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The Financial Situation
consumption, with the result that stocks are being
accumulated which may or may not be promptly
absorbed, but which in any event are likely to be
the
continue to rise. The automobile industry appar- fully absorbed within a reasonable length of time only
ently is working at a rather unusually high rate, and if current production is presently reduced well below
the steel industry, partly as a result of the activity current levels. Whether, as was the case last year,
of the motor industry, continues to show a rising production is being accelerated because of the fear of
trend of operations. Retail trade is said to be fairly labor troubles or greater cost at a later date, is
good at present, showing no marked indication of difficult to determine at present, but recent scattered
falling off in the immediate future. Of course there labor difficulties and reports of a number of labor
are a number of important industries which are "situations" have again brought the possibility of
not enjoying any great improvement, but the interruptions of production to the attention of the
rate of activity generally is unquestionably mak- public.
Last year relief and other similar payments were
ing a much better showing than profit and loss
substantially reduced in the spring,and there promptly
accounts.
followed a decided curtailThus the general course
ment of business activity.
be folof business seems to
Planned Economy on a World Basis
Presumably relief expendilowing the pattern carved
The Secretary of Commerce came forward
tures will be reduced again
out last year, and for much
on Wednesday before the Senate Agricultural
this spring. The matter is
same reason—huge
Committee with the suggestion that an inthe
ternational body be created whose function
rendered somewhat obGovernment expenditures
should be to allocate the world output of
scure, however, by the naof fiat deposits. Recent
goods.
ture of the work relief pro"If these assignments were given and the
figures from Washington
nations of the earth. . .could compel the
gram which, at the Presiindicate that the Federal
member nations to stick by their quotas the
dent's insistence, is apparGovernment during the
question of overproduction and surpluses
would be wiped out in a very short time," the
ently on its way through
first seven months of the
Secretary explained.
Congress. It has previcurrent fiscal year has exIt seems to us that the Secretary, who is
ously been pointed out in
usually one of the more conservative and
pended more than ,000,sensible of the President's advisers, has here
these columns that strict
000,000 as compared with
unfortunately strayed from the path of hard
adherence to all of the conwhat
somewhat more than $3,common sense. He is really suggesting
has become known as planned economy, this
ditions laid down by the
500,000,000 last year, and
time on a world-wide basis,and to say nothing
President regarding workthat during this period the
of the purely practical difficulties in the way
of any such program, human foresight and
relief expenditures is imgross deficit amounted to
wisdom have not reached the stage where anypossible if the funds reabout $2,000,000,000, as
thing of this sort is feasible, and in our
quested are to be disopinion never will.
compared with approxiAll sensible people, however, must sympabursed at all. The purpose
mately $1,900,000,000 last
thize with the objective that the Secretary
of the scheme is to provide
year. These huge funds are
has in view, which is presumably that of consigning.to each country the task of doing for
work for those who cannot
being poured out in relief
the world what it is best fitted to do. This
obtain employment elsepayments, subsidies and in
international division
is usually described as
of labor.
where. Now private emother ways in such a
We venture to suggest to the Secretary that
ployment is normally more
fashion that they find their
the best method of accomplishing this end is
abundant in the spring,
way quickly into the hands
that of simply reducing as far and as rapidly
as possible the host of arbitrary barriers desummer and early autumn
of consumers who promptstructive to international commerce.
than during the winter.
ly use them for their dayWhat the President has recently called "the
to-day needs. The situaOn this basis the expendiof natural economics" would then do
laws
the allocating the Secretary has in mind far
tion in New York City may
tures of the Government
more wisely than any board could hope to do.
not be, and probably is
for work relief ought to be
not, quite typical of the
proportionately lower durcountry as a whole, but in a general way the situation ing these months. But the funds for which the Presiis about the same all over the country. The Com- dent has asked in the name of work relief are supmissioner of Public Welfare of this city, in an official posed to be used also for useful construction and
report on Wednesday, asserted that the volume of other productive effort of a like sort. Most of this
relief provided here during the month of January type of work can be much better carried forward in
broke all previous records, and added that further open weather, and is normally done in large part
increases are now taking place daily, so that the cost during the warmer weather. It is therefore impossiof the program for the month of February is expected ble to be very certain whether or not the work relief
authorities, assuming the final passage of the .pendto reach $19,000,000.
ing bill in substantially its present form, will curtail
Outlook for the Future
This general state of affairs naturally gives rise to activities during the warmer months this year.
Work Relief in the Senate
skepticism concerning either the solidity or the enOf course at the present moment the whole matter
during quality of the improvement that is now being
reported. This doubt, which is expressed in most is more difficult to appraise by reason of the fact that
quarters, is strengthened by the suspicion, if it is not the relief measure which the House passed last week
more than a suspicion, that there is a great deal of without important change is being studied with much
anticipatory production proceedingin various branches more care and discrimination by the Senate Approof industry, that is to say, production in excess of priations Committee, headed by the redoubtable
the continuing uncertainty and wideDESPITE uneasiness concerning the possibilities of
spread
gold clause situation, the usual business indexes
678
Financial Chronicle
Senator Glass. The measure has been before the
committee for some days, and up to the moment of
this writing there is little evidence as to when it is
likely to be reported by that committee, or in what
form. The members of the committee apparently
are deeply dissatisfied with the lack of information
in their possession concerning the purposes for which
the funds are to be disbursed, and determined, if
possible, to obtain more data upon this important
aspect of the matter. According to dispatches from
Washington, the committee has secured promises
from some of the representatives of the Administration that more information will be forthcoming.
The most that Senator Glass has vouchsafed to the
public is that the bill in some form will probably be
reported before Feb. 10, at which time existing
emergency relief funds will have been exhausted. It
seems safe to suppose that direct relief distributions
will continue for the remainder of this winter, but
what will take place when the work relief regime is
supposed to replace the present system is difficult
to surmise at this time.
Feb. 2 1935
The prediction by the Attorney General of the
serious consequences in case the Supreme Court
should uphold the gold clauses seems to have made
a more widespread impression in the financial community than we wish were the case. There are a
great many who, even though not particularly in
sympathy with the original action of the Government in devaluing the dollar, now earnestly argue
that having adjusted ourselves to the monetary
situation thus imposed upon us we should not now
be asked to reverse the process and again readjust
ourselves to a dollar of the old weight and fineness.
Thus they are inclined to support various plans
by which Congress would undertake to offset a ruling by the Court upholding the gold clauses. It
seems to us that all such reasoning proceeds from
a false premise. As a matter of fact, only in a rather
limited degree have we adjusted ourselves to the
new dollar. Certain commodities definitely subject
to the world markets have had their prices adjusted
to the new conditions. The official exchange rates,
for instance, have in large measure undergone such
an adjustment.
The RFC
Price Level Unadjusted
HE bill continuing the life and extending the
But the fact remains that our price level in genlending powers of the Reconstruction Finance
eral has been subjected to no such adjustment. InCorporation has now become law. Presumably the
deed, prices of many important export products have
general scope of its operations will be broadened in
not been adjusted to allow for the fall in the gold
several directions, notably in the purchase of railvalue of the dollar. Nor is such adjustment likely
road obligations and in the mortgage lending field. while
existing trade barriers prevail, except over a
Such lending may have an important effect upon the long and
difficult period of time. Meanwhile the
course of business in some directions, but more exact failure of
prices to adjust themselves has, along with
appraisal must await more precise information.
certain other factors, given rise to extremely unsound international financial relationships. During
The Gold Clauses
1934 our merchandise export balance amounted to
HE gold clause question still remains in the
$478,000,000, according to figures just published by
realm of uncertainty and speculation. Possibly,
the Department of Commerce. During the same
but by no means certainly, the Supreme Court will
period of time our net imports of gold came to $1,hand down its decision on Monday. Naturally there
134,000,000, and our net imports of silver to $86,is no way of knowing what position or positions the
000,000. To many it may seem too extreme a stateCourt will take, and likewise no way of guessing
ment to say that in circumstances of this sort we are
what Congress will do in the event the Court rules
virtually giving away our exports, since we really
adversely to the Government or to what the Govern- have
no earthly use for more gold and silver. Perment desires in the matter of the clauses in private haps a
more moderate statement of the case would
contracts. Reports have been in circulation for be more appropriate,
but it certainly cannot be said
some time past that the Administration has worked that we as a people
have received much of real value
out a program to be put into operation at once in for the goods we
have sent abroad, over and above
such a contingency. No definite confirmation of those paid for by imports
of goods for which we
these reports is available, however, and certainly have need.
no reliable information as to what this course of
Adjustment Incomplete
action will be. There is a considerable amount of
gossip on the latter subject which is not particularly
At any rate, it is clear from what has been said
encouraging, assuming that these reports have any that we have not by any means completed the adreal basis in fact. The plans thus attributed to the justments dictated by the drastic change effected in
Administration range all the way from complicated the gold value of our currency. It seems to us inschemes for maintaining one theoretical gold price deed that to continue the dollar at its present gold
in the domestic market and another actual price in value must entail further adjustments fully as
the international market, to plans for having the troublesome as a return at this time to the old gold
States under whip and spur agree over night to an value. Moreover, the state of affairs when the latter
amendment to the Constitution definitely giving adjustment is completed would, in our opinion, be
Congress the power to do what it wishes in this much sounder than that likely to obtain if we conmatter. We of course have no way of knowing which, tinue in the other direction and attempt to carry
if any, of these schemes are under serious considera- through all the changes prompted by the present
tion in Washington. But the very nature of them, low dollar in terms of gold, which would, so we
and the persistence with which they are attributed think, involve a further enormous accumulation of
to official circle's seem to us to indicate that either useless gold and silver in our vaults, and thus make
the Administration or substantial sections of the it extremely difficult for other countries to restore
general public or both have but a poor understand- their currencies to a sound gold basis. It is for reaing of the problems involved and of the nature of sons of this sort that we should welcome a forththe solutions required.
right decision on the part of the Supreme Court up.
T
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Volume 140
Financial Chronicle
holding the gold clauses and interpreting them to
mean what they are supposed to mean, to be followed by action on the part of Congress correcting
its grievous error of ever tinkering with the gold
content of the dollar.
The Administration and Congress
HE inability of the Administration to induce the
Senate to approve our entry into the World
Court has raised the question in many minds as to
the extent that it will be able to force its will upon
Congress in a number of other issues. The difficulty
being experienced by the relief bill in the Senate
has added to the uncertainty in this respect. Were
there good assurance that Congress, if free from
Executive domination, would pursue a reasonable
and constructive course, the possibility of a more
independent legislative branch of the Federal Government during the remainder of the current session
would be heartening indeed. The trouble lies in the
fact that there are many members of influence in
Congress whose ideas are even less worthy of support than those of the Administration. This is perhaps conspicuously true of the so-called social security program. If the President should feel it
necessary to compromise with the followers of
Senator Townsend in this matter and was able by
this means to obtain social insurance legislation, the
results might be much worse than if the President
had his own way fully. It is likewise a fact that a
loosening of the President's grip upon Congress
would greatly enhance the prospect of the adoption
of harmful bonus legislation this winter.
On the other hand there is the likelihood that Congress, with the driving leadership of President Roosevelt ineffective, would become so embroiled in internal disputes and differences of view that it would
find itself unable to adopt any legislation on several important matters.
It would be fortunate indeed (although we fear
that it is highly improbable) if for reasons of this
sort the Administration were to find itself obliged
to modify its relief plans greatly, converting them
into a much more modest program designed to provide the minimum of absolutely unavoidable relief
at the least possible expense. If controversies of
this nature were to succeed in preventing any social
insurance legislation at all this winter, the country
would have cause to rejoice. There are a number
of other points at which similar observations could
equally well be made. The social insurance program,
though for the moment pushed into the background,
is particularly to be avoided if that is at all possible.
The delay and the confusion occasioned by the
apparently rather heated disputes that are springing up around the President's legislative proposals
ought to provide an opportunity for the common
sense of the nation to assert itself in respect to the
hazardous fundamental nature of the sweeping
social security proposals now before Congress and
the country.
T
Social Security Program Hazardous and Futile
At any rate, it is to be hoped that some of the
deep-lying fallacies of the notions embodied in these
proposals may obtain the consideration they deserve
from all those in a position of influence throughout the country. It ought not to be difficult for the
average business man to come to a realization of
the fact that unemployment insurance, for example, as conceived in Washington, is an economic
679
absurdity quite apart from the administrative hazards inherent in undertaking any such extended
operations as are now being planned. Let him ask
himself just how it is possible to store purchasing
power during periods of prosperity to be carried
forward for use in times of depression and unemployment. There can be no serious question of storing up goods for such a purpose, since there is not,
and has not been, even during this unusually difficult depression, any shortage of goods or the physical equipment to produce goods. If funds are invested in securities, whether government or other,
they find their way directly or indirectly into physi- •
cal goods. In cash? This is an impossibility if business is to be kept going normally, since the hoarding
of enormous sums would leave insufficient funds with
which to take up the products of industry whose
creation produced the income thus hoarded. Of
course it is possible to go through a good many motions that seem to the unthinking to be storing something that can be employed to relieve the unemployed
at a later date, perhaps meantime offsetting or concealing the true nature of what is going on by further inflationary credit expansion at the banks. But
when the time comes to convert the securities, or
whatever has been thus stored, into actual relief to
the unemployed, it will be found that such conversion can be accomplished only by just the sort of
inflationary action on the part of the banks that we
have been witnessing for the past few years in connection with the current relief program.
Similarly difficult economic problems arise in connection with efforts to institute any such sweeping
programs for old age pensions as those now before
the country. Though the President has on several
occasions soothed uneasy minds by soft words about
actuarial principles, the experts who have been advising the Administration have evidently been unable to shut their eyes entirely to the difficulties
inherent in the tasks assigned them. This is shown
by the fact that they themselves have been obliged
to admit that a reserve of $75,000,000,000 would be
required if the old age pension plan they were recommending were to be placed upon a really actuarial
basis. Now of course it is obvious that there is no
way under the sun by which the nation could add
any such amount to its savings overnight, and no
feasible plan by which any such proportion of existing savings could be segregated and earmarked for
the care of the aged in future years. They have
therefore been obliged to propose the weak substitute of having the Government assume on this account liabilities whose capitalized value runs to this
astronomical figure. To the extent of this sum,
therefore, we are giving individuals in the population future claims upon a fund against which no
savings have been accumulated at all. Levies are
nonetheless to be laid from which current payments
can be made. In time these are expected to accumulate to the amount of about $15,250,000,000, and to
remain at about that figure. The fund therefore
will always remain insolvent in the sense that its
liabilities will exceed its assets.
It is assumed apparently that this latter amount
will represent a net addition to the savings of the
community. Indeed it appears necessary to make
some such assumption if the claim is to be made that
as a people we are really laying aside a sum to provide for the aged in our midst. As for ourselves, we
confess doubt as to whether true savings will thus
680
Financial Chronicle
be increased in any such volume. We think it more
likely that the savings of the community will in a
large measure simply be transferred in time from
the savings banks and other institutions now caring
for savings to the insurance fund, that the savings of
the community will be used in much larger degree
than now in the financing of consumption, or that
the banks will in larger degree directly or indirectly
finance current consumption, so that in a broader
sense there will be no net additions to savings to
correspond to the amounts accumulating in the
funds in question. But assume for the moment that
the social reformers are correct in their assumption
that their plans will really result in such a large
increase in the rate of savings. Of course any such
assumption implies a corresponding reduction in
the rate of current consumption. Think of the
repercussions in the whole econoniic system that
would inevitably be produced by any such vast
volume of forced savings. If any interruption of the
rapid and pro forma course of Administration
measures through Congress can be utilized to induce serious thought on the part of the members of
the legislative branch concerning these more basic
aspects of this whole matter, the country will have
cause for satisfaction.
Federal Reserve Bank Statement
O the long recent succession of high records in
available bank credit another must be added
this week. The Federal Reserve Bank statement for
the week to Wednesday reflects an addition of nearly
$41,000,000 to the total of member bank deposits on
reserve account, which now are virtually double the
requirements of about $2,300,090,900. Excess reserves over requirements have been mounting with
only seasonal interruptions for more than a year
at an inordinately rapid pace, and the current total
of more than $2,200,000,000 is the highest figure
so far attained. The further swift increase now
reflected took place despite a reversal of the recent
downward trend of currency in circulation. Federal
Reserve notes showed a modest gain in the period
covered by the report, while the total money in
circulation increased $11,000,000. The trend of
the circulation figures is normal for this time of
year, and the upward movement, which now marks
the end of the post-holiday decline, can be expected
to continue into the Spring. It is patent, however,
that the aggregate of $3,068,172,000 in Federal Reserve notes, and more especially the total of $5,358,000,000 in all forms of the circulating medium,signifies only a slow diminution of the hoarding which
took place at the time of the banking crisis.
The monetary gold stock of the country increased
sharply by no less than $79,000,000 in the week of
the report, and most of this sum promptly was transferred by the Treasury to the Federal Reserve Banks,
which show an increase of their gold certificate holdings to $5,350,959,000 on Jan. 30 from $5,281,298,000
on Jan.23. But other forms of reserves were slightly
lower, and the total reserves increased only to $5,647,154,000, from $5,585,096,000. Federal Reserve
notes in actual circulation advanced to 43,068,172,000 from $3,066,915,000, while the net circulation of
Federal Reserve bank notes also increased a little
to $25,697,000 from $25,683,000. Member bank deposits on reserve account were up to $4,541,755,000
from $4,500,919,000, and the deposits with the
System were augmented further by increases in
T
Feb. 2 1935
those of the United States Treasury on general account and in other deposits, so that total deposits
were $4,792,450,000 on Jan.30, against $4,738,230,000
on Jan.23. Because of the increase in total reserves,
which more than offset the advance in deposit liabilities, the ratio of total reserves to deposit and
note liabilities combined increased to 7L8% from
71.6%. Borrowings from the System declined
slightly in the week to $7,058,000 from $8,688,000,
but industrial advances moved up with comparative
rapidity to $17,493,000 from $15,636,000. Open
market bill holdings of the Reserve banks were only
$1,000 lower at $5,538,000, while holdings of United
States Government securities were up $6,000 at $2,430,270,900.
Foreign Trade in December
HE report of the foreign trade of the United
States for the month of December shows a
reduction. Both exports and imports were again
lower in value than for the preceding month, as well
as for December,1933. The decrease in exports from
a year ago was quite heavy, and compares with an
increase for every month for more than a year, or
back to May, 1933. The decline was largely in the
foreign shipments of cotton for that month. This
has now been a marked feature of the export trade
statement for over a year. Imports in December
were lower, but the decline from a year ago was
small.
Merchandise exports for the closing month of last
year amounted to $170,676,000, the excess of exports
being $38,424,000. For the preceding month, exports
were valued at $194,909,000 and imports $150,919,000, exports in that month exceeding imports by
$43,990,000. For December, 1933, exports amounted
to $192,638,400, and imports for that month were
$133,518,000. Exports in December last were less
than for any month since July last, while the reduction in imports went back only to October.
For the calendar year 1934, merchandise exports
were valued at $2,133,414,000, and imports $1,655,049,000,the former exceedingimports by $478,365,000.
For the year 1933, exports amounted to $1,674,994,000, and imports $1,449,559,000, the excess of exports
being $225,435,000. The increase in exports last year
over the preceding year was $458,420,000, equal to
27.9 per cent. In the same comparison as to imports, there was an increase of $205,490,000, the
record for 1934 being 14.2 per cent higher than in
the preceding year. Both exports and imports for
the year just closed were larger than in both 1933
and 1932, but with the exception of those two years,
it is necessary to go back to 1911 for correspondingly low totals.
The decline in cotton shipments in the closing
month of last year was quite as heavy as it had been
in the months immediately preceding. Exports of
cotton in December were 519,986 bales, compared
with 837,756 bales for that month of 1933. Cotton
exports in December are usually close to the high
point of the year and generally exceed one million
bales. The value of cotton exports for the closing
month of 1934 was $34,988,251, compared with $44,296,356 for the same month in the year preceeding.
Cotton exports last year declined to 5,942,122 bales,
which was an unusually low total; in 1933 the movement amounted to 8,532,423 bales. The size of the
cotton crop is more or less of a controlling factor
in the movement abroad of cotton. Last year's ex-
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Volume 140
Financial Chronicle
ports of cotton were considerably below most other
years for a long time past. The decline in imports
in December last was largely in raw silk and hides
and skins. Imports of crude rubber and cane sugar
were larger.
Imports of gold for the closing month of last year
continued heavy. The value was $92,249,000, while
exports were only $140,000, the lowest since July.
Gold imports in 1934 were $1,186,671,000, a record
amount, and exports $52,759,000, the excess of imports being $1433,912,000. In no previous year do
the excess figures in either direction compare with
the return for 1934. Silver imports in December
were again quite heavy, although below the four
months preceding. The value was $8,711,000. For
the year silver imports reached a high point at $102,725,000. Exports of silver in December were $1,014,000.
The New York Stock Market
LL departments of the New York securities
market were exceptionally dull this week,
with movements somewhat irregular. There was an
obvious unwillingness on the part of traders and
investors to engage in new commitments until the
gold clause situation is clarified, and in this situation the modest liquidation outweighed the buying
in importance and the more pronounced price movements of the week were toward lower levels. Changes
were modest at all times, however, and no great variations are to be reported for the period. Much diversity of opinion existed regarding the possible findings of the Supreme Court on the four gold clause
cases now before it for settlement. Nor is it known
when the opinions will be handed down, although
most observers hold that the decisions will be made
available next Monday. Foreign exchanges moved
widely and jerkily early in the week, as banks refused to engage gold in large quantities, but the
Treasury's stabilization fund was employed to steady
the markets and conditions more nearly approximated what has come to be regarded as normal,
thereafter. Trade and industrial indices remained
favorable, on the whole, but these failed to affect
the trend.
The most active stock trading of the week occurred on Monday, when the turnover on the New
York Stock Exchange was only 692,010 shares, subsequent dealings hovering around the 500,000 share
mark. Initial price movements were almost universally lower, with losses in some leading issues
amounting to as much as 2 and 3 points. The downward movement was continued Tuesday, when preferred stocks suffered more than others. Some of
the rail equipment common stocks resisted the trend,
but the great bulk of issues closed lower. Overnight
publication of the United States Steel Corporation
report for 1934 failed to stimulate trading on
Wednesday, even though the showing compared
favorably with 1933. There was a better tone, however, and numerous small gains were recorded in all
groups of issues. The dulness continued on Thursday, with further small gains in evidence, mainly
in the carrier issues. The report of Joseph B. Eastman, the Federal Railroad Co-ordinator, made a
favorable impression, owing to his recommendation
for control of competing modes of transportation,
but his suggestion for easier reorganization of the
carriers was disliked. Railroad stocks improved
modestly in these circumstances, while other groups
-
681
also gained. The tendency yesterday was toward
lower figures, as the impending gold clause decisions
hung over the market. Trading was very slow, however, and movements remained quite modest.
In the listed bond market conditions closely resembled those prevalent in equities. There was
slight improvement in high-grade bond quotations
during the initial session of the week, but thereafter
a slow decline took place. Speculative bonds drifted
downward, with a small rally in low-priced rails on
Thursday about the only important variation.
There was a better atmosphere in foreign bonds. In
commodity markets movements were irregular and
quite similar to the small changes in securities.
Here also, the gold clause decisions were awaited
with what patience could be mustered. Foreign exchanges moved erratically until the stabilization
fund was brought to bear and adjusted the relationships. Steel-making operations for the week ending
to-day were estimated by the American Iron and
Steel Institute at 52.5% of capacity against 49.5%
last week. Demand for automobile steel now is at
its peak, however, and a recission is looked for in
the not distant future. Electric power production
throughout the country was 1,781,666,000 kilowatt
hours in the week ended Jan. 26, the Edison Electric
Institute reports, as compared with 1,778,273,000
kilowatt hours in the preceding week. Car loadings
of revenue freight for the week to Jan. 26 amounted
to 555,768 cars, a decrease of 7,187 from the previous
period, according to the American Railway Association.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 961 8c. as against 97Y the close on
/
2c.
Friday of latt week. May corn at Chicago closed
yesterday at 84c. as against 85c. on Friday of last
week. May oats at Chicago closed yesterday at
49%c. as against 511 2c. the close on Friday of last
/
week. The spot price for cotton here in New York
closed yesterday at 12.55c. as against 12.65c. the
close on Friday of last week. The spot price for
rubber closed yesterday at 12.62c. as against 12.75c.
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 5/16
pence per ounce as against 24% pence per ounce on
Friday of last week, and spot silver in New York
at 531 2c. as against 543
/
/0. on Friday of last week.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.871 8 as
/
against $4.87% the close on Friday of last week,
while cable transfers on Paris closed yesterday at
6.56%c. as against 6.531 2c. on Friday of last week.
/
Dividend actions taken during the week included
the declaration by the Green Bay & Western RR. of
a dividend of 212% on the class A debentures and
/
1% on the capital stock, both payable Feb. 11, out
of net earnings for the year 1934. One year ago 3%
was paid on these issues, and on Feb. 20 1933, 2Y %
2
each. On the New York Stock Exchange 93 stocks
reached now high levels for the year, while 296
stocks touched new low levels. On the New York
Curb Exchange 86 stocks touched new high levels
for the year, while 124 stocks touched new low levels.
Call loans on the New York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 322,810
682
Financial Chronicle
shares; on Monday they were 692,010 shares; on
Tuesday, 574,890 shares; on Wednesday, 426,040
shares; on Thursday, 525,330 shares, and on Friday,
493,580 shares. On the New York Curb Exchange
the sales last Saturday were 65.025 shares; on Monday, 123,312 shares; on Tuesday, 127,425 shares; on
Wednesday, 108,155 shares; on Thursday, 126,810
shares, and on Friday, 120,125 shares.
The stock market the present week again experienced dull and irregular sessions, which may be
attributed in a large degree to the uncertainty of
the pending decision of the Supreme Court on the
gold clause suits. At the close yesterday prices ware
lower than for the same day one week ago. General
Electric closed yesterday at 2312 against 2378 on
/
/
Friday of last week; Consolidated Gas of N. Y. at
19% against 2078; Columbia Gas & Elec. at 7against
/
7 8; Public Service of N. J. at 2578 against 271
/
1
/
%;
J. I. Case Threshing Machine at 54% against 5578;
/
International Harvester at 4114 against 41%; Sears,
/
/
Roebuck & Co. at 331 2 against 34%; Montgomery
Ward & Co. at 25% against 26%; Woolworth at
5414 against 53; American Tel. & Tel. at 105 against
/
/.
/
,
10414 and American Can at 112 against 1141 2
Allied Chemical & Dye closed yesterday at 135
against 136 on Friday of last week; E. I. du Pont
de Nemours at 94 against 941 2; National Cash Reg/
ister A at 16% against 16%;.International Nickel
at 23 against 231 National Dairy Products at 16
%;
against 16; Texas Gulf Sulphur at 35 against 34;
National Biscuit at 281 4 against 2914; Continental
/
/
Can at 651 2 against 65; Eastman Kodak at 113
/
against 114; Standard Brands at 17% against 17%;
Westinghouse Elec. & Mfg. at 3718 against 38%;
/
Columbian Carbon at 71 against 701 Lorillard at
%;
19 against 20%; United States Industrial Alcohol
/
1
2
at 362 against 39; Canada Dry at 131 8 against 15;
/
1
/
Schenley Distillers at 25 against 26, and National
Distillers at 262 against 26%.
/
1
The steel stocks at the close yesterday touched
lower levels than on Friday of last week. United
States Steel closed yesterday at 36% against 37%
/
on Friday of last week; Bethlehem Steel at 2978
/,
against 3114; Republic Steel at 1378 against 141 2
/
/
/.
/
and Youngstown Sheet & Tube at 181 2 against 191 2
In the motor group, Auburn Auto closed yesterday
/
at 2414 against 2378 on Friday of last week; General
/
/
/
Motors at 3078 against 31%; Chrysler at 371 8
3
/.
against 38, and Hupp Motors at 2% against 278
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 2214 against 23 on Friday of last week;
/
B.F. Goodrich at 978 against 1014 and U. S. Rubber
/
/,
at 14 against 14%.
The railroad shares also record declines over the
close on Friday a week ago. Pennsylvania RR.
/
closed yesterday at 2118 against 2214 on Friday of
/
/
last week; Atchison Topeka & Santa Fe at 4378
against 48%; New York Central at 17% against
18 ; Union Pacific at 101 against 10578; Southern
/
3
4
/
Pacific at 15 against 1512; Southern Railway at
/
1
2
/
%
12% against 13%, and Northern Pacific at 173
against 1778 Among the oil stocks, Standard Oil
/
.
of N. J. closed yesterday at 40 against 4218 on
/
1
2
/
Friday of last week; Shell Union Oil at 678 against
/
7 4 and Atlantic Refining at 24% against 24%. In
1,
/
the copper group, Anaconda Copper closed yesterday at 10% against 10% on Friday of last week;
/
1
2
Kennecott Copper at 16% against 16 ; American
Smelting & Refining at 34% against 35%, and
14
Phelps Dodge at 14/ against 14%.
Feb. 2 1935
European Stock Markets
IN A SERIES of uncertain and irregular markets,
prices of securities generally worked lower this
week on stock exchanges in the leading European
financial centers. Gyrations in the foreign exchange
markets affected all the securities exchanges, the
persistent strength of the dollar early in the week
being quite disconcerting, since there was little
oportunity to offset it through gold engagements.
Banks felt reluctant to contract for gold in view
of the possibility that the United States Supreme
Court might rule against the Government in the
gold clause cases, and thus produce new uncertainty
in the monetary situation. The London market was
affected not only by such considerations, but also by
a renewal of political activity and the collapse,
Wednesday, of a large London grain firm. The collapse was followed by sharp recessions in some commodities and many speculative securities. In
France, estimates of the Government's borrowing
in 1935 were revised steadily upward this week, and
now are placed at between 15,000,000,000 and 20,000,000,000 francs. The prospect of a real deficit of
these proportions was not helpful, even though Jean
Tannery, the new Governor cof the Bank of France,
made a plea for joint monetary stabilization by the
United States and Great Britain, and stoutly insisted that the franc must not be devalued, when he
submitted the annual report of the French central
bank to its stockholders, Thursday. The French
Parliament concluded, on Tuesday, its passage of
the bill authorizing the issuance of 15,000,000,000
francs short-term French Treasury bonds, which are
to be discounted with greater facility hereafter by
the Bank of France. In Germany, also, proposals
now have been made for extraordinary expedients
in Government financing. With all these adverse
factors to contend with, it is hardly a matter for
surprise that the markets were in a dubious mood.
Trade reports in all European countries remain inconclusive for the time being.
On the London Stock Exchange a sharp dip in the
dollar caused uncertainty, Monday, and the market
for securities followed an irregular course. British
funds dipped and losses also were general in the
industrial section, while most foreign securities likewise receded, with unfavorable week-end reports
from New York a factor. Gold mining stocks suffered from the new uncertainty on the value of that
metal, occasioned by the gold clause litigation in
the United States. The market again was quiet on
Tuesday, with the tone slightly better. British
funds remained in ample supply, but in the industrial department gains and losses appeared in approximately equal numbers. International issues
of all descriptions lost ground, but some gold mining
stocks reflected improved demand. Dealings were
kept to a small scale on Wednesday by the failure
of an important grain firm on the Baltic Exchange.
Although the Stock Exchange was not directly
affected, this incident produced a .general atmosphere of caution and some precautionary liquidation. The sales were readily absorbed, however, and
changes were small. British funds were unchanged,
while losses predominated in the industrial section.
Gold mining stocks continued their improvement,
until the official close, but thereafter a sharp drop
developed in some Australian gold mining stocks.
When the official trading was resumed, Thursday,
the overnight fall in Australian mines caused gen-
Volume 140
Financial Chronicle
eral uneasiness and all speculative markets felt the
effects. Gilt-edged bonds were firm as funds were
transferred to that section, but industrial and Australian gold mining issues remained dull. International securities had a better tone, owing to improved advices from New York. The uncertainties
of the grain firm collapse were overcome yesterday,
and improvement was noted in all departments of
the market. Activity also increased, owing to the
better tone.
Nervousness regarding the international currency
situation prevailed on the Paris Bourse in the initial
trading session of the week, and all securities were
marked lower. Fears were expressed that the gold
clause decision might go against the United States
Government and result in upward revaluation of the
dollar. French opinion in general would favor such
a development, but the intervening period of uncertainty would be viewed with distaste. This matter,
coupled with the indications of French Treasury
resort to bank financing, caused general liquidation.
Rentes, French equities and international securities
all suffered in the movement. The tendency was
better on Tuesday, with business on a very modest
scale. Small purchases sufficed to lift quotations,
and the gains were almost as marked as the losses
of the preceding period. In an equally dull market,
Wednesday, prices again turned downward in most
sections of the market. Rentes held better than
French bank, industrial or utility stocks. International securities drifted lower. Once again the
tendency was reversed on Thursday, largely owing
to the favorable annual report of the Bank of France,
which Governor Jean Tannery submitted on that
day. Rentes made slight advances; French bank
stocks also moved upward, while other equities and
international issues showed better gains still. Further gains were registered in a more active session
yesterday. Confidence increased and demand appeared for all types of issues.
On the Berlin Boerse trading in newly-converted
bonds overshadowed the dealings in Monday's session. Under a Government order, many mortgage
bonds were reduced in yield from 6% to 4%,and
sharp reductions in market quotations followed the
change on Monday. Most German equities also lost
ground, although a few scattered gains appeared
among the heavy industrial issues. The tone was
better, Tuesday, on reports that the conversion operation was a "success." Bonds came into better demand and that section of the market steadied. A
general advance took place in stocks of all descriptions. In an uncertain market, Wednesday, most
movements were toward higher levels. A few advances of 2 to 3 points were reported in equities,
while most of the bond market was firm. Irregularity again prevailed on Thursday, with the chief
movements downward. All parts of the market
were affected, but most losses were measured only
in fractions and dealings were on a smaller scale
than earlier in the week. There was a better tone
on the Boerse yesterday, and losses of the previous
session easily were regained.
683
the three protocols for American entry. The vote
of 52 for adherence to 36 against proved a distinct
surprise, owing to the Democratic strength in the
upper Chamber. Since the Congressional elections
of last November it had been assumed that almost
any measure with full Administration support
would be sure of passage in this session. When
the debates reached their climax, however, opponents
of American entry summoned all their resources and
the necessary two-thirds vote in favor of the proposal was lacking. The proponents of the measure
needed 59 votes in the Senate, and President Roosevelt made personal appeals to a number of Senators
to support adherence, but these did not suffice to
change the result. The rebuff to the Administration
thus administered is a matter of primary importance, but no less significant is the international
effect. The protocols contained a reservation that
the Court could not consider any matter in which
the United States had or claimed an interest, over
its protest. Defeat of American entry in these circumstances emphasizes all the more clearly the evident desire of the country to remain aloof from entangling alliances or arrangements, and it signifies a reaffirmation of the traditional American foreign policy.
The principle embodied in the World Court is that
of settling international disputes by juridical means,
and it is hardly to be denied that this is an admirable
ideal. But it remains true that the Court has made
no great contributions toward peaceful settlement
of vital issues that might result in resort to warfare.
Until the nations as a whole show a greater desire
for amicable adjustment of really important issues,
it is, perhaps, just as well that the recurrent efforts
for American adherence meet defeat in the United
States Senate. Proposal for American adherence to
the World (Court have been under debate in this
country for a dozen years, and all Presidents have
consistently favored entry in that time. Resolutions
for American adherence, with reservations similar
to those now proposed, were favored in 1926 by a
Senate vote of 76 to 17, but some members of the
Court were not content with the reservations and
the project failed on that account. After much further consideration the three protocols now defeated
by the Senate were signed in 1929, and the assurance
then was extended that leading members of the
Court would accept the reservations. This seemed
to bring American entry perceptibly nearer, but
Washington observers now report that the dubious
situation in Europe, coupled with the defaults on
war debts by all major countries, did much to increase the general American opposition to entry.
It is now believed in Washington that no further
effort to obtain Senate consent to adherence will
be made for a long time to come.
Trade Agreements
HERE have been numerous reports recently of
reciprocal tariff agreements between the
United States and other nations, and of impending
conversations regarding still further trade arrangements. The excellent agreement made with Cuba
World Court Adherence Denied
last summer stimulated interest in additional
ESPITE earnest efforts by the Administration treaties. It was reported late last year that treaties
and eloquent pleas by' its spokesmen, Amer- with Brazil, Colombia and Haiti were concluded,
adherence to the permanent Court of Interna- and the impression was given that they would be
ican
tional Justice was defeated in the United States signed in the first few days of 1935. But signatures
Senate, Tuesday, when the final vote was taken on to such documents still are lacking, and the texts
D
T
6f34
Financial Chronicle
have not been divulged. In the case of Brazil, the
proposed treaty arrangements were postponed when
that country announced its decision to send a formal
mission to the United States for discussion of debt
and commercial problems. The mission, headed by
Finance Minister Arthur de Souza Costa, arrived in
New York late last week and was promptly whisked
off to Washington for discussions with State Department officials. In the meantime, the State Department has given notice of an intention to negotiate
trade pacts with Canada and Italy, as well as with
the dozen nations previously mentioned in this connection. Preliminary hearings before the Committee for Reciprocity Information have been set for
March 18 in the case of Canada, while the similar
hearing on the Italian treaty is to be held March 4.
In testimony before the Senate Agricultural Committee, Thursday, Secretary of State Cordell Hull
voiced the opinion that all nations should consider
in a general conference, ways and means of reducing trade barriers and stimulating the international
interchange of goods.
Armaments
ND, sea and air armaments promise to be a matter for debate among the leading nations for
years to come, and any measures to be taken in the
future almost of necessity will represent progress
toward limitation. After some years of discussion
of land and air armaments, prospects for an agreement on limitation are slim indeed, but some measure of control along lines suggested by the United
States may prove possible. Arthur Henderson,
President of the General Disarmament Conference,
announced on Tuesday that the Committee on Arms
Traffic would meet in Geneva on Feb. 14 to examine
the American proposals for control of arms manufacture and international traffic in armaments.
The Conference has now been in progress almost
exactly three years, as it was first convened, with
fanfare and high hopes, early in February 1932. Its
achievements are quite unimpressive, and perhaps
the best thing that can be said about it is the evident
desire of some leading countries to continue the conversations. The American proposal for "control"
is only a faint shadow of the original ideas of drastic reduction and limitation of land and air armaments considered when the Conference started, but
any international agreement on the problem now
would be considered a gain. It is possible, moreover, that greater accomplishments will prove feasible after some settlement is reached on the problem of German rearmament, which now is under
consideration by British and French diplomatists.
The problem of sea armaments limitation was
considered settled until the London conferences last
year revealed the differences among British, American and Japanese negotiators on this phase of the
armaments problem. Denunciation by Japan, at
the end of 1934, of the Washington treaty reopened
the whole question of naval forces. In London and
Washington, however, the hope prevails that an
agreement will be attained on naval armaments before the existing treaties expire at the end of 1936.
Prime Minister Ramsay MacDonald was interpellated in the House of Commons, Monday, on this
problem. The Prime Minister then declared that
"his Majesty's Government would regard it as a
matter of grave concern if there should be failure
to negotiate, before the treaty terminated, a new
E
Feb. 2 1935
arrangement for limiting and regulating the future
construction of naval armaments." The frank and
friendly spirit that always has characterized the
relations of the British and American Governments
was emphasized by- Mr. MacDonald, who added that
the Japanese decision caused sincere regret, since
the Washington treaty served "the invaluable purpose of avoiding competition, with all its attendant
evils of
and extravagance." Contrasting
sharply with the British declaration was a statement made in the Japanese Diet on the same day by
Admiral Mineo Osumi, Minister of the Navy in the
Cabinet of that country. The Japanese Government
is doing its best to avoid a naval race, Admiral
Osumi declared, but if any such race develops then
the Japanese people must be prepared to see it
through "even if we are reduced to eating rice
gruel."
The recent naval negotiations in London were discussed in broad terms from the American viewpoint,
Tuesday, by Norman H. Davis, American Ambassador-at-Large, who headed the American delegation
in the naval discussions. Speaking before the Council on Foreign Relations, at the Hotel Ritz-Carlton,
New York, Mr. Davis expressed the opinion that an
agreement can be reached, and he also attempted to
allay any Japanese uneasiness over the extensive
American building program. It was made plain,
however, in this first address by the American Ambassador since the negotiations ended, that the
American policy is unaltered. The United States
holds firmly to the principle of "equality of security," he said, and regards the Japanese suggestion
for equality of armaments as "utterly incompatible
with equal security." The significance of the 5-5-3
ratio has been somewhat misunderstood, Mr. Davis
continued. It has been erroneously considered by
some to mean or to imply a different degree of
national prestige or sovereign right, whereas it
means nothing of the kind. Military power consists
of a navy, an army and an air force, and the combined strength of Japan in these three branches of
arms is greater than that of the United States. But
this does not affect the national prestige of the
United States, he remarked. Mr. Davis declared
fallacious the theory that naval disarmament could
be achieved by doing away with so-called "offensive
weapons," since it is impossible, in naval warfare,
to differentiate between offensive and defensive
arms. It was pointed out in this address that the
United States has no territorial ambitions and now
is dedicated, in international affairs, to the policy
of the good neighbor. "No other country needs to
fear any serious disagreement with us unless it disregards treaties to which we are a party and invades
and impairs our rights," Mr. Davis said.
Franco-British Conversations
FFICIALS of the British and French Governments are to conclude in London, to-day, several days of negotiations regarding the effects of
German rearmament and the steps to be taken in
order to induce the Reich to return to the League
of Nations and sign the various regional security
pacts recently proposed. The conversations took
their rise from the change in the French Government, last year, and the more conciliatory attitude
toward Germany displayed by the present regime
of Premier Pierre-Etienne Flandin. 31. Flandin,
together with his Foreign Minister, Pierre Laval,
O
Volume 140
Financial Chronicle
arrived in London late Thursday, on the invitation
of the British Foreign Secretary, Sir John Simon,
who was reported some time ago as believing that
the time now is ripe for a real advance toward
European diplomatic adjustments. The British
Foreign Office pieced together an elaborate scheme
for settlement of some outstanding matters, London
dispatches state, but as the details of the proposal
became known they aroused a storm of opposition
in France. In the nationalist press of that country
and also in Parliament, Premier Flandin and Foreign Minister Laval were criticized sharply for contemplating such manifestations of "weakness." The
old cry was raised that France must arm ever more
heavily to combat the German menace. It is a fair
guess that these developments have stiffened the
attitudes of the two French negotiators, who are
now said to be far less eager to make concessions
than they were a month ago. The optimism of the
British Foreign Office has waned decidedly of late,
and it is now a question whether any real gains
were made in the last two days of discussions.
The draft formula, around which the debate is
believed to have centered, calls for a number of
sweeping arrangements, which would require the
close co-operation of Germany. As reported in a
London dispatch of Wednesday to the New York
"Times," this formula includes an endorsement by
Great Britain of the recent Franco-Italian declaration against unilateral disregard of the armaments
clauses of the Versailles treaty. But it also would
reaffirm the declaration of Dec. 11 1932, in which
five leading governments expressed a desire for practical realization of the principles of equality and
security. The solution proposed, the dispatch states,
is a statement declaring inoperative certain clauses
of the Versailles treaty covering armaments, on the
understanding that a general armaments treaty
must be achieved at Geneva, with suitable guarantees of execution. Included in the scheme would
be an endeavor to obtain German adherence to such
regional pacts as the proposed Eastern Locarno accord, and the general accord guaranteeing Austrian
independence. The British statesmen who are said
to have outlined this scheme doubtless have taken
all factors into consideration. Many observers are
puzzled, however, by such matters as the persistent
German declarations that the Reich must be accorded equality before a return to Geneva could even
be considered. The known German views, coupled
with the growing French opposition, have tended to
dampen any optimism felt some weeks ago when the
French visit to London was first announced. In the
course of the current conferences, stabilization of
currencies is sure to come up, but progress in that
direction is altogether unlikely.
685
ment, but democratic governments throughout the
world were challenged to show equally good results.
The close control of Germany exercised by the Hitlerites was again illustrated by publication of a law,
Tuesday, which places all the German States under
the Federal power directly and re-partitions them
into 20 geographic units. This project has been
under consideration for months, but it appears that
final consummation of the plan will depend upon a
further decree, now being prepared. Governors of
the new provinces or departments will be appointed
by the Chancellor, when the plan finally is made
effective. Berlin reports state that the Federal
German Government will proceed first with municipal administrative procedure before issuing the decree for the change to provincial administration.
The Mayors of German cities, it appears, no longer
will be elected by the citizens, but also will be appointed by the Nazi leaders.
In the financial sphere the German authorities
now are engaged in Measures which are not a little
reminiscent of steps taken in other countries recently. Announcement was made in Berlin late
last week that the Government had placed with
German savings institutions a 500,000,000-mark
4 % loan due in 28 years and priced at 98%. In
/
1
2
effect, this loan merely will retire an equal amount
of short-term labor-creation bills, which the banks
have been holding. The aggregate of labor-creation
bills outstanding is estimated at 4,000,000,000 marks,
so that further transactions of this nature are anticipated. The Government also plans to float a
1,000,000,000-mark loan, in a public subscription
campaign designed to reach small investors much
in the manner Liberty bonds were floated in the
United States, a report to the New York "Times"
states. Equally significant is a decree of the Cabinet, signed Jan. 24, which forces the holders of
approximately 8,000,000,000 marks of gilt-edged
bonds in Germany to accept lower interest rates
than were stipulated in the contracts. The interest
rate reduction on these obligations is to be from 6%
to 4 %, and the annual saving is estimated at
/
1
2
120,000,000 marks. This "conversion" plan is described as "voluntary," and German investors who
do not care to accept the reduction will be able to
make protests. But such an action would certainly
be regarded as unpatriotic, not to say treasonable, a
dispatch to the New York "Herald Tribune" remarks.
The interest rate reduction is to be effected on mortgage bonds of all types, and it is indicated that only
4 % bonds hereafter will be quoted on the Berlin
/
1
2
Boerse, while bonds with higher rates will cease
to be valid as collateral for loans.
Soviet Russia
.MOST immediately after they were resumed,
German Politics and Financing
on Thursday, negotiations for settlement of
HANCELLOR ADOLF HITLER and his numer- the Czarist and Kerensky debts owed by Soviet Rusous Nazi followers in Germany celebrated, on sia to the United States Government and its citizens
Wednesday, the second anniversary of "Der Fueh- were discontinued again at the State Department
rer's" appointment as Chancellor rather more in Washington. Alexander A. Troyanovsky, the
quietly than the first celebration was carried out Soviet Ambassador to the United States, recently
last year. A proclamation issued by the Chancellor- returned from Moscow, and it was widely reported
President states that the Nazi regime fulfilled in that progress on the debt negotiations now would
the first half of the four-year period originally de- be probable. The Soviet official was said to have
manded for national recovery, more than two-thirds under contemplation recommendations to his Govof what was promised. The statement was couched ernment for the flotation of a bond issue in the
in general terms and was not buttressed by any United States. In some quarters this was accepted
statistics to indicate the form of the alleged improve- as an intimation that the debt impasse might be
A
C
686
Financial Chronicle
surmounted in such fashion. It appears, however,
that M. Troyanovsky merely informed Secretary of
State Cordell Hull, on Thursday, that an American
proposal made last summer for debt adjustments
involving the extension of credits through the Export-Import Bank was unacceptable. Mr. Hull
issued a statement thereafter in which he expressed
the view that an agreement is not now possible,
owing to the attitude of the Soviet Government. "I
say this regretfully," Mr. Hull added,"because I am
in sympathy with the desire of American manufacturers and agricultural producers to find a market
for their goods in the Soviet Union, and with American claimants whose property has been confiscated.
There seems to be scarcely any reason to doubt that
the negotiations which seemed to be promising at
the start must now be regarded as having come to
an end." Not only was the United States willing to
accept a "greatly reduced sum" payable over a period
of years, but the United States indicated that it
would accept payment through the application of a
rate of interest beyond the ordinary rate of interest
on credits extended to the Soviet Government with
the financial assistance of the United States, the
statement said. In Washington dispatches it was
pointed out that the special Export-Import Bank set
up to finance trade with Russia now probably will
be dissolved.
Within Soviet Russia, most of the excitement
occasioned by the assassination of a high official of
the Communist party now seems to have died away
and ordinary concerns again are occupying the
country. No less, than 117 persons were tried and
executed after the assassination. Counter-revolutionary charges were brought against such prominent former leaders of the Soviet regime as Gregory
Zinovieff and Lev Kameneff, and these officials, together with 17 others, were convicted and sentenced
to long prison terms. In addition, 78 persons were
placed in concentration camps or "exiled" to specific towns where they will enjoy only a limited freedom. But such incidents apparently received scant
attention in the meetings of the All-Union Congress
of Soviets, which started Monday in Moscow. In a
confident keynote speech, Premier Vyacheslaff M.
Molotoff pictured the Soviet Union as a young giant,
amply able to defend itself. The first five-year plan
was not completely fulfilled, he said, because the
country had to build up its defenses, but it was
pointed out that production in Russia has forged
steadily ahead throughout the depression, whereas
in all other countries declines have been the rule.
Gold production and foreign exchange resources of
Russia have increased six-fold in the four years since
the last All-Union Congress was held, Premier Mob.
toff said, while foreign debts had been reduced by
three-fourths of the 1931 total. "We are now in a
position to demand satisfactory terms on our foreign
trade transactions," he added. The country's defenses and armaments have been built up tremendously in recent years, but emphatic expression was
given the Soviet desire for peace.
Revolt in Uruguay
EVOLUTIONARY disturbances were started in
Uruguay last Sunday, and were made known
to the world chiefly by a Government announcement that a plot had been thwarted in the Province
of Minas, 60 miles from Montevideo, the capital. A
strict censorship was imposed immediately by the
R
Feb. 2 1935
Government of the Dictator-President, Gabriel
Terra, and the real course of the rebellion and the
Government's efforts to subdue it are not entirely
clear. Reports from Montevideo state that the
18,000 regular troops at the command of the Federal
regime were called out last Monday to combat
sporadic groups of agitators and revolutionists. The
Congress immediately voted the President power to
arrest all leaders of the opposition, and under this
authority Domingo Baque, head of the opposition
Nationalist party, was taken into custody on Tuesday. But the revolt really is led by Basilio Munoz,
and that 80-year-old military and political figure
remains at large. Occasional encounters were reported in various parts of the country, and the Government announcements said the loyal troops were
systematically squelching the rebel bands. But the
independent and possibly more reliable reports from
Buenos Aires said that the revolt has reached widespread proportions, with a number of major political groups arrayed against President Gabriel Terra.
The rebels are said to plan guerrilla warfare until
they can concentrate their forces and count upon
sufficient popular support to force the resignation
of President Terra. The latter, however, always has
demonstrated great resourcefulness in his long political career, and there are no reports of widespread
disaffection in regular army units. Few revolutions
in Latin America succeed without the aid of the
army.
Discount Rates of Foreign CentraljBanks
THERE have been no changes during the week in
1 the discount rate of any ofithe foreign central
banks. Present rates at the leading/centers are shown
in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Date
Established
PreNow
Rate
444
234
7
441
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
534
5
334
4
244
2
5
4
214
4
7
244
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 18 1933
434
3
3
244
534
444
3
5
744
3
Rate In
Erna
Feb. 1
Austria__
Belgium__
.
Bulgaria___
Chile
Colombia._
Czechoslovakia___
Danzig. _ _.
Denmark__
England..__
Estonia__
Finland__
France_ _ __
Germany__
Greece ____
Holland ___
Country
Hungary _India
Ireland.
Italy
Japan
Java
Jugoslavia _
Lithuania
Norway
Poland
Portugal
Rumania —
SouthAtrica
Spain
Sweden
Switzerland
Rate tn
Effeet
Date
Feb. 1 Established
434
334
3
4
3.65
344
5
6
334
5
5
434
4
6
234
2
Oct. 17 1932
Feb. 16 1934
June 30 1932
Nov. 26 1934
July 3 1933
Oct. 31 1934
Jan. 18 1935
Jan. 2 1934
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
Feb. 21 1933
Oct. 22 1932
Dec. 1 1933
Jan 22 1021
pro
stow
Rate
5
4
344
3
3
4
634
7
4
6
5%
6
5
634
3
2t4
Foreign Money Rates
IN LONDON open market discounts:for short bills
on Friday were 5-16@/%, as against 5-16@9%
on Friday of last week, and %% for three-months'
bills as against 5-16@%% on Friday of last week.
Money on call in London yesterday was Y
i
,%. At
Paris the open market rate was raised on Jan. 25
from M% to 17 %, while in Switzerland the rate
4
remains at 13/2%.
Bank of England Statement
HE statement of the Bank for the week ended
Jan. 30 shows a further gain of £64,135 in gold
holdings, raising the total to another record high,
£193,059,591; a year ago holdings aggregated £191,795,851. As the gain in gold was attended by an
expansion of £1,117,000 in circulation, reserves full
off £1,053,000. Public deposits rose £3,980,000 and
other deposits decreased £3,530,388. The latter
consists of bankers'accounts which declined £9,282,480 and other accounts which increased £5,722,092.
The reserve ratio dropped slightly to 48.21% from
T
Financial Chronicle
Volume ldn
49.00% a week ago; last year the ratio was 52.05%.
Loans on Government securities increased £1,400,000
and those on other securities £129,042. The latter
consists of discounts and advances which rose L169,116 and securities which fell off £40,074. No change
was made in the 2% discount rate. Below are the
figures with comparisons for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Jan. 30
1935
Circulation
Public deposits
Other deposits
Bankers'accounts_
Other accounts_
Govt.securities
Other securities
Diset.& advances_
Securities
Reserve notes & coin
Coln and bullion
Proportion of reserve
to liabilities
Bank rate
Jan. 31
1934
Feb. 1
1933
Feb. 3
1932
Feb. 4
1931
£
£
£
£
£
374.941,000 366,661,673 357,309,815 347,665,986 349.486.432
20,949,000 25,154.293 42,245,113 4.801,980 9,860,978
141.057,928 138,400,553 102,940,514 110,171,181 96,143,687
98,955,896 100,593,585 67,761,988 77,325,791 62.575,654
42,102,032 37,806,968 35,178,526 32,845,390 33,568,033
82.522,413 77,057,869 89,378,138 40,700,906 43,029.952
19,517,947 19,496,406 29,133,769 53,754,626 29,528,490
9.290,627 8,178,324 11,943,009 13,634,499 6,324.544
10,227,320 11,318,082 17,190,761 40,120,127 23,203,946
78,118,000 85,134,178 44,811,714 48,646,690 51,553,829
193,059,591 191,795,851 127,121,529 121,312,676 141,040,261
48.21%
2%
52.05%
2%
30.86%
2%
38.92%
6%
48.63%
3%
Bank of France Statement
HE weekly statement of the Bank of France
dated Jan. 25 shows an increase in gold holdings
of 76,575,879 francs. The Bank's gold now aggregates 82,014,004,268 francs, in comparison with
77,054,987,969 francs a year ago and 82,167,288,654
francs two years ago. French commercial bills discounted and creditor current accounts record increases
of 577,000,000 francs and 717,000,000 francs, while
•advances against securities dropped 53,000,000 francs.
Notes in circulation reveal a contraction of 373,000,000 francs, bringing the total of the item down
to 81,685,848,680 francs. Circulation last year was
79,474,159,335 francs and the previous year 83,313,717,365 francs. The proportion of gold on hand
to sight liabilities stands now at 80.48%, compared
with 78.97% the corresponding period a year ago and
77.47% the year before. Below we furnish a comparison of the different items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Jan. 25 1935
Jan. 26 1934
Jan. 27 1933
Francs
Francs
Francs
Francs
Gold holdings
+76.575,879 82,014,004.268 77,054,987,969 82,167,288,654
Credit ha's. abroad_
No change
10,572,277
16,214,172 2,939,676,490
a French commercial
bills discounted
+577.000,000 4,004,147,914 4,486,390,891 3,141,662,316
b Bills bought abr'd
No change
952,196,012 1,113,533,609 1,494,242,056
Adv. against secure_
—53,000,000 3,148,365,966 2,893,141,296 2,536,550,151
Note circulation_
—373,000,000 81,685.848,680 79,474,159,335 83,313,717,365
Credit current accts. +717,000,000 20,224,379.768 18,106,263,297 22,743,063,435
Proport'n of gold on
hand to sight Bab_
—0.19%
80.48'i
77.47%
78.97%
a Includes bills purchased in France. b Includes bills discounted abroad.
687
nominal at %@1% for two to five months and 1@,
131 % for six months. The market for prime com.
mercial paper has been active all through the present
week. There has been a goodly supply of paper
available and the transactions have shown some
improvement over the previous week. Rates are
Y for extra choice names running from four to
i%
six months and 1% for names less known.
Bankers' Acceptances
TRANSACTIONS in prime bankers' acceptances
have been extremely dull this week. Very few •
bills have been available and little interest has been
manifest. Rates are unchanged. Quotations of the
American Acceptance Council for bills up to and
including 90 days are 3-16% bid and IA% asked;
for four months, 5-16% bid and Y % asked; for five
.
l
and six months, 4% bid and /% asked. The bill
1
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 $5,539,000 to $5,538,000. Their holdings of
acceptances for foreign correspondents remain unchanged at $317,000. 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:
Prime eligible bills
SPOT DELIVERY
—180 Day,— —150 D(418--.. —120 DaVS—
BM
Asked
Bid
Asked
Bid
Asked
34
—90 Days—
Bid
Asked
Prime eligible bills
--Go Dayi—
Bid
tie
Asked
-30 Days—
Bid
Asked
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
54% bid
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
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate in
Effect on
Feb. 1
2
194
Date
Established
Putters*
Rats
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
Feb. 3 1934
Jan. 11 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
Jan. 8 1935
Dee. 21 1934
Jan. 8 1935
Feb. 16 1934
24
2
294
254
New York Money Market
2
214
2
234
USINESS in the New York money market was of
2%
2
234
a routine nature and on a very modest scale this
254
234
3
week. The pressure of idle funds continued to
234
a
2
254
increase, but demand remained lilliputian in comparison. The United States Treasury sold on MonCourse of Sterling Exchange
day a further issue of $75,000,000 discount bills,
TERLING exchange continues steady and exdue in 182 days, and the average rate on awards
tremely dull. Fluctuations were within a narwas 0.14%, computed on an annual bank discount
basis. Call loans held to 1% on the New York rower range than last week. Sterling is also firmer
Stock Exchange, while counter trades were reported in terms of French francs. The range this week has
4%. Time loans were again 3
every day at 3
4@1% been between $4.8534 and $4.87 for bankers' sight
for all transactions and maturities. Commercial bills, compared with a range of between $4.87 and
8
paper and bankers' bill rates likewise were con- 164.893/ last week. The range for cable transfers has
been between .853i and $4.85%, compared with
/
tinued.
a range of between $4.873 and $4.893 a week ago.
A
4
New York Money Rates
The following tables give the mean London check
EALING in detail with call loan rates on the rate on Paris from day to day, the London open marStock Exchange from day to day, 1% remained ket gold price and the price paid for gold by the
ruling quotation all through the week for both United States:
the
MEAN LONDON CHECK RATE ON PARIS
new loans and renewals. The market for time money
26
74.625 I Wednesday, Jan. 30
74.322
shown no activity this week. Few inquiries and Saturday,Jan, 28
has
74.675 I Thursday, Jan. 31
Monday, Jan.
74.327
transactions have been reported. Rates are Tuesday, Jan. 29
74.436 I Friday,
no
Feb. 1
74.228
B
S
D
688
Financial Chronicle
LONDON OPEN MARKET GOLD PRICE
Saturday, Jan.26
141s. Od.
Wednesday,Jan. 30 _ _142s. Id.
Monday, Jan.28
141s. 6d.
Thursday, Jan. 31 __I42s. Id.
Tuesday, Jan.29
141s. 834d. I Friday,
Feb. 1 __142s. 4d.
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Jan. 26
35.00
35.00 I Wednesday, Jan. 30
Monday, Jan. 28
35.00
35.00 I Thursday, Jan. 31
Tuesday, Jan. 29
35.00
35.00 Friday,
Feb. 1
Feb. 2 1935
quite generally agreed there that a return to gold
and stabilization of the currencies would be most desirable, but the London bankers feel that the conditions necessary to the successful operation of the gold
standard will not be created in the near future. The
severe limitations which have been placed upon international trade in the past year or more are reflected
in the difficult position of the London discount market. Under normal conditions of exchange such as
existed before the war, the discount market was
enabled to function profitably because of the vast
amount of bills drawn upon London. In addition,
the discount market dealt heavily in Treasury bills.
The small volume of commercial bills and the Government's policy of steadily reducing its issues of short
bills has forced discount rates to an almost nominal
and wholly unremunerative level, the current rate for
three-months'Government bills being less than %%.
This policy is forcing still more idle money into the
market and accentuating the depression of rates.
The London discount market is being driven into
other channels of activity to meet overhead expenses.
The declining trend in interest rates in Lombard
Street may be judged from a consideration of the
drop in day-to-day money, call money against bills.
This is now 0.25%. Last October it was 0.50% to
0.75%. In January 1934 its average was 0.86%.
Two-months' bills are currently quoted 5-16% to %%,.
three-months' bills /%,four-months' bills /% 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 destination, largely by private
hoarders, and some doubtless for American account.
On Saturday last there was available and so taken
£232,000; on Monday, £530,000; on Tuesday,
£545,000; on Wednesday, £284,000; on Thursday,
£884,000, and on Friday, £133,000. The Bank of
England statement for the week ended Jan. 30 shows
an increase in gold holdings of £64,135. Total gold
holdings now stand at £193,059,591 (largest in the
Bank's history), which compares with £191,795,851
a year ago and with the minimum £150,000,000
recommended by the Cunliffe Committee.
At the Port of New York the gold movement for
the week ended Jan. 30, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$72,464,000, of which $37,507,000 came from England, $12,308,000 from France, $11,351,000 from
Holland, $3,932,000 from Mexico, $3,514,000 from
India, $2,102,000 from Colombia, $1,677,000 from
Canada and $73,000 from Panama. There were no
gold exports. The Reserve Bank reported a decrease
of $867,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended Jan. 30, as reported by
the Federal Reserve Bank of New York, was as
follows:
The foreign exchange market has been nervous and
erratic since Jan. 15 owing to widespread anxiety as
to the outcome of the gold clause litigation now before
the Supreme Court. Sterling is less affected by this
uncertainty than are the European gold bloc units.
The gyrations of the Continental currencies with respect to the dollar hold the center of interest. Both
sterling and dollar futures have been at substantial
premiums with respect to French francs and the other
Continentals for some weeks. There has been a tremendous demand for dollars on the other side and
dollar shorts in Paris have been making every effort
to cover their position since Jan. 15, as the foreign
exchange market was beset with uncertainties as to
our monetary policies. The demand for dollars is
reflected in the heavy gold shipments from Europe.
A large percentage of the Continental demand for gold
is supplied by London. It is believed that dollar
shorts are still far from having covered and shipments of gold to the United States may continue for
some time. According to well posted bankers the
American stabilization fund was active in the market
on several occasions this week for the purpose of
stabilizing the dollar which threatened to rise excessively in terms not only of the European gold bloc
units but of sterling as well. Banks acting for the
United States Treasury Department seem to have
confined their operations largely to London and a
considerable part of the gold taken there for "unknown destination" is now believed to have been for
official American account. Though the current quotations for the various exchanges with the exception
of sterling show wide fluctuations, the volume of
transactions has been at no time noticeably large.
In fact, on many days during the past few weeks when
the quotable rate gave clear indication of a nervous
market, real trading was almost at a standstill.
The firmness in the dollar is not due entirely to
short covering, by any means, but is attributable
largely to the repatriation of American funds in
London and to the stimulated gold movement to this
side induced by eagerness to sell the metal to the
American authorities before the Supreme Court
should render its decision on the gold clauses. So
far as London is concerned, the hectic swings in
exchange and the rise in the dollar during the last
few weeks seem to create no interest whatsoever.
London is quite indifferent to the gold shipments,
as they come from private hoards. Gold imports
into Great Britain in 1934, it was pointed out, exceeded exports by £134,000,000. Foreign banks GOLD MOVEMENT AT NEW YORK,JAN.
24—JAN. 30,INCLUSIVE
control a large quantity of this gold. Hoarding conImports
Exports
$37,507,000 from England
tinues on an extensive scale, but much of the gold
12,308,000 from France
11,351,000 from Holland
has been bought as a speculation because of the
3,932,000 from Mexico
None
prevalence of the view that whatever happens
3,514,000 from India
2,102,000 from Colombia
eventually regarding international stabilization of
1,677,000 from Canada
73,000 from Panama
currency, gold is more likely to rise than to fall.
There can be no prospect of any semblance of an $72,464,000 total
orderly foreign exchange market until some days after
Net Change in Gold Earmarked for Foreign Account
Decrease: $867,000
the decision of the Supreme Court is rendered.
Note—We have been notified that approximately $166,000 of gold was
All current advices from London indicate a com- received from China at San Francisco.
plete indifference on the part of the London banking
The above figures are for the week ended Wednesfraternity as to the stabilization question. It is day evening. On Thursday $1,819,000 of gold was
Volume 140
Financial Chronicle
received of which $1,675,200 came from Canada,
$131,300 from India and $12,500 from Jamaica.
There were no exports of the metal or change in
gold held earmarked for foreign account. On Friday
there were no imports or exports of the metal or
change in gold held earmarked for foreign account.
Canadian exchange following the trend of sterling
has receded from the high levels which have prevailed
for the last two years. On Saturday last Montreal
funds were at a discounfof 1-32% to 7-32%,on Monday at a discount of 1-16%, on Tuesday at a discount of 1-16% to par, on Wednesday at a discount
of 1-16%, on Thursday at a discount of 1-16% to
M%,and on Friday at a discount of 1-16% to par.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull and easy. Bankers'sight was
$4.85%@$4.863/ cable transfers $4.86(04.86/.
2
,
On Monday sterling was dull with an easier undertone. The range was $4.853@$4.86A for bankers'
sight bills and $4.85%@$4.86% for cable transfers.
On Tuesday the pound was firmer. Bankers' sight
was $4.873/8(04.873/2, cable transfers $4.873jQ
$4.87/. On Wednesday exchange was steady. The
range was $4.86%@$4.873/ for bankers' sight and
$4.87@$4.87% for cable transfers. On Thursday
exchange on London was steady. The range was
$4.86%@$4.873 for bankers' sight and $4.87@
$4.873 for cable transfers. On Friday sterling was
4
steady, the range was $4.863/@$4.871 8 for bankers'
/
8
sight and $4.87@$4.873 for cable transfers. Closing
quotations on Friday were $4.867 for demand and
4
$4.873/g for cable transfers. Commercial sight bills
finished at $4.86%; 60
-day bills at $4.863; 90-day
bills at $4.85%; documents for payment (60 days)
at $4.861 and seven-day grain bills at $4.863 .
4,
%
Cotton and grain for payment closed at $4.86%.
689
be stabilized on the same basis. As noted above,
the market sees very little prospect that French
stabilization ideas will prove acceptable to Great
Britain in the immediate future. As noted above,
the Federal Reserve Bank of New York reports the
receipt of $12,308,000 of gold from France. There
can be no doubt that the heavy gold shipments from
London to New York in the past few weeks was also
in large part for French and other Continental account. The Bank of France statement for the week
ended Jan. 25 shows an increase in gold holdings of
76,575,879 francs. Total gold holdings now stand
at 82,014,004,268 francs, which compares with 77,054,987,969 francs a year ago, and with 28,935,000,000 francs when the unit was stabilized in June
1928. The bank's ratio stands at the high figure of
80.48%, compared with 78.97% a year ago, and
with legal requirement of 35%. All Continental
currencies are inclined to move in sympathy with
the French franc.
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
88.06
Range
This Week
6.49% to 6.57
23.01 to 23.25
8.42 to 8.483
31.87 to 32.23
66.70 to 67.34
The London check rate on Paris closed on Friday
at 74.27, against 74.54 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.56, against 6.533 on Friday of last
week; cable transfers at 6.563., against 6.533/b and
commercial sight bills at 6.54, against 6.513.
Antwerp belgas closed at 23.22 for bankers' sight
bills and at 23.23 for cable transfers, against 23.13
and 23.14. Final quotations for Berlin marks were
Continental and Other Foreign Exchange
39.98 for bankers' sight bills and 39.99 for cable
HE French franc and the European gold bloc transfers, in comparison with 39.81 and 39.82.
currencies are all exceptionally weak in terms Italian lire closed at 8.46 for bankers' sight bills and
of the United States dollar, a condition particularly at 8.47 for cable transfers, against 8.45 and 8.46.
apparent since Jan. 15, and there has been heavy Austrian schillings closed at 18.76, against 18.70;
buying of dollars in Paris. The factors affecting the exchange on Czechoslovakia at 4.16, against 4.143 ;
%
French franc have already been discussed in the on Bucharest at 1.003/, against 1.00; on Poland at
2
resume of sterling. The franc is not nearly as weak 18.81, against 18.723/ and on Finland at 2
.163/2,
as the dollar-franc-sterling quotations would indicate. against 2.16. Greek exchange closed at 0.92% for
At present the apparent weakness is due largely to bankers' sight bills and at 0.93 for cable transfers,
the endeavors of European gold holders to send gold against 0.92% and 0.93.
to this side before the Supreme Court renders its
decision on the gold clause and to anticipate any
XCHANGE on the countries neutral during the
owering in the price of gold by the United States
war is extremely easy in sympathetic relation
Treasury.
with the French franc. This applies particularly to
There is no flight from the franc. On the con- the Swiss franc and the Holland guilder. The Scantrary, the French position has steadily improved since dinavian currencies move, of course, on strict relathe Flandin Government took office. While ship- tion with sterling exchange, as the Baltic States are
ments of gold for French account to the United important members of the sterling bloc. The market
States have recently been heavy, these shipments awaits with interest the nation-wide Swiss referenare offset by gold sent to France from Switzerland, dum on the question of revision of the monetary
Italy and Belgium, as the French franc is firmer in policies. At the present juncture it would seem alterms of the Continental currencies. It is well- most impossible for the conservative elements to
known that M. Flandin and Foreign Minister Laval prevail in the plebiscite and that Switzerland will
while in London this week will discuss stabilization adhere to the present valuation of the franc, because
with the British authorities, but there is no expecta- of the fact that the plebiscite petition was signed by
tion that the French point of view will be shared in more than one-third of all the voters who could be
London. The 1934 report of the Bank of France expected to participate in a referendum. As noted
shows no outstanding change in policies and reiterates above, the Federal Reserve Bank of New York reits condemnation of theories of managed currencies ports the receipt of $11,351,000 in gold from Holland.
and its determination to adhere to the gold standard. These gold shipments do not represent any flight of
It also recommends de facto stabilization of the capital from Holland but merely reflect the speculaAmerican dollar and suggests that the British pound tive operations of Dutch holdersof gold. The cur-
T
E
690
Financial Chromcie
rent statement of the Bank of the Netherlands shows
a decrease in gold holdings of 6,200,000 guilders.
The total gold in the Bank now stands at 815,500,000
guilders. The Bank's ratio is at the high level of
84.6%.
Bankers' sight on Amsterdam finished on Friday at
67.31, against 67.02 on Friday of last week; cable
transfers at 67.32, against 67.03 and commercial
sight bills at 67.29, against 67.00. Swiss francs closed
at 32.21 for checks and at 32.22 for cable transfers,
against 32.08 and 32.09. Copenhagen checks finished at 21.74 and cable transfers at 21.75, against
. 21.77 and 21.78. Checks on Sweden closed at 25.11
and cable transfers at 25.12, against 25.13 and 25.14;
while checks on Norway finished at 24.47 and cable
transfers at 24.48, against 24.49 and 24.50. Spanish
pesetas closed at 13.60 for bankers' sight bills and at
13.61 for cable transfers, against 13.54 and 13.55.
XCHANGE on the South American countries
presents no new features of importance from
those of recent weeks. The South American currencies are generally inclined to move more or less
in sympathy with sterling exchange, but at the present time exchange on Buenos Aires is practically
the only one that reflects this close relationship.
The official quotations for Brazilian milreis, the
Chilean peso and many of the other South American
units do not so promptly follow the trend of sterling.
The unofficial or free markets in the South American
countries continue to gain in importance and to show
generally a firmer undertone.
Argentine paper -pesos closed on Friday, official
quotations, at 329/i 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 was
against 25.20@25.50. Brazilian milreis, offi25
cial rates, are 8.11 for bankers' sight bills and 83j
for cable transfers, against 8.13 and 83. The unofficial or free market close was 63., against 6%.
Chilean exchange is nominally quoted on the new
basis at 5.20, against 5.20. Peru is nominal at 23.55,
against 23.55.
E
Feb. 2 1935
the present dilemma. It is believed that a drastic
and revolutionary change in China's monetary and
financial structure impends. It is known that the
Japanese authorities have approached the Chinese
with a view to linking Chinese money with that of
Japan on a gold basis. Japanese yen by reason of
the regulation of the exchange control moves in
harmony with sterling. According to recent dispatches from Tokyo,it is thought probable there that
before the end of 1935 Japan will probably be forced
to commandeer foreign currencies and securities owned
by its nationals. The Exchange Control Act passed
in 1932 and amended in 1934 empowers the Government to force holders to sell to it at whatever prices it
may fix. A marked improvement in the international
situation might obviate the necessity for such a drastic measure.
Closing quotations for yen checks yesterday were
28.38, against 28.40 on Friday of last week. Hong
Kong closed at 43%@43 13-16, against 44@44 3-16;
Shanghai at 35%@353/, against 35%@35%; Ma2
nila at 49.95, against 49.95; Singapore at 57%,
against 57%; Bombay at 36.90, against 36.85 and
Calcutta at 36.90, against 36.85.
Foreign Exchange Rates
PURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922
JAN. 26 1935 TO FEB. 1 1935, INCLUSIVE
Country and Monetary
Unit
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Jan. 26
Jan. 28
Jan. 29
Jan. 30
Jan. 31
Feb. 1
$
$
$
EUROPE3
3
$
A ustriaschilling
I .186708* .185841* .187008° .187225* .186925* .187191*
.230475 .229978 .231623 .231838 .231915 .232108
Belgium, belga
I 011750° .011750* .012000* .012000° .012250* .012125*
Bulgaria. lev
Csechoelovakla, kron .041350 .041239 .041528 .041562 .041564 .041600
217000 .218858 .217881 .217583 .217483 .217466
Denmark. krone
England. pound
.860916 .859166 4.873868 4.871083 4.870833 4.870000
sterling
.021504 .021400 .021550 .021541 .021550 .021545
Finland, markka
France, franc
I .065155 .065052 .065511 .065521 .065557 .065820
Germany. reichinnark .397115 .396230 .398642 .399000 .399007 .399569
Greece, drachma
I 009270 .009222 .009272 .009287 .009297 .009297
668315 .667191 .671776 .672153 .672457 .673128
Holland, guilder
295250° .294375* .293312° .295625* .295875 .294250°
Hungary. pengo
084350 .084198 .084716 .084736 .084692 .084737
Italy. lire
244250 .244125 .244863 .244758 .244733 .244708
Norway. krone
186960 .185980 .187540 .187920 .187700 .187920
Poland. zloty
044258 .044120 .044250 .044283 .044300 .044266
Portugal. escudo
Rumania, tau
009970 .009890 .009960 .009985 .009985 .010000
135100 .134764 .135725 .135817 .135842 .135971
Spain, peseta
250566 .250527 .251336 .251191 .251175 .251133
Sweden. krona
Switzerland, franc
.319730 .319011 .321384 .321607 .321771 .321984
Yugoslavia, dinar.... .022583 .022441 .022608 .022633 .022600 .022625
ASIAChinaChefoo (yuan) dol'r .355833 .360000 .361250 .359583 .354166 .351666
Hankow(yuan) dol'r .356250 .360416 .361666 .360000 .354593 .352083
Shanghal(yuan)ciorr .356250 .359687 .380937 .359843 .353906 .351250
1250 .360416 .361666 .360000 .354583 .352083
Tientsin (yuan)dol'r .3.51
.436562 .436875 .435937 .436250 .434375 .433333
Hongkong. dollar
.366600 .368595 .367500 .307450 .367556 .367056
India. rupee
283187 .282700 .2833e.. .283430 .283370 .283640
Japan. yen
Singapore (S. 8.) dorr .568500 .566750 .588126 .570825 .569082 .670312
AUSTRALASIA
3.843750* 3.850937'3.863437'3.860781*3.8625(0'3.859843°
Australia, pound
New Zealand. Pound-3 867187° 3.874375* .886562°3.884062° .885937°3.883125°
.
1
AFRICASouth Africa. pound..4.808000*4.810750*4.820500*4.818500* .818250*4.819500*
NORTH AMER..998693 .998409 .999318 .998750 .998619 .998750
Canada, dollar
.999200 .999200 .999200 .999400 .999200 .999200
Cuba. Peso
Mexico. Pam (silver). .277500 .277500 .277500 .27751.0 I .277500 .277500
Newfoundland. dollar .996250 .996250 .996687 .996437 I .996312 .996250
SOUTH AM ER.
.324287* .323933° .324662° .324512* .324537° .324550*
argentine, peso
.081175° .081175* .081325* .081175* .081175* .081175*
Brazil. milreb
.050625. .050625* .050625* .050625* .050625* .050625°
Mile. Peso
.793750* .792800* .795250* .796800* .795400* .796650*
L7rtaguaY. Peso
.632900* .632900* .625000* .625000* .626000° .617300*
Colombia. peso
•Nominal rates: firm ratea not available.
XCHANGE on the Far Eastern countries presents many mixed trends. The Indian rupee
moves, of course, strictly in sympathy with sterling
exchange, to which it is legally attached at the rate
of is. 6d. per rupee. The Chinese exchange situation is showing distressing complications, owing to
the severe depletion in the Shanghai silver stocks,
which form the basis of the credit supply of China,
as gold is the credit base in the United States and
France. A serious credit crisis has developed already. According to United Press dispatches from
Shanghai on Jan. 31, the Yung Kong, native bank,
has failed. All China is awaiting the efforts of
Government leaders to save the nation's monetary
system. Chinese merchants anticipate that the
credit problem and the silver shortage will approach
a crisis on Feb. 4 with the beginning of the Chinese
New Year, when, according to ancient custom, all
Chinese endeavor to settle their indebtedness as far
Gold Bullion in European Banks
as possible by actual delivery of silver. Merchants
HE following table indicates the amount of gold
fear widespread bankruptcy unless settlements are
bullion (converted into pounds sterling at par
effected. The price of the dollar (Mexican) has risen
as rapidly as the supply of silver has decreased. The of exchange) in the principal European banks as of
monetary policies of the United States, setting a new Jan. 31 1935, together with comparisons as of the
high price on silver, are blamed by the Chinese for corresponding dates in the previous four years:
E
T
Financial Chronicle
Volume 140
Banks of—
England.- France a-__
Germany b.
Spain
Italy
Netherlands
Nat.Belgm.
Switzerland
Sweden__
Denmark_ ..
Norway -
1935
E
193,059,591
656,112,034
2,899,100
90,713,000
62,731,000
68,476,000
72,936,000
69,111,000
15,899,000
7,395,000
6,852,000
1934
1933
E
E
191,795,851 127,121,529
616,439,983 657,338,309
17,117,100
39,440,600
90,458,000
90,347,000
63,095,000
76,666,000
76,621,000
86,045,000
78,425.000
74.389,000
67.518,000
88,964,000
14,515,000 11,433,000
7,397,000
7,398,000
6,574,000
8,015,000
1932
E
121,312,676
573,000,344
42,695,650
89,921,000
60,854,000
73,273,000
72,641.000
61,042,000
11,436,000
8,015,000
6,559,000
1931
E
141,040,261
444,080,813
101,089,150
97,606,000
57,397,000
36,342,000
39,240,000
25,753,000
13,374.000
9,558,000
8,135.000
Total week_ 1,245,913,725 1,243,527,934 1,253,595,438 1,120,749,670 973,515,224
Prey. week_ 1,247,141,983 1,244,239,831 1,251,200,644 1,113,278,744 968,063,368
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.
The Burden of Taxation and Public Spending
The tax provisions of the budget message which
Governor Lehman of New York submitted to the
Legislature on Monday,together with the schedule of
proposed new license fees which was laid before the
Board of Aldermen of New York City on Tuesday,
afford striking illustrations of the expedients to
which States and municipalities are being forced
more and more to resort to meet budgetary deficits
and cope with financial demands which, with the
fifth year of the depression well under way,increase
rather than diminish. To meet an estimated deficit
of $85,526,000 on June 30 next,the end of the present
fiscal year, Governor Lehman proposes new taxes
to the amount of $55,750,000. Of this total, $22,000,000 is to be obtained from increases in the State income tax, the increases to be paid in 1936 on 1935
incomes; $6,000,000 from an emergency tax of 112%
/
on the incomes of business corporations for 1935;
$6,500,000 from an emergency tax of 4% on the net
incomes, in excess of $5,000, of unincorporated businesses for 1935; $16,250,000 from an increase in the
emergency tax on gasoline from 1 cent to 2 cents a
gallon, in addition to the regular tax of 2 cents, and
$5,000,000 from an increase to 13
/ of the tax on
4%
life insurance premiums and an increase to 2% of
the tax on other domestic insurance premiums except those of marine insurance companies. Existing emergency taxes, including the 1% personal income tax, the 1% tax on stock transfers, and increased taxes on inheritances are also to be continued indefinitely, while the remaining $21,500,000
is to be met by a bookkeeping operation, the payment of certain instalments of personal income and
other taxes being advanced so as to bring the payments within the fiscal year.
The proposed increase in the personal income tax
is defended by Governor Lehman on the ground that
the tax, "better than any other, distributes the
burden according to ability to pay," while "the incidence of the tax is more certain and its economic
effects less harmful than most taxes." The proposed
new scale, it is also pointed out, "harmonizes with
the rate scale of the Federal income tax." Double
taxation of incomes, in other words, is to be made
more perfect. The franchise tax on business corporations, an increase of which "appears to offer the
method which is at once most simple and least harmful in its repercussions and effects," is upheld as
"certainly not a tax which will drive any corporation out of business or place it at a competitive disadvantage." The argument for taxing unincorporated businesses is that such businesses may fairly be
required to pay a tax on net earnings "corresponding to the franchise tax on business corporations,"
but at a lower rate because of certain advantages,
such as limited liability, which corporations enjoy.
691
The new gasoline tax will make the New York rate
"equal to the average for the country as a whole,"
and presumably will be less of a burden than it seems
because, although taxes on gasoline have gone up
generally, the price of gasoline has shown "a generally downward trend." The tax on life insurance
companies will bring the New York rate to "almost
exactly the average rate for the country as a whole,"
while the new rate on domestic fire insurance companies will only cause those companies to be taxed
"as heavily as the outside companies of the same
character." The reason for continuing indefinitely
the other emergency taxes already in force is, apparently, that the revenue is needed in order to
balance the budget.
The new license and inspection fees which are
before the Board of Aldermen of New York City are
expected to provide some $5,000,000 of the deficit of
$6,448,969 in the municipal budget. The list includes license fees on automatic vending machines,
sidewalk vaults, illuminated signs, and motion picture exhibitions and common shows, similar fees on
hat and coat check-rooms unless a sign "No Fees or
Tips Accepted" is displayed, fees for electrical installations and increased fees for pistol permits,
readjusted fees for newsstands in addition to licensing fees for certain articles sold, fees for building
plans, alterations, elevator inspection and other
services performed by the building authorities of
the city, fees for storage of inflammable oils in bulk,
license fees for managers of entertainments, and
licenses for hair dressers and beauty parlor specialists, the latter being now designated as cosmetologists. A further list, still under consideration by a
committee of the Board of Aldermen and expected to
yield about $1,000,000, is said, on the authority of
the New York "Times," to include licenses for "submetering operations, open-air garages, barbers,
warehouses, moving vans, private schools, hotels and
rooming houses, restaurants, building contractors,
automobile repair shops and cleaners and dyers."
In view of the proposed sharp increase in the State
income tax, Mayor LaGuardia is reported to be
considerably concerned over the propriety of going
ahead with the municipal income tax which the city
government enacted some time ago, and which becomes effective on March 15. This extraordinary
measure, the constitutionality of which has been
widely questioned, imposes a tax of 15% on the
amount of the Federal income tax paid in the city.
If this tax is repealed, the estimated revenue of
from $20,000,000 to $30,000,000 which was to be derived from it for unemployment relief will of course
have to be sought elsewhere.
We are not concerned at this time with calling
in question the propriety of any of these State or
municipal taxes as such, or the rates attached to the
various levies. As long as the Constitution of the
State of New York requires a balanced budget, the
budget must in some way be balanced, and municipal
deficits must be met if municipal credit is not to be
hopelessly impaired. The grave significance of such
financial exhibits lies in the fact that one of the largest and most urgent objects of public expenditure,
namely, unemployment relief, shows no important
signs of mitigating its demands, and that no program of economy has yet been instituted which promises any material relief to the taxpayers. Since
August, 1931, Governor Lehman points out, $155,000,400 has been made available by the State of New
692
Financial Chronicle
York for unemployment relief. Of this amount
$130,000,000 has come from bond issues, which of
course represent just so much addition to the State
debt, and the remainder from general funds. Until
the details of the new policy which the Roosevelt
Administration has announced are known, "there
is obviously no way of gauging with any degree of
accuracy," Governor Lehman remarks, "what the
financial requirements of the State will be," but
he sees a need of having $50,000,000 "in sight" in the
event that the demands upon the State continue as
during the past year, $10,000,000 of this amount
to come from the general fund and $40,000,000 from
the proceeds of a bond issue not yet expended. What
the demand in New York City will be,is anybody's
guess, but Commissioner Hodson reported on
Wednesday that home relief had reached an all-time
peak with 220,000 families, an increase of 7,000
during the past month, on the rolls, the number of
families increasing at the rate of about 2,000 a week,
and an expenditure of more than $19,000,000 called
for in February.
There can be no question that the budgetary strain
to which States and municipalities are increasingly
subjected on account of relief,requirements, and the
hectic search for new taxes with which to meet demands which mount and mount, is due primarily
to the recovery program which has been pursued at
Washington. A natural business recovery which
had set in before Mr. Roosevelt was elected has been
checked and retarded by ill-devised codes whose continuance is now acutely in controversy, unwise attempts to fix wages and prices, restriction of agricultural and industrial output, a wavering policy
in regard to collective bargaining which has encouraged labor disputes, and the inevitable economic disarray which has followed processing taxes, currency
tinkering, Government competition with private
business, and Federal interference with the details
of banking, business and industrial organization and
operation. There is no inducement, moreover, for
States and cities to revise their tax systems or institute much-needed economies while the Federal budget remains unbalanced and no concern is shown
about balancing it, while billions are poured out
for grandiose schemes of public works and other enterprises which swell the national debt without adding appreciably to present or future national income, or while the States are urged to add to their
other burdens indefinitely large expenditures for
old-age pensions and unemployment insurance. In
politics as in other affairs of life, it is for the ablest
and strongest to set an example, and the financial
example which has been set at Washington is not
such as to impress the need for economy or restrain
increases in fixed charges or floating debt.
In 1862, when the United States imposed a sweeping internal revenue measure as part of its program for meeting the cost of the Civil War,the scope
of the measure was aptly described by the Commissioner in charge when he said: "Wherever you find
an article, a product, a trade, a profession, or a
source of income, tax it." With the exception of
the professions, which have not yet been included,
the remark might be applied with much fairness to
such levies as those of New York City which we have
cited and to most of the proposals of Governor Lehman's message. It would be idle to imagine that
this kind of thing can go on indefinitely, or that
people will pay taxes simply because taxes are de-
Feb. 2 1935
manded. There are limits beyond which taxes cannot be exacted without stunting or killing the object upon which they' are imposed, and there are
limits also to public acquiescence. Those limits,
perhaps, have not yet been reached, although in the
case of the New York State income tax the levy
appears to illustrate the law of diminishing returns,
and it may well be doubted whether Governor Lehman will get anywhere near the $22,000,000 which
he expects from higher rates. There is much force,
however, in the remark of the Guaranty Trust Company of New York, in its current monthly review,
that "our public debt is reaching a point where further large increases may, by discouraging individual
initiative, defeat the very purposes for which the
debt is being created, namely, to stimulate recovery."
The reference is to the Federal debt, but the observation is equally true of State and municipal indebtedness. We cannot go on year after year meeting
deficits by bond issues, and searching business directories for new occupations or activities to tax,
without impairing the public confidence which is
one of the bases of financial stability.
Another Defeat for World Court
Propaganda
The rejection by the Senate on Tuesday of the
resolution for American adherence to the World
Court is on every account an occasion for national
rejoicing. The result is the more gratifying because
of fear, down almost to the moment when the final
vote was taken, that the highly organized propaganda which has been carried on in support of the
resolution might be successful. Fortunately for the
country, the opponents of the measure awoke in
time to the seriousness of the drive that was being
made, and once they got into action the resolution
was doomed. The radio talks of the Rev. Charles E.
Coughlin of Detroit and the editorials of the Hearst
newspapers undoubtedly contributed much to the
defeat of the resolution, but what was said in those
quarters was, after all, only a forcible and pointed
expression of what the great majority of the American people believe.
The attempt to force the United States into membership in the World Court is perhaps the most striking example of "pressure politics" in international
relations which the country has ever known. There
is not now, and there never has been, any sufficient
reason for believing that membership in the Court
was generally or even widely desired, or that suspicion of the proposal had been allayed by any of
the reservations with which adherence was to be
surrounded. The American people have well understood that the Court is not only the creation of the
League of Nations and an advisory body in any
questions which the Council or the Assembly of the
League may submit to it, but that it could not be
expected, in view of its origin and its obligations, to
do anything else than follow the League in upholding and enforcing the terms of the peace treaties,
and that American membership in the Court, even
with all the limitations with which it might be surrounded, would inevitably embroil the United States
in European and other international disputes with
which it had no proper concern.
Yet in spite of the plain statements of the League
Covenant and the obvious facts of the political situation, the Court propagandists have rung the changes
Volume 140
Financial Chronicle
on the alleged independence of the Court and dilated
upon its great usefulness in developing and applying international law. The United States has been
represented as opposing the growth of a true and
beneficent internationalism by holding aloof from
the Court, blocking the path to world peace and
refusing to aid world recovery and political stabilization. What was meant, of course, as everybody
who was not blind could see, was that the World
Court propagandists, who were also and equally
propagandists for American membership in the
League, wanted to see the United States a figure in
the European whirlpool, subordinating its independence to a tribunal which the League had set up,
and joining with the other Powers in adjudicating
whatever international controversies might arise.
No words were too strong with which to reproach
those who, for intelligent and patriotic reasons, insisted that the United States ought to keep its hands
free. Even President Butler of Columbia University,
whose sound counsel in public affairs we have more
than once had occasion to commend, allowed himself to say on Sunday that the attitude of the Republican Senators who were opposing American adherence to the Court "is inexplicable save on the
ground that they have neither ideas, principles or
courage, nor any concern for the highest interests
of our people."
The action of the Senate is a resounding rebuke
to the propagandists. It is notice to the world that
the United States will have nothing to do with the
kind of "internationalism" that has been held out
to it, but will pursue its own course, not in a spirit
of narrow and exclusive nationalism as the advocates of adherence to the Court would have us be-
693
lieve, but with the freedom from foreign entanglements which from the first has been the American
policy. The United States will continue to frame
its foreign policy, as every other really independent
nation does, primarily with regard to its own interests, and without the derogation to its sovereignty
which membership in the Court would involve. There
was abundant justification for the Senate vote in
the experience which the United States has had with
Europe, notably in the matter of the war debts, since
the.peace; there is additional justification for independence now in the war clouds which more and
more darken the European horizon.
The rejection of the resolution is undoubtedly a
rebuff to the Administration, although it may perhaps be questioned whether Mr. Roosevelt himself,
notwithstanding his last-minute efforts, regarded
adherence to the World Court as a very important
part of his program. It is well that he should be
reminded that the Senate is not a rubber stamp, and
that American commitments with dangerous possibilities will not be made even if the President favors
them, but it may also turn out that the freedom
from international entanglements which has again
been asserted will work to the advantage of the Administration by clearing the international air. We
have not, perhaps, heard the last of the World Court
business, for the propaganda of internationalism,
highly organized and well financed, has become a
kind of vested interest which its beneficiaries will
doubtless try to preserve. For the moment, however, the World Court issue is dead and decently
buried, and the country will be well pleased if it
rests undisturbed where the patriotic and praiseworthy action of the Senate has placed it.
The Railroad Problem—Co-ordinator Eastman Presents Six-Point Program for
Transportation—Larger Commission Under New Laws Would Be Subdivided to
Handle Every Phase—Big Mergers Suggested—Forced Unification Urged as
Alternative—Commissioners Not in Accord on Whole Plan
A broad plan for Federal control of all major transportation
agencies 'under an expanded and reorganized Interstate
Commerce Commission was laid before President Roosevelt
and Congress Jan. 30 by Joseph B. Eastman, iCo-ordinator
of Transportation, in his third legislative report. Throughout the two volumes which made up the report it is plainly
indicated that unified Federal regulation is necessary to
bring order out of so-called chaotic conditions in the field
of transportation and that, for the present at least, the best
results were most likely to come under a program of cooperation between the Government and the industry.
The report offers three separate solutions to the problem
of railroad and other transportation ills. The first calls for
a strengthening of the regulatory system supplemented by
planning to ward off discoverable maladjustments and a
co-ordinator of transportation to point out preventable
wastes and, if necessary, compel their elimination. The
second plan would provide for large-scale consolidations of
railroads along regional linbs, with Government authority
to compel unifications and a Federal railroad administrator
to appoint minority directors on railroad boards. The
third proposal is that the Government take over and operate
the railroads, a plan the Co-ordinator thinks holds the
greatest possibilities for both good and evil. Although of
the opinion that the country would ultimately come to this,
Mr. Eastman dismisses the idea for the present for practical
reasons.
Besides bringing the water and motor carrier industries
within the jurisdiction of the enlarged Federal authority,
Mr. Eastman suggests the advisability of placing airway
transportation in the same category and for the same reasons.
He leaves specific legislative recommendation to this effect
until later, however, preferring to await the report of the
Federal Aviation Commission.
Bills Recommended by the Co-ordinator
W(1) A bill for the Federal regulation of water carriers and wharfingers,
In both inter-State and foreign commerce, by the Interstate Commerce
Commission.
(2) A bill for the Federal regulation of highway motor carriers and
brokers by the Interstate Commerce Commission.
(3) A bill for the reorganization of the Interstate Commerce Commission, including the establishment of a Co-ordinator of Transportation.
(4) A bill providing dismissal compensation for railroad employees
displaced through co-ordination projects.
NI(5) A bill for the revision of Section 77 of the Bankruptcy Act, relating
to railroad bankruptcies and reorganizations.
(6) Four bills amending the Interstate Commerce Act:
(a) To enable the Commission to prescribe minimum as well as maximum
joint rail-water rates, and to establish through railroad routes regardless
of the "short-hauling" of any carrier.
fli(b) To include ports and gateways in the protection of Section 3 against
undue preference or prejudice.
(c) To restore Section 4 to substantially the form which it had prior
to 1920.
(d) To limit further the right to reparation for damages due to violations of the Act.
The Commission's Position
The Commission endorses recommendations (1), (2), (5) and (6), except
that two Commissioners do not concur in (6) (c). The Commission expresses no opinion on (4). All but Commissioner Miller disapprove (3),
for reasons briefly stated in the letter of transmittal signed by the Chairman.
The letter of transmittal of the Intestate Commerce
Commission, signed by Hugh M. Tate, Chairman, states
in part:
As required by law, we transmit a report and recommendations from
the Federal Co-ordinator of Transportation, and have the honor to comment upon his recommendations.
The report of the Co-ordinator is a clear and authoritative exposition
of the transportation situation, based upon wide and thorough research
and knowledge, and his findings and conclusions are of great value as
aids to an understanding and discussion of the important and difficult
public problems with which he deals. At the outset we state that we
concur in his conclusion that it is not now sound policy to attempt to
improve the transportation system by recourse either to compulsory grand
consolidations, or to Government ownership and operation, and that
the wiser course is to improve and extend the regulation of the various
transportation agencies.
We desire to recall that on Jan. 20 1934 [see "Chronicle" Jan. 27 1934,
page 5701, we transmitted to the President and to the Congress the first
694
Financial Chronicle
report made by the Co-ordinator. As that report made no specific recommendations calling for further legislation, our duty under the law being
merely that of transmittal and of comment upon recommendations, we
transmitted the report without expression of opinion on the discussion
contained therein.
On March 10 1934 [see "Chronicle" March 17 1934, page 18131, we
transmitted the second report of the Co-ordinator. In that report he made
ertain specific recommendations for legislation, and we commented
chereon.
t The Co-ordinator prepared and submitted bills, based on his report,
to carry his recommendations into law, which covered the following
subjects:
(1) The regulation of motor carriers in inter-State and foreign commerce.
(2) The regulation of water carriers in such commerce.
(3) Amendment of various provisions of the Interstate Commerce
Act in respect of (a) prescription by the Commission of minimum as well
as maximum joint rail-water rates, and establishment of temporary through
routes, and of through rail routes where deemed necessary in the public
Interest regardless of the short
-hauling of any carrier; (b) inclusion of
"ports" and "gateways" within the privisions of Section 3 of the Act so
as to protect them against undue preference and prejudice; (c) restoration
Of the so-called long and short
-haul and aggregate-of
-intermediates provisions of Section 4 of the Act to their form prior to the Transportation
Act, 1920, and (d) shortening the periods of limitations with respect to
reparation claims to one year in the case of overcharges and undercharges,
and to 90 days in the case of all other claims. The four bills covering
the subjects outlined in this paragraph are now again recommended by
the Co-ordinator.
In transmitting the second report of the Co-ordinator and his recommendations, we expressed the opinion that enactment of the bills for the
regulation of motor and water carriers was imperatively necessary under
the then conditions, and that the bill to amend the Interstate Commerce
Act, relating to through routes, should be considered in connection therewith. We unanimously recommended that if the Congress should find
it impossible or impracticable to undertake to enact all three classes of
proposed legislation, precedence should be given to the motor and water
carrier bills, and to the through route bill. We were also unanimous
In recommending the enactment of the suggested amendments of the
Interstate Commerce Act, with the exception that Commissioners Lee
(then Chairman) and McManamy did not concur in any amendment relating to Section 4 of the Act. Our views as to the desirability of such
legislation remain unchanged.
As the result of further study, the Co-ordinator has now modified in
certain details the motor carrier and water carrier bills submitted in his
second report; essentially, however, they are the same that were considered last year. He now recommends their adoption as modified. In
this recommendation we concur, and we urge speedy adoption. The
bills for the regulation of water and motor carriers we regard as vital.
Upon their early enactment depends the preservation and development
of a healthy, adequate, co-ordinated system of transport for the nation.
We can have such a transport system only by unified regulation of these
Important competing agencies; and the public needs and welfare must be
the activating principle in such unified regulation, so that all forms of
agencies for carriage may prosper within their appropriate fields and the
national transportation requirements may be met.
The Co-ordinator submits certain other bills and recommends their
adoption. The bill to amend Section 77 of the Uniform System of Bankruptcy Act, as amended, is not connected with or dependent upon the
disposition to be made of the bills previously outlined. From our experience in the administration of the present law, which was intended
to facilitate needed reorganization of railroads, we believe that the proposals of the Co-ordinator measurably improve the procedure under the
Bankruptcy Act, and we recommend enactment of the bill he proposes.
The bill proposed to provide for dismissal compensation deals with a
subject which Is not within the scope of any functions which Congress
has hitherto imposed upon us. The importance and novelty of the subject
are such as to demand wide and careful study and thorough familiarity
with wages and working conditions such as we do not possess in our corporate capacity, and could have no present opportunity to obtain without
undue delay in transmitting this report. We therefore make no comment upon the dismissal compensation bill.
The remaining bill is recommended by the Co-ordinator, but conditional
upon the enactment of the water and motor carrier bills. It sets forth
In much detail a plan for a reorganization of the Interstate Commerce
Commission along novel and complex lines. We can not recommend
its adoption.
(1) To attempt to work out in detail a reorganization of the Commission is premature and undesirable until the intent of the Congress
with respect to the imposition of added duties, if any, is made known with
such reasonable clearness as to permit intelligent planning of the form of
administration which will presumably meet the scope and demands of
the new legislation. There is little profit in present discussion of reorganization of the Commission to meet duties which are yet wholly
hypothetical. If new duties are to be delegated to the Commission,
and their substantive features are sufficiently determined, we stand ready
to aid in the formulation of any of the adjective or procedural features of
the plan.
(2) Any present increase in the number of Commissioners is unnecessary
from the standpoint of efficiency in work, and should be left for consideration until after the Commission may have had experience with any new
duties which may be imposed.
(3) It is not possible to prescribe by law with precision and in advance
the form of administration organization and detailed assignments of functions, duties and methods of operation among rigidly fixed divisions of
the Commission which will best enable us to perform the duties which
may come upon us in the future. It is, rather, the part of sound policy
to leave the details of the organization to the body which will be charged
with continuing responsibility for results. Even without change in duties,
the form of organization best adapted to performance of functions necessarily changes from time to time, and to achieve efficiency the organization
orm should be capable of prompt alteration in response to changes in
.ircurnstances or Commission personnel. An Act of Congress should not
be requisite to enable the Commission to make necessary changes in its
internal organization.
o (4) By but slight amendment of Sections 18-A and 17 of the Interstate
Commerce Act, the Commission would be enabled to accomplish every
one of the major changes in procedure and organization which the Coordinator proposes shall be fixed rigidly by statute, except as to an increase
in the number of Commissioners, to which we have already referred.
This would permit experimentation with the general form of organization
proposed by the Co-ordinator, and would possess the advantage of permitting prompt rectification of unforeseen errors in planning without
waiting for an amendment to the law. It would also be consistent with
the traditional policy of Congress in its imposition of duties upon its administrative agencies, to state the general rule and leave the details, in-
Feb. 2 1935
eluding matters of procedure and internal organization, to be filled up
by the tribunal which it charges with responsibility for results.
The existing law gives us wide powers as to delegation of functions to
divisions of the Commission, and to individual Commissioners or to boards
of employees. Although such powers of delegation could well be widened
If a considerable number of new duties should be imposed upon us, under
the existing law we have been able promptly and repeatedly, and without
Increase in our own number, and generally with no increase in personnel,
to undertake and administer new functions of an important character.
Examples are found in the Car Service Act, Reconstruction Finance
Corporation Act, the Public Works Administration improvements, the
railroad reorganization provisions of the amended Bankruptcy Act, Railway Mail Pay Act, Railroad Retirement Act, Railway Labor Act, Standard
Timd Act,and most recently, the Air Mail Act.
Further, we have had positive and unsatisfactory experience in operating
under unnecessarily rigid statutory limitations upon the form of our organization. For many years the law required the Valuation Division of
the Commission to consist of five members, although three sufficed for
all other purposes. This hindered the prompt performance of the work
and contributed nothing to either accuracy or efficiency. Finally, at our
request. Congress amended the law by striking out this requirement.
We will be prepared to submit forms of amendment to the Interstate
Commerce Act which will give us all necessary power to divide our functions in such a broad way as the Co-ordinator suggests, if study and experience show such a division is necessary to meet any new duties.
(5) But we do not agree that any such radical reorganization is now called
for or is desirable. The plan seems to us to have positive disadvantages,
The so-called Control Board, proposed to be set up from among members
of the Commission, will in essence be the Commission. The remaining
members, more than a majority of the whole number, while still to be
called Commissioners, will be little more than Examiners, and provileged
to vote in the disposition of but a limited class of cases. While theoretically
they will be equals with the Commissioners who are to sit as members
of the Control Board, they will have no voice in any matters of administration; they can not advise with their colleagues except through courtesy,
and they will not join in the reports of the Commission to Congress. Such
a form of organization must result in discord and in inefficiency and lack
of concert of action.
(6) The Commission needs no additional statutory authority to select
one of its members to be a permanent or continuing chairman, but is not
as a body convinced that such a course is desirable. From 1887 until
1910 the policy was to elect a Chairman who continued to serve as such
until the expiration of his office as Commissioner. The results of experience of 23 years with this policy left no doubt in the minds of the then
members of the Commission that the policy of annual rotation In the office,
while possessing disadvantages, was better than that of a permanent
chairmanship, which had developed more serious drawbacks. Nor do
we regard the Co-ordinator's proposal for centralization of administrative
powers in a single Commissioner as a sound or desirable policy.
(7) While we recognize the necessity for intensive research in the field
of transportation and for better machinery for putting the resulting conclusions into operation, all with an eye to the National interest, we suggest
for consideration whether the vesting of such a duty in a single officio&
outside the industries affected will not result in a lessening of the individual
and collective efforts of the carriers for their own self-help. It is at least
arguable that research and planning should be left primarily to the transportation industries, and indeed that this should be under a mandate
from Congress, possibly with governmental participation and supervision
centered in a bureau of the Commission headed by a Commissioner assigned
for the purpose. The railroads of the country have entered upon this
task by a reorganization and consolidation of their co-operative organizations. They should at least be permitted to attempt to demonstrate
the efficiency of the organization which they have created. In other
transportation industries the machinery already exists which can be put
to work along more desired lines, and the Congress could require all of
them so to organize themselves as to be in condition to carry out the
purposes for which the Co-ordlnatory VMS created.
We have confined our comments to the principles involved in the Co-ordinator's proposals, and we do not deem it necessary now to comment
upon details of the proposed bills. Whenever desired, we will comment
on particular phases of the bills submitted and the divergen't views of
individual Commissioners as to these bills, if any,can then be made manifest.
Commissioner Miller concurs in the foregoing, except that he favors
the plan proposed by the Co-ordinator for the reorganization of the
Commission.
The official abstract of the Co-ordinator's report follows
(in part):
The report begins with a brief reference to the first report of the Coordinator of Jan. 20 1934, and what was there said in regard to the ills
of the railroad industry. It shows that the financial condition of the
railroads has not improved since then, and that their low earnings are
due not only to the general depression, but to the great increase in competition from other means of transport and to other changes in economic
conditions.
The surveys of railroad operation, equipment, service and rate policies
made by the staff of the Co-ordinator show: That it is possible to reduce
railroad costs materially by co-ordination of facilities or service; to make
further reductions, and also improve service and add to traffic, by using
motor vehicles to supplement, or suostitute for, rail operation; to reduce
costs and improve service still further by using new types of equipment
now available or in process of development, and to increase railroad revenues
materially by adequate charges for various incidental services, driven
down by wasteful competition. It has also been shown that the present
railroad rate structure is not well suited to modern conditions.
The ultimate objective is described as:
A system of transportation for the nation which will supply the most
efficient means of transport and furnish service as cheaply as is consistent
with fair treatment of labor and with earnings which will support adequate
credit and the ability to expand as need develops and to take advantage
of all improvements in the art. This system of transportation must be
in the hands of reliable and responsible operators whose charges for services will be known, dependable and reasonable and free from unjust
discrimination.
The question is what can the Federal Government do to accomplish
this objective. Three general methods appear possible:
One follows conservative lime of thought, with main reliance on private
capital and enterprise; the second is bolder and involves a use of governmental power to compel a very radical change in railroad conditions, but
still preserves the principle of private ownership; the third departs from
this principle and makes railroad transportation a direct function of the
Government.
The report undertakes to show what can be done under each of these
general methods to determine which is preferable, and to work out the
details of the ODO chosen, which is Plan I for the reasons hereinafter indicated.
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Volume 140
Plan
This is merely a development of present Government control of privately-owned transportation agencies.
Regulation of Other Carriers
While the Federal Government regulates railroads thoroughly, it regulates other carriers little or not at all. In his second report, of March 10
1934, the Co-ordinator recommended that water carriers and highway
motor carriers be regulated, along with the railroads, by the Interstate
Commerce Commission. This recommendation is repeated.
It is shown that unrestricted railroad competition does not protect
but harms the public; that this is also true of the other carriers; that the
transportation system must be dealt with as a unit, for all the agencies
Interlock and react in a multitude of ways; that proper regulation will
benefit them all; that co-ordinated regulation by a single Commission
is necessary, and that self
-regulation by code may be useful but cannot
alone meet the public need.
the reguation of trucking and shipping, special and difficuit probIn
lems are met which are not found in railroad regulation. There are many
private and contract operators. The chief reason for regulating these
is to protect the common carriers against cut-throat competition. The
bills recommended undertake to confine their regulation to this purpose.
In the case of water carriers, the proposed regulation is to extend to
foreign as well as domestic shipping and also to wharfingers, i.e., the
operators of the port terminals.
Owing to the creation ea the Federal Aviation Commission no recommendation is made with respect to the regulation of air carriers, but the
plan for the reorganization of the Interstate Commerce Commission makes
provision for such regulation if it should be thought desirable to entrust
it to the Commission.
Reorganization of the Commission
If the Interstate Commerce Commission is to regulate the water and
motor carriers a reorganization will be necessary to enable it to function
expeditiously and efficiently. The report recommends a Chairman,
serving as such throughout his term of office and designated by the President, and four divisions: The Finance Division, the Railroad Division.
the Water and Pipe Line Division and the Motor and Air Division. Their
duties are indicated, roughly, by their titles. Provision would be made
for Special Divisions, where necessary. The Chairman of the Commission and the chairmen of the four divisions would constitute a Control
Board, to which the Chairman would initially refer questions of general
transportation importance which, in his judgment, should be passed
upon by the Board for the guidance of Divisions to avoid possible conflict or inconsistency of policies or decisions. The Board could also review
such questions in connection with petitions for rehearing or reconsideration
of decisions by Divisions. The decisions of the Control Board would be
binding upon all Divisions as precedents.
Advantages Cited
The report states the advantages of such a reorganization as follows:
(1) It would give the Commission what it does not now have—a permanent executive officer relieved from many routine duties and with
the specific duty of promoting the expeditious and efficient conduct of
business and the improvement of procedure.
(2) It would provide for specialization in the regulation of the different
types of carriers, but at the same time co-ordinate regulation to avoid
conflicting or inconsistent policies.
(3) No matter would be determined by a body of more than five members, and the usual number would be three, thus avoiding the timeconsuming deliberations of a larger body.
The reorganization would, paradoxically, njake the Commission both
larger and smaller. The total number would be increased, but the maximum number acting on any one matter would be decreased from 11 to 5.
The plan would, in effect, provide for a group of small commissions subject
to a superior authority to preserve unity in transportation policy. The
number of Commissioners would not be at all disproportionate to the size
and complexity of the field to be covered; namely, all important forms of
transportation in the United States.
(1) To keep informed as to the management, operation and development of all transportation agencies, with especial reference to their proper
co-ordination, the avoidance of waste, both now and for the future, and
the promotion of a National system of transportation which will meet
public needs.
(2) To report each year on the state of transportation in the Nation
and recommend any legislation that the public welfare may demand,
such report to be made to the Commission and to be transmitted by the
latter, with comments, as a part of its own annual report.
(3) To copsult and advise with the President and with all Executive
departments having to do with transportation, and to appear before
committees of Congress on matters involving transportation.
(4) To promote joint conferences between carriers and others having
a direct interest in transportation with a view to reconciling differences
of opinion, composing controversies, discouraging destructive competition
and encouraging co-operation.
(5) To bring to the attention of the carriers situations where they incur
unnecessary expense or suffer loss of revenue because of undue competition or lack of proper co-ordination; and, in the event that they prove
unable or unwilling to correct such situations, to enter appropriate orders,
subject to review by the Commission.
(6) To conduct such inquiries as the public welfare in transportation
may demand.
( )
To administer, in behalf of the President, any codes of fair cornpet don for transportation agencies which the law may permit, as not in
conflict with regulation by the Commission.
Protection of Railroad Employees
The report discusses the protection against reduction in employment
which was given to railroad labor in Section 7-B of the Emergency Act,
and shows why it has had the effect, very largely, of preventing accomplishment of the purposes of the Act. The Act expires on June 16 1935
and Section 7-B along with it. What similar provision, if any, should
take its place?
The great need of the railroads for reducing their costs so that they
may adjust their service, equipment and rates to present-day conditions
Is shown. Only in this way can they regain and create traffic, thrive, and
In the end add to employment. Some of the improvements which will
reduce expense will at the same time improve service and add to traffic,
while others will only cut costs. It is suggested that attention may well
be concentrated on the former until the tide of traffic rises. Upon such
a rising tide, the other economies might be brought about without much
hardship to employees. However, conditions may not be favorable and
the necessary economies may involve some displacement of labor for
the time being. The following conclusion is stated:
Employees who have given the best years of their life to an industry
are entitled to reasonable protection, as far as practicable. When displaced because of a decline in the industry and its business, there is no
way in which protection can be given unless employment or similar reserves
have been set up. Labor-saving improvements, however, may produce
the means whereby protection may be given. It is not just, in such circumstances, to throw an employee on the street without relief, especially
if, as is often the case, the years which he has spent in the industry have
unsuited him to other employment.
A bill is proposed applying this principle of dismissal compensation to
railroad co-ordination projects. The compensation begins where pensions
leave off and is graded with age and length of service. It would provide
all men aged 60 or over, who might be displaced, the same annuity to
which they would be entitled under the pension system at age 65. From
this it would grade down, giving displaced youngsters considerably
less, and the lesser amounts would be paid in lump sums. The compensation would in effect be adjusted to the likelihood of obtaining other
work. The railroads would not at once secure the full benefit of the
economies, but would gain part at once and all in due course.
The report also contains a thorough discussion of other proposals for
the protection of railroad labor, such as the shortened work-day and
unemployment insurance. The conclusion is reached that it is impracticable to impose a six-hour work-day upon the railroads unless it is imposed also upon their competitors, and probably unless it is imposed
upon industry generally; and also that a general shortening of the work-day
has no merit as a means for cushioning the shock of particular co-ordination
projects. The Co-ordinator proposes to work out a plan of unemployment
insurance for application to transportation agencies, in harmony with
the report of the President's Committee on Economic Security. This
may require some changes in the proposed dismissal compensation law.
Co-ordinator of Transportation
Railroad Financial Reorganizations
One defect of past regulation has been concentration on the cure of
evils rather than on prevention or planning. The report describes the
planning which is necessary as follows:
It involves an intimate knowledge of the means of transport at hand and
of the use which can be made of them. It would aim to promote the
development of each means in line with its potential capacity to render
service, to limit its uneconomic use where some other agency can better
meet public needs, to check the provision of new facilities which will serve
no sound economic purpose and may impair existing agencies, to encourage
the co-operation of the various agencies in needed joint service, to discourage wasteful or destructive competition and to stimulate experimentation and research into means of improving service. It would study the
charges for the service, not from the standpoint of individual complaints,
but broadly, for the purpose of uncovering general principles and of arriving, if possible, at means of simplifying the present confused and complicated rate structure. It would consider methods of management and
organization, and the accounting and statistical needs for purposes of
regulation and also of efficient management and the information of investors. It would give attention to the relation of both labor and capital
to the industry, to the means of affording proper protection to labor but
helping it to avoid unwise policies, and to the means of meeting capital
needs but avoiding financial exploitation.
The debt situation of the railroads and the need for financial reorganizations are discussed at some length. While the Railroad Amendment,of
1933 to the Bankruptcy Act has not been responsible for the failure of
bankrupt railroads to reorganize, experience has shown that it needs
revision. Such a revision is proposed. It provides that the Commission,
after considering all plans which are offered, shall tentatively approve
a plan of reorganization which shall then be passed upon by the court
after hearing all objectors. If approved by the court, the plan shall
then be submitted to the security-holders. The consents of two-thirds
of each class of creditors and stockholders shall bind minorities. However, the court may, after further hearing and if it finds the plan fair
and equitable, make it effective without such consents. Authority is
also given to the Commission to regulate protective committees organized
to represent groups of security-holders. There are numerbus other minor
•
changes.
In the discussion of the general railroad financial situation, the following conclusions are drawn:
(1) :No good will be accomplished by piling up indebtedness through
Reconstruction Finance Corporation loans unless the carrier has a sufficiently sound financial structure so that some measure of private credit
is likely to be regained rather quickly with an upturn in business. It
is better that carriers not so situated should avail themselves of the Bankruptcy Act. Trusteeship under the Bankruptcy Act ought not to be
'warded as a calamity. It is rather a temporary haven from which the
railroads can later emerge in a better position to face the future.
(2) For roads in bankruptcy, two courses will be open. They can rest
with the trustees until future prospects can be forecast more accurately,
or they can proceed to immediate reorganization. In the event that
they choose the first course, needed capital funds can be obtained to the
extent that the trustees and the court are willing to issue trustee certificates with a sufficiently favorable lien.
(3) The problem with respect to immediate reorganization is an individual one for each carrier. The necessary objectives are to provide
an opportunity for the issue of high-grade bonds close to the rails during
the transition period of rehabilitation and modernization, and yet pave
the way to the ultimate sale of stock.
(4) For the present, private credit is not a dependable quantity, and
the Government must be the chief source of needed capital funds. It
should not provide funds for the preservation of unsound financial structures, but it can well be liberal in the provision of funds for well-conceived
Plans of rehabilitation and modernization.
Consolidations and Unifications
The report discusses progress in the unification of railroads under the
Transportation Act, 1920, and points out these weaknesses in the present
law:
(1) Consummation is dependent wholly upon the voluntary action
of the carriers.
(2) Independent carriers have, in general, found it impossible to effect
consolidations by mutual agreement. The prevailing method is for one
In the field of prevention,so far as it can be distinguished from planning,
the principal opportunity would lie in the bringing of opposing groups
or factions together,for the purpose of reconciling or composing differences
of opinion. Co-ordination is defined as "joint action on the part of individual carriers for the purpose of eliminating unnecessary expense or
increasing revenues or improving service."
This work of planning, prevention and co-ordination cannot be left
wholly to carrier organizations: (1) Because of the inability of the various
groups to work together; only the Federal Government can cover the
whole field impartially and effectively; (2) because carrier organizations
are only associations of carriers whose individual interests are often adverse; Government activity is needed to spur them into effective collective action, and (3) such organizations cannot give the President and
Congress the advice and assistance which they need.
The possibility of carrying on this work through a Department of Transportation headed by a cabinet officer is discussed and rejected. The
conclusion is reached that it should be entrusted to an independent, nonpolitical agency, in effect by extending the plan of the Emergency Act
and creating a permanent Co-ordinator of Transportation, designated
by the President from the membership of the Commission. He would
function independently of the regulatory branch, except that it would
have full power of review over his orders and there would be certain lesser
links.
The duties of the Co-ordinator would be stated broadly in the statute,
leaving much to his initiative and discretion, but would include the following*
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Financial Chronicle
carrier to acquire a controlling interest in the stock of another, or for
some agency to acquire such interests in the stocks of both, prior to arranging for a consolidation or other unification. Such operations drive
up the price of the stock which is being acquired and usually involve a
diversion of railroad cash which could better be used for other purposes.
(3) Even if a consolidation be arranged and finally approved by the
Commission considerable amounts of cash will now usually be necessary
to take care of dissenting minority interests. The inability of the railroads to obtain cash during the depression has halted progress in unification.
(4) It is difficult. If not impossible, to devise a plan which conforms
to the elaborate specifications of the Act, and any plan can only meet
these specifications temporarily owing to continual changes in underlying
industrial and financial conditions.
(5) The rapid development of competition with other forms of transportation has made the emphasis in the Act upon the preservation of
railroad competition unnecessary in the public interest.
Methods of overcoming these weaknesses are outlined in the report,
but it is concluded that under present financial conditions it is unlikely
that there will be immediate need for these changes in the statutory provisions and for that reason, and in view of the extent and complexity
of the other transportation legislation recommended, these changes are
not now urged.
Transportation Subsidies
The Co-ordinator, at the outset of his work, undertook an investigation
of the extent to which different forms of transportation are in effect subsidized, directly or indirectly, by Government: whether this results in
unfair or uneconomic competition, and if so, whether this condition can
and should be remedied. The amount of ground to be coveted and the
difficulty of assembling and analyzing the necessary data have exceeded
all expectations, with the result that the report has been delayed, although It is nearing completion. Recommendations on this matter are.
therefore, deferred.
Labor Conditions in Other Agencies
A similarly elaborate report, with the collaboration of the Department
of Labor, is nearing completion in regard to prevailing wages and working
conditions among the transportation agencies other than the railroads,
making comparisons with railroad wages and working conditions. Recommendationspn this subject are also deferred.
Other Matters
In the Co-ordinator's second report, of March 10 1934, various minor
changes in the Interstate Commerce Act relative to the regulation of the
railroads were recommended. These recommendations are repeated.
Advantages and Disadvantages of Plan I
Certain features, such as co-ordinated Federal regulation of the other
important forms of transportation as well as the railroads, reorganization
of the Commission with a permanent Co-ordinator of Transportation,
and reasonable protection to labor in connection with co-ordination projects,
are common to all three plans. The essential differences center around
the problems of rehabilitating the physical condition and credit of the
railroads, promoting the modernization of their properties and securing
necessary co-oidination. The report sums up Plan I as follows:
Plan I deals with these problems primarily by encouraging the railroads, and also the other carriers, in every way to undertake such collective
action voluntarily with help and stimulus from the Co-ordinator of Transportation, and by giving him the power to issue orders if necessary. It
proceeds on the theory that actual consolidation of railroads is not essential
to such collective action, but that through appropriate organization of
the Industry and with Government help it Is possible for independentlyowned railroads to get together and deal effectively with these matters
of common concern, continuing to deal separately with all matters of
local and individual concern. The co-ordination contemplated does
not carry with it the eliminatim of competition, but rather the elimination
or reduction of the wastes which have been incident to it. In reserve,
In bringing about this co-ordination, lies the power of the Government.
The financial reorganization of the railroads with unsound financial structures is facilitated by a revision of the Bankruptcy Act, and pending the
re-establishment of private credit the credit of the Government is extended
on reasonable terms, more particularly for purposes of rehabilitation
and modernization.
The plan will not effect a great improvement In conditions quickly.
but only gradually. It will prove most successful if there Is an early
and pronounced upturn in general business conditions, and least successful if there is no abatement of the depression. It may not forestall
further railroad bankruptcies, and the restoration of private credit will
proceed slowly. Apart from general business conditions, the chief threat
to the plan lies in the difficulty which the numerous railroad managements
may encounter in acting collectively of their own volition to any adequate
extent, and in prolonged litigation if the power of the Government is
exerted to compel such action.
[Plan II ill
There are many, both in and out of the railroad industry, who believe
it will be impossible without radical measures to improve conditions in
the industry or restore private railroad credit. They have no confidence
In the ability of the managements of a very large number of independent
systems to deal collectively and effectively with matters of common concern. They see hope only in large-scale unifications.
The so-called "Prince Plan" for the consolidation of the railroads into
seven systems,, investigated by the Co-ordinator last year, was based
upon this view. After the Co-ordinator reported upon it unfavorably,
the thought of those who hold this view has apparently turned to a further
elimination of competition by combining all the roads in certain regions.
To promote inter-regional co-ordination, there might be some superorganization for the control of general policies. Apparently the thought
is, also, that the objects desired could be accomplished gradually. The
first step would be pooling and common direction of traffic, and the charges
therefor, to be followed later by consolidation of companies.
Advantages and Disadvantages of Plan II
Such large-scale unifications would have to be compelled. Probably the
Government could compel them, but litigation would follow and the
result is uncertain.
If they could be forced they would automatically pave the way for
important co-ordination projects which could be accomplished more
quickly than under Plan I. The credit situation would probably be
Improved, although it is likely that consummation of the plan would take
a long time.
Much competition would be eliminated but it would remain at various
favored points, thus promoting uneven development of the country,
unless a super-organization of the carriers were permitted amounting to
practical country-wide unification of the railroads, or the Commission
were given an authority to disregard competition in fixing rates which
it has never hitherto been given.
Protection to the public, in the event of such large-scale combinations
through minority directors representing the Government, would be disappointing. There are also practical objections, described in the report
as follows:
It is difficult to visualize a grant by Congress of a right to private interests to monopolize railroad transportation within a great region, to
say nothing of extending such authority, in one way or another, over
Feb. 2 1935
the entire country. It is probable that there would be less general opposition to public ownership and operation than to such a proposal.
Plan ill
Plan III is premised on much the same views with respect to the efficacy
of Plan I as are held by those who believe in Plan II. Instead of stopping
at some midway point it would go at once to the end of the road and embark upon public ownership and operation.
The report outlines what the Co-ordinator regards as a sound method
of acquisition, and the best plan for operating the railroads when acquired
through a corporation, the United States Railways, controlled by the
Government and directed by five public trustees.
Advantages
The report states the advantages of public ownership and operation
as follows:
(1) The acquisition by the Government, with provision for an interim
rental pending final settlement, would at once stabilize the railroad financial situation. These temporary rentals could be fixed at a level which
would prevent financial collapse of further large railroad companies.
(2) Government credit would at once be available for rehabilitation
and improvements. Such expenditures would be of great benefit to the
capital goods industries.
(3) The opportunities for economies would at once be at a maximum.
(4) The complex situation created by Government regulation of privately-owned companies would be much simplified, and there would be
far less division of responsibility than now exists.
(5) While it would be essential to make the industry self-supporting,
If possible, rates could otherwise be influenced by considerations of public
policy to a much greater extent than at present.
• (6) Steps found necessary for the good of the Industry by the public
trustees in charge would meet with less public resistance than at present.
Disadvantages
The Co-ordinator believes, for the reason stated in his first report,
that the ordinary and grosser dangers commonly believed to be attendant
upon public ownership and operation could be avoided, but that there
are certain special dangers under present abnormal conditions. These are:
(1) The Federal Government now has a debt which exceeds the maximum of the World War period, and it cannot avoid many further and
heavy expenditur a. A direct or Indirect indebtedness of several billion
dollars created by the acquisition of the railroad properti98 might add
to this burden to the extent that such indebtedness was not self-sustaining.
No one can be sure what the amount might be, what fixed Interest obligations it might impose, or the extent to which earnings would cover
those obligations. The courts are likely to resolve doubts in connection
with compensation in favor of the owners of the properties.
IN (2) The economies which Government acquisition and operation would
Immediately make possible are largely of the labor-saving variety. At
a time when millions of men are unemployed, Congress might well be
disposed to conzol the aiscretIon of the public trustees in this matter.
Unification or other economy projects might be postponed, and employment increased to make up deferred maintenance. If so. the Government would be left with a large deficit to make good. Aside from the
Immediate financial effect, the nationalized railroads would start Off as
a subsiolzed institution.
(3) The railroad rate situation would be difficult to handle under present
conditions. Many producers think the rates are too high and hinder
the restoration of prosperity. Congress ini.sht well be disposed to control
the discretion of the public trusters in this matter also, and require many
rate reductions to be made. An undiscriminating attack on this problem
would have unfortunate results.
I, (4) With the Government credit fully available, great pressure would
at once be exerted by the capital goods producers for modernization of
railroad equipment and facilities. While such modernization is desirable.
It can easily be done too precipitately. In advance of needed experimentation
and development. Here again there might be a tendency to control
the discretion of the public trustees in Ill-advised ways.
(5) Government operation of all the railroads would create a difficult
problem of administration and organization. While not insoluble, it
might take time to find the right answer. Pending the development
of the best type of organization, the deficit from operation might mount
rapidly, a serious matter under present condit ons.
(6) Wh le the railroads would be publicly-owned and operated, their
competitors would continue under private ownership and management.
This would create complications hard to foresee, but they might well
be serious.
Conclusions
Plan III contains the greatest potentialities of good and at the same
time the greatest possibilities of harm. Under present conditions particularly it would be essential to its successful operation that the public
trustees be given an absolutely fres hand. Only an enlightened and
sustained force of public opinion could accomplish this result, and the
Co-ordinator has as yet seen no evidence of such public opinion. It
would be dangerous to take so far-reaching a step until the country is
prepared to welcome it and to lend it the support and protection essential
to its success.
Plan II does not appear either desirable or feasible.
Plan I has neither the potentialities for good nor the possibilities of
financial harm of Plan III. Its greatest fault is that its good results will
be accomplished rather slowly. On the other hand, if well administered
and given whole-hearted support, both by the Government and by the
carriers, it holds forth much promise. The key to its success would largely
be in the hands of the railroad managements. It is clear that under
present conditions, with the rapid development of competitive means
of transport, railroad methods must be changed radically, and in the
direction of co-operation, collective action and co-ordination. Half
measures and compromises will not do. If the railroad managements
perceive this and are able to subordinate their individual interests to
the general good of the industry they can make a success of Plan I and
the Government can give them much help. If this plan does not prove
successful either Plan II or Plan III will be inevitable, and the probabilities
lie with the latter.
Under present conditions, the Co-ordinator recommends Plan I, and
that every effort be made by all concerned to make it work.
Too Much Government!
[An excerpt from a letter received this day by a landlord from his tenant]
Enclosed find our check for rent for the month of February
1935.
Please take note of the fact that the writer is liquidating
the business and will not renew the lease at its expiration
at the end of this year. We much regret being forced to
do this as the family has been in active business here for
about 90 years but the increasing burden of taxation and
Government interference makes it necessary. Working for
taxes to keep a lot of leeches in office does not appeal to us.
697
Financial Chronicle
Volume 140
THE ST. LOUIS STOCK EXCHANGE—STOCKS AND BONDS
In the following we furnish a monthly record of the high and low prices on the St. Louis Stock Exchange
for each month of the last two years. The tables include all stocks and bonds in which any dealings occurred
during the years 1933 and 1934, and the prices are all based on actual sales. The number of shares traded
in during the year 1934 was 127,359 shares, as compared with 145,399 shares during the year 1933. The
money value of transactions in 1934 was $2,342,625 and in 1933 was $2,680,413.
For the record of prelious years see "Chronicle" ot Feb. 3 1934, page 739; Feb. 4 1933, page 720; Feb. 6
1932, page 912; Feb. 7 1931, page 914; Feb. 1 1930. page 695; Feb. 2 1929, page 636; Feb. 5 1927. page 697.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1933.
November December
October
June
August September
March
April
May
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.
(A S) Aloe preferred
Common
Amer Credit Indemnity
Beck & Corbett prof
Brown Shoe common
Preferred
Bruce EL preferred
Burkett Mfg common
Preferred
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ Per share i Per share
50 50 ------------------------5312 5312
40 40
3512 3512 40 40
100 ------------------------35 35
__—
5 --------8
20 ------------------------------------------------6
8
9 ---------8
9 --------9
914 914 9
6
9
5
10 --------------------------------6
ial) 32 33
• 3212 33
4
100 109 1104 1092 110
100.
30 32
111 111
iii, --------43 if ii If Ea If
29
4312 43 4812 ii 1112 4812 134 4534 3
4
11014 1104 114 114 --------117 118 1193 120 119 120 118 119 119 119 3 11914 121
Chicago Ry Equip prof
25 _
Common
1
412 --------21
- -- - - - -- - -14 -3
25 ------------------------1
i -ci i
8
9
9
Coca-Cola Bottling common_
93 1013 912 10 ----------------612 10
4
9
213 8
412 312
414 512 4
Columbia Brewing common_5 ____ __-_ --- ---- ---- ---- ---_ ____ -- - - -- --- ---- - - --Consol Lead & Zinc
2
14 114 1, ---- ---- -,fee 112 - 31
--713 1
2
.
14
14 --------1
12
12 --------12
12
12
12 13
9 10
83
4 912 912 0
Corno Mills common
10
10
12 1012 1212 1212 13
8
8
83
4 9
812
9 10
Curtis Mfg common
514 712 813 10
5 --------434 54 --------414 514 514 6
6
6
*
-- ---- --- ---- ---- 6
Dr. Pepper common
•,
Elder Mfg common
4 ------------------------10
•4
.
A
-2
l1
.4 0- 4 -- _ _ _ _ 34 35 _ _ _ _ _ - _ - _
2
20 20
100 ------------------------20 20
1st preferred
100.
11 14
13 1518 --------13 13
15
15
18
13
6
Ely-Walker DC common__25 --------6
6
6 --------7
90
1s preferred
_ 94 95 90 94 --------90 90
75 75 80 80 ____
67 67
100 _
70
70 70
_ 70 70
2d preferred
72 72 - 60
100 --------------------------------55 60 60 -Emerson Electric pref
100 a
Falstaff Brew common
1
1 _
- - - ---- ---- iT2 -
2 /12 514
6
ii-8 -1-
1612 -io-
--12
3
3
.
1
- - ----- -3- 12 12
12 4
4 43
4
812 43
8
Vs
-_ -- ---14
90
t
70
14
90
75
-3
74
312
18
90
75
513
Preferred
____ ____ ____ ____ ---- ---_ -_-_ ____ 10c 25o
190 _
Globe-Democrat preferred_100 --------10712 10712 107 107 105 105 1033 10512 105 108 106 106 --------106 106 --------105 106 ---- -4
4
312 sty 33
412 312 4
Hamilton Brown Shoe
4
25
4
14 212 24 --------334 5
414 5
4 5
3 8 43
7
4 33
Hussmann-Ligonier
21. 212
Huttlg S & D common
•
---- --- _
Preferred
100 ---- ---- ---- ---17 17
8
11 ----------------4
Hydraulic Press Brick pref_100 --------414 414 514 514 5
812 15 15 ____-__ 11
53 -------- 8
4
44 47
40 46
4112 4978 38 45
International Shoe com
• 263 27% 26 27
4
4512 50
4
26
2912 2812 3912 39 4812 45 5012 463 55
Preferred
105 10412 106 10514 106 10512 106 10512 10712 1073 11212 10912 11012 109 11014 105 110 10514 105 4 ---- ---- ---- ---100 10212
,
8
17 -----------------------22 23 --------17
17 25
17
Johnson-Stephens-Shinkle_-* 16
17 ------------------------16
541 5 3
,
Key Boiler Equip corn
•
6 ----------------412 5
212 212 6
712 6
Kligen & Son Inc pref
100
.
Knapp-Monarch pref •33
33
Laclede Christy C P common.* --------------------------------3
5
,
5
912 7 2 712 ----------------------------r- 44 -411
_
1214 15
15
Laclede Steel common
15
15 2 7
,
17
1812 812 16
20 9
1713 20
17
18
15
17
11
9 ----------------11
Landis Machine corn
25 7
7 --------612 7 -___-__ 6
7 ------------------------613 812 ---- --- 812 812 -------40 41
41
42 40
McQuay-Norris hug corn
4
39 443 --------4112 4414 41 25 3012 30 3912 3812 41
2412 27
27
27
• 25 27
Meyer Blank° pref
100 _
Common
•
,3
ii4 -.
6
, 713 9
Missouri Portland Cement25 6
132
12 713 1
12 8
- 3- 8i2 112
14
612
?lie Ins a
is I
Moloney Electric A
•
Nat Bearing Metals corn
•
Preferred
100 _
17
17 4
18
National Candy common
ii ii 1714 -- -12 16 - 4- 16 -- 14 15 1512
22
173 16
4
• 6
63
4
Vs 6
1218 1512 15
53
4 712 612 12
1st preferred
100 --------90 90 --------85 85
90 98 98 9812 100 100 ----------------10712 10712 107 107 ---- -Nicholas 13eazley Airy
5 ------------------------------------------------400 40c 4013 400 -_— _-_ --__ --- 40c 4013 25c 25e
Pedigo-Lake Shoe___________• --------------------------------214 3
3
312 312 --------338 3 8 ---------------- 1
314 314
1
Pickrel Walnut common
•
Rice Stiz D G common
,
4
12 7 r 9
i
1
12 Ail /12 51 /
aill 1
• 3
714 9
714 10
34 3
512 7
12 314 5
34 314 3
1st preferred
70 71 ----------------7477 --------909090909090909095959095
100 74 74
2d preferred
75 75 --------80 80
7012 7212 75 80
54 58
5114 58
14 70 70
100 55 60 ----------------50 50
St Louis Pub Serv corn
•
Preferred
---- ---- ---- ---- ---- ---- ---- 15c 150
•-Scruggs-V-Barney corn
25 40e
1
1
1
i
I
i
112 112 1
Scullin Steel preference
1
238 i
a
11, 2E2 312
138____ ____
• 112 112 1
Securities Invest corn
*
Preferred
____ ---_ ---- --__ -___ -___ 100 100
•
.
100
Sedaila Water preferred.___100
-52 52
Southern Acid & SU i cont____• --------------------------------15
20
_,--ia Ts If tio
ii 20 22
-- ia ii ii "29
Southwestern Bell Tel pref_100 115 117 112 11614 110 11312 110912 114 11012 115 11514 11714 116 11712 116 11712 11512 118 1151±117 111512 117 110 119
-814 9
Stlx-Baer & Fuller common__ • 53
712 8
812 94 ____ ___ ____ ____
4 6
912 1214 9 12
53
4 5 4 ---- ---- 8
3
9 10
10
Title Insurance comrnon...25
214
Wagner Electric common. 15 A2 11- iz 78 i ii i 1- 1012 12
--- 18 i
:t
E
i
23
-- al 16
4
;-.
7
8
6
- ai I
F
Preferred
95 97
100 ----------------75 7814 77
90 9014 9212 9211 90 95
90 90 --------90 90
81 85
77
-----------------------------------6114
irz
a, -- o, -- i,
i 16 i 1i; T1
BONDS.
City & Suburban 5s
Scullin Steel es
Scruggs-V-Barney Is
- United Rys 4s
serial-93: io
1
"i6
-
-75
2
- -13- .- ---- --- _ .
-7 ,-7i--6 20 20
6
-15 ________U
_
..
2i
a _ii_"-
_
i_-i1
1_---_ _ .
_ __ _ —
.
5
21
______. _i
i
_
ao 16
MONTHLY RANGE OF PRICES ON ST LOUIS STOCK EXCHANGE FOR YEAR 1934.
STOCKS
January February
March
April
October
November December
May
June
July
August September
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Ellyb
I Per share $ Per share $ Per share 8 er ehareS per share 8 per share 8 per share 1 per share S per share $ per shore $ per share $ Per Shard
'doe common
20 ------------------------ -9
9
9
9
9
9 --------10
10
10
10
11
11
123 13 ---- -4
Preferred
100.
American Credit Ind. com____10 912 10
17
17 5 -2413 'i41. li . i li
2
2
_ __
American Investment B
•
418 418 414 412 412 112 5is -14 ------------------------434 44 012 1
12
Beck & Corbitt preferred..... i00
75
75
Boyd-Richardson 1st
100 ------------------------92 "ii _ ___ ____ ____ ____ ____ ____ _--- ____ ____ __ ____ ____ -___ -___ ____ ---Brown Shoe common
58
5812 60 571g 60
* 51
5618 56% 53 54
53 54
52 53
51
5012 54
55 5712 5612 59
4
53
453 52
Preferred
100 11914 121 11912 1203 121 121 122 122 122 124 12214 124 125 125 120 125 --------121 1223 122 122 123 123
4
4
Burkart Mfg common
212 212 3
2
* 1
3 z3 z3
3i2 318 ------------------------ 214
4 5
14 --------33
7
8
Preferred
• 10
10
13
15
1512 16
16
16 ---------------- 15
15
1
24 28
----------------163822
Century Electric common_100 30 30
30 30 --------30____ ____ ____ ____ _______ ____ ____
30 ____ ____ 220 z20
Champ Shoe tat preferred___100.
. ...-- -___ _ _ .. _
_ _
_ _
_
_ _
. -Coca-Cola common
1 1212 1212 --------15 _
11 ia -- - 1ai2 -1814
. 16 ii 14 21 14 19 If
ii 11 5F2 16 iti li 2372 24
Columbia Brewing common_5 312 3 4 312 31
7
314 414 33
212 23
4 214 212 214 214 212 338 2 4 3
4
1
23
4 3
3
1
1
3
----- ---- ---- ---- ------------- ---- -------- - ---- --- 214
Commonwealth Inv Corp
Como Mills common
1214 1214 --------12__
* 12
12
.
1214 1114 1112 113 12
4
10
1112 ia 164 --------1038 11
1
12
1212 12
1213
5 5
Curtis Mfg corn
6
7
712 514 05
8 612 7
6
612 614 638 67
8 7
612 612 6
612 5
5 2 512 5 4 6
,
3
612
• 6
6 --------10
10
Dr. Pepper common
93
4 93
4 83
4 83
4 87
a Ks 10
10
4
912 912 --------103 101 1014 1014 - 4
Elder Mfg common
103
411
1st preferred
100 _
100 36 36
37 40 ------------------------ ---------------- ---------------- 46
A preferred
--------248
25 19
19
Ely-Walker common
1912 21
2 I______
1
3 13
2 112
1
14
14
k
7 15 17
8
100 92 92
1st preferred
96 100 99 100
9912 100 100 1 - --------99 100
- 012
0
99 993 --------100 102 101 101 103 103
4
2nd preferred
100 --------80 80
75 75 --------78
78
80 81
78
7812 78 78 --------77 77 --------77 77
Emerson Elec. preferred
100
Falstaff Brewing common
1 i
112 ii4 .
614 iT2 - - a1.8 6
i12 a
I% aig -e
1
8 43s 2T2 18 234 1
6
ais - , 37
.
3ii2 14 214 1
4
Fulton Iron Works common..-• 25c 25c 30c
112 50c 900 750 75c 500 60c 25 30e 50c 50c 200 50e 20e 30c 50c 50c --__ -_-- 10e 200
Preferred
----------------------------------------184
Globe-Democrat preferred __ _100 105 109 109 109 12 10
111 ------------ ---- 110 1--------------------------------110 111
-55s
Hamilton-Brown common
* 312 54 5
8
5
614 514 7
ly
5
319 4
I
1
4.
. .21.
t. 4
au
.
-ie
io _
• No par value.
z Odd Iota.
ii-6
-
698
Financial Chronicle
Feb. 2 1935
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1934
-(Concluded).
STOCKS
January February
March
April
May
June
July
August September
October
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
Par I per share $ per share $ per share $ per share $ per share $ per share $ per share $ NT share $ per share $ per share S per share $ per share
112 112 13
1
Hussmann-Ligonier common___• --------2
4 13 __
1
3
2
214 1
_
4
17
8 17
8 21s 214 214 214 218 214 2
Huttig S & D common
*
Preferred
100 _
Hydraulic P B common
100 ------------------------400 40e 500 50c 500 50c 86c ioc ____ ____ ____ ____ ____ ____ ____ ____ ioo
io
Preferred
_ _ ____ ___ ____
__ ____
- ----- ---6
6 -_-6
100 6
1
112
__ ____ __
_ ____
___ __ _
International Shoe common___* 4378 4912 47 49
46
4312 -46 4412 --- 4014 -4214 4214 - - 43 4414
3812 -4038 4012 -4012 42
44
4212
4412 4012 - - 4014 443
4
__ ____
____
2412 2412 ____
__ ____
Johnson-Stephens-Shinkle _---* 1012 11
_ 1,7
16 22 22 26
17 17 -___ ____ ---- --17
Key Boiler Equip common
7
7 7 _-- 7 7 6 6
734 _--- 7 _734
7 4 _8
8
713 712 712 8
,
* 512 7 2 712 8
Knapp-Monarch common•5
5
Laclede-Christy common
Laclede Gas Light preferred_100 --------54 54 -iii-li_ - 6_ _ _ d_ _ _ i_ _ii_"ii_ _i5_
- _ _
i_ _iL_ i_
_
Laclede Steel common
4 1412
14 ii I ii T
i II ii
20
I iir --I _ia T
i
2
lt i
------2 1
Landis Mach common
25 _
412 la 4412
4
McQuay-Norris common
,
* 40 44 2 45 47 43 453 44 45 ------------------------------------------------7445 4712 52 5238
,
1
4
4 4
4l
*41
Meyer-Blanke common
812 834 --------83
4 834 812 812 i - - 6 6 --------7 734 iT4 -14
8
8
12 13
12
Moloney Elec common A
7
* 12
7
712 7 4 714 8
3
712 9
510 Portland corn
25 812 9
4 714
6
612 614 612 612 612 612 638 63
618 7
7
612 714 6
Nat Bearing Metals cons
------------------------------------------------15
12
83----------------83 83
Preferred
100 --------82 82
-16
1912 1612 17
18
2034 18 20
National Candy common
4
17 8
16 li 17 -- 3 1612 1/3 15 17
15 4 17
3
16
17
* 1512 1012 18 21
1st preferred
100 108 108 107 107 108 109 109 111 ____ __-- 11412 11412 ----------------------------------------115 1151
8
2nd preferred
86 89 ------------------------100 100 100 100 ------------------------100 100 100 100
100 86 86
Nicholas-Bearley
5 ----------------250 500 500 50c --------500 50c 500 50c 500 50c ------------------------300 300
•21*4
z1'4
Pedigo-Lake Shoe com
siii if ii -10 4 812 1034 i Rice-Stir common
8 --3103 123 102 1212 iiEs ii
4
4
11
• 9
i
. 11
'
8 8 -.1. 9
'2 9 2 934 6. ii
i1. -2 9
99 100 100 10012 98 9912 9814 100 101 101 102 102 103 103
let preferred
100 90 95 93 99 9614 9614 99 99 98 99
2nd preferred
100 --------83 85 83 85 83 83 --------85 85 85 8612 85 85 85 85 ____ ____ 8712 8712 8712 90
50
Sc 5e
St. Louis Pub Service corn
• 100 15c 330 380 -_-- -_-_ ---- ---- ---- ---_ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ 5c
*
25c 25c 50o 800
Preferred
1
3 14 212 312 23s 312 2
43
4 3
112 112 --------112 112 114 112 1
112 3
3
412 3
Scullin Steel preferred
• 1
4
,
4
20 20 ----------------23 24
1912 20
18
197 20 --------193 193 1512 15 2 --------18
s
Securities Invest corn
* 17 17
100 100 100 100'2 10012 ----------------------------------------105
Preferred
- . I
ii--------10_--------------------------------9 "9 0 iieloff Packing corn
*
4
8
4
Southuestern Bell Tel pref__100 1163 11712 117 11914 11712 120 1187 121 11812 121 1193 121 11934 I2112 119 121 11812 12012 11912 121 120 12012 1181s 12218
_ ---25 25 -- ____ ____
_ 25 25
_ ____
• 2212 2212 2212 23 25 25 --------25 25
h So Acid & Sulphur corn
10
11
11
12
814 814 ____--13
* 9 1012 10
8
8 ---- ---- ---- - _ _ _
itix-Baer•Fuller corn
9 2 ---3, 104
9
812 8
8
812 812 __25 _
ritle I nsur Corp
10
1112 lois 11
12
s
8
1238 115 123 10
15 10
6 -12l4 ii -II 15 'II
i
12
,
14 012 -- 12 ii
8i2 12
1
-0
1.
(/
Nadner Electric corn
100 --------100 100 100 100 100 100 102 10312 104 104 105 105 103 103 105 105 104 105 ---_ .___ ---- ---Preferred
BONDS
nty and Suburban 5s
6312 6414 -___ ____ __ ____ ---- ---- ---- ---- ---- ---- ---- -.aclede Gas Light 5s
Attie Rock & H.S. 4s
65 65
doloney Electric 55is
'tat Bearing Metals 6s__________ ---- ----- --- -,-- ---- -- ---- --- - - jai 1Iii ----------------10114 liii --- -- ---- -- ---- ---- ---- ---- ____ __ ____ ___- ---- ---- --- -- -- ---- 137s 137
2
25 2712 25 25 --------22 2
s
icullin Steel 6s
6s stamped
20 20 _-it Louis Car 6s
_-1912 2014 ----------------18
lnited Railway 4s
23
ii191- -1914
2
211-56- 161; -tiiii - -2 -55- - -io- --.- -HT.& 1814
1912 1912 18
18
4s C-D's
1914
Oome Owner? Loan Corp
-2i15 15
.
._ ..._ ..._ .... ..._ ... ..
Tic,
do"IR inn
de
•No par value.
z Odd bats. t Have not registered with Securities Exchange Commission.
J. W. Sanders Elected President of St. Louis Live Stock Exchange
The St. Louis Live Stock Exchange has elected J. -vv. several weeks ago, he was Vice-President and had been
Sanders, President of the J. W. Sanders Commission Co., as acting President since William J. McGinnis, manager of
President to succeed the late H. R. Ray, whose death John Clay & Co., was elected Vice-President of the Exoccurred recently. This will be Mr. Sanders's third term change, and A. P. Hensley, of Hensley-Andrews Comas President of the Exchange, he having served in 1912-1913, mission Co., was elected a member. H. A. Powell is
and again in 1917-1918. At the time of Mr. Ray's death, Secretary.
Dr. Tugwelrs Utopia
The Editor,
The Commercial and Financial Chronicle:
According to Dr. Tugwell's recent pronouncement, the
people of the United States are entitled to what they want
in the way of material things. If these material wants can
not be fulfilled at a profit, then, by all means, discard the
profit. Is that his conception of the best way to restore
normal conditions?
Now I have always been under the impression that any
enterprise that engaged in the production or distribution
of goods and services, was bound to land either in the black
or the red. I have never heard that there was, in between
these two alternatives, a sort of a twilight zone, in which
neither profits, nor deficits appeared. Is this something
new?
Unless he hastens to circumscribe this delightful neutral
area, I must conclude that Mr. Tugwell would rather see
the steel industry, the automobile industry, the textile industries, and all others operate at a loss than at a profit.
And to operate our most important enterprises at a loss
would be so much better for the countryll-well, I guess
that would be no sillier than some of the other expedients
we have tried. I want to ask only one question-did the
American people have all their wants and needs supplied
in 1932? The profit motive was rather anemic that year.
L. MERLE HOSTETLER.
The Course of the Bond Market
This week's moderate decline in bond prices reversed
the upward trend of the preceding fortnight. High-grade
bond prices were largely unaffected by the declining
tendency but lower-grade rails and utilities, which had
profited greatly in the earlier rise, participated most in
the current decline. Greater rallying tendencies were displayed by the utilities, toward the end of the week, than
by the rails, but both groups closed the week considerably
under the recent high levels of last Friday and Saturday.
Moderately declining tendencies were also seen in the U. S.
Government bond list. Short-term money rates in New
York City remain at their lowest levels for many years,
their average of about 0.85% having been maintained since
October 24. Another rise in bank reserves was reported
as of Wednesday.
All Masses of railroad bonds were generally lower. Among
the higher grades, Norfolk & Western div. 4s, 1944, closed
at 108, compared with 108% last Friday; Baltimore &
Ohio 1st 4s, 1948, declined % point to 101%; Pennsylvania
sec. 5s, 1964, closed at 105%, down %. Larger declines
were witnessed among the lower-grade rail issues. Boston
& Maine gen. 5s, 1955, declined 3% points to 76; St. Paul
55, 1975, closed at 23,compared with 23%; Missouri- KansasTexas pr. In. 5s, 1962, closed at 61, off 5% points; Southern
Railway 4s, 1956, declined 1% to 57%.
Among utility bonds of all classes, medium grades held
the spotlight. After having risen steadily and substantially for some time, they experienced a reaction of fair
proportions in the early part of the week. Alabama Power
5s, 1968, lost 2% points, closing at 81%; Central Power
5s, 1957, declined 34 to 65%; Illinois Power & Light 5s,
1956, at 75% were off 2%; Southeastern Power & Light
6s, 2025, lost % to close at 80; Superpower of Illinois 4%s,
1970, closed at 94%, up %. Later on some recovery occurred
but only part of the losses were made up. High-grade
utility bonds gave a better performance, but there was a
tendency toward softness. New York tractions did well
In the face of general weakness, because of indications
that transit unification is nearing completion.
Moderate declines occurred throughout the industrial list.
Steels eased off after the recent sizable gains recorded.
Rubbers were irregular and building material bonds lost
ground. Oils gave the best performance, recording fractional gains in some instances. Individual changes included
Youngstown Sheet & Tube 5s, 1978, down 2% to 94; U. S.
Rubber 5s, 1947, 2% lower, at 92%; Goodrich 6s, 1945, off 1
to 93%; International Cement 5s, 1948, off % to 100%, and
699
Financial Chronicle
Volume 140
Certainteed Products 5%s, 1948, down 2% to 72. The
feature redemption of the week was that of the Tobacco
/
1s,
Products of New Jersey 62 2022, called at 100 Jan. 31 1935,
an issue of $35,577,200.
A mixed trend was seen among foreign bonds. Those
which showed small gains for the week included Province
of Buenos Aires, Danish and Belgian bonds, while declines
were seen for Argentine, Australian and German issues.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES t
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
U.S.
120
Govt. Domes1935
Daily
Bonds
tic
se
Averages
Corp.*
120 Domestic Corporate*
by Ratings
Aaa
Aa
A
Baa
120 Domestic
Corporate* by Groups
RR.
P. U. Indus.
All
1935
120
Daily
Domes
Averages
tic
120 Domestic Corporate
by Ratings
Aaa
Aa
A
Ban
120 Domestic
Corporate by Groups
RR.
tt
so
For
P. U. Indus. signs
4.81
4.32
6.12
4.73
6.01
4.88
4.67
3.76
4.17
6.12
4.72
5.99
4.80
4.88
4.30
4.66
3.76
4.17
4.79
4.89
4.72
6.00
4.31
6.15
4.66
3.75
4.18
5.98
4.77
4.90
4.31
6.15
4.66
3.75
4.18
4.73
4.74
4.85
4.30
6.14
4.63
4.17
4.70
5.90
3.75
5.83
4.72
4.81
4.31
6.15
4.61
3.75
4.17
4.69
4.72
4.83
4.31
4.62
4.17
4.70
5.85
6.16
3.76
4.73
4.84
4.32
4.71
5.86
6.17
4.63
3.78
4.17
4.73
4.88
4.33
6.15
23__ 4.64
4.73
5.89
3.77
4.18
4.73
4.93
6.14
22._ 4.67
4.75
5.95
4.34
3.78
4.18
4.74
4.94
4.34
6.12
5.96
21._ 4.68
3.78
4.20
4.76
4.96
4.34
6.14
19._ 4.68
5.98
4.75
4.20
4.77
3.78
4.77
4.99
4.35
4.21
4.78
6.02
6.15
4.70
3.79
4.79
5.01
4.35
4.79
6.05
6.17
17._ 4.72
3.80
4.23
4.79
5.02
4.35
6.20
6.05
16._ 4.72
3.79
4.22
4.80
4.79
5.02
4.35
6.22
6.07
4.72
3.79
4.22
4.80
4.77
5.03
4.33
6.22
4.79
6.04
14__ 4.71
3.77
4.22
5.02
4.34
6.21
4.79
6.03
4.76
12._ 4.71
3.78
4.22
4.74
4.34
6.22
6.00
5.01
11__ 4.70
4.22
4.78
3.78
4.35
4.72
8.01
6.23
3.79
4.22
4.79
5.96
10._ 4.69
4.35
4.72
5.04
6.26
3.79
4.24
5.98
9__ 4.70
4.80
s__ 4.70 3.79 4.22 4.80 5.99 4.72 5.05 4.34 8.27
4.72
5.07
4.34
6.28
6.01
4.71
3.79
4.22
4.81
a__ 4.73 3.79 4.23 4.81 6.07 4.74 5.10 4.34 6.29
4.34
6.30
5.10
6.08
4.75
4.23
4.82
4.73
3.79
5.12
4.35
6.32
6.11
4.76
4.24
4.82
4.74
3.79
6.33
4.35
4.77
5.13
4.83
6.12
3.80
4.25
4.75
Stock Exchan ite Clog ed-4.72
4.81
4.30
6.12
100.98 84.60 100.49 99.04 107.67
Low 1935 4.61
4.69
5.83
3.75
4.17
5.13
4.35
6.33
4.81
98.73 81.07 499.04 94.14 106.78
High 1935 4.75
4.83
6.12
4.25
3.80
4.72
4.35
6.35
99.04 83.72 100.49 94.58 106.78
5.10
Low 1934 4.75
4.24
4.81
5.90
3.80
5.75
6.74
4.97
8.65
81.78 66.38 85.61 742.5 96.54
High 1935 5.81
6.06
7.58
4.43
5.20
Yr. Ago
5.71
4.77
7.63
93.26 108.75 99.36 90.69 78.21 94.43 86.12 99.68
4.24
4.79
6.37
5.11
Feb. 1 '34 5.19
5.37
2 Yrs.Ago
5.72 10.03
83.11 105.89 92.82 81.18 62.40 77.00 86.91 85.99
6.48
5.65
5.22
6.11
8.07
Feb. 1 '33 5.95
4.40
•These prices are computed from average yields on the basis of one "ideal" bond (4ti% coupon, maturing in 31 years) and do not Purport to show either the average
level or the average movement of actual pr se quotations. They merely serve to illustrate in a more oomprehens ve way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932. Page 907.
**Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing hese Indexes was published in the issue of Oct. 13 1934,
page 2264. t t Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Feb. 1__ 107.10
Jan. 31._ 106.98
30-- 107.14
29__ 107.21
28__ 107.35
26__ 107.37
25._ 107.33
24__ 107.34
23__ 107.42
22__ 107.16
21__ 106.96
19__ 106.99
18-- 106.79
17-- 106.75
16- 106.59
15-- 106.65
14-- 106.50
12._ 106.72
11._ 106.81
10__ 106.48
106.19
105.94
105.77
5._ 105.66
105.76
105.75
105.75
1-- Stock
High 1935 107.42
Low 1935 105.66
High 1934 106.81
Low 1934 99.06
Yr. Ago
Feb. 1 '34 101.47
2 Yrs.Ago
Feb. 1 '33 103.80
101.31
101.47
101.47
101.47
101.97
102.30
102.14
101.97
101.81
101.31
101.14
101.14
100.81
100.49
100.49
100.49
100.65
100.65
100.81
100.98
100.81
100.81
100.65
100.33
100.33
100.17
100.00
Exchan
02.30
100.00
100.00
84.85
118.04 110.05
118.04 110.05
118.25 109.86
118.25 109.86
118.25 110.05
118.25 110.05
118.04 110.05
117.63 110.05
117.84 109.86
117.63 109.86
117.63 109.49
117.63 109.49
117.43 109.31
117.22 108.94
117.43 109.12
117.43 109.12
117.84 109.12
117.63 109.12
117.63 109.12
117.43 109.12
117.43 108.75
117.43 109.12
117.43 109.12
117.43 108.94
117.43 108.94
117.43 108.75
117.22 108.57
se Clos ed118.25 110.05
117.22 108.57
117.22 108.75
105.37 93.11
100.33
100.49
100.49
100.33
100.81
100.98
100.81
100.65
100.33
100.00
99.84
99.68
99.52
99.36
99.20
99.20
99.36
99.36
99.52
99.36
99.20
99.20
99.04
99.04
98.88
98.88
98.73
82.38
82.62
82.50
82.74
83.72
84.60
84.35
84.22
83.85
83.11
82.99
82.74
82.26
81.90
81.90
81.66
82.02
82.14
82.50
82.99
82.74
82.62
82.38
81.66
81.54
81.18
81.07
99.04
99.20
99.36
99.68
100.17
100.49
100.49
100.33
100.33
100.33
100.17
100.00
99.68
99.36
99.36
99.36
99.68
99.84
100.17
100.49
100.49
100.49
100.49
100.17
100.00
99.84
99.68
97.94
97.94
97.78
97.62
98.41
99.04
98.73
98.57
97.94
97.16
97.00
96.70
96.23
95.93
95.78
95.78
95.63
95.78
95.93
95.93
95.48
95.33
95.03
94.58
94.58
94.29
94.14
107.31
107.67
107.49
107.49
107.67
107.49
107.49
107.31
107.14
106.96
106.96
106.96
106.78
106.78
106.78
106.78
107.14
106.96
106.96
106.78
106.78
106.96
106.96
106.96
106.96
106.78
106.78
Feb. 1__
Jan. 31__
30__
29__
28__
26__
25._
Indications of Business Activity
A.
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Feb. 1 1935.
Led by the general upward trend of industrial activity,
business continued to surge ahead. Stocks of winter merchandise have reached the vanishing point owing to the
heavy buying of late, prompted by sub-zero temperatures
in nearly all parts of the country. Wholesale business was
better, owing to larger spring commitments. Employment
figures make a favorable exhibit. Retail sales were 12%
to 20% larger than last year. Steel operations were up to
52.5% of capacity, compared with 49.5% last week. The
fertilizer index advanced to 77.6%. Sales of shoes were
larger. The production of automobiles averaged 70,000, and
is expected to exceed the estimate of 280,000 units for
January. The electricity output increased slightly. Bituminous coal production was larger than in the previous
week, owing to colder weather and a better demand from
Industrial sources. Another increase was recorded in the
production of crude oil, which is now above the Federal
allowable. On the other hand, lumber production fell off
slightly, and there was a drop in railroad car loadings.
There were less wholesale failures. The grain markets
were unsettled during the week, with demand very small.
Cotton, too, was weaker, with trading very light. The nervousness over the pending gold clause decision checked trading. Sugar was fairly active and steady. Other commodity markets were quiet and easier, owing to uncertainties surrounding the markets, as stated above. Cotton goods
were dull. The non-ferrous metals were firm. For nine
consecutive days low temperatures have prevailed in New
York. It was down to zero on the 28th ult., and the day
before it was 2.6 above zero. It was 4 above on the 30th ult.
.
The zero reading of the 28th ult. was the coldest since the
record cold of last February, and compares with the alltime low of 1 below made on Jan. 28 1925. Floods in the
mid-South caused the death of 27 persons and did $5,000,000
property damage. Many were killed and considerable property damage resulted from floods in the Pacific Northwest.
In Mississippi floods caused an acute relief problem. Thousands were homeless and many deaths occurred. It was
estimated that 75% of the livestock were destroyed in the
Marks, Miss., region. A fierce gale in England on the 26th
ult. played havoc on land and sea. To-day it was fair and
cold here, with temperatures ranging from 5 to 24 degrees.
The forecast was for fair and warmer to-night and Saturday. Overnight at Boston it was 2 to 16 degrees; Baltimore,
8 to 24; Pittsburgh, 20 to 32; Portland, Me., 4 below to 14
above; Chicago, 30 to 36; Cincinnati, 26 to 38; Cleveland,
20 to 24; Detroit, 16 to 24; Charleston, 26 to 44; Milwaukee,
26 to 34; Dallas, 46 to 62; Savannah, 26 to 50; Kansas City,
30 to 36; Springfield, Mo., 32 to 52; Oklahoma City, 34 to 64;
Denver, 28 to 56; Salt Lake City, 28 to 44; Los Angeles,
60 to 86; San Francisco,46 to 60; Seattle, 56 to 66; Montreal,
4 below to zero, and Winnipeg, 14 to 26.
Number of Freight Cars and Locomotives Placed in
Service During 1934 Far Above Totals for 1933
and 1932
Class I railroads of the United States installed 24,103
new freight cars in 1934, according to reports just received
by the Association of American Railroads and made public
Jan. 28. In 1933 there were 1,879 new freight cars placed
in service and in 1932 there were 2,968. The Association's
report continued:
Fifty-nine new steam locomotives and thirty-one new electric locomotives
were placed in service in 1934. The railroads in 1933 installed one new
steam locomotive and 37 in 1932.
New freight cars on order on Jan. 1 totaled 628 compared with 224 on
the same day last year and 2,431 on the same day two years ago.
The railroads on Jan. 1 this year also had seven new steam locomotives
and 90 new electric locomotives on order. New steam locomotives on
order on Jan. 1 1934 totaled one, and on the same day in 1933 there were
three. No figures are available to show either the number of new electric
locomotives installed or on order in previous years.
Freight cars and locomotives leased or otherwise acquired are not included
in the above figures.
Moody's Daily Index of Staple Commodity Prices
Mirrors Easy Tendency of Markets During Gold
Clause Uncertainty
Staple commodity markets were with few exceptions
under the influence of doubt and uncertainty prevailing
while waiting for the Supreme Court decision on the validity
of the gold clause. Moody's Daily Index of Staple Commodity Prices declined 2.0 points to 153.5, not far from
the low point for 1935.
While no drastic declines were recorded, the generally
easy tendency was shown by the fact that twelve of the
fifteen staples included in the Index closed the week at lower
prices, while only one registered a gain, and two were
700
Financial Chronicle
unchanged. The losses were, in the order of their importance, in wheat, wool tops, corn, cotton, lead, silk, steel
scrap, rubber, silver, coffee, sugar and cocoa. Hides
scored the only advance, following the drastic declines of
the previous week, while hogs and copper were unchanged,
the latter still being quoted at the code price of 9 cents a
pound set last June.
The movement of the Index number during the week,
with comparisons, is as follows:
Fri.
Jan. 25
Sat. Jan. 26
Mon. Jan. 28
Tues. Jan. 29
Wed. Jan. 30
Thurs. Jan. 31
Fri.
Feb. 1
155.5
155.0
153.6
153.1
153.7
153.7
155.5
2 Weeks Ago, Jan. 18
Month Ago, Jan. 2
Year Ago,
Feb. 1
1933 High,
July 18
Low
Feb. 4
1934-35 High,Jan. 9'35
Low, Jan. 2'34
155.5
156.2
135.4
148.9
78.7
160.0
126.0
Analysis of Imports and Exports of the United States
for December
The Department of Commerce at Washington Jan. 30
issued its analysis of the foreign trade of the United States
in December 1934 and 1933 and the 12 months ended with
December 1934 and 1933. This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products. The
following is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM AND
IMPORTS INTO THE U. S. FOR THE MONTH OF DEC. 1934
(Value in 1,000 Dollars)
Month of December
1933
Per
Value Cent
Crude materials
Crude foodstuffs
Manuf'd footstuffs_ _
Semi-manurre
Finished manuVrs
Domestic exports_
12 Months Ended December
1934
Value
Per
Cent
1933
Value
1934
Per
Cent
73,071 38.5 54.520 32.4 590,566 35.9
7.464 3.9 3,621 2.1
48,366 2.9
16.880 8.9 12,048 7.2 154.609 9.4
28.497 15.0 30,309 18.0 237,041 14.4
63,896 33.7 67,970 40.3 816,639 37.4
Value
Per
Cent
653.060 31.1
59,285 2.8
167,683 8.0
341,712 16.3
878,987 41.8
189,808 100.0 168,467 100.0 1,847,221 100.0 2,100,728 1041.0
Crude materials
36,234 27.2 28,839
Crude foodstuffs
18,458 13.8 18,597
Manuf'd foodstuffs... 23,910 17.9 29,190
Semi-manurrs
27,236 20.4 21,018
Finished manuVrs
27,680 20.7 28,587
22.9
14.7
23.1
16.7
22.6
418,151
211,813
205,370
292,005
322.220
28.9
14.6
14.2
20.1
22.2
460.392
245.896
270,982
307.359
350,225
28.2
15.0
16.6
18.8
21.4
Imports
133,518 100.0 126,231 100.0 1,449,559 100.0 1.834,834 100.0
a 1933 figures are general imports; 1934 figures are imports for consumption.
Wholesale Commodity Prices Dropped Slightly During
Week of Jan. 29 According to "Annalist" Index
Monthly Average for January Above December
A small reaction of 0.2 points for the week which left the
"Annalist" Weekly Index of Wholesale Commodity Prices
at 123.0 on Jan. 29, was due primarily to the continued
uncertainty and increasing imminence of a Supreme Court
decision on the gold clause, the "Annalist" announced,
stating:
Losses were principally in the gains and flour, and in cotton and the
textiles, other advances and declines largely canceling each other out.
Until the Supreme Court decision is known,little strength is to be looked
for in the commodity markets.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation 1913=100)
Jan. 29 1935 Jan. 22 1935 Jan. 30 1934
Farm products
117.8
119.3
90.3
Food products
127.5
126.5
104.0
Textile products
107.1
120.0
107.7
Fuels
160.4
160.4
154.6
Metals
109.7
109.7
105.2
Building materials
112.1
112.1
112.8
Chemicals
98.6
98.6
99.0
Miscellaneous
79.7
79.8
86.7
All commodities
*123.2
106.5
123.0
x All commodities on old dollar basis_
73.7
73.6
88.3
•Revised. x Based on exchange quotations for France, Switzerland, Holland and
Belgium.
As to prices during January the "Annalist" said:
The average for January,reflecting the sharp advances during the month,
chiefly in livestock and the meats, rose to 122.6 from 118.0. and now stands
at the highest since September 1930, when it was 123.4. In the 23 months
since its low of 80.4 in February 1933, it has risen 52%.
THE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for seasonal variation 1913=100)1
Jan. 1935
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
• All rnmmnrlitlna nn nlii elnIlAr hnAlA
Dec. 1934
Jan. 1934
117.7
125.8
107.7
160.9
109.7
112.1
98.6
79.1
122.6
72 1
110.6
118.5
107.7
161.7
109.7
112.1
99.1
78.5
118.0
701
88.0
102.5
119.8
155.6
105.2
112.2
99.0
85.8
105.2
68.1
* Based on exchange quotations for France, Switzerland, Holland and Belgium
Revenue Freight Car Loadings Drop 7,187 Cars During
Week
Loadings of revenue freight for the week ended Jan. 26
1935 totaled 555,768 cars. This is a decrease of 7,187
Feb. 2 1935
cars, or 1.3% from the preceding week, and a loss of 7,332
cars, or 1.3% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 was more
favorable, the present week's loadings being 80,476 oars, or
16.9% higher. For the week ended Jar. 19 loadings were
0.2% above the corresponding week of 1934, and 12.7%
above those for the like week of 1933. Loadings for the week
ended Jan. 12 showed a loss of 0.6% when compared with
1933 and an increase of 8.6% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
Jan. 26 1935 loaded a total of 267,930 cars of revenue freight
on their own lines, compared with 268,588 cars in the preceding week and 268,330 cars in the seven days ended
Jan. 27 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
Rec'd from Connections
Weeks Ended
Jan. 26 Jan. 19 Jan. 27 Jan. 26 Jan. 19 Jan. 27
1935
1935
1934
1934
1935
1935
Atch. Top. & Santa Fe Ry
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chic. Milw. St. Paul & Pac. Ry.
Chicago & North Western Ry-Gull CoastCoast Lines
International Gt. Northern RR
Missouri-Kansas
-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry-_ _
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
16,388
24,893
20,809
14,293
15,675
11,950
2,255
1.991
4,063
13,122
41,177
3,804
16,903
53,183
5,147
17,432
4,845
17,028
25.075
19.667
13,098
15.889
11.925
3,088
2,137
4,146
13,259
41,322
4,105
16,663
53,178
5,217
18,010
4,781
17,815 4,349 4,492 3,974
25,470 12,923 13,115 12,319
19,753 6,345 6,291 6,364
14,964 6,275 5,912 5,294
16,239 6,281 6,495 5,807
13,996 8,262 8,308 8,201
2,398 1,043 1,239 1,227
2,506 1,848 2,248 1,649
4,510 2,255 2,529 2,685
13,278 6,488 7,510 7,239
38,523 55,725 56,233 54,151
3,734 8,251 8,299 8,148
16,989 3,427 3,704 3.401
51,018 31,791 31,455 30,794
4.548 4,590 4,585 4,305
17,745
4.844 7,957 7.894 7,107
Total
267.930 268,588 268,330 167,810 170,309 182,66
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Jan. 26 1935
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis
-San Francisco Ry
Total
Jan. 19 1935
Jan. 20 1934
19,105
25,757
10,490
19,375
26,285
11,490
20.002
25.685
12,538
55.352
57,150
58,225
The Association of American Railroads in reviewing the
week ended Jan. 19 1935 reported as follows:
Loading of revenue freight for the week ended Jan. 19 totaled 562,955
cars. This was an increase of 9.280 cars above the preceding week, 1,053
cars above the corresponding week in 1934, and 63,401 cars above the
corresponding week in 1933.
Miscellaneous freight loading for the week ended Jan. 19 totaled 201,242
cars, an increase of 1,284 cars above the preceding week, 10,345 cars above
the corresponding week in 1934, and 42,455 cars above the corresponding
week in 1933.
Loading of merchandise less than carload lot freight totaled 152,373
cars, an increase of 1.905 cars above the preceding week but decreases of
8,153 cars below the corresponding week in 1934 and 7,869 cars below the
same week in 1933.
Coal loading amounted to 137,600 cars, an increase of 5,670 cars above
the preceding week, 8,584 cars above the corresponding week in 1934, and
24,178 cars above the same week in 1933.
Grain and grain products loading totaled 25,182 cars, a decrease of
1,094 cars below the preceding week, 7.006 cars below the corresponding
week in 1934 and 1,709 cars below the same week in 1933. In the Western
Districts alone, grain and grain products loading for the week ended Jan. 19
totaled 15.375 cars, a decrease of 5,826 cars below the same week in 1934.
Live stock loading amounted to 14,941 cars, a decrease of 406 cars below
the preceding week, 3,105 cars below the same week in 1934 and 2,734 cars
below the same week in 1933. In the Western Districts alone,loading of live
stock for the week ended Jan. 19 totaled 11.395 cars, a decrease of 2,618
cars below the same week in 1934.
Forest products loading totaled 20,722 cars, an increase of 802 cars above
the preceding week, 1,042 cars above the same week in 1934. and 5,883
cars above the same week in 1933.
Ore loading amounted to 2,820 cars, a decrease of 81 cars below the
preceding week, and 382 cars below the corresponding week in 1934, but an
increase of 522 cars above the corresponding week in 1933.
Coke loading amounted to 8,075 cars, an increase of 1,200 cars above the
preceding week, but a decrease of 272 dare below the game week in 1934.
It was, however, an increase of 2,675 cars above the same week in 1933.
Three districts-Eastern. Pocahontas and the Southwestern-reported
increases for the week of Jan. 19, compared with the corresponding week
in 1934, in the number of cars loaded with revenue freight, while four
districts-Allegheny, Southern, Northwestern and the Centralwesternreported decreases. All districts, however, reported increases compared
with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows:
1035
Week of Jan. 5
Week of Jan. 12
Week of Jan. 19
Total
1934
1933
498,073
553,675
562,955
500,813
557,266
561,902
439,469
509,893
499,554
1.614.703
1.1212 251
1 4411.916
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Jan. 19 1935. During this period a total of 72 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
Financial Chronicle
Volume 140
increases were the Pennsylvania System, the Missouri
Pacific RR., the Norfolk & Western RR.,the Illinois Central
701
System, the Louisville & Nashville RR., and the Southern
Pacific RR. (Pacific Lines).
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CAltS)-WEEK ENDED JAN. 19
1934
29,646
30,510
4,486
8.831
11,455
109
1.648
8,157
1,700
18,224
2,503
457
352
5,481
7.628
11,422
108
1,842
8,029
1,303
18,870
1,940
390
408
4,600
7,755
10.156
135
1,127
6,794
1.476
16,844
1.979
294
267
6,486
5.554
13,806
1,777
951
6,059
30
26,557
2,008
19
223
6,302
5,492
12,052
1,676
1,094
6,206
36
25,759
2,167
28
195
Total
57,922
57,421
51,427
63,470
61,007
Group Cann Arbor
Chicago Indianapolis & Loulsv.
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line.._
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y. Chicago & St. Louis
Pere Marauette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia....
Wabash
Wheeling & Lake Erie
546
1,232
7,457
19
185
354
2.845
3,631
8.028
3,548
4,105
5,217
4,682
1,070
4,781
3,237
482
1,288
7,173
29
200
194
2,040
2,744
6,041
3.878
3,696
4,527
3.631
1,027
4,758
2,929
382
1,352
7,152
27
178
200
1,167
3,039
5,210
2,805
3,344
4,020
2,486
937
4,713
2.511
1,118
1,558
11.557
46
65
3,030
1,993
6,725
9,499
137
8,299
4,585
4.019
1,095
7,894
3,006
889
1,454
10,593
58
82
2.732
1,377
6,218
8,807
171
8,038
4,376
3,771
654
6.793
2,263
50,937
44.637
39,517
64,626
5%276
Grand total Eastern District__. 136,242
128,256
114,239
157.742
149,793
552
25,075
1,083
260
1,143
5,388
11
356
180
741
994
53.178
12.497
6,199
72
3,267
391
25,588
1,153
305
1,212
4,829
2
337
173
720
1,041
53,054
14.453
5,748
102
2,999
265
22,619
636
223
110,996
112,107
93,082
Total
Allegheny District
Akron Canton & Youngstown..
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania..
Ligonier. Valley
Long Island
b Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group AA tlantio Coast Line
Clinehfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Pledtnont St. Northern
Richmond Fred. & Potomac__
Southern Air Line
Southern System
Winston-Salem Southbound
5.138
0
270
186
892
797
46,694
9,915
2,991
53
2,403
724 • 540,
13,115
11,924
951
1,636
9
7
5
6
9,871
9.937
40
55
21
13
17
22
2,783
2.617
1,170
1,439
31.455
29,816
13,982
13,678
1,067
907
5.772
5,114
81,748
76.945
19,667
16,663
872
3,171
19,709
15,005
926
3.289
18,234
14,654
706
3,250
6.291
3.704
1,069
806
5,921
3,275
1.028
586
40,373
39,829
36,844
11,870
10.810
7.450
1.052
309
128
30
999
438
306
7.049
18,180
130
8.585
1,184
367
166
51
1,128
463
319
7,201
19,255
131
7,915
829
306
129
53
1,310
467
300
6,274
17,948
144
4,559
1,392
876
245
105
965
812
2,473
3,327
11,266
617
4,623
1.330
910
386
74
1,135
820
2,821
3,690
11,047
547
48,970
48,631
44,286
24,018
24,540
Grand total Southern District__
85,041
87,481
79,961
50.655
51,923
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Il.11ssabe dr Northern...
Duluth South Shore & 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___
812
11,926
1.746
15,889
3,208
509
514
4,834
235
8,379
628
276
1.599
3,956
7.191
76
942
701
13,882
2,413
17,013
3,706
448
434
3.120
259
7,340
517
268
1,709
4,287
7,518
75
959
499
11,754
1,966
14,963
2,879
396
364
2,585'
204
7,129
458
257
1.475
3,972
7,114
83
554
1.353
8,308
2.308
6,495
2,301
69
296
5.126
152
2,282
402
105
1,391
1.845
2,263
114
803
1,333
8,268
1,871
5.544
2,425
137
369
3,522
108
1,817
312
115
1,143
1.821
1,923
168
879
62.720
64,649
56,652
35,613
31,755
17,028
2,472
203
13,098
1,523
9,621
2,889
1,311
2,389
442
1,107
1,812
407
56
12,633
175
298
11,018
665
1,238
17,565
2,420
208
14,665
1,589
10,848
2,508
839
2,280
247
1,038
1,953
434
92
12,219
341
388
12,113
341
1,066
17,365
2,381
129
12,340
1,186
10.127
1,297
824
2,888
337
1,235
1,578
328
105
9,816
253
264
10,023
654
792
80,385
83,154
74,122
37,187
34,274
126
154
221
3,088
2.137
122
1,536
1,082
177
499
703
114
4,146
13,259
42
96
6.578
1,988
5,377
3,867
1 667
20
199
104
137
190
2,186
2,285
138
1,444
1,217
172
206
472
106
4,403
12,923
47
206
7,458
2,050
5,335
3.761
1,313
12
261
86
135
190
2,197
2,070
169
1,410
1,089
192
231
653
65
4,352
12,859
52
138
7,150
1,998
4.725
3,380
1,494
19
a
3,534
318
207
1,239
2.248
940
1,501
766
341
697
162
211
2,529
7.510
14
116
3.443
1,852
2,496
3,370
16,021
47
65
3,151
242
141
1,216
1,530
889
1,277
786
250
73E
18C
32(
2.491
6,79;
1:
10(
3,411
1,671
2,16,
3.00'
15,411
41
101
Total
Total
Central Western District
Atch. Top. & Santa Fe System
Alton
Bingham & Garfield
Chicago Burlington & Quincy_ •
Chicago & Illinois Midland...
Chicago Rock Island & Pacific
Chicago & Eastern Illinois...
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City__ .
Illinois Terminal
North Western Pacific
Peot la & Pekin Union.
Southern Pacific (Pacific). - -.
St. Joseph & Grand Island...
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton CSouthern
_
Burlington-Rock Island
_
Fort Smith & Western
Gulf Coast Lines
International-Great Northern_ _
Kansas Oklahoma & Gulf...._
Kansas City Southern
Louisiana & Arkansas
_
Louisiana Arkansas & Texas._
Litchfield & Madison
_
Midland Valley
Missouri Sr North Arkansas.._
Missouri-Kansas
-Texas Lines. _
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.of St. 1.01119__ -.
Weatherford M. W,& N. W _
Wichita Falls & Southern... _
..
.
.t.
o
23,295
220
692
992
2,428
301
613
1.367
396
658
8,066
3,790
422
163
1,473
2,280
679
..
w
,-. 'wyw.-. w - w
o
w w.t.w.p.ww..w
yeowww.o.
26,198
..
27,383
165
607
956
2,447
252
633
1,278
355
720
8,701
3,555
375
202
1.214
1,946
612
.-.9.0 'in
y ww.y-wwww w
w,D0.00ww....yww
Group 13
Delaware & Hudson
Delaware Lackawanna & West
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western.
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
189
603
634
3,329
246
633
680
252
1.284
10,067
18,297
151
122
1,594
2,530
359
1934
CO
CO
.
". byw
Total
Group I3
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
Atl. & W. P.
-W. RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah____
Mississippi Central.
Mobile ctr Ohio°
Nashville Chattanooga & St. L.
Tennessee Central
oo.
282
4,518
9,363
2.080
2,501
10,837
929
1935
c.latO04400-lCbtO
047.
,
wo..p..o.4owow000000
343
4,283
9,695
1,351
2.603
10,458
913
1933
440
1,489
2,695
6,539
558
2,319
9.183
512
Taal Loads Received
from Connections
05
1.752
3,044
7,361
814
2,575
10,145
507
1934
tO
00 44
2,154
2,933
7.716
938
3,274
9,775
593
1935
44 4
1935
w
w.
DWo-a.
,
w 'oC,..Vowobt
.40,40.00woow.000w
1933
Total Revenue
Freight Loaded
Railroads
0
1934
1935
Eastern District
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. II. & Hartford
Rutland
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Total
38,850
36,071
35,675
2(1.637
Total
27.383
47.198
46.426
44.654
49.627
45.95.
•Previous figures. a Not available. b Penusylvania-Re,ading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RE., formerly
Part of Pennsylvania RR., and Atlantic City RR., formerly part of Reading Co.
December Wholesale Commodity Prices 3' of 1% Above
;.
2
November According to Monthly Index of United
States Department of Labor
The general level of wholesale commodity prices advanced
)m2 of I% from November to December. The index of the
Bureau of Labor Statistics of the United States Department
of Labor rose to 76.9% of the 1926 average, said an announcement issued Jan. 22 by the Labor Department
which added:
The December index registered an advance of 61i% over the low point of
the year (January), when the index was 72.2, and a decrease of nearly 1%
from the 1934 high, 77.6 in September. The December 1934 index was
8.6% above;Doce_mber 1933, 22.8% above December 1932, and 12% above
December 1931..1iowever, when compared with December 1930, December
1934 prices were down by 3.4%, and when compared with December 1929
were lower by' 17.6%.
Of the 10 major groups of items covered by the Bureau,seven-farm products, foods, hides:and loather products,textile products,building materials,
chemicals and(drugs, and miscellaneous commodities, registered increases
in December 1934as comparodpvith the preceding month. The remaining
groups-fuel and lighting materials, metals and metal products, and house
furnishing goods-showed slight decreases. Changes in prices by groups
of commodities wore as follows:
Groups
Increases
Total
191
Decreases
No Change
22
24
2
20
8
13
8
3
6
11
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
IIousefurnishing goods
Miscellaneous
9
47
29
61
9
99
63
73
52
34
117
479
Raw materials, including farm products, coffee, copra, hides and skins,
raw silk, coal, crude petroleum, iron ore, crude rubber, and other similar
commodities, registered an advance of 1X%, and were 18% above the
December 1933 level. Finished products, among which are included more
than five hundred manufactured articles, advanced .11 of 1% over November and were 6;1% above the corresponding month of 1933. Semi-manufactured articles, including such items as raw sugar, leather, iron and steel
bars, pig iron, and other similar goods, declined by 0.1 of 1% as compared
with the preceding month, and 1.8% below December of last year.
The combined index of "All commodities exclusive of farm products
and processed foods" registered no change between November and December, but were higher than a year ago by 0.6 of 1%. The non-agricultural
commodities group, which includes "All commodities except farm products,"
advanced 0.1 of 1% to a point 5.1% above a year ago.
702
Financial Chronicle
The greatest advance from November to December was recorded by the
farm products group, with the average rising nearly 1.7%. Important
articles in this group contributing to the rise were ewes,31%;wethers,26%;
corn. 11%; rye, 10%; barley and steers, 9%; and hogs and lambs, 7%.
Smaller increases were shown for wheat, cotton, hay, peanuts and tobacco.
Live poultry, on the other hand, decreased 3%. eggs 2%, and fresh apples
M of 1%. The December 1934 level of farm products. 72.0, was approximately 30% above that of December 1933; it was more than 63% higher
than December 1932; as compared with December 1929, however, farm
products were down by 29%.
Chemicals and drugs, with an index of 78.1, advanced 130%, due to
higher prices for chemicals,fertilizer materials and mixed fertilizers. Lower
prices were reported for drugs and pharmaceuticals.
A 6.8% increase in hides and skins and 1.4% for leather forced the index
of hides and leather products up 1% to 85.1. The sub-group of shoes was
slightly lower, while other leather products remained unchanged.
of
Miscellaneous commodities, with an index of 71.0, were higher by
1%. due to an advance of nearly 14% for cattle feed. Crude rubber and
paper and pulp decreased
and other miscellaneous items showed a
of 1%,
smaller decline. Automobile tires and tubes were unchanged.
Textile products rose 0.4 of 1% during the month. Average prices of
silk and rayon were higher by 5%; knit goods 14i% and other textile
products 0.1 of 1%;cotton goods and woolen and worsted goods were slightly
lower. The sub-group of clothing showed no change. The index for the
group, 70.0, was 8% lower than December a year ago, when the index was
76.4. It was, however, 363.1 % above the low point of 1933 (February),
.
when the index was 51.2.
The foods group advanced 3•4' of 1% to 75.3% of the 1926 average,
,
showing an increase of 20%% over December 1933, when the index was
62.5, and an increase of 29% over December 1932, when the index was 58.3.
The wholesale price food index for December 1934 was 834% lower than for
December 1930 and 233%% below that of December 1929, when the indexes
were 82.4 and 98.7, respectively. Important price advances in this group
were recorded for butter, cheese, bread, oatmeal, corn meal, fresh beef,
lamb, mutton, fresh pork, veal, coffee, lard, oleomargarine, and most
vegetable oils. Lower prices were recorded for flour, macaroni, ham, mess
pork, dressed poultry and sugar.
Advances in the price of sand and gravel and window glass caused the
general level of building materials to advance 0.1 of 1%; the sub-groups of
brick and tile, lumber, cement, paint and paint materials,lumber materials,
and structural steel were unchanged. The December index for the building materials group, 85.1, is 34 of 1% lower than for the corresponding
month of 1933, although it is 22% above the low of 1933 (February), with
an index of 69.8.
Higher prices for coal were offset by decreases in electricity, gas and
petroleum products, resulting in the group of fuel and lighting materials
declining nearly 1%. Coke remained unchanged at the level of the previous month.
The index of metal and metal products, 85.9, was lower by 0.3 of 1%,
due to declining prices of certain iron and steel items, nonferrous metals,
and motor vehicles. Average prices of agricultural implements were up
nearly 1%, while plumbing and heating fixtures were unchanged.
Index numbers for the groups and sub-groups of commodities for December 1934 in comparison with November 1934, and December of each of the
past five years, are contained in the accompanying table:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (192100.0)
Increase in Wholesale Commodity Prices During Week
of Jan. 26 Reported by United States Department
of Labor
Wholesale commodity prices resumed their upward trend
during the week ending Jan. 26 following the slight reaction
of the week before, the Bureau of Labor Statistics of the
United States Department of Labor announced Jan. 31.
The average level of prices rose by one-half of a point to
79% of the 1926 average the Bureau said, the highest level
reached since December 1930. The Jan. 26 index is 13/2%
above the high point reached in 1934, Sept. 8, when the index
was 77.8, and 11 1-3% above the low point of 1934, 71.0 on
Jan. 6. As compared with the corresponding week of a year
ago, this week's index is higher by 9%; and when compared
with the corresponding week of 1933, the index is up by
nearly 31%. The Bureau further announced on Jan. 31:
The advance in commodity prices during the week was confined chiefly to
farm products and foods with fuel and lighting materials, building materials,
and chemicals and drugs showing smaller increases. Metals and metal
products and miscellaneous commodities registered slight decreases, while
three groups
-hides and leather products, textile products, and housefurnishing goods-remained unchanged.
All of the 10 major groups of commodities included in the index showed
higher average prices than for the low point of 1934. Farm products
registered the greatest rise with an increase of3734%;foods advanced 29%;
chemicals and drugs, 9%; miscellaneous commodities, 7%; and hides and
leather products,3%. Textile products,fuel and lighting materials, metals
and metal products, and housefurnishing goods showed smaller increases.
When compared with the high point of 193 farm products are up by
6 1-3%; foods nearly 5%; and chemicals and drugs, 2%. All other groups
are lower than the 1934 peak ranging from less than 1% for miscellaneous
commodities to 85%% for textile products.
Farm products with an advance of 3% during the week showed the
greatest rise for any of the major groups. The increase was due mainly to
a 5.8% advance in prices for livestock and poultry; 34 of 1% in grains, and
1.8% in other farm products, including cotton, eggs, apples, lemons,
oranges,fresh milk at Chicago, and flaxseed. Average prices of hay, white
potatoqs, and wool, on the other hand, were lower. The present farm
product index, 79.0, is at the level of the general all commodity index and
nearly 1 % above the group of"All commodities other than farm products
and foods." It is 33% higher than a year ago and 91% higher than two
years ago, when the indexes were 59.5 and 41.3, respectively.
Index numbers for the high and low weeks of 1934, the week of Jan. 26
and per cent of change are shown in the following table:
Commodity Groups
Dec.
1934
Nov. Dec.
1934 1933
Dec.
1932
Dec.
1931
Dec.
1930
70.8
87.2
54.0
75.8
75.1
78.6
91.0
65.3
68.4
74.0
84.2
97.3
63.1
70.8
85.7
69.7
78.4
84.4
61.0
25.8
74.1
68.5
74.4
82.1
96.4
85.6
94.0
92.4
50.5
86.2
91.9
86.0
94.7
67.7
68.8
85.0
91.2
93.9
81.2
78.8
68.8
92.0
89.4
76.9
80.9
73.5
64.6
73.5
81.3
84.3
78.4
70.6
47.5
108.2
82.1
26.6
80.8
72.2
71.1
79.3
77.7
78.0
77.5
69.0
72.3
76.9
76.5
70.8
62.6
68.6
79.6
All commodities
•Data not yet available.
55.5
60.4
38.0
64.3
62.5
65.1
84.7
63.0
46.0
63.4
89.2
98.6
74.9
80.1
87.6
76.4
87.9
85.5
71.2
29.6
84.3
75.9
73.4
81.5
90.6
83.6
94.0
92.2
51.6
83.5
85.1
83.6
90.9
66.6
72.5
85.6
85.7
91.2
88.0
77.5
72.5
86.8
88.6
73.7
79.2
59.0
68.1
69.9
81.0
82.9
79.3
65.7
43.2
60.3
82.5
18.0
79.0
61.9
72.3
74.8
74.0
44.1 55.7
31.7 47.0
38.7 51.7
51.3 61.2
58.3 69.1
59.5 79.8
61.7 72.2
52.8 63.5
49.4 63.2
66.1 67.2
69.6 79.8
83.8 89.2
41.7 48.8
59.2 78.6
81.9 99.7
53.0 60.8
62.5 70.8
51.7 56.4
49.3 58.5
29.3 39.0
54.2 63.9
66.6 71.3
69.3 68.3
88.7 94.8
80.2 83.8
75.3 81.1
104.1 104.1
96.5 98.2
45.0 39.6
79.4 82.2
84.5 85.5
78.8 81.0
93.0 95.2
48.3 53.8
67.5 79.9
70.8 75.7
75.1 80.0
81.1 74.6
56.5 65.8
68.1 76.6
67.5 79.9
81.7 81.7
80.1 81.5
72.3 76.1
79.7 80.8
54.7 61.0
63.1 70.1
65.6 77.1
73.6 78.5
74.7 76.6
72.7 80.6
63.4 66.8
44.6 40.8
37.1 53.9
73.0 80.8
9.5
6.8
81.3 85.9
52.1 60.2
57.7 63.7
68.4 73.3
66.5 71.3
WW...WWWimWWWWWWWWWL4WW;-.WWL4OWk..Ww-W6WWWWWWL4W6k.....14.WOW
72.0
Farm products
91.5
Grains
57.2
Livestock and poultry
75.1
Other farm products
75.3
Foods
79.6
Butter, cheese and milk
92.2
Cereal products
62.4
Fruits and vegetables
69.0
Meats
74.3
Other foods
85.1
Hides and leather products
97.2
Boots and shoes
67.4
Rides and skins
71.8
Leather
85.7
Other leather products
70.0
Textile products
78.4
Clothing
84.3
Cotton goods
61.9
Knit goods
27.1
Silk and rayon
Woolen and worsted goods__ 74.0
68.6
Other textile products
73.7
Fuel and lighting materials
82.3
Anthracite coal
96.5
Bituminous coal
85.6
Coke
•
Electricity
•
Gas
49.8
Petroleum products
85.9
Metals and metal products
92.7
Agricultural implements
85.6
Iron and steel
94.6
Motor vehicles
67.5
Nonferrous metals
68.8
Plumbing and heating
85.1
Building materials
91.2
Brick and tile
93.9
Cement
81.2
Lumber
. 78.8
Paint and paint materials
68.8
Plumbing and heating
92.0
Structural steel
89.8
Other building materials
78.1
Chemicals and drugs
82.2
Chemicals
Drugs and pharmaceuticals
73.4
85.3
Fertilizer materials
75.4
Mixed fertilizers
81.2
HouseturnIshing goods
84.2
Furnishings
78.2
Furniture
71.0
Miscellaneous
47.5
Automobile tires and tubes_
123.1
Cattle feed
81.5
Paper and pulp
26.4
Rubber, crude
80.7
Other miscellaneous
73.1
Raw materials
71.0
Semi-manufactured articles
79.5
Finished products
77.8
Non-agricultural commodities
All commodities other than farm
78.0
products and foods
0 WW-4 ,
10.00.40..100000000WWWWWW.410WWW.400000000WWWW.400=0W.40.4.4WW.4.q0.4
0
,
0 OW0.POWA.WoWN0000.04, 00.-.0WW0V.P.0.0.04 -.4.0042:0024..4WWW0WW*..C.4...10000WW04.0
Croups and Subgroups
Dec.
1929
101.9
97.5
94.6
108.2
98.7
101.6
87.9
107.4
103.2
94.6
107.3
106.1
107.4
110.6
106.3
87.8
88.9
96.2
86.5
74.5
85.2
89.6
83.1
91.2
92.4
84.2
97.5
91.7
69.9
98.5
97.3
93.8
104.2
102.2
92.2
94.4
93.9
89.2
91.9
06.6
92.2
97.0
96.9
93.5
98.7
71.3
89.5
97.1
94.7
94.0
95.4
82.2
53.0
122.4
88.2
33.2
100.0
95.0
92.0
92.7
91.5
90.5
93.3
Feb. 2 1935
The group of housefurnishing goods, with an index of 81.2, also registered a slight decrease, amounting to 0.1 of 1%. Both furniture and furnishings shared in the decline.
The Bureau of Labor Statistics index, which includes 784 price series
weighted according to their relative importance in the country's markets.
is based on the average prices of 1926 as 100.
Farm products
Foods
Rides 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
All commodities
Jan.
26
1935
79.0
80.9
86.8
70.0
74.3
85.2
84.9
80.0
82.1
70.6
Date and
High of
1934
Percent
of
Change
Date and
Low of
1934
Sept. 8 74.3 +6.3 Jan. 6 57.4
Sept. 8 77.2 +4.8 Jan. 6 62.7
Feb. 10 90.5 -4.1 Aug. 18 84.2
Feb. 24 76.7 -8.7 Dec. 8 69.3
Nov. 17 76.1 -2.4 Mar. 31 72.4
May 12 88.8 -4.1 Jan. 6 83.3
June 30 87.8 -3.3 Dec. 22 84.7
Dec. 29 78.3 +2.2 Jan. 6 73.3
May 26 83.9 -2.1 Jan. 27 81.7
Dec. 15 71.2 -0.8 Jan. 6 65.9
Percent
of
Increase
37.6
29.0
3.1
1.0
2.6
2.3
0.2
9.1
0.5
7.1
77.9 Apr. 28 79.2
-1.6 Jan. 6 77.6
0.4
79.0 Sent. 8 77.8
+1.5 Jan. a 71.0
11.3
Wholesale food prices for the week are up 1.4% due to advances of
nearly 3 1-3% in butter, cheese and milk; 2% in other foods; 134% in •
meats; and a slight advance In fruits and vegetables. Cereal products
decreased slightly. Price increases were reported for butter, fresh beef,
ham, fresh pork, veal, dressed poultry, lard, oleo oil, and vegetable oils.
Important food items decreasing in prices were oatmeal, flour, potatoes,
lamb, mutton, and coffee. Since Dec. 8 1934, wholesale food prices have
shown a steady upward tendency with an accumulated advance of 8%•
The index for the group, 80.9, is 2434% above a year ago, when.the index
was 65.0, and 4934% above two years ago, when the index was 54.1
Higher prices for coke, bituminous coal, gasoline, and kerosene resulted
in the group of fuel and lighting materials increasing 0.4 of 1%. Average
prices of anthracite coal were fractionally lower.
Continued advances for chemicals caused the group of chemicals and
drugs to increase by 0.3 of 1% to a new peak. Fertilizer materials, due to
a decrease in the price of tankage, were slightly lower. Drugs and pharmaceuticals and mixed fertilizers remained unchanged from the previous week.
The present index ofthe group as a whole,80.0,is the highest since May 1931
In the group of building materials advances in lumber and paint materials
more than counter-balanced a drop of 2.8% in plumbing and heating
fixtures resulting in the index advancing 0.1 of 1% to 84.9. Brick and tile,
cement, and structural steel and the subgroup of other building materials,
including sand, gravel, and lime, showed no change.
Lower prices for motor vehicles and plumbing and heating fixtures forced
the index of metals and metal products down 0.1 of 1% to 85.2% of the
1926 average. Non-ferrous metals were slightly higher because of advancing
prices for bar silver and pig tin. The subgroups of agricultural implements
and iron and steel remained unchanged.
Miscellaneous commodities with an index of 70.6 also decreased 0.1 of
% in cattle feed. Average prices of crude
1% due largely to a decline of
rubber, on the other hand, were higher. The sub-groups of automobile
and other miscellaneous commodities were
tires, paper and pulp,
unchanged.
Textile products with a index of 70.0 remained unchanged. Increases in
average prices of silk and rayon and other textile products, including
burlap, hemp, and sisal, were offset by a decrease in cotton goods. Average
prices of clothing and knit goods and woolen and worsted goods, were
unchanged.
Hides and leather products with an index of 86.8 were unchanged from
the level of the previous week. Higher prices for leather and shoes were
counter-balanced by a drop of about 1% in hides and skins. The subgroup of other leather products showed no change.
The index of housefurnishing goods, 82.1. also remained unchanged,
although furniture was fractionally higher. Average prices of furnishings
were stationary.
The general level for the group of "All commodities other than farm
products and foods" remained unchanged from the level of the week before.
The present index, 77.9, compares with 78.5 for a year ago and 67.0 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 Jan. 27 1934, and
Jan. 28 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JAN. 26.
JAN. 19. JAN. 12, AND JAN. 5 1935. DEC. 29 AND JAN. 27 1934, AND
JAN. 28 1933
(1926=100.0)
Jan. Jan.
27
28
1934 1933
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
75.6
78.5
86.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
72.6
76.3
86.6
69.7
74.7
85.5
84.9
78.3
82.5
71.1
59.5
65.0
90.4
76.4
74.0
84.7
86.2
75.1
81.7
68.1
77.9
77.9
78.1
78.0
78.1
78.5
471
78.5
78.6
77.9
77.1
72.4
e0 U,
t.
..t.•1•••
Increase in Wholesale Commodity Prices During
Week of Jan. 26 Reported by National Fertilizer
Association
Wholesale commodity prices moved upward in the fourth
week of January, following a decline in the week preceding.
The index of The National Fertilizer Association for the
week ended Jan. 26 was 77.6% of the 1926-1928 average,
compared with 77.0 the preceding week, 76.3 a month ago,
and 69.5 a year ago. The index last week was at the highest
level reached since January 1931, the Association announced
Jan. 28, adding:
The general trend of prices was up last week, with five of the 14 groups of
the index increasing and none declining. The principal advances were in
the foods, grains, feeds and livestock, and fats and oils groups. The major
advance occurred in agricultural products, led by rather sharp increases in
the prices of all livestock. The increase in the foodstuffs group was due
principally to higher prices of eggs, sugar, and flour. The sharp rise in the
fats and oils group which has been in progress in the last several months
continued last week, with 10 of the 12 items in this group moving upward
Other changes in the index which occurred last week were of minor
significance.
The prices of 33 individual commodities registered increases while only
nine registered declines; in the preceding week there were 19 advances
and 44 declines; in the second preceding week there were 40 advances and
14 declines.
The index numbers and comparative weights for each of the 14 groups
included in the index are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (19264928=100)
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group
Latest
Week
Jan. 26
1935
Pre
ceding
Week
Month
Ago
Year
Ago
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and olls
Chemicals and drugs
Fertiliser materials
Mixed fertiliser
Agricultural implement/L.__
77.6
69.6
85.3
69.7
70.6
88.3
78.8
81.9
85.4
80.0
94.0
65.8
76.5
100.6
76.8
69.6
83.4
69.7
70.1
88.3
78.8
81.9
85.4
76.0
94.0
65.7
76.5
100.6
75.1
69.9
82.0
69.4
69.8
88.4
78.8
81.9
85.5
71.6
94.0
65.7
76.9
99.7
71.4
67.8
51.1
69.5
68.2
84.9
78.9
79.0
85.2
45.2
93.0
67.0
74.5
92.3
77.6
77.0
78.3
(II A
All grout* combined
New York Federal Reserve Bank Reports Increase of
16% in Sales of Wholesale Firms During December
Over December 1933
"Total December sales of the reporting wholesale firms
in tho Second (New York) District," states the Federal
Reserve Bank of New York, "averaged nearly 16% higher
than in the previous year, a somewhat larger increase than
in November." Continuing, the Bank also had the following to say in its "Monthly Review" of Feb. 1:
The most substantial increases in sales in a number of months were
recorded by the men's clothing, cotton goods, drug, and stationery concerns.
Sizable advances were reported also by the hardware, shoe, diamond, and
jewelry firms, although for each of these groups a larger percentage increase
had occurred in October or November. Sales of silk goods, reported on a
yardage basis by the National Federation of Textiles, were considerably
ahead of the previous year for the third consecutive month, and sales of
the paper concerns showed some advance. The reporting grocery firms,
contrary to the favorable comparisons reported in each preceding month
since April 1933, showed total December sales slightly below the level of
the previous year, owing entirely to the fact that less liquor was sold in
December 1934 than in December 1933; exclusive of liquor sales there was
an increase in grocery sales in December which was slightly larger than
that of November.
For the year 1934, total sales of the reporting wholesale firms in this
district averaged almost 15% higher than for the year 1933, compared with
an increase of a little over 63i% from 1932 to 1933, and a decline of almost
25% from 1931 to 1932.
At the end of December, stocks of merchandise on hand continued higher
than a year previous in the reporting grocery, drug, hardware,and diamond
concerns. Jewelry stocks were slightly below the December 1933 level.
and the quantity of silk goods on hand was considerably lower. Collections
of accounts outstanding continued to be better than a year previous in all
reporting lines except groceries.
Percentage
Change
December 1934
Compared with
December 1933
Per Cent of Accounts
Outstanding
Percentage
Nov. 30
Change
Collected in
Net Sales
December
Commodity
Net
Sales
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Weighted average
Stock
End of
Month
1933
1934
+18.1
*-0.3
101.6
+31.4
____
42.0
+11.841.0
c+17.8
c-12:4
-65.0
89-9
49.4
47.9
75.3
+36.6-.5
+12.4
+15:5
-23
+14.4
+19.9
44.0
+7.5
46.0
---+4.447.9
+26.1
- 9:5
-)23.8
+14.1
-0.5
+15.7
____
60.7
27:5
48.4
57.9
51.8
29.6
Year 1934
Compared
with
Year 1933
(1+20.6
+19.5
+6.4
c
-I4.0
-0.1
+7.4
+10.8
+12.7
+13.1
{ +9.4
+28.8
+14.8
60.4
M.-1000NCINCh0000
Dec.
29
1934
•-"“encO.-;uic.66.-;cici
All commodities
Jan.
5
1935
79.0
Farm products
Foods
Hides and leather products
TexlIte 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
Jan. Jan.
19
12
1935 1935
et.
Jan.
26
1935
Commodity Groups
Per Cent
Each Group
Bears to the
Total Index
703
Financial Chronicle
folume 140
61.9
.
Percentage change exclusive of 1 quor +8.2. (1 Percentage change exclusive of
liquor +8.2. c Quantity figures repotted by the National Federation of Textiles,
Inc.. not included in weighted average for total wholesale trade.
Chain Store Sales During December in New York
Federal Reserve District Reported 7% Above
December Last Year
The New York Federal Reserve Bank reports that "total
December sales of the reporting chain systems in the Second
(New York) District were almost 7% higher than in December 1933, the largest percentage increase since last June."
In its Feb. 1 "Monthly Review" the Bank also says:
Sales of the reporting drug chains advanced more over the corresponding
month of the previous year than in any month since March, and sales of
the 10 cent and shoe chains showed the most favorable comparisons since
the middle of the year; variety chains, which have shown gains in every
month for nearly two years, reported a somewhat larger increase in December than in the two preceding months. Candy and grocery chain sales, on
the other hand, continued to be lower than in 1933.
For the year 1934, total sales of the reporting chain stores were a little
over 8% higher than for 1933, as compared with a decline of 1 3 % from
1932 to 1933, and a decrease of 11% from 1931 to 1932.
The increase for December over the previous year In sales per store of
all reporting chains continued slightly larger than the advance registered
In total sales, as the number of units operated remained slightly below a
year ago. The decline in the aggregate number of stores operated by all
reporting chains between December 1933 and December 1934 was attributable to reductions in the number of grocery and shoe stores in operation.
Percentage Change December 1934 Percentage Change Year
Compared with December 1933
1934from Year 1933
No. of
Stores
Total
Sales
Sales
Per Store
Total
Sales
Sales
Per Store
Grocery
Ten cent
Drug
Shoe
Variety
Candy
-2.7
+0.7
+0.4
-5.6
+0.8
+2.8
-5.1
+7.1
+4.8
+3.8
+13.8
-2.5
+6.4
+4.3
+10.0
+12.9
-6.7
+0.1
+9.6
-0.3
+2.4
+15.8
+6.7
+1.8
+9.6
+12.6
+19.4
+15.8
-0.7
Total
-1.0
+6.8
+7.9
+8.3
+10.2
Type of Store
Increase of 6% Over Year Ago Noted in December Sales
of Department Stores in New York Federal Reserve
District-Sales in Stores in Metropolitan Area of
New York Lower in First Half of January
"For the month of December, total sales of the reporting
department stores in the Second (New York) Federal Reserve
District were a little over 6% higher than in December 1933,
which is approximately the same increase as in November,
but in 1934 as well as in 1933, December was a better month
than November for retail trade, after allowance for the usual
seasonal increase." In stating this, the Federal Reserve
Bank of New York, in its "Monthly Review" of Feb. 1,
added:
Department stores in the Northern New Jersey section reported the
largest gain in sales over the previous year since last March, and reporting
stores in Rochester, Syracuse, Bridgeport. Southern New York State,
Hudson River Valley District, and the Capital District showed larger
advances than in the previous 5 to 7 months. The Increases in sales
reported by the New York City and Buffalo department stores were somewhat smaller than those shown in November, and the reporting stores in
the Northern New York State area and in Westchester and Stamford
showed sales slightly below the level of December 1933. Sales of reporting
apparel stores in this district were 734% higher than in December 1933, a
larger advance than in November.
For the year 1934, total sales of the reporting department stores in this
District were almost 634% higher than the year 1933, compared with a
decline of approximately the same amount from 1932 to 1933. Apparel
store sales were nearly 11% larger than in 1933, following a decline of 4%
between 1932 and 1933.
The retail value of stocks of merchandise held by the department stores
at the end of December was slightly below December 1933. but stocks were
moderately higher than a year ago in the apparel stores. Collection of
accounts outstanding continued to be better than in 1933 for the department stores in all localities and also for the apparel stores.
Financial Chronicle
704
Percentage Change from
a Year Ago
P. C. of Accounts
Outstanding
Nov. 30 Collected
Stock
Net Sales
in December
on Hand
End of
Feb.
1934
1933
Dec. to Dec. Month
Locality
47.1
46.1
+0.8
+6.2
+5.3
New York
48.1
42.3
--8.5
+8.1
+8.9
Buffalo
44.6
--5.4
46.0
17.4
+6.1
Rochester
36.7
33.6
3.2 --I4.3
+3.6
Syracuse
37.7
42.5
4.3
--4.6
+9.3
Northern New Jersey
38.5
35.4
+4.0
+12.4 +10.2
Bridgeport
29.9
32.3
--8.2
+6.4
+7.2
Elsewhere
-0.4
-0.5
Northern New York State
+8.9
+8.4
Southern New York State
+4.4
Hudson River Valley District.... +4.3
+13.7
+7.4
Capital District
Westchester and Stamford District.. -0.6
44.8
4275
-12
7
+6.2
Alldepartment stores
44.7
44.3
+8.4
+7.5 +10.4
Apparel stores
in the principal departments are compared with those
December sales and stocks
of a year previous in the following table:
Net Sales
Percentage Change
December 1934
Compared with
December 1933
Stock on Hand
Percentage Change
Dec. 31 1934
Compared with
Dec. 31 1933
+26.3
+10.7
+8.4
+7.6
+7.4
+6.8
+6.5
+5.7
+4.8
+3.3
+3.0
+2.1
-11.4
+1.3
+1.9
+5.3
+16.8
+11.4
-21.0
-2.4
-3.1
-8.2
-5.6
-13.9
+1.8
-4.9
+0.2
-9.8
+4.7
-7.1
Musical instruments and radio
Women's and misses' ready-to-wear
Men's and boys' wear
Women's ready-to-wear accessories
Shoes
Men's furnishings
Furniture
Luggage and other leather goods
Toys and sporting goods
Cotton goods
Home furnishings
Hosiery
Toilet articles and drugs
Silverware and jewelry
Woolen goods
Linens and handkerchiefs
Books and stationery
Silks and velvets
Miscellaneous
-1.3
-1.8
-2.6
-5.3
-10.1
+2.7
The Bank had the following to say as to sales in the Metropolitan area of New York during the first half of January:
During the first half of January. total sales of the reporting department
stores in the Metropolitan area of New York were about 1% below the
level of the corresponding period of the previous year, following moderate
Increases in the previous three months. On the basis of these data for the
first part of January, it appears that the December increase in retail trade
has not been maintained.
Production of Electricity in December 8% Higher
Than for Corresponding Month of 1933
The Geological Survey, Department of the Interior, in its
monthly electrical report discloses that the production of
electricity for public use in the United States during the
month of December amounted to 8,038,699,000 kilowatthours. This is an increase of 8% when compared with
7,469,747,000 kwh. produced in December 1933. For the
month of November 1934 output totaled 7,606,046,000 kwh.
Of the December 1934 output a total of 3,174,132,000
kwh. was produced by water power and 4,864,567,000 kwh.
by fuels. The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
Total by Water Power and Fuel
Division
October
November
December
549,533.000 553,045,000 586,960,000
New England
Middle.Atlantic...- 2.123,112.000 2,064.586,000 2,211.864,000
East North Central. 1,780,220.000 1.720,453.000 1,830,361,000
West North Central. 481,971,000 497,221,000 559.761,000
867.902,000 838,387.000 5889,559,000
SouthAtsantic
East South Central. 341,260,000 355,831,000 339.387,000
West South Central_ 391,578,000 372,909.000 1 373,748,000
256.958,000 255,933.000 261.265.000
Mountain
1,038,285.000 947.681,000 985.794,000
Pacific
Changes in Output
rom Previous Year
Nov.1934 Dec.1934
+2%
+2%
+4%
+12%
+8%
+18%
+7%
+6%
+4%
+6%
+4%
5+%
+21%
+10%
+29%
+9%
+9%
+6%
+5% +8%
Total for U. S.... 7,830.819,000 7.606,046,000 8,038.699,000
The total production of electricity for public use in the United States in
1934 was 90,992,000 kwh., 6.5% more than the output in 1933, which in
turn was 2.7% more than the output in 1932. The production in 1934 was
less than 1% below that for 1931 and about 7% below the record production
of 97,400,000 kwh.in 1929.
The average daily production of electricity for public use in the United
States in December was 259,300,000 kwh., an increase of over 2% from the
average daily production in November. The normal increase from November to December is 1%.
The average daily production of electricity by the use of water power in
December was 4% larger than in November.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
Produced by
Water Power
1933
Over
1932
1934
Over
1933
1934
1933
Kilowatt Hours Kilowatt Hours
7,631,497,000 0,964,516,000 c8%
7,049,492,000 6.296,807,000 cb7%
7,716,891,000 6,687.462,000 c9%
7,442,806.000 6,478,090,000 c5%
5%
7,682,509,000 7,012,584,000
7,471,875,000 7,242,095,000 10%
7,604,926,000 7,490,718,000 14%
7,709,611,000 7,687,990,000 14%
9%
7,205,757.000 7,349,509,000
6%
7,830,819,000 7,478,854,000
4%
7,606,046.000 7,243,360,000
4%
8,038,699,000 7.489,747,000
10%
12%
15%
15%
10%
3%
1%
0%
c2%
5%
5%
8%
39%
33%
40%
47%
42%
36%
34%
32%
33%
34%
39%
39%
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
35%
37%
38%
6.5%
90,990,928.000 85.401,732.000 2.7%
Total
a Revised. b Based on average daily production. c Decrease.
41%
1934
January
February
March
April
May
June
July
August
September..
October_...
November..
December...
1933s
Feb. 2 1935
Coal Stocks and Consumption
The stocks of coal at electric power utility plants declined in December
and on Jan. 1 1935 stood at 6.756,718 net tons, a decrease of 2.5% when
compared with the 6,929.431 tons on hand on Dec. 1 1934. Bituminous
coal stocks stood at 5,506,516 tons on Jan. 1, showing a decrease of 2.1%
and anthracite reserves were 1.250,202 tons, which is 4.2% lower than at
the beginning of the previous month.
Consumption of coal by the electric power utility plants increased in
December 1934. During the month 2,868,073 net tons of coal were used,
which is an Increase of 6.4% over the 2,694,296 tons consumed in November. The 2,722,992 tons of bituminous coal used in December is 6.4%
higher than the 2.558.767 tons consumed in November and the 1,145,081
tons of anthracite is 4.4% more than the 138,921 tons used in the month
preceding. On Jan. 11935. at the daily rate of consumption in December,
there was enough bituminous coal on hand at the electric power utility
plants to last 63 days, and enough anthracite in reserve for 267 days'
requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10.000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads generating electricity for traction, Bureau of Reclamation plants, public works
plants, and that part of the output of manufacturing plants which is sold.
The output of central stations, electric railway and public works plants
represents about 98% of the total of all types of plants. The output as
published by the Edison Electric Institute and the "Electrical World"
includes the output of central stations only. Reports are received from
plants representing over 95% of the total capacity. The output of those
plants which do not submit reports is estimated; therefore the figures of
output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
[The Coal Division, Bureau of Mines, co-operates in the separation of
these reports.1
Summary of Business Conditions in United States by
Federal Reserve Board-Industrial Production
Increased During December Contrary to Usual
Trend
The Federal Reserve Board, in its summary of general
business and financial conditions in the United States, based
upon statistics for December and the first three weeks of
January, said that "in December the Board's seasonally
adjusted indexes of industrial production and factory employment increased sharply. Wholesale prices of farm products
and foods," the Board said, "showed a considerable advance
in the latter part of the month and in the early part of
January, while prices of other commodities as a group
showed little change." The Board's summary, issued Jan.
28, also had the following to say:
Production and Employment
Output of basic industrial products increased in December, when it
usually declines, and the Federal Reserve Board's index, which makes
allowance for the usual seasonal variations, increased from 74% of the
1923-25 average in November to 85% in December. Activity at steel
mills increased, contrary to the usual seasonal tendency, and output at
automobile factories rose rapidly. In both of these industries there were
further sharp increases in activity in the first three weeks of January. At
woolen mills and silk mills activity increased in December, contrary to
seasonal tendency, and at cotton mills and tobacco factories it declined
by less than the usual seasonal amount. Output of petroleum increased
somewhat in December and the first half of January.
Factory employment increased between the middle of November and the
middle of December, contrary to seasonal tendency, and there was a considerable growth in factory payrolls. Substantial increases were reported
for the automobile, textile, shoe, and tire industries, while in the meatpacking industry there was a further decline from recent high levels. Employment in retail trade showed an increase largely of a seasonal character.
Value of construction contracts awarded, as reported by the F. W.
Dodge Corp., showed a decline in December, partly seasonal in nature,
followed by an increase in the first half of January. For the fourth quarter
as a whole the value of contracts for privately-financed projects was about
thesame as in the corresponding period of 1933,while the volume of publiclyfinanced projects was considerably smaller than last year.
Distribution
Volume of freight-car loadings declined less in December than is usual
at that season. Sales of merchandise by department stores showed an
increase of more than the estimated seasonal amount and were approximately 11% larger than in the corresponding month a year earlier.
Commodity Prices
The general level of wholesale commodity prices, as measured by the index
of the Bureau of Labor Statistics, advanced considerably during the latter
part of December and the early part of January. reflecting chiefly marked
Increases in the prices of farm products and foods. Scrap steel prices also
increased. In the third week of January prices of grains, cotton, hides,
and rubber showed a decline from the level of the preceding week. Currently wholesale prices are 9% higher than a year ago, reflecting an increase
of30% for farm products, an increase of 24% for foods and little change for
other commodities.
Retail prices of foods, as reported by the Bureau of Labor Statistics,
increased considerably in the latter part of December, following three
months of gradual decline.
Bank Credit
During the six weeks ending Jan. 23 seasonal return flow of currency
from circulation,further imports of gold, and disbursement by the Treasury
of funds previously held as cash or on deposit with the Reserve banks were
reflected in a growth of member bank balances with the Reserve banks to
$4,500,000,000, the highest figure on record and in an increase of their
excess reserves to the high level of $2,160,000,000.
Loans and investments of reporting member banks in leading cities increased by $350.000,000 in the five weeks ended Jan. 16. Holdings of
United States Government obligations rose $420,000,000 and an increase
was shown also in holdings of obligations guaranteed by the Government
and in other security holdings, while loans declined by $130,000,000.
Commercial paper rates, which had been reported at a range of yi-1%
early in January. Other
since June, declined to a general level of (%5
short-term open market money rates showed little change, while yields on
long-term United States Treasury bonds declined from 3 to 23i%.
Volume
140
Financial Chronicle
In December and January discount rates were lowered from 3 to 2 %
at the Federal Reserve Banks of Richmond. Minneapolis, Kansas City.
and Dallas, and from 2M to 2% at Philadelphia. Chicago and St. Louis.
At the Federal Reserve Bank of Atlanta the discount rate was lowered to
234% in December and to 2% in January.
Electric Production for Latest Week Shows Gain of
10.6% Over Last Year
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 Jan.26 1935 totaled 1,781,666,000 kwh. Total output
for the latest week indicated a gain of 10.6% over the corresponding week of 1934, when output totaled 1,610,542,000
kwh.
Electric output during the week ended Jan. 19 1935 totaled
1,778,273,000 kwh. This was a gain of 9.4% over the
1,624,846,000 kwh. produced during the week ended Jan. 20
1934. The Institute's statement follows:
PERCENTAGE OF INCREASE 1935 OVER 1934
Week Ended
Jan. 26 1935
New England
Middle Atlantic
Central Industrial- _ _
West Central
Southe n States
,
Rocky Mountain
Pacific Coast
8.0
8.6
14.2
7.4
10.3
13.6
6.5
6.4
7.1
11.9
6.8
11.0
11.7
5.8
7.7
5.4
8.7
4.1
9.4
12.0
6.0
5.9
2.9
6.9
1.0
15.9
10.6
5.8
Total,United States-
10.6
9.4
7.7
6.7
Week Ended
Week Ended
Jan. 19 1935 Jan. 12 1935
1934
1933
Jan.
Jan.
Jan.
Jan.
1935
5 1,668,731 Jan.
12 1,772,609 Jan.
19 1,778,273 Jan.
26 1,781.666 Jan.
1934
6 1.563.678
13 1,646,271
20 1,624,848
27 1.610.542
1932
1931
Week ofWeek of
+2.3 Oct. 15 1,507,503 Oct. 17 1,656,051
+3.0 Oct. 22 1.528,145 Oct. 24 1.646,531
+3.4 Oct. 29 1.533,028 Oct. 31 1,651,792
+5.4 Nov. 5 1,525,410 Nov. 7 1,828.147
+3.6 Nov. 12 1,520.730 Nov. 14 1.623,151
+4.6 Nov. 19 1,531,584 Nov. 21 1.655,051
+6.1 Nov.28 1,475,268 Nov. 28 1,599,900
+8.4 Dec. 3 1,510,337 Dec. 5 1,671,486
+7.7 Dec. 10 1,518,922 Dec. 12 1,671,717
+7.5 Dec. 17 1,583,384 Dec. 19 1,675,653
+7.9 Dee. 24 1.554,473 Dec. 26 1,564,652
+7.2 Dec. 31 1,414,710
1932
1933
Jan. 2 1,523.652
+6.7 Jan. 7 1,425,639 Jan. 9 1.619,265
+7.7 Jan. 14 1,495,116 Jan. 16 1.602,482
+9.4 Jan. 21 1.484,089 Jan. 23 1,598,201
+10.6 Jan. 28 1.469.836 Jan. 30 1.538.987
DATA FOR RECENT MONTHS
Month ofjanua2y__ _ February,,_
March
April
May
June
July
August- ._ -September....
October
November _
.
December__
1934
1933
7,131,158,000
6,808,356,000
7,198,232,000
6,978,419,000
7,249.732,000
7,056,116,000
7,118,261,000
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
6,831,573,000
7,009,164,000
%
Change
+10.0
+13.2
+18.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
_.
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board. 1923-19271=100.)a
Adjusted for
Seasonal Variation
1932
1931
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
6,310,867,000
6,317,733,000
6,633,885.000
6,507.804,000
8.638,424,000
7,435,782,000
6,678,915,000
7,370,687.000
7,184.514,000
7,180,210.000
7.070,729.000
7.286,576,000
7.166,086,000
7.099.421,000
7,331,380,000
6,971.644,000
7,288,025,000
Total
RI) Ong 5(11 ()fin
77 442.112.000 RR nes slag Ann
Nolo-The monthly figures shown above are based on reports covering approximately 92% cf the electric ight and power industry and the weekly figures are
based on about 70%.
Business Conditions in Philadelphia Federal Reserve
District-Seasonal Decline in Trade During January Noted
According to the Federal Reserve Bank of Philadelphia,
"business activity in the Thin' (Philadelphia) District at
the turn of the year was well maintained, although seasonal
slackening was apparent in trade during January. Industrial
production," the Bank said, "comprising the output of
manufactures, coal and crude oil, showed an unusual increase
of almost 7% from November to December and was 9%
larger than a year before; for the year 1934 as a whole industrial output was 7% greater than in 1933 and 17% larger
as compared with 1932." The Bank, in its "Business
Review" of Feb. 1, also said in part:
Dec.
1934
General Indexes
Industrial production, total
Manufactures
Minerals
Construction contracts, value b
Total
Residential
All other
Factory employment c
Factory Payrolls c
Freight-car loadings
Department store sales, value
Production Indexes by Groups and
Industrials
Manufactures:
Iron and steel
Textiles
Food products
Lumber cut
Automobiles
Leather and shoes
Cement
Petroleum refining
Rubber tires and tubes
Tobacco manufactures
Minerals:
Bituminous coal
Anthracite
Petroleum
Iron ore
Zinc
Silver
Lead
Nov.
1934
Dec.
1933
P85
p85
P90
74
73
81
p33
p12
p50
79.0
31
11
48
76.7
64
p76
59
73
64
997
102
29
105
9102
45
9131
143
969
p72
9126
74
60
owee44-vvroom noom .r.or
mr.wwwomotocq mo....me40
ELECTRIC PRODUCTION FOR RECENT WEEKS
(In Kilowatt-holies
-000 Omitted)
Week ofWeek ofOct. 13 1,6156,864 Oct. 14 1,618,948
001. 20 1.667,505 Oct. 21 1,618,795
Oct. 27 1.677.229 Oct. 28 1.621,702
Nov. 3 1,669,217 Nov. 4 1,583,412
Nov. 10 1.675,760 Nov. 11 1,616,875
Nov. 17 1.691,046 Nov. 18 1,617,249
Nov.24 1,705,413 Nov. 25 1.607,546
Dec. 1 1.683.590 Dee. 2 1,553,744
Dec. 8 1,743,427 Dec. 9 1,619,157
Dec. 15 1.767,418 Dec. 16 1.644.018
Dec. 22 1,787,936 Dec. 23 1,658,616
Dee. 29 1,650,467 Dee. 30 1,539.002
Monthly Indexes of Federal Reserve Board for December
Under date of Jan. 28, the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
Week Encfrel
Jan. 5 1935
Arranged in tabular form the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
%
Change
The volume of products sold
in the aggregate has continued to be appreciably larger than a year ago.
Prices of manufactures have shown little change in the month but have remained higher than last year. . . .
Output of manufacturers in this District, which usually declines at the
end of the year, showed no change so that on the seasonally adjusted basis
there was a marked improvement in production. This banks'index number
of productive activity, which takes account of seasonal variation, rose to
70% of the 1923-25 average as compared with 66 in November and with
64 in December 1933, showing a gain of 7% in the month and 10% over a
year ago. . . .
Productive activity in this District during 1934 on the whole was 4%
higher than in 1933, reflecting chiefly substantial increases in output of
durable goods. A decline of 4% during the year in the case of consumers'
goods was due principally to curtailed production of textiles. . .
,
amm nmm,0 .00
r-c.00
Major Geographic
Divisions
705
a usual development at the turn of the year.
Without
Seasonal Adjustment
Dec.
1934
926
p10
p39
78.1
63.2
56
9133
58
48
p87
p92
102
103
26
26
58
37
91
987
48
35
155_
107
pill
125
115
65
64
121
Dec.
1933
74
72
84
p77
p76
985
Nos.
1934
69
67
81
28
45
11
11
41
73
78.8 74.4.
59.5 54.5
60
56
83
121
45
991
108
25
24
87
47
156
80
128
53
p74
89
29
25
81
28
138
75
99
71
72
65
67
115
120
11
1477
aii
77
7i
.
3538
29
55
60
57
68
p74
p71
p122
p Preliminary.
a Indexes of production, car loadings, and department sto e sales based on daily
averages. b Based on three-month moving averages of F. W. Dodge data centered
at 2d month. c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board. Underlying
flgures are for payroll period ending nearest middle of month. December 1934
figures are preliminary, subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES. (1923-192100.) a
Employment
Group and Industry
Payrolls
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Vairiation
Adjustment
Adjustment
Dec. Noe. Dec. Dec. Nov. Dec. Dec. Nov. Dec.
1934 1934 1933 1934 1934 1933 1934 1934 1933
Iron and steel
67.7 66.4 67.6 66.6 68.2 66.6
Machinery
79.2 77.2 72.4 78.5 77.9 71.8
Transportation equipment
84.4 r70.4 65.6 78.5 r62.2 61.1
Automobile
96.6 77.4 71.8 88.9 67.1 66.1
Railroad repair shops
52.1 51.7 53.6 52.0 51.6 53.5
Non-ferrous metals
76.1 74.9 69.2 76.9 76.0 69.8
Lumber and products
47.8 47.3 49.9 47.8 48.6 49.8
Stone, clay and glass
51.2 51.9 50.0 50.1 52.2 49.0
Textiles and products
92.1 90.2 87.3 92.8 90.9 88.0
A. Fabrics
92.4 88.2 88.2 94.0 89.7 89.7
B Wearing apparel
87.4 90.8 81.7 86.0 89.6 80.4
Leather products
88.9 83.4 82.4 84.8 81.6 78.7
Food products
107.9 107.3 101.7 103.8 109.0 99.2
Tobacco products
61.6 61. 61.9 61.9 64.0 62.
Paper and printing
oe. 95. 93.0 97. 97.0 94.5
Chemicals A: petroleum prods 108. 107. 106.6 108. 108.13 107.
A. Chemicals group,except
petroleum refining
107. 105. 105.2 108. 107. 106.
B. Petroleum relining - --- 112. 113. 112.6 110. 111. 111.
Rubber products
79. 77. 84.3 79. 76. 83.9
47.7 44.2
60.2 57.2
67.7 r48.4
76.4 51.3
44.4 44.4
61.5 58.8
33.3 33.6
34.4 35.6
75.3 71.1
80.2 72.5
61.3 64.1
69.1 61.0
92.9 96.1
49.9 48.8
86. 82.8
91.7 90.9
43.7
49.1
43.7
46.0
44.7
50.2
31.0
31.0
64.0
68.6
51.2
81.1
84.4
46.5
77.2
84.9
89. 89. 83.5
97. 96. 89.4
66.0 57.0 59.0
Total
79.0 76.7 75.0 78.1 76.8 74.4 63.2 59.5 U.S
a Indexes of factory employment and payrolls without seasons adjustment compiled by Bureau of Labor Statistics. Index of factory employment adjusted for
seasonal variation compiled by Federal Reserve Board. Underly ng figures are for
Payroll period ending nearest middle of month. December 1934 figures are Preliminary, subject to revision.
r Revised.
The value of retail trade sales showed a considerable improvement in
December, following a decline in the previous month. This is also true,
though to a smaller extent, in the case of wholesale trade sales. The dollar
volume of mercantile trade, as measured by these two branches, was considerably larger in 1934 than in 1933. Somewhat similar improvement has
been noted in other indicators relating to the distribution of goods. particullarly sales of new passenger automobiles and shipments of commodities by
railroad and motor truck freight. . . .
National Industrial Conference Board Reports Number
of Unemployed Workers in December Below
November and Year Ago
The total number of unemployed workers in December,
1934, was 9,602,000, according to an estimate made public
Jan. 31 by the National Industrial Conference Board. This
is a decline of 463,000 or 4.6% from the preceding month
and a drop of 733,000 or 7.1% from December 1933. The
Conference Board also reported:
Manufacturing
Manufacturing activity has continued well sustained since November.
Current demand seems fair and the volume of sales up to about the middle
of January showed gains in a number of important lines such as certain
metal products, wool and silk manufactures, leather and shoes, paper and
lumber. There are industries, however, that report slackened business.
From November to December 1934 the total decreases in unemployment,
by industrial groups, were. Trade, 276.000; manufacturing and mechanical
industries, 214,000; transportation. 9,000; extraction of minerals. 4.000;
and miscellaneous industry. 14,000. Unemployment in domestic and
personal service showed an increase of 27,000.
Compared with December 1933. unemployment in December 1934 declined 15.1% in trade, 14.9% in domestic and personal service, 14.0% in
Feb. 2 1935
Financial Chronicle
706
manufacturing and mechanical industries, 9.5% in extraction of minerals,
5.0% in transportation and 5.9% in miscellaneous industry.
The following table prepared by the Conference Board
shows the number of unemployed workers in the various
industrial groups in December 1933, November 1934 and
December 1934.
NUMBER OF UNEMPLOYED
December
1933 (z)
November
1934 (z)
December
1934
Extraction of minerals
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other industries (x)
463,000
4,395,000
1,415,000
772,000
1,190,000
510,000
296,000
423,000
3,995,000
1,354,000
930,000
985,000
494,000
296.000
419,000
3,781,000
1,345,000
655,000
1,012,000
480,000
296,000
All industries (y)
Allowance for new workers since 1930
Census
9,040,000
8,477,000
7,987,000
1,294,000
1,588,000
1,615,000
Industrial Croup
9,602.000
10,065.000
10.334.000
Total unemployed
This group includes agriculture, forestry and fishing, pubic service, and proin 1930, satisfessionol service. The numbers given are the unemp oyed workers
factory data being unavailable from which later changes in unemployment can be
computed. y Industrial classification includes 3,188,000 listed as unemployed In
Census of April, 1930. x Revised.
Employment and Payrolls in Manufacturing Industries
Increased from November to December According
to National Industrial Conference Board-Manufacturing Activity Also Reported Higher
Activity in manufacturing increased in December over
November, more employees were at work, and a longer work
• week resulted in higher weekly earnings per employee,
according to the regular monthly Service Letter just published by the National Industrial Conference Board. The
Service Letter, issued on Jan. 30, further noted:
While hourly earnings in the 25 manufacturing industries combined averaged 59.3c. in December as compared with 59.4c. in November, or 0.2%
lower, weekly earnings averaged $20.71 against $20.07, or 3.2% higher.
This increase was due to a rise in the average work week from 33.9 hours
in November to 35.0 hours in December, or 3.2%. Since there was no
change in the cost of living during these two months, the rise in actual
weekly earnings was a real increase of 3.2%.
The number of workers employed was 2.7% larger in December than
in November, the total number of hours worked by these employees was
5.9% larger and their combined payroll likewise 6.9%.
The largest nominal gain in total man-hours worked was noted in the silk
Industry, due chiefly to the settlement of the dyers' strike. The increase
amounted to 44.3%. The automobile industry worked 24.6% more hours
In December than in November, and the wool industry 22.7%. Increases in
the other industries in which greater activity was noted in December than
November were all less than 10%, ranging from 9.5% in book and job
printing to 0.2% in the furniture industry. In meat packing and lumber
and millwork, on the other hand, total man-hours worked declined 5.2%
and 13.1%, respectively, during the same period.
A comparison of conditions at the close of 1934 with those of the same
period in 1933 shows increases of 3.1% in employment and of 3.6% in the
average number of hours worked per week per employee, with a consequent
increase of 6.7% in total man-hours. Even larger gains were noted in the
earnings of employed workers. Their average hourly earnings rose 7.8%,
and average weekly earnings 11.5%. While the rise in the cost of living
during the year nullified part of this nominal gain, real weekly earnings
were still 6.6% higher than a year ago. Payroll disbursements in December 1934 exceeded those of December 1933 by 15.0%.
A retrospect view of the situation at the end of 1929 reveals some
interesting facts. There were 20.0% fewer workers employed, total payroll
disbursements were 39.8% less, and total man-hours worked were 40.0%
less at the end of 1934 than in December 1929. Average hourly earnings of
those at work, however, were 0.5% higher, and while average nominal
weekly earnings had declined 24.9%, real weekly earnings had fallen only
6.8%, because of the decrease in the cost of living during the five-year
period. The average work week numbered 24.9% fewer hours.
The cost of living of wage-earners averaged exactly the same in December
as in November 1934. Declines in the cost of food, clothing and coal
prices were offset by increases in rents and in the cost of sundries. The
cost of living in December was 4.5% higher than in December 1933, but
19.3% lower than in December 1929.
Continued Improvement in Business During December
and First Half of January Reported by Conference
of StStisticians in Industry
Business conditions, reports the Conference of Statisticians in Industry of the National Industrial Conference
Board, "were further improved in December and the first
half of January. The sharp advance in industrial production," it was stated, "was counter to the usual movement
for December. Retail trade in December showed a gain
over November which was greater than generally seasonal."
In their monthly report, issued Jan. 21, the Statisticians
further reported, in part:
In the major industries the pace of improvement in production was
quickened in December, while additional advances were recorded in the
opening weeks of this month. The upturn in automobile output was sharp
and was a pivotal influence in the gains in dependent fields. Steel and
iron production moved up in the past six weeks when ordinarily no improvement is seasonal. Machine tool orders advanced sharply in December,
continuing the upturn since June. Textile production continued to hold
its gains of recent month& Electric power output was increased to an
extent more than usual for the time of the year. Bituminous coal production likewise showed a gain which was greater than seasonal in December.
Building and engineering construction awards declined measurably during
the month; residential contract awards likewise declined. . . .
Retail trade by department stores advanced more than seasonally usual
in December. Department store sales advanced 61.4% in dollar value
of turnover in December over November, more than the seasonal increase
of 48.7% noted in recent years. Since prices were unchanged in these
two months, net physical volume also advanced 61.4%. Compared with
December 1933, dollar value rose 10.7%; prices, 1.2%, and net physical
volume, 9.4%.
Commodity prices at wholesale continued their slowly upward course
begun in August. Food prices at wholesale continued to taper off, while
both prices received by farmers and prices paid were unchanged during
the month. The cost of living likewise showed no net change.
Increase of 7% in Steel Payrolls from November to
December Reported by American Iron and Steel
Institute-Hourly Earnings of American Workers
Above Foreign
Payrolls of the steel industry during 1934 totaled $457,842,517, according to a report released Jan. 30 by the
American Iron and Steel Institute, which also showed that
the industry maintained an average of 409,349 employees
throughout the year. The report showed that in December
1934 payrolls amounted to $35,362,732, an increase of 7%
above the total of $32,937,099 which was paid to employees
in November. In December 1933 steel payrolls aggregated
$34,323,694. The Institute's report continued:
The number of employees in December 1934 was 386,345, as compared
with 381,663, in the preceding month, and 394,943 in December 1933.
Average number of hours worked per week by employees in December
was 28.4, an increase over November's average work-week of 27.6 hours.
In December 1933 employees worked an average of 29.9 hours per week.
Earnings of employees of the steel industry averaged 72.9 cents per
hour in December, no change from the month before, but 11% higher
than the average rate in December 1933 of 65.6 cents per hour. •
The following table compares employment records of December and
November 1934 with December 1933, and shows averages and totals for
the entire year 1934:
Dec. 1934
Nov. 1934
Dec. 1933
Enffre 1934
*409,349
386,345
381,663
394,943
Employees
$35.362,732 $32,937,099 834,323,694 4347842517
Payrolls
304
.
27.6
29.9
28.4
Hours per week per employee
72.9
65.6
*70.2
72.9
Average earnings per hour*36.89
27.76
33.10
35.26
Operating rate
*Average. x Total.
Calculations made recently by the American Iron and
Steel Institute, based on records of the United States Department of Labor and the League of Nations, show that
steel mill employees in the United States earn an average
of 120 to 650% more per hour than workers in foreign
mills. Under date of Jan. 29 the Institute said:
American workers, who are paid on an hourly, piece-work or tonnage
basis, earned an average of 64.7 cents per hour in November 1934, the
latest month for which such information is available.
This average hourly rate compares with the unweighted average of
20.6 cents per hour paid to steel workers in Belgium, Czechoslovakia.
France, Germany, Great Britain, India, Italy, Japan and Sweden, according to latest available figures. Some changes in average hourly wage rates
in the various countries may have been made since the dates show in the
following table, which presents a comparison of foreign rates with the
American rate:
Country
United States
Belgium
Czechoslovakia_ ___
France
Germany
Avge. Hourly
Wage Rate Date
64.7
17.0
22.7
20.0
25.9
cents
cents
cents
cents
cents
1934
1933
1934
1933
1934
Country
Great Britain
India
Italy
Japan
Sweden
Aviv. Hourly
Wage Rate Date
25.1
8.6
27.6
9.7
29.0
cents
cents
cents
cents
cents
1933
1933
1933
1933
1932
Severe Weather Retards Lumber Movement
Due largely to weather conditions in some producing
regions and in most consuming areas, new business booked at
the lumber mills and mill shipments during the week ended
Jan. 26 were below those of the previous three weeks and
production was lighter than during the preceding two weeks,
according to telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the operations of leading hardwood and softwood mills.
Reports were from 1,059 mills whose production was 119,188,000 feet; shipments, 138,664,000 feet; orders received,
171,278,000 feet. Revised figures for the preceding week
were mills, 1,191; production, 141,265,000 feet; shipments,
170,271,000 feet; orders, 192,392,000 feet. The Associations
weekly summary further stated:
For the week ended Jan. 26, all regions except the Northeastern reported
orders above production. Total orders were 44% above output. Shipments
were 16% above production. All regions except West Coast, Southern
Cypress, Northern Hemlock and Northeastern Softwoods reported orders
above those of the corresponding week of 1934, total orders being 1% in
excess of those of a year ago. Softwood orders, largely due to a drop of
19% in the West Coast region, showed 1% decrease from last year's week:
hardwood orders were 43% above those of the 1934 week.
Unfilled orders on Jan. 26, as reported by 999 identical mills were the
equivalent of 30 days' average production, compared with 25 days' a year
ago. Identical mill stocks on Jan. 26 were the equivalent of 170 days'
output, compared with 168 day's on Jan. 27 1934.
Forest products carloadings totaled 20,722 cars during the week ended
Jan. 19 1935. This was 802 cars above the preceding week, 1,042 cars
above corresponding week of 1934 and 5,883 cars above similar week of 1933.
Lumber orders reported for the week ended Jan. 26 1935, by 887 softwood mills totaled 161,261,000 feet; or 44% above the production of the
same mills. Shipments as reported for the same week were 130.818,000
feet, or 17% above production. Production was 111,976,000 feet.
Financial Chronicle
Volume 140
Reports from 209 hardwood mills give new business as 10,017,000 feet,
or 39% above production. Shipments as reported for the same week were
7,846,000 feet, or 9% above production. Production was 7,212,000 feet.
Unfilled Orders and Stocks
Reports from 1,312 mills on Jan. 26 1935, give unfilled orders of 873,398,000 feet and gross stocks of 4,915,137,000 ieet. The 999 identical mills
report unfilled orders as 802,016,000 feet on Jan. 28 1935. or the equivalent of 30 days' average production, compared with 672,028,000 feet, or
the equivalent of 25 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 730 identical softwood mills was 110,792,000
feet, and a year ago it was 121.916,000 feet; shipments were respectively
130,128,000 feet and 107,485,000: and orders received 160,170.000 feet,
and 161.541,000 feet. In the case of hardwoods, 120 identical mills reported
production last week and a year ago 6,325,000 feet and 7,132,000 feet;
shipments 6,467,000 feet and 5,251,000 feet and orders 8,723,000 feet
and 6,088.000 feet.
United States and Canadian Production of Newsprint
Increased During 1934
-Stocks of Two Countries
Combined at Close of Year Below Dec. 31 1933
"Production of newsprint in Canada during December
1934," stated the News Print Service Bureau, "amounted
to 239,544 tons and shipments to 254,657 tons. Production
in the United States was 79,777 tons and shipments 86,363
tons, making a total United States and Canadian newsprint
production of 319,321 tons and shipments of 341,020 tons,"
the Service Bureau said. According to the Montreal
"Gazette" of Jan. 16 the Bureau also reported:
During December, 24,394 tons of newsprint were made in Newfoundland
and 1,820 tons in Mexico, so that the total North American production for
the month amounted to 345,535 tons.
The total North American output of newsprint paper in 1934 was 3,892,887 tons, of which 2,599,292 tons was made in Canada. 957,196 tons in the
United States, 316,119 tons in Newfoundland and 20,280 tons in Mexico.
The Canadian output was 28.9% more than in 1933, that in the United
States 1.1% more, with a gain of 16.7% in Newfoundland and 23.9% a gain
in Mexico, making a total continental increase of 642.570 tons, or 19.8%.
Reports from United States mills for earlier years included a small amount
of poster, novel and similar paper, but the 1934 figures are confined strictly
to newsprint.
Stocks of newsprint paper at Canadian mills are reported at 30,366 tons
at the end of December and at United States mills 12,428 tons, making a
combined total of 42,794 tons compared with 58,261 tons on Dec. 31 1933.
From the "Gazette" we also take the following table
showing the monthly production of newsprint in Canada and
the United States for each month since the beginning of 1933:
1934January
February
March
April
May
June
July
August
September
October
November
December
Canada
188,374
174,447
210,129
216,508
242,539
229,637
208,238
210,164
196,172
238,021
240,869
239,544
Tons-U. S.
84,194
72,402
84,993
83,652
89,726
83,504
76,184
80,903
74,117
80,572
74,933
79,777
Tons
1933January
February
March
April
May
June
July
August
September
October
November
December
Canada
140,539
125,916
137,078
147,759
171,776
171,419
180,387
194,262
179,416
191,452
193,718
1715,304
U. S.
74,444
67,085
76,566
74,507
79,516
84,384
79,482
84,521
72,907
82,052
87,567
80,895
Canadian Newsprint Cut $2.50 Ton to 1934 Level
Discount Allowed on $42.50 Rate Recently Announced by Mills
The projected price increase of $2.50 a ton for Canadian
newsprint will be abandoned, at least temporarily, it was
revealed on Jan. 22, with the announcement that most leading Canadian manufacturers are notifying their customers
that a discount of $2.50 a ton will be permitted for the next
few months from the price of $42.50 specified by the majority
of companies as the level to prevail during the first six
months of 1935. This, for all practical purposes, means
that the 1934 price of $40 will continue. A dispatch from
Montreal to the New York "Times," Jan. 21, discussed the
price cut as follows:
Canadian newsprint manufacturers recently have been considering the
policy which various companies might be obliged to follow as a result of
certain shipments now being made to American publishers at a contract
price of $40 for delivery in New York.
Major producers last November announced prices of $42.50 for New
York delivery in the first six months of 1935 and $45 maximum for the
second six months. The maintenance of these increases was rendered
doubtful by reason of contracts made by St. Lawrence paper mills at the
1934 price for all of 1936.
It is understood that the manufacturers were infomied that efforts had
been made to negotiate a compromise with the St. Lawrence customers
by which the 1935 price would be stabilized at $42.60 throughcut the
year, but that proposals of this kind have been rejected by the St. Lawrence
customers, who insist on delivery under the $40 contracts.
Shipments have already been made by St. Lawrence mills under these
contracts, and it is now indicated that other manufacturers, by reamm of
legal obligations and in fairness to their customers, feel compelled to reduce
their price accordingly.
At the $40 price the outlook of the industry for 1935 is coneidere 1 worse
than it was 12 months ago as a result of an abnormally low price. There
looms the prospect of a shortage of wood supply. It is considered unlikely
that the banks will make further advances to the newsprint companies
with the price of newsprint at the current level.
Premier L. A. Taschereau of Quebec announced Jan. 24
that during the present session of the Legislature measures
would be introduced designed to solve the question of low
newsprint prices. Mr. Taschereau issued the following
statement:
707
Since the negotiations undertaken with the newsprint companies with a
view towards stabilization of the price of paper at a reasonable basis failed
to reach an amicable agreement, I am obliged to declare that during the
present session of the Legislature we will be obliged to adopt legislative
measures which will definitely solve this question.
E. W. Beatty, President of the Canadian Pacific Railway,
said on Jan. 24 that periodical increases in newsprint prices
will not solve the difficulties of the industry, and that its
future prosperity depends rather on proper grouping of the
mills in consolidations, adequate prices and maximum operating efficiency.
December Farm Income Reported Below November But
Above December 1933, According to Bureau of
Agricultural Economics
Farmers'income from marketings, sales of cattle and sheep
to the Government, and benefit payments totaled $488,000,000 in December, compared with $561,000,000 in November
and with $429,000,000 in December 1933, the Bureau of
Agricultural Economics, United States Department of Agriculture, estimates. The Bureau, on Jan. 26, further announced:
Income for the full calendar year of 1934 was $6,091.000,000, compared
with $5,051,000,000 in 1933. The increase of $1,040.000,000 was made up
of an increase of $645,000.000 from marketings of crops and livestock, and
an increase of $395,000.000 from benefit payments and sales of livestock
to the Government.
The decrease in income from November to December was more than usual.
Income from livestock and livestock products declined instead of making
the usual seasonal increase. Hog marketings increased much less than
seasonally from November to December,so that, in spite of higher prices.
the income from hogs in December was 13% smaller than in November.
after allowing for the usual seasonal increase.
Unfavorable weather for feeding over wide areas,together with a shortage
of feed, resulted in a marked decline in marketings of butterfat and eggs
during December.
Farm Price Index of Bureau of Agricultural Economics
at Highest Point in Four Years
-Increased Six
Points from Dec. 15 to Jan. 15
The farm price index rose 6 points from Dec. 15 to Jan. 15,
and at 107 on the latter date the index was the highest since
November 1930, according to the Bureau of Agricultural
Economics, United States Department of Agriculture. On
Jan. 15 a year ago the index was 77. The Bureau,on Jan.29,
reported:
Prices received by farmers for meat animals rose 23 points during the
month; dairy products were up 5 points; fruits up 2 points; grains down
1 point; cotton and cottonseed down 1 point; miscellaneous products down
1 point;truck crops down 13 points, and chickens and eggs down 5 points.
Hog prices averaged $6.87 per 100 pounds on Jan. 15 compared wido
$5.15 on Dec. 15, and with $3.06 on Jan. 15 last year. The price upturn
during the past month is reported to have been more than 10 times larger
than the usual seasonal rise during this period, the "sensational upturn"
during the past month being attributed mainly to a sharp decline in slaughter. At mid-January 100 pounds of hogs would buy 8.1 bushels of corn, as
compared with 6 bushels on Dec. 15 and with 7 bushels on Jan. 15 last year.
Corn prices averaged 85.3 cents a bushel on Jan. 15, compared with
85.3 cents on Dec. 15, no advance having occurred despite extremely short
supplies, rapidly diminishing stocks, and sharp advances in livestock price
quotations. Compared with a year ago, however, an average advance of
41.4 cents a bushel is shown.
Wheat prices averaged 89.3 cents a bushel on Jan. 15, compared with
90.6 cents on Dec. 15 and with 69.4 cents on Jan. 15 last year. During the
month there was a continued slow demand for wheat, weakness in foreign
markets, and general uncertainty in speculative markets.
Cotton prices averaged 12.3 cents a pound on Jan. 15, compared with
12.4 on Dec. 15 and with 10.3 cents a year ago. Spot markets were dull
and sales in cloth markets were slow.
Potato prices averaged 46.1 cents a bushel in mid-January, compared
with 45.4 cents in mid-December and with 77.2 cents a year ago. Butterfat
prices averaged 30.5 cents a pound in mid-January,the highest level recorded
since December 1930, compared with 28.2 cents in mid-December and with
16.1 cents a year ago.
Compared with farm price indexes a year ago, meat animals were up 41
points; grains up 39 points; chickens and eggs up 32 points;dairy products
up 28 points; cotton and cottonseed up 26 points; miscellaneous products
up 18 points; and truck crops 15 points. Prices for fruits were only 1 point
higher than a year ago. Prices below those of a year ago were registered for
potatoes, wool, citrus fruits and cabbage.
The bureau says that during the past year prices received by farmers
increased considerably more than prices paid.
Maximum Emergency Feed Loan Raised for Cattle
and Work Stock-Will Apply Only in Instances
Where Feed Supply Is Exhausted and Weather
Conditions Have Been Severe
The regional emergency crop and feed loan offices serving
the primary drought areas have been authorized to allow
up to $4.50 a head a month to purchase feed for farm cattle,
$6 for farm work stock and $2 for range cattle in instances
where the applicant has no feed on hand and the general
weather conditions have been severe, Norman Monaghan
of the Emergency Crop and Feed Loan Division of the
Farm Credit Administration announced Jan. 16. Otherwise, the maximum base rates now in effect will be continued, Mr. Monaghan said. These may not exceed $3
a month for feed for farm cattle, $4 for farm work stock,
$1.50 for range cattle,$2 for saddle and pack horses,50 cents
708
Financial Chronicle
Feb. 2 1935
consider action on the inter-State compact plan. New
Mexico and California already have enacted similar legiswhere the
lation.
The increased amounts will apply only in exceptional cases
has been
applicant's feed for farm cattle, farm work stock or range cattle
Representative Cole (Dem., Md.), Chairman of the newlyapplication
exhausted and weather conditions have been severe. Each
created House committee on oil legislation, repeated his conmust
for increased allowance will be considered on its own merits and
and weather
tention that Federal legislation should be deferred pending
be accompanied by detailed information as to the feed on hand
conditions. The county loan committee is required to make recommenda
final results of the inter-State compact plan in Washington
tion as to the increase.
this week, in commenting on Governor Marland's plan.
The regulations governing all emergency loans for the He again refused to voice the committees' opinion of the
purchase of feed provide that only such amounts will be Connally oil bill or make any reference to when it may be
furnished as are actually necessary to maintain the stock, acted upon by the House.
not to fatten for market, produce milk, &c., Mr. Monaghan
Governor Marland, who already has announced that he
added.
will call another meeting of oil State governors, has not yet
set a definite date for renewing the conferences. The first
Exports of Refined Sugar by United States During 1934 conference, held Dec. 5, was postponed a month to give the
Reported Largest Since 1927
attending delegates ample time to consider the opinions
United States exports of refined sugar during 1934 were voiced at the meeting. The second conference was featured
the heaviest since 1927 according to Lamborn & Co., who by the outspoken opposition of the then Governor-elect
state that during the year 1934 a total of 122,413 long tons Alfred of Texas who said his State wanted no interference
were shipped. The firm said that this compares with 45,520 with its internal affairs, Federal or otherwise.
tons exported during 1933, an increase of 76,893 tons, or
In the meantime, the Oklahoma administration moved to
approximately 169%. In 1927, the exports totaled 126,138 tighten control through the State regulatory body, several
d:
long tons. Under date of Jan. 31 the firm also announce
bills of such a nature being introduced in the Legislature.
corner of the world
According to the Lamborn records, practically every
A bill was introduced in the House of Representatives
to which United States
is included in the more than 40 different countries
Kingdom leads with
Wednesday which would authorize the State Corporation
refined sugars were shipped during 1934. The United
Norway with 23,955 and
Commission to establish conservation districts, taking in
tons, being followed by Uruguay and
29,608
Kingdom also topped the
16,764 tons respectively. In 1933, the United
new oil pools, and govern the development of such pools
followed with 4,271 and
list with 24,080 tons, while Holland and Norway
by the drilling of wells spaced according to its orders.
.
3.151 tons respectively
The bill also would grant the Commission the power to
wells would be spaced,
cs—Stocks on Dec. 31 Below establish the acreage basis on which
Cuban Sugar Statisti
1932—Exports During Year and would authorize it to fix allowables on a pro-rate basis
Close of 1933 and
for wells drilled on smaller tracts. The proposed measure,
Increased 8.2% Over 1933
Total stocks of sugar in Cuba on Dec.31 1934 were 706,621 in effect, would give the State through its regulatory agent,
spanish tons, compared with 1,048,028 tons at the end of complete control of the development of new fields. The
1933 and 1,616,684 tons at the end of 1932, a drop of 56% Commission already has in effect an order setting one well to
during the last two years, according to official figures ten acres for the Fitts field in Pontotie County.
Another measure introduced in the Oklahoma Legislature
received by the New York Coffee & Sugar Exchange Jan. 28.
would extend the law placing a tax of 3' -cent a barrel on
Exchange stated:
The
totaled 2,457,530
crude oil produced in the State to June 30 1937. Receipts
Cuban sugar exports to the world during the 1934 year
during the
tons a gain of 8.2% when compared with exports of 2,271,147
from this tax support the proration department of the State
were destined to the
1933 year. Of the total exports. 1,557.765 (63.4%)
here for refining and
oil control agency. It was also disclosed that the Senate will
United States and in addition 113,756 tons came
tons destroyed
re-export to other countries. The figures also report 8,469
take action soon on a proposal to require open flow potential
by cyclones during the year.
tests for wells in the State's oil fields.
tons, actual
Cuban production during 1934 was limited to 2,315,000
reveal that the carryover
Recommendations of the umpire's department for an inproduction totaling 2.274.303 tons. Calculations
tons if exports and proat the end of 1935 would total lees than 300,000
crease of 7,800 barrels in the daily State allowable for
year. In that connection
duction were at the same rate as during the past
February as compared with January to 497,100 barrels will
for 1934.
production for 1935 has been set at the same total as
be approved by the State Corporation Commission, Reford
Bond, Chairman, stated.
to
Philippines Fill Sugar Quota of Raw Shipments
Crude oil production in East Texas is mounting and a good
United States for Direct Consumption Without
proportion of the increase represents output in defiance of
ng
Further Processi
trade reports indicated. The
Announcement was made on Jan. 24 by the Sugar Section State and Federal allowables,
barrels
ral Adjustment Administration that the "Oil & Gas Journal" estimated a total gain of 26,820
of the Agricultu
Philippine raw sugar, which in production in this area last week to 467,127 barrels.
allotment of 9,996 short tons of
1935 The gain was placed at a much lower total by the American
may enter the United States during the calendar year
without further processing, has Petroleum Institute which does not include any estimate of
for direct consumption
illegal crude production. The A. P. I. placed East Texas
already been filled. The announcement said:
States from the
output at 427,800 barrels, up 1,850 on the week.
no more raw sugar may enter the United
As a result
but raw sugar for further
Despite the fact that output is rapidly rising and refiners
Philippine Islands for direct consumption in 1935,
total quota for the Islands.
processing may enter within the limits of the
have been fairly successful in circumventing rules of the
under
The total Philippine Sugar quota for 1935, as fixed
Commission, conditions in the area are better than
is Railroad
the Jones-Costigan Sugar Control and Allotment Act,
the surface would indicate, many trade factors content.
918,352 short tons, raw value, and total quota of direct The tightness of the market with reports indicating that there
The
consumption sugar is 79,661 short tons, raw value.
is no surplus oil in the area,either topped crude or gasoline,
1935 were referred to in our issue of Jan. 12, and the rise in low octane gasoline prices of 4
3 -cent a gallon
quotas for
page 222. In its announcement of Jan. 24 the AAA said:
during the past few days was quoted in support of this conthe remainder of the
Shipments of refined sugar by the Philippines to fill
tention.
value, will be certified
direct consumption quota. 69,665 short tons, raw
allotment of the direct
The acquisition by the Hartol Products Corp. of 1,100,000
by the Sugar Section until the quota is filled. The
and
direct consumption
consumption quota into raw sugar intended for
barrels of petroleum refined and partially refined stocks in
of the Islands under
refined sugar was made by Governor-General Murphy
the East Texas area freed by a court decision as disclosed in
and in accordance with
authority granted by the Secretary of Agriculture
Sugar Limitation Law.
the New York World-Telegram of Jan. 29 at an estimated
the,tecently enacted Philippine
cost of $1,000,000 was credited with playing a major part
Petroleum and Its Products—Connally Bill Still in in bolstering the East Texas market structure.
A hearing scheduled for Feb. 2 by Judge McMillan of the
in House—Governor Marland Acts to Speed State
Compact Plans—Oklahoma Legislature Consider- Federal District Court at Austin on a motion by the railing Bill to Widen Oil Control—East Texas Pro- roads who are seeking court dissolution of the injunctions
duction Rising—Crude Output Far Above Federal which the Railroad Commission has obtained restraining
Quota
moving crude or refined oil products without
With the Connally Bill, passed by the Senate, still in the them from
deciding
trade during the past week was a State tender, will play an important part in
House, attention of the oil
of Oklahoma, the problem of whether or not the Commission will be able
centered upon the efforts of Governor Marland
prevent shipments of illegal crude from this area.
to speed the progress of the move introduced by him for inter- to
An application of the Commission seeking to have Judge
State compacts to control oil production.
transfer the hearing from the Federal to a State
The Oklahoma Legislature, Tuesday enacted a measure McMillan
thousand
attend or delegate a repre- court was denied by the judge. Several hundred
authorizing Governor Marland to
barrels of oil and refined products have moved to market
sentative to attend a conference of oil State governors to
for sheep and 35 cents for goats. Mr. Monaghan also had
the following to say:
Volume 140
under State court restraining orders preventing the Commission from interfering with their transit.
The power of the Railroad Commission to curb movements of crude or refined oil without state tenders was
strengthened by a decision of the State Appellate Court in
Austin Thursday in which the temporary injunction issued
by Judge C. A. Wheeler of the State District Court in
Austin was stayed and Wheeler was ordered to show cause
at a hearing Feb. 13 why he should not be prohibited from
issuing similar orders without hearings.
February oil production for Texas was lifted 11,727 barrels
by the Commission to 1,010,339 barrels, which is 21,361
barrels under the Federal quota of 1,031,700 barrels set for
February by Oil Administrator Ickes. East Texas was
granted an increase of 5,000 barrels to 428,000 barrels daily,
due to new completions in that area.
The Commission explained that the 800,000 to 1,200,000
barrels of crude and refined products freed by court injunctions was not taken into consideration in establishing the
new State quota due to the fact that the case had been
appealed.
Daily average crude oil production in the United States
last week showed an increase of 10,800 barrels over the
previous week, totaling 2,542,100 barrels, far above the
Federal quota of 2,460,300 barrels, reports to the American
Petroleum Institute disclosed. All three of the major oil
States produced in excess of their allowables.
Oil Administrator Ickes Wednesday announced the
appointment of J. Howard Marshall 2d, as a non-voting
member of the board of governors of the Pacific Coast Petroleum Agency. William S. Scully was named as his alternate.
Mr. Marshall is a member of the Petroleum Administrative
Board.
A contra-seasonal gain in daily average crude oil runs to
stills during December was disclosed in a Bureau of Mines
report Friday which set the total at 2,451,000 barrels, against
2,446,000 in November and 2,432,000 in the final month of
1933. Refinery receipts of crude from domestic sources
average 2,352,000 barrels, the equivalent of about 96%
of crude runs, the remaining 4% being derived by imports
of 85,000 barrels daily and by withdrawals from refinery
stocks of 22,000 barrels daily. Crude oil stocks dropped
551,000 barrels in the week ending Jan. 26. Domestic
stocks were off 522,000 and foreign crude 29,000 barrels.
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)
81.00
$2.20 Eldorado, Ark., 40
Bradford, Pa
1.00
1.32 Rusk. ex.,40 and over
Corning.Pa
.87
1.13 Darst Creek
Illinois
1.02
1.08 Midland District. Mich
Western Kentucky
1.35
Mid-Cont.. Okla., 40 and above- 1.08 Sunburst, Mont
81 Santa Fe springs. Cant..40 and over 1.34
Hutchinson. Tex., 40 and over
1.01
1.03 Huntington, Calif., 26
Spiry]!atop. Tex., 40 and over
2.10
.75 Petrone. Canada
Winkler. Tex
70
Smackover. Ark.. 24 and over
REFINED PRODUCTS
-MAJOR COMPANIES DROP EAST COAST
-UPMARKETING PACT-JERSEY ADVANCES GASOLINE
STATE GAS PRICES LIFTED-CHICAGO BULK MARKET
-MOTOR FUEL STOCKS GAIN
SAGS
The proposed stabilization plan for the East Coast refined
markets has been dropped for the time being at least and
may be definitely tabled, C. E. Arnott, President of the
Socony-Vacuum Oil Co. and Chairman of the oil code
marketing agreement, disclosed early this week.
Intermittent meetings have been held by representatives
of the major companies operating in this area since last
November in New York City. The plan, which would have
established uniform methods of marketing in the area from
Maine to South Carolina, inclusive, has been the subject of
much opposition even within the ranks of the companies
themselves, although this opposition has been due mainly
to technicalities.
The dropping of the plan at this time will not mean any
unnatural market disturbance, it is believed. The majority
of the larger companies are in full accord with the principles involved in the program and it is likely that they will
operate in accordance despite the presence of any official
agreement.
A week ago, Attorney-General Cummings disclosed that
Department of Justice attorneys were working in co-operation with the legal staff of the Petroleum Administrative
Board in an analysis of the tentative agreement submitted
in the final month of last year. The Department of Justice,
it was disclosed, was paying close attention to provisions of
of the agreement which might possibly violate the anti-trust
laws: This opposition by the Department of Justice and
Oil Administrator Ickes is believed to have played a potent
709
Financial Chronicle
part in influencing the abandonment of the plan by many
oil men.
Developments in the local refined market were featured by
a State-wide advance of M cent a gallon in tank wagon and
service station prices of gasoline in New Jersey by the
Standard Oil Co. of New Jersey Monday. Camden was the
only area not effected by the advance. The new retail
price at Newark is 16.2 cents a gallon, taxes included.
Other features was the marked gain in fuel oil consumption
as the Metropolitan New York area suffered from one of the
coldest spells of the year. While heavy snows and clogged
roads made deliveries somewhat hazardous, fuel oil men
reported that they were getting through on schedules and
demand was showing a sustained rise.
Marketing conditions in up-State Western New York
are showing some improvement as evidenced by the M cent
a gallon advance in tank wagon and service station prices of
gasoline posted in that area by the Socony-Vacuum Oil
Co. and other,leading marketers Monday. If the present
mark-ups are successfully sustained, further advances are a
definite possibility, reports from that area indicated.
The Standard Oil Co. of Indiana Friday posted a reduction
of 3-10ths cents a gallon in service station and tank wagon
prices of gasoline throughout its entire territory, effective
Feb. 2, reflecting "changed conditions in the market."
Under the new schedule, Chicago prices will be 18.3 cents
for premium, 16.3 cents for regular and 15.3 cents for thirdgrade gasoline, all taxes included. The readjustment pared
quotations from what had been regarded as a "normal"
level in Chicago.
The spot gasoline market in Chicago continued soft under
the pressure of lack of buying demand from jobbers due to
the sustained unfavorable driving conditions prevailing in
that area. Low octane material sagged toward the close
of the week and was available as low as 334 cents a gallon,
although the going market held at 3% to 3% cents a gallon.
Little improvement is expected until jobbers resume purchases.
A reduction of 2 cents a gallon in retail gasoline prices
at all Texas common points was posted Thursday by all
major marketers. The cut, affecting all three grades,
lowered premium to 16 cents, regular to 14 cents and thirdgrade gasoline to 12 cents a gallon.
Gasoline stocks reported by the American Petroleum Institute as of Jan. 26 showed a gain of 893,000 barrels to
47,888,000 barrels. Refinery operations were off 1.4% to
67.4% of capacity with daily average runs of crude oil to
stills dipping 48,000 barrels to 2,299,000 barrels. Gas and
fuel oil stocks dipped 2,023,000 barrels.
Representative price changes follow:
Jan. 28
-Standard Oil of New Jersey advanced tank wagon and service
station prices of gasoline 4 cent a gallon at all points in New Jersey except
Camden.
Jan. 28-Socony-vacuum Oil advanced retail gasoline prices 54 cent a
gallon in up-State Western New York. Other marketers met the mark-up.
-All major marketers reduced retail gasoline 2 cents a gallon
Jan. 31
at all Texas common points. The new prices are 16 cents for premium,
14 cents for regular and 12 cents for third-grade.
Feb. 1-Standard Oil of Indiana posted a reduction of 3-10ths cent a
gallon in tank wagon and service station prices of gasoline throughout its
entire territory, effective Feb. 2.
Gasoline, Service Station. Tax included
$ 165
New Orleans
8.21
$.165 I Denver
New York
16
Philadelphia
.17
Detroit
165
Boston
.145
Pittsburgh
19
Jacksonville
115
Buffalo
195
Ran Francisco
16
163
Houston
Chicago
158
St. Louis
18
Los Angeles
175
Cincinnati
.149
Minneapolis
.175
Cleveland
Tank Car. F.O.B. Refinery
Kerosene,41-43 Water V5 bite.
.14
New York:
'North Texas_ 8.03 -.03% I New Orleans-$.05
03%-.03%
(Bayonne)__..$.06- 063( I Los A ngeles _ .04%-.06% I Tulsa
Fuel Oil, F.O.B. Refinery or Terminal
$1.00
Gulf Coast C
California 27 plus D
N. Y.(Bayonne):
81.05-1 201Phila., bunker C..- 1.15
$1.15
Bunker C
1.00
Diesel 28-30 D.-- 1.891 New Orleans C.
Gas Oil, F.O.B. Refinery or Terminal
I Tuls
8 02.-02%
N.Y.(Bayonne):
I Chicago:
27 plus
8.0454-.051 32-36 (30.....$.02-.02%
U.S. Gasoline. Motor(Above 65 Octane).Tank Car Lots, F.O.B. Refinery
Newyork:
Chicago
Standard Oil N. "
3.0654=0454
Motor, U. 8
2.0614
Colonlal-Beaeon-S.0614 New Orleans__ .04)4
.0814 Los Angelee.ex..0431.-643(
•Texas
Botany-Vacuum:
.08
Tide Water 011 Co. .0612
.06 Gulf ports_ _ .0454-.045f
y Gulf
0452-.04%
Richfield Oil(Cal.) .0612
.0814 Tulsa
RePublie 011
Shell Eastli Pet-$.065i
Warner-Quinlan Co- .0614
• a -me
.
10.065 y "Good Gulf." $0.0611
Crude Oil Output Rises 10,800 Barrels in Week Ended
-Exceeds Federal Quota by 81,800 Barrels
Jan.26
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Jan. 26 1935 was 2,542,100 barrels. This was a gain of
10,800 barrels from the output of the previous week and
exceeded the Federal allowable figure which became effective
Dec. 17 by 81,800 barrels. Daily average production for
710
Financial Chronicle
the four weeks ended Jan. 26 1935 is estimated at 2,500,100
barrels. The daily average output for the week ended
Jan. 27 1934 totaled 2,222,750 barrels. Further details as
reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
562.000 barrels for the week, a daily average of 80,286 barrels, against
94,000 barrels the week before and an average of 98,250 barrels over the
last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 152,000
barrels for the week, a daily average of 21,714 barrels, against an average
of 34,714 barrels over the last four weeks.
Reports received for the week ended Jan. 26 from refining companies
owning 89.8% of the 3,795,000-barrel estimated daily potential refining
capacity of the United States, indicate that 2,299,000 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 29,557.000 barrels of finished
gasoline, 4,963,000 barrels of unfinished gasoline and 104,011,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18.331.000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units averaged 465,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Federal
Agency
Allowable Week End. Week End
Jan. 26
Jan. 19
Effeatve
Dec. 17
1935
1935
Oklahoma
Kansas
489,300
137,100
Average
4 Weeks
Ended
Jan. 26
1935
Week
Ended
Jan. 27
1934
498,300
143,200
482.100
139,900
60,900
56,750
26,050
153,950
51,500
427,800
47,600
57,850
60,900
56,900
26,100
154,700
51,600
425,950
46,800
57,250
58,750
57,100
26,200
155,000
51,700
424,600
46,900
56,850
127,900
Panhandle Texas
North Texas
West Central Texas
West Texas
East Centre/ Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not includ
Mg Conroe)
509.950
141,000
126.900
127,100
1,006,800 1,010,300 1.007,100 1,004,200
Total Texas
North Louisiana
Coastal Louisiana
467,350
107,450
42,600
52,900
24,750
129,250
42,950
396,000
47,700
44,050
110,750
890,950
23,200
88,550
Total Louisiana
23,500
86,600
23,650
85,900
27,800
45,700
99,700
111,750
110,100
109,550
73,500
Arkansas
Eastern (not incl. Mich.)
Michigan
31,000
96,100
28,100
31,400
99,400
34,650
31,950
102,250
31,100
32,000
103,500
31,350
32,100
98,600
23,550
Wyoming
Montana
Colorado
35,700
9,300
3,500
33,200
11,950
3,850
33,400
12,200
3,700
34,300
12,100
3,650
29,650
5,350
2,850
48,500
49,000
49,300
50,050
37,850
49,800
473,900
48,050
506,600
48,400
509,600
47,350
500,100
41,500
449,900
Total Rocky Mt.States_
New Mexico
California
Total United States _
2.460.300 2 542 100 2.531.300 2.503
.100 2 222 7511
.
Note-The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JAN. 26 1935
(Figures in Thousands of Barrels of 42 Gallons Each)
Deily Refining
Capacity of Plants
District
Hut Coast__
Appalachian
Ind., 111..Ky.
Okla., Kans..
Mo
Inland Texas
Texas Ging_
La. Gulf_.....
No. La.
-Ark.
Rooky Mtn_
California
PotentNal
Rate
Crude Runs
to Stills
Storks a Stocks
Stocks
b Stocks
of
of
of
FinUnGas
of
Reporting
Daily P. C. tined Itnuhed Other
and
Aver- Oyer- Gass- Gaso- Motor Fuel
Total P. C age
ated Use
Oil
Fuel
line
582
150
446
582 100.0
140 93.3
422 94.6
417 71.6 13,281
89 63.6 2,004
323 76.5 8,159
461
351
601
168
92
96
848
386
167
587
162
77
64
822
246
90
478
120
40
42
454
83.7
47.6
97.7
96.4
83.7
66.7
96.9
63.7 4,793
53.9 1,288
81.4 5,727
74.1 1,215
250
51.9
65.6
737
55.2 10.434
743
281
676
220 11,551
45 1,212
70 4,761
522
220
1,256
228
36
103
898
425 4,004
465 1.813
110 9,477
___ 4,135
30
477
50
736
2,650 65,845
Totals week:
Jan.26 1935 3.795 3,409 89.8 2,299 67.4 d47,888 4,963 4,065 104,011
Jan. 19 1935 3.795 3.409 89.8 2,347 68.8 c46.995 5,096 4,190 106.034
a Amount of unfinished gasoline contained in naphtha distillat. b Es imated.
Includes unb ended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 28,688,000 barrels at refineries and 18,307,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 29,557,000 barrels at refineries
and 18,331,000 barrels at bulk terminals. in transit and pipe lines.
World Aluminum Output Up
World production of primary aluminum in 1934 was
171,000 metric tons, an increase of approximately 35,000
tons over the output in 1933, according to estimates by
the American Metal Market. Production in the United
States was 74,176,500 pounds compared with 85,126,000
pounds in 1933, the decline being attributed to the strike
that took place during the year at the Messina, N. Y. and
Alcoa, Tenn. plants of the Aluminum Co. of America.
Production by other countries is placed by the American Metal Market
as follows: Austria 1,500 tons against 914 tons; Canada 15,500 tons against
16.155 tons; Esigland 14,700 tons against 11,583 tons; France 16,400 tons
against 14.500; Germany 30.000 tons against 18,300 tons; Italy 13,000
tons against 12,072 tons; Norway 16,000 tons against 14,936 tons: Spain
1.200 tons against 1,000 tons; Switzerland 14,000 tons against 7,500 tons,
and Russia 15,000 tons against a comparatively small amount in 1933.
Revenue from Manufactured and Natural Gas Rises
0.7% During November
The monthly summary of the American Gas Association
stated that revenues of manufactured and natural gas
Feb. 2 1935
utilities totaled $58,263,900 in November, an increase of
0.7% from the figure of $57,871,300 reported for November
1933.
Revenues of the manufactured gas industry aggregated $32,067,600
for the month, an increase of 0.3%. The natural gas utilities reported
revenues of $26,196,300, which were 1.1% above the figures for November
1933.
Sales of manufactured gas reported for November amounted to 30,246,400,000 cubic feet, an Increase of 29.%, while natural gas utility sales
for the month were 78,968,500,000 cubic feet, an increase of 6.2%•
While sales of manufactured gas for domestic cooking, water heating,
refrigeration, &c., continued to run about 1.8% below a year ago, sales
for house heating purposes registered a sharp gain, amounting to 19.6%
over the preceding year. Manufactured gas sales for industrial-commercial uses were also above those of a year ago by 11.6%.
1934 Silver Production Increased 10%
"Metal and Mineral Markets"in its issue of Jan. 31,stated
that world production of new silver during 1934 totaled
180,501,000 oz., according to a preliminary estimate by the
American Bureau of Metal Statistics. Compared with 1933
operations, output shows an increase of about 10%. Returns
for some of the producing countries for December have not
yet been made, and the estimate, the Bureau states, is subject to revision. The final report for 1934 may differ considerably from that just announced.
Production statistics for 1933 and 1934, in ounces,follow:
1934
1934
1933
1933
6,804,000
6,000,000
United States.. 20,955,000
26,441,000 Japan
5,791,000
Canada
b
15,201,265 15,317,000 Burma, refined
2,525,000
8,725,000
Mexico
68,109,000 74,928,000 Other Asia
1,455,000
Peru
1,467,445
8,759,000 Africa
7,000,000
Other America_ 11,489,078 11,200,000
Europe
15,323,000
15,720,000
164,699,846 c180,501,000
Australia a_
10,430,058 11,561,000
Totals
a Includes New Zealand, &c. b Included under "other A818,." C Preliminary
and subject to revision, which may be considerable.
Production of new silver in the United States during December was
estimated by the A.B.M.S. at 2,917,'00 oz., against 1.976,000 oz. in
November. Canada produced 1,187.000 oz.In December,against 1,517,000
oz. in the month previous. Estimated production of silver in Mexico for
December was 6,400,000 oz., compared with 6,241,000 oz. in November.
World production for December was 16,204.000 oz., against 15,269,000
oz. in November.
World silver supplies in 1934, with comparable figures
for 1933, as estimated in the annual review by Handy &
Harman, were as follows, in ounces:
Production:
United States
Mexico
Canada
South America
Other countries
Totals
Other supplies:
Sales by China, excess of exports over imports
Sales by Indian Government:
On account British war debt
In London
Sales by Russia
1933
21,000,000
69,100,000
15,400,000
13,600,000
45,000,000
1934
25,500,000
75,000,000
16,300,000
16,000,000
48,400,000
164,100,000
181,200,000
10,900,000
200,000,000
20,000,000
27,100,000
45,800,000
30,000.000
25,000,000
255,000,000
Totals
103,800,000
Total supply
267,900,000
436,200,000
The average price of silver for 1934 was 47.973c., against 34.727c. in 1933.
Domestic Copper Sales in Fair Volume-Lead and Zinc
Quiet-Silver Unsettled
Except for some fair business in copper, the market for
non-ferrous metals was inactive last week stated "Metal
and Mineral Markets" in its issue of Jan. 31. Fabricated
products have been moving in larger volume, yet raw materials have responded to this improvement in business rather
half-heartedly. Steel operations have advanced to 52.5%
of capacity. The uncertainty over the "gold-clause" case
was held to be a factor in restricting new buying by quite
a number of sellers. The center of interest in reference to the
foreign copper discussions has shifted temporarily to New
York. Copper executives met here informally to consider
the problems that must be settled before a general conference
is possible. Price changes in the domestic market last week,
with the exception of a 10-point decline in lead yesterday,
were unimportant. The publication further continued:
Copper Buying Good
The recent fair demand for copper in the domestic market was sustained
last week, sales for the seven-day period ended last Tuesday (Jan. 29)
totaling more than 6,000 tons and marking the third successive week that
the volume of buying has exceeded that figure. Total sales for the month.
through Jan. 29, stood at 25,532 tons, generally felt to represent a fairly
satisfactory volume of business. Estimates of yesterday (Jan. 30) were to
the effect that the final total for the month would be about 28,000 tons,
which figure is well above the current "modified" book and is close to the
original book of 30,000 tons. Specifications on fabricators are reported to
be holding up well; business emanating from the automobile centers.
particularly, is said to be encouraging. The price of the metal held at 9c.,
Valley.
The first of the discussions on the world copper situation with Ferdinand
Pisart, Katanga official, participating is understood to have been held on
Tuesday. According to reports, five of the' leading executives of the
industry conferred with Mr. Pisan. No public announcement was made
following the meeting.
The foreign market,although fairly active, was rather unsettled, especially
during the last two days. This condition was attributed to liquidation of
large speculative holdings of two London commodity houses reported In
difficulties. An improved tone developed late yesterday, and an early
recovery from the effects of the liquidation is probable. Prices during the
week ranged from 6.675c. to 6.850c.
Exports of refined copper from the United States during December
amounted to 20,954 tons, against 25,685 tons in November. Imports of
refined and unrefined copper during December totaled 15.668 tons, against
15,727 tons in November. Foreign trade in copper for the last two years is
summarized as follows, in short tons:
1934
1933
United States Imports
31,417
26,364
In ore,&c
154,232
111.791
Unrefined
27,452
5.431
Refined
Totals
United States Exports
Unrefined
Refined
143,586
213,101
22,714
124,582
10,616
268.010
278,626
147,296
Totals
Canadian production of copper advanced to 34,357,662 lb. from the
preceding month's total of 32,965,700 lb., according to a report just issued
by the Dominion Bureau of Statistics. During the 11 months ending
November Canada produced 334,276,183 lb., against 273,372.172 lb. in the
-Nov. period of 1932.
same time in 1933 and 225,411,777 lb. in the Jan.
Nickel production in Canada during November totaled 12.159,388 lb.,
-Nov.
Nickel production for the Jan.
against 8,902,320 lb. in October.
period of 1934 totaled 118,101,193 lb. against 74,459,642 lb. in the same
time in 1933.
Lead Reduced 10 Points
The expected volume business in lead failed to develop last week, and
toward the close of the period the optimism that has characterized the
market for some time now disappeared in all but one or two directions.
Inquiry yesterday was so light that doubt existed early in the day as to the
-point reduction in the
stability of the 3.70c. basis. It was not until a 10
price was announced by the American Smelting & Refining Co.,establishing
New York,that buying interest
the settling basis of that company at 3.60c.,
seemed to revive. The St. Louis price was reduced to 3.45c. All of the
important sellers of lead moved down to the new basis.
Sales for the week were a little in excess of 2,600 tons, most of which was
booked prior to Jan. 29. The bulk of the business was in February shipment
metal. Producers hope that the reduction in the price will stimulate business
sufficiently to place the market on a firmer basis.
Zinc Trade Slow
Price of Prime Western zinc was definitely established on a 3.70c.,
St. Louis, basis last week, with sales of fair tonnage being made at that figure
for as far forward as the second quarter. Dullness characterized the
market during the greater part of the seven-day period. Much of the business booked consisted of small lots for prompt shipment, indicative of
hand-to-mouth buying. Sales for the calendar week ended Jan. 28 totaled
2,300 tons.
Tin Quiet
Demand for tin was inactive last week, uncertainties surrounding the
exchange situation being a factor in restricting business. Prices moved
within narrow limits, and nearly all of the changes that did occur resulted
from fluctuations in sterling. The tin-plate mills continue operating at
about 65% of capacity, indicating that tin must be moving into consumption in this country at a good rate.
Chinese tin. 99%, was quoted nominally as follows: Jan. 24th, 50.05c.;
25th, 49.85c.; 26th, 49.85c.; 28th, 49.65c.; 29th, 49.85c.; 30th, 49.85c.
Output Reaches 56% but Scrap Suffers First Setback
•
Since September
The "Iron Age" in its issue dated Jan. 31 stated that
steel ingot production has risen 4M points to 56% of capacity,
continuing the upward trend which has been interrupted
only once since its inception in the second week of September.
Scrap, as measured by the "Iron Age" composite price,
has dropped to $12.17 a gross ton, after having remained
stationary at $12.33 for three consecutive weeks. Recessions
in heavy melting steel at both Pittsburgh and Chicago contributed to the decline, which is the first setback the index
has suffered since the last week in September 1934. The
"Age" further stated:
Blast furnace resumptions, an increased flow of scrap from the country
and heavier industrial production of old material are among the factors
held responsible for the downturn in scrap. There is as yet little disposition to look for an early recession in steel works' operations, although
it is conceded that further gains may not carry output more than five or
ten points higher. In 1934 the scrap composite reached its peak at $13
in the second week in March. while ingot output reached its zenith at 61%
in the third week in May and again in the second week in June.
This year there has been much less speculative buying of iron and steel
than a year ago. Moreover, the automobile makers, as well as the farm
equipment industry and various miscellaneous lines of manufacture, are
apparently headed for the highest operations in four or five years.
January motor car assemblies will range from 275,000 to 300,000 units.
February output is expected to approach 400,000 and, unless labor trouble
intervenes, the March total will exceed 400,000. Ford's production at
Rouge is now between 5,000 and 6,000 units a day and this rate will be
raised until a maximum of 8,000 is attained in March.
Detroit district offices of sheet and strip mills have accumulated the
largest January bookings in give years. Releases of cold-rolled sheets
have been so heavy that some mills are engaged at full capacity for eight
weeks ahead. Total sheet orders entered in the past week by one of the
leading producers of the country were the largest, with one or two exceptions,
for any week since 1931. Average operations of sheet mills, strip mills
and tin plate plants are now fully 65% of capacity.
With deliveries extending, especially on the lighter rolled products,
buyers are no longer insisting on such prompt service, but in few cases is
there any disposition to make speculative commitments.
Makers of galvanized sheets are beginning to receive sizable orders from
manufacturers of roofing, eaves-trough and other building materials.
Producers of wire products continue to find shipments in excess of output
despite repeated increases in their operating rate.
Pittsburgh steel output has been helped by the recent Norfolk & Western
rail order. The outlook for additional rail business is still uncertain.
Although the Federal Government is expected to set aside $300,000,000
to finance railroad rehabilitation work, the carriers are likely to borrow
more freely to finance railroad equipment programs than to purchase
rails. In either case, however, the mills will benefit from orders for much
needed tonnage in heavy rolled products.
711
Financial Chronicle
Volume 140
Structural steel awards of 5,250 tons are the smallest since the first
week in December. New projects of 9,400 tons compare with 16,150
tons last week and 19.700 tons two weeks ago. Structural steel contracts
in January totaled 55,850 tons, as against 31,500 tons in December and
64.025 tons in November. Bids on 7.030 tons of reinforcing bars will be
taken Feb. 11 by the Los Angeles water district. The trans-bay viaduct.
San Francisco, will require 3,335 tons of bars, while 3,580 tons will be
bought for enlarging the Moffatt Tunnel west of Denver.
The Navy Department has opened bids on 1,450 tons of armor plate for
three cruisers.
The iron and steel industry employed 409,348 persons in 1934 as compared with 338,146 in June 1933, before the code went into effect. The
payroll last year was $457,842,517. or $38,153.543 monthly, against
$30,560,761 in June 1933. Employees in 1934 worked an average of
30.5 hours a week and received an average of 70.2 cents an hour, as compared with 39.7 hours and 53 cents an hour in June 1933.
Steel output is up six points to 42% at Pittsburgh, eight points to 67%
at Chicago, one point to 36% in the Philadelphia district, three points to
46% at Buffalo. 24 points to 100% at Detroit, and four points to 29%
in the South. Operations are unchanged at 95% in the Wheeling district,
63% in the Valleys and 67% in the Cleveland-Lorain area.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $17.90 and 2.124 cents a pound, respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates,
Jan. 29 1935, 2.124c. a lb.
2.124e. wire, rails, black pipe, sheets and hot
One week ago
2.124e. rolled strips. These products make
One month ago
2.008c. 85% of the United States output.
One year ego
Low
ff7
2.124c. Jan. 8
2 124c. Jan. 8
1935
2. 67e. Jan.. 18
1. 0 0 Apr 2
5 8.
0
2.1990. Apr. 24
2.015o. Oct. 3
11993343
1.9260. Feb. 2
1.977c. Oct. 4
1932
1.945e. Dec. 29
19312.037e, Jan. 13
2.0150. Dec. 9
2.273o. Jan. 7
1930
2.273o. Oct. 29
2.3170. Apr. 2
1929
2.217e, July 17
2.2860. Dec. 11
1928
2.212o. Nov. 1
2.402e. Jan. 4
1927
Pig Iron
Based on average of basic iron at Valley
Jan. 29 1935, $17.90 a Grow Ton
$17.90 furnace and foundry irons at Chicago,
One week ago
One month ago
17.90 Philadelphia, Buffalo. Valley and
16.90 Birmingham.
One year ago
Low
High
317.90 Jan. 8
$17.90 Jan. 8
1935
16.90 Jan. 27
17.90 May 1
13.56 Jan. 3
1933
16.90 Dec. 5
34
13.56 Dec. 6
14.81 Jan, 5
1932
14.79 Dec. 15
15.90 Jan, 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
17.54 Nov. 1
19.71 Jan. 4
119928
27
Steel Scrap
Based on No. 1 heavy melting steel
Jan. 29 1935. $12.17 a Grow Ton
312.831 quotations at Pittsburgh, Philadelphia
One week ago
11 751 and Chicago.
One month ago
L0to
11.921
Mob
One year ago
/
$12.33 Jan. 8
31250 sea 25
9.
.17 Jan..21
13.00 Mar. 13
11993348
6.75 Jan, 3
12.25 Aug. 8
1983
6.42 July 5
19828.50 Jan. 12
8.50 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 8
17.58 Jan. 29
19 9
,
2
13.08 July 2
16.50 Dee. 31
13.08 Nov.22
15.25 Jan. 11
1927
The American Iron and Steel Institute on Jan. 28 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 52.5%
of the capacity for the current week, compared with 49.5%
last week, 39.2% one month ago, and 34.4% one year ago.
This represents an increase of 3.0 points, or 6.0%,from the
estimate for the week of Jan. 21. Weekly indicated rates
of steel operations since Oct. 23 1933 follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dee. 18
Dec. 25
1934Jan. 1
Jan 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
1934Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar,19
Mar.26
Apr. 2
Apr. 9
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_
31.6%
26.1%
25.2%
27.1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
193439.9% June 18
43.8% 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
58.6% Sept. 17
54.2% Sept. 24
56.1% Oct. 1
57.4% Oct. 8
56.9% Oct. 15
1934
58.1% 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%
20.9% 1935
22.8% Jan 7
24.2% Jan. 14
23.2% Jan. 21
23.6% Jan. 28
22.8%
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%
"Steel" of Cleveland, in its summary of the iron and steel
markets on. an. 28, stated:
Steel orders last week continued to increase in number and tonnage,
accompanied by renewed pressure from automobile manufacturers for
deliveries, raising the steel works operating rate two points to 53%.
For the past eight weeks ingot output has expanded at an average of
three points a week. The industry now is making steel at a rate 43%
higher than in all 1934. A considerable share of this improvement has
come as a reaction from the low stage of stocks of materials and manufactured goods. Therefore, producers would not be surprised if the rate
of gain should moderate. Steel works scrap prices have experienced their
first definite reaction since September.
Due to preponderance of automobile requirements, full-finished sheet
output is up to 75%, and strip steel to 65, while demand from container
manufacturers sustains tin plate mills at 65%. Two other props to heavy
steel production. structurals and railroads, are conspicuously lacking.
The automobile industry last week made 69,000 cars, 3,000 more than
in the preceding week. Ford.'way in the lead and turning out 5.000 cars
daily, has increased February schedules from 110,000 to 130,000, which
would be its largest monthly production in nearly five years. Chevrolet's
master models are expected off the assembly line next month, raising
its output to 50%. A leading maker wanted to place 50,000 tons of fullfinished sheets in the Pittsburgh district last week, but unable to obtain
shipment from that source before three weeks, purchased 20,000 tons for
February.
712
Financial Chronicle
Pending decision on many public works projects and new Government
appropriations, structural steel requirements continue light, awards in the
week amounting to 7.800 tons, down from 14,222 tons in the preceding
week. Including 5,830 tons for the Los Angeles Metropolitan Water District and 1,000 tons for the Atlanta, Ga., housing project, concrete bar
awards totaled 7,940 tons. The General American Tank Storage & Terminal Co.. Chicago, placed 2,125 tons of plates for tanks at Houston. fex.
From the chemical and oil industries considerable steel tonnage is expected this year. The chemical industry has authorized $100,000,000
expenditures for alterations and new plants, not far below the steel industry's own $125,000,000 new equipment appropriation. Need for modernizing many industrial plants is slowly opening up a huge reservoir of steel
requirements. Demand for durable goods is increasing moderately. Miscellaneous steel commitments in the week included many from machine
tool builders. rho Tennessee Valley Authority has ordered $800,000
worth of electrical equipment.
As nearly as builders have been able to determine, freight car awards
this year will range between 25,000 and 50,000. compared with 23,829
last year. Railroads will have until 1938 to remodel or replace approxmately 600.000 cars having arch-back trucks, a ruling by the Association
of American Railroads banning exchange of these cars having extended
the deadline to that year instead of 1935. Cincinnati New Orleans &
Texas is inquiring for 300 automobile cars.
January pig iron shipments are 50 to 60% above those of December.
Japan is reported inquiring for 50,000 tons.
The industry as a whole is a little less apprehensive of labor trouble,
since the radical element is in revolt against the conservative leaders,
and is trying to bring the radical smelter and mine workers' association
Into the amalgamated group, thereby reducing the union morale and
diluting its leadership.
Steel operations in the Pittsburgh district last week advanced five points
to 38%. The Detroit district was up 29 points to 100%. Wheeling five to
95. Youngstown four to 64, Chicago three to 59, Buffalo two to 44, Birmingham 2% to 31%, eastern Pennsylvania one to 28%. Cleveland was
down three to 79, while New England held at 68.
"Steel's" iron and steel price composite is off two cents to $32.60, due
to the reduction in scrap; the finished steel index remains $54, while the
scrap composite is down 17 cents to $12.08.
Steel ingot production for the week ended Jan. 28 is
placed at nearly 53% of capacity, according to the "Wall
Street Journal" of Jan. 31. This compares with 50% in
the previous week, and with 46% two weeks ago. The
"Journal" further stated:
U. S. Steel is estimated at 46% %, against 44% in the week before and
better than 39% two weeks ago. Leading independents are credited with
about 57%, compared with 54% in the preceding week and 51% two
weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate
change, in points, from the week immediately preceding.
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
53
34
18%
28%
46
7314
85
84
78
Independents
U. S. Steel
+3
464
30
17
2814
50
77
8614
89
ntit4
+1
--+214
+114
+4%
+1
+7
4-1
57
37
19%
28
43
70
82
78
tin
+25i
+ ii
.
+214
+2
+5
+114
+6
4- V
+3
+ii
i
+2
+1
+3
+8
-I- t4
Report on Foundry Operations in Philadelphia Federal
Reserve District by University of Pennsylvania
Increased Activity During December Reported
Foundry activity increased during December according
to reports received by the Industrial Research Department
of the University of Pennsylvania from foundries operating
in the Philadelphia Federal Reserve District. The production
of steel castings, which increased in five of the eight reporting
foundries, was nearly 13% more than in November, the
Research Department said, adding that this is the first
increase reported since last August. It continued:
Gray iron foundries, especially those operating in the City of Philadelphia. had only a slight increase in production but any increase in activity
is more than would be expected since the records of other years show that
there is usually a decline in activity during December. The output of
malleable iron castings declined for the second consecutive month. The
total output of malleable iron castings, as well as that of gray iron and
steel castings, was more than in December 1933.
In spite of the increased activity, there were less shipments from the
Iron foundries in December than in the previous month, while in the steel
foundries deliveries did not increase in proportion to the increased output.
The net effect of shipments and new orders is reflected in the changes in the
tonnage of unfilled orders which for iron castings showed a decline of
nearly 6% and for steel castings an increase of nearly one-third over the
orders unfilled at the beginning of the month.
IRON FOUNDRIES
No. of
Firms
Reporting
Capacity
Production
Gray iron
Jobbing
For further manufacture
Malleable iron
Shipments
Unfilled orders
Raw Stocking iron
Scrap
Coke
Dec.
1934
4
29
18
Short r011$
11.872
2,354
2,055
1,657
398
299
2,451
675
26
25
25
2,008
1,500
553
30
30
29
Per Cent Per Cent
Change
Change
from
from
Nov. 1934 Dec. 1933
0.0
+0.5
+1.4
+0.2
+6.6
-5.2
-3.2
-5.9
0.0
+12.0
+12.1
+9.1
+26.5
+11.4
+16.5
-47.3
-25.0
-7.9
-4.9
-50.2
-27.9
-32.4
Gray Iron Foundries
The tonnage of gray iron castings produced in 29 foundries during
December was 1.4% more than in the previous month and 12.1% more
than in the same month of last year. The increase over November,although
slight, is in contrast to the usual seasonal decline at this time. Although in
Feb. 2 1935
December 1926 there was an increase of 1.5% and in the same period of
1932 an increase of 24.2%, there were decreases ranging from 3 to 16% in
December of other years since 1926. The increase in December 1934 was
chiefly in the output of castings used in further manufacture within foundries
operating a machine shop in conjunction with a foundry. The production
of castings for jobbing work was barely more than that of November.
The foundries located in Philadelphia had an increase in activity while
the output of the firms in the balance of this Federal Reserve District
tended to decline. Of the 12 firms which did not share in the increased
activity of December only four operate in Philadelphia.
Some measure of the recovery which was made during 1933 and 1934 as
well as an indication of what still remains to be accomplished may be shown
by the fact that in 1934 the annual output of gray iron castings was 35.3%
more than in 1933 and 64.4% more than in 1932 but that in spite of these
increases the output of 1934 was 6.1% less than in 1931 and 46.4% less
than in 1930.
Although the slight increase in production was accompanied by a decline
of 3% in the volume of shipments, the tonnage of unfilled orders declined
6% from the volume on hand at the beginning of the month. All raw
materials in stock were less than those of a month ago and a year ago.
Malleable Iron Foundries
The output of malleable iron castings in four foundries during December
was 5.2% less than in November. In spite of the continuation of the
decline from the peak of October, the output in December was 11.4% more
than in the same period of last year.
STEEL FOUNDRIES
No. of
Firms
Reportfag
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Ram Stout-Pig iron
Scrap
Coke
8
8
8
7
13
6
6
Dec.
1934
Per Cent Per cent
Change
Change
from
from
Nov. 1934 Dec. 1933
Short Tons
8,630
1,773
1,595
178
1,481
2,143
0.0
+12.6
+23.5
-37.0
+4.2
+31.6
0.0
+34.5
+35.4
+27.5
+19.7
+54.6
328
7,330
210
-3.8
+9.1
+1.2
-30.9
+58.2
--3.7
The production of steel castings n eight foundries during December was
12.6% more than in the previous month and 34.5% more than in the same
month of last year. The increase in December, which was the first since
last August, was in the output of castings for jobbing work which totaled
23.5% more than in November. The tonnage of castings used in further
manufacture within the foundries, which was 37% less in December than
in the previous month, constitutes only a small part of the total output.
Three foundries failed to share in the general increase in activity.
The volume of shipments increased slightly during December being 4.2%
more than in the previous month and 19.7% more than in the same month
of last year.
It is encouraging that after four months of recession the,tonnage of unfilled orders increased 32% during December. In actual tonnage the
unfilled orders at the end of December exceeded those at the end of each of
the three preceding months.
The amount of pig iron in stock declined slightly during December while
that of scrap and coke increased. The greatest increase was in scrap which
was 9.1% more than at the beginning of the month and 58.2% more than
at the close of 1933.
•
Secretary of the Interior Ickes Rules Elk Hills Oil
Lease Should Be Returned to Government
Property Valued at More than $25,000,000
Secretary of the Interior Ickes ruled on Jan. 24 that
Section 36 of the Elk Hills naval petroleum lease in California, valued at between $25,000,000 and $30,000,000, must
be returned to the Government. This action represented
the final disposition of the Teapot Dome-Elk Hills case
unless court proceedings are brought. Mr. Ickes reversed
a decision made 14 years ago by the late Secretary of the
Interior Albert B. Fall. The land has been held by the
Standard Oil Co. of California, Edward L. Doheny, Mrs.
Sydney H. Greely, Frank J. Carman, Charles 0. Fairbank,
Thomas A. O'Donnell, Pan-American Petroleum Co., Valley
Natural Gas Co. and Associated Oil Co. A dispatch from
Washington, Jan. 24, to the New York "Times" described
the ruling as follows:
The Supreme Court sustained the power of the Secretary of the Interior
to make the decision, but holders of the property may carry the case into
the courts again, Mr. Ickes said to-day.
Mr. Ickes reversed a decision made on Feb. 23 1933 by C. 0. Moore, then
Land Office Commissioner, who upheld California's right to hold title
under a school land grant. Under the new ruling the claimants to the
land must reimburse the Government for oil and gas sold from the
leased area.
Denies Oil Case Delay
Denying that there had been delay in the handling of oil law cases by
the Department of Justice, Attorney-General Cummings stated to-day that
of 547 cases sent to him by Secretary Ickes, the Petroleum Administrator,
465 had been submitted to United States District Attorneys, who have
begun 108 suits.
The oil cases were described by the Attorney-General as "exceedingly
difficult."
Production of Coal for Latest Week Shows Small Gain
The United States Bureau of Mines, Department of the
Interior, in its weekly coal report stated that the total
production of bituminous coal during the week ended Jan. 19
is estimated at 7,750,000 net tons. This is an increase of
80,000 tons or 1.0% over the output in the preceding week.
Production during the week ended Jan. 20 1934, amounted
to 7,230,000 tons.
Anthracite production in Pennsylvania during the week
ended Jan. 19 is estimated at 1,245,000 net tons, an increase
of 44,000 tons, or 3.7% over the output in the preceding
week. Production during the corresponding week in 1934
amounted to 1,322,000 tons.
During the coal year to Jan. 19 1935 275,401,000 net tons
of bituminous coal and 42,218,000 net tons of anthracite
were produced. This compares with 274,410,000 tons of
bituminous and 41,098,000 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)
•
Week Ended
Coal Year to Date
Jan. 19
1935 c
713
Financial Chronicle
Volume 140
Jan. 12
1935 d
Jan. 20
1934
1934-35
1933-34 e
1932-33 e
Mum. coal a.
Tot.for period_ 7,750,000 7,670,000 7,230,000 275,401,000 274,410,000 238,612,000
Daily aver_ 1,292,000 1.278,000 1,205,000
1,122,000 1,115,000
971,000
Penn. anth, b:
Total period. 1,245,000 1,201,000 1,322,000 42,218,000 41.098.000 39,350.000
Daily aver_ _ 207,500 200,200 220,300
169,100
173,700
161,300
Beehive coke
Total period_
26,700
22,300
691.900
25,900
660,000
487,400
Dally aver__
4.450
2,640
3,717
2.768
4,317
1,950
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 rev/Rion. d Revised. e Production during first week in April adjusted to make
accumulations comparable with the year 1934-35.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
iVeek Ended
Jan. 12
1935
Jan. 5
1935
Jan. 13
1934
Jan. 14
1933
Jan. 12
1929
177,000
296,000
187.000
Alabama
177,000
170,000
105,000
70,000
65,000
52,000
77,000
Arkansas and Oklahoma._
121,000
199,000
134,000
136,000 119,000
Colorado
925,000
903,000 1,088.000
Illinois
1,016,000 1,016,000
319,000
374,000
300.000
352,000
Indiana
394,000
93,000
72,000
77,000
Iowa
93,000
89.000
143,000
129,000
148,000
153,000
Kansas and Missouri
152,000
527,000
509,000 676,000
553,000
Kentucky-Eastern
628,000
316,000
178,000
198,000
184,000
Western
175,000
46,000
37,000
37,000
Maryland
35,000
42,000
59,000
48,000
63,000
55.000
Montana
62,000
23,000
41,000
29,000
New Mexico
30,000
27,000
44,000
50,000
73.000
North Dakota
45,000
45,000
294.000
405.000
450,000
Ohio
427,000
443,000
Pennsylvania (bituminous) 1,770.000 1,625,000 1,790.000 1,529,000 2.056.000
83.000
80,000
68,000
84,000
81.000
Tennessee
19,000
15.000
14.000
13,000
Texas
14,000
110,000
70,000
62,000
70,000
Utah
73,000
177,000
157.000
185,000
189.000 178,000
Virginia
41.000
34,000
32,000
41,000
Washington
43,000
West Virginia-Southern a 1,423.000 1,333,000 1,400,000 1,382,000 1,471.000
548,000
429,000
498,000
393,000
Northern b
498,000
117.000
77.000
87,000
Wyoming
107.000
112.000
18,000
23.000
14,000
24,000
15,000
Other States
Total bituminous coal._ 7,670,000 7,215,000 7,380,000 6,877.000 8.305.000
Pennsylvania anthracite
1.201,000 1.108,000 1.683,000 1,032,000 1.685.000
8,871.000 8.323.000 9.063,000 7,909,000 9,990.000
Total coal
a Includes operations on the N. & W.; C. & O.; Virginian: K. & M. and B. C.
& G. b Rest of State. Inc uding the Panhandle, and Grant. Mineral and Tucker
counties.
Current Events and Discussions
The Week with the Federal Reserve Banks
not be available until the coming Monday. The New York
The daily average volume of Federal Reserve bank credit City statement formerly included the brokers' loans of
outstanding during the week ended Jan. 30, as reported by reporting member banks and showed not only the total of
the Feileral Reserve banks, was $2,466,000,000, a decrease these loans but also classified them so as to show the amount
of $2,000,000 compared with the preceding week and of loaned for their "own account" and the amount loaned
.
$174,000,000 compared with the correspoiveeE171934. for "account of out-of-town banks," as well as the amount
After noting these facts, the Federal Reserve Board proceeds loaned "for the account of others." On Oct. 24 1934 the
as follows:
statement was revised to show separately loans to brokers
On Jan. 30 total Reserve bankicredlt amounted to $2,460,000,000, a
and dealers in New York and outside New York, loans on
decrease of $3,000,000 for the week. This decrease corresponds with an
securities to others, acceptances and commercial paper,
increase of $79,000,000 in monetary gold stock, ottset in part by increases
ot $11,000,000 in money in circulation, $41,000,000 in member bank reserve
loans on real estate, and obligations fully guaranteed both
balances. $13,000.000 in Treasury cash and deposits with Federal Reserve
as to principal and interest by the United States Governbanks and $7,000,000 in non-member deposits and other Federal Reserve
accounts, and by a decrease of $3,000,000 In Treasury and national bank
ment. This new style, however, now shows only the loans
currency.
to brokers and dealers for their own account in New York
Holdings ot bills discounted declined7
$2,000,000 and industrial advances
and outside of New York, it no longer being possible to get
Increased $1.000,000. An increase of $5,000,000 in holdings ot United
States Treasury notes was:offset by a decrease of $5,000,000 in Treasury
the amount loaned to brokers and dealers "for account of
bills.
out-of-town banks" or "for the account of others," these
Beginning withthe week ended Oct. 31 1934, the Secretary last two items now being included in the loans on securities
of the Treasury made payments to three Federal Reserve to others. The total of these brokers' loans made by the
banio711 accordance with the provisions
regulT- reporting member banksin New York City "for own account"
tion issued pursuant tOrsilb
3) of Section 13-B of including the amount loaned outside of New York City,
the Federal Reserve Act, for the purpose of enabling such stood at $614,000,000 on Jan. 30 1935, a decrease of $20,banks to make industrial advanceT Similar payments have 000,000 over the previous week.
been maZe to other Federal Reserve banks upon receipt of CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
their requests by the Secretary of the Treasury. The amount
RESERVE CITIES
of the payments so made to the Federal Iteserve banks is
New York
Jan. 30 1935 Jan. 23 1935 Jan. 31 1934
shown in the weekly statement against the caption "Surplus
Loans and investments
7.422,000,000 7,465,000,000 6,986,000,000
-total
TA7tion 13:B)" to distinguish such siiiialusfrom surplus
derived from earnings, which is shown against the caption Loans on securities-total
1,437,000,000 1,454,000,000 1,748.000.000
"Surplus (Section 7)."
To brokers and dealers:
In New York
559,000,000 579,000.000 688,000,000
The statement in full for the week ended Jan. 30, in com55,000,000
55,000,000
Outside New York
43,000.000
To others
823,000,000 820,000,000 1,017,000,000
parison with the preceding week artdWith the corresponding
date last year, will be found on pages 754 and 755.
Accepts, and commercial paper bought.- 232,000,000 240,000,0001
on real
131,000,000 131,000,0001.718.000,000
Changes in the amount of Reserve bank credit outstanding Loans loans estate
Other
1,180,000,000 1,186,000,000J
and m related items duirnrthe week and the year ended U.8. Government direct obligations__ -3,150,000,000 3.179,000,000 2,421,000,000
Obligations fully guaranteed by linked
Jan. 30 1935 were as follows:
Increase (+1 or Decrease (-)
Since
Jan. 30 1935 Jan. 23 1935 Jan. 31 1934
$
$
$
7,000,000 -2,000,000
-76,000,000
6,000.000
-105,000.000
2 430,000,000
4,000.000
Bills discounted
Bilk bought
U.B. Government securities
Industrial advances (not including
12,000,000 commitments
-Jan. 30) 17,000,000
Other Reserve bank credit
-1,000,000
+1,000,000
-4,000,000
+17,000,000
-3.000,000
States Government
Other securities
272,000,000 272,000,00011,099,000,000
1,020,000,000 1,003,000,000J
Reserve with Federal Reserve banks. .1,720,000,000 1,646.000,000
Cash in vault
42,000,000
49,000,000
749,000,000
37.000.000
Net demand deposits
Time deposits
Government deposits
6,842,000,000 6,775,000,000 5,342,000.000
616,000,000 619,000,000 707.000.000
680.000,000 713,000,000 487,000,000
Due from banks
Due to banks
73,000,000
74,000,000
76,000,000
1 868.000,000 1,867,000.000 1,260,000,000
Total Reserve bank credit
2 460,000.000
Monetary gold stock
8,387,000,000
Treasury and National bank currency.2,497,000,000
-3,000,000 -170,000,000
+79,000,000 +4.354,000.000
-3,000,000 +195,000,000
Borrowings from Federal Reserve Bank_
Money in circulation
5,358,000,000
Member bank reserve balances
4,542,000,000
Treasury cash and deposits with Federal Reserve banks
3,007,000,000
Non-member deposits and other Federal Reserve accounts
436,000,000
+11,000,000
+69,000,000
+41.000.000 +1,890,000,000
Loans on investments total
+13,000,000 +2,410,000,000
Loans on securities-total
235,000,000
230,000,000
281,000,000
To brokers and dealers:
In New York
Outside New York
To others
26,000,000
31,000,000
178,000,000
26,000,000
26,000,000
178,000,000
17,000.000
33,000,000
231.000.000
+7,000,000
+8,000.000
Returns of Member Banks in New York City and
Chicago--Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
Chicago
1,617,000,000 1,568,000,000 1,349,000,000
Accepts, and commercial paper bought__ 55,000,000
Loans on real estate
19,000,000
Other loans
217,000,000
57,000.0001
19,000.000 293,000,000
212,000,000)
U.S. Government direct obligations
795,000.000
Obligations fully guaranteed by United
States Government
81,000,000
Other securities
215,000,000
759,000,000
490,000.000
78,000,0001 285,000,000
213,000,0005
714
Financial Chronicle
Jan. 30 1935 Jan. 23 1935 Jan. 31 1934
$
$
6
Reserves with Federal Reserve Bank_ — 428,000,000 484,000,000 313,000,000
Cash In vault
41,000,000
36,000,000
36,000,000
Net demand deposits
Time deposits
Government deposits
1.499,000,000 1,507,000,000 1,120,000,000
384,000,000 386,000,000 330,000,000
65,000,000
45.000,000
44,000,000
Due from banks
Due to banks
187,000,000
467,000,000
172,000,000
465,000,000
188,000,000
294,000,000
Borrowings from Federal Reserve Bank
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thuriday,
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 Jan. 23:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Jan. 23 shows increases for the week
of $54,000,000 in net demand deposits, $32,000,000 in time deposits and
$127.000,000 in reserve balances with Federal Reserve banks,and decreases
of $39.000,000 in Government deposits and $7,000,000 in total loans and
investments.
Loans on securities to brokers and dealers in New York City declined
$29,000,000 at member banks in the New York district and $30,000,000 at
all reporting member banks; loans on securities to brokers and dealers outside New York City declined $3,000,000 in the Chicago district and $4,000,000 at all reporting banks; and loans on securities to others increased $13,000,000 in the New York district and $9,000,000 at all reporting banks.
Holdings of acceptances and commercial paper increased $14,000,000 in
the New York district and $13,000,000 at all reporting member banks, while
real estate loans and "other loans" showed little change for the week.
Holdings of United States Government direct obligations declined $37,000,000 at reporting member banks in the New York district and $7,000,000
In the Dallas district, and increased $18,000,000 in the Chicago district
and $13,000,000 in the Boston district; all reporting member banks showing
practically no change for the week; holdings of obligations fully guaranteed
by the United States Government increased somewhat in a number of districts, the net increase at all reporting banks being $13,000,000; and holdings of other securities declined $5,000,000.
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 $1,220,000,000 and net
demand, time and Government deposits of $1,389,000,000, compared with
$1,219,000,000 and $1,400,000,000, respectively, on Jan. 16.
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 Jan. 23 1935, follows.
Increase 1+) or Decrease (—)
Since
Jan. 23 1935
Jan. 16 1935
Jan. 24 1934
$
$
Loans and investments—total_ _ _ _18,257,000,000
—7,000,000 +1,861,000,000
Loans on securities—total
3,045,000,000
—25,000,000
—453,000,000
To brokers and dealers:
In New York
Outside New York
To others
723,000,000
164,000,000
2,158,000,000
—30,000,000
—4,000,000
+9,000,000
+39,000,000
+24,000,000
—516,000,000
449,000,000
973,000,000
3,124,000,000
+13,000,0001
—3,000,000 —167,000,000
—1,000,000
U.S. Govt. direct obligations
7,235,000,000
Obligations fully guaranteed by the
United States Government
612,000,000
2,819,000,000
Other securities
*+13,000,0001 +491,000,000
—5,000,000J
Reserve with Fed. Res. banks__
Cash in vault
3,401,000,000
267,000,000
+127,000,000 +1,354,000,000
+2,000,000
+3.5.000.000
13,916,000,000
4,429,000,000
1,293,000,000
+54,000,000 +2,778,000,000
+32,000,000
+57,000,000
—39,000,000 +923,000,000
1,770,000,000
4,259,000.000
—29,000,000 +462,000,000
—11,000,000 +1,258,000,000
Accepts, and com'l paper bought
Loans on real estate
Other loans
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
1,000,000
•+1,000,000 +1,990,000,000
—8,000,000
—19,000,000
•Jan. 16 figures revised (Chicago district).
President C. H. Carlisle of The Dominion Bank at
Annual Meeting of Stockholders Draws Attention
to Improvement in Trade Conditions in Canada
At the Sixty-Fourth annual meeting of The Dominion
Feb. 2 1935
United States is planning a visit. All important industries
will be represented at the Fair with the exception of engineering and hardware, an exhibition of which will be held
in Birmingham, England, May 20 to 31.
International Congress for Scientific Management to
Be Held in London July 15 to 20
The International Congress for Scientific Management
will be held in London, England, from July 15 to 20 1935.
About 2,000 members from all parts of the world are expected to attend. There will be an official reception by
the British Government and the Court of Common Council
of the City of London will extend to delegates an invitation
to an evening reception in the Guildhall. Several other
official social functions will be organized. Many facilities
will be provided to ensure that members will pass their
time usefully and pleasantly.
Leipzig (Germany) Trade Fair to Be Held March 3 to 10
The Leipzig Trade Fair will be held next year from
March 3 to 10, announcement to this effect having been
made by Leipzig Trade Fair, Inc., New York. It was stated
that the dates conform with the schedule followed for over
700 years. The announcement in the matter continued:
The great international market is the oldest going concern in the world
and the most far-reaching in its influence. Indications of a general upturn
in world trade are found in the advance bookings, which assure an attendance
of 100,000 business men from 72 countries. More than 8,000 exhibits
will be contributed by a score of the leading countries, including the
United States.
A special effort is being made this year to extend international trade
relations with foreign countries. The requirements of oversea countries
have been carefully studied.
Failure of London Concern Dealing in Oils Disturbs
Markets—Receiver Appointed at Application of
Six Indian Banks
Announcement of the appointment of a provisional liquidator for S. Strauss Co., Ltd., reputedly involved in substantial losses in the oilnut trade, caused some unsteadiness
Jan. 30 in the London financial district and the Baltic
Commodity Exchange. Six important Indian banks asked
a receivership for the company as a result of losses in oils.
United Press advices from London Jan. 30 outlined the
situation as follows:
The application for receivership followed word from Bombay that H. C.
Whithouse, Strauss Co.'s India Manager, had been killed in a fall from
the fourth story of the famous Till Mahal Hotel. A coroner's verdict of
suicide, assigning business worries as the cause, was returned there to-day.
advices reaching here reported.
The Bombay seed market continued panicky, pending findings of s
special committee in connection with the Strauss operations.
Appointment of a liquidator was agreed to when it was reported Strauss
Co. had lost about $5,000,000 as a result of the rise and fall of the peanut
prices, or the "ground nut," as it is called here. The firm is one of the
world's principal shippers of peanuts.
Trading on "The Baltic" has been practically at a standstill for three
days while traders investigated rumors that the firm was in deep trouble.
The price of peanuts rose 24% between Jan. 1 and Jan. 19, and now is
at a nominal figure 16% above the Jan. 1 price. The Straussfirm apparently
was embarrassed by a sharp decline in peanut shipments from India last
year.
The principal shareholder in the company is E. A. Strauss, Liberal party
member of the House of Commons and a partner in Strauss & Co., which
operates an entirely separate business in hops and barley, official records
showed.
Private Note Issuing Banks in Germany Authorized
to Become Private Commercial Banks
From the London "Financial News" of Jan. 7 we take the
following from Berlin Jan. 6:
Under a new law, the four private note-issuing banks in Germany become
entitled to transform themselves into private commercial banks, and become
interested in other private banking houses.
This law is a result of last year's decision to cancel the right of these banks
to issue notes from Dec. 31 1935. Apart from the Reichsbank, the BayerIsche Notenbank, Munich, the Sachsiche Bank, Dresden, the Witrttembergische Notenbank, Stuttgart, and the Badische Bank, ot Karlsruhe. all
ot which are owned by the respective States, are now permitted to issue
bank notes in Germany.
In order to avoid this position, they will disappear from business as State
undertakings by the end of this year.
Bank held at the head office, Toronto, Canada, on Jan. 30,
C. H. Carlisle, President of the Institution, drew attention
Note Circulation and Cover
to the improvement in trade conditions in many lines in
The total amount outstanding of notes issued by the four banks by the
Canada and pointed out that the outlook for the future is end of December was only Rm.173,300,000. Their note cover in gold and
devisen aggregated Rm.73,300,000—a
more promising. He sounded a warning note with regard and devisen holdings are being sold tocover of about 42%. These gold
the Reichsbank and will make a
to Canada's greatest problems—her heavy public debt and welcome addition to its resources.
4.
her railway situation—and called for united non-partisan
action to find a solution.
Kurt Schmitt Formally Resigns as Germany's Minister
British Industries Fair to Be Held in London
Feb. 18 to March 1
The British Industries Fair this year, expected to be the
largest and most successful on record, will be held in
London, England, Feb. 18 to March 1. Buyers from all over
the world will attend the Fair, and a large group from the
of Economics
Kurt Schmitt formally resigned on Jan. 30 as Germany's
Minister of Economics. According to United Press advices
from Berlin, Adolf Hitler has accepted the resignation and
delegated Dr. Hjalmar Schacht,President of the Reichsbank,
to continue to act as substitute Minister. It is added that
Dr. Schacht has been performing the duties since Schmitt
Volume
140
Financial Chronicle
was given an indefinite vacation several months ago on the
ground of ill health.
German Mortgage Banks Authorized to Convert Bonds
With regard to the law recently approved by the German
Cabinet authorizing German mortgage banks to convert
their bonds'paying 6% or higher rates of interest into 43/%
bonds, the Department of Commerce had the following to
say on Jan. 28 based on advices from the American Embassy
in Berlin:
The total value of the bonds affected by this measure is approximately
8,000,000,000 reichsmarks, the report states.
Bonds must be presented for conversion within five days after the law
is promulgated. The law authorizes a bonus or2% to holders who offer
their bonds for conversion. Holders of bonds will be regarded as having
accepted the conversion unless they formally decline to do so within ten
days, it was stated.
Holders of such bonds resident in overseas countries, including the
United States, are permitted forty days in which to accept or reject the
conversion offer.
Foreign bond holders who wish to reject the conversion offer may do so
through any local diplomatic or consular officer of the German Government.
Holders of bonds given notice of rejection to German Government officials
must deposit the bonds in a bank and blocked in favor of the Government
official to whom the notice of rejection is given, the Commerce Department
stated.
Bonds for which conversion is not accepted will be struck oaf the German
stock exchange lists. Such bonds may not thereafter be traded or used as
collateral for bank loans, it was stated.
An item regarding the proposed bond conversion appeared
in our issue of Jan. 26, page 558.
World Wide Return to Gold Basis Desirable, According
to R. Beckett of Westminster Bank—Chairman of
Barclay's Bank Views Gold as Only Practicable
Basis for Trade, but Would Delay Return by Great
Britain Until Existing Difficulties Are Adjusted—
Maintenance of Free Currency Advocated by Reginald McKenna of Midland Bank
Admitting that a world-wide return to the gold standard
was desirable, Rupert Beckett, Chairman of the Westminster
Bank, Ltd., of London, emphasized in his annual address to
the stockholders of the bank on Jan. 30 the difficulty, even
the impossibility, of stabilizing the pound now. The prediction was made by Mr. Beckett, according to a wireless
message from London to the New York "Times," that
sterling will continue to fall in terms of gold in 1935. From
the "Times" advices we also quote:
"Over the past year sterling fell steadily in terms of the gold franc from
81.35 in January to 74.98 in December," Mr. Beckett said. "Present
circumstances suggest that while there may be temporary pauses in the
gradual downward movement it is unlikely that it can yet be definitely
arrested.
Import-Export Gap Widening
"Since our internal trade is increasing faster than our export trade, the
gap between visible imports and exports, which amounted to £258,000,000
in 1933 and widened to £285.000,000 in 1934, is likely to expand still further. How far our invisible exports will go to rectify this position is problematical, but there may well prove to be part of the gap unbridged.
"Under such conditions as these and having regard to uncertainties
attaching to all principal currencies, to attempt to stabilize now would
appear to me to be dropping our currency anchor on shifting sands, only to
have it swept away again. With one group of countries clinging rigidly to
the gold standard, with another directly or indirectly knit to sterling, still
other important countries are following independent courses. There 8001138
to be no alternative for us but to pursue the policy which for the time being
appears to suit our own interests bests."
Addressing the annual meeting in London on Jan. 23 of
Bazclay's Bank, William Favill Tuke, Chairman, stated that
while gold in his view is the only practicable basis for international trade, he would regard it as "a mistake of the first
magnitude" for Great Britain to return to gold until existing
difficulties are adjusted. In part Mr. Tuke said:
There has undoubtedly been an improvement in economic conditions in
many directions during the past two years, and certain of the factors which
were responsible tor the depression are being gradually eliminated. Much
of the revival that has taken place has been in internal, as opposed to external, business, and, in certain countries, conditions remain very difficult. Nevertheless, the reduction in the quantum of world trade has been
definitely checked, the rise in industrial production has been partly responsible for a decline in the stocks of certain raw materials, the fall in
wholesale prices has been arrested in many countries, and there has been
some improvement in the purchasing power of primary commodities in
terms of manufactured goods. Moreover, the trend of events in the capital
markets in a number of countries indicates a return of confidence among
investors. All these developments suggest that the world is gradually
emerging from the depression, but it would be unwise to ignore the fact
that much has yet to be done before we can hope to return to the level of
prosperity which the progress of science and invention has made possible.
The so-called "gold bloc" countries may have to decide between devaluation and further deflation, and if finally they are compelled to choose the
latter course, we know from our own painful experience that many economic
and political problems have to be overcome before an equitable equilibrium
between prices and wages can be attained. Other countries have yet to
solve their debt problems both internal and external, while yet others have to
decide whether or no they will, by lowering their tariffs, receive payment
of debts owing to them in the only form in which such debts can ultimately be paid, I. e., in goods and services. Until greater progress has
been made in the solution of these and other problems, one of the major
requirements of the present situation, that is, a return to an effective international monetary system, cannot be accomplished.
715
Gold Only Practicable Basis
We must have a stable basis for international trade before its volume can
be substantially increased, and gold is, in my view, the only practicable
basis, because, apart from other reasons, it is the only one in which the people of the world appear to have confidence. I feel, however, that it would
be a mistake of the first magnitude for this country to return to gold until
some, at least, of the difficulties I have mentioned have been adjusted,
and until there is a reasonable probability that the system will be allowed
to function normally, so that it can fulfill its essential purpose of maintaining equilibrium between the price levels of the various countries of the world.
Reginald McKenna, former Chancellor of the Exchequer,
in his report to the stockholders of the Midland Bank on
Jan. 24 remarked that "now that sterling is free to find its
own level in relation to foreign currencies, the old restrictions on our power of development are removed and there is
no need of deflationary pressure to be put upon us as they
are on the countries of the gold bloc." "This," he went on
to say (according to London advices to the Montreal
"Gazette"), "holds true for the whole sterling group, which
transacts a very large share of the world's trade and in which
monetary policy has already brought about a substantial
measure of recovery. It is difficult to find any reason why a
continuance of the monetary policy of the past three years
should not yield equally favorable results."
Victor Nef, Consul-General of Switzerland in New
York, Corrects "Erroneous Conclusions" as to
Proposed Referendum—Gold Not Mentioned in
Petition Proposing Amendment to Constitution—
Asks for Measures to Alleviate Economic Crisis
Victor Nef, Consul-General of Switzerland, in New York,
on Jan. 24, addressed a letter to the press associations (Associated and United) bearing on a petition which was filed
with the Swiss Government on Nov. 30 1934 suggesting an
amendment to the Constitution. Press accounts from
Zurich, Jan. 21, were to the effect that a nation-wide referendum was to be taken in Switzerland on the question of
"staying on gold." Mr. Nef, in seeking to correct the
"erroneous conclusions," had the following to say in his
communication to the press associations, Jan. 24:
Gentlemen: As various newspapers published articles on the forthcoming "Swiss plebiscite on the gold standard," which is supposed to be
taken "in a few weeks," and as various erroneous conclusions were made.
I believe that it may be of interest to you to know the facts on this
referendum:
On Nov. 30 1934 a petition bearing 335,348 signatures of voters was
filed with the Government, suggesting the adoption of an amendment to
the Constitution- Neither the gold policy of the Government, nor the gold
standard is mentioned in the petition. It directs the Government to take
the necessary measures to alleviate the present economic crisis, and orders
it to use for such purpose funds to be obtained from the regular receipts
as well as by loans.
In accordance with the Constitution, the petition has to be referred for
further action to both Houses of the Legislature. They have to take notice
of it within one year, and have the choice to recommend to the people the
adoption of the proposed amendment, or its rejection, or they can submit
a counter-proposition. The people have the last word at the polls.
The records show that since 1848, 29 petitions for amendments to the
Constitution were filed, out of which 18 were ultimately rejected at the
polls, and six were passed; five are pending at present. From the time
the petition is received until the date of the popular vote a minimum of
,
/ years.
1
4
101 4 months expired and a maximum of 7
Under the circumstances it can, therefore, hardly be expected that a
Popular vote will be taken on the mentioned petition before the fall of
this year, but possibly later. Concerning the eventual outcome of the
referendum no one can predict the course at such an early stage.
I may further add that the Swiss Legislature is at present not in session.
Their next session will probably be held some time in March. It is
expected to last two to three weeks, and will be the earliest possible
moment when the petition can be acted upon, unless extraordinary measures
are taken before that time.
The number of people eligible to vote in Switzerland is approximately
1,200,000. In an important referendum usually 75% to 80% of the voters
cast a ballot.
If you would like to obtain a copy of the petition I shall be very glad
to send it to you, written in one of the official languages of Switzerland,
i.e., either in German, French or Italian.
Very truly yours,
(Signed) VICTrOR NEF, Consul-General.
Celebration of Australia Day in New York—D. M.
Dow, Official Secretary, Refers to Australian Loan
Conversions as Feature of Country's Recovery
Program—Nation's Gold Production—Looks to
United States to Broaden Its Trading with the
Commonwealth
Australia Day was celebrated on Jan. 25 in the British
Luncheon Club of New York. The British Consul-General,
Sir Gerald Compbell, presided. The Official Secretary for
Australia, D. M. Dow, was the guest of the day, and in
addressing those participating in the celebration he noted
that "Jan. 26 is the anniversary of both the foundation of
the first Australian settlement and the proclamation of the
Commonwealth," adding that "in New York we are celebrating the 26th on the 25th, but mid-day here is to-morrow
morning in Australia." Mr. Dow commented upon the fact
that last year four distinguished Australians, on four dif-
716
Financial Chronicle
ferent occasions, addressed the members of the British
Luncheon Club, viz.: S. M. Bruce, Archdale Parkhill, Professor Ernest Scott and Professor D. B. Copland. In three
instances, he went on to say, the speakers described the
success of the so-called Premiers' Plan in Australia, which,
briefly, took the form of enforcing drastic action to balance
the Federal and State budgets. The success of the plan is
too well known now to call for attention on the present
occasion, said Mr. Dow, but he pointed out recent Australian loan conversions may be noted as a feature of Australia's recovery program. Continuing, Mr. Dow said, in
part:
Last week, in London, an Australian loan conversion was underwritten.
An outstanding amount of £22,384,000 of Commonwealth of Australia 5%
loan of 1935 to 1945 was converted into an equal amount of 3%% stock,
redeemable from 1956 to 1961. This was the ninth conversion by the
Government of the Commonwealth of Australia since 1932, and brings the
total amount of stock converted up to £114,834,892, on which there is an
annual interest saving of £2,575,244.
During the past five years debts redeemed by the Australian National
Debt Sinking Fund totaled £37,500,000. In the current year the total
contributions to the sinking fund will exceed £8,000,000, to be allotted
In London, Australia and New York, on the basis of the amount of debt
domiciled in each market. . . .
In each of the past three years the Commonwealth of Australia budget
has shown a surplus, and for the current year a small surplus is shown on a
total estimated revenue of £72,193,000. It is important to note that
this result was achieved after making further remissions of taxation and
making additional grants to States in which the budgetary position was
not as favorable as that of the Commonwealth. To date, in New York,
wa have redeemed Commonwealth of Australia dollar bonds to a total of
over $7,000,000.
Perhaps the best indication of returning prosperity is to be found in
building operations and savings bank deposits. During the year 1932
building permits issued in Australia averaged £484,000 per month; in 1933
they averaged £718,000 per month, and during the quarter ended September last they averaged £1,259,000 per month.
Savings bank deposits increased from £203,111,000 in October 1933 to
£213,564,000 in October 1934. In the three years since October 1931
deposits in the aggregate have increased by almost £19,000,000, or
nearly 10%.
Gold was discovered in Australia in 1851. Since that year, and up to
1927, gold to the value of over £625,000,000 was mined in Australia.
In American currency that means approximately $3,125,000,000 worth
of gold. From 1927 forward production declined until about three years
ago, when the price of gold encouraged a revival of prospecting. To-day
the State of Western Australia is contributing nearly four-fifths of the
entire Australian annual yield. Last year's output in that State was
651,338 ounces, with a par value of £2,772,708, the highest since 1919.
At £7 per ounce, this yield is worth £5,699,207 in Australian
currency. . . .
Australia Good Market for American Products
Australia, like all trading countries, is watching Washington.
Whatever progress they may claim to their credit, Australians do not
forget that their country cannot afford to be an isolated unit in world
affairs. Therefore, certain phases of world problems, including American
problems, become Australia's problems. Australia has placed her house
in order, but she continues to feel the full force of world-wide gales blowing
in eccentric forms nerg'r before experienced in—if the term be permissible—
financial meteorology. Australia has long been a good market for American products. So good that Australia buys annually close on $34,000,000
worth more American goods than the United States purchases from
Australia.
Australia has much to offer the United States, and it should not be
unreasonable to expect the United States to buy from us quantities closer
to the totals of what we buy from her. Otherwise, we are denied a
portion of the revenue required to meet our loan interest payments—
payments which have been made regularly in the past, and which should
and will be made with equal regularity in the future. That America recognizes this fact is shown in current prices for our dollar bonds on the
New York Stock Exchange. These prices range from close to par to
over par.
Reference to the recent Australian conversion loan appeared in our issue of Jan. 19, page 416.
United States and Russia Join Governing Body of International Labor Office—A. F. of L. and Labor
Department Send Representatives from Washington to Geneva
of —InternatiOral
Memberships in theY,Governing Body- the
Labor Office were voted Jan. 29 for the first time to deregates from the United States and Soviet Russia, as the I.L.O.
opened its 69th session at Geneva. Giuseppe de Michelis
of Italy, President of the Governing Body, welcomed
representatives from the United States and the American
Federation of Labor. The United States and Russia will
immediately replace Belgium and Holland as holders of
permanent seats on the Governing Body, while the countries
displaced will continue as honorary members without votes.
A dispatch from Geneva, Jan. 28 to the New York "Times"
described plans for the entrance of the United States and
Soviet Union into the organization as follows:
Isador Lubin. Statistics Commissioner in the Labor Department, will
represent the United States Government, and James Wilson, formerly of
the executive council of the American Federation of Labor and now a
member of the Public Works Administration Labor Board, will sit in the
Workers' Group.
To the general surprise, Moscow has decided at the eleventh hour to
send an observe'• too—he will be Professor Markus, Vice-President of
the Gosplan. Maxim Litvinoff. the Soviet Foreign Commissar, had previously given Geneva to understand that Russia would not interest herself
in an I.L.O.seat until she was assured that the Workers' Group of the Inter-
Feb. 2 1935
national Labor Conference, which chooses members of the Governing
Body's Workers' Group, would elect a Russian to it. The negotiations
over this point broke down after the recent executions in Russia and the
workers' delegates here to-day said they still refused to elect a representative
of Russia—as they had refused to elect representatives of Italy or Germany
—on the ground that workers of these countries were not free. By sending
an observer Russia has apparently taken a temporary compromise position.
United States and Russia Terminate Debt Negotiations
—Secretary of State Hull Makes Announcement
After Talk with Ambassador Troyanovsky—ExportImport Bank May Be Dissolved—State Department
Communique
Protracted negotiations looking toward the settlement
of debts and claims between the United States and Soviet
Russia were terminated Jan. 31, when Secretary of State
Hull announced that, following a conversation with Ambassador Troyanovsky, "I feel that we cannot encourage
the hope that any agreement is now possible." Ambassador
Troyanovsky had just informed the Secretary that his
Government was unable to accept an offer, made last fall,
for adjustment involving the extension of credits through
the Export-Import Bank with which to facilitate trade
with Russia. "There seems to be scarcely any reason to
doubt," Mr. Hull later said, "that the negotiations which
seemed so promising at the start must now be regarded as
having come to an end."
Conclusion of the negotiations made it appear improbable
that a trade agreement, which was under discussion, would
be arranged between the two countries. It was also said
unofficially in Washington yesterday (Feb. 1) that the
Export-Import Bank, which had been organized to promote
commercial relations with Russia, would probably be
dissolved.
The text of the State Department communique issued
M. 31 in announcing termination of the Russian debt
negotiations is given below:
The Secretary of State had a conversation to-day with Ambassador
Troyanovsky. Assistant Secretary Moore, Ambassador Bullitt and
Mr. Kelley, Chief of the Eastern European Division of the Department of
State, were also present. This evening Secretary Hull made the following
statement to the press:
"You will recall the fact that in an effort to arrive at an agreement
with the Soviet Government with respect to debts, claims and credits for
trade, negotiations were begun more than a year ago in Moscow and continued in Washington, but that no understanding had been reached when
Ambassador Troyanovsky left Washington in October to visit Moscow.
"In our last conversations with Ambassador Troyanovsky, prior to
his departure, we submitted for the consideration of his Government
a proposal representing the limit to which we believed we could go without
complete sacrifice of the interests of American claimants and without unduly
pledging the credit of our Government for the purpose of facilitating trade
between the United States and the Soviet Union.
"The Government of the United States indicated its willingness to
accept in settlement of all claims of the United States and its Nationals
against the Soviet Government and its Nationals (and of all claims of
the Soviet Government and its Nationals against the United States and
its Nationals) a greatly reduced sum to be paid over a long period of years.
"
fhe Government of the United States indicated that it would accept
payment through the application of a rate of interest beyond the ordinary
rate of interest on credits extended to the Soviet Government with the
financial assistance of the Government of the United States.
"To facilitate the placing of orders in the United States by the Soviet
Government on a long-term credit basis, the Government of the United
-Import Bank,to American
States was prepared to make,through the Export
manufacturers and producers requiring financial assistance in connection
with the granting of credit on such orders, loans to a very large percentage
of the credit granted.
"It was contemplated that the length of the credit extended would vary
according to the different categories of goods, and the Soviet Government
was advised that the Government of the United States was not adverse
to making special terms in exceptional cases at the President's discretion.
It was intended the loans extended to American manufacturers and producers should constitute a revolving fund for the continuous maintenance
of Soviet purchases in the United States.
"We hoped confidently that this proposal would prove entirely acceptable to the Soviet Government and are deeply disappointed at its rejection. In view of the present attitude of the Soviet Government, I
feel that we cannot encourage the hope that any agreement is now possible.
"I say this regretfully because I am in sympathy with the desire of
American manufacturers and agricultural producers to find a market for
their goods in the Soviet Union, and with the American claimants whose
property has been confiscated. l'here seems to be scarcely any reason
to doubt that the negotiations which seemed so promising at the start
must now be regarded as having come to an end.
-Import Bank to de"It will be for the board of trustees of the Export
termine whether or not there is any good reason for continuing the existence
of the bank."
Brazil Sends Funds to New York and London to Meet
Service on External Debt—Coffee Market in Rio
de Janeiro Reported Demoralized
The Banco do Brasil on Jan. 31 shipped $194,456 to New
York and £39,800 to London to meet service charges on
the Brazilian debt. On the same day coffee trading in Rio
de Janeiro was reported demoralized when the National
Coffee Department withdrew from the market. Yesterday
(Feb. 1) it was reported from Rio de Janeiro that the Brazilian Government was arranging to pay Italian credits
frozen in that country, and that an accord between Brazil
and Italy to put this practice into effect was signed Jan. 31.
717
Financial Chronicle
Volume 140
A cable from Rio de Janeiro Jan. 31 to the New York
"Times" described the conditions in the coffee and foreign
exchange markets as follows:
Coffee merchants accuse the Department, which blames coffee speculators, unrecognized merchants flooding the market with low coffee types,
far exceeding the low types according to statistical stocks bought at low
figures, who wish to enforce the Department to buy them. The President
of the National Coffee Department declared it entered the market in December and had bought to date 94,000 bags of low-type coffees, but the
stock, which should be only 40,000 bags, increases instead of diminishing
on withdrawal by the Department.
Coffee merchants want freedom in foreign exchange and there are many
rumors regarding future exchange policy. It is rumored that the Banco
do Brasil will release 50% of the exchange derived from coffee bills, releasing
the balance into the free market. If this is so, the bank will retain just
sufficient to cover the foreign debt thawing agreement and to free new
accumulations.
Strengthening this rumor,the Banco do Brasil jacked up to-day the official
exchange rate by 30 reis. The Souzamello "Times" says the measure will
benefit coffee exporters but denied the rumors concerning the 50% official
exchange release.
Bolivia Halts Supply of Foreign Exchange to Pay for
"Luxury" Imports—Decree Issued as Measure of
National Defense
Regulations regarding the issuance of foreign drafts in
accordance with the necessities of national defense were
made public Jan. 25 in a decree issued by the President of
Bolivia, forbidding the exportation of capital in payment
for merchandise classified as luxuries, under penalty of
confiscation. A wireless dispatch of Jan. 25 to the New
York "Times" from La Paz described further provisions
of the decree as follows:
The importation of articles classed as necessaries but not manufactured
in Bolivia is permitted through foreign drafts issued for the articles needed.
Thus free exchange Is discontinued. Whoever receives foreign drafts must
exchange them at the Central Bank for Bolivian currency.
The new decree, it Is said, will permit Bolivia to carry the war expenses
indefinitely without recourse to extra taxes on the people, as the Bolivian
export trade remains firm.
Principal and Interest on Unstamped First Mortgage
Collateral Sinking Fund 6% Gold Bonds of Finland
Residential Mortgage Bank to Be Paid March 1
Finland Residential Mortgage Bank is notifying holders
of its first mortgage collateral sinking fund 6% gold bonds,
due Sept. 1 1961, that bonds of this issue not stamped with a
notation of a reduction in interest rate and unconditional
guarantee by the Republic of Finland, will be repaid at
their principal amount plus interest at the rate of 5% per
annum to March 1 1935, upon presentation on and after that
date at the Reorganization Department of the National City
Bank of New York. Holders of these bonds may present
them for stamping until March 1 1935. It is stated that
approximately 95% of the bonds outstanding have already
been stamped.
Rulings by New York Stock Exchange on Bonds of
State Loan of 1924 of Hungary
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following announcement on Jan.28:
$225,000 of 6% External Loan Sinking Fund Gold
Bonds to Be Redeemed by Finland March 1
The Republic of Finland will redeem by lot on March 1
1935, $225,000 principal amount of its 22-year 6% external
loan sinking fund gold bonds due Sept. 1 1945, it was announced Jan. 28 by the National City Bank of New York,
fiscal agent for the loan. The bonds will become payable at
the redemption price of par and accrued interest on the above
date at the head office of the fiscal agent, 55 Wall Street,
New York. The March 1 1935, interest coupon, it was
stated, may be presented separately for payment, if the
holier so desires.
-Year 8% Sinking Fund External Loan Gold Bonds
25
of Uruguay Affected by Rulings of New York
Stock Exchange
The following announcement of rulings by the New York
Stock Exchange on 8% bonds of Uruguay was issued on
Jan. 28 by Ashbel Green, Secretary of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 28 1935
Notice having been received that payment of $17.50 per $1,000 bond will
be made on Feb. 1 1935, on surrender of the coupon then due from Republic
-year 8% sinking fund external loan gold bonds, due 1946:
of 'Uruguay 25
The Committee on Securities rules that transactions made on and after
Feb. 1 1935, shall be settled by delivery of bonds bearing only the Aug. 1
1935 and subsequent coupons, unless otherwise agreed at the time of transaction; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
$146,729 of External 30-Year 5% Sinking Fund Gold
Bonds of New South Wales (Australia) Invited by
Chase National Bank, New York
The Chase National Bank of the City of New York, as
successor fiscal agent, is inviting tenders of State of New
-year 5% sinking fund
South Wales, Australia, external 30
gold bonds, due Feb. 1 1957, at prices not exceeding their
principal amount and accrued interest, in an amount sufficient to exhaust the sum of $146,729 available in the sinking fund. Tenders will be opened at noon on Feb.6 1935 at
the Corporate Trust Department of the bank, 11 Broad
Street.
Tenders Invited by Chase National Bank, New York,
of Argentine 55/2% Bonds of Issue of 1928 to Exhaust
$169,097 in Sinking Fund
The Chase National Bank of the City of New York, acting
for the fiscal agents,is inviting tenders of Government of the
Argentine Nation External sinking fund 534% gold bonds,
issue of Feb. 1 1928, due Aug. 1 1962, at prices below par,
in an amount sufficient to exhaust the sum of approximately
$169,097 available in the sinking fund. Tenders will be
opened at noon on March 4 1935 at the Trust Department
of the bank,11 Broad Street.
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 28 1935
Notice having been received that payment of $18.75 per $1,000 bond will
be made Feb. 1 1935, on account of the interest then due on Kingdom of
Hungary. State loan of 1934 (American issue) 7;4% sinking fund gold
bonds, due 1944:
The Committee on Securities rules that transactions made on and after
Feb. 1 1935, shall be settled by delivery of bonds bearing only the Feb. 1
1935 (50% Paid) and subsequent coupons, unless otherwise agreed at the
time of transaction; and
That the bonds shall continue to be dealt In "Flat."
ASHBEL GREEN, Secretary.
Announcement by Speyer & Co., American fiscal agents
for the loan, that the Feb. 1 coupons would be paid in
part, was referred to in our issue of Jan.26, page 556.
Rulings on 7% Bonds of Rumania Monopolies Institute
Stabilization and Development Loan of 1929 by
New York Stock Exchange
Ashbel Green, Secretary of the New York Stock Exchange,
made public the following announcement on Jan. 28:
NEW YORK STOCK EXCHANGE
Jan. 28 1935
Committee on Securities
Notice having been received that payment of 50% of the amount of the
interest due Feb. 1 1935, will be made on surrender of coupons then due from
Kingdom of Rumania Monopolies Institute 7% guaranteed external sinking
fund gold bonds, stabilization and development loan of 1929, due 1959:
The Committee on Securities rules that transactions made on and after
Feb. 1 1935, shall be settled by delivery of bonds bearing only the Feb. 1
1934 (50% Paid). (ex Aug. 1 1934 and Feb. 1 1935), Aug. 1 1935 and subsequent coupons, unless otherwise agreed at the time of transactions; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
Argentina to Purchase $242,555 of 6% Gold Bonds of
Sanitary Works Loan for Sinking Fund
J. P. Morgan & Co. and the National City Bank of New
York, fiscal agents for the Government of the Argentine
Nation, external sinking fund 6% gold bonds, issue of Feb. 1
1927, Sanitary Works Loan due Feb. 1 1961, announced
this week that $242,555.06 in cash is available for the purchase for the sinking fund of so many of said bonds as shall
be tendered and accepted for purchase at prices below par.
Tenders of such bonds with coupons due on and after Aug. 1
1935 should be made at a flat price, below par, and should be
delivered to either J. P. Morgan & Co. or the National City
Bank.
New York Stock Exchange Rules on Buenos Aires,
Argentina, 63i7 External Sinking Fund Gold
0
Bonds of 1930
Incident to the announcement the Buenos Aires, Argentina,
has remitted funds for the part payment of Feb. 1 coupons
on 6
external sinking fund gold bonds of 1930, (referred
to in our issue of Jan. 19, page 382), the New York Stock
Exchange adopted several rulings affecting the bonds which
were issued as follows on Jan. 28 by Ashbel Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 28 1935
Notice having been received that payment will be made on Feb. 1 1935,of
bond in cash and the balance in arrears certificates on
$24.98 Per $1,000
surrender of the "substituted coupon" due Feb. 1 1935, from Province of
Buenos Aires 634% external sinking fund gold bonds of 1930. due 1961.
stamped:
718
Financial Chronicle
The Committee on Securities rules that the bonds be quoted ex the Feb. 1
1935, "substituted coupon" on Feb. 1 1935;
That the bonds shall continue to be dealt in "Flat" and to be a delivery in
settlement of contracts made beginning Feb. 1 1935, must carry the Aug. 1
1935, "substituted coupon" and the Feb. 1 1936 and subsequent regular
coupons; and that arrears certificates received in partial payment of "substituted coupons" shall not be deliverable with the bonds.
ASHBEL GREEN, Secretary.
Partners of J. P. Morgan & Co. Report on Stock
Holdings—Statement to SEC Segregates Recent
Transactions Involving Shares Valued at About
$2,000,000
Stock holdings of partners of J. P. Morgan & Co. were
partially revealed Jan. 30, in a report by the firm and
several of its partners to the Securities and Exchange Commission. The statement, showing holdings of about $2,000,000 in the securities of about 12 corporations, covered only
cases in which there had been recent sales and purchases of
stocks in companies in which the partners were directors
or in which they owned more than 10% of total stock.
Various similar reports have been submitted to the SEC
by individuals and companies within recent weeks. The
information contained in the Morgan report, as summarized
in Associated Press Washington advices of Jan. 30, is given
below:
J. P. Morgan himself reported 1,937.5 shares of common in Pullman,
Inc.. valued at $95,000. The largest holdings of any partner were reported
by George Whitney. They aggregated $325.000 and included 2,200 shares
of Johns-Manville common. 3,400 of Continental 011 capital stock and
8.000 shares of Kennecott Copper capital stock.
Drexel & Co., Philadelphia House of the Morgan bank,reported holdings
of 13.27% of the outstanding common stock in Sharp & Dohme, Inc. Besides these 103,103 shares of common it held also 13,998 shares of $3.50
convertible preferred shares.
Drexel & Co. sold 500 of the preferred in November and December. The
Drexel holdings have a curb market value of $1,090,000.
T. S. Lamont. director of the Continental 011 Co., owned 5,701 shares
of its capital stock, having sold 250 shares in December. As director of
Texas Gulf Sulphur Co., he sold 25 shares in December,to leave his holdings
at 100 shares. Mr. Lamont owned 2,090 of the capital stock of Phelps
Dodge Corp. capital stock, having sold 250 in December. His holdings were
valued at $133,000.
Junius S. Morgan, eldest son of J. P. Morgan, bought 200 shares of
General Motors Corp. common in December, as director, to make his total
holdings 2.200 shares, valued at $70,000.
H. S. Morgan, another Morgan son, sold 312.5 shares of the capital
stock of Kennecott Copper Corp., of which he is a director, to leave his
total holdings at 2.287.5 shares.
H. P. Davison bought 2.5 shares of the common of Montgomery Ward
& Co., of which he is a director, to make his total holdings 1,002.5 shares,
valued at $26,750.
Francis D. Bartow, as director, owned 3,150 shares of Johns-Manville
Corp. common, of which he bought 150 shares in December. Mr. Bartow
sold 60 and bought 12 shares of the common of American Radiator and
Standard Sanitary Corp., leaving his holdings at 12 shares. He bought 100
common of General Electric Co. in November to give him, as director,
1.000 common.
Extension to Feb. 1 of Temporary Exemption from
Registration Granted by SEC to 12 Exchanges—
Additional Time Also Given to Honolulu, Manila
and Philippine Stock Exchanges
Announcement was made Jan. 30 by the Securities and
Exchange Commission that it has extended the temporary
exemptions granted to 12 securities exchanges on Sept. 28
until April 1, in order to afford time within which to complete hearings on applications for exemption, to permit the
filing of reports on such hearings, and the consideration of
such reports by the Commission. The last previous extension of the time, to Feb. 1, was noted in our issue of Jan. 5,
page 42. The announcement of Jan. 30 added:
The Commission has ordered that the temporary exemption from registration as national securities exchanges of the following exchanges be
extended until April 1 1935, subject to the terms and conditions contained
in release No. 11, dated Sept. 28 1934, unless, in the case or any such exchange, the Commission shall otherwise determine, after appropriate
notice and opportunity for hearing:
Richmond Stock Exchange
Chicago Curb Exchange
Colorado Springs Stock Exchange
San Francisco Mining Exchange
Louisville Stock Exchange
Seattle Mining Exchange
Milwaukee Grain & Stock Exchange Seattle Stock Exchange
Minneapolis-St. Paul Stock Exch.
Standard Stock Exchange ofSpokane
Wheeling Stock Exchange
Reno Stock Exchange
The Commission also announced Jan. 30 that it had extended until April 1 1935 the temporary exemption of the
Honolulu, Manila and Philippine stock exchanges from filing
applications for registration as national securities exchanges
or exemption, subject to the terms and conditions contained
in release No. 32, dated Oct. 31 1934.
SEC Holds Hearing on Application of Chicago Curb
Exchange for Exemption from Registration—Commission Counsel Charges Laxity in Trading Rules
At a hearing before the Securities and Exchange Commission on an application of the Chicago Curb Exchange
Association, Inc., for exemption from registration as a
national securities exchange, William Green, counsel for
the SEC, urged that the Exchange be required to register,
charging that it had been lax in enforcing its business conduct
Feb. 2 1935
rules in 1933 against traders engaged in certain transactions.
The outcome of the hearing will be made known later by
the Commission. Appearing in behalf of the Exchange,
T. E. Murchison, President, in answer to Mr. Green's
charge said:
The charge that the Exchange has not always strictly enforced its rules
to match the larger exchanges in standards of ethics or conduct is in reference to certain transactions made during the summer of 1933, regarding
which the Commission claims the Exchange was not sufficiently alert in
detecting certain undesirable trading practices on the part of some of its
members and in preventing their continuation. The Exchange claims that
these practices occurred in spite of their vigilance and were no more frequent or serious than those that might occur in any well-regulated institution.
In explaining the reason for the filing of the application,
Mr. Murchison stated that "application for exemption has
been made because we are a small exchange, not because we
consider ourselves inferior in any way to the large exchanges
in standards of ethics or conduct." Evidence was presented
to show that the daily volume of trading on the exchange
in 1934 was only 3,400 shares.
Reports Not Required by SEC Under Amendments to
Rules—Texts of Amended Rules
In addition to the reference made in our issue of Jan. 26,
page 598, to the amendments by the Securities and Exchange Commission to its Rules KC1 and JF4, we give herewith the texts of the two rules as amended:
Rule ICC1, Promulgated Aug. 13 1934
Rule KC1. Exemption of securities registered pursuant to Rule JE1
issuers thereof from Section 13.—Notwithstanding any provisions.conand
tallied in applications for registration on Form 2, every security registered
pursuant to Rule JE1 and the issuer thereof shall be exempt from the provisions of Section 13 for the duration of the period of temporary registration
of such security.
Rule JF4, Promulgated Aug. 12 1934
Rule JF4. Exemption of unlisted securities from Sections 12, 13 and 16.—
Any security as to which permission to continue unlisted trading on an
exchange is effective pursuant to Rule JF3 upon application pursuant to
Rule JF1 and which is not otherwise registered on any national securities
exchange, and any issuer of such security, shall, while such permission is
effective, be exempt from the provisions of Sections 12 (except subsection (f)
thereof), 13 and 16.
Files of Individual Stockholders' Reports Made Available to Public by New York Stock Exchange
The New York Stock Exchange on Jan. 31 made available
to the public the files of individual stockholders' reports in
accordance with the regulations of the Securities and Exchange Commission. Newspaper representatives and individuals were required by the Stock Exchange to sign a
waiver releasing it from legal responsibility in the event that
records and papers are not accurate or genuine. Upon
learning of this requirement, Joseph P. Kennedy, Chairman
of the SEC, sent the following telegram:
My opinion, Stock Exchange's refusal to permit inspection of reports
of officers, directors and stockholders filed pursuant to Section 16 A of
Securities Exchange Act unless person desiring inspection signs waiver and
release of all claims against Stock Exchange for inaccurate or non-genuine
reports is not in accordance with Commission's rule UR 3.
Corporations Listed on New York Stock Exchange
Must Submit 1934 Reports to Stockholders 15 Days
Before Annual Meeting—Requirement Not Waived,
Despite SEC Registration Obligations
The Committee on Stock List of the New York Stock
Exchange, in a letter dated yesterday (Feb. 1) to the Presidents of all corporations having securities listed on the
Exchange, said that such corporations must continue to
submit financial reports to stockholders at least 15 days
before the annual meeting, despite the fact that the requirements of the Securities and Exchange Commission for permanent registration of securities may cause delay in preparing financial statements for 1934. The Committee added,
however, that in eases where delay and an adjourned meeting cannot be avoided it will consider the agreements with
the Exchange fulfilled if financial statements are submitted to stockholders 15 days in advance of an adjourned
meeting.
SEC Considering What Restrictions New York Stock
Exchange May Impose in Making Public Information Filed Under Securities Law
The Securities and Exchange Commission is considering
what restrictions may reasonably be imposed by the New
York Stock Exchange in making public information filed
pursuant to the 1934 law, Joseph B. Kennedy, Chairman of
the SEC, said yesterday (Feb. 1). He added that the
Exchange's insistence upon a waiver signed by applicants for
information was not in accordance with the SEC ruling. The
New York "Sun" of Feb. 1 commented on this situation in
part as follows:
Volume 140
Financial Chronicle
Rule UB3 under the Securities Exchange Act requires national exchanges
to keep available for the public during reasonable hours copies of all reports
filed under the law with the exchange. The Stock Exchange has delayed
for nearly two months in making public reports filed by directors and officers
on form 4, 5 or 6. Final date for filing these for the months of November
and December was Jan. 30.
Reports for the month of January are due by Feb. 10. It is expected that
the Stock Exchange will withhold these until after that date, although they
are available at the SEC office in Washington as soon as filed.
The New York Stock Exchange to-day was visited by more members of
the public than yesterday, seeking to consult the reports of holdings.
Applicants had to sign a printed request for the papers desired, and the
following waiver.
-The New York Stock Exchange makes no representation in regard to the
accuracy or genuineness of such records, and the undersigned, in consideration of being permitted to examine the same, hereby waives and releases any
claim which he might have against the New York Stock Exchange arising
out of the fact that such records are not accurate or genuine."
719
their efforts to protect the investor. Mind you, neither the Government
nor the markets can prevent fluctuations in business nor changes in the
value of the securities which you buy. They can and do assure you that
the facts on which you base your purchase are correct and the securities
which you buy are what they seem to be. These are elementary and vital
safeguards which no investor can afford to neglect.
And so in closing, I urge with all sincerity and seriousness that you
appreciate your vital interest in security markets. Realize how they
affect you. Realize when investing the necessity of dealing with financial
houses of reputation and established responsibility—houses whose operations are controlled not only by law but by their own pride in fair dealing.
Brokers Must Report Customers' Transactions for 1934
When Above $25,000—Data Required by Commissioner of Internal Revenue
The Commissioner of Internal Revenue recently instructed
brokers and other agents in stock, bond and commodity
transactions, including banks which handle orders for
Richard Whitney of New York Stock Exchange Urges depositors or custodian accounts, to report the names and
Public to Invest Only on Recognized Security addresses and total purchases and sales of all customers whose
Markets—Says Interest in Securities Is National aggregate transactions amounted to more than $25,000 in
In Scope—Warns Against Unscrupulous Security
1934, according to a Washington announcement of Jan. 30.
Salesmen
should This order was issued under Section 149 of the Revenue Act
A warning that investors in buying securities
that brokers shall render a return, when
select those which are sold on recognized stock exchanges, of 1934, providing
and under his rules, showing
the wandering security salesman whose bait is required by the Commissioner
and "shun
such details as to customers' profits and losses and other data
quick wealth, whose weapon is a flow of language and whose
Commissioner to determine whether all
usual defense is disappearance," was sounded Jan. 30 by as will enable the
Stock Ex- income taxes due on profits and gains have been paid. The
Richard Whitney, President of the New York
returns is outlined in Treasury decision 4,510.
change, in the first of three radio talks to be given over form for such
A Washington dispatch of Jan. 30 to the New York "Sun"
National Broadcasting Company.
Station WEAF of the
regarding the form of report:
Mr. Whitney, whose subject was "The Investor and Security added the followingincludes the name and address of the customer and
Information required
Markets," pointed out the great interest which the average the title of the account, the name and address of the broker or agent, the
American citizen has in investments. About 15,000,000 names and addresses of the guarantor of the account and others with power
investors, he said, are holders of stocks and bonds, while to make withdrawals of cash, securities or commodities from the account,
and, with certain exceptions, the total of the purchases and the total of
banks have approximately 63,000,000 accounts and insur- sales made for the customer or account.
ance companies purchase securities on behalf of 64,000,000
policyholders.
New York Stock Exchange Polls Members on SEC Proposals—Gives Special Consideration to Suggestion
The interest in securities is thus not limited to a small
that Office Partners of Registered Firms Be Eligible
or privileged class, but is truly national, embracing every
for Governing Committee
family in the country, Mr. Whitney said. There are two
The New York Stock Exchange yesterday (Feb. 1) sent
purposes of securities markets, he declared: "the
prime
of
service of information warranty," assuring the investor that to members a communication requesting the opinions
the proposals of the Securities and Exchange
the securities which he buys are really shares in a going members on
securities
business and that the facts regarding this business are Commission for changes in methods of directing
Committee of the
regularly published, and the factor of marketability, which exchanges. The letter said that the Law
special consideration to the recommendameans "that the investor can buy and sell his securities at Exchange is giving
tion that office partners of registered firms be made eligible
short notice on a market where brokers representing other
Committee. The text of
investors from all parts of the world will make bids or offer for membership on the Governing
the letter is given below:
stock."
To the Members of the New York Stock Exchange
In discussing this question of the value of securities
There is enclosed herewith for your information a reprint of the Report
on the Government of Security Exchanges,submitted by the Securities and
markets, Mr. Whitney said, in part:
The tragic fact—and I say "tragic" advisedly—is that these magnificent
facilities are ignored each year by thousands of people who can ill afford
to do so. The country to-day is overrun by eloquent, high-pressure,
unscrupulous security salesmen offering worthless stocks to people who
cannot afford to buy them. These men, armed with a persuasive patter
and a glittering presence, paint a picture of future wealth to which millions
of innocent investors have succumbed to their own ultimate sorrow. They
are security racketeers extracting the hard won savings of workers, widows
and the aged. The statements which these men offer to their prospects
are bound by no limitations save their own imagination. They operate
from fugitive headquarters. Thus when the investor finally discovers
that he has paid an extortionate price for an engraved certificate or any
price for a worthless certificate it is impossible to discover the salesmen
or the office, if any,from which the crooked salesmen operated.
There are certain simple precautions which the investor who is about
to buy securities should observe. Organized markets exist for the service
of this investor. Their exacting listing requirements and the necessity
for periodic publication of income and balance sheet statements are devised
for the protection and information of the investor.
It is not necessary for this investor to examine or understand such information from the point of view of the accountant. This is at times complicated and calls for study by men skilled in reading corporate reports.
The information is nevertheless a groat protection to the investor, In the
first place the facts submitted are accurate. They record the position
and operating experience of companies which actually exist. If the information is misleading or inaccurate in any material respect remedies at
law are available. Furthermore, the corporation itself can always be
found.
The greatest protection of the investor is the action of the market itself.
Although he may not be able to understand corporate statements there are
thousands of shrewd investors and traders to whom a study of corporate
records is a profession. Due to the open character of the market place
these men must share their knowledge and skill with the public. When
they buy and sell securities the transactions are a matter of public record.
Thus if the investor wishes to buy a hundred shares of RED common it is
not necessary for him to accept the glib and unverified statement of a
salesman about whose record and honesty he can know nothing. By
looking at the daily report of the market published in every important
newspaper in the land he can avail himself of the combined judgment of
thousands of competent traders and professional investors. He knows
what he is buying and he knows what the rest of the world,the well-informed
world, believes that security to be worth at the time.
I cannot urge too strongly the caution and warning that every investor
should shun the wandering security salesmen whose bait is quick wealth,
whose weapon is a flow of language and whose usual defense is disappearance. If you wish to invest, do so through an established, responsible
security house. Buy securities which are listed on registered or organized
markets. Under the two security laws passed by Congress the Government itself has stepped in to reinforce the established security markets in
Exchange Commission to the Congress of the United States on Jan. 25 1935.
The Law Committee of the Exchange is engaged in considering this
report and particularly at this time the second recommendation, which is
specifically referred to on pages 11 and 12 of the report, to the effect that
office partners of registered firms should be eligible for membership on the
Governing Committee.
The Law Committee desires to hear the views of members or their partners on this question and requests that they communicate with the Committee either by letter or by personal appearance. The Secretary's Office
will fix a time and place of meeting upon request.
ASHBEL GREEN, Secretary.
Guaranty Trust Co. Sees U. S. Approaching "Psyschological" Limit of Debt—Near Point Where Further
Increases May by Discouraging Initiative, Defeat
Efforts Toward Recovery—Cites Differences Between Fiscal Policies of Great Britain and U.S.
The Government's success in floating its securities indicates that its credit is sound and that probably our debt
could be increased to a higher level without impairing the
confidence of investors, states the Guaranty Trust Co. of
New York in discussing the public debts of the United States
and the United Kingdom in the issue of "The Guaranty
Survey," its monthly review of business and financial conditions in this country and abroad, published Jan. 28.
"Nevertheless," the "Survey" observes, "even though it
is apparent that we have not yet approached the mathematical limit of the public debt figured strictly in terms of
our population and national wealth, there is room for the
view that we are approaching the psychological limit—that
is to say, that our public debt is reaching a point where
further large increases may, by discouraging individual
initiative, defeat the very purposes for which the debt is
being created, namely, to stimulate recovery." Continuing,
the "Survey" says:
The publication of the President's estimate of the Government's financial
requirements for the year 1935-1936 raises the question of how far our
public debt may safely be expanded and of the extent to which the huge
outlays of money are justified by the measure of recovery that the expenditures promote. In attempts to answer these questions, we frequently hear
it stated that the debt of this country is less than that of the United
720
Financial Chronicle
Kingdom. It is usually pointed out that, while the public debt of the
National Government of the United Kingdom is larger than ours is expected
to be in 1936, great progress toward recovery has been made in that
country, with the inference that a large debt is not necessarily an obstacle
to business revival. Furthermore, it is pointed out that, inasmuch as our
population is about 21 times larger, we should be able to support a public
/
2
debt proportionally greater.
Contrast in Financial Policies
There appears to be a fundamental difference in the fiscal policies of
the United Kingdom and the United States. Our Government has adopted
the theory that the road to recovery lies in public expenditures which place
purchasing power in the hands of consumers. The United Kingdom, on
the other hand, has operated on the principle that business confidence
inspired by a balanced budget will bring about an expansion in economic
activity that will reduce unemployment and stimulate trade. The British
Government attempted to balance its budget for the year 1930-1931 by
reducing expenses and increasing taxation, but the results were not entirely
satisfactory. As a result of further Government economies and additional
tax increases, the budgets for the last two fiscal years have been made to
balance in total.
When comparing the financial status of the two nations it appears that
the financial policy of the United Kingdom is fairly well established.
Business men in that country know what to expect along this line when
making plans and commitments for the future. It is true that taxes in
the United Kingdom are extremely high, but it is known that the Government is operating on a balanced budget and is not anticipating further
increases in the public debt. It is realized that while the national debt
is large, it has existed for several years and the country has weathered
one of the worst depressions in history without material debt increase.
The securities representing these obligations have had sufficient time to be
"digested" by the permanent investing public and institutions.
Uncertainties Surrounding Our Public Debt
The situation in this country is the opposite, and, therefore, is surrounded by doubts and uncertainties. Our budget is far out of balance,
and no effort will be made during the coining year to bring it into balance.
On all sides• people are anxiously inquiring whether the huge amount of
Government bonds outstanding can be prevented from serving as the basis
of a credit inflation. Can private enterprise, retarded by impaired confidence arising out of the Government's financial policy, absorb those
now employed by Government funds when a continuation of such spending
is no longer possible ? Can the Government meet the payments on the
public debt without resorting to further currency debasement or a level
oi taxation that will cripple private business and discourage individual
Initiative? These questions are for the future to answer.
Those who find comfort in the thought that, even though this nation
heavily in debt, the Government of the United Kingdom is more so,
would be less optimistic if they fully realized what that debt has meant
to British taxpayers. An unmarried individual in the United Kingdom
with an earned income equivalent to $2,000 a year pays a tax of $149.06,
or approximately 14% of his taxable income, which amounts to $1,100,
after deductions are made for personal exemption and credit for earned
income. A similar income in the United States is liable to a tax of $32.
A married man with no children, having an earned income of $3,000, pays
an income tax of $272.81, whereas an individual in corresponding circumstances in this country pays only $8 to the Federal Government.
By way of summary, although the total debt of the United Kingdom is
somewhat smaller than our currently contemplated total, it is much larger
on a per capita basis. The outstanding differences in the financial situations in the two nations that should discourage reckoning our safe debt
level in terms of the per capita debt of the United Kingdom are as follows:
(a) The budget of the British nation is balanced, and it appears to be
the intention to keep it in balance.
(b) Our budget shows a large deficit, and the Administration has given
no assurance when it will be balanced.
(c) The British Government is paying current expenses out of current
Income, while approximately half of our Government's expenditures during
the next fiscal year will be paid out of anticipated taxes of future gem
erations.
(d) The carrying charges of the British debt have been declining.
(e) And last, but by no means least, is the fact that a large and increasing proportion of the securities of the United States Government is in the
form of recently-issued short-term obligations held by the banks; and it
is yet to be determined who will be their ultimate holders and what part
they will play, perhaps involuntarily, in the future credit structure of
the nation.
Court Holds New Jersey Bank Act of 1933, Providing
for Reorganizations, Unconstitutional—Law Affects 20 Institutions Since Reopened
The New Jersey law of 1933, providing for reorganization
of banks in that State, under which more than 20 banks are
now operating, was declared unconstitutional Jan. 31 in a
decision by Circuit Court Judge William A. Smith of Newark
who said that a depositor in a State bank that was closed
because of impairment of assets was entitled to a judgement
in full for the amount of his deposit, if he did not consent to
the reorganization plan under which the bank reopened. A
dispatch, Jan. 31, to the New York "Times" from Newark
gave further details of the decision as follows:
The decision was in the suit brought by the estate of Abraham Fischman
against the Clinton Trust Company, for the balance of the $7,780 which
stood to the credit of the estate when the bank closed in March 1933. The
reorganization plan, which under the law required the assent of 75% of the
creditors, provided that about one-half of the sums credited to depositors
should be given to them in stock and participation certificates. The estate,
which did not consent to the plan, was credited, when the bank reopened,
with $4,125 cash. It withdrew that sum and sued to collect the balance.
The State Department of Banking and Insurance as well as the Reconstruction Finance Corporation joined in the defense. The answer to the
suit set up that the reorganization statute was necessary in an emergency,
that it was within the police power of the State, and that the plaintiff's
withdrawal of the amount credited to it on reopening of the bank amounted
to approval of the reorganization.
The court sustained the plaintiff's motion to strike out the answer as
frivolous and entered a summary judgment for the plaintiff for the balance
claimed.
Feb. 2 1935
Judge Smith held the reorganization statute violated the Constitutions
of the United States and of New Jersey. He held that the State's police
power "has its limitations," that the act did not mention an emergency,
and that the reorganization did not change the original relationship of
debtor and creditor.
The opinion pointed out that the statute required only the determination
of the corporation itself as to the propriety of the change in obligation to
the creditor and the consent of the Commissioner of Banking and Insurance,
thereby depriving the plaintiffs of their property without due process oflaw.
Committee of Stock Exchange Members Recommends
Changes in Brokerage Business—Would Increase
Commission Rates
A change in the type of business carried on by members
of tke New York Stock Exchange, with greater emphasis
on the rendering of investment service, was advocated in a
memorandum made public yesterday by a committee of
Exchange firm members, which also asked that commission
rates be increased to an average of 163/87 to restore the
0
gross income of 1924-25 to the brokerage business of to-day.
The committee's regulations were noted in part as follows
in the Brooklyn "Eagle" of Feb. 1:
The memorandum sent to a number of members of the New York Stock
Exchange contains a resolution adopted by a number of brokers. Signed
by Hallam Boyd of Frazier, Jelke & Co., Ruloff E. Cutten of E. F. Hutton
& Co., and Robert W. Atkins of Abbott, Proctor & Paine, it suggested to
the advisory committee of the Association of Stock Exchange Firms, a
schedule of minimum commissions which it is believed, "would not have
an adverse effect on volume."
A letter to members by Mr. Boyd accompanies the memorandum. It
points out that stocks listed on the New York Stock Exchange averaged
on Oct. 1 1925. 966.26 a share, and at that level was a gross income of
$17.50 per 100 shares. An adjustment could be made in commissions to
provide a gross of $17.50 on the present average market price of approximately $25 per share, the letter states.
A comparison of commission rates on the London, Montreal, Toronto,
Cleveland and Cincinnati Stock Exchanges is contained in the memorandum,
which shows the rates outside of New York on the average are higher,
particularly in the higher brackets.
Separation of Functions of Member Banks of Federal
Reserve System—Suggestions by J. Lionberger
Davis of St. Louis Respecting Various Phases of
Banking, viz; Commercial, Savings, Trust, Investment and Mortgage Loan—Views on Branch
Banking
Suggestions as to the separation of functions of member
banks of the Federal Reserve System, embodied in a memorandum prepared by J. Lionberger Davis, Chairman of the
Board and President of the Security National Bank Savings
& Trust Co. of St. Louis, contains also some observations
on branch banking—as to which the memorandum says:
Within suitable and reasonable areas it would seem wise from every
point of view to permit and encourage branch banking—not to concentrate
great power in the hands of a few not to permit the domination of local
interests by great banks in New York, Chicago or elsewhere, but to make
possible an economical, safe and serviceable banking system for the mutual
benefit of shareholders, depositors, beneficiaries of trusts and borrowers.
In presenting his conclusions Mr. Davis says, "it may be
suggested that there can be a combination of commercial
savings, investment and trust banking service in and by
one institution (including branches within a reasonably
restricted geographical area) if commercial deposits are
segregated by law and proper legal safeguards are thrown
around a separate department which will insure by lien or
otherwise, a specific protection, by certain definite assets,
deposits subject to withdrawal on demand and trust funds
and savings deposits respectively.
It is proper to state that the memorandum which has just
been made available for publication by Mr. Davis, was prepared by him in December 1932 for the Chairman of the
Board and Federal Reserve Agent of the St. Louis Federal
Reserve Bank, both the latter and Mr. Davis discussing it
with several other Federal Reserve agents in Washington,
to most of whom,it is said, the suggestions seemed to appeal.
The morandum of Mr. Davis follows in full:
MEMORANDUM ON SEPARATION OF FUNCTIONS OF MEMBER
BANKS OF FEDERAL RESERVE SYSTEM
By J. Lionberger Davis, St. Louis, Mo.
Banking may be divided into four main parts:
1. Commercial.
2. Savings, Investment and Trust.
3. Origination and Distribution of Securities.
4. Mortgage Loan.
I.—Commercial*
Commercial banks should perform the primary function of accepting deposits payable on demand, loaning funds for short periods of time for productive uses to borrowers who should be able to liquidate their obligations
by the sale of what they produce within a reasonable time. Funds which
cannot be loaned in such a way should be employed in short-dated sound
securities, Government, State, municipal and(or) private corporations.
II.—Savings. Investment and Trust*
There should be banks and(or) trust companies (not doing a commercial
banking business) which combine the services of accepting savings deposits,
giving investment counsel, safekeeping of securities for clients and the
rendering of trust service in a professional capacity subject to all the rules
of equity which apply to the relationship between trustee and cestui qui
trust or beneficiary.
Financial Chronicle
Volume 140
111.—Securities or Investment Corporations
These companies should have no connection, directly or indirectly, with
either (1) Commercial, or (2) Savings, Investment and Trust institutions.
Securities and Investment Corporations should be merchants, frankly
and openly selling securities with a true and full statement of the essential
facts relating to each and every offering. Such companies should not
masquerade as bankers, investment advisors or counsellors. They are or
should be honest merchants who state and warrant the material facts and
who are or should be held strictly accountable for the statements of fact
made by them.
*These two functions may be performed by the same institution (see paragraph
hereof next preceding Summary).
IV.—Mortgage Loan
Except for a reasonable amount of mortgage loans which may be made
and held by banks which have savings deposits, it would seem wise to have
the mortgage business conducted by separate institutions in order that
such a form of credit might be extended or renewed on its own merits and
not governed, as at present, by the actual or fancied necessities otbanks of
deposit. In this connection it is suggested that where mortgage loans are
held in the portfolios of banks with savings departments, it would be wise
to require about 5% per annum of the principal to be paid off each year;
with, however, a suitable provision in the mortgage or deed of trust for
the postponement of principal payments if, when and as extraordinary
credit situations like the present one should prevail. It might be wise also
to provide some form of rediscount for mortgage notes when an emergency
such as the present one prevails.
One of the most tragic and serious results of our present banking practice
and credit situation is the daily spectacle of absurd contraction of legitimate
credits to solvent mortgagors who for the time being are embarrassed,
often because they cannot collect what is due them for goods sold or services
rendered. Many a worthy borrower has been ruined and his home or
place of business lost because of the very natural apprehension of his banker
who has been fearful that the depositors in his bank might demand their
money in a time of panic. It would seem, therefore, a sound principle
to provide as far as practicable for a separation of mortgage loan banking
from ordinary deposit banking.
Unfortunately, the most devastating results have come from the practice
of neighborhood banks, which held many real estate loans on buildings in
their neighborhoods, which made it most difficult for themselves and the
borrowers to respond in cash to the demands of frightened depositors.
If these three groups of banking companies can be properly and intelligently separated from one another and each in its separate field wisely and
honestly conducted, under adequate public supervision, we should have a
more efficient banking system and greater safety for those who must use
our banks, trust companies and security corporations.
There remains another question which is more difficult to define accurately. All banking depends upon confidence or credit; upon character and
intelligence. Furthermore, there must be some reasonable assurance of
economic necessity and of economic and financial responsibility for banks.
Branch and(or) chain banking is a highly controversial subject and
arouses opinions often influenced by selfishness, passion or prejudice.
Sound banking should be a profession in most of its functions. Unfortunately, many bankers lack the background, education, experience and point
of view needed to safeguard the funds entrusted to their care.
Rural and neighborhood banks and their unfortunate depositors have
suffered grieviously, not only during the present economic and financial
convulsion, but even in more normal periods, because of the incompetence
of their managements and the faulty banking system and practices throughout our nation.
Many banks exist, or shall we say survive, which have weathered the
storm only because of temporary relief through the Reconstruction Finance
Corporation; but which are menaced by fundamental conditions which in
the long run may cause their downfall.
Too many small banks. and some larger ones, are manned by former
real estate men or merchants who do not know the elements ofsound banking and much less the principles of trust service which underlie and should
control the performance of professional duties in banking as in the professions
of law, medicine and engineering.
In addition, capital funds are often wholly or partially inadequate to
provide reserves and cushions for the shocks of stormy times.
Within suitable and reasonable areas it would seem wise from every
point of view to permit and encourage branch banking—not to concentrate
great power in the hands of a few nor to permit the domination ot local
Interests by great banks in New York, Chicago or elsewhere, but to make
possible an economical, safe and serviceable banking system for the mutual
benefit of shareholders, depositors, beneficiaries of trusts and borrowers.
Too many small banks or banks with incompetent management are tempted
by high rates of interest in a futile attempt to sustain an excessive overhead.
Too many trust officers are controlled by a false conception of the trust
relationship or by bank officers and directors who seek profits not justified
by the rules of equity. Hidden profits, arising from ownership of securities
affiliates or from bond departments, are insidious influences either to lean
over forward in greed or lean backward in fear of being misunderstood.
Trusteesshould have only one interest—the welfare of their beneficiaries;and,
one compensation—a fee or commission openly agreed upon or fixed by law.
No bank or trust company should give investment advice or counsel if
it has a shelf from which securities are sold. As well consult a physician
who prescribe medicines, in which he has a proprietary interest, as to consult a banker or trust officer whose institution sells securities. Either such
officers will recommend what their bond departments or affiliates have for
sale or, fearing to do that, recommend other securities which may not be as
good as those they have or sale.
The causes of temptation or poor judgment should be removed by a
proper separation of functions.
In conclusion it may be suggested that there can be a combination of
commercial savings, investment and trust banking service in and by one
institution (including branches within a reasonably restricted geographical
area) if commercial deposits are segregated by law and proper legal safeguards are thrown around a separate department which will insure by lien
or otherwise a specific protection, by certain and definite assets, deposits
subject to withdrawal on demand, and trust funds and savings deposits
respectively. An analogy to this proposal is the law and practice of many
states which requires the specific deposit of securities to protect trust funds
being administered by National banks and trust companies at the present
time. Another analogy is the requirement by public bodies of special
security for public deposits in banks and trust companies, which have been
upheld by numerous court decisions in many jurisdictions.
Summary
To sum up the foregoing memorandum, we may say that no man can
serve two masters, no true trustee can be permitted to profit from the
administration of a true except to the extent of an agreed upon or legally
need fee, and that no institution should be tempted or allowed to operate
in a way which is dangerous to itself and to those who entrust to it what
should be a trust to be performed sacredly and wisely.
721
FDIC Suspends Indefinitely Order Calling for Interest
Rate Reduction to 2
by Insured Banks—Action
of Federal Reserve Board Lowering Rate of Member
Banks Effective Yesterday (Feb. 1)
The Federal Reserve Board's requirement that the maximum rate of interest that may be paid on time and savings
deposits by member banks, be reduced from 3% to 2
became effective yesterday (Feb. 1). Reference to the
Board's action, which was announced Dec. 15, was made
in our issue of Dec. 22, page 3882.
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, announced on Jan. 31 an indefinite
postponement of the order of the Corporation limiting to
25/% the rate of interest to be paid by insured banks which
are non-members of the Federal Reserve System. The
order, which was announced at the same time of the Federal
Reserve Board's action, was also to become effective yesterday (Feb. 1). It was stated Jan. 31 that no action will be
taken until Congress specifically confers authority on the
FDIC to limit the rate of interest of insured banks. The
legality of the Corporation's order was questioned by Senator
Carter Glass in a letter, dated Dec. 18, to C. S. Hamlin,
of the Federal Reserve Board. On Jan. 2 the FDIC suspended its order until Jan. 31 pending Congressional action.
Reference to Senator Glass' letter, and to the suspension
of the order to Jan. 31, was made in our issues of Dec. 29,
page 4057, and Jan. 5, page 44, respectively.
New Offering of 182
-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To be Dated Feb.
6 1935
Tenders to a new offering of $75,000,000 or thereabouts
of 182
-day Treasury bills, to be dated Feb. 6 1935, were
invited on Jan. 31 by Secretary of the Treasury Henry
Morgenthau Jr. The tenders will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, Feb. 4; they will not
be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will mature on Aug. 7 1935, and on the
maturity date the face amount will be payable without
interest. The tenders to the new offering will be used to
retire an issue of similar securities in amount of $75,327,000
which will mature on Feb. 6. In his announcement of
Jan. 31 Secretary Morgenthau said:
They (the billsy will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1.000.000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders oh Feb. 4 1935.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must
be made at the Federal Reserve banks in cash or other immediately available
funds on Feb. 6 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
imposed by the United States or any of its possessions.
$75,106,000 Accepted of $203,618,000 Received to Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills Dated Jan. 30 1935—Average Rate
0.14%
Of tenders totaling $203,618,000 received to the offering
of $75,000,000, or thereabouts, of 182-day Treasury bills,
dated Jan. 30 1935, and maturing July 31 1935, Henry Morgenthau Jr., Secretary of the Treasury, announced, Jan. 28,
that $75,106,000 were accepted. The tenders to the offering,
which was referred to in our issue of Jan. 26, page 560, were
received at the Federal Reserve banks and the branches
thereof up to 2 p. m., Eastern Standard Time, Jan. 28. Secretary Morgenthau Said:
The total amount applied for was $203,618,000, of which $75,106.000
was accepted. The accepted bids ranged in price from 99.960, equivalent
to a rate of about 0.08% per annum, to 99.928, equivalent to a rate of
about 0.14% per annum, on a bank discount basis. Only part of the
amount bid for at the latter price was accepted. The average price of
Treasury bills to be issued is 99.931, and the average rate is about 0.14%
per annum on a bank discount basis.
Two previous issues of bills, dated Jan. 23 and Jan. 16
1935, sold at average rates of about 0.15%. Other recent
Issues brought rates of 0.12% (bills dated Jan. 9), 0.10%
(bills dated Jan. 2), 0.12% (bills dated Dec. 26), 0.16%
(bills dated Dec. 19), and 0.20% (bills dated Dec. 12).
Interest Rate on Government Debt Lowest Since 1916
According to a compilation by the Treasury, at the beginning of the year the average interest charge paid by the
Government on all outstanding obligations which made up
the interest bearing debt was 2.96% computed on an annual
basis. In noting this, Washington advices Jan. 26 to the
New York "Times," added:
The figure dropped below the 3% level for the first time since 1916, or
prior to the entry of the United States into the World War and the amassing
of a large Federal indebtedness.
The highest average interest charge over the period, computed on the
annual basis, was 4.339 on June 30 1921. Beginning with June 30 1934,
with refunding operations and ability to borrow money at relatively low
rates, the average on all forms of outstanding securities was brought down
to 3.181%.
Since that time, with one interruption on Aug. 31 1934, there has been
a gradual and continuing decrease.
Debt Figures Since 1916
The following table gives the picture since 1916.
8971.562,000
2,712,549,000
11,935,882,000
25,234,496.000
24,061,095,000
23.737,352.000
22.711,035,000
22,007,590,000
20,981,586,000
20,210,906,000
19,383,770,000
18,250,943,000
17,317,695,000
16,638,941,000
15,921,892,000
16,519,588,000
10,161,273,000
22,157,643,000
26,480,487,000
823.084.000
83,825,000
468,618,000
1,054,204.000
1,018.592.000
1,029,917,000
962,896,000
927,331,000
876,960,000
329,630,000
793,423,000
722,675.000
671,353,000
656,654,000
606,031,000
588,987.000
671,604,000
742,175,000
842,301,000
26,604,581,000
26.495,065,000
26,626,131,000
26,643.039.000
26,760,967,000
27.944.037.000
845,105,000
843,071,000
830.178,000
809.640,000
808.412,000
827.106.000
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00,0°000
Computed
Computed Annual
Rate of Interest
Interest Charge
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June 30 1916
June 30 1917
June 30 1918
June 30 1919
June 30 1920
June 30 1921
June 30 1922
June 30 1923
June 30 1924
June 30 1925
June 30 1926
June 30 1927
June 30 1928
June 30 1929_ _ _.
June 30 1930
June 30 1931
June 30 1932
June 30 1933
June 30 1934
Month Ended-July 1934
Aug. 1934
Sept. 1934
Oct. 1934
Nov. 1934
Dec. 1934
Interest
Bearing Debt
www5app
Year Ended
The ability of the Treasury to market bonds and Treasury notes at low
interest rates in the last few months because of the large accumulation of
excess bank reserves available for investments has played an important
part in the steady reduction in the level of the average interest rate paid on
Government securities.
Receipts of Hoarded Gold During Week of Jan. 23,
$879,240—$33,850 Coin and $845,390 Certificates
Figures issued by the Treasury Department on Jan. 28
indicate that gold coin and certificates amounting to
$879,240.36 was received during the week of Jan. 23 by the
Federal Reserve banks and the Treasurer's office. Total
receipts since Dec. 28 1933, the date of the issuance of the
order requiring all gold to be returned to the Treasury, and
up to Jan. 23, amount to $114,885,585.49. The figures
show that of the amount received during the week ended
Jan. 23, $33,850.36 was gold coin and $845,390 gold certificates. The total receipts are shown as follows:
Received by Federal Reserve Banks=
Week ended Jan. 23 1935
Received previously
Total to Jan. 23 1935
Received by Treasurer's Office—
Week ended Jan. 23 1935
Received previously
Gold Coin
833,850.36
29,767.959.13
Gold Cif's.
3838,290.00
81,998,780.00
829,801,809.49
582,837,070.00
5259.306.00
37,100.00
1,980,300.00
$1,987,400.00
8259,308.00
Total to Jan. 23 1935
NOTE—Gold bars deposited with the New York Assay Office to the amount of
8200,572.69 previously reported.
Interest on National Debt Absorbs 22 Cents Out of
Taxpayer's Dollar—Figure Compares with 2 Cents
Before War
Twenty-two cents out of every Federal taxpayer's dollar
pays interest on the National debt, compared with only
two cents before the war, Treasury figures showed on Jan.29,
it was stated in United Press advices on that day from Washington to the New York "Sun," which further said:
Out of this fiscal year's Federal Government income of 33.711.660,688
Treasury statisticians estimated that $835,000,000 would be spent for
interest charges on the present peak National debt of$28.500.000.000. This
is the highest single Item in the cost of running the Federal Government.
In the 1917 fiscal year interest charges took only 324,742.702 of the
Government's $1,124,324,795 income.
In the 1867 fiscal year. when the Civil War debt reached its peak, interest took 3143.781.592 of the Government's $490,634.010 income, or
29 cents out of each dollar. In 1792 interest took $3,201,628 of the Government's 34.418.913 income, or 72 cents of each dollar.
A further increase in the debt charges is contemplated in the new fiscal
year beginning June 30. next, when Government officials predict the public
Feb. 2 1935
Financial Chronicle
722
debt will reach another record peak of $34,238,000,000, on which, because
of lower interest rates, the Government will pay only 3875.000,000.
This will be lower, however, than the peak interest charges of $1,066,
923,690 in the fiscal year 1923, when the Treasury launched its war debt
liquidation program at high interest rates.
Silver Transferred to United States Under Nationalization Order-62,077 Fine Ounces During Week
of Jan.26
During the week of Jan. 25 a total of 62,077 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on Jan. 28 .
showed that receipts since the order was issued and up to
Jan. 25 total 112,045,302 fine ounces. The order of Aug. 9
was given in our issue of Aug. 11 1934, page 858. The
statement of the Treasury of Jan. 28 shows that the silver
was received at the various mints and assay offices during
the week of Jan. 25 as follows:
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Oonces
389
13,5781 New Orleans
538
15,167 Seattle
30,6931
1,714 I Total for week ended Jan. 25_ _ 62,077
Following are the weekly receipts tince the order of
Aug. 9 was issued:
Week Ended—
Aug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Sept. 14 1934
Sept. 21 1934
Sept. 28 1934
Oct. 5 1934
Oct. 12 1934
Oct. 19 1934
Oct. 26 1934
Nov. 2 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
Week Ended—
Nov. 9 1934
Nov. 16 1934
Nov.23 1934
Nov. 80 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
Fine Ounces
3,685,239
338,191
261.870
88.882
292,358
444.308
892,795
63,105
309,117
535,734
75,797
82,077
Mints Received 973,304.97 Fine Ounces of Silver from
Treasury Purchases During Week of Jan, 26
According to figures issued Jan. 28 by the Treasury Department, 973,304.97 fine ounces of silver were received by
the various United States mints during the week of Jan. 25
from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 21 1933. The proclamation, which was referred to in our issue of Dec. 23 1933,
page 4441, authorized the Department to absorb at least
24,421,000 fine ounces of newly-mined silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 23,920,000 ounces, it was indicated by the figures issued Jan. 28. Of the amount purchased during the
week of Jan. 25, 566,820.41 fine ounces were received at the
Philadelphia Mint, 335,208.56 fine ounces at the San Francisco Mint, and 71,276 fine ounces at the Mint at Denver.
During the previous week, ended Jan. 18, the mints received
732,209.64 fine ounces. The total receipts by the mints
since the issuance of the proclamation follow (we omit the
fractional part of the ounce):
Week Ended—
1934—
Jan. 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. 8
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
•Corrected Mime.
Ounces
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271.800
126,604
832,808
389.844
354.711
569,274
10,032
753,938
438,043
647,224
800,831
503,309
885.058
295.511
200,897
208,790
380,532
84,047
*1.218.247
230,491
Week Ended—
July 20
July 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
Dee. 7
Dec. 14
Dec. 21
Dec. 28
-1935
Jan. 4
Jan. II
Jan. 18
Jan. 25
Ounces
115.217
292.719
118.307
254,458
849.717
378,504
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
487.893
648,729
797.206
484,278
487.385
504.363
732.210
073,305
Treasury Resumes Heavy Silver Purchases in World
Markets—Imports for Week Ended Jan. 26 Totaled
$8,405,797
The United States Treasury has resumed heavy silver
purchases in foreign markets, according to statistics made
public yesterday (Feb. 1) by the Department of Commerce.
Silver imports for the week ended Jan. 25 amounted to
$8,405,797, as compared with $5,097,710 in the preceding
week and $1,725,732 in the week ended Jan. 11. United
Press Washington advices of Feb. 1 analyzed these figures
as follows:
As these large imports were far in excess of American needs, it was
assumed most of them represented direct Government purchases in its
silver rehabilitation program.
The silver purchase act of 1934 provides for silver purchase until the
value of the Government's monetary silver stocks equal ono-third the value
Volume
140
Financial Chronicle
of the gold stocks. More than $1,000,000,000 of silver is expected to be
acquired eventually if this ratio is to be reached.
The silver import figures for the week ended Jan. 25 showed that a
decreasing amount of the metal was being taken from China, where depletion of silver stocks has caused a crisis.
Of the $8,405,797 imports, $7.592,534 came from the United Kingdom;
8140,960 from Mexico, $152.856 from Peru and $468,354 from Hongkong.
Purchase by Cuba of Silver Bullion For Coinage of
10,000,000 Pesos
It was made known in advices from Washington on Jan.
30 that the Cuban Government and the Second Export
Import Bank have reached an agreement for the purchase
by Cuba of silver bullion sufficient to provide for the coinage
of ten million Cuban pesos. Associated Press accounts
from Washington Jan. 30 said:
The State Department said to-day purchase of silver required by the
Export-Import Bank to fulfill the contract has been completed.
Arrangements have been made through the Treasury Department for
prompt minting of the silver into pesos by the Philadelphia mint.
A similar arrangement by the Export
-Import Bank,involving the coinage
of ten million Cuban pesos, was made on April 30 1934.
The amount of silver involved was not given. At that time the Cuban
silver purchases amounted to approximately seven and one-half million
ounces at a total cost of $3,588,568.
Gold Clauses in Public and Private Contracts Illegal
in Nebraska Under Bill Signed by Gov. Cochran
Private and public contracts containing gold clauses are
illegal in Nebraska, under a bill signed on Jan. 31 by Gov.
R. L. Cochran. Associated Press accounts from Lincoln
(Nebraska) Feb. 1 stated that the bill had passed both
houses of the Legislature with little opposition, and added:
As the bill carried an emergency clause it became a law as soon as signed
by the Governor.
Thus on the first birthday anniversary of the devalued dollar, Nebraska
became the first State to outlaw gold clauses.
The move to drop gold clauses from contracts in the State
was referred to in our issue of Jan. 19, page 401.
Holland Firm for the Gold Standard
The Government of Holland reiterated,on Jan. 26 its
firm decision to maintain the gold standard, in a written
answer to budget speeches on the floor of the Senate. Advices to this effect were contained in Associated Press
advices from Amsterdam, which added:
Declaring it would continue to offer unflinching resistance to devaluationists, the Government's statement said that devaluation of the guilder
would only hinder economic revival and might bring serious consequences
for which the Government did not wish to be responsible.
The Netherlands maintains an attitude of complete independence of
other gold-bloc countries, according to the statement and should one of
these be obliged to depart from the gold standard Holland would not have
to take any similar .step.
Pending Gold Cases Before United States Supreme
Court—W. J. Wollman & Co. Call Attention to
Major Questions Presented by the Issue
Gold contracts and major questions invited by the cases
before the United States Supreme Court are discussed in
the weekly letter, dated Jan. 18, of W. J. Wollman & Co.
These comments, the letter observes, have been prepared
for the firm "by a leader in the business world" who, it is
added, "can well be considered an outstanding student of
general conditions." We quote, in part, what is said in the
letter as to the major questions incident to the pending
cases:
(1) Did Congress have the power to delegate authority to the President
to fix the gold content of the dollar in varying amounts ranging between
so% and 60% as he might, in his discretion, conclude? Did Congress
have the power to authorize the President, through the Treasury, legally
to control the rates of exchange?
The Constitution of the United States says "the Congress of the United
States shall have the power to coin money, regulate the value thereof and
of foreign coin, and fix the standard of weights and measures."
It may be, in connection with this first question, that the Supreme
Court, in line with the oil decision, shall conclude that Congress exceeded
its power in its attempt to delegate the power to fix the gold content of
the dollar to the President. The decision will be important with respect
to delegated powers. In its immediate effect upon the affairs of the
country it will not be as important as the public seems to think. If the
Supreme Court decides that the Congress could not delegate its power,
Congress will no doubt within 24 hours promptly reassume the power by
specifically validating the President's act by resolution and arranging
under the same resolution for him to secure the approval of Congress in
connection with any further change.
(2) Can a private contract under which a debtor agrees to pay a creditor
principal and interest in "gold coin of the United States of America equal
to the present standard of weight and fineness" be altered in effect through
a change by Act of Congress in the standards of all gold coin of the
country? The language used is taken from a railroad bond. In gold
contract bonds the language may vary, but in substance the meaning is
the same. The intent is that payments should be made only in gold coin
of kind current when the contract was made.
(3) Shall the owner of a gold certificate be able to demand that the
Government carry out the terms of that certificate and give him the gold
dollars of the weight and fineness for which in substance he claims it to
be a receipt?
(4) The Government in the last 40 years has issued many obligations
to private purchasers, and in return for the money that they have sup-
723
plied, the Government has obligated itself to repay them principal and
interest in gold coin of the current weight and fineness. Can the Government now decline to recognize the terms of this contract by lessening the
weight of the gold coin in which it is to makt payment—and as a
practical matter, to decline to pay in gold at all?
The answers to all of these questions undoubtedly will be found directly
or indirectly in the Supreme Court decisions. There is perhaps no original
question Involved that has not been before the Supreme Court in some
form at some time before. Without attempting in any manner to suggest
what the Supreme Court will decide, a brief historical review of the
situation will be of interest. There have been enough varying majority and
minority opinions so that a clear course cannot be indicated from the
past records.
The Constitution of the United States specifically prohibited the States
from doing these things:
"No State shall coin money . . ."
"Make anything but gold and silver coin a tender in payment of debts."
"No State shall pass . . . any law impairing the obligation of contract."
But the Constitution does not prohibit the United States from doing
what it expressly forbids the States from doing. At the time of the
adoption of the Constitution, nearly every prominent man dealing with
its making registered his strong objection to the National Government
having the right to print fiat money. . . .
The power of sovereignty rests with the whole people. Recognising
evils, nevertheless the wise men who made the Constitution felt very
reluctant to limit that power since they could not foresee all the emergencies or problems that might be met and accordingly left much to the
judgment of the people of the country, having in mind changing circumstances and conditions. . . .
The obligation of the United States Government to pay certain bond
issues in gold of the weight and fineness then current involves directly
the power of a sovereign people to modify its own contracts in what it
has declared, through its legislative body, to be an emergency requiring
such change. The Government of the United States has time and time
again made such modification on the ground that the good of the individual has to be subordinated to the good of the whole on which the
individual is after all in large measure dependent.
The gold contract clause in public and private debt was a natural reaction against the fear of our own folly previously committed, but the
correction lies in avoiding that folly and not establishing a currency system
tl:rough clauses in contract.
Thus runs the argument of those who believe that the National Government has the inherent right to make such changes in money as it finds
desirable irrespective of existing contracts with its own citizens or between
its own citizens. The question of the obligation of the Government to
citizens of foreign countries is a different one which cannot, because of
lack of space, be dwelt upon here.
The replies to the Government on behalf of the holders of these contracts
are to the effect that governments, as well as individuals, should live up
to their obligations, no matter if the heavens fall.
Country's Foreign
Trade in December—Imports
Exports
and
The Bureau of Statistics of the Department of Commerce
at Washington on Jan.29 issued its statement on the foreign
trade of the United States for December and the 12 months
ended with December, with comparisons by months back to
1930. The report is as follows:
P Foreign trade of the United States declined in December and for the
first time in 19 months the value of exports was smaller than in the corresponding month of the previous year. The decrease in value of exports
from November to December amounted to 12%. Imports, which had
increased sharply and contraseasonally in November. fell back close to
the September-October level. They were valued at 12% less than in
November and were of approximately the same value as in December 1933.
In both Instances the decline from the previous month was in excess of the
usual seasonal movement.
Total exports, including re-exports, were valued at $170.676.000 In
December compared with $194.909.000 in the previous month. General
Imports, consisting of goods entering into consumption immediately upon
arrival in the United States, plus goods entered for storage in bonded warehouses, were valued at $132.252.000 compared with $150,919,000 in November. The excess of merchandise exports over imports amounted to $38.000,000 compared with $44,000,000 in November.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival in the country, plus withdrawals from
bonded warehouses for consumption, declined in value to $126.231.000 in
December from $149,412,000 in thelprevious month.
Curtailment of exports in December occurred chiefly in leaf tobacco
raw cotton, coal, crude petroleum and meat products. Among the Imports the heaviest declines were in crude rubber, raw silk and tin, although
many other import commodities also recorded decreases.
December statistics brought the value of total exports, Including reexPerts. for the entire year 1934 to $2,133,400,000 as compared with
$1.675,000,000 in 1933. a gain of 27%. General imports were valued at
$1,655,000,000 in 1934 compared with $1.450.000.000 in 1933. a gain of
14%. The excess of merchandise exports over imports amounted to
approximately $478,000,000, the largest balance since 1930.
Preliminary compilations place the total physical quantity of United
States products exported during 1934 about 10% larger than in 1933. primarily as a result of an expansion in the foreign sales of semi-manufactured
and finished articles. Although exports of crude materials were about
8% larger in the first quarter of 1934 than in the corresponding period of
1933. the quantity exported during the remainder of the year fell considerably under the same months of 1933. In the final quarter of 1934 the
quantity of crude materials exported was about 25% less than in the last
quarter of 1933. Foodstuff exports, except wheat shipments by the
North Pacific Emergency Export Association, as a group showed relatively
little change compared with 1933. For the year as a whole, the unit value
of exports (the price) averaged about 19% higher than in 1933.
Price increases accounted for all of the increase over 1933 in the value
of general imports during 1934. The average unit value of imports
in
1934 was 16% higher than in 1933. In terms of quantity, imports during
1934 were approximately the same as in 1933.
Automobiles, machinery and apparatus, metal manufactures, wood and
paper, and petroleum products were among the leading groups of exports
commodities chiefly responsible for the expansion in the quantity of total
exports in 1934. The value of machinery and vehicle exports aggregated
$435.000,000 in 1934 in comparison with 8236,700.000 in 1933, an increase
of 84%, while the value of the other groups in the order mentioned
showed
increases ranging from 77% to 14%.
Feb. 2 1935
Financial Chronicle
724
The quantity of unmanufactured cotton exports decreased 30% and the
value dropped 6%. The quantity exported was smaller than in any year
since 1923. Exports of cotton cloth declined 25% in quantity but because
of an advance in price the value was slightly larger than in 1933. Un
manufactured tobacco exports increased less than 1% in quantity but by
51% in value.
Among leading import commodities, increases in quantity and value
In 1934 over 1933 were respectively as follows; Crude rubber, 10 and 121%;
newsprint, 23 and 11%; and cane sugar, Sand 11%. On the other hand
raw silk imports declined by 16 and 30% in quantity and value, respectively,
while hides and skins showed corresponding declines of 41% and 22%.
Imports of alcoholic beverages for the year as a whole were valued at
848.915,000. Gomprisin r this total were imports of 7,179,000 proof gallons of liquor and other spirits, valued at 835,783,000. and 3.850.000 gallons of wine, valued at $13,132,000.
(Preliminary figures for 1934 corrected to Jan. 28 1935)
12 Months Ending Dec.
!wease(+)
Decrease(-)
1933
1934
December
Exports and Imports
1934
1,000
Dollars
170,676
132,252
Excess of exports_
Excess of Imports
1,000
Dollars
192,638
133.518
1,000
Dollars
2,133.414
1,655,049
1.000
Dollars
1,674,994
1.449,559
38,424
Exports
Imports
1933
59,120
478,365
1932
1933
1934
Month or Period
1,000
1,000
Dollars Dollars
172.221 120.589
162,729 101,515
190,890 108,015
179,427 105,217
160,201 114,203
170,550 119.790
161.670 144,109
171,964 131.473
191,686 160.119
206.491 193.069
194.909 184.256
170,676 192,638
Exports Including
Reexports
January
February
March
April
May
June
July
August
September
October
November
December
1929
1930
1931
1,000
1,000
1,000
Dollars Dollars Dollars
150,022 249,598 410,849
153,972 224,346 348.852
154,876 235,899 369.549
135,095 215,077 331,732
131,899 203,970 320,035
114.148 187.077 294.701
108,830 180.772 266,762
108.599 164,808 297,765
132,037 180.228 312,207
153,090 204,905 326.896
138,834 193,540 288.978
131,614 184,070 274,856
1,000
Dollars
488.023
441,751
489,851
425,264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426,551
12 months ending Dec. 1,65,5,049 1,449,559 1,322.774 2,090,635 3,060,908 4,399,361
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
December
12 Months Ending Dec.
1934
1933
1934
1933
Increase(4-)
Decrease-)
1.000
Dollars
1,000
Dollars
1.000
Dollars
1,000
Dollars
1,000
Dollars
168,467
126.231
189,808
127,120
2,100 728
1.634,834
1,647,220
1,433,013
+453,508
+201,821
Exports and Imports
1933
1934
Month or Period
1932
1930
1931
1929
1,000
1,000
1,000
,000
1,000
-U. S. Mer- 1,000
Exports
Dollars Dollars Dollars Dollars Dollars Dollars
chandise169,577 118,559 146,906 245,727 404.321 480,382
January
99.423 151,048 220.660 342,901 434,525
159,595
February
187,370 106,293 151,403 231,081 363,079 481,682
March
176,490 103.265 132,268 210,061 326,536 418,050
April
157,165 111,845 128,553 199,225 312,460 377,076
May
167.932 117,517 109,478 182.797 289.869 386,804
June
159,125 141,573 104,276 177,025 262,071 393,794
July
169,832 129.315 106,270 161,494 293,903 374,533
August
189,233 157.490 129,538 177,382 307,932 431,801
September
203,613 190,842 151,035 201.390 322,676 522.378
October
192,329 181,291 136.402 190,339 285,396 435,480
November
168,467 189,808 128,975 180,801 270,029 420,578
December
12 months ending Dec 2,100.728 1,647,220 1,576,151 2,377,982 3.781,172 5,157,083
Imports for Consumption92.718 134,311 183.284 316,706 358,705
128.921
January
84,164 129,804 177,483 283.713 364,188
125,047
February
91,893 130,584 205,690 304.435 371,215
153,273
March
88,107 123,176 182,887 305,970 396.825
141.158
April
146,865 109,141 112,611 176,443 282,474 381,114
May
135,067 123,931 112,509 174,516 314,277 350,347
June
79,934 174,559 218.089 347,133
124.010 141,018
July
93,375 168.735 216,920 372,757
117,270 152,714
August
149,742 147,599 102,933 174,740 227,767 356,512
September
137.836 149,288 104,662 171,589 245.443 396,227
October
149,412 125,269 105,295 152.802 196.917 332,635
November
95,898 149,516 201,367 302,692
126,231 127,170
December
12 months ending Dec. 1,634,834 1,433.013 1,325.093 2,088,455 3.114.077 4,338.572
GOLD AND SILVER BY MONTHS
December
12 Months Ending Dec.
1934
1933
1934
1933
Increase(4-)
Decrease-)
1.000
Doaars
140
92,249
1,000
Dollar
10,815
1,687
1,000
Dollars
52,759
1.186,671
1.000
Dollars
366.652
193,197
1,000
Dollars
-313.893
+993.474
Exports and Imports
GoldExports
Imports
Excels of exports
Excess of imports
Silver
Exports
Imports
Excess of exports
Excess of imports
Imports
January
February
March
April
May
June
July
August
September
October
November
December
173,455
9,128
1,133,912
92,109
1,014
8,711
590
4,977
16,551
102.725
19,041
60,225
1,697
4,387
86.174
41.184
1933
1932
1931
1934
1933
1932
1931
1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000
Dollars Dollars Dottars Dollars Dollars Dollars Dollars Dollars
4,715
51
44
37
1,780
6,586
114
• 14,556
• 22,255
• 2,173
310
140
•
•
•
54
14 107,863
14
21,521 128,211
26
2.8123 43,909
27
16,741 49,509
628
22,925 212,229
4,380226.117
40
85,375 23.474 1,009
39
81,473 18,067
38,282
60 28,708
61 398,604
34,046
16 4.994
2,957
13 32,651
10,815
859
734
665
1,425
1,638
2,404
1.789
1,741
1,424
1.162
1.698
1,014
1,551
209
269
193
235
343
2,572
7,015
3,321
2,281
464
590
1,611 3,571
942 1,638
967 2,323
1,617 3,249
1,865 2,099
1,268 1,895
828 2,305
433 2.024
868 2,183
1,316 2,158
872
875
1,260 2,168
52,759 366,652 809,528 466,794 16,551 19,041 13,850 26,485
1,947 128,479 34,913
452,622 30.397 37,644
237,380 14,948 19,238
84,785 6,769 19.271
35,362 1.785 16,715
70,291 1,136 20,070
52,460 1,497 20,037
51,781 1,085 24,170
3,585 1,545 27.957
13,010 1,696 20,674
121,199 2,174 21,758
92,249 1,687 100,872
34,426
16,156
25,671
49,543
50.258
63,887
20,512
87,539
49,269
60.919
94,430
89,509
3.593 1,763
855
2.128
1,823 1,693
1,955 1,520
4,435 5,275
5,431 15,472
2,458 5,386
21,926 11,602
20,831 3,494
14,425 4,106
15,011 4,083
8,711 4,977
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1,203
2,896
1,877
1,821
2,439
2.636
2,364
1,663
2,685
2,355
2,573
2,138
3,215
118111171 103 197 183 315 812.119 102.725 80.225 19.650 28.664
12 months ending Dec. 2,133.414 1,674,994 1,611,016 2.424.289 3,843,181 5,240.995
General Imports
96,006 135,520 183,148 310.968 368,897
135.706
January
83,748 130,999 174,946 281,707 369,442
132,753
February
94.860 131,189 210,202 300,460 383.818
158,105
March
88,412 126,522 185,706 307.824 410,666
146,523
April
154,647 106,869 112,276 179,694 284.683 400,149
May
136,109 122.197 110,280 173,455 250,343 353,403
June
79.421 174,460 220,558 352.980
127,229 142,980
July
91,102 166,679 218,417 369,358
119,513 154.918
August
98.411 170,384 226,352 351,304
131,658 146,643
September
129,635 150,887 105,499 168,708 247,367 391,063
October
150,919 128.541 104,468 149,480 203.593 338,472
November
97.087 153,773 208,636 309.809
132,252 133.518
December
Exports (U. S. mdse.)
Imports for consump'n__
12 mos.end.Dec
225,435
1.000
Dollars
+458,420
+205,490
1934
Exports
January
February
March
April
May
June
July
August
September
October
November
December
MERCHANDISE TRADE BY MONTHS
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND GENERAL
IMPORTS
Saver
Goal
Month or
Period
-2,490
+42,500
Banks Close in China-Government Leaders
Confer in Effort to Conserve Dwindling Silver
Supplies
Two
Two Chinese banks closed their doors within 24 hours
and the failure of a third was averted when other institutions pooled resources in an effort to avert a crisis reported
as attributed by Chinese bankers to the silver policy adopted
by the United States Government. General Chiang Kaishek and Finance Minister H. H.Kung conferred yesterday
at Nanking in an effort to devise measures that would solve
the country's financial problems. United Press advices
of Feb. 1 from Shanghai had the following to say in past:
Government leaders were conferring at Nanking seeking a way out of
the crisis. A reorganization of the ancient monetary system, based on
silver, was considered. Devaluation of the yuan, a measure of silver, was
a possibility. A shift to the gold standard also was considered.
The two banks which closed their doors were the first members of the
Shanghai Native Bankers' Association to fail. The Yung Kong Bank
estimated its loss at $1,500,000. The Yee Kong Bank, second to collapse,
was said to have returned $600,000 in checks.
Hearings Before Senate Committee on Agriculture
to Consider Means for Restoring Export Trade,
Particularly Cotton-Suggestion by Secretary
Roper for Creation of Cotton Economic Council
Secretaries Morgenthau, Wallace, Roper and Hull
Heard, Along With Cotton Interests
Hearings before the Senate Committee on Agriculture
were begun on Jan. 30 to consider reasons for the decline in
exports, particularly cotton, and to ascertain views as to
how a restoration of trade may be effected. The hearings
were called by Senator Ellison D. Smith (Democrat, South
Carolina), Chairman of the Committee. The opening
hearing on Jan. 30 was attended by Secretaries Hull, Roper
and Wallace, together with other Government officials and
some 150 representatives of agricultural organizations, including the producers, exporters and jobbers, and members
of the Cotton Exchange. On Jan. 31 Secretary of the
Treasury Morgenthau was accorded a hearing. At the first
day's hearing Secretary of Commerce Roper urged a plan
for an international board with power to decide the parts
to be performed by each of the nations in the production
and manufacturing of goods for world consumption. Secretary Roper proposed that the plan be tried out first On
cotton, said a dispatch from Washington (Jan. 30) to the
New York "Herald Tribune," which also said:
The idea of a great international board with power to fix production
quotas for world consumption, as advanced by Secretary Roper, attracted
most attention. "If these assignments," said Secretary Roper, "were
given and the nations of the earth, through some regulatory power, could
compel the member nations to stick by their quotas, the question of overproduction and surpluses would be wiped out in a very short time."
As a logical approach to this plan, Mr. Roper suggested creation of a
Cotton economic council which would disseminate advance Information
regarding world cotton consumption, allot to each country Its share of
requirements and finally strive to have these production allotments lived
up to.
Citing statistical data to show the position of the United States with
regard to the world cotton market, the Secretary said.
Urges United States to Take Lead
"It is folly to talk about selling goods to people in nations which have
no credit, money, no purchasing power. Therefore, it behooves the
United States as a creditor nation to sit down with its neighbors and work
-whether it be in the manner of exchang
out a plan which will be fair to all
ing manufactured goods for our raw products or some other method
and to start the flow of commerce anew. .
"Information regarding world cotton needs should, in my opinion, be
obtained and cleared through an economic council with membership drawn
world.
from all cotton growing and cotton consuming countries of the
than
The council should meet at regular intervals, not necessarily more
Volume 140
Financial Chronicle
once a year. and study the situation frankly. First, it would allot to each
Country its share of the next year's requirements. Finally, the council
should try strenuously to have allotments of the world market lived up to."
3
,,Secretary Roper sought to allay fears of a vast and dangerous increase
in foreign cotton production, but presented figures showing the United
States is running behind the rest of the world. "The 1933-34 crop amounted
to 25,660,000 bales. with United States production at 12,664,000 and
foreign production 12,996,000 bales.
"Only a preliminary estimate can be made for the 1934-35 crop, but it
is estimated that a fair figure is 21,800,000 bales, divided as follows: United
States, 9,450,000 bales; foreign 12,350,000 bales. This low production
in the United States was due to several factors, including the restriction
program, the Bankhead act, and the drought.
In the same account in the "Herald Tribune" it was
stated that Secretary Wallace summed up as follows:
1. Cotton exports have declined slightly more than industrial products,
but less than most other agricultural products.
2. While cotton exports so far this season have declined nearly 45%
from last year, consumption of American cotton abroad has declined only
22%. The sharp reduction in stocks abroad suggests that foreign purchases
of our cotton will soon be resumed.
3. The unusual reduction in exports during the last five months is due
to several causes:
A. Spot cotton relatively high compared to distant futures, tending to
cause dealers and foreign consumers to defer purchases. The drought conditions, the shorter supplies and the withholding of loan cotton by farmers,
have combined to support this high basis.
Gold Imports Cited
3. Reduced dollar exchange available abroad. During the last season,
foreign purchases were facilitated by our extraordinary imports of gold
These and other means of financing exports without taking corresponding
imports are approaching their end.
4. It is not clear that it will pay cotton producers to recapture completely their foreign markets; the largest exports in the past have always
meant reduced incomes to cotton producers. This conclusion would be
invalidated in case the United States again became a debtor nation or
greatly increased her imports over exports.
5. The domestic cotton program for the future will necessarily have
some effect upon exports. There are three possibilities:
A. Continued drastic restriction until excess world supplies are eliminated. This might take one or two years after 1935, and might mean
restriction of consumption of our cotton abroad during such period. An
international agreement to restrict production would increase the effectiveness of such a program.
B. An intermediate program of supply restricted to current needs, with
exports free to move at world levels. This would mean no further rapid
progress toward parity prices, but increased competition with foreign
growths.
0. A domestic allotment program of benefit payments on domestic
production and unrestricted production for export at world levels. This
would soon lower prices so severely that it would probably reduce cotton
farmers' incomes from current levels, while not necessarily materially
reducing foreign production.
I" . The increasing inability of foreign cotton customers to buy is the
most serious factor. This can be corrected in a permanent way only by
our taking imports in excess of exports,so as to provide foreigners the dollar
exchange to pay the interest owing us and give them the ability to buy our
exports at a fair price. Our reciprocal tariff bargaining program is working
in this direction, but is too slow for much effect in 1935. To accelerate the
program it would be necessary to bring about:
A. Modification of our anti-dumping tariffs, as applied to gold-standard
countries.
,B. A general reduction in tariff rates.
If these steps cannot be brought about, Secretary Wallace said, it will
be necessary in fairness to the Southern farmer to continue with cotton
Control at least until the carryover is down to 5,000,000 bales.
On Jan. 31 a proposal was made by Secretary of State
Hull that the United States sponsor a world economic conference to discuss stimulation of trade. Associated Press
advices from Washington on that day reported:
Mr. Hull advocated gathering all interested nations at a conference on
reduction of trade barriers and interchange of commodities. Secretary
Hull was chairman of the American delegation to the World Economic
Conference called soon after President Roosevelt was inaugurated to
promote international recovery.
Unless the United States takes the lead, breaking down trade restrictions
and stimulating world trade, "this country, with the most marvelous
resources in human history, will settle back down to a permanent state
of regimentation and allow any fourth-rate nation" to assume the leadership. Mr. Hull said.
He added that the United States faced powerful opposition from tariff
protected industries in any attempt to lower duties and agreed with Senator
George W. Norris, Republican, of Nebraska, that the same situation
confronted foreign diplomats in tariff reduction efforts. . . .
Senator Burton K. Wheeler, Democrat, of Montana. agreed with Mr.
Hull on the necessity for another conference on world trade and said difficulties in currency stabilization must be worked out.
The Washington correspondent of the New York "Journal
of Commerce" stated that the hearing on Jan. 31 was
marked also by testimony of Oscar Johnston, Manager of
the Cotton Pool, that the 12-cent Government loans on
cotton probably have had the effect of curtailing exports,
although benefits derived by the farmers far exceed disadvantages, and by Under Secretary of Agriculture Tugwell,
that the domestic cotton industry has little to fear from
the expansion of cotton acreages abroad. In these advices
to the "Journal of Commerce" it was also stated in part:
Morganthau Is Heard
r Secretary of Treasury Morgenthau also appeared before the Committee
but refrained from discussing anything relative to the monetary policies
of the Government, centering his remarks on the increase in United States
exports during the past year and the fact that $1.100,000,000 of gold and
$86,000,000,000 of silver were imported.
In introducing the Secretary to the Committee, Chairman Smith pointed
out that Mr. Morgenthau's duties were to carry out the policies laid down
by,,Congress and at the present time is disinclined to express any opinions
725
on policies before the Supreme Court acts on the gold cases, probably
Monday.
Senator Thomas (Democrat, Oklahoma), Senate inflation leader, asked
the Secretary whether it was sound to say that if the United States increased
the price of silver, if that in turn would not increase the cost of production
in cotton producing countries which are on a silver standard, and in that
way improve the situation of domestic producers. The Secretary replied
that it was too important a question to express an opinion, however, and
Senator ihomas agreed that he should be given more time to answer and
submit his opinions later.
Bernard Gels of W. R. Grace & Co., first of a long list of witnesses not
connected with the Government to be heard, urged a change in the New
York Cotton Exchange contract so that buyers of cotton would not be
forced to accept cotton made up of a wide range of grades and staples and
subject to delivery from anyone of 108 delivery points.
Urges Tariff Repeal
He also urged that the 7c. tariff duty on long staple cotton be repealed;
that efforts be made by this Government to bring about freer flow of exchange, and that special envoys be sent abroad to encourage use of cotton.
During his testimony Mr. Johnston emphasized the necessity of production control if the piling up of stocks is not to be again brought about.
At the same time he warned that the domestic allotment plan, now the
subject of renewed agitation, should not be permitted to go into operation
without some measure of restrictions on production.
In response to questions from committee members, Mr. Johnston said
that Polish interests want to buy between 100,000 and 200,000 bales of
-Import Bank.
American cotton and is now being studied by the Export
He said that he did not consider the proposal sound because Poland wants
to buy the cotton on a three to five year credit basis.
Loans Curtailed Exports
He said in answer to Senator Sheppard (Democrat, Texas) that the 12c.
loan extended farmers on their cotton by the Government has probably
acted to diminish exports of cotton abroad. He said that there are approximately 3,800,000 bales under the 12c. loan and agreed with Senator Bankhead (Democrat, Alabama) that advantages of the loan outweigh disadvantages.
Benefits that could be derived through the United States adopting
an international outlook on the situation was emphasized by Secretary
Hull throughout his remarks to the committee.
The following regarding Secretary Morgenthau's comments is from the Washington account Jan. 31 to the New
York "Times":
"The outstanding feature of trade in 1934," Secretary Morgenthau
said, "is the decline in the trade of gold-bloc countries in contrast with
the marked increase in the countries which did not adhere to the old gold
standard. Exports of gold-bloc countries as a whole decreased 8% from
1933, while exports of the other group increased 19%. Likewise, imports
of gold-bloc countries dropped an average of 8%, while the imports of the
other group increased 17%.
"Thus, the exports of France declined 4%; of Germany. 14%; of Italy,
16%; of Belgium, 4%; of the Netherlands. 3%; while the exports of the
United States increased 27%; of Canada, 23%; of Japan. 16%; of Brazil,
23%; of the United Kingdom,7%;of Mexico,80%.
"The situation with regard to imports presents an even more favorable
picture of the non-gold-bloc countries.
"Our own foreign trade for the year 1934 has shown a marked improvement over 1933. This is true both of exports and of imports. Our exports
have increased from 1.6 billions to 2.1 billions, an increase of 27%. Our
imports of merchandise increased from 1.4 billions to 1.6 billions, an increase
of 14%. The United States had a 'favorable' balance of trade which was
more than double that of 1933—$478,000.000, as against $225,000,000.
During the past year our net imports of gold amounted to 1.1 billion dollars
and of silver, $86,009,000."
President Roosevelt Thanks Nation As It Honors His
53rd Birthday—In Radio Address He Voices Gratitude for Benefit Balls to Aid Fight on Infantile
Paralysis
President Roosevelt, celebrating his 53rd birthday on
Jan. 30, addressed the people of the United States in it
Nation-wide broadcast in which he expressed his gratitude
that the day had been signalized by birthday celebrations
throughout the country for the benefit of the war on infantile
paralysis. He also thanked his hearers for the many thousands of congratulatory messages he had received. "I like
this kind of a birthday," he said, in conclusion.
Approximately 7,000 benefit balls were held in every
State and Territory in aid of crippled children in the respective communities. Of the proceeds from these affairs, 70%
will be applied to local welfare and prevention work and
30% will go for research on infantile paralysis. The complete
text of the President's radio speech is given below:
Most of you who hear my voice to-night know in general terms of the
story of the Georgia Warm Springs Foundation—of how, from very small
beginnings ten years ago, there have been built up two useful, practical
factors in the fight against one of the most insidious and baffling of American health problems.
The first has been the work at Warm Springs itself—the joyous task of
taking care of scores of children and of trying to bring them back to useful,
active participation in life, and the also interesting task of trying new
methods which suggest themselves from time to time through the mnay
and constant advances of medical and surgical science.
•
The other objective, long dreamed of, receives to-night its greatest
incentive. In every part of the Nation funds are being raised to give
better care to crippled children within or near to their own community.
Seventy per cent of your generous contributions go to these local needs.
The other 30% goes, not to the Warm Springs Foundation, but to a distinguished committee to be allocated by this committee for the furtherance
of research into the cause, the prevention and the treatment of infantile
paralysis.
I need not tell you of my own deep personal happiness that my birthday
Is being made the occasion for aiding this splendid work. I wish that I
might be with each and every one of you at each and every one of these
parties and entertainments in every State in the country.
To-day I have also been made happy by thousands of telegrams and
letters—so many of them, indeed, that even an enlarged White Hous
726
Financial Chronicle
staff could not begin to thank you for them. To all of you who sent them.
I. therefore, take this opportunity of extending my gratitude.
To all of you who are so generously helping the cause of crippled children
everywhere, I also send my thanks and my best wishes. I like this kind
of a birthday.
President Roosevelt Transmits FAC Report to Congress—Warns That Profits to Private Companies
Are "Secondary Consideration"—Opposes Creation
of Temporary Air Commerce Body
President Roosevelt, in a special message to Congress
Jan. 31, submitted a report by the Federal Aviation Commission which he appointed last Summer to study aviation
conditions in tile United States and abroad. In his message
the President repeated his previous recommendations that
the Federal Government should bring about a consolidation
of its methods of supervision over all forms of transportation. He referred to a number of recent "valuable reports"
by the Federal Co-ordinator of Transportation and by
departmental committees on ocean mail subsidies, and suggested that Congress consider these surveys together with
the Aviation Commission report "in the light of the necessity
for the development of interrelated planning of our national
transportation." At a later tate, the President said, he
intends to ask Congress for general legislation centralizing
the supervision of air and water and highway transportation
in order to meet new and additional responsibilities.
The President in his message mentioned only a few of the
Aviation Commission's recommendations specifically, and
as to those that he did support he said that while the Government might aid the aviation industry to save companies
from disastrous loss, "any profits at all by such companies
should be a secondary consideration." He advised Congress
that the Federal mail contracts with air lines expire on
Mar. 1 and that existing legislation affecting such contracts
should be revised before that time.
With reference to a Commission suggestion that the Interstate Commerce Commission be given temporary power to
raise or lower air mail rates, the President indorsed the
proposal provided it be subject to "provisions against
unreasonable profits by any private carrier." He opposed a
Commission recommendation for the creation of a temporary
Air Commerce Commission, on the ground that "we should
avoid the multiplication of separate regulatory agencies in
the field of transportation," and said that for the time being
a division of the ICC can serve the needs of air transportation.
The following is the President's message:
To the Congress of the United States:
I am submitting herewith the report of the FAO appointed by me last
summer by direction of the Seventy-third Congress. The Commission
has made a diligent study of the broad subject of aviation conditions here
and elsewhere and emphasizes the excellent American progress in this new
form of transportation. The Commission has also studied problems of
national defense, of procurement policies and of the extension of air transport services. I invite your attention to these comprehensive surveys.
As I have suggested on many occasions, it becomes more and more
apparent that the Government of the United States should bring about a
consolidation of its methods of supervision over all forms of transportation.
When the Interstate Commerce Commission was created in 1887 the
railroad was practically the principal method of rapid interstate transportation. Since that time this monopoly of transportation enjoyed by the
railroad, to a very important degree, has been limited by the development
of the automobile and good interstate roads. Recently water transportation by lake, by river, by canal and by ocean has, largely through the
construction of the Panama Canal and our inland waterways, definitely
brought ships and shipping into the general interstate field. More recently
still air transportation has become an element. All of these developments
have changed the general problem of transportation and the concern of
the Government with them. A number of valuable reports have been
prepared on these related questions. The report of the Federal Co-ordinator of Transportation has already been submitted to the Congress by the
Interstate Commerce Commission. The report deals with the many
problems relating to buses, trucks, water carriers and railroads. Other
reports of departmental committees on ocean mail subsidies have been
completed. This present report on aviation is a similar source of information and advice concerning transportation by air. I earnestly suggest
that the Congress consider these various reports together in the light of
the necessity for the development of interrelated planning of our national
transportation. At a later date I shall ask the Congress for general legislation centralizing the supervision of air and water and highway transportation with adjustments of our present methods of organization in order
to meet new and additional responsibilities.
There are detailed questions, however, that require early action. Our
extended mail contracts with air lines expire on or about March first and
existing legislation dealing with primary and secondary routes should be
revised before that time. The Commission suggests that the Interstate
Commerce Commission be given temporarily the power to lower or increase
air mail rates as warranted in their judgment after full investigation. The
purpose of this is to prevent the destruction of any efficiently operated
part of the present system pending suitable consideration by the Congress
of what permanent measures should be taken and what amendment,if any.
the present general transportation policy ofthe Government should undergo.
I concur in this recommendation of the FAC provided always that the
grant of this duty to the ICC be subject to provisions against unreasonable
profits by any private carrier. On account of the fact that an essential
objective during this temporary period is to provide for the continuation
of efficiently operated companies and to guard against their destruction,
it is only fair to suggest that during this period any profits at all by such
companies should be a secondary consideration. Government aid in this
Feb. 2 1935
case is legitimate in order to save companies from disastrous loss but not in
order to provide profits.
Disapproves FAC Recommendation
The Commission further recommends the creation of a temporary Air
Commerce Commission. In this recommendation I am unable to concur.
I believe that we should avoid the multiplication of separate regulatory
agencies in the field of transportation. Therefore in the interim before a
permanent consolidated agency is created or designated over transportation
as a whole, a division of the ICC can well serve the needs of air transportation. In the granting of powers and duties by the Congress orderly
government calls for the administration of executive functions by those
administrative departments or agencies which have functioned satisfactorily in the past and, on the other hand, calls for the vesting of judicial
functions in agencies already accustomed to such powers. It is this principle that should be followed in all of the various aspects of transportation
legislation.
FRANKLIN D. ROOSEVELT.
The White House, Jan. 31 1935.
Associated Press (Washington) advices of Jan. 31 summarized the principal recommendations of the Federal
Aviation Commission as follows:
Vote funds for construction of a dirigible to be operated by a private
company, probably across the Atlantic.
Appropriate subsidies to proposed transoceanic airplane services.
Establish nonpartisan commission to fix rates and air mail payments.
distribute flat subsidies, determine what air lines can operate and what.
service they'll give.
Authorize service aircraft contracts by negotiation instead of competitive
bidding, subject to full reports to Congress on large transactions.
Give the Post Office Department power to put mail on any air route, as
it now decides which trains are to carry mail, as the ICC fixed rail mail
payments, the new commission would determine air mail compensation
on a "strictly commercial basis."
Vote a lump sum subsidy, suggested as $7,000,000, to be distributed
among the air lines in proportion to need.
President Roosevelt Urges Governors to Push Legislation to Reduce Automobile Accidents—Suggests
that State Legislatures Pass Uniform Laws to
Curb Injuries and Deaths
President Roosevelt, in letters sent to Governors of all
States on Jan. 25, recommended the passage of uniform
State legislation designed to lower the number of deaths
and injuries resulting from automobile accidents. He
pointed out that proposals of this character have been formulated by the National Conference on Street and Highway
Safety and are available "in form which appears to meet
the unanimous approval of experienced judgment," and
added that since most State Legislatures are meeting during
1935 the present is an excellent time to seek concerted action.
The President's letter is given herewith:
My dear Governor: I am gravely concerned with the increasing number
of deaths and injuries occurring in automobile accidents. Preliminary
figures indicate that the total of these losses during the year 1934 greatly
exceeded that of any previous year. We should, as a people, be able to
solve this problem which so vitally affects the lives and happiness of our
citizens.
In order to assist in this, the Federal Government, through the Secretary
of Commerce, has taken the leadership in developing remedial measures.
Proposals for uniform State legislation have been worked out by the
National Conference on Street and Highway Safety with the co-operation
of responsible State officials and representatives of interested organizations
from all parts of the country.
The remedies that need to be applied are thus available in form which
appears to meet the unanimous approval of experienced judgment. The
pressing problem is to secure universal application of these remedies which
have proved effective where applied.
The responsibility for action rests with the States. There is need for
legislation and for the organization of proper agencies of administration
and enforcement. There is need also for leadership in education of the
public in the safe use of the motor vehicle, which has become an
indispensable agency of transportation.
With the Legislatures of most of the States meeting during 1935, concerted effort for appropriate action in the States is most important.
Realizing the seriousness of the situation and the urgent need for attention to the problem, I am confident that you will desire to participate In
this effort.
Yours very truly,
FRANKLIN D. ROOSEVELT.
Congress Passes Bill Amending Second Liberty Bond
Act—Would Fix Treasury's Borrowing Power at
Limit of $45,000,000,000 and Provide for Issuance
of So-Called "Baby Bonds" in the Form of "United
States Savings Bonds"
Congress passed this week the Administration's bill,
amending the Second Liberty Bond Act, whereby the Treasury's borrowing power on long and short term obligations
would be increased to $45,000,000,000. In our reference to
the new measure last week (page 567) we noted that the bill
would make provision for the issuance of new Government
obligations (approximately, it is stated, $11,500,000,000)
comprising Treasury bonds and "United States Savings
Bonds"—the latter so-called "baby bonds." The bill passed
the House on Jan. 25 by a vote of 152 to 30, and in identical
form was passed by the Senate on Jan. 30. On that day a
dispatch from Washington to the New York "Times" had
the following to say regarding the bill and the developments
in the Senate:
Under its terms a revolvinr fund of not more than 825,000,000,000
may be set up in the Treasury for long term Issues, and a similar arrange-
Volume 140
Financial Chronicle
ment may be provided for short term securities, up to an aggregate of $20,000.000,000. The present law sets a limitation on bond issues of $28,000,000,000, regardless of repayments and refunding.
Senators Find Debate Significant
Only 18 Senators were on the floor when the bill came to a vote. Despite
the apparent lack of interest in the measure itself, Senators saw significance
in the debate.
Senator Thomas gave notice that the "inflationist bloc" was far from
satisfied with the present monetary system and that it would seek further
action at this session. He asked that the "baby bond" bill be permitted to
go over until after Monday when the Supreme Court may hand down its
decision. . ..
Senator Harrison asked that the bill be acted on to-day, explaining that
separate action could and would be taken in the event of an adverse decision
in the gold cases. . ..
Points to Rise in Public Debt
Seeing that Senator Harrison intended to continue with the bond bill,
which he had brought in from the Finance Committee, Mr. Thomas proceeded:
"If the present monetary policies are continued, they will lead inevitably
to disaster. Here in this bill we are making arrangements for a public debt
that may run to an aggregate of $45,000,000,000, but we are doing nothing
to arrange for repaying that debt. There simply is not enough money in
circulation."
He denied that he was for inflation, saying:
"I am against inflation, despite the reports to the contrary. What I am
doing is trying to stay a movement which can only lead to uncontrolled and
uncontrollable inflation."
Stating that little serious resistance was offered as the bill
went through the House on Jan. 25, the Washington "Post"
of Jan. 26 added:
The first expansionist flurry came when Representative Patman (Democrat), Texas,author of the bonus bill, advanced an amendment to compel the
Treasury to issue new currency instead of bonds. His move was crushed.
91 to 32.
Representative Dies (Democrat), Texas, championed a change which
would have required the Government to expand its currency to provide
backing for the proposed new securities. The proposal was killed by a
voice vote. A second amendment by Patman to cut the interest rate on
Government bonds was shouted down.
The House Ways and Means Committee in its report on
the bill said:
The bill will have no effect on the total amount of debt outstanding, as
this amount will depend upon expenditures made in pursuance of law.
In the advices from Washington Jan. 25 to the New York
"Times" it was also noted:
Many Republicans voted for the bill. Such Republican opposition as
was offered dealt rather with the prospects of large-scale Governmental
spending than with the bill's technical aspects.
"The only policy of the Democratic party to-day," said Representative
Fish of New York,"is borrowing, borrowing and still more borrowing. This
is a gigantic inflationary measure. It gives the Treasury the right to issue
bonds, taking that power away from Congress. I don't see how any member of the Republican party can vote for the bill."
Inflation Warning Issued
Representative Reed of New York told the House that the bill's purpose
was to increase the borrowing power to $45,000,000,000, and this meant
that the Government foresaw that such added power would be needed
and used.
"It means that we are headed for inflation" he said.
"We are drawing a little closer all the time to the precipice. lt won't
take much to shove us over. This bill anticipates the time when the banks
won't buy Government bonds and it approaches the little man."
The reference was to the "Baby Bonds" authorized in the bill, which
would be issued in denominations of $25 and more and be payable in 10
to 20 years. They would be sold by post offices.
These United States saving bonds would be issued on a discount basis,
the increment to be calculated on a basis of interest at not more than 3%
compounded semi-annually.
Treasury Planning First Sale of "Baby Bonds" on
March 1—Amount Not Decided
Secretary of the Treasury Morgenthau announced Jan. 31
that the first issue of the new "baby bonds" can be expected
on March 1. The amount of the offering has not been
decided. The Secretary expressed his belief that the Government will raise hundreds of millions of dollars through
these bonds, legislation for the issuance of which has passed
both houses of Congress. Approval of the measure by
Congress is referred to elsewhere in our issue of to-day. It
is planned that the first bond be sold to the President.
$4,880,000,000 Works-Relief Bill Discussed by Senate
Appropriations Co mmi tte e—Administration
Spokesmen Yield to Demands for Details of Spending Program
The Administration's $4,880,000,000 works-relief bill was
considered this week by the Senate Appropriations Committee, which received from Rear Admiral Christian J.
Peoples and Acting Budget Director Daniel W. Bell detailed
information as to where and how President Roosevelt plans
to spend the money. Spokesmen for the Administration
agreed Jan. 30 to give this information after the Committee
had questioned them closely regarding projects to be taken
under the relief program. Passage of the bill by the House
on Jan. 24 by a vote of 328 to 79 was noted in our issue of
Jan. 26, pages 565 and 566.
Senator Glass, Chairman of the Appropriations Committee, on Jan. 28 expressed his opposition to the sweeping
727
character of the bill, while Republican members of the
Committee demanded details of the spending plan. Senator
Glass on Jan. 30 indicated that the bill might be changed
in Committee when he said that the measure would probably
be reported "in some form" before existing emergency relief
funds expire on Feb. 10. Comments on the bill were
described as follows in Associated Press Washington advices
Jan. 30:
Later it was disclosed by Senator Thomas, Democrat, of Oklahoma,
that many self-liquidating projects were contemplated by the Administration. In a reference on the Senate floor to the hearings, Senator Thomas
said Admiral Peoples suggested that the Government mightfinance gasolinefilling stations along newly built highways and that the funds might be
repaid through profits on gasoline.
Senator Glass said that Admiral Peoples, who is slated for a high position
in the new relief set-up, was directed to give the committee a list of the contemplated work-relief projects, with estimates of cost.
Senator Townsend, Republican, of Delaware, said Admiral Peoples
thought that $390,000,000 of the work fund could be spent at once to give
employment on rivers and harbors projects.
It was noted in United Press advices from Washington
Jan.27 that the bill was attacked that night by the American
Liberty League as "a step toward the European type of
dictatorship in which the parliamentary body becomes a
nonentity." The League saw in it a further step "toward
nullification of the division of authority under the Constitution" among the three co-ordinate branches.
First Bill Passed by Congress Goes to White House—
Independent Offices Supply Measures Restores
Final 5% Federal Pay Cut Apr, 1
The first bill passed by the present Congress was sent to
the White House for President Roosevelt's signature Jan. 31,
after both the House and Senate approved a restoration
on Apr. 1 of the final 5% of the Federal pay cut. This
approval was incorporated in the $777,471,956 Independent
Offices Supply bill, which was passed without a record vote.
President Roosevelt had recommended that the pay cut
not be restored before July 1. The Apr. 1 date was inserted
under a Senate amendment, concurred in by the House,
which would not apply, however, to salaries above $10,000
a year.
Social Security Bill Faces "Liberalizing" Amendments
—A. F. of L. Head Would Set Pensions at $50
Monthly—Senator Black Would Put Cost of
Measure on Shoulders of Wealthy — Townsend
Plan Criticized at House Committee Hearing
The Administration's social security program was again
considered by committees of the Senate and House this
week, with indications that many changes would be offered
during the consideration of the measure sponsored by
Senator Wagner which would provide for unemployment
and old age insurance and pensions. William Green,
President of the American Federation of Labor, appeared
before the Senate Finance Committee Jan. 28 and criticized
both the unemployment insurance and pension features
of the Wagner-Lewis bill, and proposed a minimum old age
pension of $50 rather than $20 a month, with Federal
contributions to States to provide unemployment insurance
benefits amounting to half the wages of a person who lost
his job. To meet this he suggested a 5% tax on payrolls,
rather than a levy graduated up to 3% as proposed by the
Administration.
Previous hearings on the bill were described in the "Chronicle" of Jan. 26, pages 566 and 567. On Jan. 29 Senator
Black declared that the well-to-do should be made to pay
the cost of unemployment insurance, and said he would
offer an amendment to the bill to meet the cost of the
insurance out of general taxation, providing the additional
revenue out of higher income, inheritance and excess profits
taxes.
Associated Press Washington advices Jan. 28 outlined
the discussion on the bill as follows:
Mr. Green's words had hardly been spoken when plans were made for
putting before the Senate Finance and House Ways and Means Committee
an Administration reply to his suggestions.
A sharp line of cleavage sprang up in the advisory council, of which Mr.
Green was a member, over this same proposal for job insurance, but the
council approved the plan advocated by Green. This later was turned
down by the Cabinet Committee.
Mr. Green suggested to-day that the age limit for old age pensions be
reduced from 65 to 60 years. He said the present requirement in the bill
that states provide sufficient pensions to give "reasonable subsistence"
to the aged was inadequate and that a monthly payment of $50 should be
set as a minimum. Administration witnesses have testified that the plan
contemplated a requirement that old persons be assured enough income
to give them $40 a month.
Mr. Green argued that the pay roll tax for job insurance would be passed
on to the consumer, anyway, and that a 5% tax would be no more of a
handicap to industry than would 3%.
Some Administration officials said the studies of the Economic Security
Committee covering the proposal that grants be made to the states fro.n the
728
Financial Chronicle
fund raised by this pay roll tax had brought the conclusion that it would
be better to have each state stand on its own feet with regard to job
insurance.
The Administration, therefore, proposed that each state set up its own
job insurance plan with an arrangement for 90% of the amount collected
from industries under a pay roll tax to be refunded to the industries contributing to state unemployment insurance plans. The amount to be paid
the worker who lost his job would be left to the states.
Mr. Green contended that wide variations between the state unemployment insurance laws would be "highly objectionable and most unsatisfactory."
el•••
An expert's estimate that theEcost of old age pensions to
the Government would mount to $1,300,000,000 annually
in 45 yearewas given a House committee at the opening of
hearings on the social security program. Associated Press
advices from Washington on Jan. 21 reporting this also
said in part:
Edwin E. Witte, executive director of the President's committee which
helped draft the security proposals, testified before the Ways and Means
Committee that the $1,300,000,000 might have to be matched by state
contributions equally large under the President's plan.
Criticism of Townsend Plan
Mr. Witte scoffed at the Townsend plan which calls for $200 payments
monthly to all more than 65. He said the tax proposed to pay for the
Townsend pensions would produce,in a year only enough to pay the cost
of the program, an estimated $24,000,000,000 or more, for only two or
three months.
Asserting that the Townsend proposal now pending in Congress, did
not fit into the American economic system or any other, Mr. Witte said:
"Obviously we would not get enough money to finance the plan unless we
started printing presses."
The former Secretary of the Wisconsin Industrial Commission spent
five hours before the committee explaining the ramifications of old-age
pensions, unemployment insurance, child welfare, mothers' aid and health
phases of the Presidential plan.
He presented long and intricate tables worked out by actuaries to show
the cost of old-age pensions for the first year would be $50,000,000 for the
Federal Government and at least that much by the states. He figured
that more states would have the plan in operation by the second year. and
$125,000,000 would be needed.
Mr. Witte explained that the plan presented in the Administration's bill
could be made much cheaper if the committee desired. To do this, Mr.
Witte said, it would be necessary to cut out the provisions for helping the
persons now reaching middle age.
SenateiRejects Resolution Providing for Adherence
of United States to Permanent Court of International Justice (World Court)—Message of President Roosevelt Had Urged Adherence to Protocols
—Mrs. Roosevelt in Radio Address Advocated Entry
—Senator Reynolds Opposed It
Rejection of the resolution providing for adherence of the
United States to the Court of International Justice (the
World Court) was registered by the United States Senate on
Jan. 29, when it voted 52 for to 36 against adherence. A
two-thirds vote was required to effect the adoption of the
resolution—or a total of 59 votes in its favor. President
Roosevelt on Jan. 16 sent a special message to the Senate
urging that it consent to the several protocols for adherence
to the Court, and a last-minute plea was made by the President to the Senators for favorable action. As to this, we
quote the following from the Washington account, Jan. 29,
to the New York "Herald Tribune":
President Roosevelt, who had been advised by Senator Robinson that the
situation was doubtful, to-day called in Senators David I. Walsh of Massachusetts, Peter G. Gerry of Rhode Island, A. V. Donahey of Ohio, Democrats, and Bronson Cutting, Republican, of New Mexico. It was looked
on as a last-minute White House effort to save the resolution. The only
one of the four, however, who finally voted to adhere was Senator Cutting.
The same dispatch said, in part:
The presence of 20 Democrats in the anti-Court column on the roll call
to-night was a decisive blow to the Administration forces in the Senate.
With them were 14 Republicans, one Progressive and one Farmer-Labor
Senator. Among the Democrats who parted with the Administration were
Senators Homer T. Bone of Washington, Marcus A. Coolidge of Massachusetts, James Hamilton Lewis of Illinois, Louis Murphy of Iowa, and
Ellison D. Smith of South Carolina.
Forty-three Democrats and nine Republicans voted for adherence.
Another Reservation Accepted
Administration leaders had realized during the day that the Court would
win, if at all, only by a narrow margin, and had accepted one more
reservation in a last-minute effort to hold wavering Senators in line. The
actual margin of defeat was surprising, however, even to the opponents
of adherence.
Vice-President Garner announced the vote, amid applause from the galleries, at 6:15 p. m., after six hours of oratory and an intense buttonholing campaign in the lobbies and cloakrooms.
The roll call was taken soon after Senator Joseph T. Robinson, Democratic leader of the Senate, Lad made a final and fervent plea for ratification. Senator Robinson was followed by Senator Park Trammell, Democrat, of Florida, Chairman of the Naval Committee, who declared against
adherence and asserted the people of his State were overwhelmingly against
entry into the Court.
Prior to the speech of Senator Robinson, Senator George W. Norris,
veteran insurgent Republican leader, of Nebraska, warned against the
danger of this country becoming involved in European affairs by entering
the Court without adequate safeguarding reservations, and Senator William
J. Bulow, Democrat, of South Dakota, who is rarely heard in debate, spoke
against adherence.
Regarding the defeat on Jan. 29 of amendments and
reservations to the resolution signifying adherence to the
Court, prior to the rejection of the resolution itself, the
Feb. 2 1935
advices to the New York "Times" from Washington, Jan. 30,
said:
In a last-minute effort to prevent a rout, Administration forces accepted
a reservation which they rejected in the Foreign Relations Committee more
than two weeks ago. Proposed by Senator Johnson at that time, it provided for submission to the Court of questions affecting American interests
"only by agreement through general or special treaties between parties in
disputes."
It was offered to-day by Senator Thomas of Utah, a Court advocate.
This was done with the intention of attracting a number of liberal Republican votes and possibly of meeting objections of New England
Democrats.
Any prospect of success with this plan was dimmed, however, when Senator Johnson exposed the "strategy" on the floor, and Senator Norris
Insisted on making recourse to the Court possible only by "special treaties"
which the Senate would have to ratify.
'Senator Johnson Is Indignant
When Senator Thomas presented the former Johnson reservation the California Senator was astonished and indignant. He alluded to the fact that
the reservation had been beaten in the Foreign Relations Committee and
chided Mr. Robinson with this fact. When Mr. Johnson declined to
support his own reservation the Democratic leader remarked:
"He is against it now and I am for it. The reservation is acceptable to
the President."
The reservation was, in fact, similar to the Vandenberg reservation, one
of the "understandings" attached to the Senate's program when it ratified
adherence in 1926.
Senator Johnson frankly charged that it was put forward to try to
"change someone's vote."
Senator Norris, whose franker reservation requiring two-thirds vote of
the Senate on matters affecting American interests was beaten last week,
refused to vote for the Court unless his new amendment was accepted. It
was rejected by a roll call vote of 48 to 39.
Debt Proposal Is Defeated
Other reservations and amendments were defeated one by one before the
final vote was taken. Principal among them was Senator Gore's plan to
bar adherence while any foreign debtors, members of the Court, owed this
country money for more than six months. He lost in a vote of 57 to 26.
Other proposals acted on were:
By Senator Long.—To make the Thomas amendment apply to advisory
opinions; defeated viva voce. Another, to make adherence conditional
upon no modification of previous territorial awards by the United States;
also defeated by viva voce.
By Senator Steiwer—Requiring an exchange of notes by which the Court
members would accept the Thomas and Vandenberg amendments to the
adherence resolution ; defeated, 49 to 33.
By Senator Borah—To tighten up the language of the Thomas reservation; beaten, 44 to 40.
An agreement limiting debate on the resolution of adherence was adopted by the Senate on Jan. 24. Offered by
Senator Robinson and accepted by Senator Hiram Johnson
(Republican of California), co-leader of the opposition, it
restricted discussion to 30 minutes by each Senator on the
general resolution and 15 minutes on each reservation, the
agreement becoming effective one hour after the Senate
convened Monday, Jan. 28.
This agreement was adopted after the Senate had adopted,
on Jan. 24, a reservation by Senator Vandenberg (Republican of Michigan) providing that adherence to the Court
should not be so construed as to require the United States
"to depart from its traditional policy of not entangling itself
In the political questions or internal administration of any
foreign State," or "to imply a relinquishment by the United
States of its traditional attitude toward purely American
questions." With reference to the Senate's action on Jan. 24,
advices on that date to the New York "Times" stated, in
part:
It was on motion of Senator Robinson [Democratic leader] that the
Senate formally accepted the Vandenberg proposal, but later Mr. Robinson
said he would oppose the Norris reservation, which President Roosevelt
criticized yesterday as an invasion of the Executive's control over foreign
affairs.
Senator Norris's reservation would prevent any question affecting American interests from being presented to the Court without consent of twothirds of the Senate.
Accepting the Vandenberg plan, Mr. Robinson said it was actually unnecessary because nothing in the resolution of adherence or protocols
involved American political or domestic questions.
Outside of the Vandenberg and Norris reservations, seven others are
pending, but little difficulty is expected in defeating all these.
On Jan. 25 the Norris reservation was defeated by the
Senate by a vote of 47 to 37. As to the votes cast, the
"Times" dispatch from Washington, Jan. 25, said:
Fourteen Democrats broke away from the Administration to support the
Norris reservation, together with 21 Republicans, Senator LaFollette, Progressive, and Senator Shipstead, Farmer-Labor, Forty-six Democrats voted
"no," but the only Republican with them was Senator Reyes.
On Monday, Jan. 28, a reservation by Senator Long,
making Court adherence conditional upon maintenance of
the Monroe Doctrine, was rejected by a vote of 46 to 35.
The day's proceedings were indicated as follows in the
"Times" Washington dispatch, Jan. 28:
Only a little more than three hours was used in debate to-day, and
outside of rejection of a minor amendment offered by Senator Davis, the
only positive action was on the Long reservation. The Davis amendment.
beaten by a vote of 54 to 27, sought to change the language whereby the
United States might object to advisory opinions on matters affecting
American interests.
Six reservations are still pending before adherence can be voted upon,
but the limit on debate which went into effect at 1 p. m. assures fairly
speedy disposal.
Volume 140
Financial Chronicle
The 35 backers of the Long reservation included 13 Democrats, 20 Republicans, and Senators LaFollette and Shipstead. Arrayed against them
were 45 Democrats and one Republican, Senator Metcalf.
The vote was very similar to that by which the Norris reservation was
beaten last Friday by a vote of 47 to 37, except that Senator Keyes, who
voted against Senator Norris, stood with Senator Long to-day, while
Senator Metcalf switched In the opposite direction.
Appeals by radio for and against adherence were made
on the eve of the Senate's final action on the resolution, as
to which we quote, in part, from a Washington dispatch,
Jan. 27, to the "Herald Tribune":
Two outstanding Democrats—Mrs. Franklin D. Roosevelt and Senator
Robert It. Reynolds of North Carolina—took the World Court debate to
the air to-night while the Senate, in recess, approached a decision on
adherence, probably Tuesday.
Mrs. Roosevelt appealed for adherence to the Court by the United States,
while Senator Reynolds opposed such action. Their addresses, made over
a National Broadcasting Co. network, followed the radio attack on the
Court by the Rev. Charles E. Coughlin, the Detroit radio priest.
Called "Court of Chicanery"
While their debate was in progress Father Coughlin's appeal to his
hearers to telegraph to their Senators demands for a negative vote was
swamping telegraph offices in Washington, with wire chiefs scouring the
city and vicinity for operators to work overtime far into the night to
receive the messages. Mrs. Roosevelt made a like suggestion, that her
hearers urge their Senators to vote for ratification, which added to the
deluge of messages.
Senator Reynolds attacked the Court as a "court of trickery and
chicanery," and argued that its members, while professing a desire for
peace, were energetically preparing for war. He insisted that it was not
American in origin, and held that "the Democratic platform adopted by
the Democratic convention at Chicago in June 1932 did not provide nor
did it propose to place this country in the World Court on the terms now
proposed." He also assailed the argument that the United States would
be in a better position in international trade if it joined the Court, and
contended that adherence would end all hopes for collection of the
rrar debts.
Mrs. Roosevelt explained at the outset of her address that she was
speaking "as a citizen and as a woman deeply interested in the question."
She replied to the contention of Senator Reynolds against abandonment of
Washington's dictum against "entangling alliances" by asserting that the
United States had become a creditor nation since Washington's time and
was now definitely a part of the world whether it wanted to be or not.
Moreover, Mrs. Roosevelt stressed the view that adherence would help
the United States in its trade relations, and declared that the idea underlying the Court had its origin in America. Under the terms for reservations
acceptable to the Administration, she pointed out, the Court would be
barred from considering questions in which the United States had or
claimed an interest, without its consent. . . .
Default on War Debts Cited
Senator Reynolds said, in part:
"We are on the eve of a grave crisis in the affairs of America. We are
at this very hour standing on the threshold of the main entrance to the
League of Nations—the so-called World Court, a court located 3,000 miles
from our own Capitol. . . .
"I wish to solemnly warn the people of our beloved country against once
more becoming entangled in the political ramifications of the 60 foreign
nations that are members of the League."
He cited the default of the war debts by nations that "offer the excuse
that they are bankrupt," although "they are now competing with one
another in a race to see which one can exceed the other in the manufacture
of munitions of war and the equipping of vast military machines.
"Why enter this World Court now?" he asked. "What has America to
gain by such a grave move? Is the League of Naitons a creation of the
thought of the people of America? It is not—absolutely not I"
As to the Senate's rejection of the resolution, the following comment was contained in the Washington advices
(Jan. 29) to the "Herald Tribune":
Settled for Indefinite Period
Senator Robinson, in commenting on the result . . . said:
"Well, it's over and finished. I think this action of the Senate forecloses the matter for at least an indefinite period. We never had the pledges
necessary to insure ratification. We have had a large number of Senaters
who were doubtful but indicated they might conclude to support the
resolution but who never pledged themselves. I didn't think the opposition
would get over 30 votes. I think the telegrams that were received by
Senators in the last few days had a very powerful influence on Senators."
Senator William E. Borah, Progressive Republican, of Idaho, who, with
Senator Hiram Johnson, Progressive Republican, of California, led the fight
against entry into the Court, said:
"Of course, I am pleased with the result. I regard it as the most
important development in the Senate since the war. In my judgment it
puts to sleep forever the proposition of the United States entering the
World Court. We had a vote more than we had expected."
Reference to the action of the Senate Foreign Relations
Committee in favorably reporting the resolution for adherence was made in these columns Jan. 12, page 248. The
President's message urging the Senate to consent to adherence was given in our issue of Jan. 19, page 395.
Americans Prominent in World Court Affairs, Despite
Non-Membership of This Nation
Despite the fact that the United States has never been a
member of the Permanent Court of International Justice,
Americans have been prominent in establishing and maintaining that body, according to Associated Press advices
from Washington, Jan. 29. Three Americans have sat as
Judges of the Court, and four successive Presidents have
urged the Senate to ratify the entry of this nation into the
world tribunal. The Associated Press dispatch mentioned
above outlined the United States connection with the Court
as follows:
729
David Hunter Miller, now historical adviser to the State Department,
took an active part in drafting Article 14 of the Covenant of the League of
Nations under which the Court was created.
Ellhu Root, former Secretary of State, was one of the committee of ten
jurists named by the League to draft the statute establishing the Court in
1920, and the committee of jurists which considered proposed amendments
to the statute in 1929.
John Bassett Moore was elected a Judge of the Court in 1922 and served
six years.
Charles Evans Hughes, now Chief Justice of the United States Supreme
Court, succeeded him.
Upon the resignation of Mr. Hughes the Court elected Frank B. Kellogg,
also a former Secretary of State, and he is still serving as a member of the
tribunal.
President Roosevelt, the last of the four Presidents to urge American
accession to the tribunal that sits at The Hague, had requested ratification
so the United States could "once more throw its weight into the scale in
favor of peace."
House Committee Hold: Hearings on Bill Designed to
End War-Time Profits—Secretary of War Dern
and General Johnson Oppose Nationalizing Industry—Bernard M. Baruch Indorses Administration Measure
imanssonssissal
The nationalization of industry in time of war might prove
"suicidal," Secretary of War Dern told the House Military
Affairs Committee on Jan. 28. The Committee was considering the bill introduced by Chairman McSwain designed
to eliminate the profits from war. Opposition to nationalization of industry was expressed Jan. 26 by General Hugh
S. Johnson, former Recovery Administrator, who said that
he favored Government control of war industries but not
Government operation. Bernard M. Baruch, who is Chairman of a special committee appointed by President Roosevelt to formulate legislation for eliminating profits from
war, indorsed the McSwain bill before the House group on
Jan. 25. This bill would make illegal the raising of prices
at any time following a declaration of war, and at the
same time would grant the President authority to regulate
and control industry and finance. Hearings on the bill
were scheduled to end Jan. 29, when representatives of the
American Federation of Labor and Veterans of Foreign
Wars appeared before the Committee.
A Washington dispatch to the New York "Times," Jan. 26,
had the following to say, in part:
The McSwain bill, which was the subject of to-day's House hearing, is
believed to represent the views of the Administration, and Chairman
McSwain announced to-day that he would name a subcommittee to whip
the measure into shape for early introduction in the House.
The quite general belief in Administration quarters that the bill carries
the President's approval is based on the fact that it was indorsed yesterday
by Mr. Baruch.
General Johnson said that with a little "refinement" the measure represented the kind of a law necessary to bring about the prompt mobilization
of all the moral, industrial and financial resources of the nation in war.
The bill calls for mobilization of all industries in war time, the prohibition of prices in excess of those prevailing on the date of the war
declaration, and at the same time vests wide authority in the President to
meet any industrial or financial situation which might develop in the
course of the war.
As did Mr. Baruch, General Johnson declared that enactment of such
a bill would make the United States virtually immune from attack by any
other nation. In the end, he said, the legislation would force other nations
to take the same steps to end war-time profits.
The hearing on Jan. 28 was noted as follows in Associated
Press Washington advices of that date:
Mr. Dern told the Military Committee, which is considering a bill to
remove profits from war, that it was unfair to the soldiers at the front and
the citizens at home to permit anyone "to make an excessive profit out
of the exigencies of war."
"From the experience of this nation, as well as others," he added, "the
War Department is forced to the conclusion that in the event of war the
major portion of our war supplies must be produced by private industry.
"It might prove suicidal to try to depend upon Government-owned plants
alone."
"In time of war, if history means anything," he added, "private industry,
under civilian management but under suitable Government control, would
still have to be our main reliance."
The Secretary indorsed proposals to license the manufacture and sale of
essential war supplies. . . .
Advocates Price Control
While advocating price control and an excess profits tax to help cut down
war profits, Mr. Dern suggested that restrictions on industry should not be
so severe as to hamper, cripple or destroy the production of necessary war
materials.
Harry H. Woodring, Assistant Secretary of War, said removal of war
profits was a "beautiful theory" but its translation into facts was "far
more difficult than writing it down on paper."
Regarding Mr. Johnson's views, we quote the following
from Associated Press accounts, Jan. 26:
"We can direct every person, every dollar and every thing for the purpose
of war," General Johnson said, "but I don't think the way to do it is to
impose a new system on the existing system at the start of war.
"My opinion is that this would disrupt the enormous strength of the
nation for war and result ultimately in defeat."
General Johnson, now a member of a board named by President Roosevelt
to find a way of removing profiteering from war, organized the selective
draft during the last world conflict.
. .
General Johnson said that while the measure would remove most of the
profits that would be created by higher prices, it would not attack profits
that result from increased volume. He suggested that these be controlled
by taxation.
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Financial Chronicle
During the last war, General Johnson said the War Industries Board, of
which he was a member, was considering a proposal to take over the entire
steel industry. But the question arose as to who would run the industry
and what greater power would be wielded than already existed.
"You can choke an industry to death if you want to through control
of money, material and transportation," General Johnson said.
Assuming there is an unwilling minority, Mr. McSwain asked, "how can
we put on the heat?"
Industry could not operate without money, General Johnson replied.
The Government, he said, could control the issue of new securities, dictate
loan policies, and state that none might be used except for purposes which
the Government sees fit.
Also, he said the Government could prescribe the manner and to what
extent industry would have access to materials.
Mr. Baruch's testimony was described, in part, as follows,
In a Washington dispatch of Jan. 25 to the "Times":
"I look upon the action contemplated in this bill," said Mr. Baruch, "as
being sufficient to place this country in a position immune against attack.
it
While it removes the war profit motive, it has other great advantages.
By keeping prices down to peace-time levels and thus eliminating doubling
and trebling of war prices, it vastly increases the nation's financial strength
for war. It also insures against conditions following in the wake of war
such as this depression in which, some 16 years after the armistice we
are still engulfed.
Holds Plan a Preventive
"The rest of the world will be on notice that we are prepared in a
manner in which no other country is prepared, with all of our moral,
spiritual and physical resources ready to be thrown to the fullest extent into
any war waged against us. We shall never wage war against another nation
except in defense.
"Whatever may be the motives for war, a measure such as you have outlined will remove absolutely all hope of any one in America making
money out of war, or of being as well off in war as he was in peace. In
that sense it is a preventive of war."
Federal Judge in Birmingham Hears Suit Seeking Petition to Halt TVA Electrification Program—
Authority Stimulates Employment, According to
A. E. Morgan
Judge W. I. Grubb of the United States District Court
in Birmingham, Ala., this week held hearings on a petition
for an injunction to halt the electrification program of the
Tennessee Valley Authority. The petition was brought by
preferred stockholders of the Alabama Power Company.
Counsel for the TVA on Jan. 25 filed an answer to the petition, asserting that the TVA offer to purchase 14 municipal
distribution systems had been withdrawn. This answer
was filed after Judge Grubb had declined to grant the TVA
a continuance in the hearing of the suit.
Associated Press advices from Washington Jan. 29 pointed
out that there is at present no available record of the amount
of power being sold by TVA, but gave the following resume
of its claims and activities thus far as offered by officials:
That it now has roughly 14.000 users, many of whom previously were
served by private companies.
That, in addition to supplying power now to Tupelo, Mies.. Muscle
Shoals and Athens, Ala., it is preparing shortly to begin service to New
Albany, Miss., and has signed contracts with these municipalities. Florence,
Sheffield, Tuscumbia, Decatur and Russellville, Ala., Knoxville, Pulaski
and Dayton. Tenn., and Amory, Miss.
That it has put into effect the first Federal venture in rural electrification
—in northeastern Mississippi where farmers have formed co-operatives to
use TVA power.
That TVA rates were much lower than the consumer formerly paid.
That the authority's monthly pay roll is 31,230,000, and that 13,000
persons are employed.
A dispatch from Birmingham Jan. 28 to the New York
"Times" summarized the hearing before Judge Grubb on
that date as follows:
Plans for developing Tennessee Valley power on a "yardstick" rate
basis were given by Dr. A. E. Morgan. Chairman of the TVA, in a deposition read this afternoon into the record of the suit of preferred stock
holders of the Alabama Power Co. attacking the constitutionality of the
act creating the TVA and the validity of its program.
Judge W. I. Grubb, hearing a petition in United States District Court
for an injunction to halt the TVA development, admitted the deposition
over the objection of James L. Fly, chief counsel for the TVA, that it was
"Irrelevant and unnecessary."
On this point the Judge denied a motion to limit the inquiry to the
contract for Alabama's sale of its Northwestern Alabama lines and the
Joe Wheeler Dam site to the TVA.
The court then ruled that any acts or plans or policies of the TVA should
be open to inquiry. As a result, the plaintiffs are expected to offer testimony regarding TVA plans in Tennessee, North Georgia, North Carolina
and Mississippi.
While Judge Grubb admitted TVA press releases as evidence, he refused to accept as exhibits the speeches of President Roosevelt or certain
interviews with him.
"What the President said officially is relevant," the Court ruled, "but
what he said on speech-making tours is not."
Following a clash between Mr. Fly and Forney Johnston, counsel for
the Alabama Power stockholders, over stipulations for admission of portions of minutes of TVA hearings, Judge Grubb issued a subpeona directing the secretary of the Authority to bring the entire minutes into court.
Counsel for 14 Alabama towns moved to dissolve a temporary injunction
recently issued by Judge Grubb restraining them from accepting funds
from the PWA or any other governmental agency to build competing
distribution systems. Hearing on this motion was set for Saturday.
We also quote below from United Press Birmingham advices of Jan. 29 regarding the hearing on that date:
The War Department and the TVA are studying the TVA development
in connection with national defense, it was revealed in the trial of the suit
brought by preferred stockholders of Alabama Power Co. against the TVA
The study was disclosed in deposition testimony from chairman A. E.
Feb. 2 1935
Morgan of the TVA. It was read by Forney Johnson, chief of plaintiffs'
counsel.
Mr. Morgan pointed out that the Government is considering manufacture of munitions as a Federal function.
Mr. Morgan also testified the TVA does not contemplate manufacture
of either stainless steel or ceramics on a commercial basis.
"The TVA is carrying on researches," he stated, "but if it perfects Processes it will pass them on to private industry." A ceramic plant now is
under construction near Norris Dam.
Mr. Johnston revealed that he had questioned Chairman Morgan at
length on a statement he made before the House Appropriations Committee
that TVA might need 1100,000.000 for acquisition of municipal power
distribution plants.
The plaintiff's counsel sought to establish that the TVA planned to Use
this sum in buying distribution systems, but Chairman Morgan replied
that "it is merely an estimate as to what the system might cost and the
TVA hopes the cities would buy the system so the TVA won't have to."
The chairman also stated that no additional power installations, beyond those at Norris, Wheeler and Wilson dams are contemplated by the
TVA until there is a demand for more power.
Secretary of the Treasury Morgenthau Says Administration Contemplates Legislation Affecting Banking and Federal Reserve System—Details Withheld
After White House Conference
The Administration is planning a definite legislative
program affecting banking in general and the Federal Reserve
System, it was announced Jan. 25 by Secretary of the
Treasury Morgenthau, after he had attended a White
House conference which also included Maniner S. Eccles,
Governor of the Federal Reserve System; T. J. Coolidge,
Under-Secretary of the Treasury, and Herman Oliphant,
General Counsel for the Treasury. Details of the proposed legislation were not revealed, however. It was
unofficially reported that plans contemplate a liberalization
of banking regulations and possibly closer control by the
Federal Reserve Board over the activities of the twelve
Federal Reserve banks. A dispatch of Jan. 25 to the New
York "Times" from Washington discussed these proposals
as follows:
It is understood that the Federal Reserve Board has not adopted any
formal recommendations, but that there has been a comprehenisve discussion and that Mr. Eccles went to the White House prepared to submit
this viewpoint. . . .
One of the theories behind the reported effort to extend the Federal
Reserve Board powers to give it additional central banking autho.ity, is
that this would go far to scotch the plans of some members of Congress
who are fighting for the creation of a new central bank of issue under
complete governmental domination, which would leave the Reserve
Board playing a minor role.
A bill covering the operations of the Federal Deposit Insurance Corporation has been practically completed by FDIC officials except for
decision on the premium which member banks of the Corporation must
pay annually into the insurance fund to replace the unlimited assessments
which otherwise would go into effect on July 1.
Deposit Insurance Issue Up
As the bill is now drafted it places at $5,000 the maximum of an individual deposit which will enjoy insurance, the present limitation, and this
figure is said to have the backing of the President and all of his advisers.
There has been agitation in Congress to increase the maximum to $10,000.
Under the present law, all deposits would be insured on a percentage basis
after July 1, unless Congress acts before that time.
Report of SEC to Congress Recommending Changes
to Bring About Greater Control of Stock Exchanges
by All Members—Other Recommendations
As was indicated in these columns last week (page 557), a
report was submitted to Congress on Jan. 25 by the Federal
Securities and Exchange Commission in which were embodied
recommendations which would,among other things, materially change the method of election of the President and
Governing Committee. The report on this point says in part:
The problem of making the governing board more representative of the
membership and more vigilant in the protecting of investors and the public
has been discussed. The method of election itself is, however, subject to
-perpetuation
just criticism. The results of its operation have been the self
of the "In" group. The power of the nominating committee to nominate
Its own successors tends to prevent open discussion of change.
The remedy of an independent slate by petition is ineffective, because
petition connotes open revolt, and subtle forms of pressure make its use
in practice infrequent. Thus, 75% of the Governors of the New York
Stock Exchange have been renominated at least once,and 50% at least twice.
In order to prevent the tendency of perpetuation of the "in" group, the
nominating committee system could be abolished. . .
The President of the New York Stock Exchange is elected by vote
of the regular members in the same fashion as the Governing Board.
The designation of a candidate for President by the Nominating Committee is tantamount to election, for the "regular" candidate is most
infrequently opposed. . . .
1. Methods of Election
The present method of election through nominating committees again
permits self-perpetuation of the "in" group, inasmuch as the nominating
committee each year nominates its own successors.
One remedy would consist in the election of the president by the membership in open meeting. Another would be the equivalent of a primary, I. e..
nominations by votes of the members, and then a vote subsequently on the
three candidates receiving the highest number of votes at the time of the
nomination. A third would have the president appointed by the governing board.
Election, however,is preferable to appointment because the direct election
permits concentration of the entire membership on the problem of choosing
an able president, whereas indirect election weakens both the representative
character of the president as well as his direct responsibility to the membership of the exchange.
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Financial Chronicle
2. Non-Member as President
Suggestions have been made to the effect that the president might
be a non-member of the exchange. This possibility might result in bringing
an impartial administrator to the exchange who could consider not only
the interests of the exchange as a whole but also the public interest.
In all 11 recommendations were contained in the report,
and these were indicated in our item on page 557 of our
Jan. 26 issue. In making the recommendations the Commission said:
The Commission does not now suggest that legislation be enacted to
bring about these recommendations. Its recommendations can be put into
effect by the voluntary action of the exchanges themselves without resort
to legislation.
It hopes that,in the main,these recommendations will be found acceptable
and put into effect by the exchanges themselves. The Commission will
report further to the Congress upon the acceptability of these recommendations to the exchanges and their progress in making them effective.
It will also, as its experience in and knowledge of exchange government
increases, report to the Congress such further recommendations as it may
deem advisable in regard to exchange government.
In submitting its report the SEC called attention to Section
19-C of the Securities Exchange Act of 1934 directing the
SEC to "make a study and investigation of the rules of
national securities exchanges with respect to the classification
of members, the methods of election of officers and committees to insure a fair representation of the membership,
and the suspension, expulsion and disciplining of the members
of such exchanges."
As to its inquiry the Commission had the following to say:
There are 34 stock exchanges now operating in the United States. The
rules of these exchanges regarding "classification of members, methods of
election of officers and committees, and the suspension, expulsion and
disciplining of members" are extremely diverse.
To simplify the method of presenting an analysis of the rules of 34 stock
exchanges, those of the New York Stock Exchange have been selected for
specific treatment.
This Exchange, in volume of security transactions, transcends all other
stock exchanges. Its rules, adopted in many particulars by the other stock
exchanges, thus assume special significance. Furthermore, its rules have
come more particularly under the scrutiny of the committees of Congress
and of economists whose concern has been stock exchange governance.
It is not possible within the confines of this report to indicate the applicability of each recommendation ofthis reportto each of34security exchanges;
nor has it been possible within the time limits of this study to consider the
special circumstanses of each such exchange in order to determine in just
what respects it seems advisable to suggest changes in the rules governing
these exchanges.
More than a mere knowledge of the rules is necessary to give content to
such recommendations. Familiarity with the local conditions and traditional practices of each exchange is essential,for without such a background
upon which to project what would otherwise be academic suggestions, no
adequate judgment can be reached either as to the need for change or
the efficacy of any suggested remedy.
However, certain recommendations, though having special reference to
the New York Stock Exchange, will be seen to have general applicability
and, with such minor adjustments as may be necessary, can be regarded as
being equally valid for exchanges other than the New York Stock Exchange. . ..
The subject matter of this report may best be discussed under the following headings:
I. The classification of the members of exchanges.
A. The relationship of membership to the governing committee.
B. The representation of classes of members on the governing committee.
II. The methods of election of officers and committees.
A. The method of election of the governing committee.
B. The method of election of the president.
0. The method of electing standing committees.
III. The machinery of discipline.
A. The Arbitration Committee.
B. The Business Conduct Committee.
IV. Summary of recommendations.
As to the Commission's recommendations the Washington
correspondent of the New York "Herald Tribune" had the
following to say in part on Jan. 25:
Included in the recommendations, which were considered directly aimed
at the New York Stock Exchange since that organization was the center
of study and since agitation for the changes have been reported as coming
from Exchange members, were suggestions that greater representation in
the organization be given to the commission firms, that the system of election be revised to make nominations by petitions and that the one-third
of the Governing Committee be elected annually. It was also advocated
that the expenses of arbitration be reduced, that non-members be on the
Arbitration Committee and that "adequate and effective" appeals be
possible from the Business Conduct Committee to the GoverningConunittee.
Customer's Right Advocated
The right of customers to appear on complaints against members was
urged, as was the contention that both parties to a dispute, the firm and
the customers, should have recourse to the Governing Committee. The
customer, the recommendations said, should also "be furnished with the
answer made by the member to the customer's complaint." .
.
Limited Committees Opposed
Discussing proposals to pay the heads of exchanges a salary,the SEC sidestepped the advisability of such innovations by declaring that the matter
is "more peculiarly the concern of the various exchanges." "Limiting the
membership of standing committees," the report said in reference to the
Stock Exchange, "to the personnel of the Governing Committee unduly
restricts the field of selection." It pointed out that the work of the committees takes a good deal of time of the Governors,and asked that the limits
of those eligible for membership be broadened.
Although declaring that the Commission "believes that the established
rule of selecting Governing Boards from Exchange members may, with
modifications to be discussed later, be continued without unduly jeopardizing the admittedly important interests of the investor and of business," the
report carried another implied threat in declaring that when and if the
Governing Committee ceases to co-operate with the SEC it may be recom-
731
mended that its members not come exclusively from the Exchange memberships(
Commission Broker Upheld
Stressing the paramount importance of the Commission broker, because
of his contact with the public in contrast to that of other types of members.
the SEC gives strong indication that it believes that commission brokers
should play the important part in the running of an exchange. In urging
greater numerical representation of the commission broker on the Governing Committee and a change to make the office partners of the firms eligible
for the committee, the SEC strikes at the present commission firm representation on the Stock Exchange Governing Committee.
The report said that although commission firms of the Stock Exchange
own 52% of the total seats, only 14 Governors, or one-quarter of the board,
are representatives of commission houses. [Editor's—"Herald Tribune"—
note: At the Stock Exchange yesterday it was said that 27 Governors are
from commission firms and that at the time the study was made 25 Governors were from such firms.] These 14 Governors,the report pointed out,is
in sharp contrast to the 26 Governors representing specialists, floor trader
or odd lot dealers.
A suggestion which would permit more representation from commission
firms, contained in the report, calls for the transfer of memberships to office
partners, who could then participate directly in the administration of the
Stock Exchange.
Slash in Costs Urged
"The costs of arbitration," the report said in discussing reduced charges
by the Arbitration Committee of the Stock Exchange. "are high compared
with ordinary commercial arbitration proceedings. In 1933, the costa in
11 disputes ranged from a maximum of6600 costs and $88stenographer fees
to a minimum of $100 costs. The expenses should be reduced in order to
effectuate one of the chief purposes of arbitration."
The SEC asks the Stock Exchange to permit non-members to serve on
arbitration Committees on the ground that "irrespective of how equitable
the results in themselves may be, some element of distrust must naturally
attach itself to a tribunal not so constituted."
Describing the vast powers given the Business Conduct Committee on
the Stock Exchange, the report said that the occurrence of minor infractions gives the Committee "a large discretion, which enables it to wield
tremendous coercive power." The report said that complaints on this
Power have been heard to the effect that power was used in an "arbitrary
fashion." "Consequently," it added, "it is extremely important that the
procedure of the Business Conduct Committee should be judicial in temper
and character. Adequate appeal to the Governing Board should be made
possible and economical and the desirability of providing for appeal to the
SEC canvassed."
In concluding its study, the SEC says that the procedure on customer's
complaints against members "violates many canons of accepted judicial
procedure." The Commission urges that the customer be allowed to be
represented and that he, like the member, should have appeal to the Governing Committee.
Advisory Committee of Association of Stock Exchange
Firms Approves SEC Recommendations for Greater
Control of Exchanges by All Members—Otto Abraham Takes Exception to Committee's Action
A resolution was passed on Jan. 28 by the Advisory Committee of the Association of Stock Exchange Firms recommending to the Board of Governors of the Association "that
they place themselves on record as approving and endorsing"
the 11-point program of the Securities and Exchange Commission, which provides for greater control of stock exchanges
by all members. The Commission's proposals were noted
in our issue of Jan. 26, page 557, and additional reference
thereto is made elsewhere in our issue of to-day. The
resolution adopted Jan. 28, addressed to the Board of
Governors of the Association, follows:
Resolved, That the Advisory Committee of the Association of Stock
Exchange Firms, having given due consideration to the report rendered by
the Securities and Exchange Commission to Congress as published Jan. 25
1935, recommend to the Board of Governors of the Association that they
Place themsevles on record as approving and endorsing the 11-point program
set forth in said report.
Commenting on the resolution, the New York "Herald
Tribune" of Jan. 29 stated that the statement was given to
the press by Frank R. Hope, President of the Association,
who declined to make any further comment.
In a letter Jan. 29 to the members of the Advisory Committee, Otto Abraham, a member of the New York Stock
Exchange and senior partner of Abraham & Co., in taking
exception to the action of the Committee in indicating its
attitude toward the report of the SEC said in part:
I consider it tactless for your Committee to publish its opinion before
Governing Committee of the New York Stock Exchange has arrived
at any decision of its own, in regard to the suggestions of the SEC. . ..
Whether or not the suggestions of the SEC are fair and equitable is for
the membership of the New York Stock Exchange to decide.
the
In answer to the above the Advisory Committee had the
following to say in part:
The Securities and Exchange Act may not be an ideal one, from the
standpoint of Wall Street, but it seems to us to approximate fairness closely
on the whole. . . .
It is our considered opinion that the Street would do well to adopt the
eleven-point program as a matter of choice.
Robert E. Healy Predicts SEC Will Issue New Rules to
Meet Business Objections on Registration Statements—Commission Member Says Frankness Is
Prime Requisite in Making Reports
Robert E. Healy, a member of the Securities and Exchange
Commission, told the New York City Control of the Comptrollers Institute of America on Jan. 31 that, in connection
with the registration statements to be filed by corporations,
732
Financial Chronicle
the SEC is likely to issue additional regulations tq meet
specific objections which have been raised by busines1 men.
In connection with SEC requirements, Mr. Healy said that
the paramount necessity was to tell the truth clearly, and
promised that information given in registration and annual
statements would be kept confidential unless it was imperative that it be made public. His address was described, in
part, as follows in the New York "Times" of Feb. 1:
Four specific rules outlined as in prospect by Mr. Healy would provide
that registrants might reserve, in their registration under the Act, any constitutional rights which they believed to be involved;that registrations might
be withdrawn subject to certain limitations, if the rules governing them
were changed substantially subsequently; that registrants who were unable
to complete the required registration by July 1 might submit what information was available and promise the other items within a specified time, and
that in certain cases information unavailable until the close of the corporation's next fiscal year might be deferred until that time.
These rules were receiving serious study from the Commission, Mr. Healy
said, and there was every likelihood that they would be adopted. He cited
them in connection with a statement that the Commission did not desire
to impose any unnecessary burden on business.
Rules governing other phases of the relationship between the Commission and corporations would be issued, he said, as soon as the Commission
could make the necessary studies and prepare them.
Merchants Association of New York Calls Attention to
Bill of Senator Harrison Permitting States to Levy
Taxes in Inter-State Commerce—Would Make Sales
Taxes Apply in Inter- and Intra-State Commerce—
Association Concerned as to Precedent Which
Legislation Would Establish
The Merchants Association of New York points out that
with a view to enabling those states levying sales taxes to
protect themselves from outside competition and increase
their revenues, Senator Pat Harrison of Mississippi has introduced a bill in Congress which would permit the states
to levy taxes upon tangible personal property in inter-state
commerce corresponding to similar taxes levied within the
state. The bill, says the Association, would have the effect
of making sales taxes apply equally in inter-state and intrastate commerce.
This bill was examined by the Committee on Taxation
and Public Revenue of The Association and in consequence
the Association has advised leaders of the Senate and the
House of Representatives of its objections to the measure
and has expressed the hope that it will not be permitted to
go any farther. The Association's position with respect to
the bill is briefly summed up by it as follows:
Unquestionably it is possible to escape state sales taxes by making purchases outside of the state, but we believe that is an inherent disadvantage
of state sales taxes under our system of government and should be frankly
recognizeci and accepted as such rather than attempting to cure this defect
by a method which would be more costly to business and industry than the
revenue which would be obtained. The primary purpose of our economic
system is still to make reasonable profits on the transaction of business for
the benefit of those engaged in the business rather than the production
of revenue for the support of government.
Granting the power proposed in this bill would make it necessary for
merchants who desire to comply with the law to keep constantly in touch
not only with the sales tax law of every state imposing such a tax, but
also with all the numerous and ever-changing administrative rulings of
the state tax departments.
We are unable to see how this law could be thoroughly enforced without
granting to state authorities the right to inspect parcel post matter and,
quite apart from the administrative difficulties inseparable from such inspection, we do not believe the situation is sufficiently serious to warrant
the grant of any such power.
The cost to business men of informing themselves as to the complicated
provisions of tax laws and adjusting their business so that they can compile
the necessary returns is very great and in some cases exceeds the amount
of the tax paid. The passage of any such law as the Harrison bill would
greatly increase this unseen but very onerous burden of business taxation.
The Merchants' Association is also fearful that once a precedent had
been established permitting the states to tax inter-state commerce for one
purpose, other plausible reasons would soon be found for permitting additional state taxes upon inter-state commerce and we should be faced on
every side with state barriers to the free flow of domestic commerce
Equal Armaments According to Norman H. Davis Fails
to Give Equal Security Between Nations—Head of
United States Delegation to Disarmament Conference Urges Understanding of Economic and
Political Problems
"Equality of security" is a fundamental right of every
world power, Norman H. Davis, United States Ambassador
at Large and Chairman of the American delegation to the
General Disarmament Conference, said on Jan. 29 in an
address before the Council on Foreign Relations in New
York City. Equality of armament, on the other hand, fails
to give security, he said, and on the contrary is incompatible
with the concept of equal security. Mr. Davis discussed
the recent naval discussions between the United States,
Great Britain and Japan, and said that the chief cause of
their failure was disagreement on questions of national prestige. While deploring the fact that Japanese militarists
have utilized the naval issue as a lever to establish Japan's
dominance in the Orient, he appeared hopeful that discus-
Feb. 2 1935
sions could be resumed on a more satisfactory basis at a later
date. He termed Japan's denunciation of the Washington
treaty fixing the 5-5-3 ratio "regrettable," but added that
we should not be unduly disturbed by the present deadlock
or "engage in loose talk of an impending naval race," since
the fleets of the present naval powers are limited by existing
treaties until Jan. 1 1937. He pointed out that military
power consists of a navy, an army and an air force, and the
combined strength of Japan in these three branches is greater
that that of the United States.
Mr. Davis stressed the contention that real peace cannot
be achieved by armament agreements alone, but must also
include understanding of the economic and political problems of other nations. As to this he said:
The meagre results to date of the General Disarmament Conference at
Geneva can be traced directly to the international political unsettlement
that has held the nations of Europe in its grasp during the past years.
There has recently been manifest a definite trend toward finding a solution to the political problems of Europe through international collaboration, and during the past few weeks the tension on the Continent has been
eased, as you are aware, to a considerable degree by a series of interrelated
steps effected through a spirit of mutual accommodation. And already
there is a growing indication that the disarmament effort may well be resumed shortly with renewed determination.
Thus we are witnessing a demonstration in a different part of the world,
and under vastly different circumstances, of the essential truth so wisely
recognized and effectively applied at the Washington Conference that there
is no other path toward achieving the limitation and reduction of naval or
other armaments than by the frank facing of the political and economic
problems disturbing the relations—and, hence, the security—of States and
by the mutual collaboration of all the countries involved. There is nothing
essentially incapable of settlement by these means in the Far Eastern
situation. I am happy to see this view reciprocated by the Japanese
Foreign Minister, who in his speech before the Diet on Jan. 21 stated
"there exists no question between the two countries which is intrinsically
difficult of amicable solution."
Government Spending Program Held Incentive to
Inflation—Ogden L. Mills and Professor William
E. Spahr Warn of Danger of Another Economic
Collapse as Result of Public Works and Relief
Policies
Criticism of the Administration's program to stimulate
economic recovery by Federal expenditures on public works
and relief was voiced Jan. 25 before the Women's National
Republican Club of New York City by Ogden L. Mills,
former Secretary of the Treasury; Professor William E.
Spahr of New York University, and other speakers. Mr.
Mills and Professor Spahr agreed that the spending program
is likely to produce inflation which might precipitate another
economic collapse. Mr. Mills said that it might cause a
depression that would dwarf that of 1920. Professor Spahr
and the other speakers discussed "Government Control of
Credit." Extracts from their addresses are given below,
as reported in the New York "Times" Jan. 26:
Mr. Mills said that the Federal Government wished to set up and control the proposed Central Bank because the Government was the largest
borrower.
"If the Government controls the Central Bank," said Mr. Mills, "it
can borrow on terms that it cannot obtain from private banks."
With the Executive branch of the Government already in control of
credit. Mr. Mills suggested that a Central Bank under Government control would afford "a little more respectable way of doing business." He
pointed out that instead of issuing greenbacks the Government could
issue bonds, deposit them with the Central Bank and draw against that
credit.
Federal Control Opposed
"The country might not see this inflation as easily as it would see direct
inflation," Mr. Mills declared. "Since the Government is the biggest
borrower, it should not control the money market."
Mr. Mills said the Federal Government since March 1933 had been
spending as rapidly as possible and in every conceivable way and that he
did not believe spending had "any appreciable effect" in producing real
recovery.
Professor Spahr agreed with Mr. Mills that recovery would be brought
about by the normal processes of business and not by spending. Professor
Spahr said that since the present Administration took office he had not
heard one word said about hard work bringing about recovery.
Recovery Pictured as "Wandering About In an Impenetrable Maze of Currency Legislation" —
Bainbridge Colby Predicts Supreme Court as
Speaking Often Before Reason and Sanity Resume
Sway in National Life—Recovery Blocked by
"Hostility to Business"
The Government has departed from the principles of
sound economic policy in almost every one of its major
undertakings, declared Bainbridge Colby, Secretary of
State under Woodrow Wilson, in addressing on Jan. 29 a
meeting in Washington of the American Coalition of Patriotic
Societies. The Washington "Evening Star," reporting
Mr. Colby as assailing the "jaunty" acceptance by the
House of the requests of the Administration, likewise noted
his criticism of the passage by the House of the President's
new Public Works bill, as to which the speaker declared
there is no parallel that he could recall for the "frivolous
irresponsibility of that branch of Congress." "Apparently,"
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Financial Chronicle
Mr. Colby is quoted as saying, "the Supreme Court must
speak again and often before the playboys of the New
Deal realize that there is an American system of Government, and before reason and sanity resume their sway in
our National life."
"Recovery is wandering about in an impenetrable maze
of currency legislation, the meaning of which no man knows,"
said Mr. Colby, who is further reported as saying:
Juggling, repudiation, confiscation and debasement have been enacted
on the theory that they will raise prices, improve foreign trade, revive
agriculture, equalize debt burdens and end depression. They will do
nothing of the kind.
Continuing, the account in the "Evening Star" also
indicated as follows what Mr. Colby had to say:
"The Government has committed the error ot assuming that the depression can be cured by manipulating the currency," Mr. Colby said.
"It has fallen into the error of believing that there is a shortage of gold.
It has adopted the erroneous notion that juggling the price of the American
dollar in foreign exchange will restore agriculture prices.
"It has surrendered to the hoary error that inflation relieves the burden
of the debt-ridden. It mistakenly assumes that the artificial creation
of credit will revive investment, and it is in the firm grip of that ancient
and most obvious of errors, that artificial price raising causes recovery.
Says Error Suspected
"The wisdom of the world knows that these are errors and think that
in some quarters of the Administration also the fact is beginning to be
suspected."
History shows us, he continued, that "inflationary tinkering with the
currency" retards and precludes recovery and that cutrency manipulation
-ridden.
helps neither the poor nor the unemployed nor the debt
"We, the most powerful nation on earth, with the most varied industrial life and the most complex financial relationships, do not know what
money system we have now and even less do we know what system we
will have a month from now."
The picture revealed to our eyes to-day, the speaker said, is that of
a confused Government trying to travel three roads at once—one leading
to relief, another to reform and the third to recovery.
"But the third, which is vital to the other two, is being blocked by an
incomprehensible hostility to business, individual enterprise and the
restoration of that confidence, which is essential to the flow of capital
into productive undertakings," he declared.
Competition by United States Scored
"The Securities law nas discouraged investment and stifled tne legitimate
sale of securities with which to raise needed capital for business revival."
he coutinued. "The Agricultural Adjustment Administration and the
National Recovery Administration have reduced production; the Public
Works Administration has curtailed the demand for private financing;
the Federal Reserve has been stripped of its power to control credit and
prevented from contributing to a revival of confidence and a renewal of
the general extension of credit; the Reconstruction Finance Corporation
has gone into the banking business on such a scale that its vast loans over
the whole area of industry and finance have absorbed a large part of the
existing market for bank credit.
"Government financing has become a winning competitor for what
business there is."
The Emergency Relief Appropriation Act for 1935, he said, marks a
new extreme in the broad grants of power to the President and must be
weighed in the light of its effect as a departure from and subversion of
the American system of government. He added:
"It means an abdication by Congress of its proper duties and responsibilities in an almost limitless field of legislation.
"It means the complete control by the President of the expenditure
of a sum greater than the total annual cost of the Government under
normal conditions.
"Step to Dictatorship"
"It contemplates no legislative guidance whatever in the determination of policies which, under our established practice, are matters for
the standing committees of each branch of Congress.
"It is clearly a step toward dictatoiship, in which the deliberative bodY
becomes a cipher.
"It gives the very questionable authority to the Executive to make
rules and regulations in the nature of penal laws.
"It certainly involves the creation of a vast new bureaucracy, flee from
Civil Service laws and not subject to any Congressional supervision or
direction.
"It purports to give to the President a broad power, of doubtful constitutionality or validity, to fundamentally change our governmental machinery,
and, lastly, it promises and continuance of the doubt, uncertainty and
confusion which are proving so fatal to confidence and recovery."
The "Evening Star" in observing that Mr. Colby in his
speech, which was broadcast over a nationwide radio hookup, stated that the Constitution is the most American thing
about America, added:
"Has Met All Crises"
The Constitution, he said, has met all crises in the history of our country and it will again. "The President is sworn to uphold the Constitution.
The courts are sworn to obey it- and apply it. How can it fail?"
Warning that "we must watch our step on this subject of economics
and economists," the former Cabinet officer said "yoo many of the socalled economists of to-day are young men without any adequate experience
or observation; extreme idealists who recognize no law but their own
wishes; publicity-seeking schemers, who adopt any notion or doctrine
that is new or has popular appeal; men who are retained by special interests, which may include farm groups and organized labor, as well as
corporations."
ISEconomics, he said, is made up of a very real body of time-tested principles, which can be denied or violated easily, but their vindication is
certain and usually not long delayed. "Economics in its field rules the
atYairs of men."
Creation of Research Advisory Board of Association of
American Railroads
Creation of the Research Advisory Board of the Association of American Railroads, the members of which Board
are men outstanding in various fields of scientific work, was
733
announced on Jan. 23 by J. J. Pelley, President of this
Association. The purposes of the Research Advisory Board
include the following:
1. Assist in the organization of the new Department of Planning and
Research which the Association of American Railroads is forming.
2. Advise as to plans not only for continuing research activities which
the railroads already have in progress but as to plans for research which the
Association has in contemplation.
3. Suggest new matters pertaining to operation, equipment or other activities connected with rail transportation to which definite attention should
be given in the field of research.
The members of the Research Advisory Board appointed
by Mr. Pelley are:
Dr. Karl T. Compton, Cambridge, Mass., President of Massachusetts
Institute of Technology.
Dr. Harold G. Moulton, Washington, D. C., President of the Brookings
Institution.
Dr. A. A. Potter, Larayette, Ind., Dean of the Engineering Schools,
Purdue University.
At a meeting of the Research Advisory Board, held on
Jan. 23, in Washington, Lawrence W. Wallace, Vice-President of the W. S. Lee Engineering Corp., Washington, D. C.,
was selected as Director of Equipment Research. Mr. Wallace will be in charge of all research work relating to motive
power and car equipment, both freight and passenger. It is
stated that this work has heretofore been conducted by
Harley A. Johnson of Chicago, who has been employed on a
part-time basis, but who has resigned to devote his entire
time to the Chicago Traction interests with which he has
been connected for many years. In making the announcement regarding the creation of the new Board, Mr. Pelley
said:
The railroads have for years engaged in research work with manufacturers
of various kinds of railway equipment and supplies. In establishing a
Department of Research and Planning, it is proposed to co-ordinate under
this Association such work so far as possible and also to develop new lines
of research with a view to bringing about still further improvements in
rail transportation. While the railroads in the past decade have made
much progress in this direction, as evidenced by their efficiency and
economy in operation now, compared with the period immediately following the World War, rail managements hope that through the Department
of Research and Planning still other improvements in operation and service
can be brought about which will be not only of benefit to the public but
also to the railroads themselves. Through this new department, with the
assistance of the Research Advisory Board, the railroads plan to search out
every possible way for providing new means and methods for not only
decreasing the expenses of operation but creating a greater demand for
railroad transportation.
The members of the Research Advisory Board appointed to-day are outstanding in their particular fields of scientific work and will bring to the
railroads knowledge and experience that will prove valuable in conducting
this important work for the rail systems of the country.
Proposed Union Legislation Would Ruin Nation's
Railroads, According to R. V. Fletcher—Counsel
for Carriers' Association Estimates Added Costs
Would Be $1,250,000,000—Opposes Projected SixHour Day Law
Enactment of legislation proposed by railway unions to
establish a maximum six-hour day for railroad workers
would add approximately $1,250,000,000 to the operating
expenses of the carriers, without any improvement in their
efficiency, service or safety, and would wreck the railroads
of the country, R. V. Fletcher, General Counsel of the Association of American Railroads, said Jan. 23 before the
annual convention 'of the Western Fruit Jobbers Association
of America, in San Francisco. Discussing "The Transportation Outlook," Mr. Fletcher said that the legislation advocated by the Railway Labor Executive Association would
"destroy the railroads beyond the peradventure of a doubt."
The program, he said, would call for:
1. The six-hour day without reduction in compensation;
2. A ^ull crew bill ;
3. A train limit bill;
4. An amendment to the Employers' thability Act, so as to take away
the defense of assumed risk.
5. An amendment to the Hours of Service Act reducing the present 16hour limit to 12 and the present nine-hour limit for train dispatchers to six;
6. A bill for Government inspection and control of track conditions;
7. A bill for Government control of signal devices.
"It is impossible to say just how much the enactment of
these bills would increase operating expenses," said Mr.
Fletcher, "but it is well within the bounds of conservatism
to say that the added cost would amount to $1,250,000,000,
which is roughly twice as much as the burden of fixed
charges now resting upon the industry."
Mr. Fletcher said that the Federal Co-ordinator of Transportation recently estimated that the six-hour day bill alone
would, under present day employment conditions, add $400,000,000 to railroad expenses. He went on to say:
Our figures indicate that, on the basis of employment prevailing in 1930,
the addition would be $547,000,000, which is more than the total for that
year of the interest paid by the roads on their entire funded and unfunded
debt. The train limit bill will cost $200,000,000 additional, and the full
crew bill, another $83,000,000. The cumulative effect of passing these
three bills, in addition to the effect of passing each one separately, would
734
Financial Chronicle
Feb. 2 1935
be still another $100,000,000 added cost. Assuming a return to the 1930
traffic volume, here are three of these proposed bills that will add $930,000,000 to the cost of operation. The other objectionable measures will,
I feel sure, bring the total above the figure I have mentioned.
I wish it were possible to ignore or forget this threat by organized labor
to the integrity of the industry. I am sincere in this expression because I
realize the help railroad management is receiving from organized railroad
labor in the matter of equality of treatment for all forms of transportation.
For that assistance cheerfully and enthusiastically extended, I am grateful.
But any treatment of railroad problems is obviously short-sighted and incomplete if it omits all consideration of this threat to the integrity of
the industry—a threat which, it fulfilled, will destroy all our efforts looking toward recovery in the field of transportation. It is a grievous thing
that management and men cannot unite upon a program consistent with
harmonious co-ordination of all transportation agencies, unhampered by
demands that are manifestly and destructively impossible.
utilities and their holding companies, and in the course of
this survey reported that to a great extent State regulation
has been inadequate to prevent holding company evils. The
existing body of regulation, the Commission added, has been
inadequate, not only because divergent policies of different
States make consistency and vigor impossible, but because
in the general field of corporate law States have facilitated
the production of evils.
Another chapter in the Commission's report, presented to
the Senate Jan. 24, said that Federal regulation of utility
holding companies might be based on two general methods.
One of these, the FTC said, is to prohibit and penalize
Mr. Fletcher called attention to the fact that millions of specifically each of the practices it is desired to eradicate.
persons are either directly or indirectly dependent upon the The other method, the survey added, might supplement the
railroads for support, and said "that the collapse of the first by charging some administrative agency with responsirailroad would produce such conditions of panic and distress bility for policing the industry to which the prohibitions
as would shake our financial structure even to its founda- apply,and also with responsibility for enforcing the law either
in conjunction with or independently of the general law
tion."
Establishment of a co-ordinated system of transportation enforcement officials.
President Roosevelt on Jan.24 conferred with Government
"In which each agency shall be called upon to perform that
type of service which it is best suited to perform with due officials and representatives of private utility companies on
regard to standard of safety, efficiency and economy" was the expansion of rural consumption of electrical energy and
urged by Mr. Fletcher with a view of according all forms of the demand for household electrical equipment as a means
of stimulating consumer goods industries.
of transportation equality of treatment. He added:
The Federal Trade Commission on Jan. 27 summarized
It is inconceivable that there can be any order in the transportation
world, or any progress toward rational co-ordination until we adopt a
its report to the Senate with regard to holding company
policy of equal treatment before the law—a policy which will subject all
regulation through taxation as follows:
competing transportation agencies to the same character of regulation, the
same basis of taxation and the same degree of subsidy. I have every reason
to believe that the great body of informed public opinion in this country
has come to understand the necessity for this equality of treatment, as
essential to the existence of order in the realm of transportation. . . .
I can see no objection to dividing the regulating commission into sections
or divisions, one handling railroad matters, another highway matters, and
a third, questions that may arise as to water traffic. Given some machinery
for co-ordinating the activities of these sections, when confronted with
problems common to more than one form of transportation, such an arrangement would seem to be logical and practicable enough.
Mr. Fletcher also said that in addition to proposed legislation to'regulate highway and waterway transportation, the
railroads advocate legislation to repeal or modify the long
and short haul section of the Act to Regulate Commerce. As
to this he said:
It is a mistake to insist, as many do, that with the regulation of water
and highway services, no relaxation of the long and short haul rule Is
necessary. No amount of regulation will change the fact that traffic from
San Francisco to New York can move by water, while traffic from Salt
Lake City to New York cannot. How is Salt Lake City benefited by the
fact that the rails may not compete with the water lines for San Francisco traffic? And how will that inland city be damaged if the rails do
haul from the Pacific ports some of the traffic now moving by water, even
though at lower rates than apply from the Interior?
As to what legislation should take the place of the Emergency Act of 1933 under which the office of Federal Coordinator of Transportation was created, and which will
expire on June 16 1935, Mr. Fletcher said:
It seems to me highly undesirable that any permanent Federal authority
should be vested with power to invade the province of managerial discretion
beyond the provisions of the Act to regulate commerce as it now exists.
I submit that the tendency should be in the opposite direction and that
there should be accorded to railroad management the privilege of selfregulation in those matters which, in their nature, are distinctly managerial, and the surrender of which to Government control would be Inconsistent with the theory of private ownership.
FTC in Report to Senate Suggests 4
-Point Program
for Regulating Utility Holding Companies—Finds
State Control Inadequate—President Roosevelt
Confers with Utility Officials on Methods of
Stimulating Rural Electricity Consumption
A four-point legislative program for taxation and regulation of utility holding coppanies was recommended to the
Senate Jan. 27 by the Federal Trade Commission, as part
of the final Commission report on a six-year inquiry made
as the result of a Senate resolution. The report deals with
measures to protect the public and investors in the holding
company field, the desirability of using the Federal taxing
power for this purpose. The suggested program included
the following major recommendations:
1. Taxation.
2. Direct statutory inhibitions.
3. A compulsory Federal licensing act.
4. A permissive Federal incorporation act.
These four methods are not conflicting, the Commission
said, adding that one or all may be employed. The FTC
also said that the order of presentation of the four recommendations "represents the Commission's views as to their
respective relative advantages." The report declared, however, that the FTC primarily recommends taxation and
direct prohibitive legislation.
The Commission on Jan. 20 transmitted to the Senate a
survey of State laws and regulations relating to public
Commenting upon its recommendation for taxation of holding companies
in the utility field, the Commission says that the taxation method seems to
have a number of advantages not possessed by any other. First, that the
question of limitation in inter-State commerce is not involved. It can
apply to all corporations of a class. The taxing power of Congress is broad.
Jurisdiction is complete and not dependent upon State boundaries. Taxation is definite, and fairly sure of reasonably effective administration.
Six taxing proposals are recommended, the Commission believing them
to be both comprehensive and effective:
1. An annual tax, graduated sharply upward, on the net income to a
holding company from the operation of its subsidiaries in States other
than that in which the holding company is incorporated.
2. An annual excise tax, sharply stepped upward as the amount increases, in proportion to the holdings by one utility holding, operating, or
servicing corporation in another, or by any officer, or director of such
corporation in another, or by any trustee or other person holding any such
Interest in any other utility holding, operating, supervising or servicing
corporation.
3. An annual tax, graduated sharply upward, on the actual consideration received or par face amount, whichever is larger, of capital issues,
including long term indebtedness, in excess of the actual prudent cost of
the fixed capital, plus working capital of each utility operating corporation,
and for each holding company such tax shall apply to the aggregate of all
of its issues in excess of its owned share in the fixed capital of its several
subsidiaries and affiliates.
4. A tax on each transaction between corporations in which either
corporation has an interest on more than one side of the transaction, or in
which any officer or director has an interest on more than one side of the
transaction. Such tax is to be based upon the actual or stated amount
involved in each transaction, whichever amount is larger.
5. An annual tax on the gross income, in excess of a determined amount,
of all utility holding companies, graduated upward sharply on the principle
of the Federal income tax.
6. An annual tax, graduated sharply upward, upon the portion of the
total authorized capitalization ofany corporation which remains unissued.
Bernard M. Baruch Calls Criticism of Expenditures
on Reedsville Project "Unfair and Unjust"—
Mrs. F. D. Roosevelt Also Defends Homestead
Plan—PWA Allotment Increased by $900,000
Criticism of the Government's Reedsville subsistence
homestead project, which has intensified in official quarters
in recent weeks, was termed "neither just nor quite fair"
in a letter'from Bernard M. Baruch made public Jan. 28
by Mrs. Franklin D. Roosevelt. Mrs. Roosevelt is interested in the project, which was the first of 62 homestead
areas to be established by the Subsistence Homesteads
Division of the Department of the Interior. The Public
Works Administration on Jan. 17 allocated an additional
$900,000 for this purpose, making the total Reedsville
expenditure $1,500,000. Officials of the Subsistence Homesteads Division said Jan. 23 that the Government's loss
on the project at Reedsville, W. Va., would be more than
$500,000. Charles E. Pynchon, General Manager of the
Division, said that part of the loss could be assigned to
"experimentation," and that part was due to "errors in
judgment." One of the errors of judgment, he said, was
the purchase of ready-cut houses in the first group of structures erected. These were found unsuitable and had to be
reinforced and supplied with basements.
Mr. Baruch's letter, as made public by Mrs. Roosevelt
Jan. 29, read as follows:
My dear Mrs. Roosevelt: To one accustomed to pioneer in new fields,
the criticism of Reedsville because of unwise or improvident spending
is neither convincing, just nor quite fair.
The lesson learned as to character and cost of house and ability to obtain work and subsistence will be very cheap, because it will enable others
to profit by this experience. The money value thus will be saved many
Volume 140
Financial Chronicle
times over and over as it is in all manufacturing or building operations.
Any one who has built a house knows how impossible it is to keep within
a limit as to cost or character of house.
In Reedsville this difficulty was increased many-fold because of the
speed necessitated by conditions. On my return from the South I am
going there to check up and see how bad it is really.
I have been privileged to help in the school and I hope you will let me
continue to experiment, too.
Sincerely,
BERNARD M. BARII011.
P. S.—You can use this letter in any way you wish or I shall be glad
to make a statement.
A Washington dispatch of Jan. 29 to the New York
"Times" quoted Mrs. Roosevelt in answer to criticism of
Reedsville expenditures as follows:
Mrs. Roosevelt reasserted that Reedsville was abundantly worth all
It had cost or might cost, and that whatever mistakes had been made
were of minor importance compared with benefits wrought.
She cited as an instance, out of many,the case of a family she had visited
at Christmas to see a new-born baby. The mother was found happily
directing the activities of her three little girls, who were able to do the
work in the homestead with its modern improvements and comforts, the
baby was well and strong and the family had a cellar full of canned goods
and other necessaries as it faced the winter.
"And last year that woman and her family were living in two rooms,
without windows, and with nothing but raw carrots for their Christmas
dinner," said Mrs. Roosevelt. "She told me she had not dared to tell
her children it was Christmas Day.
"That is what Reedsville has meant to them, and other project families.
"I don't know whether you think that is worth half a million dollars.
But I do."
U. S. Chamber of Commerce Finance Committee
Recommends Changes in Existing Revenue Law
—Restoration of Consolidated Income Statements
Advocated
A report advocating the adoption of measures designed
to relieve business of undue burdens and unnecessary obstructions to expansion, attributed to existing revenue laws, was
transmitted Jan.24 to the Board of Directors of the Chamber
of Commerce of the United States by its Federal Finance
Committee. The Committee proposed several immediate
changes in the law, including the restoration of the rights
of closely affiliated groups to file consolidated income
returns, repeal of the section requiring publication of data
from income tax returns, notification of the capital stock
and excess profits division to permit an annual instead of a
permanent declaration of a capital value, the adoption of a
constitutional amendment to permit non-discriminatory
taxation reciprocally between the Federal Government and
the States on income derived from future issues of securities
made by public authority, and a provision that the amount
of revenues now received from excise taxes should not be
decreased by act of Congress.
Six-Point Program Embodied in Farm Plan Outlined
by Governor Lehman of New York
Six points of his program for "the highest possible development" of a permanent farm plan in New York State were
outlined by Governor Lehman on Jan. 23 at the annual dinner of the State Agricultural Society, in Albany. To quote
from the "Knickerbocker Press" of Albany, the Governor
called upon "the leadership within this room" to co-operate
so the State of New York can develop a permanent, prosperous and happy rural life with this program:
1. An economical but hard surfaced market road outlet for nearly every
farm.
2. An extension of electrical service to nearly all rural homes.
3. A modern school system furnishing educational facilities to rural
children equal to those enjoyed by city children.
4. A health program adequate for the proper protection of the health
of rural people.
5. Regional markets to aid in making food distribution more efficient.
6. A stabilized, efficient and just system of milk distribution, fair to
producer and consumer.
As a parting thought Governor Lehman reiterated his
recommendation that the Commissioner of Agriculture and
Markets be placed directly under the Governor. From the
"Press" we also quote, in part, as follows:
"My recommendation," said the Governor, "is in line with a theory of
government I have always held ; it is subscribed to by virtually all impartial students of government. There is absolutely no reason or justification for applying a different principle to one department of the State
government—Agriculture and Markets—than that which is applied to other
departments.
"The Governor is logically and properly held responsible by the people
for the administration of the State government. Accordingly, he certainly
should have authority and means to carry out his policies. There is no
snore reason to believe that politics will be permitted to enter into the
Department of Agriculture and Markets under the Governor than that
politics has entered into the Departments of Health, or Conservation, or
Public Works."
At the present time the Commissioner is appointed by the Council of
Agriculture and Markets, which in turn is named by the Legislature.
Without specific reference to the proposal of the Albany city administration that a State regional market be established within the city, the
Governor warned that "we must avoid the public loss that would
come from locating two of these great regional markets too closely
together."
735
He prefaced this caution with remarks that "we shall need to draw
heavily upon the experiences of some of you men who have been most
concerned with the market at Menands and the market at Buffalo. We
must be ready to submerge local interests and selfish movements in order
to locate any future regional markets in the places where they will be of
greatest service."
The bill reorganizing the State Department of Agriculture
and Markets was passed by the New York State Legislature
on Jan. 30. Reference thereto appears in our items to-day
under the head "State and City Department."
Builders Ask Exemption of Construction Materials from
New York City 2% Sales Tax—Percy H. Johnston
of Chemical Bank and Trust Co. Warns Comptroller's Council New Levies May Drive Business
from City
A recommendation that the New York City sales tax of
2% be revised to exempt all materials used in the improvement of real property and the construction or repair of
buildings was made before the Comptroller's Advisory Council Jan. 28 by the subcommittee for building contractors.
The Council postponed action on this auggestion for one
week,and also postponed consideration of a proposed amendment to exempt manufacturers and wholesalers in sales to
other business concerns of materials to be used in the course
of business. Comptroller Taylor said that he did not wish
to act on exemptions until a study could be made of their
effect on total tax collections.
Percy H. Johnston, President of the Chemical Bank and
Trust Co. warned the Council that it must be cautious in
imposing new taxes if business is not to be driven from New.
York and the city is not to lose its commercial supremacy.
His remarks and those of others who appeared at the hearings were reported as follows in the New York "Times"
on Jan. 29:
"I am truly disturbed, and said so last Fall to the Comptroller, by the
fact that the city, in raising revenues to relieve distress, can easily destroy
the city's commercial supremacy." Mr. Johnston said. "Many companies with which I am connected are considering moving to Pittsburgh
and other cities. The Merchants Association is having great trouble in
getting manufacturers to come here."
Philip A. Benson, President of the Dime Savings Bank, and Leonard
A. Wallstein, attorney and member of the first Charter Revision Commission, also were announced as new members.
Would Increase Penally
An increase in the penalty for non-payment of the 2% tax on personal
property bought by New Yorkers outside the city to a maximum fine of
$1.000 or a term of one year in jail, or both, was recommended by a subcommittee and approved by the Council. The penalty now is 5% a month
on the amount of tax due. This personal property tax was levied chiefly
to protect the city's automobile dealers.
rho Council and Comptroller approved a form submitted by William
Reid, City Collector, for all merchants who do not have regular bookbusiness
keeping methods. The form requires a summary of the day's
and is to be submitted with the quarterly payments. The forms will
the Sales Tax Law early next
be mailed to the 175,000 registrants under
week.
The contractors' subcommittee report was submitted by George J.
Atwell, contractor, and Arthur Goddard, Brooklyn attorney. It told of
a meeting with the committee and 22 representatives of building construction organizations.
The sales tax, as a result of increased prices for materials usedin repairs
and new construction, would in effect be an additional tax on real estate,
the report said. It also would add to the cost of public improvements.
New Deal Criticized at Meeting of New York State
Bar Association—Constitutionality of Measures
Questioned—Administration Policies Defended by
Donald R. Richberg—Gilbert H. Montague Compares NRA with "Gold Fish Bowl"
Charges that many major New Deal measures are unconstitutional were made Jan. 25 by prominent attorneys at a
debate featuring the fifty-eighth annual meeting of the New
York State Bar Association in New York City. The attack
on the Administration policies was led by Thomas D.
Thatcher, former Socilitor-General of the United States
under President Hoover, while the defense was upheld by
Donald R. Richberg, Executive Director of the National
Emergency Council. Mr. Richberg said that he had no fears
for the constitutionality of the New Deal, pointing out that
wherever orderly government has been maintained the emergency powers of Government to prevent physical destruction
and disorder have always been recognized. Congress, he
said, has correctly exercised the legislative powers granted
by the people to provide for general welfare when faced
with problems of wholesale unemployment and the menace
of spreading destitution. Mr. Thatcher asserted that administrative agencies have assumed judicial powers. His
speech, and extracts from other addresses, are given below,
as quoted, in part, from the New York "Times," Jan. 26:
Without mentioning names, he referred to the controversy over the attempt
to oust Robert Moses from the Triborough Bridge Authority by Harold L.
Ickes, Secretary of the Interior.
"These extra-legel methods have been strikingly illustrated," he said,
by the recent attempt to coerce the resignation of a trusted public officer
from a local office in this city for which he is pre-eminently qualified by
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Financial Chronicle
character and experience, no reason being given for this attempt other
than that the Administration in Washington has willed it thus, and proposes to enforce its will be withholding Federal aid from local public
works unless the resignation is forthcoming."
He was critical of the system under which administrative officials become
enforcement officers and judges at the same time. He asserted that accusations of code violations were made by the Administration, tried by the
Administration, sustained by it, and punished by it.
He declared that independent administrative tribunals should be established for exercise of judicial and quasi-judicial powers and emphasized
the right of recourse to the courts.
"Innumerable bureaus, boards, commissions, councils and officials, to
whom the President has delegated power conferred upon him by Congress,
are exercising executive, legislative and judicial powers in an effort to
regiment and control the activities and aspirations of a free people," he
continued. "These officials make the laws, see to their enforcement and
pass judgment in controversies arising under them."
Ile referred to the multiplicity of rulings, and said many of these
bureau rulings have never been published. He said it was pre-eminently
the duty of lawyers to point the way for the accomplishment of the high
purposes of the nation without subverting its institutions and destroying
the supremacy of its laws.
Henry W. Taft reported for the Committee on Pending Proposals in
Congress to amend the Federal Constitution. He said that few such
proposals were worthy of serious consideration and vote by Senate or House.
George H. Pond, who reported for the Committee on Co-operation
Between State and Local Bar Associations, directed attention to the State
bar of Louisiana, created by the Legislature, control of which is vested in
a board of eight chosen at general elections.
"If the bar does not look out for its own interest and prestige and its
own organization, there is always danger the Legislature may act adversely,"
he said.
Cuthbert W. Pound, former Chief Justice of the State Court of Appeals
and ex-officio Chairman of the Judicial Council of the State of New York,
explained the workings of the judicial council, which is charged with the
duty of studying and recommending changes in procedural law.
He said the laws must be modernized and simplified, and to this end
the judicial council should be encouraged by the public, the bench, the bar
and the press.
Gilbert H. Montague, Chairman of the Committee on the
National Industrial Recovery Act, compared the National
Recovery Administration with an "opaque gold fish bowl"
which, from the constitutional standpoint, "will not hold
water." He condemned its "denial to interested parties of
opportunities for hearing, its one-sided conferences, its exclusion of interested parties from pre-hearing conferences
and from post-hearing conferences," and its non-disclosure
of certain data used in arriving at determinations. Mr.
Montague added:
The NRA code structure now represents an investment by the Government of several million dollars, and an investment by industry running
into hundreds of millions of dollars in code budgets, money outlay by
individual companies, and in company executives' time now being consumed in code matters.
American business will not deal lightly with any neglect on the part
of the NRA that may imperil this large investment which industry and
the Government has put into the NRA code structure, or that may jeopardize
the hopeful possibility of a more liberalized and more expansive interpretation by the Supreme Court of what is and what is not fair competition
that might perhaps be brought within the range of prompt accomplishment
if only the requirements repeatedly insisted upon by the Supreme Court
has been conscientiously observed in the NIRA and the procedure of the NRA.
Bill Extending Life of RFC Passed By Congress and
Signed By President Roosevelt—Powers of Corporation Broadened Under New Legislation
The bill extending the life of the Reconstruction Finance
Corporation for two years,—until Feb. 1 1937—and materially broadening the powers of the Corporation, became
a law on Jan. 31, when it was signed by President Roosevelt.
The bill, an Administration measure, was introduced in
the Senate and House on Jan. 18, as was noted in our Jan. 26
issue, page 573. The Senate passed the bill on Jan. 25,
and on Jrn. 29 it was passed by the House; it was adopted
in each case without a record vote. Amendments made by
the House resulted in sending the bill to conference; in the
Senate on Jan. 31 the conference report was aflopted without
debate, but according to United Press advices from Washington, a futile fight against the acceptance of the compromise bill was led by Representatives Sabath (Democrat
of Illinois) and Celler (Democrat, New York), of whom both
sought to reinstate House amendments eliminated in conference. Reporting the changes which had been made in
the bill by the House (before the bill went to conference) a
Washington account Jan. 29 to the New York "Times"
sai(4:
In reporting the bill, thelHouse Banking and Currency Committee wrote
into it entire new sections and when the measure was committed to the
House for debate united Republican support prevented numerous restricting
amendments proposed by several Democratic leaders.
1111While Chairman O'Connor of the Rules Committee joined Representative Lamneck in demanding that the Corporation be either abolished
or composed of an entirely new personnel, the Republicans clamored for
giving the Administration even larger lending powers than it had requested.
The most important change in the bill, as passed by the Senate last
week (Jan. 25) was a new sectionfauthorizing the RFC "to make loans to
finance companies and other credit institutions, now or hereafter established, engaged in financing or prepared to finance the sale of electrical.
plumbing or air-conditioning appliances or equipment." . . .
The revised bill carried provisions for RFC loans to assist in the reoranization of real estate properties, but eliminated a Senate provision
Feb. 2 1935
limiting to $100,000,000 the amount the RFC might have outstanding
for this purpose at any one time. The House added a provision requiring
approval of the Securities and exchange Commission to realty reorganization plans as a condition precedent to loans.
This last provision, inserted in the bill during the debate in the form
of an amendment by Representative Sabath, directs the SEC in determining the fairness of realty reorganization plans to consider "the initial
investment of creditors and stockholders" in addition to the broad question
of fairness to this group.
Another new provision would authorize the RFC to lend up to $10.000,000 for the development of gold and silver mining and the deposits
which could be developed to "pay a profit." Tin was added to the ores
for the raining and processing of which the RFC could lend.
Regarding the final Congressional action on the bill we
quote the following from the Washington dispatch Jan. 31
to the "Times":
The conference report was adopted in the Senate without debate, but
roused a show of resentment in the House before it was passed. 302 to 75.
Representatives Sabath of Illinois and Celler of New York criticized
the House conferees for agreeing to strike from the bill portions they had
sponsored.
Mr. Cellar's proposal would have enabled the RFC to lend money to
companies organized for the purpose of financing arrears of taxes for homeowners. He explained that the delinquency penalty amounted to 10% in
New York City and 18% in Syracuse, so that a citizen in arrears was soon
unable to pay his way out. He advocated formation of financing companies to enable the taxpayers to carry their arrears at an average of4%%,
and said he would offer a separate bill for this purpose.
Sabath Amendment Removed
Mr. Sabath had induced the House to adopt an amendment to prevent
RFC funds from being used in real estate reorganizations unless such
reorganizations had been approved by the SEC.
After the amendment had been dropped in conference, Mr. Sabath was
advised by House leaders to bring in his proposal as a separate bill.
Chairman Steagall of the Banking and Currency Committee explained
to the House that the urgency of passing some sort of extending legislation
to-day had prevented him and his fellow conferees from refusing to yield
to Senate insistence on deletion of the projects mentioned.
"This bill covers a wider range of liberalization for the RFC than any
legislation we have enacted," he told the House. "It has accomplished
the help to private industry which was the principal demand ofthe country."
As enacted, the bill empowers the RFC to require, as a condition of
making, renewing or extending a loan to a railroad, for more than five
years, that the carrier arrange to reduce or amortize its indebtedness
according to a plan approved by the Interstate Commerce Commission.
The RFC may buy railroad obligations, including equipment trust certificates, or lend money to receivers or trustees for such purposes.
It may not have outstanding in such loans, however, more than $350.000,000 at any one time.
Borrowing Powers Increased
"To assist in the re-establishment of a normal mortgage market," the
RFC now has the power to subscribe for or make loans upon non-assessable
stock of national mortgage associations organized under the Housing Act.
as well as of other loan and mortgage companies. Its borrowing powers
are increased under the new measure to enable it to carry out the provisions
of this section.
Under the bill, the Commodity Credit Corporation is continued to Apr.
1 1937, and the Export
-Import Banks to June 18 1937.
Aid to industry is enlarged by authorizing the RFC to lend an aggregate
of $300,000,000 to "any institution, now or hereafter established,financing
principally the sale of electrical, plumbing or air-conditioning appliances
or equipment or other household appliances, both urban and rural."
Power also is granted under the bill for the RFC to make loans to concerns engaged in mining, milling or smelting ores, provided that no single
loan exceeds $20,000 and that not more than $10,000,000 is lent in the
aggregate.
Continued financial fluidity of the Corporation is arranged for in the
bills provision that the RFC is "authorized and empowered to use as general
funds all receipts arising from the sale or retirement of any of the stock,
notes, bonds or other securities acquired by it pursuant to any provisions
of law."
The bill was signed by President Roosevelt in the presence
of Jesse Jones, Chairman of the RFC. From Associated
Press advices from Washington Jan. 31 we quote:
Asked if Mr. Roosevelt offered any comment, Mr. Jones said:
"I believe he said something about how he would like to have it a fiveyear sentence instead of two."
Mr. Jones said the Corporation was prepared on reasonable assurance of
repayment to arrange loans for the development of pulp and paper mills
In the South. Ile said he looked with favor on the suggestion that if local
interests in various areas of the Southern pine belt put up half the capital
the RFC would lend the remainder necessary to finance mill construction.
The following is the text of the bill as enacted into law:
Be it enacted by the Senate and House of Representatives of the United States
of America, in Congress assembled,
That until Feb. 1 1937, or such earlier date as the President may fix by
proclamation, the RFC is hereby authorized to continue to perform all
functions which it is authorized to perform under law, and the liquidation
and winding up ofits affairs as provided for by Section 13 of the Reconstruction Finance Corporation Act, as amended, are hereby postponed during
the period that the functions of the Corporation are continued pursuant
to this Act: Provided, That no officer or employee of the RFC shall receive
salary at a rate in excess of $10,000 per annum, except that in the case
of any position the salary of which at the date of the enactment of this
Act is at the rate of $12,500 per annum such salary may continue at such
rate.
Section 2 (a). Except as provided in Section 5d of the Reconstruction
Finance Corporation Act, as amended by Section 10 hereof, and in.Section 9 of an Act entitled "An Act Relating to Direct Loans for Industrial
Purposes by Federal Reserve Banks, and for Other Purposes," approved
June 19 1934. no funds shall be disbursed on any commitment or agreement
hereafter made by the RFC to make a loan or advance, subscribe for
stock, or purchase capital notes or debentures, after the expiration of
one year from the date of such commitment or agreement; but within the
period of such one-year limitation no provision of law terminating any of
the functions of the RFC shall be construed to prohibit disbursement of
funds on commitments or agreements to make loans or advances, subscribed for preferred stock, or purchase capital notes or debentures.
Volume 140
Financial Chronicle
(b). Notwithstanding any other provision of law, disbursement may be
made at any time prior to Jan. 31 1936 on any commitment or agreement
heretofore made by the Corporation to make a loan or advance, or subscribe
for preferred stock, or purchase capital notes or debentures.
Section 3. Notwithstanding any other provisions of law limiting the
maturity of obligations taken by it to shorter periods, the RFC may make
loans or advances or renewals or extensions thereof to authorized borrowers
or by other suitable agreement permit them to run to as so mature at such
time or times as the Corporation may determine, not later than Jan. 31
1945, Provided, That in respect of loans or renewals or extensions of loans
or purchases of obligations under Section 5 of the Reconstruction Finance
Corporation Act, as heretofore and herein amended (U. S. C. Supp. VII,
Title 15. ch. 14). to or of railroads, the Corporation may require as a condition of making any such loan or renewal or extension for a period longer
than five years, or purchasing any such obligation maturing later than
five years from the date of purchase by the Corporation, that such arrangements be made for the reduction or amortization of the indebtedness of
the railroad, either in whole or in part, as may be approved by the Corporation after the prior approval of the ICC.
Loans to Railroads
Section 4 (a). Section 5, of the Reconstruction Finance Corporation
Act, as amended (U. S. C., Supp. VII, Title 15, ch. 14). is further amended
by striking out all of the third sentence of the third paragraph thereof
through the first colon and inserting in lieu thereof the following:
"Within the foregoing limitations of this section, the Corporation,
notwithstanding any limitation of law as to maturity, with the approval
of the ICC, including approval of the price to be paid, may, to aid in the
financing, reorganization, consolidation, maintenance, or construction
thereof, purchase for itself, or for account of a railroad obligated thereon,
the obligations of railroads engaged in interstate commerce, including
equipment trust certificates, or guarantee the payment of the principal
of, and-or interest on, such obligations, including equipment trust certificates, or, when, in the opinion of the Corporation,funds are not available
on reasonable terms through private channels, make loans, upon full and
adequate security, to such railroads or to receivers or trustees thereof for
the purposes aforesaid:
Limit Put On Loans
"Provided, That in the case of loans to or the purchasing or guarantee
of obligations. including equipment trust certificates, of railroads not in
receivership or trusteeship, the ICC shall, in connection with its approval
thereof, also certify that such railroad, on the basis of present and prospective earnings, may reasonably be expected to meet its fixed charges,
without a reduction thereof through judicial reorganization, except that
such certificate shall not be required in case of such loans made for the
maintenance of, or purchase of equipment for, such railroads.
"And provided further, That for the purpose of determining the general
funds of the Corporation available for further loans or commitments,such
guarantees shall, to the extent of the principal amount of the obligations
guaranteed, be interpreted as loans or commitments for loans:
"Provided, further, That the total amount of loans and commitments
to railroads, receivers and trustees, and purchases and guarantees of
obligations of railroads, under this paragraph, as amended, shall not
exceed at any one time $350,000,000,in addition to loans and commitments
made prior to the date of enactment of this act and renewals of loans and
commitments so made."
"(b) Section 5 of the Reconstruction Finance Corporation Act, as
amended (U. S. C. Supp. VII, Title 15. ch. 14), is further amended by
striking out at the end of the third paragraph thereof the colon and the
following:
"Provided further, That the Corporation may make said loans to trustees
ofrailroads which proceed to reorganize under Section 77 of the Bankruptcy
Act of March 3 1933," and inserting in lieu thereof a period.
Section 5: The Reconstruction Finance Corporation Act, as amended
(U. S. 0. Supp. VII, Title 15, ch. 14), is further amended by inserting
after Section 5b thereof the new section.
Loans to National Mortgage Association
Section Sc. To assist in the re-establishment of a normal mortgage market, the RFC may, with the approval of the President, subscribe for or
make loans upon the non-assessable stock of any class of any national
mortgage association organized under Title III of the National Housing
Act and of any mortgage loan company, trust company, savings and loan
association, or other similar financial institution, now or hereafter incorporated under the laws of the United States, or of any State, or of the
District of Columbia, the principal business of which institution is that of
making loans upon mortgages, deeds of trust, or other instruments conveying, or constituting a lien upon, real estate or any interest therein.
In any case in which, under the laws of its incorporation, such financial
institution is not permitted to issue non-assessable stock, the RFC is
authorized, for the purpose of this section, to purchase the legally issued
capital notes or debentures of such financial institutions.
The total face amount of loans outstanding, non-assessable stock subscribed for and capital notes and debentures purchased and held by the
RFC, under this section, shall not exceed at any time $100,000.000.
Notwithstanding any other provision of law, the RFC may, under such
rules and regulations as it may prescribe (which regulations shall include
at least sixty days' notice of any proposed sale to the issuer or maker),
sell, at public or private sale, the whole or any part of the stock, capital
notes or debentures acquired by the Corpor‘tion pursuant to this section,
and the preferred stock, capital notes or debentures acquired, pursuant
to any other provision of law. The amount of notes, bonds. debentures
and other such obligations which the RFC is authorized and empowered to
issue and to have outstanding at any one time under existing law is hereby
Increased by an amount sufficient to carry out the provisions of this
section."
Extension of Life of CCC
Section 6. Section 5e (a) of the Reconstruction Finance Corporation
Act, as amended, is amended (1) by inserting in the first sentence thereof
after the words "the assets" and before the words "of any bank," the
following: "or any portion thereof," and (2) by inserting in the second
sentence thereof after the words "such assets" and before the words "held
for the benefit" the following: "or any portion thereof."
Section 7. Notwithstanding any other provision of law, CCC, a Corporation organized under the laws of the State of Delaware as an agency
of the United States pursuant to the executive order of the President of
Oct. 16 1933, shall continue, until April 1 1937, or such earlier date as may
be fixed by the President by executive order, to be an agency of the United
States.
During the continuance of such agency, the Secretary of Agriculture
and the governor of the Farm Credit Administration are authorized and
directed to continue, for the use and benefit of the United States, the
present investment in the capital stock of COO, and the Corporation is
hereby authorized to use all its assets, including capital and net earnings
therefrom, and all moneys which have been or may hereafter be allocated
737
to or borrowed by it, in the exercise of its functions as such agency,including
the making of loans on agricultural commodities.
Section 8. Section 1 of the Act entitled "An Act to Authorize the RFC
to subscribe:for Preferred Stock and Purchase the Capital Notes of Insurance Companies, and for Other Purposes," approved June 30, 1933, as
amended (U. S. C. Supp. VII, Title 15, ch. 14, Sec. 605e), is amended by
striking from the last sentence thereof "$50,000.000" and inserting in lieu
thereof "$75,000,000."
Export-Import Bank
Section 9. Notwithstanding any other provision of law, the Export
Import Bank of Washington and the Second Export
-Import Bank of
Washington, District of Columbia, banking corporations organized under
the laws of the District of Columbia as agencies of the United States, pursuant to executive orders of the President,shall continue until June 16 1937,
or such earlier date as may be fixed by the President by executive order,
to be agencies of the United States, and in addition to existing charter
powers, and without limitation as to the total amount of obligations thereto
of any borrower, endorser, acceptor, obligator, or guarantor at any time
outstanding, said banking corporations are hereby authorized and empowered to discount notes, drafts, bills of exchange, and other evidences
of debt for the purpose of aiding in the financing and facilitating exports
and imports and the exchange of commodities between the United States
and any of its territories and insular possessions and any foreign country
or the agencies or nationals thereof, and, with the approval of the Secretary
of the Treasury, to borrow money and rediscount notes, drafts, bills of
exchange, and other evidences of debt for the purposes aforesaid.
During the continuance of such agencies, the Secretary of State and
the Secretary of Commerce are authorized and directed to continue, for the
use and benefit of the United States, the present investment in the capital
stock of said banking corporations and they are hereby authorized to use
all of their assets, including capital and net earnings therefrom, except
such earnings as may be required from time to time to pay dividends upon
their preferred capital stock, and to use all moneys which have been or
may hereafter be allocated to or borrowed by them,in the exercise of their
functions as such agencies.
Section 10. Section 5d of the Reconstruction Finance Corporation Act.
as amended (U. S. C., Supp, VII, Title 15, ch. 14), is amended (1) by
striking out all of the first sentence thereof after the word "industry" and
the remainder of the first paragraph, and inserting in lieu thereof the
following:
"And, to any institution, now or hereafter established, financing principally the sale of electrical, plumbing or air-conditioning appliances,
equipments, or other household appliances, both urban and rural. Sue
loans shall, in the opinion of the Board of Directors of the Corporation, be so
secured as reasonably to assure repayment of the loans; may be made
directly, or in co-operation with banks or other lending institutions, or by
the purchase of participations, shall mature not later than Jan. 31 1945:
shall be made only,,when deemed to offer reasonable assurance of continued
or increased employment of labor, shall be made only when, in the opinion
of the Board of Directors of the Corporation, the borrower is solvent; shall
not exceed $300,000,000 in aggregate amount at any one time outstanding,
and shall be subject to such terms, conditions and restrictions as the Board
of Directors of the Corporation may determine."
And (2) by striking out from the second paragraph thereof the figures
"1935" wherever they appear herein, and inserting, in lieu thereof, the
figures "1937."
Section 11. In all cases where the RFC shall hold any bonds or other
evidence of indebtedness of any borrower under Section 201 (a) of the
Emergency Relief and Construction Act of 1932, whether heretofore or
hereafter acquired, and such borrower shall be able and willing to substitute
or cause to be substituted therefor any other bonds or other evidences of
indebtedness, whether of the same or longer maturities or otherwise differing,
which, in theljudgment of said RFC,are more desirable than those so held,
the said RFC is authorized to accept such bonds or other evidences of
indebtedness, in exchange and substitution for such bonds or other evidences of indebtedness so held by it, upon such terms and conditions as
may be agreed upon with such borrower at the time of, or in contemplation
of. such exchange and substitution.
Industrial Loans—Mining Loans Provided
Section 12. Section 14 of an Act entitled "An Act Relating to Direct
Loans for Industrial Purposes by Federal Reserve Banks and for Other
Purposes," approved June 19 1934, (Public, numbered 417. Seventy-third
Congress), is amended to read as follows:
"Section 14.&The RFC is authorized and empowered to make loans
upon sufficient security to recognized and established corporations, individuals, and partnerships engaged in the business of mining, milling or
smelting ores. The RFC is/authorized and empowered also to make loans
to corporations. individualsjand partnerships engaged in the development
of a quartz ledge, or vein, or other ore body, or placer deposit, containing
gold, silver, or tin, or gold/and sllver, when, in the opinion of the RFC.
there is sufficient reason to believe that, through the use of such loan in
the development of a lode, ledge, or vein, or mineral deposit, or placer
gravel deposit, there will be developed a sufficient quantity of ore, or placer
deposits of a sufficient value to pay a profit upon mining operations:
"Provided,That not to exceed $20,000 shall be loaned to any corporation,
individual, or partnership, for such development purposes; Provided
further, That there shall not be allocated or made available for such development loansla sum in excess of $10,000,000."
Section/13. Notwithstanding any other provision of law, the RFC Is
authorized and:empowered to use as general funds all receipts arising from
the sale or retirement.of any of the stock, notes. bonds, or other securities
acquired by it pursuant to any provision of law.
NRA to Punish Code Authorities Permitting Development of Malpractices, Including Monopolistic Tendencies—Drafts Four Courses to Be Followed in
Determining Wage Differentials
Certain code authorities have been guilty of permitting
the development of malpractices, including monopolistic
tendencies, it was announced by the National Recovery Administration, Jan. 27, following a prolonged investigation.
The NRA said that these code authorities will be speedily
punished. While it was uncertain whether the NRA. would
be able to prosecute officials for permitting monopolistic
practices, it was said that offenders would be dropped and
the situation corrected. The NRA on Jan. 27 also outlined
four optional courses in determining the future of labor
wage differentials under industrial codification. This compilation was prepared for the public hearings which were
scheduled to begin Jan. 30. A Washington dispatch of
738
Financial Chronicle
Jan. 27 to the New York "Times" gave further details of
the NRA announcement as follows:
Codes in several principal industries were drafted with the idea of permitting closer amalgamation of their segments but with the distinct understanding that monopolistic practices should be guarded against.
Full disclosures as to the nature of the complaints and the names of
the industries affected were expected soon.
Code authorities are composed of members elected by industries and
others appointed by the NRA. In some cases labor is also represented.
Meantime, changes are looming in the NRA's set-up.
Board,
S. Clay Williams, Chairman of the National Industrial Recovery
Is expected to resign as soon as his work in connection with NRA reorganization has been completed and Congress has settled the fate of the NRA,
Probably late in the spring.
Other administration leaders believed likely to leave the Government
service at about the same time are Chester Davis, Agricultural Adjustment
Administration Administrator, and James A. Moffett, Federal Housing
Administrator.
Options on Wage Differentials
Four optional courses in determining the future of labor wage differentials under industrial codification were outlined to-day in a compilation of code employment provisions prepared by the NRA for public hearings scheduled to begin Wednesday.
the
The compilation showed that more than half of the workers in
the
coded industrial group, or a total of 11,175,000, were employed on
basis of a maximum work-week of 40 hours.
The four optional courses were summarized as follows:
1. A uniform national minimum wage sufficient to furnish a minimum
standard of living.
2. The pre-code status quo with regard to differentials.
3. The gradual elimination of existing differentials, with a uniform
national minimum wage as a goal.
to
4. "Fair competition" differentials, permitting wage differentials
distance
absorb among districts inequalities in other cost factors, such as
from market, stage of mechanization and productivity of labor.
Facts Revealed in Survey
The survey covered industries employing snore than 22,000,000 persons
and embraced 500 codes, 17 labor provisions in codes operating jointly
under the NRA and the AAA, 143 supplements, and 35 divisions.
The material was prepared under the supervision of L. C. Marshall, of the
Brookings Institution and Executive Secretary of the National Industrial
Recovery Act. Statistics were presented for 22 major trade and industry
groupings.
The information showed that industries whose codes contain a basic
maximum work-week of less than 40 hours a week employ about 2,272,000
persons, and those with basic maximums above 40 hours about 8,575,000.
The codes under 40 hours are in textile apparel, non-metallic products,
fuel and equipment groups; those above 40 hours are in the food, public
utilities, professional and retail distribution groups.
The 21 largest industries codified, those with over 250,000 employees
each, embrace nearly two-thirds (64.8%) of the total number of workers.
The largest group, 3,454,000, was in retail trade.
The report showed that 410 of the codes analyzed provide differentials
of some type; 36.8% of them provide differentials of Sc. an hour or less;
70%, 10c. or less, and only 2.7% for differentials over 15c. The most
general figure was Sc. to Sc., found in 23.2% of the codes containing
differentials.
In general, the smaller differentials were found in the textile, paper
are
and chemical, and wholesale distribution groups, while larger ones
most common in the equipment, manufacturing, food and non-metallic
products groups.
NRAVIssues Rules to Govern Officials Administering
Codes—Outlines Method of Investigating Complaints and Grounds for Removal from Office
The National Industrial Recovery Board on Jan. 14 issued
a series of rules of administrative conduct to govern members of code authorities and their agents, attorneys and
employees, together with the procedure to be followed in
handling complaints against such persons. The Board prescribed grounds upon which officials may be removed from
office, and also specified the manner in which complaints
shall be investigated. Details of the new rules were given
as follows in a dispatch from Washington, Jan. 14, to the
New York "Herald Tribune":
In an administrative order the grounds upon which removal from office
may be effected, but without limitation, were outlined as follows:
1. Deprivation of NRA insignia or the right thereto, denial or withdrawal of the right to use labels bearing the NRA insignia, or conviction
or injunction by a court for violation of the NIRA, or of any executive
order, administrative order, rule, regulation, code or agreement issued,
prescribed or approved pursuant thereto.
Such a deprivation, denial or withdrawal, conviction or injunction, for
violation by any organization with which a code authority member is
associated . . . as if it were for violation by such code authority
member.
2. Commission of a criminal, tortious or illegal act in connection with
the activities of the code authority.
3. Conviction of crime involving moral turpitude, after selection as a
member of the code authority.
4. Obstruction of the administration of the code.
5. Neglect of duty.
Agents, attorneys or employees of a code authority can be disqualified
from service if, after due hearing, it is shown that such disqualification
will tend to effectuate the policies of the NIRA.
In a separate order the procedure for handling complaints against code
authorities is outlined. Complaints involving a charge or implication of
conduct of code authority officials warranting removal from office are to
be routed to the Code Administration Director and then to the Deputy
Administrator in charge for appropriate action.
After an investigation the Deputy shall report to the Divisional Administrator with recommendations, who, in turn, is given discretionary authorization to dismiss the complaint; to confer with parties concerned for the
purpose of warning or reprimanding, to suspend any one concerned, and
to forward to the NIRB findings and recommendations .
Feb. 2 1935
NRA Upholds Minimum Wage Rates Provided in
Plumbers' Code—Constitutionality Questioned in
St. Paul Suit
Jacob Stockinger Jr., New York City Chairman of the Code
Compliance Committee for the plumbing industry, announced Jan. 2(3 that the National Recovery Administration
had issued a ruling upholding the code for the plumbing
industry, as it provides wages of $1.20 an hour for plumbers
and 50c. for helpers. This decision was handed down in a
case in which a plumber and two helpers had complained
that a contractor was failing to pay the required minimum
w - gee.
Constitutionality of the plumbing and heating codes, and
of the National Industrial Recovery Act, were attacked
Jan. 9 in a suit filed in United States District Court in
St. Paul, Minn., by 28 St. Paul master plumbers. The arguments against the codes and the NIRA were summarized as
follows in the St. Paul "Post-Dispatch" of Jan. 10:
1. The complaint alleges that the NIRA makes each day of non-compliance
with the codes a separate offense and provides a fine of $500 for each day.
The plumbers state that each of them already is subject to 362 prosecutions
and to fines in excess of $181,000, which is more money than any one of
them is worth or can reasonably expect to earn during the rest of his
natural life. They claim that these penalties coerce them not to test
the constitutionality of the Act, and that therefore they are denied the due
process of law which is guaranteed by the Constitution.
2. Claiming that large retail merchants are engaged in the plumbing
and heating business in direct competition with them, and that these concerns have not subscribed to the codes and are not paying wages of $1.20
per hour or any of the fees or taxes prescribed by the codes, and that,
therefore, these concerns enjoy an unfair competitive position, the plumbers
allege their businesses will be destroyed.
3. Asserting that their business is solely intra-State, the plumbers contend the Federal Government has no power to regulate it.
4. Citing that the NIRA delegates to the President power to snake law
by executive order and by approval of codes, the plumbers allege that
this constitutes a delegation of the legislative power of Congress to the
executive branch of the Government and thereby snakes the Act unconstitutional.
The New York "Times" of Jan. 27 described the NRA
decision announced by Mr. Stockinger in New York City as
follows:
The decision, he said, was handed down in the case of Alfred Schaffler,
a plumber, of 600 Academy Street, Manhattan, and Santo Caruso and
Anthony Di Sapio, plumbers' helpers, both of the Bronx. They contend
in complaints filed with Mr. Stockinger and the Code Committee that
they did not receive the wages as provided in the NRA scale on a certain
job. Mr. Schaffler alleged that the contracting concern for which the
work was done owes $600 to him, this representing the difference between
what he actually received for his work and what he should have received
under the code. The two helpers each represented that his pay was $42.60
short of what it should have been under the code.
Mr. Stockinger, who carried the case to the Enforcement Division of
the NRA, said that the contractor against whom the complaints were
filed and whose identity was not disclosed, will have 10 days in which
to pay the alleged arrears.
Executive Order Guarantees Constitutional Rights
to Signers of* NRA Codes—President Roosevelt
Incorporates Provision in All Pacts
Past and future signers of codes of fair competition are
assured of complete retention of all constitutional rights
under an Executive Order signed Jan. 22 and made public
Jan. 26. The President said that he was issuing the order
"to eliminate any confusion or misapprehension which may
have arisen concerning the effect on constitutional rights
of assent to, or co-operation under, codes of fair competition." The following is the text of the Executive Order:
By virtue of and pursuant to the authority vested in me by Title 1 of
the National Industrial Recovery Act of June 16 1933 (48 Stat. 195), and in
order to effectuate the policy of said title and to eliminate any confusion
or misapprehension which may have arisen concerning the effect on constitutional rights of assent to, or co-operation under, codes of fair competition, I hereby order that:
1. It is understood that neither the Government nor any member of
Industry waives, or can properly insist that the other has waived, any
constitutional right pertaining to the Government or to an individual by
approving, assenting to, or co-operating tinder a code of fair competition.
2. The approval orders of all such codes heretofore approved are hereby
modified to the extent necessary to make this order a condition thereof,
and this order shall operate as a condition of the approval of any such code
hereafter approved.
Associated Press advices from Washington, Jan. 26, commented on the issuance of the order as follows:
Mr. Roosevelt's view, repeatedly stated, has been that under no interpretation could a code signer be held to have foregone any constitutional right
by the act of assenting to the code, that the Constitution, of course, took
precedence over any such instrument.
However, some business organizations, including the National Association
of Manufacturers, have maintained this was not implicit. They said that,
in case of a conflict between code and Constitution the courts might easily
hold that the signer had specifically waived the rights conferred upon him
by the latter.
The order was signed on Jan. 22, the day on which Mr. Roosevelt upheld
Jennings,
the newspaper publishers in their contention in the case of Dean S.
the
a rewrite man discharged by the San Francisco "Call-Bulletin" for,
Newspaper
Board had held, activities in connection with the American
Guild.
Relations
The publishers contended the case must go before the Industrial
was
Board established by their code. Otherwise, they maintained the code
Volume 140
Financial Chronicle
violated by the Government and their constitutional right of freedom of the
press infringed. Mr. Roosevelt upheld them.
Trustees Appointed to Operate Newark "Ledger"—
Strike of Editorial Workers Mentioned in Court
Application—"Il Progresso halo Americano" Ordered to Re-instate Employee
Two trustees on Jan. 23 took over the operation of the
Newark "Ledger," daily morning newspaper published in
Newark, N. J. Editorial employees of the paper have been
on strike for over two months, and this strike was mentioned
in the application of a stockholder as one reason for the
trusteeship. Morris H. Cohn, Newark attorney, appeared
for William I. Coates of Whitman, Mass., in making the
application before Vice-Chancellor M. L. Berry at Toms
River, N. J. Merritt Lane, counsel for the company, consented to the appointment.
The Newspaper Industrial Board on Jan. 16 ruled that
Alphonse Tonietti, former assistant managing editor of "II
Progresso Italo Araericano," had been discharged because
of his activities in the Newspaper Guild, and ordered that
he be reinstated with seven weeks' back pay. The following
telegram was sent to Jacob L. Goodstein, attorney for the
publisher:
The Newspaper Industrial Board finds that Alphonse Tonietti was discharged for Guild activity and directs the publisher of "11 Progresso Italo
America and Corriere d'America" to reinstate Alphonse Tonietti immediately
In editorial employment of "Ill Progresso" and/or affiliated papers, at the
salary which he was receiving at the time of his discharge, with back pay
from the date of that discharge to the date of reinstatement, less the notice
money paid at that time, and less any other earnings of said Alphonse
Tonietti during the intervening time, and also less back pay for the exact
period of time during which action of the Board was postponed by or on
behalf of the complainant, which total payment due is fixed at seven weeks'
time.
A dispatch from Newark, Jan. 23, to the New York
"Times" added the following regarding the appointment of
trustees for the "Ledger":
The complaint charges that the company has made illegal loans to stockholders, including one of $232,000 to Lucius T. Russell, President and
Treasurer of the company, and that stock had been repurchased illegally
by the company at a discount. Difficulties with the newsdealers and with
preferred stockholders demanding redemption of their stock were other
factors listed as having materially depreciated the assets of the company
and threatening further depreciation.
The officers of the company are, in addition to Mr. Russell, his wife,
Marion G. Russell, Vice-President, and his son, Edwin C. Russell, Secretary.
The three are the directors of the company. Assets are valued at $1,900,000,
according to the application.
The court .set Feb. 5 for a hearing in Newark on an order to show
cause why the trustees should not be continued.
The trustees, who were placed under a joint bond of $50,000, are George
W. C. McCarter, attorney, and Henry S. Puder, accountant. They announced
to-night they would continue publication.
Mr. Cohn said the action did not affect the editorial strike at present,
but he indicated it was likely the trustees would seek to effect a settlement.
President Roosevelt Approves NRA Code for Auto
Rebuilding and Refinishing Trade—To Be Effective Feb. 4
That a code of fair competition for the auto rebuilding
and refinishing trade has received Presidential approval
was announced by the National Recovery Administration,
Jan. 25. The code, which will become effective Feb. 4, will
affect about 8,000 establishments, it was stated, employing
70,000 workers. It was added:
The trade reports an annual sales volume of about $390,000,000. Highly
skilled craftsmen in painting, upholstering, woodworking, metal working
and blaeksmithing are required in the trade, the majority of whom must
serve as apprentices for an extensive period.
A maximum 44
-hour 52
/
1
-day week and eight-hour day is
established by the code, with the following exceptions, the
announcement of the NRA said:
Clerical or office employees, who may work two additional hours in any
two 24-hour periods in any 30-day period; watchmen, who may not work
in excess of 56 hours in any seven-day period not over 12 hours in any
24-hour period, nor more than six days in any seven-day period; employees
engaged in outside selling; apprentices; persons engaged in a managerial
or executive capacity regularly earning $35 a week or more.
Owners, managers or other executives shall, when engaged in performing
any work not of a managerial or executive nature, conform to the maximum
hours provided for employees performing such work.
The announcement continued:
The code establishes a minimum rate of pay of $16 a week, except that
no productive employee not "on call" shall be paid less than 50c. an hour.
Other exceptions apply to productive employees "on call," apprentices,
and handicapped persons.
Overtime work is prohibited by the code. Employees, when called for
work, must be guaranteed at least four hours' daily pay.
No persons under 18 years of age shall be employed at operations or
occupations which are hazardous in nature or dangerous to health, and no
person under 16 years shall be employed in any capacity.
Section 7.A of the National Industrial Recovery Act, guaranteeing the
rights of collective bargaining, is incorporated in the code. No employee
shall be discharged, demoted or otherwise discriminated against by reason
of making a complaint or giving evidence with respect to an alleged
violation of this code.
Section 10, Article IV of the code requires that all employers shall file
with the Code Authority within 90 days after effective date of the code,
739
complete reports setting forth wage and hour adjustments of all employees.
The code provides for a Code Authority, the governing body of the trade,
to consist of nine members, with equal voting powers.
Sections 2 and 3 of Article VII, relating to prohibition of wilfully
destructive price-cutting, and Rule 14 of Article VIII, relating to "bid
shopping," were stayed by the President in his order of approval pending
further order of the National Industrial Recovery Board.
The trade is defined as the rebuilding, refinishing, renovating, reconditioning and/or repairing of a motor vehicle or part; sale of body hardware, body parts and accessories and the transferring of vehicles and parts
to and from places which circumstances may require as incidental to the
work performed. The code excepts work of similar nature covered by the
commercial vehicle body and the motor vehicle maintenance trade codes.
Temporary Code Authority Approved for Motor
Vehicle Maintenance Trade
Approval of a temporary National Code Authority for the
motor vehicle maintenance trade was announced Jan. 25 by
the National Industrial Recovery Board. The membership
is as follows:
Harold B. Pinkerton, Yakima, Wash.; Manly S. Harris, San Francisco,
Calif.; Ben F. Englander, Denver, Colo.; Louis H. Reamer, Willmar, Minn.•
M. L. Clayton, Dallas, Tex.; P. Harvey Reis, St. Louis, Mo.; Alvin L.
Belle Isle, Atlanta, Ga.; P. C. Orr, Charlotte, N. 0.; Joseph P. Werner,
Peoria, Ill.; Sam Frank, Newport, Ky.; Frank C. Just, Akron, Ohio;
John Lamberti, Scranton, Pa.; A. Robert Perry, Syracuse, N. Y., and
Lyman H. Johnson, New Haven, Conn.
90% of Workers in Eight Automobile Factories Unaffiliated with Labor Unions—Labor Board Survey
Shows Only About 5% A. F. of L. 'Members—
Approximately 90% of the automobile workt.rs to vote in
the elections conducted by the Automobile Labor Board at
eight factories have recorded themselves as unaffiliated
with any labor organization, the Board announced on
Jan. 25. The statement was signed by Dr. Leo Wolman,
Chairman; Nicholas Kelley and Richard L. Byrd. Only
slightly more than 5% of the vote cast showed affiliation
with the American Federation of Labor.
William Green, President of the American Federation of
Labor, on Jan. 21 asserted that the automobile code should
be revised, and warned that "unrest and discontent" would
follow its extension in the present form. He added that
labor sections of the code have been unsatisfactory from
the beginning, and pointed out that it is the only industrial
code which includes a "merit clause."
Mr. Green issued another statement Jan. 31, in which
he criticized the extension of the code by President Roosevelt. That statement is noted elsewhere in this issue.
Secretary of Labor Perkins announced on Jan. 25 that
automobile manufacturers are contemplating the future
issuance of new models in August, providing two large production seasons annually instead of one as a means of stabilizing employment. A Washington dispatch of Jan. 25 to
the New York "Journal of Commerce" quoted the Secretary
as follows:
"The principle behind the plan for bringing out new models in August,"
Miss Perkins declared, "is that the new car demand and the regular seasonal
demand will be divided.
"As it is, the demand on the part of those who want to be in style by
having new cars, and the regular spring demand for cars, come at the same
time, and we have a terrific production pressure, with consequent rise in
the employment peak, all in one season.
"By bringing out new models in August, the demand for new cars will
be moved back to the fall season, thus furnishing a production season at a
time when production now is slack. Then we will have the regular spring
demand also."
We also quote, in part, from a Detroit dispatch, Jan. 26,
to the New York "Herald Tribune," discussing the results
of the Automobile Board survey:
The summary for the plants shows 84,273 registering no affiliation while
slightly more than 5% signified American Federation of Labor affiliation.
The affiliations listed by the Board were: A. F. of L., 1,847; employee
associations of the plants, 505; Associated Automobile Workers of America,
266; Mechanics' Educational Society of America, 164; Auto Service Mechanics Association, 16; Auto Workers Union, 14; Society of Designing
Engineers, 7, and International Workers of the World, 4.
By the middle of February more than 70,000 automobile workers will
have voted for their bargaining committees. With elections completed in
Detroit automobile plants, balloting will begin in other cities.
NIRB Approves Amendment to Soft Coal Code,Creating
Arbitration Boards to Settle Price Disputes—
Divisional Code Authorities to Allow Labor Representation
The National Industrial Recovery Board on Jan. 25 approved an amendment to the coal code establishing arbitration boards to settle price schedule disputes in the bituminous industry and to continue the present system of price
determination by the industry itself. The arbitration boards
will function at least until April 30. The Board said its
action was taken "to meet an immediate emergency in this
Industry."
A Washington dispatch of Jan. 16 to the New York "Herald Tribune" said that the National Bituminous Coal Indus-
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Financial Chronicle
trial Board has agreed to permit workers' representatives
on the divisional code authorities for the industry. This
marked the first time that a major industry acted to allow
labor representation.
We quote from Associated Press Washington advices of
Jan. 25 describing the appointment of the arbitration boards
to act until April 30:
The interim, the Industrial Board said in a formal statement, would be
used to "give further consideration" to the "problems involved." "Problems involved" were interpreted as including the possibility that National
Recovery Administration would take over price-fixing itself if the machinery
set up to-day did not operate successfully.
The Board said the amendment did not change the method of establishing
minimum prices, but provided "additional machinery for administering
existing provisions." "This machinery," the announcement said, "consists
of regional arbitration boards to deal with individual producers' appeals
from the decisions of marketing agencies or code authorities, and a national
coal board of arbitration to pass upon appeals affecting more than one
division or subdivision of the industry."
Automobile Manufacturing (NRA) Code Extended by
President Roosevelt Until June 16—President Provides for Continuance of Wolman Labor Board—
Authorizes Agreements for Fall Models and Shows
and Pay for Excess Hours
The extension to June 16 1935 of the Automobile Manufacturing Code (expiring Feb. 1 1935) is provided in an
Executive order issued on Jan. 31 by President Roosevelt.
Changes respecting the code which have been made by the
President are indicated as follows in United Press accounts
from Washington Jan. 31:
The President's order was issued in response to application from the
industry covering four specific amendments in renewing the code which
was to expire at midnight.
The first amendment changed the expiration date to June 16, coincident
with the expiration of the Recovery Act.
The second changed present code provisions for work hours and provided that work in excess of 48 hours in any week shall be paid at time and
one-half for overtime. It was emphasized the amendment does not authorize work in excess of 48 hours if already prohibited under any code
provisions.
-hour week, averaged over the year.
rhe present code carries a 40
The third "requested and authorized" industry members to enter into
respect to fall announcement of new passenger automobile
agreement with
models and holding fall shows as a means of spreading employment over
the entire year.
The fourth provided that the industry will comply with machinery for
settlement of labor controversies established by the Government and in
operation since March 1934. By this amendment the Wolman Labor
Board was "confirmed and continued."
Mr. Roosevelt issued a statement in connection with the order which
pointed out two important advances designed eventually to improve
employment conditions.
"No backward steps are taken," the President said.
He referred to his request, upon renewing the code last November, that
steps be taken to spread employment and increase annual earnings as much
as possible by steadier and more continuous work throughout the year.
He said manufacturers had indicated their co-operation.
According to Washington advices Jan. 31 to the New York
"Times" President Rooseyelt's statement (which we give
further below) was challenged by William Green, President
of the American Federation of Labor, and Frank Dillon,
Detroit representative of the Federation. From the "Times"
dispatch we quote:
Mr. Green declared that organized labor had not been consulted in the
step taken by the President, denying a statement by Donald Richberg,
Director of the National Emergency Council. and S. Clay Williams, Chairman of the National Industrial Recovery Board, who both asserted that
they had been informed that labor had been consulted.
Mr. Dillon pointed out that the extension of the code did not state that
.
this action was the recommendation of the NIRD. . .
"Phat sounds like an imposed code," said Mr. Green when the terms of
him. "It is a code imposed on labor. We have
the extension were read to
been accustomed to a discussion of codes being imposed on industry, but
this time a code is imposed on labor.
"There have been no public hearings at which labor was given an opportunity to give advice or to make suggestions. rhe abandonment of further
hearings is highly objectionable to labor and particularly objectionable is
the continuation of the Automobile Labor Board."
Mr. Green said that he had informed the President last week that labor
would withdraw from participation in the work and decisions of the Wolman
Board.
President Roosevelt's statement of Jan. 31 follows:
Renewal of the Automobile Manufacturing Code brings with it two distinct and important advances which are designed substantially to improve
employment conditions in this major industry. No backward steps are
taken.
/
When the code was renewed last November I expressed the desire that
something be done to regularize employment to the end that the annual
earnings of employees in the automobile plants be increased as much as
possible by steadier and more continuous work throughout the year. The
manufacturers had indicated to me their serious purpose to bring about a
greater regularization and I was informed at that time that they were
already engaged in studies to accomplish it.
I also instituted an investigation by the Research and Planning Division
of NRA and the Bureau of Labor Statistics to develop the facts which
might enable me to suggest recommendation looking toward greater stability
of automobile employment and other improvements in labor conditions.
This investigation and accompanying studies have been prosecuted
diligently. In line with recommendations already made and with conclusions reached independently by the manufacturers themsevles, I have
obtained at this time an expression of willingness to go along with a plan
for greater regularization from which benefits may be constantly expected
to accrue to workers. A fulfillment of this understanding is provided for
in the Executive Order renewing the code.
Feb. 2 1935
First, the plan involves introduction of new models of passenger cars in
the fall instead of the winter. This would result in a greater regularity of
work and in lessening the spread between the peak and the valleys of
employment.
The second advance which has come out of conference is the provision
for payment of time and one-half for overtime in excess of forty-eight hours
per week, which will benefit the employees through additional compensation
for any necessary overtime work and deter the employment of workers in
any unnecessary overtime.
It is true that to-day most employees can work only 48 hours; this, however, has to be averaged down to 40 hours average for the year. However,
certain groups have been subject to being worked at such times as high as
60 or 70 hours per week, without any limitation of hours. The modification
in this code extension establishes a principle of time and a half if these
groups work more than 48 hours.
These are two substantial advances toward regularization of employment for this large group of workers; and I believe that, with the continuance
of the provisions made by the Government in the eat blishment and functioning of the Automobile Labor Board to promote and maintain harmonious labor relations, progress of the industry, in its service to the
general welfare will be maintained.
The following is the President's Executive order:
An application having been duly made in behalf of the automobile manufacturing industry pursuant to and in full compliance with th provisions
of Title I of the National Industrial Recovery Act, approved June 16 1933.
and the provisions of the Code of Fair Competition for the Automobile
Manufacturing Industry duly approved on Aug. 26 1933, for my approval
of an amendment to said Code of Fair Competition for the Automobile
Manufacturing Industry and it having been found that the said amendment
complies in all respects with the pertinent provisions of Title I of said Act
and that the requirements of clauses (1) and (2) of subsection (a) of Section
3 of said Act have been met, and the National Industrial Recovery Board
having made certain recommendations to me:
Now, therefore, I Franklin D. Roosevelt, President of the United States,
pursuant to the authority vested in me by Title I of the National Industrial
Recovery Act, approved June 16 1933, and otherwise, do order that the
said application be and it is hereby approved, and that, effective immediately, the said code of fair competition for the automobile manufacturing
Industry be and it is hereby amended as follows:
1. In Article I, the seventh paragraph, which has heretofore read as
follows:
"The term 'expiration date' as used herein means Feb. 1 1935. or the
earliest date prior thereto on which the President shall by proclamation or
the Congress shall by Joint resolution declare that the emergency recognized by Section 1 of the National Industrial Recovery Act has ended,"
shall be modified to read as follows:
"The term 'expiration date' as used herein means June 16 1935, or the
earliest date prior thereto on which the President shall by proclamation
or the Congress shall by joint resolution declare that the emergency recognized by Section 1 of the National Recovery Act has ended."
2. Work by any employee in excess of 48 hours in any week shall be
paid for at the rate of time and one half for such overtime. Any provision
of said code inconsistent herewith is hereby modified to conform to this
requirement. This requirement shall not be construed to authorize work
in excess of 48 hours when such work is prohibited under any of the provisions of the code.
3. The members of the industry are requested and authorized to enter
Into agreements with one another with respect to fall announcements of
new models of passenger automobiles and the holding of automobile shows
in the fall of the year, as a means of facilitating regularization of employment in the industry.
4. The members of the industry will comply with the provisions and
requirements for the settlement of labor controversies which were established by the Government and have been in operation since March 1934,
and which are hereby confirmed and continued.
(Signed) FRANKLIN ROOSEVELT.
Shirt Factories in New York, New Jersey and Pennsylvania Closed in Protest Against NRA Wage Rates
Approximately 100 shirt factories in New York, New Jersey, Pennsylvania and Connecticut were closed on Jan. 21
In protest against the refusal of jobbers to pay them prices
commensurate with the wage scales specified under the
cotton garment code. Jacob H. Steinberg, counsel for the
association, said that about 20,000 workers are affected by
the stoppage, which is directed primarily against the Shirt
Institute, an organization of jobbers. Mr. Steinberg added
that a price war among the jobbers had caused such a reduc1c.
/
tion of prices that contractors were unable to pay the 322
an hour minimum wage scale.
The Amalgamated Clothing Workers announced on Jan. 22
that since the contractors had proclaimed a "lockout"
against the workers by closing their plants, the union would
not permit any employees to return to their jobs unless the
contractors granted a 10% wage increase. Six shirt manufacturers of New Haven, Conn., closed their plants Jan, 23,
throwing 800 employees out of work, after asserting that
they cannot sell their goods and fleet National Recovery
Administration wage rates at current prices.
The New York "Times" of Jan. 22 discussed the closing
of the shirt plants, in part, as follows:
Officials of the Amalgamated Clothing Workers of America announced
that 80,000 workers in the shirt and boys' blouse industry, employed by
the contractors and the so-called "Inside" shops of the National Shirt
Manufacturers Association, would strike unless the 10% wage increase
ordered for Dec. 1 by President Roosevelt was put into effect. The
Executive Order also provided for a reduction of hours from 40 to 36 a week.
Jacob S. Patofsky, assistant to Sidney Hillman, President of the Amalgamated, said the union was determined to compel obedience to the Executive Order. A fight made recently by cotton garment manufacturers for
modification of the order failed. Yesterday's contractor stoppage may thus
resolve itself into a three-cornered controversy.
Mr. Steinberg said that lithe wage increase ordered by President Roosevelt goes into effect the contractors will demand a corresponding readjustment in prices paid by the jobbers.
Volume 140
Financial Chronicle
Twenty-five plants, mostly in Brooklyn and Queens and employinw 3,000
workers, are affected by the stoppage.
The contractors met yesterday at the Hotel McAlpin.
While this meeting was in progress Meyer Feinberg, President of the
contractors' association, sought a meeting with the Cotton Garment Code
Authority in an effort to present the contractors' case.
The contractors maintain they must receive $2.65 a dozen for Grade C
shirts and $2.90 a dozen for Grade B. They decided to seek agreements
with individual jobbers.
The contractors also have asked the NRA in Washington to place responsibility for maintaining the code wage scale upon the manufacturers. As an
alternative, they have suggested that a temporary minimum retell price
be fixed in the code to stop the price war.
Union Votes to End Strike at Plant of Hamilton Woolen
Co.—Factory Had Been ClosedASince November
Because of Labor Difficulties—Stockholders Voted
to Liquidate
A strike of employees at the Hamilton Woolen Mills in
Southbridge, Mass., which had been in progress for about
four weeks, was called off on Jan. 28 and the workers
agreed to return to their jobs. The strike was ended at
the suggestion of Colonel Frank P. Douglas, head of the
Textile Labor Relations Board. Stockholders of the Hamilton Woolen Co. on Jan. 15 had voted to liquidate the affairs
of the concern. The vote was 26,589 shares to 815. The
plant had been permanently closed last November after the
third strike in four months caused the directors to recommend liquidation. Richard Lennihan, President, said the
decision had been reached after much deliberation, and that
to continue "would endanger the safety of the workers."
Associated Press advices from Southbridge, Jan. 23, reported the union vote to abandon the strike as follows:
The vote of the United Textile Workers Union was by acclamation.
About one-fifth of the union membership of 500 was present. The union
also agreed to take up alleged cases of discrimination with the Federal
Board.
The vote to-day marks the end of a four and a half months' turbulent
period for Southbridge and the Hamilton Woolen Co., which began with the
general strike Labor Day, recurred in a few weeks when a second was
called, and resumed with the calling of a third strike in November, when
only half of the workers left.
There followed uncounted scenes of violence, arrests, stoning of homes
and threats, until the mill Management closed to avoid further damage.
The closing threw one-fifth of the town's working population out of
work.
The U. T. W. strikers, asked by the State Board of Conciliation to call
off the strike, refused, 480 to 2. The following week the stockholders
vtted to liquidate.
Last week President Lennihan said that as part of the liquidation the
mill would reopen for a "temporary" period of six to eight weeks beginning
Monday, if the striking 600 members of the Hamilton Protective Association
would return side by side and without violence or intimidation. The loyal
group of 600 quickly agreed. The strikers to-day voted to complete the
action.
Now the Selectmen will ask the mill to remain open permanently.
Witnesses at NRA Hearing Seek Shoe Code Revision—
Industry Seen Migrating from New England Because of Present Regulations
Competition among small towns for shoe factories is so
great that idle workers in these towns have offered to work
without pay while learning the trade, it was testified Jan. 23
at a hearing on conditions in the shoe industry before the
National Recovery Administration. Caroline Manning, of
the Women's Bureau of the Department of Labor, said that
some towns had erected buildings costing thousands of dollars to attract the shoe industry away from other places
where wages and working conditions were more favorable.
It was announced Jan. 23 that five labor unions with a
combined membership of about 120,000 shoe and boot workers would form an international union of workers in the
United States and Canada. Organization details are expected to be completed shortly.
The hearings before the NRA opened on Jan. 22, when
various witnesses urged that the boot and shoe code be
revised to prevent the migration of the industry from New
England to places where better working conditions could
be obtained. A Washington dispatch of Jan. 22 to the New
York "Herald Tribune" described this hearing, in part, as
follows:
William P. Connery Jr., of Massachusetts, declared that it to-day's
meeting produced no results he would introduce a bill in the House this
week to give labor equal representation on all industry code authorities.
When the bill is introduced, he said, it will be referred to the Committee
on Labor and "we shall begin calling in all interested parties for a hearing
on code administration under the NRA."
On the basis of what he called a report of the NRA Division of Research
and Planning, Mr. Connery charged manufacturers with using the 5%
handicapped workers' clause in codes "as a lever in pulling down wages."
He stated some of the manufacturers are making contracts with physically
sound workers under the guise of their being physically handicapped, so
they can work at the lower wage granted under this clause. . . .
Representative Edith Nourse Rogers, of the Fifth Massachusetts Congressional District, was called on by Division Administrator Coonley when
Mr. Connery concluded, but she yielded to Representative A. Piatt Andrew.
The high points of Mr. Andrew's presentation included recommendations
for abolition of geographical wage differentials based on population, a
741
wage scale "based on vertical lines according to skill," and the establishment of a regional code authority for New England with authority to act
against code violators.
He assertal the migration of members of the shoe industry from the
State has caused a "most desperate situation in at least three of the old
Massachusetts cities," naming them as Salem, Beverly and Lowell.
We also quote from a Washington dispatch of Jan. 23 to
the New York "Times," describing the testimony of Miss
Manning and others on that date:
"Residents of the new locations are often so desperate for a job that
they were reported as having offered to work for nothing while they
learned their jobs, although the company refused the offer," she said.
"There is a record of employees having pledged $50 in weekly instalments
to the Chamber of Commerce to be applied on the factory building fund."
Paul Hutchings of the NRA Labor Advisory Board staff, who investigated
the migration of shoe plants to Wisconsin, told the hearing that so keen
was the competition for these plants among the small towns that the town
ccuncils developed an "anti-labor feeling, passed ordinances guaranteeing
freedom from labor troubles and coerced citizens in various ways to go
along with this attitude."
In behalf of the United Shoe and Leather Workers Union, Joseph Bearak
called for a reorganization of the Code Authority and a reopening of the
code. Among the demands presented on behalf of the shoe workers by
Mr. Bearak and his associates were the following:
A 30-hour week; labor representation on the Code Authority; abolition
of sex, geographical and population differentials, and minimum wages for
skilled, semi-skilled and unskilled workers.
Woolen Mills Operated at Loss Preceding Textile
Strike—Survey by Federal Trade Commission
Shows Increased Labbr Cost in July and August
1934
The woolen and worsted textile mills in the United States
were operating at a loss immediately preceding the general
textile strike in September of last year, it was revealed in a
survey made public Jan. 24 by the Federal Trade Commission. The report, based on an investigation made at the
request of President Roosevelt, showed that 33 companies
spinning wool and worsted goods had labor costs in production ranging from 17.42% to 23.63% of the selling price of
the goods between Jan. 1 1933 and Sept. 1 1934. The same
companies had labor costs equivalent to 17.42% of the selling
price from Jan. 1 to June 30 1933; 17.73% from July 1 to
Dec. 31 1933; 18.35% from Jan. 1 to June 30 1934, and
23.63% in July and August 1934, just preceding the strike.
In the first two six-months' periods these companies showed
substantial profits, and their losses, as a group, were confined
to July and August of last year.
Associated Press advices from Washington, Jan. 24 summarized other portions of the Commission's survey as follows;
Only four mills in the four groups of the woolen and worsted industry were
covered In to-day's report, but the Commission announced it soon will issue
Its report on the cotton textile branch. No geographical separation was
made as to woolen and worsted mills as most of them are in the North.
The woolen and worsted report covered 33 spinning companies, 12 weaving companies, 79 spinning and weaving companies and five dyeing and
finishing plants.
Spinning mills were shown to have sustained a loss of 8.20% of a dollar
on their total investment in July and August; weaving companies, 8.52%;
the combined spinning and weaving plants, 6.43%, and dyeing and finishing companies, 0.22%.
Spinning Sales Drop 24%
The rep •rt shnv ed that in the spinning industry sales declined 24% in
the first half of 1934 and labor costs fell off 23%, and for July and August
sales further declined 30%, while there was a 22.45% decline in labor costs.
"The result is that labor costs per dollar of sales rose to 23.63 cents, as
compared with 18.35 cents for the first half of 1934," the report said.
In the period from July to December 1933, the report said there was less
than a one-third of a cent increase in expenditures for labor per dollar of
sales despite an increase in wages following adoption of the code.
"From this showing it would appear that any increase in labor and other
costs were covered by increases in selling prices, and are reflected in total
sales," it added.
Ratio Up in Summer Months
Sales of spinning and weaving companies declined 8% in t I first I'allot
1934 and less than 10% in July and August of that year, but in the latter
two months the report said the proportion of labor costs to sales rose as it
did during the first six months.
Similar conditions were shown to have prevailed in the dyeing and finishing, and weaving plants, sales of the latter industry falling off 2035% In
January-June 1934, and 14% more in July and August with the proportion
of labor costs to sales rising.
Costs Decline
- Labor
--.
Labor costs of the spinning companies wereshown to have been $2,722,792
in January-June 1934, compared to $3.538,813 the previous six months:
of weaving mills. $527,067, compared to $277,532; of spinning and weaving
mills, $19,841,737 as compared to $23,222,404, and of dyeing and woolen
plants, $103,725 as compared to $185,987.
Comparative net sales of the four divisions of the industry were: Spinning
companies, $13.898,298 in January-June 1934, and $17,663,979 the previous six months; weaving companies, $3,280,056 and $4,071,064: spinning
and weaving mills,$69,341,795 and $75,573,432;dyeing and finishing plants,
$295,170, and $638,899.
One-Day Strike of New York City Teamsters in Protest Against Proposed Injunction to Restrain Them
from Interfering with Non-Union Workers—May
Renew Walkout if Injunction is Signed
More than 20,000 truck drivers, members of the International Brotherhood of Teamsters, participated in a one:
dity strike in New York City Jan 28,crippling the movement
of freight to and from the waterfront.' The strike was called
742
Financial Chronicle
despite the official opposition of the union,in protest against
a decision of Justice Burt C. Humphrey of the New York
Supreme Court that union teamsters must not hinder nonunion teamsters in the delivery of freight to the piers. Judge
Humphrey had planned to sign an injunction order Jan. 28
against the teamsters union and the International Longshoremen's Association, but postponed action until next
week. The strike committee warned that the walkout
would be resumed if the injunction order is actually signed.
Among the provisions of the proposed injunction are a
restraint on the union longshoremen at union piers from refusing to check, loan or unload non-union operated trucks
coming to their piers. Members of both unions would be
restrained from threatening to strike, conspiring to strike
and participating in a strike. William Green, President of
the American Federation of Labor, expressed sympathy
with the strikers on Jan. 29, saying that he disagreed with
the court dicision. The New York "Times" of Jan. 30 described the causes of the strike, and some of the comment
thereon, in part as follows:
The plaintiffs are the Brooklyn Chamber of Commerce, the Merchants
Association and a group of trade organizations and shippers. The suit
is designed to restrain the unions from co-operating in keeping non-union
trucks from the New York waterfront.
In a dispatch from Washington Mr. Green was quoted as saying that
"evidently the men are smarting under a sense of injustice to which they
have been subjected as a result of the injunction." Without approving
the strike action. Mr. Green added:
"The injunction has apparently inflamed their mindsand has resulted in
the strike. I disagree with the decision of the court, as I do not believe
that it rests on sound premises. I am very sorry the court took the view
It did on the matter,'
Magnus Warns of "Revolution"
While leaders of Monday's strike reaffirmed their determination yesterday to resume the walkout next week in the event Justice Humphrey
signs the injunction order, Percy C. Magnus, President of the New York
Board of Trade, wrote a letter to Mayor La Guardia criticizing his stand on
the strike. Mr. Magnus characterized the strike as "revolution" and took
the Mayor to task for published statements of sympathy with the strikers.
In his letter to Mayor La Guardia, Mr. Magnus termed the strike movement a "direct thrust at the foundations of American government."
Mr. Magnus warned that in the event of resumption of the strike and
the failure of the Mayor and the police to give property owners proper protection,an appeal would be made to Governor Lehman to send in the militia.
Mayor Caustic on Protest
The Mayor's comment on Mr. Magnus's letter was:
"An intemperate statement of that kind is more dangerous than the condition it seeks to describe. It would look as if efforts were being made to
provoke trouble. It is my duty as Mayor to keep law an order, and certainly threats, intemperate language and misstatements of fact as expressed in the letter, are not helpful at all. Not even a truckmal? who
tuts not had the advantages of an education would talk that way."
Two Partners of J. Lehrenkrauss & Sons Sentenced
to Prison
Two partners and a former salesman of J. Lehrenkrauss
& Sons of Brooklyn, who were convicted on Jan. 26 of using
the mails to defraud, were sentenced to the Federal penitentiary Jan. 28 by Federal Judge Galston of Brooklyn. Julius
Lehrenkrauss, head of the defunct banking and brokerage
agency, was sentenced to five years, but the court suspended
the sentences, pointing out that Mr. Lehrenkrauss is already
serving a sentence in prison for grand larceny as a result of
prosecution by State authorities. Charles F. Lehrenkrauss
was sentenced to a year and a day, and James J. Fradkin,
the salesman, was sentenced to a total of five years. Mr.
Fradkin protested his innocence. The three defendants were
convicted by a jury on charges resulting from the sale of
$1,600,000 worth of stock of the Lehrenkrauss Corporation.
Two other partners, Herman Richter and L. Lester Lehrenkrauss, were acquitted Jan. 26,
The New York "Herald Tribune" of Jan. 27 summarized
the charges as follows:
The financial house of Lehrenkrauss collapsed early in December 1933,
about five weeks after the members of J. Lehrenkrauss & SODS and the
officers of the Lehrenkrauss Corporation, a holding company for all Lehrenkrauss enterprises, had given a "loyalty dinner" to the head of the firm,
whose offices at 359 Fulton Street were a landmark in Brooklyn. The
elder Lehrenkrauss Joined his father in the enterprise when he was 13 Years
old and continued it after 1909, when his father died, with the aid of his
brother, his son and nephews.
"Year Book" of New York Stock Exchange for 1934—
Same Number of Member Firms at Close of Year
as at Start—Decline in Number of Branch Offices
—Price of "Seats" in 1934 Range Below 1933
The New York Stock Exchange "Year Book" for 1934,
containing statistical data of Exchange activities during the
past year and historical records, was published Jan. 28 by
the Committee on Publicity of the Exchange and distributed
to members. As of Jan. 1, there were 621 Stock Exchange
firms, exactly the same number as a year ago, according to
the records contained in the "Year Book," although the
number of partners of firms declined during the year from
3,557 to 3,487. Branch offices of member firms declined in
number from 1,215 as of Jan. 1 1934 to 1.093 as of Jan. 1
Feb. 2 1935
1935. An announcement issued by the Exchange as to the
"Year Book" also said:
Offices of Stock Exchange firms were located in 347 cities in 41 States
and Territories and in six foreign countries. The States in which there
are no offices of members are Arizona, Idaho, Nevada, New Mexico, North
Dakota, South Dakota and Wyoming.
The number of non-member correspondents maintaining direct wire connections with member firms increased during the year from 3,566 to 3,595,
although the number of offices of such correspondents showed a net
decline of three.
Michel C. Bouvier continues to head the list of the 25 members of the
Exchange listed In order of seniority, having been a member for more than
65 years. Approximately 200 members of the Exchange have owned their
memberships for more than 20 years and 17 have been members for more
than 40 years.
During 1934, 68 memberships were transferred as compared with 92
transfers in 1933. The price of "seats" ranged from $190,000 to $70,000,
compared with a high of $250,000 and a low of $90,000 in 1933. The low
for recent years is $68,000, made in 1932.
Personnel records in the "Year Book" show that the total number of
employees of the Exchange and its affiliated companies as of Jan. 1 was
2,356, compared with 2,666 a year ago. There are 98 employees on sick
leave and retirement. The oldest active Stock Exchange employee in years
of service is Dennis Doherty, Superintendent on the floor of the "quotation
squad" and of the "reserve squad," who was employed by the Exchange
in October of 1886.
Statistical records in the "Year Book" include call money rates, member
borrowings, short interest statistics, volume of stock and bond transactions,
the number and value of listed shares and bonds, &c. The "Year Book"
also contains a chronology of historical dates in the organization of the
Exchange since the first meeting of brokers on May 17 1792.
Committee on Publicity of New York Stock Exchange
Changed to Committee on Public Relations
At a meeting Jan. 23 the Governing Committee of the
New York Stock Exchange took action toward amending the
ccnstitution of the Exchange, whereby the name of the Committee on Publicity would be changed to the Committee on
Public Relations. The change, it is stated, will become
effective in two weeks unless it is opposed by the membership. Under the change proposed the Committee would be
delegated to widen public interest in the functions of the
Exchange. The changes were announced as follows:
The Governing Committee of the New York Stock Exchange, at a meeting
this afternoon, amended Section 1 of Article X of the Constitution as
fellows:
"Strike out:
Tenth—A committee of five, to be known as the Committee on Publicity. It
shall be the duty of this committee, under the direction of the President, to keep the
public correctly informed concerning matters of public interest having to do with
the Exchange.
"Substituting therefor:
Tenth—A committee of five, to be known as the Committee on Public Relations.
It shall be the duty of this committee, under the direction of the President,to keep
the public informed concerning matters of public Interest pertaining to the Exchange
and to promote a clear understanding of Its operations and economic functions.
The proposed amendment will be submitted to the membership of the
Exchange.
John W.Hanes Elected to Governing Committee of New
York Stock Exchange—B. L. Taylor Jr. Heads
Committee on Quotations and Commissions—
Officers of New York Stock Exchange Building
Co and New York Stock Exchange Safe Deposit
Co. Re-elected
The Governing Committee of the New York Stock Exchange, at a meeting held Jan. 23, elected John W. Hanes a
member of the Governing Committee to fill, until the next
annual election of the Exchange, the vacancy caused by the
death of Erastus T. Tefft. Mr. Hanes is a partner in the
firm of Chas. D. Barney & Co., and has been a member of
the Exchange since Jan. 17 this year. He had been Preside 1 of the New York Tobacco Exchange, Which is in process
,
of liquidadon.
At the meeting the Committee on Quotations and Commissions reported that Bertrand L. Taylor Jr. has been
elected Chairman and Herbert G. Wellington, Vice-Chairman. Mr. Taylor has previously served as Vice-Chairman
of the Committee.
The New York Stock Exchange Building Co. reported to
the Governing Committee that Warren B. Nash, President,
had been re-elected at its annual meeting, and that other
officers and trustees also were re-elected. The New York
Stock Exchange Safe Deposit Co. also reported that, at its
annual meeting, E. H. H. Simmons, President, and other
officers and directors were re-elected.
Work of Erastus T. Tefft, Deceased Governor, Praised
by New York Stock Exchange
Resolutions commending the work of the late Erastus T.
Tefft were adopted by the Governing Committee of the New
York Stock Exchange at a meeting Jan. 23. Mr. Tefft, who
was a member of the Governing Committee and also President of the New York Quotation Co., the ticker subsidiary
of the Stock Exchange, died on Jan. 0. Reference to his
death was made in our issue of Jan. 12, page 254. The
resolutions adopted Jan. 23 follow:
•
Volume 140
Financial Chronicle
Tefft was a member of the New York Stock Exchange for
Erastus
over 82 years and served continuously as a member of the Governing Committee from May 1912 until the date of his death. During this time he
served with ability and distinction on a number of the standing and special
committees of the Exchange. His remarkable mentality and his intelligent
understanding of the many and complicated problems arising in the daily
conduct of the affairs of the Exchange were among his high qualifications for membership in its governing body.
Be it therefore Resolved, That the Governing Committee hereby records
its appreciation of the valuable services rendered by Mr. Telft and its deep
and lasting regret for his untimely death, and
Bes it further Resolved, That these resolutions be spread upon the minutes
of the Governing Committee and a copy thereof, suitably engrossed, be
forwarded to Mr. Teffes family.
Samuel R. Feller, Retiring from New York State Insurance Department, Praised by George S. Van
Schaick
George S. Van Schaick, New York State Superintendent
of Insurance, on Jan. 31 issued a statement in which he
praised the record and accomplishments of Samuel R.
Feller, First Deputy Superintendent of Insurance, who
retired from the Insurance Department to engage in the
practice of law. Mr. Van Schaick quoted from a laudatory
letter from Governor Lehman which was read at a dinner
in honor of Mr. Feller on Jan. 24, and also quoted from his
own remarks, in which he said:
My acquaintance with Samuel R. Feller lbegantearly in 1931. I had
heard of him but we met purely by accident. The introduction was as
follows:
"Are you Sam Feller?!
"Yes, lam."
rhus began one of those rare and perfect friendships that last through
fife.
It is a great loss to the State as well as to me personally to have him
leave the Department. Aside from everything else he has capacity for
teamwork that is unusually high. He leaves with the best wishes of everyone. That he will in time take front rank at the New York Bar is my firm
opinion.
And so I say to him as he goes—"Good-bye, Good Luck, the Best of
Success." And for myself I say. "It was a rare privilege to work closely
with him through memorable years."
743
Roche, 'Who is President of the Rocky Mountain Fuel Co.,
directs the activities of the Public Health Service. Reference to her appointment was made in these columns of
Nov. 17, page 3097.
Appointment of James A. Moffett as Federal Housing
Administrator Confirmed by Senate
The Senate on Jan. 18 confirmed the nomination of James
A. Moffett, of New York, as Federal Housing Administrator.
Mr. Moffett was named Housing Administrator on June 30
1934 by President Roosevelt. Reference to his appointment
was made in our issue of July 7, page 58.
Frank R. McNinch Confirmed as Chairman of FPC
by Senate
Frank R. MoNineh was confirmed by the Senate on
Jan. 30 for a second term of five years as a member of the
Federal Power Commission. Mr. MeNinch, who is Chairman of the Commission, was originally appointed to the
body in 1930 by President Hoover at the time of its formation. He assumed chairmanship on July 19 1933,succeeding
George 0. Smith. Mr. McNinch was re-appointed as
Chairman on June 22, last, by President Roosevelt, as
noted in our issue of June 30, page 4395.
Election of Officers By Bankamerica Agricultural
Credit Corp. (Transamerica Corp. Subsidiary)
07 L. M. Giannini, President of Bank of America, National
Trust & Savings Association, San Francisco, Cal., has been
elected Chairman of the Board of Bankamerica Agricultural
Credit Corporation, Transamerica Corporation subsidiary
handling livestock loans,it was announced recently. W.W.
Hopper, President, and all other incumbent officers were
re-elected. F. G. Stevenot, Vice-President of Bank of
America, was named a Vice-President of the company.
The Boardrof Directors was re-elected at the annual
stockholders' meeting. The members of the Board are:
Harold H. Ebey Appointed Co-ordinator for Waterfront L. M.Giannini, W. W.
Hopper, W.E.Blauer, C.F. Wente,
Employers' Associations of Pacific Coast
C..N. Hawkins, P. B. Lynch and F. G. Stevenot. The
To effect closer co-ordination of the various Pacific Coast
announcement in the matter continued:
organizations of waterfront employers, Harold H. Ebey,
Loans made to California cattlemen. sheepmen and dairy operators by
Shipping Board, has Bankamerica Agricultural Credit Corporation during 1934 totaled $3,
former official of the United States
of credit accommodations extended by th
been appointed Co-ordinator for the Waterfront Employers' 738.000, bringing the totalin 1928 to $25,812.000. Hopper reported.
company since its inception
of the Pacific Coast, with headquarters at San
Associations
Francisco. The appointment of Mr. Ebey, until recently
of Richard Washburn Child—Former American
connected with the Hamburg-American Lines, was an- Death
Diplomat and Writer Was 53
by Thomas G. Plant,
nounced at San Francisco, Jan. 18,
Richard Washburn Child, writer, former American AmOperating Manager of the American-Hawaiian Steamship
bassador to Italy, and observer for the United States at the
Co., who is President of the Waterfront Employers' Union
Genoa and Lausanne conferences in 1922, died on Jan. 31
of San Francisco. Mr. Plant pointed out that uniform
at his home in New York City of pneumonia which developed
action of all waterfront employers' organizations w•ts necesfrom a cold he contracted several days earlier. He was 53
sary to the proper effectuation of the October a we rd of
years old. Private funeral services will be held to-day
President Roosevelt's National Longshoremen's Board, and
(Feb. 2) in New York. The New York "Sun" of Jan. 31
also essential as a basis of definite planning for the future.
outlined his career as follows:
He probably was best known to the American public as a writer, both of
Senate Confirms Adolph C. Miller as Member of
books of fiction, travel, and political comment, and of newspaper articles.
Federal Reserve Board
But he also was an influential man in world affairs, enjoying a wide friendThe appointment of Adolph C. Miller, of the District of ship among statesmen of many countries. He was a particularly close
with the
Columbia, to be a member of the Federal Reserve Board friend of Premier Benito Mussolini of Italy and collaborated
dictator on his autobiography.
was confirmed on Jan. 23 by the Senate. Mr. Miller had
Relations and chief United
He was founder of the Council on Foreign
been a member of the Board, representing the Twelfth (San States delegate at the international conferences in Genoa. Italy, and Lausanne, Switzerland, in 1922. He served as Ambassador to Italy from May
Francisco) District since its creation in 1914. Shortly after
1921 to February 1924. He also was Chairman of the National Crime Comthe expiration of his term in August of last year, President mission. In 1919 he was editor of "Collier's Weekly" and during the war
Roosevelt reappointed Mr. Miller, to represent the Fifth was assistant to Frank A. Vanderlip in war finance work.
Aug. 5 1881. and was graduated from
He was born in
(Richmond) District, for a term of 12 years. We referred Harvard in 1903. Worcester. Mass..
His alma mater honored him with an LL.D. in 1924.
to Mr. Miller's reappointment to the Reserve Board in our
Issue of Aug. 29, page 1180.
Death of John H. Puelicher, Former President of
American Bankers Association—President Hecht
Senate Confirms Appointment of Sigmund Solomon
of A. B. A. Expresses His Sense of Loss
as Superintendent of United States Assay Office
John Huegin Puelicher, President of the Marshall &
at New York—Predecessor Associated with Empire
Ilsley Bank of Milwaukee, Wis., and former President of
Gold Buying Service, Inc.
The appointment by President Roosevelt last December the American Bankers Association, died Jan. 28, in Milof Sigmund Solomon as Superintendent of the United States waukee. Mr. Puelicher, who was 65 years old, served as
Assay Office at New York was confirmed by the Senate on President of the Bankers Association in 1922-23. At the
Jan. 21. Niles R. Becker, who had been Superintendent time of his death he was Chairman of the Educational
from June 1925 until December has now become associated Foundation Trustees of the Association, a member of the
Banking Studies Committee, and Chairman of the Commiswith the Empire Gold Buying Service, Inc., New York.
President Roosevelt's appointment of Mr. Solomon was sion on Public Education, which he inaugurated before he
became President. He was active in organizing the Gradureferred to in our issue of Dec. 29, page 4061.
ate School of Banking to be held this summer and was
Confirmation by Senate of Josephine A. Roche as Chairman of its Board of Regents.
Assistant Secretary of the Treasury
Mr. Puelicher began his business career in 1885 with the
The Senate on Jan. 22 confirmed the appointment of Wisconsin Marine and Fire Insurance Bank. In 1893 he
Josephine A. Roche as Assistant Secretary of the Treasury. became a discount clerk in the Marshall & Ilsley Bank,
Miss Roche was named to the post by President Roosevelt being elected Assistant Cashier in 1905 and was made
on Nov. 15. As Assistant Secretary of the Treasury, Miss Cashier in 1906. He was promoted to Vice-President in
744
Financial Chronicle
Feb. 2 1935
1914 and became President in 1920. In 1902 he founded
Thad D. Seeley has tendered his resignation as receiver for the defunct
the Milwaukee chapter of the American Institute of Banking, First National Bank of Birmingham, it became known here Sunday (Jan.
27).
serving as its Vice-President until 1903, when he became
Although no dividend has been declared under Seeley's receivership,
President, serving until 1904. From 1908 to 1909 Mr. application has been made for a Reconstruction Finance Corporation loan
on the bank's assets with which Seeley planned to pay a dividend.
Puelicher was Vice-President of the Wisconsin Bankers
The bank closed at the time of the Michigan bank holiday and was
Association. In 1911 he was President of the Milwaukee Immediately placed under the conservatorship of Charles E. James.
School Board. He was one of the founders in 1916-17 of
NEW JERSEY
the State Bank Division of the American Bankers AssociaWith $1,500,000 immediately available for its 10,000
tion, becoming the first President of the Division, and during depositors, the National Union Bank of Paterson, N. J.,
his incumbency took the lead in obtaining amendments to formerly known as the Labor National Bank, opened for
the Federal Reserve Act recognizing the state charter rights unrestricted business on Jan. 23. The institution had been
of state-chartered banking institutions. During the war closed since the national bank holiday. Paterson advices
Mr. Puelicher took an active part in war finance, acting to the Newark "News" on Jan. 23, authority for the above,
as State Director for Wisconsin of War Savings Stamps. went on to say:
In 1919 he was appointed Government Director of Savings
John H. Wilkinson, President, received word yesterday, Jan. 22, from
Washington that the bank might resume normal operations.
for the Seventh (Chicago) Federal Reserve District.
Under a plan
R. S. Hecht, President of the American Bankers Asso- Immediately approved by the Federal authorities, depositors may obtain
50% of their deposits. The balance will be paid off as assets
ciation, issued the following statement on Jan. 29, upon the are liquidated.
Deposits up to $5,000 in the bank are insured by the Government, it
death of Mr. Puelicher:
The untimely death of John H. Puellcher removes from the American
business scene an outstanding citizen, a capable executive, a successful and
Constructive banker, and a true and loyal friend. His service to his city.
his state and his country has been invaluable. His administration as
President of the American Bankers Association was characterized by
forward-looking policies designed for the benefit of the general public
His sincere leadership in the cause of banking and economic education has
left an indelible impress for good which time will not efface. In his passing
our country in general and the banking world in particular suffers an
Irreparable loss.
Questionnaire on Branch Banking Addressed to
Members of Pennsylvania Bankers Association
A questionnaire to ascertain their views on the subject of
branch banking has been addressed to members of the
Pennsylvania Bankers Association. According to the Philadelphia "Inquirer" of Jan. 25, under the direction of the
Association's Committee on Branch Banking, Charles Z.
Zimmerman, Secretary of the Association and President of
the First National Bank of Huntingdon, in forwarding the
questionnaire to members, at the same time sent to them a
letter from Harry J. Haas, Vice-President of the First
National Bank of Philadelphia, in which Mr. Haas said:
was announced by bank officials yesterday.
OHIO
The Farmers' State Bank of New Madison, Ohio, has
reopened following its restricted period, with $25,000
capital and $11,000 reserve, according to a dispatch from
Greenville, Ohio, printed in "Money and Commerce" of
Jan. 26, which named the officers of the institution, as
follows:
Charles Smith, President: Michael Max, Vice-President; Paul King,
Cashier, and E. H. Coblentz, Assistant Cashier.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Jan. 29 for the sale. of a New
York Curb Exchange membership at $23,000, unchanged
from the previous sale.
A New York Cocoa Exchange membership was sold Jan.
31 at the highest price since July 1933, at $3,900, an increase
of $50 over the last sale. It was sold by Meyer Cranston
to M. C. Hill for another.
At a meeting of the Council of Administration, Pennsylvania Bankers
Association, held May 22 1934, at Atlantic City, sentiment developed to
the effect that the membership of the Association should be given the
opportunity to go on record concerning their views on branch banking.
A Chicago Board of Trade membership sold Feb. 1 at
$5,000, off $500, compared with the last previous sale.
Committee Appointed
A minute was adopted authorizing the incoming President to appoint a
committee to prepare a suitable questionnaire and to canvass the membership on this question. Accordingly, a committee was named by Edgar A.
Jones, Vice-President of the Scranton-Lackawanna Trust Co., Scranton,
President of the Association.
Enclosed you will find a questionnaire to which we would be pleased to
have you give your careful consideration. Duplicate copy is enclosed in
order that you may keep a record of your vote and also for the purpose of
later reference when the replies have been tabulated.
Announcement was made Jan. 29 of the appointment by
the Executive Committee of the National City Bank of New
York of F. Leslie Ennis as Assistant Manager and T. F.
Casserly as Assistant Cashier. Both are located at the
34th Street branch of the bank. Mr. Ennis spent 10 years
In foreign service, having served both with the Cuban and
Puerto Rico branches of the National City organization.
The "Inquirer" states that among the questions asked by
the Committee are the following:
Are you in favor of Federal branch banking without territorial limit?
Are you opposed to all forms of branch banking?
Do you favor the establishment of branches in any Pennsylvania community (other than in Philadelphia and Pittsburgh as now provided in the
law) which already has banking facilities?
Do you favor national legislation which would permit branch banking
for National banks regardless of State laws?
Do you favor so-ealled "trade areas" branch banking under Federal law?
Do you favor branch banking within the boundary of a Federal Reserve
district?
Do you favor State-wide branch banking?
Do you favor the enactment of a law in Pennsylvania extending the
branch banking privileges beyond the present scope?
Cite New York Act
Do you favor the enactment in Pennsylvania of a bill similar to the Act
of April 23 1934 passed by the Legislature of New York State, which divides
the State into nine banking districts and permits banks of a certain size
to maintain branches within its districts, but in no event shall a branch
be opened and occupied where one or more banks are already located, except
for the purpose of acquiring by merger, sale or otherwise the business and
property of one or more such banks whether in liquidation or doing business
in the usual way?
It is likely, said the "Inquirer," that the tabulation will
be offered at the next convention of the Association, which
will be held in Scranton early in June.
Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Jan.26(page 584)with
regard to the banking situation in the various States, the
following further action is recorded:
Reopening of
MICHIGAN
Concerning the affairs of the closed First National Bank
of Birmingham, Mich., a dispatch from that place on Jan.
27, appearing in the Detroit "Free Press," had the following
to say in part:
The New York State Banking Department has granted
authority to the Continental Bank & Trust Co., New York, to
open a branch office at 25 Broad street.
John Muir, founder and senior partner of the New York
Stock Exchange firm of John Muir & Co., New York, died
on Jan. 23. He was 87 years old. Mr. Muir was credited
as being the originator of the partial payment and oddlot plans to enable small investors to operate in Wall Street,
and it was at his instance that the United States Government was induced, at the outset of the World War, to offer
"Baby" or small denomination bonds as a means of raising
funds for the War. He served as Chairman of the Baby
Bond Committee of the Liberty Loan Organization in the
Second (New York) Federal Reserve District.
Mr. Muir, who was born in Scarborough, Ontario, on
June 10 1847, embarked early in his career in the railroad
field. His seat on the Stock Exchange was purchased as a
gift for him in 1898 by the late Collis P. Huntington, chief
owner of the Southern Pacific Railroad, under whom Mr.
Muir served during the time he was identified with railroading. In 1900 Mr. Muir formed his own firm of John
Muir & Co. He remained as senior partner of the firm up
to the time of his death.
Donald G. Manson was elected an Assistant Treasurer of
the Dollar Savings Bank, Bronx, New York City, at a recent
meeting of the Board of Trustees. Mr. Manson, who is the
son of Howell T. Manson, President of the institution, has
been connected with the bank for the past 14 years, about
10 of which was in the Real Estate and Mortgage Department.
Adrian Iselin, senior partner of A. Iselin & Co., private
bankers and brokers, New York, died on Jan. 29 in his 89th
Volume 140
Financial Chronicle
year. Mr. Iselin, who was born in New York City on Oct. 14
1846, was a son of the late Adrian Iselin, founder of A.
Iselin & Co. The younger Mr. Iselin entered the firm in
1868 and succeeded his father at the latter's death. Besides
banking, Mr. Iselin was also interested in the bituminous
coal industry, railroads and real estate. He was a trustee of
the Central Union Trust Co. from 1885 to 1928. He was
continuously a director of the Mobile & Ohio RR. for 55
years and a member of the Board of the Southern Railway
for over 34 years. Mr. Iselin was also for many years a
director of the Third Avenue Railway System and the New
York Dock Co. He has been a member of the Chamber of
Commerce of the State of New York since 1894, and has long
been a member of the Merchants Association of New York.
At his death he was a trustee of the Bank for Savings in
the City of New York, and President and director of the
Adlin Corp. Mr. Iselin was a director of several railroads,
including the Allegheny & Western Railway Co., Allegheny
Terminal Co., Clearfield & Mahoning Railway Co., Mahoning
Valley RR. Co., and Reynoldsville & Falls Creek RR. He
was also President and director of the Helvetia Realty Co.
and the Neptune Realty Co., Vice-President and director of
the City & Suburban Home Co., and Secretary, Treasurer
and director of the New Rochelle Homestead Co.
Judge George L. Donnellan in General Sessions on Jan. 29
suspended sentence on Philip Berardini, his brother Michael,
and John W. Pulleyn, who, it is stated, had pleaded guilty
of misusing the funds of the M. Berardini State Bank, 33
Mulberry Street, New York, which was closed by the New
York State Banking Department on Oct. 31 1933. Philip
and Michael Berardini, sons of the founder of the bank, the
late Michael Berardini, were President and Vice-President,
respectively, of the institution, and Mr. Pulleyn was a
director. Judge DonneIlan said that he was convinced that
there had been no criminal intent on the part of the defendants, and that they had taken no personal profit from
the transaction for which they were indicted. Their error,
the Judge said, appeared to be a technical violation, an
honest mistake in judgment, and it did not contribute to
the closing of the bank. The closing of the bank was
referred to in our issue of Nov. 7 1931, page 3040.
At a luncheon of the staff of the Flushing National Bank,
Flushing, New York City, held Jan. 19, it was announced
that Theodore P. Lawlor, President and Chairman of the
Board of Directors, had resigned from both offices and that
Ernest L. King had been elected President and A. M. Hepburn had been made Chairman of the Board. Mr. King was
fcrmerly Vice-President and Cashier of the bank, and Mr.
Hepburn formerly a Vice-President. It was also announced
that Harold R. Zeamans is now First Vice-President, Dr.
S. M. Strong, Second Vice-President, and William L. McCrodden, Cashier.
Announcement was made on Jan. 27 by Bernard F. Hogan,
President of the Greater New York Savings Bank, Brooklyn,
New York,of several changes in the bank's executive personnel. John J. Hickey has been advanced from Assistant VicePresident to Vice-President; Frank Mullen, from Assistant
Secretary to Assistant Comptroller, and C. A. Tuck, from
Assistant Secretary to Assistant Vice-President. Mr. Hogan
also announced that Frank Lipinski has been appointed
auditor, Gabriel Moe an Assistant Secretary and Samuel
Whitman an Assistant Secretary.
Plans to reduce the capital stock of the Bank of Jamestown, Jamestown, N. Y., from $832,500 at i par value of
$25 a share to $500,000 at a par value of $10 a share, and
Increase the number of shares from 33.300 to 50,000, were
approved by the New York State Banking Department on
Jan. 19.
John S. Sammis, a former Vice-President of the Irving
Trust Co. of New York City, has been elected President of
the Orange County Trust Co. of Middletown, N. Y., according to a dispatch by the Associated Press from that place on
Jan. 13. Mr. Sammis succeeds James H. Smith, President
of the institution since 1923, who was named Chairman of
the Board, the advices said.
In indicating that a third dividend was being paid to depositors of the closed Farmers' National Bank of Granville,
N. Y., advices from that place on Jan. 8 to the "Knickerbocker Press," had the following to say:
745
Depositors of the closed Farmers' National Bank of Granville received
nearly $195,000 in dividends as Federal Receiver, H. N. E. Gleason, started
the third payment this afternoon.
This dividend is for 18%, bringing total dividends paid by the receiver
2
/
since the closing of the bank up to 551%. The first dividend of 25%
%
2
/ in December, 1933.
was paid in October, 1932, and the second of 121
The Farmers' National Bank, considered at the time of closing the
strongest institution in Washington County, closed its doors on the afternoon of Jan. 7 1932, following a heavy "run" by depositors.
Mark H. Peet, formerly mortgage officer of the National
Savings Bank of Albany, N. I., has become Cashier of the
Glens Falls National Bank & Trust Co., Glens Falls, N. Y.
He succeeds William T. Cowles, who has been promoted to
Second Vice-President of the bank. The "Knickerbocker
Press" of Jan. 22, authority for the foregoing, added:
A native of Wellsville, Mr. Peet was associated with the State Banking
Department for five years and with the New York State National Bank in
Albany for eight years as Trust Officer. In 1932 he became Executive
Vice-President of the Regional Agricultural Credit Corporation, a unit of
the Reconstruction Finance Corporation, with headquarters in Albany.
Plans for the merger of the Central Bank of Kenmore,*
Kenmore, N. Y., into the State Bank of Kenmore, under the
title of the State Bank of Kenmore, were approved by the
New York State Banking Department on Jan. 14.
Directors of the Granite Trust Co. of Quincy, Mass., on
Jan. 16 elected Delcevare King as President and William J.
Martin as Executive Vice-President. Mr. King succeeds his
father, Theophilus King, who had been President since 1886.
In noting the above, the Boston "Herald" of Jan. 17 continued, in part:
Delcevare King has been a director of the trust company since 1900 and
Vice-President since 1910. He is also President of the Summit Thread Co.
and Union Activities Corp. . . .
Mr. Martin came to the bank as a boy in 1917. His advancement has
been steady, serving successively as Assistant Treasurer, Treasurer, VicePresident and now Executive Vice-President. Other officers and all directors were re-elected, and Matthew Cushing, Vice-President, was elected a
director.
The National Mount Wollaston Bank of Quincy, Mass., and
the Dedham National Bank of Dedham, Mass., capitalized,
respectively, at $400,000 and $150,000, were placed in voluntary liquidation on Dec. 31. Both institutions were succeeded
by the Norfolk County Trust Co. of Brookline, Mass.
It is learned from the Hartford "Courant" of Jan. 25, that
the Meriden, Conn., branch of the Hartford-Connecticut
Trust Co. of Hartford, Conn. (formerly the First National
Bank of Meriden), will be managed hereafter by Ray E.
King, who has also been made a Vice-President, filling the
vacancy caused by the death of Floyd A. Curtis. Mr. King
has also been elected a member of the Advisory Board, and
W. W. Gibson named Chairman of the Advisory Board, it
was stated.
The prom. tion of Everett A. Heim from Assistant Treasurer of the Rosalie Par kTrust Co. to Secretary and Treasurer of the institution to fill the vacancy caused by the
death of Charles E. Allen, was announced on Jan. 29 by
Karl Schaffer, President of the company, according to
Rosalie Park advices on that date to the New York "Times,"
which also reported that Robert M. Dixon had been advanced to Assistant Treasurer from Teller.
The Cliffside Park Title Guarantee & Trust Co. of Cliffside Park, N. J., which was closed Jan. 3, began paying off
depositors on Jan. 23, according to the "Jersey Observer" of
that date, which added:
Depositors in the closed bank were insured under the Government up to
$5,000, but Deputy Banking Commissioner Andrew Gray to-day said that
every depositor would be paid in full, as the insurance money with the
cash on hand would be sufficient to meet the entire $600,000 on deposit in
the bank.
Depositors would be paid as soon as they presented their claims, Mr.
Gray said.
The Board of Directors of the Tradesmen's National Bank
& Trust Co., Philadelphia, Pa., has declared a quarterly
dividend of $1.50 per share, at the rate of 6% per annum,
payable Feb. 1 to stockholders of record at the close of
business Jan. 26.
The United States District Court, in Philadelphia, on
Jan. 29. assumed control of the affairs of the private banking firm of S. Rosenbaum Co., 603-605 South Third Street,
that city. William Hirsch was appointed receiver in bankruptcy and the Pennsylvania State Banking Department,
which now has possession of the business, was restrained
from interfering with the assets "in any way." The above
746
Financial Chronicle
Is from the Philadelphia "Record" of Jan. 30, which also
said:
Judge Oliver B. Dickinson, who made the ruling on the basis of jurisdiction, rejected a petition by the depositors' committee that the State
Banking Department be permitted to handle the situation. The jurist
expressed hope that "the affairs of the company would be quickly adjusted
so that the unfortunate depositors might have the right of speedy relief."
The Rosenbaum firm, whose members are Alexander S. Barkowitz, A.
Murray Spitzer and Eugene Berkowitz, was thrown into bankruptcy on
Dec. 27.
Plans are being made here for reorganization of the
Citizens' Mutual Industrial Loan Corp. of Lynchburg, Va.,
to be known as the Depositors' Industrial Loan Corp., according to a dispatch from that city on Jan. 15 to the Richmond "Dispatch," which added:
It is expected to have the reorganization ready for operation next month.
Reorganization plans have been approved by an order in the Corporation
Court. The plan has been opposed by only one out of 3,300 shareholders.
It is proposed to open with a capital of $197,000 and a surplus of $20,000.
The receivership of the old bank plans to return to old stockholders 50% of
their deposits in addition to the common stock they are to receive.
We learn from Indianapolis, Ind., advices on Jan. 22 to
the "Wall Street Journal," that Evans Woolen, Jr., who
recently retired as City Comptroller of Indianapolis, has
been elected President of the Fletcher Trust Co. of that
city, to succeed his father, Evans Woolen, Sr., who became
Chairman of the Board of Directors. The latter had been
President of the trust company since its organization in
1912. Hugh McK. Landon, long a Vice-President and Chairman of the Executive Committee, became Vice-Chairman
of the Board, and William B. Schiltges, First Vice-President
of the institution, the dispatch stated.
The Chicago "Journal of Commerce" of Jan. 22 reported
that a jury the previous day acquitted six former officers
of the Citizens' State Bank of Chicago, which closed May 25
1932. We quote the paper:
John G. Squires, President; Hugo H. Bernahl, Vice-President; Nicholas
L Schank, Cashier; Robyn K. McFadden, Comptroller, and Oliver A. Landry
and Clinton E. Cooper, directors, were the men acquitted of a charge of
(alleged) conspiracy to embezzle. Mr. Squires and Mr. Schenk were tried
last summer on charges of (alleged) falsifying a bank report, and Mr.
Schenk was acquitted and Mr. Squires convicted in a bench trial. Judge
McKinley, the trial jurist, then indicated, however, that he would grant
Mr. Squires a new trial unless more conclusive evidence was disclosed in
the later trial.
According to the Chicago "Tribune" of Jan. 22, John G.
Squires, former President of the Citizens' State Bank of
Chicago, Ill., which was closed on May 25, 1932, and five
other former officials and directors of the institution, were
freed of charges of conspiracy in connection with the bank's
closing, when Judge Donald S. McKinley of the Criminal
Court on Jan. 21 directed a jury to return a verdict of "not
guilty." The paper continued:
The other defendants were Hugo H. Dernahl, Vice-President; Robyn K.
MacFadden, Comptroller; Nicholas L. Schenk, Cashier, and Oliver A.
Landry and Clinton E. Cooper, Directors. All have been at liberty on
bonds.
The Van Buren State Bank, new bank at Hartford, Mich.,
Van
Van Buren County, was to open its doors on Jan. 19 in the
building erected 25 years ago for the now defunct Olney
National Bank, we learn from a dispatch from Hartford on
Jan. 17 to the Chicago "Tribune," which went on to say:
The bank building was sold by order of Judge Glenn Warner of Covert,
Mich., to a group headed by Dr. T. 0. Tiedebohl, President, who came to
Michigan from Chicago several years ago. He is head of the Michigan
Shore Lumber Co.
Walter Koster, President of the First Wisconsin National
Bank of Milwaukee, Wis., announced on Jan. 28 that the
institution had earned a net profit of $2,900,200, before reserves, during the year 1934. This is an increase of
$1,161,800 over 133's net profit of $1,738,400, before reserves.
Deposits of the First Wisconsin totaled $163,474,846 on
Dec. 31 1934, compared with $125,920,555 Dec. 30 1933—a
gain of $37,554,291. Loans and discounts stood at $62,977,265 on the same date, compared with $69,968,949 a
year ago. The bank's holdings of United States Government
securities amounted to $68,000,000 Dec. 31 1934—an increase
of $29,000,000 from Dec. 30 1933. During the same period,
cash and due from banks increased from $32,575,852 to
$42,285,946—a gain of $9,710,094. Mr. Kasten also announced the election of Edwin Buchanan as a Vice-President of the institution. Mr. Buchanan recently resigned
the Presidency of the Ohio National Bank of Columbus,
Ohio, and was to become associated with the First Wisconsin
on Feb. 1.
Other changes in the bank's personnel made by the directors at their annual meeting include the election of William
Feb. 2 1935
Taylor as Executive Vice
-President; the appointment of
Clarence H. Lichtfeldt (formerly associated with Wisconsin
Bankshares Corp.) as Chief Auditor; the promotion of
William G. Brumder, Edward S. Tallmadge, John S. Owen
and P. N. Hauser to Assistant Vice-Presidents, and the advancement of Donald A. Harper to an Assistant Cashier.
Effective Feb. 1, A. A. McRae retired as Senior VicePresident of the Northwestern National Bank of Minneapolis, Minn., after having spent 45 years in the banking
field. His retirement was due to the age pension rules of
the bank under which executives and employees must retire
at 65 years of age. In noting Mr. McRae's proposed retirement in its issue of Jan. 19, the "Commercial West" supplied the following, in part, regarding his career:
Mr. McRae came direct from Canada, where he was born, to Minnesota
in 1890, obtaining a position as clerk In that year with the old First
National Bank of Little Falls. He remained with that bank until 1893,
when he went to Hutchinson and helped organize the Bank of Hutchinson, where he remained until 1899 at which time he was assistant cashier.
In 1899 Mr. McRae took the big step that launched him as a Minneapolis banker and organizer of one of the big banks of the city.
With E. A. Kenaston and Austin M. Woodward of the firm of Woodward & Co., grain commission house, Mr. McRae organized the South Side
State Bank, occupying the quarters of the old Scandia Bank at Fourth
and Cedar streets. He became Cashier of the bank at its institution and
some five or six years later was elected Vice-President, which position he
held until 1917, when he was invited to join the Northwestern National
Bank, becoming Vice-President.
Later, in 1922, the Northwestern National acquired ownership of the
South Side State from Messrs. McRae, Kenaston and Woodward and he
VMS made President of the bank when its name was changed to Fourth
Northwestern National. He is still president of that bank. . . .
Liquidation of two Missouri banks is reported in the following Jefferson City dispatch on Jan. 16, appearing in the
St. Louis "Globe
-Democrat":
Two more small out-State banks have been taken over for liquidation by
State Finance Commissioner 0. H. Moberly.
One is the Security Bank of Edina, Knox County, with total resources
of $166,518, and the Farmers' & Merchants' Bank of Ethel, Macon County,
with total resources of $160,649.
Edward Potter, President of the Commerce Union Bank
of Nashville, Tenn., on Jan. 21 announced the election on
that day by the Directors of Harry L. Williamson as Executive Vice-President, and of William P. Smith as a VicePresident of the institution, according to the Nashville
"Banner" of that date.
That a dividend of 7% was to be paid Feb. 1 to depositors
of the Bank of Monticello, Miss., in liquidation, was announced recently by L. E. Crawford, receiver of the institution, we learn from Monticello advices on Jan. 19, appearing in the Memphis "Appeal." This is the fourth dividend
to be paid since the bank closed on Jan. 6, 1931, the dispatch
stated, 9% having been paid in February 1933; 10% in
February 1934, and 7% in June 1934.
As of Dec. 31, the Stockyards National Bank of Fort
Worth, Tex., capitalized at $200,000 went into voluntary
liquidation. The institution was absorbed by the Fort
Worth National Bank, Fort Worth.
The City National Bank, Childress, Tex., was placed in
voluntary liquidation on Dec. 31. The institution, which
was capitalized at $100,000, was taken over by the First
National Bank in Childress.
The First National Bank of Oregon City, Ore., celebrated
the forty-fifth anniversary of its establishment on Jan. 9.
In noting this, the Portland "Oregonian" of Jan. 13 had the
following to say:
The institution was first known as the Commercial Bank of Oregon City
when it was incorporated Sept. 21 1889. It began business in January 1890,
in its present location. The name was changed to First National in 1907.
The bank has grown in its 45 years to a point where it now has resources
in excess of $1,000,000. It is the oldest bank in Clackamas County.
From the Portland "Oregonian" of Jan. 18 it is learned
that a 7% dividend, amounting to $21,000, was paid Jan. 17
to depositors of the defunct American National Bank of
Pendleton, Ore., closed for several years. This is the third
payment and brbught total dividends to 55%, it was stated.
The semi-annual statement of the Standard Bank of
South Africa, Ltd. (head office London), has recently come
to hand. It covers the six months ended Sept. 30 1934 and
shows as of that date resources of £73,020,484, of which the
principal items are: Bills discounted, advances to customers
at d other accounts,£29,274,700; cash in hand and with bankers and cash at call and short notice, £15,801,735; invest-
Volume 140
Financial Chronicle
meats, £11,999,295; custrmers' bills for collection, per contra, £7,681,053, and bills of exchange purchased and current
of this date (Sept. 30 1934), £4,363,983. On the liabilities'
side of the statement, deposit, current and other accounts
(including profit and loss account and provision for contingencies) are given at £58,710,437. The bank's paid-up
capital is £2,500,000 and its reserve fund a like amount.
The directors have declared, the report tells us, an interim
dividend of 5s. per share (being at the rate of 10% per annum), subject to income tax, and furthermore that the
bank's investments in the aggregate stand in the books
at less than the market value as at Sept. 30 1934, and all
the usual and necessary provisions have been made. The
Standard Bank of South Africa, Ltd., was established in
1862. The New York Agency is at 67 Wall Street.
THE CURB EXCHANGE
Curb market transactions have been quiet during most of
the present week, and while there have been brief periods
of strength, the trend on the whole has inclined toward
lower levels. On Wednesday the trading was fairly active
and strong, several of the market leaders closing the session
with substantial gains. Some selling pressure was in
evidence, particularly during the early part of the week,
but this was quickly absorbed when prices turned upward.
The most active issues were in the specialties group, but
there has been a goodly amount of interest displayed in the
mining, metals and oil shares.
Prices were generally well maintained during the short
session on Saturday, though the market was extremely
quiet and without special feature. The best trading was
among the specialties and a number of the more active issues
forged ahead from 1 to 2 points. Public utilities were slow
and most of the mining and metal stocks fluctuated backward and forward with practically no change from the
previous close. Western Auto Supply recorded a gain of
38% points as the session ended, Celluloid pref. showed a gain
of 23% points at 36 and Long Island Light was higher by 2
points. Other changes on the side of the advance were
generally in minor fractions and included such stocks as
American Light & Traction, Glen Alden Coal and American
Cyanamid B.
Dull trading and irregular price movements were the
dominating characteristics of the Curb Exchange on Monday.
Following a fairly strong opening the market slowly yielded
ground,and as offerings began to appear, the trend continued
its drift toward lower levels. There were a few of the
more active leaders that were fairly steady throughout the
session, but the gains were insignificant. Prominent among
the active stocks showing losses at the close were American
Cyanamid B, American Gas & Electric corn., Ford Motor
of Canada A, Gulf Oil of Pennsylvania, Humble Oil, Pioneer
Gold Mines,Swift & Co., Teck Hughes and Hiram Walker.
The downward trend was again apparent on Tuesday as
sharp pressure during the afternoon sent prices toward lower
levels. Trading continued light and the market closed with
losses ranging from fractions to a point or more. The weak
spots were prominent among the specialties, losses being
recorded by such active issues as Pepperell Manufacturing
Co., Dow Chemical, Pittsburgh Plate Glass, A. 0. Smith,
Parker Rustproof and Greyhound Corp.
Curb stocks firmed up on Wednesday, and while the turnover was the smallest of the week, moderate gains predominated at the close. Mining and metal shares were in
good demand, Bunker Hill-Sullivan moving up to 33 with
a gain of 2% points, while Lake Shore Mines and Hollinger
registered gains in major fractions. Montgomery Ward A
moved up to 135, Perfect Circle advanced 4% points to 33
and A. 0. Smith 28% points to 42. Smaller gains were
recorded by American Gas & Electric corn., Distillers Seagrams, Ltd., Ford Motor of Canada A, Humble Oil & Refining, Sherwin-Williams, Standard Oil of Kentucky, Hiram
Walker and Wright-Hargreaves.
Specialties were in demand during most of the session on
Thursday, and while the volume of trading was again
small, there were a number of modest gains recorded throughout the list as the market closed. Dow Chemical was in
fairly good demand and forged ahead 2% points to 86, while
General Tire & Rubber pref. A followed along with a 2 point
gain to 96. United Gas & Electric pref. was also fairly
active and recorded a similar gain to 62.
On Friday the total transactions were below the preceding
day, and with the exception of a few specialties, the changes
were generally small and toward lower levels. Dow Chemi-
747
.
cal added 23. points to its gain of the previous day, while
Lynch Corporation moved up 13 points to 39%. Singer
%
Manufacturing Co., on the other hand, tumbled downward
10 points to 240 and A. 0. Smith 1% points to 40. As
compared with Friday of last week, prices were generally
lower last night, Allied Mills closing at 123% against 133
on Friday of last week, Aluminum Co. of America at 45
against 46, American Cyanamid B at 17 against 17%,
American Gas & Electric at 20 against 21, American Laundry
Machine at 13 against 14, American Light & Traction at
93% against 978, Atlas Corporation at 83 against 83%,
Canadian Marconi at 2 against 2%, Distillers Seagrams
Ltd. at 16% against 167s, Electric Bond & Share at 16%
against 6%, Fisk Rubber Corp. at 9 against 9 8, Ford of
8
Canada A at 30% against 30%, Glen Alden Coal at 20%
against 203%, Gulf Oil of Pennsylvania at 56% against 58,
Hiram Walker at 295 against 29%, Hollinger Consoli%
dated Gold Mines at 173/8 against 183%, Lake Shore Mines
Ltd. at 50% against 51%, National Hellas Hess at 2 against
Pennroad Corporation at 1% against 13/s, Pioneer
Gold Mines of B. C. at 103% against 103%, Singer Manufacturing Co. at 240 against 250, A. 0. Smith at 40 against
%
43, Peck Hughes at 3% against 33 ,and Wright Hargreaves
at 8% against 83s.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Feb. 1 1935
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Governmetd. Corporate.
Total.
65,025 $4,123,000
123,312 5.306.000
127,425 4,853.000
108,155 4,671,000
126,810 3.610,000
120,125 3,267,000
Total
$38,000
77.000
59.000
34,000
40,000
456,000
$38,000 84,199,000
49,000 5.432.000
28,000 4,940,000
24,000 4,729,000
48,000 3,698,000
27,000 3,750,000
670,852 825.830,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
8704.000
$214,000 826,748.000
Jan. 1 to Feb. 1
Week Ended Feb. 1
Sales at
New York Curb
Exchange.
1935.
1934.
1935.
1934.
2,680.186
670.852
Stocks—No, of shares_
Bonds
$25,830,000 $28,899,000
Domestic
1,241,000
704,000
Foreign government_
1,106,000
214.000
Foreign corporate
3,793,874
9,245.989
$109.160,000
2,531,000
1.344,000
$106,618,000
5,190,000
5.308.000
$26,748.000 $31,246,000
$113,035,000
6117,116,000
Total
COURSE OF BANK CLEARINGS
Bank clearings this week will show a decrease as compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, Feb. 2)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 1.6% below
those for the corresponding week last year. Our preliminary
total stands at $5,650,962,451, against $5,744,439,183 for
the same week in 1934. At this center there is a loss for the
week ended Friday of 8.8%. Our comparative summary
for the week follows:
Clearings—Returns by Telegraph
Week Ending Feb. 2
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
Sc. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3.085.623.640
197.749,895
253,000,000
151,000,000
64,964,226
54,300,000
91,900,000
74,713,263
73,096,988
47,396,575
40,441.884
22,592,000
$3,383,206,920
157,978,957
219,000,000
162,000,000
50,811,076
51,200,000
81,015,000
76,613.693
52,276,859
42,342.961
41,069,668
21,331,000
—8.8
+25.2
+15.5
—6.8
+27.9
+6.1
+13.4
—2.5
+39.8
+11.9
—1.5
+5.9
Twelve Mks,5 days
Other cities, 5 days
84.156,778,471
552.356,905
$4,338,846.134
483.635,720
—4.2
+14.2
Total all cities, 5 days
All Mks, 1 day
$4.709,135.376
941,827,075
$4,822,481,864
921,957.329
—2.4
+2.2
85.650.962.451
35.744.439.183
—1.6
Total all cities for week
Complete and exact detai s for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 26. For
that week there is an increase of 13.3%, the aggregate of
clearings for the whole country being $5,315,335,818, against
$4,689,548,978 in the same week in 1934.
Outside of this city there is an increase of 13.6%, the
bank clearings at this center having recorded a gain of 13.2%.
We group the cities according to the Federal Reserve districts in which they are located, and from this it appears
748
Financial Chronicle'
that in the New York Reserve District, including this city,
the totals show a gain of 14.1% and in the Philadelphia
Reserve District of 15.5%,but in the Boston Reserve District
the totals record a loss of 8.0%. The Cleveland Reserve
District has managed to enlarge its totals by 13.3%, the
Richmond Reserve District by 13.6%, and the Atlanta
Reserve District by 23.5%. The Chicago Reserve District
has to its credit an increase of 18.8% and the St. Louis
Reserve District of 13.2%, but the Minneapolis Reserve
District shows a decrease of 5.3%. In the Kansas City
Reserve District there is an improvement of 9.7%, in the
Dallas Reserve District of 15.5%, and in the San Francisco Reserve District of 16.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Jan. 19 1935
1935
1934
Ince?
Dec.
1933
1932
Federal Reserve Dist,.
$
3
S
$
%
lit Boston_ _ _ _12 cities
211,516,036 -8.0
194.669,073
174,291,387
243,807,184
2nd h ew York_ _12 "
3,553,454,611 3,113,353,653 +14.1 2,916,739,019 3,250,924,850
3rd Philadelpla 9 "
299,325,468
259,128,763 +15.5
285,102,884
282.015,631
4th Cleveland__ 5 "
188,056,184
166,043,580 +13.3
160,798,467
206,172.440
5tii Richmond _ 6 "
97,047,370
85,409,381 +13.6
89,552,625
107,076.189
5th Atlanta__..10 "
95,737,020 +23.5
118,251,081
87,677,018
75,922,477
7th Chicago ..19 "
294,874,202 +18.8
350,404,337
.
236,636,710
355,578,397
6th 81.Louis_ __ 4 "
96,025,962 +13.2
108,673,067
87,351,252
74,419,082
Bht Minneapolis 6 "
65,474,586
69,107,950 -5.3
48,910,990
61,942,897
10th Kansas City10 "
97,867,192 +9.7
107,360,050
100,018,775
79,022,096
11th Dallas
42,578,086 +15.5
49,162.858
5 "
39,636,334
33,438382
12011 San Fran_ _12 "
183,457,133
+
157,907,153 16.2
127,899,325
170,884,902
Total
110011188
Dutaide N. Y. City
isanauin
4,689,548,978 +13.3 4,302,715,211
1,654,107,557 +13.6 1,459,931,980
5,315,335,818
1,878,249,659
29 pith.
OIA 7i, .091
107 RIO 100 -1ff 1
091107 IAA
4,993,085,869
1,844,905,387
9911 7111 Alt
,
We now add our detiiled statement showing last week's
figures for each city separately for the four years:
Week Ended Jan. 26
Clearings at
1935
1934
Inc. or
Dec.
1933
S
s
%
$
First Federal Reserve Dist riot
-BostonMe.
-Bangor„_
415,298
365,049 +13.8
Portland
1,363,962
1,370,790 -0.5
Mass.
-Boston.. 171,041,828 186,640,764 -8.4
.
Fall River
647,382
607,431 +6.6
Lowell
209,916
214,727 -2.2
New Bedford..
478,118 -9.7
431,626
Springfield_ .
2,267,777
2,545,588 -10.9
Worcester_
.
1,321,868
1,265,939 +4.4
Conn.-Hartford
.
7,206,137
6,806,356 +5.9
New Haven...
3,069,818
3,646,455 -15.8
R.I.-Providenc 4
6,381,400
7,232,000 -11.8
N.H.-Manch'r.
.
312,061
342,839 -9.0
Total(12 cities I
194,669,073
211,516,036
Second Fede r al Reserve D istrict-New
-Albany_ •
N. Y.
13,113,142
5,223,368
Binghamton_
782,033
672,267
Buffalo
22,752,067
29,600.000
•
Elmira
603.598
511,678
Jamestown
392,014
462,490
New York..._ . 3,437,086,159 3,035,441,421
Rochester___ _ .
5,332,551
5,937,974
•
Syracuse
3,544,995
2,647,752
Conn.-Stamfo I
2,579,543
2,643.452
N. J.-Montcla •
266,091
.300,000
Newark
14,529,012
17,616,638
Northern N.J
41,898,515
22,871,504
-8.0
1032
$
284,584
1,514,680
152,129,326
564,546
228,376
403,296
2,117,957
1,490,508
6,153,898
3,102,139
6,011,500
290,777
404,500
1,855,978
212,584,884
795,297
219,446
511,209
2,849,000
2,163,663
8.383,409
5,244,608
8,321,500
473,690
174,291,387
243,807,184
York4,970,710
+151.1
5,322,582
739,491
+16.3
896.751
18,135,388
+30.1
27,205,657
899,968
+18.0
844,108
-15.2
365,908
551,071
+13.2 2,843,283,731 3,148,180,482
+11.4
4,903,179
7,494,087
+33.9
4.050.435
2,624,534
-2.4
2.385,413
2,111,688
+12.7
324,585
379,402
15,798,012
+21.3
22,785,141
+83.2
30,829,721
22,581,827
Total (12 cities 3,553,454,611 3,113.353,653 +14.1 2.916.739,0193,250.924.850
Third Federal Reserve Dist rict-Philad elphiaPa.
-Altoona....
306,010
221,745 +38.0
266,655
Bethlehem _ _ _ •
*2,686,734
_
b
*349,864
.
Chester
303,609 -40.9
179,473
179,430
_Lancaster_ _ _
784,570
766,440
658,618 +19.1
290,000,000 251,000,000 +15.5 277,000,000
Reading
894,179 -2.8
869,209
1,358,135
Scranton
1,964,225 -2.2
1,921,817
1,597,934
Wilkes-Barre_
' 710.719
1,061,527 -33.0
1,160,060
York
956,670
728,200
847,960 +12.8
N.J.
-Trenton_
3,597,000
2,176,900 +65.2
2,046,000
Total(9011189)
299,325,468
259,128.763 +15.5
Fourth Fade al Reserve D Istrict•-Clev elandOhio-Akron._
c
c
c
Canton
c
•
C
c
•
35,805,451 +13.4
Cincinnati
40,602.247
Cleveland
54,957,778
47,495,141 +15.7
Columbus
11,657,100
5,909,000 +97.3
Mansfield
1,032,517
1,178,482 -12.4
Youngstown _
b
b
b
-Pittsburgh
79,806,542
Pa.
75,655.506 +5.5
285,102,854
442,236
*638,461
537,391
1,395,423
268,000,000
1.903,820
2,730,033
1,656,523
1,025,205
4,325,000
282,015,631
c
c
36,039,139
52,125,485
5,082,100
634,379
b
66,917,364
c
c
39,855,352
67.459,496
6,603,800
1,000,000
b
91,253,792
166,043,580 +13.3
160,798,467
206,172,440
Fifth Federal Reserve Dist rict-Riehm ondW.Va.-Hunt'o
190,585
110,064 +73.2
Va.-Norfolk_ _
2,066,000
1,943,000 +6.3
Richmond _ _ _
33,894,747
29,453,185 +15.1
B. C.-Charlest'
802,575
988,181 -18.8
Md.-Baltimore.
45,953.868
41,754,837 +10.1
D. C.-Wash'to
14,139,595
11,160.114 +26.7
276,902
1,977.000
25,318,427
760,875
46,238,893
14,980,528
441,092
2,496,000
27,759,018
715.243
58,311,240
17.353,596
85,409,381 +13.6
89,552,625
107.076,189
Sixth Federal Reserve Dist rict-Atlant aTenn.-Knoxvih
2,755,310
2,147,865 +28.3
Nashville
13,437,004
10,477.147 +28.3
Ga.-Atlanta.._ _
44.800,000
34,300,000 +30.6
Augusta
1,062,929
1,018,876 +4.3
Macon
747,505
617,521 +21.0
Fla.-Jack'nville.
14,674,000
11,008,000 +33.3
Ala-firm'gham
17,233,430
12,791,949 +34.7
Mobile
1,192,433
940,541 +26.8
-Jackson_
b
Miss.
b
b
97,616
Vicksburg
125,553 -22.3
La.-NewOrleans
22.250,854
22,309,568 - 0.3
1,500,000
9,814,936
24,000,000
651,836
307,988
8,228,031
7,666,638
724.799
b
120,3.56
22,907.893
2,954,135
8.877.072
27,300,000
1,158,026
414,187
9,797.698
10,327,143
949,670
b
142,539
25,756,548
75,922,477
87,677,018
Total(5 cities).
Total (6 cities)-
Total(10 cities)
188,066,184
97,047,370
118,2.51,081
95,737,020 +23.5
Feb. 2 1935
Week Ended Jan. 26
Ckarings at
1935
1934
Inc. or
Dec.
1933
1932
%i
Seventh Feder al Reserve D istrict-C h cagoMich.
-Adrian..
51,179 +12.7
57,701
88,808
68,970
Ann Arbor--211,392 +27.4
269,316
737,852
290,860
67,868,757 +14.6
Detroit
77,803,349
75.363,038
52,748,088
Grand Rapids.
1,304,959 +25.5
1,638,078
2,765,925
1,977,885
Lansing
632,913 +111.0
1,335,302
1,743.700
577,200
Ind.
-Ft. Wayne
486.315 +29.9
631,819
1,045,130
619,759
9,824,000 +14.0
11,200,000
13,095.000
9,572,000
South Bend
438,223 +35.8
592.185
997,858
724,058
Terre Haute
3,583,255
3,519,866 +1.8
3,363,208
2,330,718
Wis.-Milwaukee
12,221,783
10,086,368 +21.2
16,317,460
9,715,660
Iowa
-CM.Rap.
246,597 +183.4
698.748
769,795
Des Moines
5,689,421
3,977,052
4,032,076 +41.1
4,401,412
Sioux City
2,102,261
1,924,325 +9.2
1,483,082
2,332,400
Waterloo
is
Ill.-Bloom'gton.
250.615 -6.4
234,660
770,487
579,037
Chicago
228,277,667 190,285,805 +20.0 148,669,179 226,255,285
Decatur
468,319 +4.8
490,947
329,385
579,208
Peoria
2.121,086 +10.7
2,347,100
2,422,687
1,643,988
Rockford
443,392 +11.5
494,511
338,075
999,750
Springfield.._.
736,234
680,015 +8.3
991,714
1,529,394
Total(19 cltles)
350,404,337
294,874,202 +18.8
236,636,710
355.578,397
46,700,000
17,532,862
9,947,960
57,800,000
17,297,651
11,716.418
Eighth Faders 1 Reserve Dia trict-St.Lo ulsMo.-St. Louis_
-Louisville._
KY.
Tenn.
-Memphis
Ill.-Jacksonville
Quincy
64.200.000
28,452,282
15,671,785
349,000
273,000 +27.8
238,260
537,183
Total(4 citles)_
108,673,067
96,025.962 +13.2
74,419,082
87,351,252
Ninth Federal Reserve Dis trict-Mln eapolis
no
Minn.
-Duluth__
1,819,471
1,589,037 +14.5
48,825,307 -11.5
Minneapolis...
43,188,036
St. Paul
16,537,041
17,631,203
+6.6
S. D.
-Aberdeen
371,276
13.2
427,806 255,565 +39.8
357,246
Helena
2,107,354
1,473,194 +43.0
1,533,008
34,056,683
11,423,157
455,844
169,056
1,273,242
2,127,471
43,593.395
13,902,323
560,757
277,407
1,481,544
5.3
69,107.950 -
48,910,990
81,942,897
Tenth Federal Reserve Dis trict-K a n s as City
Neb.-Fremont..
71,234
77,564 -8.2
Hastings
52,186
52.8
110,565 Lincoln
1,638,659 -3.3
1,585,147
Omaha
25,082,110
26,554,343 -5.5
Kan.
-Topeka..
2,292,471
1.534,964 +49.4
Wichita
2,435,996
1,761,037 +38.3
Mo.-Kan. City
62,587,290 +15.3
72,169,696
St. Joseph____
2,805,676
2.4
2,873,491 Col.
-Col.Sprgs_
423,615
371,100 +14.2
Pueblo
441,919
358,179 +23.4
63,980
97,480
1,270,127
15,526,495
1,470,744
3,195,005
54,220,576
2,178,356
422,377
576,956
141,916
145,670
944,849
22,690,333
1,962,122
3,939,953
66,293,461
2,613,043
612,936
674,492
+9.7
79,022,096
100,018,775
Eleventh Fade rat Reserve District
-Da Has
Texas
-Austin _
1,387,098
769,045 +80.2
Dallas
39,150,689
32,942,687 +18.8
Ft. Worth....
4,692,010
4,674,594 +0.4
Galveston
1,818,000
2,431,000 -25.2
La -Shreveport.
2,115,061
1,759,860 +20.2
553,464
24,702,363
4,637,803
1,850,000
1,676,552
1,337,768
27,775,290
5,732,870
2,314,000
2,456,406
42,578.086 +15.5
33,420,182
39,636,334
Twelfth Feder al Reserve D IstrIct-San Franci
Wash.
-Seattle..
20,271,961 +80.0
21,894,188
Spokane
4,781,000 +54.8
7,403.000
Yakima
370,871
360.238 +0.3
Ore -Portland..
19,411,835
15,497,402 +25.3
Utah-S. L. City
9,299,609 +28.9
11,984,180
Calif.
-Long Web
2,901.464
2,602,950 +11.5
Pasadena
2,334,985 +0.8
2,352,801
Sacramento
4.769,002 -11.9
4,203,030
San Francisco_ 108,959,789
94,670,119 +15.1
San Jose
1,564,881
1,437,401
+8.9
Santa Barbara_
828,666 +32.4
1,097,108
Stockton
1,313,986
1,053,820 +24.7
16,234,047
3,465,000
235,555
12,120,258
8.207.446
2,360,870
2.418,282
2,507,542
77,553,059
1,081,288
783,089
933,108
21,631,723
5,403,000
339,385
15,938,506
8,968,039
3,335,475
3,125,702
6,049,844
102,170,455
1,671,762
1,083.901
1,167,110
Total(6 cities).
Total(10 cities)
Total(5 icties).
65,474,586
107,360,050
49,162,858
59,200,000 +8.4
23,611,682 +20.5
12,941,280 +21.1
97,867,192
Total(12 cltles) 183,457,133 157,907,153 +16.2 127,899,322 170,884,902
Grand total (110
5,315,335,818 4.689,548,978 +13.3 4.302,715,211 4,993,085,869
cities)
Outslde New York 1,878,249,659 1,654,107,557 +13.6 1,459,431.480 1,844,905,387
Week Ended Jan. 24
Clearings at
1935
1934
Canada
$
Toronto
103.250,816 142,501,830
Montreal
83,364,670
85,860,663
Winnipeg
31.017,955
37,525.861
Vancouver
13.506,580
11,512.653
Ottawa
4,604.488
4,304.481
Quebec
3.488.868
3,119,493
Halifax
1,925,172
1,760,072
Hamilton
3,204,479
3,090,338
Calgary
4,462.782
4,098.883
1.474.355
St. John
1,238,413
1.332,539
1,145.793
Victoria
2,247,583
London
2,099,218
3,041,699
4,692,585
Edmonton
2,242,711
Regina
2,392,447
241,766
296,257
Brandon
351,417
353,534
Lethbridge
940,117
981,787
Saskatoon
359,557
Moose Jaw
338,412
656,100
700,864
Brantford
Fort William
408.020
501,872
New Westminster
386.580
355,114
167,579
162,833
Medicine Hat
515,487
Peterborough_ _ _
550,602
Sherbrooke
411,930
399,326
876,658
Kitchener
858,730
2,306,721
Windsor
1,790,182
180,138
Prince Albert_
230,192
657,854
Moncton
595.784
421.354
Kingston
418,706
Chatham
384,869
398,687
Sarnia
379,030
391.414
458,894
Sudbury
555,648
•
Total(32 cities) 276,741,857 307,839,365
Inc. or
Dec.
1933
1932
+3.6
+3.3
+21.1
3
76,678,771
71,936,407
32,004,418
9,952,092
3,041,309
3,270,515
1,550,676
2,729,016
3,517,480
1,350.024
1,187,805
1,981,881
3,588,942
2,229,534
183,351
250,082
865,990
350,524
637,372
354,367
297,603
147,505
491,403
407,391
659,986
1,766,968
158,488
547,943
399.906
331.128
280,183
348,128
68,197.905
83,288,572
23,746,456
12,448,329
4,288,229
3,872,851
2,102,670
3,301,849
4,475,563
1,727,557
1,327,406
2,225,391
3,256,548
2,612.262
295,904
275,136
1,107,080
510,270
624,689
268,897
412,060
160.024
468.854
515,001
772,193
1,931,366
239,908
608,645
483,658
419,349
306,871
472,950
-10.1
223,397,186
228,704,443
-27.6
+3.0
+21 0
-14.8
-6.5
+11.8
+9.4
-3.6
-8.2
+19.1
-14.0
-6.6
+54.3
+6.7
+22.5
+0.6
+4.4
-5.9
+6.8
+23.0
-8.1
-2.8
+6.8
-3.1
-2.0
-22.4
+27.8
-9.4
a Not Included In totals. b No clearings available. c Clearing House not functioning at present.
•Estimated.
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. 16 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,302,099
on the 9th instant, showing no change as compared with the previous
Wednesday.
During the week the Bank announced purcnases of bar gold amounting
to E101.594.
In tne open market bar gold to the value of about £2.400,000 was disposed of during the week.
The market became extremely active yesterday, following the wild movements in the exchanges due to rumors of the possibility of a revaluation
of the dollar should the finding of the United States Supreme Court regarding the abrogation of the gold clause be adverse to the Government.
Although the Paris-New York cross race fell below gold export point,
operators were hesitant to ship gold to New York for fear the United States
Treasury might reduce their buying price. In spite of official assurance
that $35 per ounce would continue to be paid until further notice and that
there had been no indication of any intention of an upward revaluation
of the dollar, similar conditions prevailed to-day; the price of 1415. 6d.
was based on franc parity, although it was about is. 6d. below that of toe
dollar. The dollar naturally strengthened against other currencies in the
absence of correction by shipments of gold.
Quotations during the week:
Equivalent Value
of £ Sterling
Per Fine Ounce
Jan. 10
141s. 434d.
12.8 0.22d.
Jan. 11
lls. 11.80d
141s. 934d.
Jan 12
Ils. 11.96c1.
141s. 734cl.
Jan. 14
141s. lid.
lls. 11.67d.
Jan. 15
142s. 4d.
lls. 11.25d
Jan. 16
12s. 0.09d.
141s. 6d.
Average
us. 11.83d
141s. 9.08d.
The following were the United Kingdom imports and exports of gold
registered from mid-clay on the 7th instant to mid-day on the 14th instant:
Imports
Exports
British West Africa
£107,137 Channel Islands
£11,320
British South Africa
1,886,103 Netherlands
79.105
British India
46,413
1,809,164 France
Australia
153,496 Belgium
17,000
Tanganyika Territory _ _ _
8,181 Switzerland
3,395
Netherlands
140,258 United States of America
861,603
France
95,112 Central & South America
Switzerland
12,909
102,900
(foreign)
Iraq
10,441 Other countries
1,155
Venezuela
12,794
Chile
10,700
Other countries
12,596
£4,258,891
£1,122.891
The SS. Corfu which left Bombay on the 12th instant carries gold to
the value of about £957,000 consigned to London.
The Transvaal gold output for December 1934 amounted to 866,037
fine ounces as compared with 878,847 fine ounces for November 1934 and
894,156 fine ounces for December 1933.
SILVER
The market has been very steady and prices have shown little variation.
There have been no fresh features, but China selling has been less in evidence,the offerings again consisting largely of resales by the Indian Bazaars
and speculators. There has also been some speculative support, but the
chief demand has been for America, large amounts having been acquired
for the American Government during the week.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 7th instant to mid-day on the 14th instant:
Imports
Exports
Soviet Union (Russia)_ _ _
£56,736 France
£1,168
France
14,169 Italy
3,580
Bulgaria
31,796 Germany
1,053
Belgium
18,500 French Possessions in India- 4,000
Persia
188,900 Central & South America
China
(foreign)
406,434
2,845
H ongkong
441,106 Other countries
2,722
Japan
54,887
British India
35,546
British South Africa
7,152
Australia
3,436
United States of America_
5,630
Other countries
6,691
£1,270,983
£15,288
Quotations during the week:
IN NEW YORK
IN LONDON
-Bar Silver per Oz.Std.
Cash
(Per Ounce .999 Pine)
2 Abs.
24 9-16d.
Jan. 10
2411-16d. Jan. 9
54f cents
Jan. 11
249-16d. Jan. 10
24 7-I6d.
5434 cents
Jan. 12
247-164. 249-16d.
Jan. 11
5434 cents
Jan. 14
2434d.
Jan. 12
24%d
5434 cents
24 g-16d.
Jan. 15
24 11-16d. Jan. 14
5434 cents
24 9-16d. 24 11-16d. Jan. 15
Jan. 16
5434 cents
Average
54.5101.
24.635d.
The highest rate of exchange on New York recorded during the period
from the 10th instant to the 16th instant was $4.9234 and the lowest
$4.83%•
INDIAN CURRENCY RETURNS
Jan. 7
(In km of rupees)
Dec. 31
Dec. 22
Notes in circulation
18,447
18,391
18,432
Silver coin and bullion in India
9.564
9,508
9,549
4,155
Gold coin and bullion in India
,
4155
4,155
Securities (Indian Government)
3,304
3,304
3,304
Securities (British Government)
1,424
1,424
1,424
The stocks in Shanghai on the 12th instant consisted of about 20,700.000
ounces in sycee, 250,000,000 dollars and 42,400,000 ounces in bar silver.
as compared with about 22,000.000 ounces in sycee. 250,000,000 dollars
and 42,200,000 ounces in bar silver on the 5th instant.
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:
Mon.,
Sat.,
Jan. 28
Jan. 28
Silver, per or 24 11-16d. 244cl.
Gold, p.fine oz 14113.8d. 1418.6d.
9234
Consols, 234% Holiday
British 334%Holiday
10834
W. L
British 4%Holiday
12034
1960-90
749
Financial Chronicle
Volume 140
Tues..
Wed.,
Thurs.,
Fri.,
Jan. 30
Jan. 29
Jan. 31
Feb. 1
2414d.
24 9-166. 24 7-16d. 24 5-16d.
141..834d. 1428.1d. 1428.1d. 1428.4d.
9134
92%
9134
92%
um%
10854
10854
10854
12034
12034
12034
12034
The price of silver in New York on the same days has been:
Silver in N. Y. Sat.,
(foreign) per Jan. 26
oz.(cts.)_
5434
U. S. Treasury
50.01
U. S. Treasury
(newly mined) 6414
Mon.,
Jan. 28
5434
50.01
rues.,
Jan. 29
5434
50.01
Wed.,
Jan. 30
5434
50.01
Thurs.,
Jan. 31
5334
50.01
6414
6414
6414
6414
Fri.,
Feb. 1
53)4
50.01
6434
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Jan. 26 Jan. 28 Jan. 29 Jan. 30 Jan. 31 Feb. 1
Francs Francs Francs Francs Francs Francs
Bank of France
11,200 11,100 11,100 11,080 11.090 11,100
Banque de Paris et Des Pays Bas ___
1,031 1,042 1,025 1,036
609
Banque dL'UDIOD Parisienne
510
510
____
505
Canadian Pacific
209
207
212
209
211
-iii
Canal de Sues
17,900 18,000 18,000 18,000 18,000 18,000
Cis Distr. crElectricitie
1,213 1,230 1,200 1.210
Cie Generale d'Electricitle
1,350 1,310 1.330 1,310 1,320 1:aie
Cle Generale Transatiantique ------24
24
24
Citroen B
71
72
71
66
Cornett& Nationale d'Escompte ____
1,008
1,008
1.008 1,010
92
92
97
92
Coti 8 A
97
--ii
Courrieres
261
264
259
259
Credit Commercial de France._
600
605
____
599
599
Credit Lyonnida
1,860 1,840 1,850 1,850
1,850 1,830
Eau: Lyonnais
2,300 2,260 2,280
2,290 2,250
2,260
Energie Eleetrique du Nord
____
525
523
524
525
Energie Elect:Wu° du Littoral
____
730
742
735
732
Kuhlmann
544
551
543
548
L'Air Liquida
770
770
780
770
780 "Hie
Lyon (P L M)
985
989
991 1,005
---Nord Ry
1,296 1,321 1,305 1,310
Orleans Ity
469
469
469
469
469
-iii
Paths Capital
54
52
50
49
Pechlney
895
911
900
904
Rental. Perpetual 3%
83.40 83.40 83.60 13:80
83.40 83.10
Rental 4%. 1917
89.40
89.30
89.50
89.50
89.60 90.10
Rents.4%. 1918
88.80
88.40
89.10
88.60 88.40 88.80
Rents.414%,1932 A
92.40 92.30 92.60 92.60
92.80 93.25
Bente.434%. 1932 B
93.10
93.00 93.30 93.30 93.50 93.80
Rental 6%. 1920
119.00 118.60 119.40 119.40 119.60 120.10
Royal Dutch
1,450 1.400 1,480 1,460 1,480 1,500
Saint Gobaln 0& C
1,175 1,193
1,165 1,185
Schneider & Cie1,420 1,425
1,415
1,415
Societe FrancaLse Ford
49
49
49
50
&ii
--55
Societe Generale Fanciers
58
58
57
57
Societe I.yonnatse
____
2,261 2,285 2,290 2,255
Societe Marsellialae
578
578
580
580
Tutoire Artificial Silk prig
____
73
73
73
75
Union d'Eleetricitis
644
640
645
645
_Wagon-LIB
____
68
68
67
67
- CURRENT
NOTICES
-J. A. W. Iglehart, of New York and Baltimore, has been admitted
as a general partner in the firm of W. E. Hutton & Co. Benjamin D. Williams Jr. and Herbert S. Hall have become associated with the firm in the
Investment department of its New York office. The firm also announces
the opening of a Baltimore office at 102 St. Paul Street, with W. H. Baldwin Goodwin as manager. Carroll J. Waddell has become associated with
the Philadelphia office of the firm as manager of its investment department in the city.
-Cowen & Co., members of the New York Stock Exchange, announce
that Nelson B. Nelson has been admitted to the firm as a general partner
and will be in charge of the customers' department. Mr. Nelson was formerly a partner of S. B. Chapin & Co. and has been engaged in the stock
securities business in Wall Street since 1897.
Chas. E. Quincey & Co. have prepared for distribution an interest table
for U. S. Treasury issues accrued during the month of February 1935 on
each different $1.000 bond or note, together with an interest table for Home
Owners' Loan C irporation and Federal Farm Mortgage bonds
William W. Kennedy, member of the New York Stock Exchange,
has been admitted to partnership in the firm of Redmond & Co. Mr.
Kennedy will represent the firm on the floor of the Exchange, thus giving
Redmond & Co., three memberships on the big board.
Ell T. Watson & Co., Inc., 60 Wall St., New Yor., have rrepared
statistical reports on Eastern Ambassador Hotels first and refunding 53.4s,
New Weston Hate' Annex first 6s, London Terrace Apts., first and general
mortgage 6s and 502 Park Ave. first 6s.
Townsend, Graff & Co., members New York Stock Exchange,announce
the opening of a bond department for the transaction of a general brokerage
business in bonds, and the association with them in this department of
W. H. Granata and M. C. Fergensen.
ig'-Ira Haupt & Co., members of the New York Stock Exchange, 39
Broadway, this city, have prepared a stadstical comparison of Newark.
Jersey City and Camden containing tax collection figures of each municipality as of Dee. 31 1934.
Ps-Harland W. Hoisington has been appointed Sales Manager of Lazard
Freres & Co.,Inc. Mr. Hoisington was formerly manager of the Pittsburgh
office.ofthe Guaranty Co.of New York and later of Edward B.Smith & Co.
Phillipse E. Greene, member New York Stock Exchange, and J. Bassett Winmill have joined the firm of Winmill & Greene, members New
York Stock Exchange, with offices at One Wall St., New York.
Estabrook & Co. are distributing their current list of State and municipal bonds yielding from 3.157 to 4.50%, together with a list of publlc
utility and railroad bonds yielding from 3.42% to 6.25%.
Theodore R. Schmidt. formerly with Jenks, Gvrynne & Co. in charge
of their Over-the-Counter Stock Trading Department is now associated
with Lawrence J. Clarke & Co.
nr-Scherck, Richter & Co., St. Louis, specializing in southern municipal
bonds, are now in their new quarters occupying the second floor of the
Landreth Building.
NATIONAL BANKS
The following information is issued by the office of the
Comptroller of the Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS
Capital
Jan. 21-The First National Bank of Makoti, N. Dak
$25.000
Effective Jan. 14 1935. Liq. committee: August Peterson,
J. J. Reimer and E. K. Berge, care of the liquidating bank.
Absorbed by Reservation State Bank. Makoti, N. Dak.
Jan. 21
-City National Bank in Childress, Tex
$100,000
Effective Dec. 31 1934. Lig. agent: J. M. Crews, Childress,
Tex. Absorbed by the First National Bank in Chlldress,
charter No. 12666.
Jan. 22
-Stockyards National Bank of Fort Worth, Tex
200,000
Effective Dec. 31 1934. Lig. agent: Otto Frederick, care of
the liquidating bank. Absorbed by the Fort Worth National
Bank, Fort Worth, Tex., charter No. 3131.
Jan. 25
-The National Mount Wollaston Bank of Quincy. Mass_ 400,000
Common stock, $200.000; preferred stock, $200,000. Effective
Dec. 31 1934. Lig. agent: George F. Hall, care of the 110.
bank. Succeeded by Norfolk County Trust Co., Brookline,
Mass.
Jan. 25---The Staunton National Bank. Staunton, 111
50.000
Effective Jan. 21 1935. Lici. agent: C. W. Weis, Staunton, Ill.
Succeeded by the First National Bank in Staunton, charter
No. 14310.
750
Capital
150,000
Jan. 25—The Dedham National Bank, Dedham, Mass
Common stock. $100,000; preferred stock $56,000. Effective
Dec. 31 1934. Liq. agent: 0. Gordon Watt, care of the lig.
bank. Succeeded by Norfolk County Trust Co.. Brookline,
Mass.
BRANCH AUTHORIZED
Jan. 25—The Anglo California'12slational Bank of San Francisco. Calif.
Location of branches: City of Hanford, Kings County, Calif.; City of
Lemoore, Kings County, Calif. Certificates Nos. 1131A and 1132A.
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, Buffalo and Baltimore
on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Share
Shares Stocks
12 Upressit Metal Cap Corp. (Del.) common, par 10c; Certificates of Interest
$2 lot
No. 1068 with Clay Wilson (Texas)
41
200 Gude Winmill Trading Corp.(Del.) no par
10
100 Brovrning Brothers, Inc.(N. Y.) common, par $100
$100 lot
Y.)common,par $100
400 Comet Textile Co.,Inc.(N.
55 Central Westchester and Fairfield Realty Co.. Inc..(N. Y.) prof., Par $100;
$40 lot
55 common, no par
$9 lot
100 Nat. Short Term Securities Corp. (Del.) class A common, no par
$2lot
25 Building & Realty News,Inc.(N. Y.). Par $100
Y.) Pref.. par 5100-42
25 Westchester Newspapers Securities corp. (N.
100 Gates Aircraft Corp. class A cll. of dep. of the Central National Bank of
$1 lot
the City of New York
$5 lot
50 Concord Casualty dr Surety Co.(N.Y.), par $10
Per cent
Bonds—
$7 lot
$200 Seventh Assembly District Club 6% note
$300 certificate for 6% mtge. bonds, Hamilton Republic Club (bonds never
$3 lot
Issued)
By Adrian H. Muller & Son, Jersey City, N.J.:
$ per Share
Stocks
Shares
$1 lot
12 American Bosshardt Furnace Corp. (Del.)
$48 lot
180 Indiana Limestone Corp. (Ind.). par $1
$1 lot
Inc. (N. Y.). no Par
10 The Newton Laboratories,
$2 lot
200 S. W. Strauss & Co. Inc. (Del.). no par
$9 lot
200 National Bancservice Corp. (Del.), no Par
Commerce and Industry with No. 5 and sub7 Austrian Society of Credit for
$2 lot
sequent coupons attached
2
124 Brewster & Son, Inc. (N. J.). common
$3
410 Milgrim & Bros.. Inc. (N. Y.). Preferred-$5 lot
24 Oscar Nebel Co.. Inc. (Pa.), common
$80 lot
1074 Goddard Co. (Pa.). Preferred
Per Cent
Bonds-78, 1937: $1,000 Interstate
$1,000 Staten Island Beach & Land Improvement
Zinc & Lead is, 1932; 52.000 New Amsterdam Service Corp. 6s, 1942._ _ $300 lot
By. R. L. Day & Co., Boston:
$ per Share
Stocks
Shares
20
2 First National Bank, New Bedford, par $50
47)4
Cotton Co., par 3100
6 Naumkeag Steam
32
10 Goodall Worsted Co., par $50
3%
15 Chic. Milw.St. Paul& Pacific Rd.. preferred. par $100
1714
50 Standard Brands, Inc., common
9
10 International Telephone &Telegraph Corp
1514
75 Nash Motors Co., common
$3 lot
200 National Electric Power Co.,common,class A
79
20 American Tobacco Co., common, par 225
20
10 Consolidated Gas Co.,common, New York
644
25 Consolidated Cigar Cont.. common
$531 lot
common,class A
125 Fox Theatres Corp.,
734
20 Merritt-Chapman & Scott Corp., preferred, par $100
25%
5 Montgomery Ward & Co..common
3314
25 Texas Gulf Sulpher Co
25o
10 Utilities Power & Light Realty Trust, class A
8134
4 American Tobacco Co..common B, par $25
1634
10 Allis-Chalmers Mfg. Co., common
9
10 International Telephone & Telegraph Corp..cam
314
10 Warner Bros. Pictures, Inc.,common, par $5
1334
10 Gillette Safety Razor Co.,common
23
10 General Electric Co
1734
20 Standard Brands, Inc.,common
Per Cent
Bonds—
$1.000 Home Mortgage Co. 1st mtge. coll. 68, Nov. 1 1943 coupon May 1 1931 flat
2954
& sub. on ctf. of dep. unguaranteed
$2.000 Fifty-Second & Madison Ave. Office Bldg. Lit leasehold mtge. Os,flat
$19
Nov. 1947 coupon Nov. 1932 & sub on
805 flat
$2.000 Pilgrim Court Apartments 6s, ctts. deposit
By Crockett & Co., Boston:
$ Per Sh.
Shares Stock
31o3
100 Atlantic National Bank, Boston. par $10
234
10 Bates Manufacturing Co. par $100
734
5 B. B.& R. Knight Co., preferred
Amer. Importing &
20 Amer. Electric Power Corp., $6 pref.. series 1928; 5$8 cony. pref., with
Transportation Co., par $1: 20 Assoc. Tel. Utilities. East Butte Copper•
warrants; 15 Chic. Milw. & St. Paul By. (C-D; 10
Mining Co., par $10: 44 Mohawk Mining Co. (218.75 paid In liquidation).
par 325; 1 North Lake Mining Co. ($10.75 paid in), $25; 55 Hancock Cons.
$16101
Mining Co.. epar 1$25
By Barnes & Lofland, Philadelphia:
$ per Share
Stocks
Shares
Calif.,
188y4 Hammond Sc Little River Redwood Co.. Ltd., San Francisco,
134
rwcommon. no par
63
16 Ridge Avenue Passenger Railway Co.. par $50
17
Sciver Co., 7% cum. pref., par $100
12 J. 13. Van
$45 lot
27 Leeds & Lippincott Co., 7% preferred
Per Cent
Bonds
5.5 lot
general mortgage. due Dec. 18 1935
31.000 Rittenhouse Hotel,
By A. J. Wright & Co., Buffalo:
Stocks
Shares
15 Angel International Corp., common
$ per2Share
100
By Weilepp, Bruton & Co., Baltimore:
$ per Share
Stocks
Shares
$2 lot
121 Gillet Realty Corp.. 7%'preferred, par $100
$470 lot
14 Pembroke Limestone Corp.. par $100
$10 lot
Corp. common
0,250 Seaboard Terminal
$1
5,784 Warrington Apartments (capital stock) Kansas City Public Service
11 Silica Gel Products'Corp., pref.: 11 common: 7 100 Butte Madison Mines
trust;
Co.,common, vot. trust:3 preferred A, vet,
$4 lot
Corp., par $5
Per Cent
Bonds—
24% flat
$2,000 Gould Coupler I fis. C/D,due 1940
3$26.82 City Certificate Corp. ctf. ben. bit
DIVIDENDS
are grouped in two separate tables. In the
Dividends
first we bring together all the dividends announced the
which
current week. Then we follow with a second table in which
we show the dividends previously announced, but
have not yet been paid.
The dividends announced this week are:
Feb. 2 1935
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Allentown-Bethlehem Gas Co..7% pref.(quar.) 8744c Feb. 11 Jan. 31
h8534 Feb. 15 Feb. 5
Aloe (A. S.)7% preferred
25° Apr. 25 Apr. 1
Alpha Portland Cement
2c Feb. 20 Jan. 31
Ambassador Petroleum (monthly)
25c Mar. 1 Feb. 18
American Arch Co.(quar.)
F . 15
2
0 Ma . Feb .15
:51ar.
7
Inc
American Business Shares,
$11i Mar. 1 Feb. 8
American Tobacco,corn. & corn. B (quar.)Atlas Corp.. $3 pref. A (quar,)
230 Feb. 15 Jan. 31
Arrow Disilllers, Inc.(initial)
00c Feb. 1 Jan. 15
Automatic Signal Acceptance (quar.)
100 Feb. 20 Feb. 1
Baltimore American Ins
Sc Feb. 20 Jan, 31
Bandini Petroleum (monthly)
63c Apr. 1 Feb. 28
Bangor dzsAroostook RR. (quar.)
1
Apr. 1 Feb. 28
r.sPreferred (quarterly)
1
Feb. 15 Jan. 31
Beacon Mfg. Co., preferred (War.)
h 134 Feb. 1 Jan. 25
Berland Shoe Stores,7% pref
$134 Mar. 1 Feb. 15
Bigelow Sanford Carpet. pref.(quar.)
75c Feb. 15 Feb. 1
Blauner's, Inc., pref.(quar.)
hbOc Feb. 1 Jan, 26
Blue Ribbon Corp.,63 % pref
400 Mar. 1 Feb. 15
Borden Co.,common (quar.)
25c Mar. 1 Feb. 9
Brach (E. J.) & Sons
75c Mar. 15 Feb. 21
Buckeye Pipe Line Co
40c Apr. 1 Mar. 15
Buffalo Niagara & Eastern Power, pf. (quar.)-Apr. 11
21
$1
5
$5 preferred (quar.)
Mar.
$1
Canadian Hydro-Electric, 1st pref.(quar.)
r1234c Feb. 15 Feb. 1
Canadian Oil Cos., Ltd. (quar.)
r$2 Apr. 1 Mar.20
Canadian Oil Cos., preferred (quar.)
$234 Apr. 1 Mar.25
Carolina Telep & Teleg
50c Feb. 11 Feb. 6
Castle (A. M.)& Co.(quar.)
15c Feb. 15 Jan. 31
Champion Oil Products pref. (quar.)
50c Feb. 10 Jan. 31
Chase (A. W.) Ltd., preferred (quar.)
$134 Feb. 15 Feb. 5
Chester Water Service. $5) preferred
Clear Springs Water Service, 6 pref.(quar.)--$181 Peb 2 Feb. 5
F
5
18
Collateral Trust Shares(N. .) series A
75c Mar. 1 Feb. 14a
Columbia Pictures Corp., preferred (quar.)- —
$1 Jan. 30 Jan. 25
Columbus Dental Mfg.(guar.)
$134 Jan. 30 Jan. 25
Preferred (quarterly)
$1.10 Mar. 11 Feb. 25
Columbus & Xenla RR
Feb. 1 Jan. 30
Commonwealth Insurance, A
6
12ffec5 Feb. 15 Jan. 28
Connecticut Power Co.(quar.)
2
Feb. 28 Feb. 15
rweld Steel (quar.)
1234c May 31 May 15
Quarterly
1234c Aug. 31 Aug. 15
Quarterly
1234c Nov.30 Nov. 15
Quarterly
$134 Feb. 15 Jan. 28
Cosmos Imperial Mills, Ltd., pref.(quar.)
Daniels 3z Fisher Stores
$143 Mar. 1 Feb. 20
% preferred (quar.)
Danville Traction & Power, preferred
3/(rg Mar. 1 Feb. 15
Deere & Co., preferred
$134 Mar. 1 Feb. 20
Denver Union Stockyards, 7% pref. (guar.)
20c Mar. 1 Feb. 15
Dexter Co
40c Feb. lb Ian. 31
Employers Re-Insurance (quar.)
Sc Feb. lb Jan. 31
Equity Fund, Inc.(quar.)
50c Apr. 1 Mar. 15
Faultless Rubber (quar.)
16c Mar. 29 Mar. 15
Fifth Ave. Bus Securities (quar.)
1234c Mar. 1 Feb. 18
Fitzsimmons & Connell Dredge (quar.)
Fort Worth Stockyards
3734c Feb. 1 Jan. 21
$134 May 1 Apr. 15
Freeport Texas Co..6% pref. (quar.)
lOc Feb. 1
Fuller Brush, A (quar.)
50c Feb. 5 Jan. 30
Georgia Home Ins. Co
h87 Mc Feb. 15 Feb. 5
Gilbert(A. O.) preferred
Globe Democrat Publishers Co., pref.(quar.)-- $134 Mar. 1 Feb. 20
h3bc Jan. 25 Dec. 31
Globe Knit Works,7% pref
10c Feb. 1 Jan. 25
Great Lakes Engineering Works (quar.)
Sc Feb. 1 Jan. 25
Extra
Feb. 15 Feb. 5
Great Western Electro-Chemical
Feb. 11 Feb. 8
Green Bay & Western RR. Co.,cap. stock...._ _
Feb. 11 Feb. 8
Class A debenture
Apr. 1 Mar. 15
Hammermill Paper, pref.(guar.)
25c Mar. 1 Feb. 18
Helena Rubinstein, Inc., pref. (quer.)
$134 Mar. 1 Feb. 8
Horn & Hardart of N.Y .pref. (quar.)
Imperial Tobacco Co.of Great Britain,Ltd.—
xis 7 % Mar. 1 Feb. 13
Ordinary register
zw ls. 6d. Mar. 1 Feb. 13
Ordinary register (extra)
zw 734% Mar. 8 Feb. 13
Amer. deposit receipts for ord.reg
Amer. deposit receipts for ord.reg.(extra)_zw Is. 6d. Mar. 8 Feb. 13
lbc Mar. 1 Feb. 16
Industrial Power Security (quar.)
Sc Mar. 1 Feb. 15
Extra
25c Mar. 1 Feb. 14
Inland Steel (quar.)
International Business Machine Corp.(quar.)_ _ $134 Apr. 10 Mar,22
Mar. 9
Inter-Ocean Re-Insurance (semi-ann.)
Jan. 31 Dec. 31
Extra
Investment Trust of N. Y., Inc.—
8c Feb. 28 Feb. 1
Collateral trustee shares,series A (semi-ann.)_
$5 Feb. 1
Jefferson Standard Life Ins. Co.
(N.C.)
75c Apr. lb Apr. 1
Jewel Tea Co.. Inc. com.(quer.)
-Jones (J. Edw.) Royalty Trust
$3.58 Jan. 25 Dec. 31
Series A, ctfs
$2.76 Jan. 25 Dec. 31
Series B certificates
$6.78 Jan. 25 Dec. 31
Series0 certificates
$5.95 Jan. 28 Dec. 31
Series D certificates ($500)
1 .24 Jan. 28 Dec. ec1
31
Series E certificates($100)
1.30 Jan. 28 D.31
Series F certiricates ($100)
1.68 Jan. 28 Dec. 31
Series0certificates ($100)
1.79 Jan. 28 Dec. 31
Series H certificates ($100)
2.05 Jan. 28 Dec. 31
Series I certificates($100
n 88 oc 3
10 8
8 . 5
$ 1. 8 Jan .DDec. 1
.2
.3
Series certificates($500
Series K certificates ($100)
$134 Mar. 1 Feb. 100
Kendall Co.,cum. partic. pref.ser. A (quar.)_
25c Apr. I Mar. 20
Klein (D. Emil.) Co.(quarterly)
1234c Apr. 1 Mar. 20
Extra
1254c July I June 20
Extra
$134 Feb. 1 Jan. 20
Preferred (quarterly)
8 pe
5
20c Feb.. 10 Jan. 25
1
Rota Sugar Co. (monthly)
Lansing Co.(quarterly)
35c Feb. 9 Jan, 30
Lee(H. D.) Mercantile Co.(quar.)
30c Feb. 5 Feb. 1
Lee & Cody Co
8730 Apr. I Mar. 14
Lehigh Portland Cement Co..preferred
600 Feb. 8 Feb. 2
Lincoln National Life Insurance (semi-ann.)
600 Aug. 8 Aug. 2
NsSemi-annually
25c Mar. 1 Feb. 12
Loblaw Groceterias, A & B (quar.)
lbc Feb. 1 Jan. 28
Theatres (quar.)
Loew's Boston
1234c Feb. lb Feb. 5
Lunkenhelmer Co.(quarterly)
1
11
Apr. 1 Mar,21
21
2200
preferred (quarterly)
July
g0 preferred (quarterly)
. 1j
Se
u
preferred (quarterll
6
Jan. 1 Dec. 21
0 preferred (quarterly
6
Luzerne County Gas & Electric
Feb. 15 an. 31
1st $7 preferred (quar.)
Feb. 15 Jan. 31
let $6 preferred (quar.)
o50c Feb. 15 Feb. 5
ynch Corp.(quarterly)
50c Mar. 1 Feb. 8
soy (R. l.) Co.. Inc., corn. (quar.)
15c Mar. 1 Feb. 11
Manhattan Shirt ((Var.)
25c Feb. lb Feb. 15
MacMillan Co.(quar.)
$134 Feb. S Feb. 8
$6'preferred (quarterly)
$16.90 Jan. 28 Dec. 31
Maraydum No. 1. Trust, A ($500)
$4.21 Jan. 28 Dec. 31
Series B ($100)
75c Feb. 1 Jan. 31
Mayfair Investors (Los Angeles)(quar.)
h2bc Mar. I Feb. 15
May Hosiery Mills preferred
1 Mar, 1 Feb. 1
Preferred (quarterly)
4334c Mar. 1 Feb. 28
McClatchy Newspapers.7% pf.(qu.)
4334c June 1 May131
(quarterly)
70/ prderred
,
43 c Sept. 1 Aug. 31
7% preferred quarterly)
4334c Dec. 1 Nov.30
7% preferred quarterly)
Feb. 1 Jan. 28
-a.)
.Corp.(s.
Mercantile Fire
25c Feb. 1 Jan. 28
Extra
$334 Feb. 1 Jan. 28
7% preferred (semi-ann.)
$zo Feb. 1 Jan. 30
Mercantile Insurance of America
3c Mar. 11 Feb. 18
Model Oils, Ltd
1
Cor
r$2
2i1
II
$15i
al
l
Name of Company
Per
Share
When Holders
Payable of Record
Metropolitan Edison. $7 ref.(guar.)
$1X Apr. 1 Feb. 28
$6 preferred (quarterly
Apr. 1 Feb. 28
51
o• $5 preferred (quarterly
Apr. 1 Feb. 28
Michigan Bakeries, $7 pref. (quar.)
SlY Feb. 1 Jan. 31
Midland Mutual Life Insur.(quar.)
$24 Feb. 1 Jan. 28
Moore Dry Goods (quar.)
$1 X Apr. 1 Apr. 1
Quarterly
$1) July 1 July 1
Quarterly
$13- Oct. 1 Oct. 1
Quarterly
$13. Jan. 1 Jan. 1
Mutual Telep. Co.(Hawaii)(mo.)
Sc Feb. 20 Feb. 11
National Container Corp. $2 pref. (quar.)
50c Mar. 1 Feb. 15
National Lead,Pref. A (guar.)
$1',( Mar. 15 Mar. 1
National Union Fire Ins
50c Feb. 11 Jan. 29
Extra
50c Feb. 11 Jan. 29
New Jersey Insurance Co
80c Feb. 20 Feb. 5
New Jersey Pow.& Lt. Co..$6 Pt.(guar.)
Apr. 1 Feb. 28
$5 preferred (quarterly)
Apr. 1 Feb. 28
New York Transportation (quar.)
50c Mar. 28 Mar. 15
Niagara Share Corp. of Md., pref. A (quar.)_ - $154 Apr. 1 NI ar. 15
Northern Ins. of N. Y.(s.-a.)
$13. Jan. 28 Jan. 28
Extra
50c Jan. 28 Jan. 28
Oahu Ry.& Land Co.(monthly)
15c Feb. 16 Feb. 11
Oahu Sugar (monthly)
10c Feb. 5 Feb. 15
Occidental Insurance (quar.)
30c Feb. 11 Feb. 5
Omnibus Corp., pref. (quar.)
32 Apra Mar. 15
Onomea Sugar Co.(monthly)
20c Feb. 20 Feb. 11
Ontario Mfg. Co.(quarterly)
25c Mar.30 Mar. 20
Preferred (quarterly)
Sly, mar.30 Mar. 20
Parker Pen
15c Mar. 1 Feb. 15
Pander (David) Grocery,cony. A (quar.)
87c Mar. 1 Feb. 20
Penna.-Bradford,$2X preferred
h31 c Feb. 1 Jan. 25
Pennsylvania Fire Insur. Co
$55 Jan. 31 Jan. 28
Petrolite Ltd.(Dela.)(quar.)
40c Feb. 1 Jan. 25
Phoenix Hosiery, 7% 1st preferred
873c Mar. 1 Feb. 13
Pittsburgh Suburban Water Service Co.—
$5A preferred (quarterly)
$13 Feb. 15 Feb. 5
Potomac Electric Power Co.—
6 preferred (quar.)
$13 Mar. 1 Feb. 15
5 % preferred (quar.)
$1,4 Mar. 1 Feb. 15
Randall Co.,class A (guar.)
50c Feb. 1 Jan. 29
Reno Gold Mining Ltd. (quar.)
3c Apr. 1 Feb. 28
Representative Trust Shares(coupon)
18.37c Jan. 31
Rochester Gas & Electric,7% pref. B (quar.)
$154, Mar. 1 Feb. 11
6% preferred C (quarterly)
0
313 Mar. 1 Feb. 11
6% preferred (quarterly)
$1)5 Mar. 1 Feb. 11
Roos Bros., Inc., $6X preferred (quar.)
81 Xc Feb. 1 Jan. 30
h81Xc Feb. 1 Jan. 30
$6Si preferred
50c Feb. 1
Rose's .5-10-25c. Stores (guar.)
Extra
$1 Feb. 1
Royalties Management Corp
5c Feb. 1 Jan. 12
St. Joseph Lead Co
10c Mar. 20 Mar. 8
San Carlos Milling Co.(monthly)
20c Feb. 15 Jan. 31
Schuyler,Trust Shares (initial)
8c Feb. 1 Dec. 31
Second Investors Corp.(R.I.),$3 pref.(qu.)--75c Mar. 1 Feb. 15
Sherwin-Williams Co. (quar.)
75c Feb. 15 Jan. 31
$1y6 Mar. I Feb. 15
Preferred (quarterly)
Simon (H.)& Sons
h$10). Feb. 11 Feb. 5
Sioux City Gas& Elec..7% pref.(quar.)
$1( Feb. 11 Jan. 31
Smith (A.0.) Corp., preferred (quar.)
$1 X Feb. 15 Feb. 1
Smith (S. Morgan) Co. (quarterly)
$1 Feb. 1 Feb. 1
Quarterly
$1 May 1 May 1
Quarterly
51 Aug. 1 Aug. 1
Quarterly
$1 Nov. 1 Nov. 1
Southern California Edison Co
79' series A preferred (quar.)
43'Ac Mar. 15 Feb. 20
6% series B preferred (quar.)
37X c Mar. 15 Feb. 20
Stamford Water Co. (quar.)
$2 Feb. 15 Feb. 5
Standard Coosa-Thatcher.7% pref.(quar.)_
$1( Apr. 15 Apr. 15
Standard Oil Co. of California
25c Mar. 15 Feb. 15
Sterling Products, Inc. (quar.)
95c Mar. 1 Feb. 15a
Susquehanna Utilities Co., 1st preferred (quar.) $1l.. Mar. 1 Feb. 20
Taylor & Fenn Co.(quar.)
$1 Feb. 1 Jan. 26
Texas Utilities, 79" preferred (quar.)
5j3 Mar. 1 Feb. 21
Tide Water Oil, 5% pref. (quar.)
$i3 Feb. 15 Feb. 11
Trunz Pork Stores (guar.)
15c Feb. 7 Jan. 31
Trusted American Bank Shares,series A
10.8c Jan. 31
United Biscuit Co.of America,common (quar.)..
40c Mar. 1 Feb. 7
Preferred (quarterly)
$IN May 1 Apr. 15
United States Playing Card (quar.)
25c Apr. 1 Mar. 21
Extra
25c Apr. 1 Mar. 21
United States Steel, preferred (quar.)
50c Feb. 27 Feb. 1
Universal Winding Co.,7% pref.(guar.)
SP Feb. 1 Jan. 28
Upper Michigan Power & Light,6% pref.(quar.)
May 1 Apr. 26
69' preferred (quarterly)
$154 Aug. 1 July 27
69' preferred (quarterly)
$154 Nov. 1 Oct. 26
6% preferred quarterly
$1
2-1-'36 Jan. 27
Utica Knitting, 7% preferred
h$334 Mar. 18 Feb. 18
Van Raalte Co., 1st pref. (quar.)
$134 Mar. 1 Feb. 14
Pick Chemical Co. (quarterly)
50c Mar. 1 Feb. 15
Extra
10c Mar. 1 Feb. 15
Warren (Northam) Corp., $3 pref. (quar.)
75c Mar. 1 Feb. 15
Washington Ry. & Electric Co.(quar.)
$3 Mar. 1 Feb. 16
59' preferred (quarterly)
$134 Mar. 1 Feb. 16
6% preferred (quarterly)
$1 34 June 1 May 15
Wesson Oil & Snowdrift Co.,Inc—
Convertible preferred (quar.)
$1 Mar. I Feb. 15
Westvaco Chlorine Products,(quar.)
10c Mar. 1 Feb. 15
Will & Baumer Candle Co., Inc—
Common
10c Feb. 15 Feb. 1
Common (extra)
Sc Feb. 15 Feb. 1
Preferred
$2 Apr. 1 Mar. 15
Winsted Hosiery (guar.)
5154 Feb. 1 Dec. 28
Quarterly
154 May 1
Quarterly
154 Aug. 1
Quarterly
5134 Nov. 1
Worcester Salt Co.,6% pref. (quar.)
5134Feb. 15 Fely 15
Ju b. 5
Zions Cooperative Mercantile Ins.(quar.)
SOc
Jan. 25
Quarterly
50c
Apr. 15
Quarterly
50c
Quarterly
50c
Oct. 15
t
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Affiliated Products(monthly)
5c Mar. 1 Feb. 14
Agnew-Surpass Shoe Stores, com.(semi-ann.)„
20c Mar. 1 Feb. 15
Preference (quar.)
% Apr. 1 Mar. 15
Alabama Great Southern RR. Co.. preferred__ _
% Feb. 27 Jan. 22
Alaska Packers Association
$2 Feb. 12 Feb. 2
Allegheny Steel
25c Mar. 15 Mar. 1
7% preferred (quarterly)
$134 Mar. 1 Feb. 15
Allen Industries preferred (quar.)
75c Mar, 1 Feb. 20
Preferred
h75c Mar. 1 Feb. 20
American Asphalt Roofing Corp.8% pref. (qu.) 14134 Apr. 15 Mar. 31
American Can Co. common (quar.)
$1 Feb. 15 Jan. 25a
Common(extra)
$1 Feb. 15 Jan. 25a
American Chicle (guar.)
75c Apr. 1 Mar. 12
American Factors. Ltd. (monthly)
10c Feb. 11 Jan. 31
American & General Securities Corp.—
Common, A (quarterly)
734c Mar. 1 Feb. 15
75c Mar. I Feb. 15
Preferred (quarterly)
American Home Products Corp.(monthly)__ _ _
20c Mar. 1 Feb. 14a
American Investments, pref. (quar.)
$134 Feb. 15 Jan. 15
75c Feb. 15 Jan. 31
American Investors, Inc.,$3 pref. (quar.)
751
Financial Chronicle
Volume 140
11
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
American Re-Insurance (quar.)
6234c Feb. 15 Jan. 31
143 Mar. 1 Feb. 8
American Smelting & Refining, 6% pref
7% 1st preferred (quarterly)
$134 Mar. 1 Feb. 8
American Stores Co. (quarterly)
50c Apr. 1 Mar. 15
American Sugar Refining (quar.)
50c Apr. 2 Mar. 5
Preferred (quar.)
$131 Apr. 2 Mar. 5
25c Feb. 15 Jan. 11
American Water Works & Elect. (quar.)
Amoskeag Co.,common
76c July 2 June 22
Preferred (semi-annual)
$234 July 2 June 22
1254c Mar. 1 Feb. 14
Armstrong,Cork (special)
Mar, 1 Feb. 7
Associated,Dry Goods Corp. 1st preferred
Atlanta & Charlotte Air Line By.(semi-ann.).... $434 Mar. 1 Feb. 20
12Xc Apr. 2 Mar.20
Automatic Voting Machine Co.(quar.)
1254c July 2 June 20
Quarterly
Apr. 1 Mar. 16
3
Backstay Welt
$154 Mar. 1 Feb. 15
Bamberger (L.) 634 %, pref. (quar.)
75c Feb. 6 Feb. 4
Bankers & Shippers Ins. Co. of N. Y.(guar.).Best & Co
50c Feb. 15 Jan. 25
Blauner's (guar.)
25c Feb. 15 Feb. I
Bloch Bros. Tobacco,—
3734c Feb. 15 Feb. 10
Quarterly
3754c May 15 May 10
Quarterly
$154 Mar.30 Mar. 25
6% pref. (quar.)
$IX June 29 June 25
6% preferred (quar.)
t75c Mar. 1 Feb. 5
Blue Ridge Corp..$3 cony.pref.(quar.)
Bohack (H. C.) Co. 1st pref. (quar.)
$141 Feb. 15 Jan. 25
25c Feb. 15 Jan. 25
Bohack Realty, preferred
Boston Insurance (quarterly)
54 Apr. 1 Mar. 20
$2.125 Apr. 1 Mar. 20 ;
Boston & Providence RR.(quar.)
52.125 July 1 June 20
Quarterly
52.125 Oct. 1 Sept. 20
Quarterly
52.125 Jan.2'36 Dec. 20
Quarterly
6854c Feb. 15 Feb. 1
Boujois. Inc., $234 preferred (guar.)
$1 Feb. 25 Feb. 20
Brewer (C.)& Co.,Ltd.(mo.)
$1 Mar. 25 Mar. 20
Monthly
50c Mar. 1 Feb. 11
Bristol-Myers Co common (quar.)
10c Mar. 1 Feb. 11
Common (extra)
$2 Feb. 28 Feb. 11
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Transit Corp.
$154 Apr. 15 Apr. I
Preferred (quarterly)
134 July 15 July 1
Preferred (quarterly)
134 Apr. 1 Mar. 1
Brooklyn Union Gas (quar.)
$134 Feb. 2 Jan. 21
Brown Shoe, nref. (quar.)
Sc Feb. 15 Feb. 1
Buffalo Ankerite Gold Mines (semi-ann.)
1254c Feb. 15 Feb. 1
Buck Hill Falls (quarterly)
15c Mar. 5 Feb. 2
Burroughs Adding Machine Co.(quar.)
h234c Feb. 15 Feb. 5
Byron Jackson Co. (quarterly)
40c Apr. 1 Mar. 15
Calamba Sugar Estate (quarterly)
35c Apr. 1 Mar. 15
Preferred (quarterly)
3754c Mar. 15 Feb. 28
California Packing (quar.)
$134 Feb 15 Jan. 31
California Water Service.6% pref. (quar.)
20c Mar. I Feb. 15
Campe Corp.. common (quar.)
50c Feb. 15 Jan. 31
Canadian Converters (quar.)
40c Apr. 1 Mar. 15
Canadian Foreign Investment (quar.)
40c July 1 June 15
Quarterly
$2 Apr. 1 Mar. 15
Preferred (quar.
$2 July 1 June 15
Preferred (quer.)
$154 Apr. 1 Mar. 20
Carnation Co.,7% preferred (quar.)
7% preferred (guar.)
$154 July 1June20
7% preferred (quarterly)
$154 Oct. 1 Sept.20
25c Feb. 28 Feb. 15
Caterpillar Tractor (quar.)
75c Feb. 15 Jan. 31
Cedar Ranids Mfg.& Power (quar.)
25c Feb. 15 Feb. 5
Central Cold Storage
$134 Feb. 15 Jan. 31
Central Mass. Light & Power 6% pref.(quar.)
10c Feb. 15 Feb. 5
Centrifugal Pipe Corp.(quar.)
10c May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 6
Quarterly
Century Ribbon Mills, preferred (quarterly).— $134 Mar. 1 Feb. 20
15c Feb. 15 Feb. 1
Chain Belt Co.. common
$134 Mar. 1 Feb. 1
Chartered Investors, Inc., $5 pref. (quar.).....
titi Feb. 2 Jan. 23
Chicago Electric Mfg. A preferred
25c Mar. 1 Feb. 9
Chicago Mall Order Co.(guar.)
1254c Mar. 1 Feb. 9
Extra
Mar. 1 Feb. 19
Chicago Yellow Cab (quar.)
Cincinnati Inter-Terminal RR. Co.
$2 Aug. 1 July 20
4% preferred (semi-annual)
Cleveland Electric Illuminating. 8% pref.(Cu) $134 Mar. 1 Feb. 15
8754c Mar. 1 Feb. 9
Cleveland & Pittsburgh By.7% guar.(quar.)
S734c June 1 May 10
7% guaranteed ruar.
87%c Sept. I Aug. 10
7%$xuaranteed (quar.
8754c Dec. 1 Nov. 9
7% guaranteed guar.
Mar. 1 Feb. 9
Special guaranteed !quer.
50c June 1 May 10
Special guaranteed quar.
50c Sept. 1 Aug. 10
Special guaranteed quer.
60c Dec. 1 Nov. 9
Special guaranteed guar.
12%c Mar. 1 Feb. 8
Colgate-Palmolive-Peet (quar.)
$1 34 Apr. 1 Mar. 5
Preferred (quarterly)
Columbia Gas& Electric Corp.,6%pref.A(quar.) $154 Feb. 15 Jan. 19
$IK Feb. 15 Jan. 19
Cumulative 5% preferred (quar.)
Convertible 5% cumulative preference (quar.) $1 X Feb. 15 Jan. 19
Columbia Pictures Corp., common (semi-ann.). f234% Feb. 2 Jan. 14
$1 Feb. 25 Mar. 10
Columbus & Xenia RR
Commonwealth Utilities,6349' pref.0(guar.).- $1 34 Mar. 1 Feb. 15
$1 Mar. 1 Feb. 15
Compania Swift Internacional (semi-ann.)
31X Feb. 15 Jan. 31
Concord Gas. 7% prof. (guar.)
Connecticut Light & Power 634% pref. (quer.). $154 Max. 1 Feb. 15
$154 Mar. 1 Feb. 15
534% preferred (quar.)
$1.125 Feb. 15 Jan. 31
Connecticut Ry. & Lighting Corp. (quar.)
51 11i5 Feb. 15 Jan. 31
s
.
% pref. (quar.)
Mar. 1 Feb. 15
Connecticut River Power,6% pref.(quar.).....
$1% Mar. 1 Feb. 15
Consolidated Cigar, 7% pref. (quar.)
25c Mar. 15 Feb. 11
Consolidated Gas Co.(N. Y.)
$2 Feb. 15 Feb. 1
Consolidated Oil, preferred (quar.)
15c Mar. 1 Feb. 18
Cons len.ed (Quar.)
rr idated Paper
:f
(quar.)17Mc Apr. I Mar. 21
$131 Mar. 15 Feb. 28
Consumers Glass Co., 7% pref. (quar.)
$154 Apr. 1 Mar. 15
Consumers Power Co., 55 pref. (quar.)
$134 Apr. 1 Mar. 15
69', preferred (quarterly)
311.645 Apr. 1 Mar. 15
6.6% preferred (quarterly)
Apr. 1 Mar. 15
77' preferred (quarterly)
50c Mar. 1 Feb. 15
6 preferred (monthly)
50c Apr. 1 Mar. 15
6 preferred (monthly)
55c Mar. 1 Feb. 15
ipreferred (monthly)
6.6
55c Apr. 1 Mar. 15
preferred (monthly)
00 inentai (quar.)., Inc. com.(quar.)
Continental Can Co
60c Feb. 15 Jan. 25
25c Mar. 1 Feb. 19
Mills
Sc Feb. 15 Jan. 31
Corporate Investors (quar.)
Crandall, McKenzie & Henderson, Inc
1234c Feb. 10 Jan. 15
Sc Feb. 15 Jan. 31
Cresson Consolidated Gold Mining & Milling.-75c Mar. 1 Feb. 13
Crown Zellerbach, A & B, preferred
75c Mar.31 Mar. 21
Crum & Forster. 8% Preferred (quar.)
Cline:, Press, Inc. 654% preferred (quarterly). $134 Mar. 15 Mar. 1
Dayton & Michigan RR.(semi-ann.)
8754c Apr. 1 Mar. 15
41 Apr. 1 Mar. 15
89" Preferred (quarterly)
De Haviland Aircraft (final)
x w75.5%0 Feb. 7 Jan. 10
25c Mar. 1 Feb. 15
Dictaphone Corporation
Preferred (quarterly)
$2 Mar. 1 Feb. 15
Diamond Match
75e Mar. 1 Feb. 15
75c Mar. 1 Feb. 15
Participating preferred (semi-ann.)
Diem & Wing Papa' Co.. 7% pref. (quar.)
Feb. 15 Jan. 31
Distillers Co., Ltd. (initial)
Feb. 8 Jan. 15
Dominion Bridge Co.(guar.)
r30c Feb. 15 Jan. 31
Dow Chemical Co
50c Feb. 15 Feb. 1
Preferred (quar.)
Feb. 15 Feb. 1
1
Duplan Silk (semi-annual)
Feb. 15 Feb. 1
Eastern Gas& Fuel Assoc..
% prof.(quer.)- - $1.125 Apr. 1 Mar.15
6% preferred (quarterly)
$134 Apr. 1 Mar. 15
Eastern Shore Public Service, $634 pref. (qu.)_ $134 Mar. 1 Feb. 10
$6 preferred (quar.)
$134 Mar. 1 Feb. 10
Eaton Mfg. Co.(quar.)
25c Feb. 15 Feb. 1
1
Financial Chronicle
752
Name of Company
Electric Household Utilities Corp
Elizabeth & Trenton RR. (semi-ann.)
Semi-annual
5% preferred (semi-annual)
5% preferred (semi-annual)
Ely & Walker Dry Goods (quar.)
Emerson's Bromo Seltzer 8% preferred (quar.)__
Empire & Bay State Telep„ 4% gtd. (quar.)___
4% guaranteed (quar.)
4% guaranteed (guar.)
4% guaranteed (quar.)
Empire Capital Corp., class A (quar.)
Class A extra
Class B
Eppens. Smith & Co., semi-annual
& Pittsburgh RR. Co. 7% gtd.(quar.)_ _
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterments (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Faber Coe & Gregg. Inc. (quarterly)
Fair (The)7% cumulative preferred
Farmers & Traders Life Ins.(quar.)
Firestone Tire & Rubber,preferred (guar.)
Florida Power Corp.7% pref. A (quar.)
7% preferred (guar.)
Florsheim Shoe Co.. A (quar.)
Class B (quar.)
Food Machinery Corp., preferred
634% preferred
Food Machinery Corp. of N. Y.634% preferred (monthly)
634% preferred (monthly)
634% preferred (monthly)
634% preferred (monthly)
634% preferred (monthly)
Franklin Mutual Funds, Inc. (semi-ann.)
Freeport Texas (guar.)
Preferred (quar.)
General Capital Corp
General Cigar„ preferred (quar.)
Preferred (quar.)
General Foods (quar.)
Girard Life Insurance Co
Golden Cycle Corp. (quar.)
Extra
Gottfried Baking Co., Inc. preferred (quar.)--Preferred (quarterly)
Preferred (quarterly) _
Grand Rapids Metalcraft (initial)
Grand Union,$3 cony. pref.(quar.)
Great Lakes Dredge & Dock Co.(quar.)
Guggenheim Co.. pref. (quar.)
Curd (Chas.) & Co. preferred (quar.)
Hale Bros. Stores (quar.)
Hanna (M. A.) Co.(quar.)
Preferred (quar.)
Hardesty (R.) Mfg. Co.,7% pref.(quar.)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Harbison-Walker Refractories Co
Preferred (quar.)
. Hartford & Connecticut Western RR.(s-a)
Hartford Times, Inc.. $3 preferred (quar.)
Hawaiian Commercial Sugar Co. (quar.)
Hercules Powder Co.. preferred (quar.)
Hershey Chocolate Corp.(quar.)
Cony. preferred (quarterly)
Extra
Hibbard,Spencer,Bartlett & Co.(monthly)___..
Monthly
Hobart Manufacturing class A (quar.)
Hollander (A.)& Sons(quar.)
Hormel (Geo. A.) (quar.)
6% preferred A (guar.)
Houdallle-Hershey. Class A
Hutchinson Sugar Plantation (monthly)
Illuminating & Power Securities Corp. common_
Preferred
Ingersoll-Rand
International Harvester preferred (quar.)
International Power Co., 7% 1st preferred
International Safety Razor. class A (quar.)_ _
Interstate Hosiery Mills (quar.)
Quarterly
Quarterly
Quarterly
Iron Fireman Mfg.(guar.)
Quarterly
Quarterly
Quarterly
Irving Air-Chute Co., Inc., common (quar.)_
Jantzen Knitting Mills, preferred (quarterly) _ _
Jefferson Lake Oil Co., Inc.,7% pref (semi-an.)
Kalamazoo Vegetable Parchment (quar.)
Quarterly
Quarterly
Quarterly
Kayser (Julius) & Co
Kelvinator Corp
Belvinator of Canada. 7% pref. (quar.)
Keystone Steel & Wire
-a.)
Knabb Barrel Co., Inc., pref.(s.
Kroger Grocery & Baking (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
Landis Machine preferred (quar.)
7% preferred (quarterly)
7% preferred (quarterly)_
7% preferred (quarterly)
Lanston Monotype (quar.)
Lehn & Fink Prod. Co., corn. (quar.)-Life Savers Corp. (quar.)
Liggett & Myers Tobacco Co.common (quar.)..
Common (extra)
Common B (quar.)
Common B (extra)
Lincoln Telep. & Teleg., 6% pref. A (quar.)___
5% special preferred (quar.)
Lindsay Light (quar.)
Link Belt
634% preferred (guar.)
Little Miami RR. Co. spec. gtd.(quar.)
Special guaranteed (quarterly)
Original capital
Original capital
Lockhart Power Co.. 7% pref. (8.-a.)
Loew's, Inc., $634 preferred (quarterly)
Lone Star Gas Corp
Lord & Taylor. 1st pref. (quar.)
Loose-Wiles Biscuit, preferred (quarterly)
%
Los Angeles Gas & Elec.6 Pref. B (quar.)---Louisville, Henderson & St. Louis By.Co.—
Semi-annual
Preferred (semi-annual)
Louisville & Nashville RR.(semi-ann.)
Lowenstein (Iv!.) & Sons, 1st pref. (quar.)
Per
Share
25c
$1
$1
$13(
3134
25c
50e
$I
$1
$1
$1
10c
Sc
10c
32
8734c
8734c
8734c
8734c
80c
80c
80c
80c
25e
h$53.1
$234
$134
$134
8734c
25c
1234c
50c
50c
When Holders
Payable of Record
Feb. 15 Feb. 4
Apr. 1 Mar. 20
Oct. 1 Sept. 20
Apr. 1 Mar. 20
Oct. 1 Sept. 20
Mar. 1 Feb. 18
Apr. 1 Mar. 15
Mar. 1 Feb. 19
June. I May 22
Sept. 1 Aug. 22
Dec. 1 Nov. 21
Feb. 28 Feb. 20
Feb. 28 Feb. 20
Feb. 28 Feb. 20
Aug. 1 July 27
Mar. 10 Feb. 28
June 10 May 31
Sept. 10 Aug. 31
Dec. 10 Nov.30
Mar. 1 Feb. 28
June 1 May 31.
Sept. 1 Aug. 31
Dec. 1 Nov. 30
Mar. 1 Feb. 15
Feb. 15 Feb. 5
Apr. 1 Mar. 11
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Feb. 15 Feb. 10
Mar. 15 Mar. 10
50c Feb. 15 Feb. 10
50c Mar. 15 Feb 10
50c Apr. 15 Apr. 10
500 May 15 May 10
500 June 15 June 10
Si Feb. 2 Jan. 25
25c Mar. 1 Feb. 15
$134 May 1 Apr. 15
$134 Feb. 11 Jan. 31
$134 Mar. 1 Feb. 20
$134 June 1 May 23
45c Feb. 15 Feb. 1
400 Feb.,15 Feb. 1
40c Mar. 10 Feb. 28
60c Mar. 10 Feb. 28
134% Apr. 1 Mar. 20
134% July 1 une 20
% Oct. 1 ept.20
Sc Feb. 15 Feb. 4
373.4c Mar. 1 dFeb. 8
25c Feb. 15 Feb. 5
8
51/ Feb. 15 Jan. 29
$1 X Feb. 15 Feb. 1
15c Mar. 1 Feb. 15
25c Mar. 11 Mar. 5
8
51/ dMar20 Mar. 3
31X, Mar. 1 Feb. 15
$134 June I May 15
$134 Sept. 1 Aug. 15
$134 Dec. 1 Nov. 5
25c Mar. 1 Feb. 11
$134 Apr. 20 Apr. 8
$I Feb. 28 Feb. 20
75c Feb. 15 Feb. 1
75c Feb. 15 Feb. 5
134% Feb. 15 Feb. 4
75c Feb. 15 Jan. 15
$I Feb. 15 Jan. 25
$1 Feb. 15 Jan. 25
10c Feb. 22 Feb. 15
10c Mar. 29 Mar. 22
3734c Mar. 1 Feb. 15
12X c Feb. 15 Jan. 31
25c Feb. 15 Feb. 1
3134 Feb. 15 Feb. 1
142 Feb. 5 Jan. 30
10e Feb. 5 Jan. 31
$1 Feb. 8 Jan. 31
8
51% Feb. 15 Jan. 31
50c Mar. 1 Feb. 4
$134 Mar. I Feb. 5
141 Apr. 3 Mar. 15
60c Mar. 1 Feb. 15
50c Feb. 15 Feb. 1
50c May 15 May 1
50c Aug. 15 Aug. 1
50c Nov. 15 Nov. 1
25c Mar. 1 Feb. 9
25c June I May 10
25e Sept. 2 Aug. 10
25c Dec. 2 Nov. 9
100 Apr. 1 Mar. 15
$134 Mar. 1 Feb. 25
35c Mar. 10
15c Mar.30 Mar. 20
15c June 30 June 20
15c Sept. 30 Sept. 20
15c Dec. 30 Dec. 30
25c Feb. 15 Feb. 1
1234c Apr. 1 Mar. 5
$m Feb. 15 Feb. 5
50e Mar. 11 Mar. 1
75c June 1
40c Mar. 1 Feb. 8
$134 Apr. 1 Mar. 20
$134 May I Apr. 19
$134 Mar. 15 Mar. 5
$134 June 15 June 5
$134 Sept. 15 Sept. 5
$PX, Dec. 15 Dec. 5
$I Feb. 28 Feb. 19
373.4c Mar. 1 Feb. 15
40e Mar. 1 Feb. 1
$1 Mar. 1 Feb. 15
$I Mar. 1 Feb. 15
$1 Mar. 1 Feb. 15
$1 Mar. 1 Feb. 15
$134 Feb. 10 Jan. 31
$ni Feb. 10 Jan. 31
10c Feb. 11 Feb. 2
I5c Mar. I Feb. 15
$154 Apr. 1 Mar. 15
50c Mar. 10 Feb. 25
50c June 10 May 24
$1 Mar. 10 Feb. 25
$1.10 June 10 May 24
$334 Mar.30 Mar.30
$154 Feb. 15 Jan. 31
15c Feb. 15 Jan. 25
Mar. 1 Feb. 16
Apr. 1 Mar. 18
$134 Feb. 15 Jan. 31
$4 Feb. 15 Feb. 1
5234 Feb. 15 Feb. 1
Feb. 25 Jan. 31
31
31,4,' Feb. 11 Dec.
$134
Name of Company.
Feb. 2 1935
Per
When Holders
Share. Payable. of Record.
Macy(R.H.)& Co.(quar.)
50c Mar. 1 Feb. 8
Magnin (I.) & Co.,6% pref. (quar.)
513.4 Feb. 15 Jan. 31
6% preferred (quarterly)
5134 May 15 Apr. 30
6% preferred (quarterly)
5134 Aug. 15 July 31
.
6% preferred (quarterly)
$134 Oct. 31 Feb. 11
3 Feb 15 Nov 5
Managed Investors. Inc. (guar.)
Manufacturers Casualty Insurance (quar.)
40c Feb. 15 Feb. 1
Mapes Consolidated Mfg.(quar.)
750
75c Julr, 1 Juar 14
Ap y
M ne 5
.
Quarterly
McIntyre Porcupine Mines (guar.)
50c Mar. 1 Feb. 1
Meadville Teleph30e (quar.) •
3734c Feb. 15 Jan. 31
10c Feb. 15 Feb. 1
Memphis Natural Gas
Mercantile Stores, preferred (quar.)
5134 Feb. 15 Jan. 31
Metal Textile Corp.. preferred (quarterly)
d81 Xc Mar, 1 Feb. 20
Midland Royalty Corp..$2 preferred (quar.)__ _
50c Feb. 15 Feb. 5
Minneapolis-Honeywell Regulator Co., common
75c Feb. 15 Feb. 4
25c Feb. 15 Feb. 4
Extra
Mitchell (J. S.), Ltd
$3I Mar, 1 Feb. 15
Monsanto Chemical (quar.)
25c Mar, 15 Feb. 25
Monmouth Consul. Water Co..7% pref.(qu.)-- $134 Feb. 15 Feb. 1
Montreal Bridge (quar.)
30c Feb. 15 Jan. 31
Montreal Light, Heat & Power (guar.)
$2 Feb. 15 Jan, 31
Moody's Investment Service, preferred (quar.)
75e Feb. 15 Feb. 1
Morris Plan Insurance Society, (guar.)
Si Mar, 1 Feb. 23
Quarterly
$1 June 1 May 27
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$I Dec. 1 Nov. 26
Motor Finance Corp. (quar.)
20e Nov. 30 Nov. 23
Muskogee Co.6% cumulative preferred (quar.)_ $134 Mar. 1 Feb. 16
National Bearing Metal Corp. 7% pref
h$134 May 1 Apr .20
National Biscuit, pref
$15,1 Feb. 28 Feb. 14
National Founders Corp. $334 pref. A (quar.)_ _ _ 8754c Feb. 5 Jan. 25
National Liberty Ins. Co. of Amer. (5.-a.)
be Feb. 20 Feb. 1
Extra
5c Feb. 20 Feb. I
National Power & Light Co. common (quar.)--20c Mar. 1 Feb. 4
National Telephone & Telegraph A (quar.)
$151 Mar. 1 Feb. 20
Nat. Telco.& feleg. Corp.. $33.4, 1st pecf.(qu.) 8734c Feb. 10 Jan. 17
2nd preferred (quarterly)
87;c Feb. 10 Jan. 17
Nestle-Le Mur class A
10c Feb. 15 Feb. 5
Newberry U. J.) Co.,7% pref. (quar.)
$134 Mar. 1 Feb. 16
New Bradford Oil
10c Mar. 15 Feb. 15
New Jersey Zinc Co.(quarterly)
50c Feb. 9 Jan. 18
New Rochelle Water 7% pref. (quar.)
$134 Mar. 1 Feb. 20
Norfolk & Western, adj. pref. (quar.)
31 Feb. 19 Jan. 31
Quarterly
$2 Mar. 19 Feb. 28
__
Extra
$2 Mar. 19 Feb. 28
North Amerkan Aviation
m Feb. 15 Jan. 31
North American Edison Co. pref. (quar.)
$134 Mar. 1 Feb. 15
North River Ins. Co. (quar.)
Mc Mar, 11 Mar. 1
Extra
10e Mar, 11 Mar. 1
Northern RR.Co. of N.J. 4% gtd.((mar.)
$I Mar, 1 Feb. 19
4% guaranteed
SI June 1 May 20
4% guaranteed (quar.
(quar.ar.
$1 Sept. 1 Aug. 20
4% guaranteed (quar.
$1 Dec. 1 Nov. 21
Norwalk Tire & Rubber. pref.(guar.)
873-4c Apr. 1 Mar. 21
Oahu Hy.& Land (monthly).
I5c Feb. 15 Feb. 12
Montnly
150 Mar. 15 Mar. 12
Oahu Sugar Co.(monthly)
10c Feb. 15 Feb. 5
Old Colony Insurance Co. (quar.)
$152 Feb.Feb 2105 Jan. 21
. 1
Oswego & Syracuse RR.(semi-ann.)
3234
360
Owens Illinois Glass (guar.)
Jan. 30
Pacific Fire Insurance Co. (guar.)
75c Feb. 4 Feb. 2
Pacific Gas & Electric 6% pref. (guar.)
3734c Feb. 15 Jan. 31
53.4% preferred (guar.)
3454c Feb. 15 Jan. 31
Mc
Pacific Lighting Corp.. common (quarterly)___
Feb. 15 Jan. 19
Parker Rust Proof (quarterly)
p75c Feb. 20 Feb. 11
Penmans, Ltd. (quarterly)
75c Feb. 16 Feb. 5
Pennsylvania Power Co.. $6.60 pref. (monthly)
55c Mar. 1 Feb. 20
$6 preferred (quar.)
$134 Mar. 1 Feb. 20
Pennsylvania RR. Co
60c Mar. 15 Feb. 15
Peoria & Bureau Valley 12R.( .
54 Feb. 9 Jan. 18
8 -a.)
Philadelphia Co..5% pref.(s.
25c Mar, 1 Feb. 0
-a.)
Philadelphia Suburban Water Co.. pref. (guar.) $134 Mar. 1 Feb. 100
Philadelphia & Trenton RR.(quar.)
$234 Apr. 10 Mar.30
Quarterly
$234 July 10 June 30
Quarterly
$234 Oct. 10 Sept.30
Philips Petroleum
250 Mar. 1 dFeb. 5
Phoenix Finance Corp.,8% pref. (quar.)
50c Apr. 10 Mar.31
807 preferred (quarter.y)
50c July 10 June 30
8% preferred (quarterly)
.
50c Oct. 10 Sept.30
84 preferred (quarterly)
50c Jan. 10 Dec. 31
Photo Engravers & Electrotyper% (s.
-a.)
r50c Mar. 1 Feb. 15
Pillsbury Flour Mills (guar.)
40c Mar. 1 Feb. 15
Pittsburgh, Bessemer & Lake Erie (8.-8..)
75c Apr. 1 Mar. 15
Pittsburgh Ft. Wayne & Chicago By.(quar.)__ 8134 Apr. 1 Mar. 9
Quarterly
5134 July 1 June 10
Quarterly
$PX Oct. 1 Sept. 10
Quarterly
$15' Jan. 2 Dec. 10
7% preferred (quar.)
S19 Apr. 2 Mar. 9
7% preferred (quar.
$134 July 2 June 10
7% preferred (quar.
$13.4 Oct. 8 Sept. 10
7% preferred (guar.)
$134 Jan. 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (gnarl
s134 Mar. 1 Feb. 20
7% preferred (quar.
SPX June I May 20
7% preferred (quar.
Sept. 1 Aug. 20
7% preferred (guar.)
3134 Dec. 1 Nov. 20
Portland & Ogdensburg RR.(quar.)_
50e Feb. 28 Feb. 20
Pressed Metals of Amer., Inc
e2% Apr. 1 Feb. 28
Procter & Gamble Co.(guar.)
34c Feb. 15 an. 25
Protective Life Insurance (s.
-a.)
$3 July 1 July 1
$134 Feb. 8 an. 31
Public Utilities Corp.(quar.)
Public Service of N J. (quar.)
700 Mar,30 Mar. 1
$5 preferred (quarterly)
$134 Mar.30 Mar. 1
8% preferred quarterlY)
$2 Mar.30 Mar. 1
7% preferred (quarterly)
$134 Mar.30 Mar. 1
50c Feb. 28 Feb. 1
607 preferred (monthly)
50c Mar. 30 Mar. 1
69 preferred (monthly)
Pullman, Inc. (quar.)
75c Feb. 15 Jan. 24
Quaker Oats Co..6% preferred (quarterly).
$134 Feb. 28 Feb. 1
Quebec Power Co.(quarterly)
r25c Feb. 15 Jan. 25
Radio Corp. of America
15934 Feb. 19 Jan. 29
Rainier Pulp & Paper,$2 class A
h50c Mar. 1 Feb. 10
h50c June 1 May 10
$2 class A
500 Feb. 14 Jan, 17
Reading Co. (quarterly)
1st preferred (quarterly)
50c. Mar, 14 Feb. 21
Reynolds Metals Co. (quarterly)
25c Mar, 1 Feb. 15a
Rich's, Inc. 63407 preferred (quar.)
$134 Mar.30 Mar. 15
St. Louis Rocky Mountain & Pacific RR. Co.
Common (quarterly)
25c April 20 April 5a
3134 April 20 April 50
Preferred quarterly)
8134 July 20 July 5
Preferred quarterly)
Preferred quarterly)
$134 Oct. 21 Oct. 50
20c Feb. 15 Jan. 31
Second Twin Bell Syndicate (monthly)
Seeman Bros., Inc. common (extra)
50c May 1 Apr. 15
50c Feb. 15 Feb. 6
Scotten Dillon
Shawinigan Water & Power Co or Mont.—
r13c Feb. 15 Jan. 25
Common (quar)
$I
Mar. 1 Feb. 20
Shenango Valley Water.6% pref.(qu.)
Shenango Valley Water Co.. pref. (quar.)
$134 Mar. 1 Feb. 20
$151 Feb. 11 Jan. 31
Sioux City Gas & Electric, pref. (quar.)
$135 Feb. 15 Jan. 15
Solvay Amer. Invest., pref. (quar.)
South Carolina Power Co., $6 pref. (quar.)
5134 Apr. 1 Mar. 15
Southern Calif. Edison Co.. Ltd.. corn. (quar.)_ 3734c Feb. 15 Jan. 19
200 Feb. 15 Jan. 31
Southern Canada Power Co.,common (quar.)
50c Mar. 1 Feb. 15
Southern Fire Insurance Co.(semi-annual)
$134 Feb. 15 Jan. 2
South Pittsburgh Water 7% preferred (quar.)_ _
5% preferred (semi-annual)
3134 Feb. 19 Feb. 9
n
Mar. 15 Feb. 15
tandard 0111Co. of N.J
tanley Works of New Britain, Conn., pf. (qu.) 3734c Feb. 15 Feb. 2
25c Feb. 15 Jan. 31
tein (A.) & Co.common
Volume 140
Financial Chronicle
Per
Share
Name of Company
When Holders
Payable of Record
753
Per
Share
Name of Company
When Holders
Payable of Record
Sun Oil Co. (guar.)
25c Mar. 15 Feb. 25
6% preferred (quar.)
Mar. 1 Feb. 11
$13
Swift & Co.,special
25c Feb 15 Jan. 25
Syracuse Lighting 6% pref. (quar.)
Feb. 15 Jan. 19
SI
63.% preferred (quar.)
sla Feb. 15 Jan. 19
8% preferred (quar.)
Feb. 15 Jan. 19
Tampa Electric (quarterly)
.56c Feb. 15 Jan. 31
Preferred A (quarterly)
S1°A Feb. 15 Jan. 31
Tennessee Electric Power Co.
5% 1st preferred (quar.)
6.111 Apr. 1 Mar. 15
6% 1st preferred (guar.)
Apr. 1 Mar. 15
SI
7% 1st preferred (quar.)
$1, Apr 1. Mar. 15
4
7.2% 1st preferred (guar.)
$1.80 Apr. 1 Mar. 15
6% preferred (monthly)
50c Mar. 1 Feb. 15
6% preferred (monthly)
4ar 1 Mar. 15
50c kpr
7.2% preferred (monthly)
Feb. 15
60c
7.2% preferred (monthly)
60c Apr. 1 Mar. 15
Tex-O-Kan Flour Mills, pref.(quar.)
SIX Mar. 1 Feb. 15
Preferred (quarterly)
June 1 May 15
$1
Thatcher Mfg., pref. (quar.)
90c Feb. 15 Jan. 31
Third Twin Bell Syndicate (bi-monthly)
10c Feb. 28 Feb. 27
Thompson (John R.) Co.(quarterly)
121.5c Feb. 15 Feb. 5
Tide Water Power, $6 pref. (quar.)
Mar. 1 Feb. 10
$1
Toburn Gold Mines, Ltd
zc Feb. 21 Jan. 25
Troy & Benton RR.(semi-annual)
$5 Feb. 2 Jan. 25
Twin Bell 011 Syndicate (monthly)
$2 Feb. 5 Jan. 31
Unexcelled Manufacturing Co
10c Feb. 15 Feb. 1
Union Oil Co. of California (quar.)
25c Feb. 9 Jan. 19
United Engineering &. Foundry Co. (guar.).
25c Feb. 8 Jan. 29
Preferred (quar.)
51,1 Feb. 8 Jan. 29
United Gas Improvement
25c Mar.30 Feb. 28
Preferred (quarterly)
31
Mar.30 Feb. 28
United Light & Rye.(Del.)
-7% pr. pref (mo.)_ 58 I-3c Mar. 1 Feb. 15
6.36% prior preferred (monthly)
53c Mar. 1 Feb. 15
6% prior preferred (monthly)
50c Mar. 1 Feb. 15
7% prior preferred (monthly)
58 1-3c Apr. 1 Mar. 15
6.36% prior preferred (monthly)
53c Apr. 1 Mar. 15
6% prior preferred (monthly)
50c Apr. 1 Mar. 15
United States Pipe & Fdy Co. (guar.)
12tic Apr. 20 Mar.30
Common quar.)
12 Xc July 20 June 29
Common quar.)
121ic Oct. 20 Sept.30
Common guar.)
12Xc Jan. 20 Dec. 31
1st preferred (quar.)
30c Apr. 20 Mar.30
1st preferred (guar.)
30c July 20 June 29
1st preferred (quar.)
30c Oct. 20 Sept.30
1st preferred (quar.)
30c Jan. 20 Dec. 31
United New Jersey Rot. & Canal \quar.)
$21i Apr. 10 Mar. 20
United States Sugar Corp., pref. (quar.)
$1 X Feb. 20 Sept 10
Preferred (quarterly)
$1 X Apr. 5 Mar. 10
Preferred (quarterly)
$1) July 5 June 10
'
,
Upson Co., class A & B
43Lic Feb. 15 Feb. I
Utica Clinton & Binghamton Ry.—
Common (semi-ann.)
$1 Feb. 11 Jan. 31
Debenture stock (semi-ann.)
S2X June 26 June 16
Debenture stock (semi-ann.)
S214 Dec. 26 Dec. 16
Utica Gas 3: Elec. $7 prof. (guar.)
$114 Feb. 15 Feb. I
d Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accn•
mulated dividends. j Payable in preferred stock.
1Blue 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 cona, 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.
m North American Aviation liquidating div. of 8-100ths share capital
stock of now Transcontinental & Western Air. Inc.
n Standard Oil of N. J. 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 shs. 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.
Westinghouse Electric div., 4 share of R. C. A. for a share of its corn.
and pref.: pref. shareholders given option of $3t in cash; pref. div. and
option constitutPs 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. S. funds. r A unit to Less depositary expenses.
x Less tax
A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 30 1935,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, JAN. 26 1935
Clearing Howie
Members
Surplus and
Undivided
Profits
• Capital
Bank of N Y dr Trust Co
Bank of Manhattan Co_
National City 13ank__
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover 13k dr Tr Co
Corn Exch Bank Tr Co_
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust Co
Conical Nat Ilk de Tr Co
Public Nat I3k & Tr Co_
S
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
Net Demand
Deposits,
Average
$
$
10,298,100
111,639,000
25,431,700
324,891,000
38,273,300 a1,056,128,000
48,104,400
365,591,000
177,294.700 51,038,297,000
10,297,500
284,653,000
61,512,800
596,492,000
16,124,900
192,389,000
89,218,100
400,076,000
57,819,800
401,062,000
3,608,900
29,644,000
68,839.400 c1,386,856,000
3,329,600
43,651,000
62,018,800 5633,402,000
8,160,400
14,874,000
7,503,200
56,875,000
21,381,500
236,090,000
7,644,700
54,841,000
5.148.200
52,985,000
Time
Deposits,
Average
$
6,527,000
29,183,000
152,525.000
20,397,000
51,176,000
102,710,000
28,644,000
20,980,000
12,004,000
4,870,000
1,841,000
66,965,000
310,000
17.275,000
258,000
4.011,000
17,016,000
1,389,000
37,515,000
Totals
614.955.000 721.990.000 7.280 436 000 575 son non
* As per official reports: National, Dec. 31 1934; State, Dec. 31
1934; trust companies. Dec. 31 1934.
Includm deposits in foreign branches as follows: a 5201,411,000:
563,747.000;
c $86,555,000; d $27,499,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Jan. 25:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH
THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JAN.
25 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
S
Grace National
24,327,900
Trade Bank of N. Y_
3,909,916
Brooklyn—
People's National__ _
4,646,000
Cash
Res. Dep., Dep. Other
N. F. and Ranks and
Elsewhere
Trust Cos.
$
90,500
126.626
$
2,803,000
999,289
97,000
710,000
Gross
Deposits
S
S
2,185,800 24,632,900
156,778 4,382,818
246,000
5,044.000
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kings County
Cash
Rea. Dep., Dep. Other
N. Y. and Banks and
Elsewhere
Trust Cos,
$
54,078,300 .5,273,000 7,999,800
7,004,082
91,006
718,053
12.942,041
*767,477
768,083
18,950,800 *2,726,200
592,900
30.034,900 *7,962,900
660,500
64,277,115 9,804,956 15,807,532
87,489,000
27.908.127
2,457,000 19,563,000
2,096.403 6,244,1192
Gross
Deposits
2,429,300 57,856,600
1,203.714 7,349,896
62,541 12,616,765
535.600 17,955,000
36,165,200
61,375,109
907,000 96,505,000
29,987,762
* Includes amount with Federal teserve as follows: Empire,$4,079,600; Fiduciary,
$540,807; Fulton, $2,528,006; Lawyers County, $7,294,300.
Vermont & Boston Telephone (semi-ann.)
$2 July 1 June 15
Vick Financial (semi-ann.)
71.6c Feb. 15 Feb. 1
Vulcan Detinning, preferred (quar.)
1 X % Apr. 20 Apr. 10
Preferred (quar.)
I X% July 20 July 10
Preferred (quar.)
1X% Oct. 19 Oct. 10
Weill (Raphael) & Co. (semi-ann.)
$4 Mar. lFeb. 1
Western Cartridge Co.6% preferred (quar.)
Feb. 20 Jan. 31
s1
Westinghouse Electric & Mfg. Co
Feb. 18 Jan. 21
Westland Oil Royalty Co., class A (monthly)_ _
10c Feb. 15 Jan. 31
West Penn Elec., 7% preferred
51',i Feb. 15 Jan. 18
6% Preferred (quar.)
Feb. 15 Jan. 18
$1
West Virginia Pulp & Paper Co.—
Preferred (quarterly)
$1 X Feb. 15 Feb. 1
Wilcox Rich Corp.class A (guar.)
d62Xc Mar. 31 Mar. 20
Class B
20c Feo. 15 Feb. I
Woolworth (F. W.) Co.(guar.)
60c Mar. I Feb. 11
Woolworth (F. W.)& Co.. Ltd.(final)
ztr2s.6d Feb, 8 Jan. 14
Wrigley (Wm.) Jr. (monthly)
25c Mar. 1 Feb. 20
Monthly
25c Apr. 1 Mar. 20
t The New York Stock Exchange has ruled that stock will not be Quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Jan. 30 1935 Jan. 23 1935 Jan. 31 1934
Assets—
Gold certificates on hand and due fr DM
S
S
- 2,041,711,000 1,919,528,000
U. S. Treasury.,
Redemption fund—F. R. notes
727,000
1.059,000
70,206,000
72,877,000
Other csah
•
Total reserves
- 2,112,644,000 1,993,464,000
Redemption fund—F. R. bank notes_ .-1,329,000
1,736,000
BIBB discounted:
Secured by U. B. Govt. obligati MIA
2,893,000
2,056,000
direct & (or) fully guaranteed... -.
Otherbills discounted
2,575,000
2,405,000
Total bills discounted
S
903,054,000
9,717,000
53,468,000
966,239,000
2,879,000
14,983,000
21,926.000
4,631,000
Total U.S. Government second' 5—
36,909,000
2,103,000
885,000
6,570,000
•
141,018,000 141,018,000
477.501,000 475,101,000
159,299,000 161.699,000
U. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
5,298,000
2,102,000
1,064,000
Bills bought In open market
Industrial Advances
172,237,000
353.258,000
308,451,000
777,818,000
833,946,000
777.818,000
Other securities
Foreign loans on gold
783,000
Total bills and securities
785,615,000
786,104,000
878.208,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
316,000
5,178,000
97,953,000
11,508,000
34,148,000
316,000
8,019,000
115.708,000
11,508,000
33,024,000
1,289,000
3,684.000
96,916,000
11,423,000
49,702,000
Total assets
- 3,049,098,000 2,949,472,000 2,010,340,000
LIabilUiss—
F. R. notes In actual circulation_ _ _ _ --- 643,699,000 638,357,000
F. R. banknotes in actual circulation net
24,583,000
24,748,000
Deposits—Member bank reserve ace L._ 2,033,433,000 1,924,462,000
U. El. Treasurer—General account —_
9,949,000
17,286,000
Foreign bank
6,979,000
3,969,000
—
Other deposits
117,610,000 103,957,000
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies_
All other liabilities
597,683,000
52,308,000
929,209,000
143,723,000
1,516,000
30,615,000
2,164,961,000 2,052,684,000 1,105,063,000
95,667,000 114,009,000
96,459,000
,59,701,000
59,667,000
58,607,000
49,964,000
49,964,000
45,217,000
877,000
773,000
7,501,000
—
7,501,000
4,737,000
2,145,000
50,266,000
1.769,000
Total liabilities
- 3,049,098,000 2,949,472,000 2,010,340,000
Ratio of total reserves to deposit a d
F. R. note liabilities combined_. --.
75.2%
74.1%
56.7%
Contingent liability on bills puree sod
for foreign correspondents _____ _ --1,594,000
116,000
116,000
Commitments to make industrial
advances
4.727.000
4.668.000
•"Other cash" does not Include Federal Reserve notes or a baniCe own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certlficatee being worth lees to the extent of the diferenee. the difference itself having been appropriated as profit by the Treasury
under cm provisions of rte (.old Reserve Art 01 1034.
Financial Chronicle
754
Feb. 2 1935
Weekly Return of the Federal Reserve Board
The following is Issued by the Federal Reserve Board on Thursday afternoon, Jan. 31, 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 JAN. 30 1935
Jan. 30 1935 Jan. 23 1935 Jan. 16 1935 Jan. 9 1935 Jan. 2 1935 Dec. 26 1934 Dee. 19 1934 Dec. 12 1934 Jan. 3r 1934
$
$
$
3
S
$
3
$
3
ASSETS.
Gold ctfs, on hand & due from U.S.Trea5 5 5,350,959,000 5.281,298.000 5.237,503,000 5.162,076.000 5.124,339,000 5.122,396,000 5,122.762.000 5,123.148,000 3,513,884,000
43,356,000
19,454.000
19.477,000
18,952,000
15,875,000
17,398.000
17,398,000
19,060,000
19,060,000
Redemption fund (F. It. notes)
280,320,000 286,400,000 287,444,000 287,644,000 253.091.000 213.620,000 219,662,000 235,881.000 234,848,000
Other cash 5
5,647,154,000 5,585,096,000 5,542,345,000 5,488,780,000 5.399.490,000 5.354,968.000 5,381,878,000 5.378,506.000 1,792,088,000
Total reserves
Total bills discounted
1.983,000
12,977,000
1,986,000
1,579,000
1,752,000
1.964,000
1,677,000
1,677,000
1.841,000
3,558,000
3,500,000
5,294,000
3,394,000
13,604,000
3,617,000
3,588.000
3.406,000
3,544.000
3,548,000
4,820,000
4.461,000
4.768,000
3,839,000
4,982,000
4,274,000
26,377,000
56,355,000
7,058,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted
8,688,000
17,221,000
6,994,000
7,092.000
9,281.000
8,607,000
9.250,000
82,732,000
EllIle bought in open market
Industrial Advances_
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
5.682,000
5,690.000 111,397,000
5,562,000
5.611,000
5,539,000
5,611,000
5,612,000
5,538,000
12,494,000
14,826,000
14,315.000
13.589,000
10.682,000
15.836,000
14,744,000
17,493,000
395,652,000 395,650,000 395.627,000 395.662.000 396.098,000 395.582,000 395.572,000 395,586,000 445,012,000
1,511,693,000 1,506,688,000 1,508,667,000 1,507,117,000 1,507,118,000 1,507.141,000 1,507,121.000 1,398,261,000 1,028,139,000
522,925,000 527,925,000 525,925,000 527,475,000 527,475,000 527,475.000 527.475.000 636,367,000 960,819,000
Total U. S. Government securit1es
Other securities
Foreign loans on gold
2,430,270,000 2,430,263,000 2.430,219,000 2.430.254,0002.430.681,000 2,430.193,000 2,430,171,000 2.430.217,000 2,433,970,000
1,293,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premlnes
All other assets
2,460,359,000 2.460,126,000 2,467,828,000 2.457.603,000 2,547.700.000 2.458,679,000 2,456,954,000 2.455,825.000 2,629,392,000
805,000
19,672,000
411,130.000
49,307,000
48,444,000
805,000
22.324,000
448,385.000
49,306,000
40,961,000
806,000
24.226,000
505,729,000
49,296,000
45,589,000
805,000
24,499,000
428.403,000
49,190,000
44.850,000
804,000
805,000
804,000
795,006
18,515,000
22.614,000
22,028,000
27,988,000
530.474.000 452,135,000 551,496,000 490,109,000
53.372,000
53.276,000
49,160,000
53,372,000
44,534,000
42,133,000
52.349,000
43,084,000
3,392,000
15,780,000
361,053,000
52,339,000
118,675,000
8,638,857,000 8.612,562,000 8.637.571,000 8.476.084,0008.905.828.000 8.387,313,000 8.490,500,000 8,451,358,000 6,988,696,000
Total Ballets
LIABILITIES.
F. It. notes In actual circulatios
F. It. bank notes In actual circulation_
3,068,172,000 3,066,915,000 3,099,050,000 3,138,987,000 3,215,661,000 3.261.403,000 3,231,862,000 3,201,456,000 2.926,243,000
27,054,000 203,057,000
26,185,000
28,752,000
25,869.000
25,697,000
25,683,000
28,363,000
26.003.000
Deposits--Member banks' reserve acesunt 4,541,755,000 4,500.919,000 4,387.560,000 4,282.546,000 4,039,552,000 3.961,204.000 3,943,123,000 4,111,949,009 2.651.945,000
49.155,000
67,227,000
97.750,000 241,860,000
56,481,000
80,137,000 125,594,000 168,114,000 232,261,000
U. S. Treasurer-General account_s
3,952,000
19,083,000
18,339,000
19,114,000
18.361,000
17.113,000
16,073,000
18,954,000
19,582,000
Foreign banks
178,141,000 169.073,000 196,677,000 174.725,000 170,971,000 168.016,000 168,548,000 166,502,000 137,278,000
Other deposits
4,792,450,000 4.738,230,000 4,669,803,000 4,556,522,000 4,405.071,000 4.318.916.000 4.360.293,000 4.393,314,000 3,035,035,000
Total deposits
412,710,000
146,870,000
144,893,000
11,560,000
30,820,000
5,685,000
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingenciesAll other liabilities
444.405,000 506.428,000 419,920,000 527,887,000
146,888,000 146,839,000 146.844.000 146.773,000
144,893,000 144,893,000 144,893,000 144,893,000
10,669,000
10,528,000
10,408,000
8.418,000
30.808,000
30,820,000
30,818,000
30.816,000
3,355,000
4,059,000
3,421,000
2,946,000
441.843.000
146,752,000
138,383,000
8.459,000
22,272,000
26,682.000
532.582,000
146,718,000
138,383,000
5,126,000
22,272.000
28,538,000
484.803.000 366,476,000
148.848,000 145,359,000
138.383,000 138,383,000
5.065.000
22,523,000
22,293.000
32,144,000 151,620,000
8,638,857,000 8,612.562.000 8.637,571,000 8,476,084.000 8.508.828,000 8,387,313,000 8,490,506,000 8,451,358,000 6,988,696,009
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
71.8%
71.6%
71.3%
71.1%
70.8%
70.7%
70.8%
317,000
11,739,000
317,000
11.109,000
567,000
10,846,000
878,000
10,375,000
674,000
10.213,000
675,000
8,225,000
651.000
7.399,000
70.8%
648,000
7,120,000
63.6%
4,477,000
I
Maturity Distribution of Bills and
Snort-term Securities
1-15 days bills diseousted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
$
$
$
S
$
8
5,266,000
251,000
1,417,000
84,000
74,000
7,281.000
404,000
884,000
638.000
74,000
6.885,000 •
221,000
863,000
627,000
31,000
7,962,000
177,000
441,000
649,000
27,000
61,744,000
7,341,000
9.730,000
3,245,000
672,000
8,688,000
17,221,000
8,994,000
7,092,000
9.281,000
8,807,000
9,256,000
82,732,000
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
609,000
1.317,000
741,000
2,719,000
882,000
1,269,000
515,000
2,869,000
1.144,000
1,084,000
1,185.000
695,000
1,027,000
2,724.000
1,140,000
513,000
1,271,000
2,758,000
254,000
1,221,000
1,075,000
3,140,000
33,092.000
31.661,000
29,153,000
17,431,000
60,000
5,538,000
5,539,000
5,562,000
5,611,000
5,612,000
5,611.000
5.682,000
5,690,000
111,397.000
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
885,000
12,410.000
99,000
146,000
205,000
832,000
11.212,000
95.000
34,000
283,000
689,000
9.581,000
17,493,000
15,638,000
14,826,000
14.744,000
00000
000.0
00000
0V.:006Ci
5,478,000
125,000
1,239,000
122,000
30,000
,i
Total bills bought In open market
$
15,588.000!
223,000
677,000
701,000
32,000
7.058,000
Total bills discounted
1-15 days bills bought in open market__ _
16-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought in open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
i
7,021.000
110.000
1,228,000
296.000
33,000
14,315,000
13,589,000
12,494,000
10,602,000
27,400,000
31.450,000
30,200.000
39,467,000
40,635,000
1-15 days U. S. certifIcatee and bills____
45,535,000
33,300,000
44,467,000
35.114.000
18-30 days U. S. certificates and bills-36,222,000
81,354,000
83,239.000
31-80 days U. S. certificates and bills-- 175,030.000 163,880,000 154,252,000
61-99 days U. S. certificates and bills-- 172.177,000 189.545,000 201.873,000 164.630,000 175,230,000
Over 90 days U. S. certificates and bills-- 2,007,374,000 2,001,189,000 1,999,427,000 2,111,235,000 2,107,462,000
38,399,000
27.500,000
83,199,000
90,570,000
287,807,000
42,399,000
30,950,000
80,317,000
78,752,000
295,057,000
149.872,000
38,390,000
73,035,000
81.354,000
293.707,000
45,260,000
74,170,000
316,087,000
128,893,000
404,409,000
2,430,270,000 2,430,283,000 2.430.219,000 2,430,254,000 2,430.081,000
527,475,000
527,475,000
636,387,000
960,819,000
Total industrial advances
Total U. B. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-80 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
1,240,000
36,000
17,000
1,293,000
3,385,435,000 3.386.374,000 3,433,031,000 3,480,183,000 3.518,368,000 3,551,542,000 3,540.121,000 3,506,943,000 3,180,943,000
297,263,000 319,459,000 333,931,000 343,196,000 302,705,000 290,139.000 308,259.000 305.487,000 254,700,000
3.068,172,000 3,066,915,000 3.099,050.000 3,138.987,000 3,215,861,000 3,261,403,000 3,231,862,000 3,201,458,000 2,926,243,000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold Mrs. on hand & due from U.S. Treas_ 3,258,370,000 3,274,200,000 3,292.700.000 3,288,200.000 3,314,200,000 3,350,200,000 3,366,700,000 3.309,200,000 2,516,317,000
5,582,000
7,575,000
6,932,000
7,694,000 158.736,000
15,778,000
5.523,000
7,285.000
By eligible Paper
5,537,000
186,000.000 188,000,000 193.000.000 238,000,000 243,100,000 238,000.000 200.000,000 226,000,000 570,100,000
U.S. Governm snt securities
Total collatei al
3.449.957.000 3.469.485.000 3,501,478,000 3.531,782.000 3,502,823,000 3,595,775.000 3.579,632,000 3,542,894.000 3,245.153,000
t Revised figures.
•'•Othen cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59,08 cents;
on Jan.31, 1931, these certificates being worth less to the extent of tne difference, toe difference itself having been appropriated as profit by the Treasury under the Provisions of the Gold Reserve Act of 1934.
a Caption shanged from "Government" to "1.1. 9 Treasurer-General account" and $100,000.000 included In Government depoeite on May 2 1934 transferred to
"Other deposits."
Financial Chronicle
Volume 140
755
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LI 13ILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 30 1915
Two Ciphers (00) Omitted.
Federal Reserve Bank al
-
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Aftnneap. Kan. City
Dallas
San Eras.
RESOURCES
$
$
$
5
5
$
$
5
$
5
$
$
5
Gold certificates on hand and due
from 11. S. Treasury
5,350,959,0 403,460,0 2,041,711,0 271,105,0 384,935,0 178,403,0 107,329,0 1,017,280,0 205,273,0 137,126.0 191,248.0 111,396,0 301,638,0
Redemption fund-F. R. notes
15,875,0
727,0 2,238.0
522.0
1,581.0
1,431,0 3,564,0
914.0
507,0
232,0
253,0 3,375,0
531,0
Other cash
280,320.0 31,588.0
70,206,0 36,396,0 14.269,0 13.305,0 15,695,0
32,926,0 11,828,0 12,184,0 12,191,0 8,323,0 21,409,0
Total reserves
5,647,154,0 435,570,0 2,112.644,0 309,739,0 400,785,0 193,144,0 126,588,0 1,051,120,0 217,608.0 149,542,0 203,970,0 119,972,0 326,472,0
Belem. fund-F. R. bank notes
1,986.0
250,0
1,736,0
Bills discounted:
Sec. by. U. S. Govt. obligations
direct and(or)fully guaranteed
237.0
3,558,0
2,056,0
466.0
395,0
125.0
106,0
28,0
80,0
15,0
50,0
Other bills disoounted ______ _
16,0
3,500,0
2,575.0
435,0
156,0
123.0
14,0
64,0
69,0
31.0
17,0
Total bills discounted
sills bought in open market
Industrial advances
U. S. Government Recur ties:
Bonds
Treasury notes
Certificates and bills
7,058,0
5,538,0
17,493,0
253,0
404,0
1,834,0
395,652,0 23,207,0
1,511,693,0 99,055.0
522,925,0 35,409.0
Total U. S. Govt. securities_ 2,430,270,0 157,671,0
Total bide and securities
Due from foreign bunts
Fed. Res. notes of other banks
Uncollected items
Bank premises
All other resources
Total resources
2,460,359,0 160,162,0
805,0
60,0
19,672.0
537,0
411,130,0 43,645,0
49,307,0 3,168,0
48,444,0
673,0
4,631,0
2,102.0
1,064,0
830,0
555,0
3,595,0
589,0
523.0
1,134,0
281,0
204.0
2,773,0
170.0
233,0
1,019,0
14,0
651,0
1,267,0
28,0
105,0
479,0
84,0
1,817,0
149,0
149,0
633.0
32,0
143,0
1,225,0
81,0
385,0
653,0
141.018,0 25,137.0 30.559.0 14.858,0 13,531,0
477.501,0 105,049,0 134.418,0 65,346,0 59,446.0
159,299.0 36.934,0 48.047,0 23,358.0 21,251,0
62,146.0 13,795,0 15,390,0 13,333,0 18,821,0 23,857,0
273,635,0 58,494,0 37,168.0 57,837,0 38.789.0 104,955.0
92,562,0 20,911,0 13,096,0 20,674,0 13.865,0 37.519,0
777,818.0 167,120,0 213,024.0 103,562,0 94,228,0
428,343,0 93,200,0 65,654,0 91,844,0 71.475,0 166.331,0
785,615.0 172,100,0 215,270,0 106,820,0 95,650,0 430,275,0 93,812,0 67,555,0 92,775,0 72,875,0 167,450.0
316,0
77,0
83.0
29.0
30.0
8,0
97,0
22,0
6,0
21,0
56,0
5.178.0
900,0 3,390,0
436,0
1,255,0
2.022,0 1,130,0
691,0 1,520,0
293.0 2,320,0
97.953,0 33,581,0 41.262,0 34,970,0 14,261,0
56,269.0 18,896,0 9,530,0 23,178,0 16.314.0 21,271.0
11,508,0 4.486,0 6,629,0 3,028,0 2,325,0
4,955,0 2,628,0
1,580,0 3,447.0
1,684,0 3,869,0
34,148,0 5,252,0 1,557.0
1,337,0
925,0
1,776,0
237.0
340,0
745,0
873,0
581,0
8,638,857,0 644.06503 3,049,098,0 525,677,0 666,480,0 342,719,0 241,884,0 1.545,663,0 334,319,0 229,649.0 325,252,0 212,032,0 522,019,0
LIABILITIES
F. It. notes in actual circulation_ 3,068,172,0 259,906,0 643,699,0 230,530,0 296,091,0 156,167.0 125,436,0
F. R. bank notes in act'l aircurn__
25,697.0
1,114,0
24,583,0
Deposits:
Member bank reserve account_ 4,541,755,0 308,462,0 2,033,433,0 218.548,0 283,899,0 128,665,0 79,554,0
U. S. Treasurer-Gen.
56,481,0 1,066,0
9.949,0 1.903,0 8.573,0 7,671,0 5,820,0
Foreign bank
16,073,0
1,331.0
3,969,0
1,926,0
1,77503
703,0
646,0
Other deposits
178,141.0 4,207,0 117.610,0 6,029.0 3,502,0 1.855,0 3,085,0
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13 b)
Reserve for contingencies
All other liabilities
Total liabilities
4,792,450,0 315,066,0 2,164,961,0 228,406.0 297,749,0 138,894,0 89,105,0
412.710,0 43,621,0
95.667,0 32.438,0 40,805,0 34,779,0 13.780,0
146,870,0 10,824,0
59,701,0 15,131,0 13.144,0 4.696,0 4,368.0
144,893,0 9,902,0
49,964,0 13.470,0 14.371,0 5,186,0
5,540.0
11,560,0
877,0 2,098,0 1.007,0
1,789,0
1,251.0
754.0
30,820,0 1,648,0
7.501,0 2,996,0 3,000,0
1,416,0 2,598.0
5,685.0
195,0
2,145,0
608,0
313,0
57,0
303.0
762,607,0 136,685,0 101,854,0 113,059,0 48,230,0 193,908.0
676.357,0 146,269,0 100,712,0 177,962.0 128.986,0 258,908.0
2,149,0 8,763,0 2,321,0
192.0 3,836,0 4,238.0
2.336,0
425.0
612.0
519.0 1,313,0
518,0
2,934,0 11,797,0 5,442,0
1,384,0 2,122,0 18,174,0
683.776,0 167.441,0 103,900,0 180,056,0 135,463,0 282,633,0
57,913,0 19.974,0 9,990,0 23,154,0 13,397,0 22,192.0
12,726,0 4,049,0 3.132,0 4,046,0
4.037,0 10,743,0
21,350,0 4,655,0 3,420,0
3,613,0 3.777,0 9,645,0
381,0 1,003,0
896.0
293.0
626.0
585,0
5,325,0
893,0
1,211,0
807,0 1,363,0 2,062.0
1,070,0
241,0
224,0
139,0
139,0
251,0
8,633,857,0 644,065,0 3.049,098,0 525,677.0 666,430,0 342.719,0 241.884,0 1.545,663,0 334,319,0 229,649,0 325,252,0 212,032,0 522,019,0
Ratio of total res, to dep. & F. It
note liabilities combined
Contingent liability on bills pus
chased for lor'n correspondenti
Commitments to make Industrie
advances
71.8
75.8
75.2
67.5
67.5
65.5
59.0
72.7
71.6
71.0
69.6
65.3
317,0
23,0
116,0
31.0
30,0
12,0
11,0
37.0
10,0
8,0
9,0
8,0
n
4 727 (1
200 0
320 n
sn n
,
734 0
030
11.7390
1 7'9
1
1 2(17
n
260
68.5
22,0
1 OM (1
•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bask
notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Longs At
(firma) Kan. City
Dallas
Sin Fran,
Federal Reserve notes:
5
5
Issued to F.R.Bk. by F.R.Agt_ 3,365,435,0 290,066,0
Held by Fed) Reserve Bank_ __ 297,263,0 30,160,0
$
$
$
$
$
$
$
5
5
$
$
743,238,0 248,862,0 312,108,0 166,309,0 144,923,0 792,084,0 140,927,0 107,125,0 122.915,0 53,307,0 243,571,0
99,539,0 18,332,0 16,017,0 ,10,142,0 19.487,0 11 29,477,0 4,242,0 5,271,0 9,856,9 5,077.0 49.663,0
In actual circulation
3,063,172,0 259,906,0
Oollateral held by Agent a, security for notes issued to Mrs:
Gold certificates on hand and
due from U. B. Treasury__ _ 3,258,370,0 301,617,0
Eligible paper
5,587,0
253,0
U. S. Government seeuritles
136,000.0
643,699,0 230,530,0 296,091,0 156,167,0 125,436,0 6762,607,0 136,685,0 101,854,0 113,059,0 48,230.0 193,908,0
TntAl enllittAral
788.706,0 216,500,0 282,215,0 139,340,0 83,085,0
3,335.0
714,0
539.0
256,0
171,0
32,000,0 30,000,0 29,000,0 65,000,0
702 011 0910 9110 219 004 nilli0 00011114 000 r1
2 110 0070 101 670 n
800,513,0 141,936.0 109,000,0 124,020,0 55.675,0 215,763,0
14,0
28,0
32,0
114.0
81,0
30,000.0
Stilfl 007 n111 nal n Inn nnn 0 191 1210
cc 707 n 9/5 0110
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total
Boston
New
York
Phila,
Federal Reserve bank notes:
Issued to F. It. Bk. (outstclg.)Held by Ferri Reserve Bank__
. 5
36,499,0
10,802,0
$
1,511.0
397,0
In actual circulation-net s.
(Joliet. pledged amt. outat. notes:
Discounted A purchased bills_
U. S. Government securities__
25,697,0
1,114,0
Cleveland Richmond Atlanta
5
$
24,780,0 10.208,0
197,0 10,208,0
Chicago
St. Louis Minneap. Kan. City Dallas
San Fran.
24,533,0
42,074,0
5,000,0
5.000.0
5
5
5
S
$
5
5
25,074,0 12,000,0
42.074.0
Total oollaterel
5
5
25.074.0 12 000 0
• Does not include $74,016,000 of Federal Reserve bank notes for the retirement
of which Federal Reserve banks have deposited lawful money with the Treasurer of
the muted 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 those for the Reserve 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 OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES. BY DISTRICTS. ON JAN. 23 1935
(In Millions of Dollars)
Federal Reserve DIstrfa-
Total
18,257
Boston New York
1,154
8.337
Phila.
Cleveland Richmond
Atlanta
1,966
533
356
566
424
1,935
51
276
67
33
53
49
207
28
29
219
4
4
59
1
32
4
1
44
20
10
177
68
34
287
943
101
257
10
37
109
190
28
97
5
6
101
152
5
54
3
23
115
172
21
41
20
244
308
681
45
331
531
46
1,765
524
65
245
563
104
8
390
164
27
102
131
69
4
259
128
6
96
117
85
8
205
125
61
155
142
171
16
73C
953
101
212
216
206
177
57
To brokers and dealers:
In New York
Outside New York
To others
723
164
2,158
20
32
164
607
57
989
22
17
167
2
7
168
6
1
50
449
973
3,124
7.235
612
2.819
46
91
259
379
10
153
243
250
1,331
3,353
293
1,214
21
71
173
290
50
264
2
13
74
17
130
79
598
135
239
187
59
3,401
267
13,916
4,429
1,293
1.770
4,259
1
246
69
938
318
89
111
208
1,715
57
7,216
1,034
748
148
1,930
147
13
716
317
74
171
248
149
19
695
434
53
124
188
50
11
240
137
10
83
103
WWWN,C,
Wol.W.WW
1,653
San Fran.
346
216
Reserve with F. It. banks
Cash In vault
Net demand deposits
'Time deposits
Government &Volts
Due from banks
Due to banks
11....notnirs from F. R. banks
Dallas
369
3.045
Acceptances and commercial paper
on real estate
Other loans
U. S. Government obligations
Obligs. fully guar. by U. S. Govt
Other securities
Si. Louis hfinneap. Kan. City
1.191
Loans on securities-total
Loans
Chtcago
1,075
tZV.01,- ,
0
...V.. 0.noNMOD
V. CICI
and Investments-total
ON.
V
Loans
Financial Chronicle
756
are
11114
„b
United States Government Securities
Bankers Acceptances
(Ctinaitirl
Taininfrco'
Feb. 2 1935
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Subscription-Payable in Advance
12 mos. 6 mos.
Including Postage$0.00
$15.00
United States, U. S. Possessions and Territories
9.75
16.50
In Dominion of Canada
10.75
South and Central America, Spain, Mexico and Cuba...._ 18.50
Great Britain, Continental Europe (except Spain), Asia.
11.50
20.00
Australia and Africa
The following publications are also issued:
in the rates of exchange.
-On account of the fluctuations
NOTICE.
remittances for foreign subscriptions and advertisements must be made
in New York funds.
WILLIAM B. DANA COMPANY, Publishers,
37 WALL ST., NEW YORK
United States Treasury Bills-Friday, Feb. 1
Rates quoted are for discount at purchase.
Asked.
Bid.
Asked.
Bid.
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
June 12 1935
June 19 1935
June 26 1935
July 3 1935
July 10 1935
JulY 17 1935
July 25 1935
July 31 1935
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1935
Mar. 6 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
)
Daily Record of U. S. Bond Prices Jan. 26 Jan. 28 Jan. 29 Jan. 30 Jan. 31 Feb 1
Quotations for United States Treasury Certificates of
-Friday, Feb. 1
Indebtedness, &c.
William Street, Corner Spruce, New York.
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.
Iaigh
First Liberty Loan
331% bonds of 1932-47__ Low_
Close
(First 3 58)
Total sales in $1,000 units....
{
Converted 47 bonds of.. Mgt
1932-47 (First
Close
Total sales in $1,000 units___
Converted 4K % bonds..{ High
of 1932-47 (First 4345) L0w_
Close
Total sales in $1,000 units___
Second converted 4 q % High
bonds 011932-47 (First Low_
Close
Second 43.18)
Total sales in $1,000 units__
1 High
Fourth Liberty Loan
411% bonds of 1933-38.... Low_
Close
(Fourth 434s)
Total sales in $1.000 units__
1 High
Fourth Liberty Loan
10
4S, 7 bonds (3d called)_ Low_
Clime
Total sales in $1,000 units__
High
Treasury
Low_
styie 1947-52
Close
Total sales in $1,000 units....
High
Low_
e5, 1944-54
Close
Total sales in $1,000 units__
High
1..ow_
43.1s-33is. 1943-45
Close
Total sales in $1,000 units__
High
Low
534,. 1946-58
Close
Total sales in $1,000 units___
High
4i.ow
33s, 1943-47
Close
Total sales in $1,000 units__
(311gh
(Low_
3. 1951-55
[Close
Total sates in $1,000 units ___
High
Low.
3s, 1948-48
Close
Total sales in $1,000 units___
High
1.0w_
$34e, 1940-43
[Close
Total sales in $1,000 units_ __
High
L0w_
354s, 1941-43
Close
Total sales In $1,000 units__
High
Low.
33.15, 1946-49
Close
Total sales in $1,000 units___
(filth
{Low.
3145 1949-52
[Close
Total sates In $1,000 units __ _ .
High
Low..
3315, 1941
Close
Total sales in $1,000 units__
High
Low.
3)4s. 1944-46
Close
Total sales in $1.000 units.__
High
Federal Farm Mortgage
Low_
334s. 1944-64
Close
Total sales in $1,000 units__
High
Federal Farm Mortgage
Low_
35, 1949
Close
Total sales in $1,000 units__
{High
loose Owners' Loan
Low.
is. 1951
Close
Total sales in $1,000 units..__
High
-tome Owners' Loan
Low_
35, series A, 1952
Close
Total sales is $1,000 units._
{High
iome Owners' Loan
Low_
2s,series B 1949__
Close
Total sales in $1,000 units_ __
104.16 104.17 104.10 104.10 104.9 104.13
104.16 104.15 104.10 104.9 104.4 104.8
104.16 104.16 104.10 104.10 104.8 104.13
50
60
7
15
51
1
____
-__,_
__-__
-___
____
--.._
103.28 103.28 103.27 103.24 103.22 103.23
103.27 103.25 103.25 103 20 103.22 103.21
103.27 103.25 103.26 103.20 103.22 103.22
32
1
69
15
6
10
-___
103.58
103.28
103.28
19
102.1
102.1
102.1
10
115.2
114.28
115.2
12
110.5
110.5
110.5
2
104.11
104.8
104.11
324
108.25
108.23
108.25
9
105.22
105.21
105.22
4
103
102.7
102.30
37
102.18
102.14
102.18
75
-___
_-__
--__
_.._
105.26
105.26
105.26
7
103.31
103.27
103.31
60
103.16
103.16
103.16
25
105.25
105.24
105.24
95
104.10
104.6
104.10
244
102.16
102.16
102.16
3
100.30
100.26
100.29
267
101.8
101.7
101.7
15
100.30
100.26
100.29
336
98.30
98.27
98.30
229
___.
.3i
-103
103.27
103.28
7
102.1
101.31
101,31
25
115
114.31
114.31
35
110.11
110.9
110.9
59
104.12
104.7
104.8
18
108.28
108.26
108.26
102
105.21
106.21
105.21
1
103
102.30
102.30
156
102.19
102.15
102.15
94
106
105.29
105.29
18
106
106
106
56
104
103.29
103.29
53
103.19
103.15
103.15
131
105.25
105.23
105.23
14
104.12
104.7
104.7
163
102.20
102.16
102.20
35
100.31
100.27
100.28
94
101.7
101.6
101.6
17
101
100.27
100.28
118
98.31
98.28
98.28
324
____
103:51
103.26
103.26
7
103.31
101.29
101.31
58
114.29
114.24
114.26
94
110.6
110.3
110.3
55
104.6
101.2
104.2
192
108.24
108.20
108.24
26
105.20
105.20
105.20
2
102.29
102,24
102.24
103
102.15
102.10
102.10
125
105.26
105.22
105.22
12
105.28
105.24
105.24
20
103.29
103.24
103.26
206
103.17
103.7
103.10
107
105.24
105.20
105.20
202
101.4
104
104
17
102.20
102.17
102.17
35
100.28
100.23
100.23
100
101.8
101.5
101.6
6
100.28
100.22
100.22
76
98.29
98.22
98.22
405
____
_
103.2ii
103.25
103.29
8
102
101.28
102
58
114.25
114.22
114.24
32
110.2
110
110.2
78
104.4
103.31
104.1
276
108.23
108.23
103.23
3
105.16
105.16
105.16
2
102.25
102.19
102.22
109
102.7
102.1
102.6
143
105.23
105.18
105.23
6
105.24
105.20
105.24
56
103.24
103.18
103.24
38
103.7
103.1
103.6
296
105.18
105.16
105.18
174
104
103.28
103.31
164
102.21
102.15
102.19
64
100.20
100.14
100.20
68
101.7
101.3
101.7
36
100.19
100.14
100.19
133
98.20
98.15
93.19
289
____
.35
-103
103.26
103.30
476
101.31
101.29
101.31
28
114.26
114.21
114.21
8
109.30
109.28
109.30
5
103.28
103.26
103.27
37
103.18
108.16
108.18
9
105.14
105.11
105.11
29
102.20
102.14
102.17
59
102.5
101.29
101.30
113
105.19
105.15
105.15
8
105.20
105.16
105.16
9
103.18
103.15
103.15
65
103.8
103
103
143
105.16
105.12
105.16
153
103.28
103.23
103.28
52
102.18
102.11
102.14
57
100.18
100.8
100.12
112
101.6
101.3
101.5
13
100.14
100.6
100.12
201
98.17
98.6
98.10
381
____
.3
-103 .1.
103.28
103.31
6
101.31
101.29
101.31
21
114.28
114.24
114.28
3
110
109.28
110
10
104.1
103.31
103.31
295
108.16
108.16
108.16
5
105.19
105.17
105.17
12
102.24
102.18
102.20
65
102.5
101.31
102.4
233
105.22
105.20
105.22
57
105.22
105.22
105.22
5
103.22
103.13
103.20
91
103.8
103.3
103.6
78
105.18
105.17
105.18
15
104
103.29
103.30
493
102.21
102.19
102.21
160
100.21
100.13
100.21
89
101.7
101.4
101.6
12
100.21
100.12
100.20
218
98.19
98.10
98.19
333
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 4th 43.1's(3d called)
3 Treasury 43is 1952
13 Treas. 434-31.15;
4 Treasury 45, 1944-54
11 Treasury 38, 1951-55
4 Federal Farm 351s, 1964
1 Federal Farm 35, 1949
101.27 to 101.29
114.24 to 114.24
103.29 to 104
109.29 to 109.29
102.19 to 102.19
102.14 to 102.14
100.15 to 100.15
Maturity.
June 15 1936___
Sept.15 1936...
Aug. 1 1935._
June 15 1939___
Mar. 15 1935___
Sept. 15 1938._ _
Dee. 15 1935_ _
Feb. 1 1938._
Int.
Rate.
Int.
Rate.
Bid.
Asked.
Maturity
13.1%
154%
,
256%
234%
2S-6%
%
0
2%7
100".
101"s
,
101 n
101Ito
100"st
10381,
102841"
104.11
100un
1010n
10Pst
1011Irst
101
1038st
1020
0
104713
13 1938....
Apr. 15 1936..._
June 15 1938_
June 15 1936...
Feb. 15 1937_
Apr. 15 1937_
Mar.15 1938..
Aug. 1 1938.....
Sept.15 1937...
Asked.
Bid.
%
2ti %
234%
3%
3%
3%
3%
flee.
104.11
1038st
,
104 st
101"st
104.in
1041Ist
104"st
334% 1040s:
334% 105"n
104sst
103"st
1049n
101"st
104",,
104Iist
1041Ist
104ust
1050st
-For review
The Week on the New York Stock Market
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Feb. 1 1935.
State.
Railroad
Stocks,
Number of and Miscell. Municipal &
For'n Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
322,810
692,010
574,890
426,040
525,330
493,580
$5,735,000
7,854,000
8,032,000
6,845,000
6,584,000
6,584,000
3,034,660 $41,634,000
$1,416,000
1,618,000
1,933,000
2,049,000
2,006,000
2,372,000
Total
Bond
Sales.
$8.293,000
10,666,000
10,986,000
10,486,000
10,175,000
10.155,000
87.733,000 511,394,000 $60,761,000
Week Ended Feb. 1
1934
Jan. 1 to Feb. 1
1935
1934
18,912,025
19,902,712
62,150,737
$9,160,400
24,446,500
82,550,000
$97,088,000
41,848,000
201,765,000
575,538,000
105,022,500
313,616,000
860,761.000 $116,156,900
5340,701,000
5494,176,500
1935
3,034,660
-No. of shares..
Stocks
Bonds
$11,394,000
Government
7,733,000
State and foreign
41,634,000
Railroad .it industrial
.
Z Total
$1,142,000
1,194,000
1,021,000
1,592,000
1,585,000
1,199,000
United
Stales
Bonds,
CURRENT
NOTICES
Seligman, Lubetkin & Co., 50 Broadway, this city, have prepared a
new booklet dealing with real estate securities, entitled "A Reflection of
Increased Values."
Cassatt & Co. Incorporated announce that Edward G. Webb,formerly
with Rutter & Co., is now associated with them in their municipal bond
department.
-Phelps, Fenn & Co., 39 Broadway, Now York, amo distributing a
Current Isst af State and municipal bonds yielding from 1.00% to 4.50%.
& Co.. 20 Broad St., this city are distributing a comparative
analysis of Now York bane stocks.
Walter H. Woodward has become associated with the bond department of Syle, Carpenter & Black.
-Murray T. Donoho has been elected a director of J. G. White & Co.,
Inc.
FOOT NOTES FOR NEW YORK STOCK PAGES
* Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deferred delivery.
r Cash sale.
Ex-dividend.
y Ex-rights.
32 Adjusted for 25% stock dividend paid Oct. 1 1934.
33 Listed July 12 1934; par value 105. replaced .C1 par, share for share.
34 par value 550 lire listed June 27 1934; replaced 500 lire par value.
$5 Listed Aug. 24 1933: replaced no par stock share for share.
effect to 3 new shares exchanzed for
36 Listed May 24 1934; low adjusted to give
1 old no par share.
66 2-3% stock dividend payable Nov. 30 1934.
32 Adjusted for
34 Adjusted for 100% stock dividend paid April 30 1934.
1934.
39 Adjusted for 100% stock dividend paid Dec. 31
40 Par value 400 lire; listed Sept. 20 1934; replaced 509 lire par value.
41 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:
ss Pittsburgh Stock
12 Cincinnati Stock
New York Stock
23 Richmond Stock
II Cleveland Stock
New York Curb
14 Colorado Springs Stock as St. Louis Stock
New York Produce
25 Salt Lake City Stock
Denver Stock
New York Real Estate
26 San Francisco Stock
16 Detroit Stock
Baltimore Stock
sr San Francisco Curb
12 Los Angeles Stock
Boston Stock
22 San Francisco Mining
Curb
Is Los Angeles
Buffalo Stock
29 Seattle Stock
9
' Minneapolis-St. Paul
California Stock
20 New Orleans Stock
59 Spokane Stock
Chicago Stock
31 Washington(D.C.)Stock
Chicago Board of Trade al Philadelphia Stock
Chicago Curb
757
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. No account is taken of such
sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
$ Per share $ per share $ per share $ per share S Per share $ per share Shares
.363 40 .363 40' *363 40
8
8
8
*3638 ____ *37
____ *3638
__ ___ ___ Abraham dr Straus
No par
112 112 *112
*112 _ _ •112
100
_ __ *112
____
_ _ •112
Preferred
100
63
8 63
4
63
8 812
614 -63;
614 "612 614 - 612
61s 614 4,900 Adams Express
No pat
8812 8812 89 89
*8714 90
*8714 90
883 883 *8714 90
4
260
4
Preferred
100
4
3112 3112 3018 303 *2812 3014 30
30
*30
1,000 Adams Millis
303
8 297 30
8
No par
4
812 812
83
4 83
83a 812
834 878
85
8 85
8
83
4 9
2,300 Address Multigr Corp
10
*512 57
3
513 53
8 *13r3 57
8 *5313 57
200 Advance Rumely
8
No par
53
4
8 53
8 *53
8 53
714 714
718
714 714
714
714 714
8 73
4 3,400 Affiliated Products Inn. _ _No par
73
s 75
8
75
no 110
111 111
10012 11012 11014 111
111 In
1103 11114 2,100 Air Reduction Inc
4
No par
158
8
112
13
*13
4
8
112
158
13
4
134
13
134
158
158 1,600 Alr Way Elea Appliance No Par
173
8 165 167
1714 1712 17
8
8 163 1718 1718 1712 1714 1712 13,800 Alaska Juneau Gold Min
8
10
-. _ __ _
-_
- _ .._
_ _ __
_
_ ______ Albany & Susquehanna
100
*27 1;3 *2i8 - -3
8
3
3; *ii "3
8 -14 .iis 114 *278 14 * 58 114
,
A P W Paper Co
No par
112
13
8
15
8
13
8
D2 15
8
112
112
112 112
13
8
112 3,400 :Alleghany Corp
No par
*514 614
514 514
5
5
5 12 512
53
4 53
SOO
4 *518 8
Pref A with $30 wan.
100
5
5
*418 53
4 '418 53
4
418
418 *43
4 *414 53
8 53
4
Pref A with 240 wary
100
200
*4
*312 512 *311
57
8 *4
5
Prof A without watt
37
100
8
512 . 8 512
512 *37
*2214 25
*22
*22
28
25
227 227 *21
8
,
223 "2112 2312
4
100 Allegheny Steel Co
No par
_ _ ___ Allegheny & Wt6% gtd___100
es
•12,- 131"
1i57538 1353; i2i2 116- iiii4 iir-- _ 1,700 Allied Chemical & Dye___No par
. --,
125 12518 12414 12412 12414 12412 12412 1243 *12414 12412 1,000 Preferred
*12518 126
4
100
157 1614 157 1618 16
8
163 17
8
8
1612 1612 163
4 1612 163 10,400 Allis-Chalmers Mfg
4
No par
173 18
4
177 183
8
8 18
1818 173 175 •177g 1838 *1712 18
8
8
800 Alpha Portland Cement No par
*318
33
8 *318 33
8
318 314
318 314
314 314 *318 33
8
500 Amalgam Leather Co
1
31
*2912 333 *2912113334 *2912 333 '2912 333 •31
31
4
32
100 7% preferred
4
4
50
53
.53
5212 53
5312 53
*53
54
54
4,400 Amerada Corp
56
5612 55
No par
_ ____
_ _ ____ I_ _ __
___ ___
_ ____
__ _ _ _ ___ Am Agri Chem (Conn) pf _No par
5614 5412 58
563 - _- 4 55 - 4 563
*5518 56
____*557 --8 57
5518 -5534 1,800 Amer Agri° Chem (Del) __No par
16
1514 153
16
8 143 1518 *153 157
4
1614 18
8
8 16
1638 2,200 American Bank Note
10
4912 4912 4914 4912 *4814 4912 *4814 49
4812 4812 4838 4838
140 Preferred
50
2714 *27
27
2714 27
2712 27
27
*28
27
*26
27
1,100 Am Brake Shoe & Fdy_-_No par
121 12112 122 12214 12214 12214 122 122 *12018 1213 *12018 1207
4
90 Preferred
8
100
11312 11412 11218 11312 11112 1127 112 113
8
11214 113
11134 11218 7,200 American Can
25
15312 15312 15312 15312 *15312 155 *15312 155 *15312 155
*15314 155
200 Preferred
100
18
17
1712 17
18
173
8 17
1718 *1714 173 *1712 175
4
8 2,700 American Car & Fdy
No par
41
3812 3812 3914 3914 3912 40
4118 3912 41
3912 3912 1,400 Preferred
100
*87
8 912
*87 10
8
9
9
8
8
*714
300 American Chain
9
*714
No par
9
*38
393
*38
4 38
40
38
*38
397 *38
8
39
38
38
400 7% preferred
100
683 *6812 6878 6812 6812 *6712 673
93818 687 .68
8
8
4 6712 6712
300 American Chicle
No par
*253 35
4
.253 35
4
*253 35
4
*253 35
4
*253 35
4
*253 35
4
Am Coal of 18.7 (Allegheny Co)25
*3
318 *3
318 *3
318 *3
318 *3
318 *3
318
Amer Colortype Co
10
28
287
29
8 2714 283
29
4 273 273
8
4 277 2812 2714 2712 3,300 AM Comml Alcohol Corp
8
20
*714
Thr
73
8
738
67
8 7
67
8 7
7 14
73
8
7
7
1,000 b American Crystal Sugar
10
6313 6312 6212 63
62
63
63 633
4 6412 6412 6412 647
8
390
7% preferred
100
23
8 23
8
212 212
214 214
218 214
214 214 1,400 Amer Encaustic Tiling_No par
214 214
*414 514 *413 518 *418 518 *418 513 *418 518 *418 434
Amer European Sec's____No par
412 412
418 41 2
418 418
418 418
418 418
2.200 Amer & Forn Power
418 4,
8
No par
4
1714 1712 1718 1712 173 173
1814 183
4
4 1814 1814 *1718 1814
1,700
Preferred
No par
7
7
*614
73
8
67
8 67
8 "612 67e •612 63
4
612 63
8
600
2nd preferred
No par
*1312 15
133 135 •127g 15
8
8
14
14
*1414 15
1418 1414
400
56 preferred
No par
*1133 123 *113 123 *113 123 *11313 123
4
8
4
8
4
4 1138 1138 *1114 123
4
100 Amer Hawaiian S 13 Co
10
*43
4 5
*43
4 5
*414 43
4
412 412 *413 478 .412 5
100 Amer Hide & Leather___No par
223 223
8
8 22
2212 2114 2114 2114 2114 21
2112 2114 2114
1,300
Preferred
100
313 3131 313 313
8
4
4 3112 313
4 313 3112 315 313
8
8
4 313 313
4
4 2,200 Amer Home Products
1
243
2 43
4
418 43
8
412 453
43
4 43
4
43
4 43
4
43
4 43
4 4,600 American Ice
No pat
*3412 3614 3412 3412 3512 3614 3514 3514 36
36
36
36
1,000
6% non-cum prat
100
*6
578 618
63
8
6
6 18
6
618 "6
614
6
6 1s 2,520 Amer Internat Corp
No par
"
53
3
4
5
8
5
8
*12
5
8
Am L France & Foamite_No par
400:
*12
53
58
12
12
*12
*43
8 5
414 45
*45
8 5
8 *438 5
*432 518 *4
434
90
Preferred
100
1712 1814
1612 17
1613 163
4
1612 1612 17
1714 1718 1712 2,400 American Locomotive____No par
.52
53
50
5114 5114 50
*4812 4912 50
50
4912 51
600
Preferred
100
203 203
8
8 2018 2012 2014 2012 201/ 2012 2053 2114 21
3
213
8 3,900 Amer Mach & Fdry Co_No par
*63
4 7
*63
8 7
7
612 7
*612 7
612 612 *614
500 Amer Mach & Metals____No par
*63
8 7
*63
8 7
613 614
6
6 14
*6
612 *53
700
Voting trust ctfs
4 612
No par
16
16
153 16
4
155 16
8
153 18
4
16
18
1534 161s 3,700 Amer Metal Co Ltd
No par
•78
85
78
78
*78
80
80
80
80
80
*78
8918
300
8% cony preferred
100
•23
28
.23
28
2412 2412 *2412 26
'2412 26
'25
26
100 Amer News. NY Corp__ No par
318 314
3
3 14
3
3 18
3
353
3
314
318 318 5,100 Amer Power & Light____No par
1312 137
8 13
1312 1212 123
4 13
4 123 123
1338 127 1278
4
8
1,500
86 preferred
No pat
1112 117
s
113 113
8
8 103 103
4
4 105 105
8
8 11
11
107 11
8
1.100
$5 Preferred
No par
133 14
4
1334 1418
,3
1418 143* 137 1418
14
1418
133 14
4
17,900 Am Red & Stand 8an'y
No par
.13512 13712 .13512 13712 13512 13512 13512 13512 13512 13512 *135 136
150
Prefer red
100
4 2012 2118 2014 207
215 213
8
8 2012 21
203 213
8
8 203 213 10,600 American Rolling Mill
4
8
25
4 69
6914 *6734 683
69
6912 6912 89
*6812 707 "6812 71
400 American Safety Razor __No par
8
*5
514
5
5
5
5
47
8 5
*43
4 5
500 American Seating v 1 a., No par
*43
4 5
"4
7
2
"4
1
-,,._- - - - _- - -- - ,,
Amer Ship & Comm
- - ,
No pa
24
*22
24
24
212 *22 -2212 "22 - - •22 - .
2212 --3
23
23
40 Amer Shipbuilding Co
No par
8
8 343 3518 3414 35
3514 355
4 345 3514 3438 347 11,000 Amer Smelting & Refg
8
3418 343
8
No par
8
12238 12358 12212 12212 122 122
8
12312 12312 1233 1233 123 123
1,100
Preferred
100
1093 1093 109 109
8
1093 110
110 110
4
4
10912 10912 110 110
1,100
2nd preferred 8% cum
100
663
4 66
663
.66
4 66
66
68
66
66
68
66
66
SOO American Snuff
25
.
•125
*125..
_ _ •124
125 - __
_ .•124 -.•124
_
_ _ ___
_
Preferred
100
163 1718 1612 1(i 71
4 1612 16
- 12 1612 1i38 17
1714
-3
17 1712 8,200 Amer Steel Foundries____No par
*8818 90
90
*8812 90
*88
8818 881e 8818 8813 *88
90
30
Preferred
100
*4019 4012 3973 4018 38
4012 41
3918 3713 38
1,500 American Stores
383 387
4
8
No par
8 62
62
62 62
6318 6318 6218 635
61
131
60
6014
1,900 Amer Sugar Refining
100
e
•128 1297 12913 12918 1291 3 12913 1293 1293 12914 12914 1287 1297
3
3
3
8
700
Preferred
100
8 1812 193
4 19
4
.205 213
20
8
8 193 203
2018 21
203 2114
8
3,000 Am Sumatra Tobacco____No par
4
8
4
104 10412 1033 10414 1033 10418 104 1043 10438 10518 10414 105
10,400 Amer Telep & Tales
100
8012 80
.80
8012 7912 8012 81 18 8114 803 81
*803 8112
4
8
1,800 American Tobacco
26
813 8212 81
4
82
82
8112 82
82
813 8212 8112 8214 5,800
4
Common class B
25
4
1303 1303 13014 13014 13012 131 *13114 1313 1313 1313
4
•13014 131
4
4
4
700
Preferred
100
14 *5
*43
4 512 .45
8 5
*412 5
512 *412 5
43
4 43
4
100 :Am Type Founders
No par
8
1634
1514 1514 •16
1612 163 •15
.1614 1612 .155 16
8
16
110
Preferred
100
1314
1234 13
127 13
8
13
13
4
133
8 127 13
135 133
8
8
6,100 Am Water Wks & Elec___No par
*553 58
4
•5534 58
58
.56
5712 5712 5712 553 55
4
•56
400
1s1 preferred
No par
753 73
4 *7,
73
4 819
1 73
8
712 753
73
4 2.900 American Woolen
8 73
4
714 73
No par
4 3812 385
3812 383
8 39
39
8
3934 4014 39
383 40
3912 3,200
Preferred
100
112 *114
*114
112 *114
1 12 *114
112 *11 4
112 '114
tAm Writing Paper
1 12
1
•5
538
43
4 43
4 •412 53
8
43
8 45
8 *434
512 *413 53
4
300
Preferred
No Pa,
4
4
*37
418
8 4
*334 41e •4
4
*418 43
8
418
500 Amer Zinc Lead & Smelt.,.,. 100
3912 *36
3912 .36
391*
38
3912 "36
*36
38
.36
.36
Preferred
22
,
105 107
8
8 1012 107
4 103 103 12,600 Anaconda Copper Mining_ _50
8
8 1014 1053 103 1012 1012 103
8
4
*1634 17
1714 1714 `1631 173
4 18
8 18
•
163
18
.165 18
8
300 Anaconda Wire & Cable__No par
161*
1614 1614
16
1618 159 1538 16
16
•16
*1512 16
SOO Anchor Cap
No pa,
1
010614 1061 •106 10712 *108 10712 10714 10712 107 107
106 106
440
76.50 cony preferred_No pa,
6
*4
6
*4
.4
*4
6
*4
8
6
•4
534
Andes Copper Mining
10
14 373
•3718 38
3712 3712 3712 375
4
363 363
4
37
.37
4 37
2 1,400 Archer Daniels Micird-No par
.117
_ _•11712 _ .•11712 _ _•1173
4 _ _ *118
_ .•118
_ _ __ ___
7% preferred
100
-14
- -14 1003 1 1- 12 102 102 •10012 1021_200 Armour & Co (Del) pref
4 -0
- -12 101 101 *10014 101
•101 101
--- 100
518 514
518
514
512 511
518 514
518 53
8
514
53 18,400, Armour of Illinois new
8
5
67
8 6712 673
5812 6712 68
673
4 6712 675
68
3,0001
4 6712 68
56 cony pref
No par
0$ 1083 108 110 .103 109
8
10712 1081,7
99 10213 105 107
1
Preferred
100
iia- 13634 1347iiii;
1
For footnotes see page 756.
Range Since Jan. 1
-share Lots
On &Rt., of 100
Lowest
$ per share
363 Jan 23
4
110 Jan 10
618 Feb 1
4
843 Jan 2
297 Feb 1
8
8 Jan 12
514 Jan 12
63 Jan 15
4
10912 Jan 29
112 Jan 5
165 Jan 29
8
2
13
8
5
418
5
21
Jan 4
Feb 1
Jan 29
Jan 30
Jan 12
Jan 12
4
1323
1233
4
1518
1712
318
Jan 15
Jan 4
Jan 15
Jan 12
Jan 29
2814 Jan 10
4812 Jan 11
4712
1312
43
27
119
110
1513
4
17
3712
3
38
6714
Jan 2
Jan 12
Jan 11
Jan 15
Jan 8
Jan 15
Jan 4
Jan 28
Jan 15
Jan 30
Jan 11
Jan 2
3 Jan 12
27 Jan 15
67 Jan 29
8
573 Jan 2
8
218 Jan 12
414 Jan 2
4 Jan 15
17 Jan 15
612 Feb 1
135 Jan 28
8
1114 Jan 23
412 Jan 30
21
Jan 31
8
305 Jan 15
312 Jan 2
287 Jan 2
8
53 Jan 15
4
12 Jan 2
4 Jan 12
1612 „Ian 28
4912 Feb 1
220 Jan 15
612 Jan 29
6 Jan 30
1414 Jan 15
72 Jan 2
224 Jan 3
3 Jan 24
1214 Jan 15
1012 Jan 15
133 Jan 29
4
135 Jan 2
2014 Jan 15
67 Jan 4
45 Jan 18
8
3 Jan 3
8
22 Jan 2
3418 Jan 15
122 Feb 1
109 Jan 29
63 Jan 16
127 Jan 3
1412 Jan 15
8818 Jan 30
3712 Jan 31
60 Feb 1
12612 Jan 3
1812 Jan 29
103 Jan 15
79 Jan 15
81 Jan 15
12918 Jan 18
412 Jan 2
1318 Jan 12
123 Jan 29
4
5534 Feb 1
712 Jan 30
3412 Jan 28
118 Jan 14
Vs Jan 11
4 Jan 18
38 Jan 5
1014 Jan 29
1612 Jan 2
157 Jan 15
8
103 Jan 4
412 Jan 12
36 Jan 16
11814 Jan 4
997 Jan 21
8
518 Jan 15
6412 Jan 15
85 Jan 2
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low i m
'
High
S per share 8 per sh
30
363 Jan 23
4
89
112 Jan 26
6
714 Jan 2
65
89 Jan 28
1412
3312 Jan 2
6
9'8 Jan 4
3 18
614 Jan 3
47
8
73 Feb 1
4
8018
1153 Jan 8
4
17 Jan 7
8
114
s
22018 Jan 9 17 163
170
2
312 Jan 8
114
17 Jan 7
8
43
8
7 Jan 4
4
612 Jan 2
37
8
63 Jan 5
8
1314
23 Jan 7
82
141 Jan 3 10712
12518 Jan 28 117
103
8
1739 Jan 7
11,
2
2014 Jan 5
218
3 8 Jan 8
5
2114
31 Jan 21
27
5612 Jan 31
2712
20
5712 Jan 23
1118
17 Jan 22
3412
5012 Jan 23
1912
295 Jan 3
8
88
1221 4 Jan 28
80
1177 Jan 3
8
155 Jan 21 120
12
2014 Jan 9
313
8
453 Jan 9
8
4
93 Jan 23
8
14
4012 Jan 2
4312
69 Jan 7
20
2
318 Jan 25
203
4
3314 Jan 3
612
818 Jan 3
32
67 Jan 24
118
3 Jan 3
4
51s Jan 21
8
37
518 Jan 3
113
4
207 Jan 3
8
618
812 Jan 7
1014
17 Jan 3
13 Jan 10
1012
312
53 Jan 5
4
173
4
2534 Jan 3
243
4
323 Jan 2
8
3
47 Jan 17
8
2534
3712 Jan 23
434
63 Jan 3
4
34 Jan 18
38
2
6 Jan 18
2034 Jan 9
1412
3512
5613 Jan 0
12
4
233 Jan 3
712 Jan 3
3
3
7 Jan 3
127
8
1612 Jan 5
63
80 Jan 15
203
4
22514 Jan 3
3
33 Jan 4
4
113
8
145 Jan 3
8
912
1212 Jan 3
$ Per share
35
43
111
89
6
117
8
7014 285
16
34
73
83
4 1138
318
Vs
47
8
9521
9134 113
13
3
33
8
16% 237
3
198
205
23
4
77
11
1618 Jan 7
934
138 Jan 4 10712
8
123
24 Jan 7
335
8
7212 Jan 21
2
51* Jan 2
1 18 Jan 7
5
8
15
2614 Jan 7
2812
4018 Jan 7
71
12518 Jan 14
57
112 Jan 15
43
67 Jan 4
130 Jan 11 108
1018
1814 Jan 0
52
92 Jan 4
35141
43 Jan 9
4512
871* Jan 7
130 Jan 23 102
11
243 Jan 3
8
1063 Jan 4 10018
4
8312
4
843 Jan 7
847
8
863 Jan 7
8
4
1313 Feb 1 105
218
63 Jan 18
4
7
1938 Jan 18
125
8
2147 Jan 10
8
50
60 Jan 5
914 Jan 2
7
36
4518 Jan 3
1
134 Jan 18
612 Jan 18
238
33
43 Jan 4
4
4
32
383 Jan 8
4
123 Jan 7 • 97
8
8
1878 Jan 8
73
8
131,
175 Jan 4
8
80
10712 Jan 30
418
5 8 Jan 3
,
3914 Jan 10
217
8
11814 Jan 4 108
64
102 Jan 11
618 Jan 3
312
703 Jan 10
8
4814
100 Jan 30
3114
10
11112
1312
38
218
78
1753
3014
100
7114
4
483
106
1014
597
8
37
48
10312
133
4
10013
8514
67
10714
3
73
4
125
8
59
7
36
1
27
s
334
3612
10
914
1.14
438
4
37
8
15
82
11518
12218
1038
1112
218
25
39
38
2514
1112
40
,
191
96
9014
12612
12
32
912
19
4614
22
218
2034
812
612
118
4
338
113
4
612
11
1012
312
1734
25 4
3
3
253
4
04
2
4
314
1411
3512
123
8
314
412
1273
63
21
3
113
8
912
13 8
,
84
453
514
1818
143
8
143
8
2318
9814
1803
4
180
233
8
2018
71
3
45
555
8
40
98
2514
5012
38
122
1143
4
15212
337
8
5612
1214
40
703
8
3512
853
8212
1312
727
8
5
1012
133
4
30
17'2
25
225
8
1012
4214
363
2
10
4514
11
112
10
383
4
745
8
8
235
1014
10
275
8
91
343
4
1214
297s
26 4
,
175
8
1377
8
2814
6534
73
2
238
30
51,
4
125
10912
71
1271 2
2612
92
4434
72
12918
24
12514
8512
89
1303
4
13
283
4
2753
80
1718
83 4
3
414
171 2
9
5018
175
4
1103
2
04
108
10,8
2814 3913
.10
117
7614 1033
8
312
63
4
4614 7114
54
85
,
New York Stock Record-Continued-Page 2
758
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
-share Lots
On Baste of 100
Lowest
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
Par $ per share
434 43
4 *43
45 Jan 15
43
4 5
4 5
5
4 54
44 5
3
47
3
8 518 1,100 Arnold Constable Corp
*412 612 *412 612 *43
612 *43
812 *45
612 *35
612
NO par
Artloom Corp
*7018 -___ *704 -___ .7018 _-_ *7018 ____ *7018 ____ *7018 ____
Preferred
100 7018 Jan 22
10
-iii li1" "iii Ii" -iii2 -1f58 -iii8 li" --- ---- --- I.-- 2,400 Art Metal Construction
- 8
4
8
8 107
8
118
Assoelated Dry Goods
12 11% 113
1
107 Feb 1
2
*93
98
94
95
93
93
*90
9412 *90
9412 *90
93
400
6% 1st preferred
100 8733 Jan 15
64
64
*50
85
*55
65
*5214 65
*5318 64
*5314 64
100
7% 2d preferred
100 63 4 Jan 2
3
*30 4 35
3
*303 35
4
*30 4 35
3
303 303 *3012 3312 *3012 39
4
4
10 Associated 011
25 30 4 Jan 30
3
47
49
4558 474 447 4612 4518 45 4 45
8
3
4614 4314 45
27,000 A4C/1 Topeka & Santa Fe____100 434 Feb 1
84 84
83 83
823 83
4
824 824 813 82
8
80
80
1,300
Preferred
100 80 Feb 1
30
3012 2913 2912 29
2914 2812 2918 2912 30
2878 288 2,800 Atlantic Coast Line RR
100 2812 Jan 30
i
*
54 614 *54 614 *518 512
50 At0 & W I SS Lines--No par
518 54
518 518 *5
614
518 Jan 30
*8
11
*8
11
*8
11
*8
11
*8
11
*8
103
4
Preferred
100
8 Jan 12
2458 243
4 2414 2434 2418 2422 2418 243
2433 2452 2412 2478 6,400 Atlantic Refining
25 233 Jan 18
4
40
38
38
374 38
8
3814 3812 39
3913 395 *38
39
1,500 Atlas Powder
No par 3713 Jan 30
*10812 110 *10812 110
109 109
109 109
109 109
10812 109
60
Preferred
100 1063 Jan 2
4
8 *6
68 *6
612 *8
*64 7
*64 85
63
4 *6
63
8
64 Jan 23
Atlas Tack Corp
No par
2313 24
2318 23 8 223 233
5
4
4 2318 2312 2313 23 4 237 2414 4,100 Auburn Automobile
3
8
No par 223 Jan 29
4
10
10
9
93
4
88 87
87
3 94
8 *93 10
8
914 914 1,400 Austin Nichols
No par
87 Jan 29
8
5212
5012 5012 5013 51
54
5512 50
51
51
*51
53
230
Prior A
No par 50 Jan 28
47
5
43
4 5
458 5
43
4 47
43
4 5
10,300 Aviation Corp of Del(The)__5
412 Jan 15
47
3 5
4
/
57
58 8
3
58
5 8 58
3
512 5 4
3
54 6
3
512 Jan 15
558 53
4 4,900 Baldwin Loco Works
No par
243 243
4
4 2313 2312 2318 2312 23
2318 233 2418 2314 2314 1,200
8
Preferred
100 22 Jan 15
112 12
4
11
115
8 107 113
8
8 11
1114 1112 113
4 1133 1112 11,700 Baltimore & 01110
8
100 107 Jan 29
143 1412 1414 143
4 14
14
1312 14
14
143
4 138 1412 2,300
Preferred
100 1312 Jan 30
*101 102 *10114 102
102 102
10114 10114 101 101
102 102
60 Bamberger (L) & Co pref
100 101 Jan 2
*3812 3914 3818 3812 3718 3718 373 373
4
4 3914 3914 *3718 39
600 Bangor & Aroostook
60 3718 Jan 29
*10918 110
110 110 *108 110 *108 110
108 110 *10818 110
10
Preferred
100 108 Jan 15
*43* 4 4 *414 47
47
5
5
5
3
8 *43
400 Barker Brothers
4 47
8 *412 5
No par
414 Jan 2
*363 3912 *37
4
38
37 37
37
374 37
37
37 37
210
634% cony preferred
100 3212 Jan 15
614 658
618 614
64 614
618 614
614 614
618 614 3,300 Barnsdall Corp
5
618 Jan 22
4212 4212 4113 4212 *4014 4112 *4014 42
*4014 4112 *4014 4112
600 Bayuk Cigars Inc
No par 40 Jan 15
01073 1074 10814 1084 10814 10814 10814 10814 *108
4
.*108
_
90
1st preferred
100 1073 Jan 11
4
173 173* 164 17
8
1612 163
4 1612 1812 *1812 1713 *1612 17
1,300 Beatrice Creamery
25 164 Jan 18
*10012 102
102 10218 102 102 *101 10212 *101 10212 *101 10212
400
Preferred
100 10012 Jan 5
74
*74
*76
78
*76
77
74
743 *74
4
74
7412 74
200 Beech-Nut Packing Co
20 73 Jan 3
*127 13
8
125 128 1212 1212 1212 125 *125 1234 123 123
8
8
4
4 1,400 Belding Hemingway Co--No par 128 Jan 16
•113 130 *112 116 *112 11612 *11112 130 .11112 130 *11112 130
Belgian Nat Rye part pref
1124 Jan 3
1512 158 15
154 157
1514 1512 1512 15
1533 15
1512 7,500 Bondi' Aviation
5 143 Jan 15
4
16
18
16
1618 164 16
1614 16
154 16
154 16
2,600 Beneficial Indus Loan____No par 154 Jan 31
*35
3512 35 3512 *34
343
4 34
34
34
341
34
35
1,200 Best & Co
No par 34 Jan 30
30 4 3118 293 3012 2918 30
3
4
293 30
8
2934 3038 297 30 8 17,000 Bethlehem Steel Corp.
8
3
-No par 2918 Jan 29
75 75
7112 7412 713* 72
72
72
713 7212 725 7314 2,200
4
8
7% preferred
100 6914 Jan 18
243* 25
2412 2458 2412 2412 24
243
4 24
24
24
24
490 Bigelow-Sanf Carpet Inc__ No par 2218 Jan 15
1212 1212 117 1218 1112 117
8
3 113 117
12
4
8 12
113 117
4
8 2,500 Blaw-Knox Co
No pa?
1078 Jan 4
3412
22 22
*21
2412 *21
2412 .21
241 *21
2412 *21
20 Bloomingdale Brothers...No par
2112 Jan 3
•10314 10612 *106 10612 106 106
10512 1051 *10314 106 *10418 106
30
Preferred
100 10314 Jan 22
.39
42
*3512 39
3712 3712 *3712 383 *35
383 *35
4
39
10 Blumenthal & Co pre
100 35 Jan 2
95
9
9
85
8 98
9
94 914
9
9 3
4
9
93* 8,200 Boeing Airplane Co
5
818 Jan 15
5414 5412 543
56
5614 5312 5514 53
54
54
4 5418 55
4,900 Bohn Aluminum & Br
6 53 Jan 29
92
*9412 963 *9412 963 *92
4
4
96
9412 90
92
_018 9018
120 Bon Aml class A
No par 90 Jan 31
2312 233
4 233* 237
8 2314 237
8 2312 2418 2438 25
2412 247
8 9,300 Borden Co (The)
26 234 Jan 29
30 3014 29
2934 293 3014 2914 30
4
2912 293
4 293 293
8
8 9,700 Borg-Warner Corp
10 2814 Jan 15
*53
4 8
6'
6
*6
7
*6
7
*6
7
*8
8
100 Boston & Maine
100
6 Jan 15
*72 114
*7
8
118
*7
8
118
*7
8
*7
8
118
118
*7
8
118
:Botany Cons Mills class A...-50
118 Jan 11
2613 2658 26
2812 2513 2614 2512 26
26
27
2612 2878 15,000 Briggs Manufacturing_No tr*/
2512 Jan 29
*2518 26
247 254 *24
2512 2412 2412 247 247
8
8 2518 2518
600 Briggs & Stratton
No par 2318 Jan 17
3412 3412 333 34
335 3333 *3414 35
8
8
337 34
*3413 35
1,200 Bristol-Myers Co
5 335 Jan 28
8
*27
8 4
*3
37
8
23
8 3
*212 3
23
4 23
4
212 25
8
800 Brooklyn & Queens Tr ___No par
23* Jan 29
*2714 2812 27
2714 2418 2412 *21
24
25 25
2212 2212
900
Preferred
No par 2212 Feb 1
4 4114 417
3912 415
8 407 4214 4078 413
42
4314 4218 4312 29,700 Bklyn Manh Transit
No par 387 Jan 15
8
*9212 943
4 924 9212 9212 9212 9312 93 4 9512 9512 96
96
3
1,200
$8 preferred eerier' A_No par 90 Jan 4
*50
51
50 50
50 50
*50
52
*493 5012 *4912 5012
4
300 Brooklyn union Gas
No pal 4814 Jan 9
*5713 58
5718 5712 577 577 *57
577 58
8
*5712 58
700 Brown Shoe Co
5712
No par 57 Jan 3
*12214 12514 *12312 12514 *12312 12514 *12312 12514 *12312 12514 *12014 12514
Preferred
100
*5 4 6
3
53
4 53
4 *5
558 *514 8
*5
6
*514 6
100 Bruns-Balke-Collender_No par
514 Jan 2
6
mg
*57
57
8
638 633
618 614
6
6
578
6
1,500 Bucyrus-Erie Co
10
5 Jan 2
1214 127
8 1112 113
4 1114 12
113 1133 112 115
4 1112 1112 8,300
s
Preferred
6 1012 Jan 2
*73
74
72
73 4 7313 7312 7012 7012 70
3
703
4 70
71
190
7% preferred
100 64 Jan 2
428 412
412 433
412 43
8
412
412 4,200 Budd (E 0) Mtit
4 4 43
3
4
412 458
No pat
414 Jan 15
3012 302* 2912 303
4 29 30 14 293 3014 3014 3112 2918 2914
720
4
7% preferred
100 28 Jan 15
7
35
8 333 1,200 Budd Wheel
38 3
333 4
•5
3 2 3 4 *3 2 3 4
3
5
3
312 333
No par
318 Jan 11
*414 43
4 *414 43
4
44 412
412 412
412
412 *414 434
400 Bulova Watch
No par
4% Jan 23
125 125
8
1214 1214 1214 1212 123
8 12
8 1212 1212 12
1214 2,000 Bullard Co
No par
12 Jan 29
*113 272 *112 212 *112 3
*118 3
*14 212 *212 3
Burns Bros class A
No par
2 Jan 19
*78
212
*%
112
•8 212
7
*7
8
112
*78
ClassA v to
*7
8 212
18
No par
1 Jan 17
*13
8 2
*13
8 2
Class 13
•13
8 2
*13
8 2
*13
8 2
*13
8 2
No par
1 Jan 8
*38 1
1
*3
8
1
Class B ctfs
*3
8
No par
*3
2 114
*3
8 114
"qa
112
*75
8 812
8
912 812
78 8
3
8
*712 812 *75
8 812
110
7% preferred
100
73* Jan 28
7 15
8 1412 1433 x145 145
8
8 1438 1478 5.400 Burroughs Add Mach____No par
1412 145
14
1412 15
1414 Jan 15
214
2
2
2
2
2
*214 2 4 *2
3
2
2
2
400 :Bush Term
No par
I% Jan 3
*8
9
9
814 814 *8
*812 10
*8
9 4 *8
3
Debenture
83
4
200
100
87 Jan 14
8
194 193 *163 1914 *1812 193 *1812 193
4
4
8
8
80 Bush Term Bi gu prof ctfis.._ 100 1414 Jan 14
•18
195
8 1933 195
Butte & Superior Mining-10
;184 1
i
I
;jig i
ii4 14 •134 i
*ilia 1
200 Butte Copper & Zino
13 Jan 4
4
5
114
13
8
114
114
114
114
114
114
114
114
114
114 1,100 /Butterlek Co
No par
114 Jan 23
1712 1614 163 *17
4
1712 1718 174 17
•173 183 *17
4
4
17
400 Byers Co(A M)
No par
1614 Jan 29
*5212 55
52
5212 *50
62
*50
52
*50
52
*50
52
60
Preferred
100 51 Jan 2
39 39 14 39
8 3812 3933 384 39
4,900 California Packing
393* 395
3958 3818 39
No pa? 3812 Jan 15
*7
8
1
2,900 Callahan Zino-Lead
1
% Jan 29
3
4
7
8
3
4
7
+3
4
84
7
8
7
8
7
8
*3
4
332 33
314 314
2
33
2 33
2
314 32
8
318 318
314 33* 1,700 Calumet & Hecla Cons Cop-21
34 Jan 2
98 612 *628 11
612 612 1,100 Campbell W & C Fdy_ __No pat
912 95
8
918 Jan 29
3
633 612
24 9 4
3
•15
1512 147 1518 1478 1478 133 143* 133 14
4
8
4
1318 133
4 3,300 Canada Dry Ginger Ale
I 134 Feb 1
*4812 53
•50
53
*49
53
*49
53
*49
53
*49
53
Canada Southern
100 52 Jan 18
1318 1314 127 13
8
123 13
4
127 127
8
8 13
134 13
1314 14,200 Canadian Pacific
26
1112 Jan 2
3412
3414 3414 *34
3434 34 8 3433 343 343 *34
8
4
400 Cannon Mills
3
343 *34
4
No par
335 Jan 2
8
6
*8
7
6
5 4 5 4 *5 8 85
2
612 *53
4 7
200 Capital AdmInis al A
3
5
8 *8
1
5 4 Jan 29
3
*343 38
4
34
343
4 34
34
34
333 344
4
1'70
Preferred A __
_ __ _ _ --10 333 Feb 1
4
3414 34 34
•83
_ *83
. *83
_ *62
___ ___
Carolina Clinch & ____ Ry-100 8412 Jan 15
__
- - *82
*62
9112 90 1;0
*8812 91 *8814 194 *8814 St pd
*90 - 12 *90
91
- .
3
95
100
100 90 Jan 29
41
8
8 543 55
7,400 Case (J I) Co
100 313 Jan 15
8 55 557
4
5 4 5512 53 8 5 4 5212 5333 533* 547
4
,
95 95
*94
95
*94
9512 94
94
*9312 96
*9312 95
100
Preferred certificates
100 92 Jan 12
3812 383
4 373 38
4
372 38
4
38
No par
3612 Jan 18
373* 38
383* 3733 3833 8,600 Caterpillar Tractor
31
3114 2913 3014 285 295
4
4 30
3012 3012 313
13,400 Celanese Corp of Am
8
8 283 293
No pa? 285* Jan 29
*27
3
*2
3
2 2 27
7
8 *27
8 3
3 3
*23
200 :Celotex Corp
No par
27 Jan 29
8
4 32
,
*2
17
2
2
2
2 2
*17
2
*2
214
1,600
No par
23*
Certitleates
17 Jan 23
e
20 20
1914 1912 1914 1912 1912 20
4 1,140
19
197
8 1914 193
Preferred
100 183* Jan 15
. *24
2314 233
243* 233 243
4
4 2314 2314 23
2314 2,000 Central Aguirre Asso____No par
8 233 24
4
223 Jan 10
4
4712 474 4712 *4512 4712
*47
49
100 Central RR of New Jersey-100 4712 Jan 31
*46
4712 •46
4712 *46
1112 *1018 1112
10
104 10
400 Century Ribbon Mills_No par
10 Jan 26
10
10
10
*97 1112 *10
8
102 103 *101 104 *10318 10914 *101 104 *101 104 *101 104
30
Preferred
100 102 Jan 26
41
41
40
4012 40 40 12 40
404 41
4114 7,300 Cerro de Pasco Copper.,. No par
414 40
385 Jan 15
8
54 Jan 31
800 Certain-Teed Products_No par
*514 53
4
512 512
518
518 518
514 54
514 514 *5
303 31
4
28
30
*2812 30
28
28
28
28
28
28
150
7% preferred
100 2712 Jan 2
5
512 Jan 29
200 Checker Cab
*54 7
*54 614
512 512 *458 5 4
3
512 512 *5
7
4014 407
8 40
4014 *393 4018 *3912 40
3912 3912 383 39
4
1,400 Chesapeake Corp
No par
383 Feb 1
4
4
4314 43 2 43
3
4238 11,900 Chesapeake & Ohio
4 42
4 4214 423
25 42 Feb 1
43 2 423* 4312 4214 423
,
*114 34 *114 312 *114 312 *114 312 *114 312 *114 312
:Chia & East Ill Ry Co
100
1% Jan 4
*15
8 218 *133 218 *158 212
212 218 *212 212 *212 212
100
6% preferred
100
2 Jan 3
*17
2
*17
8 2
*17
8 2
*178 2
*17
100
8 2
Chicago Great Western
13 Jan 2
4
*1% 218
4
4
*334 4
*4
412
3 4 33
3
*334 4
200
100
4 *33
4 4
Preferred
33 Jan 29
4
*13
4 8
*13
4 8
*13
4 8
*13
4 8
*13
4 8
*13
4 8
:Chia had & Louisv pref- -100
212 2 8 2,700 Chit, Milw St P & Paa__--No par
5
2 8 25
5
8
214 Jan 18
4
212 212
258 23
24 212
212 212
37
Preferred
100
3 8 Jan 30
5
37
8
3 4 37
3
8
34 34
3
3
33
8 34
334 37
3 4 3 4 4,900
3
3
5
412 43
4
412 458
47
8 5
412 43
458 434
412 4% 3,600 Chicago & North Western....10043* Jan 15
4
833 838
8
812
1.901
*813 914
818 812
812 812
Preferred
100
8 Jan 15
814 814
614 614
612 612
7
7
614 614
628 63
8
614 614
800 Chicago Pneumat Tool-No par
6 Jan 2
24
23
2312 227 23
24
24
2412 2412 24
1,900
237 24
Cony preferred
No par 22 Jan 15
2
2
214 214 *2
214 *2
2
600 :Chicago Rock lel& Pacific 100
214
2
2
2
17 Jan 2
8
314
34 318
800
7% preferred
100
3 Jan 4
4 314 *314 312
314 314 *3
34 314
3
*3
312 *3
312 *3
3
3
3
600
8% preferred
100
23 Jan 2
4
3
24 3
,
33*
____ ____ ____ ____ ____ ____ ___ __- ______ Chic St Paul Minn & Om__ _ _100
---- -Preferred
100
*10
12
*1018 12
*10
12
*10
12
*1018 1012 1012 1012
100 Chicago Yellow Cab
No par
1012 Jan 2
For footnotes see page 758.
Feb. 2 1935
Highest
AA,1
1933 to Range for
Jan. 31 Year 1934
1935
L010 '
IM
High
$ per share $ Perth
27
63 Jan 3
8
8
318
7018 Jan 22
8334
35
135 Jan 8
8
714
95 Jan 24
44
70 Jan 18
36
31 Jan 12
26
555 Jan 7
8
'
444
8612 Jan 5
5314
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2412
7 Jan 7
5
77
912 Jan 19
255 Jan 2
8
2118
43 Jan 11
18
109 Jan 29
75
734 Jan 8
512
293 Jan 7
4
1812
14 Jan ,2
4
63 Jan 2
275
8
8
55 Jan 3 21 35
8
9 21 434
6% Jan
263 Jan 21
4
1614
147 Jan 7
3
107
8
177 Jan 7
1312
102 Jan 2
86
29%
4214 Jan 2
110 Jan 11
9112
51 Jan 22
214
404 Jan 22
14
57
7 Jan 5
44% Jan 7
23
10814 Jan 28
80
18 Jan 7
83
4
10218 Jan 28
55
54
78 Jan 12
1314 Jan 10
7
11418 Jan 8
833
1712 Jan 2
94
3
173 Jan 7 2 12
37 Jan 2
21
23
343* Jan 8
773 Jan 9
4
443*
18
2614 Jan 23
137 Jan 8
6
16
2314 Jan 21
65
108 Jan 3
28
403 Jan 23
4
10 Jan 2
63
4
597 Jan 8
334
88
97 Jan 24
253 Jan 7
4
18
31% Jan 2 9 1112
712 Jan 4
514
112 Jan 9
54
614
29 Jan 8
1012
26 Jan 23
25
3614 Jan 10
23*
34 Jan 5
3178 Jan 3
2418
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253
4
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52 Jan 10
46
41
5814 Jan 10
117
63 Jan 9
4
312
63 Jan 7
8
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6
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74 Jan 25
514 Jan 2
3
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18
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2
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212
15 Jan 2
418
2 4 Jan 25
8
1
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1 Jan 8
I
14
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4
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44
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2 Jan 3
118
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132
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403 Jan 3
8
165
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24
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0
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1852 Jan 7
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44
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4
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36 Jan 10
2214
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414
37 Jan 9
26
8412 Jan 15
80
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70
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567
8
4018 Jan 21
15
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118
45* Jan 18
78
34 Jan 18
2512 Jan 18
212
2433 Jan 28
1833
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5518 Jan 4
5%
1258 Jan 18
10912 Jan 2
75
47 Jan 7
233
4
25
8
65 Jan 7
8
105*
3314 Jan 23
413
65 Jan 7
2912
447 Jan 4
453 Jan 7
8
374
24 Jan 12
1
112
233 Jan 8
112
214 Jan 7
412 Jan 4
34
13
4
3 Jan 3
2
312
43 Jan 4
4
312
5 8 Jan 7
5
105* Jan 8
64
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32
5
144
2818 Jan 7
2 5 Jan 9
8
13*
23
8
44 Jan 9
2
4 Jan 10
l's
314
1118 Jan 3
94
$ Per share
3
8%
4
1012
634 70%
44
94
714 184
46
90
ae
847
8
2912 40%
45% 7314
704 90
2412 5414
5
16
778 24
2112 354
3514 3312
33
107
511 164
1612 5733
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8
314 65
33
4 104
4% 15
184 644
123
4 3412
373
8
15
8812 1027
$312 4612
951 115
214
612
1818 3
812
57
10
23
438
4
89
10912
4
1014 193
100
56
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87
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93
4 23%
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40
26
244 4912
8 82
547
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Mr
35
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2
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I%
84
4
113
4
94 rI6
New York Stock Record-Continued-Page 3
111011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
1Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
$ Per share $ per share $ Per share $ per share $ per share $ Per share
283 283
4
4 28
28
28
28
28
28
2818 2814 28
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512 558
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8
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614
For foo notes see page 756.
Sales
for
the
Week
Shares
1,300
1,000
110
44,700
800
140
4,800
600
600
100
......
300
90
300
200
_ ___
_3,600
2,500
60
1,500
1,170
130
1,900
1,300
10,000
700
90
9,500
20
800
120
350
4,300
400
14,600
19,800
STOCKS
NEW YORK STOCK
EXCHANGE
759
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
Par $ per share
8
Chickasha Cotton 011
10 267 Jan 16
No par
512 Jan 23
Childs Co
Chile Copper Co
25 12 Jan 22
Chrysler Corp
5 3512 Jan 29
No par
20 Jan 14
City Ice & Fuel
100 87 Jan 10
Preferred
City Investing
100
City Stores
No par
7 Jan 2
8
Voting trust certifs
_No par
12 Jan 10
No par
Class A
43 Jan 11
8
Class A 42 t c
No par
5 Jan 4
Clark Equipment
No par
1312 Jan 16
Cleveland dr Pittsburgh
50
Special
50
4
Cluett Peabody & co--No par 243 Feb 1
Preferred
100 11212 Jan 7
Coca-Cola Co (The)
No par 1617 Jan 2
8
No par 5512 Jan 5
Class A
Coca Cola Internat Corp_No par
Colgate-Palmolive-Peet__ No par
163 Jan 15
8
6% preferred
100 101 Jan 3
123 Jan 29
8
Collins & Aikman
No par
Preferred
100 79 Jan 23
Colonial Beacon 011
No par
63 Jan 10
4
:Colorado Fuel & Iron
418 Jan 12
No par
Preferred
100 19 Jan 15
Colorado & Southern
100 17 Jan 15
100
12 Jan 29
4% 1st preferred
4% 2d preferred
100 1114 Jan 15
67 Jan 15
Columbian Carbon v t c __No par
3414 Jan 16
Columb Pict Corp v t o.._ _No par
Columbla Gas & Elec.-No Par
131.2 Jan 24
100 55 Jan 7
Preferred series A
100 47 Jan 31
5% preferred
Commercial Credit
10 3912 Jan 2
21 29 Jan 5
7% 1st preferred
Clam A
60 5212 Jan 7
Preferred B
21 2912 Jan 3
100 1097 Jan 2
8
64% first preferred
563 Jan 30
4
Comm Invest Trust
No par
No par 1137 Jan 16
8
Cony preferred
No par
2012 Jan 15
Commercial Solvents
118 Jan 2
CommonwIth & Sou
No par
2918 Jan 4
$6 preferred series
No par
8,600
No par:
714 Jan 23
200 COnde Nast Pub., Ino
3,000 Congoleum-Nalrn Inc
No par
3218 Jan 15
No par
Congress Cigar
914 Jan 17
3414 Jan 2
10 Connecticut Ry & Lighting_ _100
Preferred
100
No par
500 Consolidated Cigar
812 Jan 30
73 Jan 14
Preferred
100
310
Prior preferred
100 7212 Jan 31
_ _ _ ___
Prior pref ex-warrants _
100
I
53 Jan 7
8
4,700 Consol Film Indus
No par
1914 Jan 7
Preferred
3,800
No par
19 Jan 8
21,200 Consolidated Gas Co
2,600
Preferred
No par
7812 Jan 8
600 Consol Laundriee Corp_ No par
13 Jan 3
4
14,600 Consol ()II Corp
No par
712 Jan 15
106 11014 Jan 15
100
8% preferred
100
212 Jan 25
SOO Congo] ER of Cuba pref
4,600 Consolidated Textile
No par
54 Jan 2
20
1112 Jan 5
2.600 Container Corp class A
No par
Class B
414 Jan 15
3,400
Ne par
558 Jan 16
300 Continental Bak class A
No vat
7 Jan 5
8
4,000
Class B
200
100 4614 Jan 28
Preferred
20 6234 Jan 15
4,900 Continental Can Inc
5
7 Jan 15
1,500 Cont'l Diamond Fibre
8
2.50 305 Feb 1
2,000 Continental Insurance
34 Jan 2
No par
4,200 Continental Motors
163 Jan 15
4
5
7,800 Continental 011 of Del
120 Corn Exchange Bank Trust Co 20 4414 Jan 2
21 6214 Jan 30
6,100 Corn Products Refining
100 149 Jan 2
Preferred
500
6,200 Coty Inc
No par
55 Jan 29
8
No par 357 Jan 15
2,500 Cream of Wheat etre
8
No par
1212 Jan 15
1,500 Crosley Radio Corp
Ni par 235 Jan 30
8
700 Crown Cork & Seal
No par 4312 Jan 4
100
32.70 preferred
Crown NN"mette Pap 1st pf,Vo par 83 Jan 17
418 Jan 30
2,100 Crown Zellerbaok v t e__ _No par
2,200 Crucible Steel of America____100 2012 Jan 15
100
Preferred
100 633 Jan 16
4
2,700 Cuba CO (The)
No par
1 Jan 28
20 Cubs RE 6% prof
100
5 Jan 5
1,920 Cuban-American Sugar
10
532 Jan 2
40
Preferred
100 4012 Jan 3
100 Cudahy Packing
50 42 Feb 1
1,100 Curtis Pub Co (The)
185 Feb 1
8
No par
1,000
Preferred
No par
9312 Jan 2
8,000 Curtisa-Wright
238 Jan 14
1
9,300
Class A
1
753 Jan 28
20 Cushman's Sons 7% pref ..__100
7314 Jan 16
8% preferred
No par
6418 Jan 23
1,400 Cutler-Hammer Inc
No par
1714 Jan 2
600 Davega Stores Corp
75 Jan 2
8
12
8,600 Deere & Co
2412 Jan 15
No par
4,000
Preferred
20 19 Jan 15
4,300 Delaware & Hudson
100 35 Jan 29
5,600 Delaware Lack & Western_5C
15 Jan 15
300 Deny de Rio Or West pref
100
312 Feb 1
.500 Detroit Edison
100 6812 Jan 7
Detroit & Nfacktnao Ry Co__100
4 Jan 5
30
5% non-cum preferred__ _100
8 Jan 4
900 Devoe & Raynolds A____Iio par
40 Jan 29
20
1st preferred
100 11612 Jan 9
2,200 Diamond Match
No par
2612 Jan 2
300
Participating preferred
25 343 Jan 7
8
7,100 Dome Mines Ltd
No Par
3418 Jan 15
2,400 Dominion Stores Ltd
No pat
1138 Jan 2
17,400 Douglas Aircraft Co Inc No par 207€ Jan 15
200 Dresser(SR)141fg cony A No par
1412 Jan 15
Convertible class 13__No par
7 Jan 18
Duluth SS & Atlantic
100
38 Jan 9
Preferred
100
400 Dunhill International
1
4 Jan 29
100 Duplan Silk
No par
17 Jan 29
Preferred
100
12,300 DuPont deNemours(E.1.)&Co.20 9212 Jan 15
600
6% non-voting deb
100 12714 Jan 21
560 Duquesne Light 1st pref.__ 100 105 Jan 2
___ ...._ Durham Hosiery Mills pref IGO 22 Jan 15
200 Eastern Rolling Mills____No par
63 Jan 17
8
1,400 Eastman Kodak (N J)___No par 11012 Jan 16
330
8% cum preferred
100 141 Jan 4
10,800 Eaton Mfg Co
No par
165 Jan 15
8
100 Eitingon Schild
Vo par
65 Jan 12
8
12,000 Elec Auto-Lite (The)
5 2312 Jan 29
70
Preferred
100 107 Jan 23
5,200 Electric Boat
3
47 Jan 15
8
5,600 Elec & Mus Ind Am shares
714 Jan 16
3,100 Electric Power dr Light __No par
2 8 Jan 29
3
1,600
Preferred
No par
63 Jan 28
4
vo pa,
500
36 preferred
6 Jan 28
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
High
Low Low
$ per
2914
712
1218
4212
21
91
share $ per sh
15
Jan 2
Jan 7
318
Jan 28
1014
Jan 3
2614
Jan 25
1412
Jan 2
633
8
3714
12
112 Jan 17
7 Jan 17
8
sg
67 Jan 17
8
2
618 Jan 17
3
4
15 Jan 18
613
60
31
22
2812 Jan 7
114 Jan 14
90
17812 Jan 11
85
4512
57 Jan 23
200
9
1814 Jan 7
66
10212 Jan 16
153 Jan 7 21 97
4
8
72
85 Jan 8
7 Jan 4
5
512 Jan 21
27
8
2812 Jan 21
9
165
8
195 Jan 8
8
15 Jan 8
12
11
13 Jan 8
75 Jan 7
45
40 Jan 3
1718
73 Jan 10
4
612
50
5914 Jan 26
41
51 Jan 22
4458 Jan 9
1114
22
3014 Jan 16
32
5614 Jan 24
23
33 Jan 25
85
112 Jan 23
6214 Jan 9 3, 2214
8412
11512 Jan 29
237 Jan 7
8
153
4
138 Jan 2
1
173
,
357 Jan 26
8
5
7 4 Jan 23
3
1612
347 Jan 2
8
714
1012 Jan 18
32
42 Jan 4
507
s
514
1012 Jan 9
3014
74 Jan 24
4514
76 Jan 15
4514
15
8
712 Jan 16
215 Jan 25
8
73
4
1812
225 Jan 11
8
82 Jan 11 271
214 Jan 18
112
83 Jan 2
4
7 14
112 Jan 28 103
27 Jan 11
8
218
12
118 Jan 5
414
135 Jan 10
8
2
518 Jan 9
514
63 Jan 7
4
1 Jan 3
3
4
4414
503 Jan 2
8
37
8
673 Jan 10
6
85 Jan 2
8
34 Jan 8
20
13 Jan 8
4
3
4
1214
1918 Jan 3
4012
4612 Jan 4
5512
667 Jan 7
8
151 12 Jan 23 133
3 14
67 Jan 3
8
23
365 Jan 10
8
7
143 Jan 21
8
183
4
263 Jan 3
8
32
4412 Jan 18
86 Jan 11 87 40
314
53 Jan 10
8
2514 Jan 7
14
30
68 Jan 2
3
4
112 Jan 4
3
578 Jan 16
1
212
67 Jan 5
1412
47 Jan 9
3518
4712 Jan 2
3 per share
1914
303
4
314 115
8
1014
173
8
2914 603
8
1714 2438
9212
67
3714 52
12
2122
3
8
114
214
55
8
2
514
83
4 212
4
7012 78
38
45
247
8 45
95
115
9514 161 12
5018 57
314
314
912 1818
6812 10212
10
2812
94
74
5
9
5
38
88
4
1012 32
165
8 403
8
13
3314
11
30
58
7724
2112 413
8
63* 1914
52
783
4
41
71
185
8 4014
2312 3018
38
53
3018
24
9112 110
353
4 61
91
114
153* 3884
1
384
2112 5204
5
133
8
353
8
22
714 1413
61
32
65
58
514 133
.4
75
31
4514 747
8
49
70
614
15
8
103
8 203
8
1812 473
8
95
x71
438
112
714 1414
11218
108
21
, 63
4
12
218
818
1354
2322
53
8
8
514 145
78
238
4414 64
5634 6412
6
113
4
233
8 3614
3
4
23
8
153
4 223
4
4012 51
6512 8412
135
15012
38
5
971
28
3814
8
1712
183
4 3614
3512 4414
47
84
35
8
65
8
17
3838
44
71
7
8
318
314
1012
312
972
2018 65
37
5252
227 Jan 8
8
101 Jan 10
3 Jan 2
1018 Jan 2
7912 Feb 1
65 Jan 19
2014 Jan 10
8 Jan 21
305 Jan 2
8
2031 Feb 1
4312 Jan 7
1918 Jan 7
43 Jan 8
4
78 Jan 25
6 Jan 17
11 Jan 29
503 Jan 2
8
117 Jan 21
293 Jan 28
4
36 Jan 28
3912 Jan 9
125 Jan 28
8
243 Jan 3
4
157 Jan 7
8
714 Jan 8
38 Jan 9
1313
4312
218
514
7514
6412
11
6
1018
1014
36
14
33
4
6312
5
10
29
99
21
2814
32
11
1414
844
6
58
12
3
1312
100
80
115
90
21
418
79
120
1218
6
15
80
3
44
214
1358
6
518 Jan 18
1712 Jan 3
993 Jan 3
8
129 Jan 8
107 Jan 17
22 Jan 15
8 Jan 7
1173 Jan 10
4
14512 Jan 31
2014 Jan 25
73 Jan 4
4
29 Jan 3
10812 Jan 3
618 Jan 7
814 Jan 23
3 Jan 3
812 Jan 10
714 Jan 11
1312
3812
2
33
4
7314
8418
913
612
1018
1014
35
14
33
4
55
4
112
20
8912
21
2758
25
11
111a
814
33
8
,
8
12
3
1312
02
' 8
3 597
10414
85
13
312
6512
120
10
6
115
8
75
3
33 512
214
658
6
2 ,
4
9514
54
12'4
91
90,
21,2
8'
,
4
34 5
19 4
,
733*
33
.4
13 4
,
84
71
184
55'
4
117.
28'2
34,2
4614
23,
28'
,
20
117
8
15
8
218
112
4
23
110
1037
8
12812
107
30
1234
11612
147
2212
1914
313*
110
712
918
Pa
21
1954
New York Stock Record-Continued-Page 4
760
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
$ per share 8 per share $ per share $ per share Shares
*4512 47
4512 451
46
46
46
46
600 Elea Storage Battery
No par
100 :Elk Horn Coal Corp
No par
.12
3
4
7
8
*12
3
4
*12
3
4
*12
112
600
6% part preferred
50
114
13
4 5118
114
114
114 *118
553 553
8
8 56
57
56
56
563 565
8
8
800 Endicott-Johnson Corp
50
12712 12712 *12612*12613 _ _ *12612 - _
10
Preferred
100
*24 258 *214 21
*214 - 2
4 *214 112
100 Engineers Public Serv--No par
4
*153 163 *153 163 *1514 183 *1538 163
8
4
8
4
4
$5 cony preferred
No par
200
4
400
*16
18
*1618 18
*16
18
*153 18
No par
3545 preferred
No par
8
100
$8 preferred
*173 1918 *17 4 1918 *173 194 *175 1918
4
3
4
5
5
*5
518
5
5
5
5
1,100 Equitable Office Bldg
No par
100
11
11
1012 107
8 11
114 1114 1114 1,300 Erie
4
700
100
*13
14
134 14
1312 1312 1312 133
First preferred
200
Second preferred
100
8 *718 1018 *8
1018 *8
11
85
8 85
Erie & Pittsburgh
66
*63
70
*63
70
*63
70
*63
70
11
1114 1114 1114 *1118 1112 1114 1114 1,000 Eureka Vacuum Clean
5
8,200 Evans Products Co
1912 1912 2014 2114 21
4
5
217
8 203 21
414 412 *312 412 53 4 45
3
8
*414 412
80 Exchange Buffet Corp___No par
70 Fairbanks Co
25
13
4 17
8 *13
4 214 *13
4 2
*15
4 2
7
7
567
8 714 *7
150
Preferred
100
712 7'2
714
1812 19
1938 1912 19
183 19
8
193
8 2,700 Fairbanks Morse & Co___No par
120
Preferred
100
73
73
72
73
73
73
*7214 76
1,400 Federal Light & Trao
15
8
68 7
614 *57
8 614
614 67
*6
No par
Preferred
*55
56
*5212 56
5212 5212 *53
56
40
*48
60 •48
60
*48
60 .48
60
Federal MM & Smelt Co__ __100
Preferred
100
*65
72
*65
72
*65
72
*65
72
300 Federal Motor Truck ___No par
5
5
*43
4 47
8
44 44 54 4 5
3
4
200 Federal Screw Works____No par
5
33
,
8
35
8 3 8 *3
312 312 *3 4 35
*1
118
1
1
118
118
1
1
900 Federal Water Serv A____No par
2012 5193 203
20
203 2038 *20
8
8
4
600 Federated Dept Stores_ _No par
20
3158 315
8 307 3112 1,200 Fidel Phan Fire Ins N YI _2.50
8
317 32
8
303 32
4
Fifth Ave Bus Sec Corp.„No par
Filene's(Wm)Sons Co___No par
*1934 20
*1934 21 *
20 *---- 20
•193 20
4
*193 20
4
___
645% preferred
100
8
_
*10718
__ *10718 111 *10718 111 *1071 *10718 1_ *10718
10
15 4 16
3
16
612 1614 1 - 2,900 Firestone Tire & Rubber
63
4
165 165
8
8 1614 1612 16
16
9218 92
9214 92
92
925 923
8
8 1,000
Preferred series A
100
93 93
927 924 92
8
4 2,800 First National Stores____No par
5112 52
5113 5112 5118 5118 5012 513
8 5013 51
4914 503
235 no 234
8
1
Florsheim Shoe class A_ _No par
*20
23 8 *20
5
2358 *20
233 *20
8
235 no
8
No par
318 318
24 3
27
8 3
27
3 34
3
3 14
314 314 3,100 :Follansbee Bros
23
*2218 2212 22 22
*2214 2234 2134 2214 *2112 2212 22
300 Food Machinery Corp
No par
14
1418 1414 143 1412 *1414 147
8
8 2,600 Foster-Wheeler
No par
145 15
8
133 15
4
14
No par
90
Preferred
71
713 *70
4
72
*7212 74
57118 747 *7112 74
8
72
7212
No par
*73
4 8
73
4 8
*73
4 9
*73
500 Founaation Co
83
8 83
8
8
8
4 83
4
23
1
2318 2312 234 24
2314 2314 23
*2318 2312 234 23 8 1,400 Fourth Nat Invest w w
[
No par
103 11
4
4,100 Fox Film class A
11
113
8 105 107
8
8 105 103
8
4 107 107
8
8 104 11
.40
4212 *3814 42
*3814 42
10 Fkln Simon & Co Ina 7% pt--100
*3814 42
393 393 *3812 40
8
8
2134 22
10
203 213
4
4 205 203
8
4 2012 203
4 21
2114 2118 2112 5,800 Freeport Texas Co
200
Preferred
100
___ *117
___ 120 120 *117 121 *117 120 *117 120
22
40 Fuller PG A) prior pret___No par
•1172318 234 2318 2318 *2018 2512 *2018 253
8 22
*204 2512
230
*9
11
*94 10
9
8 1012 1012
No par
105 11
8
1012 101
103
88 2d pref
*2
218
2
2
178
178
200 Gabriel Co (The) al A
917
8
2
*17
8 2
*17
8
2
No par
9
9
9
9
9
9
12 *812 87
8
83
8 812
812 9
410 Gamewell Co (The)
No par
1187
8 7
65
8 67
8 *65
8 7
658 85
8
612 612
63
4 67
8 2,400 Gen Amer Investors
No par
*8512 8712 8512 8512 *85
8712 *8512 8712 *8512 8712 8513 8512
200
No par
Preferred
367 367
8
8 3614 363 *36
4
36
363
4 36
36
3614 3614 363
4 1,200 Gen Amer Trans Corp
5
*1612 17
16
165
8 153 16
4
157 16
s
1618 163
8 153 1614 2,600 General Asphalt
4
10
818 818
84 1,800 General Baking
5
8
8
74 74
3
3
73
4 77
77
8 77
8 *73
4 77
8
*117 118
117 117 *117 118 *117 118 *117 118
118 120
140
$8 preferred
No par
612 63
4 7,000 General Bronze
64 74
63
4 Vs
64 7
653 7 8
7
64 64
5
27
8 27
8 *27
8 314 *27
8 318 *3
200 General Cable
314
3
3
*27
8
314
No par
5
5
*
514
612 553
100
Class A
No par
*512 83
8 *514 6
8 612 *53
8 612
1•2618 27
26
26
*2512 264 26
26
*254 263 *24
4
26
200
1% cum preferred
160
*5618 574 553 56
55
5514 *5412 5512 *5412 5512 543 543
8
600 General Cigar Inc
No par
4
4
*11614 132 *11614 129 *11614 130 *1164 130 *125 130 *11614 130
7% preferred
100
23 8 24
5
2213 233
4 2212 2318 227 2314 2314 235
8
8 2312 235 70,500 General Electric
8
No par
115as 11312 113a2 11342 *1154: 1118 1134, 11324 113s211 532
10
11 582114x 7,600
Special
34
3438 333 344 333 343
4
4
8 334 3412 x335 34
8
34 14 343
7,600 General Foods
No par
4
$ per share $ per share
64513 4712 4512 4512
4
4
*12
78
*114
158 *114
113
5412 5412 55
55
*126 12712 *126 12712
*258 318
258 25
8
*143 16
4
16
17
1612 1612 1714 1818
51513 1918 18
18
55
518
5
5
105 105
8
8 1012 1012
*1212 15
*12
14
912 912
*912 12
*63
70
*63
70
11
11
11
11
20
21
195 203
8
4
5418 412 *414 412
*13
4 214 *13
4 214
718 7 4
3
*7 4 8 2
5
,
193 193
8
8 1814 185
8
*7414 7812 7414 7414
*54 614 454 614
5412 5412 555
56
*48
60
*48
60
•65
72
*65
72
,
8 5
*4 4 5 8 *47
3
*312 4
.312 34
14 113
1
1
*20
217
8 2014 2014
323 323 *32
4
4
323
8
Feb. 2 1935
Range Since Jan. 1
On &Ms of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low Lgig
High
3 per share
$ per share $ per sh $ per share
52
45 Jan 15 4913 Jan 7 21 337
8
34
7 Jan 10
8
4 Jan 5
4
4
Fs
1
1 Jan 2
13 Jan 10
8
33
4
1
45
63
45
523 Jan 16 57 Jan 30
4
120
128
4
1253 Jan 10 128 Jan 17 112
2
27 Jan 4
8
23 Jan 15
8
2
834
8
145 Jan 2 17 Jan 28
1018
1018 2312
11
1518 Jan 15 1818 Jan 28
2412
11
12
17 Jan 18 18 Jan 9
13
25 2
,
5 Jan 7
5 Jan 7
5
10 8
3
5
1012 Jan 15 14 Jan 4
93
8
94 244
1314
1314 Jan 30 1714 Jan 4
143
4 28 4
,
85
8
9
23
85 Jan 29 13 Jan 7
8
50
50
68
103 Jan 15 12 Jan 10
4
63
8
7
143
3
8
19 Jan 14 227 Jan 7
3
2714
9
5 Jan 18
3
33 Jan 7
4
3
1012
214 Jan 19
14 Jan 15
1
1
23
2
9 Jan 18
3g
312
7 Jan 12
3 4 1212
3
47
8
17 Jan 11 2012 Jan 2
7
183
4
72 Jan 17 80 Jan 2
25
30
7712
7 Feb 1
4
4
53 Jan 8
4
1114
48 Jan 8 55 Jan 25
33
344 62
50
50 Jan 17 50 Jan 17
52
107
50
82
98
70 Jan 17 70 Jan 17
47 Jan 29
8
6 Jan 2 " 24
27
8
83
4
312 Jan 29
413 Jan 7
1
53
3
2
1
1 Jan 2
13 Jan 7
8
4
1
8
1814
20
31
19 Jan 10 205 Jan 7
2014
303 Jan 30 3412 Jan 9
4
234 3512
11
7
614
193 Jan 10 2312 Jan 8
4
193
4
23
30
107 Jan 23 1103 Jan 15 x85
4
87
108
1318
153 Jan 30 1818 Jan 7
4
1318 2314
8
9214
6718
71
92 Jan 29 943 Jan 7
4
53
6914
4914 Jan 18 56 Jan 7 6 473
223 Jan 4
4
1258
2212 Jan 21
15
25
63 Jan 7
8
2
25 Jan 23
8
173
3
2
8
2014 Jan 15 2314 Jan 5"1014
1012 215
812
4
133 Jan 18 1712 Jan 2
812 22
7012 Jan 24 77 Jan 2
444
55
80
614 174
73 Jan 30 1012 Jan 7
4
614
1658
23 Jan 30 25 Jan 8
1712 2712
103 Jan 28 1313 Jan 2
8
814
814 1712
20
20
63
3514 Jan 2 45 Jan 11
2012
2012 Jan 30 26 Jan 2
2112 5038
120 Jan 29 12018 Jan 22 11313 11312 18018
1212
163 Jan 15 24 Jan 25
4
14
3312
5
812 Jan 7 12 Jan 24
5
195
8
218 Jan 3
14
Ds
44
17 Jan 29
8
912 Jan 10
8
83 Jan 31
8
8
20
58
5
74 Jan 4
612 Jan 31
558 1112
6413
73
87
843 Jan 10 8512 Jan 4
4
253
4
3518 Jan 15 3814 Jan 5
30
43
53
234
12
8
153 Jan 29 187 Jan 9
4
12
83 Jan 7
8
813
7 4 Jan 15
3
612 143
3
115 Jan 10 120 Feb 1 100
100
10812
718 Jan 8
5
6 Jan 2
5
104
314 Jan 3
214
27 Jan 2
8
214
81s
7 Jan 3
5 Jan 29
414
414 12
2414 Jan 16 2712 Jan 7
14
1412 33
2414
x525 Jan 15 8314 Jan 8
8
27
593
4
97
12712 Jan 2 13412 Jan 4
97
12712
8
1678 2514
2012 Jan 15 243 Jan 23 6 18
11 Jan 2 1118 Jan 3
11
4
11
123
3673
323 Jan 4 343 Jan 22
4
4
28
28
4 Jan 2
53 Jan 14
No par
4
12
12
3
8
4 4
12
4
12
5
4
12
3
8
4 1,500 Gen'l Gas & Elea A
*1212 1334 *1234 133
8
514
4 *9
133
4 1212 1212 *1214 1414 *1214 14
100
Cony pref series A
124 Jan 30 133 Jan 18
No oar
*1412 16
*1412 16 •____ 16 • 15
18
*13
16
*13
16
$7 pref class A
No par
4
62
7[2
•1512 16
*15
16
16
16
*14
16
514
18
.14
18
153 Jan 15 16 Jan 24
4
10
$8 pref class A
No par
61
6112 6112
*59
63
*583 6312 *6012 63 *601261
4
300 Gen Ital Edison Elea Corp
5712 Jan 2 6112 Feb 1 34 54
51
65; 60 6034 61 61
6214 6212 62
6214 62 62
6013 -1,600 General Mills
No par 60 Jan 16 6212 Jan 26
8
*11614 11718 *11614 11718 *1163 11718 *11614 11718 *1163 11718 *1163 11718
8
8
Preferred
100 116 Jan 3 1174 Jan 24 10012
8
3112 313
4 30 4 3112 3012 3118 305 31
8
3034 3118 3078 3114 53,400 General Motors Corp
10 3012 Jan 29 3414 Jan 3 32 223
3
112 11214 11214 11214 11112 11212 11112 1114 1,700
$5 preferred
No par 510712 Jan 4 113 Jan 28
84
*112
__ 113 113
Gen Outdoor Adv A
113 Jan 17 13 Jan 10
8
No par
84
*1118 1212 *1118 1218 *1118 1212 *1118 1218 *1118 1218 51118 1212
34
400
Common
8
No par
314 Jan 9
33 Jan 2
314 314
314 31
*314
34
33
8 33
8 *314 3 8 .314
3
1812 Feb 1 223 Jan 9
4
*184 193 *183 20
4
4
190 General Printing Ink
1012
*183 20
4
*183 20
4
183 183
4
4 1812 1834
No par
30
6114
*9512 9612 *964 9612 *9512 9612 9612 9612 9612 9612 *9512 9614
$6 preferred
No par 9312 Jan 22 97 Jan 14
23 Jan 3
8
2
2
14 2
15
8 17
8 *15
8
17
8
13
4
13
4
13
4
13
4 2,800 Gen Public Service
No par
15 Jan 29
8
158
2612 2612 2634 263
4 2612 2612 2614 2614 26
267
8 26
26
500 Gen Railway Signal
No par 26 Jan 15 30 Jan 7
2312
92
100 80 Jan 2 91 Jan 30
92
91
91
87
91
*87
120
Preferred
90
90
*90
92
*90
80
112 *13
8
15
8 1,300 Gen Realty & Utilities
1
114 Jan 8
13 Jan 10
4
8 112
13
8 112
112
112
112
1
112 112
13
18
8
*174 183
8
16 Jan 5 197 Jan 10
8
8
8
173 174 18
500
$6 preferred
No par
10
•177 18
8
177 177 *175 18
8
4 1,200 General Refractories
No par
164 Jan 30 2014 Jan 3
812
*1713 18
1712 1712 17
17
163 1712 1712 1712 1714 173
4
17
17
No par
1618 Jan 15 197 Jan 2
3
17
17
1714 184 165
Voting trust certits
1712 1712 17
8 1.900
714
1714 17
52458 28
8
*2412 28
Gen Steel Castings prat __No par 223 Jan 15 32 Jan 22
4
*27
29
*2412 2714 *245 25
*243 28
4
175
8
8 135 133
1314 Jan 5 1518 Jan 10 6 712
8
4 135 135
8 3,000 Gillette Safety Razor___No par
133 134 1312 133
4
4 1312 135
8
4 1312 133
Cony preferred
No par 7012 Jan 4 757 Jan 10
57212 74
74
7412 7412 7412
600
8
4512
*7314 7412 734 734 73
73
No par
3 Jan 11
3 8 Jan 4
7
25
1,200 Gimble Brothers
8
4 314
33
3 38
3
314 314
3
4 3
4
314 314
5314 312
3,
Preferred
100 2318 Jan 12 274 Jan 5
52314 27
8
1312
*23[4 2612 *2313 2714 *235 2714 132314 2714 52333 27
NO par 233 Jan 15 2714 Jan 7
4
2418 2418 2418 2418 2438 2412 244 3,200 Glidden Co (The)
12
25
25
24
2414 24
40
Prior preferred
107 107 *108 107
100 1047 Jan 2 10712 Jan 8
8
805
8
*10712 10812 10712 10712 107 10712 *107 108
5
35 Jan 19
8
43 Jan 25
4
45
8 43
4
418 414
418 412 *418 414
418 414 5418 414 2,100 Gobel (Adolf)
33
8
1614 7,300 Gold Dust Corp v t a
8
164 1614 16
8
18
1614 16
No par
157 Jan 30 18 Jan 7
1614
16
16
157 16
154
No par 1147 Jan 19 116 Jan 17
86 cony preferred
8
*11012 11612'11012 11612 511012 11612 *11012 11612 •11012 11812 *11012 11612
9613
8 97
s 4,000 Goodrich Co(B F)
No par
94 Jan 30 117 Jan 7
8
8
1014 104 10
95
8 97
8
9711 10
97
1014
97 10
8
5012 *463 4912
8
300
Preferred
100 4812 Jan 15 5412 Jan 8
2612
4812 4812 47
47
*45
493 *48
4
50 50
22
227
8 213 2214 8,200 Goodyear Tire & Rubb___No par 2112 Jan 29 287 Jan 7
4
223 223
8
4 22
223
8 2112 2214 215 22
8
8
1812
1st preferred
No par 843 Jan 2 92 Jan 10 17 E118
88
*8512 88
[8
310
4
89
•87
88
87
*89
90
58813 90
89
No par
45 Jan 15
8
600 Gotham SIM Hose
512 Jan 3
5458 5
*458 434
45
8 43
43
4 43
4
4 *413 453 *43
4 47
8
373
44
44
*44
45
20
Preferred
100 x44 Jan 10 50 Jan 3
*44
45
*44
45
3812
45 45
*44
45
I
212 Jan 14
314 Jan 3
8
212 25
8
212 25
8 4,000 Graham-Paige Motors
212 23
8
212 212
212 258
212 25
112
65 Jan 2
8
1,600 Granby Cons M Sm & Pr__ _i00
714 Jan 7
4
4
65
8 65
8 *64 63
4
7
7
67
8 64
63
4 63
4
63
8 63
1
35 Jan 22
8
5 Jan 7
35
8
3 4 33
3
4
37
8 34
4 34 1,100 Grand Union Co tr Ws
3 4 33
4 33
4 *33
3
4
33
4 34
3
33
No par 21 Jan 23 293 Jan 3
400
Cony pret series
4
2112 2112 22 22
2112 22
*2112 2212 52112 2234 *2112 22
20
24
*224 24
No par 23 Jan 10 23 Jan 10
8
*23
Granite City Steel
207
8
*227 25
8
*227 24 .2018 2318 *227 24
8
No par 30 Feb 1 3514 Jan 3
3114
1,300 Grant (W T)
25
*32
324 32
32
313 314 304 314 3012 3012 30
4
1114 11
11
4,800 (It Nor Iron Ore Prop..
-No par
1012 Jan 17 127 Jan 7
8
115 115
8
8 1112 115
1114 11
74
3
8 1118 1114
11
100 1314 Jan 15 173 Jan 7
4
137 1414 1314 14
8
1314 134 13*4 134 1418 1412 1312 1418 14,200 Great Northern prof
1112
285 Jan 15 2938 Jan 3
3
2713 273
4 27 27 12 *27
8 2718 2713 3,000 Great Western Sugar____ No par
25
273
8 273* 277
8 2712 275
100
Preferred
100 119 Jan 2 12612 Jan 16
12514 12512 12514 12514 125 125
125 126 *125 126 *125 126
99
50
Greene Cananea Copper
100
*30
50
*30
50 •30
50
3137
18
50
531
50
*35
*118
114
1
1 18 1.000 Guantanamo Sugar
No par
1 Feb 1
13 Jan 7
4
•114
112
114
114
114 *118
111
114
4
Preferred
•15
193 *1313 193 51312 193 *1312 193 *1312 193 *1312 19
4
4
100
4
4
4
74
*434 6
4
400 Gulf Mobile & Northern____ 100
44 Jan 30
6 Jan 6
*5
512
43
4 5
8 5412 512 *412 6
43* 43
14
100 11 12 Jan 25 1413 Jan 8
.11
Preferred
11 13
•l114 14
*1114 14
*11
14
*ii
1114 *105 14
8
112114 23
100 tun States Steel
No par 2112 Jan 5 24 Jan 8
*22
24
23 23
*21
23
*21
214 *21
22
1514
*62
67
50
Preferred_
100 6412 Jan 31 67 Jan 11
2514
•64
67
•62
6412 65
6212 *65
67
*65
67
.23
2514 23 23
*22
200 Hackensack 25 2114 Jan 15 23 Jan
197
8
234 22 22
Water
*2114 2314 *2114 23
40
25 30 Jan 18 32 Jan 1
26
*3018 3112 3018 3018 *301s 3112 *3018 3112 *3018 3112 *3018 3112
7% preferred class A
5
518 3,400 Hahn Dept Stores
5 Jan 15
614 Jan
512 512
518 512
518
No par
313
518 514
518 518
5
59
1,900
100 55 Jan 15 635 Jan
8
18
6014 613
4 58
6012 58
5818 5818 583 *5718 5912 *57
Preferred
4
63
4 63
4
1,500 Hall Printing
712 Jan
9 314
*65
8 718
65
8 65
8
7
10
64 Jan 29
64 612
63
8 612 *614
Hamilton Watch Co
*7
91
*7
91
No par
93 Jan 8
8
912 Jan
35
8
914
7
914 4
7
914 *7
914
20
70
*66
70
*66
70
Preferred
100 63 Jan 4 75 Jan 2
•66
*66
70
70
*66
70
*66
90 Hanna(M A) Co $7 pf.-No par 101 Jan 2 105 Jan 2
10412 105 *10313 105 *10312 105 *10312 105
77
105 105 *10312 105
1858 187
4
18 2 19
,
8 1812 187
8 1812 1812 2,800 Harbison-Walk Refrac--No par
163 Jan 17 1912 Jan
12
•185 19
8
8 1812 187
82
10112 10112
110
Preferred
100 993 Jan 7 10112 Jan 2
4
10114 10112 *101_ -- *101 - -- *10112 _ _ *10112 _ _
103
6
6
*513 6
200 Hat Corp of America ol A-1
7 Jan
.6
614
*55
8 -1
57 Jan 15
8
58
454 612
58
7
- 758
*82
87
20
1412
8312 8313 •85
87
•85
87
*85
87
100 813 Jan 15 8614 Jan 2
8
*8312 87
63.4% preferred
Havana Electric Ry Co __No par
is Jan 2
12 Jan 8
58
3
4
4
58
34
•3
2
9
4
"8
3
4
"8
3
1
"8
4
20
4
Preferred
100
23 Jan 26
4
21 Jan 26
24 3
3
•23
4 512 *23
4 4
512 *23
4 512
*23
4
5'2 .
2$4
23
4
For footnotes see page 756.
13
4
4
614 19
21
11
13
22
50
621s
51
6412
103
118
2458 42
8934 109
834 21
34
65
8
1013 2512
734 96
2
54
234 454
90
10112
1
34
10
2
84 1
1018 233 .
8
10
20
1753 4812
8 2 147 1
,
8
47
72
,
258
Ps I
1614 30
5
155
8 283 i
10713
83
912 1
338
23
;
18
9612 120
:
8
18
I
354 6244 1
1813 414 1
84
8614 i
34 1134 ,
3812 71,3 1
412 1
44
4
133 1
3
4
83
4
23
40
21
3113
28
403
8
84 154
1214 3212
25
3533
102
11812 '
18
59
8
4
34
714 31
1814
5
12
35 4
3
1514 42
47
83
204 2614
27
31
814
312
2514 8312
314
95
4
353 117
8
25
63
84
10144
13
241
4
100
87
1 13
74
4 92
193
3
2
11
:
812
3
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Salw•day
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 2U
1Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
761
Range Since Jan. 1
of 100-share Lots
on Basis
Lowest
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par $ per share
.318 314
318 318
318 314
3
4 34
314 34
2
3 Feb 1
3
3,
8 1.400 Hayes Body Corp
883
8812 8812 88
8 8812 8812 89
90
90
90
894 8914 1,300 Hazel-Atlas Glass Co
25 85 Jan 2
*127 132 •123 132 .123 132 *123 132 *123 132 5123 132
Helme (G W)
25 127 Jan 5
*138 - -- •138*138 _ _ *140 _ __ .140 ____ *145
_ ___ ___
Preferred
100 14212 Jan 10
*1014 1212 *1014 - 1213 *1112 12
-12 *11% 1212 *1112 1212 1238 1213
400 Hercules Motors
No par
11 Jan 8
76
*74
7714 .74
7618 7618 *74
774 753 76
4
*75
76
300 Hercules Powder
No par 735 Jan 15
8
•125 12612 125 125 *125 12612 *125 12612 51251s 12612 212312 12313
60
$7 cum preferred
100 212312 Feb I
78
*78
7713 7712 7712 7712 *77
7914 78
80
500 Hershey Chocolate
*7718 80
No par
7313 Jan 2
8
•104 1047 *104 10412 *104 10412 10414 10412 10412 10412 10412 10412
400
Cony preferred
No par 104 Jan 25
*818 814
8
8
73
4 734
73
4 7 4 *73
3
4 8
8
8
500 Holland Furnace
No par
73 Jan 16
4
•958 10
*95
8 93
4
93
4 93
4 *912 10
*912 10
8
300 Hollander .4 Sons (A)
95
8 95
5
938 Jan 15
3467 34678 *335 345
8
347 347
345 345
346 346
700 Homestake Mining
347 347
100 340 Jan 15
36
36
35
363 232
4
32
33
33
33
3312 323 3314 2,000 Roudaille-Hershey CIA
4
No par 31 Jan 12
77
9 814
814 912
74 • 8
3
8'o
7
/ 77
1
4
Class B
8
8
77
8 8'8 9,400
No par
74 Jan 15
*5218 531 *5218 5318 53
53
53
/
4
53
*52
5318 *52
200 Household Finance part pf50 49 Jan 2
5312
*147 154 141 147
8
/
4
8 1414 1412 144 1413 15
/
1
15
*14
1514
900 Houston Oil or Tex tern cas__100 1414 Jan 29
*23
4 3
23
4 23
4
2 4 23
3
4
23
4 23
4
23
4 23
4 *23
4 3
900
Voting trust ctfs new
25
23 Jan 14
4
*4413 46
43
44
43
44
4438 4438 45
3,100 Howe Sound v t o
453
4 443 45
4
5 43 Jan 15
*45
8 4
/
1
4
43
4 43
4 •
418 43
412 413 .438 41
4
/
4
4 *412 43
200 Hudson A Manhattan
100
414 Jan 4
/ *1018 1234 11
1
4
*1112 12
117 •103 11
8
8
*103 113 *1012 133
4
8
200
Preferred
8
.100
93 Jan 18
4
103 1012
8
97 1018
8
97 10
8
95
8 97
8
934 10
95g Jan 30
8,800 Hudson Motor Car
93 10
4
No par
278 2
/
1
4
23
4 27
8
23
4 27
8
2
/ 21
1
4
/
4
8 2,700 Hupp Motor Car Corp
2
/ 2
1
4
/
1
4
23
4 27
10
23 Jan 15
4
8 1318 1438 1314 1312 133 1312 1312 134 1314 1312 4,700 Illinois Central
1418 143
8
100 1312 Jan 28
*20
23
20 20
no 21 *1812 21 1912 1912 *1912 21
300
6% pre/ series A
100 1912 Jan 31
•____ 57 *____ 57 .____ 5714 5
57
5412 5512 54
54
50
Leased lines
100 54 Feb I
585
8 93
8 *85
8 93
8 *858 93
/
1
858 84 .818 912
8 *85
8 93
8
40
RR Sec ctfs series A____1000
85 Jan 31
8
523
8 2
/ .23
1
4
8 258
238 238 *238 25
8 •238 212 *23
8 212 .
100 Indian Refining
238 Jan 14
10
31
313 32
4
3134 31
315
8 3118 313
4 3138 317
8 315 313
8
4 9,300 Industrial Rayon
No par
3014 Jan 11
68
65
66
68
653 66
4
653 66 .66
4
6612 266
6612 1,300 Ingersoll Rand
No par
65 Jan 28
•111
*111
*11012 .. .•111
*111
_ _
_ _ _ __
_ _ *111
Preferred
100 109 Jan 7
53 54
537 8 54
5114 - 12 5112 - 12 525 52352
51:
8
4 53 - - 8 2,600 Inland Steel
533
No par
507 Jan 16
8
3
3
27
8 3
*27
8 3
*27
8 3
•27
8 3
400 Inspiration Cons Copper
20
27 Jan 28
8
*27
8 3
*412 43
4
413 45
8
412 412
43
8 4
/ *43
1
4
8 45
8 •438 412
600 Insuranshares Ctfs Inc
I
418 Jan 4
4
1314 1418 133 1418 133 14
4
137 1418 137 1412 133 14
8
8
_100 123 Jan 15
4
/ 16,100 :Interboro RapidTran v I
1
4
4
Certificates
o- par
No
*414 5
*414 - 4 *414 43
5
.44 14 *44 5
3
Internal Rye of Cent Amer _ _100
*414 4 Jan 14
5
*35
8 5
*35
8 5
*35
8 5
*35
8 5
*35
8 5
Certificates
*35
8 5
No par
5 Jan 3
18
18
173 1818 17
4
17
17
17
177 18
8
260
*17
Preferred
18
100
153 Jan 2
4
*212 23
4
212 212 *23
8 2
/
1
4
23
8 258 •23
8 3
300 Intercont'l Rubber
8
No par
238 Jan 15
`23* 27
64 614
6
6 14 *53
4 614 *53
4 614 .
6
700 Interlake Iron
No par
/
1
4
614
57
8 5
5 Jan 12
/
1
4
43
4 47
8 *414
412
414 414
43
8 43
8 *43
8 412
412 412 2.400 Internat Agricul
No par
4 Jan 15
4134 42
3812 40
38
39
39
39
40
40
*3918 397
8 1,200
Prior preferred
100 3312 Jan 15
1527 1527 152 152
8
8
15114 152
151 151 •151 152
15158 152
1,600 lot Business MachtnesNo pat 14912 Jan 15
• 3 518 .53
53
8 512
514 53* 55
5 14
518
512
513 54 1,300 Internat Carriers Ltd
/
1
1
518 Jan 31
29
2912 2814 29
2734 2818 2818 2814 28
2814 2712 277
8 4,100 International Cement.... No par 2712 Jan 15
4012 4114 3918 395
8 3878 40
39
403
8 4012 4138 403 411, 13,200 Internal Harvester
4
No par 374 Jan 15
*138 140 5138 140 *138 140
1394 1393 *125 140 5139 140
/
1
4
100
Preferred
100 135 Jan 2
2 8 212
3
214 2 8
3
214 23
8
214 2
2
/ 238 2,300 Int Hydro-El Sys el A
1
4
/
1
4
23
8 23
8
25
214 Jan 28
*214 23
4
214
214
214
214
25
8 24 •23
/
1
8 234 .212 2
/
1
4
500 Int Mercantile Marine_ __ No par
214 Jan 15
23
2314 223 227
4
8 225 227
8
8 2212 227
8 227 2314
8
2278 2314 28,700 lot Nickel of Canada__No par 2214 Jan 15
*125 126 •125 126 *125 126 .125 126 51257 126 *125 126
8
Preferred
.100 12512 Jan 7
_ ____
Internal Paper 7% prof
100
*214 25
8 *214 212 5214 213
23
8 212 .214 23
•2I
8
200 Inter Pap & Pow el A__No par
28
23 Jan 4
8
5118 13
8 *118
11 •112
/
4
114 *118
114
118
118 *I
118
200
Class B
No par
118 Jan 31
7
8
7
8
7
8
7
8
7
8
7
8
43
1
*34
1
900
Class C
•3
4 1
No par
78 Jan 2
1014 104
/
1
93 1038
4
958 10
958 93
4
912 97
8
Preferred
913 984 1,800
100
93 Jan 15
8
2212 2212 2112 2112 *2118 2234 22
22
2212 225 52218 2212
8
500 lot Printing Ink Corp___No par 2112 Jan 15
993 993 *985 9934 *985 9934 *985 9958 9958 993
4
4
8
8
8
4 994 991
100
/
1
/
4
Preferred_ 100 9812 Jan 2
*293 3012 .2938 3012 .293 31
8
s
12 301 *293 3012
*30
303
4 30
200 International Salt
NO par 29 Jan 21
/
4
8
4414 4412 4412 445* *4412 45
4412 4412 *4412 45
4478 447g
900 International Shoe
No par 44 Jan 14
*22
25
*2112 2312 *2112 2312 52113 24
2113 23
•22
23
200 International Silver
100 2113 Jan 31
5705 73
8
73
73
72
72
.70
72
70
70
72
72
210
7% preferred
100 70 Jan 15
93
8 93
8
87
8 914
83
4 9
83
4 918
9
25,800 Inter Telep & Teleg
914
87
8 9
No par
85 Jan 12
8
•11
115
8 11s 1118 1012 1118 *1012 113
4
No par
1012 103 *10
800 Interstate Dept stosee
4
103
1012 Jan 29
575
84
*75
84
75
75
5707 84
8
Preferred
*707 84
100 75 Jan 29
100
*7112 84
8
/ 5614
1
4
•64 7
7
*614 6
*614 7
Inter-type Corp
*614 7
No you
*614 612
614 Jan 10
•3314 347 *3314 347 53314 347 *3314 34
8
8
3
*3338 34
Island Creek Coal
*333 34
8
I
34 Jan 3
___ Ill 111 5111
___ 511114 ___ •112
__ *112
Preferred
10
1 110 Jun 22
56 56
*54
5634 *54 5538 553 553
*105- 8 •5414 - - 8 5414 - - - 8
s
400 Jewel Tea Inc
543
553
54 Jan 24
No par
51
52
9912 5012 483 503
4
8 49
494 497 5012 50
/
1
8
51
10,200 Johns-Manville
No par
483 Jan 29
4
•1173 122 5119 122 .12012 122 *12012 122
4
122 122
122 122
Preferred
20
104 12112 Jan 24
•130 150 .130 150 •I30 150 •I30 145 *130 145 .130 145
Joliet & Chic RR Co 7% gtd_100
66
6713 66
66
63
65
63
320 Jones & Laugh Steel peel .10(
63
6318 641 6312 6312
/
4
5612 Jan 2
51155
8
•1155 _ __ *11558 _
8
•1155
8
•1151 _
/
4
...lips _
_
_ _ ___ Kansas City P & L pf ser BNo par
.63
4 7
7
7
7
7
•614 8
57
-8
.638 200 Kaiutas City Southern
8"
108.
7 Jan 15
.10
12
510
12
510
12
*10
12
*1013 12
510
12
Preferred
_..101
123 Jan 4
8
.8
818 *8
814
8
8
814 814
8
8
818 818
500 Kaufmann Dept Stores 512_6(
8 Jan 14
*16
1612 16
1614
1614 1614
1614 1614 21614 1614
1,100 Kayser (1) & Co
1614 1614
_1
153 Jan 17
4
.33
40
533
40
•33
40
•33
40 .33
40
Keith-Albee-Orpheum pref __100
*33
40
17
8
17
8
11 11
/
4
/
4
13
4
13
4
13
4
13
4
13
4
178
11 13
/
4
4 3,100 IKelly-Springfield,Tire___ ____ f
114 Jan 2
*1012 13
510
1112 10
10 .10
1112 510
6% preferred
12
100
*1012 111
/
4
No par
71s Jan 2
*618 612 *5% 7
*5
7
*514
7
.518 7
*538 7
Kelsey Hayes Wheel conv.c1A__ I
6 Jan 25
•334 438 *3
/ 4
1
4
/ •33
1
4
4 438 •3 4 43
3
8 •33
4 4
/ •33
1
4
4 41
/
4
Class B
1
4 Jan 2
1718 1718 163 1718 1614 163
8
8 1618 1612 1612 165
8 163 163
8
No par
4 7,800 Kelvinator Corp
164 Jan 30
.9012 95
*9312 95
95
05
*94
95
95
95
*94
95
50 Kendall Co pt pf ser A
No par
90 Jan 8
/
1
4
165 163
8
4
8 1614 165
1614 165
8 1618 163
8 1614 163
4 1614 165 18,000 Kennecott Copper
8
No pat
16,8 Jan 30
*1012 1112 5912 11
.912 11
*912 11
*913 11
300 Kimberly-Clark
103 11
4
No par
1012 Jan 15
543
4 5
45
8 45
8 .418 5
*418 5
*418 5
100 Kinney Co
.418 5
No par
45 Jan 28
8
347
8 33
•
35
364 533
/
1
34
331 1 3314 *3314 3313 334 3314
160
l'reterred
No par
33 Jan 22
205 203
8
4 2012 203
4 203 203
8
4 203 2058 2012 2012 203 205
8
8
8 6,900 Kresge (1818) Co
1(
2018 Jan 15
11012 11012 110 11012 110 110 *10618 11012 *10912 11012 11012 111
120
7% preferred---- -------108.) 10613 Jan 16
___ _10(1
4
4
•35
8 413 .35
8 412 • 5
3 8 412 '338 413 *36
100 Kresge Dept Stores
Vo par
312 Jan 15
8 412
*43
55 .43
50 .43
50 .43
55
*43
55
.43
Preferred
50
100 42 Jan 11
65
65 .57
63
60
6112 .61
63
*6314 65 .62
6434
300 time (8 H) & Co
No par
60 Jan 29
244 25
/
1
243 247
8
8 23
/ 2413 2418 25
1
4
2413 26
2512 253
4 9.800 Kroger Groc & Bak
No par
23-38 Jan 29
2018 2014 20
20
*20
2014 .20
2012 *20
2012 20
20
60 Laclede Gas Lt Co St Louis -ilk
20 Jan 4
.3018 35
*3018 35 .3018 35
*3018 35
530
35 .30
35
5% preferred
10(
28 Jan 4
28
28
271 273
/
4
4 27
2718 27
27
2712 2712 2714 273
4 1,500 Lambert Co (The)
2678 Jan 17
No par
9
9
812 812 •814 10
585
8 93
4 .813 9
/ *812 914
1
4
200 Lane Bryant_
No Dar
812 Jan 23
1214 1214
12
12
1114 111 111 12
/
4
/
4
12
12
12
12
1,900 Lee Rubber & Tire_
3
1114 Jan 29
16
16
•1413 16
*15
16
51412 153 *1412 1512 514
4
1512
100 Lehigh Portland Cement__ 50
15 Jan 12
.92
95
*92
95' 592
95
*92
94 .92
94
593
94
7% preferred
104
89 Jan 3
/
1
4
93
8 93
8
9
93
8
814 812
83
8 9
9
9
87
8 9
2,200 Lehigh Valle) RR
5(
814 Jan 211
.23
4 3
258 2
/ *212 2
1
4
/
1
4
212 212
212 212
212 23
8 1,200 Lehigh Valley Coal
No pa,
212 Jan 15
12
12
111 111 1118 1112 .11
/
4
/
4
1112 1118 1118 .11
12
800
Preferred
54
10 Jan 21
7112 7212 7112 711 7112 7112 71
/
4
71
*7138 7212 71 12 71 12 1,000 Lehman Corp (The)
No Pa' 6912 Jan 17
1714 173
8 167 161 *153 l67
s
/
4
4
1614 163
4 163 1612 1612 1612 1,200 Lehn & Fink Prod Co
8
s
.... I
1512 Jan 24
4
2838 291 1 283 2914 2834 29
283 2914 2918 2912 283 293
4
4
8 8,700 Libby Owens Ford Glass No pa. 2812 Jan 25
522
2214 213 2212 22
4
2212 .224 2214 222
22
5217 223
8
4
900 Life Savers Corp
I
2112 Jan 17
10312 10312 •103 1033 103 103
4
1031 10312 1033 1033 10312 1033
/
4
4
4
4 1,800 Liggett es Myers Tobacco._ 28. 102 Jan 15
10514 10512 105 106
104 10512 10413 1045 105 10512 10414 1043
8
4 3.200
Series B
21 102 Jan 15
8
•1527 154 *153 15312 153 153
154 154 .152 155 '15213154
300
Preferred
HS 151 12 Jan 3t)
*1818 19
183 183
4
4
1834 1834 .1818 185
8 1812 1812 184 181s
400 Lily Tulip Cup Carp____No par
1818 Jan 9
.205 2212 .205 2212 2014 2014 *193 2212 519
8
3
4
2213 *18
2212
100 Lima Locomot .Vorks__N0 par 201 4 Jan 2'
2012 2012 20
203
8 20
2014 20 2012 20
2013 1912 20
2.100 Link Belt Co
No par
1714 Jan 16
2812 2812 2714 2818 27
2712 271 2713 2714 2713 2713 2734 2.200 Llguld Carbonic
/
4
No par :27 Jan 16
3212 3152 3218 3113 3218 3214 33
3212 3314 32
3213 3318 12,700 Loew1 Incorporated
/
4
No Da* 3112 Jan 15
104 104 .10312 1043 .102 1041 *102 1035 102 102
•10312 104
4
/
4
8
300
Preferred
No par 102 Feb 1
114
•11 1
114
Ps
114
114
112 112
112 112
112 112 1,100 Loft Incorporated
No par
114 Jan 24
*13
4 218 *11 2
/
4
*13
4
17
8
134
13
4 *15
8 13
4
13
4
11
/
4
300 Long Bell Lumber A
No par
11 Jan 21
/
4
35
35
3412 3412 3413 35
3514 3514 *3514 36 .3514 36
Loose-Wiles Biscuit
700
25 3412 Jan 28
__ 5125
__ 126 126 5126
*125 129
__ •126 12818
20
7% 1st preferred
100 120 Jan 30
204 203 .125-- 8 197 -3 204 193 20
8 2018 203
4
19 2
/ 1 0
4
1938 1934 10,700 Lorillard (P1 Co
10 19 Jan 15
•135 136 .135 13512 135 13512 *132 135 .132 135 513214 134
60
7% preferred
100 13012 Jan 3
•114
11
/
4
114
114 *1
114 .1
11 51
/
4
114
1
1
300 Louisiana 011
No par
1 Jan 4
111 113 •103 1212 .103 1212 •104 1212 *1012 1212 *1013 1212
/
4
8
4
4
/
1
20
Preferred
100 1014 Jan 17
13
5127 1314
13
8
13
13
13
13
12
/ 13
1
4
125 1258 1.409 Louisville Gas & El A___No par
8
1213 Jan 2
4212 4114 4214 *39
4212 4212 42
413
4 41
4114 4012 41
2,700 Louisville & NastivIlle
100 40 Jan 15
1614 1612 15
/ 1614
1
4
•16s 1714
16
1014
1614 1613 1612 167
8 2,700 Ludlum Steel
I
1512 Jan 15
*987 100
•I0018 10118 9912 10018 .9814 102
8
9912 9912 *9912 993
4
Cons preferred
600
No par
9014 Jan 4
41
4034 41
4112 42
42
42
42
424 4318 425 424 2,000 MacAndrewe & Forbes
/
1
8
/
1
10 90 Jan 24
•I1518 ---- .1154 ____ 511518 ____ .11518 ____ *11518 __-- *11518 ---- ______
6% preferred
100 11312 Jan 18
100
For footnotes see page 756.
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low tow
High
$ per char,
37 Jan 2
8
90 Jan 30
130 Jan 9
14213 Jan 10
1212 Jan 21
77 Jan 8
/
1
4
125 Jan 2
813 Jan 19
4
107 Jan 9
914 Jan 7
11 Jan 2
39118 Jan 7
363 Jan 25
4
4
83 Jan 7
53 Jan 3
173 Jan 2
4
33 Jan 4
8
5218 Jan 3
512 Jan 21
1312 Jan 21
123 Jan 7
4
3 2 Jan 7
7
1714 Jan 7
233 Jan 4
4
5712 Jan 10
10 Jan 4
213 Jan 2
33 Jan 7
6912 Jan 8
109 Jan 7
5514 Jan 2
37 Jan 8
8
4 / Jan 24
1
4
155 Jan 7
8
S per sh
3, 134
65
94
120
514
40
10418
44
SO
4
54
200
a 7
212
43
1212
212
20
4
9
1 6
17
8
13,8
1912
46,
8
712
2
/
1
4
56 13,
4
45
105
26
25
8
2
512
5
2
43 Jan 25
8
212
5 Jan 3
65
8
1812 Jan 10
2
3 Jan 7
4
7 Jan 7
5 Jan 2
112
10
4234 Jan 25
1533 Jan 10 1253
4
4
4
658 Jan 8
1832
33 Jan 7
2314
437 Jan 2
8
1393 Jan 30 110
4
21s
27 Jan 9
8
2
27 Jan 3
8
243 Jan 7 '141
9
2
/
4
12512 Jan 7 101
84
2
3 Jan 8
7
8
13 Jan 7
8
118 Jan 19
/
1
4
67
8
12 Jan 7
9
233 Jan 3
4
997 Jan 3
8
65
20
3118 Jan 4
4514 Jan 10
38
19
28 Jan 4
75 Jan 3
40
712
9 Jan 10
/
1
4
2/
1
4
1234 Jan 7
1614
847 Jan 7
9
4
/
1
4
65 Jan 5
8
203
4
36 Jan 8
85
111 Jan 2S
26
57 Jan 7
3612
57 Jan 7
/
1
4
87
125 Jan 4
115
45
73 Jan 23
9771,
658
8 Jan 7
/
1
4
1014
1312 Jan 7
514
812 Jan 2
12
1634 Jan 3
15
1
238 Jan 17
5
133 Jan 17
8
212
712 Jan 11
11
/
4
412 Jan 2
1814 Jan 9' 6%
6
95 Jan 29
55
183 Jan 7
8
155
*
183
8
11 Jan 8
214
5 Jan 3
/
1
4
12
38 Jan 23
3 per share
14
61
/
4
74
967
s
101
145
12312 153
514
124
59
811
/
4
111
1254
/
1
4812 7334
83
10518
434 101
/
4
53
4 13
310 x43018
11
34
253
87
8
43
54
1212 29
/
1
4
212
55
8
3512 5714
4
124
9
2614
618 2414
1 7s
714
135
8 387
8
21
50
483
4 66
712 2414
23
8
43
4
193
8 3214
/
1
4
4912 73
105
1163
4
3414 56
24
/
1
67
2
218
43
8
512 171
/
4
612 1212
2
7
212
0
/
1
4
75
8 223
4
21s
5
/
1
4
4
1114
2
61
/
4
15
3714
131
164
412 12,
4
183
s Ia.,*
234 461
110
137
938
24
2
6
21
291
.
1153 130
4
10
25.
2
6:2
7
8
31
/
4
/
1
4
2.4
!
1
812 2491
2512
9
66
100
21
32
/
1
38
304
19
453
59
84'
2
712 1734
312 161
/
4
215
8 81 12
5 8 10
5
243
4 36
90
110
5712
33
39
664
101
121
135
140
45
77
977s 11412
61 191
/
4
/
4
/
4
1014 271
6
104
/
1
131 1812
/
4
371
/
4
20
412
1
6
20
3
10
71
/
4
2
/
1
4
1138 2114
651s 94
234
/
1
16
97
8 181
/
4
714
3
1312 41
217 Jan 2
8
112 Jan 4
4 Jan 17
45 Jan 22
6912 Jan 7
283 Jan 2
4
21 Jan 12
31 Jan 24
2813 Jan 8
9 Jan 3
127 Jan 7
8
17 Jan 7
/
1
4
96 Jan 14
1112 Jan 7
24 Jan 4
/
1
1212 Jan 23
74 Jan 8
171 4 Jan 25
324 Jan 2
/
1
23 Jan 3
10713 Jan 4
10912 Jan 4
154 Jan 30
1338 223
4
101 z114
212
74
55
19
36
6513
2314 33
52
20
631
/
4
27
60
2214 311
/
4
5
1414
7
1412
11
20
731 90
/
4
94 2114
/
1
212
5
5
161
/
4
6414 78
1113 2312
2212 437
1
174 24
73
110
7412 11114
15218
129
1914 Jan 3
2412 Jan 5
2012 Jan 26
304 Jan 8
/
1
344 Jan 2
/
1
1045 Jan 8
8
134 Jan 2
23 Jan 2
8
36 Jan 2
126 Jan 30
213 Jan 3
8
1351 Jan 25
/
4
17 Jan 7
8
1412 Jan 8
1418 Jan 10
4712 Jan 7
1814 Jan 8
10112 Jan 21
43,8 Jan 31
11312 Jan 18
1014
994
2
12
2734
19
20
27
193
8
418
51
/
4
9
73
814
2
4
58.
4
1112
21
155
*
711
/
4
7314
123
14 14
1514
1118
161*
1912
66
138
1
334
116
143
4
9812
34
6
12
3412
712
50
21
87
/
1
4
201
/
4
16
2612
1514 364
11 12
Hat
164 35
/
1
4
207
8 37
72
105
112
3
3
1
3314 z44
/
1
4
1193 12812
4
153
4 2213
102 2130
3
4
3
/
1
4
714 2312
12
21
37
/ 624
1
4
/
1
814
1912
60
97
30
4214
95
111,
4
201s
33
New York Stock Record-Continued-Page 6
762
-PER SHARE, NOT PER CENT
HICH AND LOW SALE PRICES
Saturday •
Jan. 26
Tuesday
Jan. 29
Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb.1
$ per share $ per share $ per share
2614
2012 2512 2.33 263
4
8 26
8
3914 3914 3914 3914 397 3978
612
614 63
8 *614
4
6 14 63
8 197 197
8
8
1912 197
8 195 195
8
134
134
*134
178
*134 2
*15
1714 15
1538 16
163
8
112
*118
134
118
118 *118
512 512 *43
*47
8 512
4 512
*43
4 6
*43
4 614 *43
4 614
*32
36
36
36
*3314 3812
8 21
22
19
2014 2014 217
*11
12
*11
12
1212 *11
1.12 112 *1
112 *1
112
518 518
518 518
8
*518 53
618 618
6
,
614
618 6 8
12
12
*12 1
*12
118
*12
118
*12 1
*312 43
4
4
4
*2
43
4 *212 412 *212 43t
8
614 7
*614 7
*612 7
612 67
8 *612 67
118 *118
17
8
218
118
13
4 17
8
13
4 13
4 *1
*24
245
8 25
25
*24
2414 2414 2414 2414 2414
9
9
918
9
812 83
4
85
8 9
914
85
8 918
778 *7
814
8
8
77
8
77
2 77
8 *73
8 77
8 *7
2818 2814 28
283
8
29
277 2812 275 273
8
8
4 2738 28
145 145
*140
_
143 143
_ *140*140
-3.7t 4112 414 42 42 4112 4112
123- 4112 12 4 4112 11
4
-36
53
4 6
53
4 57
8
5,3 57
7
s
512 513
53
4 531
3514 353 353
3512 347 347
8
4
353
8 3512 3512 *34
8 35
4
*2838 34
*287 34
8
*1814 34
34
*25
34
*28
34
90
90 90
90
90
*88
9012 90
90
907
8 90
2912 293 *2814 295
8
*2814 30
4
30
2812 29
2812 30
115
8 11
115
8 10
11
4 1018 1012
10
103
3 1014 103
1018 1018 103
912 912
4
918 97
8
012
97
2
913 912
60
*59
60
63
63
59
61
5918 60
60
68
*812 87
8
85
8 *8
83
8 *8
85
8
812 83
4
85
8 *8
4
373
8 3712 383 33814 387
8 3814 3814
373
4 363 3712 37
4
9118 92
923 923 *9112 923
4
4
4
4 913 92
95
*9212 94
8
712 75
8 77
8
77
8 818
74 8
3
73
4 77
8
75
83
8
3912 4114 4014 4014 41
41
403 403
4
42
8
4214 41
8
123 1318 13
4
13
13
1314 127 13
135
8 13
13
9458 *89
9458 *89
93
945 *89
8
945 *89
8
945 *89
8
42
417 42
8
8 4212 4212
4238 41
415 415
8
8 4214 425
8
412 45
8 *43
8 45
8
45
8 45
5
45
8 38
7
8 5412 47
33
34
3312 3314 3312 *33
34
3314 3314
3412 533
$ Per share
2614 2614
3912 393
4
*6
63
8
20
20
17
8 17
8
*16
173
4
*118
17
8
*434 57
8
*43
4 614
*30
36
19
1912
*1112 12
*112 2
*514 553
*614 63
8
*13 118
*212 43
4
513 512
*1
13
4
243 243
4
4.
91,s
814
29
*140
4
423
6
353
8
033
90
*2938
107
8
1018
*65
*8
373
8
9414
814
4112
*1314
*89
4214
*43
4
337
8
*243
4
2714
•28
*3
*113
4
*1212
6612
*60
•101
514
393
4
"
14
•8
7
*114
23*
5
113
4
212
33
8
*15
5714
263
4
*60
Monday
Jan. 28
$ per share $ per share
2512 2578
253 26
4
3814 3914 383 383
4
4
6
6
57
8 6
195 1958 1912 1912
8
*13
4 2
013
4 2
*15
1714 1512 1512
112 *118
112
*118
*412 5
*412 57
8
*43
4 614 *43
4 6
*30
3512 *32
36
183 197
4
8 1918 20
1212
1112 1112 *11
112
112 112 *114
8
514 514
*514 53
614 63*
618 614
*2434 30 *2434
30
2518
277
8 2612 27
2814 28
2812 *28
33
8 *3
312 *3
117
8 1114 113
4 1153
13
12
1212 113
4
6612 663 663
4
4 6612
8
5912 593 *595
4
63
__ *101 . __ *1027
8
_514
43 4 518
43
4
383
4
40
383 40
4
3
8
*14
3
s
*14
133
*7
8
17
8
*7
8
2
*114 2
*114
212
212
212
25
8
5
5
512
5
1118 1012
113
4 11
212 *23* 212
23
8
33
8 312
314
33
2
1512 *1412 15
*1414
58
563 573
4
4 55
27
257 2612 255
8
8
62
*61
62
61
30
*243 30
4
*243 30
4
2614 2614 26 8 2614 265
,
8
2818 *28
2818 28
28
3
3
3
3
3
1112 12
1118 1112
1114
12
12
12 14 12
1214
65
608 65 653
4 65
6014 6012 6118 *5912 6012
_ _ 5105 _ __ *1043 106
8
178
5
518
5
518
40
*39
40
40
40
3
8
514
3
8
*11
3
8
1
*7
8
17
8
*7
3 15
8
17
8 •114
17
8 *114
17
3
212
219 212 *23
8 212
514
518 518
518
5
103
8 105 105
8
8
4 103 113
4
212 *23
8 212
23
8 23
8
,
312
314 31 1
318 3 8
1514 *143 151 1 *1412 15
4
563
4 563 563
4
4 5712 5712
4
26
255 2638 253 2618
8
62
*60
64
*603 635
8
8
*55
80
*5614 68
561 4 80
*5614 80
*5614 80
*5614 80
12
33
*3
3
12 '
3
8
12
*53
12
33
as
3
8
3
8
*014 115
8 *9
1212 *8
1212 *812 12
*812 1212
1212 *8
•24
2512 24
2414 24
2414 24
24
2438 2438 243 2412
8
4
8 93
93
4
93
4
98
5
97
8
9 2 958
,
933 912
912 93
4 *95
95* 9 8
1118 1118
918 912
0
9
,
914
958
93 10
4
48
50
5412 56
5112 543
4 50
5214 4812 50
5018 5018
1610
1612 *15
1612 *15
*1518 1612 *1518 1612 *15
1614 *15
7
7
67
8 7
63
4 63
4
653 63
4
63
4 7
67
8 67
3
*29
33
3112 3112
31
31
*30
33
*31
3414 *3112 34
8 1512 16
1618 1614 157 16
8
153* 157
153* 1618 1512 1578
2412 *21
2412 *2114 24
*21
247s *2114 2412 *2112 2412 *22
*6
618
6
*57
8 6
6
57
3 614
4
57
2 6
553 53
712 8
8 *7
74
3
714 714
8
818
*714 712
73
8 73
- -- --- - ---- -- -- - ---4 29
28 8 - - -7e
, 2 8
- i8 lg% i i8 - -58
i
.
287 1914 2814 8
21
283 T
28
*142 149 *140 149
145 145 *142 147 •142 149 *140 148
16
161* 1614 163
4
8
165 163* 1614 1612 153 1618 157 16
8
8
1578 1618 157 1618 157 1618
8
8
163
8 157 16
8
16
1614 16
312 33
4
312 312
314 312
3 4 314
,
3 8 37
5
2
35
8 333
31
2914 30 4 298 30
,
4
3014 313
3114 29
3014 30
4 30
26
263 27
4
8 2558 26
2612 2614 265
8
257 263
2
4 2514 257
8
275 *25
8
2758 *25 26
*2512 2712 *25
277 *2518 277 *25
8
149 149
150 15031
150 150
149 149
149 149
*145 149
8
8
8
•150 IGO *150 1525 1525 1525 155 155 *1525g 15758 *15238 170
124 124
124 124 *12212 124
8
4
1215 1215 1215 1215 *1213 124
8
8
8
7
7
x67
8 7
7
714
67
8 7
67
8 7
633 7
*12
1
1
012 1
512 1
*12
*12 1
*12 1
*3
8
12
*5
8
12
*38
*38
12
*3
8
12
12
538
1.,
4834 49
4712 4812 4712 473
4 473 473
4
4 48
4812 4814 4831
12
*11
1212
*12
123 *12
4
12
*1114 1212 12
1214 12
43
43 4318 *42
4412 4412 4412 4412 *42
44
42
42
10
*10
103
4
97 10
8
10
*1018 1014 10
1018 10
10
2414 *2318 25
*235 2412
8
253 257
8
8 253 253
8
8 233 233 "23
4
4
47
47
5445 47
8
4612 47
473
8
4434 4478 *45
46
46
__ *11018 __ _
*11018
__ *11018
*10918 110
110 110 *110
10
5614 19
*614 10
*614 _*6
10
*6
10
*614 - 10
*65
8 714 *612 7
*612 658
612 612
512
553
611
612
2412 25
2414 2414
*25
257
8 25
25
25
25 14 *243 25
4
175 1814 167 173
8
8
4
8
4 163 173
4
8 1718 1738 173 1818 1714 173
8
1012 1012 10
1014
912 9 2
912 9'2 *95 1012
,
912
912
8
,
20
1 193 2012 *19
4
20
185 185
8
8 185 18 8 1912 1912 20
*23
4 3
*212 3
*212 3
*212 3
*212 3
*212 3
712
712 712
8
*638 912 *638 912 *63
4 *614 8
*612 93
*122 124
122 122 *120 123 *120 122 *120 122 *120 122
*112 460 *112 160 *112 160 '112 160 *112 160 "112 160
3
8
33
*3
8
12
12
12
12
12
12
12
12
12
63
4
1178
*458
*3
4
123
4
*79
*8214
*93
323
4
*114
*17312
*100
123
4
4012
378
65
*85
8
94
67
8
612
117
8 11
512 *414
1
"4
123
4 125
8
83
80
83
*8214
96
*9212
33
3218
17
8 *114
175 *17312
10018
101
13
1212
4012 4012
4
33
4
6514 6512
1618 *812
94
*93
612 63
4
6 8 634
,
612
63
4
105
4
113
8 1012 107
4
8 103 1031
,
47
8 *414 47
8 *4 8 513 *452
1
1
*3
4
1
"4 1
12
123
8
123
4 1214 1238 12
80
•80
8112 *81
8112 8112
83
*823 83
4
8212 823 *8212
4
96
*9212 94
9314 9314 0212
3212 313 3212 32
4
8
323
4 325
17
8 *114
17
8 5114
17
8 *114
175 *173 175 *17312 175
17312
101 *10018 1007 *100 101 *100
8
127
8 1212 127
8 1212 1318
1212
4012 40
4012 40
4014 39
37
8
33
4 37
2 x314 312
314
4
643
,
6653 *62 2 6512 *6314 66
1618 *914 1618 *918 1618 *938
943 *93
4
943 *93
4
943 *93
4
For too notes see page 756.
30
31243
4
2612 257
8
28
*28
318
3
1114 11
1218 12
6612 663
8
63
60
_ _ *1043
8
- g
47
43
4
383 *3812
4
3
8
*14
13
4
1
17
8 *114
212
212
514
518
11
1012
212 *23
8
3,
2 *318
15
*15
567
8 56
2614 255
8
61
*60
63
4
1118
514
1
127
8
8112
84
92 8
,
327
8
17
s
17312
1007
8
127
8
4018
35
8
6611
1618
4
943
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
4,600
1,400
2,000
700
200
90
100
10
Par
Mack Trucks Inc
No par
No par
Macy (R Hi Co Inc
No par
Madison Sel Gard v t o
Magma Copper
10
Mallinson (H R)& Co_-_No par
100
7% preferred
100
:Manati Sugar
100
Preferred
No par
Mandel Bros
:Manhattan Ry 7% guar ___100
100
Mod 5% guar
25
Manhattan Shirt
Maracaibo 011 Explor___No par
5
Marancha Corp
5
Marine Midland Corp
100
Market Street fly
100
Preferred
100
Prior preferred
100
2nd preferred
No par
Marlin-Rockwell
No par
Marshall Field & Co
No par
Martin-Parry Corp
Mathieson Alkali Works.._No par
100
Preferred
10
May Department Stores
No par
Maytag Co
No par
Preferred
Preferred ex-warrants__No par
No par
Prior preferred
No par
McCall Corp
:McCrory Stoma alassA No par
No par
Class B
100
Cony preferred
McGraw-Hill Pub Co___No par
McIntyre Porcupine Mines____5
McKeesport Tin Plate_ __No par
I
McKesson dr Robbins
50
Cony pref series A
No par
:McLellan Stores
100
8% cony pref ser A
No par
Melville shoe
1
Mengel Co (The)
100
7% preferred
March & Min Transp Co_No par
5
Mesta Machine Co
Metro-Goldwyn Pict pref-_27
5
Miami Copper
10
Mid-Continent Petrol
No par
Midland Steel Prod
8% cum 1st vet
100
Minn-Honeywell Regu_--No par
6% pref series A
100
Minn Moline Pow Impl __No pat
Preferred
No par
:Minneapolis & St Louls__100
Minn St Paul & SS Marie. 100
7% preferred
100
100
4% leased line Ws
Mo-Kan-Texas RR
No pat
Preferred series A
100
:Missouri Pacific
100
Cony preferred
100
Mohawk Carpet Mills
20
Monsanto Chem Co
10
Mont Ward & Co 1ne__No par
Morrel (J) & Co
No pat
Morris de Eases
60
Mother Lode Coalition-No par
Moto Meter Gauge & EU
1
Motor Products Corp____No pat
Motor Wheel
5
Mullins Mfg Co
No par
Cony preferred
No par
Munsingwear Inc
No vat
Murray Corp of Amer
10
Myers F & E Bros
No par
Nash Motors CO
No par
Nashville Chatt & St Louis __100
I
National Acme
National Aviation C,orp._-No Par
:National Hellas Hess pret___100
National Biscuit
10
100
7% cum pref
Nat Cash Register
No par
Nat Dairy Prod
No par
:Nat DepartmentStores No par
100
Preferred
Nati Distil Prod
No pat
Nat Enam & Stamping_No par
National Lead
100
Preferred A
100
100
Preferred B
National Pow & Lt
No par
Nat Rys of Mex lst 4% pt___100
100
2d preferred
National Steel corp
25
25
National Supply of Del
Preferred
100
Nattonal Tea Co
No par
Nelsner Bros
No par
Newberry Co (.1 .1)
No par
100
7% preferred
:New Orleans Texas & Mex._100
1
Newport Industries
No par
N Y Alt Brake
New York Central
No par
N Y Chic & St Louie Co
100
Preferred aeries A
100
100
New York Dock
100
Preferred
50
N Y & Harlem
50
Preferred
10
10,400
100
400
500
2,300
60
30
450
230
700
4,500
300
3,600
20
1,300
2,000
900
170
1,000
13,300
1,900
900
300
11,500
900
5,000
3,100
2,000
2,700
1,800
270
10,300
200
300
3,400
1,800
90
2,400
100
5,900
1,200
100
160
2,500
3,700
1,100
1.100
1,700
30,000
200
700
1,200
2,300
2,000
2,010
3,200
200
8,200
1,900
1,200
Th,51515
200
2,000
10,500
7,900
1,250
17,600
600
200
120
4.100
3,300
200
90
1,400
400
800
10
400
1,300
30.800
900
600
100
10
Feb. 2 1935
Range Singe Jan. 1
on Basis of 100-share Lois
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low
High
Lt
share
$ per share $ Per eh $ per share
22
22
Jan 29 2818 Jan 8
413
4
3514
3514 62,
Jan 28 4414 Jan 2
8
212
25
e
7
Jan 2
63 Jan 30
4
1214
1512 z2314
Jan 16 2214 Jan 7
2 Jan 4
1
Feb I
112
414
4
75
8 333
8
8
Jan 15 197 Jan 23
7
2
7
2
38
4
2 Jan 4
Jan 31
I
914
Jan 7
612 Jan 23
13
4
3
57 Jan 19
8
Jan 15
3
812
14
20
41
Jan 23 36 Jan 31
Jan 15 22 Feb 1
103
4
10 4 293/1
3
Jan 15 1314 Jan 5
1014
1012 203
8
17 Jan 23
8
Jan 19
118
118
33
8
418
Jan 3
512 Jan 14
418
53
8
512
9
63 Jan 24
8
5
Jan 2
12
12
23
8
12 Jan 31
118 Jan 8
2
2
814
25 Jan 2
8
5 Jan 8
3
1214
37 Jan 2
8
7 Jan 28
3
214 Jan 8
414
1
118 Jan 10
7
2
12
32
8
17
2214 Jan 10 255 Jan 23
838 195
8
83
8
812 Jan 29 1114 Jan 3
2 14
4
918 Jan 7
73 Jan 10
4
123
8
2312
275 Jan 29 32 Jan 8
8
2312 403
4
136
136 Jan 2 145 Feb 1 10512 110
23
30
453
4
4114 Jan 12 44 Jan 22
65 Jan 4
8
314
512 Jan 30
41s
854
36
83
4
10
33 Jan 15 365s Jan 9
9
323
8
4
3212 Jan 7 35 Jan 10
27
49
8412 Jan 4 91 Jan 10
9213
22
24
32
2812 Jan 28 32 Jan 10
34
118 1212
93 Jan 12 13 Jan 3
4
114 1238
118
918 Jan 29 1218 Jan 3
59 Jan 29 69 Jan 17
312
514 6333
4
4
1012
812 Jan 5
83 Jan 31
4
2858
3812 5013
365 Jan 15 43 Jan 10
8
9012 Jan 15 97 Jan 3
6714
79
95,
8
312
712 Jan 15
87 Jan 2
s
414
914
117s 4234
4
912
37 Jan 15 423 Jan 22
3
4
12 Jan 12 153 Jan 3
1
8
171s
6
912 9212
88 Jan 12 90 Jan 9
1712
20
42
41 Jan 2 437 Jan 11
8
312
4 Jan 17 11558 Jan 22
312 11
28 Jan 11 3812 Jan 23
24
24
52
21
2512 3334
2418 Jan 15 277 Jan 26 37 834 22018 253
8
4
18
21
2814
28 Jan 2 2814 Jan 3
27
8
27
8
612
3 Jan 15
3 8 Jan 7
5
918
918
143
4
11 Jan 15 127 Jan 2
8
1112 Jan 2 137 Jan 8
8
612
612 2174
62 Jan 12 70 Jan 22
44
44
8514
65
205
8
36
58 Jan 15 62 Jan 10
105 Jan 9 105 Jan 9 3 68
87
107
53 Jan 2
4
45 Jan 12
8
112
17
2
Vs
8
15
3412 Jan 15 417 Jan 22
1512 41
14
13
8
3 Jan 7
8
14 Jan 7
14
34
1 Jan 30
1 Jan 30
358
3
4
114
518
114
2 Jan 21
2 Jan 21
712
112
112
212 Jan 4
3 Jan 14
43
8
438
147
2
5 Jan 19
614 Jan 7
1012
12
343*
1012 Jan 29 1412 Jan 7
112
112 5
3 Jan 4
2 Jan 2
27 Jan 3
2
4 Jan 7
218
218
954
3
1213 223
143 Jan 16 1612 Jan 3
4
11
55 Feb 29 6012 Jan 3"
24
39
6138
1514
20
355a
255s Jan 29 3012 Jan 7
6314
3472
37
61 Jan 25 65 Jan 8
$ per
2512
3814
512
185
8
134
13
118
4
45
8
32
1712
11
112
5
6
38 Jan 16
24
918
9
367
8
153
8
658
30
1512
24
55
8
714
27
8
2753
142
1558
157
8
25
8
2114
243
4
2714
145
150
12158
658
1
:
1
8
4614
12
41
933
223
4
4312
109
53 Jan 8
Jan 15 283 Jan 4
8
Jan 15 113 Jan 7
4
Jan 15 1212 Jan 22
Jan 11 59 Jan 22
Jan 25 153 Jan 21
4
Jan 14
8 Jan 7
Jan 12 32 Jan 3
Jan 30 1912 Jan 7
Jan 11 2712 Jan 8
Jan 30
714 Jan 7
Jan 25
814 Jan 9
Jan 23
63 Jan 17
4
Jan 15 3014 Jan 7
Jan 3 14514 Jan 18
8
Jan 15 183 Jan 3
Jan 29 17 Jan 8
Jan 2
45 Jan 17
8
Jan 3 333 Jan 17
4
Jan 15 2914 Jan 3
Jan 24 2814 Jan 8
Jan 18 16812 Jan 14
Jan 18 155 Jan 30
Jan 26 12412 Jan 16
Jan 15
75 Jan 2
8
1 Jan 10
Jan 10
Jan 11
13 Jan 2
Jan 15 5012 Jan 9
Jan 15 145 Jan 3
8
Jan 15 473 Jan 3
8
Jan 30 113 Jan 4
8
Jan 16 26 Jan 7
Jan 2 48 Jan 10
Jan 25 11114 Jan 15
612 Jan 15
8
2414 Feb I 2814
4
163 Jan 29 213
4
912 Jan 29 13
185 Jan 29 25
8
318 Jan 22 318
712 Feb 1
8
11912 Jan 15 122
Jan 3
Jan 4
Jan 7
Jan 4
Jan 7
Jan 22
Jan 11
Jan 22
3 Jan 31
8
53 Jan 3
No vat
600 iN Y Investors Inc._
N Y Lackawanna & Western_100
812 Jan 4
4.700 N Y N 11 & Hartford
100
618 Jan 30
612 6l
8
100 1012 Jan 29 143 Jan 7
1012 107
8 2,900
Cony preferred
6 Jan 19
*47
8 518
100
5 Jan 4
N Y 0itarlo & Western
1 Jan 9
No par
7 Jan 9
8
1
100 N Y Railways pref
*3
4
12 Jan 30 1618 Jan 7
1212 1212 2,300 N Y Shipbldg Corp part stk____1
100 80 Jan 28 87 Jan 7
*80
83
30
7% preferred
80 Jan 12 85 Jan 2
8214 8212
No par
60 NY Steam 56 prat
9212 Jan 2 97 Jan 22
*90
92
40
No par
57 1st preferred
2
4
8 4.200 Noranda Mines Ltd
No pat 303 Jan 15 353 Jan 3
3212 323
13 Jan 17
8
48 Jan 17
100
:Norfolk Southern
*114
17
8
174 174
100 16712 Jan 2 17438 Jan 22
200 Norfolk & Western
8
100 99 Jan 10 101 Jan 12
1007 101
270
Adjust 4% pref
No par
1218 Jan 24 1312 Jan 2
1212 13
33,100 North American Co
403 Jan 25
8
39
50 39 Jan 31
39
2,600
Preferred
4 Jan 23
318 Feb 1
1
314 12,100 North Amer Aviation
318
66
66
1,900 No Amer Edison pref ____No par 57 Jan 3 6612 Jan 28
North German Lloyd
*93 1418
8
*93
943
4
50 9112 Jan 21 94 Jan 26
110 Northern Central
553
4
3
2
134
1514
614
378
10
10
38
5
1312
125
8
1034
3
514
27
8
257
8
12912
12
1114
12
3
16
10
4
873
122
993
4
65
8
3
3
as
33
914
33
0
4
15
80
53
2
5
1112
163
4
0
1414
25
8
5
101
112
3
3
7812
6
1012
412
58
918
6912
70
83
25
I
138
77
1014
31
258
39
712
71
58
3
2
6
1514
65
8
$14
1218
13
37
8
14
1258
1034
318
54
34
,
257s
131
12
13
1
5
16
1612
135
122
10012
Vs
3
4
as
3412
10
3312
9
612
31
100
6
512
1112
183
8
Ii
16
Ps
5
108
112
43
83
6
1012
4,
2
71
13
*
12
4454
1612
155
8
46
2514
1152
33
321.1
66
87
s
1314
123
4
4938
14812
2352
1854
37
2
2853
3152
327
8
170
14618
12113
1612
23
8
1
5853
211s
60
1854
3014
497k
112
25
13
283
4
451s
267
8
6314
814
20
13
9
120
114
96
241s
3738
1153
es
15
4
912 227
8
8934
72
73
9912
1097
8
90
3014
457
5
118
41s
187
161
10012
82
1014 25,
4
45
34
25
8
83
4
4712 7453
718
16
81
9253
New York Stock Record-Continued-Page 7
-PER SHARE, NOT PFR CENT
11101! AND LOW SALE PRICES
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
Wednesday
Jan. 30
Thursday
Jan. 31
Frtday
Feb. 1
$ per share $ per share $ per share $ per sha-e $ per share $ per share
. 1814 163 177
171
173
4 1714 1818
4
4
8 163 1712 17
1718 18
*3712 4112 '3712 3912 *3712 3912
4
373- 373 *3712 40
4
.3712 40
2
2
214
2
2
214 *2
*2
214 *2
*13
4 218
3178 *28
2812 2812 2812 *28
*2712 317 •28
8
315
8 28
28
10
4
93
4 93
4
93 10
10
2
93 10
10
97 10
8
104
33
2 33
8
34 34
312 33
37
8 37
s *33
312 312
s
8 37
8
22
22
21
23
2112 21
2112 2114 2212 2112 22
*22
8
414 414
8
414 04
438 43
4 14
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84
*72
84
84
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84
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84
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84
8
714
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7
7
Vs 64
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4
144 15
144 1518 143 144 1412 147
15
4
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10714 10712 10714 10714
108 108 *10712 108
.10712 108 *10712 108
638 612
6
64
53
4 6
53
4 618
614 612
618 63
8
40
8
304 3714 367 38
3712 3712 3814 393
39
4 39
393
4
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4412
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*381,1 4412 *39
,
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4
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6787
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8
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7214 7214 7212 7212
115 115
116 116 *115 117 *115 117 *115 117
•11312 115
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153 *1412 15
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1012 103
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112 112 0138 112 Ps Ps 138 Ps Ps 138 *Ps 112
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114
118
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13
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32
3112 3112 3112 3112 32
35
.17112- -- *17112 _ _ *17112 _ _ .172 *172 - _ *172
_ _
7
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67 ._-11
8 74 - 4
71
714
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8 67
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317
8 30
30
29
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32
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32
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32
4 212 *VS 212 *Ps 212 *114 212 *14 212
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18
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21
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212 *2
212 *2
212
3412 *33
34
341; *33
.3412 35
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34
33
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14
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•151 4- -- .1513
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8 218 *Fs _21s '17
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112 *14
15
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Ps •114
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l's •114
1512 1512 1412 1412 14
144 1412 1412 144 144 14
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8
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2
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1318 1318 .1212 1312 .134 1512 *133 1478 *1212 15
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4412 4434 4518 45 8 4514 457
45
4514 4412 45
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3
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4
11654 1163 117 11714
- 117 117 *11614 117
11614 117
4
2612 253 2614 253 26
*117- _267 2718 26
8
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4
26
2618 253 26
4
.703 72 .703 714 •71
4
71
71
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71
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88
83 83
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83 83
86
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4 83 83
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94
93
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.9314 9412 92
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•10512 109 *10512 10914 *106 109 *10512 109 *10512 109 .10512 109
102 102
101 101 • 9914 103
101 101 *100 103
•102 103
4812 494 4612 473
4 47
4712 473 4814 4812 487
4814
8 48
4
7
4
63
7
4 67
63
8 634
8
63
4 7
64 63
6321 67
8
54
.5312 56
533 5354 5312 5312 54
4
*5312 56
5312 5312
9
9
87
8 9
83
4 9
87g 9
9
914
914
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54 55
8
518 0'8
514
518 514
53
8
518 514
518 514
8 5912 60
613 6214 595* 613
4
8 6018 603
597 603
4 6012 6018
2
4
8 403 4112 403 4234 42
4
42 8 4412 403 423
,
8
4314 413 4212
8
218
2
24 214
218
2
2
2
218
2 18
2
24
8
1938 194
•193* 194 19
195s 1918 194 1918 1912 194 197
3512 3512 3518 3514 35
.3512 36
35
*35
38
35
35
0384 39
*3312 39
391s 3918 "3812 3912 *3812 3912
*3812 39
36
36
.36
36
•33
36
365* 3578 36
365 *33
8
365
8
*54 654
53
4 53
4 *512 03
4
512 512 .518 53
4 *512 53
4
39
*30
40 .34
39
*30
39 .30
39
.25
35
*30
238 *2
212 "2
212 .2
24 .2
212
2
2
2
4 11
11
*1012 12
*10
1212 1212 '1154 1312 1112 113
1312
914 912
9
914
87
9
9
914
9
9 18
9
9
7612 7512 745* 7512 744 744 75
75
75
75
75
7512
74
*70
733 *70
73
*70
4
73
.724 7412 74
*70
723
4
•
125 •____ 125 ...--- 125
_ 125 -- 125 •____ 125 •
25* 2 4 .25
24 23
23
4 23
8 23
4
25
8 25*
4
24 24
,
4
8 137 1412 134 14
14
8
134 14
143
8 137 1414
8
1412 145
4
4512 4612 458 4612 4612 4714 4614 4612
4814 4512 48
48
4812 4512 4654 .4512 47
*4512 47
4612 47
*47
.4512 4612
.618 73
8 "(Ps 7 8 *618 738
6
3
6
6
6
*612 712
20
•12
14
*12
14
20 •12
14
14
.1012 14
•12
8812 8812 8812 8812 *8812 89
89
8812 8812 *78
•78
8812
8
23
23
.23
223 223
2312 234 2314 2214 227 *2212 23
4
4
1418 144 *1318 1378 1318 1318 *123 14
8
*1212 14
14
.13
4754 48
4712 477
8 473 474 474 477s 474 4814 477 4318
8
s
•564 59
59
*5612 5912 *5612 591 *5612 5912 *5612 59
59
20
*167 20 .1634 20
8
*17
•174 20
•164 20 .1612 20
.63
4 71, *0
4 712 *04 712 *04 7'
*64 712 *612 712
25
*2412 25 .244 25
.2112 254 .2414 25
.
•244 254 25
For ton notes see page 756.
Sales
for
the
Week
STOCKS
NEWVORK STOCK
EXCHANGE
Shares
15,700
10
200
20
6,300
2,400
1,100
500
Par
Northern Pacific
100
Northwestern Telegraph
50
Norwalk Tire & Rubber __No par
Preferred
50
Ohio 011 Co
No par
Oliver Farm Equip
No par
Preferred A
No par
Omnibus Corp(The)vte_ No par
Preferred A
100
Oppenheim Coll et Co____No par
Otis Elevator
No par
Preferred
100
Otis Steel
No par
Prior preferred
100
Outlet Co
No par
Preferred
100
Owens-Illinois Glass Co
25
Pacific Coast
10
1st preferred
No par
2d preferred
No par
Pacific Gas & Electric
"5
Pacific Ltg Corp
No par
Pacific Mills
No par
Pacific Telep & Teleg
100
6% preferred
100
Pac Western Oil Corp____No par
Packard Motor Car
No par
Pan-Amer Petr & Trans
6
Park-Tliford Inc
1
Parmelee Transporta'n___No pa,
Panhandle Prod & Ref_--No WV
8% cony preferred
100
!Paramount Publix °Ifs
10
Park Utah C M
1
Pathe Exchange
No par
Preferred class A
No par
PatIno Mines & Enterpr No par
Peerless Motor Car
3
Penick & Ford
No par
Penney (.1 C)
No par
Preferred
100
Penn Coal & Coke Corp
10
Penn-Dixie Cement
No far
Preferred seriee A
100
Pennsy:vania
50
Peoples Drug Stores
No par
Preferred
100
People's G I. & 0 (Chic)
100
Peoria & Eastern
100
Pere Marquette_
100
Prior preferred
100
100
Preferred
Pet Milk
No par
Petroleum Corp of Am
5
Phelps-Dodge Corp
25
Philadelphia Co 6% pref
50
$O preferred
No par
:Philadelphia Rap Tran Co___50
77 preferred
50
Phibt & Read C & I
No par
10
Phillip Morris & Co Ltd
Phillips Jones Corp
No par
7% preferred
100
Philips Petroleum
No par
Phoenix Hosiery
5
100
Preferred
200
6,300
60
5,700
2,700
_ _ _ ___
1,400
10
50
2,100
1,300
300
260
70
1,400
19,700
100
100
100
100
10
58,500
3,000
2,700
1,100
1,600
1,000
1,100
8,400
100
100
800
1,300
22,600
300
1,200
300
100
200
300
1,500
4,600
500
2,900
1,700
20
7,700
100
763
Range Sfnee Jan. 1
-share Lots
On Basis of 100
Lowest
Highest
July 1
1933 to Range for
Jan, 31 Year 1934
1935
High
Low Low
$ per share $ per eh i Per share
$ per share
1412 3614
1412
8
16 8 Jan 15 217 Jan 7
,
43
33
33
357 Jan 18 3812 Jan 3
8
13
8
13
8
412
214 Jan 4
2 Jan 2
29
28 Feb 1
2812
4014
3212 Jan 3
812
8
812 154
94 Jan 28 107 Jan 3
7
2
2
45 Jan 2
8
312 Jan 12
9
273*
9
20 Jan 15 265* Jan 2
63
8
38
,
34
412 Jan 7
418 Jan 15
95
70
70
75 Jan 16 75 Jan 16
712 Jan 2
8
54
54 145
614 Jan 18
8
113
4
1212 193
8
134 Jan 2 155 Jan 7
92
108
92
106 Jan 7 108 Jan 29
3
34
8
714 Jan 21
5 Jan 12
25
74
9
223 Jan 16 46 Jan 21
4
47
30
28
42 Jan 11 45 Jan 8
11412
97
97
94
60
60
837 Jan 11 874 Jan 28
8
1 18
lls
64
212 Jan 7
4
13 Jan 2
312
312 1114
4
6 Jan 7
33 Jan 2
2
612
2
4 Jan 7
212 Jan 12
124 2312
1238
145 Jan 2
8
13 8 Jan 21
,
4 37
4
208
203
2114 Jan 24 2334 Jan 11
34
19
17 Jan 30 21 Jan 2 6 17
69
8512
70 Jan 2 7212 Feb 1 27 6812
9914 103
116
11112 Jan 14 116 Jan 29
512
94
812 Jan 3 2 5
7 Jan 24
5 8 Jan 7 21 23*
7
24
,
44 Jan 12
61
's
1084 12
814
104 Jan 9 11 Jan 19
17
3512
16
4
16 Jan 24 173 Jan 11
4
12
2
118 Jan 8
4 Jan 4
4
212
8
13 Jan 7
54 Jan 2
5*
2112
7
7
8 Jan 4 12 Jan 7
57
8
14
111
414 Jan 26
34 Jan 15
2 Jan 3
212
64
2
34
27 Jan 16
8
12
12
414
14 Jan 2
14 Jan 10
44
1012 2434
14 Jan 15 1714 Jan 2
912 2112
912
1012 Jan 30 1212 Jan 3
1
1
44
15 Jan 4
8
114 Jan 2
8
443* 67
445
647 Jan 2 70 Jan 8
8
5112 744
354
74 Jan 8
6814 Jan 31
10512 1084
108 Jan 2 109 Jan 31 103
17
2
23 Jan 7
4
17
s
212 Jan 4
514
23
4
512 Jan 7
27s
74
4 Jan 15
124 32
10
15 2512 Jan 26
1812 Jan
2018 3772
204
21 Feb 1 252 Jan 7
8
8 66
193
3012 Jan 15 3632 Jan 3 26 1012
1124
86
80
1103 Jan 9 11112 Jan 25
4
1914 4378
1914
2018 Jan 8 2378 Jan 10
8
2
234 Jan 2
3 Jan 7
2
38
12
12
15 Jan 26 19 Jan 31
18
1412
27 Jan 26 32 Jan 9
5112
1318 43
12
19 Jan 29 2412 Jan 11
914
94 177
s
17 Jan 2 19 Jan 31
1414
814
814
818 Feb 1
95* Jan 2
1314 187
11 4
,
s
133 Jan 30 1618 Jan 7
4
244 37
2112
26 Jan 3 2814 Jan 15
49
48 Jan 25 48 Jan 25
84%
3814
2
6
3 Jan 24
4 Jan 8 at 112
412 16
3
6 Jan 12
6 Jan 12
8
34
35* Feb 1
64
47 Jan 9 31 25
8
1112 484
104
41 12 Feb 1 463 Jan 11
4
7
21
7
11 Jan 4 11 Jan 4
48
48
747
8
60 Jan 4 68 Jan 15
133 z20114
8
11
1414 Jan 15 16 Jan 4
412 1312
412
6 Jan 3
512 Jan 18
84
50
44
55 Jan 23 55 Jan 23
812
s.
17 Jan 7
8
7 Jan 2
a
4
4
14
5 Jan 8
8
4 Jan 2
4
,
412
412 10 4
8
6 Jan 7
55 Jan 7
2
4
14 Jan 8
7 Jan 17
8
34
18
1812 34114
313 Jan 12 3312 Jan 3
4
7014 87
75 Jan 16 7612 Jan 25 4° 73
7312
100 Jan 12 110 Jan 15
712
- -12 184
7
814 Jan 23
914 Jan 24
28
4212
26
30 Jan 5 35 Feb 1
173 Jan 16 173 Jan 16 14114 14112 189
412 118
8
44
9 Jan 11
67 Jan 29
8
1514 43
154
2512 Jan 2 35 Jan 21
118
218 Jan 12
218 Jan 12
31,
14
64
84 1912
4
144 Jan 4 143 Jan 4
112
5
118
212 Jan 21
15 Jan 18
8
25 8 5972
5
2553
32 Jan 16 3712 Jan 7
27
10
10
144
133
113
5
13
4
114
218 Jan 4
2 Jan 3
714 1814
7 14
854 Jan 7
75 Jan 16
8
144
6
6
91s Jan 30 1112 Jan 9
24
84
23
3
44 Jan 24
3 Jan 2
1
34
1
112 Jan 8
114 Jan 14
2,500 :Pierce-Arrow Mot Car Co
5
1.700 Pierce 011 Corp
25
Preferred
IOU
100 Pierce Petroleum
No par
1,100 Pillsbury Flour Mills
No Par
200 Pirelli Co of Italy Amer shares__
Pitts C C&St L RR Co___100
100
Pittsburgh Coal of Pa
600
Preferred
100
_ _ _ ___ Pitts Ft W & Chic prat
100
3,500 Pittsburgh Screw & Bolt- No par
60 Pitts Steel 7% cum pref
100
Pitts Term Coal Corp
100
6% preferred
100
Pittsburgh United
25
50
Preferred
100
Pittsburgh & West Virginia __100
______ Pitts Young &A stit Ry7% 91.100
Pittston Co (The)
No par
2,000 Plymouth 011 Co
5
900 Poor dr Co elms B
No pa
Porto Ric-Am Tob el A_ __No par
Class B
No par
1,700 Postal Tel & cable 7% prof __100 1354 Jan 12 165 Jan 7
8
1012
1,700 !Pressed Steel Car
114
2 Jan 17
No par
318 Jan 21
300
Preferred
514
100 1012 Jan 4 17 Jan 21
7,300 Procter & Gamble
3318
No par 424 Jan 12 454 Jan 31
80
5% pref (ser of Feb 1'29)_100 115 Jan 2 11714 Feb 1 1101
5,200 Pub Ser Corp of N ..i
2414
No par 2414 Jan 8 2714 Jan 25
800
$5 preferred
597
8
No par 6052 Jan 9 71 Jan 26
500
8% preferred
75
100 79 Jan 2 86 Jan 26
200
7% preferred
84
100 90 Jan 8 93 Jan 19
8
99
100 104 Jan 3 10814 Jan 19
1,500 Pub Ser El & Gas pf $5.--No par 99 Jan 5 102 Jan 16
834
4,700 Pullman Inc
354
No par 4014 Jan 15 527 Jan 9
8
4,300 Pure Oil (The)
618
No pa
73 Jan 4
4
65s Jan 12
70
8% cony preferred
49
100 5312 Jan 25 61 Jan 4
4,400 Purity Bakeries
83
No. pa
8
83 Feb 1 107 Jan 2
4
8
26,500 Radio Corp of Amer
No par
2
55* Jan 25 22 43
454 Jan 15
4,600
Preferred
22
50 5354 Jan 11 6212 Jan 25
27.100
Preferred B
13 s
,
No pa
3512 Jan 15 444 Jan 26
10.300 !Radio-Keith-0mb
No par
17 Jan 12
8
112
24 Jan 2
1,300 Raybestos Manhattan-No par 19 Jan 16 21 Jan 2
1118
900 Reading
35
50 35 Jan 25 4312 Jan 7
100
1s1 preferred
28
60 3812 Jan 9 391s Jan 30
400
2d preferred
27
50 3512 Jan 11 364 Jan 15
200 Real Silk Hosiery
10
5
512 Jan 31
612 Jan 3
Preferred
100 3712 Jan 2 39 Jan 7
35
300 Reis (Robt) & Co
No par
2 Jan 4
Ps
212 Jan 7
500
1st preferred
100 11 Jan 5 15 Jan 7
58
,
5,500 Remington-Rand
1
87 Jan 29 1114 Jan 7
8
514
1,100
lst preferred
100 713 Jan 15 78 Jan 9, 243
4
4
40
2d preferred.
100 70 Jan 9 74 Jan 10' 24
Renss & Saratoga RR Co_ _100
1 104
2,000 Reo Motor Car
5
212 Jan 2
2
35* Jan 7,
9,500 Republic Steel Corp
Na par
1314 Jan 15 1512 Jan 7
9
6.400
6% cone preferred
100 404 Jan 15 4912 Jan 21
19
500
6": Prof ars of dep
4272 Jan 15 49 Jan 21
3912
600 Revere Copper & BMW.
5
6 Jan 30
8 Jan 4 4 6
'
100
Class A
10 14 Jan 31
15 Jan 11 41 14
40
Preferred
100 86 Jan 2 8812 Jan 24
35
800 Reynolds Metal Co ____No par 2112 Jan 15 2412 Jan 10 ° 93*
4
600 Reynolds Spring
1 124 Jan 18 147 Jan 4 41 63
4
8
9,500 Reynolds (R J) rob class B-10 4612 Jan 12 515 Jan 3
8
393
4
10
Class A
10 563 Jan 14 61 Jan 8
4
564
Rhine Westphalia Elea Power _
__
124
Ritter Dental Mfg
'lo pa,
62 Jan 15
4
7 Jan 3
518
100 Roan Antelope Copper Mines_
2314 Jan 2 26 Jan 22
20
1012
114
5 11
,
3312
102%
25
67
78
88
105
8712
354
612
49
85*
42
,
2314
15
112
1412
3518
3312
294
5
35
15
8
51*
6
324
30
114
2
1012
3312
3912
5
1114
48
1512
612
3984
67
1212
51s
204
295*
512
22
444
117
45
84
974.
108
11912
10412
591s
147
2
80
194
94
5618
46
414
23
584
4112
394
14
604
6
3814
135*
71
70
126
54
254
6712
4214
144
2812
90
27 4
,
16
533
4
827
8
23
1312
334
New York Stock Record-Continued-Page 8
764
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
$ Per share
----323 12 8
8
3
*414 514
153 16
4
*13
4 2
*2
213
*12
15
*18
2412
4018 4058
10812 10918
111 111
*6
63
4
25 4 2614
3
330 338
1713 18
*59
59;
*5
8
3
4
*114
112
23
23
47
8 47
8
3458 343
4
*178 2
47
47
$ per share
-----*313 8 3214
414 414
1512 153
4
13
4
13
4
2
2
*12
15
*18
2413
393 41
4
10812 109
111 111
*6
6;
2514 253
4
314 314
1712 1712
59
59
*5
8
3
4
*114
13
8
2212 23
43
4 43
4
3318 3412
17
8
17
8
47
47
$ per share
---_
0315 ---8
8 323
*312 612
15
1512
*112 17
8
17
17
8
*12
14
*18
2419
397 40
8
109 10912
110 1103
4
*6
612
243 255
4
8
314 338
163 17
4
59
59
*5
8
3
4
114
114
2212 223
4
*412 4;
3312 34
*13
4 2
4612 4612
..:.7
- --
--7.-
-
-
--,-
- ,..--
Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
$ per share $ per share $ per share
--__
__
____ ---___
3
2
31 - 32 -4
3112 3113 315 -- -3
8 612
8 6; *35
*312 613 *35
1514
155
8 15
1514 1512 15
112
3
112
113 0
112 112
13
4
17g
*17
8 2
4 2
13
*13
14
12
12
12
12
21
2413 21
*18
2412 *21
41
4012 41
4114
393 40
4
1083 1083 108 10812
4
4
109 109
11014 11014 *11014 11012
110 110
64
613 612 *6
*6
63
4
25
2514 243 2514
4
243 25
4
8
314 33
314 33
8
*314 3 8
3
1613 17
17
17
163 17
4
59
593
4 59
59
593 *59
4
5
8
5
8
*5
8
3
4
*5
8
kl
13
8
13
8 *114
112
112 *114
2318
2318 23
23
23
23
413 412 *4
412
412 *4
33
3358 3318 3418 3318 337
8
17
8
17
8 *112
*13
4 17
8 *134
47
*4614 47
48
4714 *47
.
--;. 7
-
- c-
--:-
--_-_-
--,-
- --
18
2
8
44
818
81s - 8
'8
-82
8
812
8'2
8
% -858
-8
'2
8
'4
7
8
818
7 4 73
3
4
778 7
7; 7%
73
4 8
7
54 7 4
3
13
13
123 13
117 1214 12
8
12
1214 1212 1214 12$8
458 458 *412 458
412
412
412 412
45
8 458
43
4 43
4
*44
453 *44
4
45 4 447 447 *4418 4534 *44
3
8
8
453 *433 453
4
4
4
*2414 29
*24
29
*2418 29
8 241 241z *25
29
237 237
8 7
67
7
67
8 718
7
7
67
73
8 712
67
8 714
*7414 753
74
74
*70
74
74
74
4 75
75
733 733
4
4
87
9
87
87
8 9
88
918
8% 87
*918 912
9
8
918
9
9 18
9
9
9%
9
918
9
*914 93
8
9
*1612 163
4 1614 1613 16
1611 153 15; 153 16
8
8
1518 155
8
*758
75,
712 7;
714
73
712 713
714
714 73
8
73,
61
60
60
*5918 61
61
61
*6118 62
*61
63
*60
1712 1712 *1712 2012
1914 1914 *1818 1912 1712 1818 *1614 18
8 3012 305 *2812 35
8
4 308 305
30
30
*2812 3312
31; 313
1858 1858 18
1814 185
8 1818 1813 1814 1814
1812
187 19
8
1334 1418
1334 14
14
1414
14
1414
138 1418 13% 1414
109 109 *10814 110 *10814 110 *10814 110 *10814 110
10912 10912
2014 2014 2013 2018 203o
8
4 2018 205
8 20
*21
2112 203 203
*131 135 *131 135 *131 135 *132 135 *132 135 *132 135
1178 1178
1178 117
8 12
1214
1113 1218
12
1218 113 12
4
*3
8
*3
8
8
*3
8
*3
8
*3
1038
*3
*114 412 *1.14 412 *114 412 *114 412 *114 412 *114 3
15
1513 1518 1512 1518 157
8 15
153g
1513 16
1512 15
12
1212 1218 1212
1212 127
1212 133
8 1214 13
8 1212 1234
4
8 153 16
4
,
1614 1614 15 4 167 *153 165
3
8
1612 1612 16
163
8
' *33
3613 *33
3613 33 33
*25
38
*26
38
*26
38
*612 7
6; 612 *518 61
612 612 *514 67
8 *514 7
*4812 52
4812 48'2 48
48
*4812 50
*4718 50
*4718 50
- - - - - - - - - - ii8 Ii" iii Wi •65 -ei.,
;33 Bi
-434 5
412 43
4
412 412
412 458
45
8 434
45
8 43
4
534 53
4
512 512 *53
*53
4 634
4 63
4 *53
4 67
8 *53
4 67
8
*70
90
*6013 85
*70
90
*6013 85
*63
85
*62
85
3513 3512 3514 3512 35
357 36
8
35
*34
35
343 35
4
83
4 9
83
4 87
8
8
83, 87
83
4 918
87
8 9
8% 918
*83 10
8
93 10
4
1014 1014 1012 1012 1012 1.012 1014 1012
*3614 39
36
3614 *3014 37
37 37
*34
37
*30
37
7613 7712 73
753
4 7214 7413 73
733
4 73
7414 7214 7212
1712 1778 175 177
175 173
8
4 175 18
8
8
8 175 177
8
3 175 173
8
4
12312 12312 123 12312 *1227 12312 12314 12314 *12318 12314 12318 12314
8
*414 413
4
4
37
8 4
*35
8 32
,
4.
4
37
8 37
8
37
37
34
3
37
3%
4
33
4 4
33
4 38
33
4 4
4% 5
43
5
5;
43
4 47
8
45
8 45
8
43
4 47
8
4 4%
10
*9
10
10
10
1012 '.912 1012 *93 1014
4
54
954 9
12
1114 12
12
12
1118 1118
*123 123
8
4 12% 1218 12
*114
112 *114
112
13
8 13
8 *118
13
8
114
114
114
114
*1123 11314 113 113
4
1123 1123 1123 1123 1123 1123 11213 11212
4
4
4
4
4
4
2978 3014 2978 3014
305
8 293 30
293 30
4
3014 308 30
4
2438 247
2418 247
2418 2414 2418 2414 2418 2414 2418 2414
30
30
*30
35
*30
35
30
30
•30
32
*30
32
42
4214 4118 413
4 403 4112 405s 407
4
8
8 4012 413
8 405 413
8
4
14
14
4
4 133 133
4
4 1314 1312 133 14
*133 1414 133 133
4
6014 60 603
4 593 6014 593 60
4
4
60 14 605
8
60
603
8 60
*134
*13
4 2
2
*13
4 2
*13
4 2
13
4 *13
4
17
138
*414 454 *414 43
4 *37
g
412 *37
8 43
4 *4
43
4 *37
8 43
4
3812 *36
40
*36
40
*36
40
•36
40
*36
3738 *36
*73
4 8
712 7 4
3
7
712
67
718
718 712
7 8 712
3
413
4; 414
4% 414
418 43
8
4
418 418
4% 412
17
8 2
13
4
17
112
17
17
2
13
4 2
18 2
1414 143
8
137 16
8
1354 14
4 1312 137
8
*137 1412 *137 14
8
67
66
66
*66
67
*66
67
67 67 18
*66
6812 *66
11818 11818 11814 11814
'11654 11818 *11712 11818 *118 11818 118 118
3
3
8
8
54 *1412 153
8
s
*1414 153 *143 15 •143 15 8 •143 153 *1412 15
8
4
114
13
4
13
4
13
4
14 13
4 *15
8
13
4
15
8 15
8
15
8
15
8
4
818 818
77
8 8
714 7
54
8 *712 812 *73, 73
730 73
47
47
*37
4
*4
47
8 *4
*414 47
414
414 *4
*3,
7
8
•3
7
3
4
kt
3
4
*5r.
%
454
7
8
3
4
234 234
212 212 *2314 234 *2 8 3
,
214 2 8
,
218 214
918 918
9
9
87
8 87
8
918 918 *878 918 *87
8 918
7
614 512
6
514
5
5
5
5
514
478 5
*4
4 193 20
4
1912 193
4 19% 193
197 20
8
19% 20
1913 19%
8 3312 3414 3412 3518
34
3412 3330 34
3313 34% 33% 335
4
4
8
*33
4 4
33
4 33
4
3
54 33
4 *33
4 37
8
37
8 37
930
9
9 14
9
918
8
918 914
914
918 914
93* 93
*2134 2478 *213 26
4
*2312 2434 *2114 25
c22
22
23
23
15 8 153
3
8 157 16
16
16
165 17
8
16
163
4
16
16
6012 *513 5512 •51524 5612 *52
8
*517 6012 *52
8
6012 *52
6014
7
7
7
7
*512 814 *512 812 *512 814 *512 814
82
8312 82
*81
8312 81
81
81
82
*8113 8313 •82
3
35, 3 8
*33
4 4
5
*3; 37
*3
54 3 8 *318 38 *334 37
7
*414 5
*4
412 *4
412 *4
414
4
4
*4
412
*193 21
4
*193 21
4
4
*193 21
4
*193 21
4
*193 21
4
*193 21
*558 618 .512 618 *53
*55
8 6
4 618 *53
6
6
4 618
1518 1518 145 15
8
1412 143
4 15
15
*15
155
143 1518
4
*23
4 27
*23
4 27
8
23
4 23
4
2 4 23
3
4
25
23
4
23
4 23
4
.16
22
*16
22
•16
22
*16
22
•16
22
*16
22
8; 8%
813 83
83
8 812
4
813 858
8% 812
83
8 83
4
*8512 86
8513 853
4 85 85 14 *847 8513 8512 8512 8412 8412
8
*2713 32
*2712 32
*2713 32
2713 271 *2712 32
*2712 32
*102 1033 103 103 *101 1031 *99 102
102 102
4
*99 102
8
6% 614
4 614
6's 614
6
6
6 18 618
614 614
3414 3412 3314 3412 333 34
3414 3334 34
34
8
3314 338
514 5 8
3
514 53
8
530
5% 53
3
5% 514
518 5.8
1
5%
*713 8
714 712 *7
718
7
714 *7
713
714 *71
35
33
3
3 14
3
3%
318 3;
3
3
3
31
*75
81
*75
81
*75
81
77
75
81
*75
75
*75
.40
41
397 397
40
4014 *3912 40
3912 391 *40
41
478 478
43
4 43
4
*45
412 41
8 43
4
43
412 41
4 44
8
513 513
53,
5
5
5
514
5
51
5%
5
5'8
*358 414 *313 418
412 434
414 45
8
4
4
*334 414
23
23
2114 22
24 4 267
5
8
21
21
25
*2012 2230 20
•13
4
17
g
*154
2
*13
4
17
8
13
4
13
4
4 2
158
138 *13
*55
*5718 5814 5718 57% *5512 57
57
*563 57
4
57
57
*127_ *127
*127
___
___ *127
_
___ *127
__ *127
04713 - - 18 47 4
8
47
46 46
--- 46% - 8
465
*455 8 463
46; 463
4612 46; 45 4 4612 4514 46
3
4
8
453 46
8
453 4618 453 463
4
1514 1514 1514 1514 15
147 15
8
15
1514
15
1518 *15
q3a -6-5-.2 .ii -6-E.2
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Feb. 2 1935
Range Since Jon. 1
On Basis of 100
-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan.31 Year 1934
1935 --Low Low
MA
5 per share $ per oh
Par a per shard
33
-Roman Insurance Co
5
28;
293 Jan 3 328 Jan 26
4
Royal Dutch Co (N Y shares)__
414
512 Jan 3
414 Jan 28
Rutland RR 7% prat
100
10 15 Jan 29 175 Jan 3
St Joseph Lead
15
8
118
2 Jan 8
130 Jan 2
:St Louie-Flan Franciaco____100
13 Jan 30
4
tap
112
213 Jan 8
151 preferred
8
St Louis Southwestern
100 12 Jan 16 14 Jan 12
100 16 Jan 12 21 Feb 1
13
Preferred
353
4
Safeway Stores
No par 3913 Jan 24 46 Jan 2
80
100 108 Jan 5 110 Jan 22
6% preferred
9018
100 110 Jan 25 112; Jan 22
7% preferred
413
63 Jan 2
4
6 Jan 15
No par
Savage Arms Corp
1718
5 2414 Jan 15 2812 Jan 3
Schenley Distillers Corn
4 Jan 2
212
318 Jan 12
1
Schulte Retail Stores
12
100 1613 Jan 16 2018 Jan 18
Preferred
8
No par 65 Jan 2 597 Jan 18
3714
Scott Paper Co
12
7 Jan 4
8
% Jan 2
No par
:Seaboard Air Line
113 Jan 5
1
114 Jan 29
WO
Preferred
8
19
Seaboard Oil Co of Del___No par 21 Jan 15 267 Jan 3
o
212
47 Jan 26
414 Jan 18
No par
Seagrave Corn
No par 33 Jan 30 4012 Jan 3
30
Sears. Roebuck & Co
2 Jan 7
1; Jan 21
1
Second Nat Investors
112
1 4512 Jan 17 4918 Jan 2
30
Preferred
12
No par
-- _ --- :Seneca Copper
4
9 Jan )15
1
73 Jan 5
_______ BOMA Inc
312
75 Jan 29
8
9% Jan 2
No par
6
1.300 Shattuck (F G)
95g Jan 2 1418 Jan 21
4
No par
2,900 Sharon Steel Hoop
518 Jan 3
4
No par
1,200 Sharpe 24 Dohme
4'2 Jan 29
Cony preferred eer A.._No par 447 Jan 29 47 Jan 7
8
30
100
190 Shell Transport & Trading___E2. 208 Jan 2 2412 Jan 31
19
65 Jan 17
8
No par
10,300 Shell Union 011
6
78 Jan 7
Cony preferred
100 68; Jan 11 783 Jan 23 27 4512
4
500
2,100 Silver King Coalition Mines-5
87 Jan 29 11 Jan 3 22 614
8
9 Jan 11 1014 Jan 2
2,700 Simmons Co
No par
8%
10 1518 Feb I
183 Jan 9
4
5,500 Simms Petroleum
714
7 8 Jan 25
5
1,400 Skelly 011 Co
25
612 Jan 15
6
100 80 Jan 22 6313 Jan 10
42
200
Preferred
100 1712 Jan 29 2114 Jan 8
12
100 Sloss-Sheff Steel & Iron
100 29 Jan 16 343 Jan 21
4
7% preferred
15
70
8
312
2,700 Snider Packing Corp.._No par 1730 Jan 15 197 Jan 2
Inc____15 135 Jan 12 147 Jan 4
8
25,300 Socony Vacuum 011 Co1212
300 Solvay Am InVt Tr Pref---100 10712 Jan 15 10912 Feb 1
76
No par 20 Jan 30 2318 Jan 4
20
2,300 So Porto Rico Sugar
100 134 Jan 23 136 Jan 23 112
Preferred
123 Jan 10
4
25 1112 Feb 1
3,400 Southern Calif Edison
111118
__
Southern Dairies class A__No par
__
512
• No par__
Class B
112
100 15 Jan ii 1918 Jan 7
24,900 Southern Pacific Co
147
8
10,900 Southern Railway
100 12 Jan 29 1612 Jan 4
Ills
1,300
100 1512 Jan 15 205 Jan 4
8
14
Preferred
100
28
Mobile & Ohlo elk tr et% --100 33 Jan 29 3314 Jan 12
612 Jan 28
713 Jan 8
200 Spalding (A G)& Bros___No par
5
40
100 4714 Jan 19 50 Jan 8
let preferred
30;
_
7
____
Spang Chalfant & Co Ino-- No Par
55 Preferred
100 63 Feb -i 66 Jan 7
20
No par
413 Jan 15
53 Jan 2
4
27
2,200 Sparks Withington
8
No par
5 Jan 3
7 Jan 22
30 Spear & Co
111
100 70 Jan 4 74 Jan 7
Preferred
3012
1,300 Spencer Kellogg & Bona --No par 33 Jan 2 36 Jan 10
1214
1
8; Jan 15
93 Jan 2
4
11,000 Sperry Corp (The) to
•
3;
No par
93 Jan 28 115 Jan 8
4
8
1,000 Spicer Mfg Co
6
50
4
Cony preferred A
No par 36 Jan 28 x403 Jan 3
18
6,000 Spiegel
-May-Stern Co-No par 72; Jan 29 7913 Jan 17
714
No par
1712 Jan 29 1918 Jan 3 21 17,
16.400 Standard Brands
8
No par 123 Jan 3 126 Jan 9 120
180
Preferred
47 Jan 21
8
800 Stand Comm Tobacco-No Par
313 Jan 12
3
43 Jan 3
33 Jan 28
4
3,700 Standard Gas & El Co-No par
35
8
45 Jan 29
No par
1,700
5; Jan 10
458
Preferred
93 Feb 1
4
123 Jan 3
4
No par
$6 cum prior prat
400
10
11 18 Feb 1
No par
16 Jan 7
900
$7 oum prior prat
1114
;
400 Stand Investing Corp
No par
114 Jan 17
113 Jan 7
9411
600 Standard 011 Export pret____100 111 Jan 3 113 Jan 16
No par 293 Jan 29 323* Jan 2
8,300 Standard Oil of CalU
4
2612
25 245 Jan 28 2513 Jan 3
15,300 Standard 011 of Indiana
23;
400 Standard 011 of Kansas
10 30 Jan 15 3014 Jan 2
19
16,600 Standard Oil of New Jersey
25 4012 Feb 1
4313 Jan 2
3318
900 Starrett Co (The) L 8...-No par
4
1314 Jan 15 153 Jan 3
6
10 58; Jan 15 607 Jan 11
4,500 Sterling Products Inc
8
453
4
200 Sterling Securities ol A___No par
15 Jan 8
8
17 Jan 18
8
1
No par
Preferred
518 Jan 3
25
8
43* Jan 15
Convertible preferred
50 3614 Jan 17 3614 Jan 17
2818
5
67 Jan 30
8
914 Jan 5
6,800 Stewart-Warner
412
37
No par
4 Jan 29
2,600 Stone & Webster
5 Jan 7
113 Feb 1
79.400 :Studebaker Corp(Tile)-No par
33 Jan 3 12 15
4
8
100 13 Jan 24 21 Jan 3
2,100
Preferred
10
500 Sun 011
No par 65 Jan 16 6713 Jan 10
42
Preferred
100 11513 Jan 10 11814 Feb 1
80
96
14 Jan 4 165 Jan 10
8
Superheater Co (The)__No par
1111
1,100 Superior 011
1
15 Jan 2
17 Jan 5
8
114
1,100 Superior Steel
100
714 Jan 29
9; Jan 71
438
50
4 Jan 17
100 Sweets Co of Amer(The)
514 Jan 3
318
No par
78 Jan 41
400 Symington CO
54 Jan '
%
No par
1,600
Class A
218 Jan 15
23 Jan 4
4
113
97 Jan 9
600 TelautograPh Corp
5
83 Jan 16
4
713
4,000 Tennessee Corp
5
512 Jan 261
3%
430 Jan 14
26 1913 Jan 29 21% Jan 7 2, 181g
6,300 Texas Corp (The)
No par
33 Jan 12 3538 Jan 3
7,500 Texas Gulf Sulphur
2234
2,300 Texas Pacific Coal & Oil
10
314 Jan 2
414 Jan 18
212
I
6,400 Texas Pacific Land Trust
,
812 Jan 15 1014 Jan 31
6
200 Texas & Pacific Ry Co
100 21 Jan 4 253 Jan 10
4
1313
No par
1,200 Thatcher Mfg
15% Jan 15 173 Jan 191
4
8
No par 51 Jan 5 5238 Jan 18. 3838
$3.60 oonv prat
No par
6 Jan 15
200 The Fair
7 Jan 26,
4
100 6118 Jan 7 82 Jan 291
Preferred
50
45
1
3; Feb 1
100 Thermoid Co
414 Jan71
212
100
4 Jan 31
300 Third Avenue
5 Jan 5',
4
1 2014 Jan 21 21 Jan 71
Third Nat Investors
13
25
100 Thompson (.1 It)
518 Jan 7
6 Jan 15
47
8
1413 Jan 29 1778 Jan 2
10
2,000 Thompson Products Ina- NO par
212 Jan 17
500 Thompaon-Starrett Co__.No par
312 Jan 7
1%
No par-- 17
53.50 cum pref
5,700 Tidewater Assoc Oil
No par
818 Jan 3
.
0 10 Jan 3 27 718
100 84 Jan 8 8712 Jan 7 274338
700
Preferred
10 Tide Water 011
No par 2712 Jan 29 2712 Jan 29
18
300
Preferred
100 100% Jan 2 103% Jan 22
62
10
6 Jan 29
2,200 Timken Detroit Axle
714 Jan 3
3
5,200 Timken Roller Bearing___No par 33% Jan 16 384 Jan 8
21
57 Jan 7
No par
11,600 Transamerica Corp
518 Jan 29
5
500 Transue & Williams SM.No par
65 Jan 15
8
814 Jan 3
412
No par
27 Jan 17
33 Jan 3
6,100 Tri-Continental Corp
4
278
100
6% preferred
No par
75 Jan 3 7518 Jan 15
51
500 Trloo Products Corp
No par 3918 Jan 23 4213 Jan 7
253
4
5 Jan 22
800 Truax Traer Coal
No par
418 Jan 15
112
2,400 Truman Steel
10
6 Jan 8
5 Jan 2
Vs
1,100 Twin City Rapid Trans._ No par
3 8 Jan 2
5
43 Feb 1
4
3
4
8
412
1,740 Preferred
100 18; Jan 2 267 Feb 1
214 Jan 4
200 then & Co
No pa
1
138 Jan 30
200 Under Elliott Maher Co No par 57 Jan 17 59 Jan 11
2213
Preferred
100 127 Jan 18 127 Jan 18
95
3112
600 Union Bag & Pap Corp___No par 45 Jan 3 5012 Jan 22
16,600 Union Carbide & Carb-No per 44 Jan 15 48 Jan 7"
34
2,200 Union 011 California
25 147 Feb 1
1630 Jan 3
1112
Shares
___ _ _ 800
100
4,600
1,000
1,100
50
20
2,900
530
260
100
7,100
1,000
280
230
100
200
1,700
. 300
26,700
100
130
$ per share
1014
285
8 3918
413 15
15; 277
8
118
48
5
113
618
8
20
13
27
3814 57
84% 108
9812 11312
5% 1214
1718 38%
3
8
15
303
4
6038
41
'2
2
318
1
203
4 3830
21s
558
31
51 14
112
414
32
52
12
2
430 9
63
4 137
8
518 1314
4
77
8
3814 49
19
2613
6
1112
57
89
8
1212
8% 24%
714 17%
6
1118
602 6818
15
2712
1812 42
65
19;
1212 19%
86
10813
20
393
115. 137
1018 2218
512 1038
112
314
147
8 333
4
1113 3612
14
4114
3111 473
4
5
13
3014 74
7
153
8
30
66
27
8
8
2
738
39
6413
153
4 3318
55
8 113
8
6
13
215
4114
19
7634
17 4
,
2514
12114 127
3
8
3; 17
45
8 17
33
10
1114 3812
7
2
17
8
9612 114
2614 427
8
2312 2714
26
41
3914 5018
153
8
6
47; 6812
1l4
3
3
7
30
38%
411
103
3
37
I314
fa,
17,
10
47
51; 7414
100
118
II% 2514
114
3
45
15%
318
554
%
212
55
112
212 1514
35,
6%
195
8 293
1
30
4314
213
(112
6; 12
1312 43
;
8
18
$9
52;
4
1218
50
83
212
9%
814
4
1311 2212
47
8
11
2014
10
0
14
511
17
2412
8
1438
5412 87
24
40
80
10011
a;
812
41
24
fps
812
412 1311
3
61
4
6014 78
33
421s
15a
512
IN
98,
81,
1%
6
39
4
I
86
587
128%
102
3914 607
507
s
357
1113 201s
For footnotes see page 756.
41
New York Stock Record-Cbncluded-Page 9
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
Wednesday
Jan. 30
Thursday
Jan. 31
Friday
Feb. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
765
Range Since Jan. 1
Ors Basis of 100-share Lots
Lowest
Highest
Atte 1
1933 to Range for
Jan.31 Year 1934
1935
Low Low
High
S per share $ per share $ per share $ per share 3 per share $ per share Shares
$ per share $ Per oh
Par $ per share
10214 10412 1003 10312 100 10012 101 102 1004 10112 10,700 Union Pacific
10434 105
4
/
1
100 100 Jan 30 11112 Jan 10 6 897
8
86
*8614 87
86
.86
87
86
8514 8514 *84 86 *84
300 Preferred..100 8514 Jan 30 8834 Jan 11
6278
25
2458 2434 2412 247
25% 25% 25
25
253g 1,700 Union Tank Car
8 25 25
1334
No par 2412 Jan 30 2618 Jan 4
137 13% 123 133
134 13% 1314 134 1312 1412 1358 1418 28,800 United Aircraft Corp
4
84
4
5 123 Jan 28 1518 Jan 7
618 614
618 678
53
4 618
314
578 618 34,900 United Air Linea Tritium v t c_.5
53
4 64
67 Jan 31
8
514 Jan 12
5% 6
114 *8
*812 1012 •8
9 Jan 12
United American Bcech_./Vo pat
Ills *8
1012 *8
1118 *8
7
834 Jan 15
1118
2458 243 *2412 2458 2412 2458 2458 2434 2412 25
4
2438 2412 1,900 United Biscuit
19
No par 2438 Jan 14 2612 Jan 9
4
1143 1143 115 115 *114 115 *114 115 *114 115 *114 11512
4
20
Preferred
100 113 Jan 18 11712 Jan 2 10414
46
46
46% 46
47 47
4612 4612 4738 473* 4758 47% 1,100 United Carbon
2014
No par 46 Jan 28 50 Jan 7
214 211
214 238
214 238
214 212
238 212
218
3 Jan 2
214 Jan 28
No par
23
8 212 23,200 United Corp
2738 2812 2738 2838 28
2834 2772 2858 2812 291g 2814 2838 21,100
2114
8
Preferred.
No par 2314 Jan 8 293 Jan 25
1114 11
1118 11
1112 1158 1138 1112 1118 1138 11
1118 5,300 United Drug Inc
618
5 11 Jan 30 1314 Jan 7
.638 77
638 63
234
8 Jan 3
638 Jan 15
10
100 United Dyewood Corp
8 614
4 *55
4 *55a 53
s *534 614 *512 53
75
75 *70
79
•70
•75
75 *70
Preferred
100 75 Jan 28 82 Jan 7 50
160
7412
7412 *71
63* 63*
614 614
65* 63*
3
712 Jan 9
618 638 1,100 United Electtic Coal
614 614 *64 6%
578 Jan 2
No par
7314 7314 73
74
7414 7414 73
7212 7312 2,600 United Fruit
74
494
723 73
4
3
No par 7212 Feb 1 75 4 Jan 7
12
1214 118 124 1134 117t 113 12
1158 1178 18,200 United Gas Improve
4
1112
113 12
4
1218 Jan 10
No par 115* Feb 1
8212
9118 9112 91
*9112 92
9112 *8914 9114 504 503 *5012 9114
Preferred
800
4
No par 89 Jan 3 9218 Jan 22
21g 212 *218 3
*218 3
0218 3
*218 3
1
258 Jan 9
100 tUnited Paperboard
*218 3
. 100
218 Jan 28
57 Jan 7
5
•434 512 *434 518 *47
*43
5
5
4
100 United Piece DY8 Wks......No par
8 518 •434 5
5 Jan 24
377
4
.3212 40 *33
*3214 40
Jan 31 3312 Jan 24.r 30
32
76
32
324 32
33 33
104) 32
61.i% Preferred
53* 58
518 558
518 512
218
74 Jan 3
538 512 7,900 United Stores class A...--No par
514
534
518 514
518 Jan 28
*6012 64
65 65
4918
6012 6012 *57
Preferred class A
500
6012 60 60
No par 58 Feb 1 8512 Jan 19
58 58
54
55 55
5418 53
5413 1,900 Universal Leaf Tobacco ..No par 52 Jan 30 59 Jan 2
5212 53
37
533* 52
534 *53
*133 1348 *133 13434 *133 13434 1343 1343 *133 13412 *133 13412
Preferred
20
100 1344 Jan 30 1364 Jan 4 10814
4
4
*37
42
"3614 42
37
37 *37
15
50 Universal Pictures let pfd_....10036 Jan 15 40 Jan 9
3714 3714
42 "3714 42
/
1
4
218 Jan 18
400 Universal Pipe & Bad
114 Jan 16
1
13 15*
112 112
*112 13
4
112 15* *113 14 *158 134
%
*1212 1434 *1218 144 *1218 1412 •1214 1478 1218 124
01212 15
414
Preferred
20
100 1218 Feb 1 1634 Jan 18
1914 195* 1812 1918 1814 1812 1814 183
12
1878 1878 2,500 US Pipe & Foundry
8 1838 19
20 1814 Jan 29 22 Jan 7
1314
20
20 *194 2014 2014 201 *20
lot preferred
300
2012 *20
/
4
No par 1914 Jan 7 2014 Jan 29
2012 20 20
*112 218 *112 218 *112 218
1
2% Jan 3
100 U 0 Distrib Corp
*12 218
*12 218
2
2
2 Jan 16
No par
*7
10
*6
10
4
4
.6
Preferred
*7
10
10
9 Jan 11 10 Jan 9
100
*7
10
*7
10
04
United States Express
12 Jan 4
14 Jan 2
100
014
%
*14
*1
/
4
%
14
*14
*4
,
3
8
3
8
3*
38
51313 1438 1313 1312 1313 1312 *1318 143* •131g 1438 *1312 1438
11
200 II S Freight
No par 1312 Jan 11 1512 Jan 7
63
658 68 *612 634
6
713 Jan 3
612 *614 63
No par
700 US dr Foreign Seour
612 612
638 63
8
8
65* Jan 29
*84 86
*84
87
60
84 84 *84 86
Preferred
200
*7812 86
84
84
No par 764 Jan 3 84 Jan 22
*48
49
48
4812 *46
3414
47
48 48% 4812 4812 1,400 US Gypsum
47 48
20 47 Jan 30 5318 Jan 7
*14612 149
14612 14612 14612 14612 *14612 14712 14612 14712 14612 147
4 preferred100 143 Jan 11 14712 Jan 31 110
,
180
*57
612 *53
314
634 Jan 7
512 Feb 1
5
55* 53
600 U S Hoff Mach Corp
512 58
4 612 *53
4 0513 6
4 612
394 3918 3812 3912 3634 38
32
37 3712 *3712 38
3614 361 2,200 U 8 Industrial Alcohol-No p.
/
4
, 3614 Feb 1 4513 Jan 2
515
55
8 53
8
55
8 51
4
878 Jan 7
558 57
55 Jan 26
8
No par
900 U S Leather v 1 e
53
4 53
8
4
8 5
4 *55
53
4 53
97 Feb 1 1258 Jan 3
1012 1012 10
10
10
7
1018 1018 10
10
No par
1,400
978 10
1018
ciaasayse
049
5712 *48
5712 *50
45
Prior preferred v t o
5712 *50
5712 *50
5712 *50
100 53 Jan 22 5514 Jan 9
5712
512 512
4
5
/ 512
1
4
514 512
7 Jan 7
512 512 1,300 U S Realty & Impt
51 512
/
4
*57
5 6
No par
54 Jan 30
1434 1434 143 1412 1418 1435 14
8
1412 8,700 1:1 S Rubber
1412 1438 1434 14
8
No par 14 Jan 15 1714 Jan 3 6 103
3614 353* 36
3612 3712 36
174
/
1
36
158 preferred
6,300
100 354 Feb 1 4238 Jan 7
355* 367$ 3712 3518 36
8
8
107 1085 1083 10814 10714 10912 10934 1105* 1083 109
109 109
7,800 U S Smelting Ref & Min
5314
4
50 10612 Jan15 12414 Jan 3
6414 6414 *8413 6434 6414 6434 6434 6434 6434 6434 645* 65
5113
1,000
7
Preferred
50 62 5 Jan 3 651s Jan 11
3714 373* 3612 37
36
4 3658 374 3614 3684 33,100 U S Steel Corp
364 3618 361
2933
100 355* Jan 15 4018 Jan 8
917 92
90 91
891 897
/
4
4,400
6714
Preferred
x90
9012 8714 89
8 8878 90
100 85 Jan 15 94 Jan 23
122 122
12113 12112 *120 125 *11934 123 *12112 124
81%
300 U 13 Tobacco
124 124
No par 11918 Jan 4 124 Feb 1
*138 150 *138 150 •138 150 *138 150 .138 150 *135 150
Preferred
100 150 Jan 4 150 Jan 4 1245*
04714 543 *4714 5434 *474 543 4 / 543 04534 5434 04534 541
4
4
4
/
1
Utah Copper
4 .471
4812
10 49 2 Jan 11 497 Jan 11
7
015
8 14
1% 15*
112 18 4
11 11
/
4
112 113
.112 15
2 Jan 2 31 7
1,900 Utilities Pow & L$ A
8
112 Jan 29
1
r
a
78
78
7
8
78
*7
8 1
7
8
78
78 *78 1
14
11 Jan 2
/
4
78 Jan 10
No par
700 Vadsco Sales
*20
231 *2018 23% *204 2318 102015 2234 *2018 2234 *20
2214
1914
Preferred
100
191 1918 1812 1834 18
/
4
18
183* 4
14
.184 1914 18
185
1818 1,900 Vanadium Corp of Am...No par 18 Jan 16 2134 Jan 7
12
1214 12
12
11% 1134 .1112 12
314
800 Van Raalte Co Inc
12
12
12
12
5 11% Jan 29 1212 Jan 11
*90 93 *91
93
*9012 93
4
91
93 *90
5414
7% let pref
93
9314 *90
100 9112 Jan 23 9312 Jan 14
35
35
35
35
3412 3412 3518 3512 3538 357
3412 35
234
2,000 Vick Chemical Inc
/
1
5 344 Jan 14 358 Feb 1
418 412
44 438
4
4
418
4
4
43* 3,200 Virginia-Carolina Chem -No par
418 418
1%
358 Jan 2
453 Jan 3
2614 27
2414 261 2414 2514 2434 25
/
4
2512 2714 8,200
10
/
1
100 204 Jan 15 2714 Feb 1
2512 26
6% preferred
5911 94
/
4
91
91
*91 __ *91
5714
9912 •93
7% preferred
100 85 Jan 4 100 Feb 1
600
98
96 100
80 80 *80
81
4
.79
80 81
81
80
170 Virginia El & Pow $6 pf __No par 7212 Jan 4 82 Feb 1
81
81
81
82
*418 512 *412 512 *412 512 *412 512 *412 5
3
/
1
4
Virginia Iron Coal & Coke_ _MO
51
/ *4
1
4
*1512 25 *15
25 *15
4
25
1618
5% pref
.15
25 •15
100
*15
25
25
*71' 7612 *73
74
74
7512 *7258 74 *724 75 *73
100 Vulcan Detinning
75
100 71 Jan 15 8112 Jan 7 36
410914 ____ *10914 -_ *10914 __ *10914 _- •10914 - 95
Preferred
100
*10914 --__
2
2
17
2
*134 213 •134 218 •13
15*
2% Jan 8
300 :Wabash
134 Jan 2
100
*113 21
4 2
218 27
278 218 4
.278 3
2
/
1
4
312 Jan 4
278 278
1,300
214 278 *234 3
23 Jan 31
4
Preferred A
100
*2
212
2
2
*2
212 *2
134
Preferred B
2% Jan 19
17 Jan 11
530
.2
21
212 4
100
*24 43
/
1
8
*634 7
63
4 634 *652 87
712 Jan 10 1 37
*638 7
618 Feb 1
500 Waldorf System
6$g 612
No par
8 *658 7
*2912 297
2 2914 2912 29
2912 2878 29
2918 2918 .29
No par 2734 Jan 15 31 Jan 3 9 1512
2912 1,300 Walgreen Co
*11314 1147g *11314 1147 *11314 1147 *11314 11412 11412 1147 .114 115
8
20
8
6 SS% preferred
100 114 Jan 7 115 Jan 5 9 80
37 Jan 7
*238 3
3
3
3
312
314 34
/
1
278 3
214
No par
278 278 2,500 Walwortb Co
2% Jan 2
0558 71
*558 678 6558 614
5
100 Ward Baking clam A.....No par
*434 612
55
8 558 .458 61
558 Jan 30
678 Jan 23
*112 134
112 11
114
112 112 *112 13
Clan B
400
112 15*
112 Jan 3
4 *112 184
1511 Jan 9
No par
*28
311 *2613 3112 *2613 29 •2613 3112 2812 281 *27
24
Preferred
100
3112
2812 Jan 12 32 Jan 4
37
414
4
37
334 C8
37
8 4
378 4
4
8,100 Warner Bros Pictures
4
433 Jan 2 31 238
358 Jan 15
5
2212 2418 214 22
4
.2114 22
12
4 2214 23 •2218 2312 1,810
18 Jan 17 248 Jan 26
$3.85 cony prof
No pa
213* 223
118 01
11
/
4
*1
*1
11
115 14 01
*1
118
11
1
100 Warner Quinlan
1% Jan 2
118 Jan 2
No par
.478 5
*43
4 478
434 478
43 Jan 5
434 43
434 47
4
314
43
4 43
4 2,100 warren B202
618 Jan 7
No par
*10
131 *10
13
*834 12
•834 12
*834 13
8
Convertible prof
*834 12
No par 1114 Jan 4 14 Jan 7
2512 26
2512 26
2512 2512 *2513 26
2818 2612 2612 27
1315
1,300 Warren Fdy & Pipe
No par 2412 Jan 15 28 Jan 8
8
5
538 *458 58 *418 53
55* 53
*478 5
600 Webster Eisenlobr
5
3
5
6 Jan 2
5 Jan 28
No par
080 ---- *80 --_ - *80 _-__ *80 ____ *80 ____ •80 ____
Preferred
60
100
4 14 114 *14 114
.
118 118 .118 112 0118 11
30 Wells Fargo & Co
.118 11
3
4
114 Jan 24
1 Jan 5
1
/
4
345* 355* 3414 3412 3412 354 343 351 35
/
1
11,300 Wesson Oil & Snowdrift __No par 304 Jan 15 3538 Jan 3
3514 343* 35
/
4
15
7412 741 *73
7412 72
743* •7278 7414
73
72
7414 *73
Cony preferred
600
49
No par 72 Jan 29 754 Jan 10
3113 3112 304 3118 2812 304 2913 2914 2914 303* 2812 2914 11,700 Western Union Telegraph-100 2812 Jan 29 343 Jan 7
2813
4
243* 245* 245* 2413 2434 25
*2413 251
2514 244 25
25
4,100 Westingh'ee Air Brake
No par 24 Jan 16 27 Jan 9 11 153
4
3712 3818 3614 3738 3614 37
381 39
/
4
37
3733 19,400 Westinghouse El & Mfg
37
373
2778
3
50 35 4 Jan 15 4014 Jan 10
99
98
98
99
*94
088
99
*91
95
9734 96
60
96
hit preferred
77
50 9114 Jan 2 99 Jan 28
12
12
*1214 131
113 1134 113 11% 1172 12
600 Weston Elea lastraml-No par 1134 Jan 29 137s Jan 2
12
12
4
4
5
*29
30
*29
32
4
'29
311 .30
31 *30
30% •30
Class A
3112
15
No par 29 Jan 4 3118 Jan 14
49
*46
50 *46
464 461
4612 50 •49 49'z 48 48
220 West Penn Elea class A-No par 4812 Jan 29 53 Jan 12
3934
58 58
58
58
*58
6082 5818 584 *5814 601
150
5814 5814
Preferred
47
100 57 Jan 2 6012 Jan 7
50
5012 51
50 50
51
50
50
4912 491
50 50
170 6% preferred
4015
100 49' Jan 22 53 Jan 2
4106 1061 10612 1061 *10612 108 *1063 10712 1063g 1063 *10714 108
4
90 West Penn Power pref
8812
100 10412 Jan 17 1063 Jan 31
4
*99 101
*99 100
101 101
300
10214 10214
101 10112 102 102
6% preferred
783
4
100 95 Jan 2 10214 Feb 1
*2
*2
21
214 *2
238 4
.2
218
100 West Dairy Prod ol A___-No par
218 24
/
1
25* *2
134
214 Jan 8
2 Jan 15
12
*5
8
3
Class B v t e
52 1,000
95
8
4
*kl
3
4
4
38
%
18 Jan 8
No pa
5* Jan 23
884
8
8
*8
8
8
814 812 2,200 Western Maryland
81
*814 838
65
97 Jan 7
100
8 Jan 15
101 4
101 101 *10
/
4
.10
400
10
1018 lO's 10
10
10'2 10
24 preferred
100 10 Jan 16 1058 Jan 19
914
*212 27
*212 3
*212 3
*212 278
213 212 *278 3
100 Western Pacific
24
338 Jan 7
100
213 Jan 16
*63
8 64
6
64 614
6
615
638 638
64 618
64
900
Preferred
4
77g Jan 7
6 Jan 15
100
2014 2012 2012 2013 2034 2114 203 203
*208a 2114 2013 201
900 Westvaco Chlorine Prod- No pa? 2014 Jan 29 234 Jan 3
4
4
1214
/
1
271 *18
2713 - -- 2712
271 *18
*18
25 *18
27l
2712 *18
Wheeling & Lake Etta Ry Co-100 18 Jan 3 18 Jan 3
18
30
*25 30 *25
*25 30 *25
30 *25
6% non-cum preferred_ -100
*25
30
30
21
5
*1838 1934 *1838 193
*19
201 *183 19
100 Wheeling Steel Corp
20
1934 193 *19
1112
No par 18 Jan 12 2014 Jan 21
5533 555
57
5512 554 •56
55 55
600
5612 5612
57
57
Preferred
100 46 Jan 12 58 Jan 22
34
/
1
4
157 •1314 157 *13
127 143 *13
70 White Motor
*13
15
14
151
8 14
127
8
60 1278 Jan 26 185 Jan 3
/
4
*2212 231 *221 2314 *2234 23
200 Whlte Rk Min Spr Ott....No par 22 Jan 31 2413 Jan 9
*2214 23
22
2238 2238 22
211
/
4
214 238 *2
*214 213
23* *2
*178 235
2
2
214
112
2% Jan 22
13 Jan 7
4
417
Sewing Machine---Ne 17
500
814
9
91
7
7
*7
400 White preferred
*7
Cony
7 8 *75* 9
1
4
No par
*6
6 Jan 11
9
912 Jan 24
212 213
*212 238
214 214 *214 238
214
214 1,600 Wilcox Oil & Gas
214 21
2
5
258 Jan 8
214 Jan 12
3414 034
3414 034
343 *34
343 *34
*34
Wilcox-Rich Corp class A_No par 3414 Jan 22 3434 Jan 3
3414 *34
344
/
1
2272
5
61
57g 618
57g 6
578 6
6
6
58 6
3,800 Wilson & Co Inc
No par
34
5 4 Jan 15
1
7 Jan 2
2612 27
27
27
2614 265* 2614 2614 2612 27
26
2634 3,100
Class A
No par 2534 Jan 15 318 Jan 3
1114
.96
9634 9512 96
95
9634 95
951 *95
9514 1,200
9634 •95
Preferred
100 9312 Jan 15 100 Jan 5
30
525$ 5313 5234 53l4 53
53
531
5
4
5334 535 5414 53 2 5412 11,400 Woolworth (F W)Co
10 51 Jan 15 5412 Jan 7
35
*173 1912 1712 171 *1718 19
4
200 Worthington P & W
*1718 181 •1712 1838 *171g 1812
100 1713 Jan 16 2112 Jan 7
1313
395* 40's 39
4112 42
40
403g 40 *3913 401
150
1
Preferred A
4 3918 394
100 37 Jan 15 4475 Jan 23
3112
28
.2714 311 *2718 31
4.2714 30 *2815 30 •2835 30
28
100
Preferred B
100 28 Jan 29 33 Jan 11
221
/
4
*46
49
49
51
49
49
49
49
360 Wright Aeronautical
*454 50
50
51
No par 47 Jan 15 • 5218 Jan 3
12
4 757 761 *751 767
900 Wrigley (Wm) Jr (Del)
/
4
7612 7634
*7534 753
8 7678 767
7512 757
-No par 75 Jan 12 7912 Jan 7
473
4
223* 225* 22
23
24
2212 23
221
2212 23
1,900 Yale & Towne Mfg Co
2233 22
25 2034 Jan 3 24 Feb 1
1138
35* 35*
*34 334
3
/ 31
1
4
31
35*
312 Ms 3,100 Yellow Truck & Coach ci B....10
313 312
312 Jan 14
414 Jan 7
238
39
39 *36
40
*38
39 .38
39
*3814 39'2 3814 381 *35
Preferred
100 3814 Jan 28 41 Jan 2
25
1912 191
19
19
19
19
1913 1,200 Young Spring & Wire__ No par 19 Jan 15 21 Jan 2
19
19
191k 19
191
1018
1812 19
1812 1812 4,100 Youngstown Sheet & T---No pat 184 Jan 15 211 Jan 8
1958 1958 184 193
181 181
/
4
8 1818 183
1258
541 *49
*48
55 *49
54 *49 54 *49 54
*5212 56
100 46 Jan 3 56 Jan 21 1330
53S Preferred
17
11
14 13
134 14
*134 11
*13
4 21
500 Zenith Radio Corp
13
4 13
4
0
No par
134 Jan 28
1h
21 Jan 8
4
4
41
43
418 48
4
418
4
4
438 41
47 Jan 10
6.800 Zonite Products corn
1
4 Jan 28
33*
or tootnotespage
.
8 Per share
90
1337
s
7114 89
155$ 2534
818 164
314
613
8
17
2114 2914
107
120
35
503*
218
87
8
2114 3772
914 181
/
4
31
107
5914 7514
3
/
1
4
714
59
77
1113 zus
9e1
/
4
86
15*
35*
4
13 4
1
30
68
21
4
8%
54
76
4014 63
11212 140
167
8 48
/
1
4
7
3
/5
414 24
154 33
/
1
16
/ 194
1
4
14
4
4
14
/
1
4
1%
11
27
/
1
4
6
1514
63 4 78
1
3414 51%
115
146
4 5 101/
5
32
64.
3
512 117
1
192,
7
45
80
4
122,
11
24
2418 61%
9658 141
5412 65%
2938 597,
67
/ 991
1
4
99 140
150
126
4812 67
112
54
5
4
17
1
194 221,
/
1
14
318
44 121
x5414 98
2415 384
17
s
53
10
28
6914 86
66
80
38
9
164 27
/
1
52
82
95 112
15*
4,
7
828
85
114
61
4
8,
7
2214 297
8412 1165
214
63
5
12
14
/
1
35
24
38
234
81
15
317
1
37a
314 135
8
287
134 31
3
7
65
90
14
2
1
15 4 3514
1
5212 741
2915 6611
154 26
277g 47
1
82
95
6
151
16% 2912
444 70
5124 80
45 x681
mos not
78% 105
15g
6114
82
912
715 171
914 23
28
5
81 2
43* 171
14 s 271
7
2413 29
24
88
Ills 29
34
57
15
28'2
214 31'
/
1
1
/
1
4
3'
5
111
2
51
274 34'
44
3
9
12
/ 321
1
4
53
105
4134 55 4
1313 31'
3112 53
233* 42
1578 75
5412 76
14
22 2
23
4
7'4
28
47 2
13
22'4
1258 33'4
34
591 4
112
41 4
333
7
1
•
766
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and tnterest"-except for income and defaulted bonds
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when 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.
• July 1
1.1 Week's
July
Week's
11_
'
' Range or
3
.3._ 1933 to
BONDS
BONDS
4 Range of ; 1933 to Range
b3
Friday's
.,-?..., Jan. 31
N. Y. STOCK EXCHANGE
2h
N. Y. STOCK EXCHANGE
Friday's
r..,-S., 4_ Jan 31
1
Since
. O.; Bid & Asked 35 1 1935
.
,
33
Week Ended Feb.1'43.7, Btd & Asked en" c8
,
Jan. 1
1935
Week Ended Feb. 1
U. S. Government.
Low
First Liberty Loan-314 of 32-47_'
J D 104.4
Cone 4% of 1932-47
J 0 •102.16
J I) 103.20
Cony 4)4% of 1932-47
2d cony 444% of 1932-47
J 0 •102.31
Fourth Lib Loan 442% of 1933-1938 A 0 103.25
441% (3d called)__ _____ 1933-1938
, 101.28
--Treasury 41213
1947-1952 A0 114.21
Treasury 494-341s__Oct 15 1943-1945 A 0 103.26
Treasury 48
1944-1954 J 13 109.28
Treasury 3345
1946-1956 M 9 108.16
Treasury 31 25
1943-1947 .1 D 105.11
4
Treasury Is
Sept 15 1951-1955 M 9 102.14
Treasury 38
Dec 15 1948-1948 J D 101.29
Treasury 3345____ June 15 1940-1943 J D 105.15
Treasury 3%s_ Mar 15 1941-1943 M 9 105.16
Treasury 3445__ June 15 1946-1949 1 D 103.13
Treasury 3445
1949-1952 J D 103
Treasury 3448
Aug 1 1941 F A 105.12
1 reasury 394s
1944-1946 _,- -.:. 103.23
Fed Farm Mtge Corp 344s
1964 m In 102.11
35
1944-1949 M S 100.8
Home Owners Mtge Corp 45
1951 J J 101.3
3s series A
1952 MN 100.6
Ms
1939-1949 F A
98.6
State & City-See note below.
Hie No.
104.17 162
103.28
._._
103.31
102.1
115.2
104.12
110.11
108.28
105.22
103
102.18
106
106
104
10119
105.25
104.12
102.21
100.31
101.9
101
98.31
133
...._
520
200
158
1,139
206
153
50
529
728
99
154
513
785
653
1,039
345
717
98
1.045
1,706
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
94.28
101.5
97.27
99.24
98
94.27
94.26
9.1.26
9228
Foreign Govt & Municipals
•Agric Mtge Bank 5 f 6s
1947 F A
'Feb 1 1935 subset'coupon0
*Sinking fund fis A
Apr 15 1948 A-•AprIl 15 1935 coupon on
1963 111N
-Akershus (Dept) ext bs
•Antioquia (Dept) coil 7s A
19453 J
'External a 1 75 ser B
1945 J J
19453 .1
*External 5 f 75 ser C
•External s 1 75 ser D
1945 J 1
1957 A 0
•External s 1 75 1st ser
1957 A 0
•External sec 8 f 75 2d ser
*External sec s f 7s 3d ser
1957 A 0
Antwerp (City) external 55
19583 D
Argentine Govt Pub Wks 65
1960 A 0
Argentine 8s of June 1925
1959 .1 I)
1959 A 0
Esti s f (15 of Oct 1925
Externals 168 series A
1957 M S
External Os series 13__Dec
1958 J D
Esti s f 65 of May 1926
1960 M N
External s I 88 (State RY)
1960 M S
Esti 6s Sanitary Works
1981 F A
Am M N
Esti 65 pub wks May 1927
Public Works esti 514s
1962 F A
Argentine Treasury Is E
1945 M S
Australia 30-yr Is. _July 15 _.._1i155 J 1
External 55 of 1927_ _Sept
1957 M S
External g 4448 of 1928
1958 M N
Austrian (Govt) 5 1 7s
1943 J D
International loan s 1 7s
19573 J
18%
1
27
27
-------- ----155
*25
31
913
8 9214 45
64
73
912
912
1
*914
1012 _
614
912
912
2
712
714
914
10
7
*9
65
93 4
*9
10
814
918
5
612
918
1077 11012 71
74%
8
913
4 923
4 25
44
44
918 9212 52
445
9178 93
70
915
44
9212 69
918j 9212 55
4414
913
4 9212 40
4412
913
4 9212 60
4414
913
4 9212 21
4412
913
4 93
46
36
4114
8712 8878 72
6912
973
8 9712 12
1025 104
8
775
155
78
1023 1033
4
4 81
9614 97
220
73 8
7
10218 10214 78
8314
4212
91
02
48
1
. •Ilavaria (Free State) 8448
2814
1045 F A 35
353
18
Belgium 25-yr exti 6448
1949 M S 105
8812
28
106
1955 J J 10314 105
External 8 f 6s
8612
19
External 30-years 1 79
1955 1 D 112% 113
923
4
18
Stabilization loan 7s
1958 M N 108
91
1083
4 251
Bergen (Norway)58__Oct 15 __1949 A 0 957
11 6718
95%
External sinking fund 58
6214
1980 NI S 93
5
94
1950 A 0 355
*Berlin (Germany) 6 1 6448
22
8 3612 20
2012
*External s f 68_ _June 15
1958 .1 I) 3512 364 12
•Ilogota (City) esti 8 f 85
1718
1945 A 0 *16
17
•Bolivla (Republic of) extl 88.__1947 M N
612
55
8
68 15
41514
534 14
*External secured 75 Ulan- --1958 J I 1
'Externals f 75(flab
43
;
512 59
1989 M 5
5
217
•Brazil (U S of)external 88
4 303
4 26
1941 1 D 293
1938
257
8 38
*External ei f 6 As of 1926
1957 A 0 245
'External a f 8445 of 1927
1957 A 0 2434 2512 23
19%
185
8
•78 (Central RY)
19523 D 2514
20
26
193528 S 3912 41
•Bremen (State of) esti 7s
29
9
Brisbane (City) 8 1 58
68
1957 M El 9612 963
4 12
6812
9612 963
4
1958 F A
6
Sinking fund gold 58
75
20
-year 5 f 6s
1950 J D 101
10218 43
•BUAAPCSt (City) extl of 68
1962 1 D
_
29%
_
33
*June 1 1935 coupon on
,--, ' -i% 2 -34
8
Buenos Aires (City)6445B 2 __1955 J 1 85
4014
85 14
5
38
External a 1 85 ser C-2
1960 A 0 *8212
3814
External 8 f 6s ser C-3
1960 A 0 83
11
83
___ ____
2914
•Buenos Aires (Prov) esti 85_ _1961 m 8
2552
.88 stamped
1961 M 8 *66563
4 58% 61
2712
70
*External s f 84413
1961 F A
1
70
25%
•6448 stamped
1961 F A 564 8012 24
*Bulgaria (Kingdom)s f 75
1967
15
*July coupon off
5
1 . 1712 18
1
31744s May coupon off
1968 131 N
1612
14
175
5 19
•Caldas Dept of(Colombia)7345'48___ J J
12
Canada (Dom'n of) 30-yr 45
8
1960 A 0 1045
55
4
1952 M N 1103
444s
1954 J A 16314
936 F J 0212
*Carlsbad (City) 51 8s
A 0 1112
*Cauca Val (Dept) Colom 740'48_
*Cent Agile Bank (Ger) 7s*
1950 M S 2563
4
*Farm Loan 51 6e_July 15
1960 J .
1 44
•Farm Loan s f 6s_ _Oct 15.
-1960 A 0 44
*Farm Loan 65 tier A April -A938 A 0 53
*Chile (Rep)-Exti a 1 75
1412
1942 M N
*External sinking fund 85
1960 A 0 123
4
•Ext sinking fund,(15__Feb -__1981 F A
13
•Ry ref ext st 85
Jan
__1961 J J
1258
•Ext sinking fund 65_ _ _Sept __1981 M S 1278
*External sinking fund 65
1962 M 8 1314
*External sinking fund 85
123
4
1963 M N
*Chile Mtge Bk 6448 June 30
1957 J D 127
'elf 8448 of 1926-June 30
196I .1 D 14
Apr 30
*Guar 5 1 65
_1961 A 0 1212
1212
*Guar 5 1 65
1982 M N
'Chilean Cons MunIc 78
1960 131 S 1018
*Chinese (Hukuang Ry)55
8
1951 1 D 445
Christiania (0510) 20-yr a 1 65 '54___ M 8 10014
*Cologne (City) Germany8445_1950 M 8 343*
Colombia(Rep)65 of'98_0ct'81
*April 1 1935 coupon on__Oct 1961 A 0 304
*Jan 1 1935 coupon on___Jan 1981 J J 303s
*Colombia Mtge Bank 8445 of
1947 A 0 233
4
*Sinking fund 75 ot 1926
1946 M N
237
8
*Sinking fund 75 01 1927
2512
1947 F A
Copenhagen (City) Is
1952 J D 9012
25
-year g 4445
1953 M N 8712
*Cordoba (City) esti 44 f 75
1957 F A
•76 stamped
1957 41
*External 5 f 75__ _Nov 15
1937 MN *5018
•78 stamped
1937 *4653
Cordoba (Prov) Argentina 75
1942 J J 785
5
Costa Rica (Republic)•75 Nov 1 1932 coupon on__ 1951 MN •
*75 May 1 1938 coupon on__ _1951 -___ •____
Low
103.16
102.7
103.8
103
103.20
102.15
113.6
102.28
108.24
107
103.28
100.20
100.20
104.15
104.14
101.26
101.15
104.18
102.24
101.14
99.16
100.19
99.18
96.20
High
105.14
102.7
101.4
103
104.16
102.16
115.2
104.16
110.12
108.30
105.27
103.6
102.24
106.1
106.1
104.1
103.25
105.30
104.18
102.21
100.31
101.10
101
98.31
264 3312
4
343 343
2718 32
95
91
912 1134
912 11 1
912 912
8
94 105
912 1014
10
10
612 97
8
9818 126
9112 947
9412
91
9114 948
912 9412
9118 9412
945
91
9412
91
9l% 9412
9412
91
8718 9014
978 981
10114 10412
1013 10412
8
9614 97%
1013 10212
4
8912 95%
4
3112 353
103 106
102 105
11018 113
108 10114
4
957 963
9514
93
2714 3612
2758 3614
1712 18
68 714
514 614
6
5
282 397
2314 3112
4
2314 313
3114
24
335 4012
8
95 8 9714
66:3 673
5
2
1003 10214
4
4
4912 493
323 3914
8
90
85
85
84
85
83
6812 7012
6134
56
674 72
8
5618 623
1712 1812
8
172 19
12
10412
11014
10318
5018
1118
65
44
4314
5012
134
1212
1218
8
94
75
36
1
2
2
19
15
16
51
139
139
254
75
58
203
39
66
71
18
100
7
36
35
1014
8612
9912
98%
5614
10
2912
28
263
8
27%
7
5
819
C's
1212
618
6%
6
73
97
712
712
5
22
75
22
1214
1212
1212
1212
1318
1214
1212
93
4
437
99
2718
14
10512
1123
8
10312
6219
1312
5812
47
463
4
5514
183
4
1514
1512
1512
153
8
1538
153
8
141,
143
4
1414
1434
115a
47
8
1007
347
41
36
8
3
2
62
9
_
13
-4214
_ ___
16
4
79
18
2018
14
12
143
8
6012
5513
12
373*
2
9%
4612
2515
304
303
2312
2358
2358
90
86
46
41
5014
4812
7612
3812
37
2412
21
2512
943
3
9058
4612
4314
50%
47
7914
12%
10512
1115
8
10312
6212
117
8
563
4
4512
4512
5514
4
163
1514
1512
1512
153
153
8
153
8
1412
143
4
141 1
1431
8
115
4518
10014
347
8
327
3212
2412
24
2512
923
89
Range
Since
Jan. I •
Low
High No. Low Low
High
Foreign Govt. & Monis. (Con.)
1944M 9 9612
9512 9714
6818
9612
2
Cuba (Republic) 5s of 1904
93 ---,
External Is o? 1914 ser A
1049 F A *84
8312 -,- =8512 8614
8
External loan 4448
617
1949 F A a883 a8612
2
79
77
61
5
7712 79
Sinking fund 544s Jan 15
1953 3 J
1914
2438 17
2312 267
8
*Public wks 5449 June 30
1945 1 D 24
115 145
1959 MN
10
113
4
123
16
•Cundinamarea 6445
9814 103
7784
1951 A 0 010212 103
8
Czechoslovakia(Rep of) 88
975 10212
8
77
Sinking fund 8s ser 13
3
1952 A 0 10214 10214
4
69
10014 105
797
Denmark 20-year extl 8a
1942 1 J 1013 103
98 1001
75
1955 F A 985 10012 64
t
8
External gold 5445
92
61
101
96%
1962 A 0 9212 94
External g 4445__Apr 15
Deutsche Ilk Am part ctf 68
1932
85018 70
-_5514 63
4812
*Stamped extd to Sept 1 1935
66
40
4 70
4
71 12
Dominican Rep Cost Ad 545_ .42 M S 693
_
595 61
8
36
603
8
4
let ser 5445 of 1928
1940 A 0 60
5918 61
36
44
61
2d series sink fund 5448
1940 A 0 60
35
27
4
4114
4114
*Dresden (City) external 75
1945 M N 4114
36
. -__
•El Salvador (Republic) 8a A
1948 J J
5812 62
-35
60
60
3 J *6018--2
•Certificatee of deposit
8412 91
4812
1967 J J 8912 91
30
Estonia (Republic of) 7s
10312 10514
70
Finland (Republic) ext 6s
1945 M S 104% 10514 31
1003 1007
77
8
8
8 21
8
External sinking fund 75
1950 M S 1003 1005
7012 10118 103
7
External sink fund 8445
1956 M S 10212 103
1958 F A •I087 1013 --663
4 100 1004
8
8
External sink fund 544s
10012 1013
67
4
1954 A 0 1003 1007
4
8
8
Finnish Mun Loan 644s
8
4
6758 1007 10114
4
1954 A 0 1003 101
External 844s serial B
3518 42
20
2614 35%
*Frankfort(City of) 5 f 6)45
1953 M N 3418
18414 18512
French Republic extl 7148
1941 .1 D 18414 18612 115 126
4
3 12712 1813 18512
183
External 78 of 1924
1949.1 D 183
*German Government Interne8
283 3.5
23
248
.1
35
1985 J D 333
tional 35-yr 5445 of 1930
3112
393 4512
4
*German Republic extl 7s
1949 A 0 4458 4512 84
*German Prov & Communal Bke
2312
413 4618
4
4 46% 28
(Cons Agile Loan) 8448
D 2443
1958 .1
1155 1155e
49
8
99% ____
*Graz (Municipality) 88
1954 M N *95
97:2 9712
3 ___
86
9712
*Only unmatured coupons on
11638 77 1075s 11312 1163
8
Or Brit & Ire (U K of) 5445
1937 F A 115
1153 119
4
958
t4% fund loan C opt 1980
1990 M N a1I6 al1634 58
37% 3912
22
393
*Greek Government 51 ser 75._ 1984 MN *375
2912 32
165
8
•S f secured 6s
6
293
4 3012
1988 F A
67
84
3
83
86%
Haiti (Republic) sits ser A
1952 A 0 83
26% 35
20%
70
35
*Hamburg (State) 65
1946 A 0 34
2512 31
15
•Heldelberg (German) esti 7448_ '50 J J *2712 307 ---8
6614 10114 103
6
Helsingtors (City) ext 6145
1980 A 0 10214 103
-*Hungarian Munte Loan 74444
1945 J .1 ------------25
,
-:.:•Only unmet coup attached
J .1 35
3512
2 -,-..d% 18
'External 5 f 7s (coup)_.
te
r
2 % -,- - _- -5
3712 ---1948 .1 1 *32
32 3714
*Only unmat'd coups attached_ .._ .1 J 35
1 ---35
3314 3314
295
8
*Hungarian Land M Inst 744s __I MN *3214 45 ----II
295
8
-*Sinking fund 7448 ser B
1961 M N *3214 47 __
45 - 45
*Hungary (King of) 8 I 7445
1944 F A ------------3113
*February coupon on
*443
4 49 --------4258 4918
Irish Free State extl is f 6s
1980 M N *1075 110 ---8
92
-!...,-- 0.62
Italy (Kingdom of) extl 75
91
86
1951 J D 9134 9314 128
Italian Cred Consortium 78 A
893
4
5
95
95
a98
'37 M S a98
8718 12
1947 SA S 87
8612 89
82
External sec is f 75 ser B
Italian Public Utility extl 75
80
83%
73
19
4 82
1952 1 J 803
Japanese Govt 30-yr s 18445
1954 F A 90
77
9114 96
90
97
Esti sinking fund 544s
7714 8412
6712
66
79
1065 M N 7714
*Jugoslavia secured 5 f g 75
35 --------25 25
.75 with all unmet coup_
8 1957 ---- •17F
*With Oct 1 '35 & sub MUDS on_ .._ ---- •1918
-293
8
*Leipzig (Germany) a f 78
38
4112
1
4112 4112
1947 F A
*Lower Austria (Prov) 7448_ _1950 J D -------- ----140
115 115
*Only unmatured COMM attach'411__
100 --------07
- *93
98
*Medellin (Colombia) 64.49
912 1014
--1954 .1 D
912
98
7
8
*Mexican Irrig Asstng 4%s
78 858
1943 NI N -- --- ---3
*Mexico (US) esti 55 of 1899 E _ _'45 Q .11 *.___
4
25 ____
-47
10 If
1014
*Assenting 5a 01 1899
3
1011
1945
1014 11
*Assenting 55 large
51a
658 ---*514
*Assenting 5s small
*4s of 1904
*412
6 __-_
412
1954
*Assenting 45 01 1904
---- --614 8
3
814
638 17
1954 ---512
512
2
4
512 612
*Assenting 45 of 1910 large
4
518
4
*Assenting 45 of 1910 small
518 7
558
53
4
•§Treas 6501'13 assent(large)'_ _ _33 1 J *612
934 ____
Ws 14
•Itimall
3 J -------- ----58
Milan (City, Italy) esti 6445 ____1952 A 0 84
74
8525
8012 8
5
*Minas Geraes (Brazil)6945
_ ___
1958 M 13 _
17
.. - - 3
18
195
i8T4 1814
*September coupon off
i- .
*Eat see 6345 series A
1959 14 s -------- ----17
*September coupon off
1778 -19i14
1778
185
8
r __
40
42
2714
*Montevideo (City of) 75
11
42
1952 J D 40
3212 388
4 37 _-__
*External a f 85 aeries A
25
1959 M N *323
New So Wales (State) esti 55
7314 10018 10214
11
1957 F i. 10112 1018
External 5 f 5s
7312 100 10215
27
Apr 1958 A 0 10114 102
_Norway 20
-year extl 68
1035 10534
8
88
1943 F A 105
1054 10
8712 104 1054
20-year external 65
1944 F A 10412 10512 31
30
-year external 6s
83% 101 10312
4
31
1952 A 0 1013 103
9934 103
7878
1965 J I) 10014 102
40-year s 1 5448
34
98ix 101%
75
4
External 8 f 5s. _Mar 15
1983 M 8 993 10012 45
-Mar
7712 101 10113
Municipal Bank esti s f 5,5
4
101
10673 D 101
98 10058
8012
Municipal Bank esti a t5*
2
1970 .1 I) 9912 9912
2814 35
22
12
4 35
•Nurernburg (City) extl 6s
1952 F A 323
7714 8158
64
Oriental Devel guar (Is
7914 30
1953 M 9 7714
1958 SIN
5914
25
74% 7612
75
75
Esti deb 540
1955 M N 99
99 102
100
Oslo (City) 30-year 5 f 65
73
17
Panama (Rep) esti 5445
89
10612 ____
1983 1 D •105
247
8
*Esti of 58 ser A_ _MaY 15 r, 1963 M N 4412 45
5
27
403
4 42
28
*Stamped
*Pernambuco (State of) extl 78 _ _247 M 8 _
.--818
.
Nis -71 178
i __ _
*September coupon off
135
*Peru (Rep of) external 78
7
8
1959 M S 1314
7
93 141
5
85
8
•Nat Loan extl 5 f 6s 1st ser
1980 J D
43
4
812
*Nat Loan esti 5 f 83 2d ser
914 75
1961 A 0
1940 A 0 7512 7714
56
P,.land (Rep of) gold 6s
.
19
63
Stabilization loan 5 1 71
1947 A 0 11814 12012 37
8
635
Externai sink fund g 85
8 22
1950 J I 8958 907
1012
_ __
*Porto Alegre guar 85
1961 1 13 - il5
-- 22
ii ____
*June coupon off
1418
____ ____
*Esti guar sink fund 7348
1986 3 .1 ____
20
20
3 ____
*July couponoff_
7714
4
Prague (Greater City) 7448
1952 4 N 993 100
5
2412
6
*Prussia (Free State) esti 6445 _ 251 M S 3514 3514
2318
1952 A 0 34
*External a f 8a
35581 23
94
9
Queensland (State) Intl a f 75 _ _1941 A 0 10812 109%
83%
1947 F A 10712 108 I
6
25
-year external 65
3518
4 41841
195051 S 413
1
*Rhino-Main-Danube 78 A
_ ___
1312
*Rio de Janeiro 25
1946 A 0 ____
-year 5 if 88
18
1814 13 ___.
*April coupon oft
13
. ____
'External a f 8445
1053 F A ____
_
9 .__
1634
1618 --*August coupon off
175
8
.. ....
*Rio Grande do Sul extl a t 85 _1946 A 0 _
HP4 -- J il ____
2
6
*April coupon off
1514
_ __ _ ___
*External sinking fund (is
19683 I) ____
18
19 I 21 ____
*June coupon off
1612
__
1966 SIN ____...
*External s f 75 of 1926
12%
6 ____
18
'Slay coupon off
n
1714
*External a f 75 munic loan__ __I987 J - -:,..:r
-- ---1812 _-__ ____
*June coupon on
1812 --
105
43
38
1311
12
814
8%
73
11414
88
10612
45
42
- - -5
1,5 8
133
4
934
93
4
78
1203
4
92
i8i4 22
8
183 il
993 103
2878 37
2814 36
10812 110
1054 108
3812 417
8
2212 2212
19%
17
16% 16%
18
15
21
2212
*
221
18
1712 17%
163 197
4
a
183 183
8
8
1912
17
19
19
1718 20
261s ....... _ _
42 ____
25 ____ ---253 2534 - 4
For footnotes see page 771.
NOTE-Sales of State and City secur ties occur very rarely on the New York Stock Exchange. dealings in such securities being almost entirely over the counter.
Id and asked quotations, however, by active dealers in these securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities"
1
New York Bond Record-Continued-Page 2
Feb. 2 1935
Week's
July1
..,
..
S
BONDS
,.. Range or
4 _ 1933 to
:AZ
Friday's
N. Y. STOCK EXCHANGE
_04 Jan. 31
Week Ended Feb.1'4a. Bid & Asked al di
1935
.
Weeks
'
July 1
.
o
Range
Range or
BONDS
4
1933 to
.....
Since
Friday's
g :3, Jan. 31
N. Y. STOCK EXCHANGE
;I t
....3. Old & Asked oz65
Jan. 1
Week Ended Feb. 1
1935
-Foreign Govt. &Munle.(Cone!.)
Low
High No
Low Low
Low
High
High No. Low
1952 A 0 86
8714 84
Rome (City) exti 6%s
7812
104
1944 J J 104
8318 8714 Atl & Char! AL let 4%s A
3
867
8
1964 M N 130
1
Rotterdam (City) eat) 65_ _.
130
92% 12418 13918
1944 J J 10512 106
1st 30
5
-year 5s series B
86
*Roumania (Monopolies)gu 75 _1959 F A
205
2038
1
23
20% 2038 Atlanta Gas L 1st 58
1
1947. D 010212 --------95
35
3612 20
*August coupon off
3312 3612 Atlantic City lot guar 45
1951 J .1 09112 --------74
Saarbruecken (City) 65
1953 J J *__
75 -56
10218 27
AV Coast Line 1st cons 4s July
78
78
.'52 M 81 101
7112
1952 MN -----------18
•Sao Paulo (City)51 SeMar
____
9134 147
_
General unified 44e A
1964 1 D 90
6113
•May coupon off
10
19
2 ____
19
19
L & N coil gold 4s__ __Oct
81
1952 M N 80
27
57
•External 51 6%s of 1927
1957 M N
41
11
1948 J J 40
153
35
8
Atl & Dan lot 548
•May coupon off
1612
2
1612
2d 4s
16
34
197
8
3412
8
1948 J J
27
*San Paulo (State) exti St 8s____1936 J J _
____
1518
____--_ All Gulf & WI SS coil tr 55
4114 86
40
1959 J J 40
•July coupon off
.3•25ja 16 4 --------2714 30
Atlantic Relining deb 58
1937 J 1 10714 10712 31 101
*External sec et 8s
1950 J .1
At)& Yad let guar 48
1212
20
20
1949 A 0 5712 5712
3
37
•July coupon off
1
183
18% 233 Austin & N W lot gu g bs
8
1838
4
1941 J 1 92
9334 24
75
•Externals I 7s Water L'n _ _1956 AI S ____
_ ____
12%
1914 20
•September coupon off
7
18
1812
Baldwin Loco Works 1st 58
105
23
173 21
8
9814
1940 M N 104
•External e I 65
1968.3 1_ _ _ _
__ _ __ _ _
_
1034
____
_ _ Balt &Ohio lot g 4s._ _July
4
4 70
1948 A 0 1013 1023
8214
•July coupon off
175
183
4 10
17 -Refund & gen 5s series A
5412
20
4
1995 J 0 6912 733 123
*Secured s 17a
1940 A 0 7934 82
38
.56
61
lot gold 55
94%
3
7612 9114
July _ _1948 A 0 1073 108
•Santa Fe (Prov Arg Rep) 78_ _ 1942 M S 54% 54%
2
17
52
5418
Ref & gen 6.5 series C
59
1995.3 D 8038 8314 32
997
•Stamped
5212 5314 21
52
4912 5314
99
P. L E & W Va Sys ref ts
763
1941 MN
*Saxon Pub Wks(Germany) 78 -_..'45 F A
3834 3914
13
3213
95
38
39%
99
1950.1 .1 98
7414
Southwest Div let 34-5.5
•Gen ref guar 645
1951 M N
61
3712 3818 23
2812
8212 8314 30
Tol dr Cln Div 1st ref 48A
343 384
4
1959.3 J
*Saxon State Mtge fru% 75
1945 J D *47
4212
55
49
5112
Ref & gen Is series D
71
53
2000 M S 6818 72
*Sinking fund g 6 tie__Dec __ _1946 .1 D *47
44%
5214
5712 326
4613
48
48
Cony 434s
1980 F A
*Serbs Croats & Slovenes 85
1962 M N r46
1996 M 81 6812 73
r46
1
1914
Ref & gen M 55 ser F
57
54
•All unmatured coupon on
34
35
56
2712 35
Bangor & Aroostook 1st be
9412
1943 J J 11012 11038 10
*Noy 11935 coupon on
5
27
29
34
7418
25
29
Con ref 48
1951 J .1 10118 102
•External sec 7s ser 13
1962 M N
17
48 stamped
3712 437
1951 ---- 10414 10412 32 10112
•All unmatured coupons on
7 ___
---- 3038 32
105
25
945
253 3412 Batavian Petr guar deb 44s _1942 J J 104
4
•Nov 1 1935 coupon on
1
1989 J D *60
2814
72 --._
2814
60
2218 2814 Battle Crk & Slur 1st gu 35
13
4
88
Beech Creek let gu g 4s
1936.3 J 10112 1013
Silesia (Pro, of) ext1 75
9
1958 1 D 69
42
70
101 _-__
2d guar g 58
8912
6812 7112
1936.3 1 *98
*Silesian Landowners Assn 6s
1947 F A
1951 A 0 *9312 --------86
55
55
7
33
493 55
8
Beech Creek ext 1st g 348
Solesons (City of) ext1 68
1936 M N 170
17512
5 117
8
103
170 17512 Bell Telep of Pa 58 series B
1948 .1 1 1147 1514
•Styria (Prov) external 7e
1946 F A
9814 9814
120
18 10314
1
4714
9814 9814
1st & ref 5s series C
1960 A 0 119
•February 1934 coupon oft
24
_
82
*8314 9014 ___-__
____
_ Beneficial Indus Loan debts _ _1948 M S 108% 109
Sydney (C10)8 f 5 He
1955 F A 1018 1023
8 20
16
75
2738
997 10212 *Berlin City Elec Co deb (145
--1951 J D 4212 43
Taiwan Elec Pow e f 534s
1971 J J
1959 F A
753
3614
4 761 1
363
8
4
4
•Deb sinking fund 634s
58
7413 77
253
4
Tokyo City be loan of 1912
1952 M S 67
1955 A 0 3614
67 7
38% 23
8 15
531
243
8
67
7114
*Debentures 6s
External 5 f 5 tis guar
1961 A 0 75
763
8 19
69
2
2738
7438 7712 *Berlin Elec El dr Underg 648_1958 A 0 03714 a3714
•Tolime (Dept of) extl 75
1947 M N
11112 23
12
9418
1214 Beth Steel 1st & ref be guar A
12
12
10
'42 M N 110
812
'rrondhjem (City) 1st 54s
1957 M N 93
4
44
94
97
633
4
91
97
30-year p m & Rapt is f be
1936 J .1 103% 104
___ --_Big Sandy 1st 4s
1944 J D *1033
90
•Upper Austria (Prov) 78
1945.3 D
1950 MS *34 845 ____
513
25
4 107 107
Bing & Bing deb 6%s
*Only unmatured coups a ttch_ __ _ _ *8338 ____ ____ ____
1967 M S 75
49
78
5914
____ ___ Boston dr Maine let be A C
•
s f 6 tifi_June lb _1957 1 D _
___ _External ___
4112
__ _
61
7412 7918 32
_
1st M 58 series II
1955 MN
•Unmatured coupons on
*g2i8 Ii5
4 74
46
56
82 -- -14
82
let g 4 his ser JJ
1961 A 0 713
•Uruituay (Republic) call 88.......1946 F A 437
437
8
1
33
37
43% 4738 Boston & NY Air Line 1st 48
39
4014 25
1955 F A
*External e f 6s
1980 M N 35
373
1113
4 70
2612
1
914
35
4118 4:Botany Cone Mills 64e
1934 A 0 1112
*External 5 f 68
7 41
1964 M N
347
8 37
21
A 0 *812
34
1012 ---/Certificates of deposit
2638
75*
Venetian Prov Mtge Bank 75 ....-.'52 A 0 *8014
83 ---80
83
80
•j13owrnan-1311t Hotels 1st 78_ _1934
_.
*Vienna (City of) extl s f 6e
1952 M N 10712 10712
M S *412 --------412
1
123
8 10114 10818
Stmp as to pay of $438 pt red
•May coupon on
91
9112
7 .._ _
*97
8
1012 ---848 921s 1:13'way & 7th Av let cons be__ '43 J D
82
,
Warsaw (City) external 7s------1958 F A 678 6814 32
41
Brooklyn city RR 101 55
8714 19
6813
6514 69
1941 J J 86
Yokohama (City) ext) 65
1961 J 0 8014 828
* 23
63
10914 20 103
8014 8312 Bklyn Edison Inc gen 58 A
1949 J J 109
4
4 33 10212
Gen mtge 59 series E
1952 -I .1 1083 1093
RAILROAD AND INDUSTRIAL
1054 221
Bklyn-Manh R T see as A
1968.3 1 105
8638
COMPANIES.
5238
Bklyn Qu Co & Sub con gtd be ____'41 MN *5512 5813 ____
411 202
If Abitibi Pow & Paper lot be__ '53 .1 D 37
15 8
3
337 41 12
_ ---1st 58 stamped
1941 J 1 56212
57%
Abraham & Straus deb 53.45
1943 A 0 104
104
1950 F A 10212 1035
2
87
10338 104
_-- 8 42
7213
Bklyn Union El let g be
Adams Express con tr g 4s
1948 M 8 8734 8814 20
81
4
13 10312
85
8814 Bklyn Un Gas 1st cons g be
1945 MN 11.53 116
101
Adriatic Elec Co ext 75
1952 A 0 *99
9014
98 100
let lien dr ref Bs series A
1947 MN *11613 122 __- 10514
Ala 01 Sou 1st cons A 58
1943 J D 107
107
1
8013 1013 107
8
Cony deb g 134s
1938 J J ------------158
let cone 45 ser 15
1943.3 D 102
102
15
74
10118 102
10412
6
Debenture gold 58
1950 .1 D 104
93
1948 A 0 56
Albany Perfor Wrap Pap 88
58
15
40
2 100%
40
6438
let lien & ref be series B.
1957 M N 11018 1101s
Mn & Susq 1st guar 34e
1946 A 0 10112 102
10
1938 .1 J
83
_ ____
887
8
100 102
Bruns & West 1st gu g 45
:Allegheny Corp coil tr be
1944 F A
70
74
140
473
4
1083 10912 19
4
9612
70
7512 Buff Gen El 44e series B
1981 F A •10012--:Coll & cony be
1949.3 D 5814 6214 78
41
8 11
5814 6814 Buff Roth & Pitts gen g621
91
1937 M S 1047 1053
:Coll & cony be
1950 A 0 24
2412 22
1957 M N
6512 6912 52
19
50
22
26
Consol 434s
jCertifiratee of deposit
2314
24%
9
1912
23
7
19
26
1:13url C R & Nor let & coil 55 _'34 A 0 2112 2212
Mies & West 1st gu 45
1998 A 0 *893
8 96
*2012 22 ___62
20
90
90
:Certificates of deposit
Alleg Val gen guar g 48
1942 M 84 10512 1053
1952 A 0 76
4 25
03
78
:Bush Terminal 1st 48
4
39
10512 107
Allis-Chalmers Mfg deb be
1937 M N 1002 10118 73
51.
72
8312 1003 10118
4618
1018
8
(Consol Is
1955 1 J
•AlpIne-Montan Steel 1st 79
1955 M S
_ __
51)
31
4
8 10
90
973 Bush Term rildgs 58 KU tax ex.__ '60 A 0 67% 683
575 coupon on
1955
L
i945 MN 85
1151 4 101
7 - 14
6
54
101 10114 By-Prod Coke 1st btis A
86
Amer Beet Sugar 65
1935 F A ------------7014 ---- - Os extended to Feb 1 1940
__-- F A 99
9912
5
6 1028*
80
108
98 100
- Cal G & E Corp unf dr ref 55
1937 MN 108
American Chain b-yr 65
1938 A 0 10018 1003
4 15
5813
9012 1004 Cal Pack cony deb bs
85
4
1940 J J 1033 104% 16
/Am& Foreigh Pow deb be
2030 M El 54
57
119
32
92
54
13014 Cal Petroleum cony deb a f be__ __ '39 F A *10214 103 ____
American leo s f deb 55
1953 J D 7613 80
44
62
80
10314 21
941 2
70
Cony deb e f g 53.4s
1938 MN 103
Amer I CI Chem cony 53.4s
1949 M N 106
107
77
76% 105% 10712 •Camaguey Sugar 75 Ws
334
3
314
1942
1,
8
Am Internet Corp cony btis _ _1949 J J 9212 94
130
85
1105
12
79
8512 94
Canada Sou cons gu be A
1982 --A 0 110
Amer Mach & Fdy a f 68
1939 A 0 10212 1024
9 10212 10212 10518 Canadian Nat guar 445
1954 M S 1038* 1034 79
9118
A m Rolling Mill cony 55
1938 MN 10812 110% 117
87
10812 112
30
-year gold guar 43.4s
9114
1957.3 J 10838 11112 47
'47 A 0 104
Am Sin & R 1st 30-yr be ser A
10512 79
92
8 28
9118
1088.3 0 10312 1043
1033 10512
8
Guaranteed gold 443
1936 M S 10314 10314
Am TeleP &Teleg cony 4e
2 1007
8 10314 104
8 39
963
Guaranteed g bs
4
July 1989.3 J 11312 1153
1946 J D 1083 10914 39 10113 10812 10912
30-year coil tr bs
4
Guaranteed g 5.5
9618
Oct 1969 A 0 11512 11738 26
35
1960.3 .1 11214 113
-years I deb be
282 1003
11118 113
4
Guaranteed g be
962
1970 F A 1163 117% 23
-year ef 54e
1943 SIN 112
20
1127 114 103
1113 113
4
Guar gold 434s
12
943
*
4
June 15 1955.3 D 1147 11514
Cony deb 448
1930.3 J 107
10712 26 105
10618 10812
9138
Guar g 43.4s
4
1958 F A 1103 11312 49
Debenture 68
1965 F A 1123 11318 327 100
4
Ill 11318
Guar g 44s
4
Sept 1951 M S 1093 11218 55
915*
1940
A m Type Founders (le ctfs
3713 3712
6
20
32
4112 Canadian North deb guar 7s
4
1940 J 0 1063 10714 27 102 s
,
Am Water Works & ElectricDeb guar 045
8
1946 J J 1205 12112 28 105%
Deb 568 series A
1975 M N
7512 78
42
58
7218 7818
guar g 434e
10018 ..--1935 .1 J •100
9812
10-yr 58 cony coll tr
102
1944 M S 9412 97
91
9312 9714 Canadian Pac Ry 4% deb stock
845* 8618 107
523
4
1947 .1 J
:Am Writing Paper let g 85
2312 2412
8
18
Coll tr 44s
1946 M S 100
225* 2512
10112 39
66
Is equip tr ctts
1944 1 .1 11012 11038 10
94%
•Anglo-Chilean Nitrate 75
934
11
80
1945 MN
3%
834 11
Coll tr 558
Dec 1 1954.3 D 102% 10312 81
73,
4
:Ann Arbor let g 421___July_ -1995 Q J 5012 5012
1
27
50% 55
Collateral trust 4 34s
19603 J 963
4 978 86
648
1984 m 8 *8734 90
Ark & Stem Bridge & Ter 65
7818
:Car Cent let guar g 48
45 ____
1949 .1 J 540
19
Armour & Co (III) let 44s
1939.3 D 10212 1031. 144
75
102 10312 Caro Clinch &0 let 55
1938 .1 D 1067 106%
1
9512
8
Armour & Co. of Del 5 3.4s
8
1943 J J 1035s 1053 210
74
103 10538
1st & cons g 6s ser A
Dec 15'52.1 D 10813 109
14
8214
Armstrong Cork cony deb 58
1940 1 D 10412 1043
4 49
85
104 1043 Cart & Ad 1st gu g 48
1981 .1 D *7618 80 ____
68
1995 A 0 10712 109
4g
-Gen g
Atch Top & S Fe
139
84% 1067 109
*Cent Branch U P let g 45
2414
1948 .1 D 3812 39
3
Adjustment gold 45__July
1995 Nov 10234 103
5
75
101 103
Cent Dist Tel let 30-yr 5s
19433 0 9083 10912 ____ 10338
4
Stamped 45._
July _ _1995 M N 102
10312 61
7518 1013 1033 :Central of Ga 1st g 58
4
4
Nov 1945 F A .4018 59% ____
39
Cony gold 4s of 1909
3
1955 .3 D 10212 10212
75 101 13 10238
:Consol gold 5s
2512 10
1945 SIN
24
1812
Cony 48 of 1905
19553 D 102
10213 10
7414 10114 10212
:Ref dr gen 54e series 11
1113
2
1959 A 0 1112
84
Cony g419 Issue of 1910
1960 J D 102
1
102
78
100 102
:Ref & gen 56 series C
4
1959 A 0 103
113
4
8
812
19483 D 1075* 10813 68
Cony deb 434s
8813 1062 10812
:Chatt DIY pur money g 4e
1951 J D 5181
217
12
-2--1985 J J 10218 10218
Rocky Mtn Div let 4s
5
79
10014 10212
:Mac & Nor Div 1st g be
35
-__ __
5
1946 J J *__ _
1958.3 J 10812 109
Trans
-Con Short L let 4s
12
89
10712 109
:Mid Ga & Atl Div pur in be__ '47 J „I *15
23 ____
20
Cal-Ann 1st & ref 4%s A
1962 M S 1095s 1103
4 80
8714 1087 1113
4
:Mobile Div let g Sit
1948 1 J *21__ ____
25
1946 J D •112
Atl Knox & Nor let g be
993
4 110 113
11812 -Cent Hudson GA E be
1 100%
109
-Jan 195756 S 109
For footnotes see page 771.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchano•
49 WALL STREET
-
-
NEW YORK
Prirate Wires to Chicago, Indianapolis and St. Louie
767
Range
Since
Jan. 1
Low
High
104 104
10512 1071s
10012
90
7912
38
305
40
10718
53
90
162
- -12
9212
8212
4214
33
47
107%
5712
933
4
102 105
100% 1023
4
6912 7713
1063 108%
4
803 8614
8
98 100
9912 ,
97
8218 84
6818 76
5214 607 '
s
6812 7612
110 1103
4
10014 102
1033 104,
4
2
10312 114
101 101
- 34
101 101
95
95
1131 11514
!
1163 120
4
10714 109 4
,
373 43
31
37
2914 383
3414 37
10712 11518
10318 10418
1023 10238
8
3412 3412
74
79
7312 7938
69% 74
3712 4038
1112 1213
11
11
84
10812
108
10418
55
- - -12
89
110
1093
4
106
58
1005 1033
* - 8
1143 116
4
123 12312
10318 105
-10814 110%
1083
4
10412
8512
2112
10 - - 12
9
1053
8
704
24
;
iii
38
57
77ss
ii
51
633
8
8712
107% 108 4
,
10312 10412
1015* 1024
10212 1037s
314
413
1083 11038
4
10318 1048*
8
108% 1133
10312 10514
11312 118
11512 1201*
1163 11978
4
1147 1174 '
8
7
1103 115
4
10934 1147o
'
1083 1075x
4
119 12214
100 101
8
8438 877
s
9914 1017
1093 11112
8
10212 10413
9634 993
4
41
41
106 10738
10818 109
741/ 78
36
39
10918 10912
46
47
23
26
11
13%
10% 1412
/i
i
1082 110
New York Bond Record-Continued-Page 3
768
N
BONDS
Y. STOCK EXCHANGE
Week Ended Feb. 1
Cent III Elec & Gas 181 6.
Cent New Engl let gu 4s
Central of N J gen g fis
General 4s
Cent Pac 18t ref gu g 4s
Through Short L 1st gu 4s
Guaranteed g 54
:Cent RR & Bkg of Ga coil 58
Central Steel let get 8a
Certain-teed Prod 5%s A
Feb. 2 1935
July 1
July
1Week's
Week's
"
v
"es
i's
Range or
44
%. 1933 to
4
1933 to
Range
r, . Range or
A
BONDS
Friday's
Friday's
sI.13 Jan.31
Since
Jan.31
.1.7.,
4t
N Y. STOCK EXCHANGE
.... a_ BM & Asked 03.2 1935
Jan. 1
:40: Bid dk Asked 443 1935
Week Ended Feb. 1
Lost
Wish No
1951 F A
7712 8114 86
14
66
1961 .0 .7 62
1085
8 36
1987 J 1 107
4 98% 12
1982 J J 983
140
984 100
1949 F A
1954 A 0 *9714
9912 ---1960 F A
78
7914 85
5
6512
1937 M N 6512
2
1941 M N 11514 11514
74
85
1948 M S 71
High
Low Low
7112 814
43
62
6614
60
90
107 1083
8
93
987
8
78
9814 1003
4
655*
98
9912
6312
7712 8118
55
6214 6512
49
115 116
100
42
71
753
4
Range
Since
Jan. 1
Low Low
Low
High
Nigh No
32
32
35 ---Consol Ry non-cony deb 4a
1954 J J *---3514
1955 J J *____
32% ---4912 ---- __ -Debenture 48
Debenture 4.5
------------4438
1956 J J *____
412 -44
---- - -Debenture 43
s 74
29
10
4 317
:Cons Coal of Md 1st & ref 5s- _1950. 0 303
1
333
- 4
313
4 24
- 3018
10
29
!Certificates of deposit
332
103 1043
98
1
4
4
J 13 1033 1033
4
Consumers Gas of Chic gu 55 ---1936 ,-98
22
10712 109
Consumers Power 1st ba C
1952 NI N 10812 109
8 14
9912 1013
68
Container Corp lot 65
1946 J D 10014 1007
4
87
50
83
4912
15
-year deb 58 with ware
1943 1 D 85
905*
693
8
5
9712 98
9512 98
Copenhagen Telep 58 Feb 15
1954 F A
10612 23
9612 104 1063
Crown Cork Seal s f 6:
1947 J 0 106
1951 1 J 102
26
103
1013 103
4
75
Crown Willamette Paper 65
971 9912
/
4
88 99
Crown Zellerbach deb 5a w w
1940 M 8 9
65
9
42
54
37
15
Cuba Nor Ry 1st 5Iis
1942 1 D 3834 42
29
32
134
4 26
Cuba RR 1st 5s g
1952 J J 2912 313
29
30
30
1318
1
1st ref 750 series A
1963 J 0 30
234 2412
15
3
2412
1st lien & ref 6s ser B
1936 J 0 233
1950 J J
38
38
58 326
112Cuban Cane Prod deb 6s
%
13
4
1937 J J 1067 107
8
10638 107
14 102
Cumb T & T 1st & gen 58
____
__
10312 10614
_10112 1023
4
4
1103 11214
11438 11712
10814 1107
8
10814 11012
---1027 1027
---s
10518 10518
67
8814 947
____ ____ Del & Hudson 1st a ref 4s
1943 RI N 8814 9014 377
93
2
100 101
--------58
1935 A 0 10018 10014
891:
36
4
993 1023
Gold 5 Sis
48
4 14
4
1937 M N 993 1003
93% 10612 107
3
10112 103
Del Power & Light 1st 434s
1971 J J 10612 10612
1969 J .1 10212 10212
1
102 10212
88
1st & ref 4lis
106 1075*
93
3
10512 106
1063 10812
4
1st mortgage 4%s
1969' .1 10512 106
1936 F A
96
---D RR & Bridge let g 4a
1065 108
8
85
2
1033 1033
4
111 1124 Den Gas &El List de ref 8 f 58
10214 103
- -34
1951 M N *102-_-1951 M N 1034 104
8312 103 104
2
____
_
Stamped as to Penns tax
30%
36
4 34
3112 3924
714 _--a *Den & HG 1st cons g4a
97
1936 J .1 323
3958
34
34
3412 11
•Congol gold 4)4a
1936 i J 34
75* 9
978 12
1112 100
11112 1133
1014
4 Den &R G West gen 15/1 - --Aug 1955 F A
98
_
912 10
35
8 8 11
7
8
1033 10512
8
*Assented (subj to
1612
32
35%
1612 21
•Ref & Impt 58 set B plan)-0 1612 1718 24
A
Apr 1978 - 31
34
4 ---213es M & Ft Dodge 4. Ma
---21s 1935 1 J *212
1947 M S *70
633
77 ____
2112 2112 Des Plaines Val let gu4Iis
8
21
22
95
21
21
Detroit Edison 58 ser A
10712 109%
1949 A 0 10814 10912 34
92
2
4
Gen & ref 58 series B
612 814
10814 10922
1955 2 D 1083 10918
93
8 15
63
4 8%
1083 1097
4
Gen & ref lis series C
1962 F A 10918 1097
8518 1061, 109 4
Gen & ref 434:series D
893 9112
4
1961 F A 10814 10912 44
,
10612 108
905* 10818 11012
Gen & ref 5s writs E
1952 A 0 109
1103s 10
1995 J D *26
30 ____
53
583 *Det & Mac 1st lien g 4a
8
20
125
1312
Illg
5
8
1212 -- .
508 55
15
*Second gold 4.
1995 J G
21
58
84
623 Detroit River Tunnel 4345
s
1057 108
1961 M N 10712 108
1940 MN 10612 107
77
92
58
623 Dodge Bros cony deb 6s
4
10612 107
1033 -4
102 103
87
603 644 Donner Steel let ref 75
2
1942 J 1 *103
2012 26
__. ___- 102
Dul Missabe & Nor gen 5a..
1941 1 ./ •10512
5 102
8
8
6
75 Dul & Iron Range 1st Ba
10714 167%
1937 A 0 1073 11373
1937 J J 45
45
4512
4812 Dui Sou Shore & Ati g 53
20
9
43
453
8
49
53
:
9914 1074 1087
Duquesne Light 1st 4:4s A
1967 A 0 10714 10814 67
5
1957 M 8 1121* 11212 25
4812 53
99
lat M g 450 series B
1113 1123
4
4
5312 577
8
5412 6112 **East Cuba Slug I5-yr s 1 7348 _1937 M S
7
/
1
4
8
74 1114
64
8
1
_- East AY Minn Nor Div let 4.1 --A948 A 0 102
89% 102 102
102
11112 10
East T Va A Ga Div lst 5a
____634 70
/
1
109 11112
79
1956 MN 110
24
31
Ed El III Bklyn 1st cons 45
1939 .1 .1 10718 1071*
10612 10714
99
3
23
28
Ed Elec(NY) 1st cons g 5s
4 1237 124
_- ---, 1073
1995 J 1 *12112
•El Pow Corp (Germany) 630-195 M 8 37 1-- 5
223 28
4
367 375*
311s
3
37;
0
1953 A 0 371 37
18
2212
*1st sinking fund 650
30
5
368 371z
Elgin Joliet dr East 1st g 5ei
10414 10512
89
1941 M N 5104121,106 ---1965 A 0 94 11,94
68
74
9214 95
8112
5
El Paso as SW 1st 5a
423 457 Erie & Pitts g gu 3tis ser B
4
4
1017 101%
90
J *1013 --------1940
4012 43
1013 1013
4
Series C 3%a
4
90
4- -- ---1940
1 *1013
1996 J .1 9818 160
1518 17
9712 100,
4
69
45
Erie RR 1st cons g4. prior
1438 16
7812 155
1st consol gen lien g 4s
s
52
76
787
1996 J .1 76
153 18
4
10412 ____
104 10412
99
Penn coil trust gold 48
1951 F A *104
1412 16
75
50%
47
1953 A 0 7714 78
78
Cons 4s series A
,
1953 A 0 76 A 78
78
63 10
4
75
50%
67
Series B
1953 A 0 76 I 1 76
76
76
62
1
Gen cony 4s series D
Ch St L & N 05.
1967 MN 6812 7112 161
1043 10512
4
75
4
6812 7414
4612
Ref & !flint 5. of 1927
June 15 1951 1 D 1044 105
Gold 3345
6312
_ ---6812 7418
8
Ref & Impt 55 of 1930
June 15 1951 1 D
468
1975 A 0 6812 713 147
____--8112 8112
Memphis Div 1st g 4s
9014 11412 11512
11
8012 8212
59
1
1951 J D *80-_Erie &Jersey let a f 66
1955J 1 11412 , 115
5312
Chic T if & So East let 58
9212 11212 115
513 553
4
4
45
5
1960.1 D 5212
12
1957
J 11312 115
Genesee° River 1st 8 f (is
2538
6
31
2812 343
Inc gu 58
Dec 1 __ _1960 M S 29
4
N Y & Erie RR ext 1s1 48
1947 M N *10318 --------88-42
8
Chic U1:1 Sta'n 1s1 gu 4%8 A
1963.1 .1 1083 109
93114 108 109
---95
3d mtge 434s
- ____
1938 M S *1021
8
1087 1093 Ernesto Breda 7.
8
4
7 100
1st 5s series B
1963.1 J 108% 1093
75
7714
68
771
4-6
7714
1954 F A
95
10
108
107 108
Guaranteed g5.
1944.1 D 108
8 108
86
1942 111 S 83
1131 115
1st guar 8%.series C
1983.1 J 11314 114
81
60
20
86
Federal Light & Tr 1st 5a
83
1942 M S 83
9714 170
1952 J J 95
83
63 8
7
Chic & West Ind con 45
75
9
83
5s International series
92
9724
102 1033
82
1962 M S 10212 1038s 71
8
lat ret 534s series A
792 8612
let lien a 1 5s stamped
59
8612 12
1942 M S 85
627
8 18
3014
Childs Co deb 58
1943 A 0 62
8012 89
59%
2
6012 651
/
4
1st lien 6s stamped
89
1942 IN S 88
79
46
1
Chile Copper Co deb 5s
1947 - J 8412 8614 68
63% 73%
8614
4614
6
30-year deb (is series B
1954 J 0 6914 7314
36
*Cline Okla & Gulf cons 5a
____
__ Fiat deb s t g 7a
1952 M N .324 45 ____
9512
90
90
10
1944 . 9514 9512
1
16
Clo C & E let 584* A
1968 A 0 10414 105
_1943
J
877
8 10312 165 :Fla Cent dr Penin 5a
25
_ ____
_ _ ---1937.8 J *1018
6214 67
88% --__
Cin fl & Ir.) 24 gold 4%s
48
23
66
:Florida East Coast Ist 4148
65
D *405*-1959
127
2
8 - -1936 Q F *1013 10312 ---6 8
9712 1027 1 27
4 - C I St L & C Is: g 4a__Aug 2
10
10
105s 17
2151 & ref 5s series A
84
1974 M R
1007 100%
8
82
Cin Lob & Nor 1st cot gu 4s
1942 M N
1012 12
1014
__- 1012
- ---57
2
3
:Certificates of deposit
*10712 10912
975
8 109 110 :Fonda Johns & Cloy 434:
On Union Term let 4%e A
2020 J .1 *10114--- ---1952
11112 84
984 110 1128
let mtge fis series B
2020.1 .1 110
Proof of claim filed by owner
*412 1012 ---MN
6
/ ---- ---1
4
33 100
1113 114
4
lat guar 5a series C
1957 MN 1128 113
(Amended) 1st cons 2-4s
fisi
____
52%
Clearf eld Bit Coal let 48
i
1940 J J *6912
_
- --_-3
*4
412 ___.
:Proof of claim filed by owner_ __ M N
_
7812 ____
_ ____
Clearfield & Mah 1st gu 5is
1943.8 .1 •10014
312
312 10
-.--;
!Certificates of deposit
312
312
2
97 161
- - Fort St U D Co 1st g 41.68
__Cleve Din CM de St L gen 4s
65
53
1993.8 D 99% 100
1015 1015
8
8
5
1941 . s *10112 --------83
1993 J D *10812 11338 _--9212 ---- - _- Ft W & Den C 1st g 5%s
General 5s series B
947
8 10612 106%
1981 J 0 *10612- - ---9818 10012 Framerican Ind Dev 20-yr 7:43
73
Ref & impt (is ser C
_ --1941 J .1 *10014
-14 40
,
943
4 1065* 110 s
1
1942. J 10918 109
86
795 85% :Francisco Bug 1s1 a f 7%s
8 8012 15
Ref & imp( 4s ser D
25
27
1963 J .1 793
25
4
30,
2
15
1942 M N
713 77%
8
Ref de Impt 4:4s ser E
553
4
21
1977 J J 715* 751
8818 10312 10414 Galv Rom & Rend 1st 554s A..._'38 A 0 *79
3
/
4
Cairo Div 1st gold 4e
1939.8 J 10312 1041
72
81 ____
87% 913 Gannett Co deb 613 ser A
58
4
On W & M Div 1st 48
1991 J .1 8912 913s
10214 21
7334 101 liii
1943 F A 101
91
9412 Gas & El of Berg Co cons g 5s...._1949 1 D *1141
66
St L Div 1st coil tr g48
1990 M N *9112 9512 ---__ ---- 103%
-„..
.-____ ____ **Gelsenkirchen Mining Os
85
Spr & Col Div 1st g 41
4-19341W S z6138 z63
7940 M S *101% ____ ____
4
59
W
35%
4
10012 16
--__
-_
Gen Amer Investors deb 56 A-- 1952 F A 100
--------72
W W Val Div lat g 4a
1940 J J *95
99 101,
7312
2
106 1053 Gen Baking deb a f 5)4s
- 4
--------87
Cleveland & Mahon Val g 5s
10212 102%
1938 i1 .1 *105
1940 A 0 -------- ---- 100
Cley & Mar 1st gu g 4148
1935 MN *10014 11 ___894
---- ---- Gen Cable 1st s f 5%s A
99
87
46
1947 3 J 8814. 8912 41
___
____ ____ Gen Electric deb g 3%s
Ciev & P gen gu 4%s set B
1942 A 0 *10712 ____ ____
__ _-__
10512 106 4
,
97
1942 F A
____ ____ *Gen Elec(Germany) 76Jan 15_ __ '45.7 3•106-_
____ ____
Series B 350 guar
1942 A 0 *102
45
46
4012 46
10
3212
*s f deb 6:Is
Series A 4%s guar
1942 J .1 *107
40
45
_-33
5
45
--- --_- 10014 --__ ____
1940 3 0 45
Series C 3%s guar
4512 17
---- ---*20-year s f deb 6s
1948 MN *10012 --------90
40
4512
3014
1948 MN z45
____ _-_
Series D 3.5is guar
8
- ---- --__ Gen Petrol 1st sink I'd 58
1950 A F *101
4
8 1023 1031s
1940 F A •10212 1023 ---- 1023
-___ Gen Pub Sens deb 5345
- -91
__
Gen 4%:ser A
9112 96
1977 F A *10612 .
78
21
1939 3 1 9414 96
7312 10412 105% Gen Steel Cast 548 with wart
1
Cleve Sho Line 1st (CU 4%8
--1961 A 0 10412 10412
8812 91
55
1949 3 .1 9214 938 76
83
100 103
74
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8
84
I:Gen Theatres Equip deb 6a__ _1940 A 0
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1972 A 0 100
7
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,
:
814 912
22
95 4 97%
3
71
130
97
1st is 1 re Series B guar__
814
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/
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:Certificates of deposit
885 911 :Ga & Ala Ry 15t cons Es__ Oct'45 J J *18
8
/
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173 173
4
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1977 A 0 8858 8912 79
20 --9
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24
_
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1934 3 J
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9212 104 104
_ ___
1945.8 D *104
4518 46
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39
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1946 A 0 *225*- --__
Colon Oil Cony deb 6s
38
49
38
23
--49
1938.1 .1. 48
4
1943 F A
403 4318
15
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1945 A 0 42
261
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4 80
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9
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a
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25
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155
8
18
307
1934 F A 29
89% 108 10938
4 24
1947 3 J 10812 1083
Colo & South ref & ext 434:
73
106
93
947 142
9338 9614
Cony deb as
96%
63
1945 J D 93
1935 M N 94% 96
63
65%
36
68
General mtge 434s ser A
/
1
733 Goodyear Tire & Rub 1st tia
1980 M N 63
8334 104 105
4
1957 M N 1044 1043 137
Columbia0& E deb _ _ May 1952 M N 804 823
79
83
5912
2 96% 14
Gotham Silk Hosiery deb 6s
19363 D 933
93% 9712
4 81
85
Debenture 58
5sApr 15 1952 A 0 81
2814
80
12Gould Coupler 1st, 168
1940 F A
6014
8
293
8 19
83
823
4
1934 2938
8
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*
58
Jan 15 1961 J J 79
1942 .1 D •100
10014 ---80% 173
- ---- ---Col & H V 181 ext g 4a
10214 1023 Gr R & I ext 1st gu a 4%s
1948 A 0 *1023
8
1941 I .1 *104
94
--------913
4
---8
Columbus Ry P & List 4%s
9812 1013 Grand Trunk of Can deb 7s
73
1957 J J 101
10612 37 1015* 104 166%
4
1940 A 0 106
1 13
- -- 36
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4
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58
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10612
1936 M S 1063 107
8
.
____ 107,4
8_ __ 10014_
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1955 F A *105
---- Grays Point Term Mt gu 5e
1.9473 D ____
91
__
Comm'l Invest Tr deb 534:
--- Gt Co El Pow (Japan) 7s
1949 F A 111
877
9512 11012 112
854 ---3
Cons
1944 F A 8712 ---- 13
11-3
1- 6
4
5
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58 3
100 10014
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1943 A 0.'100
1950 3 .1 78% 787
92
788 8014
56
14
1st & gen s f 6148
____ ___1951 g g *1062, ----____
8818 10618 10618 Great Northern gen 7s sec A
Conn Ry & L 1st & ref 4548
4
913 95
7112
186
1938.1 .1 91% 93
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1951 .1 .1 106
99 10134
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8 106 106%
6812
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1961 J J 10034 10214 92
5
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85% 93
64
General 51.0 series B
1952 .1 J 8812 8912 43
8612
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35
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1956 J .) 3714 38
57
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1973.8 J 8412 8612 37
6
537
75
79%
105 10614
99
Consol Gas(N Y) deb 5345
1945 F A 10512 106
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64
19763 J 77 11 7812 49
99 1013
88
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743 7938
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4
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4
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1957
J 1035* 10414 227
For footnotes see page 771.
___ ____ 103
Charleston & Say'h 181 78
1936 1 J
94
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1033 105
Champ Corp cony 5s --May 15'47 M N *1045*4
10
-year cony coll 5s
1023 175 10112
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9114
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1992 M S 11612 11712 50
83%
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8 22
1993 A 0 10912 1107
2995.8 .1 109
84
11014 91
Ref & impt 4%:aer B
--------96
Craig Valley 1st 513__May _ _1940 J .1 *105
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4 --------85
1946.1 J *1023
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8
__ _-__
R & A Div 1st con g 4s
1989 .1 .1 *1065
87
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89
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.1 10612 10714 32
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1949
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1958 M 8 10714 10814 43
77
26
let & ref 4%s8er B
1977 F A 10712 108
4
1s8 St ref tor ser A
8412
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1971 F A 1125* 1123
53
74 ____
I:Chicago & East Ill let 6s
1934 A 0 *__
714
714
814 63
1951 M N
IC & E III Ry(new co) gen 6,
612
(Certificates of deposit.-83 ---4
8211
__ ____
- N
Chicago at Erie let gold Es
1982 I91 97
1043 10518 32
8
Ch 0 P. & Coke 1st gu e Se....
1937.1 J *11418-25
13
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1959 M $ 32
24
27
327
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1959 ---_
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1947.1 J *2012 21 ____
21
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20
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55
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1966 M N
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list & gen 5a series A
63
4
84
612
6
. _1966J J
:1st dr gen 68 series B_May
2
9112
70
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-year 48
1956 J J 9012
99
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108
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1989 .1 .1 543
55
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7
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53
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*Cony adi 5s
Jan 1 ___2000 A 0
4512
4612 15
Chic & No West gen g 3%:
1987 M N 45
1987 M N 49
48
10
50
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4812 4912
4812
8
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1987 M N
2
5312 54
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1987 M N
5412
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1987 M N 54% 57% 14
1987 MN ------------56
4*is stamped
62
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1414
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8
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deposit
57
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1960
1
New York Bond Record-Continued-Page 4
769
-
Week's
July 1
July 1
r.
, Week's
Range or
i
Range
1933 to
BONDS
' Range or
Range
4 1933 to
t3
24 ..FrIday's
03 Jan. 31
.,.
Since
Friday's
N. Y. STOCK EXCHANGE
-..._ 1.,
Since
F M Jan. 31
..r.a. Bid & Asked iti.1
Jan. 1
,e.P: Bid & Asked oTA 1935
1935
Jan. 1
Week Ended Feb. 1
zmo
High No• Low Low
High
Low
Hick No. Low
Low
High
Feb 03312 --------28
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____
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1944 A 0 131
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,
4
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1940 MN *10234
__ --8514 --------55
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4
32 103
1154 118
1951 F A 1163 118
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1950 A 0 6812 -70
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10
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----1950 A 0 63
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58
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7918
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___
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96
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_ --__ 9814
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1
8 42
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31
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3
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30
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5
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1944 A 0 12712 128
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{Moe(R)& Co let 634s ser A
347 3918 Louisiana & Ark lot 5s ser A
8
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1969 J J 6618 6834 94 3812
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____
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18 ---10714 11012
1952 NI N 10934 11012 24 86
1937 MN 91
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92
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__ ---- 7518
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1940 J J 1043 10514 78 8812
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8 85 4 11
3
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lot refund 5343 series A
8614
10612 17 81
1044 1074
2003 A 0 106
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4413 107
4434
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104 106,
2003 A 0 10512 10612 21 804
2
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4 1015
1940 MN 11614 117
8 1133 117
4
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8 81 74
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1957 F A 88
156
6334
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90
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9(1
_ ---- 984
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1941 A 0 *108
10614 10814
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3514 3814
105
27
5 82
103
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1946 F A 103
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6 5412
1980 101 S 8012 8012
Illinois Bell Telephone 55
111
41 10313 110 11114
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__ ____ 92
1966 3 D 110
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Illinois Central lst gold 4s
_
____
83
1951 J J 810118 106 ---South fly joint Monon 4s
5
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1
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1951 3 3 99
99
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4
1955 M N 106
1951 A 0 *99
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---78
100 100
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9.3
99
66
lot gold 3s sterling
_ _ --__
1951 M 8
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8012
1952 A 0 .66- 8112 30
57
io - -12 §:McCrory Stores deb 534a
13
1941
1955 m N 833
4 8512 68
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5618
32 4612
Proof of claim filed by owner_
83
83
813 3812
863
82
8
4
1
56
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71
71
200 53
933 98
4
1962. J 71
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1
71
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523
1953 MN 724 7414 33
8 21 ____
4
72
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1942 A 0 *97
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9218 9412
1955 M N 9
74
. *97
7014
8 21 ---3
937
8 12
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814 814
15
-year secured 834s g
1936 J .1 100
35
82
101
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1173
612
100 101
I¢Stmpd Oct 1931 coupon1942 A0 *814
1012 ---deposit40-year 4 44s
4
Aug 11968 F A 57
6012 88
6318
5112
57
:Certificates of deposit
_ _
8
Cairo BrIdge gold 43
4
___7018
1950 J D *997
13 ____
:IFlat stamped modified
9358 993
4
---- *9
Litchfield Div lot gold 35
1951 J J *8438 --------7358 --__
*318
13 --8
- :Certificates of deposit
Loulsv Div dr Term g 33.43
--------6513
1953 J 3 *90
90
5413 59
185 35
9012 :Manhat 17.34 (NY)cons g 45 ____1990 A 0 55
57
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1951 j A .
.
F j •75
77 ---50
5412
60
---- ---:Certificates of deposit
71
---- 5312 5412 10 :35
74
61
St Louis Div & Term g as
41
4 27
:3c1 4s
44
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2013 J D 42
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2 82
923 941a
4
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1953 M S 923
88 -- 4
8512 Manila Elec RR & Lt of 5e
1951 .1 J *8512 8714 ---4 923
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4
70
2 493
1939 MN 70
.---__ ____ Manila RR (South Linea) 4s
67
1951 3 .1
724
72,
4
Western Lines big 45
1959 PA N •____
69 69
*8512 86
____ ___
75
1951 F A *8638--- --- lat ext 40
6918 ---- Si
InCent and Chic St L & N 0-Nlan G B & N W lst 34.3
1941 3 J •____
5458___ 50
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1963 J D 724 754 68
65
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8
let & ref 4%o series C
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50
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3
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_
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114 41
5512 70
1940 A 0 10612 10718 19 10114 106 10712 Marlon Steam Shovel a 165
1947 A 0 6518 70
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4013 41
6
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3712 41
72
31
63
20 60
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72
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__ __-____ ____ Mead Corp 1st 6a with warr
8912
8 47
1940 A 0
79
53 8812
3 87
1945 MN 845
In III &Iowa let g 43
100 J J *98-- ---,
594
97
____
1 9118
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72
904 93
1957 A 0 a91
a91
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1936 M N 103
10314
5
94
102 10314 Metr Ed let & ref 53 ser C
10218 10412
-10412 17 77
19533 3 104
:Ind az Louisville let gll 4s
1612 ---,
1956 3 J *10
17
____
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__
2
9912 80 67
1968 M 13 93
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1965 1 J 106
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1
8 74
96
10513 10614 Metrop Witt Sew & D 5443
994 1013
4
1950 A 0 10012 10114
Gen az ref ba series B
9
984
1965 3 J *104__ _...„
____
_ Inlet West Side El(Chle)43
914 10
03 --- 8
1938 F A •---Inland Steel let 414 ner A
1978 A 0 10418 11154 611
79
104 1064
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198: F A 1037 10518 62
8
80
1034 10514 •Mex Internet let 4sasstd
412 ____
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1977 M S •138
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1966 J J 8314
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1956 J D •25
:110-year 65
202
62
1914
1932 A 0 59
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563 63
4
:Certificates of deposit
____
6612 6078 23
2014
5614 604
City Air Line 43
1940 3 .1 10358 105 ____ 934
:110
-year cony 7% notes
1932 M 5 87
89
55
5713
1951 M 11 *91
Jack Lans & Sag 33.48
84
89
95 ---- 87
4
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:Certificates of deposit
lot gold 345
, 8414 86
82
72' 5712
86
3 8413
4
10012 1013
4
1952 M N 1013 1013
4
Interlake Iron lot 5313
-IN 7514 81 3 60
1951 W
72
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1
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impt 4
5 70
614 97
es
1979 3 3 9
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1940 A 0 *___- 77 _-. - 614
75, 80
2
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52
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9718 56
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1936 WI S 1024 10318 90 90
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10113 98
74
1948 M N 100
89
9914 102
7713 90
137 57
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1961 .1 D 87
hint-Grt Nor 1st 60 ser A
149
8 41
25
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7612 8914
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1971 .1 J 87
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7
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103
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1956 j j 363
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: be series B
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2314
78
314 3814
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1989 ---------65 ,
:let g 541 series C
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32
-iii
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ig 42,
4 1J
1-- 2
1947 4.4 a ..4.4
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36
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1944 A 0 4812 513 202
4812 6614 5111w & State One 1st 334s
---- ---1941 .1 3 *58
Int Merc Marine s f Os
37
1941 A 0 5014 5112 25
50
53 (Minn & St Louis 55 ctfs
1934 M N
51-3 84
4
54
54
3
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13
4
6
47
24
214
1947 3 J 7314 7512 70
73
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258
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4
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22
,
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1955 M S 543
4 5578 108
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112
34 ---1082 Q F •
Int Rya Cent Amer lot 53 B
1972 M N
7118 725
8
4
45,
8
70
Q F *1
725
8
:Certificates of deposit
lot coil trust 6% g notes
12
81
SO
4918
4
1041 M N
744 81
98 294
M SIP ASS 55 000 g 4s int gu __ _ -'38 J 3 3314
39
301' 36
lat lien & ref 634a
20
9
8 8112
4312
___ __
1947 F A 805
7312 814
'234 2612
lot eons 53
1938.3 J
. Int Felep az l'eleg deb g 430 ... _1952 3 .1 61
6334 118
37
1st cons tia gu as to lot
6012 6413
373 394
3
1 384 39 2 ii 36
1938.1 . •23- ,
j j 69
Cony deb 4 34s
7118 201
42
1935
68
72
4 16
23
1913 23
22
let & ref 60 aeries A
1946.3 .1
Debenture be
1955 F A 664 085 225
41)
15
8
194
65
18
6958
25
-year 5%s
19 -- 8
1949 M 8 *177
Investors Equity deb 6a A
1947 J D 100
100
9
8018
99 10012
75
lot ref 534s series B
70
25 514
8 74
1975.1 .1 727
Deb bs ser B with warr
4
82
99 10012
1948 A 0 993 10014 39
lot Chicago Term of 418
-------- 85
1941 NI N .77
,
Without warrants
1
82
9912 9912
99 10012 Mississippi Central lot be
1948 A
2 73
93
-ii - -1" i3 2
1949.1 J 93
:Iowa Central lot 53 eta
1038 3 L
84
,
9
3
34
712 97
s
i
flat & ref g 40
1951 NI S 4 2
.15
212 __-114
158
13 :Mo-III RR let ba series A
4
19
30
4 253
1959 3 J 243
4 23 12
James Frank & Clear 1st 4s
42
664
8152
1959 3 D 81
8058 8212 M0 Kan & Tex let gold 4s
85 574
85
85
874
l990J D 83
Mo-K-T RR pr lien 5s ser A
6012 73
3
1962 3 J 6312 65 4 90 5814
Kal A &0 R lot gii g 544
99
993 100
1938.1 i 993
4
5
40
4
4 993
-year 40 series B
54
62
1962 3 3 5
5812 57 51
1
Kau & M let CU g 4s
70
97
99
1990 A 0 89814 100 --Prior lien 4343 aeries D
594 84
1978 J J •---594 ---- 57
(K C Ft S az NI fly ref g 45
1936 A 0 38
19
3012
30
363 41
4
CUM adjust 5s ser A
19 28
2712 3611
Jan 1967 A 0 2712 30
A 0 35
36'2 21
:Certificates of deposit
29
35
3918 :Mo Pac lot & ref bs ser A
24
2714
283
4 49 20
2334
1965 F A
K C Pow dr It let 43435er B
1957 J
8 18
97
1077
106
106 1074
2714 25 22
:Cert.ticatez 01 deposit
2314 274
---- 27
lot mtge 4443
42
96
112
1961 F A 111
11014 112
:General 4s
712
8
93
8
1975 M 8
1114 289
11 14
Kan Clty Sou lot gold 3s
7712 43
76
1950 A 0
51 14
76
2318 2884
7712
:1st & ref .55 series F
8 283 391 20
4
1977 M 13 265
Ref az impt 50
58
725
8 54
70
Apr ____1950 J J
60
2
7458
25
2714 25 19,
:Certificates of deposit_
235 2714
/
deposit
Kansas City Term let 4e
4
8412 105 s 10714
1053 10618 25
1960 3
,
:1st & ref So series CI
1978
2312 2812
263
4 284 153 20
Kansas Gas & Electric 434*
1980 J D 102
10212 89
703
4 10014 103
1 20
:Certificates of deposit.
2612 2612
2512 28
•Karstadt (Rudolph) let 63
3
41
133
4
1943 SIN 38
32
41
1949 11:Cony gold 5343
9 1C1
612
612 7 3
7
74 91
6
ecertifiratell of deposit
3834 40
___
29
13
26
333
4
:1st A: ref g 53 series H
4 283 188 20
4
2312 283
4
1080 A 0 363
1946 M S 69
Keith (II F) Corp lot 6s
44
70
9
6812 7412
22
_ _
:Certificates of
*2518
(Kelly-Springfield Tire (13
59
293
51
4
1942 A 0 50
4412 5512
:lot & ref 5s seriesdeposit____-__- 215 20
A
2658 283
2 4
1981
I
4
2214 --3
Kendall Co 5143
27
08
1948 51 5 10214 103
10112 1034
3 20
:Certificates of
2612
2214 2612
26
_
Kentucky Central gold 43
80
10412 10512 •Nlo Pac 3d 7s ext atdeposit
4
1987 J J 10412 10412
4% July _ _1938 MN *7512 80 _-_- 69
4
76
7
6
1061 .1 J •85
Kentucky & Ind Term 44.0
904 ---73
91
91
Stamped
1961 J J
5
80
9714
9714
95
9712 Mob & Birm prior lien g 5s
8 99 ____ 85
1945.1 J 8805
Platt)
_
93
1961
106 ...-.1 8101
j j4._
8912 ____
82
Small
Kings County El L.5 P ba
1 103
1937 A 0 1083 1083
4
4
10814 11:1T3 34
1st 51 gold 45
4612
59 _ _ _
7
48 18
19453 J 04814
Purchase money 65
8
1997 A 0 .14614 1487 --, 118
14512 1454
Small
55 ____
J J •44
Kings County Kiev let g 43
1949 F A 9714 98
39
66
94
98
:Mobile ar Ohio gen gold 4s
1938 61 5 •---884 ---- 30
-----Kings Co Lighting 1st be
1084.1 J 110
2 1004 110 111
110
:Montgomery Div let it Es__ 1947 F A •12
144
15 1612
16 __
First and ref 634a
10512 118 11812
1954 J .1 •120
:Ref & Rept 43..43
9
9
7
9 ____
/
1
4
1977 M S •7
13 10014 103
0819014 103 ____
Kinney(OR)&Co 74% notes-__'36J
- 77
:See b% notes
1938 NI S *8
8
10 ____
8
912
1936 J D 1024 103
Kresge Found'n roll tr 65
78
67
10214 103
Mob & Mal let gu gold 4a
9 70
8412 8513
1991 M S 8412 85
:Kreuger az Toll CIA be etre
34
148
1014
1059 M S 31
2614 34
Mont Cent let gu fle
10238
7 87
102 10218
1937.3 J 102
Lackawanna Steel lot be A
10714 21
9458 106 10912
1950 M 5 106
1st guar gold 5s
3 7914
101
10014 101
1937.3 J 101
•I Laclede G-L ref & ext 55
1934 A 0 1004 1014 27
79
97 101 18 Montana Power lot 63 A
9312 997
1943 .1 .1 983
8
4 997 145 77
3
A 0 984 994 140
Is 1934 extended to 1939
90
9714 993
8
Deb be series A
7514 20 5058
7314
1962 3 D
67
7514
Coll & ref 5343 aeries C
463
1053 F A 6612 697 104
4
8
63
70
Montecatini Min & AgricColl & ref 53.4s series D
68
21
67
46
1900 F A
6314 693
4
Deb g 7s
1937 J J
9212
9212
8914 93
8 874
lake Erie & West let g 58
1937 .1 J 10212 1025
8 14
77
10214 1025 Montreal Tram lot & ref 5a
8
88
1941 J J *985
4
8 993 ____
99 101
54 gold be
61
1941 .1 3 •____
9512
90
94
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1955 A 0 *7712 7912
703
3
7758 7738
14
Lake Sh & Mich So g 3343
1997 i D 08
100
96
79
974 100
Gen dr ref a f 53 series B
1955 A 0 07712 7912 ____
724
•Lautaro Nitrate Co Ltd 68
812
1954.3 J
44
104 351
814 104
Gen & ref a f 434s series C
1955 A 0 .72
76 ____ 534
---- -- - Lehigh C & Nay e f 434s A
7712 1017 1044
1954 .1 J 104
10412
3
8
Gen & ref 5158 series D
1955 A 0 87713 7912
__
704
1954 1 .1 10412 10412
Cons sink fund 4345 ser C
80
102 10412 Morris & Co lot a f 434s
3
1939.3 .1 1013 103
46 82
4
101 103
Lehigh & N Y let gu g 45
6212
1945 NI S •71
7212 __
703 7314 Morris & Essex 1st gu 334e
4
2000 J D 933
4 043 109 70
4
9352 95,
2
Val Coal lot & ref 41 ba____ '44 F A
Lehigh
64
9513 9534 21
94
953
4
Constr NI he ser A
1955 NI N 101
10134 27 77
1005 102
3
1
743
8 744
33
1954 F A
lot & ref of 53
71
7434
Conatr NI 4343 series B
1955 NI N
94
95
50 654
94
964
72
1964 F A
lot & ref 5 1 55
72
1
302
70
72
•IMurray Body let 6%.
1934 J D 10112 103
2 83
10112 1044
1974 F A 69
4
32
let & ref a f bs
69 12
663 7312. Mutual Fuel Gas lot gu g 6s
8
1947 NI N 10512 1053
1033 10534
4 34 95
4
19383 J 954 953
Secured 8% gold notes
73
4 15
954 9534 Slut Un Tel gtd Os ext at 5,3 _ _1941 M N 102
7
102
1 894
102 10214
1954 F A 103
79
Leh Val Harbor Term gu be
10314 13
103 104
Namm (A 1) & Son__See Ne fraTr_ _
754
Leh Val N Y let gu g 4343
1940.1 J 964 9618
2
96
99
Nash Chatt & St L 43 ser A
1978 F A
9553 9612 35 78
9453 9612
2003 M N 45
Lehigh Val (Pa) cons g 4s
47
26
4014
45
5018 Nash l'io & S lot go g 53
1937 F A
__
91
2003 M N
General eons 43.4o
51
44
523
4
51
3
5414 Nassau Elm gu g4113tDd
1 J •10114- __. 5712 537
8 34 5212
5712 594
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2003 M N 55
4
4753
57
55
60
Nat Acme 1st a 1 80
1942 J D *861
__ ___ 6512
8618 90
Leh V Term fly lot cue 5e
1941 A 0 1053 10618
8
4
894 10512 106, Nat Dairy Prod deb 5443
4
1948 F A 10214 1025 231 744
8-- 8
1024 1027
8
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1
gT. -ii,
tor footnotes see Page 771.
_._
New York Bond Record-Continued-Page 5
770
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1
r.
July 1
Week's
.1
1933 to
Range or
;Jan. 31
;
t
Friday's
dls., Bid lb Atka! ro0 1935
r.3
Low
High No. Low
____
____ ---1957.7 J ____
*Nat Ry of Mex pr lien 4345
112
43 __-4
*Assent cash war ret No 4 on ____ _ _ .312
__
__ ___
1977 A 0 ____
*Guar 48 Apr '14 coupon
14
*Assent cash war ret No 5 on_
412
---- *24 _- ---•Nat RR Mex pr lien 430
liiii
2
2
*Assent cash war ret No 4 on ____
5%
53
7
_
_
_ _--.1st consol 0
1951 -A0 ____
--58
1
4
•Aseent cash war ret Nod on__ __
- *314 __- ---85
1065 133
8
1956 -- 106
A0
Nat Steel let coll 5e
1954 M N *60
Naugatuck RR blade
68
653 ---4
2 10112
Newark Consol Gas cons 5a
1948.7 D 11612 1164
8212
240 A 0 104
1048 20
Newberry (JJ) Co 534% notes
685
8
82 __-New England RR guar So-1945 J J •____
724 __-615
8
Consol guar 4e
1945.7 J •____
New Eng Tel & Tel 58 A
1952.7 D 11612 1184 19 1043s
1961 MN 1145 11512
9914
5
8
let g 430series B
8212
___ ____
1986 F A
NJ Junction RR guar 1st 4s
NJ Pow & Light let 434s
8812
82
96
97
1960 A 0 *92126112 14
5112
New On Great Nor Si A
1983 J J 60
50
1
50
NO & NE let ref&Impt 430 A _.._'52 J .1 50
38
4 673 149
4
New Orl Pub Sery let Es A
1952 A 0 613
38
First & ref Es aeries B
1965.7 D 6212 674 196
- New Orleans Term let gu 45
1953.7 J 8418 85
15
583
4
1214
3
IN 0Tex & Mex n-c Inc ta
1935 A 0 2312 2512
14
4 2914 57
1954 A 0 273
:1s8 5e merits B
1956 F A 265
1414
8 2812 14
ilst 55 series C
1956 F A 2612 2712 23
144
3151 4348 eerie* D
7954 A 0 28
1412
80
29
:1st 530 series A
--------92
N le C Bdge gen guar 434s
1945 J J •104
---- 101
1935 A 0 *101
NYB&MBletcong5s
69
NY Cent RR cony deb 65
14---- 91
2
1935 M N 9614 987
179 10814
111
1944 MN 109
Cony secured 65
64
2
Como!45 series A
1998 F A 8614 877 212
51
2 6212 103
Ref & inapt 434e series A
2013 A 0 583
50
663 182
4
Ref & Impt 5a series C
2013 A 0 64
73%
NY Cent & Hud My M 330 __....1997J .1 9612 9712 95
67
20
97
1942.7 J 96
Debenture Ss
51
146
62
Ref & impt 430 ser A
2013
- 58
64
88; 17
Lake Shore coil gold 330
--1998 FA 87
1998 F A 8714 877
85
10
Mich Cent coil gold 330
77
10114 13
NY Chic & St List g 45
1937 A 0 101
4312
1974 A 0 7212 7412 104
Refunding 530 series A
1978 M S 61
3634
179
64
Ref 430 gaes C
l
414
62
1935 A 0 6612 70
3-yr 6% gold notes
9212
1953 F A 1065 107
20
NY Connect 1st gu 430 A
8
99
1st guar 55 series B
1953 F A *107% 10812 ---414
76
4 66
N Y Dock let gold 4e
1951 F A 633
30
26
49
Serial 5% noted
1938 A 0 47
1941 A 0 1133 11312 34 10812
8
NY Edison let & ref 6345 A
1083
4 29 10212
1st lien & ref 58 series B
1944 A 0 108
lot lien & ref Si series C
56 10214
4
1951 A 0 1083 109
NY & Erie-See Erie RR.
4
NY Gas El Lt H & Pow g lie
4 10412
1948 J D 1173 119
1949 F A 11012 11112
95
7
Purchase money gold 4s
N Y Greenwood L gu g 58
9014 ---61
1946 M N *88
NY & Harlem gold 330
8314
5
100
2000 MN 100
N Y Lack & West 48 ear A
92 4
3
10012 60
1973 M N 100
1972 M N *108
430 series B
8912
110 _-__
NY L E & W Coal & RR 530 ____'42 M N
7512
___ ---NFL E & W Dock & Impt Si
*988
87
243 .1 J *1025 107 ---8 --------952
N Y & Long Branch gen 4e
1941 M S *1015
____ ____ ____
NY & NE Bost Term 0
1939 A 0 --__
N YNH & H n-c deb0
3714
1947 M 13 *3812 40 ---1947 M El *35
Non-cony debenture 330
44 ____
35
Non-cony debenture 330
31
1954 A 0 3414 3512 28
Non-cony debenture0
354
8
37
1955.7 J 37
35
Non-cony debenture 45
3712 15
1956 M N 37
31
.
Cony debenture 3345
3633 19
1956 1 J 35
43
Cony debenture (is
143
1948 J .7 4512 49
1940 A 0 587
54
e 62
78
Collateral trust Bs
24
34
29
Debenture 4s
1957 MN 27
1st & ref 430 oar of 1927
3914
4112 104
1967.7 D 40
Harlem R & Pt Ches 1st 4s
82
943
4 20
1954 M N 94
5212
50
NYO& Wref g 45
June 1992 M 5 5512 59
1955 J D 47
443
4
9
4812
General 4s
814
___ ____
N Y Providence & Boston 4s
1942 A 0 •985
NY dc Putnam 1st con gu 45
6814
8714 29
1993 A 0 878812
812
4
2
•N Y Rys Corp Inc 5$-__3an _ _1965 Apr
71
1965 J .1
56
3
71
Prior Ilen 6s series A
NY & Richm Gas let 65 A
98
2
4
1951 M N 1073, 1073
114
1
2
2
iN Y State Rye 430 A etre
1962 ---112
*13
4
3 _--3830 series B certificates
1962
98
NY Steam 6s series A
6
M N
1947 =- 108% 1087
90
lst mortgage 5s
1951 M N 1044 10514 24
9112
7
let mortgage 58
1956 M N 10512 106
NY Susq & West let ref 58
404
1937 1 .1 *594 64 _-__
43
2d gold 430
1937 F A *4512 50 ____
313
4
52 ____
General gold 5s
1940 F A *48
723
10012 ____
Terminal let gold be
1943 M N *99
NY Telep lot & gen a f 530
11012 19 10212
1939 M N 110
4552
12
62
N Y Trap Rock 181 5*
1948 J D 60
28
N Y Westch & B 1st ser I 430_'48 J 1 287
8 3012 95
Niag Lock &0Pow 1st 55 A
90
44
-1955 A 0 10512 1057
48
7012 90
Niagara Share(Mo) deb
-1950 M N 68
38
3
7314
_'47 M N 73
•NorddeutecheLloyd 20-yr of
5303672
50 ____
New 4-6%
1947 MN *48
60..Nord Ry ext sink fund 630
,
1950 A 0 164 4 16614 80 10512
*:Norfolk South 1st & ref de
5
17
1712 18
1961 F A
4
7
:Certificates of deposit- 1712 18
N 38% 398
1941 1411414
8
ltNorfolk & South let g 56
9114
30
N.4 W Ry 1st cons g0
1996 0 A 1111g 112
971g
12
Dly'l 1st lien & gen g 4e
1944 1 J 10752 108
96
___ ____
Pocah C& C Joint 4e
1941.7 0 0
6112
117
85 4 87
3
North Amer Co deb Se
1961 F A 1051957 M S 80
56
9
8012
No Am Edison deb 5e ear A
58
Deb 530 ser B
Aug 15 1963 F A 84% 8512 45
54
30
Deb Eas ser C
Noy 15 1969 MN 7712 80
--------98
North Cent gen & ref 15e A
1974 M S •I10
88
Gen & ref 430 series A
.____
1974 M S *106
35
:North Ohio let guar g Es
8 6 - ___.
_0
1945 A 0 *425
:Ex Apr'33-Oct'33-Apr'34 cline-35 4
3
*40
543 ---:S and as to sale Oct 1933. &
343
8
5
42
42
:Apr 1934 coupons
Nor Ohio Tract & Lt 6e A
747
s
12
108
1947 M 5 107
76
North Pacific prior lien 4e
4
Q 1 1023 10414 141
1997
5012
Gen lien ry & Id g 3s Jan
767 192
2
2047 Q F 7318
60
Ref &!mot 430 Berke A
20473 1 8612 8712 49
'
6812
Ref dc Impt fie eerie. B
10112 249
2047.7 1 100
64
14
94
2047.7 J 91
Ref & Impt fis series C
61
43
94
1
Ref & Impt 5s series D
20473 1 91
Nor Ry of Calif guar g 5e
__ ____ 100
1938 A 0 *1054
89
Nor States Pow 25-yr de A
1941 A 0 1044 1-0-514
93
1st & net 5-yr 6e ear B
1941 A 0 106% 10712 24
Northwestern Teleg 430 ext
1944 .1 J ------------100
6833
8 934 37
Norweg Hydro-El Nit 530
1957 MN 923
43
Og & L Charn 1st gu g 48
2
43
1948.7 .1 43
Ohio Connecting Ry 1st 45
- _ ___1943 M S
89
12 - Ohio Public Service 730 A
111
110
1946 A 0 *104--78
8
let & ref 7s series B
1947 F A 1083 10914
4
90
3
OhioRiver RR let g 5e
1938 1 D 10312 1034
General gold 5e
1937 A 0 *1037
2 --------87
10
:Old Ben Coal let Be
1944 F A *1212 18 _._
99
7
Ontario Power N F let be
1943 F A 1094 110
944
__ ____
1945 MN
Ontario Transmission let 5e
8314
10612 13
106
D *109-Oregon RR & Na,corn g 4s
1948
Ore Short Line let cone g 5a
4
J *1143 1161 ____ 100
1946
*
991
1
118 1
J 118
Guar stpd cone to
1948
i
i
For footnotes see page 771.
Feb. 2 1935
11
Rance
Since
Jan. 1
BONDS
N. F. STOCK EXCHANGE
Week Ended Feb. 1
Week's
July 1
Range or
a
1933 to
Friday's
g.p., Jan. 31
11 t
...s. Rid A Asked (40 1935
r.3
Range
Since
Jan. 1
Ilioh
Low
High No. Low Low
Low
Hioh
8
1023 100
4
7714 10112 102 4
1961 1 J 102
--_- ---_ Ore-Wash RR & Nay 43
6512
4
4 943
4
94
96
Oslo Gas &El Wks esti 50
1963 M 5 943
414 5
6934 915
20
9152 74
____
1941 11(1S 83
*Otis Steel let mtge 6a oar A
3912
36
25
1946 J D 3812 3912 12
47s
412 _--- Pacific Coast Co let g 58
43
9812 106 109
_'42 .7 J 10752 108
Pacific Gas & El gen & ref 5e A
14
987
9612 987
64
578 6; Pacific Pub Bevy 5% notes
1938 M 5 983
101
1007 101
80
8
1938 F A 101
Pao RR of Mo lst ext g 45
____ _ _
6
84
974
4
1938.7 J 97
958 973
•2d extended gold 1123
34 - 4
3
43
10732 20 10314 106% 10712
1937 .1 .7 107
Pacific Tel & Tel let be
106 107
28 10414 111 112
1952 MN 1114 112
Ref mtge 5s series A
-----10512 10512
93
- ---1955 J .1
11312 11612 Paducah & Ills lots f g 430
*38
3812 4312
254
40
10334 105
il Man-Am Pet Co(Cal)cony 6s ____•40 1 D *10514--- ---3812 383
39
4312
25
4 10
:Certificates of deposit
78
78
4
274
423 464
8
1951 .1- J 4352 463 126
__ •Paramount-B'way lot 510
_-2712
44
42
465
8
8 44
465
11512 11812
-*Certificates of depoldt
1123 11512 :Paramount Fam Lasky 8s
8
1947
65
683 178
4
134
583 683
4
4
:Proof of claim filed by owner
_
69
.7 D 644 69
59
15
171
:Certificates of deposit
__----94
97
8112 :Paramount Pub Corp 534e
1950 F A
57
2
127
687 214
____ 65
5912 687
s
51
50
:Proof of claim filed by owner
14
6514 683 240
4
=__
583 63 4
4
,
5512 673
:Certificates of deposit
4
15734 36 10414 155 1604
555 6712 Paris-Orleans RR ext 5345
2
1968 M /1 155
8
7
1712 2012
4 187
2
1953- -- 183
8358 8814 •Park-Lexington 870 ette__
26
14
6
22
2512 Parmelee Trans deb 6s
2712
1944 A 0 22712 2712
25
2914 Pat & Passaic G & E cons 55
1949 M 8*11412 117 ---- 102
7314 101 I60
7
2512 2812 Pathe Exch deb 75 with warr
1937 M N 10112 102
45 4
3
1
90
91
91
2412 2712 •Paulista Ity 1st ref of 7s
1942 M 5 91
1937 M S 010212 --------94
102 102
Penn Co gu 334.0011 tr A
2512 .29
811
1 100 100
---Guar 330 coll trust oar B
10212 10212
1941 F A *100
83;
98; 98%
10212 10252
Guar 310 trust ctts C
1942J D *99;
8112
4
_ ---1944 J D *973
9114 99
Guar 330 trust ctts D
- 12
4
8453
10814 11212
9914 10153
Guar 45 ser E trust ctfe
1952 M N 1014 161
82
10512 61
1013 106
4
853 877
2
2
Secured gold 171s
1983 M N 105
55
25
753 8558
4
2
583g 643 Penn-Dixie Cement lot 8s A
1941 M S 8012 83
10
78
g
10312 10511
84
70% Pa Ohio & Del let & ref 430A
77 A 0 1037 1045
_ --= 1013
4
430 merles B
95
9712
1981 1 J
7512
100
10012
9833 10052
9514 9712 Pennsylvania P & L lst 410
1981 A 0 *10334--- 339
11252 ---f
984 10712 108
58
6412 Pennsylvania RR cons g 4e
1043 M N *102
109
9412 103 10918
7
87
8914
Como! gold 4a
1948 M N 109
108 10812
176311
---4e sterl stpd dollar May 1
86
888
1948 M N •10814
14
0812 11412 117 ,
10012 1014
Consol sinking fund 434e
1960 F A 11614 117
80% 10512 1077
71
77
s
General 430 series A
1965 1 D 105% 10733 187
35
87% 111 113
4
60
66
General Se aeries B
1968J D 1123 113
10514 108
4 88 101
6512 7112
Secured 6545
1938 F A 10512 1053
81
1964 MN 10514 10652 61
105 1074
10652 1074
Secured gold 55
1970 A 0 948 953 213
68
10812 10812
9414 963
s
Debenture g 470
143
75 4 10058 103
3
1981 A 0 1013 103
595 66
2
General 4355 serial D
44
997 1023
2
914
10212 208
49
4
Gen mtge 45ds ear E
1984J .1 101
8
113 11312 Peop Gas L & C 181 cons Be
1105 11212
e
1943 A 0 1115 11212 34 IOU
80
108 1093
984 10314
Refunding gold 179
1947 M S 10112 10314 68
50
24
70
10814 1097 Peoria & Eastern 1st cons 4*
2
70
733
4
1940 A 0 70
7
2
414
7
7
•Income 45
912
April __ -.1990 API*
1164 119
8312 102 1054
2
Peoria & Pekin Un 1st 530
1974 F A 10514 10514
1073 111 12 Pere Marquette let oar A 5e ... _1958 .7 .1 86
2
8512 91
8712 43
51
26
4812
78
88
904
7514 81 4
hot 45 series B
,
1956J 1 76
774 82
46
1980 M S 78
98 100
19
79
1st g 470 series C
99te 1013g
-- ---- Phila Bait & Wash 1st g 4a
108 1084
987
e
2
1943 MN 10812 10812
054 113 113
____
General 55 series B
---- ---1974 F A *11372
87
4
General g 470 series C
-10812 1094
----1977 1 J 10912 10912
1981 1 D 10712 109
36 1003
10112 10112
-4 107 109
General 430 series D
____ ____ Phila Co see 5e series A
834
614
81
834 126
1967 1 0 82
1084 110
7 100
Phlia Elec Co 1st & ref 430
4
1967 M N 10818 1083
893
2 10414 10612
lot & ref 40
39
39
10612 36
1971 F A 106
734 75
485
8
3612 Phila de Reading C & I ref 5e _....1973J J 74
39
75
35
1949 M B 50
36
3414 37
50
523 132
Cony deb 65
53 s
7
364 40
22% 241/
30
3
2014
Philippine Ry lets f 4s
1937 1 .1 22% 24
844 10112 1024
4
3618 3912 Phillips Petrol deb 534e
1939 1 D 10212 1023 107
35
3658 Pillsbury Flour Mills 20-yr 6e .'43 A 0 1073 1087
14 10214 107 1088
4
1952 M N *103
4512 52
9912 104 104
1044 _--Pirelli Co(Italy) cony 7s
7 100
1083 109%
Pitts C C& St L 430 A
583 63
4
4
1940 A 0 10912 10914
10918 1094
2614 3014
Series B 470 guar
1942 A 0 *10812 --------99
40
45
Series C 410 guar
1942 MN *10812 --------10084 109 109
93
9514
Series D 45 guar
1945 M N *10212 --------9734 ---- ---____ 8912
5512 61
Series E 330 guar gold
1949* •*loo
964
____
47
49
Series F 4$ guar gold
19531 D 010512
_--- ---1055 1067
s
s
98
Series, 04o guar
__
_
1957 MN *10614
964
____
Dm F A *10512
Series H cons guar 4s
844 -8714
1963 F A 01087
2 --------99
Series Icons 470
8
8%
11358 1135s
71
7612
Series icons guar 430
9
64 ,7- ---,
1964 M N *10853
1970 J D 11312 114
8614 iii% Ill
u
4
1073 11012
General M 58 series A
1975,A 0 114
8514 11132 115
12
115
2
212
Gen mtge 5s ser B
4
Gen 430 series C
--_ 1044 1003
4
75
1977J J 1053 10612 2()
1940 A 0 *1093
4
1083 11012 Pitts Sh & E iota 50
4 L97
-- ---1048 10612
_--- ----- .--1037
3
1st conso lgold 55
1943J J •
10472 106
94
Pitts Va & Char let 45 guar
1943 M N *10312 10512 ____
70 ____
60 BS
56
60
63
*Pitts & W Va let 434* ear A __ 1958 J 0 061
1958 A 0 •____
70 __ _
52
170 r70
lot M 430 series It
493 52
4
8 68
let M 430 series C
48
5112
57
1980 A 0 *5612 66 __-52%
62%
____
Pitts Y & Ash let 4a set A
984 100
1948 1 D *101
_ ____
109 11012
97
lot gen 5s series B
1982 F A
*84
853
4
594 62
6114
Port Arthur Can & Dk as A
85% 054
1953 F A •109-- - _.-1953 F A *84
92 ____
68
2812 32
let mtge (is series B
10412 1057 Port Gen Else 1st 430 oar C -1960 M S 56
374
8
593 278
4
5014 6-6
5014 00
4512
1957 --- 5512 59% 149
6214 704
Si assented
98 10014
75
63
734 Portland Gen Else 1st 5s
1935 J 1 9912 10014 112
4412 50
454 521e
7
1
Porto Rican Am Tob cony 62
2814
_'42. J 4714 48
2
16114 1687 Postal Teleg & Cable coil 5e
443 5214
4
37
2
1953 J 1 4914 513 219
6
40
1933 1 1 5014 503
173 1912 etPressed Steel Car cony g 58
4312 55
1957 M N *__ _ _
34 ____
35
164 18% Providence Sec iruar deb 4.
35 35
j
8112
---__
357 397 Providence Term let 4s
1956 M 5 *921
11012 112
2- 4
8 8
981e 1071- 106
Pub Sec,' El & CI lot &ref 470 _267 J D 10753 1073
10733 1093
107 108
107
97
6
4
let dc ref 430
1970 F A 107
1971 A 0 106
10612 26
8814 105 10612
106 1064
let dc ref 4s
87
10158 115
10012 101%
Pure 011 s f 57S% notes
8114 87
1937 F A 101
s
993 10153
4
82
741a 8012
S t 534% notes
1940 M S 1003 10114 56
49
8412 90
7814
7812 8512 Purity Bakeries 5 t deb 55
1948 1 J 8412 88
7112 80
---- -___ :Radlo-Keith-Orpheum pt pd otfe
tor deb Os dc corn etk (85% pd)
_
- 3- ____
15
318
1941 .1 i5 *32
--__--040
4
:Debenture gold 6.2
4
974 10
-04
73
---- ---_ Reading Co Jersey Cent W110 _ _'51 A 0 993 10012 108
1997 1 1 10612 1073
79
10612 108 a
,
Gen & ref 470 series A
tr s 39
7914 10912 1084
Gen & ref 4145 series B
1997 1 J 10612 1074 15
42
42
63
65
99 10012
1043 108 4 Rem Rand deb 530 with wart' -._'47 M N 9912 100
4
,
1941 M N *110
102% 1043 Rensselaer & Saratoga 88 gu
4
00
10314 1654
1940 A 0 10414 16514 16 7312 7812 Repub I & S 10-30-yr Soot
984 10212 1
614
1953 1 .1 10012 10112 48
8614 8912
Ref dc gen 5745 series A
10814
76
8
1948 M 5 108
988 1023 Revere Cop & Brass 6s ear A
4
10714 108
26t2
3614 41
4 41
14
91
1948 1 J 393
9614 •Rheinelbe Union s f 70
31% 36
25
17
92
98
*Rhine-Ruhr Water series Ils-1953 1 J 35% 38
1950 M N *42
54 ___
4112 43%
3814
105 105 •Rhine estphalla El Pr 7s
3934 42
8
343
4
10
103 10514
-W4
1952 M N a423 a423
*Direct mtge 13a
1953 F A 4112 413
4034 42
35
6
4
*Cons mtge 6s of 1928
10514 10712
42
414
40
3212
3
---- - •Cone M 68 of 1930 with ware - _..'55 A 0 413
29% 3311
20
8
1944 M N 3018 3012
88 - - 1:Richfield 01106 Calif 65
94
M N 293
4 31
29% 3312
1912
7
43
5014
:Certificates of deposit
38
1948 M N *4012 60 _-__
_ Rich & Mack let g 412
---99
_ ____
1952 1 J *104
10914 111
--Richm Term Ry lot on 58
1955 F A *5512 __- ____
60
60
45
61
1073* 10952 *Rims Steel let s f 78
8512 86
70
2
86
1939 .7 0 86
10318 104
Rio Grande June 1st gu 5.5
19403 1 .1
102%10312 :Rio Grande Sou 1st gold 4s
___
___
______
133 18
4
:Guar 4s (Ian 1922 coupon)_ __1940 J J •1
75 7712
66
7614 30
10912 111
*Rio Grande West let gold 4s-- __1939 1 / 76
39
4712
39
4
40
1949 A 0 39
112 1124
.1st con & coll trust 45 A
g
10712 1087
96
7
1087
a
105 1063 Koch G&E gen M 15745 ear C .-'48 %.1 S 108
4
1977 M S •107
80
..--- - -11414 11452
Gen mtge 430 series D
8912 10712 1 812
- -12 16
1962 M S 10814 108
1154 118
0
Gen mtge 55 sertee E
New York Bond Record-Concluded-Page 6
BONDS
N Y. STOCK EXCHANGE
Week Ended Feb. 1
'4
Weeks
July 1
i.:3
Range ori
1933 go
-- t
Fridays•Iil Jan. 31
4,a. Bid & Asked r0 1935
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 1
771
:4'
Week's
July 1
r 7,
Range or
.1
1933 to
i t'
Friday's
1 Jan. 31
.., a, Bid et Asked co
1935
Range
Since
Jan. 1
Low
High No
4
1212
1934 M 9 1212
1945 A 0 *10838 1147
8
1948 A 0 *3878
1949.1 J *4014 44 ---/
1
4
1941 .1 1 *
45
Low Low
Low
High No. Low Low
High
High
1214 1312 •11/nton Elea Ry (Chic) 5e
93*
15 ____
1945 A 0 *1318
13
1014
1312
4
903* 10512 13612 Union Oil 30-yr 8s A
May 1942 F A 1163 11712 22 105
11612 11712
35
3412
Deb be with warr
38
Apr 1945.1 D 10434 10514 24
92% 1033 10514
4
_ Union Pac RR let & Id gr 45 -_-1947 .1 J 10918 1097
4312 ____
8 64
94
10'77 1097
e
8
lot Lien & ref 4s
--51
51
50
103
8
June 2008 M S 1047 107
8013 1044 107
4
Gold 434*
1967.1 .1 1043 1058 15
81
1044 1057
8
1947.1 .1 *10318
St Joe & Grand Isld let 45
8314
1st lien & ref bs
June 2008 M S 11712 11712
11712 11814
3
99
16 1053
110
1941 M N 109
St Joseph Lead deb 534o
4 109 1113
Gold 4a
1968 J D 1004 10112 85
9912 10214
765
sz Joe Ry Lt Ht & Pr let Se.
1937 M N 98
9912 24
70
9912 United Biscuit of Am deb 65
98
1942 M N 10612 1063
4
97
4
1053 107
4
90
1996J J *88
St Lawr & Adr let g bs
6414
88
85
United Drug Co (Del) 58
1953 M S 9218 9312 86
53
89
l3312
'2 2d gold 6e
1996 A 0 85
85
70
1
U NJ RR & Can gen 40
80% 85
1944 151 S *1063 1093 --- ,4
4
97
/
1
4
. .,
St Louis Iron Mt & Southern1:United Rys St L let g 4a
1934.1 .1 2812 2812
8
15 4
3
2812 -0 '
3
67
Why & G Div let 6 48
1933 M N 66
164
45%
U 8 Rubber let & ref be ser A _1947 .1 .1 9234 95
63
/ 67
1
4
161
56
90
/ 95
1
4
*6418
*Certificates of deposit
52
1937 M N *98
63 4 6414 United 9 S Co 15
3
-year 6s
8518
10514 ---98
98
53
53
1948 J J
1
St L Poor & N W let gu ba
52
52
5618
Rocky Mt & P 5s stpd
1955.1 .1 65
65
5
St L
37
85 •Un Steel Works Corp 8148 A60
8 3918
1951 J D 385
26
5
35 4 3914
3
1950.1 .1
12
63
143
4
16
:St L-San Fran pr lien 413 A
133 1714
4
*Sec. St 64e series C
5
1951 J D 3914 3912
27
37
3912
14:Certificates of deposit
1412
5
11
18
13
*Sink fund deb 8140 ser A
1947 J .1 381 3812
/
4
23
2
35% 3812
151
1612 21
:Prior lien be aeries B
19503 .1
12
1518 18
Un Steel Works(Burbach)7e
121
2
1951 A 0 121
9812 121 121
14
14
:Certificates of deposit
5
11
1212 1612 *Universal Pipe & Rad deb (is
13
1
25
1936 J D 25
24
27
12
1318 132
(Con M 414s series A
4
1978 M S 113
978
1112 1412 *Unterelbe Power Ar Light 6a.-1953 A 0 241
3
, 41
33
373 41
4
97
:Ctte of deposit stamped
11
1214 106
11
137 Utah Lt & Trac 1st dr ref 5s
8
7534 130
1944 A 0 71
5012
65
7614
77
77% 31
St L S W lot 45 I bond etre ____1989 M N
51
7818 Utah Power & Light let 50
77
7434 79
99
553
4
1944 F A
697 7912
8
2s g 48 Inc bon21 etre
60 ____
Nov 1989.1 J *55
4112
60
60
Utica Elec I. & P let of g be
1950 J J *11014__ _--- 109
lst terminal de unifying 55
1952 1 J 4912 Si
8
43
4912 53
Utica Gas & Mee ref & ext be
1957 J J 118
2 100
11812
117 113
- /
1
4
Gen & ref g be ser A
19
42
1990.1 .1 40
3618
38
443 17111 Power & Light 5348
2812 92
4
2038
1947 J D 26
2414 2812
79
4
St Paul City Cable cone be
1937 J J 79
45
7814 79
205
8 2312 283
18
Debenture 543
1959 F A
2024 2312 '
Guaranteed be
8 85 --__
1937 -1 J *793
45
/
1
4
80
79
St P & Duluth let con g 48
1968 .1 D *984- ____
10112 102
84
59
51
Vanadium Corp of Am cony be _,.__'41 A 0 9012 92
8812 9212 '
-.
4
0
St Paul E Gr Trk let 4348
1947 J .1 *
45
Vandal% cons g 40 series A
1955 F A *10312 --------99
1612 165
•St Paul & K C Sh L gu 4348_ ._..1941 F A
1612 175
1312
3
8
*
Cons of 44) series B
1957 M N *10312 --------85
St Paul Minn & Man 5
1943 J J 10714 1085* 54
9218 106 1083 *Were Crus & P let gu 4,
4
7
38
5
358
134
1933.1 J
3
/ 412
1
4
411
Mont ext let gold 4s
8
8
1937 J D 1025 1025
8
86
8
1023 1025
8
J J *25
2838 ---•)July coupon off
4
3
4
4-pacific ext gu 4/3 (large)
10118
1940.1 J 101
8
85
993 10118 •Vertlentes Sugar 7s etre
4
2
4
4
3
1942 --_
4
6
St Paul Un Dep beguar
115
1972.1 J 114
18
98
113 115
Va Elec & Pow cony 5340
6
1942 M S 11012 11012
110 1103
95
4
be series B
1954 J D 10612 1068 37 10114 10514 1067
S A & Ar Pass lot gu g 44
1943 1 J 8314 84
140
82
55
845
4
Secured cony 534e
1944 J J 1113 11134 16 107
11018 112
1952 J .1 10112 10312 57
San Antonio Publ Sera let Its
1004 10312 Va Iron Coal & Coke let g Be -_..1949 M S *55
70
58 ___
50
---- -- -Santa Fe Preel& Phen let 514
1942 M S *110
947
8 108 110
4
91
Virginia Midland gen 5s
102% 102 2
1936 M N 1023o 10212
,
Schulco Co guar 834e
/
1
1946.1 1 *334 38
353
4
1
Va & Southwest let gu 5s
757
9518 9612 +
2003 j j 9518 9518
Stamped
*334 37
/
1
261
/
4
84
1st cons be
81
84
55
10
1958 A 0 84
Guar 5 1 634* series B
1946 A 0 *3312 39
29
89
81
Virginia Ry let 5e series A
1103 113
8
1962 M N 11112 112
Stamped
*3312 3612
30
lat mtge 43.48 series B
84
/ 10412 10514
1
4
1962 M N *10412 10512 --__
Scioto V & N E let gu 40
1989 MN
- ___10918 10912
90
4:Seaboard Air Line let g 48
17
1950 A 0 *10934--1712
17
63
4
6
1712 Wabash RR let gold 55
1939 M N 94
573*
9518 116
931 96
:Certificates of deposit
1014
17
17
" i2d gold be
1939 F A
74
7412 16
72
/ 75
1
4
1
43
()Gold 444 stamped
1959 A 0 *17
1712 _ __
_
1212
17
20
8 60 ____
1st lien g term 4e
5312 53 2
50
1954 1 .1 *545
,
:Certifs of deposit stamped
A 0 1712 1712
2
1014
17
20
4 993
Det & Chic Ext let be
98 100
/
1
4
70
7
4
1941 J J 993
318
318;
:Adjustment bs
1
Oct 1949 F A
212
23* 31s
Des Moines Div let g 4s
577 ____
45
1939 -1 .1 *____
54, 55 s
2
7
711 26
728
.
4_
1959 A 0
26Refunding 45
5
7
9
Omaha Div let g 3140
38
1941 A 0 *4714 54 ____
49
/ 50
1
4
:Certificates of deposit--,
5
2
53
4
53
4
53
4 8
1941.
m 5 77
Toledo & Chic Div g 48
56
2
77
77
77
:let &cons Cs series A
812
9
1945 i5
50
822 117 :Wabash Ry ref & gen 534o A
6
/
4
'75 M 8 171 18% 21
8
17
121
/
4
1912 l
:Certificates of deposit
__.
7
73
4 36
7
514
10
*16
2012 ____
17
11
:Certificates of deposit
17
:IAtl & Birm let g 48
171
1933 M 5 1718
2
10
165 17 8
8
,
1712 1814 34
:Ref & gen 5s
B'76 F A
1812 1914
12
:Seaboard All Fla Os A etre
1935 A 0
312
33
4 14
2%
314 4
11
204 __
:Certificates of deposit
-- *- :Series B certificates
1935 F A
214
*354
514 1614 1912
:Ref & gen 43.48 series C
12
Sharon Steel Hoop of 54e
1948 F A 8512 8814 50
35
8212 883
4
165
8
165
8
165 1718
8
11
2
:Certificates of deposit
Shell Pipe Line s I deb fa
1952 M N 1038 104
75
86
10314 10418
1814 38
:Ref dr gen 5s series D
1980 A 0 1714
12
17
1912
1947 M N 10212 103
Shell Union 011 a f deb be
17
785
8 10214 103
13
:Certificates of deposit
Shinyetsu El Pow let 614s
7612 7814
1952.1 D
7
58
7612 81
124
/
1
2
35
•Walworth deb 6340 with warr___ '35 A 0 35
33
38
•ISlemens & Halake a f 7e
1935 J J 6258 64
22
39
58
__1212
64
3612 3612
A 0 *33
37
*Without warrants
*Debenture s f 64s
1951 M S 477
50
27
38
45
50
4812 li
•lst sinking fund 8e tier A
1945 A 0 46
181s
44
50
Sierra & San Fran Power be
4 18
1949 F A 1063 1073
4
863
4 1033 1073
4
4
*Silesia Elec Corp s f 834°
1948 F A
4
35
36
28
30
1939 M 5 5512 58
36% Warner Bros Pict deb 85
24
148
5312 6012
Martian-Am Corp coil tr 75
4 56
1941 F A 533
30
33
5178 56
1939 M S 29
297
8 40
Warner-Quinlan Co deb 844
27
29% 1
26
Sinclair Cone Oil 7e set A
1937 M El 10312 104
21 100
/ 1027 104
1
4
8
106 107%
Warner
Waer Sugar Refill let 7s
1941 J D *10612 10712 ____ 104
lat lien 63444 series B
1930 1 D 10412 105
35
987
1 1035s 105
3812
30
5
Warren Bros Co deb 6s
36
423
8
1941 M S 38
Skelly 011 deb 534s
1939 M El 99
100
92
80
983 10014 Warren RR let ref gu g 334s.......2000 F A *72
4
91 ____
78
99
So & No Ala cons gu g be
8
1938 F A *1047 10512 __
1043 1043 Washington Cent let gold 45
4
1948 Q M *9112 --------79
4
9112 - -1
914
/
Geo cone guar 50-year be
112
1
1983 A 0 112
89
112 112
8 ____ _-__
86
Wash Term let gu 34e
1945 F A *1015
--------94
let 40-year guar 45
1945 F A *104
South Bell Tel &Tel let s f 58 _ _'41 J .1 1087 1095
8 25 103
/ 1084 110
1
4
8
/
1
10712 10
Wash Water Power a t be
9818 105 10712 1
1939.1 .1 107
Southern Colo Power fie A
9212 31
1947 J I 90
6014
82
9212 Westchester Ltg fa stpd gtd
1 10314 11514 116
116
1950 J 0 116
1
So Pao coil 48(Cent Pao coil)
1949 J D 663, 70
76
46
663 72 4 West Penn Power ser A be
4
6 10014 10812 110
109
,
1946 M S 109
let 44e (Oregon Lines) A
1977 M 9 80
80% 195
55
77
81
11612
1963 MI 9 115
3 1017
1st bs series E
s 11414 1161e
Gold 434s
1968 61 S 654 6712 '40
44
653 69
4
3 101
4
let sec be series G
1956 J D 1083 109
1084 109
/
1
Gold 434s
1969 M N 6412 6712 66
43
6412 6912
90 4 10512 1063
,
____ ____
let mtge 45 der IT
1961 .1 J *107
4
Gold 434o
1981 M N 6414 6612 171
42
63% 687
s
San Fran Term let 441
1950 A 0 102
10214 41
801
100% 103 4 Western Electric deb be
,
9418 10412 10614
4 31
1944 A 0 10512 1053
Cal let con gu It be
So Pac of
1937 MN *10718
__ --__ 100
9212 237
Western Maryland let 4a
6112
1952 A 0 91
8712 9212
So Pac Coast let gu g 4s
1937
-_
J •10014
95
10058 201
*
66
let & ref 534* series A
1977.1 .1 99
9612 1005
So Pao RR let ref guar 45
1955.3 ./ 9312 9412 199
6018
913 9412 West N Y & Pa lot g 59
8
7 100
1937.2 J 1063 1068
10618 107 !
Southern Ity lot cons g be
./ 100
1994
74
10212 87
100 103%
102 104
78
2
Gen gold 4s
1943 A 0 10312 10312
Devi & gen 40 series A
1956 A 0 573
4 6038 III
4512
573 6212 *Western Pac let 58 ser A
4
3214 37 '
23
29
1946 M 13 3212 33
Devl & gen 14
1956 A 0 77
37
79
58
81
75
32
l'Ss Assented
3112
7
33
1946
3112 364
Devi & gen 6348
(956 A 0 81
8412 44
65
81
86
10218 31
Western Union coil trust be
8
8512 10112 1023
1938 .1 J 102
Mem Div let g be
60
-__
94
.1 *90
1996
Funding & real cot g 434s
845 8614
674
/
1
4 29
1950 M N 84% 853
St Louis Div let g 48
1951 J J 8712 88
28
5314
837 88
8
15
1936 F A 10114 10214 22
10012 10212
92
-year 6349
East Tenn reorg lien g Se
1938 M 5 *102
73
103 --__
102 10284
25
-year gold 5.8
1951 J 0 8712 90
885 90
8
711*
40
Mobile & Ohio coil tr 4s
3
1938 M S 61
424
/
1
6218
61
67
30
4 57
-year be
72
1960 M S 8614 883
85 4 883
3
4
S'west Bell Tel let & ref be
1954 F A 11014 1103,
1091s 111
1 30 104
413
*Westphalia Un El Power 6s__ _1953 J .1 411
14
27
354 418
4
(Spokane Internet let g M
634
812 18
1955
814
1
814 912 West Shore lot 4e guar
8514 67
2361 1 J 83
66
83
85 8
3
Stand 01101 NJ deb 56_ __Dee 15 '46 F A 1017 10214 229 10178 101% 1023
8
4
4 ___81
Registered
2361 ./ J 81
78
8158
Stand 01101 N Y deb 4
1037 205
0 103
-140
8
1951
96
103 104
Staten Island Ry let 434e
1)
1943
9612 __
--__
- Wheel & L E ref 414s ser A
4
81
1966 M 5 *1033 10414 ____
10414 10414
4:Stevens Hotels (is series A
1512 18
12
*15
16
J *94-- -_
1945
Refunding 58 aeries B
1966 M 5 *10514 --------6520 104 104
IIStudebaker Corp 0% notes ____'42 J 0 44
493*
44
3034
4812 253
RR let conaol 4s
8
8
1949 M 5 1023 1023
83
1
10214 10212
:Certificates of deposit
81
--- 4318 48
31
43% 49
Wheeling Steel Corp 1st 5340
I948 J J 102
1023
4 44
10014 10314
70
Sunbury & Lewiston lot 40
1938.1 1 *1015
---98% let & ref 434s series B
057
1953 A 0 94
8 88
60
90
96
Syracuse Ltg Co let g 58
3 103
e-1951 -1 D 117% 11712
116 117, White Sew Mach 6s with warr____'36 J J *70
2
80 ____
65
4318
65
J J
Without warrants
1
72
72
66
45
75
Tenn Cent 15113s A or B
1947 A 0 58
8012
431
8
551s 83
Partia s f deb 6a
4212
1940 M N *6518 75 ____
65
70
Tenn Coal Iron & RR gen be
1961 .1 .1 *115
117 --__ 10118 113 11512 :Wickwire Spencer St'l let 75
'35
'
Tenn Copp & Chem deb 68 B
1944 M 9 9312 95
28
60
9112 95
11
11
:CU dep Chase Nat Bank
414
3
101e 12
Tenn Elea l'ow 1st 65 set A
1947 J D 9414 97
89
544
/
1
90
9714
:Ctrs for col & ref cone 70 A ___1935 MN
1014
11
46
101 13
33
4
Term Assn of St L 1st g 434s
1039 A 0 108% 1087
99
8 15
10812 1091* Wilk & East let III g ba
I
1942 J D 4612 4612
33
46% 48
let cons gold Se
1944 F A *1101
__ ---98
Gen refund s f g 48
28
1953 J .1 10314 104
71
2-1013 104
4
Will et S F tat gold be
8 --------88
1938 1 D *1027
10212 1023
4
Texarkana & Ft 8 gu 548 A
1955) F A
M14
27
9414 96
92
9614 Wilson & Co lot e t 68 A
1941 A 0 108% 109
20
953
4 10814 1093*
Texas Corp cone deb be
1944 A 0 10418 10412 175
934 103 104% Winston-Salem S B lot 45
/
1
1960.1 ./ *10312_
Tex & N 0 con gold 5s
1943 J J
8412 8412
2
84
8412 863 jw64 Gent 50-yr let gen 45
4
13
1949 1 J
7
1 523 I312
1018
125* - Texas & Pac let gold ba
20001 D 117
8
11714
82
11512 11712
:Certificated of deposit
812
2
1012 1012
918 1012
1977 A 0 91
Gen & ref 55 settee B
93
63
55
893 9312
4
:Sup & Dui My & term 1st 41 ___'38 M N
1
612
612
612
612 7
Gen & ref 50 series C
1979 A 0 9012 9212 44
5312
8958 9312
:Certificates of depoeit
Gen & ref 5s series D
1980.1 0 903 9212 63
54
893 9312 Wor & Conn East lot 448
4
1943 1 .1 *io
--------68--Tex Pac-Mo Pao Ter 5444 A
1964 M S 92
13
93
67
8912 93
Third Ave Ry let ref 4s
57
1980.2 J 56
38
25
55
583 Youngstown Sheet & Tube be ----'78 J .1 94
8
9612 158
6314
94
983
4
•Ad1 Inc 541 tax-ex N Y-Jan ,l960 A 0 25
215
21
26
2418 2612
*
lot mtge a 1 Si set B
1970 A 0 943
4 9612 84
63 4
,
948 9914
4
Third Ave RR 1st g 5s
1937 1 J 10112 10218 14
854 10014 10218
Tobacco Prods(N J)6340
2022 M N 10014 10012 298
97
10014 101,
8
1955 M S 8812 8812
1
Toho Elea Power let 70 A.
7014
8312 90
r Cash SAWS not included In year's range. a Deferred delivery sale not Included In
Tokyo Elec Light Co Ltd
3
76 8 year's range. n Under-the-rule sale not included in year's range. I Negotiability
72
J D 7314
1953
57
/
1
4
62
74
1st 65 dollar series
1935.3 J *1003 10112 --_Tol & Ohio Cent 1st gu be
4
85
1003 101
4
impaired by maturity. t Accrued Interest payable at exchange rate of $4.8665.
Western Div iota 58
1935 A 0 *101- - --101 101
91
General gold 5e
1935.2 D *10012 1014 ____
83
10014 1003 (Companies reported in receivership and bonds selling flat. * Fridav's bid and
1950 A 0 8712 90
asked price. •Bonds selling flat.
To! St L & W 101 48
60
11
8518 90
1942 M 5 *10418 --------103
Tol W V & Ohio 4s ear C
103 103
2 Deferred delivery sales In which no account Is taken in computing the range, are :
1946 J I) *97%
Toronto ham & Buff Iota 48
82
-- ---9614 98
Trenton G & El let g be
1949 M 9 511414 1 -17 _-__ 101% 1124 11214 given below:
Truax-Traer Coal cony 640
80
1943 M N
80
1
35
70
80
Cent. Bank of Ger. 7s, Jan. 31 at 5534.
1
Trumbull Steel let e f 644
1940 M N 102
10214
87
/ 1003 10214
1
4
5
4
Czechoslovakia 8s 1951. Jan. 30 at 102.
8514 87
*Tyrol Hydro-Elec Pow 714e... _1955 NI N
1
4512
85
90
•74s May 1 1935 coupon on_ 1955 _
_
_
Gelsenkirchen Min. 68, Jan. 26 at 60.
_ ___
_
8914 92,4
*Guar flee s 1 70
1952 F - ii 38
lila
.
1
0g
as
as
Gen. Elec. 7s 1945, Jan. 26 at 4434.
1952 ___ ____ ___
•7s Feb 1 1935 coupon on
___
851/4 89
Ger. Prov. & Comm.610, Jan. 31 at 44.
4
U.ligawa Elec Power a f 70
1945 M 8 875
8 -89
69
1
4
14 - /
87
87%
Parmallee 6s 1944, Jan. 31 at 27.
1957 A 0 10712 10812 20
Union Elec Lt & Pr(Mo)Si
94% 107 1093*
994 10412 10612
Unteselbe Pow. & Ltg. 6s, Jan. 29 at 3934.
Un EL & P (III) let a 53.4s A- 1954 1 J 10512 10612 26
I
(R I Ark Sr Louts lot 44e
Royal Dutch 4a with warr
•Ruhr Chemicals 168
-Canada lat gu 5 48
Rut
Rutland RR lot con 414s
iiiti A a i
18
,ii
4
Financial Chronicle
772
Feb. 2 1935
New York Curb Exchange Weekly and Yearly Record
-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the w•ek, and when selling outside of ti.e
NOTICE.
egular weekly range are shown In a footnote In the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Jan.26 1935) and ending the present Friday (Feb. 1 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
tocks-
Par
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Jan.31
1935
High Shares Low
Low
AcmeWireCovtO
25
635
----Adams Millis 7% let pf 100 103 65-7o 6634
Aero Supply Mfg class 13-*
2%
2
SOO
3,5
Agfa Ansco Corp com____1
-----3
Ainsworth Mfg Corp
5
300
10 "5- i5-Air Investors com
516
100
•
13( 134
Warrants
34
-----3335
AlabamaGt Southern___50
• 47
Ala Power $7 prat
51
60 26
$6 preferred
25
•
Allied Mills Inc
534
• 1234 13% 4,600
Aluminum Co common_ • 45
600 43
46
100 71% 7234
6% preference
700 54
Aluminum Goods Nug__*
8
500
9% 10
Aluminum industries com•
200 126
7% 734
Aluminum Ltd com
1831
•
C warrants
3
100 37
100 56
56
6% Preferred
Amer Beverage corn
1% 1%
1
100
American Book Co
-----41
-----Amer Brit & Cont Corp_
_1-Si
Amer Capital
Class A corn
•
100
Common class B
•
Si
Si
31
200
• 1831 19
931
$3 preferred
Amer Cigar Co pref.. i00
------ 110
Am Cities Pow & Li
25 30
325 23%
Clam A
3231
1% 1%
1%
Class B
400
Amer Cyanamid el B n-v • 163.4 1731 6,800
8%
Amer Dist Tel N J nom •
-----73x
Amer Equities Co corn.. 1
Amer Founders Corp
-1;foo
I
si
831
60
7% pret asides B
8
217
6% lot pref ser D
50 1334 14
Amer & Foreign Pow ware..
234
300
2% 234
Amer Gas dr Elec corn__ •
1931 21% 10,800 163i
Preferred
85
775 5735
86
Amer Investors com
2
1
Amer Laundry Mach___20 13
400 1031
133-4
Amer L & 'rr corn
25
1,600
934 10
831
6% preferred
25
16
Amer Maize Prod
150 20
• 20
21
Amer Maracaibo Co
1,300
1
31
34
31
Amer Meter Co
• 12
535
100
1234
Amer Pneumatic Service_*
1
-----50 11
Amer Potash & ChemIcal_s la
15
1
Am Superpower Corp corn•
1
134 10,900
4531 4535
let preferred
100 45%
Preferred
•
834
Amer Thread Co pref _ _ -6
-----Amsterdam Trading
American shares
•
1131
Anchor Post Fence
•
31
Appalachian El Pow pref.* 73
110 57%
7431
Arcturus Radio Tube
100
1
'is
31
Arkansas Nat Gas corn__ _•
500
13-4
A
Common class A
2,000
•
54
3.4
X
Preferred
131
10
300
2% 3
Arkansas P & L$7 prof.
20 25%
4134 41%
Armstrong Cork coin___• 22
900 13
2231
1%
1,000
3% 4%
Art Metal Works com__5
Associated Elm Industries
4
100
6
Amer deposit rata
6
Assoc Gas & Else
Common
100
1
34
34
Clasa A
Tie 13,300 6
A
1
Associated Rayon com
• ---- - - Assoc Tel UM corn
•
34
Atlantic Coast Fisheries_ -•
2
300
831 9
Atlantic Coast Line Co 50 27
10 5.24
27
Atlas Corp common
731
•
8% 831 7.500
$3 preference A
800 35
• 48
48%
234
Warrants
2% 2% 3,300
5% 5%
Atlas Plywood Corp
234
100
•
Automatic-Voting afach_•
1%
1,100
6% 6%
Axton-Fisher Tobacco
Class A common
225 50
10 5831 60
Babcock de Wilcox Co__ •
Bal twin Locomotive Worts
Warrants
Batimann(L)&Co7% pfd100
Delano' Aircraft•t c_1
BeilTel of Canada
100
Benson & Hedges com____•
Bickfords Inc corn........._•
Bliss(E W)& Co com_•
Blue Ridge Corp corn...,.._1
33 opt none pref
•
Blumenthal (13) & Co
•
Bohack(BC)Co com
•
Botany Consol Mills
•
Bourjois Inc
•
Bower Roller Bearing.
Bowman-Biltrnore Hotels-7% 1st pref
101)
BrazillianTr Lt & Pow •
Bridgeport Machine
•
Brill Corp clam B
•
Class A
•
Brill° Mfg Co com
•
Clam A
•
Brit Amer Oil coup
•
British Amer Tobacco
Am Cep rcts ord bearer£1
British Celanese Ltd
A m Cep rets ord reg _ -10s
Brown Co 6% pref
100
Brown k orrnan Distillery.1
Buckeye Pipe Llne
50
Buff Ntag & East Pr pref 25
35 lot preferred
•
13ulova Watch $334 pret_ •
Bunker Rill & Sullivan__10
Burma, the
Common
•
$3 cone preferred
•
Warranta
Burma Am dap rata rdg ohm
Butler Brothers
IC
Cable Elea Prod• o•
t
Cables & Wireless LtdAm dap rota A ord shs _ £1
Am dep rata B ord she El
Amer Cep rote pref slat £1
317-4 34
23.4
2%
331 3%
13131 131%
831 9
5
5
1% 1%
393.1 4031
---____
1731 1734
325
1834
3
250
4
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3234
135
17%
76
1%
31
15%
1531
3
21%
87
3%
15%
10
19%
25
91
14
1
1934
1%
54
13
4
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11%
31
71
%
%
if
234
91
21%
3%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1135 Jan
34 Jan
7431 Jan
9-16 Jan
131 Jan
Jan
78
3
Jan
41 34 Jan
Jan
24
494 Jan
5%
Jan
5-16
34
2
31
831
27
8%
48
234
531
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
31 Jan
31 Jan
2% Jan
34 Jan
10% Jan
30
Jan
931 Jan
493,1 Jan
3
Jan
634 Jan
634 Jan
5834
Jan
60
Jan
3731
Jan
3%
Jan
Jan 2535
334
Jan
Jan 132
135
Jan
9
Feb
6%
Jan
2
Jan
Jan 41
331
Jan
11
Jan
Jan
%
434
Jan
Jan 18%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
31%
Feb
3
1031
431
51
1
631
25
15%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30% Feb
3131
Jan
700
2435
700
50
1.A 00
50
900
200
2%
331
654
26
1431
66
16%
28
750
Jan
134 Jan
935 Jan
331 Jan
if Jan
1
Jan
6% Jan
25
Jan
15% Jan
2% 3
834
8
83.4 934
3134 31%
1431 15
7134 7234
131
200
31
31
200
635
34
634
31
2,200
700
23%
s
2
214
34
94
31
31
31
200
COO
100
3,4
33/
4
29%
131
16%
76
191
31
133.1
13%
2%
19%
8131
231
13
9
1931
20
34
12
1
15
1
4531
11.31
4
134
8
35
31
31
6%
2234
1231
3035 3034
4
Jan
Jan
Jan
Jan
2%
231
11
25%
1%
331
300
25 10431 12935
1%
131
4%
200
83-4
431
300
154
1%
135
1,500
3631
800 28 35
231
---2
--- 11
8
sit
3'
335
3%
16%
1,500 16 631
3
1
134
1% Jan
A Jan
34
18% Jan 20
Jan 110
110
631
234
831
3035
14%
sog
2534
3034
1
2334
31
2
63-4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
335 Jan
1331 Jan
934 Jan
33
Jan
15% Jan
7234 Jan
28
Jan
3931 Jan
Jan
Jan
Jan
Jan
Jan
Jan
13-4 Jan
25
Jan
9111 Jan
231 Jan
7% Jan
1
Jan
ors Jan
31 Jan
4
Jan
31
31
4
IWeek's Range
of Prices
Stocks (Continued) Par
Low
High
894 Jan
834 Jan
Feb 106
Jan
103
2
Jan
23-4 Jan
331 Jan
334 Jan
18% Jan 20% Jan
1% Jan
1
Jan
1
35 Jan
31 Jan
Jan 40
Jan
36
Jan
41% Jan 51
Jan 44% Jan
37
14% Jan
1235 Jan
Jan
45
Jan 52
Jan 7451 Jan
70
931 Jan 10% Jan
731 Feb
731 Feb
20% Jan 20% Jan
2% Jan
231 Jan
Jan 57
Jan
56
1% Jan
131 Jan
Jan
Jan 57
57
34 Jan
ii Jan
200
4
3031 35
Range Since
Jan. 1 1935
Jan
Jan
Jan
High Shares
Low
Canadian Hydro F.lec Lta
6% let preferred_ AGO
Canadian Indus Alcohol A•
•
B non-voting
Canadian Marconi
1
Carib Syndicate
25c
Carman & Co
Convertible class A._....'
Carnation Co corn
•
Carolina P & L $7 pref_ _•
Carrier Corporation
•
Catalin Corp of Amer___..1
Celanese Corp of America
7% 1st panic pref___100
7% prior preferred.... 100
Celluloid Corp corn
15
$7 div preferred
Is preferred
Cent Ilud
& E•t a_ •
Cent P & L 7% pref_ __I00
Cent & South West
Cent States Elm coin__ _ _1
6% prof without ware 100
7% preferred
100
Cony preferred
100
Cony prof op sec'29 100
Centrifugal Pipe
•
Charls Corporation
iu
Chesebrough Mfg
25
Chicago Nipple cl A.....5_
Chicago River & Mach'
Chief Como! Mining
Childs Co prof
100
•
Utica Service oorn
•
Preferred
•
Preferred 13
Preferred BB
•
Cities Serv P & L 57 pref_•
$6 preferred
•
City Auto Stamping
•
Claude Neon Lights Inc..
.1
Cleve Else Ilium com
•
Cleveland Tractor corn.. •
Club Aluminum Utens'1 _•
Colon Oil Corp corn
•
Colt's Patent Fire Arms_25
Columbia Gas & EleeCony 5% prat
100
Columbla Oil & Gas vtc__•
•
ColumblaPictures
Commonwealth EdLson..100
Commonwealth dc Southern
Warrants
Community P & L $6 prat•
Community Water Serv__•
Compo Shoe Machinery....1
Consolidated Aircraft_ _ _ _1
Consol Auto Merchand'g.•
$3.50 preferred
•
Consol Copper Mines_ __..5
Consol GE L&P Bait corn •
Consol Min & Smelt Ltd_25
Como! Retail Stores
5
8% preferred w w___100
C013801 Royalty Oil
10
Cant0& E 7% prior pt 100
Continental Securities_ •
Cooper Bessemer com__•
$3 pref A
•
Copper Range Co
•
Cord Corp
5
Corroon & Reynolds
Common
1
$6 preferred A
•
Cosden 011 coin
1
Courtaulda LtdAm dep rcts ord reg._ £1
Crane Co corn
25
Creole Petroleum
5
Crocker Wheeler Else...... _*
Croft Brewing Co
1
Crown Cent Petroleum...1
Crown Cork Internati A.
Cuban Tobacco corn vtc_•
Cuneo Press corn
Cual Mexican Mining...50;
Darby Petroleum corn.. _..5
Davenport Hosiery
De IlavIland Aircraft Ca
Am dep rota ord reg__L1
Derby Oil& Ref com
•
Diamond Shoe corn
•
pictograph Products___.2
Distilled Liquors Corp 5
Distillers Co LtdAmer deposit reta____SI
Distillers Corp Seagrams_•
Doehler Die Casting.
•
Dominion Bridge Co Ltd _•
Dominion Tar & Chem..
Douglas Shoe 7% pref_.100
Dow Chemical
•
Draper C,orp
•
Driver lIarrisCo
10
7% preferred
100
Dubiller Condenser Corp_l
Duke Power Co
10
Duval Texas Sulphur_ ___•
Eagle Pleher Lead Co.. 20
East(las & Fuel Assoc
Common
•
43-4% prior preferred.100
6% preferred
100
East States Pow corn B_•
$6 preferred series B___•
137 preferred series A ..__•
Easy Washing Mach "It"_•
Economy Groc Stores tom'
Edison Bros Stores corn.. •
Eisler Electric Corp
•
Elm Bond & Share com
5
$5 preferred
•
$6 preferred
•
Elm Power Assoc corn_ _1
cia.s A
Sales
for
Week
9
9
174
1%
17
93,4
9
2%
13-4
500
100
2,500
1,100
100
17
16
1831
531 5%
6,900
4,900
10331 106%
10331 10331
133-4
13
35
36
765-4 7631
721
125
200
75
100
2231 2231
34
31
m1
54
13-4
134
234
231
100
100
3,000
100
30
13-4
135
431 5
14% 145,4
25
600
100
1434 1434
900
500
31
91
23% 26
150
131 134 17,400
11
1,800
1131
1% 13-4
100
13
13
12% 12%
33.1 3%
31
Si
2634 2631
734 8%
50
50
100
500
500
2,700
34
91
27,4 2834
200
200
59
is
13
60
31
55%
9,500
200
2,700
4,600
200
134 23-4 16.800
54
5534 2,400
231
234
34% 36
3931 3931
700
130
50
4
4
334
331
3,000
231 231
2631 2631
31
34
100
200
200
100
High
Low
Jan
Jan
Jan
Jan
Jan
79
9,‘
Jall
JaIl
131
79
734
631
134
13,4
9
2%
2%
Jan
Jan
Jan
133i
33
4%
331
6%
17
54%
15
5
Jan
Jan
Jan
Jan
Jan
6%
17
58
18%
634
Jan
Jan
Jan
Jail
Jan
Jan 107
Jan 103%
15
Jan
Jan 36
Jan 7651
9
Jan
Jan 223,4
Jan
35
Jan
31
131
Jan
2%
Jan
231
Jan
2
Jan
5
Jan
14%
Jan
Jan 14755
Jan
Si
Jan
1535
Jan
34
Jan 30
Jan
134
1335
Jan
131
Jan
13
Jan
1434
Jan
13
Jan
5
Jan
Jan
54
Jan 2634
Jan
854
Jan
:4
Jan
2831
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
79
531
1.31
10231
81
102
75
12%
614
33
1854
72
40
9
8
11
2031
5-4
3,4
31
131
1
2
234
2
1
135
134
334
14
9
140
105
31
34
1231
434
31
54
535 23%
131
13-4
11
10
131
1
12
834
13
10%
12%
811
331
2131
13-4
31
35
15
57
51
1934
1,300• 3031
h.
Range Since
Jan. 1 1935
Low
250
500
31
31
1431 16%
93: 1031
34
31
31
July 1
1933 to
Jan.31
1935
31
3
39
8
6
23%
531
31
3,4
25
57
38
4731
Jan
Jan
Jan
Jan
64
3934
55%
Jan
irs
Jan
6
Jan
3-4
13
16%
Jan
831 Jan
1014
In
its Jan
%
iii
Jan
34
1
62c
2%
Jan
4534 52% Jan 5635
135
115
Jan 140
231 Jan
31
234
12% 3431 Jan 36
131 2135 Jan xl %
3631 Jan 3931
29
3%
2
331 Jan
4
234
Jan
531
16% Jan
19%
12
4
3
4
Jan
2%
434
33.4 Jan
31
531
Jail
Jall
Jan
Jan
Jan
Jan
Jun
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
JaIl
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jun
Jan
2%
26%
if
Jan
Jan
Jan
235
28
35
Jan
Jan
Jan,
8
350
9
931
11% 12
3,500
5%
400
335
535 6
13-4
1,100 3 1
131
700
31
31
835 8%
600
531
3
3
2
100
31
31
200 1531
555
135
23-4 12.500
1135
9
11%
531
13-4
31
831
231
31
1%
Jan
Jan
Jan
pan
/Jan
Jan
,iJan
Jan
Jan
Jan
12
1035
1335
754
154
Jan
Jan
Jail
Ja II
Jaml
834
3
33
2%
Jan
Jan
Jan
Jan
Jan
434 43-4
1434 14%
43-4
14
Jan
Jan
16
Jan
Jan
13
Jan
31 Jan
103.4 Jan
53-4 Jan
14% Feb
14
15-4
1031
7
1531
Fel)
Jan
Jan
Jan
Jan
2234 22%
1,100 1731
1535 103-4 10,000
834
400
12
12
3
------ 31%
------------- 15
---84
800 SI 3)335
8834
54
ICH 1834 ------ 935
600
20 48
94
95
100
'is
'is
150 33
41
40
2
900
831 9
4%
3%
500
434
2231
15%
12
3234
43-4
15
84
60
1535
94
*is
37
831
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
2334 Jan
11134 Jan
1431 Jail
3234 Jan
435 Jan
Jan
15
Jan
92
Jail
60
1834 Jan
Feb
95
54 Jan
Feb
41
1031 Jall
Jail
5
200 6 3%
75 6 53
250 6 403-4
400
4%
100
531
50
234
1,300
- 6 151-5
4
58
46
3
1
53-1
534
3
20
24%
A
6
34
373-4
3
3
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14
14
10
100
100
434
10%
100
4
34
935
- 1;i6o 131
600 • 11%
------
5%
1454
7
15
4
4
633-4 64
50
46
94
Si
534
53-4
534 531
331 4%
600
31
31
634 16,400
6
36
3734 2,200
5,000
4034 42
334 3%
900
33-4
314
800
34
25
26%
a
3
Feb
Jan
5
64
5031
54
6%
6%
431
20
25%
4i
731
3735
42
4
4
Jan
Jan
Jan
Fel)
Jan
Jan
Jail
Jan
Ja 11
Jail
Ja II
Jan
Jan
Jan
Jan
Financial Chronicle
Volume 140
Stocks (Continued) Par
Week's Range
of Prices
July 1
Sales 1933 to
Jan.31
for
Week
1935
Low
High Shares Low
Mee P & L 50 pref A
351
-----Option warrants
1
Electric StareholdingCommon
1
1
200
131
154
$6 cony prat w w
• 40
42
225 34
Elea Shovel Coal Co
54 panic preferred
Electrographic I. orp com_l
6
200
651
Empire District El 0% -100
12%
Empire Gas & Fuel 006% preferred
100 12
25 1 10
12
7% preferred
100 1451 14%
50 77 11
8% preferred
100
1334
Empire Power Part Stk__•
4
Equity Corp corn
10c 17 . 1
51 -5; - 2;i6O
Eureka Pipe Line
100
30
European Electric Corp
Class A
10
054
300
6% 6%
Option warrants
34
Evans Wallower Lead____•
716
Ex-cell-0 Air & Tool
3
634
63-4 -i;Loo 6 255
Fairchild Aviation
1
8% 851
800
251
Fajardo Sugar Co
50 59
100 75
77
Falcon Lead Mines
1
2,500
Ile
Falstaff Brewing
1
2% 311
2%
1,300
Fanny Farmer Candy
900 II 234
I
8% 9
Fansteel Products Co_
251
251
100
•
151
Federated Capital
•
155
Ferro Enamel
• -ii;4 1131 ---100
735
Flat Amer dap rats __200L 2251 2255
100 15%
Ftdello Brewery
1
1,800
51
51
34
Fire Association (Phila.) 10 5851 58%
175 11 31
First National Stoma
7% let preferred____ 100
110
Fisk Rubber Corp
834 -53i
551
1
/
$8 preferred
- -3- 0 35%
82
100 82
1
Flintokote Co ol A
• 1251 12%
1,100
334
Florida P & L $7 pref
• 12)1 1451
1,350
Ford Motor Co LtaAm der) rcts ord reg-ii
831, 3,700
7%
4%
Ford Motor of Can cl A • 2951 30%
4,350
8%
Class B
• 34% 36
75 14%
Ford Motor of France
American dep rata _100
3
3
100
254
Foremost DalryProducta_.
-----34
Cony preferred
•
51
Foundation Co Hoen ohs)*
200
631
354
Froedtert Grain & Malt
Cony preferred
15 1551 15%
100 1414
Garlock Packing com.___
25
500 11;i
2631
General Alloys Co
1
400
1
General Aviation Corp
Common (new)
Gen Electric Co Ltd
Am dap rata ord reg__41
11% 1151
200
9%
Gen Fireproofing corn __ _•
551 551
100
3
Gen Gan & 10ec• 1351 13%
$6 cony prof B
100
51
Gen investment corn
I
500
1I•
31
$6 cony prat class B
• 15
400
15%
3
In
Warrants
100
Gen Pub Sera $6 prat ____• 29
30
70 20
(len Rayon Co A stock....
1
-----General Tire & Rubber__25 6331 Oa25 52
4
6% preferred A
96
25 56%
100 96
Georgia Power $6 pref._.* 57
200 35
5831
Gilbert (A C) own
•
1
Glen Alden Coal
• 20% 21%
2,100 10
Globe Underwriters Inc_ _2
755 7%
200
534
Godchaux Sugars Inc 13 •
8
7
700
351
Goldfield Consol Minee_10
51 7,100
51
31
Ills
Gold Seal Electrical
1
300
74
55
Gorham Inc class A com_•
151
83 preferred
•
14
Gorham Mfg Co
V t c agreement extended
14% 14%
200 10%
Grand Rankle Varnish- --•
651 6%
300
4%
Gray Telep Pay Station._
10
350
1055
8
Great Atl & Pac TeaNon-vot corn stook ____• 12654 128
60 115
7% 1st preferred____100 126 128
60 120
Gt Northern Paper
25 2211 2254
50 19%
Greenfield Tap & Die ____•
551 531
100
354
Greyhound Corp
21
2255 6,200 9 5
Grocery Stores Prod v t 025
300
31
51
34
Guardian Investors
1
34
Gulf Oil Coro of Penne _25 56% 58
2,400 43
Cult States trtil $6 prat_
40
$5.50 preferred
40%
Gypsum, Lime & Alabast_•
6%
Range Since
Jan. 1 1935
Low
Jan
4
lg Jan
Stocks (Continued) Par
High
4% Jan
151 Jan
Jan
Jan
151
40
Jan
Jan
155
42
1
6
14
Jan
Jan
Jan
Jan
1
651 Feb
1455 Jan
12
14
17
1031
155
34
Jan
Jan
Jan
Jan
Jan
Jan
13%
15
1851
1055
155
34
Jan
Jan
Jan
Jan
Jan
Jan
634
55
'le
6%
851
71
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
811
%
716
7%
8%
7831
Its
3%
951
251
131
12%
22%
51
58%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Iii
255
8%
251
1%
1155
2131
%
57
112
Jan 114% Jan
8% Feb 1131 Jan
Jan
80
Jan 88
12% Jan 15
Jan
1151 Jan 1411 Feb
931
32%
3751
Jan
Jan
Jan
Jan
Jan
Jan
Jan
351
51
55
6%
Jan
Jan
Jan
Jan
1431 Jan
25
Feb
1
Jan
15%
26%
131
Jan
Jan
Jan
731 Feb
28% Jan
3451 Feb
231
51
31
6
114 Jan
ii
Jan
1111
4%
Jan
Jan
1231
534
Jan
Jan
12%
'ii
15
1ii
28
154
62
94
52
2
268
1
7
7
51
51
3
17
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jo
Jan
Jai
Jan
Jan
Jan
Jan
Jan
Jan
1351
31
17
55
30%
115
7151
96
59
255
24
755
8
Its
Ills
315
18%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
1451
6%
955
Jan
Jan
Jan
18
751
10%
Jan
Jan
Jan
Jan 139
Jan 128
Jan 26
6
Jan
2331
Jan
Jan
%
Jan
101
Jan 6051
Jan 55
Jan 55
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
126
12234
2215
551
20%
51
711
55%
55
55
7
Hall Lamp Co
63
•
5% Jan
6
Jan
•
II
Happiness Candy
% Jan
31 Jan
Hartford Electric L1ght_25
48% 5051 Jan 5135 Jan
I lartman Tobacco Co__.
134
134
1,000
151 Jan
111 Jan
51
11 aseltine Corp
•
8
Jan
8
231
Jan
I facia Mining Co
734 3,600
25
751
4
631 Jan
854 Jan
II elen a Rubenstein
54 Jan
51 Jan
Hayden Chemical
10 3834 393.4
600 14
37
Jan 42
Jan
llolophane Co
•
2
Jan
231 Jan
13.4
Bollinger Consol G M___5 1734 1831 9,800
814 1754 Jan 20% Jan
17 834 30
Irony Sugar Corp cam_
Jan 3211 Jan
5
Horn (A C) Co corn
100
134
114
154 Feb
13.4
2% Jan
Horn& Hardart
2151 2234
650 15% 21% Jan 2454 Jan
7% preferred
80 8334 102% Jan 10451 Jan
100 10255 103
Hud Bay Min & Smelt _ __• 1131 1251 4,800
714
II% Jan
1351 Jan
Humble Oil& Ref
• 45
4631 6,000 51 2254 44
Jan 4851 Jan
Iluylers of Delaware Inc
Common
1
1
Jan
1
Jan
7% prat stamped_ _100
23
23
Jan 26% Jan
Ilydro Electric Securitles_•
354
451 Jan
431 Jan
Ilygrade Food Prod
200
234
2%
254
355 Jan
254 Jan
ilY8rade Sylvania Corp...• 2851 31
425 17
26
Jan 31
Feb
Illinois P & L 16 pret
1,250 10
• 17% 19
13% Jan
19
Feb
6% preferred
100
14
10
Jar
14% Jan
illuminating Shama Co A _•
34% 34% Jan 3455 Jan
Imperial Chem Industries
Amer daposlt reta____ CI
100
934
951
931 Jan
994 Jan
Imperial Oil (Can) eoup__• 1651 1651 9,200 1054
1651 Jan 17% Jan
Registered
400 11% 16% Jan
• 16)1 16%
17
Jan
Imperial Tob of Canada_ _5 1351 13%
800
1354 Jan 13% Jan
9%
Imperthal Tobacco of Great
Britain and 1reland___£1
2334 3451 Jan 35% Jan
Indiana Pipe Line
10
4
4
100
351 Jan
33-4
454 Jan
Indianapolis P & L100
631% preferred
48
55
Jan 60
Jan
Indian Ter Ilium OilNen-voting class A. _ _.•
1%
100
13-4
151 Jo
154 Jan
Industrial Finance
7% preferred
100
25
351 3%
3
Jo
3% Feb
214
Insurance Co of N Amer.10 5351 5454
500 3454 5355 Jan 55% Jan
International Cigar Mach •
18% 3051 Jan 3211 Jan
Intermit Hydro-EleoPref $3.50 series
50
750
651
7% 954
7
Jan
951 Jan
Internal Mining Corp _ _1 13
17,800
13
Jan 15% Jan
754 13
Warrants
1,500
5% 6
554 Jan
2%
651 Jan
International Petroleum.' 29% 3051
5,600 1551
2831 Jan 31% Jan
Registered
23
2931 Jan 31% Jan
International Products_ •
251 Jan
3% Jan
1
Internatl Safety Rain, R.
Jan
131 Jan
.1
773
Week's Range
of Prices
July 1
Sales 1933 to
Jan.31
for
1Veek
1935
Range Since
Jan. 1 1935
Low
Low
High Shares Low
Intenaat'l Utility
Class A
118
134 Jan
•
Class 13
100
1
34
3-4 Jan
51
51
Warrant
HIO
51
114
51 Jan
51
Interstate Equities
Jan
$3 cony preferred_ _50
1551 20
Interstate Hoe Mills
26% Jan
13
•
Interstate Power $7 prat_• 1055 12
8
Jan
140
7
Iron Fireman v t o
15
Jan
3%
•
Irving Air Chute
1
351
351 Jan
494
500
254
Italian Superpower A
1
1
300
•
51 Jan
3.4
Warrants
si• Jan
14
Jersey Central P & L555% preferred
Jan
44
42
100
Jonas & Naumburg
51 Jan
•
34
73.4 Jan
$3 cony preferred
•
Jones & Laughlin Steel_100 2651 27
Jan
60 1534 25
Kerr Lake Mines
100
4
55 Jan
55
3.4
34
1% Jan
Kingsbury Breweries_ _ _ _1
600
2
151
251
Kirby Petroleum
2
Jan
251
900
1
234
3.4
Kirkland Lake0 M Ltd 1
716 Jan
15
Jan
• 1551 16
Klein(Emil)
300
631 Jan
Kleinert Rubber
10
155 Jan
Knott Corp
1
Kolater Brandeis Ltd_ _LI
Si Jan
Koppers Gas & Coke Co
74
Jan
6% preferred
55
100
1134 Jan
Kress (S II) 2nd prof _-100
10
Kreuger Brewing
5.31 Jan
400
4%
1
556 631
Lackawanna RR of N J 100
59% 59% Jan
Lake Shore Mines Ltd.. ! 4955 51% 3,800 3255 48
Jan
1
Lakey Foundry & Mach I
Feb
1
1,300
34
131
Jan
67
Lane Bryant 7% pref 100
25
Jan
Letcourt Realty corn
1
1
18
Jan
• 1831 1831
Preferred
100
7
Lehigh Coal & Nay
•
631 Feb
651 674
200
554
Leonard 011 Develop___25
Jan
IS
14 5,000
51
Jan
Lerner Stores common
300 1051 40
42%
• 42
9134 Feb
150 40
0% pref with warr_100 9151 9151
Libby McNeil & Libby__10
7
651 Jan
7% 5,200
234
Lion 011 Development__.
3% Feb
351 4
200 9 3
•
1731 Jan
Loblaw Groceterlas A ___• 18
50 15
18
Lone Star Gas Corp
431 Jan
5% 5% 13,100
451
•
Long Island LtgCommon
251 Jan
500
•
2
3
23-4
100 49
Jan
48
51
7% Preferred
130 38
Pref class B
Jan
37
50 32
100 4011 4034
Louisiana Land & Explor_l
4% Jan
9,100
411 5
131
Ludlow Mfg Assoc
Jan
89
70
Lyons COCorpOOM
41
800 9 2251 3511 Jan
5 39
*
•
MangelStores Corn
300
931 9%
1
855 Jan
651% prat w w
------ 12
50% Jan
100 ---Mapes Consol Mfg
• 30
Jan
30
100 29%
56-Marconi Internat Marble
854 Jan
American deprecelpta_il
634
Marconi Wireless, see Canadian Marconi.
•
alargay 011 Corp
434 Jan
-----455
Marlon Steam Shovel...-5
3
3
200
131
238 Jan
Maryland Casualty
151 Jan
1%
700
1
1
Mass Utll Assoc vtc
Feb
1
1
1
300 6 1
•
Massey-Ilarris com
3
454 Jan
•
Mavis Bottling class A__ _1
511 Jan
51 2,800
34
Mayflower Associates..._• 41
41
41
Jan
800 38
43
May Hosiery $4 prat'
Jan
- 22
McColl Frontenan OIL_
1431 iL-100 12
1411 Jan
6% preferred
98
Jan
- 98
100
McCord Rad & Mfg B__•
634 -OK
154
200
654 Jan
McWilliams DredirIng____• 26
300 9 1255 2151 Jan
2618
Mead Johnson & Co
Jan
600 4451 60
6051
• 60
Memphis Nat Gas com-5
2
251 251
Jan
300
194
13% Jan
Mercantile
831
•
7% preferred
70
Jan
----iL 60
72
Storescm- ll° 72
Merritt Chapman & Scott•
Jan
34
115 Jan
Mesabi Iron Co
-1,65(5
Ile
•
Metropolitan Edison
$6 preferred
Jan
150 46% 80
* 80
8011
Mexico-Ohio 011
1,000
74 Jan
•
54
1
Michigan Gas & Oil
2% Jan
-----2Y4,
•
Michigan Sugar Co
------ 16
34
51 Jan
•
Middle States Petrol•
ClassA vto
13.6
151
200
1% Jan
ClsasB v to
400
ai Jan
•
71
51
715
Middle West Util com
Ito Jan
•
51
51 2,500
$6 cony prat ser A w w•
400
55
55
31 Jan
31
Certificates of dep
200
•
51
51 Jan
54
34
Midland Royalty Corp
$2 eon) pref
9% Jo
,
4
•
Mldland Steel Prod
451
731 Jan
Midvale Co
Jan
36
50 18% 35
36
Mining Coro of Canada..•
1% Jan
1%
9 .7%
12
Minnesota Min & alfg •
Jan
Mock Judson VoshrInger-• 12% 13
1234 Jan
631
400
Moh & Bud Pow let pref_• 38
650 304 33
40
Jan
Molybdenum Corp v
751 Jan
751 8% 3,000
234
Montgomery Ward A
127
350 56
Jan
• 13351 135
Montreal Lt Iit & Pow_ • 30
30
Jan
200 2754 30
Moody's Investors Service
Partic preferred
23
Jan
16%
•
Moore Drop Forging A •
20
631
Jan
Moore Ltd pref A _ _ _100 125 125%
125
Jan
20 90
Mountain States Power_ _•
31 Jan
54
Mountain Producers_
451 4% ---ioo
10
334
411 Jan
muntain Ste Tel & Tel 100 109 110
60 100
105% Jan
• 76
Murphy
Ci Co
Jan
300 31% 72
76%
Nachman Springfilled----•
9 4%
855 Jan
Nati Bellas Bess com____i
2
2
Jan
1%
234 4,800
Nat Bond & Share Corp * 30
loo 2811 2951 Jan
30
Nat Dairy Froducta7% prof class A
104
275 80
100 104 10551
Jan
National Fuel Gas
• 133-4 3355
1,100 12%
Jan
13
National Investors com 1
151 Jan
700
1
154 151
$5.50 preferred
1 66
Jan
66
50 35
66
Warrants
6L• Jan
'II
'is 1,000
Nat Leather com
•
1
1
100
1
Jan
51
National P & L $6 pret • 50
5334 1,450 32
4751 Jan
Nat Rubber Mach
2
1,800
•
555 Jan
754 751
Nat Service common
1
31
34 1,200
X Jan
Cony part preferred...
Jan
51
Nat Sugar Refining
• -55-4 337-4 ---ZOO 29
5
3151 Jan
National Transit ____12.50
7
7
7
Jan
500
751
Nat Union Radio oom
7,
1 -55 Jan
Natomas Co
•
8
755 Jan
834 -1:566 9 351
•
Nein Corp oom
33.4 331
200
3
Jan
5/
Nelaner Bros 7% pref__100
2051 92
Jan
Nelson(Herman)Corp
8
5
100
2
751 Jan
Neptune Meter class A...
9
3%
9
100
Jan
8
Nestle-Le Slur class A_ *
534 Jan
Nev-Calif El Corp corn 100
3531 Jan
New Bradford 011
b
251 23-4
1%
200
2% Jan
New Jersey Zino
25 5551 57
1,800 47% 5431 Jan
New Mel S. Arts Land...!
111
151
200
1% Jan
Newmont Mining Corp_10 3551 36% 1,900 34
3551 Jan
New Process corn
10%
Jan
12
N Y & Honduras Itosarto10 35
3551
150 17% 35
Jan
New York Merchandise..'
------ 15
25% Jan
N Y Pr & Lt
prat ___100
------ 59
8151 Jan
$6 preferred
5351 5351 Jan
N V Shipbuilding Corp
Founders sharer;
1
-----12
Jan
High
2
15
34
Jan
Jan
Jan
Jan
20
2755 Jan
Jan
12
Jan
15
451 Feb
151 Jan
Ire Jan
44
54
951
30%
54
251
2%
111,
16
635
174
51
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7754
1254
7
76
55
155
80
231
20
7%
55
44%
95
Jan
Jan
Jan
Jan
Jan
Jan
Jan
tJan
Jan
Jan
Jan
Jan
Jan
Jan
451 Jan
18% Jan
6% Jan
3
51
41%
94%
41
10
61
3331
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
815
Jan
434
1%
1
511
11.
44
43
15%
98
751
2651
6351
231
13%
7334
151
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
80%
1
23.4
His
Jan
Jan
Jan
Jan
Jan
1is Jan
Jan
34 Jan
35 Jan
Ill
10
Jan
11
Jan
Jan
40
151 Jan
12
Jan
14
Jan
Jan
40
914 Jan
1355( Jan
31% Jan
25%
20
12531
51
451
110
78
854
2%
30
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
107
13%
I%
66
Ili
1%
5351
8%
%
51
3374
751
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
Jan
3
9351 Jan
Jan
8
Jan
9
554 Jan
Jan
40
251 Jan
5834 Jan
251 Jan
4051 Jan
Jan
12
Jan
39
Jan
28
6155 Jan
5351 Jan
13%
Jan
Financial Chronicle
774
Stocks (Cont(nued) Par
Week's Range
of Prices
Low
High
N Y Steam Corp com_.......•
N Y Telep 634% pref-100 115% 11734
5
N Y Transit
Niagara Bud Pow
3% 334
lb
Common
Class A opt warr
he
34
-- Class B opt warrants_ _
Niagara Share
2% 3%
Class B common
11% 11%
Niles-Bement
-Pond
5 2% 2%
NIpissing Mines
•
Noma Electric
Northam Warren prof__ •
Nor Amer Lt & PrCocaina]]
1
531 6
$6 preferred_
•
North American Match_ _•
North Amer Util Sec•
Nor Cent Texas 011 Co_b
I
Nor European 011 com
Northern N Y Utilities
7% let preferred_-_100 45% 4534
10
Northern Pipe Line
1056
Nor Sts Pow corn class A100
Northwest Engineering_ _•
6
Novadel-Agene Corp.__.• 21% 21%
Ohio Brass Co el B com__• 19% 19%
70
70
Ohio Edison $6 pref
Ohio Oil 6% prei
100 89
90%
Ohio Power 6% prat
100
6 936 956
Mambo Ltd corn
Outboard Motors B com_•
4
454
Class A cony pref
Overseas Securities
134 1%
266 256
Pacific Eastern Corp
Pacific CI & E6% lst pref25 20% 21
5%% 1st pref
25 18% 18%
•
Pacific Ltg $6 pref
Pacific Pub Berv let pre _•
28
• 28
Pacific Tin spec stk
Pan Amer Airways____10 40% 4366
136
136
Pantepec Oil of Vanes...•
Parke, Davis & Co
3 33A 34
-Proof com.._• 57% 62
Parker Rust
Fender (David) el A..* 3556 36
Peninsular Toler, corn
•
Penn Me.Fuel Co
1% 2
1
Pennroad Corp v Cc
•
Pa Gas & Elec class A
• 84% 8436
Pa Pr dr Lt 27 pref
77
77
$6 preferred
Pa Water & Power Co___.• 5356 56
100 74% 8336
Pepperell Mfg Co
33
33
Perfect Circle Co
Pet billk Co 7% pref _ _ _100
•
Philadelphia Co corn
17%
Philip Morris ConsolInc hi 17
Phoenix Securities
1
154 1%
Common
$3 cony pref ger A___10
Pie Bakeries corn v t o_.
8% 9
•
256
•
256
Pierce Governor corn
25
Pines Winterfront
Pioneer Gold Mines Ltd.._1
9% 10%
Pitney-Bowes Postage
Meter
•
556 6
3% 434
Pittsburgh ForgIngs
Pittsburgh & Late Erie_50
Pittsburgh Plate Glass _25 54
56
Pone Creek Pocahontas_ _* 25% 25%
1% 1%
Potrero Sugar corn
5
9% 10
Powdrell & Alexander._ .•
30
Pratt & Lambert Co' 29
Premier Gold Mining_ _1
156
136
Pressed Metals of Amer *
Producers Royalty
Properties Realization
Voting trust ctts_33 1-3c
FroPPer McCall Hop Minos
•
Prudential Investors
•
$6 preferred
Pub Set".' of Indian $7 pref•
•
$6 preferred
Public Serv Nor III nom_ •
77
7% preferred
100 77
Pub Util Securities
$7 part preferred
34
3-4
Puget Sound P & L• 15
17
$5 preferred
$6 preferred
•
9% 10
40
Pure 011 Co 6% pref _ _100 38
3
3
Pyrene Manufacturing-10
Quaker Oats COM
6% preferred
100 133 133%
Railroad Shares Corp......
7
734
Ry & Light Secur corn__ _•
Ry & Utilities Invest A_ _1
Raymond Concrete Pile
Common
•
$3 convertible preferred • 24% 25
Raytheon Mfg•t o_ _50c
•
Reeves(D) corn
Reliable Stores Corp
•
6% 7%
Reliance International A_•
Rey barn Co Inc
10
1% 1%
1
Reynolds Investing
Rice Stir Dry Goods
•
1
1
Richfield 011 pref
-_.25
Richmond Radiator
•
2
2
Preferred
Rogers-Majestic class A _•
854 8%
1% 1%
Roosevelt Field, Inc
5
Root Refining cony pr pf 10
Rossia International
•
Royal Typewriter
• 16% 16%
•
Ruberold Co
5
5
ii
Russets Fifth Ave
Ryan Consol Petrol
1% 1%
Safety Car Heat & Light100 66
66
St Anthony Gold Mines_ _1
14
'is
St Regis Paper corn
10
I%
1%
7% preferred
100 26% 26%
Salt Creek Consol 011___1
56
54
Salt Creek Producers_ _ _10
556 556
•
A
1
Savoy Oil
Schiff Co corn
30
30
Schulte Real Estate com_ _•
31
11
Scoville Manufacturing_25 21% 23%
Seaboard Utilities Shares_ I
'ii
36
Securities Corp General.*
•
Seeman Bros Inc
Segal Lock dr Hardware'
34
14
236 256
Selberling Rubber corn_ _•
•
Selby Shoe Co corn
Selected Industries Inc
1
136
Common
1
25 5534 55%
85.50 Prior stock
54
55
Allotment certificates___
Selfridge Prov Stores
El
Amer dep ree
July 1
Sales 1933 to
for
Jan.31
1935
Week
Shares Low
------ 13
271 113
3
34
34
234
7%
1%
30%
150
-----100
-----------
31
3
18
I%
Jan
A Jan
'is Jan
356
%
His
2%
11%
23.4
34
3736
Jan
Jan
Jan
Jan
Jan
3%
1334
2%
111,.
38%
%
456
24%
A
2
Ips
Jan
Jan
Jan
Jan
Jan
Jan
134
6
25
56
2
34
Jan 51
Jan
534
Jan
1034
8
Jan
2234
Jan
Jan 20
Feb 70
Jan 90%
Jan 87
Jan
1034
1
Jan
4%
Jan
156
Jan
2%
Jan
Jan 2134
Jan 18%
Jan
743-4
8%
Jan
Jan 28
Jan 4314
234
Jan
Jan 3434
Jan 6431
Jan 36
6
Jan
11
Jan
231
Jan
10
Jan
Jan 8434
Jan 77
as%
Jan
Feb 8934
Jan 33
Jan 116
8
Jan
Jan 19%
2%
134
6
7434
72%
41%
6536
921
9034
756
234
4534
5%
936
5%
2136
19
70
89
85%
656
A
4
134
2%
2056
18%
7156
7%
25
39%
134
32%
55
3556
6
8
1%
10
8054
77
5336
74%
33
116
8
17
1634
334
1
9
A
834
2,400
1%
29
8%
2
34
956
Jan
Jan
Jan
Jan
Jan
Jan
2
33%
10%
234
%
1134
231
2
54
1,200 3051
100 610
1,700
200
300 15%
3-4
3,000
13%
1,700
3-4
534
2%
57
5316
2536
A
736
28
1%
1356
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
611
451
60
58
2556
1%
10
30
1%
135%
he
1231
34
434
59
8
5
9 9%
100 •38
12%
54
556
83
8
5
1856
77
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15
1%
6%
83
10%
556
19%
77
Jan
56
10 4556
4%
400
3
800
400 1456
25 3 10
100 45A
310 8134
ao
100
634
16%
700
100
134
1,000 27 1%
700 18%
400 25 1631
25 66%
17 1%
100 10
4,800 31%
200
31
1,500 19%
1,000 32 3934
150 24%
5
10,800
50
25
1,100
230
100
2,100
900
500
100
1,300
200
160
500
1,400
25
470
220
190
100
34
A
741
13%
8
38
2%
127
133
%
7
%
3334
1%
108
100 111
48
-----44
200
34
Jan 1934
13
Jan
Jan 4434
3%
Jan
Jan 130
Jan 135%
A
Jan
7%
Jan
A
Jan
15%
5
23
136
8%
556
131
256
11.4
1156
A
;4
2
8%
155
4%
Ii,
1656
41
456
134
66
56
156
25%
31
511
%
30
66
21
•is
1
48%
A
254
28
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
25
156
731
8%
1%
2%
134
1256
1
14
2
914
13-4
43-4
'is
18
43
534
134
68
34
1%
27
1
656
1
3334
34
23%
%
1%
4834
31
2%
2834
34
38
37%
1
4966
48%
Jan
Jan
Jan
1%
56
55
1%
256
Jan
234
75
1,800
1,600
54
55 6%
54
56
136
100
856
400
300
51
200
100
200
400
25
300
2,200
190
700
1,000
1,300
300
300
175
1,500
Si'
834
25
2%
3.4
35
1A
13-4
116
13
34
17
155
31
34
1,400
100
500
50
2,350
Stocks (Continued) Par
Week's Range
of Prices
July 1
Sales 1933 to
for
Jan.31
Week
1935
Low
High Shares Low
Sentry Safety Control_
•
304
Beton Leather corn
•
1%
156
1%
100
Shattuck Denn Mining
5
Shawinigan Wat& Power_• 18% 18%
700 1434
22
734
100
Jan Shearer Pen com
• 22
1
Jan Shenandoah Corp corn __ _1
100 12
15
33 cony pref
25 15
Jan
1,775 13 3231
Sherwin-Williams cons_ _25 8454 86%
10 3 903's
'
Jan
6% preferred A A......100 10956 10956
Jan Simmons-Boardman Pub
5
Jan
Convertible preferred_ _•
10 119
Jan Singer Mfg Co
100 240 240
Jan Singer Mfg Co Ltd
2
3
3
500
Amer den Yee ord reg-LI
1234
Jan Smith (H)Paper Mills_ •
2,600 1556
_• 39
43
Jan Smith (A 0)Corp co
Jan Smith (L C) & Corona
100
7
7
33-4
Jan
Typewriter v t eom__..•
134
700
1%
Jan Sonotone Corp
1A
456 45% 12,200
Jan So Amer Gold & Plat
Sou Calif Edison
,7 26
Jan
5% original preferred_25
18%
26
Jan
7% pref swim A
100 1534
Preferred B
Feb
26 1856 18%
800 17 14%
Jan
534% Orel series C_-_25 16% 17
100
Jan South'n N E Telep_ _100
9
%
Jan Southo Colo Pow cl A_ _25
.14
Feb Southern Nat Gaa cam_ ...•
3%
Jan Southern Pipe Line
10
4%
1,000
5
531
Jan Southland Royalty Co_..5
400 1534
Jan South Penn 011
25 2241 23%
34%
..50
Jan Serarest Pa Pipe Line..
Jan Spanish & Gen Corp
34
100
Jan
A
31
Am dep rats ord bearerfil
Jan Spiegel May Stern
400 45
96
Jan
656% preferred
100 94
Jan Standard Brewing Co- •
50 23
Jan Standard Cap & Seal nom _5 29% 30
150 10%
16
Jan Stand Investing $5.50 Df• 16
5,500 13%
10 1934 20
Jan Standard OH(KY)
8%
300
9
9
25
Feb Standard 011(Nab)
1,700 12%
15
Jan Standard Oil (Ohio) coin 25 14
7634
100
Jan
5% preferred
134
1%
100
134
•
Jan Standard P & L corn
200 1144
• 10
10
Feb
Preferred
.10
300
34
.34
Jan Standard Silver Lead_ __ _1
4Is
1
Jan Starrett Corporation
10
34
Jan . 6% preferred
5
•
Jan Stein (A)& Co corn
100 105 106
180 80
Feb
634% preferred
•
he
Tic 1,400
Jan Stein Cosmetics
754
25
13
Jan Stetson (J II) Co corn__• 13
•
1
Jan Stinnes(Hugo)Corn
44
Jan Stroock (S)& Co
156
234 3% 2,800
Jan Stutz Motor Car
334
11% 12
700
Jan Sullivan Machinery
254
•
Jan Sun Investing corn
34
$3 cony preferred
1,200
1
134
1
Jan Sunray Oil_
11% 8,800 39 2.10
Jan Sunshine Mining Co __10c 11
1%
Jan SwanFinch 011 Corp..___ 25
5,600 6 11
25 17% 18
Jan Swift & Co
3,800 19%
3314
15 32
Jan Swift International
150 3234
10
Jan Swiss Am Elea pref____100 49
1
1,200
231 2%
1
Swiss 011 Corp
Jan
400
134
1%
•
Jan Taggart Corp corn
800 2131
Jan Tampa Electric Co com • 24% 2434
1,100
54
Jan Tastyeast Inc class A_ _ •
71.4
1,900
1234
• 12
Jan Technicolor Inc corn
314
3% 3% 11,300
Jan Tack-Hughes Mines
200
31
•
31
31
Feb Tennessee Products
4%
100
5% 6%
Jan Texon 011 & Land Co.......'
75 20
100 27% 2734
Jan Thermoid 7% pref
3731
•
Jan Tobacco Allied Stocks_
100
2% 2%
Jan Tobacco Prod Exports---•
Tobacco Securities Trust
1,200 1835
2336 24
Am dep rcts ord reg_El
Jan
5%
1,200
6% 7
Am dep rcts del reg__El
Feb
900 18
2356 2031
Jan Todd Shipyards Corp..--..
20 51
78
Jan Toledo Edison 6% pref 100 78
5834
100
Jan
7% preferred A
34
Jan Tonopah Mining of Nev__1
134
Transport
Jan Trans Air
4,400
3-1
Stamped
1
Jan
31
34
Trans Lux Pict Screen
13-4
3,500
3
2
Common
Jan
100
Tr -Continental warrants_
%
%
83-4
Jan irons Pork Stores Inc__ •
334
400
556
566
Jan Tubize Chatillon Corp...._1
700
18
1 17
Class A
Jan
231
300
5
466
Jan rung-Sol Lamp Works__ •
100 12
• 3236 3254
$3 cony pref
Jan
Jan
21
300 16
Jan Union American Inv (1.--• 21
.
400
•
4% 4%
Jan Union Gas of Can
100
•
Jan Union Tobacco corn
A
36
United Aircraft Transport
a
436 4%
300
Warrants
Jan
5)4
1,600
Jan United Carr Fastener____• 1434 17
Jan United Chemicals
• 2434 243-4 --- ioo 13
Jan
$3 turn & part prat
34
Jan United Corp warrants
Si,
400
Jan United Dry Docks corn _•
34
.
1
716 6,900
Jan United Founders
1%
1%
1% 3,500
Jan United Gas Corp corn_ _1
800 15
• 38
Pref non-voting
Jan
4034
31
3.1
.18 1,200
Option warrants
Jan
62
10 46
Jan United 0 & E 7% prof.100 62
5,600
34
131
Jan United Lt & Pow corn A...•
36
•
134
Common class B
Jan
•
456
1,500
4% 534
Jan
$6 Cony let Prof
3
-----Jan United Milk Products.-_
20
$3 preferred
•
Jan
Jan United Molasses Co
211
Am dep rots ord ref __El
431 5% 2,600
Jan
400
54
Jan United Profit-Sharing.--•
54
125 6 47
Jan United Shoe Mach mm.25 7334 74
3031
25
Jan
Preferred
3-4
200
S Elea Pow with warr__1
Jan
11.3
34
200
Warrants
Jan
34
•
Jan U (3 Finishing corn
- - --ii- 1234 1,800 514
%
Jan U S Foil Co class B
1,700
Jan U S Intl Securities
31
34
400 89
51
1st pref with warr
• 50
Jan
•1i
U S Lines pref
•
Jan
400
S Playing Card
10 32
3336
Jan
143-6 5
Jan U S Radiator 7% pref. 100
34
---100
Jan U S Rubber Reclaiming...*
3-6
800
•
Jan United Stores v I o
A
1
2%
1,600
3
334
Jan Un Verde Extension_ _5(h)
•
1
200
234
234
Jan United Wall Paper
1.20
300
5% 514
Jan Universal Consol Oil Co-10
634
50
7
7
Jan Universal Insurance Co_ _8
900
1
Utah Apex Mining Co...
-6
525 13M
Jan Utah Pow & Lt $7 pref • 1931 20
500
131
131
Jan Utility Equities Corp.-.-'
750 30
Priority stock
• 4334 46
Jan
Utility & Ind Corp
131
200
Jan
134
Cony preferred
High
Low
14% Jan
1434 Jan
115% Jan 11736 Jan
356 Jan
3% Jan
3
4,800
900
800
200
1,200
Range Since
Jan. 1 1935
Feb. 2 1935
•
•
Range Since
Jan. 1 1935
Low
High
A Jan
34 Jan
434 Jan
554 Jan
Jan
13-4 Jan
2
18% Jan
19% Jan
22
Jan 2334 Jan
1
Jan
144 Jan
15
1731 Jan
Jan
84
Jan oov, Jan
108
Jan 10956 Jan
8
239
Jan
8
Jan 255
Jan
Jan
Jan
Jan
Jan
3
12%
4(3
Jan
Jan
Jan
7
Jan
1% Feb
356 Jan
8
256
4%
Jan
Jan
Jan
283.4 Jan
2034 Jan
1734 Jan
15% Jan
104
Jan
1
Jan
34 Jan
336 Jan
4% Jan
22% Jan
50
Jan
30
2154
19
17
104
1
356
556
2356
50
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
A
Jan
96
Jan
Jan
56
Feb 32%
Jan
17%
Jan 21%
Jan
9
Jan 16%
Jan 95
Jan
134
Feb 12%
Jan
715
Jan
14
Jan
1%
Jan 10%
Jan 106
Jan
34
Jan 14%
2
Jan
Jan
634
Jan
3%
Jan 1454
Jan
4
Jan
41
Jan
1%
1256
Jan
Jan
2%
Jan
10%
Jan 3566
Jan 50
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
Jun
Jan
Jan
Jan
Jan
3
12%
29
56
93%
A
2956
1536
18
83-5
13%
9356
156
10
56
is
,
1%
10%
103
he
1114
2
6%
2%
11%
334
41
1
10%
2%
17%
31
4516
2%
1%
24
56
115
,
6
3%
36
554
27
62%
23-4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1% Jan
25
Jan
34 Jan
13% Jan
4% Jan
31 Jan
631 Jan
2734 Feb
6234 Jan
27-1 Jan
23%
6
2334
68
83
*is
274
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
24
Jan
Jan
7
263% Feb
Feb
78
Jan
86
Jan
Jan
3
31 Jan
2
Iti
.
9
5
13%
4
29
Jan
Jan
Jan
Jan
Jan
Jan
Jan
314
1
9
6%
18
536
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
21
4%
34
Jan
Jan
Jan
23
5%
5-1
Jan
Jan
Jan
434
1431
Jan
Jan
6
17
Jan
Feb
23
*Is
'it
34
1%
3374
%
54
741
153
456
3
29
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jac
Jan
Jan
25
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
456
56
70
36
%
4,
135
11%
31
4746
33
3034
16
A
A
3
234,
3%
7
56
16
134
4334
34
134
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jon
Jan
Jan
A
714
A
13
1
4
43%
62
1%
134
631
3
29
5%
7556
37
3
344
2I"
1356
1
51
3356
17
1%
334
334
334
7
1%
20
136
40
14
114
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
Financial Chronicle
Volume 140
July 1
1Veek's Range Sales 193310
of Prices
Jan.31
for
Week
1935
Stocks (Concluded) Par
Low
CBI Pow & Lt corn
1
94
V t class B
1
7% preferred
100
5
%
Venezuelan Petroleum_ __Ii
Vogt Manufacturing
•
834
Waco Aircraft Co
•
514
Waitt & Bond cl A
•
5
Walgreen Co warrants_ _ _
Walker(Hiram)-Gooderh'm
slz Worts Ltd com
• 28%
Cumul preferred
• 174
Walker Mining
1
Watson (John Warren)_.
•
Wenden Copper
14
1
Western Air Express
1
Ex-distribution
24
Western Auto Supply A__• 564
Western Cartridge pref_100
Western Maryland RY
7% let preferred_ _ __100
Western Power 7% pref 100
Western Tab & 81a5 v c_• 14
West Texas Utilities Co
$6 Preferred
• 32
NVeetvaco Chlorine Prod
7% preferred
100 102
Went Vs Coal & Coke.__ _•
334
Williams(R C)& Co
•
wit-low Cafeterias Inc_ _1
cony preferred
•
Wilson-Jones Co
• 21
Woodley Petroleum
1
334
Woolworth(F W)Ltd
Amer deposit rag_ _
Wr(ght-Hargreaves Ltd_ _•
sx
Yukon Gold Co
94
High Shares Low
716 1,700 9
%
5
50
4
liii
900
94
835
100
254
534
200
5
5
100
33(
1%
Range Since
Jan. 1 1935
Low
3.4
34
4
ilt
8
534
5
1%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds (Continued)
-
High
34 Jan
1
Jna
Jan
6
94 Jan
835 Jan
534 Jan
Jan
6
1% Jan
315
5834
5,700
900
------
7
2
17
6234
25%
164
14
14
4
1114
2
53
98
14
--- 165
35
65
64
55%
7614
134
Jan
Jan
Jan
60
763.4
14
Jan
Jan
Jan
32
50
22
28
Jan
32
Jan
3,900
400
304
17%
2034
124
2
34 _ - :656
75
2,900
102
44
21
334
100
100
- b;iioo
3,400
134
334
58%
98%
Y.Tan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
315
%
5
9
2
99
314
164
is
5
18
334
Jan 102
Jan
494
Jan 174
Jan
"so
Jan
6
Jan 22%
Jan
315
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1734
65(
'18
2614
836
94
Jan
Jan
Jan
Jan
Jan
Jan
60
11
-
31%
174
4
1
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
28
9%
34
S
BondsAbbott. Dairy 68.---1942
-----Alabama Power Co
let & ref 56
1946 92
40,000
96
let & ref Sc
1951 884 90% 68,000
let & ref E.
1956 89% 91% 28.000
1st de ref Se
1963 80
71.000
85
let & ref 44.
1907 74
784 1E5,000
Aluminum Co a f deb Si'52 1064 1064 54,000
Aluminum Ltd deb 55_1948 99
9934 53,000
Amer Commonwealth Pow
Cony deb 0.
1940
34
34 10,000
5949
1953
-----A mer Community Power
5949
1953
24 24 2,000
Amer & Continental 521943 95
96
12,000
Am El Pow Corp deb 6.67
94 10% 24,000
Amer GI & El deb 5i_2028 94
9616 361.000
Am Gaa & Pow deb 68_1939 18
264 106,000
Secured deb 5s
1953 174 2316 194.000
Am Pow & Lt deb 6a._2016 55% 60 369,000
Amer Radiator 414e _ _1947 105 1054 8,000
Am Roil Mill deb 58_1948 98% 99% 92.000
Amer Seating cony 68_1936 80% 81% 19,000
Appalachian El Pr 58_1956 1034 1644 64,000
Appalachian Power 5a_1941 106% 108
6,000
I)eb 65
2024 904 93
21,000
Arkansas Pr & Lt 58_1955 80% 844 279,000
A MOelated Elec 44n_ _1953 33% 35% 164,000
Associated Gas & El Co
Cony deb 514e
1938 174 184 12,000
Cony deb 41411 C
1948 16% 16%
1,000
Cony deb 414e
1948 154 15% 114,000
Cony deb 56
1950 1634 17% 52,000
Deb 58
1959 164 1734 90,000
Cony deb 5158
1977 174 184 8,000
Assoc Rayon 5s
1950 7334 74
24,000
Assoc Telephone Ltd 5.'65
Assoc T & T deb 54. A '55
116,000
Assoc Telep Coil 510_1944 1416 15% 56,000
Certificates of deposit _
144 1515 58,000
ea
1933 23
4,000
23
68 Ctfs of depoolt _1933 214 23
13,000
Atlas Plywood 5101_1943 81% 85
12,000
I saldwin Loco Worksfis with warr
1938 7334 78
30,000
(18 without warr. _ _1938 63
08 100,000
Bell Tele') of Canada
let M Sc series A
1950 11114 1124 9,000
Int M 5s series B._ _1957 112% 113
23,000
SleeriesC
7,000
1960 114 114
Itetblehom Steel 6s _ _ _1998 127 128
5,000
Binghamton Lit & PS.
'46 102% 10334 12,00
Birmingham Else 415e 1951 73
774 108.000
Birmingham Gas 50_1959 604 62
41,000
Boater)('onsol Goa 58_1947 1084 109
4,00
Broad River Pow 5._ _1954 72
7514 26,000
Buff Gen Elea Sc
1064 1074 16,000
Gen & ref be
1946 1074 10734
1,000
Canada Northern Pr 5s '53
Canadian Nat Ry 7s 1935
Canadian Pao Ry 6s_ _1942
Capital A dminia 58_1953
Carolina Pr & Lt 51 _ _ _195n
Cedar Rapids M & P Si '53
Cent Anis Lt & Pow 0.1980
Cent German Power 6s1934
Cent III Light 5a__1943
Central III Pub Service-5s aeries E
1955
let & ref 44e tier P_1967
Ss series0
1968
415% aeries II
1981
Cent Maine Pow 5s D_1955
416s series E
1957
Cent Ohio Lt & Pow 58195
Cent Power 5s ser 1) 1957
Cent Pow & Lt lit 58_1956
Cent States Else 55 _1948
54s ex-warr
195
Cent States P & L 5148.'5.
Chic Dist Else Gen 446'70
Chic Jet Ry & Union St
Yards 5s
194
Chic Pneu Tools 548_1942
Chic Rye 5. ette
1927
Cincinnati Street Re
1952
5345 series A
66 series B
1955
Cities Service 5s
1966
Cony deb Es
1950
Cities Service Gas 5145 '42
Cities Service Gas Pipe
Line 6s
1943
Registered
Cities dery & L 54e 1952
1949
5411
Cleve Elea III let E5....1939
Sc series A
1954
Sc series B
1961
Cotamers und Privet
Bank 594q-1937
100 100
10114 1014
111 111%
934 93%
894 9334
111 111
92
94
80%
864
102
Jf.
103
63
88% Jan 96
5414 834 Jan 91
8334 Jan 914
55
Jan 85
4734 73
4414 6634 Jan 7814
92% 1054 Jan 1074
59
9734 Jan 101
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15
14
Jan
Jan
34
94
Jan
Jan
214
93
78
914
8%
8914
84
13% 18
1234
1714
384 5034
973( 1034
62
9734
74
41
64
101
99
1064
58
8416
50
734
2014 31%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
24
96
1034
9634
2734
23
60
10534
100
834
105
108
93
84%
3534
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
94
91(
11
1194
11
3834
764
34
9
8
1314
1314
47
17%
16%
14%
15%
154
174
69
99
5714
1415
1434
20
20
8134
Jan
Jan 20
Jan 16% Jan
Jan 15% Jan
Jan 17% Jan
Jan 17% Jan
Jan 19% Jan
Jan 74
Jan
Jan 102
Jan
Jan 724 Jan
Jan 16% Jan
Jan
1636 Jan
Jan 23
Jan
Jan 23
Feb
Feb 86
Jan
6016
50
72
624
Jan
Jan
98
97
9734
102
7611
453(
384
102%
211
1024
102
10934
112
112%
1264
102%
69%,
56
107
70
1064
1074
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1124 Jan
113% Jan
114
Jan
128
Jan
10334 Jan
77% Jan
62
Jan
109
Jan
75% Jan
10934 Jan
109
Jan
99
6,000 71
7,000 1004 101%
44,000 98
110
5,000 65
8814
166,000 46% 83
25,000 94% 11014
724 89
67,00
334 39%
--------99
107%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
101%
10114
11216
94
934
111
94
42
108
12
81
68
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
37,000
112,00
18,00
14,000
33,000
23.00
29,000
72,00
161,00
140,00
129,00
198,000
170,00
50
7634
4534 67
49
75
46
6734
80
101
72
9534
554 72
3714 59
37% 59
25
28
274 28
29
48%
62
9214
Jan 84
Jan
Jan 77
Jan
Jai
8314 Jan
Jan 7634 Jan
Jan 10334 Feb
Jan 99% Jan
Jan 80
Jan
Jan 69
Jan
Jan 724 Jan
Jan 3214 Jan
Jan 3336 Jan
Jan 5714 Jan
Jan 9734 Jan
98
984 63,000
664 70
5,000
90
105%
5114 87%
43
6516
Jan 1074
Jan 994
Jan 71
62
71
394
38%
714
4014
47
28%
28%
43%
83
72% 7634
80
83
76
73
103 103%
9714 98%
79
80
69
64
684 7114
31%
28
314
28
5416 5715
9611-. 974
624 f',000
1.000
71
404 11.000
40 350,000
754 74,000
87
90
87
87
344 36
3514
35
104 105
10814 108%
42% 43
Jan
62
Jan
71
3915 Jan
374 Jan
63% Jan
844
28,000 55
1.000
87
3414
125,000 27
62,000 274 3414
33,000 103
103%
3,000 1014 10634
112%
102
3,000
33
3714
6434
74
424
40%
754
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 90
Feb
Jan 97
Jan
Jan 36% Jan
Jan 3715 Jan
Jan 105
Jan
Jan 10834 Feb
Jan 114
Jan
Jan
43
Jan
775
Weeks' Range
of Prices
Low
Commonwealth Edison
let M 5s series A___1953
1s1 M 5s series B___1954
1s1 414 e series C__ _1956
1st 44e eerie! D__1957
1st 44e series E___1960
let M 45 series F___1981
514s series G
1962
Com'wealth Subsist 548'43
Community Pr & Lt 55 1957
Conneetient Light az Power
7s Bodes A
1951
534. series B
195.4
434.scrim C
1956
5. series D
1962
Conn River Pow S. A 1952
ConsolG E L&P 43441935
Stamped
Comiol Gas (Balto City)
56
1939
1954
Gas mtg.6 tia
Consol Gas El Lt & P (Balt)
19701969
440 series 0
4146 series
1st ref s f as
1981
Consol Gas Dill Co
lit & coIl 62 stir A 1942
Coev dab 6341 w w _1343
Con.sol Pub 734s stpd_1939
Consumers Pew 441_195$
lit & ref Si
Ion
Cont'l Gas As El 51
1958
Cm oalVi 3 aa- 194.5
Cgr
rpt
4s
Crane Co6.__Ang 1 1940
Crusdbl• Steel As
1940
Cuban Telephone 734.1941
Cuban Tobacco 5e_ _ _ _1944
Cudahy Pack deb 5341 1937
s f 58
1946
Cumberld Co P& L 4411'56
Dallas Pow & Lt 6e A_1949
S. series C
1952
Dayton Pow & Lt 55_ _1941
Delaware El Pow 5411-'59
Denver Gas & Elec 58_1949
Derby Gas & Else be_ _1946
Det City Gas 6s see A_ 1957
90
4
65 lit series B
Detroit Internal Bridge
Aug.
64s
95
A u, 1 1952
Certificates of deposit_
Deb 7.
Certificates of depoeit_
Dixie Gulf Gas 642_1937
Duke Power 4165
1967
Eastern CBI Invest 5s_1954
Elea Power & Light 58_2030
Elmira Wat,Lt& RR 5s'56
El Paso Elec 5s A _ _ _ _1950
El Paso Nat Gas 6941.1943
With warrants
Deb 634s
1938
Empire Diet El 5s_ _ _1952
Empire Oil & Ref 54e 1942
Ercols Marelli Else Mfg
614s A ex-warr
1953
1967
Erie Lighting 5a
European Else Corp Ltd
6345 x-warr
European Mtge Inv 75 C 5
117
Fairbanks Morse 58_1942
Farmers Nat Mtge 7e.1963
Federal Water Se"v 546'54
Finland Residential Mtge
Banks 69-58
1901
Stamped
Firestone Cot Mills 5..'48
Firestone Tire & Rub 5842
Fla Power Corp 53
0_1979
Florida Power & 1,1 59 1954
Gary Fleck Gas 55 ext_'44
Gatineau Power lit 5s 1956
Deb gold 613 June 151041
Deb 88 series B
1941
General Bronze tle _ _ _ _1940
General Motors Acceptance
5% aerial notes
1935
5% serial notes
1936
General Pub Ooze be ._1953
Gen Pub Utll 8948 A_ 195o
General Rayon as A..1948
Gen Refractories68_1938
With warrants
Without warrants
Gen Vending 65 ex war '37
Certificate. of deposit..,...
Gen Wat Wks & El 58_1943
Georgia Power ref 58. _1967
Georgia Pow & Lt 56_1978
Gestural Ss x-warrants 1953
Gillette Safety Razor 5e '40
Glen Alden Coal 4e___1965
Gobs1 (Adolf) 614e_ _ _1935
with warrants
Godchaux Sugar 748_1941
Grand Trunk Ry 6 tia 1936
Grand 7 runk West 4a_1950
Great Northern Pow 5.'35
Great Western Pow 5.1940
Guantanamo & West 6.68
Guardian Investors 5s.1948
1, 7
3
Gulf ()II of Pa 58
5.
1947
Gulf States Util 59_1956
4.14e series 13
1961
Backeneack Water 58.1935
5.series A
1977
4
Ball Printing 51 s_ _ _ _1947
Hamburg Elect 78.-1935
Hamburg El Underground
& St Ity 5345
1938
Hood Rubber 5 14e.._ 1936
1938
75
Houston Gulf Gan 6e._1943
6%. with warrants.1943
Houston Light sti Power
1953
1st 55 tier A
1978
1st 494s ser D
935
B
. ay m d,
ld
Hust 14s ser E 65_ 198 1
Sales
for
Week
High
111%
111
1104 1114
1063-4 10736
106% 1074
1039.41043.4
9816 99%
107% 103%
90
944
53% 58
1104
1084
109
103%
July 1
1933 to
Jan.31
1935
Low
34,000
26,000
28,000
24,000
6,000
387.000
52,000
110,000
98,000
Range Since
Jan. 1 1935
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1114 Jan
11136 Jan
Jan
108
10735 Jan
1044 Jan
9915 Jan
Jan
109
9434 Jan
58% Jan
1194
1104
10816
1084
103%
10014
10011
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11936
112
108%
10934
106
10034
10034
112
1,000 104
11014
108% 6,000 984
5,000 102
109
1044 62,000 8734
100%
10011
10034 111
9931 1144
1154 116
5,000
109
1,000 101% 1084
96% 109
88% 1064
109
10634 1074 12,000
53% 54% 59.000
a5
3,000
a5
8714 874 1,000
1074 10734 51.000
10316 1034 36,000
4714 52 554,000
9
9%
10234 103
98% 100
74
74
4834 4834
10316 10334
1054 10636
9834 9934
1084 109%
108
89
10734
84
1014
954
314
103%
90%
10734
85%
1024
964
4
34
34 4,000
102 102
7,000
10614 1064 8,000
16
16% 8,000
354 3816 190.000
7,000
90% 92
21,000
924 94
9234
91
74
604
12,000
95
6,000
92
7716 26,000
654 78,000
10234 10234
L000
-5i- 5334 14:6615
44,000
994 100
3614 39
51
33
414
70
874
1074
08
wow 10314
42
33
12,000
2,4
24,000 77%
37,000 6014
6.000 50
6.000 35
53,000 9354
9,000 102
49,000 65
18,000 100%
94
11.000 9914
38,000 65
2,000 9234
56,000 5814
47,000 76
127,000 6714
8,000
104,000
8
102
984
854
45
10334
10534
95%
10814
1054
107%
864
1054
83
99
91%
3
2
4
16
%
76
10134
85
105
10
16
22
34%
855.5
55
8914
64
234
134
5634
25
46
41
91
90%
67
54
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 112
Jan 116
Jan
Jan
Jan 10914
Jan 1094
Jan 108
Jan
Jan
Jan
Jan 54 35
Jan
414
Jan 87%
Jan 10834
Jan 104
Jan 52
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
94
103
100%
74
484
104
107
9936
10934
106
1084
904
107%
86
10215
9634
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
4
Jan
315
Jan
1
Jan
16
Jan
Jan 1024
Jan 106%
16%
Jan
Jan 38%
Jan 92
Jan 94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
95
95
Jan
7735 Jan
65% Jan
66% 66%
78
100
Jan 69
Jan 103
Jan
Jan
694
24
58
384
15
Jan 89
Jan 55)4
Jan 100
Jan 55%
Jan 39
Jan
Jan
Jan
Jan
Jail
85
52
96%
55%
3134
5814 100
Jan 1004 Jan
98% Jan 9916 Jan
86
85
102% Jan 105
Jan
89
10316 Jan 105% Jan
Jan
48
Jan 83
76
Jan
44% 6834 Jan 78
63% 6314 Jan 7114 Jan
714 964 Feb 9934 Jan
66
964 Feb 9914 Jan
62
95
Jan 984 Jan
55
Jan 94
90
Jan
100
984
103%
103%
7814
7316
694
964
964
96
93
1,000
100
6,000
99
1044 41,000
35,000
105
813-4 42,000
78 342,000
714 54,000
994 151,000
9834 41,000
21,000
98
934 4,000
10034
101%
8216
54
_ ___
1014 2,000 100% 100%
101%
101% 8,000 101
8234
4,000 54
84
81,000 2334 5134
57
38
56
14834
102
414
415
61
8434
60
5414
104
88
15034 4,000
7,000
102%
416 2,000
434 5,000
6516 53,000
8934 339,000
654 29,000
2,000
5414
1054 9,000
88% 91,000
7914
107
105
894
102
107%
23
334
105
10634
96
9114
109
mg
107
105%
8954
10214
108
2334
34
1054
106%
98%
924
109%
128,000
2,000
27,000
3,000
44,000
14,000
2,00
7,00
46,00
31,00
107,00
55,00
5,00
72
75
37,000
88
92
95
82%
Sg- - 3,000
Si
4,000
9234
96
76,000
8315 21,000
10514
10334
104
1024
High
Low
1094
109
1054
10434
102%
9434
107
85
334 534
8634
8634
804
794
8031
6954
9234
Jan 101%
Jae 102
Jan 84
Jan 57
Jan 56%
Jan
Jan
Jan
Jan
Jan
90
146
85
1014
2
4
2
4
3814 56%
544 8136
40
564
30
524
93
103
63
84%
Jan 16014 Jan
Jan 102% Jan
Jan
44, Jan
Jan
44 Jan
Jan 6534 Jan
Jan 8936 Jan
Jan 65% Jan
Jan 564 Jan
Jan 1054 Feb
Jan 88% Jan
69
95
984
63
93%
9314
10
24
994
97
62
55
984
98
60
43
734
10614
105
88
10114
107
174
3314
105
1064
9415
874
10814
1054
71%
44
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
86%
107
1054
924
102%
los
28
36
105%
107%
99
9314
1094
105%
80
50
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
28
55
65
40
294
35
84
87
93
82%
Jan
Jan
Jan
Jan
Jan
38%
8814
924
97
85
Jan
Jan
Jan
Jan
Jan
10514 8,000 91% 1054 Jan 10614 Jan
10334 Jan 1041( Jan
1034 5,000 79
105
38,000 80
104
Jan 106% Jan
104
16,000 102% 1024 Jan 105% Jan
44
55
Jan 55
Jan
107
1073.4 - 2,000 100
Feb 1074 Jan
1001( 111
Jan 111% Jan
Hung-Italian Bk 7Sis_196
Hydraulic Pow 5s
195 iois
1950
5,9
HYgrade Food Products
194
604 62% 21,000
68 series A
194
6s series B
194
Idaho Power Es
15;iino
Illinois Central RR 65 193
783'478
10,000
III Northern UM 5e_ 195 104% 104% 11,000
ioa- 107
404 55
42
60
86
105%
72
76
824 1024
Jan 6434 Jan
Jan 62
Jan
Jan 107
Feb
Jan 80% Jan
Jan 106
Jan
Financial Chronicle
776
Feb. 2 1935
ill
Bonds (Continued)-
Ill Pow & L let (is ser A '53
1st & ref 535e ser B.1954
1st & rat Is car C_ .. _ 1956
Registered
St deb 5355 __May 1957
Indiana Electric Corp-1947
Miseries A
635s series B
1953
1951
fis series C
Indiana Gen Serv bs_ _1948
Indiana Hydro- Elea be '08
Indiana & Mlah Elea 50 '55
58
1957
Indiana Service 5a_
1950
let lien dr ref be_ _ 1963
Indianapolis Gra 55 A _1952
Ind'polls P & L On set A '57
Intercontinents Power6s series A ex-w
1948
International Power Sec6)is aeries C
1955
75 series E
1957
7s series F
1952
International Salt be 1951
International deo 5s 1947
Interstate Irn & St1454548
Interstate Nat Gas 65_1938
Interstate Power 53._1987
1952
Debenture 65
Interstate Public Service58 series D
1956
4%.aeries F
1958
Invest Coot Amer1947
50 series A w w
without warrasts
Iowa-Neb L & P 5s_ 1953
bs series B
1981
Iowa Pow & Lt 4355_1958
Iowa Pub Serv be
1957
Immo Hydro Elea 75_1952
'gotta Franshinl 75._ _1942
Italian Superpower of Del
Deb tia without war_1963
Jacksonville Gas 5s_ _ _1942
Jamaica Wat BUD 530'55
Jersey Central Pow & Light
1047
55 series B
1861
4555 series C
Jones & Laughlin SU be '39
Kansas Gas & Flee 6E3_2022
Kansas Power 50
1947
Kansas Power & LightOs series A
1955
Is series B
1957
Kentucky Utilities Co1st mtge 55
1981
655e series D
1948
534e settee F
1955
55 series I
1969
Kimberly-Clark 5e_ _ _ 1943
Koppers G & C deb be 1947
Sink fund deb 5%5_1950
Kresge(S d) Co 5s
1945
Certificates of deposit__ _
Laclede Gas Light 534s1935
Laruton Gas 654s_ .... _1935
Lehigh Pow Secur 613_ _ 2026
Lexington ULM ti es5s _1952
Libby MeN & Libby 55 '42
Lone Star Gas be
1942
Long Island Ltg 60_1945
Los Angeles Gas & Elea.1939
be
1981
55
1942
65
5 Msseriee E
1947
1943
535e series F
1949
53-45 series I
Louisiana Pow & Lt 551957
Louisville 0 & E 60_ _ _1937
4 Sis sodas C
1981
Manitoba Power 5355_1951
Mass Gas deb 5s
1951
1946
5545
McCord Radiator & Mfg6a with w arrants _ _ _1943
Memphis P & L Si A 5949
Metropolitan Edison45 series E
1971
Os series F
1962
Middle States Pet 634s '45
Middle West Utilities54i ctfe of deposit _ _1932
Os ctfe of(1ep
1933
So etre of dep
1934
Os efts of deposit_ _ _1933
Midland Valley 5s _ _ _1943
5111w Gas Light 454s_ _ 1967
hi inn eap Gas Li 4355_ 195n
Minn P at L 4555
1978
1955
55
M18591511)1)1 Pow 55_ 1955
Miss Pow & Lt Os__ _ _1957
Mississippi River Fuel6s with warrants- _ _1944
Without warranta__ _ _
Miss River Pow let 581951
Missouri Pow & Lt 534555
Missouri Pub Serv 50_1947
Monongahela R eat Penn-Pub Serv 555 aer B.1953
Mont-Dakota Pow 534s '44
Montreal LB & P Conlet 4 ref be see A _ _ 1951
ba series B
1970
Munson SS Line634e with warn
1937
Narragansess Elec be A '57
be series B
1957
Nassau & Suffolk Ltg5a 45
Nat Pow & Lt 138 A _ _ _2026
Deb be series B_ _ .._ 2030
Nat Public Service 55 1978
Certificates of deposit..
.
Nebraska Power 4%0_1981
68series A
2022
Neiener Bros Realty 65 '48
Nevada-Calif Elec 55_1956
New Amsterdam Ga 531.'48
N E Gas & El Assn 50_1947
1948
Cony deb be
Cony deb be
1950
New Eng Pow Aran 5/1_1948
1954
Debenture 5He
New Orl Pub Serv 455a '35
1649
6e series A
Week's Range
of Prices
Low
82
7734
7255
74
6134
High
8635
82
7834
74
66
74
77
69%
107%
70
101%
109%
43
41%
8435
9935
76%
81%
72%
107%
71
10135
109%
48
4635
85
101
July 1
Sales 1933 to
Jan.31
for
Week
1935
Low
$
173,000 48
31,000 46
192.000 4234
3,000
34,000 3234
13,000
6.000
57,000
2,000
17,000
2.000
5,000
99,000
89,000
28,000
179,000
9,000
82
7951 7,000
106% 10,000
7435 34,000
96% 22,000
62
6734 233,000
4234 4735 106,000
61
6634 45,000
5634 6134 59,000
9154
9351
93
101%
85
7634
9334
9554
95
102%
8734
7754
18,000
80,000
76,000
33,000
71,000
4,000
64
66
29,000
41
107
4234 33,000
1,000
107
10235
9751
107
93%
8534
103%
9835
107
9435
88
105
102
105% 8,000
10234 14,000
8951
84
7634
69
103
101%
103
101%
102
7334
88
80
73
10334
10254
104%
102
10234
6734 70
93
82
9974
101%
98
95%
84
100%
10235
99
Low
7555 Jan
6934 Jan
6634 Jan
Jan
74
Jan
57
High
8735 Jan
85
Jan
7831 Jan
Jan
74
6754 Jan
7931
82
73
107%
72
101%
109%
48
4635
85
101
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
355
Jan
2%
7134 Jan 7734 Jan
7134
74
Jan 82% Jan
74
7132 71% Jan 7934 Jan
Jan 10734 Jan
83% 105
6855 Jan 7534 Jan
43
Jan 9631 Dec
5334 90
105% Jan 105% Jan
103
57
Jan 6734 Jan
37
Jan 4735 Jan
2635 38
41
42
52
4734
92
67
91
67
88
58
5615 86
100
72
5734 82%
72
70
7351 83
49
57.4
36
82
9634 106%
101%
55,000 77
182,000 7031 9334
3,000 10234 10655
90
20,000 6134
7731
42.000 55
8034 105
100
70
Jan
Jan
67
62
Jan 9255
Jan 9331
Jan 97
Jan 96
Jan 102%
Jan 88
Jan 7731
Jan 83
Jan
66
Jan 43%
Jan 107
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 103%
Jan 9854
Jan 10734
Jan 95
Jan 88
Jan
Jan
Jan
Jan
Jan
Jan 10555
Jan 102%
Jan
Jan
6234 Jan 7354
Jan 88
73
Jan 80
69
6251 Jan 73
Jan 10334
102
101% Jan 103%
103
Feb 105%
10134 Jan 104%
100% Jan 10254
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 73
Jan 100
Jan 953-4
Jan 84
Jan 101
Jan 102%
Jan 99
Jan
Jan
Jan
Jan
Jan
Jan
Jan
47,000
19,000
6,000
68,000
35,000
79,000
60,000
21,000
23,000
46
55
50
4534
8235
72
78
89
85
27,000
67
50
100
91
913.4
54
5434 75
9835
57
8255 101
9534
65
207,000
33,000
69,000
10,000
32,000
Bonds (Continued)-
Jan
5434 64
Jan
68
58
60
Jan
45
107% Jan
93
62% Jan
44
Jan
99
70
8834 107% Jan
2334 36% Jan
3531 Jan
22
Jan
80
68
9734 Van
73
1%
81%
79
106%
72
95
Range Since
Jan. 1 1935
29.000
106
8,000
109
10734 3,000
10635 3,000
11,000
108
94 154,000
101% 3,000
10535 5,000
108
103%
108
107
104%
106
8834
101
104
6134 6331 19,000
46,000
92
94
9955 9934 34,000
2234
70
80
56
92
99%
Jan 64%
Jan 9555
Jan 10234
8014 14,000
79
22.000
9431 95
83
70
78
903-4
Jan
Jan
93
103
71
9354 72,000
21,000
104
2,000
72
83
73
48
89
10055
66
Jan 9474
Jan 10435
Jan 72
Jan
Jan
Jan
6
6
6
6
68
107%
98%
84
93
6034
7435
8
8
8
8
7131
108
9934
8831
97
7354
80
30,000
19,000
46,000
37,000
22,000
11,000
153,000
114,000
30,000
114,000
130,000
5
354
4%
33-4
4%
334
4%
334
6234
53
107%
90
67
0434
7931
64
5835 8814
3534 6251
72
40
8
Jan
8
Jan
8
Jan
8
Jan
Jan
7131
Feb 10855
Jan 9835
Jan 89
Jan 98
Jan 7334
Jan 80
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99
9974
99
9951
106% 107
102% 103
52
54
18.000
24.000
23.000
8.000
25,000
9834
89
8534 9855
9531 106%
7054 10135
42
33
Jan 9974
Jan 9934
Jan 10731
Jab 10431
Jan 54
Jan
Jan
Jan
Jan
Jan
9234
64
Jan
Jan
Jan 1137%
Jan 108%
Jan
Jan
10334
108%
10755
10635
107
9034
10134
10535
8834 9234 116,000
2,000
63
64
58
47.55
86
5734
107% 33,000
10755 15,000
9451
9334
106
101331
106
107
431
454
1,000
10534 10555 29,000
105 10534 7,000
48,000
7651 79
65
6855 119.000
651 67-4 101,000
10935 109% 16,000
9234
73
102
53
5311
73
58%
6335
5734
36
8,000
93
7555 89,000
10254 25,000
5835 162,000
5831 54,000
5834 191,000
6151 106,000
64% 258,000
6054 117,000
4034 29,000
3
4%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108
106
Jan
109
Jan
107% Jan
10635 Jan
Jan
108
94
Jan
101% Jan
10535 Feb
100
8734
9934
94
94
94
6155
90
79
Jan
Jan
Jan
82
95
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan 105%
Jan 10555
Jan 102
Jan 79
Jan 6855
Jan
Jan
Jan
Jan
Jan
6
55-4 Jan
531
10734 Jan 110
83
7034 101% Jan 10434
Jan 95
90
35
Jan 7735
68
54
10054 Jan 10255
85
84
5034 Jan 5855
5054 Jan 58%
333
5034 Jan 5835
333-5
4635 5434 Jan 6131
Jan 6451
58
50
4735 Jan 61
3235
25
3031 Jan 4031
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9154 10434
933-4 104
10034
98
71%
51
6134
42
N Y Central Elea 555s '50
N Y & Foreign Investing
535e with warrante_l 48
NY Penna & Ordo 455s '35
NY P&L Corp is: 455e '67
NY State0& E 4350_1980
1s1 534s
1962
NY dr Weetch'r Ltg Is 2004
Debenture be
1954
Niagara Falls Pow 65_1950
56 serlea A
19511
Nippon El Pow 6350....1953
No American Lt & Pow
5% notes
1935
5% notes
1936
5555 sertes A
1956
Nor Cont Utll 5550
1948
No Indiana 0 & E 88_1952
Northern Indiana P S
58 series C
1966
&merles D
1969
4%0series E
1970
No Ohio P & L 5355_1951
Nor Ohio Track LOSE '56
No States Pr ref 434s 1961
555% notes
1940
N'western Elect 6a_ _ _1935
N'western Power 68 A _1960
Certificates of depoelt ___
N'western Pub dery 551957
Ogden Gas be
194c,
Ohio Edition let 55._ _ _1960
Ohio Power 1st Si 13_1952
lat at ref 434s ser D 1956
Ohio Public Service Co(is series C
1953
5e series D
1954
534e aeries E
1961
Okla Gas & Elea 5s_ _ _1950
611 aeries A
1990
Okla Power & Water 5e '48
Oswego Falls 68
1941
Pacific Coast Power be 1940
Pacific Gas & El Co
1st lis series B
1941
let & ref 555s see C.1952
Os series D
1955
let & ref 455s E
1957
let & ref 4559 F
1960
Pacific Investing be A.1048
Pacific Lig & Pow 50._194?
Pacific Pow & Ltg 58_ _1955
Pacific Western 0116 Sis'43
With warrants
Palmer Corp 68
1938
Park & Tilford 6a
1038
Penn Cent L& P 4%e 1977
be
1979
Penn Electric 4e F
1971
Penn Ohio Edison
Caserta. A xw
1950
Deb 5%e series B__ _ 1959
Penn-Ohio P & L 555s 1954
Penn Power 5s
1958
Penn Pub Serv 65 C_ _1947
&series D
1954
Penn Telephone be C_1960
Penn Water Pow be__ _ 1940
435s series 13
1968
Peoples Gas L & Coke
Is series B
1981
6s aeries C
1957
People0 Lt & Pr 5a _ _ 1979
PhIla Electric Co 5s_1905
PUB Elea Pow 5555_1972
rhila Rapid Transit(is 1962
Phil Sub Co G & E 4340'57
Phila Suburban Wat be '55
Pledm't Hydro-El 634s '60
Piedmont & Nor 55... _ 1954
Pittsburgh Coal as__ _ _1949
Pittsburgh Steel fle__ -1948
Pomeranian El 60_ _ _ _1958
Poor at Co 13s
1939
Portland(task Coke 5840
Potomac Edison be_ _ _ 1958
1961
43-0in/ries F
Potomac Elea Pow 56_1936
Potrero Sugar 75
1947
Po werCorp(Can) 45-5213'59
Power Corp of N 1
634aseries A
1942
5355
1947
Power Securities 6s _1949
Prussian Electric 8s_ _1954
Pub dery of N H 45is B '57
Pub dery of NJ pet Ws__
Pub dery of Nor Illinois
let & ref be
1956
Is series C
1966
4555 series I)
1978
455 ei series E
1980
1st & ref 4%e ser F 1981
1937
8348series°
8350 series H
1952
Pub dery of Oklahoma
1981
&earl/38C
5eseriesD
1957
Pub dery Subsid 5340_1949
Puget Sound P& L 530'49
1st keel be series C_1950
let & ref 4%a ser D.1950
Week's Range
of Prices
July 1
Sales 1933 to
pr
Jan.31
Week
1935
Low
77
High
78
$
3,000
102 10334
9431 96%
8754 8955
102% 103
102 102%
77.000
190,000
136,000
2,000
15,000
108% 109
108 108
82% 83
100%
100%
48%
22
9931
Low
56
55
89
73
58%
77
81
96
5,000 104
2,000 9954
11,000 63
100% 1,000
100% 3,000
4931 122.000
2435 29.000
5,000
100
Range Since
Jan. 1 1935
Low
Jan
77
90
101%
89%
85
9955
9954
10431
107%
106%
82%,
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
High
Jan
78
Jan
90
10354 Jan
96% Jan
89% Jan
Feb
103
10235 Jan
Jan
105
109% Jan
108
Jan
Jan
83
100% Feb 10034 Jan
90
Jan
8134 100% Jan 101
Jan 4934 Jan
2534 46
Jan
Jan 26
22
1834
Jan
71
0034 Jan 101
Jan
Jan 86
Jan 8534 Jan
Jan
Jan 81
Jan
Jan 106
Jan 102% Jan
Jan 97% Jail
Jan 9534 Jan
Jan 8135 Jan
Jan 3455 Jan
Jan
Jan 34
Jan 78% Jan
83% 86
8234 8535
77
803..
104% 10535
10251 10255
9535 9751
9535
93
7534 81
3234 3255
31
3334
78%
76
59,000
47,000
69.000
36,000
5.000
144,000
57.000
45.000
1,000
2.000
36,000
5131 77
7654
5234
7135
4934
101%
69
100
65
90%
71
88
69
7431
54
854 28
854 28
4734 72
9834 9951
100% 101%
106% 107%
105 105%
65.000
192.000
29.000
86.000
Jan 100
7334 96
6331 9734 Jan 101%
88
10634 Feb 108%
Jan 106%
83% 105
Jan
Jan
Jan
Jan
106
102%
103%
102%
96
5834
77
13,000
44,000
30.000
127,000
77,000
62.000
10,000
7034 105%
9934
6034
100%
63
6834 99
90%
63
48
40
4531 6534
106
10251
103%
102%
9634
5834
77
Jan
Jan
Jan
Jan
Jan
Jan
Jan
105%
100%
103
101%
93
56
73
100 10055 32,000
Jan 10135
Jan
115
108%
108%
104%
104
9474
110%
70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7334 9831 Jan 10252
102
Jan 102%
85
0234 Jan 95
62
8434 Jan 93
57
9355 Jan 9835
67
5134 7434 Jan 8235
Jan
Jan
Jan
Jan
Jan
Jan
6655 Jan 83
61% Jan 7834
103% Jan 106
Jan 107
106
Jan 104
100
95
Jan 98
103% Jan 10434
11035 Jan 11155
10635 Jan 107
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7855
96
235
113%
11034
8235
108%
106
7534
96
10734
9835
3334
10135
77
10334
9835
105%
47
883-4
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 104%
Jan 91
Jan 85
Jan 41
Jan 105
Jan 12134
Jan
Jan
Jan
Jan
Jan
Jan
65
114% 115
107% 108%
106% 107%
103% 104%
103% 104
8934 9134
64
101
43.000 101
29,000 9534
17,000 91
86,000 8234
90.000 8234
11,000 69
102
6835 132,000 35
10254 153.000
9035 93 124,000
5,000
98
98
8255 99,000
81
9935
111%
mu
105%
101%
100%
88
110
5775
79% 83
7351 78%
105 105%
106 10634
103 104
9735 98
101.000
163.000
39,000
6,000
11,000
31.000
77
783-5
935-4 9535
255
234
113 113
10955 11054
8135 82%
108 108
106 106
7535
73
9454 96
10655 107
9654 9655
33
34
100 10135
72
70
10251 103%
9755 9835
105 105%
4531 47
88
8851
125,000 5634 72
106,000 6834 89
134
6,000
13-4
7.000 104% 112%
108
62.000 100
4,000 4434 7515
10734
12,000 98
5.000 953-4 106
31.000 6535 65%
93%
87,000 89
10535
6.000 89
2,000 79
96
23,000 2535 2855
9934
24,000 80
19,000 68% 6851
9931
64,000 72
43,000 65
9335
105
7,000 101
3,000 13
34
7,000 53
8831
3934
85
74
9234
6634
60
86
11034 111% 11,000 103
106% 106% 1,000 89
8854
8151
3955
10131
120
Jan
Jan
Jan
Jan
Jan
Jan
Jan
104 34
70
76
53,000 50
91
84
9,000 41% 8031
0,000 29
41
3734
20,000 8234 104
105
12155 12,000 102
118
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
07
99
96
97
8854 90
86% 8834
8834 88
10654 10794
10151 103
59,000
15.000
9,000
60,000
204,000
99.000
76,000
Jan
62
9
034 Jan 99
Jan
Jan 97
5834 89
5354 81
Feb
Jan 90
6231 8054 Jan 8834 Jan
Jan
Jan 88
6234 80
7334 10314 Jan 107% Jan
Jan
6934 9834 Jan 103
9954
995-5
8455
6855
65
6134
32,000
103,000
9,000
369,000
93,000
233,000
6034
55
4031
3735
3635
3335
983-4
98
84
6434
61
5834
Quebec Power Si
1968 104
Queens lion)0& E 434s'58
1952 8935
51Is series A
Reliance Manage. 5s_ _1954
with warrants
Republic Gaa fis
1945 47
Certificates of deposit__
4834
Rochester Central Pr 5553
Rochester Ry & Lt 511_1954
Ruhr Gas Corp 654s _ _ 1953 4235
Ruhr Housing 634s....1953
Ryerson (Jos T) & Sons
Deb 55
NM 1 1943 10334
1043-4 15.000
90% 21,000
9434
9331
7
955
55%
5335
5074
Jan
Jan
Jan
Jan
Jan
Jan
10034 Jan
10034 Jan
86% Jan
6955 Jan
6631 Jan
63% Jan
10231
85
102
88
8135 86
Jan
Jan
Jan
10435
103
90%
5554 82
43
14
1334 40
9254 3255
112%
100
38
5,000 2834
2955
23
47% 9,000
72,000
48
4355
1033.4
6,000
90
103
107
Safe Harbor Water 4 350'79 10735 10851 13,000 91
734
355
51,000
St Louis Gas 6c Coke th '47
835 10
San Antonio Puullc Service
921:1
Ss series B
9655 69,000 64
1958 95
San Diego Gas & Elea
983.4 108
555s series D
1960
San Joaquin Lt & Power
107%
88
6s aeries B
1952
98
besedan D
1957 10034 10155 33,000 7534
109
1,000 101
1955 109 109
Elands Fells Si
38
2,000 38
Saxon Pub wke tle_ _1937 3834 39
Jan
Jan
Jan
Jan
Jan 82
Jan 4751 Jan
Jan
Jan 48
Jan 3354 Jan
Jan 113% Jan
Jan 43% Jan
Jan
Jan 31
Jan
10351
Jan
Jan
Jan
10834
10
Jan
Jan
Jan
9634
Jan
Jan 108%
Jan
Jan 10935 Jan
Jan 10135 Jan
Jan
Jan 111
Jan
3934 Jan
Financial Chronicle
Volume 140
Bonds (Continued)-
1Veek's Range
of Prices
Low
Schulte Real Estate
Os with warrants_ _1935
0.0 ex warrants
1935 11
ScrIpp(E W)Co 548_1943 9931
Seattle Lighting 5s
1940 31
Pervel Intl 56
1948 101
shawinigan W & P 4318'87 954
44s series B
1968 964
1st 5,series C
1970 1024
1st 4 4seeries D
1970 96
sheffield Steel 54s
1948 106
Sheridan Wyo Coal 68 1947 50
Sou Carolina Pow 58_1957
Southeast P & L 6s....202.5
Without warrants
Sou Calif Edison 51 ___1951
58
1939
Refunding 58 June 1 1954
Refunding M Sep 1942
Sou Calif Gas Co 446_1961
lat ref 68.
1957
514s series B
1952
Sou Calif Gas Corp 58 1937
Sou Counties Gas 434,,'68
Southern Gas Co 6318_1935
Sou Indiana U & E 531s '57
Sou Indiana its 4s,_,1951
Sou Natural Gas 6s..._1944
Unstamped
Stamped
S'weateru AssociTel lks '81
Southwest G & E 55 A _1957
55 cerles IL
1957
S'weetern I.t & Pr 5s 1957
S'western Nat Gas 68_1945
So'lh'est Pow & Lt 58.2022
Sweet Pub Serv (is_ _.1945
Staley Mfg 65
1942
Stand Gas & Elea 68_1035
Cony 6s
1935
Debenture 63
1951
Debenture is Dec 1 1966
Standard Investg 548 1939
55 at warrants
1937
Stand Pow & L166
1957
Standard Telep 548._1943
Stinnes (Hugo) Corp
78 ex-warr
1936
7-4% stamped
1936
74 ex-warr .
1946
7-4% stamped
1948
Super Power of III 434s '68
lat 4 46
1970
6s
1061
Swift & Co 1st in f 56.1944
5% notes
1940
Syracuse Ltg 548.-1954
Miseries B
1957
75
Foreign Government
end MunicIpslitleaAgri° Mtge ilk (Columbia)
7s
1946
78 with Coupon
1946
75
1947
Baden 78
1951
11
100
334
10134
9731
97%
1034
974
106
51
Low
1,000
30,000
159,000
6,000
41.000
24,000
26,000
25,000
8,000
9,000
794 24,000
Range Since
Jan. 1 1935
Low
41
Low
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
73
Jan
6434
105%
10731
10531
10574
9731
102
10431
101
9614
101 4
7
1004
43
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
82%
107%
los
1074
10731
101%
1044
104%
102
10031
102
110
4731
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8134 Jan
8314 Jan
634 Jan
Jan
92% Jan
.
7131 Jan
60
Jan
49
Jan
77
Jan
794 Jan
834
85
65
9531
954
804
674
53
87
854
854
67
9771
9734
84
684
5734
92
31,000
2,000
11,000
99,000
70,000
51,000
11,000
00,000
30,000
53
56
40
60
60
45
25
37
55
854
854
67
97%
9731
85
684
5734
92
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10431
5531
5531
3531
3531
:83
;86
32
234
104%
5931
60
3931
3835
84
8731
3431
24
9,000
55.000
38,000
66,000
88.000
7,000
9,000
92,000
3,000
83
1044 Jan 105
3931 54
Jan 68
54
38
Jan 68
35
30
Jan 3931
284 334 Jan 3831
64
8231 Jan 844
64.34 85
Jan 89
27
304 Jan 36
2434
16
234 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
53
50
49
39%
904
:190
1024
105
1034
53
50
49
4131
94
944
10331
106
104
1,000 3034 5131
4,000 26
42%
1,000 29
49
3331
9,000 25
147,000 59
86
137.000 56
8534
12,000 70
loog
40.000 1014 105
75,000 9431 1024
1034 10734
97
10631
88% 49,000
83
22.000
75
20.000
927 239.000
4
16
9,000
98% 149,000
1043.4 40.000
8631 6,000
71
28,000
8631 98,000
106% 106,000
53 252,000
5231
95
9.000
5,000
106%
11031
75
404
40
32%
3531
87
4935
1,000
35,000
12.000
1,000
2,000
121,000
33,000
28,000
174,000
914 44.000
33
14,000
48
40
82
60
12
65
87
51
55
49
79
19
81%
78
67
85%
18
%
9431
103%
8334
67
76%
10531
4531
83
78
4731
9434
99
9231
9014
964
63
35
334
26
264
50
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
53
Jan
50
Jan
49
Jan
414 Jan
9534 Jan
9431 Jan
105
Jan
107
Jan
1044 Jan
107% Jan
108
Jan
Jan 90
Jan 8235
Jan 75
Jan 9331
16
Jan
Jan 09
Jan 10431
Jan 864
Jan 71
Jan 87
Jan 100%
Jan 53
Jan
Jan
54
95
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10731 Jan 108
Jan
106% Jan 1074 Jan
105% Jan 107
Jan
108% Jan 11031 Jan
6831 Jan 75
Jan
39
Jan 4034 Jan
40.34 Jan
39.4 Jan
28
Jan 34
Jan
3034 Jan 3534 Jan
78
Jan 87
Jan
414 Jan 4935 Jan
100% 3,000
101%
2,000
100
5,000
3.000
10031
10031 12,000
100
6,000
66
14,000
7531 10,000
5131 8231
25
32
8934 102
75
100
65
100%
60
9931
60
9831
60
98
60
9835
45
55
5231 62
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
98%
1064
8034
74
62
98%
107
84%
77
6631
75
75
86
52
45
45
Jan 92% Jan
9834 Feb
Jai
Jan 107
Jan
Jai
8431 Jan
Jan 78
Jan
Jan 664 Jan
8
7%
10531
10131
100%
984
8
3,000
434
7
9
Jan
1,000
731
2
7% Jan
7%
10531 7.000 924 104% Jan 1054
10231 39.000 78
10031 Jan 1024
5.000 si 83
10011
09
Jan 1014
9934 77.000 75
964 Jan 994
1,000
45,000
78,000
67,000
11,000
92
9531
105
73
6834
5634
9134 Jan
35
Jan
1024 Jan
10031 Jan
10131 Jan
100
Jan
100
Jan
10011 Jan
1004 Jan
66
Jan
7531 Jan
Jan
Jan
Jan
Jan
Jan
Jan
6634 68% 53,000
84
86
2,000
68
7231 118,000
4614
60
41
6334
81
63
Jan
Jan
Jar
70
86
7334
Jan
Jan
Jan
5434 5531
7,000
23
50
Jan
56
Jan
57,000
64
914 Jan
98
Jan
1.41
944 98
10234 10234
10431
0731
86
87
100
1004
974
105
9934
874
874
101%
101%
9834
6,000 101
10231 Jan 104
Jan
100
1074 Jan 10731 Jan
15.000 97
10431 Jan 10031 Jan
72,000 61
94
Jan 9931 Jan
33,000 52
76% Jan 8734 Jan
19,000 Si
75
Jan 874 Jan
28.000 784 9634 Jan 10131 Jan
44,000 634 954 Jan 1014 Feb
96,000 70
9431 Jan 984 Feb
2931 30
4,000
1831
29
33
2.000
2,000
20
21
29
34
Week's Range
of Prices
Bonds (Concluded)-
High
11
11
7
Jan
11
11
Jan
434
Jan 100
664 96
2831 Jan 334
17
61
Jan 102,34
101
63% 9534 Feb 9731
964 Jan 9731
63
1024 Feb 1034
73
6311 96
Jan 974
774 1054 Jan 107
47
38
Jan 52
245,000 37%
92
53,00
14,000 100
4,00
9031
12,000 924
46.000 784
14,000 8531
92
102
101
14,000 834
115,000 75S1
9934 loo
93
108% 10831
7.000 964
43% 45
11,000 43
Ulen Co deb 88
1944 49
Union Amer Inv 5.4 A,1948 95
Union Elea Lt & Power
56 series A
1054
58 series ii
1967
4348
1957 106%
United Elea NJ 4s
1940 1094
United El &Iry 78 x-w.1958 68%
United Industrial6 As 1941 404
let (ie
1945 40
United Lt & Pow 68 _1975 294
634e
1974 32
548
Apr 1 1959 8431
Un I-t & Rye (Del) 531e '52 4531
United Lt de Rya(Me)I:Wearies A
1952 87%
fia aeries A
1973 32
U 8 Rubber 68
1930
64% serial notes
1935 100%
64% aerial notes
1936 11014
64% aerial notes_1937 100
634% serial notes,
..1938 9931
631% serial notes
1039 100
831% serial f notes_ _1940 100
Utah Pow & Lt 86 A 2022 6231
4345
1944 75
West Penn Elea 58._ _2030
West Penn Traction 53.60
West Texas URI 58 A.1951
Western Newspaper Union
6s
1944
Western United Gas & Elm
1s1 54fraerles A
1955
Westvaco Chlorine Prod
8341
1937
Wheeling Elect Ss,_ _1941
'lac Elea Pow as A _1954
Wise Minn Lt & Pow 5344
Iso Pow & Lt 58 E 1956
5s series
1958
W1110 Pub dery 6s A...1952
Yadkin Riv Pow 58_1941
York Rye Co 6a
1937
High
78% 82%
10634 107
10731 108
10631 10631
106 107
10031 101%
10431z104 3.4
Tennessee Elea Pow 5s 1956 87
Tenn Public Service 5a 1970 78
Fenn Hydro Elee 6316 1953 734
Texas Elea Service 58_1960 89
i'cs.B Gas Utll 66____1945 14
Texas Power & Lt 5a__1956 9731
58
1937 104
fla
2022 8631
Thermold Co 68 .1130,1937
70
Ilde Water Power 59.1979 804
Toledo Edison 58
1962 106
Twin City Rap Tr 53.4i52 4834
Valvoline Oil 78
1937
Vamma Water Pow 674..57
Va Elea d, Power
_1955
Va Public Serv 5318 A_ 1946
let ref 5s ear 13
1950
68
19411
Waldorf-Astoria Corp
78 with warranta
1954
78 els of deposit
1954
Ward Baking 68
1937
Wash Gas Light 50.__1958
Wash Ity & Elect 4s _ _1951
Wash Water Power 55-1960
July 1
Sales 1933 Co
for
Jan.31
Week
1935
777
2931 Jan
344 Jan
29
Jan
2634 Jan
38
3434
35
34
Jan
Jan
Jan
Jan
Buenos Aires (Provincei78 clamped.
1952
1947
7 As stamped
Cauca Valley 75
1948
Cent Bic of German State &
Prov Banks 65 B
1951
&series A
1952
Danish 53411
1955
ba
1953
Dansig Port & Waterways
External 83
1952
-Is
Gernma Cons Muni° 75 '47
Secured 6s
1947
Sales
for
Week
High
Low
Range Since
Jan. 1 1935
Low
High
6031 6034 4.000
6031 62% 37,000
10% 14,000
10
2531
274
731
5731
59
10
Jan
Jan
Jan
6331
6631
11
Jan
Jan
Jan
48% 4931
46% 46%
2,000
2,000
30
22
4934
41
Jan
Jan
5431
4631
Jan
Jan
9434 9531
92
92
9.000
5,000
6814
81
9431
9031
Jan
Jan
984
9331
Jan
Jan
3131 3531 14.0011
3331 3431 33,000
3634
2434
2134
67
29
2831
Jan
Jan
Jan
714
3531
3.5
Jan
Jan
Jan
Feb
Jan
Hanover(City)78_-_1939 37
Hanover Pro v)6318_1949 31
(
Lima (City) Peru 63,s..'58
Certificates of deposit-531
Maranhao 7s
1958 15
76 coupon off
1958
Medellin 7s ser E
12
1951
Mendoza 7345
1951
45 stamped.
1951 a45
Mtge Ilk of Bogota 73_1947
Issue of May 1927
2331
Issue of Oct 1927
2331
Mtge 13k of Chile OS... _1931 12%
Mtge Bk of Denmark 58'72 90
374
33
3,000
5,000
23
24
304 Jan
294 Jan
3734
33
6
15
9.000
3,000
334
1214
12
1,000
a45
1,000
104
2631
2334
54
15
1431
12
5234
4431
Jan
Jan
Jan
Jan
Jan
Jan
Feb
6
1734 Jan
154 Jan
Jan
12
Jan
54
48
Jan
2311 6,000
23%
1.000
1334 8,000
91
36,000
134
134
734
6231
23
2334
12%
90
Jan
Jan
Jan
Jan
Jan
24
244 Jan
1331 Jan
Jan
94
Jan
Jan
Jan
Jan
Fe
Fe
Fe
Feb
144
1334
2
134
134
14
124
12
1431
1231
24
231
234
231
13
431
431
5
431
Jan
Jan
Jan
Jan
Jan
13
134
6%
46
104
104
Jan
Jan
Jan
48
11
11
Jan
Feb
Feb
Parana (State) 7s____1958
Coupon off
Rio de Janeiro 634a-.1959
Coupon off
Russian Goat 646_1919
64a certificates____1919
1921
5343
514s certificstes
1921
13
2,000
13
231
434 19,000
24 431 272,000
54,000
231 4
234 4 139,000
Santa Fe 7s
Santiago 7.
78
46
48
10% 11
104 11
1935
1949
1961
July 1
1933 to
Jari.31
1935
1231 124 8,000
12
12
10,000
1134
4.000
3,000
3,000
Jan
Jan
1534 Jan
• No par value. a Deferred delivery sales not included in year's range. r Under
the rule sales not included in year's range. z Ex-dividend.
z Deferred delivery sales not Included in weekly or yearly range are given below:
Sou. Calif. Gas 5s 1957, Jan. 31 at 105%.
51 price adjusted for split-up.
92 Price adjusted tor stock dividend.
Abbreriallons 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 1 1933 were
made (designated by superior figures in tables), are as follows:
zz Pittsburgh Stock
Ix Cincinnati Stock
1 New York Stock
23 Richmond Stock
x New York Curb
,9 Cleveland Stock
14 Colorado Springs Stock 14 St. Louis Stock
9 New York Produce
99 Salt Lake City Stock
4 New York Real Estate
,9 Denver Stock
O Baltimore Stock
96 San Francisco Stock
96 Detroit Stock
6 Boston Stock
17 Los Angeles Stock
27 San Francisco Curb
xe San Francisco Mining
7 Buffalo Stock
I9 Los Angeles Curb
19 Minneapolis-St. Paul
29 Seattle Stock
a California Stock
90 New Orleans Stock
99 Spokane Stock
9 Chicago Stock
91 Washington(D.C.)Stock
Is Chicago Board of Trade 21 Philadelphia Stock
11 Chicago Curb
Investment Trusts
Ask
Par Bid
Administered Fund
• 13.80
Amara' Holding corp.....' 9% 1154
Amer Bankstocks Corp_ -•
.98 1.10
Amer Business Shares
1
.87 .95
831
Amer & Continental Corp__
7
Am Founders Corp 6% pf 60 1231 16
50 1331 17
7% preferred
Amer & General Sec cl A__•
44 64
48
• 43
03 preferred
Amer Ineuranee Stock Corp. 24 354
Assoc Standard 011 rillares_2
431 54
Bancamerica-Blair Corp_
34
3
Bancshares, Ltd pail she 50c
.70 .95
Bankers Natl Invest Corp..
431
Basle Industry Sham
• 2.8
British Type Invest A
.3
.55
1
Bullock Fund Ltd
1 1031 12
Canadian by Fund Ltd.
..1 3.25 3.50
Central Nat Corp class A__ 204 2231
Class B
3.4 131
• 20.56 22.11
Century Trust Shared
Commercial Natl Corp
27
4 331
Corporate Trust Shares
1.84
Scrim AA
1.80 ____
Accumulative series
1.80
Series AA mod
2.09 2.22
Series ACC • od
2.09 2.22
Crum & Foster Ins com__10 23
26
8% preferred
100 110 115
Crum & Foster Ina Shares
Common B
10 26
29
7% preferred
100 105 110
Cumulative Trust Sharee__• 3.56
Deposited Bank She set A__
Deposited loam She A....
Diversified Trustee Shs B__
Dividend Shares
250
Equity Corp ay prof
1
•
Fidelity Fund Inc
Five-year Fixed Tr Shares__
Flied Trust Shares A
•
•
Fundamental Investors Inc
Fundamental Tr Shares A__
Shared B
•
Guardian Invest peel w war
Huron Holding Cora
Incorporated Inveetors_ --•
Indus & Power Secinity--•
Internal Security Corn(Am)
Class A common
•
•
Clam B common
634% preferred
100
6% preferred
100
Investment Co. ot Amer
Common
10
7% preferred
Investors Fund of Amer
As,
.
Per Bid
Investment Trust of N
•
Major Shares Corp
1 18.53 20.11
Maas Investors Trust
Mutual Invest Trust
1 1.00 1.0
Nation Wide Securities Co_ 2.87 2.97
Voting trust certificates__ 1.10 1.21
231
N Y Bank Trust Shares...
No Amer Bond Trust Sets.. 8834 51;i
No Amer Train Shard!, 1953 1.74
2.14
Series 195.5
Series 1956
2.12
Series 1958
2.14
Northern Securities
50
100 45
Pacific Southern Invest pf.
34
_• 30
Class A
• 331 4
Claim B
•
54
3-4
Plymouth Fund Inc al A _toe
.83 .93
Quarterly Inc Shares___25o 1.20 1.32
Representative Trust Shares 7.50 8.25
Republic Investors FUnd _
1.92 2.06
Royalties Zdanagement____
54
Second Internat See cl A....
Class B common
•
6% preferred
50
Selected Amer Share' Inc..
Selected American Shares__
Selected Cumulative She
Selected Income Shares....
Selected Man Trustees
%fencer Trask Fond.
•
Standard Amer Trust Shares
Standard Utilities Ina
•
State Street Inv Corp
•
Super Corp of Am Tr She A
AA
D
BB
C
0.
Supervised Shares
10c
2.11 2.35
3.31 3.90
631
2.80 3.10
44 44
1.17 1.29
21
25
38.30 41.26
3.39
Trust Fund Shares.
7.59
6.43
Trustee Standard Invest 0__
1.86 2.04
0
37
4 434 Trustee Standard Oil She A
334
Trusteed Amer Bank Sim B.
a 11 Prusteed Industry Shares._
.15 .30 Trusteed N Y Bank Shares_
16.32 17.54 30th Century °rig series
Series B
1231 14%
United Gold Equities (Can)
Standard Shares
1
ill
54 U S & Brit Int clam A corn •
164 1931
Preferred
•
16
19
U S Elea Lt & Pow Shares A
13
22
24
Voting trust ctfs
22
Un N Y Bank Trust C S
.87 .95 Un Ins Tr She ser F
•No par value. z Ex-dividend.
2
13
,
3514 3834
1.08 1.10
2.24
6.13
3.63
3.18 414 411
14.09 14.97
2.55 2.80
.37 .40
62.08 67.11
2.85
2.03
3.01
2.05
5.15
5.16
1.17 1.28
331 334
2.01
1.96
5.55
4.63
.91 1.01
1.05 1.16
1.25 1.40
1.45
2.35
2.07
34
63
4
1031
1.40
.4
231
1.8
2.30
9
10%
1.50
.57
331
2.25
Financial Chronicle
778
Feb. 2 1935
Other Stock Exchanges
New York Produce Exchange
Stocks (Concluded) Par
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
Jan.31
Stocks—
for
Par
of Prices
Week
1935
Abitibi Power
•
1
Admiralty Alaska
Allied Brew
1
z Altar Consol Mine
1
Angostura-Wuppermann _1
1
z Arizona Comstock
1
Bancamerica Blair
B G Sandwich Shops
*
Cache La Poudre
20
1
z Carnegie Metals
1
Central Amer Mine
Climax Molybdenum_ _ _ _*
Davison Chemical
*
Distillers and Brewers- _ 5
Duquesne Brewing
5
1
Elizabeth Brewing
2
Flock Brew
z Fuhrmann & Schmidt_ _1
Horn Silver
1
International Vitamin_ _ _*
z Ironrite Ironer
*
KOdun Mining
1
z Lessings, Inc
3
10
National Surety
Newton Steel
*
z Northampton Brew pr. _2
Paramount Publix
10
Petroleum Derivatives___•
z Railways Corp
1
Reynolds Inv pr A X
-W *
Richfield 011
•
Rustless Iron
*
1
z Simon Brew
z Texas Gulf Producing_ _1
10
Tobacco Products
1
Utah Metals
1
Van Sweringen
5
Willys-Overland
5
C-el
100
Prior
Low
115
18c
%
200
4
350
3
1
2034
2
1.05
25
34
3%
3%
15e
38c
310
21e
134
250
234
3
25c
2
1
354
134
13,4
30
22e
%
55
33,4
30
234
110
320
22c
234
High Shares Low
38c
100
135
70
21c 10,500
55
200
%
20c
25c 1,000
2i%
700
434
200
400 3,000
400
315
134
100
35c
1
15
600
2034
90c
500
234
50c
100
1.05
550 19
26
9c
2,200 5
156
215
100
334
1
50
334
120
700
17c
250
100
38c
34
700
33c
21c
500
210
X
1,000
134
200
100
25c
1.75
800
234
3
100
3
20c
600
27c
1%
700
234
1
800
1
1
414 8,200
%
100
1%
35
4,400
134
25 30
30
I5c
100
220
55
500
155
34
600
34
356
2,000
356
5
70
34
100 25 60c
234
10c
200
11c
10
4,400 11
36c
5c
100
22e
26c
315
200
Low
134 Jan
10e Jan
35 Jan
20c Jan
334 Jan
35e Feb
234 Jan
134 Jan
18 Jan
1.38 Jan
1.00 Jan
Jan
23
% Jan
334 Jan
33,4 Jan
12e Jan
23e Jan
31c Jan
210 Jan
13,4 Jan
250 Jan
234 Jan
Jan
3
250 Jan
Jan
2
Jan
1
334 Jan
134 Jan
% Jan
Jan
30
20e Jan
56 Jan
36 Jan
3% Jan
Jan
30
1.90 Jan
110 Jan
140 Jan
100 Jan
Jan
1
High
1% Jan
1
21e Feb
54 Jan
73c Jan
434 Jan
500 Jan
334 Jan
134 Jan
Jan
21
215 Jan
1.25 Jan
Jan
26
1% Jan
434 Jan
334 Jan
22c Jan
280 Jan
37e Jan
30e Jan
134 Jan
250 Jan
335 Jan
Jan
3
330 Jan
235 Jan
134 Jan
434 Feb
215 Jan
135 Jan
Jan
30
280 Jan
13,4 Jan
% Jan
43.4 Jan
3435 Jan
2% Jan
150 Jan
48e Jan
400 Jan
334 Jan
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Feb. 1
Unlisted Bonds
B10
Alden 65
1941
Allerton NY Corp 5145 1947
1939
Butler Hall6s
1941'
Dorset 634s Ctfa
5th Ave & 29th Si. Corp—
1948
68
5th Ave dr 55th Bldg 610'45
42 Broadway Bldg 6s 1939__
Greely Square Bldg
1950
68
Marcy as
1940
Mortgage Bond (N Y) 5148
(ger 6)
1934
Ask
Unlisted Bonds (Concluded)
National Tower Bldg 6191'44
Roxy Theatre 634s 1940_ __ _
Savoy Plaza Corp es__ 1945
79 Madison Ave Bldg 5n '48
2450 Bway Apt Hotel Bldg
38
42
C
-D
2912 ___ 2124 Bway Bldg 5145_1943
52
___ Westinghouse Bldg 45._1948
2512 ___
84 10
44
___
23
__.
12
40
44
144
Unlisted Stocks—
___ City & Suburban Homes_-Hotel Barbizon Inc v t c____
47 Lincoln Bldg Corp v t c com_
Bid
Ask
43
47
19
2012
1412
7
10
_
13
--
8
11
57
314
75
3
34
1
Boston Stock Exchange
Jan. 26 to Feb. 1, both inclusive compiled from official sales lists
Stocks—
Par
July 1
Week's Range Sales 1933 to
for
Jan.31
of Prices
1935
Week
Low
High Shares
8
9
240
American Conti Corp____•
5
5%
305
Amer Pneu Service pref_50
48
1% 1%
Amer Pneu Serv Co corn 25
130
50 1815 19%
1st preferred
100 103% 10516 3,183
Amer Tel & Tel
55
•
Amoskeag Mfg Co
355 3%
10
Bigelow Sanford prat __100 9034 9034
100 115 117
97
Boston dr Albany
100 63% 6435
80
Boston Elevated
Boston & Maine—
100 16
290
17
Prior preferred
Class A let prat stD42-100
5% 5%
73
100
Class A 1st pref
535 5%
6
100
5
Cl B 1st pref stpd
6% 6%
9% 10%
180
Boston Personal Pr Tr..*
15
Boston & Providence._100 152% 153
45
Brown Co 6% cum prat 100
7% 8
4
4
6
Brown Durrell Co com*
86
25
Calumet & Hecht
355
315
Chi Jct Ry Sc Union Stock
30
Yards 6% cum prat _100 108% 109
285
334
25
355
Copper Range
200
10
2
2
East Boston Co
Eaat Gas & Fuel Assn—
3% 4%
306
•
Common
281
100 46
49
6% cum pref
54
64
434° prior preferred 100 63
5
130
East Mass St Ry 1st pf_100
7
7%
2% 2%
100
Preferred B
100
345
Eastern SS Lines corn._—•
6% 6%
695
• 19
19%
Economy Stores
794
Edison Elea Ilium
100 98
99%
12% 13
325
Employers Group
246
General Cap Corp
26% 27%
Gilchrist Corp
334 3%
Gillette Safety Razor
13% 1335
278
60
Hygrade Sylvania Lamp.* 30
30
125
Isle Royale Copper
25
600
750
Maine Central_ ___ __100
5% 6
260
135
1%
Mass Utilities Assoc ytc__•
733
Mergenthaler Linotype__* 30
110
3055
New Eng Tel & TeL _ _100 91% 9434
477
55
5
New River Co pref.— _100 55
286
NY N Havsn4cliartIord100
634 6%
2.50
25c
26c 1,161
No Butte Mining
100 67
6855
106
Old Colony RR
• 1735 18
Pacific Mills Co
50
• 25
2554
330
P C Pocahontas Co
_ ._50 18
2255
481
Pennsylvania RR_
10
Pray & Worcester By..100 105 105
25
300
:a
Quincy Mining Co
,51
2% 255
5
Reece Folding Mach C0.10
13c
13c
100
Shannon Copper Co__ 25
8% 8%
390
Shawmut Assn Or otfs____•
2"
Spencer Trask Fund Inc__* 13% 135,5
•
4
4%
160
Stone & Webster
25 17% 1714
110
Swift & Co
Range Since
Jan. 1 1953
Low
High
Low
44
74 Jan
24 Jan
215
5%
1%
Jan
1 2 1
12% Jan 19%
10
1004 102% Jan 106%
4%
234
33.4 Jan
90
Jan 90%
60
Feb 120%
109% 115
59% Jan 6414
55
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15
Jan
19
1454
Jan
6
454
5
514
44
534 Jan
Jan
616
534
11%
9% Jan
8%
Jan 153
111
150
751 Feb
814
334
4
334 Jan
414
3% Jan
234
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85
3
50o
106
3%
1%
Jan 109
Jan
4
Jan
2%
Jan
Jan
Jan
3%
404
53
3%
46
59%
5
1%
414
19
98
12
26%
334
13%
2611
550
414
4%
Jan
Feb 50
Jan 64
Jan
755
Jan
3
7
Jan
Jan
20%
Feb 107
Jan
13%
Jan
2814
4%
Jan
1514
Jan
Jan 30
Jan
80o
Jan
6
1%
Jan
Jan 3215
Feb 9514
Jan
55
Jan
83.4
270
Jan
Feb 71
21
Jan
27
Jan
Jan 25%
Jan 105
Jan
2%
Jan
17c
Jan
Jan
8%
Feb
14%
Jan
514
Jan 19%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
IJan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
434
15%
98
654
18
216
734
117
30c
30
91%
55
63.4
8
250
210
68
67
17
17%
10
25
18
20
101
101
500
1%
216
10c
13c
5%
854
12%
1311
4
34
11
1731
20%
75
24%
•
Torrington Co
Union Twist Drill Co _ _ _5
United Founders oom__ _ _1
U Shoe Mach Corp
25
Preferred
25
Utah Metal & Tunnel _ _ _ 1
.
Waldorf System
•
Waltham Watch cl B com•
Waltham Watch pref__100
•
Warren Bros Co
Week's Range
of Prices
Low
7134
13
%
72
37
234
634
3
15
416
Bonds—
Amoskeag Mfg Co 65 1948 70
Chicago Jet By & Union
Stock Yards 5s____1940 108
Jug, I
Sales 193310
Jan.31
for
Week
1935
High Shares Low
72%
483 35
35
8
1334
535
%
71,
73%
1,539 47
50 301i
37
256 5,800 60e
356
50
6%
3
8
2%
15
8 11
4%
60 , 3%
7034 $11,000
108
1,000
58
90
Range Since
Jan. 1 1935
Low
69
Jan
1234 Jan
54 Jan
70
Jan
3534 Jan
1% Jan
634 Feb
3
Jan
15
Jan
43,4 Jan
Jan
6734
108
High •
74
Jan
1334 Jan
55 Jan
753.4 Jan
37
Jan
2% Jan
7% Jan
Jan
5
Jan
15
614 Jan
7014
Jan 108
Jan
Jan
Baltimore Stock Exchange
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Stocks—
Par
July 1
Week's Range Sales 1933 to
for
Jan.31
of Prices
Week
1935
Range Si, cc
Jan. 1 1935
Low
High Shares Low
High
Low
Arundel Corp
543 11%
* 163,4 173,4
1734 Jan
1534 Jan
234 Jan
40
2% Jan
Baltimore Tube com___100
234
23,4
23-4
8% Jan
435
73,4 Jan
308
Black & Decker COM
•
7% 835
Jan
24
165
855
24
Jan 25
Preferred
25 24
5 11234 115% Jan 11715 Jan
Ches Sr PotTel of Baltp1100 11755 11755
38 23
29% Jan 33
Jan
Comm Credit pref B__25 30
33
8 20
7% preferred
25 30
2954, Jan 303,4 Jan
3034
403 2 4556 53
Jan 5554 Jan
Consol Gas E L & P
* 533,4 55
Jan
97 91
5% preferred
100 1053,4 106
10434 Jan 106
E Porto Rican Sugar corn 1
50
134
3
Jan
3
Jan
3
3
Jan
191 15
43
Jan 46
Fidelity eic Depolst
20 42
4354
9
Fidelity 6c Guar Fire
25
2235 Jan 25
Jan
10 24
83,4
Jan
Finance Co of Am class A_*
8
3
634 Jan
8
735
734
635 Jan
Houston Oil pref
6% 655
100
4
6% Feb
100
9
Jan
Mfrs Finance lot pref__-25
534
834 Feb
260
834 835
2d preferred
1% Jan
155 Jan
25
70
1
154 134
Maryland Casualty Co _1
1%
50
1
1
Jan
17-4 Jan
15,4
Jr cony pref ser B
135 Jan
1% Jan
1
1%
1%
355
13-4
Jan
March 6c Miners Transp * 25
20 24
25
Jan 26
25%
Monon W P PS 7% pref 25 1655 17
1534 Jan
93 1234
1734 Jan
New Amsterdam Cas
5
7% 83,4
270
SX
6% Jan
854 Jan
Northern Central
50 9234 9334
93 71
913-4 Jan 9354 Jan
Palma Water & Pr com___* 5354 5554
53
Jan 5554 Jan
3162 41
US Fidelity & Guar
2
6
6% 1,098
6% Jan
234
535 Jan
Western Md Dairy pref..* 85
Jan
85
81
Jan 90
20 65
Western National Bank_20 32
32
Jan 37
Jan
5 24
32
Bonds—
Baltimore City
315s new sew impt_1980 101
Bait Sparrows Point &
Chesapeake 415% (ctfs)
1953
183,4
Consol Coal refund 410
1934 334
(ctfs)
Lake Roland 1st 5s_ 1942 25
Maryland El By 655s
1957
8
(flat)
Utd By & El fund 5s tab°
1836
134
lot 6s (flat)
1949 1734
1st 6s ctfs (flat)..,.l949 17%
1%
Income 4s (flat). _ _ _1949
1st 48 (flat)
1949 1734
1st 4s ctfs (flat)._. _1949 1734
Wash B & A 5s (flat)_ _1941
4
Wash B & A Md 5% Tr.
1941
4
(ctfs)
101
5100
80
Jan 101
101
Jan
18%
3,000
815
14
Jan
1834
Jan
34
25
3,000
1.000
1634
15
3334
25
Jan
Jan
34
25
Jan
Jan
8
2,000
4
134 5,000
19% 8,000
19% 24.000
1%
2,000
20
8,000
19
17,000
5
20,000
4
26.000
534
Jan
8
Jan
%
71.4
714
%
7
7%
134
%
1434
14
it"
1434
14
134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
115
19%
19%
13,1
20
19
5
Jan
Feb
Feb
Jan
Feb
Jan
Feb
134
134
Jan
4
Jan
CHICAGO SECURITIES
Listed and Unlisted
Paul H.Davis &Ca
Members,
New York Stock Exchange
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Jan. 26 to Feb. 1, both inclusive compiled from official sales lists
JUIV 1
Week's Range Sales 1933 to
Range Since
Par
of Prices
for
Jan.31
Stocks—
Jan. 1 1935
Week
1935
Low
Abbott Laboratories cora_• 6234
Acme Steel Co
25 46
Adams Mfg (J D) com___• 13
Advance Alum Cstgs rom 5
234
Allied Products Corp cl A.* 14
Altorfer Bros cony pfd __• 18
314
Amer F Mart Bldg pfd 100
9
Amer Pub Serv Co prat.100
Armour & Co common_.0
554
234
Asbestos Mfg Co corn...!
Associates Invest Co corn.
• 79
A UtOrliatIC Products coin_ 5
73,4
315
Bastian Blessing Co com_•
13endix Aviation com____• 15
Bergbolf Brewing Co
1
254
Borg-Warner Corp corn.10 2914
7% preferred
100 110
Brown Fence & Wire—
• 1614
Class A
•
5
Class B
•
555
Bruce Co (EL) corn
Bucyrus-Monlghan el A_.• 1554
6
Bunte Bros corn
10
Butler Brothers
654
10
Canal Construct cony pf..•
23,4
Castle(AM)dc Co com_10 26
Central Cold Star com20 14
Cent III Seem'—
Common
1
34
Cent Ill Pub fiery prat _• 1734
.
For footnotes see page 781.
High Shares Low
Low
65
350 3434 60
4635
600 21
4214
13
10
5
:13
150
23,4
114
216
14
100
12
53.4
60
1934
916
18
50
3%
55
3
350
3
10
754
1,150' 355
555
5
1,500
27,4
2
1'.4
79
50 4355 79
756
1,250
5
2%
100
3%
315 . 354
15%
1,750
916
145-4
2
2%
560
216
2,250 1134
3034
2814
20 87
110%
108%
17
535
535
1534
6
6%
215
2734
1416
%
20
100
5
450
135
200
5
10 10
20
234
1,6002 23.4
180
1
750 10
150
43,4
50
t70
54
1034
High
Jan 65
Feb
Jan 463-4 Feb
Jan
143.4 Jan
Jan
24 Jan
Jan
14
Jan
Jan
1934 Jan
Jan
3% Jan
Jan 12
Jan
Jan
814 Jan
Jan
23-4 Jan
Jan 79
Jan
Jan
854 Jan
Jon
454 Jan
Jan 174 Jan
Jan
33-4 Jan
Jan 3114 Jan
Jan Ill
Jan
143,4
4
554
15%
43.4
834
234
1754
13
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
17
534
63'
1534
6
7%
214
2734
1434
Jan
Jan
Jan
Feb
Feb
Jan
Pet
Feb
Jar
14
1314
Jan
Jan
54
2054
Jar
Jan
779
Financial Chronicle
Volume 140
Stocks (Continued) Par
1Veek's Range
of Prices
July 1
Sales 1933 to
for
Jan.31
Week
1935
High Shares Low
Low
Central Ind Power pret 100
10
1;1'
6
6
Central S 1t, —
Common
1,250
1
31
3i
31
Preferred
4% 431
120
2
•
Prior lien prat
710
16%
2
• 14
Central Sts Pow & Lt pref.
1%
231
100
331,
Chain Belt Co corn
120 14
• 21% 2231
Cherry Burrell Corp com.
50
24
• 23
5
35
Chi City & Con Ry pf ctfs*
50
31
.51
Chicago Corp common__ •
2
2% 6,100
1%
Preferred
950 2031
• 30% 31%
Chic Flexible Shaft corn_ _5 1331 13%
7
100
Chicago Mall Order corn
805
1,750
17
1731
rola...inhl
Chic.!,
431 4%
300 1 334
Chicago Rys part ctfs_ _100
31
40
35
%
Chic Towel Co cony pref.* 80
20 5831
80
Chicago Yellow Cab
300 1 931
• 1034 1134
(Ines +ervree CO rani
1% 5,650 • 131
•
134
(Nub Aluminum Uten Co..*
100
34
36
3-4
COalcncw.ant, Edison too 53
55
2,700 30%
Congress Hotel corn_ _ _100 1234 1235
30 10
Consumers( o corn
35
200
5
%
51
6% prior pref A _ _ _ _100
4
4
1
10
Continental steel com__ •
8
811
250
6
Preferred
10 40
ioo 80 80
Cord Corp cap stock
0
331 3% 4,000
2%
Crane Co common
28
500
5
934 934
Preferred
_ . ._101, 8731 89
134 32
Eddy Paper Corp corn...' 1535 16
160
435
Elea Household Util cap_5 1531 1731 3,250
6
Elgin Net Watch cap stk 15 15
650 a 631
1531
Fitz Sim & Con Da- corn •
9% 935
200
835
Gardner Denver Co corn.* 18
931
80
18
General Candy Corp A _ _ 5
350
3
7
734
Gen Household UM nom.
•
631 635
850
54
Godchaux Sugars Inc—
Class A
250 10
• 1534 16
Class It
•
7%
500
73.4
331
Goldblatt Bros Inc corn _• 19
1934
700
835
Great Lakes II & I) corn_ _• 18
700 1234
1835
Greyhound Corp oom
22
5 21
300
5
Hall Printing corn
10
600
63.4 635
3%
Ilart-Carter oonv pref _ _ _ _• 10
250
1034
4
I lart Schaff & Marx eom100 1431 1434
50 10
Ilibb Spencer Bart com_25 30
30
40 21%
1{0 dile Hershey Cl 13_•
..1
8
834 1,050
234
Class A
• 3631 3634
100
7
Illinois Brick Co cap. _.28
150
634
6
331
Illinois North CHI pref _100 6034 61
20 4231
Interstate Power $7 pref_.' 1136 11%
10 z 7
Iron Fireman Mfg v to
400 z 331
• 1331 1414
Jefferson Electric Co corn.' 20
2014
200
9
Kalamazoo Stove—
Corn mon new
16
17
130 07
Katz Drug Co corn
400 19
1
3631 36%
Ken-Rad T & Lamp com A•
431 5
1,550
131
Kentucky UM or cumul
preferred
14
50 11
450
5
Keystone Sti & Wire corn.' 2634 2734
550
7%
Preferred
88
100 88
90 65
Kingsbury Brewing cap-1
2
300
231
131
Libby McNeil & Libby 10
7,150 a 2%
734
731
Lincoln Printing Co corn.*
1
50
1
7% preferred
6
6
50
50
1
Lindsay Light corn
10
450
331 431
2
Lion 011 Refining corn...*
4
4
50
3
Lynch corn corn
5 38
1,100 2234
3935
McCord Had lir Mfg A _ _ _• 16
16
50
2
McGraw Electric com
800
5 1414 15
334
MeQuay-Norrls Mfg corn.' 54
20 24 39
55
NW%'Marna Dredging Co.' 2514 2614
600 1234
Mapes Cons Mfg cap_
30
310 a 2931
3114
Marshall Field common_ •
83-4
935 2,500
8%
MIckelberry's Ed Pr corn 1
150
134
131
1
Middle West URI Co corn.•
1,
1,200 2
31
34
$6 Cony pref A
•
50
35
31
34
Midland Util6% prior lien
10
100
34
%
Si
7% prior lien
10
100
34
4
•31
Modlne Mfg corn
• 19
50
19
7
Monroe Chemical Co prat* 4235 4254
200 2031
4
7
7
Common
20
2
Mosser Leather Corp corn' 1535 15%
50
7
Muskegon Mot Spec el A _• 1834 1934
350
5
Nachman SpringfIlled corn.
400
8
835
431
Natl Gypsum A n v corn. _5
100
835 834
73-4
National Leather corn_ _ _10
131
800
13'
51
National Standard corn..' 2734 2755
100 17
NoirlItt-Sparks ind corn...' 14% 1431
900 10
North American Car corn_•
3
3%
200
1%
No American Lc & Pr cool 1
y,
100
31
34
Northwest Bancorp nom •
434 5
1,050
2%
No VV66t Util 77 pre _100
0
50
131
134
1
Prior lien pref
431 43-4
100
50
115
Okla Gas & El 7% pref 100 7735 7731
30 56
Ontario Mfg Co corn
13
110
• 13
7%
Oshkosh Overall nom
,
50
3
•
53.4 534
l'arker Pen Co (The)comb() 12
13
150
4
Peabody Coal Co B corn.*
860
31
31
34
Penn Gas & Elec A corn..' 10
150
10%
Pines Winterfront corn_.."
150
31
31
34
public Service of Nor in—
Cornrnon
17% 18%
65
934
6% preferred
10068
12
68
28
7% preferred
14
78
75
38
Quaker Oats Co—
Common
11
128 130
106
Preferred
100 134% 135%
7 111
Raytheon M fg6% preferred v t c
5
50
31
31
Si
Reliance Internal A corn_
134
50 z
134
34
Reliance Mfg CO corn_ ._l0
931 9%
9
50
Rollins Hos Mills cony pt
13
20
13
831
Ryerson & Sons Inc corn.' 25
350 11
2614
Sangamo Electric Co—
Preferred
100 97 10031
160 40
Sears Roebuck dr Co corn.' 3331 34
150 30
Southern Union Gas corn.*
400
14
34
31
Southwest & E17% p1100 62
6531
120 3931
So'western Lt & Pow pref
• 29% 30
30 14
St Louis Nat Stkyds cap... 73
60 32
73
Standard Dredge—
Convertible preferred_ _•
4% 434
200
135
Stutz Motor Car nom_ __•
500
234 215
Swift International
It 32
1,350 1931
3335
Swift dr Co
25 1714 18
6,350• 11
ThoninSOn (J R) corn...25
531 5%
100
4%
Utah Radio Products corn'
250
%
34
Util & Ind Corp—
Convertible preferred...
131
50
1
134
Viking Pump Co—
Common
10
•
6% 634
Preferred
• 3431 3434
30 21%
vortex Cup Co—
Common
* 15% 16%
400
Class A
• 32
200 24
32%
Wahl Co corn
•
131
100
13/
Walgreen Co
• 29
350 1535
2934
Ward (Montg) & Co CIA.' 1333-4 135
Jommon.240 56
iou
Range Since
Jan. 1 1935
Low
Jan
5
31 Jan
331 Jan
12% Jan
1% Jan
2131 Jan
18% Jan
/,Jan
Jan
2
Jan
29
13% Jan
1534 Jan
431 Jan
35 Jan
80
Jan
Jan
10
I% Jan
% Jan
Jan
47
1235 Jan
31 Feb
3
Jan
7% Jan
70
Jan
3% Jan
931 Jan
Jan
83
13% Jan
14% Jan
15
Jan
8% Jan
18
Jan
531 Jan
5% Jan
High
Jan
6
34
16%
3%
22%
24
1%
2%
3231
15
17%
5%
80
1131
13.4
56
13%
31
4
931
80
434
1031
8931
16
17%
17%
931
21
731
731
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15% Jan
6% Jan
17% Jan
17% Jan
1931 Jan
Jan
7% Jan
1335 Jan
Jan
30
751 Jan
34% Jan
5% Jan
Jo
60
834 Jan
1335 Feb
1834 Jan
1631 Jan
735 Feb
20
Jan
19% Jan
23% Jan
731 Jan
1031 Jan
15
Jan
30
Jan
834 Jan
361
4 Jan
734 Jan
61
Jan
11% Jan
15
Jan
2051 Jan
1534
35
3
Jan
Jan
Jan
1735
37%
5
Jan
Jan
Jan
6
23%.
85
134
6%
1
53.1
3%
4
3531
15
1334
54
2231
30
834
1%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
14
27.34
88
2%
7%
1
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34
Week's Range
of Prices
Stocks (Concluded) Par
6
431
431
39%
18
1535
5535
2631
33
11%
1%
34
WisconsinBankshares eom•
Zenith Radio Corp eorn__•
Bonds
208 So La Salle St Bldg—
1958
lot mtge 5350
July 1
Sales 1933 to
for
Jan.31
Week
1935
Low
High Shares Low
1,000
234 2%
174
131
350' 115
134
28% 2835 52,000
Range Since
Jan. 1 1933
33.
19
High
2% Jan
231 Jan
Low
2% Jan
134 Jan
Jan
2935
Jan
BALLINGER et CO.
Member. Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First Boston Corporation
Cincinnati Stock Exchange
Jan. 26 to Feb. 1, both inclusive
compiled from official sales lists
July 1
Week's Range Sales 1933 to
for
Jan.31
Par
of Prices
Week
1935
Stocks—
High Shares
Low
Aluminum Industries_ _ _ _*
10
8
8
14
Amer Laundry M ach _ _ _20 13
128
Baldwin
1%
131
66
8
Carey
5
42
100 42
Gin Ball Crank pref
106
231
*
2
Gin Gas & Electric
100 75% 79
272
C N 0&T prior pref _ _ _100 102 102
5
Cincinnati Street R y _ _ ..50
97
3% 334
Cincinnati Telephone_..50 6331 64
319
Gin Union Stock Yard..,' 2131 2135
37
* 2131 2131
City Ice & Fuel
7
10
* 22
Cohen (Dan)
22
* 1311 1435
Crosley Radio
374
*
Dow Drug
831 834
60
20
Eagle-Picher Lead
4
4
•
Gerrard (S A)
50
31
34
14
Gibson Art
* 2031 2034
Hatfield prior preferred_12
8
7
8
Partic preferred
5
32
100 32
Hobart class A
24
* 27% 2731
Kahn lot preferred_ _ _ _100 72
18
74
14%
40 14
60
Kroger
202
• 2334 2535
Little Miami Guar
6
50 100 100
1
Magnavox
1
60
2.50
Manischewitz
15
714
735
*
Procter & Gamble
189
* 4431 46
10
8% preferred
100 195 195
Randall 13
106
•
534 535
61
Rapid Electrotype
29
* 29
110
Richardson
*
731 8
U S Playing Card
227
10 3231 33%
US Printing
50
*
334
331
115
Preferred
1331
50 12
2S
37
Whitaker
• 37
Range Since
Jan. 1 1935
Low
Low
8
6
13
21031
1%
1
31
40%
2
134
72%
62
102
SO
3
3
60% 6335
16% 2111
1 1434 2031
9
22
r7
13%
8
2
4
331
1/
,a
31
1631
734
8
7
32
27
2235 2731
69
50
13
10
119
23%
100
75
35
34
731
5
133% 4051
191%
158
1731
294
12
27%
7%
6
14% 29%
3
2
10
431
10
20
High
Jan
8% Jan
Jan
1534 Jan
134 Jan
Jan
Jan
Jan 42
231 Jan
Jan
Jan
Jan 79
Jan
Jan 102
Jan
334 Jan
Jan 64% Jau
Jan
Jan 24
Jan 2131 Jan
Jan
Jan 22
Jan
1434 Jan
9
Jan
Jan
431 Jan
Jan
Jan
3-4 Jan
Jan
Jan 21
Jan
8
Jan
Jan
Jan 32
Jan
Jan 28
Jan
Jan 74
Jan 14% Jan
Jan 28I4 Jan
Jan
Jan 100
Jan
1
Jan
731 Jan
Jan
Jan
Jan 46
Jan
Jan 195
Jan
1831 Jan
Jan
Jan 29
Jan
831 Jan
Jan 33% Jan
Jan
335 Jan
Jan 13% Jan
Jan 3731 Jan
Detroit Stock Exchange
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Stocks—
Par
1Week's Range
of Prices
Low
1
Auto City Brew corn
1%
Baldwin Rubber A
734
Bower Roller Bearing com5 1735
Burroughs Add Mach _ _ _ _* 1435
Chrysler Corp corn
5 3635
Continental Motors corn.*
1%
Detroit Edison corn. _..l00 75
Detrolt Gray Iron corn.. _5
434
Detroit Mich Stove com _ _1
•11
Detroit Paper Prod corn _ _*
1034
Eureka Vacuum
5 11
Ex.001-0 Aircraft com__ _ _3
6%
Federal Motor Truck cora •
435
* 2931
Ford Motor of Can A
1
Graham-Paige corn
2%
Hall Lamp com
Hoskins Mfg corn
23
Houdaille-Hers hey B
•
731
Hudson Motor Car
9%
•
10 20%
Kresge(SS)com
Lakey Fdy & Mach corn,
.1
131
Mich Steel Tube cora _ _ _*
3
Mich Sugar corn
•
airs
Preferred
231
10
Murray Corp corn
10
6%
•
l'ackard Motors corn
4%
• 3331
l'ar ke-Davls & Co
Parker-Rust-Proof corn..' 5835
3
-ten Motor Car Co corn _ _5
2%
.
Rickel (11 W)
2
3
River Raisin Paper corn..'
334
Scotten-Dillon corn
10 2131
Square D A
22
•
8%
Stearns (Fredlc) corn _ _ _ _•
8
Timken-Det Axle corn..l0
6
Tivoli Brewing corn
1
2
Truscon Steel Co
10
5
United Shirt Dist com____*
2%
S Radiator COM
2%
Universal Cooler 13
131
Warner Aircraft Corp_ - I
1
July 1
Sales 1933 to
for
Jan.31
Week
1935
High Shares
1% 3,213
137
735
795
1731
894
15
834
36%
170
1%
278
77
200
4%
200
916
155
1034
11%
590
550
6%
300
5
330
30
1,130
231
675
531
150
23
1,550
831
799
935
975
2031
100
131
100
3
300
131
200
231
390
7
1,657
431
34
856
131
58%
904
2%
1,390
3
5,628
3q
21%
330
240
22
235
834
100
831
,
370
6
2% 3,443
512
Si
100
254
500
2%
1%
1,400
135 2,83.
Low
134
2%
634
1031
26
Range Since
Jan. 1 1935
Low
114
7
1731
1434
363-4
1%
68
4
34
934
10%
631
435
2931
2%
531
2235
734
934
2051
1%
3
nis
231
631
435
33
55
23.4
3
234
2034
21
754
834
6
2
5
2%
231
135
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
Jan
2
Jan
8
Jan
19
1534 Jan
4254 Jan
134 Jan
7834 Jan
474 Jan
31 Jan
1031 Jan
1131 Jan
756 Jan
531 Jan
3134 Jan
331 Jan
Jan
6
Jan
23
854 Jan
129-4 Jan
213-4 Jan
1% Jan
Jan
3
3•16 Jan
23-4 Jan
734 Jan
5% Jan
3435 Jan
6334 Jan
2% Jan
334 Jan
351 Jan
2134 Jan
Jan
23
Jan
9
Jan
9
7% Jan
231 Jan
Jan
6
331 Jan
Jan
3
13-4 Jan
135 Jan
Jan
Jan
16% Jan
42% Jan
6% Jan
1531 Jan
Jan
16
Feb
8
834 Jan
1
Jan
Jan
27
1331 Jan
3
Feb
94 Jan
334. Jan
154 Jan
Jan
7531 Jan
13
Jan
551 Jan
11
Jan
14
Jan
9, 4 Jan
1
Jan
Jan
34 Jan
19
Feb
42% Jan
Jan
7
16% Jan
20
Jan
931 Jan
934 Jan
131 Jan
28
Jan
1534 Jan
331 Jan
Jan
5% Jan
154 Jan
434 Jan
7731 Jan
14
Jan
531 Jan
13
Jan
Jan
1014 Jan
"4 Jan
15%
6135
7351
2031
6)135
78
Jan
Jan
Jan
Jan 130
Jan 136%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
134
10
13
26%
Jan
Jan
Jan
Jan
Jan
Jan 10031
Jan 40
Jan
34
5434 Jan 6531
25% Jan 30
69
Jan 73
Jan
Jan
Jan
Jan
Jan
Jan
4
234
3134
17%
54
31
Jan
Jan
Jan
Jan
Jan
Jan
531
2%
3531
1931
5%
34
Jan
Jan
Jan
Jan
Jan
Jan
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
13(
Jan
131
Jan
634 Jan
343' Jan
73.5
35
Jan
Jan
Jan
1631
Jan 32%
Jan
231
Jan 31
Jan 135
Jan
Jan
Jan
Jan
Jan
Low
High Shares Low
Bandini Petroleum
/!,‘
5
2gg
33.4
1
334
10
Bolsa;Chica 011A
3
334
1
Buckeye Union Oil
140
lac 8,200
3c
1
Vtc
15e
15e 1,300
7c
1
Preferred
38c 43c 10,350
6c
1
Preferred v t c
390 47e 17,000
15c
38.% 3831
Calif Packing Corp
600' 1631
Citizens Nat Tr & S Bk_20 22
2311
400 18
For footnotes see page 781.
128
13334
3-4
9%
11
20
Jan
Jan
Jan
95
333(
15
31
134
29
127
55
2
35
3%
6%
2%
2%
, 7-4
S
3
13
2%
216
110%
234
3
35
231
13%
21235
219%
236
2
2%
1
1735
is3
7
434
3
1%
1331
2134
51e
34
Los Angeles Stock Exchange
Stocks—
•
Par
1Veek's Range
of Prices
July 1
Sales 1933 to
for
Jan.31
Week
1935
Range Since
Jan. 1 1935
Low
331
234
hg
110
23c
29c
3834
2031
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
331 Jan
335 Jan
15c Jan
15c Jan
43c Jan
47c Jan
3831 Jan
2334 Jan
Financial Chronicle
780
JULY
S.
Low
High Shares
• 1055 1034
400
Claude Neon Elec Prod_..
100
759' 759
Consolidated Oil Corp_ _ _ .•
100
35c 35c
Crystalite Prods Corp— __"
100 2555 2534
10
Preferred
Emsco Der & Equip Co_ _ _5
935
2,500
834
1
200
12
Exeter 011 Co A
12
12
I armers & Mer Nat Bk100 36235 36255
20
G'year T & R (Cal) pref100 7.545s 75
* 2134 2134
100
G'year T & R (Akron)
1.300
Hancock 011A corn
* 1035 11
Khmer Airpl & Mot Corp_ 1
38c 42c 1,400
Lincoln Petroleum Corp 1
50c 5735c 7.800
1,200
155
Lockheed Aircraft Corp_l
135
75
LA Gas & Elea 6% pref100 8635 88
39
Marbellte Corp
250 25c
•
200
Mills Alloys Inc A
Sc
Sc
*
300
Oceanic 011 Co
400 40c
1
5c 7.000
1
Sc
Olinda Land Co
Pacific Finance Corp___ 10 10111I 1055
700
1,400
Preferred A
10 1035 11
100
Preferred C
10
835 834
800
Pacific Indemnity Co
10
9.0 10
Pacific Western Oil_
500
•
734 8
Republic Petroleum Co_10
600
235 3
73
Samson Corp B corn
• 36
36
Security-First Nat Bk_ __20 3535 38
1.500
42
Security Co Units
• 1634 1655
300
Socony-Vacuum 011 Co__15 1335 14
So Calif Edison Co
25 1135 1255 2.000
7% preferred
400
25 2134 22
1,700
6% preferred
25 1835 1835
900
534% preferred
25 1635 17
So Calif Gas Co 6% pref 25 2335 2335
200
Southern Pacific Co
300
_100 1535 1535
900
Standard Oil of Calif
• 2935 3055
Taylor Milling Corp
* 1155 1155
100
•
.555
535 3.000
Transmerica Corp
1,600
Union 011 of Calif
1514
25 15
3c 25,000
30
15 S 011 Sr Royalties Co_25c
Universal Cons 011 Co
10
455 535 5,700
40
4
4
Weber Showcase & F pf __•
100
800 80c
Wellington 011 Co
1
Range Since
Jan. 1 1935
High
Low
1055 Jan 1034 ,Jan
834 Jan
734 Jan
35e Jan
350 Jan
2534 Jan 2535 Jan
935 Feb
Jan
7
Jan
12
Jan
12
Jan 36255 Feb
340
Jan
Jan 75
75
1Jan
213/s Jan 26
Feb
955 Jan
11
93c [Jan
380 Jan
600 [Jan
40c Jan
155 Feb
1.10 Jan
81
Jan 89 [Jan
50c Jan
250 Feb
Sc Jan
Sc Jan
40c Jan
350 [Jan
Sc Jan
Sc 1 Jan
103-5 Jan
935 [Jan
10% I.Jan
ii
Jan
Jan
9
831 [Jan
10
Feb
855 [Jan
855 Jan
755 .
Jan
3
Feb
2 1Jan
Jan
Jan 36
36
Feb
3334 Jan 38
1635 Jan
Jan
16
1335 Jan 1455 Jan
1135 Jan
1234 Jan
Jan
2045 Jan 22
1835 Jan
1755 Jan
1755 Jan
1655 Jan
2334 Jan 2334 Jan
Jan
19
1555 Jan
Jan
2935 Jan 32
Jan
1155 Feb
11
526 Jan
551 Jan
15
Jan 1634 Jan
3c Jan
30 Jan
2
534 Jan
Jan
4
4 fJan
80c [Jan 975549 Jan
80
235
Jan
Jan
Jar'
Jan
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Stra•t
52 Broadway
Philadelphia Stock Exchange
High
Low
1154 13
i
55
21
21
20
20
111% 11134
60
57
55
58
104 11
634 634
1535
15
1534 15
4
2334 2434
4526 4634
14
155
13
13
234
235
535 6
123-5 1234
11
12
15
15
134
135
335
335
54)
51)
P554 556
2534 2556
19
1934
655T` 636
351' %
23
23
49
50
934 934
95
95
4154 4134
GI
Allen Industries Inc
•
Byers Machine A
•
•
City Ice & Fuel
Cleve-Cliffs Iron prat_ .._ _•
Cleve Elea 1116% pref_100
Cleveland Ry
100
Certificates of depos1t100
Cleveland Union Stockyds•
Cliffs Corp v t c
•
Corrigan McKin Steel vol 1
1
Non-voting
Electric Controller & Mfg •
Tederal Knitting Mills. _ _•
Geometric Stamping
•
Italie Bros
5
Ilarris-Seybold-Potter
*
Jaeger Machine
•
Kelley 1st Lim & Trans *
McKee (Arthur G) el B....•
Medusa Portland Cement•
Mohawk Rubber
•
National Refining
25
Preferred
100
Nestle LeMur cum cl A.._
Nineteen IIund Corp el A."
Ohio Brass B
•
Packer[Corp
•
Paragon Ref B 3d pay end •
Patterson-Sargent
•
•
Richman Bros
S M A Corp
1
Trumb-Cliffs F cuon pref100
Truscon Stl cum 7% pfd100
Juty 1
Sales 193310
Jan.31
for
Week
1935
—
Weeks' Range
of Prices
.
.4W CO
. ..N
..0 N..
.. .
NV,
0 40.-'04.0.N.NNMNJWaa0.N000.0,00.4ft
.
04...000NVICa0
N0000000000000000W000.
Par
compiled from official sales lists
Range Since
Jan. 1 1935
High
Low Pt
Low
Jan
13
835 Jan
2
55 Jan
%
55 Jan
Jan
1455
2035 Jan 21
Jan
Jan 20
20
16
9935 11034 Jan 11135 Jan
,
3555 57
Jan
Jan 60
Jan
Jan 58
3434 55
634 Jan
6
Jan
725
635 Jan '754 Jan
535
1555 Jan
12
Jan
8
1554 Jan
1126 Jan
824
Jan 2426 Jan
21
1434
2934 4455 Jan 4636 Jan
3.1
155 Jan
154 Feb
Jan
13
Jan
13
8
255 Jan
,
134 Jan
35
Jan
6
455 Jan
1
13
Jan
Jan
11
634
Jan
Jan
12
5
9
Jan
Jan
16
12
6
155 Jan
255 Jan
1
355 Jan
Jan
3
234
Jan
60
Jan 60
45
526 Jan
Jan
4
I
21
2334 Jan 2556 Jan
Jan
Jan 20
19
10
634 Jan
334
65.5 Jan
35 'Jan
X Jan
X
23
Jan 24 l'Jan
1034
48
Jan
Jan 50
38
935 Feb
9
Jan
835
Jan 95 'Jan
95
60
39
Jan 4154 •Jan
30
Pittsburgh Stock Exchange
Jan. 26 to Feb. 1, both inclusive
Week's Range
of Prices
Low
2355
,
22
1134
175
694
431
635
2
2
compiled from official sales lists
Sales
for
Week
Juty i
1933 to
Jan.31
1935
High Shares Low
30 4 1334
2434
2261
265 213
1235
341
6
235 18,508
900
7
147
1654
435
100
11
635
35
455
2
10
2
256
2.964
1 i,4
Range Since
Jan. 1 1935
Low
2034 Jan
Jan
22
1034 Jan
135 Jan
635 Jan
355 Jan
534 Jan
2
Jan
2
inn
High
2455 Jan
24
Jan
1334 Jan
235 Jan
735 Jan
43% Jan
656 Jan
2
Jan
24 inn
.6;
.
. 0.0
N00 . to CO
OC .0•W00•00•0 * •0 •0 •
American Stores
Bell Tel Co of Pa pref.
_
Budd (E G) Mfg Co._
Electric Storage Batter
Horn & Hard (Phila)co
Horn de Hard(N Y) co
Insurance Coot N A _ _
Lehigh Coal & Navlgat
Lehigh Valley
Mitten Bk Sec Corp pr
Pennroad Corp v t c
Pennsylvania RR
l'enna Salt Mfg
PhIla Dairy Prod pref _
PhIla Elec of Pa E.5 pre
Phila Elec Pow pref _ _
Ph ila Insulated Wire_ _
Phlia Rap Trans 7% p
Philadelphia Traction...
CM of deposit
Scott Paper
Serlos A 7% pref.. _ _
Tonopah-Belmont Dev
Tonopah Mining
Union Traction
United Gas Imp corn.._.
Preferred
Westmoreland Coal._
Bonds—
Bell Tel bs
Elea Sr Peoples tr ctfs
Peoples Pass tr ctts 48..
Phila Elee 1st Sr ref 4s.
Week's Range
of Prices
JULY 1
Sales 1933 to
Jan.31
for
Ireek
1935
Low
High
3755 41
11654 11755
35 434
9534 4655
82
85
22
22
6355 5335
634 7
84 926
13-5
135
1
2055 2255
7335 76
14
1436
166 107
324 33
2226 23
54 531
1834 1834
1725 1726
5835 5956
115 115
4
4
Si.
5iii
535 6
1156 1256
90
92
635
7
Co
0
N. WW.NWQW0M.N
NN.000
loP0WCQW.NON t
.N.P.NOMNW,
NW..,000000ON00000..00010000.0NN
Cleveland Stock Exchange
Jan. 26 to Feb. 1, both inclusive
Par
115
19
2555
10575
115
194
2555
10575
ft.
CLEVELAND, - - - OHIO
Stocks—
088
.
00
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 5050
High
1936 Jan
7855 Jan
,
635 Jan
2734 Jan
Jan
2
Jan
2
1614 Jan
4.54 Jan
834 Jan
334 Jan
135 Jan
,
104 Jan
343 Jail
155 Jan
3435 Jan
Jan
2
Jan
20
154 Jan
4
Jan
2655 Jan
40
Jan
DeHaven & Townsend
• *0..0
ft
.r
Jan
10355 Jan 106
,
2935 Jan 3226 Jan
Jan
3056 'Jan 34
Jan
2535 rJan 30
555 Jan
434 Jan
555 Feb
455 Jan
Jan
454 Jan
4
GILLIS WOOD & CO.
Allegheny Steel corn
•
•
Armstrong Cork Co
Blaw-Knox Co
•
1
Carnegie 3.fetals Co
•
Columbia Gas & Elec Co.
Duquesne Brewing com..5
5
Class A
•
Electric Products
rnv. rittahurgh 'Brew
1
64
1156
10
134
80
80
135
154
Low
1734 Jan
7455 Jan
526 Jan
2455 Jan
Jan
1
Jan
2
1555 Jan
235 Jan
Jan
7
Jan
2
154 Jan
10
Jrn
2c Jan
75c Jan
2755 Jan
2
Jan
18
Jan
950 Jan
334 Jan
2435 Jan
3636 Jan
75
14
High Shares Low
260 1 12
1834
76 54
77
993
434
575
2735 1,049 14
1
775
134
155
130
2
30 15
16
150
2
4
1426
455
726
2
100
2
1
600
135
25
93.5
1054
2c
20 1,200
75c
100
155
360 15
3355
2
100
2
19
25 1555
950
135
1,365
335
328
4
2455
292 1534
3835
115 12774
Established 1874
...COW
490
45
200
500
300
400
200
104%
2936
3136
2635
435
555
434
170 Jan
120
60 fJan 1555c Jan
4c Jan
3c Jan
41c !Jan
51c Jan
22c Jan
14c Jan
Listed and Unlisted
Par
Unlisted—
Lone Star Gas 6% pref 100
rennroad Corn v t c
•
Low
1834
76
535
2555
1
2
16
335
7
2
I%
1035
2c
134
33
2
19
1
374
2455
3655
rJan
W
150 26,000
14c
1.000
120 12c
3.55c 355c 3,000
49c 50c 3,400
200 20c 1,200
OHIO SECURITIES
Stocks—
Barb-Walk Refrac com_*
Koppers Gas & Coke pr 100
*
Lone Star Gas Co,.
Mesta Machine Co
5
Nat'l Fireproofing prof..100
Pittsburgh Brewing Co_ •
Preferred
•
Pittsburgh Forging Co_ _ _1
Pittsburgh Screw & Bolt •
Pittsburgh Steel Fdry. •
Renner Co
1
Ruud Mfg Co
5
San Toy Mining
•
Shamrock 011 & Gas
•
United Engine Sr Fdry •
U S Glass Co
25
Vanadium Alloy Steel_ _ __*
Victor Brewing Co
1
Western 1' Serv v t c
•
Westinghouse Air Brake_•
Westinghouse El Sr Mfg 50
Range Since
Jan. 1 1930
Jan. 26 to Feb. 1, both inclusive compiled from official sales lists
Unlisted—
American Tel dr Tel_ _ _ _100 10335
• 2936
Bethlehem Steel
General Motors
10 N 3036
Montgomery Ward
• k 2534
435
Parkard Motor Car Co_ _ _"
Radio Corp of America_ *
534
Warner Bros Pictures_ _ _ _5
4
Stocks--
Weeks' Range
of Prices
Stocks (Concluded) Par
rJan
...NW:,
WA.W05010
Mining—
Black Mammoth C M 10c
Calumet Mines Co
10c
Imperial Develop Co_ _ ..25c
Tom Reed G Mines Co_ __I
Zenda Gold Mining Co_ _ _1
ring 1
Sales 1933 to
Jan.31
for
Week
1935
1
Sales 193310
Jan.31
for
1935
Week
Week's Range
of Prices
N
tl
'.
W.
-.W
....-.
WW
...1
IQ.
.C
.
,..1...
W
.. .WC
0
414011,
.W.
. tnWOWW,TICAWO,...W
WWWW100 W .
1
,
Stocks (Concluded) Par
Feb. 2 1935
Range Since
Jan. 1 1935
Low
Low
High
13555
3735 Jan 4355 Jail
10936 1154 Jail 11755 Jan
445 Jan
3
555 Jan
3355 4534 Jan 4935 Jan
82
Jan
Feb 86
69
2154 22
Jan 24 !Jan
23455 5355 Jan 5474 Jail
555
63-5 Jan
751 Jan
84 Jan
824
1134 Jan
34
1
Jan
1% Jan
135 Jan
255 Jan
135
,
2055
2055 Feb 2235 Jan
Jan
34255 7355 ' Jan 79
11
14
Jan
1436 Jan
90
10336 Jan 107
Jan
2955 3135 Jan 33
Jail
20
22
Jail 25
Jan
336 Jan
('3
635 Jan
16
184 Jan 2234 Jan
16
1726 Jan
1726 Jan
1374 56
Jan 5934 Jan
105
11326 Jan 11526 Jan
26 Jan
26
4 Jan
Tni Jan
,
26
61 Jan
'555 Jan
475
674 Jan
1126 1156 Jan
13
Jan
18255 893-5 Jan 923-5 Jan
435
7
635 Jan
Jan
1103
115
15
19
2355 2534
18935 10556
Jan 115
Jan 21
Jan 2555
Jan
Jan
Jar,
Jail
irlI1
1041
ST. LOUIS 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
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Jutg 1
Week's Range Sales 1933 to
Range Since
Stocks—
Par
of Prices
Jan.31
for
Jan. 11930
1Week
1935
Brown Shoe corn
•
Burkart Altg corn
•
Century Electric Co_ .._100
Ely Sr WalkDry Gds com25
let preferred
100
Falstaff Brew corn
1
Fulton Iron Works corn.. _•
Ilamil-Brown Shoe cora _
Hydraulic Pr Brk pfd_ _100
International Shoe com_ _•
Laclede Steel corn
20
Landis Machine corn _ _ _ _25
Moloney Electric A
•
Mo Ford Cement corn....25
Nat Bearing Metals com_•
Nat Candy com
•
Rice-Stlx Dry (Ids com
•
1st preferred
100
Scruggs-V-14 D G corn._ _25
1s1 preferred
100
Southw Bell Tel pref
100
Wagner Electric com_ _15
Preferred
100
Low
5755
8
20
21
106
25c
3
I 36
4455
1525
13
8
7
19
1426
11
104
13-5
7
121
1256
11154
Mg! Shares Low
58
75 III
10
I
8
20
7 20
130 13
21
20 90
107 •
355
405
255
165 10c
25c
326
130
226
25
1
13-5
4455
228 38
16
110 124
2
6
13
50
6
8
20
6
7
19
111
14
29 1436
15
1126
250
635
104
20 00
135
200
126
25
7
7
50 115%
12135
134
447
4325
4 90
11174
Bonds—
Scullin Steel 1st (is spd 1941
1536 1535
For footnotes see page 781.
82,000
1374
Low
56
6
20
1756
105
274
250
3
125
44
1536
13
8
625
19
1425
11
104
135
7
119
1256
109
Jail
Jan
Jan
Jan
Jan
Jail
Jail
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jail
Jan
Jan
High
58
Jan
8
Jan
jail
20
Jan
21
Jan
107
355 Jan
Jan
25c
425 Jan
13.4 Jail
Jail
45
Jan
16
13
Jail
8
Feb
7
Jan
Jan
19
jail
15
123.5 Jan
Jan
104
156 Feb
7
Jan
12135 Jan
1436 jail
1113-5 Jan
1536 Feb
1536 Feb
Financial Chronicle
Volume 140
DEAN WITTER & CO.
Municipal and Corporation Bonds
DIRECT PRIVATE WIRES
San Francisco
Oakland Sacramento
Portland
Ilonolulu
Los Angeles
Fresno New York
Tacoma
Seattle
Stocks;(Concluded) Par
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 .4 Sugar Ex.
Commodity Exchange. Inc.
Honolulu Stock Exchange
Jon. 26 to Feb. 1, both inclusive, compiled from official sales lists
Par
,
Anglo Calif Nat Bk of S1 20
Assoc Insur Fund Inc_ _10
Atlas Imp Diesel Eng A..•
Bank of Calif N A
Byron Jackson Co
Weeks' Range
of Prices
July 1
Sales 1933 to
for
Jan.31
Week
1935
Low
High Shares Low
12
12%
668
731
2
1,320
154
it
7
7
217
1%
100 147 147
755 7%
•
corn_
talamba Sugar7% pref_20
i
100
Calaveras Cem
1934 19%
32
32
10
California Copper
31
%
Calif Cotton Mills coin 100 12
12
California Packing Corp_.• 39
39
Calif W Sts Lite Ins Cap-5 11% 11%
Caterpillar Tractor
• 37% 38
Clorox Chemical Co
30
• 30
Cot Cos G & E 6% lstpf 100 77
77%
Cons Chem Indus A
28
28%
Crocker First Nat lik-100 250 250It
*
Crown Zellerbach v t c
435 4%
Preferred A
• 65
67
Preferred 13
• 66
66
Di Giorgio Fruit $3 pref100
27
35
Eldorado Oil Works
•
Emporium Capwell Corp-•
Fireman's Fund Indem_10
Fireman's Fund Insur_ _25
Food Mach Corp com
*
18
554
28%
74%
21%
1831
6
28%
75,
22%
Galland Merc Laundry...*
Gen Paint Corp A nom. _•
B common
Golden State Co Ltd
•
40% 4034
16
16
2
2
534 5%
Range Since
Jan. 1 1935
Low
12
I. Jan
115 , Jan
5 , Jan
High
1234 Jan
1% Jan
735 Jan
5 12034 143
1,398
3%
734
Jan 147
Jan
8%
Jan
Jan
705 1535
19
5
30
32
500
34
55
160
4
1035
664 11631
37
78
7%
10%
433 1534
3635
100 1834
2935
26 56%
77
250 2135
2754
5 205
235
2,306
1334
435
107 27
6235
42 26
63%
Jan 20
Jan 32
Feb
34
Jan
13%
Jan 40
Jan
1135
Jan 3935
Jan 31
Jan 80
Jan
2834
Jan 250
Feb
.555
Jan 70%
Jan 70
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
327
16
2235
Jan
as
200
1,000
20
375
850
13
5
17
44
1031
18
554
26%
7135
2034
Jan
Jan
Jan
Jan
Jan
1835 Jan
Jan
6
28% Jan
65% Feb
Jan
23
10
245
200
410
31%
5
35
4
39
15%
2
5%
Jan
Jan
Jan
Jan
41
1735
2%
5%
Jan
Jan
Jan
Jan
4
21%
8%
4735
15%
2735
9%
835
53
2
18
14
400
11
36
120
31
454
8
40
10%
17%
3%
7
3
2035
855
43%
14%
26
835
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
21%
9
4735
15%
2734
10
835
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jantzen Knitting Mill .•• 635 631
Leslie-Calif Salt Co
• 2531 25%
LA Gas & El Corp prof 100 8835 88%
Lyons-Magnus Inc A_ _.•
8
8
196
189
14
100
4
21
75
6
7
24%
8131
635
Jan
aJn
Jan
Jan
7%
26
8835
8
Jan
Jan
Jan
Jan
Magnavox Co Ltd
231
34
I
(1) Magnin & Co com_•
8% 835
Marchant Cal Mch com_10
2% 2%
National Auto Fibres......*
13
13
Natomas Company
855
•
8
42
No Amer hw 6% pref. 100 40
• 1435 1435
Oliver Utd Filters A
•
3
3
Pacific 0& E corn
25 13% 14%
6% 1st prat
25 2031 2135
•
535% pref
18% 18%
Pao Light Corp 6% pref__• 7333 7434
PM Pub Ser (non-vot)com•
51
5
,
1
(Non-voting) prat
•
734 7%
Pac Tel & Tel corn
100 72% 73
6% preferred
100 113% 116%
Paraffine Co's corn
• 3735 38%
Phillips Petroleum
• 14% 14%
586
100
216
114
2.760
10
100
40
2,28
2,70
61
18
179
530
200
119
1,309
100
Jan
1
Jan
834
Jan
235
Jan
13
Jan
9
Jan 40
Jan
14%
Jan
3
Jan
14%
'Jan 2135
Jan
185.5
Jan 7434
Jan
%
Jan
8%
Jan 73
Jan 116%
Jan 4235
Jan
1454
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
12
3235
935
Jan
Jan
Jan
Jan
Jan
Jan
70% Jan
15
Jan
131 Jan
34 Jan
29% Jai
84
Jan
53.4 Jan
8954
t 34
'7%
76
19
1%
1
32
86%
5%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Haiku Pine Co Ltd com_20 '335
l'referred
25 2131
little Bros Stores Inc
•
831
Hawaiian C & S Ltd_ _ _ _25 47
onolulu 011 Corp Ltd_ _ _* 1531
Honolulu Plantation_ __20 2831
I lent Bros A coin
•
931
Hutch Sugar Plant
15
831
Ry Equip & Rlty 1st prof •
liainier Pulp & PaperCo.•
Roos Bros corn
1
11% 1135
3135 31%
9
9
45
317
364
1250e
6
8%
1
2
13
13
3%
7%
14
38
5
12rt
2%
135
13%
112%
218%
20%
18
16%
66% 71
1759
3.1
1%
731
68% 7034
19934 111
21
3735
14%
111
5
15
5
S J L & P 7% pr pref _100 89% 893
5 67%
schlesinger & S(B 1') corn •
34
4 1,310
31
Shell Union 011 corn
•
7
7
475
Preferred
100 75
75
45 4534
Southern Pacific Co_ _ _ _100 15
15% 1,760 114%
So Pac Golden Gate A __•
1%
I%
1,187
31
5
II
1
1
1.010
31
Standard 011 Co of Calif • 29% 3034
1,228 126%
ThieWtr Assd 011 6%pf100 8535 85%
3
4334
Transamerica Corp
•
5% 555 21.41
5
I - ti ion 011 Co of Calif_ ___25 15%
'Ilion Sugar Co corn_ _ _25
555
'td Air Lines Trans v c 5
6%
Weill & Co(R)
pref 100 94
Wells Fargo 10k & U Tr 100 235
West Amer Fin 8% pref.10
%
Western Pipe & Steel Co 10 11%
1555
5%
6%
94
237
%
11%
78
10
10
5.
12
46
10
30
9
8835
Si
Jan
15
11135
Jan 16% Jan
4
5
Jan
535 Jan
13%
6
Jan
6% Jan
94
81
Jan 94
Jan
230
179
Jan 237
Jan
55 Feb
55 Feb
34
73.4
1034 'Jan 11% Jan
San Francisco Curb Exchange
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Stocks-
Par
Week's Range
of Prices
July 1
Sales 193310
for
Jan.31
Week
1935
Range Since
Jan. 1 1935
Ista
High Shares Low
Low
Low
05
Alaska-Tread well
30e
30c
100
10c
30c
100 10351 105
Amer Tel At Tel
409 1 10054 10334
Amer Toll Bridge (Del),_.1
24c 26c 1.100
20c
22c
55
Anglo National Corp
3
7% '731
7%
•
Argonaut Mining
5 1155 1231
425
1.75 10
4% 435
5
Aviation Corp
35 113%
55-4
High
300 Jan
Jan
Jan 10635 Jan
Jan
26e Feb
Jan
731 Jan
Jan
14
Jan
Jan
534 Jan
•
10e
Calif Pao Trading
10c
•
134
Cities Service
134
1
43c 43c
Claude Neon Lights
• 8031 8531
Crown Will 1st pref
50
• 50
2d preferred
5
831 931
Emsco Der & Equip
.
Fibreboard Prod pref _100 100 100
Feb
100
154
Jan
Jan
500
Jan 87
Jan 5055
Jan
934
Jan 100
50
526
200
300
15
800
10
10c
135
23
”
40
1631
1723.4
79
100
154
43c
75
50
7
100
Week's Range
of Prices
Sales
for
1Week
July 1
1933 to
Jan.31
1935
Range Since
Jan. 1 1932
wa•
Low
High Shares Low
Ilion
Low.P
General Motors
10 3034 31
577 2
222%
3054 ,Jan 33% Jan
GrWes EI-Chem nom_ _100 127 128
60 85
Feb
124
t Jan 128
Preferred
133 84
100 100 100
Jan
100
Jan 100
Hawaiian Sugar
7 28
20 3235 32%
31
IJan 3235 Jan
Idaho-Maryland
1
3.00 3.00 2,050
2.50
3.35 Jan
3.00 Jan
Italo Petroleum
1
17c
100
17c
Sc
130 Jan
18c Jan
Intl Petroleum prof
1
750 90c
650
47c
660 Jan
1.20 Jan
Telephone dc Telegraph_ _ _*
854 834
20
Libby McNeill
2234
10
735
734
1,252
735 1Jan
635 Jan
San Francisco Stock Exchange
Stocks-
781
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Marine Bancorp
14
• 14
M J & M & Ai CODS OIl..- _I
4c
4c
Monolith Portland Cem . 2.60 2.60
Preferred
655 6%
10
Natl Auto Fibres A
13
• 13
Preferred
• 105 105
"L" Nay Por G Mines_ __ _5
800
Oahu Sugar
20 21
2135
Occidental Petroluem____1
28c 28
O'Connor Moffatt
• 2.30 2.3
Olaa Sugar Co
4.75 4.75
20
Pacific Amer Fish
Pat Eastern Corp
Pineapple Holding
Radio Corp
Republic Pete
Sears Point Ltd
Shasta Water corn
So Call Edison
5347 preferred
0
6% preferred
7% preferred
Sunset
-McKee A
•
1
20
*
10
•
•
25
25
25
25
•
10
234
12%
534
2.25
75e
24
12
1635
1834
21%
18%
US Petroleum
Universal CODS OH
Virden Packing
Waialua Agricul
1
10
25
20
22c 22
4.75 5.75
5
5
41% 42
10%
235
1335
555
2.2
75
24
1234
17
18%
21%
18%
70
500
10
20
150
50
200
90
500
10
100
9
14
14 'Jan
Jan
Sc
4c Jan
4c Jan
1.00
2.60 Jan
2.95 Jan
634 Jan
3.35
631 Jan
3
1335 Jan
1131 rJan
46
Jan
105 ;Jan 105
,
80c
800 Jan
80c Jan
15
2031 Jan 2135 Jan
26c Jan
20c
28e Jan
2.00
3.00 Jan
3.00 Jan
4.75 Jan
4.75 Jan
4.55
500
5
275
134
3.448
5
2.109
455
10 17th
50
75c
40 11
714 110%
45 1 14%
,
558 215%
40 18%
30 11%
934
234
11/.4
4%
2.25
75c
22*
1135
1635
1735
2035
1835
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
200
2,290
120
570
21c
2.00
4.00
3631
OF
Jan
Jan
Jan
Jan
16c
1.20
3.75
29
1134
23-4
1335
555
2.25
1.00
24
1234
1634
1831
2135
19
Irs
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
24c !Jan
5.75 rJan
5.00 Jan
42
rJan
•No par value. c Cash sale. z Ex-dlvidend. y Ex-rights. z Listed.
g Price adjusted to 100% stock dividend paid Dec. 29 1934(Kalamazoo Stove CO.).
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows:
1 New York Stock
1z Cincinnati Stock
az Pittsburgh Stock
2 New York Curb
I,Cleveland Stock
•• Richmond Stock
14 Colorado Springs Stock .
3 New York Produce
2 St. Louts Stock
4 New York Real Estate 15 Denver Stock
63 Salt Lake City Stock
16 Detroit Stock
• Baltimore Stock
26 San Francisco Stock
17 Los Angeles Stock
6 Boston Stock
27 San Francisco Curb
'Buffalo Stock
16 Los Angeles Curb
28 San Francisco 'lining
zs Seattle Stock
15 Minneapolis-St. Paul
• California Stock
ze New Orleans Stock
• Chicago Stock
Spokane Stock
21 Philadelphia Stock
1* Chicago Board of Trade
3, Washington(D.C.)Stock
11 Chicago Curb
Toronto Stock Exchange-Curb Section
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Stocks
Beath & Son(W D) A_
Biltmore Hats corn
Brewing Corp corn
Preferred
Bruck Silk
I Friday
Sales
Last Week's Range
Rent: Since Jan. 1 1935,
for
of Prices.
Sale
Waek.
Per Price. Low, High. Shares.
Lew.
Hick.
•
•
•
Can Bud Breweries com__.
Canada Malting corn_ __•
Canada Vinegars corn_ _ _ _•
•
Can W irebd Boxes A
Corrugated Paper Box Co_
Dehaviland Aircraft com_•
Distillers Seagrams
Dominion Bridge
•
Dom Tar & Chem corn.... _*
Preferred
100
English Elea of Can A _ ___*
Goodyr T & Rub corn_
15
8 *
2635
2
16%
2734
53'
3
3
15
15
3% 3%
1735 18%
1634 1654
8
29%
2635
1634
30
855
30%
2655
16%
30
2
2
16
1635
27
2835
534 535
60
60
3% 335
..• 14634 145 148
Hamilton Bridge coin_
•
Preferred
100
Honey Dew corn
Preferred
Howard Smith corn
•
Hurnberstone Shoe corn _ _ •
Howard Smith Pap M Ltd_
7
20%
Inter Metal Industries. __*
Preferred
Langley's corn
1*
554
30
Montreal 1.11 & P Cons...*
National Breweries com •
Ontario Silknit coin
•
Preferred
100
Power Corp of Can com__*
Rogers-Majestic
•
•1I
"4
Shawinigan Wat & Pow. *
Stand Pay & Mat corn_ •
Preferred
100
Supersilk corn
•
Preferred
100
Tamblyns Ltd(G)corn_ *
Preferred
100
Toronto Elevators nom_
Preferred
100
United Fuel Invest pref 100
•
Walkerville Brew
•
Waterloo Mfg A
3034
954
835
20
25
1,963
190
45
345
665
320
280
25
Jan
Jan
Jan
Jan
Jan
3
15
4%
19%
1755
Jan
Feb
I Jan
; Jan
Jan
Feb
8
29% I Jan
25 [Jan
15%, Jan
Jan
30
8%
3134
2835
17
30
Jan
Jan
Jan
Jan
Jan
3
17
3%
1635
15
Feb
2
100
2
Feb
3;445 15% [Jan
1834 Jan
420 26% Jan 34 [Jan
1,790
3% Jan
5% ',Jan
111 42
Jan 6135 [Jan
Jan
7
50
8% 1Jan
Jan
10
3
4
Jan
Jan 150
71 145
I Jan
435
434
3155
31
7
6
50
50
6
6
2935 29%
6
6
80
25
7
100
20
15
2
4%,
29%
6
45
6
29%
5
39
4
5
200
186
455 rJan
37 [Jan
4
Jan
6
40
4
30%1 31
338
4
15351 1534
11
11
• 15
46
75
8034
440
31 9%
735
735
1,410
3034 rJan
1535 IJan
Jan
8
75 [Jan
835 Jan
7% Jan
rJan
32
1834 1Jan
?Jan
11
SO%
10% rJan
9 !Jan
18%
1.25
14
234
68
29
111
4135 41
125
26
26
4
4
235
1.25
5%
40
4
1935
1.25
15
2%
68
29
111
41%
12935
27
4
235
6
205 18%
1.2.5
535
10 10
15
234
5 5835
2
23
II 110
360 41
537 122
370 26
275
355
50
180
Jan
Jan
Feb
Jan
Jan
Feb
Jan
McColl0E-ontenac 011 corn•
100
Preferred
North Star 011com
Preferred
5
Supertost PetroleumIcom_•
Ordinary
•
• No par value.
r Jan
F Jan
Jan
'Jan
Jan 20
Feb
1.75
Jan
15
Jan
2%
Jan 68
Jan 29
Jan 112
Jan 42
Jan 129%
Feb 29
Jat
43‘
Jan
234
rJan
I Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
1111
Oils
Crown Dominion Oil
•
Imperial 011I.td
•
International Petroleum
5% Jan
Jan
33
Feb
7
Jan
60
Jan
7
Jan
28
7
Jan
16%
29%
15
pgv
1.00
2.90
2155
2%
23.4
1655 1654
2954 3034
1454
9834
1.00
2.80
2235
213(
15
99
1.05
2.90
23
23%
25
3,849
2,096
134
1634
293.4
Jan
Jan
Jan
23( Ijan
17
3154 Pan
499
192
144
410
7
950
14%
96
70c
1.50
2235
21%
Jan
Jan
Jan
Jan
Jan
Feb
1534 rJan
99% 'Jan
1.10 'Jan
2.95 Jan
Jan
26
Jan
25
'Jan
782
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
43(e
Apr 1 1935
Jan
56
1 1948
4348
Oct
1 1958
Prov of British Columbia
43(e
Feb 15 1936
55
July 12 1949
4356
Oct
1 1953
Province of Manitoba
Aug 1 1941
4358
56
June 15 1954
Dec 2 1959
Se
Prov of New Brunswick
June 15 1938
45(8
Apr 15 1960
45(8
Apr 15 1961
43.
Province of Nova Scotia
Sept 15 1952
4346
58
Mar 1 1960
Rid Ask Province of Ontario
Jan
3 1937
100 10084
5345
Oct
1 1942
10612 10112
58
Sept 15 1943
973 9912
4
es
May 1 1959
55
June 1 1962
100 1008
4
421
4358
Jan 15 1965
98
99
943 95 4 Province of Quebec
4
3
4346
Mar 2 1950
Feb 1 1958
9914 10014
46
434s
May 1 1981
10212 10312
104 106 Province of Saskatchewan
4348
May 1 1936
June 15 1943
102 103
56
Nov 15 1948
111 112
5355
108. 109
434s
Oct
1 1951
Bid Ask
4
106% 1068
1113 11212
4
11612 11712
1108 11812
4
10512 10614
112 113
11012 11112
10614 10714
11014 111
100 100 4
8
0812 994
10012 10112
9 / 9612
44
rriday
ewes
Last Week's Range for
of Prices
Week
Sale
High Shares
Stocks (Concluded) Par Price Low
14 Wall St.
New York
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Bid
Ask
333 3414
4
9112 --98
_
101 1014
874
___
1103 11212
4
10412 10512
102 4 10312
8
10114 103
10212 10312
39
41
101
___
101
1013 10212
4
10412 106
97
_
10514 106
7412 7514
9912 100
9714 9812
7012
70
110 110 4
3
1, 14 218
2712
1
4
_
1018 10284
4
73
738
4
9814 99
47 49
988g 987
8
8012 ___
84
100
___
99 4 10012
8
34
___
978 985s
9412 9514
3114 3214
10 2
929112
_
_
9712 9812
-
Bid
Lake St John Pr & Pap Co
1942
119427
6348
6356
M• acLaren-Que Pow 5358'61
Manitoba Power 5358_1951
Maple Leaf Milling 53561949
Maritime Tel & Tel68_1941
Massey-Harris Co 58_1947
McColl Frontenao 011681949
Montreal Coke & M 5358'47
Montreal Island Pow 5346'57
Montreal L II & P (350
1939
Pad value) 36
58
Oct 1 1951
58
Mar 1 1970
Montreal Pub Serv 58_1942
M• ontreal Tramways 58_1941
New Brunswick Pow 5s 1937
Northwestern Pow fis _ _1960
Certificates of deposit_ —_
Northwestern Util 78_1938
Nova Scotia L & P 5s__1958
Ottawa Lt Ht & Pr 56__1957
Ottawa Traction 5346_1955
O• ttawa Valley Power 5348'70
Power Corp of Can 435s 1959
Dec 1 1957
58
Price Bros & Co es
1943
Certificates of deposit__
Provincial Paper Ltd 5351'47
Quebec Power Is
11998387
Rowntree Co es
Shawinigan Wat & P 4358'67
Simmons Ltd 68
1949
Southern Can Pow 55_ _1955
Steil of Canada Ltd 86_1940
United Grain Grow 55_ _ 1948
United Securlea Ltd 5356'52
West Kootenay Power 56'56
Winnipeg Elea Co 56....1935
66
1954
Ask
30
31
728 738
4
4
9914
6112 63
45
43
10512
8612
85
103 1038
4
10112
101
4812
48
10614 107
106% 10714
10512
9814 9912
84 86
33
32
32
33
104
101
1028
4
87
10412 1618614 8814
9412 9512
9712
96
100
10314 1
100
95 8 1;6 4
7
-1102
1031
108
94
75
104
96
6i61
604
Montreal Stock Exchange
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Sales
Friday
Last Week's Range for
Week
Sale
of Prices
Par Price Low
High Shares
Agnew-Surpass Shoe
5
Preferred
5 .97
.Gberta Pacific Grain A _ _•
Preferred
100
Associated Breweries_
Preferred
105
Bathurst Pow & Pap A 5
835
Bawlf N Grain pref .100 38
Bell Telephone
100 12431
Brazilian T L & P
934
Brit Col Power Corp A • 2734
5
435
Bruck Silk Mills
• 1635
Building Products A _ _ _ _r 29
Canada Cement
•
734
100 6235
Preferred
Canada No Power Corp_ _5
Canada Steamship
2%
Preferred
100
835
Canadian Bronze
29
Preferred
100
Canadian Car dz Fdry_ -5
7
Preferred
25 14%
Canadian Celanese
2134
100 107
7% preferred
Rights
Canad'n Foreign Invest -----Preferred
Canad'n Gen Elec pref. _50 63
Canad'n Hydro-Elec pf 100 80
Canadian Indus Alcohol.*
9%
•
Class B
8%
Canadian Pacific Ry .25 13
Celanese Corp of America_
5
Cockshutt Plow
7
Con Mining & Smelting_25
Dominion Bridge
• 27
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
Montreal Stock Exchange
Wood,
Gundy
& Co., Inc.
Stocks—
Members New York Stock Exchange
26 Broadway, New York
10814 10914
116 117
Canadian
Bonds
Abitibi P & Pap cite 58 1953
Alberta Pacific Grain es 1948
Asbestos Corp of Can 881942
Beauharnois L H& P 53513'73
Beauharnois Power 66_1959
Bell Tel Co of Can 56_1955
British-Amer Oil Co 58.1945
Brit Col Power 5%6_1960
1960
58
British Columbia Tel 55 1960
Burn.& Co 53411
1948
Calgary Power Co 58_ _1960
Canada Bread es
1941
Canada Cement Co 5358 '47
Canadian Canners Ltd 85'50
Canadian Con Rubb 85_1946
Canadian copper Ref 68 '45
Canadian Inter Paper es '49
Can North Power 56_1953
Can Lt & Pow Co 58_1949
Canadian Vickers Co 681947
Cedar Rapids M Sc P 56 1953
Consol Pap Corp 530-1961
Dominion Canners 6&..1940
Dominion Coal 58
1940
Dom Gas & Elea 630-1945
Dominion Tar 66
1949
Donnaconna Paper 5356 '48
Duke Price Power fts_ _ _1966
East Kootenay Power 7s '42
Eastern Dairies 68
1949
Eaton (T) Realty 56
1949
Fam Play Can Corp 66_1948
Fraser Co 68
1950
Gatineau Power 56......1956
General Steelwares 68_1952
Great Lakes Pap Co 1st 6850
Hamilton By-Prod 76._1943
Smith H Pa Mills 5345-19 3
5
Int Pow & Pap of Nfld 58'68
LAIDLAW & CO.
835 9
97
97
3
3
2635 27
13%
13
105 105
634 6%
38
40
132 135
934 10
26% 30
435 5
1631 17
29
29
7% 7%
6234 84%
18% 18%
2% 2%
8% 9%
29
29%
112 112
7
735
14% 15
21
22%
106 107
1935 2035
28% 2935
107 107
63
6335
80
8235
8% 10
8
9
12% 13%
30% 30%
7
734
128 132
27
29
125
20
3
97
85
25
295
46
436
2,356
298
120
506
306
611
1,240
10
205
125
70
5
650
535
545
450
1,915
215
1
270
525
8,765
1,465
4,440
20
245
319
1,115
Range Since Jan. 1 1935
Low
735
96
3
2135
13
105
6%
32
129
9%
26%
434
14%
27
734
5535
18
1.75
631
2734
110
7
14%
21
100
19
25%
105
62
75
7
6
1135
3031
7
128
26
High
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
97
3%
28
13%
107
6%
40
135
10%
3035
5
17%
29%
835
64%
19
2%
11%
3035
114
8%
17
23%
107
20%
2935
107%
63%
8235
10
935
13%
30%
140
33%
Jan
Feb
Jan
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
Jan
Jan
Jan
Jan
Jan
Jan
66
120 124
115 115
140 140
534 5%
8034 81
141
141
435 534
1
1
234 234
13
1334
454 5
114 114
534 534
635 635
5
5
32
31
1731 1834
30
30
1234 12%
86
87
13
1334
2234 23
4
4
57
60
115 115
1134 12
92
92
234 235
4% 5
1434 1535
3034 313.4
55
55
86
87
32% 3335
3835 3834
16% 17
83
83
103 103
14
17
60
60
115 115
934 9%
16
1635
90
92
1.60 1.90
635 7
38
38
14
15
1834 1934
15
15
100 100
11
11
102 102
1235 1334
4534 46%
42
4234
140 140
43-1
43-1
1735 20
2234 27
33
3334
120 120
2
234
835
8
66
66
165
40
55
1,478
221
6
1,885
17
75
300
385
25
202
85
25
65
2,088
20
330
250
2,002
2,645
185
206
10
195
9
1
160
1.199
3,131
. 30
14
1,698
250
100
5
5
145
15
10
555
225
90
465
98
10
460
2,874
136
5
110
10
221
337
115
20
50
205
746
20
5
690
15
33
56
100
100 168
100 199
100
......
5635
55
129 129
167 16834
198 200
300 303
""' '—
Dominion Coal pref___100
Dominion Glass
100
Preferred
100
Dom Steel & Coal B-_25
Dominion Textile
5
Preferred
100
*
Dryden Paper
East Kootenay Power_*
Eastern Dalrlee
*
Foundation Co of Can_ •
5
General Steel Wares
Goodyear T pf Inc 1927_100
Gurd (Charles)
5
Gypsum Lime & Alabast.*
Hamilton Bridge
•
Preferred
100
Hollinger Gold allnes___5
Holt (Renfrew) pref 100
Howard Smith Pap M.._*
Preferred
100
Imperial Tobacco
Int Nickel of Canada_.*
4.
International Power
Preferred
100
Jamaica P S Co Ltd pf 100
Lake of the Woods
•
Preferred
100
.
UndasY(c w)
Massey-Harris
5
McColl-Frontenac OIL _ _ 5
Montreal L 11 Sc P cons_ _*
Montreal Telegraph.._ _40
Montreal Tramways_ _100
•
National Breweries
Preferred
25
..5
Nati Steel Car Corp.
Ottawa L H Sc Power 100
100
Preferred
Ottawa Traction
100
Penmans
5
Preferred
100
Power Corp of Canada_ _ 5
*
Quebec Power
Rolland Paper pref
St Lawrence Corp
•
A preferred
50
St Law Flour Mills_ _ _ _100
St Lawrence Paper pref 100
Shawinigan W Sc Power. 5
.
Sher Williams of Can_ _ _ _*
Preferred
100
Simon (H) Sc Sons
*
Preferred
100
Southern Can Power____5
Steel Co of Canada
*
Preferred
25
Tuckett Tobacco pref._ WO
Twin City
*
Viau Biscuit pref
100
Wabasso Cotton
•
Western Grocers Ltd_
•
West Kootenay pref___100
Winnipeg Electric
•
Preferred
100
Woods Mfg prat
100
Banks—
Canada
Canadienne
Commerce
Montreal
Nova Scotia
— __ _.
123
53.4
81
534
43-4
32
18
1234
1334
2234
4
12
15
30%
55
86
33
3834
83
17
934
1.70
1435
1854
1235
48
42
140
20
2634
234
Range Since Jan. 1 1935
Low
High
11631
111
140
4%
80
137
4
1
234
1234
434
114
435
635
5
31
17.50
30
1034
85
13
2234
4
56
115
1134
9034
234
431
14
3034
5434
80
31
3834
16
79
102
14
60
115
83-4
1531
90
1.50
635
38
13
1834
15
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
wog
1235
4435
42
13335
4
12
17%
33
120
2
8
62
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
12434
120
140
6
8235
142
534
235
3
1331
534
115
034
7%
5%
32
20.00
30
1234
90
1334
2434
6
64
115
1335
92
335
5%
1531
32
55
87
3334
39
1835
83
10335
17
62
115
1034
1735
92
1.90
8%
3934
163,4
20
17
100
1134
102
1434
48
44
140
4%
20
27
3334
120
234
9
70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
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
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
240
19
105
164
41
55
125
166
197
279
Jan
Jan
Jan
Jan
Jan
10A
100
Jan 57
Jan 130
Jan 169%
Jan 204
Jan 304
• -'
JIM
11011
9% Jan
.
.
0
HANSON BROS Canadian Government
Municipal
11/1011422411.11110
ESTABLISHED 1113
255 !it. James !it., Montreal
331 Bay St, Toronto
56 Sparks St, Ottawa
Public Utility and
Iniestrial Bonds
Montreal Curb Market
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
High
High Shares
Low
Par Price Low
Stocks—
9% 10
Asbestos Corp vot trusts_* 10
1050 10350 10350
Assoc Oil & Gas Co
1.40 1.45
: 1.45
B C Packers
17
17
• 17
Preferred
1.50 1.70
Bathurst Pr Sc Paper B...5
85
85
100
Belding-Corticelli
15
1531
British American Oil Co__• 1534
26% 26%
•
Canada Vinegars
•No par value.
224
7% Jan
100 1035o Feb
140
1.25 •Jan
305 16
Jan
34
1.50 Jan
20 85
Jan
1,225 14% Jan
Jan
10 26
1134
130
1.75
18
2
85
1534
2731
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Financial Chronicle
Volume 140
783
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
COMPANY
8c
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dams St., W., Montreal
Philadelphia - - - Burlington, Vt.
PRIVATE WIRES MONTREAL,TORONTO AND CHICAGO
Montreal Curb Market
Toronto Stock Exchange
63c
2.55
38c
3.78
200
2.25
1.45
10c
600
2.50
380
3.76
8.25
200
2.50
1.45
12c
700
2.60
42c
3.85
8.50
135c 135c
1.15 1.17
9551e 9551c
2934e 2931c
4.15 4.15
22e 1854c
25c
2.20 2.29
NI
35c
38e
35.00
251c
2.12
37.50
3.25
10c
140
50.50
4c
33.00
1.17
1.60 1.85
8
8
5
6
800 85c
351
334 3%
17%
1751 18
31
30
30
7% 7% 7%
30
30
1.90
1.75 235
29%
293-4 3134
41
41
4631
62
62
18% 1835
331
3
351
29
20
31
22.00 22.11
1.60
5
22%
651
551
1.50
9
7
75c
1534
20
1134
331
44
3%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
25
16
551
1.50
1051
731
90c
1854
22
1234
5%
62
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16%
17
951
3
78
434
7%
12
3.95
26%
16%
335
75
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1734
17
11
4
82%
5%
9
13
4.25
3134
1751
3%
80
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5%
104
1.50
35e
88
95
24
Jan
6%
Jan 10551
Jan
2%
Jan
45c
Jan 94
Jan 100
Jan 26
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3334c
20c
33.75
Sc
2.12
36.20
3.25
931e
12c
49.00
4c
31.00
37e Jar
Feb
38c Jar
Jan
Jan 36.95 Jan
3e Jan
Jan
Jan
2.12 Jar
Jan 38.90 Jar
3.45 Jar
Jan
Jan 16540 Jar
Jan 1731c Jar
Jan 54.00 Jar
Jan 45%c Jar
Jan 35.25 Jar
-4..40..10.0Q00
0Cp.000000
2.42
3234c
33e
33.75
251e
2.12
36.20
3.25
931c
13c
50.00
40
31.95
High
200
2.25
1.45
951c
600
2.50
380
3.67
8.20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
250
2.76
1.45
15e
900
2.72
44e
4.05
9.25
Jar
Jar
Jar
Jar
Jam
Jar
Jai
Jai
Jai
1350
1.15
95510
2950
4.15
14e
2.29
Jan
Feb
Jan
Jan
Jan
Jan
Jan
134c
1.28
1.09
36c
4.65
250
2.50
Jai
Jar
Jar
Ja
Jo
Ja
Ja
o,C o
Unlisted
Abitibi Pr & Paper Co....*
Cumul preferred 6%..100
Cti of dep 6% pref___100
ltrew & Distillers of Van._•
I trewing Corp of Canada.*
l'referred
*
t2atiada Malting Co
•
Canada Bud Breweries...*
Canadian Lt & Pr Co_ _111111
Consolidated Paper Corp _•
Ford IMotor'of Canada A _*
Gen Steel Wares pref._ _ 100
Laura Secord Candy Shops*
Loblaw Groceterias Co A_*
Price Bros Co
100
Preferred
100
i:evalite Oil Co
*
,0
634 835
104 104%
2
2
350 35c
9254 93
97% 97
9831
26
24
o-,
14
Unlisted Mines
Arno Mines
*
Central Patricia Gold M _ _1
IIowey Gold Mines
1
McVittle Graham Mines_l
San Antonio Gold Mines_l
Statlacona Rouyn Mines.*
Sylvanite Geld Mines.._ _ _1
00
635
Minims.
Big Missouri Mines Corp_l 3234c
Brazil Gold & Diamond_.1
33c
Bulolo Gold Dredging_ _ _5
Cartier-Malartie Gold M.1
Conlaurum Mines
Dome Mines
*
Falconbrldge Nickel M...*
Francoeur Gold
• 951c
J M Cons
1
Lake Shore Mines
1
Label Oro Mines
1
4c
Noranda Mines
* 32.95
Parkhill Cold Mines
1
Pickle Crow
1
Premier Gold Mining Co_l
Quebec Gold Mining Corp 1
Read-Authler Mine
1
Siscoe Gold Mines
1
Sullivan Cons
1
Teck-Hughes Gold Mines_l
Wright Hargreaves Mines*
=0000000
1734
1631
17
1034
3%
80
534
831
13
4.10
30
1735
334
80
,
00
534
8.31
12
4.00
16%
17
935
331
80
5
8%
12
4.00
2851
1754
331
80
Low
000.900
0000000
0%
335
Vcol,..mColDW - 70,.0.wb. ...00lom
o .gcn000cagowo
o
.
0.0000000O
1634
.t.,.3004,40
Public UtilityBeauharnois Power Corp.*
C No Power Corp prof _100
City Gas & Electric Corp.*
Inter Utilities Corp cl 13 _ _1
Pr Corp of Can cum pfd 100
Southern Can P Co pref 100
United Securities
100
12
534
60
22%
16
551
1.50
935
734
85c
1634
21
1234
5%
62
5
1.
Imperial 011
*
Inter City Baking Co._100
Melchers Distilleries A...*
B
*
Page-Hersey Tubes
*
Regent Knitting Mills_ __*
Rogers Majestic Corp._ _ _*
Thrift Stores cm pf 6%%25
Walkerville Brewery
•
Walker Gooderh & Worts.*
Preferred
*
Whittall Can Co
*
Cumulative preferred 100
751
1631
22%
12%
5%
1.50
9%
731
80c
16
20
12
531
5834
4
Range Since Jan, 1 1935
-o.c.—t ..,c4.1 .cab
COM=0.W
M00,-....CON4.000,
Can Dredge & Dock Co...*
Can Vickers cum pref._100
Canadian 'Wineries
*
Catelli Macaroni Prod B_.
Preferred A
30
Champlain 011Prods pref.*
Commercial Alcohols_ _ _ _*
Distillers Corp Seagrams.*
Dominion Eng Works_ _ _ _*
Dominion Stores
*
Dom Tar & Chemical Co.*
Cumulative preferred 100
Fraser Companies
*
,
0
..
.
b.o ,..,b
m ;-. ...naco cwW
.coloyo,m
,atwchoc.o,-o, vcow-c,..v....t. .Sot
, o 0,Cp0000000800.
0.0000000000
Friday
sates
Last Week's Range for
of Prices
Sale
Week
Stocks (Concluded) Par Price Low
High Shares
1.25
4%
4%
65e
331
17
30
7%
21%
1.55
28%
1 37
) 62
S 18
) 3
5 22
) 18.25
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2
951
654
950
451
1951
31
8%
30
254
3251
46%
62
18%
354
34
22.15
Ja
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Jo
Ja
Jo
Jo
Toronto Stock Exchange
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Stocks-
Friday
Sales
Last Week's Range for
of Prices
Sale
Week
Par Price Low
High Shares
1.55 1.60
1.55
\ldt1131 Pow & Paper nom.*
6% preferred
100
8
8
2% 251
\lberta Pacific Grain A _ *
2631 26%
l'referred
100
92
Beatty Bros pref
92
100
631 6%
I I eauharnois Power com__*
100 133% 133 13554
I tell Telephone
1,075
15
27
2851
9%
80
29
4%
29
25
200
1,844
1,210
10
20
175
Itlue Ribbon Corp nom_ _ _•
Brantford Cord lot prat _25
Brazilian T L & Pow com_*
Brewers & Distillers corn.*
It C Power A
11
lstillding Products A
27
431
28%
27
2831
951
70
29
451
2851
50
52
599
445
Range Since Jan. 1 1935
Low
1.25
5
231
21
8634
5%
128%
New York
One South William Street
Sales
Friday
Last Week's Range for
Week
of Prices
Last
High Shares
Stocks (Concluded) Par Price Low
British American 011
15% 1531
1551
Burt(F N)Co corn
33% 33%
3% 4%
Canada Bread cora
335
78
1st preferred
70
100 70
B preferred
27
25
100
Canada Cement corn
751
7%
731
•
62% 64%
Preferred
63
2% 231
Canada Steamship corn_ _*
231
Preferred
8% 9%
8%
100
Canada Packers
51
51
50
11135 1113-1111%
Preferred
Canadian Canners nom_ •
let preferred
923t 93
.
100
Convertible preferred_ -*
831 851
Can Car & Fdry cora
751 7%
7%
_*
Preferred
25 14% 14% 14,1
Can Dredge & Dock com.•
Can Gen Elee pref
50
Can Indust Alcohol A_ _ _.*
22%
Canadian Oil corn
Preferred
100
Canadian Pacific Ily. _ _ _25 13
Canadian Wineries
551
•
Cockshutt Plow corn
•
Conduits Co corn
55
Consolidated Bakeries_ _.* 11%
Cons Mining & Smelting 25 132
Consumers Gas_ _ _____ 100 19151
Cosmos Imperial Mills_ _ _*
Preferred
100 102%
2231 23%
63%
63
8% 10
8
8%
13
13
125 125
12% 1331
5% 531
7
735
55
55
1154 12%
128 133
190 193
16
16
10234 102%
Dominion Stores corn_* 117-4
11%
Dora Steel & Coal B
531
534
Easy Wash Mach corn__ _*
3
3
Fanny Farmer corn
8%
Ford Co of Canada A _ _ _ 1 30
29%
.
Frost Steel & Wire com_ •
Preferred
70
General Steel Wares corn.*
4%
Goodyr T & Rub pref _ _100 115
114
Great West Saddlery nom.*
1
1
6
631
GYPsum Lime & Alabast.*
Hamilton Cottons ref _ _30
29
Ham United Theat com_25
1
11%
Hinde & Dauche Paper- --*
Hunts Ltd A
935
•
Harding Carpet Co
3%
12%
5%
3%
9
3111
331
70
5
115
1
6%
29
1
12
9%
335
International Nickel corn.* 22% 22% 23%
Imp Tobacco Cool Can _ _
1351
13
13
751 8
Kelvinator nom
•
106 106
Preferred
100
Laura Record Candy corn.*
63
62
Loblaw Groceterias A.__° 18
1731 1854
1751
17
• 17
Loew's Theat(M)
110 110
100
Monarch Knitting Co
5
5
Maple Leaf Milling corn --•
1.00 1.1
Massey-Harris corn
4% 551
74
73
Monarch Knitting pref_100
Moore Corp corn
1731 17%
• 17%
A
127 129
100
1.00 1.00
Mulrheads cafeterias corn •
22
21
National Sewer Pipe A _ _•
Ont Equitable 10% paid100
Page-Hersey Tubes coin_ _*
Photo Engravers & Elec. _•
Porto Rico pref
100
Pressed Metals corn
Riverside Silk Mills A _ - -*
Russell Motors com__100
Preferred
100
Simpson's I.td A
Preferred
100
Steel of Canada corn
Preferred
25
Tip Top Tailors cora
Preferred
100
Traymore Ltd corn
•
Preferred
20
Union Gas Co corn
United Steel Corp
Walkers(Hiram)
- - -*
Preferred
•
Western Can Flour com •
Weston Ltd (Geo) corn_ _ _*
Preferred
100
Winnipeg Electric pref.
_100
Wood Alex &James pref100
ZImmerknit corn
Preferred
100
2251
20
88
45%
4235
854 854
79% 8031
2251 23
91
90
13% 13%
28
28
20
20
58
88
12
12
88
88
45% 46%
4251 4234
931 9
9751 98
10 .10
65
65
431
2831
17
6
4235 42
11035
831
30
4
4
80
2935
17%
5
3%
30%
1735
6
43%
112
831
30
535
83
Range Since Jan. 1 1935
Low
3,160 14%
50 33
3,085
351
174 65
50 20
751
469
1,209 55
110
2%
7
205
75 51
5 110
55
51 90
205
8%
7
200
80 14%
330
165
4,060
400
50
10
4,640
145
350
3
950
155
123
15
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
24%
6451
10
931
15
125
13%
6
851
50
12%
13931
193
16
105
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1254
Jan
6
Jan
334
Jan
9,1
Jan
Jan 3235
4
Jan
Jan 70
5
Jan
Jan 115
1
Feb
751
Feb
Jan 29
Jan
1.00
12
Jan
11
Jan
331
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan 24
Feb 13%
8
Jan
Jan 106
Jan 63
18%
Jan
Feb 18
111
Ja
Jan
5
1.30
Jan
534
Jan
Jan 74
IS
Jan
Jan 130
1.10
Jan
Jan 22
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
22% Feb
62% Jan
7% Jan
Jan
13
Jan
120
Jan
1134 Jan
531 Feb
Jan
7
so Jan
1131 Jan
Jan
128
18954 Jan
14% Jan
102,1 Jan
1,739 1151
800
430
23-4
8%
4,340
5,839 28%
4
331
5 68
434
65
170 114
40
1
625
6
25 2754
1.00
50
800 10%
10
9
160
14
1,05
1,180
35
25
154
2,990
165
308
50
24
3
22%
13
6%
102
60
17%
17
110
5
1.00
451
71%
17
11851
1.00
21
165
65
90
20
50
160
10
5
80
85
80
35
10
4
42
3
7
78
22
89%
1334
27
20
70
11%
8434
44
4151
8,1
90
10
65
4,75
6
13
High
Jan
15%
Jan 3451
Jan
551
Jan 80
Jan 30
8%
Jan
Jan 6431
Feb
254
1134
Jan
Feb 56
Jan 11131
Jar
Jan 94
9,4
Jan
Jan
17
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8% Jan
Jan
83
2351 Jan
Jan
91
15
Jan
Jan
28
Feb
20
88
Jan
Jan
12
Jan
90
Jan
48
Jan
44
Jan
10
Jan
98
Jan
15
Jan
90
981
4% Jan
431 Jan
60
Jan
354 Jan
5
3,365 2854 Jan
3151 Jan
1,493 16% Jan
1734 Jan
1
Jan
Jan
6
6
605 4151 Jan 46% Jan
170 110% Jai, 113
Jan
8% Jan
934 Jan
1
Jan 30
Jan
30
4
9
Feb
535 Jan
Jan 85
2
Jan
80
High
Jan
2.00
Jan
951
Jan
Jan 29
Jan 03
Jan
Jan 13551
Feb
27
27% Jan
951 Jan
Jan
50
2851 Jan
451 Feb
Jan
28
29
29
1034
95
30
5
2934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Banks
Bank of Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Loan and Trust
Canada Permanent _ _ _ _100
Huron & Erie Mortgage 100
Toronto General Trusts100 118
•N o per value.
100
100
100
100
100
100
100
55
167
200
205
199 54
300
171
-
55
56
167 16851
200 201
205 207
19954 20051
300 300
170 172
226% 22651
142
92
114
145
95
118
246
148
205
73
47
58
99
40
4
Feb 57
Jan
55
Jan 16954 Jan
166
199
Jan 201% Jan
Jan
Jan 207
200
Jan
197% Jan 203
Jan
Jan 305
280
Jan
Jan 173
168
Jan 226% Jan
220
135
90
104
Jan 150
Jan 95
Jan 118
Jan
Jan
Feb
784
Financial Chronicle
Feb. 2 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
(See Page 781)
Friday
Sales
Last Week's Range for
Sale
of Prices
1Veek
Stocks (Concluded) Par l'rice Low
High Shares
DOHERTY ROADHOUSE & CO.
Members
The Toronto Stock Exchange
Correspondence Solicited
Telephone:
Toronto Stock Exchange-Mining Section
Texas Canadian Oil
Teck-Hughes Gold
Towagmac Explor
Toburn Gold Mines
Vacuum Gas & 011
Ventures
Waite Amulet
Wayside Consol
White Eagle
WIltsey-Coughlan
Wright-Hargreaves
3.71
1
1
•
1.25
9Ic
50c
•
1
7Sic
3c
8.50
60c 60e 1,700
3.70 3.82 19,775
21e 22Sic 4,100
1.25 1.33 1,970
54c 5,000
Sic
90c 95c 20,578
65c 65c
599
7c
Sc 8,900
2Sic
4c 45,700
5c
Sc 19,600
8.30 8.60 8,937
Range Since Jan. 1 1935
Low
600
3.70
21c
1.25
Vie
900
63c
70
2Sic
Sc
8.25
High
Jan
65c Jan
Jan
4.09 Jan
Jan 30Sie Jan
Jan
1.45 Jan
Jan
1 Sic Jan
Jan
1.05 Jan
Jan
75a Jan
Jan
Jan
Jan 10Sic Jan
Jan
7c Jan
Jan
9.20 Jan
WAverley 7411
TORONTO
293 BAY ST.
-New York & Toronto
goomiDirect Wire
CANADIAN MINING STOCKS
SILVER FUTURES
Toronto Stock Exchange-Mining Section
Jan. 26 to Feb. 1, both inclusive, compiled from official sales lists
Stocks-
Sales
Fridad
Last Week's Range for
Week
of Prices
Sale
Par Price Low
High Shares
Acme Gas & Oil
1
Ajax Oil& GaS
Alta Pac Cons Oil
1
Alexandria Gold Mines__ _1
Algoma Mining & Fin_ _ _
Anglo-Huronlan
Area Mines
1
1
Ashley Gold Mining
Astoria Rouyn Mines_ _I
1
Bagainac Rouyn
Barry-Hollinger
1
Base Metals Mining
Bear Explor & R.
Beattie Gold Mines
•
1
Big Missouri (new)
1
Boblo Mines
BR X Gold Mines
50c
Bradian Mines
1
Bralorne Mines
1
Buffalo Ankerite
Buffalo Canadian
Bunker 11111Exten
Calmont Oils
1
Cndn Atalanta Gold
Canam Metals
Cariboo Gold
1
1
Castle-Trethewey
Central Patricia
1
Chemical Research
Chibougarnau Pros
Clancy Consol(new)
•
Columario Consol
Commonwealth Pete
Coniagas Mines
5
Conlaurum Mines
•
Dome Mines
•
Eldorado
1
Falconbridge
1
Federal Kirkland
•
God's Lake
1
Goldale
Goldfield Consol
1
Goodfish Mining
Graham Bousquet
1
Granada Gold
1
Grandoro Mines
1
Greene Stabell
1
Grull Wihksne
Gunnar Gold
1
1
Halcrow Swayze
1
Harker Gold
Hollinger Consol
5
Homestead Oil & Gas_
I
Howey Gold
1
J M Consol Gold Mines 1
Kirkland Consol
1
Kirkland Hudson Bay___ _1
Kirkland Lake Gold
1
Lakeland G Mines
Lake Shore Mines
1
Lamaque Contact Gold_ _1
Lee Gold Mines
1
Little Long Lae
Macassa Mines
Man & Fast Mines
Maple Leaf Mines
1
McIntyre-Porcupine
5
McKenzie Red Lake
1
McMillan Gold
1
McVittle Graham
1
Merland Oil
•
Mldwal Oil& Gas
1
•
Mining Corp
Mint° Gold
•
Moffatt-Hall Mines
1
Moneta Porcupine
1
Murphy Mines
1
Newbec Mines
Niplasing
•
Noranda
Nor Can Mining
•
Olga Oil & Gas
•
Paymaster
1
Peterson Cobalt
1
Pickle Crow
Pioneer Gold
1
Premier Gold
Prospectors Airways
Read-A uthier
1
Reno Gold
Royalite 011
Roche Long Lac Gold_ __ _
Sheet Creek Gold Mines_
San Antonio
1
1
Sarnia Oil & Gas
Sherritt-Gordon
1
1
Slime Gold
South Amer Cold & PI_ _I
*
South Tiblemont
1
St Anthony Gold
•
Sudbury Basin
I
Sudbury Contact
Sullivan Consol Mines_ _ _ 1
_1
Sylvanite Gold Mines_ .
88c
1 tic
3c
4.10
10Sic
5M c
15c
1.83
33c
30c
9.55
2.65
54c
1.25
60c
1.16
1.95
9c
2)(c
IC
2.50
1.95
36.50
1.10
1.54
9c
13c
30Sic
c
18.00
96c
14e
55c
50.25
3c
3c
6.35
2.38
GS/4"c
9c
1.21
35e
28c
16c
1.01
234'c
,
14c
2.30
32.80
3c
18c
1Sic
2 38
991)
1.49
62c
1.30
5Sic
4.15
231e
51c
2.51
2Sic
29c
1.33
6c
2.25
1913c 20Yic 2,900
88c 02c 3,950
9c 2,500
83.5c
/
Ihe 17ic 16,500
2Sic 3Sic 5,800
4.00 4.10 1,865
2,000
1180
200 23c 3,200
3c 3,500
218c
67,200
9140
Mic
60 11,075
900
580 160c
15c
17c 13,900
1.59 1.90 4,850
7,130
330
300 32 yic 30,983
16Mc
17c 2,750
840
2.05 12.10
0.50 10.05 4,790
2.63 2.81 5,330
1 Si c 114 c 8,100
40 4Sic 4,000
7c 1,700
60
54c 57c 15,337
2c
2c 1,000
950
1.21 1.26
Mc 60c 10,301
1.12 1.20 40,790
1.95 2.09 4,325
8c
9c 22,200
2c
30 8,200
9c 9Sic 5.400
500
4Sic 4Sic
400
2.50 2.70
1.90 2.25 5,733
35.00 37.25 1,788
1.02 1.18 18,190
685
3.25 3.30
2Sic 2,Sic 2.600
1.47 1.64 63,286
15Sie
17c 4,900
1,500
15c
12c
90 11c 7,675
2c 2Sic 6,000
12e
13c 9,700
IC
9c 1,000
30c 31c 4.400
1.000
6c
51-ic
520 58c 41.975
Sc 5Sic 3,050
8Sie 9tic 34.552
17.35 18.50 13,241
9c
Oc 1,600
93.2 98c 22.450
130 140 14.930
140 14c 1,000
24c 26c 1.900
540 57c 15.950
IMo 1Mc 18.500
49.50 51.00 2.893
40 <Bic 21.250
30 3.tic 20.000
6.20 6.80 15.745
2.25 2.50 24.175
-tic fiSic 23.900
61
90 9Sic 12.350
37.00 38.60 2.715
1.10 1.26 13.850
36c 18 350
34e
30c 5.600
28e
190 2,100
littie
13o
18c 4,000
1.00 1.05 1,575
500
19e
19c
2ice 2, 0 6,000
3
4
14e
160 16,200
lc
lc 3,500
1Sic
20 6,500
2.25 2.31 4.000
31.80 33.00 2,719
27c 280 4.000
3c
4c 9.600
17180 18Sic 21.225
1Sic lIjc 22,500
2.24 2.52 61,640
9.75 10.10 1,480
1.47 1.55 9,270
125 140 2.61('
55e 70c 22.640
1.21 1.36 12.475
21.75 22.50 2.946
554c 6Sic 15,800
800
57c 57c
4.00 4.35 9,729
2Sic 3Si c 4.500
510 55c 5.210
2.50 2.63 29.565
1.100
4.00 4.30
2c 2Sic 68.500
28o 31c 13,450
1.25 1.35 1,155
So
Sc 3,000
380 41c 4.035
2.21 2.35 17.130
Range Since Jan. 1 1935
Low
190
860
80
1 Sic
2Sic
3.95
1Sic
20e
2yin
She
5tic
59c
150
1.59
330
300
16Sic
2.00
9.25
2.63
1,
3
4,c
40
514c
540
20
1.21
560
1.12
1.90
80
20
70
40
2.25
1.90
35.00
1.02
3.25
20
1.47
15Sic
120
70
2c
120
90
300
5c
52o
50
60
17.35
Oo
93c
120
100
24o
540
Silo
48.75
4e
2Sio
620
2.25
60
9c
37.00
1.10
33180
280
160
130
Loo
190
2Sic
13c
Sc
1 Mc
2.15
31.00
25e
3c
17Sic
I Sic
2.24
9.00
1.45
1.25
550
1.21
18.25
5Si c
55c
4.00
25-10
500
2.50
3.90
2o
250
1.25
60
380
2.21
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jon
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jai
Tan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High
23c Jan
1.00 Jan
10Sic Jan
2%c Jan
4Sic Jan
4.25 Jan
2 Mc Jan
320 Jan
4c Jan
14c Jan
80 Jan
720 Jan
220 Jan
2.16 Jan
39c Jan
380 Jan
220 Jan
2.95 Jan
12.50 Jan
3.10 Jan
35-10 Jan
Sc Jan
7c Jan
720 Jan
20 Jan
1.50 Jan
68140 Jan
1.30 Jan
2.35 Jan
100 Jan
3Si c Jan
11140 Jan
50 Jan
2.87 Jan
2.60 Jan
38.75 Jan
1.37 Jan
3.52 Jan
30 Jan
2.24 Jan
200 Jan
19e Jan
Ile Jan
30 Jan
15Sic Jan
120 Jan
45e Jan
So Jan
850 Jan
8Si e Jan
100 Jan
20.05 Jan
9c Jan
1.10 Jan
180 Jan
14o Jan
30c Jan
64Yi o Jan
I t4ic Jan
54.25 Jan
8c Jan
454c .1,m
7.20 Jan
275 Jan
120 Jan
13Aic Jan
42.50 Jan
1.45 Jan
46Sie Jan
40c Jan
200 Jan
290 Jan
1.28 Jan
19e Jan
33.40 Jan
160 Jan
1 1, c Jan
3
33.4e Jan
2.75 Jan
35.00 Jan
31c Jan
5340 Jan
20;tic Jan
2Si c Jan
2.77 Jan
11.35 Jan
1.66 Jan
1.55 Jan
900 Jan
1.48 Jan
22.50 Jan
9c Jan
60c Jan
4.85 Jan
4 Sic Jan
730 Jan
2.75 Jan
4.60 Jan
3o Jan
39c Jan
1.50 Jan
9510 Jan
450 .Tan
2.55 Jan
sta erssodw alf
N.w York
C. A. GENTLES & CO.347Bay Street
to
"""81.a
i
"'""” rb* r
•0***•14* Dognasilts A:Rehash's*, Le.
Toronto Stock Exchange-Mining Curb Section
Jan. 26 to Feb. 1, both inclusive, compiled from official sales list
Friday
sates
Last Week's Range for
Sale
of Plces
Week
Par Price Low
High Shares
Stocks-
Alderman Mines
Assoc Oil& Gas
Dalian Offs
Brownlee Mines
Canada-Kirkland
Central Manitoba
Churchill Mining
Clifton Cons
Cobalt Contact
Dalhousie 011
Dom-Kirkland GM
East Creast Oil
Erie Gas
Gilbee Gold Mines
Home 011
Hudson Bay Mfg
Keora Mines
Kirkland Bunton
Kirkland Townsite
Lake Maron GM
Label Oro Mines
Malrobic Mines
McLeod River
Night Hawk Pen
Nordon Corp
Dil Selections
Parkhill Gold Mines
Pawnee Kirk G M
Pend Oreille
Porcupine Crown
Potterdeal Mines
Preston East Dome
Ritchie Gold
Robb Montbray
3outh Keora Mines
itadacona Rouyn
3udbury Mines
l'emiskaming Mining_ _ _
Vickers Mines
*
*
1
134c
1
2Sic
1
1
1
1
2 Mc
*
1
15-ic
5
*
5
*
* 12.10
1
1
Sic
1
29c
* 35-4c
1
3Si c
1
I Sic
*
154c
1
5 454c
" 35-Ic
1
200
1
1
1
35-ic
1
1
I
25--4c
2'Sic
1
*
1
_.
1
LVIIIta i ,Irs.',Ingle1
22c
4c
15-ic
7c
lle
3c
1540
25-ic
5c
30
Sic
20
30c
11-80
9e
101-ic
114o
640
11.80
1 Sic
he
26o
3o
3Si0
15-io
11-ic
3c
45-4c
354c
19,Sic
15-80
55c
30
.30
15-ie
She
23Ic
354c
190
30
Sc
15-ic
1 U..
Range Since Jan, 1 1935
Low
High
8 Sic 14,700
70 Jan
10 ti eJan
1.1c
3,000
11c Jan 121-ic Jan
5c Jan
3c
500
3c Jan
20 11,400 1 tic Jnn
3o Jan
3c 12,800 21-ie Jan 334c Jan
Sc Jan
55-ic 10,900
63-10 Jan
3c 3,000
30 Jan
5o Jan
15-Io Jan
he Jan
he 4,000
2Mc 9,500
2c Jan
2540 Jan
32c 1,050
290 Jan
35c Jan
1 tic 23,500
13-40 Jan
234o Jan
95-ic 3,800
90 Jan
120 Jan
210 Jan
10Sic
500 101-ic Jan
500 15-ic Jan
2.Tzio Jan
11-bo
64c 1,951
640 Jan
700 Jan
12.10
430 11.50 Jan 13.00 Jan
23-ic Jan
Mc 1,000 She Jan
Mc Jan
Sc 2,500
Sic Jan
30c 8,100
200 Jan 335-10 Jan
3Sic 9,500
30 Jan
4 Si c Jan
4c 31,000 3tie Jan 4Si0 Jan
30 Jan
She 16,500
She Jan
Vic 45,500
15-ic Jan
2Sic Jan
31-ic 2,500
3o Jan
414o Jan
Sc 7,000 Via Jan 6 Sie Jan
35-Ic 19.500 3-8c Jan
45-io Jan
21e 6,600 191-ic Jan
37c Jan
1 tic 1,000
1 Si0 Jan
20 Jan
55c 1.400
50c Jan
620 Jan
35-ic 7,000
30 Jan 4Sic Jan
Sc 3,500
Sic Jan
le Jan
She 10.000
15-ic Jan
2Sic Jan
1Si0 Jan
2140 24.000
2140 Feb
3,3ic 25.500 2510 Jan
454o Jan
40 5.500
3c Jan
7c Jan
25c 130,525 135-io Jan
250 Jan
4c 17,200
30 Jan 4 Sic Jan
Skin 4,000
Sc Jan
23-ic Jan
2e 8,500
3c Jan
She Jan
1 lsi•
1 000
1 un .
1,,
0,. inn
*No par value.
Rai way Bonds
Bid Ark
Bid Ask
Canadian Pacific RYCanadian Pacific ItY4s perpetual debentures_
8512 86
4Sis
Sept 1 1946 10014 10 4
03
6s
Sept 15 1942 11014 1103
4
5s
Dec 1 1954 10214 10234
Deo 15 1944 9514 96
4SO
July 1 1960 9612 9714
45is
58
July 1 1944 1093 11012
4
Dominion Government Guaranteed Bonds
Bid
Ask
Canadian National RYCanadian Northern Ry4 •it3
Sept 1 1951 11118 11112
45is
Feb 15 1935
75
Sept 15 1954 10212 103
Deo 1 1940
45-48
4
July 1 1946
June 15 1953 11414 1143
65is
454*
8
45-4*
Feb
1 1956 11218 1123 Grand Trunk Pacific Ry4e
July 1 1957 1103 11114
4
Jan
435s
1 1962
3s
8
Jan
Dec 1 1968 1033 1037
8
45is
11962
4
53
July 1 1968 11414 1143 Grand Trunk Railway
Cis
11959 11612 117
Sept I 1936
58
Oct
75
Oct
55
Feb
1 1970 11612 117
1 1940
/414
Ask
100 10012
106 10614
12012 12114
104 106
9812 9914
1053 1061s
4
10512 10531
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
Jan. Jan. Jan. Jan, Jan.
26
28
29
30
31
Per Cent of Par
30
31
32
AllgemelneElektrizitacts-Gesellschaft EG) 30
(A
31
106
107
108
Berliner Handels-Gesellschaft(5%)
110
ill
140
141
141
143
Berilner Kraft u Licht(10%)
143
77
78
79
Com mers-und Privat-Bank AG
80
80
129
129
130
130
Demount.' Gas(7%)
130
80
80
82
Deutsche Bank und Disconto-Gesellsehaft„ 78
82
104
104
103
103
Deutsche Erdoel (4%)
104
(7%)119
119
119
119
Deutsche Relehebahn (German Rye)0
119
79
81
81
83
Dreedner Bank
83
143
142
142
143
143
Farbenindustrie I 0(7%)
115
115
116
117
117
Geefuerel (5%)
131
133
132
132
Hamburg Electric Werke(8%)
131
29
30
30
30
Hecate
31
81
80
79
80
81
Mannesmann Roehren
31
32
33
31
Norchleutscher Lloyd
34
164
160
160
163
Reichebank (12%)
164
216
Metal/lobe Braunkohle (12%)
216
213
15111 3
-.
5
iii
155
Salzdetfurth (7 si %)
1.:15
143
141
143
146
Siemens he [Wake (7%)
each
Feb.
1
31
112
144
81
130
84
104
119
85
146
118
131
32
81
35
105
212
155
146
Volume
Financial Chronicle
140
785
Over-the-Counter + Securities + Bought and Sold
21
traders covering
11
lionligsE&TMSTElt
Private wires to
185
74 Trinity Place, New York
Whitehall 4-3700
special fields
different houses
Members New York Security Dealers Association
• Open-end telephone wires to Boston. Newark and Philadelphia. • Private wires to principal cities in United States and Canada.
Quotations on Over-the-Counter Securities—Friday Feb. 1
New York City Bonds
a3s May 1935
1394, May 1954
-4s
a33 Nov 1954
443 Nov 1955 & 1956
a4sM & N 1957 to 1959_
ate May 1977
ate Oct 1980
c412e Feb 15 1935 to 1940...
at As March 1962 & 1964..
a43.(5 Sept 1960
a4qa March 1960
a4R5 April 1066
a41 April 15 1972
/
48
Bid
Ask
1003 1.005
3
8
9512 9612
9512 9612
100 10034
10012 10114
10012 10114
10012 101 14
r4.0
_
1033 10438
4
1033 1043
4
8
1003 101 18
4
1033 104
4
/
1
4
10414 1043
4
Bill Ask
10414 1043
4
10414 1043
4
4
10414 1043
5
4
1044 10 38
1. 0 2 0 14
a49d5 June 1974
a434s Feb 15 1978
a494s Jan 1977
a494s Nov 16 1978
a494s March 1981
a494s M & N 1957
a41is July 1967
a4148 Dec. 15 1971
a4346 Dec 1 1979
10612
1063
4
10712
10712
a6s Jan 25 1936
a65 Jan 25 1937
104 10412
10614 10634
10714
107
/
1
4
10812
10812
Ask
Canal & Highway—
Es Jan & Mar 1935
r .50
Es Jan & Mar 1936 to 1945 r2.75
58 Jan & Mar 1946 to 1971 r3.40
World War Bonus
492s April 1935 to 1939__
0.28 Apr11 1940 to 1949._
Institution Building
4s Sept 1934 to 1940
Is Sept 1941 to 1975____.
Highway Improvement
4s Mar & Sept 1958 to '87
Canal Imp 48J & J '60 to '67
Barge C T 48 Jan 1942 to '46
Barge CT4143 Jan 1 1945._
Highway Imp 434s Sept '63. 1231 2
8
Canal Imp 412 Jan 1904_ _ 12312
Can & Imp High 43.25 1965_ 120
r .50 2.40
r2.50 2.40
r1.50 2.40
r2 40 3.10
117
117
112
1123
4
Bid
Ask
100
101
10012 10112
r3.65 3.50
United States Insular Bonds
Philippine Government
-Bid
Ask
49 1946
98 100
Honolulu Es
4 Sis Oct 1 59
100 101
U S Panama 3s June 1 1961_
434o July 1952
1003 1013
4
4, 25 Aug 1 1936
58 April 1956
100 102 ' 2s Nov 1 1938
5s Feb 1952
10212 10412 Govt of Puerto Rico
534e Aug 1941
494s July 1958
106 10712
Hawaii 434, Oct 1956.
112 115
5s July 1948
U Como!23
1930
Bid
108
109
102
10118
Art
111
111
10212
1013
8
107
107
101
110
109
101,
4
Federal Land Bank Bonds
4s 1943 optional 1944 __J&J
46 1957 optional 1937_51&N
48 1058 optional 1938.M&N
e 1956 opt 1936____J&J
445 1057 opt 1937____J&J
tqs 1957 opt 1937... MAN
4)45 1958 opt 1938 _MAN
Bid
1023
8
10112
1013
4
1017
8
102
102
10212
All
1027
8
1017
a
10214
10214
1023
1
1023
8
103
43.4o 1942 opt 1935___M&N
43.4a 1943 opt 1935____J&J
43.4a 1953 opt 1935_J&J
44e 1955 opt 1935____J&J
43.4e 1956 opt 1936__J&J
5s 1941 optional 1935 MAN
5e 1941 notional 1935 MAN
MUNDS, WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5520
Members New York, Chicago and other Stock and Commodity Exenaneas
Par Bid
Bank of Manhattan Co. 10 213
4
Bank of Yorktown__ 66 2-3 33
Betnionhurst NatIonal__100 30
Chase
13.65 2414
City (National)
1294 2114
Commercial National Bank
& Trust
100 131
Fifth Avenue
100 1000
First National of N Y._100 1620
Flatbush National
100 25
Ask
Par Bid Ask
2314 Kingsboro Nat Bank_ ___100 55
_
38
National Bronx Bank_......50 15
20
-Nat Safety Bank & Tr_1294
812 913
25; 4 Penn Exchange
310
714 814
2234 Peoples National
58
100 48
Public National Bank &
140
4
4
Trust
25 293 313
1050 Sterling Nat Bank & Tr__25 2014 2114
1660 Trade Bank__
14
1212 12
35
Yorkville(Nat Bank of) _100 30
40
New York Trust Companies
Port of New York Authority Bonds
Ask
Bid
Arthur Kill Bridges 494e
Bayonne Bridge 49 series C
series A 1935-46
IVI&S 10212 10312i
1938-53
J&J 3
Inland Terminal 4140 ser I)
(leo. Washington Bridge
1936-60
M&S
4s series 111936-50_ _ _J&D 10314 104141 Holland Tunnel 4 94s series E
4%9 ser 11 1939-53....M&N r3.75 3.60
1935410
MA))
Bought. Sold and Quoted
New York Bank Stocks
New York State Bonds
Ma
Bank and Insurance Stocks
Bid All
1007
81101 18
101 18 101 12
10118 1013
8
8
101 18 1013
4
10232 1023
101 18 101-31
10118 10131
Par 816 All
BanoaComm Italians-100 140 150
Bank of New York it Tr _100 364 372
Bankers
10 5812 6012
Bank of Sicily
12
20 10
Bronx COiltity
5
7
8
Brooklyn
100 86
91
Central Hanover
20 114 118
Chemical Bank it Trost __10 39
50
41
Clinton Trust
50 44
Colonial Trust
9
/ 1112
1
4
100
ContinentallIk it Ti
,
10 11 1. 13
Corn Exch Bk & Tr
20 4514 461 1
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Manufacturers
4
20 213 2314
New York
25 103 106
Title Guarantee & Trust._20
5 2 612
,
Underwriters
United Staten
Also in Public Utility Bonds and Insurance Stocks
JOHN E. SLOANE & CO.
Members New TorkSecurity Dealers Association
41 Broad St., New York
HAnover 2-2455
Railroad Bonds
Bid
Akron Canton & Youngstown 5948, 1945
Bought — Sold — Quoted
6s, 1945
Augusta Union Station 1st 4s, 1953
Comparative analyses and individual reports of the
Birmingham Terminal 1st 45, 1957
various Joint Stock Land Banks available upon request.
Boston & Maine 3, 1950
Prior lien 48. 1942
Prior lien 4948. 1944
Convertible 5s, 1940-45
Buffalo Creek 1st ref So, 1961
MUNICIPAL BOND BROKERS
-COUNSELORS
Chateaugay Ore & Iron lot ref 4.9, 1942
120 So. LaSalle St.. Chicago
State 0540
Choctaw & Memphis lot 5.9, 1952
Cincinnati Indianapolis & Western 1st 5.9, 1965
Cleveland Terminal & Valley 1st 4.s. 1995
Georgia Southern & Florida 1st 5a. 1945
Bid
Ask
Goshen & Deekertown lot 594o, 1978
Mil Ask
Atlanta tat
9312 9412' LaFayette 58
8912
._ Hoboken Ferry lot 58, 1946
Atlantic 58
9412 9512 Louisville 56
Kanawha & West Virginia lot 5s. 1955
9712
_
Burlington fs
93
Maryland-VirgInia 59
Kansas Oklahoma & Gulf lot 59, 1978
9812 HU
California 55
99 100
Mississippi Tennessee as_
9312 9512 Little Rock & Hot Springs Western 1st 4s, 1939
Chicago 58
36
37
New York 55
Macon Terminal 1st bs, 1965
94
96
963 973 North Carolina 58
4
Dallas 5s
4
88
8912 Maine Central 68, 1935
Denver 5s
87
8812 Ohio-Pennsylvanla 55
Maryland & Pennsylvania let 4s, 1951
91
92
98
Dee Moines 59
Oregon-Washington 5s
Meridian Terminal 1st 40. 1955
8212
90
First Carolinas 55
Pactfle Coast of Portland Is 95
06; Minneapolis St. Paul & Sault Ste. Marie 2d 48, 1949
-1
First of Fort Wayne 55
Pacific Coast of Los Ang 58 991i
Montgomery & Erie Lot 55, 1956
9712
80
82 Pacific Coast of Salt Lake 58 9913
First of hfontgolnery
New York & Hoboken Ferry eon 5s, 1946
90
__ _ Pacific Coast of San Frau.be 9912 _
First of New Orleans 5s_ _
Portland RR 1st 394s, 1951
06
first Texas of Houston tss
Consolidated 58, 1945
9412 9(cPennsYlvanla So
92
94
First Trust of Chicago 5s___
Phoenix 59
100 1004 Rock Island-Frisco Termina, 41-4e, 1957
/
1
09
Fetcher 55
Potomac 55
St. Clair Madison & St. Louis lot 45, 1951
92
Froniont 59
82
85 St. Louts 55
Shreveport Bridge & Terminal 1st 58. 1955
63
/61
Greenbrier 55
9812 100
San Antonio 55
Somerset Ry 1st ref 48. 1955
98
99
Greensboro 58
Southern Illinois & Missouri Bridge lot 4.9, 1951
93 2 95, Southwest Is
,
2
78
81
80
82 Southern Minnesota 5s
Illinois Midwest 5.s
3112 Toledo Tennitml RR 494,, 1957
130
84
Illinois of Monticello
80
Tennessee be
9312 9512 Toronto Hamilton & Buffalo 450, 1966
94
___ Union of Detroit 541
Iowa of Sioux City 55
Washington County fly lot 310, 1954
91
92
Lexington be
100
Virginia Carolina 54
93
95
85
Lincoln 58
8812 Virginian be
9212
6-0/infixtAvif,egw4
g10-4-ba494V (
Joint Stock Land Bank Bonds
65
1695
Wespeciallze in
ALL ISSUES
POT Bid
Alt
Par Rid 1 Ask
American National Bank &
First National
100 9914 101 14
Harris Trust & Savings_ _100 185 195
100 115 125
Trust
Continental Iii Bank it
Northern Trust Co
100 400 405
-3312 4114 4512
Trust
rot hi motes $ee Dag° 7S4
100 55
100 1646
Underlying Inactive Railroad Bonds
LAND BANK BONDS
Chicago Bank Stocks
Pari Bid Ask
18
10' 17
100 240 265
10
100 314 319
143 154
4
/
1
100 1680 1730
40
25 38
Ask
49
49
84
8712
59
70
75
84
9812
8812
45
86
8712
52
95
83
92
9212
4212
100
72
46
76
46
84
75
5512
73
69
78
76
44
66
10312
84
43
52
53
63
80
87
66
;
1
8812
55
IN
85
93
94
4512
102
5712
75
48
69
10412
87
46
Realty, Surety and Mortgage Companies
Part Bid I ak
Par Bid Ask
Bond & Mortgage Guar ..20
3
8
34111..awyers Mortgage
201
12
7
8
Empire Title dr Guar__ _100
6
13
Lawyers Title & Guar _ _100
3
4 1 54
Investment Trusts
For List of Securities under this heading see Page 777
Financial Chronicle
786
Feb. 2 1935
Quotations on Over-the-Counter Securities—Friday Feb. 1—Continued
Guaranteed & Leased Line
Common
Preferred
Railroad Stocks
OVER-THE-COUNTER SECURITIES
BOUGHT—SOLD--QUOTED
RYAN iSt McMANUS
Railroad Bonds
Members New York Curb Ezehanoe
63 WALL ST., NEW YORK
BO wling Green 9-8120
Boston Hartford Philadelphia
Adams & Peck
39 Broadway
New York City
Dlgby 4-2290
Private IFire Connections to Principal Cities
Miscellaneous Bonds
Guaranteed Railroad Stocks
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (III Cent)
Albany & Suaquehanna (Delaware dr Hudson)_100
100
Allegheny & Western(Buff Roch & Ma)
50
Beech Creek (New York Central)
100
Boston & Albany (New York central)
100
Boston & Providence(New Haven)
100
Canada Southern (Nsw York Central)
Caro Clinchileld & Ohio(L &N A CL)4% _ - 100
100
Common 5% stamped
Chic Cleve Ctnc & St Louis prat(N Y Cent)__.100
50
Cleveland & Pittsburgh (Pennsylvania)
60
Betterman stock
25
Delaware (Pennsylviuna)
Fort Wayne & Jackson pre (N Y Central) __100
100
Georgia RR &Banking(L dr N, A CL)
Lackawanna RR of NJ (Del Lack & Western)_100
100
Michigan Central(New York Central)
60
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N II & Hartford)
60
Oswego de Syracuse (Del Lack & Western)
50
Pittsburgh Bess & Lake Erie(U 5 Steel)
60
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)____100
100
Preferred
Rensselaer & Saratoga (Delaware & fludson).100
100
St Louis Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR 5t Louis (Terminal RR.)
100
United New Jersey RR & Canal (Penns)
Utica Chenango & Susquehanna(D L de W) 100
100
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (111 Cent)
100
Preferred
50
Warren RR of NJ (Del Lack & Western)
60
West Jersey & Sea Shore (Penn)
8.00
10.60
6 00
2.00
8.75
8.50
3.04)
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
60.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
6.00
6.00
6.00
3.50
3.00
Bid.
Ask.
80
200
92
34
116
152
50
84
88
83
8312
46
44
72
170
77
800
67
98
93
67
73
34
67
157
175
113
140
70
140
245
90
95
70
70
51
64
85
205
95
36
120
157
53
86
90
87
85
48
46
76
175
80
68
loo
94
70
76
38
72
162
178
116
144
72
144
250
92
100
73
73
63
66
WATER WORKS SECURITIES
BRENT & CO.
SwART,
.NCORPORATE
TEL.: HAnover 2-0510
Water Bonds
For footnotes see Page 788
Bid Ask
8412 86
10214 -10212 104
9912 101
9914 101
101 103
101
103 10412
10112 103
10112 10314
,
4
1003 02 4
93
98
_102
-102
102
10112 --104
104
10512
10573
4
353 40
4012
39
9612 98
100 102
_-103
9612 98
10014
95 97
88 88
84 87
105
108
101 103
104
__10012 10212
4
923 94
10412
10412
104
10412 - -10412
80 84
102
10612
9912
10034 103
100
9512 97
Ask
58
_
/2512 201
93- 2
98
94
Biel
52
47
143
88
/85
6
f4
1027 103 s1
8
,
20
17
4
393 443
4
_ _
0
60
13
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 tho
Over-the-Counter Market
Bristol & Willett
Industrial Stocks
Complete Statistical Information—Inquiries Invited
Alabama Water Serv Os,'671
Alton Water Co Os, 1956___
Arkansaw Water Co 69, 1956
Ashtabula Water Wks 55.'58
Atlantic County Wat 58,'58
tIrmingham Water Works
55, series C, 1957
Os, series B, 1954
5(.s, series A, 1954
Butler Water Co 5s, 1957_
California Water Serv 58,'58
Chester Water Serv 455s,'58
Citizens Water Co (Wash)—
Os, 1951
5).s, series A. 1951
City of New Castle Water
58, 1941
City W (Chat) 55 B____1954
1957
let Os series C
Clinton W Wks Co 55, 1939
Commonwealth Water (NJ)
55, series C, 1957
53(5, series A, 1947
ommunity Water Service
5Sig, series B, 1946
65, series A, 1946
Consolidated Water of Utica
454s, 1958
let rntge Os, 1958
Davenport Water Co 58, '81
E St L & interurb Water
55, series A, 1942
,
6s, series 1.1. 194'
Os, series D, 1960
Greenwich Water & Gas
5s, series A, 1952
5s. series B, 1952
Hackensack Water Co 5s,/7
,
5565, series B, 1977
Huntington Water Os B,'54
6s. 1954
1962
5s
Illinots Water Serv Os A,'52
Indianapolis Water 4545,'40
lot lien & ref 5s, 1960__
1st lien it ref 5a, 1970....
lot lien & ref 53-4g. 1953._
1st lien & ref 53-45, 1954-Indianapolis W W Securities
5s, 1958
Interstate Water 65, A, 1940
Jamaica Water Sup 53.55. '55
Joplin W W Co 5s, 1957_
Kokomo W W Co 50. 1958._
Lexington Wat Co 53.45,'40
Long Island Wat 53-45, 1955
Bid,2
Io3 Ask
8512 87 Journal of Comm 6148_1937
___ Merchants Reins (la _ _1937
94
Natl Radiator .5s
1946
0
40
1946
4 - N Y Shipbldg 5a
/37
.137
NorthAmerican Refractories
80
1944
63e
Otis Steel 68 ens
1041
Pierce Butler & P 3-42_1942
76
--22 Scoville Mfg 53-48
20
1945
94 Standard Textile Products—
92
let 63-4 assented
133
35
_1942
,
42 Starrett Investing 68
1950
/40
13 Struthers Wells Titusville
110
63.4,
1943
0
.
01 31 01 32 WItherbee Sherman 65 1944
0103
1052
.101,, Woodward Iron ba
0)''., 101''..
Established 1920
Members New York Security Dealers Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Specialists in —
25 BROAD STREET. NEW YORK
Adams Express 4s ____1947
American Meter 68 ____1946
1951
Amer Tobacco 4e
Am Type Fdrs 8a ......1937
1939
Debenture Os
Am Wire Fabrics 78 ._1942
Bear Mountain-Hudson
1053
River Bridge 7s
ButterickPubltshing 6341036
Chicago Stock Yds Os._ 1961
Consolidation Coa1434s 1934
1937
Deep Rock 0117s
Haytian Corp 8s____ 1938
Home Owners'Loan Corp
Aug lb 1936
1341i
Aug 15 1937
1 Sis
2s
Aug 15 1938
Manufacturers Water ba,'39
Middlesex Wat Co 53.48, '67
Monmouth Consol W 58, '58
Monongahela Valley Water
5Sis, 1950
Muncie Water Works 5s,'39
New Jersey Water 55. 1950_
New Rochelle Wat Os, B.'51
5.54s, 1951
New York Wat Serv bs, 1951
Newport Water Co 58, 1953_
Ohio Cities Water 545, 1953
Ohio Valley Water be, 1954
Ohio Water Service bs, 1958
Ore-Wash Wat Serv bs, 1957
Penne State Water i”is,'52
Penne Water Co to, 1940__ _
Peoria Water Works Co—
hn dr ref Ss. 1950
1st consol 45. 1948
let consol 5s. 1948
Prior lien Os, 1948
Phila Suburb Wat 4.548,'70.
let mtge 5s, 1955
Pittsburgh Sub Water 6s,'68
Plainfield Union Wat 58, '61
Richmond W W Co bs, 1957
Roanoke W W Os, 1950....
Roch & L Ont Wat Es, 1938
St Joseph Water 6s, 1941._ _
St Louis County Wat 65,'45
Scranton Gas & Water Co
43
-4e, 1958
Scranton Spring Brook
Water Serv 55, 1961...
1st& ref 5s. A, 1967
Sedalia Water Co 53is, 1947
South Bay Cons Wat 5s.'60
South Pittsburgh Wat 5s,'55
Os. series A, 1960
1960
50 series B
Terre Haute Water 58, B,'56
series A, 1949
es,
Texarkana Wat 1st 55_1958
,
Union Water Seri 53-45, 1951
Water Serv Cos, Inc, 55,'41
West Virginia Water 55, '51
Western N Y Water Co
55, series B, 1950
lot mtge 5s. 1951
1st mtge. 53.45, 1950
Westmoreland Water 55,'52
Wichita Water Co 55, B,'66
55. series C, 1960
68. series A, 1949
W'msport Water 59, 1952_
Bid Ask
_
102
10412 107
2
93, 9512
102
102
9512
94
97
0612
102
6712
10212
73
67
93
104
104
91
8212
88
1023
4
10412
106
99
10714
10112
78
101
10112
10414
93
100
83
8212
94
4
673
103
10314
10312
10012
103
94
96
70
91
9712
96
99
9812
70
ig
70
95
01
03
86
0112
- 2
841.
(;612
91"
98
93
9212
91
9112 93
97
9412 66"
101
100 2
,
104
2
99
1661
Par
Adams-Millis Corp. 1)1_100
•
American Arch $1
100
American Book $4
American Hard Rubber_ _50
25
American Hardware
100
American Mfg
100
Preferred
•
American Meter corn
American Republica com •
Andlan National Corp__ _•
Art Metal Construction_ _10
•
Babcock & Wilcox
Bancroft (Joe) dr Sons com_'
100
Preferred
Beneficial Indust Loan pl.•
50
Bliss(E W)let pref
10
2d pref B
Bon Amt Co B common,,.'
Bowman-BlItmore Hotels.'
100
1st preferred
* •
2nd preferred
Brunaw-Balke-C01Pref--100
Bunker H & Sullivan com 10
891
102 107
1334 - 5712 61
7
4
2112 23
s
52
12
23s
3534
414
3112
1
10
49
17
214
43
13
8
27
,
38 4
514
3312
3
15
5112
24
414
,
46
Par Bid Ask
Herrtng-Hall-Marv Sate_100 12
15
.
International Textbook _ _ •
4 231
13
King Royalty corn
•
11
9
100 73 78
$8 preferred
5,
14
Kilmer Airplane As Motor .1
Lawrence Port Cement 100 163 19
4
Locomotive Firebox Co__ _•
,
4 5s
33
Macfadden Publica'ne corn b
Preferred
•
Merck & Co Inc com
1
8% preferred
100
National Casket
•
Preferred
National LicorIcecom.
..100
Nat Paper & Type prat _100
New Haven Clock prof..100
North Amer Match Corp..'
Northwestern Yeaat___100
3 Norwich Pharmacal
2
5
Is 1 Ohio leather
•
5914 61% Pathe Exchange 8% prat 100
34 Publication Corp com
32
•
$7 1st preferred
100
21 Remington Arms com
•
Canadian Celanese corn._ _• 19
•
100 104 107 Riverside Silk Mills
Preferred
•
_100 10212 --- Rockwood dr Co
Carnation Co $7 pref
Preferred
100
Clinchfield Coal Corp p1100 32
4 -1
100
,_25 263 27 4 Ruberold Co
Colts Patent Fire Arms.
12 114
Columbia flaking corn____•
314 434 Sicovill Mfg
•
25
let preferred
•
100
138 232 Singer ManufacturIng
2d preferred__
5
Columbia Broadcasting al A • 2552 2718 Standard Cap & Seal
• 25
2612 Standard Screw
100
Class!)
47
Columbia Pictures Prof....' 45
• 2013 22 Taylor Milling Corp
•
Crowell Pub Co corn
Taylor What I lc 8 com
•
100 97
$7 preferred
- -14
• 2114 23 Transcontinental & Western
Dictaphone Corp
Air Inc corn
100 103
Preferred
58 Tubize Chatilion cum pf _100
Dixon (Jos) Crucible__ _100 55
93 Unexcelled Mfg Co
10
• 86
Doehier Die Cast pref
48 178 Finishing pref
100
50 43
Preferred
16
Douglas Shoe preferred. _100 12
• 5712 593 Welch Grape Juice pref .100
4
Draper Corp
95 West Va PUID A Pap corn....
100 90
Driver-Harris pref
l'referred
100
2514 263
4
First Boston Corp
178 White(S S) Dental Mfg___20
118
Flour Mills of America....•
Franklin Railway Supply--* 1012 1512 White Rock Min Spring—
$7 let preferred
100
68
Gen Flreproofteg $7 pt.-100 60
50
10 3112 3512 Wilcox-Gibbs com
Golden Cycle Corp
100
4 Worcester Salt
8 33
23
•
Graton & Knight com--100
2312 Young (J 5) Co com
100 21
Preferred
100
7% preferred
Great Northern Paper._.25 2212 2114
•
,
58
3918 4134
27
25
114
55
51
__
109
45
5
1
5812 6412
2414 26
137 14112
26
24
15
11
104 107
2512 28 2
,
9012
,
278 3 8
2712 28
4
93 --_
45
43142
2114 2238
236 248
2812 3D2
86
81
10
2
12
3
812 914
6112
56
212 312
4
6,2
7012 _
1112 13
9012
87
1414 151s
9712
25
20
4912 55
8012
10112
Telephone and Telegraph Stocks
Per
Amer Diet Teleg(NJ)com •
100
Preferred
Bell Teiep of Canada.....100
Bell Telep of Penn pref._100
Mein & Sub Bell Telep__50
100
Cuban Telep 7% pref
Empire dr Bay State Te1.100
100
Franklin Teleg $2.50
100
lot Ocean Teleg 6%
•
Lincoln Tel & Tel 7%
Mount States Tel & Te1.100
New England Tel & Te1.100
Par
Bid I Ask
75
79', New York Mutual Tel..100
111 12,11314 Northw BellTel pt OS4% 100
131 12135 Pac & Atl Teleg U S 1%_26
11612 11712 Peninsular Telephone com_•
100
Preferred A
6412
62
24,2 Roch Telep $6.50 1st 0I-100
19
58 8o & All Teleg $1.25— - _25
54
Sou New Engl
3712 41
7612 81 S'western Bell Tel. pi_ —100
___ Tri States Tel & Tel
89
10
Preferred_.
10712 10912
9212 94121 Wisconsin Telep 7% pref 100
B14 Ask
23
4
-111 14 113
4
143 1734
614 8,2
73
-10012 105
1812 20
105 107
4
1193 122
8
8
97 103
110,2 ---
787
Financial Chronicle
Volume 140
Quotations on Over-the-Counter Securities-Friday Feb. 1-Continued
We specialize to
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
WP1Came&Ewen
Tel. REctor 2-3273
2 Wall St., New York
Public Utility Bonds
Yoe
Albany Ry Co con 5s 1930_
General be 1947
Amer States PS 5.4s 1948
Amer Wat Wks dr Elec bs '75
Arizona Edison lot Is 1948_ _
1st 63 series A 1945
Ark Missouri Pow 1st 65 '53
Associated Electric be 1961
A8800 Gas & Elea Co 41 58'58
,
Associated Gas & Mei,Corp
Income deb 334s..__1978
Income deb 3Us____1978
Income deb 4s
1978
Income deb 4 tis
1978
Cony debenture as 1973__
Cony debenture 43.151973
Cone debenture Is 1973__
Cony debenture 5 tie 1973
Participating 88 1940..._
Bellows Falls Hydro El 54355
Birmingham Wat Wks 5657
53.1s 1954
Bklyn C & Newt'n con 56'39
Cent Ark Pub Serv Is 1948
Central()& E 5 tie 1946
let lien coil tr 68 1946._
Cent hid. Pow 1st 6s A 1947
Colorado Power ba 1953._ _ _
Con Isld & Bklyn con 42 '48
Consol Eleo dr Gas 5-65 A '62
Duke Price Pow 1966
Federal P S let es 1947
Federated Util 53.1s 1957....
426 St Man & St Nick be '40
Green Mountain Pow be '48
III Commercial Tel 5s A '48
111 Wat Ser let be 1952
Interborough K T 58 ethi '66
Iowa So Utll 534is 1950
Kan City Pub dery 38 1951_
Bid
f30
125
34
64
f32
134
5512
363
4
1514
Ass
36
65
33
36
57
3714
1614
1434 1514
1512 1614
1612 1714
1812 1012
3012
29
2912 30 2
,
3112 3212
38
37
70
68
95 4 9712
3
10012
103
83
78
77
75
53
52
5312 55
48
47
10414 1053
4
62
1912
19
9958 100
4
13014 313
4112 43
75
9012 9112
86
84
9312 95
81
79
7312 7512
3212 34
Par
Keystone Telephone 5 Ma '55
Lehigh Vail Trans ref be '60
Long Island Lighting Is 1955
Monmouth Cons Wat 58'56
Mtn States Pow 1st 6s 1938
Nassau El RR 1st Is 1944__
Newport N & Ham Ss 1944_
New England 0 az E Sts 1962
New York Cent Flee Is 1952
New Rochelle Water 512s '51
N Y Water See be 1951
Northern N Y Util Ss 1955
Okla Natural Gas Es 1948_
Okla Natural Gas 6s 1946_ _
Old Dom Pow bis _May 15'51
Parr Shoals Power bs 1952..
PeninsularTelephone5148'51
Pennsylvania Elec be 1952..
Peoples L & PS 34s 1941 _.
Public Sera of Colo Be 1961
Public Utilities Cons 53-4s'48
Roanoke W Vi St 1950
Rochester Ry let Is 1930._
Schenectady Ry Co 1st 5s'46
Scranton Gas & Wat 434568
Sioux City Gas & Elec es '47
Sou Blvd RR let be 1945_ _
Sou Cities Utilities Is A 1958
South Pittsburg Water 55'60
Tel Bond & Share bs 1058._.
Union Ry Co N Y 55 1042
Un Trao Albany 4 tie 2004
United Pow & Lt 6s 1944_ _ _
be series B 1947
Virginia Power 58 1942_ _ _
Wash & Suburban 5We 1941
Westchester Elec RR Is 1943
Weetern P S 554a 1960
Yonkers RR Co gtd Is 1946_
Bid Ask
93
91
34
36
102 103
95
94
6814 693
4
95 100
10012
54
52
75
72
9712 9812
9612 98
91
88
68
66
85 87
4512 4612
75
103
9112 03
3514 3714
99
98
4212 44
80
79
117
20
14
8
9912 101
93
91
60
30
29
103
5512 58
70
13
10112 103
97
99
10512
67
62
7612
65
58
R.F. Gladwin & Co.
Latabilshed 1921
35 Nassau St.
New York City
A. T. T. Teletype-NY1-951
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility l'referred Stocks
30 Broad Street
New York
Tel. HAnover 2-4350
Public Utility Stocks
Per Bid
Power 57 pref___• 47
Arkansas Pr & Lt $7 pre! __• 4110
14
Ammo Gas & El orig pref__•
14
•
$6.50 preferred
14
$7 preferred
•
Atlantic City Elec $6 prof _• 8514
Bangor Hydro-El 7% p1.100 97
Birmingham Else $7 prat...• 30
Broad 11.1v l'ow 7% Pf- -100 25
Buff Nlag as East pr pret_25 1438
Carolina Pr & LI 5 pref..
62
9% preferred
• 57
Cent Ark Pub dery prof _100 62
Cent Maine Pow 6% e1-100 40
$7 preferred
100 44
Cent Pr & Lt 7% pref. 100 22
Cleve Else III 6% Pref-100 11114
Columbus Ry. Pr & Lt
1st $6 preferred A_ ...100
$6.50 preferred B
100 59
Causal Traction(N 3)_ _100 38
Consumers Pow $5 pref. _• 74
100 87
6% preferred
100 91
6.60% preferred
Continental Gas & El
40
7% preferred_ _
Dallas Pow & 1.t 7% Met 100 101
Dayton Pr & Lt 6% prst100 90
Derby Gas & Elec $7 pref..8 55
Alabama
Ask
49
43
87
i1712
30
1512
61
60
65
42
461,
2312
11314
72
76
8S12
93
42
103
93
57
Par
Essex-Hudson Gas
100
Foreign Lt & Pow units__ _
Gas & Elec of Bergen__ .100
Hudson County Gas. _ 100
Idaho Power 56 pref
•
100
7% Preferred
Illinois Pr & Lt let pref......•
Interstate Natural Gas,.._
Interstate POWel $7 pre _.•
Jamaica Water Supply pf _50
Jersey Cent P & L 7% pf100
Kansas Gas & El 7% p1100
Kings Co Lts 7% pref_100
Long Island Ltg 6% of. 100
7% preferred
100
Wm Angeles G & E
p1100
Memphis Pr & Lt $7 pref__•
Mlesissippl P dr L $6 pre_ _•
Miss ltiv Pow 6% pref _ _100
Metro Edison $7 pret B___•
6% preferred tier C____•
Mo Pub dery $7 pref__ _100
Mountain States Pr com_.•
7% preferred
100
Nassau & Suffolk Ltg p1100
Nebraska Power 7% pref100
Newark Consol Gas
100
New EngIGA E 54% DL•
New Eng Pow Assn 6% ot100
PRUDENCE BONDS
Statistical Information Furnished
Title Company Mortgages 8:. Certificates
C. D. PULIS & CO.
25 BROAD ST., NEW YORK
Reports-Markets
-Railroads
Public Utilities-Industrials
AMOTT, BAKER & CO.
INCORPORATED
BArelay 7
2160
150 Broadway, N.Y.
Bid Ask
175
8312
108
175
66
if"
77
18
10
1012 12
11
12
5012 53
5
714 5914
78
80
72
393 4112
4 4812 3
012
88
90
45
47
36
37
79
78
79
gi212 6
3
4
814
27
31
9812 100
10917
23
24
3034 311
Hid
Alden 1st 65, Jan,1 194I____ 126
Broadmoor, The. 1st 65, '41 129
B'way Barclay lot 6s, 1941_ 123
Certificates of deposit__ _ f231
B'way & 41st Street
1st leasehold 6349, 1944... 130
B'way Motors Bldg 65 1948_ 62
49
ChanIn Bldg Inc 45 1945
Cnesebrough Bldg 1st 65.'48 50
Chrysler Bldg 1st (is. 1948.. 6312
Court & Ren1Sell St Off Bldg
137
let 6s, Apr '28 1940
Dorset, The, 1st 6s, 1941.... 123
Eastern Amba-ssador Hotels
1st & ref 514s, 1947
16
Eoultable Off Bldg deb 58'52 56
50 Bway Bldg lot 3s, Inc '46 13317
500 Fifth Avenue
63
133
-4s, 1949 stamped
502 Park Avenue 1st 65, 1941 114
52d & Madison Off Bldg
6s, Nov 1 1947
118
Film Center Bldg 1st 6s,'43 55
40 Wall St Corp 65, 1958.... 58
42d St & Lax Av Bldg 45.45 4914
42 B'way 1st 65, 1939
53
1400 Broadway Bldg
1st 634s stamped, 1948
136
Fox Metrop Playhouse
63
-is, 1932 ctfs
1363
Fox Theatre & Off Bldg
1st 6129. Oct 1 1941
18
Fuller Bldg deb 6s, 1944- 4018
5348, 1949
f3412
Graybar Bldg Is, 1946
70
Harriman Bldg 1st 6s, 1951_
52
Hearst Brisbane Prop Bs '42 79
Hotel Lexington 1st 60, 1043 133
Hotel St George 1st 5348,'43 f42
Keith-Albee Bldg (New
Rochelle) 1st 68, 1936
59
Lefcourt Empire Bldg
1st 53 June 15 1941__... 134
4s,
Letcourt Manhattan Bldg
1st Sit's, stamped, 1941_ 151
5112
lot 3-5s extended to 1948_
Lewis Morris Apt Bldg
1st 6125, Apr 15 1937
130
Lincoln Bldg Inc 550, p154
Loew's New Broad Pros, '45
lot fee & leasehold 60,' 45 101
Loew's Theatre Realty Corp
let Cs, 1947
8014
London Terrace Ants (is, '40 f31
A.T.& T. Tel,
N Y 1-588
Bohack (H C)corn
7% preferred
Par Bid
o
•
100 59
Diamond Shoe pref
100
Edison Bros Stores pref_100
Fishman (RI II) Stores_ ___•
Preferred
100
Great A & P Tea pf
Inquiries Solicited
S. A. O'BRIEN & CO•
Members New York Curb Exchange
75 Federal St., Boston
Ask
25
24's
6412
53
65
26
11
58
35
35
61
5014
373
4
10
405
8
3612
73
54
82
35
45
5313
57
103
82
Bid Ask
Ludwig Bauman
61
1st Os (Bklyn), 1942
61
1st 63.5s (L I), 1936
125
Majestic Ants lot 6s, 1948
if
Mayflower Hotel 1st 65. '48 14214 44
Munson Bldg 1st 1334s, 1939 125
263
4
N Y Athletic Club
12712 2912
1st az gen (is, 1946
N Y Eve Journal 6315, 1937 10012 10212
NewYork Title & Mtge Co
f'2912 3114
534s series BK
1225 2312
8
540 series C-2
f341 3614
SSis series F-1
534s series Q
13714 39
19th & Walnut St (Phlla)1st Bs, July 7 1939
121
Oliver Cromwell, The
113
1st 65, Nov 15 1939
1 Park Ave 6s, Nov 6 1939.. 65
08
103 East 57th St 1st 6s, 1941 57
165 B'way Bldg 1st 53.0, '51 56
5-87Postum Bldg lot 133-68, 1943_
9734 9912
69
Prudence Co 534s, 1961.... 166
Prudence Bonds
Series A to 18 inclusive... 13-60
Prudence Co ars30
Hotel Taft
Hotel Wellington
30
45
Fifth Avenue Hotel
48
360 Central Park West
422 East 86th St
48
Realty Assoc Sec Corpse, income, 1943
31
29
Rosy Theatre
1st fee & leasehold 63is'40 119
21
Savoy Plaza Corp
Realty ext lot 5348, 1945- 113
f6
-1;
65, 1945
115
Sherry Netherland Hotel
1st 53
45, May 15 1948._ _ _ 119
21
60 Park PI (Newark) 60, '37 144
616 Madison Ave lot 6.tis'38 121
6111'way Bldg 1st 5345, 1950 5112 5312
General 71, 1945
17
21
Syracuse Hotel (Syracuse)
1st 6125, Oct 23 1940
130
Textile Bldg 181 65, 1958
55
57
Trinity Bldgs Corp
1st 534e, 1939
971. 9912
2 Park Ave Bldg 1st 4s, 1941 49
Walbridge Bldg (Buffalo)
let 6128, Oct 19 1938
121
Westinghouse Bldg
1st fee & leasehold (is. '39 59
Chain Store Stocks
Kress(S II) 6% pref
Tel.: HAnover 2-6286
Real Estate Securities
Securities
COrtlandt 7-1868
Hancock 8920
Direct private telephone between New York and Boston
11
Specialists in
Associated Gas & Electric System
150 Broadway, New York
Par Bid Ask
78
9
77
8
6 8
Hoch Gas & Elec 7% pre! is
6% preferred C
100
41
Sioux City & KS? pf .100 8317 4312
Som'set Un & Mid'sex Ltg
51
25 2112 22
9012 Sou Calif Ed pref A
Preferred B
122 1912
68
25 48:2 44
78 South Jersey Gam & Elec_100 17412 180
Term Elec Pow 6% pret_too
61
7% preferred
72
50
100 48
Texas Pow & Lt 7% pf .100 76
78
_
86
68
83,2
61
2114 Toledo Edison 7% Pf A-11 8
.
United G & E (Conn
37
85 United 0 & E(N J) pref 100 48
50
• 1914 21
Utah Pow & Lt $7 pref_
43
Utica Gas & El 7% pref 100 z72
38
45/ 113
2
Util Power & Lt 7% pret100
55
Virginia Railway
10
59
Wash Ry & Elec com
100 295 345
17
5% preferred
100 99
Western Power $7 pref. _100 7412
54
As5
ei- Real Estate Bonds and Title Co.Mortgage Certificates
PUBLIC UTILITY BONDS
rel. Cortlandt 7-6952
Par Bia
New Jersey Pow & Lt $6 pf• 68
New oil Pub dery $7 pt..• 13
N Y & Queens E L P p1100 101
Northern States Pr $7 p1100 48
Ohio Power 6% pref _ _100 8812
Ohio Edison $6 pref
• 66
$7 preferred.
• 75
Ohio Pub Serv 6% --10
0 59
7% preferred. __ ____100 69
Okla G & E
pref____100 76
Pee Gas & Elec 6% pf
25 2014
Pacific Pow & Lt
pt_100 35
Penn Pow & Light $7 pref... 8312
Philadelphia Co $5 pref_ _.• 39
Piedmont Northern Ry.
_100 33
Pub Servo? Colo 7% cif .100 80
Puget Sound Pow & Lt
• 15
55 prior preferred
Queens Borough G&E
6% preferred
100 51
Lerner Stores pref
100
10
100
Ask
12,4
Par
Lord & Taylor
100
let preferred 6%
100
2nd preferred 8%
100
Melville Shoe pref
75
100
Miller (I) & Sons pref.._ _100
98 104
MockJuds&Voeheger p1100
Murphy (G
8% Pref_100
13
Nat Shirt Shops (Del) _ _•
15
88
93
let preferred__ _ _ _ _100
Reeves (Daniel) pref _100
126 128 Schiff Co preferred
100
United Cigar Stores 6% pref_
1112 1212
6% preens
US Stores preterred____100
9112 98
67
Bid Ask
150
98
100
107
15
70
111
234
28
87
96
85s 3)14
8
85
8
4
712
+Soviet Government Bonds
Rid I Ask
Bid I Ask
Union of Soviet Soo Repub
U nion of Soviet Soo Repub
7% gold rouble_ _19431 85.981 87.961 10% gold rouble__ _1942 86.841
_
For footnotes see page 788.
788
Financial Chronicle
Feb. 2 1935
Quotations on Over-the-Counter Securities-Friday Feb. 1-Concluded
fuLLE-R, C-RUTTEN D-EN •E7- COMPANY
Primary Markets in
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Travelers Insurance Company
Afembers:
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
C.S. Bissell & Co.
H AV;r D,
r
F
i
Insurance Companies
German and Foreign Unlisted Dollar Bonds
Anhalt 75 to 1916
Argentine 5%. 1945. 5100
pieces
Antloqula 8%. 1946
Austrian Defaulted Capone
Bank of Colombia. 7%.'47
Bank of Colombia. 7%.'48
Bavaria 615s to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia) 635.'47
Bolivia 6%. 1940
Buenos Aires scrip
Brandenburg Elec. 6s. 1953
Brazil funding 5%. '31-51
Brazil funding scrip
Britian Hungarian Bank
735e, 1982
Brown Coal Ind. Corp
6358, 1953
Call (Colombia) 7%. 1947
Callao (Peru) 734%, 1944
Ceara (Brazil) 8%, 1947_ _
Columbia scrip issue of '33
issue of 1934
Costa Rica funding 5%.'51
City Savings Bank, Budapest, 7s. 1953
Dortmund Mun Util 6s.'48
Duisburg 7% to 1945
Duesseldorf 7e to 1945__
East Prussian Pr. 68. 1953.
East
European Mortgage & Investment 73.4.. 1966- French Govt. 535s. 1937- _
French Nat. Mall SS,68,'52
Frankfurt 711 to 1945
German Atl Cable 7s. 1945
German Building dr Landbank 635%, 1948
German defaulted coupons.
German scrip
German called bonds
German Dawes Coupons
10-15-34 Stamped
German Young Coupons
12-1-34 Stamped
Haiti 6% 1953
Hamb-Am Line 634e to '40
Hanover Harz Water Wke.
8%, 1957
Housing & Real Imp 7e,'46
Hungarian Cent Mut 7s,'37
Hungarian Discount & Exchange Bank 7s, 1963...
/3141
Ask
Hungarian defaulted coups 145-90
Hungarian Ital 13k 7355,'32 /75
41
96
98
Jugoslavia 58, 1956
54
/29
32
Jugoalavia coupons
146
38
95-125Koholyt 6355. 1943
135
12312 /41- Land 51 Bk, Warsaw 8s,'41 84
-2
88
45
12312 2412 Leipzig Oland Pr. 635s.'46 142
39
/34
36
Leipzig Trade Fair 78, 1953 136
Luneberg Power, Light &
Water 7%,1948
38
f29
31
134
38
11512 17
Mannheim & Palat 78. 1941 134
/3212 3412
7
Munich 7s to 1945
15
36
153
56
Munic Bk,Hessen. 78 to '45 131
f34
36
Municipal Gas & Else Corp
40
Recklinghausen. 7s. 1947 137
583
4 593
4
4612
/5811 ---- Naftali Landbank 848.'38 145
Natl. Bank Panama 84%
48
/58
61
1946-9
46
Nat Central Savings Bk of
f42
Hungary 735s. 1962_
154
57
46
/1012 1212 National Hungarian &
158
61
18
11
Mtge. 7%,1948
f32
35
6
Oberpfals Elec. 7%,1948
.13
71
Oldenburg-Free State 7%
170
f32
36.
148
to 1945
50
51
Porto Alegre 7%, 1968....... 11912 2212
48
ProtestantChurch (Ger13612 38
147
50
many). 7s, 1946
136
38
Prov BY Weetphalia 88,'33 137
13112 3412 Prov Bk Weetphalla 65.'36 1'3512 37
Rhine VVestpti Elea 7%,'36 f4212 4412
36
132
Rio de Janeiro 6%. 1933._ 12012 2312
36
/34
Rom Cath Church 635s.'46 141
45
R C Church Welfare 75, '411 136
166
68
38
168
173
Saarbruecken 38 13k 65. '47 170
f44
166
168
Salvador 7%, 1957
131
36
Salvador 7% ott of Sap '57 13212 3313
Salvador scrip
138
42
13012 3212
Santa Catharine (Brasil).
12212 2312
135
38
8%. 1947
12
135
Santander (Colom) is. 1948 111
.6
Sao Paulo (Brazil) (lit. 1943 117
19
Saxon State Mtge.(is, 1947 142
46
26-31
Serbian 58, 1956
41
43
146
54
1103
s 1078 Serbian coupons
Slam dr Retake deb 68, 2930 1250
270
14
State M tg Bk Jugosl 5s 1956 41
.113
43
146-54
84
coupons
Stettin Pub Util 7s. 1946._ 134
87
36
184
44
Tucuman City 7s, 1951_
142
7312
13112 3312 Tucuman Prov. 7s, 1950._
45
Tucuman Scrip
113
if"
f42
30
56
Veeten Else Ry 7s. 1947.., 127
153
Wurtemberg 7s to 1945_ _ _ 133
35
/45
48
Bid
132
Ask
35
BIB
Bid
Missouri Pacific 4358
ra.75
r6.75
ss
76.75
54e
New On Tel & Mex 414,.., 76.50
r3.85
New York Central 435e
r3.85
58
71.50
7s
14.20
N Y Chic dr St L 4
r4.20
53
NY N 14 dr Hartford 435s.. 74.50
74.50
5s
73.75
Northern Paclflo
r3.00
Pennsylvania RR 435s___
73.00
r3.90
Pere Marquette 44e
r3.25
Reading Co 44e
r3.25
5e
60
St Louis-San Fran 4e
60
435e
60
55
St Louis Southwestern 5e, r4.50
r4.50
535e
71.50
Southern Pacific 78
73.80
435s
r3.80
55
r4.00
Southern By 43
-is
r4.00
be
r3.85
535s
r4.00
Texas Pacific 48
74.00
4355
74.00
58
r3.00
Union Pacific 435s
r3.00
5s
71.00
75
r3.00
Virginian By 4358
73.00
be
77.50
Wabash By 435e
77.50
As
77.50
515s
77.50
68
Western Maryland 4.358_ 74.25
r4.2S
56
r6.75
Western Pacific Ea
r6.75
5!,ie
Ast
1
---
Railroads-Industrials-Public Utilities
Federal Intermediate Credit Bank Deb.
U.S. Treasury Notes
Short Term Securities
Bid
Ask
6.00
6.00
6.00
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
2.00
6.50
6.50
6.50
6.50
3.50
3.50
5.50
5.50
Ask
Allis-Chalmers Mfg Ss 1937_ 1007 10114
8
107 10734
Appalachian Pr 7. 1936
Armour & Co 43-5s 1939_ _ __ 10212 103
4
Atlantic Refg Co 56 1937._ 10714 1073
B & ORB See 4358 1939
9112 92
Beech Creek RR lst 4s 1936_ 10112 102
1037 10418
8
Bethlehem Steel 58 1936
Calif Gas & Elec Us 1937_ __ 108 10812
Canada(Dom of) 43-4s 1936_ 10314 10312
4
elute & Ohio RR 1st Os 1939_ 1113 11214
Chic Gas Lt& Coke 1s1 5s'37 10412 105
Cleve Elec III Co 5s 1939._ 10412 105
Columbus Power let 55 1936 1023 10312
4
Consumers El Lt dr Pr(NO)
1st Ea 1938
10114 10214
Consumers Power 1s1 55 1936 10312 1037
s
Consum Gas(Chic) 1st 58'36 1033 1043
4
4
Curnb'I'd Tel & Tel 1st 5837 1067 10714
8
___
Dayton Lighting 58 1937... 107
Del dr Hudson Co 535s 1937_
99 100
10612 1063
4
Dodge Bros Os 1940
Edison El Illum Co Boston
10412 105
58 1936
10214 1023
3.1 July 16 1937
8
38 November 2 1937
10214 10212
Edison El III Bklyn 48 1939_ 10634 10712
Fox Film cony (le 1936
• 1013 1023:
4
1033 105
4
Glidden Co 535s 1939
8
Or Trunk Sky Can (gill 68'36 1053 107,
4
Gulf Oil Co of Pa 5s 1937._ 105 10514
4
Hackensack Was cony As '38 109 1093
Kresge Foundation 68 1938_ 1023 10318
4
103 1033
4
Long Dock Co 68 1935
Long Island Ltd let ta 1936_ 10212 10312
Bid
Midvale Steel & Ord be 1936
Morris & Co 1st 43-s 1939._
NY Chic & St L let 481037.
N Y Pa & Ohio RR 43-4s '35
New York Tel let 4351 1939_
Nor American Lt & Power
be 1936
Ohio River RR 151 68 1936_
General Us April 1 1937_
Pennsylvania RR 635s 1936_
Phillips Petroleum 113.4s 1939
Pub Sery Co III let 8358 1937
Pure 011 Corp 5301937....
Railway Express Agency-58 1935-39
58 1940-49
Root]& L Ont Water be 1938
Sinclair Consol Oil Corp
7s 1937
84s 1938
Scranton Eleo 1st 55 1937...
Sou Calif Ed 55 1939
Swift & Co Is 1940
Texas Pr & Lt 1.1 58 1937_
Tol dr Ohio Cent By 1st 58'35
United States Rubber Co
6358 1936
(is 1936
Wash'n Wet Pr 1st Ea 1939_
W Jer & iieash RR let 4.s '36
Western Maas Cos 4s 1939_
W N Y & Pa RR 195 53 1937
Western Union Tel 635s 1936
Wilm & Weldon RR let 5835
Ask
1027
8
102)2
101
102
110
10314
1027
8
101 14
1033
4
11112
10012
10314
10314
10512
10218
10612
1007
8
101
104
104
1051
4
10212
107,
4
10114
10018
108
.-101 102
10312 104
10412 105
107
_ -10714 108
1033 1033i
8
10414 101 1 2
1003 101,2
4
1003
4
102
1063
4
10214
10318
10612
101)4
1013
8
102
10212
10712
___
1033m
107
10134
___
Federal Intermediate Credit Bank Debentures
Bid
Ask
Bid
o,INut
e,,
‹,tscce.-
2.00
3.00
3.25
3.25
3.50
3.50
3.00
3.00
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
Par Bid
•
• 90
100 106
SHORT-TERM SECURITIES
Philadelphia, Pa.
Ask
Bild I Ask
3
51,
11flaytian Corp Amer
5
7 Savannah Sugar Ref
75
80
7% preferred
Ask
I
r2.75
73.70
r3.9S
73.95
r4.10
r4.10
73.90
r3.9O
74.00
73.50
r2 50
r2.50
r3.50
73.22
r6.75
r6.75
r6.75
76.75
64
64
76.50
76.50
76.50
73.70
r3.70
r3.85
73.85
r3.25
13.25
r3.75
73.85
r3.85
r3.75
r3.00
r1.75
r6.50
73.50
r3.50
7340
73.50
72.50
r4.25
r4.25
r7.00
r7.00
Sugar Stocks
Par
East Porto Rican Sag com__
Preferred
Fajardo Sugar
100
24 BROAD ST., NEW YORK
Members N. Y. Stock Exchange
11Anover 2-45(10
Railroad Equipment Bonds
Atlantic Coast Line 65is43is
Baltimore & Ohio 435s
53
Boston & Maine 43513
Os
Canadian National 4358_
58
Canadian Pacific 4355....
Cent RR New Jer
Chesapeake & Ohio 5358_
65is
435s
,
5s
Chicago & Nor West 4358,
53
Chic Milw & St Paul 435s_
58
Chicago RI dr Pao 435s
58
Denver dc RU West 44e.._
be
535s
Erie RR 5.35s
Os
448
be
Great Northern 435e
58
Hocking Valley 58
Illinois Central 430
58
535s
6558
78
Internet Great Nor 435s_
Long Island 44e
As
Loulev & Nashv 44e
.5s
6(5s
Maine Central As
53.4.
Minn St P & S 8 M 4n
44e
Ask
2734
112
2014
9
612
10
338
212
1512
35
612
412
73
4 9
5612 5812
612 712
110 115
712 83
4
2612
25
13
4212 45
3512 3912
12
15
84
77
2312
22
114 118
76
80
7414 7614
1112 123
4
3114 3314
4
1714 203
834 93
4
161 166
1412
13
313 34
4
2012 2212
103 106
212 414
323 335
400 410
6 714
4412 4612
283 301 1
4
aid
2614
12
1834
6
5
8
23
4
112
1412
33
Pell Peake dic, Co.
EQUIPMENT.TRUST CERTIFICATES
STROUD & COMPANY INC.
Private Wires to New York
Ask
Par Biel
Par
Aetna Casualty dr Surety _10 6412 6612 Home
5
Aetna Fire
10 4612 4812 Home Fire SeguritY
10
Aetna Life
10 173 1.914 Homestead Fire
4
le
Agricultural
25 62 64 Hudson Insurance
10
American A!Ilan ce
4
10 2014 213 Importers & Exp. of N Y.26
American Equitable
4
5 193 2234 Knickerbocker new
6
American Home
4
10
814 93 Lincoln Fire
6
American of Newark__ _ _2 4 1112 13 Maryland Casualty
2
American Ike-insurance, _10 5112 5312 Maze Flooding & Ins
25
American Reserve
4
10 203 2214 Merchants Fire Amur com 235
American Surety
4
25 2914 31, MerCh & Nitre Fire Newark _6
Automobile
4
10 233 2514 NationalCasualtY
10
National Fire
10
43
4 534 National Liberty
Baltimore Amer
235
2
Bankers & Shippers
_25 26912 7312 National Union Fire
20
Boston
100 560 578 New Amsterdam Cas
5
Camden Fire
6 1834 1934 New Brunswick Fire
10
Carolina
2312 New England Fire
10 22
10
City of New York
100 192 197 New Hampshire Fire__ _ _ 10
Connecticut General Life.10 2614 283 New Jersey
4
20
Continental Casualty
6 1234 1334 New York Fire
5
Eagle Fire
178 238 Northern
12.50
23-4
Employers Re-Insurance 10 2712 30
North River
2.50
Excess
153 Northwestern National_ _25
4
5 14
Federal
Pacific Fire
75
10 71
26
Fidelity & Deposit of Md_20 4034 4234 Phoenix
10
412 512 Preferred Accident
Firemen's of Newark
6
5
Franklin Fire
5 2414 2534 Providence-Washington. _10
General Alliance
Rochester American
1 1014 11
10
Georgia Home
25 R08818
10 23
5
Glens Falls Fire
5 3334 353 St Paul Fire & Marine__ 25
4
Globe & Republic
8
10 Seaboard Surety
5
Globe & Rutgers Fire___ _25 26
3012 Security New Haven...-10
Great American
5 2014 2134 Southern Fire
10
Great Amer Indemnity
7
8 Springfield Fire & Marire_25
1
Halifax Fire
10 1734 1914 Stuyvesant
10
Hamilton Fire
20 Sun Life Assurance
25 15
100
Hanover Flre_
4
10 323 3434 Travelers
100
Harmonia _
10 2234 2414 U 5 Fidelity & Guar Co__ _2
Hartford Fire
4
10 5612 5812 U S Fire
Hartford Steam Boller_ ..i0 7712 --_ Westchester Fire
2.50
____ F I C 135s July 15 1935_
F I C 2s Feb. 15 1935... 5.25
.35%
0
F IC 14e Mar. 15 1935,.... 6.311% ___ . 1 IC 14s Aug. 15 1935._
.35%
F I C Is
Mar. 15i935.. 5.30% .... _ FIG 1549 Sept. lb 1935,.
375%
F 1 C 25 Apr. 15 1935._ 5.35 .20% F I C 14e Oct. 15 1935._
375%
F IC 13-is May 15 1935.. 5.45 .25% F IC 1358 Jan, 15 1936._
.50%
F IC 13.45 June 15 1935_ _. 5.50 .25%
c Registered coupon (serial).
• No par value.
a Interchangeable.
d Coupon.
r Basis pr ce.
.7 Ex-dividend.
.1 Fiat price.
* Quotations per 111 gold rouble bond equivalent to 77.4234 grams of pure gold.
,
Volume 140
Financial Chronicle
789
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
-MISCELLANEOUS
Monthly Gross Earnings of Railroads
-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Interstate Commerce Commission:
Gross Earnings.
Month.
Lenora of Road
1933,
January _ _ _
February _ _
March
April
May
June
July
August
September_ _
October
November.
December_ _.
1932.
Inc. (+1 or
Dec.(-).
S
$
$
228.889,421
213,851,168
219.857,606
227,300,543
257,963,036
281,353.909
297,185.484
300,520.299
295.506.009
297.690,747
280.503,983
248.057,612
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
253,22.5.641
245,760,336
1934.
January... 257.719.855
February _ _ _ 248.104,297
March
292,775,785
April
265,022.239
281,627,332
May
June
282,408,507
July
275,583,676
August
282,277,699
September.. 275.129,512
October
292.488,478
November _
258.629.163
1933.
226 276,523
211,882,826
217,773.265
224,585,926
254,857,827
277.923,922
293,341,605
298,564,653
291,772.770
293.983.028
257.376.376
-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
-16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
+31,443.332
+36.221.471
+75,002,520
+40.456,313
+26,769,505
+4,482,585
-17,757,929
-14.288,954
-16,643,258
-1.494,550
-747.21
Net Eartilnos.
+13.90
+17.10
+34.44
+18.02
+10.50
+1.61
-8.05
-4.82
-5.70
-0.62
-0.29
1932.
Aisles
241,881
241,189
240.911
241.646
241,484
241.455
241,348
241,166
240,992
240.858
242.708
240.338
Mlles
241,991
241.467
241,489
242.160
242,143
242.333
241.906
242,358
239,904
242,177
24-4.143
240.950
1934,
239.444
239,389
239,228
239.109
238,983
239,107
239.160
239,114
238.977
238,937
238.826
1933.
241,337
241,263
241.194
241.113
240,906
240,932
240,882
240.658
240.562
240.428
24063(
Inc. (4-) or Dec.(-).
MOTIVI
1933.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
1932.
Amount.
3
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
66,866,814
59,129,403
s
45,964,987
56.187,604
68,356,042
56,261,840
47.416,270
47.018,729
48,148.017
62.553,029
83,092.822
98,337.561
63,982,092
57.861.144
s
-361,700
-14,727.011
-25,256,013
-3,676./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
-0.79
-26.21
--36.94
-6.55
+57.85
+100.87
+117.74
+53.64
i- 13.39
7.46
1934.
62.262,469
59,923,775
83,939,285
85,253,473
72,084,732
74.529,256
67,589,491
71,019,068
71,781,674
80,423,303
59.167.473
1933.
44.978,268
40,914,074
42.447.013
51,640.515
73,703,351
92.967,854
98,803,830
94,507,245
92.720.463
89.641,103
65.899.592
+17.284.203
+19,009.701
+41.492,272
+13,612.958
-1,818,619
-18,438,598
-31,234.339
-23,488,177
20,938,789
-9,217,800
-6_732_119
+38.43
+46.46
+97.75
+26.30
-2.20
-19.83
-31.61
-24.81
-22.58
-10.28
-10 21
Per Cent.
+4.54
+2.19
Abbott Laboratories-Meeting Data Changed
-
The date of the annual meeting has been changed to the first Thursday
of March which this year is March 7from the third Thursday of February.
V. 139, p. 3318.
Air Associates, Inc.(& Subs.)
-Earnings-Earnings for Year Ended Sept. 30 1934
Net profit for year, after deducting cost of sales and operating
expenses, including allowance for depreciation
Discount on purchases, profit on sale of securities, int., &c_ _ _ _
$35.8.'4
48 1
5 2
:4 4
Total profit
Provision for doubtful accts., Nod, capital stock taxes, &c
Federal incomo tax, 1934 (estimated)
$40,296
2,355
5,550
Not profit
Balance Sept. 30 1933
Excessive accrual for employees' bonuses at Sept. 30 1933.
$32,390
111,396
416
Total surplus
Provision for contingencies
Glendale, Calif., division organization expenses incurred prior to
Oct. 1 1933
Balance, Sept. 30 1934
$144,203
2,000
758
$141.44
Balance Sheet Sept. 30 1934
Assets
Cash
Accts. receivable (after allowance of 52,945 for doubtful)_
Inventories
a Deposit to cover personal ininjury award
-officer & director_
Notes roe.
Dundry deposits & sects. reale
Buildings, machinery, equipfurniture and fixtures
Unamortised catalogue expense
TInamortlzed leasehold Inlets_
Sundry deferred charges and
prepaid expenses
4
1 011(11es.
$29,583 Accounts payable
32,594
132.592
5,500
1,550
1,028
$27,508
Accrued Federal capital stock,
State and local taxes
1,862
Fed,income tax (1934) (est
.d.)
5,550
Reserve for contingencies
2,000
57 preferred stock
c102,550
Common stock
d5,527
Surplus
0.41,445
b76,583
2,475
2,162
2,370
Total
$286,442
Total
$286,442
a The subsidiary company as defendant in a suit arising from injuries
sustained in a parachute accident, was hold liable for damages and costs
aggregating $5,500. Cash in that amount has been posted as security to
an indemnity bond, pending appeal of the award. b After allowance for
depreciation of $28,962. c Represented by 4,102 no par shares. d Represented by 15,402 no par shares, before deducting 900 shares in treasury
(donated). o After deduction of $19,918 representing cost of 1,360 shares
of preferred stock in treasury.
-$5.25 Accumulated Dividend
(A. S.) Aloe Co.
he directors have declared a dividend of $5.25 per share on account of
accumulations on the 7% cora, preferred stock, par $100. payable Feb. 15
to holders of record Feb. 5. This payment clears up all arrearages on this
Issue as of Jan. 2 1935.-V. 139, D. 4119.
Akron Canton & Youngstown Ry.-Earnings.-DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net after rents
Net after rents
-V.139, p.4119.
1934
$149,680
59,869
36,534
1933
$125,803
45,155
27.667
1932
$116,647
35,266
13,056
1931
$129,733
20.180
def3,957
1,721,879
579,556
286,761
1,594,629
574.045
322,599
1,564.496
484,275
223,112
1,915.686
570,283
252,045
Alpha Portland Cement Co.
-25
-Cent Dividend_614a€'
)
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable April 25 to holders of record April 1.
A similar distribution was made on Jan. 25, the first payment made April 25
1932 when a regular quarterly dividend of like amount was paid.
-V. 139,
IL 3958.
Alton RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 4119.
1934
$1,054,042
199,976
9.505
1933
$962,061
263.597
346,193
1932
1931
$1,030,416 $1,300,792
268,310 def6,165,317
35,450
40.265
13,159,346 13,328,174
2,813,469
4,112.505
221,040
1,847,341
14,090.370 18,848.629
3,502,410 def2,676.078
486.783
1,000.873
American Cities Power & Light Corp.
-Annual Report
L. E. Kilmarx, President, says in part:
•
Based on Dec. 31 1934 market quotations for investments, the net assets
at the close of the year amounted to $13,958.479, equivalent to $90.51
per share of class A (preferred) stock outstanding, and, after allowing for
class t stock at the amount to wnicn it is entitled in liquidation ($55 per
share), to $1.83 per share of class B stock outstanding.
There wore retired during the year 1,515 shares of class A sto,k,
representing 400 shares held in treasury and 1,115 shares purcnased during
the year at an average cost of $26.66 per share, which compares with $55
per share, the amount to which the stock would be entitled in liquidation.
Purchase of these shares during the year involved a charge to capital surplus
of $1,854 because of the fact that the par value of class A stock is now
$25 per share.
From the list of securities owned as of Dec. 31 1934 it appears that the
corporation's holdings of common stock of North American Co. constitute
approximately 43%, and its holdings of common stock of Standard Cap &
Seal Corp. approximately 25%, of the corporation's assets.
Income Account for Calendar Years
[Including Wholly Owned Subsidiaries]
1934
1933
1932
1931
Stock divs., valued at
market prices, following respective dividend
record dates
1222,225
$764.785 $1,120,455 $2.054.315
Cash divs, and interest_
909,382
610,038
839,533
963.130
Total income
81,131,608 81,374,823 $1,959,988 $3,017,445
Oper. exp.. taxes and int.
107,424
98,813
146.600
193,484
Appropriation of above
value of stock dive. applied in reduction of
averaged book value of.
investments
222,225
362,920
65,627
935,212
Spec. approp. of bal. of
above val. of stk. dive.
applied in reduction of
book value of invest_
401,864
1,054,828
1.119.103
Net income
$511,225
$801,958
$692,933
$769.645
Previous oper. surplus
319,006
1.593.432
3.067,652
4.389,094
Adjustments applicable
to prior periods
1,900
Profit on sale of sec....
c98,764
Total
$1.221,628 $2.104,657 $3.760,585 15,158.739
Losses realized on sales
of securities
6525,721 131,555,103
a296,934
Divs, on cony. cl. A stk.,
optional div. series,
paid in cash and in
class B stock
463.241
485,943
612,049
769,469
Diva on class B stock
paid in class B stock
1,024,684
Divs, on class B stock
paid in cash
289,610
434.163
Approp. applied in reduc.
of book value of investment as at Dec. 31
524,894
Balance Dec. 31
$468,778
$133.937 $1,593,433 $3,067,652
Shares of class B stock
outstanding (par $1)
2,908.486
2.908,485
2,908,485 c2,908,280
Earnings per share
$0.12
Nil
Nil
Nil
a Consists of losses on securities sold (based on average book value),
reduced by profits realized to the extent that such profits exceed the amount
of capital surplus, if any, applied Dec. 16 1930 in reduction of book value
of such securities. For the above period, however, there was restored
to capital surplus in respect of securities sold a book profit of $688.862.
b Includes losses on the sale of securities, determined on the basis
values as adjusted Dec. 16 1930, by application of capital surplus. of book
c Computed on basis of averaged book value, based on April 29
1933
market prices as to investments acquired prior to that date and cost as to
subsequent purchases.
Consolidated Balance Sheet Dec. 31
1934
1933
Assets$
1 Ltablifties$
Investments - _ _ _615,936,820 a15953,251 Accts. payable and
Cash
Accts. receivable
Divs. & int. reedy,
351.495
8,997
187.833
1934
s
1933
$
206,009
accrued expenses
38,569
22,189
139,071 Res've for conting. 480,500
480,500
50,390 c Capital stock... 6.764,036 6.791,910
Operating surplus_
{133,936
Undistrib. prof. fr.} 468,778
sale of securities
185,069
Capital surplus... 8,733,262 8,735,117
Total
16,485,145 18,348,722
Total
16,485,145 16,348.722
a Aggregate market value Dec. 31 1933, $13.820,938.
After reduction
of book value of investmen, as of April 30 1933 by $13,581,009, the
s
unrealized depreciation in investments at Dec. 31 1933 was
$2,132,313.
b Aggregate market value Dec. 31 1934, $13.929,223. Unrealized
depreciation of investments at Dec. 31 1934 was $2,007,596 as compared with
$2,132,313 at Dec. 31 1933. c Represented by 154.222 (155,737 in
1933)
shares serial class A stock (par $25) and
shares class 11 stock (par .51)-V. 139, p. 2,908,486 (2,908,485 in 1933)
2037.
American Capital Corp.
-Annual Report
-
Henry S. McKee, President, says in part:
The total market value of net assets of the company at the
close
Is equivalent to approximately $183.31 for each share of prior of 1934
preferred
stock outstanding. After deducting the total redemption value in liquidation
of the prior preferred stock, the remaining net assets at market value amount
790
Financial Chronicle
to $20.54 per share of the $3 preferred stock as compared with $17.16 on
Dec. 31 1933, and $8.03 on Dec. 31 1932. This is after the payment of
dividends during the year 1934 of $450,701 on the prior preferred and
preferred stocks.
During the year company acquired for retirement 1,832 shares of $5.50
dividend prior preferred stock at a cost of $120,694. In computing the
liquidating value of outstanding shares these shares are treated as if retired.
However, no addition was made to the surplus account during the yeae to
reflect the discount at which such shares were acquired since such profit
accrues only with formal retirement. There was added to capital surplus
during the year the sum of $96,013 representing excess of sales price over
book carrying value of 95,000 shares of capital stock of Pacific Investors,
Inc. sold in accordance with the offering to shareholders dated July 211934.
Income Account Years Ended Dec. 31
1932
1933
1934
$149,549
$204,219
$158,658
453.689
388,319
Interest and dividends__
Profit from sales of secs..
Total income
Research fees & exps_ _ _ Fees of transfer agents,
trustees, &c
Gen. exps. incl. salaries_
Federal income tax
Loss from sales of secs
1931
$439,006
$546,976
17,400
$603,238
22,588
$204,219
30,958
$439,006
44,217
12,246
39,604
10,705
40.797
36,789
8,332
46,416
21,654
71,212
3,915,934
1,335,203
Feb. 2 1935
Preference stockholders will receive for each share of stock 19-40ths of a
share of new common.
Common stockholders will receive for each share of such stock 1-10th
share of the new common of the company.
The new common shares are initially distributable with respect to the
debentures in the aggregate amount of 39,950 shares and with respect to the
first preferred shares to an aggregate of 80,000 shares. The preference
stockholders are to receive a total of 39,187A new common shares and the
present common stockholders are to receive an aggregate of 10,500 shares
of the new common.
Delaware Trust Co., Wilmington, Del., is named depositary under the
plan, and G. L. Olustrom & Co., Inc., is named the company's agent.
The plan was made feasible, Mr. Seymour stated, by reason of the
stabilization of earnings of Minneapolis Gas Light Co. the principal operating subsidiary of the company. Distributable earnings from this company alone, which has recently entered into a new rate contract with the
City of Minneapolis, are expected to equal the fixed interest charges on
the debentures at present outstanding, on the new basis provided in the
plan.
-V. 139. p. 1699.
American Hide & Leather Co.
-Earnings
6 Mos.End. 6 Mos.End. -24 Weeks EndedPeriodDec. 31 '34 Dec. 30 '33 Dec. 10 '32 Dec. 12 '31
Oper. profit after repairs,
deprec. & res.for exps.
other than in taxes__ y$272,747 x$467,207
$281,835 y$99,444
y Loss. x Before reserve for income taxes of $79,600.-V. 139, p. 2820.
$492,359 x$3,797,420 $$1,033,282------Arrican
Machine & Foundry Co. Bands Callud41,387
232,236
260.836
Th company will redeem on April 1 15,all of its 15
-year 6% secured
232,612
76,838
sinkIn fund gold bonds, due April 1 193 of which Issue $411,000 principal
amount now remains outstanding, acc
ing to an announcement made
Surplus
$154,686 43,838,807 41.498,130
$27,025
on Jan. 28 by Daniel H. Haynes, Vice-President of the company. The
x Loss. z Deficit.
bonds will become payable at the redemption price of 102 and accrued inBalance Sheet Dec. 31
terest, on the above date, at the office of Central Hanover Bank & Trust
1933
Assets1933
Liabilities1934
1934
-V. 140, p. 312.
Co., 70 Broadway, New York.
$45,803
$80,213 Accr. exps. & taxes
$9,837
Cash
$1,058,943
Securities bought
3,093
Sees. sold undeliv.
American Printing Co.
-Will Operate Print Works on
2,413
& not received_
d Inv. secs, at cost 6,812,254 7,626,042
Orders
a Prior pref. stock 2,574,500 2,574,500
Cap. stk. of Pac
Bertram H. Borden, President, has stated that plans were under way for
250,020 b Preferred stock_ 1,024,500 1,024,500
,Investors Corp_
54,709
11,047
11,047
c Class A com.stk.
reorganization of the print works to operate as job finishers. He also stated
Cos. own prior pt.
63,266
c Class B corn.stk.
63,266
that it was not the intention of the stockholders to liquidate the finishing
120,693
stk. (cost)
division of the company. Mr. Borden also made known that Edwin
14,756
18,729 Capital surplus__ 4,204,779 4,108,766
Divs. receivable__
154,686
181,712
Farnham Greene has been appointed exclusive agent for the sale of the
3,335
5,663 Earned surplus__
Accrued Interest_
1,900
equipment of the cotton mills divisions of the company. Associated
4,268
Deferred charges__
with Mr. Greene in the sale of this equipment will be McCord, Inc., 100
$8,072,053 $7,982,568
Total _____ ___$8,072,053 $1,982,568
East 42d St., N.Y. City. This machinery has been producing gray goods
Total
sold under the brands
a Represented by 27,100 no par shares (incl. 1,832 sirs. in treasury at -V.139. p. 3472. of M.C. D. Borden & Sons. (Boston News Bureau.)
cost of $120,693). b Represented by 102,450 no par shares. c Represented
by 110,472 shares class A stock and 632,662 shares class B stock in both
American Ship & Commerce Corp.
-Stock Suspended
years. d Market value $3,462,990 in 1934 and $4,031,882 in 1933.
-There were outstanding at Dec. 31 1934, warrants entitling the
Note
from Dealings
holders to purchase 537,437 shares of class B common stock on or before
The caital stock (no par value) has been suspended from dealings on the
-V.139. p.3471.
July 1 1940, at $10 a share.
-V. 139. P• 3318.
New YorkStock Exchange.
Net income
Prior pref. dividends_ _ _
Preferred dividends_ _ _ _
$477,726
143.351
307,350
-Annual Report
American European Securities Co.
A statement of income and analysis of surplus for the year
ended Dec. 31 1934, a condensed balance sheet, and a list
of the securities owned as of that date, showing market
value, are given in the advertising pages of this issue.
Comparative Income Account, Years Ended Dec. 31
1932
1933
1934
$298,982 y$371,890
$587,619
92,995
66,383
105,774
1.424
2,766
431
1931
$856,423
45,818
1.569
$656,767
170,497
66
30.213
3,733
$903,810
200,000
738
29,597
4,935
Gross inc.: Cash diva__
Interest on bonds_ Other income
$466,309
152,140
74
28,072
4.925
Total gross incomeInt. on funded debt_ _-Int. on accts. payable ...
Expenses
Taxes paid and accrued..
$405,187
151.150
142
28.143
6,830
Oper. profit for year_ _
Net loss on sales of securities
Profit from the purch. &
retire. of co.'s own bds
$218,921
$281,098
$452,258
$668,540
995,288
1,026,114
1,332.405
399,451
10,172
321.110
Net loss
Divs, on pref. stock_
$776,367
$734,843
$559,037 sur$269,089
x25,000
300.000
Deficit
Previous surplus
$776,367
42,797
$734,843
777.641
$584,037
1,361.678
$30,911
1,392,589
$42,797
$777,641 $1,361,678
$733.570
Total surplus
x This $25,000 covers the payment of a dividend on the pref. stock for
one month. the balance of the dividend applicable to the quarter ending
Jan. 31 1932 having been charged to surplus in the year 1931. y Includes
a distribution by General Electric Co. of Radio Corp. of America common
stock amounting to $13,781, which has been entered on the books of the
company in accordance with Federal income tax regulations.
Dec. 31 34 Dec. 31 '33
$17,975,069 $18,720,340
Cost of investment securities held
7.036,862 6,689,1
Appraised value of investment securities held
American Tobacco Co.
-Commutes Lease of Brands From
-Action Accomplished Through Bank
Tobacco Products Corp.
Loans, Private Sale of Debentures.and Own Cash
Through bank loans and private sale of debentures, plus the addition
of nearly $12,000,000 of its own cash,the company has provided the nearly
$37,000,000 required for commutation of the lease of certain brands from
Tobacco Products Corp. By this action the company will eliminate within
13 years an annual charge against its earnings of $2,500,000, while savings
in the meantime, exclusive of SUM for amortization of the new debt, will
average over $1,500,000 a year.
As a result of the commutation of the lease, the outstanding Tobacco
Products Corp. debentures became due immediately and have been called
for payment (see latter company below).
A statement issued by the company says:
"The subject of commutation of this lease has been under discussion and
consideration by the management of the American Tobacco Co. for a
number of years past. The decision to commute the lease at this time was
based in favorable interest rates now prevailing, under which the annual
saving to the American Tobacco Co. during the next 13 years, will average
over $1,500,000 a year, and thereafter will be the full amount of $2,500,000
a year which would have been payable under the lease for a further period
of 75 years."
The sum paid in connection with the commutation was provided in Part
by bank loans and private sale of debentures to two investment purchasers
for an aggregate of approximately $25,000,000 and the balance of less than
$12,000,000 from the company's own funds.
"The bank loans and debentures mature serially over a period from one
to twelve years, at rates of interest varying from 1;4% to 3 %. Repayments are in amounts which, together with the interest on the bank loans
and debentures, will total annually less than the $2,500,000 annual rental
under the lease. These payments result in paying off the entire indebtedness in 13 years.
By this commutation, which took place Thursday, payments of rental
under the lease are terminated, and the American acquires ownership of the
leased brands, which include Melachrino, Herbert Tareyton, Johnnie
Walker, Schnasi Brea. Natural, Schnasi Bros. Egyptian Prettiest, Milo,
Milo Velvets, Royal Nestor, Afternoon, Buckingham, Sweep Tips and
Strollers Cigaretts, and Serene, Arcadia, Herbert Tareyton, Standwix,
Buckingham., Hazel Nut and Wild Fruit Smoking and Chewing Tobaccos
-V. 140, p. 467.
and also Red Bank Scrap."
-Succeeds Federal
54 ---American Utilities Service Corp.
--V. 139,
-See latter company below.
Public Service Corp.
p. 3319.
-Weekly Output
American Water Works & Electric Co.
$10,938,206 $12,031,185
Excess of cost over appraised value
Stock dividends are not treated as income but are entered on the books of
recording only the number of shares received and making
the company by
no increase hi the cost or book value of the securities involved.
Comparative Balance Sheet Dec.31
1934
1933
1933
1934
Liabilities8
$
Assets
$
$
100,885 e Preferred stock__ 5,000,000 5,000,000
70,959
Cash
b Common stock _ _10,139,510 10,139,510
a Invest.securities:
615
615
16,647.346 17,474,290 d Option warrants
Stocks
3,023,000 3,023,000
1,327,723 1,246,049 Funded debt
Bonds
50,475
50,475
Int. on fund. debt_
Furniture and fix600,000
706 General reserve-.
600,000
706
tures
4,069
3,250
37,715 Accrued taxes
37,365
Acer. int. on bonds
det733,570
42,797
Surplus
18,084,099 18,859,648
Total
18,084,099 18.859,648
Total
a Market value of securities Dec. 31 1933, $6,689,155. b Represented
by 354,500 shares of no par value. c Represented by 50,000 shares of
no par $6 cum.stock. d There are issued and outstanding option warrants
gr
entitling the holders to purchase at any time 20,500 shares ofmmo
-V. 139, p. 2355.
stock at a price of $12.50 per share.
ot-
-Reorganization
American Gas & Power Co.
(
lei
an-.
etails of the plan of reorganization, filed with the Court Jan. 29'along
with the petition bringing the company under the jurisdiction of the Federal
Court in Wilmington, Del., pursuant to Section 77-B of the Federal Bankruptcy Act, were announced by F. W. Seymour, President.
The plan provides that the principal amount of the company's debenture
debt remains unchanged. Fixed interest on the present 5% debentures
will be reduced to 3% per annum and fixed interest on the 6% debentures
to 3.6% per annum payable semi-annually. The remaining interest Is
placed on a cumulative income basis. Maturity of both the 5% and 6%
debentures is extended to Aug. 1 1953.
Debenture holders will receive for each $1,000 debenture 5 shares of common stock of the company. A sinking fund to retire debentures to the
extent of 33 1-3% of surplus net earnings also is provided. The indenture
securing the debentures is closed, and no securities ranking equally with
or prior to the present debentures may be issued against the collateral
security now pledged.
The present first preferred, preference and common stocks are to be canceled. First preferred stockholders will receive for each share of stock
2 shares of new common stock of the company and a warrant to subscribe
to one additional share of common stock at $5.
Output of electric energy for the week ended Jan. 26 1935, totaled 39.285,000 kwh., an increase of 19% over the putput of 32,957,000 kwh. for
the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended-
1934
1935
1933
x39,191,000 x30,818,000 x28,479,000
Jan. 5
37,637,000 32,519,000 28,844,000
Jan. 12
38,469,000 33,056,000 27,932.000
Jan. 19
39,285,000 32,957,000 27,657,000
Jan. 26
-V. 140, p. 632.
x Includes New Year's Day.
1932
1931
29,802,000
30,030,000
30,540,000
29,991,000
33,662,000
34,945.000
32,972,000
33,477.000
-Earnings.Ann Arbor RR.
December
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 137.
1934
$255,254
.48,249
29,232
1933
$235,183
38,683
11,137
1932
$211,683
14.481
def12,578
1931
$257,274
9,261
def39,571
3,307,260
732.421
374.659
2,985,896
604,211
220,246
3,116,589
446,197
31,755
3,980,505
560,490
22,643
Arlington Mills-Earnings
Years EndedSales
Cost of sales
Nov.30'34 Dec. 2'33 Dec. 3'32
$10,419,647 $10,779,898 $7,033,226
10,241,166
9,311,615 7,569,267
Net operating profit
Depreciation
Reserve for doubtful accounts
Reserve for taxes
Interest
Miscellaneous deductions
' $178.481 $1,468,283 loss$536,041
334.304
419,231
661,828
186,863
177,000
138.000
42,007
117,000
49,565
4,773
9,978
Net loss for year
Dividends
$420,757prof$502,477 $1,111,546
243,288
791
Financial Chronicle
Volume 140
Comparative Balance Sheet
Nov.30 '34 Dec. 2 '33
Nov.30 '34 Dec. 2 '33
$
$
LiaMlities$
Assets
138,697
Accounts payable. 280,671
x Plants and fixed
117,000
15,000
7,241,497 7,494,615 Reserve for taxes_
assets
Cash & debts rec._ 2,473.364 3,218,162 Notes payable____ 1,500,000 3,380,000
75,656
59,384
Inventories
3,166,954 4,659,026 Payroll
11,156,630 12,017.574
188,475 y Net worth
Cust. notes rec
3,475
2,394
Treasury stock...
166,255
Prepaidaccounts- 126,404
Atlantic Coast Line RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Han. 1
Gross from railway
Net from railway
Net after rents
-V.139, P. 4120.
1934
1931
1932
1933
$3,381.140 83.258,944 83,282,151 $4,050,101
893,680
748,267
783,451
791,734
521,746
562,912
546,032
504.731
39.533,828 37,908,943 37,268,564 54.088.005
8,636,293
8,781,313 4,997,687 10,899,534
4,289.557 4.299,811
108,199 4,748,109
13,011,683 15,728,927
13,011,683 15,728,927 Total
Total
' Atlas Imperial Diesel Engine Co.
-Bond Deposit Assures
x After depreciation of $7,266,653 in 1934 and $7.132.869 in 1933. ----V. 139.
y Represented by 97,315 (97,553 in 1933) shares, no par value.
Plan
p. 2195.
The directors recently announced that deposits of the 6% gold notes
under the maturity extension plan announced Aug. 15 1934, now sub-No Plans on Old Pref. Divs.e----Armour & Co. (Ill.)
stantially exceed the total of 76% necessary to make the plan effective.
The company issued on Jan. 30 a statement that the directors had no
Under the terms of the agreement the depositing noteholders have
Intention of paying up back dividends on the old 7% preferred stock of the
agreed to extend the maturity of these notes from March I 1935, to March 1
company, which remains outstanding. Only 6% of the issue remains
1945. The company agrees to cancel 8309.000 of the notes which have been
outstanding, the company stated, the balance having been exchanged by
bought in and held in the treasury, thus reducing the issue from 81,000.000
holders for new 6% stock under the recapitalization plan approved last
to 8691,000.
year.
It also agrees to close the issue at this amount, to continue to pay interest
Reports that such action was contemplated were inspired by the recent
promptly on such extended notes at the regular semi-annual interest dates
advance in the 7% stock on the Stock Exchange. The company is paying
of March 1 and Sept. 1, set up a cumulative annual sinking fund of $70,000
dividends on the new preferred stock.
before payment of any dividends on stock and to purchase none of its own
stock as long as any of these extended notes are outstanding.
New Pt esident-Personnel-The company also reduces the conversion price at which these notes
Robert Ff. Cabell, General Manager of Armour & Co. for the last two
are convertible into stock of the company from the former rate of $40 per
months, was made a director and President on Jan. 25.
share (25 shares per $1,000 bond) to $25 per share, until March 1 1939
All other directors were re-elected and F. H. Prince was again chosen
833 1-3 thereafter to March 1 1942 and 840 thereafter to March 1 1945.
Chairman of toe Board. Officers were re-elected, and in addition Robert
Noteholders who have not yet deposited their securities must do so
E. Pearsall, head of the Produce Department, was made a Vice-President.
before March 1 1935.in order to participate in the advantages of the plan.
The directors revised the management set-up through the creation of
V. 140, p. 632.
an executive committee of nine members and abolished the finance comchairman of this committee, whose permittee. Mr. Prince was elected
-Annual Statement
Atlas Powder Co.
sonnel includes former members of the finance committee as well as WeyLeland Lyon, President says in part:
mouth Kirkland, a director.
James A. McDonough was elected assistant to the Chairman of the Board,
The balance sheet continues to show a strong financial condition. At
while Mr. Cabell's old post of General Manager was abolLshed.-V. 140,
the end of the year. current assets amounted to $10.127,031, being 13.85
times current liabilities. Net working capital amounted to $9,396,020, an
p.467.
Increase of 8443,801 over amount shown at close of preceding year. Cash.
U. S. Government and other marketable securities, at cost, aggregate
-Initial Dividendrtle
....." Arrow Distilleries, Inc.
$5,412,553, which is 865.480 lower than market value Dec. 31.
The directors have declared an initial dividend of 2M cents per sh
The following changes were made in June 1934, affecting the method
common stock, par 81, payable Feb.15 to holders of record Jan.31.on the
of conducting the business of the company and of its wholly owned subV. 138, p. 2910.
sidiaries, viz.:
Giant Powder Co., Con.. has been a wholly owned subsidiary since 1915.
Associated Gas & Electric Co.
-Weekly Output
with plant near San Francisco, Calif., and selling explosives throughout
For the week ended Jan. 19, Associated Gas & Electric System reports
Pacific Coast territory. All of the assets and business of this subsidiary
net electric output of 55,882,279 units (kwh.), which is an increase of
were transferred to Atlas Powder Co.,as of June 30 1934. and effective the
6.1% over the corresponding week a year ago.
same date all of the explosives business theretofore conducted by Gaint
This increase is higher than that of 4.7% reported for the four weeks to
Powder Co., Con., has been carried on in the name of"Atlas Powder Co.
-V. 140, p. 632.
date.
Giant Division."
Zapon Co. has been a wholly owned subsidiary since 1917, with plant at
Associated Simmons Hardware Cos.
-Plan Operative
- Stamford, Conn., manufacturing lacquers and leather cloth, and plant at
The reorganization committee (W. B. Snow Jr., Chairman), in a notice
North Chicago, Ill., manufacturing lacquers. As of June 1 1934, Atlas
-year 6)4% secured gold notes and 7% cum. preferred
to the holders of 10
Powder Co. has assumed ownership of all of the physical assets of Zapon
participation shai 98, and holders of certificates of deposit therefor, states
Co. and since that date the plants so acquired have been operated by
that the plan of reorganization, dated Feb. 1 1934 (V. 138. p. 2089) has
Atlas Powder Co.for its own account for the manufacture ofZapon products.
been declared operative by the committee with the approval of the Circuit
The Zapon Co., with headquarters at Stamford, and Zapon-Brevolite
Court of the City of St. Louis, which also directs the committee to carry
Lacquer Co.. with headquarters at North Chicago, continue to sell Zapon
out the plan and agreement in accordance with the terms thereof.
products. The Zapon Co. sells lacquers in the Eastern territory and sells
Holders of certificates of deposit issued by the committee need take no
leather cloth in the entire country. Zapon-Brevolite Lacquer Co. sells
action at this time; in due course they will receive further written advice
lacquers in the Western terrotory.
and instructions from the committee.
These changes have been made in the interest of simplification and
Holders of 10
-year secured gold notes and of cum. pref. participation
greater efficiency in the administration of the company's affairs.
shares are notified that they may deposit with the committee the gold notes
Affiliated Companies
and the preferred participation shares on or before March 28, and by so
doing they will be entitled to all of the advantages of the terms ofthe plan.
Cia. Sud-Americana de Explosivos-There has been no change in this
The depositaries are: Chase National Bank, 18 Pine St., New York, investment during the year. Dividends have been declared each year on
and St. Louis Union Trust Co., St. Louis, Mo. Sub-depositary, Union
this investment beguaning in 1928.
Trust Co. of Boston.
-This is a holding company which now owns
International Carbon Corp.
Amyas Ames. 17 Wall St., New York, is Secretary of the committee.
- 98% of class A,97% of class B and 99% of common stock of Darco Corp.
V. 139. p. 3473.
Darco Corp. manufactures the activated carbon sold under the trade name
Darco. Product is sold by Darco Sales Corp. wholly owned by Darco
.
Atchison Topeka & Santa Fe Ry. System-Earnings
- Corp. Atlas Powder Co. holds 51.67% of preferred and 62.93% of common stock of International Carbon Corp., and holds no stock in Darco
(Including Atchison Topeka & Santa Fe Ry.-Gulf Colorado & Santa Fe
Corp. The small amount of Darco Corp. stock remaining outstanding is
Ry.-Panhandle & Santa Fe Ry.]
held by 21 stockholders, many of whom cannot be located. Atlas Powder
Period End Dec. 311934
-Month-1933
1934-12 Mos.-1933
Co.'s proportionate interest in International Carbon Corp. has changed
Railway oper. revenues_ $9,740,695 89,274,127 $128,093947 3119,826436
during the year largely due to stock issued by International Carbon Corp.
Railway oper. expenses- 8,921,008 7.452.131 102,083,479 93.803.317
in exchange for stock of Darco Corp. pursuant to a plan of reorganization
Railway tax accruals...
first offered to Darco Corp. stockholders in 1923, and not terminated until
470,889
742,917 10,352,827 11,398,972
Other debits
428.321
Dec. 15 1934. In order to assist in the efforts to carry through the plan
Cr11,671
8,933
662,385
of reorganization, a relatively small amount of itock was acquired by Atlas
Net ry. oper. income_ $360,467 $1,070,144 815,229,318 $13,961,780
Powder Co.. for cash pursuant to offer made to all Darco stockholders.
Average miles operated_
13,527
With the now almost 100% ownership of Darco Corp.stock by International
13,300
13.427
13,319
Carbon Corp., it should be possible in 1935 to bring about the consolidation
Earnings of Company only
of these companies and to effect needed changes in capital structure so that
dividends may be paid as and when earnings are available, as well as to
December
1932
1934
1933
1931
fund existing demand indebtedness of Darco Corp. to Atlas Powder Co.
Gross from railway
88,190,115 $7,415,281 87,911,301 $9,577,336
Les Etablissements Marechal-A French corporation of 100,000,000
Net from railway
641,695
1,347,842 1,253,706
1,404.419
francs capital. The company with subsidiaries in adjacent countries. is
Net after rents
379.681
871,870
725,387
1,290,661
engaged principally in the manufacture and sale of oil cloth and coated
From Jan. 1
fabrics. Atlas Powder Co.'s investment in this company represents
Gross from railway
107,268,205 98,462,856 109.893,450 150,073,624
amount previously invested in Societe Anonyme Francaise Zapon, which
Net from railway
21,860,784 21,316,830 25,965,321 40,774,376
company was merged with Les Rtablissements Marechal as of Dec. 31
Net after rents
14,166,811 12,705,559 16,026,699 28,253,449
1932, and is 4.510,000 francs, or 4.51% of the total capital issued. The
-V. 140. p. 312.
business of this company continues to suffer from the generally unsatisfactory business conditions existing in France as well as in other countries.
Atlanta Birmingham & Coast RR.
-Earnings.
-No income has been received during the year on this investment.
December1932
1934
1933
1931
Gross from railway
8221,545
$192,532
$233,691
$237,981
Consolidated Income Account Calendar Years
Net from railway
def8,863
7,389 def31,268 def57.215
Net after rents
def16,191
def42,136 def82,914
def43,327
1934
1932
1933
1931
From Jan. 1
Sales (net)
$12,558,999 $9,583,623 88,590,556 $12,093.800
Gross from railway
2,604,544
2,818,836
2,413,794 3,327,528
Cost of sales, &c., exp. 11.343,290 8,863,554 8,704,819 11,560.632
Net from railway
26,502 def585,151 def565,973
def37,035
Net after rents
def333.300 def250,846 def852,921 def953.258
Net operating profit.. $1,215.710
$720,069 loss$114,263
8533,258
-V. 140, P. 137.
Other income (net)
96,148
125,332
156,336
286,100
4/
Atlanta & West Point RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-v.139, p. 4120.
1934
$118,609
10,309
def26,685
1933
$103,786
1,551
def23,088
1932
889,052
def16,202
def18.383
1931
$96,748
def33,837
def52.203
1.411,665
1,280,053
1,263,274
1,816,475
21,756
def79.069
87,476
108,453
def153,636 def231.983 def323,419 def150,385
Atlantic Gulf & West Indies SS. Lines (& Subs.)
Earnings
Period End. Nov. 30- 1934
1934
-11 Mos.-1933
-Month-1933
Operating revenues
$1,605.224 81.462.891 $19,877,067 $19,050,463
Oper.exps.(Incl.deprec.) 1.593,984
1,489,309 19,166,159 17.315.205
166.811
8,514
8.069
Tans
174.040
_
$2.724 def$34,488
3,261
2,073
$544,096 $1,561,216
33,554
54,992
Gross income
Interest and rentals....-
$4.798 def$31,226
128,762
139,760
$577,650 $1,616,209
1.523,053
1.611.322
Operating income_
Other income
Net income
-V.139. p. 4120.
def$123,963 def$170.986 def$945,402
84.887
Atlantic Steel Co.
-Earnings
Years Ended Dec. 31
Net inc. after exps., deprec.,int. & other chgs_ _ _
Earnings per share on 10,000 shares com.stock--V.140, p. 469.
1934
3116:720
$6.77
1933
$54,723
$0.53
Gross income
Federal taxes
$1,311,858
187,135
$845,402
136,067
842.073
3819,358
72,904
Net income
81,124,722
Preferred diva. (6%)__ _
502,880
Common dividends _
(82)497,511
8709,334
$42,073
8746,454
524,313
544,094
591,746
40.75)183,621(84)1045.740
Surplus
Com. abs. outstanding
Barns, per sh. on com_ -
$185,022 def$685,642 def$891,832
241,218
234.804
249.421
Nil
$0.76
$0.59
8124,331
249,978
$2.49
Consolidated Balance Sheet Dec. 31
1934
1933
1934
Assets$
Liabilities$
Plant, property &
Preferred stock ._ 9,860,900
equipment
13,591,841 13,681,570 a Common stock_ 8,714,625
Good-will, pat., Scc 4,052,966 4,060.420 Accounts payable_ d472,809
Secur. of affil. cos. 1,459,234 1,432,133 Federal taxes neer. 175,106
Cash
3,219,321 2,468,175 Div,accr. yrefstk.
83,096
TJ. S. Govt. secur_ 1,397,000 1,572,000 Res, for deprec.
Other markle sec_ 796,233
794,288 obsolescence ___ 6,585,073
Co.'s stk. (at cosOc1,542,819 b 1,51.1,908 Res. for uncolleet.
Accts. & notes rec_ 2,037,150 2,277,046 sects & conting. 883,287
131.139
Mtge. receivable
108,640 Surplus
4,188,198
Deferred items _ _
38,064
32,093
Materials A;suppl_ 2,677,327 2,430,173
1933
9,860,900
8,714,625
472,896
31,967
84,602
6,365,437
774,155
4.063,867
Total
30,943.093 30,368,448 *fetal
30,943,093 30,368,448
a Common stock represented by 261,4383 shares of no par value.
b 14,007 shares of pref. and 20,220 shares common (incl. 8,162 common
shares under option to officers and employees at cost ofacquiring said shares).
c 15,513 shares of pref. and 11,460 shares of common. d Includes notes
payable.
-V.139. p. 2669.
792
Financial Chronicle
Austin, Nichols & Co., Inc.
-Earnings
Earnings for Eight Months Ended Dec. 31 1934
Gross profit on sales
Selling and general expenses
81,507,659
1,39b.897
Profit
Other income
-Net
$111,762
Dr2,415
• Profit before depreciation and interest
Depreciation
Interest-Net
Provision for Federal taxes
$109,346
28,800
14:104
10,000
$55,841
-V. 138, p. 4455
--Biaer, Sternberg
- 1, . 7T,•. 4
7 ri
t
o en, Inc., St.touis-Rearrr-
A inlan of reorganization which seeks to give all security holders something, was taken under a visemont recently by Federal Judge Davis in
St. Louis, after a hearing.
The plan proposes a distribution of new stock to four classes of stockholders in a ratio ranging down to 1-100th of a share of now stock, valued
at two cents, in exchange for each old share of that stock. A stockholders'
committee reported the plan was accepted by between 77 and 93% of the
various classes of stockholders.
Several common stockholders objected to the plan as unfair on the
ground that when they purchased common stock of the company it was
valued at $6 a share and they will lose heavily under the plan. General
creditors are not affected by the plan.
) The plan sets out the following classifications of stockholders: Cum.
first preferred, $100 par, 2,755 shares outstanding; cum. second preferred,
Par $100. 3.060 outstanding; class A, no par, 14,700 outstanding, and
common, no par. 68.136 outstanding.
It is proposed by the plan to reduce the capital stock to $200,000 of a new
Issue of 100.000 shares of stock, par $2, and have security holders exchange
their old stocks for new ones in this ratio: 12 new for one old first pref.,
M new for one old second pref., Yi new for one old class A and 1,100 new
for old common.
-V. 134. p. 2342.
Baker Hotel, Dallas, Tex.
-Reorganization Plan-At-'
r` A proposed reorganization plan whereby interests now in control of
the Hotel would retain management of the property were filed Jan. 19 in
Federal Court at Forth Worth. Filing of the proposal followed a temporary
injunction recently issued by Judge Wilson restraining the trustee and bondholders committee from proceeding with negotiations for the sale of the
hotel, subject to Judge Wilson's approval, to the National Hotel Co.
by Under the reorganization plan offered, $3,825,000 1st mtge. bonds
maturing in 15 years and bearing 5% interest, would be issued. Current
let mtge. bondholders would receive new bonds, dollar for dollar, and in
addition would be given all money held by Melvin L. Straus, trustee, as
back interest after reorganization costs had been paid and $30,000 working
capital had been set aside. Bondholders also would receive an equitable
share of 25% of the common stock of anew hotel company, which would be
formed under the plan. Unsecured creditors would be Issued preferred stock,
the amount to be agreed on later.
P. Of the common stock 35% would go to present equity owners, the remaining 40 to Fenton J. Baker, who would be named President at an annual
salary of 815,000. Life insurance policies on T. B. Baker, President of the
Baker Co., and uncle of Fenton Baker, which total $325,000 would be surrendered and placed in the funds which would be distributed after reorganization costs are met.
The plan further provides that 60% of the hotel earnings, after interest
has been paid, shall be set aside as a sinking fund.
-V._119, p. 1449.
Feb.
Barnard Mfg. Co., Fall River-Seeks Second RFC Loan
-
Following a loan of 8115,000 from the Federal Government last year, the
company will seek a second Reconstruction Finance Corporation loan this
year, stockholders decided at their annual meeting Jan. 25.
The balance sheet as of Dec. 31 1934, shows current assets of
and current liabilities of $147,808, exclusive of Government loan,$196,303,
net quick surplus of $48,495. Statement of liabilities also shows leaving a
$115,000
due Textile Industry Credit Corp. (offset by stock in this corporation.
$11,500) and surplus representing 12,500 shares of common stock without
par value, 8208 437.-V. 136. p. 845.
Bastian-Blessing Co. (& Subs.)
-Earnings
-
Baltimore American Insurance Co.-Divs. Resumed
-
Years Ended Nov. 30Net sales
Cost of sales
Selling expenses
General and administrative expenses
Provision for bad debts, repossession losses, &c
Net lass on sales
Other income
Baltimore & Ohio RR.
-Earnings.-
Net loss before deduction of interest
Interest charges
The directors have declared a dividend of 10 cents per share on the
capital stock, par $5, payable Feb. 20 to holders of record Feb. 1. This
Is the first dividend to be paid on this issue since the semi-annual distribution of 40 cents per share made Jan. 251932.-V. 137, 13. 2811
'.
December
Gross from railway
Net from railway
Net after rents
it'From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 137.
1934
1933
1932
1931
$10,525,891 810,041.934 89,863.736 811.580,833
2,692,963
2.317.227
2.820.512
1,737.517
1,775,121
1.626,523
1.841,587
813.328
135,539,395 131,792.253 125.882.824 172.753.429
36,201,611 41,422,553 34.227,888 40,648.904
23,677,939 28,849,201 21.973,398 27,752,398
-Earnings
Bangor &*Aroostook RR.
Pet iod End. Dec. 31Gross oper. revenues_ _Oper. exps. (incl. maint.
and depreciation)__ ._
Tax accruals
-Month-1933
1934
$483,276
$511,071
Operating income
Other income
$121,965
def4,458
$194,550 $1,713,208 $1,761,212
der6,739
25,823
30,356
Gross income
Deductions
$117,507
69,761
$187,811 $1,739.031 81,800,568
66,149
791.637
806,992
Net income
$47,746
315,369
45.942
299.042
17,479
$121,662
1934-12 Mos.-1933
$6,167.890 $5,805,511
3.926.030
528,652
8947,394
3,526.442
517.857
$993.576
New Director
Barcelona Traction, Light & Power Co., Ltd.
-Earns.
(In Spanish Currency]
Period End. Dec.311934-12 Mos.-1933
1934-Afonth-1933
Gross earns.(rein oper_ 10,714,483 10,267.181 116,95.3,014 112.910.277
Operating expenses
3.464,280
3,124,640 41,567,990 39,043,617
7.250,203
7,142,541 75,385,024 73 '866,660
Barker Bros. Corp. (Md.) of Los Angeles-Rent Reductions May Permit Profits
Reduction of annual fixed rental charges of Barker Bros., Inc.. by appfoxi-year period will behccotnplished as a result of a commately 50% over a 10
prehensive rental readjustment program which has been negotiated successfully with the company's lessors, It was announced recently by Elven
Musick, Chairman of the board of directors. The plan becomes effective
as of Jan. 1 1935. 5-4
rsEstimates show thata saving of approximately $308.000 in rental charges
will be effected ruing the current year 1935, for example, as a result of the
readjustments, assuming sales during the period are approximately the
same as in 1934.
The exact amount'orsavings is contingent upon sales, with certain lessors
being granted a percentage of sales in addition to the reduced fixed rental
charges. Substantial savings, on a similar basis, will be effected in the
remaining years of the 10
-year period.
1 During 1934 sales of Barker Bros., Inc. amounted to $7,700,000 with the
last two weeks of the period estimated. On this basis, had the modifications been effective, rental charges, which however do not include taxes
and other items which comprise total cost of occupancy, under these leases
for last year would have been in the neighborhood of $307,000 as compared
with an actual expenditure of about $615,000. ,This adjustment would
have had the effect of reducing total occupancy costs in 1934 in percentage
of net sales from approximately 11% to about 7%•
Involved in the complete program is a lowering of rentals and adjusting of five leases covering the Hollywood, Long Beach and downtown Los
Angeles premises and the elimination of a $3.987.747 inter-company obligation of Barker Bros. Inc. to Barker Bros, Corp.
P,P.A voting trust covering substantial block of common stock has been
created and a group to vote the stock appointed, to assure continuity of
-year period covered by the plan. Members of this
policies during the 10
group are: Elvon Musick. G. Parker Toms, Earl Barker, James A. Gibson
and Maulsby,Forrest.
1934
1933
$2,761,295 $2,104,681
2,038,193
1,534,976
545,414
366,106
236,435
317,346
58,180
$116,927
52,693
$113,747
50.314
864.234
23,134
$63,433
26.466
Net loss from operations
$89.900
x$87,369
x From which is deducted adjustment of accrual of prior year's property
taxes amounting to $9,675 leaving a final net loss to surplus account of
377.693.
Consolidated Balance Shed Nov. 30Assets1934
1933
1933
1934
Capital assets_
8567,662 8736,604 6% pref. stock_ ..._ $286,200 8286,200
Patents, non de6% pref. stock of
predated value_
10,147
9,853
Russ Soda FounCash
149,870
123,245
tain Co
357,750
357,750
y Accts. and notes
Common stock
868.325
868.325
receivable
406,232
597,274 Trade payables_ __
79,190
79,109
Inventories
917,556
897,132 Miscell. payables_
54,118
42,605
Value of Ire Incur_
23.615
19,602 Accrued liabilities_
50,199
'29,679
Notes and accts.,
Minority interest _
22,500
32,400
officers & empl_
8.182
12,677 Capital and paidTreasury stock_ _ _ 2322,505
61,595 in surplus
881.305
871,405
Long-term rec., InEarned surplus
130,295
55,582
in vestments. Are-- 143,488
217,884
Deferred charges__
53.798
54,014
Total
$2,623.055 82,729,881
Total
$2,623,055 82,729,881
x Represented by 173,665 shares no par; stated value, $5 per share).
reserve for losses of 380,843 (1933, 387.385). z Treasury stock
(at cast) represented by 10,010 shares common stock ($184,970), 309 shares
preferred stock (825,665) of Bastian-Blessing Co. and 1,581 shares of
pref. ($111.870) of Russ Soda Fountain. (In 1933 treasury stock consisted of8,890.4i shares of common and 90 shares of preferred of BastianBlessing
y After
Henry Hornblower was elected a director and a member of the executive
-V.140, p. 633.
committee, succeeding the late James J. Phelan.
Net earnings
-V. 140, p. 137.
2 1935
Under certain-of the leases, fixed rental charges have
with an additional amount to be paid the lessors based onbeen cut in half
a percentage of
all sales in excess of $7.000.000. The percentage of sales to be paid to
such lessors will not exceed a total of 4% up to $10,750,000 and
2.4%
thereafter. One lease has been acquired at a substantial saving and another
has been adjusted to eliminate terms calling for increased rentals after
A substantial reduction results front an adjustment of a sublease 1936.
from
Sunland Investment Co., owner of leaseholds covering the main store
premises. In this case Barker Bros. has agreed to pay in lieu of fixed
annual rent of $525,000 an annual amount as rent sufficient
fixed and contingent obligations of Sunland Investment Co. to meet all
While the complete program, according to estimates of Price, Waterhouse
& Co., Is expected for example to result in a saving of about $308.000
rent next year, the net saving as reflected in the income account would for
be
somewhat lower. Through the arrangement with Sunland Investment Co..
there would be a decrease in net income to the latter company of about
$88,000 which would have recurred to Barker Bros. as a result of its ownership of Sunland stock. The deduction of this amount from Barker income
establishes a net saving of approximately $220,000 for the coming
year,
assuming sales are approximately the same as in 1934.
In agreeing to the readjustments the lessors have stipulated that the
$3.987.747 intercompany obligation of Barker Bros., Inc. to Barker Bros.
Corp., the holding company, be eliminated in a satisfactory manner on or
before June 30 1935. According to the announcement of Mr. Musick the
company anticipates that this situation will be worked out successfully
within the required time.
It is planned to obtain the consent of three-fourths in interest of the
Barker Bros. Corp. preferred stock before this elimination is effected.
The majority, both in number of preferred stockholders and in amount of
preferred stock, have already forwarded consents to the company.
One of the items in the total rental cost to Barker Bros. through the
Sunland deal would be interest and sinking fund requirements on Barker
Bros. Building bonds, which are an obligation of Sunland. Barker Bros.
has purchased $577,000 of these bonds at an average price slightly above 40,
which can be applied toward sinking fund requirements at
amount will take care of requirements for approximately seven par. This
years and
will result M a substantial saving in interest and principal during the period.
which saving is reflected in the estimates of savings.
Another saving, not reflected in any of the estimates, however, may be
• effected as a result of a deal providing for the acquisition of Sunland's
4305.000 leasehold purchase obligation at a total cost of $152,500.
A still further favorable phase of the readjustment program is the cancellation of a building covenant which existed under one of the leases.
According to this provision, Barker Bros. was required to erect a $300.000
building on'property adjacent to the main store. As a result of modifications, this_requirements has been satisfactorily eliminated-.V. 140.
p. 633.
New Director Elected
Charles E. Knight was electera director, succeeding C. L. Bastian, one
of the founders of the business, who will continue to servo as Chairman of
the board, although not a director.
At the directors' meeting, C. J. Schlock was elected Assistant SecretaryTreasurer.
-V. 138, p. 2400.
Beaumont Sour Lake & Western Ry.-Earnings.-
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 138.
1931
$134,909
22,825
def14,321
1933
$135.806
22,851
def22,785
1932
$116.888
52,701
10,815
1931
$115,215
def13,111
def54.590
1.660.394
1,362,154
2,479,428
1,580,217
368,068
282,671
422,550
612,211
def138.205 def220.610 def156,149 def640,079
•
Belding-Corticelli, Ltd.
-Earnings
End. Nov.30-)(Profits
Sinking fund provision_
Depreciation reserve_
Prov.for income tax_ _ _ _
Directors' remuneration
Interest on debentures_
Res. for advertising
k„ir 4
Net profit
Preferred diva. (7%)..-Corn, dividends(7%)
1934
z$286,756
1933
z$276,335
1932
14.791
$z.305,363
132,828
9,500
138,69'5
-
146,609
36 0 0
9 8
:9 5
36,980
60:571
50 0
0
336.'090800
$95.656
flap?
29,980
52,465
$98.363
60,571
29,980
6
$931
12 7,342
14.791
9
141:651
78
36,080
$73,913
00,571
• 52,465
Balance, surplus
$5,105
def$9,053 def$39,123
Profit & loss surplus_ _ _ _
4E1415
475,592
802
479,5-11
470,487
Earns, per sit, on 7,495
shares corn. stock (par
$100)
$
$5 79
x After deducting all manufacturing, solliniea nd administration expS1ses
ng,
t9
6
en 78
and after provision for income tax (except in 1034). z Includes interest on
investments, $19,598 in 1934. $25,719 in 1933 and $17,237 in 1932.
Volume 140
Financial Chronicle
Balance Sheet Nov. 30
Assets1934
1933
LiabitWes1934
1933
Prop. account__41,477,741 32,581,793 7% pref. stock___ $865,300 1865,300
Good-will dr trade
Cora.stk. par $100 749,500
749,500
marks
500,000
500.000 1st mtge. 25-yr. 55
101,812
65,117
Sinking fund
8,111
9,903 Accts. pay., incl.
Investments
322,069
420,748 res. for Gov. tax 170,448
139,870
Cash
62,380
71,581 Accrued charges,
Accts. & bills rec. 367,832
353,097
43,790
wages,&c
39.692
Inventories
301,989
186,119 Pref. diva, payable
15,143
15.143
Deferred charges
40,307
36,363 Corn, diva. pay,_
7,495
7,495
Deprec. &,.f.res. y628,882 1,711,363
Empl. &c. ins. res.
53.837
51,350
Profit & loss sum_ 483,405
475,592
Total
$3,080,430 $4,159,605 '14otal
$3,080,430 $4,159,605
x After depreciation of 51.128,480. y Sinking fund reserve only.
V. 138, p. 685.
793
Comparative Balance Sheet Dec. 31
Assets1934
1933 1 Liabilities1934
1933
Land
33,306.596 $3,303,692 Capital stock
$6,000,000 $6,000,000
x Buildings, party
1 1st mtge. bonds_ 1,932,000 1.980.000
walls & equip-- 3,925,387 4,082,753 Interest accrued
19,560
20,410
Impts. under way_
81.198
77.641 Rents prepaid_ _
14,351
13,189
Cash & accts. roe
436,684
231.406 Div. tax withheld_
4,228
Bds. of Com'w'Ith
Res. for State &
of Mass. ,k muFederal taxes_ _ _
47,000
44,000
nicipals. In Mass 495,465
467,082 Contingent fund__
30,764
42.482
N. Y. N. H.& H.
Profit & loss sum_ 296,718
262,492
RR. stock
90,900
90,900
do bonds _
17,456
U.S.ctfs.of indebt_
100.031
Total
$68,336,231 $8.370,963 Total
$8,336,231 $88,370.963
x After deducting depreciation and obsolescence fund of 32,726,304 in
1934 and $2,565,086 in 1933.-V. 138 p.685.
_
._.....
r --" Beloit Water, Gas & Electric Co.
-Borden Mills, Inc.
-Bonds Called-Bonds Called-, 4 10114141.
---,
,
The company, in a notice sent to holders of its first mortgage 10
A total of $30.000 25
-year 5% sinking fund gold bonds due March 1 1937
-year 6%
sinking fund gold bonds, announced that $50,000 principal amount of these
have been called for redemption as of March 1 next at 103 and interest.
bonds have been designated for redemption at 105 and interest, out of cash
Payment will be made at the Fifth Third Union Trust Co.. Cincinnati.
in the sinking fund. Bonds so designated will become payable at the
Ohio
-V. 139. p. 3474.
em ll olp a Bonk,ug
.1
d
5
, cor ,aT truske
m tlit f the
Divide1 (i regasepz,ia nrir A 11 1rg3 64t theNewplror . T depaga e onoprice
44
,---"Berland Shoe Stores, Inc.
-31.75 Preferred
n'
The directors have declared a dividend of $1.75 per share on accolg of • will be paid, dollar for dollar, in any coin or currency which at that time is
legal tender for public or private debts, states the notice -V.1436. P• 3
a
,
3Z_____
accumulations on the 7% cumulative cony. pref. stock, par $100. Payable
Feb. 1 to holders of record Jan. 25. A similar payment was made on Nov.1
last, and compares with $3.50 per share distributed on Aug. 1 and May 1 "--•(E. J.) Brach & Sons-Larger Dividend-14-'
The directors have declared a quarterly dividend of 25 cents per share on
1934. The last regular quarterly payment of $1.75 per share was made on
the common stock, no par value, payable March i to holders of record
Feb. 1 1932.
Feb. 9 This compares with quarterly distributions of 10 cents per share
Accumulations after the payment of the Feb. 1 dividend amount to
paid up to and including Dec. 1 last. In addition an extra dividend of
$10.50 Per share.
-V.139, p. 2670.
60 cents per share was distributed on Dec. 29 last.
-V.139. p. 3959.
(
Bessemer & Lake Erie RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 138.
$3321308
def192,542
def170,277
8.304,765
1,494.470
1,307,203
Brandy
-Wine Brewing Co.
-SEC Issues Stop Order
-
1933
1932
1931
363,651
231,464
281,041
def23,610 def194.578 def189.269
def42,024 def211,446
def79.413
6.742.869 3.748.396 8.673.827
1.934.003 def876,027 2,079.844
1.703,552 def1,118,701
2.373,536
Bethlehem Steel Corp.
-Earnings
--
Period End.Dec.31- 1934-3 Mos.-1933
1934-12 Mos.-1933
Grosssales and earnings_
3166957,6325120,163,374
Total inc. co.& subs_ _ _ _ 55,707,411 $5.790.023 21.134,032 11.472.584
Interest charges
1,744,309 1,692,586 6,803,822 6,702.051
Deprec. & depletion
3,552,003 3,467,766 13,779,639 3,506.256
Net profit
$411,099
$629,671
$550,571 48.735.723
x Lose.
Earns. per sh.on pf.stk_
$0.44
$0.67
Nil
$0.59
A statement accompanying the preliminary report for 1934 follows:
The total amount of new business booked during the year amounted to
$156,090.564 as compared with $157,279,186 for 1933.
The estimated value of orders on hand Dec. 31 1934. was $56.817.681
as compared with 558.476,986 at the end of the previous quarter, and
$67,684,749 on Dec. 31 1933.
Operations averaged 26.2% of capacity during the fourth quarter
against 22.83 during the third quarter, and 34.9% for the entire year, as
as
compared with 28.0% for the previous year. Current operations are at the
rate of approximately 40.0% of capacity.
Cash and marketable securities, valued at the lower of cost or market, as
of Dec. 31 1934. amounted to $50,714,128 as compared with $46,888,841
on Dec. 311933.
The net reduction in funded debt (including real estate mortgages)during
the year was $5,222,144.
•
The cash expenditures for additions and improvements to properties in
1934 amounted to $2.627,047. The estimated cost to complete construction
authorized and in progress as ofDec.311934.was 5611,000.-V. 1 0, .470.
-----"Blue Ribbon Corp., Ltd.-Accumulated Divi en
•c*,
7/- 1.
The directors have declared a dividend of 50 cents per share on atcount
of accumulations on the 834% cum. pref. stock, par $50. payable Feb. 1
to holders of record Jan. 26. The dividend is payable in Canadian funds
and in the case of non-residents is subject to a 5% tax. Similar distributions
were made in each of the 12 preceding quarters, prior to which regular
quarterly disbursements of 81K, cents per share were made.
Arrears, following the above payment amount to $4.063i Per share.
p. 2670.
V.
Borden Co.
-100th Consecutive Dividend
The board of directors on Jan. 29 declared a quarterly dividend of 40
cents per share on the outstanding common stock, payable March 1 1935
to holders of record Feb. 15. This is the 100th consecutive dividend on the
common stock of the company.
-V.138, p. 2738.
Boston & Maine RR.
-Earnings
Period End. Dec.31
- 1934-Month-1933
1934-12 Mos.-1933"Operating revenues_ _ $3,490,540 $3,371,445 542,155,612 541,877,369
Operating expenses
1,922,684
2,627,732 30,872,271 30,389,875
Taxes
217.106
157,019 2,431,776 2,563,333
Uncoil. ry. revenues_ _ _ _
24,096
14
30,605
1.382
Equipment rents-Dr _ _
162,142
1,830,880
138,758
1,861,604
Dr96,566
Joint facility rents
2,220
Dr5,328
7,140
Not ry. oPer. income- $1,190,116
Net misc. oper. inc.-Dr
Other income
145,953
$419,210 56,893,514 $7.068,315
8,728
186,597
1,030,145
1,091.441
Gross income
Deductions
$605,807 37,923,659 58,151,028
644,301
7,630,167
7,829,457
$1,336,069
637,120
Not income
$698,949 def$38,494
5293,492
$3321,571
Abandonment of Operation
The Interstate Commerce Commission on Dec. 28 issued a certificate
permitting (a) the New Boston RR. to abandon, as to inter-State and
foreign commerce, its entire railroad extending from a connection with a
line of the Boston & Maine at Parker to New Boston, about 5 miles, all
in Hillsborough County, N.Ii.. and (b) to the Boston & Maine to abandon
operation thereof.
-V. 140, p. 138.
Boston Wharf Co.
-Earnings
Years End. Dec.31
Rental account
Other income
Interest account
Profit on company's bds.
purchased & retired
1934
$683,241
3,512
22,754
Total credits
Expense account
Advertising account __ _ _
Taxes Paid
Ins. prem. & int. &col
Bad & doubtful acc'ts,
&c.,charged off
Repairs and renewals_ _ _
Deprec. & obsolesc.fund
Net profit
Dividends paid
1933
$665,102
391
24,549
1932
5816.361
3,150
22,140
18,748
$709,507
76.574
6.995
131,898
84,073
5712.182
72,357
8.403
138,582
89,644
$838,259
74.892
8,016
140,878
64,652
$906,904
77.072
12,160
6,162
177.419
11,460
4,187
166,046
32,730
3,488
165,635
4,159
7.461
165,137
1931
$889,866
17,038
139,590
83,522
5221,503
$3347,967
$214,226
$429.983
(3%)180,000(3%)180,000(53)330,000(7%)420.000
Balance, surplus
Earns, per sh. on 60,000
she, capital stock
$34,226
541.503
$17,967
$9,963
$3.57
$3.69
$5.79
$7.17
The Securities and Exchange Commission announced Jan. 22 that it had
instituted stop order proceedings against the company.
The company has filed a registration statement with the Commission in
which it proposes to issue 259,000 shares ($1 par) common stock at prices
graduated from $3 to $5 per share. Upon examination, it appears to the
Commission that there are reasonable grounds for believing that the statementincludes untrue statements of material facts and omitsto state material
facts,required to make the statement not misleading. The Commission has
raised question, among other things, with respect to the amount set up in
the balance sheet of the company as the value of certain fixed assets purchased from the promoters.
-Earns.
Brazilian Traction, Light!ezt. Power Co., Ltd.
1934-12 Mos.-1933ml
Period End. Dec.31- 1934-1tfonth-1933
Gross earns,from oper__ $2,708,481 52,206,823 530,692,415 $28,469,704
Operating expenses---- 1,286,745
1,153,570 14,616,593 12,973,647
Net earnings
31,421,736 51,053,253 $16,075,822 $15,496,057
f=Nr.
11775741217------==!!
-Earnings
British Columbia Power Corp., Ltd.
1934-6 Mos.-1933'g
Period End. Dec.31- 1934-Month-1933
Gross earnings
$1,170,846 $1,129,326 56.456.503 56.292,760
Operating expenses
586,457
551,972 3.388,216 3,362.080
Net earnings
$584,389
$577,354 $3,068,287 $2.930,680
Broadex Realty Corp., N. Y. City-Reorganized-Nail
A five-year mortgage extension has been granted to the corporation,
owner of the office building at 46-50 Broad St. and 46-52 New St., N. Y.
City, on which there is a mortgage of $1,637,500, guaranteed by the Bond
& Mortgage Guarantee Co. and held, through mortgage certificates, by
239 certificate holders. The extension was granted pursuant to an order
of Justice Brower, of the Supreme Court, Kings County, in a Schackno
act reorganization proceeding instituted on behalf of certificate holders by
Sidney Rossman. of 295 Madison Ave.. as counsel, who also acted as
Chairman of the certificate holders committee. The other committee
members were R. Baylor Knox, H. Llewelyn Roberts, L. A. Johnson.
Nicholas Danforth, F. A. McKenzie, F. W. Dorman, W. Irving Taylor
and Henry Sobel.
The servicing of the mortgage has been given to City Bank Farmers
Trust Co.
The reorganization plan was consented to by the holders of approximately 73% of the outstanding certificates, more than sufficient under
the Schackno Act to make the plan and the mortgage extension binding
on all certificate holders, including the non-consenters.
-Earnings
Building Products, Ltd.
Calendar YearsNet operating profit__ _ _
Interest on investments..
Profit on investments __
1934
$190,460
56,132
33,001
Total income
Prov. for depreciation
Reserve for amortization
oi fixed properties
Directors fees
ProN. for Dominion and
provincial income tax_
$279,594
50,146
Net profit
Common dividends
$154,216
151,057
1932
1933
1931
Not Available
45,146
1,880
28,206
425.462
120,846
y$66,481
163,142
4263,820
241,692
Balance
sur$3,158 def395,384 def$96,661 sur$22,128
x After adding income from investments and deducting reserve for contingencies (a portion of which is available for income tax) and reserve for
depreciation of $118,805 and also a reserve for reducing investments to
quoted values. y Profits from operations and income from investments
after making provision of $125,315 for depreciation amounted to $9,069.
to which is added $87,413 for portion of reserves for investments not now
required, and from which is deducted $330,000 which was transferred to bad
debt reserve. z After depreciation of $125,574.
•••••••1...
_Comparative Balance Sheet Dec. 31
1933
Assets1934
1934
1933 ..
- "'LfaiiilttiesLand, bldgs. & eq.31,461,638 $1,362,555 x Class A stock- _31,438,110 $1,438,110
45,000
45,000
Stock on hand.,__ 423,811
399,202 y Class B stock__
69,146
74,913
Accounts receiv. __ 242.456
226,042 Accts. payable, &c
Other accts. reedy,
Prov. for Dom.,
20,412
30.333
prov. &c., taxes
1,187,459 1,206,181
Investments
872,702
831,167
Cash
78,722 Depreciation
61,344
7.408 Amort,of fixed proDeferred charges_
8,931
45,146
perties
Conting., incl., in131,955
131.955
come tax
767,892
764,733
Surplus
$3,406,051 $3,280,112 Total
$3.406,051 $3,280,112
Total
x Represented by 116,346 (non-voting) class A shares (no par). y Represented by 4,500 (voting) class 11 shares (no par).
-V. 139, p. 3960.
Burlington & Rock Island RR7-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
-V.
3 14613
163,
9
def11,262
def23,247
791,543
def122,399
def283.443
1933
584,243
10,737
def6,491
1932
1931
$80,211
5113.695
5.328 def282,344
def12.827 def273,508
1,489.266
959.678
1.023,736
def134,579
148,013
114,082
def37,376 def109,283
385,638
....,•.a..--------, ....,,,,
-,'
rPe•nt8139•
Butterick Co.- 0 •
z ee-4.
or tlf
ifiiiiiiking fund gold eben tures a
"d
i protective committee --3 utlhbirg Co. las teen fun c consisting of Thomas J. Walsh.
EMI clic].
794
Financial Chronicle
Chairman, 44 Wall St.. New York; E. E. Cattail, Secretary, 39 Broadway,
New York, and J. P. Rohrbach, 60 Wall St., New York, with Frueauff,
Robinson & Sloan, 60 Wall St., New York, counsel.
The Butterick Co. (into and with which Butterick Publishing Co. was
merged) has filed in the Federal Court in N. Y. City a petition under
Section 77-B of the Bankruptcy Act, reciting among other matters that the
company is in default in the amount of $209,500 in its sinking fund payments
for the 63"7 sinking fund gold debentures. The company has been
adjudged unable to meet its debts as they mature. It has also been ordered
that a hearing be held on Jan.0 0 at which time it will be determined whether
,
the company shall continue in possession of its properties and business or a
trustee or trustees be appointed.
-.V. 140, p. 470.
Cambria & Indiana RR.-EarningsDecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p.4121.
1934
$90,564
def2,690
58,437
1933
$98,541
35.821
87,655
1932
$119,020
50,297
103,404
1931
$110,632
24,168
79,978
1,046.514
13,509
657,824
1.186,843
384,775
949,124
1,126,186
346,934
842,451
1,231,629
296,101
922,479
Canada Dry Ginger Ale, Inc.(& Subs.)
-Earnings
-
3 Mos. End. Dec. 311934
1933
1932
1931
Gross mfg. profit before
depreciation
x$1,052,769 x$1,087,683 $1,062,192
$936.475
Adver., sell.. distrib. &
administration
x953.066
x848,742
989.367
873,791
Profit from operations
$238,941
$99,703
$72.825
$62,684
Other income
29,142
21,650
28,803
28,043
Gross income
$121,352
5268.084
590.727
$101.628
Other deductions
34.075
39,472
22,530
34,784
Depreciation
45,108
48.480
73,787
76,857
Interest
2.400
1,011
5,717
U. S. and Dora. of Can.
income taxes
4,190
22,645
315
Net profit for period.$35,579
$156,474
$1,928 loss$23,560
Shares common stock
outstanding (par $5)512.531
512,631
y503,387
y505.287
Earnings per share
50.07
$0.30
50.01
Ni
x Certain trade discounts were last year considered selling expenses;
this year they are, we believe, more properly deducted from sales. Last
year's figures have been adjusted accordingly. y No par shares.
-V. 140.
p. 470.
Canada Vinegars, Ltd.(& Subs.)
-Earnings
Years End. Nov.30Net prof. for year after
pi deducting all costa.._ Prov. for depreciation
Directors' fees
Reserve for taxes
Western Vinegars, Ltd.,
divs. pay. on pref.she.
not owned
Amount paid in excess of
book value of common
she, of West. Vinegars,
Ltd. purchased during
year
Net income
Dividends paid
Balance, surplus
Previous surplus
1934
1933
1932
1931
$243,548
61,075
2,100
28,223
5249,494
58,051
1,750
1,691
2,792
4,130
$149,416
147,200
$159,544
147,260
$151,697
147,200
$168,670
147.200
$2,216
217,304
$12,344
204,960
$4,497
200,463
$21,476
178,988
30,207
$233,150
57,468
$251.390
58,584
'
21,194
20,000
985
Total surplus
$219,520
$217,304
$204,960
$200,464
Earns, per sh. on 92,000
she, cap.stock (no par)
31.62
51.73
$1.65
$1.83
Consolidated Balance Sheet Nor. 30
Assets1934
1933
Ltabtlutes-1934
1033
Land, bldgs., plant
x Capital stock_ __$1,322,503 $1,322,503
& equipment_ _ _$1,672.721 21,539,133 Surplus
219,520
217,304
Dominion of Can.
Res. for deprec
368,761
308,649
bonds
30,732 Mtges. pay. & acCash
20,842
45,987 crued interest.._
5,282
7,923
Accts.receivable
70,884
55,116 Western Vinegars,
Inventories
310,225
324,409
Ltd. stock
25,615
25,000
Good-will
1
1 Accounts payable
55,900
38,527
Liab. to cust, for
cont. returned...
21,206
17,458
Prov.for containers
returned
27,500
27,500
Res. for Inc. tax
29,000
30,500
Total
82,074,673 51.995,378 Total
$2,074,673 $1,995,379
x Represented by 92,000 no par shares.
-V. 138, p. 330.
Canadian Industrial Alcohol Co.
-Large Whisky Sale
-
The company, according to press dispatches from Montreal, has arranged to sell a substantial quantity of matured whisky for $600,000 cash,
proceeds to be used to reduce outstanding bank loans.
-V. 139, p. 4121.
Canadian National Lines in New England.
-Earnings.
pr December1934
1933
1932
1931
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net after rents
Net after rents
- 140. p. 139.
V.
$86.328
10,589
def27,976
$78.856
def45,463
def90,464
$72,559
$83,459
def23,576
def77,733
de172,267 def147,670
1,053,675
1,039,090
1,166,816
1,415,927
def226,263 def228,097 def243,448 def418,821
def790,269 def815,522 def906,207 def1,154,764
Canadian Pacific Lines in Maine.
-Earnings.
December
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 140, p. 139.
V.
$182.301
41,842
6,578
$175,123
36,894
1,075
$190,292
56.560
23,074
5167,249
22,706
def9.147
1,985,675
1,583,487
1,681,647 2,036,794
279,939
204,106 def15,805 def112.585
def38,382 def108,473 def350,791 def463.741
Canadian Pacific Lines in Vermont.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 139.
1934
$77,040
def4,493
def25,276
1933
$67,036
def19.328
def39,755
1932
$60.283
del'
14.800
def42,726
1931
$96,031
def9.848
def39.778
930.135
1,036,462
897,591
1,347.015
def206,891 def134,889 def130,564
def98,593
def462,482 def397,753 def448,412 de1465.063
Canadian Pacific Ry.-EarningsPeriod End. Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Gross earnings
$10,705,780 $9,912,738 5125542.955 5114269,688
Working expenses
x7,534,371 x6,666,340 101,158,932 93,407,582
Net profits
$3,171,408 $3,246,397 524,384,023 520,862.106
x Includes pensions.
-V. 140, p. 634.
New Director
Morris W. Wilson has been elected a director, succeeding the late W. J.
Blake Wilson.
-V. 140. p. 634.
Feb. 2 1935
(A. M.) Castle & Co.
-Dividend Increased
-
The directors have declared a quarterly dividend of 50 cents Per share
on the common stock. ,par $10 payable Feb. 11 to holders of record Feb. 6.
Quarterly dividends of 25 cents per share were distributed in each of the
four preceding quarters prior to which no dividends had been paid since
Feb. 1 1931 when a quarterly dividend of 75 cents per share was paid. In
addition, an extra dividend of $1 per share was paid on Dec. 5 last.
-V.
139, p. 2671.
Central of Georgia Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.140, p. 140.
1934
$1,079,347
150,768
27,785
13,353,151
2,012,254
675,683
1933
$925,750
75,871
33,787
1931
1932
$814,106 $1,085,218
17,732
2,977
def68,628 def98,699
12,132,343 11,547,648 17,071,029
1,775,493
1,125,132 3,089.348
636,011 def271,874
1,576.104
Central Illinois Light Co.
-Commonwealth Southern
Sells $9,376,300 Bonds
The Commonwealth & Southern Corp. has completed the private sale
of $9,376,300 Central Illinois Liget Co. 1.4 & consol. 4 ki% bonds, due
1963, it was announced Jan. 30. The issue was sold at 97.6 to yield 4.40%
to maturity. The sale was to a Mall group of institutions completed
through Bonbright & Co., Inc.
The greater part of the bonds was purchased by Commonwealth &
Southern in 193:3 in connection with the unification of its then three operating subsidiaries in Illinois. Tne subsidiaries included Central Illinois Liget
Co., Illinois Power Co. and Illinois Electric Power Co.
Commonwealth & Southern Corp. has several blocks of bon is of subsidiaries, purchased at a time when the market was not considered favorable for utility financing, which have been kept in its portfolio. It was
tarough this method that the parent company financed the operating
company.
-V. 140, p. 635.
-Earnings.-Central RR. of New Jersey.
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 140. P. 140.
1933
1934
1932
7
1531
$2.426,211 $2,339,187 $2,461,887 $2,89 ,532
924,518
532,166 4
774,161
609,199
133,515
37,786
186,768
458,468
29.022.116 27.401,329 30,357.469 39,441,832
8,774.323 7,752,738 8,174,777 9,990,408
3,060,752 2,253,768 2,507,298 4,224.783
-L. E.
Central States Electric Corp.
-Annual Report
Kilmarx, Vice-President, says in part:
The investments of the corporation at Dec. 31 1934 were as follows:
Shares
North American Co
Common stock 744.836
American Cities Power & Light Corp
Class B stock 1,873,055
489
Electric Shareholdings Corp
Common stock
Blue Ridge Corp
138,
Common stock 770,000
Co
General Realty & Utilities Corp
62,205
Common stock
Atlas Corp
Warrants
0
.
Argea.31.76§4The asli7ieposit v7iTh Fanks
73,209
trustees was $1,1100 08
- Corporation has deposited Its 1,606,312 shares of common stock of Shenandoah Corp. under a contract for sale on June 10 1935 at 51.80 Per share
(which price may be increased under certain conditions). Under the terms
of this contract the corporation will receive on that date not less than
$2.891.362. The market quotations on Dec. 31 1934 for the securities
listed above, plus the cash on hand and to be received on account of Shenandoah Corp. common stock, and cash dividends receivable, less current and
accrued liabilities and reserves, make a total of $17,569,193. Such market
quotations in the judgment of directors do not adequately reflect the actual
value of the corporation's security holdings. Improvement in business
conditions should be of great benefit to the companies in which the corporation has its investments.
Corporation owns 744,836 shares of the common stock of North American
Co. and has a large additional interest in this stock through the ownership
of 1.873.055 shares (64%) of the class B stock of American Cities Power &
Light Corp. and 770,489 shares (48%) of the common stock of Electric
Shareholdings Corp. because each of these companies Clinle substantial
amounts of the common stock of North American Co.
Consolidated Income Account for Calendar Years
1931
1934
1933
1932
a Stock dividends
5364.446 51.299,925 $2,232,138 $6,239.777
Cash divs. and interest_
347,508
648,139
302,852
123,673
Total income
8
$1,012,585 $1,602,777 $2,355.812 $8,587,28
Oper. exps., taxes, int.
and discount
2,781,715
2,211,890 2,328,928 2,435,931
c Reduction in value of
stock dividends
364,446
426,952
134,169 3,144,871
d Special appropriation_
872.972 2,097.969 3,095.107
Net deficit
$1,563,751 52,026,076 $2,312,258 52,434,207
Balance Jan. 1
4,320,117 8,863.568 13,497,619 15,218,880
Credit arising
12,462
951
-Profit on deb. purchased
800,544 1,252,364
Lesson sale ofsecurities_ 5,909,154 2,514,837 2,913,288 prof.747,778
Adj. applic. to pr. period
224.986
Cr7,005
Total surplus
def3,145.783 $4.335.117 $9,073,588 515.009.779
Divs, on pref. stocks
361,340
7% pref.stock
Prof. stock 6% series
442,275
e Cony. prefd stock,
opt.div.series
69,873
e Cony. pref'd stock,
opt,series of 1929
157,109
Divs.on common stock
Paid in common stock
(cap. at $1 per sh.)
(5%)481,583
Transferred to reserve for
contingencies
15,000
210,000
-----Balance Dec. 31___def$3.145.783 654,320,117 b$8,863,588b$13,407,819
a Valued at market prices following respective dividend record dates.
b Consisting mainly of balance of credits accumulated from valuation of
stock dividends. c Reduction in above valuation of stock dividends to
market prices at close of year, applied in reduction of book value of investments. d Special appropriation of balance of above valuation of stock
dividends, applied in reduction of book value of Investments. e Paid in
cash and common stock capitalized at $1 per share.
Consolidated Balance Sheet Dec. 31
1933
1934
1933
1934
Assets
Lfabiliffes$
$
b Investments_ _ __45,580,503c73,054,554 5% cony. debens.
series due 1948_14,597,000 14.756,000
Corn. stk. of ShenSee c Optional 514%
andoah Corp-d19.785,364
1,173,209 1,198,328 debs., ser. due
Cash
Dividends receiv1954
23,099,000 23,099,000
Int. accr. on dells_ 735,471
able
739,446
186.209
Miscellaneous acMiscellaneous accr.
es
18,093 liabilities
counts receivable
248,824
:5954
4 1
Dnamortized disfor taxes_ 178
31
count on deben804,143
Res. for conting
752,000
1,208,749 1,380,412 a Capital
tures
187,277 31,187.284
Excess of par value
"'
of pref.stks held
in treasury over
cost thereof__ _ _ 498,573
498.573
Surplus
def3,145,783 4,320,117
67,934,033 75,651,388 Total
Total
67.934.033 75,651.388
a 7% preferred stock, issue of 1912, curnulative (par $100), 75,433 sha.;
serial preferred stock (Par 5100), preferred stock 6% series, 101,240 abs.;
Chain Store Investment Corp.-EarningsOct. 1 to
oct. 1 to
Jan. 1 to
Jan. 1 to
Dec.31 '34 Dec.31 '34 Dec.31 '33 Dec.31 '33
$4,352
$7,921
$866
$2,277
14
PeriodDividends income
Interest, income
Total
Managers commission
Interest
Taxes
Miscellaneous expense
$2,277
270
2
53
186
$866
164
$4.367
573
40
245
$7,921
1,015
2
667
742
432
809
Net inc. to curr. surp_
$2,552
$5,496
$41 6
$1.767
Cain or Loss from Security Transactions
Sales of securities
$8,638
$27,104
$104,365
Cost of securities sold_ - _
30,088
134,318
6,388
Net loss
Loss from liquidation of
investment in Chain
Store Fund, Inc
Loss from exch. of invest.
in Chain & Gen. Eqult.
for stock in the Equity
Corp
$2,984
$29,953
prof$2,250
$58,019
54,417
prof$3,602
51,646
28,575
Net loss from security
transactions
$2,984
$29,953 sur$2,250
876.619
Surplus Account Dec. 31 1934
Deficit from
Capital
Current
Security
Surplus
Transactions Surplus
Balance, Jan. 1 1934
$6,082
$540,027
$304,139
Loss from security transactions (as
above)
29,953
Current net income (as above)
5.496
Dividends paid on preferred stock_
$540.027
$334.092
Balance, Dec. 31 1934
AssetsCash
AWL:receivable
Investments (at
:
cost)
Treasury stock...
$540,027
$334,092
Balance Sheet Dec. 31
1934
1933
Liabilities1934
$1,990
3561 Unclaimed diva__
$291
5 Accounts payable_
16,042
Preferred stock__ 101,025
336,494
352,720 Common stock__
10,000
2,509
Capital surplus... 540,027
Deficit from security transactions_ 334,092
Current surplus_ _ _
7,699
$11.578
3,879
87,699
1933
$291
101,025
10.000
540.027
304,139
6,082
Total
1340,993 1353,287 Total
3340,993 3353,287
x Investments carried on books at cost at which originally purchased by
predecessor corporation or this corporation.
-V. 140, p. 635.
Champlain Refining Co.(N. M.)
-Cracking Suit Decided
The Gasoline Products, Inc., on Jan. 17 lost its suit against the Champlain
company, involving alleged infringements of patents on an oil "tracking"
process. U. S. Circuit Judge Sam G. Bratton, of the 10th Circuit, who
tried the case at Santa Fe, N. M.in August on assignment, held the patents
owned by the plaintiff are of the liquid cracking kind, whereas the defendant
corporation used a vapor process.
-V. 134, p. 3986.
Chapman's Ice Cream Co.
-Earnings
Earnings for Year Ending Dec. 31 1934
Net sales
Cost of goods sold
Selling expenses
Administrative expenses
Other losses (net)
$239,186
88,345
117.199
23.233
1,145
Net profit
$9,263
Condensed Balance Sheet Dec. 31 1934
LiabilItiesAssets
$34,161 Notes payable
$150
Cash
3,127 Accounts payable
Accounts receivable
2.646
235 Dividends payable
Notes receivable
2,500
Inventories
10,074 Federal Income tax payable
1,289
Other assets
7.900 Reserves and deferred credits to
Land, buildings and equipment_ 195,666 Income
8,037
Deferred charges to operations__ 6,591 Capital stock
y25,000
Surplus
118,133
Total
$157,756 Total
2157,756
x After reserve for depreciation of $118,532. y Represented by 50.000
-V. 139,p. 1396.
no par shares.
Charleston & Western Carolina Ry. Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
--v, 139, p. 4122.
1934
$139,130
32,751
30,750
1933
$150,291
43,174
40,889
1932
$123,806
21,532
19,292
1931
$136,872
def1,731
def4,695
1,904,330
576,845
381,262
1,888,221
627,383
435,489
1,633,908
328.375
167,692
2,453,007
610,317
359,240
Chicago Burlington & Quincy RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 140.
1932
1934
1933
1931
$6,330,189 86,226,974 $5.955.778 $7,568,950
1,619.527
1,405,0641,363.399. .
1,254,436
641.775
1,050,470
726,918
80,288.159 78,496,975 79,543,629 111,218,959
22,280.177 24.135,376 21.026,025 33,752,990
12,650,936 13,491,225 9,592,497 20,506,918
Chicago City & Connecting Rya. Collateral Trust
Earns. Calendar YearsInterest received
Other income
Gross income
Bond interest
General expenses
Taxes
795
Financial Chronicle
Volume 140
convertible preferred stock,optional dividend series, 15,788 shs.; convertible
preferred stock, option series of 1929. 36,561 shs.; common stock ($1 Par),
10.130,642 shs.(10,130,650 shs. in 1933). b Investments, at average cost.
including valuation placed by the board of directors upon stock dividend
received (carried to surplus). c Includes common stock of Shenandoah
Corp., valued at below cost. d The 1,606,312 shares of common stock of
Shenandoah Corp. are deposited under a contract for sale on June 10 1935
at $1.80 per share (or an aggregate of $2,891,361), which price may be increased under certain conditions. During 1933 and 1934, 500,000 and 550,000 shares, respectively, were sold, and the loss realized, computed on the
basis of average book value, was charged off. 48% of the book value at
which Shenandoah Corp. common stock is carried involved no cash outlay.
but resulted from valuation principally in respect to common stock of this
-V. 139. p. 1702.
corporation acquired from it by Shenandoah Corp.
1934
1933
$114
1932
$460
1931
$768
62,734
$1
1,030,8
26,426
20,616
$460
1,030,800
88,712
20,616
$63,501
1,030,800
72.367
20,616
82,825
$2,825
1,030.800
30,306
20,616
41.078,897 $1.077,728 81,139.668 $1,060,282
Loss
x Deficit Jan. 1 1934, $9,286,400; loss for 1934, as above, $1,078,897:
deficit Dec. 31 1934, $10,365,296.
Statement of Current Assets and Liabilities Dec. 31
1933
Assets1934
1934
1933
LiabilitiesCash
$3,752
$37,876 Accr. int. payable_28,274,393 $7,234,753
31,536
16,053
Other Investments 129,800
129.801 Accounts payable_
221,000
221,000
Excess over current
Bills payable
144,329
164,946
Reserves
assets
8,542,839 7,460,942
Total
$8.676,391 27,631,619
-V.138. p. 1041.
Total
$8,676,391 $7,631,619
Chicago & Eastern Illinois Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 140.
1931
1932
1934
1933
$1,124,433 $1,038,792 $1,020,995 $1.097,184
94.075
159,960
260.994
404,286
87,853 def64.961 def157,864
260,968
12,776,551 12,218,449 12,189,973 15.135,961
1,431,308
1.543,581
2,831,177 2,617,391
207,297def1,283,337def1,700,501
641,697
Chicago Great Western RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 314.
1931
1932
1934
1933
$1,197,052 $1,134,939 $1,139.059 $1,478,343
430,991
211,738
458,631
377,404
175.386
267,817 def36,014
169.430
15,491,939 14,575,180 15,159,400 20,107,787
5,924,322
4,200,222 4,253,067 3,544,150
403,778 2.571,094
1,280,914
1,340,269
Chicago & Illinois Midland Ry.-Earnin s.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 140, p. 140.
1934
8266,706
85,873
81,085
1933
$286,583
118,169
124,290
1932
$238.526
70,483
66.181
1931
$232,065
68,310
47,836
2,974,212
851,601
804,488
3,026.349
1,096.678
1,003,023
2.058,561
388,525
231,512
2,735,811
641.205
470.195
-Earnings.
Chicago Milwaukee St. Paul & Pacific RR.
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1931
1932
1934
1933
$6,708,923 $6,257,169 $6,581,513 $7,698,436
1.042,2561.326,470 1.550,694
1,163,420
594,231
287,475
279,904
306,715
87,859,792 85,495,220 84,900.833 111,423.772
18,204.245 20,898,379 12,822,714 22.154,326
6.539,054 8,597,319 def518,116 8,334.406
Abandonment, &c.The Interstate Commerce Commission on Jan. 21 issued a certificate
permitting the company and the Great Northern Ry. to abandon parts
of lines of railroad, and authorizing them to acquire interests in and to
operate over parts of lines, and to construct two connecting tracks and
rs$
two track connections, in Minnehaha and Lake Counties, S. Dak.
'I he Commission issued a certificate (1) permitting the Milwaukee to
abandon parts of a line of railroad extending from a point near Colton to
a point about 1 mile south of Huntimer, 2.8 miles, and ftom a point about
2 miles south of Chester to Madison, approximately 13.5 miles, and the
Great Northern to abandon part of a line extending from a point about
1 mile south of Huntimer to a point about 2 miles south of Chester, approximately. 3.1 miles; (2) authorizing the Milwaukee to acquire a one-half
interest in and to operate over parts of a line of the Great Northern from a
point near Colton to a point about 1 mile south of Huntimer. 2.9 miles,
and from a point about 2 miles south of Chester to a point near Wentworth,
9.6 miles, and the Great Northern to acquire a one-half interest in and to
operate over a part of a line of the Milwaukee from a point about 1 mile
south of Huntimer to a point about 2 miles south of Chester. 3.1 mile
and (3) authorizing the two applicants to construct two connecting tracks
having a total length of about 1,995 feet, and two simple track connections,
all Joining the lines above mentioned, all in Minnehaha and Lake Counties.
S. Dak.-V. 140, p. 635.
Chicago & North Western Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.140. p. 140.
1931.• mg
1932
1933
1934
$5,485,379 $5,334,066 $5,392,395 86,810,698
501.912
953,733
926.568
1,065,028
207.944
374,581
183,369
417,338
Sli
75,893,418 73,394,501 72,491,521 102,270,339
14.081.598 15.679,532 11,887,101 17,107,391
1,422,836 6,272,136
5,202,104 6,031,714
Chicago Rock Island 8c Gulf Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 140.
1933
8299,255
78,034
def13,811
1932
$258,590
48.505
def27,604
1931
8405,978
143.895
119,011
3.633,188 3,416,409
860,314
840.630
def48,845 def291,715
3,996,248
1.279.200
397,350
6,019.275
2,440,106
1,817.669
1934
$282,163
43,257
def26.312
Chicago Rock Island & Pacific Ry. System-Earnings
1934-12 Mos.-1933
Period End. Dec. 31- 1934-Month-1933
Railway oper. revenue__ 964,992,029 $4,994.868 $66.961.688 $64,848.448
Railway oper. expenses_ a4,641,914 4,320.345 56,875,189 52,435.395
270,000 4,355,000 5.340,000
Railway tax accruals _ _ _
155,000
26,775
22.594
1,358
Uncollect. ry. revenue__
4,165
2.926,625 2,966,644
207,413
233,336
Equip. rents-Dr. bal _ _
1.086,249
1.099.299
97,456
110.300
Joint facil. rents
-Dr bal.
872.373 $1,678,800 $2,997.566
Net ry. oper. income_def$126.763
a Includes 4% contribution required by Railroad Retirement Act 1934
and amount $105.386 for November
amount $111,562 for December 1934
1934.
Earnings of Company OnlyDecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 635.
1931
1932
1934
1933
$4,709,867 $4,695,615 84,882,313 $5,802.144
592.112
596.489687,379
306,859
247,561 def284,024
def100,451
86,185
63,328,500 61,432,040 66.783,779 93.050.288
9.245.869 11.552,739 13,159,404 22.102.590
1.727,645 3,289,282 3,650,879 11.106.338
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.
December
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 140.
1934
1932
1931.
1933
81,208,044 $1,101,229 $1,116,000 $1,283,515
61.653
59,514
214,778
295,268
def70,754
167,994 def104,617
76,015
14,848,618 14,527,600 14,831,762 18,589,905
2,357,738 3,321,089
2,201,811
1,791.897
123,972
601,985
1.537,544
def10,892
-Sales
Chris Craft Corp.
Retail sales of Chris Craft motor boats during the first four days of the
New York Motor Boat Show amounted to $31,540, while orders for future
deliveries accompanied by cash deposits totaled $78,600, Jay W. Smith.
President,said. Retail and dealer volume have already exceeded the entire
-V. 138, p. 687.
show period last year, Mr. Smith added.
796
Financial Chronicle
Chrysler Corp.
-Plymouth Orders Gain
The
Como Mines Co.
-Files Registration Statement with SEC
See "Chronicle," Jan. 19, p. 389.-V. 139, p. 4123.
company has received orders from dealers for more than
100,000
new cars, this being the largest number ever received by
early in the year. according to President D. S. Eddens. the company this
Retail deliveries in week ended Jan. 19 totaled 5,655 cars, an
increase
of 12.7% over previous week and more than
corresponding week a year ago. Shipments triple the 1,545 cars sold in
cars, against 3,780 in same week a year ago. last week amounted to 11.093
-V. 140, P. 636.
mom_
_
Consolidated Gas Electric Light & Power Co. of
Baltimore-Earnings-Period End. Dec.31- 1934-3 Mos.-1933 1934-12 Mos.-1933
Rev, from electric sales_ $4.963.707 $4,705.400
$19,041,377 317.954.966
Rev.from gas sales
2,253,420
2,226,359
8.876,357
8,592.809
Rev from steam sales
204,368
191,485
675.900
561.464
Misc,operating revenue_
75,631
83.763
359,645
356.204
Gross oper. revenue
$7,497,128 37.207,009 328.953,280 $27,465,444
Operating expenses
3,783.446
3,374,173 14,411,985 13,071,090
Retirement expense__
636.673
618,024
2,409,680
2,385,842
Taxes
893,357
1.055,512
3.491,182
3,571.804
Net operating revenue $2,183,650 32,159,299
$8,559.810 $8.517.328
Misc. non-oper. revenue
60,813
25,377
200,017
152.342
Total revenue
$2,244,464 $2,184,676 $8,759,828 $8,669,670
Fixed charges
718,873
742,043
2,882,509
2,952,574
Net income
31.525,591 31,442.633 35,877,318 $5.717,096
Preferred dividends__
289,962
289.844
1,158,927
1,157,447
Common dividends
1,050,657
1.050.657
4,202,577
4,202,629
Balance
$184,972
$102,131
$515.814
$3357,019
-V. 140, p. 141.
Cincinnati & Suburban Bell Telephone Co.
-Obituary
Bayard L. Kilgour, President of tho company, died at his
home,in Cincinnati on Jan. 28.-V. 139, p. 757.
Cleveland Union Stock Yards Co.
-EarningEarnings for Year Ending Oct. 31 1934
Total operating income
Total operating expense
Depreciation
Other income deductions-net
Provision for Federal taxes
'
$250,741
146,645
29,494
7,444
9,500
Net profit
$57,656
Balance Sheet Oct. 31
Assets-1934
1933
Liabilities1934
1933
Real est., eq.,&c.$1,844,570 $1,852,504 Capital stock
x$981,891 $1,000,000
Cash
162,886
197,064 Accounts payable_
5,245
12,859
Acc'ts receivable
13,822
7,848 Accrued expense__
1,503
2,654
Inventories
16,474
11,487 Notes payable_ ___
10,500
Other curr. assets_368
190 Liability reserves_
21,500
24,387
Investments
24,952
28,706 Unearned surplus_ 491,967
491,966
Prepaid accounts.
14.403
14,721 Capital surplus__ 592,163
618,181
Other assets
43,555
48,025 Profit & loss sup.
26.761
Total
$2,121,032 $2,160,547
Total
$2,121,032 $2,160,547
x Represented by shares of no par value, after deducting treasury stock
of stated value of $18,108. y After depreciation reserve of $503,930 in
1934 ($630,065 in 1933).-V. 139, p. 3963.
Consolidation Coal Co.
-Stock Worthless
-
1934
$411.176
183,949
155,618
1933
$397,983
179.598
174.914
1932
$394,218
213.485
194,263
1931
$369,003
129,146
78,206
Robert, C. Hill, New York, and L. S. Zimmerman, Baltimore, trustees
of the company, have sent a notice to stockholders informing
them that
there has been received by the company a letter from the office
of the
Commissioner of Internal Revenue of the Treasury Department, saying:
"You are advised that after careful examination
In connection with the audit of claims and returnsof your financial affairs.
of
has been determined that your common stock became your stockholders, it
tax purposes in 1932. Stockholders may accordinglyworthless for income
deduct
their common stock from taxable income on their 1932 income the cost of
tax returns;
no deduction will be allowed for any other year.
"No deduction will be allowed on preferred stock or bonds, as
that in the event of reorganization those security holders will it appears
receive securitios in the new or reorganized company."
-V. 139, p. 2674.
5,204,649
2.205.823
2.043.294
4,842.426
2.161,744
1,894,874
4.059.463
1,388,993
857,618
5,410.192
1,879,683
1.460.070
Consolidated Gas Co. of N. Y.
-Plan for Lower Rates
Turned Down
-
Clinchfield RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4123.
Cluett, Peabody & Co., Inc.
-Earnings-The company and subsidiary companies report for the year ended Dec.31
1934 a net income after all charges of $529,824. This is
ferred dividends, to $1.51 a share on the 192,391 shares equal, after preoutstanding and compares with a net profit of $508.722 of common stock
or $1.40 a share
of common stock for the year 1933.-V. 139, p. 594.
Coca-Cola Bottling Co.
-$1 Extra Dividend-‘
41 44$ "(
r An extra dividend of $1 per share in addition to a quarterly distribution
of 25 cents per share was paid on the common stock, par $1. on Jan.
20 to
holders of record Jan. 10. The quarterly dividend
increased to
25 cents per share on Oct. 20 from 15 cents paid on rate was and
July 20
April 20
1934 and Dec. 30 1933. On April 20 and Jan. 20 1933, 33 cents per
share
was disbursed. During the year 1932 the company paid 40 cents
per share
each quarter.
-V. 138. p.
Colorado
FueltIron Co.
-Time zto
-Ended-r Federal-District 0our Judge Symes at Denver, Colo., has entered an
extending
to Mar .. 1 the time in which Arthur Roeder, trustee, must
Feb
.
t
file a reorganization plan
The interest due
1 1935, on the general mortgage 5% sinking fund
gold bonds, due 1943, is being paid.
The Committee on Securities of the New York Stock Exchange rules that
the bonds be quoted ex-interset 2I-6% on.iFeb. 1 1935;
continue to ba dealt in "flat" and to be a delivery in that the bonds shall
settlement
actions made beginning Feb. 11935, must carry the Aug. 1 1935 of transand subsequent coupons.
-V. 140. P. 636.
Colorado & Southern Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 472.
1934
$453.273
77,343
def972
1933
$526,742
115,162
12,783
1932
$3395,244
36,513
9,105
1931
$617,510
149,072
95,444
5,618,296
1,026,414
144.619
5.485,205
1,162,105
255,823
5,451,108
802,666
def65,581
8,039,603
1,773,044
714,407
Columbus & Greenville Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4123.
1934
$73,829
def4,962
def10,893
875.249
26,805
def3,410
1933
$74,867
def2,701
def16,208
1932
$62,733
def15,785
def29,670
1931
$89,598
11.410
1,384
832,848
748.700
113,050
def72,356
92,142,
1.106.817
127,520
87,235
Commercial Investment Trust Corp.
-Status of Option
The company has notified the New York Stock Exchange as to the
of options, presently outstanding, far its common stock, as follows: status
No. of Shares
Price per Share
Expiration Date
2,062
$24.00
June 30 1935
125
24.00
Dec. 31 1935
250
28.00
Dec. 31 1935
3,750
24.00
June 30 1936
125
24.00
Dec. 31 1936
125
32.00
Dec. 31 1936
125
29.60
Dec. 31 1936
5.550
35.00
Dec. 31 1937
-V. 139. p. 3321.
-Commercial Mining Co., Saginaw, Mich.
-Stock Offered
The public
offering of 2,000 shares of preferred stock. at $25 a share,
2,000 shares of no par value stock, at a nominal value of $1 a share, and
announced recently by Harold Poquette, of Detroit, president of was
the
company.
jaiThis company, which has been in operation since Jan. 12 1934, is
said
to be producing approximately 100 tons of bituminous coal a day from its
mine located four miles east of the Saginaw city limits. At present the
company has approximately 2,000,000 tons of coal proved up, although it is
believed that a far larger quantity will soon be shown on additional property
owned by the company, Mr. Poquette declared.
The purpose of the stock issue is given as to raise funds for the purchase of
additional surface equipment whereby coal production may be increased
to approximately 700 tons a day in order to meet present and potential
demand.
-In addition to Mr. Poquette, the officers of the company comprise
Harold Rowntree, Detroit, Vice-President, and Paul Iloechner, of Saginaw,
Secretary and Treasurer. Detroit offices are located at 83 Union Produce
Terminal.
Commonwealth Edison Co.
-December Sales
-
Electricity sales in December totaled 321,328,000 kwh., against 299,274,00 in December 1933, an increase of 7.3%. Of these sales 315,334,000
kwh. were to ultimate consumers against 293,491,000 in the final month
of 1933 and the balance was sold to other utilities.
-V. 139. p. 2826.
Commonwealth & Southern Corp.
-Sells Block of
Central Illinois Light Co. Bonds.
-See latter company.
V. 140, p. 636.
Feb. 2 1935
The $10,000,000 cut in electric rates proposed by the Consolidated Gas
System of New York has been turned down by the Public
sion. The Commission made its attitude known Jan. 30 Service Commisin a brief statement by Milo It. - a t le, Chairman.
"The l'ublic Service Commission." it read. "has decided not to
accept
the proposal of the Consolidated Gas system. The Commission has
accountants and engineers at work analyzing the accounts and latest financial
statements of the system's companies."
The company's plan suggested a consolidation of all its properties, which
would permit a $2,000,000 rate cut, elimination of sub-metering, perinitting
a further reduction of $5,000,000, and an immediate reduction of $3,000,000
to general consumers, the City of New York and the Federal Government.
The Commission's decision came on the eve of a
ings being conducted by the New York State Jointresumption of the hearLegislative Committee
to Investigate Public Utilities, which reconvenes Jan. 31.
The Washington plan, which was the basis of the Consolidated's rate
offer to the Commission, was a topic of discussion.
Floyd L. Carlisle, Chairman of Consolidated Gas Co., and
the idea of introducing the Washington plan, was called upon sponsor of
to testify.
-V. 140, p. 636.
",Consumers Co.-Rrogganizatiele,-.11earings,
learings Federal-Court,-Chicago, on reorganization of the company
un r Se
77-B of the amended Bankruptcy Act have been continued
until Feb 2 . Joseph Hock, a Vice-President of the company and one of
.
the largest dividual creditors, filed suggested amendments to the plan
which were not objected to by the management. No court action has been
taken as yet either upon the plan or the amendments.
Approval of the modified reorganizatoin plan was recommended by
Halsey, Stuart & Co., who formerly had opposed the plan, holding it was
unfair to senior bondholders.
In a letter mailed to bondholders Halsey, Stuart Co. said the bondholders
would receive 10 shares of new common stock for each $100 of bonds in
compensation for concessions. The bonds would remain undisturbed as to
amount and security. The plan would provide for elimination of the two
outstanding issues of preferred stock and cancellation of accumulated dividends. Preferred stockholders and common stockholders 'would receive
new common stock.
-V. 139, p. 3477.
Continental Distillers & Importers Corp.
-Registration
The Securities and Exchange Commission on Jan. 30 issued an opinion
in the stop order proceedings which resulted in a suspension of the effectiveness of the registration of 245,000 shares of $10 par class A common stock
of the corporation. The Issuance of a stop order, to which the corporation
consented on Nov. 9 1934, followed an Investigation initiated by the
Federal Trade Commission and continued by the SEC. It appeared to both
Commissions that'there were reasons for believing that misleading statements were contained in the answers to questions 45 and 54, in Exhibits
K, M and 8,and in other parts of the registration statement.
Despite the corporation's consent to the order, the Commission decided
that a publication of its findings and opinion in the case would be in the
public interest.
-V. 139, p. 2918.
Continental Securities Corp.
-Earnings
-Years Ended Dec. 31
Period
-1934
Interest
359.783
Cash dividends
133,669
Miscellaneous income__ _
3,206
1933
383,250
101,309
829
Mar. 19 '31
1932 to Dec.31 '31
$150,394
$128,215
230,204
124,916
461
Total
Fiscal agency expenses
Administrative exps ,&c.
Int. on debentures (not)_
Taxes (domestic & for'n)
$196,656
3,089
28,231
138,910
6,092
$185,388
$253,593
31,023
141,920
3,925
30,108
159,131
3,019
Net income
Paid-in surplus at consol.
March 19 1931
Prev.our deficit
Excess of principal amt.
over cost of repurch'd
debs. held in the tress
Adjustment applicable to
prior period
$20,334
$8,519
$61,335
$383.320
7,138
23,677
188,151
10,831
$153,523
1,682,646
1.382,791
1,807,974
2,394,434
2,312
110,337
550,484
447,924
Total
def$1,360,145df$1,688,997d1$1,782,615
Divs, paid-On coin. ink
On preferred stock_
Net loss on socurs. sold
(basal on aver. cost)._
264,869
267,042
2,014.270
Cost of 118 slis. of prof.
stock hold in treasury_
Adjust. ofinvest,to basis
of mkt. quotations or
estimated fair value in
the absence thereof, as
Cr254,164 Cr573,248 Cr1,988.911
of Dec. 31
Adjust of pound sterling
advances to basis of
exchange rate as of
Dec. 31 1931
Contingency reserve in
connection with advs_
$2,284,092
57,759
14,337
Deficit, Dec.31
121
$1,370,849
$1,382,791
$1,807.974
648,048
6,381
3.794.611
71,391
86,000
32,394,434
Financial Chronicle
Volume 140
Balance Aheci Dec. 31
1933
Liabilities-
Assets1934
1934
Cash
$92,219 $277,368 Corn. stk. (par $5) $288,795
x Investments at
Preferred stock... 1,433,700
lz. market
3,050,827 2,864,512 Funded debt
2,778,000
Accts. receivable_
4,731
28 Accts. and accrued
Accrued int. rec..
7,514
11,618
expenses payable
1,061
Deficit
1,370,849 1,382,791 Accrued int. payable on debent_ _
23,150
Reserve for taxes_
1,434
- 139, p. 3152.
V.
1933
$288,795
1,433,700
2,783,000
2
--Crown Zellerbach Corp.
-Preferred Dividends L-Pe
7,630
The directors have declared dividends of 75 cents per share on the $6
cumulative series A and B preference stocks, no par value, both payable
March 1 to holders of record Feb. 13. Similar distributions were made on
23,192
Dec. 1 last. Quarterly distributions of 37 ),,<, cents per share have been made
on these issues from Dec. 1 1931 up to and including Sept. 1 1934. V. 139.
-
ro• 3477.
Total
34,526,140 84,536,317
Total
$4,526,140 $4,536,317
x Based upon market quotations or estimated fair value in the absence
Dairy Corp. of Canada, Ltd.
-Reduces Directorate
The shareholders at a meeting held at Toronto recently, adopted a
by-law to reduce the number of directors from 11 to 9.
The shareholders also endorsed application for supplementary letters
Patent to reduce the number of class A shares in the reorganization of the
, company from 75,000 to 72,000 so that 3,000 shares in the name of the
City Dairy of Winnipeg, a subsidiary, could be canceled.
thereof.
Note-Dividends on the cumulative preferred stock, amounting to
$248,833, have not been declared or paid since June 1 1931.-V. 139,
ontinental Motors Corp.
-To Change Par Value-L
Xrnest Gibbard, R. N. Bryson and II. G. Stapells were elected to repre860s.class A stockholders on the board of directors. The six representatives
of the class B common stockholders were re-elected.
-V. 139, p. 3478.
The company has notified the New York Stock Exchange of a proposed
change in par value of common stock from no par to $1 per share.
-V.140,
p.473.
Daniels & Fisher Stores Co.
-Dividend Resumed
Cord Corp.(& Subs.)
-Earnings
-
The directors have resumed dividends on the no-par common stock with
the authorization of a disbursement of $2 per share. The last previous payment was made on Feb. 1 1932 and amounted to $1 per share.
-V. 138.
P. 2405.
Years Ended Nov. 30- 1934
1933
1932
1931
Sales of mfg. products
& operating revenues_
$784,905 $1,772,854 $2,174,451 $3.517.011
Cost of sales & oper.rev_
766,162
1,495.794
2.083,757
2,940,417
Gross profit
Other income
$18,743
1,116,545
$277,060
2,558,133
S90.694
2.765,180
David & Frere, Ltd.
-Earnings
--
$576,594
1,213,542
Calendar YearsNet profit
Depreciation
pecTotal income
Expenses
Depreciation
$1,135,288 $2,835,193 $2,855,874 $1,790,136
573,753
969,119
891,390
1,096,674
89,988
121,627
348,918
267.668
Federal taxes
12,619
346,982
11,018
14,855
Other deductions
6,360
52,998
39,929
Subsidiary pref. divs_ _ _ _
27,127
Minority interest
Dr8,784
Cr74,942
Cr35,539
Cr82,919
Net loss from sale of
stocks ofsubs
368.463
Net profit
Dividends paid
875.321 $1,380,007
565,000
678,000
797
assets of $2.S16,057 and current liabilities of $376.765 on Dec. 31 1933.
$1.523,503
$21,785
31,302
$11,913
31,615
1932
$15.688
30,312
1931
def$13,156
30,14a
$9,517
$19,702
5.4,624
$43,302
37,490
8,419
$9,517
34,563
319.702
.54.265
816,735
71,001
$89,2.1
160,212
854,265
571 000
1934
Deficit
1933
Class A dividends
Income taxes
Capital loss-demolition
of building
2,111
Deficit,
Previous balance
8582,788
Total surplus
534,563
825,047
Balance Sheet Dec. 31
Liabi1ities1933
1934
$57,975
13,000
354,200
1933
$49,117
25,047
34,563
Balance, surplus
def$489.679
$702,007 $1,523,503
$582.788
Shs. cap. stock (par $5)
outstanding
2,256,700
2,260.000
2,260,000
2.260,000
Earns. per share
$0.03
$0.61
$0.67
$0.26
Consolidated Surplus Accounts Nov. 30 1934
(1) Capital surplus: Balance. Nov. 30 1933
$1,049,375
Capital surplus arising through acquisition of additional stock
of subsidiary companies
439.073
Adjustment for good-will of subsidiary company disposed of as
at Nov. 30 1934 previuosly charged against capital surplus_
24,127
Assets
Cash
Accts. receivable_
Notes receivable..
Inventory
Investments
Good-will
Fixed assets_ _
Deferred charges
Total
$1.512.576
Deduct: Amortization of appreciation, $10,397; premium on
treasury stock reacquired, $2,360;sundry adjustments,$3,645
16,403
Consolidated capital surplus, Nov.301034
$1.496,173
(2) Earned surplus: Balance, Nov. 30 1933
$4,516,105
Consolidated net profit for the year ended Nov. 30 1934.
$75,320;sundry adjustments, $3.906
79.227
y Represented by 23,000 shares (no par value).
-V.138, p 867:
& Co.
-20
-Cent Preferred Dividend-I44
Total
Deduct: Dividends paid
$4,030,332
1934
1933
Assets
-
Liabilities
-
a Land, bldgs., Am. 1,817.300
Cash
1,325,967
U. S. Govt. and
other securities.. 2,082,217
cjNotes Sc acets.rec 1,604,928
Accrued interest
12,284
Inventories
275,151
Deferred acct. rec. 072,303
Investments
10,178,679
Prepaid expenses_
16,901
Treasury stock_.
116,500
Impts. to leased
property
19,159
Unamortized corn
of patents
Good-will
1
Total
1934
1933
17,421.391 18,699,098
a'After depreciation of $1,117,497 in 1934 and $1,100,457 in 1933.
b Represented by 2,256.700 shares .par $5 in 1934 (2,260,000 shares in
1933. e Includes accounts receivable of $1,379,273 In 1934 ($328,224 in
1933) after reserves for doubtful accounts amounting to $5,243 in 1934
($9,934 in 1933). d Notes payable due 1935 to 1937 without interest.
e Includes notes receivable. f Represented by 3,300 shares, $5 par capital
stock.
-V. 139, p. 1398, 123.5.
inCosmopolitan Hotel Co., Denver-To Reorganize-
Holders of first mortgage bonds deposited with the Baltimore National
Bank are informed that the company has filed a petition in bankruptcy
In the U. S. District Court at Baltimore in order to effect a reorganization
under Section 77-B of the Bankruptcy Act.
A protective committee has been formed to represent the bondholders
in these proceedings. The committee consists of Emmet C.Berrey, Cashier,
Page Valley National Bank, Luray, Va.; Douglas Gorman, President,
Cumberland Coal Co., Baltimore, and George C. Shriver, of George C.
Shriver & Co., investment bankers, Baltimore.
According to a letter to bondholders, the company has informed the
committee that more than 70% of all first mortgage bondholders have
consented to the terms of the plan of reorganization under which a loan of
$250.000, necessary to enable the company to resume operations, was to
-V. 114, p. 83
be obtained from the Federal Reserve Bank of Richmond.
Delaware & Hudson RR.
-Earnings.
-DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 143.
Creamery Package Mfg. Co.
-Balance Sheet Nov. 301933
Liabilities1934
1933
$667,336 Accounts payable_ $117,150 $118,501
100,125 Liability for outz Accounts & notes
standing pretstk,
receivable
888,385 1,035,875 called for redenm.
3,180
Inventories
1,756,242 1,617,533 Accruals
108,483
19,030
9,426
Miami!. accts., res.
Reserve for taxes_
77,250
Investments
190,588
180,247 6% pref. stock__
275,000
Prepayments
20,269
26,865 Common stock_ _x3,962,500 3,962,500
Earned surplus_ ._a1,642,767 1,485,244
y Land, buildings,
mach., colt., te. 2,296,332 2,306,132
Constr. in process_
3,410
21,332
1
Other assets
Total
$5,834,080 85,937,525
Total
Net from railway
$3,564,325 $3,604,318 $3,670,416 $4,297,746
754,521.
651,941
544,670
724,153
435,105
542,864
242,765
284,671
44.592,530 43,339,279 46,447,856 58,674.838
8,562,152
9.392,277 12,534.172
9,085,739
4,504,180
3,480,300
4,011,954 7,241,204
-Earnings
Denver & Rio Grande Western RR.
1934-12 Mos.-1933
-Month--1933
Period End. Dec. 31- 1934
Operating revenues
$1,605,455 $1,498,709 619.246.850 $17,112,793
962.399 14,645,261 11,887.424
Operating expenses_ _ _ _ 1,127,854
2,311.563
3,357.643
Net railway oper.income
360,717
269,977
3.242,445
Available for interest _ _ _
264,691
348,355 2,418,717
454,661
445,768
5.394,588
5,381,398
Int. on funded debt_ _ _ _
Net deficit
- 140. p. 473.
V.
$189,969
$97,412 52.975,871
$2,138,953
Denver & Salt Lake Ry.-Earnings.85,834.080 85,937,525
x Represented by 155,000 no par shares (including 4,799 shares in
treasury). y After depreciation of $1,884,529 in 1934 and $1,802,041 in
1933. z After reserve for doubtful accounts of $169,205 in 1934 and
$245,484 in 1933. a The cost of treasury stock has been deducted so as
to reflect the face surplus under the provision of the Illinois Business Corp.
Act of 1933.-V. 139, p. 1864.
Crosley Radio Corp.
-Earnings
1934
1932
1933
9 Mos. End. Dec. 311931
$11,375.777 87,412,464 83,966,369 35,696.433
Sales
Costs Sc caps., royalties
depreciation, &c
10.636,783
6,979.721
4,164,088
5,579,835
68.296
33,378
57,512
Other deductions
95,433
92.221
54,913
Taxes
$344,452 loss$255,231
$578,477
Net profit
S21,166
Current assets as of Dec. 31 1934. including $869,218 cash and marketable
securities, amounted to $3,626,705 and current liabilities were $702,689.
This compares with cash awl marketable securities of $728,302, current
23,225,154 30,672.041
4,961,308
970,045
15,538
4,279.682
Delaware Lackawanna & Western RR.-Earnings.Decembcr1934
1932
1931
1933
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 315.
1934
8651,505
23,176,469 22,178,122
1,896,410
2,794,545
2,118,875
1,016,991
-Obituary
Delaware & Hudson Co.
Gross from railway
Bankruptcy Act.
?Noah() company defaulted on its bonds In 1932 and the Colorado National
Bank as trustee took possession of the property. Court process resulted
In a foreclosure and the bank bought the property in as trustee for the
bondholders at a figure approximating $1,250,000.-V. 137, P. 1417.
1932
1931
1934
1933
31,814,828 $1,883,145 $1,881,559 $2,075.052
166,224
33,368
883,721
178,550
30,933
160,644
833,042
134,839
Howard Dorrance Chamberlain, Controller of the company and directors
of several of its subsidiaries, died on Jan. 30.-V. 138, p. 3268.
petition was filed in Federal District Court, Denver, recently, asking
for a reorganization of the company under Section 77-B of the Federal
AssetsCash
Short-term notes_
354,200
-,Deford Co., Baltimore-To Reorganize
-
296,794
1
Total
Accounts payable_
Bank loan
3' Class A stock__
3 Class B stock
Surplus
The directors have declared a dividend of 20 cents per share on the 7%
cum. pref. stock, par $20. payable March 1 to holders of record Feb. 15.
This compares with 10 cents per share paid on Dec. 1 and Sept. 1 1934,
five cents per share distributed in each of the six preceding quarters. 10 cents
per share on Dec. 1, Sept. 1 and June 1 1932, and regular quarterly dividends of 35 cents per share previously. Accruals on the preferred stock
after the March 1 payment will amount to $3.20 per share.
-V.140, p. 637.
2,271,608 b Capital stock _ _11,300,000 11,300,000
2,323,474 Accounts payable_
84,790
181,708
Dealers and sales
5,505,026
deposits
7,687
447,277 Accrued salaries,
9,606
wages,comm.,4tc
79,844
484,564
579,995 Notes payable_
37,500
28,406 d Def. notes pay_
112,500
7,183,616 Unearned disc.,&c.
27,371
and reserves_
26,114
70,088
Minority interest_
404,138
939,568
Capital surplus.. _ 1,496,173 1,049,375
25,920 Earned surplus... 4,030,332 4,516,105
17,421,391 18,699,098
$4,602
131,357
4,002
45,180
3,972
1
245,023
3,744
Total
$450,222 $437,881
8450,222 3437,881
Total
x After depreciation reserve of $226,393 in 1934 and $194.086 in 1933.
$4,595,332
565,000
Consolidated earned surplus, Nov. 30 1934
Consolidated Balance Sheet Nov. 30
$4,129
137,255
7,007
47,956
3,647
1
246,540
3,687
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 140. p. 473.
V.
1934
$181.564
189,398
210,095
1933
$134,970
81,632
63.082
1932
$204,956
135,641
137,294
1931
$195,927
81,816
62,493
1,620.006
805.155
913,122
1,657,331
768,172
711,349
1,915,469
935,770
812,425
2.302.835
999,466
859,359
Detroit & Mackinac Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4125.
19343
$37,973
$42,252
77
3,959
def23.341
def1,089
632,903
118,570
161,920
601,960
93,035
46,845
$42,078
2,092
def3,795
1931
$49.493
def4,739
def12,098
759,895
153,107
103,974
1,000,891
266,025
188,803
798
Financial Chronicle
Detroit Edison Co.(& Subs.)
-Earnings
-Years End. Dec. 31
Gross earningsfrom all operations:
Electricity
Steam
Gas
Miscellaneous
1934
Duluth South Shore & Atlantic Ry.-Earnings.-1932
1933
$42,933,311 $39,213,634 $41,558,160
1,671,402 1,654,583 1,941,117
432,391
370,069
380,729
229.138
243,323
319,479
Total
$45,294,261 $41,492,269 $44,160,807
Expense of all operations,incl. maint_ 21,074,247 19,336,208 19,895,838
Retirement reserve(depreciation)._ -- 4,624,867 4,031,743 5,564,822
Federalincome and other taxes
6,033,465 5,289,123 5,775.510
Net earningsfrom all operations_ _ -$13,561,681 $12,835,196 $12,924,636
Interest on funded debt
6,450,000 6,450,000 6,335,074
Interest on unfunded debt
79,182
78.973
46.054
Amount charged to prop.acct.for int.
on money borrowed for construction purposes
Cr44,280 Cr369.175
Cr44,280
Extinguishment of discount on secur_
187,861
203.925
204,193
Miscellaneous deductions
58.800
Extraordinary approp. to retirement
res., additional to current approp
1,457,383
Balance for dividends and surplus-- $5,448,331 $6,146,369 $6,633,103
Dividends
5,065,777 5,047,311 8,850,876
Balance
$382,554 $1,099,058df$2,217.773
Shares cap.stock outstand.(par $100) 1,272,260 1,272,260 1,272.260
Earnings per share
$5.21
$4.83
$5.43
Consolidated Balance Sheet Dec. 31
Assets1933
1934
Fixed capital-Property and plant:
Utility property
$286,822,451 $288,278,391
2,630,953
Other property
2,783,385
4,976,792
Cash
5,440,927
85,787
Notes receivable
95,156
Accounts receivable
7,495.979
7,855,569
1,533,230
Coal on hand or in transit(at cost)
1,677.971
Construction materials and other supplies on
3,452,290
hand and in transit (at cost or less)
4.262.419
658,475
Prepaid accounts
622.726
166,454
Land contracts receivable
114.021
275,714
Loans to officers and employees
214,066
824,327
Bonds and other investments
2,296.629
1,418.772
Casualty and contingency (investment) fund__ _
1,464,678
am
Deposits in banks and trust companies closed or
under restrictions(net)
1.943,509
1,587,281
Debt discount and expense (to be amortized
4,578,875
during the life ofthe bonds)
4,284,902
80,236
Deferred charges,amounts in suspense & liquid'n
135,176
1,088,100
Capital stock reacquired for resale to employees_
382,000
Total
$320,039,357 $319,487,884
Liabilities
Capitalstock
$127,226,000 $127,226,000
Premium on capital stock
758.038
758,038
Gen.& ref mtge.bonds-Ser. A 5s,due Oct. 1'49 26,000,000 26.000,000
Series B 5s, due June 1 1955
23,000,000 23.000,000
Series C 58,due Aug.1 1962
20,000,000 20.000.000
Series D 43.0, due Feb. 1 1961
50.000,000 50,000,000
Series E Is, due Oct. 1 1952
15,000,000 15,000,000
Notes payable
19,125
Accounts payable
772,115
1,587,861
Deposits by employees towards purchases of
reacquired capitalstock
653,095
145,776
Other current liabilities
1,868.090
1,953,494
Accrued payrolls
102,867
118,468
Taxes accrued
1,440,299
1,875,512
Interest accrued
2,019,808
2,020,049
Miscellaneous accrued liabilities
24,121
28,685
Retirement reserve (depreciation)
30,036,446 34,018,618
Casualty and contingency reserve
918,772
964,677
102,334
Miscellaneousreserves
66,566
Miscellaneous unadjusted credits
264,651
239,384
Profit and loss(surplus)
19,018,400 18,899,950
Total
-V. 139, p 3806.
$320,039,357 $319,487.884
Detroit Toledo 8c Ironton RR.-Earmings.December
-1934
Gross from railway
$540,076
Net from railway
273,608
Net after rents
185,886
From Jan 1
Gross from railway
5,837,776
Net from railway
2,832,748
Net after rents
1,953.028
-V.139, p. 4125.
1933
$395,555
178,013
130,943
1932
$315.501
117,826
56,573
1931
$398,166
94.842
25,370
4,042,660
1,610,447
1,076,319
4,130,256
1,089,768
474.254
5,754,167
1,723,162
954,712
Detroit & Toledo Shore Line RR.-Earning8.December
-1934
Gross from railway
$282,049
Net from railway
167,246
Net after rents
67,628
From Jan. 1
Gross from railway
2,952,066
Net from railway
1,552,571
Net after rents
731,070
-V. 139, p. 4125.
1933
$239,346
157,717
105.110
2,562,417
1,298,762
570.755
1932
$257,067
146,609 •
74,756
1931
$251,816
115,910
49,916
2,301,580
1,061,381
368,857
2,905,031
1,261,078
444,501
Devoe & Reynolds Co., Inc. (& Subs.)
-Earnings
Years End. Nov.301934
1933
1932
1931
Net sales
$8,817,160 $8,104,836 $8,065,094 $11,393,501
Cost of sales and exps.,
excl. of depreciation._ 8,216.358 7.260.882 7,904,729 10.655,593
Operating profit
y Profit on sale of temp.
investments
$600,802
Total income
Deprec. of plant & equip.
Disc., int. & sundry chgs
Prov. for Fed.inc. tax. _
Net income for year....
1st preferred dividends
2d preferred dividends
Common dividends
$843,954
$160,366
$737,907
$643,737
117.095
14,748
52,381
$843.954
81,891
35,397
70.329
$160,366
89.284
49,316
$737.907
256,762
113.555
33,000
$459,513
80,549
59,909
267,358
$656.336
85,330
60,706
$21,765
94,628
62,580
45,000
$334,590
102,195
63,763
178,847
42,935
Surplus
$510,300 def$180,443 def$10,215
$51,697
Shs.class A & B common
outstanding (no par)_ _
135,000
135,000
150,000
x135.000
Earnings per share
Nil
$2.36
$1.12
$3.78
x Includes 116 class A shares and 1.259 class B shares reacquired.
y On second preferred and common stocks.
-V. 139. P. 3639
''
Duluth Missabe & Northern Ry.-Earnin s.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. P. 143.
1934
1932
1931
1933
$84,372
$78,673
$64,779
$86,290
def360,522 def583,371 def335.377 def425,202
def393,428 def574,495 def333,814 def346,537
9,486.593
2,769,180
1,981,648
9,700.200 2,374,934
3,982,350def2,409,384
3,408,234 df2,524.823
Feb. 2 1935
11,062,177
2.333,603
2,741,254
DecemberGross from railway
Net from railway
Net atter rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 143.
1934
$123,136
def34,966
def49,453
2,176,537
367,756
138,595
1933
$184,192
61,341
38.514
1932
$143,517
28,290
def3,714
1931
$145,249
def27,765
def60,797
1,634,036 2,701,575
1,963,106
176,848
327,670 def202,169
58,390 def567,046 def240,778
Duluth Winnipeg & Pacific Ry.-Earnings.-DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 4125.
1934
$89,466
13,648
10,938
912,727
def36,989
def43,050
1933
$59,345
def4,783
3,663
1931
$56,429
def8,199
1,679
1932
$54,350
def27,403
def9.358
812,579
841,099 1,105,739
def63,184 def221,243 def307,801
71,442 def53,065 def320,900
East Kootenay Power Co. Ltd.
-Earnings
Period End. Dec. 31Gross earnings
Operating expenses
Net earnings
-V..140. p. 316.
1934-MoA-1933
$33,233
$37,844
11,922
12,277
$25,922
$20,956
1934-9 Mos.-1933
$301,544
$315,857
99,452
102,963
$202,092
$212,894
Eastern Massachusetts Street Ry.-EarningsPeriod End. Dec. 31- 1934
1934-12 Mos.-1933
-Month-1933
Railway oper. revenues- $549,356
$552,469 $6,304,144 $5,877,098
Railway oper. expenses_
357,834
355,823 4.295,736 3.851,025
Taxes
264,646
20,557
290,615
19,820
Balance
Other income
$171.702
9,685
$176,089 $1,717,793 $1,761,427
152,319
12,956
126.109
Gross corp. income__ Interest on funded debt,
rents, &c
Deprec. & equalization_
$181,387
$189.045 $1,843,902 $1,913,746
Net profit
-V.139, p. 4125.
69,478
96,209
$15,700
70,864
97,636
831,434
1,272,459
874,506
1,252,317
$20,545 def$259,991 def$213,077
Electric Bond & Share Co.
-Output of Affiliates
For the week ended Jan. 24, the kilowatt system input of subsidiaries-of
American Power & Light Co., Electric Power & Light Corp., and National
Power & Light Co., as compared with the corresponding week during 1934,
was as follows:
-Increase-Amount
1935
1934
%
American Pow. & Lt. Co- -86,868,000 76,292,000 10,576,000
13.8
Electric Pow. & Lt. Corp-.35,748,000 34,160,000
4.6
1,588,060
National Pow. & Lt. Co.- -75,468,000 64,033,000
17.9
11,435,000
-V.140, p.638.
Electric Shareholdings Corp.
-Earnings
(Including Wholly Owned Subsidiaries)
Calendar Years1931
1934
1932
1933
Stock dive. val. at mkt.
prices following respective div. record dates_ $202,828
$702,441 $1,073,921 $1,896,937
Cash divs. & interest.-778,823
636,908
462,035
555,194
Total income
$839,736 $1,164,477 $1,629,115 $2,675,760
Oper. exps., taxes & int_
283,458
74,382
80,151
120,700
Appropriation of above
val.ofstk divs applied
.
in reduc'n of averaged
book val. of invest'ts_
202,828
867,850
232,020
63.466
Special approp.of bal. of
_
above val. ofstk. divs.
appl.in reduc. of book
value ofinvestments
470,422 1,010,455 1,029,087
Net inc. for period__ _ $562,526
$381,885
$495,364
$434,494
Previous oper. surplus__
2,623,150
Capital surplus
4,054,930 4,010,490 3,791,073 3,319,142
Transfer from gen.res've
created out of surplus
in 1930
4,000.000
Transfer from cap, upon
reduc. of stated value
of corn, stock from $5
to $1 per share
6,416,749
Capital gain arising from
purch. & retirement of
preferred stock
1.954,992
478,892
959,765 1,284,351
Adjustment applicable to
prior period
4,920
•
22,448
Total surplus
$6,577,368 $4.871,267 $5.207,780 $18,138,756
Divs.-On $6cum.cony.
pref. stock (opt. stock
div. series), diva. paid
In cash & in corn.stk_
a451.804
a487.960 b1,085,218
Paid in corn. stock_
c347,739
Losses realized on sale of
securities
768,221
364,533
289,570
709,330
Approp. in red, of book
value of invest. (to
market or fair value).
representingunrealized
deprec. thereof during
the year
12,625.155
Balance,Dec.31
$5,809,146 $4,054.930 $4,010,490 $3,791,073
a Capitalized at $1 per share. Maximum cash option would have been
$451,839 in 1933 and $496,464 in 1932. b 1,316 shares common stock
capitalized at $5 per share and 187 shares capitalized at $1 per share (maximum cash option would have been $1,127.457). c Capitalized at$ 5 per
share.
Balance Sheet Dec. 31.
1933
1934
1934
1933
AssetsLiabilities$
$
$
$
a Investments_ -__17,939,701 19,347,163 Acc'ta payable and
671,955 accrued expenses
124,683
Cash
24,077
31,279
170.464
74.743 c Preferred stock _10,797,700 14,403,600
Divs. receivable
707
381 b Common stock. 1,604,632 1,604,632
Acc'ts receivable_
Capital surplus__ 5,809,146 4,054.930
18,235,555 20,094,441 Total
Total
18,235,555 20,094,441
a At valuations as of Dec. 31 1931. fixed by directors as to investment
acquired prior to that date;and at cost as to subsequent purchases. Aggregate value, based on Dec. 31 1934 market prices, was $9,946,630 ($11,455.964 in 1933). The unrealized depreciation in value of Investments was
$7,993,070 ($7,891,198 in 1933).
b Represented by shares of $1 par value.
c Represented by 107.977 (144,036 in 1933) no par shares of $6 cumulative convertible preferred stock.
-V. 139. p. 761.
Elgin Joliet & Eastern Ry.-Earnings.- December1934
1933
1932
1931
Gross from railway
$824,188
$733,490
$588,445
$809,925
Net from railway
154,335
100,744
12,476
39.440
Net after rents
150,576
106,898
def59,746 def149,545
From Jan. 1
Gross from railway
10.289,344 9,985,608 7,764,089 13,342,163
Net after railway
1,944,985
2,421,872
590.620 2,019,091
Net after rents
661,634
928,388 def1,016,847
def8,411
-V. 140. p. 144.
:_110
799
Financial Chronicle
Volume 140
-Dividends
Empire Capital Corp.
The directors have declared the following dividends payable meb. 2
to holders of record Feb. 20: (1) On class A stock (par $5), 10c. regular an
Sc. extra; (2) on class B stock (par $5), 10c. regular and an extra equal to
total amount of extra dividend paid on class A stock on same date.
The dividend record of the company is as follows: Class A stock, Nov.30
1933, Feb. 28 1934 and May 31 1934, 10c. each; Aug. 31 1934, 10c. regular
and Sc. extra; Nov.30 1934, 10c. Class B stock, Aug. 31 1934, 10c. regular and an extra equal to total amount of extra div.. paid on class A stock
on same date.
-V. 139, p. 278.
-Earnings--Empire District Electric Co.(& Subs.)
Year Ended -Calendar Year
1932
1931
1933
PeriodSept. 30 '34
Gross operating revenue $2,659,804 $2,349,701 $2,268,450 $2,652,482
x Oper. exp., maint. &
1,392,371
1,183.213
1,108.244
1,308.679
all taxes
Net operating revenue $1,351,125 $1,241,457 $1,085,237 $1,260,111
12,211
26.397
6.978
4,678
Non-operating income
Total income
$1,355,803 $1,248,435 $1,097,448 $1,286,509
648,030
643,738
644,385
Interest on funded debt_
641,395
190,930
182,448
233,105
209,502
Int. on float. debt & disc.
Federal & State taxes on
bond interest
16.063
Cr370
Cr35
Int. charged to construct
$371,627
def947
$270,984
179,585
$447,548
475,327
$712,068
$370,680
$450.569
221,460
$922,875
442,920
189,000
180,000
180.000
Dr1,882
300,000
Dr370
Bal. carried to surplus
Previous surplus
Reversal of accruals for
Fed. & State inc. taxes
applic.prior to Sept.30
1933
$488,842
190,681
Total surplus
Preferred dividends_
Common dividends •
Reserve for replacements
Adjustments
Cr32.545
Surplus
$179,585
$190,680
$47.227
$523,068
x Includes Federal income tax of $14,911 in 1934; $6.729 in 1933; $5,266
In 1932 and $14,257 in 1931.-V. 138. p. 2247.
Equity Corp.
-Merger Proposed
-
The Merger of Interstate Equities Corp. and Chain & General Equities,
Inc., with Equity Corp. has been proposed to stockholders.
Action on the plan will be taken at meetings of stockholders of the two
subsidiaries on Feb. 18.
The proposed merger terms are as follows:
For each share of Interstate Equities Corp. preferred stock 0.8 share
of the Equity Corp. preferred stook.
1. For each share of Interstate Equities Corp.common stock, one-half share
of too Equity Corp. common stock.
For each of(Main & General Equities, Inc., preferred stock, 13-i shares
of the Equity Corp. preferred stock.
For each share of Cnain & General Equities, lLc., common stock, 1 share
of the Equity Corp. common stock.
-V. 139, p. 3964.
Earnings for Year Ended Dec. 31 1934
Dividends
Profit from sale of securities
$7.137
3.757
Total income
Expenses
Capital stock tax
Federal income tax
$10,895
3.056
321
52
Net income
Balance Jan. 1 1934
$7,464
430
Total
Divs, paid in cash (portion of four diva, amounting to $32,196)..
$7,894
6,983
Earned surplus Dec. 31 1934
Paid-in Surplus Dec.31 1934
Balance Jan. 1 1934
-Paid-in surplus
Capital surplus
$911
$226.308
376
Total
Portion of proceeds from sale of capital stock allocated to paid-in
surplus for the year ended Dec. 31 1934
$226.684
Total
Divs, paid in cash (balance offour diva,amounting to $32,196):
Paid.
-in surplus
Capital surplus
$410,840
Paid-in surplus Dec. 31 1934
Balance Sheet Dec. 31 1934
AssetsLiabilities
Cash in banks
$17,481 Accrued taxes
Investments-Stocks at cost
Capital stock and surplus:
(value at market quotations,
Capital stock
$488,437)
406,875 Paid-in surplus
Dividends receivable
1,190 Earned surplus
Deferred Fed, cap, stook tax__
248
$385.626
$425,794
Total
184,156
$24.837
376
Florida East Coast Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 144.
1932
$583,651
107,327
91,986
1931
$862,041
354,405
250,601
7,609,612 6.693,545 6,720,794
1,019,743
1.154,608
1,467,324
225,476 def134,911 def281,776
9,379,030
2,519,180
664,636
1934
8676,835
119,697
65,543
1933
$654,458
150,922
89,782
-Stock to Be Delisted
"Follansbee Brothers Co.
The trustees have been given permission in Federal court to discontinue
-listing the company's capital stock on the New York and Pittsburgh stock
exchanges. The court was told that benefits were not substantial to justify
-V. 139, p. 2993.
the expense of transfer agent and registrars.
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Netafter rents
-V.140, p. 144.
$57,940
5.378
def1,360
679,063
53,811
def29,464
670,55'7
75.558
def4,895
450,280
def4.747
de16,525
$6..,942
8,933
2,595
1931
$70.285
4,020
def1.566
813,190
685,187
22,204
20,980
def62.238 def112.002
'
Fort Worth & Denver City Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 144.
1934
$413,307
77,796
22,985
1933 "
$527,615
231,166
171,784
5,650,343
1.965,217
1,239,355
5,633,368
2,274,161
1,567,283
1931
1932
$567,290
$520,070
190,231.
215,388'
187.062137,631
6,003,759
2,332,456
1.657.174
Fort Worth & Rio Grande Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 144.
1934
$38,354
def17,174
def26,516
1933
$33,334
def15,806
def25.712
1932
$32,820
def28,423
def38.338
8.071,410
2,988,641
2,240,033
1931
$38,555
def33,168
def47.253
670,502
472,303
424,044
469,666
def154,375 def268,726 def271.254 def200,117
def269,224 def393,536 def406.885 def362,669
-Earnings
(Peter) Fox Brewing Co.
$568
38,688
385,626
911
$425,794
,-----Eureka Pipe Line Co.
-Stock Reduced-:•
The stockholders on Jan. 25 approved a reduction
in the authorized
amount of capital stock to 82.500,000 from 85,000.000 and a cut In the par
value of the shares from $100 to $50. The charter amendment to make
perpetual the period of the company's corporate existence,instead of limiting it to Dec. 10 1940. also was approved.
-V.140, p. 144.
-,----Fageol Motors Co.
t
-Payment-on-Rands
second payment of 4% on the 6) % debenture holders' claim against
,
i
the company was announced Jan. 11 by the trustee Pacific National Bank,
San Franosico. Upon presentation to the bank f bonds for stamping.
holders will be paid the sum of $32.92 for each $1,000 of debentures, the
notice stated. It also was announced that any further paymentsiwhich
may be paid in this matter are dependent upon recovery made from the
receiver of the Central National Bank of Oakland. The Fageol company,
It was stated, had 818,000 on deposit in the bank at the time of the bank's
fallure.-V. 136, p. 333.
Earnings for Six Months Ended Dec. 31 1934
Sales
Cost of sales
$582,579
402,848
Gross profitfrom operations
Sales expense
Administrative expense
$179,731
97.121
26,462
Net operating profit
Other income less other expenses
$56.148
2,509
Net income before providing for Federal taxes
Earnings per share on 100,000 shares capital stock
Condensed Balance Sheet Dec. 31 1934
Liabilities
AssetsCash
$29,788 Accounts payable
x18,905 Accrued expense
Accounts receivable
2,174 Capital stock
Revenue stamps
143 Capital surplus
Tax warrant
72,796 Earned surplus
Inventories
Land, bldgs., mach., equip., &c.y508,388
Organic. exp. & trade marks, Ja 15,449
Deferred charges
15,563
$58.657
$0.59
Total
-V.139, p. 1877.
$663,208
10,619
6,568
500,000
71.000
75,020
$663.208
Total
•
-Assets Appraised
Furness Corp., Gloucester, N. J.
-Orders
Fairchild Aviation Corp.
The aerial camera division of this company has received initial orders of
over $200,000 worth of its recently announced Kreusi-FaIrchild radio
compasses for aircraft. Company states it is working two shifts in this
division.
-V. 139, p. 1238.
'Fall River Gas Works-Smaller Dividend-rk
del
(
e on
,
The directors have declared a dividend of 50 cents er
common stock, par $25, payable Feb. 1 to holders of record Jan. 29. This
compares with 60 cents per share distributed each quarter from May 1
1933 up to and including Nov. 1 1934, and 75 cents per share quarterly,
prior to May 1 1933.-V. 139, p. 4126.
-PersonnelFarr Alpaca Co.
At a recent meeting of the directors, Addison L. Green resigned as
Assistant Treasurer. He remains as Chairman of the Board and general
counsel. Daniel R. Green was elected Assistant Treasurer and will have
charge of sales activity, advertising, styling and fabric development, as
well as all cotton mill manufacturing. Joseph Metcalf 2d.as Manufacturing
Manager, will have charge of all manufacturing activities, except the cotton
and is to co-operate with the Sales Manager in the development of
new/fabrics.
-Reorganization
ederal Public Service Corp.
Final reorganization of the corporation under Section 77-B of, he Bankruptcy Act, which calls for an exchange of all classes of securitielf of the old
corporation for new securities of the reorganized company, known as
American Utilities Service Corp., has been announced by the reorganization committee consisting of Mord M. Bogie and Charles H. Bliss. Perry
0. Crawford, who has been acting as trustee of the former company, is
President of the new company. The assets of Federal Public Service Corp.
have been transferred to the American Utilities Service Corp.
Holders of the 1st lien gold bonds 6% series of 1927 of Federal Public
Service Corp., are entitled through the reorganization to receive for each
$1,000 of bonds, $500 of coll, trust bonds, 1(1 shares of pref. stock and 42
shares of common stock, represented by a voting trust certificate of the
American Utilities Service Corp.
Holders of the 2
-year and 3
-year 6% cony, gold notes of Federal Public
Service Corp. are entitled now to receive for each $1,000 principal amount
of notes 80 shares of common stock, represented by voting trust certificate
of the American Utilities Service Corp.
Holders of smaller principal amounts of bonds and notes are entitled to
receive securities of the American Utilities Service Corp. in the same proportion.
Holders of the 6 % cumul. pref. stock of Federal Public Service Corp.
are entitled to receive for each share of stock held by them three shares of
common stock, represented by voting trust certificate, of the American
Utilities Service Corp.
The City National Bank & Trust Co. of Chicago as depositary will effect
the exchange of securities for holders of the 1st lien gold bonds, and the
Continental-Illinois National Bank & Trust Co. of Chicago will make the
-year and 3
-year cony, gold notes.
exchange for holders of the 2
Preferred stockholders may exchange their certificates at the First Na-tional Bank, Chicago.
In the consummation of the reorganization of Federal Public Service Corp.
the exchange ratios apply to holders of all securities whether previously
deposited with various protective committees or not, and the reorganization committee points out that holders generally co-operated splendidly in
bringing about this early reorganization of the company. Federal Public
Service Corp. is one of the first of the large public utility corporations reorganizing under Section 77-11 of the Bankruptcy Act to finally complete
-V. 139, P. 3324.
reorganization under this legislation.
Fort Smith & Western Ry.-Earnings.-
Equity Fund, Inc.
-Earnings
-
Total
-V. 138. P. 1051.
David II. Martin has been appointed Controller of the corporation to
control all bookkeeping, accounting and cost inventories.
-V. 139 . 442.
In case of forced liquidation of assets of the corporation, manufacturers
of rayon yarns, now in the hands of a trustee in bankruptcy under the
amended Federal act. "less than 10% of the estimated reproduction costs
could be expected as return," Dr. Arthur Mothwurf and Neo L. Serinis,
appraisers, reported to the Federal District Court, Camden, N.J.
Another portion of their report declared: "It has been found that construction as well as the machinery set-up is unnecessarily elaborate. and In
cases outright wasteful, so that expenditures required for new construction
and installation, strictly within the limits of actual producing capacity,
cannot be placed much above $250,000, with an extra allowance of from
830.000 to $35.000 required to restore the property to operating conditions."
The statement added this was true because "of the lack of proper maintenance in the recent past, and due to shut-down and the prolonged idleness
of the machinery."
The appraisers commenting on the accounts receivable of the corporaa
s
tion, say many of the debts owed it will probably never be coll eted
-V. 139, p. 3479.
-Makes Offer for Exchange of
s --Gannett Co., Inc.
-
-year 6% sinking
The company has submitted to the holders of its 15
fund gold debentures. seri.: A, due Aug. 1 1943, an offer to exchange these
debentures on the basis of' $150 in cash plus accrued interest to Feb. 28
800
Financial Chronicle
1935 and 10 shares of the company's cumulative preferred stock, for each
$1,000 principal amount of debentures. In the case of $500 debentures,
the amount will be $75 in cash and five shares of preferred stock.
Dividends on the preferred stock at the rato of $6 per annum will commence to accrue on March 1 1935. This offer will expire at midnight
Feb. 28 1935 and the conversion will be made as of that date.
According to this offer the company has under consideration plans for
retiring this issue of debentures in order to refinance this issue at a lower rate
of interest and upon more satisfactory terms, and this offer is made with a
view to permitting the debenture holders to maintain their investment
with the company.
Acceptance of the offer will entitle each holder of the debentures to liquidate in cash 15% of the face amount of his present investment and to receive
a new security yielding an income return equal to the income return of the
debentures now outstanding. The preferred stock (no par value) is convertible share for share into class B common stock, which shares equally
with the class A common in dividends and in liquidation. Selling between
85 and 90. the preferred stock has an over-the-counter market in New York
City, Rochester, Hartford. Albany and other cities of the Gannett group.
The company intends, in the near future, to apply for listing this preferred
stock on either the New York Stock Exchange or the New York Curb
Exchange.
During December 1934 $400,000 of these debentures were exchanged on
the same basis as this offer.
The bonds are callable at 104 to and including Aug. 1 1935, and 55 of 1%
less during each 12 month period thereafter to maturity.
Net earnings of Gannett Co., Inc. (including equity in undistributed
profits of controlled companies) for the year 1934 are estimated at the
best since the record year 1929, when 81,237.008 was reported. This is
based on net income of $901.288 for the 11 months ended Nov. 30 last,
and compares with net income of $770,894 for the calendar year 1933.
$684,610 for 1932, $927,741 for 1931 and $963,247 for 1930.
While the audit for the 12 months ended Dec. 31 1934 is not yet available, the management estimates these figures will show consolidated net
earnings of more than six times preferred dividend requirements for that
period. The consolidated balance sheet as of Nov. 30 1934 shows cash
and equivalent of $1,692,808, current assets of $2.286.161 and current
liabilities of $529,068, leaving a net working capital of $1,757,093.
Debentures now outstanding are exchangeable at the Lincoln-Alliance
Bank & Trust Co., 183 Main St. East, Rochester, N. Y.
Consolidated Balance Sheet as at Nov. 30 1934
[Company and Wholly-owned Subsidiaries]
Assets
Liabilities
Cash on hand & in banks _ _
3751,394 Accounts payable
3127,749
Accts. & notes rec, less res. _
524,101 Notes payable
7,983
Marketable securities
941,414 Accrued payroll, int. & exp
132,375
Inventories
69,252 Reserve for taxes
149,962
Value life insurance policies
98,238 Reserve for contingencies_ _
70,000
Cash In sinking fund
6,849 Mortgage installments
41,000
Inv. in & adv, to contr. cos
1,622,125 Unexpired subscriptions
82,522
Other investments & long6% debentures
3,492,000
term notes
652,909 Mortgages payable (real est.)
412.500
Capital assets
a2,481,835 Long-term Indebt. of subs_
2.145,000
Associated press memberships,
Pref. stock of subs. In hands
circulation, &c
6,312,640
of public
25,000
Deferred charges
285,136 Cum. cony. pref. stock, subscribed but not Issued
11,750
$6 pref. stock
b1,704,298
Class A common stock
c1,031.178
Earned surplus
4,222.581
Total
$13,745,895
Total
a After deducting depreciation of $1,616,302
c 112,500 shares.
-V. 139, P. 2830.
$13,745,895
b 21,848 shares.
-------sGast Brewery, Inc.,St. Louis, Mo.-Trustee AppointedFederal•Judge Davis at St. Louis recently appointed John Schmoll,
trustee. The company had a debtor's petition pending in Federal Court to
effect reorganization.
-V. 139, p. 3480.
General American Life Insurance Co., St. Louis
Places Southwestern Life Insurance Co. Stock in Trusteeship-The company owns and holds in the Missouri State Life account, 94,374
shares of the capital stock of the Southwestern Life Insurance Co. of Dallas,
Tex.
We regard this block of stock," said Walter W. Head, President, "as
an excellent investment for the old company account, an investment which
could not readily be replaced by an equal investment of like quality and
possibilities, yielding in the meantime, a satisfactory return. The probable
Increment in the value of our holdings in Southwestern Life is our best
assurance that the liens placed against policy reserves of the Missouri
State Life business will be eliminated."
"Recognizing the value of this investment and its importance to the
former policynolders of the Missouri State Life Insurance Co., and being
thoroughly conversant with the sound, capable and efficient management
of the Southwestern Life, we have placed this block of stock in the hands
of three prominent Texans who have accepted responsibility of serving as
trustees. Under the terms of this trust. Mr. Head continued, "these
three trustees are given full authority to vote this block of stock for the
election of directors of the Southwestern Life.
"Our action in trusteeing this stock was for the protection of the best
interests of the 446,000 former policy holders of the Missouri State Life
who are now carrying their insurance with General American Life. However, it concentrates the interests of the Southwestern Life within the
boundries of the State of Texas, thereby insuring the continued support
of Texas people for a home institution."
Mr. Head pointed out that the Southwestern Life Insurance Co. had been
and should be maintained as a Texas institution. Ile expressed enthusiasm
over tho efficiency of the present management of the Southwestern Life
and the outlook for its future success.
The Southwestern Life, at present, has more than 140,000 policyholders,
for whom it is carrying more than $273,000,000 of insurance.
-V. 140,
p. 317.
General Cigar Co., Inc. (& Subs.)
-Earnings
Calendar Years1934
Gross earnings
$7.151,679
Sell., admin.& gen.exps 4,066,780
Deprec. & amortization_
473,729
Federal taxes
395,746
1933
$6,239,641
3,925,706
c477,280
155,852
Net income
Other income
$2,215,425
127,527
$1,680.803 $2,185,363 $2,878,706
13,504
58,339
48,461
Total income
Interest
Adj.ofinvent
$2.342,952
9,407
$1,739,142
11,198
1,006.424
$2,198,867
140,497
Net income
Previous surplus
$2,333,545
12,066.036
$721,520
13.763,796
$2,058,370 $2,720,667
13,990,218 13,511,479
1932
1931
$7,065,054 $0,141,437
4,806,068
6,171,516
703,297
767,722
270,327
323,493
$2,927,167
206,500
Totalsurplus
$14,399.581 $14,485,316 816.048,588 $16.232,146
Preferred (tics. (7%) - a525,000
350,000
350.000
350,000
Common diva.($4)
135,202,802
1,891,928
1,891,928
1,891,928
Miscell. charges
42,863
177.353
Profit & loss surplus.._ $8,671,779 $12,066,037 $13,763,796 $13,990,218
Shares coin, stock outstanding (no par)____
472.982
472,982
472.982
472.982
Earned per sh. on corn__
$4.19
$3.61
$0.78
$5.01
a Includes regular dividends of $350,000 and $87,500 dividend payable
March 1 and $87.500 dividend payable June 1 1935. b Consists of regular
dividends (including $472.982 payable Feb. 1 1935). $2,364,910 and extra
dividends (including $1,418,946 payable Feb. 1 1935) 82,837.892. c Be-ginning Jan. 1 1933 provision for depreciation and amortization has been
made at rates established by the Bureau of Internal Revenue for income
tax purposes, which rates are lower than those heretofore used by the
company. On the basis of the rates used in the published accounts for the
previous year the provision for depreciation and amortization for the year
ended Dec. 31 1933 would have been approximately $650,000. The depreciation reserves accumulated prior to Jan 1 1933 have not been reduced
to reflect the Bureau's adjustments.
Feb. 2 1935
Balance Sheet Dec. 31
1934
1033
1933
1934
Assets
Liabilities$
b Land, buildings,
7% cum. pref. stk_ 5.000,000 5,000,000
machinery, &c.... 3,735,670 3,852,180 c Common stock__ 5,298,410 5,298,410
Good-will, &c___ _
1
1 Special capital res_ 1,000,000 1,000.000
Cost of licenses for
Acceptance payable
377,903
machinery
1,371,190 1,528,151 Dividends payable 2,066,928
Mtges. receivable_
65,750
69,000 Accounts payable,
U. S. Govt. sees ._ 5,702,708 5,034,041
payrolls, &c____
288,873
635,964
Raw mats., supFederal tax
390,117 d175,000
plies, &c
12,135,837 13,586.859 Insurance reserve_
500,000
500,000
Notes receivable__
6,100
4,300 Unapprop. surplus 8,671,779 12,066,036
a Accts. receivable 2,160,464 1,929,133 Capital surplus. _ _ 3,890,658 3,899,658
Cash
2,175,685 2,482,680
Deferred charges
119,539
109,451
Total
Total
27,462,857 28,605,879
27,462,857 28,605,879
a After reserves of $106,109 in 1034 and $109,083 in 1933. b After
reserve for depreciation of $2,975,323 in 1934 and $2,919,385 in 1933.
c Represented by 472,982 shares of no par value. d Estimated -V. 140,
p.640.
General Electric Co.
-Savings on Redemption of Special
Stock
Chairman Owen D. Young and President Gerard Swope, in a letter to
stockholders, dated Jan. 25, said:
The amount of special stock outstanding is $4.292.963% shares with a
par value of ten dollars each. The payment of the retirement price of
eleven dollars a share and accrued dividends will require approximately
$47,866,500. On Nov. 30 1934, the company had over $104,000.000
In cash and marketable securities. It is therefore apparent that the special
stock may be retired without new financing and still leave sufficient cash
on hand for the operation of the business. Because of the low interest
rates now prevailing and the fact that no interest is being received by the
company on its demand deposits, it is estimated that the company will
save by retirement of this special stock the greater part of the dividends
thereon which amount annually to more than $2,575.000. This saving
will accrue to the benefit of the holders of its common stock.
All the special stock of the company was originally distributed to the
holders of its common stock as stock dividends. Approximately 65% of
the outstanding shares of special stock are owned by the holders of the
common stock of General Electric Co.
-V. 140, P. 475,
General Fireproofing Co.(& Subs.)
-Earnings
Calendar Years1934
Net sales
$4,318,322
Cost of sales, and selling,
gen. & admin. expense 3,989.910
Operating profit
Other deductions
1933
$2.848,100
1932
$2,600,963
1931
$4.548,240
$328,411
62,727
Not Reported
Balance
Other inc. & credits_
_
$265,684
29.711
Profit before depreciaand Federal taxes
Depreciation
Prov. for Federal taxes_
$295,395
92.405
30,500
Net profit
Divs on pref. stock _
Common dividends
_
$172,491
13,601
a$8,919 adf$466,725
7.777
13,620
$39,549
54,481
478,655
Balance, surplus
$158,890
$1,142 def$480,345 def1493,5
87
a After depreciation of $97,482 in 1933 and $129,898 in 1932.
Balance Sheel Dec. 31
Assets1934
1933
1933
Liabilities1934
x Land, buildings,
Y Common stock _31.377,816 $1,370,818
equipment, &c..$2,327,161 $2,244,419 Preferred stock......757,200
777,700
689,836
118,103
Cash
223,835 Notes & accts. pay 785,684
Notes & accts. rec. 624,107
602,897 Adv. charges and
Inventories
1,510,259 1,148,114
56,43.
accrued accounts
82.013
Investments
125,988
131,889 Long-term Indebt_
52,700
Value of life insur.
Liab. Insur. res. &
12,517
25,015
policy
10,250
contingencies......
25,197
99.456
Other assets
135,219 Surplus
1,808,846 1,646,797
Pats. & tr. marks.
24,232
25.510
46,353
Prepaid exp., &c.._
47,743
Total
$4,889,455 $4,568,598
Total
$4,889,455 $4,568,598
x After deducting depreciation, $1,392,266 in 1934 ($1,287.700 in 1933)•
y Represented by 315.200 shares, no par value.
-V. 139, p. 3965
General Income Shares, Inc.
-SEC Challenges Registration Charge
The Securities and Exchange Conunission has called a hearing for Feb.4.
at which time General Income Shares, Inc., may appear and show cause
why the Commission should not deny its application that an amendment
.4
filed on Jan. 15 1935, be ordered effective.
The notice of hearing states that it appears to the Commission that there
Is reason to believe that this amendment is upon its face incomplete and
inaccurate in material respects as respects three items and the propectus.
General Motors Corp.
-Pontiac Deliveries Gain
A. W. L. Gilpin, General Sales Manager of the Pontiac Motor Co., a
a subsidiary, announced on Jan. 26 that Pontiac dealers had delivered more
now cars at retail during the first 20 days of January than during any similar
period since 1928. The number, he said, is two and a half times greater
than in the first 20 clays of 1934.
Since production began on the 1935 product late in December Pontiac
has produced more than twice as many cars as it did up to the end of January
last year, he reported. Company officials predict as many sales by June 1
as during all of 1934. and the quota for the year has been set at more than
-V. 140, p. 640.
150,000 cars, or 100% ahead of last year.
General Outdoor Advertising Co., Inc.
-Decrees DismissedThe full bench of the Massachusetts Supreme Judicial Court recently
ordered final decrees entered dismissing the 15 bills in equity brought by the
company and other billboard concerns against the Massachusetts Department of Public Works, seeking to void the rules promulgated by the Department as to billboards throughout the State in 1924.
By injunction the effect of the operation of the rules has been restrained
since that time pending hearing of this suit which, through long hearings
before a master and ten before a single justice, has been before the courts
for nearly nine years.
The petitioners sought to obtain decrees to the effect that the rules
promulgated by the Department and a bill adopted by the town of Concord restraining outdoor advertising on private property within public view
are unconstitutional as in violation of the fourteenth amendment.
-V. 190.
p. 145.
-Annual Report
General Tire & Rubber Co.
W. 0. Neil. President, says in part:
Directors felt that it was prudent to set aside out of earnings $40,000 as
additional provision for loss on deposits in closed banks.
It was necessary to provide a reserve for Federal income taxes- of only
$4,000 for the following two reasons: (1) In Nov. 1933, the company sold
rubber, taking a $350.000 profit and repurchased the'same number of tons
of rubber of future delivery at an aggregate cost increased Wan equivalent
amount. Although wewere obliged to pay a Federal income tax on,the
transfer, the company felt that this should not affect the cart ings statement
as it was solely a trading profit, so instead of crediting this amount to profit
and loss, it was credited to a reserve for contingencies. As this rubber was
used in 1934, the reserve for contingencies was charged to bring the cost
of the rubber down to the original price. Therefore, this transaction did
not in any way affect the true earnings of 1933, or 1034. (2) We took a
loss of $345,613 on the sale of securities purchased 5M years ago, which
was deductible for Federal income tax purposes. We had to take this loss
this year in order to get the benefit of this tax deduction.
Financial Chronicle
Volume 144
- YearslEnded1Nov. 30-D
1934'
1933141ffir Pi 19321
Gross sales
$19,881,023 $16,197,862 $16,679,000
Discounts, returns & allowances, and
excise taxes
5,391,651
Cost of goods sold
9,017,128
• Gross profit
Other income
$5,472,244
167,661
Gross income
Sell., general and adminis. expenses
$5.639,905
4,584,737
Profit from operations
$1,055,168
Depreciation
252,367
Interest on borrowed money
27,121
Charges in connection with commitments & adjustments to reduce to
approximate market
Provision for contingencies
Prov. for loss on depos, in closed bks_
40,000
Loss on securities sold
13,035
Miscellaneous charges
39,446
Provision for Federal income tax_
x4,000
Not Available
Balance, Nov. 30
$3,902.697 $3,744,323 $3,329,410
Shs. coin. stk. outstanding (par $25).
86,320
83.893
85,293
Earnings per share
$5.75
$2.67
$0.15
x By the deduction of losses charged to surplus and charges to reserve
the income of the company for Federal income tax purposes is computed to
be about $30,000.
consetwated Balance Sheet Nov. 30
1934
1933
1934
1933
Assets
Ltabilittes$
Cash in banks and
Notes pay, to bk.s. 500,000
on hand
912,297 1,144,831 Accts. pay., incl.
Notes & accts. roe. 2,812,805 2,474,596
accrued payroll_ 451,194
394,077
Due from MM.cos. 200,830
Accrued taxes_ ___ 240,305
228,756
Inventories
3,173,715 2,843,572 Mortgages PaY'le,
Inv. In cap. stk. of
branch propert's
85,700
40,000
Gen.Tire Accept
6% preferred stock 2,986,700 3,114,500
Corp
125,000
125,000 Coal. stk.(par 525) 2,158,000 2,132.325
Inv. in stks. & bds.
Res. for compensaof other cos., at
tion insurance__ 109,067
91,652
cost
208,164
491,424 Heave for Federal
Adv. to dealers and
income tax
45,000
investin't in co.
Res. for conting _
364,042
owned stores_
1
2 Cap. surplus repreDue from officers &
senting prem, on
employees
31,310
9,880
cap. stock sold
Dep. In closed bks.
40,493
96,340 (net)
142,559
101,513
x Land, bldgs.,maEarned surplus_ _ 3.902,697 3,744,323
chin'y, eq., &o 2,982,382 3,074,646
Patents
1
1
Deferred charges..
43,524
41,597
Total
10,530,523 10,301,888
Total
10,530,523 10,301,888
x After reserve for depreciation, $1,246.867 ($1,219,447 in 1933) and
includes distribution branches of $1,048,780 ($1.080,053 in 1933) after
depreciation of $199,679 ($181,284 In 1933) has been deducted.
-V. 139.
P. 3808.
Georgia & Florida RR.
-Earnings
1934
-Month-1933.
1934-12 Mos.-1933
$72,032
$72,355 $1,029,238 $ 975,718
77.534
73,958
1,010,546
927,097
3,657
6.091
63.657
63,091
15
3
951
252
Dr149
208
7,229
17.571
1,860
1,892
22.916
24,040
Net ry, oper. deficit...
Non-operating income._
$11,183
1.237
$9,383
1,807
$61,604
15,816
$21.190
17.505
Gross deficit
Deductions from income
$9.946
2,655
$7.575
1,159
$45,787
13,132
$3,685
11,042
Deficit applic, to int__
PeriodGross earnings
-V. 140, p. 641.
$12,602
$8.735
$58,919
$14,727
-Third Week of Jan.- -Jan. 1 to Jan. 211935
1934 •
1935
1934
$16,400
$18,450
$45.900
$53,950
Georgia RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
__Nr. 139. P. 4127.
i94
$233,007
41,488
70,651
--
Grand Trunk Western RR.
-Earnings.December
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4128.
$1,310,o64 $1,130,298 $1,111,122 $1,316,236
158,005
108,195
129,383
def59,036
78,003 def114.884
def40,1G6 def245,142
17,158,392 14.958.766 13,912.792 19.778,020
2,291,274
1,234.043
185,226
1,124,607
$956,320 $1,448,873
392,467 def954,461 def2,031,097def1,919,135
249.955
253,170
62,920
120,156
..--t-- Great Lakes Engineering Works
;
-5
-Cent Extra Dividend
An extra dividend of five cents per share in addition to the regular
793,193
quarterly dividend of 10 cent per share was paid on the common stock,
113,532
80,000
par $10 on,Yeb. 1 to holders of record Jan. 25. Similar distributions were
made in the two preceding quarters. In addition an extra of 50 cents per
70.000
share was paid on Dec. 19 1934.-V. 139, p. 4128.
45,000
Net profit
$202,354
$414,912
$679.199
Previous surplus
3,744,323
3,228.247
3.329.410
Com, stock divs. returned in connection with adjustment of employees
stock subscriptions
15,902
Net adjustment of Federal income
taxes prior years
6,677
Total surplus
$4,430,198 $3,744,323 $3.446,502
Preferred dividends
181,889
95,887
Common dividends
21,204
Loss on sale of stock of other cos345,613
Period End. Dec.31Railway oper. revenue__
Railway oper. expenses_
Railway tax accruals__ _
Uncollectible ry. revenue
Equip.rents-net bal___
Jt.facil.rents, net bal.,Dr
801
Orders received at the Graham exhibits in the various automobile shows
throughout the country have more than trebled those of last year, Mr.
Philp said.
-V. 139, p. 2678.
1933
$213,093
23,772
22,241
1932
$212.414
4,352
20,391
3,157,426
533,833
578,961
3,010,050
481,806
535,948
2,861,178
181,884
258,067
1931
$244.912
def21,267
def4,119
4,036.420
474.405
545,104/
(A. C.) Gilbert Co., New Haven, Conn.- re .
iv.
-
Great Northern Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Not after rents
1934
1933
1932
1931
$5,092,411 $4,427,173 $4,055,775 $4,760.452
1,156,262
1,509,574
694.063
1,128,696
1,204,308
830,037
422,653
896,822
70,752,877 61.923,891
22,142,697 20,378,667
14,101,650 11,810,227
55,549,246 77,087,454
9.893.574 21,801,501
1,290,551 12,669,420
Great Western Electro-Chemical Co.
-S2
The directors have declared a dividend of $2 per share on the common
stock. payable Feb. 15 to holders of record Feb. 5.,, This compares with
$1& per share4Paid on Dec 15 mast, $1 per share paid on• Sept• 1 Aug 15
.P
May 15 and 1, eb. 15 1934. * ec. 1 and Nov. 15 1933, and 50 cents per share
3
D
.
on Oct. 1 1933.-V. 139, p. 3808.
Green Bay & Western RR.-Earnings.DecemberGross from railway
Net from railway
Net af,,er rents
From Jan 1
Gross from railway
NO4 from railway
Net after rents
1934
$95,074
36.605
22,441
1933
$81,381
31,469
2G,991
1932
$97,669
50.582
32,739
1931
$95,161
4,316
709
1,117,539
108,397
21,931
1,094,300
171,744
86,972
1,166.241
198,822
93.033
1,416,362
251,355
146,643
Dividend Decreased
The directors on Jan. 30 fixed and declared 2M% to be the amount payable on class "A" debentures, and a dividend of 1% to be payable on the
capital stock out of net earnings for the year 1934, payable at 48 Wall St..
New York, on and after Feb. 11 to holders of record Feb. 8. according to
Treasurer 0. W. Cox. This compares with an annual dividend of 3% paid
on these issues on Feb. 10 1934, 2A % on Feb. 20 1933, and annual distributions of 5% made from 1914 to and including 1932.-V. 140, p. 146.
Greif Bros. Cooperage Corp.
-Earnings-Years End.Oct.311934
Mfg. profit after deduct.
material used, labor,
mfg.exp.& depletion_ $1,132,133
Other income
19.227
Total income
$1,151,360
Depreciation
220,146
Sell., gen.& admin.exps
462,191
Loss on inv. charged off.
Reduct. in book values of
land, timber & inv. &
loss on deposal of per.
17,398
assets
Addit. prov.for conting.
28,000
Doubtful accts. & notes
charged off
Jut, on gold notes
57,344
Other interest chargesReduct. in secs, to mkt.
25,196
values
Loss on disposal of perm.
15,198
assets
Sundry deducts. (net)_
Prov. for est. Fed.tax
.
38,000
Net profit
Divs, on cl. A stock_ _ _ _
$287.886
64.000
1933
$836,592
47,371
$883,963
199.611
345.123
1932
$469,378
44,250
$513.628
191,479
329.837
1931
$832.282
34.833
$867,115
209.364
376.607
113.528
119.953
30,000
53,828
30,505
62.547
89.814
69.427
20,807
27,169
10.000
7,008
26.610
6.000
$98,280 loss$107.747 loss$47,041
51,200..1. 102,400
Balance, surplus
$98,280 def$158,947 def$149,441
$223,886
Consolidated Balance Sheet Oct. 31
AssetsLiablilites1933
1934
1934
1933
I.and,b1dgs., mach.
10-year 6% sink'g
and equip.. &c.,
fund gold notes_
$836,500
less depreciation 4920,384 41,151,021 Capital stock of
Timber properties_ 397,523
10,691
413,505 subsidiaries._ __
8,542
Cash
387,472
251,539 Notes payable for
Marketable securs
money borrowed
128,498
Customers' notes &
from banks____ 771,030
76,256
accts. receivable 506,044
545,171 Accts. pay,for purInventories
chase exps., &a_ 114,903
1,924,515 1,818,330
164,865
Officers, employees
Accrued taxes, int.
& MISC. noted &
and bonuses._
64,591
51,762
accts. receivable
48,970
47,215 Accts. payable (to
Cash surrender val.
MM. cos. partly
We insurance...
19,905
17,132
owned)
23,104
Liberty bonds on
Reserve for condeposit, &c...17,899
17,750
Ungencles, &c
319.045
260,366
Invest. (affil. cos.)
144,306 x Capital stock._2,491,113 2,491,113
67.429
Notes & accts. rec.
Unearned surplus. 178.917
329.296
(affiliated dos.). y211,901
292,804 Profit and loss...
701.678
477,790
Good-will
1
1
Defer.ed charges
21,425
20,822
A dividend of 87.4i cents per share nas been declared on accouneof
accumulations on tho $3.50 cum. preference stock, no par value, payable
Feb 15 to holders of record Feb. 5. Similar distributions wlre made Oct. 1,
July 2, April 2 and March 1 1934, prior to which no distributions were
made since Jan. 2 1933 when the regular quarterly payment was =MO.
Accruals, following the Feb. 15 disbursement, will amount to $2.62M
per share.
--V. 139, P. 1710.
(4 t/,C Total
, , ,
'
44,651,966 $4,719,596
Total
$4,651,966 $4,719,596
Girard Life Insurance Co.
-Smaller Annual Dividend
x Company has outstanding 64,000 shares of class A cum.corn.stock and
=
7 --The directors have declared an annual dividend of 40 cents per share
.-54.000 shares of class B com. stock; both of no par value. y Accounts
on the capital stock 63ar $10, patable Feb. 15 to holders of record Feb. 1.
receivable only.-V. 139. p. 1554.
This compares with
cents per s are paid Feb.15 1934,75 cents two years
.
ago and $1 per share three years ago.
-V.138. p. 870.
Grigsby-Grunow Co.
-To Pay $900,000
.
/ C Creditors of the company on Jan. 24 agreed on anto Creditors
.,
initial liquidating
,---Globe Knitting Works-35
-Cent Preferred Divt end
'
dividend of $900,000 to be paid within 10 days to secured and unsecured
The directors have declared a dividend of 35 cents per share on a
unt
creditors.
of accumulations on the 7% cumul. pref, stock, par $10, payable Jan. 25
The apportionment was on the basis of two-thirds for bondholders and
to holders of record Dec. 31. A similar distribution was made on July 25
one-third for general unsecured creditors. Holders of the $2.400,000 bonds
and Jan. 25 1934. Regular semi-annual distributions of 35 cents per share
will receive approximately 25% of their claims, and holders ofsome $1,800,were made on this issue up to and Including Jan. 25 1932.
000 in unsecured claims will receive about 16%.
Effective with the Jan. 25 payment, accumulations amount to $1.05
Frank M. McKey, trustee in bankruptcy, filed a report with a referee
per share.
-V. 139. p. 2201.
showing a cash balance of $1.323,425 as of Jan. 22. Assets of the company
when it was placed in bankruptcy were appraised at more than $5,000.000.
(B. F.) Goodrich Co.
-Stock DeliveredThe settlement was reached after several months of conferences between
Tho
Trust Co., trustee under the company's mortgage and deed
Mr. McKey, A. L. Schapiro, trustee's attorney; James 0. Carr, of Pittsof trust dated July 11922. has advised the Now York Stock Exchange that
burgh, chairman of a bondholders' committee representing $1,900,000
endorsed, 'for cancelation," and delivered to the company 1,000
It has
bonds, and N. B. Parsons, representing unsecured creditors listing some
shares of Martha Mills common stock and 2,000 shares of Southern Good-V. 139 p. 2364
$550,000 in claims.
rich Rubber Co. capital stock -V. 139, p. 3325.
(ICA
Graham Paige Motors Corp.
-Unfilled OrdersThe company has unfilled orders for more than 3,500 cars with a retail
value of more than $5.000,000 according to A. I. Philp, Vice-President and
General Sales Manager. Mr. Philp added:
"We are exerting every resource to speed up production to meet the
greatest demand we have experienced in five years. We expect to have our
production up to more than 300 daily in February."
Guayaquil & Quito Ry.-Receiver Named
-
A special cable to the New York "Times" from Guayaquil, Ecuador,
Jan. 30, states:
"On petition of the Central Bank, which holds $225,000 of the bonds
of the Guayaquil & Quito Ity., the road has been thrown into bankruptcy.
Its President. Freile Larree, is named receiver.
"It is believed that this action was designed to forestall action by
can bondholders. Recently, the head offices of the railway were Amerlmoved
„
1932
1933
$1,123,061 $1,327,368
232,633463,784
325,733
86,600
1931
$1,310,105
33,578
def283,235
1- The executive committee of the corporation elected by the directors
consists of Mark W. Cresap, Abraham S. Hart and Meyer liestnbaum.
Comparative Income Account
Nov. 30 '34 Nor. 30 '33 Nov. 30 '32 Nov. 28 '31
Years Ended
3976,004
$250,235 $2,332,777
x Net loss
$728,326
2,018,576
1,582,952
433,419
Res.for losses of sub.cos.
capital assets,
Loss on
1,555.012
&c., written off
Adjustment of invest'ts
In respect of net oper.
Cr60,067
profit of sub. cos
600,000
(4%)
Common dividends
14,675,148
3,348,977
1,265.684
19,000,523
4,041,368
1,455,792
Deficit
Adjust, of investments_
Previous surplus
from New York to Quito by the Ecuador Government, which holds voting
control of the stock. The Suydam Holding Corp., representing American
bondholders, has already impounded $105,000. which the railway had in
New York banks.
"The railway's bonds have paid no interest for 15 years, and the Govern-V. 136, p. 2600.
ment has been buying them up and retiring them."
Gulf Colorado & Santa Fe Ry.-Earnings.DecemberGross from railway
Net trom railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 146.
1934
$926,235
17,008
def82,211
11,991,431
1.073,652
def692,576
12.742,081
1,944,068
def85.154
Gulf Mobile & Northern RR.-Earnings.1231
1932
1933
1934
December$293,238
$340,940
$393,602
Gross from railway
$430,017
62,111
34,658
112,697
Net from railway
111,844
32.474
def25,773
Net after rents
39.165
56,797
From Jan 1
4,094,743
3,961,959
4,192.583
Gross from railway
5,230,957
710,343
618,622
Net from railway
1,329,654
1,445,938
166,003
def51,566
637,369
Net alter rents
512,547
For comparative purposes, operations of New Orleans Great Northern
RR. are included beginning July 1932.-V. 140. p. 146.
-Note-Gulf & Ship Island RR.
The Interstate Commerce Commission on Jan. 21 authorized the company to issue a promissory note for $6,511,169 to be delivered to tne Illinois
-V.139. D.4128.
Central RR.in payment of a like amount of advances.
Gypsum Lime & Alabastine, Canada, Ltd.(& Subs.)
.
Year End. 11 Mos End.-Calendar Years1931
1932
Nov. 30 '34 Nov. 30 '33
Period$551,605
$96,453
$306,603
Net profits for year
$356.904
247,581
258,390
232.743
Int. on funded debt-229,281
195.913
25.173
166.401
180.945
Depreciation
13,473
5.635
6,787
Depletion
12,762
Written-offsund.assets_
35,869
Prov.for bad debts
2.540
Directors' fees
6.758
by, bda, written down_
39,691
6.385
5,252
Losses by subsidiaries_ -$116,534
def388,354
$111.319
def237,635
$226,802 prof$94,637
'244,094
57,935
Total deficit
Dividends paid
Prov. for Dom.inc. tax_
Adj. applic, to prior yrs..
Prey.for poss.loss in for.
exch. & bad debt &
doubtful accounts._
$504,888
$348,954
$168,867 sur$338,731
225,396
4,500
Deficit
Earns.per sh. on 450,876
shs. coin, stock outstanding (no par). _
$504,888
Net deficit
Surplus,Jan. 1
39,399
68,769
Nil
$388,354
Nil
50,900
$237,635 sur$57.936
Nil
$0.21
Consolidated Balance Sheet Nov. 30
1933
1934
1934
1933
LiaR!tiles
Assets
164,588
92,838
12,020 Accounts payable.
Cash
56,630
59,435
57.430
415.925 Accrued interest__
276,315
Receivables
5,452 Municipal & other
5,106
Advances
20,334
taxes
21,462
28.700
Investments
396.341
395,656 a Common stock_ 5,956,231 5.956,231
Inventories
388,353
504,887
32,315
28,460 Deficit
Lite Insurance____
4,128,500 4,158,000
Land, plants, &e... 5,823,403 5,800,461 Bonds
106,207
3,124,779 2,900,721 Co.'s bankers(sec.)
Mines, &c
41,800
28,400
Mtges. pa yable...._
Invest. in & adv.
18,900
16,200
212,414 Deferred Habits_ _ _
207,867
to subsidiaries
52,070
52.070
64,872 Bank loans
44,013
Sundry assets_
1,285,618 1,096,549
Reserves
102,149
139,532
Deferred charges
Bonds, debenture
259,176
268,450
discount. &c
775,942
11,132,735 11,265,428
Total
11,132,735 11,265,428
Total
-V. 138, p. 691,
a Represented by 440.127 no par shares.
-Receivership Suit
Hamilton-Brown Shoe Co.
Hearing on receivership suit to show cause why a receiver should not be
appointed has been continued to Feb. 7. The suit was filed In Circuit Court
St. Louis on Jan. 17.
President Luke E. Hart in an answer filed in Circuit Court denied all
allegations contained in the bill of complaint filed by two stockholders
and two directors charging mismanagement of the company's affairs.
R. B. Brundrett. Vice-President and Treasurer, testified that the annual
report of the company for fiscal year ended Nov. 30 1934, to be published
soon, will show an operating loss of between $85,000 and $88,000 covering
-V. 139,
an 11 months' period due to the change in the company's year.
p.2205.
--Promotions
Hartford Electric Light Co.
Samuel Ferguson, President, has been elected Chairman of the Board;
while Viggo E. Bird, Executive Vice-President, has been elevated to the
Presidency.-V. 139. p. 118.
-Capital Increased
Hearn Department Stores, Inc.
An additional $1,000,000 in cash has been added to the capital of the
company, Sidney M. Louis, Treasurer, announced on Jan. 30. Preferred
stock has been issued for that amount, he added,"but this, as well as all the
rest of the company's stock, will remain in the President's safe."
Mr.Louis stated that the addition to the capital had been made necessary
by the expansion of the company's business and would be used to finance
many physical improvements. He said also that the company's policy
of no dividends and no salaries or other remuneration to the owner-managemerit for a year would be continued.
-The additional funds," Mr. Louis continued, "will enable the store to
pursue still more aggressively its policy of purchasing large lots of merchandise for cash and selling the same under the Hearn plan, which for one
year has pledged the store to turn back profits into lower prices for its
customers. The plan continues in force until September 1935."-V. 135,
p. 637.
Hart Schaffner & Marx-Peraonne
Reduced-Good-will Written Down to $1
--
Par Value of Stock
At the annual stockholders' meeting held Jant the following directors
were elected:
Mark W.Crump, Abraham S. Hart, Meyer Kestnbaum, Leasing Rosenthal, Joseph Halle Schaffner and Robert G. Surridge.
At a special meeting of the stockholders the amount of capital stock
was reduced from $15,000,000 to $3,000,000 and the par value of each
share was reduced from $100 a share to $20 a share. This action of the
stockholders will enable the directors to write down tho good-will of the
corporation, which for many years has been carried at $10,000,000 to a
nominal amount. It appeared desirable to those in control of the company that this action be taken so that the company's balance sheet may
better conform to present day corporate practice.
At the annual directors' meeting the following officers of the corporation
to hold office for the ensuing year were elected:
Chairman of the Board and Presluent, Mark W. Crosap; Vice-President
and Secretary. Abraham S. Hare, Vice President and Treat urer, N..eyFr
Kestnbaum; Asst. Vice-Presidents, Jacob G. Block, Cyrus H. Williams,
Frank W. Hughes and Henry Dick; Asst. Secretary and Asst. Treasurer,
Morris Neufeld, and Comptroller, Samuel Browne,
Feb. 2 1935
Financial Chronicle
802
$668,259
52,238.667
$3,915,729
1,091,065
3,329,732
7,245.461
$3,594,580
Dr831,928
11,671,969
$422,806 $1,091,065 $3,329,732 $7,245,461
Total surplus
z Net loss after deducting manufacturing, marketing, administrative
expenses and interest on loans and provisions for depreciation of equipment.
doubtful accounts.
Balance Shee 1 Nov. 30
1933
1934
1933
1934
$
$
Liabilities$
Assetst
b Capital stock,,.15.000.000 15,000,000
Good-will, trade
300.000
pay. to bank
10,000,000 10,000,000 Notes
names, Ac
191.943
150,947
Accounts payable_
a Mach., furniture
296,286 Accrued taxes, sal249,984
and fixtures
183.957
298,493
axles, 4,c
14,083
5,272
Tax warrants
85,467
42,404
Inventories_ _ _ ... 722,995 1,404,725 Goods In transit
Reserve for contin576,041
554,814
Investments
1,500,000 1,500,000
gencles
Accts. & bills rec.. 4,042,262 4,402,692
1,315,802 1,068,592 Profit and loss.... 422,806 1,091,065
Cash
107.126
Prep,ins. prem.&c 105,523
cCo.'s cap.stk.iteld
in treas. (at par) 298,100
298,100
31,788
31,788
do at cost._
54,833
119.669
Sundry accounts
Due from employes
for purchase of
33,276
33.328
common stock
17,414,650 18,352,431
Total
17,414,650 18,352.431
a After depreciation of $913,719 in 1934 and $891,571 in 1933. b Com,
stock authorized and issued, 150.000 shares of $100 each. c 2,824 shares.
-V. 140, p. 477.
Total
-Annual Report
Hercules Powder Co., Inc.
Comparison of the annual statement for 1934 with the previous quarterly
statement shows net earnings of $0.71 a common share, after preferred dividend,during the fourth quarter of 1934.
Current assets, as shown at the year end, of $17,587,144 stand at a 13.9
ratio to current liabilities. Cash and marketable securities amount to
$6,994,333.
While following an irregular course, the company's business for the year
as a whole averaged approximately 19% greater in volume than 1933, and
maintained a better relationship to pre-depression levels than did general
business activity as measured by the Federal Reserve Board's index of industrial production According to the annual statement of R.II. Dunham.
President, gains in the several departments ranged from 8% to 28%.
Improvement in explosives business brought volume back approximately
to 1931 levels. Some increase in earnings was realized from naval stores
sales; however, the earnings remained below an adequate return on the
capital employed. The nitrocellulose business showed a healthy condition
and the new applications being found for Hercules nitrocellulose gives
promise of continued growth in a broadening field. A good increase was
registered in the chemical cotton business, while the paper chemical division
was satisfactory.
Total export sales were larger in about the same proportion as domestic
volume. A factor of stability in export sales is the trend toward wider
markets, with less dependence for sales upon any one country.
Consolidated Income Account for Calendar Years
1933
4
03
1, 4
92
63
73
1 95,409 521.969,263 $17,610,526 $20,45 9 11
$25, 9 4
Gross receipts
1,474,092
991.793
2,834,655
• Net earns, all sources_ 3,488,715
43.554
102,030
471,600
450,302
Federal taxes
$3,038,406 $2,363,055
Net profit
739.656
738,753
Preferred dividends_ _ _
1,311,095
2,041.951
Common dividends
($2.25)
($3.50)
Rate of common dive__ _
$257,702
Surplus
10,040,110
Previoussurplus
Proceeds from sale of
stk. in excess of stated
23,672
value
$889,763 $1,430,538
792,687
748,056
1.816,336
1,168,566
($2)
($2)
,
$312,305df$1,026.859df$1,185 485
9,727.806 12,254,665 13.329,725
110,425
Totalsurplus
$10,321,484 $10,040.110 511,227,806 $12,254.665
x92,343
Pref.div. adjustment.... _
1,500,000
Approp.for conting_
Balance,surplus-- - -410,229,141 $10,040,110 59.727.806 $12,254,665
10”
Shares of common out586,611
582,679
582,629
583,529
standing (no par)- $1.04
$0.24
$2.79
$3.95
Earned per share on corn.
•After deducting all expenses incident to manufacture and sale,ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
taxes, &c. z Changing from accrued to declared basis
Consolidated Balance Sheet Dec. 31
1933
1034
1933
1934
$
Liabilities$
$
Assets$
Preferred stock.. _ _11.424,100 11,424,100
x Plants & prop'ty17,711,813 18.865,352
5,000.000 5,000,000 y Common stock__15.155,850 15,155,850
Good-will
2,843,182 2,468.352 Accts. payable.___ z639,587 385,296
Cash
92.372
184,686
Accts. receivable._ 3,337,682 3,665,497 Accrued pref. dIv_
50,808
Deferred credits._
11,672
a Co's cap. stock
417,024
441,666
1,716,277 Fed. taxes
1,691,703
(at cost)
Reserves
4,082,862 4,413,650
109,688
Other assets
658,103 Profit and loss_ _ _10,229,141 10,040,11(
405,998
Invest.securities._
U.S. Govt. secure. 3,745,154 4,178,072
Materials & supp. 3.703,200 2.837,348
Finished product__ 3,551,929 2,368,322
220,987
69,217
Deferred charges._
Total
42,169,566 41,979,21
42,169,566 41,979,212
Total
a 8,706 shares pref. in 1934 (8.673 in 1933) and 22,705 shares common
in 1934 (23.505 in 1933). it After depreciation of $13,514,411 in 1934 and
z In
y Represented by 606,234 no par shares
512,244,775 in 1933.
-V. 139. p. 3481.
eludes accrued accounts.
Hfart Manufacturing Co.-A-equisitionThet
Match Plate Co., manufac
company has purchased the Trqy
turers f brass and aluminum castings. V. 140. p. 642.
-President Resigns
Hodges Carpet Co.
The board of directors is being reorganized and Victor G. Boutell has
-V. 140. p. 318.
resigned the Presidency.
-Earnings
Honolulu Rapid Transit Co., Ltd.
Period End.Dec.31Gross rev,from transp__
Operating expenses
-Month-1933
1934
$68,864
$78,670
53,118
56,719
1934-12 Mos.-19331
$745,294
$855,259
594.264
590.785
Net rev. from transp_
Rev.other than transp_ _
$21.951
1.954
$15,746
1.877
$264,474
23,369
$151,029
21.470
Net rev, from opers
Deductions
$23.905
14.575
517.623
11,428
$287,843
174.584
$172.499
197.028
$9,330
88.195
$113,259
def$24,628
Net revenue
-V.139. p. 4128j
Howes Bros. Co.
-Earnings
Calendar YearsNet earnings
Preferred dive. paid_..__
Common diva. paid_ _ _ _
1934
$210,164
99,821
115,000
1933
$247,213
120,311
40,250
-Earnings
Inland Steel Co.(& Subs.)
1932' ar 1931'
$157,557
$130,239
120,311
120,311
46,000
iiii4 Balance
def$8,754
$86,652
def$4,657
Profit and loss surplus
1,488,306
1,638,349
1,634,161
Earned per sh. on corn
$11.03
$3.24
$9.60
Comparative Balance Sheet Dec. 31
e Assets1934
1934
1933
LiabilitiesCash
$342,307 $320,766 Preferred stock__ 41,497,000
Accts. receivable._ 865,112
822,874 Common stock__ 1,150,000
x Merchandise
2,938,421 2,959,897 L acceptances__
90,917
-C
y Investments__ _ _ 809,255
809,255 Accounts payable_ 278,828
Notes payable____ 300,000
1.638,349
Surplus
1934-12 Mos.-1933,
1934-3 Mos-1933
Period End.De .31Net profit after interest.
$166.693
$529.373 $3,730,332
deprec., deple. & taxes $550,073
Earns.per .on 1,200,000
$0.13
$0.44
$3.10
$0.45
shs.cap.stk.(no par)_..
-V. 139, p. 2832.
$9.928
1,497,060
$0.86
Institutional Securities Corp.-Bal. Sheet Dec. 31 1934
Assets
$1,590,675
Cash
2,034,828
U. S. Treasury bonds
5,868
Accounts receivable
61.817
Accrued interest receivable__
3,717,301
Mortgages purchased
133,380
Subscription mortgages
14,946
Furniture and fixtures
4,926
Prepaid taxes, Insur. & rent_
1933
$1,516,300
1,150,000
74,000
538,330
1,634.162
Total
$4,955,094 $4,912,792
Total
$4,955,094 $4,912,792
x Cash advanced on hides and leathers. y Purchase of stock in tanneries.
-V.138. p. 692.
Total
Illinois Central RR.
-Equipment-Trust Certificates
-
International Great Northern RR.-Earnings.-
The Interstate Commerce Commission Jan.23 modified its order of March
27 1934,so as to authorize the company to assume obligation and liability,
as guarantor, in respect of not exceeding $12.000,000 equipment-trust
certificates, series Q, to be issued by the Pennsylvania Co. for Insurances
on Lives & Granting Annuities, as trustee, and sold at par in connection
with financing of maintenance and equipment.
By Its order entered March 27 1934 the Commission authorized the
company to assume obligation and liability, as guarantor, in respect of not
exceeding $10,000,000 equiprecnt-trust certificates,series Q,the certificate
to be sold at par to the 1.1., S. Government. By a supplemental application
filed on Dec. 31 1934, the company requests modification of that order so
that it will be authorized to assume obligation and liability in respect of an
additional $2,000,000 of certificates together with the $10,000.000 previously authorized by the order of March 27 1934.-V. 140, p. 318.
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 147.
1932
$370,037
87,192
37.208
4,749,837
1,547,554
883,962
4,551,048
1,184,745
580,768
Indiana Associated Telephone Corp.
-Earnings
-
Not operating income_
-V. 140, p. 147.
$52,810
$10,986
$360,139
$909.013
97.238
def25,720
12,575.330 12,287,759
3,417,471
3,188.222
1.518,751
1,370,550
10.143.611
1.794.651
449.451
17.843,909
4,688,096
2.408,114
International Rys. of Central America-Earnings
6,317,326
2,075,390
1,367,977
Period End. Dec. 311934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$95,463
$86,042 $1,073,260 $1,073,790
Uncollectible oper. rev
Cr3,293
5,240
Cr767
900
Operating expenses
54,106
44,536
567,892
565,149
Rent for.lease of oper.
property
387
1,538
Operating taxes
Cr8,537
31,287
142,791
156,921
1932
$783.335
81,231
def39.445
-Tendersfor Pref. Stock
International Products Corp.
1931
$416,739
108,672
55,989
4,930,061
1,502.179
1,003,617
1933
$896,506
199,144
41,280
1934
$908,927
89,340
def30.192
The company has invited tenders from its preferred stockholders for the
sale to it of 5,000 shares of preferred stock at $40 a share. If the offers
exceed 5,000 shares the offerings.will be accepted proportionately. Shares
tendered for sale must be received by noon Feb. 6.-V. 139, p. 1556.
Illinois Terminal Co.-Earnings.1933
$389,099
130,292
87,454
$7,563,742
Total
The Guaranty Trust Co. of N. Y., trustee, will. until 4 p. m. April 1,
next, receive bids for the sale to it of $1,550,352 first and refunding mortgage 5% gold bonds due Jan. 1 1966 at prices not to exceed 110 and interest.
-V. 140, p. 477.
Hupp Motor Car Corp.
-Vice-President Resigns
1934
$440,781
158,929
125,315
$7.563,742
Liabilities
Reconstruction Finance Cor$2,491,011
poration loan
13,290
Reserve for taxes
4,994,300
Capital stock
65,141
Surplus
-Tenders
Interborough Rapid Transit Co.
Rufus S. Colo, Executive Vice-President and a director, has resigned and
Is severing all business connections with the corporation.
-V.139, p. 4128.
DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 4128.
803
Financial Chronicle
Volume 140
1934-12 Mos.-1933
-Month-1933
Period End.Dec.31- 1934
$411,914 $4,722,779 $4,537,682
$410,865
Gross revenues
186.357
186.357
Expenses account floods
3.081.926
250,668 2,985,721
252,603
Oper.exps. and taxes_ _ _
.
Inc.applicto fixed digs def$28,095
-V. 140. p. 147.
$161,246 $1,550,701 $1.455,756
'-Jackson Park National Bank Block, Chicago-Reorganized
-
$346,480
Reorganization of this property located at the northwest corner of Jeffery
Ave. and 71st St.. Chicago, was announced Jan. 18 by Sidney H. Kahn,
chairman of the first mortgage bondholders' protective committee.
Bondholders, according to the plan, will receive first mortgage bonds
with fixed Interest at the rate of 5% in the same amount as their deposited
bonds. Interest on the new bonds will commence as of July 1 1934, and
upon their distribution bondholders will receive cash of $12.50 for each
3rio
0 bond.
$10,h pe.p
158r b u
ty secures an issue of $650,000 originally underwritten by
S. W. Straus & Co. and now outstanding in the amount of $568,000.-V.
Industrial & Power Securities Co.
-Extra Dividend
-
Jefferson Standard Life Insurancp Co., Gree sboro,
The directors have declared an extra dividend of 5 cents per share in -addition to the regular quarterly dividend of 15 cents per share on the
-Larger Semi-Annual DividendN. C.
common stock ($1 par value), both payable March 1 to holders of record
A semi-annual dividend of $5 per share was paid on the ca4ial stock,
Feb. 15. Similar distributions were made on Sept. 1 and March 1 1934.
par $5, on Feb. 1. This compares with $3 per share paid every six months
Dec. 1 1933 and March 1 1933.-V. 139, p. 931.
Irons Aug. 1 1932 up to and including Aug. 1 1934 and $5 per share pre-V 135, p. 997.
viously semi-annually.
Industrial Rayon Corp.(& Subs.)
-Earnings
Calendar Years1934
1933
Profit from operations_ - $2,089,775 $2,604,095
Profit sale of govt. see__
204,187
12,943
Realization of previous
writedown of U. S.
Govt.see. at par value
40,840
Interest earned
96,394
166,569
1932
1931
$844,761 $1,483.600
36.678
105,741
106,400
Gross profit
$2,431,195 $2,783,606
Reserve for depreciation
654,294
623,940
Interest charges
3,142
Experimental expense &
equipment scrapped_ _
217,831
Prov. for rooting
950
47,891
Adjust. of U. S. Govt.
sec. to par value
40,840
Federal inc. tax (est,)
218.000
261.000
$987,181
721.347
10,883
$1,590,000
781,962
19,747
Net profits
$1,340,121
Prior surplus
8,206,509
Transfer from stated cap
Excess of sell, price over
cost of treasury stock_
Net adj. of deproc. res_
$1,806,792
6,713,886
126,847
262,957
17,700
104,400
$237.251
6,843.146
$68.3,891
6,084,936
4,000.000
28,313
Total surplus
$9,546,630 $8,910,482 $7,080,397 $10,797,140
Net book value of assets
abandoned, &c
44,526
Reduct. in book value
of good-will, &c
3,373,999
Addit. Fed. Inc. tax paid
for prior years
4,714
37,297
Dividends
1,006,000
622,150
361,797
579,996
-New Product
Johns-Manville Corp.
The company, continuing its expansion in the building materials field
and in anticipation of new construction to be created under Title 11 of the
National liousing Act, announced on Jan. 25 through P. A. Andrews, VicePresident in charge ot building material sales, that it had taken over exclusive sales of Steeltex and a line of electrically welded fabrics for concrete
reinforcement.
Steeltex is a fibrous-backed mesh for use as base for 'plaster on walls,
stucco applied to exteriors and reimorcement of concrete floor slabs. Toe
concrete reinforcement fabric line consists of steel meshes for columns,
beams, roof slabs, floors and sidewalks but does not include reinforcement
for concrete highways, said Mr. Andrews.
The products are manufactured by the Pittsburgh Steel Co. of Pittsburgh
and were formerly sold by the National Steel Products Co. and the E. L.
Benedict Associates, both of Pittsburgh. Johns-Manville will sell the newly
acquired products through building material dealers in the United States.
-V. 139, p. 3967.
Kansas Oklahoma & Gulf Ry.-Earnings.1933
$127,172
,901
Gross from railway
1)ecember-93
$11464
59,652
Net from railway
82,835
64,49133,407
Net alter rents
From Jan, 11,775,837
Gross from railway
1.875,510
836,098
876,022
Net from railway
521,824
453,256
Net after rents
-V. 139, p. 4130.
1932
$148,309
49,884
26,968
1931
$181.708
273,919
176,527
1.793,185
737,041
410,276
2,588,271
1,251,061
787,538
-Offers Part Payment
(Rudolph) Karstadt, Inc.
The company has made an offer under which a portion of the principal
on its outstanding first mortgage collateral 6% sinking fund bonds, due
Nov. 1 1943, will be paid to holders of deposit certificates representing the
bonds as well as undeposited bonds.
Under German regulations, payment to holders residing outside of Germany can be made only in "blocked" reichsmarks, the use and disposal of
which, however,is restricted by German Government regulations. Arrangements, however, have been made under which holders may dispose of such
'blocked" reichsmarks at a discount.
The offer contemplates that holders of said bonds are to receive a'payment
of 700 "blocked" reichsmarks for each deposit certificate or bond, against
a reduction of $280 in the principal amount thereof, The Amsterdam
Effecten-en Bankierskantoor IV, V., Amsterdam, has made an offer, good
until Feb. 20 1935. to purchase any or all of such "blocked" reichsmarks at
the rate of 17.143 cents per "blocked" reichsmark. The offer is conditioned
upon acceptance by holders of 75% of the total number of deposit certificates and bonds outstanding. The Empire Trust Co., New York City, is
agent for the company in this matter.
-V. 139, p. 2372.
x Profit & loss surplus. $8,540,630 $8,206,509 $6,713,886 $6,843,116
She. cap,stock outstanding (no par)
y600.000
200,000
144.299
144.999
Earnings per share
$9.03
$1.64
$2.23
$4.71
x Includes capital surplus. y Stockholders in May 1934 increased authorized stock from 200.000 shs. to 1,200,000 shs. and issued three new
shares for each share held.
Consolidated Balance Sheet Dec. 31
1933
1934
1934
1934
Liabilities
Assets-S
$
1,782,985
481,883 x Capital stock. __ 8,000,000 8,000,000
Cash
Accounts payable
Certificates of dep. 3,000,000
and accruals_ _ _ 842,370
579 208
U. S. Govt. secur. 2,353,375 7,500,000
Dividends payable
200.000
Note; accept, and
626,266 Provision for Fedaccts. receivable 1,076,728
Kelvinator Corp.
-Enters New Field
100,000
eral taxes
261,000
Tax anticip. notes.
The company is entering the household electric range field, according to
24,990 Prov. for custom.
24,990
Bank stock
George W. Mason, President. Distribution of popular priced ranges manu76,591
quantity discts. 157,110
4,335
Accrued Int. rec.factured by Electromastar. Inc.. will be made temporarily through the six
Prov. for redemp.
Depos. with closed
Keivinator factory sales branches II. A. Lewis, Treasurer of this company.
19,646
61,856
of com, stock of
bank
has been elected to the board of Electromaster, Inc.
-V. 140, p. 479..
20,749
Ind. Fibre Corp
13,750
Mtge. note roe-.
946,822
of America
8.021
2,129,176
Inventories
8,032
(D. Emil) Klein Co. Inc.
-25
-Cent Extra Dividend,
‘
77,221
27,428
26,583 Reserves
ins. dep._
97,310
Water &
The directors have declare an extra dividend of 25 cents per share in
Capital surplus_ __ 2,252,459 2,252,459
961
Officers sects. rec.
addition to the regular quarterly dividend of like amount on the common
Profit & loss surp _ 6,288,171 5,954,050
Miscell. sects. rec.
stock, no par value. The regular dividend of 25 cents and one-half of the
1,368
20.374
and advances__
extra dividend or 12Yi cents Is payable April 1 to holders of record March 20.
7,135,051 7.431,057
y Fixed assets _
The otner half of the extra dividend is payable July 1 to holders of record
Good-will, patent
June 20.-V. 140. p. 643.
1
1
rights, &is
55.559
34,886
-(B. B. & R.) Knight Corp.
Deferral chga., &o
-Sale of Mills Recommended
In a letter to holders of voting trust certificates for the capital stock,
Total
17,625,354 17.352,061
17,625,354 17,352,061
Total
G. Edward Buxton, W. Eugene McGregor, George W. Tront, Andrew G.
Pierce, Alfreo K. Potter, Frank E. Richmond and Francis M. Smith. the
x Represented by 600,000 no par shares in 1934 and 200.000 in 1933.
first three voting trustees and directors and the remaining four directors.
y After depreciation of $3,620,234 in 1934 and $3,499,769 in 1933.-V.
state that they have come to the unanimous conclusion that the cotton mills
139, p. 2365.
L
804
Financial Chronicle
belonging to the company should be sold. This opinion, they state, is]supported by the directors of the company and by separate surveys just'soneluded by two independent engineering organizations..
The letter to certificate holders continues as follows:Ye
"Except for brief intervals, company has suffered heavy losses for a period
of years. We have exerted every effort, during these years, to conserve the
property and minimize the losses. Our overhead has been held below the
average. We have expanned the use of our label 'Fruit of the Loom.' We
have waited in the hope that a better market and fairer price structure, or
the provisions of the Cotton Textile Code, would bring back a reasonable
prosperity to our cotton mills. The reports of disinterested engineering
experts assert that to meet existing competitive conditions we must install
the machine improvements with which our leading competitors have recently
been equipping their plants. These improvements would cost about 6500,000. We do not nave the working capital which makes this expenditure
possible. Furthermore, print cloths, the kind of fabrics our mills were
built to make, are now almost wholly manufactured in other sections of
the country, which have competitive advantages in other elements of cost
than machinery. Since 1924, approximately six million spindles have left
New England. Our three remaining cotton mills have 142,500 spindles.
"It is our judgment that every possible effort has been made to preserve
the investment of the stockholders. They have never received any dividends and,in our opinion, snould now withdraw from so uncertain a conflict
as is involved in the operation of print cloth mills in New England. For the
sake of the communities in which we are located, we prefer to sell as operating mills to interests which would give continued employment, but if
this is not possible we propose to sell the machinery and the buildings
separately.
"Although your voting trustees have power to act in this matter, it is felt
that the holders of the voting trust certificates should be given an opportunity to express their views. Promp,action is necessary to avoid dissipation of assets. Will you, therefore, indicate your approval or disapproval
on the enclosed form and mail it promptly? It is the intention of the voting
trustees and directors to proceed with this program unless the majority of
the holders of the voting trust certificates register their disapproval on or
before Feb. 11.
Certain Assets to Be Retained
"Wiaen the proposed sale is effected, this company will own Pontiac
Print Works, and all of the shares of stock of Knight Finance Corp.(a real
estate holding company), and of its selling house, Fruit of the Looms
Mllis, Inc.
"It is reported that some speculators noting that we are running out our
cotton in process in the mills, are making bids for voting trust certificates
for preferred stock. None of the trustees and directors are willing to sell
the voting trust certificates for preferred stock which they hold personally
at any prices thus far offered, believing that it is in their best interests to
await further aevelopments."-V. 139, p. 2051.
(S. H.) Kress & Co.
-Earnings
Calendar Years1934
1932
1933
1931
Stores operated
232
230
230
221
Sales
$75,662,274 $65,018.110 $62,776.948 $69,041.926
Cost of mdse.sold, oper.
,.. expenses and rent _- 68,334,901 58,617.241 58,938.654 63,182.101
Deprec. & amortization- 1,434,254
1,006.019
1,302,622
919.456
Federal taxes
1,073,240
956,454
527,775
723,309
Interest
11,244
9,397
32.339
52,232
Net profit
$4.810,481 64.130,550 $2,272,161 $4,164.828
Other income
1.061,949 1.028,758
1.155.987
851,653
Total income
$5,872,431 $5,159,308 $3,428,148 $5,016,481
Previous surplus
9.185,470 26,621,069 25,696.399 23,163,165
Total surplus
$15,057,900 $31,780.377 $29.124,547 $28,179,646
Divs, on corn. stk_ _($1.50)1,759.334($1)1164,286 ($1)1164208 ($1)1174133
Stock div. paid in special
pref.6% cum.stock_($1)1.170,915($1)1165,012(S1)1164,919($1)1173814
Divs.on 6% special pref.
276,500
226,230
174,350
135.300
Amt.transf. to cora, cap
stk. acct.($17 per sta.)
20,039,379
Total surplus
$11,851.151 $9,185,469 $26,621,069 $25.696,399
Shs. common stock outstanding (no par)
1,176,829
1,165,903
1,161,716
1,164,877
Earns. per share on corn.
$4.23
84.75
$2.80
$4.16
Consolidated Balance Sheet Dec. 31
1934
1934
1933
1933
Assets
c Furls. & fixtures_ 6,147,276 6,413,215 6% special pref.
Bldgs. & improv'ts
stock
7,351.581 6,172,794
on leased prop__ 8,269,590 8,456,912 a Common stock48,511,253 48,511,253
d Land and bldgs_27.839,840 27,133,397 Accounts payable.. 108,810
275,899
Good-will, dm_ ___
1 Fed, tax reserve 1,118,000
1
966,500
11,934,276 11,880,689 Mtge. payable_ _ _ 201,500
Inventories
227,500
Sundry debtors__ _
61,869
62,560 Accrued expenses,
b Inv. in cap. stk_ 1.953,511 2,267,650
1,548,246 1,197,983
Loans to landlords
Surplus
el1,851,151 9,185.470
dr securities de396,811
posited on leases 329,548
IL S. Govt.secure. 6,379,828 3.290,439
6,209,464 6,041,258
Cash_
IL S. Govt.secure.
dep. in escrow
833,353
594,467
Deferred charges
821.984
70,780,541 66,537,399 Total
Total
70,780,541 66,537,399
a Represented by 1.178,787 shares no par value. b Investment in stock
of company at cost, consisting of 189.065 (183,581 in 1933)shares of special
preferred and 1,958 (13,694 in 1933) shares of common stock. c After
depreciation of$5,537,406 in 1934 and $4,940,915 in 1933. d After depreciation of $1,956,954 in 1934 and $1,504,077 in 1933. •Before deducting
$1,953.511 (1933, $2,267,650) cost of 189,065 shs. 6% pref. stock and
1,958 shs. common stock reacquired and held in treasury (1933 183.581 abs.
pref. and 13,694 she, common held in treasury).
-V. 140, p. 320.
Kroger Grocery 8c Baking Co.
-Sells Oklahoma Stores
The company has sold 53 stores it has been operating in Oklahoma to
Safeway Stores, Inc., according to President Albert H. Morrill.
Mr. Morrill said the stores were sold because their distance from the
company's main offices in Cincinnati made it difficult to properly supervise
their operation, and he pointed out that Safeway was in a position geographically to give better attention to problems in retailing and merchandising.
The company will have a total of slightly more than 4,300 units in operation.
-V. 140, p. 320.
Lake Superior & Ishpeming RR.-Earnings.DecemberGross from railway
Net from railway
Net alter rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 4130.
1934
$29.487
def38,658
def43.939
1933
$32,274
def7.706
def25,439
1932
$26,515
def28,176
def38,406
1931
$25.205
def37,764
def46,134
1,422,948
495.246
270,648
444,625
1,871,784
1,047,671 def168,140
762,909 def342,442
1,229.306
234,359
;11,142
/4
(
-.- a .Lehigh Portland Cement Co.
-.
"
-Preferred Dividend- 7
The directors have declared a dividend of 8734 cents per share 'On the
7% cum. pref. stock, par $100, payable April 1 1935 to holders of record
March 14. Similar distributions have been made each quarter since and incl.
Jan. 3 1933, prior to which regular quarterly payments of $1.75 per share
-V. 139, p. 3328.
were made.
Lakey Foundry & Machine Co.
-Earnings
-1934
Years End. Oct. 31
1932
1933
Manufacturing loss
Sell. & admin. expenses_
Depreciation
Other deduc'ns (net)... _
Net loss
$24.437
49,528
73,693
5,726
$25.921
39,329
75,451
9,612
$153,384
$150.314
1931
$60,236 prof$87,122
53,760
55,942
78,185
73,992
18,031
3.489
6206.018
$50,494
Feb. 2 1935
Balance Sheet Oct. 31
Iv Assets
11934
-1
11933 5a Liabilities- WU 19341* 11933
a Proprety account$1,348,329 $1,408,622 riCapltal stock_ _ _ $315,025 $1,575,125
Cash
2,107
5,731 Accounts payable.. 144,357 ,„,1,117.642
Accts. receivable
28,370 Notes payable____
39,688
63,592
Inventories
92,738
108,173 Notes pay, to bks.
50,000
60,000
Other assets
3,920
15.203
3,171 Accrued expenses13,651
Deferred charges
5,320
43,855
5,365 Reserves
41.154
Paid in surplus _ _ _z1,260,100
242,392
Deficit
395,776
$1,492,102 $1,559,432
Total
Total
$1,492,102 $1,559,432
x After depreciation of $1,061,001 in 1934 and $1,008,349 in 1933.
y Represented by 315,025 shares of $1 par in 1934 and 315.025 shares of
(no par) in 1933. z Arising from exchange of no par stock with a stated
value of $5 a share for stock having par value of$1 a share.
-V.140.p.148.
Lehigh & Hudson River Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
-t.arlrO, li 1849.
Ne
V
mn
.
1934
$119,046
39,212
19,853
1933
$115,542
25,196
5,472
1932
$131:245
4 $3 3
2 5
17,801
1931
139.208
19,826
def2,533
1,447,588
421,718
151,689
1,443,351
460,608
181,337
1,579,504
453,892
146,472
1,998,941
571,465
213,748
Lehigh & New England RR.-EarningsDecemberGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.139. p. 4130.
1934
1933
1932
6216,311
$259,448
35,10162,722
75.854
137,954
37,671
83,472
3,455,844
789,086
761,746
3,000.725
700.618
702,257
1931
$302,878
1 31
14 112
7
2%2
3,274,739 4,107,459
794,202
4 8 4 ,6 (
19
i24 9
94 9/,7
!
(
,
----Lincoln National Life Insurance Co.
-Dividends-AThe directors on Jan. 30 declared two dividends of 60 cents ptal share
each on the capital stock, par $io, one dividend to be paid on Feb. 8 to
holders of record Feb. 2 and the other dividend to be Ladd on Aug. 8 to
holders of record Aug. 2. During 1934 quarterly distributions of 30 cents
per share were made, during 1933, 1932 and 1931 the company made the
following distributions, 60 cents per share on Feb. 1, May 1 and Aug. 1
and 70 cents per share on Nov. 1.
New Director and Secretary
At the annual meeting of the stockholders of the company 0. F. Cross
was elected to the board of directors and at the board meeting following
he was named Secretary of the company.
Assets of the company increased $2,000,000 to a total of $116,000,000.
Insurance in force was reported at $867.500,000. New business for the year
totaled $130,558,000, an increase over 1933 of 43%.
-itr- s Gain for 1934
S nr v
Substantial gains in cash and marketable securities feature the annual
statement of the company for the year 1934.
Arthur F. Hall. President, in commenting on specific points in the statement said:"The company's assets as of Dec.31 1934,stood at $116,028,710
as compared with $114.046.441, an increase of approximately $2.000,000.
Total cash and marketable securities were $18,900,000 as compared with
$8,000,000 last year. $152,000 was added to the company surplus which
with capital of $2.500.000 now totals $6,829,000. Insurance in force at
the end of the year stood at $867,487,154. During the year, the Lincoln
National Life paid to policyholders and beneficiaries $13,677.266. Income
exceeded disbursements in 1934 by $4,110,000."
"Many definite signs of business betterment have been observed," Mr.
Hall said. "Interest collections on mortgage investments have improved.
Mortality has been favorable. The suicide rate, so high during the last
five years, has returned to normal. Demands for policy loans have subsided. An increase in new business of43% was made during the past year."
--V. 13S, p. 2581.
44
Lindell Tower (Lewis-Marr Co.), St. Louis-Reorgit4-d,'.
"
'
The 14-story Daniel Boone and Lindell Tower apartments are now tevbe
operated under the single ownership of Central States Life Insurance Co.
op
as a result of reorganization plans arising out of the foreclosure of both
buildings.
The Insurance concern had owned the Daniel Boone through its Apartments Holding Co. since 1928, but has not until now held an interest in the
Lindell Tower.
Both buildings were bought in at foreclosure last month by bondholders'
committees and confirmation of the sale and approval of the reorganization plan were given recently by Circuit Judge Ryan, at St. Louis.
Under the reorganization plan the Central States concern will form two
new corporations, Daniel Boone Apartments, Inc., and Lindell Tower
nepartments, Inc., to take title to the properties from the bondholders'
Aommittees and to execute new mortgages. The insurance company will
cwn all the stock in both companies subject to voting trust agreements
ontended to protect the bondholders by assuring proper management of the
iproperties during the term of the bond issue.
As part of the transaction, the insurance company will cancel $70,000
bonds it holds of the outstanding $544,000 issue on the Daniel Boone and
$80,000 bonds of the $640,000 outstanding against the Lindell Tower.
Central States will also pay a total of $10,000 towards the reorganization
exVersoris depositing their old bonds with the committees for both the
nses
Daniei Boone and Lindell Tower apartments will receive new bonds with a
similar face value. The new bonds will be for 10 years. For the first four
years they will return 5% interest, if earned, and after that time will be
straight 5% bonds.
Both apartment buildings were financed through the American Bond &
Mortgage Co. of Chicago. The Daniel Boone, a 124-family structure, was
built In 1927 by means of a $685,000 first mortgage bond issue. It was
traded to the Central States Life Insurance Co. the following year.
The Lindell Tower, which contains 92 units, was erected in 1928 by the
Lewis-Marr Realty Co. On it were placed a $650.000 first mortgage and a
$25,000 second mortgage. In 1930 the property was acquired by the
American National Assurance Co., which, two years later, conveyed title
to the Lindell Tower Investment Co.
-V.126, p. 3131.
Long Island RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 480.
1934
1933
1932
1931
61,952,676 $1,872,797 $2,052,774 $2,501,521
.
772,655
769,084
•.692,818
434,812
493,849
324,815
315,902
24,227,481 24.068,582 28,220,076 36,036,402
7,080,899 8,682,594 9,722,691 12,077,973
2,372,922 4,230,658 5,045,925 7,217,786
Lords Co rt ExchTge Place Holding Corp.
i
-Protective
Committe ..,`a -/t if
A protecti e committee or the $2.500',000 534% first mortgage bonds
due 1942, h been formed by G. Crawford Radii). Chairman. Alfred B.
Seelig and Robert M. Frank. Interest due Dec. 1934 was not paid.
Los Angeles Investment Co.
-Earnings
Years End Dec. 31Revenue from operations
Interest revenue
1934
$468,082
95,179
1933
$518,969
123.985
1932
$639,674
202,967
1931
$690,206
1,91,756
Total reve_sues
Operating expenses
Interest expense
Taxes
$563,262
317,022
304,204
173,591
$642,954
344,564
302.929
193,443
$842,641
370,607
239,450
221,400
$981,962
389,913
115,989
206.860
Net loss from over- _ _
Losses and deprec, on
property, &c
$231,555
$197,981 prof$11,185Prof$269,201
Net loss for year
777,754
653.876
627,208
652,608
$1,009,309
$851,857
$616,023
$383.407
ti
i
Volume 140
Financial Chronicle
Comparative Balance Sheet Dec. 31
1934
1933
1934
Assets
LiabilIdes$
a Oper. dr inv. real
Capital stock
4,352,180
properties
3,188,253 3,250,003 Accts. and comCash on hand & on
missions payable
1,965
deposits
64,608
23.260 Accr. payrolls, &c.
20,744
Accts.& notes rec. 100,757
34.876 Notes payable_ _ 2,244.155
Mtges. tr. deeds &
Gold notes. homesales contracts
1,563,021 1,858,605
maker notes and
Stks.& bds. owned
& diva. pay.
(other than of
Mtges. payable... 1, 45,922
subs.)
1,409,896
108,952 Divs. unclaimed_
653,929
Unsold real estate
Dep. in trust and
& improvements 3,549,377 3,835,919
escrow accounts
5,779
b Furn.. mill maReserve for losses_
300.377
chinery. &e
55,540
68.238 Restricted surplus 1,209.474
Invest. in subs.- 560,446
847.301 Earned surplus.... _ 689.901
Notes reed from
subs. (secured).
1,115,607
Accts. rec, from
subs
6,005
Notes & accts. rec.
fr. subs.(unsec.)
710,600
Deferred charges
26,522
33,622
1933
Harry J. Alker was elected a director, increasing the board to 12 from
3.327
25,633
2,191.588
Based on market values Dec. 31 1934, the company increased its surplus
by $366.000 to 51,620,054, in addition to setting up a voluntary reserve
for contingencies of $300,000.-V. 140,
Hosiery Mills Inc.
-Accumulation Dividend-i Li);
The directors have declared a dividend of 25 cents per share on account
of accumulations and a regular quarterly dividend of $1 per share on the $4
cumulative preferred stock, no par value. Both dividends are payable
March 1, the regular to holders of record Feb. 1 and the 25
-cent accumulated
dividend to holders of record Feb. 15. This Compares with $1.50 per share
paid on Dec. 1 last, $33.25 per share paid on Sept. 1 last, $1 per share paid
on Dec. 1 and Sept. 1 1933. 25 cents per share in each of the four preceding
quarters, 50 cents per share in June and March 1932 and Dec. 1931, and
regular quarterly dividends of $1 per share from Dec. 1 1927 to and in
eluding Sept. 1 1931.
Accruals after the payment of the March 1 dividends will amount to
$1.50 per share.
-V. 139, p. 3812.
99,664
1,813.410
6.599
576,095
1,274,557
1,482,639
Mayflower Associates, Inc.(& Subs.)
-Earnings
-
Los Angeles & Salt Lake RR.-Earnings.1934
$1,334,947
442,768
228,652
1933
1932
1931
$1,157,872 $1,085,885 $1,334,580
329,096
277,650
382,686
89,818
70,707
120,775
16,206,311
5.871,535
3,061,840
13.935.335
4.509,534
1,591,090
15.183.060
4,867.991
1,670,666
18,845.202
4,686,189
1,387,480
Louisiana & Arkansas Ry.-Earnings.-
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4130.
1934
$383.213
123,845
72,988
1933
$3330,076
118.758
68,702
1932
$290,409
80,518
71.170
1931
$392.513
120,447
84.459
4,467,631
1,526,027
1,007,116
4,124,940
1,433.061
919,772
4,055,834
1,209,618
793,034
5.852.321
2,237,289
1.460.968
Louisiana Arkansas & Texas Ry.-Earnings.-
DecemberGross from railway._ __ _
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 140, p. 148.
1934
563,665
22,446
15,948
1933
$64,965
17,819
2,712
1932
$54,532
def1,091
def15,459
1931
$48.359
7,636
def112
840,409
161,344
def1,843
682,495
99,801
def26,705
717,441
34,349
def84,608
.
952,99?
217,216
23,878
Louisiana Steam Generating Corp.
-Tenders---
The Chase National Bank, N.Y.City,trustee, will until 12 noon Feb. 13
next receive tenders for the sale to It of 1st mtge. 6% gold bonds, due
Nov. 1 1939, at a price not exceeding 102 and interest, to an amount suffident to exhaust 556,427.-V. 140, p. 321.
Louisville Gas & Electric Co.
-Defers Bond Redemption
-
At a meeting of the board of directors held Jan. 30 it was decided that due
to the Nendeney of the decision of the Supreme Court of the United States
in the gold clause" cases, the company would defer the redemption of its
6% sinking fund gold debenture bonds, series A, heretofore planned for
Feb. 5 1935. according to T. D. Wilson, President of the copany.-V.
140. p. 480.
Louisville & Nashville RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net alter rents
-V. 140, p. 321.
1934
1933
1932
$5.727.464 $5,121,248 $5,482,267
1,389,863
1,101,988
1.894,525
1,204,342
1,092,712
1,993.628
1931
$6,089,971
1.115,005
783,159
69,962,668 65,656.958 63.920.024 87,019,791
16,631,880 15,408,387 12,305,532 14.635.183
12,967,297 11,857,688
8,278,090
9,519,324
------Luzerne County Gas & Electric
Corp.
-Bonds Called
A total of $25,500 first and refunding mortgage 6% gold bonds, due
have been called for payment as of March 1 next at 105 and interest. 1954,
Payment will be made at the l'ennsylvania Co. for Insurances on Lives
and
Granting Annuities, Philadelphia. Pa.
-V. 138, p 861.
Corp.
--50% Stock Dividend-i-e--t-4-4-4
The directors have declared a stock dividend of 50% in additio
the
regular quarterly dividend of 50 cents per share on the common
stock,
par $5, both payable Feb. 15 to holders of record Feb.
5.
stock dividend must depend on completion of registration Payment of the
with the Federal
Securities and Exchange Commission.
This payment will give the company 135,000 shares of
capital stock outstanding which is carried in the balance sheet at $675,000
($5 par), against
$450,000 previously. The additional $225,000 was transferred
from
surplus.
-V. 139, p. 3328.
McGraw Hill Publishing Co., Inc.(& Subs.)
-Earnings
Years End. Dec. 311934
1933
1932
1931
Net profit after int. and
taxes but before depr_
5423,999 loss$155,985 loss$239.187 4869.702
x After depreciation.-V. 139, p. 3644.
Madison Square Garden Corp.
-Voting Trust Expires
The voting trust
agreement dated Feb. 1 1925, between certain of
stockholders and certain individuals as voting trustees, expired by the
its
terms on Feb. 1 1935.
Holders of voting trust certificates are required to present and surrender
their voting trust certificates to Now York Trust Co.. 100 Broadway,
N.Y.City,and receive in exchange therefor permanent engraved certificates
for the number of shares of the capital stock called for by voting trust
certificates so presented and surrendered.
-V. 140, p. 321.
Maine Central RR.
-Earnings
-Period End. Dec. 31
Operating revenues
Operating expenses
Taxes
Uncollected ry. revenues
Equipment rents-Dr_ _
Joint facility rents
-Dr.
1934-Monih-1933
1934-12 Mos.-1933
$920,868
$859,240 $10,931,066 $10,556,435
619,986
664,117
8,000,144
7,574.628
46,221
43,543
573,467
554.521
13
1,441
703
18,526
24.740
211,305
195.158
20,219
28,120
306.640
298,322
Net ry. oper.income
Other Income
$215,916
43,681
$98.707
27,237
51,838.069
353,288
$1,933.103
263.727
Gross income
Deductions
5259,597
186,695
5125.944
177,140
$2,191,357
2,156,106
$2,196,830
2.177.545
$72,902
def$51.196
$335,251
$19.285
Net income
-V. 139. p. 4130.
Manhattan Shirt Co.
--New Director
Stanton Griffis has been elected an additional director.
-V.140, p. 321.
Manufacturers Casualty Insurance Co.
-New Directors-
4,443,470
Total
10.524.426 11,886.983
Total
10.524,426 11.886,983
a After deducting $486,351 for depreciation of buildings in 1934 and
$427,557 in 1933. b After deducting $70,134 for depreciation in 1934 and
$65,251 in 1933.-V. 139, p. 2052
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 4130.
805
Years End. Dec.31Interest received (net)__
Underwriting commiss'n
Dividends
1934
$44,564
17,500
241,783
1933
$444,057
175,596
88.950
162,175
Total
Expenses
Prov.for compens.under
management
Difference between costs
to subsidiary & values
taken at mkt. quotations of investm'ts acquired by Mayflower
Associates, Inc., upon
dissolution of subsid_
Prov. for Fed. income,
Ste., taxes
$263.847
118.754
$219,653
86,323
$225,505
108.248
$464,347
137.567
277.881
167.560
1932
5136,555
1931
$302.172
46,579
20,277
205,091
Operating profit
def$199.644 def$239,321
$117,257
$326,780
Profit on sales of secursa376,168
1,244.296 loss1,036.641 loss 806.862
Net profit
Cash dividends
5176,524
51.004,973 loss$919.3851oss$1480,082
272.296
Surplus
$176,524 51.004.973 def$919,385def$1.752,379
Shs. cap. stock (no par).
221,188
259,200
231.316
236.034
Earnings per share
Nil
Nil
$0.80
$4.35
Capital, as per bal.sheet
based on invest, at
cost
$11,613,337 $12,316,249 $11,942,506 $13,897,060
Excess ofinvestment cost
over market value_ --4,063.702
338,067
3.169.244
1,059,517
Net asset value
511,275.270 511,256,731 $8,773,262 59.833.358
Net asset val. per share_
$50.98
$48.66
$37.17
$37.94
a After deduction of $15,409 net loss on foreign exchange, incident to
sale of foreign investments, and $8,985 write-down of cost of one item to
nominal value.
Consolidated Balance Sheet Dec. 31
1934
1933
1933
1934
Assets
Liabilities
a Investments.... 6,375,292 9,550.132 Accounts payable_ 295,473
172,052
Cash
5.395,910 3.082,081 Res.for Fed. tax__
13,543
185,500
Divs, and interest
b Capital stock... 4.423.760 4.626,320
receivable, &c
5,900
41,589 Paid-in surplus... 8,217,884 8.894.760
Invest'ts not havDeficit
1,028,307 1,204,831
ing current market quotations
145,251
Total
11,922,354 12,673,801
11,922,354 12,673.801
Total
a Market value at Dec. 31 1934 was $6,119,605, against 58.793.763 in
1933. b Represented by 221,188 no par shares in 1934 and 231,316 in 1933.
-V. 139, p. 449.
Melville Shoe Corp.
-Sales
4 Weeks EndedJan. 19
-V. 140,p. 480.
1935
51,748,419
1933
1934
$1,325,243 $1,060.914
Merchants Fire Assurance Co.
-Cent Extra Dividend 01
4-4-Z
-25
The directors have declared an extra dividend of 25 cents per share in
addition to the regular semi-annual distribution of 50 cents per share on
the common stock, par $12.50, both payable Feb. 1 to holders of record
Jan. 28.-V. 136, p. 1563.
Midland Properties, Inc.
-Balance Sheet Dec. 31Assets1934
Cash on deposit__ $13,514
Ctf. of deposit_
x Land, buildings.
equipment. &c_ 1,473,905
Rent receivable_
Good-will
1
Unexpired in.sur'ce
premiums & prepaid taxes
11,060
-1934
1933
Liabilities
84,968 Accts. payable for
$2.031
expo., sals..
10,400
_
Tenants' depos. on
1,440,495 leases
400
591 Mtges. pay. (due
1
Oct. 1 1932)- 535,900
8% pref. stock_ _
920,000
Common Stock...
10.296 Surplus
40,148
1933
$2,712
10,400
540,700
920,000
det7,062
Total
$1,498,479 81.466,751
Total
$1,493,479 $1,466,751
x After reserve for depreciation of $435.393 in 1934 and $406,866 in 1933.
y Common stock authorized and issued 150,000 shales of no par value,
are given no value in the balance sheet.
Note--Accumulated dividends on pref. stock not delcared or paid at
Dec. 31 1934 amounted to 84% of the par value of the outstanding preforred stock.
-V. 138, p. 1.)75.
Midland Valley RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139. p.4131.
1934
8112,146
76.388
58,612
1933
$91.870
36,570
27,588
1932
5116.035
52,018
34,204
1931
5166,641
62,k98
35,561
1,319,981
582,567
407,353
1,358.308
611.625
414,103
1.518,478
643,908
432,058
2.124,508
810,390
516,853
Minneapolis-Honeywell Regulator Co.
-Earnings
-
Years End. Dec. 311934
Net profit after Interest,
depr., Fed. taxes, &c_ $1,007,785
Shares corn.stk.(no par)
197,474
Earnings per share
$4.69
-V. 140. p. 322.
1933
$831,241
197,468
$3.77
1932
$190,323
197,500
$0.51
1931
$680,524
203.674
82.90
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earnings
[Excluding Wisconsin Central Ry.
Period End,Dec.31
1934
-Month-1933
1934-12 Mos.-1933
Revenues
5926.026 $1,148,437 $12,615,804 512,866.942
Expenses
844.673
897.055 10.758,355 10.630.286
Taxes & uncoil. ry. rev.._
33.389
47.397
809,607
1.004.469
Hire of equipment
287
Dr16.568
39.665
Dr35.819
Rental of terminals
-Dr.
16,580
• 17,275
205,908
199.013
Net after rents
$31,671
$170,141
$8881,599
$997.355
Other income
-net
--Dr.
35.728
69,766
782.502
800.086
Int.on funded debt
-Dr.
442,497
425,519
5,177,639
5,040,764
Net deficit
$446,554
$3325.145 $5.078.542 54.843,495
-V.140, p. 149.
Financial Chronicle
806
Minneapolis & St. Louis RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Netfrom railway
Net after rents
-V.140, p. 644.
1934
$537,337
12,593
def22,375
7,514,180
690,779
40,723
1933
$604.771
60,225
54,949
1932
$594,772
22,629
def36,076
1931
$683,648
6,417
def11,827
7,673,398 7,854,700 10.294,993
997,153
410,662
926,113
111,706
281.705 def396,105
Mississippi Central RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. p. 644.
1934
$43,054
def9,229
def9,831
1933
$43,689
2,a06
def2,371
1932
$39,249
det4,670
def9,478
1931
855,414
3,740
3,725
632,174
43,051
def18,437
604,360
52,116
def20,494
609,782
19,464
def67,472
995,829
228,998
135,257
$72.447
16,103
8,928
1932
$67,435
8,855
def3.875
1931
$82,215
1.4,625
5,265
850,168
183,747
32,807
875,561
159,375
16,438
1,323,038
330.697
164.708
i Missouri Illinois RR.-Earnings.r- December1934
1933
Gross from railway
$74,187
Net from railway
15,340
Net after rents
8,669
From Jan. 1
959.753
Grossfrom railway
Net from railway
206.096
Net after59,775
- 139, p. 3646: V. 140, p. 149, 480.
V.
-Earnings
--Texas Lines
Missouri
-Kansas
1934-12 Mos.-1933
Period End. Dec.31- 1934-Month-1933
$1,977,931 $2,227,396 $26,329,386 $25,696,675
Operating revenues
1,771,573
1.504,918 20,592,842 18,998,204
Operating expenses
556,985 2,057,285 3,335,643
Available for interest_ _ _ def25,755
347,377
347,796 4,169,042 4,173,763
Fixed interest charges56,573
678,878
678,878
56,573
Int.on adjustment bonds
Net income
-V.140. p. 480.
def$429.706
$152,616 df$2,790.636df$1,516,998
Missouri & North Arkansas Ry.-Earnings.1932
1934
1933
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 644.
58,949
5,569
def203
922,581
185,804
63,322
76,549
13,310
2,269
50.113
def14,691
def25,434
1931
82,998
def18,387
def32,963
894,780
838,829 1,185,951
185,572
def2,868
31,276
53,062 def132,735 def124,437
Missouri Pacific RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents__ -
1934
1933
1932
1931
$5,520,572 $5,160,221 $5,204,534 $6,040,175
663,077
758,161
652,565
899,311
39,393
153,028
252,665
620,644
73,435,591 67.953,779 69,920,180 95,268,193
15,055.141 15.506,336 16,200,799 24,728,040
6,118,046 6,923.548 8,511,961 16.809.458
Independent Group Again Assails Officials Promoting Reorganization Plan for Road-Government Inquiry Recommended.
The independent committee for Missouri Pacific RR. bondholders.
headed by Charles A. Beard, has issued another letter to bondholders of
the company, purporting to give additional reasons why a Government
investigation should be made into the affairs of the road. The letter says
in part:
A new session of Congress has been inaugurated. The press has been
reporting for some time that the authorities in charge of railroad regulation
or administration are to offer new proposals for railroad reorganization
in the present session of Congress. This is two years after the submission of
other proposals, from Government sources. Those proposals were then
hailed as the means of saving both the public interest and investors in the
reorganization of our big railroads. As things turned out, the new legislation did not get us very far. It even included some matters which have
since been turned against the public interest and against investors. It is
imperative that the necessary steps be taken promptly to prevent a recurrence of this failure.
To make sure that reorganization reform will have a real chance, it is
necessary to get to the bottom of our railroad difficulties. The legislative
committee of the Interstate Commerce Commission regretfully stated two
years ago that it did not then seem practicable to deal with the problem of
reorganization in a thorough way. Thorough treatment will not be
achieved unless the Congress and the public are advised of the real trouble.
Otherwise, it is possible for special interests to bring forward their own
proposals, to hamstring sound legislation, and to cover up the real issues.
Two years ago, while Congress was debating this subject, Wall Street
lawyers who were then being criticized on the floor of the House of Representatives, and whose work in previous reorganizations was being criticized
in both the Senate and the House, were at the very time actually at work
on the legislation pending in the two chambers. Those lawyers caused to
be submitted many amendments to the bill then before the Congress.
Recently, they claimed that most of their proposals-proposals emanating
-had been adopted and made law by the
from the heart of Wall Street
Congress of the United States. In fact, for doing this, Wall Street lawyers
have recently asked a U. S. District Court in St. Louis for payment out
of the assets of a big railroad, now bankrupt.
To avoid such occurrences in the future, it is essential that the whole
subject of railroad breakdowns and railroad restoration be brought into
the light of day, where every member of the Congress. every investor, every
citizen, can walk all around it and see it exactly as it is. The way to do
this is to have a thoroughgoing governmental inquiry.
A fundament ill of the railroads, though of course they are suffering from
-in good times and
many, is the ill that comes from the control of the roads
-by promoters, speculators
bad, in normal operations and reorganizations
and financiers. An apt illustration is furnished by the Missouri Pacific RR.
There are neither sound operating nor sound business reasons why the
Missouri Pacific RR. should be in bankruptcy. It is in fine physical
condition, it is doing a reasonable amount of business. In the first four
depression years, 1930 to 1933. inclusive, its income, after paying all the
expenses of running the railroad, and before paying interest charges, aggregated $66,000,000. In those four depression years it carried over 122,000,000 tons of freight and over 7,000,000 passengers. Although business fell
off, the remaining business was more than sufficient to run this road, to
keep it in excellent condition, and, were it not for the financial structure
of the railroad, to put something aside for a rainy day-after paying all of
the expense of conducting a railroad business. Even in 1933, the amount
that could have been put aside, out of the actual earnings, had it not been
for the banker-made molds in which railroad finance has been cast, was
approximately $8,500,000. The latest figures for the current year 1934,
covering the first 11 months of the year, showed gross operating revenues
of about $68,000,000 and net railway operating income of $6,000,000.
However, by reason of the manner in which the financial affairs of Missouri Pacific have been conducted, this sound property finds itself in bankruptcy. Such an eventuality could have been preevnted if the bankers
had provided that income on investment in the company's securities should
be paid out of earnings, and only when earned. Instead, they put the company into a financial strait jacket, so that, instead of being allowed to
survive through bad years, it was almost certain to suffer a financial breakdown at such times. Having created so faulty a structure, it was the part
of ordinary prudence to arrange for reserves in good years, in order to tide
the company over any depression period. This simple safeguard was
neglected by the financial experts who were guiding the company in boom
years. Even so, it might still have been possible for Missouri Pacific to
weather the present storm if the bankers and promoters had not embarked
it on a series of financial transactions that loaded it down with debt. The
result of this heaping up of financial errors was to bring the company to
its present status.
Feb. 2 1935
The detailed history of Missouri Pacific in the last 18 years bears out the
-made bankruptcy, no deconclusion that its bankruptcy is no business
pression-made bankruptcy, but a financier's and promoters' bankruptcy.
It was the bankers who created the last reorganization of the Missouri
Pacific in 1917. They put it to work, not simply operating a railroad, but
conducting stock market operations, out of which the bankers made millions
in stock exchange commissions, promoters' commissions and flotation commissions. It was the bankers who put their approval on an inflated capitalization of $100,000,000, if not more, and then sold to the investing public
hundreds of millions of securities resting on that grossly inflated structure.
It was promoters, supported in their financial operations by bankers, who,
on a personal investment of shoe-string proportions, captured control of a
two-billion-dollar railway empire. It was promoters, similarly financed,
under whose control the books of the Missouri Pacific RR. and its subsidiaries were conducted in a manner contrary to the public interest and sound
economy. It is not strange, therefore, that a high-grade railroad property.
operating in a developing section of the country and doing, for depression
times, a good business, with a net return above its operating expenses, Is
confronted with the paradox of bankruptcy.
No sooner had bankruptcy been precipitated by such financiering, when
the financiers were back in the saddle as reorganizers. Four main committees at once appeared on the scene, bearing names familiar not alone in
Missouri Pacific history, but to many saddened investors in all sorts of
securities, and to the informed public.
Not alone bankers, but insurance company executives, joined hands,
some of them from companies whose heads have enjoyed close relations with
big bankers who have been deep in the Missouri Pacific. For years, the
executives of various insurance companies, having put tens of millions of
dollars of their policyholders' money in the bonds of Missouri Pacific and
other railroads, sat actually by while bankers and promoters were manhandling these companies.
If the public interest and the investors' savings are to be protected, it is
Imperative that Congress or some other appropriate agency of the Federal
Government shall undertake a thorough public investigation of railroad
financing and bankruptcy, so that the Congress may be able to act in the
light of full facts and with the aid of an informed and aroused puulic.
The other members of the committee besides Mr. Beard are Matthew
-V. 140, p. 322.
Josephson and James B. Murray.
Mobile & Ohio RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140,9. 150.
1934
$649,473
def15,203
def62.743
8,544,827
1,110,734
def30,048
1933
$661,918
56,282
16,883
1931
1932
$607,051
$545,665
10,643 def76,834
def21,030 def138,268
8,161,996 7,851,329 10,044,745
795,138 1,040,527
1.333,320
177,587 def509,802 def318,555
Monongahela Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 150.
1934
1276.282
142,690
38.113
1933
$325,886
205,410
104,767
1932
$279,386
169.504
93,143
1931
$338,387
195,041
104.159
3,820,585
2,249,309
1,066,544
3,584,699
2,251,972
1,166,000
3,634,116
2,152,569
1,142,450
4,634,511
2,376,696
1.263,890
(Philip) Morris & Co., Ltd.
-Status of Options
The New York Stock Exchange has been notified that the status of outstanding options as of Dec. 31 1934, were as follows: _
177 shs. of common stock to employees at $8.93 per sh., extended to
Feb. 15 1935; 3.577 shs. of common stock to employees at $8.93 per sh.,
expiring Feb. 15 1935; 1,067 shs. of common stock to customers at $10
per sh., extended to Feb. 15 1935; 100 she. of common stock to customers
at $10 per sh., extended to Feb. 15 1935: 225 shs. of common stock to
customers at $10 per sh., expiring Feb. 15 1935; 8,578 shs. of conunon
stock to employees at $8.93 per sh., expiring Feb. 15 1936,226 shs. of common stock to customers at $10 per sh., expiring Feb. 15 1936-V. 139.
p.4132.
(J. K.) Mosser Leather Corp.
-Earnings
-Years EndedOct. 27 '34 Oct. 28 '33 yOct. 29 '32 Jan. 3 '31
Oper. profit before deducting deprec. & int_ $481.784 $3,975,547 4E360.454 x$1,103,497
370,172
Depreciation
327,023
348,111
286,968
397,067
122,979
Interest charges
159,033
198,147
-----Federal income tax
387.392
Net profit
$31,781 $3,081,012 x$1,345,568 41,870,736
Earnings per share on
Nil
Nil
shs, cap.stk_ _
$5.20
592.857
$0.05
x Loss or deficit. y Report for 10 months ended Oct. 29 1933.
Consolidated Balance Sheet
Oct. 27 '34 Oct. 28 '33
Oct. 27 '34 Oct. 28 '33
Assets
Liabilities
$
798,060
1,129,704 1,312,673 Accounts payable_ 160,004
Cash
Accts.receivable
857,080 1,480,630 Acceptances pay'le
28,521
9,790 Accrued wages, lo7,189
Notes receivable
Inventories
9,305,254 9,574,203 cal and State
4,450,052 4,677,553 taxes, &c
122,800
Investments
73,813
44,751
5,714,476 6,056,952 Armour & Co.accts
y Fixed assets
135,042 Funded debt
136,446
2,000,000 2,436,500
Deferred charges
x Capital stock 17,994,714 17,994.714
Surplus
1,249,410 1,943,755
21.600,201 23,246,844 Total
21,600,201 23,246,844
Total
x Represented by 592.857 shares of no par value. y After deducting
reserve for depreciation of $2,722,997 in 1934 ($4.576,538 in 1933).-V. 138,
p. 4305.
-Earnings
-Nash Motors Co.
1931
1933
Years Ended Nov.30- 1934
1932
$19.670,777 $8,983,974 $15,330,635 $35,928,022
Sales
21.454,108 10,024,052 14,338,077 30,487,587
Costs and expenses
1,225,114
Depreciation
823,425
912,726
959,265
Operating loss
Other income (net)
$2,606,757 $1,952,804
981,678
763,941
c$33,293 44,215.320
1,582,668
996,259
$1.625,078 $1,188,863 sr$1,029,552 sr$5,797,988
Total loss
990.307
Prov.for Federal taxes..
$1,625,078 $1,188,863 sr$1,029,552844.807,681
Net loss
2,047.500 2,047,500 4,095,000 9,555,000
Common dividends
$3,672,578 $3,236,363 $3,065,448 $4,747,319
Deficit
23,793,473 26,301,316 29,122,908 33,722,125
Previous surplus
Adjust. of book value of
215,327
562,001
240,281
U. S. Govt.securities_
Prior tax reserves re809,857
turned to surplus101,500
62,850
62,850
104,800
Divs. on treasury stock_
162,500
126,222
176,122
175,915
Other non-oper. credit
$20,525,294 $23,865,926 $26,578,456 $30,048,663
Total surplus
Govt. securities & treas671,705
72,453
ury stock write-off..
254,050
Mach. & equip. write-off
b2 b59,201
Amt.to reduce treas.stk.
77,1;15
Profit & loss surplus_ _$20.466.093 $23,793,473 $26,301,316 $29,122,908
Shs.ofstock out.
(no par) a2,730,000 a2,730,000 a2,730,000 a2,730.000
$1.76
Nil
Nil
$0.39
Earnings per share
a Including 83,800 shares held in treasury (1931, 29,000 shares). b Amt.
treasury stock to basis of cost or market prices, whichever the
to reduce
lower. c Profit.
Volume 140
Financial Chronicle
807
Balance Sheet Nov. 30
New York Transit Co.
-Annual Report
1933
1934
1933
Calendar Years1931
1934
1932
1933
• Liabilities
$
--Operating revenue
$169,826
$184,343
5,413,049 y Common stook.-13,887,000 13,887,000
Operating expenses
120,190
117,326
1,473,420 Accounts payable_ 909,604 1,938,435
Depreciation
11,747
11,829
168,049
1,578.076 Distributors dep__ 388,261
424,871 Federal, excise and
Net operating revenue
$37.889
$55,189
Not available
109,319
205,857
27,540,399
local taxes
Non-operating revenue_
11,195
10,384
2,077,014 Other reserves.... 1,912,999 1,709,732
839,909
Initial surplus_
839,909
102,500
Total revenue
$49,084
$65,573
671,124 Earned surplus_ _ _19,626,184 22,953,564
Local. State & Fed.taxes
21,416
19,678
2,374,969
Misc. non-recurr. itema_
Cr2,187
cr10,167
47,122
1
Net income
875,553
$29,855
$56,062
850,317
Dividends
30,000
100,000
30,000
40,000
Total
37,673,277 41,702,545
37,673,277 41,702,545
Total
Surplus
def$145
$26,062
$10,317 def$24,447
x After depreciation of $7,166,480 In 1934 (1933. $7.619.326). y RepreShares of capital stock
sented by 2,730,000 no par shares (Incl. 83,800 shares in treasury).
outstanding 'par $5)...
100,000
x100,000
100,000
100,000
483,800 shares at cost, which was less than market at Nov. 30Earns. per sh.on cap.stk.
$0.76
$0.56
$0.50
80.30
V. 140, p. 322.
.
x Par $10.
Nashville Chattanooga & St. Louis Ry.-Earnings.Balance Sheet Dec. 31
Assets1934
Liabilities-1934
1933
1933
December1934
1933
1932
1931
a Plant
6369,445 $382,572 x Capital stock... $500,000 $500,000
Gross from railway
$886,112 81,016.014
$965,939
$951,750
U.S. Govt. bonds_
1,781
136,977
969
99,806 Cap.stk.red. acc't_
Net from railway
73.344
57,125
109,583
48,500
50,227
Other securities_ _ _
14.780
66,385
65,000 Accounts payable_
Net after rents
20,639
65,811
149,617
19,873
917
Cash
1.150
70,356
84,837 Accrued taxes_ __ _
From Jan. 1
Accts. receivable_
44,809
44,809
40,375
87,638 Res. for fire insur_
Gross from railway
12,733,702 12,381,088 11,355,116 15,140.254
Mat'Ls & supplies.
167,914
1,113
967 Surplus
167.770
Net from railway
1,684,997
1,203,221
1.587,857
1,559.389
Fire insurance fund
44,825
44,825
Net after rents
953,544
992,602
715,254
822,291
-V.139, P.4132.
Total
$729,477 $765,647
$729,477 $765,647
Total
National Aviation Corp.
-Earnings
-a After deducting depreciation of $615.952 in 1934 and $628,623 in 1933.
Calendar Years1934
x Par value $5.-V. 138, p. 1577
1933
1932
1931
Loss from sale of securs_
$163,635
$73,245 $1,131,597
$830.367
Niagara Share Corp.
---Annual Report
Int.& divs. rec'd, &c__.
73,178
12.453
19.358
45,538
The corporation reports net assets as of Dec. 31 1934 equivalent to 82.291
Loss
$60,792 $1,112,239
• $90.457
8784,829
for each $1,000 debenture, $504 for each share of class A preferred stock
Manag't & corp. exps__ _
78,717
74,096
43,382
43,125
and $8.15 for each share of class B common stock outstanding in the hands
of the public. This compares with net assets at the end of 1933 equivalent
Net loss for year
$169,174
$134,890 $1,155,622
$827,954
to $2,415 for each $1,000 debenture, $578 for each share of class A prePrevious deficit
2,462.195
2,327.304
1,842,458
1,014,503
ferred stock and $9.43 for each share of class B common stock.
Prov.for prior yrs.'taxes
10,767
The consolidated balance sheet of Dec. 31 1934 shows investments with
an indicated value of $27,364,720 compared with $28,958,421 at the end
Total deficit
$2,642,135 $2,462,194 $2,998,079 $1,842,457
of the preceding year.
-V. 139. p. 3331.
J. F. fichoellkopf, Jr., President, states in his report to stockholders:
---Nat
ional Belles Hess Co., Inc.-Suarerrtferl."Net operating income for the past year was somewhat less than in
1933 due to the omission of the dividend on the common stock of Niagara
succeede
cumulative preferred stock $100 par). This is the stock of the old comHudson Power Corp.. but was sufficient to cover both the interest on the
pany which was
debentures and the dividend on the preferred stock. The outlook for 1935
7by National Bellas Hess, Inc. in 1932. To
date liquidating dividends amounting to $5.15 per share have been paid on
at this time is such that it is expected the net operating income will be
the preferred stock.
-V. 139. p. 451. •
approximately the same as in 1934.
"During the year there was acquired an additional $267,000 534%
National Biscuit Co.
-Loses Suit
debentures of corporation, making a total of $3,137,000 of such debentures
Federal Judge John P. Melds,in the U. S. District Court for the District
acquired at a substantial discount since issuance in 1930.
of Delaware on Jan. 22 dismissed the suit in equity of the company against
"Except in the case of the major holdings in the portfolio, there have been
the Kellogg Co., ruling that the latter did not compete unfairly against the
numerous changes which it is believed have not only improved the charformer.
-V. 140, p. 322.
acter of the securities, but have also increased the income."
Consolidated Income Account Years Ended Dec. 31
National Distillers Products Corp.
-Sells Interest in
1931
1932
1934
1933
Distillery
Dividends
$605,564 $882,572 $2,256,705 83.389.088
The company on Jan.30 announced the disposition to Canadian Industrial
911.403
Interest
839,013
560,608
623,425
Alcohol Co.
td., of its interest in National Canadian Distillers, Inc.,
194,222
Syndicate pro!
28,821
its
3,116
6,025
previousl jointly owned by National Distillers Products Corp.
4
103,391
Rents received
8,980
10,932
10,408
adian Industrial Alcohol Co., Ltd.
-V, 139, P. 4133.
58,289
Commissions
47,099
136,034
113,745
18,377
" Miscellaneous
11.227
6.095
1.778
.-----National Union Fire Insurance Co.
National
-Extra
Total gross income
$1,380,326 $1,583.160 $3,188.666 $4.674.771
Smaller-Regular Dividend
785.357
General expenses
472,242
405,990
382,194
The directors have declared an extra dividend of 50 cents per share in
829,130
Interest on funded debt.
741,870
698,891
665.536
addition to a regular dividend of like amount on the capital stock, par $20,
Amortiz. of bond disc.
both payable Feb. 11 to holders of record Jan. 29. This compares with
38,334
and expense
31,444
34.302
37,276
$1 per share paid on Oct. 8, last and $2 per share on Feb. 6 1931. Prior Inc. tax paid at source
to this latter payment regular quarterly dividends of $3 per share were
7.698
7,064
on debentures
6,357
6,178
•
distributed.
-V. 139, p. 2056.
317.943
Int. on unfunded debt
44,768
9,988
Reserved for taxes
22,842
Nevada Northern Ry.-Earnings.Sec. losses of subsidiaries
December1934
1933
21,398
1932
775,158
chat•ged against inc_
Cr113,418 Cr119,770
1931
Gross from railway
$23,324
$21 485
Miscellaneous reserves
32,254
225,946
$24,112
59,300
$37,666
Net from railwaydef5,507
Special legal expenses__ _
53,890
7,236
Net after rents
d4683
1,692
def8,628
Loss on foreign exchange
3.700
1,320
From Jan. 1
$884,340 82.674,909
Net income
$515,326
$261,532
Gross from railway
353,606
270,868
334,358
491,576
376,190
Previous earned surplus_
283,189
622,623
960.100
Net from railway
70,166
def7,609.95,074
Refund of prior years'inNet after rents
36,401
def36,495
def34,223 def227,185
come tax paid at source
1,340
-V. 140, p. 150.
Gross earned surplus.. $1,222,973 $1,137,949 $1,167,529 83,051,099
.4
New Orleans Texas & Mexico Ry.-Earnings.Miscell. adjust. applic.
December11,927
to prior years(net)...Cr2,327
Cr5,833
1934
1933
1932
1931
181,994
Divs, on pref. stock......
181,504
Gross from railway
181.319
180,177
$136,107
$143.555
8138,234
$123,077
Divs, on common stock..
2,573,988
Net from railway
24,196
37,780
34,162
def15.658
Net after rents
Stock db.% on class B
47,253
61,571
69,638
def22,633
From Jan. 1
common stock
183,442
Gross from railway
Cash dlv. on class B
1,654,782
1,300,818
1,577,314
2,198,526
Net from railway
common stock
150.166
339,155
127,310
246,447
450,631
Net after rents
Int. on Fed, income tax
523,390
312,020
408,198
568,546
.-p. 140, p. 151.
def. relating to acq.cos
11,747
Sundry deductions
50
New York Connecting RR.
Office furniture & equip.
-Earnings.
December=
written off
35.626
1934
1933
1932
1931
Gross from railway__ _. _
$229,676
$194,687
$267,240
8209,801
Earned surp. Dec. 31-141,029,857 68960,100 68622,623
$283,189
Net from railway
175,1,74
141,282
219,495
155,032
Earns, per sh. on avge.
II
Net alter rents
134,435
40,8.16
14.1,944
91,686
class B abs. outstanding_
$0.22
c$0.34
$0.05
$0.47
Jan. 1
From
b Unrealized depreciation in the market value of the corporation's investGross from railway
2,700,496
2,730,165
2,558.597
2,225,811
ments based on cost increased $903,028 during the year ended Dec. 31 1934
Neu from railway
2,109,587
2,157,225
1,979,805
1,431,898
(86,692,702 in 1933 and $4,355,831 in 1932). c Old common shares.
Net after rents
1 263,624
1,261,009
1,064,845
638,182
-1r. 130, p. 4133.
Consolidated Statement of Capital Surplus Dec. 31 1934
Capital surplus Jan. 1 1934
$6,215,082
New York New Haven & Hartford RR.
-Earnings
-Reserve for fluctuation in value applicable to investments sold
1,090,004
Period End. Dec. 31- 1934-Month-1933
1934-12 Mos.-1933
Less net loss on sales of investments based on original cost........ 1.035.278
Operating revenue
85,773.870 $5,836,815 S69,283,110 $67,224.751 Adjust, of disct. and expense applicable to purchased debs
84,471
Net operating Income... 1,466,183
1,428,923 16,568.898 17.997.724
Net ry. operating income
501.421
615,424
5,617.020
7.695,427
Gross capital surplus
86,354.281
a Net after charges (def.)
504,529
406,225
5,532,114
4,853,832
Adjustmentito conform with value of investments June 30 1934 1,546,530
a Before guarantees on separately operated properties.
•
-V. 140. p. 323.
Sept. 30 1%34
2.561,077
Dec. 31 1934
574,501
New York Power & Light Corp.
-Rate Cut Approved
- Restoration to capital surplus at March 31
Cr2,696,814
1934
The company's customers will save about 8600,000 a year under a new
Reserved for prior years' taxes relating to acquired companies
45,655
schedule of domestic electric rates approved by the N. Y. Public Service
Discount on Treasury preferred stock
41,239
Commission.
Miscellaneous reserves
96.852
The new rates announced on Jan. 29 and which become effective on
Feb. 1 will benefit consumers in parts of Albany, Schenectady, Rensselaer,
Capital surplus Dec. 31 1934
84.185,238
Saratoga. Warren, Washington, Montgomery, Fulton, Herldmer, St.
Lawrence, Columbia, Essex, Schoharle, Otsego and Hamilton counties.
Consolidated Balance Sheet Dec. 31
See also V. 140, p. 645.
1934
1934
1933
1933
Assets
Liabilities
New York Title Insurance Co.
-New President
Cash
393,852
403,465 Accounts payable_ 294,671
281,356
Colonel Douglas I. McKay was elected on Jan. 30 President of this
U.S. Treas. notes.. 192,000
384,700 Divs. & int. pay__
155,334
156,920
company and its subsidiary, the Servicing Corp. of New York.
-V. 139.
Accts. & notes rec. 435,843
724,284 5Si% cony. debs_ _ 11,863,000 12,130,000
p. 1247.
Int. & dive. receiv- 229,680
184,383 Reserves for
New York Westchester & Boston Ry.-EarningsaStocks & bonds 27,364,720 28,958,422
Taxes,&c
49,899
Mtges.& real eat... 102,864
Period End. Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
103,534
Contingencies.... 1,500,000 1,500,000
Office bldg. & eq.
Railway over. revenue
$141,662 8145,206 81.701,041 $1,685,141
Miscell. liabilities_
4,040
(less deprec.)_ _
461.769
119,643
475,205 $6 pref. stock
123.344
1,490,086
1.365,697
By oper. expenses
3,037,100 2,965,500
39,842
def374
332,842
bClass 13 common
Taxes
307.019 Office furniture &
equipment
1
1
stock & scrip__ 7,532,697 7,532,697
Unamortized bond
Operating Income...- def$17,824
$22,237 def$121,887
$12,425
Capital surplus.... 4,185,238 6,215,083
diset. & expense 464,868
506,330 Earned surplus... 1,029,857
Non-operating income__
2,559
2,788
22,679
24,949
960,100
Miscell. assets_ _ _
2,201
5,373
Gross income
def$15,264
$25,026 def$99,208
837,374
Total..... _ 29,647,797 31,745,697
Total
Deductions
249,652
245,360 2,971,319 2,919,253
29,647,797 31,745,697
a Market value after reserve for fluctuation in
3264.917 8220,334 83.070.527 $2,881,878 103 (892,332,074 in 1933). b Represented by market value of $92,235.Net deficit
$5 par shares.
-V. 140.
-V. 140, p. 4133.
p. 482.
1934
Assets$
:Real est.. eq.,&c. 4,375,807
Investments
1,582,511
z Treasury stock
1,518,875
Accrued int. rec.... 374,972
Govt.securities._ _25,284,873
Mat'l & supplies__ 2,137.741
Notes receivable__
Accts. receivable__ 385,562
Cash
1,972,363
Prepaid expenses
40,570
Good-will
1
•
808
Financial Chronicle
Norfolk Southern RR.-Earnings.December1934
1932
1933
Gross from railway
$263,443
$322,130
$319,503
Net from railway
46,158
92,334
10,348
Net after rents
9,648
74,066 def10,144
From Jan. 1
Gross from railway
4.763.117 4,385,592 4.188.799
Net from railway
1,139,986
803,155
369,789
Net after rents
489,653
303,231 def270,501
-V.139, p. 4133.
1931
$355,230
4,524
def35,111
6,017,064
1,059.641
338,109
Norfolk & Western Ry.-EarningsPeriod End, Dec. 31- 1934
1934-12 Mos.-1933
-Month-1933
Railway oper. revenues_ $5,842,741 $5,681,371 $72,707,867 $69,262,890
Railway oper. expenses_ 3,529.259 3,162,346 44.531,257 39,017,307
Railway tax accruals_ _
470,000
390,000 7,768.000 7,340,000
Uncollect. ry. revenues_
3,772
204
10.663
5.328
Equipment rents (net)__
149.693
2,301,253
182.935
1.906,787
Joint facil. rents (net)_ _
673
def3,774 def180,913 def150.688
Netty. oper. Income_ $2,023,317 $2,274,740 $22,518,286 $24,656,354
Other income
99.972
117.326
1,299,805
1,537,570
Gross income
Int. on funded debt_
Net income
$2,123,290 $2.392,067 $23,818,092 $26,193.924
296,634
322,746 3.537,910 3,892,784
11.826,656 12.069.321 $20,280,181 $22,301,140
Construction
The Interstate Commerce Commission on Jan. 16 issued a certificate
authorizing the company to construct extensions of its line of railroad
from a connection with the present terminus at Grundy in a general southeasterly direction along the Levisa River and Garden Creek, approximately
14.5 miles, and extending from a connection with the Garden Creek line
at the mouth of Dismal Creek easterly along that creek to a point near the
mouth of Knob branch, approximately 24 miles, a total distance of 38.5
miles, all in Buchanan County, Va.-V. 140. p. 646.
Balance Sheet Dec. 31
Assets
Liabilities
1934
1933
Cash
$61,126
$92,715 Accts. payable &
Accts receivable_ 172,910
180,540 accrued wages_ _
Inventories
399,347
302,355 Accruals, Include
Cash Burr. value
Federal income
life insurance_ _
2,255
3,628 tax
y Land, buildings,
Preferred stock...
mach'y & equip- 453,207
491,963 x Common stock_
Marketable secur.
51,185
251,742 Earned surplus_
Fed. Farm Mtge.
Corp. bonds_ _ _
50,568
Patents
1
1
Prep. insur. prem.
3,868
2,670
Feb. 2 1935
1934
1933
$12,377
$2,623
8,342
178,800
615,600
379,348
23,174
236,300
615,600
447,917
Total
$1,194,468 $1,325,615 Total
$1,194,468 $1,325,615
x Represented by 60,218 no par shares. y After reserve for depreciation
of $450,759 in 1934 (1933, $438.014 .-V. 138, p. 876.
Oregon Short Line RR.-Earnings.December1931
1932
1934
1933
Gross from railway
$1,782,310 11,746.358 $1,568.442 $1,841,078
Net from railway588,209
,
,
,
Net after rents
351,775
303,657
280,827
206,396
From Jan 1
Gross from railway
21,455,911 20,466.813 20.381,597 27,147,619
Net from railway
7,087,785 7,079.283 6,703,866 7.744,499
Net after rents
3,248,961 3,301,980 2,699,868 3,407,026
-V. 139. la• 4133
.
Oregon-Washington RR. 8c Navigation Co.-Earns.1931
December1923
1934
1933
Gross from railway
$912,080 $1,234,986
$1,179.637 , 11,155.473
138,540
Net from railway
97,223
61.827
201,881
210,844
Net after rents
,108,866
22,596 def47,827 def
From Jan 1
Gross from railway
15,284,427 13,331,086 13,106,594 19,322,486
Net from railway
3,321,689 2,442,578 1,626,585 3,188,778
146,969
Net after rents
548,057 def392.843def1,370,302
-V. 139, p. 4133.
North German Lloyd (Bremen)
-Ruling
The Committee on Securities of the New York Stock Exchange rules that
deliveries of North German Lloyd (Bremen) sinking fund bonds of 1933.
-Pays Overdue Interest
due 1947. up to and including Feb. 13 1935, may be made either with ----Otis Steel Co.
temporary bonds or with permanent bonds; that beginning Feb.
1935, (... On Jan. 30 the company delivered to National City Bank, Cleveland.
trustee of the 1st mtge.6% sinking fund gold bonds series A,funds for the
only permanent bonds will be a delivery.
-V. 139, p. 1248.
payment of the interest coupons attached to such bonds and which matured
for payment March 1 and Sept 1 1934 Payment of the coupons can be
Northern Insurance Co. of N. Y.
-Extra Dividend
secured by the.surrender thereof to National City Bank, Cleveland, or
An extra dividend of 50 cents per share and a regular semi-annual divi- . City Bank Farmers Trust Co., New York.
dned of $1.50 per share were paid on the common stock, par $12.50, on Jan.
The bondholders' protective committee will secure payment of such
28 to holders of record of same date.
-V.137. P. 3337.
coupons attached to the bonds which are on deposit with the committee
and distribute the interest so received to the holders of its certificates of
Northern Pacific Ry.-Earnin s.deposit. To receive such distribution, certificate holders must execute and
December1933
1932
deliver an ownership certificate to Cleveland Trust Co., Cleveland, Ohio,
1934
1932
Gross from railway
$3,806,986 $3,670,019 $3,474,488 $4.181,196
depositary.
-V. 139, p. 2840.
Net from railway
The Committee on Securities of the New York Stock Exchange rules that
716,565
745.091
382,568
520,166
Net after reAts
the bonds be quoted ex-interest 6% on Jan. 30; that the bonds shall con944,611
998,823
500,613
1,034,089
From Jan. 1
tinue to be dealt in "flat" and to be a delivery in settlement of transactions
Gross from railway
made beginning Jan. 30 1935, must carry the March 1 1935 and subsequent
01.407,775 47,578.677 47,084,176 62,312.087
Net from railway
coupons.
9,856,962 8,585,185 5.650.997 11,229.240
Net after rents
7,915 209 5.975.973
1,990,389 6,801,420
Gets Bank Loan of $2,475,000
-V. 140, p. 482.
The corporation has arranged a three-year loan of 12.475.000 with the
First National Bank, Chicago, in which the National City Bank, CleveNorthwestern Bell Telephone Co.
-Earnings
land, is participating.
Period End. Dec.31- 1934
-Month-1933
1934-12 Mos.-1933
E.J. Kulas. President, stated that from the proceeds of the loan the comOperating revenues
$2,453,844 $2,307.417 $28,866,565 $28,054,209
pany was able to pay off its entire 90
-day note obligations. Ile also said
Uncollectible oper. rev
16,506
22,353
134,564
335,822
the company has arranged for satisfaction of its mortgage sinking fund reOperating expenses
1.838,113
1.711.986 20.781,639 19.836,925
quirements to date and is in funds for the payment of its mortgage bond
Operating taxes
241,900 def389,731
2.679,338
1,769,369
coupons due March 1.
The arrangement for the loan follows reports of steadily improving
Net oper. income-. $357,325
$962,809 $5,271,024 $6,112,093
business by the company. During the first nine months of 1934 it earned
-V. 139, p. 3970.
$681,205 before Federal taxes, against a loss of $1,139,830 for the corresponding period in 1933.-V. 139, p. 2840.
Northwestern Electric Co.
-Bond Extension Sought
The holders of 1st mtge. 20
-year sinking fund bonds due on May 1,
Pacific Coast Co.
-Collateral
1935, of wnich $6,656,600 are in the hands of the public, are being asked
The Bankers Trust Co.,trustee under the company's first mortgage dated
to consent to an extension of maturity of the !maths to May 1 1945.
Dec. 1 1927, has advised the New York Stock Exchange that on Dec. 11
p The company supplies electric current to part of Portland. Ore., in which
1934, it received 200 shares of the common stock and 50 shares of the
city the Portlanc General Electric Co. also operates. Both are affeaed
preferred stock of the Pacific Coast Cement Corp.. and that it now holds
by the Federal Government's hydro-electric development on the Columbia
82,844 shares of the common stock and 6,336 shares of the preferred stock
River. Northwestern Electric says that "there is no apparent prospect
of the Pacific Coast Cement Corp.,subject to the lien of the Pacific Coast
that toe company will be able to provide funds to pay these bones at their
Co. first mortgage.
-V. 139. p. 3162.
present maturity date, either through the sale of securities or otnerwise."
)s The plan will become operative if 95% or more of the outstanding bonds
,
Pacific Gas & Electric Co.-Colfateralare deposited, or may be ...eclared operative by the directors it 90% is
The Bankers Trust Co.,trustee under the company's general and refunddeposited. No remuneration is to be given for soliciting deposits.
ing mortgage,dated Dec.1 1911,has notified the New York Stock Exchange
11..The plan provides for immediate paymeat upon the deposit of bonds
that, upon receipt of certificate of dissolution of the San Francisco Gas &
for extension of the interest coupon due on May 1 that no additional
Electric Co., it delivered 158,471 1-3 shares of the capital stock of that
bonds shall be issued under the mortgage that annual sinking funi and
special trust fund payment shall continue throughout the extended period; company which had been held by it subject to the lien of the Pacific Gas &
Electric Co.'s general and refunding mortgage.
-V.139. p. 3162.
that all bonds in the sinking fund shall be extended to May 1 1945, and
contim.e to draw interest for the ftmd,• that no payment shall be made on
Pacific Southern Investors, Inc.
-Earnings
the principal of the comrany's debt of $2,819,610 to the American Power
& Light Co. until payment of the extended bonds nas been arranged and
Years Ended Dec. 311933
1934
that American Power & Light Co. will not demand payment.
$845.354
Profit from sales of securities
$769.890
No dividends are to be paid on the common stock except out of the
167,012
Dividends on stocks
168,305
earning or surplus earned after Dec. 31 1934, and unless the company
10,797
Interest on bonds, &c
5.578
at the same time pays into toe sinking fund an equal amount. No diNiclends
are to be pain on the preferred stock unless toe company pays into the
Total revenues
$943,773 $1,023,163
sinking fund an amount equal to one-tnird of the dividends.
-V.139,P.4133.
170,693
Interest on debentures
170,000
33,099
Research service fees and expenses
30,300
Northwestern Pacific RR.-Earnings.12.765
Fees of trustees, transfer agents, &c
14,323
December1932
1934
1931
1933
50,589
General expenses,including salaries and taxes
52.965
Gross from railway
$223,928
$206,767
$224.301
$197,842
Provision for Federal income tax
10.871
Net from railway
2.426
27,459 dcf36,015 def79 339
Net after rents
20,238 def67,277 def120,823
def20,774
$756,016
Netincome
8665,314
From Jan. 1
6,762
Earned surplus,Jan. 1
557,058
Gross from railway
3,218,672
2.85.3,362 3,176,592 4.153,264
Net from railway
314,791
148,889
119,389
195,083
$762,779
Gross earned surplus
$1,222,372
Net after rents.
;ef8,010 def180,606 def346,714 def341,963
,
154,291
Dividends on preferred stock
257.151
-V. 140, p. 151.
$608,488
Earned surplus, Dec. 31 _
$965,220
Oklahoma City
-Ada
-Atoka Ry.-Earnin s.Note-Tge profit from sales of securities is based upon the "fit:et-inDecember1932
1931
1934
1933
first-out" method.
Gross from railway
$21,023 4 $35.932
$30.351
$21,107
Balance Sheet Dec. 31
Net from railway
2.417
def2,592 L
3,290
9,059
1933
Liabilities1933
Net after rents
Assets- Milil"P"W1934
def13,295
1934
def829
def5,963
def9,998
$1.827,358 8224,9.58 Secur. bought and
From Jan. 1
Cash
not received.
Gross from railway
315,093
375,079
$21,817
Seem',sold & unde341,625
649.865
Accr. exp. & taxes
12,494
$15,846
Net from railway
92,577
livered
23,642
102,674
181,064
106,803
5% debentures__ 3,480,000 3,480,000
Net after rents
def10.377 (10721,605
def43,838 de111.494
a Investment secs.:
685,737
-V. 139, p. 4133.
Common stocks 3,178,832 5.355,009 b $3 pref. stock. __ 685,737
168,421
655,566 c Class A coin. stk. 168,421
Preferred stocks 647,230
-Earnings
Ontario Mfg. Co., Muncie, Ind.
62,183 d Class B corn.stk.
50,560
52,183
50,560
Bonds
Capital surplus._ 1,417,564 1,366,134
Co.'s own debs.1939
Calendar Years1931
1933
1934
53,620 Earned surplus._.965,220
53,620
608,488
cost
Net sales
$913,379 $1,130.439
$1,067,221
$1.127,696
Capital stock Inv.
Cost of goods sold and
Co. of Amer._ 1,020,826
I commercial expense
811,546
865,722
987.608
1.030.855
10,076
18,717
Divs. receivable._
Depreciation
70.627
67,014
73,374
74,333
3,981
3,697
Accr. Int. receiv
Provision for Federal tax
3.515
8.768
17,152
2,640
1,150
6,445
Deferred charges.
Net profit for year--$27.691
$67,049
$110.014
$20.827
Total
86.812,762 86,375,185
Total
86,812,762 86,375,185
997,938
Com.stk. & surp.Dec. 31 1.063,517
949.048
985.099
a Market value Dec. 31 1934, 113,745.783; 1933, 85.931,077. b Repro
6,930
Disc, on pref.stk. purch.
sented by 68,574 no par shares. c Represented by 168.421 no par shares
d Represented by 505.603 no par shares.
Total surplus
$1,084,344 $1,095,113 $1,032,559 $1.016.096
17.351
Notes
-The investment securities shown above (which are stated at cost
18,158
Preferred dividends_
16.541
16,410
to the company on the "first-in, first-out" method) consist of securities
30.109
Common dividends_ _ _ _
67,746
15,055
quoted on recognized standard stock exchanges, the valuations of which
Premium paid on pref.
based on market quotations, was $3,407,948; unlisted securities, the valuastock purchased
5,240
tion of which, based on the last over-the-counter bid prices, was $335,334.
and miscellaneous unlisted securities of the estimated value of $2.500.
Common stock & surThere were outstanding at Dec. 31 1934. warrants entitling the holders
$985,100
$997.938
plus Dec. 31
$994.948 $1,063,517
60.218
to purchase 265,774 shares of class B common stock before July 1 1940,
60,218
60,218
Sias. corn. stk. outstand_
60,218
$0.17
at $10 a share.
$0.81
$1.55
Earnings per share
$0.07
ti
Volume 140
Financial Chronicle
Undeclared cumulative dividends on preferred stock amounted to
$102,861 at Dec. 31 1934.-V. 139. P. 3487.
Panhandle & Sante Fe Ry.-Earnings.-
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140. P. 151.
1931
$624,346
160,984
62,997
1933
$735,786
241,521
111,675
1932
$182,480
272,762
173,151
1931
$853.055
87.488
def62,466
8,834,312
3,076,032
1.755,092
8,621,500
2.762,22t
1.341.355
8,564,940
1,900,918
367,411
12,107.113
3.552,591
1.740,033
Paramount-Publix Corp.
-Court Favors Plan-Minor
Changes Proposed
-
809
In 1931. when efforts were being made to stimulate national recovery by
reviving construction work without the use of Government funds, the
Pennsylvania borrowed $77,000.000 and revised its construction schedule
to complete the project within two years.
The work was pushed vigorously in 1931, in anticipation of completing
both the electrification and all related terminal developments in 1933.
However, the 177,000.000 borrowed in 1931 was not sufficient to complete
the project and all work that could be suspended was discontinued in January
of 1932.
After the Reconstruction Finance Corporation was organized in
Pennsylvania borrowed $27,500,000 from the Government and 1932 the
concentrated on construction work between Wilmington, Del., and New York
City. Work on that section of the line is finished and regular electric
service has been in operation for more than a year. The RFC loan has
been paid off.
When PWA was set up in 1933 the Pennsylvania negotiated the loan of
$37,000.000 to complete the electrification work between Wilmington and
Washington, on which construction was suspended in 1932, and also the
loans for new equipment and rails.
The train which left Washington signalizing the completion of the electrification project was drawn by a streamlined electric locomitive that is
one of the fleet of 100 for which PWA loaned the Pennsylvania 823.000.000.
-V. 140, p. 647
The plan for reorganization of the corporation under Section 77-B of the
Bankruptcy Act was approved tentatively Jan. 31 by 'Federal Judge
Alfred C.(oxe.
Acting after a series of hearings, he granted an order to show
why the plan should not be confirmed by the court, This order was cause
made
returnable on Feb. 14. After that date,and after confirmation by the court,
the reorganization plan can be put into effect by the approval of two-thirds
of the creditors and a majority of the stockholders of the corporation.
Pennsylvania Reading Seashore Lines.-Earnings.Taking up the main features of the plan, presented by Alfred A. Cook,
December1934
1933
1932
1931
counsel for the corporation and for the stockholders' protective committee,
Gross from railway
$382,257
$356,952
$123,926
$130,127
Judge Coxe declared that he found the provisions fair to all parties, and
Net from railway
def21,325 def111,980 def26,321
def63,299
indicated that his confirmation would be given after the hearing or hearings
Net after rents
def144,878 def278,390 def63,631 def102,348
on the show-cause order.
From Jan. 1
Changes made by the court in the plan as presented by Mr. Cook inGross from railway
5,744,454 4,092,778
1,970,952 2,711,189
cluded a suggestion that the interest rate to be paid to banks on $4,618,932
Net from railway
242,044
27,857 _ def31,350 def48,744
In loans made to the corporation after March 1932, be scaled down from
Net after rents
def1,924,913defl,439.370 def569.205 def637.822
6 to 5%. This would seem fair, the court said, in view of the fact that the
-V.139, P. 4134; V. 140, p. 152.
banks are to be paid in cash, whereas other creditors are to receive
of their claims in new debentures with an interest rate of 6% and 50% ----Perfection Stove Co.
50%
-Removed from Unlisted Trading
new 6% cumulative convertible first preferred stock.
The New York Curb Exchange has removed the capital stock (par $25)
Other bank claims,representing $13,368,932 advanced to the corporation
from unlisted trading privlleges.-V. 138, p. 1928.
before March 1932, are to be paid in cash with interest at 6%.
Judge Coxe also ordered a change in the proposed board of directors,
Petroleum Corp. of America-Annual Report
directing that a proposed four-year term be decreased to three years.
The report for the year 1934, states that the net'assets value Per share,
Under the plan, part of the board would be elected for three-year terms,
based on current prices on Dec. 31 1934 was $12.55 per share on the 2,part for two-year terms, and part for one-year terms. After the three-year
087 460 shares outstanding in the hands of the public, after deducting all
period, Judge Coxe decided, elections shall be annual, with cumulative
liabilities and reserves.
voting.
Securities owned at current prices at Dec. 31 1930, with subsequent
In connection with election of the directors for the new corporation,
additions at cost, are carried in the balance sheet at $35,262,758. The
the court laid down the policy that it did not desire to hamper the offlials
aggregate value of these securities at Dec. 31 1934 was $25,537,763. The
of the reorganized company or attach "strings" to them. It would seem
total net assets of the corporation at Dec.31 1934 amounted to 126,207,592.
proper,
,however,that the courtshould retain some contt ol over the personnel
of the board of directors, possibly by the exercise of a veto po er over
Income Account for Calendar Years
appointments, Judge Coxe declared.
-V. 140, p. 151.
1934
1933
1932
1931
ov'ti
Cash dividends
$1,101,914
$250,119
$381,807 $1,746,056
---(The)Pennsylvania-Bradford Co.
-Preferred Dividendx- Interest
6,670
10,839
46,367
96,202
A dividend of 31 14 cents per snara was paid on account of accumulations 'Income from services_
125.250
on the $2.50 cum, pref, stock, no par valua. on Feb. 1 to holders of record
Jan. 25. A similar distribution was made on Nov. 1, Aug. 1 and May 1
Total
$1,108,584
$260,958
3553.424 11,842,259
1934. The last regular quarterly disbursement of 62;i cents per share was
Registrar St transfer fees
11,400
13.587
13,044
19,534
made on this issue on Nov. 1 1931.-V. 139. p. 3004.
Capital stock, State franchise, dm., taxes
10,679
19.380
15,335
26,020
Pennsylvania RR.-Earnings.Cost of stock ctfs. and
listing fee
December7.542
1934
1933
1932
1931
Other oper. expenses--44,816
Gross from railway
51,067
99,582
84.495
126,911,060 25,060,089 $24,862,484 $30.798,606
Net from railway
6,701,592
5,862,202. 4,796,034
4,907,666
Net income for period $1,041,689
Net after rents
$169.383
1425,463 $1.712,210
4,815.818
3,680,625
2,303,784
2,259.167
Dividends paid in cash__ 1.067.230
From Jan 1
1,348,175
Gross from railway
343,668,699 324,715,814 331,393,458 448,090.279
Balance
def$25,541
$169,383
Net from railway
1425,463
$364,035
94,882,591 97,947,467 89,381,855 95,224,348
Previous surplus
5,264,623
5,095,240
Net atter rents
4,632,277
4.268,243
61,317,016 61,976,859 49,132,038 51,055,806
Int. rec. on synd. partic_
37,500
Stockholders Decrease During 1934
There was a decrease of 5,878 in the number of stockholders during the
Total surplus
$5,239,082 $5,264,623 $5,095,240 $4.632,277
year 1934, the total on Jan. 1 1935 standing at 232,998 as compared with
Statement of Surplus Dec. 31 1934
228,876 at the beginning of 1934.
(1) Capital Surplus
The total on Jan. 1 also compared with 233,253 on Dec. 1, a decrease of
Balance, Dec. 31 1933
255 for December. This followed a decrease of 220 during November
$19,292.824
Excess of cost over capital value (15 per share) of treasury stock
and a decrease of 234 during October. September showed an increase of
retired on April 26 1934 in accordance with resolution of stock80. and August an incresae of 131, the latter gain following 16 consecutive
holders
months of decreases.
133.425
Average holdings on Jan. 1 1935 were 56.50 shares as compared
Balance
56.45 on Dec. 1 and with 55.12 on Jan. 1 1934. Number of shares with
819,159.399
outPortion of reserve not required due to dividend credits being
standing was unchanged at 13,167,696. (Philadelphia "Financial Journal.")
applied to reduce the amounts due on capital stock
4,677
New York-Washington Electric Line
-
Capital surplus, Dec. 31 1934
Completion of construction of the electrified roadway of the
$19.164,076
for
(2) Profit and loss on Realization of Investments
through passenger service between New Yhrk and Washington, road obwas
Excess of amounts realized from sales of securities over average
served on Jan. 28 by the operation of a special inspection train from Washcarrying values (inventory valuations of such securities at
ington to Philadelphia.
Dec. 31 1930 and cost of subsequent purchases):
Harold I. Ickes, Secretary of the Interior and Public Works AdminisBalance, Dec. 31 1933
trator, and a party of Government and railroad officials, made this initial
$685,410
Net result of sales 1934
trip over the newly electrified line. The train's schedule approximated the
627,043
time on which initially the regular electrified passenger service will be
Balance (net addition to surplus), Dec. 31 1934
inaugurated about Feb. 10, an average speed of a mile a minute.
$1,312,453
(3) Undistributed Income
The New York-Washington electrification project was inaugurated in
Balance, Dec. 31 1933
1929, and was completed in sections. The very heavy through service
15,264.623
Net income for year 1934
tween New York and Washington was placed under electric operationbe1,041.689
in
January 1933, and this was extended to Wilmington, Del. the following
Total
month. In April of that year the through service between
$6,306,312
Dividend of 50c. per share paid April 30 1934
Philadelphia and the West was electrified as far as Paoli, Pa. New York,
1,067.230
The final stages of the work comprising passenger electrification South
Undistributed income, Dec. 31 1934
of Wilmington, Del., and freight electrification all the way from New York
$5,239,082
to Washington, were completed with funds furnished by the Public Works
Balance Sheet Dec. 31
Administration. In addition to great public benefits to be gained through
1934
1933
improved rail service, the work has given employment to 25,000 men
1934
1933
Assets
$
Liabilities
$
throughout the year on the railroad and in industry, and has aided maCash
657,737 1,125,290 Accrued expenses_
7,396
11,027
terially the Government's re-employment program.
Syndicate particib Capital stock
10,672,300 10,814.800
In connection with the completion of the electrification Public Works
pations, at cost.
See c
Surplus
25,715,613 25,242.858
Administrator Harold L. Ickes said in part:
Dividends receiv
19,489
15,747
'
'Departure of this train establishing electrified railroad service between
a Securities owned,
the Nation's capital and the Nation's largest metropolis for the first time
at cost
35,262,758 34,710,482
is an achievement.
d Treasury stock_ 455,325
217,165
"This Pennsylvania PWA project is said to be the greatest private construction job in the world carried forward during the past year.
Total
36,395,309 36,068,685
Total
"PWA loans to the Pennsylvania have created nation-wide re-employ36,395,309 36,068.685
a Aggregate value, $25,537,763 in 1934 and $29,135,041 in 1933. b
ment. The company has called back to work thousands of its own emresented by 2,134,460 shares ($5 par) in 1934 and 2,162,960 shares ($5Repployees who were laid off during the depression. Many more thousands of
Par)
in 1933. c Syndicate participation, at cost $1.984,885; amounts due on
men and women were called back to work to produce the vast quantities
capital stock, $112,247: total. 12,097,132: less reserve of $2,097,132.
of materials, supplies and equipment purchased.
d Represented by 47.000 shares ($5 par) capital stock in 1934 (22,700
addition to the vast re-employment benefits resulting from the
In
In 1933).-V. 139, p. 2371.
construction work done, the Pennsylvania has made great improvement
in its property that will enable it to give faster and better service to the
-1 Petrolite Corp., Ltd.
-Dividend Reduced
public." •
A dividend of 40 cents per share was paid on the common
PWA loaned the Pennsylvania a total of $80.650,000 a year ago for its
value, on Feb. 1 to holders of record Jan. 25. This compares stock, no par
employment creating construction program, $37,000,000 lacing for comwith o0 cents
per snare distributed each quarter from Nov. 1 1932 up to and including
pleting electrification of its line between New York and Washington, $17,Nov. 1 1934, and 25 cents regular an1 25 cents extra in eacn of the three
000,000 for building 7,000 new freight cars, $23,000,000 for building 100
precet.ing quarters.
-V. 135, p. 3010.
new electric locomotives and $3,650,000 for purchasing 100.000 tons
of new rail. The loan contract was signed by Administrator Ickes and
Pennsylvania RR officials on New Year's Eve. 1933
-Phoenix Hosiery Co.
-87M-Cent Preferred Dividenc14
Work commenced in February of 1934 and by August the company had
The directors have declared a dividend of 87, cents per share on ac1
4
called back to work more than 15,000 of its own employees who were laid
count of accumulations on the 7% cumul. 1st pref. stock, par $100. payable
off during the depression. Employment was given indirectly to many
March 1 to holders of record Feb. 13. Similar distributions were
more than that number of men called back to work in producting many
on this issue in each ot the seven preceding quarters, as conmarel withmane
8834
millions of dollars worth of materials, equipment and supplies that had been
cehts per share on March 1 1933 and 87 cents per snare on Dec. 1 1932.
purchased.
- 139. p. 2841.
V.
It is estimated that direct and indirect employment has been provided
Pittsburgh & Shawmut RR.-Earnings.for an average of 25,000 men for a year.
The electrification project is recognized as the largest private construction
December1934
1933
1932
1931
Job in the world. Including related terminal developments at Philadelphia,
Gross from railway
$50,789
$58,857
873,839
$70.857
Newark and Baltimore. it is costing more than 1200,000,000. It has been
Net from railway
def8,894
7,036
13,770
15,199
under construction since 1929.
Net after rents
def5.887
12,889
14,242
13,960
The original construction schedule, formulated in 1928. called for fiFrom Jan. 1
nancing the project out of earnings of the company. Under that schedule
Gross from railway
642,980
670,421
814,463
938.561
the work was to have been spread over a period of Mx to eight years. AdNet from railway
48.978
109,995
153,651
247.100
verse traffic conditions and retrenchmnet in 1930 required curtailment
Net after rents
94,516
126,743
129,328
240.603
of the schedule in that year.
- 139, p.4134.
V.
,
Financial Chronicle
810
Representative Trust Shares-Distribution
Pittsburgh Shawmut & Northern RR.-EarningsDecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 4134.
1934
$880,233
12,835
4.441
1933
$81,362
de ,885
de17,666
1932
$80,173
def9,002
def14,763
1931
$94,284
8,321
4.658
921,045
36,424
def57,694
989,451
169,031
90,624
935,591
31,939
def45,515
1,273.789
259,609
182,964
Pittsburgh & West Virginia Ry.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934
8204,373
46.350
52,974
1933
$179,980
52,231
48,429
1932
$177,300
47,320
71,057
1931
$201,637
56,418
49,230
2,720,145
717,100
835.969
2,530,253
816,984
904,838
2,239,821
499.872
619,018
2,905,143
656.738
625,021
To Pay Equipments
The company has arranged for a loan from the Reconstruction Finance
Corporation to pay off the certificates of the 1924 series of equipment
trust certificates which matured Nov. 11934. Holders of such certificates
are requeste1 to forward same to the Chemical Bank & Trust Co., trustee,
165 Broadway, New York City. Unless so presented the company will
not be responsible for interest after Jan. 31 1935.-V. 140, p. 324.
-Increase in Power Output
Power Corp. of Canada, Ltd.
Each one of the eight utility companies which are affiliated with or controlled by this company reported an increase in power output for December
last as compared with the output for December 1933. The aggregate
output for the month totaled 173,956,923 kwh., an increase of 13,190,765
kwh., or 8.2%, over the corresponding total for the previous December.
For the six months' period, July to December, which constituted the
first six months of Power Corp.'s fiscal year, the total output amounted to
914,441,823 kwh., an increase of 76,003,401 kwh., or over 9%,as compared
with the corresponding period of the previous year.
Following are comparative totals for December and for the six months'
period:
-1933
-July-Dec.
1934
-December
-1933
1934
Period16,093,540 14,820.900 88,254.160 84,110,196
Southern Canada
Canada Northern
47,870,067 41.828,670 276,747,200 243,301,090
6,197,408 34,380,740 35,332,304
7,131.520
East Kootenay
British Columbia Power- 45,675,964 44,896,946 236,248.851 227,398,014
5,613.172 5,329.718
967.234
Northern Brit. Col
969,932
Winnipeg Electric
17.604,300 16,407,300 106,199,000 101.858,300
38,349,000 35,391.000 166,194,000 140,304,000
Manitoba Power
824,800
804,700
256.700
262,600
Northwestern Power- _ _
Total
-V. 140. p. 647.
173.956.923 160,766,158 914,441,823 838.438,422
-Equalization Fund
Procter & Gamble Co.
The following is taken from the "Wall Street Journal":
Nearly $2,000.000, or around 31 cents a share on common stock, was
deducted from the company's net earnings for the quarter ended Dec. 31
1934 to create what the company called a "Material and Products Price
Equalization" fund.
President R. R. Deupree stated this $1,965,000 was set aside in recognition of the fact that inventory profits due to rising prices are usually
succeeded by inventory losses. Beyond that statement the company does
not explain its "equalization" fund. Trade observers, however, believe
that the 81.965,000 represents in part the profits resulting from the huge
cottonseed oil inventories the company has been carrying since before prices
of that commodity started the rise that brought them to their current high
level.
Since early 1933 Procter & Gamble's cottonseed oil storage facilities
have been kept packed to the limits, according to trade reports. Despite
sharply increased sales of its Crisco and allied vegetable shortenings and
cooking oils, which cut into cottonoil supplies, the company continued,from
month to month, to keep its oil tanks full to the brim. At present the
company is reported to have what is ordinarily a three-to six-months
supply, an or most of which is reliably reported to have been acquired at
and below seven cents a pound. The current market price is around nine
to ten cents.
Buys Canadian Soap Plant
The company has acquired the business and properties of J. Barcelou &
Cie., Ltd., of Montreal. Quebec, one of the important independent soap
manufacturers in Canada. The purchase was for cash, but the amount
was not revealed.
The Barcelona company was established in 1865 and is one of the oldest
soap factories in Canada. manufacturing several brands of toilet and
laundry soap and allied products. Its business is concentrated almost
wholly in the Province of Quebec. It is the fourth largest soap manufac-V. 140, p. 647.
turing company in Canada.
•
Public Service Corp. of Long Island-Tenders
The Empire Trust Co., trustee, is inviting tenders for the sale to It of
-year sinking fund gold bonds at a price not exceeding
first mortgage 5% 30
105% and interest in an amount sufficient to exhaust the sum of $14.313
In the sinking fund. Tenders will be received at the office of the trustee,
120 Broadway, New York, up to 3 p.m.on Feb. 11 1935.-V. 136. p.658.
Quarterly Income Shares, Inc. (Md.)-Shows Gain of
$1,483,955 in Assets During Quarter
In a statement mailed to stockholders with the Feb. 1 distribution check,
company shows total assets, with investments taken at cost, of 229,952,509
for the quarter ended Jan. 15 1935. This compares with total assets of
-a gain of $1,483,955.
$28,468,553 at the end of the preceding quarter
or 5.2%.
The value of investments on Jan. 15 1935. based on closing market
quotations was $27,732,010, as compared to 826,005.324 on Oct. 15 1934.
end of the preceding quarter. Excess of cost of investments over market
value declined from 21,493.580 on Oct. 15 to 31.009.570 on Jan. 15. In
his letter to stockholders dated Jan. 25 1935, Ross Beason, President, points
out that the excess of cost of investments over market value as of that date
had shown still further improvement and declined to approximately
8241,000.
Income from cash dividends for the quarter totaled $390,786, against
an income of $316,594 from this source in the preceding quarter.
The principal change in the investments during the quarter was the
acquisition of 2,500 shares of Chrysler Corp.; 3.600 shares Commercial
Solvents Corp.; and 6,600 shares Loew's, Inc. The comparative percentage
of investments by industries at the end of the two quarters is tabulated
below:
Jan. 15 1935
Oct. 15 1934
43.85
Industrials
41.55%
24.61
Foods and tobaccos
25.29%
7.43
Merchandising
7.43%
.72
Amusements
10.75
Oils
12.33%
8.05
Utilities
9,39%
.41
Temporary investments
.41%
4.18%
Cash and other assets
3.60%
100.00%
-V.139. p. 3005.
100.00%
Feb. 2 1935
The Mutual Depositor Corp. has announced the distribution of a semiannual dividend of 18.3789 cents per share on Representative Trust Shares.
h
with 17.2376share
This
paidK1 on July 31 .
.
1934, 24.81474 cents per share paid on Jan.31 1934.19.3571
cents paid on July 31 1933. 19 cents on Jan. 31 1933. 22.6252 cents on
Aug. 1 1932, 34.372 cents on Feb. 1 1932, and an initial distribution of
36.5522 cents per share on Aug. 1 1931.-V. 139, p. 776.
-Merger Ratification Likely Within
Republic Steel Corp.
Short Time
Proxies have been received from owners of more than 65% of outstanding
preferred stock and more than two-thirds of outstanding common stock
In support of the proposed consolidation of the corporation and CorriganMcKinney Steel Co., T. M. Girdler, President and Chairman of the board
of Republic, announced Jan. 28. The plan further contemplates acquisition of control of Truscon Steel Co.
"Only a two-thirds vote of each class of stock in support of the plan is
required," Mr. Girdler said. "The sanction of a sufficient amount of
common is already in hand. We are confident that proxies covering the
remaining small amount of preferred will be received within the next few
days."
"This appears to assure the consumamtion of our plan," Mr. Girdler
added. "In view of the fact that it has been impossible for us to get in
personal touch with all of our stockholders, we can presume that a substantial majority of those stockholders who could not be reached are favorable
to the merger."
Mr. Girdler also pointed out that upon consummation of the proposed
consolidation plan any of the outstanding preferred shares not exchanged
will be junior to the new prior preference stock, and not entitled to dividends
until full dividends on the new prior preference stock have been paid, when
earned.
Restores 5 -Day Week
Due to a sharp increase in steel business the 5 day week for office and
clerical employees has been restored, according to an announcement by T.M.
Girdler, President and Chairman. The move affects 2,700 salaried workers
in various offices, and includes offices of subsidiaries. The five-day week
had been instituted Sept. 1 1934 due to greatly curtailed operation.
Orders Increase
During the first 17 days of January, the company reports total orders for
steel 55.7% greater than during the same Preiod in 'December.
"Even more striking," states Mr. Girdler, "and indicative of improved
general business conditions are the sales figures of our company for the
last quarter of 1934.
"December showed an increase of 38.3% over November, which, in turn,
ran 22.6% above October and October bettered September by 36.7%.
"These gains are decidedly the best we have registered for a fourth quarter
any year since our organization in 1930 and certainly suggests business
Improvement in many lines.
'Such contra-seasonal increases in steel sales are unusual. Usually orders
for steel fall off after the semi-annual peak is reached in October to rise
again after the first of the year until another peak is reached in April. So
this exception to the general rule is genuinely encouraging and indicates a
definite trend toward better times.
"Although much of this steel has gone into automobiles, the orders were
by no meanslimited to that industry, but embraced many different products.
The orders were booked by the parent company alone, exclusive of any subs.,
and cover both simple steels and alloys. -V. 140, p. 648.
Richmond Fredericksburg & Potomac RR.-Earns.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 4135.
1934
8577.219
172.167
132,196
1933
$482.978
51,689
def10,858
1932
$549,894
202,518
158,814
1931
$708,585
236,494
145,614
6,128,701
1,116,333
443,987
5,8135.276
1,232.740
393,220
6,306,559
1,374,620
564,255
8,915.245
2,238,050
1,167,742
-Interest
a Steel Corp.
-year
The merest doo.-Fob.-1-1035-ort_the 7-% closed first mortgage 30
c
sinkin und gold bontue 1955,is being paid at the rate of5% per annum.
In pengoes. in Hunga
urities of the New York Stock Exchange rules
The Committee on
that transactions made on and after Feb. 1 1935, shall be settled by debearing only the Aug. 1 1935 and subsequent coupons,
livery of bonds
unless otherwise agreed at the time of transaction; and that the bonds shall
-V. 140, p. 152.
continue to be dealt in "flat."
--Earnings
Riverside & Dan River Cotton Mills, Inc.
1931
1932
1933
1934
Years End. Dec. 31Inc.fr. sales, rents, &c.x$18,913,796x$14,615,046 $9,923,462 $i0,959,657
249,135
259,201
345,877
367,380
Discts. & allowances_ _
Raw mater.al, labor, ex9,115,042
9.442,231
y17,882,931 y12.975.089
pense, Ste
704,816
666,446
1,191.238
1,248,362
Depredation
225,000
150,000
Fed. & State inc. taxes
Increase in stock In proc.
Cr462,004 Dr807,331
& finished g'dsin handCr1,501,198 Cr847,857
Profit from goods sold
Other income (net)
Total net profit
Previous surplus
Divs, on pref. stock
Adjustments
$766,321
13,225
$725,699
11,079
$17,588
11,726
$83,332
13,247
$779.546
6.870,152
Dr454,381
8736.778
6,079,583
829,314
6,110,269
896.579
6,013,689
Cr53,791
Dr60,0t.,0
$7,195,317 36.870,152 86,079,583 $6.110,268
Surplus, Dec. 31
y Processing taxes, paid and accrued, incl.
x Processing tax included
Balance Sheet Dec 31
1933
1934
1933
1934
Liabilities$
$
Assets
Preferred stock_ 7.500,000 7,500,000
Real estate & ma16.111,582 32,570.490 Common stock_ 7,500,000 7,500,000
chinery
5,858,491 4,381,897 Notes payable__ 1,900,000 1,900,000
Inventories
Accts. pay & res.
Stocks owned In
90.042 for proc., Fed%
90,042
other companies
448,655
State dt capital
403,344
Cash
750,906
572,060
Bills & accts. rec.. 2,530,130 2,572,984 stock tax
56,776 Dividends payable 225,000
77,634
Prepaid
15,758,632
Depree n reserve
Bal., credit profit
4
& loss account__ 7.195,317 6,870,152
Total
25,071,224 40,100,843
25,071.224 40,100,843
Total
-Dividends in arrears on the 6% cumulative preferred stock amount
Note
plus interest.
-V. 139. P. 2690.
to $18 per share
4
-Accumulated Dividend ib14 .e-GC
----Roos Brothers, Inc.
A dividend of $1.62M per share was paid on account of accumulations
on the 6M % cum, pref. stock, par $100, on Feb. 1 to holders of record
Jan. 30. Similar distributions were made in each of the three preceding
quarters, while on Fob. 1 1934 $2.433i per share was disbursed.
Following the Feb. 1 payment accruals on this iSs1113 now amount to
-V. 139, p.2216.
8131 cents per share.
-$1 Extra Dividen
----Rose's 5, 10 & 25 Cent Stores, Inc.
An extra dividend of $1 per share in addition to the usual annual dividend
of 50 cents per share was paid on the common stock, par 35 on Feb. 2.
1934-11 Mos.-1933
Period End. Nov. 30- 1934
-Month-1933
-V. 140, p. 325.
Revenues & income_ ---811.099.712 $10,026,121$121,189,745$110,296,659
Operating expenses
6,955.068
6,264,235 72,254,089 66,839,460
-1
-Cent Preferred Dividend 1
-25
-- (Helena) Rubinstein, Inc.
1,437,200
1,391.675
Express taxes
126,967
131,796
The directors have declared a dividend of 25 cents per share on account
1,581.644
1,592,859
145.278
144,263
Int. & disc, on fd. debt_
an the 53 cum, preference stock, no par value, payable
of accumulations
28,536
48,637
5.329
2.488
Other deductions
March 1 to holders of record Feb. 18. Like amounts have been paid each
Rail trans. rev. (payquarter since and including Sept. 1 1932, prior to which regular quarterly
meats to rail and other
distributions of 75 cents per share were made.
-express privicarriers
Accruals after the payment of the March 1 dividend will amount to
53.867,070 33,483,339 545,902,455 $440,409.819
Sages)
-V. 139, p. 3164.
$5.50 per share.
-V. 140. p. 152.
Railway Express Agency, Inc.
-Earnings-
Financial Chronicle
Volume 140
Rutland RR.-Earnings.December1934
1933
Gross from railway
$249,222
$247,897
Net from railway
16,179
1,690
Net after rents
8,699
20,388
From Jan. 1
Gross from railway
3,248,406 3,386,806
Net from railway
176.729
360,552
Net after rents
def13.810
286.750
-V.140, P. 485.
1932
$270.621
23,683
15,976
1931
$321.450
20,813
def5,547
3.870,106
506,606
306.711
4,541,812
465,627
254.242
811
Savage Arms Corp.(& Subs.)
-Earnings--Years End. Dec. 311934
1931
1933
1932
Net profit after deprec..
taxes, &c
$27.468 loss$236,326loss$349,374 loss$566.452
Earns, per share on 167,715 shares (no par)
common stock
$0.10
Nil
Nil
Nil
-V. 139, D. 2844.
Scotten Dillon Co.
-Earnings
-Calendar Years1934
1933
Safeway Stores, Inc.
-Disposes of Hawaiian InterestsAcquisition
-
Net income from sales
Miscellaneous income-
$418,451
60.607
$385,368
78.048
1932
$435.116
79.402
1931
$529,375
60.672
The New York Stock Exchange has been notified by the company of the
disposal as at Dec. 31 1934, of its interests in the Territory of Hawaii.
See also Kroger Grocery & Baking Co. above.
-V.140, P. 325.
Total income
Prov. for Fed. inc. tax
$479,058
55,542
$463,416
52.742
$514.518
59.610
$590.047
63.167
Net income to surplusSurplus balance Jan. 1--
$423,516
878,332
$410.674
989,128
$454,908
1,054,220
$526,880
1.187.340
St. Joseph & Grand Island Ry.-Earnings.-
DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, P.4135.
1934
$195,463
60,399
42,163
1933
$212,611
92,308
62,066
1932
$163,947
51,548
34,718
1931
$193,659
52,849
29,852
2,851,526
1,065,301
528,350
2,655,409
1,128,299
621,493
2,290,387
760,049
374,692
3,105.091
899,027
400,346
St. Louis Brownsville & Mexico Ry.-Earnings.- El
December1934
1933
1932
1931
Gross from railway
$391,571
$348,3r 7
$345,902
$494,450
Net from railway
91,679
152.313
100,622
181,45.
Net after rents
44,816
128,783
66,653
138,013
From Jan. 1
Gross from railway
4,579,167 3,938,899 4,760,9o3 6,119,506
Net from railway
1,296,574
1,157,398
1,767,832
1,999,919
Net after rents
713,990
605,438
1,118,532
1,238,118
-V. 140, p. 152.
St. Louis
-San Francisco Ry. of Texas.-Earnings.-
DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 152.
1934
$60,275
def30,112
def58,614
1933
$78,807
def13,726
def39,559
1932
$83,993
def22,389
def52,269
1931
$98,124
def2,833
def47,460
936,703 1,062,161
1,046,184 1,429,137
def181.794
13,356 def53,301
143,146
def531,632 def354,114 def449,275 def280,813
St. Louis-San Francisco Ry. System-Earnings
-
Period End, Dec.31- 1934-Monlh-1933
1934-12 Mos.-1933
Operating revenue
$3,059,133 $3,166,520 $41,851,793 $40,693,596
Operating expenses
3,013,098 2,839,760 35,913,769 33,822.276
Net ry. oper. income
def132,835
63,499 2,175,634 2,725.675
Other income
37.955
44,346
446.706
558.339
Total income
def$94,881
$107,845 $2,622,340 $3,284,014
Deductions
1,580
5,953
69,977
78,625
Bal. avail, for int. &c. def$96.461
$101,892 $2,552,363 $3,205,389
Earnings of Company Only
December1934
1933
1932
-19=
Gross from railway
$2,936,042 $3,014,054 $2.933,204 $3,517,859
Net from railway
91,339
353,002
322,967
519,721
Net after rents
def49,290
126,484
64.653
160,783
From Jan. 1
Gross from railway
40,043,864 38.731.160 40,712.215 54,426,916
Net from railway
6,220,541 7.025,742 8,250,694 14.462,836
Net after rents
2.934,814 3,381,153 4.050,9i3 9,902,423
-V. 140, p. 325.
St. Louis-Southwestern Ry. Lines
-Earnings-Third Week of Jan.- -Jan. 1 to Jan. 21-
PeriodGross earnings
-V. 140. p. 650.
1935
$296,700
1934
$243,227
1935
$801,200
1934
$709,937
Total surplus
$1,301.848 $1,399,802 $1,509,128 $1,714,220
Dividends paid
390.000
450.000
420.000
510.000
Adjust. of reserves
Cr144,356
71.471
Res. for reduc. in inventory values
100,000
150,000
Surplus
$1,056,204
$878,332
$989,128 $1.054,220
Earns. per sh.on 300,000
shs. cap.stk.(par 4610)
$1.41
$1.52
31.37
$1.75
Balance Sheet Dec. 31
Assets-1934
1933
1933
1934
Liabilities
Cash
$121,381 $258,412 Reserve for taxes- $74.393
$71,915
:
Accts. receivable 164,616
188,269
3,000,000 3.000.000
stock
Inventories
1,489,627 z1,094,356 Surplus
1,056,204
878,332
Investments
1,973,448 1,990,029
Pref. stock Detroit
Trust Co
47,500
50.000
Dep. in closed bks.
y Fixed assets___. 297,616
%
283 641
4 5
Prepaid taxes, insurance, &e____
36,410
35.989
Total
$4,130,597 $3,950,247
$4,130,597 $3,950,247
Total
After reserve of $13,403 in 1934 and $12,778
1933. y After reserve
for depreciation of $284,495 in 1934 and $279,422in 1933. a After reserve
in
for reduction in values of $100,000.-V. 140. p. 648.
Scott Paper Co. & Subs.)
-Earnings
(
-
Calendar Years
1931
1932
1934
1933
Net sales
9.011,644 $7,612,940 $8,007,190 $8.816.411
Mat'ls,labor & exps.,&c. 4,494,352 3,796.361 4,139.467 4.947,114
Repairs & maintenance.
249.674
271,172
282,287
234,001
Depreciation& depl'n..401.862
472,232
494,178
479,673
Sell., admin.& gen.exp.,
incl. freight paid on
goods sold
2.559,174 2,105.995 2.193,016 2,104.057
Operating income___ $1,181,653
$996,910
Other income
38,670
38.821
Total income
$1,220,323 $1,035,731
Int. paid & misc. asps
15,885
23,962
Prov. for Fed. tax
176.000
144.000
y Other Federal taxes_
122,682
41,821
Net earnings
$905,757
$825,948
Divs. on pref. stock....
140.518
147,566
Cash diva. on corn,stock
287,012
312,407
a Stock div. on com.stk_
$931.303 $1,113.705
43,259
37,036
$968,339 $1,156,964
22.878
21.934
136.724
128,000
$818.405
159,032
236,340
$997.360
165,084
229,429
13.111
Balance to surplus_.. $452,831
$589.737
$391,369
$423,033
Shs. corn. stk. outst'g-_
168.572
168,823
168,868
168 839
Earnings per share
$4.94
$4.53
$4.01
$3.90
a Amount charged to earnings at $2 per share in respect of common
stock issued to common stockholders. y Incl. compensatory processing
ax in effect since latter part of 1933.-V. 139, p.3490.
,-2-4-8 Is e.c...
4214
\----Salt's Textile Mfg. Co.
-Distribution to Bondholdera, - ( Seaboard Air Line Ry.-Earnings.7
December1934
The Guaranty Trust Co. of New York announced that funds are satiable
1933
for distribution to the registered holders of receipts for certificates of deposit
representing the company's 1st mtge. 15
-year 8% sinking fund gold bonds,
at the rate of $35.20 for each $1,000 principal amount of bonds represented
by the receipts.
Holders need not surrender their receipts in order to receive the distribution, as payment will be made Feb.4 1935, by check of the Guaranty Trust
Co. of New York, as agent for certificate holders, mailed to the registered
holders of receipts of record as of the close of business Jan. 29 1935. It is
anticipated that this distribution is final and the books will be closed
permanently for transfers of receipts at the close of business Jan. 29 1935.
San Antonio Uvalde & Gulf RR.
-Earnings.
-DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140, p. 152.
1934
$72,211
11,719
def7,173
1933
$86.009
23,786
def1,294
1932
$64,148
10.108
def12,780
1931
$70.923
def8,272
def40,897
1.048.269
775,863
950,578 1,325,406
318,529
155,268
225.293
253,996
34,040 def124,865 def113,504 def125.375
San Diego & Arizona Eastern Ry.-Earnings.-
DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 152.
1934
$25,256
def21.670
def22,297
1933
1932
$28,316
$14,038
def10,858 def186.480
def9,876 def190,433
436,497
def66,352
def74,229
424,549
360,179
def50,893 def428,603
def61,946 def472,342
1931
$39,680
def10,533
def12,507
Total loss
Assets
Cash on hand Jr In banks_ _
Accounts receivable
Inventories
Unexpired insurance
Property Ai plant
Deficit from operations
$873
Balance Sheet Dec. 31 1934
Liabilities
$1,092 Canadian Bk. of Corn., loan.
14,986 Accounts payable
35,828 Sales tax payable
322 Accrued wages & salaries__ _ _
458,885 Reserves
80.478 Capital stock
Total
-v, 135. p. 2006.
5591,590
Total
33,861:442 31.549,557 30,740,335 42.303.665
5,046,710 5,739.485 3,353,481 6.653,759
208,830 2,578,649
1,631.913 2.622,093
Seaboard Insurance Co., Baltimore
-New Control
An offer of $12 per share for all outstanding stock of the company recently
made by the Liverpool & London & Globe Insurance Co. has been accepted
and the purchase of practically all the outstanding stock has been consummated.
The former directors and officers of the Seaboard have retired and the
following new appointments are announced: President, Harold Warner,
who is U. S. Manager of the Liverpool & London & Globe; V.-Pres. & Sec.,
C. A. Nottingham, who is assistant United States Manager of the Liverpool
& London & Globe; V.-Pres. & Treas., H. T. Cartlidge. who is Deputy
United States Manager of the Liverpool & London & Globe.
Rodney J. Brooks of Baltimore, former President of the Seaboard, and
Benjamin S. Tongue of Baltimore, former Vice-President. remain with that
company, Mr. Brooks as a Vice-President and Mr. Tongue as Assistant
Secretary.
-V. 140. p. 485.
Sears, Roebuck & Co., Chicago-Misrepresentation
Securities Corporation General
.
-Pref Divs. Deferred
-
In a letter to stockholders the company announces that the directors took
no action on Jan. 25 on the quarterly dividend due on Feb. 1 on the $6
and $7 cumulative preferred stock.
P. M. Chandler, President, said: "Due to the continued decline in the
market value of corporation's utility investments and the income therefrom,
the board had no other alternative than to omit this payment. Dividends
on the corporation's preferred stocks are cumulative," -V. 139. P. 128.
-
Segal Lock & Hardware Co., Inc.
-Outlook, &c.
Sarnia Bridge Co., Ltd.
-Earnings
-Income Account Years Ended Dec. 31
1934
$113,757
92,906
11,788
9,936
1931
1932
$2.963,610 $2,786,321 $2,652,929 $3,073.436
353,841
378,235
569,360
483,153
60.267
128,028
337,931
244,108
The company has entered into a stipulation with the Federal Trade Commission in which it agrees to cease and desist from the use of several misleading representations in the sale of its "Allstate Tires." including the
assertion that these tires are used by 12.000,000 families and that nine out
737,336
of ten motorists choose this brand.
34,566
-V. 140, p. 325.
def864.-_,
San Jose (Calif.) Water Works-Pref. Stock Offered
E. H. Rollins & Sons, Inc., and Blyth & Co., Inc., are
offering 37,000 shares of 6% cumulative convertible preferred stock (par $25) at $23.50 per share flat.
-V. 139,
p. 2844.
Net sales
Cost of sales
Selling expenses
General & administrative expense
Bad debts written off and reserved for
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. p.4136.
1933
$100,677
96,184
16,997
9,755
6,235
$28,494
$11.000
4,850
120
357
121,498
453,765
$591,590
At the annual meeting of stockholders to be held Feb. 7, the question of
determining whether the number of directors shall be changed so that
hereafter the number of directors as changed shall be not less than the
minimum required by law nor more than seven, will come before the meeting.
1,011i/3 Segal. President, in a letter to the stockholders says:
The year 1934, which has passed, has on the whole indicated a steady
improvement in the position and business of company. Preliminary
figures indicate that the results for the past year were more favorable than
the preceding year.
Improvement, as heretofore, was chiefly due to the razor blade division.
We have succeeded in securing a wider distribution of razor products
throughout the country, including the addition of important chain stores
as well as foreign contracts. Progress in this direction appears to be consistent and futuer prospects are very encouraging.
A recent legal decision declared invalid certain featured patents of a
leading razor blade manufacturer. The effect of this cannot be other than
favorable to the razor blade sales of company in 1935.
The builders' hardware division is of course last to feel the effects of the
forces for recovery, but they are none the less certain in coming. Because
of the extensive and far reaching plans of the Government Federal Housing
and National Housing Remodeling Acts, we look forward to a substantial
Financial Chronicle
812
Increase in the volume of the hardware division in 1935. Previous experience in this field indicates that as the volume grows the price and profit
per unit of sale increase likewise, making a happier financial picture for
this industry.
Company has bettered its current position over the previous year. With
the pickup in building and the further improvement in general business.
I confidently expect that 1935 will be the best Year for company of the past
five years.
-V. 139, p. 2845.
Serve!, Inc.(& Subs.)
-Annual Report
-
Feb. 2 1935
Change in CollateralThe Bankers Trust Co.trustee under the company's first mortgage dated
Jan. 2 1911. has advised the New York Stock Exchange that on Nov. 21
1934,it received two shares of the preferred capital stock of Christian Todd
Telephone Co. and two shares of the- common capital stock of Carolina
Telephone & Telegraph Co., and that it now holds subject to the lien of the
mortgage. 26,290 shares of the preferred capital stock and 7,599 shares of
.-V. 139, p. 4137.
the common capital stock of the respective companies
-Earnings.Southern Pacific Co.
The report sent to the stockholders covering the fiscal year ended Oct. 31
1934, states in part:
1933
December1934
3
4 51
1 12
1 3 ,126 $91 9 1.159
The experience in the past year, the second season of the air-cooled
Gross from railway
$8.776,192 $8,007,590 $7,9 8
972
„
„
Electrolux domestic refrigerator, has justified our decision to make it our
Net from railway
2,287,943
. ,
332,857
103,275
1,125,492
principal product.
Net after rents
1,369,933
The total net dollar sales of all products was 51% above the total for the
From Jan. 1preceding year. Sales of Electrolux refrigerators increased 65% and other
Gross from railway
112,918,817 97.059,087 107.162,148 146,117,981
sales approximately 1%. The substantial increase In Electrolux refrigerNet from railway
31,174,858 23.287,185 24,516,692 38,683,891
7,779,319 19,672,456
ator sales may be attributed to increasing interest in load-building operations
Net after rents
9,735.941
17,581,796
on the part of the gas industry, increased confidence in and enthusiasm for
Registration
the air-cooled Electrolux refrigerator, a receptive market for automatic
Jan. 29 ordered effective
The Securities and Exchange Commission on
household refrigerators generally, and constructive sales activity on the
immediately the application of the company for registration on the San
part of the company which resulted in a substantially increased number of
Francisco Stock Exchange of $41,294,000 Oregon Lines 1st mtge. bonds.
sales outlets. It should also be borne in mind that tne new models were
nries A, due March 1 1977.-V. 140. P. 648.
Introduced earlier than in the preceding year.
Notwithstanding Increased wages and material costs, operations for the
-Tenders
Southern Pacific Golden Gate Ferries, Inc.
fiscal year resulted in a net profit of $521,518 after all charges including
The company will until Feb. 5 receive bids for the sale to it of its first
depreciation, bond interest, special provision of $500,000 for inventory
mtge. sinking fund 5%% bonds dated April 1 1929. The company will pay
liquidation and Federal income tax. A Provision of $100.000 for future
accrued interest up to the date of purchase of any bonds so offered.service of discontinued lines was also deducted from operating profits of
V. 140, p. 326.
the year.
For purposes of economy and simplicity of operation, the activities of
-Earnings.
Southern Pacific SS. Lines.
Serve! Sales, Inc.; Electrolux Refrigerator Sales, Inc.; California Serve",
1931
1932
December
1933
Inc.. and Hercules Products, Inc. were assumed by, and the assets and
$391,634
$310,968
$254,631
Gross from railway
U0 ,331
3
6
-194
liabilities were transferred to, company as of Oct. 31 1934.
2,172 def30,899
Net from railway
• def33,473 def101,638
as of Oct. 31 1934.
The company's current asset position was satisfactory
1,324 def15.987
Net afterarents
From j n 1def34.176 def101,610
the ratio of current assets to current liabilities being 7.5 to 1. Cash, on
Oct. 31 1934, amounted to 33,960,463
-an increase during the year of
Gross from railway
4,402,029 4,128,228 4,419,305 6,262,145
$1,121,772; notes and accounts receivable decreased $267,733; inventories
Net from railway
de1768,039 def477,473 def815,808 def726,054
decreased $230,140, and current liabilities increased $180,744.
Net after rents
def770,255 def486,424 def830.076 def726.377
The policy of providing a reserve of $275,000 at the end of each year to
-V.140, p. 153.
care for excess factory burden during the ensuing season of low production
was carefully considered by Directors and it was deemed advisable to digSouthern Ry.-Earningscontinue this practice. As a result of this change of policy $175,000 of
this amount has been credited to earned surplus as of Oct. 31 1934, and the
-Third Week in Jan.-- -Jan. 1 to Jan. 211935
remaining $100,000, has been retained as a reserve for contingencies to care
remag
Period1935
154,988
for miscellaneous claims including a claim for Federal income taxes for
3.884 $5,658,451 $5,3934
Gross earnings (est.)
$1.950,564 $1,92
19
34
prior years.
-V. 140. p. 649.
Company purchased during the year $175,000 1st mtge. 5s and 595 shares
-Acquisition
of pref. stock. Since the close of the year, directors have authorized thd --- Specry Corp.
cancellation and cremation of the 1st mtge. bonds and the retirement of
The ompany has purchased the- stock of Waterbury Tool Co The
3,068 shares of pref. stock, all of which were held in the treasury on Oct. 31
latter,
is stated, will continue to manufacture i.,s present pro cts, in1934. Common stock outstanding increased 5,000 shares (selling • price
eluding oil gears and variable speed transmission units.
$25,000) through the exercise of part of the options granted to the former
The new officers of Waterbury Tool Co. include Thomas A. Morgan,
president. The remaining option expiring Feb. 28 1935, is for the purchase
Chairman: T. B Doe, President, J. Sanderson and L. McLean, viceof all or any part of 15,000 shares of common stock at a price of $6 a share.
Presidents.
-V. 139, 171 3973.
.
Income Account Years Ended Oct. 31 (Incl. Sub. Cos.)
Spokane International Ry.-Earnings.1932
1931
1934
1933
Gross profit on sales_ - - - $4,047,402 $2,794,128 $2,083,792 $4,155,426
1932
December
1933
1934
0
1$94371,3475
Advertising, selling and
$30,013
Gross from railway
$31,523
$463:239067
d
service expenses
1,951.293
2,070,870
2,050,678
def4.991
1,888,798
Net from railway
1,756
def7,801
Actmin. & general erns _ _
547,059
def9,914
507,680
421,293
506,374
Net after rents
def1,875
From Jan 10
Net prof. on operat'ns $1,489,044
7 7:872
61 97
9
Gross from railway
526.798
$484,036 def3373,876 $1,537,496
504,160
443,030
Other income
6,929
12,740
34,127
39,602
def51,567
Net from railway
5,953 def23,964
def7,987
Net after rents
def57,253 def97.804 def135,274
Total profit
$1,495,973
$496.776 def$339,749 $1,577,098
-V.140, p. 153.
Interest
86,422
82,975
84,168
92.159
Fed,cap. stk. tax, exc
Spokane Portland & Seattle R 3.-Earnings.19y3
27,942
21,989
1931
Extraordinary deduct'ns x635,000
538.747
December
$373,821
Provision for doubtful
Gross from railway
accounts, &c
150,871
72,120
$312933,i2M
66,977
77,542
Net from railnay
47
$17 ,11
? 1
71,146
Loss on sale of cap. assets
4.151
17,667
3,295
def60,565
Net after rent*.
401,363
197,401
Provision for excess -From Jan 1far
tory overhead
275,000
275,000
275.000
4,608,094 4,867,498 6,127.728
5,671,051
Gross from railway
2,021,736
Federal taxes__
Prey.for Fed
65,000
60,000
1,312,976
Net from railway
1,784,698
2,418.014
918,449
235,187
Net after rents
1,207,741
1,540,713
Net prof. for period--- $521,518ydef$493,399ydef$777,443 y$1,067,398
-V.140, p. 153.
Pref. dive. 1933 & 1934_ _
97,048
-Annual ReportShs.com.stk.out.(par $1) 1.766,426
1.736,426 z1,736 426
Standard Investing Corp.
1,761,426
Earnings per share
Nil
Nil
$0.26
The 1934 annual report of the corporation, including American, London
s Extraordinary deductions as follows: Provision made April 30 193M & Empire Corp.• shows an asset coverage for the corporation's debentures
used in liquidation of inventories of obsolete and discontinued products,
on Dec. 31 1934 of approximately $1,173 per $1,000 debenture compared,
.
'
$500,000; provision for future warranty service, $100,000, and provision
with $1,060 at the end of the preceding year. Indicated asset value of the
for cost of collecting instalment accounts, $35,000._ y Charges for deprepreferred stock was about $19,03 per share against $7.21 per share a Year ago.
elation for 1934 amounted to $271,153; in 1933. $303,604;in 1932 to $282,217
Ray Morris, President of Standard Investing Corp., in his report to
and $256.174 in 1931. z No par value stock.
stockholders, states that on Dec. 31 1934 the corporation's assets, including
cash,securities. &c., after deduction of all current liabilities, had an approxiConsolidated Balance Sheet Oct. 31
mate market value of $7,438.190 against $6,339,000 debentures outstand1934
1934
1933
1933
lug. The corresponding figures on Dec. 31 1933 were $7,006,000 of assets
AssetsLiabilities
s
s
s •
-s
against $6,608,000 of debentures.
Plant & property__ 3,574,356 a4,631 365 7% pref,stock _ ___ 693,200
752,700
The consolidated summary of the corporation's investments, as of
Cash
3,960,464 2,838,691 b Common stock_ 1,766,426 1,761,426
Dec. 31 1934 follows:
202,227
Notes, trade acAccounts payable..
,
ceptances & acAccruals
295,107
312,128
Cost
counts receivable 487,218
754,951 Prov. for Fed. In11 l5,661
a
$2,690,129 $2,72ues
Bonds
Inventories
65,488
1,607,243 1,837,383
come taxes
547,237
914,253
Stocks-Rails
Deposits & sundry
Pref. diva. payable
97,048
3,324,547
3,031,805
Industrials
113,927
receivables
88,625
90,738 Perch. contr. liab_
482,621
882,051
Utilities
Deferred charges__
79,792
35,692 Derd cred. to inc.
52,744
17,523
119,250
Financial and insurance
279,890
Patents,&c
1
1 1st mtge. 5% gold
bonds, due 1948 1,507,670 1,682,670
217
275,000
Res.for conting___
100,000
37,798,130 $7,199,
Consolidated Income Account
Other reserves_ ___ 266,604
(Including American, London & Empire Corp.)
Capital surplus_ _ _ 4,011,140 4,912,662
Earned surplus__ _ 340,639
Years Ended Dec. 31
Reserved for war1932
1934
1933
Period158,559
ranty service_ _ _ 250,248
$374,821
$370,857 1Dlue:91MEn'ic35
$1d ,l91.•
1.53s5 d1
Income from diva. & int- $388,946
725
17,942
3,256
Miscellaneous income_ __
Total
9,797,698 10,188,823
9,797,698 10,188,823
Total
$595,195
$375,547
$3388 799
2 :760
Total
$392,202
a After reserve for depreciation of $1,263,484. b Represented by shares
33,516
28,472
Salaries & directors' fees
of $1 par value.
-V. 139, p. 4136.
9
15,862
424 7 8
354,259
375,604
424,740
Oper. exps. & int. paid_ _
28,260
11,443
Siemens & Halske( A. G.), Siemens-Schuckertwerke Provisions for taxes__
28,651
25,958
Amort. of deb. disc., &c.
(A. G.)
-Further ExtendedThefollowing notice has been sent to holders residing outside of Germany
$24,225
$39,972
$64,701 prof$100.407
Net loss
of 10
-year 75 secured sinking fund gold bonds. due Jan. 1 1935:
27,578
$5.50 pref. dividends..
The offer a extension of the above-mentioned bonds, with payment of a
cash bonus, and the offer of payment of such bonds in "blocked" reichs364,701 sur$72,829
$24,225
$39,972
Balance, deficit
marks, contained in our notice dated Dec. 29 1934, have been extended to
-The income account balance shown above for 1934 is before proNote
Feb. 28 1935.-V. 139. p. 4136.
viding for the depreciation of $598,913 in value of investments based on
quoted market value at Dec. 31 1934. This compares with a deprecia(H.) Simon & Sons, Ltd.
$10.50 on Account of tion of $1,401,000 on Dec.31 1933. Excess oflosses sustained over realized
-To Pay
trading profits for the period amounting to $136,354 has been charged to
The directors have declared a dividend of $10.50 per share on account of
capital deficit account.
accumulations on the 7% cum. s, f. cony. pref. stock, par $100, payable
Consolidated Statement of Capital Deficit Year Ended Dec. 31 1934 - '
Feb. 11 to holders of record Feb. 5. A dividend of $5.25 per share was
1933
Balance capital deficit Dec.31 realizedqu$1,449,264
paid on March 1 1934. The last regular quarterly payment of $1.75 Per
profits for the year ended
Excess of losses sustained over
share 413/5 made on Sept. 1 1932.
Dec. 31 1934 on security transactions (computed on the basis
The above payment will clear up all accumulations up to Nov. 30 1934
136,353
rst
of "First acquired,first sold" cost)
inclusive.
-V. 138, p. 1245.
Net increase in minority interests in American, London dc Em3,501
Corp., computed on a liquidating basis
$312,1ff
Southwest Gas Co.-Depositar y-
Manufacturers Trust Co., New York, Is depositary for $2,412.400 1st
mtge. 6%% bonds and 3399,000 general mortgage 6% bonds of the corn
pany.-V. 139. p. 3336.
Southern Bell Telephone & Telegraph Co.
-Earnings
1934
-Month-1933
1934-12 Mos.-1903
Period End. Dec.31Operating revenues
$4.341,428 $3,902,674,$50,028,356 $47.962.207
5.793
Uncollectible oper.rev__
15,218
187,001
553.664
2,883,224 2,737.842 33,812,608 31,988,740
Operating expenses
525.202
Operating taxes
444,948 6,066,862 5,781,322
Net operating income_
$927,209
$704,666 $9,961,885 $9,638,481
Amount recovered from advance. previously charged off
Credit from acquisition (at a discount) of debentures of $269,000 $1,5891:91318
61,248
principal amount, during the year ended Dec. 31 1934
Balance capital deficit Dec. 31 1934
$1, 8 19 1
5
Note-Excess of losses sustained over realized profits since Feb 225 93 39
on security transactions has aggregated $8,775,422 of which, at Dec. 31
1933. $302,606 was charged to general reserve 'provided out of earned
surplus, and $8,336,461 to capital surplus, the difference being charged as
indicated in the above account. Previous to Feb. 28 1931, realized profits
were In excess of losses sustained.-V. 139, p. 2531.
Volume 140
'
Financial Chronicle
813
Standard Gas & Electric Co.
-Weekly Output
Texas & New Orleans RR.-Earnings.Electric output of the company for the week ended Jan. 26 1935 totaled
December1934
1933
1932
1931
84.416,369 kw., an increase of 3.5% compared with the corresponding
Gross from railway
$2,663,639 $2,348,738 $2.289,372 $2,971,933
week last year, and a decrease of 2,004,234 kw.. or 2.3%, under the week
Net from railway
708.754
388,499
196.665
429.038
ended Jan. 19 this year.
-V. 140, p. 649.
Net after rents
362,535
48,889
31.300
2.658
From Jan. 1
-Staten I
Gross from railway
31,871,862 28.673,646 31,015,687 46.262,050
December1934
1933
1932
Net from railway
1931
5.206.674
4.677.098
3,693,295
8,975.790
Gross from railway
$110,798
$144.520
$150,110
Net after rents
$162,909
192,117 def192,443 def1,343.061
3.018.288
Net from railway
def2l,011
25,572
30,678
-V. 140. p. 153.
28,998
Net after rents
def66,058
def8,237
def9,664
117
From Jan 1
Texas 8c Pacific Ry.-EarningsGrossfrom railway
1.649,401
1,711,804
1,804,889 2,160.991
Period End. Dec.311934
-Month-1933
1934-12 Mos.-1933
Net from railway
187,285
378,267
400,913
522,681
Operating revenues
$1,788,777 $1,782,171 $22 289,956 $20.229.967
Net after rents
def242,796
12,675
def9,762
159,660
Operating expenses
1,317.255
1,107.375 15.110,841 13,858,988
-V.139. p. 4137.
.11
dIi
g I si.A.31_"
Railway tax accruals
58.254
78,302
1,205,207
1,189,302
Uncollectible ry.
1,552
Sterling Coal Co. Ltd.
1,943
12,845
-New President & Directors
14,704
- Equipment rents revs_ -(net)
75,617
88,569
1,192,531
1.221,578
-Col. H. L. Edmonds have been elected directors
F. E. Waterman and Lt.
Jt. fedi. rents (net)
54,081
79,559
35.781
2,843
of this company and the Conger-Lehigh Coal Co. Col. F. H. Deacon was
elected President of both companies to fill the vacancies caused by the
Net ry. oper. income- $390.180
$585,540 $4,732,752 $3.942,553
death of the former President, C. B. McNaught. A. R. Gibson, ViceOther income
67,534
86,295
476,722
403,461
President of the Conger-Lehigh Coal Co. was made also Vice-President
of the Sterling Coal Co.. succeeding the late A.E. Ames.
-V. 138, p. 4313.
Gross income
$457,714
$671,836 $5,209,474 $4.346,014
Deductions
365,129
Sterling Products, Inc.
363.470
-New Director
4.177.530
4,242,256
Lord Trent of Nottingham, Chairman of the Board of Boots Pure Drug
Net income
$92.584
$308.466 $1,031.944
$103.758
Co., Ltd., has been elected a member of the directors of this company to fill
-V. 140, p. 153..
the vacancy created by the death of H.F. Behrens.
H. Frederick Behrens, Executive Vice-President of this company,
President of the Bayer Co., Inc., and Charles H. Phillips Chemical Co., "ThEmoid Co. A,y“,s-i 'on
The mpany announced bhe acquisition of t), property now owned and
and a director of Drug Inc.. died on Jan. 17.-V. 140. p. 650 mg
occupi
by the Roller Bearing Co. of America at Trenton, N. J. This
property had formerly been owned and occupi by the Mercer Motor Co.
Studebaker Corp.
-Plan Approved By Court
before it was acquired by Roller Bearing Co. It consists of 10 acres and
the U. S. District Court at Fort Wayne, Ind.
Federal Judge Slick of
over 170.000 square feet of fireproof sprinkler factory floor space in addiJan. 28, confirmed the reorganization plan for the corporation which had
tion to a mordern office building, according to Fred E. Schluter, Chairman
been approved by some 75% of all creditors. Approval of only two-thirds of
of Thermoid. It rounds out Thermoid's property in addition to making
all creditors was necessary for confirmation provided the company was
available to the latter additional space for warehousing Thermoid's raw
found insolvent (for details of plan, see V. 140, P. 327)•
materials.
"From an analysis of relative costs, we may be impelled to move the
The reorganization committee on Jan. 31 issued the folbusiness of our Woven Steel Hose & Rubber Co. into this adjacent factory
lowing statement:
space for it would thus permit of considerable savings in overhead and other
Our attorneys have advised that there is no basis whatsoever for a merihandling charges incident to transport between the present location of
torious appeal from Federal Judge Slick's decision and order of Jan. 28
Woven Steel Hose & Rubber and our factory." said Mr. Schluter. "It will
confirming the plan of reorganization for Studebaker and its wholly owned
also make desirable space available for our laboratory and engineering
subsidiary, Rocke Motors Corp. This decision was rendered and the order
division. Roller Bearing Co. of America will continue to occupy subentered after a three days hearing and the fullest consideration of the
was
stantially the same space heretofore used by it, but hereafter is our tenent.
plan from all angles. The reorganization committee is therefore proceeding
This acquisition furnishes us with the much needed space for our expanded
with the consummation of the plan on schedule as previously arranged.
business and increased number of products we manufacture and sell."
This announcement is made in connection with the published report that a
-V.140. p. 328.
committee of Studebaker common stockholders representing less than 2%
of that class of stock is planning appeal from the order confirming the
Third Avenue Ry. System-Earnings
reorganization plan.
(Railway and Bus Operations]
Forms for subscription to the debentures and new common stock to be
Period End. Dec.311934
-Month-1933
Issued under the plan are being sent out as rapidly as lists can be compiled
1934-6 Mos-1933
Opera.ing revenue
$1,122,916 $1,111..,512 $6,448,362 $6,399,239
and checked. The subscription rights under the plan of the creditors and
Operating expenses
stockholders of the present Studebaker company are exercisable not later
830,914
835,10 4,835,042
4,835,515
Taxes
93,049
than Feb. 27 1935.
72.906
539,504
428,027
Common Stockholders Group Plans to Oppose Reorganization
Operating income_ ___ $198,953
$203,897 $1,073,816 $1,135,697
Non-operating income._
A "protective committee" of common stockholders on Jan.30 gave notice
36,756
27.838
217,946
164.444
of appeal from reorganization of the Studebaker and Rockne Motor Corp.
William B. Hurlburt,President of the Daniels Aircraft Corp.,said the fight
Gross income
$235.709
5231,736 $1,291,762 $1,3C0,141
will be carried to the U. S. District Court of Appeals.
Deductions
226,687
230,573
1,361,480
1,373,526
The committee took issue with Judge Slick's decision that the companies were insolvent.
Net income
$9,023
$1,163 def$69,718 def$73,385
"The Studebaker company," Mr. Hurlburt said, "has a valuation con-V.139. P.4138
.
siderably in excess of its indebtedness and is far from insolvent."
Tobacco Products Corp. (N. J.)
-To Pay $35,548,200
New Studebaker Corporation Organized in Delaware
Debentures-Leases to Be Commuted
A certificate of incorporation for the Studebaker Corp., a new company
The corporation on Jan. 31 announced that its entire issue of 6;4%
with a capitalization of $5.000.000 (shares $1 par value), has been filed in
Delaware by the Corporation Trust Co., it was announced Jan. 26. The
collateral trust debentures due Nov.1 2022 [about $35,548,200] became due
and payable Feb. 1. These bonds were secured by the lease of certain
new company is preparatory to reorganization of the present Studebaker
tobacco brands to American Tobacco Co .by Tobacco Products Corp.
Corp.
-V. 140. p. 486.Jill
(the former Virginia corporation) dated Oct. 26 1923, and the rental
payments due thereunder for the balance of the original 99
Sun Oil Co.(& Subs.)
-Earnings
-year term of
the lease. Provision was made in the lease that American Tobacco Co.
Years End. Dec. 31-1934
1933
1932
1931
could commute these rentals payments, which were payable monthly, at
Net income after derpec.
any time by the payment of a sum in cash representing the then present
'
amort.,int., depl. and
value of the remaining payments due for the balance of the 99-year term.
Federal income taxes_ $6,650,464 $6,971.844 $4,198,046 $3,107,147
In the event of any such commutation of the lease payments, the collateral
Shares of common stock
trust indenture under which the above debentures were issued provided
outstanding (no par)_ a1,725.772
1,576.697 51,531.422
1,535.456
that the bonds should forthwith be due and payable on the date of the
Earnings per share
944.04
b$2.35
$3.51
$1.63
commutation at their principal amount with accrued interest to that date.
e* a Prior to the stock dividends of 9% payable on Dec. 15. b:Prior to
This right of commutation has been exercised by the American Tobacco
distribution on Dec. 15 of 3% stock dividend.
-V.139, p. 3491.'1_
Co. and the debentures are accordingly now due and payable at the office
of the trustee, Guaranty Trust Co., 140 Broadway, New York.
Syracuse Lighting Co., Inc.
-Offers to Reduce Rates
These debentures originally were offered to the holders of the class A
A. Dean Dudley President of the company, as sent a letter to Mayor
and common stock of Tobacco Products Corp. (Va.) in exchange for their
Rolland B. Marvin in which he says:
stock under a plan and deposit argeement for the reorganization of Tobacco
In accordance with our recent announcement that we planned to make
Products Corp. dated Nov. 30 1931, under which the committee consisted
an electric rate reduction in the near future. I am glad to advise you that
of Percy H.Johnston, Charles S. McCain and Charles H. Sabin, Chairman.
on Jan. 25 the company will petition the P. S. Commission to file a new
The balance of the debentures was distributed as part of the Liquidation
residential electric rate. This will bring another annual saving of $126,000
avails to the stockholders of Tobacco Products Corp. (Va.) upon the
to our customers.
dissolution of that company on Feb. 29 1932.
This reduction is but one more step in our policy of cutting the cost of
See also American Tobacco Co. above.
electricity as often as possible, without lowering our high standard of service. For instance, it follows one made but 12 months ago on Feb. 11934.
Bonds Suspended from Trading
which saved our customers $119,000 a year. Again in 1933 our customers
The 6%% collateral trust debentures due Nov. 1 2022, having been called
profited from a gas rate reduction amounting to $479,000 savings annually,
for redemption Jan. 31, the Stock List Committee of the New York Stock
and in 1929 electric rates were cut $242,000. These total annual savings
Exchange suspended the issue from trading and will report this action to
to our customers from gas and electric reductions made during depression
the Securities and Exchange Commission under their rule JE8, thereby
years total nearly $1,000,000.
striking the aforesaid securities from listing and registration.
-V. 139.
Another feature in recent rate changes has been the elimination of"room
p. 2218.
counts." In the Feb. 1 1934 reductions the counted room feature was
partly eliminated. All room rates were reduced to two classes
-the
Toledo Peoria & Western RR.-Earnings."three room" and the "four room" count.
DecemberNow, under the new rate, "room counts" are out completely. Service
1934
1933
1932
1931
Gross from railway
$122,337
will be billed on a simple "block" type of rate, based entirely upon the
$127,738
$109,880
$96,036
Net from railway
number or kilowatt hours used each month.
35,049
15,670
29,780
5.852
Net after rents
The proposed net residential rate for the City of Syracuse follows: 90c,
13,205
1.919
16.662
def2,213
From Jan. 1
for the first 15 kilowatt hours or less per month, which is the minimum bill.
Gross from railway
Sc. net for each kilowatt hour for thejnext 22 kilowatt hours. 3c net for
1.718,163
1.690,429
1,497,341
1,612,972
Net from railway
380.792
430.249
each kilowatt hour for the next 163 kilowatt hours. 2c. net for each kilowatt
272,486
290.840
Net after rents
138.055
hour for all addedjelectricity used each month.
221,676
110,015
144.294
-V. 140, p. 153.
In addition tolitsipetition for an immediate rate reduction, the company
Is establishing a new "share-the-benefits" ratelpolicy, by means of which
Tri-State Telephone 8c Telegraph Co.
rates will become lower and lower as the averagejuse]of electricity increases.
-Earnings
To aid in building up this fuse, so thatIrates may be further lowered, the
Period End.Dec.31- 1934
-Month-1933
1934
-12 MOS.-1933
company intends to provide a method for man whichlwill make it possible
Operating revenues
$412,491
5408.309 54,976,693 $44.998,415
In the shortest space of time to reach itsjobjective. This is to provide still
Uncollectible oper. rev__
4,547
210
14.279
54.750
lower rates for increased consumptionlinithe future.
Operating expenses
-V.139. p. 4137.
322,245
258,972 3,737,006 3.453,789
Operating taxes
19.975
27,148
302,673
344.405
Tennessee Central Ry.-Earnings.Net operating income_
$70,061
$117.732
$922,735 $1.145,471
December1934
1933
1932
1911
-V.138,p. 2944;V. 139, p.3657; V. 140.P. 153.
$172,847
Gross from railway
$154,835
$177,104
$170.297
Net from railway
40.949
37,426
57,788
41,012
2450 Broadway Apartment Hotel Building (Hotel
Not after rents22,512
17,129
35,702
28.265
From Jan. 1
Greystone)-Sale of Deposited Bonds
2,106,812
Gross from railway
1,923.154
1.873,225
2,603,511
The Real Estate Bondholders Protective Committee (George E. Roose551,815
491,480
Net from railway
418,063
503,443
velt, Chairman), in a letter dated Jan. 24 to depositors of first mortgage
335,407
Net after rents
266,299
211,984
258.588
% serial coupon bonds of Van Rensselaer Estates, Inc., secured by
-V. 140. p. 153.
2450 Broadway Apartment Hotel Building (Hotel Greystone). New York,
states in part:
Texas Mexican Ry.-Earnings.Subject to the approval of Charles E. Hughes Jr., arbiter, as provided
December
1934
1933
1932
in the deposit agreement, the committee has entered into an agreement
$102,331
Gross from railway
$54,765
19 ef240
$44,091
d1
3
dated Dec. 26 1934 with Columbus-sixty-Sixth Street Corp. for the sale
33,526
Net from railway
2.545
8.955
def625
ofthe deposited bonds of this issue. The agreement provides that the bonds
23,032
Net after rents
def2,570
8,594
on deposit with the committee at the time of the closing of the agreement,
def4.497
From Jan. 1
which it is expected will take place on or about March 15 1935, are to be
983,400
634,484
Gross from railway
653,130
785,853
sold for a price of $12.50 in cash for each $100 in principal amount thereof.
251,182
Net from railway
def27,163
23,116
def24.133
It is estimated that the committee will be in a position shortly after the
144,796 def116,150
Net after rents
def67,218 def143.727
date of clewing to distribute to depositors approximately $10 in cash for
-V. 140, p. 153.
each $1.00 in principal amount of the bonds deposited by them.
Financial Chronicle
814
Feb 2 1935
Balance Sheet Dec. 31
There were on deposit with the committee at the close of business on
1933
1934
Jan. 19 1935,$1,272,300 in principal amount of bonds. The total principal
1934
1933
amount of bonds outstanding is $1,307,000.
Assets$
Dtahtlities$
$
$
From the proceeds of the sale of the bonds it will be necessary to pay
Cash
641,883
291,805 Accounts payable.
10.365
e534
the brokerage commission. amounting to 5%
approximately $7.950 for
Short-term credit_ 103,333
310,000 Reserved for taxes
9,000
14,500
b First pref. stock.23,980,000 23,712,000
of the gross purchase price, and $14,296, representing the expenses and
Accts. rec., accr d
disbursements ofthe committee,ofits counsel and ofthe depositary incurred
interest, eic
2,5,815
8,162 c Second pref. stk. 500,000
500,000
with respect to this issue, including the proportion of the general expenses
Securities at cost_ _41,780,598 42,305,138 d Special reserve._ 9,475,000 9,475,000
e Common stock__
and disbursements of the committee allocated to this issue and including
24,855
24,855
an estimate of future expenses.
Capital surplus 10,038,575 10,703,858
A large portion of the expenses incurred by the present committee is
Operating deficit__ 1,486,169 1,523,842
represented by interest which was required to be paid on the bank loan
42,551,627 42,912,905
Total
obtained by the predecessor committee, approximately half of the proceeds
Total
di,. 1,62e84 ., 0:
42v55 har7 .2,91R9
8
2e
of which were used to pay fees to S. W.Straus & Co., Inc.
b Represented by 239,800 (247,000 in 1933) no par $5
There weill also be payable from the purchase price the compensation
resented by 100,000 no par $5 div. shares. d Set up out of amount paid
of the committee and the fee of its counsel, the allowance of which will be
casn by subscribers to 2d pref. stock. • Represented by 2,485,543kno
.
subject to the approval of the arbiter as provided in the deposit agreement.
Appllcation will be made to the arbiter for a total of $9,559 for this purpose.
par snares umulative dividends are in arrears on the first pref. stock from
Note-d
The balance of the urchase price will be distributed pro rata to depositors.
Nov. 1 1930 and the 2d pre .stock from May 1 1930.-V. 139 IL 300
On the basis of tile bonds now on deposit with the committee, the gross
Purchase price of the deposited bonds under the attached agreement will ----United States Playing Card Co.
-Extra Dividend
more than $159,000. However,in order to acquire title to the
amount to
The directors have declared an extra dividend of 25 cents per share in
Hotel property free from liens, the purchaser of the bonds will be required
addition to the regular quarterly dividend of like amount on tne common
to pay the delinquent real estate taxes together with interest thereon: the
stock, par $10, both payable April 1 to holders of record March 21. An
cost of the foreclosure of the mortgage, including the trustee's fee, the
t
extra di% idend of 50 cents per share was paid on Jan. 2, last as aga,st an
fee of counsel for the trustee, advertising and other court costs; and the
extra of 25 cents paid on Oct. 1 last.
-V.in, p. 2693.
distributive share of the purchase price of the property at the foreclosure
.United States Steel Corp.
-50
sale applicable to the undeposited bonds. The total cost of the property,
-Cent Preferred Dividtri-.44'
ld (
"
free and clear ofliens,to the purchaser ofthe bonds will therefore be approxi-The directors on Jan. 29 declared ad.
Quarterly Report
mately 600,000.
dend of 50 cents per share on the 7% cumulative preferred
In spite of a high percentage of occupancy the earnings of the property
are such that there is no reasonable prospect of the bondholders' obtaining
stock, par $100 (the rate paid since January 1933), payable
any appreciable return on their investment through a reorganization. In
Feb. 27 to holders of record Feb. 1.
any event a reorganization would require new financing in a substantial
conditions possible to obtain. Moreamount, which is not under present
Consolidated Income Account (Co. andISubs.)
over, there exists the danger of the sale of the tax lien by the City and the
1934
1933
1932
foreclosure thereof, which might result in a complete loss to the bondholders.
19311
3 Mos. End. Dec. 31$
-red'
-Pak
a Total earnings
3.761,716
Tyrol Hydro-Electric Power Co.
5,537.084def3.828,272
3,970,920
Charges & allow, for dereceived notice that th interest due
The New York Stock Exchange has
prec., deplet. & obsol_ 10.639.244 10,820,174
fund gold
9,351,961 11.988,190
Feb. 1 1935 on the 7% guaranteed secured mortgage sinki
bonds due 1952 will be paid on that date in Austria in schillings.
Deficit
6,877.528
and after
5,283,090 13,180.233
The Committee on Securities rules that transactions made
8,017,270
Intl on bonds for subs_ _ _ 1,252,730
1,268.802
1.315.905
1.350.234
Feb. 1 1935 shall be settled by delivery of bonds bearing only the Aug. 1
Int. on U. S. Steel bonds
3.363
3,363
3,576
1935 and subsequent coupons, unless otherwise agreed at the time of
7.255
transactions: and that the bonds shall continued to be dealt in "flat.'
Total deficit from oper 8,133.621
6,555,255 14.499,714
V. 140, p. 153.
9.374,759
Special inc. receipts and
-New Vice-President
adj. of various accts.._
d92,115
Underwood-Elliott-Fisher Co.
f627,230
d101,639
•Propr. of overhd. exp.Dr2,192,907 Dr2,017.420 Dr2.331.293 c4.997.961
President P. D. Wagoner announced the appointment of C. R. Strohm
-V. 139. p. 2693.
as Vice-President.
Net loss
10,234,413
4,376,798
- Preferred dividends_ _ _ _ 1,801.405 7,945,445 16.729,368 6,304.919
Union Central Life Insurance Co., Cincinnati
1.801.405
1,801,405
Common dividends
-Sales Are $156,000,000
b4.351,697
for 1934
Reports Big Gains
Cash remiums from non business sold in 1934 were more than double the
Total deficit
12,035,818
9,746,850 18.530.773 15.033.414
figure for the preceding year, it was announced by President W. Howard
Income Accountfor Years Ended Dec. 31
Cox. at the annual meeting of stockholders of toe company.
,
"Insurance sold by the Union Central in 1934 was 8156.000.000 as com1934
1933
1932
1931
pared with 197.060,000 in 1933," Mr. Cox said. 'First year premiums
$
$
$
collected on this year's business were $8,818,468 as against $3,640.600 the
a Total earnings
35.191.699 17,991.273lo5s12729567 46484, 00
before. Total cash premiums collected on both old and new business
Charges & allow, for deYear
were 842,446,332."
prec., deplet. & obsol_ 44.127.725 43.195,117 39,321,603 47,317,895
Insurance in force at the close of the year totaled $1.292.930,364. Paybeneficiaries oi Union Central policies in
ments to policyholders and
Deficit
8.936.026 25.203,844 52,051,170
833,895
1934 were $47.395,088. Since the company was established 68 years ago, it
Int. on bonds of subs_
5,037,600
5,150,693
5,298,851
5,435,404
Int. on U. S. Steel bonds
has paid to policyholders and beneficiaries more than 663 millions.
13.450
13,761
34,220
14,610
$12,555,543 and in addition
Cash on hand increased from $4,737,318 to
Totalfdeficit from oper 13.987.076 30.368,298 57,364.631
more than 33 millions were invested Li government bonds and other se6,303,519
announced. Assets at tne close of the year amounted to
curities, It NS as
Special inc. receipts and
$313.590,178. Capital anc surplus totaled $15,323,533.
adj. of various sectsd92,115,n 335.411
d124.016
Two new members of toe board of directors were elezted: Waiter E.
Propor. of overhd. exp 7,805,943 Dr7,468.238Dr13935,090 c19,341,660
Barton, head of toe Union Central's New York agency, and T. H. Daniel,
General Agent for tho company at Atlanta. Otner directors and officers
Net loss
21.700.904 36,501.122 71,175,705pf13,038,141
Preferred dividends_ _
were re-elected.
7,205,622
7,205,620 20,716,163 25,219,677
Common dividends
In addition, three new officers were elected following the annual meeting
36,983.950
stockholners. Ralph H. Tnayer, immerly a supervisor in the Insurance
of
department, was advanced to the position of Assistant Secretary. Robert
Deficit
28,906.526 43.706,744 91.891.868 49,165,486
W. Stuebing was appointed to the post of Director of Personnel and Plana After all expenses incident to operations, including ordinary repairs
ning. Clifford D. Erd, woo has been Assistant muperintendent of Agencies
and maintenance of plants and taxes. b Covers dividend on 8.703.252 sh.
for the past two years, was transferred to the financial department with the
Issued to Jan. 26 1932 and 871 for dividend paid Dec. 20 1931 on 71 shares
-V. 138. p. 879.
Assistant Treasurer.
position of
Issued between Oct. 27 1931 and Dec. 1 1931. c Includes profits arising
from sales offixed property. d Netibalances ofsundry receipts and charges.
Union Pacific System-Earnings
Including adjustments of various accounts. •Proportion of overhead
-1933
1934-12 Mos.-1933
1934-Month
Period End. Dec 31expenses (of which taxes alone are 81.784,790 for 1934 quarter, $1,724,922
Railway oper. revences- $9.625,233 $9,294.398$120,437,499$111,090,458
for the 1933 quarter, and $1.755,997 and 36,341.435. respectively, for 1932
6,765.196 83,567,403 74,612,667
oper. expenses_ 6,912,732
Railway
and 1931) of the Lake Superior Iron Ore properties and Great Lakes Trans218,494 10,940.524 11,041,032
623,563
Railway tax accruals--portation Service, normally included in the value of the season's production
2,039
16,535
15,287
3,959
Uncoil. ry. revenues.. _
of ore carried in invent eries, but which because of the extreme curtailment
495,175
7,012,168 6,174,643
Dr566,8:35
_
Equipment rents, net.....
in tonnage of ore to be mined and shipped is not so applied. f Proportion
6,627
456,483
499,700
Joint facility rents. net.... Dr43.197
of interest on railroad recapture payments refunded,less reserve for account
of adjustments in connection with employees' stock subscription plan.
$1,474,943 $1,809,864 $18,444,384 818,747,128
Net income.
including net balance of sundry receipts and charges account adjustments
of various accounts.
Note-Under the provisions of the Railroad Retirement Act aprroved
J11110 27 1934, railroads are required to contribute to a retirement fund for
Carnegie Steel Co., gets Soviet Order.
employees,4% of the compensation(up to $300 per month)ofeach employee.
The validly of this Act is being contested in the courts, but rending the
The Amtorg Trading Co.,acting as agent for the Russian Soviet Governfinal outcome of the litigation, the Union Pacific System has charged
ment, has placed with the Carnegie Steel Co., a subsidiary an order for
operating expenses with amounts estimated to be payable in the event the
6,000 railroad car wheels attached 10 3,000 axles.
-V.140, p.'488.
validity of the Act is upheld: Monta of December,approximately $158,000
perioc ended Dec. 31. approximately $824,000.-V. 139, p. 4138.
,
-Earnings
United Gas Improvement Co.
(Excluding Subsidiaries)
1932
1933
1934
Years End. Dec. 31Net income after expenses, interest,
$30,223,600 $31,231.952 $33.385,227
taxes, &c
Weekly Electric Output
Week EndedElectric output of system (kwh.)
-V.140, p.652.
Jan. 26 '35 Jan. 19 '35 Jan. 27 '34
78.242,813 77.303.220 70.240,754
United States & International Securities Corp.
Report for 1934
The corporation reports that its net assets on Dec. 31 1934 had an indicated value, based on market quotations. of $23,171,447, equivalent to
approximately $96 per share of first preferred stock. This compares with
321,916000, or approximately $89 per share, at the end of the preceding
year.
Ernest B. Tracy, President, reports chat during the year 7,200 shares of
first preferred stock were purchased at prices below book value. Their
retirement resulted in an increase in surplus of $293,917.
During the year 1934 the net improvement in the corporation's portfolio
position amounted to $1,614,921.
Income Account for Calendar Years
1932
1931
1933
1934
$680,381 $1,543,312
$705.348
Cash divs.
$773,069
341,727
289,123
1o8,616
60,932
Int. receiv.& accrued__
$863,963 $1,022,107 $1,832,436
1,333
13.524
Total income
Less-Interest paid._ _ _
8834,001
413
Net profit
Net loss on scours,sold
Profit on syndicate participations
$833,588
$850,440 $1,022,107 $1,831,102
2.504,863
700,193 prof276,323
3,820,870
Cr6,000
Cr7,939
Total deficit
prf$139,396prf$1126,763 $1,474,817 $1.989,767
18,274
Cap. stk & other taxes44,956
Reduction of 1933 prov.
Cr7,500
for taxed
111,988
114,198
110,301
90,948
Expenses
Net income
$37,674
8969,819los4158901510s142100,068
Utah Ry.-Earnings.-
December
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 154.
1934
$110,258
73,278
45,355
1933
$100,278
35,987
10,718
1932
$186,011
121,118
81,710
1931
$208,928
131,055
91,405
735,800
189,809
def35,184
979,168
291,435
61,314
1.156,287
435,424
173,828
1,366,059
493,168
216,225
Utica Gas & Electric Co.
-7'o Reduce Rates
-
The company has applied to the N. Y. Public Service
approval of a new schedule for electric rated which would Commission for
savings for consumers of $143,000. This would make totalresul,, in yearly
rate reductions
since 199 of about $585,977. The new rates would become effective
March 1 1935, except for a small rural territory, filing for which is to be
made in a few weeks' time.
The schedule provides a minimum charge of 95 cents monthly for which
12 kwh. would be given the next 28 kwh, would be at 6 cents a kwh. the
next 160 three cents and all over 200 2 cents. The old rate provided tor a
minimum charge of $1. The first 30 kwh. monthly at 7 h cents the next
70 5 cents and all over 100 3 Lents. The new schedule also is to be supple'
mooted by a "Share-the-Benefits" plan under twhich rates will become
lower and lower as tbe average use of electrichy increases.
-V.139. p.2849.
Utility Equities Corp.
-Earnings
Years Ended Dec. 31
Dividend income
Interest earned
1934
$417.980
42.246
1933
$481,358
61,605
Totalincome
Operating expenses & franchise taxes
$460,226
66,788
$542,963
73,659
Excess of income over expenses
Net profit on sale of securities
$393,438
8469,304
x255.607 loss515.985
Net profit
$649.045 loss$46,681
x Profits or losses on securities sold are determined on the basis of the
average book values. The book values are the written down values established Dec. 31 1931 and (or) subsequent costs.
Note
-Investments priced at market quotations as at Dec. 31 1934,
were approximately $1,233.700less than the book value thereof as compared
with $914,000 at Dec. 31 1933, representing an increase of $319,700 during
the year.
Volume 140
Financial Chronicle
Surplus Account Dec. 31 1934
Paid-in surplus Jan. 1 1934 (after deducting dividends paid
therefrom of $307.052 and including excess of stated value
over cost of priority stock retired in the amount of $139,737). $2,375.971
Excess of stated value over cost of 2,960 shares of priority
stock retired
16,534
815
Balance Sheet
Assets
Cash in banks and on hand... $159,624
Certificates of deposit
750
Accts. receivable-customers. x126,178
Trade acceptances receivable_
1,450
U. S. Govt.securities
91,693
Other marketable bonds
10,162
Accrued interest on bonds._
479
Inventories (valued at the
lower of cost or market).... 538,766
Land
59,024
Bidgs., machinery & equipmly1,172,090
Other assets
30,900
Prepaid insurance
7,384
Patents, net book value
15,162
Total
$2,392,505
Earned surplus Jan. 1 1934, representing accumulations since
dividend payment on Dec.1 1933
20,169
Net profit for year ended Dec.31 1934
649.045
Total
$669,213
Deduct
-Dividends paid on prioritystock
339,675
Total
$329,538
Surplus, as per balance shoot Dec. 31 1934
42,722.044
x Before provision for accumulated undeclared dividends of $377,360 on
the priority stock, as at the last dividend payment date, Dec. 1 1934.
Balance Sheet Dec. 31
Assets1933
1934
Liabilities1934
1933
Cash
$45,602 $138,656 Accounts payable_
$1,367
$2,291
aInvestmls-Bds. 498,848
488,437 Prov. for taxes__
5,250
3,750
U.S.Govt. oblIg'n 104,000
bCapItal stock_ _ 5,284,549 5,432,549
Stooks
7,346,896 7,190,147 Surplus
c2,722,044 2,396,139
Divs. rec. & accr.
bond Interest.__
16,848
17,487
Accts.receivable__
1,015
Office equipment_
1
1
Oct. 31 1934
Liabilities
$56,304
Accounts payable
Accrued payroll
28,767
Accrued commissions
11,644
Accrued real est. & personal
17,107
property taxes
Reserve for Federal & State
40.611
income taxes
Dividend on Preferred stock
13,770
Reserve for unemployment
benefit plan
4,374
Preferred stock
918,050
Common stock
z725,500
Surplus
397,535
Total
$2,213,666 Total
$2,213,666
x After reserve for doubtful accounts of $1,361. y After reserve for
depreciation of $963,596. z Represented by 50,400 no par shares.
-V.140.
ro• 329.
Wabash Ry.-Earnings.-
Total
$8,013,210 $7,834,729
Total
$8.013,210 $7,834,729
a Securities owned at Dec. 31 1931 and still on hand at Dec. 31 1934 are
priced at market quotations or management's estimated fair values as
of Dec. 31 1931. Securities purchased subsequent to that date are carried
at cost. Total investments priced at market quotations at Dec. 31 1934
amounted to $6,716,050 and $6,764.584 in 1933. b Represented by 94,340
shares of $5.50 dividend priority stock in 1934 (97,300 in 1933) and 567,549
shares of common stock, both of no par value. Of the unissued authorized
common stock, 283.020 shares are reserved for conversion of the priority
stock and 330,000 shares are reserved for the exercise of warrants at $20
per share at any time, without limit, except that the time may be limited
upon notice under certain circumstances as provided in the warrants. Total
authorized common stock, 1,320.000 shares. c After reflecting reduction
of capital to the extent of $141.750 represented by 2.835 shares of priority
stock purchased and retired under certificate filed Jan. 5 1935, resulting
in creting surplus with 314,803.-V. 139, p. 2849.
DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 652.
--------• Utica Knitting Co.
-$3.50 Preferred Dividend
-
1934
1932
1933
1931
$3.100,338 32,901,623 $3,036,919 $3,210,606
760,283
906,202
790.206
341,490
512,012
431,477
344,601 def235.0ti4
38,235,813 36,207,016 37,785,634 49.163.326
9,712,332 8,629,647 7,100,732 7,139,071
4.355,273
524,669 def366,995
2,745,490
Ward Baking Corp.(& Subs.)
-Earnings
52 Weeks
52 Weeks
53 Weeks
52 Weeks
PeriodDec. 29 '34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
Net earnings
$1.706,668 $1,649,223 $1,724,382 $3,079,629
Other income
x186,615
318,357
189,205
480,445
Discount on bonds purchased for sinking fund
11,432
32,708
Total income
$1.893.284 $1,871,136 $2.054,172 $3,560,074
Interest
234,134
278.701
275,351
250,228
Prem. on bonds purch.
for sinking fund
6.123
Depreciation
1.027,144
1,017.503
946,100
964,486
Spmial deductions
y224,046
Federal taxes
265,153
103,191
100.590
53,330
The directors have declared a dividend of $3.50 per share on account of
Net profit
$587,951
8658.128 81.989,076
$397.431
accumulations on the 7% cum. pref. stock. par $100payable on March 18
Ward Baking Co. diva.
3
to holders of record Feb. 18. This compares with' $1.75 per share paid
Ward Bkg.Corp.pf.divs.
1,126,793
391,512
516,410
1,932.044
on Sept. 1 last, $7 per share on March 1 1934 and $1 per share on March 1
1932. The last regular quarterly dividend of $1.75 per share was Paid
Surplus
$57,029
$5,919 def$468,666
$71,541
on July 11930.
Shares class A common
After the March 1 payment accruals on this Issue will amount to $18.25
' outstanding (no par)_
86,275
82,975
82.975
82,975
per share.
-V. 139. P. 947.
,Earns. per sh. on class A
Nil
$0.86
Nil
x Includes $57,560 of dividends on stock of
1?tc1.
.
---Vick Chemical Inc. (Del.)
-Extra Dividend-he/41-f' I .which is approximately $22,000 less than thethe British Arkady Co..3 .66
proportion of its 1934 Profits
The directors on Feb. 1 declared an extra dividend of 10 cents per share
applicable to the shares owned. y Includes loss on demolition of building
in addition to the usual quarterly dividend of 50 cents per share on the
of $42,184; write-down of inventories to market of $49,477 and loss on
capital stock, par $5, both payable March 1 to holders of record Feb. 13.
sale of marketable securities of $132,384.
Like amounts were paid in each of the five preceding quarters.
-V. 139,
p. 3658.
Consolidated Balance Sheet
Dec. 29'34 Dec. 3033
Dec. 29'34 Dec. 30'33
Virginian Ry.-Earnings.AssetsLiabilities.$
$
$
December1932
Cash
2,909,720 2,760,255 70 pref.stock__ _ _25,600,800 26,100,800
1931
',
Gross from railway
$1,265,512 $1,146.367 $1,226,327 $1,173,376
Cash in closed bks_
35,881
48,581 bC1. A corn.stock_
82.975
82,975
Net from railway
713,016
606,877
599,442
674,757
Market.secs. cost_
232,430 cClass 13 com.stk.
100
100
Net after rents
627.211
589,448
Accts.receivable
550,310
622,903
602,806
3,747,000 3,959,400
577,183 Funded debt
From Jan. 1
Inventories
1,279,781 1,295,148 Accounts payable_ 458,755
584,202
Gross from railway
14,443,351 13,433.773 12,818,969 15,337,426
Investments
62,921
58,250 Salesmen's & cusNet from railway
7,741,477 6,913,268 6.049.954
Deposit on perch.
7,271,254
110,647
tomers' deposits 121.265
Net after rents
6.772,558 6,116,664 5,196.092
6,345,611
contract
70,185
53,330
40,000 Est.Federal taxes_ 100,590
-V. 139. p. 4139.
plant_18,046,188 18,346,357 Dividends payable 128,004
aProp'ty
130,504
Deferred charges
522,107
383,272
577,725 Res. for centring
340,560
Vogt Mfg. Corp., Rochester, N. Y.
-Earnings
Pats., copyrights,
Sundry accruals
126,171
93,234
Years Ended Dec. 31good-will, &c 11.522,659 11,522,658 Surplus
4,336.255 3.969.902
1934
1933
1932
1931
Gross mfg profit
$287,287
$119,503
Total
Selling & adminis. exp
35,052,249 35,458,591
35,052,249 35,458,591
Total
129,936
168,923
Not reported
a After depreciation of $14,929,393 in 1934 and $14,245,044 in 1933.
Operating profit
b 82,975 no par shares. c 500,000 no par shares.
loss$10.433
$118.364
-V. 139. P. 3009.
Other income (net)
14,552
16,687
Warner Bros. Pictures, Inc.
-U. S. Court Enjoins
Net prof. Chef, taxes). $107.290
$79,564
$135,050
$4.119
Reserve for taxes
Movie Contract Clause-Nine Major Companies Forbidden to
1.500
22.500
Enforce Prohibition of "Double Feature" Films
Net profit
$107,290
379.564
$112,550
$2,619
Federal Judge George A. Welsh on Jan. 31 at Philadelphia enjoined nine
Dividends
50,000
30.000
150,000
major motion picture producing and distributing companies from enforcing
Earns, per share on 100.a clause in contracts with independent exhibitors which prohibits the showing
000 abs. stk. (no par).
$1.07
$0.80
$1.13
$0.03
of "double feature" films.
Comparative Balance Sheet Dec. 31
The decision, which held the producers and distributors conspired to
Assets
violate the Sherman and Clayton anti- trust laws, resulted from a test
1934
1933
LiabIlities1934
1933
Cash
suit brought by a group of independent motion picture theater owners
$234,532 $195,805 yCommon stock.. $500,000 $500,000
U. S. Govt. and
Surplus
567,849
597,979 headed by Harry Perelman, Philadelphia.
marketable sec_ 141,653
The ruling was directed against Warner Brothers Pictures, Inc.; First
154,749 Accounts payable_
67,849
67,217
Accts.receivable
National Pictures. Inc.; Vitagraph, Inc.; RKO Distributing Corp.; Para151,627 .120,673 Accruals
12,651
9,879
Value life Maur_ _
34,135
mount-Publix Corp.; Paramount Pictures Distributing Corp.; Metro30,832 Reserve for taxes_
31,087
13,773
Inventory
Goldwyn-Mayer Distributing Corp.; Fox Films Corp., and United Artists
177,447
186,938 Mortgage payable
8,100
Cash in closed bks_
Corp.
20,961
23,391
Real est, not used.
20,805
Judge Welsh held that the clause prohibiting the showing of two feature
22,368
Inv. In Waterloo
films on the same program restrained inter-State trade and commerce,
Mills, Inc
1
reduced the number of features that might be exhibited by independent
1
Mtge. receivable_ _
24,400
19.000
producers, and gave the nine major companies a monopolistic grip on the
Sundry investment
industry.
1,573
:Real est.,plant,,to 368,872
433.024
The clause prohibiting double features grew out of the system of "block
Deferred charges._
5,002
8,594
booking" which has been opposed by independent producers for several
Patents
1
years.
1
-V. 140, p. 489.
L
Total
$1,179,437 $1,196,948 Total
$1,179,437 81,196,948
x After depreciation of 3345.383 in 1934 and $429,272 in 1933. y Represented by 100,000 shares of common stock (no par).
-V,139, p. 3976,
Wagner Electric Corp.
-New Comptroller
-
Frank F. Simon has been appointed Comptro ler.-V. 139, p. 3492.
Walker Mfg Co.
-Earnings---
1934
$351,858
175,000
$2.01
1933
1932
$130,918 loss$49.940
180,000
180,000
Nil
$0.72
1931
$294.188
180,000
51.63
'''"--Wehle Brewing Co.
-Cent Dividencl-4 '
-25
46
Earnings for Year Ended Oct. 31 1934
Sales, less allowances, out
-freight cash discounts & excise tax__ $2,069,253
Cost of sales
1.472.866
Gross profit
$596,387
Selling expense
12728810292
Administrative expense
Operating profit
Other income, discount, interest earned, &c
Warren Foundry & Pipe Corp.(& Subs.)
-Earnings
-
Years End. Dec.31Net profit after depr.,
Federal taxes, &cShs.cap.stk.out.(no par)
Earnin per share
-V. 139, p. 1420.
$190,155
16.144
j11A dividend of 25 cents per share was paid on the common stock, par $1
on Jan. 1 to holders of record Dec. 20. This compares with 50 cents per
share paid on Nov. 1 1933, this latter raiment being the initial cash
dividend on this issue. A 5% stock dividen payable in B stock was paid
In 1934, and a stock dividend of 11% was paid on Aug. 22 1933.-V. 137.
P. 3162.
West Penn Power Co.
-Cuts Electric Rates
-
The American Water Works & Electric Co., Inc., has announced that its
principal electric subsidiary, the West Penn Power Co., has filed a rate
schedule with the Pennsylvania P. S. Commission providing for a reduction
Balance
$206,299
in domestic commercial and power rates, totaling approximately $706,000
Loss on sale of capital assets (net)
1,824
per year.
-V. 139, p. 1722.
Provision for Wisconsin State & Federal income taxes
42,000
_kg
.
140
C
*---• Western Auto Supply Co.
-Recapitalization Plan
Net profit
.
$162,475
The company has called a special meeting of stockholders for March 29
Surplus at Oct. 31 1933
266,272
to take action on a plan of recapitalization under which the convertible
Treasury stock preferred 1,639 shares-difference between par
0 % first preferred stock would be eliminated. The clasr A and class B
,
6
value of $50 per share and cost
25.145
common stock would be excnanged into new $12.50 par value common on
the basis of 2.15 shares of new for earn share of old stock.
Total
$453,893
The company has agreed to sell for 5525,000, 21,500 shares of the new
Dividends on preferred stock
56,358
common stock to Cassatt & Co., Inc., according to a letter sent to stockholders by Don A. Davis, Presi ent. The transaction will increase the
Surplus at Oct. 31 1934
3397.535
company's working capital he sal .
Note-Dividends on the $3 cumulative preferred stock were in arrears
"Another matter to which the management has devoted considerable
In the total of $82,624.
thought," the letter said, "and which is of material interest to the stock-
816
Financial Chronicle
holders, is the question of the distribution of the stock and the Exchanges
where tne stock is dealt in. The class A common stock is at the present
time not listed on any Excnange, but is merely admitted to unlisved trading
on ..he New York Curb Exchange. Under the securities Exchange Act of
1934, this is a temporary status, and there is no assurance that present
tradbg privilegescan be maintained.
"Your management believes that the size and record of the corporation,
and the public interest in it. warrant the listing of its stock on the New
York Stock Exchange, or, if listing on this Exchange cannot be obtained, a
listing on the New York Curb Exchange.
"In order to increase the distribution of the stock, and thus facilitate its
listing on an Exchange, George Pepperdine and I have agreed to sell to
Cassatt & Co., Inc., 10,750 shares each of the new common stock at the
same price the corporation is to receive for the 21,500 shares of stock,
which the corporation has agreed to sell. I have given Cassatt & Co., Inc.
an option good until three months after the effective date of registration
under the Securities .h.ct and the Securities Exchange Act, to purchase from
me additional shares of new common as follows: 10,750 shares at $28.72
per share; 10,750 shares at $30.93 per share; and 10.750 shares at $33.14 per
share; and Mr. Pepperdine has given Cassatt & Co. a similar option to
purchase 10,750 shares of his new common stock at $33.14 per share."
Mr. Pepperdine is a former President of Western Auto Supply.
"The plan contemplates no change in the management of the corporation
except for the addition of Lester Hutchings and Claude Vogt as directors,"
the letter continues.
"In view of the corporation's earnings for 1934, your directors hope to be
able to place the new common on a dividend basis of $2 a share-which
would be equivalent to $4.30 a share on the present class A and class B
common stock.
"The year 1934 has been the most profitable in the history of the corporation. The audit has not yet been completect, and therefore the annual
report is not yet ready for submission to stockholders. The books indicate,
however (subject to verification by the auditors), that sales were over
$17,250,000, as compared with 812,873,387.35 in 1933, an increase of approximately 34%;and that net income, after all charges, including provision
for Federal taxes, amounted to over $1,250,000, compared with 81,095,780
in 1933."-V. 140, p. 330.
Wayne Pump Co., Fort Wayne, Ind.
-Annual Report
-
Feb. 2 1935
Western Maryland Ry.-EarningsPeriod End, Dec. 31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues___ $1,142.835 $1,085,736 $13,883,275 $12,345,048
Operating expenses_ _
742,897
659,371
9,444,083 7,845,337
Taxes
27,717
36,550
717,717
736,550
Uncoil, railway revs__ - _
956
2,594
956
2,594
Operating income..___ $371,265
Equipment rents
17,657
Joint facility rents-net Dr13,031
$387,221 $3,720,519 $3,760,567
30,698
377,296
453,833
Dr14,147
8,363 Dr154,198
Net ry. oper. income_
Other income
$375,891
20,134
$403,772 $4,106,178 $4,060,202
20,154
127,049
142,113
Gross income
Fixed charges
$396,025
271,280
$423,926 $4,233,227 $4,202,315
271,872 3,237,972 3,266,264
Net income
PeriodGross earnings (est.)
-V. 140: p. 489.
$124,745
$152,054
$995,255
$936,051
-Third Week of Jan.- -Jan. 1 to Jan. 21-1935
1934
1935
1934
$296.947
$266,335
$866,099
$755,976
Western Ry. of Alabama.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139, P. 4140.
1934
$106,293
def11,706
def19,213
1933
1932
$109,971
$90,034
4,277 . def17,412
4,152
23.717
1931
$83,794
def57,814
def40,828
1.298,765
def28,267
def55,651
1,246,673
1,233,228
def27,000 def129,048
def84,879 def151,163
1,837,921
36,116
def6,326
Westinghouse Electric & Manufact'g Co.
-TVA Order
The largest order of its kind placed in this country in six months has been
awarded the company by the Tennessee Valley Authority, which has contracted to buy two generators and auxiliary equipment. The generators,
to be used at the Norris Dam, will cost nearly $1,000.000. The order is
among the first for heavy machinery placed by the TVA.
-V. 140, p. 489.
William M. Griffin, President, says in part:
After 35 years of continuous losses due to a constantly decreasing volume
of business, the management at the end of the first half of 1934 considered
Westmoreland Coal Co.
-New Director
it advisable that the capital structure be reorganized. A plan of reorganizaJohn L. Welsh was elected a director to fill the vacancy caused by the
tion was adopted and became effective on Nov. 8 1934. The balance sheet
death of his father, Edward Lowber Welsh.
gives effect to the results of the reorganization.
-V. 138, p. 1584.
Prospects for 1935 look better than they have at any time since 1930.
Westmoreland, Inc.-iVew Director
During the last three months of the fiscal year 1934 we realized a substantial
John L. Welsh was elected a director succeeding the late E. L. Welsh.
increase in volume of business as compared to the corresponding months
-V.138, p. 4480.
of 1933.
Consolidated Income Account Years Ended Nov. 30.
(George) Weston, Ltd.
-To Split Stock
1932
1931
1934
1933
A special meeting of stockholders will be held on Feb. 1 to authorize
$749,986 $1,290,393
Gross profit from sales _ _ $1,234,523
$841,802
splitting the present 200,000 shares of authorized no par common stock two
1,329,724
Selling & adminis. exps_ 1,046,013
828,238
986,871
for one, making the total number of authorized shares 400,000. There
Prov. for depreciation__
180,067
161,128
are now outstanding 187,927 shares of common and 9,000 shares of 7%
.$
39.331
preferred
Loss from operation_ _prof$27.382
$166,503 a$236,885
In the letter to stockholders, R. A. Robertson, Treasurer,states that the
Other income credits_ _ _
36,135
116,678
79,634
129,572
report for 1934 will show a substantial increase in sales in Canada and the
$77.
347
United States,. and a substantial increase in net earnings. Annual meeting
Gross income
$107,016 loes$36,931 loss$200,750
will be called for March 28 1935.-V. 139, p. 948.
Inc. charges (other than
bond interest)
145,445
70,212
57,548
269 855
' Westvaco Chlorine Products Corp.
-Debentures Called
A total of $89,000 of 10
-year 5M % sinking fund gold debentures due
Balance, deficit
prof$49,468
$182.376
$270,962
$192,508
March 1 1937 have been called for payment Feb. 18 next at 101 and lot
Div. on pref. stock of
Payment will be made at the Guaranty Trust Co., trustee, 140 Broadway.
Wayne Co
30,000
30,000
60,000
N. Y. City or at the Continental 'bola National Bank & Trust Co...
Int. on deb. bonds
114,171
125,819
c88,450
107,282
Chicago, 111.-V. 139, p. 2694.
Credit arising from Pur.
and retirement of gold
Wheeling & Lake Erie Ry.-Earnings.deb. bonds at less than
December1934
face value
1933
152,365
1932
1931
Gross from railway
$931,106
$742,227
$650,474
$747,115
Net from railway
319.172
Net deficit
$262,768
43.317
$378,326
6338,982
$319,657
233,505
78,915
Net after rents
347,745
Preferred dividends_
61,322
121,342
232,504
45,664
• From Jan. 1
Losses in connection with
Gross from railway
11,239,794 10.563,820
moving and disposal of
8,536,235 11.617,713
Net from railway
2,734,834
44,434
2.769,217
assets of Rochester pl't
2,361,647
2,067,068
Net after rents
1.764,829
1,651,357
Sundry charges (net)--6,245
30,270
1,186,801
903,170
-V.139, p. 4140.
$313,445
Total deficit for year..
$529,938
$319,657
$38,982
Wichita Falls 8c Southern RR.
-Earnings.
a After depreciation of $215,224 in 1932 and $182,368 in 1931. b Net
December
-1934
1933
1932
1031
deficit subsequent to Dec. 1 1933 (effective date of reorganization). c IntGross from railway
$33,858
$45.317
$53,104
$52,325
erest on convertible debenture bonds; payable on or before Feb. 1 1935.
Net from railway
def604
15,722
17,452
16,971
$44.225; payable when completely earned or at maturity of bonds. $44,225.
Net after rents
4,174
15,581
10.043
29,985
From Jan. 1
Capital Surplus Nov. 30 1934
Gross from railway
508,795
558,878
661,275
603,478
Credits arising in connection with plan of reorganization:
Net from railway
105,243
164,899
167,253
174,571
$1,418,328
State value of capital stock retired
Net after rents
47.951
100,487
102,764
77,769
Dr114,808
Less par value of new capital stock in process of being issued
-V. 140, p. 154.
32,375
Donation of old capital stock of Wayne Pump Co. by a sub
$1,335,894
Total credits
Less charges arising in connection with plan of reorganization
(authorized by the directors in December 1934, effective
Nov. 30 1934 or prior thereto):
$312.409
Consolidated deficit Dec. 1 1933
Book value of Rochester, Pa., plant written down to
505,650
directors' estimated realizable value
20,509
Organization expenses written off
87,088
Patents written down to nominal value
Charge against earned surplus of Wayne Co. arising from
32,375
donation of capital stock of parent company
$377,861
Balance Nov. 30 1934
Note
-No dividends on preferred stock of Wayne Co. are included in
the statement for 1934. as all undeclared cumulative dividends on the
preferred stock outstanding during the year were waived by the stockholders
of Wayne Co. in connection with the plan of reorganization.
No provision has been made in the above statement for amortization
of estimated reorganization expenses.
Consolidated Balance Sheet Nov. 30 1934
Liabilities
Assets
$795,745 Accounts and notes payable__ $89,065
Cash
3,808
Notes rec. (less reserve,$5,000)
2,964 Current habit. of Brazilian sub.
250,452
723,025 Accruals
Accounts receivable
Current assets of Brazilian sub.
54.874 5% pref. stock of Wayne Co.
1,000,000
Inventories
613,832 (a subsidiary)
44,225
49,548 Accrued int. on 5% cony. debs.
Foreign Instalment acc'tsrec
19.969 5% convertible debs., 1954_- 1,769,000
Investments
54,492
1,312,079 Reserves
Plant property(net)
114,809
1 Common stock (par $1)
Patents-nominal value
377.861
92,693 Capital surplus
Def. charges & prepaid exp.__
Deficit subsequent to Dec.133
38,981
Total
-V.140. P. 652.
53,6640
3
,0
53 664
T,7oa
tl
-Accumulated Dividend'
Western Grocer Co.(Iowa)
A dividend of $2 per share was paid on account of accumulations 61(i the
7% cum. preferred stock, par $100, on Dec. 20 and on Nov. 20, last. This
latter was the first distribution made on this issue since July 1 1932 when
$1,75 per share was distributed, prior to which regular semi-annual dividends of $3.50 per share were paid. Accruals as of Jan. 1 amount to $15.25
-V. 139. p. 3169.
per share.
Western Pacific RR.
-Earnings.
December
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 140. p. 154.
1933
$857,230
175,462
93,110
1932
$666,696
def5,405
def71.984
1931
$934,571
' 98,939
def13,709
12,302,903 10,868,312
2.522,111
2.050,006
1,267,422 • 905,827
10.768,713
1,736,791
518,117
12,914,527
1,474,723
263,270
1934
$957,780
188.637
78.869
(F. W.) Woolworth Co.
-Earnings-Domestic and Canadian Subsidiaries]
[Including
Calendar Years-
1934
1933
1932
1931
$
$
Net sales
270,684,797 250,516,528 249,892,861 282,669,576
Net rental income
509,486
420.899
485,547
265.287
Undistributed earns, of
unconsol. for'n subs
4,074.315
3,782,935
3,807,051
4,281,238
Income from sec. owned 6,312,478
4,019,244
2,348,891
4,990,437
Profit on sale of secure
9,977,452
Interest, &c
301,066
299,538
2,504,678
329,312
Realized profit on for'n
exchange
76,830
449,978
Total income
281.958,972 259,489;123 256,863,662 304,688,669
Costs and expenses
241,398,103 223,353,656 228,332,127 257,469,324
Depreciation
1,455,382
1,470,532
1,970,550
1,396,775
Amortization-bidgs. &
impts. on leased prop. 3,063,126
2,799.050
2,678,386
Reduction in market val.
of securities
208,719
Unrealized for. exch. loss
c296,651
Federal tax
3,900,000
3.175,000
1,8.50,000
3,900,000
Net income
32,142.363 28,690,884 22,101,005 41,348,796
Profit from sale of stock
of F. W. Woolworth &
Co., Ltd., England..
x1,970,561
Total net income
32,142,363 30,661,446 22,101.005 41,348,796
Common dividends
23,288,676 23,288,678 23,400,000 42,900,000
Rate of com. dive_ _ _ _
(24%)
(24%)
(44%)
(24%)
Profits res, for unrealiz.
foreign exch. losses
317,669
Surplus
Previous surplus
8,853.687
7,372,768 def1,298,995 def1,868,873
72.455.817 65,083,050 67,853,122 72,009,972
Total
81,309,504 72.455.817 66,554,127 70,141,099
Prov. for addl Fed. inc.
taxes--prior years
2,500,000
Net surplus adjustment_
131,471,077 a2,287,976
Total surplus
78,809,504 72,455,817 65,083.050 67,853,122
Net earnings on common
stock (par $10)
$3.30
$2.94
d$4.24
$2.27
a Includes $2,000,000 estimated Federal income tax on profits included
in prior years, not subject to tax until this year upon sale of securities.
b Includes reduction in market value of securities of $692,915 and foreign
exchange losses of $778,162. c Additional unrealized foreign exchange
losses of $2,460,737 have been deducted directly from income from investments. d Excluding non-recurring income and before making provision
for foreign exchange losses, the per share earnings were $3.34. x Represents profit made on sale of 337,550 shares of English company, which
were acquired in 1931 as a temporary investment.
Financial Chronicle
Volume 140
Consolidated Balance Sheet Dec. 31
1934
1933
I
1934
1933
-5
Assets
Liabilities$
$
$
a Real estate dc
Common stock_ 97,500,000 97.500,000
bldgs. owned_ 18,194,093 18,422,737 Purchase money
b Ridge. owned&
mortgagee ___
965,000 3,309,600
impts.on l'sed
Accts. payable &
premises to be
accruals
316,503
575.149
amortized_ _ 37,987,945 38,994,011 Group life Maurc Furn.& fixts_ 27,488,341 27,339,350
ante premium
197,100
192.834
Leases &
1
1 Reserve for Fedd Investments.. 36,266,166 32,025.654
eral taxes__ _ 3,996.039 3,196.658
21,700.963 22.050,346 Mtgee. payable,
Cash
Accts. receivable e840,830 1.099,997
98,300
current
Inventory (merRes. for foreign
chandise. &o.) 38,132,077 35,424,198
exch. losses
300,000
300,000
bals.
Unamort.
Res. for empl's'
392.399
in closed bks.
benefits
100,000
100,000
Stores. supplies.
Res.for addi tax
898.191
855,628
&c
ass'ts for prior
Mtges. reedy.. 2,237,997
315,716
years
2,500,000
Deferred charges 1,035,842
710,021 Surplus
78,809.505 72,455.817
184,782.447 177,630,059
Total
Total
184,782,447 177,630,059
a After depreciation reserve of $2,722.767 in 1934 and 82,464,317 In
1933. is After amortization of $3,063,126 in 1934 and $2,799,050 in 1933.
c After depreciation of $11.174,397 in 1934 and $10,758,605 in 1933.
d Includes majority holdings in stock of F. W. Woolworth & Co., Ltd..
England. $26.345,673 in 1934 ($23,187,410 in 1933) (market value. $224,166.779 in 1934, $192,546,041 in 1933); investment in F. W. Woolworth
Co. G.m.b.H., Germany, $7.972,619 in 1934 (87,091,562 in 1933); company's own capital stock, 51,646,755 (46,386 shares with a market value of
32,504.871 in 1934 and 46,384 shares with a market value of $2,006,108
in 1933); and sundry securities of $301.119 in 1934 (8100,051 111 1933),
•Includes notes receivable.
-V. 140. p. 330.
Q14441:
8c Baumer Candle Co., Inc.
-Extra Dividend
-
The directors have declared an extra dividend of 5 cents per [pare In
addition to their regular quarterly dividend of 10 cents per share on the
no par common shares both payable Feb. 15 to holders of record Feb. 1.
-V, 139, p. 2066.
Wisconsin Central
Period End. Dec. 31
Revenues
Expenses
Taxes St uncoil.ry.rev_ _
--Dr_
Hire of equipment
-Dr.
Rental of terminals
Ry.1934
-Month-1933
1934-12 Mos.-1933
$687,264
$800,667 $9,755,776 89,426.652
594,008
607,314 7,445,251 7,363.583
114,083
34,305
585,927
711,949
48,464
58,072
816.176
749,865
43,492
47,827
546,093
581,759
Net after rents-__
Dr$112,785
-Dr.
Other income-net
30,217
-Dr.
Int.on funded debt
160,501
Net deficit
-V.140, p. 155.
$303,504
.CURRENT
$53,148
19,392
162,001
$362,327
346.989
1.871,327
819,494
292.954
1,911,509
$128,245 81,855,989 82,184.969
NOTICES
-The Metropolitan Life Insurance Co. In 1934 issued, revived and
Increased $3.287.100,370 paid-for life insurance, Frederick H. Ecker,
President ofthe company reported on Thursday of this week at the opening
session of the annual convention of the company's managers. The year's
production showed an increase of $112,000,000 over that of 1933, Mr.
Ecker said, and the company's total insurance in force showed a gain during
the year of $686,820,657. On Dec. 31 there was in force 819.489,805.475.
The company's 1934 business was done at an average rate of 19.900
policies for $10,884.438 Issued, revived and increased on each business day.
and was distributed as follows; Ordinary, $1,524,348,452; industrial,
$1,487,231,699; group. $275,520,219. The total amount of ordinary insurance in force passed the 10 billion dollar mark during the year, and stood,
on Dec. 31 last, at $10,216,839,377. Industrial insurance in force at the end
of the year totaled $6.617.508,665, and the total of group insurance
amounted to $2,655,457,433. The company also reported accident and
health insurance in force carrying a principal sum benefit of $1.332.000,950,
and weekly indemnity of $13,842,855.
Payments to policyholders by the Metropolitan in 1934 ran well over
half a billion dollars, and were made at an average rate of $4,351.73 a
minute of each business day. The total amount paid was $525,689,582.80,
of which $152,945,723.48 was paid for death benefits, while $372,743.859.32 was paid for matured endowments, annuity payments dividends,
disability benefits, cash surrender values, &c. More than two-thirds of the
total payments were made to living policyholders.
Dividends to policyholders payable in 1935 amounted to $97,265.486,
of which 844,192,450 is payable on industrial policies, $50,397,036 on
ordinary policies, and $2,676.000 on accident and health policies. Including
this declaration, the company has paid or credited more than a billion
dollars to policyholders in the form of dividends and bonuses, 94% of this
amount having been declared in the 20 years since the Metropolitan was
mutuallzed.
During the year, the company's assets Increased $170,346,960, and stood
at $4,031,108,152 on Dec. 31. The income for the year was $903.754,216.
The number of life insurance policies in force at the end of 1934 was
41,970.561, Including 1.496.612 lives insured by group policies. It is estimated that the company's policyholders number about 27,000.000, many
of whom hold more than one policy.
-The seventieth annual report of the Provident Mutual Life Insurance
Co. of Philadelphia as sent to the policy owners to-day by M. A. Linton,
President, shows that the company last year passed the half
-billion mark in
total sums paid to policyholders. New insurance paid for during 1934
totaled $75,841,000. aa increase of 6% over the year 1933. Disbursements
to 1.111cyholders during the past seventy years have now aggregated $513.700.000. New paid annuities provided for annual payments of $1,659,000,
an increase in this typo of coverage of 51% over 1933.
Voluntary cancellaJons by surrender, lapse. &c., were 23% less than for
1933 and 30% lees than for 1932.
The large increase in annuities is stated by Mr. Linton to have been due
to depression conditions. Future payments to annuitants provided by the
new single premium and annual premium annuity contracts paid for in 1934
were one and a half times the corresponding figure for 1933, 2.4 times that
for 1932, and three and a half times that for 1931.
"Largely on account of the increase in the annuity premiums, the company's 1934 premium Income from all sources was the largest in its history,"
said Mr. Linton. "The total was $40,438,000, an increase of 12.1% over
1933. This large increase in premium income contributed materially to the
Increase in assets of $16,119,000, which als3 exceeded the fl cure for any
previous year."
The company invested $23,268,000 in securities during the year at an
average rate of return of 3.52%. Of these now investments approximately
40% were obligations of the U. S. Government. Cash held at the end of the
year was $10,221,000 or about twice that held a year ago.
"It is to be hoped," said Mr. Linton in regard to investments,' that 1935
will afford a greater opportunity for the life insurance companies to invest
their funds in the types of conservative securities adapted to their needs."
817
The rate of interest payable upon funds left with the company under
optional methods of settlement will be 4X% in 1935 as compared with 43 %
in 1934. Dividends for 1935 on insurance policies will be on the same basis
as for 1934.
-Increases in new busk ess, assets an... reserves and a decrease in borrowing by policyholders in 1934 were shown to-day in the eighty seventh annual
report of the Penn Mutual Life Insurance Co., made public by William A.
Law, President.
Life insurance sold and paid for represented a gain of $15,889,663, or
12% over 1933. This brings the total insurance in force to $1,847.112,503
under 502,140 policies
Assets increased $26,187,838 to a total of $556,641,602. Indicative of
ample liquidity, the company has $13,214,302 in cash and holds 548,289,719
of United States Government bonds.
During the year $26,689,797 was added to piney reserva. Reserves for
mortality and asset fluctuation and for other contingencies are 525.260,143.
Payments to policyholders and beneficiaries last year were $66,641,127.
of which $44,522,070 went to living policyh driers. This brought the
payments to policyholders and beneficiaries since the founding of the
company
in 1847 t a total of $977,951,789.
"There are several factors in our report that indicate improved
economic
conditions in the United States," Mr. Law said. "One is the increase in
life insurance purchases. But alai significant are a heavy decrease in the
voluntary surrender of policies for their cash value, a decrease In borrowings
by policyholders, and the repayment of more than $5,000,000 that had been
borrowed on policies."
-Announcement is made of a change in the name and personnel of
Thomson,Dean & Co.,stock brogers,355 St.James Street West,Montreal.
Thisfirm, which for many years past has held memberships in the Montreal
Stock Exchange and Montreal Curb Market, will now be known as Thomson, Mathewson & Co., with offices at the same address.
M. A. Thomson, who is also Vice-President and General Manager of
Nesbitt, Thomson & Co., Ltd., will continue to be associated with Thomson, Matthewson & Co., as also will H. H. Rath who has been associated
with Nesbitt, Thomson & Co., Ltd., for many years. J. S. Air& VicePresident and Secretary-Treasurer, and R. H. Dean, Assistant Sales
Manager of Nesbitt, Thomson & Co., Ltd., have withdrawn from Thomson, Dean & Co., and will continue in their respective capacities with
Nesbitt, Thomson & Co., Ltd.
Hugh Mathewson and F. Stanton Mathewson, join Mr. Thomson and
Mr. Rath as partners in the new firm of Thomson, Mathewson & Co. Both
Hugh and F. Stanton Mathewson have had over 25 years experience in the
brokerage business, F. S. Mathewson having been a member of the Montreal Stock Exchange since 1919.
-Guy Huston & Co.of Chicago have announced the purchase of the taxexempt bond brokerage firm of Roy T. Sterling & Co., Chicago. and expansion of facilities in new quarters to include municipal and other taxexempt bonds as well as the Joint Stock Land Bank securities with which
both houses have long been identified. The Huston name has long
been
prominent in banking and farm mortgage circles in Illinois and surrounding
States. Guy Huston operated a number of country banks for many years,
later becoming interested in the development of the Farm Mortgage
Credit
system by the Federal Government. He organized and headed the largest
Joint Stock Land Bank then operating, as well as a securities company
which had a leading part in establishing the credit of the system during the
period of initial growth. After several years of retirement he again entered
the security business. Ray T. Sterling & Co. will be remembered as being
perhaps the first investment firm to recognize the investment possibilities
in Home Owners Loan Corporation bonds,and early data prepared by them
is said to have been used extensively by both HOLC field officials and others
Interested in refinancing under the Act.
-The annual statement of the Mutual Life Insurance Co. of New York
issued this week shows an increase in assets A $40,653.926, or from $1,119.855.726 at the close of 1933 to $1.160,509.652 for the year ending Dec. 31
1934. Mutual Life policyholders ana their beneficiaries received $155,338.880 in 1934, and the company has set aside from its gains in operations a
total of $28,308,382 for dividends in 1935.
The Mutual Life's balance sheet for the year ending Dec. 31 1934 shows
that it had on that date $52,479,810 in cash, and $104,688,968 in U. S.
Government bonds. The book value of its mortgage loans was $258.047.393
and of its railroad, public utility and industrial bonds $413,862,802. It
maintained a general contingency fund of $59,605.705 at the close of 1934.
During 1934 its outstanding policy loans decreased $13,651.975 and its
insurance forfeited and surrendered decreased $157,704,907 from 1933,
indicating a decided improvement.
- the annual meeting of the Corporate Fiduciaries Association of New
At
York City, an organization comprising the banks and trust companies
doing a trust buainess, the following officers for the ensuing year were reelected:
President, John A. Burns, (Vice-President, The Chase National Bank);
Vice-President, Henry A. Theis, (Vice-President, Guaranty Trust Co.);
Secretary and Treasurer. F. K. Bosworth. (Assistant Vice-President.
Empire Trust Co.); and the following were elected to the Executive Committee: Brenton Welling.(Vice-President, Bankers Trust Co.); Howard B.
Smith. (Trust Officer, Chemical Bank & Trust Co.); Chester A. Allen,
(Vice-President, Kings County Trust Co.); Andrew Wilson Jr., (VicePresident, Bank of the Manhattan Co.).
Clark, Dodge & Co. announce that Francis T. Ward, who has been
head of the bond department of J. P. Morgan & Co., has become a member
of their firm.
Mr.Ward began his banking career with the Harris Trust& Savings Bank,
Chicago, following his graduation from the University of Chicago. During
the World War, he served in the United States Army, and returned to the
Harris Trust & Savings Dank after the Armistice.
Since May 1 1920, he has been in the employ of Messrs. J. P. Morgan &
Co., New York, and in recent years has been head of their bond
department.
-Following the dissolution of the New York Stock Exchange
firms of
Rich & Clark and Larkin Sr Petersen, announcement is made of the
formation of the copartnership of Rich, Clark & Petersen, with
membership on
the New York Stock Exchange and associate membership on the New
York
Curb Exchange. Harry E. Petersen, Ray Clark, member of the New
York
Stock Exchange, and Charles V. Rich, Jr., are the partners of the new
firm,
which has been formed to transact a general bond brokerage
business.
Offices of the new company will be at One Wall Street, New York.
-Eedington Fiske Jr., G. Hale Pulsifer and Herman Scheyhing have
formed the partnership of Pulsifer, Fiske & Scheyhing, with
offices at
49 Wall St., New York, to continue the management of investment
funds
and the personal supervision of trust funds formerly handled by them
as
associated individuals. Messrs. Fiske and Pulsifer recently
acquired the
investment counsel business in New York of William B. Nichols Ss Co.,
Inc., with wh ch they and Mr. Seheyhing formerly had been connected.
Mr. Pulsifer remains a director of the Nichols firm.
Feb. 2 1935
Financial Chronicle
818
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
Friday Night, Feb. 1 1935
Coffee futures ended 7 to 10 points higher on Santos and
3 to 6 higher on Rio with sales of 3,500 bags of the former
and 1,250 bags of the latter. Spot coffee was in better demand owing to the colder weather of late. On the 28th ult.
Santos futures closed 3 to 7 points lower with sales of 10,500
bags and Rio was off 1 to 2 points with sales of 6,250 bags.
Cost and freight offers from Brazil were unchanged to 10
points lower. On the 29th ult. futures were quiet and 3 to 8
points lower on Santos and unchanged on Rio; sales 5,750
bags of Santos and 2,250 bags of Rio. Cost and freight
offers from Brazil declined 5 to 10 points. On the 30th ult.
new lows for the season were made but a rally came later on
a fair demand and Santos contracts ended 1 point lower to
4 points higher with sales of 22,500 bags and Rio contracts
were 1 to 5 points higher with sales of 6,500 bags. Cost and
freight offers were unchanged to 5 points higher. Brazilian
advices said that freight rates to the United States might
be raised 10e. to 43c. per bag starting March 1.
On the 31st ult. futures again touched new lows for the
season and ended 14 to 16 points lower with sales of 33,500
bags. Rio contracts were 21 to 23 points lower with sales
of 15,500 bags. Cost and freight offers from Brazil were
small. Reports earlier in the week that Brazilian freight
rates to United States would be advanced 10 cents per bag
to 43c. were confirmed. To-day prices declined 3 to 6
points on Rio contracts and were undhanged to 3 points
lower on Santos. New seasonal lows were again reached.
Rio coffee prices closed as follows:
March
May
July
6.30 I September
6.48 December
6.60
Santos coffee prices closed as follows:
March
May
July
9.62 September
9.62 December
9.63
6.70
7.80
9.65
9.71
Cocoa futures on the 26th ult. closed 2 to 3 points lower
with sales of 657 tons. March ended at 5.070.; May at
5.20c.; July at 5.320.; Sept. at 5.43c., and Dec. at 5.58c.
On the 28th ult. there was a further decline of 8 to 12 points
owing to general liquidation. Sales were 278 lots. March
ended at 4.98c.; May at 5.11c.; July at 5.23c.; Sept. at 5.34c.;
Oct. at 5.36c.; Dec. at 5.49c., and Jan. at 5.55c. On the
29th ult. futures closed 1 to 2 points lower after sales of 197
lots. March closed at 5.51c.• May at 5.07c.• July at 5.18c.;
Sept. at 5.30c.; Oct. at 5.35.; Dec. at 5.46c., and Jan. at
5.51e. On the 30th ult. futures ended with net advances
of 2 to 3 points after sales of 94 lots. Wall Street as well as
manufacturers bought. March ended at 4.96c.; May at
5.09c.• July at 5.21c.• Sept. at 5.32c.; Oct. at 5.37c.; Dec.
'
at 5.48c., and Jan. at 5.53c.
On the 31st ult. futures closed 5 to 7 points higher with
sales of 93 lots. Manufacturers and Wall Street supported
the market. Mar. ended at 5.02e., May at 5.140., July at
5.25e., Sept. at 5.38 to 5.39c. Oct. at 5.44c., and Dec. at
5.55e. To-day futures closed 1 to 3 points lower with
Mar. at 4.99c., May at 5.12c., July at 5.25c. and Sept.
at 5.37o.
Sugar futures on the 26th ult. were quiet and featureless.
Contracts ended 1 to 2 points lower with sales of 1,700 tons
in the old and 700 tons in the new contracts. Raws were
quiet. On the 28th ult. futures closed unchanged to 2 points
higher after some early weakness. Sales were 27,250 tons
of old and 17,250 tons of new contracts. Sales of two parcels
of Puerto Ricos were reported at 2.80e. On the 29th ult.
futures closed 2 to 4 points lower with sales of 9,000 tons of
new contracts and 13,950 tons of old. Raws were lower
but were more active. Sales were reported to have been on
Monday of Cubas, April shipment at 1.90c. Feb. shipment
at 1.900. and prompt shipment at 1.88e. Puerto Ricos were
said to have been sold at 2.78c. Further sales of Cubas
prompt shipment were reported at 1.88c. On the 30th ult.
futures were easier early in the day owing to weakness in
raws but rallied later with raws and ended 1 to 2 points
higher with sales of 3,850 tons of old contracts and 4,500
tons of new. Sales of Cuban raws from warehouse and
Puerto Ricos for shipment were reported to have been made
on the previous day at 2.76c.
On the 31st ult. it was a dull affair and prices ended
unchanged. Raws were quiet. A sale of Cubas for Apr.
shipment was reported at 1.88e. on Wednesday. To-day
futures closed 2 to 4 points higher. Puerto Rico sold
yesterday at 2.78c. Prices were as follows:
December
March
May
2.08 July
1.88 September
1.94 January
1.98
2.03
2.09
Lard futures on the 26th ult. were unchanged to 15 points
with distant deliveries showing the most weakness owing
to scattered liquidation. On the 28th ult. futures declined
further reflecting the weakness in grain. They ended with
net losses of 12 to 20 points. On the 29th ult. futures were
unchanged to 5 points higher owing to stronger sterling
exchange. Hogs were lower but had little or no effect on
prices. On the 30th ult. futures advanced in sympathy
with grain and ended with net gains of 20 to 22 points.
Smaller mazketings of hogs were also a factor.
On the 31st ult.futures advanced 13 to 30 points on buying
in anticipation of a bullish visible supply statement. To-day
futures closed 5 to 12 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Frt.
Wed. Thurs.
Mon. Tues.
Sag.
12.55
12.97 12.82
12.50
12.67
12.70
12.95
12.95
12.80
12.77 12.57 12.60
13.05
12.70 12.92 13.05
12.70
12.90
January
May
July
Pork steady; mess. $27;family, $26.50 nominal;fat backs,
$23.25 to $27. Beef firm; mess, nominal; packer, nominal;
family, $18.50 to $19.50 nominal; extra India mess, nominal.
Cut meats firm; pickled hams, picnic, loose, c.a.f. 4 to 6
/
lbs., 11%c.; 6 to 8 lbs., 1138c.; 8 to 10 lbs. 11Mc.• 14 to
0
2
'%
16 lbs., for skinned, loose, e.a.f., 18e.; 18 to lbs., 173 c.
22 to 24 lbs. 15%c.; pickled bellies, clear, f.o.b. N. Y.,
6 to 12 lbs., 20c.; bellies, clear, dry, salted, boxed, N. Y.,
/
14 to 20 lbs., 1738c.; 20 to 25 lbs., 17310.•, 25 to 30 lbs., 17c.
Butter, creamery, firsts to higher than extra, 343 to 383.c.
Cheese, flats, 183' to 22e. Eggs, mixed colors, checks to
special packs, 27 to 323c.
Oils-Linseed was quiet at 8.5c. for tank cars. Cake
was dull and nominal. Meal was easier. Cocoanut,
3
Manila, coast, tanks, 43c.; tanks, N. Y., 45% to 4%o.
Corn, crude, tanks, Western mills, 103' to 103(c.; China
wood, N. Y., tanks, shipment 9.3 to 9.5e.; drums, spot, We.;
olive, denatured, spot, Spanish, 92 to 95e.; shipments,
Spanish, 880.; Greek, 86c. Soya bean, tanks, Western
mills, spot, forward, 8.25c.; carload drums, 9.3e.; less
carload, 9.70. Edible, cocoanut, 76 degrees, 113le. Lard,
%
prime, 103c.; extra strained winter, 93 c. Cod, Newfoundland, 33e. Turpentine, 553e. to 593e. Rosin,
$5.25 to $7.55.
Cottonseed Oil sales, including switches, 25 contracts.
%
Crude, S. E., 93 c. Prices closed as follows:
February
March
April
May
fJune
11.001
11.09 11.14 July
11.08 11.18 August
11.11 11.15 September
11.08 11.2511.18
11.1511.18
11.15
11.18@11.23
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 26th ult.closed 16 to 19 points lower
with sales of 1,870 tons. Spot ribbed smoked sheets fell to
12.560. London was unchanged to 1-16d. higher and
Singapore ended 1-32d. lower to 1-32d. higher. March
ended at 12.71 to 12.72c.; May at 12.85 to 12.800.; July at
13.010.; Sept. at 13.17e., and Dec. at 13.40c. On the 28th
ult.futures closed 3 to 14 points lower,except on Jan., which
was 4 points higher. Sales were 7,090 tons. London declined 3 to 3-16d. Singapore was 1-16 to 3-32d. lower.
Jan. ended at 12.600.; March at 12.57 to 12.610.; May at
12.750.; July at 12.89 to 12.900.; Sept. at 13.07c.; Oct. at
13.17c., and Dec. at 13.37c. On the 29th ult., prices
declined 10 to 23 points after sales of 4,880 tons. Spot
smoked ribbed dropped to 12.38e. London and Singapore
were weaker. March ended at 12.47 to 12.500.; May at
12.65 to 12.600.; July at 12.75 to 12.79c.; Sept. at 12.900.;
Oct. at 12.980., and Dec. at 13.14e. Futures on the 30th
ult. were 18 to 30 points higher with sales of 4,440 tons.
Spot rubbed smoked sheets rose to 12.61e. London was
1-16d to Md. higher, while Singapore was unchanged to
1-32d. lower. At the close March was 12.70 to 12.71c.;
May 12.84 to 12.800.; July ,13.01e. Sept., 13.15 to 13.16e.;
Oct., 13.24e., and Dec., 13.43 to 13.44e.
On the 31st ult. prices ended 1 to 6 points higher with
sales of 2,700 lbs. Spot ribbed smoked sheets here were
unchanged at 12.620. London was unchanged to 1-16d.
higher and Singapore rose Md. March ended at 12.74 to
12.75e., May at 12.86 to 12.90c., July at 13.01e., Sept.
at 13.19 to 13.220. Oct. at 13.27e. and Dec. at 13.43e.
'
To-day prices ended 5 points lower to 2 points higher, with
March, 12.720.; May, 12.88c.; July, 13.000.; Sept., 13.15c.,
and Dec., 13.380.
Hides futures on the 26th ult. closed 5 to 10 points lower
after sales of 120,000 lbs. Sept..ended at 9.50 to 9.580., and
Dec. at 9.87 to 9.920. On the 28th ult. futures closed 1 to
12 points lower with sales of 1,720,000 lbs. March ended
at 8.75 to 8.900., June at 9.12e., Sept. at 9.49 to 9.50c. and
Dec. at 9.75 to 9.900. On the 29th ult. futures ended 3 to
10 points higher with sales of 1,720,000 lbs. Sales of 27,000
hides were reported in the Chicago spot market at 11c.
3
for native steers. Branded steers were 4c. lower. Some
9,000 frigorifico steers sold in the Argentina spot market at
10Y2C. June ended at 9.15c., Sept. at 9.550., and Dee.
at 9.85 to 9.95c. On the 30th ult. futures rose 22 to 36 points
with sales of 3,200,000 lbs. In the Argentine spot market
Volume 140
Financial Chronicle
sales were reported of 8,000 frigorifico steers at slightly
lower prices. March ended at 9.16c., June at 9.45c. and
Sept. at 9.77 to 9.84c.
On the 31st ult. futures closed 4 to 8 points higher with
sales of 2,000,000 lbs. March ended at 9.20c., June at
9.51c. and Sept. at 9.85 to 9.87c. To-day futures closed
7 to 10 points higher at 9.58c. for June, 9.95c. for Sept.
and 10.22c. for Dec.
Ocean Freights were slow.
Charters included-Sugar, probably part cargo, prompt,Port-au-Prince
to United Kingdom about 13s.; prompt, Santo Domingo to United Kingdom
about 12s. Grain booked-About 6 loads to the Mediterranean, Eic.;
25 to Havre at 7c., a few to Copenhagen at 10c.; 4 loads to Copenhagen
-Hampton Roads to Havana,
at 10c. and 5 to Rotterdam at Sc. Coal
-West Indies round.
$1.25; Hampton Roads to St. Thomas, $1.40. Trips
75c.; West Indies prompt round, 70c. Rock phosphate-prompt Tampa
-Prompt, January Gulf, light crude to
to 'Freston, lls. 6d. Tankers
north of Hatteras, 20c.; prompt U. S. Gulf, crude to B. A., 128. 3d.
Coal was in good demand owing to the very cold weather.
Bituminous output last week increased 300,000 tons to
8,300,000 net; for three weeks to Jan. 26 it was 23,730,000
tons and the weekly average 7,910,000, against 21,760,000
tons in the corresponding three weeks last year and a weekly
average of 7,210,000 tons.
Copper was fairly active both here and abroad. Blue
Eagle electrolytic for domestic shipment was unchanged at
9c. Sales were reported Wednesday of 1,500,000 lbs.
European prices were 6.70c. c.i.f. Hamburg, Havre and
London. In London on the 31st ult. prices advanced 6s. 3d.
to £27 13s. 9d. for spot and £28 for futures; sales, 750 tons
of spot and 2,050 tons of futures; electrolytic spot rose 10s.
to £30 15s.; futures up 5s. to £31.
Tin was rather quiet but spot Straits advanced to 51.10c.
American tin deliveries during January were 4,600 tons,
all from Atlantic ports. Stocks here at the end of the
month were 1,025 tons and the amount landing 1,556 tons,
making a total in sight here of 2,581 tons. In London on
the 31st ult. spot standard advanced £1 6s. to £233 15s.;
futures unchanged at £228 17s. 6d.; sales, 50 tons of spot
and 675 tons of futures; spot Straits up £1 to £234; Eastern
c.i.f. London dropped 5s. to £231 15s.
Lead was up to 3.60c. New York and 3.45c. East St.
Louis, with demand rather light. In London on the 31st
ult. spot was unchanged at £10 8s. 9d.; futures declined is.
3d. to £10 7s. 6d.; sales, 300 tons of spot and 850 tons of
futures.
Zinc was quiet at 3.70c. East St. Louis. In London on
the 31st ult, prices were unchanged at £12 2s. 6d. for spot
and £12 for futures; sales, 50 tons of spot and 50 tons of
futures.
Steel operations were up to 52.5% of capacity a gain of
6% for the week. The best demand came from the automobile industry. Tin plate mills were operating at 60 to 65%
of capacity. Miscellaneous shipments were better. Railroads purchased limited quantities. There was very little
demand for bolts, nuts and rivets. The Chicago output
was up to 65% of capacity, with the demand mostly from
automotive, farm equipment and miscellaneous consumers.
Heavy melting steel was quoted at $13 to $13.50 Pittsburgh
and around $11.50 at Chicago.
Pig Iron showed some improvement during the week.
Jobbing foundries 'are doing a better business. In the
Cincinnati district shipments to the automobile industry
were brisker. Quotations: Foundry No. 2 plain, Eastern
Pennsylvania, $19.50; Buffalo, Chicago, Valley and Cleveland, $18.50; Birmingham, $14.50. Basic, Valley, $18;
Eastern Pennsylvania,$19; Malleable, Eastern Pennsylvania
$20; Buffalo, $19.
Wool was in fair demand and steady. Boston wired a
Government report on Jan. 31st saying: "The Boston wool
market continues to be fairly active, with demand centering
mainly on the finer qualities of Western-grown wools. Bulk
average French combing 64s and finer territory wools in
original bags 67 to 70c., scoured basis. Fair sized quantities of Texas wools have moved this week at 65 to 70c. for
average 12 months' wool and 55 to 580. scoured basis, for
the choice fall wools."
In London on Jan. 28'offerings were 8,390 bales with the
home and Continent the chief buyers. Prices firm. On
the 29th inst. offerings in London were 8,812 bales with
Yorkshire and the Continent buying freely. German and
Russian interests were also buying. Prices steady. In
London on Jan. 30 the home and Continent took the offerings of 6,500 bales and prices were well maintained. In
London on Jan. 31 offerings at the Colonial auctions were
8,708 bales with competition keen. Prices firm. The
selection included 333 bales of English specially classed,
washed and greasy crossbreds which sold at values equiva4
lent to Dec. best washed realizing 118 d. and greasy 8Md.
Silk futures on the 28th ult. closed 1 to 3c. lower with
sales of 2,110 bales. Crack double extra was down to
$1.473/2. Japanese cables were weaker. Feb. ended at
$1.36, March at $1.363/ to $1.373/2, April at $1.37 to
$1.373/2, May and June at $1.373'2, July and Aug. $1.37
/
.
and Sept. at $1.363/ to $i.371 2 On the 29th ult, prices
advanced 1 to 13/2c. on sales of 800 bales. Crack double
extra fell 13/2c. to $1.46. Japanese cables were firmer.
Feb. ended at $1.37, March at $1.373/2, April at $1.373/ to
$1.38; May and June $1.38, and July, Aug. and Sept. $1.38
to $1.38 M. On the 30th ult. futures fell M to 33.'c. on sales
of 1,750 bales. Crack double extra was le. off to $1.45.
The Yokohama Bourse was 15 to 23 points lower. Yen
819
exchange was unchanged at 28M. Feb. ended at $1.36 M,
March at $1.35 to $1.353/2, April at $1.36 to $1.36, May
at $1.35 to $1.363/2, June at $1.343/ to $1.36, July at $1.35,
Aug. at $1.343/ to $1.35 and Sept. at $1.353/ to $1.35.
On the 31st ult, futures closed le. lower to 2c. higher
with sales of 440 bales. Crack double extra spot fell 2Mc.
to $i.423,. Japanese markets were irregular. Feb. ended
at $1.353/ to $1.36; Mar., $1.353/ to $1.36; May at $1.36
to $1.37; July at $1,361 I; Aug., $1.36 to $1.37; and Sept.
/
at $1.363 to $1.37. To-day futures closed 1 to 3c. lower
with Feb. at $1.3234; Mar. Apr. and May, $1.34; June,
$1.343.'; July, $1.34; Aug., $1.35
and Sept. at $1.34.
COTTON
Friday Night, Feb. 1 1935.
The Movement of the Crop,as indicated by our telegrams
from the South to-night, is given below. For the week
ending this evening the total receipts have reached 44,884
bales, against 52,473 bales last week and 65,908 bales the
previous week, making the total receipts since Aug. 1 1934
3,469,079 bales, against 5,926,239 bales for the same period
of 1933-34, showing a decrease since Aug. 1 1934 of 2,457,160
bales.
Receipts at-
Sat.
Mon.
Galveston
Texas City
Houston
Corpus Christi
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
Baltimore
2,281
5,590
1,227
__-_
1,596
97
1,011
719
684
96
16
309
35
____
59
89
____
123
7
Totals this week_
5,668
8.271
Tues.
Wed.
Thurs.
1,813
866
7,341
5.580
Fri.
Total
2,263
605 13,418
90
90
611
959 1,370 6.663 11841
----------------719
4,006 2,673 4,034
---- 12,993
413
161
119
348 1.234
-656
--------672
19
19
204
53
55
40
720
86
137
181
937 1,465
____ ------768
768
28
20
31
20
99
91
373
137
---- • 15
473
473
7,970 10,054 44.884
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
1934-35
Receipts to
Feb. 1
This Since Aug
Week
1 1934
Stock
1933-34
This Since Aug
Week
1 1933
1935
1934
Galveston
13,418 810,273 36,988 1,715,185 602,685 816,758
Texas City
90
61,699 1,761 169,726
24,769
45,644
Houston
11,841 961,696 23,951 1,987,431 972.963 1,416,729
Corpus Christi._,.
719 268,979
932 311,937
71,467
79,287
Beaumont
4,538
---8,767
2,008
8.588
New Orleans
12,993 808,347 19,942 1,038,480 677,517 789.442
Gulfport
Mobile
1,234 117.321 3,179 122,607
94,340 119.968
Pensacola
672
65,319 8,108 115,058
13,730
22,579
Jacksonville
19
6,550
31
12,440
3.928
7.340
Savannah
720 104,329 1.091 146,816 116,474 125,235
Brunswick
25.033
459
Charleston
56,432
51,948
1,465 126,981 1,034 110,126
Lake Charles. _ _ _
95,610
31:512
41,669
768
55.030 1,099
25,567
19,783
Wilmington
99
14,410
648
18,306
26,697
20.108
Norfolk
602
32,080
373
41,753
Newport News_
31,283
92,594
New York
5,133
11.417
Boston
2,870
2,657
Baltimore
664
16,637
473
21,395
Philadelphia
Totals
44.884 3.469 079 100.030 5.926.239 2.759.375 3.671.746
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston____
Houston
New Orleans_
Mobile
Savannah....
Brunswick
.
Charleston-WilmingtonNorfolk
Newport News
All others_ __ _
1934-35
1933-34 1932-33
1931-32
1930-31
1929-30
68,736
54,656
50,449
20,613
8,060
24,487
25,405
27,426
12.731
9,079
18,594
25.155
28.393
2,601
2,710
1,034
648
602
32,354
66,385
46,831
9,150
890
968
3,444
1,402
763
2,024
692
484
1,653
802
1,723
499
473
1,138
12,595
19,923
17,931
2,647
2,714
13,418
11.841
12,993
1,234
720
36,988
23.951
19,942
3,179
1.091
1,465
99
373
2,741
Total this wk_
82,277
44,884 100.030 182.110 223,645 105,953
Atom An, 1 'I 450 me A 090 9.90 5557120'TAMA OA 7_249_120 7.159_122
The exports for the Week ending this evening reach a total
of 100,721 bales, of which 34,497 were to Great Britain,
16,444 to France, 4,547 to Germany, 10,481 to Italy, 13,171
to Japan, 500 to China, and 21,081 to other destinations.
In the corresponding week last year total exports were
148,208 bales. For the season to date aggregate exports have
been 2,885,568 bales, against 4,898,802 bales in the same
period of the previous season. Below are the exports for
the week.
Week Ended
Feb. 1 1935
hzports from-
Exported toGreat
GelBritain France many
Bahl
Galveston
5,196 2,473 2,756
____
Houston
3,482 10,692 1,195 3,879
Corpus Christi
____ 1,166
____ 1298
Texas City
300
633 ---New Orleans_ __ _ 11,805
899
____ 5,304
Lake Charles_ _ _
____
914
56
Jacksonville.._ _
143
_ _ ....
-----------591
Pensacola
Savannah
Charleston
Gulfport
Total
Total 1934
Total 1933
Japan China
Other
Total
2196
____ 2,929 15,550
--------7,337 26,585
1023
____ 1,789 5,276
--------660 1,393
9,952
500 7,534 35.994
----
-------591
16
34,497 16,444 4,547 10,481 13,171
500 21,081 100,721
10,275 17,810 43,607 19,643 27,492 5,736 23,645 148,208
37,191 37,764 60.954 27,535 57,174 14,318 26,944 261.880
Financial Chronicle
820
From
Aug. 1 1934 to
fa, 1 11,30
Exported to
I
UTC.
Ur,
Expo-ts from-I Britain France many
Galveston
Houston
Corpus Christi_
Texas City .
Beaumont...._
New Orleans_
Lake Charles__
Mobile
Jacksonville
Pensacola
Panama City_
Savannah
Brunswick.._
.
Charleston_ ___
Norfolk
Gulfport
New York....
Boston
Philadelphia...
Los Angeles__
San Francisco_
Seattle
Total
65.137
72,846
30,057
1,896
3,132
129,465
7,555
30.769
2,423
8,740
9,572
48,202
876
64,281
4,042
2,535
7,213
1
619
6,603
106
56,366
86,392
22,019
10,917
__
54,424
9,688
7,973
52
29
125
3,494
5,086
203
812
2,400
____
Italy
Japan
China' Other
67,004 281,921
85,844 285,115
13,778 136,8251
394
743
400
78,694 124,579
2,202
9,112
13,299 32,311
. .
2,481 11,269
____ 14,014,
6,050
100
____
15,452
____ 10,400
3,431 2,033
200
425
5,533 2,172
1
26
1
100 158,593
2,392
643
____ 36,822
48,063
38.444
7,906
2,295
223
66,168
929
21,391
1,229
6,558
3,59
21,668
Total
8,452 130,399
39,013 143,639
6,675 34,138
10,654
___ 1,019
2,375 80,683
____ 8,950
528 8,544
____
550
____ 2,926
____
775
____ 5,462
200
____
____ 3,100
____ 1,400
__.
____ 8:211
____ 2,179
___
50
1:150 5,105
250
283
____
182
657,342
751,293
251,198
26,899
4,774
536,388
. 38,436
114,815
4,254
32,003
28.080
84,976
1,076
93,319
11,309
2.960
23,941
2,206
670
176,343
38,104
182
496,070259,980 246,370268,502 1107,754 58,443448,4492885,568
Total 1933-34_ 873,796590,324 960,733447,407 1198.389184,506643,6474898,802
10/0_0/
QQ, olflAnA ,AXIIAn 411nA1n nnm 11, M0411.1 0721,0.2 1.27Mn,2 10A
Feb. 2 1935
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Feb. 7 1935
15-16
inch
1-inch &
longer
.22
.22
22
22
22
19
18
.49
.49
.49
.49
.49
.41
:38
.21
.21
.18
.48
.46
.38
.18
.18
.18
.38
.38
.36
.17
.35
.17
.35
.18
:18
.36
.36
Middling Fair
White
70 on
Strict Good Middling
do
.57
Good Middling
do
.46
do
Strict Middling
.32
do
Middling
Basis
Strict Low Middling
do
.38 off
Low Middling
do
.80
*Strict Good Ordinary._ do
1 31
*Good Ordinary
do
1 76
Good Middling
Extra White
47 on
do do
Strict Middling
32
do
Middling
do
01
Strict Low Middling.... do do
.37 off
Low Middling
do do
77
Spotted
Good Middling
28 on
do
Strict Middling
Even
Middling
do
.38 off
*Strict Low Middling__ do
80
*Low Middling
do
1 31
Strict Good Middling Yellow Tinged
02 off
do
Good Middling
do
28 off
do
Strict Middling
do
46
do do
*Middling
.80
*Strict Low Middling__
do do
1.31
*Low Middling
do do
1.76
Light Yellow Stained_ .43 off
Good Middling
do
*Strict Middling
do
do
__ .81
*Middling
do
do
do
__1.30
Good Middling
Yellow Stained
.80 off
do do
*Strict Middling
1.31
do do
*Middling
1 76
Gray
Good Middling
27 off
Strict Middling
do
51
*Middling
do
82
*Good Middling
Blue Stained
.81 off
*Strict Middling
do do
1.31
*Middling
do do
1.76
.
1,...l
NOTE-Exports to Canada-It has never been our practice to include in the
above table reports of cotton shipments 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 01 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. 1 at
-
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Charleston_ __ _
Mobile
Norfolk
Other ports *
2,800
2,119
1,117
3,300
1,122
3,828
Germany
Other
Foreign
3,000 30,400
663 34,325
2,788 5,485
C,`,1:t
6,036 8,250 6,451 70,410
Total 193&_
Total 1934.. 24,131 12,987 23,097 105,868
Total 1933
28.425 10,048 22,204 89,276
•Estimated.
441
200
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
middling upland cotton in the
New York market each day for the past week has been:
Jan. 26 to Feb. 1Middling upland
Sat.
12.65
Mon. Tues. Wed. Thurs. Fri.
12.60 12.55 12.60 12.60 12.55
New York Quotations for 32 Years
562,285
934,500
664,299
116,474
55,991
94,140
26,697
212,267
1935
1934
1933
1932
1931
1930
1929
1928
12.55c.
11.75c.
5.90c.
6.80c.
10.45c.
16.50c.
20.05c.
17.75c.
1927
1926
1925
1924
1923
1922
1921
1920
13.65c.
20.75c.
24.05c.
34.00c.
27.40c.
17.26c.
14.15c.
39.15c.
1919
1918
1917
1916
1915
1914
1913
1912
26.75c.
31.20c.
14.75c.
11.95c.
8.50c.
12.75c.
13.00c.
9.90c.
1911
1910
1909
1908
1907
1906
1905
1904
14.95c.
14.70c.
9.85c.
11.65c.
11.00c.
11.35c.
7.350.
17.25c.
Market and Sales at New York
1,575 92,722 2,666,653
6,895 172,978 3,498,768
5,495 155,448 4,546,498
Speculation in cotton for future delivery was rather light
and no improvement is looked for until some of the uncertainties surrounding market have been removed. On the
26th inst. scattered liquidation owing to the weakness in
Liverpool caused a decline of 2 to 4 points. The South was
offering contracts late in the session. The trade was the
best buyer. New Orleans and the Far East were also
buying. On Wednesday local cotton men will meet with
members of the Senate Agricultural Committee in an effort
to alleviate the export situation. Spot cotton was quiet
but the basis was steady. On the 28th ult. there was a
further decline of 9 to 11 points under foreign selling owing
to nervousness over the pending gold clause decision. Liverpool cables were disappointing. The weakness of foreign
exchange was also a disturbing factor in the early trading.
At one time prices showed losses of 15 to 16 points. Aside
from trade price fixing the market got little support. On the
29th ult. foreign selling again sent prices downward in a
nervous market dominated by a feeling of nervousness over
Washington developments. With nothing definite about
the Government's plans for control of next season's crop and
its disposition of surplus holdings, much of which is in the
12c. loan and the decision on the gold clause cases still pending, traders were not inclined to do much on either side of
the market. There was some foreign selling on the possibility
of American selling of surplus stocks in foreign markets.
Liverpool and the Continent sold. The trade was the best
buyer. Estimates on the Indian crop were about 1,000,000
bales under earlier figures. The spot demand remained quiet
but the basis continued firm. On the 30th ult. prices ended
with net advances of 4 to 7 points. The upturn was due
more to a lack of offerings rather than to anything else.
The trade bought moderately. So did New Orleans. Foreign
interests sold a little. Trading was very light. There was
a feeling of caution and nervousness owing to the impending
gold clause decision. The recent liquidation made for I
better technical position. Spot cotton was quiet but farmers
are not inclined to offer much at present values. Southern
spot markets were officially unchanged to 5 points higher.
It was another day of small trading on the 31st ult., in an
irregular market. Prices ended 2 points lower to 1 point
higher. The 1119 rket is in a rut from which it is not expected
to emerge until the gold clause decision is out of the way.
The Government was credited with buying. Spot houses
were buying March and selling October. Nothing came out
of the Senate Agricultural Committee conference on exports.
Southeastern mill interests were supporting the market
while co-operative interests were selling May and July
deliveries. Local operators and the South were selling a
little. Liverpool was quiet and featureless. To-day prices
ended unchanged to 2 points lower. Liverpool cables were
disappointing and there was less demand from the trade.
Mid.
do
do
do
•Not deliverable on future contract.
The official quotation for
Total
900 40,400
234 38,463
13,218
441
200
Leaving
Stock
Dfferences between grades established
for deliveries on contract to Feb. 7 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Spot Market
Closed
Saturday_ __
Monday
Tuesday _
Wednesday_
Thursday __
Friday
Futures
Market
Closed
SALES
Spot
Steady, unchanged_ Steady
Quiet,5 pta. dec. _ Steady
Steady, 5 pts. dec-- Steady
Steady, 5 pts. adv_ _ Steady
Steady, unchanged_ Steady
Quiet. 5 pts. dec..Steady
Contr'ct
60
700
1,800
1,150
900
Total week.
Since Aug. 1
100
700
Total
60
700
1,800
1,250
1,600
3,910 1,500 5,410
46,426102,600 149,026
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Jan. 26
Monday
Jan. 28
Tuesday
Jan. 29
Wedneseay
Jan. 30
Thursday
Jan. 31
F; day
F. b. 1
Feb.(1935)
Range__
Closing _ 12.40n
12.32n
12.27n
12.32n
12.30n
12.21
March
Range__ 12.43-12.48 12.31-12.40 12.30-12.36 12.35-12.38 12.35-12.40 12.31 12.36
Closing _ 12.4612.37-12.40 12.3212.37-12.38 12.35-12.36 12.31 -12.33
April
Range__
Closing 12.48n
12.39n
12.35n
12.39n
12.38n
12.3
,
May
Range._ 12.47-12.51 12.35-12.43 12.35-12.4112.45-12.44 12.41-12.45 12.31 -12.42
Closing _ 12.5112.41-12.42 12.38 -12.42 -12.42 -12.31
June
Range..
Closing 12.51n
12.41n
12.38n
12.41n
12.42n
12.31
Jut
Range._ 12.47-12.51 12.35-12.43 12.33-12.42 12.41-12.46 12.42-12.47 12.3'-12.43
Closing 12.51 -12.40-12.41 12.39 -12.44 -- 12.43 --- 12.31 12.40
Aug.
Range __
Closing.. 12.48n
12.37n
12.36n
12.41n
12.40n
12.31
Sept.
Range __
Closing 12.45n
12.34n
12.33n
12.38n
12.37n
12.3:
Oct.
Range._ 12.40-12.44 12.27-12.34 12.24-12.32 12.32-12.35 12.33-12.38 12.21 -12.35
Closing 12.42,12.43 12.32 --- 12.2912.3512.3
12.35Arm%-Range__
Closing 12.45n
12.36n
12.32n
12.38n
12.38n
12.3
,
Dec.
Range__ 12.47-12.51 12.34-12.40 12.31-12.36 12.40-12.42 12.39-12.44 12.31 12.41
Closing 12.4912.40 --- 12.3512.4212.42n
12.3'
Jan.
(1936)
Range__12.39-12.40 12.31-12.35 12.40-12.42 12.39-12.43 12.31 42.41
19 an --- 12 25sa
1.4210 A•1
10 01
Closing _
n Nomlnaa.
Range of future prices at New York for week ending
Feb. 1 1935 and since trading began on each option:
Option forFeb. 1935
Mar. 1935_
Apr. 1935
May 1935._
June 1935
July 1935_
Aug. 1935
Sept. 1935
Oct. 1935_
Nov. 1935__
Dec. 1935_
Jan. 1936_
• Range for IVeek
Range Since Beginning of Option
12.30 Jan. 29 12.48 Jan. 26 11.13 May
I 1934 14.15 Aug. 9 1934
12.35 Jan. 28 12.51 Jan. 26 11.79 May 25 1934 14.23 Aug. 9 1934
12.33 Jan. 29 12.51 Jan. 26 12.03
12.30
12.35
12.24 Jan, 29 12.44 Jan. 26 11.74
Nov. 1 1934
Nov. 14 1934
Oct. 24 1934
Nov. 1 1934
14.21
12.53
12.35
12.71
Aug. 9 1934
Jan. 24 1935
Oct. 24 1934
Jan. 2 1935
12.31 Jan. 29 12.51 Jan. 26 12.22 Jan. 15 1935 12.70 Jan. 9 1935
12.31 Jan. 29 12.43 Jan. 31 12.31 Jan. 29 1935 12.43 Jan. 311035
Financial Chronicle
Volume 140
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.
The Visible
Feb. 1Stock 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
1935.
815,000
82,000
1934
906,000
97,000
1933
775,000
104,000
1932
699.000
179,000
897.000 1,003,000
306,000 581,000
172,000 301,000
24,000
27,000
87,000
97.000
37,000 130,000
9.000
18.000
10,000
7,000
bales
879.000
501 000
299,000
20,000
89,000
90,000
878,000
311,000
179,000
21.000
102,000
96,000
999,000
709,000
Total Continental stocks
654,000
Total European stocks
1.551.000
India cotton afloat for Europe
102,000
American cotton afloat for Europe 220,000
Egypt,Brazil,Stc., artfor Europe 126.000
Stock in Alexandria, Egypt
311.000
Stock in Bombay India
636,000
Stock in U. 8. ports
2 759,375
Stock in U. S.interior towns
1,767.312
U. S. exports to-day
9.664
1,152,000
2.155,000 1,878,000 1,587,000
48.000
141,000
83.000
379.000 465,000 355.000
121,000
54,000
66,000
427.000 554,000 726,000
894,000 652,000 462,000
3.671,746 4,701,946 4,808,631
2,027,706 2,118,211 2,123,944
20.779
42,390 110.642
Total visible supply
7.482,351 9.837,231 10548,547 10287.217
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
Dales_ a260 000 475,000 439,000 319.000
Manchester stock
51 000
53,000
68,000 101.000
Bremen stock
260,000
Havre stock
146,000
Other Continental stock
92,000 1,066,000 924,000 651.000
American afloat for Europe
220,000 379,000 465,000 355,000
U. S. port stocks
2 759,375 3,671,746 4,701.946 4,808,631
U. S. interior stocks
1,767312 2,027,706 2,118,211 2,123,944
U. S. exports to-day
9,664
42,390 110,642
20.779
Total American
East Indian, Brazil,
Liverpool stock
stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, Atc., afloat
Stock in Alexandria Egypt
Stock in Bombay, India
5.565,351 7,693,231 8,758,547 8,469,217
Total East India &a
Total American
1,917,000 2,144.000 1.790,000 1,818,000
5365,351 7.693,231 8,758,547 8,469,217
555,000
31,000
53,000
26,000
77,000
102,000
126.000
311,000
636,000
431.000
44,000
336,000
36,000
380,000
78,000
86,000
141.000
121.000
427,000
894.000
75,000
83,000
54.000
554,000
652,000
58,000
48,000
66,000
726,000
462,000
Total visible supply
7.482.351 9,837,231 10548,547 10287,217
Middling uplands, Liverpool-..... 7.07d.
6.29d.
4.94d.
5.58d.
Middling uplands, New York..._ 12.55c.
11.80c.
6.00c.
6.65c.
Egypt, good Sakel, Liverpool.... 9.284.
9.363.
8.094.
8.654.
Broach, fine, Liverpool
4.844.
6.03d.
4.67d.
5.51d.
Tinnevelly, good, Liverpool
6.684.
5.824.
5.64d.
4.804.
a 14.000 added to Liverpool stock.
Continental imports for past week have been 78,000 bales.
The above figures for 1935 show a decrease from last
week of 100,721 bales, a loss of 2,354,880 bales from 1934, a
decrease of 3,066,196 bales from 1933, and a decrease of
2,804,866 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. 1 1935
Towns
Movement to Feb. 2 1934
Receipts
Receipts
IVeek
Season
Birming'm
246 19,285
Eufaula
25
7,298
Montgomery.
4 22,542
Beima
126 43,002
Ark .,rilythville
609 115,853
Foreet City.._
4 27,293
Helena
78 42,908
Hope
87 28,194
Jonesboro_ _
30 28,000
Little Rock_
383 72,041
Newport _ _
8 16,923
Pine Bluff _ _
419 72,440
Walnut Ridge
110 24,570
Ga., Albany_ __
4,492
Athens
425 13,343
Atlanta
324 61,773
Augusta
1,010 83,734
Columbus. _
450 19,750
Macon
63 12,075
Rome
100 17,973
La., Shreveport
203 56,749
Miss.Clarksdale 2,433 116,253
Columbus_ _
25 20,594
Greenwood.._
710 124,635
Jackson
165 23,747
Natchez
4
3,532
Vicksburg - 180 19,775
Yazoo City._
25 28,180
Mo., St. LouLs_ 3,611 115,663
206
2,066
N.0 Gensboro
Oklahoma
1,771 230,159
15 towns•_
S.C., Greenville 2,231 83,248
Tenn.,Memphis 23,6821,045,699
.
6.50
218
Texas, Abilene_
43 20,253
Austln
Brenham
61 14,392
376 44,097
Dallas
21 34,008
Faris
Robstown1
6,680
San Antonio_
7 15,639
Texarkana
7 25,946
452 54,4801
Waco
Ship- Stocks
ments Feb.
1
Week
545 6,495
74 5,283
660 23.247
549 45,808
1,736 97,286
429 25,026
429 26,577
218 21,957
122 25,677
1,515 49,154
100 15,108
1,523 38,476
169 13,516
16 8,159
265 46,383
4,331 109,837
5,055 130,758
6
14,361
341 26,721
1
21,458
1,11 27,848
5,819 o2,170
12 19,243
3,696 62,629
472 21,672
12 5,014
94 9,208
877 22,013
3,307 2,314
268 18,055
Week
Season
164 24,558
7,437
65
314 25,878
56 36,349
1,936 122,602
21 17,663
362 42,001
22 44,966
so 29,363
2,535 94,485
267 29,069
440 94,060
229 52,6161
10,578
465 29,030
3,703 94,618
4,219 124,166
200 14,440
676 15,369
155 11,272
100 49,657
1,449 114,878
121 15,707
1,671 136,396
140 25,710
15
4,293
116 19,231
28 27,033
4,073 148,447
1,685
6,471
Ship- Stocks
ments Feb.
Week
2
367 12,951
6,034
58 33,117
36 41,132
4,201 70,360
21, 16,025
4)
1,17 29,557
7711 17,263
1,382 12,553
5,511 44,960
1,194 20,178
691 44,039
2,445 19,661
91 3,939
255 59,125
5,815219,631
4,367140,507
1,2
13,661
1,07 34,479
7 10,049
1,57 38,051
4,547 48,162
76 12,962
3,81 70,095
312 18,039
128 5,035
448 9,516
670 13,890
8,009 19,142
348 19,053
3,379126.511 8,716 774,504 20,542186,564
3,786 70,529 2,196 97,494 3,593 90,930
30,143 500,680 42,476 1,333,115 54.184573.812
101
502 62,612
7711 1,716
135 18.790
387 3,708
4131 3,772
34 4,736
48 26,582
5.580
1,19 10,781 1,215 91,232 2,1141 13,637
620 14,501
89 52,435 1,1411 14,047
1,515
15
4
5,447
963
211
150 3,741
161 10,407
1481
647
4 18,888
202 26,571
9411 17,122
583 88,368 1,4341 15,750
87 12,196
Total, 56 towns 40,9332,842,6191 75,374 1767312 81,6154,055,9 137,41 2027700
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 33,712 bales and are to-night
821
260,394 bales less than at the same period last year. The
receipts at all the towns have been 40,681 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:
-1934-35-1933-34Feb.1Since
Since
ShippedWeek
Aug. 1
Week
Aug. 1
Via St. Louis
3,307 125.297
8.009 129.545
Via Mounds. &c
3,276
63.271
2,175
92.574
Via RockIsland1,322
Via Louisville
135
9.523
--ig
7,691
Via Virginia points
3,573 104,384
3.664
96,360
Via other routes, &a
4,000 373.640
12,272 333.076
Total gross overland
14,291
Deduct Shipments
Overland to N. Y.. Boston. arc
473
Between interior towns
301
Inland, dm.,from South
9.106
Total to be deducted
676,115
26.138
660.568
21,395
8,284
161.177
664
349
5.946
16.632
8.045
123,806
9,880
190.856
6,959
148,483
Leaving total net overland_*_ 4,411
485.259
19.179
512.085
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 4,411 bales, against 19,179 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 26,826 bales.
-1934-35/n Sight and Spinners'
Since
Takings
Week
Aug. 1
Receipts at ports to Feb. 1
44,881 3.469,079
Net overland to Feb. 1 4,411
485,259
Southern consumption to Feb. 1- 85,000 2,315,000
-1933-34Since
Week
Aug. 1
100,030 5,928.239
19.179
512.085
80,000 2,499,000
Total marketed
34,295 6,269,338 199.209 8,937,324
Interior stocks in excess
*33,712
614.575 *56,700
765,468
Excess of Southern mill takings
over consumption to Jan.
-_134,626
230,931
Came into sight during week
100,583
142,509
Total in sight Feb. 1
7.018.539
---- 9.933.723
North. spinn's's takings to Feb. 1- 21,784
589,409 26,730
794,937
* Decrease.
Movement into sight in previous years:
Week1933
-Feb.3
1932
-Feb.5
1931-Feb.6
Bales
Since Aug. 1260,816 1932
298,020 1931
187.270 1930
Bales
10,573.003
12,251,530
11.439.652
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week Ended
Feb. 1
Cotton on
I SaturdayClosing Qoutationsfor MiddlingThursdayMonday Tuesday Wed'day
Friday
Galveston
12.70
New Orleans-- - 12.67
Mobile
12.46
Savannah
12.66
Norfolk
12.66
Montgomery....12.45
Augusta
12.66
Memphis
12.20
Houston
12.65
Little Rock- 12.21
Dallas
12.25
Fort Worth
12.25
12.60
12.57
12.37
12.59
12.59
12.40
12.59
12.10
12.60
12.12
12.15
12.15
12.55
12.52
12.32
12.52
12.52
12.35
12.52
12.05
12.55
12.07
12.10
12.10
12.60
12.57
12.37
12.57
12.57
12.40
12.57
12.10
12.60
12.12
12.10
12.10
12.60
12.57
12.35
12.56
12.57
12.35
12.55
12.15
12.60
12.10
12.10
12.10
12.55
12.53
12.31
12.52
12.50
12.30
12.52
12.10
12.55
12.06
12.05
12.05
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
Jan, 26
Monday
Jan. 28
Tuesday
Jan. 29
Wednesday Thursday
Jan. 30
Jan. 31
Frway
Feb. 1
Feb.
(1935)
April
May
June
July
August
September
October
November
December
Jan.(1936
Tone
Spot
Options.._
a Ask.
12.47 -12.37 -12.32,12.33 12.37 ---- 12.36 ---- 12.3:
12.5112.41-12.42 12.38 -12.42 ---- 12.42 ---- 12.31
12.5212.4312.39-12.40 12.45n
12.44n
12.44
12.41-12.42 12.3312.30n
12.48n
12.38n
Steady.
Steady.
Steady.
Steady.
b Bid. n Nominal.
12.34-12.35 123561236a 12.31 -12.32
12.3412.41n
Steady.
Steady.
Quiet.
Steady.
12.42n
Steady.
Steady.
12.31
St
St,
Committee Representing New York Cotton Exchange
Named to Confer With Senator Smith on Cotton
Exchange Matters-Changes in Rules of Exchange
Said to Have Been Proposed
In accordance with a resolution adopted at a general
meeting of the Members of the New York Cotton Exchange
on Jan. 24, the Board of Managers at a meeting on Jan. 25
elected John H. McFadden Jr., New York City, Chairman,
Joseph Walker, Columbia, S. C., Charles A. Cannon,
Concord, N. C., Robert M. Harriss, New York City,
Thomas J. Beauchamp, New York City and Amory Coolidge,
Boston, Mass., to serve as a Special Committee to confer with
Senator Ellison D. Smith on Cotton Exchange matters.
The newly appointed Committee, it was reported in the
New York "Journal of Commerce" of Jan. 25, will meet
with Senator Smith on a proposed revision of the trading
rules of the Exchange. The paper quoted said:
822
.
Financial Chronicle
The suggestions of Mr. Smith, according to reliable information, are
five In number. He requests changes in the rules of the exchange to bring
about the following results:
1. No spot house would be permitted to be a member of the clearing
house of the Cotton Exchange.
2. The limitation of interest of any one firm in any delivery month
should be cut to a smaller figure than the 1,000,000 bales permitted under
current exchange rules.
3. The number of Southern delivery points against cotton futures
contracts of the New York Exchange would be reduced to two, apparently
one In the east of the belt and one in the west.
4. Sales of cotton on call would be prohibited.
5. One notice day against each month would be provided, and no
re-tendering of cotton on contract would be permitted.
A further suggestion that the number of grades of cotton deliverable
against contracts be reduced in order to make the contract "more favorable
to the buyer" also has been reported as under consideration by Senator
Smith, but apparently was not included in yesterday's suggestions or
instructions.
Supplies of Indian Cotton Insufficient for Demand
-The Indian Colton Crop has recently been
Requirements
greatly reduced by unfavorable weather, and it appears
that supplies of Indian cotton will be insufficient to satisfy
the demand, according to a report issued Jan. 28 by the
New York Cotton Exchange Service. Stocks of Indian
cotton in India at the end of December were much smaller
than in recent previous years, and were so small as to suggest
that spinners in foreign countries may be forced to curtail
their use of Indian cotton and turn to other sources, probably
the United States. The Exchange Service's report said:
The Indian cotton crop is now estimated at about 4,800,000 bales of
400 pounds each as compared with early-season estimates of about
6,000,000 bales. Last season the Indian crop totaled 5,635,000 bales,
and two seasons ago 5,136,000 bales. With tne exception of the 1931-32
season, when the Indian crop was 4,168,000 bales, the current crop is the
smallest in 13 seasons, or since 1921-22.
Analysis of supply and distribution of Indian cotton in India to the end
of December, using the new crop estimate in place of the former larger
figure, indicates tnat supplies in India are insufficient to satisfy requirements for the anticipated domestic consumption and usual exports during
the balance of this season. Indian mills are running at a nigh rate of
activity and it is probable, therefore, that exports will be greatly reduced
rather than consumption in India, and that foreign spinners outside of
India will be forced to curtail their use of Indian cotton and turn to other
growths, probably American.
The stock of Indian cotton in India on Dec. 31, including the estimated
unpicked portion of the crop, totaled about 4,829,000 bales of 400 pounds
each,compared with 5.902,000 at the end of December last season, 5,162,000
two seasons ago, 3,991,000 three seasons ago, 5,343,000 four seasons ago,
and an average of 5,319,000 on Dec. 31 in the five seasons just prior to the
beginning of the depression, that is from 1924-25 through 1928-29.
Indian mills will require 1,500,000 to 1.600,000 bales of Indian cotton
during the balance of this season, according to present indications, leaving
about 3,200,000 to 3,300,000 bales available for export and end-seasons
stocks. Assuming a carryover next July of 1,500,000 bales, there would
be left only 1,700,000 to 1,800,000 bales available for export from January
through July. Last season exports from Indian from Jan. 1 tlyough
July 31 totaled 2,583,000 bales, two seasons ago 2,001,000, three seasons
ago 939,000, four seasons ago 2,375,000, while the pre-depression average
was 2.733,000 bales.
by Telegraph-Reports to US by
telegraph this evening denote that the cold weather that has
prevailed over all sections of the cotton belt is regarded as
being an important factor in the season's natural control of
the boll weevil. In parts of the cotton belt where the
moisture is sufficient, the soil has been satisfactorily mellowed.
Weather
Reports
Thermometer
Rain Rainfall
high 70 low 47 mean 59
dry
Galveston, Tex
high 78 low 24 mean 51
dry
Amarillo, Tex
high 68 low 36 mean 52
dry
Austin, Tex
Abilene,Texhigh 74 low 26 mean 50
.&
1 day gr in. high 74 low 54 mean 64
Brownsville, Tex
high 68 low 44 mean 56
dry
Corpus Christi, Tex
Dallas,Texhigh 72 low 34 mean 53
.
2 days giT0 in. high 68 low 42 mean 55
Del Rio, Tex
high 70 low 36 mean 53
dry
El Paso, Tex
high 70 low 40 mean 55
dry
Houston, Tex
high 68 low 32 mean 50
dry
Palestine, Tex
high 70 low 38 mean 54
dry
Port Arthur, Tex
dry
high 70 low 36 mean 53
San Antonio Tex
high 64 low 28 mean 46
Oklahoma City, Okla
aii
gr in. high 58 low 26 mean 42
1 day
Fort Smith, Ark
high 52 low 26 mean 39
dry
Little Rock, Ark
high 66 low 36 mean 51
dry
New Orleans, La
high 69 low 27 mean 48
dry
Shreveport, La
high 60 low 26 mean 43
dry
Meridian, Miss
high 62 low 28 mean 45
dry
Vicksburg, Miss
high 64 low 25 mean 44
dry
Ala
Mobile,
high 56 low 26 mean 42
dry
Birmingham, Ala
high 56 low 30 mean 43
dry
Montgomery, Ala
Jacksonville,Flahigh 68 low 32 mean 50
gr in. high 74 low 44 mean 59
.&
1 day
Miami, Fla
high 66 low 38 mean 52
dry
Pensacola, Fla
high 68 low 38 mean 53
dry
Tampa, Fla
high 60 low 26 mean 43
dry
Savannah, Ga
high 52 low 24 mean 37
dry
Atlanta, Ga
high 58 low 20 mean 39
dry
Augusta, Ga
high 58 low 22 mean 40
dry
Macon, Ga
high 55 low 21 mean 38
dry
Charleston, 8.0
high 58 low 20 mean 39
dry
Asheville, N. C
high 50 low 20 mean 35
dry
Charlotte, N. C
high 48 low 8 mean 28
dry
Raleigh, N. C
high 52 low 16 mean 34
dry
Wilmington, N.0
high 57 low 19 mean 38
dry
Memphis, Tenn
high 54 low 28 mean 41
dry
Chattanooga, Tenn
high 50 low 18 mean 34
dry
Nashville, Tenn
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:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of guageAbove zero of guageAbove zero of guageAbove zero of guageAbove zero of guage-
Feb. 1 1935
Feet
9.4
29.1
14.0
17.8
32.3
Feb. 2 1934
Feet
3.0
6.6
9.4
8.6
8.8
-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
Ended
Feb. 2 1935
Receipts at Ports
1934
1933
1932
Stocks at Interior Towns
1934
1933 I
1932
Receiptsfrom Plantations
1934
1933
1932
Nov 2-- 201.932313,111404,069 1.882,223 1,988,7372,133,283254,957417,938507,101
9-- 148.501 275,668377,879 1,922,254 2.081,2392,201,601 188,532370,160446,197
IS..134.427257,126425,222 1,963.2932,151.371 2,248,953 175.466327,258472.574
23._ 133.52,285.757308.468 1,988,1742,186,5562,251,477 153,406250,572810,992
30-- 119 766266,062375.711 1.978,988 2,198,291 2.246.718 110.549277,796370,950
Dec.
7..104,01 218,332298.646 1,980.558 2,207,1392,256.850 90,602227,181 257.642
14_ _ 109,94. 177.899262.064 1,934,215 2,203,4172,260,614 88,604174,177266,028
21._ 106.029165.8i 1 162,170 1.915,166 2,195,9032,231,716 85,980158,286 132,272
28-- 84.850180.873 182,588 1.911,138 2,188,7452,213,374 80,562 143.715 164,246
Jan.-- 1935 1934 1933
1935
1934
1933
4-- 62,371 101,016194,0201,883,029 2.181,2682,169,330
11._ 65,482 105,071 168.7741,851,022 2.152.0862,167,243
18.. 85,908103,831 188,072 1,825,437 2.122.3622,165,999
25._ 52,473114,811 198,9811,801,024 2.084.4082.138.401
Feb.
L.. 44,884100.031 182,1101,767,312 2,027,7082.118,211
1935
34,262
23,455
40,323
28.060
1934 1933
93.539149.976
75,883156,687
74,103186,828
76.65, 171,883
11,172 43,330161.920
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,076,881 bales;
in 1933-34 were 6,668,282 bales and in 1932-33 were 7,339,885
bales. (2) That, although the receipts at the outports the
past week were 44,884 bales, the actual movement from
plantations was 11,172 bales, stock at interior towns
having decreased 33,712 bales during the week.
World's Supply and Takings of Cotton-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period.
Cotton Takings,
Week and Season
1934-35
1933-34
Season
Week
Week
Season
Visible supply Jan. 25
7.583.072
9,900,990
Visible supply Aug. 1
6,879,719
7,632,242
American in sight to Feb. I__
100.583 7,018.539
142,509 9,933,723
Bombay receipts to Jan. 31__
81,000
937,000
107,000
879.000
Other India ship'ts to Jan.31_
13,000
314,000
25,000
336.000
Alexandria receipts to Jan. 30
34,000 1,065,200
52,000 1,224,400
Other supply to Jan. 30_*b__
12,000
302.000
16,000
328,000
Total supply
Deduct
Visible supply Feb. 1
7.823,655 16,516,458 10,243,499 20,333,365
7,482,351 7,482.351 9,837,231 9,837,231
Total takings to Feb. La...._
341,304 9,034,107
406,268 10,496,134
Of which American
189,304 6,147.907
258,268 8,082.734
Of which other
152,000 2,886,200
148,000 2,413,400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,315,000 bales In 1934-35 and 2,499.000 bales in 1933-34
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 6,719,107 bales in 1934-35 and 7,997,134 bales in
1933-34, of which 3,832,907 bales and 5,583,734 bales American.
S Estimated.
India Cotton Movement from All Ports-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1934-35
Jan. 31
Receipts
-
1933-34
Week
81,000
Bombay
Since
Aug. 1
937,000 107,000
Week
For the Week
Exports
From
-
Total
1934-35
1933-34._
1932-33._
-
1932-33
Week
Since
Aug. 1
879,000 99.000 1,030,000
Since August 1
Great I Conti- Jap'n&
Britain neat China Total
Bombay-1934-35._
1933-34._
1932-33__
OtherIndla1934-35..
1933-34..
1932-33._
Since
Aug. 1
Great I COtai- Japan &
Britain
sent
China
Total
59,000
48,000
47.000
13,
____ 25,
12,
_I
I
21,000, 150,000 589,000 740,000
30,000 176,000 176,000 882,000
14,0001 138,000 374,000 526,000
13,000
25,000
12,000
85,000 248,000
98,000, 238,000
48,000, 173,000
314,000
336,000
221,000
19,000 53,000 72,000 186,000, 399,000 589,000 1,054,000
48,000 73.000 128,000 414,000 178,000 718,000
27
43,000 59,
16,
62.000 311 Ill 374.000 747,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
26,000 bales. Exports from all India ports record a decrease
of 1,000 bales during the week, and since Aug. 1 show an
increase of 336,000 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,
Jan.30
Receipts (cantars)Thla week
Since Aug. 1
Exports (Bales)
1934-35
1933-34
1932-33
170,000
5,059,596
260,000
6.103,442
60,000
3.674.999
This Since
Week Aug. 1
This Since
Week Aug. 1
This Since
Week Aug. 1
8.000 192,873
98,552
74,379
55,550
1.000 40,686
21,352
To Liverpool
5,000 86,033
To Manchester, &c
78,615
To Continent & India-_ _ 15,000 397,480
To America
20,232
11:1,1366 346,957 f.6(7x3 268,056
Total exports
20,000 582.360 28,000 277,068 7.000 419,339
Note
-A cantar is 99 lbs. Egyptian bales weigh about 750 lba.
This statement shows that the receipts for the week ended Jan.30 were
170,000 cantars and the foreign shipments 20.000 bales.
Financial Chronicle
Volume 140
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both
yarns and cloths is steady. Demand fcr both yarn and cloth
is poor. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1934-35
1933-34
834 Lbs. Skirt- Cotton
ings, Common Midag
to Finest
Upi'ds
32s Cop
Twist
d.
.d.
a. d.
32s Cop
Twist
834 Lbs. Shirt- Cotton
g
ing:. Common Middl'
to Finest
UPI*
s. d.
s. d.
d.
a
5.43
5.31
5.13
5.09
5.15
d.
6.79
6.81
6.88
6.91
6.96
3%0 9%
8%@10
8%0 9%
6340 9%
83440 9%
4
4
4
4
4
94
94
04
94
is
is
is
is
96
96
96
06
7.02
7.08
7.15
7.20
8%0 9%
8340 934
83415
8%0 9%
4
4
4
4
6
5.25
5.25
5.25
5.33
19 35
10%011% 94
10% @1134 94
1034151134 04
1034151134 94
(a)
@
15
(4)
96
96
96
96
7.23
7.18
7.15
7.08
5.64
5.88
6.05
6.07
Feb.1-- 10%®11% 94 og 9 6
19 3
8%@10
6 @91
6 (4) 9 1
9%610%
955@)104
,
44) 9 1
@10%
6 @91
7.07
9
0 (4) 9 2
6.29
10%@11%
10%@)11%
10%(411%
10% @DM
Jan.-
@CC@ 0@MM
d.
91
93
92 is 04
92 is 94
94
96
94 is 96
6
8
6
6
Shipping News
-Shipments in detail:
Bales
GALVESTON-To Liverpool
-Jan. 28
-West Chatald, 3,418---- 3,418
To Manchester-Jan.28
-West Chatald. 1,778
1.778
To Ghent
-Jan.26-Hybert, 1,299
1,299
-Jan.26-Hybert,2,473
To Havre
2,473
To Rotterdam-Jan. 26-Hybert, 432_-_Jan. 29-Bilderdyk.
500
932
To Antwerp
-Jan.26-Hybert,277- _Jan.29-Bilderdyk,200
477
To Bremen-Jan. 26-Raimund. 2,034- _Jan. 28
-West
Hobomac,722
2,756
To Gdynia-Jan. 26-Raimund,54
54
To Ghent
-Jan.29-Bilderdyk, 167
167
To Japan-Jan. 29
-Ethan Allen, 2,196
2,196
JACKSONVILLE
-To Manchester-Jan. 25
-Liberty Glo, 101101
To Bremen-Jan.25
-Liberty Glo,7
7
To Liverpool-Jan.25
-Tulsa,42
42
HOUSTON-To Gdynia
-Jan. 28
-Tennessee, 1.355- _Jan. 30Stureholm,1,375
2,730
To Ghent
-Michigan. 254; Bllderdyk, 213
-Jan.31
467
To Copenhagen-Jan.28
-Tennessee,200
200
To Dunkirk-Jan.31-Mtchigan,441
441
To Genoa-Jan. 29-Cardonia, 130---Jan. 31
-Marina 0,
2,431
2.250601
To Rotterdam-Jan.31-Bilderdyk, 200
To Barcelona-Jan. 29-Cardonia, 551
551
To Bombay
-Jan.31-Marina 0,1,203
1,203
To Naples-Jan. 29-Cardonia, 559---Jan. 31
-Marina 0,
429
988
To Puerto Colombia-Jan.31-Tillie Lykes,98
96
To Venice
-Jan. 29-Cardonia, 162
162
To Buena Ventura-Jan.31-Tillie Lykes, 51
51
To Trieste-Jan.29-Cardonia, 168
168
To Liverpool
-Jan.25
-West Chatala, 2,101
2.101
To Manchester-Jan.25
-West Chatala, 1,381
1.381
To Bremen-Jan,24-Ratmund, 1,195
1,195
To Havre
-Jan. 30-Bradesk, 9,050---Jan. 31
-Michigan.
1.201
4 1
2
10. 55
To Oslo
-Jan.30-Stureholm.455
To Gothenburg-Jan.30-Stureholm,878
678
To Copenhagen-Jan.30-Stureholm,706
706
NEW ORLEANS-To Japan-Jan. 25-Belfast Mans, 4.445; New
West Minister City,5,507
9.952
To Ghent
-Jan.26
-West Moreland.'536
536
To Havre
-Jan.26
-West Moreland,899
899
To Rotterdam-Jan,26
100
-West Moreland 100
To Antwerp-Jan.26
-West Moreland,100
100
To Venice
-Jan.28
2,300
-Alberta,2.300
To Trieste-Jan. 28
1.743
-Alberta, 1,743
To China-Jan.25
500
-New West Minister City. 500
To Liverpool-Jan. 26-Daytenian, 9,379
9,379
To Manchester-Jan. 26-Daytonian, 2,426
2,426
To Genoa-Jan. 7-Jomar, 1,261
1.261
To Copenhagen-Jan. 26-Tennessee, 100
100
To Havana-Jan.5
40
-Santa Marta,40
To San Felipe-Jan. 8-Tivivies, 200
200
To Portez Honduras
-Jan.16-Zacapa,2
2
To Gdynia-Jan. 28-Ingola, 2,355-Jan. 29-Monbaldo,
3,401_ _ _Jan. 26
5,958
-Tennessee, 200
To Barcelona-Jan, 7--Jomar. 500
500
CORPUSICHRISTI-To Japan-Jan. 21-Fernwood. 1,023
1,023
To Ghent
-Jan, 24
318
-Duquesne, 318
To Havre
-Jan. 24
1,030
-Duquesne, 1,1)30
To Havre
-Jan. 24
50
-Duquesne, 50
To Dunkirk-Jan. 24
86
-Duquesne, 86
To Genoa-Jan. 26-Cardonia, 1,050
1.050
To Barcelona-Jan. 26-Cardonia, ,I 356
1,356
To Bombay-Jan. 26-Cardonta, 100
100
To Venice-Jan. 26-Cardonia, 200
200
To Tarragona-Jan. 26--Cardonia, 15
15
To Mestre-Jan. 26--Cardonia, 39
39
TEXAS CITY
-To Bremen-Jan. 26-Ratmund, 533
533
To Ghent
-Jan. 26-Flybert, 313
313
To Havre
-Jan, 26-11Ybert, 300
300
To Rotterdam-Jan. 26-Hybert, 147
147
To Antwerp--Jan. 26-Hybert, 100
100
-To Ghent
LAKE CHARLES
-Jan. 27
-Michigan. 115___Jan.
30
-Duquesne, 317
432
To Dunkirk-Jan. 27
-Michigan, 100
100
To Bremen-Jan. 27
-West Hobomac, 56
56
To Gdynia-Jan. 27
-West Hobomac. 150
150
To Havre
-Jan. 30
-Duquesne. 814
814
-Duquesne, 50
To Rotterdam-Jan. 30
50
SAVANNAH-To Manchester-Jan. 29-Schoharie, 4,502
4,502
To Gdynia-Jan. 26-Trolleholm, 300
300
PENSACO-To Liverpool-Jan. 29-Afoundria, 441
441
To Manchester-Jan. 29-Afoundria, 150
150
PANAMA CITY
-To Liverpool-Jan.128-Afoundria, 380
380
Illw To Manchester-Jan. 28-Afoundria, 276
278
GULFPORT-To Liverpool-Jan. 15
-City of Aims. 16
16
CHARLESTON-To Liverpool-Jan. 26-Tulsa, 7,606
7,606
-Tulsa, 500
To Manchester-Jan. 26
500
Total
100,721
Cotton Freights-Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Density
Liverpool .250.
Manchester.25e.
Antwerp .36o.
.250.
Havre
Rotterdam .36o.
.400.
Genoa
.46o.
Oslo
Stockholm .42o.
•Rate Is open.
Stand-sad
.250.
.250.
.500.
.400.
.500.
.550.
.610.
.57c.
a Only
High
Density
Trieste
.500.
Flume
.500.
Barcelona .350.
•
Japan
Shanghai
•
Bombay a .40o.
Bremen
.350.
Hambin .350.
small lots.
StandHigh
Density
old
.650. Piraeus
.75e.
.850. Salonlea
.750.
.500. Venice
.50c.
•
Copenhaen .118c.
•
Naples
.40e.
.560. Leghorn
.40e.
.500. Gothenberg .420.
.50e.
Stand
ant
.90c.
.90c.
.65e.
.53c.
.Mc.
.55e.
.57c.
823
Liverpool
-By cable from Liverpool we have the following statement of the week's imports, stocks, &c.,at that port:
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amoun afloat
Of which American
63;000
848,000
252,000
71,000
45,000
167,000
62,000
54;000
830,000
240,000
37,000
10.000
191,000
.000
55;000
835,000
245,000
59,000
18,000
162,000
77.000
54.0
.
00
815.000
260.000
40,000
23.000
170.000
86,000
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
Market, I
12:15
Moderate
P. M.
demand,
Monday
Tuesday
A fair
business
doing,
Moderate
demand,
Wednesdat Thursday
Moderate
demand.
Moderate
demand.
Friday
Quiet
7.076.
Mid.UpTds
7.06d.
7.05d.
7.016.
7.07d.
7.09d.
Steady
Futures. Steady, un- Quiet but Steady, un- Steady. Steady, un- unchanged,
Market , changed to steady, un- changed to 1 to 2 pts. changed to 2 pta. decl.
opened
2 ph). dec. changed to 2 pta. adv. advance. 2 pta. adv.
1 pt. dec.
Quiet,but
Market,
Steady, Steady, un- Steady, Quiet but St'dy, 1 pt.
Quiet but
4
steady, un- 2 to 5 pta. changed to 1 to 8 pta. steady, un- decline to
P. M. changed to decline. 2 pta. dec. advance, changed to 1 pt. adv.
2 pta. dec. I
1 pt. adv.
Prices of futures at Liverpool for each day are given below:
Saturda
Jan. 26
to
Feb. 1
Monday
Tuesday Wed'day Thursd'y
Friday
12.0012.0012.15 4.00112.15 4.0012.15 4.0012.15 4.0012.1 4.013
p. m.p. m.p. m.p. m p. m.p. m p. m.p m.p. m.p. m p. m.p. m.
New Contract d,
January (1935).... __
March
May
July
October
December
January (1938) __ __
March
May
July
October
December
d.
d.
6.81 6.801
6.82 8.821
6.79 6.79
6.76 6.76
6.6: 6.68
6.6.
6.. --6.6....._
6.8 - 6.
_
d.
d. I
6.76 6.76
6.78 6.77
6.75 6.74
6.72 6.71
6.64 6.63
6.63.. __I
6.62.. __I
6.62.. __
__
6.62 __ __
6.61._ __
d.
d.
6.76 6.82
6.77 6.80
6.74 6.76
6.70 6.72
6.62 6.63
6.61__ __
0.60.. __
6.60- _
8.60_ __
6.69__ __
d.
d. 1 d.
6.8 __ __'__ __
6.811 6.81 6.82
0.771 6.77 6.77
6.731 6.73 6.73
6.64 6.63 6.
6.62 6.60 6.61
6.61._ __ 6.61
6.61- .... 6.61
6.61.. __ 6.81
6.60__ __ 6.60
d.
____
6.81
6.76
6.72
6.7
6
-_---____
__._
d.
___
6.83
6.77
6.73
6.83
6.60
6.60
6.60
6.60
6.59
BREADSTUFFS
Friday Night, Feb. 1 1935.
Flour demand was rather small and prices were weaker.
Wheat trading was comparatively light and prices on the
26th ult. closed X to Yo.lower under tired long liquidation.
There was some buying of wheat against sales of corn.
Winnipeg was Mc. lower while Liverpool advanced %d. to
/
31d. Shipping sales from Chicago were 13,000 bushels. On
the 28th ult. prices resumed their downward course, ending
with net losses of 1 to 13/2c. May was off 2c. at one time.
Nervousness over the pending decision on the gold clause
cases caused general liquidation. Winnipeg was M to %c.
lower owing to selling for Chicago account. Liverpool
dropped Md. to %d. The United States visible supply
decreased to 2,694,000 bushels and the Argentine crop was
estimated at 238,832,000 bushels or about 13,000,000 less
than recent estimates. On the 29th ult. prices after early
firmness reacted under selling prompted by the weakness in
stocks and ended %c. lower. Winnipeg was Yic. higher
to Md. A moderate export
while Liverpool declined
demand was reported for Canadian wheat. No precipitation was reported in the belt. On the 30th ult. prices
advanced X to 15%c. owing to buying on the oversold condition of the market. A rally in stocks caused short covering.
The firmness of Liverpool was a helpful factor. Cash houses
were buying for mill account. It was generally clear over
the belt. Winnipeg advanced X°. Liverpool was un3
changed to %d.lower.
On the 31st ult. prices ended 14 to %c. higher, on buying
/
by the previous day's sellers. There was less liquidation.
The trade is pursuing a cautious policy owing to nervousness over the pending gold clause decision. The lack of
moisture in the winter wheat belt is creating considerable
fear concerning the winter wheat crop in this country. Foreign markets were weaker. To-day prices ended 3 to %c.
lower.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sal. Mon. Tues. Wed. Thurs. Fri.
No.2 red
11234 11134 110
1113t 11134 11134
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
9734 as% 9534 9634 9634 96
May
July
8934 8834 8734 SS% 8834 88%
September
8634 8734 86%
8734 8634 86
Season's High and When Made
Season's Low and When Made
May
117
Aug. 10 1934 May
95
Jan. 15 1935
July
9834 Dec. 5 1934 July
8634 Jan. 15 1935
September ____ 9234 Jan. 5 1935 September..
8434 Jan. 15 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8234 8234 8234 8234 8234 82%
July
8234 8134 8134 8134 8234 81%
Corn showed little activity and prices on the 26t hult.
reflected the weakness in wheat and ended Xc. lower to
Xc. higher. Spreaders were selling corn against purchases
of wheat. On the 28th ult. prices ended with net losses
of 1% to 2c. in response to a lower wheat market. Shipping
sales were only 5,000 bushels. Cash corn was lower. On
the 29th ult. there was a further decline of % to 4c., under
3
selling by foreign interests. Cash corn was unchanged to
Mc. higher. Shipping sales were 24,000 bushels. On the
30th ult. prices ended 15% to 1%c. higher with offerings light.
Shipping sales were 26,000 bushels.
824
Financial Chronicle
On the 31st ult, prices advanced 34 to %c., owing to reports
of a better demand. Terminal stocks are expected to show
a decrease on Monday. To-day prices ei.ded IA to 12c. lower.
/
Warmer weather in the West and expectations of a larger
Argentine crop accounted for the weakness.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
101% 99
68% 69% 100% 100
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
N. Mon. Tues. Wed. Thurs. Fri.
May
83% 82% 8334 8434 83%
July
SO% 78% 78% 79% 8034 79%
September
77% 7634 76% 76% 77% 76%
Season's High and When Made
I Season's Low and When Made
May
93% Dec 5 1934 May
75
Oct. 4 1934
July
90% Dec.1 5 1934 July
75
Oct. 4 1934
September
84% Jan. 5 1935 September ---- 7634 Jan. 29 1935
Adjustment payments totaling more than $182,000,000
now have been made to farmers co-operating in the 1934
corn-hog program, the Agricultural Adjustment Administration announced Jan. 30 in a preliminary report. Up to
Jan.29,the Administration said,approximately $136,197,000
in first instalment payments had been distributed to 1,531,943
contract signers, while second instalment checks representing about $46,144,000 had been mailed to 734,147
co-operating producers. The Administration added:
Approximately 50% of the second instalment, estimated at $92,000.000,
has now been disbursed. Practically all of the first payment checks have
been distributed.
The preliminary report shows that second instalment payments up to
Jan. 20 were made to producers in 36 States as follows:
Alabama
Arkansas
California
Colorado
Delaware
Florida
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
$35,108
140,074
242.768
25,282
4,810
17,410
29,067
3.323.704
4,740 119
11,865,380
1,599.345
232,031
45,505
4,761
• 104,368
1,499,576
2.859.611
35,993
Nebraska
Nevada
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
Wyoming
82,955.964
4,349
1.408
1,381
383
154.851
2,893,962
331,483
17,519
8.134
1,879,226
168,918
363,875
13,289
200.214
107,787
1,274,138
1,377
Oats were quiet and followed the action of wheat. On
the 26th ult. there was a decline of M to 3.4 and the following
day came another decline of % to 1 Mc. Thi3 was followed
by another decline of % to 1 Mc. on the 29th ult. On the
30th ult. prices closed % to %c. higher in sympathy with
other grain. Shipping sales were 17,000 bushels.
,4
On the 31st ult, prices advanced 1 to Ihc. To-day prices
ended % to %e. lower.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
6334 6434 64
6534 6434 63
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
49
5134 50
48% 4934 50
May
July
4434 43% 42% 42% 4334 42
41
40
41% 40% 41
September
42
Season's Low and When Made
Season's High and When Made
45% Oct. 4 1934
May
5934 Aug. 10 1934 May
Oct. 4 1934
41
Dec. 5 1934 July
51
July
40
Jan. 30 1935
September --__ 4434 Jan. 7 1935 September
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
42% 4134 4134 41% 41% 41%
May
42% 40% 40% 40% 41% 41%
July
Rye showed little activity. On the 26th ult. prices ad
vanced % to 10., but on the following day felt the influence
%
of the weakness in other grain and declined 13 to 13/Ic.
On the 29th ult., however, they ended 1 Mc. lower to Mc.
higher. On the 30th ult. prices ended % to 13.4c. higher
reflecting the strength in wheat. Shipping sales were
30,000 bushels.
4c. lower to %c. higher.
On the 31st ult. prices ended 1
1c.
2
To-day prices ended unchanged to / lower.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs, Fri.
66% 66% 661
66
68$ 67
May
65% 66% 66
66% 65
July
67
66
65% 64% 65% 65% 65
September
Season's Low and When Made
I
Season's High and When Made
65% Jan.!30 1935
95% Aug. 9 1934 May
May
64% Jan. 29 1935
Jan. 5 1935 Septembett
September'____ 76
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs, Fri.
54
63% 5334 54
5534 54
May
5334 5434 5434
5634 5434 54
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
75%
74% 75
May
7534 7534 75
68
68
68
69
70
68
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Thurs. Fri.
Sat. Mon. Tues. Wed.
50% 50
May
5234 50% 50% 50
51% 49% 48% 48% 49% 49
July
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat. New York64
No.2 white
No. 2 red., 6.1 f.. domestic-.111%
Manitoba No. 1,f.o b N.Y.. 8934 Rye,No.2,f.o.b.bond N.Y 72%
Barley, New York
8934
4734 lbs. malting
Corn. New York75-120
100
Chicago. cash
No.2 yellow, all rail
FLOUR
$4.404.70
3.;
Spring pats.,high protein$7.30 7.50 Rye flour patents
7.0W47.20 Seminola bbl.,Nos.1-3--- 9.30 9.60
Spring patents
6.65@6.9o Oats
5
Clears first spring
2.75
Soft winter straights- 5.70 6.15 Corn rot
Hard winter straights_ 650 6.70 Barley goods
4.25
Coarse
Hard winter patents.- 6.70 6.90
Fancy pearl,Nos.2.4847 6.30@6 50
6.00 6.10
Hard winter clears
Feb. 2 1935
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Flour
Wheat
Corn
Oats
Rye
Barley
1
bbls 1116165 bush.80 lbs.bush. be lbs.bush. 32 lbs bush 56 lbs'bush 48 lb,
Ghicago
152,000
85,000
324,000
140,000
51,000
Minneapolis_
284,000
28,000
34,000
3,000 110,000
Duluth
6,000
142,000
Milwaukee...
13,000
2,000
92.000
138,000
19,000
Toledo
31,000
29,000
532,000
1,000
Detroit
19,000
16,000
3,000
12,000
Indianapolis_
55,000
183,000
26,000
37,000
St. Louis__
115,000
139,000
100,000
49,000
72,000
1,000
Peoria
5,000
49,000
299,000
6,000
80,000
51,000
Kansas City16 I i t
212,000
320,000
32.000
Omaha
17,000
69,000
6,000
St. Joseph_
22,'''
39,000
32,000
Wichita
1,000
5.'''
49,000
Sioux City.
8,000
30,000
Buffalo
21,000
297,000
25,000
42,000
1
Tot. wk.'3.
Same wk.1934
Same wk.1933
345,000
390,000
348,000
994,000
2,653,000
2,942,000
988,111
1.208,000
1,168,000
1.782,000
3,791.000
2,224,000
542,000
882,000
340,000
105,000
138,000
131,000
Since Aug.1
1934
1933
1A22
9,162,000 143,485,000 122,092,000 32,443,000 9.118,00042,399,000
8,777,000 144,230,000 120,003,000 46.057,000 7,818,000,31.898,000
non R4 4R,1
5771 RIVII9R R25 MA
0 570 ono 910 5/40 IWW11111 450
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan. 26 1935, follow:
Receipts at-
Flour
Oats
Corn
Wheat
Rye
Barley
bbls 196 lbs bush 60 lbs bush 66 lbs bush 32 !Ds bush 56 Os bush 48 lbs
New York --- 113.000
1,000
2,
198,000
I
Philadelphia.
16,000
i5,00(
36,000
1,000
Baltimore__
Norfolk
New Orleans •
Galveston_
St. John West
Boston
Halifax
Tot. wk.'35
Since Jan.1'35
11,000
21,000
1,000
36,000
7,000
22,000
45,000
15,000
20.000
242.000
905,000
2,000
1,000
208,000
2,000
97,000
551,000
8,000
9.000
5,000
6.000
55,000
1,084,000
80,000
495,000
1.769.000
5,000
18,000
7,000
246,000
8.000
53,000
Week 1934.__
141.000
299,000
129,0001
793,000
24,000
19.000
Since Jan.134 1.059.000 3.553.000
386.000
56.000
391.000
76.000
* 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, Jan. 26 1935, are shown in the annexed
statement:
Exportsfrom-
Wheat
Bushels
New York
Norfolk
New Orleans
St. John West
Corn
Bushels
368,000
208,000
80,000
Total week 1935._
Same week 1934._ _ _
646,000
980.000
Rye
Bushels
Oats
Bushels
Barley
Bushels
12,785
1,000
2,000
Halifax
Flour
Barrels
3,000
28.000
1,000
45,000
20,000
9,000
8,000
8,000
78,785
81.722
15,000
60.000
8.000
8,000
The destination of these exports for the week and since
July 1 1934 is as below:
Flour
Exports for Week
Since
Week
and Since
Jan. 26 July 1
July 1 to1935
1934
Wheat
Week
Jan. 26
1935
Barrels Barrels
United Kingdom. 52,340 1,476,024
359,385
9,765
Continent
____
30,000
So.ds Cent. Amer176,000
9,000
West Indies
60.000
____
Brit. No.Am. Col.
119.929
Other countries... 7,680
Total 1935
Total 1934
78,785 2.221.338
81,722 2,901,283
Corn
Since
July 1
1934
Week i
Jan. 26 I
1935
since
July 1
1934
Bushels
Bushels
Bushels I Bushels
160,000 23,145.000
1,000
I
479,000 24,573.000
1,0001
2,000
5.000
177,000
1.000
35.000
2.0001
8.000
1,000
825,000
646,000 48,755,000
980,000 71.396,000
3,000
28,
11,000
339,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 26, were as follows:
GRAIN STOCKS
United States•Boston
x New York
a " afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
Mllwaukee
Minneapolis
Duluth a
Detroit
Buffalo
" afloat
Wheat
bush,
112,000
234,000
480,000
1,162,000
32,000
925,000
3.449.000
885,000
3,382,000
1,461,000
17,724.000
3,994,000
224,000
5,259,000
1,331,000
4,000
4,518,000
383,000
691.000
10,687,000
3,716,000
120,000
7.313.000
4,565,000
Corn
bush.
2.000
Oats
bush,
*146,000
336,000
x431,000
200,000
331,000
102,000
x240,000
x164,000
299,000
243.000
bush.
47,000
17,000
17,000
94,000
13,000
15,000
117,000
822,000
27,000
22,000
817,000
119,000
435,000
138,000
6,000
32,000
274.000
1,076.000
38,000
1,073,000
2.000
274,000
464,000
47,000
421,000
48,000
2,721,000 5,441,000
300,000
937,000
529,000
10,000
6,743,000 1,789,000
2,941,000 z1,709,000
6,000
10,000
1,194.000
606,000
290,000
180,000
8.000
5,000
28.000
15,000
18,000
1,259,000
2,904,000
4,968.000
482,000
400,000
1,082,000
181.000
8,250,000
484,000
5,748,000
1.273,000
4,000
4.091,000
797,000
Eye
bush.
Barley
1.108,000
2,045,000
6,772,000
1,444,000
55,000
1,053,000
809,000
-Jan. 26 1915_ 72,611,000 33.947,000 21,031,000 11,133,000 13,306,000
Total
Total
-Jan. 19 1935_ 75.305,000 36,116,000 21,239,000 11,523,000 13,403,000
-Jan. 27 1934_112,345.000 85,058,000 43,802,000 12,993,000 14,401,000
Total
•Boston Includes 17,000 bushels Polish oats. x New York also has 104,000
bushels Argentine rye in store: 742.000 bushels Argentine oats In store: 550,000
bushels Argentine oats afloat. z Duluth also has 328.000 bushels Polish rye afloat.
Financial Chronicle
Volume 140
Note—Bonded grain not included above: Barley—Buffalo, 6,810.000; Duluth in
store, 222,000; Milwaukee afloat, 692,000; Duluth afloat, 120,000; total, 1,271,000
bushels, against none in 1934. Wheat—New York, 1,067,000 bushels; New York
afloat, 598,000: Philadelphia, 60,000; Chicago afloat, low grade, 786,000; Buffalo,
6,810,000; Buffalo afloat, 8,127,000; Duluth, in store, 1,199,000; Duluth afloat.
540,000; Erie, 2,210,000; Mllwaukee afloat, 283,000; total, 21,680,000 bushels,
against 10.375,000 bushels in 1934.
Wheal
Corn
Oats
Rye
Barley
Canadian—
bush,
i bush,
bush.
bush.
bush.
Montreal
6,184,000
564,000
236,000 1,162,000
Ft. Wm.& Pt. Arthur._ 57,812,000
2,499,000 2,555,000 3,292,000
Oth. Can.& oth. wat. pts 52,519,000
3,758,000
436,000 1,670,000
Total—Jan. 26 1935...116,515,000
6,821,000 3,227,000 6,124,000
Total—Jan. 19 1935..119,340,000
6,971,000 3,215,000 6,116.000
Total—Jan. 27 1934_110,648.000
9,661.000 3,152,000 6,098.000
Summary—
American
72,611,000 33,947,000 21,031,000 11,133,000 13,306,000
Canadian
116.515,000
6.821.000 3,227,000 6,124,000
Total—Jan. 26 1935..189,126.000 33,947,000 27,852.000 14,360,000 19,430,000
Total—Jan. 19 1935_194,645,000 36,116,000 28,087,000 14.738,000 19.519,000
Total—Jan. 27 1934..222,993,000 65,058,000 53,263,000 16,145,000 20.499,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Jan. 25, and since July 1 1934 and July 2 1933, are
shown in the following:
Wheal
Exports
Week
Jan. 25
1935
Since
July 1
1934
Corn
Since
July 2
1933
Week
Jan. 25
1935
Since
July 1
1934
J 17 2
8 4e
1y
1933
Bushels I Bushels I Bushels
Bushels
Bushels I Bushels
North Amer. 2,293,000 100.357,000 131.994,000
2,000
19,000
413,000
224,000 4,520,000 33,403,000 459,000 13,284,000 20,384,000
Black Bea__
3.842,000103,134,000 63,802,000 4,343,000 129,902,000136,878,000
Argentina
3,156,000 61,408,000 53,156,000
Australia _
India
328,000
0th. countr's 808,000 24:440,000 18,368,000 671,000 26,499,000 6.566.000
10,323,000294.187,000 300,723,000! 6,475,000169.704,000 164,241,000
Total
Weather Report for the Week Ended Jan. 30—The
general summary of the weather bulletin issued by the De-.
partment of Agriculture, indicating the influence of the
weather for the week ended Jan. 30, follows:
There were marked variations in weather in different areas of the country
during the week. It was extremely cold east of the Mississippi River,
with normal temperatures over the eastern Great Plains, and abnormally
warm weather from the western Plains westward to the Pacific. Heavy
snows occurred in the middle and north Atlantic areas, and heavy rains
In the extreme Northwest.
Chart I shows the departures of temperature from normal. In the East
the deficiencies ranged mostly from 12 to about 17 degrees, while over a
large western area similar excesses occurred. The relatively warmest
weather was reported from the central Rocky Mountain area northwestward and the relatively coldest from the east Gulfsections northeastward.
This chart shows also the southern limit of zero temperatures and freezing
weather. Temperatures as low as zero were reported as far south as
Richmond. Va., and St. Louis, Mo. Freezing extended into the Florida
Peninsula and a hard freeze occurred along the Gulf coast from New Orleans
to northwestern Florida. The lowest temperature reported from a first
order station was 40 degrees below zero at Williston, D. Dak., on the 23d,
but a co-operative station in Wisconsin reported 50 degrees below zero.
In Canada, White River had 62 degrees below and Doucet 68 degrees below.
Chart II shows that, except in limited areas, the week had very little
precipitation. Snowfall was heavy from Virginia northward, although in
the interior of the Northeast the amounts were relatively light. In some
sections of the middle Atlantic area the water equivalent of the week's
precipitation ranged up to 3 inches. There was also heavy precipitation
In north Pacific Coast sections, Tatoosh Island, Wash., reporting nearly
10 inches. Elsewhere there was very little rain or snow during the week,
with probably three-fourths of the country having amounts too small for
measurement.
The recent cold weather in the more southern sections, including the
hard freeze in southern Texas at the close of last week, has severely damaged
winter truck crops from the lower Rio Grande Valley eastward through
Gulf sections. In Atlantic districts some harm is reported as far north as
southern Virginia. In southern Texas all truck crops were badly damaged
or set back and citrus fruit trees suffered considerably. In Louisiana and
the southern portions of Mississippi and Alabama much harm is reported,
especially to cabbage, while satsumas in east Gulf sections were badly
injured. In Florida truck was killed in the northern and western portions
by freezing weather and damaged in the central and southern parts by cold
winds, though no serious additional harm occurred to citrus fruits. There
was considerable damage in southern Georgia and more or less harm in
coastal sections from South Carolina to southeastern Virginia.
Cold weather did considerable damage to peach buds in Virginia and
some in southern Arkansas, but in other parts of the South, especially in
Georgia, the cold was rather beneficial in providing and maintaining
normal dormancy. In central and nothern districts of the East the cold
wave was not especially harmful to agricultural interests, while much of
the East had a good snow cover for the protection of winter grain crops.
Over the western half of the country the week in general was favorable.
though there was some flood damage in western Washington from heavy
rains and melting snows. In the northwestern Great Plains the cold
weather of last week gave way to typical chinook conditions. This rapidly
melted the snow and was beneficial for stock in filling reservoirs and making
grazing possible. The abnormally warm weather from the Rocky Mountains westward favored livestock, but heavy feeding continued necessary
in central-northern sections. There was serious flood damage in western
Tennessee and northern Mississippi, and streams are high in the middle
Atlantic area, but without material harm. Dust storms were prevalent in
some eastern parts of the Rocky Mountain States where soil moisture continues very deficient.
SMALL GRAINS—The cold weather that prevailed over central sections of the country at the beginning of the week moderated somewhat
toward the close, while a cold wave overspread eastern areas on the 28th.
In the Ohio Valley beneficial precipitation occurred in the eastern portion, with a good snow cover during the cold weather; in central and western parts practically no change was noted, although in some localities an
ice sheet persists, causing some apprehension as to possible smothering'
the cold wave was reported detrimental locally. In Iowa glaze continued
over most of the State, with some smothering felt certain, but in Missouri
not much injury is feared. In Kansas wheat shows the effect of the cold
in the eastern half, but no serious harm is apparent, even though some
plants were frozen down. In the Southwest, particularly Oklahoma and
Texas, considerable damage was caused by the cold, with much wheat and
oats frozen back or killed.
The abnormally dry conditions persist in the western Plains area, with
much soil blowing noted in southeastern Wyoming. where all grains are
reported practically destroyed. In the Pacific Northwest satisfactory conditions prevail, while in some southern sections grains were helped by
the cold in preventing too rapid development; a good snow cover obtains
over most of the Northeast.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 1 1935.
Disrupted traffic conditions resulting from last week's
blizzard caused a serious handicap to retail trade during
the past week. While the low temperatures, in a measure,
82
helped the sale of heavy apparel lines and other cold weather
items, the attendance at the stores, particularly in the metropolitan district, was greatly curtailed, and more or less
substantial declines in the volume of sales were the rule.
Locally, the new sales tax continued to hamper business
considerably. Reports from other sections of the country,
While also reflecting the prevalence of bad weather conditions, did not make as poor a showing as the Eastern
area, although the margin of increases over the corresponding 1934 period continued to narrow down. In one respect
the inactivity during the last week of January did not
come as an unmitigated evil to a good many stores, namely,
in so far as it coincided with the annual inventory taking,
prior to the end of the business year on Jan. 31.
Trading in the wholesale dry goods markets was increasingly affected by the uncertainty surrounding the pending
decision on the gold clause now expected to be rendered
by the Supreme Court on Monday next. The feeling prevailed that it would be wise to await the verdict of the
Court before contracting for fall goods. The aftermath of
the blizzard also served to interfere with business. A fair
amount of activity featured outing flannels, the price of
which was raised ;ie. a yard. While retailers placed an
appreciable amount of orders for immediate shipment of
urgently wanted winter goods, the total volume of their
purchases was said to be disappointing, reflecting the
present lull in consumer buying occasioned by adverse
weather conditions and other seasonal influences. Following the Supreme Court decision on the gold clause question
and a return of more favorable weather, an upturn in wholesale trading is confidently anticipated, inasmuch as many
retailers' requirements of goods are still largely uncovered.
Business in finished silk goods was very quiet, with many
complaints of inadequate prices being heard. What little
trading transpired centered in crepes and crepons. Business
in silk greige goods was also restricted, and some additional
price concessions were reported. Trading in rayon yarns
continued fairly active. Weavers as well as knitters called
for appreciable quantities of goods, and there was an
active
demand for rayon fabrics with prices showing a firm trend.
Domestic Cotton Goods—Reflecting the
continued
lethargy prevailing in raw cotton and the attitude of caution permeating all commodity and security markets pending
the decision of the highest tribunal on the gold clause question, trading in print cloths remained listless, with prices
receding fractionally on most constructions. The lower quotations brought a temporary moderate influx of orders,
resulting in a somewhat steadier undertone, but at the end
of the week the market relapsed into its previous state of
inaction, with buyers as well as sellers preferring to await
the gold decision generally anticipated for next Monday.
The movement of finished goods held up fairly well, although
reports from retail and wholesale centers disclosed a temporary lull in activities. Fine goods moved in fair volume,
with prices holding firm, and the bulk of the business being
confined to spot and nearby deliveries. On the fancy goods
market some interest was shown in striped and decorated
voiles. Closing prices in print cloths were as follows:
39-inch 80's, 9 to 93c.; 39
-inch 72x76's, 5%c.; 39
-inch
68x72's, 73 to 7%c.; 38%-inch 64x60's, 6% to 6%c.; 38%inch 60x48's, 5 9/16 to 5%c.
Woolen Goods-- Trading in men's wear fabrics continued fairly active. Most interest was shown in the new
lines of overcoatings which met with a very satisfactory
response on the part of manufacturers although slight advances in prices had been announced by the mills. Heavy
initial orders were placed, reflecting the depleted condition
of supplies with manufacturers as well as the jobbing trade.
. Business in other fabrics was somewhat less spirited,
owing
to the uncertainty concerning the coming gold clause decision and in view of the spottier trend in retail sales.
Demand for women's wear goods also showed a decline,
although reports from the winter resort trade continued
favorable.
Foreign Dry Goods—Sustained activity prevailed in
the
market for linen goods. While the chief demand continued
to center in dress linens and suitings, the firmer price
trend
served also to revive interest in household linens. Deliveries of linen suitings were reported to be behind
schedule,
and indications point to a strong demand for linen suits
during the coming season. Under the influence of
slightly
easier Calcutta cables and further recessions in sterling
exchange, burlap prices were a trifle lower. Spot goods
moved in moderate volume, but there was little interest
shipments. Domestically, lightweights were quoted in
at
4.50c.; heavies at 6.10c.
826
Financial Chronicle
Feb. 2 1935
State and City Department
The following announcements were issued by the PWA
this week:
Specialists in
Illinois
81, Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
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. 1207
Changes from loans and grants to grants only were announced for six
previously-awarded non-Federal allotments to-day by Public Works
Administrator Harold L. Ickes. The recipients of the combined loan and
grant allotments notified PWA that they would not need the loans and
requested that their allotments be changed. The bonds that PWA had
agreed to buy have been sold in the private investment market.
The six changes announced to-day released $1,098,800 for reallotment to
other projects. Several hundred such changes have been made to date,
releasing $57,538,616 which has been reallotted to additional projects to
expand the public works program.
Allotments for the following projects were changed to-day, the grants
being to cover 30% of the cost of labor and materials to be used.
Brighton. Vt.-Docket 1656. Loan and grant of $41,000 for improving
414 miles of road in Island Pond village changed to a grant of $12,000.
Martinez, Callf.-Docket 3956. Loan and grant of $50,000 for harbor and
pier improvements changed to a grant of $14,400.
Higginsville, Mo.-Docket 4856. Loan and grant of $39,000 for park
improvements and Sewer construction changed to a grant of $11,300.
Chelsea, Mass.
-Docket 5044. Loan and grant of $80,000 for a fire
alarm headquarters building, complete with equipment, changed to a
grant of $23,500.
-Docket 5448. Loan and grant of $62,000 allotted to
Laurel, Mont.
School District No. 7 of Yellowstone County for additions and alterations
to the school building in Laurel changed to a grant of $18,000.
-Docket 6668. Loan and grant of $1,224,000 for improveEureka, Calif.
ments to the water system changed to a grant of $318,000.
Release No. 1208
Increases totaling $402,700 in 10 previously awarded non-Federal allotments were announced to-day by Public Works Administrator Harold L.
Ickes. Included in the list of increases is a loan of $294,000 in the loan of
$1,206,000 recently allotted to the New York Central RR. for purchasing
new rails. The New York Central will use the additionalfunds to pay wages
of its track forces for laying the new rail. It is estimated that track men
working in New York, Ohio, Michigan, and Indiana will receive 677.000
hours of employment in the next six months as a result of the supplementary
allotment made to-day.
Allotments for the following local municipal projects also were increased.
Bel Air, Md.-Docket 742. Loan and grant of $143,000 for constructing
sewers and a sewage disposal plant increased to $154,000 because of increased costs.
Pembine, Wis.-Docket 1001. Loan and grant of $32,500 for construct.
log and equipping a school house increased to $34.300 because of increased
costs.
-Docket 1107. Loan and grant of $63,000 for enWaterbury, Conn.
larging the municipal golf course increased to $70,700 because of changes in
Plans. The original allotment was made to enable the city to add nine
holes to the existing course. The revised allotjent will enable the city to
add the second nine holes, recondition the first nine and complete the club
house.
Graham. Texas
-Docket 1420. Loan and grant of $91.000 for an addition to the high school building and renovizing the grade school building
Increased to $100,800 to include the cost of purchasing and installing
school equipment.
Austin, Texas
-Dockets 2148 and 2172. Loans and grants totaling $408,000 allotted under these docket numbers to the University of Texas for a
men's dormitory building to house 145 students and a women's dormitory
to house 118 students increased to $468.000 because bids received show that
the work will cost more than estimated when the allotments were made.
Des Moines, Iowa-Docket 2244. Grant of $65,700 for an armory and
memorial building increased to $67,700 to cover the cost of purchasing and
installing equipment not included when the original allotment was made.
Sumter, S. C.
-Docket 2662. Loan and grant of $108,000 for improving the water and sewer systems increased to $109,000 because of increased
•
costs.
Crookston, Minn.
-Docket 3816. Loan and grant of $103,800 for an
addition to a school building that will provide an auditorium-gymnasium
and six class rooms increased to $109,200 because of increased costs.
Eddyville. Ky.-Docket 4492. Loan and grant of $40,000 for improvements to the water system increased to $50,000 because ofincreased costs.
Administrator Ickes also announced that a loan and grant of $285,000
allotted to Waterloo, Iowa, for construction of A new city hall building has
been reduced to $268,500, the maximum amount that PW.A can advance for
this project. PWA will purchase $190,000 worth of bonds and the maximum
grant allowable to cover 30% of the cost of labor and materials is estimated
to be $78,500, making the total of $268,500.
Release No. 1206
Revocation of 21 previously awarded non-Federal allotments of loans
and grants for local improvements was announced to-day by Public Works
Administrator Harold L. Ickes. The rescinded allotments total 11657,220.
Eight of the rescinded allotments were made to the city of Escanaba,
Mich., for miscellaneous municipal improvements. The Escanaba allotments, totaling $116,400, were revoked because the city has not executed
bond contracts and grant agreements sent out from Washington several
months ago, and has not replied to inqwries asking for an explanation of
the delay.
Allotments for the following projects were rescinded to-day:
Madison. Ind.
-Docket 1709: Loan and grant of $60000 for improvements to the water system rescinded on advice from the City Clerk that the
Common Council has passed a resolution requesting cancellation.
Fort Dodge, Iowa-Docket 1779: Grant of $11,000 for extending the
water distribution mains rescinded at the request of the city.
Rockwall. Tex.
-Docket 2015: Loan and grant of $35,000 for improving
the water system rescinded on advice from the Mayor that the bond issue
was defeated.
Cleveland, 0.
-Docket 3285: Grant of $45,000 allotted to Cuyahoga
County for asphalt surfacing Lee Road from Broadway to Miles Ave. rescinded on receipt of a resolution adopted by the Board of County Commissioners requesting cancellation.
Rolla, Mo.-Docket 3880: Grant of $20,100 for a school building
rescinded upon advice from the Secretary of the Board of Education that the
allotment is not desired at this time.
McNab, Ark.
-Docket 4979: Loan and grant of $4,000 allotted to Saratoga School District No. 9 of Howard and Hempstead counties for a new
building in McNab rescinded at the request of the applicant.
Waterloo, Ala.
-Docket 5182: Loan and grant of $8.100 for an electric
distribution system rescinded at the request of the town.
Clifton Hill, Mo.-Docket 5523: Loan and grant of $10,520 for an auditorium-gymnasium addition to the high school building rescinded at the
request of the applicant.
Highmore, So. Dak.-Docket 5620: Grant of $2,100 for improvements
to the water system rescinded at the request of the City Council.
New Concord, 0.
-Docket 6731: Loan and grant of $30,000 for water
system improvements rescinded at the request of the applicant.
Batesville, Ind.
-Docket 7149: Grant of $40,000 for sewer construction
and installation of a sewage disposal plant rescinded because the bond issue
was defeated.
Manti City, Utah-Docket 8460: Loan and grant of $75,000 allotted to
Sanpete County, Utah, for a courthouse to be constructed in Manti City
rescinded at the request of the applicant.
Cumberland County, N. J.
-Docket 9607-x: Loan and grant of $200,000
for reconstruction of bridges destroyed by flood on Aug. 3 1934, rescinded
at the request of the County Board of Freeholders.
Escanaba, Mich.
-Loans and grants totaling $116,400 made to Escanaba
under the following docket numbers have been rescinded because the city
has not executed and returned bond contracts and grant agreements sent
out by PWA and has not replied to inquiries asking for an explanation of
the delay.
Docket 8251: Loan and grant of $1,100 for repairing the water-pumping
station and the city shop and warehouse building. Loan and grant contract
sent Oct. 6.
Docket 8252: Loan and grant of $4,500 for relining 90 manholes and catch
basins of storm sewer system. Contract sent out Sept. 18
Docket 8265: Loan and grant of $45,000 for building 8,240 feet of storm
sewers. Contract sent out Sept. 5.
Docket 8266: Loan and grant of $1.700 for improving tennis courts.
Contract sent out Oct. 6.
Docket 8267: Loan and grant of $7,000 for repairing filtration plant.
Contract sent out Sept. 6.
Docket 8270: Loan and grant of $15,500 for street improvements. Contract sent out Sept. 6.
Docket 8274: Loan and grant of $2,600 for improving a bridge to a boat
dock. Contract sent out Nov.3.
Docket 8551: Loan and grant of $39,000 for extending water mains.
Contract sent out Sept. 14.
NEWS ITEMS.
California
-U. S. Supreme Court Upholds Mattoon Act
The United States Supreme Court on Jan. 21 upheld the
so-called "Mattoon Act" of this State, under which bonds
are issued and property owners assessed for the maintenance
of improvement districts in the State. The ruling was made
in the suit of property owners in Improvement District No.13
against the city of San Diego. The Act was challenged
because of the provisions which imposed a greater share of
taxes on non-delinquent property owners when other owners
were delinquent.
The high Court took similar action in the appeal of a group
of taxpayers in District No. 1, likewise in San Diego, from a
mandamus proceeding decision of the California Supreme
Court. This decision was covered as follows in a San
Francisco dispatch to the "Wall Street Journal" of Jan. 28:
Formal word has been received in San Francisco from the clerk of the
United States Supreme Court that that Court had upheld the Mattoon Act
without written opinion. The case was that of the American Securities
Co. vs. Forward.
The decision upheld the claim of bondholders of acquisition and improvement districts organized under the Acquisition and Improvement Act of
1925 (Mattoon Act) that in case landowners within such districts fail to pay
assessments levied for the purpose of paying the principal and interest of
the bonds, it is the mandatory duty of the appropriate legislative body to
have a tax sufficient to pay the principal and interest already due and
delinquent, as well as that to become due in the next ensuing tax year-in
other words, that in such case the tax must be cumulated or pyramided.
The case was commenced by the American Securities Co. in the Supreme
Court of California for the purpose of obtaining a writ of mandate to compel
the Council of San Diego to levy at the time of the next general tax levy
upon all of the lands within Municipal Improvement District No. 1 in that
city, a special assessment tax in an amount sufficient to pay all principal
and interest which had become due or would become due on the outstanding
bonds of the district before another tax levy for municipal or county purposes could be made available.
Municipal Improvement District No. 1 was organized under the Acquisition & Improvement Act of 1925. The purpose of the formation of the
district was to acquire rights of way and construct two bridges and a causer over Mission Bay. The estimated cost of the improvement was $725,. The district defaulted In its interest in 1932 and 1933. In 1934 this
proceeding was commenced for the purpose of compelling the City Council
to levy a tax for the year 1933-1934 sufficient to pay not only the interest
coupons maturing on Jan. 2 and July 2 in the year 1934 but also to pay the
amount unpaid on the interest coupons for the years 1932 and 1933.
o
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, Br.e. 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.
Municipal Securities-Course of Lectures to Be Repeated
The Wall Street Division of New York University announces that the course which has been given in the Analysis
of Municipal Securities the first semester will, because of the
response, be repeated the second semester, which begins
Feb. 6. The class will meet on Tuesday evenings at the
Wall Street Centre, 90 Trinity Place.
Volume 140
Financial Chronicle
OHIO and MICHIGAN
Cities—Towns—Counties—School Districts
Bought—Sold—Quoted
Gearhart & Lichtenstein
99 Wall Street, New York
A.T.& T.Tetetype-New york4-552 Tel. WHitehan 4-3325
The scope of the course will include the broad field of domestic public
securities, including State, county, city and district obligations from the
investor's viewpoint. Financial statements of municipalities will be
analyzed in the light of assessment methods, tax delinquency, debt structure, revenue sources, debt and tax limits. Current developments in the
field of municipal finance will be discussed at each session and special
attention will be devoted to the problem of municipal debt adjustment and
refunding, with special reference to the new bankruptcy law.
The course will be continued under the direction of Dr. Bert C. Goss,
Assistant Professor of Finance.
Nebraska—Legislature Ends Surety Bond Deadlock—A•Lincoin news report of Jan.29 had the following to say regarding
the ending of the discussion between this State and bonding
companies, relative to an increase in the premium for a bond
on the State Treasurer's office, a situation which had tied up
the State's financial affairs for a time:
The State Treasury bond deadlock was ended to-day when the Legislature passed and the Governor signed a bill allowing the increase in biennial
bond premium to $10.000. George E. Hall was reappointed Treasurer and
gave a bond for $1,000.000.
The bond was written by the following companies, each of which limits
liability to the sums named: National Surety Co., $200,000; United States
Fidelity & Guaranty, Fidelity & Casualty of New York, Fidelity & Deposit, Hartford Accident Indemnity, $100,000; American Surety Central
Central
Surety & Insurance of Kansas City, Great American Indemnity, Columbia
Casualty, Maryland Casualty, New Amsterdam, Standard Accident of
Detroit, $50,000; Globe Indemnity and Eagle Indemnity,$25,000.
New Jersey—Sales and Income Tax Bills Introduced—On
Jan. 29 bills were introduced in the State Legislature to put
into effect the proposals of Gov. Hoffman to levy a sales
and income tax—V. 140, p. 499. Other bills which are designed to provide bond and budget reform for municipalities
were also pat up for legislative action. Proposed utilities
reform measures were also placed in the legislative hopper
on that day. A United Press dispatch from Trenton on
Jan. 29 carried the following remarks on the proposals:
The legislative program of Gov. Harold G. Hoffman moved forward today with introduction of his proposed sales and income taxes to raise
$35,000,000 for unemployment relief and reduce real estate taxes.
Considerable opposition came from organized business and taxpayers'
groups. Administration forces felt passage of the municipal bond and budget
Acts, introduced yesterday by Senator Joseph G. Wolber, Essex County,
would smooth the way for the tax program by compelling extensive econoles in State and municipal governments. The bond and budget Acts vrill
greatly curtail the financial independence of communities, limit bond
issues and place municipalities on a pay-as-you-go basis.
Governor Hoffman reiterated his intention to fight strenuously for passage of the tax bills. He declared himself open to any plausible substitute
for the tax bills.
Thirteen utilities reform bills were introduced by Senator John C. Barbour. Passaic, designed to strengthen the powers of the Public Utilities Commission. The principal reforms would speed the hearing of rate cases by
limiting their duration, permit the Commission to fix temporary rates after
negotiation, and closely govern the payment of dividends.
At the behest of the Good Government Council, Senator Wolber also
Introduced six bills, designed to "eliminate waste and extravagance without
disturbing essential services." These bills would create a State department
to oversee and control financing by localities.
New Jersey—Statement of Current Finances of Counties
and Municipalities—We are in receipt of a report dealing
with the current finances of the counties and municipalities
of New Jersey, as of Sept. 30 1934, issued recently from the
office of the State Auditor. Assets and liabilities are listed
for counties, towns, cities, boroughs and townships, together
with totals, and the percentage of 1934 taxes outstanding on
Sept.:30 in relation to the total levy, which is put at 51.904%
in this statement.
Also contained in this report is a resume of the bonds and
other securities in default as of Sept. 30 1934, for counties
and municipalities throughout the State, which should
provide a handy reference guide for municipal dealers and
Investors.
New York City—New Revenue Program Submitted to
Aldermen—At a meeting of the Board of Aldermen held on
Jan. 29, the special committee which has been working for
some time on the revision of the license fee system submitted
a new revenue program to provide $6,660,000 in license fees.
Bills covering $5,360,000 of the proposed new revenues were
introduced at that time and measures covering the balance
will be offered later. The estimated yield from the proposed
license measures is expected to more than offset the estimated
1935 budget deficit of $6,448,969. The bills all were referred
to the committee on general welfare for report. The date
on which the proposed licenses are to become effective is to
be fixed by the committee before the bills are submitted for
action by the Board.
The following is a summary of the proposed fees and their
yields:
License on automatic vending machines
$500,000
License on sidewalk vaults
1,000,000
License on illuminated signs
800.000
License on motion picture exhibitions and common shows
500,000
License on wardrobe concessionaires(hat and coat check rooms)
40
.000
Fees for electrical installations
300,000
Increased fees for pistol permits
100,000
Modification offees for newsstands and stands within stoop lines
200.000
Fees for building plans, alterations, elevator Inspections and
other services by building departments of the city
1,200,000
Fees for bulk stoarage ofinflammable oils
170,000
Transfer of licenses collected by Board of Health over and above
=sant necessary for Health Department Pension Fund to
city treasury
300.000
License for entertainment managers
25.000
License for hair dressers and cosmetologists (beauty parlors)
225,000
Total
827
The bills that are to come later cover licenses for transformer vaults
under streets maintained by public utility companies, 3300,000, and
licenses for electric sub-meters and sub-metering companies, open-air
garages, barbers, warehouses, moving vans, private schools, rooming
houses, hotels, restaurants, building contractors, automobile repair shops,
cleaners and dyers, $1.000,000.
$5.360,000
$600,000,000 Reduction in Tentative Tax Assessments Expected—William Stanley Miller, President of the Board of
Taxes and Assessments, expressed the opinion on Feb. 1
that final figures on the assessed valuation of property in
the city for 1935, now being recapitulated for all Boroughs,
would show a reduction of $600,000,000 or $650,000,000
from the tentative total of $16,003,012,146 announced last
Oct. 1.—V. 139, p. 2232.
New York City—PWA Requests 4% Loan Rate Resolution
by Sinking Fund Commission—The New York "Herald
Tribune" of Jan. 31 carried the following article on a request
received from Washington on the previous day, to have the
city's Federal advances pegged at a loan rate of 4% by the
Sinking Fund Commission:
Mayor F. H. LaGuardia, who has been trying to persuade the Public
Works Administration at Washington that future public works loans should
come to the city at a nominal interest rate of 3g of 1%, cast a suspicious
,
eye yesterday on a request from Washington that the Sinking Fund Commission adopt a new resolution approving a rate of 4% on loans alrewly
received.
"That isn't necessary," the Mayor insiste:. "The rate was fixed at
4% in a resolution adopted on May 19 1934.
Harold L. Ickes, Secretary of the Interior, who issued General Order
No. 129, requiring the resignation of Robert Moses as chief executive officer
of the Tr -Borough Bridge as a condition of further advances for the bridge,
is head of the PWA. The Mayor, however, made no reference to Mr. Ickes
or the Moses wrangle. He did imply, however, that he suspected the demand for confirmation of the 4% interest rate was an attempt on the part
of Washington to commit the city to acceptance of the 4% rate as fair.
Aldermanic President Bernard S. Deutsch commended the Mayor for his
efforts to lower the interest rate on PWA loans and urged that care should
be taken not to give the impression that the city administration approved
the 4% rate.
At this point Comptroller Frank J. Taylor suggested that the Commission
approve the resolution requested by Washington with the proviso that the
city In no wise committed itself to the 4% rate or foreclosed its efforts to
obtain a lower rate. The resolution in the form proposed by Mr. Taylor
was adopted.
New York State—Child Labor Bill Shelved by Committee
Vote—The child labor amendment to the Federal Constitution, urged by Governor Herbert H. Lehman and President
Roosevelt, was voted down on Jan. 29 in a meeting of the
Judiciary Committee of the Senate. It is said that the vote
to kill the measure was unanimous. An Albany dispatch
of the 29th to the New York "Times" reported in part as
follows on the action:
In the face of appeals from President Roosevelt and Governor Lehman
for ratification of the child labor amendment to the Federal Constitution,
-controlled Judiciary Committee of the Senate voted to-day
the Democratic
unanimously to kill the measure.
The subject of a long public hearing last week. New York ratification
of the proposed Federal amendment appeared doomed to-night, although
Governor Lehman was represented as being ready to renew efforts to gain
support for it.
Many powerful groups have registered their disapproval of the measure,
with others declaring that support was essential to insure barring of the
exploitation of the labor of children.
Little hope has been held here since the opening of the legislative session
that Governor Lehman would be able to bring his own party members
into line, and the action of the Judiciary Committee of the Senate was not
unexpected.
Governor Lehman was deeply disappointed, however, and he was believed
to be of the opinion that the amendment should at least be submitted to
the full membership of the Senate for a record vote.
The members frankly are not anxious for this, and it is believed here
that the unfavorable vote in Committee was the death knell this year for
the measure.
Legislature Adopts Mortgage Aid Bill—The Assembly on
Jan. 30 passed the Joseph bill creating a State Mortgage
Commission to provide relief for holders of guaranteed mortgage certificates—V. 140, p'. 665. The vote on the measure,
which was sent to,the Senate for concurrence on minor
matters, was 103 to 44. Later it was adopted by the Senate,
the vote being 42 to 6, the same count as it received in its
initial passage through the Senate on Jan. 22. Governor
Lehman, who has been advocating such legislation, is said
to have expressed his approval of the action. He is expected
to sign the measure without delay. He is also expected to
name the commission of three members to take over from the
Department of Insurance the rehabilitation of certified issues
of guaranteed mortgages in default. This proposal was
sponsored by George W.Alger, Moreland Act Commissioner,
and others, and was one of the most hotly contested pieces
of legislation at last year's two sessions. It is reported that
several minor amendments were approved by the Assembly
and concurred in by the Senate for final approval of the bill.
Council of Agriculture and Markets Abolished—The Senate
also passed the Kelly bill on Jan. 30, abolishing the State
Council of Agriculture and Markets and empowering the
Governor to appoint the State Agriculture Commissioner.
The Republican minority is said to have voted unanimously
against the proposal, the count being 29 to 20, and the bill
was sent to the Assembly for a final vote. Senator John J.
Dunnigan, Democratic leader, pressing for passage of the
proposal, is reported to have described the State Agriculture
and Markets Department as "the political stronghold of the
Republican Party."
Also receiving approval from the Senate on Jan. 30 was
the Doyle bill, providing a 48-hour week for women over 16
years of age and eliminating the 78
-hour overtime clause.
The vote is said to have been 37 to 8.
New York State—Governor Lehman Presents Proposed
New Tax Program—Asks $55,750,000 Increase, Including
Income and Gasoline Levies—On Jan. 28 Governor Lehman
submitted to the Legislature his budget of appropriations
and taxes for the fiscal year 1935-1936, designed to wipe out
a deficit of $85,526,824, which is indicated as of next June 30,
and to create a surplus of $3,463,000 by the following
828
Financial Chronicle
June 30. The message calls for appropriations of $284,080,804 for normal State expenditures and an added $10,000,000 for unemployment relief. This is only slightly in
excess of the aggregate appropriations recommended in last
year's message, which were $279,574,207. The message
was referred to the fiscal committees of both houses.
His program is to raise $55,750,000 in new taxes and to
save the taxpayers about $30,000,000 by re-arrangement of
certain dates in the State's financial schedule and by certain
bookkeeping corrections.
The recommendations for new revenue provided for the
following tax increases:
A readjustment of the personal income tax rates, contemplating retention of the present 2% rate on the first $1,000
of net income after deduction of present personal exemptions
and allowances for dependents; a rate of 3% on the second
and third thousands of net income and an additional 1%
increase on each succeeding bracket of $2,000 until a maximum of 7% is reached on incomes above $9,000. These
proposed amendments would give an estimated yield of
$22,000,000. The increased taxes would be payable in
1936 on 1935 incomes.
The Governor also seeks to increase the gasoline tax from
3 to 4 cents a gallon, effective as of April 1, to raise about
$16,250,000.
He recommends an increase in the 1% tax paid by insurance companies on all premiums, to 1%% on life insurance
and 2% on other insurance, except marine insurance, to
provide $5,000,000.
Mr. Lehman also proposes to raise $6,000,000 by increasing the franchise tax on business corporations by a temporary emergency tax of 13'% and to obtain another
$6,500,000 by placing a new 4% tax on the net income of
every unincorporated business, professions excluded, in
excess of $5,000.
The Governor provides the full statutory amount for State
aid to education, which is $117,047,253 for common schools.
He particularly notes the vast increase of the burden of the
State as tax collector for its localities. He points out that
State aid appropriations have increased from ,500,000 in
1916 to $47,000,000 in 1926, and to nearly $130,000,000 in
this budget. In addition the State shares many of its taxes
with the localities. Out of an estimated total of $307,772,000
to be collected by the State in the current fiscal year, a
total of $183,414,425 will be returned to the localities, or
about 60%. And this does not include aid in relief purposes.
He recommends the creation of a commission of five members,
by appointed himself, to study this subject and report next
year.
Governor Lehman also recommends the continuance for
the present ard future fiscal years of the emergency taxes
already in operation. This includes the emergency 1%
personal income tax, the gasoline tax, the 1% stock transfer
tax and the recent increase in inheritance taxes.
On the basis that even the new or increased imposts would
not enable him to balance the budget, the Governor has
resorted to a shift in the date for paying a number of taxes,
including the second instalment of the 1936 personal income
tax, to a time prior to the end of the fiscal year. This would
bring revenues aggregating an estimated $21,500,000 into the
State Treasury before June 30 1936, the end of the year to
which the new budget applies.
The following tables, taken from the New York "Times"
of Jan. 29, show payments under the present rates of the
State personal income tax as compared with payments that
would have to be made next year if the revised rates recommended by Governor Lehman in his budget message go
into effect:
Net
Income
$1.000
2.000
3,000
4,000
5,000
6,000
7.000
8.000
9,000
10,000
15,000
20,000
25.000
50.000
100.000
Net
Income
$1.000
2,000
3,000
4,000
5,000
6,000
7.000
8,000
9,000
10,000
15.000
20,000
25,000
50,000
100.000
SINGLE PERSONS
Tax Under
Tax at
Existing Law
Revised Rates
(Emergency Rates
Proposed
Including
at 2%,4% and 6%
Increase
Plus 1% Emergency) 1% Emergency
No inc.
$0.0
0
S0.00
No inc.
30.00
30.00
$10.00
70.00
60.00
20.00
110.00
90.00
40.00
160.00
120.00
60.00
210.00
150.00
90.00
270.00
180.00
120.00
330.00
210.00
160.00
400.00
240.00
200.00
470.00
270.00
370.00
870.00
500.00
516.00
1,270.00
754.00
670.00
1,670.00
1,000.00
1,416.00
3.670.00
2,254.00
1,940.00
7,670.00
5.730.00
MARRIED PERSONS AND HEADS OF' FAMILIES
(Two Children or Other Dependents)
Tax Law
Tax at
Existing Law
Revised Rates
(Emergency Rates
Proposed
Including
at 2%,4% and 6%
Increase
Plus 1% Emergency) 1% Emergency
No inc.
$0.00
$0.00
No inc.
0.00
0.00
No inc.
0.00
0.00
No inc.
21.00
21.00
7.00
51.00
58.00
81.00
17.00
98.00
34.00
111.00
145.00
54.00
141.00
195.00
81.00
171.00
252.00
111.00
201.00
312.00
301.00
686.00
385.00
451.00
1,086.00
635.00
601.00
885.00
1.486.00
• r 2,135.00
1,351.00
3,486.00
1.917.00
5.569.00
7,486.00
The New York "Journal of Commerce" of Jan. 29 reported in part as follows on the budget message:
Feb. 2 1935
Governor Lehman's comment on the budget was sprinIded with an
optimistic outlook for business. He said:
"I have taken into consideration the improvement which has actually
taken place in business conditions and profits and the improved feeling and
spirit of increasing confidence in business, financial and governmental
circles. • yr 4 si I ay WI
"I am hopeful and expectant that the measure of recovery already experienced will be extended before the next fiscal year commences and become increasingly pronounced as time goes on."
Opposition was expected to the Governor's proposal to increase the gasoline tax. The State now collects 3 cents a gallon tax. He supported his
recommendation with the declaration New York now has one of the lowest
gasoline levies in the nation.
"It is apparent that if our rate were increased to 4 cents it would then
only equal the average for the country as a whole," he said.
The Governor's proposed increase of the personal income levy would retain the present 2% tax on the first $1,000 of net income, after deduction
of personal exemptions and allowances for dependents; a rate of 3% on
the second and third thousand of net income, and an additional 1% on
each succeeding bracket of $2,000 until a maximum of7% is reached on the
Income in excess of $9,000.
Sees Burden Distributed
"The personal income tax," Governor Lehman said, "better than any
other, distributes the burden according to the ability to pay.
"The incidence of the tax is more certain and its economic effects less
harmful than most taxes. Repeatedly it has been urged that the rates and
the brackets should be revised and the tax made more productive of revenue. I am convinced the time has arrived when that should be done."
Ofthe proposed levy on unincorporated business, Governor Lehman said:
"The State should properly impose a tax for the privilege of carrying
on business operations under the protection of and within the social and
legal framework provided by the State."
The tax is for the calendar year of 1936 only, he explained.
Governor Lehman said he was confident the recommended tax increase
on life insurance premiums "will result in no genuine hardship to either the
companies or policyholders."
He explained his proposal to advance the dates for payment of various
taxes to bring about the $21,500,000 savings, thusly:
"The proposed rearrangement will secure payments before June 30 which
otherwise would not be collected until later, thus improving the State's
cash position without adding to existing tax burdens or imposing new ones."
The Governor said taxes on business corporations, savings banks, utilities and insurance companies would be due a few weeks earlier if his recommendations were approved.
Tennessee-Research Report Issued on State Government
The research staff of the Tennessee Taxpayers Association
recently submitted to Governor Hill McAllister and the
members of the 1935 Legislature, Part 1 of the report covering the third annual survey of the State Government. It
covers the first year of the biennium beginning on July 1
1933, together with comparisons with two preceding years.
Part 1 of the report contains the statistical statements
showing the financial transactions of the State government
during the last three fiscal years and the condition of the
treasury, including statements of indebtedness, as of June 30
1934.
The suggestions of this Association for the solution of
some of the problems which arise from a study of the facts
presented in this part of the report, together with other
important matters which will confront the 69th session of
the Legislature, are now being compiled and will be presented
in Part 2 of the report.
-A press
House Again Rejects Child Labor Amendment
dispatch from Nashville on Jan. 30 reported that the House
of Representatives, by a vote of 72 to 24, defeated ratification of the child labor amendment to the Federal Constitution for the second time in two years.
OFFERINGS WANTED
Arkansas-Illinois-Missouri-Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. •Sik CO.
ESTABLISHED 1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
BOND PROPOSALS AND NEGOTIATIONS
-DETAILS ON FEDABERDEEN, Grays Harbor County, Wash.
-The City Engineer confirms the report that the
ERAL'ALLOTMENT
PublicIWorks Administration has approved a loan and grant of $177,000
-and he states that the loan
-V.
,140, I). 498
for water line replacements
portionsof the allotment will be $125,000, maturing $6,250A yearlyafor
20 years.
ACKLEY,vHardinvCounty, Iowa-BOND OFFERING-Sealed bids
vrillibe received untill8fp. m.on Feb. 7, by 0.11. Ballard, Town Treasurer,
for the purchase of a $14,000ssue ofsewer outlet and purifyinglplant bonds.
Interest rate is not to exceed 4%, payable M. St N. Denom. $500. Dated
May 15 1935. Saidlbonds will belpayable out of a sewer outlet and purifying
plant tax, to be levied for a period of years sufficient to pay them, They
will not be soldifor lees than parand accrued interest. (A loan and grant of
$17,000 has been approved by the Public Works Administration.)
ADA'SCHOOL DISTRICT (P. 0. Ada), Pontotoc County, Okla.
-The $42,000 4% semi-ann.school bonds that were
BOND SALE DETAILS
purchased by the First National Bank of Ada at par plus a premium of
-are dated Dec. 1 1934 and mature
1, equal to 100.002-V. 140, p. 666
2 000 from Dec. 1 1938 to 1958 incl. giving a net income basis of about
.
s. Prin. and int. (J. dr D.) payable at the fiscal agency of the State in
New York City, or at the office of the Treasurer of the Board of Education.
e
-BONDS AUTHORIZED-Theaty
"AKRON,Summit County, Ohio
Council has passed ordinances providinggor the issuance of $2.249.431
% refunding.bonds, due in 15 years. optional in five years.
-PROPOSED REFUNDING
-A bill
ALBANY, Albany County, N. Y.
empowering theicity to refund $1,000.000 of maturing bonds has been
Legislature.
introduced in4the State
-CERTIFICATES
ALLEGANY COUNTY (P. 0. Belmont), N. Y.
AUTHORIZED-The Board of Supervisors on Jan. 15 authorized the
certificates of indebtedness, to mature $18,000
issuance of $90,000 3Ji%
annually. Proceeds will be used to take up temporary loans negotiated
against unpaid 1931. 1932 and 1933Dazes.
ALTOONA, Eau Claire County, Wis -REPORT ON FEDERAL
-In connection with the loan and grant of $41,000 that was
ALLOTMENT
approved
taken
:
tthcarZlatoagio
it ' `i n
I t11 Vrg:t
.f
f b 98I
until the project has been passed on by the voters at a special eiectiom o be
held in about 30 days.
-The E200,000
-BOND SALE
ANNISTON, Calhoun County, Ala.
68-issue of coupon funding bonds offered for sale on Jan. 24-V. 140, P. 8
composed of Watkins, Morrow St Co. of Birmwas awarded to a syndicate
ingham, the Robinson-Humphrey Co. of Atlanta, the Equitable_Securities
rn
r
O1 ar Te st
Volume 140
Financial Chronicle
Corp. of Nashville, as 5s, at a price of 95.65, a basis of about 5.40%•
Dated Oct. 15 1932. Due from Oct. 15 1935 to 1962.
-It is stated that
ARDMORE, Carter County, Okla.
-BOND SALE
a $34,000 issue of 4% semi-ann. sewage disposal plant bonds was offered for
sale on Jan. 30 and was purchased at par by the First National Bank of
Ardmore. The only other bid was a par offer submitted by the Public Works
Administration.
-REPORT ON BOND
ARKANSAS, State of (P. 0. Little Rock)
REFUNDING PROGRAM
-'The following is taken from a Little Rock
dispatch to the "Wall Street Journal" of Jan. 29:
State Refunding Board expects to complete in 60 days exchange of bonds
authorized by Act 11 of 1934 to refund 5155,000,000 highway debt. Status
of refunding at the close of business Jan. 24 is indicated in the following
table:
$74,690,000
Highway bonds received
Highway bonds refunded
60,643,000
Highway bonds on hand
Toll bridge bonds received
Toll bridge bonds refunded
514,047.000
56.463,000
5,614,000
Toll bridge bonds on hand
Road district bonds received
Road district bonds refunded
$849,000
$31,234,075
16,758,375
Road district bonds on hand
$14,475,700
Total bonds on hand
529.366,700
ASHLAND, Boyd County, Ky.-BOND SALE BY RFC
-The $33,000
Issue of 49 semi-annual sewer impt. bonds offered for sale by the Reconstruction Finance Corporation on Jan.30-V. 140, p.673
-was awarded to
Mason-Hagan, Inc., of Richmond, at a price of 101.39, a basis of about
3.88%. Due from May 1 1935 to 1962, incl.
ATLANTIC CITY, Atlantic County, N. J.
-REFUNDING PLAN
EXPECTED SOON
-Formal promulgation of a plan providing for the
refunding of the city's approximately $26,000,000 of bonded debt is expected
to be made soon by the Bondholders' Protective Committee which was
established several months ago to protect the interests of the municipality's
creditors and to co-operate with city officials in an endeavor to arrange a
workable solution for its financial difficulties. Henry Bruere, President of
the Bowery Savings Bank is chairman of the committee and Fred N. Oliver,
110 East 42nd St., New York, is Secretary. Draft of a tentative refunding
plan was issued last September by the protective committee
-V.139, p. 1579.
BAYONNE, Hudson County, N. J.
-BOND OFFERING-William P.
Lee, City Clerk, will receive sealed bids until 11 a. m. on Feb. 8, for the
purchase of $2,752,000 coupon or registered bonds, to bear interest at not
more than 4%%,divided as follows:
$1,952,000 general refunding bonds. Rate of interest on this issue to be
expressed in a multiple of i.i of 1% and to be the same for all
of the bonds. Dated Dec. 15 1934. Due Dec. 15 as follows:
$150,000 from 1939 to 1950, incl. and $152,000 in 1951.
800,000 tax revenue bonds. Rate of interest to be expressed in a multiple
of one one-hundredth of 1% and to be the same for all of the
bonds. Dated Feb. 1 1935. Due Aug. 1 as follows: $260,000,
1936; 8265,000, 1937 and $275,000 in 1938.
Denom. $1,000. Principal and interest (J. & D. 15) payable at the
Hudson County National Bank, Bayonne, or at holder's option, at the
Chase National Bank, New York City. 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 that
the bonds are valid and binding obligations of the city will be furnished
the successful bidder.
BAYLESS CONSOLIDATED SCHOOL DISTRICT (P. 0. Clayton)
St. Louis County, Mo.-BOND SALE BY RFC
-The $100,000 issue of
4% semi-ann. school bonds offered for sale by the Corporation on Jan. 30V. 140 p. 673-was awarded to the Commerce Trust Co. of Kansas City,
at a price of 102.82, a basis of about 3.70%. Due from June 1 1936 to 1953
incl.
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN-John C.
Lovett, City Treasurer, made award on Jan. 30 of a $250,000 revenue anticipation loan to the Boston Safe Deposit & Trust Co., at 0.23% discount
basis, plus a premium of $3. Dated Jan. 30 1935 and payable Nov. 8 1935.
Payable at the First National Bank of Boston or at the First of Boston
International Corp., New York City. Legality approved by Ropes, Gray,
Boyden & Perkins of Boston. Other bidders were: First National Bank of
Boston, 0.25% plus $1; Beverly National Bank, 0.269' plus $3; Merchants
National Bank. 0.27% National Shawmut Bank,0.2759 Whiting. Weeks
o;
1;
& Knowles, 0.29%; Faxon, Gade & Co., 0.29%; E. H. Rollins & Sons,
0.329'; Second National Bank of Boston, 0.39%; Newton, Abbe & Co.,
0.449; W. O. Gay & Co., 0.44%.
TaxL?ala
1932 levy
1,448,493;
1,448.493: uncollected Jan. 1 1935
$63
1933 levy- 1,462,711; uncollected Jan. 1 1935
5,386
1934 levy- 1,414,442; uncollected Jan. 1 1935
382,968
Tax titles
73,688
Valuation 1933
44,596,700
Valuation 1934
43,655,625
BLACK HAWK COUNTY (P. 0. Waterloo), Iowa-BOND OFFERING-Bids will be received at 1:30 p.m. on Feb. 5 by Anna M. Decker,
County Treasurer, for the purchase of county funding bonds not to exceed
$30.000. Denom. $1,000. Dated Jan. 11935. Interest rate to be named
by bidder. Successful bidder must furnish printed bonds and legal approval. Bonds to be delivered to purchaser at Waterloo. Due as follows: 53,000, 1943; 84,000, 1944; 86,000, 1945; 53.000, 1946: 510,000, 1947
and $4,000 in 1948. A certified check for 3% of the bonds offered, payable
to the County Treasurer, is required.
Black Hawk County Statistics
1934 assessed value of real estate
$57,394,430.00
Taxable value of real estate
Same
Taxable value of moneys and credits
8,317,891.00
Bonded debt, Jan. 1 1935-Miscellaneous funding
614,000.00
Primary road bonds
1,438,000.00
Acreage, 340,143.50 acres. Population, 69,146.
-SUPREME COURT APPROVES BOND
BLOOM TOWNSHIP, III.
-The Illinois Supreme Court recently upheld a judgment of the
ISSUE
Cook County Circuit Court approving a $300,000 bond issue for a sewage
disposal plant voted in 1933 by the township. An injunction had been
brought seeking to restrain issuance of the hen&
BLYTHE TOWNSHIP SCHOOL DISTRICT (P. 0. Kaska), Schuyl-BONDS OFFERED LOCALLY
-Peter Week, District
kill County, Pa.
Secretary, states that $118,000 4% school building bonds are being offered
for sale to local investors. They are part of the issue of $140,000 for which
no bids were submitted on Nov.5 1935. The option granted at that time to
E. H. Rollins & Sons of Philadelphia was not exercised. Due to a larger
grant from the Public Works Administration, the amount of bonds to be
-V. 139, p. 3024.
sold has been reduced.
BOISE, Ada County, Ida.
-WARRANTS CALLED-It is reported
that registered general warrants numbered from 5,039 to 6,020 were called
for payment on Jan. 14, at the office of the City Treasurer.
-BOND ELECTION
BOONE, Pueblo County, Colo.
-It is reported
that an election will be held on Feb. 5 to vote on the issuance of $26,000 in
water system bonds, to secure the loan portion of a Public Works Administration allotment.
BRENTWOOD SCHOOL DISTRICT, Mo.-BONDS SOLD BY RFC
The $43,000 issue of 4% semi-ann. school bonds offered for sale by the
-was awarded to Stern Bros. &
Corporation on Jan. 30-V. 140, p. 673
Co. of Kansas City, at a price of 103.02, a basis of about 3.74%. Due from
March 11948 to 1953 incl.
-BONDS APPROVED
BRIDGEPORT, Montgomery County, Pa.
Approval of an issue of $50,000 funding bonds was announced by the
Pennsylvania Department of Internal Affairs on Jan. 18.
-TEMPORARY
BRISTOL COUNTY (P. 0. New Bedford), Mass.
LOAN-Tho $300,000 tax anticipation loan offered on Jan. 29-V. 140,
p 667-was awarded to the Second National Bank of Boston, at 0.33%
discount basis. Due Nov. 15 1935. Other bidders were: First National
Bank of Boston, 0.355%; National Shawinut Bank, 0.375%; Faxon, Gade
829
& Co. 0.37%; Fall River National Bank, 0.385%; First National Bank of
'
Attleboro, 0.38%; Whiting, Weeks & Knowles, 0.39%; B. M. C. Durfee
Trust Co. of Fall River, 0.39%0; W. 0. Gay & Co. 0.40% Plus $1.771
0
Machinists National Bank of Taunton, 0.416%; Newton, Abbe & Co..
0.41%.
-TEMPORARY LOAN
-The
BROOICLINE, Norfolk County, Mass.
5300,000 revenue anticipation loan offered on Jan. 28-V. 140, p. 667
was awarded to the Brookline Trust Co. at 0.248% discount basis. Dated
Jan,28 1935 and due Nov. 211935. Other bidders were: National Shawmut
Bank, .25 plus $1 premium; Whiting, Weeks & Knowles, .26; Boston Safe
Deposit & Trust Co.,.265; Norfolk County Trust Co.,.28 plus $4 premium;
G. M.
-P. Murphy & Co., .28; W.0. Gay & Co. .29; Washburn, Forst &
Co.. .30 plus 25 cents premium; New England Trust Co., .31; Second
'
National Bank of Boston. .325; First National Bank of Boston, .33; Faxon,
Gade & Co., .35; Bankers Trust Co. of New York, .36.
-BOND SALE
...BUCHANAN, Westchester County, N. Y.
-The $74.000 4% water bonds offered by the Reconstruction Finance Corporation
on Jan. 30-V. 140. p. 673
-were awarded to a group composed of the
Bancamerica-Blair Corp.; George B. Gibbons & Co., Inc., and Dick &
Merle-Smith, all of New York, at a price of 101.40, a basis of about 3.849'
Due Sept. 1 as follows: $3,000 from 1935 to 1958 incl. and $2,000 in 1959.
BURLEY HIGHWAY DISTRICT (P. 0. Burley), Cassia County,
-BOND CALL
-It is reported by Lee A. Wright, District Treasurer,
Ida.
that bonds aggregating $184,000, are being called for payment at the
Idaho Bank & Trust Co. in Burley. The bonds called are highway Issues
of Nov. 1 1917, Jan. 1 1919 and Nov. 1 1919.
BURLINGTON, Racine County, Wis.-BONDS PARTIALLY SOLD
Of the $30,000 43.1% semi-ann. sewage disposal plant bonds of 1934 offered
for sale on Jan. 26-V. 140, p. 341-the first $20.000 were sold to the
Meinhardt Bank of Burlington, for a premium of $1,268.40, equal to
106.342, a basis of about 2.93%. Due $3,000 from Aug. 1 1935 to 1940.
and $2,000 on Aug. 11941. The second highest bid MO a premium offer
of 51.155. tendered by the Milwaukee Co. of Milwaukee, on the same
specifications as above.
CALDWELL SCHOOL DISTRICT (P.O. Caldwell) Canyon County*
-At the election held on Jan. 8-V. 140, p. 168
Ida.
-BONDS VOTED
the voters approved the issuance of the $60,000 in high school addition
bonds, by a wide margin.
CALUMET COUNTY (P. 0. Chilton), Wis.-BONDS NOT AUTHORIZED-In connection with the recent report that the County Board
had authorized the issuance of $50,000 in 5% semi-ann. highway construc-it is stated by the County Clerk that he has
-V. 140, p. 168
tion bonds
no knowledge of such action by the Board.
-STATE ASKED TO
COUNTY (P. 0. Ebensburg), Pa.
CAMBRIA
-Payment of outstanding road and bridge
ASSUME $3,995,000 BONDS
bond issues of the county amounting to $3,995,000 would be assumed by
the State under the terms of a resolution unanimously adopted Jan. 17 by
the County Commissioners. The action of the Commissioners follows that
taken at the last convention of the State Assn. of County Commissioners of
Pennysylvania, it is said.
CAMDEN, Camden County, N. J.-PWA RESCINDS $6,000,000
-The Federal Emergency Administration of
UTILITY ALLOTMENT
Public Works announced in press release No. 1205 that failure of the State
of New Jersey to remove legal barriers to the city's proposal to build a
municipal power plant and light system had resulted in rescission by the
Public Works Administration of a $6,000,000 loan and grant allotment
-V. 140, p. 168. It was declared that only legal obstacles
for that purpose
interfered with PWA'S desire to aid the city, as the need for the project has
never been questioned. Administrator Harold L. Ickes pointed out that if
the New Jersey Legislature, now in session, acts favorably on legislation
which has been suggested in the interest of the project and if the validity
of the referendum authorizing the municipal plant is upheld by the New
Jersey courts. the PWA, upon application of the city, will reopen and consider the application. The allotment was approved by PWA on July 5 1934,
the release added.
-STATUS OF REFINANCING
CAMDEN, Camden County, N. J.
PROGRAM
-The city is reported to have made considerable progress under
the plan to exchange new long-term bonds for approximately 86.000.000 of
outstanding tax revenue and other temporary bonds which matured from
June 1 1934 to Oct. 15 1934. Exchanges already completed involve about
$4,775,000 of the obligations, while agreements have been obtained for
exchange of an additional $721,000 worth, it is said.
Holders of $1,244,000 of the total of $1,550,000 county obligations Involved in a similar conversion plan have agreed to deposit their securities in
exchange for long-term bonds.
County,
CARBONDALE POOR DISTRICT, Lackawanna County Pa.of
BOND OFFERING-Cornelius J. Mahoney. Secretary of the
receive sealed bids until 8 p. m. on Feb. 11, for the purDirectors, will
chase of *50,000 5% operating expenses bonds. Dated Jan. 1 1935.
tienom. $1,000. Interest payable J. & J. A certified check for 5% must
accompany each proposal. Issue has been approved by the Department of
Inteznal Affairs.
-BONDS SOLD TO PWA
CHARLEVOIX, Charlevoix County, Mich.
-The $79,000 coupon sewage disposal system revenue bonds offered on
-were sold as 4s, at a price of par, to the Public
Jan. 28-V. 140. p. 667
Works Administration, the only bidder. Due Jan. 1 as follows: 52,000.
1936; $3,tai0, 1937 to 1951 incl. and $4,000 from 1952 to 1959 incl.
-NOTE SALE DETAILS
CHARLOTTE, Mecklenburg County, N. C.
-The $205,000 revenue anticipation notes that were purchased by the
American Trust Co. of Charlotte, at 1.625%, plus a premium of $1.50V. 140, p. 667
-are stated to be dated Jan. 30 1935. and to mature on
April 30 1935. It is said that the legality of these notes is to be approved by
Maaslich & Mitchell of New York.
-WARRANT
CHICAGO WEST PARK DISTRICT, Cook County, Ill.
CALL
-The district on Jan. 24 issued a call for the payment of principal
and interest on 1933 corporate tax anticipation warrants originally issued
by the West Park Commissioners and dated Feb. 14 1934. These warrants
are payable Feb. 1, on presentation at the First National Bank. The call
includes a total principal amount of $297.275.
CHICKASHA SCHOOL DISTRICT (P. 0. Chickasha) Grpdy
County, Okla.
-BOND SALE BY RFC
-The $65.000 issue of 4% semiannual school building and equipment bonds offered for sale by the above
-was awarded to the Browncorporation on Jan. 30-V. 140, p. 673
Crummer Co. of Wichita, at a price of 100.61, a basis of about 3.93%.
Due from April 1 1937 to 1958, inclusive.
-CERTIFICATE OFFERING
• CHISHOLM,St. Louis County, Minn.
Sealed bids will be received until 8 p. m. on Feb. 13, by Frank Centa Jr.,
City Clerk, for the purchase of a $200,000 issue of certificates of indebtedness. Interest rate is not to exceed 6%. Said certificates shall draw interest
only from date of delivery until redeemed as provided by law and shall be
paid out of tax moneys levied for the funds named in the tax levy for the
year 1935.
CLAY COUNTY (P. 0. Spencer) Iowa-BOND OFFERING-Both
sealed and open bids will be received at 2 p. m.on Feb. 4, by C. C. Bender,
County Treasurer, for the purchase of a $18,500 issue of funding bonds.
Interest rate to be named by the bidder. Denom. $500. Dated Jan. 1
1935. Due as follows: $4,000, May 1 1938; $7.000, May 1 and $7,500 on
Nov. 1 1940. Prin. and int. payable at the office of the County Treasurer.
The approving opinion of Chapman & Cutler of Chicago, will be furnished.
A certified check for $500 must accompany the bid.
-BOND OFFERING
CLERMONT COUNTY (P. 0. Batavia), Ohio
B. L. Ketchum, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Feb. 21 for the purchase of $24,900 6% bonds,
the proceeds of which will be used to take up notes issued for poor relief
purposes. The offering includes the following:
$19,000 bonds. Due as follows: $6,200 March 1 and $6,300 Sept. 1 1937.
and $6,500 March 1 1938.
5,900 bonds. Due as follows: $900, Sept. 1 1935; $900, March 1 and
$1,000, Sept. 1 1936: 51,000. March 1, and Sept. 1 1937 and
$1,100, March 1 1938.
Each issue is dated March 1 1934. Principal and interest(M.& S.) payable
at the County Treasurer's office. Bids for the bonds to 'bear interest at a
rate other than 6%. expressed in a multiple of % of 1%, will also be considered. A certified check for 2% of the bid, payable to the order of the
County Treasurer, must accompany each proposal. Legal opinion of Peck.
Shaffer & Williams of Cincinnati to be paid for by the successful bidder.
830
-
Financial Chronicle
Feb. 2 1935
CLEVELAND, Cuyahoga County, Ohio
-VOTE ON $6,000,000
DEFICIENCY BOND ISSUE FAVORED BY GOVERNOR-Governor
Martin L. Davey on Jan. 23 promised Mayor Davis and other city officials
that he would support the bill authorizing a special municipal election
on
the question to issue from $5,000.000 to $6.000,000 deficiency
order to provide funds to that amount to meet normal operating bonds in
expenses
during 1935.-V. 140, 13. 342. At the conference with the Governor, Mayor
Davis stated that 'all we're asking is the right to help ourselves."
declared "it means a complete breakdown unless we get this help." and
CLINTON COUNTY (P.O. Clinton), Iowa.
-BOND
DETAILS
-The $67,000 funding bonds that were awarded on Jan.SALEthe Clinton
24 to
Clearing House Association, as 3s at liar
-V. 140, p. 668
1935 and mature from 1940 to 1947, without option -are dated Jan. 1
Coupon bonds in the denomination of $1,000. Interestof prior payment.
payable M. & N.
CLINTON, Custer County,fOkla.-BOND
-The
sewage disposal plant bonds that were approved SALE voters$29,000
by the
at the
general election-V. 139. p. 3185
-are reported to have been Purchased
on Jan. 15 by the Public Works Administration, as
par. Denoms.
$500 and $1,000. Due as follows: $1,500 from 1938 4s at
to
1937. Principal and interest (J. & J.) payable at the1956, and $500 in
City Treasurer's
office.
COAL GROVE, Pa.
-BONDS AUTHORIZED-The City Council of
Jan. 10 passed an ordinance providing for the
the purchase of a fire pumper and the buildingissuance of $6,500 bonds for
of a fire station.
COLUMBIA COUNTY (P. 0. Hudson),
-ADDITIONAL BIDS
-Other bids for the 8100,000 work and home N. Y.
relief and public improvement
bonds awarded on Jan.24 La the Hudson City Savings Institution of Hudson,
as 2.60s, at a price of 100.10, a basis of about 2.58%-V. 140. p.
668
were as follows:
CURRY COUNTY (P. 0. Gold Beach), Ore.
-BONDS OFFERED
Sealed bids were received until 10 a.m. on Feb. 2, by Oleta A. Walker,
County Clerk,for the purchase of a $10,000 issue of 5 % refunding bonds.
Denom. $1,000. Dated Jan. 15 1935. Due $1,000 from Jan. 15 1937 to
1946 incl. Principal and interest (J. & J.)vrnairei
at the
winfre.bl
the State in New York City. The approving opinionof fiscal agency of
Teal,
McCulloch, Shuler & Kelly, of Portland, will
hirnished.
DAYTONA BEACH, Volusia County, Fla.-0ENERAL RETAIL
SALES TAX ABANDONED-In connection with the report given in V.
140, p. 342, that the City Commission had adopted a 3% retail sales tax,
we give the following report from the Florida "Times
-Union" of Jan. 18:
"The City of Daytona Beach has definitely abandoned its 3% retail
,
sales tax and the ordinance which put it into effect Jan. 6 will be repealed
at a City Commission meeting within a day or two, Mayor Edward H.
Armstrong announced to-night.
"His statement was made after an informal conference with other city
Commissioners which followed a meeting late to-day with representatives
of the Merchants' Association and allied trades, at which a substitute tax
plan, to meet operating costs for only the first four months of this year,
was
before the Commissioners by Ralph Henson, President of the
merchants' organization. Collection of the sales tax had been suspended
since raid-night Saturday."
DAYTON, Montgomery County, Ohio
-NOTES AUTHORIZED
The City Commission has passed an ordinance providing for the issuance of
$251.000 not to exceed 6% interest tax anticipation notes, due June 1 1935.
DAYTON, Montgomery County, Ohio
-BOND SALE-The$52,000
431% series E sewage disposal plant bonds offered by the Reconstruction
Finance Corporation on Jan. 30-V. 140, p. 673
-were awarded to the
Provident Savings Bank & Trust Co., Cincinnati, at a price of 103.56, a
BidderInt. Rate
Rate Bid
basis of about 2.87%. Due Jan. 1 as follows:$9,000from 1936 to 1940 incl.
Halsey. Stuart & Co
2.70'
100.085
0
and 87,000 in 1941.
Adams, McEntee & Co Inc
100.04
2.90%
First National Bank & Trust Co
DECATUR COUNTY (P. 0. Leon), Iowa-BOND SALE
-An issue of
3.20%
100.06
Manufacturers & Traders Trust Co
$20,916.25 funding bonds is reported to have been purchased recently by
3.20%
100.356
George B. Gibbons & Co
Jackley & Co. of Des Moines.
3.50%
100.34
Farmers National Bank
Par
3.50%
DEFIANCE, Defiance County, Ohio
-OTHER BIDS
-The following
COLUMBIA IRRIGATION DISTRICT (P. 0. Kennewick) Benton
is a list of the other bids submitted for the $50,000 refunding bonds awarded
County, Wash.
on Jan. 23 to Prudden ,k Co. of Toledo, as 4iis, for a premium of 8137.50,
-BONDS VOTED
-At an election on Jan. 19 the voters
approved the issuance of $192,500 in 4% refunding bonds by count of
equal to 100.275. a basis of about 4.21%-V. 1.40, p. 668.
277 to 2. Due from 1939 to 1968, incl. The date of sale has a
Biddernot as yet
Int. Rate Premium
been determined, according to the District Clerk.
Stranahan, Harris & Co
$320.00
414 °A
McDonald-Callahan-Richards Co. and Otis & Co
283.00
COLUMBUS,Franklin County, Ohio
-BOND OFFERING-Helen T.
Fox, Einhorn & Co.; Grau & Co. and Edward Broc.khaus
Howard, City Clerk, will receive sealed bids until 12 m.on Feb. 15,for the
& Co
4%
269.44
purchase of $538,000 4% bonds, divided as follows:
Braun, Bosworth & Co
204.00
0
4
$114,000 relief sewer bonds. Dated Dec. 15 1933. Due Feb. 1 as follows:
Ryan, Sutherland & Co
171.00
435 0
39,000, 1948; $10,000, 1949 to 1953, incl. and $11,000 from 1954
The First Cleveland Corp
132.00
%
to 1958, inclusive.
Provident Savings Bank St Trust
41
,
"
190,00
114,000 Main St. bridge fund No. 1 bonds. Dated May 1 1934. Due
Securities
BancOhio
140.00
Feb. 1 as follows: $6,000, 1940 to 1949. incl.: $7.000. 1950 to
Johnson. Kase & Co
445R
120.00
1956, incl. and $5,000 in 1957.
Seasongood & Mayer
57
53386
108.000 incinerator fund No. 1 bonds. Dated May 1 1934. Due Feb. 1
Well, Roth & Irving Co
5
420.00
as follows: $26,000, 1941; $32,000 in 1942 and 1943 and $18,000
M. Bliss Bowman & Co
303.00
5
1944
The State Bank, Defiance
163.50
5%
102,000 sanitary sewer bonds. Dated Dec. 15 1933. Due Feb. 1 as
DELAWARE RIVER JOINT COMMISSION (P. 0. Camden), N. J.
follows: $10,000 from 1949 to 1956. incl. and $11,000 in 1957
-The Joint Commission has paid the City
-CLEARS TITLE TO BRIDGE
and 1958.
100,000 City Hall building (east wing) fund No. 1 bonds. Dated Jan. 1
of Philadelphia in full for its outlay in connection with construction of the
Delaware River Bridge, connecting Camden, N. J. and Philadelphia, Pa.
1934. Due Feb. 1 as follows: $8,000, 1950; $14,000, 1951:
Payment of the city's equity was formally acknowledged by Treasurer
$15,000 from 1952 to 1956, incl. and $3,000 in 1957.
001
Willb B. Hadley, when he signed a receipt to the Commission for $10.r Coupon bonds, registerable as provided by law. Principal and interest
601,765. As the Commission had previously reimbursed the States of
(F. & A.) payable at the fiscal agency of Columbus in New York City.
New Jersey and Pennsylvania for their respective outlays in the costs of
Bids for the bonds to bear interest at a rate other than 4%,expressed in a
constructing the project, clear title to the bridge has now been finally
multiple of
of 1%, will also be considered. A
established by the Commission. Plans are under way to construct a highof the bonds bid for, payable to the order of thecertified check for 1%
City Treasurer, must
speed rail transit line across the structure. The Commission has already
accompany each proposal. Approving opinion of Squire, Sanders & Dempconducted several bond sales in connection with the work, the latest block
sey of Cleveland will be furnished the successful bidder. Previous mention
of $2,000,000 having been awarded on Jan. 18 to Graham, Parsons & Co.
of these bonds was made in V. 140. p. 502.
-V. 140, P. 668...ealm
and associates
dikaillgliataisindllittlailtIllil
COLUMBUS, Franklin County, Ohio
-FINANCIAL STATEMENT
DERBY, New Haven County, Conn.
-The following has been prepared in connection with the sale on Jan. 21 of
-PROPOSED BOND ISSUE
Immediately following his induction into office on Jan. 7, Mayor George
$803,000 3 % and 3H% bonds to a syndicate headed by Halsey, Stuart
P. Sullivan convened a special meeting of the Board of Aldermen and
&Co., Inc.
-V. 140, p. 668:
recommended a $100,000 bond issue for public improvements in order to
bac
Financial Statement
avert an increase of 3 or 4 mills in the tax rate and to obtain the highest
(As officially reported by the City Auditor, Jan. 12 1935)
possible allotment from the Federal Emergency Relief Administration.
Assessed valuation 1934-1935
$348,471,630
Total bonded debt, including this issue
The Board designated the Birmingham National Bank as the depository of
34,692. 63
city funds.
Water debt
$6,627.500
Sinking funds
The above report incorrectly was given under the caption "Ansonia,
3,084,477
Conn.," in our issue of last week-V. 140. 9• 666.
Net bonded debt
24,980,386
Population 1930 U. S. census, 290.564.
It is expected that bids on the above issue will be solicited shortly.
"The above statement does not include the debt of other taxing bodies
Bonds will bear interest within a limit of 5% and mature in 30 years.
having the power to levy taxes upon property within the city. We are
DERUYTER, GEORGETOWN,CAZENOVIA, NELSON, OTSELI0,
advised that the city has no unfunded debt outstanding."
LINCKLAEN AND CUYLER CENTRAL SCHOOL DISTRICT NO. 1
Tax Collections
(P.O. DeRuyter), N. Y.
-BOND SALE
-The $102,000 4% school bonds
(As officially reported by the City Auditor, Jan. 21 1935)
offered by the Reconstruction Finance Corporation on Jan. 30-V. 140.
Collected at End of Year
p. 673
Total
-were awarded to J. & W.Seligman & Co. of New York, at a price
Total
of Levy, Including Prior
Accumulated
of 102.25, a basis of about 3.79%. Due Aug. 1 as follows: $4.000 from 1937
YearAd Valorem Levy
'Delinquencies
Delinquencies
to 1961 incl. and $2,000 in 1962.
1931-32
$3,409,120
$2,799,955
$1,009,827
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend).
1932-33
3.377,987
2,291,570
1.086,417
-BOND SALE POSTPONED
Ore.
-We are informed by I. Gillean, Dis1933-34
2.460.147
2,176.998
1,030.916
The city's fiscal year corresponds with the calendar year. Taxes are
trict Clerk, that the sale of the $45.000 not to exceed 6% semi-annual bonds.
scheduled for Jan. 3-V. 139. p. 3999
-was postponed to await legislation.
billed Dec. 20 and June 20. 1933-34 taxes became delinquent May 26 and
Dated Jan. 3 1935. Due $15.000 from Jan. 1 1936 to 1938 incl.
Oct. 31 1934.
It is also stated by Mr. Gillean that following the unsuccessful offering
COLUMBUS,Platte County, Neb.-BOND SALE
-It is reported Ma
the said notes would have been purchased by the State, but a formal bid
a 824.000 issue of refunding bonds was purchased by the Wachob-Bender
cannot be made until the said legislation is enacted.
Co.of Omaha, as 2;is, plus a premium of $47, equal to 100.19.
DURHAM, Durham County, N. C.
-The
-BOND SALE BY RFC
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
$280.000 issue of 4% semi-ann. sewage disposal bonds offered for sale by
111.
-DEFAULTED INTEREST PAYMENT
-William J. Gormley,
the Reconstruction Finance Corporation on Jan. 30-V. 140, 13• 673 was
Secretary of the District, announced on Jan. 23 that payment wouldObe
,
awarded to the Chase National Bank of New York, and the Wachovia
made of various defaulted bond interest coupons on Feb. 1 1935 at the
Bank & Trust Co. of Winston-Salem, on their joint bid of 102.84, a basis of
First National Bank of Chicago.
about 3.80%. Due from Jan. 1 193710 1971 incl.
COOK SCHOOL DISTRICT (P.0. Cook), Johnson County, Neb.EAGLE LAKE, Colorado County, Texas
-BONDS A UTHORIZEDBOND ELECTION
-It is reported that an
The City Council recently authorized a $43.000 issue ofstreet paving bonds
to vote on the issuance of $12,500 in school election is scheduled for Feb. 11
bonds.
(A loan and grant of $60,000 has been approved by the Public Works Administration.)
COSHOCTON COUNTY (P. 0. Coshocton), Ohio
-BOND SALE-The $25,300325,300 poor relief bonds offered on Jan. 25-V. 140. p. 342
EASTHAMPTON, Hampshire County, Mass.
-TEMPORARY LOAN
-were
awarded as 234.to Stranahan, Harris & Co.of Toledo, at par plus a premiuma
-The Merchants National Bank of Boston was awarded on Jan. 30 a
of 378.43, equal to 100.31, a basis of about 2.04%. Dated Jan. 1 1935 and
$30.000 revenue anticipation loan at 0.46% discount basis. Due Nov. 8
duo as follows: $3,700, March 1, and $3,300 Sept. 11935; $3,400, March 1
1935. Other bidders were: Whiting, Weeks & Knowles, 0.48%; Bodell &
and $33,500, Sept. 1 1936; $3,700 March 1 and $3,800, Sept. 1 1937 and
Co., 0.61%; R. L. Day & Co., 0.63%; First Boston Corp.,0.635%; Faxon.
$3,900 March 1 1938.
Gade & Co.. 0.66%.
EMERSON, Dakota County, Neb.-BONDS AUTHORIZED--The
COVERT, Ovid and Lodi Central School District No. 4 (P. 0.
Board of Village Trustees is reported to have adopted a resolution authorizInterlaken), Seneca County, N. Y.
-BOND SALE
-The $187,000
ing the issuance of $35,000 in 434% refunding bonds to take up bonds in
coupon or registered school bonds offered on Jan. 28-V. 140, p. 668
were awarded as 3'Is to Phelps, Fenn & Co. of New York, at a price- that sum which have matured.
of
100.15, a basis of about 3.74V. Dated Dec. 15 1934 and due Dec. 15 as
ERIE COUNTY (P. 0. Buffalo) N. Y.
-REJECTS ASSUMPTION
follows: 2.3,000, 1935 to 193 incl.; $4,000, 1938 to 1942 incl.;
-Refusing to approve a proposal now before
OF $2000,000 TOWN BONDS
$5.000.
1943 to 1947 incl.; 86,000, 1948 to 1952 incl.: $8,000. 1953 to 1958
the State Legislature that the county assume the $2,000,000 bonded inincl.;
$9.000, 1959 to 1963 Incl., and $10,000 in 1964.
debtedness incurred by the Towns of Amherst and Tonawanda in the conOther bids were as follows:
struction of Sheridan Drive,the laws and legislation committee of the Board
Bidderof Supervisors on Jan. 25 suggested to Assemblyman Arthur L. Swartz,
Inf. Rate
Rate Bid
Bacon. Stevenson & Co
sponsor of the measure, that steps be taken to have the State take over
100.10
4.00V
George B. Gibbons & Co
the bonded debt, according to report.
4.1OV
100.37
Marine Trust Co
4.10
100.479
EVANSTON, Cook County, III.
J. & W. Seligman & Co
-BOND ISSUE REPORT
-E. M.
3.90V
100.57
A. C. Allyn & Co
Yahnke, City Auditor, states that no definite date has been set for sale of
3.90
100.129
George D. B. Bonbright & Co
the $250,000 4% water system extension bonds voted at the Nov. 1934
4.00%
100.19
general election. They are to be dated in 1935, in $1,000 denoms., and
mature serially from 1940 to 1955 incl. Principal and interest (J. & J
CRAIG, Moffat County, Colo.
-BOND ISSUANCE CONTEMPLATED
payable at the City Treasurer's office. Legality to be approved by Chapman
-The City Council is said to be intending to issue water filtration
& Cutler of Chicago.
Plant bonds and also is considering the refunding of $41,000 5% water works
bonds at a lower rate of interest.
FAYETTE COUNTY (P. 0. Vandal's), III.
-BOND SALE-Arrangements have been made for the sale to II. C. Speer & Sons of Chicago of
CRESTON, Union County, Iowa-BOND SALE- The 1.40,000 issue
$75,000
% funding bonds at par plus a premium of $1,000. equal to
of 5% coupon semi-ann. water works impt. bonds offered for
sale on Jan.
101.33, a basis of about 4.32%. Dated Feb. 1 1935. Denom. $1,000.
25- V. 140, p.502
-was purchased jointly
Due Feb. 1 as follows: $1,000. 1936: $3,000, 1937 and 1938: $4,000, 1939
and the Carleton D. Beh Co., both of Des by Shaw, McDermott & Sparks
Moines, at par. Dated Jan. 2
and 1940; 85,000, 1941 to 1946, incl.: 86.000, 1947 and 1948; $7,000 in
1935. Due in 1955.
1949 and $11,000 in 1950.
43v;
Volume 140
Financial Chronicle
FLANDREAU INDEPENDENT SCHOOL DISTRICT (P. 0. Flandreau) Moody County, S. Dak.-BOND OFFERING-Sealed bids will
be received until 8 p. m. on Feb. 8 by W. D. Spear, Clerk of the Board of
Education, for the purchase of a $20.000 issue of funding bonds. Interest
rate is not to exceed 5%. payable M. & S. Dated March 1 1935. Due
$5,000 from June 1 1941 to 1944 incl. (These bonds were approved recently
-V. 140, p. 502.
by the voters
-The
FLANDREAU, Moody County, S. Dak.-BONDS 70BE SOLD
Auditor reports that the $20,000 refunding bonds approved by the
City
-will be offered for sale to local investors.
voters on Jan.8-V.140, p.502
-BOND REFUNDING OFFER
FLEMING, Logan County, Colo.
Regarding the 6% water works bonds issued on Jan. 1 1920, that were
due Jan. 1 1935, and the 6% electric light bonds, issue of April 15 1920,
maturing on Arril 15 1935, the following notice was issued to the holders
recently by Brown. Schlessman, Owen & Co. of Denver:
"The Town of Fleming, Colo., has advised us that it will be unable to
pay any part of the above described bonds at the maturity dates, and due
to present market conditions it has been unable to sell refunding bonds,
although every possible effort to do so has been put forth by the Town Council. Therefore, in order to avoid a default, the town has decided to ask
the present bondholders to accept In exchange refunding bonds bearing
5% interest, to be dated Jan. 1 1935, which will mature serially from 1940
to 1964. The reduction in the interest rate has been deemed necessary
in order to afford immediate relief to the town.
"Under the proposed refunding plan, the present owners will receive in
exchange new bonds for their old bonds. All bondholders are requested to
be present at our office at 2 p.m. Monday. Jan. 14, at which time a drawing will be held to determine which maturities they will receive."
Following is a financial statement of the Town of Fleming:
$177,000
Assessed valuation, 1934
80,500
Total bonded debt
Population, 1930 Census, 365.
FLOYD COUNTY (P. 0. Charles City), Iowa-BOND SALE DE-The $24,300 funding bonds that were purchased by the WhiteTAILS
-were sold as 4s at par, and
Phillips Co. of Davenport
-V. 140, p. 669
mature on Dec. 1 as follows: $5,000, 1936 and 1937: $10,000, 1943 and
$4,300 in 1945.
FORT COLLINS, Larimer County Colo.
-BOND INJUNCTION
SUIT FILED-It is reported that an Injunction suit has been filed to prevent the city from issuing light plant bonds before they have been approved
by the voters and before a definite plan of acquisition has been adopted by
the City Council.
FORT SMITH,Sebastian County, Ark.
-ADDITIONAL INFORMA-The City Clerk reports that the voters will pass on the issuance of
TION
$28,000 in park improvement and warehouse construction bonds at the
general city election on April 9. thus confirming our tenattive report
V. 140, p. 669.
It is said that Governor Futrell signed a legislative measure recently,
confirming the city's right to borrow funds from the Public Works Administration on its public works projects, such loans to be secured by revenue
bonds.
FORT WORTH,Tarrant County, Tex.
-BOND PURCHASE OFFERS
-A dispatch from Fort Worth to the "Wall Street Journal"
RECEIVED
of Jan. 29 had the following to say:
"City Manager George Fairtrace says the City Council has received one
definite offer and tentative offers from two other bond firms and commitments to purchase $1,700,000 of refunding bonds which the city expects
to issue when several outstanding issues become callable April 1. The
company from which the definite offer was received said it was ready to
post a check for $25,000 in evidence of good faith. Before making any sale
of the bonds, other offers will be considered."
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. 0.
Fort Worth), Texas
-ADDITIONAL INFORMATION-It is stated
by the Business Manager of the Board of Education that the $2,750,000
of 4% school construction bonds that were approved recently by the Attorney-General-V. 140, p. 503-are part of a $3,000,000 issued voted in
1933 and are being sold to the Public Works Administiation.
FRANKLIN COUNTY (P. 0. Louisburg), N. C.
-BOND SALE
The $142,000 issue of coupon or registered funding bonds offered for sale
on Jan. 29-V. 140, p. 503
-was awarded to McAllister, Smith & Pate,
and Lewis & Hall,both of Greensboro,as 5s,paying a premium of$1,005.30,
equal to 100.707, a basis of about 4.92%. Dated Feb. 1 1935. Due from
Feb. 1 1936 to 1955.
-At the
FRANKLIN, Macon County, S. C.
-BONDS DEFEATED
-the voters are said to have reelection held on Jan 22-V. 139, p. 4153
jected the proposal to issue 1190,500 in bonds clix ided as follows: $75,000
water and $15,500 sewer bonds. (An allotment of $122,000 has been approved by the Public Works Administration)
FREMONT,Dodge County,
-The following report
'Neb.-BOND SALE
is taken from the Omaha "Bee" of Jan. 17, carrying a Fremont press dispatch:
"The City Council here voted Tuesday night to refund $90,000 in municipal bonds, half at 21i% interest and half at 3% interest, as bid by the
United States National Bank of Omaha. The interest rate was said to be
lowest in the history of Nebraska municipal bonding.
"The bank also agreed to pay the premium. $105, further reducing the
coat to the city. Five firms bid for the bonds, which are part of a $100.000
issue due next May 1. ,
Under the new rates. Fremont will save $1,237
annually on the $90,000."
-The
-LIST OF BIDDERS
GALVESTON, Galveston County, Tex.
following is an official tabulation of the other bids received for the $63,000
0
57 coupon semi-annual paving bonds that were awarded to J. L. Mosle
& Co. of Galveston, at 103.18, a basis of about 4.60%-V. 140,11• 669:
Price Bid
Names of Other Bidders$64.587.60
Pondron & Co
64,423.80
Mahan, Dittmar & Co
64,363.00
Donald O'Neill & Co
64,277.50
Dallas Union Trust Co
64,154.00
Louis Paula & Co
64,120.00
Parson, Son & Co
64,000.00
Texas Prudential Insurance Co
63,952.80
Geo. V. Rotan & Co
63,667.80
Assel, Goetz & Moerlein
63.625.00
City National Bank, Galveston
GARFIELD COUNTY SCHOOL DISTRICTS (P. 0. Glenwood
Springs), Colo.
-The County Treasurer is said
-WARRANTS CALLED
to have called for payment on Jan. 30 at his office various registered school
district warrants,
-NOTE SALE
-A $45,000 issue
GASTONIA, Gaston County, N. C.
of revenue anticipation notes is reported to have been purchased jointly
by the National Bank of Commerce, and the Citizens National Bank. both
of Gastonia. at 6%.
-BONDS DEFEATED
GLENDORA, Los Angeles County, Calif.
-the voters rejected the
At the election held on Jan. 25-V. 140, P. 343
proposal to issue $50,000 in school improvement bonds.
-BOND OFFERING-Sherman L.
GLEN ROCK, York County, Pa.
Seitz, Borough Secretary, will receive sealed bids until 6 p.m. on Feb. 15
for the purchase of $15.000 3% coupon community hall bonds. Dated
1964, optional Feb. 1 1945.
Feb 1 1935. Denom. $500. Due Feb.
Registerable as to principal only. Interest payable F. & A. A certified
check for 2% of the bonds bid for, payable to the order of the Borough
Treasurer, must accompany each proposal. These bonds are part of an
Issue of $18,500 that has been approved by the Pennsylvania Department
of Internal Affairs.
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. 0. San
% semi-PRICE PAID-The $3,200.000 issue of
Francisco), Calif.
annual bridge, series A and B bonds that was purchased by a syndicate
-V. 140. p. 5113
-is stated
headed by Blyth & Co., Inc., of San Francisco
to have been sold at a price of 102.65, a basis of about 4.57%. Duo from
1942 to 1971.
GONZALES COUNTY ROAD DISTRICT NO. 10 (P. 0. Gonzales)
-BOND OFFERING-Sealed bids will be received until Feb. 11, by
Tex.
W. W. Ellison, County Judge, for the purchase of a $10,000 issue of 534%
semi-ann. right-of-way bonds. Due in 25 years. These bonds are said to
have been approved at an election on Jan. 12.
831
GOODHUE INDEPENDENT SCHOOL DISTRICT NO. 152 (P. 0.
-The $43,500 issue of 4% coupon or
-BOND SALE
Goodhue), Minn.
registered school building bonds offered for sale on Jan.25-V.140, p.503
were purchased by a group composed of Kalman & Co. of St. Paul, the
Northwestern Bank, and Thrall, West & Co., both of Minima..11s, at a
. Due
price of 103.086, a basis of about 3.71%. Denom. $500 and $1,11 I
from July 1 1935 to 1963. Interest payable J. & J.
DEFEATED
-BONDS
GRAND HAVEN, Ottawa County, Mich.
The proposal to issue $30.000 municipal building bonds was defeated
139, p. 4153.
at the election held on Jan. 22-V.
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake City) Salt Lake
-It is stated by the District Clerk that
County, Utah-BOND SALE
refunding bonds aggregating $440.000 have been purchased by the Lauren
W. Gibbs Co. of Salt Lake City, as follows: $240,000 as 33%s. maturing in
from 1 to 12 years, and $200,000 as 43%s. maturing in from 13 to 20 years.
It is said that these bonds are issued to refund bonds not yet due which the
said purchaser is turning in for redemption.
GRANTS PASS IRRIGATION DISTRICT (P. 0. Grants Pass),
-The following
-RFC PROPOSAL ACCEPTED
Josephine County, Ore.
report is from the Portland "Oregonian" of Jan. 19:
"Toe bondholders' committee of the Grants Pass irrigation district has
agreed to the proposal of the Reconstruction Finance Corporation to accept
the securities of the project on the basis of $184.81 per $1,000 of their face
value. Acceptance was based on the assumption that 100% of the bonds
would be deposited. The district contains 8.000 acres and is located in
Josephine County. Bonded indebtedness is $2,500,00."
GREATER GREENVILLE SEWER DISTRICT (P. 0. Greenville),
-An issue of $117,000 4% semi-BOND SALE
Greenville County, S. C.
annual Parker Water and Sewer Sub-District bonds was offered for sale on
Jan. 30 and was purchased at par by local textile plants, according to the
District Superintendent. (It is said that these bonds are part of an authorized issue of $525.000.)
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
-The $225,000 4% road bonds of 1934 offered by the ReconBOND SALE
-were awarded
Finance Corporation on Jan. 30-V. 140, p. 673
struction
to Halsey, Stuart & Co.,Inc., of New York, at a price of 103.08, a basis of
about 3.59%. Due Feb. 15 as follows: $14,000 from 1935 to 1944 incl.;
$16,000 from 1945 to 1949 incl. and $5,000 in 1950.
Public re-offering of the bonds is being made at prices to yield from 1.50%
to 3.50%, according to maturity.
-It is
-MATURITY
GUILFORD COUNTY(P.O.Greensboro), N. C.
stated by the Secretary of the Local Government Commission that the
anticipation notes purchased by the American Trust Co.
$150.000 revenue
-are due
of Charlotte, at 1.90%, plus a premium of $7.50-V. 140, p. 669
on July 15 1935.
-MATURITY
HAMPSHIRE COUNTY (P. 0. Northampton), Mass.
-The $120,000 revenue anticipation loan awarded last week to the
DATE
-V. 140.
Merchants National Bank of Boston at 0.34% discount basis
-matures Nov. 15 1935.
p. 669
County, Mich.
HAMTRAMCK CITY SCHOOL DISTRICT, Wayne
-NOTE OFFERING-Henry Karwowski, Secretary of the Board of Education, will receive sealed bids until 7 p. m. (Eastern Standard Time) on
Feb. 4 for the purchase of $80,000 4% tax anticipation notes, dated Jan. 1
1935 and due $20,000 May 1 1936 and $60,000 May 1 1937. Interest payable annually on May 1. Notes to be registered as to both principal and
Interest and in &moms. suitable to purchaser. A certified check for $1,000,
payable to the order of the district, must accompany each proposal. Legal
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
the successful bidder. Notes are issued against unpaid taxes of $241,985.08
for fiscal year July 1 1932 to June 30 1933, and these taxes, together with
the full faith and credit of the district, are pledged for their payment.
HANCOCK PLACE SCHOOL DISTRICT, Pulaski County, Mo.-The $87,000 issue of 4% semi-ann. school bonds
BONDS SOLD BY RFC
-was awarded
offered for sale by the Corporation on Jan.30-V. 140. p.673
to the Commerce Trust Co. of Kansas City, at a price of 103.44, a basis of
about 3.68%. Due from May 1 1939 to 1953 incl.
HANOVER TOWNSHIP SCHOOL DISTRICT (P. 0.Wilkes-Barre,
-W. C. Wint
-BOND ISSUE UNNECESSARY
Luzerne County, Pa.
District Clerk, states that it was not necessary to undertake sale of the
$450,000 5.54% bonds voted on Aug. 14 1934 to meet unpaid 1933-1934
-V. 139. p. 1741-as the controversy with the local taxschool obligations
payer which precipitated the question of issuing the bonds was settled
action subsequent to voting of the issue had been completed.
before any
HARRISON COUNTY (P. 0. Logan), Iowa-BONDS SOLD-The
-are
-V. 140, p. 669
840,000 funding bonds What were mentioned recently
said to have been rumhased on Jan. 21 by Glaspell, Vieth & Duncan of
Davenport.
-BOND
HASTINGS ON HUDSON, Westchester County, N. Y.
SALE
-The $14,0004% sewer bonds offered by the Reconstruction Finance
-were awarded to Phelps, Fenn
Corporation on Jan. 30-V. 140, p. 673
& Co. of New York, at a price of 100.52, a basis of about 3.92%. Due
$1.000 on April 1 from 1935 to 1948 incl.
-BONDS NOT SOLD-The
HAWAII COUNTY (P. 0. Hilo), Hawaii
$200.000 issue of 4% semi-ann. public improvement bonds offered by the
-was not
30-V. 140, p. 673
Reconstruction Finance Corporation on Jan.
sold, as the highest bid received, an offer of 102.139 by Gertler & Co. of
was later withdrawn. Due from Aug. 1 1935 to 1945 incl.
New York,
-BONDS APHAVERFORD TOWNSHIP, Delaware County, Pa.
-The Pennsylvania Department of Internal Affairs on Jan. 22
PROVED
an issue of $200,000 refunding bonds.
approved
HAVERSTRAW UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-The $2,000
Haverstraw), Rockland County, N. Y.-FtoND SALE
-were awarded
registered school boncs offered on Jan. 25-V. 140, p. 503
as 4s. at a in ice of par, to the Peoples Bank of Haverstraw. Dated Jan. 15
1935 and due $500 on Jan. 15 from 1936 to 1939 incl. Manufacturers &
Traders Trust Co. of Buffalo bid 100.08 for 431s.
-BOND REFUNDING PROHENDERSON, Vance County, N. C.
-The following report is taken from a Henderson disGRAM ADOPTED
patch to toe Raleigh "News and Observer" of Jan. 20:
"Refunding bonds of the city of lien Jerson amounting to $68,000 were
delivered to the Local Government Commission in Raleigh the last of the
week. These will be exchanged by the State agency for other issues of
the same aggregate amount of those in default.
"The new securities will bear the same interest rate and all will fall due
in ten years, the bondnolders losing nothing of principal and interest.
"The city is planning to create a sinking fund to take care of the retirement of the bonds when they fall due.
This refunding program was endorsed by the Local Government Commission and a large majority of the holders of the old bonds."
• HILLSBORO INDEPENDENT SCHOOL DISTRICT (P. 0. Hillsboro) Hill County, Tex.
-BOND ISSUANCE CONTEMPLATED-The
City Attorney is said to have been instructed by the City Council to take
the necessary legal steps toward an election to have the voters pass on the
proposed issuance of $20.000 in school construction bonds. (An allotment
of $28,300 has been approved by the Public Works Administration.)
HODGENVILLE, Larue County, Ky.-BOND OFFERING-Sealed
bids will be received until 2 p.m. (Central Standard Time) on Feb. 5, by
Shelby M. Howard, City Clerk, for the purchase of a $39,000 issue of 435%
water revenue bonds. A certified check for $200 must accompany each
-BONDS RETIRED-The
HOUGHTON, Houghton County, Mich.
village paid off $9,000 bonds during 19'34, which brought the,total of redemptions in the past four years to $35,000. Delinquent taxes amount to
$38,279.96, including $13,898.49 due against last year's levy.
-The
-NOTE SALE
HOWARD COUNTY (P. 0. Kokomo), Ind.
-were
$150,000 tax anticipation notes offered on Jan. 29-V. 140. p. 669
awarded to the Union Bank & Trust Co.of Kokomo,to bear 2.90% interest.
Dated Jan. 29 1935 and payable May 15 1935 at the County Treasurer's
office.
IOWA, State of (P. 0. Des Moines)-ADV.4NCE NOTICE OF PROPOSED PRIMARY ROAD REFUNDING BOND PROGRAM FOR 1935
in a letter dated Jan. 29 we are advised by the Chief F,ngineer of the State
Highway Commission that an extensive primary road refunding is con-
832
Financial Chronicle
templated for this year. It is stated that refunding bond sale., totaling
$31,306,000, will be held in 68 counties. Four bales will be held daily, according to report, and sale dates are so scheduled that a buyer can attend
two sales each day. At present it is planned that all these sales will
be held
during the month of March.
IOWA, State of (P. 0. Des gMoines)-WARRANT SALEIQUESTIONED-It is said that the State Legislature may intervene
of the recent sale of $3,500,000 State sinking fund warrants in the matter
to the Carleton
D.Beh Co. of Des Moines, at private sale, on a rate
to enact a law that will permit funding of the above of 5%. It is proposed
issue by another issue
In the same amount, but requiring publicnsale of the securities.
Leo J.
Wegraan, State Treasurer, awarded the said warrants without a previous
public notice of sale.
Feb. 2 1935
KAHOKA, Clark County, Mo.-BONDS SOLD
-The $24,000
issue of 4% semi-ann, water works and extension BY RFC
by the Reconstruction Finance Corporation on Jan.bonds offered for sale
30-V. 140, p. 673
was awarded to the Bankers Bond & Securities
Co.
of 101.11, a basis of about 3.87%. Due from Marchof Hannibal at a price
1 1935 to 1954 incl.
KIMBALL, Stearns County, Minn.
-BOND OFFERING-Sealed bids
will be received until 2 p. m. on Feb. 8 by Walter R. McIver, Village
Recorder, for the purchase of a $20,000 issue of
construction bonds. Denom. $500. Dated Oct. 149' water works system
follows: 3500, 1937 to 1940 and $1,000 from 19411934. Due on Oct. 1 as
to 1958,
and int.(A.& 0.) to be payable in such funds as are, on the all incl. Prin.
of payment, legal tender for debts due the United States respective dates
of America. (A
tentative report on this offering appeared in V. 140, P.
670.)
IRONTON, Lawrence County, Ohlo-OTHERIBIDS-The
KNOXVILLE, Knox County, Tenn.
-BOND OFFERING-It is re312,200 refunding bonds awarded on Jan. 24 to Charles A. Hinschissue of
Ported that sealed bids will be received until Feb. 12 by H. Wood, Director
& Co.,
Inc. of Cincinnati, as Is, at a price of 100.23. a basis of
about 4.96%
- of Finance,for the purchase of $50,000 refunding bonds. Due in 25 Years.
V. 140, p. 669
-was also bid for as follows:
LAKE PARK CONSOLIDATED SCHOOL DISTRICT (P. 0. Lake
BidderInt. Rate
Premium
Park), Dickinson County, Iowa-BOND CALL
Gran & Co
-It is stated that
$17.08
51(
school bonds numbered from 12 to 45 of the Sept. 1 1928 issue, are 4 %
Seasongood & Mayer
being
5J'70
37.95
called for payment on March 1 at the office ofthe White-Phillips Co. of
Widmann, Holzman & Katz
%
20.74
Davenport, or at the District Treasurer's office. Due from Sept. 1 1936 to
G. Parr Ayers & Co
5h%
31.00
1948.
IRVINGTON, Essex County,
-BOND
-The $545,000
LAMONi Decatur County,
coupon or registered fundingponds N. J. on Jan.SALE
-FEDERAL FUND ALLOTMENT
offered
24-V. 140, p. 504
- -It is stated by the Town Clerk Iowa loan
were awarded to a group composed of J. S. Rippel Co., Newark,
that a
and grant
station construction has been approved by the Publicof $97,000 for power
Monell & Co.. New York, and the First National & of Trenton. Minsch,
Works AdministraCo.
as 3s, tion-V. 140, p 670. Ile states that the
at a price of 99.07, a basis of about 3.86%. Dated July 1934 and
loan portion of the allotment will
due
1
be for $77,000, bearing interest at 4%. Denom. $1,000. Dated Jan. 1
Sept. 1 as follows: $35,000. 1939 to 1942 incl.; $40,000, 1943;
635,000,
1935. Due on Jan. 1 as follows: $3,000, 1937 to 1939 $4,000, 1940 to
1944 and 1945; *70,000, 1946 and 1947; $75,000 in 1948 and
1951, and $5,000, 1952 to 1955.
1949. The bankers announced onaan. 28 that the bonds had$80,000 in
been sold
locally. Next highest bid for the issue was submitted by a group composed
LAWRENCE COUNTY (P. 0. Ironton), OhIo-BOND SALE
-The
of Bancamerica-Blair Corp., Bacon, Stevenson & Co. and Van
$9,600 poor relief bonds for whicn no bids were obtained on Jan. 15-V.
Spear & Co., whose offer was 98.82 for 3(s. Several other Deventer.
14b, p. 5u4
-were sold later as Is, at a price of par, to the State Industrial
bids were
received.
Commission. Dated Dec. 17 1944 and due March 1 and Sept. 1 from
1935 to March 1 1938.
Other bids (all for 3M% bonds) were as follows:
bidderLEHI, Utah County, Utah-BOND PURCHASE CONTRACT
Amount Bid
18
Van Deventer, Spear & Co., Inc., Bancamerica-Blair Corp. and
stated that the City Council has contracted with E. L. Burton & -It of
Bacon, Stevenson & Co
Salt Lake City to purchase the $29,000 water main bonds approved Co.
$538,569.00
A. C. Allyn & Co., Inc., E. H. Rollins & Sons, Inc.. M.
voters on Sept. 14-V. 139, p. 3509. Denom. $1,000. Due in from by the
F.
one to
Schlater & Co., Inc., and MacBride, Miller & Co
29 years. P.in. and Int. payable at a local bank. (An allotment of $38,000
West Side Trust Co., Newark, N. J., and M. M. Freeman & 533,064.50
for this project has been approved by the Public Works Administration.)
Co. Inc., Philadelphia, Pa
LIMA, Allen County, Ohio
Lehman Brothers, Stone & Webster and Blodget, Inc., Phelps, 530.555.55
-ADDITIONAL INFORMATION
The $34,500 deficiency bonds sold at par and accrued interest to Nelson,
Fenn & Co., and Kean. Taylor & Co
Browning & Co. of Cincinnati
B.J. Van lngen & Co., Inc.. C. A.Preim & Co.and E.P. Dun- 529,195.00
-V. 140, p. 504-bear 6% interest and
mature Oct. 1 as follows: $1,500, 1936; 39,000, 1937 and 1938; $8,000 in
ning & Co
527.881.55
1939 and $7,000 in 1940.
Lazard Freres & Co., Inc., and Edward Lowber Stokes & Co
Blyth & Co., Inc., Graham, Parsons & Co. and H. L. Allen 523,027.00
LITCHFIELD TOWNSHIP (P. 0. Litchfield), Medina County,
& Co
Ohio
523,200.00
-BOND OFFERING-Alta Hastings, Township Clerk, will receive
sealed bids until 12 m. on Feb. 15 for the purchase of $4,400 5% refunding
JACKSON COUNTY (P. 0. Maquoketa) lows
-BOND SALE DEbonds. Dated Oct. 1 1934. Due as follows: $1,500 April land $500 Oct. 1
TAILS
-The $18,000 poor funding bonds that were purchased by the WhitePhillips Co. 01 Davenport
1936: $500 April 1 and Oct. 1 1937;
-V. 140, P. 670
April
-were purchased as 3s, at
1938.
Interest payable A.& 0. Bids for the$500 to 1 and $900 Oct. 1 other
par. Date I Jan. 1 1935. Due 36.060 from 1943 to 1945.
bonds
interest at a rate
than 5%, expressed in a multiple of 11 of 1%, bearalso be considered. A
will
JACKSON.,COUNTY.(P. 0. Maquoketa), Iowa
certified check for 3100, Payable to the order of the Township Trustees,
-BONDSAM;
DL1AILS-The $20,000 Issue of bridge refunding bonds that was purmust accompany each proposal.
e.hasect by Clasped, Vieth et Duncan of Davenport, as 310-V. 140. p.
344
-is 'dated Jan. 1 1935 and matures from 1938 to 1941. Coupon bonds
LOS ANGELES, Los Angeles County, Calif.
-BOND ISSUANCE
in the denomination of $1,000 each. Price paid was par. Interest payable
CONTEMPLATED
-It is considered probable that
January and June.
within the next 30 days, 32,000,000 of water bonds. the city will issue
JAMESTOWN CITY SCHOOL DISTRICT, Chautauqua
LUDINGTON, Mason County, Mich.
ED-The
-BONDS
N. Y.-rEoPOSED BOND IS.SUE-A bill authorizing toe BoardCounty,
Board of City Commissioners adopted ordinances onAU7'HORI7
of EduJan. 7
cation to issue $300,000 high school building bonds nas been introduced
the refunding of $58,929 defaulted bond principal and theproviding for
payment of
in the State Seoate.
$25,721 in past-due bond interest. New bonds will be issued to carry out
the purposes of toe measures, as follows:
JEFFERSON COUNTY (P. 0. Beaumont), Tex.
-BOND DETAILS
$58,929 bonds. Due $5,892.80 on Jan. 1 from 1937 to 1946, incl.
-In connection with the $750,000 bridge bonds that were approved
25.721 bonds. Due $2,572.10 on Jan. 1 from 1936 to 1945, incl.
by
the„voters at the election on Jan. 12-V. 140, p. 504
-it
Each issue will be dated Jan. 1 1935 and boar
interest. Principal and
the cost of the bridge is estimated at $2,150,000, of whichis reported that
interest (J & J) payable at the City Treasurer's49'
$1,400,000 will
office.
be grants. $750,000 from the State Highway Commission and $650,000from
LYNCHBURG, Campbell County, Va.-SUPREME COURT GRANTS
the Public Works Administration to supplement the above bonds.
BOND APPEAL
-In connection with the 3320.000 of short term refunding
JEFFERSON INDEPENDENT SCHOOL DISTRICT (P. 0.
bonds chat were formally adopted by the City Council last August
-V.
son), Greene County, Iowa-BOND EXCHANGE DETAILSJeffer139, p. 1436
-we give the following Richmond news dispatch to the "Wall
-It is
stated by the District Secretary that the $34,000 refunding bonds to
Street Journal" of Jan. 29:
be
exchanged with the Iowa-Des Moines National Bank & Trust Co. of Des
"James A. Scott has been granted an appeal by the Virginia State SuMoines as 31 (not 31(s) on a basis of par for par-V. 139, p. 4154
,
0
- preme Court of Appeals from a decree dismissing his petition for an inare dated Jan. 1 1935, and are due on July 1 as follows: $5,000, 1938 and
junction to prevent the City of Lynchburg, Va., from issuing bonds to the
1939, and 86,000, 1940 to 1943.
amount of $:320,000 to fund old obligations."
JERSEY CITY, Hudson County, N. J.
McPHERSON, McPherson County, Kan.
-BOND EXCHANGE
-The
-BOND SALE DETAILS
$5,225,000 4H % bonds issued under Chapter 233, Laws of New Jersey
-The $160,000 issue of 49' coupon electric'plant revenue bonds that was
of 1934 and authorized last December by the Board of Commissioners-.
purchased jointly by Stern Bros. & Co. of Kansas City, and Estes, Payne
V. 139. p. 3837
-have been taken by the City Sinking Fund in exchange
& Co. of Topeka. at a price of 100.50-V. 140. p. 504
-are dated Jan. 1
for an equal amount of temporary obligations, reports P. 0. Baer, Acting
1935. Due serially from 1936 to 1940, optional after 2 years, giving a
City Comptroller. They are described as follows:
basis of about 3.73%, to optional date. Denoms. $1,000 and $500. Int.
payable J. & J.
$3.093,000 series A general refunding bonds. Due Dec. 15 as follows:
$120.000 from 1939 to 1963 Incl. and $93,000 in 1964.
MADISON, Dane County, Wis.-VOTE ON PROPOSED BOND
1,787,000 series B general refunding bonds. Due Dec. 15 as follows:
AMENDMENT INDEFINITE
-ItIs stated by the City Clerk that nothing
370.000 from 1939 to 1963 incl. and $37,000 in 1964.
definite has been done as yet by the city on a proposed amendment to the
345,000 series C school refunding bonds. Due Dec. 15 as follows:
Water Utility Law, permitting the city to issue $2,000,000 in bonds
against
$15,000 from 1939 to 1949 incl. and $12,000 from 1950 to
the Water Department
-V. 140. p. 670. He says that if
1964 incl.
ment Is to come up for a vote it will probably be on April such an amend2.
Each issue is dated Dec. 15 1934. Denom. $1,000. Interest payarre
MADISON HEIGHTS SANITARY DISTRICT (P. 0. Amherst),
J. & D. 15. The latest official report on the financial condition of the
Amherst County, Va.-BOND DISPOSAL REPORT-It is stated
city appeared in V. 139, p. 2083.
Clerk of the Board of Supervisors that the 362.500 water system by the
bonds
JERSEY CITY, Hudson County, N. J.
approved by the voters on Oct. 28 1933 and submitted to the Reconstruction
-ANNOUNCESPAYMENT
OF BABY BONDS
Finance Corporation for approval
-The "Jersey Observer" of Jan. 28 stated as follows:
-V. 139, P. 2711-have been purchased
"Commissioner Arthur Potterton, Director of Revenue and Finance,
by that Federal agency.
Jersey City, to-day announced that $426,220 had been deposited with the
MAINE (State of)
-ASSURED $330,000,000 FOR POWER
City Treasurer for the redemption of 1934 'baby bonds.' Those surrenE
A dispatch from Washington to the "Herald Tribune" of Jan.PROJz CTdering the bonds must present interim certificates to obtain the sums
30 stated in
part as follows: "After visits to the White House and the Public Works
due. The total 1934 'baby bonds' outstanding as of Jan. 2 1935, ComAdministration, Louis Brann, Maine's Democartic Governor, left
missioner Potterton said, 'was $799.480. Since that date there has
here
to-night with assurances of tentative approval of a 330.000,000 tide-harnessreceived in payment of taxes, $112,020. There has been deposited been
with
ing works project in Passamaquoddy Bay with which the Administration
the City Clerk and the City Treasurer for cash payments, $426,220, the
will establish a new power-rate yardstick.
checks for which will be ready for distribution to interim certificate holders
"The informal understanding between the Federal authorities
at the office of the City Treasurer. Room 5, City hall, to-day. It will be
Governor Brann is that the Federal Government will supply the funds and
necessary to have the interim certificates when calling for the checks ass,
and
build the dams and power-generating facilities, but will lease the finished
means of identification.
product to the State. Thus the Federal Government will have some assur"'This will leave outstanding the sum of $171,240 in baby bonds, most
ance that through rental revenues the project will be self-liquidating In
of which will probably be used for tax payments when the first quarter
whole or in part as far as Washington is concerned.
becomes due and payable on Feb. 1 1935. After that date the usual interest
"Indications here were that the Maine Legislature would be hold in
penalty of 87 will be added on delinquent 1935 taxes for the first quarter
o
session to pass legislation establishing a Passamaquoddy State Power Auofthe year.
thority to handle the operation of the plant. The Federal funds are expected
to be forthcoming from the $4,000,000,000 work relief fund now going
KEARNY (P. 0. Arlington), Hudson County, N. J.
-BOND SALE
through the Congressional machinery for appropriation to President Roose-A syndicate composed of Blyth &.Co. and Lehman Bros., both of New
velt."
York; J. S. Rippe! & Co.. Newark; Phelps, Fenn & Co. of New York and
Adams & Mueller of Newark, has purchased $1,829,000 bonds,
MALTA-McCONNELLSVILLE EXEMPTED VILLAGE SCHOOL
divided
as follows:
DISTRICT, Ohio
-BOND SALE
-The 350,1
.00 49' bonds offered
$1.429,000 4(% water funding bonds. Due Dec. 1 as follows:
Reconstruction Finance Corporation on Jan. 30-V. 140. p. 673by the
-were
$40,000.
1938 and 1939; $80,000, 1940 to 1942 incl.*, $120.000, 1943 to
awarded to Johnson, Kfuie & Co. 01 Cleveland, at a price of 100.689,
1947 incl.;$110,000, 1948 to 1951 incl. and $69,000 in 1952.
basis of about 3.97%. Due 32,000 on Jan. I from 1036 to 1960,inclusive.
400.000 4% serial funding bonds. Due Dec. 1 as follows: 350.000 in
MARBLEHEAD, Essex County, Mass.
1936 and 1937 and $100,000 from 1938 to 1940 incl. Issued
-FINANCIAL STATEMENT
-This unit reports an assessed valuation for 1934 of $20,381,220 and a
under Chapter 60, Pamphlet Laws of 1934 of New Jersey.
bonded debt of $793,000. Population is given as 8.643, while the 1934
All of the bonds are dated Feb. 1 1935. Legality approved by Hawalirs,
rate was $29 per $1,000. The 1932 and 1933 tax levies of $523,786
tax
Delafield & Longfellow of New York.s..
=Alai
and $518,876 were entirely collected as of Jan. 1 1935, while the amount
KEENE, Cheshire County, N. H.
of the 1934 levy of $597,511 outstanding as of that date was 3158,385.72,
-TEMPORARY LOAN
-The Bank
of the Manhattan Co. of New York was awarded on Jan. 31 a
it is stated.
$150.000
revenue anticipation loan at 0.44% discount basis. Due Feb. 3
Toe Merchants National Bank of Boston was awarded on Jan. 29 a
1936.
Other bidders were: National Rockland Bank, 0.58%; Whiting, Weeks
3300.000 revenue anticipation loan at 0.26% discount basis. Due $150,000
&
Knowles, 0.599'•, Merchants National Bank, 0.64%; National Shawmut
on Nov.6 and a like amount on Dec. 4 1935. Ocher bidders were: National
Bank. 0.67%; Lincoln It. Young & Co., 0.69%; E. H. Rollins & Senn,
Shawmut Bank, 0.27, Whiting. Weeks & Knowels, 0.28% G. M.
7
-P.
0.74%; Keene National Bank, 0.748%; Baliou, Adams & Whittemore,
Murphy & Co., 0.29% Second National Bank and New England Trust
°
Co., 0.31% W. 0. Gay & Co., 0.32% First National Bank of Boston,
0.81; First National Bank of Boston, 0.835%; Faxon, Gade & Co.,
0.47% Faxon, Gade & Co., 0.48% Lincoln R. Young & Co., 0.50%, and
Assessed valuation of the city for 1934 was $17,716.316 and
0.87 %.
First Boston Corp. (for half the issue), 0.39%.
bonded debt $393,500. Population is 13,794 and tax rate for 1934 32.66.
Of the 1934 tax levy of $491,153 the city reports $108,536 uncollected as of
MARSHALL COUNTY (P. 0. Marshalltown), Iowa-BOND SALE
Jan. 23 1935.
DETAILS
-The $30,000 funding bonds that were purchased by the White-
Volume
140
Financial Chronicle
Phillips Co. of Davenport as 3s-V. 140, p. 670
-are said to mature on
June 1 as follows: $13,000, 1936; $10,000, 1937 and $7,000 in 1938. They
were sold at par.
MASSACHUSETTS (State of)
-*BONDS OFFERED FOR INVESTMENT
-The $2,250,000 2 % Metropolitan additional water loan bonds
awarded on Jan 25 to a group headed by Kidder, Peabody & Co.of Boston,
at 100.869, a basis of about 2.43%-V. 140, p. 670
-are being reoffered
by the Bankers for public investment at prices to yield from 0.35% to
2.50%. according to maturity. They are stated to be legal investment for
savings banks in New York, Massachusetts, Connecticut and other States.
Other members of the group are Stone & Webster and Blodget, Inc.; Brown
Harriman & Co., Inc.,and F. S. Moseley & Co. In addition to the successful bid for the issue, the following other offers were submitted:
Halsey Stuart & Co. headed a syndicate which entered the second
highest bid, one of 100.5225 for 230. In the group were BancamericaBlair Corp.; Ladenburg, Thalmann & Co.; Graham, Parsons & Co.; George
B. Gibbons & Co.; Darby & Co.; R. H. Moulton & Co.: G. M.
-P. Murphy
& Co.: Burr & Co.. Inc.; Manufacturers & Traders Trust Co., and the
R. F. Griggs Co.
Third high bid was made by a syndicate headed by First Boston Corp.
at 100.189 for 2Yjs. In this syndicate were Estabrook & Co.; R. L. Day
& Co.; Whiting, Weeks & Knowles; Jackson & Curtis and Lee. Higginson
& Co.
First National Bank syndicate bid 102.49 for 2its. Associates were
R. W. Pressprich & Co., the Northern Trust Co., Newton Abbe & Co.,
Hornblower & Weeks and Preston, Moss & Co:
National City Bank; Harris Trust & Savings Bank; Paine, Webber & Co.,
and Baker, Weeks & Harden bid 102.08 for 2%s. Chemical Bank & Trust
Co.; Goldman, Sachs & Co.; Kean, Taylor & Co.; Mercantile Commerce
Bank & Trust Co.: Hemphill, Noyes & Co.. and F. L. Putnam & Co.
offered 102.037 for 2 .
MASSILLON, Stark County, Ohio
-MAY ISSUE NOTE FUNDING BONDS-Attorney General John W. Brick has advised City Auditor
Joseph Frohman that the city may issue bonds to pay off notes sold to
finance special assessment work and in anticipation of the collection of
assessments. Notes involved total about $250,000. A pot tion of the assessments have not been collected.
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-BONDS
SOLD BY RFC
-The $350,000 issue of 4% semi-ann. school bonds offered
for sale by the Corporation on Jan. 30-V. 140. p. 673
-was awarded to
Gertler & Co. of New York and McAlister, Smith & Pate of Greenville.
on their joint bid of 103.636, a basis of about 3.65%. Due from March 1
1936 to 1959.
BONDS OFFERED FOR INVESTMENT
-The successful bidders reoffered the above bonds for public subscription at prices to yield from
1.50 to 3.70%, according to maturity. These bonds are said to be direct
and general obligations of the county, legal investments for savings banks
and trust funds in New York and other States.
MERIDIAN, Lauderdale County, Miss.
-BOND SALE DETAILS
It is now reported that the $155,000 refunding bonds purchased jointly
by George T. Carter, Inc., of Meridian, and Leland, Speed & Co. of Jackson at a price of 100.35-V. 139. p. 4155
-were awarded as 5Hs, giving a
basis of about 5.43%. Denom. $1,000. Dated Jan. 1 1935. Due from
Jan. 1 1937 to 1946, incl. Prin. and in (J. & J.) payable at the Chase
National Bank in N. Y. City. Legal approval by Thomson, Wood &
Hoffman of N. Y. City.
MERRILL, Lincoln County, Wis.-BONDS NOT SOLD-The $31,500
issue of refunding bonds offered on Jan. 28-V. 140, p. 671-was not sold
asiall the bids received were rejected.
p BONDS REOFFERED
-It is stated by Otto A. Jahnke, Acting City
Clerk, that he will receive sealed bids until 4:30 p.m. on March 15 for the
purchase of a $31,500 issue of refunding bonds. Bidders to name the
rate of interest. Dated April 1 1935.
METHUEN, Essex County, Mass.
-TAX COLLECTIONS
-Taxes uncollected by the town as of Dec. 31 1934 included $283,849.25 due from the
1934 levy of $755,055.95; $16,314.96 of the 1933 levy of $725,310.95 and
$807.70 unpaid of the 1932 levy of $751,198.23.
METHUEN, Essex County, Mass.
-TEMPORARY LOAN
-Award of
a $65,000 revenue anticipation loan was made on Jan. 31 to the Second
National Bank of Boston, at 0.745' discount basis. Due Nov. 5 1935.
Other bidders were: Faxon, Gade & Co.. 0.78%; W.0. Gay & Co.. 0.79%.
and National Shawmut Bank. 0.92%.
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE-The
three issues of bonds aggregating $675,000, offered for sale on Jan. 31V. 140. p. 671-were awarded to a syndicate composed of Phelps, Fenn
StiCo. of New York, the Wells-Dickey Co. of Minneapolis, and the Milwaukee Co. of Milwaukee, at public auction as 2.90% bonds at a price of
100.622, a basis of about 2.837
0. The issues are divided as follows:
$500,000 public relief bonds. Due $25,000 from Feb. 1 1936 to 1955 incl.
150,000 permanent improvement, storm drain bonds. Due on Feb. 1 as
follows: $7,000, 1936 to 1940; $8,000, 1941 to 1950, and $7,000.
1951 to 1955, all inclusive.
25,000 permanent improvement, work relief bonds. Due on Feb. 1 as
follows: $2,900, 1936 to 1940, and $1,000, 1941 to 1955.
Denom. $1,000. Dated Feb. 1 1935.
BONDS OFFERED FOR INVESTMENT
-The successful bidders reoffered the above bonds for public subscription at prices to yield from
0.75% to 2.90%, according to maturity. The bonds are said to be general
obligations of the city, legal investments for savings banks in New York.
and various other States.
MINNESOTA, State of (P. 0. St. Paul)
-CERTIFICATE OFFERING
-Sealed bids will be received until 10 a. m. on Feb. 8, by Theodore H.
Arens, Conservator of Rural Credit, for the purcahse of a $725,000 issue of
certificates of indebtedness. Denom. $1,000 each, unless larger denominations are specified in the bid of the successful bidder. Dated Feb. 111935.
Due on Feb. 11 1936. These certificates will be issued by authority granted
to the Conservator under Sect. 10, Chap. 429, Sees. Laws, Minn., 1933.
All bids shall be subject to accrued interest to the date of delivery. An
opinion regarding the legality of the issue by the Attorney-General
will be furnished the purchaser. The certificates will be sold at face value
at the lowest interest rate obtainable. A certified check for $7,250, payable
to the State Treasurer, must accompany the bid.
MINOT SCHOOL DISTRICT(P.O. Minot) Ward County, N. Dak.CERTIFICATE SALE POSTPONED
-It is stated by the Secretary of the
Board of Education that the sale of the $50,000 issue of not to exceed 7%
certificates of indebtedness, scheduled for Jan. 30-V. 140, p. 671-was
postponed indefinitely. Dated Jan. 30 1935. Due in six months or until
paid.
MOBRIDGE, Walworth County, S. Dak.-BOND ELECTION
-It is
reported that an election will be held Feb. 11 to vote on the issuance of
$18,000 in 4% semi-ann. storm sewer system bonds. Due in from 1 to 20
years. (A loan and grant of $54,000 for this project has been approved by
the Public Works Administration-V. 139. p. 3357.)
MORRIS,Stevens County,Minn.
-BONDS NOTSOLD
--The $188,000
power plant construction bonds scheduled for sale on Jan. 30-V. 140, p.
-were not offered at that time as an injunction against the sale was
345
secured by the local power company.
MONETT,Barry County, Mo.-BOND SALE DETAILS
-The $40,000
4% semi-ann. sewer bonds that were purchased by the City National
Bank of Kansas City-V. 140. p. 671-are said to have been sold at par.
Denoms.$500 and $1,000. Dated Sept. 11934. Due on Sept. 1 as follows:
$1,500 from 1935 to 1939; $2,000. 1940 to 1948; $2,500, 1949 to 1953, and
$2,000 in 1954.
MONTANA,State of (P. 0. Helena)
-BOND ISSUANCEPROPOSED
-The Legislature is said to have under consideration the proposed issuance
of $4,500,000 in bonds for paying a cash bonus to World War veterans.
MORGAN COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Brush)
Colo.
-BONDS VOTED-The $25,000 34% refunding bonds that were
purchased by the J. K. Mullen Investment Co. of Denver, subject to an
election on Jan. 18-V. 140, p. 171-were approved by the voters, the
count being 23 to 0.
MOULTRIE, Colquitt County, Ga.-BOND ELECTION
-It is said
that an election will be held on Feb. 25 to vote on the issuance of $32.000
n school and paving bonds. (These are the bonds that were mentioned
n V. 140, P. 671.)
833
MOUNT PLEASANT TOWNSHIP SCHOOL DISTRICT, Westmoreland County, Pa.
-BONDS APPROVED-The Pennsylvania Department
of Internal Affairs announced on Jan. 24 approval of $30,000 refunding
bonds.
MUSCATINE COUNTY (P. 0. Muscatine), Iowa-BONDS AUTHORIZED-It is stated that the County Supervisors recently approved a $15,000
bond issue to provide money for relief purposes.
MULTONOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
Portland), Ore.
-OFFERING DETAILS
-In connection with the offering
scheduled for Feb. 1 of the $194,000 (not $195,000) not to exceed 6%
semi-ann. refunding bonds
-V. 140, P. 671-it is now stated that the
in n938 ture on April 15 as follows: $65,000 in 1936 and 1937, and $64,000
bo j ma
els .
MUNNSVILLE, Madison County, N. Y.
-ISSUANCE OF BONDS
OPPOSED
-A complaint has been filed in the County Court requesting
that village officials be restrained from proceeding with the sale of $52.000
water system bonds authorized at an election held last October
-V. 139,
p. 2867. Opponents hold that the eleciton was illegally conducted,it is said.
MUNCIE, Delaware County, Ind.
-PROPOSED BOND ISSUE
Hubert L. Parkinson, City Comptroller, will seek authority to issue $25,000
bonds in order to meet unpaid 1934 claims against the general fund.
MURFREESBORO, Rutherford County, Tenn.
-BONDS VALIDATED-It is stated by the City Recorder that $80,000 in funding bonds
was validated recently by the State Legislature. He says that the city
plans to use the bonds to refund $45,000 now outstanding, and also to
liquidate an additional issue of $35,000.
MUSCATINE COUNTY (P. 0. Muscatine), Iowa
-BOND ISSUANCE APPROVED
-It is reported that the Board of Supervisors recently
approved the issuance of the $15,000 in warrant refunding bonds, to local
banks as 38.-V. 140, p. 345.
MUSKEGON HEIGHTS SCHOOL DISTRICT, Mich.
-BOND
OFFERING-Arthur T. Booth, Secretary of the Board of Education, will
receive sealed bids until 4 p. m. on Feb. 5 for the purchase of $178,000 not
to exceed 65' interest coupon refunding bonds. Dated March 15 1935.
Denom. $1.000. Due March 15 as follows: $8,000, 1939; $10,000. 1940 to
1946 incl. and $20,000 from 1947 to 1951 incl. Subject to call on any interest
payment date. Principal and interest(M.& S.) payable at the office of the
Board of Education. A certified check for $3,560 must accompany each
proposal. The approving opinion of Miller, Canfield, Paddock & Stone of
Detroit will be furnished the successful bidder.
-BOND SALE BY RFC
-The
MUSKOGEE,Muskogee County, Okla.
$117,000 issue of 4% semi-ann. water and improvement bonds of 1934
-was awarded
offered for sale by the Corporation on Jan.30-V. 140, p.673
to the Commerce Trust Co. of Kansas City, at a price of 103.49, a basis of
about 3.61%. Due from Feb. 1 1939 to 1953.
-The
-TEMPORARY LOAN
NASHUA, Hillsboro County, N. H.
$100,000 revenue anticipation loan offered on Jan. 28-V. 140, p. 671
was awarded to the Second National Bank of Nashua, at 0.52% discount
-P. Murphy & Co.,
basis. Due Dec. 29 1935. Other bidders were: G. M.
0.59%; E. H. Rollins & Sons. 0.59%; Indian Head National Bank of
Nashua, 0.62%; Whiting, Weeks & Knowles. 0.69%; Merchants National
Bank of Boston, .0.71%; Nashua Trust Co., 0.79%; Faxon, Gade & Co.,
0.81%.
-BOND OFFERING
NASSAU COUNTY (P. 0. Mineola), N. Y.
Theodore Bedell, Jr., County Comptroller, will receive sealed bids until
12:30 p. m. on Feb. 7 for the purchase of $3.000,000 not to exceed 4%
interest coupon or registered bonds, divided as follows:
$2.000,000 emergency relief bonds. Due Aug. 15 as follows: $240,000.
1937; $250,000. 1938; $450,000. 1939: $150.000. 1940; $140,000.
1941: $190,000, 1942 and 1943; $200,000 in 1944 and $190,000
in 1945.
1,000,000 land purchase bonds. Due Aug. 15 as follows: $80,000, 1949:
$100,000, 1950: 880,000. 1951 to 1954 incl.. and $100,000 from
1955 to 1959 incl.
Each issue Is dated Feb. 15 1935. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds of each issue, expressed in a multiple
of X' or 1-10th of 1%. Bids may be made for either or both issues, but no
bid for part of any one issue will be considered. Principal and interest
(F. & A. 15) payable in lawful money of the United States at the County
Treasurer's office. The bonds will be prepared under the supervision of the
Nassau County Trust Co., Mineola, which will certify as to the genuineness of the signatures of the municipal officials and related factors. A
certified check for 360,000, payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Reed, Hoyt ,Sz
Washburn of New York will be furnished the successful bidder.
-TEMPORARY LOAN
NEW BRITAIN, Hartford County, Conn.
The R. F. Griggs Co. of Waterbury was awarded on Jan. 29 a $200.000
revenue anticipation loan at 0.57% discount basis. Due June 18 1935.
Other bidders were: R. L. Day & Co., Boston, .59; Putnam & Co., Hartford. .60: Roy T. H.Barnes & Co., Hartford,and Bedell & Co.,Providence,
.61; First National Bank of Boston,.67; Lincoln R. Young & Co., Hartford,
.68; Bank of Manhattan, New York, .71; F. S. Moseley & Co., .74 plus
$11 premium.
-BOND CALL
-Jas. J.
NEW MEXICO, State of (P. O. Santa Fe)
Connelly, State Treasurer, reports that he is calling for payment on March
1, at the Chase National Bank in New York, numbers 83 to 105 of the 4%
general refunding bonds of March 1 1909. Due on March 1 1939. optional
on March 11929.
-BOND SALE REPORT
NEW MEXICO, State of (P. 0. Santa Fe)
According to newspaper reports a $2,000,000 issue of 3.60% refunding
bonds has been sold by the State at par to a syndicate composed of seven
firms. The bonds are said to be due over a period of 16 years.
-FEDERAL FUND ALLOTMENT FOR POWER
NEW YORK CITY
-The following statement (Release No. 1191)
PLANT CONSTRUCTION
was made public on Jan. 31 by the Public Works Administration:
-owned and operated power rlant
Allotment of $3,780,000 for a Federal
in New York City which would enable the Government to make large
savings on its electric light and power bill was announced to-day by the
Public Works Adirinis rotor Harold L. Ickes,
Public Works Administration funds in the amount of $3,780,000 have
been ordered transferred to the Procurement Division. Treasury Department, for the acquisition of a site on Manhattan Island and the construction of a power plant, including substations, distributing systems, connections to buildings and substations and reserve connections to other Government plants and to the proposed municipal power system in New York City.
Estimated total prospective purchases in greater New York of current
and steam by the Federal Government, including new buildings now under
construction are $1,209,000 a year. The proposed Federal plant would
eliminate purchases estimated to amount to nearly $700,000 a year.
PWA has been advised by the Treasury Department that annual savings
as compared with the present practice of purchasing current and steam
would begin with $152,690 the first year and increase to $308,020 in 14
years with the capital investment would be wiped out and there would be
no further interest charges. Savings to departmental appropriations, having no interest or tax loss, would be more and would vary from $306,440
to $351,430 per annum, it was pointed out.
A survey conducted by the Treasury Department disclosed that in New
York City there were 176 different contracts by as many Federal units
covering light and power purchased from subsidiaries of the Consolidated
Gas Co., the payments in 1935 approximating $640.000.
When the various requirements were consolidated into one proposal,
a demand was made upon the company for a reasonable discount, but after
negotiations extending over many months, the Consolidated Gas Co. of
New York refused to reduce its rates.
NEW YORK, N. Y.
-RFC SELLS $2.987,000 BONDS
-The $2,987,000
of 4% various purposes bonds of the city, offered by the Reeonstrpction
Finance Corporation on Jan. 30-V. 140, p. 673
-were awarded to a
syndicate composed of Hallgarten & Co. Ladenburg, Thalmann & Co..
•
Lehman Bros., F. S. Moseley & Co., Mercantile Commerce Bank & Trust
Co. of St. Louis, and Hornblower & Weeks, at a price of 102.349, a basis
of abom 2.95%. Dated July 1 1934. Due serially on July 1 from 1935
to 1949 Ind. Public re-offering was made by the bankers at prices to
yiela from 0.50 to 3.75%, according to maturity. They announced late
Wednesday (he day of the award) that practically all of the bonds had
been re-sold.
TO SELL $12,000.000 BONDS AND NOTES
-The Sinking'Fund Commission on Jan. 30 authorized Comptroller Frank J. Taylor to sell $12.-
834
Financial Chronicle
000,000 of its holdings of special revenue bonds and tax notes to obtain
part of the funds necessary to redeem $52,600.000 rapid transit bonds
which mature on May 1 1935. Of the obligations, $10,500,000 will bear
3X,% interest and $1,500,000 at 4%. At the same time the Commission,
at the request of Washington officials, specified that the rate of interest
on loans to the city by the PWA shall be 4% or less. Mayor LaGuardia
has repeatedly stated that such funds should be made available at an
Interest rate considerably less than 4%. He has expressed the belief that
the figure should be not more than X of 1%.
The bankers announced on the morning of Feb. 1 that all of the bonds
had been subscribed for.
CITY SELLS $2,500,000 REVENUE BONDS
-A group composed of
the Chase National Bank, National City Bank, Brown, Harriman & Co.
and Barr Bros., Inc.. all of New York, purchased on Jan. 31, at a price of
Ear, an issue of $2,500,000 13.g % special revenue bonds, due July 10 1936.
Public reoffering was made to yield 1X%. The interest rate is the lowest
ever carried on city loans of comparable maturity.
NORFOLK SCHOOL DISTRICT (P. 0. Norfolk), Madison County,
Neb.-BOND SALE DETAILS
-It is stated by the Secretary of the Board
of Education that the $225,000 refunding bonds purchased by the GreenwayRaynor Co., and the First National Co., both of Omaha-V. 140, p. 672
were awarded as follows: $50,000 as 3s, maturing $10,000 from Feb. 1 1936
to 1940 and $175,000 as 3.11s, maturing on Feb. 1 as follows: $5,000 from
1941 to 1949 and $150,000 in 1950. The bonds maturing from Feb. 1 1941
to 1950 are optional on Feb. 11940.
NORTH BERGEN TOWNSHIP, N. J.
-BONDHOLDERS REJECT
REFUNDING PROPOSALS
-The following report of the rejection by the
Bondholders' Protective Committee of two plans providing for refinancing
of the township's indebtedness appeared in the Jersey "Observer" of Jan. 24:
"The plans of both Commissioner Paul F. Cullum and the Chamber
of Commerce of Northern Hudson County for the refinancing of North
Bergen's bonded indebtedness were turned down again yesterday by representatives of the township's largest creditors.
"This was learned following a conference at the New York offices of
Wood, Thompson and Hoffman, attorneys for the Bondholders' Protective
Committee, which has amassed about $3,000,000 worth of North Bergen
bonds. Besides the Bondholders' Committee, the Seaboard Trust Co.,
owner of $5,000,000 in bonds, was represented by Theodore Furman.
"The conference was one of the'peace parlays' recommended by Federal
Judge Guy L. Fake, following hearing of mandamus action brought by
the Bondholders' Committee. The suit is slated to come up again on Feb.
4, but it is hoped to hold another confab before then in order to reach some
agreement.
"It was learned that the bondholders object to Cullum's plan because
they feel the township can pay a larger rate of interest than provided for
In the plan. The Cullum plan would amortize the debt over a 30
-year
period, with 2% interest for the first six ycers; 5% the next four years,
and 43% the following 20 years.
"In all likehood, the bondholders will prepare a plan of their own to be
submitted at the next conference."
NORTH WILKESBORO, Wilkes County, N. C.
-BOND SALE
-It
was announced on Jan. 29 by the Local Government Commission that a
$54,000 issue of water works impt. bonds has been purchased by the Public
Works Administration, as 4s at par. (A loan and grant of $59,000 has been
approved by the PWA.)
OGDEN, Weber County, Utah-BOND SALE DETAILS
-The
$5,900 6% special improvement bonds that were purchased by the Commercial Security Bank of Ogden
-V. 140. p. 346
-were sold at liar. These
are special tax bonds to pay contractor's expenses in opening and improving
Ogden Avenue. Due from Dec. 27 1936 to 1940. Denoms. $100 and $500.
Interest payable annually on Dec. 27.
'OKLAHOMA CITY, Oklahoma County, Okla.
-BOND ELECTION
NOT HELD-It is stated by the City Clerk that no election was held on
Jan. 16 to vote on the issuance of $4,000,000 in gag system bonds, as reported in V. 139, p. 1903.
OLNEY, Richland County, III.
-BOND SALE
-The H. C. Speer &
Sons Co. of Chicago has purchased an issue of $12,000 5 % recreation
ystem bonds which was approved at an election held on Dec. 27. Dated
'
Dec. 1 1934 and due $1,000 each year from 1935 to 1946, inclusive.
OMAHA, Douglas County, Neb.-BOND BILLS INTRODUCED
-It is reported that bills giving the City Council the authority to issue bridge
revenue bonds without a popular vote by the electorate, were introduced
In the Legislature recently.
ORANGE, Essex County, N. J.
-BOND SALE
-A group composed of
Blyth & Co. and Lehman Bros., both of New York, and J. S. Rippel & Co.,
of Newark purchased at a price of par,$697.0004% general refunding bonds.
Dated Feb. 15 1935. Due Dec. 1 as follows: $40,000, 1936 to 1938 incl.
$50,000, 1939 to 1946 incl. $60,000. 1947 and 1948. and $57,000 in 1949.
Principal and interest (J. & D.) payable in Orange. Legality approved by
Reed, Hoyt & Washburn of New York City.
OSSINING, Westchester County, N. Y.
-BOND SALE
-The $73,000
4% Improvement bonds offered by the Reconstruction Finance Corporation
on Jan. 30-V. 140, p. 673-were awarded to Phelps, Fenn & Co. of New
York, at a price of 104.32, a basis of about 3.25%. Due Sept. 1 as follows:
35,000, 1935 $6,000 from 1936 to 1943, incl., and $5,000 from 1944 to
1947, inclusive.
OTTAWA COUNTY (P. 0. Port Clinton), Ohio
-BOND SALE
The $33,200 poor relief bonds offered on Jan. 28-V. 140, p• 505
-were
sold as follows:
$27,000 to Seasongood & Mayer of Cincinnati, as 114s, at a price of 100.08
Dated Jan. 29 1935 and due as follows: $7,000 March 1 and Sept. 1
1935 and $7,000 March 1 and $6,000 Sept. 1 1936.
6,200 to Paine, Webber & Co. of Cincinnati, as 24s,at a price of 100.209.
Dated Dec. 15 1934 and due as follows: $900 March 1 and $800
Sept. 1 1935; $900 March 1 and Sept. 1 1936 and 1937 and $900
March 1 1938.
PESCADERO HIGH SCHOOL DISTRICT (P. 0. Redwood City),
San Mateo County, Calif.
-BOND ELECTION NOT HELD-It is
reported by the District Superintendent of Schools that we were in error in
reporting that an election was scheduled for Oct. 26 to vote on the issuance
of $375,000 in school building bonds
-V. 139. P. 2714
-as no such election
was held.
PHILADELPHIA, Pa.
-COUNCIL APPROVES BUDGET OVER
MAYOR'S VETO-After Mayor Moore had vetoed the budget for 1935
with the charge that it is "false to the extent of $20,000,000, the City
Council on Jan. 28 disregarded his objections and passed the appropriation
measure without debate, according to the Philadelphia "Record" of the
following day. Among the numerous omissions and inaccuracies cited by
the Mayor in his 3,000-word message, was the failure to appropriate $7,771,780 for the sinking funds. As the Sinking Fund Commission has declared that the amount sought is mandatorily required, it is expected that
the matter will form the basis of litigation in the courts. Anticipating such
legal action, Council on Jan. 28 unanimously authorized President Edwin
R. Cox to appoint two actuaries to investigate the entire structure of the
sinking funds and to determine whether any appropriation is required for
1935. EUmination of the debt service item was made by Council, although
an actuary employed by the Sinking Fund Commission is reported to have
held that the amount sought by the Commission was required-V. 140.
p. 672.
In support of his contention that the budget as passed by Council is
$20,000,000 out of balance, Mayor Moore made note of the following:
Inadequate approp. to sink,fund instalments on existing bonds--$7,771.780
Est,for sale of real estate for which there is no market
4,260,000
Based on 1934 receipts, the est. of 1935 delinq. tax collections is
excessive by more than
3,200.000
Based on 1934 receipts, the est. of 1935 water rent collections
is excessive by nearly
1,200,000
Shortage of police and fire payrolls, about
1,347,000
Shortage in County Commissioners' approp. for institutional care 250,000
Shortage in approps. to city and county depts. caused by merging
1934 departmental savings contrary to practice and precedent.. 2,000,000
PONTIAC SCHOOL DISTRICT, Oakland County Mich.-DEBT
PAYMENTS HALTED--Beginning Feb. 1 1935 the district will make no
further payments of maturing principal and interest on its debts, F. J.
DuFrain, Assistant Superintendent and Treasurer of the Board of Education recently stated. Although the percentage of tax collections is better
than the record last year, the amount received has not been enough to
Feb. 2 1935
extend payments of debt charges Into February, Mr. DuFrain said. He
added that it is very probable that the suspension of payments would obtain
until after the July 1935 taxes are collected.
PORT ANGELES, Clallam County, Wash.
-The
-BOND SALE
$55,000 issue of bridge construction bonds that was offered for sale on Jan.
30-V. 140, p. 672
-was purchased by the City Light Investment Fund as
Is at par. Dated March 1 1935. Due in from 2 to 16 years after date of
issue.
PORT CHESTER, Westchester County, N. Y.
-The
-BOND SALE
$37,000 4% improvement bonds offered by the Reconsauction Finance
Corporation on Jan. 30-V. 140, p. 673
-were awarded to Graham, Parsons
& Co. of New York. at a price of 101.173, a basis of about 3.20%. Due
May 1 as follows: $10,000 from 1935 to 1937, incl., and $7,000 in 1938.
PORTLAND, Multnomah County, Ore.
-BOND ISSUANCE PROPOSED
-It is stated by the City Auditor that the city is seeking an enabling
act from the State Legislature to permit the issuance of the $6,000,000
sewage disposal plant bonds that were defeated by the voters at the general
election in Nov. 1934-V. 139. p. 3030. He says that he understands the
Federal Government may make a grant of $2,240,000, if the city provides
the said $6,000,000 for the project.
PORTLAND, Multnomah County, Ore.
-BOND OFFERING-Sealed
bids will be received until 11 a. m. on Feb. 6, by Geo. R. Funk, city
Auditor,for the purchase of a $30,000 issue of public works bonds. Interest
rate is not to exceed 6%, payable F. & A. Denom. $1,000. Dated Feb. 1
1935. Due on Feb. 1 as follows: ELM, 1941 to 1945 $2,000, 1946 to
1950, and 13,000. 1951 to 1955. Prin. and int. payable in lawful money at
the City Treasurer's office, or at the fiscal agency of the city in New York.
The bonds shall be subject to the prior approving opinion of Storey, Thorndike, Palmer & Dodge of Boston. The bonds will be sold to the highest
responsible bidder at not less than par and accrued interest. If delivery is
demanded outside of Portland, delivery shall be at the expense of the purchaser. A certified check tor 5% of the bonds bid for, payable to the city,
is required.
PORTSMOUTH, Scioto County, Ohio
-BONDS IN FRIENDLY
TEST SUIT
-W. L. Dickey, Director of Law, and Aronhold Schapiro,
prosecuting attorney, returned from Columbus recently where they submitted briefs in a friendly suit in mandamus in Supreme Court to com •
Mayor Joseph L. Kountz and Auditor William N. Gableman to sign $65,III
of relief sewer bonds authorized by council. Legal entanglements, it is
said, have delayed work on the project, which is to cost $85,000, with the
balance of$20,000 coming as a grant from the Public Works Administration.
PRINCETON SCHOOL DISTRICT, Mercer County, N. J.
-BOND
SALE
-The $30,000 school repair bonds voted last June
-V. 139, p. 316
-were sold as 43s at a price of par to the State Pension Fund.
PUERTO RICO (Government of)
-BOND SALE
-The $75,000 issue
of 431% semi-ann. Loan of 1935, Series A, Isabella Irrigation coupon refunding bonds offered for sale on Jan. 30-V. 140, p.673
-was awarded to
the Huntington National Bank of Columbus at a price of 106.50. a basis
of about 3.48%. Dated Jan. 11935. Due on Jan. 11974. The following
is an official list of the bids received:
Price
Amount
Name ofBidderWanted
Bid
Huntington National Bank,Columbus
All or none
106.50
Henrotin. Moss & Lewis, Inc., New York
All or none
105.28
Pace.Brookhouse & Lindenburg,Inc.. Columbus 0.- _All or none
Assistant Treasurer of U. S., Treasury Departmentl $52,000
103.904
103.904
39,000
J. S. Todd & Co., Cincinnati
All or none
103.576
Kidder, Peabody & Co., New York
All or none
103.01
Hayden, Miller & Co., Cleveland
All or none
102.30
* Premium of $3,007.50 (104.01).
RECONSTRUCTION FINANCE CORPORATION-ADDITIONAL
BOND ISSUES SOLD-The following report is taken from a United Press
dispatch of Jan. 30 from Washington, regarding the disnosal of municipal
bonds by the RFC from the PWA holdings
-V. 140, p. 673:
"Sale of 29 issues of PWA municipal bonds by the RFC to-night brought
the total above the $50,000,000 mark for the first eight offerings.
"Face value of the 199 issues sold to date, including to-day's, amounted
to $50.416,600. The largest allotment sold to-day was $2.987.000 worth of
New York city 47 serial bonds for which a high bid of $1,023.49 per thousand was received from Hallgarten & Co., and associates of New York City.
To-day's bidding was the eighth offering of municipal bonds by the
RFC. A premium of $782,000 was received on the seven previous sales.
REDFIELD, Spink County, S. Dak.-130ND SALE DETAILS
-The
$15,000 issue of special water works bonds that was purchased on Dec. 1
by local investors
-was sold as 55 at par. Coupon bonds
-V. 140. p. 347
dated Dec. 1 1934. Denom. $500. Due from 1936 to 1949, optional before
maturity with the consent of both parties. Interest payable J. & D.
REDWOOD FALLS, Redwood County, Minn.
-BONDS VOTED
At the election on Jan. 8-V. 139, p. 4004
-the voters approved the issuance of the 530.000 in 4 X % semi-annual sewage disposal plant bonds by a
wide margin.
RENSSELAER COUNTY (P. 0. Troy), N. Y.
-BOND SALE
-The
3520.000 coupon or registered bonds offered on Jan. 28-V. 140, p. 674
were awarded to Edwara B. Smith & Co. and Phelps, Fonn & Co., both of
New York, jointly, as 3.108, at a p:ice of 100.4199. a basis of about 3.06%.
The sale consisted of:
$300,000 refunding bonds. Due Feb. 1 as follows: $10,000 from 1936 to
1945 incl. and $20,000 from 1946 to 1955 incl.
220,000 highway bonds. Due Feb. 1 as follows: 15,000 from 1936 to 1946
incl.; $10,000. 1947 to 1955 inc,. and $15,000 from 1956 to 1960
incl.
Each issue is dated Feb. 11935. Public re-offering of the bonds is being made
at prices to yield from 1% to 3.10%. according to maturity. Other bidders
for the bonds were at follows: Halsey, Stuart & Co., Inc., and BancamericaBlair Corp. bid 100.325 for 3.10s. Salomon Bros. & Hutzler; Manufacturers
& Traders Trust Co.; Adams, McEntee & Co., Inc.. and Kean. Taylor
& Co. bid 100.289 for 3.10s. George B. Gibbons & Co., Inc.; Roosevelt &
Weigold; Bacon Stevenson & Co. and Goldman Sachs & Co. offered 100.15
for 3.10s.
REVERE, Suffolk County, Mass.
-TEMPORARY LOAN
-Notes In
amount of $500,000 were sold recently as follows: $300,000, due Nov. 8
1935, at 1.90% discount basis, and $200,000. due Nov. 27 1935, at 1.43%.
-BONDS AUTHORIZED
RICHMOND, Wayne County, Ind.
-The
Common Council proposes to sell about March 1 an issue of $360.000
sewage disposal system construction bonds.
RITENOUR CONSOLIDATED SCHOOL DISTRICT (P. 0. Rite.
nour), St. Louis County, Mo.-BOND SALEB YRFC-The $39.000 issue
of 4% semi-annual school bonds offered for sale by the Reconstruction
Finance Corporation on Jan. 30-V. 140. p. 674-was purchased by the
Commerce Trust Co. of Kansas City at a price of 104.26, a basis of about
3.47%. Due from Jan. 1 1936 to 1952.
ROBESON COUNTY (P. 0. Lumberton), N. C.
-BOND CALL
-It Is
stated by the County Manager that under the provisions of the county road
funding bonds of Sept. 1 1933, maturing on Sept. 1 1943. the County
Accountant has chosen by lot bonds numbered 5, 17, 21, 33, 46, 60, 66,
72, 78, 103 and 107, for redemption on March 1. Payable at the Central
Hanover Bank & Trust Co. in New York City, no Interest to be payable
after the date of call.
ROCHESTER, Monroe County, N. Y.
-BOND ISSUE REPORT
-A
bill empowering the city to issue $1,200,000 bonds to redeem water works
obligations outstanding or to pay indebtedness or reimburse advances from
other funds has been introduced in the State Legislature.
-PROPOSED BOND ISSUE
ROCHESTER, Monroe County, N. Y.
The city proposes to issue $3,000,000 bonds in anticipation of tax collections.
An ordinance providing for the loan was scheduled to be considered by
the City Council on Jan. 28, City Comptroller Paul B. Aex reported.
SABINA VILLAGE SCHOOL DISTRICT, Clinton County, Ohio
BOND SALE
-The 123,000 4% school impt. bonds offered by the Reconstruction Finance Corporation on Jan. 30-V. 140, p. 673
-were awarded
to the Southern Ohio Savings Bank & Trust Co. of Cincinnati, at a price
of 100.01, a basis of about 3.99%. Due $1,000 on Sept. 1 from 1935 to
1957 incl.
Volume 140
Financial Chronicle
ST. LOUIS COUNTY CONSOLIDATED SCHOOL DISTRICT No. 1
-The $47,000 issue of 4%,
(P. 0. Clayton), Mo.-BONDS SOLD BY RFC
semi-annual school bonds offered by the Reconstruction Finance Corpora-was awarded to Stifel, Nicolaus & Co. of
tion on Jan. 30-V. 140, p. 674
St. Louis, at a price of 100.76, a basis of about 3.92%. Due from March 1
1937 to 1953.
-The Board of Aldermen is said
ST. LOUIS, Mo.-BOND ELECTION
to have passed an ordinance recently, authorizing an election for April 2 to
vote on the issuance of $3,600,000 in relief bonds.
ST PAUL, Minn.
-BOND OFFERINGS SOLICITED-The following
information was contained in a letter sent to us on Jan. 28:
"The Sinking Fund of the City of St. Paul has considerable cash which
is available for investment. The Sinking Fund Committee will consider
offers on bonds of the City of St. Paul (coupon or registered). County of
Ramsey. State of Minnesota.
"In order that these offers may be open to all, tenders will be received
by the Sinking Fund Committee every Wednesday at 2 p. m. All tenders
must be firm for a period of at least two hours. This will give the Sinking
Fund Committee time to select those bonds we feel are the most desirable
for our sinking fund requirements."
ST. PAUL, Ramsey County, Minn.
-POWER PLANT BOND ISSUE
-It is stated by the Mayor that a movement was initiated by
PROPOSED
the St. Paul Citizens' Committee on Public Utilities to have a petition
signed by the required number of voters, calling for an election to pass on a
proposal for a $16,695,000 bond issue for a municipally-owned power plant'
-This city which
-TAX COLLECTIONS
SALEM,Essex County, Mass.
recently sold a $175,000 revenue anticipation loan, due Nov. 4 1935. to
-V. 140.
-P. Murphy & Co. of Boston at 0.31% discount basis
G. M.
p. 674
-reports uncollected taxes of $589,562 for 1934. $37,365 for 1933
and $1,900 for 1932. The respective levies for those years were $1.945,800.
$1,863.100 and $1,906,100.
-BONDS APPROVED-The city
SALISBURY, Rowan County, N. C.
officials are said to have been informed recently by the Local Covernment
Commission that a $240,000 issue of refunding bonds was approved.
-BOND ISSUANCE
SAN FRANCISCO (City and County), Calif.
-The Board of Suprevisors is said to be considering the
CONTEMPLATED
issuance of $1,000,000 in Hetch Hetchy water bonds.
-The
-NOTE SALE
SAN FRANCISCO (City and County) Calif.
$2,000,000 issue of tax anticipation notes offered for sale on Jan.28-V.140.
-were purchased by the Crocker-First National Bank of San Franp• 507
cisco, at a price of .375%, plus a premium of $187.25. Due on May 15
1935.
A dispatch from San Francisco to the "Wall Street Journal" of Jan. 30
reported as follows on this sale:
sn.''A record low rate for short term financing by this city was established
Monday when $2,000,000 tax anticipation notes, due May 15, were sold to
Crocker-First National Bank at an interest cost basis of 0.343%. The bank
bid par, plus $187.25 for h of 1% notes. Previous low was 0.55% at which
rate the city sold $1,500,000 60
-day notes last October."
SCURRY-ROSSER SCHOOL DISTRICT (P. 0. Crandall), Kaufman County, Tex.
-BOND OFFERING-It is reported that sealed bids
will be received until Feb. 15 by the Secretary of the Board of Education
for the purchase of a $25,000 issue of 5% semi-annual school bonds. (These
bonds were approved by the voters at a recent election-V. 140, p• 347.)
-BOND OFFERING DETAILS
SEATTLE, King County, Wash.
In connection with the offering scheduled for Feb. 15 of the $800,000 issue
of general, series A, bonds, to be issued for the payment of police and
-it is stated by the City Comptroller
firemen's salaries
-V. 140. p. 675
that a recent State enactment may make this an issue of limited tax bonds.
A test case is reported to be pending.
-It is reported that a
SEATTLE, King County, Wash.
-BOND SALE
block of $800,000 4h % arterial highway bonds has been purchased recently
from the Civil Service Employees' Retirement System by a syndicate
composed of Blyth & Co.; Brown Harriman & Co., Inc., and Phelps, Fenn
& Co., all of New York, at a price of 105.02. (These bonds are said to be
part of the $1,128,000 issue sold to the Retirement System on Aug. 17
1934-V. 139, p. 1277.)
BONDS OFFERED FOR INVESTMENT
-The purchasers reoffered the
above bonds on Jan. 30 for public subscription at prices to yield from
2.00% to 4.25%, according to maturity. The bonds, in the opinion of
counsel, are general obligations of the city and payable both as to principal
and interest from ad valorem taxes to be levied against all taxable property
within the city without limitation as to rate or amount.
-It is reported by
SEATTLE, King County, Wash.
-BOND CALL
H. L. Collier, City Treasurer, that he is calling for payment from Jan. 24
to Feb. 6, various local improvement district bonds and coupons.
SHARON SPRINGS, Schoharie County N. Y.
-BOND SALE
The $30,000 4% water bonds offered by the Reconstruction Finance Cor-were awarded to A. C. Allyn & Co.
poration on Jan. 30-V. 140. p. 673
of New York, at a price of 100.22, a basis of about 3.97%. Due Sept. 1
as follows: $2,000 from 1935 to 1946 incl. and $1,000 from 1947 to 1952 incl.
SHELBY COUNTY (P. 0. Memphis), Tenn.
-BOND SALE AUTH-The County Court is said to have authorized recently the sale of
ORIZED
$103,000 of bonds, to complete the disposal of the $1,500,000 bonds authorized for county institutions. The proceeds of this sale will be used to
cover the county's snare of the proposed city-county abattoir, which is
estimated to cost $150,000.
SIBLEY SCHOOL DISTRICT (P. 0. Sibley) Osceola County,
-BOND ELECTION-It is stated that an election will be held on
lows
Feb. 18 to vote on the issuance of $55,000 in school addition bonds. (A
tentative report on this election appeared in V. 140, p. 675.)
SILVIS SCHOOL DISTRICT NO. 34, III.
-BOND OFFERING
J. 0. Walker, Secretary of the Board of Education, will receive sealed bids
until Feb. 6 for the purchase of $20.000 4% coupon schoal bonds. Dated
Jan. 1 1935. Denom. $1,000. Due Jan. 1 as follows: $1,000 from 1936
to 1953. Incl., and $2,000 in 1954. Registerable as to principal only.
Principal and interest (J. & J.) payable at the office of the Township School
Treasurer. This issue was approved at an election held last October. A
certified check for 2%, payable to the order of the District Treasurer, must
accompany each proposal. The bonds will be prepared and the attorney's
opinion furnished at the expense of the district.
SIOUX FALLS, Minnehaha County, S. Dak.-BOND SALE BY
-The $22,000 issue of 4% semi-annual sewer improvement bonds
RFC
offered for sale on Jan. 30 by the said Corporation-V. 140, p. 674
-was
awarded to the First National Bank & Trust Co. of Sioux Falls, at a price
of 101.62, a basis of about 3.83%. Due from Feb. 1 1936 to 1953 incl.
SMETHPORT SCHOOL DISTRICT, McKean County Pa.
-BOND
OFFERING
-A. R. Livermore, President of the Board of School Directona,
will receive sealed bids until 2 p. m. on Feb. 14 for the purchase of $40,000
4% school bonds. Dated Nov. 1 1934. Denom. $500. Due Nov. 1 as
follows: $1,000 from 1935 to 1941 incl. and $1,500 from 1942 to 1963 incl.
Interest payable M. & N. A certified check for 5% must accompany each
proposal. Issue was voted at a special election last February and approved
by the Pennsylvania Department of Internal Affairs on Dec. 3 1934.
SPRING CITY, Sanpete County, Utah-BOND ISSUANCE CON-It is reported that the issuance of $63,000 in water works
TEMPLATED
system bonds is being considered by the city Council.
STEELE SCHOOL TOWNSHIP, Davies. County, Ind.
-PLANS
REFUNDING ISSUE
-The Advisory Board has passed an ordinance providing for the refunding of $13.000 of outstanding and unpaid 5% school
building bonds.
SULTAN, Snohomish County, Wash.
-FEDERAL FUND ALLOT-It is stated by the Town Clerk that a loan and grant of $20,000 for
MENT
water works system improvement has been approved by the Public Works
Administration, lie states that a $15,000 bond issue approved by the
voters in October 1933 is being used to secure the loan portion of the
allotment.
SWEA CITY CONSOLIDATED SCHOOL DISTRICT (P. 0. Swea
-It is reported that
-BOND ELECTION
City), Kossuth County, Iowa
an election will be held on Feb. 18 to vote on the issuance of $15,000 in
school building bonds.
835
-BOND OFFERING
SWITZERLAND COUNTY (P.O. Vevay), Ind.
County Auditor will receive sealed bids until 10 a.m. on Feb. 25 for the
bonds, proceeds of which will be used to finance poor
purchase of $16,000
relief needs of various townships during the next six months.
-EXPECTS LOWER TAX
SYRACUSE, Onondaga County, N. Y.
-Mayor Rolland B. Marvin has stated that preparation of the
RATE
budget for 1935 has progressed sufficiently to indicate that the tax rate
will be from $2.75 to $3 lower than in 1934. according to report. The
rate last year was 323.484 per 31.000 of assessed valuation. Governor
Herbert H. Lehman recently signed a bill empowering the city to refund
up to $2,174,000 bonds maturing in 1935-V. 140, p. 675.
-BOND OFFERING
TARRANT COUNTY(P.O. Fort Worth),Tex.
Sealed bids will be received by W E.Yancy, County Auditor, until 10 a.m.
on Feb. 11, for the purchase of a $240,000 issue of 45% road bonds.
Denom. $1,000. Due on Oct. 10 as follows: $30.000, 1935 and $10,000.
1936 to 1956. Prin. and int. (A. & 0.) payable at the Chemical Bank &
Trust Co. in New York City. Legal approval furnished by Chapman &
Cutler of Chicago. A certified check for $4,800. payable to the County
Judge, must accompany the bid. (An issue of 3780.000 was scheduled for
-V. 139, p. 3681.)
sale on Nov. 28 but the sale was postponed
TAYLOR, Jackson County, Wis.-BONDS OFFERED-Sealed bids
were received until Jan. 29, according to report, by 0. W. Davis, City
Manager,for the purchase of a $20,000 issue of 5% city hall bonds. These
bonds were approved by the voters at an electoin held on Dec. 31.
-The 31,500.000 issue
-BOND SALE
TEXAS, State of (P. 0. Austin)
of relief, Third Series, Fifth Installment bonds offered for sale on Jan.
-was awarded to a syndicate composed of the Mercantile
31-V.140, p.675
Commerce Bank & Trust Co.of St. Louis, E. H. Rollins & Sons, of Chicago,
A. W. Snyder & Co. of Houston, the Equitable Securities Corp. of Nashville, Barrow, Leary & Co. of Shreveport, and George V. Rotan & Co. of
Houston, at a price of 100.016, a net interest cost of about 2.95%. on the
bonds divided as follows: $479,000 as 3hs, maturing: $197,000, Oct. 15
1935 $138,000, Oct. 151936,and $144,000 in 1937;3651,000 as 3s. maturing;
$156,000. 1938; $158,000, 1939; 3165,000. 1940, and $172,000 in 1941:
/
the remaining $370,000 as 23 s. maturing on Oct. 15 as follows: $180,000.
1942,and $190,000in 1943. Denom.$1,000. Dated Oct. 151934. These
Legal approving
bonds are part of an authorized issue of 36,00,000.
opinions by John D. McCall. Attorney-General of the State, and Clay,
of New York City.
Dillon & Vandewater
-BONDS
TIFFIN SCHOOL DISTRICT, Seneca County, Ohio
AUTHORIZED-The Board of Education has voted to issue $17,940 bonds
In order to fund current expense obligations as of July 1 1934.
The State Teachers Retirement System has agreed to purchase the
above bonds.
TIGERTON, Shawano County, Wis.-BOND SALE CONTEMPLATED-In connection with the 4% water system bonds that were
approved'by the voters at the election held on Jan. 15, for which an allotment of $50,000 has been approved by the Public Works Administration-V.140, p. 675
-it is stated by the Village Clerk that the bonds to secure
the loan can be sold at public or private sale with the approval of the PWA.
It is said that 338010 bonds are ready for sale at the present time. Dated
Jan. 1 1935. Due from 1936 to 1955.
-BOND
TOLEDO CITY SCHOOL DISTRICT, Lucas County, Ohio
-May P. Foster, Clerk-Treasurer of the Board of Education,
OFFERING
sealed bids until 12 m. on Feb. 15 for the purchase of $317.000
will receive
43j% refunding bonds, divided as follows:
$145,000 series A bonds, payable from taxes unlimited as to rate or amount.
Due Oct. 1 1949,subject to call in whole or in part on April 1 1938
and on any interest payment date thereafter.
100,000 series B bonds, payable from taxes outside constitutional limitations to the extent of 1.25 mills. Due Oct. 1 1949, although
callable as noted above.
72,000 series C bonds, payable from taxes unlimited as to rate or amount.
Due Oct. 1 1949, subject to call in whole or in part on April 1
•
1940 or on any interest payment date thereafter.
Each issue is dated Oct. 1 1934. Denom.$1,000. Where part ofthe bonds
are redeemed from time to time,the amount of the call shall be determined
by lot. Interest payable A.& 0. Bids for the bonds to bear interest at a
rate other than 43 %,expressed in a multiple of g of 1%,will also be considered. Bids may be made for each issue or for "all or none." A certified
check for 1% of the bonds bid for, payable to the order of the Clerk-Treasurer, must accompany each proposal. Approving opinion of Squire, Sanders
& Dempsey of Cleveland will be furnished the successful bidder.
-TWO-YEAR DEBT MORATORIUM
TOLEDO, Lucas County, Ohio
-A proposal for a two-year moratorium on payment of city
SUGGESTED
disbonds, favored by the East Toledo Central Civic Association, was Law
cussed on Jan. 18 at a meeting attended by Mayor Solon T. Klotz,
Association, according
Director Ralph W. Doty and a committee from the
conto the Toledo "Times" of the following day. The plan, it is said,said,
templates that interest payments to continued. Mr. Doty, it isaction
explained that existing State laws do not provide for any such
and suggested that the matter be held in abeyance pending completion of
a general program for debt relief to be submitted on behalf of all cities to
the State Legislature.
-At the election
TOOELE, Tooele County, Utah-BONDS VOTED
-it is reported that the voters approved
held on Jan. 26-V. 140,P. 174
construction bonds.
the issuance of the $50,000 in water works
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Shawnee County,
-BOND ELECTION
-At the regular election in April, the voters
Kan.
will be asked to pass on the proposed issuance of $300,000 in school construction bonds.
-BOND REFUNDING NOT
TRINIDAD, Las Animas County, Colo.
-In connection with the report that the Mayor and City
SCHEDULED
Council were considering plans to refund an issue of water works bonds
amounting to approximately $400,000, falling due before 1938-V. 139,
-it is stated by the City Clerk that no definite action has been
P. 4158
taken as yet.
-The $20,000 swimming
-BOND SALE
TUPELO, Lee County, Miss.
-were purpool and park bonds offered for sale on Jan. 29-V. 40. p. 508
chased by Cady & Co. of Columbus, as 43s, paying a premium of $80.
Coupon bonds,
equal to 100.40, a basis of about 4.45%. Denom. $500.
maturing on Jan. 1 as follows: $500, 1936 to 1939: 31,000. 1940 to 1942;
31,500 1943 to 1945; 32.000, 1946 to 1949, and $2,500 in 1950.
-BOND OFFERING
TUSCALOOSA, Tuscaloosa County, Ala.
Sealed bids will be received until 9 a. in. on Feb. 12, by H. M. McLeod.
City Clerk, for the purchase of a $42.000 issue of water works bonds.
Interest rate is not to exceed 6%. payable semi-annually. Denom. $1,000.
Dated April 1 1932. Due $2,000 from 1935 to 1955 incl. The approving
opinion of Storey, Thorndike, Palmer & Dodge of Boston, will be furnished.
A certified check for 2%. payable to the city, must accompany the bid.
-ADDITUSCAFtAWAS COUNTY (P. 0. New Philadelphia), Ohio
TIONAL INFORMATION
-The $17,000 234% poor relief bonds awarded
on Jan. 21 to the BancOhio Securities Co. of Columbus at a price of 100.28V. 140, p. 675
-bear date of Jan. 15 1935 and mature as follows: $2.500
March 1 and 32.000 Sept. 1 1935:32.500 March land Sept. 1 1936 and 1937.
and $2,500 March 1 1938. Interest cost basis about 2.08%•
-TEMPORARY LOAN
UNION COUNTY (P. 0. Elizabeth), N. J.
Award was made on Jan. 29 of $500.000 notes,comprising blocks of $200,000
and $300,000, due in four and six months, to the Bank of the Manhattan
Co. on its bid of par plus a premium of $17 for 1.20% obligations. This
was the highest of a dozen bids submitted and represented a new low cost
for such borrowing by the county.
The $300,000 issue is due July 30 1935 and the $200,000 loan on May 31
1935. Both dated Jan. 30 1935 and payable at the National State Bank of
Elizabeth. Legality approved by Reed, Hoyt & Washburn of New York.
UNIVERSITY HEIGHTS, Ohio
-The Village Council
-BOND SALE
adopted a resolution on Jan. 8 providing for the sale of 3525.700 refunding
bonds,for which no bids were submitted at a public offering last year. The
Stew Teachers Retirement System will purchase a block of $80,000, due
$18,000 in 1940 and $62,000 in 1941. while the Industrial Commission of
Ohio will purchase the remaining $445.700, with maturities as follow.:
$14,000, 1939; 346,700, 1942; and $77,000 from 1943 to 1947, incl.
836
Financial Chronicle
UPPER ARLINGTON S. 0. Columbus), Franklin County, Ohio
-BOND SALE
-The $22,000 special assessment refunding bonds offered
on Jan. 30-V. 140. p. 508
-were awarded to Lowry, Sweney. Inc., of
Columbus, at a price of 100.095. Dated Jan. 1 1935 and due Oct. 1 as follows:_$4,000 from 1937 to 1939 incl. and $5.000 in 1940 and 1941.
URBANA UNION FREE SCHOOL DISTRICT NO. 11 (P. 0. Ham.
mondsport), Steuben County, N. Y.
-BOND SALE
-The
school °wilding bonds offered by the Reconstruction Finance $84,800 4%
Corporation
on Jan. 30-V. 140, p. 673
-were awarded to J. & W. Seligman & Co. of
New York, at a price of 102.27, a basis of about 3.83%. Due Oct. 1 as
follows: $3,800i936; $3.000 from 1937 to 1939 incl., and $4,000 from
1940 to 1957 incl.
b.. UTICA, Oneida County, N. Y.
-BOND SALE
-The $130,000
public impt. bonds offered by the Reconstruction Finance Corporation4%
on
Jan. 30-V. 140, p. 673
-were awarded to Lazard Freres & Co. and R. W.
Pressprich & Co., both of New York, jointly, at a price of 111.879, a basis
of about 2.90%. Due April 1 as follows: $15,000. 1944: 835,000 from 1945
to 1947 incl., and $10,000 in 1948.
VERSAILLES, Darke County, Ohio
-BOND SALE
-The $11,000
water works system improvement bonds offered on Jan. 25-V. 140, p. 348
were awarded as 45 at a price of par to the First National Bank of Versailles. Dated Dec. 1 1934.
IgaVIGO COUNTY (P. 0. Terre Haute), Ind.
-NOTE OFFERING-The
Board of Commissioners will receive sealed bids until 10 a.m. on Feb. 13
for the purchase of 360.000 notes.L
'..AWAHOO, Saunders County, Neb.-BOND ELECTION
-At the city
election on April3it is said that the voters will pass on the proposed issuance
of $30,000 in municipal auditorium bonds.
b. WALKER COUNTY (P. 0. Jasper), Ala.
-DETAILS ON FEDERAL
ALLOTMENT
-The report that the Public Works Administration had
approved a loan and grant of $45,000 for road improvement in this county
-V. 140, p.498
-is confirmed by the Commissioner of Finance and Audits.
He states that the amount of the loan will be $31,500, to mature $1,125
from April 1 1936 to 1963 incl. Prin. and int. payable at the office of the
County Treasurer.
WAPAK.ONETA, Auglaize County, Ohio
-The Sink-BOND SALE
ing Fund Trustees have agreed to purchase $8,000 electric light plant bonds.
WARM SPRINGS SCHOOL DISTRICT (P. 0. Oakland), Alameda
County, Calif.-130ND OFFERING-Sealed bids will be received until
10 a. m. on Feb. 5 by G. E. Wade, County Clerk, for the purchase of a
$35.000 issue of coupon or registered school bonds. Interest rate is not to
exceed 5%,payable F.& A. Tbenom. $1.000. Dated Feb. 1 1935. Due on
Feb. 1 as follows: $2,000, 1937 to 1948, and 83.000. 1947 to 1951. Rate of
interest to be in multiples of X of 1% and must be uniform for all of the
bonds. Prin.and int. payable in lawful money. These bonds were approved
recently by the voters
-V.140, p. 508. A certified check for 10%,payable
to the Chairman of the Board of Supervisors, is required.
WARREN ,COUNTY (P. 0. Vicksburg), Miss.
-BOND :CALL
-The
wire issue of $100,000 5% road and bridge bonds, bearing date of Feb. 4
1915. are being called for payment at par on Feb. 4, at the First National
Bank & Trust Co. in Vic.burg. Due on Feb. 4 1955.
t. WASHINGTON, Beaufort County, N. C.
-BONDS APPROVED
-A
$20,000 issue of street refunding bonds is reported to have been approved
by the Local Government Commission.
I.' WAYNE COUNTY (P. 0. Corydon), Iowa
-BOND EXCHANGE
'the Board of Supervisors is said to have exchanged $11,609 in funding bonds
with Jackley & Co. of Des Moines, at 434% interest, for a judgment obtained by the company on unpaid warrants.
WELLESLEY, Norfolk County, Mass.
-LOAN OFFERING-The
town is inviting bids until 12 in. on Feb. 4 for the purchase of $200,000
revenue anticipation notes, dated Feb.4 1935 and due as follows: $100,000
Nov. 12 and 5100.000 Nov. 18 1935. Denom. $25.000.
'44
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
SALE
-The $550,000 4% North "Yonkers sanitary sewer bonds offered by
the Reconstruction Finance Corporation on Jan. 30-V. 140, p. 673
-were
awarded to Halsey Stuart & Co., Inc., of New York, at a price of 106,375,
a basis of about 3.'19%. Due March 1 as follows: $32,000, 1940: 875.000
from 1941 to 1946 incl., and $68,000 in 1947.
The bankers are re-offering the bonds for public investment at prices
to yield from 2.60% to 3.20%, according to maturity. The county, it is
said,reports taxes for 1931, 1932, 1933 and 1934 entirely collected.
WEST ALLIS, Milwaukee County, Wis.-BOND SALE
-It is reported
that an issue of $125,000 4% school building bonds was purchased at
Private sale recently by T. E. Joiner & Co. of Chicago, at par plus a small
premium. Due from Aug. 1 1935 to 1954. - It is said that these bonds
were issued in connection with a Public VI rks Administration project.
WEST MAYFIELD SCHOOL DISTRICT, Beaver County, Pa.
BONDS APPROVED
-An Issue of. 87,000 operating expenses bonds was
approved by the Pennsylvania Department of Internal Affairs on len. 23.
WHITE (P. 0. Aurora), St. Louis County Minn.
-BONDS V07703
- an election held in this town on Jan. 21 the voters approved the
At
,
issuance of $126,000 in 4.11% funding bonds by a count of 621 to 122. It
is expected that these bonds will be purchased by the State of Minnesota.
WICHITA FALLS, Wichita County, Tex.
-FEDERAL FUND APPLICATION CONTEMPLATED
-A news report from Whichita Falls on
Jan. 28 stated that it had been decided by a majority of the City Council
to make application to the Public Works Administration for a loan of
$2.000,000 for the construction of a municipal electric light and power plant.
WILLARD, Huron County, Ohio
-E. A. Evans,
-BONDS VOTED
Village Clerk, states that the proposal to issue $75,000 4% sewerage system
and disposal plant bonds carried by a vote of 767 to 281 at an election held
on Jan. 22. Dated Sept. 1 1934 and due Sept. 11960. The Public Works
Administration has approved a loan and grant of 8187.000 for the project.
WILLIAMSON COUNTY (P. 0. Franklin), Tenn.
-BOND SALE
DETAILS
-The $35,000 county farm and road bonds that were purchased
by a syndicate headed by Nunn, Shwab & Co. of Nashville
-V. 140. p.
508
-are stated to have been sold as 334% bonds, at par. Due $17,000
on Jan. 11940. and $18,000 on Jan. 1 1945.
WILLOUGHBY, Lake County, Ohio
-No bids
-BONDS NOT SOLD
were obtained at the offering on Jan. 28 of $77,935 5% refunding bonds
-V. 140, p. 508. Dated Oct. 1 1934 and due Oct. 1 as follows: $7,735
In 1940 and $7,800 from 1941 to 1949 inclusive.
WILLOWHOLE SCHOOL DISTRICT (P.O. Madisonville), Mac son
- fri
County, Tex.
-BONDS VOTED-The voters are said to have approved
recently the issuance of $15,000 in school building bonds.
WINCHENDON, Worcester County, Mass.
-TEMPORARY LOAN
R. L. Day & Co. of Boston were awarded on Jan. 25 a $20.000 revenue
anticipation loan at 0.63% discount basis. Dated Jan. 25 1935 and due
Nov. 15 1935. Other bidders were: Washburn, Frost & Co. 0.755:
Second National Bank of Boston,0.865%;and Faxon, Gade & Co.IA 0.95%
WINDSOR SCHOOL DISTRICT (P. 0. Windsor), Henry County,
Mo.-BONDS SOLD BY RFC
-The $36,000 issue of 4% semi-ann. school
bonds offered for sale by the Corporation on Jan. 30-V. 140. p. 674
-was
awarded to the Citizens Bank of Windsor, at a price of 103.19, a basis of
about 3.64%. • Due from March 1 1935 to 1954. incl.
WOODBURY, Washington County, Pa.
-BOND OFFERING
M. Q. Baker, Borough Secretary, will receive sealed bids until 12 in. on
Feb. 9, for the purchase of $7,500 5% water system bonds. Dated Jan. 1
1935. Denom. $500. Due $500 on Jan. 1 from 1940 to 1954, incl. optional
Jan. 1 1945 Interest payable J. & J. This issue was authorized at the
general election last November and has been approved by the Pennsylvania
Department of Internal Affairs.
WOODBURY COUNTY (P. 0. Sioux City) Iowa-BOND OFFERING
Sealed bids will be received until 2 p. in. on 'Feb. 4, by Van W. Hammerstrom, County Treasurer, for the purchase of an issue of $130,000 funding
bonds. All other things being equal, preference will be given to the bid of
par and accrued Interest or better which specifies the lowest coupon interest
Feb. 2 1935
rate. Dated Jan. 1 1935. Due on Jan. 1 as follows: $20,00,0 1940 to 1944.
and $30,000 in 1945. Prin. and semi-annual int. payable at the office of the
County Treasurer. The county will furnish the approving opinion of
Chapman St Cutler of Chicago, and all bids must be so conditioned. A
mrtified check for 2% of the amount of bonds bid for, must be furnished
with bid.
Dec. 1931
Assessed Value
Taxes Levied
Uncollected
1929
$147.282,992.00 14,669,266.04
869,561.00 -1.489
1930
149,658,376.00
5,003,215.54
95,045.94
-1.899
1931
150,329,676.00
5,069,222.04
109,661.63 -2.163
1932
146,991,772.00 a4,705,843.78
240,524.31
-5.110 o
1933
144.322,532.00
4,459,822.79 b800,889.31 -17.92%
1934
119,638.369.00 3,816,179.51 c428,514.15 -11.23%
1935
118,288,567.00 4,043,884.86
a Approximately. b Delinquent taxes collected in 1933, 5193,686.95.
c Delinquent taxes collected in 1934, $653,941.86.
Collectible general revenues for 1934: 3.42% of assessed value, 1.4%
of estimated value. Taxes payable In two installments: Delinquent April 1
and Oct. 1. Penalties accrue X of 1% per month. Tax sale 1st Monday in
December.
WYANDOTTE, Wayne County, Mich.
-NOTE SALE
-The $50,000
special tax anticipation notes offered on Jan. 29-V. 140, p. 676
-were
awarded as 134s at a price of par to the Wyandotte Savings Bank. Dated
Jan. 15 1935 and due May 1 1937.
YOUNGSTOWN, Mahoning County, Ohio
-BONDS AUTHORIZED
-The City Council on Jan. 17 passed an ordinance to issue $53,555.90
6% special assessment improvement bonds, to mature serially on Oct. 1
from 1938 to 1945 incl. Proceeds will be placed in the treasury for funds
borrowed several years ago when the improvements were made.
CANADA, Its Provinces and Municipalities.
BRITISH COLUMBIA (Province of)
-BONDS APPROVED-Certificates approving of the following bond issues have been bunted by the
Municipal Department of the Province, according to the "Monetary
Times" of Toronto of Jan. 26:
City of New Westminster: $107,000. payable in 30 years with interest
at 5%, payable half
-yearly. City of Courtenay: $10,000, payable in 20
years with interest at 5%, payable half
-yearly. District of Oak Bay: $285,
payable in six years with interest at 534%, payable half yearly. City of
itevdstoke: $16,000, payable in four years with interest at 57 payable
o,
half yearly. City of Nelson: $35,000, payable in 10 years with interest at
5%, payable half
-yearly.
LONDON, Ont.-PROPOSED BOND ISSUE
-The city proposes to
issue $380,000 bonds.
MAPLE CREEK, Sask.-BOND OFFERING-The town is offering for
public subscription $25,000 5% local improvement bonds, due serially in
28 years.
NEW WESTMINSTER, B. C.
-PROPOSED REFUNDING PLAN
It is reported that Mayor F. J. Hume is proposing to refund the city's
entire bonded debt totaling about $7,000,000 at a lower rate of interest.
Of the debt, $4,000,000 is held in London, Eng., $1,000,000 In New York
City and the balance in Canada, according to report. The Mayor, it is
said, plans a conference with bondholders to discuss with them a plan to
call in their bonds at toe price which they paid for them and to exchange
new bonds, callable on six months notice, -bearing interest rates at 50% less
than those carried on the original obligations.
ONTARIO (Province of)
-DEFAULTED UNITS TO PAY 3%
INTEREST ON BONDS
-Hon. David Croll, Minister of Welfare and
Municipal Affairs, declared on Jan. 23 that municipal units of the Province
in default on debts will be required to pay 3% interest on bonds during 1935.
This was one of the salient features in the program devised by the Government "to erase the blot of default in 40 Ontario municipalities," according
to the Toronto "Globe" of Jan. 24. The plan also provides that the debts
of such units shall be refinanced before Jan. 11936, it is said. In addition,
the municipalities will be required to contribute to the cost of unemployment relief, which is now borne wholly by the Province. Funds for the
payment of relief costs and bond interest are available from unplectged and
uncollected taxes, it is said.
In a statement issued on Jan. 25 the Investment Dealers' Association
of Canada declared that it has been reliably informed that the plan providing for payment of only 3% interest during 1935 by defaulting municipalities is not intended as a permanent measure. The statement said that
the step was taken for the purpose of providing some income to the bond
creditors of the units affected by the order.
QUEBEC (Province of)
-REPORTS $5,594,473 DEFICIT
-In a report
tabled in the Legislative Assembly on Jan. 24, Hon. R. F. Stockwell,
Provincial Treasurer, disclosed that the province closed the fiscal year on
June 30 1934 with a deficit of $5.594.473.
SASKATCHEWAN (Province of)
-RENEWS LOAN
-The loan of
1500,000 made by the Dominion Government on Jan. 24 1934, which
matured on Jan. 30 1935, was renewed by the Province for one year, the
latter having deposited new 434% Treasury bills with the Federal Govern,
ment. Interest on the original loan was paid. The Treasury also accepted
$65,968 of bills from the Province in payment of interest on additional
advances.
NEW TAXES AVOIDED-Although recent experience indicates that
present imposts will leave a deficiency of about $768,000 as against necessary
expenditures, Hon. James G. Gardiner, Premier and Provincial Treasurer.
declared "in his first budget speech since the return of the Province to a
Liberal Administration," that he believes that by keeping down expenditures and driving for tax collections, the budget for 1935-1936 can be
balanced without additional taxation.
VANCOUVER, B. C.
-BONDS SLUMP IN LONDON MARKET
Dealings in 134 sterling bonds of the city has been practically suspended in
London, Eng., following a drastic decline in quota,ions as the result of the
threat of Mayor McOoor to arbitrarily cut interest rates on all outstanding
bonds of the city by 50%. A report from London to the "Wall Street
Journal" of New York stated that a nominal quo:ation of 50 against 80
prevailed on Jan. 25. No official action had been taken up to that time
by tne Stock Exchange Committee, pending a meeting of bondholders, it
was said. The 4% sterling bonds are not traded in tho New York markets.
it is said, and dealers report that no arbitrage transactions are undertaken.
They further reported that no appreciable change had occurred in tne
market price level on the long-term 5% bonds of the city.
Last week Mr. NicGeer gave public notice of a meeting of holders of bonds
and registered stock of the city to be held in Vancouver on Feb. 11 to consider the proposed reduction of 50% in 'merest payments.
-V. 140. p. 676.
It VISS reported from London that quotations on city bonds were withheld by dealers on Jan. 29. The move also affects issues of the Vancouver
and District Joint Sewage and Drainage Board, Point Grey and South
Vancouver, it is said. The action was described as a temporary one and was
attributed, it is said, to "the threat of partial default."
VERDUN, Que.-SEEKS PERMISSION TO REFUND $8.000,000
INDEBTEDNESS
-The City Council on Jan. 22 unanimously approved a
resolution to petition the Provincial Legislature for authority to refund
the outstanding indebtedness totaling about $8.000,000 by floating a new
loan bearing 334% interest, according to the Montreal "Gazette" of the
following day. The request will be contained in a bill which also provides
for numerous charter amendments, it is said. Purpose of the refunding
plan is to reduce mounting burdens of the taxpayers. Interest rates on
loans now in existence vary from 5% to
%. Text of the resolution was
given as follows:
"Resolved: that the Provincial Legislature be requested to authorize
the City of Verdun to make a loan for an amount equal to the entire debt
of the city, including all obligations (loans) and bank loans. The said loan,
which we believe to be possible at a rate of interest not exceeding 3X %,
shall serve to reimburse the banks and to replace the present obligations
and loans, according to the preference of the holders to receive their capital.
or accept the new loan issue."
@FedFRASER