,636,000
70,085,000
69,838,000
861,482,000
9,128,000
55,588,000
2,144,343,000 2,183,569,000
1,509,000
926,198,000
3.107,000
1,976,000
2,297,000
32,016.000
2,102,000
1,071,000
5,293,000
139.945,000
472,770,000
157,603,000
U.8. Government securities:
Bands
Trauma notes
'Certificates and bills
4,047,000
2,101,000
1,201,000
Bills bought in open market
Industrial Advances
11,783,000
20,233,000
4,273,000
Total bills discounted
1,661.000
2,386,000
141,018,000
477.501.000
159,299,000
167,783,000
346,021.000
302,951,000
770,318,000
777,818,000
816,755,000
Totals
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 Feb. 8:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH
THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY,
FEB. 8 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan
Grace National
Trade Bank of N. Y.
Brooklyn—
roonia'n National__ _
Cash
s
S
23,400.300
4,010,107
91,200
135,338
4.556.000
95.000
Res. Dep..
N. F. and
Mothers
$
3,058,100
693,528
175.000
Dep. Other
Ranks and
Trust Mt.
s
Gross
Deposits
—
s
2,206,300 23,962,90
152,596 4,090,504
320 000
& oas no
TRUST COMPANIES—AVERAGE FIGURES
_
Loans
Disc. and
investments
Cash
--
Manhattan—
$
5
Empire
53,918,700 *4,516,500
Federation
7,353,304
107,479
Fiduciary
12,273,402 *1,042,711
Fulton
19,305,200 *2,705,900
Lawyers County_ ..._ 30,770,000 *8,634,500
United States
61,826,191 12,539,956
Brooklyn—
Brooklyn
Kings County
Res. Dep..
N. Y. and
!Machete
Dep. Other
Ranks and
Trust cos
---$
8,437,700 2,444,300
698,237 1,035,624
883,345
62,541
558,600
600,800
631,500
15,896,118
Oross
Deposits
57,153,900
7,513,015
12,258,321
18,407.900
37,592,700
61,613,609
86,170,000 2,614,000 22,989,000
253,000 100,365,000
28,219,639 2,149,331 7.982,212
32,171,449
• Includes amount with Federal Reserve as follows: Empire, $3,359,200:
Fiduciary, $773,086: Fulton, $2,517,100: Lawyers County, $
7 878 700
. . .
Total U.B.Governmentsemi
•..
Other securities
Foreign loans on gold..
783,000
Total bills and securities
777,893,000
785.038,000
854,847,000
Gold held abroad
Due from foreign banks
B. R. notes of other banks
Uncollected items
Bank premises
All other assets
317,000
4,674,000
91.351,000
11,598,000
32,508.000
317.000
3,638,000
96,221,000
11.508,000
31.549,000
1,296,000
5,054,000
139,574,000
11,424,000
47,591,000
Total assets
3,062,684.000 3,113,349,000 1,989,091,000
LtabflutseF. R. notes in actual circulation.. _ 657,286,000 652,468,000
F. R. bank notes in actual circulation net
24,324,000
Deposits—Member bank reserve are t.. 2.039,529,000 2,108,914,000
U. B. Treasurer—General ACOOLInt...
44,170,000
9,752,000
Foreign bank.
5,083,000
4,165,000
Other deposita
100,680,000 100,855,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surpl to (Section 13b)
Reserve for contingencies
All other liabilities
602,490,000
52,635,000
995,622,000
16.193,000
1,501.000
23,777,000
2,189,462,000 2,223,686,000 1,037,093,000
95,497,000
92,664,000 136,713,000
59,714,000
59,714,000
58,510,000
49,964,000
49,964,000
45,217,000
877,000
877,000
7,501.000
7.501,000
4,737,000
2,383,000
2,151,000
51,696,000
Total liabilities
Ratio of total reserves to deposit' Sod 3.062,684,000 3.113,349,000 1,989,091.000
F. R. note liabilities combined..._
•
75.9%
Contingent liability on bilis purch wed
75.3%
56.5'
for foreign correspondents__
166,000
Commitments to make industrial
166,000
1.356,000
advances
--4.76&000
4.757.000
•"Other sash- does not Include
Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the
from the Reserve bankt when the dollar U. S. Treasury for the gold taken over
was on Jan. 31 1934 devalued from 100
cents to 59.06 mina, timae certificates
being worth less to the extent of the dlierence, the difference Itself having been
appropriated
under the provisions of the Gold Reserve Act 1934, as profit by the Treasury
of
Financial Chronicle
1102
Feb. 16 1935
Weekly Return of the Federal Reserve Board
The following is Issued by the Federal Reserve Board on Thursday afternoon, Feb. 14, showing the condition
of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks 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 FEB. 13 1935
Feb. 13 1935 Feb. 6 1935 Jan. 30 1935 Jan. 23 1935 Jan. 16 1935 Jan. 9 1935 Jan. 2 1935 Dec. 26 1934 Feb 14 1934
S
$
$
$
$
$
3
$
3
ASSETS.
Gold etre,on hand & due from U.8.Treas a 5,449,639,000 5,445,101,000 5,350.959,000 5.281.298,000 5,237,503,000 5,162,076,000 5,124,339,000 5,122,396,000 3,582,092,000
42,234,000
18,952,000
19,060,000
19,060,000
17.398,000
17,398,000
15.875,000
16,559,000
16,549,000
Redemption fund (F. R. notes)
264,771,0011 270,330,000 280,320,000 286.400,000 287,444,000 287.644,000 253.091,000 213.620.000 222,460,000
Other cash •
5,730,959,000 5,731,990.000 5.647,154,000 5.585,096.000 5.542.345,000 5,468,780,000 5.396,490.000 5.354,968,000 3,846,786,000
Total reserves
1.964,000
250,000
1.986,000
1,579,000
1.752,000
3,124.000
3,304,000
3,558.000
3.500,000
5,294,000
3,394,000
13,604.000
3,617.000
3,588,000
3,406,000
6,510,000
Total bills dLsocunted
1,759,000
3,451,000
3,059,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted
6,428,000
7,058,000
8.688.000
17,221,000
6,994,000
1,677,000
12,387,000
3,544,000
3.548,000
4,820,000
4.461,000
19,264,000
49,141.000
7,092,000
9,281,000
68,405,000
1.677.000
Bills bought In open market
Industrial Advances_
-Bonds
U.S. Government securities
Treasury notes
Certificates and bills
86,086,000
5.811.000
5.612,000
5.611,000
5,539.000
5.562.000
5,538,000
5,503.000
5,502,000
13.589.000
14,315,000
14.714,000
14,826,000
15.836.000
17,493,000
17,824,000
18,375,000
395,726,000 395.630,000 395.652,000 395.650.000 395,827.000 395.862.000 396.088,000 395,582,000 443,045,000
1,511,683,000 1,511,868,000 1.511,693.000 1.506,688,000 1.508,687,000 1,507,117,000 1,507.118,000 1,507.141,000 1,026,142,000
522,925,000 522.925,000 522.925.000 527,925,000 525.925.000 527,475.000 527,475,000 527,475.000 962,837,000
Total U. S. Government secur1tie5
Other securities
Foreign loans on gold
2,430,334,000 2.430,221,000 2.430,270,0002.430.263.000 2,430.219,000 2,430.254,000 2.430,681.000 2,430,198,000 2,432,024,000
1,293,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
2,460,721,000 2,459,976,000 2.460,359,000 2.460,126,000 2.467,828,000 2.457,603,000 2,547,700.000 2.458.079.000 2,587,808,000
Total assets
805,000
16,763,000
415,332,000
49,436,000
46,349,000
805,000
17,165,000
416.543,000
49.336.000
45,286,000
805,000
805,000
22.324.000
19,672,000
411.130,000 446,365,000
49,308.000
49,307,000
46.961,000
48,444,000
808,000
24,226.000
505,729,000
49,296.000
45.589,000
805.000
24,489,000
428,403,000
49,190,000
44,850,000
805,000
804,000
22,614,000
27,988,000
530,474,000 452,135,000
49,160.000
53,373,000
43,064,000
44,534.000
3,400,000
16,222,000
499,174,000
52,382,000
116,133,000
8,720.615.000 8.722.860,000 8,638.857.000 8.612,562,000 8.637.571.000 8.476.084.000 8.508.828,000 8.387,313,000 7,134,292,000
LIABILITIES.
3,118,015,000 3,101.685,000 3,068.172,000 3,000,915,000 3,099,050,000 3,136,987,000 3,215,661,000 3,281.403,000 2,952,541,000
F. It. notes in actual circulatioi
26,363,000
26,003,000 199,358,000
26,185,000
25.869,000
25,683,000
25,697.000
25,627,000
1.192,000
F. R. bank notes In actual circulati0n.--Member banks' reserve account 4,580,341,000 4,632,647.000 4.541,755,000 4,500.919,000 4,387,560,000 4,282.546,000 4,089.552,000 3,961,204.000 2.850,888,000
Deposits
45,654,000
49,155,000
67,227,000
80.137,000 125,594,000 168,114,000
56,481,000
35.434,000
72,312,000
U. S. Treasurer-General aocount_a
3,610,000
18.954,000
19,582,000
19.114,000
18,339,000
19,083,000
16.073.000
13,424,000
13,567,000
Foreign banks
167,945,000 162,684,000 178,141.000 169,073.000 196,677,000 174.725.000 170.971.000 168.016,000 126,417,000
Other depoelts
Total deposits
4,834.165.0004.844,189,000 4,792.450,000 4.738,230,000 4.669.803,000 4.556.522,000 4,405.071,000 4.316,916,000 3,026,569,000
Deferred availability Herne
Capital paid In
Surplus (Section 7)
Surplus (Section 1313)
Reserve for contingencies_
All other liabilities
Total liabilities
426,371,000
146,928,000
144,893,000
12,447.000
30,422,000
5,782,000
72.1%
366,000
12.540.000
-
Total bills discounted
1-15 days bills bought In open market__ _
18-30 (lays bills bought In open market
31-60 days hills bought In open market...
01-90 days bills bought in open market.Over 90 days bills bought In open market
Total bills bought In open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
01-00 days Industrial advances
Over 90 days industrial advances
Total Industrial advances
412,710,000
146.870,000
144,893,000
11,560,000
30,820,000
5,685.000
444,405,000
148.888,000
144.893,000
10,689,000
30,820,000
4.059,000
506.428,000 419.920,000
146,839.000 146.844.000
144.893.000 144.893,000
10.496,000
10,526,000
30,816,000
30,808,000
3,421,000
3,355,000
527,887.000
146.773,000
144,893,000
8.418,000
30,816.000
2.940,000
441.843,000
146.752,000
138,383,000
6,459,000
22,272,000
26,682,000
s
72.1%
71.8%
317.000
366.000
12,314,00011,739,000
-
s
$
71.6%
317,000
11.109.000
$
71.3%
567,000
10,846,000
Total U. S. certificate,' and bills
Total municipal warrants
Federal Reserre Notes
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
22,524,000
152,728,000
3
71.1%
70.8%
70.7%
64.3%
878,000
10,375,000
674.000
10.213,000
675,000
8,225.000
4,284,000
$
s
s
$
5.321,000
181,000
675,000
286.000
47,000
4,693,000
673,000
715,000
292,000
48,000
5,416,000
627,000
635.000
358.000
22,000
7,021,000
110.000
1,228,000
296,000
33,000
15.588.0001
223,000
677,000
701,000
32,000
5,478,000
126,000
1.239,000
122,000
30.000
5.268.000
251,000
1,417,000
84,000
74,000
7.281.000
404.000
884,000
638,000
74,000
53,872,000
5,218,000
4,998,000
4,833,000
484,000
6,510,000
6,428,000
7.058,000
8,688,000
17,221.000
6.994.000
7,092,000
9,281,000
68,405,000
660,000
3,426,000
817,000
599.000
857,000
1,219,000
219,000
3,208,000
657,000
1.506,000
386,000
2.989.000
2,750.000
845.000
1.213,000
731,000
2,743,000
833.000
689.000
1,317,000
741,000
2.719,000
883,000
1,269,000
515,000
2.869.000
1,144,000
1,084.000
1,165,000
695,000
1,027.000
2.724.000
30,832,000
24,922,000
21,740,000
8,591,000
1,000
5,502,000
5,503,000
5,538,000
5.539.000
5,562,000
5.611.000
5.612.000
5.611,000
86,086,000
93,000
618,000
702,000
1,315,000
15,647,000
139,000
551,000
748,000
1.298.000
15.088,000
92,000
146,000
1,184,000
904,000
15,167,000
42,000
191,000
820,000
1.251,000
13,332.000
47.000
186,000
656,000
878,000
13.059.000
84,000
102,000
855.000
904,000
12,999,000
49,000
142,000
137,000
1,425,000
12,562.000
32,000
71,000
211,000
865,000
12,410,000
18,375,000
17.824,000
17,493,000
15,636.000
14.826,000
14,744,000
14,315,000
13.589,000
31,450,000
38,399,000
27,400,000
30,200,000
40,535,000
39,467.000
35,114,000
1-15 days U. S. certificates and bills-36,222,000
33,300,000
44.467,000
27,500.000
45.535.000
35.114,000
38,222,000
39,690,000
16-30 days U. S. certificates and bills...... 120,030,000
83,199.000
83,239.000
81,354.000
80.750,000 165,130,000 175.030.000 163,880,000 154.252,000
31-60 days U. S. certificates and bills-- - 90,570,000
01-90 days U. S. certificates and bills_--- 183,618,000 179.175,000 172,177,000 189,545.000 201,873.000 164.630.000 175,230,000
Over 90 days U.S. certificates and bills- 2,009,714,000 2,011.112,000 2,007.374,000 2,001,189.000 1,999,427.000 2,111.235,000 2,107,462,000 287,807,000
1-15 days municipal warrants
16-30 days municipal warrants
31-60 darn municipal warrants
01-90 days municipal warrants
Over 90 days municipal warrants
497.108,000
145,081,000
138,383,000
8,720,615,000 8,722,860,000 8,638,857,000 8.612,562,000 8,637.571,000 8,476,084.000 8,508,828,000 8,387.313,000 7,134,292,000
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign corresponaenss
Commitments to make industrial advances
Maturity Distribution of Ms and
Sllorl-terus Secur0ies1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
01-90 days bills discounted
Over 90 days bills discounted
411,155,000
146.868.000
144,893,000
12,351,000
30,822,000
5.270,000
2,430,334,000 2.430,221,000 2.430,270.000 2,430.263.000 2.430.219,000 2,430.254,0002.430.681.000
527,475,000
72,170,000
201,999,000
153,170,000
144,928,000
390,570.000
962,837,000
1,276,000
17,000
1,293,000
3,382,242,000 3,379,971.000 3,365.435,000 3,388,374,000 3.433,031,000 3,480.183,000 3,518,366,000 3.551,542.000 3,204,150,000
264,227.000 278.286,000 297,263.000 319,459,000 333.981.000 343.196.000 302,705.000 290,139,000 251.609,000
3,118,015,000 3,101,685,000 3,068.172.000 3,0)16,915,000 3,099,050,000 3,136,987,000 3,215,661,000 3,261,403,000 2.952.541,000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold etre. on hand & due from U.S. Trees- 3.252.450,000 3,256,450,000 3,258,370,000 3,274,200,000 3.292,700.000 3,288,200,0003,314,200,000 3.350,200,000 2,573,318,000
7,575,000 122,358,000
5,523,000
5,582.000
15.778.000
7,285,000
5,587,000
4,955,000
5,084,000
By eligible paper
199,000,000 191,000,000 186,000.000 188.000,000 193.000.000 238.000,000 243,100,000 238,000,000 548,100.000
U.S. Government securities
Total collate] al
3 456 534 000 3.452.40.5.000 3.449.957.000 3.469.485.000 3.501.478.000 3.531.782.000 3.562.823.000 3,595.775,000 3,243,776.000
t Revised figures.
•"Othsr cash- does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
o These are oertificates given by the U. S. Treasury for tne gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 69.06 Dent..
tile difference, toe difference Itself having been appropriated as profit by the Treasury under the Proon Jan.31. 1934. them certificates being worth less to tile extent of
visions of the Gold Reserve Act 01 1934.
to
a Caption ensued from ".Government- to -U, 9 Treasurer-General amount- and 3100,000,000 included in Government deposits on May 2 1934 transferred
nOther dement]."
Financial Chronicle
Volume 140
1103
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 13 1938
Two Ciphers (00) Omitted.
Federal Reserve Bank of
-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louts Minneap. Kan. Cup
San Fran.
Dallas
$
$
$
$
I
$
S
$
$
$
$
RESOURCES
$
$
Gold certificates on hand and due
from U.S. Treasury
5,449,639.0 407,960,0 2,072,723,0 267,199,0 393,853,0 190,566,0 110,432,0 1,042,970,0 186,806,0 138,671,0 194,869,0 120,236,0 323,354,0
218,0
496,0
813,0
1,533,0 1,694,0 3,539,0
1,535,0 2,169,0
246,0 3,306,0
514,0
16,549,0
486,0
Redemption fund-F. R. notes
28,807,0 10,758,0 11,117,0 12,153,0 7,055,0 20,016,0
70,085,0 36,032,0 11,026,0 11,962,0 14,402,0
264,771,0 31,358,0
Other each
5,730,959,0 439,804,0 2,144,343,0 305,400,0 406,412,0 204,222,0 128,373,0 1,072,590,0 198,060,0 150,006,0 207.536,0 127,537,0 346,676,0
Total reserves
fiedem. fund-F. R. bank notes_
250,0
250,0
Bills discounted:
Sec. by. U.S. Govt. obligations
343,0
442,0
10,0
20,0
25,0
28,0
115,0
100,0
1,976,0
3,451,0
292,0
100,0
direct and(or)fully guaranteed
122,0
23,0
430,0
17,0
49,0
31,0
2,297,0
70,0
3,059,0
Other bills di/mounted
20,0
Total bills discounted
Bills bought In open market
Industrial advances
U. S. Government !emir ties:
Bonds
Treasury notes_
Certificates and bills
6,510,0
5,502,0
18,375,0
4,273,0
2,101,0
1,201,0
312,0
404,0
1,974,0
Total resources
131,0
204,0
2,773,0
164,0
108,0
1.076,0
139,945,0 25,137,0 30,558,0 14,859,0 13,534,0
472,770,0 105,049,0 134,418,0 65,346,0 59,445,0
157,603,0 36,934,0 48,048,0 23,358,0 21,250,0
395,726,0 23,215,0
1,511,683,0 99,055,0
522,925,0 35,409,0
100,0
651,0
1,293,0
28,0
105,0
480,0
84,0
1,825,0
95,0
149,0
635,0
33,0
385,0
651,0
37,0
143,0
1,287,0
61,065,0 15,948,0 15,454,0 13,334,0 18,820.0 23,857,0
268,902,0 67,958,0 37,159,0 57,837,0 38,789,0 104,955,0
90,876,0 24,294,0 13,095,0 20,673,0 13,866,0 37,519,0
770,318,0 167,120,0 213,024,0 103,563,0 94,229,0
2.460,721.0 160,369,0
60,0
805,0
16,763,0
320,0
415,332.0 46,264,0
49,436,0 3,168,0
46,349,0
674,0
420,843,0 108,200,0 65.708,0 91,844,0 71,475,0 166,331,0
777,893,0 172,427,0 215,312,0 106,671,0 95,667,0
29,0
30,0
76,0
83.0
317,0
994,0 1,291,0 1,237,0
4,674,0
417,0
91,351,0 32,767,0 40.524,0 36.508,0 18,268,0
11,598,0 4,525,0 6,629,0 3,028,0 2,325,0
32,508,0 4,876,0 1,533,0 1,340,0 1,762.0
Total U. S. Govt. securities_ 2,430,334,0 157,679,0
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks_
Uncollected Items
Bank premises
All other resources
564,0
523,0
1,201,0
773,0
555,0
3,979,0
422,887,0 108,813,0 67,617.0 92,723,0 72,942,0 167,400,0
56,0
21,0
22,0
6,0
8,0
97,0
300.0 2,330,0
846,0
927,0
1,878,0 1,549,0
53,778,0 23,590,0 11,194,0 26,350,0 14,579,0 20,159.0
4,955,0 2,628,0 1,580,0 3,447,0 1,684,0 3,869,0
550,0
898,0
314,0
749,0
229,0
916,0
8,720,615,0 650,909,0 3,062,684,0 520,495,0 671,480,0 353,090,0 247,661,0 1,557,101,0 334,877,0 232,079.0 331.238,0 217.961,0 541,040,0
LIABILITIES
F
notes In actual circulation. 3,118,015,0 264,127,0 657,286,0 234,916,0 303,572,0 154,557,0 125,141,0 773,297,0 137,816,0 103,747,0 115,397,0 48,200,0 199,959,0
F. R. bank notes In act'l eircurn
1,192,0 1,192,0
Deposits:
Member bank reserve account- 4,580.341,0 311,529,0 2,039,529,0 210,305,0 286,708,0 144,442,0 85,513,0 665,696,0 147,238,0 101,267,0 177,721,0 135,267,0 275,126,0
U. S. Treasurer-Gen. acct_
962,0 1,517,0 2,384.0
507.0
2,334,0 4,456,0
1,686,0 3,719,0 3,656,0 2,829,0
44,170,0
72,312,0 4,092,0
940,0
Foreign bank
349,0
362,0
322,0
13,567,0
1,557,0
403.0
483,0
497.0
1,329,0 1,275,0
5,083,0
967,0
Other deposits
10,378,0 12.326,0 6.286,0 2,249,0 1,692,0 17,976,0
167,945,0 3,949,0 100,680,0 4,063,0 3,612,0 2,109,0
2,625,0
Total deposits
Deferred availability Items
Capital paid in
Stupius (Section 7)
Surplus (Section 13 b)
Reserve for contIngeneler
All other liabilities
Total liabilities
4,834,165,0 320,537,0 2,189,462,0 217,383,0 295,314,0 150,704,0 91,450,0
95,497,0 34,032,0 40,724,0 34,471,0 17,669,0
426,371,0 40,766,0
59,714,0 15,146,0 13.146,0 4,985,0 4,372,0
146.928,0 10,763,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
144,893,0 9,902,0
754,0
12,447,0
877,0 2,098.0 1,007,0 1,697.0
1,789,0
1,648,0
7,501,0 2,996,0 3,000,0 1,416,0 2,598,0
30,822,0
137,0
74,0
346,0
2,383,0
454,0
185,0
5,782,0
679,965,0 164,423,0 108,382,0 181.294,0 138,825,0 296,426,0
62,167,0 22,308,0 10,840,0 25,605,0 20,987,0 21,305,0
12,760,0 4,049,0 3,134,0 4,048,0 4,021,0 10,790,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
585,0
626,0
293,0
1,241,0
477,0 1,003,0
808,0 1,363,0 2,062,0
5,325,0
894,0 1,211,0
268,C
162.0
180,0
342,0
255,0
996,0
8,720,615,0 650,909,0 3,062.684,0 520,495,0 671,480,0 353,090,0 247,661,0 1,557,101,0 334,877,0 232,079,0 331,238,0 217,961,0 541,040,C
Ratio of total res, to dep. & F. R
note ilabuitipi oombined
Contingent liability on bills ourchased for for' correepondent
Commitments to make Industrie
advances
69.1
72.1
75.2
75.3
67.5
67.9
66.9
.59.3
73.8
65.5
70.7
70.0
68.2
366,0
23,0
166,0
31,0
30,0
12,0
11,0
37,0
9,0
8,0
9,0
8,0
19 Asn 0
1 9s4 n
4 705 0
310.0
1.333.0
591.0
735.0
453,0
1,335.0
30,0
28,0
22.1
1,076,1
•"Other Canh" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes
VE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal &serest Agent atBoston New York
Total
Phila. Cleveland Richmond Atlanta
-!federal Reserve notes:
5
$
S
$
3
$
$
Issued to F.1t.Bk. by F.R.Agt_ 3,382,242,0 287,583,0 751,112,0 251,326,0 316,645,0 163,299,0 143,578,0
Held by Fed'I Reserve Bank _ __ 264,227,0 23,456,0
93,826,0 16.410,0 13,073,0 8,742,0 18,437,0
In actual circulation
3,118,015,0 264,127,0
Collateral held by Agent as security for notes issued to bks:
Gold certiticates on hand and
due from U. H. Treasury__
3,252,450,0301.1117,0
Eligible paper
5,084,0
312,0
U. S. Government securities.. 199,000,0
Tntal collateral
St. Louis Minneap Kan. CUP Dallas San/has
---- ----- ----- ---$
$
3
S
3
$
802,990.0 141,753,0 108.087,0 122.912,0 53,679,0 239,283,0
29,693,0 3,937,0 4,340,0 7,515,0 5,474,0 39,324,0
Chicago
657.286,0 234,916,0 303,572.0 154,557,0 125,141,0
788,706.0 216,500.0 288,215,0 139,340,0 80,685,0
3,014,0
564,0
670.0
154,0
106,0
35,000,0 30,000,0 25,000.0 65,000.0
805,513,0 128,936,0 109,000,0 124,000,0 54,675,0 215,263,0
33,0
37,0
28,0
66,0
100,0
30,000,0
14,000.0
701 7900 252 170 n 5151 770 n 104 4460 145 839 0
2 4511 524 0 201 020 11
773,297,0 137,816,0 103,747,0 115,397,0 48,200,0 199,959,0
805.613.0 142.964.0 109,000,0 124,066,0 54,712,0 245,296,0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at------federal Reserve bank notes:
Issued to F. It. Ilk. (outstdg.).
Held by Fed'I Reserve Bank__
In actual circulation-net •_
Dollat. pledged mist. °Milt. notes:
Discounted & purchased bills__
U. S. Government securities__
Total
Boston
New York
S
11,719,0
10,527,0
$
1,511,0
319,0
1,192,0
17,000,0
Cleveland Richmond Atlanta
3
10,208,0
10,208,0
5,000,0
17 nan ni
Total collateral
Phila.
Chicago
Si. Louis Minneag, Eats. City Dams
San Prim,
1,192,0
$
$
$
3
$
$
$
$
0 nnn n
12.000,0
12 ono 9
• Does not Include $96,815,000 of Federal Reserve bank notes for tbe retirement of which Federal Reserve
banks have deposited lawful money with the Treasurer 0
the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind thoQe for the ReForye banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES ON WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES.
BY DISTRICTS. ON FEB. 6
(In Millions of Dollars)
Federal Reserve DistrictLoans and investments-total
Total
Boston
New York
Phila.
Cleveland Richmond
Atlanta
Chicago
St. Louis Minneap. Kan, City
Dallas
91
San Frac
18,208
1,141
8,211
1,079
1,192
371
350
2,009
536
361
570
923
1,935
Loans on securities-total
2,992
211
1,613
203
174
57
51
276
67
34
52
49
205
To brokers and dealers.
In New York
Outside New York
To others
679
163
2,150
16
32
163
566
.59
988
22
15
166
2
6
166
6
1
50
4
3
44
28
30
218
41
4
1
59
32
6
2
44
4
1
44
20
9
176
429
969
3,136
7,227
616
2,839
46
91
278
355
10
150
226
249
1,317
3,305
309
1,222
22
71
172
291
51
269
2
74
132
600
22
188
12
17
79
134
12
60
2
12
123
102
11
49
63
33
289
1,000
89
259
9
37
108
194
26
95
6
6
100
155
5
55
18
14
111
242
17
116
3
23
114
175
18
41
20
342
313
674
46
335
3,493
275
13,998
4,446
1,224
1,801
4,363
251
69
933
317
83
115
215
1,875
65
7,303
1,032
713
158
1,970
148
13
728
317
69
167
252
151
19
699
447
48
124
194
55
11
246
137
9
83
104
28
6
190
129
33
78
83
474
45
1,761
524
63
276
596
94
8
384
165
24
111
186
63
4
256
128
6
95
118
105
11
469
164
23
227
287
79
9
306
124
58
159
150
170
15
723
962
95
208
208
Acceptances and commercial paper
Loans on real estate
Other loans
U. S. Government obligations
°blies. fully guar. by U. S. Govt
Other securities
Reserve with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
nran•ncolnols frnm P H hanks
Financial Chronicle
1104
airE,
etammerrial
,ftnaltrial
Terms of Subscription-Payable in Advance
12 Mos. 6 Mos.
Including Postage$9.00
$15.00
United States, U. S. Possessions and Territories
9.75
In Dominion of Canada
16.50
10.75
South and Central America, Spain, Mexico and Cuba.-- 18.50
Great Britain, Continental Europe (except Spain). Asia.
20.00
11.50
Australia and Africa
Oniceeto Oryscio-In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street,'Felepnone State 0613.
LONDON 01.11CI-Edwards & Smith. 1 Drapers' Gardens. London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce, New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange. Quotations
after decimal point represent one or more 32ds of a point.
Daily Record of U. S. Bond Prices Feb. 9 Feb. 11 Feb. 12 Feb. 13 Feb. 14 Feb. 15
-.--.104.17 104.18 104.20
First Liberty Loan
lEigh 104.18 104.18
104.14 104.18 104.19
334% bonds of 1932-47._ Low_ 104.15 104.16
104.17 104.17 104.19
Close 104.15 104.17
(First 3340
31
11
8
17
58
Total saki in $1000 units._
--102.16
____
bonds of_ Higli
Converted 4%
--__
_ _-_
Low_
1932-47 (First 4s) I102.16
102.16
Close
2
Total sales in 11.000 units_
105:5 103:i 103.17
Converted 4i2% bonds1 Hifi 103:5I 103:5
103.15 103.15 103.14
of 1932-47 (First 434a)
(Low 103.17 103.19
103.15 103.15 103.17
Close 103.21 103.18
27
19
15
7
11
Total sales in $1,000 units_
Second converted 4H% High
bonds of 1932-47 (First( Low_
Close
Second 442s)
Total sales in *1,000 units__
-.
103.30
103:55 103 55 103:25
1 High 104
Fourth Liberty Loan
103.26 103.23 103.23
4it% bonds of 1933-38_. Low_ 103.30 103.29
103.28 103.23 103.23
Close 103.30 103.30
(Fourth 430)
7
14
3
8
16
Total sales in $1.000 units__
101.29 101.30 101.28
{High
Fourth Liberty Loan102.3 102.1
101.29 101.30 101.27
434%d% bonds (3d called)_ Low_ 102.1 101.29
101.29 101.30 101.27
Close 102.1 101.31
18
24
44
41
7
Total sales in $1,000 units__
114.21 114.26 114.30
{High 114.27 114.25
Treasury
114.21 114.24 114.27
Low_ 114.27 114.25
434s 1947-52
114.21 114.26 114.29
Close 114.27 114.25
8
5
4
2
6
Total sales in 51.000 units__
{High 110.11 110.4
110.7 110.12 110.14
110.5 110.7 110.11
4s. 1944-54
Low_ 110.7 110.2
110.7 110.12 110.11
Close 110.7 110.2
6
4
10
3
2
Total sales in 51.000 unity_
104.11 104.16 104.18
1 High 104.12 104.11
104.8 104.12 104.15
Low_ 104.10 104.8
t34s-3;2s. 1943-45
104.9 104.16 104.18
Close 104.12 104.8
5
38
6
41
102
Total sales in $1,000 units.....
108.23 108.26 108.26
I High 108.22 108.23
108.22 108.26 108.25
332s, 1946-56
Low 108.22 108.23
108.23 108.26 108.25
Close 108.22 108.23
3
1
1
3
26
Total sales in $1,000 units__
1 High 105.26 105.22
105.21 105.25 105.25
105.20 105.25 105.25
Low_ 105.23 105.22
834s, 1943-47
105.20 105.25 105.25
Close 105.25 105.22
2
6
14
2
Total sales In $1,000 untie_ _12
103.3 103.4 103.5
(High 103.6 103.2
103.3
HOLE- 103
103
Ii. 1951-55
Low_ 103.2 103
DAY 103
103.1 103.3
Clow 103.2 103
22
15
98
14
14
Total sales in $1,000 units ___
High 102.18 102.20
102.20 102.27 102.30
Low_ 102.17 102.17
102.17 102.20 102.27
3e, 1948-48
102.18 102.27 102.29
(Close 102.17 102.18
617
19
5
56
36
Total sales in 51.000 units._
106.2 106.6 106.10
{ High 106.7 106.1
Low_ 106.5 106.1
108.2 108.8 108.10
38, 1940-43
1$
Close 106.6 106.1
106.2 108.6 106.10
2
311
2
1
Total sales in 51.000 units-106.1 106.7 106.9
(High 106.8 106
105.31 106.5 106.9
Low_ 106.6 106
334s. 1941-43
108.1 106.7 106.9
Close 106.6 106
19
1
3
12
5
Total sales in 31,000 units__
104.2 104.7
rigb 104.3 103.30
104
104.2
Low_ 104.1 103.29
103.30 104
3Si8. 1948-49
104.4
103.31 104
Close 104.1 103.30
61
35
10
9
15
Total sales in $1,000 units.. r High 103.20 103.20
103.19 103.29 103.31
103.17 103.20 103.27
31481946-52
(Low_ 103.18 103.17
(Glom 103.18 103.17
103.18 103.29 103.27
180
91
5
49
16
Total sales in 51,000 units_ _ _ ..
108
105.30 106
{High 105.28 105.27
Law_ 105.27 105.27
105.25 105.30 105.31
334s. 1941
105.25 105.30 105.31
Close 105.27 105.27
45
10
31
25
27
Total sales in 81,000 units__
104.11 104.18 104.15
(High 104.13 104.9
104.8 104.6
104.7 104.14 104.15
Low_
3348. 1944-48
104.7 104.14 104.15
(Close 104.8 104.9
5
25
4
8
Total sales in $1.000 units__
120
103
102.25 103
Federal Farm Mortgage
___ 102.26
High
3425. 1944-64
102.22 102.27 102.28
__-- 102.22
low_
102.28
102.25 103
---- 102.22
Close
11
Total sates in 31.000 units...
8
15
94
---Fedora Farm Mortgage {High 100.29 100.25
,
100.26 101.4 101.8
100.24 100.28 101.3
3s, 1944-1949_
Low.. 100.23 100.22
100.26 101.4 101.8
Close 100.27 100.23
98
141
Total sates in 21,000 units__
64
33
24
Federal Farm 31.rtgage
High 100.28 100.27
100.27 101.2 101.8
100.24 100.29 101.6
3s 1942-1947
Low_ 100.26 100.24
100.27 101.2 101.6
Close 100.26 100.27
19
71
73
Total sales in 31,000 units _ __
31
14
,
Home Owners' Loan
101.8 101.8 101.12
(High 101.8 101.7
101.6 101.8 101.10
4e, 1951
Low. 101.7 101.6
101.8
101.8 101.12
Close 101.7
101.7
Total sales In 51,000 units_ __
9
19
2
10
15
Home Owners' Loan
f High 100.29 100.29
100.27 101.5 101.9
3s, series A. 1952
Mow_ 100.25 100.22
100.24 100.27 101.6
100.26 101.5 101.8
[Close 100.27 100.24
Total salts en 31,000 units__
463
145
38
52
59
98.27 99.8
99.11
Home Owners' Loan
1
(High 98.29 98.29
Low_ 98.27 98.23
98.24 99.28 99.6
234s. series B 1949_ _
98.26 99.6
99.8
Close 98.28 98.25
Total sales in $umo anus_
164
636
360
116
159
Note
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 4th 4318 (uncalled)
2 4th 4345 (3d called)
2 Home Owners Loan 3s, 1952
7 Home Owners Loan 231s. 1949
United States Government Securities
Bankers Acceptances
(ghronirle
PUBLISHED WEEKLY
103.24 to 103,24
101.27 to 101.27
100.24 to 100.24
99
to 99.1
Feb. 16 1935
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
United States Treasury Bills-Friday, Feb. 15
Rates quoted are for discount at purchase.
Bid.
Feb. 20 1935
Feb. 27 1935
Mar. 8 1935
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
Mar 15 1935
Asked.
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
May 22 1935
May 29 1936
June 61936
June 12 1935
June 19 1935
June 28 1935
JWy 3 1935
July 10 1935
July 17 1935
July 25 1935
July 31 1935
Aug. 7 1935
Aug.14 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20w.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Quotations for United States Treasury Certificates of
-Friday, Feb. 15
Indebtedness, &c.
Maturity.
hit.
Rate.
June 15 1938--3ept 15 1938...
.
AUL 1 1935-June 15 1939___
Mar. 15 1935.-3ept. 151938....
Dec 151935....
Feb. 11988...
134%
134%
134%
234%
234%
234%
234%
294%
Did,
Int.
Rate.
Maturity.
Asked.
Bid.
Asked.
234% 1041332 Neu,
.
,2
234% 10330 10332
.
234% 10453 104%2
1015' 10111,,
32
3%
104111.1 104",,
3%
3%
1043132 105132
3%
105132 1054,
334% 104113 welt,
334%I10514n 105m,,
101
100532 Dee. 15 1938...
.
1Ol2
' 101 3
Apr. 15 1938....
.1011
,, June 151938...
1014
.June 151935....
102 32 1026
101t. 1014,, Feb. 15 1937...
103032 1035132 Apr. 15 1937._ _
102
932 102n. Mar.15 1938_
z
10112 104143 Aug. 1 1935-.
Sept.15 1937-
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
Feb. 15 1935.
laturday
donday
"uesday
Vednesday
'hursday
1riday
1Wa1
Stocks.
Railroad
State.
Number of and Miscall. Municipal &
Bharat.
Bonds.
Porn Banda.
293,300 53,981,000
358,947
1,017,000
HOLT DAY
386,445
6,015,000
405,026
5,912,000
726,482
7,553,000
9 1709nn 89.1
Rates at
New York Sleek
Exchange
-------Stocks-No. of shares_
Bonds
Government
State and foreign
Rallroad & Industrial..
Total
AAR
Ann
Total
Bond
Bales.
1,234,000
909,000
1,148,000
8622,000 55,279,000
600.000
8,161,000
HOLI DAY
7,821,000
572,000
8,618,000
1,797,000
1,859,000 10,580,000
te KRI nnn
IA Ann nnn 4/0 120 nan
$896,000
4,544,000
Week Ended Feb. 15
1934
1935
United
States
Bonds.
Jan. I to Feb. 15
1935
1934
2,170,200
11,931,381
25,044,197
96,470,743
$5,450.000
8,531,000
24,458,000
$4,362,900
18,004,000
16,218,000
3110,018,000
57,288,000
260,058,000
$90,515,400
141,623,500
474,124,000
$38,439.000 $81,584,900
3427,364,000
5706.262,900
CURRENT
NOTICES
-Harrison, O'Gara & Co., Chicago investment firm, announce that
Gregory P. Maloney of the New York Stock Exchange has been admitted
to general partnership and that their facilities have been expanded to
conduct a general brokerage and investment business. The firm will have
memberships in the New York Stock Exchange and the Chicago Board of
Trade,and will have Paine, Webber & Co.as correspondents. Mr. Maloney,
the floor partner, has been a member of the New York Stock Exchange for
15 years and was formerly with Block, Maloney & Co.
Harrison, O'Gara & Co. was organized in 1932 by Carter II. Harrison Jr.,
Alfred O'Gara and associates.
-Hare's Ltd., have opened a trading department in their Philadelphia
office with direct wire connections to New York, under the management of
J. Herbert Glenn, formerly with Theodore Prince & Co.
-Leonard S. Golding has become associated with Andrews, Posner St
Rothschild, members of the New York Stock Exchange, in their bond
department.
FOOT NOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deterred dellvery.
r Cash sale.
Ex-dividend.
y Ex-rights.
32 Adjusted for 25% stock dividend paid Oct. 11934.
33 Listed July 12 1934: par value 10s. replaced El par, share for share.
32 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
33 Listed Aug. 24 1933; replaced no par stock share for share.
3 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
4
1 old no par share.
37 Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
22 Adjusted for 100% stock dividend paid April 30 1934.
39 Adjusted for 100% stock dividend paid Dec. 31 1934.
44 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
at Listed April 4 1934: replaced no par stock share for share.
42 Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows.
22 Pittsburgh Stock
32 Cincinnati Stock
I New York Stock
13 Cleveland Stock
23 Richmond Stock
2 New York Curb
,2 Colorado Springs Stock 24 St. Louis Stock
New York Produce
4 New York Real Estate I' Denver Stock
23 Salt Lake City Stock
24 San Francisco Stock
Is Detroit Stock
s Baltimore Stock
27 San Francisco Curb
•Boston Stock
1r Los Angeles Stock
111 San Francisco Mining
7 Buffalo Stock
vs Los Angeles Curb
19 MInneapolls-St. Paul
"Seattle Stock
California Stock
20 New Orleans Stock
10 Spokane Stock
9 Chicago Stock
'Washington(D.C.)Stock
3
34 Chicago Board of Trade 2, Philadelphia Stock
11 Chicago Curb
Volume 140
1105
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Feb. 9
Monday
Feb. 11
Tuesday
Feb. 12
$ Per share
*35 ____
*112
_ _
618 614
8712 8712
31
32
87
8 9
53
4 53
4
818 818
*111 112
13
4
13
4
17
1718
Wednesday
Feb. 13
Thursday
Feb. 14
Friday
Feb. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
$ Per share $ per share S per share $ per share S per share Shares
*35
____
*35 ____ *35
Abraham & Straus
*35
No par
•112
*112
__ _ _ _
_ _
Preferred
100
*112 ._ *112
6
6
6 18
54 _/ 614 4,200 Adams Express
1
6
618
6
18
No par
89
89
*89
88
*873 90
91
4
88
180
Preferred
100
3038 3012
31
31
31 3
1,000 Adams Millis
304 303
4 31
No par
9
918
918
918 93
4
95
8 93
9
4 3,800 Address Multlgr Corp
10
8
400 Advance Rumely
4
*514 53
4
4
512 53
No par
534 57
*53
4 53
818 84
/
1
x818 814
814 8 4
,
818 814 2.600 Affiliated Products Inc_ _No par
111 111
111 11118 111 1123
1103 111
4
4 2,600 Air Reduction Inc
No par
*112
11
/
4
/
4
11 11 .4 13
/
4
4
/
4
300 Air Way Elec Appliance.... No par
11
/
4 *11 13
161 17
/
4
161 1714 5,900 Alaska Juneau Gold Min
/
163 17
4
163 17
4
4
10
• 58
234
234 234
205 Albany & Susquehanna
100
*212 23
4 *212 2 4
23
4 234
,
A P W Paper Co
No par
13
8
138
13
13
8
1% 138 1,300 tAlleghany Corp
112
112
133
No par
134
*434 514 *41 514 *41 518
5
518
438 434
/
4
Fret A with $30 warr
/
4
500
100
41 4
/
4
/ *4
1
4
*4
43: *4
438
43
8 44
/
1
200
100
Frei A with $40 warr
43
4
4 4
*33
4 47
*33
4 4
8 *33
*33
100
Fret A without wart
"33
4 4
4 4
*22
25
*2112 23
*2112 23
*2112 23
•2112 23
Allegheny Steel Co
No par
--._ __ __ ____ ____
Allegheny & West 6% gtd-100
136 136
135 13538 13514 1373
13412 13412
•13518 136
4 2,500 Allied Chemical dr Dye___No par
*12612 127
12612 12612
*125 1263 .125 12612 125 125
4
300 Preferred
100
164 167
/
1
8
1634 167
1614 163
161 17
/
4
;
4 167 1718 4,800 Allis-Chalmers Mfg
8
No par
1812
/ 1712 1712 18
1
4
01712 173 *1712 173
4
174 17
/
1
4
400 Alpha Portland Cement No par
*31 314
/
4
*3
314 314
314 *3
200 Amalgam Leather Co
314 *3
314
1
*2912 3212 *2912 3214
*2912 3214 *2912 3214 *2912 3214
7% preferred
50
3 5 3
4 3 4 5334 5334 533 533
533 53 4 533 533
4
3
4
900 Amerada Corp
4
4
No par
4
53
Am Agri Chem (Conn) pf_No par
8
300 Amer Agri()Chem (Del) __No par
*5514 5612
5514 5514 *5412 56
-: - 3- ; 11- 161lit 6i 4 5,- 8
16
16
16
17
17
174 1714 1712 1714 1778 7,500 American Bank Note
/
1
10
4912 4912 4912 51
52
5212 *491 52
/
4
5212 5212
320
Preferred
60
*2534 26
257 257
8
8
26
26
257 26
8
2514 253
4 1.100 Am Brake Shoe & Fdy--_No par
12212 12212 *12012 124
•12012 124 *12012 124 *12012 124
10
100
Preferred
1144 11514 11312 11412
/
1
115 11612 11512 1163 117 119, 10,300 American Can
4
4
25
*154 155 *154 155
154 154 *154 160 *15412 156
200
Preferred
100
1718 1714 17
17
*163 17
4
700 American Car & FdY
163 17
4
163 163
4
4
No par
3812 39
*3812 392s
3812 38
"3812 39
/
1
4
/ 39
1
4
500
39
100
Preferred
88 9
912 1012
1012 115
8 2,500 American Chain
10
No par
10
934 93
*417 45
8
4418 46
47
47
4718 48
7% preferred
50
5212 1,400
100
68
68
687 687
8
8
Stock
61)
800 American Chicle
6912 .693 70
8
No par
70
7112
*28
35
*2814 35
Am Coal of NJ (Allegbany Co)25
*29
35
*29
35
*29
35
*27
8 318 *27
8 318 Exchange
27
10
27
8 *23
100 Amer Colortype Co
4 37
*234 37
*2718 28
*2714 273
2712 2712 28
700 Am Comm'i Alcohol Corp
28
2814 29
20
4
7
Closed7
/ 7
1
4
/
1
4
7
7
10
718
818 2,900 5 American Crystal Sugar
714 71
8
/
4
647 65
8
65
65
65 65
65 6512 653 6612
320
100
7% preferred
8
*214 212 *214 212 Lincoln's
*214
212 0214
212
21 23
/
4
8
400 Amer Encaustic Tiling___No par
*334 434
*418 4
*334 434 •358 434
/ *4
1
4
45h
Amer European Rec's____No par
418 418
4
41, Birthday
418 414
3
/ 41 3,700 Amer & Form Power
1
4
418 414
No par
/
4
4
193
4 193 22
18
2214 2314 223 233
No par
Preferred
8
8 2112 22ly 9,900
612 63
4 73
4
*63
63
8 7
4 718
63
5,600
67
No par
2nd preferred
8
738
153 17
4
17
1914 20
1812 1912 19
No par
20
$6 preferred
1834
6.500
*103 12
4
*103 11
4
Amer Hawaiian 8 0 Co
*101 11
*103 11
/
4
4
10
4
*103 11
*4
5
*334 431
*418 438 *414 5
Amer Hide & Leather-No pai
*43
8 5
*2034 211 21
/
4
21
Preferred
/
4
no 21 *2012 201 211 227s
/
4
600
100
3218 323
8 3212 3212
x32
2,800 Amer Horne Products
4
3214 32
3218 313 32
1
434 43
43
4 43
412 4ly
412 412
0412 434
1,300 American Ice
4
No par
*3512 363 *3512 371:
4
*3614 37
363 363
4
6% non-cum pref
4 3612 373
600
100
57g
57
s 57
8 *53
4 57
1,200 Amer Internet Corp
8
No par
53
3 5
/
1
4
53
4 53
4
534
12
12
3
8
Is
Am L France & Foamite_No par
3
8
3 ----------------4,700:
8
4
44 *4
/
1
43:
4
4
500
3
4
Preferred
212 33
8
100
17
/ 17
1
4
/ *1718 1712
1
4
1712 1712 1712 1712 17
1712 1,700 American Locomotive_ _ _No par
50
50
48
49
-18
4712 4712
4812 *4412 48
800
Preferred
100
*2112 217
8 2112 22
2112 2112 2112 2134 2112 217o 2,800 Amer Mach & Fdry Co_No par
638 *6
638
*6
*6
63* *6
Amer Mach & Metals____No par
6 8 *614 612
,
3 614
*534 6
*538 6
053
4 614
053
100
No par
Voting trust etre
6
6
1618 1614
16% 1618
1618 1614
1614 1638 1614 17
3,500 Amer Metal Co Ltd
No par
*80
*80
891s
*80
8913 .80
8918 *80
6% cony preferred
100
89 8
,
*2334 26
*24 16
*2412 26
*2114 26
Amer News, NY Corp__ No par
*2314 26
2
/ 3
1
4
23
4 3
23
4 3
6,400 Amer Power & Light____No par
23
4
27
8
212 3
1314 1414 137 1478
8
147 1514
8
1434 1514
14
1518 9,100
No par
$6 preferred
1118 1218 117 127
8
8
12 8 1314
,
1212 124 113 1212 9,300
/
1
4
No par
$5 preferred
14
1414
14
144
/
1
133 14
4
1312 14
134 134 10,300 Am Rad & Stand San'y
/
1
/
1
No par
*133 135 *133 135
*133 135 .133 135 *133 135
Preferred
100
21
211 203 2012
/
4
8
203 21
8
201 21
/
4
2012 2118 7,500 American Rolling Mill
25
7114 7114 7112 7112
71
7114
7114 7114 *71
600 American Safety Razor __No Dar
713
4
5
5
*5
514
5
5
43
4 43
4
5
400 American Seating v I e___No par
5
_
Amer Ship & Comm
No par
-22;8 - .2 3- -ii- -ii2- 8
'
2212 2212 24
24
120 Amer Shipbuilding Co
•23
24
No par
35
3518 34
341
/
4
34
3478 334 3414 3414 36
/
1
8,000 Amer Smelting & Refir
No par
•12012 12212 121 121
12212 123
123 123
12314 12314
600
Preferred
100
104 104
•10512 107
•103 10412 103 103
10412 10512
2nd preferred 6% cum
800
100
6712 6712 *6712 69
*6712 69
.67
6712 67
67
200 American Snuff
25
*124 129 .124 1281 2
*124 121) •124 12812 *125 12812
Preferred
100
•1612 163
4 163 16 2
8
,
4 1,400 Amer Steel Foundries____No par
1618 1618 *1614 1612 1614 163
*89
90
90
90
90
90 .893 903 •90
8
4
Preferred
80
901
/
4
100
*3912 40
3912 393
4 393 394
4
/
1
3912 3912 39
/ 40
1
4
900 American Stores
No par
6312 65
647 644
6434 643
8
/
1
4 6412 66
67
69
2,300 Amer Sugar Refining
100
12812 12812 *1283 130
8
•12812 130
129 129 *129 12912
300
Preferred
100
207 204 *2014 2031
8
/
1
204 207
/
1
* 2118 2118 213* 2218
600 Am Sumatra Tobacco___ _No par
11)4 10412 1033 1043
4
4
10338 10334 103 10312 10312 104
10,400 Amer Telep & Teleg
100
80 80
80
80
80
80
80
80
80
800 American Tobacco
8014
25
8114 813
4 8012 8114
804 81
/
1
81
8114 81
81 14
3,400
Common class B
25
134 134
•133 135
13414 13414 *135 _ _ *135 140
200
Preferred
100
8
45
8 45
*43
4 512
*412 512 *412 1
12 *462 Sly
100 tAM TYDe Founders
No par
.1514 1614 *1514 1554
•1514 16
*1514 1614
1512 1638
80
Preferred
100
111 12
/
4
111 12
/
4
1112 113
4
113 111 1114 117
8
/
4
8 6,900 Am Water Wks & Elec_No par
58
58
567 567
8
•56
58
•56
58
56
56
400
1st preferred
No par
*712 814
7,
2 712
712 712
73
4 8
714 74 2.200 American Woolen
/
1
No par
*3858 39
39
3914 40
3912
381 3814 37
/
4
3818 6,100
Preferred
100
4
112
"114
112 "1,
1.14
114
114
114
*114
11
/
4
200 tAm Writing Paper
1
*434 534
4 *412 6
*412 53
412 434
458 434
400
Preferred
No par
33
*3
/ 418
1
4
3
/ 33
1
4
4
324 *33
4 4
/
1
4
378 4
400 Amer Zinc Lead & Smelt.....100
391y •36
*36
*36
3912 *36
3912
3914 .36
3914
Preferred
25
4
I0118 103
101 101 1014 1012 1014 1058 10,300 Anaconda Copper Mining_
/
4
103 104
8
/
4
/
1
50
17
•17
*163 17 2
8
1712 1712 1712 1712 1712
17
,
500 Anaconda Wire & Cable__No par
*15
1612 .154 1612 1612 1612
/
1
*1512 1612 *1514 1612
200 Anchor Cap
No par
*103 10512 *103 104
*105 10512 10512 10512
103 104
70
$6.50 cony preferred_No par
*312 5
•/ 5
31
4
*34 5
/
1
*312 5
.314 5
10
Andes Copper Mining
4
4
*383 391s 383 39
3814 384 3814 384 x39
/
1
/
1
3912 1,600 Archer Daniels Micird__No Par
•118I8___ *11818
_
•I1818 .... •11818
.
*11818
_ ____
100
7% Preferred
312
10318 103
104 10412 1043 1043 104%1047*
4 -- -103181-6
4
700 Armor & Co (Del) pref
100
53
8
514
534 5
/
1
4
/
1
5
/ 512 6,000 Armour of Illinois new
1
4
51 51
/
4
/
4
5
/ 54
1
4
5
8
6812 6812 6814 685
69 69
6918 6912 6918 6012 2,300
No par
36 cony pref
*106 110 *103 109
105 105
106 106
10612 10610
300
Preferred
100
For footnotes see page 1104.
No account is taken of s !eh
July 1
11933 to Range for
Range Since Jan. 1
-share Lots Jan. 31 Year 1934
On Basis of 100
1935
Highest
Lowest
High
Low Low
$ per share
363 Jan 23
4
110 Jan 10
57 Feb 6
8
4
843 Jan 2
293g Feb 6
8 Jan 12
514 Jan 12
6 Jan 15
/
1
4
10912 Jan 29
112 Jan 5
/
4
161 Feb 6
2
13
8
418
4
312
21
Jan 4
Feb 1
Feb 6
Feb 2
Feb 4
Jan 12
Jan 15
Jan 4
Jan 15
Feb 6
Feb 6
2814 Jan 10
4812 Jan 11
1323
4
1233
4
1518
17
3
4712 Jan 2
1312 Jan 12
43 Jan 11
251 Feb 15
/
4
119 Jan 8
110 Jan 15
4
1513 Jan 4
1614 Feb 8
3712 Jan 15
3 Jan 30
38 Jan II
66 Feb 8
27 Feb 13
8
26 Feb 6
612 Feb 5
573* Jan 2
2% Jan 12
414 Jan 2
33 Feb 7
4
17 Jan 15
6 Feb 5
1312 Feb 5
10 4 Feb 7
3
414 Feb 6
/
1
204 Feb 7
301 Jan 15
/
4
312 Jan 2
28 Jan 2
/
1
4
53 Jan 15
4
38 Feb 11
212 Feb 15
1612 Jan 28
4712 Feb 15
x20 Jan 15
57 Feb 7
8
6 Jan 31)
1414 Jan 15
72 Jan 2
z24 Jan 3
214 Feb 7
1214 Jan 15
1018 Feb 7
1312 Feb 5
135 Jan 2
191 Feb 7
/
4
67 Jan 4
44 Jan 18
/
1
% Jan 3
205 Feb 6
8
324 Feb 6
121 Feb 4
103 Feb 14
63 Jan 16
127 Jan 3
1412 Jan 15
88 Feb 4
3712 Jan 31
60 Feb 1
12612 Jan 3
1812 Jan 29
102 Feb 7
/
1
4
79 Jan 15
8012 Feb 11
12918 Jan 18
412 Jan 2
1318 Jan 12
1114 Feb 15
5.5% Feb 4
718 Feb 7
37 Feb 15
118 Jan 14
4 Feb 2
33 Feb 11
4
38 Jan 5
10 Feb 6
1612 Jan 2
15 Feb 7
103 Jan 4
412 Jan 12
36 Jan 16
11814 Jan 4
991 Jan 21
/
4
518 Jan 15
6412 Jan 15
85 Jan 2
$ per share $ Perth $ per share
363 Jan 23
4
30
35
43
89
111
89
112 Jan 26
6
6
714 Jan 2
117
8
65
89 Jan 28
701 $85
/
4
1412
16
3478
3312 Jan 2
6
83
4 113
93 Feb 14
4
8
318
74
/
1
318
614 Jan 3
4
/
1
4
84 Feb 11
/
1
4
/
1
4
95
8
801
/
4
911 113
/
4
1153 Jan 8
4
11
/
4
11
/
4
11 Jan 7
/
4
33
8
/
1
4
2
x2018 Jan 9 17 163
1634 23
196
205
170
23
4
74
/
1
2
312 Jan 8
514
178 Jan 7
114
114
41 1618
/
4
43
8
7 Jan 4
4
4
141
/
4
612 Jan 2
37
8 143
8
3
/
1
4
61 Jan 5
/
4
2318
15
1314
23 Jan 7
82
9814
82
/
1
4
141 Jan 3 10712 11518 160
127 Feb 8 117
12218 130
/
1
4
103
8
103
8 23
1718 Feb 15
1112
2014 Jan 5
1112 2018
74
/
1
24
/
1
218
314 Feb 11
45
2114
25
31 Jan 21
39
55 8
,
27
563 Feb 2
4
33
40
2712
2514 48
20
5712 Jan 23
/
4
1112 251
1718 Feb 13
111
/
4
5212 Feb 13
5012
3412
40
1912
1912 38
2934 Jan 3
122
12212 Feb 9
88
96
9014 11434
80
11914 Feb 15
12612 15212
155 Jan 21 120
337g
12
12
2014 Jan 9
313
8
32
5612
453 Jan 9
8
4
111 Feb 15
/
4
412 1214
14
5212 Feb 15
40
19
/
1
4
4312
4614 70
7112 Feb 15
3512
20
22
3% Jan 25
612
2
215
203
4
20
/ 6212
1
4
3314 Jan 3
612
612 1334
818 Jan 3
612 72
32
/
1
4
67 Jan 24
118
118
3 Jan 3
5
4
4
1012
518 Jan 21
3
/ 133
1
4
4
37
8
5 Jan 3
/
1
4
2338 Feb 14
812 Jan 7
20 Feb 14
13 Jan 10
53 Jan 5
4
253 Jan 3
4
3212 Feb 11
4 Jan 17
/
1
4
3712 Jan 23
6 Jan 3
/
1
4
3 Jan 18
4
6 Jan 18
203 Jan 9
4
5612 Jan 9
233 Jan 3
4
712 Jan 3
7 Jan 3
17 Feb 15
81 Feb 7
x2514 Jan 3
33 Jan 4
4
1514 Feb 13
1314 Feb 13
1618 Jan 7
138 Jan 4
24 Jan 7
7212 Jan 21
512 Jan 2
118 Jan 7
2614 Jan 7
4013 Jan 7
12518 Jan 14
112 Jan 15
6712 Feb 9
130 Jan II
1814 Jan 9
92 Jan 4
43 Jan 9
69 Feb 15
130 Jan 23
243 Jan 3
8
4
1063 Jan 4
/
1
4
84 Jan 7
861 Jan 7
/
4
13412 Feb 6
63 Jan 18
4
8
193 Jan 18
x147 Jan 10
8
60 Jan 5
94 Jan 2
/
1
4518 Jan 3
11 Jan 18
/
4
612 Jan 18
41 Jan 4
/
4
4
383 Jan 8
123 Jan 7
8
187 Jan 8
2
17 Jan 4
/
1
4
10712 Jan 30
51 Jan 3
/
4
3912 Feb 15
11814 Jan 4
1047 Feb 15
8
618 Jan 3
7038 Jan 10
10610 Feb 4
113
4
618
1014
1012
312
173
4
2434
3
25
/
1
4
43
4
/
1
4
2
1412
3512
12
3
3
127
8
63
203
4
3
113
8
012
4
93
10712
121
/
4
335
8
2
/
1
4
15
2812
71
57
43
106
1018
52
3518
4512
102
11
10018
6312
647
8
105
218
7
121
/
4
50
7
36
1
24
/
1
33
4
32
8
6 07
734
1318
80
418
217
8
106
64
312
4614
3114
4
113
61g
11
1012
312
17
/
1
4
25%
3
25
/
1
4
434
/
1
4
314
1412
3513
123
8
314
412
127
8
63
21
3
111
/
4
912
10
11112
1312
36
218
1
.8
17
/
1
4
301
/
4
100
7114
4834
106
1018
59
/
1
4
37
46
10312
4
133
10018
6614
67
1071,4
3
30
1712
25
22
/
1
4
1012
4214
3634
10
4514
11
112
10
384
/
1
741
/
4
2334
1014
10
271
/
4
91
3424
1214
291
/
4
2614
171
/
4
1374
/
1
2814
65
/
1
4
7
/
1
4
23
8
30
51 14
125
10912
71
12712
2612
92
444
/
1
72
1291
/
4
24
1251
/
4
85 2
,
89
130
/
1
4
13
4
7
/ 288
1
4
1234 271
/
4
54
80
1718
7
36
831
/
4
414
1
2
/ 17 2
1
4
,
3
/
1
4
9
3612 5018
10
1784
/
4
91 181
/
4
1313 244
/
1
84
106
418 101s
2814 3918
,10
117
7614 1031
/
4
312
6
/
1
4
/
4
4614 711
85
54
r
New York Stock Record-Continued-Page 2
1106
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 9
Monday
Feb. 11
$ Per share $ per share
*5
514
5
54
*4
534 *4
53
4
*7018 ____ *704 ____
---- --__ ---- ---_
107 107 *1012 11
8
8
*89
9212
*89
93
*5338 64
*533 64
8
*3014 39
*3014 39
4438 45
427 4312
8
80
80
*80
81
293 293
8
28
.1 28
512
*512 64 *3
*7
*7
8
8
243 2413 2414 2412
8
40
40
394 3914
*10712 108
1073 1073
4
4
*53
4 63
4 *512 64
*2312 24
233 233
4
4
912 91
. 912 9'2
51 , 51
*004 51,
2
1458 45 f 412 45
8
8
55
8 54
55
8 578
213 2214 213 22
4
4
114 1112
117 12
8
145 147
8
8 1414 1412
*101 102 *101 102
*3718 40
*39
40
•10818 110 *109 110
43
8 44
*44 412
36
36
*35
39
618 614
64 614
41
41
*4018 41
4
•1074 1094 "10714 1093
1718
1718 1718 17
*101 10218 *101 10218
73
73
*733 75
8
8
8
1212 1212 125 125
*1111 130 *11112 130
.
15
1518
1518 1514
153 153
4
4
16
16
4
353 353
4
4 353 353
4
8
2918 297
293 30
4
5812 6812 6838 6814
8
6,2214 2214 2112 223
,
*113 12
4
12
12
237
8
*18
23 8 *18
7
8
*1024 105 *1027 105
*34
39
*36
39
83
4 918
914 912
*54
54 - 54
543
4
9614 97
*954 97
2414 2414 243 247
8
8
30
3014 30
3014
6
6
0
6
74
*3
4
114
*3
4
14
263 263
8
4 2614 2612
26
26
26
26
*335 344 *3312 3412
8
*218 4
"214
238
*2012 251s *2012 2518
42
4212 413 4214
4
9612
*944 9612 *96
*484 50, *484 51
57
5818 '57
583
4
*1205 125 *1205 125
8
8
1i41512 52
4 "518 512
111 11I 9 *54
6
6
1138 114 1112
*70
71
70
414
1 2 412
42
29
294 30
*33
8 312
32
,
412
*412 434
8
1212 1212 "123
*112
*118 3
•7
8 3
97
8
114
114
114
*5
8
*5
8
118
Tuesday
Feb. 12
..
„'•
54
1112
7012
428
2912
32
,
412
123
4
3
112
114
6
1112
7012
44
3012
34
*414
123
8
*118
*4
*1
118
"8
, ..,
'-'4
1111•8
34 318
*914 95
8 *914 11
14
1378 14
14
*4812 53
*4812 53
123 123
8
8 117 1218
8
34
*34
343
4 34
6
6
"55
8 614
3414 3412 '3312 3438
*82 -___
*80
*8812 ___
'8812 95
55
55
553
8 5412 94
94
*9312 94
4
3912 393
4 393 41 4
,
3118 3114 2912 3012
*218 23
4 02 4 314
3
214 2 4
,
214 24
197 2012 2018 2018
8
223 23
8
223 23
4
4612 48 '46
4712
10
10
*914 1012
'101 104 "101 104
4 4012 41
4112 413
54
,
II*5
512 *5
28
"2811 297
8 28
*412 6
'43
8 6
39
39 I 39 '38
4
415 4214 413 42 4
8
,
*114
212 *114
2,
2
238
*2
23
8 *2
*13
4
2
*13
4 2
*34 33
,
8
4 *3 8 37
'14 8
'14 8
214
23
8
212 25
8
35
8 33
4
3 8 33
5
4
458 434
*43
4 478
*83* 87
83
4 83
4
8
6
6
6
6
237 24
8
*2312 24
8
23
8 23
214
214
318
318
3
3
0212 35
8
*212 314
---- ---- ----___
*10
12
.10
1112
For foo notes see page 1104.
Thursday
Feb. 14
Friday
Feb. 15
STOCKS
NEW YORK STOCK
EXCHANGE
Par
$ per share $ per share 5 per share S per share Shares
5
800 Arnold Constable Corp
518 518
53
8
*5
53
8 *5
Artloom Corp
No par
43
4 *4
*4
43
4 *4
43
4
Preferred
100
s
8
*70,8 ---- •653 ---- •683 ---10
Art Metal Construction
1
11
700 Assoolated Dry Goods
1114
11
11
11
11
100
200
6% lot preferred
*8612 9212 89 89
89 89
100
7% 2d preferred
*533 60
8
*5338 60
*533 60
8
25
Associated 011
*3014 39
*3014 39
*3014 39
4212 4312 4314 4414 11,600 stch Topeka & Santa Fe____100
423 44
4
100
400
8014 8012
Preferred
81
*80
80
80
100
2814 2818 2812 1,600 Atlantic Coast Line RR
2814 2814 28
14 At G & W I SS Lines_ ___No par
*412 7
54
6
6
6
100
Preferred
*7
*8
10
812
812 *7
25
4 2,900 Atlantic Refining
4
4 2412 243
2414 243
4 243 243
No par
397 4012 1,200 Atlas Powder
8
40
*39
*3914 40
100
Preferred
60
*10712 10812 a108 108 *10712 10812
No par
Atlas Tack Corp
8
*512 67
8 *512 65
*512 7
No par
900 Auburn Automobile
2414
233 233
4
4
4 24
4 233 233
914 91*
No par
900 Austin Nichols
93 10
4
0914 10
No pa
Prior A
20
52
52
*5012 52
*505 52
8
45
8 43
412 412
43
4 47
8 1,700 Aviation Corp of Del (The).... _.,5
4
No par
512 558 2,900 Baldwin Loco Works
53
8 53
8
55
8 53
4
100
Preferred
2158 214 213 213
4
4 2214 2214 1,400
100
113 113
8
8 104 1112 114 1158 5,700 Baltimore & Ohio
100
1312 14
Preferred
*1312 1414 1312 133
4 1,800
Bamberger (L)& Co prof_ -100
8
*101 102 *10012 102 *1005 102
50
100 Bangor & Aroostook
40
*39
40
40
*3914 40
100
Preferred
10
10818 10818 *108 109 *108 109
No par
300 Barker Brothers
4
4 *44 43
414 44 *418 43
100
20
654% cony preferred
*344 36
3614 3614 *3414 36
5
614 612 4,500 Barnsdall Corp
618 64
6,
8 614
No par
800 Bayuk Cigars Inc
*41
43
43
4318 434 44
100
1st preferred
4
4
*10714 1093 *10714 1093 '10714 1093
4
25
1712 177
8 3,600 Beatrice Creamery
1714 18
17
18
100
Preferred
__ ___
__ *102
"101 104
20
200 Beech-Nut Packing Co
74 -74
*73
74
*73
7514 *10112-8
4 1,400 Belding Hemingway Co__No par
8
1212 1212 125 124 125 123
Belgian Nat Rys part prof
*11112 130 *11112 130 *11112 130
6
154 1538 154 4,600 Bendix Aviation
1518 1514 15
1578 157
8 1,700 Beneficial Indus Loan__ No par
16
16
153 16
4
No par
36
3614 3612 3714 1,300 Best & CO
353 36
4
No par
4
2914 2912 283 29
6,500 Bethlehem Steel Corp
29
30
100
7% preferred
500
*693 71
4
69
69
69 69
•
800 Bigelow-Sanf Carpet Inc__ No VW
2118
4
215 217
8
8 213 213
4 1812
No par
8
8 113 114 3,000 Blaw-Knox Co
115 115
8
1112 113
4
20 Bloomingdale Brothers__ _No par
20
*18
*18
20
20
20
Preferred
100
*10214 105 *10214 105 *10214 105
100
20 Blumenthal & Co pref
36
36
*35
39
*36
39
5
1,800 Boeing Airplane Co
88 9
7
83
4 9
9
9
5
56
564 2,000 Bohn Aluminum & Br
55
54
5412 54
No par
50 Bon Ami class A
97
963 963
4
4 9612 9612 *95
25
5,400 Borden Co (The)
2458 25
x244 25
2412 25
10
5,000 Borg-Warner Corp
3012 31
30
30
3012 30
100
100 Boston & Maine
4 6
*53
*53
4 6
*53
4 6
:Botany Cons Mills class A___50
*3
4 114
*3
4
114
*3
4 114
4
2712 273 284 14,200 Briggs Manufacturing___No p..,
2612 2714 27
No par
2714 1,900 Briggs & Stratton
253 26
4
"2512 253
4 26
5
200 Bristol-Myers Co
34
34
*3312 35
34
34
Stock
Brooklyn & Queens Tr___,Vo par
4 *214 212
*214 212 '214 23
No par
Preferred
4
Exchange '2012 2518 "2012 254 '203 2518
No par
4318 3,200 Bklyn Manh Transit
42
4212 42
413 42
4
$6 preferred terries A
No par
200
*9012 9612
96
Closed- *9614 9612 96
No par
100 Brooklyn Union Gas
4
4
*49
5012 '484 5012 483 483
No par
100 Brown Shoe Co
58
Lincoln's
5818 581g 55712 5812 *57
100
Preferred
60
124 124 *124 12514
'1205 124
8
600 Bruns-Balke-Collender___No par
*512 512
514
514
514 514
Birthday
8
8
*8
83
4
145 15
8
15
15
8
*14 212 *24 25
"8
87
8
8 4 914
,
8
*18
193 "1812 193
8
---- ---- -___ -___
*15
8
13
4 '14 14
1,2
14
114 *14
16124 164 1618 1612
453
4
46121 4612 44
1123914L 391* 39 2 40,
.
,
4
031341 •.4
r 314 338
Wednesday
Feb. 13
Sales
for
the
Week
6
6
1112 1112
4
7012 '703
44
47
8
323
4 3012
34 *314
43
4 *414
8 124
123
*118
3
112 *1
14 *1
1 18
"8
*74 84
147 15
8
*218 234
0812 914
*18, 193
2
8
714
15
*24
*8,
8
1812
53
4
6
1112 1112
703
4
72
458
43
4
3212 31
312
312
43
4 *414
1258 125
8
"118
3
1
112
1
114
*5
8
1 18
712
7
15
15
23
8
23
8
912 *814
18 2 *16
,
6
1112
703
4
43
4
3112
34
43
4
1314
3
1
1
14
7
1538
23
8
93
4
1812
8
13
4 *15s 134
13
4
13
4 '15
112
14
118 '118
118
114
"16
163
8 1638 1612
16
16
8
40
4314 "4218 4412 *4214 453
4138
4114 41
407 4112 41
44
4
•3
4
4
*3
4
3
1
3
1
34 3'4
34 3,
4
318 314
93
4 93
4
4 "94 11
931 93
8
1314 1338 135
1314 1312 13
*49
53
53
*49
53 '49
1238 123
8 124 1212
1214
12
4
4
343 343
.4
4 343 343
34
34
6
6
4 614
"54 614 *53
35
35
34
3412 3412 34
___
__ '83
"80
__ *83
95
"8812 95
*8812 -"8812 - 9
5
8
4 5612 57
55
5514 545 553
94
94
94
944 *9412 95
413
8 414 4214
41
4112 x41
4
2914 3014 293 3012 3018 3034
23
3 238
24
,
214
24 23
4
212 212
23
8 258 *214 212
1714 1714
18
4 17
"183 193
4
2214 2214 2212 2318 2314 2414
48
46
*46
474 "4612 48
*914 1034
'914 11
*914 11
•101 104 •101 104 "101 104
4014 403
4 4114 4318
4014 41
514
538
514
*5
514 *5
28
28
30
*275 294 '28
8
*412 6
0412 6
*412 6
39
'38
3814 3814 3814 39
4212
4212 42
42
4214 42
212 '114 212
0114
212 *114
8 212
214 214 '15
"2
238
*13
4 2
*13
4 2
*13
4 2
*35
8 37
8
*358 4
35
8 358
"13
4 8
4 8
*13
"134 8
212 212
8
25g
23
8 *212 23
312 312
4 33
4
33
312 34
414 412
414 44
412
412
87
8 "EN 872
*814 834 "8
6 2 612
,
618 614
6 8 614
,
2438 2412
2334 24
*2312 24
23
8 238
238 238
0238 212
34 •
338 *3
"3
212 234
*212 314 *212 3
____ ____ ____ ____ ____ „__
*10
12
*1013 12
*10
12
Feb. 16 1935
Rance Since Jan
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low Low
High
$ per share $ per oh $ per share
$ per share
27g
638 Jan 3
.4
84
45 Jan 15
8
43 Feb 8
8
l0'2
318
4
438 Feb 8
4 7018
633
633
4
7018 Jan 22 7018 Jan 22
93
4
44
35
8
8
714
912 Feb 6 135 Jan 8
714 1814
44
46
90
875 Jan 15 95 Jan 24
8
36
644
36
633 Jan 2 70 Jan 18
4
26
2912 4012
3012 Feb 8 31 Jan 12
4514 733
4
8
4178 Feb 6 555 Jan 7 9 4438
7018 90
534
7512 Feb 5 8612 Jan 5
2412 5414
2412
2714 Feb 6 3714 Jan 4
5
16
5
7 Jan 7
5 Feb 5
778 24
77
8
912 J,an 19
8 Jan 12
2118
8
2112 3514
233 Jan 16 255 Jan 2
4
18
3514 5512
3712 Jan 30 43 Jan 11
75
93
107
1063 Jan 2 109 Jan 29
4
512
54 16,
7 4 Jan 8
3
4
6 Feb 2
1612
4
1612 573
8
2212 Feb 6 293 Jan 7
4
8
64 165
84 Jan 29 14 Jan 2
3114 65
275
8
50 Jan 28 63 Jan 2
414 Feb 8
5 Feb 7
20 Feb 5
93 Feb 7
4
13 Feb 7
101 Jan 2
3718 Jan 29
108 Jan 15
414 Jan 2
3212 Jan 15
6 Feb 7
40 Jan 15
1074 Jan 11
1618 Feb 4
10012 Jan 5
72 Feb 2
124 Jan 16
1123 Jan 3
4
1418 Feb 6
153 Jan 31
4
34 Jan 30
2818 Feb 7
68 Feb 6
1812 Feb 15
107 Jan 4
:
20 Feb 5
10314 Jan 22
35 Jan 2
818 Jan 15
53 Jan 29
90 Jan 31
2314 Jan 29
284 Jan 15
6 Jan 15
3 Feb 7
4
2412 Feb 7
2318 Jan 17
:3312 Feb 8
2 Feb 5
22 Feb 2
367 Jan 15
8
90 Jan 4
4814 Jan 9
57 Jan 3
124 Feb 14
5 Feb 6
5 Jan 2
1012 Jan 2
64 Jan 2
4 Feb 6
26 Jan 15
318 Jan 11
418 Jan 23
1114 Feb 6
2 Jan 19
1 Jan 17
1 Jan 8
12 Feb 6
7 Feb 6
1414 Jan 15
17 Jan 3
8
67 Jan 14
8
1414 Jan 14
54 Jan 3
8
65 Jan 9
263 Jan 21
4
1478 Jan 7
174 Jan 7
102 Jan 2
424 Jan 2
110 Jan 11
54 Jan 22
4
403 Jan 22
7 Jan 5
4458 Jan 7
10814 Jan 28
18 Jan 7
10218 Jan 28
78 Jan 12
1314 Jan 10
11418 Jan 8
1712 Jan 2
173 Jan 7
8
3714 Feb 15
344 Jan 8
773 Jan 9
4
264 Jan 23
137 Jan 8
8
2314 Jan 21
108 Jan 3
403 Jan 23
4
10 Jan 2
597 Jan 8
8
97 Jan 24
253 Jan 7
4
3114 Jan 2
712 Jan 4
112 Jan 9
29 Jan 8
2714 Feb 15
3614 Jan 10
312 Jan 5
317 Jan 3
8
4312 Feb 1
9614 Feb 4
52 Jan 10
5814 Jan 10
124 Feb 14
8
67 Jan 9
21 34
2, 43
4
1614
107
8
1312
86
2914
9112
214
14
57
8
23
80
83
4
55
54
7
833
4
93
4
2 12
21
23
443
8
18
6
16
65
28
694
333
4
68
18
9 1112
514
614
1012
25
23
8
2418
253
4
6914
46
41
117
4
312
10
63 Jan 7
8
Bucyrus-Erie Co
6
13 Jan 3
Preferred
1
47
74 Jan 25
7% preferred
100
3
514 Jan 2
No par
Budd (E 0) Mfg
16
33 Jan 22
7% preferred
100
2
44 Jan 22
Budd Wheel
No par
212
47 Jan 16
8
BUlova Watch
No par
418
15 Jan 2
Bullard Co
No par
1
24 Jan 25
Burns Bros class A
No par
5
8
112 Jan 23
No par
Class A v t c
100
1
13 Feb 7
8
No par
Class B
160
14
12 Feb 6
Class B Ws
No par
3
94 Jan 23
7% preferred
100
220
1012
153 Jan 7
4
.No par
3,400 Burroughs Add Mach......
318 Jan 2134
No par
100 :Bush Term
2
1012 Jan 22
Debenture
100
100
418
2212 Jan 21
10 Bush Term BI gu pref etre_ 100
P8
_10
Butte & Superior Mining
112
2 Jan 3
6
13 Jan 4
4
100 Butte Cooper & Zino
1 18
13 Jan 3
4
No par
118 Feb 13
700 :Butterick Co
134
8
No par
15)2 Feb 6 205 Jan 7
1,500 Byers Co (A M)
40
100 40 Feb 13 60 Jan 5
Preferred
280
165
8
No par
3612 Jan 15 4112 reb 13
7,200 California Packing
118 Jan 3
1
3 Jan 29
4
'2
1,300 Callahan Zli4o-Lead
23
4
Jan 7
418
3 Feb 8
1,700 Calumet & Ilecla Cons Cop--25
6
9 Feb 5 114 Jan 3
200 Campbell W at C Fdy_-_ _No par
1212
8
6
127 Feb 7 165 Jan 7
8
1,000 Canada Dry Ginger Ale
44
100 52 Jan 18 53 Feb 4
Canada Southern
107
8
4
26
1112 Jan 2 133 Jan 9
4,300 Canadian Pacific
224
No par
335 Jan 2 36 Jan 10
8
600 Cannon Mills
414
74 Jan 9
1
53 Jan 29
4
200 Capital AdmInie Cl A
26
37 Jan 9
Preferred A ------------10 334 Feb 1
160
60
Carolina Clinch de Ohio Ry__100 8412 Jan 15 8412 Jan 15
70
100 90 Jan 29 90 Jan 29
St pd
35
100 513 Jan 15 61 Jan 3
4
4,900 Case (J I) Co
567
8
100 92 Jan 12 99 Jan 8
Preferred certificates
50
No par
3612 Jan 16 424 Feb 15
15
12,500 Caterpillar Tractor
No par
284 Jan 29 354 Jan 7
1718
14,700 Celanese Corp of Am
453 Jan 18
118
No par
21 1 Feb 14
400 1Celotex Corp
7
8
No par
318 Jan 18
17 Jan 23
8
Certificates
600
212
100
17 Feb 14 2512 Jan 18
Preferred
170
2214 Feb 13 2453 Jan 28
183
4
4,100 Central Aguirre Asso__-_No par
4712
100 45 Feb 2 554 Jan 4
600 Central RR of New Jersey
1238 Jan 16
512
10 Jan 26
100 Century Ribbon Mills___No par
100 102 Jan 26 10912 Jan 2
75
Preferred
234
384 Jan 15 47 Jan 7
6,400 Cerro de Pasco Copper___No par
65 Jan 7
8
518 Jan 31
25
8
100 Certain-Teed Products___No par
105
8
100 2712 Jan 2 3314 Jan 23
7% preferred
20
65 Jan 7
8
5
412
Checker Cab
538 Jan 29
2912
8
33 Feb 7 447 Jan 4
No par
500 Chesapeake Corn
3718
8
25 404 Feb 6 453 Jan 7
8,400 Chesapeake & Ohio
1
218 Jan 12
100
17 Jan 4
8
/Chia & East Ill Ry Co
112
2 8 Jan 8
,
2 Jan 3
6% preferred
100
100
14
214 Jan 7
Chicago Great Western
100
13 Jan 2
4
312
412 Jan 4
100
312 Feb 6
Preferred
100
14
tChIc Ind & Loulsv pref__ _100
2
218 Feb 7
3 Jan 3
900 Chic Milw St P & Pao_ __-No par
312
43 Jan 4
4
Preferred
100
1,700
318 Feb 7
55 Jan 7
8
312
100
1,800 Chicago & North Western
418 Feb 6
64
8
100
8 Jan 15 105 Jan 8
Preferred
100
35
8
74 Jan 7
1,100 Chicago Pneumat Tool ___No par
57 Feb 6
8
144
Cony preferred
22 Jan 15 2618 Jan 7
Vs par
600
138
25 Jan 9
8
14 Jan 2
1,000 :Chicago Rock Isl & Pacific_ _100
23
8
418 Jan 9
7% preferred
100
300
3 Jan 4
4 Jan 10
2
6% preferred
100
212 Feb 6
400
14
Chic it Paul Minn & Orn
100
314
100
Preferred
No par
Chicago Yellow Cab
1012 Jan 2 1118 Jan 3
O's
600
1,300
120
3,400
1,260
1,300
100
800
33
4
412
1614
123
4
15
8612
3512
9518
214
1618
57
8
23
89
1014
55
68
84
9518
93
4
1218
26
2418
544
1914
6
17
88
28
5'4
4412
76
197
8
1618
514
7
8
12
14
26
33
8
3114
2814
8218
46
45
11814
4
312
6
60
3
16
2
27
8
54
138
5
8
1
12
4
1012
3
4
4
23
518
1,
2
112
118
134
40
183
4
12
23
4
6
1218
4812
1078
2818
53
8
203
4
74
70
35
567
8
23
1718
118
1
64
183
4
53
512
82
3014
314
174
412
34
3912
lig
158
112
312
14
2
312
338
4
63
8
35
1414
138
24
2
Ds
4
94
103
4
10
644
3412
374
1024
464
115
612
3817
10
4534
10912
194
100
765,
1514
127
234
1918
40
49'2
82
40
16,
4
26
106
6614
1 114
684
94
2814
313
8
194
:3
2838
2712
3738
84
58,
4
444
97
50 2
,
61
125,
4
107
8
94
1412
75
73
4
44
53
8
64
1313
6
4'2
312
212
1512
1193
8
34
912
21
8
2,
34
,
43
4
324
674
444
124
653
8
157
2912
5612
1814
38,
4
1014
39
85
92 12
86 4
,
93
384
447
8
57s
4
224
32,
8
92
124
1I012
44,
2
74
35
1612
484
4853
7
8
51 2
114
7
812
134
15
28
94
2814
614
95
8
8
612
1138
x16
New York Stock Record-Continued-Page 3
Volume 140
HIGH AND LOW S 1LE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 9
Monday
Feb. 11
Tuesday
Feb. 12
'Wednesday
Feb. 13
Thursday
Feb. 14
Friday
Feb. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
$ Per share 5 Per share $ per share $ Per share $ per share S per share Shares
27
27
27
10
4
4 5,600 Chickasha Cotton 011
27
2712 273 283
27
271
2714
No par
500 Childs Co
*53
8
az
8 53
4
53
8 512
512 51
4 *53
*512 53
*12
14
12
*12
12
*12
14
*12
14
14
25
60 Chile Copper Co
385 387
8
3918 393 31,800 Chrysler Corp
3814 387
377 3814
4
8
8 383 39
8
5
*2018 203 *2012 2 4
2012 203
2012 2034 2012 201
4
No par
500 City Ice & Fuel
4
03
9012 91
Preferred
100
170
9012 9012
*90
91
90
90
*89
903
4
*32
City Investing
50
100
*32
50
*32
50
*32
50
*32
50
118
118
114
No par
118
118
lls
118 2,800 City Stores
118
118
1,
4
*12
5
8
*12
5
8
52
*1.,
Voting trust centre
_No par
*12
%
*12
38
*5% 618 *510 512
*518 6
Class A
No par
4 *518 618
*518 53
514
*4
514 *4
Class A v t c
8 514
8 514 *43
*4
514 *43
No par
*1212 14
100 Clark Equipment
13
13
*1212 14
*1212 14
•12
No par
13
*8112 8312 *8112 ____
Cleveland & Pittsburgh
50
__-*80
____ *80
*80
*4414
Special
_
_ *44
*44
_ *44
*4414
_
50
_
253 153- *255 - 14
4
4
100 Cluett Peabody & Co_No par
26
-14 *2512 -- -14
*253 id. *2512 26
8
%
8 26
116 116 *1135
_
Preferred
100
10
8
_ *11358
*1135
8 _ _ *1135
8
*171 173
*171 172 *170 fil 172 17312
17112 171
- -12
No par
300 Coca-Cola Co (The)
*5618 563 *5658 5612
5612 563
4
Class A
No par
300
4
4
4
4 563 563 *5612 563
*335
_
*338
Coca Cola Internat Corp_No par
*338_ *338
0338
1612 1612 1618 - 8
1612 16 8
163 -4 1718 3,900 Colgate-Palmolive-Peet_ No par
-7
1612 17
163
•100 102 *101 102
8% preferred
100
800
1013 10112
8
101 101
101 101
*13
1314
1212 125
No par
800 Collins & Aikman
13
13
13
127 127
8
8 13
8
*7814 80
Preferred
100
200
*773 80
4
280
81
80
80
80
80
*612 712 *612 712
No par
180 Colonial Beacon Oil
712 712
*612 712 *612 712
414 414 *414
400 :Colorado Fuel & IronNo par
438
438 *438 412
*414 43
4
43
4
*20
23
Preferred
100
*21
2112
*20
22
*2014 23
*2014 23
*17
19
.1518 19
*17
19
*17
19
*17
19
Colorado & Southern
100
*12
13
1214 *12
4% let preferred
*12
13
*12
1214 *12
100
1214
*1012 103 *1012 11
4
1012 1012 10
10
40
4% 2d preferred
100
*912 1078
7312 7412 2735 7414 75 757
8
8 3,000 C,olumblan Carbon v to __No par
73,2 7312 7314 7312
377 38
8
3712 3712
377 387
8
3812 3912 3914 393
4 4,200 Columb Pict Corp v t o___No par
05
8 65
8
612 658
618 63
8
6
6 18
6
36,200 Columbia Gas & Elea__ _No par
5
5712 5712 563 577
4
58
58
5814 5814 5718 5812 1,300
Preferred earies A
100
52
*51
52
4912 5118 405 50
150
5% preferred
100
514 513 *48
4
8
4312 44
443 4514 45
8
4512 453 457 12,900 Commercial Credit
433 4412
8
8
10
4
*3018 32
*3018 32
*3018 31
7% let preferred
25
*3018 32
*3018 31
*51
5478 *5412 547
8
*54
547 *54
8
543 *54
4
Class A
50
5484
*303 31
4
3112
3112 3112
100
Preferred B
25
31
31
31
31
31
1103 1103 111 111%
4
4
110 111
120
111 111
111 111
6H% first preforree
100
5912 6014 5914 5914
60
No par
6014 603 6112 7,100 Comm Invest Trust
8
6038 60
.11312 1145 *11312 11412
8
8
100
Cony preferred
No par
*11312 114
1145* 1145 *11312 115
205 207
8
8 203 205s
8
2018 2118 203 2114 21
2112 10,400 Commercial Solvents
,Vo par
4
118
518
No par
1
1
1
118 20,300 Commonwlth & Sou
1
lls
1
118
3614 37
No par
3714 40
3914 405* 39 39 7
8 373 393 16,000
4
4
56 Preferred series
*714 8
Conde Nast Pub., Ine__No par:
*714 8
*714 8
*714 8
*714 8
33
33
331 3358 333 3358 1,200 Congoleum-Nalrn Inc____No par
323 33
4
33
33
*812 10
*812 10
Congress Cigar
No par
*812 10
*812 912 *812 912
200 Connecticut Ry dr Lighting _100
39
*3612 39
37
37
3618 37
*357 3912 *36
8
*43
*423 75 .43
75
Preferred
75
100
*4258 75
*43
75
87
8 93
8 *812 912
400 Consolidated Cigar
No par
*812 93
4 .9
93
4 *912 93
4
Preferred
*70
75
*70
75
100
*70
75
"6814 75
*7014 75
7318 737
Prior preferred ____
733 7384
300
100
4
74
74
74 7414 7412 7514
Prior pref ex-warrants_ _100
*6158 - r - *613 _ r _
8
*63
_
_ *60
_ _ *70
63 612
68 , 612
1
6
612
612 - 8
.
65
612 64 4,900 Consol Film Indus
203 21
4
207 21
8
Preferred
No par
211 2114 2118 2218 4,300
21
213
185 19
8
185 19
8
1812 183
No par
4 1734 187 20,700 Consolidated Gas Co
183 1918
8
61
763 7 2 77
No par
7718
Preferred
78
78
7778 7814 76
1,500
7814
2
2
2
2
900 Comiol Laundries Corp
No par
Stock
2
2
2
2
2
2
7 4 74
3
3
No par
73
8 74
758 6,200 Como) Oil Corp
3
75* 7 4
3
75* 73
4
738
*10812 11112 *10812 11112 Exchange *10812 11112 *109 11112 *109 11112
100
8% preferred
27
27
24 23
100
1,800 Consol RR of Cuba prof
*25
8 27
8 *25
8 27
8
2% 27g
4
7
31
7
8
3
4
No par
72 Closed3
4 2,600 Consolidated Textile
78
3
4
3
4
3
4
8
117l 113
4
1112 1112
20
115 115
8
1,100 rAmtalner Corp class A
8 1112 1112 111 12
43 Lincoln's
1,
4 414 *414
Class B
No par
1,400
438 48
438 458
414 4%
‘Ws 57
8
57
8
578
1,000 Continental Bak class A No par
55
8 558 *55
8 53
4
534 614
7
8
7
8
7
8
1
Birthday
Class B
No par
1
1
1,500
1
*7
8
%
%
4814 50! 5012 5012
Preferred
100
5138
700
5112 a51
51
51
*50
67
20
66's 003
8 66
6718 685
8 6814 684 685 703 12,700 Continental Can Inc
8
4
814 812
8% 818
*8
300 Cont'l Diamond Fibre
812 *8
812 .810 812
5
315 32
8
31
2.50
3114
3112 3114 3112 1,900 Continental Insurance
3112 313
4 31
118
118
118
118
No par
11
118
118
1'8
118
118 2,800 Continental Motors
18
1814
177 1838
5
.1818 1838 1818 1818 1818 1814 6,500 Continental Oil of Del
4714 4714 *47
4714 48
48
430 Corn Exchange Bank Trust Co 20
4714
4812 4814 4814
6512 653
4 65
65
25
643 6514 653 6614 6614 673
4
4 4,000 Corn Products Refining
4
*1513 153 *1513 153
4
4
Preferred
100
*1513 153
4
15212 1523 1523 153
4
4
800
53
No par
6
6
53
4 6
6
1,300 Coty Inc
4 554
57
8
578
07
38
3818 38
383
No par
8
3812 3812 3858 385* 383 3812 2,600 Cream of Wheat etre
8
135 133
8
4 133 137
4
s
No par
1312 14
133 14
4
14
143
8 1,600 Crosley Radio Corp
*2514 2614 2514 2514
*2512 26
26
26
No par
2614 2614
600 Crown Cork & Seal
*4312 4458 *441 447
No par
.443 447 *4458 447 *4412 447
8
22.70 preferred
*70
_ *70 . __
Crown W'mette Pap 1st pf,Vo par
*70 --__ *7812 82
*79
8312
*414 _-412 *414 -412
4414 4412 "414 412
438 43
8
100 Crown Zellerbaok v t o_ __No par
*21
22
*2112 23
2112 2112 *215* 2212 *22
223
4
100 Crucible Steel of America___ _100
*61
65
*61
61
61
200
Preferred
100
665*
.60
65
62
62
*114
13
*114
18
114
114 *114
No par
13
8
114
112 1,100 Cuba Co (The)
5
5
*512 57
8
518 518
518 514
*43
4 514
120 Cuba RR 6% pref
100
6
618
65
53
4 53
618 612
618 65
8
10
4
63
4 5,000 Cuban-American Sugar
4614 47
4612 47 2
48
5012 5012 503
1,310
,
4 5012 52
Preferred
100
"423 441 *423 44
4
4
4314 4314 *4314 44
44
44
1,100 Cudahy Packing
50
1813 183 *1812 1012 19
*1812 193
4
1812 19
4
19
1,300 Curtis Pub Co (The)
No par
9612 9612 *9612 9712
97
97
a96
96
06
9614
1,500
Preferred
No par
25s
234
25
8 234
212 23
4
212 25
8
212 25
.4 5,700 Curtiss-Wright
1
83g 812
83
8 83
85* 85
8
818 814
818 812 2,400
Class A
.1
*75
81
.75
82
*80
833 *8014 833 *80
8
.
8338
Cushman's Sons 7% prat ___100
s
*6512 70 .6512 70
•6418 70
56418 70
*6418 70cr preferred
No Par
,,,
18,2 1812 1814 1814
*183 1918
8
1812 1812 183 195
4
8
900 Cutler-Hammer Inc
No par
"73
4 8
*73
4 8
*73
8 8
8
814 "8
84
,
500 Davega Stores Corp
5
28
283
4 2734 28
28
2814 273 285
4
8 287 2912 5,100 Deere & Co
8
No par
2012 2012 20% 2014
203 2058 2203 2012 2012 20% 1,700
8
8
Preferred
20
3312 337
325 3314
8
3212 33
4 33
3312 4,400 Delaware ,k Hudson
3258 323
100
1512 153
4
15
1518 1514
1558
1512 1512 15% 1555
1,300 Delaware Lack & Western__50
*344
414 *3% 312
*3% 312
318 318 *318 312
100 Deny Os Rio Gr West pret
100
7012 7012 *70
7012
70
70
*683 6912 683 683
4
4
4
500 Detroit Edison
100
.23
4 0
*23
4 5
*23
4 5
*23
4 5
Detroit dr Mackinac Ry Co __100
*23
4 5
'6
15
*6
15
.8
15
*6
15
*6
15
5% non-cum preferred ___100
*39
41
*3812 41
53812 4012 *3812 4012 383 40
4
200 Devoe & Raynolds A____No par
115 115
11614 11614
11614 11614 *111 11614 *115 11614
30
let preferred
100
288 283
4
4 29
29
2914 2912 22812 2812 2812 287
8 1,300 Diamond Match
No par
45
2
35,2 35, .36
*36
45
*3514 45
*3514 45
100
Participating preferred
25
38
3814 371* 373
7 38
4
7 39
3712 3812 37
37
6,300 Dome Mines Ltd
No par
11
11
107 11
8
•104 11
107 107
8
4
900 Dominion Stores Ltd
1055 103
No par
2212 227
4
8 2214 223
2212 223
4 2238 2212 2212 227
2,200 Douglas Aircraft Co Inc No par
*13
144 *13
143
4
*13
143 *1318 1434 1434 1434
4
200 Dresser(SR) Mfg cony A No par
.610
612
*618
612
*618
612
*618
612
612 612
100
Convertible class B
No par
"%
5
8
*3
8
5*
%
3
8
*3
8
%
•3
100 Duluth S S & Atlantic
8
5
8
100
*12 1
*12
1
. .
11*12 1
*12
1
100
Preferred
100
*37
4
*33
4 4
33
4 3% *355 4
33
4 334
200 Dunhill International
1
•1412 1514 143 143
4
4
*1518 1512 .1518 1612 .1512 1614
100 Duplan Silk
No par
*101 112 *101 112
*101 112 *101 112 *101 112
Preferred
100
1 043 953
4
8 9312 9414
9358 943
8 94
9412 9434 953
8 6.500 DuPont deNemours(E.I.)&Co.20
112714 12714 127 12712
12712 12712 127 1275* 12755 1273
4 1,300
6% non-voting deb
100
110512 10512 105 105
106 106
10512 10512 105 105
450 Duquesne Light 1s1 prof
100
*2212 _ _
*2212 ----22'z _ - *2212 _ - ___ ___ Durham Hosiery Mills pref_100
*
11.63
4 7
*65* 718
•63
8 712 *65
8 .-8
73
67
8 -678
100 Eastern Rolling Mills__No par
21123 113% 1127 11412
4
8
115 11512 117 11914 11912 121
3.100 Eastman Kodak (N J)__No par
*14312 146 *144 146
•144 146 *144 146
14512 146
160
6% cum preferred
100
19
194 1918 1038
1918 195
* 1914 193
4 193 20
s
5.200 Eaton Mfg Co
No par
*6 1 65
8
6
6
*6
4 612 *534 658
65* *53
200 Eltingon Sehlid
No par
24% 25
24
245
233 2414 234 243
4
4 2434 257
8 8,500 Elea Auto-Lite (The)
5
.10512 108
1073 108
4
108 108
108 108 *10712 108
140
Preferred
100
6, 5
5
478 5
5
5
5
518
5
555 5,900 Electric Boat
3
77
818 8% *77k 818
"75
8 77
8
7714
8
3
700 Elec dr M11/3 Ind Am shares
2141 23
212 212
8
214 23
8
23
8 212
238 212 3.700 Electric Power & Light
No par
748
7%
75
612 1 7
712
718 3
7% 8
4,500
Preferred
Vo par
1 57
8 6
638 631
63
8 612
612 652
612 612 2.000
No pa
Eft preferred
,
For too notes see page 1104.
1107
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Highest
July 1
1933 lo Range for
Jan. 31 Year 1934
1935
Low Low
High
$ per share
$ per share $ per oh
2612 Feb 7 2914 Jan 2
15
Ps Feb 5
318
712 Jan 7
1218 Jan 28
12 Jan 22
1014
2614
3512 Jan 29 4212 Jan 3
20 Jan 14 21 Jan 25
1412
87 Jan 10 91 Jan 2
633
8
3714
12
112 Jan 17
78 Jan 2
12 Jan 10
7 Jan 17
8
3
8
43 Jan 11
2
878 Jan 17
34
618 Jan 17
5 Jan 4
612
13 Feb 7 15 Jan 18
60
282 Feb 7 282 Feb 7
31
2812 Jan 7
243 Feb 1
4
22
90
11212 Jan 7 116 Feb 9
85
1617 Jan 2 17812 Jan 11
8
4512
5512 Jan 5 57 Jan 23
200
9
1618 Feb 5 1814 Jan 7
66
101 Jan 3 10212 Jan 16
4
1218 Feb 6 153 Jan 7 ,, 97
8
72
79 Jan 23 85 Jan 8
5
712 Feb 15
83 Jan 10
4
27
8
512 Jan 21
418 Jan 12
9
19 Jan 15 2812 Jan 21
1612 Feb 7 195 Jan 8
8
165
8
12
12 Jan 29 15 Jan 8
10 Feb 14 13 Jan 8
11
67 Jan 15 757 Feb 15
8
45
3414 Jan 16 40 Jan 3
1718
5 Feb 15
73 Jan 10
4
612
50
55 Jan 7 5914 Jan 26
41
513 Feb 9
4
47 Jan 31
8
1114
3912 Jan 2 457 Feb 15
22
29 Jan 5 3214 Feb 4
32
5212 Jan 7 5614 Jan 24
23
2912 Jan 3 33 Jan 25
85
8
1097 Jan 2 112 Jan 23
5614 Feb 7 6214 Jan 9 ,, 2214
8412
1137 Jan 16 11512 Jan 29
8
1534
1914 Feb 6 23% Jan 7
1 Feb 6
1
138 Jan 2
173
8
8
2918 Jan 4 405 Feb 13
714 Jan 23
7 4 Jan 23
3
5
1612
3112 Feb 7 347 Jan 2
714
9 Feb 7 1012 Jan 18
32
3414 Jan 2 42 Jan 4
50%
514
812 Jan 30 1012 Jan 9
3014
73 Jan 14 74 Jan 24
4514
714 Feb 8 76 Jan 15
4514
53 Jan 7
8
712 Jan 16
158
73
4
1914 Jan 7 2218 Feb 15
1812
173 Feb 15 225 Jan 11
4
8
76 Feb 15 82 Jan 11 271
13 Jan 3
4
214 Jan 18
112
714
7% Feb 6
83 Jan 2
4
10812 Feb 5 112 Jan 28 103
27 Jan 11
8
218
212 Jan 25
11 Jan 5
5 Feb 5
8
13
414
105 Feb 7 135* Jan 10
8
2
4 Feb 6
518 Jan 9
512 Feb 5
5%
63 Jan 7
4
3
4
7s Jan 5
1 Jan 3
4614 Jan 28 513 Feb 15
e
4414
4
37
623 Jan 15 703 Feb 15
4
6
8% Jan 2
7 Jan 15
20
30 Feb 7 34 Jan 8
3 Jan 2
4
13 Jan 8
4
3
4
1214
164 Jan 15 1918 Jan 3
4012
4414 Jan 2 4812 Feb 14
5512
62 Feb 6 673 Feb 15
4
149 Jan 2 153 Feb 15 133
314
55 Jan 29
8
67 Jan 3
8
23
8
351 Jan 15 385 Feb 14
8
7
1212 Jan 15 145* Jan 21
183
4
235 Jan 30 263 Jan 3
8
32
4312 Jan 4 445 Feb 8
83 Jan 17 86 Jan 11 °40
34
4 Feb 4
53 Jan 10
8
14
2012 Jan 15 2514 Jan 7
30
61 Feb 13 68 Jan 2
1 Jan 28
112 Jan 4
34
57 Jan 16
3
5 Jan 5
53 Jan 2
212
63 Feb 15
1412
4012 Jan 3 52 Feb 15
3518
41 Feb 4 47% Jan 2
1312
18 Feb 6 227 Jan 8
8
3812
9312 Jan 2 101 Jan 10
2
212 Feb 7
3 Jan 2
75 Jan 28 1018 Jan 2
33
*
7314
7314 Jan 16 83 Feb 8
6418
6418 Jan 23 65 Jan 19
912
1714 Jan 2 2014 Jan 10
814 Feb 14
512
75 Jan 2
8
1018
2412 Jan 15 305 Jan 2
8
1014
19 Jan 15 203 Feb 1
4
35
32 Feb 6 4312 Jan 7
14
14 Feb 6 1918 Jan 7
434 Jan 8
3 Feb 7
33
4
55
88 Feb 7 78 Jan 25
4 Jan 5
6 Jan 17
4
112
8 Jan 4 11 Jan 29
20
383 Feb 15 503 Jan 2
4
8
8912
115 Feb 9 117 Jan 21
21
2612 Jan 2 294 Jan 28
275
8
343 Jan 7 36 Jan 28
25
3418 Jan 15 3912 Jan 9
105 Feb 15 12% Jan 28
11
8
1118
207 Jan 15 243 Jan 3
8
4
1412 Jan 15
612 Feb 15
8 Jan 9
12 Feb 13
312 Feb 7
137 Feb 5
%
157 Jan 7
8
714 Jan 8
3 Jan 9
g
12 Feb 13
518 Jan 18
1712 Jan 3
9212 Jan 15
1267 Feb 8
8
105 Jan 2
22 Jan 15
65* Jan 17
11012 Jan 16
141 Jan 4
165 Jan 15
8
6 Feb 11
2312 Jan 29
107 Jan 23
43 Feb 5
4
714 Jan 16
214 Feb 5
618 Feb 7
53 Feb 8
9958 Jan 3
129 Jan 8
107 Jan 17
22 Jan 15
8 Jan 7
121 Feb 15
146 Feb 8
20% Jan 25
73 Jan 4
4
29 Jan 3
10812 Jan 3
618 Jan 7
814 Jan 23
3 Jan 3
812 Jan 10
7% Jan 11
814
33
58
12
3
1312
92
1 597
8
1041
85
13
312
6512
120
10
8
1158
75
3
33
512
21
65
6
$ per ,hare
1914 3084
33
4 115
8
1014 175
8
2914 6038
1714 243
8
9212
67
3714 52
12
21s
3
8
114
214
55
8
2
514
83
4 2184
7012 78
38
45
247
8 45
95
115
9514 161,2
5018 57
314
314
93
8 181s
6812 10212
10
2812
74
9
5
9
884
3
5s
1012 32
165
8 403
8
13
3314
11
30
58
7714
8
2112 413
858 1914
52
783
4
41
71
185* 4014
23% 3018
38
53
24
3018
9112 110
4 61
353
91
114
1584 36%
1
334
2112 522
4
5
1358
22
3558
1438
714
32
61
55
58
514 1338
75
31
4514 747
8
49
70
15*
614
10% 20%
1812 475
95
271
112
43
8
714 144
108
112%
218
6%
12
218
61s
1384
2%
5% '
,
514 145
%
2%
4414 64
4 64,
2
563
113
4
6
2358 3614
2*
3
4
153
4 244
4012 51
5512 8412
135
15012
35
8
97e
28
36,
4
8
1712
18% 3638
3512 4414
47
84
35
65
8
17
38%
71
44
:a
358
3 14
312
20%
37
1012
97
65
525
8
1312 9584
29 3
4312
,
514
2%
514 12 3
91
7514
6412 90,
11
21 ,
8
8%
101* 3415
1014
1914
38
7312
14
3384
33
4 13%
8312 84
5
7
10
18%
29
5514
99
117
21
2812
2814 345*
32
4614
23
11
1414 2812
8%
5
52
12
3
1312
100
80
115
90
21
4%
79
120
1218
8
15
80
3
20
1178
158
218
113
4
23
110
103%
12812
107
30
12%
11612
147
2212
1914
31%
110
712
414
918
214
95
8
65
8 21
8
198
New York Stock Record-Continued-Page 4
1108
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saiurda:
Feb. 9
Monday
Feb. 11
2 Per share $ Per share 3 per share
46
4518 4512 46
*12
%
912
7
8
138
*1
18 *1
8
*567 5912 *5712 5912
_
*12812 - _ *12812
21.
*238 . .
212 *2 _-1818 17
18
191;
1918 2018
*1614 20
1818 1818 1913 2112
5
*5
5
5
112 1138 *1058 1124
•1414 15
*1312 15
*858 11
*834 11
*69_ *69
1112
1218 1132 1232 214 2114 21
2114
*33
4 4% *334 414
*112 2
*112 2
*738 818 *7
814
19
1914 1914 193
4
*77 80 *77
80
*818 678 *618 678
57 2 5712 5723 5712
,
*48
60 *48
60
*62
*62
72
72
*438 47
*412 472
,
*314 38 *314 3 2
1
1
1
1
*19
2012 *19
2138
.3118 314 *3118 314
•
*ioi
_
+jai
.
3
8
12
3
8
3
8
1434
*1134 15 *12
*1314 18
•1314 18
*1412 18
*1412 18
*58
6113 *5838 6122
6312
8212 6312 *63
117 117
*11638 120
3138 3113 30% 3114
11114 11113 111 11112
1112 .10
112
*9
*314 388
*324 33
2078 211s 2012 21
9513 9512
9534 96
*134 17
"13
4 17
3
*254 2678 251g 254
92
*89
92 *87
114 138 *138 112
•17
173 "163 173
4
4
4
4
*1814 183
4 183 19
1818
18
1818 18
*2234 2512
25 25
1334 14
133 137
743 743
4
4 7412 74%
3
3
*278 3
*2112 2414 *2113 2414
2514 2514 2514 25 4
3
10612 10612
106 106
412 458
412 45,
16, 1614 1614 1612
2
*11012 116 *110% 116
9 4 10
3
9 4 98
3
7
*48
4612 4513 4513
2238 2234 22
2278
*8514 8612 8614 8612
42
3 412
412 *43
•42
45 .4012 45
212 231
213 258
658 638
65
658
*323 4
*358 4
*2112 22 *20
213
4
*23
24
*23
24
32
32
3212 31
11
11
103 103
4
4
14% 1412 1353 14
!
273 2818 273 2818
4
*125 12512 125 125
50
.31 _ . *35
114 114
114 1,
4
*1312 19 .134 19
*414 8
*458 6
13
13 *10
*11
21
21
21
62 62
*82 68
*2212 2514 *2212 2514
*3018 3112 *3018 3113
47
5
5
5
*573 5912 58 58
4
*612 63
4 *64 7
*5
914 *514 914
70
*86
70 *68
105 105
105 105
*183 19
8
19
•18
*102 -.*102 - ___
, - 24
6 6
4
814 " 14
6
84 *82 84
*81
3
4
*3
3
3
4
•12
*234 4
9234 4
*ioi
_
20 •
Friday
Feb. 15
Thursday
Feb. 14
$ per share $ per share
4534 453 *4514 4534
4
13
7a
7
2
"
12
"1
13
13
*1
5912
5912 5912 *58
*12813 - _ *12812 _ __
232
*238 112 *21,1 20
2012 1912 1912
2013 2118 20 20
223 2238 2012 2012
8
*5
518
5
5
3
*103 1112 *10 4 1114
4
41322 1434 *1312 1412
*812 11
*812 11
*69
*69
1212
12 1238 1214 4
2114 2214 213 2218
*33
4 414 *334 414
.112 2
*14 2
*612 818
*612 8
3
4 1912 20 4
193 193
8
81 81
80
80
4
67
8 788 *712 73
60
*5734 60 *56
60
*48
60 *48
72
*62
72 *62
*412 478 *438 478
378 378
332 338
1
1
1
1
20
*19
20 *19
4
*31
313 *3118 313
4
*
20 s:::: 20
*1638 17 *1612 1712
*9212 93
*9212 93
3
4
49 4 493
3
4 49 4 493
*2238 2318 *2238 2318
378 4
378 418
4
*2314 2334 2334 233
14
1412 1412 14
*6538 72
*8514 72
812
*8
822 *8
*233 238 *2314 237
8
1012 1012 10
1014
4
4
*353 383 *3614 383
4
2134 22
2214 2214
*11638 ___
___
*1714 20
*17 ZO *118384 912
912 9 2 *83
,
*134 2
*134 2
838
8
853 *8
714
718 *7
7
8712
*86
8712 *85
38
36
36
36
16
*16
1614 16
8
8
78 8
12212 1222z *122 124
64 88
87
6%
2 4 23
3
4
3
3
*4 4 714 *438 612
3
*2418 2512 *247 2512
8
54
5234 5234 54
12712 128 *128 132
2353 2338 2318 2338
11332 11332 11332 11332
3414 3448 3418 3412
Wednesday
Feb. 13
Tuesday
Feb. 12
_ 4q165
_
Sales
for
the
Week
20 *
__ *ibi
_
20
..*11858
Ranee Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low Low
High
par $ per share
$ per share $ perch
8
Elea Storage Battery
No par 45 Jan 15 4912 Jan 7 21 337
78 Jan 10
5
2
12 Feb 5
par
tElk Horn Coal Corp___-No
1
13 Jan 10
7 Feb 4
8
50
6% part preferred
45
4
Endicott-Johnson Corp
50 523 Jan 16 5913 Feb 13
3
Preferred
100 125 4 Jan 10 128 Jan 17 112
2
278 Jan 4
218 Feb 4
Engineers Public Berv_-No par
1038
85 cony preferred
No par 1438 Jan 2 2012 Feb 13
11
No par 1412 Feb 7 2118 Feb 13
2534 preferred
12
26 preferred
No par 17 Jan 18 2258 Feb 13
5
5 Jan 7
5 Jan 7
No par
Equitable Office Bldg
93
100 1014 Feb 6 14 Jan 4
Erie
1314
First preferred
100 1314 Jan 30 1714 Jan 4
838
812 Feb 6 13 Jan 7
100
Second preferred
60
Erie & Pittaburgh
50 70 Feb 2 70 Feb 2
638
4
Eureka Vacuum Clean
5 103 Jan 15 1212 Feb 11
3
5 19 Jan 14 2278 Jan 7
Evans Products Co
3
5 Jan 18
313 Feb 4
Exchange Bullet Corp-No par
1
2 Jan 19
14
14 Jan 15
25
Fairbanks Co
93 Jan 18
312
638 Feb 2
Preferred
100
47
8
Jan 11 2118 Feb 15
Fairbanks Morse & Co---No par 17
25
Preferred
100 72 Jan 17 8313 Feb 15
4
734 Feb 15
534 Jan 8
15
Federal Light & Tree
33
Preferred
No par 48 Jan 8 58 Feb 7
50
Federal Min & Smelt Co--100 50 Jan 17 50 Jan 17
50
Preferred
100 70 Jan 17 70 Jan 17
4
8 Jan 2 91 23
412 Feb 5
Federal Motor Truck--No par
1
413 Jan 7
Federal Screw Works__No par
338 Feb 13
1
138 Jan 7
1 Jan 2
Federal Water Serv A____No par
1814
Federated Dept Stores_ -No par 19 Jan 10 2038 Jan 7
2014
Fldel Phen Fire Ins N _ _2.50 3012 Feb 8 3413 Jan 9
614
Fifth Ave Bus See Corp.„No par
i1934
Filene's(Wm)Sons Co---No par 1934 Jan 10 2312 Jan 8
4
6i4% preferred
100 107 Jan 23 1103 Jan 15 385
131e
1,000 Firestone Tire & Rubber
10 154 Jan 30 1818 Jan 7
400
Preferred series A
100 9178 Feb 6 9438 Jan 7 674
4
First National Eiton5e--No par 4712 Feb 2 56 Jan 7 9 473
4,400
1238
100 Florshelm Shoe class A-__No par 2238 Feb 13 2234 Jan 4
2
632 Jan 7
No par
2.100 :Follansbee Brea
238 Jan 23
1,200 Food Machinery Corp-No par 2014 Jan 15 2412 Feb 14 33 1014
812
900 Foster-Wheeler
No par 13 Feb 6 1713 Jan 2
4414
Preferred
No par 70 Feb 5 77 Jan 2
614
75 Feb 5 1013 Jan 7
2
Foundation Co
No par
165
8
800 Fourth Nat Invest w w
1 23 Jan 30 25 Jan 8
81A
9 Feb 14 1312 Jan 2
6,100 Fox Film class A
No par
20
Fkln Stmon & Co Ina 7% pf-100 354 Jan 2 45 Jan 11
2012
1.400 Freeport Texas Co
10 203 Feb 6 26 Jan 2
Preferred
100 117 Feb 8 120% Jan 22 11312
124
260 Fuller (0 A) prior pref___No par 163 Jan 15 24 Jan 25
4
5
140
812 Jan 7 12 Jan 24
$8 2d pref
No par
118
218 Jan 3
200 Gabriel Co (The) el A
13 Feb 8
4
No par
8
250 Gamewell Co (The)
912 Jan 10
8 Feb 8
No par
538
Jan 4
612 Jan 31
600 Gen Amer Investors
738
No par
8412
700
4
Preferred
No par 843 Jan 10 8712 Feb 15
253
4
1,100 Gen Amer Trans Corp
5 3518 Jan 15 3814 Jan 5
12
700 General Asphalt
10 15% Feb 6 183 Jan 9
81 Feb 15
64
2,300 General Baking
734 Jan 15
5
28 preferred
No par 115 Jan 10 124 Feb 15 100
50
5
718 Jan 8
1,400 General Bronze
6 Jan 2
5
214
314 Jan 3
200 General Cable
212 Feb 7
No par
414
7 Jan 3
5 Jan 29
Class A
No par
14
/% cum preferred
100 24 Feb 8 2712 Jan 7
300
2414
1,200 Lieneral Cigar Inc
No par 5012 Feb 6 8314 Jan 8
97
30
100 12712 Jan 2 13413 Jan 4
7% preferred
43,600 General Electric
No par 2012 Jan 15 24% Jan 23 9 18
11
22,487
Special
10 11 Jan 2 1118 Jan 3
28
No par 32$4 Jan 4 35 Feb 13
4.200 General Foods
58 Jan 14
4
32 Jan 2
No WV
1,000 Gen'l Gas & Elee A
54
Cony pref series A__No par 1212 Jan 30 1353 Jan 18
133
4
27 pref class A
No par 13 Feb 7 14 Feb 5
712
3
No par 15 Jan 15 16 Jan 24
$8 pref class A
571: Jan 2 8134 Feb 5 34 54
Gen Ital Edison Eleo Corp
51
600 General Mills
No par 5978 Feb 6 13312 Feb 9
Preferred
400
100 116 Jan 3 11818 Feb 14 10012
8
10 30 Feb 8 3414 Jan 3 32 223
29,000 General Motors Corp
84
25 preferred
No par 310712 Jan 4 113 Jan 28
1,000
814
Gen Outdoor Adv A
No par 1118 Feb 7 13 Jan 10
314
33 Jan 2
3
34 Jan 9
Common
No par
300
1012
No pat 1738 Feb 5 224 Jan 9
640 General Printing Ink
6114
140
88 preferred
No par 9313 Jan 22 97 Jan 14
138
23 Jan 3
400 Gen Public Service
15, Jan 29
No par
234
100 Gen Railway Signal
No par 2414 Feb 8 30 Jan 7
80
100 80 Jan 2 91 Jan 30
Preferred
1
13 Jan 10
4
114 Jan 8
1
300 Gen Realty & Utilities
10
No par 16 Jan 5 197 Jan 10
$6 preferred
84
4
1,900 General Refractories
No par 163 Jan 30 2014 Jan 3
714
No par 18% Jan 15 1978 Jan 2
7,300
Voting trust certlfs
1758
20 Gen Steel Castings pref No par 2234 Jan 15 32 Jan 22
No par 1318 Feb 5 1528 Jan 10 5 712
8,000 Gillette Safety Razor
454
No par 7012 Jan 4 75% Jan 10
1,500
Cony preferred
233
378 Jan 4
24 Feb 6
No par
800 Gimbel Brothers
134
100 2318 Jan 12 2714 Jan 5
Preferred
12
No par 2338 Feb 7 2714 Jan 7
3,200 Glidden Co (The)
100 10478 Jan 2 10712 Jan 8 8058
Prior preferred
90
33
434 Jan 25
358 Jan 19
5
3,400 Gebel (Adolf)
157
8
No par 154 Feb 7 18 Jan 7
6,200 Gold Dust Corp vie
9612
8
No par 1147 Jan 19 118 Jan 17
26 cony preferred
8
912 Feb 6 117 Jan 7
No par
2,900 Goodrich Co(B F)
2812
100 45 Feb 7 54% Jan 8
Preferred
800
1812
7,200 Goodyear Tire & Rubb-No par 21 Feb 6 2878 Jan 7
No par 8434 Jan 2 92 Jan 10 17 531
lst preferred
300
37
512 Jan 3
414 Feb 6
No par
1,000 Gotham Silk Hose
3812
100 344 Jan 10 50 Jan 3
Preferred
14
314 Jan 3
23 Feb 7
8
1
2,800 Graham-Palge Motors
4
714 Jan 7
658 Jan 2
1,300 Granby Cons M Sm & Pr....._100
35
5 Jan 7
312 Feb 4
1
700 Grand Union Co tr OM
20
No par 1938 Feb 14 2934 Jan 3
Cony pref series
400
207
No par 23 Jan 10 23 Jan 10
s
Granite City Steel
No par 30 Feb 1 3514 Jan 3 25
1,500 Grant (W 'I')
*
74
3
No par 1012 Jan 17 127 Jan 7
1,800 Gt Nor Iron Ore Prop
1112
100 128 Feb 6 1734 Jan 7
7.700 Great Northern pref
25
6,300 Great Western Sugar____No par 2823 Jan 15 29% Feb 15
99
Preferred
100 119 Jan 2 12812 Jan 18
10
18
100 34 Feb 6 35 Feb 8
Greene Cananea Copper
14 Jan 7
1 Feb 1
4
No par
300 Guantanamo Sugar
714
Preferred
100
4
6 Jan 6
43, Jan 30
Gulf Mobile & Northern__..100
1112
Preferred
100 11 Feb 7 1412 Jan 8
1514
100 aulf States Steel
No par 1912 Feb 8 24 Jan. 8
2514
20
Preferred
100 62 Feb 11 67 Jan 11
197
Haokeneack Water
25 2114 Jan 15 23 Jan 5
28
7% preferred class A
25 30 Jan 18 32 Jan 15
ale
412 Feb 6
3,800 Hahn Dept Stores
614 Jan 7
No par
18
1.900
8
Preferred
100 55 Jan 15 835 Jan 7
71: Jan 2 9 314
200 Hall Printing
53 Feb 13
4
10
838
912 Jan 8
Hamilton Watch Co
953 Jan 8
No par
20
Preferred
100 63 Jan 4 75 Jan 23
77
Hanna(M A) Co 27 pt_No par 101 Jan 2 105 Jan 25
180
12
800 Harbison-Walk Retrac__No par 163 Jan 17 1912 Jan 9
4
82
Preferred
4
100 993 Jan 7 10112 Jan 26
112
7 Jan 7
512 Feb 6
800 Hat Corp of America cil A-..-..1
1412
110
100 81 Feb 6 8814 Jan 2
6).% preferred
53
12 Jan 8
38 Jan 2
Havana Electric Ry Co ....No par
254
2 4 Jan 26
3
24 Jan 28
100
Preferred
$ Per share Shares
1,100
4534 47
*12 I
*1
18
100
*584 5934
__ ___ _ __
12812
100
214 _214
1814 1813 2,500
1812 1812 1,300
1914 1912 1,400
500
5
5
100
*107 1112
8
*1312 15
*812 11
_ _ _ _ ___
*69
1238 1238 1,900
2218 2234 8,500
*33
4 418
*112 2
:
*612 81
2038 2118 7,100
90
82
8313
712 73
4 1,900
20
*5612 59
*48
60
72
*62
100
478 478
500
3 8 34
7
3,000
1
1
200
1934 20
200
4
4
313 313
18 1614 1618 Ili% 1658 1658
3
93
9334 *9238 9312 "9314 937
504 52
4914 5012 *5014 51
2218
2218 *20
2238 2238 *20
34 38
4
4
378 4
2378 2414 2412 2412 2414 2432
14
1418 "1334 1438 144 1412
72
*69
72
*66
*853 72
4
838
*8
814 *712 814 *8
233 233
4
4
237 24
8
23% 24
10
1018
9
93
4
10
1014
*3614 39
*3614 39
*3614 39
211 2218
2218 2214 *2134 22
*11658 -*11858
*17 I9i12 1912 2012
*17 ZO
9
10
914
*84 912 .9
*134 2
134 13
4 "138 11
*8
838
8
8
8
8
7
7
714 714
74
7
8612 8612 8712 8712
86
86
*3538 38
36
3813
*3534 36
16
18
1514 1513 *1513 18
83
838
814 84
8
814
123 124
*122 123 *122 123
8
634 63
658 678
612 67
4
Stock
*23
4 3
8 3
*23
4 318 .23
612
*478 812 •458 612 *5
Exchange
2512 2512 *2412 2618 2512 2618
5534
54
54% 541 5434 55
Closed*128 132 *128 132 *128 13312
4
2313 2378 2338 2378 233 24
Lincoln's
11332 1132 1132 1118 114 1118
347 35
3458 35
Birthday
3412 35
2
1
13
12
12
12
1412
*1212 1412 *12
*12
14
*1314 16
*1314 16
*1314 16
*1412 18
*1412 18
*1413 18
8138
6132 *58
*58
6138 *59
63 8314 634 6314 6314 8314
1174 11714 11818 11818 *117 120
31
3112
33058 3114 304 31
11112 11113 11034 1111 *11112 112
1(12
*1013 111 .1012 111 *11
324 324
434 33
314 314
213 2214
4
2034 2123 2112 22
9522 9513 9512 9523 9638 9638
4 2
138 134
4 13
4 *13
13
*2414 27 *2412 287 *24% 27
92
92 *87
*87 92 *87
*I% 11
413
8 11
*13
8 112
4
0163
*1634 173 ' 4 173 *163 173
4
1914 20
1812 1823 1812 19
18% 1812 1814 1914
1778 18
*2358 2512 *2234 25's 2512 2512
14
144
134 141
1334 14
4
74
7412 7413 74'2 7434 743
*278 3
*278 3
27
3
*2212 2714 *2112 2718 *2112 2718
2512 2614 2818 2623 2612 2613
106 106
108 108 *106 107
414 458
414 42
453 458
8
1612 1714 167 1714 1718 1712
•11012 116 *112 116 *115 11612
91
97
1014
10
*913 97
4712 4812
4658 47
*46
47
2212 2338
2218 2234 2258 227
8612 8612
87 *8514 86
"86
412 412
48 42
3
3
412 412
*4038 45
*403 45
*4053 45
212 238
212
212
212 212
658 658
658 858
65
8 858
313 312
313 312
*353 4
2114 2112
2058 2053 1958 195
24
*23
24
*23
*23
24
323
32
32
32
32
32
4
*1012 1034 103 1034 1012 1038
133 1338 1338 1353 1312 137
8
2814 2814 2814 2918 2938 297
*125 12512 *125 12512 *125 12512
50
50 *35
*35
50 •35
8
112
13, 13
*114 112 *114
*1312 19
4
.13% 19
19
*18
*438 6
*413 6
"412 6
8
127
*1112 13 *12
*10
13
*1712 23
*1712 21
*1612 21
88
62 *58
62
*63 68
*224 2514 *2314 2514 *233, 2514
ncos 3112 *3018 3112 *3018 3112
5
5
5
5
5%
5
5953 5912 5912 5912
59
60
*53
4 6
4 6
54 813 *53
*514 914 *514 914 *514 914
70
70 *66
*63
70 *86
10413 10412
*10412 105 105 105
8
19
1918 193 1938
19
19
*102 . _ _ *102 _ _ •102
614 638
614
64 *64 -64 85
84
84
84
.82 84
93
8
3
4
3
4
93
8
4
3
4
*3
*23
4 4
•234 4
*24 4
STOCKS
NEW YORK STOCK
EXCHANGE
Feb. 16 1935
$ per share
52
34
58
1%
33
4
1
45
83
120
128
83
4
2
1018 2313
11
2412
2512
13
5
103
8
93
247
8
143
4 2814
23
9
50
68
7
1438
9
274
3
1012
23
8
1
3 4 1212
3
7
18 4
,
30
7712
1114
4
344 82
52
107
98
82
22
7
84
8
538
2
4
I
20
31
2334 3512
11
7
23
30
87 108
1318 2514
9214
71
53
6914
15
25
2
173
8
1012 2138
8% 22
55
80
614 174
1712 2713
814 1712
83
20
211
503
8
11312 16018
14
3312
1938
5
45
8
118
8
20
538 1113
87
73
4358
30
2312
12
612 14%
100
10812
5
1018
214
618
414 12
1412 33
27
5934
97 12713
1678 2514
1254
11
28
367
8
13
38
614 19
21
11
22
13
60
62 8
,
51
6412
118
103
2438 42
894 109
84 21
638
314
1012 2512
7312 96
2
5
52
2312 453
4
10112
90
1
3
52
10
2832
101: 2338
10
20
4812
1738
812 147
8
72
47
258
618
1614 30
1558 2833
83 10712
32
3
912
18
23
9612 120
8
18
3512 824
1812 4138
64
8814
378 114
3812 7112
14
412
4
133
8
4
88
4
28
40
21
3113
28
40
53
812 1538
124 3212
25
3524
102 11812
18
59
1
4
34
714 31
5
1614
12
353
4
1514 42
47
83
2012 2814
27
81
3%
814
251* 8312
3%
94
81
117s
63
25
84
1013
4
13
244
87
100
753
112
1934 92
8
2
112
812
3
For footnotes see page 1104.
'h.
-v.
New York Stock Record-Continued-Page 5
Volume 140
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 9
Monday
Feb. 11
Tuesday
Feb. 12
Wednesday
Feb. 13
Thursday
Feb. 14
Friday
Feb. 15
Sales
for
the
Wee„k
STOCKS
NEW YORK STOCK
EXCHANGE
1109
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
High
Low Low
3 Per share 3 per share $ per share S per share $ per share $ per share Shares
Par $ per share
$ per share 3 per eh
*234 318
23
*234 31
4 23
.23
4
4 34 .23
4 318
100 Hayes Body Corp
2
23 Feb 6
4
378 Jan 2 35 134
91
9212 9212 9212
*92
921
92
9214 9212 94
1,400 Hazel-Atlas Glass Co
25 85 Jan 2 94 Feb 15
65
*125 132 *130 132
130 130 *12012 132 *12012 132
100 Helme (0 W)
25 127 Jan 5 130 Jan 9
94
*145
*145
_
*145_ •145 150 *145 150
• Preferred
100 14212 Jan 10 14212 Jan 10 120
12 - 12
12 - 12
1212 121 *11
13
13
13
800 Hercules Motors
No par
11 Jan 8 13 Feb 15
514
75
75
*737 757
8
8
7512 751 *74
7512 *74
200 Hercules Powder
No par 7314 Feb 4 775 Jan 8
7'2
8
40
122 122
123 123
1234 12318 *12318 124 *12318 124
50
37 curn preferred
100 122 Feb 9 125 Jan 2 10418
*78
797 *773 797
8
8
8
*775 797 *775 797
8
8
8
8 78
78
200 Hershey Chocolate
No par 7312 Jan 2 813 Jan 19
4
44
*10312 10412 *104 10412
10412 10412 *10412 1043 1043 1043
4
4
4
200
Cony preferred
No par 104 Jan 25 107 Jan 9
80
*74 8
8
8
73
4 734
73
8 8
1,000 Holland Furnace
74 8
3
No par
73 Feb 6
8
4
914 Jan 7
95
*95
93
4
93
4 934
91s
938
93
8 1,100 Hollander & Sons (A)
914
93
8
5
918 Feb 15 11 Jan 2
54
*355 35712 .360 370
*360 370
368 368 *361 370
100 Homeritake Mining
100 338 Feb 5 39118 Jan 7 200
337 334 334 337
8
8
3378 34
34
34
3212 33
1,100 Houdaille-Hershey cl A __No par 31 Jan 12 363 Jan 25 11 7
4
810 814
818 814
84 814
818 84
814 812 9,200
Class B
No par
714 Jan 15
83 Jan 7
4
212
*52
54
*5112 54
*517 54 .524 54
8
*5218 54
Household Finance part p!... 50 49 Jan 2 53 Jan 3
43
143 143 .1412 1514
4
4
*141* 1514 01412 154 *1412 15
100 Houston 011 of Tex tern cas__100 14 Feb 6 173 Jan 2
4
1212
•27
8 3
27
8 27
8
23
4
23
4
23
4
23
4
23
Voting trust ctfs new
800
4
23
4
25
23 Jan 14
4
212
34 Jan 4
46
4612 4414 45
44
4412 454 4714 2,600 Howe Sound v t 0
447 45
8
5 43 Jan 15 5218 Jan 3
20
*44 44 *414 44
414
414 0414 43
4
414 414
400 Hudson & Manhattan
100
414 Jan 4
512 Jan 21
4
*1014 1414 .1014 134
*1018 123 .1018 123
4
4 1012 1012
Preferred
100
93 Jan 18 1312 Jan 21
4
9
100
912 97
8
97 1018
8
94 10
97 10
8
10
1018 9,100 Hudson Motor Car
No par
818 Feb 6 123 Jan 7 31 6
4
234 23
4
25
8 234
212 25
25
8 23
8
258 24 5,100 Hupp Motor Car Corp
4
378 Jan 7
212 Feb 14
178
10
1312 14
1314 1312
13
1314 1314 1314
1314 134 3,900 Illinois Central
100 12 Feb 7 1714 Jan 7
1318
*1838 194 *1838 21
*1838 21
*1818 21
*1818 21
6% pre1 series A
100 1818 Feb 8 233 Jan 4
1912
4
*50
5412 54
*50
54
53
*513 5212 *513 5214
4
20
Leased lines
4
100 52 Feb 8 5712 Jan 10
464
*8
912 *8
912
*8
RR Sec ctfs series A____1000
912 *8
912
*8
912
84 Jan 31 10 Jan 4
712
•214
212 *214 23
*214
8
212 5238
212 *23
Indian Refining
8
212
10
214 Feb 6
212 Jan 2
24
3118 3114 31
311 1
31
313
8 31
3118 3112 314 4,500 Industrial Rayon
No par 3014 Jan 11 33 Jan 7 36 13'4
67
67
*657 673
8
6712 68
67
67
8
6712 6712
700 Ingersoll Rand
No par 65 Jan 28 6912 Jan 8
45
*111
*111
_ _
_ _ *111
___ *111
Preferred
100 109 Jan 7 109 Jan 7 105
5312 54
53 - 3
53 4
•111x53
5i 05212 - 4 533 533
533
4
4
1,100 Inland Steel
No par 504 Jan 16 5514 Jan 2
26
*23
4 3
23
234
234 *23
4 3
4 23
*234
4
312
400 Inspiration Cons Copper
20
23 Feb 7
4
37 Jan 8
8
25
8
45
8 43
4
45
8 43
458 45
8
478 44
8
434
434 1,700 Insuranshares Ctfs Inc
1
44 Jan 4
2
4 7 Feb 14
8
1414 1414 *137 1418
8
*137 14
8
14
1414 1418 1412
600 tInterboro RapidTran v20 _100 123 Jan 15 155 Jan 7
4
8
512
__ ____ ____ ____ ____
Certificates
No par
5
*414 5
*414 43
*414 43
4 *43
4
8 43
4 *43
Internal Rys of Cent Amer100
8 43
4
4 Jan 14
2
8
43 Jan 25
.35
8 5
*33
8 5
*358 5
*35
8 5
•35
Certificates
8 5
No par
5 Jan 3
5 Jan 3
212
*17
18
*165 18
8
•17
18
*17
18
*17
18
Preferred
100
153 Jan 2 1812 Jan 10
4
63
8
*212 3
*23
8 3
238 23
8 *23
8 25
8 *23
8 238
200 Intercont'l Rubber
No par
23 Jan 15
8
3 Jan 7
2
6
6
6
6
*6
63
8
900 Interlake Iron
54 54 *53
No pat
512 Feb 5
4 6
7 Jan 7
4
*414 412 *414 412
414
414
43
8 412
412 4,
No par
4 Jan 15
5 Jan 2
2 1,100 Intermit Agricul
112
3812 3812 .
3814 3914
.3812 39
384 3812 39
39
Prior preferred
300
100 3312 Jan 15 423 Jan 25
4
10
154 155
15512 156
15612 1563 *158 163
4
159 159
900 Int Business Machines___No par 14912 Jan 15 159 Feb 15 1253
4
514 514
514 514
5
5
5
5
5
514
800 Internal Carriers Ltd
4
1
5 Feb 5
85 Jan 8
8
2814 2812 *2712 28
0273 28
4
2712 277
8 274 2812 2,400 International Cement____No par
2614 Feb 5 33 Jan 7
183
8
40
4014 3988 4014
39% 40
393 40
4
4014 4114 10,000 Internal Harvester
No par 3714 Jan 15 437 Jan 2
23,
4
8
110 140 *13812 140
*13812 13912 *13812 1394 *1383 13912
300
Preferred
4
100 135 Jan 2 140 Feb 9 110
218 214
214 212
1,700 lot Hydro-El Sys el A
214
212
214
25
214
214
2 Feb 7
214
27 Jan 9
8
24
*23
8 23
4 *23
8 23
*238 23
4 *23
8 23
4 *212 23
Int Mercantile Marine_ __No par
4
4
214 Jan 15
2
24 Jan 3
227 23
8
2234 227
221. 2234 2258 2318 23
8
2314 14,300 Int Nickel of Canada____No par 2214 Jan 15 244 Jan 7 21 143
8
•12418 126 *125 126
•125 126
126 126 *125 1263
4
100
Preferred
100 125 Feb 8 126 Feb 14 101
Internal Paper 7% pref
100
814
*218 23
8 *218 23
8
218 24
24 24 .24
214
300 Inter Pap & Pow cl A___ _No par
218 Feb 7
2
3 Jan 8
4
4
*1
118
•1
118 *1
118 *1
4
138
100
Class B
No par
4 Feb 9
13 Jan 7
8
7
8
7,
7
8
7
8
7
8
7
8
7
8
7
8
7
8
1
Class C
800
No par
3 Feb 4
4
118 Jan 19
5
8
912 938
912. 95
Preferred
900
100
914 914
*914 95
914 912
8
84 Feb 7 12 Jan 7
67
8
223 225 *22
8
8
2234
2234 2234 *2212 2234 223 2314
4
700 lot Printing Ink Corp___No par 2112 Jan 15 233 Jan 3
9
4
994 997
8 997 100
8
Stock
9934 100
997 100
8
994 1003
Preferred
170
100 9812 Jan 2 1003 Feb 15
8
65
8
*2938 3012 2914 2914
294 2918 *29
30
400 International Salt
293 30
4
No par 29 Jan 21
20
3118 Jan 4
*4414 45
4414 4414 Exchange
4412 4412 4412 4412 4412 444 1,000 International Shoe
No par 44 Jan 14 4514 Jan 10
38
*2118 2212 *20
23
22
22
•20
2214 211, 22
300 International Silver
100 214 Jan 31
28 Jan 4
19
*7018 72
07018 72
Closed- *704 72
.701i 72
.
*7018 72
7% preferred
100 70 Jan 15 75 Jan 3
40
83
4 87
8
85
8 87
8
858 83
83
4 9
4
83
8 87
No par
8 5,300 Inter Telep & Teleg
812 Feb 6
712
97 Jan 10
8
.1018 1114 *10
12
Lincoln's *105 113 *1012 1214 *1012 12
8
Interstate Dept Stores___No par 10 Feb 5 123 Jan 7
8
4
23
4
*72
84
*72
84
*72
84
072
84
Preferred
.72
84
100 75 Jan 29 847 Jan 7
1614
8
*614 67
8 *614 77 Birthday
8
*612 67
8 *612 67
No par
8
614 Jan 10
8 *612 67
Interty De Corp
43
65 Jan 5
8
4
3214 3214 *32
324
*32
33 .32
3212 3212 3212
300 Island Creek Coal
1 31 Feb 7 36 Jan 8
203
4
*1123
4
*1131,
_
•11312 115 .11312 ----*1131.
Preferred
1 110 Jan 22 11212 Feb 5
85
5618 56
-18 .55 - - - 57
*55
57
*55
57
*55 No par 535 Feb 6 57 Jan 7
57
100 Jewel Tea Inc
8
28
5012 503
4 50
51
5034 51
51
51
5112 5314 3,600 Johns-Manville
Vs par 483 Jan 29 573 Jan 7
4
3612
8
•121 122 *121 122
12114 12114 *121 122
122 122
Preferred
200
100 12114 Feb 13 125 Jan 4
87
•130 150 .130 150
*130 150 .130 150 *130 150
Joliet & Chic RR Co 7% gtd_100
115
6314 6314 62
62
61
61
81
61
.61
45
6412
70 Jones dr Laugh Steel pref.-100 5612 Jan 2 73 Jan 23
*1154
.•11558
_
•1155 . __ •1155 _ __ *1155
8
__ __ ____ Kansas City P .5c L pf ser BNo par
8
8
974
57
_-8
*614 _-•64 712
712 *614 712 *618 _Kansas CRY Southern
100
83 Jan 7
4
7 Jan 15
65
8
712
*94 11
97
8 978
*97 11
8
*10
12
400
*1014 11
Preterred
100
97 Feb 11
8
1014
1312 Jan 7
8 *77
*73
4 81 , 8 814
84 818
818 818
8
8
500 Kaufmann Dept Stores 312_50
712 Feb 6
812 Jan 2
514
1612 1612 •1618 1612
.1614 1612 *163 1612 163 17
8
1,200 Kayser (.1) & Co
12
8
b
15 4 Jan 17 17 Feb 15
3
*33
40
*33
40
*33
40 .33
Kelth-Albee-Orpheum pref _ _100
40
*33
40
15
14
13
4
15
8
158
15
8
13
4
13
4
13
8
13
4
800 :Kelly-Springfield,Tire
15*
5
114 Jan 2
1
23 Jan 17
8
•1018 114 •10
11
•10
103
8 10
1014 1014 11
500
6% preferred
5
8
74 Jan 2 133 Jan 17
No Par
*512 7
*51, 7
7
*518
7
7
7
.518
100 Kelsey Hayes Wheel conv.cIA__1
6 Jan 25
212
712 Jan 11
*33
4 5
.33
4 5
*33
4 5
54
5
*4
Class B
5
1
33 Feb 6
4
112
412 Jan 2
17
1714
163 17
4
163 174 17
4
1714
1718 1712 7,200 Kelvii3ator Corp
No par
155 Feb 7 1814 Jan 9' 64
8
6
*8812 9412 944 941 2
9412 9412 9412 9412 9412 95
110 Kendall Co pt pf eer A
No par 903 Jan 8 95 Jan 29
55
4
163 163
8
4
1612 167
8
163 1612 163 1612 163 17
8
8
6,900 Kennecott Copper
8
No par
16 Feb 5 183 Jan 7
153
8
8
*914 1114 *914 1114
105 *1014 103
*914 1114 *10
8
Klmberly-Clark
No par
8
1018 Jan 15 11 Jan 8
94
*4
43
4 *4
431
*4
43
4 *4
43
4 *4
Kinney Co
No par
4 Feb 6
538 Jan 3
214
43
4
31
32
*3014 32
3214 3214 32
32
120
*32
33
l'referred
No par 297 Feb 7 38 Jan 23
8
12
2038 205
8 203 203
8
2038 203
4
4 204 207
8 21
2114 7,100 Kresge (85) Co
10 201s Jan 15 217 Jan 2
1014
8
*106 109 .107 109
*107 109 .107 109 *107 109
7% preferred
100 10812 Jan 16 112 Jan 4
9914
*35
8 41. .34 41,
*34 412 .35
8 412 *35
Kresge Dept Stores
No par
8 4,
2
4 Jan 17
2
312 Jan 15
*5112 70 - .5012 70
•514 70
.5412 70
*55
Preferred
70
100 42 Jan 11 4712 Feb 5
12
.5918 6431
*595* 65
*613 643 .8238 65 .625 63
8
4
8
Kress (8 II) & Co
No par 60 Jan 29 6912 Jan 7
273
4
26
2614
2512 253
4
254 2578 2514 2512 254 2514 2,500 Kroger Grua & Bak
No par 235 Jan 29 283 Jan 2
8
4
19
*1614 18
*1614 1812
•11314 1814 .1614 18
.1614 18
Laclede Gas Lt Co St Louis __100 16 Feb 5 21 Jan 12
20
29
29
*2014 29
•2014 29
2812 2812 02014 29
30
5% preferred
100 28 Jan 4 31 Jan 24
27
2712 2812 28
28
2712 2712 273 273
4
4 2734 273
4
1,300 Lambert Co (The)
No par 263 Feb 6 2812 Jan 8
4
193
8
4 83
8
*63
8 812 *63
63
4 63
4 .63
4
V
*7
8
100 Lane Bryant
No par
64 Feb 13
9 Jan 3
418
113 117 *113 12
4
4
8
1114 113 *1114 12
4
12
12
700 Lee Rubber & Tire
6 1114 Jan 29
127 Jan 7
8
518
•1412 1578 *1434 157
1434 143 *1412 1512 *1412 15
4
8
100 Lehigh Portland Cement
50 14 Feb 6 174 Jan 7
9
*90
92
•90
93
113
95
96
96
*94
9712
100
7% preferred
100 893 Jan 3 96 Jan 14
4
73
84 9
9
9
83
4 83
4
87
8 84
9
9
700 Lehigh Valley RR
50
818 Feb 6 1112 Jan 7
814
*214
212
214 214
*218
212 .218
212 .218
212
100 Lehigh Valley Coal
No par
218 Feb 6
2
24 Jan 4
1114 1114•101 11
,
11
11
*103 107
4
8
103 103
8
8
300
Preferred
50 10 Jan 21 1212 Jan 23
4
72
72
571 - 7214
7214 7214 7112 72
715 72
8
600 Lehman Corp (The)
No par
6912 Jan 17 74 Jan 8
5834
*1612 1714 *17
•17
1714
1714 x17
17
163 163
4
4
200 Lehn dr Fink Prod Co
b
1512 Jan 24 1714 Jan 25
1112
2834 29
273 283
4
2834 283
4 2858 2878 29
4
2914 4,300 Libby Owens Ford Glass__ No par
27 Feb 6 323 Jan 2
4
21
2112 213 *2112 2218
4
.2138 22
22
22
.2178 2218
500 Life Savers Corp
6 2112 Jan 17 23 Jan 3
155
8
•104 10512 0103 105
*10512 1057 .1034 10512 1037 104
8
8
200 Liggett de Myers Tobacco__ _ _25 102 Jan 15 10712 Jan 4
7112
10512 106
106 106
106 107 x10412 105
10512 106
2,900
Series 13
26 102 Jan 15 10912 Jan 4
734
•15312 154
1533 154
8
15414 15414 154 154
154 154
800
Preferred
100 15112 Jan 30 15414 Feb 13 123
•18
187
8 18
18
187 1878
8
1812 1812 .1814 1834
500 Lily Tulip Cup Corp„--No par
17 Feb 5 1914 Jan 3
1414
*1914 2012 *1912 2012
•194 2012 1912 1912 .19
20
200 Lima Locomot Workii____No par
1912 Feb 14 2412 Jan 5
1514
2114 213
8 21
21
*20
2112 *20
21
21
2112
900 Link Belt Co
No par 1714 Jan 16 2112 Feb 15
1112
28
2818 273 273
4
4
4
4
273 273 *2712 28
2814 2814
600 Llould Carbonic
No par 2514 Feb 6 304 Jan 8
UN
8
325 3318 325 33
8
325 33
8
33
3314 333 343 11,500 Loew's Incorporated
8
8
No par 3114 Feb 7 3458 Feb 15
1912
10412 10412 10412 10412
*10312 10412 104 104 .104 10414
700
Preferred
No par 102 Feb 1 1044 Jan 8
66
.114
13
8
13
8
138
114
114 .114
13
8
13
8
13
8
500 Loft Incorporated
No par
114 Jan 24
134 Jan 2
114
*13
4
2
*13
4 2
2
218
214
212
218
24 1,000 Long Bell Lumber A
No par
15 Jan 21
8
212 Feb 14
1
4
343 343 .3412 343
4
35
4
35
3412 35
3.5
35
1,300 Loose-Wiles Biscuit
25 3412 Jan 28 36 Jan 2
3314
*125
____ '125__._
•125
___ •125
___ •125
7% let preferred
100 126 Jan 30 1284 Feb 6 116
20
2014 20
203
8
20 2014 20 - - 3
204 20 2 8 5,100 Lorillard (P) Co
010 19 Jan 15 213 Jan 3
8
144
•130 131 .130 131
•130 131
131 131
131 131
60
7% preferred
100 13012 Jan 3 1354 Jan 25
9812
•118
13
8 .14 14
•14
13
8
118
118 *118
13
8
200 Louisiana 011
No par
h
1 Jan 4
14 Jan 7
*103 133 *103 121 1
8
4
8
•103 12
8
*103 12
8
*104 1238
Preferred
100 10 Feb 6 1412 Jan 8
8
13
1318 13
13
•13
1314 .13
1314
123 13
8
1,000 Louisville Gas & El A___No par
1212 Jan 2 1418 Jan 10
12
404 4012 41
42
42
4214 4214 413 42
41,
2
4
1,100 Louisville & Nashville
100 39 Feb 6 4712 Jan 7
3412
*1614 167 .1612 164
8
51618 1634 01618 1638
1614 167s
500 Ludlum Steel
712
1
154 Jan 15 184 Jan 8
•98 104
098 104
•100 104 .101 10312 *101 10312
Cony preferred
Vs par 9014 Jan 4 10218 Feb 8
50
*42
4312 *4214 43
43
43
*4212 4312 43
431.
300 MacAndrewe & Forbes
10 40 Jan 24 4312 Feb 15
21
*11114 116 *1114 116
.113 116 .113 116 .113 116
6% preferred
100 113 Feb 8 118181 Feb 5
874
- --- -- -- -- -- - - __
--- - ---- ---- ---- ---- ---Mackay Cos preferred
100
__
2018
For footnotes see page 1104.
$ per share
114
63
4
74
967
8
101
145
12312 153
514 12,8
59
814
111
1254
4812 733
4
83
10518
43
4 1014
52
4 13
310 x43018
11
34
238
87
8
43
54
1212 293
4
212
55
8
3512 5714
4
1218
9
2614
64 2414
178
74
135
8 387
8
21
50
484 66
712 244
23
8
43
4
1938
3214
4912 734
105
1163
4
3414 56
25
67
8
218
438
518
1718
612 1212
2
7
212
63
8
74 2234
218
54
4
1114
2
618
15
3714
131
184
412 12/8
183
8 374
2314 467
8
110
137
24
918
2
6
21
29 4
,
1153 130
4
10
25
2
612
4
358
to
234
84 247
8
9
2512
66
100
21
32
38
5038
19
453
4
59
8412
74 173
4
3 2 163
,
8
213
8 814
54 10
243
4 36
90
110
33
5712
39
*
662
101
121
135
140
45
77
974 11412
6% 194
1014 27,
2
6
103
8
13 8 1812
7
20
3712
I
412
5
20
3
10
23
8
712
4
1138 21,
6518 94
16
2318
94 184
3
75*
1312 41
134 221
4
101 x114
212
714
19
55
38
6512
2314 335
8
20
6312
27
60
224 3132
5
144
7
1412
11
20
733
8 90
912 2114
212
5
5
163
8
8414 78
1112 2312
2212 43 1
7
1718 24
73
110
744 1n4
129
15212
16
2612
1514 394
1112 1938
Ms 353
8
207
8 37
72
105
1 12
3
I
3
3314 x443
4
1193 12
4
812
153
4 2212
102 3130
38
38
5
714 2312
12
21
6212
374
814 1912
97
80
30
4214
95
111,
4
204 33
New York Stock Record-Continued-Page 6
iiio
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Feb. 9
Monday
Feb. 11
Tuesday
Feb. 12
Wednesday' Thursday
Feb. 14
Feb. 13
Friday
Feb. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Feb. 16 1935
Range Since Jan. 1
-share Lots
On Basis of 100
Lowest
Highest
July!
1933 to Range for
Jan. 31 Year 1934
1935 ----ELM
Low Low
$ per share $ Per sh
Par $ per share
$ per share $ per share $ Per share S per share 5 per share Shares
22
No par 2512 Jan 29 2818 Jan 8
026
26 12 2618 2612 1,600 Mack Trucks Inc
26
26
257 26
8
3514
No par 3814 Jan 28 4414 Jan 2
800 Macy (Ft ED Co Inc
39
3912
385 383
8
8
3812 3812 3814 39
212
718 Feb 8
513 Jan 2
600 Madison Sri Gard v I a_ No par
7
7
4 7
*63
63
4 7
*612 7
1214
8
10 185 Jan 16 2214 Jan 7
300 Magma Copper
21
*20
8
197 20
8
*195 20
8
*195 20
1
2 Jan 4
158 Feb 14
500 Mallinson (II R) dr Co___No par
8
15
8 17
8
1*5
8
15
8 15
*15
8
17
8
10
4
8
100 13 Jan 15 197 Jan 23
7% preferred
120
4
1414 1412 143
1412
14
*14
16
*14
7
8
2 Jan 4
7 Feb 6
8
100
IManatt Sugar
15
8 *1
15
8
0112
13
4 *1
*1
13
;
1
612 Jan 23
4 Jan 7
100
Preferred
200
512 512
*4
5
8
58 53
4
5 8 53
,
3
4
57 Jan 19
8
45 Jan 15
8
No par
Mandel Bros
4 614
4 614 *43
*4 4 614 *43
*43
4 614
14
10 :Manhattan Sty 7% guar_100 32 Jan 23 36 Jan 31
3418 3418 *3312 3578 *3312 3578
*3317 357
8
103
4
100 1712 Jan 15 22 Feb 1
Mod 5% guar
800
1912 20
20
193 *19
4
8
*19
195 195
;
1014
25 11 Jan 15 1314 Jan 5
400 Manhattan Shirt
1212 1212 1212
1212 *12
12
*12
12
118
17 Jan 23
8
4
1, Feb 8
Maracaibo Oil Explor___No par
112
112 *114
*114
112 *114
*1 14
112
4%
512 Jan 14
5 Jan 3
5
700 Marancha Corp
518 518
518 518
538
*5
538 518
5
658 Jan 24
6 Jan 2
5
618 614 3,200 Marine Midland Corp
614 614
'
618 638
618 614
*12 1
118 Jan 8
100
*14
1
12
12 Jan 31
Market Street Ity
012
1
*12 1
2
5 Jan 8
25 Jan 2
8
Preferred
100
4 0112 414 *112 414
*114 43
*1
43
4
3
7 Jan 28
37 Jan 2
8
512 512 *5
5
5
Prior preferred
100
110
512
*5
6
7
2
214 Jan 8
118 Jan 10
100
2nd preferred
30
*114 214 *114
2
2
*11 1
214
214
12
8
2214 Jan 10 255 Jan 23
No par
100 Marlin-Rockwell
*2312 2514 02312 25
*2312 25
*233 247
4
8
83
8
812 Jan 29 1114 Jan 3
No par
1,500 Marshall Field & Co
83
4 9
8
83
4 87
9
9
83
4 87
8
9
9 14
214
918 Jan 7
No par
73 Jan 10
4
600 Martin-Parry Corp
8
8
*75
8 814
*712 8
77
8 78
7
8
8
2313
, 2718 Feb 7 32 Jan 8
5,900 Mathieson Alkali Works No pa
4 2712 2712 2758 29
2712 273
2814 2814 2734 2814
100 136 Jan 2 148 Feb 9 10512
Preferred
30
_ _
*144
*144 148 *145
147 148 *140 148
23
4
10 393 Feb 6 44 Jan 22
800 May Department Stores
-*407 4112 4112 42
8 -413 42
8
*411 4 4214 4114 4112
8
314
65 Jan 4
512 Jan 30
No par
618 1,200 Maytag Co
6
*57
8 6
*53
4 6
57
8 5741
*53
4 57
8
83
4
33 Jan 15 3818 Feb 15
1'referred
No pat
800
38
3818
37
37
*363 37
8
36% 3612
36
3618
8
3212 Jan 7 3$13 Feb 13
Preferred ex-warrants No par
20
40
*35
3512 3512 *3512 40
03412 3512
35
35
27
Prior preferred
No pa, 8412 Jan 4 0/1 Jan 10
190
91
9012 91
*9012 9118 00
91
91
9012 91
22
No par
2812 Jan 28 32 Jan 10
4
4 1,100 McCall Corp
3014 3012 303 303
30
30
29
2914 2914 29
3
4
9 Feb 6 13 Jan 3
1014 10% 108 5,100 :McCrory Stores classA„No Dal
1014 1014 10
8 1012 103
1012 103
4
118
818 Feb 6 1218 Jan 3
No par
Class 13
700
10
912 *91, 938
4 10
93
. *9
*0
101
912
313
Cony preferred
100 5714 Feb 5 69 Jan 17
100
62
62
62
62 - *60
*60
*59
62
*59
62
4
83 Jan 31
4
812 Jan 5
100 McGraw-H111 Pub Co__ No par
812 812
4
*818 83
4 *812 83
*812 8'
14 *8l2 83
4
2858
8
417
8 6,700 MCIntyre Porcupine MInes____5 365 Jan 15 43 Jan 10
4 41
8
403 4114 405 403
8
8
8 403 4114
4118 415
6714
1,100 McKeesport Tin PlateNo par 9012 Jan 15 99 Feb 15
9614 09
8
9514 9514 957 96
9112 9412 *9412 951 4
312
8 8 Jan 2
7
7 Feb 7
1
814 4,500 McKesson & Robbins
8
778 8
74 74
3
3
73
4 74
77
8 78
7
3
912
Cons pref series A
2,500
30 37 Jan 16 424 Jan 22
41
415
8 4118 4112 4114 42
4
4
4214 423
2 413 413
8
3
4
12 Jan 12 153 Jan 3
No pat
1314 1338 2,000 :McLellan Stores
13
13
13
13
13
1314
13
13
6
88 Jan 12 90 Jan 9
113
8% cony pref ser A
100
*8914 93
*8914 03
*8914 93
8914 8914
*8914 93
1712
4
No pa, 41 Jan 2 443 Feb 15
4 2,000 Melville 000e_
4314 438 443
423 4234 43
4
423
4
*42
*4212 43
312
8
55 Jan 22
4 Jan 17
1
200 Mengel Co (The)
*438 45
8 0414 412
*418 5
45
8 45
8 *114 8
24
100 28 Jan 11 3812 Jan 23
3112
7% preferred
80
31
33
3112 3112 *30
*3014 32
32
32
Feb 9 2512 Feb 9 5 24
20 March & Min Transp Co_No par 2512
*243 30
4
*243 30
4
*243 30
4
4
2512 2512 0243 2512
4
1 248 Jan 15 27% Jan 26 07 83
2714 3.000 Mesta Machine Co
8 27
268 267
263 27
4
2634 267
8
27
27
18
Metro-Goldwyn Pict pref_ ._27 28 Jan 2 2814 Jan 3
2814
2814 *28
*28
2814 *28
2814
*275 2814 *28
8
35 Jan 7
8
3 Jan 15
2%
f
600 Miami Copper
3
3
3
3
3
3
318 318
03
3 18
918
8
10 11 Jan 15 127 Jan 2
8 1,500 Mid-Continent Petrol
1112 1112 1112 1112 1138 115
115 1134 1112 113
8
4
612
8
1014 Feb 6 137 Jan 8
No par
700 Midland Steel PTA
8
8 1238 123
4
8
117 117 *113 123
8
8
1112 117
8 117 11%
44
100 61 18 Feb 6 70 Jan 22
8% cum 1st prof
20
*63
637 *6214 64
8
63
63
63
63
*62
63
2058
58 Jan 15 6312 Feb 15
800 Minn-Honeywell Regu_No par
6812
6512 *68
617 617
8
8 63
6114 6112 6112 6112
100 105 Jan 9 106 Feb 6 2 68
6% pref series A
____ - _ *105_ _ *105
_
*105
*105
_
0105
53 Jan 2
4
113
45 Jan 12
8
47
8 518 3,500 Minn Moline Pow Impl __No pat
47
8 -5
5
5
5
5
518
5
15
8
3412 Jan 15 417 Jan 22
Preferred_
100
No pa/
39
*385 3912 39
8
*3612 39
303
4
*36
397 *37
8
3 Jan 7
8
14
14 Jan 7
200 :Minneapolis & St Loule____100
14
14
3
8
*14
*14
3
8
•14
3
8
*14
3
8
84
1 18 Feb 11
1 Jan 30
100 Minn St Paul & SO Mario_ __100
118
*34
3
4 118
118
118
*118
13
8
*3
4
118 .
114
2 Jan 21
2 Jan 21
7% preferred
100
8 *114
011 1
17
8 *114
17
8
17
*114
13
4 01 14
I%
113
3 Jan 14
218 Feb 9
100
4% leased line ctfs
150
218
218 *2
218 214 *2
Stock
218 214
218 218
438
458 Feb 4
614 Jan 7
No pa/
1,600 Mo-Ran-Texas RR
47
8 5
478 478
5
5
47
8 5
5
5
1012
918 Feb 6 1413 Jan 7
100
Preferred merles A
1012 113
8 3,600
93 10
10
10
4
93 105 Exchange
4
8
103 103
8
4
1 12
17 Feb 7
8
100
3 Jan 4
:Missouri Pacific
218 *2
*2
218 *2
218
2%
*2
218 *2
4 Jan 7
25 Feb 15
8
100
213
Cons preferred
900
258 23
4
4 3
27
8 27
8 023
27
8 27 Closed*
3
3
11
8
20 135 Feb 6 1612 Jan 3
1,000 Mohawk Carpet Mills
14
14
14
14
137 14
8
*14
1412 *14
1412
10 55 Feb 29 6012 Jan 3 33 24
4 2,200 Monsanto Chem Co
4 5714 573
Lincoln's
4
4 573 573
573 59
4
577 59
8
5712 573
1514
2518 Feb 6 3012 Jan 7
4
26
2612 2614 2638 2614 263 12,900 Mont Ward A Co Inc____No par
263 263
8
263
8
4 26
2
No pa, 61 Jan 25 65 Jan 8
347
400 Morrel (J) & Co
64
8
4 637
4
637 637
8
8 633 633
*62
633 06218 637 Birthday
8
8
553
4
Morris dr Ease:
50
8
*565 6818 *565 80
8
*563 80
8
*565 80
8
*565 90
8
2
8
5 Jan 8
8
3 Jan 16
8
600 Mother Lode C,oalition_No par
12
3
8
12
8
*3
8
3
8
3
*3
8
12
12
12
13
4
1
12
Moto Meter Gauge & Ku
*6
1212 *6
1212
12
*6
1212
1212 *6
*6
1514
8
4 1,100 Motor Products Corp____No par 227 Feb 7 2838 Jan 4
245 243
8
24
24
233 24
4
233 24
4
02312 25
614
814 Feb 7 1134 Jan 7
5
014 2,000 Motor Wheel
87
8 918
9
918
918
9
9 14
8% 9
37
8
9 Jan 15 1213 Jan 22
700 Mullins Mfg Co__.______ No par
4
912 93
912 912
93
4 93
4 *93 10
8
012 912
10
Cony preferred
No par 367 Jan 11 59 Jan 22
14
540
543
8
8 54
53
5412 5414 543
5312
513 5212 53
4
10
4
145 Feb 13 153 Jan 24
8
No par
100 Munsingwear Inc
*1413 17
1438 *1312 16
1438
*1412 17
*1414 17
8 Jan 7
6 Feb 7
10
612 612
6i2 61,
35*
612 63
4 1,800 Murray Corp of Amer
63
8 612 0638 612
1312
No par 30 Jan 12 32 Jan 3
200 Myers F & E Bros
*3013 32
32
3012 3012 *30
3312
32
32 - *30
1258
15 Feb 6 1012 Jan 7
No par
16
165
8 5,200 Nash Motors Co
8
16
1618 157 16
4
153 1618 153 157
4
8
1934
Nashville Chatt & St Louis --100 2012 Feb 7 2713 Jan 8
*2014 213 *2012 22
4
*2014 22
*2014 217
8
*21
22
714 Jan 7
3
55 Jan 30
8
1
1,000 National Acme_
4 6
53
8 53
4
53
8 53
4 *55
*53
4 6
6
6
814 Jan 9
7 Feb 14
514
900 National Aviation Corp_No par
7114 714
7
714
*71 1
78
5
7%
714 714 *714
27
8
634 Jan 17
:National Hellas Hess pref___100
27 Jan 23
8
2578
10 275 Jan 15 3014 Jan 7
8
4 8,700 National Biscuit
2858 2814 283
2838 287
8 28
28- 8 2i3
-28r8 Ili- - 3 - 8
-,
7% cum pre?
100 142 Jan 3 14514 Jan 18 12913
100
14214 14214 *139 142
•139 144
•142 148 0142 147
12
8
1512 Feb 6 183 Jan 3
No par
8
16% 1618 163 1612 1.400 Nat Cash Register
1618 1618
1618 1614
16% 1612
No par
8
1114
1512 Feb 7 17 Jan 8
1638 168 1618 165 12,000 Nat Dairy Prod
1631
16
153 1618
4
153 16
4
31
13
45 Jan 17
8
25 Jan 2
8
8
312 37 19,400 :Nat DepartmentStores...No par
8
37
418
38
7
8
312 37
338 33i
3
Preferred
6,840
100 2114 Jan 3 347 Feb 13
3212 343
8 3212 3438 3314 34
4 3112 3318
307 313
8
16
No par
2814 23,100 Nati Distil Prod
243 Jan 15 2914 Jan 3
4
*
27
273
8 267 2714 27
2714 2712 263 2712
4
a
10
No par 25 Feb 2 2814 Jan 8
100 Nat Roam & Stamping
8
*26
273 *2412 277 *2612 273
4
26'2 2612
100 National Lead
873
4
100 145 Jan 18 16812 Jan 14
155 155 *154 17112 *157 16678
*152 155 *15212 158
Preferred A
__100 150 Jan 18 155 Jan 30 122
200
15418 15418
*15314 15518 154 154
*15314 15518 *15314 15518
993
4
Preferred It
100 1215 Jan 26 12413 Jan 16
30
8
*12213 12412 *12212 12412 .12212 12412
124 12412
*122 124
75 Jan 2
8
614 Feb 8
No pnr
65
8
614 612 4,500 National Pow & Lt
63
8 612
63
8 63
8
63
8 658
638 65
8
1 Jan 10
1 Jan 10
Nat Rys of Mex 1s14% pf_ 100
lig
118 *1
3
8
*1
118 01
118
*1
118 *1
38
12 Jan 2
3 Jan 11
8
24 preferred
100
200
538
12
3
8
3
8
12
"8
12
"8
58
12
33
25 4614 Jan 15 5013 Jan 9
2,700 National Steel Corp
4712 48
47
4738 477
8 47
477 4814 4712 48
8
914
25 11 Feb 6 145 Jan 3
200 National Supply of Del
8
,
4
*12'8 123 *12 8 125
*12, 13
8
12
12
12
12
8
33
Preferred
70
100 41 Jan 15 473 Jan 3
45 4514 4514 4538
45
45
451 1
4478 447
8 45
9
93 Feb 6 1138 Jan 4
4
No par
800 National Tea Co
93
4 93
4
4
93
4 93
8
*93 103
4
10
10
10
10
4
8
No par 223 Jan 16 283 Feb I I
4
8 5,000 Nelaner Bros
283
8 2778 277
281 4 28
27
243 263
4
4
*24
25
15
4814 4814 1.200 Newberry Co (J .1) .No par 4312 Jan 2 4814 Feb 15
4612 473
4 48 48
4614 4638 4638 47
100 109 Jan 25 11114 Jan 15
80
7% preferred.
___ *110
*11018 ___ *110
_
*1101
8_ *11018
:New Orleans Texas & Mex 100
53
8
*6 -20
0
*6 - 2
*6 20
*6 16
*6 - 6
2
8 Jan 3
6 Feb 6
1
5
400 Newport Industries
618 618
4
8 63
8 *63
63
8 63
*612 63
4
*63* 638
2414 Feb 1 2814 Jan 4
No par
1112
500 N Y Air Brake
8
2618 2612 2612 2614 263
*253
4
253 253
4
*2534 26
4
4
157 Feb 6 213 Jan 7
8
No par
163
4
15,500 New York Central
163 1634 1618 1612 1612 17
8
1714 1712 1614 17
83 Feb 7 13 Jan 4
4
9
100
100 N Y Chic A St Louis Co
pi, 912 *912 10
*912 10
*91, 10
*912 10
8
Preferred series A
100 177 Feb 6 25 Jun 7
1414
400
4
1
1812 1812 1812 1812 183 183
4
1913 *19 - 213
*18
318 Jan 22 318 Jan 22
25
8
100
New York Dock
0212 3
*212 3
*212 3
0212 3
*212 3
8 Jan 11
5
7 Feb 13
Preferred
100
100
*612 8
*612 8
7
7
*613 912 *612 912
N Y & Harlem
50 11912 Jan 15 122 Jan 22 101
*112 122 *114 122 *114 122
*118 122 *118 122
I_
50
112
Preferred
*____ 160 *____ 160 *____ 160
*____ 160 *____ 160
3 Jan 3
8
3 Jan 31
8
700 IN Y Investors Inc-----No pa,
%
3
8
3
8
12
*3
8
*3
8
12
12
12
12
12
N Y Lackawanna & western_100
7813
____ ____ ____ ____ ____ _--- ___
_
813 Jan 1
6
618 Feb 7
100
614 63a 3,300 NYNIldr Hartford
614 614
63
8 6.'8
6 2 6%
,
,
612 6 2
1012
8
100 10 Feb 5 143 Jan 7
Con. preferred
,
700
4
107 107
8
8 1012 1012 1014 103
11
8 11
107 107
8
413
6 Jan 19
418 Feb 5
10(1
500 N Y 0itarlo & Western
418 418
414
438 *418 412
8
412 412 *414 45
58
N 1 Railways pref. _. . No par
,
.84
78
1 Jan 9
03
4
7
8
7 Jan 9
8
7
8
*3
4
7
8
*3
4
53
4
7
8
918
1118 Feb 13 1618 Jan 7
_4 1,100 NY Shipblds Corp part stk____1
1118 113
8 11 14 1138 1158 113
12
12
12
12
6913
703, preferred.
100 7814 Feb 5 87 Jan 7
80
*75
*75
80
*73
80
80
*7214 7812 *75
70
80 Jan 12 85 Jan 2
No par
20 N Y Steam $8 prof
84
84
84
84
*8318 84
*8318 84
*8218 84
83
$7 1st preferred
No pa
, 90 Feb 2 97 Jan 22
10
92
*00
*90
92
92
92
92
*90
92
*90
25
8
1,200 Noranda Mines Ltd
4
No pa, 303 Jan 15 353 Jan 3
4
323 33
3238 3212 *3212 33
3234
*32
8
3212 327
1
13 Jan 17
8
17
8
13 Jan 17
8
:Norfolk Southern
*11,
100
JAI
alt,
13
4
*114
13
4 5114
*111
131
100 16713 Jan 2 1743 Jan 22 138
400 Norfolk & Western
170 170 *170 172
170 170
17212 17212 172 172
77
Adlust 4% pref
100 99 Jan 10 101 Jan 12
100
101
101
*10018 102 *10018 101
.10018 102 *10018 102
1014
1112 Feb 8 1313 Jan 2
No pa,
1134 121 4 13,900 North American Co
1214
12
123
8 12
4
113 12
113) 12
31
Preferred
50 38 Feb 6 4214 Feb 13
41
4158 2,600
.4012 4214 4178 42
4
393 4012 3912 40
25
8
4 Jan 23
3 Feb 5
1
3
3 18 2,500 North Amer Aviation
3
3
3
3 18
3
3
3
3 18
39
57 Jan 3 69 Feb 13
67
6812 1,000 No Amer Edison prat ____No par
*66
68
6812 69
6812
67
65
65
718
10 Feb 4 10 Feb 4
200 North German Lloyd
10
*978 1114 10
10
10
8
*97 1114 *1018 19
91 Jan 26
71
50 9112 Jan 21
40 Northern Central
*93 ---93
93
*93
94
943 *93
4
*93
$ Per share
26
26
.39
3912
7
7
*1912 20
*15
8
17
8
*13
16
*1
13
4
*4
514
*43
4 614
*3312 357
8
194 20
*11
12
*13
8
112
5
5
614 614
*12 118
*212 43
4
*5
6
*114
214
24
24
'
--,
For foo notes see page 1104.
__
$ per share
22
413
4
3514
6238
25
8
7
1512 x2314
112
414
8
75
8 333
7
8
33
4
134 9'.1
812
3
20
41
ION
293
8
1013 203
8
338
1 18
57
418
513
9
12
238
814
2
3
1214
1
414
17
32
838 1958
4
1238
2313 4054
110
136
30
453
4
418
83
4
10
36
3234
0
49
9212
24
32
118 1212
114 12%
514 633
8
4
1038
3812 5012
79
9518
414
94
,
1172 4234
1718
1
012 0212
26
42
312 11
24
62
25,2 333
4
4
Z2018 253
21
2814
27
613
918
1434
612 217
8
44
8514
36
65
87
107
17
8
67
8
1512 41
138
14
358
3
4
114
518
712
112
438
1478
12
3438
112
6
218
03
4
1212 223
8
39
615
8
20
355
37
6314
58
71
78
13*
12
6
1614 4481
85
8 1612
514 1558
1218 16.
13
254
37
8 1138
33
14
,
8 32 4
125
1934 46
Ks
38
,
514
13;
4
314 12°
3
257g 4912
14812
131
*
5
23
12
4
183
13
37
1
5
28'
8
16
311 11
16% 3375
170
135
122
14618
10012 12112
65
8 1512
3
4
238
3
8
1
3412 6814
10
2118
33% 60
9
183
4
612 3014
31
497k
100
112
6
25
13
512
1113 2834
183
4514
19
287
,
16
4314
2%
814
20
5
108
139
112
120
8
8
114
83
96
6
24%
1013 375*
115s
411
14
,
,
s
912 227
8
72
893
4
73
9912
90
1097s
k
3014 457
118
4%
187
161
82
10012
1014 2314
34
45
25
8
83
4
4712 7438
16
718
81
92 4
,
MICH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 9
Monday
Feb. 11
$ Per share S per share
1714 175
8 165 17
8
.36
373 *3614 373
4
4
1s*13
4
2
2
*265 281 *2612 2814
8
,
10
10 984 9%
35
8 38
5
33
4 33
4
*2114 2214 217 2213
8
*414 412 *43
8 412
+75
84
*7518 84
612 65
8
63
4 67
8
1412 1412 *143 15
10712 10712 10714 10712
6
614
5% 614
36
36
3512 3618
*38
43
*38
43
*1123
4
__ *113
_
*8612 18
88 88
*13
4 212 *13
4
21 2
*5
6
5
5
*212 3
212
212
1334 13% 133 14
4
2112 2214 2214 223
8
*1512 16
16
16
72
72
72
721 1
4116 120 *116 117
*714 818 *712 8
43
8 45
8
412 43
8
*11
12
11
11
*15
1812
1812 *15
%
7
8
*7
8
1
*3
4
7
8
*3
4
%
*812 914 *612 914
358 33
4
312 358
2% 3
23
4 23
4
118
118
118
1,8
*14
1412 *14
1412
*1014 1012 *101.1 10%
*114
13
8
11g
118
.66
6714 *65
67
8
6814 681, 673 68
*10712 111 - *107 111
312 312
*314 38
414 414 *4% 45
8
*215 24
8
2218 2218
213 217
4
8 2114 213
4
*30
3118 31
31
*11112 112 *11112 112
•2014 21
4
203* 203
212
*218
3
*214 2 4
8
*1333 19% *137 193
4
*2512 28% *26
28
*18
257 *18
8
25%
*18
193
4 1831 183
4
*814 812
83
8 83
8
14% 147
145 143
8
4
*2634 27
2717
27
*42
46
*42
46
*214 314 *23
8 314
*47
51 2 *47
8
5'2
8 331
33
4 33
4 *35
40% 41
4012 407
08
11
*8
11
*60
673 *55
4
673
4
1518 153
8 143 15%
*41
, 612 *413 613
*55 - 57
257 - 57
118
114
118
114
12
12
10
12
*5% 6
•558 0
07
8
1
*7
8
1
*3178 3212 315 313
8
4
*74
7513 *73
7518
'101 115 *101
*812 103* *8 - 10
*3214 3713 *3214 3712
---- ---_ ____ ____
714 712
73
8 712
32
32
*30
32
•1% 21, *114
213
4121 1
18 - *1214 18
*2
214
*I% 214
*31
33
*3114 33
*8
14
*8
12
Tuesday
Feb. 12
1Vednecday
Feb. 13
Thursday
Feb. 14
Friday
Feb. 15
For footnotes see page 1104.
Sales
for
the
Week
1
"8
*518
*3
8
*32
7512
*101
*83
4
*3214
____
78
3
*29
*114
*1214
*178
32
*7
____
*112
713
*8
*3
01
118
1
12
"8
514 *5%
1
1
3213 *3114
7531 *7514
_
*10312
- 31/ 4
918
35
35
172
73
8
714
318 *29
213 *114
18
*1214
214 *17
8
32
3212
12
*7
_
_ ____
- -1g
2
*112
75
713
9
*8
314
3
114
*1
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935 ------ Low
L) ,
,
i
High
-$ Per sil i per share
1412 364
1412
33
33
43
15
8
15
8
412
4014
2812
29
812
813 157
8
2
2
7
9
9
273
8
31
.4
358
6%
70
70
95
518
518 145
113
4
1212 193
8
92
92
108
3
35
8
8
712
9
25
28
30
47
97
97
11412
60
80
94
Ds
1 1s
6%
312
312 11,
4
612
2
2
Par $ per share
$ per share
Northern Pacific
100 1618 Feb 6 21% Jan 7
Northwestern Telegraph
50 357 Jan 18 3812 Jan 3
2 Jan 2
214 Jan 4
Norwalk Tire Gs Rubber No par
Preferred
50 26 Feb 14 3213 Jan 3
912 Feb 6 107 Jan 3
Ohio Oil Co
No par
314 Feb 6
Oliver Farm Equip
No par
45 Jan 2
8
20 Jan 15 263 Jan 2
Preferred A
No pa/
8
4 Feb 4
Omnibus Corp(The)vte- No par
518 Feb 15
Preferred A
100 75 Jan 16 75 Jan 16
713 Jan 2
OPPenhelm Coll & Co..,..
.No par
614 Jan 18
1318 Jan 2 155 Jan 7
8
Otis Elevator
No par
Preferred
100 106 Jan 7 108 Jan 29
714 Jan 21
Otis Steel
No par
5 Jan 12
Prior preferred
100 223 Jan 16 46 Jan 21
4
Outlet Co
No par 42 Jan 11 45 Jan 8
Preferred
100
Owens-Illinols Glass Co
25 83% Jan 11 8912 Feb 15
13 Jan 2
212 Jan 7
Pacific Coast
10
No par
33 Jan 2
4
6 Jan 7
1st preferred
No par
212 Jan 12
4 Jan 7
2d preferred
123*
8
Pacific Grut & Electric
'
15 133 Feb 6 145 Jan 2
8
4
203
4
Pacific Ltg Corp
No par 2114 Jan 24 233 Jan 11
15 Feb 7 21 Jan 2 6 17
Pacific Mills
No par
Pacific Telep & Teleg
100 70 Jan 2 7212 Feb 1 n 6812
9914
6% preferred
100 11113 Jan 14 117 Feb 7
7 Jan 24
813 Jan 3
5
Pao Western 011 Corp _ _ _ _No par
414 Feb 7
5% Jan 7 SI 25
Packard Motor Car
8
No par
814
Pan-Amer MAI'& Trans
5 103 Jan 9 11 Jan 19
4
4
16
Park-TlIford Inc
1
1512 Feb 2 173 Jan 11
12
13 Feb 15
8
Parmelee Transporta'n-No par
7 Jan 4
8
13 Jan 7
8
Panhandle Prod & Ref.__No Dar
34 Jan 2
5
8
7
8% cone preferred
100
8 Jan 4 12 Jan 7
414 Jan 26
118
:Paramount Publix etfs
10
318 Jan 15
33 Jan 3
4
2
Park Utah C M
1
212 Feb 7
12
112 Jan 2
1 Feb 2
Pathe Exchange
No par
43
135 Feb 6 1714 Jan 2
8
Preferred class A
No par
913
Patin° Mines & Enterer No par
10 Feb 14 1213 Jan 3
3
112 Feb 11
15 Jan 4
8
1
Peerless Motor Car
44%
Penick & Ford
No par 6412 Feb 5 70 Jan 8
3512
Penney (J C)
No par 6438 Feb 5 74 Jan 8
Preferred
100 108 Jan 2 109 Jan 31 103
Penn Coal & Coke Corp
313 Feb 11
1%
10
212 Jan 4
Penn-Dixie Cement
512 Jan 7
23
No par
4 Jan 15
10
Preferred series A
100 1812 Jan 15 2512 Jan 26
20%
8
Pennsy:vania
50 20 Feb 6 253 Jan 7
Peoples Drug Stores
No par 30 Feb 5 363* Jan 3 9 1012
Preferred
80
100 1103 Jan 9 112 Jan 2
4
1914
People's 0 L & 0 (Chlo)
100
197 Feb 6 23% Jan 10
2
Peoria & Eastern
214 Feb 8
3 Jan 7
100
12
Pere Marquette_
100 138 Feb 13 19 Jan 31
Prior preferred
1412
100 27 Jan 26 32 Jan 9
12
Preferred
100 18 Feb 5 2412 Jan 11
914
Pet Milk
No par
17 Jan 2 1958 Feb 4
Petroleum Corp of Ara
93 Jan 2
8
814
5
8 Feb 5
Phelps-Dodge Corp
25
11%
133 Jan 30 1618 Jan 7
4
2112
50 26 Jan 3 2814 Jan 15
Philadelphia Co 8% pref
3814
No par 48 Jan 25 48 Jan 25
$8 preferred
:Philadelphla Rap Tran Co_....50
3 Jan 24
4 Jan 8 31 1 12
77 preferred
3
50
5 Feb 5
6 Jan 12
Plana & Read 0 & I
No par
312 Feb 6
48 Jan 9 31 25
PhUllp Morrie & Co Ltd
10 38 Feb 7 46% Jan 11
1018
No par
9 Feb 5 11 Jan 4
7
Phillips Jones Corp
48
7% preferred
100 60 Jan 4 68 Jan 15
11
Philips Petroleum
1414 Jan 15 16 Jan 4
No par
47 Feb 15
Phoenix HoslerY
6 Jan 3
412
5
44
Preferred
100 55 Jan 23 2 57 Feb 11
4
4
17 Jan 7
8
5
7 Jan 2
8
20,100 :Plerce-Arrow Mot Car Co
5 Jan 8
8
25
3 Jan 2
8
400 Pierce Oil Corp
3
8
6 Jan 7
100
47 Feb 5
8
Preferred
101.1
412
118 Jan 8
300 Pierce Petroleum
No par
7 Jan 17
8
%
18
8
No par 315 Feb 5 3312 Jan 3
1,000 Pillsbury Flour 511118
Pirelli Cool Italy Amer shares__
75 Jan 16 7613 Jan 25 "75
7312
_ Pitts C C& St L RR Co_ _100 100 Jan 12 110 Jan 15
72
,
100
814 Jan 23 1012 Feb 4
200 Pittsburgh Coal of Pa
26
Preferred
100 30 Jan 5 42 Feb 4
100
100 Pitts Ft W & Chic pref
100 172 Feb 14 173 Jan 16 14114
418
614 Feb 6
9 Jan 11
3,700 Pittsburgh Screw & Bolt- No par
1514
20 Pitts Steel 7% cum pref
100 2512 Jan 2 35 Jan 21
118
218 Jan 12
218 Jan 12
Pitts Term Coal Corp
100
618
4
67 preferred
0
100 14% Jan 4 143 Jan 4
1%
212 Jan 21
106 Pittsburgh United
26
1% Jan 18
255
8
70
Preferred
100 3012 Feb 8 3712 Jan 7
10010
Pittsburgh & West Virginia __
113
Pitts Young & A sht Ry7% pf.100 .
114
218 Jan 4
Pittston CO (The)
Vo par
18 Feb 6
714
900 Plymouth Oil Co
8% Jan 7
5
718 Feb 7
6
500 Poor & Co class B
918 Jan 30 1112 Jan 9
No Dar
2%
300 Porto Ric-Am Tob el A
No par
3 Jan 2
418 Jan 24
200
113 Jan 8
1
Class B
No par
1 Feb 11
300 Postal Tel & Cable 7% wet __100 1313 Feb 7 165 Jan 7
1012
8
1 14
1,200 :Pressed Steel Car
Jan 17
318 Jan 21
No par
2
514
900
Preferred
100 1012 Jan 4 17 Jan 21
331s
4,600 Procter & Gamble
No par 423* Jan 12 474 Feb 15
120
5% pref (ser of Feb 1'29)100 115 Jan 2 11712 Feb 7 31101
9,500 Pub Ser Corp of NJ
244
8
No par 227 Feb 15 2714 Jan 25
400
$5 preferred
59%
No par 6658 Jan 9 71 Jan 26
900
8% preferred
75
100 79 Jan 2 86 Jan 26
700
7% preferred
84
100 90 Jan 8 93 Jan 19
8% preferred
99
100 104 Jan 3 10814 Jan 19
300 Pub Ser El & Gas pf $5___No par 99 Jan 5 102 Jan 16
83%
4,800 Pullman Inc
3514
No par 4614 Jan 15 527 Jan 9
72 Jan 4
2.400 Pure Oil (The)
618
No par
85 Jan 12
8
50
8% cony preferred
49
100 5314 Feb 2 61 Jan 4
2,100 Purity Bakeries
83
8
No par
834 Feb 1
107 Jan 2
8
15,700 Radio Corp of Amer
No par
4
55 Jan 25 33 438
8
43 Jan 15
2,000
Preferred
22
4
50 533 Jan 11 6212 Jan 25
6,500
Preferred B
No par 3512 Jan 15 4412 Jan 26
13%
4,000 ntadlo-Keith-Orph
No par
I% Feb 6
112
255 Jan 2
800 Raybestos Manhattan
No par 187 Feb 6 21 Jan 2
8
111*
1,600 Reading
35
50 35 Jan 25 431s Jan 7
100
131 preferred
28
50 3812 Jan 9 3912 Feb 14
300
2d preferred
50 35 Feb 11 3655 Jan 15
27
200 Real Silk Hosiery
10
5 Feb 6
612 Jan 3
5
10
Preferred
106 35 Feb 14 39 Jan 7
35
Reis (Robt) & Co
No par
2 Jan 4
212 Jan 7
155
1s1 preferred
100 10 Feb 5 15 Jan 7
53
3.300 Remington-Rand
1
83 Feb 2 1114 Jan 7
4
54
1,000
let preferred
100 713 Jan 15 80 Feb 11
4
243
4
140
2d preferred .
100 70 Jan 9 757 Feb 15
8
24
Renss & Saratoga RR Co_ _100
104
800 Reo Motor Car
1
212 Jan 2
2
35* Jan 7
4,500 Republic Steel Corp
No par
1212 Feb 7 1512 Jan 7
9
1.500
6% cony preferred
100 393 Feb 7 4912 Jan 21
4
19
100
67, pref ctfs of deD
4012 Feb 8 49 Jan 21
3912
100 Revere Copper & Brass.
6
6 Jan 30
8 Jan 4 al 6
Class A
10 14 Jan 31
15 Jan 11 "14
40
Preferred
100 83 Feb 15 8812 Jan 24
35
200 Reynolds Metal Co ____No par 2112 Jan 15 2413 Jan 10 42 058
400 Reynolds Spring
1
,
8
123* Jan 18 147 Jan 4 4, 6 4
8.600 Reynolds (R J) Tob class B_....10 4612 Jan 12 515* Jan 3
391
.20
Class A
10 563 Jan 14 61 Jan 8
563
Rhine Westphalia Elec Power_...1212
Ritter Dental Mfg
Vo par
612 Feb 6
518
7 Jan 3
2,400 Roan Antelope Copper Mille.8....2314 Jan 2 26 Jan 22
20
5 per share $ per share $ per share 3 per share Shares
163 17
4
165 17
8
17
175y9,300
*30
373 *3614 373 *3614 373
4
4
4
013
4 2
*13
4
18 •13
100
4
17
8
2614 2614 26
30
2614 *25
283
4
97
3
8
2.800
91 10
934
93 10
4
1,900
33
4 4
313 35
312 313
1,400
215 22
8
*21
22
217 2234
8
410 412
43
4 43
4
4% 5% 4.000
*7518 84
*7518 84
*7518 84
*63
4 7% *63
8 71s
67
8 6%
600
1458 15
1413 1412 1412 1413 4,200
*107 10712 10712 1071 10712 10712
240
57
57g
57
1,600
6
6
*534
3514 3514 *3412 36
36
363
4
800
*38
43
*38
43
*38
43
•113
*113
*113
..
.
*86
88
88 88
88
8912 1,600
*13
4 212 *13
4
4
212
212 *13
20
*5
54 *5
512 *5
512
10
*2
214 *210 212 *2
212
1418 1414
1412 1413 1414 1413 2,700
*2212 22% 2,100
225 227
8
8 223 23
4
100
*1512 193 *1612 1712 *1614 18
8
*72
7214 72
72
7214 7214
1,110
•117 118
117 117
117 117
200
100
714
714
*78 8
*73
4 8
412 43
8
412 45
8
412 45 14,000
8
*11
12
*11
12
*11
12
100
1512 1512 *15
197 *15
8
19%
200
7
8
7
8
1
118
118
13
8 2,300
"4
7
8
*3
4
7
8
*3
4
%
*612 914 •64 914
*63
4
914
35* 33
4 9,800
312 3 8
5
313 35
8
23
4 23
4
23
4 23
4
28 318 4,800
I
I%
1
118
1
118 2,400
*133 1458 *1414 145
4
145 143
8
200
4
1014 103* 10
1014 1013 1018 2,400
114
114
118
118
118
118
500
6614 6614 653 653
4
4 6614 6714
500
673 683
4
4 6812 693
8 70
71
4,300
*107 111 *10714 111 *10714 111
400
314 314
314
314 *314 312
*41
412 *418 412 *41g
100
413
*21
22
*20
22
21
2178
300
22118 213
2118 213 12,700
4
213* 22
*3014 327
8 31
31
*30
200
3118
•11112 112 *11112 112 *11112 112
21
21
8 1,200
21
21 18 2913 215
*2%
23
4 *218 23
4 *218 23
4
*133* 18
100
137 137 *1212 17
8
*26
27
*26
27
*26
27
257 *18
8
*18
258 *18
258
•18
1914 *1813 1914 *1812 1914
100
818 833 *814 83
8 1,100
4
814 83
145 143
8
4
143 15
4
15
1514 3,900
2712 2713 •263 273
4
500
4 263 263
4
4
46
*42
46
*4112 46
*42
Stock
*2
312 *2
314
*2
314
*47
8 512 *47
512 *47
8 512
900
Exchange
312 312
312 35
8
33* 338
40 40
40
40
3912 40
1,500
Closed*8
11
*8
11
*8
11
*60
67% *60
673 *60
4
67%
Lincoln's
15
1514
15
1514
1514 1514 3,300
47
*414 613 *412 612
100
47
8
Birthday *4918 57
30
*491g 57
*4918 57
18
7
8
1
8
1_
1
*3
514
514
514
1
*78
1
3238 *3113 31%
7718 *7518 77
*163
_
_-913
- -18 *9
0
35
*33
37
172 *173
_ __
713 712
818
31% *29
3178
212
212 0114
18
*124 18
218 218
214
3212 33 33
12
*7
12
_ _ ____ _ __ _
*15
8 2% *112 218
-218
*112 -218
73
*73
8
713
713
712
733 712
912 912
912 912
914 *8
91
*318 31 1 *3
314
3
*3
314
*1
114
1
1
118
118
118
141
1418 *1331 14%
133 134 *133 14
4
4
*1334 14
*213 3
23
4 23
4
212 212
2521
23
4
212 27
1213 13
1412 15
1312 1313
*133 143
1312 14
4
4612 463
4612 463
4 4614 463
4
4 4612 46% 47
4714
*11612 11712 *11612 11712 117 117
11614 11612 117 117
2414
24% 247
24
2312 2418 2318 233
227 2333
8
*6812 6912 *6814 093
68
6814 69
6918 *68
8
6914
80
80% 8013 80 80 18
80
*79
797
80
80
91
*91
923 *91
4
91
90
903
4 90
923
91
*104 10812 *106 10812 *104 10812
+10412 109 .10412 1083
4
*997 10213 101 10112
8
*99 10212 *9914 10212 10014 10014
4813 493
8 485 49
8
483 49
4
483 4918 485 4938
4
8
63
8
63
4 7
64 67
65
8 07
8
629 67
67
8
.5418 .55
*54
5412 54
*54
55
5-0
54
55
914 98
918 914
9
9 18
914
91
8
914 012
5
514
5
5 18
5
5%
5
5 14
5
518
*5912 60
60
61
603 61
4
6014 8058 60% 61
41
403 4112 403 413
8
4112 4114 411
18
4
4 42
43
17
8 2
17 21% 17
1%
1%
1% 2
*193 2012 193 193
4
193 193
8
4 193 1931
20
20
3612 3613 *36
37
3612 3612 3612 3612
36
37
*39
394
3 3913 3912 *3912 3929
*39
3912 *39
3912
*31
35
*3112 35
3512 35
35
35
*31
35
•51, rag
512 512 *5
«434
512 *5
512
512
*3512 3713 *35
935
3712 35
35
*3314 35
3712
.1.1
8 214
*11
8
2
*17
214
*17
*11
8 2
214
*7
12
*7
12
*7
*712 12
*7
1112
12
_
914
914
94 91,
918 93
933
914 914
914
793 80
793 80
4
.80
78% 80
82
*7614 77
7413 741, 7438 743
757 757
*70
70
71
8
747
*110 125 - *110 125 *110 125
*110 125 *110 125
212 212
*
*25
8 28
25
8 25
8
258 25
25* 258
1318 1314 1314 13%
131
1333
1318 1313
1318 1358
4012 41
413 42
42
42
4134 42
4112 4112
*4012 4112 *4114 413
4112 4112
*4114 414 *4013 413
4
712 *6
71,
*6
712 *6
*53
4
713
6
6
*1413 20
*1412 20
*1378 20
*15
20 *l37 20
8
*84
8513 843 843
4
4 83
84
*85
8513 85 85
23
23
*2212 231g *221r 2312
*2212 2314 22
22
*14
•135 1414 *135* 14
8
1414
14
14
1312 14
475 477
8
8 4712 473
473 47%
473 48
4712 48
58
58
*5612 58
*5613 58
57
*5612 573
4 57
•1718 20
*1718 20
*1718 20
*1718 20
*1.6% 20
*614
7
*614 7
*614
7
*614 7
*614 7
*2318 237
23
233
0 234 2314
*231 1 24
233 233
8
Or
1111
New York Stock Record-Continued-Page 7
Volume 140
128
8
203
4
19
69
103
5 12
23
4
1054
17
11
5
8
7
1%
212
12
1012
9,
z
1
445
8
5112
10512
1%
2%
1214
2018
1958
86
1914
2
12
18
131
014
814
1314
244
49
2
412
314
1112
7
48
1338
4%
50
2
4
38
413
3
4
18%
7014
- -12
7
26
14112
413
1514
113
818
118
2558
10
133
15
714
6
23
8
1
1012
114
55*
3318
10212
25
67
78
88
105
8712
3514
618
49
83
8
412
234
15
112
1412
3518
3312
2918
5
35
1%
53
6
3212
30
114
2
1012
3312
3912
5
1114
46
1558
612
39%
57
1212
518
20%
2312
37
34
45 2
,
118
9%
658
12
3512
2
212
2112
57
6%
414
243
4
2112
4%
67
7414
10812
54
,
70
32
377k
68
11214
437
8
8
38
5112
43
17%
1414
113%
37
6484
6
16
684
483
8
21
74%
2203
4
1312
64
612
118
1084
2
345
87
1812
4212
169
113*
43
313
19%
5
59%
27
144
5
16%
14%
014
358
29%
512
22
443*
117
45
84
973
106
11912
10412
59%
14%
80
1954
918
56,
8
46
44
23
563*
4158
391z
14
6014
6
383
4
13%
71
70
126
512
252
6715
4214
1413
28,2
90
273
4
16
5334
62%
23
1312
33%
New York Stock Record-Continued-Page 8
1112
HIGH AND LOW SALE PRICES
-PER SIIARE„VOT PER CENT
Saturday
Feb. 9
Monday
Feb. 11
Tuesday
Feb. 12
Wednesday
Feb. I3
Thursday
Feb. 14
Friday
Feb. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Feb. 16 1935
Range Stnee Jan. 1
On Basta of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan.31 Year 1934
1935
Low Low
High
$ per share $ per share 5 per share S per share S per share S per share Shares
par $ per chars
5 1261 share 5 per oh I per share
---- ---- ---- ---____
33
_ ____ ____ ____ ____ ______ Rossla Insurance Co
4
a
1014
*30
313 *3012 3112
4
*303 3112 .305 3112 303 3034
8
100 Royal Dutch Co (N Y shares)__
4
8
285
2834 39,
293 Jan 3 32% Jan 26
4
8
0312 612 .3,2 612
•31. 612 0312 612 .312 612
Rutland RR 7% pref
512 Jan 3
414 Jan 28
414
412 15
100
*15
1514
15
15
143 15
;
143 143
4
4 143 1538 2,000 St Joseph Lead
4
15
154 27%
10 143 Feb 0 175 Jan 3
4
/
1
114
12
8
114
114
•118
114
114
114
114 3,200 :St Louis-San Francisco____100
2 Jan 8
114 Feb 8
114
118
1 18
43
8
13
4
13
4
*13
8 2
15
8 218 *15
8
17
*15
2
100
1st preferred
15 Feb 1
213 Jan 8
100
112
11
/
4
61,,
.13
14
*13
14
013
14
*13
14
*13
14
St Louis Southwestern
8
100 12 Jan 16 14 Jan 12
8
20
*15
25
015
25
*15
25
*15
25
Preferred
*15
25
100 16 Jan 12 21 Feb 1
13
13
27
40
403
8 395 395,
3912 397
8 40
1,400 Safeway Stores
4012 404 403
4
353
4
3814 57
No par 3813 Feb 8 46 Jan 2
107 107 *100 10812
106 106 *105 107
10612 107
100
6% preferred
80
100 106 Feb 13 110 Jan 22
84% 108
11012 11012 *110 111
•11012 111
1107 111
8
11114 11114
7% preferred
210
9018
9812 11312
100 10612 Feb 7 1124 Jan 22
67
*612 63
4 *612 63
4
*614 63
4
400 Savage Arms Corp
63
4 812
63
8
413
6 Jan 15
518
63 Jan 2
1214
4
No par
253 2558 2514 2514
243 2514 25
4
2514 2514 26
7,100 Schenley Distillers Corn
1718
4
5 233 Feb 7 2812 Jan 3
1718 38%
314 314 •314
3
/ 314
1
4
*314 312 *314 312
312
400 Schulte Retail Stores
4 Jan 2
31 Jan 12
2 12
/
4
1
3
8
*1618 17
*1513 16,
16
16
2
*16
17% 157 163
8
160
Preferred
12
4
15
100 153 Feb 7 2018 Jan 18
303
4
59
5914 59
59
a
59
59
59 14 5914 5912 5912
111 Scott Paper Co
3714
No par 55 Jan 2 597 Jan 18
41
603
8
•5
8
5
4
12
5
1
51
5
8
5
8
% Jan 4
5
8
No //V
5 Jan 2
8
5
8 2,200 :Seaboard Air Line
5
8
5
8
'2
2
*1
112 *1
112
Preferred
•1
114 *1
1
114
134 *1
113 Jan 5
114 Jan 29
1
318
100
24
2512 *2413 2518
25
2518 25
2,200 Seaboard 011 Coot Del___No par 21 Jan 15 267 Jan 3
25
25
25 3
19
203
4 383
8
43
*37
43
8 537
*37
8 41 1
37
8 37
8 *4
43
8
100 Seagrave Corp
212
47 Jan 26
8
No par
37 Feb 14
8
212
5%
35
3513 345 347
8
343 36
4
3514 353
31
5114
4 3518 355
30
8 6,000 Sears. Roebuck & Co.......No par 33 Jan 30 4013 Jan 3
17
*112 2
5112
•112 2
112
112
112
112
200 Second Nat Investors
112 Feb 2
2 Jan 7
1
1 12
1,
2
414
*44
462 .44
8
*4414 46
463
4
44
44
4578 46
Preferred
80
1 44 Feb 14 4918 Jan 2
30
32
62
---- -.-- ---- ---_
12
:Seneca Copper
No par
12
2
811 838
824 83
814 88
9
75 Jan 5
313
45
83
812
812 88 17,300 Serve! Inc
1
9 Jan 19
*73
73
4 8
*75
8 77
8
73
4 814
8
75, Jan 29
6
83
8 1,900 Shattuck (F G)
No par
918 Jan 2
63
4 13%
1214 1214
12
12
95 Jan 2 1418 Jan 21
12
12
12
12
*1112 1214
900 Sharon Steel Hoop
4
No par
51 1314
/
4
5438 5
*412 47
4%, 47
41
, 41
8
,
4% 412
400 Sharpe clz Dohme
4
518 Jan 3
No par
412 Jan 29
4
77
8
*44
4512 4512 4512
453.1 451 *4412 4612 4612 4612
4
Cony preferred eer A..-No par 447 Jan 29 47 Jan 7
300
30
8814 49
*24
26
2312 2312
*23
29
*2358 25
*233 25
8
100 Shell Tran.sport k TradIng___£2 20% Jan 2 2412 Jan 31
19
19
2612
7
7
67
7
634 6
77 Jan 7
628 6% •63
8
4 67
6
68 1,600 Shell Union OH
No par
65 Jan 17
8
6
1113
*7018 7412 57018 7412
*71 12 744
7418
2 7314 7314 *72
100
Cony preferred
783 Jan 23 27 4512
4
100 683 Jan 11
4
57
89
83
4 88
*8% 914
812 83 • 85
4
83
8
812 812 1,600 Silver King Coalition Mines_ _.5
838 Feb 15 11 Jan 3 33 514
8
1213
9
9
87
8 87
83
4 83
4 *83
4 87
812 87
1,900 Simmons Co
81
/
4
818 24 12
812 Feb 6 1014 Jan 2
No Par
16
16
1514 1512
153 1534 •153 153
4
8
4 155 153
4 1,000 Slmrns Petroleum
4
10 15 Feb 6 183 Jan 9
714
714 171
/
4
73
*714
712
734
'712 7%
800 Skelly 011 Co
712
75
8 *712 73
6
4
75 Jan 25
8
612 Jan 15
6
1118
25
*62
70
*62
69
*6212 69
*623 69
4
*6212 65
Preferred
5113 6818
42
100 60 Jan 22 6312 Jan 10
*1714 207 *1714 2 8
8
*1714 207 *1714 207 *1714 2 s
8
07
8
Sloss-Sheff Steel & Iron__ 100 1528 Feb 2 2114 Jan 8
12
07
15
2712
2914 2914 *29
3412
*29
3412 *29
3412 *29
3412
7% preferred
80
15
1812 42
4
100 2812 Feb 8 343 Jan 21
191g 1914 *183 19
.,
187 1934
4
19
1914 1914 20
5,300 Snider Packing Corp_ __No par
31
/
4
173 Jan 15 20 Feb 15
8
6% 193
4
133 14
4
133 13%
4
137 14
8
133 14
4
135 137 10,000 Socony Vacuum 011 CoInc____15 1312 Feb 6 14% Jan 4
8
8
1212
1212 197
8
*107 110 *107 110
*107 10812 109 109
110 110
500 Solvay Am thin Tr pref__100 10712 Jan 15 110 Feb 15
76
86
10812
4
2114 2112 203 21
2114 2114 21
22
217 23
4
9,300 So Porto Rico Sugar
No par 20 Jan 30 2318 Jan 4
20
20
3934
*126 135 *128 135
*129 125 *133 135
135 135
10
Preferred
100 132 Feb 4 136 Jan 23 112
115
137
117 12
,
113 113
4
113 12
4
12
4
12
113 117
4
1,800 Southern Calif Edison
1018
125 Jan 10
25 1112 Feb 1
1018 2218
8
*3
8
*3
*3
8
•3
8
53
Southern Dairies class A No par
8
512
512
i038
212
*114 3
*114 3
*114
*114
Class B
3
*114 3
No par
1 12
112
314
15
1512 143 15
4
145 1518
8
1412 143
147
4 147 1512 9,700 Southern Pacific 'Co
100 14 Feb 6 1918 Jan 7
1478 333
4
1218 12.28
1112 12
11 12 113
4
1114 1112 1128 113
4 5,500 Southern Railway
100 103 Feb 7 1612 Jan 4
4
1112
11 12 3612
16
16
1512 1544
1414 1413 15
*1414 15
15
900
Preferred
100 1418 Feb 14 2028 Jan 4
14
14
41 14
*25
38
*25
38
*25
38
*25
38
*25
38
Mobile & Ohio stk tr ctfs __ 100 33 Jan 29 3314 Jan 12
28
3112 473
*6
63
4 *6
63
4
6
6
*514 6
100 Spalding (A 0)& Bros___No par
*514 6
6 Feb 5
712 Jan 8
5
5
13
*4614 50 .461, 50
*41314 50
*4614 50
lst preferred
*4514 50
100 4614 Feb 7 50 Jan 8
301
/
4
30 4 74
,
____ ____ ____ ____ ____ ____ ______ SpangChalfant& CoIne_NoPar
7
7
153
4
;5812 63
- -6Z- - - a
.62
65 .62
65
65
65
50
Preferred
100 82 Feb 5 66 Jan 7
20
30
66
*412 43
4
4% 438
*412 434
412 412
43, 412
500 Sparks WithIngton
4
No par
414 Feb 6
53 Jan 2
2%
27
8
*512 612 *512 67
6
8
6
*512 6
30 Spear & Co
*812 61
No par
5 Jan 3
7 Jan 22
112
/
4
2
73*
*70
85
*70
85
Stock
*62
85
*62
85
Preferred
*62
85
100 70 Jan 4 74 Jan 7
6412
3012
39
3512 3512 353 353
4
4
35 35
3514 3512 3514 3534
900 Srencer Kellogg & Sons __No par 33 Jan 2 36 Jan 10
1214
155
3318
8% 9
83
4 9 Exchange
8% 87
4
87
3,600 Sperry Corp (The) v to
87
1
87
83 Feb 6
8
9
93 Jan 2
4
35
8
55, 113
8
912
*9
912 *9
912 *9
912
1112 *9
*9
SpIcer Mfg Co
No par
94 Feb 7 115 Jan 8
/
1
8
6
6
13
•35
3612 *3314 35
Closed35
35
3314 3312 3312 3312
Cony preferred A
210
No par
3314 Feb 14 x403 Jan 3
4
18
21% 4114
7312 74
73
733 74
4
7334
7312 733
4 7414 7514 2,000 Spiegel-May-Stern Co
No par 708 Feb 6 7912 Jan 17
714
19
76%
1712 1814
1734 18
Lincoln's
177 18
8
173 18
4
8
No par
17 Feb 7 1918 Jan 3 '17I,
1734 177 16.100 Standard Brands
1714 2514
1241 12414 124 12414
/
4
*124 12414 *12118 12414 12414 12414
150
Preferred
No par 123 Jan 3 126 Jan 9 120
12114 127
4
418
41 41 Birthday
/
4
/
4
41 1
414
4
4
37
8 418
1,000 Stand Comm Tobacco
No par
47 Jan 21
3
3
8
312 Jan 12
334 33
4
31 2 3 2
,
312 33
3 *312 358
31 312 2,100 Standard Gas & El Co
/
4
No par
312 Feb 7
43 Jan 3
4
35
35
8 17
418 414
41 412
/
4
412 45,
33 Feb 8
414 412
1,900
Preferred
41 414
/
4
No par
53 Jan 10
4
4%
45
8 17
812 812
612 912
913 93
:
8
938
938 2,200
$0 cum prior pref
No par
818 Feb 8 123 Jan 3
934 93
4
10
33
10
10
10
103 1112
8
1112 12
*10 2 1112 1012 105
,
, 2,200
57 cum prior pref
No par
912 Feb 8 16 Jan 7
1114
1114 3812
112
*118
13
*118
114
114
7,
114
114
114
114
300 Stand Investing Corp
No par
114 Jan 17
73
112•Jan 7
17
4
•112 11314 11212 112 2
*11212 113
,
11212 113
113 113
9612 114
700 Standard 011 Export pref__100 111 Jan 3 113 Jan 16
6434
3038 303
8 3014 3014
3018 303 x30
4
3014 3014 3012 3,900 Standard 011 of Calif
No par 2954 Feb 7 3234 Jan 2
2613
261 4278
/
4
237 24
8
233 237
4
8
233 2418 x233 237
4
4
4 2374 24
6,100 Standard Oh l of Indiana
25 23 4 Feb 7 2512 Jan 3
3
2314
231
: 2714
*30
32
*30
*30
3012
32
*30
31
Standard 011 of Kansas
*30
32
10 30 Jan 15 3014 Jan 2
IV
26
41
4014 403
8 4018 403
8
4018 4012 x40
403
4012 407
8 9,700 Standard Oil of New Jersey_ _25 3934 Feb 7 4312 Jan 2
3318
3914 5018
1414 1412 *133 1412
4
•1312 133
4
137 14
1412 1412 1,200 Starrett Co (The) L S____No par
13 Feb 6 153 Jan 3
6
6
15%
62 62
613 02
4
6112 613 x603 61
4
4
6012 61
3,200 Sterling Products Inc
10 583 Jan 15 62 Feb 9
455
4
4714 (1612
13
4
13
4 .13
4
17
8
.13
4
17
,, .13
4
17
134
13
4
300 Sterling Securitlee el A_ __No par
15 Jan 8
1
114
17 Jan 18
8
3
*35
8 47
*33
4 5
*33
4 434
*33
Preferred
4 5
*33
31 Feb 4
4 5
3
No par
51 Jan 3
/
4
25
8
3
7
40
s
38, •36
3614 3014 *36
*36
40
*36
40
100
Convertible preferred
50 361 Jan 17 3614 Jan 17
281
/
4
/
4
30
381
/
4
75, 7
77
5
712 79
*731
712 712
1,700 Stewart-Warner
734 78
5
67 Jan 30
8
91 Jan 5
/
4
,
412
412 105
37
. 41 414
/
4
414
37
4 4
37
4 4
374 374 2,700 Stone dr Webster
37 Feb 7
No par
5 Jan 7
37
8
37
131
/
4
% 1
14
%
12 106,200 :Studebaker Corp(The)._No par
1
%
1
5
8
1
13 Feb 15
17
33 Jar 3 111 1%
4
94
/
1
9
912
83
4
978
•812 8%
714 8
534 7
3,900
Preferred
100
53 Feb 15 21 Jan 3
4
10
10
47
67
67
67
67
•66
6612 66
66
67
67
1,300 Sun 011
No par 65 Jan 16 6712 Jan 10
42
5112 74,
4
•118 11812 11812 11812
11812 11812 11812 11812 *118 11814
70
Preferred
100 11512 Jan 10 1183 Feb 5
90
100
118
4
*137 15
*13% 15
•137 15
*137 15
*137 15
8
Superheater Co (The)____No par
14 Jan 4
165 Jan 10
8
1112
1112 254
/
1
218 214
2
218
2
218
218
21
/
4
214
214 3,700 Superior 011
1
1% Jan 2
2 14 Feb 8
1,
4
114
3
718
718
714 712
712 8
712 712
1,300 Superior Steel
712 712
434
100
612 Feb 7
912 Jan 7
45
8 15%
: 412
*31
: 412 *31
43g
*312 412 *374
Sweet, Coot Amer (The)
*312 412
50
4 Jan 17
514 Jan 3
31
/
4
31
/
4
53
4
54
51
•5
8
51
300 Symington Co
5
8
'3
54
Ni
"8
3
4
No par
78 Feb 13
7g Jan 4
as
212
3
8
*218 21:
2Ig
218
*Ds
23: 5218
212 *214
212
Class A
100
No par
218 Jan 15
11
,
23 Jan 4
4
112
57
8
.87
8 9
*87
8 9
9
9
*87
91s
97 Jan 9
88 9
900 Telautograph Corp
1
84 Jan 16
712
/12 15,
4
5
6
478 5
47
5
5
43
4
5
5 18 2,200 Tennessee Corp
5
43 Jan 14
31
8
/
4
318
512 Jan 26
654
193 20
4
19% 20
195* 19% 193 19
1934 20
2,600 Texas Corp (The)
4
74
26
19 Feb 7 213 Jan 7 71 Ma
165, 2932
4
3412 343
4 3412 35
3412 3434 3454 347
35
3514 3,800 Texas Gulf Sulphur
No par
4
33 Jan 12 353 Feb 2
223
4
30
4314
37
4
33
4 33
4 4
4
.33
700 Texas Pacific Coal & 011
4 4
*33
*33
4 4
10
213
414 Jan 18
612
314 Jan 2
212
97 10
97
97
95, 93
8 4,000 Texas Pacific Land Trust
4
912 953
912 97
1
812 Jan 15 1014 Jan 3
0
63
4 12
.2014 245* •17
2514
•18
247 *17
8
2458 •I8
242
Texas & Pacific Ity Co
100 21 Jan 4 253 Jan 10
4
1312
1312 43,
4
1812 183
4
18
1834
181 1 1812 18
1834
183 195* 7,000 Thatcher Mfg
4
No par
151 Jan 15 193 Feb 15
/
4
8
8
18
*52
59
*52
59
*52
052
54
59
*52
54
53.60 cony pref
No par
51 Jan 5 525 Jan 18
385
8
89
52Ig
*6
712 *6
7
*7
712
714
714
*812
714
100 The Fair
No par
6 Jan 15
714 Feb 14
4
4
1218
*76
81
.76 .
.76 100
*753 7712 *753 100
4
Preferred
4
100 611 Jan 7 82 Jan 29
/
4
45
50
83
312 35
8
37
*312 118
33 Feb 14
33
4 331
33
8
312
3%
1,000 Thermotd Co
1
414 Jan 7
212
212
91
/
4
*4
43
4 *4
434
*4
434
4
434
4
*4
100 Third Avenue
100
4 Jan 31
5 Jan 5
4
4
814
•18
2014 *18
2034
•18
2014 •183 1914
100 Third Nat Investors
4
19
19
1
19 Feb 15 21 Jan 7
13
1311 2212
*553 614 053
4 61,
Thompson (J R)
*53
4 614
*6
614 *53
25
518 Jan 7
4 614
6 Jan 15
47
47
8
11
1518 1514
1514 1514
153 1554 •1514 1512 1512 155
4
700 Thompson Products Inc- No par
*
14 Feb 6 177 Jan 2
8
10
10
20,
4
23
23
4
234
*234
25
8 253
500 Thompeon-Starrett Co___No par
2% 25
8
*25
8 23
4
212 Jan 17
312 Jan 7
14
1%
512
•16
22
*10
21
•15
21
*15
21
*15
21
53.50 cum pref
17
17
2413
9
9
834 9
8% 8%
8 2,800 Tidewater Assoc 011
812 83
4
812 85
NO par
8% Jan 30 10 Jan 3 27 712
8
1422
AB
86
.8533 8618
.86
8618 86
1,800
863
Preferred
863 8678
8
100 84 Jan 8 8712 Jan 7 22 437
8
6412 87
*2712 32
*2713 32
*2712 32
*2712 32
*2712 32
Tide Water Oil
Jan 29 2712 Jan 29
No par
2712
18
24
40
152 102
102 102
*99 1013 .99 101
4
500
Preferred
100 100
100 100 Feb 15 10318 Jan 22
62
80
10012
614 614
6
6
618 618
53 Feb 5
•13
63
8
800 Timken Detroit Axle
6
6
10
3
714 Jan 3
33
7
812
3412 3412 3414 3414
34
4 2,400 Timken Roller Bearing__No par
3414 3412 3412 z3412 343
325 Feb 6 364 Jan 8
21
8
24
41
514 514
514
514
57 Jan 7
534 5,200 Transamerica Corp
518 514
No par
5,
5 Feb 4
5
8
514 514
51
/
4
84
/
1
•534 7
714
734
7
200 Transue & Williams WI No par
7
*634
71 *63
/
4
4 714
412
814 Jan 3
612 Feb 7
412 1312
314 33
4
31,, 334
31, 314
314 3,300 Tri-Contlnental Corp
314
314
3
27
8
No par
27 Jan 17
33 Jan 3
4
3
6%
•78
81
81
81
*78% 801 *785 80
/
4
100
6% preferred
*785 79
8
8
No par
75 Jan 3 81 Feb 11
51
6014 78
037
38
373 38
4
700 Trico Products Corp
3 4 363
53
4 3714 3714 3712 38
No par 36 Feb 7 4212 Jan 7
253
4
33
4212
414 412 *4
43
4
*41 414
/
4
*418 414
414
412 3,100 Truax Truer Coal
No par
5 Jan 22
41 Jan 15
/
4
11
/
4
15
513
5
5
5
5
47
47
47
8 4% *458 47
400 Truscorl Steel
6 Jan 8
10
412 Feb 7
33
8
95*
334
412 *38 41*
7
*37
47 Feb 15
300 TW1121 City Rapid Trans__ No par
45
4%
412
35, Jan 2
*3
41* *414
54
134
84
241E
24
'
12312 25
25
251; 2534 2714 27
710
2713
Preferred
100 1814 Jan 2 2712 Feb 15
412
6
39
112
112
*112 15
*112 15
;
700 Men & Co
15
15
8
14 2
No par
1
113 Feb 11
214 Jan 4
4
1
60
*5718 5912
*58
5 14 577 *57
7
6012 1,700 Under Elliott Fisher Co No par 57 Jan 17 6012 Feb 15
5812 59
2212
36
587
*127___ •127
_
•127
_ *127
Preferred
__ •127
100 127 Jan 18 12712 Feb 5
95
102
1287
48
"1512 -- *454 / 48
1
54638 --48
700 Union Bag & Pap Corp...No par
4714 - 48
473 4814
4
3112
45 Jan 3 5012 Jan 22
3914 60%
462 467
467 47
4614 47
48
15,200 Union Carblde & Carb___No par 44 Jan 15 43 Jan 7 13 34
46% 4718 47
357
8
30 4
7
3
151s 15 8 1514 1512
1512 157
4 153 16
4
157 1614 2,100 Union 011 California
4
4
26 143 Feb 6 163 Jan 3
1112
8
11 12 20,
2
For footnotes see page 1104.
1113
New York Stock Record-Concluded-Page 9
....-
Sales
for
the
Week
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Monday
Feb. 11
Salurday
Feb. 9
Tuesday
Feb. 12
Wednesday
Feb. 13
Friday
Feb. 15
Thursday
Feb. 14
STOCKS
NEW YORK STOCK
EXCHANGE
Par
$ Per share 3 per share S per share $ Per share 3 per share 3 per share Shares
100
9912 10018 99 8 100
,
993 10012 4,000 Union Pacific
4
087 993
8
4 99
993
4
100
85
*8318 85
400 Preferred
84
84
85
*83
84
*8312 84
No par
800 Union Tank Car
2512 2518 2512
*2412 2512 2518 2518
2512 2518 ns
5
1312 13 8 1314 1312 133 133
,
2
4 6,300 United Aircraft Corp
1333 133
4 133 13 s
8
,
6
57
8 6
6
6
6 18 7,000 United Air Lines Transp v t c 5
578 618
6
6
United American 13osch__No par
*7
10
*7
10
*7
10
*8
10
*7
10
No par
500 United Biscuit
2518 2518 *2514 20
*253 26
8
2412 2412 245 25
8
190
100
11512 116 *116 11712 11612 11612
Preferred
*114 11512 11512 11512
No par
7,100 United Carbon
483 49
8
487 493
8
8 4914 51
4812 4914 4814 483
4
No par
214
23
8
214 23
8
2
2 14 29,000 United Corn
214 238
214 23
8
Preferred
No par
277 2814 2712 2814 2412 2712 23,800
8
263 273
4
8 263 283
8
8
5
1118 11 8 1118 1118 1118 113
,
8 2,800 United Drug Inc
113 115
8
8 1112 11 8
,
514 *5
6
514
10
200 United Dyewood Corp
*5
53
4 *5
6
514 514
Preferred
100
*70
75
*70
_ _ *70
*70 _
_ *72
No par
500 United Electric Coal
614 lila
12
614 614
614 .
*57
8 612 *518 1
914
3,300 United Fruit
No par
74
7312 7412 733 733
4
4 7414 75
7312 74
74
1038 1058 1014 1012 19,000 United Gas Improve
No par
103 103
8
4
1012 103
4 1038 107
8
Preferred
No par
800
4 90
90
90
90
*903 903
4
4 90
90
8938 893
100
*218 23
*23
4 27
8 *23
4 27g
27
400 Milted Paperboard
4 *23
8 318
4 27
8
*43
8 434 *43
8 43
4
418 43
8 *418 43
8 *418 412
300 United Piece Dye Wks___No par
110
6;i% preferred
100
27
25
25
28
28
27
27
26
*27
35
5
5
434 5
3,100 United Stores class A____No par
5
514
5
5 18
47
8 514
Preferred class A
No par
400
*5512 5878 55
55
*5412 5614 55
55
55
55
400 Universal Leaf Tobacco No par
*52
55
*5312 54
54
54
*52
54
5338 55
100
Preferred
200
1343 1383 1343 1343 1343 1343
4
4
4
4
13314 13314 1343 1343
4
4
4
4
Universal Pictures 1st pfd __100
*36
*38
393 *36
4
42
42
*36
4112 *36
4112
113
1
*158
178
112
1 98
*112
13
4
134
1,200 Universal Pipe dr Bad
134
17
8
Preferred
100
147 147
8
8 1512 17
17
670
*11
143 *1212 147
8
8
18
20
1814 1812 1812 183
1814 183
8 183 1812 1812 1878
8
1,600 U S Pipe & Foundry
4
No par
1st preferred
*2014 2Olz 2014, 2014
2014 2014 *2014 2012 203 203
8
8
500
No par
100 U S Distrib Corp
2
2
*114
218
*3
4 2
*7
8 314
*3
4 318
100
Preferred
*7
10
*718 9
*714 9
*714 9
*718 9
*3
8
1.
*14
12
*14
12
*14
12
*14
1
United States Express
100
1414
No par
U S Freight
*133 145 *1318 14
8
;
*1318 14
*1338 133 *13
4
No pa
7
7
400 U S & Foreign Scour
*618 7
*614 7
*614
7
614 614
Preferred
No par
*7812 80
80
80
*80
8218 *80
87
80
300
80
20
•4712 48
*47
*473 48
4
473 48
4
900 U S Gypsum
473
4 473 473
4
4
100
147 147
*146 147
147 147
147 147
14712 14713
310
7% preferred
5
538 514
53
8 53
8
512 512
512 55*
53
4 638 1,300 U S Hoff Mach Corp
37
3712 *3612 383
37
37
*3712 38
1,100 U S Industrial Alcohol-No ps.
4
3814 39
No par
618 618
618 618
600 U S Leather v t o
8 *618 61 1
614 614
63
8 63
No par
103 103
8
8
1012 1012 10
Class A v I e
8 103 1012
1014 1014 1013 2,500
*55
Prior preferred vie
100
59
59
.55
60
59
*573 60
4
100
*573 59
4
512 51,
3s 533
512 012
No par
512 552
800 U S Realty & Irani
5
512 558
14 , 143; 14
No par
1438 1412 1334 14
1438
1418 15'8 4,500 II 8 Rubber
.3538 36
3334 343
1st preferred
100
4 34
3414 34
35
363
8 5,700
353
8
113 114
8
11312 11378 11312 116'2 4,700 U S Smelting Ref & Min
50
113 11333 11218 1127
66
300
Preferred
50
66
*657 6612 6612 661
8
657 657 *6512 66
8
8
100
3515 357
1618 3612 3512 36
8 35
353
8 3512 3014 18,800 U S Steel Corp
Preferred
100
88
8712 88
88
873 88
4
863 8712 8618 873
4
4 2,900
No par
*122 12518 12612 12612
•127 130
200 U S Tobacco
130 130 *127 130
Preferred
100
150 150
60
*140 1493 1493 150
4
4
150 150
150 150
Utah Copper
10
*4814 543 *4814 543
4
.4814 543 *4714 543 *4714 543
4
4
4
4
112
112
112 112
1
114
13
8
138
112
112 112 2.100 Utilities Pow ds 1.1 A
*2
8
1
78
7
8
No par
1
*7
8
1
1
2,000 Vadsco Sales
1
3
4
Preferred
100
223
4
*20
20
223 *20
4
223 *20
4
223 *20
4
221
4
*177 1812 1712 1712
8
1712 1712 173 1712 173 173
700 Vanadium Corp of Am___No par
8
8
8
5
*1112 113
4
1112 1112
Stock
1112 117
600 Van Raalte Co Inc
8 1112 1112 1134 113
4
100
7% 1s1 pref
9112 9112 *90
30
*89
9112 *8814 9112 *8814 0112
9112
6
500 Vick Chemical Inc
36
36
3512 3512 3512 3512
3512 3512 *3514 3614 Exchange
37
8 37
8
4
4
500 Virginia-Carolina Chem __No par
4 33
4
37
8 372
37
8 37
8
33
100
253 253
4
2512 2512 2514 2514 2512 2512 1,200
8% preferred
4 2512 257 Closed8
100
7% preferred
*9612 9812 .97
100
*96
99
9612 9612 .96
99
9838
*81
85
180 Virginia El & Pow $6 pf __No par
*8114 83
Lincoln's
83
85
85
85
85
85
64
Virginia Iron Coal & Coke _100
*4
5
*4
5
*4
5
5
*4
5
100
5% pre
*15
25
Birthday *15
*15
25
25
*15
25
*15
25
*7233 75
71 18 77
*68
77
7212 725
8 73
75
.
110 11312 *10814 11312•108 _ __ *10814 -- - •10814
14
*134
218 •13
4 218
*134 __2
•13
4 218
2
2
*212 3
23
4 23
*23
4 3
*23
4 3
*23
4 3
4
*13
4 43
8 *134 438
*134 492 *134 43
8 *134 43
8
*6
63
8
6
6
6
6
*518 6
*518 6
29
2918 287 29
8
2918 2914 *29
2914 293 3014
4
*114 115
115 115
115 115 *114 115 *11412 115
*27
8 318
27
8 27
8
*23
4 27
8
23
4 234 *23
8
4 27
57
2 57
8
6
*534 614
614 612 *614 67
8
614
.133
112 11
134
15
8
15
8 *15
8
134 *158
13
4
31
31
3114 3113
32
8
3112 317
8 317 3218 32
4
33
4 37
8
35
8 33
338 33
4
8
35
8 33
4
35
8 32
203 211_
4
2012 2012 21
21
211s 2118 2012 201
*1
118
118
118 *1
112
118
1
1 18
lls
8 *412 478
*412 47
8
412 412 *452 47
8
438 47
*83 1014
4
*9
10
*912 10
8
*913 1014 *87 1014
25
*24
25
25
*24
2612
2334 233
4 25
253
8
*434 518
*43
4 518 *43
4 5
*434 518
51g 53
8
*80 _
_ *80 .. _
*80
1_ *80
........80 . _
13
*118 - 12 .118
1
12
*118 .1
12
9118
118
-118
347 35
343 35
4
35
2512 353 363
8
8
4 37
38
743 743
8
8 74
74
743 75
4
*74
75
743 75
4
2814 2478 273 2818 2814 29
285 2914 283 2854
8
8
4
24
2414 2414 24
2414 2414 24
2418 2418 243
8
3838 383
373 387
4
8 3818 383
4 3712 38 4
4 387 391
8
,
*9012 917
9112 9112 *9012 917
8
8 917 9212 93
8
93
*1112 1212 *1134 1212 *1134 121
*113 1212 *113 1212
4
4
32
•30
32
*30
*30
32
*30
32
*30
32
4714 4714 47
4612 4612 4714 473*
47
4614 4614
5612 5612 55
57
5512 5412 5412
5712 5712 57
45
4518 4512 46
*15
47
45
45
46
47
1103 1103 110 1103 110 11034
4
4
4
109 109
1103 1103
4
4
100 100
100 100
10012 10012
10112 10112 10012 10012
*2
214 *2
214
214
2
17
8
17
8 .2
2
12
*83
8
10
3
53
4
20 2
,
*1518
*25
*1818
.53
8
*127
211 4
13
4
*67
8
*213
*34
57
8
.263
4
*9412
533
4
1712
3712
*2578
*47
*7614
2312
33
4
38
*19
173
4
.16
17
8
414
3
8
812
10
3
53
4
21
2712
30
19
55
14
2114
13
4
9
214
343
4
6
27
953
4
54
1814
39
30
49e
77
2312
4
33
38
8
195
173
4
5018
17
8
43
8
*12
814
12
912
814
83
2
814
*9 8_
,
, 3
*2 8 55
8 58
2018 2012
22
*18
30
.25
*1818 19
55
35
*127 14
8
*213 23
4
*112 2
*712 9
.218 214
343 343
4
4
*57
8 6
*2618 261
4
*95
96
5312 5414
18
18
*37
39
*27
3112
8
4633 497
*76
7614
23
23
312 35
8
*39
3914
19
1938
175 173
8
4
51
*46
.13
4 2
414
4
For footnotes see page 1101.
*958
3
612
2012
*15
*25
*1818
5518
*127
8
22
15
8
*712
212
*34
58
7
263
4
9512
54
*1718
38
.2612
*47
7614
*23
312
3812
*1912
173
8
.46
*13
4
4
10 8
,
3
512
2012
22
30
19
5518
14
22
15
8
8
218
35
6
273
8
96
5414
19
38
28
497
8
761
24
315
38'2
191
l74
51
2
418
12
8
*93
4
*258
5
*20
*15
*25
*1818
55
13
*22
•15
8
734
*218
*34
57
8
2712
91334
533
4
173
4
39
*27
*47
*76
2278
312
39
1914
173
4
•47
2
4
12
814
11
3
51*
205
8
22
30
183
4
55
13
23
21
734
214
35
6
2812
97
54
173
4
39
28
4978
7678
23
312
39
1912
173
4
51
2
418
*12
8
*93
4
*25
8
*514
205
8
*15
*25
*1818
55
12
22
*15
8
*712
.218
*34
6
28
973
4
533
4
*1734
3712
28
*47
.76
*223
4
312
3912
1914
173
4
*46
*13
4
418
34
8
11
3
53
8
21
22
30
1812
55
13
22
218
9
214
35
618
2812
98
5412
1018
38
28
497s
7578
2314
37
8
40
1914
18
51
2
43
8
Range Since Jan. 1
On Basis of 100-3hare Lott
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
High
Low Low
$ per share
9612 Feb 6
8212 Feb 5
2412 Jan 30
1233 Feb 7
5 14 Jan 12
83 Jan 15
4
2418 Feb 8
113 Jan 18
46 Jan 28
2 Feb 15
2314 Jan 8
1014 Feb 7
5 Feb 7
71 Feb 7
5 8 Jan 2
7
7158 Feb 6
1014 Feb 15
89 Jan 3
218 Jan 28
4 Feb 5
25 Feb 7
43 Feb 6
4
55 Feb 11
52 Jan 30
13314 Feb 9
3612 Jan 15
114 Jan 16
12 Feb 6
1712 Feb 6
1914 Jan 7
2 Jan 16
7 Feb 7
14 Jan 2
13 Feb 6
618 Feb 6
7612 Jan 3
4612 Feb 6
143 Jan 11
5 Feb 6
3614 Feb 1
533 Jan 26
912 Feb 6
53 Jan 22
100
70 Vulcan DetInnIng
100
Preferred
___ ___
100
100 /Wabash
10
Preferred A
100
100
Preferred B
No par
500 Waldorf System
No par
2,300 Walgreen Co
100
30
838% preferred
No par
300 Walworth Co
No par
700 Ward Baking class A
Class 13
No par
300
100
Preferred
1,300
5
2,400 Warner Bros Pictures
150
33.85 cony pref
No par
No par
400 Warner Quinlan
No par
400 Warren Bros
Convertible pref
No par
No par
1,000 Warren Fdy & Pipe
500 Webster Elsenlohr
No par
Preferred
100
____ __
1
20 Wells Fargo & Co
12,800 Wesson 011 & Snowdrift ._No par
1.200
Cony preferred
No par
4.000 Western Union Telegraph-100
No par
1.800 Westingh'se Air Brake
14,100 Westinghouse El & Mfg
50
60
1st preferred
50
Weston Elec Instruml___No par
Class A
No par
300 West Penn Elee class A___No par
170
Preferred
100
150
6% preferred
100
280 West Penn Power pref
100
100
160
6% preferred
200 West Dairy Prod oh A____No par
GOO
C184111 13 9' 4 0
No par
1.700 Western Maryland
100
100
2d preferred
100
200 Western Pacific
100
1,000
Preferred
100
1,100 Westvaco Chlorine Prod__ No par
Wheeling & Lake Erie By C0_100
6% non-eum preferred_ __100
Wheeling Steel Corp
No par
400
Preferred
100
70 White Motor
50
300 White Rk Mbn Spr ctf ____No par
200 White Sewing Machine___No par
100
Cony preferred
No par
100 Wilcox 011 & Gas
5
100 Wilcox-Rich Corp class A_No par
2,800 Wilson & Co Intl
No par
4,700
Class A
No par
1,000
Preferred
100
10,700 Woolworth (F W) Co
10
400 Worthington P & W
100
250
Preferred A
100
100
Preferred B
100
Wright Aeronautical
No par
200 Wrigley (Wm) Jr (Del) No par
500 Yale & Towne Mfg Co
25
1,700 Yellow Truck & Coach el B
10
240
100
Preferred
700 Young Spring & Wire_...No par
1,000 Youngstown Sheet & T___No par
100
53.4 preferred
No par
300 Zenith Radio Corp
1
4.200 Zonite Products Corp
$ per Mare $ per sh $ per share
11112 Jan 10
897
8
90
1337
8
883 Jan 11
4
627
8
713
4 89
2618 Jan 4
133
4
3
15 8 253
4
1518 Jan 7
818
818 1514
314
67 Jan 31
8
314
612
8
17
9 Jan 12
7
2612 Jan 9
19
2114 2914
11712 Jan 2 10414 107
120
51. Feb 15
2014
35
503
8
3 Jan 2
2 12
215
87
8
2114
293 Jan 25
8
2114 3772
1314 Jan 7
618
914 1814
33
2 107
8
234
8 Jan 3
50
82 Jan 7
5934 753
4
318
714
712 Jan 9
3
753 Jan 7
4
4912
59
77
1112
1112 2018
127 Jan 10
8
8212
9218 Jan 22
86
993
8
358
318 Feb 15
1
152
4
8
4
5 7 Jan 7
138a
3312 Jan 24
30
30
58
218
2
/
1
4
712 Jan 3
814
6312 Jan 19
4912
54
76
37
4014 63
59 Jan 2
13612 Jan 4 10814 11212 140
15
167
40 Jan 9
2 4612
78
218 Jan 18
7
8
3
414
414 24
18 Feb 15
12
1512 33
22 Jan 7
134
2038 Feb 15
1612 1938
1
112
4
2 8 Jan 3
5
4
4
14
10 Jan 9
12 Jan 4
14
1,
4
14
11
11
2712
1512 Jan 7
6
712 Jan 3
6
1514
60
6314 78
84 Jan 22
3414 5114
3414
5318 Jan 7
14712 Jan 31 110
116
146
314
Jan 7
452 1018
63
4
648
4
32
32
4512 Jan 2
67 Jan 7
8
518
51a
117
8
7
7
12 8 Jan 3
,
193
‘
59 Feb 9
45
45
80
4
4
1284
5 Feb 6
7 Jan 7
24
8
11
1318 Feb 6 1714 Jan 3 3 103
2418 6114
1718
333 Feb 6 4238 Jan 7
4
5314
9652 141
10612 Jan 15 12414 Jan 3
5412 6512
5112
627 Jan 3 6612 Feb 15
8
2932
2932 6972
345 Feb 6 4018 Jan 8
8
6714
6714 9912
85 Jan 15 94 Jan 23
140
813
4
99
11912 Jan 4 130 Feb 14
150
1493 Feb 11 150 Jan 4 12452 126
4
4812
4812 67
8
497 Jan 11 497 Jan 11
8
112
2 Jan 2 81 78
58
3
114 Feb 7
3 Feb 15
4
118 Jan 2
94
17
8
5
4
1914
1914 2212
14
14
4
1614 Feb 6 213 Jan 7
313
4
412 1212
1114 Feb 7 1212 Jan 11
33
4
5414 15414 98
91 12 Jan 23 9312 Jan 14
2318
2453 363
3418 Jan 14 36 Feb 2
4
4 8 Jan 3
3
35 Jan 2
8
17
8
17
4
58
2
10 I
2012 Jan 15 2714 Feb 1
10
26
5714
59 4 84
8
85 Jan 4 100 Feb 1
60
65
80
7212 Jan 4 85 Feb 13
312
3
52
9
1618
1612 27
52
82
36
71 Jan 15 8112 Jan 7
95
95
112
10914 Feb 5 10914 Feb 5
23 Jan 8
8
112 Feb 4
138
13*
474
214
23
8
85
8
312 Jan 4
212 Feb 4
13
4
178 Jan 11
23 Jan 19
4
1,
4
612
8
4
878
712 Jan 10 6 37
6 Feb 11
2214 297
8
273 Jan 15 31 Jan 3 9 1518
4
8
8412 1165
114 Jan 7 115 Jan 5 3 80
214
23 Feb 6
4
37 Jan 7
8
214
638
5
5
12
612 Feb 14
533 Jan 30
114
152 Jan 9
114
112 Jan 3
35
8
24
24
36
2812 Jan 12 3218 Feb 14
312 Feb 6
284
452 Jan 2 31 238
814
12
15
8
317
2
18 Jan 17 247 Jan 26
1
38
7
8
1
1 Feb 5
13 Jan 2
314 135
8
618 Jan 7
314
43 Jan 5
8
8
8
287
2
83 Feb 6 14 Jan 7
4
1312
1312 31
233 Feb 14 28 Jan 8
4
3
3
7
6 Jan 2
3 Jan 28
60
85
90
3
4
214
114 Jan 24
1 Jan 5
3
4
15
153
4 3534
3012 Jan 15 38 Feb 15
49
5212 743
4
72 Jan 29 7512 Jan 10
2812
2912 667
4
4
273 Feb 7 343 Jan 7
2
4
1572 36
24 Jan 16 27 Jan 9 u 153
277
3534 Jan 15 4014 Jan 10
8
277
2 4714
77
82
95
90 Feb 5 99 Jan 28
5
2
6
1512
11 Feb 6 137 Jan 2
15
163
2 2912
29 Jan 4 3118 Jan 14
4614 Feb 15 53 Jan 12
393
4
4412 70
47
513
4 80
5412 Feb 15 6012 Jan 7
4018
45 Feb 11 53 Jan 2
45
16812
8812
4
10412 Jan 17 1103 Feb 11
8912 1105*
783
4
783 105
4
95 Jan 2 10214 Feb 1
17 Feb 9
8
214 Jan 8
13
4
13
4
614
12
12
212
12 Feb 7
.2 Jan 8
97 Jan 7
8
63
8
7 4 Feb 5
3
718 174
914
914 23
105 Jan 19
8
912 Feb 7
33 Jan 7
8
23 Feb 7
8
218
25*
812
778 Jan 7
4
47 Feb 6
8
418 1712
1214
147
8 2714
20 Feb 6 2312 Jan 3
18
2412 29
18 Jan 3 22 Feb 8
21
24
36
1112
1112 29
18 Jan 12 2014 Jan 21
34
34
57
4612 Jan 12 58 Jan 22
2812
127
8
15
12 Feb 15 1853 Jan 3
2114
2114 Feb 9 2412 Jan 9
112
23 Jan 22
8
138 Feb 6
4
6 Jan 11
912 Jan 24
018 Feb 13
2
25 Jan 8
8
34 Feb 5 343 Jan 3
227
8
4
53 Jan 15
4
7 Jan 2
31s
2512 Feb 7 313 Jan 3
1114
8
9312 Jan 15 100 Jan 5
30
51 Jan 15 .543 Feb 7
4
35
1618 Feb 5 2112 Jan 7
1312
35 Feb 7 447 Jan 23
8
31112
28 Jan 29 33 Jan 11
2214
46 Feb 5 5218 Jan 3
12
75 Jan 12 7912 Jan 7
473
4
203 Jan 3 24 Feb 1
4
113
8
33 Feb 5
8
414 Jan 7
23
4
38 Feb 4 41 Jan 2
25
183 Feb 6 21 Jan 2
4
1018
163 Feb 6 217 Jan 8
4
8
1238
46 Jan 3 56 Jan 21 "30
134 Jan 28
212 Jan 8
118
4 Jan 28
47 Jan 10
8
33
2
2114 3112
112 37
2
5
1114
2
584
2718 3418
43
4
9
1214 3238
105
53
4114 5514
1312 317
2
3112 53
235* 42
1872 75
3412 76
14
2212
23
4
714
4712
28
13
223
4
125
8 333
4
593
4
34
112
43
4
33
2
73
4
1114
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Feb. 16 1935
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-ezeept for income and defaulted bonds
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside or the
regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
BONDS
N Y. STOCK EXCHANGE
Week Ended Feb. 15
4.,,
July 1
Week's
',..,
Range or
1933 to
4
-a t
Friday's
Era, Jan 31
,... a. Bid & Asked a
-565
1935
U. S. Government.
LOW
First Liberty Loan-34 of '32-47___ .1 D 104.14
Cony 4% of 1932-47
J D 102.16
Cony 44% of 1932-47
J D 103.14
241 cony 43.4 % 01 1932-47
J D_
Fourth Lit, Loan 44% of 1933-1938 A 0 103.23
1933-1938
01% (3d called)
101.27
Treasury 44e
1947-1952 A 0 114.21
Treasury 414-3.4e_ _Oct 15 1943-1945 A 0 104.8
Treasury 4s
1944-1954 J D 110.2
Treasury 348
1946-1956 M 9 108.22
Treasury 34e
1943-1947 .1 D 105.20
Treasury 38
Sept 15 1951-1955 M S 103
Treasury 3s
Dec 15 1946-1948 J D 102.17
Treasury 34s____ June 15 1940-1943 J D 106.1
Treasury 312s_ _ Mar 15 1941-1943 M S 105.31
Treasury 314e____ June 15 1946-1949 1 D 103.29
Treasury 334s
1949-1952 J D 103.17
Treasury 342e
Aug 1 1941 F A 105.25
Treasury 33.4*
1944-1946 -,- - 104.6
Fed Farm Mtge Corp 34e__-..
-_1964 M S 102.22
35
Nov 15 1944-1949 NI S 100.22
3s
Jan 15 1942-1947 J J 100.24
Home Owners Mtge Corp 4s
1951 J J 101.6
35 series A
1952 MN 100.22
2340
1949 F A
98.23
State & City-See note below.
HIt No.
104.20 124
102.16
2
79
103.21
--49
104
102.3
134
114.30
18
104.18 194
110 14
26
108.26
34
105.26
37
103 6
161
102.30 735
106.10
38
106.9
34
104.7
131
103.31 341
106
139
104.16 169
103
129
101.8
339
169
101.13
101.12
62
101.9
699
99.11 1.294
Low
High
103.16 105.14
102.7 102.16
103.8 104.4
103
103
103.20 104.16
101.27 102.16
113.6 115.2
102.28 104.18
108.24 110.14
108.30
107
103.28 105.28
100.20 103.6
100.20 102.30
104.15 106.10
104.14 106.10
101.26 104.2
101.15 103 31
104.18 106
10226 104.18
101.14 103
99.16 101.8
100.20 101.8
91.26 100.19 101.12
94.26
99.18 101.9
96.20 94.11
92 28
Low
99
100.17
99.28
102
100.30
101.26
104.10
97.26
101.18
99.26
98.5
93.12
97.26
98.12
98.8
9428
101.5
97.27
99.24
98
91.27
,
Foreign Govt & Municipals
1947 F A
•Agric Mtge Bank is f 65
1834
'Feb 1 1935 subeeif coupon
274 273
4
3 _
*Sinking fund 65 A _ __Apr 15 1948 A 0 _
_
__ __-153
8
*April 15 1935 coupon on
*26
-29
1963 M N 95
Akershus (Dept) ext be
965
29
64
1945 J J
•Antioquia (Dept) coil 7s A
93
5
93
4
4
735
93
1945 J 1
'External s f 73 ser B
912
2
884
1945 J 1
'External e f 79 ser C
914
914
712
1
1945 J J
'External e f 78 ser D
918
918
714
1
1957 A 0
9
'External s f 78 let ser
9
61
1
6,4
10 __._
•External sec a 1 78 241 ser
1957 A 0 *9
9
'External sec 51 7* 3d ser
1957 A 0
9
3
612
1958 J D 11139 1147
Antwerp (City) external 55
8
7
7438
1960 A 0 9012 917
Argentine Govt Pub Wks 63
26
44
1959.3 13 9012 9218 38
Argentine es of June 1925
44
1959 A 0 91)
2
Esti e 1 6s of Oct 1925
92
37
4439
191781 S 9014 92
External a t (is series A
20
44
1958 J D 9018 92% 58
External 88 series B_ _Dec
4414
1960 M N 9139 9218 10
Esti s f 6s of May 1926
4412
External at 8s (State RY)
1960 M S 9012 92
16
4414
Esti ile Sanitary Works
1961 F A
9014 92
441
:
18
Esti fle pub wks May 1927
1961 M N 9014 92
20
45
Public Works esti 51451
1982 F A 8512 863
4 94
4114
1945 M S 973
Argentine Treasury be £
4 973
4
3
6912
Australia 30-yr 1*. July 15 __ HIM J 1 1023 10314 111
8
7739
External 58 of 1927_ _Sept
1957 M S 10218 103
78
88
External g 43-(1e of 1928
1956 M N 955
9612 138
737
8
Austrian (Govt) s 1 78
1943 .1 D 1013 10218 43
4
8314
International loan a f 7e
1957 J 1 9239 94
37
4212
'Bavaria (Free State) 645
1945 F A 3612 363
8
2
2614
Belgium 25-yr esti 65411
1949 M S 10539 107
6
8812
External s f 6s
1955 J J 10412 10412
4
8612
External 30-years 179
1955.3 D 1133 11414 20
4
923
Stabilization loan 7e
1956 MN 10914 110
29
91
Bergen (Norway) 59_ _Oct 15 __ _A949 A 0 *9714 99 _ _ _
6718
External sinking fund Is
1960 NI S 9612 98
7
6214
*Berlin (Germany) 8 f 6%e
1950 A 0 3714
371*
4
22
*External s f (Ss_ June 15
1958 1 D 37
3812 17
2012
*Bogota (City) esti a f 88
1945 A 0 15 4 16
2
17%
3
'Bolivia (Republic of) esti 8e .._ _1947 M N
612
612 17
55
8
'External secured 7e Wall--1958 3 J
512
6
10
41:
*External 8179 Wan
1969 M 5
512
534
5
43*
'Brazil (U 5 of)external 8e
1941
13 3118 3212 17
217
8
'External 5 f 6 %a of 1926
1957 A 0 253
1938
4 277
8 25
•External e t 8%a of 1927
1957 A 0 26
2712 10
19%
•75 (Central RY)
1952
13 2618 27
10
185
•Iiremen (State of) esti 78
1935 Ni S 41
4
4112
29
Brisbane (City) e I 55
4
68
4
1957 M 8 955
8 963
Sinking fund gold 59
1958 F A
9539 9612 25
6812
20
-year 51 65
1950 .1 1) 10014 10114 32
76
*Budapest (City) esti a 1 8s
_ ----295k
1962 J D _
*June 1 1935 coupon on
3712 :27
-34
1
Buenos Aires (City)648 B 2 ____1955 J .1 85
853
4014
4
2
External a 1 83 ser C-2
1960 A 0 *8218
36
External a f 68 ser C-3
1960 A 0 *82% 85
3814
*Buenos Aires (Prov) esti 68
1961 M 8 68
2
69
2914
*Be stamped
1961 m 8 58
59
33
2539
*External 8 1 649
1981 F A
6912 6912
1
2712
1961 F A
4,8548 stamped
5518
5614
11
253
8
*Bulgaria (Kingdom)8175
1967
*July coupon off
1 J 51712
15
1812
•Stabil'n a 1 734s Nov 15 1968
MN
1612
'May coupon off
173
4
19
15
•Caldaa Dept of(Colombia)7%a46
.5 J
Canada (Dom'n of) 30-yr 4e
1960 A 0
Is
1952 M N
44s
1936 F A
'Carlsbad (City) s 1 88
1954 ./ J
*Cauca Val (Dept) Colom 7%8'46_ _ A 0
*Cent Agile Bank (Ger) 7s•
1950 M 5
*Farm Loan a f 6s__July 15 _ .,.1960J 1
'Farm Loan a f 6s_ _Oct 15
IMO A 0
*Farm Loan 65 ser A Apr 15 ,.l938 A 0
•1'bile (Rep)-Ext1 a t 7s
1942 81 N
•External sinking fund (le
1960 A 0
•F,xt (linking fund 68_ _Feb __-1981 F A
•Ity ref ext s 1 (is
_1961 1 1
Jan
•Ext sinking fund 6s- - _Sept _1961 M S
_*External sinking fund 6/1
1962 M 8
*External sinking fund 68
1983 M N
'Chile Mtge Ilk 63.49 June 30 . 1957 .1 13
196l .1 D
•8 f 64e of 1926June 30
'Guar s f 65
_1961 A 0
Apr 30
•Guar 5 1 6s
1962 M N
*Chilean Cons Munic 75
1960 81 S
*chines° Hiukuang By) be
1951 .1 D
Christfacia (Oslo) 20-yr a t 68 '54____ M 9
*Cologne (City) Germany64e.. 1950 M 8
Colombia(Rep)6s of '28_ _Oct'81
*April 1 1935 coupon on._Oct 1961 A 0
'Jan 1 1935 coupon on
Jan 1961 J 1
*Colombia Mtge Bank 634e of _1947 A 0
*Sinking fund 78 or 1926
1946 MN
*Sinking fund 78 of 1927
1947 F A
Copenhagen (City) be
1952 1 D
1953 M N
-year g 445
25
*Cordoba (City) esti a 1 75
1957 E A
1957.
•75 stamped
1937 MN
*External 51 7s___Nov 15
1937 ---*7s stamped
Cordoba (Prey) A rgenttna 76 __ _ _1942 J J
•COata Rica 78 Nov 1932 coupon 1951 M N
*70 May 1 1936 coupon ox., 1951 ____
12
105
4
1103
10314
*5814
5103
4
55
4414
4412
5212
1514
1339
1414
1339
14
133*
133
4
127
8
1314
128
1239
1012
4314
10239
*3414
301
30
*235
8
233
4
*233
4
93
88%
546
4114
*503
8
5465
8
777
8
*33
52212
Range
Since
Jan. 1
263 3312
4
348 343
4
2718 32
965
8
91
93 1134
93 1118
8
914 912
918 105
8
9
1014
9
10
9
92
7
9818 126
90% 947
5
90
9412
90
9439
9014 9412
9018 9412
90
9458
90
9412
90
9412
9412
90
8512 9014
97.8 9814
3
10114 10412
10139 10412
9539 9714
1013 10212
4
8912 9514
3112 37
103 107
102 105
11018 115
106 11014
9578 9739
98
93
2714 3712
273 3812
8
154 18
63
8 714
8
514 83
63
5
283 397
2314 3112
2314 3134
24
3114
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 15
11
'°
t3
.m t
4 a,
Week's
Julie
Range or
4_ 1933 to
Range
Friday's
,I.L1=1,. Jan. 31
Since
Bid dc Asked di,
Z
1935
Jan. 1
LOW
High No. Low Low
lligh
a9412 a9412
3
6818
95
9714
90 __
831
*80
3
a87
cal
617
8
8512 8614
80
5
80 12
61
77
8012
24
2414 24
19%
2312 267
8
1112 12
8
10
1112 145
8
2
103
773
4
103
9814 103
102
2
975 10239
10212
8
77
30
797
10312 104
101 14 105
75
10012 101
52
98 101
54
61
933
4 947
92
963
Foreign Govt. & Munk.(Con.)
Cuba (Republic) 5s 011904
1944 M 8
External 5s 01 1914 ser A
1949 F A
External loan 4 Sis
1949 F A
Sinking fund 54e Jan 15 •
1953J J
*Public wks 54* June 30 _1945 .1 D
•Cundinamarca 6 Sis
1959 NI N
Czechoslovakia (Rep of) 8e
1951 A 0
Sinking fund 8s ser 13
1952 A 0
Denmark 20-year esti 68
1942 .1 J
External gold 534s
1955 F A
External g 4 4e__Apr 15 _ _1962 A 0
Deutsche Bk Am part cif (Se
1932
•Stamped extd to Sept 1 1935
---- 60
5
z60
Dominican Rep Cut Ad 5413 _ _ _'42 M 9 06612 67
3
let ser 514e of 1926
1940 A 0 60% 61
7
2d series sink fund 53.4g
1940 A 0 6014 6014
4
•Dresden (City) external 7s
1945 MN 540
45 ____
*El Salvador (Republic) 8s A
1948 J J
.. ____
*Certificates of depoeit
J J *6018-- 60
3
60
Estonia (Republic of) 7s
1967 1 J 9115 95
22
4812
40
36
36
27
36
35
4812
5514
66
5954
5918
35
63
71 12
61
61
41 14
. 612 di
5
8412 95
Finland (Republic) ext 6s
1945 NI 5 10512 10618 20
70
10312 10618
External sinking fund 2's
1950 M S 100
10014
77
100 100%
7
External sink fund 648
1956 M S 1023 103
18
4
7012 101 18 103
Finnish Mun Loan 6 As__ _ _1954 A 0 1003 101
4
5
67
10012 1013
8
External 643 serial B
1954 A 0 1005 1003
8
2
6714 10035 101 14
8
•Frankfort(City of) a f 64s
1953 M N
6 • 20
343
4 35
2614 3514
French Republic eat! 714s
1941 J D 186
19 1211
188
18414 18812
External 7e of 1924
1949 J D 183
3 1271s
184
1813 18512
4
*German Government InternsBona! 35-yr 53.4s 01 1930
1965 J D 3512
3712 201
23
28% 3712
*German Republic eat! 78
1949 A 0 453
3112
8 4708 54
394 473
5
*German Prov & Communal Bits
(Cone Aerie Loan) 6148
1958 J D 4712 488 17
2312
415 4839
4
*Graz (Municipality) 88
1954 M N ------------48
1155 115%
'Only unmatured coupons on
912 104
16 ---86 1001 t
Or 13r1t & Ire(U K of) 54s
8 11312 11612
1937 F A 11412 11614 75 1073
t4% fund loan £ opt 1960
9538 11412 119
1990 M N a11412 a11658 19
*Greek Government steer 7e._ 1984 NI N
22
1
3914 3914
371 3912
.51 secured 6s
165
1968 F A
17
297
31
2912 32
Haiti (Republic) s I 68 ser A
1
67
1952 A 0 82
82
82
8639
*Hamburg (State) 65
2
2018
1946 A 0 343
4 35
263 3612
4
*Heidelberg (German) esti 7%a
15
2
'50 .1 J 2818
2512 31
2818
Heletngfors (City) ext 645
1960 A 0 10214 10214
6639 10114 103
6
*Hungarian Munic Loan 734s _ _1945 J 1 ------------25
j J
'Only unmet coup attached
37
_
ii
31
*External a 1 78 (coup)
i83.
8
1946 J J
4,0nly unmat'd coups attached_ __ J .1 5353
8 3712 --------32
3714
*Hungarian Land M Inst 743 ......'61 MN *32
293
5
45 __-3314 3314
*Sinking fund 714s ear 13
1961 M N *32
47 -2939
*Hungary (King of) s I 710__ _1944 F A *44113 4812 ---302
45 - 45
'February coupon on
a4412 04412
4 ---4212 4918
Irish Free State esti 51 5e
92
1980 MN 510734 110 ____
10812109
Italy (Kingdom of) esti 78
1951 J D 92
9414 81
91
86
9412
Italian Cred Consortium 7e A
2
'37 M S 9612 97
895
95
99
External sec 61'798er B
82
1947 M 8 85
8712 20
85
89
Italian Public Utility 55th 75
1952 J J 83
8478 18
73
80
85
Japanese Govt 30-yr a f 614e
1954 F A
9275 120
77
907
90
97
Esti sinking fund 514s
1965 M N
14
6712
7912 80
7714 8412
*Jugoslavia secured *1 g 75
1957 A 0 ------------23
4
.7s with all unmet coup_
IBS] ____
35
43
16 ---25 13
*With Oct 1 '35 & sub coups on_ __ ____
1 ____
32
32
32
32
•LelPrig (Germany) e 1 7s
1947 F A
4212
1
4212
2938
38
43
*Lower Austria (Prov) 71411_ _1950 J D ------------50
_
115 115
*Only unmatured coupe
-9atch'dM
10118
3 ---97 10018
*Medellin (Colombia) 6%s
918
912 11
19542 D
8
918 1014
*Mexican Irrig Asstiag 4%s
1943 MN .41
____ ---3
5
818
*Mexico (US) e011 Le et 1899£ ___'45 Q J 5_ ___
25 ___
4
•AssentIng be of 1899
47
1945 __
978
12
939
95 If
8
•Assenting 55 large
5514
512 ---5%
1014 11
•Aseenting fai small
.4e of 1904
_1954 ____ 5_ _ _
6
--412
____ _
_
*Assenting 48 of 1904
1954 __
618
612 14
3
618 ii3358 4112
•Aelienting 411 of 1910 large
4
512 612
953 9714
•AssentIng 48 01 1910 small
47
25
8
5
4
47
8
7
•iTreas(18 of 13 aesentilarger _ _.33 .1 J *53
9539 973
03 ---4
554
•ISmall
10014 10214
1 J ------------534
_
85
5 8
-34
4912 5312 Milan (City. Italy) esti 645 ____1952 A 0 8112 85
74
42
8012 8512
323* 3914 •Minae Geraes (Brazil) 014ti
1958 M S ------------17
84
'September coupon off
90
5 4
1
--------18
1933
•Ext see 64s aeries A
83
85
1959 15.1 s ------------17
8212 85
'September coupon off
812
19%
__
1
- 12
11;
7012 *Montevideo (City of) 78
68
1952 J 0 40
41
8
.2-i14
3912 42
*External 81 65 series A
58
613
4
1959 M N
33
1
33
25
33
365
New So Wales (State) esti be
4
673 72
_1957 F A 10114 10154 27
7334
10018 10214
External s f 55
5539 623*
Apr 1958 A 0 101% 10112 22
_7312 100 10218
Norway 20
-year ern (le
1943 F A 10612 107
20
88
1038 107
1712 1812
20-year external 6s
1944 F A 10518 108
12
8712 104 106
1814 1814
30-year external 6s
1952 A 0 1023 10314 28
4
8318 101 10312
40-year a 1 54e
173 19
8
1965 1 D 1017 1023
4 20
787
4
8
993 103
External a f 5s_ __ Mar 15
1963 M 8 . 10055 1015
76
8 35
9812 1017
8
12
2
12
1014
14
Municipal Bank esti at 55
1967.3 D 1007 10078
2
7712 1007 10112
8
1053
8 48
8
Municipal Bank esti s f 5e
8612 10411 1055
1970 J D 101
10138
2
8012
98 1013
4
8
9912 11014 1123 •Nuremburg (City) esti Os
11139 36
1952 F A
3414 353
22
4 29
2814 353
4
8
10314
9312 10318 103% Oriental Dowel guar 68
1953 M S 79
7918 10
64
7714 8114
5614
6018 6212
Esti deb 514e
60
1958 M N
7512 7612 12
59)4
7439 7612
121
11% 1312 Oslo (City) 30-year a 1 (is
10
1955 MN 10112 10214 20
73
99 10214
5712
2912
8_9
55
5
812
4512 20
Panama (Rep) esti 54*
44
28
47
1953 .1 D 10614 10614
1
89
105 10612
453
263
4 44
4314 4634
*Esti if 55 eer A_May 15
1963 M N
4212 4612
5
247
8
4212 4612
2718
5339 24
5012 5514
*Stamped
43
7
27
43
38
43
1614 21
7
135 163 *Pernambuco (State of) esti 7e ___'47 M 8 ___
4
. ____
8%
1412 142
5
1212 1514
'September coupon off
14
1414
8 -- ,
1312 0534
1218 1512 *Peru (Rep of) external 75
143
618
9
1959 NI S 1212 1212
12
5
133
4
7
1412 51
1212 1512
618
'Nat Loan esti s 165 let ser _1960 J 0
97
75
5
9
839
839
1412 41
1214 1512
6%
*Nat Loan esti e 158 2d ser,
1951 A 0
812
454
38
9
838 97
1414 16
6%
1212 153 Pz;land (Rep or) gold 55
1940 A 0 78
7958 27
56
797
8
73
143*
9
6
1212 1512
Stabluzation loan s 1 7e
1947 A 0 122
123
76
63
11414 123
13
21
731
1212 1412
External sink fund g Se
95%
1950 J J 92
88
95
19
6339
133fl
10
9%
13% 143 *Porto Alegre guar 8e
4
1961 .1 0 ........
_ _
1612 ---- - 123
4 19
712
1214 1414
*June coupon off
2112 21-34 ---- - 6
183 22
4
1312
7
1212 143
712
4
•Exti guar sink fund 7,149
1966 5 J ...:._
_ ____
14%
__
_
1012
1
934 12
5
•July coupon off
*205
8 - - - --------183 21
2%
5
8
44
3
22
4314 47
Prague (Greater City) 714e
1952 M N 5100% --------7714
993 103
4
10239 30
75
99 1025 'Prussia (Free State) esti 63418 _ __'51 NI S 3614
8
2412
5
4
287 37
8
363
3614 ____
22
2718 36
*External a f (la
1952 A 0 353
2318
4 42
4 363
2814 304
Queensland (State) ostler 78 .._ _ _1941 A 0 10714 1087
94
8
10714 110
31
18
18
3018 3612
25
-year external Se _
.
1947 F A 108
2
108
833
4 1058 108
3118 12
2018
37
30
•Rialne-Maln-Danube 75
.
...
1950 51 5 423
4 423
1
551s
4
3812 4231
24 ____
14
2312 2412 •Rlo de Janeiro 25
-year at 8e._ _1946 A 0 ------------1312
2212 2212
24
6
12
'April coupon off
2339 2412
1812
2 --- 812
19%
17
2512 _
143
8
2339 2512
•External 5 f 54s
1953 F A ------------13
161 16%
9339 12
90
6012
943
'August coupon off_
18
16
812 26 --1812
903 •Rio Grande do Sul esti 3185 _ _ _1946 A 0 ------------171
86
5512
8
8912 23
23
21
12
46
'April coupon off
4612
2218 23
18 -- -.
18
23
4112
8
40
4314
'External sinking f0114 811
1968 .1 13 ___
__
1514
1712 1712
29%
'June coupon off
4
508 503
2018 -21-18
9 --16 4 21%
3
i() -------4612 47
•External 51 7s of 1926
1986 M N ------------1612
183* 183*
8
1
777
2515
7612 7914
•May coupon off
205
8
21
10 --__
17
21
38
_
2618
3518 3518
*External a 1 78 munic loan_ .1967.3 D ___.
IN
_ ____
19
19
243 --------2514 253
4 __'June coupon on
4
__
. 2014 ---5 12 - - - 203
17% 20%
For footnotes see page 1119
NOTE-Sales of State and City securi lee occur very rare y on the New York Stock Exchange. dealings In 5u0n securities being almost entirely over
bld and asked quotations, however, by active dealer' in then Seeuritles. will be found on a subsequent page under the general head of "Quotations for Unlisted the counter
Securities.)
New York Bond Record-Continued-Page 2
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 15
July 1
Week's
in
4
1933 to
. Range or
t,o
-.... t
Friday's
E; Jan. 31
.2.14. Bid .4 Asked sli(Z 1935
Range
Since
Jan, 1
Low
Low Low
High No
High
Foreign Govt.&Munk.
(Cond.)
823 8714
4
7813
4 8614 55
1952 A 0 `,1 823
Rome (City) extl 6346
9218 12418 13918
9
13012
1964 MN 130
Rotterdam (City) esti 65
8
205 205
8
*Roumania (Monopolies)gu 7s 1959 F A ------------23
3312 3612
9
345
8 35
*August coupon off
7012 78
56
2
1953 .1 J 7012 7112
Saarbruecken (City) (ls
____
___
1952 MN ------------18
•Sao Paulo(City) s f 844._Mar
1918
19
*20
23 ____ -5i8
*May coupon off
1957 M N
*External e t 6%s of 1927
16
19%
*1718
19
*May coupon off
____
_
•San Paulo (State) extl e f 88---1936 1 J ------------1518
30
2714 "-2 2 12
*July coupon off
20
1212
20
1950 1 .7
*External sec s f Ea
185 233
8
25
2218 23
4
*July coupon off •
1914 20
*External( f 7,3 Water L'n
1956 M S ------------128
173 21
8
21
*September coupon off
_
_ ---_
103
4
____ ____
1968.7 J ____
•Fxternal a f 68
21
23
FT
203
4 21
*July coupon off
7612 9114
61
85% 24
1940 A 0 84
*Secured s 178
543
4
17
4
52
543
4
*Santa Fe (Prov Arg Rep) 78.._ _1942 M S 54
38
5314 15
4912 5314
51
*Stamped
3212
5
4 42
38
42
*Saxon Pub Wks(Germany) 75 _ 245 F A 403
39
343 40
4
2812
37
40
1951 M N
*Gen ref guar 63.48
4212
49
55
*Saxon State Mtge Inst 7s
1945 .1 D *48
51
48
51
447
2
5
*Sinking fund g 8 MsDet) ..._.1946.7 LI 51
1914
1962 M N
*Serbs Croats & Slovenes 88
1
2712 40
40
40
*All unmatured coupon on
25
5
36
36
38
*Nov 1 1935 coupon on
17
3712 438
1962 M N
•External sec 7s ser B
3 42
38
42
42 ---25
*Ail unmatured coupons on
22% 36
6
36
34
*Nov 1 1935 coupon on
Week's
Jtay 1
...
Range or ; 1933 to
Z.' n
....
, Jan. 31
31.7,
3t
, Friday's
.... 5 Bid & Askedte1.0 1935
..
-Low
High NO, Low
867
8
____
1944 J 1
All & Cheri A List 47s A
86
10712 1073
4
1944 J 1 *10312---- 17
lst 30
-year 58 series B
3947J D *102
--------95
Atlanta Gas L 1st 5s
1951 J 1 *9112 --------74
Atlantic City 1st guar 45
7112
_'52 M S 10112 1034 102
Atl Coast Line let cons 451July
6112
100
2 92
1964 J E 907
General unified 4%s A
57
30
797
L & N coil gold 4s___Oct _ -1952 MN 79
35
15
1948 J .1 3712 40
Atl & Dan let g 48
4
33
27
2d 45
1948 J 1 32
1969 J .1 39
40
37
41
Atl Gulf & WI SS con tr 53
9 101
8
Atlantic Refining deb 58
1937. J 1075 108
7
1949 A 0 *4512 5711 ---37
All dr Tad let guar 48
9312 23
75
1941 J i 9258
Austin & N W let go g 58
BONDS
.
N. Y STOCK EXCHANGE
Week Ended Feb. 15
1940 M N 103
9814
3
103
Baldwin Loco Works 1st 5.8
8214
68
Balt & Ohio 1stg 48___July
1948 A 0 101% 102
5412
4 7058 88
Refund dr gen 58 series A
1995 J D 673
66
941
109
lst gold 5s
-1948 A 0 108
July
59
1995 1 0 7712 8012 47
Ref & gen 6s series C
1941 MN 981
763
9959 51
s
P.L E & W Va Sys ref 4e
61
99
744
1950 J J 97
Southwest Div 1st 3%-54
81
16
1959 J J 8112 82
Tol & Cin Div 1st ref 4e A
14
53
4 69
Ref & gen 58 series D
2000 M S 673
4612
5414 83
1960 F A 53
Cony 4348
54
694 63
Ref & gen M 5* ser F
1996 m S 67
____
94%
Bangor & Aroostook let 58
1943 1 J *11059
7418
9
4 _--4
Con ref 4s
1951 J J 1023 1023
/
4
4e stamped
1951 -_--, 1031 10414 17 1011
9459
3
/ 10514
1
4
Batavian Petr guar deb 4 Tis
1942 .11 .1 105
60
72 ____
1989 .1 D *64
Battle Crk dr Stur let go 38
88
Beech Creek 1st gu g 4.8
1936 j .1 *10114 102 ___8912
1936 J J *9812 101 ____
2d guar g Ss
73
42
22
6812 73
1958 J D 7114
Silesia (Prov of) mitt 78
66
. ____
Beech Creek ext 1st g 33.e
1951 A 0 *94
2514
12
4932 61
61
1947 F A 60
*Silesian Landowners Assn 68
6 103
4
/ - 4
1
1948 . -1 1151 1153
170 17512 Bell Telep of Pa 5s eeriest B
117
17512 Solasons (City of) ext1 (is
1936 MN *167
/
1
4
4 103
12018
1
1st & ref 58 wise C
1980 A. 0 120
984 10018
474
sstyria (Prov) external 78
1946 F A
82
8
Beneficial Indus Loan deb Os -1948 M S 10814 10812
87
87
*8318 100 -----*February 1934 coupon off
2738
12
44
1951 .1 D 43
995 10212 *Berlin City Elec Co deb 834s
75
6
4
1955 F A 9952 993
Sydney (City) St 5345
25%
39
3914 40
•Deb sinking fund 6348
1959 F A
13
78
7412 78
58
1971.7 .1 7718
Taiwan Elec Pow s f 5348
2438
11
1955 A 0 23914 393
*Debentures Os
2
7114
53 4
3
67
1952 M S 6912 6912
Tokyo City 5s loan of 1912
1
273
2
A 0 4012 4012
7458 7712 *Berlin Elec El & Underg 634s
59
8 12
0 7552 767
1961 A
1956
Externals! 53.4* guar
9418
1214 Beth Steel 1st & ref 5s guar A -242 M N 108% 109% 12
12
1212 ---*Tolima (Dept of) extl 7e
1947 M N *1059
813
94
1936J .1 10312 1038 23
30-year p m & 1Mpt s f 58
9712
633
4
4
4 97
91
Trondhjem (City) let 5%5
1957 M N 963
90
-- ---Big Sandy let 4s
1944 1 D *1041
25
1
8-Sing & Bing deb 6%e
1950 M S 3518 3518
513
4 107 107
1945 .1 D
*Upper Austria (Prov) 78
594
/
1
1967 M S 73
7514 50
Boston & Maine 1st 58 A C
95
1 --95
95
95
*Only unmatured COMM a ttch_ _ _
61
1965 M N 7459 7512 22
41% --------151 M 58 aeries II
___
13
*External e f 6%s_June 15
1957 1 -19
56
1961 A 0 698 70
2
.561. tig81 1st g 4ees ser JJ
8 •Unmatured coupons on
18
37
40
383
40
473 Boston dr N Y Air Line let 49 __ 1955 F A
33
*Uruguay (Republic) exti 8s____1946 F A *4058 43___
914
107 ____
s
1934 A 0 *101
41% I(Botany Cons Mills 6%5
2612
4 3712
35
•External a f (38
1960 MN 353
758
2
812
812
A 0
(Certificates of deposit
347 41
8
265
8
5
3712 3712
1964 M N
*External s f (Iii
•IBowman-Blit Hotels 1st 78-1934
80
83
80
5
83
Venetian Prov Mtge Bank 78
_'52 A 0 83
Stmp as to pay of $435 pt red
525
8 10114 10818
*Vienna (City of) esti 8 f 68
1952 MN
812
2 16 -_
12
5213'way & 7th Av 1st cons 5s____ '43.7 D *97
10 ____
84% 64
9212 94
*May coupon on
6811
2
87
Brooklyn City RR let 55
1941 J .1 87
41
34
6514 73
713
4 73
Warsaw (City) external 7s------1958 F A
8 10 103
1949 1 .1 10812 1093
8014 8312 Bklyn Edison Inc gen 5s A
8 30
83
Yokohama (City) ext1 6s
1981 .7 D 8112 827
1952 1 .1 10858 10918 17 10212
Gen mtge 5s aeries E
108
863
s
Bklyn-Manh R T see 611 A
1988J J 1051s 106
RAILROAD AND INDUSTRIAL
5512 58
6
525
-'41 MN
Bklyn Qu Co & Sub con gtd 58
COMPANIES.
073
4
2
- - --,1941 J .11 *633
1st 5s stamped
153
8
3614 373
4 45
liAbitibi Pow & Paper 1st 5s__ __ '53 J D
33 e 4113
7
75
7212
1950 F A 10214 103
Bklyn Union El 1st g 5s
8
8
Abraham dr Straus deb 53.48
1033 104
87
6
1943 A 0 10312 1037
10 103%
117
1945 MN 116
8812 Bklyn Un Gas 1st cons g 58
61
Adams Express coll tr g 4s
85
1948 M S 8832 8812 10
1947 MN *118% 122 ____ 10514
1st lien & ref Os series A
1952 A 0 *10058 1047
98 100
9014
Adriatic Elm, Co ext 7a
s
1936i J------------158
Cony deb g 53.45
8012 1013 10S
4
8
108
Ala Gt Sou 1st cons A 5s
1943.7 D 108
19643 .1 D li
10 5
1
93 Debenture gold 58
1014 102
74
5
102
1st cons 4.4 ser B
1943.7 D 102
6 10012
11018
1957 m N 110
1st lien & ref &series B
645
8
40
9
Albany Perfor Wrap Pap fle
40
1948 A 0 5412 57
8
8%
1938J J •10112-- ---100 10214 Bruns & West 1st gu g 4
83
Alb dr BIM let guar 33.48
1946 A 0 102
8
1024 20
1
110
9612
1981 F A 110
68
7512 Buff Gen El 434s series B
478
117
71
Allegheny Corp coil tr 58
1944 F A 6914
91
8
s 14
1937 M S 1057 1057
Coil & cony 5s
5814 6614 Buff Koch & Pitts gen g as
41
49
1949 J D 5812 60
50
9
6612
1957 M N 66
Consol 4345
19
7
22
26
(Coll & cony 5s
1950 A 0 2212 23
19
3
21
A 0 21
IIBurl C R & Nor 1st & coil 5e _'34
213 26
4
1912
211
2418 15
(Certificates of deposit
20
2
19
. 19
:Certificates of
62
Alleg & West 1st gu 45
1998 A 0 08912 93
90
90
39
6
80
A
deposit-1952 - 0 76
5(13uah Terminal let 48
93
15
Alleg Val gen guar g 48
1942 M S 10612 107
10512 107
1018
33
1955 J J 4378 46
1937 M N 10118 101% 103
, (Consol 58
83% 10058 1015
Allis-Chalmers Mfg deb 5,
31
4
64
973 Bush Term Bldge 5s go tax ex____ '60 A 0 62
4
50
8
1955 M 8 8812 90
87
•Alpine-Montan Steel let 74
54
7
1945 M N 8114 84
1955
91
Y78 coupon on
101 103% By-Prod Coke let 5%8 A
*90
----
26
Am Beet Sugar (is ext to Feb 1 1940_ F A 100
American Chain 5-yr 6s
1938 A 0 10038
:Am& Foreigh Pow deb 5,
2030 M 8 5812
1953.7 D 815
8
American Ice a f deb 53
1949 M N 105
Amer I 0 Chem cone 5348
Am Internet Corp cony 5%e
1949 J J 9112
Amer Mach & Fdy a f 68
1939 A 0 *10232
1938 M N 10714
Am Rolling Mill cony ifis
'47 A 0 10412
Am Sm & R let 30-yr baser A
1938 M S 10318
Am Telep & Teleg cony 48
1946.7 D 109
30-year coil tr 5s
35
-years f deb 58
1900.5 .1 11214
20-year af 5348
1943 MN 11214
8
Cony deb 43.4s
1939.7 J 1065
8
1985 F A 1125
Debenture 6a
1940
0363
4
(Am Type Founders (la Ms
Am Water Works dc Electric75 MN
76
Deb gOe series A
1944 M 13 9478
10-yr fe cony coil tr
4
1947.5 J 235
:Am Writing Paper 1st g 68
100
1
101
33
6112 638
14
85
106'z 67
9234 28
1027
91
108
105
28
10318
2
1101
37
56
113
66
113
10714 13
113'8 86
391
1945 MN
918
•Anglo-Chilean Nitrate 75
(Ann Arbor 1st g 4s___July
1995 Q J 54
4
1964 M S 0873
Ark & Mem Bridge dr Ter 58
1939 J D 1025
8
Armour dr Co (III) 1st 43.4e
1943 J J 10378
Armour & Co. of Del 534s
Armstrong Cork cone deb 58
1940 1 D 104%
1995 A 0 10814
A tch Top dr S Fe
-Gen g 43
1995 Nov 103
Adjustment gold 4s_July
Stamped 48_
July ____1995 M N 10314
1955 J D 0102
Cony gold 48 of 1909
1955.7 D 10318
Cony 48 of 1905
1960 .1 D •100
Cony g 4e issue of 1910
1948.7 D 1077
Cony deb 414s
e
1905.5 J 102
Rocky Mtn Div 1st 48
1958.7 .1 10812
Trans
-Con Short I. let 48
4
1982 M S 1103
CM-Aris 1st & ref 4345 A
1946.7 D 011259
AU Knox & Nor 1st g 5.1
918
1
19
54
90
91
103
10514 255
6
104%
1103 145
8
2
103
7
10312
10318 10318
1
10112 _
10812 69
103
15
14
109
3
1103
4
11812 -
7912
9512
2412
38
51
14
80
58
/
1
4
32
62
7611
65
10212
87
92
1007
8
10111
1003
4
103
105
100
20
58
91
18
34
27
78%
75
74
85
844
75
751
75
744
78
8818
79
89
8714
993
4
2 10258
108
1937 MN 108
Cal0& E Corp unf & ref 5e
85
10418 26
1940.7 .11 104
Cal Pack cony deb 58
92
Cal Petroleum cony Sobs f 88____ '39 F A 10214 103 ____
17
9412
1938 MN 10211 103
Cony deb a f g 5348
112
1
4
23
4
23
1942
Sugar 78 etre
*Camaguey
4
79
A0 10912 10912
1962 -.Canada Sou cons go be A
9118
4 62
1954 M S 1023 1033
Canadian Nat guar 4 3.48
9114
1957 .1 J 10912 11012 43
30-year gold guar 43.4e
91%
10412 34
19683 D 104
Guaranteed gold 4%e
968
19693 J 113% 11412 16
Guarantee(' g 53
July
964
8 16
Oct 1969 A 0 11512 1165
Guaranteed g 5e
963
4
1970 F A 11512 11614 13
Guaranteed g 58
943
4
4
June 15 1955 1 D 1133 114
Guar gold 4540
15
1956 F A 11058 112
915s
Guar 543.45
915
8
Guar g 434s
Sept 1951 M S 11012 11112 34
41 10218
8
1940 J D 1067 107
Canadian North deb guar 7e
7 1054
1946.7 J 12134 122
Deb guar 634a
9813
-1935 1 J guar g 4%s
721 7912
56i2 iilz Hi 2234
9312 9714 Canadian Pee Ry 4% deb stock
10112 37
66
194655 S 101
Coll tr 43.4s
2259 2512
9458
1
1944 .1 .1 11018 11018
tis equip tr etre
734
Dec 1 1954.7 D 10312 10438 78
83 11
4
Coll tr 555
643
104
4 98
4
963
1900.7 J
Collateral trust 434s
5012 55
45 ____
1949 J .1 *40
19
--------ICar Cent let guar g 48
10712 21
9512
1938.7 13 107
102 10312 Caro Clinch& 01st 58
109
Dec 15'52.7 D 109
8
94
1
103 10558
1st & cons g Os ser A
80 ____
68
1981 1 D *77
104 1043 Cart & Ad 1st go g 48
4
2414
3612 ____
1948 J D *27
1067 1103 *Cent Branch UP let g58
3
8
4
1943 .1 n *1083 10912 ____ 10352
101 103
Cent Dist Tel 1st 30-yr 58
60 __ -39
Nov 1945 F A *421
1013 103
4
/ :Central of Ga 1st g 58
1
4
1612
8
1818
1912
1945 MN
:Como'gold 55
101% 10318
12% ____
84
3
1959 A 0 *84
1011 10318
/
4
(Ref & gen 53.4s series B
97
81
103
4 11
100 102
1959 A 0
(Ref & gen 5s series C
1712
_ _ ___
1951 J 13 ____
(Chaff Div pur money g 4s
1063 10812
4
35
2g --- _
1946.5 J *--__
10014 103
(Mac & Nor Div 1st g 58
20
20 --_10712 109
IMid Oa & Atl Div put m U.__ '47 J J "15
-- -10878 1113
25
1946 J .1
4
(Mobile Div 1st g 58
9 1004
110
109
110 113
Cent Hudson CI & E 55
Jan 1957 M (3 *21--
98 100
99% 101
51%
54
70
85
10518 10712
8512 94
10212 10518
10612 112
10358 10512
10318 104
10812 11014
III% 113
1118 113
10618 10811
111 11314
32
4112
1115
Range
Since
Jan. 1
Low
104
105
High
104
107%
10012 1634
- 8912 9212
78
8212
3712 424
3059 3412
3514 47
10718 108
53
5712
90
933
4
102 105
10012 1023
4
66
7712
1083 109
77
864
98 100
97
9912
8112 84
66
78
51
6058
66
7612
110 1103
4
1004 1023
4
10314 10412
10312 114
101 102
101 101
95
95
11314 1153
4
1163 12
4 018
10714 1094
373 44
31
3912
294 3958
3414 4012
10712 11518
10318 1041s
1025 10259
8
34% 35's
73
79
73% 7958
69% 74
37% 403
s
1112 1212
819 11
674 Iii;
84
8912
10812 110
108 109%
10418 106
55
68
- -5
10059 163 8
1143 117
4
119 12312
i65; 1-68
1084 11014
__
1083 fib'
4
10411 10558
65
7058
21
24
19
2018
76
83
38
51
685
8
57
773 87%
1077 10814
8
10312 10459
10159 1023
4
10214 1037
s
24 412
1083 1103
4
1023 10438
4
1085 1135
8
8
103% 1054
1134 118
11512 120%
11558 1197
11318 1173
4
1105 115 8
8
7
1093 11458
4
1003 1075
4
8
119 12214
100 101
8452 877
2
9914 1017
1093 11112
*
10212 10412
9814 993
41
41
108 107%
10812 109
7412 78
38
38
10314 10912
48
47
1818 26
13%
11
97 1412
8
25 -25
1083 110
4
For footnotes see Mtge 1119.
ii
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
Now York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
NEW YORK
Private Wires to Chicago, Indianapolis and St. Louie
-ow&
1116
New York Bond Record-Continued--Page 3
2-,
July 1
Week's
BONDS...."
Range or
1933 to
3
.Z;
0'-. Jon.31
Friday's
N Y. STOCK EXCHANGE
/11 ,-.
_.
Week Ended Feb. 15
4.31: Bid & Asked 4ji
1935
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 15
Feb. 16 1935
Week's
July 1
Zi a
t0 Range or , _ 1933 to
Z,'
Friday's
vs Jan.31
t
..a.. Bid de Asked re,
* 1935
High
Low Low
Low
Nigh No
Low
/
1
7112 824 Consol Ry non-cony deb 48
43
35 ____
1954 .1 -- ---32
62
673
60
4
1955 1 J ._ __ _
Debenture 48
32 - - - /
1
4
4912
------- ----44o
107 10853
90
Debenture 4s
78
93
981
/
4
Debenture 48
_
44
1956 J J *
4112 -__65 3
4
5
981 1003 :Cons Coal of Md lot dr ref 5s___1950 J D 3314 343
/
4
10
4 51
98
s 324 3418 37
9912
834
/
1
/
1
:Certificates of deposit
10
4
55
10414
763 8118 Consumers Gas of Chic gu 5s ----1936 J 0 104
--11
98
49
6214 6512 Consumers Power 1st 58 C
3
98
1952 M N 10812 10812
115 116
100
Container Corp lot 6s
10134 14
68
1946 J D 101
85
16
42
4912
15
-year deb 58 with warr
70
75 4
3
1
1943. D 84
Copenhagen Telep 5s Feb 15
98
4
691
1954 F A 98
/
4
Charleston & Sav'h lat 75
1936 J J 01045
1947 J D 1053 1063
103
8
4
Crown Cork Seal 3 f 6s
4
11
9612
/
4
Chesap Corp cony 58 _ __May 15'47 M N 1041 1043
4 35
94
10312 10614 Crown Willamette Paper 6s
.15
75
1951 J J 10212 103
10
-year cony coil Is
1944 J D 10212 1027
/ Crown Zellerbach deb 50 w w____ 1940 M S 983
1
4
8 66 10112 10112 102
4 99
6
65
Ches & Ohio let con g be
1939 MN 11133 11134 34 104
44
1103 11214 Cuba Nor Ry let 534e
4
59
15
1942 J 13 43
General gold 43.4o
1992 M S 117
11438 118
9114
56
133
119
Cuba RR let 58 g
4
1952.3 .1 3312 3814 39
Ref & impt 430
1993 A 0 1093 11012 45
1983 J D 32
8314 10814 1107
8
lot ref 73.4. series A
3214
0
4
1318
Ref & Impt 434sser 13
1995.3 J 1097 11012 70
8
94
let lien & ref 63 eer B
28
10814 11012
4
15
1936.J D 27
Craig Valley lot 5e_May ____1940 J J 3
„
105 105
.10418
96
*:Cuban Cane Prod deb 6s
/
1
4
1950 1 J
12 61
Potts Creek Branch 1st 413
1946.1 J
1937 ./ J 10653 1071 82 102
1021 102
/
4
/ Cumb T &T lot & gen 58
1
4
85
/
4
R dr A Div let con g 43
--------9018 1051 1051s
1989 J J *109
/
4
2d consol gold 413
1989.3 J •102
87
Del & Hudson let d ref 48
/
1
4
67
9014 235
1943 MN 87
Warm Spring V let g 5e
1941 M 18 01053
50
2
4
99
93
1935 A 0 10014 10014
Chick Alton RR ref 838
1949 A 0 4614
4713 54
4512
Gold 5348
4614 5014
8913
1937 M N 9814 9914 40
Chic Burl & Q
-III Div 334s
1949.1 1 1033 10412 18
2
4
933
4
10112 10412 Del Power & Light let 44413 ____1971 J 1 10612 10612
84
4
Illinois Division 48
1949.1 J 1063 10734 72
923
4 106 1073
4
10414 ____
let & ref 43is
88
1969 J J 103
General 48
1958 M 9 1077 10812 57
4
8414 1063 10812
3 --------93
lot mortgage 414s
3
1969 J 3 01055
lot & ref 434s set B
1977 F A 1071 1074 22
D RR & Bridge let g 4s
2936 F A *10214 --------96
1065 109
8
/
4
77
/
1
let & ref baser A
32
8412 111 114
1971 F A 1121 114
Den Gas & El L let & ref of 5s ___1951 M N 10512 10518
5
/
4
85
ItChicago & East III let 69
1951 NI N 105
1934 A 0•
5
834
1053
Stamped as to Penne tax
8
74
/
1
53
71 978 *Den dr R G let cons g 48
714
/
4
IC & E iii RI(new co) gen be ____1951 M N
834 19
53
814
3012
34
1936 J ./ 3214
:Certificates of deposit
712 37
612
1936 J J 33
7
9
33
5
7
34
•Consol gold 04ti
Chicago & Erie let gold Es
1982 MN 114 z114
12
8212 11112 11412 *Den & KG West gen 5e _ __Aug 1955 F A
97
8
10
10
2
97
Ch 0 L & Coke lot gu e 531
1037.1 3 10412 10434 31
1034 10513
/
1
8
*Assented (subj to plan)
9
914
814
*Chicago Great West let 4s
10
25
1959 M S 3312 34
32
16
35
/
1
4
*Ref dr impt bs ser It
17
16 2
,
A 0 1512
Apr 1978 -_-•4s stamped
24
1959 30
/ 34
1
4
3034 3112 37
:Des M dc Ft Dodge 4s ctfs
023
4
35 ____
8
213
1935 J .1
IChic Ind & Louis,/ ref 6s
1047.1 .1 *21
21
2112 Dee Plainea Vol let gu43431
21
63
/
1
4
/
4
38 ---1947 M S •701 77 ___
19471 . *21
:Refunding g be ger B
21
22
21
50 ---1
:Refunding 48 series C
1047.1 J *18
Detroit Edison 5s ser A
21
21
20
95
4 14
26
1949 A 0 10914 1093
7
7
613 814
2
53
1960 MN
4
1151k gen 58 series A
92
Gen & ref 5s series li
4 23
1955 J D 10914 1093
:1st & gen 60 seriee 13_May ___1966 J J
63
4 83
4
612
Gen & ref 50 series C
10
*71s
93
752 ---1962 F A 10914 10914
70
Chic Ind & Sou 50
1956.1 J 9112 9112
-year 45
893 9112
4
8
1961 F A 1091 110
Gen & ref 414e series D
/
4
25
8518
99
Chic L S & East lot 434.
10612 108
1969 J D *10913
3
9052
Gen & ref be series E
4
1952 A 0 10914 1093
49
37
Chia M & St P gen 45 ser A
511 583 •Det dr Mac lot lien e 4s
/
4
1989 .1 .1 5158 54
1995 J D *2614
30 ____
3
20
1989.1 J *
Gen g 334* ser B May 1
47
50 3 55
3
/
4
577
*Second gold 4s
___ ____
8
1113
1995 1 D *121
Gen 43.4, aeries C__May 1 ___1989J J
1961 ed N 10731 108
8
11
58
/ Detroit River Tunnel 434e
1
4
5213
58
565 62
15
84
Gen 4340 aeries E__Nfay 1 __1989 J .1 5753 571 10
52
5712 623 Dodge Bros cony deb 6s
4
/
4
36
92
1940 MN 10613 107
Gen 434. series F__May 1 ____1989 .1 .3 5713 59
127 ___
5712 644 Donner Steel let ref 7/3
/
1
5412
6
87
1942 .1 1 •103
1975 F A
ChM Mllw St P & Pac ba A
178
22
18
/ 24
1
4
Dul Missabe dr Nor gen bs
'2012 26
__ --- 102
1941 J J •1053
53
4
*Cony ad.' be
6
/ 86
1
4
Jan 1 _2000 A 0
53
4
1937 A 0 *10752 108 ____ 102
53
4
75 Dui & Iron Range 1st be
8
4-Chic & No West gen g 3Sis
1987 MN 43
43
451
/
4
434 15
/
1
4812 Dui Sou Shore & All g 15s
20
4512 13
1937 J J 45
General 4.13
1987 14 N 481 49
/
4
48
48
6
53
Duquesne Light let 43.4s A __Aim A 0 108
10912 36
9914
Stpd 40 non-p Fed Inc tax _1987 Is4 N o____
4812
50 --4814 53
1957 M 8 011112 --------9934
lot Mg 434. series 13
Gen 4340 stpd Fed Inc tax
1987 k4 N *
543 -- -3
4
534
/
1
5312 577
8
1987 M N 547
3 55
Gen be stpd Fed Inc tax
15
6112 *Mast Cuba Sug 15-yr of 710 __1937 M S
5412
64
814
9
7
614
Secured g 614e
1938 &I N
East Ry Minn Nor Div let 48 ___1948 A 0 *10112 --------8912
62
6018 70
6412 23
62
let rat g be
24
May 1 __2037 3 D 253
24
31
East T Va A Ga Div 1st 5s__ _- --1968 MN •110
____ ____
4 2714 26
79
let & ref 4.34s stpcl_May 1 _ _2037 J D 23
22
2412 13
Ed El III I3klyn lot cons 4s
1939 .1 J 0107
21 12 28
--------99
lot & ref 4Sis ser C_May 1 ____2037 l D 23
2412 34
2138
21 13 28
Ed Elec(NY) lot cons 850
__ ____ 1074
/
1
1995 1 .1
Cony 41 series A
/
413
__I949 M N
18
1612
1914 177
164 2212 •El Pow Corp (Germany) 8;0_1950 M S *124-/
1
40
1
40
3113
II:Chicago Railways 101 50
1953 A 0 40
•Ist sinking fund 640
40
2
30
F A
6612 67
Aug 1 1933 25% part pd atpd___6
4204
6612 74
Elgin Joliet & East lat g 55
100
2
89
1941 PA N 106
:Chic It I & PRY gen 40
4313 44
40
381
1988 1 .1
/
4
451 El Paso & SW lot 5a
/
4
42
/ 9373 10
1
4
1985 A 0 93
811
/
4
:Certificates of depoeit
3814
40
13
43
Erie & Pitts g gu 3,34s ger 13
4134 42
DO
40 J J
19 0 3 .1 *10214
:111e/tinning gold 4s
1414
1934 A 0 143
30
16
144 17
/
1
010214 --------90
4
Series C 3348
ICertificatee of deposit
13
16
143 16
42
8
15
Erie RR lot cons g 43 prior
82
69
4
1996 J J 983 100
21Secured 454s series A
151
1952 M S
/
4
1512 1658 29
1514 18
let consol gen lien g 43
133
79
52
1996 1 J 7714
:Certificates 01 depoelt
1412
1413 16
13
1514
1453
Penn coil trust gold 4.
1
99
1951 F A 10414 10414
/Cony g 43.43
24
83
4
1960 M N
9
5
/
1
4
4
Cony 40 series A
63 10
7612 16
5013
1953 A 0 76
1953 A 0 *753
4
Belles 13
_ ---51312
Ch St L & N 0 be
4
June 15 1931 J D 10412 1043
9
75
10412 10512
Gen cony 4s serles I)
73
8 -- 5
62
1953 A 0 727
Gold 3345
June 15 1951 3 D •80
6312
-- 1967 M N 671 6912 54
Ref & !mot be of 1927
/
4
4612
Memphis Div lot g 48
1951 J D *815
8 84 --__
59
801/ 8212
Ref & impt 5s of 1930
3 6914 230
463
4
1975 A 0 673
Chic T HA So East 301 88
1960.3 0 4812 513
45
1955 J .3 115
Erie & Jersey lot of 6e
4
3
116
4858 55 4
14
901
/
4
Inc gu 53
Dec 1
_1960 131 8 2912
255
8
27
4
3434
2912
Geneasee River 1st s f 6s
1957 J .1 1143 115
4
7
9213
1963 .1 J 1081 10812 26
/
4
Chic Un Stan lot gu 434e A
93
/ 108 109
1
4
N Y & Erie RR ext let 4.0
1947 M N *10413 --------86
lot 5s series 13
1963.1 J 108
108 1093
10812
5 100
3d mtge 434e
4
_-- 95
1938 M 13 0
Guaranteed g 58
1944 J D *1073 10814 ---107 108
95
8
Ernesto 13reda 70
763
8 76;
3
68
1954 F A 10214-- -3
1963 3 .1 11312 114
let guar 6340 series C
1131 115
/
4
27 108
961 9714 125
/
4
Chic & West Ind con 413
1952 3 J
637
/
92
9714 Federal Light & Tr let 5a
1942 M S 8814 8814
1
60
1962 54 S 1021 103
let ref 5340 series A
82
102 1037
/
4
/ 87
1
4
Ss International series
8
87 ____
75
1942 M S *85
Childs Co deb be
1943 A 0 5952 62
3014
lot Hen s 1 5s stamped
59
10
6514
6
59
1942 M S 8514 8612
Chile Copper Co deb be
/
1
1947 J J 834 8312 19
46
79
8614
let lien tls eLamped
87
7
5912
1942 181 S 87
*Choc Okla & Gulf cons 158
1952 M N *40
36
_
45
30
----year deb 6s series 13
--,
75 ____
4614
1954 J D *70
.
Cln 0& E let 131 4s A
1968 A 0 1054 106
--- Flat deb 0 f g 7s
/
1
87
/ 10312 106
1
4
8
1946 1 J *9013 9712 ---90
Cln II dr .7, 2d gold 434e
1937.3 J 1023 1023
4
4
4
1
4
887
2 1023 1023 :Fla Cent & Penin 5a
. ____
.1943.3 1 0
25
C I St L & Clot g 40__Aug 2 ___1936 Q F *103
/
4
/
4
9712 1021 1021 /Florida East Coast let 4140
10312 --59
64
.2
48
1959 3 D 41Cln Leb & Nor lot con gu 40
1942 M N *101
_--82
1004 1004
/
1
/
1
Ilet & ref 53 series A
954
95
8
1
813
1974 131 S
CM Union Term 101 434, A
2020.1 3 109
13
975
8 109 110
109
:Certificates of deposit
87
2
572
87
8
1
let mtge be series B
2020.1 J 1111 11212 33
9834 110 112
/
4
/ Fonda Johns & Gloy 4148
1
4
1952
1957 MN 11212 1121 19 100
let guar 5e series C
/
4
1111 114
/
4
I:Proof of claim flied by owner_
Ni N
*5
1012 ---61
/
4
Clearfield Bit Coal lot 4a
1940 .1 J *6012
---5218
____ ____
(Amended) lot cons 2-4a
15/35,,
Cl arf eld & Mah lot gu be
1943 J J 010012 --------7818
_
§;Proof of claim flied by owner__ , N
e i a
*37
8
5 -- -..:
3
Cleve Cln Chi & St L gen 4s
1993 3 D 99
____--/ 1005
1
4
65
8 63
97 101
312
§2Certificates of deposit
312
2
2
General 5m series 13
1993 .1 D 010853
___,
__ Fort St U D Co let g 45
9213
____
/
4
4s
83
1941 I J •10013 1011
Ref & lmpt 6s ser C
1941
J 10114 10114
0114 Ft W & Den C 1st g 514e
9818 15
73
_ ---947
3
1961 J 0 •10618
Ref & impt 40 ser D
781 8512 FramerIcan Ind Dev 20-yr 734s __1942 3 3 10914 110
/
4
13
66
1983
J 7878 80
--4
941
/
4
Ref & impt 454e ser E
1977
J 7014 724 31
554
/
1
/
1
7014 7712 /Francisco Sug let of 7J 4s
2612 2612
2
,
15
1942 M N
Cairo Div lot gold 43
/
4
881s 1031 10458
1939
.1 104
4
104
Cln W dr Si Div 101 40
1991
Gal, Howl & Rend let 53.48 A __ 38 A 0 07614 8212 -- -8733 92
J
91
58
92
9
72
St L Div let coil tr g40
1990 Nt N 943
Gannett Co deb 60 eer A
95
2 95
91
3
66
1021 21
/
4
_73
1943 F A 102
/
1
4
Spr & Col Div lot g411
1940 Nt S 010214 ____ --__
85
____ ____ Gas & El of Berg Co cons g 5s____1949 I 13 011513
_ ---- 10353
W W Val Div 1st g 48
72
1940
.1 095
•§Gelsenkirchen Mining 6s
1934 M 9 6112 Will
4
3512
Cleveland & Mahon Vol g53--A939 i J *105
105 10534 Gen Amer Investors deb be A---1952 F A 1003 10113 17
87
_ ---4
734
/
1
_
_ Gen Baking deb of 534o
Clew& Mar latgu g 4343
1935 MN •10012 101 --99
1940 A 0 ------------100
Cloy & P gen gu 4 As se B
1943 A 0 *10712
Gen Cable lot of 534o A
1947.1 3 8813 8912 15
40
Series 13 3548 guar
1942 A 0 *102
Gen Electric deb g 3458
/
1
1942 F A 10573 1054
8
97
Series A 4
guar
1942
__-_ ____ *Gen Mee (Germany) 70 Jan 15_.,.'45. J1 043
J *107
____ ---- 10014
47 ---1
3213
Series C 33-4* guar
1948 M N •10012--------90
IM3 f deb 630
1940 J D 043
471 ---/
4
33
Series D 3340 guar
1950 A F •101
•20-year s 1 deb 69
45
2
1948 M N 45
3014
Gen 434e aer A
91
1977 F A *107
Gen Petrol lot sink I'd bs
1940 F A ---- --- 10253
Cleve Sho Line let gu 4 340
7313 10414 10513 Gen Pub Serv deb 534e
3
1961 A 0 105
105
1939 3 J 93
--96
14
76
Cleve Union Term gu 534o
73
74
9912 103
1972 A 0 993 101
Gen Steel Cast 53413 with wart __ 1949 J J 8853 90
4
33
55
181 0 1 bs Series 11 guar
1973 A 0 95
964 101
/
1
95
71
9718 i:Gen Theatres Equip deb 6a__1940 A 0
8
8
11
213
Wet 4146 series C
1977 A 0 88
:Certificates of deposit
57
66
89
88
9114
---*73
4
87 ---8
24
,
Ma dr Ala 113 let cons 58____ Oct '45 J 3 017
2014 ---9
Coal River Ry let 80 40
.19453 33010413
9213 104 104
I:GA Caro & Nor let ext (Is
1934.1 ./ 02253 --------19
Colon 011 cony deb 68
1938 .1 J 47
38
49
38
4812 27
:Colo Fuel & Ir Co gen s f 55
1943 F A
6811 80
12
75
2612
Georgia Midland lot 3a
77
4812 ---1946 A 0 044
39
1:Col Indus lot dr coil 50 gu
1934 F A 293
34
25
4 301
1553
/
4
9
Colo & South ref dr ext 434o
1935 MN 924 95
/
1
73
91 14 9614 *Good Hope Steel dr Ir sec 7s_1945 A 0 43
139
43
5
34
General mtge 430 see A
1980 M N 634 67
27
/
1
5512
561 733 Goodrich(B F) Co lot 6540
/
4
4
31
1947.3 1 10814 109
8911
*Assented 4348
624 63
/
1
15
1980
62
/ 63
1
4
Cony deb 68
63
1945 .1 D 94
9513 219
, Columbia 0 dr E deb bs____ May 1952 M N 804 813
Goodyear Tire & Rub let 5s
83
79
/
1
5912
4 41
1957 M N 10413 10412 105
83
/
1
4
Debenture 50
I
Apr 15 1952 A 0 81
8153 11
6014
80
83
Gotham Silk Hosiery deb 6s
94 ___
._
85
1936.1 D 1 ___
1
Debenture 5s
Jan 15 1961 .1 J
58
76
119
77
813 IIGould Coupler lot, f 60
/ 79
1
4
8
28
1940 F A
283
4
3
8
Col & 11 V let ext g 48
1948 A 0 •1025
/
4
/ Doily & Oswegatchle let 5s
1
4
8
94
1021 102
1942 1 D *10014
Columbus Ry P & L let 43'40_......1957J J 10312 105
9812 105
45
73
/
4
Or R & text 1st gu a 4}is
_ _._
9 34
-11941.3 J *1041
Secured cony g 534s
1942 A 0 110
4
901 1063 11012 Grand Trunk of Can deb le
/
4
11012 18
8 --1940 A 0 1057 10614 23 1011
/
4
Col & Tol lot ext 48
1955 F A 010510
91
Deb guar 6s
4
3
1936 M S 1063 1067
19 10014
Comm'l Invest Tr deb 5348
1949 F A 1104 111
/
1
9511 11013 112
35
Grays Point Term 1st gu 59
1.947 J D
COOD & P888UM Riv lot 40
1943 A 0 *100
100 10014 GC Cons El Pow (Japan) 7s
92
87
/ 1 88
4
1944 F A
25
ills
Conn Ry & L lot & rel43Xs
1951 J J 01065
3
/
4
881 1061g 1061
/
4
let dr gen e 1 6341
8 17
1950.1 -I 7914 805
56
Stamped guar 43is
1951 1 J 1063 1063
4
3
9653 106 1063 Great Northern gen To set A
8
4
1936 J J 9112 9214 55
7112
*Consolidated Hydro-Elec Works____
let & ref 434, series A
4
1901 J J 1003 101 14 48
6813
1958 .1 ./ 41
of Upper Wuertemberg 70
2
33
41
35
41
General 534s series B
64
4 8812 32
1952 .1 .1 853
Como! Gas(N Y) deb 53.40
1945 F A 1054 106
/
1
105 10614
62
99
General be aeries C
12
57
1973 3 .1 8312 85
Debenture 43.4s
1951 J D 102
103
142
88
99 103
General 41.4o series D
755
8
1976 J J
713
13
53
/
1
4
Debenture be
1957 1 I 10412 1045
2 69
93
1 023 10132
4
General 414o meries E ------1977 1 J
76
77
46
534
/
1
For footnotes see page 1119.
High No.
Low
Cent III Elec & Gas let bs
1951 F A 8014
8258 70
Cent New Engl lot gu 48
1961 3 J 65
14
66
Central of NJ gen g 50
1987 J 3 10712 1071 29
/
4
General 4s
1987.3 .1 97
6
973
4
Cent Pac let ref gu g 48
1949 F A 99
9912 71
Through Short L lot gu 48
1954 A 0 9814 9814
5
Guaranteed g 513
7714 784 44
1960 F A
/
1
:Cent RR or Bkg of Ga coil 50 _ _A937 04 N 644 644
1
/
1
/
1
Central Steel let g a f 8s
1941 M N 115
11514 15
Certain-teed Prod 544e A
1949 M 9 7114
7212 19
--__
Range
Since
Jan. 1
Low
32
High
351 1
3 -34
4
29
29
341
/
4
103 1043
4
10712 109
9912 1011
/
4
83
901
/
4
9512 98
10531 107
1013 103
4
9714 99 2
,
37
44
29
3814
29
3214
233 28
4
'8
13
4
10638 107'8
861 944
/
4
/
1
100 101
981 1021
/
4
/
4
10612 107
102 10212
10512 106
10214 10518
103 1053
8
30
3914
33
395
3
9
/ 12
1
4
814 11
/
1
144 21
2
/ 2
1
4
/
1
4
10712 10934
10814 109
/
1
4
1083 1097
4
8
10612 110
10818 1101
/
4
1212 15
105 108
/
1
4
10612 107
102 103
10714
43
10718
1113
4
10712
454
/
1
10912
1123
4
714 11 14
102 102
109 111 12
10612 1071
/
4
1237 124
8
367 40
3
363 40
8
10414 106
92
95
1011 1017o
/
4
1013 1013
4
4
9712 10014
7512 79
104 10412
75
78
75
78
727 76
8
6612 7414
66
741
/
4
11413 116
11212 115
75
-. ila
l
91
83
793
4
8012
634
/
1
90
8858
86
8612
89
73 4
,
9512
59 17
94 12
/
1
/
1
4
81 12
2
---- ---,--- - ---.312
:P2
1011 10153
/
4
10613 10613
10614 11013
24
3012
79
79
101 103
11512 11312
69
64
99 10112
/
4
10212 1021
87
89
/
1
4
10512 10614
4013 46
40
45
40
4512
10213 103
,13
9113 96
8833 91
73
4 912
712
We
173 18
4
24
24
4513 46
403 4312
4
108 1093
3
9652
93
104 105
933 9713
2
19
/ 2953
1
4
10412 10412
1057 1063
s
4
10612 1071
/
4
863 4 884
781 8058
/
4
9012 95
99 10258
8554 93
8613
83
7934
75
743 791
4
/
4
Volume
1117
New York Bond Record-Continued-Page 4
140
July 1
Week's
Range or ; 1933 to
_
BONDS
, Jan 31
113:2_
Friday's
N. Y. STOCK EXCHANGEy.,, h
1935
.:.. sr. Bid & Asked olitZ
Week Ended Feb. 15
.
3
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 15
July 1
Week's
:i:g Range or ; 1933 to
Friday's
,s17 Jan. 31
2_
'A' r.
J.., `c:', BO de Asked r5
1935
Range
Since
Jan. I
Low
High
11005 No. Low
Low
High
Low Low
11318 11514
3 8914
--------Lex & East let 50-yr 59 gu
1965 A 0 11312 11312
28
130 134
8 117
8
1944 A 0 1307 13214
Liggett & Myers Tobacco 79
34 4
3
1157 11912
8
11912 12 103
1951 F A 119
53
8814
--------8112
1962 M N *103
Little Miami gen 49 series A
66
70
50
3
70
10314 105 4
22 76
105
-- 3
1941 A 0 104
Loew's Inc deb a f (39
66
58
4912
6438
7712 8012
/
1
8 13 74
1952 J 0 784 793
6614 6614 Lombard Elec 78 ser A
55
72 ---1027 1037
8
8
103
3 974
1935 A 0 103
Long Dock consol g (is
55
66
9312 9734 Long Island
50
947
8 11
1047 1051
8
3 9814
8
1053
1938 1 D 105
/
4
General gold 4s
105
/ 18
1
4
954 10512 10614
1023 104
8
1 8714
1949 M S 10314 10314
Unified gold 4s
3818 45
31
a453
4 10
10218 103
2 924
1937 M N 10212 10212
20
-year p m deb 5s
3912 4578
3612
2
8
457
1013 10314
3
8 85 4
10318
4
1949 M 9 103
Guar ref gold 4s
3018
30
23
32
12712 13812
2 110
1944 A 0 12712 12712
5
5
Lorillard (P) Co deb 75
5
612
15 9853
11218 11514
59
1951 F A 11412 115
11412
1125 11412
8
91
4
65
6712 67 3812
6912
Louisiana & Ark 1st be ser A
1969.3 .1 6614
4
347 42
20
397 -- _ _
8
24 86
10714 110,2
1952 MN 10914 110
__ Louisville Gas As El(KY) Es
1212 ____
18 ____
102 10312
4 7518
Louis & Jeff Bdge Co gu g 4s
1945 M 9 10212 103
95
9014 -80
9014
3
1073 107,2
8
1937 NI N *10712 10812 ____ 100
Louisville & Nashville 5s
9058 10412 105
10418 105,2
10512 58 8812
1940 J 1 105
103
un 10234 Unified Sold 48
89
10412 10712
10612 11 81
2003 A 0 106
lot refund 5349 series A
8614
61
85
86
27
104 106,2
5
3 807
106
1st dr ref Is series B
2003 A 0 106
4
44
43
443
38
68
991 10253
/
4
2003 A 0 10112 10212 88 74
1st Jc ref 43s series C
8 1133 117
11612
4 1015
4
10614 10733
,
1941 A 0 *10714 10812 ---- 98 2
Gold bs
90
8878 37
87
633
4
102 103
8
F A *1015 103 ____ 82
1946
Paducah & Mesa Div 4s
354 393
4
27
393 166
4
74 2 80,
,
2
14
33 5
80
St Louis Div 2,1 gold 3s
1980 M S 80
Mob & Monts 1st g 41
1945 NI 5 010818 --------92
49
1093
4 40 10312 109 11114
Illinois Bell Telephone 55
1958.3 D 109
80i4 813
/
1
83 ___ _ 584
1952 J J *79
1951 J J *103
South By joint Monon 4s
104 104
83
Illinois Central let gold ‘le
105 1073
3
9 80
1073
8
1955 M N 106
AU Knoxv dr Cln Div 4s
99 10012
7612
1stgold 3%e
1951 1 J *994
90
99
4412
95 ____
*Lower Austria Hydro El 6%s- _1944 F A *90
1951 A 0 r104 r104
78
10
100 100
Extended let gold 3349
1st gold 39 sterling
66
1951 M 9 *66_- - ---McCrory Stores deb 5349
1941
8
Collateral trust gold 4s
1952 A 0 807
80 - -12 IV
57
07
-8
2
83
4 4612
8312
811 884
/
4
1955 M N
Proof of claim tiled by owner83
833
8
5618
4 8412 33
83
863
Refunding 49
933 98
4
172 53
11 9612 98
McKesson & Robbins deb 5 As _-'50 1W -571
78 __-71
58
Purchased lines 330
1952 J J *70
11
11
9
3
11
1942 A 0 11
7514
1953 SIN z75
Collateral trust gold 49
9
70
7512 4:Menet! Sugar let of 7349
523
4
8 4 814
,
72
,
*9
20 ____
;Certificates of deposit_
923
9218 9412
7014
3 93
Refunding 5s
1955 M N
72
818 1178
612
10
10
814
0% O
.11Stmpd Oct 1931 coupon_ _1942 -82
100
J 100
2
997 101
8
15
-year secured 634s g
1936 J
---:Certificates of deposit
5512 5712 72
40-year 4!is
6112
Aug 1 1966 F A
5412 6318
014 -917
4
14 ___
---- *9
94Flat stamped modified
Cairo Bridge gold 4s
7018
4
9858 1003
4
1950.3 D 10018 10014
;
5 8
712 91
9
74
_
:Certificates of deposit
Litchfield Div 1st gold 38
85
85
1951 1 J *8412
73
/
1
4
54
69
35
/ 52
1
4
fManhat By(NY)cons g 48 __1990 II, 5434 55
Loutsv Div & Term g 3349 _...l953.3 J 90% 9012
2
91
65 2
,
90
60
5412
27 35
52
;Certificates of deposit-_--- 5114
60
77
Omaha Div 1st gold 39
A *72
1951 F
41
44
12d 45
2013 J D ------------ 27
85
61
74
8t Louis Div & Term g 33
1951 J J *73
74
921 0418
/
4
82
9412 _
1953 M 8 *91
Gold 34s
8212
,
1951 J / 8714 87 4
2
85
8714 Manila Elec RR & Lt of 59
70
4
7214
3 493
.
70
1939 M N 70
Manila RR (South Lines) 48
Springfield Div 1st g 330
67
1951 J 1 *87
681 69
/
4
2 51
/ 69
1
4
1959 M N 68
1951 F A *8512
let ext 4s
Western Linea 1st g 4s
75
854 86
1941 1 J --__
ManGB&NWIet3349
In Cent and Chic St LA N 0783 Mfrs Tr Co ctfs of panic in
8
70
523
8
Joint 1st ref 58 series A
53
1963.3 0 7112 73
7114 733
4
4 50
4 733
4
A I Namm & Son 1st 69
19433 D 733
7
/
1
4
5212
1st & ref 434e series C
6612 73
1963.3 D 6612 69
5512 70
8 22 41
1947 A 0 6314 637
Marton Steam Shovel of 13e
Illinois Steel deb 434s
16 10114 106 108
1940 A 0 10718 108
6712 72
30 60
8
1940 Q J 6712 69
3712 421 Market 9t fly 79 ser A _AprIl
4212 425
•Ilseder Steel Corp mtge thi
31
8
1948 F A
'7
795 8812
8
8 10 47
1945 MN 8138 833
I
Mead Corp let 135 with wart
8912
Ind Bloom & West 1st est 48
1940 A 0 *99
9114 93
2 914
93
1957 A 0 92
Ind III At Iowa 1st s 4s
971
/
4
5
971 Meridlonale Elec 1st 78 A
/
4
72
1950 J .1 97
97
1024 10538
7 77
1054
/
1
1936 M N *10314 1033 Ind Nat Gas & 011 ref be
1953J .1 105
94
102 10314 Melt Ed let dr ref be ser C
4
95 1003
/
1
4
4
10034 113 67
1st g 434s series D
1968 M 9 100
I ind & Louisville let gu 40
17
16
1956 1 J *1018
993 10134
8
/
4
104
Ind Union RY gen Os ser A
1950 A 0 991 10014 29 74
913
1965 1 J 104
1
101 10614 Metrop Wat Sew & DR 49
94 10
/
1
9
2
10
10
105__ 1 9814
_ II:Met West Side El(Chic)49
0
Gen & ref 5s series 11
1938 F A
1965
Inland Steel 1st 434 set A
o47
1978 A 0 10118 f--- Li
79
8
155i4 11618
178
_ ____
1977 M S ____
let NI a f 4 345 ser 13
/
4
80
1981 F A 1041 10412 26
1033 10514 •Nlex Internet lst 4e aastd
4
---- ------ - --- 37
434
/
1
Interboro Rap Tran let bs
1958 J D *30
8114 853 *Mies Mill Mach lat a f 78
8
/ 248
1
4
1966 .1 J 8412 85
5812
Michigan Central Detroit As Bay
:410
-year 6s
/
4
1932 A 0 5912 801 18
194
563 63
4
9314
1940 J J 0104
City Air Line 49
565
8 5718
:Certificates of deposit
204
/
1
4
5614 607
8
873
4
85's 90'
_
1951 M 6
Jack Lane & Sag 33.e
90
: 84
571
8812 13
2110-year cony 7% notes
1932 NI 5 8814
10012 10134
1 844
101
101
1952 M N *92- _1st gold 334e
86
8612 109
:Certificates of deposit
57%
82
8612
9313 9714
1 70
96
96
1979 J J
Ref & Inapt 4348 series C
Interlake Iron let be B
7512 77
1951 M N
15
82
60
72
74
613
s
80
Mid of NJ 1st ext bs
1940 A 0 573
lilt Agric Corp 1st & coil Er 6979 -1023 10312
3
1936 M 8 103
1033
8 ii 90
9112 98
M N 9714 98
Midvale 9t & 0 coil tr s f do
52
Stamped extended to 1942
50
7712 90
893 131 57
4
J D 8714
1961
Int Cement cony deb Es
Milw El By & Lt lot be B
1948 M N 100
1007
8 45
9918 102
74
7612 89,2
1st mtge 5s
1971 J J 87% 8912 67 68
lint
-GB Nor lot (39 ser A
25
3912 11
1952 .1 1.1 38
3212 41
97 --- 621/4
:Adjustment 89 ser A __ __July 1952 A 0
814 1114 •SMIlw&Nor let ext434s(1880) __ _'34 1 D *---813
0
7
0
lot ext 434s
_
1939 ---- -----65 -- -- 78
list Es series B
19563 J 3412 3812 12
234
311 3314
/
4
-,- 4 ---1&i 53
-13 4212
:let g be eerier' C
1947 M 9 4918 51
3712 Mil Spar & N W let gu 49
36
234
363
8
1956 I J
6
32
Internal Ilydro El deb (is
4
36
1944 A 0 4612 4712 87
443 5614 Milw & State Line 1st 334s
gIs
518
4_
2
-- ---614
1,11 Mere Marine a f So
1934 M N •4i5414 :Minn & St Louis 55 ctfs
541 32
/
4
50
37
1941 A 0 51
13
4 212
11
/
4
8
13
4
13
4
1949 M S
:ler ac refunding gold 4s
Internal Paper 39 set A & B
7218 773
4
47
8 57
1947 1 J 7218 733
112
112
4
23
1
112
112
1962 Q F
Ref of 69 series A
1955 M 8 523
IRef & ext 50-yr 5s ser A
4 544 16
3114
/
1
523 5812
4
7
8 1
78
1
1
6
@ F
lot Rye Cent Amer let ba B
:Certificates of deposit
454
1072 M N *724 734 70
73
/
1
304 36
57 2912
36
J 3414
let coil trust 8% g notes
M SIP & 58 56 C013 g 4s hat gu __ '38 J
7418 81
4918
8018 ____
1941 M N *76
20
2312 2612
26 ___
1938 J J *2414
lot cons bs
7312 8112
1st lien & ref 6%9
1947 F A *74
4312
76
373 3912
8
5 36
Int Telep & Teleg deb g 4%9 -_1952 .1 J 61
1938J .1 3812 3812
623
37
3 60
6012 6412
1st eons 58 gu as to int
1912 2317
4 16
23
2312
Cony deb 4349
1939 .1 J 691 7112 52
1st & ref Se series A
1946.3 J
/
4
42
88
72
18
1918
15_
20 _ _
1955 F A
25
-year 5%9
Debenture be
1949 M 8 *19
6612 6712 209
8
40
65
693
73
70
/
4
4 511
investors Equity deb be A
18t ref 534s series 13
1978 3 .1 7314 73%
1947 J D 9912 100
13
804
99 10012
-1941 M N *90
Deb ba ser Il with warr
let Chicago Term a f 49
993
4
82
6
99 10012
1948 A 0 99
934
75
93
95 __
1949 J .1 *9214 Without warrants
10012
99 10012 M139199191)1 Central 1st ba
82
1948 A 0 100
4
:lowa Central lot 59 etre
9
712 97
8
33
5
9
1938 .3 D
4
1 12
19
30
24
1959 J .1 24
1
:let & ref g 49
1
13 :Mo-Ill RR lot 59 aeries A
4
11
/
4
1951 M S
1513 16
873
4
83
/
4
8714 10 671
1990 1 D 87
James Frank As Clear let 4s
817
8 69
1959 J D 81
665
8
803 8212 Mo Kan & Tex lot gold 45
8
73
55
/
4
8 47 581
1962 J .1 804 637
Mo-K-T RR pr lien 55 ser A
5218 62
54
563
4 27 51
1Cal A & GB let gu g 58
99
40-year 4s series B
1982 1
1938.3 .1 •9712 100
993 100
4
67
597 61
8
•55
58 __
1990 A 0 *99
1971 J
Kan a, Iv' let gu e 40
Prior lien 434e series D
70
97 100
2312 3612
12i 28
28
IK C Ft 8 dr M By ref g 45
Cum adjust 55 ser A
Jan 1987 A 0 26
1936 A 0 3712 39
364 41
/
1
3012
7
24
283
4
27
2812 66 20
1965 F A
:Certificates of dopoalt
A 0 3612 39
:Mo Pac lot & ref 5e ser A
3412 3918
29
/
1
4
7
--------------22
2314 2714
IC C Pow & Lt let 434e mer B
107
1957 .1 J 107
7
ICert.ficates of deposit
97
106 107
/
1
4
1114
8
8
72
let mtge 4349
:General 4s
4
1981 F A 1113 11212
6
1975 M 8 10
96
11014 11212
2312 283
4
8
2812 84 20
Kan City Sou let gold Is
1977 M S 267
1950 A 0 77
:1st dc ref 53 series F
6114
773
4 70
773
4
78
8
235 2714
5 194
27
27
Ref & Impt bs
/
4
Apr
_1950 J l 671 69
:Certificates of deposit
27
66
64
7412
2311 28%
284 63 20
/
1
Kansas City Term let 40
1978 MN 27
19603 J 105
:1st & rat 53 series 0
8412 1053 1071
/ 1067 106
1
4
8
3
/
4
20
2512 2612
Kansas Gas & Electric 43.49
1980.3 D 10212 10318 32
703
4 10014 10318 ' :CertfIIcatee of deposit
---- ------612 77
8
6
29
612
7
•Karstadt (Rudolph) 1st 69
133
4
423
4
1943 NI N 42
3
:Cony gold 5%a
1949 M N
32
4438
2312 281
/
4
81 20
0 2614 28
*Certificates of deposit
37
---- 35
44
1980 A
13
:1st & ref g 59 series H
26
333
4
22
Keith (13 F) Corp let 68
8 70
1946 M 9 685
17
44
;Certificates of deposit
68
7412
- -iiT4 --20
284
iii 20
-Kelly-Springfield Tire ela
28
4 511
18i F i 2i3ig -- . 53
1942 A 0 503
:1st & ref 59 aeries I
29
/
1
4
11
4411 5512
2214 27
3
27
27
Kendall Co 5%9
4 93
1948 NI 5 1024 1023
68
:Certificates of deposit.....
10112 103
/
1
4
76
76
Kentucky Central gold 4s
1
80 ___. 6953
80
1987 J J 10412 10412
1938 MN *78
10412 10512 8530 Pat 3d 79 ext at 4% July
Kentucky & Ind Term 434e
3 91 ____
1961 J J *855
73
91
91
85
Stamped
/
4
1961 .1 J 971 98
3
19463 J *8012 99 ____
80
Mob & firm prior lien g ba
95
93
89' ____ 82
2
j j 5_ _
Plain
8
1961 • .1 *1005
93Small
59 ____
46 2
,
48 48
Kings County El I. & P58
4 --------103
1937 A 0 *1083
1st NI gold 49
19453 j ..ig
10814 10834
Purchase money 69
55 _ _ __
1 118
1997 A 0 14612 1612
J J *41
Small
14512 14612
8881 ____ 30
Kings County Elev let g 49
1949 F A 9714
5 *____
66
93
25
1938 M
:Mobile & Ohio gen gold 44
94
98
144
15 16
--------l003
Kings Co Lighting let be
1954 .1 J *111
-12
:Montgomery Div let g de__ 1947 F A 51218 ____ ____
110 111
9
7
_
120
1 10512 118 120
7
First and ref 6349
19543 .1 120
:Ref & Impt 4149
1977 M S *8
8
912
8
Kinney(GB)&Co 734% notes
7712 10014 103
103
'36 J D 102
3
1
6 ____
1938 M 5 *8
:Sec 5% notes
8112 8512
2 70
/
1
4
8 11
Kresge Found'n coll tr 6s
1936 J D 10212 1027
67
/
1
1991 M 5 844 84
Moh & Mal let gu gold 4s
1024 103
102 10211
:Kreuger & Toll cl A Es ctfe
1959 M El 3218 34
1014
86
1024 12 87
/
1
Mont Cent let gu 69
264 34
1937.3 .1 102
791
/
4
1004 101
Lackawanna Steel 1st 513A
1950 M El 106
10612
6
9412 106 10912
let guar gold Es
1937.3 .1 *10118 102 __ _
._ _
9312 101
79
•ILaclede G-L ref & ext be
1934 A 0
84 77
101
97 101 18 Montana Power let be A
1943.3 1 100
A 0 *95---- 41
59 1934 extended 10 1939
981 997
/
4
3
67
7930
974 997
90
8
Deb ba series A
1962 J D 7712 7912 19 5012
8 683 135
4
Coll & ref 534s series C
1953 F A 673
461
/
4
63
70
Montecatini Nun & Agile
894 93'
2
/
1
4
3 27
Coll & ref 634s series D
1960 F A
1 87
46
67
/ 683
1
4
/
1
8
8314 893
1937 J J a923 a924
4
Deb g 79
10318
4
5 88
77
1937 J J *1023
99 101
Lake Erie & West let g be
10214 10318 Montreal Tram 1st dc ref ba
1941 J J 9912 9912
81
1941 J J •
77
/ 793
1
4
/
1
4
2d gold be
1 70
9712
4
4
4 793
90
94
Gen & ref a f 59 series A
1955 A 0 793
4
Lake Sh dr Mich Bog 334e
1997 .1 D 993 100
20
79
Gen & ref 9 f 5s series B
1955 A 0 *784 ---- ---- 7234
974 10015
---- ---/
1
19543 .1
812
•Lautaro Nitrate Co Ltd 89
733 733
454
83
4 17
4
814 103
4
76 ____ 634
1955 A 0 *73
8
Gen & ref e f 4349 series C
Leiden C & Nay 9 1 4 %a A
1954 1 J
/
1
4
797 701
8
/
4
5 70
7712 1017 1015
8
797
8
1955 A 0 797
8
Gen & ref s f 59 series D
8
80
*10412 106
101 103
(ons sink fund 4349 ser C
1954 1 J *10412--8 82
/
1
102 1045 Mortis & Co let a f 434e
1939 J J 1014 1024
8
5212
70
Lehigh & N Y let gu g 4s
1945 NI S 70
6
934 9512
/
1
55 70
70
2000 J D 9412 95
7314 Morris & Essex 1st gu 3349
9912 102
64
973
4
3
Lehigh Val Coal let & ref of So__ __ '44 F A 97
94
10112 46 77
1955 M N 100
973
Constr NI 5e set A
4
33
743
4
78
1954 F A
3
923 963
3
1st & ref e t 59
4
8
933
4 945
1955 NI N
71
79
8 51 65 3
Constr M 4140 series B
10112 10412
711 711
/
4
/
4
let & ref 9 f 59
1964 F A
1
4
4
1934 J D *1013 1023 ____ 83
3112
*Murray Body lot 834s
70
72
32
103 107
/
1
4
6838 7312 Mutual Fuel Gas lot gu g 5s
72
1974 F A *70
let & ref 9 f be
24 95
1947 NI N 10653 107
73
9534
102 10214
Secured 6% gold notes
1938 J J *9514
8 --------8930
9518 95 4 Mut Un Tel gtd Os ext at 57,
1941 M N 1111025
3
1954 F A 10214 10214
1
79
Leh Val Harbor Term gu Ss
-101 104
Namm (A I) & Son__See Sifts Tr __
945 9612
19403 .1 9512 953
8
2 78
757
8
4
2
96
1978 F A 96
9512 99
Leh Val NY 1st gu g 4 34e
Nash Chatt r, St L 45 ser A
4512 11
91
_ ___
8
Lehigh Val (Pa) cons g 40
2003 M N 447
1937 F A
4014
44
5018 Nash Flo 44 9 lot gu g 55
44
1
5512 - /
General cone 434e
2003 M N 50
59
1
4
5512 5712 18 5212
1951 J J *10118- _60
50
544 Nassau Elec gu g 49 stpd
4753
8618 90
___ ____ 6512
5312 60
General cons Es
1942 J D
2003 M N 5312 5412
6
Nat Acme lot ti f 6s
10218 103
9
894 10512 1063 Nat Dairy Prod deb 5519
214 747
10212 10
4
1941 A 0 10618 1063
3
1948 F A *8618Leh V Term By let gu g ba
4
Low
Feb *3212
*Green Bay & Walt deb ctfa A
Feb *312
*Debentures etre B
8
1940 MN *1025
Greenbrier By let gu 49
1950 A 0 6912
Gulf Mob & Nor 1st 548 B
let mtge 5a aeries C
1950 A 0 *6138
Gulf &SI 1st ref & ter 5s ____ Feb1952 1 J *___
_ .1 .1 *
Stamped
Gulf States Steel deb 530-1942 J D 9312
8
1952 J J 1055
Hackensack Water 1st 49
•Hansa SS Lines 6s with warr- _1939 A 0 a4514
/
1
4
1949 1 J 45
sharpen Mining 135
1952 F A *30
Ilavana Elec consol g be
•Deb 5349 series of 1926
1951 51 S •
8
1999 J J 1133
Hocking Val let cone g 43413
itiloe(R)& Co 181 848 ser A ___'34 A 0 *37
•Ilolland-Amer Line 6e (flat) _.,_1947 M N *1214
1937 M N 9014
Housatonic By cons g 59
8
II & T C let g Es int guar
1937.3 J *1045
4
1937 J J *1013
Houston Belt As Term let Es
Houston Oil sink fund 514e A __ _1940 M N 8512
8
Hudson Coal lot a f ba ser A
1962 J D 433
Hudson Co Gas 1st g be
1949 MN 11612
Stud & Manhat let bs ser A
1957 F A 88
Adjustment income bs __ __Feb 1957 A 0 37
High No
80
41z
ror footnotes see page 1119.
ea
1118
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 15
New York Bond Record—Continued—Page 5
Week's
July 1
:7;
Range or
4
1933 to
_.
Z, Friday's
"'
..* Jan. 31
-EZ
J.:c.; Bid & Asked ocro
*
1935
fiance
Sines
Si
Jan. 1
Feb. 16 1935
Week's
li
BONDS..." Range or
4_
.3
Friday's,...c.-1.
N. Y. STOCK EXCHANGE•-__ . ,:-.
7
.i.:4; BO & Asked 050
Week Ended Feb. 15
—
Low
High NO.
4
Ore-Wash RR & Nay 4:3
1961 J J 1023 10412 124
8
9914
Oslo Gas & El Wks extl 55
1963 M S 99
*Otte Steel lot mtge 68 ser A
4 22
1941 M 13 8213 833
40
Pacific Coast Co 1st g 55
10
1946 .1 D 39
Pacific Gas & El gen & ref 55 A
22
108
.'42 .I 1 107
Pacific Pub Sera 5% notes
1936 M S 09812 00 --1938 F A 100
Pac RR of Mo 1st ext g 48
6
101
9834
9834
1
*20 extended gold 55
1938 J J
1937 J J 107
10714
10
Pacific Tel & Tel 1st 5s
11
4
Ref mtge bs series A
1952 M N 1113 112
___ ---,
J *1051
Paducah ar Ills 1st s I g 430
1955
39
7
§:Pan-Am Pet Co(Cal)conv 6s__'40
D 239 8_
38
3
238
:Certificates of deposit
4912 12
_•Paramount-Irway 1st 5355
1951 .1 J 4818
4
_ _
49
49
*Certificates of deposit
Paramount Fans Lasky 6s.... __ __1947
8 8
i:Proof of claim filed by owner
703
4
683
4
- J D 673
4 70%
:Certificates of deposit
13
Paramount Pub Corp 5345
1950 F A
703 195
4
8
§:Proof of claim filed by owner___ ---- 687
7012 188
§:Certificates of deposit
--- 68
17
1968 M 5 1573, 159
Parls-Orleans Elk ext 530
2
19%
*Park-Lexington 8355 °tits__
19
1953
2912 ____
-Parmelee Trans deb Os
1944 40 *25
1949 M 8 *11512 118 --Pat & Passaic la & E cons be
Paths Exch deb 7s with warr__
8
8
.
1937 M N *10212 1027
•Paulista Ry 1st ref s f 7s
1942 M S *8918 9312 ---Penn Co gu 3358 coil tr A
- _ ---1937 1 S 51021
Guar 335s coil trust ser B
5
84
1941 F A 1003 1004
Guar 335e trust etre C
---1942.2 D •10018
Guar 330 trust ctfs D
1944 J D *9814 ____ ---_
Gu 4s sec E trust ctfs
Gnat
1932 M N •013 1033478
1963 m N 104 4 ____ ___
Secured gold 43:13
Penn-Dixie Cement 1st 65 A
1941 M S 7714
7812 20
16
Pa Ohio & Bet 1st az ref 430A _ '77 A 0 1044 105
430 series B
1981 J J •10313__ ---_
__0338 193
Pennsylvania P & L 1st 4%a
1081 A 0 10114 12
1943 M N 107
Pennsylvania RR cons g 4s
107
Corm! gold 4s
1093
8
3
1948 M N 109
4s steri :And dollar May 1 .......l948 M N 11014 11014
I
1173
Consol sinking fund 435e
4 35
1960 F A 117
4 58
1073
1965 J D 107
General 430 series A
General 58 series B
1968.2 D 1134 11414 29
8
Secured 630
1936 F A 1053 10512 41
4 42
Secured gold be
1964 51 N 10514 1053
1970 A 0 945
9618 207
Debenture 04/Os
1981 A 0 103
General 43(s series I)
1037
76
Gen mtge 430 ser E
1984 J 1 10214 10314 271
Peop Gas LA C 1st cons Os
1943 A 0 11118 11212 23
10418 78
Refunding gold 58
1947 M S 103
2
Peoria & Eastern 1st cons 45
70
1940 A 0 70
7i2 _ _ _ _
*Income 45
April ____1990 Ma' *6
Peoria & Pekin Un 1st 6348
__ - - -,
1974 F A *1051
Pere Marquette lot ser A 55
86
7
1958 J .1 86 4-1956 3 8 7612 767
8
7
1st 48 series 13
5
1st g 430 series C
1980 M S 7612 77
Julg 1
1933 to
Jan. 31
1935
Rants
Since
Jan. 1
Low
Hinh
High No
Low Low
Low Low
High
*Nat Ry of Me:pr lien 430
.19572 1
7714
10112 19412
99:
4
94
*Assent cash war rot NO 4 on_
6512
112
31, 5
312
312
4
*Guar 45 Apr '14 coupon
liii A-- 3
(
20
8
693 913
4
*Assent cash war rct No b on_
156i____ *3
4 ____
25
412 4%
1%
36
40
*Nat RR Mex pr lien 430
9812 106 109
*Assent cash war rct No 4 on_
5
5
2
64
5
5
A--ci
9612 938
68
•Ist consul 4:3
1i)Li
80
100 10114
*Assent cash war rct No 4
953 983
84
434
3
- „
1%
3
3
4
Nat Steel lot coil bs
en__- A0 10614 107
97
1956 —
10678 10712
85
10314
1053 107
4
Naugatuck RR 1st g 4s
64
1954 M N *60
10414
68
111 112
Newark Consol Gas cons be
11614
1948 J D 116
93
7 10112 11312 1161 1
10512 10512
Newberry (JJ) Co 535% notes
8212 10334 105
2518
13
105
39
' A 0 104
40
433,
New England RR guar Ss-1
80
—..
1945 J .1 80
25
78
685
80
38
4312
Consol guar 4s
4
61%
70
1945.2 J 70
2718
70
70
423 4912
New Eng Tel & Tel bs A
100
8 11512 1184
118
28
1952 J D 1178e
2713
42
49
1st g 435s series B
8
3
1961 MN 1153s 1157
8
9914 1123 1157
s
NJ Junction RR guar 1st 4s
5812 8812
8812 8812
1
1986 F A
8212
1313
8
583 703
4
993
NJ Pow & Light 1st 430
90
1960 A 0 98
59
6812
94
7015
15
993
8
New On Great Nor be A
. 6112
1
6112
1983 J .1 611
5112
57
NO & NE 1st ref&impt 4303A ......'52 J J .52
127
8
68 __-50
50
53
59% 703
1
New OH Pub Ser. 1st 6s A
38
1952 A 0 644 6812 91
,
14
582 7012
5512 6812
First az ref 58 series B
553, 6812
10414 155 16014
3
1955 1 D 63 4 6812 132
38
New Orleans Term 1st gu 48
8
1953 J J 3312 8414 27
1712 2012
5834
8313 8614
IN 0Tex & Me:n-c Inc be
14
2512
2412
2418 2712
9
1935 A 0 24
1214
22
list 6s series B
102
2812 26
1954 A 0 274
116 116
14
25
2914
733, 101 103
2512 2813
:1st 55 series C
2
1414
28
1958 F A 28
26
273
:1st 430 series D
1958 F A
453
4
4
4 33
14%
2412 273
90
91
:1st 53.49 series A
111
1954 A 0 2811 30
94
14%
2512 30
102 102
N & C Ildge gen guar 430
1945 J J *1043
813, 100 1003
102% 104
s --------92
4
102
1935 A 0 102
NYB&MBletcong 68
4
833
4
4
102 1023,
983 982
4 101
NY Cent RR cony deb Os
81 12
1935 M N 9612 974 27
98
69
9114 99
93
88241s
Cony secured 68
1944 SIN 1073, 10912 174 10814 10614 112%
993 10112
4
8512 67
Conso: 4s series A
1998 F A 84
64
1043 106
8778
84
55
Ref & lmpt 430 series A
583
4 30
2013 A 0 57
bl
543 643,
4
753 855
,
56
185
78
Ref & !mot 58 series C
2013 A 0 6112 64
593 7078
4
10312 10512
7
737
__
NY Cent & Hud Ely M 330
_
101%
60
1997 J J 9715 97
977
8
95
, 94%
1 J 941
7512
941 9712
.
Debenture 48
2
68 1- 67
3- 03%
9814 107 108
564 583
4 62
Ref & impt 4358 ser A
2013
51
5412 6412
883
4 22
Lake Shore coil gold 335s
64
9412 108 10913
1998 F A 87
864 8914
Mich Cent coil gold 330
32
1998 F A 86%1 88
85
9634
108 1001 4
86
887
8
NY Chic & St List g 48
s
8
1937 A 0 10114 1017 127
77
10012 1017
9812 11412 1173
:
73
25
803
Refunding 530 series A
1974 A 0 72
4312
8 10513 1077
69
77
Ref 430 series C
6214 86
197851 S 61
363
873, 111 11414
4
59
66
101
47
3-Yr 6% gold notes
1935 A 0 6313 65
4112
623 711
8
10514 108
81
105 10718
NY Connect 1st gu 430 A
1953 F A 107
921
1073, 27
1063, 1071,
1st guar 58 series B
66
3
99
1953 F A 1084 10814
1077 108%
9358 963
8
s
N Y Dock 1st gold 48
4 19
1951 F A 6414 643
4112
753
595 66
1003 1037
8
8
30
4 47
22
Serial 6% notes
1938 A 0 463
49
44
9112
997 10314
s
NY Edison 1st & ref 635e A
100
1941 A 0 1133, 11313 32 10818 113 11312
1103, 1 1212
10814 20 10212 1077 1093,
let Hen & ref be series B
1944 A 0 108
80
s
933 10418
1st lien dc ref be series C
50
735k
9 1023
1951 A 0 10812 10918
68
4 10814 109%
N Y & Erie—See Erie RR.
4%
7
912
8
NY Gas El Lt H & Pow g 5s
1948 J D 1183 11813
5 10418
8312 102 10514
11618 119
1949 F A 1093, 1103 132
Purchase money gold 45
4
95
51
1073 111 12
8
8512 91
NY Greenwood L gu g be
1
61
483,
1946 M N 874 871 1
8711 9018
754 814
NY az Harlem gold 330
_
834
98 1001,
46
.
2000 M N *10018 1011
7612 82
N Y Lack & West 48 ser A
4
47
1973 M N 993 10114 __9234
9918 1013
8
1973 M N *106
8912
10934 _ __
434e /series 13
Phila Bait & Wash 1st g 45
9
987
8 108 108%
1943 51 N 10814 10812
___ ____
NY L E & W Coal az RR 630 ___'42 MN *9213
7512
__ _ _
General bs series B
1974 F A *113%
9513 113 11318
-- --„NY L E & W Dock &Impt 65 .. _'43 J .1 51033 107 __-8 15
1977 1 J 109
87
1 10
-General g 435s series C
_87
1155 105
10812 110
NY & Long Branch gen 4s
8 30 100 4 107 1093
1941 M S *1013,
3
General 4345 series D
9512 101'2 10112
8
1981 1 D 10812 1093
NY & N E I3oet Term 48
121
Plana Co sec be series A
0114
4 84
1939 A 0 ---19672 0 823
- -81
84
10 100
1967 SIN 1077 10813
8
Phlla Elec Co 1st & ref 430
1077 110
NY N H & II n-c deb 4s
40
-1971 F A 10614 1063
895
, 10414 1063
4 37
1st & ref 45
3714
1947 M 0 *
39
39
4
Non-cony debenture 3355
1947 M El.__
35
3613 Phila & Reading C & I ref be __ _1973 1 J 73
39 __ -483,
35
73
7378 23
75
Non-cony debenture 330
34
1954 A 0 34
Cony deb 68
34
I
31
37
1949M 8 51
60
017
28
30
537g
Non-cony debenture 48
37
225
8
11
0
2014
Philippine Ity 1st s f 413
1959.2 .1 36
35%
343 40
2214 2412
4
1937 .1 1 2214
33 8 3912 Phillips Petrol deb 530
Non-cony debenture 4/3
35
8414
3613 27
8 34
357
1956 M N
10118 1027
1939 J D 10212 1027
8
10812 19 10214 107 1087
31
Cony debenture 335s
10
33
36% Pillsbury Flour Mills 20-yr 65 ___'43 A 0 107
1956 J J 3334 3312
8
Cony debenture 6s
994 104 104
10412 ---Pirelli Co (Italy) cony 7s
1948 .1 J 4212 44i. 101
43
4212 52
1952 M N *104
Collateral trust 63
1940 A 0 5613 57
3 100
A 0 10912 10912
Pitts CC az St L 430 A
28
63
1940
64
51
10834 1093
4
4 273
____
Debenture 45
1957 M N 263
99
39
24
Series B 435s guar
25
3014
10812 10914
1942 A 0 *10812
8 3834 41
1st & ref 430 ser 01 1927
3914
Series C 430 guar
19672 D 373
37
109 109
45
1942 M N •10818 --------1003
--------9724
9414 24
93
9514
Harlem R & Pt Ches let 48_1954 MN 94
Series D 48 guar
1945 MN •104
82
NY O&Wref g 48
.5612 23
8913
5212
Series E 330 guar gold
50
61
June 1092 M S 55
1949* A *10014 ____ --2
46
General 45
1955 _I D 46
1953 .1 D •10512 ____ ---4434
9618
Series F 45 guar gold
45
49
--------98
NY Providence & Boston 45
_ __-8118
____
___
Series 0 48 guar
1942 A 0
1957 MN *107
ioiis 106;
- -7
N Y & Putnam let con gu 48
1960 F A *10512 ____ ---*8312 86
Series II cons guar 4s
6014
9618
8412 8714
1993 A 0 *9878--- ____
•N Y Rye Corp Inc 6s___Jan
1963 F A *1083, --------99
Series I cons 4355
913
95
4
4 26
4
93
1965 Apr
8
1133, 1 1338
--75
Prior lien Os series A
_ ---Series .2 cons guar 430
1965 J .1 74
9612
14
58
70% 7612
1964 M N
4
1970 .1 D *10918--- 4
11312 114:
NY & Richm Gas 1st Os A
General 5855 series A
8634 1114 1 -14
96
1951 M N *10714 108 ---1073 10812
4
-14
9
1975 A 0 113% 115
218
Gen mtge 6/3 ser B
8514 1113, 115
- *13
4
1962
114
2
234 ---IN Y State Rys 430 A etis
213
_
14
*13
4
76
Gen 435s series C
/630 :tortes 13 certificates
4 21
1962 1977.2 .1 10614 1063
1043 1063
4
4
N 10813 1093, 7.0
N Y Steam Cis Belles A
1947 M
98
108 11012 Pitts Sh & L E 1st g 5s
1940 a 0 *11014 --------97
106%
1st mortgage bs
let conso Igold 55
4
3
1951 Ai N 106
1043 10612
1943 J J •10334
90
8
4 17
1st mortgage 5s
9113 1047 10634 Pitts 1, a & Char 1st 48 guar
M N 1063 1063
N 10714 16714
1958
8
4
1943 M
04
1074 107,1
404
63 ____
NY Susq & Neat 1st net 55
1937 1 J *56
66 --- *Pitts & W Va lot 432s tier A.... 1958 1 D •58
56
60
63
60
68
1937 F A *45% 49 __-,
20 gold 435s
70 ---1st 51 430 series 13
43
62
493 62
4
1958 A 0 .58
r70 r70
F A 47
4812
General gold 6/3
1st M 430 series C
7
1940
3134
47
5112
64 --- 523
1960 A 0 .58
4
573 08
. __
1001
--------02
Pitts Y & Ash lot 45 ser A
Terminal 1st gold be
1948 J D •102
728
9812 100
1943 M N *99
NY 'I elep 1st & gen s f 430
122 1021s 109 11012
1st gen 5s series B
97
1939 SIN 11014 11012 _1962 F A •110---611 1
N Y Trap Rock 1st 6s
9
Port Arthur Can & Dk 6/i A
458,
8 - 07
1- 8
1946 J D 59
59
62
4
1953 F A 807
6114
804 IA
4 303 130
NY Westch dc 131st sect 4 As _ _ _'46 J .1 283
1953 F A *80
92 ____
8
1st mtge (is series B
66
28
2312 32
Nlag Lock &0Pow 1st 58 A
157
58
3712
0
90
10412 10618 Port Gen Elea 1st 435s ser C _ _1960 M S 56
1955 A 0 10618 10618
5014 60
7512 86
5e assented
5712 56
NiagaraShare(Slo) deb 5355_ _1950 M N 71
48
4512
6214 7312
1957 ---- 5614
504 (SO
Portland Gen Elec 1st 58
22 ____
19352 1 10012 101
75
•NorddeutscheLloyd 20-yr s(6s _'47 M N *6112 733 ---,
4
33
63
98 101
8
New 4-8%
2814
1
1947 St N 4813 4812 10
4613 6218
367s .` 4412 50 . Porto Rican Am Tob cony 6, .._ _242. J 4714 48
4
4934 72
Nord Ry ext sink fund 830
Postal Teleg & Cable call 5s
35 10512 16114 171
1950 A 0 16714 171
19532 .1 473
37
443 524
4
173 1814
liNorfolk South 1st & ref 63
50 -___
1981 F A
40
1738 1912 §:Pressed Steel Car cony g 5s
9
1933 1 J .47
5
43% 55
/
16i2 183 Providence See guar deb 4s__
1712
1712
4
:Certificates of deposit
2
4
1957 M N *--„,35
35
34 ---35
1956 M S 591612 --------8113
1941 M N 40
40
I:Norfolk & South let g 58
Providence Term 1st 45
6
144
367 40
8
110
90
N & W Ity let cons 048
8
4
7
_'67 J D 1077 10812
:
3981s
9114 11012 1123 Pub Seri El & Gist dc ref 430
1096 0 A 11212 1123
10718 109
1970 F A 1077 10812
DWI 1st Ilen & gen g45
9734
8
1st & ref 435s
11
1075 10934
1944 .1 1 10818 1083, 14
07
107 108
1971 A 0 1055u 10612 35
Pocah C&C Joint 4s
1st ez ref 4s
8
96
8814 105 1063,
106 10712
1941.2 D 10712 10712
8614 151
North Amer Co deb 55
Pure 0118 f 534% notes
5
(ills
87
8114 87
1061 F A 8.5
1937 F A 1013, 1011.
10012 10113
No Am Edison deb be ser A
82
8
S f 534% notes
42
1957 M 8 793
66
82
1910 M S 1007 10112 29
7418 82
993 10112
4
56
22
Deb 530 ser 13
4 84
63
7812 8612 Purity Bakeries Fr f deb 5s
Aug 15 1963 F A 8514 86
1948 1 .1 823
784
8231 90
Deb 68 ser C
7112 81
Nov 15 1969 MN 78
81
82
5
4
____
98
*111
_ __ ____ :Radio-Keith-Orpheum pt pd ctfs
North Cent gen dc ref 5/3 A
1974 M El
_ . *4518
Gen & ref 455s series A
for deb Os & corn stk (65% pd)
35
1974 M El *106
:North Ohio 1st guar g Ss
-311
15
40
-§(Debenture gold Os
1945 A 0 *42% 60
35
111 31
40
1941 5 31
32
jEx Apr'33-Oct'33-Apr'34 elms- _ __
*35
543 ---4
Reading Co Jersey Cent colas
_'51 A 0 9912 997
353
4
9712 10012
8 84
73
:Strand as to sale Oct 1933, &
1073
4 26
Gen & ref 430 series A
79
1997 J J 107
106 10818
10714 10712 15
45 __-_
:Apr 1934 coupons
343
8
42
42
Gen & ref 430 series B
1997 3 J
7914 10612 10812
747
Nor Ohio Tree & Lt Os A
7
4
63
1947 M El 1073 108
1043 10814 Rem Rand deb 530 with warr ____'47 M N 9912 10014 95
4
99 10012
North Pacific prior lien 45
86
76
4
1997 Q 1 1033 105
10212 105
Rensselaer & Saratoga Sean
1941 M N •110
Gen lien rY dc Id g 3a Jan
118
75
___
5012
2047 Q F 74
81 1031-4 I-7318 707
1940 A 0 *1033, 164 .
8
0514
18
8()
87
Ref & gen 530 miles A
20472 .1 86
857 8912
8
8
1953 1 .1 9612 93
0113
Ref & ImPt 430 series A
95 10212
Ref az impt Os miles B
6812
4
7
9 7 1023 Revere Cop & Brass Os ser A
8s
4
2047.2 .1 993 10013 231
1948 51 8 1073 108
76
4
10714 1084
49 ____
Ref & impt 55 series C
4
64
91
964 •Rheinelbe Union s f 75
2047 J 1 9112 92
2613
1946 J J 542
3614 41
61
12
Ref & limn 58 series D
92
6
25
91
96
3918
*Rhine-Ruhr Water series 65
2047.2 J 92
1953 J J 3834
313 3918
Nor Ry of Calif guar g 58
4413 -___
*Rhine-Westphalia El Pr 7s
100
105 105
1938 A 0 .10518
3614
1950 MN .4218
4113 44
Nor States Pow 25-yr be A
89
4 86
103 1053
8
4
*Direct mtge Os
1941 A 0 1047 1053
4
34%
3034 4312
1952 M N 432 4313
let & ref b-yr 68 ger B
15
3
03
10814
35
10514 10814
43
*Cons mtge Os 01 1928
1941 A 0 108
1953 F A z43
403 43
4
Northwestern Teleg 435s ext
__
*Cons M 6s 01 1930 with warr.
1944 .1 .1 ------------100
9
3213
__'55 A 0 4213 4312
40
4312
1957 5,4 N 94 3 95
Norweg Hydro-El Nit 535s
24
683
88
____-95
§:Richfield OH of Calif Os
20
1944 M N 23013 3012 17
29% 3313
Og & L Cham 1st gu g 48
MN 294 3012
40
2
1948.2 .1 40
16
43
19%
29
504
40
:Certificates of deposit
3311
Ohio Connecting Ity 1st 45
1943 51 S 1043
38
60 -- __
Rich & Meek 1st 045
1948 5 11 N *46
3
Ohio Public Service 7358 A
1948 A 0 11014 11034 12
10914 111
Richrn Term By 1st gu 58
89
_ --- 1952 J J
90
1st & ref 7:3 series B
*50
4
1947 F A 109
78
107% 1093 *Rims Steel 1st 8 f 78
10913
8
61
1955 F A *104-.- - -__
45
60
11111
92 — _ _
Ohio River hit 1st g 5s
1936 J D *1023 1033, 90
10318 104
4
Rio Grande June 1st gu 5.1
1939 J 0 *85
70
8513 86
General gold 5s
1937 A 0 *1037
*1
4
87
1940.7 I
1023, 10313 :Rio Grande Sou 1st gold 4s
8
It
:Old Ben Coal 181 65
1944 F A .15
133 18
4
17 ____
10
------------1
1
:Guar 4e (Jan 1922 coupon)_ _1940 J J •1
.
1943 F A 110
Ontario Power N F 1st So__
9
66
75
11014
78
78
*Rio Grande West 1st gold 4s
10912 111
2
1939 J J 76
99
1945 M N
Ontario Transmission 1st 55
1
9412 112 11212
39
37
37
•Ist con & coil trust 4s A
4712
1940 4 0 37
Oregon RR & Nay corn g 4s
5
1946.3 D 1071/ 10718
8314 105 1077 Rocb G&E gen Si 530 ser C
4
4
96
10712 100
o
'48 M 5 10813 109
Ore Short Line lot cons g bs
1948 J .1 11534 1158
197758 S •10712
86
11414 1157
8
Gen mtge 43.4s series D
7 100
993
8 11518 11812
- 8
Guar stpd cons 58
8
1946 J 1 11614 1163
Gen mtge 58 series E
5
1962 M S 1085, 10838912
10. 12 I01338
7 -For footnotes see page 1119.
ilr.......----.—...,-.
____
111
N
BONDS
Y. STOCK EXCHANGE
Week Ended Feb. 15
111 I Ark & Louis 1st 4445
Royal Dutch 45 with warr
•Ruhr Chemicals f (Is
Rut-Canada lot gu g 48
Rutland RR 1st con 434s
weeks
-41 Range or 1
t
L',..
-r. Friday's
4:: Bid & Asked az.3
1934 M
1945 A
1948 A
1949 J
1941 J
High No
Low
4
115
8
S 1114
4
1
4
0 1083 1083
53 ---0 *38
1
1 4014 4014
42
42
J
5
JUly 1
1933 to
Jan. 31
1935
845
8 35
55
J 83
8
17
70
J 1045 106
__
--------95
5 *110
37 ---J *35
3554
284
.35
37 --29
39 ---1946 A 0 *35
*35
3618 ---30
- ---90
1989 M N
*1614 20
634
1950 A 0 *11038--- --,
1512 1512
2
10,
4
1218
17 ---1950 A 0 *1814
1014
A 0 *1512 17 ---314 ---212
*3
1949 F A
1959 A 0
618
64
,
2
b
- 5deposit
8
8
'2
85
1945 M It
6
/
1
4
7181 16
5
/
1
4
10
1714 --,
1933 M S 51418
2
/
1
4
18
3
3
11135 A 0
3
2
2
/
1
4
3
1935 F A
29
35
1948 F A 8412 86
86
1952 SIN 10312 10414 31
/ 102
1
4
/ 25
1
4
784
/
1
1947 M N 102
6
58
8 8018
1952 J D 787
39
9
/
4
1935 .1 J 621 6414
4 501
/
4
3
38
1951 NI S 493
3
883
4
1949 F A 10858 10812
1948 F A *38
397 ---,
3
28
37
33
5812 60
1941 F A
s
1937 M s 10314 10312 26 1007
4 25
9874
1938 1 D 10412 1043
80
1939 M s 10018 10114 100
1936 F A *10514 --------99
89
---1963 A 0 *11112
1943 J
1952 J
1942 NI
1946 J
14
South Bell Tel & Tel (slot bs
8
_'41 J J 1087 109
Southern Colo Power (is A
4
/
4
1947 J 1 901 92
/ 21
1
4
So Pac coil 48(Cent Pac coil)
1949 J D 8612 67
let 434s (Oregon Lines) A
130
1977 M S 8018 81
Gold 434*
23
/ 66
1
4
196881 s 63
6412 46
Gold 43.4s
1909 M N 63
1981 MN 62
/ 64
1
4
Gold 43.4*
122
San Fran Term 1st 4s
17
/
1
1950 A 0 1024 103
So Pac of Cal lot con gu g be
---1937 SIN *10612
So Pac Coast lot gu g 4s
1937 ,j .1 *10014
So Pao RR lat ref guar 45
9378 95
1955 J J
183
Southern By let cons g be
32
1994 J J 1004 102
Devi & gen 4s series A
5612 26
1956 A 0 55
,
753
4 12
Devi & gen Os
1956 A 0 74 4
Devl & gen 834s
79
110
1956 A 0 76
95 ____
Mem Div lot g 55
8
1996 J .1 *907
/
1
4
St Louis Div 1st g 48
1951 J J *8412 87 ---103 ---East Tenn reorg lien g 55
1938 M S *102
4
Mobile & Ohio coil tr 48
1938 NI S 6112 62
S'west Bell Tel 1st & ref 513
19
1954 F A 10912 110
1955 j 1
714
714
1
(Spokane Internal 1st g bs
10412 123
Stand Oil of N Y deb 4 34o
1951 J D 104
Staten Island By 1st 440
1943 J I) *9512_- ---I:Stevens Ifotels 6s series A
1512 15
/
1
4
2
1945 J J
4 45
/ 59
1
4
§:Studebaker Corp 6% notes ____'42 .1 D 423
4214 45
55
(Certificates of deposit
Sunbury & Lewiston 1st 4s
- ---,
1936 .1 1
118
11818
Syracuse Ltg Co lot g 55
5
1951 J D •10112---
Range
Since
Jan. 1
High
Low Low
9
/
1
4
11
1312
90
/ 10512 13612
1
4
4014
35
3412
431
, _
_
-_
-1
;15
50
103
/
1
4
4
834
St Joe & Grand Told 1st 4s
1947 J j 103
4
St Joseph Lead deb b4.45
1941 M N 1083 10918 20 10534
98
10014
70
5
1937 m N
St Jos Ry Lt Ht dc Pr let 5s_
8414
-St Lawr & Adr let g bs
1996 J J *864 90
--------70
2d gold 6s
1996 A 0 *80
St Louis Iron Mt & Southern—
454
132
/
1
•§Itly & G Div 1st g 4s
1933 MN 664 70
*641
---62
•Certlfteates of deposit
8-- ---- 4
50
52
St L Peor dr N W let gu 5s
1948 1 J *-,..._
37
70 --,
St L Rocky Mt de P bs stpd
1955 J J *h6
1414
1514 29
12
(St L-San Fran pr lien 4s A
19,50 J J
11
125
8 1314
11
(Certificates of deposit
/
4
1950 j / 141 1512 11
12
:Prior lien 5s series B
124 133
/
1
4 10
11
(Certificates of depoeit
1212 47
94
/
1
4
:Con M 434s series A
1978 M S 113
11
1212 24
94
/
1
jetts of deposit stamped
774 21
764
61
St L 9 W 1st 48i, ibond etre ____1989 51 N
60 ____
414
2s g 4s Inc bond ctfs
Nov 1989 J 1 *56
13
48
43
181 terminal dr unifying be
1952 1 J 47
4 38
3 8
Gen & ret g be ser A
1990 J J 3712 383
6,
1
45
J 8612 861^
St Paul City Cable cons be
1937 J
2
457
10
88
1937 J J 88
Guaranteed bs
/
1
4
_-- ---SIP & Duluth lot con g 4s
19681 D *99
84
45
7
:
-4-9 ---St Paul E Gr Trk 1st 434s
1947 J J 5-. 6
1312
104 16
/
1
•St Paul & K C Sh L gu 454s. _ 1941 F A
1943 j j 108
10812 52
9218
St Paul Minn & Man 5
25
88
Mont ext let gold 45
1937 J D 10214 103
100
7
85
t Pacific ext gu 45 (large)
1940 J J 100
28
98
St Paul Un Dep &sonar
1972 1 J 11518 116
9 A & Ar Pass lot gu g 4s
San Antonio Publ Berl, lot (ls
Santa Fe Pres & ('hen 151 55
Achille° Co guar 8 tie
Stamped
Guar of 639* series B
Stamped
Scioto V & N E 1st gu 4s
§:Seaboard Air Line 1st g 48
:Certificates of deposit
Mold 45 stamped
(Certifs of deposit stamped
:Adjustment 55
Oct
(fRefunding 45
:Certificates of
(1st &cons 8s seriesseriesA
(Certificates of deposit
illAtl & Birm 1st g 4s
:Seaboard All Fla Os A etre
:Series 11 certificates
Sharon Steel Hoop if 5348
Shell Pipe Lines f deb 513
Shell Union Oils t deb be
Shlnyetsu El Pow 1st 834s
•§Slemens & Retake 8 f 75
•Debenture s f 614s
Sierra & San Fran Power be
*Silesia Elee Corp it 6445
Silesian-Am Corp colt tr 75
Sinclair Cons 0117e ser A
1st lien 644s series B
Skelly 011 deb 15348
So & No Ala cons go g be
Gen cone guar 50-year bs
1119
New York Bond Record—Concluded—Page 6
Volume 140
10311
6014
48
65
44
43
42
8018
100
95
6018
74
4512
58
65
60
534
/
1
73
4218
104
83
4
90
9612
12
30
/
1
4
31
983
4
103
103 10314
1083 11134
4
96 10014
87
88
80
/ 85
1
4
637
8
633
4
52
60
1334
125
8
1434
1212
1112
103
4
7814
57
4614
3717.
7814
79
10112
70
6414
561s
65
1714
18
18
1612
1412
137
8
7818
80
53
4434
90
88
102
Week's
July 1
1933 to
Range 07
Q
Frtaay's
0, Jan. 31
;44 Bid & Asked 42.2 1935
,
—
Low
High No. Low
104
4
18 ---1945 A 0 *143
**Union Cloy RY (Chic) 5s
1173
4 11 105
May 1942 F A 117
Union 011 30-yr Ss A
4 10
92
/
1
4
Apr 1945 J D 10412 1043
Deb bs with warr
94
Union Pac RR 18t &Id gr 4s ____1947 J J 10914 11012 127
804
4 26
1st Lien & ref 4s
June 2008 M 9 10614 1063
1053
4 32
81
1967 J .1 105
Gold 430
99
11
lot Hen & ref bs
June 2008 M S 1175s 11814
785
8
8
1988 1 D 1015 10258 114
Gold 4s
1
97
107
United Biscuit of Am deb 613 ___1942 M N 107
4 9114 37
53
1953 M S 893
United Drug Co (Del) be
9712
__ ---1944 M S *1081
U NJ RR & Can gen 45
2814
8-2814
4
153
1
1934 J J
i(United Rye St L let g 48
58
4 9514 162
1947 J J 933
US Rubber let & ref 50 ser A
--------8518
1937 M N *98
United 9 9Co 15
-year 8s
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 15
.1
rj
a ...
•Un Steel Works Corp 84.4s A_•_ —1951 ./
1951 J
*Sec. s t 6)45 series C
1947 J
*Sink fund deb 6345 ser A
Un Steel Works(Burbach)75
1951 A
*Universal Pipe & Bad deb 65 —1936 J
•Unterelbe Power & Light 6s__..1953 A
1944 A
Utah Lt & Trac let & ref 5s
1944 F
Utah Power & Light let bs
Utica Elec L & P lst s f B be
1950 J
Utica Gas & Elec ref & ext 55 .._ I957 J
1947 1
CU! Power dr Light 5445
1959 F
Debenture 543
I
a41
D a4I
D *4118 43 - -__
11
40
41
J
125 _--0 *109
7
30
4
D 21,
57 ____
0 54114
425
0 7412 77
7712 7912 72
A
J *112
.- ---,2
11
J 117
n 2918 3514 202
4 3112 814
243
A
26
27
23
98
/
1
4
13
33
504
5534
109
100
203
8
18
59
/
1
8 29
Vanadium Corp of Am cony be _ _ '41 A 0 904 925
8 --------99
1955 F A *1035
Vandal's cons g 413 series A
/
1
1957 M N *1034 --------85
Cons s f 4a series B
8
175
184
6
3
3
1933.1 J
1083 •SVera Crus & P lot gu Vie
4
3
*312
- ---J J
•§July coupon off
103
3
53
- 4 15
4
1942 ---10118 •Vertlentes Sugar 78 ate
95
9
4
1942 M 9 1103 112
Va Elec & Pow cony 64.4s
116
8 10 10114
55 series B
1954 J D 10612 1067
9 107
Secured cony 5448
1944 1 J 11112 112
82
844
/
1
50
Va Iron Coal & Coke lot g 55
1949 M S *5818 65 --__
1003 106
4
91
4
10212
6 M N 102
Virginia Midland gen be
108 110
757
8
/
4
2003 J 1 *961 _ ---Va & Southwest lot gu 5s
55
8
83
- -78
1958 A 0 83
1st cons ba
48
89
1982 M N 11112 112
Virginia Ry 1st 55 series A
8418
8
1962 M N *10518 1057 ---lot mtge 4345 series B
10918 10912
571
/
4
94
943
4 61
Wabash RR lot gold Se
1939 M N
17
18
48
3
7012 7012
1939 F A
12d gold be
1512 17
50
59 --1954 1 .1 *55
lot lien g term 45
18
20
_ ____
70
1941 J J *995
Det & Chic Ext 101 55
17
20
46
1
53
1939 1 1 53 8-_Des Moines Div lot g 45
2
/ 318
1
4
38
1
48
1941 A 0 48
Omaha Div iota 3348
61 9
/
4
56
5
79
9
Toledo & Chic Div g 45
1941 M 8 7
53
4 8
1218
4 1712 20
8
1178 :Wabash By ref & gen 539s A
'75 M S 163
11
165 ____
8
. ____
:Certificates of deposit
618 10
12
1718
1712 13
13 76 1-A
,
(Ref & gen 58
164 171
/
1
/
4
____
17 ---11
:Certificates of deposit
234 4
12
1714 21
1978 A 0 17
(Ref & gen 434o series C
23 3
4 /
1
4
1658 12
11
1618
(Certitleatee of deposit_
8212 883
4
12
3
1718
0 17
1980 I:Ref & gen 55 series D
10314 10414
:Certificates of deposit
10214 103
1212
3
i --__
•Walworth deb 6 A PI with warr__ '35 A o .55
7612 81
1212
37 ---A 0 *31
6414
*Without warrants
58
181s
1945 A 0 4612 4812 14
*1st alnithag fund (is ser A
45
503
4
1033 10812
4
24
/
1
/
1
1939 M S 544 554 70
3818 Warner Bros Pict deb 88
30
26
2914 24
1939 M S 28
Warner-Quinlan Co deb 88
517 GO
s
1 104
1941 J D 10512 10512
Warner Sugar RetIn 1st 7s
1021 104
/
4
30
11
1941 M S 3714 40
Warren Bros Co deb 65
1035 105
8
91 ---76
2000 F A *__ _
983 101 14 Warren RR lot ref gu g 334e
4
79
9314
9314
1
1948 Q M
1043 10434 Washington Cent 1st gold 4s
4
------88
1945 F A .10152
112 112
Wash Term 1st Hu 330
94
_ ____
1945 F A *104
1st 40-year guar 4s
9818
8 _-1939.1 J *1075 108 _ _ _ _
Wash Water Power 5 f be
10818 110
1 10314
Westchester Ltg bs stpd gtd __ _1950 J D 11714 11714
82
924
1946 M S 10934 11012 19 10014
8412 7214 West Penn Power ser A Ss
1963 M El *11614 118 ---- 10174
lot bs series E
77
81
5 101
1956 1 D 10834 109
1st sec 5s series0
61
69
90,4
1
/ 1077
1
4
g
lot mtge 45 ser 11
1961 1 J 107
611 6912
/
4
6012 684
/
1
9418
4 34
1944 A 0 10512 1053
1003 10314 Western Electric deb bs
4
6118
8
1952 A 0 9212 935 196
-------- Western Maryland 1st 4s
88
9912 10118 121
1s1 & ref 544s series A
1977 J .1
4 100
1937 J J 10612 810612
West NY & Pa 1st g 58
913 95
4
78
2
1943 A 0 310312 10312
Gen gold 48
991 10318
/
4
23
18
1948 Ild El 3218 33
544 6212 *Western Pac 1st 55 ser A
/
1
31 12
3
3214 3214
•55 Assented
1946
74
81
8518
5
10212
1938 .1 J 102
Western Union coll trust 55
76
86
674
/
1
8612 10
1950 M N 8514
Funding & real est g 440
92
1936 F A 10118 10112 23
15
-year 634*
837 88
8
711
/
4
4 8912 16
1951 .1 D 883
25
-year gold 5s
102 1021
/
4
72
/ 29
1
4
4 87
1980 M S 863
30-year 5s
61
67
27
4
4312
*Westphalia Un El Power 6s_,..1953 .1 1 43
10918 Ill
86
37
/ 86
1
4
2381 J .1 85
714
912 West Shore lot 48 guar
20 ---82
2361 J J 8114
Registered
10112
103
155
8
106
102
993
4
113
Range
Since
Jan. 1
Low
High
13
13,
2
11612 1183
s
1033 10514
4
10778 11012
10414 107
10414 1057
8
1163 11814
4
9912 1021
/
4
105 107
/
1
4
8912 93 2
,
108 108
284 30
9012 9514
98
98
3
35 4 4112
37
41
3518 41
121 121
21
30
373 41
4
65
77
69
/ 7912
1
4
-.117 1 1812
-2414 3514
-2014 3117
8812 924
/
1
4
10213
4
33
4
110
10514
11018
575
8
102
9518
81
1103
8
10412
10214
412
4
6
112
108
/
1
4
112
60
10212
9658
84
113
1057
s
9318 96
7012 75
5312 53 2
,
9312 100
53
657
s
48
50
77
79
1612 1912
1618 17
1618 1914
- ---1614 1912
161 1718
/
4
164 1912
/
1
55
-- 3
8
3612 3612
44
50
5312
264
/
1
10512
36
---9112
6012
297
8
10712
423
8
__
134
105 107
-/
1
4
11514 11714
1081 110,2
/
4
11414 116,2
10818 109
1051 2 1071
/
4
10412 106 4
,
8712 935
8
9812 10118
10618 107
102 104
32
37
31
363
4
10112 10212
8612
84
10012 10212
864 90
/
1
85
/ 884
1
4
/
1
354 43 2
/
1
,
86
83
78
82
10414 104
81
4
'4
1968 NI S *1033 10414 ____
Wheel & L E ref 4445 ser A
1512 --16
_ ____
6518 104 104
1966 NI 5 *10514
Refunding bs series 13
424 4912
/
1
10214 10258
83
6
_-- 8
1949 NI S 10212 1025
ItFt 1st consol 4s
4214 49
10014 10314
70
30
1948 J J 10114 102
__ Wheeling Steel Corp 1st btis
-___
90
96
60
1953 A 0 9218 934 146
let & ref 444e series B
116 11813
65
85
43 8
,
8 80 ____
'36 J J *745
White Sew Mach 60 with warr
66
7612
59
Tenn Cent lot 68 A or 11
45
3
12
1947 A 0 58
7612
J J 75
43
/
1
4
554 63
Without warrants
/
1
1 10118 113 11512
I enn Coal Iron & RR gen 55
115
65
72
4218
6
72
72
1951.1 J 115
Pattie s f deb 85
1940 MN
Tenn Copp &Chem deb 68 B
/ 95 ---1
4
60
NI 8 *93
:Wickwire Spencer St'l 1st 7s
914 95
'35
9% 12
414
7
/
1
Tenn Idea I ow 1st (is ser A
10
1014
1947 J D 9412 954 61
:CU dep Chase Nat Bank
90
9714
5418
'term Assn of St L 1st g 444e
3
/
1
4
91 13
/
4
1939 A 0 *10958. ---1014 52
99
912
(Ctfs for col & ref cony 75 A _ __1935 MN
10812 10918
1st cons gold 55
012
45
48
33
2
45
98
4
1944 F A 10912 1110912 11012 Wilk & East lot gu g 58
1942 J D 45
/
4
Gen refund s f g 45
1011 10412
1953 J J 10314 10412 53
71
1
9512 9512
Texarkana & Ft S gu 5345 A
88
5
8414
1950 F A
10212 103 4
92
9614 Will & A F let gold 5s
,
1938 J D 10314 1034
/
4
'texas Corp cony deb 55
954 10814 10912
/
1
9
931 103 1041 Wilson & Co 1st s f 85 A
/
4
1944 A 0 1041 10412 29
/
4
1941 A 0 10914 10912
Tex & N 0 con gold bs
83
__ ____
64
1943 J J *8014 87 - -83
8634 Winston-Salem S B let 4s
19601 1
it- 1312
) texas &Pao 1st gold bs
1018
7
82
20001 D 11718 11712 13
1112
1154 11712 (Wis Cent 50-yr 1st gen 45
/
1
10
1949 .1 J *104-yg
•2d Income 54
,
Dec 1201)0 Mar *___- 109 ___
618. 10 2
812
9 8 ---,
(Certificates of deposit
8 9212 27
Gen & ret be series B
55
1977 A 0 913
612 7
812
8 __ __
893 9312
,
:Sup & Dul thy & term 1st 49 __38 tili *64
4
917
8 13
5
6312
Gen & ref 55 series C
1979 A 0 91
5
53
8
8958 9312
2
5
5
_
:Certificates of
/
4
---- ----66
3
Gen & ret be series D
1980 J D 911 92
54
893 9312 Wor & Conn East 1st 43.4s
4
deposit--J *40
1943 .1
24
95
Tex Pac-MO Pao Ter 5440 A
1964 M 5 94
87
8912 95
8314
7
/
1
Third Ave By let ref 40
1960 1 J 5712 584
92
55
5S1 Youngstown Sheet & Tube 5s ____'78 J J 923
/
4
38
/ 983
1
4
944 93
/
1
4
4
2512 15
2158
1980 A 0 25
2418 2812
•Ad1 Inc be tax-ex N Y_Jan
1st mtge of 5s Ber B
9212 9914
83 4
,
/
4
1970 A 0 9312 941 69
/
4
8514 10014 10218
Third Ave RR 1st g 55
1937 J J *1011 102 _-_ Toho Else Power 151 75 A
1955 M S 887
7014
1
5 884
/
1
8812 90
Tokyo Nice Light Co Ltd—
e.Caslisales in which no account is taken n computing the range, are given below:
747
8 78
/ 305
1
4
1953 .1 D
72
783
4
57
•
/
1
4
let 138 dollar series
West N. Y. & Penn. 5s, Feb. 14 at 108.
4
85
(9351 J *1003 10112 ---1003 101
4
T01,4 Ohio Cent 1st gu bs
___ ____
91
1935 A 0
101 101
Western Div 1st g be
r Cashisales not Included in year's range. a Deterred delivery sale not included in
10114 10114
10014 10113 Year's range. n Under-the-rule sale not included in year's range. I NegotlabilitY
83
1
1935 1 D *101General gold bs
8 857
8
60
6
1950 A 0 887
854 90
/
1
Tol St L & W let 4s
hnpaired by maturity. t Accrued interest payable at exchange rate of 54.8685.
/
1
1942 NI 5 *1054 --------103
103 103
ml W V & Ohio 45 ser C
8
_ ____
82
1948 .1 D *985
9614 99 :Companies reported
Toronto ham & Buff lot g 45
'
DIn receivership and bonds selling flat. • - 1•Iday's bid and
_/
4
1949 M 13 *11512 118 _--- 1011 11214 11214 asked
El let g 55
Trenton G &
price. • Bonds selling flat.
35
2
77
77
1943 Si N
70
80
Truax-Traer Coal cony Otis
1013
8 34
6718 100 10214
1940 M N 100
Trumbull Steel 1st a f 6s
2 Deferred delivery sales In which no account Is taken In computing the range, are
___ __-4518
.._,
85
90
•tyro! Hydro-Elec Pow 74s_...-1955 MN ____
90 ___8914 9214 given ...ow'
_.
41714s May 1 1935 coupon on _1955 __ . *81
8214 85
- 434
1
Berlin City El. 6s 1955, Feb. 9 at 3834. Pan Am. Pet. 65 1940, Feb. 15 at 3835.
84
1952 F -A 84
*Guar sec s f 7s
8512 89
Budapest 6s, Feb. 11 at 3834.
____
85 ____
Iran Am. Pet 65 ctfs., Feb. 11 at 3834.
.78 Feb 1 1935 coupon on_ 1952 ____ 83
Rhine-Westphalia El. Pow. 6.9 '53, Feb.
Chic. & Erie 55, Feb. 14 at 1144.
Deutsche 68 1932, Feb. 13 at 64.
00 at 4234.
89
6918
2
87
89
1945 M 9 89
UJIgawa Elec Power of Ts
943
8 107 1094 Dominican Rep. 534s 42, Feb. 15 at 66. Richfield Oil 6.9, Feb. 13 at 2934.
39
4
/
1
1957 A 0 1073 108
Union Elec Lt dr Pr (51o) 58
West N.Y.& Penn. 45, Feb. 14 at loaq.
994 10412 10612 IA. Cent. 4s 1953, Feb. 11 at 733,1.
2
Un EL dr P (III) 1st g 534o A ..-1954 J .1 10658 10614
New York Curb Exchange-Weekly and Yearly Record
and when selling outside of the
NOTICE -Casts and deferred delivery eudes are disregarded In the week's range, unless they are the only transactions of the week,
for the year.
regular weekly range are shown In a footnote In the week in which they occur. No account is taken of such sales in computing the range
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
entirely
the week beginning on Saturday last (Feb.9 1935) and ending the present Friday (Feb.15 1935). It is compiled bond, in
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
which any dealings occurred during the week covered:
Week's Range
of Prices
Par Low
Stocks26
Acme Wire Co v t 0
Adams Millis 7% let Lif 100
Aero Supply Mfg class B_.
Agfa Ansco Corp com_ _1
Ainsworth Mfg Corp__ _ _10 1954
134
•
Mr Investors corn
Warrants
AlabamaGt Southern___50 364
• 49
Ala Power $7 prof
• 45
$6 preferred
A
A lgoma Consol Corp corn.*
Alliance Investment com_*
• 134
Allied Mills Inc
Aluminum Co common _ _ _• 4334
100 7055
6% preference
Aluminum Goods Mfg- •
Aluminum industries corn*
•
Aluminum Ltd corn
C warrants
100
6% preferred
1
134
Amer Beverage corn
American Book Co_ _ _ _100 60
Amer Brit & Coot Corp_ •
Amer Capital•
Class A corn
•
Common chum B
.
$3 preferred
Amer Cigar Co pref_100
Am Cities Pow & LI25 3254
Class A
14
1
Class B
• 16
Amer Cyanamid el B n-v .
Amer Dist Tel NJ corn.. •
Amer EQUitifil Co nom_ _ _1
34
Amer Founders Corp __I
50 15
7% pref series 13
6% let pref ser D___ _50 144
255
Amer & Foreign Pow warr_
193's
Amer Gas & Elea nom__
• 86
Preferred
355
1
Amer Investors corn
Amer Laundry Mach _ _ _20 1331
874
2.5
Amer I. & Tr corn
25 18%
6% preferred
•
Amer Maize Prod
35
1
Amer Maracaibo Co
•
Amer Meter Co
Amer Pneumatic ServIce_•
Amer Potash & Chemical_.
1
Am Superpower Corp corn•
• 463/i
let preferred
• 10
Preferred
414
.
Amer Thread Co prof_ _ _5
Amsterdam Trading
•
American shares
Anchor Post
- 34Fenc
Appalachian El Pow prof.* 76%
55
.
Arcturua Radio Tube_ _1
Arkansas Nat Gas com___•
4
Common class A
4
•
24
10
Preferred
Arkansas P & L $7 pref *
Armstrong Cork nom__ __• 2154
335
Art Metal Works nom__ _ _5
Associated Elea Industries
5%
Amer deposit mtg....El
Assoc Gas & Elan1
Common
1
Claaa A
4
•
$5 preferred
Associated Rayon nom_ •
•
Assoc Tel HUI corn
8
Atlantic Coast Flahertes_ _•
_50
Atlantic Coast Line Co _SO
8
•
Atlas Corp common
• 4755
$3 preference A
215
,
Warrants
554
•
Atha Plywood Corp
614
Automatic
-Voting Mach_•
Axton-Fisher Tobacco10 60
Class A common
Babcock & Wilcox Co._ __• 30%
Ballwin Locomotive Works
Warrants
Baumann(L)&Co7% pfd100
351
Bananas Aircraft VI o_ _1
Bell Tel of Canada
100
155
Benson & Hedges corn _ ___.
9
Bickforda Inc nom_ _ •__•
• 3934
82.50 COIIV ire!
Bliss(E W)& Co com_ . 5
155
Blue Ridge Corp com_ __ _ I
• 3831
$3 opt cony pref
34
•
Blumenthal (3) & Co
Bohack OH C)Co eons
. •
7% let Prat
100
Botany Consol Mills
•
4
•
Itourloln Inc
Bower Roller Bearing
6 17%
Isowman-Biltmore Hotels100
7% 1st prof
BraallilanTr Lt & Pow__ •
4
•
Bridgeport Machine
•
Brill Corp class B
1
Class A
•
•
Brill° Mfg Co corn
•
Class A
•
Brit Amer 011 coup
British Amer TobaccoAm dep rcta ord beareal 2834
British Celanets• Ltd24
Am dep rcta ord reg _ -10a
Brown Co 6% prof
100
855
Brown Forman Distillery _1
50 32
Buckeye Pipe Line
Buff Nlag & East Pr prof 25 1654
• 77
$5 1st preferred
Bulova Watch $355 Pref--•
Bunker Hill & Sullivan_10 324
Buren, IncCommon
•
•
$3 cony preferred
3i
Warrants
2
Burma Am dep rcta rea she
For footnotes see page 1125
Sales
for
Week
July 1
1933 to
Jan.31
1935
Week's Range
of Prices
Range Since
Jan. 1 1935
High
Low
Low
855 Jan
655
87.4 Jan
Jan
Feb 106
664 103
255 Jan
Jan
2
35
355 Jan
315 Jan
3
1831 Feb 204 Jan
5
400
134 Jan
Jan
1
9%6
500
4 Jan
X Jan
X
Jan
Jan 40
50 3354 36
Feb
4136 Jan 52
400 26
Feb
37
Jan 45
10 25
X Feb
30021
X Feb
1/6
sis
54 Feb
II,. Feb
1531 Feb
54 1255 Jan
14,800
Jan
4215 Feb 52
250 43
Jan 74% Jan
70
300 54
104 Jan
94 Jan
8
lz 6
74 Feb
74 Feb
2055 Jan 204 Jan
1831
234 Jan
24. Jan
3
Jan
57
56
Jan
37
1% Jan
1
100
17-4 Jan
Feb
Jan 62
57
70 41
55 Feb
51 Jan
Si
High Shares
194
135
364
52
45
55
1531
4434
71
134
62
155
1
54
54
1854
955
110
110
3334
13-4
17
625
400
5,000
55
15
1431
254
20
88
334
14
9
18%
900
25
150
300
7,700
950
200
300
600
100
316
1,000
135 20,600
900
49
100
10
400
415
7,6
76%
3,6
4
4
3
800
10
300
800
1,400
300
2155
37-4
1,100
300
54
716
100
2,
400 6
294
155
15%
76
14
55
1351
1331
235
194
804
215
13
8%
1731
20
X
11
1
15
1
4415
10
4
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jun
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
334
154
4
17
76
14
15
1531
1555
3
214
88
351
154
10
1934
25
%
14
1
19%
14
54
13
455
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
1131
4
5735
4
34
55
115
254
13
134
1131
55
71
55
34
51
255
414
2155
,
355
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
11X
35
7634
9-16
155
1316
33.4
4134
24
44
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
655
Jan
4
Si
55
134
834
4855
2%
555
655
4
2
2,100
• 24
74
7,600
400 35
24
1,000
555
300
200
134
60
314
50
1835
34
155
9
40
5
134
399-4
334
454
174
654
1
294
255
934
32
1734
77
34
3-4
2
25
75
Jan
Jan
Jan
Jan
234
14
854
734
1
54
84
8
24
1631
5755
2
1031
84
16
20
X
554
1
11
1
4515
84
3
1
915
Jan
17.4
15
Jan
Jan 20
Jan 110
551
Jan
st6
55
14
2
54
74
27
8
4755
255
555
5
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
584 Jan
30% Feb
15 Jan
55 Jan
1% Feb
235 Jan
54 Jan
1055 Jan
Jan
30
955 Jan
4951 Jan
Jan
3
655 Jan
655 Jan
60
3755
Feb
Jan
355 Jan
23.4 Jan
254
2515 Jan
11
2555 Jan
351 Jail
354 Jan
154
100
Jan
10455 12955 Jan 132
14 Jan
155 Feb
154
100
Jan
9
84 Feb
415
200
400 23
3931 Feb 405.1 Feb
654 Jan
44 Jan
155
100
Jan
2
155 Jan
700
134
Jan
200 2855 3634 Jan 41
355 Jan
254 Jan
2
100
Jan
11
11
Jan
8
Feb
Feb 65
64
40
31 Jan
X
Jan
916
455 Jan
3% Jan
355
800
184 Jan
800" 64 164 Jan
154
8
14
55
A
855
224
1255
154
955
334
54
1
64
25
154
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
1031 Jan
631 Feb
54 Jan
1
Jan
635 Jan
Jan
25
154 Jan
2434
2811
Feb
314
255
334
900
654
50 26
3,000 14%
100' 66
1855
500 26
255
73-4
834
304
143-1
694
2514
3055
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34 Jan
84 Jan
94 Jan
Jan
33
1734 Feb
77
Feb
Jan
28
39.1i Jan
5,100
200
2,000
700
300
100
X
2355
116
2
% Feb
224 Feb
A Jan
Jan
2
115
25
3,6
2%
Jan
Jan
Jan
Jan
Jan
High
Stocks (Continued) Par Low
7
7
Butler Brothers
16
34
4
Cable Elea Prod v t o
•
Cables & Wireless LtdAra dep rcts A ord sha_ El
Am dep rota B ord shit £1
Amer dep rcts prat sha gl
20
Calamba Sugar Estate_ _20 20
Canadian Hydro Elea Lte
6% 151 preferred.._ _100
94
9
Canadian Indira Alcohol A•
•
B non-voting
174
174
Canadian Marconi
1
134 2
Carib Syndicate
25e
Carman & Co
Convert,ble claaa A ____•
• 1731 1715
Carnation Co corn
60
Carolina P & L $7 prat_ _ _• 60
86 preferred
*
• 17
1831
Carrier Corporation
5% 615
Catalin Corp of Amer _ _ _ _1
Celanese Corp of America
7% let panic pref __ _100 1054 107
7% prior preferred _ __100 103 10355
Celluloid Corp corn
15
. 35
35
57 div preferred
78
• 78
ls preferred
Cent Mud 0 & E v t o__ •
Cent P & L 7% prat_ __ 100 214 23
--- - Cent & South West Util__
716
%
Cent States Elea nom__ _ _ 1
I% 13-4
6% prof without warr 100
254
231
100
7% preferred
Cony preferred
100
174
155
Cony prof op ear 29-100
5
5
•
Centrifugal Pine
Charts Corporation new_.1 134 1334
Chesebrough Mfg
25 148% 1524
5 1631 1634
Chicago Mall Order
Chicago River de Maoh • 1431 1455
Chief Consol Mining
1
100 21
2515
Childs Co pre(
. 1
154
Cities Service nom
855 934
•
Preferred
1
1
•
Preferred 13
. 10
10
Preferred BB
12
Cities Serv P & L 57 pref_• 12
• 1254 1231
56 preferred
354 33-4
•
City Auto Stamping
Claude Neon Lights Inc...!
Cleve Elea Blum com____•
735 1034
Cleveland Tractor com___•
Club Aluminum Utens '_.
, •
4
A
Colon 011 Corp oom
•
Colt's Patent Fire Arms _25 274 2855
Columbia Gas & Elea
5534
Cony 5% prof
100 48
35
ii
Columbia 011 & Gas vte_.•
Colum bia Pictures
•
Commonwealth Edison _100 5434 55
Commonwealth & Southern
A
A
Warrants
74 835
Community P & L ES prof•
Community Water Serv_•
1531 1755
Compo Shoe Machinery _ _ i
8,4 914
Consolidated Aircraft_ _ _ i
.
Consol Auto Merchand'g.•
•
$3.50 preferred
23-4 24
Consol Copper Mines_ _ -5
Consol GE L&P Balt nom • 56% Si)
Como' Min & Smelt Ltd _25 1344 135
24 355
5
Consol RetsJI Stores
8% preferred w w__100 3934 40
Consol Royalty 011
10
Cont G & E 7% prior p1100
Continental Securities ___•
Cooper Bessemer com
. _•
•
Copper Range Co
•
354 315
5
Cord Corp
Corroon & Reynolds
254
254
1
Common
•
36 preferred A
54
Coaden 011 corn
51
1
Courtaulds Ltd
Am dep rcts ord reg.-£1 124 12%
955
9
Crane Co corn
25
Preferred
100
5 114 12
Creole Petroleum
Crocker Wheeler Elea_ _ . 555 555
1
1
115
Croft Brewing Co
Crowley Milner & Co corn •
%
Crown Cent Petroleum _1
4
854 834
Crown Cork Internati A _•
.
Cuban Tobacco com vto_.
• 3255 33
Cuneo Press corn
100
631% Preferred
255
2
Cued Mexican Mining_ _50e
Darby Petroleum nom. _6
Davenport Hoeiery MIlls..• 1355 1455
611
8
DIctograph Products_ _2
Distilled Liquors Corp_ 5 1434 1534
Distillers Co LtdAmer depoalt rcts _ _ _ _ gl 2231 2231
Distillers Corp Seagrams_• 1655 1735
12
• 12
Doodler Die Casting
• 8655 90
Dow Chemical
•
Draper Corp
Driver Harris Co
10 1755 184
7% preferred
100
51
31
Dubiller Condenser Corp.1
43%
Duke Power Co
10 41
955 934
Duval Texas Sulphur _ _•
44 44
20
Eagle Pieher Lead Co
East Gaa & Fuel Assoc
•
Common
6214
414% prior preferred_100 62
100
6% preferred
East States Pow corn B_ •
555 655
$6 preferred series B___•
57 preferred series A _ •
3
33.4
Easy Washing Mach "I3".•
Economy Groc Stores com•
Edison Bros Stores mom.. •
35
35
•
Eisler Electric Coro
July 1
1933 to
A03.31
1935
Sales
for
Week
Shares Low
24
900
31
1,200
Range Since
Jan. 1 1935
Low
64 Jan
916 Jan
High
754 Jan
1
Jan
34
334
80036 154
A
4
20
Jan
Jan
Jan
Feb
1
Feb
14 Jan
Jan
4
Feb
20
79
554
44
155
134
79
711
654
151
154
Jan
Jan
Jan
Jan
Jan
79
94
9
214
234
Jan
Jan
Jan
Jan
Jan
6
1355
83
27
44
314
634 Jan
Jan
17
5414 Jan
Feb
61
Jan
15
5
Jan
64
1755
60
61
18%
64
Feb
Feb
Feb
Feb
Feb
Jan
9m
1,400
700
600
400
25
4,000
2,800
"
916
Jan
102% Jan 107
81
Jan 10334 Jan
102
75
15
Jan
64 1231 Jail
Jan
Jan 36
125 1615 33
Feb
Jan 78
72
125 40
Jan
9
9
Jan
8
Feb
2054: Jan 23
275 11
X Jan
X Jan
31
-__
_-_
35 Jan
4 Jan
34
1,600
14 Jan
14 Feb
1
200
24 Feb
231 Feb
2
50
234 Jan
2
Jan
1
2
Jail
135 Jan
14
100
5
Jan
451 Jan
314
100
144 Jan
1351 Feb
9
200
Jan 1524 Feb
140
350 105
174 Feb
1631 Feb
200• 84
154 Jan
44 1255 Jan
1,000
4 Jail
35 Jan
55
Jan
Feb 30
140
54 21
155 Jan
1
Feb
14
30,900
855 Feb 13% Jail
2,100 10
1
1% Jail
Feb
300
1
19
Jail
Feb 13
50
855
Feb 144 Jan
50 1031 12
Jail
13
1234 Feb
815
50
Jail
355 Jan
5
3
200
55 Jan
4 Jan
516
2615 Jan
214 2315 Jan
535 Jan 10% Feb
7,300
135
55 Jan
4 Jan
4
'
516 Jan
31 Jan
54
200
Jan 2854 Feb
25
225 15
225
150
64
51
3955
5531
Jan
Feb
Jan
Jan
316
Jan
84
Jan
55
Jail
1755
Jan
1054
Jan
4
Jan
55
Jan
24
Jan
Jan 59
Feb 140
354
Jan
Jan 40
xl%
Jan
Jan 394
351
Feb
515
Jan
194
Jan
4
Feb
494
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
254
2631
if
Jan
Jan
Jan
234
28
55
Jail
Jan
Jan
8
5
32
555
1,300
354
900
3,7001 1
16 254
55
100
54
800
2
500 1554
6954
14,700
9t6
431
500 1054
115
500
300* 117-4
1114
855
87
114
5
1
251
55
855
215
30
87
175
415
1315
555
144
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
1231
1055
87
1355
735
14
234
54
84
3
33
87
254
455
16
7
15%
Feb
Jail
Feb
Jail
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
200 1751
835
15,900
3
100
800 52 3655
54
955
300
48
616
200
100 33
2
600
34
500
2234 Feb
154 Jan
114 Feb
Jan
84
Jan
60
154 Jan
Jan
94
X Feb
Jan
37
84 Feb
Jan
4
2354 dun
184 Jan
1454 Jail
Jan
92
Jail
60
1835 Jan
Feb
95
% Jan
434 Feb
1014 Jan
Jan
5
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
5
Jan
64
5031 Jan
55 Feb
655 Jan
654 Jan
451 Jan
Jan
20
2634 Feb
55 Jan
57
55
194
1,700' 3034
48
4
38
474
A
3
54
8
6
116
16
62c
4554
A
515
916
13
815
'16
h
I
5255
13451
215
3454
xi%
3655
3
4
164
334
334
500
2,200
1,700
400
1,600
900
17,200
1,300
30
1,6001
901
1,500
115
55
1254
14
29
2
24
12
3
24
I
10
100
100
34
2,400
950
9
355
6
756 53
6 4035
55
455
250
555
23-4
400
6 1555
6
54
100
34
58
56
A
5
551
3
20
2455
A
Feb
Jan
Jan
Jan
Volume 140
Financial Chronicle
Week's Range
of Prices
Stocks (Continued) Par Low
High
Elea Bond & Share com__ _ 5
5% 634
$5 Preferred
• 44
48
26 preferred
• 4734 5234
Elea Power Assoc com .1
Class A
1
3% 3%
Elan P & L 2d pre A_
•
Option warrants
134 1%
Electric ShareholdingCommon
1
$6 cony pret w w
• 4134 4354
Elea Shovel Coal Co$4 partic preferred
•
Electrographle c orp com_l
Empire District El 6%_100 16
16
Empire Gas & Fuel Co6% preferred
100
7% preferred
100 12
13%
8% preferred
100 15
16
Empire Power Part Stk...• 10
10
Equity Corp com
100
1% 1%
Eureka Pipe Line
100
European Electric CorpClass A
10
7
736
Option warrants
54
54
Evans Wallower Lead_ __.
•
34
A
Ex-cell-0 Air & Tool
3
654 7
Fairchild Aviation
1
836 854
I ajar& Sugar Co
100
Falcon Lead Mines1
'16
'16
Falstaff Brewing
1
3
3
Fanny Farmer Candy---1
8% 8%
Fansteel Products Co_
•
Fedders Mfg Co class A... 10
10%
Ferro 1•:narnel Corp corn. _. 10% 11
Fidelio Brewery
1
9,6
ji
Flre Association (Phila.) 10
First National Stores7% let preferred ____100 113 113
Fisk Rubber Corp
1
8% 954
$6 preferred
100
Flintokote Co CIA
• 12
1256
Florida P & L $7 pref.-_• 1334 15
Ford Motor Co LtaAm dep rots ord rag-El
7% 7%
Ford Motor of Can Cl A_ _• 30
31
Claw B
• 33
35
Ford Motor of FranceAmerican dep rcts _100
Poremos t Dairy Products _•
Cony preferred
•
Foundation Co (torn shin•
5% 554
Froedtert Grain & MaltCony preferred
lh
July 1
Sales 1933 to
for
Jan.31
Week
1935
Shares Low
16,300
6
5,300 25
15,700 2634
3
1,600
3
3%
900
1
1,150
100
Range Since
Jan. 1 1935
Week's Range
of Prices
Low
5
Feb
34
Jan
3736 Jan
3
Jan
3
Jan
4
Jan
1
Feb
High
7% Jan
Feb
48
52% Feb
4
Jan
4
Jan
4% Jan
th Jan
1
34
136
40
Jan
Jan
1% Jan
43% Feb
1
1
12%
1
6
14
Jan
Jan
Jan
1
Jan
6% Feb
Feb
16
1 10
200 loll
150 33 13%
100
4
5,300
1
30
200
534
300
%
100
316
2,70016 234
1,200
254
59
24.100
11
600
251
900' 254
136
200 16 634
400
7%
1,400
54
:I 31
12
Jan 13%
Feb15
12
Feb18%
15
9% Feb10%
156 Jan
154
Jan 34
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
654
36
316
6
814
71
1,6
2%
8%
2%
9%
10%
9
%
.57
854
54
56
736
834
78%
1 16
316
934
251
10%
12%
%
5834
50 110
112
Jan 114% Jan
4,100
551
7% Feb11% Jan
Feb88
Jan
35% 78
400
11% Feb15
Jan
3%
700
11% Jan
834
Feb
15
3,200
2,700
150
454
834
1454
734 Feb
28% Jan
32
Feb
9%
3236
3734
Jan
Jan
Jan
300
2%
A
51
334
2% Jan
54 Jan
14 Jan
556 Feb
3%
A
56
656
Jan
Jan
Jan
Jan
14% Jan 15%
1434
(larlock Packing com____• 2454 2435
200 1134
2434 Feb 2634
General Alloys Co
•
134 1%
300
1
1
Jan
134
General Aviation CorpCommon (new)
1 16
116 Jan
116
Gen Electric Co LtdAm dap rcts ord reg__51
954
1134 Feb1234
(len Fireproofing com
•
3
516
434 Jan
Gen Gas Ar Elea$6 cony pref li
•
1251 Jan
534
1334
(
len Investment cam--1
716
%
600
516
h
716 Jan
$6 cony prat Mau 11_.....• 1534 1534
100
3
15
17
Jan
Warrants
%
116 Jan
132
(Jan Pub Serv $6 prat_
•
20
28
Jan 3034
(len Rayon Co A stock __•
134 1%
loo
1
156 Feb
1%
(I eneral Tire es Itubber__25 63
6456
150 52
6031 Feb 7134
5% preferred A
100
Jan 97
5634 94
Georgia Power $6 pref___. 56
150 35
5834
52
Jan 59
Gilbert (A C) nom
•
1
2
Jan
234
Glen Alden Coal
• 2034 21
300 10
20
Feb 24
Globe Underwriters Inc_ _2
83-4
734
300
5%
Jan
8%
7
Godchaux Sugars class A."
17
1734
300. 10
17
Feb
1734
Class B
•
351
9
7
Jan
8
Goldfield Consol Mines.
103
16
216
500
54
54 Jan
316
Gold Seal Electrical
1
N ‘
s16
900
54
% Jan
.
1 16
• Gorham Inc class A com_•
3
3
100
154
3
Jan
356
$3 preferred
• 18
1934
300 14
17
Jan
1954
Gorham Mfg CoV to agreement extended
10%
18
1434 Jan
Grand Rapids Varnish_ __•
67-4
67-4
100
454
651 Jan
754
Gray Teiep Pay Station _•
8
9% Jan
1034
Great MI & Pac TeaNon-vot corn stock _ _ __• 126 127
170 115
126
Jan 139
7% let preferred ___100 12336 124
60 120
122% Jan 128
(it Northern Paper
25 22
23
150 1934 22
Feb 26
Greenfield Tap & Die----•
354
5% Jan
6
Greyhound Corp
5 22
2954 42,300' 5
2014 Jan
294
Grocery Stores Prod v t 025
54
Feb
8
%
Guardian
916 Jan
54
36
,
Gulf 011 Coro of Penne...2o 5654 57
Investors1
1,200 43
55
Feb 60%
Gulf States 1.1111 $6 pref _
40
55
Jan 55
$5.50 preferred
4051 55
Jan
55
Gypsum, Lime& Alabast.•
634
7
Jan
7
Hall Lamp Co
6 3
.
6
556 Jan
6
II appiness Candy
1,
34 Jan
Si
II artford Electric Light _25
4834 5034 Jan 5154
II artman Tobacco Co_
•
134 Jan
54
1%
!Instable
2%
8
Jan
8%
I lecla Mining Co
Corp. 6% 7% 3,200
25
4
654 Feb
851
I(elan& Rubenstein
•
1
1
700
21
ji Jan
1
Hayden Chemical
10 40
4034
300 14
37
Jan 42
Holophane Co
*
1%
2
Jan
234
110111116er Consol G M _ _ _5 1734 1836
7,000
17% Jan 20%
83-4
Holly Sugar Corp corn. •
17 856 30
Jan 3234
Horn (A C) Co corn
•
134
134 Feb256
lIorn de lIardart
• 21% 2134
25 1551 20
Feb24%
7% preferred
100 103 103
10 8334 10234 Jan 10436
Iliad Bay Min & Smelt__• 1251 12%
2,200
7%
1154 Jan
1334
Humble 011 & Ref
• 4634 49
5,400" 225-4
44
Jan 49
Iluylers of Delaware IncCommon
1
Jan
1
516
1
7% prof stamped
100
23
23
Jan
2656
Hydro Electric Securitles_•
454 Jan
334
454
Ilygrade Food Prod
5
256
2.56 Jan
356
HYgrade Sylvania Cow-. 2934 34
700 17
26
Jan 34
Illinois P & L $6 pret
• 1834 20%
1,450 10
13% Jan 2056
6% preferred
-----------10
100
14
Jan
1434
illuminating Shares Co A.
3456 34% Jan 3434
Imperial Chem Industries
Amer dsposit rota_ _CI
8
9% Jan
936
Imperial 011 (Can) osup_• 16% 16% 4,500 1054 1634 Feb
1756
Registered
• 1656 16%
300 1134
17
1654 Jan
Imperial Tob of Canada...5 13
1334
300
13
934
Feb
1334
lin perical Tobacco of Great
Britain and Ireland_ _CI
2334 3434 Jan 3551
Indiana Pipe Line
10
4% 4%
100
356
3% Jan
451
Indianapolis P & L656% preferred
100
48
55
Jan 65
Indian Ter Illum 011Non-votIng class A _ __ _•
1% 1%
200
1
154 Jan
156
Industrial Finance1
V t c common
g
1% Feb
1%
7% preferred
100
4 3.1
25
43.4
234
3
Jan
4%
Insurance Co of N Amer_10 5354 54%
800 8454 5334 Jan 5534
International Cigar Mach •
1856 3034 Jan 32%
For footnotes see rage 1 125.
Feb
1121
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Stocks (Continued) Par Low
Internat Hydro-EiecFret 33.50 series
736
50
In Lornat Mining Corp _ _ _ 1 14
Warrants
656
International Petroleum _• 29%
Registered
29%
International Products _ _ _•
351
Internati Safety Razor B..•
134
InternaV1 Utility
Class A
•
Class B
1
56
Warrant.
Interstate Equities
Common
1
$3 cony preferred___50 22%
Interstate Hoe Mills
• 27
Interstate Power $7 pref-5
Iron Fireman v t c
•
Irving Mr Chute
1
5%
Italian Superpower A
•
16
Warrants
516
Jersey Central P & L
5% %Preferred
100
•
Jonas & Naumbarg
•
53 cony preferred
Jones & Laughlin Stee1.100 24
Kerr Lake Mines
4
56
Kingsbury Breweries_ __ _1
1%
Kirby Petroleum
1 .2%
Kirkland Lake GM Ltd_ _1
Klein(Emil)
• 16
Klelnert Rubber
10
Knott Corp
1
Kohn& Brandes Ltd_ ...El
Koppers Gas & Coke Co6% preferred
100
Kress (S II) 2nd pre!
-100
Kreuger Brewing
1
6
Lackawanna RR of NJ 100
Lake Shore Mines Ltd_ _ _1 50%
Lakey Foundry & Mach /
Lane Bryant 7% pref 100
Lefcourt Realty corn
1 ..
Preferred
• 18
Lehigh Coal & Nay
6%
•
Leonard 011 Develop_ -25
54
Lerner Stores common _ _• 4334
6% pref with warr _100 93
Libby McNeil & Libby_10
734
Lion 011 Development •
3%
Loblaw Groceterlas A _ •
Lone Star Gas Corp
•
5%
Long Island LtgCommon
•
234
7% preferred
100 4834
Pref class 13
100 40%
Louisiana Land dt Explor _1
5%
Ludlow 1.1fg Assoc
5
•
Lynch Corp corn
5 39
MangelStores Corp
•
6%% prat w w
100 57
Mapes Consol Mfg
•
Marconi Internat MarineAmerican dep receipts-CI
Marconi Wireless, see Canadlan Marconi.
Margay Oil Corp
4
•
Marion Steam Shovel_
•
Maryland Casualty
1
1%
Mass Util Assoc vtc
1
Massey-Harris corn
•
Mavis Bottling class A.,..)
216
Mayflower Associates_
•
may Hosiery $4 prof
•
McColl Frontenac
• 15
6% preferred
Oil__150
McCord Red de Mfg B__•
6
McWilliams Dredging __ _.• x2734
Mead Johnson & Co
• 62%
Memphis Nat Gas com_5
Mercantile Stores corn_ • 1154
7% preferred
Ha
Merritt Chapman & Scott•
1%
Mesabi Iron Co
•
Metropolitan Edison-$6 preferred
. 8054
Mexico-Ohio Oil
•
Michigan Gas & 011
216
•
Michigan Sugar Co
•
1.16
Middle States Petrol
Class A v t c
•
Class 1.1 v t a
•
%
Middle West UM corn...
•
54
$6 cony pref ser A w yr_ •
Certificates of dep___•
Midland Royalty Corp
$2 cony pref
•
Midland Steel Prod
•
Midvale Co
• 36
Mining Corp of Canada_ •
Minnesota Min & Mfg.._'
'
Mississippi River Fuel
Bond rights
34
Mississippi River Power
Preferred
100 82
Mock Judson Voehringer..• 1134
Mob & Bud Pow let pref_• 36
Molybdenum Corp vi 0.1
831
Montgomery Ward A _ _ _• 134
Montreal Lt Ht & Pow
•
Moody's Investors Service
Panic preferred
• 25
Moore Drop Forging A •
Moore Ltd pref A.100
Mountain States Power_ •
.
Mountain & Gulf 011
1
A
Mountain Producers _ _ lo
.
4%
Mountain Ste Tel & Tel 100 108%
Murphy(0 CI Co
• 78
Nachman Springfilled
•
Nati Hellas Hess com____)
174
Nat Bond & Share Corp..' 30
Nat Dairy Products
100 104
7% pref class A
National Fuel Gas
• 1334
National Investors com _ _1
134
$5.50 preferred
1
Warrants
34
Nat Leather corn
1
•
National P & L $6 pre__ _• 4854
Nst Rubber Mach
•
734
Nat Service common
1
54
Cony part preferred_ •
Nat Sugar Refining
• 33
National Transit_ _ _12.50
751
Nat Union Radio com _ _ _ -1
916
Natomaa Co
•
834
Neill Corp corn
•
Sales
for
Week
July 1
193310
Jan.31
1935
High Shares
Low
Range Since
Jan. 1 1935
Low
High
8
14%
6%
30%
29%
3%
1%
300
900
1,600
3,000
1,200
100
200
654
7%
234
15%
23
1
1
56
400
151
54
'16
134
51
34
Jan
Jan
Jan
2
34
56
Jan
Jan
Jan
24%
27
200
100
6%
1
216
2,700
200
500
%
1534
13
7
3%
254
54
34
%
20
26%
8
15
3%
%
316
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1116
24%
27%
12
15
6%
1%
926
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
42
54
5
15%
56
151
%
54
934
5
1
5,
43
54
7%
24
54
154
2
916
15
636
1%
A
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
44
16
9%
3034
%
234
2%
11 6
,
16
6%
156
56
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
55
10
434
5934
2,200• 3234
%
25
1
300
7
400
554
1,200
216
1,500 1034
70 40
4,900
234
100' 3
15
4%
400
74
11%
554
5954
48
%
67
234
18
634
516
40
9154
64
351
1754
434
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
773.6
1234
7
76
55
156
80
251
20
754
54
45%
9634
8
4.54
1834
6%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
200
120
275
3,600
234 Jan
Jan
48
Jan
37
434 Jan
Jan
89
3551 Jan
8% Jan
5034 Jan
Jan
30
25
%
2
2%
16
100
200
800
1,300
100
7
500
52
18
6%
716
45%
96%
8
3%
534
2%
53
4434
556
39
57
2
38
32
134
70
100' 2254
1
20 12
2934
7
Jan
13
Jan
5% Jan
28% Jan
29% Feb
234 Jan
131 Feb
634
4%
15%
%'
15
6
3054
63
11%
1%
8134
254
1.16
8%
200
4%
154
300
1
. 1
3
1,500
M
33
22
100 12
9S
156
200
2,050' 1255
300 4451
154
100
851
60
200
54
216
75 4654
16
100
2%
100 ,6 %
1
36
31
100
800
54
'16
36
%
Jan
56
Jan
3
53
Feb
4434 Feb
556 Feb
9434 Jan
Jan
41
Jan
10
Jan
61
3354 Jan
83-4
Jan
4
236
134
1
454
216
4054
43
1434
98
8
21%
60
2
11%
70
54
316
Feb
434
Jan
334
Jan
116
Feb
1
Jan
551
Jan
56
Fab 44
Jan 43
15%
Jan
Jan 98
Feb
756
Jan 3054
Jan 63%
Jan
2%
Feb1334
Jan 733-4
Jan
1%
Jail
16
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
80
14
234
%
Jan
Jar
Jan
Jan
8154
1
23-4
.
1 16
Feb
Jan
Jan
Jan
134
A
'16
54
%
Jan
Jan
Jan
Jan
Jan
131
316
316
34
A
Jan
Jan
Jan
Jan
Jan
10
11
40
134
12
Jan
Jan
Jail
Jan
Jan
25
36
9% Jan
15% Jan
656 Jan
3156 Jan
31% Jan
3% Jan
134 Feb
4
434
1854
1%
15
19 7
Feb
9
754 Jan
35
Jan
1% Jan
Jan
12
200
34
% Feb
54 Feb
10 65
82
82
Feb 82
Feb
11%
200
654 11% Feb
Jan
14
38
400 3034
33
Jan 40
Jan
951 10,100
9% Jan
234
734 Jan
127
134
Jan 135% Jan
90' 56
2734 30
Jan
,
3134 Jun
25
34
43.4
10834
7914
2
30
104
13%
154
716
131
55
7%
516
33%
751
"16
834
75
Jan
2534
Jan 20
Jan 125%
Jan
56
Feb54
Jan
434
Jan 110
Jan 7914
Jan
851
Feb
234
Feb 30
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
102
600
100
Feb107
Jan
1334
Jan
154
Jan 66
9,6
Jan
Jan
134
Feb 5,5
Jan
854
Jan
A
Jan
11
Jan
3334
Feb
7%
Jan
%
Jan
9
Jar
3%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
23
1.634
654
20
90
125
54
54
%
200
56
100
316
454
10 100
105%
1,100 3134 72
9 454
834
4,200
151
134
100 2834
2934
103
80
13
1274
1
13.1
35
66
1,500
516
516
400
54
I
2,400 32
47
900
2
556
1,000
3.4
A
54
%
700 29
3136
100
651
634
700
316
55
3.100" 33.4
774
q
3
Week's Range Sales
for
of Prices
Week
July 1
1933 to
Jan.31
1935
For footnotes see page 1125.
High
9335 Jan
Jan
8
Jan
9
531 Jan
Jan
40
254 Jan
5831 Jan
234 Jan
4031 Jan
Jan
12
134 Feb
Jan
39
6134 Jan
5344 Jan
1311 Jan
1431 Jan
11831 Feb
331 Feb
5311 Feb
331
34
"Is
Jan
Jan
Jan
334 Jan
133.4 Jan
234 Jan
Feb
1
3831 Jan
134 Jan
Jan
6
Jan
25
34 Jan
231 Feb
34 Jan
Feb
32
51
53.4
1034
8
2234
20
70
91
90
1034
1
431
111
234
2131
1834
7411
834
28
4311
234
334
35
6411
36
7
6
11
234
10
8435
77
5714
8931
33
120
8
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
2
3334
1031
231
%
1134
Jan
Jan
Jan
Jan
Jan
Jan
631
43.4
60
58
25m
134
1031
936
30
111
1331
fie
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
15
Jan
131 Feb
631 Jan
Jan
83
1034 Jan
534 Jan
1931 Jan
17
Feb
Jan
77
34
Jan
1936 Jan
13
Jan
4436 Jan
334 Jan
131
Feb
13534 Jan
34 Jan
8
Feb
% Jan
si6 Feb
5
25
131
734
831
131
34
2.36
13-4
1234
1
31
2%
931
114
1
316
z
1
1..
July 1
Week's Range Sales 1933 to
Jan.31
for
of Prices
Week
1935
Range Since
Jan. 1 1935
Low
Stocks (Continued) Par Low
High Shares Low
Feb
Nelsner Bros 7% prei_101., 90
90
50 203.4 90
2
Nelson(Berman)Corp_ __5
731 Jan
734 Feb
314
734 731
100
Noptune Meter class A ___•
1
Nestle-Le Mur class A__ •
534 Jan
Nay-Calif El Corp corn 100
6
3534 Jan
200
1%
234 Jan
New Bradford 011
6
231 231
5
25 5134 53% 1,550 4731 5134 Feb
New Jersey Zinc
111 Jan
34
134
400
New Mel & Ariz Land _ _ _ I
134
35
Feb
Nev(rnont Mining Corp_10 3631 3731
1,100 34
12
Jan
1031
New Process corn
34
corn
1%
100
116
N Y Auction co
•
134 Feb
33
Feb
NY & Honduras Rosarto10 33
200 1736
3436
59
6134 Jan
N Y Pr & Lt 7% pref __ _100
5
5354 5314 Jan
26 preferred
N 1 Shipbuilding CorpFeb
8
9
Feunders sbares
9
300
1
9
13
Feb
14
100 13
• 14
N Y Steam Corp com
11531 Jan
200 113
N Y Telep 634% pref- 100 11734 11831
331 Jan
.5
3
N Y Transit
4631 Feb
5336
,
400 20
N Y Wat Serv 6% pfd _ _100 50
Niaga6a Bud PowJan
3
15
3
5,200
3
Common
331
31 Jan
Class A opt warr
31
300 7
34
31
916 Jan
34
Clam(B opt warrantsNiagara Share200
214 2%
234 Jan
5
234
Class B common
1131 Jan
711
• 1234 1234
200
-Pond
Niles-Bement
231 Jan
,
_5
236 236
800 6 134
NI plotting Mines
11
31 Jan
1
100
Notes Electric
•
1
37
Feb
37
50 3031
Northam Warren pref__.• 37
Nor Amer Lt & Pr-34 Jan
1
Common
51
3
434 Jan
50
534 534
$6 preferred_.•
24.31 Jan
18
North American Matcb_ •
31 Jan
31
North Amer URI Sec__ •
2
Jan
111
234 234
100
Nor Cent Texas 011 Co.._5
316 Jan
I
Nor European 011 con'
'is
32
Feb
21
Nor Ind Pub Ser 6% pfd100
Northern N Y Utilities
.
30 4531 4531 Jan
7% 1st preferred _ _ _100 4734 49
414
536 Jan
10
Northern Pipe Line
931 Jan
200
1331
931 936
Nor Ste Pow corn class A100
531 Jan
3
Northwest Engineering_ •
200 31 1431 2011 Feb
2136
Nova&1-Agene Corp.__.• 21
Jan
19
100 3 10
'
20
Ohio Brass Cool B corn__• 19
Feb
•
4531 70
Ohio Edison $6 prof
Jan
100 9034 91
300 8131 89
Ohio 011 6% pre!
30 80
8536 Jan
100 89
90
Ohio Power 6% pref
5
100
634 Jan
011stocks Ltd corn
634
934 931
11
14 Jan
Outboard Motors B com_•
4
100
31
16
ji
4
Jan
•
Class A cony pref
100
131
131 Jan
*
114
116
Overseas Securities
234 Jan
1
1,200 27 134
Pacific Eastern Corp
254 236
1,700 :334
2031 Jan
Pantile0& E6% 1st pref25 2046 21
25 1634
1834 Jan
25
531% Ist pref
7434
150 a 613n
,
Pacific Ltg $e Pre
• 74
713-4 Jan
8
3
1,200" 134
Pacific Pub Sore let pref_'
731 Feb
25
Jan
Pacific Tin spec stk
10
3934 Jan
Pan Amer Airways_ _10 4336 4334 1,000 3134
Pantepec (11101 Vanes__ •
134
116
1,400
11
131 Jan
1
311 Feb
Paramount Motors
331
Parke. Davis & Co
6 34
35
1,100 1931 3234 Jan
-Proof corn__ * 5934 6234
Jan
Parker Rust
800 12 3931 55
•
Feb
Pender (David) el A_
2434 34
7
Feb
Class B
8
6
Jan
5
Peninsular Telep nom_
*
1
Jan
Penn Mel Fuel Co
8
234
1
111
Pennroad Corp v t c
136 5,200
134 Jan
154
•
Jan
6
10
Pa Gas & Elea class A_
•
7434 8034 Jan
Pa Pr & Lt $7 pref
•
Jan
7236 77
$6 preferred
Pa Water & Power Co_ ___• 5534 5734
300 4134 5331 Jan
Feb
Pepperell Mfg Co
100 7334 7631 '
70 6534 573
•
9 21
33
Jan
Perfect Circle Co
Feb
Pet 4,111k Co 7% pref--100
9034 115
•
Philadelphia Co corn
534 z 531 Feb
Phoenix Securities1
111
400
%
194 Jan
Common
134
Jan
$3 cony pref see A_..10
1631 29
334
831 Jan
Pie Bakeries corn v t a_ •
•
2
Jan
1
Pierce Governor com
25
Pines Winterfront
34
% Jan
9
834
934 Jan
900
10
1031
Pioneer Gold Mines Ltd_ ..1
Pitney-Bowes Postage
531 51
4
,
800
53-4 Jan
•
234
Meter
1
2
231 Jan
Pittsburgh Forgings
54
57
Jan
Pittsburgh & Late Erie_50
Pittsburgh Plate G1ass...25 5534 5636 1,150 3031 5334 Jan
24% Feb
200 6 10
Pond Creek Pocabontas__• 2431 2534
200
% %
134
Jan
5
134
Potrero Sugar com
200
736
731 Jan
'
Powdrell & A lexander___ _6
931 1031
931 Feb
7
7
Power Corp of Canada,,,
1534 28
Jan
Pratt & Lambert Co.. •
134 Jan
1%
1
300
14
Premier Gold Mining__ .,1
134
1334
Pressed Metals of Amer_,*
1334 Jan
1
Producers Royalty
34
31 Jan
Properties Realization1234 Feb
320 1254
Voting trust ctfs_33 I-3c 1254 133-4
34
% Jan
600
14
46
Propper McCall Hos Mills*
434
531 Feb
1,200
Prudential investors
•
534 5%
Jan
59
83
$6 preferred
•
Jan
8
8
70
Pub Serv of Indian $7 pref•
934 103-4
5
$6 preferred
•
Jan
5
9 911 18
Feb
Public Serv Nor III com_ •
Feb
9 9
16
Common
60
77
Jan
7% preferred
9 38
100
Pub Util Securities•
34 Feb
34
27 part preferred
Puget Sound P 4, L1334 Jan
180
711
• 1431 1534
$5 preferred
Jan
8
410
5
$6 preferred
83.6
936
•
Jan
Pure 011 Co 6% pref,,100 3934 42
90 8314 38
231 Jan
131
Pyrene Manufacturing-10
Jan
127
20 108
Quaker Oats corn
• 13031 131
13236 Feb
,
GO 111
6% preferred
100 13231 133
Railroad Shares Corp...,•
800
316 Feb
316
316
316
Jan
7
434
Ry & Light Secur nom-.
175
716 8
34 Jan
Ry & Utilities Invest A.,,1
X
Rainbow Luminous Prod*
Class A
916 Feb
4
Raymond Concrete Pile5
Jan
*
5
Common
23
Jan
17
23 convertible preferred •
9 1
131 Jan
Raytheon Mfg v t e__ _50c
634 Feb
100
631
Reeves(D) nom_
•
oi sy,
534 Jan
111
Reliable Stores Corp
•
400
636 731
11
Reliance Internatlonal A_•
134 Feb
34 Feb
Reliance Management_ _ •
34
34
:00
34
231 Jan
10
Reybarn Co Ino
134
131 Feb
1
134
134
1,100
34
Reynolds Inventing
•
1034 Feb
34 634
Rice SRI, Dry Goods
100
34
34 Jan
Richfield 011 pref
25
1
1
H Jan
*
%
Richmond Radiator
136 Feb
•
Preferred
300
134 2%
134
834
734 Feb
Rogers-Majestic class A_ •
131 Jan
11
5
500
13-4
13.4
Roosevelt Field, Inc
Feb
I
*
%
Root Refining Co
•
34 Feb
31
Rossia international
Feb. 16 1935
Financial Chronicle
1122
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Range Since
Jan. 1 1935
604
High
Jan
18
Jan
43
534 Feb
136 Jan
Jan
68
% ,Jan
I% , Jan
L Jan
27
tJan
1
64 Jan
Jan
1
3334 Jan
31 Jan
2334 Jan
31 Feb
131 Jan
4834 Jan
31 Jan
211 Jan
2831 Jan
Low
High Shares Low
Stocks (Continued) Par Low
834 1634 Feb
100
• 1631 163.4
Royal Typewriter
Jan
41
25
•
Ruberold Co
35% 431
331 Feb
300
5
234
Russeks Fifth Ave
134 Jan
%
•
Ryan Cons& Petrol
6534 Feb
35
Safety Car Heat& Light100
34 Jan
34
'is 1,200
St Anthony Gold Mines_ _ 1
34
144 3,600
134
10
13.4 Feb
131
St Regis Paper cora
110 1834 2531 Jan
100 2531 2634
7% preferred
34 Jan
716
100
34
Salt Creek Consol Oil __ I
44
300
531 Jan
5
Salt Creek Producers___10
6
6
34 Jan
31
Savoy Oil
: 31
100 13
2931 Feb
31
Schiff Co cam
31 Jan
31
Schulte Real Estate com_ *
21
Jan
75 17
Scoville Manufacturing_25 2134 22
31
316 Jan
31
300
't6
Seaboard Utilities Shares.]
%
16 Feb
200
34 1
Securities Corp General_•
34
4834 Jan
*
Seeman Bros Inc
36 Jan
400
31
%
91
Segal Lock & Hardware_ _•
234 Feb
134
Seiberling Rubber nom_ _•
Jan
1531
28
Selby Shoe Co corn
•
Selected Industries Inc
66
I
Jan
1,100
1
1
1
Common
4934 Jan
38
15.50 prior stock
25
53
600 3734 4831 Jan
51
Allotment certificates__
Selfridge Pray Stores
231 Jan
134
200
g
23-4 231
Amer dep rec
% Jan
Sentry Safety Control- _ -_•
431 Jan
3M
•
Beton Leather corn
111 Jan
134
134 24 1,700
Shattuck Dann Mining_„5
1831 Jan
1434
Shawinigan Wat& Power_•
734
22
Jan
Sheaffer Pen corn
•
1
Jan
100
1
1
Shenandoah Corp nom _ __1
1
1434 Feb
100 12
25 1434 143-4
33 cony pref
Jan
1,390 17 3234 84
Sherwin-Willlams com_ _25 8634 89
it ppm 108
Jan
6% Preferred A A._100
Simmons-Boardman Pub
8
Jan
5
Convertible preferred_ •
238
Feb
10 119
Singer Mfg Co
100 240 240
Singer Mfg Co Ltd
27 Feb
%
23-4
234
500
2
Amer deP rec ord reg-£1
1231 Jan
1234
Smith (11) Paper Mills ..•
516 1536
29
Jan
Smith (A 0)Corp cam _ _ _• 4034 4134
Smith (L C) & Corona
Jan
7
334
Typewriter v t c com___•
134 Feb
1
134
134 134 1,400
Sonotone Corp
1
4
334 Jan
434 5,400
131
Bo Amer Gold & Plat
Sou Calif Edison
2834 Jan
"26
5% original preforred_25
100 1834 2034 Jan
25 2134 2131
7% pref series A
1731 Jan
900 1534
25 1834 1931
Preferred B
400" 1434
1531 Jan
17
534% Ora series CL---25 17
104
Jan
100
South'n NE Telep_ .. _ 100
Jan
34
1
9
South n Colo Pow el A __ _25
.34 Feb
•
4
Southern Corp com
h Jan
'16
Southern Nat Gas esm_...*
331 Jan
Southern Pipe Line
334
10
434
431
100
434
431 Jan
Southland Royalty Co--5
2234 Feb
23
1,000 1536
South Penn 011
25 23
36
36 Feb
100 9
36
Southern Union Gas com_*
.%
100 3436
50
Jan
50
50
So'west Pa Pipe Line50
Spanish & Gen Corp
34 Jan
34
Am dep rats ord bearer81
Spiegel May Stern
Feb
90
45
100
636% Preferred
34 Jan
31
Standard Brewing Co.. •
2936 Feb
23
Standard Cap & Seal nom -5
1534 Feb
50 1031
Stand Investing $5.50 pf..• 1634 1634
Jan
18
Standard 011(KY)
10 1911 2034 3,000 1334
834 Jan
100
834 831
Standard Oil(Neb)
834
25
1336 Jan
1436
300 1231
Standard Oil (Ohio) corn 25 14
Feb
91
50 7634 91
100 91
5% preferred
136 Feb
114
100
•
134
134
Standard P & L com
•
11i
134
100
134
114 Feb
Common class B
Feb
10
1131
•
Preferred
36 Jan
1,500
h
316
34
Standard Silver Lead__ _ _
:
% Feb
316
Starrett Corporatton
200
fie
1
34
131 Jan
300
%
134
6% preferred
10
134
•
Feb
10
5
Stein (A)& Co corn
Jan
103
80
100
654% preferred
•
X
5,6
600
14 Feb
11
Stein Cosmetics
II
Feb
711
1136
75
Stetson (J B) Co com____• 11
Jan
1
2
200
2
2
5
Stinnes(Hugo)Corp
634 Jan
44
•
Stroock (S)& Co
331 4,000
134
231 Jan
•
3
Stutz Motor Car
50
511
114 Jan
• 1231 1214
Sullivan Machinery
334 Feb
•
334 434
400
234
Sun Investing corn
41
Jan
34
$3 cony preferred
•
Jan
31
1
800
134
1
Sunray OIL,.
1
Sunshine Mining Co_10e 1134 1234 9,40030 2.10 1036 Jon
111
100
231 Jan
EtwanFinch MCorp-- 25
3
3
1731 Jan
Swift & Co
25 18
1831 4,4006 11
2,400' 1934
35
31
Jan
15 34
Swift Internacional
150 3236 4531 Jan
553-4
Swiss Am Elea pref._ _100 53
2
1
Feb
231 1,000
1
2
SWIL18 011 Corp
Jan
Jan
Jan
Feb
Jan
•
Taggart Corp corn
Tampa Electric Co com_.•
•
Tastyeast, Inc class A
•
Technicolor Inc com
i
Teck-Hughes Mince
Tennessee Elect Prodcuts7% 1st preferred _ _100
•
Tennessee Products
Texas P & L 7% pref__100
Texan Oil & Land Co,,,*
Thermold 7% pref
11111
•
Tobacco Allied Stocks_
Tobacco Prod Exports,,,.'
Tobacco Securities Trust
Am dep rcta ord reg...£1
Am deo Ms det reg_41
__•
Todd Shipyards
Corp_Toledo Edison 6% prof 100
100
7% preferred A
Tonopah Mining of Nev_ 1
1
Trans Air Transport
1
Stamped
Trans Lux Pict Screen
1
Common
Tri-ContInental warrants_
Triplex Safety Glass Co
Am dep rcts for ord reg
Trunz Pork Stores Ino_ •
T ubize Chatillon Corp_ _ _ I
1
Class A
Tung-Sol Lamp Works,,.•
•
$3 cony pref
Union American InvIt-- •
•
Union Gas of Can
•
Union Tobacco corn
United Alreraft Transport
Warrants
United Carr Fastener__ _ _•
United Chemicals
•
13 cum (k part pref
United Corp warrants
United Dry Docks corn __•
1
United Founders
135 Jan
5631 Feb
Jan
55
231 Jan
36 Jan
546 Jan
234 Feb
1934 Jan
2334 Jan
13-4 Jan
1731 Jan
9034 Jan
110
Feb
8
255
Jan
Jan
3
1234
46
Jan
Jan
Jan
8
214
431
Jan
Jan
Jan
30
2134
1934
17
104
1
%
31
4
531
2331
34
5234
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
31
Jan
96
31
3231
1731
2131
9
1634
95
134
136
1236
76
,
31
111
1031
107
%
1436
,
2
634
331
1431
4
41
1.34
1231
3
1911
3516
5531
231
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
134
200
134
200
2434 25
fi6
316 1,200
1234 1516 16,500
1,800
341 4
34
21%
%
754
346
136 Jan
24
Jan
he Feb
1134 Jan
334 Jan
134
25
14
1551
431
45
34
78
434
20
3734
%
48
%
75
531
27
6214
114
Feb
Jan
Feb
Feb
Jan
Jan
Feb
50
Feb
14 Jan
Feb
75
631 Jan
Feb
28
6211 Jan
234 Jan
2336 Jan
69-6 Feb
2334 Jan
68
Jan
83
Jan
36 Feb
211 Jan
31 Jan
Jan
24
Jan
7
Feb
29
Feb
78
Jan
86
% Feb
Jan
3
34 Jan
511
534
600
134
111
200
31
11
1,500
183-4
534
18
51
5834
31
134
11
231
54
33.4
34
3,000
200
I%
44
Jan
2
% Feb
5
531
400
434
431
5
334 34
200
200
1136
831
33.4
934
254
12
16
3
16
1634 Feb
0
Jan
7
4% Feb
1311 Jan
Jan
4
29
Jan
2031 Feb
451 Jan
Jan
h
27
434
29
5
1,500
300
8
534
% 1,600
600
.31
71
, 3,400
13
35
34
316
1634 163
-4
9,
6
31
5%
300
431
1431
Feb
Jan
Jan
23
14 Feb
.4 Feb
4 Jan
334
1
Feb
Jan
16% Feb
Jan
0
631 Jan
Jan
18
514 Jan
Jan
34
Jan
23
516 Jan
34 Jan
6
17
Jan
Feb
25
11
7
,6
16
Jan
Jan
Jan
Jan
Financial Chronicle
Volume 140
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Jan.3I
1935
Stocks (Concluded) Par Low
High Shares Low
United Gas Corp com _ _ _1
1%
134 14 3,500
Pret non-voting
• 384 414
1,500 15
Option warrants
516
4
800
St
United 0 & E 7% pret.100
48
United Lt dr Pow corn A _ _ •
%
1
1,100
4
Common class II
•
134 1%
100
14
•
$6 cony let pref
44 54 2,000
455
United Milk Producta_ *
3
$3 preferred
• 32
25 20
32
United Molasses CoAm dep rcts ord ref _ _ _ £1
24
5
1,600
5
United Profit-Sharing __ '
5£ '
200
316
35
40
74 73,
Preferred
100
6
United Shoe Mach com_25 74
2256 47
74
Preferred
40 3055
29 364 37
us Flee Pow with warr...1
4
15
300
%
U S Finishing corn
•
4
US Foil Co class 1.1
1
114 12
200
54
U S Intl Securities
•
4
4
500
51
let prat with warr
• 50
300 3934
50
US Lines prof
•
'16
US Playing Card
10012 144
32
10 32
13 S Radiator Corp corn_ •
3
100
3
1%
7% preferred
16 5
100
U S Rubber Reclaiming _.•
4
United Stores v t c
400
4
•
4
11
Un Verde Extension_ __50c
351 355 1,300
24
United Wall Paper
•
1
Universal Consol Oil Co _10
551 654
1.20
600
Universal Insurance Co_ _8
515
Utah Apex Mining Co
114 134
100
b
44
Utah Pow & Lt $7 prat_ _ _• 20
325 13%
204
Utility Equities Corp _ _ _ _•
151 155
4
900
Priority stock
50 30
48
• 48
Utility & Ind Corn
55
•
Cony preferred
•
134 1%
100
1
Util l'ow & Lt coin
1
56
55 3,800'
X
V t a class B
1
151
400
155
51
7% preferred
100
5
450
6
4
Venezuelan Petroleum_ __A
4
51
400
.4
Vogt Manufacturing
•
9
911
24
200
Waco Aircraft Co
•
451 451
700
6
Waitt & Bond CIA
•
34
Class B
•
4
Walgreen Co warrants_ _ _
.
1% 14
14
200
Walker(Hiram)-Gooderh'n,
& Wenn Ltd corn_...' 30
324 3,900 20%
Cum ul preferred
• 17% 174
700 12%
Walker Mining
1
9,6
Watson (John Warren). •
4
wenden Copper
1
1.1
316
600
51
Western Air Expreea_ .10
7
New coca_
1
3% 3%
200
2
Western Auto Supply A.._• 55
56
400 17
W &darn Cartridge pret_100 98% 984
50 624
Western Maryland RY
7% let preferred _ _ _ _100 58
58
10 35
Western Power 7% prof 100
65
Western Tab & Stat v t c.•
64
West Texas utilities co•
$6 Preferred
22
Westvaco Chlorine l'rod7% preferred
100 102 102
25 60
West Vs Coal & Coke_ _. _•
354 411 2,300
55
Williams(R C)& Co
•
11
Wil-low Cafeterias Inc. .
I
h
Cony preferred
•
5
Wilson-Jones Co
• 21% 21%
100
9
Woodley Petroleum
1
2
Woolworth(F W) LtdAmer deposit rats_ __Ss 2651 26%
175
100
Wright-Hargreaves Ltd__ •
84 84
544
4,500
Yukon Gold Co
31
400
34
4
5
Bonds$
Abbott's Dairy 6a__1942 10211 10255
3,000 8611
Alabama Power Co1st & ref 58
1946 9555 9811 60,000 63
let & ref bs
1951 91
94 106.000 5451
let & ref be
1950 91
914 9,000 55
1st & ref be
1968 8315 86
65,000 4751
1st A ref 4341
1967 754 7854 152,000 44%
Aluminum Co s t deb 5552 105% 1064 26,000 924
Aluminum Ltd deb 5n_ 1948 99 100
54,000 59
Amer Commonwealth Pow
Cony deb (ia
1940
4
55 3,000
54
534s
1953
4
Amer Com'ity Pow 54s 53
1%
Amer & Continental E81943 964 97
20,000 78
Am El Pow Corp deb 65'57
9
934 53,000
8%
Amer (3 ar El deb 5s...2028 95
964 236,000 34
Am Gaa & Pow deb 65_1939 224 23% 46,000
1334
Secured deb Esi
1933 204 2134 45,000 124
Am Pow & Lt deb 68._20Its 574 8
036 673,000 3814
Amer Radiator 4 3-4n..1947 1054 1054 13.000 975£
Am Roll Mill deb 55 1948 9836 99
56,000 62
Amer Seating cony 65_1936 8011 83
44,000 41
Appalachian El Pr 56_1956 1034 10451 58,000 64
Appalachian Power 55_1941 1054 10634
4,000 99
Deb 6s
2024 93
95
33,000 58
Arkansan l'r & 1.t 58_1956 84
86
188,000 50
Associated Eleo 454a_ _1953 324 3351 49,000 204
Associated Gas & El CoCony deb 51.15
1938 1735 18
3,000 12
Cony deb 4%s 0
l948 15
154 4,000
94
Cony deb 4145
1949 1351 144 42,000
94
Cony deb 55
1634 56,000 11
1950 15
Deb 5a
1968 154 lb% 67,000 1155
Cony deb 5116
1977 1751 184 7,000 11
Ammo Rayon 58
1950 74
7411 17,00
3815
Assoc Telephone Ltd 5e65 1025£ 1025£ 16,000 764
Assee TAT deb 53.4s A '56 72% 7451 40,000 34
Ammo Talon UM 545_1944 1515 1615 41,000
9
Certificates of deponit_
154 16% 36,000
8
Os
1033 244 25
8,000 134
Cite of deposit
2234 244 3,000 134
Atlas Plywood 5lia._1943 84
844 5,000 47
Baldwin Loco WorksSe with warr
1938 70
71% 11,000 604
Os without warr__ _.1938 59
614 41,000 50
,
Bell Talon of Canada1st 51 tie series A...1956 11151 112
16,000 98
1s151 5s series II_ _ _ 1957 112% 113% 18,000 97
5e series C
1960 1134 115
7,000 974
Bethlehem Steel 6s_ _ _1998 1284 130
8,000 102
Binghamton LB & P68'48 104% 10451
4,000 7614
Birmingham Elec 4%s 1968 7815 81
55,000 454
Birmingham Gas 56_1959 61
65
24,000 384
I toaton Consol Gas 55_1947 1084 109
4,000 1024
Broad River Pow 5a...1954 754 7554 22,000 29
Butt Gen Elea 58
1939 1074 10711 7,000 102%
1948
Gen & ref be
102
Canada Northern Pr be '68 99 100
15,000 71
Canadian Nat Sty 75_1935 101% 1014 17,000 1004
Canadian Pao Sty 68.._1942 1114 112% 50,000 98
Capital A &Mills ba _ _ _1953 934 934
1,000 65
Carolina Pr & Lt 58_ _ 1956 9154 93 333,000 4855
.
Cedar Rapids Si A P fis 53 111
5.000 944
1114
For footnotes see page 1125.
Range Since
Jan, 1 1935
Week's Range
of Prices
Low
14
354
%
54
51
1%
415
3
29
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
4%
51
734
70
36
4
1%
10%
5£
47%
4
304
3
16
11
54
3
2%
34
7
4
16
131
43%
4
134
4
55
4
316
8
451
5
%
155
Jan
54
Feb
4
Feb
74
Jan 754
Jan 37
14
Jan
2
Feb
Feb 13%
1
Jan
Jan 51
Jan
51
Jan 33%
Feb
3
Jan
17
Feb
4
Feb
134
351
Jan
Jan
34
Jan
615
7
Jan
Jan
1%
Jan 20%
Jan
151
Jan 48
Jan
55
Jan
1%
Jan
11
Jan
155
Jan
6
4
Jan
95£
Jan
Feb54
6
Jan
Feb
1
Jan
14
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
254
164
4
55
4
11%
2
53
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3211
174
51
4
316
13%
34
58%
98%
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
55% Jan
764 Jan
12
Feb
60
764
14
Jan
Jan
Jan
34
Feb
28
Jan
High
151 Jan
43% Jan
716 Jan
62
Jan
131 Jan
13.4 Jan
65.1 Jan
3
Jan
Feb
32
99
Jan 102% Feb
34 Jan
4% Jan
1755 Jan
16% Jan
•ie Jan
15i6 Feb
5
Jan
6
Jan
18
Jan 224 Jan
34 Jan
411 Feb
264 Feb
85.5 Jan
4 Jan
28
Jan
955 Jan
4 Jan
102
Jon 103
Jan
88%
834
8334
73
661i
105%
97%
Jan 9834
Jan 94
Jan 9151
Jan 86
Jan 78,
3
4
Jan 107%
Jan 101
Feb
Feb
Jan
Feb
Feb
Jan
Jan
4
h
24
93
9
8034
18
1734
5054
103%
974
74
101
1051
844
73%
31%
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
15
51
24
97
10%
9651
275£
23
604
106
100
8351
105
108
95
86
3534
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
1734
15
1335
15
lb%
174
69
99
5755
1451
1411
20
20
8114
Jan 20
Feb 164
Feb1534
Feb1734
Feb174
Jan
19%
Jan 7451
Jan 10254
Jan 744
Jan
1834
Jan
1815
Jan 25
Jan
2415
Feb 86
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
68
5854
Feb
Feb
81
68
10954 Jan 11234
111% Feb 113%
1123-4 Jan 115
1264 Jan 130
1024 Jan 10415
6934 Jan 81
Jan 65
56
1074 Jan 109
Jan 755£
70
1065£ Jan 1094
1074 Jan 109
99
Jan 101%
10154 Feb 1014
Jan 11211
110
884 Jan
94
8354 Jan 9311
1104 Jan 1114
1123
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
.4
July 1
Sales 1933 to
for
Jan.31
Week
1935
Bonds (Continued)Low
High
$
Low
Cent Arts Lt & Pow be 1980 924 94% 43,000 724
Cent German Power 6s1934
334
Cent III Light 5e___ _1943 108 108% 8,000 99
Central III Pub Service
5s series E
1959 814 844 49,000 50
let & ref 455s ear F..1967 744 76% 146,000 4555
58 series0
1968 804 844 44,000 49
434% series II _
_1981
75
764 33,000 46
Cent Maine Pow Is D.1955 1034 104% 20,000 80
_44e series E
1957 984 99% 42,000 72
Cent Ohio Lt & Pow 581950 80
12,000 554
81
Cent Power laser D _ _1957 66
29,000 37%
68
Cent Pow & Lt let 5s. 195(
6815 71% 161,000 3734
Cent States Elea 53._ 1948 284 30% 76,000 25
545 ex-warr
1954 28
304 98,000 27%
Cent Staten P & L 515e '5! 564 594 116,000 29
,
Chic Dist Elec Gen 44a'70 98% 994 162,000 62
Chic Jet Ry & Union Stk
Yards bs
5,000 90
1940 1074 107%
Chic Pneu Tools 5%5_1942 98
98% 18.000 514
Chic Rye .58 ctfa
1927 67
20,000 43
69
Cincinnati Street By
3,000 40%
1952 58
58
53.4s series A
66 series B
1955 -------------47
Cities Service 5s
1969 35% 364 5,000 284
Cony deb 55
1950 344 35% 460,000 284
Cities Service Gas 54s '42 69% 7451 53,000 434
Cities Service Gas Pipe
Line 6e
1943 89% 91
12.000 55
Cities Serv P & L 5%s 1952 30% 324 121,000 27
54e
1949 30% 32% 53.000 27%
Cleve Elec III 151 5a _ _193t 1054 105% 40,000 103
,
58 seriee A
1954 110% 1105.4 11,000 1014
Es series 13
1961 109% 1104 60,000 102
Commerz und PM vat
Bank 545
1937 454 47
37,000 33
Commonwealth Edison
1st M Is mitre A.__ 1953 11031 111
12,000 884
let M 55 aeries B
1954 110% 1114 28,00
864
let 44a series C_ _ _ 1956 1084 1084 6,000 804
let 4%s series D 1957 107 1074 12,000 794
1st 44a series E _ _ _1960 103% 104
27,00
804
let M 4s series F _ _1981 9954 100% 357.00
69%
545aeries G
1962 10754 108% 17.000 92%
Com'wealth Subsid 5%6'48 9234 9434 95,00(1 54
Community Pr & Lt 5s 1957 5351 58 116.000 334
Connecticut Light & Powe
7s series A
112
1951
1954 --------------104
5%,Feriae B
451s series C
1956
984
its series D
196 --------------102
Conn River Pow be A 195 1044 104% ______ 8755
Conant G E L & P 44e 193
____ ______ 100%
____
Stamped
100%
Comm' Gas (Balto City)
be
1939--------------100%
Oen mtge 4155
1954 117 117
1,000 9955
Consol Gas El Lt & P (Balt)
414 a series 0
1969 ____
_-_- ______ 101%
451e Bailee 11
964
1970
1981 1074 108
1st ref 8143
15,000 8834
Consol Gas CBI Co
let & coil tie aer A_ _1943 52% 544 59,000 83
Cony deb 6 lis w w .1943 --------------434
Consol Pub 714s stpd_1939 88
88
1.000 70
Consumers Pow 44e_ .1951s 108% 109
37.000 88
let & ref 58
1936 103% 103% 23,000 1004
C,ont'l Gas A El 55_ _ _ _1958 4751 53% 727,000 33
Cosgrove-Meehan
94 10
4,000
1945
Coal Coro650
2%
Crane Co be
Aug 1 1940 10234 1024 12,000 77%
Crucible Steel 5e _ _ _ _ 1940 99
994 33,000 6055
____ ______ 50
Cuban Telephone 7151 1941 ____
Cuban Tobacco Es__ _1944 --------------35
Cudahy Pack deb 551e 1937 103% 10315 31,000 934
47,000 102
1946 10534 107
s 1 5s
Cumberld Co PAL 448'56 98% 994 21,000 65
Dallas Pow & Lt th A.1949 109 1094 4,000 100%
be aeries C
1952 --------------94
Dayton Pow & Lt be_ _1941 1074 108
21,000 99%
'59 91
Delaware El Pow 5
9234 14,000 65
58_1949 ____
Denver Gas A Elec 45_____ _ _ ___ 92%
Derby Gas & Elea 53.. _1946 85
9,000 5654
87
net City Gas es tier A..1947 102 104
49,000 76
be let series II
1950 96
9734 62,000 6734
Detroit Internet Bridge
Aug. 1 195
34 4% 3,000
651e
315
Certificates of deposit _
151
1.000
34 3%
Deb Te
Aug 1 1952
-- ..... ______
4
Certificates of depoelt. ___
___ _ _ _ ___
1£
Dixie Gulf Gas 6518_1937 102% 1021£
1,000 78
Duke Power 455e
1967 107% 1074 5,000 85
Eastern UM Invest 55_1954
__ . __ _ ___
10
Elea Power & Light 55_2030 354 39% 374,000 22
Elmira Wat.Lt & RR 58'56 91
93
17,000 65
El Paso Elec 68 A _ _ _ _1950 93% 94
11,000 64
El Paso Nat Gas 6 45-1943
With warrants
9411 95
3,000 5634
Deb 854e
1938
___ - __ _ ___
25
Empire Dist El Se__ _1952 75
78
32,000 46
Empire Oil& Ref 54e 1942 604 63
66,000 41
Ercole Mareill Elec Mfg
6548 A ex-warr
1953
68%
Erie Lighting 5e
1967 10135 103
6,000 78
European Elea Corp Ltd
6555 x-warr
1965 86
88
6,000 694
European Mtge Inv 75 0'67 55
3,000 24
55
Fairbanks Morse 5s....1943 9934 100
35,000 58
Farmers Nat Mtge 78.1963 53
1,000 384
53
Federal Water Sec, 5118'54 3611 40 102,000 15
/
Finland Residential Mtge
Banks 88-58
1981
584
Stamped
984 9834 6,000 88
Firestone Cot Mills 58 '48 104 1044 35,000 85
Firestone Tire & Rub Es'42 104 10451 10,000 89
Fla Power Corp 5115_19711 784 81
64,000 48
Florida Power de It be 1954 7315 76 271,000 444
Gary Elec & Gas 58 est _'44 68% 71
20,000 63%
Gatineau Power let be 1956 97
984 99,000 7134
Deb gold 8e June 15 1941 964 97% 10,000 66
Deb Os series II
1941 9615 964 10,000 62
General Bronze 65_ _ ...19411 93
934 5,000 55
General Motors Acceptance
5% aerial notes
_1935
10034
5% serial notes
1958 10134 10134
1,000 101
General Pub Sery be ._1983 82
84
13,000 54
Gen Pub ULU S340 A.1950 554 5951 120,000 23%
General Rayon 6a A _ -1948
36
Gen Refractories 68_ _ _ 1938
With warrants
1524 160
37,000 90
Without warrants
1024 102% 84,000 85
Gen Vending es ex war '37
6
64 26,000
2
Certificates of deposit
6
6
7,000
2
Gen Wat Witn & El 5n .1943 63
64
44,000 3851
Georgia Power ref 58. _1967 8754 90 292,000 544
Georos Pow A Lt 55. _1978 64
66% 25,000 40
Gestural 65 a-warrants 1953
30
Gillette Safety Razor 68 40 1034 1044 8,000 93
Range Since
Jan. 1 1935
I
i
Low
High
89
Jan 94% Feb
3951 Jan 42
Jan
107% Jan 108% Feb
76% Jan 84% Feb
67
Jan 77
Jan
Jan 84% Feb
75
67% Jan 76% Jan
Jan 1044 Fib
101
954 Jan 994 Jan
72
Jan 81
Feb
Jan 69
Jan
59
5954 Jan 724 Jan
27% Feb 32% Jan
27% Feb 3311 Jan
484 Jan 594 Feb
92% Jan 99% Feb
1054
87%
6515
Jan 107%
Jan 9955
Jan 71
Feb
Jan
Jan
644
74
42%
404
7531
Jan
Jan
Jan
Jan
Jan
Feb
58
Jan
71
Feb
35
33% Feb
634 Jan
Feb
84% Jan 91
304 Feb 36% Jan
30% Feb 374 Jan
103% Jan 105% Feb
Feb
106% Jan 111
Jan
1094 Feb 114
3751
Jan
47
Feb
10911 Jan 1114 Jan
Jan 1114 Jan
109
105% Jan 108% Feb
1044 Jan 10755 Feb
1024 Jan 104% Jan
944 Jan 10014 Feb
Jan
Jan 109
107
Jan 944 Feb
85
534 Jan 58% Jan
1194
11034
1084
108%
103%
100%
10034
Jan 11934 Jan
Jan
Jan 112
Jan 108% Jan
Jan1094 Jan
Jan
Jan 106
Jan 100% Jan
Jan 100% Jan
111
11434
Jan 112
Jan 117
Jan
Feb
108%
109
106%
Jan 109%
Jan 10911
Jan 108
Jan
Jan
Jan
Jan 54% Jan
51
5% Feb
451 Jan
Feb
874 Jan 88
Feb
107% Jan 109
Jan
10355 Jan 104
Jan 5311 Feb
42
8
102
98%
6551
45
103%
105%
9551
1084
104%
10751
8615
105%
83
99
914
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
10
103
10054
74
484
104
10751
99%
1094
106
10855
9215
108%
87
104
974
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
3
2
15
4
1014
105
16
3351
8534
8951
4%
Jan
34
Jan
1
Jan
55
Jan
Jan 102%
Jan 107%
1635
Jan
Feb 394
Jan 93
Jan 94
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
95
95
78
65%
Feb
Jan
Feb
Jan
91
905£
67
54
Jan
Jan
Jan
Jan
66%
100
Jan
Jan
69
103
Jan
Jan
Jan
Jan 89
85
Jan 5551 Jan
52
Jan
964 Jan 100
Feb 5551 Jan
53
314 Jan 40
Feb
Jan 1004
100
985£ Jan 9915
1024 Jan 105
10351 Jan 1054
76
Jan 83
6854 Jan 78
634 Jan
715.4
964 Feb 9951
954 Feb 994
Jan 9834
95
Jan 94
90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100% Feb 10134
101% Jan 102
82
Feb 84
5155 Jan
5934
56
Jan 57
Jan
Jan
Jan
Feb
Feb
146
1014
4
4
565£
8134
56%
524
103
Jan 1604 Jan
Jan 102% Feb
Jan
631 Feb
6
Jan
Feb
Jan 654 Jan
Feb
Jan 90
Jan 66% Feb
Jan 5634 Jan
Jan 1054 Feb
Financial Chronicle
1124
Week's Range
of Prices
Bonds Continued)
Glen Alden Coal 45___1965
Gobel (Adolf) 6%s_ __1935
with warrants
Godchaux Sugar 7;50_1941
Grand Trunk Ry 655e 1936
Grand 'I runt West 4s_1950
Great Northern Pow 55 '35
5s stamped
1950
Great Western Pow 58 1946
Guantanamo & West 60'58
Guardian Investors 50_1948
Gulf Oil of Pa be
1937
Is
1947
Gulf States Util bs_ _ _1956
1951
4548 series B
Hackensack Water 50_1938
1977
5e series A
Hall Printing 5560____1947
Hamburg Elect 75_ A935
Hamburg El Underground
& St Ry 5340
1938
1936
Hood Rubber 5%0
78
1938
Houston Gulf Gas 6s_ _1943
631e with warrants 1943
Houston Light & Power
1953
1st Is ser A
1st 455s ser D
1978
1st 434s ser E
1981
Hudson Bay M AC1360_1935
Hung-Italian Bk 7540_1963
Hydraulic Pow 58_ _1951
Is
1950
HYgrade Food Producte1949
60 series A
1949
6s series B
1947
Idaho Power Se
Illinois Central RR 88 1937
Ill Northern UM 5s_ _ _1957
III Pow & L 1st 65 ser A '53
1st & ref 535s ser B_1954
1st & ref be ser C_ __1956
St deb 5515 __May 1957
Indiana Electric Corn1947
ea series A
631s aeries B
1953
1951
15a aeries C
Indiana Gen Serv 50. _1948
Indiana Hydro-Elec 5e '55
Indiana & Mich Else 5e '55
58
1957
Indiana Service 5s_ ___1950
let lien & ref 55____1983
Indianapolis Gat. Se A-1952
Ind'polla P & L ba ser A '57
Intercontinents Power
6s series A ex-w_ _ _ _1948
International Power S1(101955
(1310 series C
78 aeries E
1957
78 aeries F
1952
International Salt 5&.1951
International Sec 50_ _1947
Interstate Irn & J414%0'46
Interstate Nat Gas 611_1936
Interstate Power 50_1957
Debenture 6e
1952
Interstate Public Servicebei series D
1956
4313 series F
1958
Invest Cool Amoe1947
ba series A w w
without warrants
Iowa-Neb L & P 58._ _ 1956
1961
ba series 13
Iowa Pow & Lt 4310....1958
Iowa Pub Serv 50
1957
Isarco Hydro Elea 72.1952
_1942
lsotta Frai3shini
Italian Superpower of Del
Deb Is without war_1963
Jacksonville Gas 5s_ _ _1942
Jamaica Wat StID 534055
Jersey Central Pow & Light
1947
Is series B
1961
451e series C
Jones & Laughlin SU 513 '39
Kansas Gas & Elea 68_2022
1947
Kansas Power be
Kansas Power & Light
1955
65 series A
1957
Is series B
Kentucky Utilities Co-151 mtge be
1961
1948
634a series D
556s series F
1955
1969
55 series I
Kimberly-Clark be_ _ _1943
Koppers0& C deb 55 1947
Sink fund deb 5310_1950
Kresge(SS) Co be__ _1945
Certificates of deposit.. _
Laclede Gas Light 53101935
Lehigh Pow Scour 6s_.1026
Leonard Tletz 7355 ex-w '46
Lexington Utilities5e_1962
Libby McN & Libby 50'42
Lone Star GaaSe
1942
Long Island Ltg 6a._ _1945
Loa Angeles Gas & Elea
Es
1939
1961
be
1942
6s
531e eerie( E
1947
5340 series F
1943
13315 series I
1949
Louisiana Pow & Lt 58 1957
Louisville 0& E 60___1937
451e series C
1961
Manitoba Power 5340_1951
Mass Gas deb be
1955
bsie
1946
McCord Radiator & Mfg
65 with warrants_ _ _1943
MemphisP & L be A1948
Metropolitan Edison
40 series E
1971
1962
55 series F
Middle States Pet 6315 '45
Middle West Utilities
be aft of depoeit _1932
1933
be ctfs of deo
1934
5a ctfs of dep
Is cfte of deposit,. _1935
Midland valley 5s _ _ __1943
1;11Iw Gas Light 431s_ _1967
Minneap Gas Li 4540_1950
Mississippi Pow 5s_ _ _1955
Low
Low
High
8831 90% 133,000 53
8734
10631
105
88
103
10331
107%
26
34
104%
10631
96
9251
10931
9031
106%
10531
893(
104
103%
10831
27
34
105
10631
98%
9231
109X
89,000
1,000
14,000
24,000
5,000
4,000
14,000
70,000
2,000
21,000
21,000
113,000
2,000
4,000
18,000
75
76
4054,
8834
9635
9431
78
4131 11,000
8855 5,000
9231 4,000
9531 20,000
22,000
81
105
10331
10531
10251
Low
8451 Jan
28
55
65
40
2934
Jan
Jan
Jan
Jan
Feb
4131 Feb
88% Jan
9255 Jan
97
Jan
Jan
85
105
10255
104
10251
55
10536
11192
Feb
Feb
Jan
Feb
Jan
Feb
Jan
106% Jan
10431 Jan
10631 Jan
10551 Jan
Jan
55
107% Jan
Feb
112
8331
8031
7731
643.1
87
83%
80
6731
3.000
118.000
60,000
179,000
79,000
75
7751
6935
,
10751
72
10151
10831
43
4131
85
100%
7831
80
72
10751
75
10194
10851
47
4551
87
10134
13,000
4,000
29,000
1,000
16,000
10,000
9,000
33,000
43,000
29,000
182,000
5431 64
58
68
45
60
93
10731
44
6234
70
99
8851 10731
2331
3631
22
3534
68
80
73
97%
251
254
4,000
104 y, 10551
131
291
71% 71%
74
74
7131
7131
83% 105
43
68%
6334 90
103
105%
57
6651 7036 246,000 37
38
44% 48 143,000 2635
77
80
80
10631
74
9031
7735 18,000
80
2,000
4,000
80
4,000
10631
7551 19,000
9351 15,000
30,000
6234 65
5751 6091 62.000
High
90% Feb
35
84
87
93
78
4031 55
42
58
86
105%
72
7031
8254 10234
48
7551
46
69%
4254 6651
3231 57
9,000
5.000
5,000
IVeek's Range
of Prices
Range Since
Jan. 1 1935
Feb
7351 Jan 92
69
Jan
95
10631 Jan 107
Jan 10531 Jan
9831 105
Jan 9231 Jan
88
63
Feb
9331 10151 Jan 104
102% Feb 103% Feb
Jan 10835 Feb
9355 107
Jan
17% Jan 28
10
Jan
24
3351 Jan 36
99% 10434 Feb 10536 Jan
,
106
Feb 10735 Jan
97
Jan
82
9434 Jan 99
65
8731 Jan 93% Jan
9831 108% Jan 10931 Feb
98
105% Jan 105% Jan
Jan
71% Jan 80
60
Feb
Jan 51
43
44
5,000 91%
10531
10451 18,000 79
10591 11,000 80
10251 2,000 10254
44
100
100%
58
59
58
5854
10691 107
41
42
52
4734
Jan 6431 Jan
Jan
Feb 62
Feb
Jan 107
Jan 8034, Jan
Jan
Jan 106
Jan 8731 Jan
Jan 85
Jan
Jan 80
Feb
Jan 6731 Jan
,
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7951
82
73
107%
75
10131
110
48
4654
87
101%
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
355
Jan
Jan 7734 Jan
Jan 8551 Feb
Jan 8031 Feb
Jan 107% Jan
Jan 7551 Jan
Jan 9634 Dec
Jan 10531 Jan
Jan 70% Feb
Jan 48
Feb
Jan
Jan
67
62
Jan
Jan
2,000
6,000
112,000
41,000
54,000
16.000
6,000
92
67
91
67
88
58
58% 86
100
72
57% 8231
72
70
7351 83
Jan 94
Jan 9415
Jan 97
Jan 96
Jan 104
Jan 88
Jan 7831
Jan 83
58
63% 25.000
41
4134 18,000
1,000
106% 106%
49
173.4
32
36
9634 106%
Jan 6631 Feb
Jan 4334 Jan
Jan 10731 Feb
10134
29,000 77
199,000 7031 93%
8,000 102% 10651
15,000 6134 90
7734
29,000 55
Jan 103% Feb
Feb
Jan 100
Jan 10734 Jan
Feb
Jan 100
Jan 88
Jan
94
94
9431
94
103
86
76
103
98
10631
95%
85
94
9451
96%
96
104
87
7891
10331
100
10751
100
86
10531 10531 3,000
10231 103% 16,000
80% 105
100
70
71%
8531
76
70%
10234
50
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan 10531 Jan
Jan 103;1 Feb
4534
8231
72
76
89
85
50
54
25
5431
57
8231
65
6256 Jan 7394 Feb
73
Jan
Jan 88
Jan
69
Jan 80
6231 Jan 74
Feb
102
Jan 10334 Jan
101% Feb 103% Jan
103
Feb 10534 Jan
101% Jan 10431 Jan
100% Jan 10231 Feb
67
Jan 73
Jan
9134 Jan 9831 Feb
32
Feb 39
Feb
75
Jan 87
Feb
98% Jan 101
Jan
101
Jan 1023.6 Jan
9535 Jan 99
Jan
108
8,000 100
106% 6,000 8751
110
11,000 9934
10731
2,000 94
94
108 10894 10,000 94
9234 93% 146,000 6154
101% 10151 2,000 90
79
64% 66
11,000 2234
18,000 70
92
93
99
9935 43,000 80
10731 Feb 108
Jan
10331 Jan 10655 Feb
108
Jan 110
Feb
107
Jan 10731 Feb
10435 Jan 10654 Jan
Jan 10831 Feb
106
8811 Jan 94
Jan
101
Jan 10154 Jan
104
Jan 10531 Feb
56
Jan 6651 Feb
92
Jan
9531 Jan
99
Feb 10256 Jan
7331 33.000
86% 8,000
2,000
7634
74
58,000
10331 13,000
10234 10231 22,000
103 103% 45,000
29,000
10131 102
102% 10254 19.000
67
6755 8,000
9631 9831 252.000
39
6,000
38
8.000
84
87
100 100X 38,000
1,000
102% 102%
9834 9851 3,000
48
55
10751
106
10831
,
10756
79
80
10,000
9431 9555 24,000
33
70
78
90%
Jan
Jan
93% 95
86,000
103 10431 38,000
70
70
1,000
63
73
46
89
100%
66
Jan
Jan
Jan
731
6%
6%
635
6751
107
99
7131
5
334
494
331
454
351
4%
334
62%
53
107
90
9491
67
3551 6231
For footnotes see page 1125.
Juiu 1
Sales 1933 to
Jan.31
for
Week
1935
731
2,000
751 9,000
711 4,000
751
3,000
68% 8,000
10734 15,000
102
83,000
7531 133,000
82
9531
Feb. 16 1935
Jan
Feb
95
Feb
10436 Jan
72
Jan
Jan
831 Feb
Jan
851 Feb
Jan
831 Feb
Jan
831 Feb
Jan
7131 Jan
Feb 10851 Jan
Jan 102
Feb
Jan 75% Feb
Sales
for
Week
High
Low
Bonds (Continued)
64,000
88
Minn P & L 4510
1978 85
76,000
be
1955 9454 98
79 155,000
Miss Pow & Lt Is __1957 76
Mississippi River Fuel
68 with warrants_ _ _1944 9831 98% 2,000
Without warrants- - - 14,000
Miss River Pow 1st be 1951 107 107
Missouri Pow & Lt 5%0'55 10331 10431 15,000
Missouri Pub Seri 58..1947 5256 .5455 25,000
,
Monongahela West Penn
Pub Serv 555 ser B_ 1953 9051 9331 35,000
1,000
60
Mont-Dakota Pow 5510'44 60
Montreal L H & P Con
let & ref be ser A_ _ _1951 106% 10755 59,000
Is series B
1970 107% 10754 20,000
Munson SS Line
5,000
3% 3%
%s with warr
1937
Narragansett Elea be A '57 10596 106% 33,000
Is series B
1957 10556 10531 25,000
Nassau & Suffolk Ltg 5(9'45
7951 159,000
Nat Pow & Lt fis A __ _2026 77
71 306,000
Deb be series B_ _ _ _2030 68
Nat Public Service ba 1978
5% 6% 32,000
Certificates of depoeit_ _ _
22,000
Nebraska Power 4365_1981 10931 110
60series A
2022 10531 107% 8,000
9631 31,000
Nelener Bros Realty 6s '48 91
61,000
Nevada-Calif Elea 55_1958 7456 76
New Amsterdam Ga 58.'48 10136 102% 46,000
N E Gas & El A8813 50_1947 5351 5651 99,000
Cony deb Is
1948 5431 5636 12,000
Cony deb be
1956 5354 5651 70,000
79,000
New Eng Pow Assn 5a_1945 5736 61
85,000
Debenture 551a____1954 6151 65
New On Pub Serv 455e '35 58
6655 245,000
6a series A
1949 3555 4151 58,000
2,000
N Y Central Elea 634s '50 79
79
N Y & Foreign Inventing
534e with warranta.1 48
NY Penna & Ohio 454a '31. 10331 105% 37,000
NY P&L Corp let 4356 '87 95% 9731 277,000
NY State G & E 4319_1980 9034 93% 109,000
let 531e
1062 103% 10334 3,000
NY & Weetch'r Ltg 482004 100 100% 9,000
1,000
Debenture be
1954 10734 10731
6,000
Niagara Falls Pow 65_1950 10831 109
58 series A
5,000
,
1959 10736 103
Nippon El Pow 63111_ _1953 82% 83
6,000
No American Lt & Pow
5% notes
1935
5% notes
1936
554sseries A
5031 66,000
1956 50
Nor Cont Util 53-4s_.1948 24
9,000
26
No Indiana 0 & E 611_1952 1005-4 101
15,000
Northern Indiana P 1350 series C
1966 8631 9034 62,000
50 series D
90 125,000
1969 86
4510series E
8436 149,000
,
1970 81
No Ohio P & L 5350_1951 10531 106
46.000
Nor Ohio Trao & Lt be '56 102% 103% 9,000
No States Pr ref 4340_1961 9631 98 201,000
631% notes
1940 9231 96% 55,000
8034 73,000
N'western Elect 6a_ _ _1935 79
4,000
N'weetern Power ea A _1960 3531 36
3451 37
7.000
Certificates of deposit _ _
N'weetern Pub Sell( 561967 75% 7731 37.000
Ogden Gas Is
194o 9831 100% 100,000
Ohio Edison let 58
1980 10151 10251 112,000
Ohio Power 1st be B__1952 106 1063( 8,000
1st & ref 434 ear D 1956 104% 105% 46,000
Ohio Public Service Co
es aeries C
1953 106 10631 14,000
Si series D
1959 101 10234 37.000
1961 104 10455 13,000
530 series E
Okla Gm & Elm 5e1950 10251 102% 88,000
Is series A
1940 94,51 9631 90,000
Okla Power & Water Is '48 5735 62% 22,000
2,000
78
Oswego Falls Is
1941 75
Pacific Coast Power Se 1940 100% 10134 51,000
Pacific Gas & El Ce54,000
1941 11536 116
lla 6s series 13
61,000
1st & ref 551s ser C_I952 107 108
513 series D
1955 107 10731 15,000
28,000
let & ref 4315 E_ __ _1957 104 105
lst & ref 4 %)1
_ _1960 10451 10431 41,000
Pacific Pow & Ltg 15.1951 64
6734 138,000
Pacific Western Oil 634.43
With warrants
102 10231 45,000
Palmer Corn 68
1938 10231 10231 2,000
Penn Cent L & P 4360 1977 91
9334 86,000
58
9936 11,000
,
1979 98
Penn Electric 48 F.__ _197/ 8151 8335 34,000
Penn Ohio Edison
49,000
(is series A kw
1950 8231 85
Deb 63400011es B_1959 7751 81% 164,000
Penn-Ohio P & L 5556 1959 106 106% 19,000
Penn Power Is
1956 107 10731 9,000
5,000
Penn Pub Seri 138 C.. _1947 10231 103
2.000
98
55 series D
1954 98
Penn Telephone Is C.1960
111
3,000
Penn Water Pow 5e.._ _1940 111
15,000
436e series B
1968 107 107
Peoples Gas L & Coke
40 series 11
1981 77
7834 85,000
fie series C
1957 9331 9436 108.000
25-4 231
7,000
Peoples Lt & Pr 58_ _ 1979
Flinn Electric Co Is,..1966 113 11351 7,000
Phil(' Elea Pow 551e_ _1972 11031 110% 5,000
81
2,000
PhilaRapld Transit 6e 1967 81
Phil Sub CoO & E 4340'67 108 10831 8,000
4,000
Pleelml Hydro-El 654e '60 6051 72
Piedmont & Nor be__ _1954 9554 9651 41,000
9,000
Pittsburgh Coal as_ _ _1945 10631 107
Pittsburgh Steel Is,. _1948
Pomeranian El 6s__1953
1939
Poor & Co (35
Portland Gas & Cote be'40 6931 7131 22,000
Potomac Edison be_ _ _1956 103 10431 22,000
1961 9931 100% 23,000
4510 series F
Potomac Elea Pow 543_1938 10531 10551 1,000
PowerCorp(Can) 43-1e 1359 87% 87% 5.000
Power Corp of N 37,000
1947 8851 90
534e
8656 38,000
Power Securities 68_ - _1940 82
Prussian Electric 6a_ _1954 3931 4055 7,000
14,000
Pub Berl, of N H 45013 '57 10534 106
Pub Sony of N .1 pet ctfe___ 121 12136 7,000
Pub Serv of Nor Illinois
1st tic ref Is
1956 9731 9835 57,000
5e series C
1966 9751 9751 13,000
434s series D
1978 9031 9151 23,000
43.4sseriesE
1980 9051 0131 26,000
1st & ref 4310 ear F.1981 9034 9151 115,000
1937 107 10751 57,000
65-I aeries G
,
656e series H
1952 10236 10251 16,000
Pub Serv of Oklahoma34,000
1961 9831 99
iSe aortae C
Esseries D
1957 98% 994 43,000
July 1
1933 to
Jan.31
1935
Low
54
5854
40
Range Since
Jan. 1 1935
Low
7954 Jan
88% Jan
72
Jan
Hign
Jan
89
Jan
98
Jan
80
Feb 9931 Jan
98
89
Feb 991.1" Jan
8531 98
9534 106% Jan 10731 Jan
70% 10136 Jab 10431 Jan
42
Jan 5431 Feb
33
53
47.56
86
57%
9431 106
9336 10691
9331 Feb
Jan
64
Jan
Jan
Jan 10731
Jan 10831
Jan
Jan
5
Jan
331 Feb
,
3
9131 10431 Jan 106% Feb
Jan 10531 Feb
9351 104
Jan
10051 Jan 102
98
7131 Jan 7931 Feb
51
Feb
6131 Jan 71
42
5%
534
10731
83
7031 10131
90
35
68
54
10051
85
5031
34
3331 50%
33% 50%
5451
4631
58
50
3235 4734
3031
25
77
56
631
Jan
Jan 110
Jan 10715
Jan 96X
Jan 7751
Jan 10234
Jan 5831
Jan 5854
Jan 58%
Jan 6131
Jan 65
Jan 66%
Jan 4151
Jan 79
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
90
105%
97%
9351
103%
10231
10734
109%
108
83
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
90
55
10136 Jan
89
89% Jan
73
Jan
1831 85
9936 Jan
77
9951 Jan
81
10431, Jan
96
107% Jan
104
9911 10691 Jan
8251 Feb
63
10031
90
81% 100%
2551 46
22
1836
0931
71
5194
5234
4931
69
65
71
69
54
851
851
4734
7351
6334
88
8351
n
004.
Feb 15 31 Jars
Jan
Jan 101
0
Feb
Jan
Jars
Jan 26
Jan
Jan 101
Jan 9034
77
76% Jan 90
7194 Jan 8451
10131 Jan 106
98033
x3,5
Jan
100
9034 Jan
Jan
88
7431 Jan 8155
Jan 36
28
Jan
28
3778%
Jan
72
00,54
Jan 102%
96
9751 Jan
10534 Feb 10831
10431 Feb 10631
Feb
Feb
Feb
Jan
Fob
FebFeebb
10631
10231
10436
,
10256
96%
6236
Feb
Jan
Feb
Fell
Jars
Feb
7031 10531
6014 99%
10031
63
6834 99
63
9031
48
40
4531 6534
0955
65
Jan
Jan
Jon
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
,e
I eb
F
Jan
Jan
10134 1 eb
75
7 b
%
11156
10631
10551
10134
10051
57%
Feb
Jan 116
Jan 10836 Feb
Jan 10751 Feb
Jan
Jan
3-1
Jan
7331 9831
102
85
84%
57
9354
67
51% 7431
Jan 110702045: Il bb
J s
j''13aee i
Jan 10254 Feb
Jan 03;4 Feb
Jan 9951 Feb
Jan 8355 Feb
101
9534
91
8234
8234
35
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85ri
,788
8194
106%
107%
104
98
10431
1113-5
107
J.,F rrs,
Feb
Feb
Feb
Jan
Jan
Feb
Jars
Jan
3934
35
74
9231
8631
60
86
103
89
6655
6131
10355
106
100
95
10331
110,34
10071
56%
6854
151
10431
100
44%
98
6534
69
89
79
25%
80
6834
72
65
101
53
Jan
72
Jan
Jan 92
6
89
134 Jan
11231 Jan 11351 Feb
108
Jan 110% Feb
75% Jan
0
2
10794 Jan 15831 Feb
05% Jan
7
6
jjla nn
03% Jan 05 31 Feb
10536 Jan 107,14
ebJars
96
Jan
Feb
28% Jan 35
09
Feb
6851 Jan
0 71 i j n
075
Jana
9951 Jan 04:X Feb
9336 Jan 100,31 Feb
105
Jan
Ja:
8631 Feb 8831 j rr
1:
Jan
Jan 01
76
50
Feb 8631 Feb
4135 76
Jan
3734 Jan 41
29
Feb
Jan 106
82% 104
Jan 12154 Jars
118
102
9056
62
58% 89
5334 81
5251 8035
5254 80
73% 10334
6934 9834
60%
55
9491
9331
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99
97X 17an
..'eb
5111b
Feb9 e
0131 Feb
.11,is
103
1 07% 3a:
Jan 10031
Jan 10031
Jan
Jan
Financial Chronicle
Volume 140
Week's Range
of Prices
Sales
for
Week
Bonds (Continued)Low
High
Pub Fiery Subsid 545_1949 864 864 8,000
Puget Sound P & L 5Sis'49 664 684 165,000
1st & ref 58 series C_ 1950 6334 66
82,000
1st & ref 445 see D_1950 5934 6234 115,000
Quebec Power Es
1966 104 10431 27.000
Queens Boro 0& E 448'68
5 48 series A
1952 8931 90
6,000
Reliance Manage.5s _ _1954
with warrants
Republic Gas fre
1945 4631 464 1,000
Certificates of deposit _
464 47
15,000
Rochester fly & Lt 58..1954
Ruhr Gas Corp 634e.._1953 4231 4331 8,000
Ruhr Housing 6348-1958 33
34
11,000
Ryerson (Jos T)& Sons
Deb 5s
NM 1 1943 1024 10331 7,000
Safe Harbor Water 44s '79 1074 10734 13,000
St Louts Gas & Coke 6e '47 10
1034 75,000
San Antonio Puulic Service
5s series B
1958 9631 9731 60,000
San Diego Gas & Rice53.is series')
1960
San Joaquin Lt & Power
5e aeries D
1957 10231 103
5,000
Sande Falls 55
1955 109 109
1,000
Saxon Pub Wks
_ _ _1937 4134 414 5,000
Schulte Real Estate
Os co-warrants
1935 114 12
2.000
Scripts(E W)Co 54E1_1943 9834 9934 48,000
Seattle Lighting 5e
1949 3231 3611 214,000
Serve! loo Se
1948 10134 10231 50,000
Shawinigan W & P 44s 87 97
974 34,000
4 4neerier 13
1968 97
9731 8,000
1st 55 series C
1970 1024 10334 11.000
1st 4148series D
1970 97
9714 5,000
Sheffield Steel 531s_ 1948 10634 10534 5,000
Sheridan Wyo Coal (Ss 1947 504 5131 9,000
Sou Carolina Pow 513_1957 77
8131 33,000
Southeast P & L 6s
2025
Without warrants
804 85 346,000
Sou Calif Edison 55___ 1951 107 10734 31,000
58
1939 10734 108
42,000
Refunding 5s June 1 1954 107 10734 14,00
Refunding 58 Sep 1952
Sou Calif Gas Co 448_1961 10234 103
49,000
let ref 5e
1957 106 10634 14,000
531e series 13
1952 10534 1054 2,000
Sou Calif Gas Corp 5s 1937 102 102
2,000
Sou Counties Gas 410.'88 1004 1014 67.000
Southern Gas Co 8348_1935
Indiana 0& E 534e '57 10734 109
Sou
20,000
Sou Indiana Ity 4s____1951 43
44
57,000
Sou Natural Gas 68_1944
Unstamped
81% 8534 67,000
Stamped
834 834 1,000
H'western Assoc Tel Es '61 65
65
7,000
Southwest0& E 5e A_1957 97% 99
85,000
58 series B
1957 9731 90
20,000
S'western Lt & Pr 5s1957 8134 83
25,000
S'weitern Nat Gas 138_1945 6834 6931 3,000
So'Weet Pow & Lt 58_2022 544 59
65,000
S'west Pub Seri 65_ 1045 90
934 17,000
Staley NI trf 6e
1942 105 105
1,000
Stand Gas & Elea 65_1935 474 49
51,000
Cony (is
1935 474 49
46,000
Debenture 65
1051 34
3534 65,000
Debenture 6s_Dec 1 1986 34
3531 85,000
Standard Investg 548 1939 85
85
4,000
warrants
Seen
1937 88
88
1,000
Stand Pow As Lt 6s
1957 2931 3134 86,000
Standard Telep 5%s 1943 244 25
2,000
Stinnes (Hugo) Corp
7a ex-warr
1946 52
53
3,000
7-4% stamped
1946 43
4311 6,000
Super Power of III 4118 '68 95
964 130.000
let 43-ie
1070 9511 06 134,000
88
1961 105 10531 8,00
Swift & co tot Ref 55_ 1944 106 106% 30,00
5% notes
1940 10331 104
22,00
Syracuse Mg 5 Sis_ _ _1954 10831 1083.4
1,000
Tennessee Rico Pow 581956
Tenn Public Service 68 1970
Tern' Hydro Elea 81451953
TOW, Elea Service 58_196
TEIS 66 Gaa Util 68____1945
Texan Power & Lt 65__1956
5e
1937
ele
2022
Thermold Co 68 sled.1937
Tide Water Power 55_1979
Toledo Edison 58
1902
Twin city Rah Tr 534.'52
Ulen Co deb fie
1944
Union Amer Inv 58 A.1948
Union Elee Lt & Power
55 series A
1954
be aeries B
1967
4115
1957
Elec NJ 45_ _ _ _ 1949
United
United El Seer 76 x-w_1956
United Lt& Pow 88_1975
yie
1974
Apr 1 1959
54e
n Lt & Rye (Del) 53-4.'52
United Lt & Rye moOn series A
1952
88 series A
1973
U 11 Rubber 63
1936
6 % serial notee _ 1935
64% serial notee
1936
634% serial notee._1937
% serial notes_ 1938
63.4% eerie' notee
1939
6 % serial motes_ _1940
Utah Pow & Lt (is A..2022
1944
430
Valvoline 011 7s
1937
Vamma Water Pow 5346137
Vs Elec.& Power 5e__ _1955
Va Public Serv 545 A_ 1946
1950
let ref ts see B
1946
trs
Waldorf-Aetorla Corp
7.1 with warrants. 1954
Ward Baking 138
1937
Wash Gas Light 58..195)1
Wash fly dr Elect 48..1951
Wean Water Power 55_1069
West Penn Elea 68......_2030
West Penn Traction 51.60
West Texas URI Sc A.1957
Western Newspaper Union
1944
aa
Western United Gas & Elec
1955
Ist 531s eeriest A
Westvaco Chlorine Prod
1937
5115
1954
NViec Elm Pow as A
WIse-MInn Lt & Pow 58 '44
87
78
74
92
15
973
10434
8731
71
82
10631
52
53
884 52,00
81
3,00
75
26,00
94 310,000
15
13,000
99
88,000
105
22,000
8,000
9
71% 8,000
85
46,000
10731 97,000
5631 247,000
5431 21,000
10831 10831
1,000
107% 107% 10,000
10931 109%
894 70
294 334
32
344
8531 87
43
46%
5,000
5,000
107,000
37,000
51,000
136,000
9131
30
1024
10034
10131
1004
101
10034
102
6131
73
92
33
10234
100%
102
101
1014
101%
10231
64
73
9814
1064
83
774
64
1,000
9831
10631 9,000
99,000
87
81% 42,000
66
19,000
48,000
49,000
5,000
6,000
13,000
5,000
11,000
18,000
4,000
48.000
1,000
July 1
1933 to
Jan.31
1935
Range Since
Jan. 1 1935
Low
7931
55%
5334
50%
as 10231
102
88
6131 86
Week's Range
of Prices
Low
40%
37%
364
33.4
High
Jan 86% Feb
Jan 69.4 Jan
Jan 86
Feb
Jan 634 Jan
Jan 10431 Feb
Jan 10331 Feb
Jan 9034 Jan
554 82
43
14
13% 40
11231
100
2831 38
2931
23
Jan 84
Feb
Jan 4731 Jan
Jan 48
Jan
Jan 113% Jan
Jan
43.31 Jan
Jan 34
t eb
90
10235 Feb 1034 Jan
107
Jan 10831 Jan
91
731 Jan
104 Feb
331
84
92%
Jan
9711 Feb
98% 108
Jan 10831
Jan
754 98
109
101
38
36
Jan 103
Jan 111
Jan 4131
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
12
100
364
102%
974
97%
1034
9731
107
52
794
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6431 Jan
105% Jan
10731 Jan
1054 Jan
105% Jan
9734 Jan
102
Jan
104% Jan
101
Jan
9634 Jan
101% Jan
107% Fe
42
Fe
85
10731
108
1074
10734
103
10631
1054
1024
1014
102
110
4731
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
53
81
8531
Fe
56
804 Fe
8534
40
6334 Jai
67
03
80
Jan 99
9231 Jan 99
60
45
714 Jan 85
25
GO
Jan 6911
37
49
Jan 59
77
55
Jan 93%
83
10414 Jan 105
3811 46% Feb 68
38
47
Feb 68
30
32
Feb 3931
2834
32
Feb 3811
64
824 Jan 85
6434 85
Jan 89
27
28% Feb 36
16
2331 Jan 25
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
1031
4%
6634 96
28%
17
101
61
6314 954
96
63
10234
73
834 96
774 1054
38
47
41
73
3714
92
100
9031
9214
7834
85%
92
83%
7531
93
96%
43
29
25
59
56
70
1014
9434
1034
49
33%
86
8511
100%
105
1024
1074
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jai
53
434
964
96
10534
107
104%
10831
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
48
40
62
60
12
135
87
51
55
49
79
19
33
78
814 Jan 90
754 Fe
8234
Jan 754
67
8531 Jan 94
1331 Jan
16
9434 Jan 99
10311 Jan 105
831i Jan 03
67
Jan 71%
7634 Jan 87
105% Jan 107%
45% Jan 5631
4731 Jan 5431
94% Jan 97
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
99
9234
90%
964
63
26
2634
50
31
1074 Jan
10631 Jan
10534 Jan
10831 Jan
6831 Jan
Jan
28
304 Jan
78
Jan
414 Jan
5114
25
894
75
85
80
60
80
60
45
52%
75
75
86
52
45
45
8231 Jan 02
30
Feb 35
102
Jan 103
100
Jan 100%
100% Jan 102
9931 Jan 101
9831 Jan 10131
98
Jan 10134
984 Jan 10211
55
Jan 66
62
Jan 75%
92
Jan 9234
9531 Jan 99
105
Jan 107
73
Jan 87
6831 Jan 8131
56% Jan 66%
10831 Feb
1084 Feb
10714 Feb
110% Jan
75
Jan
34
Jan
35% Jan
87
Jan
494 Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
7
74 4,000
1054 10531 7,000
102% 105
42,000
434
6
9
Feb
Jan
92% 104% Jan 106
Feb
76
Feb
10034 Jan 105
31 83
99
Jan 1013-1 Jan
994 102
96% Jan 102
49,000 75
Feb
6934 75 109,000 4834 834 Jan 75
Feb
86
86
1,000 60
84
Jan 86
Jan
694 734 109,000 41
63
Jan 734 Jan
54% 5634 21,000
23
50
Jan
5611 Feb
9631 9834 83,000
64
9111
Jan
984 Feb
103 104
11,000 101
10431 10434 2,000 97
98
99
38,000 61
1024
1044
94
1125
Jan 104
Feb 10634
99%
Jar
Jan
Jan
Jan
Bonds (Concluded)Low
Wise Pow & Lt 58 E__1956 8534
58 series F
1958 84
Wise. Pub Sery 6e A
1952 10011
Yadkin Riv Pow 541_1941 101
York Rye Co 55
1937 9834
Foreign Go•ernmenr
and Municipalities
Baden 75
1951
Buenos Aires (Provincer75 stamped
1952
74s stamped
1947
Cent Bk of German State it
Prov Banks 65 B
1951
65 series A
1952
Danish 530
1955
Es
1953
Danzig Port & Waterways
External 63
1952
-Is
German Cons Munie 75 '47
Secured 6s
1947
Hanover (City) 75
1939
Hanover(Prey)64s _ _ 1949
Lima (City) Peru 631s__'58
Certificates of deposit.Maranho 78
1958
75 coupon off
1968
Medellin 75 ser E _ _ _ _1951
Mendoza 734s
1951
1951
4e stamped
Mtge Bk of Bogota 75_1947
Issue of May 1927
Issue of Oct 1927
Mtge Bit of Chile Bs__.1931
Mtge Bk of Denmark 58'72
Parana (state) 7s____1958
Coupon off
Rlo de Janeiro 6348.-1959
Coupon off
Russian Govt 6 14e. __1919
6348 certificates ___ _ 1919
1921
534s
53-4s certificates__ --1921
1935
Santa Fe 7e
1949
Santiago 7/1
.79
High
87
2864
101
101%
99
3331 3331
Sales
for
Week
July i
1933 to
Jan.31
1935
Low
$
26,000 52
13,000 51
21,000 7834
14,000 8334
27,000 70
2,000
Range Since
Jan. 1 1935
Low
7654
75
964
9531
9431
High
Jan 8714 Jan
Jan 8714 Jan
Jan 10131 Jan
Jan 102
Feb
Jan 99
Feb
21
264
Jan
34
Jan
59
5931 4,000
6231 64
30,000
254
274
574
59
Jan
Jan
6331
663-4
Jan
Jan
5234 524
1,000
954 9534
914 92%
6,000
2,000
30
22
883.4
61
4811
41
9434
904
Jan
Jan
Jan
Jan
5411
47
984
934
Jan
Fet
Jan
tan
704 1,000
3731 3,000
3634 21,000
384
1,000
7,000
34
74 4,000
3,000
531
364
2431
214
23
24
414
34
67
Jan
29
Jan
2834 Jan
3034 Jan
294 Jan
73/ Feb
5% Jan
72
Fet
374 Feb
364 Fet
39
Fet
34
Fet
73/ Fet
6
Fet
15
144
12
524
4431
Jan
Feb
Jan
Jan
Jan
1734 Jar
1531 Jar
Fet
13
Jar
54
4831 Pet
23
2334
12%
90
1231
12
1434
1234
2
111
15%
131
46
1034
10 3%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
24
244
1331
94
144
144
1531
154
431
434
5
44
50
11
Jar
Jar
Jar
Jar
Fel
Jar
Fel
Jar
Jar
Jar
Jai
Fel
Fel
Ion
11
Fpl
7031
3631
36
3834
334
734
534
144 1431
13
13
474 484
1234
1,000...
1,000 1031
2631
7,000 234
2334 13,000
2331 5,000
134 24,000
91
1,000
1,000
14
14% 3,000
5,000
1531
134
1331
734
6254
6
2
6,000
2
131 1% 111,000
131
231 58,000
134 20,000
134
49
4934 7,000
1031 1031
1,000
2
134
134
134
13
534
2334
2334
12%
91
14
134
1534
1f1R1
1134
53.0
Jan
Investment Trusts
Par
Administered Fund
•
Amerce Holding Corp_
•
Amer Bankstocks Corp
•
Amer Business Shares
1
Amer & Continental Corn- Am Founders Corp 8% pf 50
50
7% preferred
Amer & General Sec el A__•
•
$3 preferred
Amer Insurance Stock corp.
Assoc Standard Oil Shares_2
Bancamerica-Blair Corp.
-Bancshares. Ltd part she 50c
Bankers Nati Invest Corp..'
•
Baste Industry Shares
British Type Invest A
1
1
Bullock Fund Ltd
Canadian by Fund Ltd. I
Central Nat Corp class A__
Class B
Century Trust Shared
Commercial Natl Corp
Corporate Trust Shares....
SeriesAA
Accumulative series
Series AA mod
Series ACC od
Cram & Foster Ins com__10
8% preferred
100
Crum & Foster Ina Shame
Common B
10
100
7% Preferred
Cumulative Truest Share.._•
Deposited Bank She set A__
Deposited Imre She
Divenriped Trustee She B_
Dividend Sharee
250
Equity Corp cv pref
1
Fidelity Fund Inc
•
Five-year Fixed Tr Shares__
Fixed Trust Sharers A
•
•
Fundamental Investors Inc
Fundamental Tr Shares A__
•
(Mares B
Guardian Inveet Pret w war
Huron Holding Corp
Incorporated Investore____•
Indus & Power Security...'
Internal Security Corp(Am)
Claw A common
•
Class B common
•
93.4% Preferred
100
8% Preferred
100
Investment Co. of Amer
Common
10
•
7% Preferred
Investors Fund of Amer____
Bid
13.97
931
1.00
.86
8
134
14%
431
46
2%
431
311
.71
dsk
1134
1.12
.94
9
1634
1731
6
50
331
531
331
.96
.35 .SL
11 124
3.30 3.55
204 2231
31 14
21.07 22.66
331
1.86
1.82
1.82
2.12 2.25
2.12 2.25
23
26
110 115
26
29
104 109
3.62
Par
Investment Trust of N
Major Shares Corp
•
Maas Investors Tenet
1
Mutual Invest Tenet
1
Nation Wide Securities Co_
Voting trust certificates__
NY Bank Truer Shares.
No Amer Bond Trust etfe__
No Amer Trust Shares, 1953
Series 1955
Series 1956
Series 1958
Northern Securities
100
Pacific Southern Invest pt.'.
Class A
•
Class 13
•
Plymouth Fund Inc ci A _Inc
Quarterly Ine Shares__ _25c
Representative Trust Shares
Republic Investors Fund___
Royalties Management____
Bid
Ask
4%
1%
18.92 2
0r.57
1.01 1.11
2.86 2.96
1.11 1.22
2,1
89
9231
1.76
2.17
2.15
2.17
45
31
33.1
St
.8
1.2
7.5
1.9
34
35
44
1
.94
1.34
8.26
2.08
1
Second Internet Sea cl A
•
131 2%
Class B common
'16
1
6% preferred
50 35
38
Selected Amer Shares Inc__
1.10 1.20
Selected American Shares__
2.25
_
Selected Cumulative Shs___
6.19
Selected Income Shares____
3.20 3.03
Selected Man Trustees She_
44 431
Spencer Trask Fund
14.28 15.18
Standard Amer Tenet Shares 2.55 2.80
•
Standard Utilities Ina
.33 .36
• 63.36 68.47
State Street Inv Corp
Super Corp of Am Tr She A '2.89
AA
2.05
13
3.06
BB
2.07
C
5.21
D
5.22
Supervised Shares
10c 1.19 rio
2.16 2.40
3.55 3.95
8%
3:10
2.80 4% 4%
1.10 1.21
23% 2734
39.09 42.11
3.43
7.67
Trust Fund Shares
334 331
6.50
Trustee Standard Invert C
2.02
1.90 YOri
1.97
4
431 Trustee Standard 011 She A 5.67
331
4.74
Trusteed Amer Bank She B.
.93 1.03
11
14
Trusteed Industry Sharee- 1.08 1.20
.15 .30 Trusteed N Y Bank Shares_
1.30 1.45
16.61 17.86 20th Century ens series
z1.35
Belles B
2.35
1231 144
United Gold Enuitiee (Can)
Standard Shares
Si 1
1 2.14 2.38
Si U S & Brit Int class A com •
34 1
16% 1931
Preferred
• 634 9
1631 194 U13 Elec Lt & Pow Shares A 1034 10%
1.33 1.43
214 24
Voting inlet et/a
.46 .54
214
_ On N Y Bank Trust C 3 ._
33-1
.89 .97 U les Tr She see F
1.85 2.25
• No par value. a Deferred delivery saes not Included In
the rule sales not included in year's range. z Ex-dividend. year's range. r Under
z Deterred delivery sales not included in weekly or yearly range
are given below:
l', 3SC011hill 1'. & L. 5111 Feb. 15 at
,
8634.
31 Price adjusted for split-up.
72 Price adjusted for stock dividend.
Abbreviations Used Abore--cod. certificates of deposit; "cons,"
consolidated;
"cum," cumulative; "cony," convertible; "m," mortgage; "n-v."
non-voting stock.
"v t c," voting trust certificates: "w 1," when
issued; "w w," with warrants; "x w,"
without warrants.
The National Securities Exchanges on which low prices
since July I 1933 were
made (designated by superior figures in tables), are
as follows:
I New York Stock
12 Cincinnati Stock
22 Pittsburgh Stock
3 New York Curb
I. Cleveland Stock
23
7 New York Produce
ti Colorado Springs Stock 26 Richmond Stock
St. Louis Stock
'New York Real Estate 17 Denver Stock
25 Salt Lake City Stock
'Baltimore Stock
16 Detroit Stock
26 San Francisco Stock
6 Boston Stock
17 Los Angeles Stock
27 San Francisco Curb
7 Buffalo Stock
Is Los Angeles Curb
n San Francisco Mining
I California Stock
' Minneapolis
9
-St. Paul
29 Seattle Stock
I Chicago Stock
20 New Orleans Stock
. Spokane Stock
0
19 Chicago Board of Trade 21 Philadelphia
Stock
3, Washington(D.C.)Stock
II Chicago Curb
,
Financial Chronicle
1126
Feb. 16 1935
Other Stock Exchanges
Week's Range
of Prices
New York Produce Exchange
Feb. 9 to Feb. 15, both inclusive compiled from official sales lists
Week's Range
of Prices
July 1
1933 to
Jan.31
1935
Sales
for
Week
Range Since
Jan. 1 1935
Low
10c Jan
16e Feb
334 Jan
30c Feb
234 Jan
Feb
1
35 Jan
Jan
18
1.00 Jan
Jan
23
StocksPar Low
High Shares Low
7c
Admiralty Alaska
I
I8c
23c 12,000
z Altar Consol Mine
20c 2,000 i 20c
16e
1
45
% 4%
2,200 I 2%
Angostura-Wuppermaian _1
z Arizona Comstock
1,000 .. 20c
1
30c
30c
200
131
Banca-Blair
1
3% 3%
B G Sandwich Shops
35c
700
134
1
•
Brewers & Distl v t c
%
200 ^ %
•
N
2031
700 15
Cache La Poudre
20 20
1,400
50c
Central Amer Mine
1 11.00 1.08
550 19
Climax Molybdenum_ _ _.* 2631 27
.
1,200 5 9c
Davison Chemical
1%
•
1
100
Distillers & Brewers
234
331 3%
5
12c
700
Elizabeth Brew
I ,!: 120 15c
25c
Flock Brew
100
Si
Ji
2
%
z Fuhrmann & Sehmidt 1
800
300 32c
z Harvard Brew
1,000
231
234
I
134
34
2,100
International Vitamin_ _ _.
174
234
1.75
Kildun Mining
500
2%
1
23-4
Inc
Kinner Air
100
.
.
5
%
1 6 N
Lincoln Petroleum
1
National Surety
10
No Amer Trust Shs___1956
z Northampton Brew pf _ _2
Oldetyme Distillers
1
Paramount-Publix
10
Penn York Oil A
1
Petroleum Conversion_ 1
Petroleum Derivatives_ _ _•
55e
25c
2.00
6 .
3
4
1%
334
500
%
131
1.15
60c 2,000
2134
25c ir 100
____
2.00 1.000'
% 6, 400 . 1
,, 1006f %
1%
1
300
3%
31
50c 2,000
38c
400
4
'7
34
13-4 1 500
1,600
Railways Corp
1
1%
'
1
Reynolds Investing pr A _ _• 27
,,,, 25
27
Richfield 011
200
* , 25c 35c
3
/4200
Rustless Iron
%
•
z Simon Brew
300
34
.4,
1
z Texas Gulf Producing_ _1
1,200
3% 334
West Indies Sugar
1,400
3
1
23.4
1,500
35e
30c
Willys-Overland
5
C
-D
500
250
25c
5
High
25c Feb
730 Jan
4% Feb
50e Jan
334 Feb
I% Jan
% Jan
Jan
21
1.25 Jan
Feb
27
.14
334
12c
33c
300
234
13.1
2%
41c
Jan "
1% Jan
4% Jan
Feb
22c Jan
Jan
% Feb
Jan
370 Jan
Feb
236 Jan
Jan
Jan
234 Feb
Feb 1 3% Jan
Feb , % Feb
55e
25c
I2.00
y,
1%
316
50c
.%
14
3
Feb '1 60c Feb
330 Jan
Jan
2.00 Feb
Feb
136 Jan
Feb
334 Jan
Jan
434 Feb
Jan
-5 Jan
Feb
1% Jan
Feb
Jan
234 Jan
all
134 Feb
hi Jan
34
Feb 30
27
30
15e 6200 Jan it 350 Feb
131 rJan
, % r % Jan
3.5 Jan F % Jan
35
34 Feb i 4j4 Jan
34
Feb
3
134 Jan
11
480 Jan
140 Jan
1c
400 Jan
10c Jan
°5c
'Jan
r
York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Feb. 15
Bid
Unlisted Bonds
1941
Alden 68
Alierton NY Corp 534e 1947
1939
Butler FROM
1941
Dorset 634e Ma
5th Ave &29th St. Corp1948
6.9
5th Ave & 28th Bld 6 1',a '45
6th Ave & 55th Bldg 67-4s'45
Greely Square Bldg1950
Cs
1940
Marcy 60
Mortgage Bond (N Y 1 5341
_1934
(Ser 6)
Ask
Unlisted Bonds (Concluded)
BO
Ask
___
47
--National Tower Bldg 634s'44
26
___
30
120 E.39 St.B1dg 6s 1939 __
9
11
___
19
___ Roxy Theatre 634s 1940_ .. _ _
44
1412
2312 ___ Savoy Plaza Corp 68._1945
N
ib
7
79 Madison Ave Bldg Ea '48
40
44 2450 Bway Apt Hotel Bldg-D9
C
___
27
13
11
._ _ 2124 Bway Bldg 554s_ 1943
31
......
Westinghouse Bldg 4s _ _1948 57
Unlisted Stocks1212 15
,
34 34
___ city &Suburban Homes _
40
.._,
Hotel Barbizon Inc v t C..__ 100
__,
3
Lincoln Bldg Corp v t c com_
50
47
Orders Executed on Baltimore Stock
July 1
1933 to
Jan.31
1935
Sales
for
1Veek
Low
High
Bonds (Concluded)United Ry & El 1st 6s
i549 1834 20 $20,000
(flat)
3,000
1
Income 40 (flat)___ _1949
134
1
1,000
1
Income 48 (etfs)_ _ _ _1949
22,000
19
1st 4s (flat)
1949 18
.1st 4s (ctfs) Mat)_ _1949 1831 1834 5,000
454
2,000
IN ash B & A Is (flat)4 _1941
43.1
Low
734
%
%
7
7
134
Range Since
Jan. 1 1935
STEIN BROS.&BOYCE
1853
Established
39 Broadway
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville, Ky.
Md.
Hagersrown,
Members New York, Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
6.S. Calve/1St.
Jan
Jan
Jan
Jan
Jan
Jan
20
131
134
20
19
531
Feb
Jan
Feb
Feb
Feb
Feb
Boston Stock Exchange
Feb.9 t Feb.15 both inclusive compiled from official sales lists
'
'
o
July 1
Range Since
Week's Range Sales 193310
Jan, 1 1935
of Prices
for
Jan.31
1935
Week
High Shares Low
StocksPar Low
434
240
8% 834
American Contl Corp._ _ _•
234
55
Amer Pneu Service prel_ 50
5
5%
a mer Tel & Tel
100 102% 104% 2,287 100%
150
331 3%
•
234
Amoskeag Mfg Co
160 109%
Boston & Albany
100 112 113
115 55
Boston Elevated
100 623.1 63
Boston dr Maine
175 14%
17.%
Prior preferred
100 16
434
34
531
Class A let pre stpd_100
4
81.i
,
10
Boston Per Pr Tr
• 113-4 113-4
10 111
Boston dr Providence_ _100 152 152
15
334
Brown Co 6% cum pref 100
63% 7
2
90
334 3%
Brown-Durrell Co com
*
25
334
Calumet & Hecht
234
334
25
Chl Jet Ry & Union Stock
29 85
Yards 6% cum pref _100 11334 113%
3
401
33-4 331
copper Range
25
East Gas & Fuel Assn
3%
260
331
334
•
Common
256 4036
6% curn pref
100 4234 4634
121 53
62
4 % °Y prior preferred 100 61
101
East
434
Mass St 134' lot pf _100
7% 8
100
99e
131 1%
Ad)
100
40 r, 43.1
634
Eastern S SLines
634
•
48 11534
Economy Grocery Stores_• 18
18
Edison Elm Ilium
105 2,099 98
100 98%
634
605
12
Employers Grout)
1234
General Cap Corp
• 25% 25%
Gilchrist Corp
3% 3%
•
1334 1434
Gillette Safety Razor
34
BYgrade S Lamp com__• 31
Preferred
• 97% 100
Internat Ilydro Else el A25
231 234
maim% Central pref....100 1634 1634
Mass Utilities Assoc vtc _.•
I
I%
Mergenthaler Linotype_ • 29% 31
New Eng Tel & Tel _ _. _ 10
.
0 9034 9135
New River Co pref_-_100 57
59
NY
art
634 6,4
Elaven&Hford 100
250 26c
No Butte Mining
2.50
Northern RR (N ID _100 104 104
Old Colony RR
100 6231 65%
1 nettle Mills Co
• 15% 17
P C Pocahontas Co
• 2431 25%
Pennsylvania RR
50 21% 21%
Low
High
Jan
9
731 Jan
231 Jan
5% Jan
102% Feb 10634 Jan
334 Feb
434 Jan
112
Feb 120% Jan
59% Jan 64% Feb
15
4
93.'i
150
634
335
3
Jan
19
Jan
6
Jan
Feb
1134 Feb
Jan
Jan
Jan 153
Feb
834 Jan
Jan
4
Jan
Feb
43-4 Jan
106
331
Jan 114
4
Feb
25N
25 118
3%
2%
50
380
13
734
1452 17
2634
60 7434 95
59
234
234
10
8
1134
1
1
178
240 2031 29%
90
611 75
26 2431 55
6
6
236
250
210
240
10 83
103
85 68
6234
495 17
15%
370 10
24%
398 18
18
1
231
831
4%
18%
7231
14
%
7434
37
1
2%
789
58
280
170
237
93
200
135
1,665
78
105
1,005
50o
131
57-4
3%
11
35
8
31
47
3034
.%
600
31
2
84
5
3%
1734
69
1231
5%s
70
3534
74
17-4
62
9
35
25
190
1
96
374
11
334
1
125
53-4
12%
336
$8,000
69
5831 4,000
6631 2,000
1,000
68
68
2.000
58
324
34
35
35
Quincy Mining Co
25
Reece Folding Mach Co.10
Shawmut Assn tr etfs__ .._•
itone & Webster
•
4wIft & Co_
25
Torrington Co
•
Union Twist Drill Co _ _5
united Founders com__ _ _1
0 Shoe Mach Corp
25
Preferred
25
Utah Apex Mining
5
Utah Metal & Tunnel__ I
34
2
831
331
18
72
14
!di
7334
3634
Ti
234
Feb
Jan
4% Jan
334 Feb
Jan
40
Feb 50
Jan
5934 Jan 64
Feb
8
5
Jan
134 Jan
99c Jan
Jan
7
4% Jan
18
Feb 20% Jan
Jan
Feb 107
98
12
Jan
133i Jan
I
2
Venezuela Mex 011 Corp 10
Vermont it Mass Ry_ _ _100 125 125
Waldorf System
. 534
63-4
15
Waltham Watch pref100 15
Warren Bros Co
•
374 434
Exchange
High
Low
1431
4
um
1431
14
21-1
Feb
284
4%
Jan
Feb
1534
Jan 34
Jan 100
Feb
234
17
Jan
1%
Feb
32%
Feb
Feb 9514
Jan 60
84j
Feb
300
Jan
Feb 104
71
Feb
Feb 21
Feb 27
Jan 25%
n
Jar,
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
1
234
8%
5%
19%
74
14
31
7534
38
14,
2%
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
2
Feb
Feb 12514 Jan
Feb
734 Jan
15
Js',
Feb
631 Jan
Feb
%
Baltimore Stock Exchange
Feb. 9 to Feb. 15, both inclusive compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Jan.31
1935
High Shares Low
StocksPar Low
420 1134
*
1634 173.4
Arundel Corp
234
100
3
3
lialtimore Tube com_ _ _100
434
285
834
Black & Decker corn
8
•
210
2434
834
25 24
Preferred
Ches &Pot Tel of Baltpf100
Comm Credit pref 13_25
63-4% lot pref
100
7% preferred
25
Consol G E L & Pow
*
6 preferred ser D _ _100
54 preferred
100
11734
30
11031
30
5631
11231
106
11734
30
11031
30
59)4
11234
107
3 11234
10 23
5 85
35 20
3532 4534
63 92
15 91
E Porto Rican Sugar pref I
Fidelity & Deposit
20
Fidelity dr Guar Fire_ _ _ _10
Finance Co of Am class A *
Houston 011 pref
100
Mfrs Finance lot pref....25
Maryland Casualty Co _ _ _1
Jr cony pref ser B
1
Merch & Miners Transp •
MononW Penn P S 7%,pf25
\It Ver-Woodb Mills p0100
5%
42%
25
7%
534
835
136
136
25
1534
44
534
43
25
7%
5%
831
I%
1%
26
1534
44
100
33
208
75
654
45
M5
330
75
74
50
New Amsterdam Casualty5
Penna Water & Pow coin.*
U.S Fidelity & Guar
2
Western Md Dairy pref._ _*
734 74
5631 5731
63-4 6%
82
82
334
15
8
3
4
534
1
1
24
1234
1934
151
534
270 2 41%
1,086
23.4
15 65
Range Since
Jan. 1 1935
Low
157-6 Jan
23-4 Jan
7% Jan
24
Jan
11514 Jan 11734
29% Jan 33
111)
Jan 11034
29% Jan 3034
Jan 5931
53
112% Feb 112%
10434 Jan 1063.4
531
4176
2234
634
534
834
1
134
25
1531
41
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
634
53
534
70
Jan
Jan
Jan
Jan
BondsBaltimore City10834 Feb
1961 10834 10831
$500 97
4s Dock loan
Balt Sparrows Point &
2,000
831
14
Jan
(ctfs) _ _ _1953 1831 1831
Ches 4% %
1939 111% 11 1 31
1,000 10834 111% Feb
Consol Gas 1st 58
53-4 Jan
4
9
934 28,000
Md El Ry 6 As (flat) _ _1957
For footnotes see Page 1129.
High
1738 Jan
3
Feb
8. % Jan
Jan
25
5%
46
25
8
6%
9
17-4
174
-26
17 34
44
Feb
Jan
Feb
Jan
Fe,,
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
831 Jan
5731 Feb
63-4 Jan
85
Jan
10834 Feb
18% Jan
111% Feb
94 Feb
Bonds
Amoskeag Mfg Co 6a 1948
F., Mass St Ity ser A 43 '48
-Is
East MOSS St Ry ser B 1948
1948
Ser C 6s
Series D Cs
1948
68
5631
6331
68
68
6714 Jan
49N Jan
5234 Jan
6334 Jan
Jan
03
7034
5831
6634
118
68
Jan
Feb
Feb
Feb
Feb
CHICAGO SECURITIES
Listed and Unlisted
Paul 11.Davis &(o.
Members,
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Feb. 9 to Feb. 15, both inclusive compiled from official sales lists
Week's Range
of Prices
Par Low
StocksAbbott Laboratories com_• 6431
25 46
Acme Steel Co
35%
Adams Royalty Co corn..*
Ainsworth Mfg Corp com10 19
13
Allied Products Corn cl A -*
Altorfer Bros cony pfd __• 18
Amer Pub Serv Co pret_100
834
534
Armour & Co common._ b
23.4
Asbestos Mfg Co 'tom _ _ _1
Associates Invest corn_ _ _ .• 80
7%
Automatic Produ6te com_5
Backstay Welt Co corn_ _ _• 14
37-4
Bastian-Blessing Co com_•
Sales
for
Week
July 1
193310
Jan.31
1935
High Shares Low
200 34%
66
550 21
47
100
131
331
1002 5
194
750
53.1
16
10
934
18
3
100
93/4
5%
700' 335
24
950
134
200 4331
85
834 3,350
234
30
14
43.4
ni
100
334
Range Since
Jan, 1 1935
Low
Jan
60
423.4 Jan
3% Feb
Feb
19
12
Jan
18
Jan
734 Jan
Jan
5
Jan
2
Jan
79
Jan
5
133.4 Jan
3% Jar,
HlOh
Feb
66
Feb
47
315 Feb
1931 Feb
Feb
16
1936 Jan
Jan
12
634 Jan
234 Jan
Feb
85
834 Feb
Jan
14
434 Jan
I
1127
Financial Chronicle
V olume 140
Week's Range
of Prices
Stocks (Concluded) Par Low
Bendix Aviation cm.._..• 15
2%
Berghotf Brewing Co
1
Borg-Warner Corp com_10 30
7% preferred
100 109%
Brach (E J)& Sons com__• 15%
Brown Fence & Wire—
17
Class A
•
5%
Class B
Bruce Co(E L) corn
•
6
Butler Brothers
7
10
19
5%
6
734
BALLINGER et CO.
3.4
34
434 434
1434 15
24
24
234
%
30% 3034
15
17
44
14%
10
1
54%
8
3%
9
87%
2%
634
15
1736
4%
14%
1034
1%
55%
8
3%
9%
88
2%
634
6
18
1434
15
10
19
734
534
a%
18
16
15
10%
19
8
6%
16% 17%
18% 19
18% 19%
29
22
14%
4
534
654
Jan
Jan
Jan
Jan
19
Feb
534 Feb
6% Jan
7% Jan
10
1734
Jan
50
390
30
1g4
1,,
7% Jan
1334 Jan
3% Feb
Members Cincinnati Stock Exchange
CINCINNATI
UNION TRUST BLDG.,
Specialists in Ohio Listed and Unlisted
, Stocks and Bonds
27% Feb
5
600
450
50
1,900 a
50
27
736 734
18
19%
534
Dexter Co (The) corn_ _ _5
Eddy Paper Corp com •
Elea Household UM cap_5
Elgin Nat Watch cap stk 15
Fitz Sins & Con D&D corn •
Gardner Denver Co com_•
General Candy Corp A 5
Gen Household URI corn_•
Godchaux Sugars Ina—
•
Class A
•
Class B
Goldblatt Bros Inc corn _•
Great Lakes D & D oom •
Greyhound Corp com
5
Range Since
Jan. 1 1935
High
Low
High Shares Low
14% Feb 17% Jan
154
800
3% Jan
2% Jan
3
1,000
2
1,800 1136 28% Jan 31% Jan
31
Jan
108% Jan 111
40 87
110
Jan
6% 13% Jan 16
15%
50
27
Castle(AM)& Co com10
Cent III Secur—
Convertible preference*
Cent III Pub Serv pref_
Central Ind Power pref 100
Central S W—
Common
1
•
Preferred
•
Prior lien pref
*
Chain Belt Co cons
Chicago Corp common •
•
Preferred
Chic Flexible Shaft corn -5
Chicago Mail Order com..5
Chic & N WRY cam_ _100
Chic Rivet & Mach cap_ _*
Chic Yellow Cab Co Inc_
Cities Service Co com
•
Commonwealth Edison 100
Continental Steel corn_ •
Cord Corp cap stock
IS
Crane Co common
25
Preferred .
100
Curtis Lighting Inc corn__'
Curtis Mfg Co corn
5
July 1
Sales 1933 to
for
Jan.31
Week
1935
it
2%
7%
2034
Jan
Jan
Jan
350
34
20
2
2
100
80 14
3,250
134
150 20%
250
7
300
83-1
50
33-4
50 2 4%
150 I 24
8,200 6 1%
1,500 3035
5
400
1,100
2%
700
5
20 32
2
10
20 14 434
%
334
1234
21%
2
29
13%
15%
4%
14
10
1
47
736
3%
834
83
2
5%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
1%
Feb
5
Jan
16% Jan
24
Feb
Jan
Jan
Jan
15
17% Jan
5% Jan
15
Jan
114 Jan
134 Jan
Jan
56
9% Jan
434 Jan
10% Jan
89% Jan
24 Feb
6% Feb
220
30
1,750
200
250
10
1,100
450
3%
4%
8
6%
8%
934
3
434
la%
1434
15
834
17
534
5%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
639
19%
17%
1734
10%
21
8
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
660
150
600
2,150
1,100
10
3%
15%
834
17%
17%
1934
Jan
Jan
Jan
Feb
Jan
1734
734
20
19%
29
Feb
Feb
Jan
Jan
Feb
1234
5
3!1
9%
1834
834
12
14%
50
4
50 16
1,450
2%
80 z 7
300 2 334
Jan
1834 Jan
7% Jan
834 Jan
1334 Feb
10% Jan
18% Jan
8% Jan
12
Feb
Jan
15
19
36%
634
850
710
3,050
07
19
1%
15%
35
3
Jan
Jan
Jan
80
5
50
7%
40 65
1,300
134
200
34
7,650 2 2%
2
150
'50 2234
8
23%
85
134
%
6%
3%
35%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14
27%
95
24
1%
7%
431
99%
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
16
16
McCord Had & Mfg A..
McGraw Electric corn...5 1434 1434
M cW illiams Dredging Co_• 27% 30%
14, 1%
Manhatt-Dearborn com •
Marshall Field common_•
9
9
134 1%
Mer & Mfrs Sec ci A com.1
134 134
Mickelberry's Fd Pr corn 1
Middle West Util Co oom_•
Si
Si
Midland Util—
e% prior lien
100
Si
Si
Miller &Hart Inc cony pfd*
4
4
• 19% 20
Moans Mfg corn
16
Messer Leather corn
• 16
18
Muskegon Met Spec ci A_• 18
734 734
Nachman Springfilled com•
Noblitt-Sparks Ind eons • 1434 1434
North American Car com_•
2% 3
No American Li & Pr corn 1
34
34
4% 434
Northwest Bancorp eons...
534 534
Oshkosh Overall com
•
22
Convertible preferred_ _• 22
10
200
2,300
100
550
60
900
700
2
33-4
1234
15
13%
22%
134
8%
I%
134
Si
Jan
Jan
Jan
Jan
I Jan
Jan
Jan
Jan
18
1534
304
1%
11%
I%
134
34
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
100
50
250
20
150
100
1,650
350
250
50
50
10
%
4
7
7
44i
10
1%
41
234
3
10
%
4
16%
15%
18
7
13%
2%
94
334
5%
22
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
%
4%
20
1634
20
934
1534
3%
%
54
5%
22
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
13
12
31
32
234 334
1
1
550
200
450
50
4
21
134
34
11
Jan
31
Feb
2% Jan
Si Jan
13
33
3%
1
Jan
Jan
Jan
Jan
17% 17%
7534 77
50
50
as
15%
73%
2034 Jan
78
Jan
Cincinnati Stock Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Jut*
Week's Range
of Prices
Par Low
Stocks—.
7%
Aluminum Industries _ _ ...*
Amer Laundry Mach ___20 1336
4
*
Amer Products pref
3
*
Burger Brewing
Champ Coated spec pref100 100
3%
*
Churngold
100 79
Cin Gas &Electric
3
56
Cin Street Ry
50 63
Cin Telephone
Cin Union Stock Yard_ _ _.* 21
* 20
City Ice & Fuel
* 26
Coca-Cola A
• 22
Cohen(Dan)
* 13%
Cresley Radio
•
Hart-Carter cony pref ' 934
• 1834
Hormel & Co corn A
834
Fleudallie-Hershev Ci B_•
11%
Interstate Power $7 pref
Iron Fireman Mfg v S a_ _ • 13%
Kalamazoo Stove—
16%
Common new
Katz Drug Co eons
1 36
4%
Ken-Rad T & Lamp corn A*
Kentucky URI pr cumul
preferred
50 10
Keystone 511 & Wire com.• 2734
Preferred
100 9434
1%
Kingsbury Brewing eap__1
Le,ath & Co corn
131
Libby MaNelI & Libby _ _In
734
3%
Lindsay Light corn
10
Lynch Corp corn
5 38
•
20
•
100
•
*
100
•
•
834
4%
1034
61%
1936
734
31
2736
11
834
434
1034
6134
20
734
31
27.34
11
Kroger
Leonard
Procter & Gamble
5% preferred
Randall A
B
Rapid Electrotype
U S Playing Card
US Printing
• 25%
5
•
* 4634
100 194
* 18
*
5
* 2834
10 32
4
•
26
534
47
195
18
5
32
32%
4
Parker Pen Co(The)comb0
Perfect Circle (The) Co *
Prima Co common
•
Process Corporation coin.*
Public Service of Nor Ill—
•
Common
7% preferred
100
Quaker Oats Co—
•
Common
Preferred
100
Raytheon Mfg 6% prof __-5
Reliance Mfg Co com....10
Preferred
100
Ryerson & Sons Inc corn.*
Sangamo Electric Co
-•
Common
Preferred
100
Southw G & E 7% Piet 100
St Louis Nat Stkyds cap.'
Standard Dredge—
Common
•
Convertible preferred_ _•
Storkline Fur cony pref_25
Stutz Motor Car corn_ •
Sutherland Paper Co comb0
15
Swift International
25
Swift & Co
Thompson (.T ft) corn-..25
Cal & Ind Conk—
Common
Ming Pump Co—
Common
Preferred
Vortex Cup Co—
•
Common
Walgreen Co oommon __•
Waukesha Motor Co eons.*
WisconsinBankeharee com•
Yates-Amer Mach pt pith*
Zenith Radio Corp cons_ _•
*
1%,
4%
38
834
34
11.
a
Jan
Ian
129 131
133 134
51
34
93.4 934
100% 100%
26% 30%
220 106
128
60 111
133
150
Si
%
9
150
93(
100
10 84
600 11
20
8% 8%
100% 100%
66
66
73
75
10
40
10
9
4
40
3934
32
8
95
5434
69
10
10
25
150
1,24
1.90
4,70 '
1
134
3
134
534
19%
11
134 Fe
4
Jan
3Si Jan
234 Jan
10
Jan
81% Jan
17% Jan
5
4%
5%
Jan
3-4
34
Jan
13-4
21%
634
34%
Jan
Jan
9% Feb
35% Feb
15
Jan
2834 Feb
Jan
30
214 Jan
14 Jan
134 Jan
17
Feb
31Jan
40 • Feb
234 Jan
34 Feb
234 Jan
14
4
4
3
1334
34%
18
6
14
4
5
3%
144
35%
1834
6
34
34
350
8% 934
35% 35%
10
2
16% 17
30%
29
35
40
214
23.4
34
I% 14
20
5%
15%
70
21
22
1%
90
10
10 1 134
Bonds
208 So La Salle St Bldg
1958 2834 28% $1.000
1st mtge 548
footnotes see page 1129.
For
-...ttr
"Th.
19
Jan 181
Feb 13634
Jan
.3i
10
Fe
Jan 100%
Jan 3034
Jan
Jan
Jan
Jan
Feb
Feb
Jan
8% Feb
Jan 100% Jan
Jan 66
Feb
Feb
Jan 75
274 Feb
2% Jan
534 Jan
5
Feb
34 Feb
Jan
18
85% Jan
19;4 Jan
6
36
2914
Feb
Jan
Jan
Are Iarrad
AO
a
Range Since
Jan. 1 1935
Sales 1933 to
Jan.31
for
1935
Week
High
Low
High Shares Low
834 Jan
7% Feb
6
60
7%
25 z 104
13
Feb
1534 Jan
1334
6.34 Jan
4
Feb
5
4
4
Feb
Feb
3
3
110
2
3
Feb 10034 Feb
15 79% 100
10054
5% Feb
2% Jan
1
210
5%
7236 Jan 8034 Feb
1,369 62
8034
334 Jan
Jan
3
155
3
334
Feb 6434 Jan
190 6034 63
64
Jan
2134
298 1634 2034 Jan 24
Feb 2134 Feb
18 1434 26
20
Jan
Jan 26
25
26
534 25
Jan
Jan 22
22
9
35
22
1434 Jan
1334 Jan
361 I 7
14
Dow Drug
Eagle-Picher Lead
Formica Insulation
Found Invest pref
Giteen Art
Goldsmith
Hatfield part pref
Hobart class A
Julian & Kokenge
Feb
19
87% Jan
6% Feb
10%
2735
95
1%
Wire Systan—First Boston Corporation
12R
1234
2
3%
8
60
734
3
27
2236
4
100
150
25
25
244
33
10
22
13
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
8
4
1034
6134
1634
734
31
2736
11
Jan
9
434 Jan
Jan
14
61% Feb
Jan
21
8% Jan
Jan
32
Jan
28
Jan
12
23% Jan 2834
190' 19
5
Feb
634
1
60
59' 3334 4334 Jan 47
19134 Jan 195
5 101
1834
934 1734 Jan
10
Feb
54
5
234
40
27% Jan 343-4
411 12
239 1454 294 Jan 3354
Jan
4
3
125
2
Jan 134
16
44
fi
Jai
Jan
Feb
Feb
Jan
Jar
Feb
Fet
Feb
Fet
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 6060
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
JULV
a
Week's Range Sales 1933 to
Jan.31
for
of Prices
1935
Week
•
Range Since
Jan, 1 1935
Stocks—
Par Low
134
Aetna Rubber
*
Allen Industries, Inc__ * 12
1%
Bessemer Lim & Cem ci A*
City Ice & Fuel
• 2034
Cleve Elec 111 6% pref _100 112%
Celve Ry "ctfs of dep"_100 55
5
Cleveland Worsted Mills _•
1036
Corrigan MclUn SU vet _ _1
1
1034
Non-voting
High
Low
High Shares Low
14 Feb
134 Feb
1
75
134
Feb
13
834 Feb
2
235
12
134 Feb
114 Feb
1%
35
1%
Feb
234' 1436 2034 Feb 21
21
Feb
55 9934 11634 Feb 113
11234
Feb
Feb 58
37 3434 54
553
6% Feb
Feb
5
5%
218
534
Feb
10
1534 Feb
8
12
1034
Feb
1534 Feb
10
834
77
10%
Dow Chemical
* 8734
100 116
Preferred
Federal Knitting Mills_ _.• 44
6
Foote-Burt
•
Goodyear T&R cum let pf• 86
Greif Bros Cooperage A _ _• 2934
Hanna MA $7 cum pref* 104%
• 20
Harbauer
3
_
Harris-Seybold-Potter. _•
90
116
44
6
86
2935
104%
20
4
26
• 25
Interlake Steamship
1234 1234
Kelley Is Lim & Trans_ _ _*
334
331
Lamson Sessions
•
McKee (Arthur G) el B •31 10% 1136
4
4
Metropolitan Pay Brick_.•
3% 34
Miller Wholesale Drug. _ _*
National Carbon pref _ _100 140% 140%
52
National Refining pref _100 52
134 1%
National Tile
*
Nestle LeMur cum cl A _ _*
534 534
27
Nineteen Hund class A._.• 25
Ohio Brass B
*
Paragon Ref B 3d pay end *
Richman Bros
•
Sherwin-Williams
25
AA preferred
100
S M A Corp
1
Vlehek Tool
•
Weinberger Drug Inc_ .
1,.... 7,..... T.
a 4, ... .... ',In
19
34
494
88
110
9%
2
14
om
1934
34
50
88
110
10
2
15
om
36% 8734 Feb 9034
75 2
11236 Feb 116
30 99
Feb 4634
50 29% 44
6
Feb
5
3%
75
Feb 86
10 5334 86
Feb 2934
27
15 16
101% Feb 105
60 77
Feb 23
434 20
15
1% Feb 4
4
125
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb 2834 Feb
25
113 20
Feb
13
Feb
64 11
20
Feb
4
334 Feb
236
20
Feb
12
Feb
9
5
20
Feb
4
Feb
2
134
24
334 Feb
33.4 Feb
3
NIl
14034 Feb 141% Feb
101 130
Feb
Feb 60
50
10 45
2% Feb
134 Feb
1
175
5% Fel
Feb
4
1
30
Fet
2334 Feb 27
96 21
350
20
344
20
15
118
90
156
tn
Feb 20
19
10
4
4 Feb
%
Feb 50
48
38
Feb 90
3234 85
9034 10736 Feb 110
10
Feb
9
834
2
Feb
2
1
15
1234 Feb
7
9A
P6h
90
on
Fet
Fel
Fet
Fet
Fet
Fet
Fel
Fel
Val
Los Angeles Stock Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Week's Range
of Prices
Stocks—
Bandini Petroleum
Barnsdall Corp
Bass Chica 011 A
Par
1
5
10
Sales
for
IVeek
July 1
1933 to
Jan.31
1935
Low High Shares Low
200
2
3% 3%
100
6.!:i
6%
534
1%
300
34
3
Range Since
Jan. 1 1935
634 Jan
1
2% Jan
High
334 Jan
634 Feb
314 Jan
1128
Financial Chronicle
Week's Range
of Prices
Stocks (Concluded) Par Low
High
Buckeye Union 011
1
18c
24c
V tc
1
18c
24c
Preferred
1
50c 55c
Preferred v t c
1
50c 55c
Chapman's Ice Cream Co_•
234
234
Chrysler Corp
5 3934 3934
Citizens Nat! Tr & S Bk _20
2336 24
Claude Neon Elec Prod_ _.
103.4 10%
Consolidated Steel
1.25 1.25
•
Emsco Her & Equip Co_ _5
93<4
834
Farmers & Mer Nat! Bk100 350 350
Globe Gr & Mill Co
25
7
7
Goodyr T & R (Cal) pfd100 76
76
(Akron)
2214 2234
*
Hancock 011A com
5
1124 123.4
Sales
for
Week
July 1
1933 to
Jan.31
1935
Republic Petroleum Co_ 10
Security-First Nat! Bk_ _20
Signal 011 & Gas A com_ _*
Socony-Vacuum Oil Co _ _15
So Calif Edison Co
25
Orig pref
25
7% preferred
25
6% preferred
25
534% preferred
25
Southern Pacific Co__ _100
Square D Co Inc
5
Standard Oil of Calif
•
25
%
353<4
6 .I1
1334
1134
29
,
21 1
1824',
163.4
147%
10
3034
Transamerica Corp
•
Union Bank & Trust Co_ 50
Union 011 of Calif
25
Universal Cons 011 Co _ _ _ 10
Wellington Oil Co
1
5
534
80
80
157-4 16
67%
43-4
800 80c
!Wining Stocks
Black Mam Cons Mng_10e
Calumet Mines Co
10c
Imperial Development.25c
Tom Reed Gold Mines__ _1
Zenda Gold Mining Co_ _ _1
14c 160 7,000
11c 5,500
10c
324e 324c 19,000
48c 48e 4,600
18c 3,000
18c
y,
224
3624
6
1334
12
129
22
1934
1634
153<4
10
3034
Unlisted Stocks
American Tel & Tel_ _ _ _ 100 1033-1 104
Cities Service
%
5
154
General Electric
* 2334 2334
General Motors
10 3034 31
Montgomery Ward
• 26
26
Radio Corp of America_ *
524
5
Range Since
Jan. 1 1935
Established 1874
Shares Low
High
Low
110 Jan
15,700
25c Feb
3c
11c Jan
15,800
24c Feb
70
13,133
280 Jan 60c Feb
to
9,734
15c
29c Jan 57340 Feb
224 Feb
2% Feb
300
1
100 1 2634
373-1 Jan 3934 Feb
200 18
203-4 Jan 2424 Feb
% Jan
101
700
724
1034 Jan
1,600
1.10 Feb
90c
1.40 Jan
Jan
200
9% Feb
7
234
10 275
340
Jan 36224 Feb
100
5
Jan
7
534 Jan
10 61
Feb
Feb 76
76
100 1 183.4
Jan
213-4 Jan 26
1,500
6
936 Jan
1234 Feb
Kinner Alrpl & Mot Corp.1
55c 6224c 16,500 2 100
Lincoln Petroleum Corp_ _1 5724c 800 73,900
20e
Lockheed Aircraft Corp_ _1
1,200
1.45
124
90c
L A Gas & Elec 6% pfd _ 100 88
315 7334
90
I., A Investment Co
10
5
300
5
134
Mills Alloys Inc A
220
•
50c
53-4
534
B
124
200
•
136
I 50c
Oceanic 011 Co
400 40c
1
200
350
Pacific Finance Corp _ __ _10
700
624
103-4 10%
Preferred C
10
9
9
200
636
Preferred D
WA
10
100
8
934
Pacific G & El6% 1st pf _25
2034 2034
700 2 1834
Pacific Lighting Corp pfd_*
74 26 66%
7324 7334
Pacific National Co
25
A
34
500
A
400
600
200
700
600 1
40
700 z
1,6002
900
300 1
104
400
380
400
1.10
81
5
5
124
I 35c
934
9
974
2025
72
A
Jan 6234c Feb
Jan
80c Feb
Jan
134 Feb
Jan 90
Feb
Jan
Jan
5
Jan
524 Feb
Feb
174 Feb
Jan
40c Jar
1024 Jar
Jan
Jar
Jan
9
Feb
934 Feb
Feb 2
034 Jar
Jar
Jan 75
Feb
24 Feb
2
3314
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
17-4
25
174
1224
1034
26
1834
1524
1434
143's
2
263-4
1336
1134
29
2034
1734
1734
14
10
2934
1,600
5
23 71
1,000 1 1134
11,000 27 1.20
200
50c
5
80
15
2
800
7c
60
12Ic
250
tic
r 5%,
120
10e
30
420
140
!Jan
3
38
7
1434
1224
3024
22
1934
1624
19
10
32
Jar
Jar
Jar
Jar
Jar
Feb
Jar
Feb
Jar
Jar
Feb
Jar
Feb
521 Jar
Feb 80
Feb
1624 Jar
Jan
Jan
67-4 Feb
Jan 9724c Jar
Jan
Jan
Jan
Jan
Jan
170
1334c
40
510
22c
Jar
Jar
Jar
Jar
Jar
224 1 10034 103
Feb106
1,900 6 134
A Feb13-4
100 6 16
2134 Jan 247-4
200 22 22% 3034 Jan 34
100' 1534
2536 Jan 30
800 22 434
524
47
% Jan
Jar
Jar
Jar
Jar
Jar
Jar
Buhl Building
Detroit Stock Exchange
compiled from official sales lists
JUIY 1
1Veek's Range Sales 1933 to
Jan.31
for
of Prices
1Veek
1934
High Shares Low
3,295
134
134
60C
1834
621
4
600
4
667 2934
3934
70
56 1 55
100
2
434
1116
400
%
1,360
324
1236
Range Since
Jan. 1 1935
Low
136 Jan
17
Feb
4
Jan
3636 Jan
Jan
68
43-4 Feb
24 Jan
921 Jan
High
Jan
2
19
Jan
4
Jan
4224 Jan
7834 Jan
434 Feb
% Jan
1234 Feb
1034
534
434
434
2934
30
234
Jan
Feb
Feb
Feb
Jan
Feb
Feb
1236 Feb
734 Feb
534 Jan
53-4 Jan
3134 Jan
347% Jan
334 Jan
524
324
2234
734
82,1
2034
1
3
"16
25
9
6
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
6
324
24
83-4
1234
2134
13-4
5
1516
2736
11%
734
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Eureka Vacuum
5
Ex-Cell
-0 Aircraft com _ _3
Federal Mogul corn
•
Federal Motor Truck corn*
Ford Co of Canada A _ _ _•
General Motors corn_ _ _ _10
Graham-Palge Mot corn%
1234 1234
634 614
47,4 4%
424
43-4
3036 3036
3134 3134
224 294
Hall Lamp corn
•
Hoover Steel Ball corn.l0
Hoskins Mfg corn
*
Iloudaille-Hershey B.- -.•
Iludson Motor Car
5
Kresge (S S) Min
IC
Lakey Fdy & Mach com.1
NIichigan Steel Tube corn.*
Michigan Sugar corn
•
Motor Products corn_ *
Motor Wheel corn
5
Murray Corp corn
10
594
334
24
8
924
2036
1
5
21
25
9
634
25
9
634
655
1,200
264
1,215
48001
776'
160 2
600
950
125 1
396 1
725'
National Auto Fibre
I'ackard Motors corn__ _ _•
Parke-Davis dr Co
•
Parker Rust
-Proof corn_ _ 5
Reo Motor Car Co com_ _5
Rickel (H W)
2
River Raisin Paper corn_ _•
Square D
-A
•
14
43-4
34
5921
234
324
37%
13
1436
434
353-4
6236
234
324
334
15
300 14
1.89521 23-4
1,2412 1936
562 2 36
478
2
221
9,275
1,200
1
73510 3
Feb
14
424 Feb
Jan
33
Jan
55
224 Jan
234 Feb
224 Jan
874 Jan
1436
534
3534
,
63g
27-4
336
334
15
Timken-Detr Axle com_10
Preferred
100
Tivoli Brewing corn
1
United Shirt Dist corn_ _ _•
Universal Cooler A
•
B
*
Warner Aircraft Corp__ I
Visnne IT. Al 51 Ar WIrw 5
6
6
95
95
2
23-4
3
39-4
324 324
134
134
1516 I%
101.1 In'A
163
3
10 54
3,821
134
100
%
210
136
1,150
55c
2,300
A
1001 1036
6
Jan
Feb
95
Jan
2
27-4 Jan
336 Feb
124 Jan
A Jan
1936 Feb
714 Jan
95
Feb
234 Jan
336 Jan
Jan
4
134 Jan
154 Jan
2036 Jan
For footnotes see page 1129.
y,
PHILADELPHIA
NEW YORK
1415 Walnut Street
52 Broadway
Philadelphia Stock Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Jan.31
1935
Range Since
Jan. 1 1935
StocksPar Low
American Stores
• 3934
Bankers Securities pref _50 11
Bell Tel of Pa pref
100 11536
Budd (KG) Mfg Co
•
434
Preferred
100 2974
Budd Wheel Co
*
336
High Shares Low
Low
382' 3524
40
3736
12
200
11
536
157 10934 11524
1165-4
342
47%
3
424
10 1 16
2974
26
35' 2
336
3
Cambria Iron
50 4436
Electric Storage Battery100 4534
Insurance Co of N A
_10 54
Lehigh Coal & Nay
6%
•
Lehigh Valley
50
834
Mitten Bank Sec Corp_ _25
%
Preferred
1
25
Pennroad Corp v t c
*
13-4
Pennsylvania RR
50 2134
Penne Salt Mfg
50 74
Phila Elec of Pa 55 pref _ _ _• 107
Phila Elec Pow pref
25 3234
Philp, Insulated Wire
5 22
Phila Rapid Transit_ _50
.
224
7% preferred
434
50
Philadelphia Traction _ 50 173-4
45
47
54
634
874
1
I%
174
22
74
10734
3236
22
324
534
173-4
Scott Paper
• 5994 59.25
Series A 7% pref _ _ _ _100 115 115
Tacony-Palmyra Bridge_ _* 2034 207%
Tonopah-Beimont Devel _1
11s
'16
Union Traction
524
50
43-1
United Gas Impt corn__ _ _• 1024 11
Preferred
* 8974 91
BondsElec & People" tr etre 4s '45 17
Phila Elm (Pa) lot 5s_1966 113
18
113
18
436
502
100
1
10
501
2,185
2,869
252
67
410
48
150
25'
95
High
Jan 4274 Jan
Feb
1336 Jan
Jan 11724 Jan
Jan
536 Jan
Jan
Jan 33
Jan
Jan
4
34
Jan 45
42
Feb
337% 4524 Jan 493-4 Jan
3434 5334 Jan 5434 Jan
721 Jan
57%
634 Jan
8
Feb
831
1134 Jan
24
% Feb
Fel)
1
1
24
Jan
134 Jan
13.4
19.4 Feb
234 Jan
20
Feb 2524 Jan
2034
737-4 Jan 79
Jan
423-4
90
10334 Jan 10736 Feb
2924
Feb
3174 Jan 33
20
Jan
1936 Feb 25
Jan
13-4
234 Feb
4
3
67% Jan
43-4 Feb
16
1624 Feb 2234 Jan
10' 3724 56
Jan 5934 Fel)
25 105
1137% Jan 11524 Jan
10 1721 20
Jan 2124 Jan
50
Si
24 Jan
'16 Feb
583
414
426 Feb
674 Jan
9,380 1136
1024 Feb
Jan
13
126 1 8234 8934 Jan 9224 Jan
89,500 15
3,060 2 10474
Jan
Jan
Feb 21
Jan 113
17
111
420' 634
226
224
150
3
300
224
296 2 87%
871 222236
134
575
3
1
13
224
6
1036
y,
3
%
155.1
634
334
Feb. 9 to Feb. 15, both inclusive compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
1933 to
Jan.31
1935
Range Since
Jan. 1 1935
High Shares Low
21
10' 1314
100 2
%,
1
2124
110 2 13
215
6
1174
90c
236 4,940
360
354
334
1,165 1 624
62.1
Low
203<4 Jan
Feb
1
21
Feb
1074 Jan
154 Jan
324 Jan
57% Feb
High
2474 Jan
Feb
1
24
Jan
1324 Jan
274 Jan
4
Jan
724 Jan
Devonian Oil
•
Duquesne Brew corn
5
Follansbee Bros pref _ _100
Fort Pittsburgh Brew _ _ _ _1
Koppers G AS & Coke pf 100
Lone Star Gas Co
•
Mesta Machine
5
DETROIT
Telephone - Randolph 5530
534
334
24
834
10
2134
1
5
Members
New York Stock Exchange
Philadelphia Stock Exchange
StocksPar Low
Allegheny Steel corn
• 21
Arkansas Nat Gas Corp_ _*
1
Armstrong Cork Co cora _ _* 21
thaw-Knox Co
• 1134
Carnegie Metals Co
234
1
Clark (DL) Candy Co.....5
324
Columbia Gas & Elec Co_*
524
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
StocksPar Low
Auto City Brewing com_ _1
174
Bower Roller Bearing com5 173-4
Capital City Prod corn_ _.
4
Chrysler Corp corn
5 3936
Detroit Edison com_ _ _100 687%
Detroit Gray Iron com 5
424
Detroit Mich Stove com_ 1
%
Detroit Paper Prod con..
• 11
DeHaven & Townsend
Pittsburgh Stock Exchange
WATLING,LERCHEN St HAYES
Feb. 9 to Feb. 15, both inclusive
Feb. 16 1935
12
524
II%
224
7534
524
2634
12
574
1121
234
76
524
27
50
8
598 2 1
5
10
800
134
60 54
2,545
436
733 14
1021 Jan
334 Jan
934 Jan
Jan
2
7424 Jan
524 Jan
2434 Jan
12
574
1434
234
7824
634
2736
Jan
Feb
Jan
Jan
Jan
„Tan
Jan
Pittsburgh Brew Co pre_ _"
Pittsburgh Forging Co__ .1
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass..25
Pitts Screw & Bolt Corp...•
Pittsburgh Steel Foundry •
Renner Co
1
Ruud Mfg Co
5
San Toy Mining Co
I
Standard Steel Spring_ _ _ _ •
16
16
334 434
134
13,4
56
5624
724
736
3
3
1.14
174
7
7
3c
3c
9
9
220 15
270
2
10
1
96 2 3024
977 1 424
2
10
710
1
250
95-4
6,000
2c
8
46
1536
22.4
124
5234
634
2
124
7
20
9
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
163.4
436
134
5724
874
4
134
1036
30
1936
Jan
Jan
Feb
Jar)
Jan
Feb
Jan
Jun
Jan
Jan
United Engine & Fdry_ _ _•
United States Glass
Victor Brewing Co
1
Western Pub Serv v t c
*
Westinghouse Air Brake _•
.
Westinghouse El & M fg _ 50
3024 33
124
134
950 134
374 4
233-4 2424
3724 3924
1,202 15
2
20
6,250
95c
615
324
290 1534
290 1 273-4
277%
124
95c
324
237-4
3624
Jan
Feb
Jan
Jan
Feb
Jan
3434
2
13-4
4
2674
40
Jan
jail
Jan
Jan
Jun
Jan
Unlisted
Inns Stnr C;m4 A ,,',. wet 100
75
75
Jan
80
Jan
SO
76
64
ST. LOU IS MARKETS
LISTED AND UNLISTED
WALDH El M,PLATT & CO.
Members
New York Stock Exchange
St. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Monthly quotation sheet mailed upon request.
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange
Feb. 9 to Feb. 16, both inclusive, compiled from official sales lists
JIM/ I
Week's Range Sales 1933 to
Flange Since
Jan.31
for
of Prices
Jan. 1 1935
Week
1935
StocksPar Low
A S Aloe Co com
14
20
American Inv 11
•
736
Coca-Cola Bottling coin_ _1
30
Columbia Brew corn
5
3
Curtis Mfg corn
5
6
Ely & Walker D Gds com25 20
1st preferred
100 108
Emerson Elpetric nref _ _100 46
High Shares Low
Low
19
5 5
14
721
3
50
754
11
8
3034
25
3
224
50
3
100
6
424
6
95 13
21
1 754
60 90
108
105
5 40
46
46
High
Feb
14
Feb
724 Feb
Feb
Jan 3024 Feb
Feb
Feb
3
Feb
Feb
6
Feb
21
Jan
Feb
Jan 108
Feb
Feb 46
1129
Financial Chronicle
Volume 140
JUL" 1
Week's Range Sales 1933 to
Jan.31
for
of Prices
1935
Week
July 1
Week's Range Sales 1933 to
Jan.31
for
of Prices
1935
Week
Range Since
Jan. 1 1935
High
Low
Stocks (Concluded) Par Low
High Shares Low
334 Jan
234
250
234 Jan
Falstaff Brew corn
1
334 335
Feb
11334 Feb 116
35 105
Globe-Democrat pref__100 11334 116
3
10
431 Jan
Jan
234
Hamilton-Brown Shoe Co _
3% 334
Feb
Jan 45
44
136 38
International Shoe com • 4434 44%
Feb
8
734 Feb
6
10
Moloney Electric A
754 734
•
Jan
7
634 Feb
6
198
Mo Portl Cement cola _ _25
634 634
National Candy com__ * 14% 15
2nd preferred
ioo loom 10054
Rice-Stix Dry Gds corn_' 1035 10 3i
1%
Scullin Steel pref
1
*
Southw Bell Tel pref._ _100 121 35 122
Wagner Electric pret_100 11034 11034
Preferred
15 1334 1334
BondstUnited Railways 48..1934
2834 2834 54,000
rtnn
DEAN WITTER&CO.
Municipal and Corporation Bonds
DISZCT PRITATM WIRZ5
Los Angeles
Fresno New York
Seattle
Tacoma
San Francisco
Oakland Sacramento
Honolulu
Portland
Feb
1534 Jan
Feb 10054 Feb
Feb 1234 Jan
134 Feb
Feb
Feb
Jan 122
Jan 11131 Jan
1434 Jan
Jan
300 1434 14
100
25 86
10
63.4
30
1
100 40c
25 11534 119
109
4 90
634 1234
170
15%
IQ
2834 Feb
97U Fah
2834 Feb
971.2 1re.11
San Francisco Stock Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Range Since
Jan. 1 1935
DI Giorgio Fruit $3 pref100
*
Eldorado 011Works
Emporium Capwell Corp.*
Fireman's Fund 'adorn_ _10
Fireman's Fund Insur_25
Food Mach Corp com _ _ _ _ •
First Nat Corp of Ptld-•
Gen Paint Corp A com
•
B common
•
*
Golden State Co Ltd
Hawaiian C & S Ltd__ _25
Ilome F as M Ins Co-AO
Ilonoluiu Plantation- _ _ _20
•
Ilunt Bros A corn
29
1934
6
3034
7594
23%
2034
16
234
5
47
3434
2634
934
30
1934
6
3154
7634
2494
2034
16
234
534
48
3654
2634
934
29
100
750
120
162
1,877
10
150
100
672
207
155
100
140
16
13
5
17
44
1034
1334
5
35
4
40
2434
1794
335
2134
18
534
2634
7134
2034
21%
1554
2
5
4334
3134
26
834
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
38
1934
6
3134
7634
24%
21%
1754
234
5%
48
3634
2734
10
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jar
•
Island Pine Ltd corn
Langendort Utd I3ak A._.•
Leslie-Calit Salt Co
•
I, A Gas & El Corp pret 100
-Magnus Inc A..._*
Lyons
Magnavox Co Ltd
234
Merchant Cal Mch com _10
Market St Ry pr prof _ _100
Nat Automotive Fibres. _ _•
•
Natomo.s Company
No Amer Inv 6% pret _ _100
North Amer 011 Cons_ _ _10
Occidental Ins Co
10
4
835
2534
90
834
1
234
534
1335
894
40
1034
2334
1
834
25%
90
8%
1
234
535
1434
9
40
1035
2334
400
34
156
735
345 21
50 75
6
180
380 z
35
1
196
3
400
525 13
5,745
354
25 14
20
694
15 13
3
734
24
8134
634
34
2
434
13
734
38
10
2234
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
4
835
26
90
8%
1
234
535
1434
9
44
11
2334
Jar
Jar
Jar
Fet
Fet
Jar
Fet
Fet
Fet
Jar
Fet
Jar
Fel
1494
Feb
Jan 2134
Jan 18%
Feb 2334
Jan
7434
34
Feb
Jan
834
Jan 73
Jan 117
Jan 4294
12
Jan
615
Feb
Jan
594
Jan 3254
944
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Fel
Fel
Jar
Jai
Fel
Fel
Jai
Fel
254
76
19
6
32
35
2
8694
5%
Fel
Jai
Jai
Fel
Jai
Fel
Fel
Fel
Jai
560' 1134 1435 Feb
1634
4
Jan
5
820
534
14 16
1734 Jan
1834
5 179
Jan 237
230
100
1134
794
10% Jan
6
30
6
Feb
234
Jai
Fel
Fel
Fel
Jai
Fel
Schlesinger & S(B F)com •
Shell Union 011 pref ___ _109
Southern Pacific Co_ _100
Spring Valley Water Co...*
Standard 011 of Calif.... •
•
Telephone Inv Corp
Thomas-Allee Coro A_ _..•
TIdeWtr Assd 011 6% pf100
•
Transamerica Corp
254
72
1494
6
2934
35
2
8554
535
Union Oil Co of Calif _ _25 1594
534
Union Sugar Co com- - _.25
25 1834
7% preferred
Wells Fargo Ilk & U T..100 236
Western Pipe dr Steel Co_10 1134
6
Yellow Checker Cab A _50
1,994 1 1254
1334
2,879' 1894
2035
420 163.4
18
387' 2094
2134
132 6634 71
289" 35
35
1.485
734
1%
192 6834 7034
23' 993.4 111
588 21
3735
5
369
10
2
10
634
400
194
734
140 15
30
5
185
9
100
234
72
100
472 1
1534
6
170
3034
1,256 1
35
55
10
2
76
8655
534 17.390
16
534
1854
236
1135
6
1
4534
1435
4
2654
28
134
4394
5
254
703.4
14
554
2994
33
194
8315
5
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
San Francisco Curb Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
of Prices
05 31
for 1 .
1935
Week
Range Sines
Jan. 1 1935
High
Low
High Shares Low
Par Low
Stocks40e Feb
30c Jan
10e
100
40e 40c
25
Alaska Treadwell
219 10034 10334 Feb 10654 Jan
100 10334 10434
dr Tel
Amer Tel
30c Feb
22c Jan
20c
500
260 26c
American Toll Bridge._ _1
8(4 Feb
7(4 Jan
A
120
R 41 ft11
*
A ...7... 7sTot.1 rnrn
10 30% 30%
General Motors
-Chem pref_100 100 100
Gr West El
20 36% 37
Hawaiian Sugar
37c 37c
1
Holly Development
3.10 3.20
1
Idaho-Maryland
14c 20c
1
Italo Petroleum
85e 1.10
1
Preferred
60c 61c
735
73.4
4e
4c
21% 21%
28e 28e
36
36
1.600 3 tOe
1,000
2%
Sc
2,500
160 15
20
900
20 30
1034 1134
2% 234
7% 734
1334
13
5
5
1.735
482
100
900
120
•
25
25
25
25
100
•
1
10
25
20
24
11%
16%
19
223(
18
835
23c
4.75
4.25
4134
24%
12
1634
19
22%
18
8%
23e
654
4.50
42
4%
26
1
43c
75c
75
52 z 2234 30
100
35 84
31
70 28
37c
700 , 25e
3.00
2.50
730
13c
Sc
2,586
47c
66c
1,890
1
Khmer Airplane
..10
Libby McNeill & Lib.
MJ&M&M Cons 011_1
20
Oahu Sugar
Occidental Petroleum _ - _1
20
Onomea Sugar
Shasta Water
South Calif Edlson
535% preferred
6% Preferred
7% preferred
Sou Pac G G pret
-McKee B
Sunset
S Petroleum
Universal Con 011
Virden Packing
Wale'ua A gricult
Low
Jan
10
2
5
13.4
5
5
4%
11
4C
257 1 1035
23"1494
400 z 1554
100 2 18%
55 1454
535
5
16c
100
1.20
4,555
3.75
430
325 29
60c
635
40
20%
26c
3234
High
1434 Feb
535
27
135
50c
75c
87
Jan
Feb
Jan
Jan
Jan
Jan
Feb 3334
Jan 100
37
Jan
37e
Feb
3.35
Jan
200
Jan
1.20
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
61e
7%
Sc
21%
30e
36
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
9% Jan
234 Jan
7% Feb
Jan
11
435 Jan
22
1135
1634
1735
20%
17
Jan
Jan
Jan
Jan
Jan
Jan
21e
2.00
4.00
3634
Jan
Jan
Jan
Jan
1134 Feb
254 Jan
Jan
8
1354 Jan
5)4 Jan
24%
12%
16%
19
22%
2035
Feb
Jan
Jan
Feb
Feb
Jan
24e Jan
6% Feb
5.°°
42% Feb
• No par value. c Cash sale. x Ex-dividend. y Ex-rights. z Listed. t In default.
g Price adjusted to 100% stock dividend paid Dee. 29 1934(Kalamazoo Stove Co.)
Par Low
High Shares Low
Low
StocksHigh
Jan
110" 1694 1734 Jan 20
Alaska Juneau Gold Min 10 1734 1734
ASSOC Insur Fund Inc
34
10
254 Feb
134 Jan
234 234 2,373
5
Atlas Imp Diesel Eng A _.*
1%
953
Jan
734 Jan
634 7
Jan
Jan 147
Bank of California N A.100 144 145
143
163 120
Byron Jackson Co
•
834 Feb
73.4 Jan
794 894 5,042
394
100 1734 2134 Feb 2135 Feb
Calamba Sugar com......20 1934 2134
% Feb
35 Feb
% %
California CoPPer
%
10
1,500
Calif Cotton Mills com _100 1134 1294
4
380
1054 Jan 1354 Jan
Calif Ore Pow 7% pref_100 2594 2594
5 20
2534 Feb 2634 Jan
California Packing Corp.' 39% 4194 2,607' 1694
Jan 4194 Feb
37
Jan
Jan 80
78
70
Calif Water Serv pret_ 100 78
20 59
CalltWest fits Life Ins Cap5 10
Feb 1114 Jan
735 10
60
1034
Caterpillar Tractor
* 3934 32
Feb
3,907' 15
3635 Jan 42
Crown Zellerbach v t c_ . 434
594 Jan
454 1.157' 3%
434 Feb
Preferred A
113 27
• 65
66
6234 Jan 7035 Jan
Preferred 13
• 6535 6534
Jan
10 26
6134 Jan 70
Pacific G & E corn
25 14
1434
25 2034 20%
6% lst pret
25 1834 1835
5317 pret
Pacific Lighting Corp com • 21% 2234
• 7234 73
6% preferred
%
34
Pao Pub Ser (non-vot)com•
7% 8
•
(Non-voting) pret
Pacific Tel & Tel corn _ _100 72
7234
100 11534 117
6% preferred
• 3934 4034
Paraffine Co's corn
12
Ity Equip & Rlty 1st pret • 12
•
635 634
Series 1
•
531 5%
Series 2
Rainier Pulp & Paper Co_• 3154 3135
954 954
1
Roos Bros corn
High Shares Low
1.75
14% 3,285
75
73'
7%
100
394
4%
15 20
26
1,640
134
134
250
47c
Sic
50c
100
75c
15 40
8034
Pacific American Fish_ _ _ _•
1
Pacific Eastern Corp
Pacific Western 011
20
Pineapple Holding
•
Radio Corp
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Er. (Asso.)
New York Cotton Exchange
New York Coffee & Sugar Er.
Commodity Exchange, Inc.
Honolulu Stock Exchange
July 1
Week's Range Sales 1933 to
Of Prices
Jan.31
for
Weak
1935
Stocks (Concluded) Par Low
5 13
Argonaut Mining
•
731
Atlas Corp
4%
5
Aviation Corp
-Ore Pw 6% '27..100 26
Calif
1
•
Cities Service
47e
1
Claude Neon Lights
75c
*
Coen Co's A
* 80
Crown Will let prof
Range Since
Jan. 1 1935
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows:
2Z Pittsburgh Stock
lz Cincinnati Stock
New York Stock
67 Richmond Stock
33 Cleveland Stock
New York Curb
,4 Colorado Springs Stock "St. Louts Stock
York Produce
New
"Salt Lake City Stock
New York Real Estate IS Denver Stock
26 San Francisco Stock
,
I Detroit Stock
Baltimore Stock
27 San Francisco Curb
"Lee Angeles Stock
Boston Stock
"San Francisco Mining
re Los Angeles Curb
Buffalo Stock
"Seattle Stock
"Minneapolis-St. Paul
California Stock
Spokane Stock
"
"New Orleans Stock
Chicago Stock
si Washington(D.C.)Stock
1
Chicago Board of Trade 2 Philadelphia Stock
Chicago Curb
Prices on Paris Bourse
day
Quotations of representative stocks as received by cable each
of the past week
Feb.14 Feb.15
Feb. 9 Feb. 11 Feb. 12 Feb.13
Francs Francs Francs Francs Francs Francs Francs
10,300 10,300 10.450 10,400 10,300 10,400
Bank or France
905
875
901
905
918
Banque de Parts et Des Pays Bas
478
476
476
475
485
Banque dL'Union Parisienne_
-55
195
206 '195
195
198
Pacific
Canadian
17,900 17,845 17,800 17,700 17,700
17,900
Canal de Sues
1,140
1.135
1,150
1,130
1.137
Cie Distr. d'Electricitie
1,250
1,250
1,253
1,230
1,250
Cie Generale WEIN:Wattle
23
- --2423
24
Cie Generale Transatlantlque _.
70
72
- _---i5
69
69
Citroen B
960
- __985
980
975
960
Comptoir Nationale d'Escompte
81
85
80
82
90
90
OotY S A
236
233
234
234
237
Counderes
588
579
588
576
581
Credit Commercial de France1,13
1,770
1,760
1,768
1,750
1,770
Credit Lyonnais
2,210
2,190
2.170
2.220
2,150
2,150
Eau: Lyonnais
510
490
500
506
506
Eneride Electrique du Nord
725
718
720
708
718
Energle Eleetrique du Littoral528
521
523
519
530
Kuhilmanu
-iiii
740
740
738
730
720
L'Air LIquide
985
979
977
970
972
Lyon (P L M)
1,268
1,258
1,262
1,241
1,253
Nord Ry
-455
462
482
468
466
467
Orleans Ry
45
--45
45
45
45
Pathe Capital
847
845
851
837
854
Pechiney
--5
82.
81.75
81.30
81.20
80.50
81.25
Renters. Perpetuel 3%
88.20
87.70
87.25
89.80
86.40
87.40
Rentes 4%, 1917
87.00
86.70
86.40
88.90
85.40
86.50
Rentee 4% 1918
92.10
91.80
91.40
91.25
90.40
90.90
Rental 4"4%. 1932 A
92.90
92.75
93.80 92.30
91.40
91.75
Rentee 4)5 %, 1932 B
118.80 117.50 117.80 118.10 118.40
117.20
Rentee 8%. 1920
1.420
1,410
1,390
1,480
1,420
1,450
Royal Dutch
1,094
1.086
1.115
1.101
1,134
Saint Gobain 0.90
1,410
1,390
1,390
1,365
1,376
Schneider & Cie
47
48
48
48
48
46
Societe Francais. Ford
50
51
50
50
53
Societe Generale Fonetere
2,190
2.165
2,175
2.145
2.150
Societe Lyonnais.
585
585
585
585
585
Societe Marseillaise
67
...66
68
70
72
Tubize Artificial Silk prof
629
623
625
621
633
Union d'Electricitle
65
65
65
65
65
Wagon-Lila
fiao
The Berlin Stock Exchange
Closing prices of representative stocks es received by cable each
day of the past week
Fe L. Feb. Feb. Feb. Feb. Feb.
15
14
13
12
11
9
Per Cent of Par----30
30
31
31
31
AllgemertneEleutrizItseta-Geoellochart(AEG) 31
115
114
115
115
115
115
Berliner Handels-Gesellschaft(5%)
141
141
141
141
141
142
Berliner Kraft u. Licht(10%)
83
82
84
84
84
85
Commers-und Privat-Bank A CI
127
127
127
128
127
128
Demmer Gas(7%)
84
83
84
85
86
Deutsche Bank und Disoonto-Geeelbschaft_ 86
100
100
101
102
102
103
Deutsche Erdoel (4%)
119
119
119
119
119
Deutsche Reichsbahn (German Rya)Pt(7%)118
84
83
84
85
86
86
Dresdner Bank
142
142
143
143
144
144
Farbenindustrie I G (7%)
114
115
115
114
115
116
Gestuerel (5%)
128
129
129
130
130
131
Hamburg Electric Werke(8%)
31
31
31
32
32
32
Hapag
79
79
77
77
78
78
Mannesmann Roehren
34
34
34
34
34
34
Norddeutacher Lloyd
165
165
165
165
166
166
Reichsbank (12%)
209
203 206207
206
Rheinisclie Brauntoble (12%)
_
51
156
153
155
155
Salzdetfurth (735%)
145
144
145
146
148
146
Siemens & Heist°(7%)
1130
Feb. 16 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
110 111
1053 10612
4
110 1103
4
10012
9914
10112
95
9912
9814
100
94
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Ask
hid
29
31
6812 70
103 104
06
663
4
4112 44
10612
8212 8412
104 10512
10214
10212
4914 50
10612 107
10714 1073
4
10612
4
9912 1615188
38
37
3612 371.,
1043 4
10212
10212 164
8812
10412 166
863 8712
4
0512 97
100 101
100 101
1003
4
1033 104
4
100
9718 6i12
10212 104
10412 106
110
953
4
75
frir:37
1
97
98
06
Montreal Stock Exchange
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last Week's Range for
of Prices
Week
Sale
Par Price Low
High Shares
Agnew-Surpass Shoe
•
Preferred
•
Alberta Pac Gr A pref _100 22
Assoc Breweries
Bathurst Pow & Pap A_ •
13awlf N Grain
1
Preferred
100 3045
liell Telephone
100 134
Brazilian T L & P
British Colum Pwr Corp A* 26%
4%
Bruck Silk Mills
• 16%
Building Products A
• 29%
Canada Cement
7
Preferred
100
Canada Steamship
2%
Preferred
100 11%
Canadian Bronze
• 28%
Preferred
100
Canadian Car Az Foundry _•
74(
Preferred
25 14%
Canadian Celanese
21
Preferred 7%
100 10614
Rights
•
Canadian Converters_ _100 30
Canadian Cottons
100 65
Preferred
100
Canadian Foreign Invest_•
Preferred
100
Can General Elec pref_ _50 61%
Can Hydro-Elec pref.. _100 78
Canadian Ind Alcohol_ ___*
%
Class B
8%
Canadian Pacific By. _ _25 12%
Coekshutt Plow
•
Con Mining & Smelting_ 25 135
Dominion Bridge
27%
Dominion Coal prat__ _100 131
854 9
97 100
22
22
12% 12%
6
634
1
1
30% 3034
133% 135
914 9%
26% 27%
4% 4%
16
16%
28% 29%
7%
7
63
62
2%
214
9% 11%
27% 29
112 112
7
7%
14% 14%
21
2145
106 107
19% 20
30
30
65
66
101
101
29
29
107 107
61
62%
80
76
954 914
8% 8%
12
1234
634 7%
133 13515
27% 28%
129 13234
30
57
80
35
300
3
10
361
1,591
245
120
510
380
405
312
100
735
326
10
620
300
525
125
780
5
55
5
100
3
170
84
1,705
220
891
515
269
590
1,365
Range Since Jan. 1 1935
Low
754
96
2114
12
6
1
32%
129
9%
26%
14%
27
7
55%
1.75
6%
2734
110
7
1434
203-4
100
19
30
65
95
25%
105
61
75
7
11%
634
128
26
11636
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
High
9
100
28
13%
6%
3
40
135
10%
30%
5
17%
2934
8%
64%
2%
11%
30%
114
8%
17
23%
107
20%
30
67
101
30
107%
63%
8214
10
914
13%
8%
140
33%
13214
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
C Tway
zaies
Last 1Veek's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
Dominion Glass
100 119
Dom Steel & Coal B....25
5%
Dominion Textile
•
Preferred
100
Dryden Paper
•
4%
East Kootenay Power_ _ •
Enamel & Heating Prod_ •
Famous Players C Corp_ •
Foundation Cool Can.. _• 13
General Steel Wares
•
4%
Goodyr T pref Inc '27_100
Gurd, Charles
•
634
Gypsum, Lime & Alabits_*
6%
Hamilton Bridge
*
Hollinger Gold Mines_ 5.00 17.80
Howard Smith Paper_ _ _ .• 12
Preferred
100 88
Imperial Tobacco of Can_ 5 13
Int Nickel of Canada _ _• 2334
International Power
•
Preferred
100
Lake of the Woods
•
Preferred
100
Massey-Harris
•
McColl-Frontenac Oil.....• 15
Mitchell J S
•
Mont Cottons pref....100
Mont I. H & Power Cons _• 3034
Mont.Telegranh
40 57
Mont Tramways
100 90
National Breweries
* 33%
Nati Steel Car Corp
• 16
Niagara Wire Weaving.....• 17
Preferred
• 4534
Ogilvie Flour Milks
•
Ottawa L H Az Power_ _100
Ottawa Traction
100 20
Penmans
•
Preferred
100
Power Corp of Canada_ •
Quebec Power
• 1634
Rolland Paper pref _ _100
St Lawrence Corp
*
'A preferred
50
7
St Lawrence Flour Mills100
Preferred
100
St Lawrence Paper pref 100 1434
Shawinigan W & Power_ _* 1834
Sher Willams of Canada."
Preferred
100
S mon II &Son.s
•
Simmons Class B pref _100
.
Southern Can Power
• 1234
Steel Co of Canada
* 47
Preferred
25
Tuckett Tobacco prof. _100
Vlau Biscuit
•
Preferred
100 20
Wabasao Cotton
• 24
Western Grocers Ltd
•
Winnipeg Electric
•
Preferred
100
Woods Mfg pref
100
Banks
Canada
50 56
Canadienne
100
Commerce
100 166
Montreal
100 198
Nova Scotia
100
Rnvnl
inn 17(1
118 119
5% 5%
80
8054
145 14534
4% 5
1
1
1
1
13
13
1234 13
4% 4%
114% 114%
5% 654
6% 6%
5
5
17.50 18.50
1114 12
85
88
12% 13%
2234 2334
4
4
55
58
12
12
97
97
414 4%
1434 1534
27
27
87
90
3034 31
5654 57
89
90
3215 3311
16
16
17
17
4534 45%
179 179
81
83
20
22
63
63
115 115
946 9%
1634 1634
91
9154
1.65 1.70
7
7
38
38
120 125
14
15
18
1834
14% 14%
110 110
103.4 11
88
88
1234 1234
4534 47
42
4234
137 137
1.55 1.55
20
20
24
25
33
33
2
2
10
10
68
70
55
130
186
197
297
1711
56
130
16754
198
297
171
0,00C,..0.0000•CnOVINO....0WW00.0WC,000.0.0...0.0.,4
14 Wall St.
New York
Lake St John Pr & Pap Co
1942
348
614s
1947
MacLaren-Que Pow 5148 '61
Manitoba Power 5143..1951
Maple Leaf Milling 53481949
Maritime Tel & Tel68_1941
Massey-Harris Co 58..1947
McColl Frontenae 011681949
Montreal Coke & M 514is '47
Montreal Island Pow 5348'57
Montreal L H & P (850
par value) 38
1939
58
Oct 1 1951.
Is
Mar 1 1970
Montreal Pub Serv 5.3_ _1942
Montreal Tramways 58_1941
New Brunswick Pow 58 1937
Northwestern Pow 68..1960
Certificates of deposit...
Northwestern Util 78_1938
Nova Scotia L & P 5s....1958
Ottawa Lt Ht Az Pr 53..1957
Ottawa Traction 534s_.1955
Ottawa Valley Power 5148'70
Power Corp of Can 4148 1959
58
Dec 1 1957
Price Bros Az Co as
1943
Certificates of deposit...._
Provincial Paper Ltd 554847
Quebec Power Is
1968
Rowntree Co 69
1937
Shawinigan Wat & 1'4145'67
SImpsonti Ltd 68
1949
Southern Can Pow 5s_1955
Steel of Canada Ltd 68_1940
United Grain Grow 55_ _ 1948
United Secueles Ltd 5348'52
West Kootenay Power 53'56
Winnipeg Elea Co 53_1935
Cs
1954
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
x
Wood,
Gundy
& Co., Inc.
Bid
Ask
3312 3414
9214 94
983
4
1023 104
4
793
4
11114 112
1043 1053
4
4
10314 104
10112 10212
10414 105
4112
102
1033
4
10212 16312
1043
4
99
1043 106
4
7414 75
9912 10014
4
983 993
4
7114 7212
11114 112
2012 22
1073
4
103 104
73
7312
99 100
44
9912 997
8
89
873
4
103
1003 102
4
503
4
9718 9712
96
95
3012 32
10014
1023 16-1
4
9812 99
Members New York Stock Exchange
26 Broadway, New York
Montreal Stock Exchange
Canadian
Bonds
Abitibi P ds Pap cths 58 1953
Alberta Pacific Grain 65 1946
Asbestos Corp of Can 58 1942
Beauharnois LU & P 554s'73
Beauharnols Power 68_ _1959
Bell Tel Co of Can 5s._1955
British-Amer Oil Co 58_1945
Brit Col Power 5348_1960
5s
1980
British Columbia Tel 58 1980
Burns & Co 514s
1948
Calgary Power Co 5.1__ _1960
Canada Bread 68
1941
Canada Cement Co 5148 '47
Canadian Canners Ltd as'50
Canadian Con Rubb 68_1946
Canadian Copper Ref 68 '45
Canadian Inter Paper (is '49
Can North Power 5,s___1953
Can Lt & Pow Co 5s_ _ _1949
Canadian Vickers Co 631947
Cedar Rapids M & P 58 1953
Consol Pap Corp 554s._1961
Dominion Canners 65_1940
Dominion Coal 58
1940
Dom Gat3 SC Elea 6340..1945
Dominion Tar 6s
1949
Donnaconna Paper 510 '48
Duke Price Power ils___1968
East Kootenay Power 76 '42
Eastern Dairies as
1949
Eaton (T) Realty 58... _1949
Fain Play Can Corp 65_1948
Fraser Co 68
1950
Gatineau l'ower 5a____1958
General Steelwares 68_ _1952
Great Lakes Pap Co 1st 68'50
Hamilton By-Prod 78_1943
Smith II Pa Mills 5148_1953
lot Pow & Pap of Nfld 58'68
LAIDLAW & CO.
.- - .
.
.Cr..
v,...
... ..
"w•-•
.kima.ct
Co
.4
.4..p.w ..... ..-w c.,..-...ww.6.44. ww,..o..-wam.wa, kw
... .-In
...-....,- .,,,,-...0 ,„,,,,,... „,00.
00C.00.0C.C....05.+0,0000,00..
hid
All
10718 10712
11112 11214
115 116
11712 11812
104 10512
110
.44..W00,.-.
Province of Alberta
-Bid
Ask Province of Ontario
Apr
1 1935 10014
434s
554s
Jan
3 1937
58
Jan
1 1948 100 101
Is
Oct
1 1942
4348
Oct
1 1956 9712 9812
as
Sept 15 1943
Prov of British Columbia
58
May 1 1959
4%a
Feb 15 1936 10014 1003
48
June 1 1982
4
5s
July 12 1949 93
4%s
9412
Jan 15 1965
414s
Oct
1 1953 9312 9412 Province of Quebec
Province of Manitoba
414s
Mar 2 1950
4548
Aug 1 1941 100 101
48
Feb
1 1958
2
58
June 15 1954 103 1041
434s
May 1 1961
58
Dee 2 1959 104 10512 Province of Saskatchewan
Prov of New Brunswick
May 1 1936
434s
4148
June 15 1936 10314 104
55
June 15 1943
4118
Apr 15 1960 11012 11112
514s
Nov 15 1946
454s
Apr 15 1961 108 109
434s
Oct
1 1951
Province of Nova Scotia
41413
Sept 15 1952 10712 10812
58
Mar 1 1960 1141. 1151.
Range Since Jan. 1 1935
Low
High
111
4%
80
137
4
1
1
13
12
414
114
434
6
5
17.50
1034
85
12%
22%
4
55
1134
90%
4
14
25
7514
3034
5434
80
31
16
15
4534
170
79
14
5934
115
8%
1 534
90
1.50
654
38
120
13
18%
1434
100
934
8534
12
4434
42
133%
1.45
12
1734
33
2
8
62
Jail
Jan
Jan
Jan
Jan
Jan
Jail
Feb
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
120
6
8234
145%
5%
234
1
13
1334
534
115
614
7%
5%
20 00
12%
90
137
4
2434
6
64
1334
97
5%
1534
27
90
32
57
90
33%
1815
18
4534
190
83
22
63
115
1034
1734
92
1 90
8%
3934
125
1634
20
17
110
1134
8934
1434
48
44
140
1.95
20
27
3334
2%
10
70
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jail
Jail
Feb
Jan
Jan
Feb
Feb
Jan
Fen
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jail
Jan
Jan
Jan
Jan
J1111
Jan
Feb
Feb
Jan
Jan
Feb
11111
55
125
166
197
279
1R51
Jan
Jan
Jan
Jan
Jail
Inn
57
130
18934
204
304
17.1 LC
Jan
Ja I
Feb
Ja 1
Ja I
I2•
HANSON 13ROS Canadian Government
IPIOCSUPOSLAXICD
ESTABLISHED 1883
255 St. James St., Montreal
330 Bay St., Toronto
56 Sparks St., Ottawa
Municipal
Public Utility and
Industrial Bonds
Montreal Curb Market
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
StocksHigh Shares
Par Price Low
Low
Oh
Acme Glove Works pref _50
Asbestos Corp vol trusts..
Associated Oil& Gas Co..
B C Packers
•
Preferred
100
Bathurst Power & Paper B•
British American 011 Co..•
Canada Vinegars
Canadian Dredge & Dock •
Can lot Inv Tr cum pf _100
Can Vickers cum pref _.100
Canadian Wineries
•
• No par value.
9
Ile
1.50
1.75
1514
22
13%
534
40
9
100
1.50
17
1.75
15%
27%
22
20
13
542
40
9%
lie
1.55
17%
2.00
15%
2754
22
20
14%
5%
100
78
3,000
200
82
200
2,264
20
10
25
130
30
32
751
100
1.25
16
1.50
14%
26
2154
20
65/
8
5%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
40
1111
130
1.75
18
2
15%
27%
25
20
16
55i
Feb
Jan
Jan
Jan
Jan
Jail
Feb
Jan
Jan
Feb
Jan
Jan
1131
Financial Chronicle
Volume 140
Canadian Markets-Listed and Unlisted
CANADIAN MARKETS
CANADIAN SECURITIES
GOVERNMENT. MUNICIPAL, CORPORATION and RAILROADS
JENKS,GWYNNE & CO.
Members New York Stock Exchange, New York Curb Exchange and other
principal Exchanges
ERNST
8c
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.
PRIVATE WIRES MONTREAL.TORONTO AND CHICAGO
Montreal Curb Market
Toronto Stock Exchange
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Last
of Prices
Week
Stocks (Concluded) Par Price Low
High
High Shares
Low
Catelli Macaroni Prod B.*
Preferred A
30
Champlain Oil Prods pref.*
Distillers Corp Seagrams.•
Dominion Eng Works.. •
Dominion Stores
*
Dom Tar & Chemical Co.*
Cumulative preferred 100
English Elec Co of Can A-•
Fraser Co's
•
Home 011 Co
*
Imperial 011
*
Int Petroleum Co
*
Interstate Royalty A....*
Melchers Distilleries A. *
Mitchell (Robert) & Co_ *
Regent Knitting Mills__*
Thrift Stores cm pi 654'25
Walkerville Brewery
•
Walker Gooderm & Worts*
Preferred
*
Whittall Can Co cum pf 100
Public UtilityBeauharnois Power Corp.*
C North Power Corp 131100
E Kootenay Pr cum pf _100
Foreign Power Sec Corp_'
Jut Utilities Corp el A_
*
Class B
1
Pr Corp of Can cum p1-100
Southern Can P Co prei 100
Mining
Big Missouri Mines Corp.1
Brazil Gold & Diamond-1
Cartier-Matartic Gold M_1
Dome Mines
*
FalconbridgeNickelMines*
Francoeur Gold
•
Greene Stabell Mines _ _ _ _1
J M Cons
1
Lake Shore Mines
1
Lamaque Cont
*
Label Oro Mines
1
McIntyre-Porcupine
5
Noranda Mines
*
Parkhill Gold Mines
1
Pickle Crow
1
Quebec Gold Mining Corp 1
Read-Authier Mine
1
Stscoe Gold Mines
1
Sullivan Cons
1
Ventures Ltd
*
Wright Hargreaves Mines*
Unlisted Mines
Central Patricia Gold M.1
Eldorado Gold Mines _ _ _ _1
Howe) Gold Mines
,
1
McVittle Graham Mines..1
Pioneer Gold Mines of BC 1
San Antonio Gold Mines.1
Stadacona Rouyn Mines.*
UnlistedAbiti bi Pr At Paper Co._ _•
.
Cum preferred 6% _ _100
Ctf of dep 6% prat _ _ _100
Brewers dr Distill of Van_ *
Brewing Corp of Canada.*
Preferred
*
Canada Malting Co
*
Claude Neon Gen Ad_...•
Consol Bakeries of Can...*
Consolidated Paper Corp.*
Ford Motor Co of Can A.*
Gen Steel Wares pref....100
Price Bros Co
100
Preferred
100
Itoyalite 011 Co
*
1.50
11
7%
1734
1.50
10
7%
1651
21
1051
5%
57
9
434
620
16%
30
1334
934
4
4%
12
3.65
30
1734
78
1.50
11
734
1734
21
11
5%
5834
9
434
66c
1634
3054
1354
934
4
5
1234
3.90
32
17%
78
.
634 634
104% 105
14
14
1.00 1.00
2
2%
350 35c
91
92
98
99
15
215
685
1,210
55
30
745
235
65
25
1,250
1,757
1,295
240
90
20
195
100
1,375
533
315
5
1.50
9
7
1534
20
1034
354
44
734
351
600
1654
29
1234
934
4
434
12
3.65
26%
1651
75
One South William Street
New York
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
Sale
of Prices
Low
High
High Shares
Stocks (Concluded) Par Price Low
Jan .1.50 Jan
Jan 11
Feb
Jan
7% Feb
Jan 1834 Jan
Jan
Jan 22
Feb 1234 Jan
Jan
5% Jan
Jan
Jan 62
Feb
9
Feb
5
Jan
Jan
Feb
750 Jan
Feb 1734 Jan
Feb 3134 Jan
Jan 13% Feb
Feb 11
Jan
Jan
454 Jan
Jan
554 Jan
Jan 13
Jan
Feb
4.25 Jan
Jan
Jan 32
Jan 17% Feb
Jan 80
Jan
391 6134 Feb 6434 Jan
Can General Elec pref-50 6134 6134 6234
Jan
7% Jan 10
860
9%
9
9%
Can Indus Alcohol A...*
Jan
110 1234 Feb 15
Canadian Oil corn
*
1234 1234
Feb
Jan 126
9 120
'125 126
Preferred
100
Canadian Pacific Ry___25 1254 12
1234 1,646 1134 Jan 1334 Jan
1034
Jan
Feb 56
282 51
Canadian Packers
5334 55
6
Jan
534
5% Feb
430
5% 534
Canadian Wineries
*
534
58
834 Jan
6% Feb
780
6% 734
Cockshutt Plow com
*
7
800 Jan 1.00 Feb
100
1.00 1.00
*
Conduits Co corn
4%
Feb
4,335 11% Jan 14
14
Consolidated Bakeries • 1331 12
65c
Jan 139% Jan
249 128
133 135
Cons Minine& Smelting 25 135
1634
Jan
175 189% Jan 193
192 193
Consumers Gas
100 192
30
Jan
43 10251 Jan 105
104 10454
Cosmos Imp Mills pref 100
1334
10 13234 Feb 132% Feb
13254 132%
Dominion Coal pref___100
Jan
6
305
434 Jan
Dominion Steel & Coal B534 5%
5%
1,690 1054 Feb 1234 Jan
Dominion Stores com____• 1031 1054 11
434
Feb
Feb 65
6 65
65
Eastern Steel Products__* 65
65
12
354 Jan
79
234 Jan
Easy Wash Machine corn.*
3
3
3.80
934 Jan
5,031
83-4 Feb
8% 8%
*
8%
Fanny Farmer corn
32
ForrijCo of+Canada A...* 3054 3034 31% 2,722 2855 Jan 3234 Jan
1754
5
Jan
4% Jan
30
434 43-4
GeaSteel Wares corn •
434
78
Feb 11554 Feb
142 114
114 11454
Goodyear T & R pret_100 114
Jan
7% Jan
6
405
Gypsum Lime & Alabast.•
6%
6% 6%
614
1,199
5% Jan
754 Feb Hamilton United Th com25
134 Feb
100 1.00 Jan
154
154
85 104
Jan 105% Jan Harding Carpet Co
334 Feb
334
334 355 1,045
234 Jan
5 14
Feb 14
Feb Elude & Dauche Paper...* 1154 11% 1134
Jan
385 1034 Jan 12
10
1.00 Jan • 2% Jan Imperial Tob Co of Can...
1334 1234 1334 2,550 12% Feb 1354 Jan
130
1.50 Jan
254 Feb Internat Mill let pref__100 113
Feb
Jan 114
15 110
113 114
350
610
350 Jan
450 Jar Internal Nickel corn
Jan
• 2354 22% 2354 13,199 2234 Feb 24
91
80 88
Jan 94
Jar Internat Utilities A
234 Feb
140 1.75 Jan
254
2
•
231
98
94 95
Jan 100
Jar
8% Feb
654 Jan
660
Kelvinator corn
•
834
834 .87
%
Jan
Jan 63
60 60
62
62
Laura Secord Candy come 62
32c
32s 320
750
320 Feb
370 Jar
649 1734 Jan 183-4 Jan
Groceterlas A_ _ _* 1854 18
1854
36c
35c 40c 15,100
20c Jan
40c Fel Loblaw
Jan
Feb 18
120 17
•
B
1734 1754
2340 2340 2340 1,000
20 Jan
3c Jar
77 1.00 Feb 1.30 Jan
1.00 1.00
Maple Leaf Milling corn..5
38.00 38.00
35 36.00 Feb 38.90 Jar
5% Jan
434 Feb
454 434 1,215
*
434
Massey-Harris corn
3.50 3.50
50 3.25 Jan
3.50 Fet
Feb
30 7154 Jan 80
80
80
Monarch Knitting pre! 100
110 14c 12,000 934c Jan 16340 Jar
Jan 18
Feb
655 17
* 1854 18
1831
Moore Corp corn
2930 2954c
500 29340 Feb
400 Jar
Jan
79 11834 Jan 130
127 129
100 129
A
13c
130 14c 3,000
120 Jan 173.40 Jar
Feb
Feb
6
30
6
6
6
Muirheads Cafeterias pi 10
Jar
ico 49
Jan 54
51% 5134
Jan
Feb 22
75 21
National Sewer Pipe A..* 2034 2034 21
it
Sc
Sc 2,000 450 Jan
Sc Fel Ont Equitable 10% pd_100
Feb
854 Feb
2 7
834
7
8%
4e 6.500 3340 Feb 4340 Jac
it
40
Feb
Jan 30
100 20
30
30
Orange Crush corn
* 30
41.00 41.25
85 38.00 Jan 41.50 Fel
Feb
Feb6
6
6
15
6
lot preferred
100
716 31.00 Jan 35.25 Jar
33.00 32.00 33.00
Jan
Jan 83
35 78
80
80
Page-Hersey Tubes com__* 80
200 Jan
250 Jar
2254c 2054c 250 1,600
10 22
22
Feb2334 Jan
22
Photo Engravers & Elec.*
2.76 Jar
2.50 2.58 1,400 2.25 Jan
Jan
5 8954 Jan 91
90
90
100
Porto Rico prat
9%c Jan
15c Jar
1134c 14c 9,30
Jan
Feb 15
20 12
* 1234 1234 13
Pressed Metals corn
900 Jar
600 660 1,425
600 Jan
Feb
Jan 29
10 27
29
29
Riverside Silk Mills 44_5
2.80 Fel
2.79 2.64 2.80 12,735 2.50 Jan
Feb
Jan 89
5 70
88
88
Russell Motors prei___100
380 Jan
490 Fel
49c
410 49c 16,124
Jan
52 8434 Jan 90
Simpsons Ltd pref____100 8754 8731 8834
910 Jan
1.05 Jar
950 95c 2,000
Jan
Feb 48
239 42
4651
Steel of Canada com____* 4634 42
9.25 Jar
8.50 8.75
700 8.20 Jan
Jan
55 4134 Jan 44
42
4234
25 42
Preferred
Jan
8% Jan 10
5
Tip Top Tailors oom. •
934
934
1.28 Jai
1.15 Feb
1.20
1.20 1.20
400
Jan 9854 Feb
48 90
9754 9854
100
Preferred
1.15 1.15
100
1.15 Feb1.32 Jai
454 Feb
Feb
84
4
454
4
Twin City Rapid com___*
434
Feb1.09 Jai
920
1.03 1.04 3,100
.0
5
2,380
434 Jan
5% Jan
4% 5
Union Gas Co corn
36c Jai
30c
30c
500 29540 Jan
Jan
5
285
331 Feb
United Steel Corp
•
334 3%
334
10.10 10.10
40 9.05 Jan 11.25 Jai
29% 3234 4,753 25% Jan 323-4 Feb
* 32
Walkers(Hiram) com
4.30 4.50 1,080 4.00 Feb4.65 Jai
Preferred
* 1754 1734 1734 2,636 1631 Jan 1734 Feb
140 Jan
25c Jai
19c 18340 21c 13,250
8
Feb
6
Feb
789
6
6
Western Can Flour corn.. 5
.
Feb
Feb 52
42 52
52
52
Preferred
100 52
2.00 Jai
1.25 Jan
1.50
1.50 1.60
800
Feb 4034 Jan
230 41
42
43
Weirton Ltd (Geo) com__• 42
934 Jai
7
7
100
7
434 Jan
454 Feb
10
134 Jar
Winnipeg Electric corn.
.5
434 434
554
20
654 Jai
534
554
434 Jan
Jan
11 74% Feb 85
78
100
78
Zimmerknit pret
650 Jan
700 700
45
95c Sal
Banks
454 Jai
190
354
354 3%
334 Jan
Jan
Feb 57
59 55
5554
Bank of Canada
5534 55
17% 19
367 17
Jan 19% Jai
19
Feb 16954 Jan
66 166
Commerce
100 166
166 167
105 2934 Feb31
Jai
29% 30%
Feb 20154 Feb
59 199
Dominion
100 199% 19934 200
8
250 Jan
30c Jai
300
30c 30c
Jan 20754 Feb
143 200
205 205%
Imperial
100 205
2,280 11% Feb14
Fel
1334 1234 14
Feb 203
Jan
9 197
197 198
Montreal
100
1.55 Jan
254 Jai
1.60
1.60 1.85
563
Jan
Jan 305
72 280
Nova Scotia
100
295 300
3034 3034 3134 1,676 2834 Jan 3234 Jai
Jan
Jan 173
27 168
169 170
Royal
100 169
4454
220 37
Jan 4634 Jai
4434 43
Jan 226% Jan
15 220
Toronto
100 226% 22654 226%
3% 2,590
1.75 Jan
3% Fel
3
3
Loan and Trust
Jan 34
390 22
Jai
29
29
32
Jan
Jan 150
37 135
143 145
Canada Permanent_
100 145
22
21.65 22.15
875 18.25 San 22.25 Fel
Feb
Jan 100
13 90
99 100
Huron dr Erie Mtge.
._.100
Jan 204
Feb
15 175
National Trust
204 204
100
Jan
Feb 58
5 50
50
50
Real Estate Loan
100
Feb
Jan 125
42 104
124 125
Fob. 9 to Feb. 15, both inclusive, compiled from official sales lists Toronto General Trusts 100
Jan
Jan 117
7 110
Toronto Mortgage
115 115
50
Friday
Sales
Range Since Jan. 1 1935
Last Week's Range for
Week
Sale
of Prices
StocksPar Price Low
Low
High
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
High Shares
Toronto Stock Exchange
Toronto Stock Exchange-Curb Section
Abitibi Pow & Pap com• 1.50 1.50 1.65
preferred
6
100
734 754
Alberta Pac Grain pref_100
2154 2134
12
12
12
Beatty-Bros corn
Preferred
92
100 92
92
Beauharnois Power com__*
6% 6%
654
Bell Telephone
100 134
133% 135
Blue Ribbon 634% Pref-50
26
27
BrazillanAT L & Pr cora...*
9%
9% 10
Brewers OrlDistillers corn.*
70a 800
British Amer 011 Co Ltd__ 15% 15% 15%
LC Power A
27
27
27
Building Products A
• 29.54 29
29%
Burt (I' N)Co com
33
3354
25
3% 4
Canada Bread Cot
7154
olllst preferred
70
Canada Cement cont....*
7
734
734
63
Preferred
62
Canada Steamship corn_ •
3% 334
9
1134
Preferred
100 1134
19
18
Canadian Bakeries pref 100
Canadian Canners cora...*
534
534
93
92
let preferred
100
854 8%
0 Convertible preferred_.*
,
1434 14%
Can Car & Fdry pref___25
Can Dredge & Dock com.• 2154 2134 22
1,200 1.25 Jan 2.00 Jan
Jan
10
5
9% Jan
30 21
Jan 29
Jan
15
9% Jan 15
Jan
55 86% Jan 93
Jan
772
5% Jan
7
Feb
238 12854 Jan 135% Feb
47 26
Feb 29
Feb
4,844
934 Jan 10% Jan
1,425
950 Jan
500 Jan
4,351 1434 Jan 1554 Feb
Feb 30
35 27
Jan
302 28
Jan 2934 Jan
168 33
Feb 3454 Jan
80
Feb
5% Jan
37 65
Jan 80
Jan
345
83‘ Jan
634 Feb
125 55
Jan 64% Jan
50
2% Feb
Feb
490
7
Jan 11;4 Jan
45 18
Feb 19
Feb
5% Feb
240
634 Jan
46 90
Jan 94
Jan
48
834 Feb
936 Jan
10 1454 Feb 17
Jan
95 21% Feb 24% Jan
Stocks-
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Sale
Week
of Prices
High
Low
Par Price Low
High Shares
Beath & Son (W D) A. *
3
Brewing Corp corn
3%
3%
Preferred
17%
19
Canada Bud Brew corn...*
8
Canada Malting corn
29%
* 30
Canada Vinegars com
* 27
26%
Can Wirebound Boxes A.
16% 1634
Consolidated Press Ltd._
6
Distillers Seagrams
• -16%
28
28
Dominion Bridge
5%
Dorn Tar & Chemical com•
554
100
58
Preferred
Dufferin Paving pref 100 26
26
English Elea of Canada A •
9
146
Goodyear Tire & Rub come 146431
Hamilton Bridge com___*
43.4
30
100
Preferred
Honey Dew corn
•
25
634
Howard Smith Pap Mills.*
30%
Humberstone Shoe corn •
•No par value.
3
3%
19
854
30%
2734
16%
6
1734
2854
5%
58
2654
9
147
4%
30
40
754
3034
3
10
334
2,158
370 1654
740
8
135 29%
285 25
25 15%
6
10
6,397 15%
205 26%
3%
1,551
6 42
10 26
7
45
52 145
4%
75
10 29
115 25
6
203
100 28
3
Feb
4%
Jan
Jan 19%
Feb
8%
Feb 31%
Jan 28%
Feb 17
Feb
6
Feb 1834
Jan 34
Jan
5%
Jan 6154
Feb 31
Jan
9
Feb 150
Feb
554
Feb 33
Feb BO
Feb
73-4
Jan 3055
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
1132
Financial Chronicle
Feb. 16 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
t rtaay
Sales
Last Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
Inter Metal Industries---*
Preferred
Langlays corn
•
Preferred
100
Mercury Mills pref___100
Montreal L H & P Cons •
National Breweries corn...•
National Steel Car Corp.'.
Ontario Silknit corn
*
Preferred
100
Power Corp of Can com__•
*
Rogers
-Majestic
Robert Simpson pref__100
Shawinigan Water & Pow •
Stand Pav & Matis corn_ •
Preferred
100
Toronto Elevators pref_100
Walkerville Brew
•
Oils
Crown Dominion Oil___.1,
Imperial 011 Ltd
•
International Petroleum."
McColl Frontenac 011 com*
Preferred
100
North Star 011 corn
5
Preferred
100
Prairie Cities 011 A
*
Supertest Petroleum ord_•
A
100
oi
531
164
11
85
934
8
10634
1834
121
334
1634
30
15
99
22
Toronto Stock Exchange-Mining Section
Range Since Jan. 1 1935
High
Low
3934
4
70
835
3034
33
16
11
85
93.1
734
10634
1834
1.10
10
121
334
534
41
4
70
934
31
3334
1634
11
85
931
834
107
1834
1.10
14
124
334
340
0
44 Jan
Jan 41
131 37
10
4
Feb
4
5 60
Jan 70
150
835 Feb
10
135 304 Jan 32
Feb 3334
53 31
130 1535 Jan
1834
25
11
8
Jan
5 75
Jan 85
60
834 Jan 104
1,055
9
734 Jan
18 10331 Jan 107
40 1834 Feb 20
100 1.00 Feb
1.75
15 10
Feb
15
10 121
Feb 12934
490
434
334 Feb
2
1634
2934
15
9834
1.10
3.50
85c
2134
111
2
1631
3034
1534
99
1.50
4.00
85c
2234
111
14
100
4.232 164
1.198 29
502 1434
80 96
475
700
620 1.50
80c
105
85 2131
3 111
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
234 Jan
Jan
Jan
Feb
17
Feb 3134 Jan
1535 Jan
Jan
Jan 9935 Jon
Jan
1.50 Feb
Jan 4.00 Feb
Jan
1.00 Jan
Feb 25
Jan
Feb 113
Jan
DOHERTY ROADHOUSE & CO.
Members
The Toronto Stock Exchange
Correspondence Solicited
Telephone:
TORONTO
Toronto Stock Exchange-Mining Section
21340 20350 21340 6,700
900 90c
600
8350
9c 1,500
134c 1340 140 3,500
3350 3340 1.900
3.85
3.85 3.85
550
180 7,050
16c
150
2350 3340 6,500
13e 153,450
110 9340
60 5340
70 12,900
580
570
590 5,200
16e 15350 18350 10,500
1.75
1.75 1.85 2,475
310 32340 4,191
320 31340 35350 51,703
200 18340
210 6,000
2.15
2.15 2.25
405
10.40 10.40 11.95 1,175
2.70 2.95 5,500
2.90
1350 1340 1340 7,500
435c 40 4340
7,800
2,200
800 800
680 570
680 23,069
1340 1340 10,000
1.15
1.15 1.15
500
600 600 7,736
60e
1.18 1.24 23,350
1.24
2.00 2.07 1,878
2.07
130
100 13C 119,200
2350 2350 2340 2,625
90 9350
90
7,300
3.05 3.40 1,791
3.05
2.10 2.32 1,455
2.15
39.20 37.50 39.20 1,885
1,900
6c
6c
1.12 1.34 42,850
1.28
3.55
3.35 3.55 5,100
234c 2350 2,000
1.65
1.56 1.66 66,149
170 4,800
15350 15350
90 1.500
90
2,2 2340
234c
4,500
12e 12350 8,285
100 2,500
9350
280 310 10,500
280
835e
90 4,500
600 740 105,240
700
50 36,300
3340 3340
80 9340 20,500
80
17.75 17.50 18.50 7,375
1.01
1.00 1.02 7,725
14.50 14.50
800
13c
120 14340 12,640
10c 2.100
100
220 22c 1,000
58e 5935c 11,814
1350 1350 134c 4.500
51.75 51.00 51.75 1,205
6c
4c 60 13,200
3340
30 3340 45,000
7.00 6.65 7.15 10,51
10c
be
10c
1,500
2.40
2.36 2.45 13,015
4350 4350 7340 69,300
9%0
9c 9350 16.32
41.75 40.25 41.75 1,24
1.23
1.21 1.32 13,000
37c
35e 490 17,200
28e
300 4,100
870 76340 9435c 159,17
18c
190
19c 1,300
150 164c 3,500
16o
1.14
1.05 1.20 4,02
23ic 234c 3,600
Low
High
Moneta Porcupine
1
150
150 15340 6,800 12340 Feb
160 Jan
Murphy Mines
1
10
lc 134c 5,000
10 Jan
1350 Jan
Newbec Mines
•
20
20 20
1,500 134c Jan
334c Jan
Nipissing
a
2.25
2.30
400
2.15 Jan
2.75 Jan
Noranda
• 3.300 32.10 33.00 2,251 31.00 Jan 35.00 Jan
Olga 011 & Gas
• 3340 3340
40 8,800
3.5 Feb
5340 Jan
Paymaster
1 174c
170
18c 28,657
1130 Feb 20340 Jan
Peterson Cobalt
1
1340 1340 2340 11,000 135c Feb 2340 Feb
Petrol Oil & Gas (new) - •
450 450
700
4532 Feb
450 Feb
Pickle Crow
1
2.57
2.49 2.60 28,010
2.24 Jan
2.77 Jan
Pioneer Gold
10.05 10.35
800 9.00 Jan 11.35 Jan
1
Premier Gold
1
1.52
1.50 1.52 2,500
1.45 Jan
1.66 Jan
Prospectors Airways
*
1.60
1.35 1.60 6,300
1.25 Jan
1.60 Feb
Read-Autiller
1
60c
590 650 6,500
550 Jan
900 Jan
Reno Gold
1
1.46
1.40 1.49 9,210
1.21 Jan
1.49 Feb
Roche Long Lao Gold---- 8340 5340 7940 41,500 4340 Feb
90 Jan
Royalite 011
• 22.00 21.50 22.00 1,425 18.25 Jan 22.50 Jan
San Antonio
4.25 4.60 10,565
1
4.55
4.00 Jan
4.85 Jan
Sarnia 011 & Gas
3o
1
30
3c 1,000 2350 Jan 434c Jan
Sheep Creek Gold Mine_
550 Jan
770 83c 5,900
830 Feb
Sherritt Gordon
1
500
500 530 10.655
50e Jan
73c Jan
Siscoe Gold
1
2.78
2.48 Feb
2.65 2.78 25,680
2.78 Feb
South Tiblemont
•
20
2c 23,500
20 Jan
20
30 Jan
St Anthony Gold
1
30e
25c Jan
290 32310 11,410
39c Jan
Sudbury Basin
1.25 1.40 4,505
• 1.40
1.25 Jan
1.50 Jan
Sudbury Contact
1
Mc 534c
70 9,700 5350 Feb 9%c Jan
Sullivan Cons Mines
1
480 42340 480 12,444
380 Jan
480 Feb
Sylvanite Gold Mines _1
2.32
2.20 Feb
2.28 2.34 9,665
2.55 Jan
Southwest Petroleum
750
6c
60 Feb
60
6c Feb
Tad Burns Gold Mine
1.25 1.33
895
1.25
1.20 Feb
1.45 Jan
Teck-Hughes Gold
3.70 Jan
3.82 3.99 9,820
1
3.98
4.09 Jan
Texas Canadian OU
550 Feb
750 800 3,300
800 Feb
Towagmac Explor
210 Jan 3034c Jan
220 240 1,700
1
Vacuum Gas & Oil
•
lio
lie
34c 3,000
340 Jan
1340 Jan
Ventures
•
92c
900 Jan
920 950 15,515
1.05 Jan
Waite Amulet
•
55e
550 Feb
550 550 1,166
750 Jan
Wayside Cons
110 111,400
70 Jan
70
50c 9340
110 Feb
White Eagle
•
4c 14,000 1350 Jan 10350 Jan
4c 3340
WIltsey-Coughlan
1
556c 5350
,
6c 3,700
50 Jan
70 Jan
Wrieht-Harcreavog
• 8.75 8.60 8.75 2.310 8.25 Jan
0.20 Jan
CANADIAN MINING STOCKS
SILVER FUTURES
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
StocksPar Price Low
High Shares
Low
High
Acme Gas & 011
•
Ajax Oil& Gas
1
Alta Pac Cons Oil
Alexandria Gold Mines _1
Algoma Mining & Fln_
•
•
Anglo-Huronion
Ashley Gold Mining
1
.
Astoria Rouyn Mines_ - _1
1
Bagamae Rouyn
1
Barry-Hollinger
*
Base Metals Mining
Bear Explor & Research_ _1
•
Beattie Gold Mines
1
Big Missouri (new)
1
Bobjo Mines
B R X Gold Mines_ -50e
1
13radian Mines
•
Bralorne Mines
1
Buffalo Ankerite
•
Buffalo Canadian
Bunker 11111 Extension- -.*
•
Calgary & Edmonton_
•
Can Malartic Gold
•
Canam Metals
1
Cariboo Gold
Castle-Treth
1
1
Cent Patricia
•
Chemical Research
•
Chibougamau Pros
Clericy Consol (new)__ -,*
•
Columario Cons
Conlagas Mines
5
Coniaurum Mines
•.
Dome Mines
Dom Explor (new)
1
Eldorado
1
Falconbridge
•
Federal Kirkland
1
God's Lake
•
1
Goldale
Goodfish Mining
1
Graham Bousquet
1
Granada Gold
1
Grandoro Mines
*
1
Greene Stabell
1
Grull Wihksne
Gunnar Gold
1
Halcrow Swayze
1
Harker Gold
1
Hollinger Cons
5
Howey Gold
1
Int M Corp (carts)
1
J M Cons Gold MinesKirkland Cons
1
Kirkland Hudson Bay_ _1
Kirkland Lake Gold
1
Lakeland Gold Mines_ - - -1
Lake Shore Mines
1
Lamaque Contact Gold_ _1
1
Lee Gold Mines
•
Little Long Lac
Lowery Petroleums
•
1
Macassa Mines
•
Man dc East Mines
1
Maple Leaf Mines
5
McIntyre-Porcupine
McKenzie Red Lake
1
McMillan Gold
1
McVittie Graham
•
McWatters Gold
•
Merland Oil
1
Midwal Oil & Gas
•
Mining Corp
1
Moffatt-Hall Mines
Range Since Jan. 1 1935
Direct Wire
-New York & Toronto
WAverley 7411
293 BAY ST.
Friday
sates
Last Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
190
860
80
1340
2350
3.85
150
2350
8350
50
570
150
1.59
31e
300
16350
2.00
9.25
2.63
135c
40
75e
540
134c
1.10
56e
1.12
1.90
Sc
20
70
2.25
1.90
35.00
5,34c
1.02
3.25
20
1.47
15350
70
20
120
90
280
Sc
480
3340
60
17.35
930
14.00
120
10c
220
540
1350
48.75
4c
235c
6.20
100
2.25
4340
Sc
37.00
1.10
33340
27c
450
16e
130
1.00
2340
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
230
1.00
10340
2340
435c
4.25
32e
40
140
8c
72e
22c
2.16
39e
38c
220
2.95
12.50
3.10
335.2
Sc
80c
720
2c
1.50
6635c
1.30
2.35
130
3)50
11350
3.60
2.60
39.20
8c
1.37
3.55
30
2.24
200
110
30
1535c
120
450
9c
850
8350
100
20.05
1.10
15.35
18c
140
30e
6435c
1350
54.25
80
4340
7.25
110
2.75
120
13%c
42.50
1.45
41Dic
400
9435c
200
290
1.28
334c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
GENTLES & C . Boy Stroot
0 347
42 Breadvnly ern A.
a...en. Ma Toronto Moak Z./Armee
Now York
OniamIlla• Ossuodity Exabonce, Ise
Tomtit*
Toronto Stock Exchange-Mining Curb Section
Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists
Friday
sales
Last Week's Range for
Range Since Jan. 11035
Sale
Week
of Prices
StocksPar Price Low
Low
High Shares
High
Aldermac Mines
Assoc Oil & Gas
Baltac Oils
Brownlee Mints
Can Kirkland
Central Manitoba
Churchill Mining
Clifton Cons
Coast Copper
Cobalt Contract
Dalhousie Oil
Dom Kirkland G M
East Creast 011
Gilbec Gold Mines
Home Oil
Hudson Bay Mining
Kirkland Hunton
Kirkland Townsite
Lake Macon G M
Label Oro Mines
Malrobic Mines
McLeod River
Norden Corp
01.1 Selections
Osisko Lake
Parkhill Gold Mines
Pawnee Kirk GM
Pend Oreille
Porcupine Crown
Potterdoal Mines
Preston East Dome
Ribago Copper Corp
Ritchie Gold
Robb Montbray
South Keora Mines
Stadacona Rouyn
Sudbury Mines
Temiskaming mining
Vickers Mines
Wood Kirkland(1 M
•
70
•
10c
• 2340
1
2140
1 2340
60
1
1
1
lc
5
1
2c
•
1
140
•
•
•
• 12.45
1
1
290
• 3350
1
40
1
1340
• 1350
5
•
40
1
90
1 2234c
1
1
1
•
10
I
1
1
2340
1
30
1 45
4c
•
20c
1
40
..1
1
1
234c
70 7350 6,300
70 Jan 1040 Jan
10e 10350 5,050
10c Feb 12350 Jan
2.40 2350
400 2350 Feb
Sc Jan
1340 2340 52,500 1340 Jan
30 Jan
20 2350 14,200
20 Feb 34e Jan
50 7340 28,350
50 Jan 740 Feb
30
30 2,000
30 Jan
50 Jan
le 1340 3,500
340 Jan
1350 Jan
1.90 1.90
100 1.90 Jan
2.2a Jan
1340
2c 3,000 1340 Feb 2340 Jan
330 330 1,350
290 Jan
3542 Jan
1350 1340 5,000
1340 Feb 2350 Jan
90 9340 1,0011
90 Jan
120 Jan
1340 134e 3,000 1340 Jan
2350 Jan
650 65e 2,050
700 Jan
600 Feb
12.25 12.45
925 11.50 Jan 13.00 Jan
340 6,000
340 Feb
1340 Jan
340
290 300 11,500
200 Jan 333.40 Jan
3350 334c 6.550
30 Jan 4340 Jan
334c 4340 40,600 3340 Jan
4340 Jan
134c 1340 13,500 13435 Jan
30 Jan
1.350 1340 157,600 1350 Jan 2340 Jan
4340 5340 2,600 4340 Jan 6350 Jan
334o 4340 15,200 3360 Jan
4340 Jan
80
90 1,700
7c Jan
90 Feb
20c 25c 7,250 10340 Jan
270 Jan
13ic 1340 3,500 1340 Jan
20 Jan
500 500 1,320
500 Jan
620 Jan
30 334c 5,546
30 Jan 4940 Jan
10
le 7,000
3533 Jan
lo Jan
134e 1%0
500 1540 Jan 2340 Jon
350
350 2,000
lio Jan
350 Jan
Me 2350 16,100 1340 Jan
2340 Feb
30 34c 15,900 234c Jan 434e Feb
3140 434c 11.701
30 Jan
70 Jan
190 21c 22,850 13340 Jan
250 Jan
40
4c 23,200
30 Jan 434c Jan
13442 lho 1,000
10 Jan
2340 Jan
1 5 0 240 12,000 140 Jan
4
30 Jan
3';c
4e 6.200 314c Fah
As Jan
Railway Bonds
hid
Ask
Bid
Canadian Pacific fly
Canadian Pacific fly
48 perpetual debentures.
8018 87
435s
Sept 1 1946 101
Sept 15 1942 11112 1117
6s
58
Dec 1 1954 1035
*
8
434s
Dec 15 1944 105 10612
54
July 1 1960 973
434*
8
July 1 1944 11018 11031
5e
Ask
1011:
104
972.i
Dominion Government Guaranteed Bonds
Bid
Ask
Canadian National ItyCanadian Northern fly
434s
Sept 1 1951 11012 111 18
Feb 15 1935
434a
435s
Sept' 15 1954 103 4 10354
Boo 1 1940
Ts
,
434s
June 15 1955 1035 114
6348
8
July 1 1940
Feb
435s
1 1958 1115 11218 Grand Trunk Pacific 111'8
43413
July 1 1957 1095 110
Jan
8
1 1902
48
494.
Dec 1 1968 104 10412
Jan
as
1 1962
as
Grand Trunk Railway
July 1 1989 11312 114
as
ost 1 1969 11554 11614 68
Sept 1 1936
56
Feb
7s
1 1970 115 4 1164
Oct
1 1940
3
•No par value.
Bid
Ask
100 10014
1065 107
4
122 1223
4
104
99
105
99 12
10644 107
106 10814
1133
Financial Chronicle
Volume 140
Over-the-Counter + Securities + Bought and Sold
21 traders covering
11
1101T,IteSE6
'MISTER,
Private wires to
185
74 Trinity Place, New York
Whitehall 4-3700
special fields
different houses
Members New York Security Dealers Association
and Canada. .
• Open-end telephone wires to Boston, Newark and Phliadelphfa. • Private wires to principal cities in United States
Quotations on Over-the-Counter Securities—Friday Feb. 15
New York City Bonds
a3e May 1935
d3 As May 1954
a3449 Nov 1954
wia Nov 1955 & 1958
a48 M & N 1957 to 1959._
a4s May 1977
a4s Oct 1980
a434s March 1982 & 1964_
a45is Sept 1960
a4 As March 1960
a440 April 1968
a454s April 15 1972
Ask
Bid
8
1003 1005
8
963 9714
4
963 9714
4
10012 10114
1013 10178
8
8
1013 1017
8
8
10138 1017
8
1045 1047
8
8
1045 1047
8
101 10112
1045 10478
8
1043 10518
4
Bid Ask
1043 10518
4
1043 10518
4
10434 10518
1043 1051s
4
10514 10512
10612 107
10712 108
108 10834
108 10834
1033 10414
4
10614 10634
a44is June 1974
a434s Feb 1.5 1978
a44(e Jan 1977
a44is Nov 15 1978
a444s March 1981
a444s M & N 1957
a4449 July 1967
a45.4e Dec. 15 1971
a45.4s Dec 1 1979
a6s Jan 25 1936
aft Jan 25 1937
Bid
World War Bonus—
434e April 1940 to 1949__
Highway Improvement—
4e Mar dr Sept 1958 to '67
Canal Imp 4e J &J '60 to'67
Barge CT 4s Jan 194210'46
Barge CT 4149 Jan 1 1945__
Ask
r2 40
-- -
11812
11812
11214
1133
4
--__
---
Port of New York Authority Bonds
Bid
Ash
Arthur Kill Bridges 454e
serieb A 1935-46
M&S 10512 107
Bid Ash
Bayonne Bridge 4s series C
1938-53
J&J 3 10012 10012
Inland Terminal 4149 ser D
Geo. Washington Bridge—
M&S 10214 103
1936-60
48 series B 19:16-50_ _ _J&D 103 104141 Holland Tunnel 43.s series E
IA I ser 15 1919-53 M&N r3.65 3.50
1935-60
MdtS r3.60 3.45
United States Insular Bonds
Philippine Government—
48 1946
14411 Oct 1 59
4148 July 1952
Ss April 11155
bs Feb 1952
544e Aug 1941
ilawall 444e Oct 1958.
Bid
99
1003
4
10034
100
104
106
112
Ask
100
Honolulu be
10134 US Panama 3s June 1 1961_
1013
4
2s Aug 1 1936
102
2s Nov 1 1938
10512 Govt of Puerto Rico
10712
454s July 1958
115
5s July 1948
1930
US Consol 2s
Bid .4,1
108 I 1 1
10912 11012
8
10218 1023
4
101 14 1013
POTTER
MUNDS7 WINSLOW & York
40 Wall Street, New
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
Par Bid
Bank of Manhattan 00__10 22
Bank of Yorktown__ 66 2-3 33
Bersonhurst National__100 30
4
13.55 243
Chase
22
City (National)
1254
Commercial National Bank
100 139
AL Trust
Fifth Avenue
100 1000
First National of N Y__100 1715
Flatbush National
100 25
32 2
,
2038
14
40
New York Trust Companies
A0
purl Bid
BancsComm Italians _ __I00 140 150
Bank of New York&Tr.1001 369 378
6112 6312
1
Bankers
12
20 10
Bank of Sicily
412 513
Bronx County
-71
92
100 88
Brooklyn
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Par)
10
1001
100
1
lOOJ
25
Bid Ask
4
173 183
4
250 265
318 323
16
15
1680 1720
40
38
20j 221. 24
Manufacturer'
20 122 126
Central Hanover
25 103 - 106
42 New York
Chemical Bank & Trust_10 40
6
so 4212 47 Title Guarantee& Trust_20
5
Clinton Trust
8
100
97 1158
Colonial Trust
65
1001
10 113 1314 Underwriters
4
Continental Bk at Tr
100 1690 1740
4
20 473 483 United Staten
4
Corn Each Bk & Tr
JOHN E. SLOANE & CO.
Members New YorkSecurity Dealers Association
HAnoyer 2-2455
41 Broad St., New York
Railroad Bonds
LAND BANK BONDS
Bid
Bought — Sold — Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
Xie.,
r
. aO inliaM4A
R-49,4A1401n) g' C
-COUNSELORS
MUNICIPAL BOND BROKERS
120 So. LaSalle St., Chicago
State 0540
Joint Stock Land Bank Bonds
Lalayette 5s
Louisville Ss
Maryland-Virginia Ss
Mississippi-Tennessee ba
New York Ss
North Carolina bs
Ohlo-Pennsylvania Is
Oregon-Washington 59
Pacific Coast of Portland 5e
Pacific Coast of Los Ang 5s
Pacific Coast of Salt Lake be
Pacific Coast of San Fran.be
Pennsylvania bs
Phoenix 5s
Taconite 59
St. Louis 55
San Antonio fa
Southwest bs
Southern Minnesota be
Tennessee 5s
Union of Detroit 58
Virginia-Carolina bs
Virginian bs
Ask
891
9
8
___
99 100
512 97
9312 97
92
93
9312 9412
86
8812
963 9734
4
100
—
100
__100
96
gy.:
10014 101
96
___
160
62
9812 9912
81
_
13212 iiI,
9612 97
93/2 9413
94
96
95
9612
Chicago Bank Stocks
Par Rio lAsh
Ask
Par Bid
100 10412107
American National Bank dr
First National
Harris Truat & SavIngs_100 185 i195
Trust
100 115 125
Continental III Bank &
Northern Trust Co__..100 407 411
I
Trust
- - _- - -- 3312 475 4812
8
For footnotes see page 1136.
912
814
58
Also in Public Utility Bonds and Insurance Stocks
Bid l Ask ,
Bid lAsk
10418 1043 444e 1942 opt 1935_ _M&N 10118110138
8
_
102 102381 4 Ss 1943 opt 1935
J&J 10112 1013
4
8
J&J 1013 1015
8
10218,102121 454s 1953 opt 1935
8
J&J 1013 10158
10214'10258: 4148 1955 opt 1935
8
10212 102341 454e 1956 opt 1936_ _ _J&J 1025 103
MAN 10114 10112
10212 1023 5e 1941 optional 1935 .
4
10314 ,1035 Se 1941 optional 1935_111&N 10114.10112
8
Bid
Ask
97
95
96
98
94
___
993
4
_
if
126
98
99
9012 92
97
___
93
9712 99
8112 83
92
94
9712 9812
94
96
9912
86
99 100
95
9612
85
87
89
90
94
100
8812 90 I
iii
Underlying Inactive Railroad Bonds
ALL ISSUES
Atlanta 5s
Atlantic bs
Burlington be
California 6s
Chicago 55
I hillas 58
Denver 58
Des Moines bs
First Carolinas 59
First of Fort Wayne 5s
First of Montgomery Es
First of New Orleans 5s
Fir.t Texas of Houston 5s
First Trust of Chicago Ss
Fetcher 58
Fremont 55
Greenbrier Se
Greensboro 55
Illinois Midwest bs
Illinois of Monticello 5s
lows of Sioux City 68
bexington fis
Lincoln be
Ask
.
Par Bid
Ask
2312 Kingsboro Nat Bank____100 55
National Bronx Bank____50 15
38
812
Nat Safety Bank & Tr_1254
714
10
26
-14 Penn Exchange
100 48
2312 Peoples National
Public National Bank &
25 3012
Trust
145
1050 Sterling Nat Bank & Tr 25 1838
1212 12
1755 Trade Bank
Yorkville (Nat Bank 0).100 30
35
107 110
107 109
l01' 101°We specialize in
Federal Land Bank Bonds
491941 optional 1944 __J&J
40 1957 optional 1937_M&N
40 1956 optional 1938.M&N
440 1956 opt 1036___J&J
434e /067 opt 1937-- _J&J
454s 1957 opt 1937_M&N
434e 1958 opt 1938__M&N
Bought. Sold and Quoted
New York Bank Stocks
New York State Bonds
Ask
Bid
Canal & Highway—
551Jan & Mar 1946 to 1971 r3.15 ___
'
Highway Imp 444s Sept '63_ 126
___
Canal Imp 412e Jan 1984_
___
126
Can & Imp High 444e 1965_ 12312 ___
Bank and Insurance Stocks
Akron Canton ,k Youngstown 5448, 1945
68, 1945
Augusta Union Station let 48, 1953
Birmingham Terminal let 4s. 1957
Boston & NIaine 35, 1950
Prior lien 4s. 1942
Prior lien 4448, 1944
Convertible 53, 1940-45
Buffalo Creek 1st ref 5s, 1961
Chateaugay Ore & Iron lot ref 43, 1942
Choctaw & Memphis 1st 55, 1952
Cincinnati Indianapolis & Western 1st 30. 1965
Cleveland Terminal & Valley 1st 4s. 1995
Georgia Southern & Florida 1st 53, 1945
.Goshen
eekertown tat .5448, 1978
Hoboken Ferry 1st .5s, 1946
Kanawha & West Virginia 1st 55, 1955
Kansas Oklahoma & Gulf 1st 55, 1978
Little Rock & Hot Springs Western 1st 40, 1939
Macon Terminal 1st .55, 1965
Maine Central 6s, 1935
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 45, 1955
Minneapolis St. Paul & Sault Ste. Marie 2d 48, 1949
Montgomery & Erie 151 55, 1956
New York & Hoboken Ferry gen 5s, 1946
Portland RR 1st 340, 1951
Consolidated 5s, 1945
Rock Island-Frisco Termina, 440, 1957
St. Clair Madison & St. Louis 1st 4s, 1951
Shreveport Bridge & Terminal lot 55, 1955
Somerset By lot ref is, 1955
Southern Illinois & Missouri Bridge 1st 43. 1951
Toledo Terminal RR 454s, 1957
Toronto Hamilton & Buffalo 434s, 1966
Washington County Ry 1st 354s, 1954
Ask
146
j47
85
8812
60
7412
75
82
9812
86
j46
87
8812
50
95
84
90
9212
4212
99
74
49
77
4512
85
75
59
753
4
71
78
76
45
66
104
84
45
49
50
89
9012
65
76,
2
80
86
--90
-8812
8912
52
100
87
92
94
-
101
78
--4812
--78
61
763
4
74
__ _
50
69
105
87
44
Realty, Surety and Mortgage Companies
Parl Bid I Aek
Par Bid 1.151
14
58I1Lawyers Mortgage
201
38
24
Bond & Mortgage Guar _ _20
6
13
Lawyers Title & Guar_ _100
Emnire Title & Guar . _100
34
114
Investment Trusts
For List or Securities under this heading see page 1125.
Financial Chronicle
1134
Feb. 16 1935
Quotations on Over-the-Counter Securities—Friday Feb. 15—Continued
Railroad Stocks
OVER-THE-COUNTER SECURITIES
Guaranteed & Leased Line
Pre!
erred
Common
BOUGHT—SOLD—QUOTED
RYAN & McMANUS
Railroad Bonds
Members New York curb Exchange
Adams & Peck
63 WALL ST., NEW YORK
BO wling Green 943120
Boston Hartford Philadelphia
New York City
39 Broadway
Digby 4-2290
Private Wire Connections to Principal Cities
Miscellaneous Bonds
Guaranteed Railroad Stocks
(Guarantor in Parenthesis.)
Dividend
Par In Dollars.
Alabama & Vicksburg (Ill ('ent)
100
Albany & Susquehanna (Delaware & Hudson)_100
Allegheny & Western(Buff Roch dr Pitts)
100
Beech Creek (New York Central)
50
Boston dr Albany (New York Central)
100
Boston & Providence(New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchfield & Ohio(L dr N A C L)4%__ _100
Common 5% stamped
100
Chic Cleve Cinc & St Louts pref(NY Cent)_ _ _100
Cleveland & Pittsburgh (Pennsylvania)
50
50
Betterman stock
Delaware (Pennsylvania)
25
Fort Wayne & Jackson pref(NY Central)____100
100
Georgia RR & Banking(L & N, A CL)
Lackawanna RR of NJ(Del Lack & Western)_100
Michigan Central(New York Central)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna dr Western(DL & W)_100
Northern Central (Pennsylvania)
50
Old Colony (N Y N 11 & Hartford)
100
Oswego & Syracuse (Del Lack & Western)_
Pittsburgh Bess & Lake Erie(0 13 Steel)
50
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)_ __ _100
100
Preferred
Renseelser & Saratoga (Delaware dr Hudson).100
St Louis Bridge let pre((Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penns)
100
Utica Chenango & Susquehanna(D L & W)_100
Valley (Delaware Lackawanna & Western)_100
Vicksburg Shreveport & Pacific (Ill Cent)___ACIO
Preferred
100
Warren RR of N J (Del Lack & Western)
50
Welt Jersey dr Sea Shore (Penn)
50
6.00
10.50
6.00
2.00
8.75
8.50
3.00
4.00
6.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
8.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
502.
Ast
80
197
92
34
112
160
49
84
88
83
82
46
44
70
172
77
800
6612
98
93
62
68
34
67
157
175
113
137
68
137
243
87
95
69
49
Si
63
85
203
95
36
116
165
52
86
90
87
84
48
46
74
176
80
"6712
101
94
65
73
36
72
162
178
116
142
72
142
248
90
100
72
52
53
65
Journal of Comm 6348_1937
Merchants Refrig 68_ __1937
Natl Radiator 58
1948
N r Shipbldg 55
1946
NorthAmerican Refractories
844s
1944
Otis Steel 6s ctfs
1941
Pierce Butler & P 6 445_1942
Scoville Mfg 534s
1945
Standard Textile Products
1st 6445 assented __ _1942
Starrett Investing 5s_1950
Struthers Wells Titusville
1943
61417
Witherbee Sherman 68_1944
Woodward Iron 55
1952
1314
52
95
1233
4
94
Ask
58
_
2434
98
148
180
16
103
52
84
9
10312
17
20
3914 4314
60
14
135
38
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
A COMPREHENSIVE SERVICE
in the
Over-the-Counter Market
Bristol & Willett
Established 1920
Members New York Security Dealers Association
115 Broadway, N. Y.
Tel. BArclay 7-0700
Specialists in —
WATER WORKS SECURITIES
Industrial Stocks
Complete Statistical Informaticm—Inquiries Invited
SWART,BRENT & CO.
• N COP PO RAT ED
25 BROAD STREET, NEW YORK
TEL.: HAnover 2-9510
Water Bonds
Bid Ask
Alabama Water Serv 5s. '57 8612 88 Manufacturers Water 5s,'39
Middlesex Wat Co 5445, '57
Alton Water Co 55, 1956
10212
Monmouth Consol W 5s,'56
Arkansaw Water Co 58. 1956 10312
Ashtabula Water Wks 55,'58 9914 1CT03- Monongahela Valley Water
4
5445, 1950
Atlantic County Wat 5s,'58 9912 1004
Muncie Water Works 58,'39
lirmingham Water Works
1013 -- New Jersey Water 5s, 1950_
4
58, series C. 1957
1013 - -- New Rochelle Wat 55, B,'51
4
55, series It, 1954
103 10412
5455, 1951
544e, series A, 1954
New York Wat Serv 55, 1951
Butler Water Co 58, 1957.. 10112
4
.
California Water Serv 58,'58 1013 163 Newport Water Co 58, 1953_
Chester Water Serv 4444,'58 10112 10212 Ohio Cities Water 644s, 1953
Ohio Valley Water 58, 1954.
Citizens Water Co (Wash)
96 Ohio Water Service 5s, 1958
94
5s, 1951
5345, series A, 1951
983 993 Ore-Wash Wat Serv 55, 1957
4
4
Penne State Water 5445,'52
City of New Castle Water
5s, 1941
10214 - -- Penne Water Co 5s, 1940
Peoria Water Works Co
City W (Chat) 5s B__._1954 102.12
lot 55 series C
1st & ref 5s, 1950
1957 10212
lot consol 45, 1948
_
Clinton W Wks Co 58, 1939 101
1st consol 55, 1948
Commonwealth Water (N J)
55, series C, 1957
Prior Ilen 53, 1948
10412 106
5745, series A, 1947
10312 10412 Phila Suburb Wat 4445,'70_
1st mtge 58. 1955
Community Water Service
5345, series B, 1946
38 Pittsburgh Sub Water 5s,'58
37
6s, series A, 1946
3812 3912 Plainfield Union Wat 5s, '81
Richmond W W Co 55, 1957
Consolidated Water of Utica
Roanoke W W 55, 195O....
4345, 1958
9712
1st mtge 5a, 1958
1003 101% Roch & L Ont Wat 58, 1938
4
Davenport Water Co 5s, '81 10312 --- St Joseph Water 55, 1941_ _
E St L & Interurb Water
St Louis County Wat 5s,'45
55, series A, 1942
96
97 Scranton Gas & Water Co
6s, series B, 1942
4445, 1958
10014 10114
5s, series D. 1960
9412 96 Scranton Spring Brook
Water Serv 5s. 1961_ _ _
Greenwich Water & Gas
1st & ref 58, A, 1967
5s, series A, 1952
833 87
4
55, series B, 1952
85 86 Sedalia Water Co 540, 1947
Hackensack Water Co 55,'77 10512 _ - - South Bay Cons Wat 58, '50
5345, series B, 1977
108
___ South Pittsburgh Wet 55.55
58, series A. 1960
Huntington Water 58 B,'54 10134 --1960
11s, 1954
10412 _
58 series B
55
1962 10112
-- Terre Haute Water 55,13,'56
Illinois Water Serv 55 A,'52 9312 943
65, series A, 1949
4
Indianapolis Water 444s,'40 10412 106 Texarkana Wat 1st 58_ _1958
Union Water Serv 5445, 1951
1st lien & ref 53. 1960.... 10412 _
1st lien & ref 58, 1970_ ___ 10412 --- Water Serv Cos, Inc, 55.'42
1st lien dr ref 544s, 1953__ 1043
4 ___ West Virginia Water 58, '51
_
Western N Y Water Co
1st lien & ref 544s, 1954_ _ 1041
58, series B. 1950
Indianapolis W W Securities
5s, 1958
84
lot inter 58. 1951
80
lot mtge. 5145, 1950
Interstate Water 6s, A. 1940 10112
Jamaica Water Sup 5745,'55 107 109 Westmoreland Water 58, '52
_
Wichita Water Co 55, B,'56
Joplin W W Co 55, 1957
100
55. series C. 1960
Kokomo W W Co 5s. 1958_ _ 101 10312
85, series A, 1949
Lexington Wat Co 544s, '40 10012 --WmsPort Water 50. 1952_
Long Island Wat 5745, 1955 9612 For footnotes see page 1136.
Ma Ask
Adams Express 43 ___A947 8712 89
American Meter 68 __1946 94
1951 10312
Amer Tobacco 45
39
Am Type Fell's 68 ___ _1937 136
39
Debenture (Ss
1939 136
Am Wire Fabrics 75 _1942 80
Bear Mountain-Hudson
1953 78
River Bridge 75
16
-ButterickPublishIng 6441936 13
_
Chicago Stock Yds 58_ _1961 93
36
Consolidation Coal 434s 1934 J34
Deep Rock 01178
1937 .(3612 3812
14
Haytlan Corp 8s_ _ _ _ 1938 /12
Home Owners' Loan Corp
144s
Aug 15 1936 01.13 101,17
Aug 15 1937 01.14 101.18
Aug 15 1938 101.14 101.18
2s
aid Ask
102
1044i
-39414 65 4
103
102
95
93
9734
983
4
102
6912
10312
75
6612
93
104
105
_9614
94
99
993
4
_ -76
6712
_
9012 9212
843 864
4
_
87
103
10410 __106
9912 10112
107
101
77i4 f 812
101
10212 ___
10412 ___
9912 1003i
85
85
06
68
10312
10312
104
101
10414
94
9814
67
9212
86
69
08
9712
9312
9114
9114
9512
9312 95
101
101
104
9812
166-
Par
Adams-Millls Corp, p1.
.100
•
American Arch $1.
American Book $4
100
American Hard Rubber_50
25
American Hardware
100
American Mfg
Preferred
100
•
American Meter corn
American Republica coin_•
Andlan National Corp_ _•
Art Metal Construction..10
•
Babcock & Wilcox
Bancroft (Jos) & Sons com_•
100
Preferred
Beneficial Indust Loan Pf-•
50
Bliss(E W)1st pref
2d pref 13
ICI
Bon Ami Co 13 common_ _ _•
Bowman-Biltmore Hotels_'
lot preferred___ _ _100
•
2nd preferred_
Brunsw-Balke-Col pref _ _100
Bunker 11 de Sullivan corn 10
Bid Ask
102 107
133 17
4
62
58
7
4
2114 223
4
712 912
52
1218
11
214 23
4
37
39
414 514
3012 3212
1
3
10
15
4712 4912
24
17
214 414
43
46
12
2
3
18
1
5914 6112
3212 3412
Par 1301 Ark
Herring-Hall-Mary Safe 100 1214 15
International Textbook_ _ •
13
.1 23
4
King Royalty corn
•
9
11
$8 preferred
100 81
86
Khmer Airplane & Motor _1
3
4
3
11
Lawrence Port Cement 100 17
1912
Locomotive Firebox Co__ ..•
334 518
Macfadden Publica'ns com 5
Preferred
Merck & Co Inc corn
1
8% preferred
100
•
National Casket
Preferred
•
Nat Paper dr TYPe pref_100
New Haven Clock pref...100
North Amer Match Corp.._•
Northwestern Yeast____100
Norwich Pharmacal
5
Otilo Leather
•
Pathe Exchange 8% prof 100
Publication Corp corn
•
$7 1st preferred
100
•
Remington Arms corn
•
Canadian Celanese com_ _ _• 2014 2214 Riverside Silk Mills
•
.100 105 108 Rockwood & Co
Preferred
Preferred
100
Carnation Co 17 pref _ _100 10212
Ruberoid Co
100
Clinchfleld Coal Corp p1100 32
-;
Colts Patent Fire Arms25 275o 285
25
12
Columbia Baking corn. _ _•
114 Soovill Mfg
•
4
512 Singer alanufacturing___100
1st preferred
•
5
112 212 Standard Cap & Seal
2d preferred
100
2712 Standard Screw
Columbia Broadcasting el A • 26
• 257 27%
8
MusD
•
• 4414 4614 Taylor Milling Corp
Columbia Pictures vret
• 2014 213 Taylor Whar I & S core_ __..•
Crowell Pub Co corn
4
Transcontinental & Western
100 97
• $7 preferred
• 12134 2334 Air Inc corn
Dictaphone Corp
-_ _ Tubize(7hatillon cum p1_100
100 x105
Preferred
10
Dixon (Joe) Crucible - -100 5614 5914 Unexcelled Mfg Co
• 86
93 U 8 Finishing pref
100
Doehler 17Ie Cast pref
48
50 43
Preferred
15 Welch Grape Juice pre_ _ loo
Douglas Shoo preferred__100 13
• 5714 5912 West Va l'ulp & Pap corn __•
Draper Corp
Preferred
95
100 90
100
Driver-Harris pref
26
2712 White(88) Dental Mfg---20
First Boston Corp
1
134 White Rock Min Spring
Flour Mills of Amerlca_ ___•
37 1st preferred
100
Franklin Railway Supply._• 1012 1514
Wilcox-Gibbs corn
Gen Fireproofing $7 pf_ _100 65
50
41 Worcester Salt
100
10 37
Golden Cycle Corp
_•
214 314 Young (J El) Co com_100
(Ireton dr Knight com
7% preferred
22
100
Preferred
100 20
23
Great Northern Paper._ 25 21
5% 658
393 4134
4
25
27
11412 116
51
55
109
___
1
5
5812 6412
2414 26
112 11712
253 2714
4
14
1041- 10712
- 2
2514 2814
9412
_
27 - 8
8 3427% 29
93
.
_
45
41
4312
- -21% 22
240 246
2812 3112
8012 8512
1012 1212
23
4 33
4
812 914
56
6112
212 314
4
612
71
1112 13
8712 901 t
1414 1514
9712
25
15
4912 55
82
10112
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(NJ)coin •
Preferred
100
Bell Telep of Canada .,..100
Bell Telep of Penn pref..100
Cincin & Sub Bell Telep.
.50
Cuban Telco 7% pref
100
Empire & Bay State Tel_100
Franklin Teleg $2.50
100
Int Ocean Teleg 8%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
New England Tel & Tel _100
Bid iAsk
Par
76
_ _ _1 New York Mutual Tel__100
111 12,11314 Northw Bell Tel pf 644% 100
Pea & Atl Teleg U I% _25
133 :136
11512111612 Peninsular Telephone eon_•
Preferred A
4
623 643
4
100
19
2412 Roch Telep $6.50 1st p1_100
58 So & Ati Teleg $1.25
54
_25
Sou New Engl Telep.... 100
3712 41
7612 81 S'western Bell Tel, pf_. 100
Tr! States Tel & Tel
Preferred_.
10
10812 110
90
92 1 Wisconsin Telep 7% pref 100
MA
21
112
14%
712
74
10012
1812
106
120
Ask
24
114
17%
9
105 20
108
12134
97R 10%
111 12 115
Volume
Financial Chronicle
140
1135
Ouotations on Over-the-Counter Securities—Friday Feb. 15—Continued
We specialize in
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
WEICame&Ewen
2 Wall St., New York
Tel. REctor 2-3273
Public Utility Bonds
par
Albany Ry Co con be 1930_ _
General 58 1947
Amer States P S 550 1948_ _
Amer Wat Wks & Elec be '75
Arizona Edison tot 58 1948_
lot 6s series A 1945
Ark Missouri l'ow lot 6s '53
Associated Electric 5a 1961
Assoc Gas dz EMo Co 450 58
Associated Gae dr Merl Corp
Income deb 350____1978
Income deb 350_1978
Income deb 4s
1978
Income deb 41
0
1978
Cony debenture 45 1973 _
Cone debenture 450 1973
Cony debenture 5e 1973._
Cone debenture 51 1973
0
Participating (Is
Bellows Falls Hydro El 5858
Birmingham Wet Wks 56'57
550 1954
Bklyn C & Newt'n con be '39
Cent Ark Pub Sere 5s 1948
Central0& E 550 1946
let lien coil tr 60 1946._ __
Cent Ind. Pow lot 6s A 1947
Colorado Power 55 15153____
Con laid & ilklyn con 48 '48
Consol Elea & Gas 5-6s A '62
Duke l'rloe Pow 1966
Federal PS let 6s 1947
Federated Util 510 1957
42d St Man OZ St Nick be '40
Green Mountain Pow 518 '48
111 Commercial Tel 5s A '48
III wet Her let 58 1952
Interborough It 1 58 Ws '66
Iowa So Util 650 1950
Kan City Pub Sere 38 195E
/341
130
r25
3614
64
13312
13412
59
3612
1514
Par
Keystone Telephone 550'55
Lehigh Vail Trans ref 58 '60
3814 long Island Lighting 5s 1955
6512 Monmouth Cons Wat 514'56
35
Mtn States Pow lot Os 1938
Nassau El RR. let 5.4 1944..
36
Newport N & Ham be 1944_
60
3712 New England 0 dr E 58 1962
1514 New York Cent Elec be 1952
New Rochelle water 5124'51
13
14 N Y Water Set 56 1951
13
14 Northern N Y Clii 5a 1955
14
15 Okla Natural Gas be 1948. _
1612 18 Okla Natural Gas 6s 1946_ _ _
26
2612 Old Dom Pow 5e_May 15'51
2612 2712 Parr Shoals Power be 1952_ _
28
29 PenlnoularTeiephone5 1.4s'51
29
3012 Pennsylvania Elec be 1962...
65 67 Peoples L & P 548 1941.
96
9714 Public Sere of Colo 6e 1961
Public Utilities Cons 51 '48
1013
4
0
10234 104 Roanoke W W 54 1960
79
83 Rochester Fly 1st 58 1930...
771 79 Schenectady Ry Co let 58'46
491 53 Scranton Gas & Wat 450'58
521 5412 Sioux City Gait dr Elec fis'47
48
49 Sou Blvd RR let 5s 1945
1041, 1053 Sou Cities Utilities 54 A 1958
4
South Pittsburg Water 53'60
63
18
19 Tel Bond & Share 5s 1958_
Union Ry Co N Y be 1942_ _
10018 101
3014 313 Un Tree Albany 450 2004 _
4
4214 433 United l'ow & Lt fis 1944_ _.
4
5s series B 1947
75
9012 92 Virginia Power be 1942
;
1
Wash & Suburban 5Ws 1941
8412 86
Westchester Elec RR be 1943
9214 94
8212 8412. Western P S 5548 1960
72
74 Yonkers RR Co gtd M 1946_
32
33
Ask
Bid Ask
95.
92
36
37
1033 105
4
933 9614
4
70
69
95 100
100 102
54
57
76
771z
9714 98%
9814 9914
881 91
671 69
8412 8612
46
47
80 83
10314
o-E"
93
3514 3714
9812 9934
4112 4212
77
76
515
18
14
9912 1()(i3
;
9212 94
_
60
2812 2912
10312
54
55
72
13
102 10314
973 99
4
1051 2
6612
62
78
80
58
65
PUBLIC UTILITY BONDS
R.F. Gladwin & Co.
Established 1921
35 Nassau St.
New York City
Tel. Corthoolt 7-6952
A. T. T. Teletype--NY1-951
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility Preferred Stocks
30 Broad Street
New York
Tel. HAnoVer 2-4350
Public Utility Stocks
Ast
Par
Par
Alabama Power 97 pre__ _• 50, 53 EISIMI uthon 68
2
100
Arkansas Pr & Lt $7 pref._• 44
4512 Foreign Lt dr Pow unite__ _
Assoc Gam & El aria prat_ _•
,las & Elec of Bergen__ .100
14
14 1 (Judson County Gas_ —100
•
$6.50 preferred
14
57 preferred
Idaho Power 56 prof
•
•
Atlantic City Elec $8 pref..• 86
88
7% preferred
100
Bangor Hydro-El 7% pf _100 98
Illinois Pr & Lt let pref...._•
Birmingham Elee $7 pret_.• 32
34 Interstate Natural Gas.___•
Broad Illy Pow 7% Pt- -100 25
30 interstate Power $7 pref __•
Buff Meg & East pr pret_25 161,2 18
Jamaica Water Supply pf_50
Carolina l'r k Lt Si pre.._• 6212 6412 Jersey Cent PA L 7% pf100
6% preferred
• 58
60
Kansas Gae & El 7% pf 100
Cent Ark Pub Sere pref.100 62
65
Kings Co Ltg 7% pref 100
Cent Maine Pow 6% ot-100 41
43 Long Island Ltg 6% pf _ 100
______ 100 45
$7 preferred_
47
7% preferred
100
Cent Pr & Lt 7% pref. _100 2034 2212 Los Angeles GA E
Pt 10
0
Cleve Mee 111 6% Pref.-100 110 112
Memphis Pr & Lt $7 pref...'
Columbus Ry Pr & Lt
Mississippi P dr L $6 pref__•
1st $6 preferred A_.,.100 71
73 Miss Riv l'ow 6% pref_ _100
56.50 preferred B _ _-_ 100 61
63 Metro Edison $7 pref B___•
Coneol Traction(NJ)- _100 38
41
6% Preferred eer C___.•
Consumers l'ow $5 pref...• 743 76
Mo l'ub Sere $7 pref._ _ _100
4
100 8734 8914 Mountain States Pr com__•
6% preferred
Preferred
100 9214 9414
7% preferred
6.60%
100
Continents, Gas & El
Na888.11 & Suffolk Ltg pf 100
_106 3612 3812 Nebraska Power 7% pref100
7% preferred...
Newark Como'Gas
Dallas l'ow & 1.1 7% pref 100 103
100
Dayton Pr & IA 8% pref100 9434 9654 New Engl GA E 554% pf_•
New hog Pow Assn 6% pf100
1)erby Gas & Elec 17 oret.• 5514 57
Bid Ask
175
_
85
109
175
66
if 79
19/2 2703;
1012 12
12
13
5112 5312
58
60
80
72
2
4134 43149
51
8612
85
51
54
37
38
82
85
85
80
82212 6
112
9
28
30
9714 983
4
10912
22
23
30
31
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO.
Members New York Curb Exchange
160 Broadway, New York
75 Federal St., Boston
COrtlandt 7-1868
Hancock 8920
Direct prirate telephone between New York and Boston
Par sea
New Jersey Pow & Lt $6 pf • 76
New On l'ub Sere $7 pf _ • 1214
N Y & Queens E L P p1100 101
Northern States Pr $7 pf 100 5012
Ohio Power 6% pref
.1110 90
Ohio Edison $6 pref
• 71
$7 preferred
• 78
Ohio Pub Sore 6% Pf--- 100 62
7% preferred
100 69
Okla G & E7% pref.__ _100 76
Pac Gas & Elec 6% Pt. 25 2014
Pacific Pow & Lt
p1_100 38
Penn Pow & Light $7 pref _• 8318
Philadelphia Co $5 pre? _ • 39
Piedmont Northern itY 100 33
Pub Sere of Colo 7% pf _100 82
Puget Sound Pow & IA—
• 14
E5 prior preferred
Queens Borough G&E
6% preferred
100 51
As*
Par Bid Ask
Ruch Gas & E'en
pref B
83 85
6% preferred C
100
Sioux City 0 & E $7 pf .100 48
73 45
8
0
531: Som'set Un A xild'itex Lig
83
92 SOU Calif Ed pre! A
25 2114 22Preferred B
73
25 1858 1918
80 South Jersey Gas A Elec.100 17612 180
64 Tenn Elec Pow 8% pref.100 44
46
7', preferred
7
100 50
71
52
79 Texas Pow A Lt 7% pf .100 77
79
2114 ruled° Edi.on
pf A.100 86
88
United G A F (Conn, 7% I/
40
61
63
845 United GA E(NJ) pref 100 49
8
51
Utah Pow & I.t $7 pref.. _ • 2038 2112
38 Utica Gas A El 7% pre! 100 74
77
84
Util l'ower A Lt 7% pref 10
512 712
Virginia Railway
10
57
62
Wash Ity & Elec con:L-100 295 345
16
5% preferred
100 100 102
Weatern P ,wee e7 oref 100 7412
54
1414
Specialists in
PRUDENCE BONDS
Statistical Information Furnished
Title Company Mortgages & Certificates
C. D. PULIS & CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
Reports—Markets
Public Utilities—Industrials— Railroads
AMOTT, BAKER & CO.
INCORPORATED
BArclay 7
2360
150 Broadway, N.Y.
A.T.& T.Tel.
NY 1-588
Real Estate Bonds and Title Co. Mortgage Certificates
Alden 1st 6e, Jan.]. 1941____
Broadmoor, The, 1st 65,'41
B'way Barclay lot 6s, 1941_
Certificates of deposit____
B'way & 41st Street—
1st leasehold 650, 1944__
B'way Motors Bldg 65 1948_
Chanin Bldg Inc 4s 1945_ _ _ _
Chesebrough Bldg let 68.'48
Chrysler Bldg lot 13s, 1948.Court & Reason St Off Bldg
1st 65, Apr 28 1940
Dorset, The, let 6s, 1941...
Eastern Ambassador Hotels
1st & ref 550. 1947
Eouitable Off Bldg deb 58'52
50 Bway Bldg 151 3s. Inc '46
500 Fifth Avenue—
650, 1949 stamped
502 Park Avenue 1st 65, 1941
52d dr Madison Oft Bldg—
65, Nov 1 1947
Film Center Bldg 1st 65,'43
40 Wall St Corp 65, 1958.. _
42d St & Los Av Bldg 48.'45
42 B'way let 6s, 1939
1400 Broadway 131dg—
let 6135 stamped, 1948_
Fox Metrop Playhouse—
650, 1932 Ws
Fox Theatre & Off 131dg—
1st 6128, Oct 1 1941
Fuller Bldg deb 135, 1944....._
53.3., 1949
Graybar Bldg 58, 1946
Harriman Bldg lot 65, 1951_
Hearst Brisbane Prop es '42
Hotel Lexington lot 65, 1943
Hotel St George 1st 5e0,'43
Kelth-Albee Bldg (New
Rochelle) 1st 65, 1936_
Letcourt Empire Bldg—
1st 53 June 15 194E_
4s,
Lefeourt Manhattan 13Idg
1st 550. stamped, 1941._
1st 574's stamped (new)___
1st 3-59 extended to 1948_
Lewis Morris Apt Bldg—
1st 61v, Apr 15 1937
Lincoln Bldg Inc 550, p—
Loew's New Broad Pros, '45
1st fee & leasehold Os,' 45
Loew's Theatre Realty Corp
1st 6s, 1947
London Terrace Apts 6s. '40
BW
Ask
Bid Ask
726
___ Ludwig Ilauman—
181 65 (Bklyn), 1942
136
___
6612
f223 2434
4
1st 650(L I), 1936
6312
5233 245 Majestic iota lst 65, 1948.. 525
4
8
27
Mayflower Hotel 1st 68. '48 f43
443
12912 3012 Munson Bldg let 650. 1939 /2412 261
613 6314 N Y Athletic Club—
4
49
___
151 & gen 6s. 1946
1273 281
4
5012 52 N Y Eve Journal 650, 1937 1005 1013
8
6312 643 NewYork Title dr Mtge Co—
4
550 series BK
2712 293
/
53712 4012
510 series 0-2
12218 23
124
2612
510 series F-1
5343 361
4
550 series Q
537
391
59
1012 19th & Walnut St (Phila)—
let 6s, July 7 1939
55
57
12212 25
53412 3512 Oliver Cromwell, The
1st 6s, Nov 15 1939
151
113
f33
___ 1 Park Ave 65, Nov 6 1939._ 6612 673
114
___ 103 East 57th St 1st (ls. 1941 5912 621
165 B'way Bldg 1st 5548,'51 53 8 551
3
___ Postum Bldg let 650. 1943_
517
98
991
___ l'rudence Co 550, 1961_--- 56514 -54
57
59 Prudence Bonds
Series A to 18 Inclusive__ 13-60 _ _
4914 5014
55
, __ Prudence Co ate
Hotel Taft
_
30
Ilotel Wellington
53312 ___
30 .
_
Fifth Avenue Hotel
45
__
360 Central Park West_
4
5397 403
13
48
__
422 East 86th St
48
__
J9
1018 Realty Assoc Sec Corp—
4534 4714
58, Income. 1943
29
3D4
53512 363 Boxy Theatre—
lat fee & leasehold 610'40 518
6912 7114
20
5234 5434 Savoy Plaza Corp—
Realty eat 1st 550, 1946_
813
81
13
14
136
38
6s, 1945
115
15'
f453 473 Sherry Netherland Hotel—
4
4
let 5345. May 15 1948
f2Ols 21 8
6212 ___ 60 Park PI (Newark) 6s, '37 543
45
616 Madison Ave 1st 61X a'38 1201
__
5331, 3712 81 11'way Bldg let 550. 1950 49
50
General 78, 1945
18
22
160
___ Syracuse Hotel (Syracuse)
___
1st 612s. Oct 23 1940
552
132
__
53
543 Textile Bldg let 13s, 1958
4
5334 56
Trinity Bldg! Corp
let 550. 1939
13012 34
973 99
4
5234 2 Park Ave Bldg let 48, 1941 49
52
50
Walbridge Bldg (Buffalo)
1001, 10214
1st 61v, Oct 19 1938
522
..
Westinghouse Bldg
79
803
4
lot fee & leasehold 65. '39 59
_.
1303.1 3214
Chain Store Stocks
Par Bki
• 10
100 59
Ask
Par
123 Lord & Taylor
4
100
let preferred 6%
67
100
2nd preferred 8%
100
Diamond Shoe pref
100 77
Melville Shoe prat
100
Miller (I) & Sons pref...100
Edison Bros Stores pref _100 100
MockJuds&Voeheger p1100
Murphy (0 C)8% pref _100
Fishman(M H)Stores_ _ _ _• x 1212 14
Nat Shirt Shope (Del)_..s
Preferred
100 88
93
let preferred_ _ _ _ _100
Reeves (Daniel) pref__ _100
Great A & P Tea Pf--..l00 12412 127 Schiff Co preferred
100
United Cigar Stores 6% pref_
Kress(S H)6% pref
10 1112 1212
6% pref ate
U S Stores preferred_...100
Lerner Stores pref
100 9112 98
Bohack (H C) con
7% preferred
lBS AO
150
100
100
108
15
70
111
234
30
87
96
8
712 8,2
4
712
+Soviet Government Bonds
Rtd I Ask
544 I Ask
Union of Soviet Soc Repub
Union of Soviet Soo Repub
7% gold rouble____19431 86.511 88.521 10% gold rouble_19421 87.371
For footnotes see page 1136.
1136
Financial Chronicle
Feb. 16 1935
Quotations on Oyer-the-Counter Securities-Friday Feb. 15-Concluded
fULLER, CRUTTEN DEN & COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Members:
Chicago Stock Exchange
Chicago Board of Trade
Chicago Curb Exchange Association
CHICAGO
ST. LOUIS
120 So. LaSalle St.
Boatmen's Bank Bldg.
Phone: Dearborn 0500
Phone: Chestnut 4640
Bought - Sold - Quoted
Phone
78235
German and Foreign Unlisted Dollar Bonds
Bid
j32
.4sk
35
Anhalt is to 1916
Argentine 6%, 1945. $100
96
98
pieces
/2912 3212
Antloquia 8%, 1946
Austrian Defaulted Cupola 95-126
2412
Bank of Colombia, 7%.'47 j2212 -- Bank of Colombia, 7%,'48 12212 2412
j34
35
Bavaria 6348 to 1945
Bavarian Palatinate Cons
129
32
Cit. 7% to 1945.
Bogota (Colombia) 63.4, '47 11512 17
7
Bolivia 6%, 1940
/5
/51
55
Buenos Aires scrip
Brandenburg Elec. 6s, 1953 13612 3812
6031
Brazil funding 5%. '31-51 60
Brazil funding scrip
16015 -.
Britten Hungarian Bank
158
61
7345, 1962
Brown Coal Ind. Corp
48
f44
63.4s. 1953
12
Cali (Colombia) 7%. 1947 110
9
Callao (Peru) 734%, 1944 /8
6
Ceara (Brazil) 8%. 1947/3
Columbia scrip issue of '33 /6912 71
144
47
issue of 1934
50
Costa Rica funding 5%.'51 47
Costa Rica Pac: Ry 734s'49 119
45
5s, 1949
City Savings Bank. Buda/4712 50
pest. is. 1953
41
Dortmund Mun Utll 6e,'48 /38
[3112 3312
Duisburg 7% to 1945
131
34
Duesseldorf 7s to 1945._ _
East Prussian Pr, 68, 1963. f3612 39
European Mortgage & In164
68
vestment ?Sic 1966_
175
French Govt. 53.48, 1937_ _ 172
170
French Nat. Mall 58.68.62 167
/32
34
Frankfurt 74 to 1945
German All Cable 7s, 1945 [4134 433
4
German Building & Land140
bank 654%. 1948
43
German defaulted coupons 136
16
German scrip
-- -712
German called bonds
[26-34 ____
German Dawes Coupons
10-15-34 Stamped
11012 1114
German Young Coupons
11334 143
12-1-34 Stamped
4
8412 8612
Haiti 8% 1953
Ilamb-Am Line (Die to '40 8512 8812
Hanover Harz Water Wks.
6%, 1957
/33
35
Housing & Real Imp is,'46 f4112 44
58
Hungarian Cent Mut 711.'37 155
Ask
Bid
49
Hungarian Discount & Ex- j46
change Bank 78. 1963_ ....
Hungarian defaulted coupe j40-70
Hungarian Hal Bk 7 tie, 32 175
4412 4612
Jugoslavia be, 1956
50-58
Jugoslavia coupons
41
/38
Koholyt 634s. 1943
90
Land M Bk, Warsaw 8s,'41 86
Leipzig Oland Pr. 63-4s. '46 /4412 4612
41
Leipzig Trade Fair 78, 1963 138
Luneberg Power, Light &
f37
40
water 7%,1948
Mannheim & Palat 7s, 1941 .13712 40
34
132
Munich 7s to 1945
Munlc Bk, Hessen, 7s to '45 /3112 3412
Municipal Gas & Eleo Corp
Recklinghausen, 75, 1947 .13812 4112
Nassau LandbanIt 6348, '38 [4512 47
Natl. Bank Panama 64%
48
148
1946-9
Nat Central Savings Bk of
Hungary 73.0, 19e2
58
.155
National Hungarian & Ind.
60
Mtge.7%,1948
157
38
Oberpfalz Elec.7%, 1946. /35
Oldenburg-Free State 7%
to 1945
/3112 1112
Porto Alegre 7%. 1968....... f2012 2212
Protestant Church (Germany), is, 1948
13712 40
Prov 131 Westphalia 6s. '33 138
If
Prov Bk Westphalia es. '36 /38
Rhine Wooten Eleo 7%,'36 /45
48
Rio de Janeiro 8%, 1933.... .12012 2312
4412
RomCath Church 6345.'46 [43
41
R C Church Welfare 7s,'46 138
Saarbruecken M Bk 65, '47 170
f42
Salvador 7%, 1957_
3212
Salvador 7% ctf of deo '57 /31
Salvador scrip
131
33
Santa Catharine (Brazil),
12212 24
8%, 1947
Santander (Colom) 75. 1948 110
12
Sao Paulo (Brazil) es. 1943 j1812 20
Saxon State Mtge. 65, 1947 [43
Serbian bs, 1956
2
/
4412 16Serbian coupons
/50-58
Stem & Halske deb 65, 2930 /255
265
State Mtg lik Jugosl 551956 45
48
coupons
150-58
Stettin Pub Util is, 1946_
136
Tucuman City 75. 1961_ _ _ 144
4512
Tucuman Prov. 75. 1950- 77
Tucuman Scrip
48
145
Vesten Eleo Ry 7s, 1947.., 129
32
3412
Wurtentberg 7s to 1945_ _ _ 133
Ask
2.00
3.00
3.25
3.25
3.50
3.50
2.75
2.75
3.50
3.00
2.50
2.50
2.50
2.50
5.75
5.75
5.75
5.75
70
70
5.50
5.50
5.50
3.00
3.00
3.25
3.25
2.50
2.50
3.00
3.00
3.00
3.00
2.50
1.00
5.75
2.75
2.75
2.50
2.50
1.50
3.75
3.75
6.00
6.00
Insurance Companies
Atk
Par Bid
Aetna Casualty & Surety _10 6512 6712
Aetna Fire
50
10 48
Aetna Life
10 1734 1914
Agricultural
25 6612 6812
American Alliance
10 2014 2134
American Equitable
6 1912 23
American Home
814 93
4
10
American of Newark
1214 14
_24
American Re-insurance. _10 4934 513
4
American Reserve
2112
10 20
American Surety
26 32
34
Automobile
. _ __ .....10 2514 2614
Baltimore Amer
5
6
2 St
Bankers at Shippers_ .._ .25 72
75
Boston
100 552 562
Camden Flre
.5 1812 1912
Carolina
2312
10 22
City of New York
100 191 198
Connecticut General Life_10 2712 30
Continental Casualty
16
6 14
Eagle Fire
vs 238
234
Employers Re-insurance.10 28
30
Excess
15
s 14
Federal
75
10 71
Fidelity & Deposit of Md_20 43
46
Firemen's of Newark
414 514
Franklin Fire
6 2514 2634
General Alliance
1 1014 12
Georgia Home
10 2112 2312
Glens Falls Fire
37
5 35
Globe & Republic
8
10
5
Globe & Rutgers Firs....25 26
3012
Great American
2212
5 21
Great Amer laden:Linty...A
7
8
Halifax Fire
1912
10 18
Hamilton Fire
20
25 15
Hanover Fire
10 3314 3514
Harmonla
2.112
10 23
Hartford Fire
61
10 59
Hartford Steam Boller__ _10 7412 7612
Home
2734 2914
Bid
Missouri Pacific 454s
5e
534s
New On Tex dt Mug 4 tie
New York Central 43.45
55
7e
NY Chic & OIL
_
be
NY N If Oc Hartford 4
5s
Northern Pacific 434s.
Pennsylvania RR
_
58
Pere Marquette 435e
,
Reading Co Sin
be
St Louis-San Fran 4s
434s
55
St Louts Southwestern Is.
Si-Is
Southern Pacific 75
43-4s
55
Southern Ry
be
5tie
Texas Pacific 4s
4.tis
Ss
Union Pacific 43
-Is
55
75
Virginian Ry 43Is
5e
Wabash Ry 4340
58
53Is
es
Western Maryland
53
Western Pacific fa
5Sia
r6.50
76.50
r6.50
76.50
73.85
r3.85
71.50
74.20
74.20
74.75
74.75
73.75
r3.00
73.00
73.90
73.25
r3.25
60
60
60
14.50
14.50
71.50
73.80
73.80
74.00
74.00
73.85
74.00
14.00
74.00
73.00
73.00
71.00
73.00
73.00
77.50
77.50
r7.50
77.50
74.25
74.25
76.75
76.15
Par
Home Fire Security
10
Homestead Fire
10
Hudson Insurance
10
Importers & Exp of N Y.25
knickerbocker new
5
Lincoln Fire
5
Maryland casualty
2
Mass Hooding & Ins
25
MerchantsFlreAssurcom234
Moron & Mfrs Fire Newark_5
National Casualty
10
National Fire
10
National Liberty......
National Union Fire
20
New Amsterdam Cas
5
New Brunswick Flre
10
New England Fire
10
New Hampshire Fire. _ _10
New Jersey
20
New York Fire
Northern
12.50
North River.
2.50
Northwestern National_ .25
Pacific Fire
25
Phoenix
10
Preferred Accident
5
Providence-Washington _ _10
__10
Rochester American
Ross%
5
St Paul Fire & Marine__ 25
Seaboard Surety
Security New Haven___ _10
Southern Fire
10
Springfield Fire & Madre_25
10
Stuyvesant
Sun Life Assurance
100
Travelers
100
U S Fidelity & Guar Co__ _2
U S Fire
4
U S Guarantee
Westchester Fire
2.50
Bid
Ask
1 14
203
4
9
612
10
312
234
1012
35
412
612
814 014
59
61
612 712
107 112
4
712 83
2514 2634
15
18
4212 4434
3612 40
12
15
79
85
2234 2414
116 11!)
85
80
753 7734
4
1112 13
3314 3514
1714 2034
912 1012
159 165
14113
32
3114
21
23
106 109
212 414
323 333
403 413
614 714
4334 453
4
63
58
3012
29
1914
6
5
8
3
112
1512
33
Sugar Stocks
Par
East Porto Rican Sug com__
Preferred
Fajardo Sugar
. 100
Bid lAsk
3
5121Haytlan Corp Amer
5
7 Savannah Sugar Ref
75
80
7% preferred
Pas] Bid 'Ask
•
12
12,,
• 90
___
_100 106
___
SHORT-TERM SECURITIES
Raliroads-industrials-Public Utilities
Federal Intermediate Credit Bank Deb.
U. S. Treasury Notes
Bid
Philadelphia, Pa.
Railroad Equipment Bonds
Bid
HARTFORD,
CONN.
Short Term Securities
STROUD & COMPANY INC.
72.75
73.70
73.95
13.95
74.10
r4.10
13.75
73.75
r4 00
73.50
72 50
P2.50
73.50
73.25
re.75
r6.75
r6.75
76.75
64
64
r6.50
76.50
01.50
73.70
r3.70
73.85
r3.85
73.25
r3.25
r3.75
r3.85
r3.85
73.75
73.00
71.75
76.50
73.50
r3.50
73.50
73.50
72.50
74.25
r4.25
77.00
r7.00
Bissell & Co.
24 BROAD ST., NEW YORK
To, IlAnover 2-4500
Members N.Y. Stook Exchange
Quotations
-Appraisals Upon Request
Atlantic Coast Line 6548__
43.4s
Baltimore & Ohio
be
Boston & Maine 434s
5.
Canadian National 454e_ _
55
Canadian Pacific 4tie
Cent RIt New Jer
Chesapeake & Ohio
63
-Is
43
-Is
be
Chicago & Nor West 434s
55
Chic Milw & St Paul 4.54s_
5s
Chicago RI & Pao 4
bs
Denver & H G West
be
53Is
Erie RR 5.tis
es
43-4s
be
Great Northern 43is
bs
flocking Valley 5s
Illinois Central 43.4s
5s
5tie
6SIs
78
Internet Great Nor 434a
Long Island 43.ie
Egt
Louisv & Nashv 4
58
Otis
Maine Central ba
5345
Minn St P&SSM
4345
CS
•
Pell, Peake & Co.
EQUIPMENT TRUST CERTIFICATES
Private Wires to New York
Trading Markets in
Hartford Insurance, Industrial and
Public Utility Stocks
Ask
5.75
5.75
5.75
5.50
3.00
3.00
1.00
3.50
3.50
4.00
4.00
3.25
2.75
2.75
3.00
2.75
2.75
70
70
70
4.00
4.00
1.00
3.00
3.00
3.50
3.50
3.00
3.50
3.50
3.40
2.00
2.00
.50
2.00
2.60
6.50
6.50
6.50
6.50
3.50
3.50
5.50
5.50
Allis-Chalmers Mfg 55 1937.
Appalachian Pr 711 1936____
Armour & Co 435s 1939....
,
Atlantic Refg Co As 1937_
II &0 RR Sec 434s 1939....
Beech Creek RR 1st 4s 1936.
Bethlehem Steel 58 1936_
Calif Gas & Elec 55 1937...
Canada(Dom of) 43Is 1936_
Ches & Ohio RR 1st 5s 1939.
Chic Gas Lt & Coke let 53
.37
Cleve Elec III Co 53 1930._
Columbus Power 1st Ea 1936
Consumers El Lt &Pr(NO)
1st 55 1936
Consumers Power 1st .5.1 1936
Consum Gas (Chic) 181 5.'36
Cumbl'd Tel & Tel 1st 58 37
Dayton Lighting 5s 1937_
Del & Hudson Co 53-4s 1937_
Dodge Bros 8.3 1940
Edison El Illum Co Boston
be 1936
3s July 16 1937
39 November 2 1937
Edison El III Ilklyn 45 1939_
Fox Film cony 65 1936
Glidden Co 53.is 1939
Or Trunk RV can (gu) es'36
Gulf 011 Co of Pa 5s 1937._
Hackensack Wat cony 53'38
Kresge Foundation 63 1936.
Long Dock Co 63 1935
Lone island Its 10 Am 1035
Ask
10114 1013
4
10714 1073
4
10258 10318
10712 108
92
9238
1013 1017
8
8
10358 1037
8
108 10812
10314 10312
11114 1113
4
10412 105
10514 1053
4
1023 10312
4
10114 1021 1
1033 10334
8
104 10112
10618 10718
107
___
9831 993
4
10612 1067
8
10412 1041
8
10218 10212
10218 10212
107 1073
4
102 10212
104 105
1063 107
8
1043 10518
8
109 1003
4
8
10212 1021
103 10334
1031, f01
Bid
Midvale Steel & Ord 65 1936
Morris & Co lot 414s 1939._
NY Chic & St L 1st 43 1937.
N Y Pa & Ohio RR 41
45 35
New York Tel 1st 4 tis 1939_
Nor American Lt & Power
55 1936
Ohio River RR 1st be 1936._
General 53 April 1 1937_
Pennsylvania RR 6%. 1936_
Phillips Petroleum 5%. 1939
Pub Serv Co 1111st (3.tis 1937
Pure 011 Corp 53.is 1937
Railway Express Agency53 1935
55 1949
Roch & L 0111 Water 55 1938
Sinclair Consol 011 Corp
is 1937
63.4. 1938
Scranton Elec 1st 5s 1937....
Sou Calif allson 55 1939 __
Swift & Co 6s 1940
Texas Pr & Lt lst 5s 1937._
Tol & Ohio Cent Ry 1st 5535
United States Rubber Co
63-ie 1936
63 1938
Wash'n Wat Pr 1st be 1939_
W Jer dc Seash RR 1st 41 '36
Western Maas Cos 45 1939._
W N Y At Pa RR let be 1937
Western Union Tel 0Sig 1936
WIlmAr WeltInn1212 ha 1,28
Ask
103
10114
10114
105
110
1031,
1021.
10PI
105,1
1103
s
10012
1023
4
1033
4
1053
8
10238
107
10114
101
10334
1041,
105- s
'
10231
10712
10112
10018 --110
101 102
10314
1043
8
107
10712
10312
10414
101
10331
10131
__ 108
1037
8
1043
8
1011.2
10112 10214
10214 10278
10714 108
1033 .
4
-10314 1033
4
10612 107
101 10112
1013.
Federal Intermediate Credit Bank Debentures
Bid
Ask
FIC 13-4s Mar, 15 1935... r.25% __ _
F IC Is
Mar. 15 1935... r.30% ___
F IC 25 Apr. 15 1935._ 7.35 .20%
F IC 13Is May 15 1935... r.45
25%
F I C 13is June 15 1935... r.50
2.5%
Bid
Ask
F I C 1 tIs July 15 1935._ r.50 .25%
,
25%
FIC1 tie Aug. lb 1935._ r 50
25%
F IC 13 Sept.. lb 1935.. r.60
-Is
F IC 1348 Oct. 15 1935._ r.621 375%
Fl C 13-40 Jan, 15 1936... r.75
.50%
c Registered coupon (serial).
' No par value.
'
1
a Interchangeable.
z Ex-dividend.
d Coupon.
.1 Flat price.
r flais price.
I Quotations per 111 gold rouble bond equivalent 10 77.4234 grams of pure go1,1.
Financial Chronicle
Volume 140
1137
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY
-INDUSTRIAL
-MISCELLANEOUS
a
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:
Length of Road
Gross Earnings.
Month.
1933.
1932.
January _ _ _ _
February .... _
March
April
May
June
July
. August
September_ _
October
November _
December.
-
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
297.600.747
260.503.983
248,057.612
8
274,890.197
266.231,186
288.880.547
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
January _ _
February_ _
March
April
May
June
July
August
September_
October
November __
Deeember-__
1934.
257.719.855
248,104.297
292.775,785
265.022.239
281,627,332
282.406.507
275,583.676
282.277,699
275.129.512
292.488.478
256.629.163
257.199,427
1933.
226 276,523
211.882.826
217,773,265
224.565,926
254.857.827
277.923.922
293,341,605
298,564,653
291,772,770
293.983,028
257,376.376
245,092,327
Inc.(+1 or
Dec.(-).
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.
1933
1932.
16.73
19.67
23.89
15.02
+1.41
+14.43
+25.13
+19.36
+8.62
0.13
+2.87
+0.93
Miles
241.881
241.189
240.911
241,680
241.484
241.455
241,348
241.166
240.992
240,858
242,708
240.338
Mites
241,991
241,467
241,489
242,160
242.143
242.333
241,906
242.358
239.904
242.177
244.143
240.950
+13.90
+17.10
+34.44
+18.02
+10.50
+1.61
-6.05
-4.82
-5.70
0.62
0.29
+4.9
1934.
239,444
239,389
239.228
239.109
238.983
239,107
239.180
239,114
238,977
238,937
238,82
238,570
1933.
241,337
241.263
241.194
241.113
240,906
240,932
240.882
240.658
240.563
240,428
240.836
239,833
+31.443.332
+36.221.471
+75.002.520
+40.456.313
+26.769.505
+4.482.585
-17.757.929
14,286,954
-16.643,258
-1,494.550
-747,213
+12.107,100
Net Rarninos.
inc.(+1 or Dec.(-).
Month
1933.
1932.
Amount.
January
February
March
April
May
June
July
August
September
October
November
December
8
45.603.287
41,460,593
43,100,029
52,585.047
74.844.410
94.448.669
100.482.838
96.108.921
94.222.438
91,000,573
66,866,614
59.129,403
$
45.964.987
56,187,604
68,356.042
56.261.840
47.416.270
47.018.729
46,148.017
62.553.029
83,092.822
98.337.561
63.962,092
57.861.144
i
-361.700
-14.727.011
-25,256.013
-3.e76,93
+27.428.140
+47,429.940
+54.334.821
+33.555.892
+11.129.616
-7.336,988
+2.904.522
+1.268.259
-079
-26 21
-36.94
-6 55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
January
February
March
April
May
June
July
August
September
October
November
December
1934.
62.262.469
59.923.775
83,939,285
65.253,473
72,084,732
74.529,256
67.569,491
71.019.068
71.781.674
80,423,303
59,167,473
62.187.963
1933.
44.978,266
40,914.074
42347.013
51,640,615
73,703,351
92,967,854
98,803,830
94,507.245
92.720.463
89.841,103
65,899,592
88.350.102
+17.284.203
+19.009,701
+41.492.272
+13,612.958
1.618.619
18.438,598
-31,234,339
23.488.177
-20.938.789
9,217.800
-6,732.119
4-3.817.771
+38.43
+46.46
+97.76
+26.30
-2.20
-19.83
-31.61
-24.80
-22.5E
-10.21
-10.21
..1.-ft.h1
Per Cent
Assets-Cash
Receivables
Inventories
Investments at
market
Fixed assets
Other assets
Patents
Deferred charges
Balance Sheet Dec. 31
Liabilities
1933
1934
$296,653 Accounts payable_
$79,927
185,147 Reserves
17,164
486,687 Tax accruals
36,750
Miscall. accruals_ _
15,693
401
x Preference stock_ 1,015,284
573,501 x Common stock_ _
560,303
321,892
7,636 Paid-in surplus--87,537
105,282
94,614 Earned surplus_
100,310
45,615
45,888
1934
$249,243
147,399
566,041
1933
5186,346
12,299
60,077
6,416
1,015.284
321,892
87.537
Total
Total
$1,674,559 $1,689,855
$1,674,559 $1,689,855
x Represented by 26,718 shares of convertible preference stock (no par)
and 153.282 shares of common stock (no par)
.-V.138,P. 4286.
-Earnings
Allen Industries, Inc.(& Subs.)
Years Ended Dec. 31Gross profit from sales before deducting selling
and administrative expenses
Selling and administrative expenses
1934
1933
$559,158
272.311
$392,690
199.408
Operating profit
Other deductions
Estimated provision for Federal income tax
$286,847
27.631
38,600
$193,282
37,287
25.250
Net profit
Previous surplus
$220,615
165.679
$130,745
83.679
Total
Dividends paid during year on preferred stock
Provision for retirement of preferred stock
$386,294
42,383
78.497
$214,425
Surplus Dec. 31
Earnings per share on 66,000 shares common stock
$265,415
$2.92
$165,679
$1.52
Assets
Cash
U. S. Govt. secs
z Accts. receivable
Inventory
Other assets
y Perman't assets_
Plymouth Felt
Products, Inc_ _
Deferred charges_
Balance Sheet Dec. 31
1933
17,466 Accounts payable.
Accrued expenses_
131,893 Pays,on mtge. due
within one year
224,331
51,816 Plymouth Felt
Products, Inc_ _
671,774
Federal income tax
Long-tern debt_ _ _
46.522
31,837
23,911 Reserves
x Capital stock. _ _
Surplus
1934
$1,770
175,000
179,847
187,770
43,873
672,969
48.745
1934
$87,865
11,534
1933
867,486
2,906
19.120
10,000
30,714
38,600
70,880
84,613
730,847
265,415
25,250
90,000
19,022
730,847
165,679
Total
$1,339,588 81,111,189
Total
$1,339,588 $1,111,189
x Represented by 9,196 shares $3 pref. stock in 1934 (10,126 in 1933)
and.66,000 shares common stock of no par value. y After allowance for
depreciation of $433,939 in 1934 (1933, 3441,897). z After allowance for
doubtful accounts of $5,618 in 1934 ($25,200 in 1933).-V. 140, p. 631.
Aluminium, Ltd.-rendess-The Union Trust Co. of Pittsburgh, trustee, will until noon, Feb. 25,
receive bids for the sale to it of 5% sinking fund debenture gold bonds
at 105 and interest sufficient to absorb 5585,000.-V. 138, p. 4286.
-Earnings
-American Bakeries Corp.(& Subs.)
Years EndedNet operating profit
Miscellaneous income
Dec. 29 '34 Dec. 31 '33 Dec.31 '32
$439,016
$290,146
2710,583
22.094
30,270
22.197
$740,853
267,881
211,139
41,750
$461,110
265.928
$220,083
35,690
Total income
Depreciation
Maintenance and repairs
Prov. for Fed. & State income tax
2312,343
279,917
$170.480
36.184
24,702
232,426
Win/it Di rie in p ld on sub. co. pref.stock_
37,399
ll lenCloi e
w,
The directors have declared a quarterly dividend of 75 cents per share1
def$4,973
x$134,295
Net income accruing to parent co__
2184,394
on the capital stock, par $25, payable April 1 to holders of record March
Dividends paid by parent company:
26. This compares with 65 cents per share paid in each of the four pre131,456
132,454
Preferred stock
131,369
ceding quarters, 5o cents on Jan. 2 1934 and Oct. 2 1933 and 50 cents
14,624
Class A stock
per share on July 1 1933.-V. 138, p. 2237.
Prem. on pref. stock of sub. retired_
676
d.axes replaced.i ;
Equipment abandoned or,
19,592
28,411
r.:a:i.;
41,001
i
iv
(- --Ainsworth Mfg. Corp.
-75
-Cent Special Dividend-21
4V:
prior
10.000
24,533
The directors have declared a special dividend of 75 cents per share on the
' common stock par $10payable March 4 to holders of record Feb 21 This
1
' Decrease in surplus for year
212,509
$26,753
$181,138
compares with special distributions of $1.25 per share made on Dec. 27
Previous surplus
583.883
596,268
777,407
last, and 50 cents per share paid on Dec. 27 1933 and March 15 1932.Surplus credits
1,189
14,368
V 139, p. 3800.
Total surplus
$572,562
$583.883
$596,269
Alaska Juneau Gold Mining Co.
-Operations
x After deducting $2,021 net expenses of parent company.
Month ofJan. 1935
Dec. 1934
Jan. 1934
Consolidated Balance Sheet Dec. 31
Tons ore mined
352.850
352,460
355 6
1 1:03 79
0
AssetsLiabilities1934
1934
1933
1933
Gold recovery (ounces)
9,612
G
10,571
Cash
5173,662 8163,433 Accts. payable &
-V. 140, p. 961.
TJ. S. Treas. bonds
accr. liabilities.... $31,107 3106.931
2.590
2.591
U.S. Govt.securs _
181,537 iThrepres. bonds of
221,509
Algoma Steel Corp., Ltd.
-Sale Approved by Court
a Customers'accts.
Houston Bls. Co.
Justice J. A. McEvoy, as Osgoode Hall, Toronto, on Feb. 12 approved a
receivable
82,235
96,909
and accrued lot
2.400
proposed sale .of the assets of the corporation to a new company known as
Sundry accts. rec_
9,991
3,615 Res.In lieu of salesthe Algoma Steel Corp., Ltd., having a capital structure consisting of
Inventories
2.660
241,278
282,756
men's fldel. bds_
1,761
$2,700,000 of 5% preference stock and 130,000 shares of no par value
Prepaid expenses_
41,756
30,925 Provision for Fedcommon stock. Tito new company was incorporated in 1934. Compare
Am. Bak. Co. 7%
eral taxes
43.250
50,445
V. 140, p. 465. 961.
pref. stk. (cost)23,826 7% cum. pref. stk.
Am.Bak.Corp.stk _
f416,757
of subsidiary co_
509,700
535,000
Corp.-PAan-Hold-tfpOther stocks
600 7% cum. pref. stk_e1,876,700 2,100,200
iConsumznation of the plan has been suspended pending the outcome of an Miscell.
investls.
600
c C18843 A stock... 2,291,503 2,582,510
ap`peal from a decision of the ederal Court in -Baltimore in a bankruptcy
corporatiol
Service deposits_
465 d Class B stock _
235,710
270,000
The plan was approved by the Court after
action filed by the
b Plant &
2,816,291 2.892,570 Surplus
690.444
583.883
the company had filed a petition for reorganization under the bankruptcy
2,093.861 2.133.744
law.
Argument on the appeal was heard in the U. S. Circuit Court of Appeals
Total
$5,683.774 36.229.729
Total
55 683.774 $6,229,729
In Charlotte, N. C.. last week. The plan provides for holders of the 5%
a After reserve of $5,042 in 1934 and $5.880 in 1933. b After reserve
bonds of IMO to forego interest payments in return for an issue of new
for depreciation of $1,336,070 in 1934 and 81.527,599 in 1933. c Repre-V. 140. p. 961.
preferred stock.
sented by 51,908 in 1934 (58,500 shares in 1933) no par shares, after deducting 6,592 shares held in treasury. d Represented by 78.570 no par
-To Change Meeting Dates
Allegheny Steel Co.
shares in 1934 (90,000 shares in 1933). after deducting 11.430 shares held
The stockholders at the annual meeting to be held March 12 will consider
in treasury. e Represented by 18,767 shares, after deducting 2,235 shares
amending the by-laws so that the regular meetings of the board of directors
held in treasury. f 2,235 shares 7% pref. stock; 4,913 shares class A
will be held on last Tuesday of the months of January, April, July and
stock; 11,430 shares class B stock.
-V. 139. p. 2194.
-V. 140, p.311.
October of each year.
.. --Agricultural Insurance Co. of Watertown-Larger
c
-Earnings
-Altorfer Brothers Co.
' 1934
Calendar Years$3,820,296
Net sales
3,106,029
Cost of sales
456,704
Administration and general cost
87,422
Depreciation
57,408
Other charges
.
12,243
Provision for Federal income tax_ _ ..
Operating profit
Other Income
Net profit
1933
$3,236,377
2,392,705
420,254
92,555
76,081
35,000
1932
$1,592,743
1,190.514
458,880
101,703
13,356
$100,490
19,820
$219,781 loss$171,710
17,634
$120,310
$237,415 loss$171,710
American & Foreign Power Co., Inc.
-Loans and Notes
Aggregating $74,883,800 Extended to 1938
The bank loans held by a group of banks and the Electric Bond & Share
Co. and due Oct. 1935. have been extended to Oct. 26 1938. according to
C. E. Calder, President of the company.
Thcse loans which originally were for a total of 550,000.000 have been
reduced from time to time and a further reduction of $1,233.520 was
made at the time of the extension. The loans now total $39,883,800. of
which 87,976.762 is held by Electric Bond & Share Co.
Mr. Calder stated also that in addition the 235,000,000 note of the company held by Electric Bond & Share has likewise been extended to Nov. 15
,
1938. As a result of these extensions all funded debt maturities sinking
fund and contractural requirements of the company, and subs, due to the
1138
Financial Chronicle
public have been reduced to $1.914,000 for the balance of 1935 and $1,842.000 during 1936 and 81,507,000 during 1937
Mr. Calder further stated that after making the present payment on the
bank loans and after providing for semi-annual debenture interest due
March 1 1935, American & Foreign Power Co.. Inc., and subsidiaries had
$11.015.000 cash in banks in New York.
-V.139, p.3471.
American Snuff Co.
-Earnings
Calendar Years-
Operating profit
Depreciation
Net operating profit
Divs. & int. received
Other income
American Business Shares, Inc.
-Annual Report
Statement of Income from Investments and Unappropriated Balance. Year
Ended Dec. 31 1934
Income: Cash dividends
$61.956
Proceeds from sale ofstock divs, not in excess of per share amounts
charged to surplus by the payor corporations
585
$38.143
4.438
Total
Appropriated for distribution
$42.581
34.939
3120.823
8.888
Remainder
Appropriated for distribution
$111.935
63,972
Unappropriated net profits from sales ofsecurities, Dec.31 1934- $47,963
Note
-At Dec. 31 1934, the cost of investments was $55,253 in excess of
their value based on closing market quotations for which excess no provision has been made.
Balance Sheet Dee. 31
Assets1934
1933
1933
1934
LiabilitiesCash
$10,853
$4,792 Accts. pay. & accr.
Dividends receivle
$9,657
6,278
5,920
exps. & taxes...$12,772
Secs, sold but not
Undist. funds in
delivered
7,816
2,326
fistrib'n acct..
Due from brokers_
1,207
Consider'n rec. for
y Due from subscr.
1,908
25,607
41,925
capital stock.
Investm'ts at cost 1,889,791 1,033,537 x Capital stock..._ 1,047,000
578,250
Furniture& fists_
461,612
816,747
126 Paid-in surplus_
Prepaid expenses_
43,979
714
1,290 Undivided profits_
55,604
American Telephone & Telegraph Co.
-Earnings
-
Net operating income. $1,696,065 $1,844,931 319,509,906 513,653,460
- 190, p. 963.
V.
American Water Works & Electric Co.
-Weekly Output
Output of electric energy for the week ended Feb. 9 1935 totaled 40,091,000 kwh., an increase of 14% over the output of 35,156,000 kwh. for
,American Chain Co., Inc.-Homis
-entrat-
The stockholders at the annual meethag to be held March 5 will[consider
adopting an annual compensation fund plan and a group annuity pension
plan for the officers and employees of the company.
4eld
-V.140, p.92
American Hair & Felt Co.
-$2 Preferred Dividend
American Insurance Co.
-New President
-
Paul B. Sommers, was elected President at the annual meeting of directors held Feb. 7. He succeeds C. Weston Bailey. Mr. Bailey was elected
Chairman of the Board, a position not filled before.
-V. 138, p. 2735.
American-La France & Foamite Corp.
-Plan Set for
Hearing
Judge William Bondy, of the Federal Court for the Southern District of
New York, has signed an order directing that the reorganization plan proposed by the corporation be beard April 25. Harold R. Medina was appointed to act as special master.
Under the plan, $33,000,000 new 20
-year income notes are to replace.
par for par, the present 5 % notes with the option to the noteholders to
take new common stock, $10 par, in lieu of notes on the basis of par for par.
The noteholders in addition will receive five shares of the new common stock
for each note in lieu of interest that would have accrued from and after
June 1 1934.
The preferred stock is to be replaced par for par by the new common stock
having 810 par value.
The plan makes no provision for the old common stockholders on the
ground that there is no equity remaining.
The revaluation of the fixed assets, investments and good will adopted
by the directors reveals total assets as of June 30 1934 amounting to $4,007,768, together with total liabilities outside of the 5
-year notes due June
1936 of $199.392, and a net worth over and above all liabilities amounting
to 8808,376.
It is proposed that all of the assets be acquired by a new company which
will have a funded indebtedness of $3,00(. 00 (or new common stock to the
extent that the noteholders shall elect to take stock), and in addition capital
stock consisting of 72,429 shares all of one class having a par value of $10
each.
A tentative pro forma balance sheet on the basis of the figures of June 30
1934 indicates a total capital of $724,290 together with an initial surplus of
$84,086.
The management states that there was a 20% increase in the gross sales
of the corporation during 1934, over 1933.
Stock Suspended from Dealing
-
The common stock has been suspended from dealing by the New York
Stock Exchange.
The New York Stock Exchange issued the following notice:
The corporation, which is in reorganization under Section 77-B of the
Bankruptcy Act has submitted a plan of reorganization dated Jan. 29
to the U. S. District Court for the Southern District of New York. The
Court has ordered a hearing to be held on this plan on or after April 25.
According to statements contained in the plan of reorganization submitted by the board of directors of the corporation, the present listed
common stock cannot be represented In the new company, and there is
no equity remaining for the stock -V.139, p. 3147.
---"--American Type Founders Corp.
-Will Merge Jersey
Plants
Me merger of the plants of the company at Elizabeth and in Jersey City,
N. J., will be completed by April 1. and all manufacturing operations will
be conducted in the Kelly Press division of the company at Elizabeth, it
was announced on Feb. 13.
Employees now in Jersey City will be assigned to duty in Elizabeth.
Many of them are expected to commute, and special train service has been
arranged for them. Approximately 500 employees will be transferred to
Elizabeth, it was said. The merger is part of the reorganization of the com-V. 139, P. 4120.
pany under trusteeship recently approved by the courts.
Not
Reported
Period End,Dec 31-1933
1934-12 Mot.
1934
-Month--1933
Operating revenues
$7.629,321 $7,493,755 $90,012,435 887,735,844
Uncollectible oper. rev
1,040,735
564.527
67.119
52,037
Operating expenses
5.880,088 5,539,195 69,573,839 68,089.709
Operating taxes
42.510 5,364,163 4,951,940
1,131
total of $1,325,000 5
-year 1st mortgage and collateral trust6% bonds
ha
been call for redmption
March 20 at par and int Payment will
be made at the Central Hanover Bank & Trust Co., trus ,70 Broadway,
New York City.
-V. 139, p. 1544.
The directors have declared a dividend of 82 per share on account of
accumulations on the 8% cum. first preferred stock, par $100, payable
April 1 to holders of record March 15, a similar distribution was made on
Jan. 15 and compares with $3 per share paid on Dec. 15, and $2 per share
paid on Nov. 1 last. The last regular quarterly payment of $2 per share
was made on July 1 1931.-V. 139. p. 4119.
$2,509,144 $2,231,142 $1.990,8481
156.470
170,366
16.3.223
2,729
1,066
719
1931
Total
27,166,735 26,227.194
27,166,735 26,227.194
Total
a Including 6,900 common shares at cost of $230,619 and 3,619 pref.
shares at cost of 8338.201 held in treasury -V.139. p. 3634
Total
$1,934,450 $1,095,406
Total
$1,934,450 $1,095,406
x Par value 50 cents a share. y Lord, Abbott & Co., Inc., 30,300 shares
ofcapital stock,subscribed but not issued (42,880shares in 1933). z Market
value $1,834,538 in 1934 (31,128,000 in 1933).-V. 140, p. 962.
American Chicle Co.
-May Adopt Pension Plan
-
1932
1933
$2,404,747 $2,165,427
174,579
173.605
Profit and loss surplus $8,511,729 58,182,216 $7,303.152 $7,152,295
Shares of common outEa
standing (par $a
440,000
0
440.000
25)..
440,000
x433.100
corn.
$3 59
x Not including 6.900 shares
es
in treasury.
Balance Sheet Dec. 31
1933 81
153
4
19:
1934
1933
Assets$
LiabilUies$
$
Real estate, maPreferred stock__ 3,952,800 3,952,800
Trchinery fist,. 2,288,972 2,272.950 Common stock _ _ _11.000.000 11,000,009
.-mar,
ks&
d
m
',
59.292
, Pref. div. payable_
will.&o
440,000
10.126,996 10,126,996 Corn. div. payable 440.000
Supplies, &c
6,647.339 8.252,575 Taxes.insur., adv..
•Securities
748,217
disc'ts. &c., res. 643,270
4,384,270 3,202,624
Cash
2.313,867 2,982,124 Depreciation res_ 2.486,321 1.755,826
Guaranty RFC.._
89.042
73,322
75,000
75,000 Accounts payable.
Accts.receivable.. 697,717
805.287 Undivided profits_ 8,511,729 8,182,216
Notes receivable
585,099
864,841
Unexpired insur_
47,475
44,796
Unappropriated net income from investments, Dec.31 1934-- $7,641
Statement of Unappropriated Net Profitsfrom Sales ofSecurities. Year
Ended Dec. 31 1934
Unappropriated net profits from sales ofsecurities, Jan. I 1934- - - $39.541
Net profits from sales of securities
81,282
Total
Provision for Federal income tax
174.797
Net earnings
$1,972,542 $2.002,093 $1,818,026 $1,916,132
Pref. dividends (6%)__ _
237,168
215.454
237,168
215.454
Common dividends
1,430,000
1,407,575
1,407,575 1,430,000
Rate
•
(13%)
(13%)
(13%)
(13%)
Balance,surplus
$248,964
$379,064
8349,513
$150,858
Previoussurplus-- 8,162,216 7,303.152 7.152.295 6.205,057
Surplus res.for wk. cap.
_698.273
Adjust. transf. from real
est., machy.& fixt ,&c
500,000
$40,430
2.287
Net income
Unappropriated net income from investments. Jan. 1 1934
1934
$2,683,942
Total income
$2,682,239 32.388,678 32,154.789
Interest paid
375
Federal and State taxes_
386,586
709,698
336,389j
Total
$62,540
Expenses, 322.184: less profits realized from fees charged in reac22,111
quisition of 7,160shares ofcapital stock.$73
Operating income before taxes
Taxes other than Federalincome
Feb. 16 1935
the corresponding period of 1934.
Comparative table of weekly output of electric
years follows:
Wk.End.
1934
1935
1933
Jan. 19- _ _ 38,469,000 33,056,000 27,932,000
Jan. 26...39.285.000 32.957,000 27.657,000
Feb. 2_ _ _ 38.450,000 33,939,000 27,438,000
Feb. 9...40,091,000 35,156,000 28,203,000
- 140, p. 963.
V.
energy for the last five
1932
30,540,000
29,991,000
30,629,000
31,195,000
1931
32,972,000
33,477,000
33,685,000
34,656,000
Anglo-American Corp. of South Africa, Ltd.
-Earnings
- Results of operations for the month of January 1935 follow (in South
'1
African currency):
x CompaniesCosts
Profit
Tons Milled Total Rev.
Brakpan Mines,Ltd_ _ __
127,000
£227,233
£98,661
£128,572
214,351
Daggafontein Mines.Ltd.
97.145
117,206
101,000
Springs Mines,Ltd
149,000
100,300
96,171
245,171
West Springs,Ltd
72,941
98,111
25,170
98.000
2c Each of which is incorporated in the Union of South Africa.
Note-Revenue has been calculated on the basis of £7 per ounce fine.
V. 140. p. 312.
Argonaut Mining Co.
-To Open Mine
The company plans to reopen its mine which has been,closed since Oct. 1,
last, on Feb. 20 with no change in working conditions or wages prevailing
prior to close-down, according to E. A. Stent, Vice-President. Original
employees will be given preference in rehiring.
-V. 139, p. 3319.
Arizona Edison Co.
-Earnings
11 Months Ended Nov. 30Gross earnings and miscellaneous income
Operating e cpenses and taxes
716,840
1933
3995.540
692,763
Net earnings
Miscellaneous deductions
$320,912
12,534
$302,879
12,958
Balance
Depreciation not included in operating
Receiver's expenses not included in operating_ _ _ _
Accruea bond interest
-V. 140, p. 963.
5308.378
270,683
23,230
255.240
$289,917
270,166
19,805
256,176
1934
$1,037,752
Arundel Corp.
-Earnings
Calendar Years1934
1933
1932
1931
Operating income
$16,622
$834,653
$720,315 82,033,103
Prov. for Fedi taxes
106,168
82.696
Loss on abandonment &c
and reconstruction of
fixed assets
20.623
$728,485
Net income
816,622
$637,619 $2,012,480
486.068
853,284
Common dividends_ 1,347,688 1,477,568
Balance, surplus
$242,417 def$836,662 def$710,069 x$534,912
Shares of com. outstanding (no par)
483,851
483,851
492,556
492,556
$1.50
Earns. per sh. on com
$0.04
$1.30
$4.08
x Before charging $1.980,242 loss of notes to Everglades Drainage
District and other receivables.
Balance Sheet Dec. 31
Liabilities1933
Assets1934
1934
1933
$360,304 $226.024 Dividend payable_ $120,955 $115.808
Cash
Accounts payable.
Marketable securi57,941
878,106
967,852 Trade accts. pay- 674.056
1.033,789
ties at cost
892.873 Accrued expenses_
Accts. receivable. 1,413,217
21,437
187,591
Prey, for Fed'l tax 110,522
133
Notes receivable
17.029
Deferred income on
Accrued interest dr
contracts
19,369
1,731
20,834
110,928
other receivables
36,647 Reserve for Inoue_
168,105
37,161
Materials & suppl_
159.831 b Capital stock
91,285
Other accts. receiv.
4,954,260 4.954,280
45,000 Surplus
21,000
2.104,528 1,839,272
Mtge. receivable
Deferred charges to
720,473
future operations 481,484
829,870
704,621
Investments
•Id. bldg., mach_ 3,962,113 4,235,459
28.704
28,704
c Treasury stock
Total
$8,154,626 $8,181,902
$8,154,626 58.161,902
Total
a After reserve for depreciation and depletion of $44,621,779 in 1933
495,426 no par shares (includand $4,329.189 in 1932. b Represented by
ing 8,705 shares acquired for treasury per contra). c Represented by
-V. 139, P• 3958.
2,870 no par shares.
Financial Chronicle
Volume 140
Arizona Eastern RR.
-Abandonment
The Interstate Commerce Commission on Jan. 26 issued a certificate
permitting (a) the company to abandon that part of the Maricopa branch
69.8, about 1 mile south of West Chandler,
between engineer station 899
and engineer station 23 -I- 52.9, at or near Maricopa, about 16.598 miles,
all in Maricopa and Pinal counties, Ariz. (b) the Southern Pacific Co. to
abandon operation thereof.
-V. 137. p. 4695.
Atlantic Steel Co.
-Earnings
1933
1934
$3,157,383 $2,464,603
2.254.233
2,851.270
129,813
180,738
13,747
15.005
Years Ended Dec. 31Gross receipts from sale of steel products
a Expenses of manufacturing
Administrative, selling and general expenses
Cash discounts allowed and exchange
Operating profit
Other income
$110,370
41,175
$66,810
26,220
Total income
Interest charges, first mortgage bonds
Interest on bank loans
Reserve for doubtful accounts
Loss on bonds retired
$151,545
29.250
1,290
$93,029
31,290
271
7,195
Net earnings
Preferred dividend paid Nov. 1
Provision for pref. dividend due May 1
Common dividends paid
$116,720
24,500
24,500
.
60.000
Balance to surplus
$5,273
$7,720
a Including ordinary repairs and maintenance, ad valorem taxes, depredation on building and machinery $138.705 in 1934 ($210,377 in 1933)
and provision for estimated Federal and Georgia income taxes.
Consolidated Balance Sheet Dec. 31
Assets1934
1933
Liablififes
1934
1933
Cash
$49,486 Bills payable
$45,798
$200,000 $150,000
Marketable secure. 140,262
250,259 Audited Invoices rk
Notes rec., mist's_
91,154
16,385
43,358
19,497 accounts
a Accts. reoelvle. 316,624
585
383,414 Custa. Credit bats
854
Inventories
1,244,273 1,196,840 Employees' credit
Other assets
469
balances
297
15,328
12,626
b Investments
5,551
8,209
148,709 Accrued pay rolls_
77,292
c Plant dr equipm't 1,327,865 1,345,069 1st mtge. 65 1941_ 430,000
495.000
Dep. with trustee
Prov.for pref. My.
for rah'. of lot
24,500
24,500
due May 1
mtge. bonds__ _ _ 455,800
116,485
Tot. Insur. fund__
56,382
Deferred charges__
125,130
19.798 Operating reserves 384,245
11,219
700,000
Preferred stock__ 700,000
Common stock_ 1,000,000 1,000,000
719,259
Surplus
800,570
Total
$3,648,144 $3,428,402
Total
$3,648.144 13,428,402
a After reserve for doubtful accounts of $9,677 in 1934 ($16,093 in 1933).
blAfter adjustment to cost or market value whichever is lower of $40,336
in 1934 ($37,177 in 1933). c After depreciation reserve of $2,470,728 in
1934 ($2,332.023 in 1933).-V. 140, D. 791.
Automatic Products Corp.
-New Vice-President and
Director
Victor Kliesrath has been elected a director. W. Spencer Robertson
was elected a Vice-President.
-V. 139. p. 2196.
Automatic Washer Co.
-Earnings
Calendar YearsGross profit on sales_ ___
Sell. & admin. expenses_
Depreciation
1934
$139,309
220,762
29,032
1933
$199,825
163,792
29,765
1932
$47,767
253.925
1931
$414.257
537,236
Operating loss
Other income
$110.486
7,521
prof$6,268
6.945
$206,158
8,629
$122,979
4,653
Total loss
Expenses incident to new
models,etc
Provision for taxes
Other chgs., incl. prov.
for conting.& int. paid
$102,965 prof$13,214
$197,529
$118.326
115,902
1,500
1,263
Aviation Securities Corp. of New England-Report
The following Is a comparison of company's assets and liabilities other
than capital and surplus, and indicated liquidating value of its capital
stock as of Dec. 31 1934 and 1933 respectively:
Dec.31 '34 Dee. 31 '33
$15,158
$274
Cash
1.298,116
1.076,699
Market value, listed securities
4,286
$54,274
24,500
24,500
806
35.059
Net leas
$234.228
$104,228 prof$10.908
$232,588
Comparative Balance Sheet Dec. 31
Assets
1933
1934
1933
1934
Liabilitiesy Land, bldgs, and
:
Capital stock... 5983,940 5983,940
equipment
$382.636 $408,212 Reserves for conGood-w., pats., Arc
32,906
30,153
1
.
tingencies
1
Det'd charges and
Paid-in surplus
188,411
188.411
other assets
633,841
11,104 Deficit
11,042
529,613
Cash
36,589 Current liabilities_ 127,155
44,189
122,809
Notes & accts. rec
79,703
51,780
Inventories
204,434
153,068
Officers' and employees' accts._
2,392
7,701
Inv. In other coo
25,750
25,750
Treasury stock
24,960
24,960
Total
Total
8695.817 $798,453
$695,817 $798,453
x Represented by 37,900 shares of preference stock, and 139,900 shares of
common stock. y After re•serve for depreciation of $249,873 in 1934 and
$258.521 in 1933.-V. 138, p. 1400.
-Jan. Output Up 5.6%
Associated Gas & Electric Co.
1139
panies haditheylbeenTindependent units but which was saved through the
filing of consolidatedlincome tax returns. The average for the period was
therefore's little less than $750.000 Per year and had it been passed on in
the formtof a rate cut to the 1,000,000 customers of the subsidiaries of the
company the effect on the customers' monthly bill would have been infinitesimal.
The publicity states that the report comments on the fees collected by
W.S. Barstow & Co. Nowhere does it state that the operating companies
received benefits which were reflected in lower rates far in excess of the
amount of money paid. Apparently it is becoming improper to charge a
fairesum for services rendered.
The Engineer Examiner of the Federal Trade Commission took occasion
to speak highly of the ability, personnel and general excellence of the
-V.140, p. 963.
W.S. Barstow & Co. organization.
Less accounts payable and accrued taxes
$1,076,974 $1,313.274
1.589
6.653
$1,070,320 $1,311.685
Indicated liquidating value
143,714
143,714
Shares outstanding in hands of public
Indicated liquidating value per share on basis of
$9.12
27.44
market value of National's shares
Indicated liquidating value per share on basis of
$11.97
$11.07
indicated liquidating value of National's sharesStatement of Surplus Account Year Ended Dec. 31 1934
$1.438,164
Balance-Jan. 1 1934
Deductions on account of transactions of the year 1934:
$1.488
and miscellaneous
Expenses-General
1.363
Legal, audit, corporate, transfer agent and registrar fees....
1.363
Taxes paid and accrued
Total
Less-Excess of 1934 capital stock tax accrued in 1933 over
amount paid
Net expense
Net loss realized on securities sold
Decrease in surplus for year 1934
14.215
589
$3.626
833
4.459
$1,433,706
-per balance sheet
Surplus, Dec.311934
-The excess of cost over market value of the portfolio securities
Note
(exclusive of its own reacquired shares) at Dec. 31 1934 was $236,907
greater than at Dec. 311933.
Balance Sheet Dec. 31 1934
Liabilities
Assets$
5,659
$275 Account payable-secured....
Cash
995
Cap,tal stock tax accrued
Securities-at cost: 130,509
150,000
Capital stock ($1 par)
ohs. Nat. Aviation Corp.,
Stock in treasury (6,286 ells.). Dr24,792
incl. 1,500 she, deposited as
1,433,706
Surplus
coll, against acct. payable
(Total market value,81,076,a1.565,293
699)
31.565.567
Total
$1,565,567
Total
a Excess of cost over market value $488,593.
-The above balance sheet does not include any provision for exNote
penses that may be incurred in connection with the corporation's offer made
to shareholders to rexchange National Aviation Corp. shares for Aviation
Securities Corp. of New England stock. (See V. 140, p. 963).
Baldwin Locomotive Works-January Bookings
Bookings lot the company and affiliated companies for January, on a
consolidated basis, amounted to $1,574,000 as compared with $1,305,000
were $1,995,000
in December and $1,920,000 in'January 1934. Shipments year ago.
as compared with $2.087.000gn December and 1960.000 a with $9,462,000
$9,041,000 at Jan.31 as compared
Unfilled orders stood at
at the beginning of the month. Bookings at the end of January, haivever,
compare with 35,271,000 year ago.
miscellaneous
Bookings in January were made up'almost entirely of
portion of
business'. with the'parent company contributing only a smallthe month.
locomotive orders talken on during
the total. There were no
-V.140, p.633.
-Collateral- •3
& Aroostook RR.
Bangor
ref. mortgage,
The Old Colony Trust Co.. as trustee under the consol.
that, as of
dated July 1 1901. has notified the New York Stock Exchange
by it as
the close of business Jan. 31 1935, the following bonds were held
collateral:
Northern Maine Seaport RR. 1st mtge. railroad & terminal 13,586.000
-year 5% gold bonds, due April 1 1935
30
Bangor & Aroostook RR. 1st mtge., St. John River Extension, 1.003.000
30-year 5% gold bonds, due Aug. 1 1939
Bangor & Aroostook RR. 1st mtge. Washburn Extension.
864.000
-year 5% gold bonds, due Aug. 1 1.939
30
-V.140. p. 792.
-Earnings
Bangor_Hydro-Electric Co.
(And Controlled Companies)
1935-12 Mos.-1934
-Month-1934
1935
Period End. Jan.
$183,324 12,040,280 $2,013,053
$189,877
•
Gross earnings
638,025
703,607
62,857
68,815
Operating expenses
270,050
282,550
24,250
25,350
Taxes accrued
144.466
147,923
10,150
10,307
Depreciation
323,235
341,174
27,558
32,192
Fixed charges
305,818
305,798
25,484
25,483
Dividendjon pref. stock325,824
276,950
27,152
21,721
Div. on common stock
$5.633
def$17.724
$5,870
$6,007
Balance
-V.140, p. 469.
The system reports an increase in electric output of 5.6% in January over
the same month of last year. Production during the month amounted to
247,063.437 units (civh.). For the 12 months ended Jan. 31. output totaled
2,767,386.360 units, which was 4.7% above the previous comparable
period. Output for the week ended Feb. 2, was 56,222,798 units. or 4.8%
above the same week a year ago.
Gas sendout for January was 1,927.923,000 cubic feet or 12.3% above--Doubles Dividend
--Belden Mfg. Co.
January 1934. For the 12 months to Jan. 31, gas sendout was 18.485,A dividendlof $1 per share was paid on Feb. 15 on the no-par capital stock
980,200 cubic feet, or an increase of 9.9% over the previous comparable
to holders of record Feb. 10. This compares with 50 cents per share paid
period
on Nov. 15 last, $1 per share on Aug. 15 1934. 50 cents per share paid
each quarter fromsOct. 1 1933 up to and including May 15 1934, 25 cents
Charges Misleading Statements
per share on Nov. 15, Aug. 15 andlFeb. 151931;75 cents per share on Nov.
15 and Aug. 15 1930. and $1.50 per share previously each quarter in 1929.
The following statement has been given out by the company:
-V.139. p.3149.
The 255th public utility release of the Federal Trade Commission contains
the usual loose and misleading statements characteristic of these releases.
-Acquires New Unit
Bendix Aviation Corp.
The publicity characterizes as a "tax evasion" the procedure whereby a
consolidated return was filed for the holding company and its subsidiaries
Vincent Bendix,head of this company announced on Feb. 13 the addition
automotive, aircraft and
and the operating companies paid to the holding company the amount of
of the Zenith-Detroit Corp. to the group of
Federal income taxes which the operating companies would have had to
aeronautical subsidiaries controlled by this company. The concern will
pay as independent units. The use of the phrase "tax evasion" is definitely
be known as the Zenith Carburetor Co. and operations will be continued
misleasing and untrue because it conveys the impression that the utility
In Detroit. The Zenith executive staff will continue to be headed by
groups referred to indulged in some procedure contrary to the law.
-V.139, p. 2987
Victor Heftier, General Manager.
The filing of returns on a consolidated basis was definitely in accordance
-Cent Extra Dividend
-25
with the spirit and letter of the Income Tax law at the time. The amend- " ---Birtman Electric Co.
-ment to the Federal Income Tax law providing for the filing of consolidated
An extra olviuend of 25 cents per share was paid on the common stodk7
returns was enacted during the Wilson Administration and recognized that
par $5 on Feb. 15 to holders of record Feb. 8. An extra dividend of 10
profits accruing to a group enterprise should be taxed only once. However,
cents per share in addition to a regular quarterly dividend of like amount
-V.140, p.313.
the right to file consolidated returns was eliminated from the Federal Income
was paid on Feb. 1 last.
Tax las in 1934. If the purpose of the Federal Trade Commission's reports
(H. C.) Bohack Co., Inc.-Salesto the United States Senate is to show where remedial legislation is necessary
or desirable. it is difficult to understand this portion of the report and the
es End.Feb. 2- 1935-5 Weelcs-1934 1935-53 Weeks-1934
ertod
resultant publicity in view of the fact that the legislation has already been
32,921.279 12.872,179 $30,766,189 $30,103.359
enacted.
-V. 140. p. 470.
The savings due to the filing of a consolidated return resuited only from
-Accumulated Dividend- "
,
- 4
Bornot, Inc.
holding company ownership of the junior securities of the operating comA alviuend of 50 cents per share was pain on account of accumulations
pany. It follows that the benefit should go to the security holders of
on the no par $2 cumulative class A shares on Feb. 1. A dividend of 25
the holding company which had made the saving possible.
cents per share was paid on Jan. 12 1933. prior to which dividends were
In any event it would have made little or no difference in rates however
paid in full up to and including Dec. 31 1927.
the matter had been handled. For example, the Commission states that
-V. 136.
Accumulations as of March 30 will amount to $13.75 per share.
during the years 1926 to 1929 Associated Gas & Electric Co. recorded $2.p. 3349.
938,513 as income taxes which would have been paid by its subsidiary corn-
1140
Financial Chronicle
Briggs Mfg. Co.
-Operations
-It is stated that the six plants at Detroit
are now operating at near
capacity, with a force of 29.000 employees, a new high record for the company, after having added 6,500 men to the payroll during January.
The company is said to be now considering operating a new plant to be
devoted to mass production of plumbing ware which Briggs has been
developing the past two years.
-V. 140. P. 313.
(J. G.) Brill & Co.(& Subs.)
-Earnings-Calendar YearsSales
Operating expenses
1934
1932
1931
1933
$5,391,996 31.850.893 $2,089,056 $2.935,924
5,495,210
4.048,312
3.275,838
2,871,259
Operating deficit
Miscellaneous income.
$103,214
$1,020.366 $1,186.782 $1,112,389
114.722
Net deficit
Previous surplus
Adj. of allow. for Workmen's Compensation_
$103,214
222,707
$1,020,366 $1,186,782
1,243,074
2.894,905
Total surplus
Preferred dividends_
Surplus adjustments_ _ _ _
$119,493
$997.666
4,157,095
10,276
$222,707 $1,708,123 $3,169,705
114,500
274.800
350,548
Surplus
$222,707 $1,243,074 $2,894,905
$119,493
Comparative Balance Sheet Dec. 31
1934
1933
1934
1933
A ssetsLiabilities
$
$
a Plant,equip.,&c. 6,348,282 6,602,697 Preferred stock ___ 4,580,000 4,580,000
Pats. & good-will_
2
2 Common stock___ 4,810,200 4,810,200
Sundry investment 514,681
532,941 Due to attn. cos.._
479,402
117,151
Marketable secur_
119,718
118,663 Unearned Pit, on
Inventories
1,337,649 1,513,813
notes receivable_ 128,779
100.050
Cash
499,809
246,692 Notes receivable__ 375,000
500,000
Accr. int. on sec. &
Accounts payable_ 130,673
147,341
notes receivable 1,249,352 1,134,794 Accrued wages __
41,644
46,373
Due from affil. cos. 101,007
493,205 Other reserves____
145,924
57,609
Bills & accts. rec.... 166.341
119,493
160,470 Surplus
222,707
Deferred accounts_ 112,026
140,406
10,418,865 10,913,682
Total
10,448,865 10,943,682
Total
al x After depreciation of $5,653.198 in 1934 and $5.475.546 in 1933.-V
,
137, p 1401.
Broad River Power Co.
-Earnings
11•12 Months Ended Dec. 311934
1933
Total operating revenues
$2,904,157 $2,769,534
Operating expenses
1,112.702
1,210.573
Maintenance
123.025
99,654
Provision for retirements, renewals and replacements of fixed capital
228,250
221,421
Provision for taxes
436.204
389,062
Operating income
Other income
$1,003,975
16.652
$848,822
5,512
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
$1,020,628
625.514
86,576
63,675
Cr4,829
$854,334
650,197
104,643
63,670
Cr2.114
Balance of income
$249,691
$37,938
a Includes operations of transportation properties of Columbia Railway,
Gas & Electric Co. since Nov. 1 1934, the date of acquisition.
-V. 139,
p.3150.
(Edw. G.) Budd Mfg. Co.
-Receives European Orders
-
Feb. 16 1935
Earnings of System for First Week of February
1934
1935
Gross earnings
$3,000,290 $2,661,006
-V. 140, p. 965.
Increase
$339,284
Canadian Pacific Ry.-Earnings-Gross earnings
-V. 140, p. 965.
Earnings for First Week of February
1935
Increase
1934
$2,182,000 $2,155,000
$27,000
Caterpillar Tractor Co.
-Earnings
Calendar Years1934
1933
1932
1931
Net sales
$23,769.321 314,408.003 $13,258,505 $24,143.138
Cost and oper. expenses_ 17,680,628 11,920.827 12,678,301 20,351.338
Depreciation
1,805,675
1,792,979
1,731.219 1,625.300
Interest
84,273
366,532
465,855
613,557
Federal tax
547,555
24,918
191,744
Not profit
Dividends ipaid
Rate per share
$3,651.190
2,352,850
($1.25)
302,717df$1,616,873 $1,361,200
$235,306 $1,176,489 $5,646,720
($0.62ji)
($0.12.15)
($3)
Surplus
$67,411 df$2,793,362df$4,285,520
$1,298,340
Shs. stk. outst'g (no par) 1,882,240
1,882.240
1.882,240
1,882,240
Earnings per share
$1.94
$0.16
$0.72
loss$0.86
Balance Sheet Dec. 31
1934
1933
1934
1933
Assets$
Liabilities$
$
$
a Plant, equip.,&c.16,229,463 17,049,389 y Capital stock _..
.9.411,200 9,411,200
Cash
3,241,410 4,629,243 5-yr.5% conv.gold
Inventories
10,549,081 8,804,222
notes
5,090,000
Marketable secur_
158,035 1.708,471 Accrued payroll &
Notes & accts. rec_ 7,682,393 8.827,195
expenses
264,675
Patents
1
1 Accounts payable_ 859,002 1,148,600
Miscell. Invest__
322.170
347,769 Prov. for Federal
Deferred charga.i.
.
19,126
110,875 Income tax
586,221
45.123
Capital surplus_ _ _13.733,577 13,733,577
Earned surplus
13,347,005 12,048,664
Total
38,201,678 41,477,165
Total
38,201,678 41,477,165
x After deducting reserve for depreciation of $9,856,719 in 1934 ($8,861.469 in 1933). y Represented by 1.882,240 shares of no par value.
-V.140,
p. 634.
elotex Co.-Groupsks to Be Heard
(A group of security holders has been granted permission by the U. S.
'DigtHet. Court at Wilmington,. Del., to interven
the hearing scheduled
for Feb. 20 on the reorganization committee plan or the company.
Tho petitioners asked to be heard as to the fairflSs of the conditions under
which the committee intends to issue certificates of deposit under the
agreement dated May 1 last in exchange for outstanding securities claims
or other property interest in the company.
None of the petitioners has deposited securities under the plan. They
are: Charles Stewart Mott of Flint. Mich., owner of $56,000 10
-year, 6%
sinking fund convertible gold debentures, 376 shares of common, 12,477
common voting trust certificates and 7,000 shares of 7% preferred.
The Charles S. Mott Foundation of Michigan, owners of 16,003 common
shares.
Charles S. Hirsch and John G. Getz Jr. of Now York, as trustees owner of
2,000 shares of preferred and 40.000 shares of common.
Jeano M. Bitting of Westerly, It. I., owner of 500 shares of common.
National Industrial Corp., owner of $13,000 1st mtge., 63i% sinking
fund convertible gold bonds, seires A, and 4,600 voting trust certificates.
Following denial by the U. S. District Court in Delaware of a petition
by interests opposing the Nichols committee's reorganization plan for the
company for postponement of the hearing called for Feb. 20 on the issue
of certificates of deposit by it, the Nichols committee is advising depositors
under the plan of the change of jurisdiction from proceedings in equity to
proceedings under Section 77-B of the Bankruptcy Act.
With reference to the recent notice by the receivers, calling upon creditors
and stockholders to file sworn statements of their claims, the Nichols
committee undertakes, on bahalf of securities deposited with it, to file any
statements of claims which may be called for under either of the proceedings
above referred to with respect to such deposited securities.
-V. 140, p.965.
An order for 15 single-unit cars, each to be powered by a diesel-electric
engine, has been placed by the Northern Railways of Italy and another for
30 two-car trains will be placed by the French Railways within a few days,
the company has been advised by President Edward G. Budd, by cable
from Europe. The cars will be built in Italy and France under licenses
from the Budd company, for the use of its shot-weld process of fabricating
stainless steel and other patents employed in the building of the American
stream-lined trains.
The cost of the cars for both countries will be approximately $3,000,000. ..-----Central
'
"
- 140, p. 470.
V.
Surety & Insurance Corp., Kansas City,
Mo.-Resumes Dundends-
Butte Anaconda & Pacific RR.
-Tenders
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
10 a. m. on March 11 receive bids for the sale to it of 1st mtge. 5% 30-year
sinking fund gold bonds, due Feb. 1 1944, to an amount sufficient to exhaust
-V. 139, p. 921.
$63.098, at a price not exceeding 105 and interest.
(A. M.) Byers & Co.(& Subs.)-Earnings-
Quar. End. Dec.31Loss after taxes
Other income
1934
$64,941
1,133
1933
$101,134
2,562
Loss
Patent amortization__ _ _
Depreciation
$63,808
22,727
133.765
$98,572
22,727
135,373
$220,300
$256,672
Net loss
- 140, p. 470.
V.
1932
$135,547
8.604
1931
$9,068
14,735
$126,943 prof.$5,667
22,723
135,373
136,851
$285,043
$131,184
Calumet & Hecla Consolidated Copper Co.
-Earnings
Period End Dec.31Copper sales
Miscellaneous
1934-3 Mos.-1933
1934-12 Mos.-1933
5976.800 $4,025,857 $3,937,457
$718,987
27,053
7,928
33,149
21.004
Total receipts
$746,040
Copper on hand at beginning of period
2,828,886
Proo.,sell., adm.& taxes
611,903
Deprec. anti depletion_ _
317.890
Miscellaneous
69.664
Mark down of invests
293,443
Total expenditures._ - $4,121,786
Less coin er on hand2.879,166
5984,730 $4.059,006
4,989.586
551.726
365.751
158,700
4.492.986
2,411.634
1.801,980
99,054
293.443
$3,958,461
7,962,959
2,341.985
2,060,575
232,265
$6,065.763 $9,099,097 $12,597,784
2.879.166
4.492,986
4,492,986
Net expend(tures_ _ _ _ $1.242,620 $1,572,777 $6,219,931 $8,104,798
Loss for period
496.579
588.047
4,146,336
2.160,925
Note
-In past years it has been the practice of this company to compute
earnings on the basis of actual deliveries to customers; however, it has
been determined to report hereafter on a basis of sales made, and to effect
the change there is included in the earnings statement, the results from
copper sold but not delivered at Dec. 31 1934.-V. 139, p. 2823.
Tho
Carda Cement Co., Ltd.
-Off Listfirst, mortgage 515% gold bonds, series A, due Nov. 1 1947, weij
dropp from the Boston Stock Exchange list at the close of business Feb.6
-V.110, p. 965.
Canadian National Rys.-$200,000,000 Bonds to Be
Refunded
Ottawa press dispatches this week stated in substance:
The Canadian Government this year will refund some $200,000.000 of
obligations of the Canadian National Rya., most of them payable in New
York. The Minister of Finance proposed on Feb. 12 a resolution authorizing
this course. The Government expects to refund the obligations at 311 %.
Canadian National Ry. issues which are callable this year at from par to
103 are as follows:
47 perpetual stock
$60,833,333
7 debenture bonds
23,989,000
7 debenture bonds
23,779,000
4 % gold bonds
26,000,000
4b4% gold bonds
35.000,000
In addition,these issues mature this year: $17,000,000 at 415 %;$532,800
at 6%,and $12,355,000 at 7%. These make a grand total of $199,489.133.
A dividend of 50 cents per share was paid on the common stock, par $20,
on Feb. 15 to holders of record Feb. 9. This payment marks the resumption
of dividends on this issue, no dividends having been disbursed since Oct. 15
1930 when a quarterly dividend of 60 cents per share was paid.
-V. 136.
P. 1205.
Chicago Rock Island & Pacific Ry.-Intervention
Granted
Federal Judge James H. Wilkerson In U. S. District Court at Chicago
on Feb. 13 granted the protective committee for the 7% and 6% preferred
stocks leave to intervene generally in the proceedings for reorganization
of the railway under Section 77 of Federal Bankruptcy Act. The petition
of the committee, signed by Carter H. Harrison, Jr., chairman, stated that
the committee represents more than 160,000 shares of the 7% and 6%
preferred stocks, or about 30% of the total.
Hearing on Petition of Trustees Deferred
Federal Judge 'Wilkerson has postponed until March 6 the hearing on
the petition of the trustees to defer payment of matured principal instalments on certain equipment trust notes and to seek authority for
payment of interest due on certain equipment trust notes.
Collateral Case Before High Court
Contending that it is essential for the protection of rights over collateral
pledged by railroads for short-term loans aggregating close to $400,000,000,
counsel for the Reconstruction Finance Corporation on Feb. 13 urged the
U. S. Supreme Court to overthrow a ruling of a lower court forbidding the
sale of collateral pledged by an insolvent road for a loan. The case involves
an injunction granted by the U. S. District Court of Northern Illinois to
the trustees of the Rock Island. preventing the RFC and five banks from
disposing of collateral for short-term loans of roughly $17,900,000. The
injunction prohibits the sale until a reorganization plan is consummated.
It was sustained in the Circuit Court of Appeals and came to the Supreme
Court on a writ of certiorari.
-V. 140. fl• 966•
Chickasha Cotton Oil Co.
-Earnings
6 Months Ended Dec. 31Gress earnings
Cost and expenses
1934
1933
1032
$4,513.607 $11,809,514 $8.157,595
3,976,860 10,919,676
7.790,312
Operating profit
Other income
$536,747
117,867
$889,838
39,831
$367,283
38.734
Total income
Interest
Bad debts
Depreciation
Federal and State taxes
Share of loss-net sales of Guymon
Investment Co
$654,614
1,347
$929.669
6,939
$406,017
16.653
125,000
97,500
197,276
75.000
188,532
x22,956
Net profit
3403,442
$650,454
3200.832
Earns, per sh. on 255.000 shs. cap.
stock (par 510)
$
$
x After share of loss to others, jointly ow nedgin propori55 of $5,25 .1.58
2
$.
0 72
6
1as
V. 139, p. 1397.
Chrysler Corp.
-Deliveries Gain
Deliveries of Chrysler cars in week ended Feb. 9 totaled 496 units, an
Increase of 10.2% over the 450 cars delivered in the preceding week.
Deliveries in the six weeks ended Feb. 9 amounted to 2.371 Chryslers, a
gain of 527.2% over same period last year.
Financial Chronicle
Volume 140
Plymouth and De Soto Retail Sales
-
Retail sales of Plymouth cars in week
6,543 units,
a gain of 6.4% over the preceding week ended Feb. 9 totaled like week in
and 75.4% over the
1934. Factory shipments during the week ended Feb. 9 totaled 11.155.
against 6.497 in like week a year ago and dealer orders passed the 133.000
mark during the week.
Retail sales of De Soto cars in six-week period ending Feb. 9 totaled
1,643 units, a gain of 416.7% over corresponding period last year.
-V.
140, p.796.
Cincinnati & Suburban Bell Telephone Co.
-Earnings
Calendar YearsLocal service revenues
Toll service revenues
Miscellaneous revenues
1934
1933
$7,654,423 $7,695,755
705,540
654,299
300,279
294,991
Total
Uncollectible operating revenues
$8,660,242 $8,645,046
23,449
57,649
Total operating revenues
Current maintenance
Depreciation expense
Traffic expenses
Commercial expenses
Operating rents
General and miscellaneous expenses
Taxes
$8,636,792 $8.587.397
1,391,720
1,171.224
1,608,128
1,542,605
1,419,438
1,436,896
387,716
359,809
182,132
122,601
708,427
651,835
985,313
1,121,386
Net operating income
Netjnon-operating income
$1,953,917 $2,181,042
111.974
100,191
Income available for fixed charges
Interest
$2,065,891 $2,281,233
48,759
50.936
Balance available for dividends
Dividends on common stock
$2,017.132 $2,230,296
2,473,956
2,473,956
Balance, deficit
$456,824
Shares common stock outstanding (par $50)
549,768
Earnings per share
$3.67
lialar.ce Sheet Dec. 31
1934
1933
1934
Assetsg
S
Liabilities
Telephone plant_ _38,791,041 38,945,770 Common stock _ _27,488,400
Investment In conPremium on capital
trolled cos
32,9371
33.277 stock
72,756
Other investments
340f
Notes
1,291,114
Miscellaneous phyCustomers' deps.
sical property.. 257,128
131,874
& advance pay'ts 231,176
Cash and special
Accts. payable and
deposits
1,047,322
929,492
other curr.liabils. 304,861
Working funds_ _ .
10,064
Accrued liabilities
Temporary cash Innot due
1,397,591
vestments
4,128,369 3,021,918 Deferred credits..
24.974
Material & supplies 497,192
530,492 Deprec'n reserve_ _10,859,779
Notes receivable
2,447
Other reserves_
26,036
Accts. receivable
578,181
541,224 Surplus
3,707,406
Other curr. assets
23,953
Prepayments
53,082
46,148
Other dot debits
5,991
21,924
Total
45,404,095 44,226,072
Total
45,404,095
-V.140, p. 796
$243,661
549,768
$4.06
1933
27,488,400
72,756
1,190,094
220,081
493,598
677,685
52,088
9,869,423
,161,946
44,226,072
(D. L.) Clark Co.
-Tenders
-
The Colonial Trust Co.,trustee, Pittsburgh,
receive bids for the sale to it of 1st (closed) Pa., will until noon. Feb. 20,
mtge. 6%
dated Feb. 1 1929, to an amount sufficient to exhaust s. f. gold bonds,
$100.155 at prices
not exceeding 105 and interest.
-V. 139, p. 2359.
Colonial Life Insurance Co. of America-Financial
Statement Dec. 31 1934Assets
Liabilities
Bonds and stocks
$6,314,295 Reserve fund
$15,750,834
Mortgages on real estate_ _ _
6,902,132 Special reserve
37,549
Real estate owned
2,475,802 Res. for taxes payable In 1935
55,000
Cash in banks and on hand._ 1,105,191 All other liabilities
341,883
Advances on co.'s policies_ _
704,390 Capital
900,000
Interest
-due and accrued._
336,214 Surplus
903,462
Premiums-due and deferred
201,547 Contingency reserve
50,000
Other assets
2,157
Total
End of YearTotal income
Admitted assets
Number of policies
Insurance in force
-V. 138, 687.
118,041,728
Total
818.041,726
Growth of the Company
1934
1924
1914
1904
$5,102,450 $3,573,754 $1,226,795 $640.190
18,041.728
9,255,570
2,506,761
590,366
494,769
453,501
214.372
86,915
$100,279,446 $75,408,004 $31.512,744 312,821.230
Columbia Gas & Electric Corp.(& Subs.)
-Earnings
--
Period End. Dec. 31- 1934-3 Mos.-1933
1934-12 Mos.-1933
Gross revenues_a
$19.743,700 $19,746,366 $77.427,661 $74,453,315
Oper. exp. & taxes_b
12,886,279 11,821,079 49.785.073 45,391.104
Prey. for retir. & depl._c 2,031,684
1.776,809
7,803.174
6,986.532
Net operating revenue $4,825,736 36.148,477 $19339.413 $22,075.679
Other income
33,594
56,200
110.991
242.463
Gross corporate
_ $4,859,331 $6.204,677 819,950,405 322318,142
Int. of subs, to public &
Inc_other fixed charges __ _ 1,233,980
806,409
4,104,456
3.223,002
Prof. divs. of subs, and
minority Interests.._ _
615,614
652,527
2,586,250
2.585,086
Bal. applic. to Col.
Gas & Elec. Corp-- $3.009,736
Inc. of other subs. applic.
to Col. G.& E. Corp_
37,468
Net rev.ofC.G.& E.Corp
416,900
34,745.740 $13,259,698 $16,510,053
2,374
173,272
32,126
491,871
1,649,446
1,787,467
Combined earns. appl.
to fixed charges of
Col. G.& E. Corp-- $33,464,106
Interest charges. &c., of
Col. G.& E. Corp......1,337,419
$5,239,986 515.082.417 $18,329,647
Bal, appl. to cap. stks.
of C. GI. & E. Corp_ $2,126,687
Preferred dividends paid
$3,813,578
1.426,408
5,400.668
5.832,888
$9.681,748 $12,496,759
6.852,366
6.556,410
Balance
82329,382 $5,940.349
Earnings per share on common shares outstanding
80.24
$0.51
• a It is the general practice of the corporation when a rate is being contested to show as gross revenues only such a portion of the total amount
billed as is represented by the lower of the disputed rates although there
is one exception at the present time. This procedure and the exception
has been explained in detail in previous letters to shareholders.
b During the third quarter of 1934 a settlement was made by a subsidiary company of a claim for additional payment under a certain gas
purchase contract. Of the total amount of this settlement 3414,000 was
to adjust for the cost of gas purchased prior to Dec. 31 1933 of which
amount $317,000 was applicable to the year 1933. Expenses for the year
1933 as they appear above do not include this amount as the adjustment
VMS made through the surplus account.
c The amounts set aside from income and carried to the reserve for
retirements and depletion, as reflected in the books of account, are calculated generally on the same basis for both 1933 and 1934, except that
part of the increase in the provision for 1934 over 1933 is accounted for
by increased rate of accrual on ono property. The three months and 12
1141
months periods ended Dec. 31 1934 are affected by this increased rate in
approximately the following amounts: 3104,000 and $298,000.
Note-Certain items used in the statements are tentative and are subject
to adjustment upon the completion of the annual audit by independent
accounts now in progress.
American Fuel & Power Co., Inc., and its principal subsidiaries are in
receivership and the operations of these companies are not, therefore.
reflected in consolidated income statements for either 1933 or 1934.V. 140, p. 966.
Commercial Credit Co. Salt.(& Subs.)
-Earnings
--
Calendar Years1934
1933
1932
1931
Gross purchase receiv-- 8377959,031 5199683,170 8141640,946 5274358,491
Net profit after charges
& Federal taxes
x.5,391 132
2,951,919
3,778.406
297,982
Earns.per sh.on com.stk.
$1.11
$1.52
Nil
$1.79
x This net income does not include any profit in the purchase, for retirement or otherwise,(non retired in 1934) of any capital stock of the company
or any dividends received by it thereon, or any appreciation of its assets.
Dividend requirements on the 6ji% and 7% first preferred stocks (excluding preferred stock of subsidiary), held by the public, were earned
8.25 times during 1934, compared with 4.26 times for 1933.
The book value of the common stock on Dec. 31 1934, excluding all
reserves and including only $5 for all plant equipment, with nothing for
good-will, was 321.31 per share, compared with $18.26 per share on Dec. 31
1933.
On Dec. 31 1934, the company had 1,827 employees, and, with its subs.,
was operating through 141 local offices throughout the United States and
Canada. It reported current collections, past due and repossessions and
loss ratios on current receivables to be in excellent condition. Average
collections for less than four months, plus average cash balance, are usually
more than suffiient to pay-off the entire indebtedness of the company.
V. 140. p. 140.
Commercial Investment Trust Corp.
-Annual Report
Henry Ittleson, President, says in part:
The net volume of receivables acquired during 1934 amounted to $779.749,248. compared with 3475,884,330 in 1933. The consolidated net profits
available for dividends amounted 00 811.643.135. compared with $7,474,394
In 1933. These net profits do not include any dividends received on investments of the corporation in its own securities. After dividends on z the
serial preference stock, there remained available for dividends on(the
common stock $10,803,563. equivalent to $5.50 per share on the average
number of shares of common stock outstanding in the hands of the public
during the year. This compares with $6,488,995, equivalent to $3.42
per share for the average number of shares outstanding during 1933.
On Oct. 1 1934. a dividend of 25% in common stock was distributed to
the common stockholders. The earnings above stated available for dividends on the common stock are equivalent to $4.61 per share on the number
of shares (includingrthe stock dividend) outstanding in the hands of the
public at Dec. 31 1934. The payment rof cash dividends at the rate of
82 per annum on the common stock was continued during the year and.
beginning with the dividend paid on Oct. 1, dividends at this rate have
been paid on the increased number of shares. An extra cash dividend of
50 cents per share on the common stock was declared Nov. 15 1934 and
paid on Jan. 1 1935.
All determinable and known losses were written off, and reserves considered adequate to protect the corporation against possible future losses
and unforeseen contingencies were set up in accordance with the corporation's usual practice. Collections have been highly satisfactory, accounts
rharged off and past due accounts Continue to be small and outstanding
receivables are in excellent condition.
The following is a classification of the division of volume during the year
and of dollar outstandings at Dec. 311934:
Volumefor Yr. End. Dollar Outsrd'as
Dec. 31 1934
Dec. 31 1934
Domestic receivables, incl. Canada:
Retail automobile instalment lien
notes
224,819.362 28.83 124,697.777 64.30
Wholesale automobile lien notes
and acceptances
259,000,608 33.22 14.003.629
7.22
Accts. receivle of factoring cos_ _254.972,370 32.70 27.907,268 14.39
Industrial instalment notes (secured by products other than
automobiles)
38,995.174
5.00 27,312,123 14.09
All foreign receivables
1,961,734
.25
779.749,248 100.00 193,920,797 100.00
During 1934, the corporation solo for cash all of the stock of Commercial
Investment Trust A. G.(its subsidiary in Germany) and now has no foreign
subsidiaries, except Canadian Acceptance Corp., which operates in the
Dominion of Canada.
Consolidated Surplus Account Year Ended Dec. 31 1934
(1) Earned Surplus
Balance, Jan. 1 1934
816,659,658
Dividend of 25% in common stock, at the stated value of $8 per
share, distributed to common stockholders Oct. 1 1934
3,753,784
Amount transferred to paid in surplus
113.786
Balance
$12.792.088
Net income, year ended Dec. 31 1934 after providing for interest
and for income and other taxes and after deduction for known
losses, credit reserves, contingencies anc net profit applicable
to minority interest in subsidiaries
11.643.135
Total
$24,435,223
Dividends on serial preference stock: Cash diva., $839,125;stock
dividends, 3446; total
839.572
Deduct cash divs, on corn, stock in the hands of the public_
5.358,730
Total earned surplus, Dec. 31 1934
518.236.920
(2) Paid-in Surplus
Balance, Jan. 1 1934
529,034,202
Amount transferred from earned surplus
113,786
Add'I paid-in surplus In respect of corporation's corn. cap. stock
6,030
Additional paid-in surplus in respect of fluctuations of foreign
exchange rates and in market value of securities
183,755
Miscellaneous
114,897
Total paid-1n surplus, Dec. 31 1934
$29.452,702
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
A ssets$
Liabilities
Cash
30,032,953 18,241,659 b Serial pref. stk. 14,046,100 14,046,100
Cash In closed
Common stock 20,131,552 16.104.848
a
banks
33,556 Corn. stk. scrip_
744
783
Notes and accts.
Credit bal. due
receivable_ _ _ _193,920,797 147.080,714
manufacturers 8.852,175 6,114,605
Repossessed cars
165,972
86,587 Min. Int. in net
Market. scenes_ 1,599,965 1,605,791
worth of attn.
Miscell.accounts
company _ _ _ _ 2,071,552
978,417
receivable. _
313,330
538,080 Dividends payle 2.553,812
1,123,680
Duefrom officers
5'5% cony. debs 18,461,000 18,461,000
and employees
Notes payable__ 90,703,913 53.142.680
for cap'l stock
Accts. payable__ 6,743.432 5,439,096
Purchase
73,524
425.970 Dealers reserve_ 5.094,404 3.399.891
d Investments._ 4,611.702 6,181,315 Int. accrued on
Misc. invest__ _
423,376
notes and debs
423,065
423,064
Furth. & fixtures
11 Deferred income 11,048,956 6,524,600
Deferred charges
413,078
212.349 Res. for loss and
contingencies_ 3,734,378 2,953,424
Earned surplus_ 18.236,920 16,659,659
Paid-In surplus_ 29,452,703 29,034,203
Total
231.554,705 174,406.031
Total
231,554,705 174,406,031
a Represented by 2,516.444 (2,013,106 in 1933) shares
value.
I, Represented by no par shares taken at $100 per share. c of no par64,156
Includes
shares of corn, stock of the company carried at 81.828,446. d Includes
171,430 shares of the company's common stock carried at $4,611,701 in
1934 and $185,283 shares carried at 85,686.335 in 1934.
The income statement for the year ended Dec.31 was given In"Chronicle"
of Feb. 9. page 967.
Financial Chronicle
1142
-Earnings
Consolidated Cigar Corp.(& Subs.)
1931
Calendar Years1932
1934
1933
Gross profit on sales---- $3,405,936 $3.108,523 $4,458.242 57.327,241
Sell., adm.& gen. exp.- 2,357,418 2,283,932 3,176,077 4,402,204
lir Operating profit---- $1,048,517
Int. on loans, discount &
immiscell. charges (net)_
220,787
Fe..& State taxes (est.)
49,513
$824,591 $1,282,164 $2,925,037
Net income
7% pref. stock of sub
Prior pref. diva.(63%)
7% pref. dividends
Common dividends
$497.779
11,991
564,254
163.268
$778,217
11,984
544,110
156,259
282.662
44,150
346,306
506,462
296,400
$935,858 $2,122,173
12,005
12,005
635.954
609.851
213,279
200,020
187.484 1.249,960
$10,974
Balance
$65.864 def$241,734 def$73.502
Profit and loss surplus_ _ 2,804,533
2,666,652 2,740.612 3.570,403
250,000
Shs.corn. outst (no par)
250.000
250,000
250,000
$5.04
Earns, per sh.on cornNil
$0.46
$0.26
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
$
$
AssetsLiabilities-$
a Fixed assets__ _ 1,527,991 1,567,064 6, % prior pt. stk. 8,330,800 8,489,800
16
Good-will & brands
1 7% pref.stock_ _ 2,224,900 2,244,900
1
Cash
1,888.141 1,429,664 b Common stock__ 2,500,000 2,500,000
235.874
Marketable secur_ 1,320,045
Real est. mtges_
171,200
Notes receivable__
54,352 Pt. stk. of sub. cos 171,200
59,153
312.760
Ac,c'ts receivable__ 1,646,659 1.624,611 Accts. pay.& accr. 260,586
37,618
47,738
Misc,acc'ts receiv.
33,381
13,569 Fed. & State taxes
137,959
U.S.treas. Ws_ -1.150,000 Divs. payable_ _ _ _ 135,376
66,874
Balances in susRes've for conting.
66.395
2,804,533 2,666,652
pended banks_ _
19,726
26.396 Surplus
Inventories
9.828,136 10,802,820
Inv. in & loans to
97.452
105,450
other companies
89,711
120,841
Deferred charges
16,541,527 16,863,639
Total
16,541,527 16,863,639 Total
a After depreciation $920,667 in 1934 and $821,681 in 1933. b Rep-V.140. p. 967.
resentec by 250,000 shares of no par value.
-Earnings
Consolidated Dry Goods Co.
Calendar YearsOperating gain for year
Depreciation
1934
$11,305
51,662
$40,357
Net loss
1,473,443
Previous surplus
10,000
Transf. from reserve for contingencies
1932
a1933
$27,974 loss$120,117
57,214
51,913
$23,939
1,545,108
2,273
$177,331
1,774,939
$1,443,086 $1,523,443 $1,597,608
Net surplus
52,500
37,500
37,500
Preferred dividends
Charge-off on stock in Schenectady
1,005
Airport, Inc
Cost of employment contract cancel5,103
lation
12,500
Add'ns to res. for doubtful accounts..
Feb. 16 1935
Consolidated Balance Sheet Dec. 31
1933
1934
1934
a 1933
LiabilitiesAssets$
$
$
b Capital assets...48,726,328 49,421,259 Preferred stock...10.000.000 10,000,000
Investments
1,296,680 1,253,325 Common stock-__40,015,748 40,015,748
Deferred charges_ 1,286,593 1,301,548 Funded debt
26,131,000 26,131,000
Int. on mtge. bds.
Accounts payable. 1,953,090 1,276,143
Notes payable.... 1,250,000
subseq. to date
of receivership_ 2,813,484
Surp. of sub. cos.
Inventories
7,311,685 4,433,160 accr.prior to acq.
of stk. by Cons.
Notes & accounts
3,914,127 3,914,127
receivable
4,397,209 3,590,030 Coal Co
Cash
1,545,869 1,283,020 Excess of par val.
ofsub.cos.stock
Cash In hands of
199,864
199,864
fiscal agent, &a. 150,295
126,023 over cost
Divs. receivable_
17,068 Accr. int. on 5%
100,000
32,932
secured notes_
Deposits in closed
482,281
banks
84,455 Accr. int. on mtges 482,281
41,808
230,704
Accr. prop. taxes. 242,162
Rec. on account of
sales of prop.,&o
70,816
69.400 Res. for Fed. Inc.
Deficit
20,371,926 21,527,732 & excess profits
137,712
taxes
Res. for conting.
58,899
38,899
& insurance_ _
Accts. pay. prior
178,635
to receivership_ 166,842
519,620
Deferred credits_ 3,428,035
88,012,692 83,107,023
Total
88,012,692 83,107,023 Total
a Consolidated balance sheet of receivership estate and subsidiary companies. b After deducting reserves for depreciation and depletion.-V. 140, p. 796.
-Committee Issues StateConsolidated Gas Utilities Co.
mentThe protective committee for the 6;4% convertible gold debentures,
series A (E. G. Diefenbach, Chairman) has issued a letter in answer to
recent letters addressed to the bondholders by Gaston F. Balme, which it
says contain a number of misleading statements and inferences.
The letter also states: "The holders of over 56% of the bonds and 46%
of the debentures have approved the plan, dated Aug. 1 1934, the holders
of less than 2% of the debentures have filed their dissent with the committee
and the balance of the debentureholders have taken no action. The committee therefore believes that it is essential to your interests that deposits
under this plan be made promptly so that the reorganization can be effected
without delay."
-V, 140, p. 967.
--64,
--Cent Spec. Div. 1
1x
Consolidated Investment Trust
-70
The trustees have declared a special dividend of 70 cents per share in
addition to the usual semi-annual dividend of 50 cents per share on the
capital stock, par $1, both payable April 15 to holders of record April 1.
An extra dividend of 25 cents per share in addition to an initial dividend
of 50 cents was paid on April 16 1934.
The special dividend will be paid from the undistributed balance of
1934 earnings and represents largely special and accumulated dividends
received during that year on investments held by the trustees.
-V. 139.
P. 1864.
1 ary
Consolidated Retail Stores, Inc.-Janu935 SalesMonth of January
Sales
-V. 140, p. 473.
U93,882
1964
$513,501
31,399.478 $1,473,443 $1,545,108
Balance Sheet Dec. 31
1933
1934
Lfa1411ties1934
1933
Assets---Consumers Co., Chicago-Reorganization Opposed
579,005
$93,149 Accounts payable_ $64,707
$195,093
Cash
A bondholders protective committee for the first mortgage bonds has
150,000
650,683 Notes payable_ _ _ 100,000
Accts.rec., less res. 622,251
been organized to oppose the reorganization plans for thecomTmk which
12,754
Merchandise
898,783 1,086,541 Accrued expenses_
14 555
.
has been presented to Federal court Chicago under Section 72 of the
354,000
21,968
19,150 Mtges. on real est. 349,000
Investments
amended Bankruptcy Act. The committee is opposed both to the original
461,420
469.618 Reserve for conReal est., less res
plan and to suggested amendments filed by Joseph Hock, Vice-President
10,000
280,052 tingencies
Store impts.less res 265,893
of the company.
750,000
Preferred stock_ _ _ 750,000
Store fist. & equip.
The committee has circularized bondholders seeking their authorization
199,642
217,440 x Common stock &
less reserve
to oppose reorganization on the proposed basis at the court hearing on
1,399.478 1,473,443
14,371
surplus
10,889
Deferred charges...
Feb. 25.-V. 140, p. 967.
$2,675,939 42,831,004
Total
52,675,939 E2,831,004
Total
-Annual Report
Continental Baking Corp.(& Subs.)
-V. 139, p. 1864.
x Represented by 30,000 shares without par value.
Income Account for Years Ended
Dec.29'34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
--n, Vote-on Merger, &c. Profit from operation_ _ -a$4.243,567 $44,905,850 $5,470,184 $7,648,059
Ccsolidated Gas Co. of N. Y.
stkholders airtianrtnnratineeting to beheiel on Feb.25 will consider
Thezoc
257.311
215.759
Interest paid
110,625
104,345
author ingpe extion of the purposes and powers of the corporation
Depreciation
2,562,554
1,751,303
2,164,387
1,797,863
and to authorize th trustees and officers to take any action deemed advisaLoss on equip. dispos.of
39,221
ble to effect such mergers,,consolidations or sales of assets of one or more
Estimated Federal taxes
309.000
555,000
296,850
241.000
or to the corporation, and to change the present
subsidiary corporations
Net profit from oper__ $2,005,287 32,802.922 52,781.039 $4,273,194
name of the corporation. V. 140, p. 967.
Divs. paid & accr., min,
14,492
29,722
pref. stockholders _ _ _
21.983
616
-Earnings
Consolidation Coal Co.(& Subs.)
1,714,110 2.862,346 4,034.138
Divs. on 8% prof.stock_ 1,633.296
1931
a1932
1933
1934
Calendar YearsBalance,surplus
$209,333
$371.375 $1,074,320 def$103,290
Sales of coal to public,
Previous surplus
3,460,116 3.222,584
4,004,637 3,235,351
incl.coal prod Apurch.
Adj. prior years' taxes..
Cr30
Dr14,767
Dr13,681 Cr208,041
transp.to distr. points
$21,352,234
Not
Excess of par of pref.
&c. less allow., &c.)-$23,471,656 $16,222,662
Reported
,
stock purchases, &c
445,066 2.112.733
701.792
2,295,023
Receipts from other op3,784,539
2.351,493
2,980,241
erating sources
c''' Total surplus
$44,821,108 56.407,638 $5,638,168 $4,341,750
Res, for revaluation of
525,136,773
$26,451,898 $18,574,155
Total income
1.295,023
unused property, &c_ 445,066 2,112,733
Not
Oper. exp.tax, insur.
Amort. of cost of pat's_
185,000
23,290,835 17,200,411J Reported { 24.611,967
and royalties
Reduc. inv, in cl. A stk
496,633
Reserve for conting'cles
1,000,000
Earns, from oper. bef.
Loss on sale of notes of
5524,806
$426,698
prov.for depr.& depl $3,161,063 $1,373,744
6160,000
National Foods Corp
Profitfrom sale of capital
130,268
Miscellaneous charges
107,793
200,000
6,802
8,701
2,415
assets
632,435
785,438
214,382
88,943
Inc.from other sources_
Earned surplus
$44.376,042 $4,004,637 $3,235,352 $3,460,116
a Includes other income of $280,530. b Loss on sale of National Food
Total income
$3,250,006 31,590,542 $1.220,837 51,164.043
Corp. notes; less portion thereof ($1,000,000) charged to reserve for con1,364,724
687,849
Int.on fund. dt. & loans'
tingencies.
113,837
72,007
See b 1
Amortiz. on bond disc'tf See b
Consolidated Balance Sheet
Divs, on pref. stock of
209,767
206,368
Dec. 29'34 Dec. 30'33
Dec. 29'34 Dec. 30'33
46,397
Carter Coal Co
30,987
Assets
$
Adv. royalties writ. off.
1,991,031
Accounts payable_ 486,736
1,239,983
a Land,bidgs.,ma296,998
493,781
338,265
Depreciation
279,697
89,560
chinery, &c _ _ _31,568,999 32,834,359 Accrued interest,
14,616
Depletion (on cost)- 8,346
Pat., g'd-will, &c.10,330,375 10,341.824 taxes, &c
238,741
318,506
Prow, for Fed. income &
Cash
3,764,790 3,606,904 c Divs. pay.& accr. 404,416
415,237
137,837
excess profits taxes_
875,890 Fund, debt. install. 101,250
Marketable secure. 380.000
Parent cos. cap. expend.
871,950 Est. Habil. for FedAccts. .
746,040
charged to expense in
eral taxes •
90,908
296,850
241,000
349,709
Sundry accts. rec.
1,107,094
lieu of depreciation_
Salem's guar. dep. 316,962
Loans adv. to amp.
13,825
100.000
20,739
306.950
Prov.for funds in cl'd bks
42,618
69,064 Fire ins. reserve_
591,721
Bal. in closed bks_
200,000
Int. on 5% secured notes
206,695
Sundry reserves_
19.913
497,390
Cash de mtges. held
Amortiz. of disc. on 5%
Fund. debt of subs. 1,468,200 1,692,550
168,049
4,032
by trustees
1,008
secured notes
50,000 Min. int. appl. to
7.768
d Inv. In cl. A stk.
50,000
Miscell. int. & amortiz.
stk. of subs, not
Pref. stk. (33 shs.)
2,068
10,633
18,025
$571,020df$1,105,919df$2,795,013
2.687,238 2,338,048 owned
Inventories
Profit for the year._ _ $1.430,022
9,641.916 6,346.588
Preferred stock. _40,200,000 41,080,000
591,721
21,527,732 11,321,681
Fire insur. fund_
Previous deficit
225,719 b Capital surplus_ 2,503,000 2,503,000
62,572
Sundry investmls
357.318 Earned surplus...4,376,043 4,004,637
515,260
Total deficit
520,097,710 510,750,661 $10,747,835 $9,141,601
Deferred charges
Reduc. of invest, in sub.
500,315
136,900
51,014,465 51,571,077
receiv., &c
51,014,465 51,571,077 Total
Total
co. in
274,216
134,565
Sund. losses (parent co.)
a After deducting reserve for depreciation, &c. b Class A common stock.
Adv. royal. & sundry
no par value: Authorized, 2.000.000 shs.; outstanding, 291,813 shs.; Class
436,945
prior expenses
B common stock, no par value: Authorized, 2,000,000 shs.; outstanding,
1.088 on invest. in Carter
2,000,000 shs. c Dividends payable and accrued on pref. stock of subcancell. of
Coal Co. &
sidiary companies not owned and on pref.stock ofthe corporation. d Repreindebt. upon termin'n
sented by 10,000 shs.-V. 140. p. 968.
of oper. agreement on
10,642,507
March 15 1933
-Preferred Dividend Passed
" •(W. B.) Coon Co.
--The directors have decided to defer the dividend ordinarily payable at
Bal. at debit of profit
this time on the 7% cumulative preferred stock, Par $100. The last regular
& loss acct. Dec.31_520,371,926 $21,527,732 511,321.681 $9.641,916
payment of $1.75 per share was made on Nov. 1 1934.
a Being consolidated statement of operations of company from Jan. 1
1933
1934
Calendar Yearsbalance
to June 2, date of receivership and report of receivers for funded of year.
prof$740
$81,181
Net loss after depreciation, exp.. &c., charges,....
debt in
b No provision made for interest and amortization on
-V.139, p. 2043.
default.
Surplus Dec. 31
bo
Financial Chronicle
Volume 140
Cord Corp.
-Stock Holdings Sold
-
The stockholders, at a meeting held Feb. 8, approved the sale of the company's holdings of Lycoming Aircraft, Stinson Aircraft and Smith Engineering & Aeroplane Development Co. to the Aviation Manufacturing Co., a
new company. Raymond S. Pruitt, Vice-President of the new company
and L. B. Manning is President..
The segregation is in accordance with the Airmail Act of 1934, under
which air lines have to be separated from manufacturing companies.
V. 140, P. 968.
Cream of Wheat Corp.
-Earnings
Calendar Years1932
1931
1933
1934
Manufacturing income__ $2.900,153 $2,740,230 $3,067,098 $3,510,249
1,861,040
Expenses, &c
1,321,628
1,461,971
1,383,517
Operating income_ __ - $1,516,636 $1,418,602 $1.605.127 $1,649,209
Other income
75.741
113.336
55,213
71,580
Total Income
Federal, &c., taxes
7s
Net profit
Dividends_
$1,571,849 $1,490.182 $1,718,463
217,886
200,588
215,305
$1,724,950
220,783
Y$1.356,544 y$1.289,593 $1,500,577 $1,504,168
1,501,050
1,350.600
1,200,000
1,350,900
Surplus
$3,118
$149,977
$89,593
$5.644
Earns, per sh. on 600,000
shs. cap.stk.(no par)_
$2.50
$2.50
$2.26
$2.15
x Includes dividends declared and payable Jan. 2. y After depreciation
charges of $58,827 in 1934 and $61,710 in 1933.
Consolidated Balance Sheet Dec. 31
Assets1934
1933
L Mtn
1934
1933
:Land, buildings,
yCapital stock _ _ _ _$1,200,000 $1,200,000
67,367
58,655
mach'y & equip. $672,364 $713,725 Accounts payable_
Cash
671,096 Accrued payrolls,
850,225
42,224
62.629
gen. taxes. ,ko__
Marketable secure. 1,938,614 1,962,579
200,588
Accrued interest_ _
11,698 Federal taxes, .kc_ 215,305
15,517
300.000
Accts. receiv.,
165,096 Dividends payable 450,000
211,667
Inventories
453,207
446,588 Capital surplus... 1,240,953 1.240,953
Other tang. assets _
44,724 Earned surplus__ 1,041,082 1,035,437
42,292
Good-will
1
1
Deferred charges
84,736
71,063
Total
Total
$4,268,624 $4.086,571
$4,268,624 $4.086.571
x After depreciation of $265,004 in 1934 and $234,902 in 1933. y Represented by 600,000 no par shares.
-V. 139, P. 4124.
Curtis Publishing Co.
-Annual Report
Calendar YearsRevenue from advertising, circulation, &c
Miscellaneous income
Non-recurring items
1934
x1933
$31,290,148 $27,591,069
109,344
101,349
23,724
114,455
Total income
$31,513,948 $27.716.143
Production and delivery
17,291.671 16,200,352
Selling expense
9.607,371
7.287,495
496,326
Administration
429,402
General and miscellaneous expenses
182,638
183,938
Non-recurring items
79.476
3.782
Depreciation on plant, fixtures and buildings _ --453,063
453,046
Provision for Federal, State and city taxes
470,499
1,325,561
Balance
$4,539,033
Income from general investments
1,105,586
Dividends on company's own stock
230,293
Credits through cancellation of employees' stock
purchase agreements
31,412
$226,431
1,071,769
15.374
Total earnings
$5,906,325 $1,313,576
Credit balance, beginnin of year
460,191
2,348,768
Reserve for referred dividend restored to undivided profits
1,575.000
Total
$8.255,093 $3,348,768
Dividends, preferred stock (incl, dividends on company's own stock)
5,400,000
Transferred to contingent reserve
1,000,000
Credit balance, end of year
$2,855,093 $2,348,768
a 1933 figures restated for comparative purposes.
Consolidated Balance Sheets Dec. 31
1934
1933
1934
1933
Assets$
$
tiontittes-Cash
7,140,021 3,438,821 Accounts payable_ 2,669,816 2,494,453
Accts. receivable_ _ 244,859
306,543 Notes payable__ __ 750,000
750,000
Notes receivable
26,593
26,343 Wages earned but
Collateral notes of
not due
149,493
116,684
employees
119,492
124,314 Pref. div. payable
Inventories
4,498,686 4,459,664
Jan. 1 1935_ _ 1,575,000
Investments
20,977,684 20,527,375 Def. liabilities_ _ _ 3,665,887 3.402,721
Self ins.fund Inv_ _ 489,548
489,617 Reserves
15,529,507 14,482.302
Fixed assets
23,948,079 24,145,786 Capital stock _x_ _ _24.808,308 24.676,586
Deferred assets_ _ _ 2,579,142 2,774,048 Conting. res.& unGood-will
10,979,000 10,979,000
divided profits...21,855,094 21,348,768
Total
Total
71,003,105 67,271,513
71,003,105 67,271,513
x Represented in 1934 by 863,668 shs. of pref. and 1.790,630 shs. of
common stock of no par value and n 1933 by 862.119 shs. of pref. and
1,791,223 shs. of common stock.
-V. 140, p. 968.
Devoe & Raynolds Co.
-Extra Distributiona"
--,
'L
The directors have declared an extra dividend of 25 cents per share hi
addition to the usual quarterly dividend of lice amount on the class A
common stock ana class B common stock, no par value, all payable April 1
to holders of record March 20. Similar distributions were made on these
issues in each of the five preceding quarters.
New Directors
Clarence II. Brown, Renshaw Smith Jr., and J. S. Long have been elected
directors succeeding 0.B. Hubbard, A. W.Francis and William S. Gray Jr.
-V.140, p. 969.
-Dodge Mfg. Corp. (Mishawaka)
-To Recapitalize
-
Federal Judge Thomas W. Slick will be asked on March 9 to confirm a
plan of reorganization for the company through which it may dispose of its
present indebtedness and remodel its capital structure.
Under the proposed reorganization plan a new Dodge corporation would
be formed under the laws of Indiana and would be authorized to issue
88.834 shares of new capital stock of no par value. Of this stock, 72.789
shares would be issued in settlement of the corporation's present obligations to creditors and preferred stockholders, and the balance would be
reserved for subscription by common stockholders.
Current liabilities of the corporation as of Oct. 29, when the original
petition to reorganize was filed with the Court, amount to $59,189.
The corporation's negotiable assets are listed as totaling $640,000, with
permanent assets of $2,38',000.-V. 139. IL 3153.
Dome Mines, Ltd.
-Value of Production
Month of January1935
1934
Value of production
$545,789
$641,637
Note.-1935 figures are after deduction of Dominion bullion taxes (non-V. 140. p. 474.
existent in January 1934) and mint charges.
(E. I.) du Pont de Nemours & Co., Inc.
-Annual Report
Results for 1934
-The annual report issued Feb. 12 shows earnings applicable to the common stock of $40,475,030, or $3.66 a share on 11,049,259
average shares outstanding. This figure, which includes dividends received from the company's General Motors investment, equivalent to $1.36
on each share of du Pont stock, compares with $32,921,253, or $3 a share
on 10,983,379 average shares outstanding in 1933, which included dividends received from the General Motors investment equivalent to $1.14
on each share of du Pont stock. Figures for both years include du Pont
1143
company's equity in undivided profits or losses of controlleecompanies
not wholly owned.
The preliminary report of General Motors Corp. indicates that the
earnings on its common stock for the year 1934, including its equity in
undivided profits of subsidiary and affiliated companies not consolidated.
amounted to $1.99 a share. General Motors Corp. paid in 1934, total
dividends of $1.50 a share on its common stock from earnings for the same
year, leaving $0.49 a share as undivided profits, equal to approximately
$0.44 a share on du Pont company's common stock, which added to the
above mentioned earnings of $3.66 a share, makes the earnings of the company, including its equity in the undivided profits of General Motors Corp.,
approximately $4.10 a share as compared with earnings for 1933, similarly
adjusted, of $3.42 a share.
Net income for 1934, after making provision for Federal income tax and
Interest on bonds of subsidiary company, was $46,701,465, which is equal
to 7.12 times the dividends on debenture stock as compared with $38,895,330 for 1933, which was equal to 5.94 times the dividends on debenture
stock.
Income from operations was $30,290,622, as compared with $24,358,201
in 1933. Income from investments was $21.285,610, which includes
$6,285,975 income from marketable securities, investment in controlled
companies not wholly owned and miscellaneous investments, and $14.999,635 from investment in General Motors Corp. common stock. In 1933.
income from investments was $18,065,487, which included $5,565,214
income from marketable securities, investment in controlled companies
not wholly owned and miscellaneous investments. and $12,500,273 from
investment in General Motors Corp. common stock.
A review of the company's business for the five years, 1930 to 1934 incl.,
shows that earnings on the common stock aggregated $17.44 a share and
dividends aggregated $16.89 a share, equal to 96.8% thereof. Earnings
and dividend payments for last year on common stock were both about
48% less than the corresponding figures for 1929.
The company's volume of business expressed in dollar sales for the
year 1934 was about 18% greater than for 1933. It is stated that increase
m tonnage accounts for practically the entire increase in dollar volume
since such changes as occurred in prices of individual products had hut slight
effect on the average price of the company's products. The 1934 volume
was about 47% greater than for 1932 when the volume was lowest of any
year during the past five years.
The rising trend of business which had carried through, with only temporary set-backs, since the middle of 1932, continued until about the middle
of last year when sales turned sharply downward. In November, however,
conditions began to improve, sales rising in December to a height which,
correcting for seasonal variations, exceeded that of any period during the
last four years.
Current Assets
-Total current assets are $124,025,723, and total current
liabilities are $19.155,627, making a ratio of current assets to current
liabilities of 6.4 to one. The current assets include $30,879,071 in cash;
$30,816,771 in marketable securities, on basis of cost (quoted market value
on December 31 1934 $31,019,828): $17,043.616, accounts and notes receivable, trade (less reserve for doubtful accounts and notes, cash discounts,
&c. $1,818,547): $43,669,984, inventories at or below cost; and $1,616.279.
miscellaneous accounts receivable, advances. &c. (including current accounts receivable from controlled companies not wholly owned, $372.089).
Total assets are $631,120,281, in which is included $157,000,000 representing the company's permanent investment in 10,000,000 shares of
General Motors Corporation common stock which has been revalued at
$15.70 a share, which corresponds to its net asset value as shown by the
balance sheets of General Motors Corporation at Dec. 31 1933.
The company's surplus at the end of the year was $178,729,397.
Expenditures, &c.
-The report, after discussing at some length the general
economic conditions, makes this significant statement:
"Your company has not been unmindful of the situation presented by
these conditions-promising on the one hand a future charged with considerable uncertainty, and under other circumstances offering vast opportunities for enlarged commercial and industrial activity and improved standards of living.
"As this report indicates, your company has continued large expenditures
on research work, on plant renovations and enlargement of capacities.
These expenditures will be continued and will be further expanded as conditions seem to warrant."
Among the expenditures noted are approximately $27,000,000 in extending and modernizing the company's manufacturing facilities. About
$16,000,000 of this amount were expended in providing additional capacity
for some of the older processes and for facilities for initial operation of new
processes, and approximately $11,000.000 for renewal and modernization
of equipment and facilities used in existing processes.
The company's chemical and engineering research work was continued as
major activities and led to the successful introduction of a number of new
products. Principally the aforementioned additional facilities were Provided at the plants at Deepwater Point, N. J.; Niagara Falls, N. Y.; Belle,
W. Va., at each of the four plants of the Du Pont Rayon Co.. and at the
Baltimore plant of the Krebs Pigment & Color Corporation. The latter
company began construction at Edgemoor, Delaware, of a new plant to
provide additional capacity for the manufacture of titanium dioxidepigments. It is expected this new plant will be in operation by the middle f
1935.
Foreign-Net earnings of the company's foreign affiliations are reported
as having shown a substantial increase during the year, more particularly
with respect to Canadian, British and Australian affiliations.
The company and Imperial Chemical Industries, Ltd., have amalgamated
their interests, both manufacturing and sales, in the Argentine, by effecting
Joint ownership of a company to carry on the combined businesses. Application has been made to the Argentine Government to register the corporate
title under which this company will operate. This amalgamation is regarded
as a logical and constructive effort to place the participation of these two
companies in the Argentine chemical industry on a basis which will enable
them to contribute more effectively to the development of Argentine industry in general, and indicates the confidence of these two companies in
the future of that important South American country. It is expected that
additional products will be manufactured in the Argentine by this new
company when such manufacture is economically sound.
During the year, "S. A. Du Pont do Brasil" was incorporated under the
laws of Brazil, with headquarters in Rio de Janeiro, for the purpose of
facilitating and extending the sale of the company's products in that country. All ofthe stock of this new company is owned by the du Pont company.
Diversification of Business
-The company's diversified, though closely
related lines of chemical manufacture, place it in the position of supplying
important materials for many industrial activities, which tends to produce
a comparatively even rate of business throughout the year. In this conconnection, the following tabulation divides the company's total sales for
1934 among the diverse consuming industries, and is shown in comparison
with similar tabulation included in the 1924 report:
o Total Sales
Industries
1
1924
Te
20%
16%
Miscellaneous
17
1
Chemical manufacture
14
4
Automotive
11
14
Paper, containers and wrapping materials
10
Construction and maintenance
7
17
Petroleum products and refining
7
Mining (Coal
l
3
11
(Metal
2
8
Export
4
5
Iron and steel
3
Agriculture
Srting and military powders
po
2
100%
1
100%
Relations with Employees
-In discussing the company's relations with its
employees, the report says that the various Works Councils have been
important factors in continuing the satisfactory relations existing between
the company and its employees. At about two-thirds of the plants, the
employees have made certain amendments in the representation plan. The
principal change was one whereby those Works Councils are now composed
exclusively of representatives elected by the employees instead of equal
number of employee-elected and management
-appointed representatives.
At the remaining plants the employees voted to retain the original plan. .1
During the year approximately 1,000 employees were added to the rolls
of the company and its wholly owned subsidiaries, making a total of approximately 38,000, to which can be added 5,000 employed in companies
controlled but not wholly owned. Upward adjustments in hourly wage
rates were made at all operating points where conditions warranted such
1144
Financial Chronicle
changes. Total salaries and wages paid in 1934 amounted to $57,760,000.
an increase of $11,940,000, or 26% over 1933.
Senate Committee Investigation of Munitions Industry
-The report comments briefly on the activities of the Special Committee of the U. S. Senate
authorized to investigate the manufacture and sale of munitions of war.
It states clearly the company's position with relation to the Government's
need for military explosives in these words:
"A word may be desirable as to the company's present position and intent
with respect to the manufacture of military explosives. The comparative
unimportance of this business, amounting over the past ten years to less
than 2% and in the past year to only 1% of the total manufacturing activities ofthe du Pont company and involving the services of only a few hundred
out of a total of some 38,000 employees, has already been pointed out.
Obviously, this business might be surrendered without any real impairment
of your company's present ability to earn profits: and no expectation is
entertained of any large future profits from this source. Unless and until
conclusively informed that the historic national policy of our country in
these matters has been reversed, it is the present intent of your company
to continue endeavoring to do its part in supplying the needs of the Government for military explosives."
As a matter offurther interest, there is inserted at the front of this report
a facsimile of an "Award for Distinguished Service" which the du Pont
company, like many other munitions manufacturers, received from the
United States Government at the close of the World War, over the signatures of Newton D. Baker, Secretary of War and B. Crowell, Assistant
Secretary of War and Director of Munitions.
Consolidated Income Account for Calendar Years
1934
1933
1932
1931
$
Inc. from operations before prov.
for depreciation S. obsolescence 43,796,411 37,262,303 23,363,887 33,608,368
Prov. for depreciation and obsolescence of plants & equipment_ 13,505,789 12,904,102 13,009,753 12,499,015
Income from operations
30,290,622 24,358,202 10,354,134 21,109,352
Inc.from invest. in Gen. Motors 14,999,635 12,500,273 12,500,273 29,942,930
Incomefrom mlscell. secur., &c_ _ 6,285,974
5,565,214 4,448,022 4,434,673
Total income
51,576,231 42,423,689 27,302,429 55,486,954
Provision for Federal taxes
4,818,017 3,459,823
997.235
2,224.511
Interest on bonds of sub. cos_ _
68,534
56,750
70,416
72,383
Net income
46,701,465 38,895,330 26,234,779
Surplus at beginning of year__ _..170,345,234 178,717,374 198,933,044 53,190,060
208,082,665
Adj. resulting from disposition of
Co.'s com.stk. prey. purchased
4,023,149
Premium (excess over par value)
received for common stock issued under subscription offer__
1)r8,388
Cr3,120
Surplus resulting from acquisition
of assets of the Newport Co_
1,759,496
C Adjustment resulting from revaluation of interest in General
Motors Corp.Dr2,500,000Dr14,500,000 Dr9,981,220 Dr8,484,037
Approp. to adjust book value on
Patents to nominal amount
1)r5,354,105
Total
219,538,312 207,135,852
Dividends on debenture stock_ _ _ 6,555,635 6,544,955 215,186,603 249,197,199
6,529,298 6,189,874
Dividends on common stock
34,253,280 630,245,663 29,939,930 44,074,280
Profit and loss surplus
178,729,397 170,345,234 178,717,374 198,933,044
Average number of shares com.
stock outstanding (par $20)
11,049,259 10,983,379 10,867,678 11,008,512
Amount earned per share
63.66
$3.00
$1.82
14.29
b The following extra dividends paid on the
common stock are included above:
1933, 38,286,176.
C The value of du Pont company's Investment
In General Motors Corp. common
stock was adjusted on the books of the company In 1930
to $187,147,875; in
$178,663,838; in 1932 to $169,000,000 in 1933 to $154,500,000, and in 1931 to
$157,000,000, which closely corresponded to its net asset value as shown 1934 to
by the
balance sheets of General Motors Corp. at Dec. 31 1930,
1931, 1932 and 1933,
respectively. These shares are now valued at $15.70 a share, the
previous valuation
having been $15.45 a share.
Consolidated Balance Sheet Dec. 31
1934
1933
1932
Assets
$
3
$
Cash
30,879,071 18,838,539 20,976,198
Accounts receivable
17,043,617 19,086,199 115,186,996
Notes receivable
878,547
Inventories
43,889,985 33,835,935 28,557,810
Misc. accts. rec., advances, &c._ 1,818,280
Marketable securities
d30,816.771 58,010,388 41,726,202
General Motors corm stock
a157,000,000 154.500,000 169,000,000
Investment in affiliated cos. not
1111.1. lill 111141111, ,
wholly owned & miscel. invests 36,771,460 _41,331,026 40,160,389
Notes receivable for corn, stock
sold to employees under Executives' plan
5,259,694 L7,146,577 7,875,264
Common stock acquired for
awards to employees under
bonus plan (20,078 shares at
cost)
1,554,603
Plants and property
275,413,934 246,724,457 245,089,742
Patents, good-will, &c
29,905,938 25,191.470 25,193,820
Deferred debit items
1,188,929
966,475
841,101
1931
$
20,761,887
18,586,834
1,054,645
33,564,317
47,960,629
178,663,838
39,995,837
7,723,589
246,306,177
25,197,244
725,022
Total
631,120,282 605,631,064 595,486,070 620,540,020
Liabilities
Accounts payable
6,575.014 12,990.039 7,180.249
7,806,758
Dividends payable on deb.stock 1,639,422
1,639,926
1,639,551
1,648,245
Accrued liabilities (Incl. prov. for
Fed.& other taxes 35,885,732). 9,104,441
Mbscell. accts, pay., adv., &cs._
e1,836,751
Prov. for awards to employees
under bonus plan
1,536,411
Deferred liabs. & credit items_
1,971.298
1,811,057 2,017,337
Bonds of subsidiary cos, in hands
of public
1,135.000
1,135,000 1,394.000
1,446,000
Debenture stock issued
109,294,800 109,328,450 109,303,450 109,883,150
bCommon stock
221,315,240 220,467,740 212,788,390 221,315,240
Res, for deprec. & obsolescence
75,540,299 64,299,414 59,258,951 53,732,430
Reserve for insur., bad debts, &c_ 24,413,506 23,453,962 23,393,048 23,757,816
Surplus applicable to company_c178,729,397c170,345,234 178,717,373 198,933,044
Total
631,120,282 605,631,064 595,486,070 620.540,020
a General Motors Corp. common stock-10.000.000 shares carried at $15.70 a
share in 1934 and $15.45 in 1933 (9,843,750 shares of which are represented by E. I.
du Pont de Nemours & Co.'s interest in General Motors Securities Co.). b Represented by common shares of $20 par value (in 1934 includes 20,078 shares in treasury
acquired for awards to employees under bonus plan and in 1933 is after deducting
15,149 shares in treasury stated at 3847.500). CE,I. du Pont de Nemours & Co.'s
equity in surplus of controlled companies not consolidated has increased since
acquisition by a net amount of $2.121,564 in 1934 ($1,680,100 in 1933) which Is
not Included in surplus in above balance sheet. d The quoted value on Dec. 31 1934
was $31,019,809. e Including current accounts payable to controlled companies
not wholly owned, 3389.-V. 140, p. 638.
---Eastman Kodak Co.
-Increases Common Dividend
The directors have declared a quarterly dividend of $1.25 per share on
the common stock, no par value, payable April 1 to holders of record
March 5. This compares with $1 per share paid in each of the three preceding quarters and 75 cents per share paid each three months from Oct. 1
1932 up to and including April 2 1934. In addition an extra dividend of
75 cents per share was paid on Jan. 2 last, and extra dividends of $3 per
share were paid each Jan. 2from 1925 to 1932 Inclusive.
-V. 139. p. 3963.
Edison Electric Illuminating Co. of Boston-New
President
Frank D. Comerford was elected President on Feb. 14 succeeding Walter
C. Baylies, who resigned the presidency and was elected Chairman of the
Board.
-V. 139, p. 4125.
Feb. 16 1935
-Weekly Output
Electric Bond & Share Co.
For the week ended Feb. 7, the kilowatt system imput of subsidiariesTof
American Power & Light Co., Electric Power & Light Corp. and National
Power & Light Co., as compared with the corresponding week during 1934,
v as as follows:
Increase
Amount
7
o
1934
1935
9,949.000 13.2
American Power & Light Co_ _ _ _85.568.000 75,619,000
2,282,000
6.9
Electric Power & Light Corp---35,233,000 32,951,000
National Power & Light Co-- -75.559,000 60,453,000 15,106,000 25.0
-V. 140, p. 970.
-Earnings
Empire Gas & Electric Co.(& Subs.)
1934
1933
12 Months Ended Dec.31$3,083.847 $3,025,080
Total operating revenues
1,686,038
1,868,131
Operating expenses
297,241
279,347
Maintenance
Provision for retirements, renewals and replace244,928
245,026
ments of fixed capital
29,284
Federal income tax
226,185
206,736
Other taxes
Operating income
Other income
$447,262
2071,
$578.744
3,791
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
$449.333
268.990
93,582
26,492
Cr114
$582,536
268,990
108,844
26,393
Cr7,443
$60,383
$185,752
Balance of income
-V. 139. p. 3806.
-Extension of
Erie RR.
,000,000 Nypano Bonds
The Nypano RR., whose properties are leased and operated by, and
whose capital stock is owned by, Erie RR., as successor to New York Pennsylvania & Ohio RR., has offered to holders of the $8,000,000 New York
Pennsylvania & Ohio RR. prior lien 4 % bonds due March 1 1935. the
opportunity of extending the maturity thereof to March 1 1950, with
interest at the rate of 4 X.% per annum.
The offer of extension provides for the deposit of bonds for extension on
or before Feb. 28. Holders accepting the offer should deposh, Lbw* bonds
with J P. Morgan & Co., 23 Wall St., New York.
Edward B. Smith & Co. and Brown Harriman & Co., Inc. are offering
up to March 1 1935 to purchase, at the principal amount thereof and
accrued interest, bonds from those holders who do not wish to accept the
extension offer.
The Interstate Commerce Commission on Feb. 12 authorized the extension of the bonds to March 11950, with interest during the period extended
at the rate of 4St %. Authority was granted to the Erie RR. to assume
obligation and liability, as lessee, in respect of the payment of interest on
bonds.
-V. 140, p. 970.
Eureka Vacuum Cleaner Co.
-Earnings--Years End. Dec. 311934
Net sales
$2.487,168
Mfg.,adm. & sell. coats_ 2,201.184
Depreciation
37,355
Lesson had accts.& prov.
for add'l losses
Misc.chgs. against Inc_
1933
$1,537,590
1,411,778
42.832
1932
$1,360,360
1.308.801
45,988
1931
$4,296,521
4,966,258
77,716
350.696
64,945
Profit
x Int. & other income-
$248,629
70,055
$82,980
23,555
$5,571 loss$1163096
42,539
Total income
Federal taxes
$318,684
See y
$106,535
7,500
$48,110 loss$1163096
Net profit
Dividends
8318.684
139.963
899.035
848.110 loss$1163096
505,326
Surplus
899.035 def./457,216 def$1163096
8178.721
Shs. of cap.stk. outst
247,953
244.918
240.606
254 163
Earnings per share
$1.32
Nil
$0.19
$0.40
x Less other deductions. y No provision has been required for Federal
income taxes because of the payments made in settlement of the patent
obligation.
Balance Sheet Dec. 31
LiabIlities-1934
1933
1933
Assets1934
3183.801 3246,530 Acels payable for
Cash
purchase. &c..... $114,575
$70,389
Marketsble secure. 896,601 1,030,234
254,529 Dividends PaY.--48,121
369,763
Notes dr accts. n3c
386,611 Res. for conting._
49.452
Inventories
536,654
171,809
6.621 a Capital stoek.._ 1,203,030 1,224.590
6,556
Misc. accts. Sr adv.
261,958 Capital surplus...
39,85.5
1,631
Other assets
Earned surplus_ _ _ 1,576.465 1,695,081
b Real est., equip.,
933 013
895,726
dm
44.003
Prepd.ins.,e‘p.,&c
62,686
Total...
$2,991.643 $3,163,499
$2,991,643 $3,163,499
Total
a Represented by 244,918 shares of $5 par value in 1933 and 247,953
depreciation of $457,935 in 1934
shares of no par value in 1932. b After
($421,275 in 1933).-V. 140. p. 970.
Falconbridge Nickel Mines, Ltd.(& Subs.)
-Earnings
1933
1934
Years Ended Dec. 311932
$4.265,029 $2,979,520 $2,990,540
Gross metal sales
263,477
171,192
Selling and delivery expenses
202,623
Cr61,059
Decrease in metal inventories
Cr368,273
553,473
-mining, smelting,
Operating costs
2,012,684
1.675.536
refining. &c
1,115,482
63,880
64,700
Administrative expenses
55,201
Operating profit before taxes, de$1.986,047
ferred development & deprec_
x102,061
Non-operating revenue
$1,436,365 $1,063,762
x199.625
22,481
$2,088,108 81,635,990 $1,086,243
Total revenue
163,857
130,593
Provision for taxes
71,864
104.711
69,752
Deferred development written off....
40,436
312,646
403,654
Depreciation
211,523
Net profit for the year
Dividends paid
$1,415,886
902,173
81,122,999
812,610
$762,421
$513,713
$310,389
Balance
$762,421
x Includes profit on sale ofsecurities:$17,597 in 1934 and $131,819 in 1933.
Consolidated Balance Sheet Dec. 31
Liabilities1934
1933
1934
1933
Assets$605,594 $513,812 x Capital stook-36,956,008 88,808,132
Cash
221,027 Accounts payable- 102,102
Accts. receivable.. 135,209
94,885
41,644
600,676 Wages payable_..
Securities at cost
1,190,449
27,269
Unclaimed dive_ _ _
1,401
1,023
Amt. receivable on
30,000 Reserve for taxes. 176.861
133,000
investment sold_
746,719 Commission Dario
807,778
Inventory
re overdue suby Property acct.__ 4,926,974 4,953,057
scriptions
558,420
648,699
30,000
Deferred charges
176,074 Interest not taken
145,737
Special advance._
62,579
76,096
into revenue.. _
Dep. with municiSurplus
642,898
1,156,611
50,280
cipality
$8,510,724 $7,799,785
Total
38.510,724 $7,799,785
Total
x Represented by 3.321,757 shares(no par) in 1934 and 3,278,705shares in
1933. y After deducting reserve for depreciation of 81.253,536 in 1934 and
$849,883 in 1933.-V. 140, p. 970.
Fidelity Union Title & Mortgage Guaranty Co. of
-Court Upholds Sale of Assets
Ridgewood, N. J.
The sale of the assets of the company on the basis of 28 cents on the dollar of outstanding claims was upheld Feb. 11 by the Court of Errors and
" --Fitchburg & Leominster Street Ry.-Would Reorganize
-
Farr Alpaca Co.
-Earnings
1932
Months Ended Dec. 21933
1934
Loss before depr
depreciation
$276,719 pf$134,173
$266,338
Net loss after depreciation
110,462
510,383
x592,180
x After deducting $72,405 write down of inventories to market, $137.510
provide for further anticipated losses on raw
added to inventory teserve to
materials; $7,500 provision for bad debts, and $98.046 depreciation.
As of Dec. 1 1934, company had current assets of $5,302,770 and current
'abilities of $108,378, making net working capital $5,194,392, which compared with $5,743,429 on June 2 1934.-V. 140, p. 799.
Finance Co. of America at Baltimore-Earnings
1933
1932
1934
Calendar Years1931
$19,410,248 $13,906,581 $14.780,614 $16,838,737
Purchases
x Gross inc. less charge$295,679
$307,326
$360,853
$476,820
outs
118.494
142,566
136,639
Operating expense
172.038
88,227
76.337
89.568
151,369
Interest
1,412
9,090
Federal income taxes
17.111
Netinc. avail,for divs.
Preferred dividends_ _ _ _
Common dividends
1145
Financial Chronicle
Volume 140
Appeals at Trenton, N.3. The Court pointed out that the purchase price
was $2,374,711 and the total amount of bonds outstanding was $8,322,950.
"It appears," said the Court,"that the sale price amounts to 28 cents
on the dollar of all outstanding claims. By the terms of the decree bidders
were permitted to apply on the purchase price securities held by them in
the proportion of their holdings to the total outstanding, so the group who
purchased are able to pay some 87% of the purchase price by surrender of
securities and the balance in cash."
The Court pointed out that the decree for sale could not be said to be
unfair. The assets were sold to a joint committee of security stockholders.
-V.139, p. 1083.
$134,575
28,849
62,500
$43,226
Added to surplus_ __ _
Common equity begin1.305,024
ning of period
Net loss applic. to prior
-Dr
- years
2a,716
Deprec. of securities__
Cr2,731
Additions to surplus__ _
$102,848
16,966
37.500
$66,103
22,523
68,500
$48,382 def$24.920
1,319,580
17,171
Dr55,311
Cr9,545
1.375,517
Dr31,600
Cr583
$136,301
19,269
113,250
$3,782
H.) Franklin Mfg. Co.
-Payment to CreditorstElivle_<
Referee in Bankruptcy Ben Wiles has ordered the payment of $224,656
to creditors, or a little more than 101% on approved claims totaling
$2,130,305, representing the balance remaining after payment of expenses
of the bankruptcy proceedings and New York State taxes of $7.549. The
Franklin Motors Inc., the principal creditor, will receive $203,750 of the
-V. 139. p. 4126.
dividend money.
Franklin Motors, Inc., Syracuse, N. Y.
-Plans New Car
Dr129,835
Dr390
Denying reports that the plant at Syracuse, N. Y., will not be reopened,
John E. Williams, President of this company, which bought the assets of
the H. H.Franklin Manufacturing Co. in bankruptcy proceedings Dec. 8,
announced on Feb. 12 that the new company is going ahead with plans to
bring out a new air-cooled Franklin car to sell around $1,000.
Comparative Balance Sheet Dec. 31
1933
1934
1934
1933
AssetsColl, trust notes--$2,589,000 $736,000
Cash on hand and
on deposit
$1,678,778 $361,785 Accrued interest _
5,386
Dividends payable
a Open accts. rec.
Jan. 15
18,257
1,430,585 1,178,485
(quer.)
Fed,income taxes_
1,411
a Sec. a, unsecured
525,618 Sundry accts. pay_
22,140
24,168
notes receivable 426,269
7,813 Funded debt
b Instalment liens.
331,500
419.228 Reserves
32,108
a Industrial liens__ 540,387
28,206
55,435
38,125 7% pref. stock
Sundry accts. rec.
167,500
175,000
Marketable secur. 111,361
130,959 7% Pref. stk. el. A 163,750
155.840
c Common stock
1,101,474 1,001,367
Cash MIT. value
4,115 Earned surplus.._ _ 222,792
llfe lnsumnee_ -303,657
5,133
42,175
Treasury stock.
1
Furniture & equip_
1
Due perch. of oo's
42,531
34,880
stock
Prepaid & unamort.
37,602
10,290
disc. & insurance
-Warrants
-General American Investors Co., Inc.
The stockholders at the annual meeting to be held March 12 will authorize the issuance by the corporation of negotiable warrants in denominations of 100 shares each to Lazard Freres and Lehman Brothers, in place of
the options now held by such firms.
-V.140, p. 145.
General Baking Co.
-To Change Meeting Dates
The stockholders at the annual meeting to be held Feb. 21 will consider
amending the by-laws so that the annual meeting of stockholders commencing with the calendar year 1936 shall be held on the second Thursday in
March in each year, and to increase the number of and change the classifi-V. 140, P. 145.
cation of directors.
General Box Corp.
-New President
N. W. Embry has been elected President and a director of this company
and the General Box Corp., replacing E. A. Svill, who resigned as President on Feb. 5.-V. 138, p. 2249.
General Candy Corp.(& Subs.)
-Earnings
Calendar YearsConsolidated net profits for year
Previous earned surplus
First Bank Stock Corp.
-Earnings
-Earnings Year Ended Dec. 31 1934
[First Bank Stock Corp.]
Dividends received from affiliates (not incl. liquid. diva.)
Interest earned
Miscellaneous income
$1,012,350
29,846
891
Gross income
Expenses and interest paid or accrued
Loss on sale of securities
Notes charged off
Losses on investment in affiliates sold or liquidated
$1,043,089
178,167
300
4,942
151.453
$708,226
616,500
13.987
$77.738
443,364
Undivided profits, Dec. 31 1934
1934
34132,179
211,510
1933
$74,159
193,625
1932
$119,356
146.775
Total surplus
Class A dividends paid (net)
Federal & N. Y. State income taxes_
Prior years' taxes
Other taxes
Sundry adjustments, prior years
$343.689
80,194
$267,785
53,463
$266,131
53.463
15.926
1.748
Cr2,929
2.812
1,369
Earned surplus Dec. 31
Capital surplus Dec. 31
Total
Total
$4,318,432 $2,761,127
$4,318,432 $2,761,127
a After applying customer's contingent reserve and reserve for doubtful
accounts. b After deducting contingent reserve and reserve for doubtful
accounts of $8,376. c Represented by 75.000 shares of no par value class A
stock and 50,000 shares no par value class B stock.
-V. 139, P. 279.
Net addition to undivided profit account
Undivided profits Dec.31 1933
-January Retail Deliveries
Ford Motor Co.
Domestic retail deliveries of Ford V-8 cars and trucks for January totaled
75,678 units, an increase of 110% over January 1934. This is the highest
total for any January in the past five years, and exceeds the months of
January and February of last year combined, the company reports.
Deliveries in January this year were exceeded in only three months in
1934, April, May and June, usually considered the peak months of the
spring selling season.
Retail deliveries of Ford V-8 trucks were higher than for any January
since 1925.
The company recently announced its January world production of V-8
cars and trucks totaled 105,230 units.
-V.
Present production of Ford V-8 units is in excess of 5,000 daily.
140, p.639.
1,501,960
Common equity-end
$1,324,265 $1,305,024 $1,319,581 - $1.375,517
of period
x Includes dividends on company's own stock.
Balance available for distribution
Dividends paid on outstanding stock
Transferred to contingent reserve
The company, as result of directors' vote on Feb. 2, has filed a petition of
debtor in Federal Court under Section 77-B of the Bankruptcy Act in which
it seeks to reorganize as a corporation.
According to statement by the debtor, on Feb. 1 1931 the company
defaulted payment of principal and interest due on bonds to the amount of
$253.000. A substantial part of the assets other than cash on hand and
accounts receivable, are mortgaged to Boston Qafe Deposit & Trust Co.
Total tangible assets as of Dec. 31 1934 were given as $218,750 and intangible assets $24,729.
The petition states that securities to be considered in any plan of reorganization are as follows: Bonds, principal and interest on Feb. 1 1935.
$298,540; notes, principal and interest, Feb. 1 1935, $24,450: bonds of the
Leominster, Shirley & Ayer Street Ry. guaranteed. $133,600, and stock,
$450.000.-V. 139, p. 442.
$266,423
326,796
$211.510
326,796
$193.625
348.096
Total surplus
$593,219
$538,305
$541,721
y After Federal and New York State taxes.
Comparative Balance Sheet Dec. 31
Liabilities1934
1933
1934
Assets1933
$287,878 $111,901 Accounts payable_ $66,046
Cash
$62.115
175,548 Notes payable....__
Marketable invest. 113,649
80.000
170,503 Accts. rec., credit
Accts. receivable... 134,794
balance
8,073
3,458
Misc. rec. di adv.
5,501
315,838
376,325 Tax reserve
Inventories
22,986
15,130
101,998 Sundry payables &
Co's own stk.(cost) 102,061
deposits
17,658
23,343
6,288
Prepaid expenses_
7,700
5,000 Accruals
21,438
Deposit on lease_
35,370
xClass A stock_ _
732.500
zMach'y, equip.,
732,500
203,930 yClass B stock....
furniture, &c..._ 167,140
25.000
25,000
Capital surplus._ 326.796
Good-will, leases,
326,796
options, &c____ 325,000
325,000 Profit & loss surplus
266,423
211,510
$521,102
Consolidated Earnings of Affiliated Institutions
[Including earnings of the parent company, other than inter-company divs.[
Calendar Years1934
1933
Interest earned
$10,722,798 $13,008,410
Otner earnings
3,393,335
3,254,592
$1,467.477 $1,501,621
Total
Total
$1,467,477 $1,501,621
x Represented by 146.500 shares, par $5 (of which 39,575 in treasury).
y Represented by 5,000 shares, par $5 (of which 4.175 in treasury in 1934.
4,112 in 1933). z After depreciation of $616,284 in 1934 and $565,196
In 1933.-V. 139, p. 2994.
Gross earnings
Interest paid or accrued
Federal Deposit Insurance
Other expenses paid or accrued
Calendar YearsInt. and dive. received.Taxes and expenses
$14,116,134 $16,263,002
$3,028,593 $4,167,300
387,618
8.084,743
8,217,410
Net operating earnings
Minority interest
$2,615,177 $3,878,292
35,770
56,427
Proportion of net oper. earnings represented by
First Bank Stock Corp.ownership
$2,579,407
Balance Sheet Dec. 31 1934
[First Bank Stock Corp.]
Liabilities
Assets
Cash in bank (special reserve) $300,000 Capital
119,840 Surplus
Cash on band and in banks__
412,500 Undivided profits
Certificates of deposit
173,760 Contingent reserve
Stocks, bonds & securItiee.....
337,687 Accounts payable
Bills receivable
1,946 Revaluation reserves
Accounts receivable
8,747 Reserve for exps.& taxes.
Real estate
2,949
Interest accrued
36,494,587
Stocks of affiliates
385.516
Treasury stock
Total
-V.136, p. 2076.
$38,237,534
Total
$3.821,864
$31,258,111
6,202,371
521,102
100,000
21,238
14,112
120,599
$38,237,5 3
First Mortgage Guarantee & Title Co., New Rochelle,
-Court Dismisses Indictments
N. Y.
Justice 0. Byron Brewster of the New York Supreme Court on Feb. 11
dismissed indictments against six officials of this defunct company. They
had been charged with grand larceny and false representation. The Court
ruled that the Westchester County Grand Jury in returning the indictments
last October had failed to charge specific crimes.
The men Indicted were George Watson (Pres.), Thomas B. Hill,Lawrence
E. Van Etten, Howard R. Ware, Robert R. Rennie and Leverett G. Cross.
-v. 139. p. 2044.
General Capital Corp.
-Earnings
1934
$210,271
12,020
1933
$211,674
12,623
1932
$238,616
10,527
1931
$3311,338
16,607
Net open.income
$198.251
Net loss on sale ofinvest. 1,004,099
$199,051
1,002,628
$228,089
61.937
$294.731
1,052.076
Net loss for period$805,848
$803.577prof$166,151
$757.345
Statement of Capital Surplus for the Year Ended Dec. 31 1934
Capital surplus
-Dec. 31 1933
$9,927,494
Distribution to stockholders
-April 2 1934-51.25 per share..
193,603
Capital surplus
-Dec.31 1934
Operating deficit
-Dec.31 1934
$9,733,891
5,862.608
Capital surplus less operating deficit
$3,871,282
Balance Sheet Dec. 31
Assets1934
1933
1934
1933
Cash
$378,537
876,782 Accts. payable and
Investment at cost 6,204,592 7,761,594
accrd. liabilities
$7,170
$6,996
Interest and divia Capital stock__ 2,942,777 2,992,424
dends receivable
22,498
31,778 Capital surplus..... 9,733,891 9,927,495
Treasury stock_
215,602
Operating deficit- 5.862,608 5,056,760
Total
$6,821,230 $7,870,154
Total
$6.821,230 $7,870,154
a Represented by 147,117 no_par shares in 1934 and 157,496 in 1933.
-The market value at Dec. 31 1934 of investments owned was
Note
$3.885,415 against $4,401,579 Dec. 311933. On that basis the liquidating
value of 147,117 shares outstanding was 329.09 per share, against $28.59
the previous year.
-V.140. p.640.
General Motors Corp.
-January Sales
-The company
on Feb. 8 made the following announcement:
January sales of General Motors cars to dealers in the United States
and Canada, together with shipments overseas. totaled 98,268 compared
with 62,506 in January a year ago. Sales in December were 41,594.
Financial Chronicle
1146
Sales of General Motors cars to consumers in the United States totaled
54,105 in January compared with 23,438 in January a year ago. Sales in
December were 41.530.
. Sales of General Motors cars to dealers in the United States totaled
75,727 in January compared with 46,190 in January a year ago. Sales in
December were 28,344.
Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments
` 1932
1933
1934
1935
74,710
82,117
January
62,506
98,268
62,850
59,614
February
100.848
59,696
58.018
March
153.250
78,359
April
86,967
153.954
66.739
May
98.205
132.837
52.561
113,701
June
146,881
36,872
106,918
134,324
July
30,419
97.614
109,278
August
30,117
81,148
71,888
September
10.924
53,054
72,050
October
5,781
10,384
61.037
November
53.942
21,295
41,594
December
1.240.447
Total
869,035
562,970
Sales to Consumers in United States
January
February
March
April
May
June
July
August
September
October
November
December
Total
January
February
March
April
May
June
July
August
September
October
November
December
54.105
23.438
58,911
98.174
106,349
95,253
112,847
101,243
86,258
71,648
69,090
62,752
41.530
50,653
42,280
47,436
71,599
85.969
101,827
87,298
86.372
71.458
63,518
35.417
11.951
755.778
927,493
Sales to Dealers in United Stales
1933
1934
1935
72,274
46,190
75.727
50.212
82,222
45.098
119,858
74,242
121,964
85.980
103.844
99,956
118.789
92,546
107,554
84,504
87.429
67.733
.53.738
41,982
50.514
3,483
39,048
11,191
28.344
1932
47,942
46,855
48,717
81,573
63.500
56.987
32,849
37.230
34.694
26,941
12.780
19,992
510,060
6A9,3312
5
)
,B3
II .
69.029
IN!
23,545
8 162
:
44,101
Feb. 16 1935
Holders of the 6%7 first mortgage bonds of the company are requested to
0
Montreal, for the purpose of
send such bonds to the Montreal Trust
receiving in exchange an equivalent amount of 557 first mortgage income
Co..
bonds and one share of class "A" common stock for each $100 of bonds.
Such exchange is necessary in order to enable the bondholders to receive
payment of 2%% interest on March 11935.-V. 137, p. 2983.
-Earnings
(B. F.) Goodrich Co. (& Subs.)
1931
1932
1933
1934
Calendar YearsNet sales
$103,871,717 $79,293.495 $74,501,804 $115,165,147
Net profit after deprec.,
2,272,5141oss6,582,140loss9,889,397
int. & Federal taves.._ 2,534,679
In 1934 special items consisting of profit on securities sold and gain
in acquiring the companies' bonds and debentures below face value less
other Items not relating to normal operations of the year, amounted to
$872.666, as against similar extraordinary gains of $2,425,678 during 1933.
The improvement in the results from ordinary operations of the business
therefore amounted to $1,815,177. No unrealized profit on foreign exchange was taken into profits during the year 1934.
Raw materials on hand and material content of unfinished and finished
goods were valued at the lower of cost or market on Dec. 31 1934. Materials on commitment at the end of the year were contracted for at prices
below the market on that date.
Total current assets amounted to $57,666,556 and current liabilities
to $9,414,282, giving a ratio of 6.12 to 1. Cash, foreign short-term deposits and Government securities amounted to 116.570,310.-V. 140, p. 801.
-Output Raised to Meet
Graham Paige Motors Corp.
Heavy Orders
Orders for more than 6,500 new cars have been received by the corporation
this year, it was announced as of Feb. 9. While the company has shipped
more than 2,600 cars, it still has approximately 5,900 unfilled orders.
This unforeseen demand, reported as the largest since 1929. has necessitated the stepping up of production with further employment increases
reported.
-V.140. p. 801.
(W. T.) Grant Co.
--Sales
The sales for the month and 12 months ended Jan. 31 1935 and 1934
(officially revised; are as follows:
1934
19.33
Month$4,550,096 $4,492,044
February
5,136,563
6,774,303
5,951,919 6,267.376
I
QV
6,552,836
7,179,255
6,509.624
7,347,304
June
5,771.014
5,735,787
July
6,292,209
5,749,845
6,433,236
6.570.366
7,822,160 7.112,538
6,898.939
7,493,100
Novebmerber
14,187,446 12,449,544
December
1934
1935
4,832,560
5,165.667
January
$85,069,612 $78,206.119
12 mos.ended Jan.31
472,859
729.201
959.494
Total
-V. 140. p. 972.
1. r
•eta,
Unit sales of Chevrolet,Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
and commercial cars are included in the above figures.
passenger
-Larger Accum. Divider '1
--Green Mountain Power Corp.
The directors have declared a dividend of $2.25 per share on account of 1
Overseas Sales in January at All-time Peakaccumulations on the $6 cumulative preferred stock, no par value, payable
Overseas sales of General Motors cars and trucks from all sources in
March 1 to holders ofrecord Feb. 19. This compares with 75 cents per share
January totaled 19.167 units, an increase of 88% over the corresponding
paid each quarter from June 1 1933 to and including Dec. 1 1934. Prior to
month of 1934, and the highest January sales ever recorded.
June 1 regular quarterly disbursements of $1.50 per share were made.
The figures in question cover the products of the corporation's American,
Accumulations after the payment of the March 1 dividend will amount
Canadian. English and German factories sold outside of the United States
to $4.50 per share.
-V. 139. 13• 3155.
and Canada. American-source sales alone in these overseas markets, including Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
-Personnel
(W. F.) Hall Printing Co.
vehicles, showed an increase of 123% over a year ago, with heaviest gains
E. A. Srill has been made Vice-President in charge of finance. L. A'
recorded in the South American, Far Eastern, Australasian and South
Smith, Vice-President formerly in charge of finance, and R. M. Dailey.
African markets. Recovery in these areas is extensive, and has more than
-V.140,
Comptroller, have resigned to resume private accounting practice.
compensated for the sluggishness in evidence in several western European
D. 972,
countries where automotive consumption generally remains at a low level.
The American motor car has regained a substantial proportion of the losses
-Extra D2stribution-d-u_t
Haloid Co.
it sustained in the world's export markets during the depression years
The directors have declared an extra dividend of 25 nts per share in
1930-1932. The trend of total volume, of which General Motors has taken
addition to the usual quarterly dividend of like amount on the common
1933, and has conan increasingly larger part,first turned upward in March
stock, no par value, both payable March 30. Similar distributions have
tinued uninterruptedly during each of the 22 succeeding months despite
been made on this issue each quarter since and including March 31 1932.the tariff barriers, quotas and exchange restrictions which still prevail.
V. 139, P. 3481
.
General Motors sales of its Vauxhall and Bedford products, manufactured
in England, and of the Opel car and Blitz truck, manufactured in Germany, ,
Hamilton Brown Sfioe Co.-ilearing on Receivership
countries
also showed encouraging gains In January in the highly-protected
Hearing on the receivership suit scheduled for Feb. 7 at St. Louis was
on
In which they are produced.
no definite, date being set. Circuit Court
continued for a further period,
Judge O'Malley allowed counsel three days in which to file briefs in the case
Manufactwe of Diesel-Electric Railway Equipment
-V. 140, p. 972.
General Motors plans a program of expansion in a comparatively new
and has
industry, the manufacture of Diesel-electric railway equipment
--Earnings
(M. A.) Hanna Co.(& Subs.)
taken an option for the purchase of property near Chicago where it expects
1931
1932
1933
1934
Calendar Yearsto proceed immediately, through its subsidiary, the Electro-Motive Corp..
$1,144,238 $2,054,057
$2,182,657 $1,418,585
Net profit
with the construction of a new Diesel locomotive manufacturing plant,it was
285,250
264,250
x211,953
104,167
Interest on funded debt_
announced Feb. 14 by Alfred P. Sloan Jr., President,
390.881
157,096
188,500
266,794
Depreciation & depletion
For 13 years the Electro-Motive Corp. has been active in supplying
85.049
Prov. for Fed. inc. tax
railroad equipment. During the recent expansion in the demand particularly for Diesel-electric locomotives it has been necessary to sublet portions
$722,891 $1,377,925
Net corporate profit__ $1,726,647 $1,018.130
of this construction work to plants not operated by General Motors. It
19.455,655 19,311,657 19,496,232 19,070,404
Previous surplus
has not been possible through this method to handle the increased business
22,196
54.587
decided to center the manufacture of
Miscellaneous adjust..
satisfactorily. Accordingly it has been
Diesel-electric locomotives in a new and modern plant near Chicago.
$21,182,302 $20,329,817 $20,273,711 $20,470,525
Total surplus
"In making this move," said Mr. Sloan. "we are prompted by the belief
Dividends paid by Co.:
that perhaps the most important need looking to recovery in this country
974,293
962.024
874,162
875,635
On $7 cum. pref.stock
is the entrance of private initiative and capital into new fields of develop241,950
Common
ment. General Motors is demonstrating its faith in the possibilities of
the future. The operation of our new plant will provide increasing opporSurplus carried to baltunities for employment, and its construction will expand work in the
$20,064,717 $19,455.655 $19,311.687 $19.496,232
ance sheet
building and allied trades during the next few months."
Eihs. corn. stk. outstand.
Diesel engines for the Electro-Motive Corp. will continue to be supplied
1,017.961
1,016,961
1,016,961
1,016,961
(no par)
subsidiary of General Motors, from its
by the Winton Engine Corp., a
$0.39
Nil
$0.14
Earnings per share
$0.83
Cleveland plant. Winton is supplying engines for a number of locomotives
now in the course of construction.
x After deducting discount on debentures redeemed during 1933 amountThe Electro-Motive Corp. was a pioneer in the development of rail
ing to $23,898.
cars powered by automotive equipment, which was the forerunner of the
Consolidated Balance Sheet Dec. 31
present trend. The company was organized in 1922, at a time when
1933
1934
1933
1934
railroads were beginning to use motorized cars particularly on the short
Liabilities$
$
$
Assets
lines. From its inception, it attempted to more adequately adapt autoa Property wets- 5,933,349 5,778,388 c 97 cum. pretstk.12,505,000 12,485,200
cars were placed
motive equipment to railroad requirements. Its first
1,692,681 1,200,644 13 Common stock. 12,712.012 12,712,012
Cash
in service in 1924, and proved successful.
2,694,500
Funded debt
Accts. receivable,
During the life of this relatively new industry, approximately $50,000,000
3,841.477 3,302,808 Notes payable__ __ 1,500,000
less reserves._....
In equipment of this type has been placed in service, of which a large per2.580,124 1,483,254 Accounts payable_ 4,068,253 2,332,749
Inventories
centage was built or powered by the Electro-Motive Corp. The organiza63,637
753,351 Accrued taxes_ _.- 169,005
785,294
d Other assets_
tion became a subsidiary of General Motors in 1930. Electro-Motive Corp.
111,266
59,025
Other accr. bah__ _
Inv. in swum, of
has been operated in conjunction with Winton for a short time, but its
300,439
other compantes36,871,777 38,077.800 Misc. reserves-- __ 258,733
a separate organization.
operations in the future will be as
765,031
224,247 Res. gen. conting_ 613,458
245,503
Deterred assets
The construction of the first unit will begin immediately and it is exCapital surplus___ 0,389,197 9,389,197
pected that the plant will be operating by August of this year.
Earned surplus., _10.675,520 10,066,458
Frigidaire Corp. Introduces New Models
The Frigidaire Corp. a subsidiary,on Feb. 14 announced the introduction
of a line of electric refrigerators ranging in delivered, installed prices from
$79.50 to $534.50. The new line was introduced nationally in more than
5,300 dealer establishments from coast to coast, according to H. W.
Newell. Vice-President in charge of sales.
Unveiling of Frigidaire's 1935 line follows closely production of the
3,000,000th Frigidaire in the corporation's Dayton plants and the starting
-V.140. P. 971.
of the fourth million.
-To Pay Interest
"'General Refractories Co.
-year 6% first mortgage cumuThe company has notified holders of its 5
lative income bonds that it will pay 3% interest on the bonds March 1 at
New York Trust Co. This represents interest for six months ended March 1
1935.-V. 140, p. 641.
-Interest Payment
Gleneagles Investment Co., Ltd.
A payment of 23 %,covering the interest for six months ended Dec. 31
1933, will be paid on March 1 1935 to all registered holders of the company's
5% first mortgage income bonds.
Total
51,950,205 50,820,492
51,950,205 50,820,492
Total
a After reserve for depreciation, depletion and obsolescence of $3,507,120
$3,171,492 in 1933. b Represented by 1,016,961 shares, no
in 1934 and
par value. c Represented by 125,050 no par shares in 1934 and 124.852
in 1933. d Includes 49,162 shares of co. a own common stock neld for
allotment and sale to officers and employees at cost ($491,620).-V.
140, p. 642.
-New Interest Prerchasee-M41k-'Hcilton Woolen Co.
recently
Th roprtiee>f this company, the stockholders of whichStevens &voted
Co.
interests connected with J.P.
te haj been sold to
to liqu
of N. Y. C ty according to an announcement made Feb. 12 by Richard
Lennihati, Pr ident.
The new owners, it is said, will keep the mill open, employing the 1,000
or more workers employed by the Hamilton company, with the prospect
of additions later.
A committee of merchants and manufacturers of the town aided in
the transaction by agreeing to arrange for the purchase of some properties
which will not be taken over by Stevens & Co.
4
Volume 140
1147
Financial Chronicle
The maturities of the first and second purchase money mortgages are
extended five years, with the interest rate reduced to 5%, although at
present the first mortgage carries 53.5% rate and the second carries a 6%
rate. This is the same revision as proposed in the two previous plans.
The plan proposes a board of directors be agreed upon by the various
committees, with approval of the court, and that the annual meeting
scheduled for April this year should not be held.
Payments into sinking funds for the bonds and prior preferred stock,
-Balance Sheet where provided for,are fixed at 25% of consolidated net earnings rather than
Hanover Fire Insurance Co., N. Y.
at 20% as originally provided.
Jan. 1 1935Holders of the new prior preferred stock will be entitled to elect six direcLiabilities
Assets
tors of a board of 11, and the class A stockholders shall be entitled to elect
Totalstocks and bonds
$12,103,717 Reserve for unearned prems_ _ 84.351,089
five of the directors until Oct. 1 1937 and thereafter until full interest at
706.364
Real estate mortgages
256,600 Reserve for unpaid losses_ _
the rate of 6M % per annum has been paid on the bonds. Thereafter class A
569,878
Cash on deposit & in office_
965,033 Reserve for all other liabs___ _
stockholders will be entitled to elect nine directors and the common stockCapital
Agency bats. not 90 days
4,000,000
holders two directors. The new preferred stock will have no vote for election
4,764,733
overdue
794,328 Net surplus
of directors.
Bills receiv., neer. interest, &c
218,912
Under the original plan prior preferred stockholders, during the income
Other assets
53,474
period referred to were to elect four the preferred stockholders one and
the class A stockholders five of a board of ten directors.
Total
$14,392,064
$14,392,064 Total
Hearing on the reorganization plan will be held before Judge Alfred C.
- 137, p. 3334.
V.
Coxe Feb. 19.-V. 139, p. 3150.
/
-$1 Liquidating Dividendl-e-li- 4 2. ir't
Mining Co.
-Dividend Omitted-----Holland Land Co.
The directors have decided to omit the dividend ordinarily payable at
The directors have declared a liquidating dividend of $1 per share on
this time on the capital stock, par 25 cents. Previously 10 cents per share
the common stock, par $25 payable Feb. 26 to holders of record Feb. 16.
was paid each quarter from Dec. 15 1933 to and including Dec. 15 1934.
This compares with liquidating distributions of $2 per share paid on Dec. 29
- 139, p. 3325.
V.
last. $3.25 per share paid on Oct. 13 last,50 cents per share made on July 31
last, $1 per share paid on April 27, 50 cents per share on March 31 and $1
Heywood Wakefield Co.
-Earningsper share on Feb.23 1934-V. 139. p.3966.
Calendar Years
1932
1931
1934
1933
-Earnings
Household Finance Corp.(& Subs.)
Earnings from operation
$131.746
$96,5211oss$199,317 loss$305,236
Depreciation
114,867
127.002
176,467
286,155
1932
1931
1934
1933
Calendar YearsCarrying charges on idle
Gross income from oper-$12.364.225 $12,744.067 $12,673,211 $12,406.779
properties
235,373
136.196
89,711
459,579
z7,554,752 y7.568,466 x7,309,594 6,355,181
Operating expenses
Inventory markdowns..
200,442
Bad debt losses
69,715
$4,809,473 $5,175,600 $5,363.617 $6,051,597
Net income
Unabsorbed burden re20,562
7.610
9.981
64,376
Other income credits
sulting from Sub-normal operations
277,247
66,142
543.929
633,965
$4,817,083 $5,185,581 $5,427,994 $6.072,159
Gross income
351,280
520,112
948,785
1,244,735
Interest paid
Net deficit
$739.763 $1,461.446 $1,317,669
$174,199
Federal & Dominion inc.
Previous surplus
2,125.406 def518,537
978,785 2,559,863
696,449
625,412
588,188
757,382
& cap. stock taxes_ .. _ Capital sur. wising from
289,612
29.393
219,517
84,628
Other charges
red, in par of 60,000
Prov.for losses on claims
shares of com. stock_
4,500,000
90.000
33,367
against closed banks.Capital sur. from purch.
Minority interest against
of pref. stock for treas.
48,474
4,957
722,351
326,986
2,015
275
earns, ofsub. company
Appreciation in market
value of securities_ _
51,878
$3.643,646 $3.589,132 $3,634.280 $4.154.608
Net income
891,330
905,732
733.389
780,833
Partic. preference diva.Total surplus
$2,008,042 $3,290,174 def$155,675 $1,964,545
632.522
369,033
547.092
574,447
Class A dividends
Sundry adjustments_
10,963
57.088
67,280
1,224,412 1,548,301
1,684,692
com,stock diva- 1.273,126
Class B
Additional reserves
79,219
450,000
Markdowns in & excess
$1,015,240
$926,297
$547,726 $1,367,494
Balance, surplus
of reserve
196,640
x Includes instalment notes receivable written off as uncollectible of
Cost of transf. & loss on
$7.309,594. y Includes instalment notes receivable written off as uncolproperty
162.479
271,839
lectible, $2,449,047, and less recoveries on notes previously written off,
Bad debt losses
30.527
143.295
$260,473. z Including provision for losses on instalment notes receivable.
Adi. of prop. accts. to
less recoveries on notes previously written off, of $1,784,762.
fair valuation
51,811
646.702
Extraord. devel. costs_
75,600
Summary of Consolidated Surplus Year Ended Dec. 31
Markdown g'd-will acc't
321,757
1933
1934
Balance, Jan. 1:
2. 64 0 9
$33 25
9 : 27
Capital surplus
Balance at Dec. 31-- $1,956.231 $2,125,406 def$518.537
$978.785
$3,780,297
Earned surplus
3
,643.646 3.589,132
Balance Sheet Dec. 31
Net income (as above)
200,000
Transferred from special temporary reserve
Assets1934
1933
1934
1933
Cash
$439,021 $285,221 1st pref.stock__ $717,100 *724,400
$7,623,943 $6,586.418
Total surplus
Accts.receivable
659,718
843,175 2d pref. stock__ 2,229,900 2,229,900
Cr15,693
143,286
Capital surplus charges and credits (net charge)_ _ _
Notes receivable
132,080
158,260 Common stock... 1,500,000 1,500,000
Inventories
1,616,300 1,926,459 Accounts payable,
$7,639,636 $6,443,132
Balance, Dec. 31, before dividends
Miscell. Investm'ts
1,006
1,759 &c
182,164
481,640
780,833
891.330
Dividends on-Participating preference stock
Plants & equipm't 3,648,804 3,752,174 Surplus
1,956,231 2,125,406
574.447
547.092
Class A common stock
Fats. & good-will.
1
1
1,273,126
1,224.413
Class B common stock
Deferred charges_
88,465
94,296
$5, 11,231 $3.780,297
Balance Dec. 31
Total
86,585,395 87,061,346
Total
$6,585,395 87,061,346
3.476
Capital surplus
- 139, P. 2832.
V.
5,007.755 3.780.297
Earned surplus
Consolidated Balance Sheet Dec. 31
' liodges Carpet Co.
4...
-Merger with Indian Orchard Co.
1933
1933
1934
1934
Not Consummated-New-Directors.
Liabilities3
IS
$
AssetsIn a letter to the stockholders of the company,former President Victor G.
4,595,273 4,774,568 Notes payable__ 8,450.000 9,000,000
Cash
Beutell states why he resigned from the company on Jan. 25. He declares
Empl. thrift acc't_ 386,155
186,113
a Installment notes
that in November the Indian Orchard Co. boughtfrom a syndicate identified
662,133
35,824,336 35,181,863 Dividends payable 625,698
receivable
with Wrenn Bros. & Co. approximately 67% of the Hodges company stock
9,135
Sundry acc'ts pay_
4,352
Acets receivable,
at $273.000, or about $40 per share. The Boston "News Bureau"summar643,277
19,242 Fedi income tax_ 698,945
2,020
ece
izing the letter, states:
930,333
Pur, money oblig_ 500,000
Loans pursuant to
Winsor Day, who controls a majority of stock of Indian Orchard Co., in
Reserve for Canastock ownership
Mr. Beutell's belief, assumed active control of the Hodges company, and
83,087
79,310
42,677 dian exch. Butt_
145,489
plan
several superintendents resigned. The sales organization, states Mr.
25,053
Res, for conting__ 160,053
Claims agst. closed
Beutell,"likewise became demoralized due to lack of confidence in the future
15,364
13,307
50,931 Min.int.In sub.co.
1
banks
of the company under Mr. Day's control."
93,434 Pardo. pref.stock_10,635,050 10,599,000
Other receivables_ 227,692
To the minority of Hodges Carpet Co., Mr. Beutell points out a "possible
417,040 c Com.cl. A stock_ 4,559,100 4,559,100
b Office equipm't_ 427,949
danger" confronting them. Shortly after acquiring control of 67% of stock
d Com. cl. B stk_10,093,725 10,092,700
of the Hodges company, and thereby incurring obligation.of approximately
3,476
Capital surplus...
$273,000, states Mr. Beutell,"Mr. Day laid before me a proposition for
Earned surplus__ 5,007.755 3,780,29F
merger of Indian Orchard Co. and Hodges company, one of the evident
purposes of which was to cause Hodges Carpet Co. to assume the obliga41,222.760 40,579.758
41,222,760 40,579.758 Total
Total
tions of Indian Orchard Co., thereby to utilize the quick assets of the
a After reserve of $1,996,255 in 1934 ($1,521,812 in 1933). b Afte
Hodges company (totaling around $570,000) to pay the debts of the Indian
depreciation of $341,436 in 1934 ($298,837 in 1933). c 182,364 shares of
Orchard Co. which had been incurred for the purpose of the stock control
no par value. d 403,749 (403.708 in 1933) shares (no par). excluding
of the Hodges company.
-V. 139. p. 3156.
52.555 (52,596 in 1933) shares held in treasury.
"In the proposal submitted to me. moreover, the Hodges stock held by
the Indian Orchard Co., which cost approximately $40 per share, was
-Hudson & Manhattan RR.
-To Pay 2% More on Bonds
valued at approximately $89 per share. Assets of the Indian Orchard Co.---The directors declared Feb. 14 a semi-annual installment of interest o
are composed principally of real estate and include the plant now occupied
by the Hodges company, but in the merger proposal the plant is valued at a
2% out of surplus income for 1934 on the 5% adjustment income bonds,
figure greatly in excess of the price at which the Hodges company has an
payable April 1. Interest at the rate of 234% was paid on Oct. 1 1934,
option to purchase same. After giving effect to the proposed merger,
making a total disbursement of 434% out of 1934 earnings. The company
Indian Orchard Co.'s stockholders would have owned more than threefailed to earn adjustment bond interest requirements by $86,000 in 1933
4
quarters of the merged company and Hodges stockholders less than oneand by $151,000 in 1934.
quarter." As a result of his threat of legal action, Mr. Beutell underInterest on the adjustment income bonds was paid at the semi-annual
stands the merger has been dropped for the present.
rate of 234V from Oct. 1 1923, to Oct. 1 1934, inclusive. The interest is
cumulative, but is not due and payable except when and as declared by the
New Directors Elected
directors out of available surplus income as determined by the board.
The Boston "News Bureau" Feb. 15 stated: A considerable operating
-V. 140. p.642.
1934 ascompared to a profitfor the preceding year was reported at the
lossfor
annual stockholders' meeting of the company Feb. 13. The election of
-Earnings
,
Illinois Bell Telephone Co.
directors showed the Indian Orchard Co. in full control. The directors
Period End.Dec.31- 1934
-Month-1933
1934-12 Mos.-1933
did not meet for the election of officers. Directors chosen were: Philip S.
Operating revenues
$6.348.859 $6,087,237 $57,519,054 $72,865,859
Beebe, Leander H. Conklin, Morgan G. Day, Winsor B. Day, Marion R.
Uncoil. oper. revenue__
.
38,804 Cr817,957
661,479
7,818
Leathers, Charles McHugh, Sidney W. Stevens, David Stoneman, Harry
Operating expenses
4,537,513 4.364,200 35,984,299 50.115,401
W. Vickerman.-V. 140, p. 802.
Operating taxes
612,395 8,442,949 9,550,590
527,826
The announcement of President Letutihan stated that the new company
had purchased the inventory, machinery, operating buildings and the extensive water-power privileges; that it intends to take control and operate:
that it will employ about the same number of workers as now
employed by the Hamilton company, and that while no definite date has
been set for taxing over the property it is hoped that there will be no disruption of work.
-V. 140, p. 972.
"''"(R.) Hoe & Co., Inc.
-Reorganization Plan Filed
-
Through co-operative efforts of the committees representing various
creditors or security holders and the company, a plan for readjustment of
the affairs of the company tinder Section 77-11 of the Bankruptcy Act has
been formulated and presented to the Federal Court.
Last year the company proposed a plan for reorganization of the company
and the committee representing bondholders submitted a counter proposal
Counsel for the bondholders' committee says that the plan was prepared
with their co-operation, but they have neither approved nor disapproved,
and will take no action on the matter until after the Court hearings when
Samuel Zirn, representing stockholders of the company, will submit certain
proposed amendments. These amendments deal with pledging of assets
against the debt of the company.
Under the new plan, interest on the 634% first mortgage gold bonds and
7
the 7,0 notes will carry their present interest rates, on an income basis,
until Sept. 30 1937, after which they will carry the fixed rates of 434% and
5% respectively. However, any deficiency on interest payments during the
time when they are on an income basis must be made up out of future earnings, and the balance of 2% of interest on each class of debt will be on an
Income basis until their extended maturity date on Oct. 1 1944.
Net operating income.. $1,275,702 $1,071,838 $13,909,763 $12,538,389
-V.140. p. 973.
Indiana Harbor Belt RR.
-Earnings
Period End. Dec. 31
- 1934-Month-1933
1934-12 Mos.-1933
Railway oper. revenues_ $672,047
$630,057 $8,389,042 $7,765,719
Railway oper. expenses_
488,192
422,662 5,020,935 4,622,200
Railway tax accruals--5,964
589,969
608,361
49.185
Uncoil. rwy. revenues_
130
135
248
Equip.and it.fac.rents*
9.811
499.203
640,903
45.779
Net ry. oper. income..
Miscel. & non-oper. inc-
$187,701
1,733
$112,299 $2,278,799 $1,894,005
1,574
31.768
37.746
Gross income
Deducs, from gross inc.
$189,435
41,972
$113.873 $2,316,545 $1,925,773
41,864
506,616
506,099
Net Income
$147,462
•Credit balance.
-V. 140. p. 477.
$72,008 $1,809,929 $1.419,674
•
1148
Financial Chronicle
Indiana Hydro-Electric Power Co.-Prefo red Dividend „
Feb. 16 1935
Island Creek Coal Co.
-Coal Output
-
,
The directors have declared a dividend of 87% cents per share on account"
Month of1931
1932
1935
1934
1933
of accumulations on the 7% cum. pref. stock, par $100, payable March 15
January
308.920 296,427 279,116 285,245 375,078
to holders of record Feb. 28. A like amount has been paid each quarter
Note
-Above figures in net tons.
-V.140, p. 478.
since and including June 15 1933, prior to which the company made regular
quarterly distributions of $1.75 per share.
-V. 139, p. 3481.
Jewel Tea Co., Inc.
-Sales
4 Weeks Ended Jan. 26-1933
1934
1935
Indiana Pipe Line Co.
-Earnings
Sales
$1,395,225 $1,214,762 $1,095,550
Years End. Dec. 311932
1931
The average number of units in operation during the four weeks ended
1934
1933
Operating revenue
Jan. 26 1935 was 1,550 as against 1,474 in the like period of 1934.-V. 140
$495,668
$654,029
Operating expenses
306.406
354,470
IL 975.
Depreciation
95,182
95,442
Net operating revenue
Income from investm'ts_
Misc. non-recurrg. items
'--Total revenue
Local, State & Fed.taxes
$94,079
41,640
41,949
$204,118
40.233
59,784
$177,668
60,520
$304,135
x131,422
Net income
Dividends
$117,148
105.000
$172,714
120,000
$85,823
75,000
$353,638
300,000
$12,148
219.205
$52,714
166,491
$10,823
155.667
$53,638
203,498
$231,353
$219,205
$166,491
Kelly-Springfield Tire Co.
-Independent Group Appeals
Order
-
$257,136
101,469
Balance, surplus
Previous surplus
Total surplus
Appropriation to reserve
Not reported
An indepedent group of preferred stockholders has filed formal notice of
appeal from the decree of the New Jersey Chancery Court appointing
receivers for the company.
The basis for the appeal, according to Howard S. Guttman, attorney for
the preferred stockholders group, is a contention that the Chancery Court
should not have entertained the complaint leading to the receivership,
which was brought by a holder of the 6% notes of the company, and that
the Court erred in construing the note obligation, which is a deferred obilgation, as a current liability, which it is not."
The independent preferred stockholders group desires to continue the
company as a going concern under new stockholder mamangement and
opposes merger, sale or liquidation of the company, Mr. Gluttman said.
-V.140, p.479.
(B. B. & R.) Knight Corp.
-Liquidation Plans
-
Profit & loos surplus
$166,491
$231.353
$219,205
$155,667
Shares of capital stock
outstanding (par $10)
300.000
300,000
300,000
300,000
Earns.per sh.on cap.stk
$0.29
$1.17
$0.39
$0.57
x Including $65,182 applicable to year 1932 due and paid in 1933.
Comparative Balance Sheet Dec. 31
1934
1933
AssetsLtabaUtes1934
1933
x Property & plant$2,009,880 $2,088,492 Capital stock
53,000.000 $3,000,000
Other Investments 1,000,561
844,575 Capital stock re2,123
duction account
2,132
Cash
204,974
226,538
27,815
19,584
Amu.receivable
103,130
142,454 Accounts payable_
317,630
Materials & supps.
2,534
4,709 Res. for fire insur_ 319,262
231,354
Fire insur. fund
219,205
320,000
317,644 Surplus
60,524
65,860
Accrued taxes_ _ _ _
The Providence (R. I.) office of the corporation reported at the end of
the business day. Feb. 11, that replies received from holders of voting trust
certificates for stock of the corporation have been overwhelmingly in favor
of the sale of the cotton mills.
The officers of the company have canvassed the situation but are unable
to secure offers for the properties from anyone wishing to purchase these
mills and operate them in their present location. They are, therefore,
proceeding at once to sell the machinery separately from the buildings
and real estate.
The company states that a great deal of interest has been evinced by
manufacturers in different parts of the country in the machinery. (Boston
"News Bureau.")
-V. 140, p. 803.
(S. S.) Kresge Co.
-Earnings
Calendar YearsNumber of stores
1931
1932
1933
1934
711
719
720
731
$
$
Sales (incl. subsidiaries)_137.67.131 125,972,804 124,536,619 145,838,038
Other IFICOme
264,523
558,459
367.969
284,843
Total
Total
$3,641,079 $3,624,411
$3,641,079 $3,624,411
x After accrued depreciation of$2,891,321 in 1934 and $2,811,725 in 1933.
-V.139, p. 2049.
Interborough Rapid Transit Co.(
-Transit Board Opens
Two Suits to Block Disaffirmance by Receiver of Manhattan
Ry. Lease --
Total income
138,035,100 126,257,646 125,095,079 146,102,561
Coat of sales & sell. exp-117,141,035 111,238,810 113.372,915 130,164,750
Property, State franchise, State income,
&c., sales & gross income taxes
4,330,004
Interest
1,417,313
1,226,885
1,469,877
1,097,227
Deprec. & amortiz
3,728,200
3,734,306
3,774,456
3.715,030
Reduct. of prov. for loss
on market securities_
Cr56,264
Profit on redemption of
bonds, &c
Cr18,173
Cr50,343
Amortiz. of bond & mtg.
discount & expenses
24,956
25,752
24,815
Loss & provs. in respect
of claims against closed
banks'securities, &c
54,855
Federal income, &c., tax 1,835,603
1,330,600
1,609.904
902,763
The Transit Commission began on Feb. 8 in the New York Supreme
Court two separate actions designed to block the efforts of Thomas E.
Murray Jr., Federal receiver for the company, to disaffirm the 999
-year
lease of the elevated lines of the Manhattan Ry.
The suits were started in the face of a recent decision by Federal Judge
Julian W. Mack, refusing both the Commission and the city the privilege
of bringing State Court actions aimed at blocking disaffirmance of the
lease. Judge Mack also ruled that the city and the Commission were
formal parties to the Federal receivership litigation.
On behalf of the city Samuel Seabury, special counsel, has appealed from
the ruling. The Transit Commission, taking the stand that it was not a
party to the Federal proceedings, despite Judge Mack's ruling, filed no
appeal but elected to bring two suits, as the city's agent.
One suit is an application for a declaratory judgment upholding the
city's right, under the various contracts and certificates executed with
the Interborough and the Manhattan Ry., to a combined subway and elevated service with a single five-cent fare. Such service, the Commission
contends, would be disrupted if the pending application by Mr. Murray
In the Federal Court for permission to disaffirm the lease should be granted.
The second action is a summary proceeding, authorized by the Public
Service Commission Law. It seeks either a mandamus or an injunction
which would force the Interborough to continue to supply the present unified subway and elevated service at the present single five-cent fare. Supreme Court Justice Valente issued an order, returnable Feb. 28 at 10 a. m.,
calling for a hearing on the proposed mandamus or injunction.
The order issued by Judge Mack, based upon his denial of the applications of the city and the Transit Commission for permission to sue in
the State courts, contains injunctions against the bringing of such actions.
In transit circles the bringing of the State Court actions by the Commission was viewed as a factor likely to expedite adjudication of the disputed
question of Federal jurisdiction over the Commission's functions under
various State laws.
-V. 140, p. 975.
Net profit
Pref. dividends (7%) -Com. diva. (cash)
Jamaica Public Service, Ltd.(& Subs.)
-Earnings
Period End.Dec.31- 1934
1934-12 Mos.-1933
-Month-1933
Gross earnings
$82,014
$829,751
$802,259
$81,228
Oper. exps. and taxes
45.618
44,439
493,816
475,151
Interest & amortization_
113,614
8,650
9,435
108,864
Balance
5227,070
$213,492
$27,745
527,354
Consolidated Balance Sheet Dec. 31
Assets
1934
1934
1933
L1.abilities1933
Plant & property_ $4,044,835 $4,019,992 7% pref'ce shares. $750,000 $750,000
Cash
205,518
269,279 7% pref. B shares_ 323,000
314,629
Acc'ts receivable_ _
134,845
129,162 a Common stock_ _ 1,033,783 1,033,783
Mat'ls & supplies_
100,503
108,447 Bonds
1,940,000 1,970,000
Prepayments
3,095
1,448 Notes payable_
252,731
97,167
.
Miscell. investls_ 312,130
234,232 Accounts payable_
24,104
32,407
Unamort. debt dis23,585
21,993
Consumers' dopes.
count & exps_ __
181,500
190,709 Int. accrued
42,015
Unadjust. debits__
18,553
32,548 Taxes accrued
23,570
18,058
Reacquired securiMiscell. liabilities_
1,576
2,029
ties (bonds)_ 269,500
30,000 Retirement res've. 533,035
482,088
26,980
Operating res'ves_
31,495
Res've for exch._
38,961
60,237
Earned surplus... 257,140
201,932
Total
$5,270,480 $5,015.818
Total
$5,270,480 $5.015,818
-V. 140, p. 3191
a Represented by 45,000 no par shares.
9,461,698
140,000
8,573,066
748,632
def792,831
27,635,589 28,428,420
5,517,930
31.00
5,517,930
$1.69
Kroger Grocery & Baking Co.
-Earnings
1931
Calendar Years1932
1934
1933
Net profit after deprec.,
int. & Federal taxes_ - $4,198.242 $4,546,203 $2,740,867 52.731.128
1,813.486
Shs. corn. stk. outstdg__ 1,810.293
1,811.091
1,792.366
$1.46
$1.48
Earnings per share
$2.51
$2.31
Bonus Offer for New Units Made by Piggly Wiggly
In an effort to further stimulate the expansion of its operators, the
Piggly Wiggly Corp., a subsidiary, is making an offer of $250 cash for each
new and additional Piggly Wiggly store opened up to April 30, next. The
operators are individuals and corporations using the Piggly Wiggly method
of retail merchandising on a royalty basis.
Piggly Wiggly, 99% of whose stock is held by this company, owns the
trade name and patent rights of the Piggly Wiggly system of grocery
retailing. Substantially all of the corporation's income is from a royalty
of 34 of 1% paid on the gross sales of stores operating under the system.
As of the close of last year it is understood there were about 2,000 Piggly
Wiggly units.
-V. 140, p. 976.
The sale of the Red Star liners "Pennland"and "Westernland" to Arnold
Bernstein, German shipping operator, was announced Feb. 8 in New York
and in Hamburg.
The vessels have been owned by the International Mercantile Marine Co.
and have been on the market several months. The sale price and other
details were not made known.
A statement issued by Captain Thor Eckert, Vice-President of the
Arnold Bernstein Line, said that the ships would be operated under the
German flag in a service between New York. Southampton, Havre and
Antwerp. They will augment the present fleet of the Arnold Bernstein
Line, assuring a weekly sailing in each direction. The name of the Red
Star Line will be retained to operate the two ships, Captain Eckert said.
The line has been owned by the I. M. M., and its ships operated under
British flag registry, but with this sale and the recent transfer of the Red
Star liner "Belgenland"to American flag registry and her assignment to the
Panama Pacific Line as the Columbia, the Red Star Line was automatically
ended as an I. M.M.subsidiary. The sale also means the final withdrawal
of the I. M. M.from operation of British flag ships, a process that was
started when the company severed its connections with the White Star Line
All of the I. M. M.
-V. 139, p. 3482.
tonnage is now of American registry.
International Mining Corp.
,
-15
-Cent Dividend-10
5,656,719
140,000
6.309,550
8,441,098
140.000
2,194,644
Balance, surplus
5,032,440
6,106.454
Profit & loss surplus_ _ _ _ 38,150,004 33,742,043
Shs. corn, stock outstdg.
(Par $10)
5,517,930
5,487,313
Earns, per sh. on corn
$1.50
$1.76
-V. 140. p. 976.
International Mercantile Marine Co.
-Two Red Star
Ships Sold
-
The directors have declared a dividend of 15 cents per share on the
common stock. par $1 payable March 20 to holders of record March 1.
A smillar distribution was made on Dec. 20 last, the first made on this
issue since May 1 1933 when 7% cents was paid.
-V. 139. p. 3327.
9,835.594
140,000
4,663.154
Lane Bryant, Inc.
-January Sales
Month of JanuarySales
-V. 140. p. 976.
1934
$952,055
1935
$906,500
1933
$804,217
Lerner Stores Corp.
-January Sales
Month of JanuarySales
-V. 140, p. 320.
/
1935
$1,789,621
1934
1933
$1,581,368 $1,174,761
Libbey-Owens-Ford Glass Co.-Earninos-Calendar Years1934
57.447,383
a Manufacturing profits
Deprec. on manufacturing properties_ 2,384,814
1933
1932
57.671,658 $3.155,300
1,794,534
1,845,148
Net manufacturing profit
35.062.569 $5,877,124 $1,310,152
Dividends received
110,565
111,559
50,963
84,306
Interest earned
77,477
85,963
152,157
Scrap sales, royalties, &c., income__ _
108,722
97,808
211,637
Gas properties income
89,041
14,047
Other income
2,907
49,890
Discounts earned
76,551
58,964
29,168
$5,711,833 $6,325,795 $1,623,946
Total income
Selling, adv., admin., gen., &c., exp_ 1,899,179
1,271,181
1,342,150
Provision for possible loss on claims
against banks in liquidation
7,000
50,000
173,706
Interest expense
420,080
Federal capital stock tax
131.167
25,822
Patent acquisitions charged off, &c_.
62,500
Loss on disposal of equipment
29.699
150,0001
30,000
General contingencies
450,000
Federal income taxes
475,0001
76,734
Gas properties, loss
Net profit
Dividends
$3,161,832 $4,200,54? loss$295,019
2,943,680
1,477,363
$218,152 $2,723.179 loss$295,019
Balance, surplus
Nil
$1.24
Earned per share
$1.65
a After deducting materials used, labor, manufacturing expenses and
adjustments of inventories.
-Earned surplus Dec. 311933, $7,427,151;
Surplus Account Dec. 31 1934
net profit for 1934. $3.161,832; total, $10,588,983. Dividends ($3,052,875.
Financial Chronicle
Volume 140
less amount applied as credits on int. accreud on stock subscriptions under
employees' stock plan, $109,195). $2,943,680; Balance Dec. 31 1934. $7.
Paid in Capital Dec. 31 1933. 87,268,770. Deduction-Cost in excess of
the amount allocated to stated capital for 27,700 shares of capital stock in
treasury-purchased for retirement and subsequently retired, $537,602;
less: payment for capital stock by estates of deceased employees in excess
of amount allocated to stated capital, $4,409. Balance Dec. 31 1934.
$6,735,576.-.-v. 139. p. 2682.
Lima Locomotive Works, Inc.
-Earnings
[Including Ohio Power Shovel Co.]
Calendar Years1934
1932
1933
1931
Net loss
$422,321
$570,946
$837,637 $1,274,212
Reserve for deprecia'n
57,028
57,716
52,899
139,916
Fed,capital stock tax
11,478
18,231
Net loss
Common dividends
$490,826
$646,894
$890,536 $1,414,129
x385,054
Deficit
$490,826
$646,894
$890,536 $1,799,183
P. & L.surplus
429,152
919.978
1,566,872
2,460,153
Earns.per sh.on com.stk.
Nil
Nil
Nil
Nil
x A special dividend of $2 per share, amounting to $422,114. was paid
on Feb. 17 1931. Of this amount, $37,060 applied to 18,530 shares included in the investment account of company, making a net charge of
$385,054.
Note
-The Ohio Power Shovel Co. was dissolved Dec. 29 1934.
Consoiidated Balance Sheet Dec. 31
1934
1933
1934
1933
Assets-.Liabilities$
$
b Land,bldgs.,maC Common stock__ 10,552,850 10,552,850
chinery,
3,028,521 3,085,736 Accounts payable_
88,046
58,233
Drawings, patt'ns,
Misc. accr. liabils.
67,253
71,097
dies, .9,c
87,947
64,337 Ree've for conting_ 200,000
200,000
Good-will
2,687,716 2,687,716 Accident insurance
Cash
670,274
267,512
reserve
103,164
101,016
U. S. Govt. secur_ 1,583,229 1,522,719 Surplus
429,152
919,978
a Co.'s own stock. 787,891
787,891
Cash in closed bks.
41,986
53,232
d Bills & accts.reo. 776.607 1,627.866
Inventories
1,605,720 1,642,283
Accident ins.fund_ 103,164
101,015
Deferred charges
67,411
62,864
Total
11,440,466 11,903,175
Total
11,440,466 11.903,175
a 41,400 shares at cost. b After reserve for depreciation!amounting to
$3,556,788 in 1934 ($3,510,987 in 1933). c 300,000 shares without par
value authorized, 88,943 shares unissued. 211,057 shares
shares held in treasury). a After reserve of $30,000 in issued (including
1934 ($40,000 in
1933).-V. 140, p. 148.
(P.) Lorillard Co.(& Subs.)
-Earnings
--
Calendar Years1934.
1933
1932 -" 1931!
Net income after all
Trid,
charges and taxes_-_ $2,833,318 $2.380,254 $4,556,052 $4,846.373
Shares com. stk. outstanding (par $10)___ 1,871,738
1,887,862
1,889.775
1,909.212
Earnings per share
$1.15
$0•89
$2.02
$2.12
-V. 139, p. 3483.
Massachusetts Investors Trust-Files with SEC
-
This trust filed a registration statement Feb. 8 covering additional
shares
with the Federal Securities and Exchange Commission amounting to a
proximately $29,000,000.
Last June, the trust filed an application with the Federal Trade Commission seeking to register 500,000 shares of beneficial interest at an
price of $19.37 each, or an aggregate of $9,685,000 of which the estimated
net proceeds would be $8.910,000 less $4.718 estimated expenses ofestimated
the issue.
The company invests its funds in securities of corporations and
governments.
The present policy is to invest principally in common
stock.
-V.140, P. 149.
--- -Matson Navigation Co.
-Reduces Dividend
The
company paid a dividend of $1.15
on Feb. 15 to holders of record Feb. 10. per share on the common stock
share distributed each quarter from Feb. This compared with $1.50 per
up to and including
Nov. 15 1934 and $1 per share previously. 15 1930 P. 3953.
-V. 138,
Merritt-Chapman & Scott Corp.
-New Treasurer
-
John II. Michener has been elected Treasurer and Assistant
Secretary.
succeeding E. A. Banister.
-V. 139, p. 1089, 934.
Michigan Fire & Marinellnsurance Co., DetroitBalance Sheet Dec. 311934
Liabilities
Cash in banks and due from
Cash capital
$1,000,000
agents
$240,391 Res. for unearned premiums 1.284,112
Accrued interest
56,581 Reserve for unpaid losses
146,826
Stocks (market Indus)
492,802 Res. for all other liabilities__
147,934
Bonds (amortized values) _ _
2,070,780 Contingency reserve
13,497
Mortgage loans (first lien)
477,264 Net surplus
889,479
Real estate
144,029
Total
$3,481,848
Total
$3,481,848
Minneapolis & St. Louis RR.
-Sale Deferred Until
March 13In the absence of bidders, Howard S. Abbott,special
master in chancery,
on Feb. 11 postponed sale of the road until
March 13.-V. 140, p. 806.
Mission Corp.
-Registrar
-
The Chase National Bank of the City of
Registrar for the common capital stock. New York has been appointed
-V. 140. P. 979.
Missouri Pacific RR.-
John W. Stedman, chairman of the committee for holders
mtge. 5% bonds, announced, Feb. 14 that the committee of 1st & ref.
plan of reorganization proposed by 0. P. Van Sweringen had rejected a
would have salvaged a large measure of the Alleghany which, it is said.
Corp's control of
the road.
pools o
The committee rejected also a proposal of
the Missouri Pacific carry out a contract underMr. Van Sweringen that
which it
Alleghany Corp. $20,000,000 for certain terminal propertieswas to pay the
at and near Kansas City. A decision by:a Special Master in and real estate
In St. Louis, Feb. 14. held that the contract should be Federal Court
disaffirmed as
"unduly burdensome" to the railway. (See below).
Mr. Stedman's statement follows:
1149
Holders of the $12,140,000 of secured 5 % bonds would receive income
bonds with the same coupon,and,in addition, a bonus of preferred stock.
Holders of the $71.800,000 of $5 cumulative preferred stock would receive
common stock of the new company.
Holders of the $82,839,000 of common stock would receive new common
stock in a ratio which would reduce but not wipe out their holdings.
Special Master Urges Terminal Purchase Price Reduction
A Special Master recommended on Feb. 14 a $6,000,000 reduction in the
price the company agreed to pay to another Van Sweringen concern for
terminal properties in Kansas City and St. Joseph, Mo. The Reconstruction
Finance Corporation, which has lent about $23,000.000 to the railroad, had
attacked the $20,000,000 transaction as unfair to the railway because of an
excessive price.
Marion C. Early, Special Master for the Eastern Missouri Federal
District Court, found, however, that the contracts were executed in good
faith without profit, as explained by 0.P. Van Sweringen.
The report of Special Master Early reads:p,
"After due consideration of all the evidence, and of the arguments of
Counsel, I have concluded that under the conditions which developed and
which could not reasonably have been foreseen, the carrying out of the said
contracts has become unduly burdensome and that they should be disaffirmed by the trustees unless the purchase price be reduced to not exceeding 814.000,000 as of the date of the contracts, with interest and credits
readjusted."
In his findings Mr. Early denied contentions of the RFC that the contracts violated the Clayton Anti-Trust Law or were entered into with
-V.140, p. 979.
authority of Missouri Pacific directors.
-January Sales
Montgomery Ward & Co.
1935-12 Mos.-1934
-Month-1934
Period End. Jan. 31- 1935
Sales
$17,418,152 $14,778,754 8261,412,543 $197,411,103
-V. 140, p. 481.
'Montreal Light, Heat & Power Consolidated-Bonds
---Authorized
The stockholders at special meeting held Feb. 13 authorized the directors
to issue up to $150,000,000 new bonds or other mortgage securities. The
bond authorization is to permit the directors to take advantage of present
monetary conditions and the high credit standing of the company to refund
the company's mortgage indebtedness.
"While the new mortgage will be for $150,000,000, to take care of the
future needs of the company," J. S. Norris, President, explained, "we only
contemplate a comparatively small issue to refund present outstanding
bonds-utilizing our cash and other resources to take care of the balance.
If our purpose can be accomplished, we will effect a substantial saving in
fixed charges by reason of a lower interest rate on the one hand and a reduced debt on the other hand, improving both in cases the shareholders'
equity in the company and at the same time enabling us to maintain low
-V. 140, p. 980.
rates to our consumers."
Morehead & North Fork Ry.-Stock, &c.
The Interstate Commerce Commission on Feb.4. authorized the company
to issue at par not exceeding $100,000 of capital stock (par $100), the stock
or the proceeds thereof, to be applied in payment of the purchase price of a
line of railroad (approximately 4 miles) in Rowan County, Ky., and other
property.
The report of the Commission says in part:
The applicant was incorp. in Delaware on April 16 1934, and has an
authorized capital stock of $75,000. By application filed the applicant
has requested authority to acquire and operate a line of railroad 4 miles in
length, located in Rowan County. Ky. This line was formerly a part of
24.219 miles of railroad lying in Rowan and Morgan counties, Ky. 20.219
'
miles of which the Morehead & North Fork RR. was authorized Oct. 21
1933, to abandon.
The present owners of the railroad are Guy Snyder, George H. Gearhart,
W. B. Townsend, Estate of A. W. Lee, and Estate of John W. Wrigley.
They acquired it. vogether with certain personal property, at a foreclosure
sale held on June 4 1934, pursuant to the order of the Rowan Circuit Court.
The purchase price is stated as $130.000. No decree confirming the sale
has been entered. The persons and estates above named are the holders of
$373,000 of bonds of the Morehead & North Fork RR. These bonds, the
applicant states, are being turned in for the property, pursuant to the
W. Wrigforeclosure sale. The individuals named, together with Williamand A. W.
ley, who is one of the trustees of the estate of John W. Wrigley,
of the applicant. It therefore appears that
Lee Jr., are the incorporators
the old company, the property to be purchased, and the applicant are
owned and controlled by substantially the same interests, which are also,
principal
in some degree, indentitied with the Lee Clay Products Co., the of June 6
industry and only substantial shipper located on the line. By offer to sell.
1934,the present owners have agreed
1934, and aceptance of June 15
and the applicant to buy, the railroad property and equipment acquired at
the foreclosure sale, together with certain other land, tracks, enginehouse,
of
and buildings described in the application, and stated to be of the value a
$19.808. at a total purchase price of $150,000. This figure also includes
furnished for organization expenses of the
cash allowance of $1,000 to be
applicant.
In payment for the railroad and other property above mentioned, the
applicant proposes to issue to the present owners tnereof $75,000 capital
stock and $75 000 of 1st intr. bonds to be secured by an indenture proposed
trustee,
to be executed by it to the earfield Trust Co of Clearfield, Pa., as price is,
covering all its property, real and personal. The agreed purchase
excessive.
in our opinion
As support for the value which it has ssigned to the property, the appliof June 30
cant cites the valuation by this Commission, by division 1, as constructs,
1918, of the entire property of the old company, from which it
for this 4 miles, an original cost of $128,000, and costs of xeproduction new
I..... depreciation, at 1933 prices, $113,315, which, with the equipment and
other property to be acquired valued at $19,808 and material and supplies
valued at $6,592, produces a total of $139,715. As further support, it
also sets forth in the amendment to the application offers made in 1931
by the Chesapeake & Ohio By. of $100,000 for the entire 24.219 miles and
$150,000 for these four miles.
In further support of its request for authority to issue stock and bonds in
equal amounts, $75,000 each, the applicant states that such a capital structure would tend to protect it from damage suits and also serve to reduce income taxes, as interest paid on bonded indebtedness is a direct deduction
from income, whereas dividends on a stock issue are not so deductible. • ot
It appears, however, from the old company's 1933 annual report to"the
Commission, that investment in road and equipment as of Dec. 31 1933, was
$616,852 with accrued depreciation for road and equipment of $447,190,
leaving $169,662 for the 24.219 miles, equivalent, on a strict mileage basis,
to $28,277 for the four miles to be pruchased. The applicant urges, as did
the old company, that these four miles constitute the only profitable and,
therefore, the more valuable section of the whole line. We are of the
opinion that the entire property to be acquired, including railroad, equipment, land, tracks, and buildings above described, would justify a capitalization of not exceeding 8100,000.-V. 137. p. 3324.
-Wage Increase
Moto-Meter Gauge & Equipment Corp.
Wage increases ranging from 5 to 14% to 550 workers became effective
Feb. 11, according to an announcement made by the company. The
workers had made no request for the increases, it is said.-V. 139, p. 3813.
"In view of the publicity recently given in the newspapers to a plan
reorganization of Missouri Pacific RR., which is being prepared byfor the
0. P.
Motor Transit Co.
-Earnings
Van Sweringen, John W. Stedman, chairman of the committee for the 1st
& ref. 5% bonds, which is the largest bond issue of the Missouri Pacific
1935-12 Mos.-1934
Period End. Jan.31- 1935
-Month-1934
$573.584
$616,653
System, made this statement in behalf of the committee:
$52,041
Gross earnings
$52.463
366,588
'Ile said that the committee had not been given a copy Of the plan but
348,183
Operation
Lion
27.987
31,955
96,399
that Mr. Van Sweringen had appeared before the committee and had
89,258
7,224
8,973
5,440
71.389
described the plan in some detail. Mr. Stedman understands that it is
Taxes
7,215
L 63,315
10,418
proposed to make certain changes in the plan before it is filed. but unless
Interest a
967
7521Pum 8,851
the changes are radical the plan will not be acceptable to the committee.
$79,932
Balance
$55,900
$9,069
The fundamental principles upon which the plan is based seem to the com$4,920
89,839 'Pr 99,866
Reserves for retirement (accrued)
mittee to be unfair to all bondholders and particularly to the 1st & ref.
mtge. bondholders. Mr. Stedman stated that he could not go into the
$19,934
Deficit
833.939
details of the plan until it is filed but unless it is substantially changed the
committee will not be able to recommend its adoption by the bondholders."
a Interest on 63.5% secured income bonds is deducted from surplus when
It is reported that the suggestions made by Mr. Van Sweringen involve
declared and paid. Interest not declared or paid through Jan. 31 1935
-V. 140, p.481.
the following:
IP amounts to $185.603 and is not included in this statement.
Holders o $224,040,000 1st & ref. 5% bon
bonds would receive a new bond
-Plan of Capital Readjustment-of...4-i,-.
-Mullins Mfg. Corp.
with the same coupon rate, but of which only 1% would be a fixed charge,the--remainder to be paid only when earned.
A plan for readjustment of the present capitalization has been formuHolders of other senior bond issues would receive new bonds of the same
lated by the stockholders' advisory committee. A synopsis of the plan
coupon rates, but with interest payments conditioned entirely on earnings
follows:
1150
Financial Chronicle
The present company, a New York corporation, will be unchanged in all
respects except that an amendment will be made to the certificate of incorporation which will effect the changes set forth in connection with this
plan of capital structure readjustment.
Present Capitalization
$7 cum.cony. pref.stk.(without par val.) authorized & issued_ _ 28,775 shs.
Common stk.(without par val.) authorized 150,000 shs.: issued 100,000 shs.
Capitalization as Amended and Additional Stock to Be Presently Issued
Prof. stock (without par val.) authorized & issued
28,775 shs.
Cl. A common stk. (par $7.50) authorized & issued 57.550 shs._
$431,625
Cl. B common stk. (par $1) authorized 172,550 shs; issued
100,000 shs
100.000
The present assets and liabilities of the corporation will not be altered
by this plan.
Exchange and Treatment of Present Stock
(a) Holders of each share of the present S7 cumulative convertible preferred stock no par value with a stated value of$50 Per share shall beentitled
to receive in exchange for each such share now outstanding:
1-One share of new preferred stock no par value with a stated value of
$50 per share and in addition thereto to compensate for unpaid dividend
accumulations to Dec. 31 1934, the revision of rights and preferences and
the discharge of stock conversion rights. 2
-Two shares of the new class A
common stock of the par value of $7.50 per share.
(b) Holders of each share of the present common stock shall be entitled
Co receive in exchange for each share now outstanding one share of the
new class B common stock of the par value of $1 per share.
Rights and Preferences of New Preferred, Class A and Class B Common Stocks
New Preferred Stock-(1) Dividends shall be payable not in excess of $7
per share per annum when earned, payable quarterly.
(2) If earned but not paid dividends shall accumulate to the extent actually earned. If dividends are not earned they shall not accumulate.
(3) Dividends, current and accrued, shall be paid before any distribution
is made to the holders of class A and class B common stock.
(4) Non-voting unless dividends have accumulated but have not been
Paid for three consecutive quarters and in that event each preferred share
shall be entitled to one vote for each share.
(5) Shall have no par value but shall have a stated value of $50 per
share. In the event of redemption, dissolution or liquidation shall be
entitled to receive $105 per share together with accrued earned dividends
thereon.
New Class A Common Stock-(1) Shall have a par value of $7.50 a share
and shall be entitled after dividends have been paid on the preferred stock
to share in the earnings of the corporation share for share alike with the
class B common stock.
(2) A sinking fund in an amount equal to 10% or any portion thereof of
the net annual earnings of the corporation shall be maintained for the
purpose of retiring the class A common shares after dividends on the preferred stock have been satisfied and an amount equal to 45 centsiper share
of the then outstanding clam A and class B common shares is deducted.
(3) On dissolution or liquidation shall be subordinate to the rights of the
preferred stock, but shall be entitled to payment of 87.50 per share and
dividends declared but not paid, before any payment shall be made to or
on account of the class B common stock.
(4) Holders of the class A common stock shall be entitled:to ono vote for
each share held.
(5) May be converted into class B common on a share for share basis any
time on or before Jan. 1 1940 without cost.
Class B Common Stock-(1) Shall be entitled after dividends have been
paid on the preferred stock to share in the earnings of the corporation share
for share alike with the class A common stock.
(2) Holders of class B common stock shall be entitled to one vote for each
share held.
(3) On dissolution or liquidation the holders shall be entitled to receive
their pro rata share of any sums realized from the assets of the corporation
after payment is made as above provided to the holders of the preferred
and class A common stocks.
"Net annual earnings"shall be defined as the amount remaining in each
fiscal year after deducting from gross income of the corporation operating expenses, taxes, proper expenditures for maintenance, insurance, all
Interest and setting up adequate reserves for depreciation and property
retirement.
Method of Effectuating Plan
Stockholders are directed to execute their proxies and letters of authorization. The stockholders advisory committee has agreed to accept proxies
and letters of authorization from all stockholders and has further agreed to
carry out all provisions of this plan.
Actual certificates of stock need not be deposited with the committee
or the depositary until the holders are directed to do so by the committee.
Application will be made promptly to register the new class A common
stock and the amended and additional preferred and class 13 common stocks
on the New York and Boston Stock Exchanges.
piaddress all communications to M. A. Stenersen, Secretary, Stockholders'
Advisory Committee,308 Euclid Ave., Cleveland, Ohio, or to Readjustment
Counsel, R.Hoskon Damon, 6 North Clark St., Chicago, Ill.
Stockholders' Advisory Committee
-Own M. Phillips, Walter A. Krebs,
Pittsburgh, Pa.; Harry C. Senour, N. Alliance, Ohio; W. B. Fairfax,
Washington,D.C.; Frank W.Brokamp,Chicago,Ill., with M.A. Stenersen,
Secretary,308 Euclid Ave., Cleveland,0.,and R. Hosken Damon,Counsel,
6 North Clark St., Chicago. Ill.
The depositary is Cleveland Trust Co., Cleveland, Ohio.
Balance Sheet as at Nov. 30 1934
[Before and After Giving Effect to Plan of Capital Structure Readjustment dated Jan. 15 1935]
Before
After
Before
After
AssetsReadjust. Readjust.
LiabilitiesReadjust. Readjust.
Cash on band & In
Notes pay. to irks_ $32,670
$32,670
banks
$116,179 5116,179 Accts. pay.
-trade
82,459
82,459
Notes & accts. rec.
Sundry liabilities__
7,228
7,228
-less reserve_ _ _
270,300
270,300 Accrued salaries &
Inventories as per
wages
55,691
55,691
cost records_ _ _ _
401,597 Accrued taxes
401,597
35,890
35,890
Loan to bank
5.000
5,000 Itw. for royalties__
6,043
6,043
Willys-Overland
c $7 cum. pref. stk 1,438,750
Co.
-less reserve
49,497
49,497 87 pref.stock
1,438,750
Studebaker Corp_
16,914 CI, A common stk..
16,914
431,625
Invest. - Pomea Common stock._ 500,000
roys' Inc. par
bCl.Bcorntnoristlt
100.000
value
20,000
20,000 Capital surplus_ __ 247,662
216,037
Note receivable due
Oper. surplus from
October 1935._
6,735
6,735
June 1 1933... _
256,545
256,545
Advances less res
2,956
2.956
Sundry notes rec.secured
2,651
2,651
Capital assets
-net 1,716,992 1,716,992
Deferred charges
25,964
25,964
Patents net
28,152
28,152
Total
52.662,941 52,662,941
Total
$2,662,941 52,662,941
a 28,775 shs. held for conversion of preferred stock and 15,000 shares
held under a three-year option dated March 30 1932 to purchase at $15 per
share. b 57,550 shares held for conversion of class A common stock and
15,000 shares held against option to purchase at $10 per share. c Dividends
on preferred stock have not been declared or paid since August 1931.
-V. 140, p. 614.
Munsingwear, Inc.(& Subs.)
-Earnings
Calendar YearsNet loss after interest,
deprec. & Fed. taxes_
-V. 139. P. 771.
1934
1933
$20.876prof$287,269
1932
$1,102,451
1931
$653,628
Mi
rra y Corp. of America-17ng-of-Extended Bonds-Th New York Stock Exchange has authorized the listing of $1,750,00
-year sinking fund gold bonds of Murray BodY Corp.
% 10
m e.
(assumed by the corporation) as extended, and $175,000 additional shared'
of common stock (par $10) upon official notice of issuance of such common
stock in exchange for such bonds upon conversion, making the total amount
applied for 983.912 shares. The bonds matured Dec. 1 1934 but have been
extended for ten years to Dec. 1 1942.
let
Feb. 16 1935
Consolidated Income Account 11 Months Ended Nov. 30 1934
Gross profit after deducting cost of goods sold (material, labor
and factory expenses exclusive of depreciation)
$1,316,457
Interest and discounts earned and other miscellaneous income
211,791
Discount on company bonds purchased
12,244
Total
$1,540,492
Administrative, general and selling expenses and corporato taxes
981,336
Idle property expenses, provision for doubtful accounts and
excess die cost, and other miscellaneous deductions
142.859
Depreciation
592,264
Interest
165.628
Dividends on preferred stock of the J. W. Murray Mfg. Co_ _ _ _
11.634
Provision for Federal income tax (estimated)
10,000
Loss for period
$363,230
Consolidated Balance Sheet
Assets
Nov.30'34 Dec.31'33
LiabilitiesNor. 30'34 Dec. 31 '33
$
$
8
$
Cash on hand and
774,658
Accounts payable_ 482,030
on deposit
342,453
216,820
706,050 Payrolls
779,740
Customers' notes
107,963
Accrued expenses_ 147,177
and accts., less
Purch. money ob11allowance
365,644
gallons
312,789
788,162 1,941,430
Inventories
1,750,000 2,000,000
1 317,831 2,407,510 Funded debt
Dies and patterns
Res, for general
being billed to
239,249
contingencies_ _ _
132,412
customers
24,665
6,591 8% prof. stock (J.
Customers' dies &
W.Murray Mtg.
patterns in proc193,000
193,900
Co.)
ess, less advance
Corn. stock ,.$10
billings
7,683,310 7,683,310
238,985
1,282,775
par)
Other assets
633.753 Capital surplus.... 4,956,658 4.870,213
583,125
Permanent assets
792,851
Profit & loss-del.. 1,156,080
9.499,833 9,639,748
(net)
1
1
14,719,019 15,784,540
Deferred assets
210.470
442,884
Total
Total
14,719,019 15,784,541
-V. 139. p. 3969.
-Accumulated
National Automotive Fibres Inc.
The directors have declared a dividend of $1.75 per share on account
of accumulations on the $7 cumulative preferred stock, no par value.
payable March 1 to holders of record Feb. 15. Distributions of $1.75 per
share were made each month since and including Aug. 1 1934 and on
June 1 1934, this latter being the first disbursement made since March 1
1931. when the regular quarterly dividend of $1.75 per share was paid.
Effective with the March 1 1935 payment, accumulations will amount to
$12.25 per share.
-V. 140, p. 481.
National Cash Register Co.
-Orders Higher
Domestic orders for January amounted to 51.270.000 compared with
$1.076,000 in January 1934, an increase of $194,000 or 18.0%.-V. 1:39.
p. 3646.
National Investors Corp.
-Amendments to Plan, &c.
A special meeting of the stockholders will be held March 6, for the
following purposes:
(1) To consider and act upon a proposal to approve and authorize a plan
of reorganization and agreement substantially in the form sent to stockholders under date of Dec. 20 1934 (V. 139. p. 4132), as amended by
amendment dated Feb. 5 1935. providing, among other things, for the
transfer of the assets of National Investors Corp. and Second. Third and
Fourth National Investors Corps. to a new corporation, the assumption
by the new corporation of all liabilities of the other corporations (subject
to the exceptions set forth in the amendment), the exchange of stock (and
scrip in lieu of fractional shares) of the new corporation for stock and
warrants of said other corporations, the amendment of the certificate of
incorporation of the corporation and the dissolution of the corporation:
(2) To consent to the sale and conveyance of all the property and assets
of the corporation to such new corporation substantially as provided in said
plan of reorganization and agreement as so amended;
(3) To vote upon an amendment to the certificate of incorporation of the
corporation substantially as follows: (a) to change its authorized capital
stock from 2,014,858 shares (par $1), consisting of 14.858 shares of prof.
stock and 2,000,000 shares of common stock, to 10,000 shares of capital
stock (all common stock) without par value, (b) to change each share of
issued preferred stock of the par value of $1 (Including all rights with
respect thereto of every nature) into 1-100th of one share of capital (corn.)
stock of the corporation without par value, and (c) to change each share
of its issued common stock of the par value of $1 (including all rights with
respect thereto of every nature) into .191880.05573ths of one share of
capital (common) stock of the corporation without par value;
(4) To vote upon the dissolution of the corporation.
A circular letter dated Feb. 6 has been sent to the stockholders and warrant holders of National and Second, Third
and Fourth National Investors corporations. The letter,
signed by Fred Y. Presley, President, says in part:
A plan for uniting the National Investors companies into a single investment trust was submitted to you under date of Dec. 20\1934. The stockholders' meetings called to pass upon the plan were held on Jan. 25 1935.
Proxies in favor of the plan representing at least a majority of each class
of stock of each company were then available, but sufficient proxies had
not been received to approve the plan in its entirety. The meetings were
adjourned to reconvene at the offices of the respective corporations as
follows: National Investors Corp. meeting, Feb. 8; Second National Investors Corp. meeting, Feb. 9; Third National Investors Corp. meeting,
Feb. 11; Fourth National Investors Corp., Feb. 7.
Meanwhile a situation has arisen with respect to the existing National
Investors Corp. which the directors feel requires modification of certain
provisions of the plan, and it is accordingly expected that the proxies hold
by the proxy committee appointed by the directors will vote to adjourn
the meeting of National stockholders sine die. The board of directors has
called a new meeting of the stockholders of National Investors Corp. to be
held at the office of the corporation, March 6. [The proxies held by the
proxy committee appointed by the directors voted to adjourn the other
stockholders' meetings to reconvene at the offices of the respective corporations as follows: Second National Investors Corp. meeting, March 7;
Third National Investors Corp. meeting, March 8; Fourth National
Investors Corp. meeting. March 4.] The directors feel, in view of the
support the plan has already received, that the plan can be consummated.
If the necessary proxies in support of the plan are not at hand at the time
of the meetings above mentioned, then it is expected that the proxies hold
by the proxy committee appointed by the directors will vote to adjourn the
meetings until a later date.
The directors wish to use this opportunity not merely to advise of the
situation which has arisen with respect to the existing National Investors
Corp. but also to summarize certain aspects of the plan and to explain
certain provisions of the plan with respect to which inquiries from stockholders have been received.
As set forth in the plan there has been pending in the Appellate Division.
Second Department of the N. Y. Supreme Court, an appeal by the plaintiff
In an action for an accounting entitled "Richards v. Presley, National
Investors Corp. and Guardian Detroit Co." The action is for an accounting
and involves the allocation of options in connection with the original
promotion in 1928 and 1929 of the existing National Investors Corp. At
the trial of the case in the N. Y. Supreme Court the case was dismissed
against National Investors Corp. upon the completion of the plaintiff's
testimony. Upon the completion of the trial the Court found in favor of all
the defendants. This was the situation at the time the plan was forwarded
to stockholders and warrantholders with the letter of Dec. 20 1934. Contrary to the expectation of the directors, the Appellate Division recently
reversed the lower court and ordered that the existing National Investors
Corp., by reason of benefits received, be required, together with the other
defendants, to account to the plaintiff.
Amendment to Plan Described
While it is not believed that there is reasonable likelihood of substantial
liability in tho case of National Investors Corp., nevertheless the decision
Volume 140
Financial Chronicle
1151
of the court below has been reversed, the situation has altered from that
National Surety Co.
-Plan of Reorganization Sustained
contemplated at the time the plan was submitted to stockholders and
The plan and proceedings for a reorganization of the real estate securities
warrantholders and a possibility of substantial liability does exist. Accordg.uaranteed by the National Surety Co. were sustained Feb. 11 by the Circuit
ingly the directors feel that the plan should be modified so that the cost of
Court of Appeals for the Second Circuit in decisions handed down.
providing for any liabilities of National Investors Corp. sought to be
The entire reorganization involves about $45,000,000 of real estate securiestablished by or arising out of this litigation and any liabilities of National
ties held by many thousands of bondholders throughout the country and
Investors Corp. under stockholders' appraisal rights under the New York
covers properties in practically all of the States.
statutes should be borne by that company and its existing security holders
The decisions rendered by the Federal Appellate Court uphold the plan
rather than by the new company which in effect would mean by the security
of reorganization and determine that Section 77-B, the recent amendment
holders of all four of the existing companys.. The plan has therefore been
to the Bankruptcy Act, adopted by Congress at its session last year for the
so amended.
purpe of expediting reorganizations of corporations, is constitutional.
os
Among other things the amendment also provides that the stock of the
Wh
ile the decisions cover specifically the proceedings for the reorganinew company to be exchanged for the assets, subject to the liabilities, of
zation of Central Funding Corp. and Mortgage Security Corp. of America,
the four existing companies shall be Issued direct to the four existing comtwo of the mortgage companies whoes bonds had been guaranteed by the
panies and then distributed by these companies to their respective stockNational Surety Co., the rulings will also apply to the proceedings for the
holders upon dissolution, except to the extent that the parties to the plan
reorganization of more than 10 other mortgage companies whose bonds
(that is, the four existing companies) by mutual agreement as provided
were similarly guaranteed by the National Surety Co., and eliminate the
therein shall find it desirable and feasible to follow the original procedure
last obstacle in the program for a comprehensive reorganization which has
contemplated in this connection.
been sponsored by Messrs. Harvey D. Gibson, C. Prevost Boyce and
The amendment further provides that the existing National Investors
John W. Hannon as reorganization managers, and by the Superintendent
Corp. shall hold up the distribution to its stockholders of new company
of Insurance of the State of New York.
shares until any liabilities sought to be established by or arising out of the
In the cases decided by the Court, many new questions under the Corlitigation above mentioned and any liabilities of National Investors Corp.
porate Reorganization Law, known as Section 77-B of the Bankruptcy
under stockholders' appraisal rights under the New York statutes have been
Act, were involved, and the decision on these questions is of great interest
provided for and that the cost of providing for any such liabilities shall be
to the financial and legal world.
borne by the stockholders and warrant holders of the existing National
The Court decided that since the plan of reorganization was approved by
Investors Corp. pro rata in accordance with the number of new company
more than two-thirds of the creditors, all creditors were equally bound.
shares originally allocated to them under the plan.
This accomplishes one of the outstanding salutory purposes of the new law,
in that it prevents small dissenters from obstructing necessary and
Accordingly, the new company will neither assume any liability with
desirable reorganizations which will be of benefit to all of the creditors
respect to the National warrants nor issue new company shares to the
concerned. Thus the practice and procedure for reorganization of corNational warrant holders in exchange for their warrants, until the litiporations in this country is made similar to the sound and desirable practice
gation and appraisal liabilities above mentioned have been provided for.
and procedure which has for many years been followed in England.
This means that National warrant holders who do not surrender their
The decisions of the Court sustain the constitutionality of Section 77-B
warrants for new company shares under the plan will not, until such time,
ofthe Bankruptcy Act. The handling ofindentures securing bonds involved
be entitled, pursuant to their warrants, to purchase new company shares as
in a reorganization has always been one of the troublesome features in
set forth in the letter to stockholders and warrant holders of Dec. 20 1934.
efforts directed to speedy and comprehensive reorganizations. In the
Accordingly, the present National preferred and common stocks will, under
Central Funding Corp. case the company had made an indenture to the
the amendment to the certificate of incorporation provided for in the plan.
Union Trust Co. of Maryland under which it deposited collateral securing
be changedfinto different numbers of shares of National common stock,
and this stock and National warrants will continue to remain outstanding
the outstanding bonds. Under the plan of reorganization the outstanding
and, it istassumed, have a market on the New York Curb Exchauge until
bonds and the trust indenture are discharged and the trustee is directed to
turn over to the reorganized company, a new corporation, free and clear
final disposition of the litigation and appraisal liabilities above mentioned,
at which time National stockholders and warrant holders will, subject to
of all claims, the collateral which it had previously held, against which
the provisions of the plan, be able to exchange their shares for new company
participation certificates are to be issued to the bondholders.
shares as provided in the plan, but subject to pro rata reduction, as stated
The Union Trust Co. claimed that even under Section 77-B of the Bankabove, in the number of new company shares receivable on exchange.
ruptcy Act, the collateral held by it could not be released without the
unanimous consent of all bondholders and that if this new law contemplated
In view of this change in the situation the directors have determined to
any such procedure it would be unconstitutional. These objections were
ask the stockholders of the existing National Investors Corp. to execute new
overruled by Alfred C. Coxe, Judge of the U. S. District Court for the
proxies, and in the case of National warrant holders new "approvals,"
Southern District of New York when the plan of reorganization was first
specifically covering the plan as amended. Furthermore, the stockholders
presented for his approval some time ago and his decisions have been 1311&•
and warrantholders of the other three companies may revoke proxies or
tabled by the Federal Appellate Court.
approvals already sent in
The proceedings for a reorganization in this case were begun immediately
The basic objective of the plan is to correct a situation which the directors
after the enactment by Congress of the Corporate Reorganization Law in
felt had become contrary to the interests of all classes of security holders
June of last year and have been followed closely by lawyers and others
The stocks, preferred or common, which have a balance sheet asset value
interested in reorganization of corporations. Ralph Wolf one of the counsel
have generally, for a substantial period, commanded a market price far
for the reorganization managers,stated Feb. 12 that this decision of the
below such asset value. Each company has outstadning not only a stock
Federal Appellate Courts carries out the intention of Congress in adopting
having a balance sheet asset value but also warrants, and in some cases a
the Corporate Reorganization Law and gives to the law the necessary
junior stock. These junior securities have no balance sheet asset value but
effectiveness required to carry out the desirable results for expeditious and
nevertheless have rights, metal, equitable or legal. .,o prevent any general
-V. p9, P. 3160.
comprehensive reorganizations.
distribution of assets exclusively to the senior securities.
Thus it might be said that assets which in a sense are represented by the
"Theisner Bro4ier, Inc. Resumes Common Dividends
senior securities are impounded by Junior securities having no present balance sheet asset value but having present rights and values and possibilities
Extra Dividend
of future enhancement in values.
The directors have declared a quarterly dividend of 25 cents per share on
To correct this situation is obviously very difficult, because it is impossible
the common stock, no par value,and an extra dividend of 50 cents per share,
to measure on any scientific basis the value of the rights of the 10 different
both payable March 15 to holders of record March 1. This will be the first
classes of securities involved For example, while the junior stocks and
time a distribution was made on the common stock since Jan. 1 1931, when
warrants have no present balance sheet asset value, they have, in effect.
a regular quarterly dividend of 40 cents per share was paid. The 50 cent
an option on the future. If for the next few years there is rapid appreciation
extra dividend was declared because of the $782,408 net profit realized from
In values, as through currency or credit inflation or business improvement,
the sale of 351.500 ordinary shares of the British Home Stores. Ltd.
then these stocks and warrants may become very valuable How much the
Consolidated Income Account for Calendar Years
holders should now receive for altering their present rights is a matter of
1932
1934
1933
Opinion and is not a matter susceptible of mathematical determination.
$16,569,652 *14,355.981 $14,428,798
The plan allocates to the holders of these junior securities some part of
Sales
15,423,608 13.624,510 13.967.763
the non-realizable balance sheet asset value of the senior stocks, but subCost and expenses
stantially less than the difference between such asset value and the much
$461,033
$1,146.044
$731.471
lower market price, or realizable value, at which the senior stocks had
Operating profit
298,293
252,048
277,950
generally,for a substantial period,been selling. In return,the holders of the
Other income
junior securities are asked to agree to changes which the directors believe
$983,519
$759.326
$1.423,994
will be distinctly to the advantage of the holders of the senior stocks.
Total income
240.841
233,444
233,132
particularly in that the new company sham will, the directors believe,
Amortization and depreciation
269,802
have a comparative realizable value substantially higher than the senior
Write-down of invest, in affil. cos_
stocks for which they are to be exchanged under the plan.
Loss on sale of capital assets
259,227
228,755
180,867
During the last quarter of 1934 there was an increase in the market value
Interest
60.000
36.253
178.000
of all six stocks of the four companies, that is, the four senior stocks,
Provision for taxes
National preferred. Second National preferred, Third National common
$461,320 1085$46.797
$831,995
and Fourth National common,and the two junior stocks, National common
Net profit
38,634
38,635
380,135
and Second National common. It is believed that the development during
Preferred dividends
that period of a plan of the general nature of the present plan was a material
$422,685 def$85.431
$451,860
factor in such Increase, although the plan was not forwarded to stockholders
Surplus
206,234
206.234
202,370
until Dec. 22 1934. If the proposed plan is not consummated,it is reasonShares common stock outst.(no par)_
$1.48
$.36
able to assume that the former comparative market prices will be reestabEarnings per share
-Balance, Jan. 1
Consolidated Earned Surplus Account at Dec. 31 1934
In ihe judgment of the directors, they have submitted a plan which is
1934. $1,874,125; net profit (1934). $831,995; net profit on sale of 351,500
substantially fair to all interests. Obviously, where no established formula
ordinary shares of British Home Stores, Ltd., after taxes, $782,408; recovcan be employed to determine the precise value of the 10 different classes of
ery, Neisner Brothers Management Employees, Inc., written off in 1932.
securities, there can be differences of opinion as to the allocation of values
$50,291: discount on bonds and stock acquired, $61,669; total. $3,600.488.
to these different securities under the plan, but the directors feel such
Less: Dividends paid on 7% pref. capital stock for arrears and current
differences of opinion should not be permitted to defeat a program which
year ($17.50 per share). $380,135; additional Federal income tax. year 1932,
they believe offers such major benefits to every class of security holder.
$29.591; consolidated earned surplus Dec. 31 1934. $3,190.763.-V. 140.
Probably the essential feature of the plan is the provision to be contained
p. 980.
in the certificate of incorporation of the new company entitling stockholders of the new company to require the company to purchase the stock ." 73. J.) Newberry Co.
-Dividend Rate Increased
"
.
at asset value, as defined in said certificate of incorporation, less 2%
The directors have declared a dividend of 40 cents per share on the comthereof. In this connection stockholders have inquired as to the necessity
no par value, payable April 1 to holders of record March 16.
mon stock,
or advisability of two provisions of the certificate of incorporation of the
This compares with 25 cents per share paid in each of the three preceding
new company: (a)the provision that the new company shall be required to
quarters, 15 cents per share paid each quarter from April 1 1933:r
purchase its stock only to the extent that it shall have surplus available
including April 2 1934, 25 cents on Jan. 1 1933, and 27 M cents per share
for such purpose and out of such surplus. and (b) the provision that the
each quarter from July 1 1929 to and including Oct. 1 1932.-V.140. p.980.
board of directors may in its uncontrolled discretion, with or without notice,
suspend this cash surrender feature of the new company shares.
New England Fire Insurance Co.-Bal. Sheet Dec. 31'34
As to the provision with respect to surplus, this is in substance a reLiatHlUtesAssets
quirement of law, it is felt that the provision is of little practical sig$400,000
Cash capital
Cash in banks and due from
nificance in view of the fact that the value of the assets of the new company
677,788 Res. for unearned premiums__ 319,712
agents
as of Sept. 30 1934 would be $24,764,598 of which $22,288,138. or about
32,839
8,110 Reserve for unpaid losses
Accrued interest
thereof, would be surplus.
90%
33,234
320,969 Reserve for all other liabilities_
Stocks(market values)
As to the right of directors to suspend the cash surrender feature of the
20,848
586,734 Contingency reserve
Bonds (amortized values)
new company shares in their sole discretion, it is felt that such provision is
414,257
Mortgage loans (first lien)____
61,715 Net surplus
necessary to meet a situation where, for example, the organized exchanges
165,574
Real estate
may be closed and hence where no orderly market would be available on
which the portfolio holdings of the new company could be liquidated to
61,220,890
Total
Total
$1,220.890
meet heavy demands for redemption of the new company stock under its
cash surrender feature, or where, even if the organized exchanges were
-V. 134, p. 4672.
open, such a chaotic and disorderly market prevailed as to impose great
hardship on remaining stockholders by reason of the forced liquidation of
New England Power Association-Personnel
the company s portfolio holdings to meet heavy demands for such redempCarl S. Herrmann, who has been Treasurer since organization in 1926,
tion. The privilege of suspension is not, however,limited by the certificate
has been elected President, succeeding Frank D. Comerford, resigned.
of incorporation to such emergency situations since it was felt advisable
Harry Hanson, Assistant Treasurer, has been elected Treasurer to sucto give the board absolute discretion in the matter and to rely upon the
ceed Mr. Herrmann.
-V. 140, p. 150.
judgment of the board as to the occasion for and duration of any particular
suspension.
New Jersey Zinc Co.
National stockholders are requested to execute and forward the new
Period End. Dec.31- 1934-3 Mos.-1933
1934-12 Mos.-1933
form of proxy enclosed in the case of such stockholders, and National
x Income
$955,231
$1.108.782 $3,788,380 $3,994.073
warrantholders are requested to execute and forward the new form of
Dividends
(2%)981.632 (2%)981.632 (8)3.926.528 (8)3,926,528
approval enclosed in the case of such warrantholders, in each case covering
the plan as amended.
Deficit
$26,401 sur$127,150
$138,148 sur$67.545
Stockholders and warrantholders of Second, Third and Fourth National
Earns, per sh.on 1.963,Investors Corps,who have not already executed and forwarded their proxies
264 shs. capital stock
as stockholders or their "approvals" as warrant holders, are requested to
(par $25)
$2.03
$0.49
$0.56
$1.93
do so promptly.
x Income (including dividends from subsidiary companies), after deductIf for any reason any stockholder or warrant holder wishes to revoke a
proxy or "approval" forwarded to his company, he may do so merely by
ing for expenses, taxes, depreciation, maintenance, repairs, depletion and
requesting such revocation in writIng.-V.140, p. 645.
contingencies.
-V. 140. p. 981.
1152
Financial Chronicle
New England Telephone & Telegraph Co.
-No Review
of Rate Orders-The Massachusetts Department of Public Utilities has handed down a
decision denying the petition of customers of the company for a review of
the Department's order of July 31 1934, denying a petition for a reduction
in telephone rates. The Department says: "We are of the opinion that
the petition sets forth no new facts that would change our decision; consequently the application is denied."
-V. 140. P. 981. Ad
Dividend_
ifit,"
New River Co.
-31.50 Prefelred
.
The directors have declared a dividend of $1.50 per share on account
accumulations on the 6% cum. pref. stock, par $100, payable March 1 to
holders of record Feb. 16. Similar distributions were made on Nov. 5,
June 15 1934 and on Nov. 2 1931, this latter payment representing the
dividend due May 1 1924.-V. 139. P. 2212.
New York Auction Co., Inc.
-Earnings
-Calendar Years1934
1933
1932
x Total incomefrom oper $216,858
Selling expenses
1 199,287
Adminis. & general exp_1
Provision for bad and
doubtful accounts_
Int. on mortgage debt
21,120
Other charges
6,155
Loss on merchandise_ _ _
23,624
Deprec. on bldgs.& eqp
Addition to reserve for
losses on advances,accounts receiv., &c.75.000
$241,950
42,196
1136,117
$215,588
41,005
182,644
21,120
31,292
100.541
21,532
1.066
1931
$307,194
51,004
208,667
2,285
29.850
556----
20,263
Deficit for period_ --- $108,327
$131,202 sur$14,832
$9,038
Earns, per sh. on 95.847
shares (no par)
Nil
Nil
Nil
x Includes other income of $3,356 in 1934; $1,196 in 1933;$568 in 1932
and $1,872 in 1931.
Balance Sheet Dec. 31
Assets
1934
Liabilities1933
1933
1934
Cash
$50,469 $127,595 Notes payable to
Adv,to shippers &
bank
$150,000 $100,000
accts. receivable
1475,471 Accounts payable. 162,590
159,963
Misc.accts. receiv. 476,819
928 Vouchers payable..
9,015
7,562
Mdse. inventory._
65,856 Miscellaneous.2,409
1,626
z Land, bldgs. and
Mortgage payable 352,000
equipment
414,305 Res. for deprec. of
686,906
Furn.. fixtures, &o
22,408 fixed assets
102,824
Mortgage recelv_ _
17,250 Res.for bad debts_
14,250
100,000
Prepayments suny Capital stock._ 575,464
683,791
dry charges_ _ _ _
33,407
21,581
Total
$1,250,025 $1,157,221
Total
$1,250.025 $1,157,221
x After deducting mortgages payable of $102,792 in 1934 ($352,000 in
1933). y Represented by 95,910 shares in 1934 no par value (95,847 in
1933).-V. 138, p. 1060.
New York Central RR.
-Earnings
(Including All Leased Lines)
Period End. Dec.31- 1934
-Month-1933
1934-12 Mos.-1933
Railway oper. revenues324,632,289 $22,875,719 $295084,881 $283341,102
Railway oper. expenses. 19,443.965 17,918.330 224.171,759 207,923.294
Railway tax accruals__ _ 1,902,830
1,456,414 24,836.981 26,456,636
Uncoil. rwy. revenues__
13,596
11,406
178,056
173,395
Equip. & jt. fac. rents__ 1,695,938
1,256,171 16,737.155 15,518,613
Net ry. oper. income- $1,575,958 $2,233,395 $29,160,928 $33.269,162
Miscl. & non-oper. inc__ 2,708,732
1,639.564 23,416,606 21,522,137
Gross income
$4,284,691 $3,872,960 $52,577.534 $54,791,300
Deducts,from gross Inc.. 5,133,025 4,251,569 60,259,869 60,203,814
Net deficit
$848,334
$378,608 $7,682,334 $5,412,513
-V. 140, p. 981.
New York Telephone Co.
-Earnings
Period End.Dec.31- 1934
-Mona-1933
1934-12 Mos.-1933 4
"
Operatingrevenues
$15,847.360 $15,825,806 $186995.498 $185104,228
Uncollec. oper. revenue76,483
114.088 1.066,841
1,703,784
Operating expenses_ _ _ _ 11,531,287 11,591,348 133,336,962 134,083,257
Operating taxes
1,592,703
1,443.910 18.300.438 15.534,566
Net operating income- $2,646,887 $2.676,460 $34,291,257 $33,782,621
-V. 140, p. 323.
New York Trap Rock Corp.
-Readjustment Plank 4t
The corporation has made to the holders of its 1st mtge. 6' sinking
fund gold bonds, due Dec. 1 1946 and 10
-year 7% sinking fund gold debentures, due Dec. 1 1936 a proposal of readjustment dated Jan. 2 1935,
involving as its principal features:
-A waiver of existing sinking fund arrears; a modifica(1) As to the Bonds
tion of sidnking fund provisions so that future sinking fund payments shall
be based upon the earnings of the corporation, and a participation by
bondholders in the earnings of the corporation part passu with the holders
of the common stock at the cumulative rate of 1% per annum.
-A waiver of all sinking fund arrears, a modifica(2) As to the Debentures
tion of sinking fund provisions so that future sinking fund payments shall
be based upon the earnings of the corporation, an extension of the due
date of debentures to Dec. 11946, a participation by debenture holders in
the earnings of the corporation pani passu with the holders of the preferred
stock at the cumulative rate of 1% per annum, and the securing of the
debentures by a second mortgage upon the properties of the corporation
upon which the mortgage securing the first mortgage bonds is a lien.
Bondholders accepting the proposal shall do so by depositing their bonds
with Commercial National Bank & Trust Co. of New York, as agent of the
corporation.
Debenture holders accepting the proposal shall do so by depositing their
debentures with Empire Trust Company, as agent of the corporation.
All such deposits must be made on or before April 15, or on or before such
later date (not later however than Nov. 1 1935) as the corporation by
notice lodged with said agents may fix.
Reasons for Making the Proposal
The bonds and debentures, both of which are dated Dec. 1 1926, were
issued on March 11927. The amount of bonds issued was 36,500,000, the
amount of debentures was $1,250,000-a total of $7,750.000. Since
March 1 1927. the corporation has redeemed and retired $1,706,500 of
bonds and $783,500 of debentures
-a total of $2,490,000, leaving outstanding $4,793,500 of bonds and $466,500 of debentures
-a total of
$5,260,000.
In the same period there has been expended by the corporation for the
betterment, improvement, extension and modernization of and for additions
to its plants and equipment, in addition to upkeep and current repairs, a
sum in excess of $3,500,000. The total expended for these purposes and
for the retirement of funded debt during the period closely approaches
56,000,000.
The present business depression has brought about an almost total
cessation of private construction work. It is only recently that the construction of public works through Federal aid has attained any considerable
volume. The result has been a sharp contraction in the income of the
corporation, which (together with losses through the troubles of others, of
which this corporation, like all others engaged in the same line of business,
has been obliged to bear its share) has made it necessary to omit the sinking
fund payments on account of both the first mortgage bonds and the debentures from June 1 1933 onwards, in order to prevent serious impairment of
the corporation's working ca”ital. These unpaid sinking fund installments now amount to $750,000-a little more than one-fifth of the amount
spent for betterments, improvements, additions and extensions since the
issue of these securities.
The debentures mature by their terms on Dec. 1 1936. Under the
ordinary rules of good accounting these debentures must soon appear upon
the balance sheet of the corporation as quick liabilities. This near maturity
makes necessary also, and at an early date, the consideration of the question
of refinancing the debentures.
Feb. 16 1935
The situation thus arising definitely indicates that the future prosperity
of the corporation and the best interests of the holders of its securities of all
classes demand an early readjustment of the funded debt of the corporation,
and the directors have deemed it wise to suggest to the holders of the
corporation's bonds and debentures, for their voluntary acceptance, the
plan rather than to await the time when it might become necessary, at great
expense and loss of prestige to the corporation, to seek a compulsory readjustment through the recent amendment to the National Bankruptcy Act,
with the reduction in interest and other curtailment of the rights of security
holders which are usually incident to proceedings of that kind, all of which
might then be unavoidable.
It is believed that the plan proposed will, if carried into effect, prove
beneficial to the corporation and to the holders of its bonds and debentures.
The plan has for its primary purpose the placing of the corporation
sound financial condition freed from restrictions which now hamper in a
the
normal conduct of its business. It is obvious that anything which tends
to aid the corporation in this respect must be of benefit to the holders of its
bonds and debentures, because not only does a successful conduct of the
business of the corporation assure the due and regular payment of the
interest on these securities, but the earnings from such successful conduct
of business must be looked to to provide the funds for the amortization and
retirement of both bonds and debentures through the operation of the
sinking fund. Whatever, therefore, is advantageous to the corporation in
this way, must also be advantageous to the holders of its funded debt.
V. 138. p. 3611.
North Star Oil, Ltd.
-Accumulated Dividend.
26el, 1,61
The directors have declared a dividend of 173i cents per share on accou(it
of accumulations on the 7% cumulative preferred stock, par $5, payable
March 1 to holders of record Feb. 15. This dividend is payable in
funds and in the case of non-residents is subject to a 5% tax. Canadian
The last
regular quarterly dividend paid on this issue was the 8% cent payment
made on Oct. 2 1933.
Accumulations as of April 1 after the March 1 payment will amount to
35 cents per share.
-V. 139, p. 937.
Northwest Bancorporation-Eatnings-Combined Statement of Earnings and Expenses for Calendar Years (Corporation and Affiliated Institutions)
1934
1933
1932
1931
Interest earned
$10,697,960 $12,215,700 $15,509,071 $19,486,779
Other earnings
5,348,900 3,988,278 4,220,394 4,704,730
Gross earnings
Interest paid
Salaries
Other expenses
Taxes
$16,046,860 $16,203,978 $19,729,465 $24,191,509
2,928,108 3,794,486 5,505,349 7,218,773
4,444,034 4,756,548 5,230,564 5,993,685
3,476,698 3,471,605 3,511,545 3,984,949
666,103
818,360
803,963
979,933
Operating exrnings_.- $4,531,918 $3,362,979 $4,678.043 $6,014,168
Amt. applic. to Northw.
Bancorp. after eliminating earned minor
interests in affiliates_
4,315,851 3,173,124 4,405,544
5,741.625
Balance Sheet Dec. 31 (Company Only)
21934
1933
al934
1933
Assets$
Liabilities$
$
$
Invests, in capital
Note payable
2,958,671 3,000,000
stocks of bks. &
Accounts payable81,667
28,525
other still. cos__25,780.059 24,429,730 Res. for conting 12.000,000 12,000,000
Bonds
168.080
170,520 Capital stock less
Cash
856,893
758,844 treasury stock 7,582,767 7.678,981
Accts.receivable
31,040
30.432 Surplus
4,266,110 21640,336
Prepaid interest_
11,458
Total
26,836,072 25,400,984 Total
26,836,072 25,400,984
a See footnote a below.
Consolidated Balance Sheet as at Dec. 31.
(Including constitutent banks and other affiliated companies)
Assetsa1934
c1933
Assets of constituent banks and trust companies:
Cash and due from banks
$117,783,401 $75,046,592
Proceedsfrom sale of pref.stock & cap. debs..
19,085,000
United States Government securities
131,807,969 65,615,416
Other
d securities
49,656,871
62,466,499
Loans and discounts
106,598,982 117,832,864
Overdrafts
45,053
52,699
Customers' liabilities on acceptances
244,199
137,486
Bank premises and real estate
11,161,608
11,127,679
Redemption fund
379,405
567.681
Other assets
2,643,802
2,724,916
Assets of Union Inv. Co.(less res. and exclusive
ofinvestments and deposits in affiliated banks)
713.136
875,001
Assets of other companies
1,369,860
1,923,201
Assets of Northwest Bancorporation (excl. of
,-investments and deposits in banks and other
affil, cos. ano other inter-company accounts)
199,447
212,640
d Treasury stock
417,233
321,019
Total
$423,020,967 $357,988,694
Liabilitiesa1934
c1933
Demand deposits
$248,669,804 $181,049,464
Time deposits
110,064,429 109,233,171
Bills payable and rediscounts
177,732
Circulation
7,192,020
10,554,860
Letters of credit and acceptances
140,961
250,174
Other liabilities
538,295
617,403
Reserve for interest, taxes and expenses
1,726,137
1,725,354
Reserve for losses and depreciation
4,437,972
2,456,647
Reserve for deposit insurance
889,993
336,366
Notes payable
2,949,463
2,693,933
Capital debentures to be sold to RFC
1,740,000
1,820.000
Preferred stock sold or to be sold to RFC
20,545,000 20,765,000
Accrued divs. on pref. stk. & int. on cap. debs._
423,774
Minority interest in capital stock and surplus
of constituent banks and other affiliated cos.._
1,564,651
1,540,611
Reserve for contingencies
12,000,000
12,000,000
b Capital stock
8,000.000
8,000,000
Surplus
4,266,110
2,640,336
Total
$423,020,967 $357,988.694
a After giving effect as at that date to the proposed reduction in capital
from $25.000,000 to $8,000,000, to the increase in the reserve for contingencies to $12,000,000 and to the changes incident thereto. b Represented
by 1,679.501 no par shares. c After giving effect to the revaluation of
assets, to increase in reserves for losses and to revision of the capitalization
of the affiliates as a result of the sale of $17,265,000 preferred stock and
$1,820,000 of capital debentures to the RFC and to the reduction of capital
of the Northwest Bancorporation from 525,000,000 to $8,000,000 and the
changes incident thereto. d Represented by 87,593 no par shares in 1934
and 67,394 shares in 1933.-V. 139. ro• 1716.
Northwestern National Insurance Co.
-Balance Sheet
Jan. 1 '35
Assets
Stocks and bonds_11,264,301
Cash
228,806
Agents' balances In
course of collec'n 870,579
Collateral loans.__
16,000
Real estate
1,161,705
Loans secured by
real est. mtges 1,385,000
Interest accrued...
93,266
Dec. 31'33
LiabilUtes9,932,315 Capital stock
236,946 lies, for unearned
premiums
949,754 Res. for losses in
16,000 adjustment
1.014,043 Res. for taxes accr.
Res. for service re1,641.500 tirem'ts & death
136,148 benefits
lies, for all other
liabilities
lies, for conflagrations and other
contingencies.....
Net surplus
Total
15,019,656 13,926.706
-V. 139, 1:4 2526
Total
Jan. 1 '35
Dec.31'33
$
2,000,000 2,000,000
4,991,678 4,990,781
294,993
260,000
394.411
300.000
107.458
261,039
189,997
2.000,000 1,750,000
5,211,946 4,194,059
15,019,656 13,926,706
Financial Chronicle
Volume 140
Niagara Lockport & Ontario Power Co.
-Reduces Rates
The first step in a program to further reduce and simplify electric rates
to customers served by this company was taken Feb. 14 with the filing
for approval by the P. S. Commission of a simplified rate schedule for
customers in cities, incorporated villages and lighting districts where
rates of the "counted room" type are now in effect. The new rates, if
approved,' will mean an annual savings to stomers affected of $12 ,0000
it was announced by Fred D. Corey, President of the company. Less
than a year ago residential rates were reduced $90,000. Continuing steps
in the program now in preparation will mean new low rates for the company's rural areas and the greater part of Erie County, Chautauqua County,
the Village of Wilson, and adjacent territories served by the company.
Announcement of these further changes will be made as soon as practicable.
-V. 139, p. 2839.
-.
's-Olympia Theatres, Inc.
-Position
Paramount-Publix Re organization
-
with
Respect Ito
In notice to the holders of depository certificates of preferred and common
shares, deposited under agreement dated March 21 1933, the deposit committee states that there are now on deposit certificates representing 96.8%
(26.336) preferred shares and 9.17% (163,234) common shares of the total
originally deposited in 1935.
niThe company filed proof of claim in the Paramount bankruptcy proceedings in New York and a later supplemental proof in the reorganization
proceedings under Section 77-B,of.the Bankruptcy Act. The latter was for
approximately $1.825,000.
Paramount trustees have entered into a compromise agreement with
the committee which provides for allowance of this claim in full, plus approximately $45,000 towards the committee's expenses and compensation.
Allowance of the claim will put depositors in a position to share in any
reorganization of Paramount, and if the one contemplated is consummated
in its present form, will entitle the Olympia Theatres claim to interest at
6% from June 16 1934. to Jan. 1 1935.
On the basis of the present reorganization plan, the committee says
depositors may hope to receive securities of the new company of a face value
in excess of the amount of unpaid principal still due under the original
Paramount contract and returning a greater income than that previously
received on the original Olympia certificates.
PI Olympia Theatres, Inc., is still in receivership, with creditor claims being
sold at around 40 cents on the dollar and with reports current that its reorganization will completely wipe out all old stock, says the committee.
The members of the deposit committee are Bernard L. Garfinkle, Mas. I.
Mydans and Frank L. Converse.
-V. 137, P. 3685.
Pacific Telephone & Telegraph Co.
-Earnings
Period End, Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues...__ $4,563,314 $4,416,514 $54,039,807 $52,133,448
Uncollectible oper. rev__
13,000
21.095
241,402
446.960
Operating expenses___ 3,116,269
3,148,084 36,901,319 35.817,704
Rent from lease of oper.
property
70
71
865
845
Operating taxes
561,700
439,669
6,521.422
5,753.378
Net operating income_
-V. 140, p. 324.
$872,415
$807,737 $10,376,529 $10.116,251
Page-Hershey Tubes, Ltd.
-Preferred Stock Called
The company on Feb. 8 notified the Montreal Curb Market that the outstanding preferred shares would be redeemed on April 1 at $110 a share
and accumulated dividends. There is $17,200 par value outstanding.
- 139, p. 608.
V.
Publix Corp.
-Reorganization Modifications
Approved
Federal Judge Coxe signed on Feb. 14 an order approving modifications
of the plan of reorganization and indicated that as soon as attorneys had
agreed on phraseology he would sign orders holding three deposit agreements to be fair.
In approving the plan Judge Coxe held to it be "fair and equitable." He
said it did not "discriminate unfairly in favor of any class of creditors or
stockholders" and that it was "feasible."
Further hearings were adjourned until April 4 when it is expected that
the plan will be submitted for final confirmation.
-V. 140. p.983.
(J. C.) Penney Co., Inc.
-January Sales
Month of JanuarySales
- 140, p. 483.
V.
1935
1934
$12,904,502 142.440.233
1933
$8.689,376
Pennsylvania Electric Co.(& Subs.)
-Earnings
12 Months Ended Dec. 311933
1934
Total operating revenues
$9.411,461 $8,857,923
Operating expenses
3,897,506
3,863.915
Maintenance
621,860
570,777
Provision for retirements, renewals & replacements offixed capital
709.725
443,663
Federal income tax
252,144
226,319
Other taxes
352.504
230,744
Operating income
Other income
$3.611,312 $3,488,910
97,450
297.170
Gross income
Interest on mortgage debt
$3,708,762 $3,786,081
1,813,884
1,761,965
Balance
$1,894,877 $2,024,115
Operations of the Clarion River Power Co. are included above only since
April 1 1933, the date of acquisition.
-V. 139. p. 1250.
Pennsylvania RR.
-New York-Washington Electrification
Through electrified passenger train service between New York, Philadelphia. Baltimore and Washington was initiated by the road Feb. 10.
When "The Congressional' left Pennsylvania Station, New York, for the
capital, drawn by a streamlined electric locomotive. Thirty minutes
earlier the northbound "Congressional" left Union Station, Washington,for
New York. also headed by a streamlined electric engine.
prInitiation of through electrified passenger service brings to virtual completion the world's greatest railroad electrification project. Its final stages
were carried out with money furnished by the Public Works Administration, through purchase by the Government of the railroad company's secured obligations.
Including the lines previous electrified, the carrying out of the New YorkWashington electrification gives the Pennsylvania RR. System 1,974 miles
of electrified track, or more than one-third of the country's total.-V. 140.
p. 983.
---Per Marquette Ry.-Dronde
The Interstate Commerce Commission on Jan. 31 authorized the com% gold bonds, series C. in reimbursepany tissue $659,000 1st n4ge.
ment for capital oxpdntituresj the bonds to be pledged and repledged with
the Railroad Credit Corpora on as collateral security for a short-term note.
-V. 140, p. 647.
Peoples Gas Light & Coke Co.
-Annual Report
James Simpson, Chairman, and Geo. A. Ranney, Vice-Chairman,
state in part:
Year's Business-Total sales of gas by company and its subsidiaries for
1934 were 449,174,690 therms, as compared with sales of 279,277.938
therms in 1933.
The total revenue from gas sales in 1934 was $33,806,249, an increase of
$3,109,840 or 10.13% over the corresponding revenue for 1933.
Operating expenses and taxes for 1934 amounted to $29.982,959, compared with $25,566,703 for 1933. an increase of $1,416,255. The principal
item contributing to this increase was the cost of purchasing additional
quantities of gas, which amounted to $2,604,016. The item "operation"
increased $1,674,790, duo to increases in the cost of sales of promotional
activities, particularly the company's sales campaign for additional space
heating business, to increases in the cost of materials and labor as a result
of the operation of the National Recovery Administration, and to certain
other items, some of which are not of a recurring nature. The current
year's operating expenses include the space heating campaign expenditures
1153
incurred in 1934 and also the losses realized on customers' equipment
removed during the same period.
The amount expended by the company and its subsidiaries for maintenance of properties during 1934 was $1.432,926, an increase of 347,404 over
1933. The provision for depreciation of property was $2,974,147, which is
substantially the same amount as that provided in 1933.
Surplus
-As the result of a study made of the company's plan of self
insuring a substantial portion of its insurable properties against fire or
other casualty, the management decided that the company was carrying
an unduly large portion of these risks and determined to insure a greater
portion thereof with insurance companies. This has been done. This
change in policy released $1,896,388 for transfer from the insurance reserve
to earned surplus as of Dec. 31 1934. A balance of $500,000 was retained
in the insurance reservelas of that date.
More complete information with respect to the bases for calculation of
the real estate and personal property taxes payable by the company for
the year 1933, and certain decisions by the County Court of Cook County
affecting disputed taxes ifor prior years, made possible the transfer of
$412,556from the accrued taxes account to earned surplus as of Dec.31 1934.
An additional reserve provision of $1,136,171 was charged to the parent
company's earned surplus to complete the coverage for the probable loss
resulting from the eventual consummation of its obligation as guarantor
of the refunding mortgage 5% gold bonds of Indiana Natural Gas & Oil
Co.,a subsidiary.
The consolidated earned surplus, after giving effect to all adjustments,
amounted to $4,393,935 as of Dec. 31 1934, as compared to $1,648,717
as of Dec. 31 1933. Consolidated capital surplus as of Dec. 31 1934
amounted to $6,612,009.
-In 1906 People's Gas Light & Coke Co.
Indiana Natural Gas & Oil Co.
guaranteed the payment both as to principal and interest of $6,000.000
refunding mortgage 5% gold bonds of this company, maturing May 1 1936.
Bonds in the principal amount of $1,534,000 are now outstanding in the
hands of the public; $750,000 are deposited as collateral partially securing
a mortgage on a gas plant leased by a former subsidiary of the company;
and the remaining bonds are owned by the company or its subsidiaries.
It is the present purpose of the company to retire these outstanding bonds
out of current assets.
.Reserves established prior to 1934. together with an additional reserve of
$1,136,170 appropriated from the earned surplus of Peoples Gas Light &
Coke Co. as of Dec. 31 1934, provide total reserves which should be sufficient at the maturity of the bonds to cover all loss to this company under its
obligation on the guaranty. Upon the retirement of these bonds on May 1
1936, the books or Peoples Gas Light & Coke Co. will reflect an investment
in Indiana Natural Gas & Oil Co. of approximately $1.080,000, equivalent
to the net book value of the properties of the latter company.
Natural Gas Contract-Chicago District Pipeline Co., in which this company. through Natural Gas Investment Co., has slightly more than 79%
Interest, entered into a contract on July 25 1931 with Natural Gas Pipeline Co.of America (then called Continental Construction Co.) to purchase.
at a pointinear Joliet, ill., natural gas at an agreed price.
The _People's Gas Light & Coke Co., Public Service Co. of Northern
Illinois and Western United Gas & Electric Co. entered into contracts
with Chicago District Pipeline Co., conditioned on the approval of the
Illinois Commerce Commission, whereby they undertook to purchase
natural gas for resale in their respective territories, the price thereof to be
the cost of the gas to Chicago District Pipeline Co. plus that company's
fixed and overhead charges, which were limited by the terms of the contracts.
r -.The stockholders were advised in the annual report for 1933 that the
Illinois Commerce Commission on July 16 1933 entered an order disapproving of the contracts under which Chicago District Pipeline Co. resells
gas to the three distributing companies because the Commission disapproved the price and other terms thereof. Chicago District Pipeline Co.
promptly filed a bill in the U. S. District Court to restrain enforcement of
that order. On Jan. 23 1934 the Court entered a temporary restraining
order and referred the matter to a master in chancery for the taking of
detailed evidence. The hearing before the master began shortly after
that date and continued during most of the year 1934. The introduction
of evidence by all parties has been completed and the matter is pending
before the master for final argument. The temporary injunction mentioned
above continues in effect.
...The contract with Natural Gas Pipeline Co. of America provides that
the portion of the price consisting of the capacity charge payable by Chicago
District Pipeline Co. on and after Jan. 1 1935 shall be calculated on not
less than 130,000,000 cubic feet of maximum daily demand. The demand
of 130,000,000 cubic feet:applicable to 1935 was originally undertaken by
Chicago District Pipeline Co. in the expectation that increased business
on the part of the distributing companies would enable it to meet the requirement. While this expectation has not been fully realized, Chicago
District Pipeline Co.'s firm demand has increased from approximately
60,000,000 cubic feet to the present 97,000,000 cubic feet.
The management of the Peoples Gas Light & Coke Co. is now endeavoring, through Chicago District Pipeline Co., to arrive at a revision of the
latter company's contract with Natural Gas Pipeline Co. of America that
will meet with the approval of the Illinois Commerce Commission and thus
avoid protracted litigation in the Federal Courts.
Income Account for Years Ended Dec. 31 (Company Only)
1932
1934
1933
$32,696,883 $30,143,814 $33.124,087
Gas sales
591,388
303.250
544,347
revenues
Other operating
Total gross earnings
Gas purchased
Operation expense
Maintenance
State and local taxes
Federal income taxes
Depreciation
Net earnings from operations
Other income
$333,241,230 $30,735,202 $33,427,338
7,585,544
7,593,699
9,743,525
11.831,253 10,290.307 10,967,498
1.415,507
1,374,055
1,418,692
2,689,984
3.319,822 x3,293,137
483,000
100,700
2,565,965
2,735.281
2,731,925
$4,095,313 $5,448,723 $7,719,840
1,180,524
868,272
808,741
$4,904,054 $6,316,995 .$8,800.364
Net earnings
4,276,078
4.227,899
4,127,693
Interest on funded debt
31,586
142,595
100,955
Interest on unfunded debt
196,647
267,186
185,690
Amortization of debt discount & expNet income
Dividends
$489,717 $1,812,683 $4,162,683
1,597,2k 8
4,085,364
$215,475
$77.320
$489,717
Surplus for year
671.938
709,406
707,481
Shs, cap. stk. outst'g (par $100)---$2.56
$6.20
Earned per share
$0.69
x Includes Federal taxes.
Consolidated Income Account Years Ended Dec. 31 (Including Sub. Cos.)
1934
1933
193T
Gas sales
$33,806.249 $30,696,408 $33,586,244
Other operating revenues
836,569
1,014,495
543,362
Total gross earnings
Gas purchased
Operation expense
Maintenance
State and local taxes
Federal income taxes
Depreciation
Net earnings from operations
Other income
$34,642.818 $31,710,904 $34.129.606
10,203,445 7,599.429 7,486.854
11,831,223 10,156.433 11,234.308
1,432,926
1.385,522 1,433,370
2,705,714
3,392,662 x3,463,637
487,831
148.554
2,974,148 2.961.682 2,697,645
$4,659,859 $6.144,200 18,083,884
1,019,000
837.405
955.204
Net earnings
$5,678,859 $6,981,605 $9,039,087
Interest on funded debt
4,507,501 4,771.208 4.457,201
Interest on unfunded debt
105,294
35,548
125,350
Amortization of debt discount & exp _
202,919
213,876
293,853
Net income
Dividends
$863,145 $1,960,974 $4.162,683
1,518,207 3,937,447
Surplus for year
$863,145
$442,787
$225,236
Shs.capital stock outst'g (par $100)-- iy676,377 13 676,210
,
671,938
Earned per share
$1.28
$6.20
$2.90
x Includes Federal taxes. y Does not include 34,987 shares in 1934
(34,801 shares in 1933) acquired by Peoples Gas Subsidiary Corp.
1154
Financial Chronicle
Consolidated Balance Sheet Dec. 31 (Including Subsidiary Companies)
1934
1933
Assets$
$
Plant, property, rights, franchises, &c
168,121,312 167,522,815
a Investments in and advances to MTh.& other cos. 16,914,447 19,402.150
Funds and special deposits
3,862,859
5,253,083
Deferred charges and prepaid accounts
9,967,8479,714,725
Other assets
1,008.577
3,974,722
Cash on hand and demand deposits
4,248,022
3,355,732
b Accounts receivable
3,558,491
3,467,022
Tax anticipation warrants
981,200
1,163,821
U.S. Liberty bonds
761,953
Materials and supplies
2,828,498
2,089,963
Total
211,491,253 216,705,987
Liabilities
Capital stock
67,663,772 67,670,378
Capital stock subscribed
504,100
684,000
Minority interests
19,472
14,297
Funded debt
85,367,600 92,401,800
Deferred liabilities
3,271,389
6,160,388
c Note and accounts payable
2,575,662
1,818,736
Current obligation to subscribers to employees'
Investment fund
400,000
500,000
Accrued interest on funded debt
626,497
665,780
Accrued taxes
8,972,990
8,072,545
Miscellaneous current liabilities
193,680
125,749
Depreciation reserve
27,936,454 26,101,431
Miscellaneous reserves
1,445,161
873,653
Insurance reserve
500,000
2,376,333
Reserve for contingencies
1,013,705
1,013,705
Capital surplus
6,612,009 6,573,297
Earned surplus
4,393,935
1,648,718
Total
211,491,253 216,705,987
a After reserve of $10,417,434 in 1934 ($11,133.670 in 1933). b After
reserve for doubtful accounts. c Includes notes payable of $653,420 in
1934 ($24,480 in 1933).
Balance Sheet Dec. 31 (Company Only)
1934
1933
Assets
Plant, property, rights, franchises, &c
154,968,044 154,412,358
Investments and advances
24,623,385 25,625,543
Funds and special deposits
3,136,179
5.231,198
Deferred charges and prepaid accounts
9,922,768 9,621,109
Other assets
140,543
259,230
Cash on hand and demand deposits
2,900,662
2,207,433
a Accounts receivable
3,302,269
3,121,069
U. S. Liberty bonds
761,953
Tax anticipation warrants
981,200
1,163,821
Materials and supplies
2,656,144
1,938,755
Total
202,631,195
Liabilities
Capital stock
71,153,472
Capital stock subscribed
186,80(
Funded debt
78,025,000
Deferred liabilities
2,804,883
Accounts payable
1,858,572
Due to subsidiary company for gas purchased..
Current obligation to subscribers to employees' investment fund
400.000
Accrued interest on funded debt
564,151
Accrued taxes
8,726,772
Miscellaneous current liabilities
188,453
Depreciation reserve
25,564,528
Miscellaneous reserves
1,819,429
Insurance reserve
500,000
Reserve for contingencies
1.013,705
Capital surplus
6,612,009
Earned surplus
3,213,420
204.342,470
71,150,478
353.000
82.586,000
2,934,677
1,046,543
717,036
500,000
581,957
7,881,684
124,954
23,992,355
861,734
2,376,333
1,013,704
6,573,297
1,648,718
Total
202,631,195 204,342,470
a After reserve for doubtful accounts.
-V. 139, P. 3488.
Feb. 16 1935
Pittsburgh & Lajte Erie RR.
-Earnings
-Period End, Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Railway oper. revenues_ $1,075,125 $1,124,834 $15,236,943 $14,582,836
Railway oper. expenses_
982,840
1,024,371 12,860,601 11,972,708
Railway tax accruals_ _ _
*78,380
71,334
807,235
1,083,648
Uncollect. rwy. revenues
554
1
2.460
46
Equip. St joint fac.rents*
148,452
133,883
1,738,186
1,379,686
Net ry, oper. income-.
& non-oper. inc_
$318,563
181,014
$163,010 $3,304,833 $2,906,119
692,436
228,274
950,266
Gross income
Deducs, from gross inc-
$499.577
60,280
$391,285 $3,997,269 $3,856,385
98,687
1,076,107
1,291,135
Net income
$439,297
* Credit balance.
-V.140. p. 483.
$292,598 $2,921,161
$2,565,250
Pittsburgh & West Virginia Ry.-Equipment 7'7 ust,
Series of 1935
The Interstate Commerce Commission on Feb.4 authorized the company
o assume obligation and liability in respect of $700.000 equipment trust
certificates, series of 1935. $200,000 thereof to be pledged and repledged
with the Railroad Credit Corporation as security for loans.
The Report of the Commission says in part:
There remains unpaid the final instalment of $300,000 of equipment
trust certificates, series of 1924, in respect of which the applicant had
assumed obligation and liability under authority contained in our order
of Dec. 9 1924. These certificates were due Nov. 1 1934, and the applicant
represents that it is without funds to pay them and that it is also in need
of $200,000 to pay current vouchers. In connection with the borrowing
from the Credit Corp. in May 1933, of $202,500 which matures in May
1935, it is pledged with that corporation as security its equity in the equipment under the equipment trust, series of 1924.
The applicant applied for a loan of $500,000 from the Reconstruction
Finance Corporation, which was approved by our report and certificate
of Dec. 1 1934, as amended by our report and order on further consideration
therein issued on Jan. 8 1935, one of the conditions of our approval being
that the applicant deliver to the RFC, as collateral security for this and
previous reconstruction .loans, equipment trust certificates having a first
lien on equipment at present subject to the trust agreement and lease of
1924. to be issued under a new trust agreement and lease, in form satisfactory to the RFC,in the amount of $500,000, and being a part of a total
Issue of not to exceed $700,000. Our authorization under Sec. 20-A of the
Interstate Commerce Act is not required for the pledge of the $500,000 of
certificates with the RFC. Of the proceeds of the loan, $300,000 is to be
used to retire the $300.000 of equipment trust certificates remaining unpaid
and $200,000 to meet current vouchers.
It was contemplated that when the applicant paid off the final instalment
of $300,000 under its equipment trust, series of 1924. it would become repossessed of the title to the equipment covered by that trust and the Credit
Corp. would have a first lien thereon. The applicant now proposes to pay
the Credit Corp. $2.500 in cash and pledge with It as collateral security
$200.000 of new certificates, to be created, with the understanding that the
Credit Corp. will surrender its present equitable lien on the equipment
under the equipment trust agreement and lease of 1924. and extend the loan
of $200,000 for an additional period of two years, or to the maturity date
of the loan from the RFC.
The new equipment trust agreement will be entered into under date of
Jan. 31 1935, between the applicant, certain vendors, and the Chemical
Bank & Trust Co., as trustee, and will cover the following equipment:
2,355 all-steel self
-clearing hopper cars, 16 cabooses, 24 locomotives with
tenders, 2 official cars, and 1 derrick, a total of 2,398 units. The value of
the equipment has been certified to the trustee by the applicant to be not
less than bl.750,000 as of Jan. 31 1935.
The certificates will be dated Jan. 31 1935. will Dear dividends at the
rate of 53 % per annum, payable semi-annually on Jan. 30 and July 30,
,
5
and will mature Jan. 30 1937, but will be subject to redemption as a whole
on any dividend payment date at par and accrued dividends. Each certificate will entitle the holder thereof to an interest in the trust to the amount
therein specified. Pursuant to the agreement the applicant will endorse
on each certificate its unconditional guaranty of the payment when due of
the principal and dividends.
-V. 140. p. 810.
Pond Creek Pocahontas Co.
-Coal Output
-
Phelps Dodge Corp.
-Buys United Verde Shares
1933
1934
Month of1935
The corporation, according to reports in the financial district, has purJanuary
130,726
144,484
116,771
chased close to 50% of the outstanding 300,000 shares of United Verde
Note
-Above figures in net tons
-V. 140, p. 983..
Copper Co. The acquisition was subject to confirmation of dirdctors at a
meeting scheduled for Feb. 6, but no official statement in the matter has
-Order-Pressed Steel Car Co.
been given out as to whether or not the directors took any action. The
The company has received an order for 300 automobile cars from the
"Wall Street Journal" had the following relative to the matter:
Cincinnati. New Orleans & Texas Pacific RR.
"Previous to this transaction, approximately 94% of the United Verde
shares was owned by heirs of the late Senator W. A. Clark, a pioneer in
Deposit Agreement Extended
the American mining field. It is expected that Phelps Dodge will continue
The committee for the 10
-year 5% convertible gold bonds, due Jan. 1
its negotiations with the Clark heirs, aiming to obtain United Verde control.
1933 has extended the deposit agreement for the period of one year from its
"Achievement of the latter would put Phelps Dodge in second place in
present expiration date, namely, March 1 1935 to March 1 1936.-V. 139.
annual copper productive capacity in the United States. The copper code
p.3815.
rates the capacity of the Phelps Dodge mines at 168,000 short tons of coPP
a year, and that of United Verde at 68,000 tons, a total of 236.000 tonr. -, Price Bros. & Co., Ltd.-New)PlanfOffer4d--'
Keamecott's domestic capacity is rated at 366,500 tons, and Anaconda's at
P. W. Pitt, representing British financiers, i4 brought forward a plan
25,0 0 tons.
for reorganization of the company, according to press dispatches from
"Mines of United Verde Copper Co. were idle from the spring of 1931 until
Montreal. The latest proposal, it is said, differs from the previous proposals
the first of 1935 when they were started up with one furnace in operation.
advanced for its rehabilitation in that the new money would be made
United Verde has paid over $68,000,000 in dividends and is one of the large
available in return for a junior equity position.
low-cost mining companies of the United States."
Mr. Pitt is quoted as follows: "I have been authorized to submit an offer
See also United Verde Copper Co. below.
-V. 139, p. 3004.
of reorganization accompanied by a deposit of $500,000 which is now
available in a Montreal bank in my name.
Philadelphia Rapid Transit Co.
-Present Board Retained
"I discussed this offer at length with the bondholders' committee and they
are constructively helping me by all means within their power to find a
by Court
solution to certain points still unsettled between us. This offer is firm,
The present directors of the company,appointed in 1931 by Judge Harry
as far as the bondholders are concerned, but my group are prepared to
S. McDevitt.of Common Pleas Court, were continued in charge by the
negotiate further on any points to which reasonable objection might be
Federal District Court Feb. 11 pending completion ofthe proposed reorganitaken by any of the parties thereby affected.
zation. The directors will be subject, as before, to the authority of the
"The offer is based upon my group's faith in the future of the newsprint
court. Three judges handed down the decision.
Industry in Canada and provides for the underwriters undertaking to put
In its order the court also disposed of three other preliminary motions
without any commission $6,000,000 out of which amount $5,000,000 will
In the case. The court dismissed City Controller Wilson's petition for
go into the common stock of the reorganized company. Therefore, if their
revision or cancellation of the new Broad St. subway lease, denied the
faith is misplaced, they will lose 85,000,000, but if the newly organized
motion of Mayor J. Hampton Moore for the city to intervene as partly
Price Brothers should prosper, they hope to make a handsome profit.
to the proceedings, and rejected a plea of certain underliers to hold up the
"The offer provides, among other things, for the existing preferred and
P. R. T. company's $1,682,000 annual rental payments to the city.
-V.
common shareholders converting their holdings into common stock of the
140, p. 647.
reorganized company on what we are confident they will consider a fair and
Philippine Ry.-Earningsequitable basis."
-V. 139, p. 127.
Period End. Nov. 30- 1934
1934-12 Mos.-1933
-Month-1933
"'Prudence Co., Inc.
-Reorganization Action in Supreme
Gross oper. revenue_ _ _ _
$47,856
$61,110
1582,633
$592,808
Oper. exps. and taxes__ _
38,855
389.376
427,047
33,764
Court in Manhattan Halted on Plea of Creditors
Interest on funded debt_
28,496
341,960
341.960
28,496
Judge Grover M. Moscowitz in the U. S. District Court in Brooldyn
continuance in the
issued Feb. 7 a temporary injunction restraining the
Net deficit
$176,199
$14,404
$6,241
$148,703
New York Supreme Court, Manhattan, of proceedings in connection with
Inc. approp. for invest.
the reorganization of $13.800,000 collateral bond issue of the company.
In physical property_
50,442
9.201
He signed also an order directing an argument before him as to why the
Injunction should not be made permanent.
Balance
$199,146
$14,404
$185,400
$6,241
The rulings were obtained by Archibald Palmer. attorney for a group of
-V.139, p. 1097.
creditors of the Prudence Co. The order was directed against the Central
Hanover Bank & Trust Co., the New York Investors, Inc., parent concern
Phoenix Insurance Co. of Hartford, Conn.-Bal. Sheet of the Prudence
Co.. and six members of a committee acting on behalf of
Jan. 1 '35 Dec. 31 '33
Jan. 1 '35 Dee.31'33
holders of bonds of the Prudence Co.
AssetsLiabilities$
$
$
$
The Central Hanover Bank & Trust Co. is restrained from transferring
x Cash
5,388,565 3,883,829 Cash capital
6,000,000 6,000,000
or disposing of any property deposited with it by the Prudence Co. under a
Real estate
565,121
565,621 Ra4, for unadJust.
trust indenture dated May 1 1926, and is prevented from paying fees to
Real estate loans
697,986
711,654
1,024,320 1,285,120
losses
attorneys or other parties in connection with the action in the Supreme
Reinsurance due on
Res. for relnsur___ 7,914,190 8,103,451
Court in Manhattan.
21,988
paid losses
12,952 Res. for taxes and
Mr. Palmer stated that a voluntary petition seeking reorganization
950,506
Interests and rents
items_
990,593
miscell.
under Section 77-B of the Federal Bankruptcy Law was filed by the direc214,422 Dividend payable.. 600,000
due and accrued 205.523
300,000
tors of the Prudence Co. on Feb. 1, at which time Judge Moscowitz took
21,250.119 17,719,681
Stocks and bonds_30,900,038 28,970,280 Surplus
the affairs of the company out of the hands of the State Banking Department and approved the motion for reorganization. His petition stated also
37,779,222 34,358,758
Total
Total
37,779,222 34,358,758
that when the Central Hanover Bank & Trust began its action, it was in
x Includes cash on hand and in banks of 83,935,608 for Jan. 1 1935 possession by pledge of bonds and mortgages aggregating $9,935,921.
Prudence Bonds Corp. bonds and certificates amounting to $1,859,250:
($2,592,839 for Dec. 31 1933) and cash in hands of agents, in course of
transmission, and due from other companies $1,452,957 on Jan. 1 1935
real estate acquired by foreclosure of a mortgage of $12,500,000, and cash
of $4,521,954, making $18,629,325,
($1.290,990 on Dec. 31 1933).-V. 139. p. 3971.
Financial Chronicle
Volume 140
Arguments on Injunction Writ Adjourned Till March 5
Judge Grover M. Moscowitz in Federal court in Brooklyn on Feb. 14
adjourned until March 5 argument on a motion to make permanent an
injunction restraining the continuance in the New York Supreme Court
of proceedings for the reorganization of $13,800.000 of collateral bonds
issued by the company, Judge Moscowitz issued a temporary restraining
order on Feb. 8.
Judge Moscowitz also granted the application of Archibald Palmer,
attorney for a group of creditors of the company,for an examination by the
trustees in the reorganization proceedings for the company.
The court also approved a suggestion of Mr. Palmer that the trustees
ascertain how much cash the company has on hand in order to determine
how much may be paid to bondholders without jeopardizing the reorganization of the company under Section 77 -V. 140, p. 983.
-B.
Purity Bakeries Corp. (8c Subs.)
-Earnings
Years EndedDec. 29 '34 Dec. 30 '33 Dec. 31 '32 Jan. 2 '32
Operating profit
41,975.166 $2,596,582 $2,212,824 $3,851,537
Miscellaneous income
147,203
175.722
165,923
139,880
Divs, on invest, in co.'s
own common stock_
100,707
41,961
Total income
$2,115,046 $2,762.506 $2,430,506 $4,099,447
Int. on funded debt of
subs.. incl. amortiz'n_
411,767
397,928
380,695
426,450
Depreciation
1,157,221
1,208,745 1,295,669 1,414,905
Prov.for Fed inc. tax
121,647
268.885
99,568
175,087
Net inc.for yr., all cos
Propor. of net inc. accr'd
to minor,stock ofsubs
Net inc. accruing to
parent company...
Div.ofsub.co
Divs. on common
$455,483
$980,745
246,265
238,860
$209.217
$741.885
14,344
771,476
771,476
$623,503 $1,989,207
262,185
268.522
1.006,306
Gross income
Deducts,from gross inc.
$12,503
34,692
Rand (Gold) Mines, Ltd.
-January Output
Month ofJan. 1935 Dec. 1934
Gold output (ounces)
890,000
866,000
-V. 140, p. 648.
Net deficit
$22.459
* Credit balance.
-V. 140. p. 811.
$20,387 def$13,810
5,835
61,357
$286,749
68,358
$26,222
35,218
$47,546
422,648
$355.108
425.436
$8,995
$375,101
$70,328
St. Louis-Southwestern Ry. Lines
-Earnings-First Week of Feb.- -Jan 1 to Feb. 7-
PeriodGross earnings
-V.140, p. 984.
1935
$315,300
1934
1935
1934
$264,695 $1,566,800 $1,356,487
Selected American Shares, Inc.
-Larger Distribution•he'-‘,.
4
The directors have declared a semi-annual dividend of 2.1 cents per share
payable March 15 to holders of record Feb. 28. This compares with 1.7
cents paid on Sept. 15 and March 15 1934, and 3.4737 cents paid on Sept.
15 1933. In addition a stock dividend of 2% was paid on March 151934.
In the second annual report to stockholders, Max Adler,President, points
out that assets amounted to more than $5,000,000 on Dec. 31 1934, against
$4.000,000 a year earlier. During the year the number of shareholders
increased from 5.196to 7,108. Shares outstanding increased from 3,226,321
to 4,609.855.-V. 139, p. 4136.
Sentinel Fire Insurance Co.-Bal. Sheet Dec. 31 1934Assets
Liabilities
Cash in banks and due from
Cash capital
$1,000,000
agents
$175,828 Res. for unearned premiums
321,028
Accrued interest
21,075 Reserve for unpaid losses
36,707
352,329 Reserve for all other liabilities.
Stocks (market values)
46,609
Bonds (amortized values).
1,686,501 Net surplus
831,390
Total
$2,235,733 Total
12,235,733
Note
-On basis of Dec. 31 1934 market quotations for all bonds owned.
assets and surplus would be increased $33,459.
-Division Transferred
Servel, Inc.
The company's export department has been transferred from Evansville,
Lad., where the plant is located, to,N. Y. City, as part of the company's
Eastern office, it has been announced by F. E. Sellman, Vice-President in
charge of distribution.
"Moving the export department to New York was made to facilitate the
company's foreign business activities," Mr. Sellman explained.
The Servel export department has been at Evansville since 1931. having
been previous to that time In New York.
-V. 140, p. 812..
Shanghai Telephone Co.
-Extends Service
Jan. 1934
998,000
ottt'llt'a
Reliance International Corp.
-50
-Cent Pref. DividenthA dividend of 50 cents per share has been declared on account of
cumulations on the $3 cum.cony. pref.stock, no par value, payable March
1 to holders of record Feb. 20. A similar distribution has been made each
quarter since and including June 1 1932.
Accruals following the March 1 payment will amount to $5.25 per share.
-V.139, p. 3972.
Republic Insurance Co. of Texas-Larger Div. Paid
-
A dividend of 25 cents per share was paid on the common stock, Par $10,
on Feb. 10 to holders of record Jan. 31. This compared with 20 cents per
share paid in each of the four preceding quarters and 50 cents per share
distributed on Feb. 1 1933.-V. 136, p. 860.
-a
---- Republic Steel Corp.
-Merger Injunction Hearing Set
-19
for Feb.
Federal Judge Paul Jones at Cleveland, Feb. 8. set Feb. 19 as the date
for the corporation and the Corrigan-McKinney Steel Co. to show cause
why a temporary injunction restraining their merger should not be granted
on a motion by the Government.
At the same time Judge Jones said he was not qualified to hear the case
"because of bond and stock interest of near relatives which will be materially
affected by the outcome of the case."
Judge Charles II. Moorman of Louisville, senior jurist of the Federal
Court of Appeals, appointed Judge Fred M. Raymond of Grand Rapids,
Mich., to preside in the suit. See also V. 140, p. 984.
Rike-Kumler Co.
-Stock Placed on Quarterly Basis
-
The directors have declared a quarterly dividend of 25 cents per share
on the no par common stock, payable March 11 to holders of record Feb.23.
This compares with semi-annual payments of 50 cents per share made from
Dec. 11 1933 to and including Dec. 11 1934. Dividends of 37 Y.6 cents per
share were paid on April 1 and Jan. 2 1932. From Jan, 2 1930 to and
including Oct. 1 1931, the company paid quarterly dividends of 55 cents
-V. 138. p. 2590.
per share.
Rochester Capital Corp.
-Earnings
Calendar YearsInterest on bonds, &c
Dividends on stocks
1934
$5,648
20,374
1933
$6,665
25,175
1932
Total income
Expenses
$26,023
5,547
$30,840
5.362
$39,117
4.376
Net income
x Profit on sale of securities (not)_
Profit for period
Previous earned surplus
$20,476
$25,478
$34,742
164.282
$20,476
207,473
$25,478
181,996
$199,024
def17.028
$227,949
40,008
$207.473
$181.996
WI??
Surplus Dec. 31
$187,941
$207,473
$181.996
z Net losses on sales and write-down of securities during 1934 amounting
($453,902 in 1933) have charged to special surplus.
to $24.238
500,100
554,462
207,473
Rutland RR.
-Earnings
-
$8,698
3.804
Total
33,727,824 35,138.880 Total
33,727,824 35,136,880
z After reserve for depreciation of $7,353,718 in 1934 and $6,850,066 in
1933. y Represented by 805,045 shares of no par value. z Represented
by 33,569 shares at stated value in 1934; book value in 1933.-V. 139.
P. 3005.
$990
Period End. Dec. 31
- 1934--Montk--1933
1934-12 Mos.-1933
Railway oper. revenues. $249.221
$247,896 $3,248.406 $3,386,805
Railwayoper. expenses233,043
246.207 3,071.677 3.026.254
Railway tax accruals_
14,457
13,605
235.405
237.470
Uncoil, railway revenues
553
90
586
306
Equip. & it. fac. rents *
7,531
32.393
45,452
163.974
Net ry. oper. income_
Miscel. & non-oper. inc.
2,415,132
1933
Total
$1,239,200 111,263,025 Total
$1,239,200 $1,263,025
a The market value of securities owned as at Dec. 31 1934 was $873,419
against $898,805 in 1933. b Authorized 250,000 shares of no par value
outstanding 100,020 shares of no par value, but at the stated value of $5
per share. c Not including 124,980 shares issued to trustee to satisfy stock
purchase option warrants outstanding, entitling the holders to subscribe
to a like number of shares of capital stock at $25 per share prior to Dec. 31
1935, and thereafter to Dec. 31 1939 at prices increasing by $1 per share
each year up to $29 per share. d Special surplus appropriated for losses
on securities.
-V. 138, p. 4475.
$361,318 $1,720,685
Net deficit for year.... $562,259
$43,935
$694,447
$644,988
Ohs. common stock outstanding (no par)____
771,476
771.476
1805.045
y805,044
Earnings per share
$0.27
$0.96
$2.14
$0.45
z The income statement in detail for the year 1934follows: Gross operating profit, $11,651.747; maintenance and repairs, $524,868; depreciation of
plant and equipment,$1,157,222;selling, gen.& adm.expenses.$9,151,712;
net operating profit, $817,945; discount on debentures retired through
sinking fund,$32,805; amortlz. of debt discount and sundry receipts,$107,075,• net income, $957,825; interest on debentures, &c., indebtedness,
$349.199; amortiz. of debt discount & expenses. $31,496; Federal taxes,
$121,647;netincome for year,$455,483. y Includesshares held in treasury.
Consolidated General Balance Sheet
Dec. 29'34 Dec.30'33
Dec. 29'34 Dec. 30'33
Assets
:Property, plant &
YCommon stock. 10,066,203 10,066,203
equipment
17,281.479 17,940,094 5% debentures- _ - 6,600,000 6,800,000
Good-will, dos_ _ _10,552,734 10,563,698 Accts. pay.& accr.
Cash
2,684,170 2,761,360 expenses
796,492
667,841
U.S. Govt.emus.
28,025 Int. on debentures 161,900
Customers accts.
Provision tor Fedreceivable
315,675
342,214 eral tax
121,647
175,086
Sun.tr. accts., &e_
61,823
77,227 Indebtedness of
Inventories
1,068,773 1,031,403 subsidiaries
150,000
295,000
zInvestment in co's
Contingency res've 100,000
own stock
419,743 1,017,201 Minority stockSinking fund for reholders' interest
tirement of bds_ 109,575
112,866 in stk. of subs 3.377.100 3,466,040
Statut. deps. with
Capital surplus_ _ _ 4,162,089 4,755,899
State authorities
73,714
Earned surplus
8,192,395 8,910,809
Mtge. receivable &
sundry invest
361,389 • 434,316
Ital. due fr. empl
14,122
15,407
Prepaid expenses &
deferred charges 784.627
813,066
Surplus
Dividends
1155
Balance Sheet Dec. 31
Assets1934
1933
Ma/Wines1934
a Securities owned:
Provision for New
Bonds
$215,320 $196,883 York State franPref. stocks
92,887
85,172 chise tax
$930
Common stock:
Divs. payable Jan.
129,730
Bank stocks
129,730 10 1935
20,004
Others
772.053
823,391 c Capital stock
b500.100
Miscell. securities_
6,542
4,767 d Special surplus
530,224
Cash
18,245
19,182 Earned surplus... 187,941
Dividends reedy.
and int. accrued
4,422
3,899
This company, a subsidiary of the International Telephone & Telegraph
Corp., on Feb. 8 concluded an agreement with the Chinese Ministry of
Communications making possible extension of world radio-telephone service to Shanghai and Interior China. Shanghai will be linked with London,
San Francisco, New York and other points by radio-telephone before the
end of the year, it was believed.-V. 138, p. 4137.
Silver King Coalition Mines Co.
-Earnings--Calendar Years1934
1933
1932
1931
Ore sales
$1,765,653 $1,503,772
$975,080 $1,200,749
Other earnings
38,073
8,160
51,663
41.230
Total earnings
$1,803,726 $1.511,932 31,026.743 $1,241,979
Mining, mill, &c., en
882,621
992,927
927,673
1.144.905
Administrative expenses
41,161
77,653
38.161
49,068
Depreciation
49,067
54,368
37.078
36.986
Tax reserve
136,515
100.097
21,509
21,157
Net income
$433,686
$547.563
$2,322 loss$10,137
Dividends paid
366,140
610,233
Balance, surplus
$67,546
def$62,670
$2,322 loss$10,137
Shs.cap.stk.out.(par $5) 1,220,467
1,220,467 1,220,467
1,220.467
Earnings per share_
$0.36
$0.45
80.002
Nil
For the three months ended Dec. 31 1934. the net earnings of the company, (subject to depletion) amounted to $117,560 which is equal to 10c.
per share on the 1,220,467 shares of common stock outstanding.
Balance Sheet Dec. 31
1934
1933
1934
1933
A ssetsLiabilities-Current assets:
Accounts payable_
60,031
59,237
Cash, incl. eels.
Divs. payable_ _ _ 122,047
of deposit.... 297,035
221,562 Fed. Inc. & capital
Due Zr. smelter_ 192,601
133,185 stock taxes
48,271
27,146
Sec. owned, at cost 415,392
407,895 Reserves: Wkmen's
Receivables
58,469
50,077 compen. Insur_ _
94,643
96,288
Inventories
129.327
149,258
Net proceeds tax
50,000
40,775
Total fixed assets_ 8,637,366 8,133,933 State Corp. franOther assets
2,267
chi.% tax
1,695
7,275
5,950
Treasury stock _ _
147,665
147,665 Cap. stk.($5 par). 6,250,000 6,250,000
Surplus
3,247,855 2,765,874
Total
9,880,122 9,245,272
Total
9,880,122 9,245,272
-V.139. p. 3817.
,
------Eriscoe Gold Mines, Ltd.
-Larger Extra Dividend. t6(4',
The directors have declared an extra dividend of 3 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, par $1. both payable March 15 to holders of record Feb. 28. The
payment will be made in Canadian funds and is subject to a 5%
the
case of non-residents. Extras of 2 cents were paid on Dec. 31tax inand
last,
Sept. 30 1934, as against extras of 1 cent per share paid on June 30 1934
and 2 cents paid on March 31 1934 and Dec. 30 1933.-V. 139, p. 3336.
Southern Canada Power Co., Ltd.
-Earnings
--
Period End. Jan,31Gross earnings
Operating expenses
1935
-Month-1934
$181,308
$192,048
69.524
68,705
Net
-V. 14/
earnings5.
$111,784
$123,343
1935-4 Mos.-1934
1734,688
$746.654
279,928
263.263
$454,760
$483.391
•
1156
Financial Chronicle
Southern New England Telephone Co.
-Report
Calendar YearsLocal service revenues
Toll service revenues
Miscellaneous revenues
1934
1933
$10,992,366 $10,811,538
3,519,229
3,694,879
648.079
553,779
Total
Uncollectible operating revenues
$15,241,025 $14,978,846
52,280
133,294
Total operating revenues
$15,188.744 $14,845,552
Current maintenance
2,999.179
2,754,378
Depreciation expense
2,907,432
3,001,015
Traffic expenses
2,150,261
2,278,449
Commercial expenses
1,244,045
1,175,473
Operating rents
246,911
213,493
General and miscellaneous expenses:
Executive department
143,381
145,575
Accounting and treasury departments
448,784
448,274
Provision for employees service pensions
189,363
187,770
Employees' sickness, accident and death benefits
113,620
93,968
Sem ices received under license contract
216,018
211,139
Other general expenses
65,131
54,334
Operating taxes
1,031,521
955,613
Net operating income
Net non-operatmg income
$3,318,969 $3,440,200
7,276
25.790
Income available for fixed charges
Bond interest
Other interest
$3,326,245 $3,465,990
550,000
550,000
460,419
511,584
Balance available for dividends
Dividends on common stock
$2,315,826
2.400,000
$2.404,406
2,400,000
Balance carried to surplus
def$84,174
Shares outstanding (par $100)
400,000
Earnings per share
$5.79
Comparative Balance Sheet Dec. 31
1934
1934
1933
LiabilitiesAssets
$
Telephone plant_77,715,101 76,609,181 Common stock_ ...A0,000,000
Other Investments 176,676
169,241 Prem, on cap. stk. 136,539
Miscel. phy. prop. 708,269
725,052 lot mtge. Is, due
Dec. 1 1948_ __ 1,000,000
Cash and special
-year deben. Is.
deposits
570,497 40
670,403
June 1 1970_ __ _10,000,000
Working funds_
75,000
100,950
Material & supplies 746,022
795,813 Adv. from Amer.
Tel. & Tel. Co__ 6,350,000
Accounts receiv. &
other cur. assets 1,664,056 1,648,844 Notes sold to trustee of pension
Prepayments
154,211
162,704
2,034,821
fund
Other def. debits
72,629
62.976
Customers' deposits, adv. billing and paym'ts 449,060
Accounts pay. and
other cur. Habil_ 881,760
Accrued liabilities
1,114,310
not due
Deferred credits
11,736
Deprec. reserve
16,161,344
Insurance reserve_
101,795
3,741,001
Surplus
Total
81,982,367 80,845,258
-V.138. p. 1231.
Total
$4,406
400,000
$6.01
1903
40,000,000
36,080
1,000,000
10,000,000
6,300,000
Income Account for Calendar Years
1934
1933
1932
$445,597
$400,354
$334,991
92,825
74.357
88,621
1931
$948.736
26,286
Total income
Expenses
Provision for taxes
$538,423
99,774
24,627
$474,711
99.215
6,026
$423,612
112,508
$975.022
95,199
7,817
Net income
Divs. on 1st pref. and
preference stocks
$414,021
$369,470
$311,104
$872,006
$414,021
$369,470
$311,104
Deficit Account Dec. 31 1934
$51,676
Surplus
820,330
Balance, Dec. 31 1933
$15,316,553
Excess of cost over amount ofsecur. priced at market quotations:
At Dec. 31 1934
1,217,126
At Dec. 31 1933
355,355
861,771
Total
Net profit on sales of securities on the basis of average cost
Net income for the year ended Dec. 31 1934, as above
$16,178,324
34.068
414,021
Balance, Dec. 31 1934
$15,730,234
Balance Sheet as of Dec. 31
1934
1933
1934
1933
Assets
Liabilities
Cash
555,955
562,600 Accts. pay. & seer.
26,050
8,279
Accrued dividends
Due from cos. 1st
and Interest repref. stk. purch.
ceivable
57,322
75,563
under offer
174,990
c Investments_ ___14,676,379 15,682,578 e Cony. lit pref.
Due horn brokers_
12,101
stock
13,099,400 13,943,250
Prepaid expenses_
847 d Preference stks. 2,500,000 2,500,000
7,087
f Treasury stock
175,096
a Corn. Cl. A stock 603,803
603,802
Corn. el. B stock__
See
Capital surplus_ __14,797,831 14,594,912
Deficit
15,730,235 15,316,554
Total
15,471,839 16,333,690
Total
15,471,839 16,333,690
a Represented by 603,8023 no par shares. b There are outstanding
298,297 shares of class B common stock (no par), but they are given no
value in balance sheet. c At market quotations. d Represented by
500,000 no par shares. e Represented by 257,383 shares of $50 par value
in 1934 (278,865 shares in 1933). f Represented by 4,605 shares 1st pref.
stock at cost.
-V. 139. p. 3817.
StVebaker Corp.
-To Suspend Stock from Dealings
1,863,658
425,751
1,339,056
1,130,476
10,630
14,692,824
101,757
3,945,026
81,982,367 80,845,258
Southern Ry.-Earnings--Fourth Week in Feb.- -Jan. 1 to Feb.7Period1935
1934
1935
1934
Gross earnings (net)__-_ $1,957,068 $2,090,239 $10,427.369 $10,431,153
-V. 140, p. 986.
Southern United Gas Co.
-Filing of Claims, &c.
The reorganization commfttee has issued a circular letter in which it
says that the Federal Court for the Northern District of Illinois, Eastern
Division, has entered an order to the effect that holders of first lien 6%
gold bonds,series A,due 1937, must file proof of claim on or before Feb.28.
The court entered further orders to the effect that a hearing for consideration and confirmation of the plan of reorganization will be held on March 11
and any assents or objections to the plan must be filed on or before:that date.
The Turner committee and the Bard committee, who are now co-operating to consummate the Turner committee plan, now have on deposit
under the plan approximately 90% of the required amount of first lien
bonds to ask for final confirmation. Also the plan of reorganization has
the approval of over two-thirds of the unsecured debt and 100% of the
common stock.
The committee recommends the deposit of any undeposited bonds with
the Pennsylvania Co. for Insurances on Lives & Granting Annuities,
Philadelphia, on or before Feb. 23 1935.
The committee will file proof of claim on all bonds deposited on or before
that date.
-V. 139. p. 4137.
-Weekly Output-.
Standard Gas & Electric Co.
Electric output for the week ended Feb. 9 1935, totaled 87,470,860 kwh.,
ap increase of 6.2% compared with the corresponding week last year.
-V. 140, p. 987.
-New Director
Standard Insurance Co. of N. Y.
Frank K. Houston was elected a director on Feb. 13.-V. 139. p. 2217
Standard Oil Co. of Calif.
-Acquisition
Officials of the company confirmed on Feb. 7 reports of the purchase of
2,650 acres of fee land in the West Coyote and Whittier oil fields from the
Murphy Oil Co.
The price, while not revealed, was estimated to be about $8,000,000.
At the Standard headquarters at San Francisco it was said no details had
been received from the negotiating officials in southern California.
V. 139, p.2846.
Standard Oil Co. of New Jersey-Director Resigns
Robert G. Stewart, a director, has resigned. Mr. Stewart has been
retained, however, as sales counsel to the marketing affilates of the company.
Mission Dividend
The New York Stock Exchange has been notified by Standard Oil Co.
(New Jersey) that full share certificates of Mission Corp. common stock,
which will be issued on March 15 1935 in payment of the recently declared
dividend, will not be exchangeable into scrip certificates, and therefore,
to insure receiving full shares and scrip in the form desired, broker and
nominee stockholders of Standard Oil Co.(New Jersey) of record Feb. 15
should notify Guaranty Trust Co.of New York. 140 Broadway, New York.
of their requirements by letter, to reach them on or before the close of business Feb. 20 1935. Such requests that may be received subsequent to
that date cannot be honored.
-V. 140, p. 987.
Sterling Securities Corp.
-Annual Report
Hugh R. Johnston, President, says In part:
The net assets on the basis of carrying investments priced at Dec. 31
1934 market quotations were $15,095,703, equivalent to $58.65 per share
on the net outstanding shares of convertible first preferred stock, as compared with $58.54 per share at Dec. 31 1933.
The privilege of converting each share of convertible first preferred stock
Into one share of the class A common stock expired on Sept. 30 1934, hence
there is no longer a conversion privilege with respect to the convertible
first preferred stock.
Corporation acquired, under the offer to stockholders dated Dec. 7 1934
and in the open market, 21,482 shares of its convertible first preferred stock.
As at Dec. 311934, 16,877 shares of such stock had been retired and canceled and the balance will be retired and canceled by appropriate action of
the board. The foregoing will result in $258,074 being credited directly to
capital surplus, representing the difference between the cost of such stock
and its par value.
Dividends
Interest
Feb. 16 1935
The ew York Stock Exchange has issued a notice to-the=
that
dealings in the common stock will be suspended on or after Feb. 25
ee
The Committee on Stock List reported to tho Governing C
ittee
at its meeting of Feb. 13 that, in confirming the plea of reorganization,
the U. S. District Court held that holders of the common stock of the
corporation had no equity in the property of the corporation dealt with by
the plan. Under the plan, the rights of the common stockholders to subscribe to securities of the new corporation expire at the close of business on
Feb. 27. The conditions of the plan are such that it cannot finally be determined, prior to March 1, whether or not it will be consummated.
The Governing Committee at its meeting of Feb. 13 1935 authorized the
Committee on Stock List in its discretion to suspend dealings in the common stock on or after Feb. 25 1935, and in the event that dealings are suspended, and that the plan is not consummated, in its discretion to restore
this stock to trading privileges.
-V. 140, p. 813.
Stutz Motor Car Co. of America, Inc.
-Earnings
Years End. Oct. 31
Net sales
Cost and depreciation
Sell., adm. & gen. exp
1934
$52,383
207,084
67,170
1933
$186,942
381,546
98.930
1932
1931
$569.628 $1,340,558
647,138
1,266,492
109,329
178.014
Net loss
Other deduc'ns
_
Netlossfrom branch oper
(net)-
$221,871
24,675
$293,534
94,220
70,070
$186,838
18,581
109.770
Net loss
Previous surplus
Miscellaneous credits...
Surplus arising from issue
of capital stock
Adjust, of mdse. invent.
$246,546
153,122
16,225
$457,826
647.548
6,112
$315,190
$296,270
921,863 def971,997
10,468
Total surplus
loss$77.199
Loss on lease applicable
to prior years
Prov for conting. reserve
$103,948
23,738
168,585
82,288
30,406
2,092,148
107,968
$278,122
$647,548
$931.849
9,985
125,000
Profit and loss surplus loes$77,199
$153,122
$647,548
$921,863
Consolidated Balance Sheet Oct. 31
Assets1934
1933
Liabilities1934
1933
Cash
$10,928
$42,588 Accounts payable_ $31,042
$30,043
yAccts. receivable
1,941
12,035 Accrued payrolls,
Inventories
103,569
133,440
expenses, &Al.__
90,163
39,665
Other assets
244
956 7.!;,% cony. gold
Fixed assets...... 1,113,072 1,193,423
debentures
307,000
285,000
Invest. In & accts.
3% cony. notes unwith subs. cos..
2 sec. & aeon int_
45,915
Good-will and patReserves
199,711
196,850
ents
1
1 xCap.stk. outsVg. 661,132
655,356
Prepaid insurance,
Surplus
153,122
def77,199
contracts, &c___
3,148
2,449
Total
$1,232,903 $1,384,897
Total
$1,232,903 $1,384,897
x Represented by 132,226 no par shares in 1934 and 131,071 in 1933.
y After reserves of $1,800 in 1934 and $5,000 in 1933.-V. 140, p. 487.
Sun Life Assurance Co. of Canada-Assets Up $41,232,681 in Yeal-$20,000,000 Rise in New Business
President Reports Main Problem Is Finding Long Investments
The shareholders and policy holders of the company at the annual general
meeting at Montreal, Feb. 12, received a report for 1934 showing general
gains. These included an increase in assets of $41,232,681 to a total of
3665,378,716, new yiald-for business of $236,215,901, an increase of approximately $20,000,000 over 1933; cash in banks amounting to about $20,000,000 and an excess of income over all disbursements of $43,589,726.
The financial statement, presented by Arthur B. Wood, President and
managing director, reflects the improved economic conditions and Increased
business activity in Canada, the United States and Groat Britain, the throe
chief countries in which the company operates.
The total income for the year from all sources amounted to $159,251,028.
an increase of $7,015,206 over that of 1933. The total disbursements were
$115.661,302, a decrease of $11,844,499. The report points out that the
surplus earned during the year amounted to $21,281.235, of which $13,219,504 has been paid or allotted in dividends of participating policies. The
sum of $8,062,664 has been applied to further writing down securities and
increasing reserves.
It is further stated that no payment of dividends to shareholders or allotment of surplus to shreholders' account has been made, conforming to the
decision to defer consideration of these matters until business recovery Is
more fully established.
A feature of the President's address was his discussion of the investment
situation in relation to insurance companies. The abnormal conditions of
two or three years ago, he said, led to an extraordinary demand for policy
loans and surrender values, and the principal problem of the companies
became that of maintaining a position sufficiently liquid to meet these
demands. This was done by keeping large cash balances and increasing
holdings of short-term bonds. This phase has passed, and the principal
concern of the companies has again become that of finding shtisfactory
long-term investments for the increasing funds.
"New investments," the President said, "were limited to bonds and other
high-grade securities, substantial amounts being placed in Government
Volume 140
Financial Chronicle
and Government
-guaranteed issues of Canada, the United States and
Great Britain and in carefully selected municipals and other bonds of the
highest character. Our bond account advanced during the year by $46,872,
"The position has not yet been reached when mortgages offer a substantial
outlet for the funds of the life assurance companies, but as conditions
Improve and this field again becomes available the company is desirous
of extending and enlarging this valuable form of service to the public."
The growth of the Sun Life, especially in the last 10 years, can be gathered
from this table:
Insurance
Total Net
Payments to
Yearin Force
Income
Policy Holders
Assets
1934
$2,748.725,403 $159.251,028
$88,160,206 $665.378.716
1924
881,592.937
62,245,681
31,881,639
274,130.407
1914
218.755,335
15,052,275
6,161.287
64.187,656
1904
85.327,663
4,561,936
1,374,045
17,851,760
-V. 138, 9. 1247.
Swedish Match Co.
-Interest Rate Cut
-
A Stockholm dispatch to the "Wall Street Journal" had the following:
An agreement has been reached granting the company a reduction in the
rate of interest on its bank debts, M. Herslow, a director of the Skandinaviske Kredit A. B., has disclosed. The Skandinaviske bank was instrumental in bringing about the reduction. The amount of the reduction has
not yet been officially disclosed but the newspaper "Stockholms Tidningen"
reports that the annual saving for the company will range between £228,350
and £342,530.-V. 139, p. 3657.
Syracuse Lighting Co., Inc.
-Inducement Plan
-
The company on Feb. 15 petitioned the New York P. S. Commission for
permission to file an "Inducement Plan" which provides a varying amount
of electricity for consumers using its service in increasing amounts,thereby
making possible the enjoyment of a more liberal use of light in the home
and an added use of many appliances which do so much to make housework
easier. In other communities this co-operative free additional electricity
has had very general acceptance on the part of household users.
On Jan.23 1935,this company announced a proposed revised and reduced
residential electric rate, which has since been approved by the Commission
and made effective as of Feb. 1 1935. That its consumers may not only
realize savings through this new rate, and in order that those who increase
their use of electricity may benefit still more,it has proposed an "Inducement Plan" which, as the name implies,induces or stimulates added use of
electricity and is co-operative between company and customer. The plan
works as follows:
Provided a customer uses more electricity in any month this year than
in the corresponding period of 1934, this company will give free 25% of
the increased use and charge for 75% at its new low rates. For instance.
if a consumer used 4
-kilowatt hours more in April 1935 than he did in April
1934 he would get one of the four kilowatt hours free. Provided he used
40 kilowatt hours more in a given month this year than he did for the
corresponding month last year, he would get 10 of these kilowatt hours
free.
To facilitate billing procedure, the company will arrange under the
"Inducement Plan" to render a bill for 75% of the increased use and also
show on the bill the number of kilowatt hours that have been received free.
In each case the 1934 or estimated equivalent use will be the basis of
determining a given monthly increase.
-V. 140. p. 813.
Tennessee & Carolina Southern Ry.-Abandonment-
The Interstate Commerce Commission on Jan. 29 issued a certificate
permitting the company to abandon, as to inter-State and foreign commerce, its entire railroad, extending from Maryville in a general southerly
direction to Calderwood, about 30.5 miles, all in Blount and Monroe
counties.
-V. 134, p. 3634.
0..
•
- Texes 8c Pacific Ry.-Interest Payment
-r
Interest of 5% will be paid on lIrch 1 1935, on th second mortgage
5% income gold bonds, due 2000 on presentation o oupon No. 47.
-V. 140. 13. 813.
Tide Water Associated Oil Co.
-New Director
-
The directors on Feb.8 elected as a director Adolph Boissevain to succeed
William A. Coulter, who resigned.
-V. 140, p. 328.
Toledo & Cincinnati RR.
-Abandonment
-
The Interstate Commerce Commission on Jan. 31 issued a certificate
permitting (a) the Toledo & Cincinnati RR. to abandon part of a branch
line of railroad in Butler County (about 334 miles), and (b) the Baltimore
& Ohio RR. to abandon operation thereof.
-V. 125, p. 1322.
United Elastic Corp.
-Earnings
Years Ended Dec. 31Gross operating income
Cost of operations
Taxes, city and State
Depreciation
Cotton tax FAAA
Special charges
1934
1933
1932
$2,158,716 $2,239,496 $1,781,682
2,146.415
1,922,663
1,768,094
40,548
43,207
38.520
70,853
71,727
100,644
53,325
130,539
Net loss from regular operations__ _
Federal income and capital stock taxes
Income from investments, &c
Profit on sale of securities
$99,100 Pf3148,554
27.264
74,220
81,767
6,996
$256,115
Net loss for the year
$17.883 Pf$203,058
Surplus Jan. 1
1.238,204
1,141.147
Refund of prior years' taxes
Excess of stated value over purchase
price ofstock acquired for the treas.
$148,511
1,371,322
3,653
107,604
835
Balance
$1,220.321 $1.344,205 $1.227,299
Dividends paid
101,816
103,877
86,152
Miscellaneous charges
Dr2,123
Adjustment of local taxes on change
in municipal tax year & miscell„
7,692
Surplus, Dec. 31
Assets1934
Cash
$112,783
Accounts recelvie 216,432
Notes receivable__
5,874
Marketable scours. 294,569
Inventolles
1,080,487
Value of life insm_ 110,940
Interest 'evolvable
1,495
by. In Easthampton Rub,Thread
409,323
Co
Inv.in other see..4
24,270
notes
Prepaid instil., &e.
31,905
Plants & equipm't 893,651
89,900
y Treasury stock _
$1.110,813 $1,238,204 $1,141.147
Balance Sheet Dec. 31
1933
Liabittnes1934
1933
$185,492 Notes payable__ __ $150,000 $265,000
208,859 Accounts payable_
28,374
65,731
22,034 Res. for Fed. &
354,777
State taxes
28,142
42,066
1,207,626 Res, for conting__ 100,000
100,000
100,290 x Capital stock_ _ _ 1,856,300 1,656,300
2,094 Surplus
1,110,813 1,238,204
409,323
32,606
35,538
720.903
89,900
Total
$3,071,828 93,367,301
Total
53,071,628 53,367,301
Represented by 165,630 shares of no par valu,e y Represented by
-V. 139, p. 3167.
8,990 no par shares.
United Post Offices Corp.
-Report of Committee
-
The bondholders' protective committee for the 1st mtge. 534% sinking
fundlgold bonds. due Feb. 15 1935 in a letter accompanying the financial
statement of the corporation for 1934 states that the comparative figures
show a continued decline in rental income but a gratifying increase in
not cash income, which in 1934 amounted to $366,233. However, it is
likely that income from the Government will continue to decline during the
next two years due to renewal of expiring leases at substantially reduced
rentals. The letter further states:
"Out of the funds which became available during 1934, the corporation
paid the coupons which matured Feb. 15 1933, on its first mortagge
%
bonds and added $235,000 to the special fund established by the corporation
under!agreement with this committee, thereby increasing the fund to
$250,000 plus accrued interest of $551 as of Dec. 31 1934. There will be
further additions to this fund as surplus income accumulates.
1157
"As a result of the accumulation of cash the current position of the
corporation showed further improvement during the year so that, with the
exception of a few items totaling $1,708, the accrued taxes of $17,811 on
Dec. 31 1934, represented the unpaid balance of current taxes which
accrued during 1934, but are not yet due.
"Within the last few months the corporation has signed renewals of three
of its leases with the Government, one in Kansas City and two in Chicago.
The negotiations leading up to these renewals were protracted and were
complicated by the fact that in Chicago funds had been allocated from
Public Works Administration appropriations for construction of new
buildings by the Government to replace those leased from the United Post
Offices Corp. The new leases in Chicago run for 12 years, while that in
Kansas City runs for five years, but each contains a cancellation clause
which permits the Government to withdraw from the premises on 90 days'
notice. This cancellation clause is inserted in all new Government leases of
Post Office properties. It is estimated that the aggregate net reduction in
rentals to be received from these three leases will be about $23,000 per
annum.
"In view of the fact that the corporation obviously cannot meet the
maturity of its first mortgage 534% bonds on Feb. 15 1935, the committee
is considering certain plans for reorganization suggested by the corporation,
in the hope that it may be in position to recommend a plan to the bondholders within a reasonable time. In view of the uncertainties
fronting the corporation incident to the pending reorganization,still conit
considered wise at this time to distribute any of the surplus funds is not
which
have accumulated.
"The committee announces that Harold G. Hathaway and P. Blair Lee
have resigned. Edward C. Sayers of Edward B. Smith &
Charles
S. Garland of Brown Harriman & Co., Inc., have been Co. and as their
elected
successors.
"At the present time there are not quite 60% of the bonds on deposit.
The committee urges the deposit of bonds with the Irving Trust Co., 1
Wall Street, New York. depositary."
The members of the committee are: Charles S. Garland, A. Perry Osborn,
and Edward C. Sayers. D. P. Beardsley, 1529 Walnut St.. Philadelphia.
is Secretary.
Income Account, Years Ended Dec. 31
1934
1933
1932
Rent
-U. S. Government
$491.394
$500.000
$502.000
Other tenants
25,413
22,645
26,639
Total
Total operating expenses
Total administrative expenses
$516,808
116,596
33,978
$522,645
125,589
48,665
6528,639
128,246
55,460
Net profit
Expenses for which no outlay of cash
was made in 1934 and 1933 other
than bond int. of $119,487:
Interest
-Bonds
Gold notes
Amortiz. of bond disct. & underwriting costs
Depreciation
Profit-Retirement of 1st mtge.
bonds and gold notes
$366,232
$348,390
$344.932
$238.975
14.375
$238,974
14.640
$243.195
23.087
44,569
111,554
44.571
111,523
49,732
111.515
0'14,971
Cr20.741
Net profit before Fed.inc. tax__ loss$28,269 loss$40,578
Federal income tax
84
Cr85.520
Net loss
$28,354
$40.578
$2.922
prof$2,922
Condensed Comparative Balance Sheet Dec. 31
Assets1934
1933
1934
1933
Cash: Bank dens.
Accounts payable
& imprest fds.
$1,087
$961
Sundry creditors
$5,815
$2,184
Dep--bondhldrs.
Accrued liabilities17,811
18,057
protective corn 250,551
15,000 Ii'dholders tax reAccounts receiv__
48,983
44,332 fund claims_._
1.108
Cash & ars,of dep
10,892 Federal income &
Physical props..,...- 6.364,551 6.467,453
withholding tax
1,284
Deferred expenses
36,039
81,004 1st mtge. 5
4,345.000 4.345.000
Interest accrued 448,795
329,308
6% gold notes., _ 217,500
244,000
Interest accrued
27,747
16,485
Cap. stk. (10,000
shs.-no par)__ 2,134,382 2.134,382
Deficit
497,122
470,862
Total
$6,701.211 $6,819,642
Total
$8.701,212 $6,619,642
Note
-The U. S. Internal Revenue Department claims additional income
taxes of approximately $6,200 for year 1932 and possibly $2,500 for 1934.
The former item has been protested. Accrued State and local tax deposit of
$6,898 was delivered and the Michigan tax liability liquidated in Jan. 1935.
V. 138, p. 4479.
United States & Foreign Securities Corp.
-Report
for 1934
Ernest B. Tracy, President, says in part:
Corporation, organized in 1924, nas now completed ten full years of
operation. These ten years include years of high prices and great business
activity followed by years of depression and accompanying low prices.
During this time corporation paid its preferred stockholders $14,695.185
in cash dividends, of which 612,595,185 paid to first preferred stockholders
was equivalent to an average rate of $6 per share per annum.
Corporation has issued no securities since those sold at organization for
an amount equivalent to approximately $116 per share of first preferred
stock. The assets of the corporation at the close of business Dec. 31 1934
were equivalent to approximately $130 per share of first preferred stock.
Over the past ten years corporation has purchased and retired 40,000 shares
of its first preferred stock.
The company has never had a management or profit-sharing contract
and, with the exception of the 15,000 shares of common stock under option
to the President at $25 per share, has never had options outstanding on
any of its stock.
The income account for the year ending Dec. 31 1934 shows a net profit
of $912,621 and a net improvement during the year of approximately
61,569,691 in the relation between the market value of securities and their
cost.
Income Accountfor Calendar Years
1934
1933
1932
1931
Cash dive. received
$1.029,036
$906,701
$900.367
$915,894
Int. rec'd and accrued
105.655
257.153
377,804
477.034
Total income
$1,134.691 61,163,854 $1,278,172 $1,392.929
Interest paid
481
Net realized loss on investments
121.988
301,074
3,671,093
1.906.910
Profit on syndicate participation
Cr6,000
Cr9,257 Dr423.529
Cap. stk. St other taxes
16,324
49,058
Otherexpenses
101.278
113.751
115,837
112.407
Operating profit
Reduc. of prov.ifor & re- $900,620 $699.97110842,499,5021oss$1,049,917
fund of Federal tax applicable to prior years.
12,002
Netincome
$912,622
$699,971 loss$2499502loss$1049917
1st preferred dividends_ _ 1,260,000
2,219,445
341,490
1,065,105
2d preferred dividends..
225,000
Loss for year
$347,378 $1,519,474 $2,840,992 $2,340,022
Note.
-Approximate depreciation from cost in
investments, excluding investment in United States the indicated value of
& International Securities Corp. which is carried at $1:
As at Dec. 31 1933
$6.430,676
As at Dec. 31 1934
4.860.985
Difference-improvement
$1.569,691
1158
Financial Chronicle
Balance Sheet Dec 31
1934
1934
1933
1933
AssetsLiabilities$
Cash
13,441
986,173
16,816
173,537 Acc'ts payable_ _ _
Accts reedy., ac10,000
16,500
Res've for taxes__
crued int., &c....
68,379
86,295 a 181 pref. stock_ _21,000,000 21,000,000
Securities, at cost_31,083,784 32,229,008 b 2d pref. stock__
50,000
50,000
d Inv. in U. S. &
e General reserve_ 4,950,000 4,950,000
Int. Sec. Corp
100,000
1
1 c Common stock__ 100,000
954,329
Capital surplus_ _ _ 954,329
f Operating surplus 5,057,193 5,404,572
Total
32.138,339 32,488,842
32,138,339 32,488,842
Total
a Represented by 210,000 no par shares. b Represented by 50,000 no
par shares. c Represented by 1,000,000 no par shares. d 93,900 shares
2d preferred and 1,987,653 shares common stock. e Set up out of $5,000,000 paid in cash by subscribers to 2d preferred stock. f Operating surplus
(including results of security transactions) arrived at as follows: Balance
at Dec. 31 1933, $5.404,572; net income for year 1934, $912,622; total,
$6.317,194; dividends on 1st preferred stock, $1.260,000; balance at Dec.31
1934. $5,057,193.
Notes-Securities, at cost, include 15,000 shares common stock of the
corporation under option to the President until March 1 1936 at 626 per
share. Calculating marketable securities on the basis of current quotations
of Dec. 31 1934 and calculating the company's own common stock and
securities without regularly quoted market at the nominal value of $1.
the indicated value of securities owned was less than the above book values
by approximately $4.860,985.
The corporation has an underwriting commitment of $108,000.
Cumulative dividends are in arrears on the 2d preferred stock from
Nov. 11931.-V. 140. p. 989.
United States Hoffman Machinery Corp.
-Report
Albert C. Bruce, President, says in part:
The company's business showed a substantial increase over 1933 with
only a comparatively small increase in operating expense. Net current
assets increased 6143,591 during the year.
During the year 1934 company increased its borrowings by $231,472.
which is reflected in inventories and in the increase of accounts receivable
resulting from sales made on the deferred payment plan.
In order to take advantage of lower interest charges, the company
recently made application to the Reconstruction Finance Corporation for
a loan under the plan known as "Direct Loans to Industries." A loan of
$300,000 has been granted, and on Jan. 25 1935 the first advance of $135,000 was made to the company. The loan is evidenced by the company's
note secured by a mortgage on domestic plant property, assignment of
mortgages receivable and assignment of patents and good-will.
Consolidated Income Account
Calendar Years
1934
1933
1932
1931
Gross profit on sales_ --- $1,216,266
$861,146
$390,436 $1,293.935
Sell., gen. & admin. exp_ 1.044,980
1.025,633
1,026,525
1,450,599
Deficit from oper_
prof$171.286
Interest, &c., Income.,....
155,679
$164,487
139,874
$636,089
154,999
$156,664
154,877
Gross loss
prof$326,965
Reserves for charges__ -..
121,438
Federal, &c., taxes
15,960
Loss on foreign exchange
17,890
Prov. for obsolete & inactive materials, &c..
Depreciation
127,303
Prov. for losses on deposits in closed banks_
Amortiz. of patents
524.613
120.065
2,813
Cr24,707
$481,090
63,164
5,835
15,020
$1,787
116,383
4,556
75.518
19,212
131,466
127,485
156,114
186.561
240,253
232,935
$299,353 51,088.961
$617,739
Net loss
AssetsbPlant property_ _
Pats., goodwill, &c
Cash
aInst, accts. rec
Other accts. rec_ _ _
Prepaid & deferred
charges
Deposits in closed
banks
Mortgage receiv_ _
Sundry investmls
Due from officers
and employees_ _
Inventories
Deposits on leases,
contracts
Treasury stock_
prof$44,376
3,921
42,670
Total
$4,625,488 $4,304,816
$4,625,488 $4,304,816
Total
a Includes instalment accounts receivable secured by chattel mortgages,
or equivalent liens. It does not include interest accrued on instalment
accounts receivable. b After deducting reserves of $450,475 in 1934 and
$439,654 in 1933. c Represented by 222.203 1-3 shares of $5 par value.
-V. 140, p. 989.
.••/
1 14 t
, „
r •
United States Rayon Corp.-Ressivership-"
'
Robert IC. Thistle of Upper Montclair, N. J., and Pl1Ili Cohen, of Wilmington, Del., have been appointed receivers by Chancery Court at Wilmington. The corporation filed answer consenting to appointment of
receivers.
-V. 121, p. 3144.
-January Shipments
United States Steel Corp.
See under "Indications of Business Activity" on a preceding page -V. 140. p. 814.
-Earnings
United States Tobacco Co.
1932
Calendar Years1934
1933
Operating profit
$3,582,872 $3,557,462 $3,588,170
466.542
602,853
445,188
Divs., int., & misc. inc_
Total income
$4,028,060 $4,024,006 $4,191,023
122,832
136,324
Deprec. & obsolescence_
122,397
533,256
494,547
491,199
Federal income taxes_
1931
Not
available
Net earnings_ _ ______ $3,411,116 $3,396,482 $3,534,934 53,020,778
182,000
182,000
Preferred dividends(7%)
164,937
178,090
2,014,540
Common dividends
a3,250.735 c4,274,092 b1,937.368
$4.40
$4.40
Rate
$7.10
$9.40
Balance, surplus
Previous surplus
Profit on sale of co's
treas. corn.stock
Additional Fed, income
-Dr _ _
tax, prior years
Prem. on pf. stk. retired
Trans. from gen. reserve
Writing down book value
of good-will, brands
trade marks, &c
def$4,555 def$1055,701 $1,415,566
6,137,790
5.303,467
5,883,484
$824,238
5,973,747
475,683
14.624
Dr660,196
2,791,523
Dr4,461,394
Profit & loss surplus__ $5,284,286 $5,303,467 $5,883,485 $6,137,790
Shares of common out457,850
standing (no rar)____
d457,850
d438,516
d457,850
$7.09
$6.20
$7.03
$7.64
Earns, per sh. on cona__
Includes special dividend ($2.25) amounting to $1,030,163. b Excluda
ing $77,172 applying on shares owned by company. c Includes special
dividends ($5) amounting to $2,289,250 and excludes 529.698 applying on
stock.
chares owned by company during year. d Excludes treasury
1933
2,600,000
14,943,700
427,739
41,599
2,792,885
625,277
1,221,355
5,303,467
Total
27,340,117 27,956,023
Total
27,340,117 27,956,023
x Represented by 457,850 shares of no par value. y After depreciation
of $2,428,038 in 1934 and $2,354,200 in 1933. z 2,663 shares at cost in
1934 and 2,229 in 1933.-V. 139, p. 3658.
United Verde Copper Co.
-Phelps Dodge Corp. Officials
Elected to Board-Result of Stock Deals
The following is taken from the New York "Times" of Feb. 14:
At the annual meeting of the United Verde Copper Co. yesterday, four
directors of the Phelps Dodge Corp. were elected directors of United Verde.
At the organization meeting, Louis S. Cates, President of Phelps Dodge,
was made President of United Verde. Recently, the Phelps Dodge Corp.
purchased a substantial stock interest in United Verde from heirs of the
late Senator W. A Clark.
Some officials of the American Smelting & Refining Co. attended the
meeting. It was reported that that company recently purchased stock in
United Verde, but after the meeting yesterday it was said it was "entirely
out of the picture."
The Associated Press said in its account of the meeting that the "appearance of executives of American Smelting at the meeting added a new twist
to affairs, especially when it was learned that on Feb. 6 their company
had acquired 35,000 shares of United Verde at $55 a share from the estate
01W. A. Clark, Jr., in Butte, Mont.,for $1,925,000. Officials of American
Smelting said the report was true. But following the stockholders' meeting
they announced that they no longer held any United Verde stock. The
Inference was drawn by observers that American Smelting had made
a bid for control and, falling, had arranged to turn its holdings over to the
Phelps Dodge interests."
In addition to Mr. Cates, the directors elected include Cleveland E.
Dodge and James F. McClelland, both of whom are directors and VicePresidents of Phelps Dodge, and H. DeWitt Smith, a director of Phelps
Dodge and also of the Newmont Mining Corp. The retiring directors reelected were W.H.Aldridge, Henry Krumb,John II. Hall, Jr., and Rodney
W. Williams.
Besides Mr. Cates, other officers of United Verde elected were Mr.
Dodge, Vice-President; Mr. Hall, Secretary; A. T. Thomson, Treasurer;
J. E. Fisher, Assistant Secretary & Assistant Treasurer, and George
Drysdale, Comptroller.
The new board of directors was unanimously elected, it was stated.
Virtually all the outstanding stock was represented at the meeting, either
In person or by proxies.
-V. 135, p. 4400.
CURRENT
NOTICES
25.890
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
$715,104 $772,487 cCapital stock _ _ _51,111,017 $1,111,017
1 Notes payable__ 581,472
1
207,700
259,535 Accounts payable_ 203,896
181,461
2,107,600 1,686,303 Deposits on acct.
356,611
of uncompleted
344,277
sales
13,441
7,216
80,721
29,494 Reserves for taxes_
80,721
33,860
Notes payable_
350,000
44,286
61,958 Res. for foreign ex94,850
94,850
change adjust
162.175
146,011
31,811 Capital surplus_
1,389,310 1,389,310
26,190
Earned surplus_ _ 1,083,455 1,039,079
16,671
17,657
987,888
947,516
4,391
42,670
Feb. 16 1935
Balance Sheet as of Dec. 31
1934
1934
1933
AssetsLiabilities
$
$
y Real estate, maPreferred stock_ __ 2,600,000
chry.& fixtures_ 1,849,566 1,769,798 x Comrnon stock...14,943,700
Trade marks, goodAccounts payable_ 416,043
will, &c
40,840
1 Pref, div. pay. Jan.
1
Cash
7,129,648 7,688,973 Corn, div. pay. Jan 1,602,475
Time deposits _
1,200,000 Reserve for tax acLeaf, nif'd, stocks,
cruals,.1‘e
646,611
supplies, &c
9,129,131 8,762,451 General reserve_ _ _ 1,806,162
Bills & accts. rec_ _ 1,242,192 1,066,314 Surplus
5,284,286
Marketable secur. 6,923,227 6,340,318
z U.S. Tobacco Co.
preferred stock_ 328,906
265,925
Capital stocks of
other companies 600,039
600,039
Other notes and
accounts reeete.
90,388
209,051
Deferred charges_
47,018
53,152
The John Hancock Mutual Life Insurance Co. of Boston passed the
billion dollar mark in payments to policy holders and benaciaries during
1934 and enjoyed the largest income of any year in its long history, according to the report of the Board of Directors, submitted by President Walton
L. Crocker to the 72nd annual policyholders meeting held on Monday at
the company's home office, 197 Clarendon St., Boston, Mass. Substantial
Increases in assets, insurance written and in force as well as in surplus, were
also shown.
New paid-for Insurance written during the year, the report shows,
amounted to $532,659,313, (an increase over the previous year of $37,591,500) and representing a gain of 11% In ordinary nsurance; 20% n
group insurance and 5% in weekly premium insurance. Outstanding
Insurance amounts to $3,473.967,189, a gain of $62.258,807.
Payments to policyholders and beneficiaries in 1934 amounted to $91,877,154.03.
The total assets as of Dec. 31 are $684,065,767.43, an increase over last
year of $28,401,401.11. After deducting all the contractual liabilities of
$622.249,522.73, including $569,442,629 for reserves on policies in force,
and the $15,709,167.10 set aside to meet dividend requirements for the
present year, the company has a contingency reserve for asset fluctuation
of $16,500,000 and, in addition, general surplus funds of $45,316,244.70,
making total surplus resources of $61,816,244.70.
In keeping with its policy of preserving sufficient liquidity to meet
unusual demands, the company, President Crocker stated, has on hand in
cash and in United States Government obligations, direct and contingent.
and other securities, all maturing within the next five years, more than
$100,000,000.
Coincident with the dissolution of the firm of A. C. Grubb & Co..
announcement Is made by Fahnestock & Co., that A. C. Grubb has become
Manager of their Bond Department. Mr. Grubb was associated with
Buell & Co.from 1924 to 1933,since which time he has headed his own firm.
-Railroad and public utility bonds maturing more than three years
hence and classified as "legal" for investments of savings banks in Massachusetts, Connecticut and New York, are listed with market prices and
approximate yield to maturity in the current review of Estabrook & Co.
-A. A. Greenman, Inc., of St. Paul, announce that Arthur G. Driscol
has joined their firm and that the name of the firm has been changed to
Greenman, McGuire & Driscoll, Inc. Announcement is also made of the
opening of a larger office at E-1408 First National Dank Building.
The firm of Barker & Co. has been formed with offices at 14 Wall St..
New York, to act as brokers in municipal bonds. Robert II, Byrne, Francis
N. Pruyn and Arthur I. Hayman will be associated with this company.
S. Weldon Barker is the principal in this now firm.
Manufacturers Trust Co.. New York, is distributing a pamphlet,
"The Gold Clause Cases-Points of Counsel" which contains an exhaustive
reference to gold clause cases and decisions in the past.
-The New York Stock Exchange firm of Dyer, Hudson & Co. announces
that Robert V. White, formerly associated with J. & W. Seligman & Co.,
has been admitted as a general partner in their firm.
-MacBride, Miller & Co., dealers in New Jersey municipal bonds.
announce the removal of their Newark office to larger quarters in the
National Newark Building at 744 Broad St.
-Eli T. Watson & Co., Inc., 60 Wall St.. New York, has prepared statistical reports on The Dorset 1st 6s, Walbridge Bldg. 1st 6Ics and Broadway Barclay 1st 6s.
-James Talcott, Inc., has been appointed factor for National Tapestry
Co., Philadelphia, Pa., manufacturers of upholstery goods and draperies.
-F. A. Carlton & Co., 208 South La Salle St., Chicago, have issued an
analysis of Joint Stock Land Bank bonds.
Hornblower & Weeks have prepared a special analysis of Bankers
Trust Company capital stock.
1159
Financial Chronicle
Volume 140
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR
-COFFEE
-ETC.
-METALS
-DRY GOODS
-WOOL
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
Friday Night, Feb. 15 1935.
Coffee futures on the 9th inst. again reached new lows for
the season. Santos contracts on that day ended 1 point
lower to 2 points higher while Rio contracts were 4 points
nigher. Cost and freight offers from Brazil were unchanged
to 5 points higher. Spot coffee here was steady. On the
11th inst. new lows were again reached in brisk trading.
Sales totaled over 100,000 bags. Santos fell 6 to 25 points
with sales of 85,250 bags and Rio was down 22 to 28 points
with sales of 17,500 bags. Selling was influenced by the
news that the amount of export bills to be sold to the Bank
of Brazil was fixed at 35% as against 80% heretofore at the
official rate. Cost and freight offers from Brazil were 20
to 35 points lower. On the 13th inst.futures declined sharply
in heavy trading. Santos futures ended 25 to 35 points
lower with sales of 62,000 bags and Rio contracts were 42 to
55 points lower with sales of 45,250 bags. Sharply lower
cost and freight offers from Bread' led to heavy selling.
Stop loss orders were caught on the way down. Spot coffee
was lower and in small demand.
On the 14th inst. futures closed 21 to 25 points higher on
Rio with sales of 33,000 bags and unchanged to 7 points
higher on Santos with sales of 50,000 bags. To-day futures
closed 2 to 5 points higher on Rio contracts and 12 points
lower to 12 points higher on Santos contracts. Cost and
freight offers were unchanged to 15 points higher.
Rio coffee prices closed as follows:
March
May
July
EIS rmr
September
5.951
6.04
6.15
Santos coffee prices closed as follows:
March
May
July
l:121'fteT3
te3e
8.92
8.92
8.92
Cocoa futures on the 9th inst. ended 10 to 11 points
higher in a very active market. Sales amounted to 505 lots.
Manufacturers bought spot cocoa at premiums of 25 points
over March. March ended at 5.13c., May at 5.26c., July
at 5.38c., Sept. at 5.50c., Dec. at 5.66e. and Jan. at 5.71e.
On the 11th inst. futures declined 5 to 7 points owing to selling as a result of the delay in the gold clause decision.
Some were switching from March to later deliveries. Sales
were 442 lots. March ended at 5.06c., May at 5.19c.,
July at 5.32e., Sept. at 5.44c. and Dec. at 5.16c. On the
13th inst. futures were unchanged to 1 point higher with sales
of 494 lots. Switching operations from March to later deliveries featured the trading. March ended at 5.06c., May
at 5.19c., July at 5.32c., Sept. at 5.45e. and Dec. at 5.62c.
On the 14th inst. futures closed 2 to 4 points higher with
sales of 3,390 tons. March ended at 5.10c.; May at 5.22c.;
July at 5.35c.• Sept. at o.47e., and Dec. at 5.64e. To-day
futures closed unchanged with March at 5.10e.; May at
'
5.22c.; July at 5.35c.; Sept. at 5.47c.; Dec. at 5.640., and
Jan. at 5.69c.
Sugar futures on the 9th inst. closed unchanged to 2
points higher with sales of 8,100 tons of old contract and
3,500 tons of new. Raws were quiet. Dec. old contract
sold at 2.150. the highest for any futures month since
February 1930. On the 11th inst. futures closed 1 to 2
'
points lower on old contracts with sales of 3,700 tons and
unchanged to 3 points lower on new contracts with sales of
5,650 tons. Raws were quiet, and no sales were reported.
On the 13th inst. futures showed net losses of 1 to 2 points
at the close with sales of 8,800 tons of new contracts and
7,500 tons of the old. Raws continued in small demand.
On the 14th inst. futures closed 2 to 4 points higher, owing
to the firmness of raws and higher refined prices. Sales
amounted to 16,200 tons in No. 1 contracts and 7,700 tons
in the No. 3. To-day futures closed 1 to 2 points higher.
Nearly all refiners advanced the price of refined to 4.50e.
Prices were as follows:
December
March
May
2 16 July
1.96 September
2.00 January
2.01
2.14
2.15
Shipments of raw sugar from Puerto Rico to the United
States from Jan. 1 to Feb. 9 amounted to 82,963 short
tons, a gain of 38.7% over shipments of 59,815 during the
similar period in 1934, according to cables received by
the New York Coffee & Sugar Exchange announced Feb. 11.
Refined shipments totaled 9,925 tons this year, compared
with 17,698 tons during the same period last year, a drop
of 43.9%, the Exchange said.
Shipments of sugar to the United States by the several
insular areas and Cuba during January totaled 751,786
short tons, raw value, the Sugar Section of the Agricultural
Adjustment Administration reported Feb. 6. The shipments represent 16.8% of the total quota allotted these
areas for 1935 under the Jones-Costigan Sugar Control
and Allotment Act of 4,454,019 short tons. The quotas
for 1935 were given in our issue of Jan. 12, page 222. The
report of Feb. 6 covering the period from Jan. 1 to Feb. 1,
is the first of a series to be issued. The report said:
Entries from the respective areas during the month in terms of short
tons of 96
-degree raw value sugar were as follows.
Cuba, 73,936; Puerto Rico, 16,988: Hawaii, 1,017. and Philippines. 21.
The Philippines during the month completely exhausted their 1935 quota
for raw sugar entries to this country, exporting 9.996 short tons.
After January exports were deducted it was found that 334,609 short
tons remained in the Cuban quota for 1935: 116,131, Puerto Rican; 28,094.
Hawaii, and 69,644 for the Philippines, giving a total of 3.702,233.
Off
-shore areas combined may export only 4,454,019 short tons of direct
consumption sugar here during 1935. Of this amount 1,857.022 short
tons will come from Cuba; 918,352, Philippines; 779,420, Puerto Rico,
and 893,884, Hawaii. Shipments to the United States by the Virgin
Islands were fixed at 5,341. but no entries from this area have been noted
to date.
The report indicated that four full-duty countries exported
sugar to the United States during January equivalent to
the quota allotted them for the entire year 1935. It stated:
In addition to the sugar charged against the quotas for Cuba and other
insular areas, a large proportion of the sugar from full duty countries was
entered during January. These quotas are given in pounds of 96
-degree
equivalent sugar.
During the January-February period, Peru, Dominican Republic,
France and Germany exported their full 1935 quotas of 7,343.561 pounds,
4,406,150 pounds, 116 pounds and 77 pounds, respectively.
Mexico entered 67,875 pounds; China, 42.419; Hong Kong. 15.808,
and United Kingdom. 1,198. Of the 600.000 pounds of full duty sugar
in the reserve, 6,264 were entered. The balance remaining in the 1935
quota for full duty rows was placed at 4,874,023 pounds, compared with
the total quota of 16,757,491.
A notable expansion in Turkey's beet sugar industry is
reported to the United States Commerce Department by
Commercial Attache Julian E. Gillespie, Istanbul. The
Commerce Department further announced:
It is estimated, the report states, that during the year 1933-34. 500,000
tons of sugar beets were cultivated in the country, having an approximate
value of from 5,000,000 to 6,000.000 Turkish pounds. (Value of Turkish
pound equals approximately 80 cents.) Total sugar production during
the year amounted to 65,557 tons, compared with 27,571 tons in 1932-33.
an increase of approximately 150%•
The sugar factory at Eskisehir, which was opened in 1934, used 83,000
tons of beets. Sugar production of this factory amounted to 12,100 tons
for the year.
Judging from the above figures and considering that an additional
sugar factory at Turhal will start operation in the spring of 1935, Commercial Attache Gillespie points out that it is possible that Turkey will
be faced with an overproduction of sugar.
Lard futures on the 9th inst. closed unchanged to 7 points
higher. Commission houses buying caused an early rally
but part of these gains were lost later under realizing sales.
Hogs were unchanged to 10e.lower owing to a small demand.
Cash lard was firm. On the 11th inst. prices broke 20 points
under selling by commission houses owing to the weakness in
grains and hogs but trade buying on the decline brought
about a rally and the ending was at net losses of only 2 to 5
points. Hogs fell 100. with the top at Chicago $8.20.
Cash lard was quiet. On the 13th inst. futures advanced
23 to 25 points to new highs for the season. Hogs and
cattle prices rose to the best level in years. The strength of
cottonseed oil also helped.
On the 14th inst. futures ended unchanged to 10 points
higher on commission house buying influenced by higher
hog prices. Hogs rose 15c. to the highest level since Dec.
1930. The top at Chicago was $8.55. Cash lard was firm;
in tierces 13.35c:; refined to Continent, 12c.; South America,
12313. To-day futures ended unchanged to 5 points higher
owing to the rise in hogs which again attained new high
levels since Dec. 1930; top $8.60.
DAILY CLOSING PRICES OF LARD
Sat.
Mon.
13.27
13.22
13.42
13.37
13.52
13.40
January
May
July
FUTURES IN
Wed.
Tues.
13.45
Roll- 13.60
day 13.65
CHICAGO
Thurs. Fri.
13.45
13.47
13.60
13.65
13.65
13.72
Pork steady; mess, $28.75;family, $27.; fat backs, $24.50
to $28.25. Beef firm; mess, nominal; packer, nominal;
family,$18.50 to $19.50,nominal;extra India mess,nominal.
Cut meats, firm; pickled hams, picnic, loose, e. a. f. 4 to 8
lbs., 13c.; 8 to 10 lbs., 12c.; skinned, loose, c. a. f., 14 to 16
lbs., 18c.; 18 to 20 lbs., 173c.; 22 to 24 lbs., 15%e.- pickled
bellies, f. o. b. N. Y., 6 to 8 lbs., 20%e.;8 to 12 lbs., 21e.;
'
bellies, clear, dry salted, boxed, N. Y., 14 to 20 lbs., 18e.;
20 to 25 lbs., 177 c.; 25 to 30 lbs., 171 e. Butter,creamery,
4
%
firsts to higher than extras, 34h to 373 c. Cheese, flats,
,
(
183' to 23e. Eggs, mixed, colors, marks to special packs,
353/i to 343(c.
1160
Financial Chronicle
Oils-Linseed continued in moderate demand at 8.5c.
for tank cars. Meal was weak. Cocoanut, Manila cost
tanks, 53c.; tanks, N. Y., 53c. Corn, crude, tanks,
Western mills, 103'c. China wood, shipment, 9.4 to 9.6c.
drums, spot, 10c. Olive, denatured, spot, Spanish, 920.;
shipments, Spanish, 86 to 87c.; Greek, 85 to 86c. Soya
bean,tanks, Western mills,spotforward,83/2c.; C. L., drums,
9.60.; L. C. L., 100. Edible, cocoanut, 76 degrees, 12 Me.
Lard, prime, 11c.; extra strained, winter, 103c. Cod,
Newfoundland, 32c. Turpentine, 553' to 593c. Rosin,
$5.15 to $7.00.
Cottonseed Oil sales, including switches, 66 contracts.
. Crude, S. E., 103jc. Prices closed as follows:
February
March
t ri1
ipy
April
a
1June
11.50
11.59©11.64 July
11.604411.70 August
11.60®11.64 September
11.60(411.70
11.69© -- 11.79 1!.!?
7
0 .
:
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures on the 9th inst. were 8 to 16 points higher
with sales of 2,210 tons. Spot ribbed smoked sheets rose to
13.15c. London was slightly higher and Singapore closed
%d• to 5-32d. higher. March ended at 13.20c., May at
13.38 to 13.39c., July at 13.52c., Sept. at 13.68c., Oct. at
13.78c. and Dec. at 13.93c. On the 11th inst. futures
closed 10 to 14 points lower with sales of 3,020 tons. Spot
ribbed smoked sheets here fell to 13.00c., London was 1-16d.
to Md. lower and Singapore showed little change. March
here ended at 13.09 to 13.090., May at 13.25c., July at
13.38c., Sept. at 13.56c. and Dec. at 13.830. On the 13th
inst. futures closed 3 to 6 points lower with sales of 2,630
tons. Spot ribbed smoked sheets fell to 12.97c. London
was unchanged to 1-16d. lower while Singapore advanced
1-16d. to 3-32d. Here futures closed with March at 13.04
to 13.050., May at 13.18 to 13.19c., July at 13.350., Sept.
at 13.50 to 13.52c. and Dec. at 13.78c.
On the 14th inst. futures closed 12 to 17 points higher with
sales of 3,030 long tons. March ended at 13.13 to 13.140.,
May at 13.26 to 13.280., July at 13.44c., Sept. at 13.58e.,
Oct. at 13.69e. and Dec. at 13.82e. To-day futures closed
2 to 10 points lower with trading moderate. March ended
at 13.10c., May at 13.24c., July at 13.350., Sept. at 13.500.,
Oct. at 13.59c. and Dec. at 13.77c.
Hides futures closed 17 to 20 points higher with sales of
3,600,000 lbs. In the Chicago spot market sales of 12,100
hides were reported with heavy native steers at lie. Some
15,000 frigorifico steers sold in the Argentine market at
10 7-16c. to 103c. March ended at 9.51 to 9.54c., June
at 9.85c., Sept. at 10.20c. and Dec. at 10.50e. On the 11th
inst. futures ended unchanged to 2 points higher with sales
of 3,760,000 lbs. Some 2,500 frigorifico light steers were
reported sold in the Argentine market at unchanged prices.
March ended at 9.52c., June at 9.87c., Sept. at 10.22c. and
Dec. at 10.50c. On the 13th inst. futures closed un-changed
to 3 points lower with sales very large, i. e. 5,480,000 lbs.
Some 3,000 light native steers sold in the Chicago spot
market at 83'c. Sales of 6,000 hides were reported in the
Argentine spot market with frigorifico steers selling at
10 9-16c. March ended at 9.52c., June at 9.86 to 9.90e.,
Sept. at 10.19c. and Dec. at 10.50c.
On the 14th inst. futures ended with net gains of 7 to 9
points after sales of 1,200,000 lbs. March ended at 9.60c.,
June at 9.94c., Sept. at 10.28c. and Dec. at 10.570. To-day
futures closed 1 to 8 points higher in fairly active trading.
March ended at 9.630., June at 9.97c., Sept. at 10.09e.
and Dec. at 10.65c.
Ocean Freights showed little activity.
Charters include; Grain-St. John, March, London, Barry. Cardiff
Hull. Is. 735d. Sugar-Santo Domingo, March, to United Kingdom, 13s.:
Trips
-North Hatteras-River Plate, 9734c.; early March, option of return
West Indies round, 90c.; trip down Plate, 973ic.; trip back,
trip at $1.07
51.0735; South Atlantic trip across, 65c. Scrap Iron-Gulf to Japan at
13s.30., Feb. II
Coal
-The output continued to rise. Bituminous production last week was put at 8,500,000, a new high since the
last week of March 1934. Three weeks' output to Feb. 9
was 25,230,000 and the weekly average 8,410,000 tons,
against 22,365,000 and 7,455,000,respectively, a year ago.
Copper sales were larger in the domestic market at 9c.
for Blue Eagle. The European range was 6.623/i to 6.673/20.
In London on the 14th inst. spot standard was up 3s. 9d.
to £27 5s.; futures up 3s. 9d. to £27 10s.; sales, 500 tons of
spot and 500 tons of futures; electrolytic bid rose 10s. to
£30 10s.; asked up 2s. 6d. to £30 12s. 6d.; at the second
session prices fell Is. 3d. on sales of 100 tons of spot and
50 tons of futures.
Tin was rather quiet and weaker at 493/8e. for spot Straits.
London prices were sharply lower. In London on the 14th
inst. spot standrd dropped £1 15s to £227 10s.; futures off
£1 5s. to £233; sales 150 tons of futures; spot Straits declined
£1 5s. to £228; Eastern c. i. f. London was 15s. higher at
£229 15s.; at the second London session spot standard was
£227 and futures £221 10s. nominal with sales of 10 tons of
spot.
Lead was in good demand and firm at 3.50 to 3.60e. New
York and 3.40c. East St. Louis. In London on the 14th inst.
spot was unchanged at £10 3d. 9d.; futures rose 2s. 6d. to
£10 10s.; sales 200 tons of spot and 600 tons of futures.
Feb. 16 1935
Zinc was quiet but firm at 3.70c. East St. Louis. In
London on the 14th inst. spot dropped Is. 3d. to £11 18s. 9d.;
futures unchanged at £12 3s. 9d.; sales 300 tons of spot and
625 tons of futures.
Steel-Sales of finished steei were smaller during the first
half of February and there is a belief that the demand in the
East has reached its peak . An increase in structural demand
may materialize with the advent of warmer weather. Operations fell off somewhat last week. Quotations: Semifinished billets, rerolling, $27; billets, forging, $32; sheet
bars, $28; slabs, $27; wire rods, $38; skelp, 1.70c.; sheets,
hot rolled annealed, 2.40c.; galvanized, 3.10c.; strips, hot
rolled, 1.85c.; strips, cold rolled, 2.60c.; hoops and bands,
1.85c.; hot rolled bars, plates and shapes, 1.80c.
Pig Iron was in small demand. Yet New England reported greater activity, although purchases of rather small
lots. The delay in making a decision in the gold clause
cases hurts business. Quotations: Foundry No. 2 plain,
Eastern Pennsylvania, $19.50; Buffalo, $18.50; Chicago,
Valley and Cleveland, $18.50; Birmingham, $14.50. Basic,
Valley, $18; Eastern Pennsylvania, $19; Malleable, Eastern
Pennsylvania, $20; Buffalo, $19.
Wool-There was some improvement in the demand but
recently prices have been easier. Boston wired a Government report on Feb. 14 saying: "Increased interest is
being shown in 48s, 50s, 3 -blood fleeces, but the price
trend at the moment is downward. Buyers are offering 24c.
in the grease for the best strictly combing bright Ohio lines.
Most holders, however, are refusing this figure but have
accepted 25 to 253c. in the grease for good Ohio wools.
Some bright Missouri 3 -blood fleeces have been sold at 24e.
for graded strictly cembing staple."
Silk futures on the 11th inst. closed unchanged to 13/2e.
higher. Crack double extra spot rose 5c. to $1.44. Japanese
markets were closed for a holiday. March ended at $1.373
to $1.38; May at $1.37 to $1.38; June at $1.373/2; July, Aug.
and Sept. at $1.37 to $1.373/2. On the 13th inst. futures
closed unchanged to lc. higher. Sales were 330 bales.
Crack double extra spot fell 13'c. to $1.423/2. Japanese
cables were steady. March ended at $1.37 M to $1.38
May at $1.38 and June, July, Aug. and Sept. at $1.373'
to $1.38.
On the 14th inst. futures closed unchanged to Mc. lower
with sales of 760 bales. Feb. ended at $1.37 and March,
April, May, July, Aug. and Sept. at $1.37M. To-day
futures closed 1 to 13/20. higher. It was a quiet market.
Feb. ended at $1.383-, March at $1.39, and May, June,
July, Aug. and Sept. at $1.383.
COTTON
Friday Night. Feb. 15 1935.
The Movement of the Crop, as indicated by our telegrams from the south tonight, is given below. For the
week ending this evening the total receipts have reached
40,895 bales, against 54,614 bales last week and 44,884
bales the previous week, making the total receipts since
Aug. 1 1934 3,564,588 bales, against 6,096,544 bales for the
same period of 1933-34, showing a decrease since Aug. 1
1934 of 2,531,956 bales.
Receipts at.Sat.
Mon. Tues. Wed. Thurs. Fri.
Total
Galveston
2,823 3.420 2,638
686 1,890 1.719 13,176
Texas City
170
170
Houston
1.185
827 1,875
708
785 3,293 8.673
Corpus Christi
____
296
----------------296
New Orleans
2,182 1,676 4,501 1.586 1,934 1,217 13,096
Mobile
172
92
---739 1,445
307
135
Pensacola
459
-___
49
Jacksonville ----------------------25
-25
Savannah
25
859
93
361
102
209
69
Charleston
367
110
---881 1,543
120
65
Lake Charles
____
____
____
232
______
232
Wilmington
64
4
Norfolk
564
____
16
--__
17
357
174
Baltimore
293
293
Totals this week_
R.771
fi R52
0 224
ll Fill3
i544
5A915 40.595
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
Receipts to
Feb. 15
1934-35
This Since Aug
Week
1 1934
Galveston
13,176
Texas City
170
Houston
8,673
Corpus Christi
296
Beaumont
New Orleans
13,096
Gulfport
Moblle
1,445
Pensacola
459
Jacksonville
25
Savannah
859
Brunswick
Charleston
1.543
Lake Charles
232
Wilmington
64
Norfolk
564
N'port News, &c.
New York
Boston
Baltimore
293
Philadelphia
Totals
1933-34
This Since Aug
Week
1 1933
Stock
1935
1934
832,868 27,637 1.763,143
62.188
779 171,318
980.392 24.208 2.038,445
269,739 1,024 314,202
8,767
4.538
---848,011 18,227 1.082.429
583,345 765,107
22,121
38,110
904.432 1,344,748
78,293
68,421
1,886
8,588
652.572 771,540
120,811
66,978
6.606
106,151
459
130.591
55,510
14,517
43,145
1,675
1.460
64
1.018
3.261
1,547
1,827
315
562
124.976
121,118
12,662
148,725
28,394
113,032
97,824
18,903
33,014
92,930
13,120
3.596
114,024
112,630
22,064
7,054
120,393
56,192
29,924
24,429
26,232
54,428
34,779
18,584
19,557
22,084
1,390
19,592
29,144
4,891
2.620
87,872
10,059
3,057
:40,895 3.564.588 84.904 6.096.544 2.629,879 3.494.863
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934-35
1932-33
1933-34
1931-32
1930-31
1929-30
17,287
22,261
38,926
13,038
9,885
12,054
17,460
26,359
3,288
1,419
2,064
1,651
1,497
201
543
1,034
Galveston_ __ _
Houston
New Orleans_
Mobile
Savannah_ __ _
Brunswick_ _
Charleston_..
Wilmington
Norfolk
Newport News
All others_ __ _
13,176
8,673
13,096
1,445
859
1,475
6,544
4,802
13,212
6,829
3.528
Total this wk_
40,895
84,994
102,480
175,417
113,438
65,886
1,543
64
564
16,642
32,518
36,228
8,741
799
1,200
693
518
337
27,637
24,208
18,227
1,675
1,018
3,261
1,547
315
562
43,660
50,166
49,492
9,179
5,434
2,139
1,284
569
282
Since Aug. 1._ 3,564,588 6,096,544 6,910.782 7,984,485 7,562.765 7,289,189
The exports for the week ending this evening reach a total
of 66,907 bales, of which 13,219 were to Great Braithi,
6,340 to France, 5,895 to Germany, 7,540 to Italy, 16,664
to Japan, 200 to China, and 17,049 to other destinations.
In the corresponding week last year total exports were 146,270
bales. For the season to date aggregate exports have been
3,060,164 bales. against 5,199,532 bales in the same period
of the previous season. Below are the exports for the week:
Week Ended
Feb. 15 1935
Exports from
-
Exported to
Great
BrUain France
Galveston
Houston
Corpus Christi.._
Texas City
New Orleans
Mobile
Jacksonville_ _
Pensacola
Panama City_
Savannah
Norfolk
Germany
60
1,718
Japan
China
-964
100
18
6,297
5.763
100
98
13,219
6.340
Other
4,219
6.682
1,187
82
42
457
459
1.775
478
604
261
Total
3,782 9,968
5,213 25.751
252 3,641
319
683
6,163 18,383
439 3,344
82
11
510
459
770 3,410
100
676
7,540 16,664
200 17,049 66,907
24,138 33,799 20,479 20,997 19,587
49,915 17,501 37,350 18,925 26,776
Total
3,548 23,722 146,270
7,309 15,029 172,805
5,895
From
Aug. 1 193410
Feb. 15 1935
Great
Get
Exports from- BritainFrance many
Galveston
68,558
Houston
78,188
Corpus Christi_ 32,987
Texas City
1,896
Beaumont __ _
3.132
New Orleans
132,703
Lake Charles
8,339
Mobile
32,888
Jacksonville
2,493
Pensacola
9,197
Panama City
10,031
Savannah
49,977
Charleston_
Norfolk
Gulfport
New York.. _ _
.
Boston
Philadelphia
Los Angeles
San Francisco_
Seattle
Total
Italy
412
2,763
459
346
1,455
4,787
5,342
2,930
Total 1934
Total 1933
62,019
92,453
22,019
11,191
122
59,92E
9,688,423
52
29
125
3.494
67.099
4.520
2,535
7,213
1
619
8,626
687
Exported to
Italy
Japan
China
Other
Total
48,475
41.207
8,365
2,641
223
69,664
1,534
22.820
1.430
6,600
3,594
22,272
76,230 289,758 8,552 141.966 695,558
92,407 293,786 54,013 155,730 807,784
13,778 136,62
6,675 34,390 254,839
452
743
____ 12,028 28,951
400
--------1,019
4,896
84,991 133,302 2,475 91,401 574.464
2,484
9,112
____ 9,347 40.504
13,499 32,311
528 9.233 119.702
------------550
4,525
2.481 11,369
____ 2,937 32,613
____ 14,014
__
775 28,539
361
6,050
_._ 6,232 88.386
200
1,076
5,086 15,452
__ 10,400
____ 3,100 101.137
301
3,481 2,033
200
____ 1.500 12,035
____
425 1,200
------------4,160
812
5.533 2,172
--------8,211 23,941
____
26
------------2,179
2,206
--------1
--------50
670
3,460
2,392
100 171,768 1,150 5,905 193,401
____
643
___ 38,732
250
283 40,595
182
182
622.565279.202 256,777292,589 1148,171 73,643487,2183060,164
Total 1933-34 926.982633.356 1026,991 485,999 1246,59 190,829688,7795199,532
Total 1932-33 _ 961,507638.026 1207,896513,5601176.00 202.436670,8125.370256
NOTE-Exports to Canada-It has never been our practice to include in the
above table reports of cotton sh pments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however. of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of December the exports to the Dominion the present season
have been 20,924 bales. In the corresponding month of the preceding season the
exports were 29,705 bales. For the five months ended Dec. 31 1934 there were
104,182 bales exported, as against 122,573 bales for the five months of 1933.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Feb. 15 at
Great
Britain France
Galveston
Houston
New Orleans.._
Savannah
Charleston_
Mobile
Norfolk
Other Porta
1161
Financial Chronicle
Volume 140
Germany
Other CoastForeign wise
3,500
37
2,863
1,500
1.269
5,149
5,200 35.000
1,065 22,891
2,693 4,307
1,843
86
888
Total 1935... 8,243
Total1934
14,686
Total 1933
14,309
1,200 46.400
284 25.546
15,012
300
7,968 8,958 63.086
9.761 20,345 85.736
5,014 25,780 83,200
Leaving
Stock
Total
300
2,781
536,945
878.886
637,560
114.024
55,892
90,149
26,232
200,152
1,784 90.039 2,539,840
7,040 137,568 3,357,295
2,873 131.176 4,466.598
Speculation in cotton for f Iture delivery showed very
little improvement. The failure of the Supreme Court to
make its gold decision checked trading. After showing con
siderable weakness early in the week under liquidation, the
market of late became steadier under trade buying.
On tile 9th inst. selling on the possibility of a gold decision
Monday sent prices down 2 to 7 points. The market fluctuated within narrow limits. Liverpool cables were lower than
due. On the decline there was some trade fixing of prices.
Offerings came from Bombay interests and there was light
hedge selling. The trade gave the principal support.
On the 11th inst. prices ended 4 to 6 points lower owing
to selling over the delay in the gold clause decision. At one
time prices were 7 to 9 points lower, and the market was
weak all day. Liverpool was 5 to 9 American points lower
than due and influenced early selling. Trade buying in the
form of price fixing caused a rally in the late dealings. The
spot basis at the South was firm and a better interest was
reported. Selling came from the South, the Continent and
Far Eastern interests. The trade, and New Orleans were
buying. Bombay interests sold old crop deliveries and
bought the new. Domestic mills were fixing a little more
cotton at the lows. The cotton markets in this country
were closed for Lincoln's Birthday on the 12th inst., but will
reopen on the 13th. The Western belt had further rains
and although it greatly relieved many areas, more would be
welcome in western Oklahoma and nothwest Texas over the
next few weeks.
On the 13th inst. prices ended unchanged to 3 points higher.
It was a quiet and narrow market with fluctuations moving
within a range of only 6 to 9 points. Traders hesitated
about taking an aggressive position owing todisappointment
over the delay in the gold clause decision. '1 he trade was
again fixing prices on a small scale and offerings were light.
There was some foreign selling and liquidation but this was
offset by trade buying. Lower than due Liverpool cables
brought out some early selling and liquidation by foreign
interests but these offerings were well taken. The firmness
in grain helped to steady cotton. Spot cotton was in small
demand but inquiries were quite numerous. The basis
remained firm. Offerings from the interior were very small.
Textile markets were quiet.
On the 14th inst. prices ended 1 to 5 points higher in a
slightly more active market. Mill buying absorbed liquidation by old longs and foreign selling. Operations, however,
continued to be restricted by the general disposition to
await the gold decision. The spot demand at the South
was reported small, but there was a better inquiry. Japanese interests at times were good sellers, but there was a
lack of Southern offerings. On the whole, the selling was
well absorbed. There was a good deal of switching from
March to later months. To-day prices ended 6 to 8 points
higher, on reports of a better spot inquiry and stronger
Liverpool cables. The trade was buying. The Exchange
estimated world's takings of American cotton for the week
at 220,000 to 230,000 bales against 340,000 bales in the
same week last year and 289,000 bales two years ago.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Feb. 21 1935
15-16
Inch
1-Inch dr
longer
.22
Fifferences between grades established
for deliveries on contract to Feb. 21 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.49
.49
.49
.49
.49
.42
.39
70 on
Middling Fair
White
57
Strict Good Middling.- do
do
Good Middling
.46
do
Strict Middling
.31
Basis
Middling
do
do
38 off
Strict Low Middling
Low Middling
do
80
do
1.81
*Strict Good Ordinary
*Good Ordinary
do
1 76
47 on
Good Middling
Extra White
Strict Middling
do do
32
do do
01
Middling
.37 off
Strict Low Middling
do do
Low Middling
do do
.77
Good Middling
.28 on
.46
.21
Spotted
Even
.46
.21
Strict Middling
do
Middling
do
.38 off
.38
.18
*Strict Low Middling.... do
80
*Low Middling
131
do
.18
.38
Strict Good Middling __Yellow Tinged
02 off
do do
.38
Good Middling
28 oft
.18
do do
.36
Strict Middling
46
.18
do do
80
*Middling
do do
131
*Strict Low Middling_
*Low Middling
do do
176
Light Yellow Stained_ .43 off
Good Middling
.17
.35
do
do
do
*Strict Middling
__ .81
do
do
*Middling
do
_1 30
.17
.35
Good Middling
Yellow Stained
80 off
*Strict Middling
do do
181
*Middling
do do
1.76
.18
.36
Good Middling
Gray
.27 off
.18
.36
Strict Middling
do
51
do
*Middling
82
*Good Middling
Blue Stained
81 off
*Strict Middling
do do
1.31
*Middling
do do
1.78
•
Not deliverable on future contracts
.22
.22
.22
.22
.19
.18
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 9 to Feb. 15-
Middling upland
Sat. Mon. Tues. Wed. Thurs, Fri.
12.65 12.60 Hol, 12.55 12.55 12.65
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed
Futures
Market
Closed
Saturday_ _ _ Steady, 5 pts. dec... Steady
Monday --- Steady, 5 pts. dec... Steady
Tuesday --HOLI DAY.
Wednesday. Steady, unchanged_ Steady
Thursday - Steady, unchanged_ Steady
Friday
Steady. 10 pts. adv_ Very steady
Total week.
Since Aug. 1
SALES
Spot
Contr'ct
Total
800
60
800
60
100
160
100
160
1,120
1.120
49.632 102 458 152.232
.
1162
Financial Chronicle
New York Quotations for 32 Years
1935
1934
1933
1932
12.65c. 1927
12.45c. 1926
6.05c. 1925
6.75c. 1924
1931 -- -10.10c. 1923
1930
15.90c. 1922
1929
20.15c. 1921
1928
18.45c. 1920
26.50c.11911
14.00c.
14.20c.1 1919
31.35c.11910
15.00c.
19.35c1 1918
15.85c.11909
9.80c.
24.55c. 1917
11.95c.11908
11.85c.
31.35c. 1916
28.20c.'1915____. 8.55c. 1907 -_ -- 11.00c.
12.85c1 1906._ -11.25c.
18.25c.11914
7.75c
19
.90c. 1905
14.20c.11913
10.50c. 19O4....-- 13.75c.
38.95c.11912
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Feb. 9
Monday
Feb. 11
Tyndall
Feb. 12
Wednesday
Feb. 13
Thursday
Feb. 14
Friday
Feb. 15
Feb. 16 1935
Continental imports for past week have been 106,000 bales.
The above figures for 1935 show a decrease from last
week of 91,270 bales, a loss of 2,286,787 bales from 1934, a
decrease of 3,018,120 bales from 1933, and a decrease of
2,862,885 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Feb. 16 1934
Movement to Feb. 15 1935
Feb. (1935)
k Range__
Closing_ 12.34n
12.28n
March
Range__ 12.37-12.42 12.30-12.35
Closing_ 12.3812.32 .-April
Range__
Closing_ 12.41n
12.35n
12.28n
12.31n
_
12.40n
Towns
Week
Receipts
Ship- Stocks
Receipts
Season
merits
Week
Feb.
15
Week
Season
Shipments
Week
Stocks
Feb.
16
12.29-12.36 12.32-12.37 12.37-12.44
12.32-12.33 12.35-12.36 12.43-12.44
Ala., B1rming'm
42
26
24,626
19,363
327 5,772
356 11,719
Eufaula
516
8,059
491 6.126
248
7,574
278 5,260
26,271
424 32,678
Montgomery.
160
43
22,614
194 21,838
12.35n
12.37n
Selma
46
36,428 1,808 38,627
43,108
724 44,791
79
May
Ark .,Blythville 2,027 118,878 2,156 94,949
639 124,206 2,685 67,642
Range__ 12.43-12.47 12.36-12.41
12.36-12.42 12.39-12.44 12.44-12.50
8
Forest City
17,739
249 15,500
136 24,356
9
27,3101
Closing_ 12.44-12.45 12.38 12.39Helena
226
42,397 1,486 27,373
12.40-12.41 12.49-12.50
576 25,271
133
43,2801
June
'Hope
45,593
421 17,135
266
558 21,539
140
28,4341
Range __
_
729 11,397
Jonesboro..._
179
29,733
5
28,006
426 25,257
Closing_ 12.44n
12.40n
12.38n
12.42n
Little Rock
98,971 1,605 45,805
12.50n
734
74.069 2,018 47,696 2,291
JulyHOLTNewport....
29,356
229 19,925
159
____ 15,065
53
16,994
DAY. 12.36-12.45 12.42-12.46 12.46-12.53
Pine Bluff
Range__ 12.44-12.48 2.37-12.41
95,656 2,618 40,947
912
334
73,137
748 37,036
12.42 ---- 12.44 ---- 12.52 --__
Closing_ 12.44- 2.39-12.40
Walnut Ridge
48
52,790 1,393 16,443
____ 12,997
6
24,584
Aug.
Ga., Albany_
10,824 1,060 2,968
69
4,494
44 8,081
1
Range....
_
Athens
610 59.885
455 44,241 1,370
30.600
68
13.456
12.41n
12.39n
Closing_ 12.41n
12.36n
Atlanta
98,815 7,217211.169
716
12.48n
849
64,014 2,343 102,650
Sept.
Augusta
717
86,458 4,468 126,809 2,362 128,338 3,950137,755
Range __
Columbus.
16,940 1,250 14,011
600
350 14,711 1,500
21.350
12.38n
12.36n
Closing_ 12.38n
12.33n
Macon
16,221
416 34,382
354
12.44n
2
12,080 1,201 25,070
2ct.Rome
130
11,572
100 21,708
100 10.099
185
18,623
12.26-12.35 2.31-12.36 12.36-12.42
Range__ 12.36-12.40 12.27-12.33
La., Shreveport
50,683 5,299 32,578
29
826
56,794 1,122 25.775
12.30-12.32 2.34-12.36 12.41 _
Closing_ 12.36 12.30Mts.s.Clarksdale 1,052 119,755 2,677 48.060 1,021 117,526 3,661 43,730
Var.Columbus.
97
15,885
88 12,415
87
20,731 2,407 16,723
Range __
Greenwood
859 138,255 6,048 63,906
840 126,106 2,098 59,279
Closing_ 12.38n
12.33n
12.34n
12.39n
Jackson
25,940 1,056 17.113
12.44n
130
71
24,058
518 20,795
Dec.
Natchez
118
4,450
____
3,546
____ 4,912
287 4,865
Range.... 12.40-12.47 12.32-12.38
12.34-12.4112.39-12.43 12.42-12.49
Vicksburg_
19,655
531 8,825
13
20,141
239
30 8,207
12.38 -12.42 -12.48-12.49
Closing.. 12.40-12.41 12.36-12.37
Yazoo City
6
27,174
361 13,293
17
28,204
864 20,251
tan.
Mo., St. Louis_
(1936)
5,273 125,744 5,145 2,988 4,753 160,148 4,309 18,542
Range__ 12.43-12.46 12.34-12.38
12.34-12.4112.39-12.44 12.43-12.51
N.C..Gr'nsboro
36
218
6,776
2,352
225 17,918
181 19,098
12.39Closing_ 12.4312.3812.4412.51 Dklahomit15 towns *_
1,999 234,083 6,940 120,670 5.467 788,681 22,198 155,640
n Nominal.
3.C., Greenville 2,748
88,881 4,324 67,241 4,523 105,829 4,323 90,082
renn.,Memphis
Range of future prices at New York for week ending texas, Abilene_ 22,4181.101,423 30,581493,608 43,254 1,417.015 47,952543.253
73
23,577
66 8,051
607 63.770
960 1,368
Austin
46
20,372
62 3,617
161
19,151
211 3,471
Feb. 15 1935 and since trading began on each option:
Brenham
32
14,522
36
103 4,621
26,683
307 4,878
Dallas
237
44,659
395 10,422
614
92,735 1,391 12,847
Option forRange/or Week
Range Since Beginning of Option
Paris
70
34,438
339 14,078
162
52,659
956 12,796
Robstown _
____
6,680
12 1,503
7
5,458
30
915
Feb. 1935._
San Antonio.
20
16,297
115 4,250
131
10,642
145
687
Mar. 1935.. 12.29 Feb. 13 12.44 Feb. 15 11.13 May 1 1934 14.15 Aug. 9 1934
Texarkana
151
26,144
256 18,454
894
27,806
862 16,094
Apr. 1935
Waco
83
54,891
20 11,522
353 89,030 2,008 12,829
May 1935__ 12.36 Feb. 11 12.50 Feb. 15 11.79 May 25 1934 14.23 Aug. 9 1934
June 1935
total, 56 towns 41,5552.941.224 75.4011708042 76.4694.221.086 132.1611910901
July 1935._ 12.36 Feb. 13 12.53 Feb. 15 12.03 Nov. 1 1934 14.21 Aug. 9 1934
*Includes the combined totals Otis towns in Oklahoma.
Aug. 1935__
12.30 Nov. 14 1934 12.53 Jan. 24 1935
Sept. 1935._
12.35 Oct. 24 1934 12.35 Oct. 24 1934
The above totals show that the interior stocks have
Oct. 1935._ 12.26 Feb. 13 12.42 Feb. 15 11.74 Nov. 1 1934 12.71 Jan. 2 1935
decreased during the week 32,415 bales and are to-night
Nov. 1935__
Dec. 1935_ 12.32 Feb. 11 12.49 Feb. 15 12.22 Jan. 15 1935 12.70 Jan. 9 1935
202,859 bales less than at the same period last year. The
Jan. 1936._ 12.34 Feb. 11 12.51 Feb. 15 12.31 Jan. 29 1935 12.51 Feb. 15 1935
12.46n
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
Feb. 15Stock at Liverpool
Stock at Manchester
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
936,000
118,000
1933
772,000
121,000
1932
658,000
175,000
883,000 1,054,000
291,000 590.000
172.000 290,000
26,000
19,000
74,000
94,000
34.000 107.000
19,000
6,000
8,000
11,000
bales
893,000
525.000
274,000
201,000
84.000
104,000
833.000
310.000
175,000
25,000
93,000
99,000
1935.
808,000
75,000
624,000 1,117,000 1,008,000
702,000
Total European stocks
1,507.000 2,171,000 1.901,000 1,535,000
India cotton afloat for Europe
132,000 129,000
84,000
56,000
American cotton afloat for Europe 218,000 378.000 421.000 375,000
Egypt.Brazil,&c.,afi't for Europe 147,000
95,000
58,000
91.000
Stock in Alexandria, Egypt
1309,000 418,000 550,000 696,000
Stock in Bombay, India
r 683.000 984.000 643,000 509,000
Stock in U. S. ports
2,629,879 3,494,863 4,597,774 4,810,306
Stock in U.S.interior towns
1,708,042 1,910,901 2,048,063 2,080,961
U.S.exports to-day
2.784
42,728
51.988
46,323
Total visible supply
7.336,705 9,623,492 10354,825 10199,590
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 273,000 476,000 447.000 302,000
Manchester stock
51,000
58,000
73,000
89,000
Bremen stock
245,000
Havre stock
138,000
Other Continental stock
88,000 1.033,000 937.000 654,000
American afloat for Europe
218,000 378,000 421,000 375.000
U. S. port stocks
2.629.879 3,494,863 4,597,774 4.810.306
U. S. interior stocks
1,708,042 1,910,901 2,048,063 2,080,961
U.S. exports to-day
2,784
42,728
51,988
46.323
Total American
East Indian, Brasil, &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
Total East India &c
Total American
5.353.705 7,393,492 8,575,825 8,357.590
535.000
24,000
46,000
34,000
73,000
132,000
147.000
309,000
683,000
460,000
60,000
84,000
129,000
95,000
418,000
984,000
325.000
48,000
71,000
84,000
58,000
550,000
643,000
356,000
86,000
48.000
56.000
91,000
696,000
509,000
1,983,000 2,230,000 1,779,000 1,842,000
5,353,705 7,393,492 8.575.825 8.357,590
Total visible supply
7.336,705 9.623.492 10354,825 10199,590
Middling uplands, Liverpool__ _
7.06d.
6.68d.
4.95d.
5.95d.
Middling uplands, New York
12.65c.
12.55c.
6.15c.
7.05c.
Egypt, good Sake!, Liverpool_ -9.20d.
9.75d.
7.88d.
8.95d.
Broach, fine, Liverpool
6.04d.
5.12d.
4.67d.
5.80d.
Liverpool
Tinnevelly, good,
6.604.
6.104.
4.80d.
5.93d.
receipts of all the towns have been 34,914 bales less than
the same week last year.
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
----1934-35---Since
Week
Aug. 1
5,145 134,704
2,219
67,790
50
3,685
4,000
10,487
112,053
399,189
----1933-34---Since
Week
Aug. 1
4.309 141,846
3,569 100,263
1,322
-58i
8.457
4,390 105.415
14.104 355.965
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &e
Between interior towns
Inland, &c., from South
15,099
724.223
26,723
713.268
293
266
6,659
22,084
8,903
176,317
1,390
435
5,107
19.387
8.904
135,303
Total to be deducted
7,218
207,304
6,932
163.594
Leaving total net overland *--- 7,881
516,919
19,791
549,674
Feb 15.ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 7,881 bales, against 19,791 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 32,755 bales.
-1934-35
1933-34
In Sight and Spinners'
Since
Since
Takings
Week
Aug. 1
Week
Aug. 1
Receipts at ports to Feb. 15
40,895 3,564,588
84,994 6,096,544
Net overland to Feb. 15
7,881
516,919
19,791
549,674
Southern consumption to Feb. 15-110,000 2,510,000 100,000 2,679,000
Total marketed
158,776 6,591,507 204,785
Interior stocks in excess
*32,415
555,305 *53,845
Excess of Southern mill takings
over consumption to Feb. 1_ _ -- ---50,642
Came into sight during week
Total Insight Feb. 15
126,361
9,325,218
648,663
196,432
7,197,454
North spinn's's takings to Feb. 15 41,003
150,940
-_-_ 10,170,313
663,478
37,258 3,645,133
* Decrease.
Movement into sight in previous years:
Week1933
-Feb. 17
1932
-Feb. 19
1931-Feb. 20
Bales
Since Aug. 1190,297 1932
264,876 1931
190,545 1930
Bales
10,920,680
12,865.495
11,769,142
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Financial Chronicle
Volume 140
Week Ended
Feb. 15
Galveston
New Orleans _
Mobile
Savannah
Norfolk
Montgomery _
Augusta
Memphis
Houston
Little Rock _ _ _ _
Dallas
Fort Worth_ _ _ _
Closing Qoutationsfor Middling Cotton on
Saturday Monday Tuesday
12.60
12.52
12.32
12.52
12.50
12.35
12.63
12.20
12.60
12.02
12.10
12.10
12.65
12.60
12.38
12.59
12.60
12.45
12.69
12.30
12.65
12.13
12.15
12.15
Wed'day Thursday Friday
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
12.20
HOL.
HOL.
HOL.
HOL.
12.60
12.55
12.32
12.53
12.60
12.35
12.64
12.20
12.60
12.14
12.10
12.10
12.60,
12.55
12.35
12.60
12.60
12.40
12.65
12.25
12.60
12.15
12.10
12.10
12.70
12.63
12.43
12.73
12.70
12.50
12.74
12.35
12.65
12.24
12.20
12.20
New Orleans Contract Market
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Feb.9
Monday
Feb. 11
Tuesday
Feb. 12
FrWay
Fe .15
Wednesday Thursday
Feb. 13
Feb. 14
Feb.(1935)
March_ ___ 12.3912.32 Bid.
April
12.4512.39 May
June
12.4612.41 July
HOLI
August
September
DAY.
October _ 12.3412.30-12.31
November
December. 12.39 Bid. I235b1237a
Jan.(1936 12.39 Bid. 12.35 Bid.
Tone
Steady.
Steady.
Snot
Steady.
Steady.
Options
12.3512.36-12.37 12.41 -12.43
12.4112.42-12.5(
12.44
12.3312.35 Bid. 12.4'
12.41 Bid. 12.4'•
12.41 Bid. 12.41
Steady.
Steady.
Steady.
Steady.
bid
bid
St
Very steady
n Nominal.
Census Report on Cotton Consumed and on Hand,
&c., in January-Under date of Feb. 14 1935 the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of January 1935
and 1934. Cotton consumed amounted to 546,787 bales of
lint and 61,832 bales of linters, compared with 413,535 bales
of lint and 52,066 bales of linters in December 1934 and
508,021 bales of lint and 56,387 bales of linters in January
1934. It will be seen that there is an increase over January
1934 in the total lint and linters combined of 64,211 bales,
or 11.37%. The following is the statement:
JANUARY REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton in running bales, counting round as halt bales, except foreign. which Is In
500-pound bales)
Cotton Consumed
During-
Cotton on Hand
Jan. 31
(1935 546,787 2,674,601 1,193,748 8,964,280 25,145,964
1934 508.021 2,923,231 1,605,729 9,496,091 25,847,340
Cotton-growing States__ _ 1935 436,220 2,141,011 959,250 8,754,192 17,494,428
1934 406,389 2,339,032 1,258,324 9,112,759 17,692,496
New England States
1935 89,736 423.365 188,656 176,226 6,962.382
1934 88,208 499,545 283,890 271.972 7,263,368
All other States
1935 20,831 110,225
45,842
689,154
33,862
1934 13.424
84.654
63,515 111,360
691.476
Included Above
Egyptian cotton
1935 8,698
19.981
26,760
46,680
1934 10,227
55,246
21,263
28,454
Other foreign cotton
15,321
1935 2,909
13,713
17,971
1934 2,892
20,060
21.687
6,088
Amer.
-Egyptian cotton.._ 1935
7,558
4.510
885
4,229
1934 1,143
6,313
7,351
2,098
Not Included Above
Linters
(1935 61,832 338,619 266,764
56,199
1 1034 56.387 385.524 301.895
35.886
Imports of Foreign Cotton (500-tb. Bales).
Country of Production
January
1935
Egypt
Peru
China
Mexico
British India
All other
Total
6 Mos.End. Jan. 31
1934
6,486
365
173
1935
1934
- .
552
97
7,398
228
4,431
211
340
230
41,023
682
2,234
1,018
11,256
170
44,287
2,885
8.949
1,262
10,165
362
7,683
12.738
56.383
67,911
Exports of Domestic Cotton Excluding Linters
(Running Bales
-See Note for Linters)
Country to Which Exported
January
6 Mos. End. Jan. 31
1935
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
1934
120,509
34,148
35,230
16,841
24,147
8,001
37,262
149.232
4,250
30,815
5,276
123.847
467,089
851,557
84,257
245,796
580.785
55.305
249,831
426.364
156.249
195,926
913,627
31.825
134,377
169,766
14,240
44,867
81,993
55,865
263,337
370,091
166,800 1,059,482 1,185,550
23,416
• 51,807
159,742
16,713
133,983
137,394
10,835
18,043
42,581
1935
1934
ono.352 2.864.535 4:OM,APO
485.711
Total
-Linters exported, not Included above, were 12.573 bales during January in
Note.
1935 and 18,045 bales in 1934: 95,927 bake for the six months ending Jan. 31 in 1935
and 81.118 bales in 1934. The distribution for January 1935 follows: United Kingdom,3,108: France, 2,126; Germany. 3,355: Italy, 1,687; Canada. 921; Honduras, 2;
Japan, 1,374.
WORLD STATISTICS
The world's production of commercial cotton, exclusive of linters, grown in 1933,
as compiled from various sources, was 25,451,000 bales, counting American in running
bales and foreign in bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending July 31 1934 was 25.324,000
bales. The total number of spinning cotton spindles, both active and idle, Is about
157.000.000.
Received at .Vills *
Aug. 1 to Jan. 31
Stale
1935
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carollna
Oklahoma
South Carolina
Tennessee
Texas
All other States
1934
Crushed
Aug. Ito Jan. 31
1935
259,679 195,971 213,353
42,400
33,076
35.909
275,531 290,401 209,140
98,135
82,572
71,238
395,369 293,261 298.298
144,240 127,389 132.306
462,885 425,500 315,914
233,180 204,715 181,687
92,928 352,391
77,917
181,951 146,112 160,239
275,649 267.293 214,488
684,858 1,213,518 622,057
62,881
70.149
54,319
Item
Season
On Hand
Aug. 1
On Hand at Mills
Jan. 31
1934
144,859
24,544
216,212
52,817
240,049
96,154
274,934
166.949
313,798
129,635
223.195
965.893
47.396
1935
1934
65,413
54,076
9,452
11,576
71.472
90,179
27,077
32,682
123.081
64.703
15,474
33,813
166,266 162,303
53,434
38,271
33,016
65,875
22,783
17,113
85,775
89,370
165,562 346.928
16,278
15.527
Produced
Aug. 1 to
Jan. 31
stagged Out
Aug. 1 to
Jan. 31
On Hand
Jan. 31
Crude ell, lbs___ 1934-35 *34,400,287 795,279,580 763,026.719 *100,562,884
1933-34
51,269,417 895,356,696 780,458,931 188,940,298
Refined oil. lbs. 1934-35 a656,804.830 b674.371.610
0513,340,742
1933-34 676,331,574 676,401,155
781,007,531
Cake and meal. 1934-35
124,572
1,169,633
954,148
340,057
tons
1933-34
160,874
1,307,956
1,179,806
289,024
Hulls, tons
1934-35
30,958
668,002
506,525
192,435
1933-34
76,686
779,101
750,839
104,948
Linters, running 1934-35
75,958
566,406
462,964
179,400
bales
1933-34
70,786
527,961
438,890
159,857
Hull llber, 500- 1934-35
848
37,166
34,440
3,372
lb. bales
1933-34
985
32,292
29,353
3,924
Grabbots.motes,
dm., 500 - lb. 1934-35
3,970
24,831
18,613
10,188
bales
1933-34
3.218
24.201
15 841
2 OAR
•Includes 4,378,638 and 21.970,654 pounds held by refining and
manufacturing
establishments and 9,998,880 and 26,316,600 pounds in transit to
refiners and
consumers Aug. 1 1934 and Jan. 31 1935 respectively.
a Includes 3,605,195 and 5.794.938 pounds held by refiners,
brokers, agents and
warehousemen at places other than refineries and manufacturing
and 5,153,478 and 7,249,421 pounds in transit to manufacturers of establishments
lard
oleomargarine, soap. &a., Aug. 1 1934 and Jan. 31 1935 respectively. substitute,
b Produced from 729,015,963 pounds of crude oil.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS
FOR FIVE
MONTHS ENDING DEC. 31
Item
Cotton
In Con- In Public Spindles
Six
Year
Months stoning Storage
Active
Ended Establish- vt at Cons- During
Jan. Jan. 31
presses
aunts
January
(bales) (bales)
(bales) (number)
(bales)
United States
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS)
United States
3.218.354 3.697.913 2.584.032 2.8913.435 855.082 1 non at a
•Includes seed destroyed at mills but not 222,761 tons and 220,938 tons on hand
Aug. I nor 68,961 tons and 28,441 tons reshipped for 1935 and 1934 respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON
HAND
12.4612.5
,
72.39,1
12.39n
1163
Census Report on Cottonseed Oil Production-On
Feb. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand,
and cottonseed products manufactured, shipped out, on hand
and exported for the six months' period ended Jan. 31 1935
and 1934:
Exports-Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports
-011, pounds
Cake and meal, tons of 2,000 pounds
1934
1933
1,135.974
1,310,548
1,901
83,354
9,156,997
21.997
7,645.660
2,426,516
51,960
63,037
671
Fertilizer Purchases by Southern Cotton Growers
Less Than Year Ago, According to New York Cotton
Exchange-Southern cotton growers are buying fertilizer
less freely than at this time last year, according to a report
issued Feb. 11 by the New York Cotton Exchange Service.
However, the report said, they are buying more freely than
two, three or four years ago. A considerable portion of the
fertilizer sold in the South is used on other crops than cotton,
and only a small percentage of the total cotton acreage is
fertilized. In the eastern part of the cotton belt fertilization is heavy, while in the western portion very little fertilizer is used. The report continued in part:
During December and January this season tags were sold for
offertilizers In the principal cotton-growing States as compared 294,000 tons
during the corresponding two months last season, 173,000 two with 409,000
seasons ago,
120,000 three seasons ago and 272,000 four seasons ago. However, early
season fertilizer sales do not furnish a reliable indication of how much
fertilizer farmers may buy for use during the season, since farmers buy a larger
proportion of their fertilizer in the early months in some seasons than in
others.
Argentine Cotton Acreage Increasing, According to
Report of Bureau of Agricultural Economics
-Preliminary trade estimates indicate that the cotton acreage in
Argentina for 1934-35 is between 40,000 and 100,000 acres
larger than that of 1933-34. According to a report just
received by the Bureau of Agricultural Economics, United
States Department of Agriculture, from Assistant Agricultural Commissioner Charles L. Luedtke, the estimates for
1934-35 range from 495,000 to 556,000 acres as compared to
unofficial estimates of 450,000 to 460,000 for 1933-34, and
average acreage of the five years from 1928-1932 of 308,000,
according to the official figures of the Argentine Ministry
of Agriculture. In making public the foregoing, an announcement issued Feb. 7 by the Department of Agriculture
also said:
Potentialities for growing cotton in Argentina seem to be confined
mainly
to the Chaco in the northeastern part of the country, where
more than
95% of the cotton crop is now produced, says the report.
Most of the
cotton in the Chaco is grown within a distance of
approximately 20 miles
from railway towns. It is generally conceded, says Mr.
Luedtke, that
within these limits there is room for at least 2,500,000 acres
an increase of approximately 2,000.000 acres over the present of cotton, or
planted area.
There would have to be a considerable increase in population and an
expansion in the existing facilities for ginning and handling the crop, however,
before these additional 2,000,000 acres are likely to be planted to cotton,
It is stated. Expansion beyond that area would depend upon still further
Increases in population as well as on the construction of additional railway
lines and highways.
The Chaco Territory is primarily a cotton-owing region, but many
other crops are also grown there. Of a total of 600,000 acres of all crops
in
1931-32, approximately 50% was in cotton, 44% in corn and 6% in such
other crops as sugar cane, vegetables, flaxseed, peanuts, alfalfa, castorbeans, and mandioca. Persons interested in promoting the
cultivation of
cotton in the Chaco have been continually urging farmers to raise
food supplies In order to keep operating costs at a minimum. their own
There is a
Financial Chronicle
1164
small cotton acreage in some other parts of northern Argentina, it is stated,
but acreage outside the Chaco has been declining because other crops are
more profitable. The question of competition from other crops is not much
of a factor in the Chaco due to the especially favorable climatic conditions
for cotton in that region, says the Bureau.
Weather Reports by Telegraph-Reports to us by
telegraph this evening denote that there have been light to
moderate rains in the cotton belt from west to east, causing
complaints of the top soil to cease. West Texas reports
insufficient rain, to alter materially the conditions brought
on by the winter drought. Further rains are needed in all
but north central parts of the cotton belt.
Rainfall
3.21 in.
0.22 in.
2.26 in.
1.75 in.
0.23 in.
0.80 in.
1.23 in.
0.26 in.
0.22 in.
2.86 In.
2.75 in.
3.42 in.
0.98 in.
0.32 in.
0.20 in.
1.32 in.
2.28 in.
3.00 in.
3.38 in.
1.76 in.
3.35 in.
2.44 in.
3.37 in.
0.34 in.
0.06 in.
3.05 in.
0.10 in.
0.78 in.
1.90 in.
0.58 in.
0.94 in.
1.26 in.
1.34 in.
1.86 in.
0.88 in.
1.62 in.
1.33 in.
2.06 in.
0.96 in.
Rain
4 days
1 day
4 days
5 days
5 days
3 days
4 days
6 days
1 day
4 days
4 days
5 days
3 days
1 day
3 days
2 days
5 days
6 days
6 days
5 days
4 days
5 days
6 days
1 day
1 day
5 days
2 days
6 days
5 days
4 days
3 days
5 days
4 days
4 days
2 days
4 days
3 days
3 days
3 days
Galveston Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, 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. C
Raleigh, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga. Tenn
Nashville. Tenn
high 68
high 58
high 74
high 70
high 80
high 74
high 68
high 72
high 60
high 76
high 72
high 74
high 72
high 62
high 64
high 64
high 76
high 73
high 76
high 70
high 75
high 66
high 78
high 84
high 80
high 66
high 82
high 78
high 58
high 70
high 68
high 73
high 56
high 62
high 54
high 66
high 66
high 60
high 62
Thermometer
low 50 mean 59
low 30 mean 44
low 40 mean 57
low 36 mean 53
low 46 mean 63
low 46 mean 60
low 38 mean 53
low 42 mean 57
low 34 mean 47
low 48 mean 62
low 38 mean 55
low 48 mean 61
low 40 mean 56
low 32 mean 47
low 36 mean 50
low 34 mean 49
low 50 mean 63
low 42 mean 58
low 42 mean 59
low 44 mean 57
low 46 mean 60
low 42 mean 54
low 48 mean 63
low 50 mean 66
low 66 mean 73
low 50 mean 58
low 54 mean 68
low 41 mean 60
low 40 mean 67
low 42 mean 56
low 42 mean 55
low 46 mean 60
low 34 mean 45
low 40 mean 51
low 32 mean 43
low 38 mean 52
low 33 mean 47
low 40 mean 50
low 32 mean 47
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. m. on the dates given:
Feb. 15 1935 Feb. 16 1934
Feet
Feet
1.8
10.6
Above zero of gauge_
4.9
Above zero of gauge_
13.3
8.8
24.4
Above zero of gauge_
9.0
13.9
Above zero of gauge_
5.8
26.1
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
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
1933-34
1934-35
Week
Season
Week
Season
9,723,180
7,427,975
Visible supply Feb.8
7,632,242
6,879,719
Visible supply Aug. 1
150,940 10,170,313
126,361 7,197.454
American in sight to Feb. 15
104,000 1,070.000
92,000 1,120,000
Bombay receipts to Feb. 14_ _
376.000
4,000
379,000
26,000
Other India ship'ts to Feb. 14_
29,000 1,295,400
36.000 1,129,200
Alexandria receipts to Feb. 13
363,000
18,000
338,000
20,000
Feb. 13 *b__.
Other supply to
Total supply
Deduct
Visible supply Feb. 15
7,728.336 17,043,373 10.029,120 20.906,955
7,336,705 7,336,705 9.623,492 9,623,492
405,628 11,283,463
391,631 9,706,668
Total takings to Feb. 15-a..-279,628 8,619,063
259,631 6,538,468
Of which American
126.000 2.664,400
132,000 3.168,200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Ind es, &c.
a This total embraces since Aug. 1 the total estimated consumption by
-34
Southern mills, 2,510,000 bales in 1934-35 and 2.679,000 bales in 1933 -takings not being available-and the aggregate amounts taken by Northern
spinners. 7,196,668 bales in 1934-35 and 8,604.463 bales in
and foreign
1933-34, of which 4,028,468 bales and 5.940,063 bales American.
b Estimated.
-The following table
Receipts from the Plantations
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Ende,
Receipts at Forts
1934
1933 , 1932
Stocks at Interior Towns
1934
1933
1932
Receiptsfrom Plantations
1934
1933
1932
Noy i8__ 134,427 257,126 425,222 1.963,293 2,151,3712,248.953175,488327,258472,574
23._ 133,5251285,757 308.468 1,983.174 2,188,556 2,251,477 153,406 250.572 310,992
.._ 119 7551266,062 375,711 1,973,968 2.198,2902.246.116 110.549 277,798370,950
Deo.1
7_ _ 104,014218,332.298.545 1,960.556 2,207,139 2.256,650 90,602 227,181 257,542
14__ 109.945 177.899262.064 1.934,2162,203.417 2,260,614 83.804174.177 266.028
21_ 105,029165,800162,170 1„915,186 2,195,9032,231,716 85,980 158,286 132,272
.
28-- 84,650 150.873182.538 1,911,138 2,188,7452,213,374 80,552 143,715 164,246
.ian.-..
4_..1
11..
18__
25_
Feb.
I.._
8-15
1933
1934
1935 1934 1933
1935
82,371 101,018 194,020 1,883,029 2,181,268 2,169,330
55,483105.070168,7741,851,0222.152,0882,167,243
65,908103,831 188,072 1,825,437 2.122,362 2,185,999
52,473 114,611198,9811,801,0242.084.4082.138.401
1935
34.282
23,455
40,323
28.080
1934 1933
93.539149,978
75.888 166,887
74,103 188,828
78.855171.383
44,884 100,030 182,110 1,767,312 2,027,706 2,118,211 11,172, 43,330161.920
54,614 85,311 121,163 1,740,457 1,984,746 2,084,028 27.7591 22,351 88,978
40.895 84.994 102,480 1,708,042 1,910,901 2.648,063 8,48031149 65,517
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,113,120 bales;
in 1933-34 were 6,721,782 bales and in 1932-33 were 7,493,380
Feb. 16 1935
bales. (2) That, although the receipts at the outports the
past week were 40,895 bales, the actual movement from
plantations was 8,480 bales, stock at interior towns
having decreased 32,415 bales during the week.
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:
1934-35
Feb. 14
Receipts
-
1933-34
Since
Aug. 1
Week
Week
Week
Since I i
Aug. 1
92.000I 1.120,000 104.000 1.070.000 80,000 1,180,000
Bombay
Since August 1
For the Week
Exports
From-
1932-33
Since
Aug. 1
Great Conti- Jolla&
Britain new China Total
Great I Conti- Japan &
China
Britain I neat
Total
Bombay
7,000 14,000 21,000 24,0001 165,000 626,000 815,000
1934-35_
1933-34_ _ 3;506 8,000 25,000 36,000 33,000; 197,000 231,000 461,000
1,000 65,000 66,000 18,000; 157,000 502,000 677,000
1932-33_ _
Other India379,000
28,000 101,000 278,000
1934
-35.. 17.000 9,000
376,000
4,000 113,000 263,000
4,000
1933-34_
258,000
21,000 55,000 203,000
6,000 15.000
1932-33_
Total all
1934-35._ 17.000 16.000 14,000 47,000 125,000, 443,000 626,000 1,194,000
1933-34_
3,000 12,000 25 000 40,000 146,000 460,000 231,000 837,000
1932-33_ _ 6.000 16,000 65,000 87,000 73.000 360.000 502.000 935,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
12,000 bales. Exports from all India ports record an increase
of 7,000 bales during the week, and since Aug. 1 show an
increase of 357,000 bales.
Alexandria Receipts and Shipments
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria, Egypt,
Feb. 13
1934-35
145,000
6,463,529
105.000
3,880.429
This Since
Week Aug. 1
Exports (Bales)
-
1932-33
180,000
5,646,972
Receipts (cantars)This week
Since Aug. 1
1933-34
This Since
Week Aug. 1
This Since
Week Aug. 1
To Liverpool
82,992
6,000 92,535 11,000 204.064
To Manchester,&c
7,000 91,431
115.084 5,656 65.666
To Continent & India__ _ 11.000 440,833 13,600 379,793 10,000 291,087
To America
22,020
23,139
44,339
Total exports
24,000 647,938 24,000 743.280 15.000 461.765
Note
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Feb. 13 were
180.000 canters and the foreign shipments 24,000 bales.
Manchester Market
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Demand for yarn is poor. We
give prices to-day below and leave those for previous
weeks of this and last year for comparison:
1934
32s Cop
Twist
1933
84 Lbs. Shirt- Cotton
ings. Common MiddPg
to Finest
UPIVS
d.
5. d.
Nov.
16... 103401114
2
311-__ 103401134
4
30.- 103401134
4
Deo.4
7____ 103(01134
14____ 103(01134
4
21____ 101j01134
4
28._ 103(01134
4
19 3
Jan.4.___ 103401114
4
11____ 103401134
4
lg.__ 103401134
4
4
25__ 103(51134
Feb.
1____ 103.1011%
4
2
8....... 103(181131
15__._ 101“8,1114 9 2
s. d.
d.
32s Cop
Twist
d.
844 Lbs. Shirt- Cotton
ings, Common Altddrg
to Finest
UpPds
S. it.
-,, d.
d.
094
0 98
096
6.88
8.91
6.96
8340 934 8 4 0 8 6
8340 934 8 4 0 8 6
8340 934 8 4 •8 6
5.13
5.09
5.15
098
09 6
096
098
7.02
7.08
7.15
7.20
133(0 93
83(5 934
Sq gl 934
83i0 934
086
08 8
08 8
08 6
5.25
5.25
5.25
5.33
09 6
098
098
@ 98
7.23
7.18
7.15
7.08
19 34
834010
8 8 tg 9 1
944©1034 8 8 0 9 1
93401034 86 (8 91
9340103( 8 13 0 9 1
5.64
5,88
6.05
13.07
098
igo 9 4
a 94
7.07 93(01134 9 0 0 9 2
7.05 103(01131 9 1 0 9 3
7.08 1011(811144 9 1 Riaa
6.29
8.80
AAR
84
84
84
84
-As shown on a previous page, the
Shipping News
exports of cotton from the United States the past week have
reached 66,907 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON-To Barcelona-Feb. 7-Aldecoa, 3,451
3,451
To Malaga-Feb. 7-Aldecoa, 132
132
-San Mateo, 199
To Antwerp-Feb.8
199
-San Mateo, 1.197
To Havre-Feb.8
1,197
-San Mateo. 258
To Dunkirk-Feb. 8
258
To Japan-Feb. 9-Snestad, 4,219
4.219
To China-Feb. 9-Snestad, 100
100
To Bremen-Feb. 13-Joiee. 412
412
HOUSTON-To Bremen-Feb. 11-Toledo, 1,379; Jolee, 719.....2,098
To Genoa-Feb. 12-Lafcomo, 964
To Gdynia-Feb. 11-Toledo. 1,630
1,630
To Barcelona-Feb. 12-Lafcomo, 2,473
2,473
6,682
To Japan-Feb. 11-Snestad. 6.682
To Gothenburg-Feb. 11-Toledo,613
613
To Copenhagen-Feb. 11-Toledo, 176
176
-Logician, 2,685___Feb. 14
-West
To Liverpool-Feb. 7
3,485
Ekonk, 800
-Logician, 1,050_ __Feb. 14
-West
To Manchester-Feb. 7
1,857
Ekonk, 807
1
To Antwerp-Feb. 11-San Mateo, 1
1,900
To Bordeaux-Feb. 11-San Mateo, 1,900
320
-Feb. 11-San Mateo, 320
To Ghent
945
-Feb. 11-San Mateo, 945
To Havre
1.942
To Dunkirk-Feb. 11-San Mateo, 1,942
665
-Feb. 11-Jolee.665
To Hamburg
Financial Chronicle
Volume 140
Bales
2
459
250
2,170
760
360
625
2,360
300
2,653
300
675
1,400
50
225
150
2,942
250
100
CORPUS CHRISTI
-To Ghent- Feb. 9-Jolee,2
To Bremen-Feb, 9-Jolee, 459
To Gdynia-Feb. 9-Jolee, 250
To Liverpool
-Feb. 9
-West Ekonk, 2,170
To Manchester-Feb. 9
-West Ekonk, 760
-Isis, 360
-To Rotterdam-Feb.9
NEW ORLEANS
To Trieste-Feb, 11-Lucia C,625
To Venice
-Feb.11-Lucia 0,2,360
To Flume-Feb. 11-Lucia 0,300
To Gdnyia-Feb.7-Vasaholm, 150_ _ _Feb. 11-Toledo,2,503
To Oslo-Feb.7-Vasaholm,300
To Gothenburg-Feb. 7
-Steel Age, 675
To Bombay-Feb.7-Steel Age, 1,400
To Abo-Feb.11-Toledo,50
To Gothenburg-Feb. 11-Toledo,225
To Stockholm-Feb. 11-Toledo,150
To Genoa-Feb.9-0gontz, 1,489; Monfoire, 1,453
To Barcelona-Feb. 9-0gontz, 250
To Antwerp-Feb.9
-Isis,100
-Houston
To Japan-Feb. 9
-Rio de Janeiro, 2,595-- _Feb. 7
City, 3,168
To China
-Feb.9
-Rio de Janeiro, 100
To Naples
-Feb.9-Monfoire, 70
To Hull-Feb. 9-0akman,60
-GateMOBILE-To Bremen-Jan. 29-Idarwald, 22_ __Jan. 3I
way City, 515
To Gdynia-Jan, 29-Idarwald, 58
To Antwerp-Jan. 31-Galewal City, 325
To Rotterdam-Jan. 31-Gateway City, 56
To Hamburg-Jan. 31-Gateway City, 650
To Liverpool-Jan, 3I-Afoundria, 808
To Manchester-Jan. 31-Afoundria, 910
PENSACOLA-To Liverpool-Feb. 11-West Kyska, 200
To Manchester-Feb. 11-West Kyska, 257
To Bremen-Feb. 11-West Hika, 42
To Rotterdam-Feb. II-West Mika, 11
PANAMA CITY-To Liverpool-Feb. 12
-West Kyska, 119
To Manchester-Feb. 12
-West Kyska, 340
NORFOLK
-To France
-Feb. 14
-City of Norfolk, 55
To Dunkirk-Feb. 9
-Waukegan, 43
To Poland-Feb. 14
-City of Norfolk, 100
To Liverpool
-Feb.9
-Lehigh, 171
To Manchester-Feb.9
-Lehigh, 307
SAVANNAH-To Liverpool
-Feb. 13-Schoharie, 330
To Manchester-Feb. 13-Schoharie, 1,445
To Genoa
-Feb. 12-Mariani 0, 261
To Bremen-Feb. 12-Havo, 1604
To Rotterdam-Feb. 12-Havo, 770
TEXAS CITY
-To Genoa
-Feb. 11-Latcomo, 18
To Barcelona-Feb. 11-Lafcomo, 319
To Bremen-Feb. 13-Jolee, 346
JACKSONVILLE
-To liremen-Feb. 9-Havo, 82
5,763
100
70
60
537
58
325
56
650
808
910
200
257
42
11
119
340
55
43
100
171
307
330
1,445
261
604
770
18
319
346
82
Total
66,907
Cotton Freights
-Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are SS
follows, quotations being in cents per pound:
High
Density
Liverpool .250.
Manobeeter.25c.
35e.
Antwerp
Havre
.25c.
Rotterdam .350.
Genoa
.40o.
Oslo
460.
Stockholm .42c.
• Rats Is oven.
Standard
.25o.
.25e.
.500.
.400.
.500.
.55c.
.610.
.57c.
a Only
Trieste
Fiume
Barcelona
Japan
Shanghai
Bombay z
Bremen
Hamburg
small Iota.
High
Density
.500.
.500.
.35c.
•
•
.40c.
.350.
.35o.
Standard
.650.
.650.
.50e.
•
•
.550.
High
Density
Piraeus
.750.
Salonica
.750.
Venice
.500.
Copenhag'n .380.
Naples
.40e.
Leghorn
.40o.
Gothenberg .42c.
Standard
.90o.
.90o.
.65o.
.53..
.55o.
.55o.
.57c.
Liverpool
-By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
Jan!18
55,000
835.000
245,000
59,000
18,000
162.000
77,000
Forwarded
Total stocks
t Of which American
Total Imports
Of which American
Amount afloat
Of which American
Feb. 1
54.000
815,000
260,000
40,000
23,000
170,000
86,000
Feb. 8
54,000
823,000
268,000
62,000
26.000
152.000
72.000
Feb. 15
55.000
808,000
273,000
37.000
27,000
166.000
60,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Monday
Market,
12:15 I
P. M.
Quiet.
Quiet.
Mid.Hprds
6414
Futures.{
7.11d.
Tuesday
Wednesday Thursday
Quiet and
More
unchanged, demand,
7.08d.
7.086.
7.01d.
Friday
More
demand.
Moderate
demand
7.02d.
7.06d.
Market
opened
Quiet,
3 to 4 pta.
advance,
Market,
4
P. M.
Quiet,
Quiet but Steady, un- Steady,
Steady,
Steady,
Ito 2 pis. steady, un-changed to 1 to 2 pta. 1 to 2 pia. 6 to 7 pts.
advance, changed to 1 pt. dec. decline,
advance.
advance
3 pta. dec.
Quiet,
1 point
decline,
Quiet,
Steady, Steady, un- Steady un1 to 2 pta. 1 to 2 pta. changed to hanged to
decline.
decline. 1 pt. adv. 1 pt. adv.
Prices of futures at Liverpool for each day are given below:
Saturday Monday
Tuesday Wed'day Thursd'y
Friday
12.0012.0012.15 4.0012.15 4.0012.15 4.0012.15 4.0012.151 4.00
p. m p. m.p. m.p. m.p. m p. m.p. m p. m.p. m.p. m p. m.lp. m.
0 CO CA 0 Ce01010105F,
0
j
,
Feb. 9
to
Feb. 15
1165
belief that the gold clause cases will be decided in favor of
the Government also had a bracing effect. Liverpool was
M to Md. higher. reflecting the strength of North America
markets on Friday. Buenos Aires was Mc. higher and
Rotterdam advanced M to Mc. On the 11th inst. the gains
of Saturday and more were lost under scattered selling
owing to the delay in the gold clause decision. The ending
was at net losses of 1% to 1 Mc. higher. Liverpool declined
1 Mc., owing to heavy arrivals. On passage stocks to the
Continent were reported at 34,088,000 bushels, an increase
of 624,000 over the previous week. They compare with
39,640,000 bushels on the same date in 1934. The United
States visible supply decreased 2,545,000 bushels to 67,348,000 and compares with 107,011,000 bushels on the same date
last year. On the 13th inst. prices advanced % to lc. under
small buying. Offerings were light. Stronger Liverpool
and Minneapolis markets influenced buying, and offset
good rains in the Southwest. The weekly weather report
stated: "Winter wheat continues in fair to good condition
there was some damage from heaving, while the ice blanket
caused some apprehension." Liverpool was Md. to 3 d.
A
higher, Rotterdam unchanged to Mc. higher and Winnipeg
%c. higher.
2c.
On the 14th inst. prices ended 1/4 to Y lower. Livetpool
gave a rather poor response to the advance here the day
before, owing to cheaper foreign offers. Eastern interests
were selling, and demand was small. Short covering
brought about a slight recovery in the late trading. Liver/
pool ended 18d. lower to 18d. (higher, and Winnipeg and
/
/
4c.
Rotterdam closed weak. To-day prices closed 1 to 11
higher, on buying influenced by the continued lack of rain
in Southwestern regions. Commission houses were buying.
Offerings, however, became larger at around 97c. for May.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri
1133-i 11131 Hol. 1127% 11231 11331
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
9631 9731
97
May
9731 96
July
9031 8931 Hon- 8931 8934 9034
8834 8734 89
September
8834 8731 day
Season's Low and When Made
I
Season's High and When Made
Aug. 10 1934 i May
May
117
9331 Feb. 5 1935
8631 Jan. 15 1935
July
9831 Dec. 5 1934 July
8431 Jan. 15 1935
September ____ 9231 Jan. 5 1935 September
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
8231 8231 Holi- 8231 8231 83%
May
824 82
82%
8231 8131 day
July
Corn was higher in sympathy with wheat on the 9th inst.
3
and ended % to 40. higher. On the 11th inst. prices ended
1 M to 1 Mc. lower under general liquidation and stoplossselling owing to the weakness in wheat. Shipping sales were
106,000 bushels. Receivers booked 1 car to arrive. On
the 13th inst. prices closed % to 1 Mc. higher on buying
owing to the strength of livestock and cash corn and a report
that Mexico had prohibited exports of corn in to this country.
Shipping sales were 18,000 bushels and receivers booked
17,000 to arrive.
1
4c.
On the 14th inst. prices closed / lower to %c. higher.
Sales of cash corn were rather large. The firmness of lard
was a factor. To-day prices ended %c. higher. The strength
of hogs stimulated some demand.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
10134 9974 Hol. 10131 10131 10234
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
854 86%
85
May
8531 84
Roll- 7931 7931 80%
July
8031 79
September
7631 76
77
7734 7574 day
Season's High and When Made
I Season's Low and When Made
75
Dec. 5 1934 May
Oct. 4 1934
May
9334
ne% Dec. 5 1934 July
75
Oct. 4 1934
July
September
7431 Feb. 6 1935
8434 Jan. 5 1935 September
Oats reflected the strength in other grain and ended %
to lc. higher on the 9th inst. On the 11th inst. prices declined M to %c. in sympathy with wheat. Receipts were
small. Shipping sales were 8,000 bushels. On the 13th
inst. prices rose 1 to 1%c. under buying influenced by the
strength in wheat.
3
4c.
On the 14th inst. prices ended % to / lower. Shipping
sales were 19,000 bushels. To-day prices ended / to %c.
1
4
higher, in response to the rise in other grain.
Rye advanced with other grain on the 9th inst. ending
M to 13/2c. higher. On the 11th inst. prices ended 13 to
1%c. lower, following other grain downward. On the 13th
inst. prices advanced 1M to 1 Mc. in response to the rise
in other grain.
On the 14th inst. prices ended / to %c. lower. Shipping
1
4
sales were 45,000 bushels. To-day prices ended / to Tic.
1
4
higher.
i C.<0.bat.74.1m,04.0
Friday Night, Feb. 15 1935.
Flour buying was on a very small scale. Consumers were
taking only enough to fill immediate requirements. Prices
of late were firmer.
Wheat was firm from the start on the 9th inst. and closed
A
% to 1 3 C. higher. Commission houses bought prompted
by the firmness of Liverpool. Further talk of inflation and a
ti COO COOC COO
BREAD_STUFFS
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
6534 6431 Hol. 6531 6531 66
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5134 51
5031 493.4
5131
July
44
4231 Roll- 44
4331 4431
September
4131 4034 4134
4131 4031 day
Season's High and 1Vhen Made
Season's Low and When Made
May
5934 Aug. 10 1934 May
4534 Oct. 4 1934
July
51
Dec. 5 1934 July
41
Oct. 4 1934
tazanber ____ 4431 Jan.' 7 1935 September
3931 Feb. 5 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4131 4031 Roll- 4131 41
4131
July
4034 3934 day
4031 4031 49
.
New Contract d.
d.
d.
d,
d.
d.
d. d.
March (1935)-- -- -6.79 6.81._ __ 6.81 6.78 6.79 6.79
May
6.73 6.74 __ __ 6.74 6.71 6.72 6.72
July
6.68 6.69 __ __ 6.68 6.66 6.67 6.67
October
6.55 6.56 __ __ 6.55 6.53 6.54 6.54
December
__ __
__ __ 6.53__ __ 6.52 _
6.51
January (1936).. -6.52 6.52..., __ 6.51 6.50 6.50 6.50
March
-- -May
__ __
July
October
-- -December
_- ____ __ -- --_- --__ __ _- _- -- -- -- --
d.
6.83
6.77
6.72
6.59
d.
6.86
6.80
6.75
6.62
6.59
6.55 6.58
6.59
6.57
---- 6.55
---_ 6.52
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
651 65% 66
65
634
644 65g
6334 Holt- 65
65
6474 65%
654 63% day 65
May
July
September
Wed. Thurs. Fri.
Sat. Mon. Tues.
Holt- 7634 7634 76%
7574 75
May
68
68
day 68
68
68
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Tues. Wed. Thurs. Fri.
Sat. Mon.
503. 4934 Boll- 494 4934 50
May
4974 5034
5034 4834 day 50
July
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat. New York66
No. 2 white
c.i f., domestic-1134
No. 2 red.,
Manitoba No.1,f.o b N.Y. 8974 Rye,No.2.f.o.b.bond N.Y 72
Barley, New York
91%
4734 lbs. malting
Corn, New York75-120
Chicago.cash
102%
No.2 yellow.all rail
FLOUR
84.4504.75
Spring pata.,high protein$7.40 7.601Rye flour patents
9.3009.50
7.05 7.30 Seminola,bbl.,Nos.14
Spring patents
3.80
6.75 7.00 Oats good
Clears,first spring
2.75
5.80 6.15 Corn flour
Soft winter straights
6.55 6.75 Barley goods
Hard winter straights
4.25
Coarse
6.75 6.95
Hard winter patents
Fancy pearl,Nos.2.4&7 6.3006.50
6.05 6.20
Hard winter clears
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at-
.
Ns 196 lbs bush.60 lbs.bsuh. 56 lbs bush. 32 Um.bush 56135 bush 48 lbs
1,000 271,000
46,000
263,000
186.000
163,000
Chicago
127,000
25,000
18.000
19,000
397,000
Minneapol1s
24,000
30,000
Duluth
1,000 222,000
4,000
74,000
15.000
Milwaukee...
353,000
17,000
33,000
Toledo
6,000
9,000
10,000
9,000
12,000
Detroit
18,000
28,000
316,000
18,'''
Indianapolis.
5,000
123,1111
3,000
146,000
75.000
181,000
St. Louis
46,000
44,000
18,000
141,000
2,111
39,000
Peoria
16.000
373,000
149 111
14.000
Kansas City__
12,000
63.000
13,1 o i
Omaha
111
99,000
39,000
St. Joseph......34,
2,000
2.000
53,000
Wichita
9,111
3,000
25,000
Sioux City_
31,000
11,000
215,000
22.000
Buffalo
412,000
384,000
294,000
Total wk.1935
Same wk.1934
Same wk.1933
1,033,000
3,085,1 1 i
2,084.000
1,679,000
4,673,000
2,278,000
764,000
1,350,000
833,000
732,000
848,000
293,000
101,000
112,000
56,000
Since Aug.19,909,000 145,680,111 125,582,000 33,602,000 9,402,00043,817,000
1934
9,574,000 150,081.1 ii 128,252,000 47,402,000 8,082,00033,207,000
1933
)
In ASS 01)0)24 221 na- 115 255.000 56.274.111 6.929.00025.971.000
1029
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Feb. 9 1935, follow:
Oats
Corn
Wheat
Flour
I
Barley
Rye
bls 196 lbs bush 60 lbs bush 56 lbs bush 32 thibush 56 lb,bush 48 Os
35,000
.
2,000
11,000
New York__. 123.000
30,000
12,000
3,000
22,000
Philadelphia__
44,000
4,000
8,000
13,000
12,000
Baltimore_ ___
1,000
Norfolk
54 1 i i
157,000
14,000
New Orleans•
23.000
Galveston_
41,000
232,000
35,000
St. John West
1.000
19.000
Boston
5.000
16,000
20,000
Halifax
53.000
48,000
231.000
64,000
298.000
Total wk.1935 245.000
152,000
703,000 1,676,000 848,000
Since Jan.1'35 1,356,000 2,914,000
3,000
70,000
53,000
129.000
750.000
Week 1934_. 250,000
5613,000
88,000
196,000
1389.111
Since Jan.l'34 1.576.000 5.045,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Feb. 9 1935, are shown in the annexed
statement:
Wheat
Bushels
Exportsfrom-
Corn
Bushels
.
Total week 1935._
....... mreaat 1024
1.000
232,000
16,000
418.000
1 515000
Oats
Bushels
Flour
Barrels
Rye
Bushels
Barley
Bushels
13,200
2,000
167,000
New York
Boston
Norfolk
New Orleans
St. John West
Halifax
1,000
1,000
2.000
22 000
5,000
35,000
20,000
2,000
75,200
51.515
7,000
19.000
41,000
5,000
41,000
The destination of these exports for the week and since
July 1 1934 is as below:
Week
July 1 to-
Feb. 9
Since
Jule 1
1934
1934
Barrels Barrels
United Kingdom_ 43,560 1,545.349
375,445
10,695
Continent
31.000
So.& Cent. Amer_ 1,000
193,000
11,000
West Indies
60,000
____
Am.Col.
Brit. No.
129,874
Other countries._ 8.945
Total 1935
...1 1014
m..
Corn
Wheat
Flour
Exports for Week
and Since
Week
Feb. 9
Since
Jule 1
1935
1934
Week
Feb. 9
1935
Bushels
Bushels
Bushels
248,000 24,123,000
1,000
163,000 25,162,000
1,000
189,000
5,000
36,000
Since
Jule 1
1934
Bushels
8,000
3,000
1,000
8,000
825,000
418.000 50,335,000
75,200 2,334.668
51.515 3.019.193 1.116.000 73,679.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 9, were as follows:
GRAIN STOCKS
Season's Low and When Made
I
Season's High and When Made
61% Feb. 5 1935
954 Aug. 9 1934 May
May
6234 Feb. 6 1935
September ____ 76
Jan. 5 1935 September
OF RYE FUTURES IN WINNIPEG
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
5374 524 Holt- 5334 5334 54%
May
5474 5334 day 54% 5434 55%
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Receipts at-
Feb. 16 1935
Financial Chronicle
1166
2,000
33.000
20.000
384,000
United StatesBoston
New York •
..
Wheat
bush,
107,000
209,000
afloat •
Philadelphia
Baltimore x
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux CEY
St. Louis
Indianapolis
Peoria
Chicago
afloat
Milwaukee
Minneapolis
Duluth y
Detroit
Buffalo
••
afloat
356,000
996,000
336.000
885,000
3,200,000
710,000
3,106,000
1,382,000
16,649,000
3,463,000
237,000
4,749,000
1,208,000
4,000
4,400,000
333,000
640,000
10,084,000
3,516,000
100,000
7,106.000
3.572,000
Corn
bush.
230,000
298,000
159,000
227,000
89,000
82.000
Oats
bush,
216,000
*452.000
*164.000
325,000
x251,000
701,000
Rye
bush,
1,000
.167,000
Barley
bush.
47,000
17,000
208,000
x53,000
25,000
20,000
14,000
22,000
821,000
116,000
354.000
121,000
6,000
27,000
349,000
3,000
945,000
41,000
5,000
2,203,000 1,032.000
2,000
28.000
4,285,000 1,045,000
266,000
11,000
357,000
497,000
45.000
356,000
20,000
289,000
1,087.000
233,000
4,000
40,000
120,000
7,645,000 2,537,000 5,077,000 1,128,000
300,000
937,000
11,000 1,929,000
503,000
389,000
5,378,000 0,333,000 1,688,000 6.271,000
1,222,000 2,885,000 y1,649,000 1,418,000
5,000
6,000
45.000
5,000
609,000 1,269,000
3,739,000 1,086,000
290,000
590,000
132,000
361,000
Total Feb. 9 1935... 87,348,000 30,348,000 20,041,000 10,890,000 12,639,000
Total Feb. 2 1935... 69,893,000 32,119,000 20,421,000 11.032,000 12,956,000
Totru Feb. 10 1934_107.011,000 65,835,000 42.717,000 12.608,000 13,843,000
• New Yolk also has 104,000 bushels Argentine rye and 680,000 bushels Argentine oats In store and 530,000 bushels Argentine oats afloat.
x Baltimore also has 188.000 bushels foreign oats and 417,000 bushels foreign rye
In bond.
y Duluth also has 328.000 bushels Polish rye.
Note
-Bonded grain not included above: Barley, Buffalo, 229.000 bushels; Milwaukee afloat, 692,000 bushels; Duluth in store, 207,000; Duluth afloat, 120,000;
total, 1,248,000 bushels. against none In 1934. Wheat, New York, 888,000 bushels;
New York afloat, 357,000; Erie, 2,144,000: Buffalo, 6,621,000; Buffalo afloat.
7,089,000; Duluth in store, 1,174.000; Duluth afloat, 540,000; Chicago afloat, low
grade, 786,000; Milwaukee afloat. 283.000; total, 19,882,000 bushels, against 9,147,000 bushels in 1934.
Wheat
bush.
CanadianMontreal
5,884,000
Ft. William & Pt. Arthur 58,495,000
Other Canadian & other
48,417,000
water points
Corn
bush.
Rye
Oats
Barley
bush.
busts,
bush.
499,000
235,000 1,110,000
2,520,000 2,563,000 3.351.000
3,308,000
6,327,000
Total Feb. 9 1935...112,796,000
6,573,000
Total Feb. 2 1935...114,436,000
9,215,000
Total Feb. 10 1934...109,962,000
Summary
American
67,348,000 30,348,000 20,041,000
6,327,000
Canadian
112,796,000
438,000
1,718,000
3,236,000 6,179,000
3,224,000 6,172,000
3,137,000 5,783,000
10,890,000 12,639,000
3,236,000 6,179,000
Total Feb. 9 1935_180,144,000 30,348,000 26,368,000 14,126,000 18,818,000
Total Feb. 2 1935...184,329,000 32,119,000 26,994,000 14,250,000 19,128,000
Total Feb. 10 1934_216.973,000 65,835,000 51,932,000 15,745,000 19,626,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Feb. 8, and since July 1 1934 and July 2 1933, are
shown in the following:
Corn
Wheat
Week
Feb. 8
Since
July 1
1935
Exports
1934
Since
July 2
1933
Week
Feb. 8
1935
Since
July 1
Sines
Jule 2
1934
1933
Bushels
Bushels
Bushels
Bushels
Bushels I Bushels
491,000
28,000
2,000
North Amer_ 2,806,000 105,791,000 141,009,000
20,836,000
Black Sea__
I 4,520.000 35,059,000 238,000 14.117,
146,201,000
Argentina... 4.570.000112,510,000 71,541,000 3,738,000 138.738,
Australia
2,812,001 66,546,000 57,962,000
328,000
India
0th. counts'
864,006 25.928,000 19,184,000 1,250,000 28,549,000 7,340.000
Total
11.052.0003i5.623,000324,755,000 5,228,000181,432,000 174,868,000
Increased Domestic Demand Essential to Maintain
Gain in Farm Prices-Result of Study by AAA
Sharp advances since the drought, along with adjustment payments, have brought the price level of 14 basic
agricultural commodities practically to the pre-war parity
point, but this price gain can be maintained during 1935
only through an increased domestic demand, a study just
completed by Louis H. Bean, economic adviser to the Agricultural Adjustment Administration, indicates. Mr. Bean
said
Although the price level rose steadily from August 1933 to May 1934,
the rate of increase from May to September last year was accelerated by
the shortages caused by the drought. Larger crops anticipated from the
adjustment programs for 1935 will replenish these shortages and will tend
to lower this average price of the basic commodities unless there is support
from a rising domestic demand in the form of increased industrial activity
and factory payrolls.
Lowering of the farm price and farm income level, which would tend to
result from larger 1935 crops in the absence of supporting domestic demand,
would necessarily weaken the position of those industries that in 1933
and 1934 have been able to produce and sell snore for the farm market.
In this situation unemployment would tend to develop in those industries.
Issued under date of Feb. 7, an announcement by the AAA
continued:
The study was made of the price increases which have taken place:
(1) For the seven basic commodities upon which a processing tax is levied;
(2) for the 14 basic commodities named in the Agricultural Adjustment Act,
and (3) for farm products in general. The 14 basic commodities under
the Act, with the first seven named being those upon which processing
taxes are levied, are: Wheat, cotton, field corn, hogs, tobacco, sugar, peanuts, rye, flax, barley, grain sorghum, cattle, rice, and milk and its
products.
The index of parity prices for all farm products for January was 126%
of the pre-war figure. The index for the seven basic commodities, including adjustment payments, was 185; for the 14 basic commodities, including the seven upon which there is a processing tax, 124, and for all farm
Volume 140
Financial Chronicle
products, 120. Without the adjustment payments, the corresponding index
figures are 107 for the seven basic commodities; 106 for the 14 basic commodities, and 107 for all farm products.
In February 1933 the price of the 14 commodities listed as basic under
the Agricultural Adjustment Act was 52% of the pre-war level. Between
August 1933 and May 1934, as various adjustment programs and other
recovery measures were put into effect, the price level averaged 76% of
the pre-war level, and in May 1934 prices were 77% of pre-war. From
May to September prices rose to 101% of the pre-war level, and on Jan. 15
1934 averaged 106% of pre-war, the sharp advance in the past few weeks
being due largely to increased livestock prices.
The adjustment payments on the seven basic commodities upon which a
processing tax is levied (wheat, corn, cotton, hogs, tobacco, peanuts, sugar),
when added to the average of the prices of the 14 basic commodities,
brings the present price index to 124% of the pre-war figure as compared
with the parity price level of 126.
The adjustment payments on production covered by contracts with the
AAA represent about 28% of the prices farmers currently receive on these
sewn commodities. Including benefit payments, therefore, brings the index
of prices farmers receive for their allotments under contracts to 135% of
the pre-war, or 9% above parity.
For all farm commodities, including the 14 "basic," the index in February
1933 was 49% of pre-war. In August 1933 the figure was 79, and by
May 1934 it was 82. Since that period farm prices rose until in January
they were 107% of pre-war. When allowance is made for the effect of
adjustment payments, prices of all farm products in January were 120%
of pre-war.
Exports of Farm Products by United States Continuing
Decline, According to Bureau of Agricultural
Economics
American exports of farm products at this time a year
ago were running in the aggregate slightly above pre-war.
Since then, the exports of some products have approached
a vanishing point, and the total is little more than half
the pre-war volume. An announcement issued Feb. 9
by the United States Department of Agriculture also had
the following to say:
The Bureau of Agricultural Economics reports that exports of cotton
in December were the smallest for that month since 1917: that exports
of wheat. including flour, were about one-sixth the pre-war level; that
exports of fruits were the smallest in more than a decade, and that exports of hams and bacon were only 15% of pre-war.
The index of volume exports of 44 farm products in December was 62,
compared with 109 in December a year ago and with 116 in December
1932. The 1909-1914 five-year period equals 100.
The index of exports of grain and products was 16 in December, compared with 63 a year ago; of animal products, 35 compared with 72 a year
ago; dairy products and eggs, 74 compared with 74; fruit, 191 compared
with 329; cotton fiber, including linters, 74 compared with 120; wheat,
Including flour, 17 compared with 76; unmanufactured tobacco, 97 compared with 191; hams and bacon, 15 compared with 23, and lard. 41
compared with 139.
Weather Report for the Week Ended Feb. 13—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 13, follows:
r- Temperature changes during the week were not marked, and the general
trends were quite similar to those for the preceding week, except that considerably warmer weather prevailed in the extreme Southeast. Mildness
was the rule, except in the Northeastern States. Freezing temperatures
were not experienced in the Southern States, reaching only as far south as
Atlanta, and Augusta, Ga., the northern portions of Tennessee and
Arkansas, and central Oklahoma. No zero temperatures occurred,
in the Northeastern States, extending as far south a.. south-centralexcept
Pennsylvania. The lowest reported from a first-order station was 24 degrees
below zero at Northfield, Vt., on Feb.6. In Gulfsections the lowest ranged
mostly from about 45 degrees to around 50 degrees, and in southern Florida
they aid not go lower than 50 degrees at any time during the week.
Chart I shows the departure of mean temperature from normal for the
week, as a whole. The departures were very similar to those for last
week, except that the temperature rose to above normal In the Southeast,
and it was not quite so cold in the Northeast, while the Northwest
somewhat lower temperatures. For the last two weeks the weather had
been remarkably warm over a large northwestern area, the average for has
fortnight in the northern Plains being about 20 degrees above normal. the
This
makes one of the warmest two weeks period ever known in this area for the
season of the year. Temperatures this winter have been remarkably
similar to those for last winter: that is, the Northeastern States have
been running, in general, colder than normal, with the West, especially
the Northwest, abnormally warm. The corresponding week of last winter
was 15 degrees to 20 degrees above normal in the Northwest, and 12 degrees
to 15 degrees below normal in the Northeast. The tendency to subnormal
temperatures in the Northeast last year extended through March. but
April
had above normal.
The table shows the georgraphic distribution of precipitation during the
week. It was heavy in most of Louisiana, much of Texas, and also in
the
far Southwest, including Arizona, and southern California. It was again
light in the Southeastern States, the eastern Ohio Valley, and most of the
Great Plains. though eastern Kansas. and eastern Oklahoma had moderate
falls. A large central-northern area had practically no precipitation,
though in the southern drainage area of the Ohio Valley, including
most of
Tennessee, the totals were generally moderate to heavy.
Good rains over most of Texas and additional moisture in Arizona
and
southern California materially improved the outlook in those
sections.
In Arizona precipitation was heavy in most places, with deep snows in
the higher elevations, which will be very beneficial for irrigation reservoirs.
water holes, and ranges, while in southern California soil moisture has
been replenished. In Texas grain crops were helped wonderfully and
conditions improved for spring planting.
Over the great western grazing districts the continued abnormally warm
weather was highly favorable for livestock, and smaller feeding requirements are reported from many places. In Montana snows were beneficial,
for both ranges and grain, but in the eastern portion of that State and in
the Great Plains, from North Dakota southward, precipitation continued
light, with the moisture situation not appreciably improved.
East of the Plains soil moisture conditions continue, in the main, satisfactory, except for a persistence of scanty precipitation in the eastern
Ohio Valley and the need for rain in the extreme Southeast, including
much of South Carolina. southern Georgia, and Florida. Replanted truck
is doing fairly well in most southern sections, except in the drier areas.
SMALL GRAINS—Although there was some snow in the Ohio Valley
during the week, the cover had again disappeared at the close, except for
some areas where ice still lingers; winter wheat continues
in fair to good
condition, but there was some damage noted from heaving, while the ice
blanket causes some apprehension. In Iowa ice continues in the northeastern part, while in Missouri most wheat is dormant, but in good condition.
In most of the Great Plains section there has been little change
condition of wheat, or of the general moisture situation. In Texasin the
beneficial precipitation occurred over most of the State. although the amounts
were light in the extreme Northwest and extreme South; winter wheat
1167
Improved considerably, while much oats that were previously believed
killed are recuperating. The general moisture situation
illed
in the Rocky Mountain and Great Basin areas, although ere
was some additional snow in Montana. The Pacific coast sections are in
satisfactory shape rather generally, while most winter grains are doing
well In the Southeast, except for some damage from the previous cold now
becoming apparent.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 15 1935.
While better weather conditions during part of the week
resulted in a moderate pickup of retail trade,the sales volume,
as a whole,did not make a very satisfactory showing. In the
local area, business on the holiday was quite active, but
early estimates covering the first half of the month anticipate
a decline in the value of sales as compared with the corresponding period of 1934, ranging from 2 to 4%. In other
sections of the country and again particularly in the Middle
West and the South,increases from 5 to 10% were expected.
Business in men's and children's apparel as well as in home
furnishings was fairly active while the demand for women's
spring apparel lines left much to be desired. Preliminary
figures on the value of department store sales as announced
by the Federal Reserve Board, show a decrease from December to January of more than the estimated seasonal
amount. As compared with January 1934, an increase of
4% was reported. In the New York district sales were
unchanged from last year. The poorest showing was made
in the Boston district with a decline of 4%,while the Cleveland district recorded the largest increase, in the amount
of 14%.
Trading in the wholesale dry goods markets continued to
be adversely affected by the uncertainty regarding the impending decision of the Supreme Court on the gold clause
cases, and the price structure gave indications of weakening,
in some directions. Orders for spring merchandise placed
by retailers were of rather sparing character, partly reflecting
the moderate volume of retail trade and partly in view of
the lateness of Easter this year. A few reorders were placed
on wash goods and there was a fair volume of business in
bedspreads, some brown goods and bleached goods. Business in silks showed a slight improvement, apparently in
connection with preparations for the Easter trade; prices,
however, continued easy. Rayon yarns moved in fairly
good volume,and there was a steady call for March delivery,
on the part of both knitters and weavers, with some producers reported to have disposed of about half their output
for that month. January shipments were estimated at
approximately 21,000,000 pounds, the largest monthly
quantity on record.
Domestic Cotton Goods—Trading in print cloths was a
trifle more active than heretofore, but the continued nervousness over the impending gold clause decisions prevented any
real revival of business. When rumors became current at
the start of the period under review that the Supreme Court
was about to render its verdict, a little buying developed
but its total volume was small and orders were confined to
spot deliveries. Although it is known that converters have
booked large orders for finished goods and are in need of
gray cloths, there appeared no inclination on the part of
buyers to cover any but immediate requirements. Towards
the end of the week, a perceptible weakening in the price
structure manifested itself, without, however, attracting
more than a moderate amount of buying orders. Little
doubt exists that following the gold decisions a solid revival
of the print cloth market may be anticipated. Sheetings
moved in fair volume, with prices on heavy goods disclosing
slight concessions. Business in fine goods was restricted to
occasional small orders for spot goods. Prices on combed
broadcloths were unchanged but those on lawns and voiles
developed weakness. Closing prices in print cloths were as
follows: 39-inch 80's, 9 to 9%c. 39-inch 72-76's, 85 c.,
/
8
39-inch 68-72's,7% to 73(3., 383/2-inch 64-60's,6% to 63.'c.,
383/2-inch 60-48's, 53/i to 5 9-16c.
Woolen Goods—Trading in men's wear fabrics was less
active than of late, with the uncertainty over the coming
gold decision forming the chief hindrance to an expansion of
business. A fair amount of re-orders was placed on spring
worsteds and some spot business developed in gray suitings
and serges, as well as in flannels and other summer wear
goods. Reports from retail clothing centers made a relatively good showing, with some of the numerous promotions
now under way meeting with a surprisingly good response
on the.
part of consumers. Trading in women's wear goods
was fairly active reflecting the growing interest of retail
merchants in spring apparel lines.
Foreign Dry Goods—Although reports from primary
markets abroad again stressed the firmness of the price
structure, business in linens continued to be hampered by
the nervousness over the pending gold clause decisions, because of the possible far-reaching effect on the sterling rate.
A fair amount of interest persisted in dress linens and in
suitings used for the cruise and winter resort trade. In
line with higher Calcutta quotations caused by improved
bag takings for European and Australian account, burlap
prices began the week with a slightly firmer trend. Later,
however, a reaction occurred under the influence of easier
cables from the primary market, and reflecting the continued
uncertainty in connection with the gold clause decision.
Domestically, lightweights were quoted at 4.50c heavies
at 6.150.
Financial Chronicle
Feb. 16 1935
State and City Department
-Docket 4432: Loan and grant of $79,000 for improveBedford, Ind.
ments to the water system changed to a grant of $22,500.
Glendlve, Mont.
-Docket 3035: Loan and grant of $21,000 for improve.
ments to the water system changed to a grant of$6,100.
Ogden. Utah-Docket 883: Loan and grant of$750,000 for improvements
to the water system changed to a grant of $210.000.
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
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 Jan. 19 to Feb. 15
inclusive. In the case of the type of bond to be used as
security for the loan, this is indicated, whenever known, by
(*) for general obligations and (x) for revenue or special
assessments. 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.
Labor and
Material
Total
Nature of Project
Coate
Allotment
Name$43,800 School building
$45,000
Ashland, Ore
96,000 School building
100,000
Corvallis, Ore
19,400 School building
*20,200
Grant Co. S. D. No.3, Ore
875,000 Irrigation system
Greybull Valley Irr. Dist., Wyo._21,108,000
14,500 Gymnasium building
Marion Un.U.S.Dist.No.1, Ore. *15,000
21,200 School building
*22,100
Melba. Ida
52,000 Gymnasium building
54.000
Monmouth, Ore
47.000 Gymnasium building
149.100
Nashua P.S.D.No.13, Mont
65,000 Electric system
415,000
Ocean Beach, N.Y
6,600 Gymnasium building
'7.000
Polk Co.8.D.No.57,Ore
333,000 Sewage disposal plant
:360,000
Salem, Ore
36,700 Gymnasium building
*38,100
Tempe Un.H.S. D., Arts
85,400 School building
90,000
Tucson, Aria
The balance Is a loan secured by 4% special assessment bonds.
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
PWA this week:
Release No. 1218
Reductions totaling $4,528.000 in four allotments for non-Federal projects
by Public Works Administrator Harold L. Ickes.
were announced to-day
Allotments for the following projects have been reduced.
-Docket 5807: Loan and grant of $26.000 for improving
Knoxville. Ill.
the water system reduced to $25,000 because the city is furnishing $1,000
from other sources.
Minneapolis, Minn.
-Docket 4360: Loan and grant of $10,425,000 for
sewers and a sewage disposal plant reduced to $9,140,000 because the city
has disposed of another block of its bonds in the private investment market.
This reduction does not affect the grant portion of the allotment, which
remains at 30% of the cost of labor and materials. This is the second
reduction in this allotment that PWA has been able to make because of the
sale of Minneapolis bonds in the private investment market. The original
allotment was a loan and grant of $11.526,000, which was reduced to
$10,425,000 on Aug. 23 1934.
-Docket 3182: Loan and grant of $12,000
Canadian County, Okla.
allotted to the Twelve Mile Point Drainage District for a drainage ditch
reduced to $9,000 because of revision of plans and reduction in the amount
of work to be done.
-Docket 1293: Loan and grant of $10,681,000 allotted
Philadelphia, Pa.
to the Delaware River Joint Commission for the shuttle line across the
reduced to $7,642,000 because the Commission has sold
Camden Bridge
another block of its bonds in the private investment market. This reduction
does not affect the grant portion of the allotment, which remains 30% of
the cost of labor and materials used on the project. This is the second
reduction in this allotment because of sale of Commission bonds in the
private investment market. The original allotment of $11.900,000 was
reduced to $10,681,000 on Aug. 23.4 4
ReleaselNo.11221
wItThe changing ofseven allotments from loans and grant to grants only was
announced to-day by Public Works Administrator Harold L. Ickes. These
changes released $1.251,900 for reallotment. The changes were requested
by recipients of allotments who have notified PWA that they have sold
their bonds privately and will not need PWA loans. A total of $58,947.116
released by several hundred suchjchanges has been reallotted to expand
the publletworks program.
AbThe following allotments were changed to-day:
-Docket 7280: Loan and grant of $500.000 for a police
Buffalo, N. Y".
headquarters building changed to a grant of $153,000.
-Docket 7101: Loan and grant of $147,000 for sewer
we:Burlingame, Calif.
construction changed to a grant of $40,000.
Daly City Calif.-Loan and grant of $105.000 allotted to Jefferson
School District of San Mateo County for three buildings in Daly City
changed to a grant of $30,500.
-Loan and grant of $157,000 for school conDurham County. N. 0.
struction changed to a grant of $45.000.
ReleaselNo.[ 1229
IncreasesMn 19 previously awarded loans and grants for non-Federal
public worktrIprojects were announced to-day by Public Works Administrator Harold L. Ickes.
The increases, totaling $218,200, were made in allotments for the following projects:
Pasadena, Calif.
-Docket 7695: Grant of $17,000 for reinforcing the
Linc in costa.
ineretsedElementary School Building increased to $25,600 because of
Holbrook, Mass.
-Docket 6862: Grant of $12,600 for an elementary
school building increased to $15,100 because of increased costs, due in
part to the inclusion of certain items not provided for in the original allotment.
Huron County, Ohio-Docket 6833: Grant of $11,500 for road improvements increased to $14,300 because of increased costs.
River Hills, Wis.-Docket 6157: Grant of $16,500 for a bridge on the
Range Line Road over the Milwaukee River increased to $21,100 because of
increased costs.
Lake Mississippi-Docket 5220: Loan and grant of$20.000 allotted to the
Lake Special Consolidated School District of Scott and Newton Counties,
which includes the Village of Lake, increased to $21,600 because of increased costs.
Augusta, Ga.-Docket 4775: Grant of $26,000 for a hospital building
at the University of Georgia School of Medicine increased to $28,300 to
cover increased costs and installation of equipment and furniture.
Mantor. Kan.
-Docket 4662: Grant of $18,500 allotted to Rural High
School District No. 1 of Stanton County for a high school building in
Mantor increased to $21,700 to cover increased costs and installation of
equipment not provided for in the original allotment.
Montgomery County, Va.-Docket 4549: Grant of $49.000 allotted to
the Montgomery County School Board for new buildings in Christiansburg.
Blacksburg and ShawsvUle increased to $60,100 to cover increased costs
and installation of equipment not provided for by the original allotment.
Walla Walla, Wash.
-Docket 3630: Grant of $8,_200 allotted to the State
for improving sections of State Road No. 3 in Walla Walla County increased to $9,500 because of increased costs.
Anchorage. Ky.-Docket 3058: Grant of $7,000 for improving the water
system to $7,300 to cover increased carts.
Steeiville, Mo.-Docket 2689: Loan and grant of $44,000 for a new
water system increased to $45,200 because of increased costs.
Louisville, Ky.-Docket 2661: Loan and grant of $230,000 allotted to
the University of Louisville for a medical school building increased to
$250,000 because ofincreased costs, due in part to revision of plans.
Memphis, Tenn.
-Docket 2623: Loan and grant of $100,000 for paving,
draining and lighting the river front drive increased to $116,500 because
of increased costs.
Huntington, Ind.
-Docket 2337: Loan and grant of $95,000 for improving the sewage disposal plant increased to $106,000 because of increased
Costs.
Colorado Springs, Colo.
-Docket 1300: Grant of $285,000 for improving
the water supply and distribution system increased to $357,000 because of
Increased costs.
Lewiston, Utah-Docket 1281: Grant of $10,200 for a municipal building
and civic center increased to $15,000 because of increased costa.
Fort Stellacoom, Wash.
-Docket 1185: Grant of $70,000 allotted to the
State of Washington for a hospital building at Fort Stellacoom increased to
$99,500 because of increased costs.
Macon, Ga.-Docket 1015: Grant of $36,000 for improving the water
filtration plant increased to $58,000. The original allotment was made for
demolition and reconstruction of the north bank of filters, installation of
additional pumping equipment and electrical generating equipment. The
Increase of $22,000 awarded to-day will enable the city to demolish and
reconstruct the south bank of filters and construct a new entrance to the
building.
Lena. III.
-Docket 991: Grant of$20,300 allotted to the Lena Community
High School District for additions and alterations to a school building
increased to $23,200 to cover increased costs and include installation,of
equipment not provided for in the original allotment.
MUNICIPAL"ALLOTMENTS RESCINDED
In line with the above changes, the Public Works Administration has been forced to rescind many loans and grants to
municipal bodies for various causes, such as unsuccessful
bond elections, cancellation of projects, dm. It has been
our custom to publish these under their separate headings
whenever reported, but for the sake of convenient reference
we have gathered together the following latest reports issued
from Washington.
The following are the latest announcements received:
Release No. 1210
Rescission of PWA allotments to the Federal Emergency Relief Administration amounting to $973,027 was announced to-day by the PWA.
The allotments canceled were $901.880 to finance costs, other than labor,
in connection with construction and repairs to penal institutions in Florida,
and $71,147 for the cost of material, equipment hire, supervision and skilled
labor on projects of the FERA for the completion of a number of airports.
PWA rescinded the allotments after the Comptroller General of the
United States ruled against them.
Release No. 1220
Revocation of nine non-Federal loans and grants totaling $568,000 was
announced to-day by Public Works Administrator Harold L. Ickes.
Allotments for the following projects have been rescinded.
-Docket 8119: Loan and grant of $30,000 for additions
Blairstown, N.J.
and alterations to the school building rescinded because the proposed
bond issue was defeated.
Carmel-by-the-Sea. Callf.-Docket 7707: Loan and grant of $27,000 for
a city hall rescinded because the proposed bond issue was defeated.
Camden, N. J.
-Docket 7447: Grant of $29,000 allocated to Camden
County for sewers and a sewage disposal plant rescinded because the county
has been unable to obtain the balance of the money required for the project.
The original application filed by the county was for a combined PWA loan
and grant. The Finance Division of PWA reported that the bonds offered
would not constitute reasonable security for the loan, as required by the
Public Works Act. The county then amended its application and requested
a grant only, on the condition that it would furnish the remainder of the
money from other sources. This it has been unable to do.
Marion. Ind.
-Docket 7197: Loan and grant of 3384,000 for sewer construction rescinded at the request of the city, 'which has abandoned the
project.
Yerington, Nov -Docket 7151: Loan and grant of $5,000 for improving
the water system rescinded at the request of the city.
-Docket 6455: Loan and grant of $9,000 for improving
Yonkers, N. Y.
two fire stations rescinded at the request of the city.
-Docket 6116: Grant of $9,000 for road imRutherford County, Tenn.
provements rescinded at the request of the county.
-Docket 5700: Loan and grant of $52,000 allotted to Latah
Moscow. Ida.
County for a county home and hospital building to be constructed in Moscow rescinded at the reequest of the county.
Lake Geneva, NVia.-Docket 4901: Loan and grant of $10,000 for paving
work rescinded at the request of the city.
Financial Chronicle
Volume 140
1169
NEWS ITEMS.
OHIO and MICHIGAN
Cities—Towns—Counties—School Districts
California—Mo?tgage Moratorium Bill Signed—Governor
Merriam on Jan. 31 signed the Jones Mortgage Moratorium
Bill, a compromise measure passed by the first half session
of the current Legislature, according to a United Press
dispatch from Sacramento on that date. It is said that the
signing of this measure came less than two hours before the
expiration of the existing moratorium.
Connecticut—Reftrence Book Issued on Legal Investments
—R. L. Day & Co., New York bond dealers, have prepared
a reference book for the use of institutions, trustees, and
others interested in the securities which qualify under the
laws of the State of Connecticut as legal investments for
savings banks and trust funds. It covers the entire field
of legal securities with the exception of bank stocks, and
certain insurance company stocks legal for trust funds. A
concise analysis of the issues has been given, particularly
with respect to railroad and public utility companies. (The
last official list of legal investments for Connecticut was given
in the "Chronicle' of Nov. 10, on pages 3021 and 3022.)
Florida—U. S. Court Enjoins Bond Redemption Plan for
Property Relief—In a far-reaching decision affecting several
million dollars worth of property in this State sold for taxes
and later redeemed by the owners, a three-Judge Federal
Court sitting at New Orleans on Feb. 9 declared unconstitutional Acts of the Florida Legislature authorizing the exchange of State and county bonds for tax-forfeited property.
Judge H. E. Carter, Assistant Attorney-General of Florida,
announced that an appeal would be taken to the United
States Supreme Court. We quote in part as follows from
an article appearing in the New Orleans "Times-Picayune"
of Feb. 10:
Millions of dollars' worth of property in Florida sold for taxes and later
redeemed by the owners was affected by two permanent injunctions granted
here Saturday by a three-Judge Federal Court. restraining against enforcement of Florida statutes authorizing the exchange of State and county
bonds in payment for or redemption of tax sales certificates.
The Court was composed of United States Circuit Judge Nathan P.
Bryan and United States District Judges Louie W. Strum, Miami, and
Halsted L. Ritter, Jacksonville, both of the Southern Florida District
Federal Court.
This same Court previously issued preliminary injunctions in the two
cases which were heard on their merits Saturday.
D. C. Hull of Deland, Fla., represented plaintiffs in both cases, and
the defendants were represented by Judge H. E. Carter, Assistant Attorney-General of the State of Florida.
Plaintiffs in the case attacked the constitutionality of statutes adopted
by the 1933 Florida Legislature, on the grounds that the State was prohibited from passing laws which would violate its contracts.
Attorneys for both sides admitted Saturday that the action of the three.
Judge Court, which in effect declared the State statutes unconstitutional.
would have a far-reaching effect.
"We will appeal to the United States Supreme Court," said Judge
Carter, "from the special Court's judgment. It likely will be months before the matter is decided by the Supreme Court, but pending that time
the injunction will apply as to defendants in these particular cases."
The Acts complained of were designed by the Florida Legislature to
aid property owners in redeeming their properties taken by the State for
non-payment of taxes, attorneys explained.
Indiana—Statement Prepared on Tax Collections—The
Indianapolis Bond & Share Corp. finished recently a compilation of tax collections in Indiana, showing comparative
figures for 1934, 1933, 1932 and 1931. It is stated that the
figures used are those on the original tax duplicates without
any additions or subtractions. Because of the growing interest
in tax collection ratios this compilation should prove of
value to those interested in bonds of this State.
New Jersey—Public Hearings to Be Held on Tax Program
—Opponents of Governor Harold G. Hoffman's sales and
income tax legislation will receive an opportunity to present
their objections at public hearings to be conducted by the
Governor, sitting with members of the judiciary and taxation
committees, on Feb. 19 and 20, according to Trenton advices
of the 13th. The Governor has imposed the requirement,
however, that those who appear at that time shall not offer
mere destructive criticism of his proposals. He takes the
position that they are entitle to a hearing only on condition
that they have practical alternative bills.
The fact that these hearings are scheduled for those dates
is interpreted as meaning that action on the tax bills, which
was to have been taken around that time, will be deferred.
New York City—Taxable Real Estate Put at $16,649,771,199—Decrease of $449,455,358 Under 1934 Figures—The
taxable real estate valuations for this year was put at $16,649,771,199 in a statement released on Feb. 11 by William
Stanley Miller, President of the Department of Taxes and
Assessments. This tax base is $449,455,358 lower than the
valuations of last year and $2,9671144,230 lower than the
valuations of 1932, the year in which the city administration really began to reduce its assessment rolls in response to
the widespread demand for lower valuations.
Unofficial computations of the 1935 basic tax rate on real
estate ranged from $2.72 a $100 of valuation to $2.76, as
compared with a basic rate of $2.56 last year. If new license
fees are not imposed it is felt that the higher figure will be
more close to the mark. The basic tax rate must be fixed
by the Board of Aldermen not later than March 3.
The following is the statement of Mr. Miller, accompanying the final figures of assessed valuation of taxable real
estate in the city for the year 1935, including special
franchises:
The net total of the taxable real estate valuations of the City of New
York for the year 1935, including special franchises, amounts to 316,649,771,199 as against 317149,226,557 for 1934, showing a decrease in valuations throughout the city of 3499,455.358.
The valuations as applied to the respective boroughs are as follows:
Bought—Sold—Quoted
Gearhart & Lichtenstein
99 Wall Street, New York
A.T.&T.Teletype-New York-1-852 Tel. WHitehell 4-3325
KAMM
1
Borough—
Manhattan
The Bronx
Brooklyn
Queens
Richmond
Real Estate 1935
88.373,226,997
1.902,800.823
3,933,060.440
2,145,327,968
295,354.971
816.649.771.199
The tax commission is cognizant of the heavy burden of Federal. State
and municipal taxation and of the heroic efforts of individuals and corporations to meet these obligations.
The new listing plan adopted by the department, whereby owners of
real estate furnished us with salient facts prior to Julys 1st, has aided'us
materially in fixing equitable valuations and incidentally has benefited
cases.
such owners in many
Our assessors were instructed to make a new survey of each parcel in the
city, and as a result, the bulk of the reductions were made in the field
instead of upon applications for reduction.
- 3
73,694 applications for reduction, covering every7 borough in the-city,
were filed with the Board, and 43,726.hearings were held before the..Commissioners, as follows:
Applications for Reduction 1935
Number of
Number of
Applications
Borough—
Hearings
21,730
Manhattan
16,074
10,060
The Bronx
5,694
28,035
Brooklyn
15,200
11,474
Queens
6,098
2.395
Richmond
660
73,694
Total
43,726
Our survey shows thousands of dilapidated structures on valuable land
and lacking ordinary improvements and much needed repairs.
Economists have long since realized that depreciation and obsolescence
are due as much to neglect as to age or continued use. Where buildings
are erected on valuable land, it is necessary to apply a certain portion of
income to maintenance, or else income will decrease while expense does not.
Mayor LaGuardia is deeply interested in a plan of rehabilitation of old
buildings, susceptible of improvement, which, if properly supported, will
undoubtedly help to rebuild the city and increase the revenues of owners
from properties sadly neglected, and greatly in need of repair.
The proposed housing plan, aided by Federal funds, will serve as a spur
to genuine rehabilitation, but it is evident that a vast extension of tax
exemption would not alleviate the burden of those who now pay taxes.
A recent survey by the National Association of Real Estate Boards
Indicates that real estate conditions are definitely on an upward trend, that
home shortage and increased rentals are reported from many cities, and
that mortgages are on an improved status. This report should encourage
the owners of real estate.
The total reductions of assessed valuation for the past three years indicate
a reduction of 15% from the total of 1932, or a total of 82,967.144.230 as
follows:
1933 Reductions
$1,159,910,171
1934 Reductions
1,307,778,701
1935 Reductions
499,455,333
Total
$2,967,144.230
Final Real Estate 1935
Net Increase(+)
1935
or Decrease(—)
37.837,506,510 —3332,271,662
215,960.700
—5.526,400
319,759,787
—3,135,007
Manhattan—
Real estate
Real estate of corporation
Special franchises
1934
38.169,778,172
221,487,100
322,894,794
Total
The Brent—
Real estate
Real estate of corporation
Special franchises
88,714,160.066
38.373.226.997 —8340.933,069
$1,774.665,691
57.542,550
94,065,598
81.749,812.411 —824.853480
57.138,550
—404,000
895.849,862 •
+81,784.264
31,926,273.839
81.902,800,823
—$23,473,016
33,781,651.390
57,232,300
177,766,629
33,696,200,190
56.916,450
179,943,800
—$85.451400
—315,850
+2,177,171
Total
Brooklyn—
Real estate
Real estate of corporation
Special franchisee
Total
Queens—
Real estate
Real estate of corporation
Special franchises
Total
Richmond—
Real estate
Real estate of corporation
Special franchises
84.016,650,319
83,933,060,440
—383,589.879
$2.049.607,180
52,751,800
86.013,708
32,004,126.045
51,205,800
89.996,123
—$45,481.135
—1,546,000
+3,982.415
32,188,372,688
$2,145.327,968
—$43,044,720
$286,681,885
5,771,700
11,316,060
$278,076,575
5,703,700
11,574,696
—$8,605,310
—68.000
+258,636
Total
8303,769,645
8295,354.971
—88,414,674
Recapitulation of Real Estate
Real estate
516,062,384,318 815,565,721,731 —8496462487
394,785,450
Real estate of corporation
386,925,200
—7,860.250
Special franchises
692,056,789
697,124,268
+5,067,479
Total
817.149,226.557 816,649,771.199 —3499,455,7
Tax Rate Forecast at 2.69—The New York "Journal of
Commerce" of Feb. 15 carried the following report on the
above mentioned basic tax rate:
The city tax rate for this year to be announced by Comptroller Taylor
to the Board of Aldermen at a special meeting on March 1, will be 20
points higher than for 1934, it was learned yesterday from a reliable source.
The basic tax rate for the city will be 2.69, it was said by this informant.
Much of this increase in the tax rate is said to be due to the $500,000,000
reduction allowed by the Board of Taxes and Assessments in real estate
valuations.
New York City—Mayor to Seek Board for Work Program—
The New York "Herald Tribune" of Feb. 14 reported in
part as follows on the plan of Mayor La Guardia to seek legislation which would enable the city to set up a public authority
to handle the self-liquidating projects on the Public Works
Administration program, submitted in Washington recently
in behalf of the city by the Mayor, to provide employment
for the next few years:
Mayor F. H. LaGuardia said yesterday he would ask the Legislature to
enact legislation permitting the city to set up a public authority similar to
the Tr -Borough Bridge Authority and Municipal Housing Authority, to
take charge of the self-liquidating projects on the $1.141,481,670 Public
Works program recently submitted to the Public Works Administration
at Washington. The authority would be empowered to issue its own bonds
1170
Financial Chronicle
as security for the contemplated Federal loans, thus leaving the city's
constitutional debt-Incurring power unimpaired.
The amount ofdebt the city may incur is limited by the State Constitution
and the debt-incurring power available within the limits set is not more
than $395,000,000. Of this margin, John H. Delaney, Chairman of the
Board of Transportation, has insisted that a substantial part will be required to effect unification of the rapid transit lines and to complete the
indepdent municipal subway system. Consequently the Mayor must look
to the Legislature to set up an authority empowered to issue its own bonds
if he is to accomplish the construction of the many costly projects on the
list he submitted to Washington last Monday.
Whether the Federal Government is willing to accept the bonds of a
public authority, unsupported by the general credit of the city, as collateral for the loans, the Mayor is seeking is a question to which neither
the Mayor nor the authorities at Washington have given an answer. It
is understood that the adequacy of the bonds of a public authority as
collateral for Federal loans was discussed by the Mayor and President
Roosevelt at their conference in Washington on Monday.
So far the Federal Government has recognized the Tr -Borough Bridge
Authority and the Municipal Housing Authority as indepdendent agencies
empowered to issue their own bonds against the projects in their charge,
and it was assumed at City Hall that the bonds of a similar public works
authority would be equally acceptable.
Aside from the self-liquidating projects which might be constructed by
a public authority, scant hope was held out at City Hall for the advancment of funds for projects to be financed directly by the issue of serial
bonds. It was pointed out that with constantly declining real estate valuations the city's debt incurring power would continue to be so limited
that few, if any, of the projects on the serial bond list could be financed.
New York State—Senate Passes $294,000,000 Budget—
Also Approves Increase in Gasoline Tax—Over continued
Republican demands for a public hearing, the State Senate
on Feb. 13 passed Governor Lehman's $294,000,000 budget
bill and also voted to increase the State gasoline tax from 3 to
4 cents a gallon, one of the most controversial measures of
the Governor's $55,750,000 tax increase program. Both
proposals were forwarded to the Assembly. It has been intimated by the Governor that Democratic opposition to the
emergency gasoline taxes would be futile as the only other
course left open would be the imposition of a sales tax to
raise the revenue required to help eliminate a huge deficit
by 1936 in the State treasury.
The Upper House likewise approved the Governor's
recommendation for $10,000,000 appropriation to be used for
unemployment relief. It was sent to the Assembly.
The Senate also voted to continue the present tax on transfers of stock and other corporate certificates.
Senate Minority Leader George R. Fearon, Syracuse
Republican, led his Party's opposition, charging Democrats
with "steamroller" tactics in refusing public hearings on the
entire budget and the $55,750,000 tax program.
Entire Fiscal Program of Governor Lehman Adopted by
Legislature—The Senate and Assembly on Feb. 14 had put
through Governor Lehman's entire fiscal program, the 16
measures covering a budget of $294,000,000 and a revenue
program to raise $55,750,000 to remove the State deficit,
according to Albany news advices of that date. The revenue
program includes the above mentioned four-cent gasoline
tax and higher income levies.
The income tax bill, applying to earnings of $3,000 a year
and more and payable next year on 1935 incomes, continues
the 1% levy on gross personal income as passed last year and
also readjusts rates for the regular tax. These will range
from 2% to 7% on the first $10,000 of income. The readjustment is expected to net about $22,000,000 additional
revenue.
The bill adding a cent to the present three-cent gasoline
tax is estimated to produce $16,500,000, and the remainder
of the extra revenue program includes the following: An
increase in the corporation franchise tax of 1%%,estimated
to yield $6,000,000; a 4% tax on net income from unincorporated business above $5,000, to yield $6,500,000;
taxes on insurance premiums are expected to bring in $5,000,000.
The budget bills became law right after adoption, although
they will not go into operation until after July 1, the beginning of the next fiscal year. While the revenue bills will
require the Governor's signature before becoming effective,
they are his proposals and there is no doubt but that he will
sign them promptly.
As had been the case in the Assembly, a stiff fight against
adoption of the fiscal program was put up in the Senate by
the Republicans, but as no Democratic votes were cast
against the bills in either house, they were readily approved.
Throughout the legislative proceedings the opposition had
been particularly bitter on the gasoline tax increase.
Assembly Passes Wicks Bill—The Assembly passed and sent
to Governor Lehman for his signature the Wicks bill, continuing the temporary emergency relief administration to
Feb. 15 1936.
Governor Approves City Pact Revision—On Feb. 8 Governor
Lehman had signed the Dunnigan bill modifying the socalled New York City bankers' agreement—V. 140, p. 1003.
Governor Signs TERA Extension Bill—On the 14th Governor Lehman signed the above mentioned Wicks bill, continuing the life of the Temporary Emergency Relief Administration until Feb. 15 1936. Under the new law the membership of the body will be increased from five to six, with the
Governor appointing the additional member from the State
Board of Social Welfare. The State Commissioner of Social
Welfare also is authorized to attend all meetings of theTERA
but he will not have the right to vote. This is said to be a
step toward the placing of all relief work on a permanent
basis in the Welafre Department.
Pennsylvania—State Facing Huge Tax Burden to Balance
Budget—An Associated Press dispatch from Harrisburg on
Feb. 11 reported as follows on the wide tax program out-
Feb. 16 1935
lined by Governor Earle to bring the 1935-37 budget of the
State into balance:
On a sweeping tax program, estimated to raise $200,000,000, the Earle
administration was reported to-day to be basing its plans for balancing the
State's budget for the 1935-1937 biennium. On the list reported to-day
as virtually certain to be included were:
A cigarette tax of 2 cents on a package of 20 cigarettes.
An increase in the gasoline tax from 3 cents to 5 cents a gallon.
A tax on admission tickets to amusements and athletic events.
A 6% tax on the net incomes of all corporations.
An increase of 1 mill, or 20%, in the present 5
-mill personal property
tax now collected by counties. Under the reported plan the revenue from
this levy would be split 50% with the State.
Removal of the exemption privileges of gas, water and steamheating
companies under the gross receipts tax.
Application of the provisions of the capital stock and loan tax to manufacturers now exempt.
Public Works Administration—Optional Buying Plan
Offered to Bond Investors—The following statement was
made public on Feb. 12 by the above-named Federal agency:
Release No. 1233
To broaden its already successful policy of transferring from the Government to private investors bonds on public works projects, Public Works
Administration has worked out an arrangement with the Reconstruction
Finance Corporation designed to give many ofthe smaller dealersin securities
an opportunity to bid on the next offerings on Feb. 20.
Of the $4,938,450 worth of bonds to be offered for sale through the RFC
next week, 13 of the 33 issues are being offered under a new option plan
which will enable the successful bidder to take at least one-third of the
issue offered with the privilege of buying the remainder within 15 days.
The new option plan of purchase is being attempted as an experiment
which it is hoped will result in a still wider distribution of PWA bonds,
sales of which already have netted the Government a cash profit of nearly
$1,000,000.
PWA to date has sold securities for $53,893,685, representing a profit of
$903,767, or 1.67% on the operations. This effectuates the PWA policy of
returning the financing operation involved to the private investment
market as that market is able to Teassume the burden.
Bids to be made on 20 of the issues offered for sale next week are under
conditions that have prevailed heretofore. Bids for 13 issues amounting to
$1,746,950, however, may be made under the option plan.
Commenting on this new plan,Philip M.Benton,PWA Financt Director,
said:
"There are numerous attractive issues in our portfolio which may present
something of a problem to the investment dealer, either because of their
size in relation to the breath of their market, or because of their localized
market appeal. Typical of such issues are those listed under Section B of
the current offering.
"We recognize that dealers may hesitate to take a commitment involving
a substantial amount of bonds of this type, and that many dealers in
smaller cities, because of their limited facilities, may find it impossible to
submit bids for the entire amount of such bonds offered. Since we desire
to encourage as widespread participation as possible in the bidding for our
securities, we have decided to permit the submission of bids for not less
than one-third of the principal amount of such bonds offered, with an option
to the successful bidder to buy the entire balance of the bonds offered
within 15 days. The only requirement in this connection is that the
partial amount of bonds bid for shall be in the same maturity ratio as the
entire amount of bonds offered. The right is reserved, of course, to accept
any satisfactory bid that may be submitted for all of the bonds offered.
"Although this proposal is necessarily experimental, we are hopeful that
it will result la the receipt of higher and more representative bids from an
even broader group of municipal investors and distributors than has cooperated with us in the distribution of our securities thus far."
Investment Code Ruling on Municipal Sales Issued—
Frank L. Scheffey, Executive Secretary of the New York
Regional Code Committee of the Investment Bankers' Code,
has received an important National Recover Administration
ruling with respect to legal opinions on municipal bonds
sold by Government agencies.
In connection with a recent sale of New York City bonds
by the Reconstruction Finance Corporation, there was some
confusion as to whether or not under the Investment Bankers
Code of Fair Competition a legal opinion, other than an
opinion of Corporation Counsel of the City, would be required in order to comply with code provisions in offering
the bonds for public sale.
Article IV, Section 2, Sub-section (c) of the Investment Bankers "Code
ofFair Competition"provides thatthe invetsment banker offering municipal
issues: "shall, either himself procure or require the issuer to procure the
opinion of an attorney, other than an officer or an employee of the issuer,
whole satisfactory to such investment banker,approving the validity of the
issue."
The effect of the NRA ruling is that such opinions are not necessary in
the cases of issues of securities which have been purchased by an agency
of the Federal Government and subsequently sold to investment bankers.
In addition, the ruling decides that such offerings are exempted from the
requirements of Sub-sections (e) and (f) of Article IV of the code.
OFFERINGS WANTED
Arkansas-1111nols—MIssourl—Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. & CO.
ESTABLISHED 1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
BOND PROPOSALS AND NEGOTIATIONS
ACKLEY,Hardin County,Iowa—BOND SALE—The $14,000 issue of
coupon sewer outlet and purifying plant bonds offered for sale on Feb.7—V.
140 p. 828—was awarded to the Carleton D. Beh Co. of Des Moines, as
33s, paying a premium of $80, equal to 100.57.
The following bids were also received:
Premium
Rate Bid
Bidders—
$79.00
33
White-Phillips Co
47.00
W. D. Hanna Co
20.00
Glaspell, Vieth & Duncan
ALABAMA, State of (P. 0. Montgomery)—BOND REFINANCING
AUTHORIZED—It is reported that Governor Graves has been authorized
by a legislative act to refinance a $16,890,000 issue of bonds that were put
out in 1933.
In connection with the above report we give the following item from the
"Wall Street Journal" of Feb. 15: "Gov. Bibb Graves of Alabama discussed
finances of his State with bankers here yesterday, particularly in reference
to the current strength of the municipal market and the plan of Alabama to
refund $16,890.000 5% warrant refunding bonds which are duo the latter
part of 1938. The bonds are callable at par on any interest date on 60
days' notice.
"Following the conference, Governor Graves said that his State was in
no particular hurry to refund the issue. The State, he explained, has only
one legislative session in four years, and it was therefore necessary to complete details of the plan before the current session ends.
Volume 140
Financial Chronicle
"The Legislature last Saturday appointed a commission to consider the
refunding proposal and the Governor was sounding out bankers here on the
feasibility of undertaking the refunding at the present time. The sole object
,
of the refunding, the Governor explained, was to effect an interest saving to
the State, if possible."
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-BONDS APPROVED-The Pennsylvania Department of Internal Affairs has approved
all of the $9.175,000 bonds awarded by the county on Jan. 16-V. 140.
p. 500.
ANDERSON COUNTY ROAD DISTRICT NO. 8 (P. 0. Palestine),
Tex.
-BOND SALE
-An $80,000 issue of 4 If% road bonds is reported to
have been purchased recently by Mahan, Ditmar & Co. of San Antonio.
Denom. $1,000. Dated Feb. 1 1935. Due $8,000,from April 10 1936 to
1945 incl. Interest payable A. & 0.
ARCADIA SCHOOL DISTRICT (P. 0. Los Angeles) Los Angeles
County, Calif.
-BOND SALE
-The $35,000 issue of school bonds that
was offered for sale on Dec. 24 without success
-V. 140, p. 168
-were sold
on Feb. 9 to the Los Angeles County Employees Retirement System, as 5s
at par. Dated Jan. 1 1935. Due from Jan. 1 1941 to 1955 incl.
ARCHBALD, Lackawanna County, Pa.
-BOND OFFERING-John
J. Walsh, Borough Secretary, will receive sealed bids until 8 p. m.on March
5 for the purchase of $120.000 434%. 44%. 5%,537 or 5;§% coupon
borough bonds. Dated March 1 1935. Denom. $1,000. Due $6,000 on
March 1 from 1936 to 1955 incl. Registerable as to principal only. Bidder
to name a single interest rate for all of the bonds. A certified check for 2%
of the issue bid for, payable to the order of the Borough Treasurer, must
accompany each proposal. Issued subject to approval as to legality by
Townsend, Elliott & Munson of Philadelphia. These bonds were originally
offered on Feb. 6 1934, at which time no bids were obtained. The purpose
of the financing was reported at that time as follows: "In announcing the
offering, the borough stated that although default had never occurred on
general obligation issues, the failure to collect specific assessments resulted
in the non-payment of bonds secured by such liens. Judgments were permitted to be entered against such bonds in order to make them general
obligations. Int. payments have been fully maintained on such judgments,
while the prin. amount has been substantially reduced. The proceeds of the
present bond issue were to be applied to the payment of such judgments in
their entirety, as well as to retire certain other floating indebtedness."
ASHVILLE, Pickaway County, Ohio
-BOND SALE
-The $32,000
sanitary sewer system construction bonds authorized at the primary election
last August
-V.139, p. 1432
-have been purchased by the State Treasurer.
They bear 4% interest. Fred J. Hines is Village Clerk.
ATHENS, Athens County, Ohio
-BONDS AUTHORIZED-The City
Council has passed an ordinance providing for the issuance of $40,598.50
5% improvement bonds, including $36,925.41 city portion and $3,673.09
payable from special assessments. The issue will be dated March 15
and mature as follows: $4,598.50 in 1936 and $4,500 from 1937 to 1944 1935
incl.
Principal and interest (A. & 0.) payable at the City Treasurer's office.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-SEEKS PWA
FUNDS
-The Board of Freeholders has asked the Public Works Administration to contribute $3,225,000 of Federal funds for improvement projects,
it was revealed on Feb. 14. Heading the list is the rebuilding of the Absecon
Blvd. drawbridge over beach thoroughfare, where the bulk of motor traffic
from Philadelphia and New York enters Atlantic City, at an estimated
cost of $1,000,000.
ATTLEBORO,Bristol County., Mass.
-TEMPORARY LOAN
-Award
was made on Feb. 8 of a $100,0001 revenue anticipation loan to the First
of Boston Corp. at 0.33% discount basis, plus a premium of $1.25. Due
Nov. 8 1935. Other bidders were: First National Bank of Boston, 0.3774:
Attleboro Trust, 0.375%; Newton, Abbe & Co., 0.39%; National Shawmut
Bank, 0.40%; First National Bank of Attleboro, 0.53%; Bodell &
0.57%; W.0. Gay & Co.. 0.63%, and Faxon, Gade & Co., 0.73%• Co..
BARBERTON, Summit County, Ohio
-BOND SALE
-The three
Issues of refunding bonds aggregating $129,842.36. for which no bids were
obtained on Dec. 22-V. 140. p. 168
-were sold later to the Provident
Savings Bank & Trust Co. of Cincinnati. The 'city announced last week
that it was ready to pay in cash all defaulted bonds, with interest added
to Feb. 5 1935.-V. 140, p. 1004.
BEAVER COUNTY (P 0 B
), Pa.
-BOND OFFERING-Joseph
S. Edwards, Clerk of the Board of County Commissioners, will receive
sealed bids until 10 a. m. on Feb. 23 for the purchase of $450,000
23%,
2q% and 3% coupon bonds. Dated April 1 1935. Denom. $1,000. Due
$45,000 on Oct. 1 from 1936 to 1945 incl. Interest payable A.& 0. A certified check for $2,000, payable to the order of the County Commissioners,
must accompany each proposal.
BEDFORD, Bedford County, Va.-BONDS VOTED
-At an election
held on Feb. 5 the voters are said to have approved a proposal of the Town
Council to issue $100,000 in 4% electric utility refunding bonds. Due in
from 1 to 10 years. (A similar issue of bonds was sold on Dec. 11.-v.
139. p.3833.)
BLACKWELL, Kay County, Okla.
-BONDS NOT ISSUED-It is
stated by the City Clerk that to date no bonds have been issued of the
$101.000 dam construction bonds approved by the voters in September.
-V.139. p. 2235.
BONDURANT, Polk County, Iowa-BONDS DEFEATED
-At the
election held on Feb. 7-V. 140, p. 666
-the voters rejected the proposal
to issue $10,000 in water works bonds by a count of89"for"to 77 "against,"
less than the required two-thirds majority.
BOYCEVILLE, Dunn County, Wis.-BOND SALE
-It is reported
by the Village Clerk that the $7,000 refunding bonds approved by the voters
on Sept. 18-V. 139. p. 2235
-have been purchased by local investors.
BRITTON INDEPENDENT SCHOOL DISTRICT (P. 0. Britton),
Marhsall County, Kan.
-WARRANTS CALLED-It is reported that
all warrants up to and Including Register No. 530 are being called for
payment at the First National Bank in Britton.
CABELL COUNTY (P. 0. Huntington), W. Va.-BOND REFUNDING-It is stated by the County Clerk that several bids were received on
,
the refunding of $184,000 in road bonds but it was disclosed by the State
Sinking Fund Commission that this county had a credit off$444,000 accumulated with the said Commission and that it was intended by the Commission
to take up the entire $184,000. therefore the refunding bids were rejected.
It is also said that the Commission contemplates calling in $260,000 of a
$600.000 bond issue some time after July 1.
CALIFORNIA, State of (P. 0. Sacramento)
-BOND OFFERING
It has been officially decided to have the State Treasurer offer for sale on
April 4 the entire issue of $24,000,000 relief bonds. It is said that the
bonds, which will carry a 3 % coupon, will mature serially in from 5 to
15 years.
"Wall Street bankers were advised yesterday that the State of California
Is making preparations rather far in advance for the sale of $24,000,000
relief bonds, authorized by the voters of that State last November. A tentative date of April 4 has been set for the public sale of these obligations,
as the gold clause decisions doubtless will be out of the way by that time.
As a rule State bond sales are announced only a few weeks, or at most a
month, before their consummation.
"The California relief bonds. it is understood, will ho 3.46% obligations,
maturing serially in one to 15 years. There have been no important sales
of California bonds in months and keen competition for the new issue is considered assured. The State also received authority last November to float
$30,000,000 of veterans' bonds, but these funds will be required only in
modest amounts from year to year, and the relief issue is the only one now
projected."
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN
An issue of $1.000,000 revenue anticipation notes was awarded on Feb. 14
to the First Boston Corp. at 0.39% discount basis. This is the lowest
rate ever pried by the city for short-term borrowing, the previous low
received for a $500,000 loan dated Dec. 24 1934 and due
being
0.465%,
May 27 1935. The current loan matured Nov. 4 1935 and was also bid
for as follows: First National Bank of Boston, 0.415%; Faxon, Gade &
Co.,0.43%; Merchants National Bank of Boston and the Isfational Shawmut
Bank, jointly, 0.47%, and Whiting, Weeks & Knowles, 0.49%.
CAMDEN COUNTY (P. 0. Camden), N. J.
-OFFERED
-BONDS RE
The $111,000 not to exceed 6% interest coupon or registered sewer bonds
for which no bids were obtained on Dec. 28-V. 140, P. 168 are being
-
1171
re-advertised for sale on March 13. Sealed bids should be addressed to
Fred George, Clerk of the Board of County Commissioners.
CAMPBELL, Mahoning County, Ohio
-BOND SALE
-The $90,000
refunding bonds, including issues of $72,500 and $17,500. offered on Feb.4V. 140, p. 501-were awarded to the Provident Savings Bank & Trust Co.
and the Well, Roth & Irving Co., both of Cincinnati, jointly.
CARTER COUNTY(P.O.Elizabethton), Tenn.
-BOND ISSUANCE
AUTHORIZED-It is said that Governor McAllister signed a bill recently
validating the issuance of $47,000 in refunding bonds.
CEDAR COUNTY (P. 0. Tipton), Iowa-BOND SALE
-A $15.000
Issue of poor funding bonds was offered for sale on Feb. 11 and was awarded
to the Carleton D. Beh Co. of Des Moines as 23s. paying a premium of
$75, equal to 100.50, according to the County Treasurer.
CERRO GORDO COUNTY (P.O. Mason City), Iowa-BOND SALE
-A $44,500 issue of refunding bonds is reported to have been purchased
by Jackley & Co.of Des Moines as 231s. It is said that the proceeds of this
sale will be used to take up outstanding poor relief warrants.
CHICKASAW COUNTY (P. 0. New Hampton) Iowa
-BOND
OFFERING-It is said that bids will be received at 10 a. m. on Feb. 20,
by A. M. Russell, County Auditor, for the purchase of a $25,000 issue of
funding bonds.
CHICAGO SCHOOL DISTRICT, Cook County, 111.-$10.000,000
BOND ISSUE LITIGATION-Rumors of an early decision by the State
Supreme Court in the case involving the legal right of the District to issue
$10,000,000 bonds for the purpose of refinancing a like amount of outstanding 1929 tax anticipation warrants has resulted in a considerable advance
in the prices of the latter securities, according to the Chicago "Journal of
Commerce" of Feb. 6, which discussed the litigation as follows:
"The case now before the Supreme Court involves issuance of $10,000,000
bonds to refund the major portion of the outstanding 1929 warrants. That
body is to decide if the Board has authority to issue such refunding bonds.
In some quarters a decision is looked for within the next few days, although
it is possible the answer may not be handed down for a considerably longer
time.
"The amount of 1929 warrants now outstanding approximates $13,000,000, consisting chiefly of education fund notes. Due to the downward
revision in 1929 tax levy, it subsequently was found that the amount of warrants issued for that year was in excess of the legal percentage permitted.
Accumulated interest on the Warrants now amounts to about 33 Yi points.
"If the Supreme Court holds valid the ordinance authorizing the Board
to issue refunding bonds, the new issue could be issued directly in exchange
for part of the outstanding warrants, the balance to bejpaid from future
collections on delinquencies for that year. The Board would have the
option of selling the bonds in the market and using the proceeds to retire
warrants."
-PUBLIC WORKS PROCINCINNATI, Hamilton County, Ohio
-City Manager C. A. Dykstra conferred with
GRAM TOTALS $16,580,000
officials of the Public Works Administration in Washington recently on the
possible extent of Federal participation in a program of public works involving an expenditure estimated at $16,580,000. Virtually every type of
improvement project is provided for in the program.
CLAY COUNTY (P. 0. Spencer), Iowa-BOND SALE DETAILS
The $18,500 funding bonds that were purchased by Glaspell, Vieth & Dun-were sold as 2.4s,for a premium of$85,
can of Davenport
-V.140, p.1004
equal to 100.459, a basis of about 2.40%. Due from May 1 1938 to Nov.
1 1940. The following bids were also received:
Premium
Int. Rate
BidderWhite-Phillips Co
$22.00
2 %
215.00
Jackley & Co
3 0
Citizens Nat. Bank, Webb
115.00
3%
Clay County National Bank,Spencer;Farmers Trust
225.00
& Savings Bank, Spencer
3% _
CLEVELAND, Cuyahoga County Ohio-VOTE ON TAX LEVY
-The City Council on Feb.9
-BOND ISSUE
INSTEAD OF DEFICIENCY,
unanimously approved the surprise move of Mayor Harry L. Davis to
abandon his proposal to submit a $5,300,000 deficiency bond Issue for approval of the voters, in place of a vote on a 4.4-mill tax levy. The Council
repealed the bond issue legislation and then approved submission of the
mill levy to the voters at an election set for Feb. 19. Louis C. West, Director
of Finance,stated that the levy would raise $5,319,000 on a 100% collection.
The Mayor's action was necessitated by his desire to conduct the election
for the city on Feb. 19, the same day the county welfare levy is to be considered by the voters. County Commissioners, however, refused to postpone their election to a date on which both the proposals of the county and
city could be considered jointly, for fear that the bond issue might be
unpopular and imperil the success of the county welfare levy. In its account
of the change in the Mayor's plan, the Cleveland "Plain Dealer" of Feb. 10
stated in part as follows: "The tax rate will be approximately the same this
year as it was last year, $2.99, of both the city and county levies are approved, Mr. West said. While a deficiency bond issue would not make as
much difference in the tax rate in any single year, the cost of carrying the
bond issue would be approximately $2,500,000 and the bond issue would
not be paid off until 1950. Davis said he recognized that a tax levy was a
sounder method of financing operating expenses than a deficiency bond
issue but had thought it would be easier to pass a deficiency bond issue than
a tax levy.'
CODY,Park County, Wyo.-BOND ELECTION CONTEMPLATED
It is reported that an election will be called in the near future to vote on
the issuance of $25,000 in power company purchase bonds.
COLUMBIA, Marion County, Miss.
-A $9,000 Issue
-BOND SALE
of 4 Yi% semi-ann. refunding bonds is reported to have been purchased by
local investor..
-We are
COLUMBUS,Platte County, Neb.-BOND SALE DETAILS
Informed by the City Clerk that the $24,000 refunding bonds purchased by
the Wachob-Bender Co. of Omaha as 2Yis (not 240), plus a premium of
-are due
$47, equal to 100.19, a basis of about 2.21%-V. 140. p. 830
serially from 1936 to 1940. He states that the sale has not been completed as yet as all the original bonds have not been turned in for refunding.
CONNEAUT,Ashtabula County, Ohio-51.000,000 PUBLIC WORKS
PROGRAM CONTEMPLATED
-A public works program calling for the
joint expenditure of about $1,000,000 by the city and Federal Government
In the next two years was outlined to City Council on Feb. 4. This includes
construction of a $400,000 municipal gas distribution system and installation
of generating equipment for the production of electric power to operate the
water plant and street lighting system.
-BONDS VOTED-it is reCONROE, Montgomery County, Tex.
ported by the City Secretary that at the election held on Nov. 3-V. 139.
p. 2548
-the voters approved the issuance of the $100,000 in 5% street
paving bonds by a wide margin.
COOK COUNTY (P. 0. Chicago), Ill.
-1933 TAX WARRANTS
REDEEMED-Robert M. Sweitzer, County Treasurer, called for payment on Feb. 11 all outstanding 1933 corporate fund and highway tax
warrants. Redeemable on presentat,on through any bank or to the office
of the Treasurer in Chicago. The call involves $2,000,000 of the corporate
and $360,000 highway certificates, it is said.
COOK SCHOOL DISTRICT(P.O. Cook), Johnson County, Neb.BONDS DEFEATED
-It is reported by the District Secretary that the proPosal to issue $12.500 in school bonds
-failed to carry at
-V. 140, p. 1005
the election held on Feb. 11.
•
CORINTH UNION FREE SCHOOL DISTRICT NO. 7 (P. 0. Corinth), Saratoga County, N. Y.
-The $225,000 coupon or
-BOND SALE
registered school bonds offered on Feb. 13-V. 140, 1005
-were awarded
as 3.703 to the Manufacturers & Traders Trust Co. of Buffalo, at a price
of 100.297, a basis of about 3.68%. Dated March 1 1935 and due serially
on March 1 from 1936 to 1955 incl. Other bids were as follows:
BidderDa. Rate.
Rate Bid
A.C.Allyn & Co
100.309
4%
Manufacturers National Bank of Troy
3.80%
100.36
Bacon. Stevenson & Co
100.64
4%
Rutter & Co
100.638
4%
The successful bidder is reoffering the bonds for public investment at
prices to yield from 1.50% to 3.60%, according to maturity. In the opinion
of counsel, they are valid and legally binding obligations of the district,
payable from ad valorem taxes upon all taxable property therein, without
limitation of rate or amount. The assessed valuation of property within the
1172
Financial Chronicle
district aggregates $3,783,888. The above issue constitutes the total bonded
indebtedness of the Union Free School District No. 7, but does not include
the debt of any taxing district having power to levy taxes upon any and all
of the property subject to the taxing power of the district.
CORTLAND, Cortland County, N. Y.
-CERTIFICATE ISSUE
SOLD
-George B. Gibbons & Co., Inc., of New York, were awarded on
Feb. 14 an issue of $75,000 tax anticipation certificates of indebtedness
at 2.40% interest. Dated Feb. 15 1935 and due July 15 1935.
ee Certificates are payable at the National City Bank, New York, and have
been approved as to legality by Clay, Dillon & Vandewater of New York.
CROSBY CONSOLIDATED SCHOOL DISTRICT (P. 0. Gloster
Amite County, Miss.
-BONDS DEFEATED
-It is now reported by the
Secretary of the School Board that at the general election in November
V. 139, p. 2548
-the voters defeated the proposal to issue $12,000 in school
construction bonds.
CURRY COUNTY (P. 0. Gold Beach), Ore.
-PRICE
moo)sq% coupon semi-ann. refunding bonds purchased PAID-The
by Conrad,
Bruce & Co. of Portland-V. 140, p. 1005
-were sold at a price of 95.00,
a basis of about 6.45%. Due $1,000 from Jan. 15 1937 to 1946. incl.
DAVENPORT, Scott County, I owa-BON SALE DETAILS
-It is
stated by the City Clerk that the $39,236.68 5%_ semi-ann. special assessment street impr. bonds purchased by the McCarthy Improvement Co.
of Davenport
-V.140, p. 1005
-were sold at par. Due in from 1 to 9 Yre•
DAVIDSON COUNTY (P. 0. Lexington) N. C.
-BOND ISSUANCE
PROPOSED
-The Board of County Commissioners is said to have under
consideration the proposed issuance of $3300.000 in road refunding bonds.
DAVIESS COUNTY(P.O. Washington), Ind.
-BOND REFUNDING
PLANNED-It is reported that the Board of Commissioners has determined to refund outstanding county and taxing districts bonds which
are In default and also bonds which mature in 1935. for the payment of
which no tax levies have been made.
DEDHAM, Norfolk County, Mass.
-TEMPORARY LOAN
-The
Norfolk County Trust Co. was awarded on Feb. 13 a $75,000 revenue
anticipation loan at 0.25% discount basis, plus a premium of $1. Due
Nov. 19 1935. Other bidders were: Merchants National Bank. 0.25%;
National Shawmut Bank, 0.269'; Second National Bank, 0.279'; New
England Trust Co.,0.279'; First National Bank of Boston,0.30%,; Whiting,
Weeks & Knowles, 0.30%; Faxon, Gade & Co., 0.32%, and W. 0. Gay
& Co.. 0.375%.
EAST LANSDOWNE (P. 0. Lansdowne), Delaware County, Pa.
BOND SALE
-The $20,000 bonds, including $13,500 sewer construction
and $6,500 funding, approved during the latter part of January by the
Pennsylvania Department of Municipal Affiars-V. 140. p. 668
-have
been sold as 4s to Bioren & Co. of Philadelphia, at a price of 100.039.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND SALE
-The
558.500 Concord Township commissariat 'bonds offered on Feb. 12
-V. 140. p. 668
-were awarded as 234s to the Harris Trust & Savings
Bank of Chicago, at a price of 100.235, a basis of about 2.71%. Dated
Feb. 15 1935 and due $6.500 on Nov. 15 from 1936 to 1944 incl. Other
bidders were:
BidderInt. Rate Rate Bid
Halsey, Stuart & Co., Chicago3%
101.09
City Securities Corp., Indianapolis
3;4%
100.02
Levris Pickett & Co., Chicago
100.08
Indianapolis Bond & Share Corp., Indianapolis
3
101.55
John Nuveen & Co., Chicago
3
100.61
Albert McGann Securities Co., South Bend
4
100.65
Seasongood & Mayer, Cincinnati
4%
100.53
Salem Bank & Trust Co., Goshen and Burr & Co., Chicago,jointly
4 Yi%
100.17
Siepp-Princell & Co., Chicago
100.29
434%
EXETER,Pa.
-BONDS AUTHORIZED
-The Town Council on Jan. 15
an ordinance
$50.000 5.34
Uas 1 March 1 1935. to issue $1,000. Due% operating revenue bonds.
rit:1
Denom.
$5,000 on March 1 from 1938
to
1945 incl. Principal and interest(M.& S.) payable at the First National
Bank of Exeter. This action followed repeal of an ordinance approved
earlier in the month providing for an issue 0(
525.000 bonds.
-V.140.12. 169.
Feb. 16 1935
are dated Oct. 1 1934 and mature Oct. 1 as follows: $1,000 in 1935 and
1936 and $2,000 from 1937 to 1954, incl. Denom. $1,000. Interest payable A. & 0. Net interest cost basis of about 3.60%.
GAINESVILLE, Cooke County, Tex.
-BOND REFUNDING CONTEMPLATED-Tho City Council is reported to be considering the refunding of $104,000 in 5% school construction bonds.
GOESSEL SCHOOL DISTRICT (P. 0. Goessel), Marion County,
Kan.
-BONDS VOTED
-It is said that the voters approved recently the
issuance of $440,000 in school construction bonds.
GONZALES COUNTY ROAD DISTRICT NO. 10 (P. 0. Gonzales),
Tex.
-BOND SALE
-The $10,000 issue of 534% semi-ann, right-of-way
bonds offered for sale on Feb. 11-V. 140. p. 831-was awarded to Russ,
Roe & Co. of San Antonio, paying a premium of $485, equal to 104.85.
a basis of about 4.94%. Due in 25 years.
GREAT BARRINGTON, Berkshire County, Mass.
-TEMPORARY
LOAN-The Second National Bank of Boston was awarded on Feb. 11 a
$25,000 issue of notes at 0.335% discount basis. Due Nov. 15 1935.
Other bidders were: First of Boston Corp., 0.34%; Merchants National
1rust of .oston5%
Bank coll o.48, O..36%; Faxon Gade & Co., 0.43% and New England
GREELEY, Weld County, Colo.
-BOND ELECTION-It is said that
at the regular election in April the voters will pass on the proposed issuance
of $60,000 in sewage disposal plant bonds.
GREENBURGH SEWER DISTRICT(P.O.Tarrytown) Westchester
County, N. Y.
-A bill legalizing the
-BILL LEGALIZES BOND ISSUE
issuance and sale of 5126.000 sewer bonds to the Public Works Administration has beenlintroduced in the Assembly by Jane H.Todd of Tarrytown.
GREENE COUNTY (P. 0. Snow Hill), N. C.
-BONDS SOLD-It is
stated that the Local Government Commission has sold to the Public
Works Administration a block of 576.000 court house building bonds as
45 at par. (An issue of $100,000 in bonds for this purpose was approved
by the Commission last August
-V. 139, p. 1434.)
GREENVILLE, Washington County, Miss.
-BONDS DEFEATED
It is reported that the voters rejected recently a proposal to issue $1,500,000
in bonds for a municipal light and power system. It is said that a tie-in
with the Tennessee Valley Authority had been under consideration.
HAMILTON, Essex County, Mass.
-The Day
-TEMPORARY LOAN
Trust Co. was awarded on Feb. 13 a $50,000 revenue anticipation loan,
due Dec. 2 1935, at 0.29% discount basis. Other bidders were: Naumkeag Trust Co., 0.30%; First of Boston Corp., 0.32%; Merchants National
Bank, Salem, 0.32% plus $1; Second National Bank of Boston. 0.325%:
New England Trust Co., 0.345% and Faxon, Gade & Co., 0.38%•
HAMILTON COUNTY (P. 0. Webster City), Iowa-BOND OFFERING-Both sealed and on bids will be received at 10 a. m. on Feb. 21,
by J. K. Fear, County Treasurer, for the purchase of an 583.000 issue of
county public hospital refunding bonds. Dated April 1 1935. Due on
Nov. 1 as follows: $4,000 in 1935 and 1936: 55.000, 1937 to 1941; 56.000.
1942 to 1944; $7.000, 1945 to 1947; $8,000. 1948, and $3,000 in 1949.
Alternate bids will be received on bonds optional after April 1 1941. Int.
payable M. & N. Purchaser to furnish all proceedings printed bonds and
attorney's opinion. A deposit of $2,490 is required with bid.
HAMPDEN COUNTY (P.O. Springfield), Mass.
-LOAN OFFERING
-John J. Murphy, County Treasurer, will receive sealed bids until 12 m.
on Feb. 27. for the purchase at discount basis of a $200,000 tax anticipation
loan. Dated Feb.28 1935 and due Nov.7 1935. Denoms.$25,000,$10,000
and $5,000. Notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advices of Ropes, Gray.
Boyden & Perkins of Boston.
HAMPTON,Elizabeth City County, Va.-BOND SALE
-It is stated
by the City Clerk that the $25,000 434% bridge bonds approved by the
voters on June 12 1934-V. 138, p. 4498
-have been purchased by the
city. Denom. $1,000 and $2,000. Dated Sept. 1 1934. Due on Sept. 1
as follows: $1,000 from 1935 to 1947, and 52.000, 1948 to 1953, all incl.
Prin. and int.(M.& S. payable at the office of the City Treasurer. Legal
approval by Thomson, Wood & Hoffman of New York City,
HARBORCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Harborcreek), Erie County, Pa.
FAIR LAWN SCHOOL DISTRICT, Bergen County, N. J.
-BOND OFFERING-Douglas M. Moorhead,
-BOND
OFFERLNG--Williain J. Parker, District Clerk, will receive sealed bids
District Secretary, will receive sealed bids until 6 p. m. on March 1 for the
until 8 p. m.on Feb.21,for the'purchase of$32,000 59' coupon or registered
purchase of 315.000 4% school bonds. Dated Feb. 1 1935. Denom. $500.
Due Feb. 1 as follows: $1,000, 1938 to 1941 incl.; $2,000 from 1942 to 1945
school bonds. Dated Feb. 11935. Denom.$1,600. Due $3,200 on Feb. 1
incl. and $3.000 in 1946. Principal and interest (F. & A.) payable at the
from 1936 to 1945, incl. Principal and interest (F. & A.) payable at the
National Bank of North East. This issue was approved by the PennsylFair Lawn Radburn Trust Co., Fair Lawn. A certified check for 2% of
vania Department of Internal Affairs on Feb. I. The Township reports an
the bonds bid for, payable to the order of the Board of Education, must
assessed valuation for school purposes of $2,030,733, while school indebtedaccompany each proposal.
ness currently outstanding totals $30,000. In addition, there is a township
FAIRPORT, Ohio
-BONDS SOLD TO PWA-The Village Council
debt or about $16,500, it is said.
adopted a resolution on Feb. 5 to sell $120,000 water plant bonds to the
HAYS, Ellis County, Kan.
Public Works Administration in connection with a loan and grant of
-BOND SALE
-A $64.000 issue of 4%
semi-annual sewage disposaliplant bonds is reported to have been purchased
$183,000 obtained for the project from the Federal agency.
recently by the Columbian Securities Corp. of Topeka. (An allotment of
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN
-The
$65,000 has been approved by the Public Works Administration.) A al 1
city sold $1,000,000 notes on Feb. 14 to the Fall River National Bank at
0.877 discount basis, plus a premium of $1. Due $700,000 Nov.6 1935 and
Pr HAYWARD, Alameda vCounty, Calif.
-It is
-BOND ELECTION
$300,000 Feb. 20 1936. Other bidders were: W. 0. Gay & Co.. 0.90%;
said that an election will be held on Feb. 18 to vote on the issuance of
Merchants National Bank of Boston, 0.929'; National Shawmut Bank of
$57,000 in 4% semi-annual natatorium construction bonds. Denom.
Boston, 0.959'; Halsey, Stuart & Co., .9549; B. M. C. Durfee Trust Co.,
$1,000. Due as follows: $2,000, 1936 to 1938, and $3.000, 1939 to 1955.
0.92% on $700.000 due Nov.6 and 1.125% on $300,000 due Feb. 20 1936;
Prin. and int. payable at the office of the City Treasurer,
Faxon, Gade & Co.. 0.93% on $700,000 due Nov. Sand 1.23% on $300,000
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
due Feb. 20 1936.
Seaford), Nassau County, N. Y.
-At an election
-BONDS DEFEATED
City reports assessed valuation for 1934 at $108,955.500. and net general
held on Feb. 6 the proposal to issue $90,000 school construction bonds was
debt of $8,982,000. Revenue notes of 1934 outstanding total 31,450.000.
defeated. The Public Works Administration had promised to furnish
Of the 1934 tax levy of $4,534,212, there was $974,693 uncollected Feb. 4.
a loan and grant of $187,200 to finance the project.
On the same date $80,032 of the 1933 levy of $4,414,129 was uncollected.
-The
HODGENVILLE, Larue County, Ky.-BONDS NOT SOLD
FAYETTE, Fulton County, Ohio
-BONDS AUTHORIZED
-An
$39,000 issue of 454% coupon water system impt. bonds offered on Feb. 5
ordinance providing for sale of the $15,000 water works system construc-V. 140, p. 831-was not sold as all the bids were rejected, according to
tion bonds authorized at the primary election in August 1934 was passed
the City Clerk. Denominations $500. $1,000 and $2,000. Dated Jan. 1
recently by the Village Council. Issue will be dated Sept. 1 1934, bear
1935. Due in 30 years. Interest payable J. & J.
47 interest and mature $300 March 1 and Sept. 1 from 1936 to 1960,
incl. Prin. and int. (M.& S.) payable at the Village Treasurer's office.
IMPERIAL IRRIGATION DISTRICT (P. 0. El Centro) Imperial
County, Calif.-PWA ALLOTMENT TO BE SOUGHT
-It is reported
FAYETTE COUNTY (P. 0. Lexington), Ky.-BOND SALE
-An
that this district is planning to apply to the Public Works Administration
Issue of $120.000
% first mortgage bonds of the Fayette High School
for an allotment of 512.000.000, to be used for the building of five-hydroCo. was purchased recently by the Bankers Bond Co.of Louisville. Denom.
electric power plants along the All-American Irrigation Canal.
$1000. Dated Feb. 1 1935. Due from March 15 1937 to 1944 incl.
Prin. and int.(M. & S. 15) payable at the First National Bank & Trust
IRONDEQUOIT, Monroe County, N. Y.
-TAX STRIKE IN PROGCo. in Lexington. Legal opinion by Woodward, Hamilton & Hobson of
RESS
-It is reported that the town is confronted with a taxpayers' strike,
Louisville, and Keenon and Hugulet of Lexington.
sponsored by an organization of 300 citizens, which is demanding a more
equitable levy of assessments, or else an entire overhauling of the town
FAYETTEVILLE, Fayette County, Tenn.
-BOND SALE DETAILS
financial structure. As a result the market for Irondequoit bonds has
-The $42,000 funding bonds that were purchased by the Equitable Sefinancingliof a
curities Corp. of Nashville as 434s at a price of 100.589-V. 140, p. 1006
- dropped some 10 points, and in addition has interrupted
boulevard certificates of indebtedness, it is said.
'1
are more fully described as follows: Denom. $1,000. Dated Jan. 15 1935.
Due $33,000 from Jan. 1 1937 to 1950. giving a basis of about 4.42%.
-WARRANT
JEFFERSON COUNTY (P. 0. Birmingham) Ala.
-The 51.082,500 in refunding road warrants are said to have been
FLATHEAD COUNTY COUNTY HIGH SCHOOL DISTRICT (P.O. SALE
purchased on Feb. 8 by a syndicate composed of the Equitable Securities
Kalispell), Mont.
-BOND SALE
-The 5158,000 issue of school bonds
Corp. of Nashville; Watkins, Morrow & Co. of Birmingham; the Robinsonoffered for sale on Feb. 11-V. 140, p. 669
-was awarded to the WellsHumphrey Co. of Atlanta; Kalman & Co. of St. Paul; Walter, Woody &
Dickey Co. of Minneapolis as 4s, paying a premium of 52.705, equal to
Heimerdinger of Cincinnati, and Milhous. Gaines & Mayes of Atlanta, as
101.71, according to the Secretary of the Board of Education.
5315, paying a premium of $9,725, equal to 100.89. (The tentative report
FRANKLIN, Warren County, Ohio
-BONDS AUTHORIZED
- on the offering of these warrants was given in V. 140, p. 1007.)
The Village Council has passed an ordinance providing for the issuance of
-BONDS VALI$6.000 6% Clear Creek levee construction bonds. Dated March 1 1935.
JEFFERSON COUNTY (P. 0. Dandridge) Tenn.
Denom. $500. Due $500 on March 1 from 1937 to 1948, incl. Principal
DATED
-Governor Hill McAllister is said to have signed bills recently
and interest (M. St S.) payable at the Franklin National Bank. Franklin.
validating the issuance of $6,000 school and $4,000 jail bonds.
FREDERICK, Brown County, S. Dak.-BONDS SOLD TO PIVA- "IOWA-DETAILS ON PROPOSED ROAD REFUNDING PROGRAM
It is stated by the Town Clerk that the $11.500 4% semi-ann. water works
FOR 1935
-In connection with the previous report on the proposed primary
bonds offered for sale without success on Aug. 22-V. 139. p. 1581-were
road refunding program, to be undertaken by the counties in this State
purchased at par by the Public Works Administration. Dated June 151934.
-we give herewith the text of a
during the present year
-V. 140, p. 1006
/Due from June 15 1937 to 1954 incl.
report received on Feb. 11 from the State Highway Commies*:
FREDERICA, Kent County, Del.
- Gentlemen:
-BOND ISSUE AUTHORIZED
Enclosed herewith is a tabulation giving detailed information by counties
The bill providing for issuance of 515,000 water plant bonds
-V. 140. p.
1935.
1006
-has been approved by both houses of the State Legislature.
Ad regarding the proposed primary road refunding bond program for this proAll outstanding primary road bond issues that are affected by
FULTON AND.KNOX COUNTIES COMMUNITY HIGH SCHOOL
posed refunding program are listed. Identification is by county, date of
DISTRICT NO. 218 (P. 0. London Mills), III.
-ADDITIONAL
issue, bond number, amount and interest rate. The amount of the issue is
INFORMATION
-R. R. Nichols, Secretary of the Board of Education,
in all cases the amount now outstanding. In many cases a part of the original
states that the $38,000 4% coupon school building bonds purchased by
issue has been paid, and the amount now outstanding Is therefore less than
Bartlett, Knight & Co. of Chicago. at a price of 103.61-V. 140, P. 1006
the amount of the original issue.
-
IOWA STATE HIGHWAY COMMISSION.
By C. COYKENDALL. Administration Engineer.
PROPOSED 1935 REFUNDING PROGRAM
County
,deir ___
Total
ReTo Be Refunded fundTo Be Paid
Rate
Mg
of
Bond
Numbers Amt... Int. Numbers Amt.° Numbers MM..Issue°
5-1-28 13-70
9-1-29 271-385
5-1-30 386-685
13-14
58 4%
271-281
115 5
300 434 386-415
2 15-70
11 282-385
30 416-685
56
104
270
36-450
451-693
415
243
86
180
430
1-450
7-1-29
,dams __. 5-1-30 451-693
1-35
450 5
243 4%
35
658
10-1-29 396-490
•161:
1anoose __, 5-1-30 491-690
396-404
95 5
200 434 491-510
,
9 405-490
20 511-690
1-250
10-1-29
.udubon, 5-1-30 251-500
1-25
250 5
250 434 251-275
25 26-250
25 276-500
220 5 1501-1522
100 5 1721-1730
150 434 1821-1835
22 1523-1720
10 1731-1820
15 1836-1970
5-1-27 302-385
Jasper _ _. 8-1-27 386-425
4-1-28 446-525
7-1-27 391-566
Jefferson. 9-1-27 587-690
5-1-28 711-776
450
loone._
9-1-29 49-125
9-1-29 178-250
5-1-30 331-450
49-53
77 5
73 5
178-182
120 435
5 54-125
5 183-250
331-450
6..
72
68
120
Lee
41-125
146-325
665-670
681-795
996-1155
260
61-200
221-300
326-550
856-900
901-1100
140
80
225
45
200
4% 61-80
4% 221-230
4% 326-345
5
435
20 81-200
10 231-300
20 346-550
856-900
901-1100
120
70
205
45
200
21-100
121-200
216-300
501-800
801-925
80
80
85
300
125
4% 21-30
4% 121-130
434 216-220
5
501-510
5
10 31-100
10 131-200
5 221-300
10 511-800
801-925
70
70
80
290
125
10-1-27 26-35
3-1-28 76-235
7-1-29 676-975
9-1-29 976-1045
5-1-30 1046-1200
10
160
300
70
155
43
4% 76-95
5
676-700
5
434
26-35
20 96-235
25 701475
976-1045
1049-1200
10
140
275
70
155
1-200
8-1-29
10-1-29 201-340
200 5
140 5
20 21-200
14 215-340
180
126
21-200
180
10 41-125
10 156-225
2 242-305
85
70
64
25 387-630
244
20 41-200
30 261-500
20 721-900
10 911-1135
1138-1500
160
240
180
225
365
10-1-27
3-1-28
Romer__ 6-1-28
10-1-29
5-1-30
uen___
9-1-29
1-300
5-5-30 3011400
Lucas__
3-1-28 44-200
10-1-29 356-532
641
luchanan
2-1-28
5-1-28
7-1-28
8-1-29
9-1-29
Mahaska
9-1-29
1-200
Marion_ 11-1-21 201-330
5-1-31.• 331-530
651
1arroll_
1-20
201-214
5-1-30
1-200
200 434
1-20
20
mills_ _ __
6-1-21 18-150
5-1-31. 401-567
Monona_
8-1-27 215-300
3-1-28 381-500
9-1-28 789-920
Monroe _
305
lass
3-1-28
181
1 5
10-:7 131-225
4_1 2
1 2
8 46. 2
'Anoka- I
saw _ _ _ 8-1-28 240-305
9
8
6
4% 31-40
4% 146-155
434 240-241
6.
,
45-200
211
Rayton _
7-5-29 362-630
5-1-28 21-200
8-1-28 231-500
7-1-29 701-900
10-1-29 901-1135
5-1-30 1138-1500
269 5
18
270
200
235
365
362-386
4% 21-40
434 231-260
5
701-720
5
901-910
430
1
Mont- 5-1-28 21-200
5-1-36 601-750
gomery_
24-
narke
Muscatine 5-1-30 651-850
b ki.
5-1-27 1808-230
49 434
7-6-292301-2600300 5 2301-2330
1808-2300
35 2331-2600
O'Brien _
493
270
30 31-300
30 331-775
270
445
76:
7-1-29
1-300
3rawford 10-1-29 301-775
1-30
301-330
300 5
475 5
Page__ - _
711
Dallas ___ 5-1-30
1-200
200 434
1-20
20
21-200
180
18(
5-1-28 41-200
)avis_ __•1 7-1-29 401-600
16 4%
200 5
41-60
20
61-200
401-600
140
200
34(
Decatur_ 8-1-28 27-200
•
3-1-28 46-200
Delaware 6-1-28 221-400
5-1-30 651-850
41-200
155 4% 46-60
180 4% 221-240
200 434 651-670
15 61-200
20 241-400
20 671-850
140
160
180
197
70
80
136
4% 404-433
434
4%
431
30 434-600
631-700
721-800
801-936
167
70
80
136
140
160
214
126
190
500
4%
434
434
434
431
5
20 581-700
20 761-900
14 1151-1350
14 1379-1490
1491-1680
22 1703-2180
120
140
200
112
190
478
27-40
14
161
481
Des
Moines_
5-1-27
10-1-27
12-1-27
5-1-30
404-600
631-700
721-800
801-936
3
45:
9-1-27 561-700
4-1-28 741-900
8-1-28 1137-1350
Dubuque, 9-1-28 1365-1490
6-1-29 1491-1680
9-1-29 1681-2180
561-580
741-760
1137-1150
1365-1378
1681-1702
5-1-2
7-1-3
840-923
924-928
10-1-2
4-1-2
5-1-3
113-150
191-350
676-975
160
247
150
75
746
434
434
5
5
430
41-60
434-456
881-895
1031-1037
1106-1114
20 61-200
23 457-680
15 896-1030
7 1038-1105
9 1115-1851
140
224
135
68
737
Floyd...
__
840-923
924-928
84
5
8
Franklin
30
140
270
200 5
190 5
2
1
583-762
782-952
180
171
2
21-200
180
1
1
16-150
166-300
135
135
44,
Fremont
7-5-2 563-762
10-1-29 763-952
Grundy _
5-1-3
1-200
Guthrie _
9-1-2
5-1-3
1-150
151-300
200 434
663-582
763-781
1-20
.
351
DI
9-1-2
5-1-3
1-200
201-400
1-20
200 5
200 4% 201-220
2
2
27
0
21-200
221-400
180
180
36
21-200
180
101-200
275-500
521-700
721-870
100
226
180
150
151 4% 50-60
20 5
701-720
11 61-200
20 721-900
140
180
4% 26-40
401-414
5
15 41-200
14 415-545
160
131
136-155
200 5
150 5
336-350
240 434
20 156-335
15 351-485
486-725
180
135
240
1-200
9-1-2
3-1-2
6-1-2
8-8-2
81-200
261-500
521-700
721-870
120
24
18
15
Henry _ _
3-1-2
8-1-2
50-200
701-900
Howard..
9-1-2
9-1-2
26-200
401-545
17
14
7-1-2
9-1-2
5-1-3
136-335
336-485
486-725
200 435
1-20
180
Harrison
43,1 81-100
43.4 261-274
4%
434
65
32
0
29
140
160
15 445-550
15 651-690
15 866-1000
15 11119-1200
_ _ _ 1201-1425
110
200
135
185
225
5
1-20
5
201-213
4% 331-350_
. 66
•
18-30_
4%
435 401-416,
20-21-200
13 214-330
20 351-530
180
117
180
471
120
151
271
430 215-236
4%
434
22 237-300
381-500
___ 789-920
4%
434
4%
5
434
426-440
636-650
851-865
1001-1015
,
490
880
300
855
6. r.
13 31-150„
16 417-507
11.
6
4%
1.
4% 21-40..
434 601-615
434
A.
il•
45-60_
64
120
132
61-200_
'AM
140
20 41-tOt
15 616-750
160
135
16
291
..... 1..... W.
..a
651.85t_
2
200
951-109
1141-129
1295-1455
___ 1461-1500
140
150
161
40
61-200
241-400
686-900
901-950
951-1150
140
160
215
50
200
___ 3183-3495
_ __ 3663-3687
_ __ 3513-3527
313
25
15
10 101-250
20 311-450
27 848-1095
10 1111-1245
20 1266-1445
150
140
248
135
180
..
14
20
20
___
___
25 26-250
20 271-450
4%
1-30
5
301-325
431
so 31-300
25 326-850
_ .._ 851-1050
270
325
200
4% 505-509
5 510-704
-491
225
180
6-1-29
1-300
Story --_, 9-1-29 301-850
5-1-30 851-1050
20(
195
5-1-30
1-200
1-200
8-1-29
Union„... 10-1-29 201-365
5-1-30 366-565
85-100
291-310
821-847
1096-1110
1246-1265
21-200
180
5
1-20
201-216
5
434 366-385
241 21-200
16 217-365
20 386-565
180
149
180
4% 26-40
434 501-520
15 41-200
20 521-700
160
180
434
1-20
20
40:
_...
11
1
113i
._
50
_
4%
4 431
439
5
4 439
46-60
161-170
455-460
781-812
1106-1110
30 231-500
22 523-725
1 ,Pt
20 21-200
12 213-325
20 346-525
If
15 61-150
10 171-230
e 461-580
32 813-1105
51111-1405
I 414 2521-2540
I 439 2716-2730
20 2541-2700
15 2731-2885
160
155
4% 28-30
I 5
501-507
3 31-100
7 508-570
70
63
9-1-28 339-445
Warren _, 9-1-29 646-765
5-1-28 21-200
7 341-445
12 658-765
20 41-200
l•
4% 37-40'
4 41-100
10 121-200
I 4% 111-120
4% 216-230
15 231-350
I 5
631-6399 640-870
10-1-27 37-100
Washing- 5-1-28 111-200
ton _ __, 6-1-28 219-350
8-1-29 631-870
434 339-340
646-657
5
434 21-40./
0
7-1-29 201-500
Wayne_ _• 10-1-29 501-725
I 5
5
8-1-29
1-200
Webster. 10-1-29 201-325
,
5-1-30 326-525
I 5
1-20
201-212
5
4 439 326-345
10-1-27 • 46-150
Winne5-1-28 161-230
shiek___. 10-1-28 455-580
9-1-29 781-1105
.5-1-30 1106-1405
4-1-28 28-100
Werth --. 9-1-29 501-570
3
85:
,_
341
97
105
173
-375
105
108
160
3
37
60
80
120
231
491
270
203
473
180
113
180
473
90
60
120
293
295
4% 337-353
17 354-450
15 46-150
434 31-45
5- 828-1000
6
35:
_
' .5-1-27 337-450
Wapello... 3-1-28 31-150
7-5-29 828-1000
Wood- ' 5-1-28 2521-2700
bury..., 8-1-282718-2880
761
201-230
501-522
85
•
-315
113
.
Iowa _ _ __
17 61-200
17 373-932
4% 44-60
356-372
5
5
1-25
4% 251-270
- - --
2
2
1
Hardin _ __ 5-1-3
280
600
1-20
4%
4%
5
5
431
'clO' OgtVg`a; rDg gg
Hamilton
150 5
1-15
150 434 151-165
20 21-300
__ 301-900
681-690
996-1011
10-1-27 85-250
2-1-27 291-450
8-1-29 821-1099
10-1-291099-1249
5-1-301246-1441
0
9-1-29
1-250
Shelby -, 5-1-30 251-450
Pottawattamie ...•
'CI
121-150
211-350
706-975
320
75
160
6
105
144
N.N
2
3
677
70
10 286-355_
160
20 896-595
10 11.019-1139 2 90
,
_ 41-50
146-165
MN
38 4% 113-120
160 4% 191-210
300 434 676-705
507
140
135
110
292
10 51-125
20 166-32a
665-670
10 691-795
16 1012-1155
-41%
434
434
434
5_
•
'5
434
434 47-60
47-200
221-100
43-4 221-240
5
666-900
666-685
5
901-950
434
951-1150
• ,..
4
2-1-28 3183-349
11-1-293663-36875
434
5-1-29 3513-352
4-1-28
6-1-28
8-1-29
10-1-29
5-1-30
Van
5-1-28 26-200
Buren-, 5-1-30 501-700
4
1,30,
84 4%
5 43
(
1
__
6..
.
320
20
..
41-200
434-680
881-1030
1031-1105
1106-1851
140
113
224
30
185
.
.mm
3-1-28
7-1-28
7-1-2'
9-1-2.
5-1-3
Polk
Taylor....
1,241
Fayette -
61-200
523-98a
- 11 941-1111./
___ 1171-1209
1
20 61-200
10 231-39a
12 978-981
8 696-987
io
Tama _ _ _ .. 5-1-30 505-704
160
174 434
150
DA
66
•
4
2-1-28 951-109
5-1-281141-12904%
434
8-1-28 1295-1455
434
10-1-28 1461-150
1,17(
Minton__
26 417-56.
_ .982-990
__-_ 711-776
4, 276-285
4% 376-395
5_ 1036-1045
5-1-3 426-550
8-1-27 636-650
6-1-29 851-1000
9-1-29 1001-1200
5-1-30 1201-1425
635
3utler __
4% 391-416
434
43's
2-1-28 276-355
5-1-28 376-555
8-1-29 1036-1135
9-1-27
5-1-28
9-1-28
11-1-28
9-1-39
638
75
40
70
4% 41-60
434 221-230
5
566-577
430 688-995
,
423
35
120
208
275
g 311-385
386-429
406-U2
5
3-1-28 _- 41-200
8-1-28 221-365
Keokuk_, 8-1-29 566-687
5-1-30 688-987
Kossuth_
11-15
76-195
518-72a
726-1000
_
4% 41-60
434
5
930-946
434
198
90
135
266
Total
Re
To Be Refunded fund_
lug
Numbers Ana.* Issue*
4% 302-310
4%
Ot 446-455
3-1-28 41-200
9-5-28 523-635
J nes ___. 8-1-29 936-1170
5
-I-3U 1171-1200
225
225
9-1-29 1501-1720
tlack
Hawk__, 10-1-2 1721-1820
5-1-30 1821-1970
Rate
To Be Paid
of
Bond
County
Numbers Amt.. mt. Numbers Amt..
5
6-45
6-10
5-1-28
4
%
434 61-75
15
9-1-28 61-195
5
22
490-517
Jackson _. 9-1-29 496-725
41-4
5-1-30 726-1000
Date
of
Issue
28:228 S8 828 8 8
4
22'28 88 1,7;t: n'288:4.828,AGA2.E1.2 SS.8 2'4270".2-32:128A2n2 ..N.N NN 02.4N N N 828 :28 :42`g OgieD ZSY>g4
iF.:8 8222 2gA8
.N
.N ... ...
N.N
..
:
,
1 ..22,2 1g2 .. ...N ...0 222 "..AM , .. .N.NN N.N .. .. . -.N ... ..N N M
.NN
1
-
The last three columns at the right of the tabulation give detailed information concerning the bonds which are to be refunded.
A schedule showing the day and hour of ithe proposed sale in each county.
together with a statement of terms and conditions governing the sale and a
sample copy of the uniform proposal form which all bidders will be required
tb„use, will be forwarded to you later.
Date
of
Issue
1173
Financial Chronicle
Volume 140
Totals__
55
5
•By thousands.
133,782
2.476
31.306 3131
1174
Financial Chronicle
JEFFERSON COUNTY (P. 0. Oskaloosa) Kan.
-BOND SALE
The $25,000 issue of 2%% semi-ann. Wellman Road bonds offered for sale
on Feb. 11-V. 140, p. 1007
-was awarded to the Columbian Securities
Corp. of Topeka, paying a premium of $318.75, equal to 101.27. a basis of
about 2.50%. Dated Feb. 11935. Due $2,500from Feb. 1 1936 to 1945 inel.
JERSEY CITY, Hudson County, N. J.
-BOND OFFERING-Arthur
Potterton, Director of the Department of Revenue and Finance, will
receive sealed bids until 11 a. m. on Feb. 20 for the purchase of 464,000
% coupon or registered school bonds. Dated Feb. 15 1935. Denom.
$1,000. Due Feb. 15 as follows: $4,000 from 1936 to 1938 incl.; $3.000
1939 to 1942 incl.; $4,000 in 1943 and 83,000 from 1944 to 1955 incl. Principal and interest (F. & A. 15) payable in lawful money of the United States
at the City Treasurer's office. The bonds will be prepared under the supervision of the Trust Co. of New Jersey, which will certify as to the genuinehas of the signatures of the officials and the seal impressed on the bonds. A
certified check for 2% of the bonds bid for, payable to the order of the
city, must accompany each proposal. Approving opinion of Reed, Hoyt
& Washburn of New York will be furnished the successful bidder.
KANAB, Kane County, Utah-BOND ELECTION
-It
the President of the Board of Trustees that an election was setis reported by
for Feb. 16 to
pass on the $40,000 water works improvement bonds that were scheduled
for a vote on Oct. 11, the election on which was postponed.
-V. 139, P.
2550.
KEATING TOWNSHIP SCHOOL DISTRICT (P. 0. East Smethport), McKean C'unty, Pa.
-BOND OFFERING-Joseph P. Willison,
Solicitor, will receive sealed bids until 3 p. m. on March 4 for the purchase
of $28,000 4% coupon or registered school bonds. Dated July 1 1935.
Denom. $500. Due July 1 as follows: $1,000 in 1936 and $1,500 from 1937
to 1954 incl. All bonds may be called July 1 1940. Principal and interest
(J. & J.) payable at the Grange Bank, Smethport. These bonds were
authorized at the general election last November and have been approved
by the Pennsylvania Department of Internal Affairs
-V. 140. p. 170. A
certified check for 3% must accompany each proposal.
KENESAW, Adams County, Neb.-BOND SALE DETAILS
-The
$8.000 water bonds that were purchased by the Wachob-Bender Co. of
Omaha
-V. 140, p. 170
-are said to have been sold as 4s, at par, and to
mature in 20 years.
KIMBALL, Sterns County, Minn.
-BOND SALE
-The $20,000 issue
of 4% semi-ann. water works system construrtion bonds offered for sale
on Feb.8-V. 140. p. 832
-was purchased by the Public Works Administradon at par. Dated Oct. 1 1934. Due from Oct. 1 1937 to 1958 Incl.
KING COUNTY SCHOOL DISTRICr NO. 111 (P. 0. Seattle),
Wash.
-BOND OFFERING-Sealed bids will to received until 11 a.m..
on Feb. 23. by Ralph S. Stacy County Treasurer, for the purchase of a
$7,000 issue of school bonds. Interest rate is not to exceed 4%, payable
semi-annually. Due serially in from 2 to 22 years after date of issue, with
the option of redemption at any time after five years from the date of issue.
Principal and interest payable at the office of the County Treasurer. A
certified check for 5%, payable to the County Treasurer, is required.
KNOXVILLE, Knox County, Tenn.
-BOND ISSUANCE NOT CONTEMPLATED
-In connection with the report that the city was offering
for sale on Feb. 12 an issue of $50,000 refunding bonds
-V. 140, p. 832
we are informed by H. Wood, Director of Finance, that the city is not
proposing to issue any bonds at this time. He reports that on the other
hand the city has advertised a call for tenders of refunding bonds maturing
in 1958, for which the Sinking Fund Board has sufficient funds on hand for
retirement.
LADD, Bureau County, Ill.
-PROPOSED BOND ISSUE
-It Is reported that the village plans to Issue $34,000 drainage and sewage disposal
plant bonds.
LA FOLLETTE, Campbell County, Tenn.
-BONDS VALIDATED
A bill is said to have been signed recently by the Governor salidating the
issuance of $25,000 in bonds.
LAURAMIE SCHOOL TOWNSHIP (P. 0. Lafayette) Tippecane
County, Ind.
-BOND SALE
-The $15,000 5% coupon school building
bonds offered on Feb. 8-V. 140, p. 670
-were awarded to the Lafayette
National Bank of Lafayette, at par plus a premium of $1,000, equal to
106.66, a basis of about 3.20%. Dated Feb. 8 1935. Due $500 July 1
1935 and $500 Jan. 1 and July 1 from 1936 to 1942, Incl. Other bids were
as follows:
BidderPremium
City Securities Corp
$721.01
Miller-Givan Co., Indianapolis
627.00
Stockwell State Bank
610.00
Farmers State Bank
601.50
Bartlett, Knight & Co
313.00
Marcue R. Warrender
111.00
LAUREL, Sussex County, Del.
-BONDS AUTHORIZED
-The State
Legislature has approved a bill empowering the city to issue $27,000 bonds.
LEE COUNTY (P. 0. Fort Madison), Iowa
-BONDS OFFERED
It is reported that bids were received until Feb. 15, by the
surer, for the purchase of a $30,000 issue of funding bones. CountYiTreaf'LEOMINSTER, Worcester County, Mass.
-LOAN OFFERING
Charles D. Hamden, City Treasurer, will receive sealed bids until 11 a. m.
on Feb. 19, for the purchase at discount basis of a $500,000 revenue anticipation note issue. Dated Feb. 19 1935 and due as follows: $300,000
Nov. 1. 8100,000 Nov. 20 and $100.000 Dec. 2, all in 1935. Denoms.
$25,000, $10.000 and $5,000. Payable at the First National Bank of Boston
or at the First of Boston International Corp., New York City.
Tax Data
1934 levy, $753,985; uncollected Jan. 19 1935, 3211,913
1933 levy 766,741; uncollected Jan. 19 1935,
2.908
No uncollected taxes of prior years.
LINCOLN COUNTY (P. 0. Brookhaven), Miss.
-LEGALITY APPROVED
-A $30,000 Issue of 531% refunaing bonds is reported to have
been approved by Benjamin H. Charles of St. Louis. Dated Jan. 1 1935.
LOS ANGELES COUNTY SANITATION DISTRICT NO. 3 (P."0.
Los Angeles), Calif.
-BONDS OFFERED-Sealed bids were received
until 2 p.m. on Feb. 13, by A. S. Soule, District Secretary, for the purchase
of a $464,000 issue of trunk line sewer bonds. Interest rate not to exceed
5,ti %, payable M. & N. Denom. $1.000. Dated May 1 1925. Due on
May 1 as follows: $16,000 from 1938 to 1949 and $17,000, 1950 to 1965,
all incl. The approving opinion of O'Melveny, Tuller & Myers, of Los
Angeles, will be furnished. Prin. and int. payable at the office of the
County Treasurer, or at the National City Bank in New York, at the
option of the holder.
LOS ANGELES, Los Angeles County, Calif.
-IMPROVEMENT
PROGRAM APPROVED
-The City Council is said to have approved a
public improvement program which Includes the building of bridges, grade
separation projects and tunnels. It is estimated that the total cost of these
Improvements would run about $20,000,000. The council is reported to
have ordered the improvements submitted to the Public Works A
traUon for an allotment of funds.
LOWELL, Middlesex County, Mass.
-TEMPORARY LOAN
-A
$500,000 revenue anticipation loan was awarded on Feb. 8 to the First of
Boston Corp. at 0.60% discount basis. Due Nov. 6 1935. Other bidders
were: W.0. Gay & Co.. 0.83%,• First National Bank of Boston and Bank
of the Manhattan Co., jointly, 0.96%, and Faxon, Ga4e & Co., 1.03% •
LYNN, Essex County, Mass.
-TEMPORARY LOAN
-The First of
Boston Corp. was awarded on Feb. 8 a $400.000 tax note issue at 0.33%
discount basis plus a premium of $3. Due Nov. 6 1935. Other bidders
were: Day Trust Co., 0.432%; Security Trust Co., Lynn, 0.63%; Merchants National Bank, 0.649'; National Shawmut Bank, 0.657 •, First
National Bank of Boston, 0.66%; Whiting, Weeks & Knowles,°O.66%;
Newton, Abbie & Co., 0.67%; Faxon, Gade St Co., 0.69%;and W.0. Gay
& Co., 0.77%.
LYONS, Rice County, Kan.
-BONDS APPROVED-The city Is
reported to have approved the issuance of $75,000 in gas plant construction
bonds.
MADISON COUNTY (P. 0. Anderson), Ind.
-LOAN OFFERING
Sealed bids addressed to the County Auditor will be received until 10 a. m.
on March 1 for the purchase of $100,000 temporary loan notes.
Feb. 16 1935
Bids for the above issue should be addressed to Albert A. Hupp, County
Auditor. Issue is dated March 1 1935, bears 3.3i% interest and matures
June 1 1935. Denom.$5,000. Principal and interest payable at the County
Treasurer's office. A certified check for 3% of the notes bid for, payable
to the order of County Commissioners, must accompany each proposal.
No conditional bid will be accepted and the opinion as to the validity of the
Issue is to be furnished by the successful bidder.
MAINE (State of)
-APPROVAL OF $30,000,000 PWA ALLOTMENT
RECOMMENDED
-Washington advices of Feb. 14 stated that a special
Public Works Administration commission has recommended to President
Roosevelt approval of the State's request for $30,000,000 PWA funds for
construction of the Passamaquoddy power project.
-V.140, p.832.
MALDEN, Middlesex County, Mass.
-ADDITIONAL INFORMATION
-The $75,000 2 WI,% bonds awarded on Feb. 7 to Tyler, Buttrick &
Co. of Boston, at a price of 100.337, a basis of about 2.177-V. 140. IL
1007
-are dated Jan. 1 1935. Principal and interest (J. & J.) payable at
the National Shawmut Bank, Boston. Legality to be approved by Ropes.
Gray, Boyden & Perkins of Boston.
MANCHESTER, Hillsboro County, N. H.
-TEMPORARY LOAN
F. D. McLaughlin, City Treasurer, made award on Feb. 14 of a $1,000,000
revenue anticipation loan to the Merchants National Bank of Manchester,
at 0.35% discount basis, plus a premium of $1.30. Due $500.000 respectively
July 17 and Dec. 18 1935. This is the lowest interest bid the city has ever
received on short-term money, the previous low record being 0.82% for
$500,000 dated Oct. 3 1934 and due April 10 1935.
MARION COUNTY (P. 0. Indianapolis) Ind.
-BOND SALE
-The
$66,100 refunding bonds offered on Feb. 12-V. 140 p. 670
-were awarded
as 1.955 to the Harris Trust & Savings Bank of Chicago at par plus a premium of $7. equal to 100.01, a basis of about 1.946%. Dated March 1
1935 and due June 1 as follows: $13.000from 1936 to 1939,incl., and $14,100
in 1940.
MARYLAND (State of)
-William S. Gordy
-BORROWS $1,000,000
Jr., State Comptroller, completed negotiations on Feb. 11 for a loan of
$1,000,000 from local banks in anticipation of tax collections. This was the
first borrowing of that nature ever arranged by the State. The loan bears
1% for the first four months, and 1;i% if renewed for a similar period.
The next step in the State's program of meeting its current fiscal difficulties will be authorization of a $4,000,000 bond issue, of which $1,000,000
would be used to repay the loan just obtained; 82.229.000 to offset the
anticipated deficit and $1,500.000 to provide a working capital surplus for
the period to Oct. 1 1935. Legislators and State officials have been considering the possibility of pledging the proceeds of a El a barrel tax on beer
to service the deficit bond issue. The cost of a 84,000,000 issue would be
approximately $600,000 annually for the 15
-year life of the obligations. In
the present budget 1 cent of the State rate of 22 cents is estimated to produce $245000 and, if the beer tax is not utilized or some other new revenue
is not dedicated to service the bonds, it will mean that the State rate must
be increased again to 1933 level, 25 cents.
MAYES COUNTY SCHOOL DISTRICT NO. 32 (P. 0. Maxie),
Okla.
-BONDS OFFERED
-It is reported that sealed bids were receivedl
until 10 a.m. on Feb. 16, by Ray Winters, District Clerk, for the purchase
of a $5.600 issue of school repair bonds. Denomination $500, one for $600.
Due on Jan. 1 as follows: $500, 1938 to 1947, and $600 on Jan. 1 1948.
Interest rate named by the bidders.
MEDICINE BOW,Carbon County, Wyo.-BONDSSOLD TOP WA
A $36,000 issue of 47 water bonds is stated to have been purchased at par
0
by the Public Works Administration. Due from 1935 to 1964.
MEMPHIS,Scotland County, Mo.-BOND SAL.FA $12.000 issue of
4% semi-ann. water bonds is stated to have been purchased at par by the
Bank of Memphis, and the Scotland County National Bank, both of
Memphis,jointly.
MERIDIAN, Lauderdale County, Miss.
-BOND SALE DETAILS
The $155,000 refunding bonds that were purchased jointly by George T.
Cater, Inc., of Meridian, and Leland, Speed & Co. of Jackson, at a price of
100.35-V. 140, p. 833
-are more fully described as follows:
$105,000 51 refunding bonds. Due $15,000 from Jan. 1 1937 to 1943.
50,000 5% refunding bonds. Due on Jan. 1 as follows: 815.000 in
19 and 1945 and $20,000 in 1946.
Dated Jan. 1 1935. Interest payable J. & J. Basis of about 5.31%.
METHUEN, Essex County, Mass.
-TEMPORARY LOAN
-The
National Shawmut Bank of Boston, bidding a rate of 0.62%, was awarded
on Feb. 14 a $65,000 revenue anticipation loan, due Nov. 5 1935. Other
bidders were: Merchants National Bank, 0.64%; Faxon, Gade & Co.,
0.645%•, W. 0. Gay & Co., 0.66%; First National Bank, 0.67%, and
Second National Bank, 0.67%.
MIDDLETOWN, Middlesex County, Conn.
-TEMPORARY LOAN
Putnam & Co. of Hartford were awarded on Feb. 8 a $200,000 revenue
anticipation loan at 0.499', discount basis Due Aug. 15 1935. Other
bidders were: Lincoln R. Young dc Co., 0.54%; It. L. Day & Co. 0.54%;
Bedell & Co., 0.567; R. F. Griggs &Co., 0.55% plus $2; G. I.:. Austin
& Co., 0.60%; and First National Bank of Boston, 0.90%.
•
PROPOSED BOND ISSUE
-The city is planning to sell $300,000 25i%
relief bonds, part of the proceeds to be used in the payment of notes due
Aug. 15, according to report.
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE OFFERING-It is said that both sealed and auction bids will be received at 11
a. m. on Feb. 27, by Geo. M. Link, Secretary of the Board of Estimate and
Taxation, for the purchase of a $15,000 issue of certificates of indebtedness.
Interest rate is not to exceed 6%. Dated March 6 1935. Due on Jan. 6
1936. The proceeds of this sale will be used by the City Council to meet
a deficit on the police subdivision of the current expense fund. These
obligations are offered subject to the approving opinion of the attorney
for the purchaser, the cost of such opinion to be paid for by the purchaser.
A certified check for 2% of the amount of bonds bid for, payable to C. A.
Bloomquist. City Treasurer, is required.
MINNESOTA, State of (P. 0. St. Paul)
-CERTIFICATE OFFERING
-Sealed bids will be received until 10 a. m. on Feb. 21, by Theodore II.
Arens, Conservator of Rural Credit,for the purchase of an $840,000 issue of
certificates of indebtedness. Denomination $1,000 each, unless larger
denominations are specified in the successful bid. Due on March 1 1936.
Dated March 1 1935. These certificates will be issued by authority granted
to the Conservator under Section 10, Chapter 429, Session Laws, 1933. An
opinion regarding the legality of this issue by the Attorney-General of the
State will be furnished to the successful bidder, free of charge. Certificates
will be sold at face value at the lowest interest rate obtainable. A certified
check for $8,400. payable to the State Treasurer, must accompany the bid.
MINNESOTA, State of (P. 0. St. Paul)
-CERTIFICATE SALE
The $725,000 issue of certificates of Indebtedness offered for sale on Feb.
-was purchased jointly by Halsey, Stuart & Co. of New
8-V. 140. p. 833
York, and the Justus F. Lowe Co. of Minneapolis, at a price of .625%,
plus a premium of $50. Dated Feb. 11 1935. Due on Feb. 11 1936.
MITCHELL, Scotts Bluff County, Neb.-BOND SALE DETAILS
The $13,000 refunding bonds that were purchased by the KirkpatrickPettis-Loomis Co. of Omaha
-V. 140. p. 1008
-are stated to have been
sold as 5Yis, at par, and to be due in 10 years. This issue refunds various
paving district bonds.
MONROE COUNTY (P. 0. Monroe), Mich.
-32,584,900 BOND
REFUNDING PROGRAM COMPLETED
-C. A. Fitzgerald, agent for the
Board of County Road Commissioners, recently reported that the plan
announced in April 1934 for the refunding of $2,584,900 outstanding highway improvement bonds has been consummated. He stated that 99 of
%
the bonds have been exchanged for the new refunding obligations. The
plan in detail was given in the "Chronicle" of April 7 1934 on page 2455.
Successful conclusion of the refinancing has been marked, it is said, by an
advance in prices of the bonds from the low 60's to par. The new bonds
consist of 43 separate and distinct issues, one for each road assessment
district. The refunding, in effect, constitutes an extension of maturity
dates on the original bonds offrom 4 to 10 years.
-The Board of County Road Commissioners, of
TO REDEEM BONDS
which F. E. Gillespie is Clerk, will receive bids until 11 a. m. (eastern
standard time) on Feb. 25, for purchase, at the lowest prices obtainable, of
various outstanding road assessment district refunding bonds, including
3217,300 dated May 11933. maturing variously from 1937 to 1941, incl.,
and $83,490, dated May 15 1932 and maturing May 1 from 1935 to 1939.
incl. No tenders at prices above par and interest will be considered.
Volume 140
Financial Chronicle
-PROVISIONS FOR
MONROE COUNTY (P. 0. Rochester) N. Y.
-A bill introduced recently in the
ISSUANCE OF BONDS AMENDED
State Assembly provides that acts or resolutions of the Board of Supervisors
during 1935 to issue unemployment relief and certain other bonds shall
require only a majority vote of the Board for approval, instead of the twothirds affirmative action now necessary.
-BOND ISSUANCE NOT
MONTANA, State of (P. 0. Helena)
CONTEMPLATED-In connection with the report that the Legislature
had under consideration the issuance of $4,500,000 in bonds to pay a cash
-it is reported by the
bonus to World War veterans.
-V. 140. P. 833
State Treasurer that he has no confirmation of such action.
Mich.-BONDIELECTION-M the
MONTROSE, Genesee County,
election to be held March 11 the voters will be asked to authorize the
Issuance of $37,500 water works system construction bonds, including
$12,500 general obligation and $12,500 mortgage liens.
-The two
-BOND SALE
MORRISTOWN, Morris County, N. J.
Issues of coupon or registered bonds offered on Feb. 8-V. 140. P. 1008
were awarded as 4s to M. M. Freeman & Co. of Philadelphia, as follows:
offered) sold at par plus a
$87,000 improvement funding bonds ($88,000
premium of $1,422.22, equal to 101.634, a basis of about 3.87%•
Due Feb. 1 as follows: $3,000 from 1940 to 1968 incl.
73,000 water funding bonds ($74,000 offered) sold at par plus a premium
of $1,177.77. equal to 101.613, a basis of about 3.89%. Due
Feb. 1 as follows: $2,000, 1940 to 1968 incl.; $4,000, 1969; $5,000
1970 and 1971 and $1,000 in 1972.
Each issue is dated Feb. 1 1935. The bankers are re-offering the $160,000
bonds for public investment at a price of 103 and accrued interest.
-At a recent
MOUNT MORRIS, Ogle County, Ill.
-BONDS VOTED
election the voters authorized the issuance of $23,000 sewerage system and
sewage disposal plant extension bonds. A loan and grant of $30,000 has
been promised by the Public Works Administration.
MOUNT PLEASANT, Isabella County, Mich.
-PROPOSED MUNTCTPAL UTILITY PLANT
-The city recently prepared a program of proposed
work projects estimated to cost $780,000. This includes $500.000 for a
projected municipal light and power plant. The proposal for the utility
Is expected to be submitted to the vote of the electorate in April.
MURRAY (P. 0. Salt Lake City), Salt Lake County, Utah-BONDS
AUTHORIZED-It is stated by the City Recorder that the $25,000 4%
electric system revenue bonds approved by the voters on Oct. 23-V. 139,
p. 2867
-were authorized recently by the City Council. Denominations
$500 and $1,000. Dated Oct. 1 1934. Due on Oct. 1 as follows: $1,500.
1935 to 1949. and $2,500 in 1950.
MUSKEGON, Muskegon County, Mich.
-BONDS READY FOR
EXCHANGE
-The city is now ready to effect exchange of $176,000 refunding bonds for general obligation bonds maturing this year. Exchange
will be made through the Hackley Union National Bank of Muskegon.
The plan has been approved by the Public Debt Conunission-V. 139.
p. 3357.
NASHWAUK, Itasca County, Minn.
-BOND OFFERING-Sealed
bids will be received until 5 p.m. (to be opened at 8 p.m.) on Feb. 18, by
Chas. A. Tabaka, Village Clerk, for the purchase of a $12,000 issue of 6%
Memorial Building refunding bonds. Denom. $1.000. Dated Jan. 1.5
1935. Due $2,000 from Jan. 15 1936 to 1941 incl. A certified check for
2% must accompany the bid.
NETHER PROVIDENCE TOWNSHIP SCHOOL DISTRICT, Delaware County, Pa.
-BONDS APPROVED-The Pennsylvania Department
of Internal Affairs on Feb. 4 approved an issue of $46,000 high school building additions and repair bonds.
NEWARK, Essex County, N. J.
-TREND OF TAX COLLECTIONS
HIGHER-Newark tax collections for January 1935 show an increase of
more than a million dollars over collections for the first month of 1934,
according to Reginald Parnell, Director of Revenue and Finance. Total
collections for January, including both current and delinquent, were
$4,075,000 as compared with $3,014,000 in January 1934. Collections for
February to date show that the trend toward increased receipts is being
maintained. The city has ample cash on hand, according to the director,
to meet a debt service charge of $1,267,986 falling due March 1 and approximately $1,109,000 in county taxes due March 15. As a result of the city's
program for retirement of its debt, the debt service and retirement charge
represents a slight increase. A schedile calling for debt reduction at a
rate of about $4.000,000 per year for the next four years was adopted
as part of the plan by which Newark has restored its credit standing over
the last 18 months.
NEW CASTLE COUNTY (P. 0. Wilmington), Del.
-TO LEVY
INCOME TAX
-Governor C. Douglas Buck on Feb. 5 signed a bill authorizing the county to levy an income tax for the next two years in order to
finance its relief program, following an opinion from the State Supreme
Court to the effect that the legislation is not in conflict with the Constitution, according to the Philadelphia "Record" of the following day.
The levy is expected to yield between $600,000 and $750,000 a year.
County's relief needs are estimated at from $1,500,000 to $2,000,000
annually and authorities are relying on the Federal Government to make
up the balance of the funds necessary. Provisions of the levy are reported
as follows: "Under the new county income tax law, 1% will be charged
on first $3,000; 3% on $7,000; 3% on $10,000 and above. Exemption of
$1,000 is granted a married person or head of a family; no exemptions for
single persons. Minors will pay 1% on earnings of $100 and over."
NEWCASTLE SCHOOL CITY, Henry County, Ind.
-LEGISLATURE ASKED TO LEGALIZE BOND FINANCING--Because of some
doubt over the legality of the school board's issuance of $60,000 in bonds
through which the board acquired the gymnasium from the Y. M. C. A..
Walter S. Chambers of this city, State Senator, has introduced a bill
In the Legislature to legalize acts of the school boards of third and fourth
class cities during the last two years, according to report.
NEW JERSEY (State of)
-13 MUNICIPAL REFUNDING PLANS
APPROVED-A dispatch from Trenton to the "Herald Tribune" of Feb. 9
reported as follows:
"Refinancing plans of more than 30 municipalities in the State whose
bonds are held by the State Sinking Fund Commission, were discussed at a
meeting of the Commission to-day and 13 of them were approved.
"William H. Albright, State Treasurer, said that an independent survey
conducted by State auditors showed the financial condition of most municipalities was 'vastly improved.' Before approving the refinancing by which
new securities will be substituted for those now in the Commission portfolio, the Treasurer said, the municipalities must make good on defaults
as well as interest.
"A suggestion that State bonds be refinanced at a lower rate of interest,
was discarded as being impractical.
"The municipalities whose plans under the Barbour and Loizeau acts
of last year were approved are: Hackensack, Franklin Township, Hamilton
Township in Atlantic County, Demarest, Oaklyn, Northfield, North
Brunswick Township, Lodi Borough. Wharton, Union Township, Northvale, Brooklawn and Cliffside Park."
NEW JERSEY (State of)
-FINANCIAL STATUS OF NEWARK,
JERSEY CITY AND CAMDEN COMPARED
-Ira Haupt & Co. of New
York have compared a statistical comparison of the respective financial
status of the cities of Newark, Jersey City and Camden. The data includes the latest available information pertaining to assessed valuation;
gross, not and overlapping debts and extent of tax delinquency for each
of the cities. One of the features of the report is the concise manner in
which the information is given.
NEW MEXICO, State of (P. 0. Santa Fe)
-BOND SALE DETAILS
The $2,080,000 refunding bonds that were purchased by a syndicate headed
by John Nuveen & Co. of Chicago as 3.60s at par-V. 140, p. 1008
-are
divided as follows: $160,000 series A, $470,000 series B and 31,450,_000
highway refunding bonds. Coupon bonds dated March 1 1935. Due
serially from March 1 1937 to 1953. Denom. $1,000. Interest payable
M. & S.
NEW YORK (State of)
-OFFERING OF $40,000,000 BONDS AWAITI
-The" leraldeTribune" of Feb.9stated as follows: "State Comptroller
ED
Morris S. Tremaine conferred with Wall Street bankers and bond dealers
yesterday regarding the prospects of a New York State bond sale of $40,000,000 to $50000,000, which probably will be announced soon after the
gold clause decisions of the United States Supreme Court are made known
and the markets have reacted to the rulings. A long term flotation for the
State was foreshadowed early this year, but it has been held up by the
market uncertainty which attended the gold clause litigation.
1175
"The sale is likely to include about $20,000,090 relief bonds, out of the
$440,000,000 authorization last November. It is expected that Mr. Tremaine will offer also about $15,000,000 grade crossing elimination bonds.
out of the $300,000,000 authorized in 1925, whin $10,000,000 general State
improvement bonds likewise would be included. The relief bonds would
mature in one to ten years; the grade crossing issue in one to 50 years.
and the general improvement bonds in one to 25 years."
-Comptroller Frank J.
NEW YORK, N. Y.
-SELLS $2,000,000 NOTES
Taylor on Feb. 8 awarded $2,000,000 improvement notes to the National
City Bank of New York, on its bid of 1.55% interest, plus a premium of
$400. Issue is due Sept. 14 1936 and provision for re-payment will be made
In next year's tax levy. Two other bids were submitted for the notes. The
Chase National Bank named a rate of 1.65% plus a premium of $100,
193 e Salomon Bros. & Hutzler bid 1.69% at par. Issue is dated Feb. 11
w h i1.
5
-At the
NORFOLK, Madison County, Neb.-BONDS DEFEATED
-the voters rejected a proposal
election held on Feb 5-V. 139, p. 4155
to issue $17,000 in swimming pool bonds, according to the City Clerk.
NORFOLK SCHOOL DISTRICT (P. 0. Norfolk), Madison County,
Neb.-BONDS CALLED-It is reported that the entire issue of $225.000
4h% school refunding bonds, bearing the date of April 1 1930, are being
called for payment on April 1, at the Greenway-Raynor Co. of Omaha.
Due on April 11950. (bonds which are being issued to take up these bonds
were sold recently.
-V. 140. p. 834.)
-ADDITIONAL
NORTHAMPTON COUNTY (P. 0. Easton), Pa.
INFORMATION
-The 3200,000 3% refunding bonds originally reported
sold, at par, to the County Sinking Fund Commission-V. 139, P. 3838
actually were disposed of as follows, according to S. W.Brinker, Clerk of the
County Commissioners: $150,000 to the sinking fund, and $50,000 to
Graham, Parsons It Co. of Philadelphia. All of the bonds are dated Dec. 1
1934 and mature Dec. 1 1948; callable at any time.
-LOAN OFFERING
NORTHBRIDGE, Worcester County, Mass.
Sealed bids will be received until 11 a. m. on Feb. 8, for the purchase at
discount basis of a $50,000 revenue anticipation loan, due Nov. 1 1935.
-BOND OFFERNORTH COLLEGE HILL, Hamilton County, Ohio
ING-Edw. C. Ahlers, Village Clerk, will receive sealed bids until 12 me.
(Eastern Standard Time) on Feb. 25 for the purchase of $27,000 4%
refunding special assessment bonds. These were authorized early In January
-V.140. P. 172. The bonds to be refunded matured Sept. 1 and Oct. 1
1934. The new issue will be dated Feb. 1 1935. Denom. $500. Due as
follows: $1,000 maren land Sept. 1 from 1936 to 1940 incl.; $1.500 Marchl
and Sept. 1 from 1941 to 1943 incl. and $2,000 March 1 and Sept. 1 1944 and
1945. Principal and interest (M. & S.) payable in lawful money of the
United States at the Central Trust Co., College Hill Branch, Cincinnati.
Bids for the bonds to bear interest at a rate other than 4%. expressed in a
multiple of h of 1%, will also be considered. A certified check for 2% of the
amount bid, payanle to the order of the Village Clerk, must accompany
each proposal. Bids to be subject to approval of bonds by attorney for the
purchaser.
-An issue
-BONDS APPROVED
NORTH GIRARD, Erie County, Pa.
of $24,000 water works system construction bonds was approved by the
Pennsylvania Department of internal Affairs on k eb. 6.
OTTO TOWNSHIP„SCHOOL DISTRICT (P. 0. Duke Center),
-L. F. Gerber,
McKean County, Pa.
-PROPOSED BOND ISSUE
Supervising rrunspal states that the district is making preparations Loft:ell
the $60,000 school building extension bonds voted Sept. 1 1934.
PANGUITCH, Garfield County, Utah-BONDS AUTHORIZED
An ordinance is said to have been passed providing for the issuance of the
$32,000 in not to exceed 4% water system construction bonds that were
-V. 139, p. 3680.
approved by the voters in November
-It is rePAROWAN, Iron County, Utah-BONDS AUTHORIZED
ported that the City Council has passed ordinances providing for the issuance of $58,000 in bonds, divided as fellows: 338,000 Water works improvement revenue and 420,000 electric light system revenue bonds. (A loan
and grant of $76,000 for a water system has been approved by the PWA.)
-BOND ELECTION
-A special
PAULLINA, O'Brien County, Iowa
election is said to have been set for March 6 by the City Council, to vote on
the issuance of $20,000 in park purchase bonds.
-The
-PROPOSED BOND ISSUE
PIQUA Miami County Ohio
$18.0u0 sewer bonds authorized at the general election last November may
be offered for sale some time in April or May.
-BONDS VOTED-It is said that
PLAINVIEW, Hale County, Texas
the voters recently approved the issuance of $10,000 in city auditorium
bonds.
-BONDS AUTHORIZED
PLYMOUTH, Richland County, Ohio
The Village Council recently passed an ordinance providing for the issuance
of $4,435 6% judgment bonds. Dated Feb. 1 1935. One bond for $435.
others for $500. Due one bond annually on Aug. 1 from 1936 to 1944,
incl. Principal and interest (F. & A.) payable at the Peoples National
Bank, Plymouth.
-BOND
PLYMOUTH SCHOOL DISTRICT, Luzerne County, Pa.
OFFERING-William Y. Matthews, District Secretary, will receive sealed
bids until 7:30 p. m.on March 8 for the purchase of 485.0003%. 335%.4%
or 43i% coupon school bonds. Dated March 1 1935. Denom. $1,000. Due
March 1 as follows: $20,000 from 1940 to 1942 incl.; $10,000 in 1943 and
1944 and $5,000 in 1945. Unmatured bonds redeemable at any interest
payment period on and after March 1 1940. Registerabie as to principal
only. Bidder to name one interest rate for all of the bonds. Interest payable
M.& S. A certified check for 2% of the bonds bid for, payable to the order
of the District Treasurer, must accompany each proposal. Legality to be
approved by Townsend, Elliott & Munson of Philadelphia.
-The follow-OTHER BIDS
PORTLAND, Multnomah County, Ore.
ing is an official list 01 the other ems received for the $30,000 coupon public
works bonds awarded to Camp .5z Co. of Portland, as 4s, at a price of 101.43,
a basis of about 3.87%-V. 140, p. 1009:
Price Bid
Rate Bid
.Numes of Otner BiddersHess, Tripp & Butcnart, and Drumheller, Ehrlich100.72
man & White
4%
Ferris, Bardgrove,and Blankenship, uoula at B.eeler,
%
100.15
Inc
Par
Wm.Adams, City Treas., for ater Bond Sink. Tr- ,
..`70
-BOND ISSUE REPORT
PROVIDENCE,Providence County, R. I.
stated that the question of
Walter F. Fitzpatrick, City Treasurer, has
Issuing new bonds may be considered some time in March. As of Dec. 31.
the city had collected all but 22.3% of the 1934 taxes, while on that date
collection had been made of 97.4% of the 1933 levy; 98.94% of 1932 and
99.19% of the 1931 total. Taxes are billed as of Oct. 1 and become delinqueut Oct. 25. Bonds outstanding aggregate 358,984,000, it is said.
QUEENS-MID-TOWN TUNNEL AUTHORITY (P. 0. New York),
-A bill providing for crea-PROPOSE CREATION OF THIS UNIT
N. Y.
tion of the above Lunt and authorizing the governing body thereof to issue
bonds to finance construction of the tunnel outlined in the measure is now
pending in the State Legislature. The bonds would be issued at either
public or private sale; bear interest at not more than 5% and mature in
equal annual instalments from 5 to 30 years from date ol issue. Members
of the authority would be compelled to levy tolls and ratesssuflicient to meet
all ot the normal operating expenses of the project and the debt service
charges on the obligations incurred in construction of the tunnel.
RECONSTRUCTION FINANCE CORPORATION-OFFERING OF
PIVA HOLDINGS
-In connection with the tentative report given in V.
140, p. 1010, to the effect that the above Corporation would offer for sale
on Feb. 20, at noon. municipal bonds taken over from the holdings of the
Public Works Administration, in the aggregate amount of $4,938,450, we
give the following list of the bonds being offered at that time:
Section A-Bidsfor All but Not Less than All
$95,000 City of Austin. Tex., 4% water, electric light and sewer systems.
revenue bonds, series 1934, maturing as follows: $9,000, July 1
1935; $10,000, July 1 1936-43 incl.; $6,000. July 1 1944. Legal
opinion: J. B. Rector , Austin, Tex. Place of delivery: San
Antonio Branch of the Federal Reserve Bank of Dallas, San
Antonio. Tex.
99,500 Board of Education of the City of Blackwell, Okla., 4% school
building and equipment bonds of 1934, maturing as follows:
$8,500, July 1 1944-53 incl.; 314,500. July 1 1954. Legal opinion:
Shirk, Danner It Phelps, Oklahoma City, Oklahoma. Place:of
delivery: Federal Reserve Bank of Kansas City, Kami.s City, Mo.
1176
Financial Chronicle
8,000 Board of Education of Carrollton, Carroll County. KY.. 4%
school improvement bonds, maturing as follows: $1,000, Jan. 1
1936-43 inclusive. Legal opinion: G. A. and J. L. Donaldson.
- Carrollton, Ky. Place of delivery: Louisville Branch of the
Federal Reserve Bank of St. Louis, Louisville, Ky.
229,500 City of Charlotte, N. C.,4% (various purposes) bonds, maturing
as follows: 58,000. Jan. 1 1936-38 incl.; $9,000, Jan. 1 1939-50
incl.; $9,500, Jan. 1 1951; $10,000 Jan. 1 1952-53, incl.; $8,000,
Jan. 1 1954; $10,000, Jan. 1 1955-56 incl.; $8.000, Jan. 1 1957-59
incl.; $7,000, Jan. 1 1960-61 incl.; 32,000, Jan. 1 1962. Legal
epinion: MassLich & Mitchell, New York, N.Y. Place of delivery:
Federal Reserve Bank of Richmond, Richmond, Va..
46.000 Inhabitants of the Town of Hackettstown, N. J., 4% water
bonds, maturing as follows: $2,000, Feb. 1 1936-45 incl.; 33,000.
Feb. 1 1946-53 incl.; $2,000, Feb. 1 1954. Legal opinion:Hawkins,
Delafield & Longfellow, New York, N. Y. Place of delivery:
Federal Reserve Bank of New York, New York, N. Y.
5,000 Town of Helena, Okla., 4% town hall bonds of 1934, maturing
as follows: $1,000. March 1 1937-41 incl. Legal opinion: J.
Wilford Hill, Cherokee, Okla. Place of delivery: Federal Reserve
Bank of Kansas City, Kansas City, Mo.
28,000 Village of Hinsdale, Ill., 4% (various purposes) bonds, maturing
as follows: $2,000, Nov. 1 1935-48 incl. Legal opinion: Malcolm
Mecartney, 105 W. Monroe St., Chicago, Ill. Place of delivery:
Federal Reserve Bank of Chicago, Chicago, Ill.
31,000 County of Hughes, S. Dak., 4% Court House and Jail construction bonds, maturing as follows: $4,000, March 1 1935-41
incl.; $3,000, March 1 1942. Legal opinion: Lawrence, Murphy,
Fuller & Powers, Fargo, N. Dak. Place of delivery: Federal
Reserve Bank of Minneapolis, Minneapolis, Minn.
7
7,000 Village of Marine, Madison County, Ill., 40 paving bonds,
maturing as follows: 31,000, Nov. 1 1935-41 incL Legal opinion:
Chapman & Cutler, Chicago, Ill. Place of delivery: Federal
Reserve Bank of St. Louis, 8:t. Louis, Mo.
117,000 City of Moorhead, Minn., 4% sewer bonds of 1934, maturing
as follows: $6,000, May 1 1935-44 incl.: 37.000, May 1 1945-47
inc $6,000, May 1 1948; $5,000, May 1 1949-54 incl. Legal
l.;
opinion: William Russell, Moorhead, Mimi. Place of delivery:
Federal Reserve Bank of Minneapolis, Minneapolis, Minn.
16,000 Borough of Morris Plains, N. J., 4% storm sewer bonds of
1934, maturing as follows: 51,000, Feb. 1 1936-51 incl. Legal
opinion: Hawkins, Delafield & Longfellow, New York, N. Y.
Maw of delivery: Federal Reserve Bank of New York, New
York, N. Y.
1,964,000The City of New York, N. Y., 4% Rapid Transit Subway
and Water Tunnel No. 2 improvement serial bonds, maturing
as follows: $281,000,July 1 1936;3358,000, July 1 1937;$373,000,
July 1 1938; $388,000, July 1 1939; 3315,000, July 1 1940:
$26,000,July 1 1950:$27,000,July 1 1951;$28,000. July 1 1952-53
incl.; 530.000, July 1 1954; 531,000, July 1 1955; $33.000, July 1
1956; $34.000, July 1 1957; $12.000, July 1 1958. Legal opinion:
Paul Windels, Corporation Counsel, New York, N. Y. Place of
delivery: Federal Reserve Bank of New York, New York, N.Y.
18,000 City of Pawtucket, Rhode Island, 4% Brook St. sewer bonds,
maturing as follows: $2,000, May 1 1936-44 incl. Legal opinion:
Ropes. Gray, Boyden & Perkins, Boston, Mass. Place of delivery:
Federal Reserve Bank of Boston, Boston, Mass.
180,000 City of Pawtucket, R. I., 4% City Hall bonds, series of 193t
maturing as follows: $10,000, Feb. 1 1942;$15,000, Feb. 1
1943-53 incl.; 35,000, Feb. 1 1954. Legal opinion: Ropes, Gray,
Boyden & Perkins, Boston, Mass. Place of delivery: Federal
Reserve Bank of Boston, Boston, Mass.
69,000 Independent. School District No. 1 of Polk County, Minn., 4%
school improvement bonds, maturing as follows: $3,000, April 1
1935-39 incl.; $44.000, April 1 1940-52 incl.; $2,000, April 1 1953.
Legal opinion: Junell, Driscoll, Fletcher, Dorsey & Barker,
Minneapolis, Minn. Place of delivery: Federal Reserve Bank of
Minneapolis, Minneapolis, Minn.
73,500 The City of Ponca City, Okla., 4% library bonds of 1934,
maturing as follows: $3,500, May 1 1937-57 incl. Legal opinion:
Chapman & Cutler, Chicago, 111. Place of delivery: Federal
Reserve Bank of Kansas City, Kansas City, Mo.
33,000 City of Tipton, Mo.,4% waterworks bonds, maturing as follows:
$2,000. April 1 1936-51 incl.; $1,000, April 1 1952. Legal opinion:
Bowmock, Fizzell & Rhodes, Kansas City, Mo. Place of
delivery: Federal Reserve Bank of St. Louis, St. Louis, Mo.
87,000 City of University Park Tex.,4% water revenue bonds, maturing
as follows: $1,000, May 1 1935-38 incl.; $2,000, May 1 1939;
$3,000, May 1 1940-42 incl.; $4,000, May 1 1943-52 incl.; 35,000.
May 1 1953-58 incl.; $2,000, May 1 1959. Legal opinion: W.P.
Dumas, Dallas, Tex. Place of delivery; Federal Reserve Bank
of Dallas, Dallas, Tex.
37,000 The City of White Plains N. Y., 4% water bonds, maturing as
follows: $1,000, April 1 1939-47 incl.; $2,000, April 1 1948-61
incl. Legal opinion: Clay, Dillon & Vandewater, New York,
N. Y. Place of delivery: Federal Reserve Bank of New York,
New York, N. Y.
48,000 Consolidated School District No. 3, Wright County, Mo., 4%
school district bonds, maturing as follows: $2,000, Nov. 1 193639 incl.; $3,000, Nov. 1 1940-52 incl.; $1,000, Nov. 1 1953.
Legal opinion: Bowersock, Fizzell & Rhodes, Kansas City. Mo.
Place of delivery: Federal Reserve Bank of St. Louis, St. Louis,
Mo.
Section B-Bidsfor all or Part
p The highest acceptable bid for all of the bonds of any issue offered will
be accepted, even though there may have been submitted a higher bid or
bids for part of such issue. In the event that no acceptable bid is submitted
for all of the bonds of any issue, bids for part of the issue will be given
consideration, provided (a) that such partial bids are for not less titan
one-third in principal amount of the issue offered, and (b) that the average
life of such partial amount of bonds bid for is the same, as nearly as may be
possible, as the average life of the issue offered. Further, if the highest of
such partial bids should be accepted, the successful bidder will be granted
an option to purchase, at the bid price, within 15 days of the date of the
partial award, all but not lees than all, of the balance of the bonds of the
seize offered. If two or more partial bids are identical as to price, and are
the highest partial bids, then, if such bids are acceptable, the bonds and
option will be awarded to the bidder submitting the one of such bids which
covers the largest principal amount of bonds.
$36,000 City of Anderson, S. C. 4% street improvement bonds, maturing
as follows: $3,000, March 1 1936-37 incl.; $2,000, March 1
1938-52 incl. Legal opinion: Storey, Thorndike, Palmer &
Dodge. Boston, Mass. Place of delivery: Federal Reserve Bank
of Richmond, Richmond, Va.
359.000 City of Bloomington, Ind., 4% sewage works revenue bonds,
maturing as follows: $11,000. Feb. 1 1936-37 incl.; $12,000,
Feb. 1 1938-39 incl.; $13,000, Feb. 1 1940; $14,000, Feb. 1 1941;
$16,000. Fen. 1 1942; $17,000. Feb. 11943; $18,000, Feb. 1 1944;
319,000, Feb. 1 1945; $20,000. Feb. 1 1946-47 incl.; $22,000,
Feb. 1 1948; 324,000, Feb. 1 1949; $25,000. Feb. 1 1950-53 incl.;
$30,000, Feb. 1 1954. Legal opinion: aistson, Ross, McCord &
Clifford, Indianapolis, Ind. Place of delivery: Federal Reserve
Bank of Chicago, Chicago, Ill.
643,000 City of Columbia, S. C., 4% water works revenue bonds, series
A and 4% water works and sewer system revenue bonds,series B,
maturing as follows: 539,000, J841. 1 1937-38 incl.; 340,000.
Jan. 1 1939-43 incl..; $41,000, Jan. 1 1944-51 incl.; $37,000,
Jan. 1 1952. Legal opinion: Reed, Hoyt & Washburn, New
York, N. Y. (as to $153,000). Legal opinion: Paul A. Cooper,
Columbia, S. C. (as to $490.000). Place of delivery: Federal
Re erve Bask of Richmond, Richmond Va.
s
95,000 Grant Union High School District, Sacramento, Calif. 5
, %
High School bonds, meter, mg as follows: 55,000. July 1 1938;
$10,000. Julg. 1 1939.47 mcl. Legal opinion: Orrick, Palmer &
Calif. Place of delivery: Federal
Dahlquist, an Francisco.
Reserve Bank of San Francisco, San Francisco. Calif*
35.000 City of Greenfield. Ind., 4% sewage disposal works revenue
bonds, maturing as follows: $1,000. Feb. 1 1937; $2,000, Feb. 1
1938-54 incl. Legal opinion; Robert F. Reeves, Greenfield, Ind.
Place of delivery: Federal Reserve Bank of Chicago, Chicago, Ill.
71,000 Town of Hartsville. EL C.. 4% water works and sewer revenue
bonds, maturing as follows: $2,000, Dec. 1 1935-36 incl.; $3,000.
Dec. 1 1937-42 incl.; $4,000. Dec. 1 1943-48 incl.; $5,000, Dec. 1
1949-53 incl. Legal opinion: D. Carl Cook. Hartsville, S. C.
Place of delivery: Federal Reserve Bank of Richmond, Richmond, Va.
Feb. 16 1935
35,000 Lebanon, Ind. 4% sewerage works revenue bonds, maturing as
follows: $1,00b, May 1 1936-43 incl.,• $2,000, May 1 1944-51
incl.; $3,000, May 1 1952-54 incl.; $2,000, May 1 1955. Legal
opinion: Baker & Daniels, Indianapolis, Ind. Place of delivery:
Federal Reserve Bank of Chicago, Chicago, Ill.
215,500 City of Pocatello, Ida., 4% water works bonds, maturing as
follows: $8.500. Jan. 1 1936;$9,000, Jan. 1 1937-38 incl.;$10,000,
Jan. 1 1939; 311,000, Jan. 1 1940; $12.000, Jan. 1 1941-42 incl.;
$13,000. Jan. 1 1943-44 incl.: $14,000, Jan. 1 1945-46 incl.,•
515,000.Jan. 1 1947-48 incl.;$16,000,Jan. 1 1949; 512.000. Jan. 1
1950: 38,000, Jan. 1 1951-54 incl. Legal opinion: Pershing. Nye,
Bosworth & Dick, Denver, Colo. Place of delivery: Salt Lake
City Branch of the Federal Reserve Bank of San Francisco, Salt
Lake City, Utah.
64.000 Town of Williamsport. Md., 4% sewer bonds, series 1934,
maturing as follows: $2,000. Feb. 1 1936-43 incl.; $3,000. Feb. 1
1944-55 incl.; $4,000. Feb. 1 1956-58 incl. Legal opinion: Joseph
D. Mish, Hagerstown. Md. Place of delivery: Federal Reserve
Bank of Richmond, Richmond, Va.
20,000 City of Carrington. N. Dak., 4% sewage disposal plant bonds,
maturing as follows: $1,000, June 1 1936-53 incl.; $2,000. June 1
1954. Legal opinion: C. B. Craven. Carrington, N. Dak. Place
of delivery: Federal Reserve Bank of Minneapolis, Minneapolis,
Minn.
31.500 Town of Moab, Grand County, Utah, 4% Rater worrs bowls
-510,000 sewer
and sewer bonds ($21,500 water works bonds
bonds) maturing as folllws: $1,600. Aug. 1 1935-49. incl.;
$1.500. Aug. 1 1950-54 incl. Legal opinion: King & King, Salt
Lake City, Utah. Place of delivery: Salt Lake City Branch of the
Federal Reserve Bank of San Francisco, Salt Lake City, Utah.
100,000 City of Rocky Mount, N. C. 4% water works bonds, maturing
as follows: 59,000, April 1 1943-44 incl.; 510,000. April 1 1945-52
,
incl.; $2.000. April 1 1953. Legal opinion: Reed, Hoyt & Washburn. New York, N. Y. Place of delivery: Federal Reserve Bank
of Richmond, Richmond, Va.
41,950 City of Yankton,S.Dak..4% (various purposes) bonds, maturing
as follows: $1,700. April 1 1936; $2,750, April 1 1937,• $2,500.
April 1 1938: $2,600. April 1 1939-49 incl.; 32.500, Apr! 1 1950;
52.500. April 1 1951; $900, April 1 1952' $500. April 1 1953.
Legal opinion: Chapman & Cutler, Chicago, Ill. Place of delivery: Federal Reserve Bank of Minneapolis, Minneapolis, Minn.
-SUPREME COURT DEREEDSPORT, Douglas County, Ore.
-It is stated by the City
CISION UPHOLDS ISSUANCE OF BONDS
Recorder that a decision has been banded down by the State Supreme Court
upholding the right of the city to issue and sell approximately $100,000 In
water bonds for refinancing purposes, without having submitted the issue
to a vote of the people. It is considered that this decision willzapply to:all
.1
municipalities desiring to issue bonds for refinancing.
-BOND OFFERING
RENSSELAER, Rensselaer County, N. Y.
Katherine B. Sanderson, City Treasurer, will receive sealed bids until
11 a. m. on Feb. 20 for the purchase of $15.000 emergency relief bonds.
BOND SALE
-The Rensselaer County Bank & Trust Co. of Rennselaer
was awarded on Feb. 7 an issue of $5,000 poor relief bonds as 4 hs, at a
price of 100.50. The only other bidder was John L.Bame,a local investor,
who offered to pay 101.34'for 5s.
The $5,000 bonds sold are dated Feb. 5 1935 and mature $1,000 on Jan. 1
from 1936 to 1940 incl. Interest cost basis about 4.07%.
RICHLAND SCHOOL DISTRICT (P. 0. Wheeling) Ohio County,
W. Va.-BOND SALE
-The $40,000 school bonds mentioned in V. 139.
p. 4004, are stated by the District Clerk to have been sold.aasilbsiissi.
RIDLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Woodlyn),
-The
Delaware County Pa.-BID REJECTED
-BONDS REOFFERED
one bid submitted for the $100,000 not to exceed 4%% interest coupon
'
,
school bonds offered on Feb. 11-V. 140,1). 1010
-was rejected." This
was an offer for 4%s submitted by E. H. Rollins & Sons of Philadelphia.
The issue is being re-offered for sale on March 4, according to Vincent A.
Mallon, District Secretary.
RIVERTON SCHOOL DISTRICT, Burlington County, N. J.
BOND SALE
-Fred P. Hemphill, District Clerk, states that the $63,000
school bonds voted Dec. 21-V. 140, p. 172
-have been purchased, as 45,
by the State School Fund Trustees. Dated Jan. 11935. Denom. $1,000.
The Public Works Administration had agreed to furnish a loan and grant
of $85,000 for the work contemplated.
-It
ROBESON COUNTY (P. 0. Lumberton), N. C.
-BOND CALL
is stated by It. S. Dickson & Co., Inc., of Charlotte, that the County
Treasurer is now calling for redemption various road funding bonds in the
aggregate of $10,000, of an issue maturing on Sept. 1 1943.
ROCHESTER,Monroe County, N. Y.
-BOND SALE
-The $1,200,000
coupon or registered water bonds offered on Feb. 13-V. 140, io. 1010
were awarded to Barr Bros. & Co., Inc_ and the Mercantile-Commerce
Bank & Trust Co. of St. Louis and New York, jointly, as 23(s, at par plus
a premium of $1,620, equal to 100.135, a basis of about 2.22%. Dated
Feb. 1 1935 and due Feb. 1 as follows: $136.000 in 1936 and $133.000 from
1937 to 1944 incl. The bankers are re-offering the bonds for public investment at prices to yield, according to maturity, as follows: 1936. 0.50%;
1937, 1.40%; 1938. 1.75%; 1939, 1.90%; 1940, 2%; 1941. 2.10%; 1942.
2.20%; 1943. 2.30%. and 2.40% in 1944. They are stated to be general
obligations of the city, payable from ad valorem taxes on all taxable property
therein, without limitation as to rate or amount. The following other
bids were reported: The Chemical Bank & Trust Co. headed a syndicate
that submitted the second highest tender of 100.079 for 23is. This was
followed by a bid of 100.063 for 2XS, submitted by Halsey, Stuart & Co..
Darby & Co. and Burr & Co. Closely following was a tender of 100.049
for 2,104 named by Salomon Bros. & Hutzler and associates.
The Harris Trust & Savings Bank and associates offered the city 101.017
for 2H% bonds, while the First National Bank of New York headed a
group that bid 100.86 for the same coupon. Lehman Brothers and associates named a figure of 100.70 for 2Y6s. Speyer & Co. and Goldman
Sachs & Co., jointly, bid 100.66 for 2lis. The Chase National Bank. the
Bankers Trust Co. and the Marine Mist Co. offered 100.639; George B.
Gibbons & Co.. Inc., and associates offered 100.61; Brown. Harriman & Co.
and associates offered 100.579; Edward B. Smith & Co. and associates
offered 100.429 and the National City Bank and associates offereo 100.419,
all for 2s.
Financial Report-In connection with the above issue the city reports
estimated property valuation for 1935 at $811,216,000 against $812,600,000
In 1934 and assessed valuation (78% of actual) of 3632.748,793 for the current year against $633,827.915. General obligation bonds total $66,592,000
as of Feb. 1 against $66,769,560 a year ago and $64,373,370 two years ago.
The city has $1.038,000 bonds for Public Works Administration projects
authorized but not issued. Overlapping debt includes $11,7964130, the
city's share of Monroe County debt. There is a total unfunded debt of
51.650.000 against $1.800,000 a year ago.
As of Feb. 11935, the city reports tax co lections as follows (fiscal year
begins Jan. 1 and taxes become delinquent Nov. 15):
Uncoitectea
uncottectea at
City Levy
Fiscal Year End Feb. 1 1935
1935
1934
1933
518.696.079
16,244.405
18,998,390
52,898,965
3,781.056
$14,874,638
2,717,236
1,885,130
City's tax rate totaled $26.90 for 1935.
ROCKY RIVER SCHOOL DISTRICT, Cuyahoga County, Ohio
BOND SALE
-The $18,500 refunding bonds offered on Feb. 2-V. 140, p.
-were awarded as 58, at a price of par, to Fox, Einhorn & Co. of Cin506
cinnati. Dated Oct. 1 1934 and due Oct. I as follows: $1,500, 1940;
$2,000, 1941; $1,500, 1942; $2,000. 1943; 51,500 in 1944 and $2,000 from
1945 to 1949 incl.
ROSS COUNTY(P.O. Chillicothe), Ohio
-BONDS AUTHORIZED
The State Tax Commission on Feb.4 authorized the county to issue $21,000
bonds to permit payment of outstanding relief bills. The Commission also
approved an issue of $3,100 bonds to meet new relief expenditures.
-TO ISSUE REFUNDING
ROYAL OAK, Oakland County, Mich.
BONDS
-The City Commission has adopted resolutions designed to Place
-V.
into effect the general debt refunding plan promulgated some time ago.
140, p. 506. This provides for a five-year moratorium on principal payments on the $6,088,000 bonds outstanding and a reduction in the rate of
interest paid on the obligations. Refunding bonds to be issued under the
Volume 140
Financial Chronicle
1177
-BONDS OFFERED FOR INVESTTEANECK TOWNSHIP, N. J.
plan must be approved by the State Public;Debt Commission andlBondMENT
-Graham, Parsons & Co. and Ewing & Co. are offering $196,000
holders' Protective Committee.
general funding 5% bonds, due Aug. 1 1936-1955 incl., at prices to yield
-The
-BOND SALE DETAILS
RUPERT, Minidoka County, Ida.
a 4.00% to a 4.60% basis, according to maturity. These bonds are issued
$60,000 4% semi-ann. refunding bonds that were purchased by Fenton &
under Chapter 233 of the Pamphlet Laws of 1934. State of New Jersey.
Coffin of Boise
-V. 139, P. 3681-are reported to bear the date of Jan. 1
which law, it is said, provides for special security for the payment of prin1935. Due $12,000 from Jan. 1 1937 to 1941 incl. These bonds were sold
cipal and interest on these bonds.
for a premium of $50, equal to 100.08, a basis of about 3.98%. These bonds
refund various street inlet. and electric light and power plant bonds.
ISSCANCE PRO-ANNESSEE, State of
-CONFIRMATION
- POSED-It is reported that a bill was introduced in the Legislature recently,
RUSK COUNTY (P. 0. Henderson), Tex.
authorizing the issuance of $900,000 in not to exceed 434% highway reheld on March 2 to vote on the
The tentative report that an election will be
funding bonds, to take up 6% bonds of 1932.
-is,confirmed by
-V. 140, p. 1010
Issuance of $3,000.000 in road bonds
It is also stated that another bill has been introduced which would permit
County Auditor Youngblood.
the State Treasurer to cancel any of the $10,000,000 school relief bonds of
1933 that were acquired.
....
vl
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.-WARR=
SALE
-The Albert McGann Securities Co. of South Bend was the success-The execu-BOND SALE REPORT
baTEXAS, State of (P. 0. Austin)
ful bidder for an issue of $200,000 tax anticipation warrants, paying par
Centennial Central Exposition Corp. is retive committee of the Texas
plus a premium of $10 for the issue at 2% interest. Dated Feb. 1 1935 and
Ported tolhave announced that the sale of $2,000,000 of bonds that were
due June 1 1935. The Fort Wayne National Bank bid 2.49%. while the
authorized recently in aid of the centennial project, will open on March 2,
Harris Trust & Savings Bank named a rate of 2.50%. plus a premium of $27.
which is Texas Independence Day• .
-It is reported
-BOND OFFERING
SALEM, Marion County, Ore.
that sealed bids will be received until Feb. 18 by the City Recorder, for the
-RELIEF BONDS AUTHORIZED
TEXAS, State of (P. 0. Austin)
the "Wall Street
purchase of a $53.869.97 issue of improvement bonds.
The following report is taken from an Austin dispatch to
Journal" of Feb. 13: "The State Legislature has passed the bill authorizing
SCARVILLE INDEPENDENT SCHOOL DISTRICT(P.O. Scarville),
the issuance of the $3,500.000 of relief bonds, remaining of the original
Winnebago County, Iowa-BONDS VOTED-At the election held on
$20,000.000 issue authorized by amendment to the Constitution. The bill
Feb. 2-V. 140, p. 347
-the voters approved the issuance of the $26,500
permits a maximum interest rate of 3H %. Maximum interest rate in the
In school construction bonds.
original bill was 434%. Maturity dates of the new bonds are May 1 of
SCOTT COUNTY (P. 0. Davenport), Iowa-BOND SALE DETAILS
each of the seven years beginning with 1936. The State Bond Com-In connection with the sale of the $105,000 judgment bonds to the Whitemission is authorized to sell the bonds at any time without application
Phillips Co. and Glaspell, Vieth & Duncan, both of Davenport, jointly-V. from the Relief Commission, provided revenues from sale become available
140, p. 1011-it is stated by the County Auditor that the bonds were exby May 11935. The total $3,500,000 is budgeted to $500,000 per month,
changed with the above named purchasers for poor fund warrants and bear
beginning next May. Bonds cannot be sold after Aug. 26 1935 under the
Interest at 3B%.
constitutional amendment authorizing the $20,000.000 issue."
-BOND SALE DETAILS
-In conSEATTLE, King County, Wash.
--BOND OFFERING
THURSTON COUNTY (P.O. Olympia) Wash.
nection with the sale of the $800,000 4 % arterial highway bonds by the
Sealed bids will be received until 2 p. m. on March 4, according to report.
Civil Service Employees' Retirement System to a syndicate headed by
by the County Auditor, for the purchase of a $50,000 issue of relief bonds
Blyth & Co. of New York, at a price of 105.02-V. 140, P. 835
-it is stated
interest rate is not to exceed 6%, payable semi-annually.
by the City Comptroller that the Retirement System has sold the entire
Issue of $1,128,000. The bonds are dated Sept. 1 1934 and they mature
-The $42.-BOND SALE
TUSCALOOSA, Tuscaloosa County, Ala.
from Sept. 1 1936 to 1954, inclusive.
000 issue_of water works bonds offered for sale on Feb. 12-V. 140. p. 835
-was awarded to Steiner Bros. of Birmingham as 434s at a price of 97.10.
SHARON SCHOOL DISTRICT NO. 11 (P. 0. Sharon), Walworth
a basis of about 5.14%. Dated April 1 1932. Due $2.000 from 1935 to
County, Wis.-BOND ELECTION
-A special election will be held on
1955 inclusive.
Feb. 19 to vote on the issuance of $30,000 in 4% school construction bonds.
Denom. $500. Dated not later than July 1 1935. Due in from 1 to 15
-BOND ELECTION-It is reported
UDALL, Cowley County, Kan.
years after date of issue.
that an election will be held on Feb. 26 to vote on the issuance of $15,000
-BOND SALE
-The
SHOEMAKERSVILLE, Berks County, Pa.
in water works system bonds.
$65,000 coupon water system bonds offered on Feb. 8-V. 140, p. 675
-W. R.
-BOND OFFERING
URBANA, Champaign County, Ohio
were awarded as 3s to Singer, Deane & Scribner, Inc., of Pittsburgh, the
Wilson, City Auditor, will receive sealed bids until 12 m. on March 2 for
only bidders, at par plus a premium of $130, equal to 100.20. a basis of
the purchase of $12,200 4.54% refunding bonds. Dated Feb. 1 1935.
about 2.99%. Dated Feb. 1 1935 and due Feb. 1 as follows: $2,000 from
One bond for $700, others for $500. Due Oct. 1 as follows: $2,200 in
1940 to 1949, incl., and $3,000 from 1950 to 1964, incl. The bonds due
1937 and $2.000 from 1938 to 1942, incl. Interest payable A. & 0. Bids
from 1960 to 1964. incl., are callable on any interest payment date at par
for the bonds to bear interest at a rate other than 43.4 %,expressed in a
and accrued interest.
multiple of H of 1%, will also be considered. A certified check for $125.
-The
SILVIS SCHOOL DISTRICT NO. 34, III.
-BIDS REJECTED
payable to the order of the city, must accompany each proposal.
-were
$20,000 4% coupon school bonds offered on Feb. 6-V. 140, p. 835
not sold, as the bids submitted were rejected. They will be reoffered.
VAN ZANDT COUNTY(P.O.Canton),Texas-BONDSREFUNDED
Dated Jan. 1 1935 and due Jan. 1 as follows: $1,000 from 1936 to 1953.
-It is reported that this county has refunded a $450.000 issue of road,
id., and $2,000 in 1954.
series G,bonds that were approved by the voters in 1929.
SMITH COUNTY (P. 0. Carthage), Tenn.
-NOTES AUTHORIZED
-MATURITY
-The $185,000
VIRGINIA, St. Louis County, Minn.
-A bill is reported to have been signed recently by the Governor validating
hospital construction bonds that were purchased by the Wells-Dickey Co.
the issuance of $45,000 in tax anticipation notes.
-are due on
of Minneapolis as 3345 at a price of 100.76-V. 140, p. 1012
Dec. 1 as follows: $27,000, 1936 to 1940, and $25.000 in 1941 and 1942,
SOUTH ESSEX SEWERAGE DISTRICT, Mass.
-NOTE SALE
giving a basis of about 3.10%•
The district on Feb. 11 awarded an issue of $30,000 notes to the Naumkeag
Trust Co. of Salem at 0.35% discount basis. Due Nov. 15 1935. Other
VIRGINIA BEACH, Princess Anne County, Va.-BOND ELECbidders were: First of Boston Corp., 0.39%; Whiting, Weeks & Knowles.
TION-It is reported that an election will be held on Feb. 2610 vote on the
0.45%; Second National Bank of Boston, 0.465%; Merchants National
Issuance of $168,000 in sewage disposal plant bonds.
Bank of Salem, 0.49% and Faxon, Gade & CO., 0.625% •
VOLGA, Brookings County, S. Dak.-BONDS A UTHORIZEDSOUTH HEIGHTS, Beaver County, Pa.
-BOND SALE
-The $8,600
A resolution is said to have been adopted recently by the City Council
coupon refunding bonds offered on Feb. 11-V. 140, p. 507
-were awarded
Providing for the issuance of $10,000 in 434% semi-annual public hall bonds.
as 5s to Glover & MacGregor, Inc. of Pittsburgh, at par plus a premium of
Due in 15 years.
$76. equal to 100.88, a basis of about 4.845'. Dated Jan. 1 1935 and due
-BONDS SOLD TO PWADec. 1 as follows: $1.000 in 1936, 1938, 1940, 1942, 1944, 1946. 1948 and
WAKE COUNTY (P. 0. Raleigh), N. C.
1950 and $600 in 1952. The Coraopolis National Bank offered to pay par
It is stated by the Secretary of the Local Government Commission that the
for 5% bonds.
$44,500 4% senal-ann. school bonds offered for sale without success on
-were purchased at par on Feb. 5 by the Public
Jan. 22-V. 140, p. 1012
SOUTH PORTLAND Cumberland County Me.
-ADDITIONAL
Works Administration. Dated June 1 1934. Due from June 1 1935 to
INFORMATION-Harry A. Brinkerhoff, Treasurer and City Manager,
incl. II
1954
states that the $25,001) coupon refunding bonds being offered for sale on
-The
Feb. 18, as previously noted in V. 140. p. 1011, will be dated Jan. 15 1935
WAPELLO COUNTY (P. 0. Ottumwa), Iowa-BOND SALE
and are payable as to both principal and interest at the Merchants' Na$164,000 issue of coupon judgment funding bonds offered for sale on Feb. 13
tional Bank, Boston, or at the Canal National Bank. Portland. Denom. -V. 140, p. 1012
-was awarded at public auction to the White-Phillips Co.
$1,000. Due $5,000 on Jan. 15 from 1936 to 1940, incl. The bonds will
of Davenport as 234s, paying a premium of $2,276, equal to 101.3878. a
be prepared under the supervision of and certified as to genuineness by the
basis of about 2.475'. Dated Feb. 1 1935. Due from 1940 to 1945, optional
Merchants National Bank. Approving opinion of Storey, Thorndike,
on and after Nov. 1 1940.
Palmer & Dodge of Boston will be furnished the successful bidder.
WARM SPRINGS SCHOOL DISTRICT (P. 0. Oakland), Alameda
STEUBENVILLE, Jefferson County, Ohio-BONDS AUTHORIZED
-The following is an official list of the
-OTHER BIDS
County, Calif.
-The City Council has passed an ordinance providing for issuance of
$35.000 school bonds that were awarded
other bids received on Feb.5 for the 334s
$40,000 not to exceed 65' interest city building bonds. Dated April 1
at 101.197, a basis oaf bout 3.60%
to Biyth & Co. of San Francisco as
1935. Denom. $100 or multiples thereof. Due $4,000 on April 1 from 1937
-V. 140. p. 1012:
to 1946 incl.
Premium
Rate
Bidder$950.31
4%
SULLIVAN COUNTY (P. 0. Newport), N. H.
Central Bank of Oakland
-TEMPORARY
-MAR
546.20
4%
-The $80,000 tax anticipation loan offered on Feb. 11-V. 140. p. 1011
GrantiKnowlton & Co
334%213.00
was awarded to the National Shawmut Bank at 0.44% discount basis.
Dean Witter & Co
150.00
Dated Feb. 15 1935 and due Dec. 16 1935. Other bidders were: WW1, R. H. Knowlton
4.00
& Knowles, 0.49% plus $1 premium; Faxon, Gade & Co.,Weks
Heller, Bruce & Co
0.62 ;
68.50
44
E. H. Rollins & Sons,0.84% and Second National Bank of Boston,0.975 O.
The Anglo-California National Bank
SUNBURY, Northumberland County, Pa.
-BOND ISSC
=
WASHINGTON COUNTY (P. 0. Hagerstown), Md.-PROPOSED
PROVED-Approval of an issue of $5,000 street improvement bonds was
-A bill authorizing the Board of Commissioners to issue
BOND ISSUE
reported by the Pennsylvania Department of Internal Affairs on Feb. 6.
$45,000 school bonds has been introduced in the State Legislature.
SUPERIOR, Douglas County, Wis.-BOND SALE DETAILS=
-32,000,000 BONDS
WATERBURY, New Haven County, Conn.
his stated by the City Comptroller that the $69,000 534% refunding bonds
-A bill authorizing the city to issue $2,000,000 bonds,
AUTHORIZED
sold to Morris Mather & Co. of Chicago
-V. 140, p. 1011-were sold at
Including $1,000,000 for refunding purposes and the balance for streets and
par. He also reports that these bonds are being issued to take up obligageneral improvements, has been approved by both houses of the State
tions due at various dates from Jan. 3 to July 11935.
Legislature.
SYRACUSE, Onondaga County, N. Y.
-BOND SALE
-The $4,779,WATERLOO, Black Hawk County, Iowa-BONDS TO BE PUR000 coupon or registered bonds offered on Feb. 15-V. 140, p. 1011-were
CHASED
-It is reported that an issue of $190,000 4% semi-ann. city hall
awarded to a syndicate composed of Halsey, Stuart & Co. Inc.. Bancamerica-Blair Corp., Lee Iligginson Corp.. Darby & Co., Ada:ms, McEntee
building bonds will be purchased at par by the Public Works Administration.
& Co.M. F. Schlater & Co., E. Lowber Stokes & Co. and Schwabacher &
-PROPOSED BOND ISSUE
WAUSEON, Fulton County, Ohio
Co.. all of New York, as 2.20s and 234s, at par plus a premium of 3518.
The village proposes to issue $20,000 sewer construction bonds.
equal to 100.019, the net interest cost basis being about 2.21%. Award was
made as follows:
Milwaukee County, Wis.-BONDS AUTHORIZED
WAUWATOSA,
$2,000,000 welfare bonds sold as 2.20s. Due $200,000 March 1 from 1936
At a recent meeting of the City Council a resolution was passed, authorizing
to 1945 incl.
the issuance of $155.000 coupon storm water system extension bonds.
series A general refunding bonds sold as 23.(s. Due March 1 as
1,430,000
Int. rate not to exceed 434%, payable M. & S. Denom. $1,000. Dated
follows: $72,000 from 1936 to 1915 incl. and $71,000 from 1946
March 15 1935. Due from March 15 1936 to 1955 incl.
to 1955 incl.
-At an elecWAVERLY Tioga County N. Y.
-BOND ELECTION
740,000 series B refunding bonds sold as 23.s. Due $74,000 March 1
tion to be held on March 19 the voters will be asked to approve an issue of
from 1936 to 1945 incl.
$20,000 water system improvement bonds, to mature $2,000 annually from
welfare refunding bonds sold as 2. s. Due $87,000 March 1
609.000
1
4
1940 to 1949 incl.
from 1936 to 1942 incl.
Each issue is dated March 1 1935. Public re-offering is being made by the
WEBSTER COUNTY(P.O. Fort Dodge),Iowa-BONDS OFFERED
bankers at prices to yield from 0.40% to 2.50%. The Chase National
It is reported that bids were received until 2 p.m. on Feb. 15 by V. E. Hale.
Bank headed a syndicate entering the second highest bid, 100.117 for the
County Treasurer, for the purchase of a $70,000 issue of funding bonds.
and the remainder as 234s.
$2,170,000 as 2345
The bonds and attorney's opinion are to be furnished by the purchaser. si
TALLADEGA DRAINAGE DISTRICT (P. 0. Louisville) Winston
WELLS WATER DISTRICT (P. 0. Wells), Hamilton Count3717in
-RFC LOAN MADE
-It is stated by the Secretary of the
County, Miss.
-BILL VALIDATES BOND ISSUE
-A bill was introduced in the General
Board a Commissioners that the Reconstruction Finance Corporation has
Assembly on Jan. 30 legalizing, in every respect, the action of the Town
authorized a loan of $10,000 for refinancing. Ile reports that no disburseBoard in creating the above District and establishing as legal, valid and
binding obligations of the town, an issue of 353.000 4% water works system
ments have been made as yet as there has been no agreement reached with
construction bonds, dated June 1 1934 and due June 1 as follows: $2,000
the holders of the outstanding bonds as to whether or not they will accept
• rom 1935 to 1956 incl. and $3,000 from 1957 to 1959 incl.
the amount of funds made available.
WESTERVILLE, Franklin County, Ohio
TARRANT COUNTY (P. 0. Fort Worth) Tex.
-BOND SALE POST-BONDS AUTHORIZED
The Village Council passed an ordinance providing for the issuance of
-It is reported that the sale of the $240,000 twit of 43.4% semi-ann.
PONED
$10.000 5% municipal building bonds. Dated Oct. 1 1935. Denom.
-has
road bonds originally scheduled to be held on Feb. 11-V. 140, p. 835
$1,000. Due $1,000 on Oct. 1 from 1936 to 1945 incl. Int. payable
been postponed to Feb. 16. We have not been advised as to any changes in
thelparticulars of the issue. Due from Oct. 10 1935 to 1956.
1178
Financial Chronicle
WHITEHALL, Muskegon County, Mich.
-At t
-BOND ELECTION
election to be held on March 11 the voters will be asked,to.approve_an issue
of $10.000 water improvement bonds.
WICHITA, Secigwick County, Kan.
-The $211.000
-BOND SALE
Issue of 3% semi-annual internal improvement bonds offered for sale on
Feb. 11-V. 140, p. 1012
-was awarded jointly to the Harris Trust &
Savings Bank of Chicago and Estee, Payne & Co. of Topeka for a premium
of $6,471.37, equal to 103.06, a basis of about 2.40%. Dated Feb. 1 1935.
Due serially in from 1 to 10 years.
-WILLIAMSON, MitiirciTCW. ra:-BONDSALE-A
-7$94.000
Issue of4%% refunding bonds was purchased recently by Widman, Holzman
& Katz of Cincinnati. Denom. 31,000. Dated Jan. 1 1935. Due from
Jan. 1 1938 to 1947 incl. Prin. and int. (J. & J.) payable at the office of
the State Treasurer in Charleston, or at the National City Bank in New
York City. Legality approved by Caldwell & Raymond of New York.
_
.
.
WINOOSKI Chittenden County, Vt.-PROPOSED BOND ISSUE
The State Senate has passed on third reading a measure empowering the
city to issue $60,000 refunding bonds.
WINTHROP, Suffolk County, Mass.
-TEMPORARY LOAN
-Harry
W. Aiken, Town Treasurer, made award on Feb. 11 of a $50,000 revenue
anticipation loan to the National Shavrmut Bank at 0.32% discount basis,
plus a premium of $1. Due Nov. 22 1935. Other bidders were: First of
Boston Corp., 0.33% plus $1.65; First National Bank of Boston. 0.33%:
Merchants National Bank of Boston, 0.33%; Newton, Abbe dz Co.,
Faxon, Gade & Co.. 0.337; Whiting, Weeks & Knowles, 0.39%; Second
0.33%•'
National Bank of Boston 0 395%. and R. L. Day & Co.,0.57%•
.
°
WOODBURY,1Washington County, Pa.
-BONDS NOT SOLD
The $7,500 5% water system bonds,
ffered on Feb.9-V.140, p.836
-were
not sold, owing to the fact, as stated by M. Q. Baker, Borough Secretary,
that the Federal Government has refused to start our 'project until further
notice." Issue is dated Jan. 1 1935 and due $500 on Jan. 1 from 1940 to
1954 incl.; optional Jan. 11945.
•
WOODBURY COUNTY (P. 0. Sioux City), Iowa-BOND-SAYE
DETAIL
-The $130.000 Issue of funding bonds that was purchased by
the Iowa-Des Moines National Bank of Des Moines, as 25is-V. 140, p•
1012
-was awarded for a premium of $395, equal to 100.303, a basis 0
about 2.72%. Due from Jan. 1 1940 to 1945.
WORCESTER, Worcester County, Mass.
-The fol-LIST OF BIDS
lowing is a list a the bids submitted for the two loans of $500,000 each
offered for sale on Feb.8-V. 140. p. 1012:
$500,000 Due
$500.000 Due
Nov. 20 1935
Feb. 7 1936
BidderDi3COttlit BaSts---National Shawmut Bank
*0.27% plus $2
0.50% plus $6
First of Boston Corporation
*0.39
0.33 plus $3
Merchants Nation4 Bank. Boston
0.51
0.27
Washburn, Frost & Co
0.48
0.28
Day Trust Co
0.28
0.54
Faxon, Gade & Co
0.32
0.50
Second National Bank, Boston
0.30
Halsey. Stuart & Co
0.45 plus $10
-- plus $11
0.ie
State Street Trust
0.33
0. Gay & Co
0.47
Newton. Abbe & Co
0.28
0.51
Whiting. Weeks & Knowles and R. L.
Day & Co
0.28
0.49
* Accepted bids.
YPSILANTI, Washtenaw County, Mich.
-BOND REFUNDING
EFFECTED-Refunding of $14,000 special assessment bonds maturing
during the first six months of 1935 has been effected through the sale of
new 4% bonds to the Ypsilanti Gas Department. The original bonds
consisted of $7,500 paving and $6.500 sewer obligations. The refundings
are dated July 1 1935 and mature $2,000 July 1 1937 and $3,000from 1938
to 1941,incl. Callable at par upon 30 days' notiwa.
W.
--.
085
CANADA, Its Provinces and Municipa1ities.1
CANADA (Dominion of)
-MAYORS OPPOSED ARBITRARY INTEREST REDUCTION
-Mayors of larger Canadian cities are reported to be
opposed to arbitrary reduction of interest rates on outstanding bonds, such
as that contemplated by Mayor McGeer of Vancouver, who proposed reducing the coupon rate on his city's bonds by 50%. Spokesmen for larger
municipalities hold that such unilateral action "constitutes unjustifiable
repudiation of a contractual obligation andlwould destroy the credit of the
ai
CANADA (Dominion of)
-$200,000,000 CANADIAN NATIONAL
DEBT REFUNDING PLANNED
-A dispatch from Ottawa to the New
York "Times" of Feb. 13 stated as follows:
"The Canadian Government this year will refund some $200,000,000 of
obligations of the Canadian National Rye., most of them payable in New
York. The Minister of Finance proposed to-day a resolution authorizing
this course. The Government last year effected savings totaling $14,000,000
annually by floating a domestic loan for refunding. So successful was the
loan that it is believed the operation could be repeated.
"Canadian National Rys. issues which are callable this year at from par
to 103 are as follows:
4 perpetual stock
$60,833,333
7 debenture bonds
23.989,000
7 debenture bonds
23,779,000
4% gold bonds
26,000,000
35,000,000
435 o gold bonds
"In addition, these issues mature this year: $17,000,000 at 43%
.
$532,800 at 6%, and $12,355,000 at 7%. These make a grand total of
3199.489.133. which if it could be converted at 3M % would effect a saving
of over $3,000,000.
"The Government has been urged to assist the Provinces by lending
Its credit to convert their heavy debt burden but has hitherto refused,
urging that the establishment of a Central Bank will regularize the situation.
Its attempts to keep Canadian credit high in the international money
markets have been affected by the recent proposal of Mayor McGer of
Vancouver, a radical monetary reformer, arbitrarily to lower the interest
rate on Vancouver's bonds."
OAKVILLE. Ont.-PROMISESFULFILMENT OF DEBT CONTRACTS
-At a meeting of Town Council on Feb. 11 a statement was issued to
the effect that the municipality would continue to meet its commitments on the contractual basis "and will take any steps toward economy.
rather than default in our obligations."
ONTARIO (Province on-PREMIER UPHOLDS INTEREST CUT ON
MUNICIPAL DEBTS
-Action of the Provincial Government in ordering
defaulting municipalities to pay 3% interest on their bonds in 1935 and permitting others which are in default on principal only to scale their interest
rates down to that base
-was predicated on the desire to
-V. 140, p. 836
effect adjustment of debts of Ontario municipalities, Premier Mitchell F.
Hepburn declared on Feb.4. Stating, according to the Montreal "Gazette"
of Feb. 5, that "reorganization is a very common thing in private enterprises," the Premier added that adjustment of debts by a municipality
does not mean repudiation any more than does similar procedure followed by
a private company. Declaring he was fully cognizant of the importance of
maintaining the credit of the Province and its municipalities, the Premier
pointed out, however, that "certain municipalities required adjustment and
It was in the interests of the bondholders for this to be carried Out."
QUEBEC (Province of)
-REDUCTION OF INTEREST CHARGES
OPPOSED-Referring to the recent action of the Ontario Government in
ordering defaulting municipalities to pay only 3% int. on their debts during
1935 as "a law which gives extraordinary powers to the municipalities,"
L. E. Potvin, President of the Quebec Municipal Commission, declared
on Feb. 5 that "there was no law In Quebec as broad in scope" and stated
that he would oppose any suggestion that the Quebec authorities take action
similar to that,adopted in Ontario.
THREE RIVERS, Que.-BOND OFFERING-Jacques Denechaud,
City Treasurer, will receive sealed bids until 4 p.m. on Feb. 18 for the purchase of $1,294.700 4 % various issues of bonds. They will be issued in
denonas. of $100 or multiples thereof, at the purchasers' option. Separate
prices will be considered for boncis_maturing on Nov. 1 from 1935 to 1964,
incl., and from 1935 to 1950, incl. Prin. and int.(M. & N.) payable at
the head office of the Banque Canadienne Nationale in Montreal, or at
any one of the bank's branches in Three Rivers, Montreal or Quebec. A
certified check for 1%, payable to the order of the city, must accompany
each proposal. Complete prospectus may be obtained upon application to
the City Treasurer.
SASKATCHEWAN (Province of)
-BILL PROPOSES PURCHASES OF
MUNICIPAL DEBENTURES
-The "Monetary Times" of Toronto of
Feb. 9 carried the following: "Authority for the Government to purchase
"relief debentures" Issued by a Saskatchewan city, town or village is contained in an act for Relief of Distress and Unemployment, given second
reading in the Saskatchewan Legislature last week. The act empowers a
municipality which has entered into agreements with the Government on
relief costs to borrow money pending the payment of moneys due under
agreements.
"Municipalities are authorized to retire, if they wish, debentures issued
under the 1932 and 1933 Relief acts and issue new debentures to meet the
unpaid principal. The new debentures must not exceed a life of 10 Years
and need not have the authority of the local government board nor the
burgesses of the municipality. The act will expire March 31 1936."
VANCOUVER, B. C.
-BONDHOLDERS REJECT INTEREST CUT
PLAN
-The proposal of Mayor G. G. McGeer that bondholders accept a
50% reduction in interest payments for the present was flatly rejected by
representative's of the city s creditors at a meeting held in Vancouver on
Feb. 11 to consider the plan.
-V. 140. p. 1012. They then recommended
appointment of Thomas Bradshaw, municipal finance expert of Toronto
and President of the North American Life Assurance Co., to examine the
city's finances and resources with a view to determining its true financial
condition In relation to ability to discharge its obligations on the present
contractual basis. Mayor McGeer Is stated to have agreed to so advise
the City Council. The Montreal "Gazette" of Feb. 12 reported in part as
follows with respect to the meeting on the previous day:
"Mayor McGeer argued that property owners were suffering confiscation to meet civic costs while bondholders were receiving pro-war and Post
war interest payments. If the bondholders did not arrive at an arrangement
for distribution of the burden, not only their interest but their principal
would be endangered.
"Mayor McGeer saw as a solution of municipal financing throughout
Canada the appointment of a national debt refunding commission and he
asked co-operation of the bondholders in approaching the provincial and
national governments for the establishment of such a body whose operations
should be backed by those governments.
"The Mayor, throughout, made a plea for co-operation of the bondholders in meeting a situation presenting a common danger, but warned
that 'interest rates are going to come down,' if through no other way,
than through bankruptcy of the city. 'I hope we can get together in the
next 60 days, and I am willing to recommend to the City Council that no
action towards interest reduction be taken in the meantime, but I tell you
we have to move by that time.'
"Mayor McGeer presented his argument both from the standpoint of
'social justice' as between the land owner and the bondholders, and also
from the legal standpoint. The City Charter provided that property could
not be assessed at a greater value than it would bring at a sale to satisfy
a just debt, but this provision of the Charter was being disregarded.
"Though he had not time to make sure of the point, he could find nothing
In the City Charter providing for appointment of a receiver and 'If we as a
city administer our affairs honestly and levy fair taxes and fall to Pay interst, I doubt that we are in default under the contract.'
"Some of the city's bonds provided for payment in gold coin, but national
governments had made it impossible to pay in gold. He cited this as an
instance of where circumstances altered contracts.
"He thought every bondholder was entitled to the privilege of turning
in his bond for its principal amount if he were not satisfied with interest
proposals, but Vancouver should have the same privilege as the City of
London and other places of refunding at a lower rate of interest."
-The
WESTON Ont.-ASKS FOR SUPERVISION OF AFFAIRS
Town Council on Feb. 11 adopted a resolution requesting the appointment
of a supervisor by the Ontario Municipal Board. The municipality was
quoted as being in default on $34,108 of bond principal as of July 1934.
WINDSOR, Ont.-PAYMENT OF YEAR'S INTEREST ORDERED
Despite the objections of Mayor George E. Bennett, the City Council
on Feb. 11 adopted a resolution to pay a year's int. of 3% to bondholders.
The payment will total $720,000 and will be the first since Feb. 1 1933, it
is said.
YORK TOWNSHIP, Ont.-ORDERED TO PAY REDUCED INTEREST CHARGES
-Hon. David Croll, Minister of Welfare and Municipal
Affairs, ordered the township to make payment on Feb. 6 of bond interest
charges at the basic rate of 3% stipulated for municipalities in default
by the Government in a recent edict.
-V. 140, p. 836. Terming the township's decision to delay payments "a politically inspired attempt to embarass
the Government." he declared that the reduction means for the township
an immediate saving of about $15,000, and a total saving of about $350,000
In 1935.
L. E DOMMERICH & CO.
Factors
General Offices, 271 Madison Avenue
NEW YORK
Established Over 95 Years
Feb. 16 1935
POSITION WANTED
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Graduate; four years of accounting and diversified experience; desires connection
with financial and/or security house in statistical or
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address Advertiser,Box S20,
Financial Chronicle, 25
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@FedFRASER