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The Financial Situation
HE appearance, with White House approval at tive" is found in the fact that many of the President's
least in substance, of an elaborate proposed own advisers had seemed to be championing projects
"Banking Act of 1935" has, whatever the other con- even more extreme than the one actually submitted.
sequences, served largely to destroy what remained Soberer second thought has, however, been bringing
of the popular impression that in the course of the a clearer realization of the lack of sound sense in, and
past year the President had "turned to the Right." the far-reaching consequences of, any such social
The evidence of a more conservative frame of mind insurance plans as those now under consideration in
on the part of the President most frequently cited in Washington. The recent suggestion of one of the
financial circles has (apart from a more tempered President's advisory boards that a special organizatone in his official utterances) always been what were tion be created to assist in "relocating" industry has
reported to be private assurances that the Chief raised further doubts. These and similar developments during the past
Executive no longer was
month or so had already
willing to countenance a
Money and the Government
done much damage to the
"central bank" project of
Many of those whose clamor is responsible
idea that the President
the sort supposed to be
for the proposed Banking Act of 1935 never
henceforth was to be at
under consideration during
tire of asserting that a measure of this type
(or one much more drastic) is necessary to
least moderately conservaa good part of the past
"restore" to the Federal Government its consummer. There never was,
tive. Whatever standing
trol over money.
The argument usually runs about as folin our judgment, much evithe myth still retained has
lows: Currency as such no longer plays a
dence of a determination
now apparently been pretty
dominant role in American life. Deposits
subject to check have largely replaced bank
on the part of the Presiwell demolished by the apnotes and other types of pocket money. But
pursue a rational
dent to
pearance of the banking
such deposits are created largely at the disand careful course in rebill.
cretion of thousands of private citizens acting
as bankers. Hence the "bankers" now conspect to banking, credit
trol the supply of money.
An Objectionable
and allied subjects, but an
Here is another, and one of the most danMeasure
gerous, of the aberrations of the monetary
impression to the contrary
quacks of the day. In the first place, in indiHIS seems to be about
nonetheless prevailed
vidual cases Congress has never undertaken
the best—and it is
to say, and the framers of the Constitution
widely, at least until quite
never intended it should have the right to
something—that can be
recently.
determine,just when money should come into
said for the larger part of
existence.
UnderminingConfidence
At no time has the Government operated
the banking legislation now
gold and silver mines for the sole purpose of
proposed. We present in
HE insistence of the
coining the metal thus obtained. As for
note issues, the early years of our history
another place a careful
Administration upon
were the days when all sorts of banks issued
analysis of the more ima relief bill which commits
currency with but little restriction.
As far as money proper is concerned, the
portant features of this
the Administration to the
most that the Federal Government has ever
measure from the pen of
most costly sort of proviundertaken to do, and all that it can wisely
Dr. H. Parker Willis, who
do, is to state what shall constitute money,
sion for the unemployed,
and set forth general conditions under which
is well known to our readand the utter disregard of
it may be brought into existence upon the
ers. We here unhesitatthe grave and even critical
initiative of the citizen. This latter, of
course, it also does in regard to deposits of
ingly express condemnastate of the national budmost banks, although of course State banks
tion of the proposed law.
get, inevitably undermined
are still in some measure at least left to State
control.
A number of serious
seriously the faith of those
Money, and deposits used as money, are
questions are raised by the
who had hoped for a more
merely devices for facilitating economic processes vital to our economic welfare and even
provisions of Titles I and
orthodox type of action.
to our continued existence. The thought
III. This is especially
The relief measure, morethat they ought in some way to be used for
true of the plan to oblige
other purposes, such as those suggested by
over, revealed the Adminmanaged-money advocates, ought not to be
banks to pay premiums to
istration going farther, perentertained for a moment.
the FDIC upon all their
haps, than in almost any of
All this is of course obvious enough, but
apparently there is need for further and
deposit liabilities at the
the previous legislation in
emphatic reiteration of it at this time.
demanding dictatorial powsame time that deposits
ers over a wide range of
only to the amount of
our economic life. Many of the provisions, particu- $5,000 each are insured. Such a plan, of course, is
larly when viewed in the light of the President's highly unjust and inequitable, since it requires some
statements upon the occasion of the submission of the of the larger institutions to make large contributions
report of the National Resources Board, revealed the to the Corporation without obtaining any benefits
Administration as still harboring unfaltering faith in worth mentioning, the large proportion of their de"planned economy."
posits regularly being much greater than $5,000 each.
The general impression made by the sweeping
The clearly revolutionary and, in our opinion,
social security program of the Administration was wholly objectionable provisions of the measure are
neither as clear nor as definite as might have been ex- found in Title II. It is evident that the main objecpected, and as should have been the case, in our tives of this title are:
judgment, largely because this program appeared con(1) To place the whole Federal Reserve System by
servative in comparison with such schemes as the
legislation under the thumb of the President of
so-called Townsend Plan, which had gained wide
the United States;
notoriety meanwhile. Another reason why this pro(2) To rearrange the organization of the System in
gram impressed the public as relatively "conservaa way best to facilitate its employment in the
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838
Feb. 9 1935
political management of the currency and tion of Labor to support the idea of a determination
credit of the country, and in the financing of a on his part to pursue a more conservative and wiser
Federal Government intoxicated with the idea course in the future. Sharp attacks upon the Administration, or at least upon some prominent memof spending its way to prosperity;
(3) To extinguish several of the remaining safe- bers of it, by Messrs. Lewis and Green,and the recent
guards that common sense and experience had publication by the President of correspondence beplaced upon the management of banking and tween himself and a representative of the American
currency in the United States through legis- Federation of Labor, leave little room for doubt that
the Administration has at last dared to cross swords
lation.
Some Provisions
Membership on the Reserve Board in the future
would be open only to those who (in the opinion of
the politicians) are suited by education or experience
to participate in the formulation of national economic
and monetary policies. What may well be the criteria upon which such eligibility may be determined
in the future is clearly indicated by our experimentation with the Warren monetary fantasies. The owners of the Reserve banks are henceforth to be permitted (through directorates) to choose the chief
executive officer of their institutions only within the
limits of Presidential approval. The politically controlled Federal Reserve Board would dominate the
Open Market Committee, whose wishes must henceforth be followed by the privately-owned Federal Reserve banks. The Presidentially controlled governors of the individual Reserve banks would have
minority representation upon the committee. Any
asset adjudged "sound" by political appointees would
be eligible for rediscount at the Reserve banks. No
collateral at all would be required for Federal Reserve notes. A national bank in Maine would be
permitted to make liberal loans on Florida real estate.
These are some of the more obvious features of the
measure as proposed. Of course, the term "central
bank," which apparently has lost political prestige, is
not used either in the bill itself or in any of the supporting statements by the Administration, but that fact
ought not to mislead anyone who has cut his eye-teeth.
It is all very well to assert, as some are doing, that
certain of the least desirable of these provisions were
included in substance in the emergency legislation of
the past two years. It is of course true that from the
very first the political powers have exerted undue influence upon the Reserve System and that for a good
while the system has largely been operated from
Washington or with the wishes of Washington largely
in mind. But is all this a good reason why the most
objectionable characteristics of the administration of
the System and the worst features of temporary emergency legislation should now be seized upon, enacted
into permanent law and made an abiding part of the
future operations of the system? Of course, anything but an emphatic negative in answer to such a
question would be patently absurb. What we need
is not this, but repeal of the indefensible provisions of
the temporary legislation in iuestion and a complete
divorce of the system from political domination.
Much more beside is needed, but until we can obtain
this much, or at least a substantial portion of it,
there is small hope indeed that we shall be able to
make even a good start out of the morass of unsound
banking and credit into which we are now floundering deeper and deeper day by day.
The President vs. the A. F. of L.
ERE it not for the mass of countervailing evidence, in part already cited, it might well be
that the community would find a good deal in the
W
President's attitude toward the American Federa-
with the hierarchy of the American labor union, and
so far as present appearances go, intends to stand
its ground. The controversies now coming to a
head first began to take real form and substance
about a year ago. The President from the first had
formed the habit of having a great many representatives of organized labor, particularly of the American Federation of Labor, among his closest advisers
and among the memberships of the numerous NRA
boards. To many he seemed by word and deed to be
promising heaven and earth to organized labor. Until
about this time last year or a little later he appeared
to be favoring the American Federation of Labor in
virtually all of his labor policies. Then came the
crisis in the automobile industry, with the final result that the President surprised most observers
with a compromise agreement between the manufacturers and the representatives of labor which
carried the principle of proportional representation
in the groups representing labor in the collective
bargaining activities in the motor industry.
This general principle was quite inconsistent with
the position his own organizations had been taking
in this matter, and of course quite out of accord
with several formal opinions which the Labor Relations Board has since rendered to the effect that
majority representation is the only proper interpretation of the provisions of Section '7A of the National
Industrial Recovery Act. The American Federation
of Labor has never liked the automobile agreement.
It has protested at each renewal of that pact during
the past year. It is now in open revolt over the fact
that the President has seen fit once more to renew
this contract. Of course in his letter to the counsel
of the American Federation of Labor, the President
was able to show the futility of protesting against
the general line of policy pursued in the automobile
industry. The truth of the matter is that the agreement in question seems to be functioning as well as,
or better than, any of the other similar agreements
in other industries of importance, and of course
comes much nearer to what seems to us the plain
meaning of the words embodied in Section 7A of the
National Recovery Act. Certainly it is much to be
preferred to those arrangements under which the
Labor Relations Board is insisting that majority
representation be the rule. We think the President
is to be heartily commended for the stand he has
taken.
Labor Policies Generally
We only wish that it seemed safe to assume that
a similar attitude will be shown by him in his dealings with organized labor throughout. Of this,
though, one can hardly be quite certain at this writing. The automobile industry seems to have been a
case apart tliroughout the past year. The stamp of
approval which the President has here placed upon a
more reasonable interpretation of Section 7A has not
to date deterred his own Labor Relations Board
from insisting upon radically different policies in
other fields. One would suppose that his action in
Volume 140
Financial Chronicle
839
Glass's Appropriations Committee divided evenly
the other day in a vote to rewrite the pending work
relief measure, converting it into a direct relief bill
costing the country about half what has been proposed. Though thus defeated in the committee in
their attempts to perform a real service to the country, the opponents of the measure are said to be
planning to take their objections to the floor of the
Senate, where a real struggle is predicted which will
test the strength of the President in the upper
Chamber. It is not clear at this writing just what
changes this committee will make in the measure
before sending it to the floor of the Senate. The
chances appear good that some of the more extreme
features of the bill will be eliminated. What the fate
of the amended measure will be in the Senate, and
later before the Conference Committee, where it is
more or less certain to have to go, is a question that
only time can answer. Meanwhile the difficulties
which the measure has been forced to face in the
Senate Committee have served to reveal a strength
in the opposition that most observers did not exThe Administration and Monopoly
pect to see at this time. Although the situation has
EANWHILE the attitude of the Administranot reached any such stage in connection with the
tion toward restraint of trade and monopoly
social insurance program, it becomes increasingly
remains as obscure as ever, and perhaps even more
evident that this measure as written will have plenty
difficult to understand. Various reports, apparentof trouble. Even the Secretary of the Treasury
ly semi-official, concerning the terms upon which
wishes to have it amended—and no one knows
Congress will be asked to continue the existence of
whether he or the drafters of the original measure,
the NRA, or at least the work that the NRA is now
or either of them for that matter, speak for the
supposedly doing, have appeared in the daily press.
President. Since the bill as written has been more
These assert that price fixing as such, and presumcarefully studied, and the true significance of its
ably production control as well, are to be banned terms have more and more been grasped by the more
except in special circumstances where it would be
intelligent business man, opposition to it has been
permitted only under close Government supervision.
steadily growing both in and outside of Congress.
Yet at the same time it is asserted that trade pracWhile there is a tendency on the part of the financial
tice agreements, which more often than not are but
community to assume that the measure,in some form
indirect means of controlling prices or production or
not very greatly different from the original, will ultiboth, are to be continued and left largely to the trades
mately go to the statute book, the grounds for such
themselves to administer. If this is really the proan assumption seem to be disappearing rather steadgram as planned it must be said in the name of
ily. It need hardly be added that the banking bill and
realism that what we used to call restraint of trade
the still more recently proposed holding company
is apparently to.be encouraged rather than frowned
measure will be obliged to face the most strenuous
upon or abolished. Yet the Administration has withsort of opposition, which is very likely to succeed in
in the past few weeks instituted suits of major imeffecting substantial modifications at one stage or
portance under the anti-trust laws, one some time
another. Of course it would be easy to make too
ago against moving picture interests and two others
much of the revolt, if that it may be called, in Conthis week against a number of steel companies. We
gress. It will be recalled that at about this time last
are in no position to express an opinion upon the
year, or not very much later, Congress "kicked over
legal merits of any of these cases. We believe in
the traces" and passed a bonus measure, later to recompetition and decry any policy or practice,
adopt it over the President's veto. Yet, taking the
whether on the part of the Government or industry
session as a whole, it did almost everything that the
itself, that unduly interferes with or restricts comPresident demanded of it, although of course the
petition. It seems reasonable, however, to ask the
latter was obliged to enter into a number of comproGovernment to make clear just what its policy is
mises, which he will doubtless be ready enough to
concerning such matters. Its action on the codes
do this year if necessary. The Chief Executive, after
and its various pronouncements about price cutters
the election results of last autumn and with the
hardly suggest that it would object to such pracorganizations and funds at his disposal,
tices as are said to be in vogue in the moving picture enormous
has formidable power in his hands
industry, and certainly would not lead one to expect unquestionably
which he has not as yet seen fit to apply fully. But
it to attack a steel merger which would leave the
rate, the revival of independence in Congress
combined company much smaller than the two lead- at any
as far as it has gone is encouraging.
ing concerns already in the industry. The public,
as well as the defendants in these suits, is entitled
Holding Companies
to much more light upon what the Administration
HE proposed holding company measure seems
desires and intends to do in such matters as these.
to be another of those rather involved projects.
Congressiona! Revolt
So far only an official abstract of it is available, but
ONGRESS continues to surprise a good many the general objectives, and the broader methods to
with the vigor with which it appears ready to be employed to reach those objectives, appear to be
assert itself against Executive domination. Senator plain enough. The project must be condemned with-
again overruling the Board would leave this latter
body in a rather discredited and impotent position.
The apparent unwillingness of the Administration
to have the matter of majority representation tested
in the courts suggests also that the President is not
enthusiastically behind his Labor Relations Board.
But until quite recently that body has continued to
proceed with considerable aplomb, and of course the
question of what the Administration is willing to
have Congress do, or wants Congress to do, in the
matter of changing and continuing the National Industrial Recovery Act is still a question about which
little or no official information is available. There
is still a good deal of demand in some quarters for
a further shortening of hours by legislative fiat,
and of course labor has certain very definite interests in the so-called social insurance program. When
some of these latter questions are more fully clarified, it will be time enough to arrive at a definite
opinion as to what the labor policy of the Administration is at the present time.
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Financial Chronicle
out awaiting the details. Its avowed purpose is that
of abolishing the holding company (with a few exceptions) in the public utility industry. That the
drastic change entailed by this is to be spread out
over a number of years perhaps mitigates the evils of
the measure, but certainly does not justify its aims.
As our readers are well aware, we have no word to
say in the defense of many holding company practices in recent years. However, we do believe that
there is a useful function for them in the public
utility industry as well as elsewhere in our economic and financial structure, and accordingly are
quite certain that the treatment here accorded them
will not help but will injure the public in whose name
the measure is avowedly prepared.
Feb. 9 1935
creased slightly to $17,824,000 from $17,493,000.
Open market bankers' bill holdings fell $35,000 to
$5,503,000, while holdings of United States Government securities were off $49,000 to $2,430,221,000.
Corporate Dividend Declarations
IVIDENDS the current week were again of a
favorable nature and included several of a
noteworthy character. American Rolling Mill Co.
declared a dividend of $2 per share on account of
accumulations on the 6% preferred stock, series B,
payable March 1. This is the first payment on the
issue since Jan. 15 1933, when a regular quarterly
distribution of $1.50 was made. Columbian Carbon
Co. declared a dividend of $1 per share on the voting
trust certificates for common stock, payable March 1;
Federal Reserve Bank Statement
85 cents per share was paid last Dec. 1 and Sept. 1
H1EFLY as a result of United States Treasury and only 75 cents June 1. Archer-Daniels-Midland
financial transactions, further monetary ex- Co. declared a special dividend of 25 cents per share
tremes are reflected in the Federal Reserve Bank in addition to the regular quarterly of same amount
statement as of Feb..6. Idle funds continued to on the common stock, payable March 1; similar disaccumulate in the week covered by the statistics, tributions were made last Sept. 1 and Dec. 1.
and member bank deposits with the System on reserve
Business Failures in January
account increased by no less than $90,892,000. A
sharp and somewhat more than seasonal rise took
USINESS failures in the United States for
place in the total of money in circulation, but disJanuary this year were considerably reduced
bursements of Treasury funds far more than offset in number, as compared with those for that month in
this factor. The Treasury deposited with the Federal earlier years back to 1920. The liabilities also were
Reserve banks $94,142,000 of gold certificates, al- for a smaller amount. The records of Dun & Bradthough the increase in the monetary gold stocks of street show 1,184 defaults in mercantile lines for
the country, as reflected in the usual monetary sum- the opening month of the year, involving a total
mary, was only $34,000,000. Late last year the indebtedness of $18,823,697. For January of last
Treasury withheld gold by failing to deposit certifi- year, the corresponding figures were respectively
cates to a degree corresponding with the increase in 1,364 and $32,905,428. For that month in many of
the monetary gold stock, but the contrary process the preceding years back to 1920, the number of busihas been followed this year. If ordinary calculations ness defaults with the liabilities, were more than
are of any value in this period of esoteric monetary double those for January this year. As recently as
transactions, it would seem that the Treasury now 1932, the same record was three times as high.
has deposited certificates representing not only all
The January figures this year compare with 963
its so-called "free gold," but also some that repre- business failures in December, owing a total of $19,sent the gold "profit" resulting from devaluation of 910,610. Some increase after the close of the year
the dollar. Largely by this means idle funds are usually occurs, but it was no greater this year than
being piled up and it is noteworthy that the reserve generally appears. The fact is that in each month
deposits of member banks with the Federal Reserve during the last half of 1934, business defaults were
banks now aggregate $4,632,647,000, or somewhat down to a very low total, considerably below the
more than double the requried reserves. The excess figures for the preceding years back to 1920. It is
reserves thus are more than $2,300,000,000, which is evident that the New Year has started out along the
a record figure and an alarming one.
same line.
The sharp increase of the week brought the gold
Separated by branches of business, the report for
certificate holdings of the 12 Federal Reserve banks January this year was relatively better for the tradup to $5,445,101,000 on Feb. 6 from $5,350,959,000 ing division, than for the other leading classes.
on Jan. 30. A recession occurred in "other cash" Failures last month were more largely of the smaller
and the total reserves thus increased only to $5,731,- varieties, that is, the smaller concerns. In both re990,000 from $5,647,154,000. On the liabilities side, spects, this has characterized the reports of business
Federal Reserve notes in actual circulation moved up defaults for a number of months past. There were
to $3,101,685,000 from $3,068,172,000. Deposit 826 failures classified in the trading division in
liabilities increased to $4,844,189,000 from $4,792,- January this year, with liabilities of $8,129,322; 269
450,000, the gain of member bank reserve balances of manufacturing concerns for $5,318,989 of indebtbeing partly offset by a decrease in United States edness, and 89 in the third class, mainly agents and
Treasury deposits on general account, foreign depos- brokers, owing $5,375,386. In January of last year
its and other deposits. Even though liabilities were the number of trading failures was 951, for $18,110,materially higher, the increase of gold certificates 930; manufacturing concerns 295, owing $9,265,377,
proved more than an offset, and the ratio of total and others, 118, for $5,529,121 of liabilities.
The improvement in January as compared with
reserves to deposit and Federal Reserve note liabilities combined moved up to 72.1% on Feb. 6 from that month in 1934 was most notable in the West
71.8% on Jan. 30. In other respects, also, the bank- and the South. For each of the leading geographical
ing statistics reflect tendencies previously in evi- divisions of the United States there was a reduction
dence. Discounts by the System continued to in the number of business failures. The East did not
dwindle and were $6,428,000 on Feb. 6 against show such a marked decline as did some of the other
$7,058,000 on Jan. 30. Industrial advances in- sections. Separating the report by Federal,Reserve
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Financial Chronicle
Districts, the East is covered by the first three divisions. For the Boston and the New York Federal
Reserve districts there were reductions in the
former as to the number of failures of 5.2 per cent
and in the latter of 7.4 per cent. For the Philadelphia District a small increase appears. Liabilities
in the Boston District were slightly higher last
month than they were a year ago, but for the two
other sections they were scarcely more than one-half
the amount reported for last year.
For the Cleveland District, failures in both years
numbered about the same, but liabilitiesi this year
were very much less. Chicago comes next and in that
District failures were greatly reduced this year; also
liabilities. The same is true as to the Minneapolis
Federal Reserve District. Some reduction appeared
for the Kansas City and San Francisco Districts, although liabilities reported for the latter were heavy,
and nearly as high as in January a year ago.
In the South the reports were generally very favorable. This has been the case for a number of months
past, well back into last year, and undoubtedly reflects the release of large Government funds in that
part of the country. For the St. Louis Federal Reserve District, which covers a large part of the Central-Southern States and the Southwest, the reduction in the number of failures was not so marked as
in the other divisions, but liabilities were very much
smaller. This was also true as to Texas, covered by
the Dallas District. But for the seaboard States of
the South, covered by the Richmond and Atlanta
Federal Reserve districts, the reduction in the number of failures in January, between the two years was
above one-third. Liabilities also were very much
smaller this year.
The New York Stock Market
ECURITIES trading in the New York market
remained this week almost completely under
the spell of the gold clause litigation uncertainty
and further moves by the Administration in Washington which are decidedly antagonistic to business. There was very little activity in stocks at
any time, the turnover on the New York Stock Exchange last Monday being only 345,055 shares, while
in all subsequent sessions the 500,000-mark was only
slightly exceeded. Prices moved materially lower
in the early half of the week, and modest gains
Thursday and yesterday served to offset the losses
only in part. The week was much the most monotonous and gloomy witnessed so far this year, all
average compilations reflecting lows for 1935 in
the early part of the week. To the gold clause uncertainty and the prospect of nearly $5,000,000,000 in
extraordinary national expenditures in the coming
fiscal year was added this week a new banking bill
which caused chills to run down the spines of all
conservative bankers, as it would place the banking
system almost completely under Treasury domination. Also proposed in Washington was a measure
calculated to eliminate holding companies in the
utilities industry. As if these blows were not
enough, the Department of Justice instituted suit
under the Clayton anti-trust law to prevent a proposed merger of the Republic Steel Co. with five
smaller companies. One of the few satisfactory developments was an indication that Federal financial
support for railroads will be continued. In these
circumstances no incentive existed for investment
activities.
S
841
Monday's session on the New York Stock Exchange was gloomy in the extreme. There was
hardly any demand for stocks, and small offerings
sufficed to reduce quotations sharply in some instances. All groups of issues were marked downward, but because of the inactivity most recessions
were only fractional. The downward tendency was
again in evidence on Tuesday, and in that session
lowest average figures were attained for the current
year in stocks. The market was vulnerable, and
small offerings again sufficed to depress figures.
The tone was slightly improved in another quiet
session on Wednesday, but most issues showed further losses. There was a more liberal sprinkling
of small gains, however, despite reports of the proposed banking and utility holding company legislation. Fractional gains predominated on Thursday,
owing in good part to the better sentiment occasioned by indications of continued Federal financial
support for the carriers. Railroad stocks were better as a whole, while utility, motor and steel stocks
likewise advanced. Republic Steel shares naturally
declined a little because of Administration opposition to the merger proposal. The upward movement was continued yesterday in the most active
session of the week. The gains were numerous, but
small, and the increase in activity was not pronounced, as the gold clause decision was considered
imminent.
In the listed bond market irregular conditions
prevailed. United States Government securities
were in persistent demand, and small fractional
gains were recorded day by day. Highest-grade
corporate bonds showed no great changes, but speculative issues were marked sharply lower early in the
week, while modest gains were general thereafter.
Movements in speculative bonds were far more pronounced than those in equities, but the total turnover in bonds also was exceedingly small. In the
foreign exchange markets uncertainty prevailed,
with the gold units persistently soft. The stabilization fund intervened, however, and was reported a
heavy buyer of gold in European markets for shipment to the United States. Commodity markets
were weak and strong by turns, with the most pronounced movement of the week recorded on Monday,
when grains dipped to an unusual degree. Trade
and industrial reports remain moderately favorable,
but the securities markets were not in a mood to
take much account of the improvement. Steel-making operations for the country were estimated for
the week ending to-day at 52.8% of capacity by the
American Iron and Steel Institute against 52.5%
last week. Production of electric power for the week
ended Feb. 2, as reported •by the Edison Electric
Institute, was 1,762,671,000 kilowatt hours against
1,781,666,000 kilowatt hours in the preceding week.
Car loadings of revenue freight were 598,164 cars in
the week to Feb. 2, an increase of 42,396 cars over
the previous weekly period, the American Railway
Association reports.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
/
yesterday at 9658c. as against 9618c. the close on
/
Friday of last week. May corn at Chicago closed
/
yesterday at 8458c. as against 84c. the close on Friday of last week. May oats at Chicago closed yester8c.
/
day at 497 as against 4958c. the close on Friday
of last week. The spot price for cotton here in
New York closed yesterday at 12.65c. as against
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Financial Chronicle
12.55c. 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 7/16
pence per ounce as against 24 5/16 pence per ounce
on Friday of last week, and spot silver on New York
at 5378c. against 53y on Friday of last week.
/
2c.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.8818 as
/
against $4.871 8 the close on Friday of last week,
/
while cable transfers on Paris closed yesterday at
6.5618c. as against 6.5614c. on Friday of last week.
/
/
On the New York Stock Exchange 56 stocks
reached new high levels for the year, while 410
stocks touched new low levels. On the New York
Curb Exchange 55 stocks touched new high levels
for the year, while 121 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 399,090
shares; on Monday they were 344,955 shares; on
Tuesday, 558,780 shares; on Wednesday, 557,040
shares; on Thursday, 524,130 shares, and on Friday,
587,260 shares. On the New York Curb Exchange
the sales last Saturday were 74,205 shares; on Monday, 83,930 shares; on Tuesday, 100,095 shares; on
Wednesday, 127,200 shares; on Thursday, 117,245
shares, and on Friday, 166,045 shares.
The stock market this week was again subject to
the same influences as on previous occasions when
cautiousness and uncertainty were the dominating
features of trading. The cause for most concern to
traders continues to be the much-awaited decision of
the Supreme Court on the gold clause suits now
pending before that body. As compared with the
close on Friday a week ago, prices at yesterday's
close were generally lower. General Electric closed
yesterday at 23% against 23% on Friday of last
week; Consolidated Gas of N. Y. at 1878 ex-div.
/
against 19%; Columbia Gas & Elec. at 6% against
7; Public Service of N. J. at 24 against 2578; J. I.
/
1
4
/
Case Threshing Machine at 55% against 54%; International Harvester at 40% against 41 ; Sears, Roe/
1
4
buck & Co. at 35% against 33%; Montgomery Ward
%;
& Co. at 26% against 253 Woolworth at 5378 ex/
div. against 54 ; American Tel. & Tel. at 104
/
1
4
against 105, and American Can at 114% against 112.
Allied Chemical & Dye closed yesterday at 1353
4
against 135 on Friday of last week; E. I. du Pont de
Nemours at 9478 against 94; National Cash Register
/
A at 16 against 16%; International Nickel at 231 8
/
against 23; National Dairy Products at 15% against
16; Texas Gulf Sulphur at 35 against 35; National
Biscuit at 2858 against 28 ; Continental Can at 66
/
/
1
4
against 65%; Eastman Kodak at 11318 against 113;
/
Standard Brands at 1712 against 17%; Westing/
house Elec. & Mfg. at 38% against 3718; Columbian
/
Carbon at 73 against 71; Lorillard at 20y against
/
1
4
4
1912; United States Industrial Alcohol at 37
/
/
1
4
against 3612; Canada Dry at 131/s against 1318;
/
/
Schenley Distillers at 25% against 25, and National
Distillers at 2718 against 26%.
/
The steel stocks are fractionally lower than at the
close on Friday a week ago. United States Steel
/
closed yesterday at 361 8 against 36% on Friday of
last week; Bethlehem Steel at 29% against 297
/8;
Republic Steel at 13 against 1378 and Youngs/
1
4
/,
town Sheet & Tube at 17% against 18%. In the
motor group, Auburn Auto closed yesterday at 23%
Feb. 9 1935
against 24 on Friday of last week; General Motors
/
1
4
at 31% against 3078; Chrysler at 387/ against 37%,
/
8
and Hupp Motors at 23 against 2%. In the rubber
%
group, Goodyear Tire & Rubber closed yesterday at
22% against 22 on Friday of last week; B. F.
/
1
4
Goodrich at 978 against 978 and U. S. Rubber at
/
/,
14% against 14.
The railroad shares are irregularly changed for
the week as compared with the close on Friday of
last week. Pennsylvania RR. closed yesterday at
21% against 211/s on Friday of last week; Atchison
Topeka & Santa Fe at 44% against 437/8; New York
Central at 17 against 17%; Union Pacific at 100
/
1
4
against 101; Southern Pacific at 15% against 1518;
/
Southern Railway at 12% against 12%, and Northern Pacific at 17% against 17%. Among the oil
stocks, Standard Oil of N. J. closed yesterday at
40% against 40% on Friday of last week; Shell
Union Oil at 7 against 678 and Atlantic Refining
/,
at 24% against 24%. In the copper group, Anaconda Copper closed yesterday at 10% against 10%
on Friday of last week; Kennecott Copper at 17
against 16%; American Smelting & Refining at 35
against 34%,and Phelps Dodge at 14% against 14 .
/
1
4
European Stock Markets
RICE irregularity and inactive sessions were the
rule this week on stock exchanges in all leading European financial centers. Movements were
small at London,Paris and Berlin, but the recessions
were generally more pronounced than the advances.
The international agreement announced by British
and French Ministers at London over the week-end
produced a good impression, but all markets were
more concerned with monetary matters and local
influences than high international politics. The approach of settlement day on the London market,
Thursday, caused some anxiety there, owing to the
crash in the pepper and shellac markets last week.
The settlement actually passed without incident,
but late on Thursday announcement was made of the
failure of a leading firm of produce and metal dealers. The Paris market was depressed by indications
that rediscounting facilities for short-term Treasury
obligations may not be made available readily by the
Bank of France. Continued unsettlement in foreign
exchanges was not conducive to new commitments by
traders and investors in any of the European
markets. It is understood that French officials discussed stabilization with British Ministers, during
their visit to London late last week, but the results
were negative. The opinion now prevails in Paris, it
is said, that British authorities believe stabilization
attempts futile until the gold units are devalued.
There was open discussion in the Belgian Parliament
this week of devaluation of the Belga, with adherents
of several parties favoring the expedient. Trade and
industrial reports of the leading European countries
fail to reflect any important changes currently.
Few changes of any importance were noted on
the London Stock Exchange in the quiet initial trading session of the week. British funds opened firm
but eased later, while industrial issues were irregular. Some speculative buying was noted in shares
of a television company, but the market otherwise
was featureless. German bonds were firm, while
other international securities showed few changes.
An uncertain tone again was in evidence Tuesday,
with British funds lower on realizing sales. Further gains were recorded in the television shares, and
P
Volume 140
Financial Chronicle
a few industrial issues joined the upward movement,
but most securities drifted slightly lower. In the
international section German bonds again were
strong, while other issues receded. Uncertainty in
the commodity markets affected securities on the
approach of settlement day, and the tone was dull
Wednesday. British funds drifted downward, and
the industrial section also closed with losses. Television shares met heavy realizing sales and failed to
furnish a relieving feature. International securities
followed the general tendency to lower levels. Sentiment was somewhat better on Thursday, when British funds were well maintained, while a few industrial stocks showed modest improvement. Home
rails also were higher, but the great bulk of issues
showed little change. Failure of the firm of James
& Shakespeare, Ltd., produce and metal dealers with
capital of £425,000, was announced after the close.
The tone yesterday was uncertain, as there was still
a good deal of anxiety regarding the commodity market incidents. British funds and most industrial
stocks were lower, but gains appeared in home rail
issues and international securities.
Dealings on the Paris Bourse were started optimistically on Monday,owing to the week-end developments at London, but public participation was lacking and prices soon began to drop. Rentes closed
without much change, but French bank, utility and
industrial stocks mostly were off for the day. International issues were irregular. Announcement
on Tuesday that the national deficit on 1934 tax returns was 4,000,000,000 francs acted as a subduing
influence Tuesday, and more losses than gains were
shown in the irregular market. Rentes held better
than stocks, but the recessions were small in all instances. There was very little trading Wednesday,
which was the anniversary of the civil strife in
Paris, last year. Rentes improved slightly, however,
on unrealized rumors that the Bank of France discount rate would be lowered. French equities were
uncertain, while foreign securities drifted lower as
a group. After a firm opening, Thursday, prices
again slipped downward on the Bourse, with the
recessions quite pronounced toward the end. Rentes
were not greatly changed, but bank stocks suffered
from extensive liquidation and industrial shares
likewise were affected. Prices yesterday were
marked sharply lower, owing to Parliamentary opposition io Premier Flandin's policies. Rentes and
bank stocks were affected more than international
securities.
Losses were general on the Berlin Boerse when
trading was resumed on Monday. Gains recorded
In the previous week occasioned realizing sales and
all groups of equities suffered, with losses ranging
up to 5 points. Fixed-interest securities were quiet
and not much changed. After a further sharp and
general decline early Tuesday, recovery, set in on
the German market and closings were mostly at improved figures. Stocks that were heaviest on the
previous day showed the largest gains, but it was
surmised in some quarters that bank intervention
was chiefly responsible for the advances. Bonds were
dull and unchanged. In a very quiet session on Wednesday, mild irregularity was noted. Professional
speculators withdrew from the market, reports said,
and there was no indication of public interest. In
these circumstances movements were mostly fractional, with gains and losses about equally represented at the close. Fixed-income issues were
843
definitely soft. No change was witnessed in conditions on Thursday, other than a very slightly
stronger tone at the finish. The market was hesitant and inactive, and changes were hardly worth
recording. The tone was irregular in a quiet session
yesterday, but more gains than losses appeared at
the close.
Brazilian Trade Agreement
IGNATURES were attached in Washington, last
Saturday, to a reciprocal trade treaty between
the United States and Brazil, negotiated under the
special tariff and treaty powers granted President
Roosevelt by Congress last year. Tariff concessions
of some importance are made by each country on
products of the other, and there is no doubt that
some stimulation of commercial exchanges will follow. In a separate note, moreover, the Brazilian
Government promised to take steps for continued
payments on its governmental and commercial obligations to the United States. This is the second
treaty negotiated under the special powers, an
arrangement having been made with Cuba last summer. But special conditions made possible an exceptionally favorable agreement with Cuba, whereas
the Brazilian treaty was drafted with due reference
to the most-favored-nation pacts signed by the
United States with almost all countries. The new
accord, for this reason, is looked upon as a model
for more than a dozen additional treaties which
now are under negotiation. Secretary of State Cordell Hull signed the new agreement for the United
States, while Ambassador Oswaldo Aranha signed
for Brazil. The ceremony took place at the White
House, before a distinguished gathering, which included the members of the special Brazilian Financial Mission headed by Finance Minister Arthur de
Souza Costa. The Mission came to the United
States to discuss debt and commercial problems.
After concluding the tariff negotiations, Senhor de
Souza Costa and his associates came to New York,
and they have been in this city all this week.
Coffee is the chief Brazilian product, but it is
already on the free list of the United States tariff
schedule, and the American tariff concessions thus
are confined to 50% reductions in existing rates on
manganese ore, Brazil nuts, castor beans, copaiba
balsam, processed ipecac and processed mate. Brazilian import duties are to be cut from 20% to 60%
on a long list of American products, such as automobiles and parts, tires, radio apparatus, paints
and varnishes, soap, oilcloths, linoleum, leather,
steel furniture, gasoline pumps, cement, canned
goods, oatmeal, powdered milk and chewing gum.
In the separate Brazilian note, the promise is made
that exchange will be made available gradually for
payment of currently deferred commercial balances,
while sufficient exchange is to be provided for payment, when due, for future imports from the United
States. If bank credits can be obtained for funding
of the existing commercial balances, it is added, exchange will be reserved in sufficient amounts to continue the servicing of Brazilian dollar bonds in
accordance with the Aranha agreement of last
February.
In an official summary of the tariff agreement
with Brazil, issued by the State Department, it is
noted that the pact is based upon the principle of
unconditional most-favored-nation treatment and
on the consequent assumption that the concessions
S
844
Financial Chronicle
which each country grants to the products of the
other will, as a general rule, in the absence of special
consideration, be extended to like products of other
countries. Secretary of State Hull expressed his
personal gratification over what he called "the first
break in the log-jam of international trade created
by restrictions, such as quotas, import licenses,
trade controls, special arrangements and almost
numberless other throttling devices." Agreements
of a similar nature.are in the making with 15 other
countries, he remarked, and the negotiations are 6o
far advanced in some cases that completion may be
expected soon. "Having once started on the road
away from the medieval mercantilism which was
strangling the commerce of a new world, progress
should now be more rapid and the movement should
gain momentum," Mr. Hull added. The State Department declared that the agreement was designed
rather to facilitite an increase in international trade
than to divert trade away from other countries. In
Brazil, also, the conclusion of the pact caused satisfaction, according to dispatches from Rio de Janeiro.
It was indicated in Washington,last Sunday, that
an official "blacklist" of countries that persist in
discriminating against the United States in trade
matters is under preparation, and that tariff concessions contained in such treaties as the one just
concluded with Brazil might not be extended to such
discriminating countries. Soviet Russia, it was
stated, wl11 not receive the benefit of the 50% reduction in the manganese tariff, and it was suggested
that this action reveals the significance of the
phrase "in the absence of special considerations" in
the State Department summary of the most-favored,nation aspects of the Brazilian treaty. Secretary of
State Hull explained on Monday that the new policy
is one of indirect pressure on foreign governments,
with a view to obtaining equal treatment. Such
pressure will be exerted in two ways, it was said.
The United States will refuse to negotiate special
tariff pacts with countries that are discriminating
against us, and will also refuse to generalize tariff
concessions in such instances.
Litvinoff Answers Hull
OREIGN COMMISSAR MAXIM LITVINOFF
issued a statement in Moscow, last Saturday,
which presents the Russian side of the debt negotiation controversy with the United States Government. After dragging along for a year, these negotiations were suddenly terminated on Jan. 31, and
a statement then was issued by United States Secretary of State Cordell Hull, in which the blame for
the failure was placed upon the Russian Government
and the comment added that an agreement does not
seem possible owing to the Soviet attitude. M. Litvinoff declared in his rebuttal that the deadlock
resulted from the rejection by the State Department of one of the chief points agreed upon in conversations with President Roosevelt in 1933. The
portion of the understanding thus put in question
concerns a loan which the United States Government was to extend to Russia, he indicated. Russia
steadily has adhered to the principle that it is willing to discuss old debts, but only upon recognition
of Soviet counter-claims and provisions for loans,
M. Litvinoff remarked. The Soviet Government adhered strictly to the provisions of the agreement
reached with President Roosevelt, but refused "to
follow the path which would have led to complete
F
Feb. 9 1935
annulment of the results achieved previously and
to the necessity of new negotiations concerning the
fundamental principles of agreement." To these
comments, the Soviet statement added an expression of regret that the negotiations have not succeeded, and it was also remarked that the relations
of the two countries should not be injured by the
circumstance. No attempt was made in Washington
to conceal the profound disappointment felt over
the turn of events, and announcement was made,
Wednesday, that the general Consulate in Moscow
will be discontinued and a number of American representatives withdrawn from Russia. Significant,
also, is the decision not to extend to Russia the 50%
tariff reduction on manganese ore to be effected
under the new reciprocal tariff with Brazil.
Anglo-French Understanding
E
NDEAVORS to secure the peace of Europe, in
which Great Britain long has played a leading
part, found a new expression at the end of three
days of discussion by Ministers of the British and
French Governments in London, from Jan. 31 to
Feb. 3. A tentative understanding was reached by
the two Governments for recognition of German
rearming in return for German re-entry into the
League of Nations, and at the same time a suggestion was made for a five-Power mutual air defense
pact, in which Great Britain, France, Italy, Germany and Belgium would be the participants. The
first of these general proposals follows closely the
lines of the reported British plan, which Premier
Pierre-Etienne Flandin of France and Foreign Minister Pierre Laval journeyed to London to discuss.
The aerial defense proposal was not previously
rumored,in connection with the recent London talks,
but it is at least of equal importance. Consummation of the plans hinges on the reaction of the German Government, and it is significant that the Nazi
leaders of that country are giving unremitting attention to them at present.
The plans disclosed at the end of the London conversations follow a long period of private diplomatic discussions among all the leading governments of Europe. It has been plain for some time
that a general effort was being made to find a
formula for adjustment of problems involved in
the acknowledged German rearming and demand
for equality, the absence of the Reich frdm the
League, and the French thesis of security before
disarmament. When France and Germany agreed
at Rome on principles governing the Saar plebiscite,
it was assumed quite generally that important further proposals would be made. The plans now proposed undoubtedly are parts of the general scheme
for maintenance of European peace, as it was developed and perfected in the London discussions.
The two French Ministers consulted in London
chiefly with Prime Minister Ramsay MacDonald
and Foreign Secretary Sir John Simon. A meeting
of the British National Cabinet last Saturday gave
an indication of the importance of the new development, as the British week-end is disturbed only for
extraordinary occasions. At the conclusion of the
conversations, last Sunday, a carefully worded joint
communication was issued, all interested governments having been informed of the proposals immediately prior thereto.
The object of the London meeting, this communication said, was to promote the peace of the world
Volume 140
Financial Chronicle
by closer European co-operation in a spirit of most
friendly confidence, and to remove those tendencies
which, if unchecked, are calculated to lead to a race
in armaments and an increase in the dangers of war.
The League of Nations was praised for recent efforts
in behalf of international conciliation, and the British and French Governments declared their intentions of continuing such policies. In behalf of the
British Government, gratification was expressed
over the recent Franco-Italian accord, and London
agreed to consult with those Powers if the independence and integrity of Austria is menaced.
"The British and French Ministers hope that the
encouraging progress thus achieved may now be continued by means of direct and effective co-operation
with Germany," the statement continued. "They
have agreed that neither Germany nor any other
Power whose armaments have been defined by peace
treaties is entitled by unilateral action to modify
these obligations. But they are further agreed that
nothing could contribute more to the restoration of
confidence and the prospects of peace among
nations than a general settlement freely negotiated
between Germany and the other Powers. This general settlement would make provision for the organization of security in Europe, particularly by means
of the conclusion of pacts freely negotiated between
all interested parties and insuring the mutual
assistance of Eastern Europe and the system foreshadowed in the Rome proces verbal for Central
Europe. Simultaneously, and in conformity with
the declarations of Dec. 11 1932, regarding equality
of rights in a system of security, this settlement
would establish agreements regarding armaments
generally, which in the case of Germany would replace the provisions of part of the Treaty of Versailles at present limiting arms and armed forces in
Germany. It would also be part of the general settlement that Germany should resume her place in
the League of Nations, with a view to active membership. The French Government and the Government
of the United Kingdom trust that the other governments concerned may share these views."
The communication related also that the British
and French Ministers were impressed by the special
dangers to peace created by modern developments
in the air. Misuse of air forces might lead to sudden
aerial aggression by one country upon another, it
was remarked, and consideration, therefore, was
given to the possibility of a reciprocal regional
agreement against air attacks. "It is suggested,"
the statement added, "that the signatories would
undertake immediately to give the assistance of their
air forces to whichever of them might be the victim
of unprovoked aerial aggression by one of the contracting parties. The British and French Ministers,
on behalf of their respective governments, found
themselves in agreement that a mutual arrangement
of this kind for Western Europe would go far to
operate as a deterrent to aggression and to insure
immunity from sudden attacks from the air, and
they have resolved to invite Italy, Germany and
Belgium to consider with them whether such a convention might not be promptly negotiated." The
sole aim of the two governments in this connection
is that of reinforcing peace, it was said, and the two
countries expressed their willingness to resume
consultations without delay after the receipt of
replies.
845
Immediately after issuance of this joint statement, Foreign Secretary Sir John Simon made a
radio address in which he explained the results of
the London conversations to the British people and
urged popular support for the program. There is
a distinct advantage for Great Britain in the aerial
defense proposal, he said, as such a treaty would
give England the right to call for aid from European countries. There would, moreover, be no
additional responsibilities or obligations for Great
Britain, as the London Government already is bound
to take part in any aggressive conflict in Western
Europe under the Locarno treaty, he pointed out.
Premier Flandin, after his return to Paris, Monday,
also endeavored to explain the results of the London
conversations in a radio speech. He expressed the
hope that Germany, which has been asserting its
desire for peace recently, will take advantage of the
opportunity now presented. "That great nation
should participate equally and freely in the construction of European security that is so desirable,"
M. Flandin remarked. To the Chamber of Deputies,
M. Flandin explained on Tuesday that British and
French statesmen had established solidarity and
reciprocity of action hi negotiating an air convention. The impression thus given that the. AngloFrench aerial agreement was an established fact
was not accepted in London, however, as acceptance
by Germany was considered the sine qua non by the
British Government. It was generally agreed in
London, however, that Germany will be isolated if
she does not accept the proffer now made.
Although the British Government took the highly
unusual step of publishing the results of the London
conference before informing the Parliament, it was
generally agreed by London observers that acceptance of the proposals in Great Britain is assured.
French approval also was held a foregone conclusion, as all shades of French opinion expressed satisfaction over the achievements of the French Ministers in London. The reaction of the German Government, however, is difficult to predict, partly because free expression of opinion is banned in the
Reich and partly because of the inclusive nature of
the proposals. Chancellor Adolf Hitler and Foreign
Minister Konstantin von Neurath devoted all their
attention to the Anglo-French proposals this week,
and it was held especially significant that former
Crown Prince Friedrich Wilhelm was called into
conference on the matter. There are, of course, certain features in the proposals which will hardly
appeal to the Nazi Government. The suggestion for
conclusion of the long-discussed Eastern Locarno
and the approval of the Franco-Italian idea of a
security pact for Central Europe are among such
features. The Reich, moreover, always has insisted
upon recognition of armaments equality before returning to Geneva, and suitable formulas thus remain to be evolved. It is thus apparent that a protracted period of direct international discussions
impends, with the peace of Europe probably hanging
in the balance.
British Dole
is much that is instructive for the United
HERE
States in British experiences with the dole,
since relief expenditures in this country have grown
to enormous proportions and are producing a state
of mind among the recipients quite similar to that
T
846
Financial Chronicle
in evidence in Great Britain. A new plan of caring
for British unemployed, whose right to unemployment insurance had expired, was adopted by the
Parliament in London last year, and a start toward
its general introduction was made beginning Jan. 7.
It was proposed to meet the needs of the uninsured
on a national basis, as against the old plan of local
relief agencies, and estimates indicated that the
costs of the new scheme would be considerably
higher.• But in many individual instances the new
rates paid were less than the old figures, and a
storm of protest was raised by the dole recipients.
Minister of Labor Oliver Stanley promised to investigate the alleged grievances, which he attributed
at first to difficulties in setting up new and complicated machinery. The protests continued tO swell in
volume and number, however, and Mr. Stanley admitted, Tuesday, that"a substantial amount of hardship" perhaps justified the "widespread uneasiness."
The new regulations would be suspended, he said,
where they caused a diminution of payments, but
would be maintained where they occasioned an increase. Even these concessions apparently failed
to satisfy some of the dole recipients at Sheffield,
who staged a riot before the City Hall, Wednesday,
in which a score of persons were injured. Protest
meetings in which still higher payments were demanded were held in numerous places in Great
Britain, an Associated Press dispatch said.
French Policies
LTHOUGH the French Government of Premier
Pierre-Etienne Flandin is making satisfactory
progress in the international field, internal difficulties appear to be increasing and there is keen
general interest in the effect of the developments on
the "New Deal" program of the Premier. Much
apprehension was occasioned by the approach of the
anniversary, on Feb. 6, of the riots in the Place de la
Concorde which caused the deaths of 20 persons and
injury to hundreds. The Government issued an
order prohibiting all demonstrations in the streets
of Paris, but crowds surged along the boulevards
and it was found necessary to make more than 1,000
arrests. Communists splashed red paint over
statues and bridges in the city, but the day, fortunately, passed without serious incidents. The
roster of French unemployed, meanwhile, continues
to increase, and the deficit of the Government also
is growing. There were rumors, this week, that
M. Flandin might seek a loan in London, as the
regents of the Bank of France are not disposed to
agree to the rediscounting by that institution of
the increased amount of short-term Treasury bills
recently authorized. It was in order to facilitate
the rediscounting that M. Moret was removed as
Governor of the Bank of France on Jan. 2 and replaced by M. Jean Tannery. A Paris dispatch of
last Saturday to the New York "Times" indicates
that the regents, who represent the private shareholders, feel that the French Government should
adopt a policy calculated to uphold its credit and
permit continued long-term financing. If this were
done, they claim, there would be no need of wholesale resort to short-term borrowing, with the Bank
of France bolstering the Treasury's credit through
excessive use of rediscounting facilities. "The serious situation this entails for France's financial
structure if it continues cannot be overestimated,"
the dispatch adds.
A
Feb. 9 1935
Chilean Debts
NNOUNCEMENT by the Foreign Bondholders'
Protective Council, last Monday, that the
Chilean Government is sending a financial mission
to the United States for consultations on the defaulted external debts of that country represents
an interesting and significant development. Chile
has adopted a procedure in connection with its defaults that can hardly be considered an admirable
one, and the new mission is intended to explain that
procedure. Laws already have been passed by the
Chilean Congress, and signed by the Executive, for
resuming interest payments and amortization in
accordance with amounts available to the Caja Autonoma de Amortizacion de la Deuda Publica from
the Government's share of profits of the Nitrate
Sales Corporation and from the revenues of certain
taxes applied on copper enterprises. Half the
amount thus realized is to be utilized for interest
payments on all external debt of the Government,
municipalities, railroads and mortgage banks, aggregating approximately $437,000,000, while tile other
half is to go for purchases of bonds in the respective
foreign markets. It is calculated by those familiar
with Chilean affairs that the stipulated revenues
would amount, under present conditions, to no more
than $4,000,000 annually, and the resumption of
interest payments thus would be at the rate of 1 2%
/
per annum. More important than the immediate
amount of the debt service is the principle which
Chile is endeavoring to establish—the principle of
paying in accordance with a few special revenues,
rather than in accordance with the usual principle
of national capacity to pay. There is no doubt that
spokesmen for American and British bondholders
will have serious objections to make to the Chilean
plan.
A
Discount Rates of Foreign Central Banks
HERE have been no changes during the week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
T
Country
Austria-Belgium.—
Bulgaria....
Chile
Colombia_ _
Csechoslovalcia____
Danzig_ _ __
Denmark__
England_ __
Estonia....
Finland__
France—.
Germany..
Greece _-__
Anlland __
Rate tn
Date
Wed
Feb. 8 //stablttked
PreHoes
Rate
434
23t
7
434
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
53.
5
31
4
23i
2
5
4
214
4
7
214
Jan. 25 1933
Sept. 21 1934
Nov. 29 1933
June 30 1932
Sept. 25 1934
Dee. 4 1934
May 811934
Sept.30 1932
Oct. 13 1933
Rent. 13 1933
.illi
3
3
2lt
53t
4ti
3
5
714
3
Country
Rate in
Nita
Date
Feb. 8 Established
Hungary _. 4l4 Oct. 17 1932
India
illt Feb. 16 1934
Ireland____ 3
June 301932
Italy
4
Nov. 26 1934
Japan
3.85 July 3 1933
Java
3lt Oct. 31 1934
Jugoslavia _ 5
Feb. 1 1935
Lithuania
8
Jan. 2 1934
Norway
314 May 23 1933
Poland
5
Oct. 25 1933
Portugal_ 5
Dec. 13 1934
Rumania .._ 4% Dec. 7 1934
SouthAtrlca 4
Feb. 21 1933
Spain
6
Oct. 22 1932
Sweden__ 234 Dec. 11983
Switzerland 2
Jan 29 1021
ProHogs
Rate
5
4
3li
3
3
4
04
7
4
6
5$S
6
5
634
3
2W
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 5-16@/% as against 5-16@/%
on Friday of last week, and 5-16@4% for threemonths' bills as against /% on Friday of last week.
1
Money, on call in London yesterday was 4%. At
4
Paris the open market rate remains at 17 %,and in
Switzerland at 13/2%.
Bank of England Statement
HE Bank's statement for the week ended Feb. 6
shows a loss of £37,483 of bullion leaving the
total at £193,022,108 as compared with £191,787,025
a year ago. The loss in gold being attended by an
expansion of £2,047,000 in circulation, reserves fell
T
847
Financial Chronicle
Volume 140
off £2,084,000. Public deposits decreased £4,- circulation stands at 2.30%, compared with 11.1%
414,000 while other deposits rose £2,358,898. The a year ago. A decrease appears in silver and other
latter consists of bankers' accounts which increased coin of 123,766,000 marks; in notes on other German
£5,113,137 and other accounts which declined £2,- banks of 12,514,000 marks; in other assets of 58,754,239. Proportion of reserve to liabilities dropped 626,000 marks; in other daily maturing obligations
slightly to 47.53% from 48.21% a week ago; last of 116,838,000 marks, and in other liabilities of
year the ratio was 53.98%. Loans on Government 7,316,000 marks. Below we furnish a comparison
securities increased £390,000 and those on other of the different items for three years:
REICBSBANK'S COMPARATIVE STATEMENT
securities fell off £334,292. Of the latter amount
£13,941 was from discounts and advances and
Changes
Jan. 31 1935 Jan. 31 1934 Jan. 31 1933
for Week
£320,361 from securities. No change was made in
Reel:marks Reichsmark, Retchsmarks
Assets—
Retchsmarks
the 2% discount rate. Below are tabulated the Gold and bullion
79,782,000 376,180,000 821,903,000
+596,000
23,391,000
38,116,000
21,204,000
Of which depos. abroad
No change
comparisons of prior years:
different items with
4,630,000
6,897,000 100,820,000
+50,000
Reserve in foreign curr_
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Feb. 6
1935
Feb. 7
1934
Feb. 8
1933
Feb. 10
1932
Feb. 11
1931
£
£
£
£
£
Circulation
376,988,000 368,184,624 357.380,130 346,519,212 347,245,425
16,535,000 17,272,431 13,501,583 16.435,197 13.502,637
Public deposits
143,416,826 137.577,251 133.466,227 99,725,131 91,615.357
Other deposits
Bankers' accounts 104,089,033 101,440,533 100,699,345 66,997,662 57,655,497
Other accounts... 39,347,793 36.136.718 32,766,882 32,727,469 33,959,860
82,912,413 69,540,610 90,308,315 34.625.906 36.419,952
Government secur
19,183,655 19,864,877 29,271,405 49,918,049 32,830,014
Other securities
Disct.& advances. 9,276,686 8.417,442 12,146,508 13,007,628 9,597,092
9,906,969 11,447.435 17.124,897 36,910,421 23,232,922
Securities
Reserve notes de coin 76.034,000 83,602,401 45.554,211 49,774,736 54,001,734
Coin and bullion.... 193,022,108 191,787,025 127,934,341 121.293.948 141,247,159
Proportion of reserve
51.37%
30.99%
42,84%
53.98%
47.53%
to liabilities
Mink rata]
2%
2%
3%
2%
6%
Bank of France Statement
HE Bank of France statement for the week ended
Feb. 1 shows a decline in gold holdings of
134,296,964 francs. The total of gold now stands
at 81,879,707,304 francs, which compares with
76,860,453,361 francs a year ago and 81,893,916,973
francs two years ago. French commercial bills discounted and creditor current accounts record decreases of 448,000,000 francs and 1,926,000,000
francs, while advances against securities show an
increase of 85,000,000 francs. Notes in circulation
reveal a large gain, namely 1,658,000,000 francs.
The total of circulation is now at 83,343,044,770
francs, in comparison with 81,059,108,685 francs last
year and 84,561,690,325 francs the previous year.
The proportion of gold on hand to sight liabilities
stands at 80.56% and compares with 79.10% the
corresponding period a year ago. A comparison of the
various items for three years appears below:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Feb. 1 1935
Feb. 2 1934
Feb. 3 1933
Francs
Francs
Francs
FMCS
—134,296,964 81,879,707,304 76,860,453,361 81,893.916.973
10,205,261
13.016.693 2,930,764,772
No change
Gold holdings
Credit bals. abroad_
a France commercial
—448,000,000 3,556,040,664 4,137.035,571 2,561,581,620
bills discounted
952,357,492 1,114,577,887 1,494,876.104
No change
b Bills bought abr'd
+85,000,000 3,233,643.764 3,015,658,368 2,623,779.351
Adv. against secure.
+1,858,000,000 83,343,044,77 81.059.108,685 84,561,690,325
Note circulation_
Credit current accts. —1,926,000,000 18.298.856,066 16,107,729,921 20,670,257,379
Proporttn of gold on
79.10%
77.82%
80.56%
hand to sight Bab.
+0.08%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Reichsbank's statement for the last quarter
of January shows a further increase in gold
and bullion, the current advance being 596,000 marks.
The Bank's gold now aggregates 79,782,000 marks,
in comparison with 376,180,000 marks last year
and 821,903,000 marks the previous year. Reserve
in foreign currency, bills of exchange and checks,
advances and investments record increases of 50,000
marks, 275,144,000 marks, 25,069,000 marks and
701,070,000 marks, respectively. Notes in circulation show an increase of 231,177,000 marks. The
total of circulation is now 3,660,096,000 marks,
which compares with 3,458,412,000 marks a year
ago and 3,337,805,000 marks two years ago. The
proportion of gold and foreign currency to note
T
Bills of exch. & checks_
Silver and other coin_ _ _
Notes on 0th. Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation....
Other daily matur. obit);
Other liabilities
Propor.of gold and for'n
curr. to note circurn_
+275,144,000 3,620,884,000 2,892,610,000 2,503,156,000
—123,766,000 221,463,000 250,334,000 250,631,000
3,544,000
3,728,000
—12,514,000
4,667,000
92,535,000
80,831,000
81,238,000
+25,069,000
+701,070,000 759,481,000 619,548,000 400,692,000
—58,626,000 729.653,000 589,268,000 842,381,000
+231,177,000 3,660,096,000 3,458,412.000 3,337,805.000
—116,838,000 821,969,000 497,628,000 344,916,000
—7,316,000 277,684,000 240.205,000 765,315,000
O.14,7
,
2.30%
11.1%
27.6%
New York Money Market
THERE was nothing to distinguish the New York
I money market this week from previous periods,
other than a continual increase in the pressure of
idle funds. With excess reserves of member banks
with the Federal Reserve System now in excess of
$2,300,000,000, no occasion for any early hardening
of rates seems conceivable. Where any tendency in
rates is discernible, it is toward lower charges. The
United States Treasury, for instance, sold on Monday an issue of $75,000,000 discount bills due in
182 days at an average discount of 0.12%, computed on an annual bank discount basis. Yesterday,
a similar issue was sold at an average discount of
0.11%. Call money on the New York Stock Exchange was again 1% all week and for all transactions, while in the unofficial street market trades
/
were reported daily at 34%. Time money held to
/
its range of 34@1%. Commercial paper and bankers' bill rates were carried over from last week. The
comprehensive brokers' loan total of the New York
Stock Exchange for the end of January was $824,958,161, a decrease of $55,304,994 during January.
New York Money Rates
on
EALING in detail with call loan rates . the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
is unchanged this week, no transactions having been
reported. Rates are nominal at %®1% for two to
five months and 1@13j% for six months. Transactions in prime commercial paper have been in
good volume. Paper has been in fair supply and
3
the demand has been brisk. Rates are 4% for
extra choice names running from four to six months
and 1% for names less known.
D
Bankers' Acceptances
HE market for prime bankers' acceptances has
shown no change this week. Few bills have
come out this week and these are mostly in the silk
group. Rates are unchanged. Quotations of the
American Acceptance Council for bills up to and including 90 days are 3-16% bid and / asked;
3 3%
for four months, 5-16% bid and 34% asked; for five
1
and six months, /% bid and /% asked. The bill
buying rate of the New York Reserve Bank is M%
for bills running from 1 to 90 days and proportionately higher for longer maturities. The Federal
T
848
Financial Chronicle
Feb. 9
1935
Reserve banks' holdings of acceptances decreased Court on the gold contract clauses, and this silent
from $5,538,000 to $5,503,000. Their holdings of watchfulness is strongly reflected in the nervousness
acceptances for foreign correspondents, however, in- accompanying foreign exchange trading. This anxiety
creased from $317,000 to $366,000. Open market is expected to be reflected in the foreign exchanges
rates for acceptances are nominal in so far as the for many days to come. Since a Supreme Court
dealers are concerned, as they continue to fix their decision does not become effective for 25 days after
own rates. The nominal rates for open market ac- it is rendered, it seems almost certain that for this
ceptances are as follows:
period at least foreign exchange traders cannot take
SPOT DELIVERY
positive technical positions in any of the major cur—180 Dabs— —150 Dais- —120 Dam—
rencies.
Bid
Asked
Bid
Asked
Bid
Asked
Prime eligible bide
34
34
34
34
There can be no doubt that the anxiety felt by
—90 Doss— —60 Days— —30 Days—
Asked
Bid
Bid
Asked
Bid
Asked
banking interests here and abroad is largely unjustiI
3,4
Prime eligible bills
i
i,
34
34
FOR DELIVERY WITHIN THIRTY DAYS
fied, for no matter what conclusion is reached by the
Eligible member banks
3,4% bid
Supreme Court, the "chaos" predicted by the
Eligible non-member banks
3,4% bid
United States Attorney-General will not ensue.
Discount Rates of the Federal Reserve Banks
Whatever changes may occur in the attitude of the
HERE have been no changes this week in the Washington Administration toward the currency or
rediscount rates of the Federal Reserve banks. respecting its policies on gold and silver purchases,
The following is the schedule of rates now in effect more conservative courses will doubtless be pursued,
for the various classes of paper at the different and any changes which may be necessary to conform
Reserve banks:
to the decision of the Supreme Court will be carried
DISCOUNT RATES OF FEDERAL RESERVE BANKS
out in an orderly manner which will preclude the
Rate in
possibility of inordinate drain on United States gold
Date
Previous
Effect on
Federal Resolve Bank
Established
Rate
Feb 8
.
holdings or any other activity in foreign exchange or
2
Feb. 8 1934
234
Boston
other markets of a sort to give encouragement to
2
Feb. 2 1934
New York
134
2
Jan. 17 1935
23,4
Philadelphia
speculative interests. London, at least, shows no
2
Feb. 3 1934
Cleveland
334
234
Jan. 11 1935
3
Richmond
apprehension of a serious disturbance in the foreign
Jan. 14 1935
216
2
Atlanta
234
2
Jan. 19 1935
Chicago
exchange market. Sterling has been the currency
234
2
Jan. 3 1935
St. Louts
23,4
Jan. 8 1935
3
Minneapolis
the least affected by the events of the past year or
Dec. 21 1934
3
Kansas City
234
234
Jan. 8 1935
3
Dallas
more, and at present the London market is less nerSan Francisco
Feb. 16 1934
2
23,4
vous than any of the Continental markets. In
Course of Sterling Exchange
fact, the fears shown at present originate largely on
TERLING exchange is steadier than at any tithe the Continent and have their focus in Paris.
since the wide break in the foreign exchange
The British Exchange Equalization Fund has
market which occurred on Jan. 15. Trading in this been consistently operating abroad to keep sterling
and all other currencies is greatly restricted as mar- fluctuations within the narrowest practicable limits
kets continue hesitant and nervous pending the de- and in doing so must have on several occasions
cision of the United States Supreme Court on the gold acquired gold from Continental sources. Last week
clauses. Fluctuations this week were within ex- the gold and bullion holdings of the Bank of England
tremely narrow limits, considering the abnormal con- reached £193,059,591, an all-time high for the Bank's
ditions affecting all exchanges, and the ruling rates gold, representing an increase of £1,263,740 over
were fractionally better in terms of the dollar than Jan. 31 1934. It is thought that a very considerable
the highest quotations of last week. This steadiness part of this increase in the Bank's gold resulted from
is attributed largely to official support of the London sales to the Bank of metal by the Exchange Equalizaauthorities. In terms of the French franc sterling has tion Fund. The Bank carries its gold at the rate of
been slightly easier than last week. The•range this 84s. 10d. per fine ounce. The difference between
week has been between $4.86% and $4.89 for bankers' this figure and the market price, now around 142s.
sight bills, compared with a range of between $4.853j per ounce, is carried by the Exchange Equalization
and $4.8732 last week. The range for cable transfers Fund. The fund makes no attempt to cause sterling
4
has been between $4.87 and $4.891 compared with either to rise or to fall, but operates solely to keep
a range of between $4.858 and $4.87% a week ago.
A
fluctuations within narrow limits. The pound is
The following tables give the mean London check undoubtedly firm against all currencies of the world
rate on Paris from day to day, the London open except the dollar, which unit it is felt is undermarket gold price and the price paid for gold by the valued.
United States:
As in the case of the British fund, there is no way
MEAN LONDON CHECK RATE ON PARIS
of knowing positively what steps the United States
74.444
Saturday, Feb. 2
74.312 I Wednesday, Feb. 6
Treasury Department takes in respect to foreign
74.40
Monday, Feb. 4
74.301 Thursday, Feb. 7
74.30
Feb. 8
Tuesday, Feb. 5
74.30
Friday,
exchange operations, but well-informed bankers here
LONDON OPEN MARKET GOLD PRICE
Wednesday, Feb. 6___141s. 1034d. are convinced that the United States Treasury fund
1428
Saturday, Feb. 2
Thursday, Feb. 7___142s. Id.
Monday, Feb. 4
142s. Id.
has been operating abroad more or less consistently
Feb. 8___142s. 130.
Tuesday, Feb. 5
1428. 130. Friday,
since the middle of January. It is believed that a
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
great deal of the gold coming to this side during the
35.00
35.00 I Wednesday, Feb. 6
Saturday, Feb. 2
past few weeks was purchased directly for this fund.
35.00
Monday, Feb. 4
35.00 I Thursday, Feb. 7
35.00
Feb. 8
Tuesday, Feb. 5
35.00 Friday,
According to the prevailing rates for the European
The foreign exchange situation is essentially un- gold currencies, there should be heavy shipments of
changed from the past few weeks or since the middle gold from abroad simply to correct discrepancies in
of January. Financial interests in all chief centers of exchange, but the large shipments of gold since
the world have been awaiting with a certain im- the middle of January have been virtually without
patience the decision of the United States Supreme effect in strengthening the exchange. The mechanism
T
S
Volume 140
Financial Chronicle
of the gold points is not functioning. The large
imports of metal during the past few weeks seem to
have resulted from sales by private owners of the
metal. Gold shipments to New York have been in
excess of $400,000,000 since Nov. 5 and since the
middle of January gold receipts have exceeded
$180,000,000. The British private banks do not
carry gold for their own account, but are permitted
to receive it on deposit for private account. The
gold now so held by the British bank is believed to
exceed $1,000,000,000.
It was known, of course, that M. Flandin, Prime
Minister of France, and the Belgian officials have
been discussing the possibility of a return to gold
and stabilization of the pound and the dollar. No
official account has been issued regarding these discussions, which ended several days ago. Wellinformed London opinion has it that the British
authorities gave the French and Belgian officials
to understand that there would be no stabilization
of the pound and the dollar until the foreign gold
bloc countries further devalue their currencies. The
British apparently would no longer resist stabilization with the United States on the basis of the old
parity, but feel that it would be useless to effect
such stabilization unless the gold bloc should reduce
their parities officially in a corresponding degree.
It was quite clear a few weeks ago that the London
authorities take no interest in plans for international
stabilization at present. The pronouncement by all
the heads of the large London banks at the annual
meetings of their shareholders toward the end of
January clearly showed that financial London is
perfectly satisfied with the present financial and
monetary policies of Great Britain, and does not look
forward to any change in the immediate future and
surely not during the coming year.
Money continues in great abundance in Lombard
Street and rates are exceptionally low and unchanged
from last week. Call money against bills is easy at
Y% to %%. Two-months' bills are 5-16% to /%,
three-months' bills 3 %, four-months' bills %% to
A
7-16%, and six-months' bills 7-16% to M%. All the
gold taken in the London open market this week was
for unknown destination. This designation denotes
generally takings for private hoarders, who leave the
gold for the most part on deposit with the London
banks. The market is, however, well satisfied that a
large share of the gold taken in the open market
during the past few weeks was for American official
account. On Saturday last there was sold in the open
market £293,000, on Monday £522,000, on Tuesday
£434,000, on Wednesday £585,000, on Thursday
£594,000, and on Friday £358,000.
The Bank of England statement for the week
ended Feb. 6 shows a decrease in gold holdings of
£37,483. The Bank's total bullion on Feb. 6 stood
at £193,022,108, which compares with £191,787,025
a year ago and with the minimum of £150,000,000
recommended by the Cunliffe committee.
At the Port of New York the gold movement for
the week ended Feb. 6, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$28,555,000, of which $12,458,000 came from England, $11,369,000 from France, $2,902,000 from Holland, $1,675,000 from Canada, $131,000 from India,
$13,000 from Jamaica, and $7,000 from Guatemala.
There were no gold exports. The Reserve Bank
reported a decrease of $286,000 in gold earmarked
849
for foreign account. In tabular form the gold movement at the Port of New York for the week ended
Feb. 6, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JAN. 31-FEB. 6, INCLUSIVE
Imports
Exports
$12,458,000 from England
11,369,000 from France
2,902,000 from Holland
1,675,000 from Canada
131,000 from India
None
13,000 from Jamaica
7,000 from Guatemala
$28,555,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $286,000
Note—We have been notified that approximately $54,000 of gold was
received from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $604,300 of gold was
received, of which $476,200 came from France,
$274,700 from Holland, and $56,400 from England.
There were no exports of the metal or change in gold
held earmarked for foreign account. On Friday
$7,196,000 of gold was received, of which $4,861,400
came from France, $1,675,200 from Canada, $348,800 from India, $307,200 from England and $3,400
from Guatemala. There were no exports of the
metal but gold held earmarked for foreign account
increased $3,400.
Canadian exchange continues to display an undertone of ease in terms of the dollar. On Saturday last
Montreal funds were at a discount of 1-16%, on
Monday at a discount of 1-16% to par, on Tuesday
at a discount of 1-32% to par, on Wednesday at a
discount of A% to 1-16%, on Thursday at a discount
of 5-32% to 1-16%, and on Friday at a discount of
5-32% to par.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull but steady. Bankers' sight
was $4.86%@$4.873 ;cable transfers $4.87@$4.8731.
A
On Monday,in quiet trading, sterling displayed firmness. The range was $4.87N@$4.875 for bankers'
/
sight and $4.871 @$4.87%. On Tuesday the market
4
continued extremely dull but the pound was firmer.
Bankers' sight was $4.883/@$4.88Y cable transfers
s
4
.;
4
$4•881 @$4.88/. On Wednesday the pound was
steady. The range was $4.883'@$4.89 for bankers'
sight and $4.88/@$4.891 for cable transfers. On
4
Thursday sterling was steady in dull trading. The
range was $4.87%@$4.881 for bankers' sight and
4
$4.88@$4.883 for cable transfers. On Friday sterA
ling was steady, the range was $4.87%@$4.883/
8
for bankers' sight and $4.877 @$4.884 for cable
4
transfers. Closing quotations on Friday were $4.88
for demand and $4.883/ for cable transfers. Commercial sight bills finished at $4.873 ; 60-day bills
4
at $4.873/; 90-day bills at $4.863; documents for
payment (60 days) at $4.87A, and seven-day grain
bills at $4.873
A Cotton and grain for payment
closed at $4•873 •
A
Continental and Other Foreign Exchange
RENCH francs are under pressure, with rates
far below the export point for gold from Paris
to New York. Banking circles are advised by their
European correspondents, and press dispatches from
the other side concur, that French and Belgian
officials found no encouragement in London in
recent conversations of an official character directed
toward international stabilization of currency. Despite vigorous efforts by the Flandin Government to
improve the French economy and the positive asser-
F
850
Financial Chronicle
tions reiterated by the officials of the Bank of France
that there will be no devaluation of the franc and
no inflation, it would seem that the situation is
causing diminished confidence. The Bank of France
endorses the Government's view that expensive longterm money is a serious obstacle to a reduction in
the cost of production and that the national credit
is undervalued. All technical conditions justify
lower rates which are prevented, the Bank says,
only by a deficiency in confidence.
Recent plans of the Government for establishing
rediscount facilities for holders of Government bills
seem to be encountering some opposition in the
Council of the Bank of France, although the resignation of M. Moret was forced and M. Jean Tannery
was elevated to the Governorship for the purpose
of creating such rediscount facilities. It is now well
established that M. Moret did not approve the
Government's plan for extensive rediscounting by
the Bank of the Treasury's short-term obligations,
and that he was sustained in this attitude by the
regents of the Bank, about two-thirds of whom are
chosen by the stockholders. The French budget is
badly unbalanced and the Treasury is in immediate
need of funds. Long-term bonds cannot be sold to
the public on a moderate interest basis. S'iort-term
financing has become difficult to accomplish in the
ordinary way (as in England) and consequently the
Treasury wants to tap the facilities of the Bank of
France by forcing it to rediscount these obligations.
The "Wall Street Journal" recently pointed out:
"The effect of this, if done on a large scale, would
be to set in motion a process which, during and
after the war, brought about the inflation which
smashed the mark to nothing and the franc to
almost nothing. Both the Bank of France and the
Reichsbank simply printed notes as the respective
treasuries needed the money. This the former
Governor of the French Bank (M. Moret) and the
regents insist must not happen again."
It is evident that the Council of the Bank of France
fears that M. Flandin's policy may lead the Bank
into the position of a permanent lender to the
Treasury. Such a fear arises from the doubts which
are expressed as to whether the Government's plan
for increasing the price of rentes and drawing hoarded
capital back into activity and starting a business
revival will succeed. The Government hopes that
the market conditions will be so much improved by
the late autumn that the Treasury bills can be
consolidated and various other long-term loans be
issued at cheap rates. It is generally believed that
the opposition of the regents of the Bank to the
Government's rediscounting plans will be overcome.
The current statement of the Bank of France shows
a decrease in gold holdings of 134,296,964 francs.
Total gold holdings on Feb. 1 stood at 81,879,707,304
francs, which compares with 76,860,453,361 francs
a year ago, and with 28,935,000,000 francs when the
unit was stabilized in June 1928. The Bank's ratio
is at the high figure of 80.56%, which compares with
79.10% a year ago and with legal requirement of
35%.
Italian lire continues to show weakness not only
in terms of the dollar but also in terms of the other
European gold units. It is known that the French
Bank has been aiding the Italian unit for some
months. Foreign exchange traders in New York
state that there is no special development abroad
Feb. 9 1935
which can account for the softness in the lira and in
the Belgian unit. The softness is not being accompanied by any signs of extensive pressure. The
total lire turnover in New York has been at abnormally low levels for some time.
There is no change in the German mark situation.
The quotations for the free mark are arbitrarily
established by the Reichsbank exchange control.
On the basis of a statement filed by the KonversionsKasse fur Deutsche Auslandsschulden (Conversion
Office for German Foreign Debts) with the Securities
and Exchange Commission at Washington, a reduction of approximately $114,280,000 has been made
in less than six months in the standstill obligations
outstanding. The standstill agreements cover certain defined classes of obligations held by American
and other non-German bankers or banking institutions and other creditors. Most of these obligations
are held by bankers and banking houses
The following table shows the relation of the
leading European currencies still on gold to the
United States dollar:
France (franc)
Belgium (belga)
Italy (1Ira)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
23.64
13.90
8.91
5.26
32.67
19.30
68.06
40.20
Range
This Week
6.544 to 6.57H
23.17 to 23.25
8.4234 to 8.47
32.14 to 32.26
67.17 to 67.38
The London check rate on Paris closed on Friday
at 74.30, against 74.27 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.563, against 6.56 on Friday of last
week; cable transfers at 6.56%, against 6.563j and
commercial sight bills at 6.54%, against 6.54. Antwerp belgas closed at 23.24 for bankers' sight bills
and at 23.25 for cable transfers, against 23.22 and
23.23. Final quotations for Berlin marks were 39.98
for bankers'sight bills and 39.99 for cable transfers, in
comparison with 39.98 and 39.99. Italian lire
closed at 8.46 for bankers' sight bills and at 8.47
for cable transfers, against 8.46 and 8.47. Austrian
schillings closed at 18.75, against 18.76; exchange
2
on Czechoslovakia at 4.163/, against 4.16; on Bucha;
2
2
rest at 1.003/, against 1.003/ on Poland at 18.82,
against 18.81 and on Finland at 2.153/2, against
4
2.163. Greek exchange closed at 0.927 for bankers'
for cable transfers, against
sight bills and at 0.933/i
0.923( and 0.93.
XCHANGE on the countries neutral during the
war presents no new features of importance from
recent weeks. The main features affecting the neutral
exchanges have been pointed out above in the resume
of sterling exchange. Holland guilders and Swiss
francs continue easy in terms of the dollar, ruling well
below new dollar parity. These currencies are also
easy in terms of French francs and the British pound.
Both these units are affected adversely by the recurrence of devaluation talk in the chief centers of
Holland and Switzerland. The Scandinavian currencies are relatively steady, as they move in close
relation with sterling exchange.
Bankers' sight on Amsterdam finished on Friday
at 67.29, against 67.31 on Friday of last week; cable
transfers at 67.30, against 67.32 and commercial sight
bills at 67.27, against 67.29. Swiss francs closed at
32.23 for checks and at 32.24 for cable transfers,
against 32.21 and 32.22. Copenhagen checks finished at 21.79 and cable transfers at 21.80, against
21.74 and 21.75. Checks on Sweden closed at 25.16
E
Volume 140
851
Financial Chronicle
and cable transfers at 25.17, against 25.11 and 25.12; different countries of the world.aWe give below a
while checks on Norway finished at 24.53 and cable record for the week just passed:
transfers at 24.54, against 24.47 and 24.48 Spanish FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
pesetas closed at 13.603/ for bankers' sight bills and
FEB. 2 1935 To FEB. 8 1935, INCLUSIVE
at 13.613/ for cable transfers, against 13.60 and 13.61.
Noon Buying ease for Cable Transfers in New York
Country and Monetary
Unit
Value in United Stales Money
Feb. 2
Feb. 4
Feb. 5
Feb. 6
Feb. 7 Feb. 8
XCHANGE on the South American countries is
EUROPE$
$
$
$
8
$
extremely inactive as trading in these units is Austrla,schilling
.187008* .187091* .187408* .187241* .187358* .187275*
Belgium. belga
.231665 .231776 .232303 .232088 .232246 .232150
more or less affected by the influences bearing upon Bulgaria, lev
.012125* .012375* .012750* .012500* .012500* .012500*
.041639
.041617 .041582
the major exchanges,-particularly sterling. Viewing Cseeboalovakia, krone .041546 .041539 .217866 .041617 .217938 .217800
Denmark. krone
.217446 .217591
.218100
England, pound
sterling
4.869750 4.872750 4.881666 4.884500 4.881416 4.877916
exchange from the longer range, however, the tenFinland, markka
021537 .021541 .021508 .021550 .021533 .021533
065508 .065520 .065672 .065616 .065662 .065635
dency of the unofficial or free markets in the South France.franc
Germany. reiclismark .399050 .398815 .399541 .399428 .399528 .399530
.009305 .009307
Greece, drachma_
.009290
American currencies is firmer and tending to expand. Holland. guilder ___. .009280 .671723 .009315 .009310 .673035 .672564
671735
.673171 .672546
Hungary,
.295500* .296370* .296750* .296250* .296500* .296500*
assur- Italy. lire pengo
A recent dispatch from Buenos Aires states that
.084497 .084283 .084276 .084375 .084478 .084483
Norway. krone
.244653 .244829 .245191 .245475 .245307 .245125
ance against currency inflation, increase in circula- Poland. zloty
187650 .187660 .188040 .187980 .187940 .187940
.044366 .044270 .044366 .044425 .044385 .044341
tion, and change in the physical volume of gold taken Portugal. escudo
Rumania.leu
.010000 .010005 .010005 .010030 .010025 .010025
135742 .135832 .136057 .135964 .136046 .136010
Spain, peseta
over from the Caja de Conversion by the proposed Sweden, krona
.251023 .251250 .251563 .251850 .251666 .251500
franc
.321400 .321592 .322207 .322046 .322132 .322175
central bank has been given by the Finance Minister. Switzerland,dinar
Yugoslavia,
.022600 .022500 .022662 .022658 .022535 .022662
ASIAArgentine gold stocks of 246,000,000 pesos (approxi- ChinaChefoo (yuan) dol'r .350416 .350000 .350833 .352500 .361250 .360000
mately $334,000,000), according to Finance Minister
1Iankow(yuan) dol'r .350833 .350416 .351250 .352916 .361666 .360416
Shanghal(yuan)dol'r .350468 .350156 .350625 .352187 .360312 .359843
Federico's outline, will be revalued at about the offiTientsin (yuan)dol'r .350833 .350416 .351250 .352916 .361668 .360416
Hongkong. dollar
.431718 .431093 .431406 .433281 .437187 .435781
.367706 .368006 .368715 .388812 .368468 .368281
cial rate of exchange, instead of at the free rate. The India. rupee
Japan. yen
.283390 .283275 .283710 .284075 .,83975 .284100
central bank bill now before Congress provides for Singapore (S. S.) dot' .570312 .570625 .570937 .572500 .572187 .570937
A USTRA LABIA
3.866250'3.861718'3.869687* 3.872812* .869375* 3.867187*
the bank to be set up for forty years, with an au- A ustralla, pound
New Zealand. pound_ 3.887083* 3.885000* 3.892968* 3.898250* 3.892812*3.890937*
AFRICA
thorized capital of 30,000,000 pesos, two-thirds to South Africa, pound 4.817500*4.821000* 4.831000* .833750'4.831000* 4.828000*
NORTH AMER.be subscribed at the outset, half by the Government Canada, dollar
.999036 .999375 .999713 .998579 .998593 .998645
.999200 .999200
.999150 .999200
all Cuba, peso (silver). .999200 .277500 .277500 .999200 .277500 .277500
without voting power and the balance pro rata to
Mexico, Peso
.277500
.277500
Newfoundland, dollar .996312 .996875 .997062 .996000 .996000 .996125
banks.
operating
SOUTH A M ER.
.324462* .324562* .325200* .325475 .324987* .324912.
Argentine paper pesos closed on Friday, official Argentina, peso
Brazil. milreis
.081175* .081175* .081175* .081625 .081325* .081275.
.050625* .050625* .050625* .050625* .050625* .050625.
quotations, at 325 for bankers' sight bills, against Chile, peso
%
Uruguay, peso
.796500* .796650* .796650* .797250* .797500* .79750(P
Colombia. Peso
625000* .625000*
%
325 on Friday of last week; cable transfers at 32%, •Nominal rates: firm rates not available .625000* .617300* .609800* .602400.
against 32%. The unofficial or free market close
Gold Bullion in European Banks
4
was 253 , against 253/2. Brazilian milreis, official
HE following table indicates the amount of gold
rates, are 8.13 for bankers' sight bills and 83's for
bullion (converted into pounds sterling at par
cable transfers, against 8.11 and 834.. The unofficial or free market close was 63 , against 63 . of exchange) in the principal European banks as of
4
4
Chilean exchange is nominally quoted on the new Feb. 7 1935, together with comparisons as of the
basis at 5.20, against 5.20. Peru is nominal at 23.50, corresponding dates in the previous four years:
against 23.55.
1934
1933
1932
1931
Banks of1935
T
XCHANGE on the Far Eastern countries pre.L4 sents no new features from those of the past
week. The Japanese yen fluctuates with sterling
exchange, with which the Bank of Japan control conforms. Tokio dispatches on Thursday stated that
Finance Minister Korekiyo Takahashi informed the
Diet that the time is not ripe for Japan's return to the
gold standard. He also said that it is not advisable at
present to urge Manchoukuo to establish gold as the
basis of its currency, now maintained on the silver
standard. The Chinese situation continues tense
owing to the great depletion which has taken place
inIthe Shanghai silver stocks, which have been reduced 42% since last June. United Press dispatches
stated that last week interest rates in Shanghai had
risen to as high as 32%, as the demand for silver
continued to run ahead of the supply.
Closing quotations for yen checks yesterday were
28.47, against 28.38 on Friday of last week. Hong
Kong closed at 44, against 43%@43 13-16; Shanghai
A
at 3634@36 5-16, against 35/@351 ; Manila at
49.95, against 49.95; Singapore at 5732, against 57 8;
Bombay at 36.98, against 36.90 and Calcutta at
36.98, against 36.90.
Foreign Exchange Rates
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
URSUANT
P
England.._
France a._ _
Germany b.
Spain__ .. _
Italy
Netherlands
Nat. Blg'm
Switzerland
Sweden..
Denmark_ _
Norway
£
193,022,108
655,038,218
2,928,900
90,714,000
62,731,000
67.960,000
72,860,000
69,112,000
15,953,000
7,395,000
6,852,000
£
£
£
£
191,787,025 127.934.341 121,293.948 141.247,159
614,883,627 655.151,335 580,504,663 445,056.591
16,192,500
39.208,600
42,223,450 101.822,800
90,462,000
90,349,000 89.932,000
96,804,000
76.666,000
63,095,000
60,854.000
57.297.000
76,603,000
86,045,000
72.728,000
36,341,000
78,433,000
39,321,000
74.427.000
72,408,000
67,518,000
88,965,000
61,998,000
25.748,000
14.545,000
11,439,000
11,436,000 13,365,000
7,398,000
7.397.000
8,160,000
9.552,000
6,574.000
8,015,000
6.559,000
8.134,000
Total week 1,244,566,226 1,241,062,152 1,252,096,276 1,128,097,061
Prey. week_ 1.245.913.725 1.242.527_924 1.253.595.43R 1.120.749.670
974.488,550
973 515 22e
a These are the gold holdings of the Bank of France as reported in the new form
of statemen . 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 Drive for a Planned Economy
Those who still affect to believe that the Administration,in spite of its apparent radicalism,is in fact
veering toward the conservative Right, and that the
grip of Federal domination is gradually being relaxed, would do well to scrutinize the report of the
Business Advisory and Planning Council of the Department of Commerce which was made public last
Sunday. Overshadowed at the moment by the proposed changes in the banking laws, the campaign
against utilities and holding companies, and the controversy between the President and the American
Federation of Labor over the automobile industry,
the proposals contained in the report have aroused
far less discussion than their importance deserves. As
a matter of fact, the proposals are among the most
extraordinary that have lately been put forward
by any department of the Government, and their
effect, if they were carried out, would be in the fullest sense revolutionary.
852
Financial Chronicle
What is proposed is a long step toward what, if
the process were carried to its logical conclusion,
would be a widespread decentralization and redistribution of American industries. "We find," so the
report states, "that the population is now being
and should be further decentralized, but that industry is not being decentralized.to keep pace with the
population." Population, in other words, is moving,
as the Council thinks it should, into rural communities where, in the absence of industries, "there is no
cash income provided . . . except Government relief money." It is accordingly proposed to extend
Government aid to such industries.as "can operate
more advantageously in rural districts than in
crowded metropolitan centers." "There is a type
of industry," the report continues, "which by reason
of its seasonal production cannot furnish steady employment to its workers. Such an industry is a liability to a congested area, as it upsets the labor
market during its peak periods and creates unemployment during its slack seasons. It is our proposal that a department be set up to select and encourage the relocation of such industries as would
contribute to the welfare of these communities, and
that a revolving fund be made available to this department to be used when necessary as loans to these
industries to defray the cost,of moving and insure
their success in getting started in their new location."
The initial fund which the report recommends is
$2,500,000, an amount which, while it "would not
adequately meet all the demands placed upon it,"
would nevertheless be "sufficiently large to start and
maintain the project for one year." The administration of the plan contemplates the establishment
of "a satisfactory credit rating . . . through prescribed procedure, taking into consideration the
advantages of a rural community to the manufacturer," and a loan based "on the number of workers
employed, as the loan would not be greater than
the actual monthly payroll for a limited number of
months plus the actual cost of moving. A ratio limit
between cost of moving and monthly payroll could
be established to avoid investing too much of the
capital in anything except labor wages." As necessary preliminaries to the extension of Treasury aid,
the department would choose the communities which
needed an industrial payroll to ease the burden of
unemployment relief, pick out the proper industry
to be located, and build the kind of low-cost factory
required, the factory to be rented to the industry.
Secretary Roper, who made public the report without, apparently, giving it his official endorsement,
was reported by the Washington correspondent of
the New York "Times" as warning against "haphazard action," and as opposing anything that might
be "harmful to property owners and general business
in cities.""To a considerable extent," he was reported
as saying in substance,"rural rehabilitation through
decentralization of industry could best be effected
by the establishment of branch establishments in
isolated communities." One naturally asks why, if
he had such substantial reservations in mind, Secretary Roper allowed the report to be published.
From every point of view the proposals of the Business Advisory and Planning Council are objectionable. In the absence of a detailed census enumeration, the assumption that there is any movement of
population from large centers to rural communities
of sufficient magnitude to constitute an industrial
Feb. 9 1935
problem may well be questioned. If by a "rural"
community is meant a place with not more than
2,500 inhabitants, as the Federal census defines the
term, it may also be doubted whether the burden of
unemployment relief, which ostensibly is one of the
main reasons for the Council's plan, is relatively
anywhere near as great in such places as it is in
larger communities, particularly industrial centers.
The proposal to lighten this burden, whether disproportionately heavy or not, by transplanting seasonal or other industries to these small places is
peculiarly unconvincing. To the extent that the
industry is a skilled one it cannot be expected to
give employment to many local workers, because few
of them will have the necessary skill, while if skilled
workers are brought in from outside the number of
local unemployed will not be cut down. Few rural
communities have houses for much more than their
present population, and while the plan contemplates
a loan to build a factory and move the plant, workers
who come with the plant appear not to be provided
for. If, moreover, the industry which is transplanted
is a seasonal one, it will be no less seasonal in the
new location than in the old, and the same disturbance of the labor market which the Council points to
in "congested" areas, with active employment at
peak periods and unemployment at slack times, will
be repeated, and on the same scale as far as the
industry itself is concerned.
Superficially, at least, the plan somewhat resembles the subsistence homestead scheme on which
the Government is already spending some millions
of the taxpayers' money, with the prospect of many
millions more to come. Both projects represent a
systematic attack upon American industry, particularly in its larger forms, to force it to decentralize.
The reasons which have led to the centralization of
industry are many. Nearness to markets or supplies
of raw materials, transportation facilities, capital
requirements for elaborate and expensive installations of equipment, taxes, wages and other costs of
operation—all these factors, and others, have
entered into the problem. Broadly speaking, industry has centralized because it was more profitable
to do so, and because centralization favored mass
production at relatively low cost. The demand for
decentralization aims to replace centralized production at low cost, to an extent which the plan does not
determine, with small production units, many of
which will operate at increased cost unless wages
are cut to the bone, in the expectation that unemployment in small communities now non-industrial
will thereby be reduced and congested metropolitan
areas thinned out. We regard that expectation as
wholly illusory. Industry will decentralize of its
own accord whenever and wherever it finds it profitable to do so, as the thousands of small communities which already have local industries or branches
of larger ones testify. It will not willingly scatter
its plants over other rural areas merely in order
that such areas may have a larger cash income at
the cost of additional industrial debt in the form
of Government loans.
This is not the whole .story, however. Save for
unimportant exceptions here or there, in the aggregate of no appreciable consequence, such decentralization as the Council's report contemplates will not
be accomplished except under Government pressure,
amounting virtually to compulsion. What the plan
points to, accordingly, is a further and far-reaching
Volume 140
Financial Chronicle
control of industry by the Federal Government. In
this respect the plan is wholly of a piece with the
other extensions of Government authority over industry and business which have marked the course
of the Roosevelt Administration. The industrial
and business codes, ostensibly intended to root out
unfair practices and give the smaller employers an
equitable chance in competition with larger ones,
have gripped industry and trade at almost every
point, and the system is apparently to be continued
for another two years with changes which, if they are
correctly forecast, will leave the Government, and
specifically the President, essentially in control.
Direct Government competition with private industry, from the large operations of the Tennessee Valley Authority and other similar undertakings to
small local factories which make work for the unemployed, is multiplying, and a further gigantic continuance of work relief is scheduled for approval by
Congress at the President's demand. A systematic
campaign is being waged against public utility companies, with Federal grants in aid of the construction of municipal plants, holding companies have
been marked for early dissolution, the railroads are
helpless in Government hands, and the last remaining vestiges of independent banking seem destined
soon to disappear with complete Treasury administration substituted. It would need no great development of the plan which the Department of Commerce
officials have drawn up to give the Government the
authority to decentralize any industry at discretion
and allocate its operations wherever, in its judgment, a community might conceivably benefit by
having them performed.
It is difficult to see in all this even a remote indication of a "turn to the Right." A scrutiny of the
Administration policy from the beginning fails to
show any yielding at any important point. There
have been concessions in minor details, and a variety
of readjustments to correct defects in the machinery,
but principles have not been surrendered or even
materially modified. What we are witnessing is a
persistent, and on the whole consistent, drive toward
a planned national economy in all the leading departments of our national economic life, with significant bearings upon social life as well. Instead of
free development we now have regimentation; instead of a national advance through the education
born of experience in competitive struggle, we have
a program thrust upon us. It would be encouraging
to be able to think that the signs of dissent and resistance which have lately appeared in Congress
over the relief bill and other measures presaged an
effective reassertion by Congress of its legislative
independence, but we cannot yet be sure that opposition in committees will be followed by equal opposition in the Senate or House of Representatives. It is
of the nature of plans that they grow with what they
feed upon, and the prospect seems to be for more
regimentation rather than for less.
The Anglo-French Proposals and the
European Outlook
The United States has an interest, albeit a minor
and indirect one, in the agreement and proposals
which representatives of the British and French
Governments drafted at London on Feb. 2. In the
separate treaty of peace which it concluded with
Germany in 1921, the United States reserved to it-
•
853
self the benefits of certain designated parts of the
Treaty of Versailles, among them Part V,relating to
German armament, which the London agreement
proposes to replace with other more general provisions. The question of German armament, however, is one with which the United States has never
concerned itself, and it has already been intimated
semi-officially at Washington that no objection
would be made by the American Government to such
changes in the Versailles treaty as have now been
suggested. With this unimportant exception, and
save as the London.proposals may affect the peace
of Europe and the world, the program that has been
outlined does not directly affect this country.
The acclaim with which the agreement was at
first welcomed as a kind of harbinger of European
peace has been appreciably tempered as the document itself has been more carefully studied. After
throwing an undeserved sop to the League of Nations for "the particularly important part" it has
played "in recent settlements of certain international problems," the London statement expresses
the satisfaction of the British Government with the
Italo-French agreement recently concluded at Rome,
and associates Great Britain with Italy and France
in the consultations which are to take place "if the
independence or integrity of Austria is menaced."
The signers of the statement further agree "that
neither Germany nor any other Power whose armaments have been defined by the peace treaties is
entitled by unilateral action to modify these obligations," but they also agree that "nothing could contribute more to the restoration of confidence and
the prospects of peace among nations than a general
settlement freely negotiated between Germany and
the other Powers."
This settlement, it is stated, should provide for
"the organization of security" by pacts of mutual
assistance affecting Eastern and Central Europe,
and, "in conformity with the terms of the declaration of Dec. 11, 1932, regarding equality of rights
in a system of security," should establish armament
agreements "which in the case of Germany would
replace the provisions of Part V of the Treaty of
Versailles." As a part of the settlement, Germany
must "resume her place in the League of Nations
with a view to active membership." In these various
proposals it is hoped that all other Powers concerned may agree. Finally,it is "suggested" that consideration be given to a regional agreement, to include Germany, Italy and Belgium as well as Great
Britain and France, for mutual assistance in the
event of "unprovoked aerial aggression by one of
the contracting parties," and an implication is given
that such assistance will be immediately rendered
by Great Britain and France, the one to the other,
in case of an air attack by either of the other Powers.
The agreement appears to have raised more questions than it has answered. In spite of the assertion
that the armament limitations imposed by the peace
treaties cannot be changed by unilateral action, the
agreement obviously recognizes the fact that Germany has disregarded them by increasing its armament, and that Part V of the Versailles treaty must
now be replaced by different provisions. It reaffirms an earlier declaration regarding equality of
rights in the matter of security, but the revision of
Part V is offered only on condition that Germany
agree to a general settlement of the armament question and go back into the League. This means that
854
Financial Chronicle
Germany must re-enter not only the League but the
Disarmament Conference, both of which it left because equality of treatment was, in its judgment,
denied. The overwhelming victory which Chancellor
Hitler won in the general election shortly after Germany's withdrawal suggests that Germany's attitude
at those points may not easily be changed.
The air proposals, again, while they appear to
create some general understanding between Great
Britain and France regarding mutual assistance,
depend for their effectiveness upon acceptance by
Italy, Belgium and Germany. Incidentally, they
also recognize by implication that Germany has an
important air force. The attitude of the Italian
Government is not yet officially known, but it is reported that Italy is not interested in the proposed
air alliance, its geographical position making aid
froln Great Britain or Belgium very unlikely, and
the recent agreement regarding Austria protecting
it from attack from Germany. Further, in spite of
the approving reference to pacts of mutual security
affecting Eastern Europe, British opinion is reported as invincibly opposed to any British commitments in that part of the Continent. The question
is also being asked whether, if Germany is allowed
to make good its escape from the armament restrictions of the Treaty of Versailles, Hungary, Rumania
and Bulgaria may not also demand release from
similar restrictions in the peace treaties which applied to them. On this point the Little Entente, and
specifically 'Czechoslovakia, are likely to be heard
from before the proposal is finally acted upon.
The most substantial merit, apparently, of the
London Agreement, aside from the friendly tone
in which it is couched, is that it makes another wide
breach in the Versailles treaty and formally invites
German co-operation in a settlement which, it is
hoped, would make for peace. In other respects it
does little more than thresh over old straw. It
proposes a five-Power pact of mutual assistance in
air defense, notwithstanding that the Locarno Pact
fully covers the matter of possible aggression among
the same Powers, and it reasserts equality of rights
in security while in the same breath it prescribes
conditions under which general security is to be furthered by Germany. It has, in short, some of the
characteristics of an ultimatum as well as of a
friendly suggestion of a joint program. Such as it is,
however, it puts the issue pretty squarely before
Germany, and one can readily understand why
Chancellor Hitler, confronted with propositions
which involve concessions to Germany as well as a
radical change in German foreign policy, should be
devoting all his time to consideration of his reply.
The President's Banking Proposals
[By H. PARKER WILLIS, former Secretary Federal Reserve Board]
In sending Congress a bill, definitely accepted as
an Administration measure, and in urging the early
enactment of it, President Roosevelt has, for the
first time, pretty definitely laid before the country
his conceptions of legislation on this important subject. Ever since the beginning of this Administration we have had intimations, hints and suggestions
that it was going to do something very extensive in
the way of reforming our banking statutes. The
Banking Act of 1932 was allowed to go to the statute
book, although after considerable doubt and after
encountering many obstacles, without the definite
Feb. 9 1935
support of the present Administration; but it was
widely rumored that something of a very different
and more far-reaching type would make its appearance. The radical and incompetent statutes on
banking adopted during the year 1933 were generally
disregarded by our people on the ground that they
were what they were proposed to be—emergency
remedies, hence not to be permanently reckoned with.
When the Act of Jan. 30 1934 made its appearance,
it was the impression of many people that we now
had reached a definite expression of the wishes of
our Government in regard to banking and currency
changes. The partial assumption of central banking
functions by the Treasury of the United States,
provided for in the Act of 1934, was defended or
apologized for on the ground that it, too, had an
element of emergency; it was a way of putting into
effect a new and great experiment in money. If the
changes thus implied in banking were necessary to
help the nation out of its embarrassments, many
persons were willing to accept them.
But during the summer of 1934 it became evident
that we were far from having reached the end of
the "New Deal" philosophy on banking and currency. Not only was a central banking plan widely
rumored, but in the early autumn, conferences of
examiners were called at which the notion was put
forward that slow loans at banks were to be freely
tolerated, while industrial loans by Reserve banks
were pressed and the Reserve banks themselves
had been urged then and earlier to buy long-term
Government bonds. Still later came the Treasury
"Report on the availability of bank credit," in
which was presented the thought that the idea of
"liquidity" was practically obsolete, and that it
might well be abandoned.
All of this should have served as ample notice to
the instructed, but did not do so. The bankers were
led to suppose that the "truce" which was supposed
to have been effected between themselves and the
administration would practically debar any further
legislation from taking place—a view in which they
were confirmed by the utterances of Senator Fletcher,
and others, although they should have had ample
warning to the contrary through the banking questionnaire which Mr. Fletcher himself issued during
the autumn. Now comes the definite disclosure of
what is sought by the administration at Washington.
It is a government-operated central bank. Although
the measure does not call for the acquisition of the
stock in Federal Reserve banks, it might quite as
well do so; however, the present method is far
cheaper than the plan originally contemplated would
have been. The present proposal is the fusing of all
central banking powers in the hands of the Federal
Reserve Board at Washington, and of making the
Board itself the direct executor of the will of the
President of the United States. The Board, it is
understood, is to have a million dollar marble palace
in Washington, with all of the equipment, shower
baths and the like, that go with legislative activity
in this new day; while the Reserve banks are to be
left in full undisputed control of their present costly
buildings and equipment. The power, however, of
banking direction and of the distribution of credit is
located in the White House, by a system especially
devised for that purpose. This brings out into the
open the long-festering controversy between centralization and local self-government in finance. It is
•
Volume 140
a controversy which was supposed to have been given
a tentative settlement at the time the Reserve Act
was adopted, but the passage of that measure has
proven to be nothing more than a temporary step
in this ever-changing debate. We now have definitely before the country the question, whether one
who happens to be President of the United States
shall at any given time be able to change, direct,
supervise, and control, the volume and character of
the credit of the country, the rates of interest that
are charged by financial institutions and, above all
else, the degree of safety which may be allowed to
the savings and the property of the people.
Idea of Federal Reserve Act
In order to understand the bill which is now proposed by the government, it is necessary to review,
briefly, the ideas underlying the Federal Reserve Act.
The conception of the Act rested upon the view that
it is desirable to maintain among the banks of the
country the power to liquidate—that is to say, to
pay off depositors, upon demand; and generally, to
maintain the credit of the country in a convertible
condition. To that end the Reserve banks were
vested with the function of discounting short-term
commercial paper and of holding required reserves
representing the funds of various member banks
available for settlement of their obligations. Reserve
banks were, moreover, given the power to go out
into the open market and buy short-term liquid paper,
in order to enable them to serve those elements in the
community who had no access to the Reserve banks,
since the only depositors of the latter were permitted
to be member banks. This great power of keeping
the banks of the country liquid and solvent, of
assisting them in case of difficulty, and of controhing
the flow of credit in such a way as to make it at all
times equally available to business and commerce
was thought of as being best handled and most safely
protected by.the bankers of the country themselves.
The Reserve banks were, therefore, made corporations, whose stockholders were banks; and in the
original draft of the Federal Reserve bill it was proposed to give the Reserve banks themselves a controlling place on the Federal Reserve Board, so that
the whole system would have been a self-governing
banking agency.
Political considerations led President Woodrow
Wilson to change this composition of the Board,
making it an all-government group of politicians.
Under this fundamental error there has grown up
from time to time, and of late years more or less continuously, a political menace to the safety of our
deposits and to the structure of our credit. During
the World War the entire Federal Reserve system
was used as a means of floating Liberty Bonds. There
was a change after the war but it did not last long,
and the practice of directing and controlling the discount rate and the general policies of the System as
the sale of Treasury notes required became settled.
Since the opening of the depression and the advent
of large government deficits, the continuous use of
the banks as agencies for holding government bonds
has steadily grown and; to-day, the principal assets
of the banks are evidences of government debt. With
the Federal Reserve Board constantly subordinated
to the Treasury Department, and with its membership steadily chosen for political reasons, it has never
been able fully to carry out the purposes of the
Federal Reserve Act itself. The provision of the
855
Financial Chronicle
original act which required two of the appointive
members to be men of tested banking experience was
soon repealed, but the Board has always contrived
to maintain some element of competence. Although
never willing to offer a determined frontal resistance,
the nucleus of it has been steadily against the process of debauching of its membership, which has
continued through several administrations, or the
filling of the System with frozen obligations. It has
endeavored to maintain the conception of the Federal
Reserve System as a modern central banking organization,devoted to the original aims which were stated
in the Federal Reserve Act. Although appointed by
the President of the United States, it has, during
much of its history, continued to regard itself as, in a
certain sense at least, an independent body,approximating the status of that "Supreme Court of Finance" which was thought of originally by supporters
of the Federal Reserve Act. It has, without doubt,
steadily resisted the effort to give appointments to
politicians or to make loans designed to placate given
classes in the community. To these facts must be
ascribed such hold as the System has succeeded in
retaining over the financial community of the United
States.
Purpose of New Act
The purpose of the new Act is quite different.
First of all, it undertakes to change completely the
basis upon which our banking system rests. It
permits every National bank to make real estate
loans up to the total of its capital and surplus over
and above the value of its banking premises. The
loans may run as high as 75% of the value of the
real estate, provided that an amortization requirement is applied. Bank examiners have been instructed not to discriminate severely against slow
assets; while, as is well known, many of the banks—
even among those which are already insured—are
the proprietors of large bodies of depreciated securities. With this as a background, the new bill
undertakes to make all of the holdings of the members
the basis for paper rediscountable at the Reserve
banks, provided that "any sound asset" of a member
bank may be admissible as a basis for borrowing.
The Reserve Board being already the judge of
"soundness," there are evidently no further restrictions upon the process of rediscounting. At
the same time, the Federal Reserve Board is given
the authority to raise or lower the Reserve requirements exacted of member banks, as it may see fit.
The bill assigns as a reason for this provision the
desire "to prevent injurious credit expansion or
contraction," but there has never been a time in
the whole history of the Federal Reserve System
when contraction was forced in this way, and it is
safe to say there probably never will be. In short,
therefore, the new bill is essentially a measure for
freezing the assets of member banks, admitting them
freely to discount at Reserve banks, and shifting
reserve requirements to meet the resulting situation
—whatever it may be.
Controlling the Reserve Banks
It has often happened, in the history of the
Reserve Banking System, that in spite of lax regulations or even pressure from Washington, local
Reserve banks have refused to manipulate rates of
discount, to establish "cheap money" or to admit
paper which they knew to be hazardous, when the
banking conditions within the district were risky.
856
Financial Chronicle
Feb. 9 1935
To leave such power of regulation in the hands of for the appointment of Mr. Eccles as Governor and
a Reserve bank which might prove recalcitrant would, at the same time as representative of the Pacific
of course, open the door to the possibility that the Coast, where the latter's residence originally was.
Under the new bill it is planned to have the present
"free credit," provided for through the relaxation
of reserves and the undermining of the eligibility six appointive members geographically distributed as
requirements, would not be available. Accordingly, before, but whenever the President designates one of
it is thought best to reorganize the entire Reserve the members as governor, the member so appointed
banking structure itself. The directing body of serves until he is removed as governor, and when that
each Reserve bank now consists of nine directors, happens he automatically closes his term as a member
three of whom are appointed by the Government— of the Board. The governor when appointed serves
one of the members to be Chairman, while the general "until the further order of the President" and, of
body of directors selects their own chief executive course, in the event of his discontinuance as governor,
officer called "Governor" and commit to him the the President would be able to substitute a new
actual operation of the bank itself. Under the governor of his own selection from outside the Board.
new plan, the nine directors would still be retained, As the President already has two political appointees
but of the Government-directors named by the on the Board, he would thus be able at all times to
Federal Reserve Board, one so named would now make sure of a third; and,as the history of the Board
be Governor—the office of Chairman and Governor has shown, would invariably be able thus to carry
being combined. This Governor would still nomi- any policy he might desire should the Board, as in
nally be chosen by the local directors, but his am rare cases it has been, be somewhat recalcitrant. So
pointment would be subject to confirmation by the far as the Board,is concerned, provision for early
Reserve Board. It has always been true that the reorganizing it is made through a new policy, which
Reserve Board could eliminate an undesirable permits present members to retire on full pay upon
Governor, and it has sometimes done so, but this reaching the age of 70. As there are three members
power has been the result of "moral suasion" and who have reached or will shortly attain that age, it
influence exerted in the case of obviously undesirable may be expected that within less than two years the
officers. The new proposal quite definitely changes complete reorganization of the Board will be effected.
this status, makes the Governor directly responsible The new act provides that in making these new
to the Reserve Board, consolidates his powers with appointments the choice shall fall upon persons who
those of Chairman and places him in a position of are "well qualified by education or experience, or
complete dependence upon the Board, since he is both, to participate in the formulat on of the national
chosen annually and is removable at any time economic and monetary policies." This brief dewithout notice. Whenever his term ends, either at scription of the outstanding changes in Board organthe close of the year or through his removal as ization proposed in the new law makes it clear that
Governor, he automatically ceases to be a director. when the new marble million dollar palace proposed
Put in a nutshell, this simply means that the idea for the new organization is completed, its inhabitants
of a local self-governing board is to be superseded by will be a group of financial dependents who will of
that of an advisory local board, operating the de- necessity do as they are told by the President of the
tailed administrative machinery of a bank which United States. The governor of the Board will more
is actually controlled and directed by a person am and more become the complete and despotic head of
pointed from Washington and removable on orders the whole System.
from that place. The Reserve bank must and will,
The Note Currency
in such circumstances, become wholly subservient
One phase of the new measure that has attracted
to the wishes of those who name its Governor. It / most attention up to date is the way in which it deals
will be a local financial despotism,since the Governor with the Federal Reserve notes. The first draft of
will in no wise be responsible for his appointment, the Federal Reserve bill 22 years ago called for a
duties, powers, or make his reports to the bank genuine bank note currency like that which is issued
itself.
by most of the European central banks. Then, as a
Changing the Status of the Board
matter of expediency, democratic politicians were perThe Federal Reserve Board was originally a body mitted to make the notes a liability of the Treasury
consisting of five appointive and two ex-officio Department which guaranteed them, and in order to
members (Secretary of the Treasury and the Comp- protect the government against this guarantee it was
troller of the Currency), with a Governor (chosen agreed to place assets in trust behind the notes. Such
from among the appointive members) who held assets were made to consist of short-term commercial
office upon his designation by the President. At paper, it being the belief of the originators of the Act
the end of his term of office he resumed his status that bank currency should expand and contract
as a member, and since the membership of the according as business expanded and contracted. This
Board had to be geographically distributed, the phase of the Federal Reserve Act was never given a
power of the President in designating governors was trial, for almost immediately the outbreak of the
limited to the existing membership of the Board, World War led to modifications which permitted the
though at times he succeeded in enlarging the scope placing of bond-secured paper and, eventually,
of his choice by inducing members to resign and government bonds behind the notes, so that in effect
then naming his own candidate for the governorship. they have been almost as truly bond-secured notes
An example of this sort was furnished, a few months as were the national bank notes themselves. They
ago, when President Roosevelt shifted Mr. A. C. have often been very large in amount, and at other
Miller from his position as a representative of the times they have considerably shrunk, but this
Twelfth District to a basis as representative of the element of elasticity has never been due to the
R,ichmond District, on the ground that he was then changes in business which had theoretically been
a resident of Washington. He thus opened the way regarded as the true measure of outstanding cur-
•
Volume 140
Financial Chronicle
rency. Now, it is proposed to sweep away all of the
protection behind the notes and to make them straight
unsecured obligations of the Reserve banks. This
they in effect really are and should be, since they are
in theory no different from the deposit credits on the
books of the banks. Unfortunately they remain also
government legal tender motes with Reserve banks
the holders of two and a half billion dollars of govern
ment bonds, their chief current business consistin f
government bonds, and now making industrial loans
and authorized to discount "any sound asset" of a
member bank, the whole conception of liquid currency disappears, and the reserve notes become
confessedly, as they have in fact been—low-denomination obligations of the government without interest.
The failure to apply the Federal Reserve Act in
actual practice in its note sections has been one of the
great failures of the management of the System and
one of the fundamental reasons why it has been so
disappointing in its operation. The new actk undertakes to aggravate this situation and to stereotype it.
Our bank notes in the future,are to be nothing more
than representatives of the assets of the rank and file
of the banks,—no better, no worse; and as for
eventual redeemability—the 40% "reserve" to be
held behind them consisting, under the Act of
Jan. 30 1934, of irredeemable gold certificates, while
gold itself has a value determined by the Secretary
of the Treasury, and by him only, since upon him
devolves the responsibility of fixing the price at which
gold coin and bullion is to be purchased when imported.
. Under the new banking act we shall have neither•
a sound and elastic, nor a redeemable, currency.
Real and Theoretic Changes
The new banking act, happily, is receiving a good
deal of attention from our bankers, although much of
what they have to say is not uttered except in private.
A certain group of them undoubtedly feels that, whatever may be thought of the new provisions, they do
not, at any rate, very greatly change what has come
to be regarded by them as actual practice. They
know that, of late years, the Treasury Department
has controlled the Reserve Board, and that the Board
itself has been hopelessly impotent. They are aware
that the Reserve banks have been anything but exponents of sound central banking. They know that
the Reserve notes have been furthest removed from
the status of sound credit currency. There are undoubtedly many of them who are inclined to say:
Why worry about a statute which, in many particulars, merely confirms what has already become
accepted practice. It is this type of attitude which
most positively illustrates the evils of the kind of
management we have had in Reserve banking for
these many years past. A bad practice becomes
settled and then it is recognized and finally enacted
into law. However, it is not true that, even of recent
years, our Reserve System has been run upon the low
political level which is now proposed under the new
legislation. It has had many reservations and some
loyalties. The new act sweeps these into the discard.
It confirms the worst practice at Reserve banks, add
to it and carries it to the 'nth degree of power. It
confirms the idea of political banking and of the
subservience of banking to special interests—the
promotion of uneconomic ends by the use of the
people's funds to sustain them. The nation faces
857
to-day the gravest of financial danger, and the
proposed new act definitely deprives it of any possibility of re-erecting the bulwarks which had been
provided for the protection of the small savers and
prope ty owners of the country at large.
dministration's Banking Act of 1935—
The Issue Is Drawn
[Editorial from New York "Herald Tribune" of Feb. 6 19351
When that far-reaching piece of legislation, the Gold
Reserve Act of 1934, was jammed through a bewildered
Congress last year, the country was informed that it represented a "modernization" of the gold standard—"the adoption," as Secretary Morgenthau gayly put it, of a "1934
model, streamlined, and with knee-action." Now Mr. Morgenthau and Governor Eccles of the Reserve Board, after
several weeks of cogitation, have brought forth a companion piece which they call the Banking Act of 1935. This
measure, we are told, represents a similar "modernization"
of the banking system.
The plain truth of the matter is that these twin pieces
of legislation—the one already in the statute books and the
other about to be introduced in Congress—will "modernize"
our currency and banking system in precisely the same
manner and to precisely the same extent that two very large
charges of dynamite would "modernize" a rather old and
flimsy wooden building. If the first charge, set off a year
ago, has not wrecked the banking system, then the one
which it is now proposed to touch off should make its
destruction complete.
To talk as if the legislation now proposed represented a
genuine and sincere attempt to improve the country's banking system is sheer hypocricy. What this bill will do if it
becomes law, as its sponsors very well understand, will be
to complete the work begun with the Gold Reserve Act of'
1934 of bringing the banks under complete control of the
Administration-dominated Treasury and Federal Reserve
Board. It will mark the end of the independent banking
system so laboriously and painstakingly established more
than 20 years ago and the degeneration of the Federal
Reserve into an agency of the Treasury. It will place at
the disposal of Mr. Parley's colossal political machine the
entire machinery of banking and currency of the United
States.
The mechanism of the proposed bill provides, broadly,
for two things. It provides, first, for transferring the most
important powers still remaining with the Reserve banks to
the Presidentially-appointed Federal Reserve Board at
Washington, and it provides, second, for assuring that the
membership of that Board is representative of the Administration's financial policies.
The first of these objectives it would achieve by establishing Federal Reserve veto poser over the actions of the
Governors of the regional banks, and by transferring final
authority to the Board on the three fundamental powers
of credit control—control of the rediscount rate, open market operations, and establishment of eligibility requirements
for rediscount. Assurance that the Board will be plastic to
the wishes of the Administration would be achieved by a
device which is not more than a degree removed from recent
proposals to "pack" the Supreme Court. This is a subtle
provision that members of the Board be retired at the age
of 70. One member is already past that age limit, and two
others will have passed it within a few months. This
means that the Administration would have at its disposal
the appointment of one-half the six appointive members of
the Board during this period, while it will also have on the
Board, as an ex-officio member, the Secretary of the
Treasury.
Whether this country does or does not want a politically
controlled central bank may be open to argument. But at
least it is entitled to a showdown on the issue. It would be
unfortunate to adopt such a system with our eyes open,
but it would be doubly unfortunate to have it put over on
us without realizing it. For that reason it is tremendously
Important that every one understand now, as this lecislation
Is being introduced, that that is precisely what it calls for.
The day after this bill became law the Government could
buy the stock of the regional banks outricht and it would
not add one iota to its complete control of the banking
machinery.
858
Feb. 9 1935
Financial Chronicle
The New Capital Flotations in the United States During the Month of
January
In presenting our compilations of the new financing
done during the opening month of the new year there is
nothing to be said beyond repeating the comment made
with reference to preceding months, namely, that the volume
of new flotations continues extremely meager. The grand
total of new issues brought out in January was no more than
$140,851,689, and this included an offering of $36,000,000
Federal Intermediate Credit banks 13/% collateral trust
debentures. The municipal disposals amounted to $96,492,689, while corporate issues aggregated only $7,726,000.
Conditions for bringing out private issues of securities continued unfavorable throughout January because of the gold
clause situation and because business executives, underwriters and others continue reluctant to undertake important
new underwriting commitments in view of the liabilities
still imposed by the Securities Act. The total of the new
issues of all descriptions brought out in January at $140,851,689 compares with $186,126,709 put out in December
and $141,852,301 floated in November. Of the $140,851,689 grand total of financing during January, $48,754,776
represented refunding operations, that is, to take up or
replace old issues outstanding, leaving the strictly new
capital demand at $92,096,913.
United States Government issues, of course, appeared in
the usual order during January and consisted entirely of
offerings of new Treasury bills sold on a discount basis. In
view of the importance and magnitude of United States
Treasury issues, we furnish below a summary of the new
offerings floated during the month.
New Treasury Financing During the Month of January 1935
An offering of $75,000,000 or thereabouts of 182-day
Treasury bills was announced by Secretary of the Treasury
Morgenthau OD Dec. 25. The bills, however, were dated
Jan. 2 1935 and will mature July 3 1935, and hence form
part of the Government's financing for the month of January. Tenders to the offering amounted to $214,130,000,
of which $75,150,000 was accepted. The average price for
the bills was 99.949, the average rate on a discount basis
being 0.10%. The bills were used to retire a similar issue.
Mr. Morgenthau on Jan. 3 announced another offering of
$75,000,000 or thereabouts of 182-day Treasury bills. The
bills were dated Jan. 9 and will mature July 10 1935. Subscriptions to the offering totaled $141,685,000, of which
$75,185,000 was accepted. The average price for the bills
was 99.942, the average rate on a bank discount basis being
0.12%. This financing provided for the refunding of an
issue of similar securities.
A further offering of $75,000,000 or thereabouts of 182-day
Treasury bills was announced on Jan. 10 by Mr. Morgenthau. The bills were dated Jan. 16 and will mature July 17
1935. Tenders to the offering totaled $142,359,000, of
which $75,079,000 was accepted. The average price for
the bills was 99.926, the average rate on a bank discount
basis being 0.15%. This offering was used to refund a
maturing issue.
On Jan. 17 Mr. Morgenthau announced a still further
offering of $75,000,000 or thereabouts of 182-day Treasury
bills. The bills were dated Jan. 23 and will mature July 24
1935. Subscriptions to the offering totaled $232,573,000,
of which $75,129,000 was accepted. The average price for
the bills was 99.927, equivalent to an average rate on a bank
discount basis of 0.15%. This financing provided kr the
refunding of an issue of similar securities.
Mr. Morgenthau on Jan. 24 announced another offering
of $75,000,000 or thereabouts of 182-day Treasury bills.
The bills were dated Jan. 30 and will mature July 31 1935.
Tenders to the offering totalea $203,618,000, of which $75,106,000 was accepted. The average price for the bills was
99.931, the average rate on a bank discount basis being
0.14%. This offering was used to refund a maturing issue.
Another offering of $75,000,000 or thereabouts of 182-day
Treasury bills was announced by Secretary of the Treasury
Morgenthau on Jan. 31. The bills, however, were dated
Feb.6 and will mature Aug.71935 and hence form part of the
Government's financing for the month of February. Tenders to the offering amounted to $262,985,000, of which
$75,185,000 was accepted. The average price for the bills
was 99.939, the average rate on a discount basis being 0.12%.
The bills were used to retire a similar issue. The rate on
this offering compares with 0.14% on bills dated Jan. 30,
0.15% on bills dated Jan. 23, 0.15% on bills dated Jan. 16,
0.12% on bills dated Jan.9 and 0.10% on bills dated Jan.2.
In the following we show in tabular form the Treasury
financing done in January. The results show that the Government disposed of $375,649,000, all of which went to take
up existing issues.
UNITED STATES TREASURY FINANCING DURING JANUARY, 1935
Date
Offered
Dec. 25
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Dated
Jan.
Jan.
Jan.
Jan.
Jan.
2
9
16
23
30
Aver.
Price
Amount
Accerted
Due
Amount
Applied for
182 days
182 days
182 days
182 days
182 days
5214.130,000
141.685.000
142,359.000
232,573,000
203,618.000
675,150.000
75.185.000
75,079,000'
75.129,000
75.106.000
Yield
99.949
99.942
99.926
99.927
99.931
*0.10%
.0.12%
*0.15%
*0.15%
*0.14%
5375.649.000
Januar v total
•Average rate on a bank discount basis.
USE OF FUNDS
Dated
Jan.
Jan.
Jan.
Jan.
Jan.
2
9
16
23
30
Tyne of
Security
Total Amount
Ateltried
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Refunding
275,150,000
75.1q5.000
75.079,000
76.129.000
75,106,000
$75,150.000
75,185,000
75,079,000
75.129,000
75,106.000
8375.649,009
$375,619.000
Total_
New
Indebtedness
Features of January Private Financing
Returning to the limited volume of corporate offerings
announced during January, we find that there were but
eight new issues, totaling no more than $7,726,000, all of
which, of course, was domestic financing. In December
there were 11 new issues for an aggregate of $47,259,150.
The January financing comprised two short-term issues for
an aggregate of $4,100,000; three long-term issues totaling
only $1,622,000, and three tstock emissions accounting for
only $2,004,000.
The portion of the month's corporate financing raised for
refunding purposes was $2,459,000, or more than 31% of
the total. In December the refunding portion was $12,398,000, or about 26% of the total. In January 1934 the
amount for refunding was $1,500,000, or about 20% of
that month's total.
Included in the month's financing was an offering of
$36,000,000 Federal Intermediate Credit banks 13%
collateral trust debentures dated Jan. 15 1935, due in nine
and 12 months, offered at price on application.
There were no foreign issues of any description marketed
here during January. It is also to be recorded that no new
investment trusts of the fixed type were announced in JanuarY•
During January there was but one offering bearing a
convertible feature, namely:
37,000 dm San Jose Water Works 6% cum. cony, preferred stock (convertible
into common stock on a share-for-share oasis).
In the following we furnish a complete summary of the
new financing—corporate, State and city, foreign governmer t, as well as Farm Loan issues—brought out in the United
States during January, and covering all classes of issues
except those of the United States Government:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING
Month of January —
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stooks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Governmental Agencies_
• Municipal, States, cities, Arc
United Staten Possessions
New Capital
$
Refunding
$
,
NI
Total ' I
$
778,000
2,485,000
925,000
1,079,000
844,000
1,615,000
1,622,000
4,100.000
925,000
1,079,000
. 15.267.000
2.459.000
7.726,000
6,000,000
80,396.913
433,000
30,200,000
16,095,776
36,200.000
90,492,889
433,000
92,096,913
48,754.776 140.851.889
Grand total
• These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the elaborate and comprehensive table on the succee ling page we compare the foregoing figures for 1935 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all different classes of
corporations.
Following the full-page table, we give complete details
of the new capital flotations during January, including every
ssue of any kind brought out in that month.
Cl
Financial Chronicle
00
FINANCING FOR THE MONTH OF JANUARY FOR FIVE YEARS
_ FOREIGN GOVERNMENT FARM LOAN AND MUNICIPAL
1931
1932
1933
1934
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
$
$
$
$
3
$
$
$
$
$
217,543,000 174.692,000
$
41,345,000
41,145.000
49,925,000
518,000
31,
18,407,000
1.500,000
1,500,000
6,166,000
1,622.000
17.002.750
2.400,000
1,500.000
900.000
11.342,000
10,842,000
500.000
4,100,000
26,503,779
4,250.000
4,250,000
2,500.000
2.500,000
925,000
18,798,750
168.750
168,750
750,000
750,000
5,983,407
5.983,407
1,079,000
70,000.000
1935
MONTH OF JANUARY
New Capital Refunding
Corporate—
Domestic—
$
$
Long-term bonds and notes__
844,000
778.000
Short-term
1,615,000
2,485,000
Preferred stocks
925,000
Common stocks
1,079,000
Canadian—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other foreign—
50,000,000
Long-term bonds and notes..
'
Short-term
•
Preferred stocks
Common stocks
399,848.279 180,858.000
48,163.750
1.500,000
46.663.750
64,517.000
42.360,000
22,157,000
7.483,407
1,500,000
5,983.407
7,726,000
Total corporate
12,000,000
2,459,000
5,267.000
Canadian Government
-----5,500,000
Other foreign Government
12.500.000
12.500,000
9,500.000
-____ —
9,500,000
28,000,000
23,000.000
5.000,000
36,200,000
1,338,500
30.200.000
49.310.407
Farm Loan and Govt. Agencies
42,000 138.248.064
6,000,000
138,206,064
35,834,606
2.984,350
32,850,256
55.071,204
18,101,332
36,969,872
Municipal, States, cities, Sic- — - *80,396,913 *16,095,776 *96,492,689
433.000
United States Possessions_ _ _ _
433,000
466,658.686 182.196.500
14.042.000 198.911,814
184,869.814
45,344,350 109.851.606
64.507,256
90.554.611
42,601,332
47.953.279
48,754,776 140.851,689
Grand total
92.096,913
* These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
THE MONTH OF JANUARY FOR FIVE YEARS
ND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR
1931
1932
1933
1934
1935
New Capital Refunding Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
MONTH OF JANUARY
Total
New Capital Refunding
$
$
$
$
$
s
$
$
$
$
s
$
52,844.000
122,160.600
$
Long-Term Bonds and Notes—
$
12,000,000
12.000,000
145,241,000 120,928,000
40,270,000
Railroads
40,270.000
37,925,000
31,518.000
6,407,000
1,500,000
1.500,000
1,178,000
400,000
15.250.000
778,000
Public utilities
300,000
Iron,steel, coal, copper, &c
Equipment manufacturers
50,492,000
Motors and accessories
Other industrial & manufacturing
920,000
3,600,000
1,075,000
011
1,075,000
Land, buildings, &c
Rubber
Shipping
500,000
Inv. trusts, trading, holding, &c444,000
444 000
Miscellaneous
337.543,000 174,692,000
41,345,000
41.345.000
49,925.000
31,518,000
18,407,000
1.500,000
. 1,500,000
1.622.000
844.000
778,000
Total
Short-Term Bonds & Notes—
4,425,000
14,575,000
2.250.000
1,500,000
Railroads
750,000
7,000,000
6.500,000
500,000
Public utilities
4.342,000
4,342,000
Iron, steel, coal, copper, &c
Equipment manufacturers
200.000Motors and accessories
- 791.666
4.100.000
1,615,000
709.000
2,485,000
Other industrial & manufacturing
950.000
1.518,750
150,000
011
150.000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c__ _
Miscellaneous
6.166,000
17.002.750
2.400,000
1,500.000
900,000
11,342,000
10.842,000
500,000
4.100,000
1.615,000
2.485,000
Total
Stocks—
38.938.779
2.100,000
Railroads
2,100,000
1,785.250
1,785.250
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
2,931,250
150,000
Motors and accessories
150,000
3,250.000
3.250,000
5,983,407
5.983,407
218,750
218,750
Other industrial & manufacturing
1,032,500
Oil
2,168,750
Land, buildings, &c
2,168,750
Rubber
Shipping
2,400,000
Inv. trusts, trading, holding, &c
Miscellaneous
45,302,529
4,418,750
4.418.750
3,250,000
3,250,000
5.983.407
5,983,407
2,004,000
2,004,000
Total
52,844,000
122,160,000
Total—
12,000.000
12,000,000
198,754,779 125,353,000
44,620,000
1,500.000
43,120,000
Railroads
44.925,000
38.018,000
6,907,000
1,500.000
1,500.000
2,963,250
400,000
15,250,000
2,563,250
Public utilities
4,342.000
4.342,000
300.000
Iron,steel, coal, copper. &c
Equipment manufacturers
53.623,250
150,000
150,000
and accessories
Motors
3,250,000
3,250,000
5,983,407
5.983,407
4,318,750
791,000
1,615,000
709.000
2,703.750
Other industrial & manufacturing
1,870,000
6,151.250
1.225,000
1,225.000
Oil
2,168.750
2,168,750
Land. buildings, &c
Rubber
Shipping
2.900.000
&c
Inv. trusts, trading, holding,
444.000
444.000
Miscellaneous
399.848.279 180.858.000
48.163.750
1.500.000
46,663,750
64.517.000
42.360.000
22.157,000
7.483.407
1.500.000
5.983.407
7.726,000
2,459.000
5,267.000
Total corporate securities
Total
$
392,235,00(
23,168,75(
26,503,771
18,798,75(
70.000,006
50.000,000
580,706,271
12,000.001]
5.500.000
50.648,907
648.855.180
Total
s
175,004,006
266.169.001]
15.250.00C
300,006
50,492,00(
4,520,00(
500.006
512.235.000
19.000,000
200,000
1.500,000
2,468.750
23,168,750
38,938.779
2.931,250
1.032,500
2,400.000
45,302,529
175,004.000
324,107,779•
15,250.000
300.000
53.623,250
1,500,000
8.021.250
2,900.006
580.706.271
860
Financial Chronicle
Feb. 9 1935
DETAILS OF NEW CAPITAL FLOTATIONS DURING JANUARY 1935
LONG-TERM BONDS AND NOTES" S SUES MATURING LATER THAN FIVE YEARS)
Amount
Purpose of Issue
To Yield
About
Price
Public Utilities
400.000 Refunding
778,000 New construction
Company and Issue, and by Whom Offered
Placed privately Dedham (Mass.) Water Co. 1st M.4)is 1955. Placed privately by F. L. Putnam dc Co., Inc., Boston.
Placed privately. Minneapolis Gas Light Co. 1st M.Cis. Placed privately by G.L. Obrstrom & Co.
1,178,000
Miscellaneous
444,000 Refunding
100X
Sayings and Loan Bank of the State of New York 4% bonds due 1942. Offered by Neergaard.
Miller As Co., New York.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
Amount
Purpose of Issue
Price
To Yield
About
Other Industrial & Mfg.
3,600,000 Refunding; add'ns; better'mts, &c_ Sold privately
Company and Issue, and by Whom Offered
Dow Chemical Co. 254% Serial Notes, due 1936-40. Sold privately by Edward B. Smith At Co., as
agents to institutions.
500,000 Additional equipment, betterm'ts;
other corporate purposes
Price on aPPIln•
Tivoli Brewing Co. 1st M.6s, due Dec. 11935-39. Offered by Cray. McFawn dr Co., Detroit.
4,100,000
STOCKS
Par or No.
of Shares
a Amount Price
To Yield
Involved per Share About
Purpose of Issue
Company and Issue, and by IVhom Offered
Public Utilities
37,000 shy Retire parent co.'s current debt__
925,000
2334
37,000 shs Retire parent co.'s current debt
860,250
23)
,
1
San Jose Water Works 6% Cum. Cony. Pref. Stock. (Convertible into common stock on a
share for share basis.) Underwritten by E. H. Rollins & Sons, Inc.; Blyth & Co., Inc.:
Chandler & Co., Inc.; Burr & Co., Inc., and General Water Securities Corp.
San Jose Water Works Common Stock. Underwritten by E. H. Rollins & Sons, Inc.;
Blyth dr Co., Inc.; Chandler & Co., Inc.; Burr dr Co., Inc., and General Water
Securities Corp.
OtherIndustrial & Mfg.35,000 shy Add'n'l eqPt.: other corp. purposes
218,750
634
Haddam Distillers Corp. Class A Capital Stock. Offered by Christianson, McKinnon dr
Co., Hartford.
FARM LOANS AND GOVERNMENTAL AGENCY ISSUES
Amount
Issue and Purpose
Price
To Yield
About
Offered by
36,000,000 Federal Intermediate Credit Banks IS.6%
debs. dated Jan. 15 1935 and due in 9 and 12
months. (Refunding and provide funds for
loan purposes)
Price on applic. Charles R. Dunn, Fiscal Agent, New York.
200,000 Fletcher Joint Stock Land Bank ofIndiana.
polls 334s 1938 and 33s 1940 (Refunding)._
Company to holders of its 5)4% bonds.
3X-355%
36,200,000
ISSUES NOT REPRESENTING NEW FINANCING
Par or No. a Amount
of Shares
Invoiced Price
9,376.300
5,000,000
tO Yield
About
9,376,300 97.6
5,000,000 10234
Company and Issue, and by IVhom Offered
4.40 Central Illinois Light Co. 1st Ac Cons. 41.45 1963. Sold through Bonbright & Co., Inc. to a small group of institutions.
3.72 Federal Land Banks Cons.4% bonds, dated July 1 1934 and due July 11944. Offered by Brown Harriman & Co., Inc., and
The First Boston Corp.
14,376.300
•Shares of no par value.
Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
New Capital Issues in Great Britain
The following statistics have been compiled by the Midland Bank Limited. These compilations of issues of new
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the capitalization of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources of
tiTcompany whose securities have been offered; issues for
conversion or redemption of securities previously held in
the United Kingdom; short-dated bills sold in anticipation
of long-term borrowings; and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the
prices of issue:
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
(Compiled by the Midland Bank Limited)
Month of
January
Month of
January
1919
1920
1921
1922
1923
1924
1925
1926
1927
Year to
Jan. 31
.0
18,341,000
42,446,000
22,469,000
42,343,000
21,052,000
11,540,000
20,940,000
28,368,000
26.332,000
E
83,478,000
261,647,000
364,234,000
235,670,000
214,377.000
194,248.000
232,100,000
228,170.000
251,231.000
1928
1929
1930._ _
1931
1932
1933
1934
1935
Year to
Jan 31
£
33,795,000
47,418,000
16,926,000
12,332,000
2,896,000
8,310,000
10,853,000
16,592,000
E
322,177.000
376,143,000
223,257,000
231,567,000
79,230,000
118,453,000
135,412,000
155,929,000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank Limited)
1932
January
February
March
April
May
June
July
August
September
October
November
December
Vow.
1933
1934
£2,895,798
11,994,734
12,104,130
18,013,115
12,296,311
17.467,795
3,312,507
72,500
17,000
19,745,198
10,807,078
4,312,163
£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6,001,777
21,208,047
7,164,097
10,026,260
12,786,859
6,353,481
£10,853,233
7,007,995
7,081,462
9,590,367
22,440,931
12,048,454
14.997,397
9,878.332
6,747,571
23,446,272
13,056,095
13,041,644
1111138120
152868806
If.11.1149.757
1931
'
£16,592,347
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS
1Compiled by the Midland Bank Limited'
United
Kingdom
-January
1933
February
March
April
May
June
July
August
September
October
November
December
Year
1934-January
February
March
April
May
June
July
August
September
October
November
December
Year
1935-shi4ary
India and Other Brit. Foreign
Ceylon
Countries Countries
Total
E
.0
L
£
£
7,875,000
56,000
269,000
110,000 8,310,000
4.917,000
30,000 1,727,000
493,000 7,167.000
12,287,000
1,000 1,160,000
13,448,000
7,283,000
965,000 8,248,000
9,328,000 4,753,000
241,000
292,000 14,614,000
16,029,000
5,000 1,070,000
437,000 17,141,000
5,232,000
48,000
244,000
478,000 6,002,000
1,285,000
15,589.000 4,334,000 21,208,000
6,738,000
176,000
250,000 7,164,000
11,000 3,016,000
6,814,000
185,000 10,026,000
12,172,000
67,000
437,000
111,000 12,787,000
47,000
5.098,000
867.000
341,000 6,353,000
95,059,000 5,018,000 24,796,000 7,996,000 132,869,000
8,682,000
5,309,000
6,011,000
8,665,000
11,397,000
7,021,000
9,958,000
3,165,000
5,631,000
20,764,000
11,016,000
9,122,000
49,000 1,763,000
359,000 10,853,000
221,000 1,433,000
45,000 7,008,000
7,000
873,000
190,000 7,082,000
12,000
850,000
63,000 9,590,000
62.000 10.945,000
37,000 22,441,000
32,000 4,609,000
386,000 12,048,000
1,000 5,014,000
25,000 14,998,000
5,485,000 1,228,000 9,878,000
137,000
566,000
413,000 6,748,000
61,000 2,465,000
156,000 23,446,000
1,899,000
141,000 13,056,000
550,000 3.355,000
14,000 13,042,000
106,741000 1,133,000 39,258,000 3,058,000 150,190,000
14.433.000
057.000 1.202.000 16.592.000
A New Banking Bill
[Editorial from New York "Times" of Feb. 4 19351
Congress will be asked at the present session to act on a
new banking bill which is now in the making. One of the
matters dealt with in it is the insurance of deposits. At
present the maximum limit of such insurance is $5,000 for
each account. But under existing law a much more ambitious plan is due to be put into effect on July 1, insuring
in full all deposits up to $10,000, 75% of those between that
figure and $50.000, and 50% of those in excess of the latter
sum. Obviously, this would involve much greater risks both
for the Government and for the more conservatively managed banks. And because this fact has come to be recog-
Financial Chronicle
Volume 140
lazed in Washington, it is now proposed to retain permanently the present limit of $5,000. This is a wise decision,
which will be welcomed by conservative bankers. There
will be less agreement, however, concerning the corollary
proposal to base assessments for the maintenance of the
insurance fund on the total deposits of each bank rather
than, as at present, on the amount actually insured. This
plan would necessarily impose a heavier burden on many
larger institutions.
Information concerning other matters dealt with in the
new bill is less definite, but one suggestion said to have
been submitted to its framers is of special interest. This
is an amendment of Section 21 of the Banking Act of 1933,
which makes it unlawful, under penalty of fine, imprisonment, or both, for any institution engaged in the business
of "issuing, underwriting, selling or distributing" securities
"to engage at the same time to any extent whatever in the
business of receiving deposits." It has been proposed to
amend this section to make it clear that banks are not forbidden to sell or distribute Government or municipal securities. Why should the line be drawn there? The sweeping
provisions of Section 21 destroying part of the mechanism
by which securities of all kinds were formerly underwritten
has plainly been one of the causes of the sharp decline in
long-term investment in industrial issues. A reconsideration of this section of the law, amending prohibitions which
are unnecessarily severe, would help to revive the investment market on which the lagging capital goods industries,
in particular, are heavily dependent.
861
Although certain classes of bonds in the lower rating
groups suffered severe declines in the earlier part of the
week, followed by a rally on Thursday, high grades have
maintained their recent strength throughout this decline,
and in some instances have advanced to new high prices.
As a matter of fact, the lower-grade railroad issues were
the only distinctly weak feature in the decline, due partially
to the fact that reported earnings of Class I roads for 1934,
while showing an increase in gross, revealed a decline in
net income largely on account of wage increases and increased cost of supplies. Other sections of the lower-grade
bond market were characterized by minor fluctuations or
small losses; even the utility holding company bonds failed
to decline much upon announcement of the proposed Federal
legislation to regulate holding companies. United States
Government issues closed fractionally higher each day.
These and the higher-grade corporate issues remain close
to recent high price levels.
High-grade and medium-grade railroad bonds showed
small price fluctuations, with the general trend slightly
lower. Atchison gen. 4s, 1995, closed at 108% compared
with 108 last Friday; Union Pacific first 4s, 1947, at 109%
were off % point. Illinois Central ref. 4s, 1955, closed at
84% compared with 85 last week. Lower-grade rail issues
showed large price declines at the beginning of the week,
but later rallied and regained part of their losses. Chicago
& North Western 4%s, 1949, closed at 187 compared with
4
18% last week; New York Central ref. 5s, 2013, at 63%
were off 1 point; Southern Pacific 4%s, 1981, also declined 1 point to 63%.
Utility bonds were quieter and prices fluctuated in a narrower range this week. Medium- to lower-grade bonds provided what activity there was, with weakness prevailing in
the first few days followed by some recovery. Among issues
in this group showing the widest fluctuations, Northwestern
Power Cs, 1960, advanced 4 points for the week, closing at
35; Manitoba Power 5%s, 1951, gained 3 to close at 64%;
Broad River Power 5s, 1954, at 75% were up 14, and Utah
Light & Traction 5s, 1944, advanced 1% to 74%. High
grades maintained a firm tone. Holding company bonds for
the most part did not react noticeably upon announcement
of Federal legislation; Standard Gas & Electric 6s, 1935 and
1951, were among the weakest of this group, declining 7%
to 47%, and 2% to 33%, respectively.
Strength in highest-grade industrial issues contrasted
with weakness in many second-line bonds, particularly
steels, during the week. In the former classification. Liggett & Myers Tobacco 7s, 1944, rose to a new peak at 134,
up 2% for the week, with the 5s, 1951, of the same company
at a new high of 119%, up 1%. Illinois Steel 4%s, 1940,
gained 17 point to 107%, and Standard Oil of New York
4
4%s, 1951, advanced % to 104. On the other hand, Youngstown Sheet & Tube 5s, 1970, dropped to 93% from 95: Republic Iron & Steel 5%s, 1953, lost 3 points, closing at 98;
Otis Steel 6s, 1941, declined 3% to 83%, and General Steel
Castings 5%s, 1949, were off 3% to 88%. Oils and rubbers
generally underwent small fluctuations. Miscellaneous
price changes included a 3%-point advance by American Ice
5.1. 1953, to 81%; a 3%-point drop by Childs 5s, 1943, to 59,
and a loss of 2% by United Drug 5s, 1953, to 90%.
Minor fluctuations again characterized the foreign bond
market. Strength was found principally among the German corporate issues, Scandinavian bonds, and Polish obligations. Weakness occurred among Chilean, Argentine, Colombian and Uruguayan 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)
The Course of the Bond Market
1935
Daily
Amapa
U. 8.
120
Govt. DomesBonds
Sc
**
Corp.*
Feb. 8-- 107.47
7_ 107.31
6._ 107.27
5._ 107.23
4._ 107.15
2_.. 107.11
L. 107.10
Weekly
Jan. 25- 107.33
18- 106.79
11. 106.81
4.- 105.76
MO 1935 107.47
Low 1935 105.66
High 1934 106.81
Low 1934 99.06
Yr. Ago
Feb. 8 '34 101.82
2 Yrs.Apo
WAh 2.22 10242
120 Domestic Corporate*
by Rattner
120 DomesHe
Corporate* by Groups
Ace
Ac
A
Baa
RR.
101.64
101.14
100.81
100.98
101.14
101.31
101.31
118.66
118.45
118.25
118.25
118.25
118.25
118.04
110.42
110.42
110.23
110.23
110.05
110.05
110.05
110.49
100.17
100.17
100.17
100.17
100.33
100.33
82.50
81.54
80.95
81.42
81.90
82.26
82.38
99.04
98.41
97.78
98.25
98.73
99.04
99.04
98.41
98.09
97.62
97.62
97.62
97.78
97.94
107.85
107.87
107.67
107.85
107.49
107.49
107.31
102.14
100.81
100.81
100.33
102.30
100.00
100.00
84.85
118.04
117.43
117.63
117.43
118.66
117.22
117.22
105.37
110.05 100.81
109.31 99.52
109.12 99.52
108.94 98.88
110.42 100.98
108.57 98.73
108.75 99.04
93.11 81.78
84.85
82.26
82.50
81.54
84.60
80.95
83.72
68.38
100.49
99.68
100.17
100.00
100.49
97.78
100.49
85.61
98.73
96.23
95.93
94.58
99.04
94.14
94.58
742.5
107.49
106.78
P. U. lathss.
106.96
106.96
107.85
106.78
106.78
96.54
93.99 109.12 100.17
91.81
78.99
95.18
87.56 100.00
R9 Kal
2099
Al Al
70 57
RK 27
Ins 20
09 50
25 01
1985
Daily
Averages
Feb. 8_
5_
2 Yrs.Ago
Jan. 25_
18..
11_
4..
Low 1935
High 1935
Low 1934
High 1935
Yr. Ago
Feb. 8 '34
2 Yrs.Aqo
Feb. 8'33
All
120
120 Domestic Corporate
by Ratings
Sc
Aaa
Ac
4.65
4.68
4.70
4.69
4.68
4.67
4.67
3.73
3.74
3.75
3.75
3.75
3.75
3.76
4.15
4.15
4.16
4.16
4.17
4.17
4.17
4.62
4.70
4.70
4.73
4.61
4.75
4.75
5.81
3.76
3.79
3.78
3.79
3.73
3.80
3.80
4.43
4.17
4.21
4.22
4.23
4.15
4.25
4.24
5.20
5.14
4.22
4.74
5.29
6.30
6.00
4.40
5.25
6.15
8.20
A
120 Domestic
Corporate by Groups
tt
so
ForMews
Baa
RR.
P. U.
4.72
4.74
4.74
4.74
4.74
4.73
4.73
6.00
6.08
8.13
6.09
8.05
6.02
6.01
4.81
4.85
4.89
4.86
4.83
4.81
4.81
4.85
4.87
4.90
4.90
4.90
4.89
4.88
4.29
4.30
4.30
4.29
4.31
4.31
4.32
6.01
6.04
6.05
.6.06
6.09
6.12
6.12
4.70
4.78
4.78
4.82
4.60
4.83
4.81
6.06
5.85
6.02
6.00
6.08
5.83
6.13
5.90
7.58
4.72
4.77
4.74
4.75
4.72
4.89
4.72
5.75
4.83
4.99
6.01
15.10
4.81
5.13
5.10
6.74
4.31
4.35
4.34
4.34
4.29
4.35
4.35
4.97
6.16
6.15
6.22
6.30
6.01
6.33
6.35
8.65
5.06
5.60
4.75
7.62
6.52
5.73
5.75
10.08
•These prices are computed from average yields on the bests of One "ideal" bond (43(% coupon,
maturing in 31 years) and do not
level or the average movement of actual price quotations. They merely serve to Illustrate in a more compreheas ye way the relative purport to show either the average
love s 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 these Indexes was published in the issue of Oct. 13 1934.
page 2264. ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign
bonds.
BOOK REVIEW
Hours and Wages Provisions in NRA Codes
A Compilation Organized by Leon C. Marshall.
Washington: The Brookings Institution. 50 cents.
This publication, No. 16 in the Pamphlet Series issued by
The Brookings Institution, presents in statistical form the
detailed provisions regarding wages and hours of the 500
codes framed by the National Recovery Administration down
to August, 1934. It is essentially a preliminary study, and
does not attempt to present all the statistical comparisons to
be drawn from the codes or to analyze or interpret the code
provisions. What it offers, for the industrial or trade codes,
is first a statistical exhibit of the number of workers in the
industry, the basic and overtime work periods, overtime and
maximum hours for excepted periods, and the hours, when
stated, of excepted occupations such as executives, outside
salesmen and watchmen; and after that, for the same codes,
the wage provisions for all the various classes of labor. It
thus facilitates both a study and analysis of the hour and
wage provisions of any particular code and a comparison of
the provisions of one code with those of another. Potentially, it is pointed out, on the basis of 1929 employment
figures, the codes cover about 27,000,000 workers, while
more than 22,000,000 are now included-"a number," the
compiler remarks, ."sufficiently large to excite interest in
ascertaining as precisely as may be the employment structure
of wages, hours and other conditions under which they
are
working."
The pamphlet is of prime interest for code administrators,
employers and employees, and of indispensable usefulness
for any one making a comparative study of the codes.
6U2
Feb. 9 1935
Financial Chronicle
Indications of Business Activity
Loaded on Own Lines
Weeks Ended-
Receivedfrom Connections
Weeks Ended
Feb. 2 Jan. 26 Feb. 3 Feb. 2 Jan. 28 Feb. 3
1934
1934
1935
1935
1935
1935
Atchison Topeka dr Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Burlington dr Quincy RR
Chic Milw St. Paul & Pac.Ey--- _
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR.
Missouri
-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chleago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
16,967
20,586
13,737
18,054
13,534
2,501
2,738
4,211
13,945
43,516
3,951
17,897
56,304
5,632
19,381
4,935
16,388
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
16,580
19,571
14,794
16,889
14,292
2,554
2,489
4,491
13,657
40,511
3,629
16.165
52,557
4,806
17,180
5,039
1
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
..COMOCh0.1.9h3=M0 I..
00M.J VMV
WVOIVCOM ,
V
.
ht0M..WM04.00VW000
M .
Revenue Freight Car Loadings for Latest Week Show
Sharp Gain
Loadin7s of revenue freight for the week ended Feb. 2
1935 totaled 598,164 cars. This is an increase of 42,396
cars, or 7.6% from the preceding week, and a gain of 32,763
cars, or 5.8% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 was even
more favorable, the present week's loadings being 112,105
cars, or 23.1% higher. For the week ended Jan. 26 loadings
were 1.3% below the corresponding week of 1934, and 16.9%
above those for the like week of 1933. Loadings for the week
ended Jan. 19 showed a gain of 0.2% when compared with
1933 and an increase of 12.7% when the comparison is with
the same week of 1933.
The first 16 major railroads to report for the week ended
Feb. 2 1935 loaded a total of 257,889 cars of revenue freight
on their own lines, compared with 243,037 cars in the preceding week and 245,204 cars in the seven days ended Feb. 3
1934. A comparative table follows:
1
,THE STATE OF TRADE--COMMERCIAL EPITOME
Friday Night, Feb. 8 1035.
General business continued to surge ahead at a very
encouraging pace. Sharp increases were made in steel
activity and railroad loadings. Many lines of business have
been unfavorably affected by the uncertainty over the gold
question and cold weather, but sales of coal and winter
merchandise have benefited by the lower temperatures.
Steel output rose to 53% in the Pittsburgh district, and the
rate in the Chicago district was 68. Sales and specifications
were the best in many weeks. Railroads and the automobile industry were the best buyers. Car loadings made the
best showing since early in November 1934. Bituminous
coal output was the largest of any week since March 1934
aud exceeds all comparative totals back to 1931. In lumber,
Lew business lagged because of adverse weather conditions,
but orders ran ahead of production. The automobile industry was active. Retail business was good, helped by more
favorable weather and special sales. Wholesale trade continued to gain. Heavy fill-in orders for winter merchandise were reported. Business failures in this country
showed a reduction. Grain markets were lower most of the
week, but recently Showed some firmness. Weakening factors were continued uncertainty over the gold clause cases
and a lack of demand. Yet offerings were not heavy, and
there was a further reduction in the visible supply. Cotton
moved within narrow range, and after considerable weakness early in the week showed some rallying power later on.
Trading was alike affected by the same influences as
mentioned above. Coffee was very 'weak all week, reaching
new lows for the season almost daily. Other commodities
were generally easier, with trading light. The general disposition among operators is to await the gold clause decision by the United States Supreme Court before doing
much on either side of the market. It was rather cold
l'ere early in the week, and light snowfalls occurred at times,
but at the close of the week warmer weather prevailed. A
thaw set in on the 3rd inst. which made sloppy walking,
but it afforded the city a chance to attack the snow remaining on the streets from the last heavy storm. The Pennsylvania snowstorm of last week cost the State $400,000. A
weather freak occurred at Angola, N. Y., on the 7th inst..
where an East wind on Lake Erie shut off the village's
w ater. Firemen maintained the supply from the lake with
their pumper. The wind blew the water away from the
end of an intake pipe not far from the lake shore. Many
Inhabitants resorted to melted snow for their water supply.
Late last week Connecticut temperatures were down to 1
above zero. On the 511h inst. Pennsylvania had a six-inch
snowfall, the first since the 17-inch record-breaker of a
fortnight ago. Heavy rains and floods in Long Beach. Calif..
routed people feom their homes and marooned many children
hi school. The downpour measured 1.29 inches in two hours
and 45 minutes on the 6th inst., and followed two days
and nights of heavy rains. Austrian and Swiss landslides killed several persons. To-day it was snowing and
cold here, with temperatures ranging from 31 to 37. The
forecast was for rain to-night and Saturday. Overnight
at Boston it was 20 to 34 degrees; Baltimore, 28 to 34:
Pittsburgh, 32 to 88; Portland, Me., 14 to 30; Chicago,
26 to 30; Cincinnati, 32 to 38; Cleveland, 30 to 32; Detroit,
20 to 24; Charleston, 38 to 46; Milwaukee, 26 to 30; Dallas.
50 to 62; Savannah, 40 to 44: Kansas City, 30 to 32; Springfield. Mo., 40 to 48; Oklahoma City, 36 to 48; Denver,
.
30 to 38; Salt Lake City, 38 to 54: Los Angeles, 52 to 60:
San Francisco, 52 to 58; Seattle, 34 to 54; Montreal, 10 to
20. and Winnipeg, 22 to 26.
4,349 4,164
6,345 6,149
8,275 5,578
8,281 5,895
8,262 8,719
1,043 1,243
1,848 1,810
2,255 2,633
6,488 7,097
55,725 56.058
8,251 8,096
3,427 3,557
31,791 29.531
4,590 4,472
a
a
7,957 7,239
257,889 243,037 245,204 171,328 154,887 152,241
Total
Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
tireekc Ended
Feb. 2 1935
Total
Jan. 26 1935
Feb. 3 1934
20,817
27,973
11,788
19.105
25,757
10,490
19,407
26,117
12.351
60.578
Chicago Rock Island & Pacific By
Illinois Central System
St. Louis-San F[91151550 Ry
55.352
57.875
The Association of American Railroads in reviewing the
week ended Jan. 26 reported as follows:
Loading of revenue freight for the week ended Jan. 26 totaled 555.768
cars. This was a decrease of 7,187 cars below the preceding week, and
7,332 cars below the corresponding week in 1934. but an increase of 80,476
cars above the corresponding week in 1933.
Miscellaneous freight loading for the week ended Jan. 26 totaled 189,448
cars, a decrease of 11.794 cars below the preceding week. and 4.213 cars
below the corresponding week in 1934, but an increase of 35,417 cars above
the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 146,788 cars,
a decrease of 5.585 cars below the preceding week. 15,099 cars below the
corresponding week in 1934 and 13,969 cars below the same week in 1933.
Coal loading amounted to 153,503 cars, an increase of 15.903 cars above
the preceding week, 27.755 cars above the corresponding week in 1934, and
56,149 cars above the same week in 1933.
Grain and grain products loading totaled 22,603 cars, a decrease of 2,579
cars below the preceding week. 9,103 cars below the corresponding week in
1934 and 2,721 cars below the same week in 1933. In the Western Districts
alone, grain and grain products loading for the week ended Jan. 26 totaled
13,724 cars, a decrease of 7,386 cars below the same week in 1934.
Live stock loading amounted to 13,809 cars, a decrease of 1,132 cars
below the preceding week, 4,712 cars below the same week in 1934 and
3,592 cars below the same week in 1933. In the Western Districts alone.
loading of live stock for the week ended Jan. 26 totaled 10,464 cars, a
decrease of 3.968 cars below the same week in 1934.
Forest products loading totaled 17,922 cars, a decrease of 2,800 care
below the preceding week, and 2.765 cars below the same week in 1934, but
an increase of 3,483 cars above the same week in 1933.
Ore loading amounted to 2,563 cars, a decrease of 257 cars below the
preceding week, and 629 cars below the corresponding week In 1934, but an
increase of 1,037 cars above the corresponding week in 1933.
Coke loading amounted to 9,132 cars, an increase of 1.057 cars above the
preceding week, 1,434 cars above the same week in 1934 and 4,672 cars above
the same week in 1933.
Three districts-Eastern, Allegheny and Pocahontas reported increases
for the week of Jan. 26, compared with the corresponding week in 1934, in
the number of cars loaded with revenue freight, while four districts
Southern. Northwestern. Centralwestern and Southwestern-reported
districts, however, reported increases compared with the
decreases. All
corresponding week in 1933.
Loading of revenue freight In 1935 compared with the two previous years
follows:
1935
1934
498,073
553,675
500.813
557.266
of Jan. 5
of Jan. 12
of Jan. 19
of Jan. 26
1933
555,768
563,100
439.489
509,893
499,554
475,292
9 170 .1.71
Week
week
Week
Week
9 155051
1 noA ono
a,ucm..vo
562,955
561,902
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Jan. 26 1935. During this period a total of 56 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Pennsylvania System, the New York
Central RR., the Chesapeake & Ohio RR., the Illinois
Central System, the Louisville & Nashville RR., and the
Southern Pacific RR. (Pacific Lines).
863
Financial Chronicle
Volume 140
-WEEK ENDED JAN 26
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
1935
Eastern District
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. II. & Hartford
Rutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawinut
Pittsburgh Slanwmut de North
Total
Group C
Ann Arbor
Chicago Indianapolis & Lou1sv_
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 at St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West V IrgInia_ _ _
Wabash
Wheeling & Lake Erie
Total
Total Loads Recetred
from Connections
Total Revenue
Freight Loaded
Railroads
1934
1933
1935
2,193
3,054
7,505
877
2,824
10,206
548
1,350
2,624
6,525
493
2,379
9,103
475
248
4,068
8,527
1,465
2,248
9,511
917
217
4,405
0,740
2,142
2,617
10,591
957
23,720
27,207
22.949
26,984
30,669
5,190
9,559
11,103
136
1,651
8,409
1,513
18,500
2,462
396
314
5,570
8.000
11,465
122
1,477
7,595
1,280
18,485
2,120
412
401
3,569
6,981
10,011
115
921
6,649
1,195
15,895
1,888
302
244
6,104
5,568
13,314
1,843
911
5,593
42
26,421
1.866
18
194
6,152
5,507
12,392
1,719
989
6.095
29
25.920
1,878
23
242
59.233
56,927
47,770
61,874
60.946
546
1,189
7.713
25
188
326
2,969
3,671
7,672
3,683
3,804
5,147
4.622
1,025
4,845
3,334
498
1,274
7,112
38
178
205
1.891
2,913
6.376
3,825
3.734
4,548
3,414
971
4,844
2,772
371
1,167
6,901
17
208
227
907
2,988
5,142
2,628
3,124
3.780
2,288
716
4,471
2,566
1,039
1,570
11,282
60
74
3,435
2,030
6,878
9,342
148
8.251
4,590
4.376
1.077
7,957
3,003
964
1.473
11.214
55
85
3,011
1.264
6,245
8.718
132
8,148
4,305
3,688
666
7,107
2,365
50.759
44,593
37,501
65,112
59.440
Grand total Eastern District... 133,712
128.727
108,220
153,970
151,055
508
24,893
1,267
267
1,206
4,740
1
361
195
540
801
53,183
11,787
6.712
88
3,045
364
25,470
1,360
255
992
4,564
3
370
173
712
1,074
51,018
12,553
5,390
108
3,070
278
20,677
623
216
a
4,065
1
253
162
884
964
45,813
9,335
2,659
70
2,402
784
12,923
1,567
7
15
9,221
46
20
19
2,098
915
31,791
13,169
1,150
453
12,319
1,107
6
22
10,096
40
15
13
2,557
1,471
30,794
13,468
1,049
5,630
.5,008
109,594
107,476
88,402
79,355
Allegheny District
Akron Canton & Youngstown..
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & (hurley
Cambria & Indiana
Central RR. of New Jersey. _
Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Lang Island
b Penn-lteading 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
Atlantic, Coast Line
Clinchtield
Charleston & Western Carolina.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac
Southern Air Line
Southern System
Winston-Salem Southbound...
1935
1934
2,256
2,551
6,240
824
2,827
8,509
513
78,418
20,809
16,903
807
3,423
19,573
16,989
1,086
3,469
16,992
13,171
773
2,618
6,345
3,427
912
748
6,364
3,401
1,025
715
41,942
41,117
33.554
11.432
11,505
7,560
1,006
352
128
37
909
437
245
6,455
17.199
128
9,086
1,204
369
147
55
1,138
444
322
7,014
19,613
124
7,793
743
312
131
45
1,305
464
272
6,656
17,048
180
4,342
1,405
861
248
78
877
783
2,410
3,065
10,752
637
4,748
1,394
933
384
89
1,298
805
2,999
3,703
11,526
539
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Group B
Alabama Tennessee & Northern
Atlanta Birmingham az Coast__
All. & W.P.
-W.RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah._...
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
1934
1933
157
526
602
3,297
142
645
603
282
1.022
17,979
18,239
117
78
1,326
2.199
311
183
663
691
3,418
215
991
938
352
1,196
17,645
17,145
132
148
1,728
2,818
369
162
592
576
2,729
156
1,055
919
247
1,094
15,926
13,897
139
142
1,617
2,372
339
1935
140
586
875
2,241
194
589
1,150
336
604
8.145
3,411
347
164
1,097
1,932
668
1934
172
742
987
2,391
320
693
1,300
397
684
8,593
3.741
450
185
1,463
2,260
658
47.525
48,632
41.962
22.479
25,036
Grand total Southern District
81,981
88,148
76,911
47,935
53.454
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
__
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern_._
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Dee 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_
858
11,950
1,777
15,675
3,590
567
562
4,738
212
8,196
602
229
1,215
4,249
7.240
62
911
715
14.160
2,342
16,239
3,610
501
424
3,238
281
7,872
511
271
1,635
4,369
7,504
82
1,053
435
11,573
1,996
14,499
2,723
314
360
2,539
224
6,700
422
275
1,458
3,966
6,293
89
596
1,418
8,262
2.255
6,281
2.253
79
293
4,951
134
2.391
406
113
1,414
1,852
2,410
147
872
1,407
8,278
1,978
5.807
2,436
223
390
3,775
116
1,687
312
99
1,169
1,974
1,922
127
771
62.633
64,807
54,462
35.531
32,471
16,388
2,600
197
14,293
1,570
9,126
3,003
1,661
2,984
735
1,018
1,845
464
48
12.650
166
250
10,913
653
1,123
17,672
2,436
154
14,964
1,642
11,184
2,819
814
2,358
254
1,150
1,821
501
72
12,308
325
360
12,338
417
1,044
15,663
2,610
166
11,914
1,186
9,985
2,064
744
2,001
262
1,146
1,578
286
125
9.335
223
234
9,625
741
776
4,340
1,904
32
6,275
744
6,439
1,775
868
1,519
3
800
1,064
180
85
3,601
231
770
6.551
8
1,472
3,949
1,726
24
5.294
759
5,746
1,725
760
1,479
11
852
1,025
279
42
3,344
346
825
5,301
7
1,155
81,187
84,633
70,664
38,670
34,649
121
118
235
2,255
1,991
121
1.399
895
115
468
719
78
4,063
13,122
36
77
6,552
1,992
4,782
3,703
1,667
27
183
101
146
211
2.398
2,506
231
1.460
1,290
205
386
579
100
4,510
13,278
45
147
7,649
1,881
5,437
3,858
1,448
18
308
96
138
238
2,391
2,229
136
1.313
1.026
196
238
477
52
4,122
12,119
55
134
6,586
1,925
4,810
3,339
1,448
11
a
3.930
256
137
1.043
1,948
977
1.300
678
312
614
132
215
2,255
6,488
12
108
2.930
1,939
2,298
2,953
16.021
29
53
3,369
316
154
1,227
1,649
932
1,216
851
304
732
169
356
2,685
7,239
20
132
3,367
1,789
2,348
3,283
14,986
42
100
Total
Total
Central Western District
Arch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
Chicago & Illinois M
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois....
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island__ _ _
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri & North Arkansas_ _ _
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas de Pacific
Terminal RR.01St. Louis.. .
Weatherford M. W. & N. W_.
Wichita Falls & Southern
Total
34,456
39.516
34.949
25.456
28,418
Total
47,266
43,079
46,628
48,192
44,719
• Previous figures. a Not available. b Pennsylvanla-Reading Seashore Lines include the new consolidated lines of the West Jersey dr Seashore RR., formerly
part of Pennsylvania RR., and Atlantic City RR., formerly part of Reading Co.
Number of Freight Cars and Locomotives in Need of
Repair on Jan. 1 1935
Class I railroads on Jan. 1 had 290,709 freight cars in
need of repairs, or 15.5% of the number on line, according
to the Association of American Railroads. This was a decrease of 5,238 cars compared with the number in need of
such repairs on Dec. 1, at which time there were 295,947
cars, or 15.6%.
Freight airs in need of heavy repairs on Jan. 1 totaled 227,432, or 12.1%,
a decrease of 4,670 cars compared with the number in need of such repairs
on Dec. 1, while freight cars in need of light repairs totaled 63,277, or
3.4%, a decrease of 568 compared with Dec. 1.
Locomotives in need of classified repairs on Jan. 1 totaled 10,344, or
22.1% of the number on line. This was a decrease of 374 compared with
the number in need of such repairs on Dec. 1, at which time there were
10,718, or 22.7%.
Class I railroads on Jan. 1 had 4,778 serviceable locomotives in storage
compared with 5,035 on Dec. 1.
Number of Surplus Freight Cars in Good Repair on
Jan. 14 1935
Class I railroads on Jan. 14 had 376,575 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on Feb. 7.
This was a decrease of 15,442 cars compared with Dec. 31,
at which time there were 392,017 surplus freight cars.
Surplus coal cars on Jan. 4 totaled 102,571, a decrease of
8.887 below the previous period, while surplus box cars
totaled 222,274, a decrease of 6,130 compared with Dec. 31.
Reports also showed 26,200 surplus stock cars, a decrease
of 274 compared with Dec. 31, while surplus refrigerator
cars totaled 9.618, a decrease of 294 for the same period.
Moody's Daily Index of Staple Commodity Prices
Recovers Loss of Previous Week
Prices of primary commodities were subjected to alternate
waves of bullish and bearish sentiment as conflicting opinions
on the outcome of the gold clause trial held sway alternately.
On the whole, and especially on the last two days of the week
in review, confidence reasserted itself and prices advanced.
:Moody's Daily Index of Staple Commodity Prices erased
its loss of the previous week and closed 2.1 points higher
at 155.6.
Nine of the fifteen staples comprising the Index registered
gains for the week,four were unchanged, and only two, wool
tops and silk, showed slight losses. Hogs led the advance
with a rise to new high levels for the season, while wheat
Financial Chronicle
864
and rubber also contributed important gains to the Index
number. Cotton,sugar, corn, hides, cocoa and silver scored
smaller advances. Steel scrap, copper, lead and coffee were
unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
Feb. 1
Fri..
Feb. 2
Sat.,
Mon., Feb. 4
Tues., Feb. 5
Wed.. Feb. 6
Thurs., Feb. 7
Feb.8
Fri.,
155.5
2 Weeks Ago, Jan. 25
153.5
159.1
Month Ago, Jan 8
153.0
139.7
Feb. 8
Year Ago,
153.6
148.9
July 18
1933 High,
154.1
153.378.7
1934-35 High, Jan. 8'35-_ _ -160.0
154.1
Low, Jan. 2'34_ _126.0
155.6
"Annalist" Weekly Index of Wholesale Commodity
Prices for Week of Feb.5 at Highest Level Since 1930
An advance of 0.9 points for the week carried the "Annalist" Weekly Index of Wholesale Commodity Prices to a
new high since 1930, the index standing at 123.8 on Feb. 5,
compared with 122.9 (revised) Jan. 29. In noting the foregoing, the "Annalist" said:
The rise was due entirely to sharply higher prices for cattle and hogs.
most
gains and losses in other commodities largely balancing each other as
markets waited for a gold clause decision.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
Feb. 5 1935
Jan. 29 1935
Feb. 6 1934
91.3
a117.6
120.5
Farm products
105.7
127.5
127.1
Food products
121.7
107.3
107.5
products
Textile
155.5
160.4
160.1
Fuels
105.0
109.7
109.6
Metals
113.1
112.1
112.1
Building materials
99.5
98.6
98.6
Chemicals
87.1
79.7
80.0
Miscellaneous
107.6
a122.9
123.8
All commodities
66.8
a73.6
74.0
bAll commodities on gold hasls
Holland
a Revised. b Based on exchange quotations for France, Switzerland,
and Belgium.
During
Wholesale Commodity Prices Increased Further
DepartWeek of Feb. 2, According to United States
ment of Labor
Wholesale commodity prices continued their upward trend
during the week ended Feb. 2, the Bureau of Labor Statistics of the United States Department of Labor announced
Feb. 7. The average level of prices rose by 0.1 of a point
to 79.1% of the 1926 average, the highest level reached since
Dec. 1930. The Bureau's announcement continued:
in 1934. Sept. 8,
The Feb. 2 index is 1.7% above the high point reached
low point of 1934, 71.0
when the index was 77.8%, and 11.4% above the
of a year ago, this
on Jan. 6. As compared with the corresponding week
with the corresponding
week's index is higher by 8.7%,and when compared
began to advance
week of 1933. the index is up by 31.8%. since prices
has been nearly 4%.
late in November of last year. the accumulated rise
during the week was confined chiefly
The advance in commodity prices
and drugs and houseto foods, with fuel and lighting materials, chemicals
products, textile prodfurnishing goods showing smaller increases. Farm
while three groups
ucts and miscellaneous commodities registered decreases,
products and building
-hides and leather products, metals and metal
-remained unchanged.
materials
in the index showed
All of the 10 major groups of commodities included
Farm products
higher average prices than for their low point of 1934.
foods advanced 30%;
registered the greatest rise with an increase of 36.4%;
and hides
chemicals and drugs 9.4%; miscellaneous commodities 6.5%;
lighting materials,
and leather products 3%. Textile products, fuel and
showed smaller
metals and metal products, and housefurnishing goods
Increases.
high points of 1934, farm products
When compared with their respective
2.4%. All other
are up by 5.4%; foods, 5.6%, and chemicals and drugs
for miscellanegroups were lower than the 1934 peak, ranging from 1.4%
ous commodities to nearly 9% for textile products.
of 1%,due to advances of
Wholesale food prices for the week were up 0.7
higher prices for
3% in meats, 2% in butter, cheese and milk, and slightly
the sub-group
fruits and vegetables. Cereal products decreased 1 % and
were reported
of other foods was down more than 1%. Price increases
bacon, dressed
for butter, cheese, baked beans, fresh and cured beef,
items decreasing in price were
poultry, and potatoes. Important food
and raw sugar.
bread in New York, oatmeal, flour, lamb, fresh pork, lard
upward tenSince Dec. 8 1934 wholesale food prices have shown a steady
The index for
dency with an accumulated advance of approximately 9%.
the index was 65.7, and
the group, 81.5, is 24% above a year ago, when
52% above two years ago, when the index was 53.6.
Feb. 2,
Index numbers for the high and low weeks of 1934. the week of
and per cent of change are shown in the following table:
Commodity Groups
All commodities
Feb. Dote et High Per CI. Date .8 Low Per Ct.
of
of
of
of
2
Incr.
1934
Change
1934
1935
1-6 71.0 11.4
9-8 77.8 +1.7
79.1
78.3
Farm products
81.5
Foods
86.8
and leather products
Hides
69.9
Textile products
74.4
Fuel and lighting materials
85.2
Metals and metal products
84.9
Building materials
80.2
Chemicals and drugs
82.2
Housefurnishing goods
70.2
Miscellaneous
All commodities other than farm
77.9
products and foods
74.3
77.2
90.5
76.7
76.1
88.8
87.8
78.3
83.9
71.2
+5.4
+5.6
-4.1
-8.9
-2.2
-4.1
-3.3
+2.4
-2.0
-1.4
1-6 57.4
1-6 62.7
8-18 84.2
124 69.3
3-31 72.4
1-6 83.3
12-22 84.7
1-6 73.3
1-27 81.7
14 65.9
36.4
30.0
3.1
0.9
2.8
2.3
0.2
9.4
0.6
6.5
4-28 79.2
-1.6
1-6 77.6
0.4
9-8
9-8
2-10
2-24
11-17
5-12
6-30
12-29
5-26
12-15
chemicals and
Continued advances for chemicals caused the group of
Fertilizer materials, due to
drugs to increase by 0.3 of 1% to a new peak.
Drugs and phara decrease in the price of tankage. were slightly lower.
the previous
maceuticals and mixed fertilizers remained unchanged from
80.2, is the highest
week. The present index for the group as a whole,
since May 1931.
Feb. 9 1935
Fuel and lighting materials with an index of 74.4 increased 0.1 of 1%.
coal
due to advancing prices of gasoline and kerosene. Average prices of
and coke were unchanged.
82.2, was up 0.1 of 1%, due to
The index of housefurnishing goods.
of
a fractional increase in average prices for furniture. The general level
furnishings showed no change.
showed the
Farm products with a decline of nearly 1% during the week
greatest drop for any of the 10 major groups. The decrease was due mainly
to a 1.7% drop in prices for grains and approximately 1% in other farm
Products, including cotton, eggs, apples, lemons, oranges, hay and seeds.
The general level of livestock and poultry was unchanged. Average prices
of cows, calves, sheep and live poultry were higher, while steers and hogs
were lower. Prices of corn, oats, rye and wheat also were lower. Higher
prices were reported for hops, peanuts, onions and potatoes. The present
farm products index. 78.3, is 29% higher than a year ago and 95% higher
than two years ago, when the indexes were 60.5 and 40.2, respectively.
Miscellaneous commodities with an index of 70.2 decreased 0.6 of 1%.
due to a decline of 4.2% in crude rubber, 1.6% in cattle feed, and a smaller
decrease in other miscellaneous commodities. The sub-group of automobile tires and tubes was unchanged.
Textile products declined fractionally to 69.9% of the 1926 average,
due to lower prices for cotton goods, silk and rayon, woolen and worsted
goods and other textile products. Average prices of clothing and knit
goods were unchanged.
Lower prices for hides, leather and harness in the group of hides and
leather products were so slight as not to be reflected in the level for the group
as a whole. Average prices of shoes were stationary.
Metals and metal products with an index of 85.2 remained at the level of
the previous week, although slight decreases were shown for certain nonferrous metals. The sub-group of agricultural Implements, iron and steel,
motor vehicles, and plumbing and heating fixtures were unchanged.
In the group of building materials advances in lumber and other building
in
materials were counter-balanced by a drop in paint materials, resulting
the index remaining unchanged at 84.9. Average prices of brick and tile,
cement and structural steel showed no change.
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 78.7 for a year ago and 66.8 for
two years ago.
The index of the Bureau of Labor Statistics is composed of 784 price
series, weighted according to their relative importance in the country's
markets and based on average prices of the year 1926 as 100.0.
The following table shows index numbers of the main groups of commodities for the past five weeks and for the weeks of Feb. 3 1934 and Feb.4
1933:
OF FEB. 2,
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS 3 1934 AND
JAN. 26. JAN. 19, JAN. 12 AND JAN. 5, 1935, AND FEB.
FEB. 4 1933 (1921100.0)
Feb.
2
1935
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
All commodities other than farm
produce:4am! foods
Jan.
28
1935
Jan.
19
1935
79.1
Commodtiy Groups
79.0
78.5
78.3
81.5
86.8
69.9
74.4
85.2
84.9
80.2
82.2
70.2
79.0 76.7
80.9 79.8
86.8 86.8
70.0 70.0
74.3 74.0
85.2 85.3
84.9 84.8
80.0 79.8
82.1 82.1
70.6 70.7
77.9
77.9
Feb.
3
1934
Jan. Jan.
5
12
1935 1935
Feb.
4
1933
78.6
77.9
72.8
60.0
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
60.5
65.7
90.5
76.5
73.9
85.1
86.4
75.0
81.8
68.4
40.2
53.6
66.3
51.4
64.7
78.1
70.0
71.8
72.8
60.8
78.0 I 78.7
66.8
77.9 76.1
United States Department of Labor Reports Increase
of 2.2% in Retail Prices of Food During Two
Weeks Ended Jan. 16
Retail prices of food advanced 2.2% during the twg
weeks' period ended Jan. 15 1935, the Bureau of Labor
Statistics of the United States Department of Labor announced Jan. 29. The current indcx, 118.5 (1913=100.0),
is the highest point reached since Oct. 15 1931, it was
pointed out. Of the 42 articles of food included in the
index, 22 advanced in price, 13 showed no change and 7
declined in price. The Bureau further reported:
Five of the six groups of food Items registered increases. Eggs alone
showed weakening prices and declined 1%.
Meats advanced 7%, each individual item increasing in price; pork
chops leading with an advance of 11.6%.
Cereals registered a gain of 0.1 of 1%, a decrease of 0.4 of 1% for wheat
cereal being slightly more than offset by advances in prices of corn flakes
and corn meal.
Dairy products increased 2.4%, each item included showing a strengthening of price.
Fruits and vegetables rose in price 0.4 of 1%; bananas, prunes and canned
corn showing minor decreases, while oranges, cabbage and onions rose
in price.
Miscellaneous foods advanced 1%. decreases in price of sugar and tea
being overbalanced by increases in lard, oleomargarine and vegetable
lard substitute.
in
Price increases occurred in each of the geographical divisions and
each of the 51 reporting cities. Peoria, of the North Central group,
registered the largest increase, 8.7%, due mainly to the large advance
In milk prices. Houston, of the South Central group, showed the smallest
increase, 0.1 of 1%.
INDEX NUMBERS OF RETAIL PRICES OF FOOD (1913=100.0)
1934
1935
1933
1930
Jan. 2 Oct. 23 July 17 Apr. 24 Jan. 16 Jan. 15 Jan. 15
Jan. 15 2 Wks. 3 mos. 6 mos. 97008. 1 year 2 years 5 Years
ago
aim
ago
ago
ago
ago
ago
All foods
Cereals
Meats
Dairy products
Eggs
Fruits dr vegsMiscell.foods.
118.5
151.2
132.3
112.3
109.0
107.6
98.5
115.9
151.1
123.7
109.7
110.1
107.2
97.6
115.4
151.8
126.4
105.4
109.0
108.4
96.4
109.9
147.7
120.6
100.8
76.2
119.0
90.8
107.3 105.2
144.0 142.5
112.6 102.3
99.0 .96.0
87.7
68.1
130.5 130.4
86.3
88.4
94.8
112.3
99.9
93.3
93.9
89.9
86.3
155.4
162.9
183.6
138.9
160.5
187.2
129.4
Prices used in constructing the weighted ndex are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on
Financial Chronicle
All foods
Cereals
Bread. white
Cornflakes
Cornmeal
Flour. wheat
Macaroni
Rice
Rolled outs
Wheat cereal
Dairy products
Butter
Cheese
Milk. evaporated
Milk, fresh
Eggs
Fruits and vegetables
Bananas
Oranges
PTWIC;
Raisins.
Beans. navy
Beaus with pork
Cabbage
Corn. canned
Onions
Peas, canned
Potatoes, white
Tomatoes. canned
Meats
Beef-Chuck roast _ _
.
Plate beef
Rib roast
Round steak
Sirloin steak
Hens
Lamb. leg of ____ _
Pork-Bacon. sliced _
.
Ham. mired
Pork chops
Miscellaneous foods_ _ _ _
Coffee
Lard, pure
Oleomargarine
Salmon, red, canned
Sugar
Tea
‘egJarel vtihstiture.._
Dec. In
1934
(4 Weeks
Ago)
Jan. 10
1934
(1 Year
Ago)
Jan. 10
1933
(2 Years
Ago)
Jan. to .
1930
(5 Years
Ago)
+2.2
+3.7
+12.6
+24.9
+23.7
1+++++;
+11 ++ +...4.+++++++++
1+1 1- -...wbawN c0000b:,-- oo
o-p..-,owacm....tawc.I.com.4mm-.100on. oc00000000,
,
,
Jan. z
1935
(2 Weeks
ago)
+0.2
0.0
+1.2
+4.2
0.0
0.0
+1.2
0.0
-0.4
+3.3
+6.2
+2.5
+3.0
+17
+6.2
+5.1
-4.4
+19.0
+8.5
+1.3
+9.3
+13.8
0.0
+17.0
+47.5
+12.3
+1.5
+7.2
+25.8
-17.5
-7.1
+4.3
+5.6
+5.4
+70
+3.0
-29.8
+34.7
+29.7
+1.2
+42.9
+75.9
+7.5
+36.7
+298
+8.0
+20.4
+40.3
+10.8
+4.5
+14.4
+16.1
+19.8
-2.6
+7.0
+28.1
-7.2
-6.7
-9.5
-7.4
0.0
-19.4
-14.6
-15.9
-5.5
-19.1
-29.3
-34.0
-26.6
-16.2
-32.1
-42.5
-30.2
-38.0
-38.0
-20.3
-52.0
-24.2
-35.3
-10.4
-17.6
+5.5
-53.8
-18.3
-27.9
-36.9
-40.2
-30.6
-30.3
-28.8
-32.9
-31.9
-17.9
-24.5
-15.6
-23.9
-36.3
0.0
-36.4
-33.5
-18.2
-6 8
-17 1
+0.8
+3.9
+0.4
+0.7
0.0
+1.0
0.0
0.0
-17.9
+0.8
+2.4
+0.6
+5.9
-1.0
+10.2
+10.1
+8.7
+10.5
+10.9
+11.5
+4.1
+14.0
+4.2
+2.5
+22.6
+1.7
0.0
+10.3
+5.0
0.0
-1.8
-0.1
+2.5
+13.6
-6.7
+16.0
-30.8
+4.0
+29.3
+25.7
+26.3
+26.0
+24.6
+24.2
+13.8
+25 1
+48.7
+28.7
+49.0
+14.1
+6.1
+83.0
+34.4
+1.4
0.0
+6.4
+5.7
+3.2
+41.9
+4.5
+13.8
+25.0
-55.6
+38.1
+20.0
+19.8
+32.5
+21.6
+19.0
+18.9
+22.1
+20.8
+19.2
+24.0
+62.6
+39.8
+80.6
+14.1
-2.8
+112.3
+25.4
+9.3
+5.9
+8.3
+8.6
General Level of Wholesale Commodity Prices in 1934
Above 1933 and 1932 but Below 1929-Report of
United States Department of Labor
The Bureau of Labor Statistics, of the United States
Department of Labor,reports that the general level of wholesale commodity prices rose to 74.9% of the 1926 average for
the year 1934 as a whole, showing an increase of nearly 14%
over the average for the year 1933, when the index was 65.9,
and an increase of 153
4% over 1932, when the index was
64.8. When compared with 1929, however, the Bureau said,
with an index of 95.3, the 1934 level was lower by 21 1-3%.
During the year the trend was steadily upward except for
slight reactions in April and October. The accumulated
rise from January to December was 63/2%. Under date of
Jan. 30 the Bureau added:
prices of farm products showed wide variation during the year with the
result that from the low in January to the high in September an increase of
25% was recorded, rhe year's index for the group, 65.3. was 27% higher
than for 1933, when the index was 51.4. and 35 Yi% higher than 1932, when
the index was 48.2. Grains were up over 40%;livestock and poultry 18U%;
and other farm products, including cotton, eggs, fruits, hay, milk, tobacco.
potatoes, and wool. 26 1-3%•
Foods for the year were 16% higher than for 1933, due to an advance
of 26% in meats; 20% in butter, cheese and milk; 18% in cereal products;
and 9% in fruits and vegetables and other foods. The index for tho group
as a whole was 70.5.
I'rice increases in the hides and leather products group were not so pronounced as in most of the other groups. All sub-groups recorded increases
ranging from 2% in hides and skins to 874% in shoes. The index for the
group, 86.6. compares with 80.9 for a year ago, showing an increase of 7%.
The trend in textile products was downward. However, the general level
was 12A % above 1933. Cotton goods were up 213i%; woolen and worsted
goods 15%; clothing 143%.and knit goods 7 1-3%. Silk and rayon prices,
on the other hand, were lower by 12 %. The index for the group was
72.9 compared with 64.8 for 1933 and 54.9 for 1932.
An advance of about 23% in petroleum products, 14% in bituminous
coal. and 9% in coke resulted in fuel and lighting materials increasing 11%
over the previous year. Average prices of anthracite coal were slightly
lower.
Metals and metal products with an Index of 88.9 were nearly 9% higher.
Nonferrous metals were up 13%;iron and steel, 10 1-3%; plumbing and
heating fixtures, 8%; agricultural implements 7%, and motor vehicles 6%•
Average prices of building materials weakened slightly during the closing
months of 1934. The year's index. 86.2, however, is 12% above 1933. when
the index was 77.0. Lumber was up 19J-5%; brick and tile, 14%;structural
steel and other building materials, 9%; and cement and paint and paint
materials 8%•
Chemicals and drugs showed an increase of 4.8%. the smallest recorded
for any of the 10 major groups, although drugs and pharmaceuticals were up
28%; mixed fertilizers. 15%. and fertilizer materials 2%. The sub-group
of chemicals remained unchanged from last year.
Both furniture and furnishings in the group of housefurnishings goods
were higher. Furnishings recorded an increase of 10% while furniture
% over the previous
advanced 5%. rho index for the group. 81.5, was
year.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF CoMNI0D11 1E5 (1926=100.01
Croups and Subgroups
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials_
.
Plumbing and beating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals...
Fertilizer materials
Mixed fertilizers
Housefurnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes _
.
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities..
All commodities other than farm
products and foods
All commodities
Year
1934
Dec.
1934
65.3 72.0
74.5 91.5
51.5 57.2
70.5 75.1
70.5 75.3
72.7 79.6
88.7 92.2
67.5 62.4
62.9 69.0
66.6 74.3
86.6 85.1
98.1 97.2
68.6 67.4
75.0 71.8
86.6 85.7
72.9 70.0
82.5 78.4
86.5 84.3
63.2 61.9
26.7 27.1
79.7 74.0
73.1 68.6
73.3 73.7
80.1 82.3
94.5 96.5
84.8 85.6
*
*
*
*
50.5 49.8
86.9 85.9
89.6 92.7
86.7 85.6
95.9 94.6
67.7 67.5
72.6 68.8
86.2 85.1
90.2 91.2
93.2 93.9
84.5 81.2
79.5 78.8
72.6 68.8
90.8 92.0
90.3 89.8
75.9 77.8
79.6 82.2
72.1 73.4
67.1 65.3
72.5 73.7
81.5 81.2
84.1 84.2
79.0 78.2
69.7 71.0
44.9 47.5
89.4 123.1
82.7 81.5
26.5 26.4
82.1 80.7
68.6 73.1
72.8 71.0
78.2 79.5
76.9 77.8
Year
1933
Year
1932
Year
1931
Year
1930
51.4
53.1
43.4
55.8
60.5
60.7
75.0
61.7
50.0
61.1
80.9
90.2
67.1
71.4
81.1
64.8
72.2
71.2
58.9
30.6
69.3
72.5
66.3
82.2
82.8
77.9
94.3
97.5
41.0
79.8
83.5
78.6
90.2
59.6
67.1
77.0
79.2
86.1
70.7
73.3
67.1
83.1
82.7
72.6
79.6
56.3
65.9
64.5
75.8
76.6
75.1
62.5
42.1
57.9
76.6
12.2
76.2
56.5
65.4
70.5
69.0
48.2
39.4
48.2
51.4
61.0
61.3
66.4
58.0
58.2
60.7
72.9
86.1
42.1
65.1
90.1
54.9
63.0
54.0
51.6
31.0
57.7
67.9
70.3
88.4
82.0
77.7
104.7
101.3
45.4
80.2
84.9
79.4
94.1
49.8
66.0
71.4
77.3
77.2
58.5
71.1
66.8
80.9
79.5
73.5
79.5
57.7
66.9
69.3
75.1
75.4
75.0
64.4
41.1
46.0
75.5
7.3
83.7
55.1
59.3
70.3
68.3
64.8
53.0
63.9
6J.2
74.6
81.8
73.1
72.4
75.4
69.8
86.1
93.7
60.2
86.2
101.4
66.3
75.9
66.1
60.9
43.5
68.2
75.1
67.5
91.1
84.6
82.4
98.8
98.7
39.5
84.5
92.1
83.3
94.8
61.9
84.7
79.2
83.6
79.4
69.5
79.4
84.7
83.1
84.8
79.3
83.0
62.8
76.8
82.0
84.9
82.2
88.0
69.8
46.0
62.7
81.4
12.8
88.0
65.6
69.0
77.0
74.6
OOtGOO®OCJ,O,COtQO
Percent Change
-Jan. 15 1935, Compared frith
(.:07/17n0a1/10
otoo,zoomcw.mmTmcmcommOm0000ccmocoomwoomoc,
comtocootcvom-Im
CHANGES IN RETAIL FOOD PRICES. JAN. 15 1935 BY COMMODITIES
865
In the group of miscellaneous commodities, crude rubber recorded an
increase of over 117% and cattle feed 54%. Automobile tires and tubes,
paper and pulp, and other miscellaneous commodities showed smaller
Increases. The level for the group as a whole was 11A % above the previous
year.
Raw materials. including farm products, coffee, hides and skins, raw silk.
coal, crude petroleum, crude rubber, and other similar commodities, registered an advance of 21A % over 1933, and 24% over 1932. They
were, howover, 29Yi% below the 1929 level.
The groups of semi-manufactured articles and finished products recorded
increases of 11% over 1933. Semi-manufactured articles were 22j% over
1932, while finished products advanced 11% over the same period.
Non-agricultural commodities, with an index of 76.9 were 113% higher
than 1933 and 12A % higher than 1932.
The group of "All commodities other than farm products and foods"
advanced 10% over 1933 and nearly 12% over 1932.
Index numbers by groups and sub-groups of commodities for December
1934, and the years 1929 to 1934. inclusive, are contained in the following
table.
m000t
com_o
42 important food items. The index is based on the average of 1913
as 100.0. The weights given to the various food items used in constructing
the index are based on the expenditures of wage earners and lower-salaried
workers.
The following table shows the percentages of price changes for individual
commodities covered by the Bureau Jan. 15 1935, compared with Jan. 2
1935. Dec. 18 1934. Jan. 16 1934. Jan. 15 1933 and Jan. 15 1930.
.,abboi46.6,-.,qi.46L4.WWinOtCoboiciDi...imiaL4bk.1-4nkb4b,4kW6WOOO4,46,64.-ki4C4
Volume 140
Year
1929
104.9
97.4
106.1
106.6
99.9
105.6
88.0
97.8
109.1
93.9
109.1
106.3
112.7
113.2
106.4
90.4
90.0
98.8
88.5
80.4
88.3
93.1
83.0
90.1
91.3
84.6
94.5
93.1
71.3
100.5
98.7
94.9
106.7
106.1
05.0
95.4
94.3
91.8
93.8
94.9
95.0
98.1
97.7
94.2
99.1
71.5
92.1
97.2
94.3
93.6
95.0
82.6
54.5
121.6
88.9
42.3
98.4
97.5
93.9
94.5
93.3
78.4
78.0
71.2
70.2
75.0
91.6
74.9
76.9
65.9
64.8
73.0 I 86.4
95.3
•Data not yet available.
Business Conditions in Kansas City Federal Reserve
District-Improvement Shown in 1934
"General business in the Tenth (Kansas City) District
improved in 1934," according to the Kansas City Federal
Reserve Bank, which said that "debits by banks to individual accounts increased 15.4%; trade at 32 department
stores, 16.4%; wholesalers' sales, five lines combined, 14.8%,
and retail lumber sales, 4.2%. Business mortality was low,"
the bank pointed out, with "failures being less numerous,
and liabilities smaller than in any year since 1920." Regarding conditions in December 1934, the bank, in its
"Monthly Review" of Feb. 1, said:
The dollar volume of trade at 32 department stores in December exceeded
that of November by 62.6%, or about the usual seasonal amount. Sales
were 13.5% above a year ago, and the largest for any December since 1930.
Wholesale trade declined, and for the second time this year sales were
below a year ago.
Niarketings of all classes of live stock were lighter, and of grain heavier,
in December than in the preceding month. Receipts of cattle, hogs and
sheep fell below the 10-year average for December, as did those of grain.
The production of flour and the output of all minerals except crude oil,
which, as in November, was under Federal allowables, were larger than in
December 1933. Construction operations declined seasonally, and expenditures were insignificant.
The following, in part, is also from the bank's review:
The severe drought was one of the most important factors affecting business activity in the Tenth District in 1934. Crop yields were the poorest
of record and acreage abandonment the largest. . . . Higher prices
offset in part the low yields, and the farm value of 64 crops, based on
Dec. 1 prices, was only 13.9% less than the value of like crops harvested
In 1933. Farm income was, however, slightly larger in 1934 than
In 1933. . . .
Financial Chronicle
Business Conditions in Boston Federal Reserve District
-Moderate Increase from November to December
Noted in Level of Activity
The level of general business activity in New England
during December, states the Federal Reserve Bank of Boston, "was moderately higher than that for November, when
allowances for customary seasonal changes had been made,
and the average level for 1934 was slightly higher than in
1933." From the bank's Feb. 1 "Monthly Review" we also
take the following (in part):
During the final quarter of 1934 an upward tendency prevailed, whereas
in the last quarter of 1933 the volume of industrial production had been
declining. One exception to the rising level in December occurred in the
building industry in this district. . . .
Production of boots and shoes in New England usually decreases between
November and December, but in 1934 a small increase occurred. The
volume for the entire year 1934 was practically the same as in the pre
ceding year. . . .
According to the Massachusetts Department of Labor and Industries, employment in representative manufacturing establishments in Massachusetts
increased 3.6% in December over November, while aggregate weekly pay
rolls increased 12.5%. Usually a decrease of seasonal nature occurs between
November and December in both employment and pay rolls. . . .
The value of retail sales of reporting New England department and
apparel stores in December was 7.6% higher than in the corresponding
month a year ago. The cumulative sales value for 1934 in New England
exceeded that of 1933 by 5.5%. . . .
Arranged in tabular formIthe output in kilowatt-hours of
the light and power companies of recent weeks and by
months is as follows:
DATA FOR RECENT WEEKS
Prices in general fluctuated within a narrow range last week with the
advances which occurred in certain commodities being offset by minor
declines in other commodities, although the number of declining prices
exceeded the number of advances. Only two of the component groups in
the index-grains, feeds and livestock, and fats and oils- moved upward
last week; declines were registered by five groups, foods, fuel, textiles.
metals and miscellaneous commodities. In every case, however, the reaction In the declining groups was negligible.
Prices of 17 individual commodities advanced while 35 commodities
declined in prices. Aside from the seven advances in the fats and oils
group the principal commodities which rose in price last week included
cattle, oats, beef and potatoes, items which are given relatively heavy
weight. Declines were registered by six items in the textiles group, four in
the metals group, and five in the miscellaneous commodities group, with no
advances occurring in any of these groups. Price trends in the other important groups were mixed during the week.
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
Latest
Week
Feb. 2
1935
Group
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
23.2
16.0
12.8
10.1
8.5
6.7
Automobiles
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements_ _ _ _
loon
All Errnima rnmhInad
lovmomoommoomy
l omoAt.c,...colgootacoco-4
Per Cent
Each Group
Bears to the
Total Index
77.7
Preceding
Week
afordh
Ago
Year
Ago
77.6
69.6
85.8r
69.7
70.6
88.3
78.8
81.9
85.4
80.0
94.0
65.8
76.5
100.6
m-amcvwoo-ux,q0w-4-4
commwcw-comon000
:,1000:46;oboa COO iob:-.
PRICES (1926-1928=100)
71.6
68.0
53.6
70.3
68.6
84.9
79.0
78.7
85.2
50.4
93.0
67.4
74.5
92.3
76.97
70.2
77.77
r Revised.
Weekly Electric Output Declines Though Gain Over
Same Period of 1934 Continues
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended Feb. 2 1935 totaled 1,762,671,000 kwh. Total output
for the latest week indicated a gain of 7.7% over the corresponding week of 1934, when output totaled 1,636,275,000
kwh.
Electric output during the week ended Jan. 26 1935 totaled
1,781,666,000 kwh. This was a gain of 10.6% over the
1,610,542,000 kwh. produced during the week ended Jan. 27
1934. The Institute's statement follows:
PERCENTAGE OF INCREASE 1935 OVER 1934
Major Geographic
Divisions
New England
Middle Atlantic
Central Industrial. _ _ _
West Central
Southern States
Rocky Mountain
Pacific Coast
mAtal TT/IltAtl States..
Week Ended
Feb. 2 1935
Week Ended
Jan. 26 1935
Week Ended
Jan. 19 1935
Week Ended
Jan. 12 1935
2.7
6.5
5.8
7.7
5.4
8.7
4.1
9.4
12.0
6.0
7.7
10.6
9.4
7.7
5.5
6.4
9.5
8.5
8.9
8.0
8.6
14.2
7.4
10.3
10.8
13.6
6.4
7.1
11.9
6.8
11.0
11.7
P. C.
Change
1935
1934
1,668,731,000
1,772,609,000
1,778,273,000
1,781,666,000
1,762,671,000
1,563,678,000
1,646,271,000
1,624,846,000
1,610,542,000
1,636,275,000
1,651,535,000
1,640,951,000
1,646,465,000
Week of-
Weekly Data for Precious Years
tn Millions of Kilowatt-IfOurs
1933
Jan. 5_ _ _
Jan. 12_ _ _
Jan. 19_ _
.
Jan. 26._ _
Feb, 2_ _ _
Feb. 9_
Feb. 16_
Feb. 23.._
+6.7
+7.7
+9.4
+10.6
+7.7
____
____
__
1932_ 1931
1930 1929 ,
,
1,619
1,602
1,598
1,589
1,589
1,579
1,545
1.512
1,680
1,816
1,834
1,826
1,809
1,782
1,770
1 740
1,714
1,717
1,713
1,687
1,679
1,684
1,680
1.633
1,542
1,734
1,737
1,717
1,728
1,726
1,718
1 non
DATA FOR RECENT MONTHS
Month ofJanuary_ ___
February_
March
April
May
June
July
August
September
October....._
November _ _
Index of Wholesale Commodity Prices of National
Fertilizer Association Unchanged During Week of
Feb. 2
There was but little change in the general level of wholesale commodity prices in the week ended Feb. 2. The index
of the National Fertilizer Association for the week was 77.7,
based on the 1926-1928 average as 100, remaining unchanged
from the week preceding. The index a month ago was 76.9
and a year ago 70.2. Under date of Feb. 4 the Association
also said:
Feb. 9 1935
10.40001-400N
MOWCA04,00
866
December
1934
1933
7,131,158,000
6,608.356,000
7,198,232,000
6,978,419,000
7,249,732,000
7,056,116,000
7,116,261,000
7,309,575,000
6,832,260,000
7,384,922,000
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
7,160,756,000 6,831.573,000
7,009,164,000
%
Change
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
1932
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554,000
6,130,077,000
6,112,175,000
6,310,667,000
6,317,733,000
8,633,865,000
6,507,804,000
6,638,424,000
1931
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
7,186,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
Total
80.009.501.000
77.442.112.000 Sil nog ono non
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric Ight and power industry and the weekly figures are
based on about 70%.
Lumber Movement Recovers from Severe Weather
Effects-Shipments Show Substantial Gain
The National Lumber Manufacturers Association reports
that recovery from the recent severe weather effect upon the
lumber movement was indicated in the sawmill reports for
the week ended Feb. 2 1935, which showed production and
shipments well above those of the preceding week and
orders above those first reported for the previous week.
Revised order reports will show appreciable gain over the
preceding week's final figures. Shipments were heaviest of
any week since November and when revised will top any
week of the fourth quarter of 1934. These comparisons are
based upon reports from 1,043 mills whose production was
138,597,000 feet; shipments, 180,082,000 feet; orders received, 184,087,000 feet. Revised figures for the preceding
week were: Mills, 1,203; production, 130,115,000 feet;
shipments, 152,545,000 feet; orders, 189,380,000 feet. The
Association further reports:
For the week ended Feb. 2 all regions except Southern Pine, Northeastern Softwoods and Northern Hardwoods reported orders above production. Total orders were 33% above output, softwoods showing excess
of 34% and hardwoods of 19%. Shipments were 30% above production.
All regions except Northern Hemlock and Northeastern Softwoods reported
orders above those of the corresponding week of 1934, total orders being
27% above those of a year ago. Production was 10% in excess of that of
corresponding week of last year and shipments were 43% above those of
the 1934 week.
Unfilled orders on Feb. 2. as reported by 954 identical mills were the
equivalent of 30 days' average production, compared with 25 days' a year
ago. Identical mill stocks on Feb. 2 were the equivalent of 165 days'
output, compared with 163 days' on Feb. 3 1934.
Forest products car loadings totaled 17,922 cars during the week ended
Jan. 26 1935. This was 2,800 cars less than during the preceding week,
2,765 cars below corresponding week of 1934 and 3.483 cars more than
during similar week of 1933.
Lumber orders reported for the week ended Feb. 2 1935, by 876 softwood
mills, totaled 175,038.000 feet, or 34% above the production of the same
mills. Shipments as reported for the same week were 171.540,000 feet.
or 31% above production. Production was 130,997,000 feet.
Reports from 202 hardwood mills give new business as 9,049,000 foot.
or 19% above production. Shipments as reported for the same week were
8,542,000 feet, or 12% above production. Production was 7,600,000 feet.
Unfilled Orders and Stocks
Reports from 1,312 mills on Feb.2 1935 give unfilled orders of 863,349,000
feet and gross stocks of 4,794,591,000 feet. The 954 Identical mills report
unfilled orders as 798,739.000 feet on Feb. 3 1935, or the equivalent of
30 days' average production, compared with 667,847,000 feet, or the equivalent of 25 days' average production, on similar date a year ago.
Identical Mill Reports
Last week's production of 753 identical softwood mills was 129.227,000
feet, and a year ago it was 118,838,000 feet; shipments were respectively
170,355,000 feet and 118,300.000; and orders received 174,101,000 feet,
and 136,804,000 feet. In the case of hardwoods, 98 identical mills reported
production last week and a year ago 6,464.000 feet and 4,624,000 feet;
shipments 7,161,000 feet and 5,525.000 feet, and orders 7,233,000 feet
hnd 5,744,000 feet.
Total Value of Exports and Imports of Merchandise
by Grand Divisions and Principal Countries in
December
The Department of Commerce on Feb. 5 1935 issued its
report showing the merchandise imports and exports by
Financial Chronicle
Volume 140
grand divisions and principal countries for the month of
December and 12 months ending with December for the
years 1933 and 1934. The following are the tables complete:
Exports United States
Merchandise
December
1934
TOTAL VALUES (PRELIMINARY) OF EXPORTS AND IMPORTS OF
MERCHANDISE BY GRAND DIVISION AND PRINCIPAL COUNTRIES
Month of December
1933
Exports toEurope
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
$
102,207,574
18,897.708
11,790,849
12,965,137
36.927,779
3,950,277
5,898.755
1934
1933
$
s
69,346,146 849,778,463
21,379,137 214.833,206
15,841,621 126,025,726
13,152,006 114,047,605
39,172,768 292,284,054
5,121,665 35,109,009
6,663,067 42,915,943
1934
5
949,705,191
307.930,447
178,987,873
161,586,394
401,307,274
57,089,140
76,808,089
0.--q00W.001-M0304.001,M,,M0100-400004..4=050V1003040300OMOWC.1-40
3,322,292
3,040,019
4,596,497
3.625,602
2,536.987
353,640
18,512,927
85,043
776,747
7,781,743
1,453,399
2,156.090
187,205
1,527,813
569,019
169,401
Egypt
618,248
Finland
319,723
France
12,128,817
Germany
13,576.965
Gold Coast
184.568
Greece
433,710
Honduras
494,201
Hong Kong
874,894
Irish Free State
734,930
Italy
6,727,888
Jamaica
340,366
Japan
18,259,109
Mexico
3,455,611
Netherland India
765,865
Netherland West Indies
1,091,897
Netherlands
6,971,482
Newfoundland and Labrador__ _
369,869
New Zealand
881,180
Norway
879,514
Panama
1,351,221
Persia
240,787
Peru
743,552
Philippine Islands
4,150,729
Poland and Danzig
2,006,850
Portugal
544,677
Spain
3,375,210
Sweden
1,092,059
Switzerland
874.127
Turkey (Asia and Europe)
168,746
Union of South Africa
3,105,807
United Kingdom
43,878,094
Soviet Russia in Europe
596,111
Uruguay
608,989
Venezuela
1.727.159
,-,
.-.00W
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000M000
,
..MW03O01003C00.-000030303010301.-4W.40
192,638,079 170,676,410 1674994,006 2,133.414,408
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Note-Exports
12 Mos. End. December
36,927,358
26,283,730
43,267,556
29,727,826
19.858,360
2,397,316
210,651,312
815,732
5,321,490
51,941,657
14,754,118
25,092,862
1,564,619
11,610,986
5,519,561
1,572,754
3,816.864
3,462,187
121,710,555
140.023.797
1,857,021
2,839,877
5,029,785
8,562,582
4,127.538
61.239,586
2,648,155
143,434,584
37,520,833
6,890,197
10.314.419
48,658.816
3,947,883
8,228,708
7,112,014
15.887,019
1,409,005
4,985,420
44,781,832
15.113,975
5.807,589
30,756,698
18,597,580
7.506.847
1,342,694
22,050,312
311,731.763
8,743,129
3,614,194
13,114,810
42,686,263
43,237,256
49,814,417
40,382.372
27,441,411
4,216,739
302.417,581
1,256,564
12,029,403
68,631,878
21,942,582
45,354,752
2,685,025
14,505,945
5,843,768
2,344,698
6,866,747
5.946,909
115,936,674
108,814,547
2,071,092
4,650,337
6,027,650
9,039.932
6,656,473
64,906,799
3,800,137
210,420,136
55,355,548
9,784,380
13,465,224
50,505,899
5,274,027
12,996,051
11.100,004
18.819,911
3,697,735
9,765.777
47.528,316
18,959.865
7,915.705
38,101,176
33,042,929
8,425,768
2,699,337
45,290.934
383,316,994
14,866,515
6,140,455
19,286.061
nclude re-exports
Month of December
1933
Imports fromEurope
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Gold Coast
Greece
Honduras
nong Kong
Irish Free State
Italy
Jamaica
Japan
Mexico
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador_ _ _
New Zealand
Norway
Panama
Persia
Peru
Philippine Islands
Poland and Danzig
Portugal
Spain
Sweden
Switzerland
Turkey (Asia and Europe)
Union of South Africa
United Kingdom
Soviet Russia in Europe
Uruguay
venezuela
$
42,291,854
22,083,289
9,675,071
17,405,648
38.579,413
896,329
2,586,563
1934
1933
$
$
28,045,261 462.188,860
25,868.353 190,650,871
21,837,020 127,115,715
16,867,154 202.280,056
27,198,575 425,867,949
750,543 13,190,058
1,685.177 28,265,231
1934
$
489.210,352
238,490,194
160,723,899
228,958,359
489,775,277
14,565,028
33,326.362
133,518,167 132,252,083 1449558,740 1,655,049,471
2,315,009 3,665,200 33,841,203
641,037
417,969 7,680,102
1,726,022 2,050,989 23,163,235
8,255,970 6,306,400 82,628,106
5,260,707 3,819,922 43,758,759
8,006,702 4,328,469 59,912,368
21,199,632 25,123,105 185,408,850
919,800
691,950 7.013.847
1,018,235 1.617,917 11,503,492
3.214,297 3,113.998 37,806,758
3,499,412 2,555,990 47.636,597
3,577,963 14,840,153 58,497,548
1,292,992 1,390,903 14,650,527
205,246 1,785,649
226,519
295,285
110,657 3,279,352
257,523 1,887,905
177,435
752,382
504,798 6,128,223
798,687 8,915.533
810,609
6,890,899 5,106,434 49,701,854
6,894,157 5,223,263 78,184,540
107,109
249,530 5,818,226
741,028 1,056,333 5,987,413
466,903
526,432 7,046,395
690,342
436,271 3,938,660
50,185
42,736
507,568
2,915,235 3,206,800 38,570,622
149.646 1,246,434
137,742
10,372,317 7,311,356 128,417,982
3,294.650 3,283,023 30,716.021
3,712,410 2,610,121 33,076,118
390,289 1,132,648 6,533,336
2,064,730 1,842,100 30,949,428
646,528 4,753.523
565,613
250,783
270,731 4,793,215
1,479,314
777,659 13,159,754
406,952
413,426 3,375.574
237,793
203.382 3,353,303
657,259
433,048 5,472,219
4,402,553 2,479,656 93,047,796
532,967
757.968 2,685,564
275,403 3,368,013
588,749
1,469,729 1.446,074 13,701,439
3,247,943 3,299,064 30,972,309
1,281,732 1,072,816 14,550,933
788,217 1,188,593 8,191,379
480,375
70,793 3,894,935
8,252,444 7,702,425 111,218,130
1,071,850
887,981 11,347,568
480,005
341,648 3,772,861
906.797 1,586,595 13,450,636
Note-Imports for all periods are "General Imports."
12 Mos. End. December
29,487.327
8,518,356
26,174.482
91,484,306
55,082,367
105,498,852
231,689,607
11,566,622
22,909,616
43,932,503
47,115,152
78,928,916
17.552,264
1,898,075
3,784,935
3,098,648
8,953,447
8,995,483
61,037,255
68,805,488
5,316,721
8,298,819
7,790,924
5,279,950
683,549
35,748,733
1,752.127
119,251,106
36,495,473
42,426,401
8,942.847
28,440,070
5,185,060
5,502,271
16,946,233
4,186,732
3,285,677
6,190,978
87,811,089
5,648.362
4,137,484
18,902,808
33,948,870
15,208.589
7,160,956
2,859,066
115,357,580
11,015,331
4,711,203
22,120.365
867
Europe
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Gold Coast
Greece
Honduras
Hong Kong
Irish Free State
Italy
Jamaica
Japan
Mexico
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador_
New Zealand
Norway
Panama
Persia
Peru
Philippine Islands
Poland and Danzig
Portugal
Spain
Sweden
Switzerland
Turkey (Asia and Europe)
Union of South Africa
United Kingdom
Soviet Russia in Europe
Uruguay
Venezue'a
$
68,607,643
20,360,595
15,593,634
13,062,666
30,095,878
5,109,341
6,636,988
Imports for Consumption
12 Mos, End.
December
December
1934
1934
$
938,232,624
291,935,025
176,392.504
160,568,385
400,010,019
56,924,738
76,664,310
5
37,023,041
24,431,586
19,441,231
16,839,085
25,620,316
914,933
1,960,974
12 Mos. End.
December
1934
$
481,462.320
233,120,511
157,445,762
226,967,018
488,338,112
14,452,131
33,047,713
168,466,745 2,100,727,605 126,231,166 1,634,833.567
2,037,192
3,779,736
3,690,652
3,214,180
2,624,905
450,132
19.995,809
134.090
1,255,880
4,078,395
1,824,186
4,195,771
191.789
1,230,050
562,445
148,873
709,445
376,691
9,755,135
4,497,821
229,817
377,405
681,000
899.333
342,112
4,807,035
310,266
23,288,092
4,300,314
1,156,679
1,072.815
3,054,772
352,065
1,264.856
1,016,350
1,903,211
585,265
946,585
4,086,859
1,618.863
867.478
2,757,942
3,159,281
833,981
230,411
3,776,262
28.289,698
1,125,854
671,021
1,728,211
42,595,067 3,706,242
567,175
43,114,792
49,193,937 1.996,498
40.197,332 6.305.081
27,390,287 3,843,031
4,133,973 4,328,917
286,515,893 23,684,787
691,078
1,256,296
11,935,647 1,684,844
68,425,500 2,965.064
21,611,189 2,552,941
44,804,228 12,366,133
2,586.488 1,273,991
209,862
14,432,471
5,765,718
111,103
266,895
2,324,020
665,843
6,793,725
798,820
5,936.934
113,759,815 5.167.264
106,725,536 5,056,361
375,144
2,070,864
4,608,958
598,869
5,900,628
526,432
8,920.866
414,536
8,845.957
65,768
64,419,805 2,904.953
154,519
3,771,883
209,865.596 7,031,542
54,048.431 3,484,353
9,766,092 2,591,396
13,430,072 1,077,149
49,968,096 1,882.285
5,187,090
670,923
12,957,269
286,650
11,063,907
841,671
18,700.608
414,132
3,696,713
180,015
9,622,934
298.577
47,379,691
2,478,710
18,941,232
712,675
7,893.875
282,090
37,955,483 1,385,665
32,802.380 3,298,479
8,254,690 1,078,393
2,674,435
405,495
45,273.543
76,206
378,699,325 7,743,341
14,817390
991,726
6,125,241
337,951
19,159,347 1,583,848
29,506,004
8,618,858
26,444,453
91,991,737
54,875,184
105,341,261
226,975,142
11,556.957
21,603,323
43.235.943
46,970,035
78,601,413
17.712,962
1,829,338
3.930.283
3,119,006
8,577,669
8,991,374
57,327,186
68,922,082
5,182,459
8.709,174
7,796,093
5,092,143
626,622
36.791,954
1,677,398
118.007,087
34,947,067
42,142,053
8,600,804
27,954.538
5,242,809
5,390,318
16,505,170
4,158.101
3,242,148
5.634,543
87.723,276
5,40,474
4,030,781
18,108.277
34,010,843
15.206,527
8,321,095
2.826,967
111,285,318
11.577,749
4,654,5411
21,675,80
Prospects That Industrial Operations in First Quarter
This Year Will Average Higher Than in any Similar
Period Noted by National City Bank
"The favorable reports from the industries during the past
month seem to dispel any remaining uncertainty as to the
business prospect through the first quarter of the year,
giving the optimists, for that period at least, plainly the
better of the argument," says the National City Bank of
New York in its February "Bulletin." made public Feb. 4.
"On the basis of orders in hand, factory schedules, and
trade prospects generally," the bank continues, "the likelihood that industrial operations will average higher than in
any first quarter since 1931 appears to be clearly established." The bank goes on to say:
The upward trend which began during the fall has gained momentum
since the turn of the year, chiefly from the rapid increase in automobile
assemblies. Apparently the automobile manufacturers intend, if possible,
to make a million vehicles during the quarter, which would be an increase
of one-third over a year ago, and their demands for materials are
requiring increased operations in other industries.
Nct since 1930 have a million automobiles been turned out in the first
quarter. It is suggested by some that this early expansion is in part a
precaution against the contingency of labor troubles later in the season.
IIowever that may be, automobile sales have continued good, showing less
than the usual winter decline, and have been well above a year ago. The
industry expects to sell perhaps 3,250,000 cars this year, against 2,780,000
in 1934, and is prepared to stock its dealers accordingly.
The rise in steel ingot production has been uninterrupted in 15 weeks,
reaching 52.5% of capacity In the last week of January, and is due principally but by no means entirely to automobile orders. Tin-plate mills
have speeded up, and farm equipment manufacturers and other miscellaneous
buyers of steel have been placing more orders. . . .
Textile mills in the main have a good volume of unfilled orders, and will
give steady support to business during the quarter. The woolen mills
have been unable to keep up with the demands of the clothing manufacturers for deliveries, and many of the men's wear mills particularly are
hooked to capacity to April 1. The recovery of this industry since its
September low point has been sensational, the monthly consumption of raw
wool having tripled. Silk mills are busier than a year ago, and rayon
mills also, with unfilled orders representing a month's production. Cotton
mill operations recovered promptly from the holiday curtailment, and are
nearly as high as at the peak last year, while in the judgment of the market
a good part of the spring cotton goods business is still to be placed. . . .
Three Factors Favorable for Spring Trade
This upturn in industry, with the resulting expansion ir. employment and
manufacturing pay rolls, is the first of three factors which may be noted
as favorable for spring trade. The second is the likelihood that the
farmer will give perhaps more support to business than he did a year
ago, when farm buying was a great factor in the spring rise. Both the
Agriculture Adjustment Administration and the Department of Agriculture
estiniate that farm income during the first half of 1985 will be larger
868
Financial Chronicle
than in 1934. The volume of products marketed will be smaller, but the
higher prices will offset the shrinkage in quantity. It is to be expected
that the effects of the drouth and the elimination of the surplus in many
of the farm markets will continue evident, especially in livestock prices,
for the first effect of the drought was to add to the slaughter of animals,
and the reduction in the supply is only now appearing in the markets.
In addition to the increased receipts from marketings, rental and benefit
payments by the AAA during the first six months will exceed those of the
first half of last year. Also, this increased income will buy more, in
some directions at least, as witness the announcement that the spring
catalogue of one of the two largest mail order houses carries prices 6%
below a year ago.
The third reason for anticipating a good spring business lies in the
promised Government expenditures. According to the President's estimate, the Federal deficit for the fiscal year ending June 30 next will be
$4,300,000,000, excluding the sinking fund. During the first half of the
year the deficit, excluding the sinking fund, amounted to $1,560,000,000.
Thus an expenditure of over $2,700,000,000 in excess of receipts is contemplated for the second six months, which is at the rate of $450,000,000
a month. The Treasury has never before in time of peace spent at such a
rate except in two months, January and April 1934, and there is no assurance that it will be able to distribute the sum named within the allotted
time. However, enough evidently will be disbursed to support spring
business.
Increases in Factory Employment and Payrolls from
November to December Reported by United States
Department of Labor-Employment Increase Contrary to Seasonal Trend-6 to 18 Non-Manufacturing Industries Report Higher Employment
Factory employment and payrolls increased from November to December, reports the Bureau of Labor Statistics,
United States Department of Labor. The employment
increase is contrary to the movement shown in 12 of the 15
preceding years. Declines in payrolls in December have
been shown in 8 of the 15 preceding years. Employment
increased 1.7% from November to December it was reported,
and payrolls increased 6.2%. Forty-four of the 90 manufacturing industries surveyed reported gains in employment in
December, and 62 industries reported increased payrolls.
Industries of major importance in which gains in both
employment and payrolls were reported in December were:
Automobiles, blast furnaces-steel works-rolling mills, foundries and machine shops, machine tools, hardware, woolen,
cotton, silk, dyeing and finishing textiles, and boots and
shoes. An announcement by the Labor Department also
said:
The Bureau of Labor Statistics' index of factory employment for December 1934 is 78.1 (preliminary) and the December index of factory payrolls
Is 63.2 (preliminary). The level of employment in December 1934 was 5%
above the level of the December 1933 index (74.4) and payrolls were 16%
above the level of the December 1933 index (54.5). The base used in computing these indexes is the average for the three-year period, 1923-1925,
which is taken as 100.
The levels of employment and payrolls in the separate industries In
December 1934 compared with December 1933 shows increased employment over the year interval in 62 industries and larger payrolls in 76 of the
90 industries surveyed.
Employment for the 12-month period ending December 1934 was 14.2%
above the annual average of 1933, 22.9% above the annual average of 1932,
and 1.8% above the 1931 average. A similar comparison of payrolls for
the 12 months of 1934 with the annual average of 1933 showed a gain of
-month average of 1932, an increase of
27.6%. and compared with the 12
34.3%. The annual average of payrolls for 1934 was 8.3% below the 12
month average of 1931.
employment and payrolls are computed from
The indexes of factory
returns supplied by representative establishments in 90 important manufacturing industries of the country. Reports were received in December
from 25.288 establishments employing 3,605,568 workers whose weekly
earnings were $71,080,570 during the pay period ending nearest Dec. 15.
The employment reports received from these co-operating establishments
cover more than 50% of the total wage earners In all manufacturing
Industries of the country.
Increased activity in automobile plants. due to production of new models,
was reflected in gains of 32.5% in employment and 48.9% in payrolls in
this industry. The settlement of labor difficulties in the dyeing and finishing textiles industry resulted in a recovery from the previous month's
sharp decline, employment showing an increase of 25.7% from November
to December and payrolls increasing 36.1%. Establishments in the woolen
and worsted goods industry reported seasonal gains, 14.1% in employment
and 24.3% in payrolls. The hardware industry, due primarily to increased
orders for automobile hardware,showed a gain of 11.1% in employment and
20% in payrolls. Employment in the fertilizer industry showed a gain of
9.1% and iron and steel forgings establishments reported an expansion of
7.8% in employment from November to December. Establishments in the
aircraft Industry reported an increase of 7.6% in number of workers while
employment in the carpet and rug industry increased 6.3% and in the
agricultural implement industry 5.3%. Among the remaining 35 industries
reporting increased employment were the boot and shoe and leather industries with seasonal gains of 3.9% each: machine tools. 2.9%; book and
job printing. 2.4%; cotton, 2.0%; silk, 1.8%; blast furnaces-steel works.
rolling mills. 1.6%; and foundries and machine shops, 1.3%.
The most pronounced decreases in employment from November to
December were seasonal in character. Employment in the beet sugar
Industry decllned 40.2%; the canning and preserving industry reported
22% fewer workers; cement. 13.7%; marble. 11.8%; shirts and collars,
10.6%; stoves, 8.3%; and men's furnishings 7.3% fewer employees. The
radio, women's clothing, ice cream, and brick industries also reported
seasonal declines ranging from 3.1% to 6.5%. Other industries in which
substantial decreases in employment were reported from November to
December were. Cash registers, 6.8%;cane-sugar refining, 6.3%; millinery,
5.7%; butter, 4.9%; soap, 4.8%; sawmills, 3.6%; slaughtering, 3.5%;
cigars and cigarettes. 3.3%; and jewelry. 3.2%. fhe men's clothing industry reported a decrease in employment of 1.6% and the glass and petroleum
.
refining industries reported declines of 1.2% and 1.1%, respectively.
payIn the following table are presented the indexes of employment and
for each of
rolls for December 1934, November 1934, and December 1933
Feb. 9 1935
the manufacturing industries covered by the Bureau of Labor Statistics.
The indexes are not adjusted for seasonal variation.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES
0
-year average 1923-25=100. )
(3
Payroll Totals
Employment
Manufacturing Industries
aDec.
1934
General index
Nov.
1934
Dec.
1933
a Dec.
1934
Nov.
1934
Dec.
1933
78.1
76.8
74.4
63.2
59.5
54.5
66.2
66.6
47.7
44.2
43.7
65.9
72.2
49.3
67.0
78.4
47.0
46.5
53.7
27.4
41.7
44.9
26.4
43.0
50.8
27.5
78.9
51.0
45.4
62.7
76.3
52.0
61.0
55.8
57.6
43.5
41.1
39.9
57.4
35.8
34.2
37.6
54.9
36.2
45.1
27.3
49.3
93.9
54.4
79.1
31.4
61.1
32.0
67.0
30.8
48.3
57.9
89.6
52.7
86.4
39.7
79.6
41.2
79.4
34.2
81.5
58.1
121.2
58.9
118.8
52.1
107.2
48.4
94.5
45.5
91.6
77.9
79.6
71.8
61.2
60.2
91.2
57.2
85.7
49.1
59.8
106.7
94.4
81.3
83.3
73.3
65.4
59.4
52.2
50.0
39.8
73.5
66.0
70.2
214.5
60.8
106.1
62.2
250.4
67.1
b32.4
37.5
69.3
51.6
65.7
50.5
76.0
62.5
72.0
59.3
61.4
58.9
212.4
74.9
85.7
61.1
336.3
66.1
31.8
20.7
67.3
53.5
86.7
52.5
69.8
80.9
72.1
52.7
49.7
56.4
132.0
50.9
96.0
67.7
233.4
76.4
31.5
16.6
57.2
44.4
58.4
43.5
61.5
56.2
55.6
50.0
46.6
52.6
131.5
43.4
97.8
1148.4
214.5
51.3
b30.0
16.6
54.0
44.4
57.4
436
58.8
53.8
51.3
37.1
41.3
45.0
128.4
60.8
69.8
43.7
288.4
46.0
27.2
7.8
49.4
44.7
56.8
43.8
50.2
58.5
49.0
77.6
76.9
68.9
71.7
58.3
59.4
82.4
67.2
65.8
63.4
60.1
55.6
64.7
63.1
58.0
56.7
46.0
47.3
50.2
48.6
74.5
83.9
48.6
65.2
36.3
32.8
92.4
52.2
29.9
48.2
88.5
62.3
78.2
49.8
659
36.3
33.3
107.7
49.0
27.1
36.6
82.9
46.6
79.1
33.3
45.9
24.6
20.0
50.2
31.4
15.3
24.1
71.9
46.4
71.9
33.6
44.5
24.0
21.3
47.9
35.6
16.5
29.4
72.0
34.3
60.9
31.0
40.1
22.0
20.0
48.9
31.0
12.7
19.1
64.4
28.6
69.7
90.9
89.7
60.1
94.2
80.4
91.4
73.5
110.6
75.0
75.0
89.6
80.3
115.5
89.3
116.9
59.3
101.3
81.6
79.8
89.2
109.0
115.4
151.9
76.0
34.3
69.1
88.0
89.7
68.4
94.1
75.1
105.6
75.6
102.6
74.9
77.3
80.4
76.5
93.7
86.4
86.2
66.5
98.9
78.7
75.8
90.8
99.2
107.7
140.5
78.3
15.1
50.0
75.3
80.2
51.0
81.2
70.8
99.6
71.3
109.2
64.9
66.6
61.3
52.6
77.6
85.1
77.7
44.1
79.7
69.1
63.7
86.5
92.9
98.7
135.0
53.0
17.3
47.7
71.1
72.5
43.6
75.7
64.7
73.2
20.2
43.9
64.0
68.6
48.3
72.2
58.5
83.3
88.4
62.0
72.5
91.5
77.7
83.5
109.3
189.0
93.6
64.0
85.3
73.0
58.6
08.0
238.7
79.9
62.1
73.8
62.7
97.0
90.3
107.7
Iron and steel and their products,
not including machinery
66.6
Blast furnaces, steel works, and
rolling mills
66.9
Bolts, nuts, washers and rivets_
74.7
Cast-iron pipe
48.5
Cutlery (not incl. sliver and
Plated cutlery) and edge tools 76.6
Forging's. Iron and steel
54.9
Hardware
50.4
Plumbers' supplies
64.2
Steam and hot-water heating
apparatus and steam fittings- 48.8
Stoves
86.1
Structural & ornamental metal
work
58.0
Tin cans and other tinware
85.5
Tools (not including edge tools,
machine tools, files and saws) 59.3
Wirework
126.1
Machinery, not Including transportation equipment
78.5
Agricultural implements
83.8
Cash registers, adding machines
and calculating machines.... 99.5
Electrical machinery, apparatus
and supplies
65.6
Engines, turbines, tractors and
76.7
water wheels
Foundry & machine-shop prod. 68.8
Machine tools
72.2
Radios and phonographs
207.9
Textile machinery and parts
62.5
Typewriters and parts
103.7
78.5
Transportation equipment
Aircraft
269.4
88.9
Automobiles
Cars, electric & steam railroad- 34.0
36.5
Locomotives
69.6
Shipbuilding
Railroad repair shops
52.0
Electric railroad
65.5
Steam railroad
51.0
Non-ferrous metals & their prods
76.9
Aluminum manufactures
62.2
Brass, bronze & copper prods
74.0
Clocks and watches and timerecording devices
79.0
Jewelry
74.4
Lighting equipment
69.8
Silverware and plated ware_ _
70.7
Smelting and refining-copper,
lead and zinc
74.7
Stamped and enameled ware
87.5
Lumber and allied products
47.8
Furniture
65.0
Lumber-Millwork
36.7
Sawmills
31.6
92.9
Turpentine and rosin
3tone, clay, and glass products
50.1
Brick, tile and terra cotta
28.0
41.6
Cement
Glass
87.4
Marble. granite, slate and other
25.2
products
70.6
Pottery
Textiles and their products
92.8
94.0
Fabrics
Carpets and rugs
63.8
96.0
Cotton goods
83.0
Cotton small wares
Dyeing and finishing textiles_ 114.8
Hats, fur-felt
77.0
110.4
Knit goods
76.3
Silk and rayon goods
85.6
Woolen and worsted goods__
86.0
Wearing apparel
79.1
Clothing, men's
111.6
Clothing, women's
89.3
Corsets and allied garments_
108.4
Men's furnishings
55.9
Millinery
90.5
Shirts and collars
84.8
Asather and Its manufactures__
82.9
Boots and shoes
92.7
Leather.
103.8
rood and kindred products
115.4
Baking
143.7
Beverages
72.3
Butter
69.0
Canning and preserving
91.3
Confectionery
77.2
Flour
61.0
Tee cream
Slaughtering and meat packing_ 105.5
113.0
Sugar, beet
87.7
Sugar refining. cane
61.9
'obacco manufactures
Chewing and smoking tobacco
71.5
and snuff
60.6
Cigars and cigarettes
97.8
'aper and printing
88.5
Boxes, paper
108.3
Paper and pulp
Printing and publishing:
89.3
Book and job
Newspapers and periodicals_ 100.4
:hemicals and allied products
108.7
and petroleum refining
108.2
Other than petroleum refining
103.9
Chemicals
Cottonseed-oil. cake dz meal 91.4
102.8
Druggsts's preparations
90.6
Explosives
99.5
Fertilizers
99.5
Paints and varnishes
Rayon and allied products__ 329.5
99.6
Soap
110.7
Petroleum refining
79.0
ubber products
52.8
Rubber boots and shoes
Rubber goods,other than boots,
shoes tires and inner tubes..
rsnhiwn Hr. and Inflow tuns.
115.1
71.9
62.0
65.9
82.8
63.6
49.1
98.4
68.3
72.5
49.9
107.9
62.3
53.6
64.1
52.1
81.3
80.7
87.5
45.1
98.3
61.0
54.6
82.0
96.1
98.6
142.2
56.4
87.5
76.5
63.3
50.2
100.7
147.2
72.8
48.8
88.8
55.3
55.7
51.2
44.4
59.9
67.6
55.8
47.3
77.0
61.1
55.7
78.8
84.4
89.8
130.8
589
59.4
71.6
59.3
45.5
82.0
164.8
62.9
46.5
75.2
60.4
94.5
82.8
101.1
67.4
47.7
86.5
82.7
84.2
62.2
47.1
82.8
81.3
82.6
66.1
44.1
77.2
69.0
71.9
87.2
99.8
87.1
100.9
80.1
94.2
74.4
90.4
71.2
88.2
108.6
107.9
104.4
90.5
105.5
91.6
91.2
99.7
320.8
104.6
111.9
76.6
53.9
107.6
106.7
103.5
112.2
103.0
90.3
94.8
90.1
322.0
93.1
111.2
83.9
65.6
91.7
89.9
90.0
86.9
04.8
70.7
75.5
78.1
240.1
90.7
97.8
66.0
52.1
90.9
89.1
90.7
81.4
96.8
71.2
69.7
78 5
231.6
92.5
968
57.6
46.8
84.9
83.5
86.6
94.3
92.9
62.7
68.5
68.8
220.9
77.2
89.4
59.0
60.2
112.1
68.7
125.2
71.8
92.5
60.0
85.2
50.4
90.9
47.3
a December 1934 Indexes preliminary, subject to revision. b Revised.
As to employment conditions in non-manufacturing industries during December, the announcement said:
Financial Chronicle
Volume 140
Increases in employment for November to December were shown in
six of the 18 non-manufacturing industries surveyed monthly by the U. 8.
Bureau of Labor Statistics and increases in payrolls were reported in nine
of these industries
The most pronounced changes over the month interval were seasonal in
character. Retail trade establishments, reflecting expansion for holiday
trade showed a gain of 8.5% in employment. The group of department
stores, variety stores, general merchandise, and mail-order establishments
which is most affected by Christmas trade reported an increase of 27.0%
in number of workers. In the remaining 53,698 retail trade establishments
for which data were available, employment increased 2.3% over the
month interval.
Employment in the metalliferious and anthracite mining industries
increased 2.8% and 1.4%. respectively, over the month interval. The
gains in employment in the remaining three industries reporting increases
(brokerage, insurance, and real estate) were 0.3% or less.
Among the 12 non-manufacturing industries reporting decreased employment from November to December, the greatest declines were shown in the
quarrying and non-metallic mining and the building construction industries.
These industries are adversely affected by winter weather. The quarrying
industry showed a decrease of 15.1% in employment over the month
Interval and employment in the building construction industry based on
reports supplied by 10,188 contractors employing 70,160 workers in
December showed a falling-off of 10.7%•
Employment in the dyeing and cleaning industry showed a seasonal
decline of 4.6% and the power and light industry reported a decrease of
2.2%.
In the remaining eight industries in which employment decreased over
the month interval, the losses ranged from 1% in the laundry and electric
railroad and motor-bus operation industries to 0.1% in bituminous coal
mining, banks, and wholesale trade.
The 18 non-manufacturing industries surveyed, with indexes of employment and payrolls for December 1934, where available, and percentage
changes from November 1934 and December 1933 are shown below. The
-month average for 1929 is used as the index base, or 100, in computing
12
the index numbers of the non-manufacturing industries. Information for
earlier years is not available from the Bureau's records.
INDEX OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MAN7JFACTURING INDUSTRIES IN DECEMBER 1934 AND COMPARISON
WITH NOVEMBER 1934 AND DECEMBER 1933
(Average 1929=100)
Employment
Payroll
P. C. Change from
Group
Index
Dec.
1934
Nor.
1934
Dec.
1933
P. C. Change from
Index
Dec.
1934
Nor.
1934
Dec.
1933
Anthracite mining
61.6
+1.4 +13.0
52.3
+2.2 +18.1
Bituminous coal mining
79.7
-0.1
+5.7
57.0
-2.3 +12.2
Metalliferous mining
44.4
+2.8
+9.4
29.4
+3.2 +12.2
Quarrying and non-metallic
mining
42.1 -15.1
-7.1
23.6 -20.0
-3.3
Crude petroleum producing
78.7
-0.2
+4.9
59.5
+0.9 +11.8
Telephone and telegraph
69.7
-0.3
+0.4
73.2
+1.3
+8.1
Electric light and power and
manufactured gas
83.6
-2.2
+2.2
78.3
-1.6
+5.2
Electric railroad and motorbus oper. ee maintenance.. 71.0
-1.0
+0.3
62.3
+0.8
+4.5
Wholesale trade
a85.0
-0.1
+4.3 a64.8
+0.9
+6.4
Retail trade
a90.8
+8.5
+1.9 a66.0
+6.8
+3.1
Hotels(cash payments only)b 83.3
-0.5
+7.3
64.9
-0.1 +12.7
Laundries
79.5
1.0
+1.4
63.3
-0.6
+3.6
Dyeing and cleaning
72.4
-4.6
+2.7
51.1
-5.2
+8.0
Banks
c
-0.1
-0.3
c
-0.4
+0.2
Brokerage
c
+0.3 -24.8
c
+0.4 -28.1
Insurance
c
+0.1
+1.5
+17
c
+2.9
Real estate
c
+3.5
+0.1
c
-0.1
+3.8
Building construction d
c
-10.7
+6.8
c
-12.0 4-13.2
a Revised: Not comparable with indexes published prior to November 1934.
Revised indexes, January 1929
-November 1934. are being presented in the November
1934 "Trend of Employment." b The additional value of board, room, and tips
cannot be computed. c Not available. d Preliminary.
Motor Output Nearly Doubles in January
The automobile industry initiated its 1935 production
activities with an output for all American automobile factories of 306,000 units in January, according to a preliminary
estimate released to-day by the Automobile Manufacturers
Association.
On the basis of this estimate the industry's January output
was 65 % above that of the preceding month and 87% above
the corresponding month of last year. The Association also
revealed that in only 1926 and 1929 has January production
exceeded that for this year.
The Association's estimate, which is based upon reports
of factory shipments, is summarized below:
January 1935
December 1934
306,000 January 1934
185,9191
163,811
Indexes of Business Activity of Federal Reserve Bank
of New York
"Data indicative of the distribution of goods showed
irregular changes during the first half of January," said the
Federal Reserve Bank of New York,in presenting its monthly
indexes of business activity in its "Monthly Review" of
Feb. 1. The Bank continued:
rhe movement of miscellaneous and less than carload freight over the
railroads increased in contrast to a usual seasonal reduction, and sales of
new passenger automobiles were reported to have expanded more than
seasonally. On the other hand, department stores sales in the Metropolitan area of New York did not maintain the increase over a year previous
that occurred in December.
In December, increases of more than the usual seasonal proportions
occurred in several lines of retail trade for which data are currently available.
Seasonally adjusted indexes of department store and chain store sales rose
to higher levels than in the preceding few months, and the index of mailorder house sales remained at about the same level as in November. Sales
in most lines were considerably larger in December 1934 than in December
1933. the increase in department store sales amounting to 11% for the entire
country, with larger gains in agricultural areas.
869
Among the more general indexes of business activity, increases after
seasonal adjustment occurred during December in the indexes of railroad
frieght car loadings and the volume of check transactions, while the in •
doses of life insurance sales and advertising were victually unchanged from
the November levels. More than the usual seasonal decrease was shown
In sales of new passenger automobiles following an increase in November.
(Adjusted for seasonal variations, for usual year-to-year growth, and, where
necessary, for price changes)
Dec.
1933
Primary Distribution
Car loadings, merchandise and miscellaneous__
Car loadings. other
Exports
Imports
Wholesale trade
Distribution to Consumer
Department store sales, United States
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
New passenger car registrations
Gasoline consumption
General Business Activity
Bank debits, outside New York au
Bank debits. New York City
Velocity of demand deposits, outside N.Y. City_
Velocity of demand deposits, New York City
New life insurance sales
Factory employment, United States
Business failures
Building contracts
New corporations formed, New York State
Real estate transfers
General price level •
Composite Index of wages •
Mott nt IhrInv *
Oct.
1934
Nov.
1934
59
58
55
64
99
55
54
47
51
86
as
as
54
47
64
62
449
589
70
72
71
71
72
63
77
70
50
75
70?
71
63
79
75
60
55
77
75
73
83
84
74
60
459
--
57
38
63
41
61
78
47
25
58
57
38
64
40
60
78
43
26
60
62p
459
71
47
59
809
39
139
180
139
1:16
181
139
lief)
1819
188
so
68
56
36
69
sa
42
72
50
55
76
47
54
63
54
132
177
133
ss
58
ao
Dec.
1984
aa
22
52
p Preliminary. r Revised. • 1913 average=100.
Production of Flour During January 1935 Shows Increase over Preceding Month
General Mills, Inc.,in presenting its monthly summary of
flour milling activities for approximately 90% of all flour
mills in the principal flour milling centers of the United
States reports that during the month of January 1935
flour production totaled 5,271,927 barrels as compared with
4,946,933 barrels in the preceding month and 5,649,844
barrels in the corresponding period of 1934. During December 1933 production amounted to 5,101,974 barrels.
During the seven months ended Jan. 31 1935 flour output
by the same number of mills amounted to 37,530,252 barrels
as compared with 36,850,248 barrels during the like period
of 1934. The corporation's summary follows:
PRODUCTION OF FLOUR
(Number of Barrels)
Month of Janaury
7 Mos. Ended Jan. 31
1935
Northwest
Southwest
Lake Central As Southern_ _ _
Pacific Coast
Grand total
1934
1935
1934
1,175,461
1,949,407
1,766,225
380,834
1,509,119
1,900,809
1,860,855
379,061
8,889,847
13,464,980
12,488,358
2,687,067
9,863,979
12,717,885
12,042,541
2,225,843
5,271,927
5,649,844
37,530,252
36,850,248
Deliveries of Refined Sugar During 1934 by United States
Beet Sugar Companies at Record-Totaled 1,460,879
Short Tons, 6,974 Tons in Excess of Quota
United States beet sugar companies delivered 29,217,589
bags of refined sugar, a record amount, during 1934, according to figures of the Domestic Sugar Bureau. Deliveries
were equal to 1,460,879 short tons, an increase of 14.2%
above the 1933 year when 1,279,651 tons were delivered, according to the New York Coffee & Sugar Exchange. Distribution was equivalent to 1,563,140 short tons raw value, the
Exchange said Feb. 6, or 6,974 tons in excess of the 1934
quota assigned the beet companies under the Jones-Costigan
Act. Ilhe 1935 quota has been set at 1,550,000 short tons
raw value.
Sugar Situation Favorable for 1935, According to
Ody H. Lamborn of Lamborn & Co.
-Estimates
Excess of 254,000 Tons in Available Supply for
Year
Facing an entirely different set of conditions in 1935 from
those existing in the sugar industry in 1934, when the entire
structure of the business underwent a change, it now seems
evident that, for the first time, the quota system, theoretically balancing supply and demand, will have an opportunity to function under decidedly more favorable auspices,
according to a review and forecast of the sugar situation by
Ody H. Lamborn, manager of Lamborn & Company, Inc. He
said:
"Many of the beclouded issues have now become clear cut and the
probabilities are that raw sugar producers and beet sugar processors will
market their products in an orderly fashion and attempt to avoid present
low prices in selling; the refined demand will be of tremendously concentrated volume in an attempt by refined buyers to cover for a long period;
and purchasers of raws will be consistent in their desires to accumulate
steadily against future sales of refined."
870
Financial Chronicle
Basing his predictions on consumption figures for 1934,
Mr. Lamborn says the available supply of sugar for 1935
represents an excess of only 254,000 tons. "This quantity is
negligible," he contends, when factors are considered such
as the "possible increase in consumption, the probable increase in trade invisibles, the probable replenishment of
refiners' stock of refined, the reserve for working stock for
sugar exchange requirements, including duty free sugar
for delivery on the new Number 3 contract of the New York
Coffee & Sugar Exchange, the exports of refined sugar applied against imports of raws prior to 1935, and the working stocks at the end of the year normally calculated at 250,000 tons.
Sugar Futures and Coffee Trading During January
on New York Coffee & Sugar Exchange Largely
in Excess of December Volume
Trading in sugar futures on the New York Coffee & Sugar
Exchange during January more than doubled the December
volume, amounting to 599,750 tons against 251,750 tons in
December, a gain of 138.2%. Coffee trading during January
amounted to 556,250 bags, against 191,000 bags in December,
a gain of 191.2%. The Exchange on Feb. 5 further announced:
The expansion in sugar trading was partly attributed to the new contract which has a broad base providing for the delivery of all cane sugars
consumed in this country so long as they are within existing quotas at the
time of delivery, whereas the old contract provided only for delivery of
Cuban sugar in bond. The trading in the new (no. 3) contract during
January, the first month of its existence, amounted to 241,600 tons, 40%
to the total trading, which is regarded by many as one of the most auspicious starts of any commodity contract traded on a futures market.
Plan of United States to Purchase Puerto Rican
Sugar Cane Surplus Reported Abandoned
Puerto Rican sugar mills have been notified that the Agricultural Adjustment Administration, at Washington, has
abandoned its plan to turn all surplus cane into high-test
molasses for cattle feeding in the Middle West of the United
States, said cable advices from San Juan, Feb. 5, to the
New York "Times" of Feb. 6. The advices added:
J. B. Friable, in charge of the sugar section of the AAA here, was
advised by Washington that utmost efforts were being made to dispose
of the sugar surplus of the old and new crops. The Government proposes
buying the molasses already made which is a small part of the 50,000,000
gallons originally proposed.
That the United States contemplated the purchase of the
surplus sugar cane stocks of Puerto Rico was noted in our
issue of Jan. 12, page 222.
Puerto Rican Raw Sugar Shipments to United States
Jan. 1 to Feb. 2 Above Same Period Year Ago—Refined Shipments Down
Shipments of raw sugar from Puerto Rico to the United
States, from Jan. 1 to Feb. 2, amounted to 73,213 short tons,
a gain of 105.6% over shipments of 35,610 during the similar
period in 1934, according to cables received by the New York
Coffee & Sugar Exchange. Refined shipments, the Exchange
said Feb. 4, totaled 6,875 tons this year compared with
13,498 during the same period last year, a drop of 48.9%
World's
Supply of Coffee Feb. 1 Reported
15.3% Below Feb. 1 1934
The world's visible supply of coffee, exclusive of restricted
stocks in Brazil, decreased 1,181,711 bags or 15.3% from
Feb. 1 1934 to Feb. 1 1935, according to figures compiled
by the New York Coffee & Sugar Exchange, which show
stocks of 6,536,702 bags this year compared with 7,718,413
last year. The Exchange on Feb. 4 announced:
Visible
United States supplies dropped 639,711 bags or 34.1% from 1,875,415
to 1,235,702 of which Brazilian coffees, afloat and in stock, were 851.853
against 1,638,299 a year ago, while coffees of other countries totaled
373.847 bags against 235,114 last year. Stocks in Brazilian ports awaiting
shipment were 2,244,000 bags this year, 19.5% less than the 2,788,000 bags
total on Feb. 1 1934. European supplies were about unchanged totaling
3,057,000 bags this year compared with 3,055,000 bags last year. On
Jan. 1 1935, United States supplies were 1,234,867 bags. European supplies 3,145,000 bags and Brazilian port stocks 2,262,000 bags. The world's
total amounted to 6,641,867 bags.
Petroleum and Its Products—Connally Bill Still in
House—Marland Calls Third Governors' Oil Conference—Texas Acts To Curb "Hot Oil" Movements—Pennsylvania Grade Crude up 15 Cents
a Barrel—Lima Crude Cut 15 Cents a Barrel—
Crude Output Within Federal Quota
The House Inter-State and Foreign Commerce Committee
had not acted on the Connally oil measure as the week closed
Friday although a full committee hearing was set for Feb. 9
to discuss the measure.
The Committee met Thursday to consider the recommendations of the Cole sub-committee which has been assigned
Feb. 9 1935
to handle oil legislation in the House but due to the failure
of the sub-committee to agree upon any specific recommendations postponed action until the following day when it was
scheduled to discuss the Connally measure, already passed
by the Senate.
Friday afternoon, the Committee announced another postponement due,it was stated, to the desire of members of the
Committee to appear before the Rules Committee in opposition to a proposed measure which would shift the Eastman
water transportation legislation and the communications
bill to the Committee on Merchant, Marine, Radio and
Fisheries.
Administrator Ickes stated in his regular weekly press
conference in Washington Thursday that he believed that
sentiment for regulation of oil was greater than ever before
and a good bill for Federal regulation of the industry would
now pass both the House and the Senate.
A delegation of 15 Texas oil operators, business men and
bankers went to Washington by air from Dallas Thursday
to plead for Federal co-operation with State forces in controlling the East Texas field. The delegation is strongly in
favor of the Connally bill and will present a resolution asking
its passage to the House of Representatives. The delegation was appointed at a mass meeting held in Dallas
Wednesday.
The third in the series of conferences of governors of oil
producing States to consider the inter-State compact plan
for control of produotion, sponsored by Governor Marland
of Oklahoma will be held in Dallas on Feb. 15.
Governor Marland, acting upon the invitation of Governor
Allred of Texas, has issued invitations to the governors of
California, Kansas, New Mexico, Wyoming, Louisiana,
Michigan, Ohio, Illinois, Colorado, West Virginia, Kentucky, Arkansas and Pennsylvania, in addition to Oklahoma
and Texas.
The legislatures of Oklahoma, California, New Mexico,
Kansas and Texas already have enacted legislation authorizing their respective governors to attend or send accredited
representatives to these conferences. The first conference,
held early last December, was for the purpose of considering
the plan in its entirety, the second to iron out certain
differences.
Strong support has been afforded to the movement in
the recommendations of the House sub-committee which,
after it completed its investigation of the oil industry,
reported to the House Inter-State and Foreign Commerce
Committee that it believed the States should be afforded
full opportunity to test the inter-State compact plan before
additional Federal legislation be passed.
This stand has since been strengthened by public statements by Representative Cole, Chairman of the investigation sub-committee and head of the new permanent House
Committee on Oil Legislation. Mr. Cole, whose Committee
is currently considering the Connally oil measure, passed
by the Senate early in January, again has stated his belief
that the States are entitled to a test of the inter-State compact
plans before additional Federal supervision over the oil
industry should be considered.
The then Governor-elect Allred expressed open opposition
to the inter-State compact plan at the second of the conferences held in Oklahoma early last month. Despite this,
late last week he asked and obtained authorization from the
Texas Legislature to send a representative to the next
conference.
In voting that the State be represented at the next meet,
the Texas Legislature specified, however, that the program
for conservation of crude oil should be confined to physical
waste, without price fixing or perpetuation of monopoly or
regimentation.
The Legislature also has taken up the question of the
authority of State district courts in connection with the
Railroad Commission's orders. In the past few weeks
Texas oil men have been successful in obtaining court orders
prohibiting the Railroad Commission from interfering with
their activities.
Two bills designed to cope with this situation were introduced last Monday. The measures, of which the most
important is one which prohibits the issuance of temporary
restrain* orders or injunctions by a district court until
notice has been served upon the Commission and upon the
State, are said to have the support of the State Administration. This bill also provides that no hearing could be held
until 10 days.after service.
Volume 140
Financial Chronicle
With "hot oil" movements in the East Texas field placed
at approximately 55,000 barrels daily, of which more than
20,000 barrels was said to represent oil freed by court injunction, the Railroad Commission has taken further steps
to bring the situation under control.
One of the most important actions taken along this line
was the Commission's order revising its tender order of
Dec. 5 so as to require that every person shall first obtain
a permit from the Commission before selling any by-products
of crude oil. The order, however, exempts filling stations
from its provisions.
The injunction cases of the Commission against the railroads serving the East Texas area in which it sought to
restrain these roads from handling oil products on which the
Commission had refused tenders were dismissed in Federal
Court by Judge McMillan on the State's request.
While the Attorney-General's office made no explanation
for the surprise step of asking dismissal of the State's cases,
it was reported that such action was taken to facilitate the
way for a new suit against the railroads.
The State Appellate Court Wednesday dissolved the
temporary restraining order recently issued by District
Judge Charles Wheeler of Austin, against the Railroad Commission, permitting the removal of 100,000 barrels of fuel
oil from the East Texas field without a tender on the claim
that the oil was on hand prior to the tender order issued
Dec. 10 by the Commission. The decision was hailed as a
great aid to the Commission's effort to curb "hot oil"
movements.
The Texas Railroad Commission has called a State-wide
oil proration hearing which will be held in Austin Feb. 18
at which the physical condition of the wells in the East
Texas and other fields will be considered in preparation to
establishing March production quotas. The Oklahoma
Corporation Commission will meet Feb. 26 to set March
quotas for fields in that State.
A recommendation has been made to the Oklahoma
House of Representatives by the committee on revenue and
taxation for a boost in the gross production tax on crude oil
and natural gas from 3% of value to 5% of value. The
advance in oil taxes was reported to have the approval of
the State Administration, headed by Governor Marland,
former head of the Marland Oil Co., since merged with the
Continental.
Prices of all grades of Pennsylvania crude were marked up
15 cents a barrel Monday, just a month to the day from a
similar advance. The South Penn Oil Co. posted a new
schedule which listed crude in South West Penn Pipes at
$2.02; Eureka at $1.97;_Buckeye, $1.87.
As was the case when the last advance was posted, the
Tide-Water Oil Co., Ltd., announced a similar boost in
Bradford and Allegany which were lifted to $2.35 a barrel.
There was no change posted in the price of Corning crude.
The strength in Pennsylvania grade crude is due to the
approach of the spring when seasonal factors cause a sharp
rise in demand for lubricants manufactured from this crude,
trade factors agree.
A reduction of 15 cents a barrel in the prices of Lima
crude oil to $1.15 posted Feb. 2 by the Ohio Oil Co. was
explained as necessary to meet current market conditions
by the company. The last price change in this field was in
September 1933, when it was increased 10 cents a barrel.
Sharp curtailment of production in California and Oklahoma pared daily average output of crude oil in the United
States last week 94,100 barrels, to 2,448,000 barrels, reports
to the American Petroleum Institute disclosed. The output
was 78,100 barrels below the Federal quota of 2,526,100
barrels.
A drop of 68,650 barrels in daily average production in
Oklahoma cut the total to 441,300 barrels, against a quota
of 497,100 barrels for the State, as producers followed their
usual practice of month-end "pinch-backs." In California,
similar tactics were credited with causing a drop of 27,300
barrels in production which totaled 479,300, against a quota
of 488,600.
Texas, with an increase of 2,250 barrels shown in its report,
rose to 1,012,550 barrels, against an allowable of 1,031,700
barrels. Kansas, with output pared to 137,250 barrels,
kept in line with its quota of 138,600 but Louisiana output,
at 114,500, was up 2,250 barrels on the week and was 5,000
barrels in excess of its allowable.
While 1934 crude oil production of 909,345,000 barrels
was less than 1% above the 1933 total, demand last year
showed an increase of 6%, the Bureau of Mines reported.
871
Crude runs to stills during the year rose 32,048,000 barrels
to 893,302,000 barrels. Stocks of all oils dipped 6,153,000
barrels during the final month of 1934, the Bureau reported.
Price changes follow:
Feb. 2—The Ohio 011 Co. reduced the price of Lima crude oil 15 cents
a barrel to $1.15.
pil Co. advanced all grades of Pennsylvania crude
Feb. 4—South Penny
15 cents a barrel, new prices being, In South West Penn pipes, $2.02:
Eureka. $1.97; Buckeye, $1.87. The Tidewater 011 Co., Ltd., announced
a similar boost in Bradford and Allegeny to $2.35 cents a barrel. Corning
prices held unchanged.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are now shown)
.70
$2.35 Smackover, Ark.. 24 and over
Bradford, Pa
$1.00
1.15 Eldorado. Ark., 40
Lima (Ohio Oil Co.)
1.00
1.32 Rusk. ex.,40 and over
Corning,Pa
.87
1.13 Must Creek
Illinois
1.02
1.08 Midland District, Mich
Western Kentucky
1.36
Mid-Cont., Okla., 40 and above_ __ 1.08 Sunburst, Mont
.81 Santa Fe Springs, Callt.,40 and over 1.34
Hutchinson, Tex., 40 and over
1.01
1.03 Huntington, Calif., 26
Spindletop, Tex., 40 and over
2.10
.75 Petrolia. Canada
Winkler. Tex
REFINED PRODUCTS—CAMDEN "GAS" PRICES EASE—STANDARD OF JERSEY LIFTS NORTH CAROLINA QUOTATIONS—
MID-WESP BULK MARKET WEAK—LOS ANGELES PRICE
STRUCTURE SOFT—MOTOR FUEL STOCKS RISE
Coincidental with an advance in North Carolina service
station prices of gasoline of 2 to 2.4 cents a gallon posted
Tuesday by Standard Oil& New Jersey in an effort to eliminate the last weak spot along the Atlantic Seaboard came
news of price-slashing in Camden, where the recent twomonths' gasoline price war originated.
Correction of the sub-normal market situation in North
Carolina would mean that the entire Eastern coast gasoline
price structure, with the exception of western New York
State, would be at "normal levels." The advances posted
by Standard in North Carolina lifted prices to 17 cents, taxes
included, or "normal" levels.
Prices in Camden, which is particularly vulnerable to
price cutting because of the bitter competition for gallonage
in that area between the various major companies and the
independents, were cut %-cent a gallon to 15.4 cents, taxes
included, by Sun Oil Co. Standard of Jersey met the cut
immediately.
The cut brought quotations in this area, which was not
affected by the recent 3' -cent a gallon advance posted by
Standard of Jersey, 1 cent below the State-wide level. Oil
men were hopeful that the price easiness could be confined
to this area but were frankly uneasy over what might develop.
No change has been shown in the sub-normal market
conditions prevailing in Buffalo and the surrounding area in
upper New York State. Prices are still around 4 cents a
gallon under normal and no immediate expectation of restoring quotations to normal levels is in view, according to officials of companies serving this area.
An advance of %-cent a gallon in service station prices of
gasoline in Manhattan, the Bronx and Westchester was
posted by the Socony-Vacuum Oil Co. Wednesday, effective
Feb. 8. The new price is 17 cents a gallon, including State
and Federal taxes. A similar advance was made in Deerfield
County, Conn. Other marketers in this area are expected
to bring prices in line.
A marked strengthening of demand for Pennsylvania
lubricants was noted in the local market during the past week.
Unfiltered oils have reflected the increase demand with
fractional price increases. Fuel oil movements have been
aided by the current cold weather and the price structure
continues steady to strong. Bulk gasoline prices are firm.
The continued softness of low octane gasoline in the spot
market in Chicago has weakened the market position of
regular grade and may mean a cut in retail prices unless
quickly corrected, trade reports from the mid-West indicate.
Low octane material opened the week easy, Monday offerings being made at 33 to 3% cents a gallon, against 3% to
3% cents a gallon at the close of last week. Prices held
around this range during the week but toward the close
some offerings below the lower figures were reported available
from East Texas and Oklahoma sources.
The seasonal weakness in gasoline prices has been accentuated during the past week or so by efforts of some
refiners to push their stocks by means of price concessions.
With jobbers showing little interest in the market, even in
the face of lower prices, the sales pressure resulted in a
general weakening of the price structure.
Offerings of regular grade gasoline have been reported
available at 4 cents a gallon, compared with a going market
4
of 4% to 43 cents a gallon in the Mid-Continent area.
Standard of Indiana recently posted a fractional cut in
retail prices and in Chicago, independents are sqlling under
872
Financial Chronicle
Feb. 9 1935
the major's level. Unless the bulk market firms within a
short period, its weakness presents a serious threat to the
stability of the retail price structure, Chicago trade factors
hold.
With approximately one-third of the independently owned
* a "Fire
service stations in Los Angeles reported to be selling third- include the 2Chief," 30.065 y "Good Gulf." $0.06. I New York prices do not
per cent City Sales Tax.
grade gasoline one cent a gallon under the majors' posting
and many are two cents a gallon under, California oil men Crude Oil Output for Latest Week Falls Below New
are holding conferences planned to develop means of ending
Federal Quota
this situation.
The American Petroleum Institute estimates that the
While sporadic price cutting by independent service daily average gross crude oil production for the week ended
stations in the Los Angeles area never has been completely Feb. 2 1935 was 2,448,000 barrels. This was a decline of
eliminated, the rapid spread of the price-cutting competition 94,100 barrels from the output of the previous week and
has come to the point where it presents a serious threat to also fell below the new Federal allowable figure which became
the stability of the general market, reports from the West effective Feb. 1. The drop amounted to 78,100 barrels.
coast indicate.
Daily average production for the four weeks ended Feb. 2
A conference at which representatives of the oil industry 1935 is estimated at 2,515,000 barrels. The daily average
and the Oil Administration will discuss refining operations output for the week ended Feb. 3 1934 totaled 2,121,650
and the outlook for the three months beginning March 1 has barrels. Further details as reported by the Institute follow:
been called by Administrator Ickes in Washington on Feb. 11.
Imports of crude and refined oil at principal United States ports totaled
The meeting was called on the recommendation of the Plan- 1,027,000 barrels for the week ended Feb. 2, a daily average of 146,714
barrels, against an average of 110,321 barrels over the last four weeks.
ning and Co-ordination Committee.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 377,000
While 1934 demand for motor fuel set a new high record, barrels for the week, a daily average of 53,857 barrels, against 46,071 barrels
export shipments showed a sharp decline from the preceding over the last four weeks.
Reports received for the week ended Feb. 2 from refining companies
year, preliminary statistics released by the Bureau of Mines owning 89.8% of the 3,795,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,201,000 barrels of crude oil
during the week disclosed.
daily were run
Motorists last year bought 406,268,000 barrels of motor in storage at to the stills operated by those companies and that they had
refineries at the end of the week, 30,700,000 barrels of finished
fuel in the United States, an increase of 2,851,000 barrels gasoline: 5.090,000 barrels of unfinished gasoline and 102,500,000 barrels
over 1933. Shipments for foreign consumption, however, of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
dipped 4,502,000 from 1933 to 24,819,000 barrels. Com- amounted to 18,866,000 barrels. companies owning 95.6% of the potential
Cracked gasoline production by
pared with the total recorded in 1931, last year's shipments charging capacity of all cracking units, averaged 431,000 barrels daily
during the week.
were off 20,897,000 barrels.
DAILY AVERAGE CRUDE OIL PRODUCTION
December demand for motor fuel in the domestic market
(Figures in Barrels)
showed a gain over the comparable 1933 period of 7%,
rising to 30,517,000 barrels, or a daily average of 984,000
Average
Actual Production
Federal
4 Weeks
Week
Agency
barrels. Finished gasoline stocks were lifted 4,199,000
Ended
Faded
Allowable Week End. Week End
Feb. 2
Feb. 3
Feb. 2
Jan. 26
Effective
barrels during the final month of 1934 to 47,921,000 barrels
1934
1935
1935
Feb. 1
1935
at the close of the month. This total was 7,687,000 barrels
509,950
490,700
383,400
497,100 441,300
under the total recorded in the like 1933 month, it was Oklahoma
108,350
Kansas
138,800
137,250
141,000 139,800
pointed out.
Panhandle Texas
41,950
60,500
60,900
59,900
Texas
56,900
52,950
56,750
56,750
Gasoline stocks continued their seasonal rise during the NorthCentral Texas
West
20,100
26,050
26,100
24,550
week ended Feb. 2, reports to the American Petroleum West Texas
154,100
153,950
154,600
129,050
East Central Texas
51,250
51,500
51,600
43,200
Institute,indicating a gain of 1,678,000 barrels to 49,566,000 East Texas
429,300
427,800
426,750 397,900
Conroe
47,600
47,600
47,200 48,150
barrels. A decline of 98,000 barrels was shown in daily
Southwest Texas
58,400
45,550
57,850
57,600
average runs of crude oil to stills which dipped to 2,201,000 Coastal Texas (not including Conroe)
128,550
127,900 127,550
107,000
barrels as reporting refineries pared their operating rates to
Total Texas
1.031,700 1,012,550 1,010,300 1,008,200
890.300
64.6%, off 2.8 from the previous week.
North Louisiana
22,850
23,200
27,900
23.350
Leading oil companies operating service stations in the Coastal Louisiana
45,150
91,650
88,550
87,750
metropolitan New York area see little danger of the strike
Total Louisiana
109,500
114,500
111,750 111,100
73,050
called against 650 stations employing 3,000 men in Brooklyn
Arkansas
32,000
31,500
31,400
31,200
31,450
and Queens for Feb. 11 by the International Association of Eastern (not Intl. Mich.)
100,700
101,400
99.400
90,800
102,350
30,000
36,100
34,850
33,250
23,050
Oil Field, Gas Well and Refinery Workers affecting their Michigan
Wyoming
35,500
31,950
33,200
units.
33,550
30,350
Montana
9,500
10,650
11,950
11,750
5,150
Pointing out that the newly-organized Local 349 of the Colorado
3,500
3,500
3,850
2,650
3,800
union which is affiliated with the American Federation of
Total Rocky Mt.States _
48,500
46,100
49,000
49,100
38,150
Labor, is basing its strike call upon the reported refusal New Mexico
49,400
48,000
48,050
48,150
41,550
488,600
of the affected stations to recognize the union and violation California
479,300
506,600
500,900
441,800
of wage and hour provisions of the code, the major com2 526 Inn 2 445 (106 9 949 1 110 9 ,-. I ,-. (Inn o 191 nkn
Total United States
panies stated that they are operating in full accord with the
Nets
-The figures Indira ed stove do not include any estimate of any oil which
been surreptitiously produced.
code's labor provisions. It is believed that the organizing might have
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
drive is aimed primarily at workers employed by small
GAS AND FUEL OIL STOCKS, WEEK ENDED FEB. 2 1936
(Figures in Thousands of Barrels of 42 Gallons Each)
station operators, independent of the large companies.
Representative price changes follow:
Daily Refining
Crude Runs Stocks a Stocks
Stocks
U.S. Gasoline, Motor(Above 65 Octane),Ta n k Car Lots. F.O.B. Refinery
Standard 011 N. J.:
Chicago ...... 3.04 34-.04 ls
New York:
Motor U S
3.0614
Colonial-Beacon.. 3.06 , New Orleans__ _._- .0434
80collY-Vacuum:
.0634
a Texas
.064 Los Angeles,e2-0434.-043‘
Tide Water Oil Co. .0612
06 IOulf ports__ .04%-.04M
y Gulf
Richfield Oil(Cal.) .0612
0614 ITulsa
043.4-.0434
Republic Oil
Warner-Quinlan Co- .0614
Shell East% Pet--3.0634
-Standard Oil of New Jersey posted advances of 2 to 2.4 cents a
Feb. 5
gallon in service station prices of gasoline in North Carolina.
cent a
Feb. 5
-The Sun 011 Co. cut service station prices of gasoline
gallon at Camden to 15.4 cents, taxes included. Standard of New Jersey
met the cut, which brings Camden prices 1 cent under the State-wide
level. Sun Oil also cut prices 4 cents a gallon in Vineland, N. J.
Feb. 6-Socony-Vacuum Oil Co., Inc., posted an advance of 34 cent a
gallon in service station prices of gasoline in Manhattan. the Bronx and
Westchester, making prices in these sections of the metropolitan New
York City arm 17 cents a gallon. State and Federal taxes included. A
similar advance was posted in Fairfield County. Conn., to 17 cents a gallon.
State and Federal taxes included.
New York
Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
Gasoline, Service Station, Tax Included
8 17
Cincinnati
Minneapolis
$.175
Cleveland
New Orleans
165
.176
Denver
164
.21
Philadelphia
164
Detroit
17
Pittsburgh
12
Jacksonville
.19
San Francisco
.116
Houston
St. Louis
.16
Los Angeles
18
4.149
185
16
146
185
.158
Kerosene,41-43 Water White, Tank Car, F.O.B. Refiner,'
'North Texas-$.03 -.03MINew Orleans-$.051
New York:
4
(Bayoune).--$.06-.063( I Los Angeles.... .04M-.05)4 I Tulsa
03M-.0312
Fuel 011, F.O.B. Refinery or Terminal
California 27 plus D
N. Y.(Bayonne):
Gulf Coast C
$1.00
$1.15
Bunker C
31.05-1.201Phila., bunker C.- 1.16
1.89 New Orleans 0..
Diesel 28-30 D
1.00
Gas 011, F.O.B. Refinery or Terminal
I Chicago:
'Tulsa
N.'Y.(Bayonne):
1.02.-0234
32-36 G0.-3.02-.0214
27 plus--
Capacity of Plants
District
East Coast-Appalachian
Ind., Ill.,Ky.
Okla., Kam,
Mo
Inland TOM
Texas Gut.
La. Gulf_ _ _ _
No. La.
-Ark
Rooky Mtn_
California_
Posenffed
Rats
of
to Stills
of
b Stocks
Fintinof
Daily P. C. Wed fin:shed Other
Aver- over- Gaso- Gant- Motor
Total P. C. age
Wed line
line
Fuel
Reporting
582
150
446
582 100.0
140 93.3
422 94.6
420 72.2 13,879
78 55.7 2,010
277 65.6 8,391
461
351
601
168
92
96
848
886
167
587
162
77
64
822
244
84
472
117
38
36
435
83.7
47.6
97.7
96.4
83.7
66.7
96.9
63.2 5,239
50.3 1,406
80.4 5,853
72.2 1,339
49.4
239
56.3
755
52.9 10,455
of
Gas
and
Fuel
Oil
723
272
690
220 11,240
45 1,110
70 4,508
664
205
1,266
240
45
107
878
420 3,906
465 1,857
110 9,093
____ 3,919
30
463
50
706
2,645 65,700
Totals week:
Feb. 21935 3,795 3.409 89.8 2,201 64.6 c49,566 5,090 4,055 102,500
Jan.26 1935 3.795 3.409 89.8 2.299 67.4 d47.888 4.983 4.085 104.011
a Amount of unfinished gasoline contained in naphtha dIstlliates. b Estimated.
Includes unb ended natural gasoline at refineries and plants; also blended motor
fuel at plants c Includes 30,700,000 barrels at refineries and 18,866,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 29,557,000 barrels at refineries
and 18,331,000 barrels at bulk terminals, in transit and pipe lines.
Production of Bituminous Coal at Highest Point
-Anthracite Output Up 7.3%
Since March 1934
According to the weekly coal report of the United States
Bureau of Mines, Department of the Interior the total
production of soft coal during the week ended Jan. 26 is
estimated at 8,250,000 net tons. This is an increase of
490,000 tons, or 6.3%, over the preceding week, and is the
highest output recorded since the end of March 1934.
Production during the week in 1934 corresponding with that
of Jan. 26 was 7,150,000 tons.
Anthracite production in Pennsylvania during the week
ended Jan.26 is estimated at 1,336,000 net tons, an increase
of 91,000 tow, or 7.3%, over the preceding week. Production during the corresponding week in 1934 amounted to
1,184,000 tons.
During the coal year to Jan. 26 1935 283,661,000 net tons
of bituminous coal and 43,554,000 net tons of anthracite
were produced. This compares with 281,560,000 tons of
bituminous and 42,282,000 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
Jan. 26
1935 c
873
Financial Chronicle
Volume 140
Jan. 19
1935 d
Coal Year to Date
Jan. 27
1934
1934-35
1933-34 e
1932-33
Bitum. coal-a
Total period_ 8,250,000 7,760,000 7,150,000 283,661,000 281,560,000 244,479,000
Daily avge_ _ 1.375,000 1,293,000 1,192,000
1,129,000 1,117.000
971,000
Pa.,anthra.-b
Total period_ 1,336,000 1,245,000 1,184,000 43,554,000 42,282,000 40,166.000
Daily avge_
222,700 207,500 197,300
169,800 '
174,900
160.700
Beehive coke
Total period.
676,200
16,300
26,600
25,900
717.800
508,700
Daily avge__
4,317
2,717
2.804
4,438
2,641
1,987
a Includes lignite, coal made Into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised. e Production during first week in April adjusted to make
accumulations comparable with the year 1934-1935.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
Week Ended
Jan. xi
1933
Alabama
172,000
177,000
180,000 168,000
Arkansas and Oklahoma._
76,000
65,000
47.000
49,000
Colorado
131,000
134,000 109,000
142,000
Illinois
1,060,000 1,016,000
922,000
859,000
Indiana
380,000
394.000
332,000 308.000
Iowa
85,000
93.000
67,000
80,000
Kansas and Missouri
157,000
152,000
127,000
134.000
Kentucky-Eastern
606,000
628,000
536,000
485,000
Western
193,000
175,000
164,000 168,000
Maryland
38,000
42,000
36.000
36,000
Montana
66,000
62,000
48.000
49,000
New Mexico
23,000
27,000
28,000
29.000
North Dakota
46,000
45,000
58,000
53,000
Ohlo
453,000
443,000
459,000 358.000
Pennsylvania (bituminous) 1,908,000 1,770,000 1,800,000 1.467,000
Tennessee
83,000
84,000
71,000
78,000
Texas
17,000
14,000
15,000
11,000
Utah
73,000
73,000
55,000
73,000
Virginia
180,000
185,000 171,000
163,000
Washington
42,000
43,000
27,000
40,000
West Virginia-Southern a 1,380,000 1,423,000 1,370,000 1,330,000
Northern b
483,000
498,000
497,000
388,000
Wyoming
98,000
112,000
89,000
81,000
Other States
10,000
15,000
22,000
17,000
..---- - -
-
Dec.,
1934
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
Imports-Crude petroleum...
Refined products
Total new supply, all oils
Daily average
Total coal
9,005,000 8,871,000 8,552,000 7,570,000 13.623,000
n Includes opemtions on the N.& W ,C.& 0., Virginian, K.& M.,and B.C.& G.
b Rest of State, including the Panhandle, and Grant, Miners.and Tucker counties.
Production of Crude Petroleum During 1934 Slightly
Above Total for 1933
The monthly petroleum report of the United States Bureau
of Mines, Department of the Interior, stated that crude oil
production in the United States in 1934 totaled 909,345,000
barrels. This was less than 1% above the output in 1933,
although demand increased 6%. The production in December 1934 averaged 2,420,000 barrels daily, a gain of 5,000
barrels over the average in November. Production in the
various States in December remained virtually unchanged
from November. The largest change occurred in East
Texas, where production averaged 430,000 barrels, compared with 445,000 barrels in November. This decline of
15,000 barrels was compensated by small gains in other parts
of Texas, in Kansas and at Oklahoma City. The report
of the Bureau of Mines further stated:
Crude runs to stills in December were 75.976,000 barrels, which brought
the total for 1934 to 893.302.000 barrels. This was 32,048.000 barrels
higher than in 1933, but 94.406,000 barrels below the peak of 1929. Another matmial withdrawal from crude-oil stocks was made in December,
bringing the total as of the end of 1934 to 337.085,000 barrels. This
represented a net withdrawal of 17,220,000 barrels for 1934.
A new annual record for domestic demand of motor fuel was indicated
In the preliminary data, the total for 1934 of 406,269,000 barrels being
2,851,000 barrels higher than the previous high of 1931. However, the
record of exports of motor fuel was legs encouraging, as the total for 1934
of 24.819.000 barrels was 4,502,000 barrels less than in 1933 and 20,897,000
barrels below the level of 1931. The indicated domestic demand for motor
fuel in December 1934 amounted to 30,517,000 barrels, or a daily average
of 984,000 barrels. Compared with December a year ago, this represents
a gain of nearly 7%, which, following the abnormal gains reported in October and November, climaxed a year that, as far as the domestic demand for
gasoline is concerned, exceeded even the most optimistic estimates. In
accordance with the program of building up depleted inventories, finished
gasoline stocks increased 4,119,000 barrels In December, totaling 47,921.000
barrels on Dec. 31; this was 7,687,000 barrels below the comparable total
a year ago.
Nov.,
1934
Dec.,
1933
Jan.
-Dec. Jan.
-Dec.
1933
1934
72,463
2,415
3.212
114
75,789
2,526
1,2,653
1,156
79,598
2,653
72,157
2,328
3,021
120
75,298
2,429
2,876
842
79,016
2,549
909,345
2,491
36.217
1,600
947.162
2,595
33,055
15,366
995,583
2,728
905.656
2.481
33,810
1,368
940,834
2,578
31.893
13,501
986,228
2,702
6,153 „10,265
3,879
39,050
c11,013
82,894 1,034,633
89,863
2,835
2,995. 2,674
41.123
4,680 A. 2,636
5,953
73,390
6,131
34,839
28,572 408,282
43,969
4,368 a 4,160
29,142 ..30,959 331,410
18,497
1,645
1,495
118
855
61
7,538
785
511
13,021
761
1,023
7,848
230
257
44,382
3,557
3,622
1,873
137
205
44,478
3,529 11' 3,381
975,215
2.672
36,584
70,143
377,003
38.493
316,344
17,152
1,263
9.962
11,808
5.266
45,212
1,464
44,521
920,120
2,521
868,468
2.379
75.010
2,420
3,236
123
78,369
2,528
b2,651
1,675
82.695
2,668
Decrease in stocks, all oils
Demand
88,848
Total demand
2,866
Daily average
12,432
Exports
-Crude petroleum
A 6,204
Refined products
,30,5l7
Domestic demand-Motor fuel
4,760
Kerosene
33,312
Gas oil and fuel oil
1,403
Lubricants
60
Wax
675
Coke
574
Asphalt
Road oil
137
3,789
Still gas (Production)
175
Miscellaneous
Losses and crude used as fuel_
4,810
Total domestic demand_ _ _ _
Daily average
Total bituminous coal
7,760,000 7,670,000 7,230,000 6.566,000 11,900,000
Pennsylvania anthracite.. 1,245,000 1,201,000 1,322,000 1,004,000 1,723,000
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
Jan. 19
1929
1§§§§§§§M§§§§§§§§§§§§§
Jan. zu
1934
t4
Jan. Az
1935
t4
Jan. is
1935
..4.0.0Cootokak4w,spgpvp,
,
pog.cacnO.-4
IWPC.
"
"'
PrPFW P'P.b .
WM
Wale
The indicated domestic demand for the majority of the other major refined products in 1934 was higher than in 1933. The increase in domestic
demand for kerosene in 1934 was 5,476,000 barrels, or 14%; in gas oil and
fuel oil, 15,066.000 barrels, or 5%; and in lubricants, 1,345,000 barrels, cr
8%. On the other hand, the demand for wax declined materially.
According to the Bureau of Labor Statistics, the price index for petroleum
products during December 1934 was 49.8. compared with 50.5 in November and 51.6 in December 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude oil capacity of 3,519,000 barrels. These
refineries operated during December at 70% of their capacity, given above,
compared with a ratio of 69% in November.
79,052
2,635
80,212
2,587
Stocks
Crude petroleum
Natural gasoline
Refined products
337,085
3,740
222,338
74,305
2,397
341,165 d354,305
d3,686
3,714
224,437 d244,222
337.085 d354,305
3,740 . d3.686
222,338 d244,222
Total, all oils
563,163 569,316 d602,213 563,163 d602,213
226
Days' supply
199
226
190
196
a From Coal Division. b Receipts of foreign crude oil as reported to Bureau
of Mines. c Increase. d For comparison with 1934.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS
(Thousands of barrels of 42 gallons)
November, 1934
December, 1934
Total
Daily An.
Total
Daily An.
-Dec.
Jan. Dec. Jan.
1933 a
1934
Arkansas
11,139
11,686
29
30
871
937
California:
12.974
Huntington Beach_
15.106
39
41
1,177
1,262
21,639
21,394
59
Kettleman Hills_
59
1,771
1,644
24,395
Long tReach
23,067
1,902
61
1,824
61
18,229
14,722
39
Santa Fe Springs...
1.198
1,166
39
94,773
Rest of State
280 101,220
279
8,397
8,637
Total California_
478 175,509 172,010
14,335
479
14,843
919
Colorado
1.162
3
3
105
96
4,244
IMnois
4,452
321
10
305
10
737
Indiana
810
so
2
2
58
41.976
Kansas
46,555
123
3,679
3,933
127
15
4,851
4,608
Kentucky
14
438
439
15,306
Louisiana--Gulf Coast
23.249
2.379
79
2,490
80
9.862
Rest of State
9,045
24
722
731
24
25,168
32,294
Total Louisiana
3,101
3,221
103
104
Michigan
7,942
10,708
26
780
875
28
13
3 786
.
2,273
Montana._
398
395
13
14,116
New Mexico
16,915
48
1,448
1,478
48
New York
3,181
3,800
11
335
338
11
Ohio-Central & East
3,203
9
3.256
284
249
8
976
1,032
Northwestern
3
69
2
75
Total Ohio
4,235
4,232
359
12
10
318
Oklahoma
68.312
Oklahoma City _ _
63,011
5,041
157
4,705
162
41,432
Seminole
38,247
3,121
101
99
2,964
Rest of State
72,507
79,366
6,541
212
211
6,381
Total Oklahoma_
14,703
468 180,624 182,251
474
14,050
Pennsylvania
14,516 . 12,624
39
1,210
1,207
40
Tennessee
11
1
1
5
Texas
61.002
-Gulf Coast.59,950
4,793
5,045
160
163
West Texas
55.344
50.344
4,045
4,382
135
140
East Texas
445 181,143 204,954
430
13,360
13,338
Panhandle
16,673
20.290
1,699
1,782
57
58
Rest of State
64,636
69.093
5,925
189
191
5,670
Total Texas
30,442
986 380,820 402.609
982
29,567
West Virginia
334
11
11
4,096
327
3.815
Wyoming-Salt Creek
7.009
6.489
18
18
527
549
Rest of State
19
6,570
4,218
522
17
569
Total Wyoming_
1,096
1,071
37
35
13.065
11.227
P'
Total United States
2,415 909,345 905,656
72.463
75.010
2.420
a Final figures; includes Alaska, Mississippi. Missouri and Utah.
NUMBER OF WELLS COMPLETED IN UNITED STATES•
December
1934
Oil
Gas
Dry
1,050
122
377
November
1934
1,032
155
405
December
1933
905
90
294
-Dec.
Jan.
-Dec. Jan.
1933
1934
12,563
1,385
4,325
8,068
932
3,312
Total
1.849
1t02
1 250
15 972
12 212
a From "Oil and Gas Journal" and California office of the American Petroleum
Institute.
Natural Gasoline Output During December Continues
Upward Trend,Though Daily Average Declines
According to the United States Bureau of Mines, Department of the Interior, the upward trend in the production of
natural gasoline was interrupted in December 1934, when
874
Financial Chronicle
the daily output declined to 4,380,000 gallons from an average of 4,500,000 gallons in November. Production increased in the Eastern States as the demand for natural gas
increased, but these gains were more than offset by declines
in Oklahoma and the Panhandle. Stocks of natural gasoline,
which ordinarily increase in the winter months, again declined, the total as of Dec. 31 1934 amounting to 36,100,000
gallons, or 860,000 barrels. Total stocks of natural gasoline, including refinery stocks, amounted to 3,740,000 barrels
on Dec. 31 1934, an increase of 60,000 barrels over stocks as
of a year ago. The Bureau's report further showed:
PRODUCTION OF NATURAL GASOLINE
(Thousands of gallons)
Production
Dec.,
1934
Appalachian
III., Ky., Michigan_ _ _
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain._ _ _
California
6,300
900
30,200
2,700
43,300
4,000
1,000
5.200
42,300
Total
Daily average
Total (thousands of
barrels)
Daily average_
135,900
4,380
3,236
101
Nor.,
1934
Stocks End of Month
Jan.
-Dec.
-Dec. Jan.
1934
1933
5,300
54,700
800
8,100
31,300 358,500
2,700
27,100
43,500 463,400
3,900
41,800
12,800
1,000
58,500
5,100
41,300 498,200
Dec.,
1934
1934
56,300
8.400
360,500
24,900
366,500
37,000
15,200
54,900
496,300
2,801
290
10,401
681
14,103
3,857
171
993
2,803
1,706
241
11,761
1,406
17,131
807
187
1,247
2,866
134.900 1.521,100 1,420,000
4,500
3,890
4,170
36,100
37,352
860
889
3,212
107
38,217
99
33,810
93
Slab Zinc Production and Shipments During January
1935 Exceed Like Month of 1934
According to figures released by the American Zinc
Institute on Feb. 6, 35,614 short tons of slab zinc were
produced during the month of January 1935. This compares with 35,685 tons produced during the month of December and 33,077 tons in the corresponding month of 1934.
Shipments increased from 31,707 tons in December to 35,538
tons in January. This latter figure also compares with
26,656 tons shipped during January 1934. Inventories on
Jan. 31 1935 stood at 119,906 short tons as against 119,830
tons on Dec. 31 1934, and 111,981 tons on Jan. 31 1934.
The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADES)
-1929-1935
(Tons of 2.000 Pounds)
(a)
Retort,
Produced) ShiPPed &Oa at Shipped Operating
During
Drying
for
End of
End of
Period
Period . Period
Export Period
1929
Total for year.
Monthly aver1930
Total for year.
Monthly aver_
1931
Total for year
Monthly aver_
1932
Total for year.
Monthly aver_
1933
January
February
March
April
May
June
July
August
September
October
November_
December_ _ _ _
Antrage
Retorts
During
Period
17,0lied
Orders
End of
Period
631.601
52,633
602,601
50,217
75,430
6,352
529
57,999
68,491
18,585
504,463
42,039
436,275
36,356
143,618
196
16
31,240
47,769
26,651
300,738
25,062
314,514
26,210
129.842
41
3
19,875
23,009
18,273
213,531
17.794
218,517
18.210
124,856
170
14
21,023
18,560
18,867
19,661
21,808
21,467
21,516
23,987
30,865
33,510
33,279
35,141
32,582
32,022
15,162
14,865
15,869
19,399
27,329
38,647
45,599
42,403
34,279
37,981
26.783
27,685
128.561
133,357
139,296
141,364
135,551
122,891
108,157
99,264
98,264
95,424
101,223
105,560
40
0
0
45
0
44
22
22
0
44
0
22
22,660
23.389
22,375
22,405
23.569
24,404
25,836
27,220
25,416
26,820
28,142
27.190
21,970
22,500
21,683
,
21,526
22,154
22.590
24,127
25,968
25,019
25,819
27,169
26,318
Total for year. 324,705
Monthly aver_
27,059
1934
January
February
March
April_ _ ._
.
May
•
June
July
August
September _
October
November_
December__ _ _
33,077
30.296
33,845
30,686
30.944
25,160
24,756
26.169
26,515
34,527
34,977
35,685
344,001
28,667
26,656
32,485
32.877
32,072
35,589
30.217
28,966`
21.6631
21,913 •
30.2947
29,9281
31,707
239
20
111,981
109.792
110,760
109,374
104,729
99,672
97,462
101.968
106,570
110,803
115.852
119,830
44
0
3
0
0
48
0
0
0
0
63
0
8,478
6 313
8,562
8,581
18,072
21,056
27.142
35,788
25,594
27,763
23,366
20.633
15,978
23,653 .
28,744
30,763
26,952
26,692
27,193
31,284
30,324
30.442
31,352
31,964
32,793
32,944
26,975
27,779
28,816
25.349
25.086
27,720
29,048
30,637
30,562
32,179
30,265
32,226
26,717
26,676
21,976
27,396
20.831
21,728
16,058
14,281
11,121
19,188
31,992
30,786
Total for year. 368,637 352,387
148
Monthly aver_
30,553
12
29,364
28,887
1935
January
35.614
35.538 119.906
0 32,658 32,230 25,993
a Export shipments are Included In total shipments.
Note
-These statistics Include all corrections and adjustments reported at the
year-end.
Feb. 9 1935
changing seasons. It is obvious:that the use:of coal would increase in the
winter months and there has been a steady advance in consumption since
September. For this reason, we show that stocks in terms of days' supply
on hand, which is calculated at the current rate of consumption for each
period. On Jan. 1 1935, therefore, there was enough coal for only 32 days'
requirements, which is 27.3% less than the 44 days' supply available at the
end of the previous quarter.
In addition to the stocks of bituminous coal held by industrial consumers
and retail dealers on Jan. 1 1935 there were 7.738,000 net tons on the commercial docks of Lakes Superior and Michigan. These stock piles have
decreased 8.3% since Oct. 1, when they stood at 8.441,000 net tons, but are
17.4% more than the 6,590,000 tons on hand on Jan. 1 1934. On Jan. 1
1935 there were 1,736,000 net tons of bituminous coal unbilled in cars at the
mines or in classification yards which is 12% less than the 1,073,000 tons
unbilied on Oct. 1 and 13.2% more than a year ago when 1,533,000 net
tons were reported.
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS COAL,INCLUDING STOCKS IN RETAIL YARDS
Jan. 1
1935 a
P. C. of Change
Dec.1
1934 b
Oct. 1
1934
Jan, 1
1934
Prey,
Quar.
Year
Ago
Consumers' Stock, c
Industrial net tons__ 25,340,000 26,456,000 25,230,000 25,740,000 +0.4 -1.6
Ret'l dealers, net tons 9,100,000 9,900,000 7,847,000 7,100,000 +16.0 +28.2
Total tons
34,440,000 36,356,000
Days supply
38 days
32 days
Coal in TransitUnbilled loads, net
tons
1,736,000 2,087,000
On Lake dks.,net tons
Lake Superior_
4,956,000 5,800,000
Lake Michigan
2,782,000 3,224,000
33,077,000 32,840.000
+4.1
44 days
32 days -27.3
+4.9
0.0
1,973,000 1.533,000 -12.0 +13.2
5,666,000 4,130,000 -12.5 +20.0
2,775,000 2,460,000 +0.3 +13.1
Total
7.738.000 9.024.000 8,441,000 6.590.000 -8.3 +17.4
a Subject to revision. b Revised. c Coal in the bins of householders is not
Included.
Industrial Stocks and Consumption
Stocks of bituminous coal in the hands of industrial consumers decreased
4.2% in the month of December 1934 as the consumption by nearly all of
the major classes of industrials increased. The total industrial stocks on
hand on Jan. 1 1935 were 25,340,000 net tons, a decrease of 4.2% from the
previous month. The largest decrease was reported by the by-product coke
ovens with 9.2%.
Total industrial consumption increased 9.2% in December ranging from
a high of 21.5% at steel and rolling mills to a low of 6% at coal-gas retorts.
There were two decreases in consumption, the content mills with 28% and
beehive coke ovens with 11.3%.
INDUSTRIAL STOCKS AND CONSUMPTION OF BITUMINOUS COAL IN
TIIE UNITED STATES, EXCLUDING RETAIL YARDS
[Determined jointly by F. G. Tryon, Coal Statistics Section. U. S. Bureau of
Mines, and Thomas W. Harris Jr., Chairman, Coal Committee, National Association of Purchasing Agents.]
Dec. 1934
(preliminary)
Total industrial stocks
P. C. of
Change
Net Tons
5,450,000
5,577,000
817,000
483,000
232,000
7,905.000
4,876,000
Stocks, End of Month atElectric power utilities a
By-product coke ovens b
Steel and rolling mills b
Coal-gas retorts b
Cement mills b
Other industrial c
Railroad fuel (Class I) d
Non. 1934
(revised)
Net Tons
5,621,000
6,139,000
824,000
518,000
229,000
8,099,000
5,025,000
-3.1
-9.2
-0.8
-6.4
+1.3
- 2.4
-3.0
25,340,000
26,456,000
-4.2
Industrial Consumption by
Electric power utilities a
By-product coke ovens b
Beehive coke ovens b
Steel and rolling mills b
Coal-gas retorts b
Cement mills b
Other Industrial c
Railroad fuel (Class I) d
2,736,000
3,503,000
134,000
942,000
213,000
180,000
8,290,000
6,788,000
2,559,000
3,287.000
151,000
775,000
201,000
250,000
7,520,000
6,117,000
+6.9
+6.6
-11.3
+21.5
+6.0
-28.0
+10.2
+11.0
Total Industrial consumption
22,786,000
20.860,000
+9.2
Additional Known Consumption
Coal mine fuel
Bunker fuel, foreign trade
269,000
99,000
261,000
135,000
+3.1
-26.7
Day, Supply, End of Month at
Electric power utilities
By-product coke ovens
Steel and rolling mills
Coal-gas retorts
Cement mills
Other Industrial
Railroad fuel (Class I)
62 days
49 days
27 days
70 days
40 (lays
30 (lays
22 days
66 days
56 days
32 (lays
77 days
27 days
32 days
25 days
-6.1
-12.5
-15.6
-9 1
.
+48.1
-6.2
-12.0
Total industrial
35 days
36 days
-9.2
a Collected by the U. S. Geological Survey. b Collected by the U. S. Bureau of
Mines. c Estimates based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000
representative manufacturing plants. The concerns reporting are chiefly large consumers and afford a satisfactory basis for estimate. d Collected by the Association
of American Railroads.
Domestic Anthracite and Coke
A decrease was also reported by 454 representative retail coal dealers In
stocks of anthracite and coke on Jan. 1 1935. Anthracite stocks declined
9.8% from the previous quarter ending Oct. 1 1934 and coke stocks. 2.7%
however, they were 18.8% and 10.7% higher respectively than the stocks
held by the same dealers a year ago.
SUMMARY OF STOCKS OF DOMESTIC ANTHRACITE AND COKE
Stocks of Bituminous Coal in Consumers Hands
Increased During Last Quarter of 1934-Industrial
Consumption Higher
The United States Bureau of Mines, Department of the
Interior reported that stocks of bituminous coal increased
slightly in the fourth quarter of 1934 and on Jan. 1 1935 stood
at 34,440,000 net tons. This is an increase of 4.1% over the
33,077,000 tons on hand on Oct. 1 1934. The stocks on Jan. 1
1935 are also 4.9% higher than on the same date of last year,
when they stood at 32,840,000 net tons. The Bureau's
report further stated that:
Retail stocks, 454 selected
dealers:
Anthracite, net tons__ 494,746 509,400 548,510 423.672 -9.8
Anthrac., days supply a 36 days 60 days 80 days 34 (lays -5.5
Coke, net tons
102,737 123,896 140,792
92.781 -2.7
Coke, days supply a..... 36 days 67 days 94 days 25 days -61.7
Anth. In producers' stge.
1,921,000 2,540,000 2,227,000 1,106,000 -13.7
yards
By-product coke at merchant plants:
1,950,000 2,012,000 1,591,000 1,407,000 +22.6
Net tons on hand
TInva nrndnetInn
so days en days 51 days 45 days -4-17.6
To make a more satisfactory comparison of stocks, it is necessary to take
..the consumption of coal, which varies widely with the
into consideration.
a Calculated at rate of deliveries to customers In preceding mon h. b Subject to
revision.
9, Change From
Jan. 1
1935 b
Dec. 1
1934
Oct. 1
1934
Jan. 1
1934
Prep,
Quar.
Year
Ago
+16.8
+5.9
+10.7
+4.4
+73.7
+38.6
+33.3
Preliminary Estimates of Production of Coal for Month
of January 1935
According to preliminary estimates made by the United
States Bureau of Mines, Department of the Interior, bituminous coal output during the month of January 1935
amounted to 35,932,000 net tons, compared -with 32,916,000
tons in the corresponding month last year and 31,386,000
tons in December 1934. Anthracite production during
January totaled 5,724,000 net tons, as against 6,125,000
tons produced during January 1934 and 4,705,000 tons
produced in December 1934. The Bureau's statement follows;
Totalfor
Month
(Net Tons)
Number of Average per
Working Day
Working
Days
(Na Tons)
January 1935 (Preliminary)
26.1
1.377,000
Bituminous coal
35,932,000
222,200
Anthracite
5,724,000
26
3,263
Beehive coke
881,000
27
December 1934
1,255,000
25
Bituminous coal
31,386,000
188,200
Anthracite
25
4,705.000
3,334
Beehive coke
25
83,600
January 1934
26.1
1,261,000
32,916,000
Bituminous coal
235,600
Anthracite
0,125,000
26
27
3,996
107,900
Beehive coke
Note-All current estimates will later be adjusted to agree with the results of
the complete canvass of production made at the end of the calendar year.
1934 Gold Production Shows Large Increase
World production of gold in 1934, according to a preliminary estimate by the American Bureau of Metal Statistics,
amounted to 27,126,000 ounces, against 25,378,000 ounces
in 1933, the previous high record output. The gain in
production over 1933 resulted chiefly from increased activity
in Russia.
The Bureau points out that production of gold in Russia,
from information now available, appears to have averaged
about 350,000 ounces monthly for 1934 and the present
tabulation has been corrected accordingly. Prior to this
accounting production in Russia has been estimated at
300,000 monthly for 1934.
Production in December amounted to 2,335,000 ounces,
against 2,292,000 ounces in November and 2,378,000 ounces
in October, the Statistical Bureau reports.
Gold production of the world in fine ounces follows:
1933
1934
1933
1934
United States_ a.- 2,537,000 2,916,000 New Zealand
162,000
147,000
Canada
2,949,000 2,964,000 South Africa
11,014,000 10,483,000
Mexico
638,000
660,000 Belgian Congo_ __ 280,000
287,000
Colombia
298,000
354,000 Rhodesia
645,000
691,000
Other So. Amer__ 600,000
720,000 Br. West. Africa.c 338,000
392,000
British Indla_b_._ 336,000
321,000 Russia
2,814,000 e4,200,000
Japan_ b
434,000
4603,000 Elsewher,d
1,350,000 1,421,000
Queensland
92,000
112,000
Western Australia 637,000
651,000
Other Australia Sc
New Guinea_ _
254,000
341,000
Totals
25,3711,000 27,126,000
a Includes Philippines. b Principal mines only but nearly complete. c Gold
Coast Colony, Sierra Leone and Nigeria. d Includes West Indies, Central America,
Europe and Asiatic and African lands not separately reported. e Revised.
December Exports of Tin Above November, According
to International Tin Committee
The five countries participating in the Internationa=
Agreement exported 7,463 tons of tin durini De
-ce=
,
compared with a corrected total of 7,230 tons in November
according_to a communique issued by the Internaegigi
tin Committer-The communique indicated
Bolivia
exii7t7r1;743 tons duringNovember instead'of 27M tar,
5
as previously reported. The report for November was given
in these columns of Jan. 12, page 227. As issued on Feb. 6
12 the New York office of the International Tin Research
.
and 157elopm=ounTil, the Communique coverrig 1573()ember exports follows:
INTERNATIONAL'TIN COMMITTEE
Communique
1. The monthly statistics as to exports are as follows:
Monthly Export
Permissible
Oct. 1 to Jan. 1t0
Dec. 31 Mar. 31
1934
1935
Exports
October
Netherlands East Indies
1,149
1,364
1,211
Nigeria
373
363
428
Bolivia
1,919
1,556
1,550
2,552
2,398
2,155
Malaya
816
866
Slam
816
* This figure corrected from 2,748 in previous report.
November December
1,398
354
*1,743
2,967
768
1,777
879
1,783
2,721
803
Large Tonnage of Lead Sold at Lower Prices-Copper
Under Pressure Abroad
"Metal and Mineral Markets" in its issue of Feb. 7 stated
that buying of lead was the feature in the market for nonferrous metals last week, another reduction in the price
bringing in quite a good volume of business. Domestic
copper sold at about the same rate as in recent weeks, with
nothing in sight to disturb the price structure here in the near
875
Financial Chronicle
Volume 140
future. The foreign copper market was under pressure
on liquidation of a substantial tonnage for account of dealers.
Zinc and tin were quiet. Silver closed a shade lower for
the week. The publication further stated:
Foreign Copper Lower
The trend of prices for copper abroad was downward last week. In
view of the fact that between 12,000 and 14,000 tons of copper had to be
liquidated in London in a comparatively short period, because of financial
difficulties in at least one direction, the market stood up well. Demand
for Copper abroad was fairly active, notwithstanding the unsettlement in
prices. The copper discussions going on in New York had little influence
on London.
Domestic sales of copper for the week ended Feb. 5 totaled 6,513 tons,
against slightly more than 6,000 tons in the week previous. January sales
of Blue Eagle copper totaled 27,000 tons. The price held at 9c., Valley.
Demand for copper products was not quite as good last week as recently.
The informal discussions on copper control in the foreign field have not
Yet reached the point where consideration of a date for a general meeting
is possible. Most of the time so far has been taken up with the problem
of establishing so-called standard production tonnages, much as in the tin
scheme. These standard tonnages, in the proposed plan, would be used
In calculating production quotas.
The Phelps Dodge Corp. Is negotiating for the purchase of a large block
of stock in United Verde Copper Co.
Lead Reduced to 3.50e., N. Y.
More than 7.000 tons of lead changed hands last week following another
reduction of 10 points in the price ofthe metal last Friday. On Wednesday,
Jan. 30, the American Smelting & Refining Co. announced that its contract settling basis had been reduced to 3.60c., New York, and on Friday,
Feb. 1st,the same company,in the absence of any substantial sales,further
reduced its price basis to 3.50c., New York. Sales in the West were at
-point differential-that is, at 3.45c., St. Louis, last Thursday
the usual 15
(Jan. 31), and at 3.35c., St.'Allis on Friday. (Feb. I). The price of the
metal has continued unchanged since Friday in both the East and the West.
The St. Joseph Lead Co. on Tuesday (Feb. 5), and yesterday (Feb. 6).
asked and received a premium of $1 per ton on its brands for delivery in
the East. Buying of the week was well diversified among the various
consuming interests.
Zinc Unchanged
Hope that something may be done to limit production of zinc caused
some sellers to restrict their offerings of metal for forward delivery. Others,
however, were free sellers and accepted business at 3.70c., St. Louis, for
shipment over the next two months. With zinc concentrate at $26 per ton.
Joplin, producers of zinc are said to be unable to produce the metal for less
than 4c. Galvanizing operations on the whole have not shown much
Improvement since the first of the year, which accounts for the Indifferent
call for Prime Western zinc. Activity in the automobile industry has
absorbed a good tonnage of High Grade zinc.
Little Change in Tin
Comparative quiet characterized the domestic tin market last week.
Daily sales volume amounted to 100 tons or less, and the general lack of
Interest in the metal was reflected by a practically stationary price level.
Chinese tin, 99%, was quoted nominally as follows: Jan. 31st,50.000c.;
Feb. 1st, 50.000c.: 2d, 50.000c.; 4th, 50.000c.; 5th, 50.025c.; 6th, 50.025c.
United States deliveries of tin during January totaled 4,600 long tons.
against 4,530 tons in December. The world's visible supply, including
the Eastern carry-over, was 16,764 tons at the end of January. against
16.490 tons a month previous and 26,109 tons in January a year ago.
World production of tin on ore basis amounted to 9,638 long tons during
December,against 9,305 tons in November,the American Bureau of Metal
Statistics reports.. Production for 1934 totaled about 111,722 long tons,
against 87.972 tons in 1933 and 96,468 tons in 1932.
January Pig Iron Producing Rate Up Nearly 44%
The "Iron Age" in its issue of Feb. 7 stated that production of coke pig iron in January totaled 1,477,336 gross
tons, compared with 1,027,622 tons in December. The
daily rate in January, at 47,656 tons, increased 43.8%
over the December rate of 33,149 tons a day. The "Age"
continued:
There were 89 furnaces in blast on Feb. 1 making iron at the rateiof
54.410 tons a day, against 69 furnaces on Jan. I operating at the rate
of 37,615 tons a day. 24 furnaces were blown in during the month, of
which 10 were Steel Corp. units, 13 were independent steel company
furnaces, and one was a merchant stack. Four furnaces were blown out
or banked, two of which were Steel Corp. stacks and two independent steel
company furnaces.
Among the furnaces blown in were the following: Two Edgar Thomson,
one Ohio, one Farrell, Carnegie Steel Co.; one Monongahela, one Ohio,
National Tube Co.; two South Chicago (old) and two Gary. Illinois Steel
Co.; one Lackawanna, two Cambria. Bethlehem Steel Co.; one Aliquippa
and two Eliza, Jones & Laughlin Steel Corp.; one Ashland, American
Rolling Mill Co.; two Haselton, Rebpublic Steel Corp.; one Shenango.
Shenango Furnace Co.; one Riverside, Wheeling Steel Corp.; one Zug,
National Steel Corp.; one Otis. Otis Steel Co.. and one River, Corrigan,
McKinney Steel Co.
Furnaces blown out or banked included: One Norton, American Rolling
Mill Co.; one Ford furnace, and one Ensley and one Fairfield furnace of
the Tennessee Coal. Iron & Railroad Co.
1
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1930
-GROSS TONS
1930
1931
1932
1933
1934
1935
91.209
101,390
104,715
106,062
104,283
7,804
55,299
60,950
65,556
67,317
64,325
54,621
31,380
33,251
31,201
28,430
25,276
20.935
18,348
19,798
17,484
20,787
28,621
42,166
39,201
45,131
52,243
56,561
65,900
64,338
47,656
First six months_ 100,891
61,356
28,412
24,536
54,134
85,146
81,417
75,890
89,881
62,237
53,732
47,201
41,308
38,964
37,848
36,782
31,625
18,461
17,115
19,753
20,800
21,042
17,615
57,821
59,142
50,742
43,754
36,174
38,131
39,510
34,012
29,935
30,679
31,898
33,149
86.025
50.069
23.733
36.190
43 592
January
February
March
April
May
June
July
August
September
October
November
December
12 MOS.averaae
876
Financial Chronicle
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
Pig Iron x
1935
January
February
March
April
May
June
1,477,336
Half year
July
August
September
October
November
December
1934
1,215,226
1,263,673
1,619,534
1,726,851
2,042,896
1,930,133
9,798,313
1,224,826
1,054.382
898,043
951,062
956,940
1,027,622
Ferromanganese y
1935
10,048
1934
11,703
10,818
17.605
15,418
10,001
10,097
75,642
10,188
8,733
7,100
9,830
8,134
4,563
Year
124,190
15.911.188
x These totals do not include charcoal pig iron. The 1933 production of this
iron was 32,941 gross tons. y Included in pig iron figures.
Steel Ingot Production Rises in January
The American Iron and Steel Institute in its latest monthly
report places steel ingot production of all companies in
January at 2,834,170 tons, this total showing a considerable
increase when compared with the previous month's output
of 1,941,595 tons. The percentage of operation has risen
from 35.27% in December to 47.67%. In January 1934,
1,971,187 tons were produced. The approximate daily output in January 1935 was 104,969 tons for the 27 working
days, while daily production in December 1934 averaged
77,664 tons for the 25 working days. In January of the
previous year, which also contained 27 working days, the
average output per day was 73,007 tons. Below we show
the monthly figures since January 1934:
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGOTS
-JANUARY 1934 TO JANUARY 1935
[Reported by companies which in 1933 made 99.32% of the open hearth and
100% of the Bessemer ingot production.]
Calculated Monthly Produetion--All Cos. Caked
Daily No.41
Open Hearth •
BesTotal
Prod'n WorkMtha.
SMUT
All Cos. ing
Open H'rth Bessemer
Gross
% of % of
Gross
% of (Gross Days
Ingots
Ingots
Tons
Tow
Cap, Cap.
Cap. Tons)
Reported Production
(Gross Tons)
1934
Jan __ 1,786,467
Feb__ 1,993,638
Mar__ 2,540,143
172,489 1,798,698 34.20 25.17 1,971,187 33.16 73,007
175,873 2.007,287 42.93 28.87 2,183.160 41.31 90.965
203,904 2,557,534 48.63 29.75 2,761,438 46.45 102,275
1st qu 6,320,248
552,266 6,363,519 41.88 27.89 6,915,785 40.27 88,664
78
April_ 2,622,372
May
. 3,000,624
June _ 2,714,983
257,482 2,640,326 54.2240.57 2,897,808 52.64 115,912
331.620 3,021,168 57.44 48.38 3,352,788 58.40 124,177
282,592 2.733,571 53.97 42.81 3,016,163 52.68 116,006
25
27
26
2d qr_ 8,337,979
871,694 8,395,065 55.25 44.02 9,266,759 53.96 118,805
78
27
24
27
3 mos. 14,658,227 1,423,960 14,758,584 48.57 35.96 16,182,544 47.11 103,734 156
July__ 1,343,732
Aug_.. 1,245,445
3ept__ 1,126,415
119,869 1,352,932 27.78 18.89 1,472,801 26.76 58,912
109.598 1,253,972 23.84 15.99 1,383,570 22.94 50,503
117,580 1,134,127 23.29 18.53 1,251,707 22.74 50,068
25
27
25
34 qr_ 3,715,592
347,047 3,741,031 24.94 17.75 4,088,078 24.11 53,092
77
mos. 18,373.819 1,771,007 18,499,615 40.76 29.94 20,270,622 39.51 86,998 233
Det __ 1,325,225
Nov__ 1,447,297
Dec__ 1.797,830
127.789 1,334,298 25.37 18.64 1,462,087 24.59 54,151
132,059 1,457,206 28.77 20.01 1.589,26521.76 61,126
131,456 1,810,139 37.17 20.71 1,941,595 35.27 77,664
27
26
25
1th qr 4,570,352
391,304 4,601.643 30.28 19.76 4,992,947 29.07 64,012
78
Total 22,944,171 2,162,311 23,101,258 38.1327.39 25,263,569 36.89 81,233 311
1935
fan __ 2.576.671
239.858 2.594.312 49.32 34.99 2.834.170 47.67 104.969
27
• Calculated production for all companies is the same as the reported production
for all companies.
Note-The percentages of capacity operated are calculated on annual capacitie
as of Dec. 311933, as follows: Open hearth Ingots, 60,583,813 gross tons: Bessemer
Ingots, 7.895,000 gross tons.
Steel Output Reaches 563'%-Decline in Scrap is
Checked
The "Iron Age" in its issue of Feb. 7 stated that steel
production has registered another gain, rising from 56 to
5634% of capacity, and scrap prices, though manifesting
mixed tendencies, are on the average stronger than in recent
weeks. The Pittsburgh ingot rate is up three points to 45%
of capacity and operations in the Cleveland-Lorain district
have advanced two points to 69%. In the Valleys the falling
in of several open-hearths has resulted in a temporary recession of two points to 61%. Elsewhere production is substantially unchanged. At Detroit, where output is at 100%
of capacity, one producer has so depleted its bank of ingots
that it has been compelled to buy a round tonnage of semifinished steel in the open market. The "Age"further added:
Though additional increases in production are looked for in certain
enters, notably Chicago and the Valleys, there are indications that the
upswing in mill operations is losing momentum. Mills producing automobile
tads are now operating virtually at capacity and, though tin mill output
has risen to 75% and steel demand from miscellaneous sources is showing a
steady growth, further significant expansion in raw steel production is
believed to be dependent on bookings of railroad steel, construction material
and pipe which have been laggards in the recent buying movement.
Feb. 9 1935
Although output may soon level off, no early recession is looked for. In
fact, steel markers are now predicting that the present rate will be maintained well though the current quarter provided there are no serious labor
disturbances. fhey also point out that, with four or five months of operations at current levels, activity would spread to other lines. Even now
expansion in miscellaneous lines has assumed sizable proportions. A number
of tractor plants in the Middle West have bookings warranting capacity
operations for the next six months. Farm implement makers have the best
prospects since 1930. Agricultural demand for sheets and wire products has
shown notable improvement. Stove manufacturers are running at a high
rate. These and other non-automotive outlets for steel are estimated to
have accounted for 35 to 50% of the bulge in demand which has developed
In the past two months.
The labor outlook has been brightened by the settlement of the Pittsburgh
'Plate Glass Co. strike, and by the results of employee elections in automobile plants.
The gold clause case has checked iron and steel demand in certain districts,
though it has not affected the buying policy of the motor car industry.
With makers of cold-finished sheets booked full for this quarter, automobile
makers are pressing for contracts for second quarter, though under the code
prices for that period cannot be filed until Feb. 20.
fhe confidence of the iron and steel industry in sustained operations is
indicated by the record-breaking gain in pig iron output in January. Total
production for the month was 1,477.336 tons, compared with 1,027,622
tons in December. The daily rate, at 47,656 tons, showed an increase of
43.8% over the December average of 33,149 tons. Eighty-nine furnaces
were in blast Feb. 1, a net gain of 20 over Jan. 1. January 1920, showed a
net gain of 28 furnaces but the increase in daily rate was only 14.5%. In
January 1925, there was a net increase of 23 furnaces, but the daily average
rose only 12% over the previous month.
Rail orders placed by the Southern Pacific, the Burlington and Wheeling
Sc Lake Erie total 44,374 tons.
Structural steel awards of 16,600 tons are the largest with one exception
since the last week of November. New projects of 16,150 tons compare
with 9,400 tons in the previous week and 16,150 tons a fortnight ago.
Sheet steel piling inquiries total 6,300 tons. Tentative barge work in the
Chicago district calls for 16,000 tons of plates.
Significant changes in iron and steel prices for the coming quarter are
considered unlikely. The "Iron Age" composite prices for pig iron and
finished steel are unchanged at $17.90 a ton and 2.124c. a lb. respectively.
The scrap composite remains at $12.17 a ton for the second week.
Finished Steel
Feb. 5 1935, 2.1240. a lb.
Based on steel bars, beams, tank plates.
One week ago
2.124c, wire, rails, black pipe, sheets and hot
One month ago
2.1240. rolled strips. These products make
One year ago
2.008c. 85% of the United States output.
Low
High
1935
2 1240. Jan. 8
2.124o. Jan. 8
1934
2.199o. Apr. 24
.
.
1933
2.015e. Oct. 3
1.8670. Apr. 18
1932
1.9770. Oct. 4
1.926e. Feb. 2
1931
2.0370. Jan. 13
1.9450. Dec. 29
1930
2.273o, Jan. 7
2.0180. Dec. 9
1929
2.317o. Apr. 2
2.2730. Oct. 29
1928
2.286c, Dec. 11
2.217c, July 17
1927
2402e. Jan. 4
2.2120. Nov. 1
Pig Iron
Feb. 5 1935, $17.90 a Gross Ton
Based on average of baste iron at Valley
One week ago
$17.90 furnace and foundry 11.0143 at Chicago.
One month ago
17.90 Philadelphia, Buffalo. Valley and
One year ago
16.90 Birmingham.
High
Lose
1936
817.90 Jan. 8
$17.90 Jan. 8
1934
17.90 May 1
16.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.58 Doe. 6
1931
15.90 Jan. 6
14.79 Dee. 15
1930
18.21 Jan. 7
15.90 Dee. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Feb. 5 1935, $12.17 a Gress Ton
Based on No. 1 heavy melting steel
One week ago
$12.17 quotations at Pittsburgh, Philadelphia
One month ago
12.33 and Chicago.
One year ago
11.92
[
High
Low
1935
$12.33 Jan. 8
$12.17 Jan. 29
1934
13.00 Mar. 13
9.60 Sept. 25
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
The American Iron and Steel Institute on Feb. 4 announced that telegraphic reports which it had received indicated that the opening rate of steel companies having
98.7% of the steel capacity of the industry will be 52.8%
of the capacity for the current week, compared with 52.5%
last week, 43.4% one month ago, and 37.5% one year ago.
This represents an increase of 0.3 points, or 9.6%, from the
estimate for the week of Jan. 28. Weekly indicated rates
of steel operations since Oct. 23 1933 follow:
1933
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec.4
Dec. 11
Dee, 18
Dec. 25
31.6%
28.1%
252%
27.1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
1934
Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
29.3%
30.7%
34.2%
32.5%
84.4%
37.5%
1934
Feb. 12
Feb. 19
Feb. 26
Mar.. 5
Mar. 12
Mar. 19
Mar. 28
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
1934
39.9% June 18
43.6% June 25
45.7% July 2
47.7% July 9
46.2% July 16
46.8% July 23
45.7% July 30
43.3% Aug. 6
47.4% Aug. 13
50.3% Aug. 20
54.0% Aug. 27
55.7% Sept. 4
58.9% Sept. 10
58.8% Sept. 17
54.2% Sent. 24
58.1% Oct. 1
57.4% Oct. 8
58.9% Oct. 16
1934
56.1% Oct. 22
44.7% Oct. 29
23.0% Nov. 6
27.6% Nov. 12
28.8% Nov. 19
27.7% Nov. 26
26.1% Dec. 3
25.8% Dec. 10
22.3% Dec. 17
21.3% Dec. 24
19.1% Dec. Si
18.4%
20.9% 1935
22.3% Jan. 7
24.2% Jan. 14
23.2% Jan. 21
23.6% Jan. 28
22.8% Feb. 4
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%
49.6%
52.5%
52.8%
"Steel" of Cleveland, in its summary of the iron and steel
markets on Feb. 4 stated:
A 43.6% increase In pig iron production in January, with a net gain of 22
active blast furnaces, and a further rise of 1% points in steelworks operations
last week to 6434%, manifest the strong and unusually diverse character of
manufacturing demand for iron and steel.
877
Financial Chronicle
Volume 140
Pig iron production last month averaged 47,627 gross tons daily, up
14,466 tons; and total output was 1,476,424 tons, an increase of 448,418
tons. Both these gains were the largest for any January in history. The
increase in the number of blast furnace stacks to 89, operating Jan. 31, was
the largest for the month except January 1920, when the net gain was 23.
and January 1925. with a net of 22. The month's output was the highest
since June 1934.
This gain in pig iron is expected to be matched with a long stride in steel
ingot production for January when official figures are announced this week.
the steel rate as an average having been 13 points higher than in December.
The month's steel bookings for leading interests were twice those of December. and thrice January last year. Steelmakers now confidently expect the
current operating rate to continue or improve through February and March.
Deliveries to automobile manufacturers are becoming a problem, and it is
more apparent they are striving to build up inventories of materials and
parts. Autobody sheet production is now 80%. The majority of mills are
booked to capacity for cold-rolled sheets for this quarter, and consumers
are seeking preferred position for second quarter. Tinplate mills are operating at 85%.
The automobile industry has made a good start on its schedule for
1.000.000 cars this quarter, last week's output of 73,000 raising the total for
January slightly above 300.000. Washington is renewing efforts to level
out peaks and valleys, but ifintroduction of new models be moved up several
months as proposed, midsummer unemployment in the steel industry may be
intensified.
Steelmakers must decide by Feb.20 on prices for second quarter,and so far
as pertains to automobile manufacturers—always antagonistic to advances—
this is a sellers' market. Opinion in the industry, however,is divided, with
some leading producers leaning to a continuation of present levels. Reports
that premiums have been offered for prompt shipment pertain to drawing
extras,sometimes waived, which mills now find it easier to obtain.
Structural work and railroads are contributing little to steelworks activity.
Both evidently are awaiting lifts from the Government—structurals, in
the $4,000,000,000 public works program; railroads in proposed freight advances and low interest rates on Federal loans.
Structural shape awards in the first five weeks this year are only 75%
of the tonnage in the comparable period last year. Last week they
amounted to only 8,500 tons. Amtorg Trading Corp. has ordered for Russia
4,500 tons of forged steel wheels and axles from the Carnegie Steel Co.
Wheeling & Lake Erie has purchased 2,200 tons of rails; Atlantic Coast
Line is inquiring for 5,000 tons. New Orleans has awarded 4,500 tons
of cast pipe.
Scrap consumption is rising, but many consumers are over-supplied and
"Steel's" scrap price index last week dropped 43c. to $11.65. A valley
steelworks purchased 50,000 tons, and 70,000 tons were taken for shipment
to Italy.
A decline in scrap shipments was principally responsible for a reduction
of 5.5% in December iron and steel exports to 282,655 tons. Imports fell
off 44% to 19.708 tons. For the year 1934 iron and steel exports of 2.832.764 tons were up 117%; imports, 316,761 tens, down 23.6%•
Id
Steelworks operations in the Pittsburgh district last week rose 6 points
to 44%; Chicago, 7 to 66; eastern Pennsylvania, 134 to 30; Buffalo. I to
45; Birmingham, 34-point to 32. Detroit held at 100; Wheeling. 95;
Youngstown, 64; while Cleveland was off 1 to 78 and New England, 16
to 52.
The scrap reduction has lowered "Steel's" iron and steel price composite
4c. to $32.56, while the finished steel index is unchanged at $54.
Steel ingot production for the week ended Feb. 4, is
placed at a shade over 54% of capacity, according to the
"Wall Street Journal" of Feb. 6. This compares with 53%
in the previous week, and 50% two weeks ago. The
"Journal" continues:
U. S. Steel is estimated at 47%, against nearly 46 % in the week before
and 44% two weeks ago. Leading independents are credited with a frac
Lion under 59%, compared with 57% in the preceding week, and 54%
two weeks ago.
In the following table is given 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
U.,S. Steel
54+1
3634+234
19 + Si
2634-2
47 +1
7635+3
86 +1
Independents
47 + 34
32 +2
104— Si
27 —134
51 +1
80 +3
88 +134
89 ..--8634--
79 +1
59+2
40 +3
21 -1-1.34
26 —2
44 +1
73 +3
83 +1
79
71 +2
CurrentEvents and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Feb. 6, as reported by the
Federal Reserve banks, was $2,463,000,000, a decrease of
$3,000,000 compared with the preceding week and of $153,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On Feb. 6 total Reserve bank credit amounted to $2,466,000,000, an
increase of $6,000,000 for the week. This increase corresponds with increases of $49,000,000 in money in circulation and $91,000,000 in member
bank reserve balances,offset in part by increases of$34,000,000 in monetary
gold stock and $6.000,000 in Treasury ana National bank currency and by
decreases of $77,000,000 in Treasury cash and deposits with Federal
Reserve banks and $14,000,000 in non-member deposits and other,Federal
Reserve accounts.
Relatively small changes were reported in holdings of bills discounted and
purchased bills, United States Government securities, and industrial advances.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Feb. 6, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 926 and 927.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Feb. 6 1935, were as follows:
Increase (+) or Decrease (—)
Since
Feb. 6 1935 Jan. 30 1935
Feb. 7 1934
6,000.000
Bills discounted
Bing bought
6,000,000
2,430,000,000
U. S. Government securities
Industrial advances (not including
12.000,000 commitments—Feb. 6)
18,000,000
6,000,000
Other Reserve bank credit
—1,000,000
—67,000,000
—91,000.000
—2,000,000
+1,000,000
+7,000.000
+18,000,000
+2.000,000
2,466,000,000
+6,000,000 —140,000.000
Total Reserve bank credit
8 421.000,000 +34,000.000 +1,385,000,000
Monetary gold stock
Treasury and National bank currency.2.503,000,000
+6.000,000 +202.000,000
5,407.000.000 +49,000,000
Money in circulation
+90,000,000
4 633.000,000 +91,000.000 +1,897,000,000
Member bank reserve balances
Treasury cash and deposits with Fed2 930,000,000
77.000,000
519,000,000
eral Reserve banks
Non-member deposits and other Fed422,000.000 —14,000,000
—19,000,000
eral Reserve accounts
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
not be availaole until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." On Oct. 24 1934 the
statement was revised to show separately loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account"
including the amount loaned outside of New York City,
stood at $593,000,000 on Feb. 6 1935, a decrease of $21,000,000 over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Feb. 6 1935 Jan. 30 1935 Feb. 7 1934
$
$
Loans and investments—total
7,363,000,000 7,422,000,000 6.964,000,000
Loans on securities—total
1,413,000,000 1,437,000,000 1,729,000,000
To brokers and dealers:
In New York
Outside New York
To others
536,000,000
57.000,000
820,000.000
Accepts,and commercial paper bought
224,000,000
Loans on real estate
131,000,000
Other loans
1,172,000,000
U.S. Government direct obligations_3,129,000,000
Obligations fully guaranteed by United
States Government
283,000,000
Other securities
1,011,000,000
Reserve with Federal Reserve Bank
1,804,000,000
Cash in vault
50,000,000
Net demand deposits
6 851,000,000
Time deposits
619,000,000
Government deposits
680,000,000
Due from banks
72,000,000
Due to banks
1,903,000,000
Borrowings from Federal Reserve Bank
559.000,000
55,000,000
823,000,000
696.000,000
45.000,000
988,000,000
232,000,0003
131,000,0001,691,000,000
180,000,000J
3.150,000,000 2,485,000,000
272,000.00011,059,000,000
1,020,000.0001
1,720,000,000
49.000,000
748,000,000
38,000.000
6.842,000,000 5,331,000,000
616,000,000 710,000,000
680,000,000 501,000,000
73.000,000
78.000,000
1.868.000,000 1,312,000,000
Financial Chronicle
878
Chicago
Feb. 6 1035
Feb. 7 1931
Jan. 30 1935
1,651,000,000 1,617,000.000 1,328,000,000
Loans and investments—total
Loans on securities—total
233,000,000
235,000,000
277,000,000
To brokers and dealers:
In New York
Outside New York
To others
26,000,000
27,000,000
180,000,000
26,000,000
31,000,000
178,000,000
16,000,000
34,000,000
227,000,000
52,000,000
19,000,000
218,000,000
55,000,000
19,000,000
217,000,000
300,000,000
833,000,000
U.S. Government direct obligations
Obligations fully guaranteed by United
81,000,000
States Government
215,000.000
Other securities
795,000,000
471,000,000
Accepts, and commercial paper bought
Loans on real estate
Other loans
404,000,000
36,000,000
Reserve with Federal Reserve Bank
Cash In vault
81,000,0001 280,000,000
215,000,000J
346.000,000
41,000,000
428,000.000
36,000,000
1 514,000,000 1,499.000,000 1,131,000,000
386,000,000 384,000,000 328,000,000
65,000,000
44,000,000
44,000,000
Net demand deposits
Time deposits
Government deposits
170,000,000
486,000,000
Due from banks
Due to banks
187,000,000
467,000,000
186,000,000
313,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
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. 30:
reporting
The Federal Reserve Board's condition statement of weekly
member banks In 91 leading cities on Jan. 30 shows Increases for the week
of 8111.000.000 in net demand deposits. $5,000.000 in time deposits and
$38.000,000 in reserve balances with Federal Reserve banks, and decreases
of $13,000,000 in total loans and investments and 866,000,000 in Government deposits.
Loans on securities to brokers and dealers In New York City declined
$20.000,000 at reporting member banks in the New York district and
brokers
$21,000,000 at all reporting member banks; loans on securities to
and dealers outside New York City increased $2,000,000; and loans on
securities to others declined $2.000,000. Holdings of acceptances and commercial paper bought declined $8,000,000 In the New York district and
$10,000,000 at all reporting member banks; real estate loans showed little
change for the week; and "other loans" increased $7.000,000 in the Boston
district, $4.000,000 in the Chicago district and $3,000.000 at all reporting
banks, and declined $7.000,000 in the New York district.
Holdings of United States Government direct obligations increased
$44,000,000 in the Chicago district, and declined $31,000.000 in the New
York district and 819.000.000 in the Boston district, all reporting member
banks showing a net increase of 82,000,000 for the week; holdings of obligations fully guaranteed by the United States Government declined $12,banks;
000,000 in the Chicago district and 811,000.000 at all reporting
and holdings of other securities increased $16.000.000 in the New York
district, $5,000,000 in the San Francisco district and $26.000,000 at all
reporting banks.
Licensed member banks formerly included In the condition statement of
weekly
member banks in 101 leading cities, but not now included in the
statement, had total loans and investments of $1,217.000,000 and net
demand, time and Government deposits of $1.392,000,000. compared with
$1,220,000,000 and 51,389.000.000 respectively, on Jan. 23.
member
A summary of the principal assets and liabilities of the reporting
banks, in 91 leading cities, that are now included in the statement, together
follows.
with changes for the week and the year ended Jan. 30 1933,
Increase (+) or Decrease (—)
Jan. 30 1935
$
Loans and investments—total_ _ __18.244.000,000
Since
Jan. 311034
Jan. 23 1935
—13,000,000 +1,123,000,000
Loans on securities—total
3,024,000,000
—21,000,000
—585,000,000
To brokers and dealers:
In New York
Outside New York
To others
702,000.000
166,000.000
2,156,000,000
—21,000.000
+2,000,000
—2,000,000
—93,000,000
+20.000,000
—512,000,000
439,000,000
Accepts, and com'l paper bought—
971,000,000
Loans on real estate
3,127,000,000
Other loans
7,237.000,000
U.S. Govt. direct obligations
Obligations fully guaranteed by the
601,000,000
United States Government
2,845,000,000
Other securities
Reserve with Fed. Res. banks_
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
—10,000.0001
—2,000,000 —203.000 000
+3,000.000
+2,000,000 +1,451,000,000
—11,000,0001
+26,000,0001
+460.000,000
3,439,000,000
278,000,000
+38,000,000 +1,458,000,000
+61,000,000
+11,000,000
14,027,000.000
4 434,000,000
1,227,000,000
+111,000,000 +2,909,000,000
+67.000,000
+5,000,000
—66,000,000 +252,000.000
1,785,000,000
4,245,000.000
+481,000,000
+15,000,000
—14,000,000 +1,277,000,000
—1,000,000
—13,000,000
Statement of Conditions of Bank for International
Settlements—Assets Jan. 31 Below Dec. 31
Assets of the Bank for International Settlements, as shown
by the statement of condition of the Bank for the close of
January, decreased from 654,384,181.18 Swiss francs Dec. 31
to 637,726,167.85 francs Jan. 31. Cash on hand and with
banks increased during January from 2,354,188.23 Swiss
francs to 2,610,609.75. The Bank's holdings of gold in
bars remained unchanged at 11,007,565.58 Swiss francs.
The balance statement, as contained in Associated Press
advices from Basle, Switzerland, Feb. 4, follows (figures in
Swiss francs at par):
Assets—
Gold In bars
Cash on hand and with banks
Sight funds at Interest
Residcountable bills and acceptances
1. Commercial bills and acceptances
2. Treasury bills
Jan, 31 1935
11,007,565.58
2,610,609.75
4,794,187.44
Total
Total assets
Liabilities—
Capital paid-up
Reserves—
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
Long-term deposits
1, Annuity trust account
2. German Government deposits
3. French Government guaranteed fund
Dec. 311034
11,007,565.58
2,354,188.23
4,987,858.35
164,959,458.13 175,391,167.62
184,810,002.91 179,383,779.16
349,769,461.04
Total
Time funds at interest, not exceeding three months__ 40,229,004.77
Sundry bills and investments
1. Maturing within three months:
29,502,708.44
(a) Treasury bills
33,513,944.52
(b) Sundry investments
2. Between three and six months:
34,234,210.40
bills
(a) Treasury
63,632,652.27
(b) Sundry investments
3. Over six months:
23,094,159.38
(a) Treasury bills
36,252,652.10
(b) Sundry investments
Total
Other assets
1. Guarantee of Central banks on bills sold
2. Sundry items
Borrowings from Federal Reserve Bank_
Feb. 9 1935
354,774,946.78
40,638,319.19
34,430,921.01
32,823,167.71
45,877,771.31
63,471,888.87
18,895,062.50
36,181,909.71
220,230,332.11 231,680,721.11
6,128,531.43
2,956,475.73
6,135,101.70
2,805,480.24
9,085,007.16
8,940,581.94
637.726,167.85 654,384,181.18
125,000,000.00 125,000,000.00
2,672,045.12
4,866,167.29
9,732,334.56
2,672.045.12
4,866.167.29
0,732,334.56
17,270,546.97
17,270,546.97
154,481,250.00 154,528,750.00
77,240,625.00 77,264,375.00
41,062,346.17 40,678,214.55
Total
Short-term and sight deposits
1. Central banks for their own accounts:
(a) Not exceeding three months
(b) Sight
272,784,221.17 272,471,339.55
Total
2. Central banks for others (sight)
3. Other depositors (sight)
Sight deposits (gold)
Miscellaneous Items
1. Guarantee on commercial bills sold
2. Sundry items
129,065,477.21 147,134.035.48
12,490.511.50 12,342,068.94
1,232,442.69
1,413,289.98
10,920,979.17 10,920,979.17
Total
Total liabilities
107,604,763.11 110,661,004.65
21,460,714.10 36,472,130.83
6,135,101.70
6,187,623.03
62,593,518.82 61,877,666.68
68,781,141.85 68,012,768.38
637,726,167.85 654,384,181.18
International Agreements Seen as Potent Remedy for
World Depression—Dr. W. H. Coates, British
Economist, Urges Pacts on Trade, Currency and
Industry
International agreements can stimulate the growth of
international trade, which alone will enable the world to
recover from the depression, Dr. W. H. Coates, British
member of the International Chamber of Commerce, declared on Jan. 25 in an address before the Incorporated
Accountants' Society and the Institute of Bankers at Liverpool, England. Whatever recovery has already occurred in
in various countries, he said, is concerned with domestic
markets only. One of the greatest needs of the world to-day,
he said, is a more uniform policy designed to bring production
into harmony with demand for commodities where the
current price is out of balance with industrial prices, or where
stocks indicate the need for such action. The disequilibrium
between agricultural and industrial prices must be remedied,
he continued, and "the greatest service that international
co-operation between responsible Governments could render
to the welfare of the world would be to come together to
consider and adopt measures for remedial action in this field."
The most useful step which could be taken in connection
with currency, he said, would be an international agreement
between the United States, the United Kingdom and France,
but the first move would need to come from the United
States and the gold bloc countries would need to devaluate.
Industrial agreements, he asserted, would constitute an
excellent remedy for the position that has arisen in various
countries because of Japanese competition. He also mentioned bilateral agreements with respect to foreign trade as
an aid in overcoming the depression. A summary of his
address, made public on Jan. 29, said in part:
Turning to bilateral Government agreements relating to foreign trade,
Dr. Coates suggested that such agreements contributed something towards
the Increase or restoration of international trade, but by their nature they
seemed likely only to touch the fringes of this great problem. Theylwere
somewhat poor substitutes for the work that industry has to do for itself.
They not only interfered with the wider interests of triangular trade, but
also they took a considerable time to negotiate and in some respects were
contrary to the spirit of the most-favored-nation clause.
Summing up Dr. Coates stated that he was a strong supporter of international agreements. As he saw it, the first great problem was co-operation
on a world scale for the purpose of raising primary prices. Not until this
had been done would it be possible to tackle in earnest the second great
problem of the stabilization of international currency, the third great
problem of the removal of the forest of quotas and other barriers to international trade and the fourth great porblem of the resumption of Inter-
Financial Chronicle
Volume 140
national lending. Five years should have been sufficient to teach the
statesmen of the world that palliatives only prolong the agony of the
patient, and that until fundamental evils are attacked, then fundamental
results will not be achieved.
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for Dec. 31 1934 with the figures for Nov. 30 1934
and Dec. 30 1933.
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA
Assets
Current gold and subsidiary coin—
In Canada
Elsewhere
Dec. 31 1934 Nov. 30 1934 Dec. 30 1933
S
39,065,662
11,002,665
S
38,991,093
10,332,583
S
39,351,862
10,562,397
50,068,331
49,323,680
49,914,262
Dominion notes—
In Canada}
169,833,343
Elsewhere
176,856,227
139,721,373
11,546
169,833,343
176,856,227
139,732,921
12,952,012
19,694,259
102,193.092
7,862,370
24,518,137
98,140,187
11,351,985
18,614,990
85,729,168
Total
Total
Notes of other banks
United States & other foreign currencies_
Cheques on other banks
Loans to other banks in Canada,secured,
Including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than In Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Elsewhere than in Canada
Other current loans & disc'ts in Canada_
Elsewhere
Loans to the Government of Canada_
Loans to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises._ _
Mortgages on real estate sold by bank_ _ _
Bank premises at not more than cost,
less amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
Deposits with the Minister of Finance
for the security of note circulation_ _ _ _
Deposit in the central gold reserves
Shares of and loans to controlled cos__ - _
Other assets not included under the foregoing heads
Total assets
4,606,799
2,541,607
3,498,092
26,830,960
33,800,267
12,126,122
58,825,835
71,611,722
70,526,840
780.758,011
752,261.218
651,068,470
146,149,239
39,640,451
129,495,800
37,838,560
158,078,288
51,859,393
102,699,733
98,743,655
838,796,579
133,942,910
98,473,002
107,221,320
871.892,870
133,257,611
105,949,889
90,071,910
898,159,673
138,058,578
30,172,491
24,815,437
28,798,480
107,504,128
106,577,952
108,826,297
14,085,968
7,734,164
5,634,776
13,969,781
7,704,047
5,711,570
13,231,466
7,436,686
6,221,650
77,642,534
77,754,088
78,254,447
50,808,311
49,343,885
49,378,947
6,713,930
18.581,732
12,993,993
6,707,486
15,881,732
13,146,755
6,503,388
17,781,732
13,078,802
1,679,602
1,557,094
1,500,237
2,919,286,944 2,918,265,409 2,815,752,804
Liabilities
Notes in circulation
136,434,754 139,995,879 132,058,957
Balance due to Dominion Govt. after dedotting adv. for credits, pay-lists. &c.
33,334,492
24,272,634
31,103,012
Advances under the Finance Act
50,338,000
36,944,000
35,241,000
Balance due to Provincial Governments_
28,345,422
27,912,951
31,081.345
Deposits by the public, payable on demand in Canada
575,496,870 561,733,762 501,870,943
Deposits by the public, payable after
notice or on a fixed day in Canada.... 1,407,201,814 1,411,317,113 1,356,916,826
Deposits elsewhere than in Canada
325,397,867 326,534,115 322,186,867
Loans afrom other banks in Canada,
secured, including bills rediscounted
Deposits made by and balances due to
other banks in Canada
11,713,462
15,089,413
13,048,033
Duelto banks and banking correspondents in the United Kingdom
6,503,276
5,576,557
4,959.293
Elsewhere than in Canada and the
iciUnited Kingdom
22,950,952
22,156,286
33,430,138
Bills payable
1,007,505
864,999
939.673
Letters of credit outstanding
50,808,311
49.343,885
49,378,947
Liabilities not incl. under foregoing heads
2,497,418
2,248,656
2,388,545
Dividends declared and unpaid
609,582
2,408,469
626,338
Rest or reserve fund
132,750,000 132,750,000 132,500,000
Capital paid nu
145.500,000 145,500,000 144,500,000
0 liabilities
2vr:
, Total
2 910,106,866 2,911,346,261 2,806,365,376
Note—Owing to the omission of the cents In the official reports, the footings in
above do not exactly agree with the totals given.
the
London Markets Affected by Speculation in Pepper
Market—Provisional Liquidator Named for James
& Shakespeare—Liquidation of Strauss & Co.
Speculation in minor commodities, such as peanuts, white
pepper and shellac, precipitated financial unsettlement in
London this week. Last week (Jan. 30) the compulsory
liquidation was announced of S. Strauss & Co., Ltd., one of
the "big five" companies in the British grain trade; it was
believed the losses, due to speculation In peanuts, would
exceed £1,000,000.
A crisis in the white pepper market was averted yesterday (Feb. 8) when produce brokers announced that a settlement of pepper commitments estimated at 1,850,000
pcunds and valued at approximately $9,250,000, due yesterday, had been postponed until Feb. 11, when all brokers
Involved except two will probably be saved by the banks.
United Press advices (copyright) of Feb. 8, from London
to the New York "Sun," said. In part:
James & Shakespeare, Mincing Lane dealers in metals and produce,
associated in the shellac and pepper operations, went under yesterday. The
firm was launched only last September, with capital of $2,125,000. A
number of produce dealers presented a petition for a provisional liquidator
for the firm yesterday, and one was named.
879
One of the directors of the firm is Garbed Bishirgian, naturalized
Armenian, who has specialized in pepper.
Great Britain and France Invite Germany to Negotiate
Armament Agreement—Proposes Air Pact in Which
Reich, Italy and Belgium Would Join—Official
Communique
France and Great Britain, in a joint communiqiie issued
at London on Feb. 3, at the conclusion of Anglo-French conversations, revealed that the two nations have extended an
invitation to Germany to co-operate in new international
agreements designed to assure the continuance of European
peace. The two Powers proposed discussions regarding a
possible air convention in which Great Britain, France,
Germany, Belgium and Italy would each agree to furnish
instant assistance to the others in the event that any one
of the five was attacked from the air by another of the
participants.
French and British representatives had previously conferred for three days in an effort to find some means of
stabilizing European peace with German co-operation. It
was announced that a statement similar to the communique
had been sent to the German, Italian and Belgian Governments.
While conciliatory to Germany, the communique indicated
that neither Great Britain nor France would consent to unilateral revision of the Versailles treaty when it said that
"neither Germany nor any other Power whose armaments
have been defined by the peace treaties is entitled by unilateral action to modify these obligations." Nothing could
further contribute to the restoration of confidence, however, than a general settlement between Germany and the
other Powers, the communique said.
The text of the communique, as made public by the British
Foreign Office on Feb. 3, is given below:
The object of the meeting between British and French Ministers which
has been taking place in London was to promote the peace of the world by
closer European co-operation in a spirit of most friendly confidence, and
to remove those tendencies which, if unchecked, are calculated to lead
to a race in armaments and an increase in the dangers of war.
With this object in view, the British and French Ministers proceeded
to an examination of the general situation. They took note of the particularly important cart played by the League of Nations in recent settlements of certain international problems and welcomed the successful
results as evidence of a conciliatory spirit among all governments taking part in those settlements.
They declare their determination to pursue, both as regards problems
of their own countries and the League, policies guided by the same
methods of conciliation and cooperation.
With reference to the Franco-Italian agreement recently reached at
Rome, the British Ministers, on behalf of His Majesty's Government in
the United Kingdom, cordially welcomed the declaration by which the
French and Italian Governments have asserted their intention to develop
the traditional friendship which united the two nations, and associate His
Majesty's Government with the intention of the French and Italian Governments to collaborate in a spirit of mutual trust in the maintenance of
general peace.
The British Ministers expressed the congratulations of His Majesty's
Government on the conclusion of the Rome agreement regarding Central
Europe and made it clear that as a consequence of the declarations made by
His Majesty's Government in conjunction with the French and Italian
Governments on Feb. 17 and Oct. 27 last, His Majesty's Government consider themselves to be among the powers which will, as provided in the
Rome agreement, consult together if the independence or integrity of
Austria is menaced.
The British and French Ministers hope that the encouraging progress
thus achieved may now be continued by means of direct and effective
cooperation with Germany. They have agreed that neither Germany nor
any other power whose armaments have been defined by the peace treaties
is entitled by unilateral action to modify these obligations.
But they are further agreed that nothing could contribute more to the
restoration of confidence and the prospects of peace among nations than
a general settlement freely negotiated between Germany and the other
powers. This general settlement would make provision for the organization of security in Europe particularly by means of the conclusion of
pacts freely negotiated between all interested parties and insuring mutual
assistance in Eastern Europe and the system foreshadowed in the Rome
process verbal for Central Europe.
Simultaneously and in conformity with the terms of the declaration of
Dec. 11, 1932, regarding equality of rights In a system of security, this
settlement would establish agreements regarding armaments generally,
which in the case of Germany would replace the provisions of Part V of
the Treaty of Versailles at present limiting arms and armed forces in
Germany. It would also be a part of the general settlement that Germany
should resume her place in the League of Nations with a view to active
membership. The French Government and the Government of the United
Kingdom trust that the other governments concerned may share these
views.
In the course of these meetings the British and French Ministers have
been impressed by the special dangers to peace created by modern developments in the air, misuse of which might lead to sudden aerial aggression
by one country upon another, and have given consideration to the possibility of provision being made against these dangers by a reciprocal
regional agreement between certain powers.
It is suggested that the signatories would undertake immediately to give
the assistance of their air forces to whichever of them might be the
victim of unprovoked aerial aggression by one of the contracting parties.
The British and French Ministers, on behalf of their respective governments, found themselves in agreement that a mutual arrangement of this
kind for Western Europe would go far to operate as a deterrent to aggression, and to insure immunity from sudden attacks from the air, and they
880
Financial Chronicle
have resolved to invite Italy, Germany and Belgium to consider with them
whether such a convention might not be promptly negotiated.
They earnestly desire that all countries concerned should appreciate that
the object of this proposal is to reinforce peace—the sole aim pursued
by the two governments. The Governments of France and the United Kingdom declare themselves ready to resume their consultations without delay
after having received the replies of the other Interested powers.
A dispatch from London to the New York "Times" on
Feb. 3 commented on the overtures to Germany in part as
follows:
Italy's inclusion in the invitation to join the air defense convention is
well understood to be largely a matter of courtesy. She is a signatory of
the Locarno agreement which the proposed convention is intended to
supplement, but physical obstacles would prevent her from aiding Britain
oe Britain and Belgium from aiding her in case of attack. However, there
is no reason why the example thus set should not be imitated by the formation of another group for Southern Europe, which again might cooperate
with the first group.
Plans for Cotton Barter Between United States and
Germany Reported Dropped—Assistant Secretary
Sayre Before Senate Committee Cites Obstacles
The proposed cotton barter arrangements between the
United States and Germany were indicated by President
Roosevelt, at his press conference on Feb. 6, as having been
terminated. The plans had been under discussion for some
time,and in our issue of Dec. 18, page 3732,reference thereto
was made. With regard to the abandonment of the plans
a dispatch Feb.6from Washington to the New York "Times"
said:
—
It was wrecked against international agreements that forbid "dumping"
of goods in the American and foreign markets.
Mr. Roosevelt explained at a press conference that the plan for the
barter, on which at one time centered the chief activities of the State Department,involved payment by Germany in cash of 25% of the value of the
cotton and a contract providing for an exchange of German manufactured
products for the remaining 75%•
The German Government had offered to buy the cotton on these terms
to hold for future sales to German manufacturers. By trading for 75% of
the cotton, Germany also would have solved a difficult problem arising
from the shortage offoreign exchange in that country.
The President said that American importers had finally decided that
they saw no way of selling the promised German products to be tendered
for the cotton in any way except by violation of the anti-dumping agreements.
Assistant Secretary of State Francis B. Sayre before the
Senate Agricultural Committee on Feb. 7, stated that
entrance of the United States into a deal with Germany
under terms of a cotton barter proposal approved by the
Export-Import Bank and blocked by the State Department
would have struck at the heart of the Administration's
foreign trade program of consummating multilateral trade
arrangements with the world.
An account from Washington to the New York "Journal
of Commerce," noting this, reported Mr. Sayre as saying
that such a plan, which involved the sale of 800,000 bales
of American cotton to the Reich to be paid for at the rate
of 25% in American dollars and 75% in German marks,
"did not seem to me an advantageous deal; it seemed a very
poor trade." The account also said:
Mr. Sayre was called before the Committee to discuss the German cotton
deal which President Roosevelt announced yesterday was definitely dead,
and also to amplify further the foreign trade policies of the Administration
as expounded by Secretary of State Hull at the outset of the hearings. . .
Mr. Sayre said that one of the obstacles discovered in connection with
the trade of the "gold bloc" countries is the anti-dumping law of the United
States. He revealed that the Administration is now endeavoring to work
out a modification of the law which will make possible these countries
exporting to the United States. The problem is most difficult, however,
he added, and could give no indication as to when a satisfactory solution
will be proposed.
If the deal had gone through, he asserted, the United States would have
sold Germany 800,000 bales of cotton and in payment this country would
have had to accept $48,000,000 of German imports, and German imports
during 1934 only totaled $78,000,000.
Sees Bank as Dictator
The plan called for the Export-Import Bank to sell the marks at a discount, and this, Mr. Sayre said, would have virtually made it a dictator
over importers, being in a position to say just who shall import and what
they shall import.
United States-Brazilian Trade Agreement Signed in
Washington—Provides Mutual Tariff Concessions
—Secretary Hull Calls It "First Break in Log Jam
of World Trade"
A reciprocal trade agreement between the United States
and Brazil was signed on Feb. 2 in President Roosevelt's
presence by Secretary of State Hull and Osswaldo Aranba,
Brazilian Ambassador to Washington. Mr. Hull, in a statement issued after the signing, said that the treaty represented a step on the road "away from medieval mercantilism." He also said that the agreement was "the first
break in the log-jam of international trade created by restrictions such as quotas, import licenses, exchange controls,
special arrangements, and almost numberless other throttling devices."
Feb. 9 1935
The agreement provides that the United States will grant
large tariff reductions on imports of farm and mineral products from Brazil in exchange for similar reductions by
Brazil on imports of manufactured articles from this country. Brazil also agrees to take definite steps looking to
the continuance of payment of its governmental and commercial obligations to the United States.
This was the second reciprocal trade agreement concluded by the United States, the first being with Cuba.
The treaty will become effective 30 days after ratification
by the Senate of the United States and the Congress of
Brazil. It is expected to be a model for other similar pacts
now being negotiated.
A Washington dispatch of Feb. 2 to the New York "Times"
described the signing of the treaty, and summarized some
of its principal provisions, as follows:
"The agreement with Brazil," said an official summary issued by the
State Department, "is based upon the principle of unconditional mostfavored-nation treatment and on the consequent assumption that the concessions which each country grants to the products of the other will, as a
general rule, in the absence of special consideration, be extended to like
products of other countries."
The question of "special considerations" rose immediately In connection
with manganese ore, on which the American tariff was reduced by the
treaty from one cent to one-half cent per pound of metal extracted. Russia
has large manganese deposits, but is held to have precipitated the recent
break-down of efforts to negotiate a debt settlement as was agreed when
this country recognized the Soviet Government.
Application to Soviet Undecided
It was stated officially this evening that it had not been decided
whether the manganese rate would apply to Russia. The Administration
has not attempted to generalize as to Russia pending development and disposition of special circumstances now under consideration.
The signing of the treaty was witnessed by President Roosevelt, who
asked and received of the last Congress authority to revise tariff rates by
as much as 50% to effectuate such agreements. It was signed as it lay
on the President's desk first by Oswaldo Aranha, the Ambassador of Brazil,
and then by Secretary Hull in the presence of a large number of officials
who went to the White House from a luncheon tendered by the Secretary
of State.
Others present included Arthur de Sousa Costa, Minister of Finance of
Brazil and head of a special financial mission from that country, also
including Sebastiao Sampaio, Marcos de Sousa Dantas and Paulo Frederico
de .Magalhaes ; C. de Freitas-Valle, counselor of the Brazilian Embassy;
Francis B. Sayre and Sumner Wells, Assistant Secretaries of State; James
Clement Dunn, special Resistant to the Secretary of State; Dr. Herbert
Feis, economic adviser of the State Department; Edwin C. Wilson, chief
of the Division of Latin American Affairs, and Henry F. Grady, chief of
the Trade Agreements Section.
In addition to this group, Secretary Hull also entertained at luncheon
Speaker Joseph W. Byrne, Secretary of Agriculture Henry A. Wallace,
Representatives Sol Bloom and Robert L. Doughton ; T. J. Coolidge, Under.
Secretary of the Treasury, and Marvin H. McIntyre, assistant secretary to
the President.
Secretary Hull's Statement
Following the ceremonies and the affixing of seals to copies of the
treaty, Mr. Hull issued this statement:
"I have just had the pleasure of signing a trade agreement between this
Government and the United States of Brazil. It is the first one of these
agreements to be concluded outside of the one with Cuba, which had
special features. I am especially gratified because this marks the first
break in the log-jam of international trade created by restrictions such as
quotas, import licenses, exchange controls, special arrangements and almost
numberless other throttling devices. Agreements of a similar nature are
in the making with 15 other countries, some of them so far advanced that
their completion may be expected soon.
"Having once started on the road away from the medieval mercantilism
which was strangling the commerce of a new world, progress should now
be snore rapid and the movement gain momentum.
"I am confident that in our dealings with other countries we shall
encounter the same spirit of reasonableness and co-operation for the general
welfare that we have experienced with Brazil, and that soon by the expansion of this program we shall be casting a broad beam of light and hope
into the existing economic darkness."
Expected to Aid All Trades
The agreement was termed by the State Department as "designed to
facilitate an increase in international trade rather than to divert trade
away from other countries," and it was added that the treaty "may be
regarded as an example of the type of trade agreement which the United
States expects to negotiate with other countries."
The general trade background of the new agreement was described as
follows:
"Brazil is the second largest South American market for United States
exports, Argentina being a slightly better market. Whereas in 1928 and
1929 exports to Brazil exceeded $100,000,000 they were valued at only
$28,000,000 in 1932 and approximately $40,000,000 in 1934. Of Brazil's
total imports, the United States furnishes from 25% to 30%. This
amounts to from 1% to 2% of total exports from the United States. The
United States takes from 40% to 50% of Brazil's exports. The economies
of the two countries are largely complementary, so that an interchange
of products is unusually favorable to both.
"The following table shows the total import and export trade with Brazil
since 1926:
Imports from
Exports to
Exports to
Imports from
Brazil
/Iraqi
Brazil
Brazil
$28,579.000 $110,212,000
1926
895.449,000 $235,307,000 1931
203,027,000 1932
1927
88,737,000
28,600.000
82,139,000
220,701,000 1933
29,727,000
1928
100,104,000
82,592,000
207,686,000 1934
1929
108,787,000
40,382.000
91.484.000
130,854,000
1930
53,809.000
Depression Affected Trade
"It will be seen from the above data that both imports and exports
decreased during the depths of the depression. This is suggestive of the
necessity and possibility of restoring our trade with Brazil.
Volume 140
Financial Chronicle
"The United States export trade to Brazil is made up of hundreds of
iudustrial and agricultural products. Some of the outstanding exports
before the depression were automotive products, gasoline and other petroleum products, machinery, textiles and wheat flour.
"The decline in the exports of these products has been drastic, particularly
in automotive products, the largest single item.
"Coffee, as is well known, is the largest single item imported from
Brazil. It is of paramount importance to the economy of that country.
Coffee constitutes about 85% of the total imports from Brazil.
"The following table shows the value and quantity of imports of coffee
from 1926 to 1933:
Pounds
Value
Pounds
Value
1926
1,013,344,000 5199,663,000 1930
1,047,301,000 $107.486.000
1 022,986,000
1927
164,773,000 1931
1,236,125,000
91,451,000
1928
960,940.000
189,839,000 1932
923,092,000
69,326,000
1929.-- _ 956,041,000
178,356,000 1933
1040,000.000
67,444,000
Coffee Prises Lower
"Although the quantities of coffee imported annually have not changed
greatly in recent years, there has been a great decline in the annual value
of these imports because of the decline in unit prices. This decline in
value, therefore, has greatly reduced the ability of Brazil to purchase
products in the United States out of the proceeds of her coffee exports to
this country.
"Other imports from Brazil are cacao beans, sheep and goat skins, carnauba wax and Brazil nuts. Imports from that source are largely raw
materials or non-competitive products."
The tariff concessions in the new treaty include import duty reductions by
Brazil on 28 tariff items and an agreement to keep on the free list 13 tariff
items now there; the United States gives concessions on seven items and
binds itself to retain on the free list 12 other items, including coffee.
Among the items exported to Brazil by the U'nited States on which the
tariff is reduced are automobiles, canned salmon, canned asparagus, oil
cloth, gasoline pumps, chewing gum, powdered milk, paints, radio apparatus, electric batteries, tubes, steel files and rubber hose and tubes.
The United States grants concessions on imports including balsam,
natural ipic,ac, mate, manganese ore, Brazil nuts, both in shells and shelled,
and castor beans.
The concessions by Brazil affect 23.8% of American exports to that
country in 1933, and concessions by the United States to Brazil cover 2.4%
of the total imports from the latter country in 1933.
As part of the trade agreements Brazil sent a note to the United States
promising to undertake to provide sufficient exchange to provide payment
Op future imports from the United States and to make available additional
amounts to liquidate existing deferred commercial indebtedness.
Brazil also assured this Government that in no event would the Bank of
Brazil refrain from "continuing the obligations assumed in June 1988,
with respect to the notes issued to refund the commercial indebtedness
existing at that time," and that country "definitely engaged" to reserve
sufficient exchange "to assure the continuance of service on bonds issued
in the United States and held by American bondholders In accordance with
the plan of payment concluded in February 1934."
Rumania to Pay Great Britain $12,500,000
United Press advices Feb. 8 from London said:
'Walter Runciman, President of the Board of Trade, announced in the
,
House of Commons to-day that the Government had signed an agreement
with Rumania for payment of £2,500,000 ($12,500,000) due Britain for
trade debts.
Great Britain is $379,461,776 in default on its world war debt to the
United States. Rumania is $2,316,250 in default.
Brazil Hails Pact with United States on Trade—Coffee
Traders Pleased—Sao Paulo Coffee Interests Advocate Exchange Freedom
Stating that Brazil received with satisfaction news of the
conclusion of an American-Brazil trade treaty, a cablegram,
Feb. 3, from Rio de Janeiro to the New York "Times" added,
In part:
The work of the Brazilian financial mission headed by Arthur de Sousa
Costa, Minister of Finance, in helping negotiate the treaty was praised on
all sides.
Relief is felt here that the cotton question did not mar the negotiations.
Foreign press reports printed here declared the treaty would not be signed
unless Brazil agreed to restrict cotton planting.
Brazilian coffee traders look for increased business as a result of the
reciprocal treaty, and several selling schemes are now under study to
introduce other Brazilian products in the United States, especially mate,
Brazilian tea. Likewise, Brazilian importers believe the treaty opens a
wide field for the marketing of American products here.
The coffee exchange problem is still unsettled. Following criticism of
the exchange system by the Sao Paulo Rural Society, the Federal Government conferred and several Cabinet members left for Sao Paulo afterward
to consult the Sao Paulo interventor and members of the Rural Society.
Sao Paulo coffee interests advocate exchange freedom, suggesting the
Banco do Brazil retain only 30% of the proceeds of coffee exports to
help it to meet foreign obligations, thus giving coffee Interests enough
revenue so that a reduction of the export price could be made.
Brazilian Financial Mission Guests of New York
Bankers and State Chamber of Commerce
The Brazilian Financial Mission, headed by Arthur de
Souza Costa, Minister of Finance, came to New York on
Feb. 3 from Washington, and spent most of this week in
conference with bankers and industrialists whose trade
with Brazil is heavy. One purpose of the Mission's visit
was said to be to endeavor to arrange for credits which
would aid in freeing blocked balances of Americans in Brazil,
and would release sufficient exchange to liquidate such
balances, estimated at around $21,000,000. The visit of
the Mission to the United States was noted in our issue of
Jan. 26, page 554. It is understood that the Mission will
sail for London to-day (Feb. 9).
881
On Feb. 4 the members of the Mission were present at a
luncheon given at the New York Federal Reserve Bank
by the officers and directors of the bank. The Brazilian
delegates at the luncheon were:
Osvaldo Aranha
Dr. Marcos de Souza Dantas
•
Dr. Sebastian Sampaio
Arthur de Souza Costa
Brazilian Ambassador to the United
States
Formerly head of the exchange
control, of the Banco de Brazil
In the Brazilian Ministry of Foreign
Affairs
Brazilian Minister of Finance
Members of the Brazilian Mission were guests at luncheon
on Feb.6 at the Chamber of Commerce of the State of New
York at 65 Liberty Street. Thomas I. Parkinson, President
of the Chamber, welcomed the guests and in a brief address
referred to the commercial treaty with Brazil signed at the
White House. Arthur de Souza Costa, Brazilian Minister
of Finance, said that the work of the mission here had been
made easy by the spirit of co-operation, goodwill and friendship which had been shown by American officials and business men. Dr. Sebastiao Sampaio, of the Brazilian Ministry
of Foreign Affairs, expressed the thanks of the Mission to
the Chamber for its helpfulness.
Other members of the Brazilian party at the luncheon
were:
Dr. Marcus de Souza Danta.s
Paulo Frederico de Magalhaes
E.Penteado
Dr. Luiz de Faro, Consul General in New York
David Moretzsohn, Deputy Consul
Berent Friele, President, American-Brazilian Association
John L. Merrill, President, Pan-American Society, and
James S. Carson, Chairman, Brazilian Committee of the Council
Inter-American Relations.
on
A luncheon in honor of the Brazilian Mission was held in
the dining room of the Guaranty Trust Company of New
York on Feb. 5.
The hosts included W. Palen Conway, President of the
Guaranty Trust Company; Eugene W. Stetson Vice President and Director; Robert F. Loree, Vice President in
charge of the bank's foreign department; and the following
Vice Presidents of the company: Willis H. Booth, John
J. Sample, Zay B. Curtis, and Herman G. Brock.
At the Plaza Hotel in New York on Feb. 5 the Brazilian
delegates were the guests of honor at a dinner given by the
Pan-American Society and American Brazilian Association.
Expressing his warm gratification at the conclusion of
the reciprocal trade treaty between the United States and
Brazil, Arthur de Souza Costa, Brazilian Minister of Finance,
stated, according to the New York "Journal of Commerce"
that one of the aims of the Mission had been not only to
arrange to pay Brazil's present but also to pay her past
obligations.
From the paper indicated we also quote:
flails Treaty
Mr. Costa said that the tracle treaty demonstrated that there were at
least two nations who were up-to-date in that they resisted economic
nationalism. The treaty would result in trade advantages to both countries, he added, and would help to extend foreign trade and to bring about
stabilization of economic conditions.
The other speakers were Osvaldo Aranha, Brazilian Ambassador to
the United States who made the presentation speech in pinning the Order
of the Southern Cross on John L. Merrill, President of the Pan-American
Society, who presided, conferred by the President of Brazil in acknowledgment of his fifty years' service to bring about good will and develop commercial relations between the two countries. Ambassador Aranha said
that Mr. Merrill was the first American to receive such an honor and the
first business man in the world to receive the Order of the Southern Cross.
Other Speakers
The other speakers were Berent Friele, President of the American Brazilian Association, who acted as co-presiding officer; and Sebastian Sampalo, Chief of the commercial services of the Ministry of Foreign Affairs
of Brazil, and Severe Mallet Provost,former President of the Pan-American
Society.
Present at the guests' table were the other members of the Commission,
Cyro de Freitas-Valle, Counselor of the Brazilian Embassy; Luiz de Faro.
Jr., Consul General of Brazil in New York and Paulo Frederico de Magalhaes, member of the technical council of the Ministry of Finance of Brazil.
More than 250 guests attended.
Mr. Friel° said that it was the first time that Brazil had sent a Cabinet
Minister, and a Finance Minister to call on the American Government and
to confer with business leaders. The two nations had much in common
and Brazil was the best customer of this country, he added.
The signing of the trade treaty between the United States
and Brazil is referred to elsewhere in this issue.
Chilean Mission Coming to New York to Explain Law
Providing for Partial Service on Foreign Debt
The Foreign Bondholders' Protective Council, Inc., announced on Feb. 4 that it had received from Gustavo Ross,
Chilean Minister of Finance, a cable stating that a law
was promulgated on Feb. 1 authorizing the Office for
Amortization of the Public Debt to renew partial service
on the foreign debt. It was added that next week a mission
882
Financial Chronicle
will leave for New York to explain the terms and scope
of the law and to deal with the details of its application.
The Council has been in communication for some time with
the Chilean Government regarding the renewal of service
on Chilean external dollar bonds.
Patience and Understanding Seen Need in Negotiating
withAForeign Countries in Default on Bonds
Holders of defaulted foreign bonds can accomplish much
in obtaining fair treatment if negotiations are carried out
with patience and an understanding of the problems confronting the defaulting country, Fred Lavis, Vice-President of the American Institute of Consulting Engineers,
mid on Feb. 6 at the Institute's monthly luncheon in New
York City. Mr. Lavis, who is a member of the Bondholders'
Committee for El Salvador bonds, discussed the proceedings which resulted in the payments obtained for the benefit of El Salvador bondholders during the past two years.
Colombian Bank Withdraws From Exchange Market
The Bank of the Republic of Colombia has abandoned its
policy of maintaining a selling rate of 1.55 pesos to the dollar
and withdrawn from the exchange market, according to
information received in the Department of Commerce from
Commercial Attache Clarence C. Brooks, Bogota. Advices
to this effect were contained in a Washington dispatch Feb. 3
to the New York "Journal of Commerce" which added:
Immediately after announcement of this action, the rate for dollars increased from 1.60 to 1.70. Henceforth, it is pointed out, the bank will sell
drafts on the stock exchanges against its exchange purchases, to holders of
exchange permits at prevailing rates.
1732% of Face Amount of Feb. 1 Coupons Deposited
-Year
in New York by Catharina (Brazil) on 25
hi 8% External Sinking Fund Gold Bonds
Halsey, Stuart & Co., Inc., as special agent, are notifying
holders of State of Catharina, United States of Brazil, 25
year 8% external sinking fund gold bonds, due Feb. 1 1947,
that funds have been deposited with them, on behalf of the
State of Catharina, sufficient to make a payment, in lawful
currency of the United States of America, of 17%% of the
face amount of the coupons due Feb. 1 1935 appertaining to
these bonds, amounting to $7 for each $40 coupon, $3.50 for
each $20 coupon, and $0.70 for each $4 coupon. An announcement issued Feb. 4 in the matter also said:
Pursuant to the terms of the decree of the Chief of the Provisional
Government of the United States of Brazil under which the payment is
made, such payment, if accepted by holders of the bonds and coupons,
must be accepted in full payment of the cupons and the claims for interest
represented thereby. Holders may obtain payment by presenting their
coupons for final cancellation at the offices of the bankers, New. York
and Chicago. No present provision has been made for the coupons matur.
ing prior to Aug. 1 1934, the notice states, but they should be retained
for future adjustment.
Partial Payment Made by Porto Alegre (Brazil) on Feb.
-Year 7% Bonds of External Loan
1 Coupons on 40
of 1928
Ladenburg, Thalmann & Co., as special agent, are notifying holders of the City of Porto Alegre (United States of
-year 7% sinking fund gold bonds, external loan
Brazil) 4()
of 1928, that funds have been deposited with them on
behalf of the city, sufficient to make a payment, in lawful
currency of the United States of America, of 17% of the
face amount of the coupons due Feb. 1 1935, amounting to
$6.124 for each $35 coupon and $3.063 for each $17.50
coupon. An announcement said:
Pursuant to the terms:of the decreeof the Chief of the Provisional Government ofthe United States of Brazil,such payment,if accepted by the holders
of these bonds and coupons, must be accepted in full payment of such
coupons and the claims for interest represented thereby. Payment, as
specified, will be made upon presentation and surrender of the coupons
at the office of the special agent, 25 Broad Street. No present provision,
the notice states, hasjbeen made for the coupons maturing Feb. 1 1932 to
Feb. 1 1934 inclusive, but they should be retained for future adjustment.
FundsiRemitted for Payment of 173.% of Feb. 1 Coupons on ARio de Janeiro (Brazil) 63/3% External
Sinking Fund Bonds Due 1953—Rulings on Bonds
by New York Stock Exchange
The Federal District of Rio de Janeiro (Brazil), through
White, Weld & Co. and Brown Brothers Harriman & Co.,
special agents, announced Feb. 4 that funds have been remitted for the payment of the Feb. 1 1935 coupons of the
City of Rio de Janeiro 6V2Vo external sinking fund bonds
/
due Feb. 1 1953 at the rate of 171 2% of the dollar face
amount of such coupons. The announcement said:
Payment will be made on and after Feb. 4 1935, at the rate of $5.6875
lawful currency of the United States of America per $32.50 coupon, at the
offices of the special agents.
Holders of Aug. 1 1931 coupons of this loan, who have not received the
partial payment of $10.06 per $32.50 coupon, which has been and is
Feb. 9 1935
being made, are requested to present such coupons to either of these firms.
Rulings affecting the bonds by the New York Stock Exchange were issued as follows on Feb. 4 by Ashbel Green,
Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
February 4, 1935.
Notice having been received that payment of $5.6875 per $1,000 bond
/
2
%
is now being made on City of Rio de Janeiro 61 external secured sinking
fund gold bonds, due 1953, on surrender of the Feb. 1 1935 coupon:
The Committee on Securities rules that transactions made on and after
Feb. 5 1935 shall be settled by delivery of bonds bearing only the Aug. 1
1931 ($10.06 paid), to Feb. 1 1934, inclusive (ex Aug. 1 1934 and
Feb. 1 1935), Aug. 1 1935 and subsequent coupons, unless otherwise agreed
at the time of transaction;
That beginning Feb. 11 1935 transactions shall be settled by delivery of
bonds bearing only the Aug. 1 1931 ($10.06 paid), to Feb. 1 1934, inclusive (ex Aug. 1 1934 and Feb. 1 1935), Aug. 1 1935 and subsequent
coupons; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Redemption Sept. 1 of Outstanding 6% Sinking Fund
Gold Bonds, due 1954, of City of Christiania (Now
Oslo), Norway, Municipal External Loan of 1924
City of Oslo, Norway (formerly City of Christiania) will
redeem on Sept. 1 1935 all of the outstanding bonds of the
City of Christiania municipal external loan of 1924, 30-year
6% sinking fund gold bonds, due Sept. 1 1954, according to
an announcement made Feb. 4 by Kuhn, Loeb & Co., fiscal
agents. The issue is being called at par, said the announcement, which added:
The bonds were first publicly offered in October 1924 in the amount
of $2,000,000, at 98 and interest to yield about 6.15%, by Kuhn, Loeb St
Co., New York. The bonds and the interest maturing on the redemption
date will be paid by the fiscal agents out of moneys to be deposited with
them by the City of Oslo for such payment.
Ruling of New York Stock Exchange Affecting Transactions in Certain Foreign Bond Issues—Dealing
in "Flat" Continued
The New York Stock Exchange on Jan. 31 issued a ruling
requiring the settlement of transactions in certain bond issues
by delivery of the bonds bearing designated coupons. The
ruling follows [we give here only the foreign issues affected
by the ruling, Ed.]:
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 31 1935.
To the Members:
The Committee on Securities rules that transactions made on and after
Feb. 11 1935, in the bonds listed below shall be settled by delivery of bonds
bearing only the coupons designated in each case and subsequent coupons,
and that the bonds shall continue to be dealt in "flat."
This ruling supersedes those previously issued providing for deliveries
of the bonds with these coupons attached unless otherwise agreed at the
time of transaction and has been made for the purpose of avoiding confusion
in the execution of orders. It does not imply any recommendation with
respect to the retention or disposal of the past due coupons by bondholders.
Agricultural Mortgage Bank of Colombia—Guaranteed 20
-year 6% sinking fund gold bonds, due 1947; Feb. 1 1935 coupon. Guaranteed 20-year
6% sinking fund gold bonds, issue of April 1928, due 1948; April 15 1935
coupon.
Budapest, City of—External sinking fund 6% gold bonds, loan of 1927.
due 1962; June 1 1935 coupon.
Bulgaria. Kingdom of
-7% settlement loan 1926 dollar bonds, due 1987;
Jan. 1 1934 ($17.50 paid),(ex July 1 1934 and Jan. 11935) and July 1 1935
coupons. 734% stabilization loan 1928 dollar bonds, due 1988; May 15
1933($16.87 paid), Nov. 15 1933($9.38 paid),(ex May 15 1934 and Nov. 15
1934) and May 15 1935 coupons.
Colombia. Republic of
-6% external sinking fund gold bonds of 1928,
due Oct. 1 1961: April 1 1935 coupon. 6% external sinW. ng fund gold bonds.
due 1961 (J. & J.)• July 1 1935 coupon.
German External Loan 1924-7% gold bonds, due 1949; April 15 1935
coupon.
German Government International Loan 1930-534% gold bonds, due
1965; June 1 1935 coupon.
-8% mortgage loan gold bonds. due 1954; May 1
Graz, Municipality of
1935 coupon.
Hungarian Consolidated Municipal Loan-20
-year 734% secured sinking
fund gold bonds. due 1945; July 1 1935 coupon. 20
-year 7% secured sinking fund gold bonds, external loan of 1928, due 1946; July 1 1935 coupon.
Hungary, Kingdom of—State Loan of 1924 (American issue) 734% sinking fund gold bonds, due 1944: Feb. 1 1935 (50% paid) coupon.
Hungarian Land Mortgage Institute-734% sinking fund land mortgage
gold, series A dollar bonds, due 1961; May 1 1935 coupon. 734% sinking fund land mortgage gold, series B, dollar bonds, due 1981; May 1 1935
coupon.
Lower Austria, Province of—Secured sinking fund 734% gold bonds.
due 1950; June 1 1935 coupom.
Lower-Austrian Hydro-Electric Power Co.—Guaranteed 20
-year closed
first mortgage sinking fund 634% gold bonds, due 1944; Feb. 11035 coupon.
-834% secured external sinking fund gold bonds
Minas Geraes, State of
of 1928. due 1958; March 1 1932 ($6.56 paid) to March 1 1934, inclusive
(ex Sept. 1 1934) and March 1 1935 coupons. Secured external gold loan
of 1929, series A 634% bonds, due 1959; March 1 1932 ($6.56 paid) to
March 1 1934 inclusive (ex Sept. 1 1934) and March 1 1935 coupons.
-7% external secured sinking fund gold bonds.
Pernambuco. State of
due 1947; Sept. 1 1931 to March 1 1934 inclusive (ex Sept. 1 1934) and
March 1 1935 coupons.
-year 8% sinking fund gold bonds,
Porto Alegre, City of—Guaranteed 40
external loan of 1921, due 1961; Dec. 1 1931 to Dec. 1 1933 inclusive (ex
June 1 1934 and Dec. 1 1934) and June 1 1935 coupons. 40
-year 734%
sinking fund gold bonds, external loan of 1925, due 1966; Jan. 1 1932 to
Jan. 1 1934 inclusive (ex July 1 1934 and Jan. 1 1935) and July 1 1935
coupons.
-year 8% sinking fund gold bonds, due 1948:
-25
Rio de Janeiro, City of
April 1 1932 to Oct. 1 1933 inclusive (ex April 1 1934 and Oct. 1 1934)
and April 1 1935 coupons.
-634% external secured sinking fund gold bonds,
*Rio de Janeiro, City of
due 1953: Aug. 1 1931 ($10.06 paid) to Feb. 1 1934 inclusive (ex Aug. 1
1934) and Feb. 1 1935 coupons.
-25
-year 8% sinking fund gold bonds, exPr Rio Grande do Sul, State of
,
ternal loan of 1021, due 1946; April 1 1932 to Oct. 1 1933 inclusive (ex
April 1 1934 and Oct. 1 1934) and April 1 1935 coupons. 40
-year 7%
sinking fund gold bonds, external loan of 1928, due 1966: Nov. 1 1931 to
Volume 140
Financial Chronicle
Nov. 1 1933 inclusive (ex May 1 1934 and Nov. I 1934) and May 1 1935
coupons. Consolidated municipal loan 40
-year 7% sinking fund gold bonds,
due 1967: Dec. 1 1931 to Dec. 1 1933 inclusive (ex June 1 1934 and Dec. 1
1934) and June 1 1935, coupons. 6% external sinking fund gold bonds of
1928, due 1968; Dec. 1 1931 to Dec. 1 1933 inclusive (ex June 1 1934 and
Dec. 1 1934) and June I 1935 coupons.
Roumania Monopolies Institute, Kingdom of
-7% guaranteed external
sinking fund gold bonds, stabilization and development loan of 1929, due
1959; Feb. I 1934(50% Paid).(ex Aug. 1 1934 and Feb. 1 1935) and Aug. 1
1935 coupons.
San Paulo, State of
-15
-Year 8% sinking fund gold bonds, external loan
of 1921, due 1936; July 1 1932 to Jan. 1 1934 inclusive (ex July 1 1934 and
Jan. 1 1935) and July I 1935 coupons. 25
-year 8% secured sinking fund
gold bonds, external loan of 1925 due 1950; July 1 1932 ($32 paid) to
Jan. I 1934 inclusive (ex July 1 1434 and Jan. 1 1935) and July 1 1935
coupons. 7% secured sinking fund bonds external water works loan of
1926, due 1956; March 1 1932 ($29 paid) to March 1 1934 inclusive (ex
Sept. 1 1934) and March 1 1935 coupons. 40
-year 6% sinking fund gold
bonds, external dollar loan of 1928, due 1968; Jan. 1 1932 to Jan. 1 1934
inclusive (ex July 1 1934 and Jan. 1 1935) and July I 1935 coupons.
Sao Paulo, City of
-30
-year 8% external secured sinking fund gold bonds,
due 1952: Nov. 1 1931 ($19 paid) to Nov. 1 1933 inclusive (ex May 1 1934
and Nov. I 1934) and May 1 1935 coupons. 65 % external secured sinking
fund gold bonds of 1927, due 1957; Nov. 15 1931 to Nov. 15 1933 inclusive
(ex May 15 1934 and Nov. 15 1934) and May 15 1935 coupons.
Styria, Province of—External secured sinking fund 7% gold bonds, due
1946; Feb. 1 1934 coupon.
United States of Brazil
-20
-year external gold loan 8% bonds, due 1941;
June 1 1935 coupon. 30
-year 7% gold bonds,due 1952;June 1 1935 coupon.
Upper Austria, Province of—External secured sinking fund 7% gold
bonds, due 1945; June 1 1935 coupon. External secured sinking fund
433i% gold bonds, due 1957; June 15 1935 coupon.
Uruguay. Republic of
-6% external sinking fund gold bonds, public
works loan, due 1964; May 1 1935 coupon. 25
-year 8% sinking fund
external loan gold bonds. due 1946; Aug. 1 1935 coupon. 6% external
sinking fund gold bonds, due 1960; May 1 1935 coupon.
Vienna, City of—External loan sinking fund 6% gold bonds, due 1952:
May 1 1935 coupon.
That beginning Feb. 11 1935, and until further notice, the bonds listed
below may be dealt in as indicated; that bids and offers shall be considered
as being for bonds under option (a), unless option (b)is specified at the time
of transaction; and that the bonds shall continue to be dealt in "flat."
Jugoslavia, State Mortgage Bank of—Secured 7% sinking fund gold
bonds,due 1957:(a) April 1 1935 and subsequent coupons attached;(b) Oct.
1 1935 and subsequent coupons attached.
oil Serbs, Croats and Slovenes, Kingdom ofthe
-40
-year 8% secured external
gold bonds, due 1962: (a) May 1 1935 and subsequent coupons attached:
(13) /s.ov. 1 1935 and subsequent coupons attached. 7% secured external
gold bonds, series B, due 1962: (a) May 1 1935 and subsequent coupons
attached; (b) Nov. 1 1935 and subsequent coupons attached.
ASHBEL GREEN. Secretary.
41,A later ruling has been made by the Exchange on these bonds which
supersedes this ruling; reference to the new ruling is made elsewhere in our
Issue of to-day.
Accountants Endorse New SEC Registration Requirement on Balance Sheets—Editorial Says "Basis of
Determining Amounts" Will Give Greater Information to Investor
A distinct forward step in the interests of investors has
been taken by the Securities and Exchange Commission in
requiring issuers of securities to state in financial statements
filed for permanent registration on national exchanges, "the
basis of determining the amounts," rather than "the basis
of valuation" in balance sheets, the "Journal of Accountancy," publication of the American Institute of Accountants,
said in an editorial in its current issue. The editorial
declared that the "common fallacy" that balance sheets
reveal value has done much to deceive those who rely on
financial statements for information regarding investments.
We quote below in part from the editorial:
The analytical accountant reading the form ofregistration will be gratified
to find that the Commission calls for the "basis of determining the amount"
of items in the financial statements, particularly the balance sheet. This
Is a departure from tradition and custom, and it indicates recognition of a
vital truth which too often has been overlooked. The items appearing on
balance sheets have generally been spoken of as "values" expressed in
dollars and cents. As a matter of fact, some are based on cost without
regard to value, yet it would not have been astonishing had the Commission called for a "basis of valuation." There would have been ample
precedent behind it.
Here in this country there has been a great deal of loose talk about
balance sheet values. Accountants know that the term "values" is a
misnomer, but the general public has not yet been sufficiently educated
to grasp this fact. The SEC demonstrates its knowledge of its subject by
using the far more accurate phraseology "method of determining the
amounts."
It seems to be high time that the public were undeceived on this subject
of values, especially of fixed assets in balance sheets; and no doubt the
requirements of the SEC will do much to bring about a better understanding,
The groat point to make clear is what the Commission describes as the
basis of determination of amounts. With that before him the investor,
If he be the reasonably intelligent person he is supposed to be, can form
his own opinion as to the true meaning of asset items on the balance sheet
and can discern, when the theory of value is removed, that fixed assets are
shown at amounts which may be determined in any one of a dozen ways.
So long as he knows the way of determination he is not liable to be deceived.
It will be a little difficult to accustom investors to the absence of the
precious word "value." It is a kind of fetish which has been overworked
by economists and schoolmen generally, who have sought by the use of a
simple,common word to afford a method of interpreting financialstatements.
We congratulate the Commission on its wisdom.
SEC Simplifies Rules Governing Requirements for
Prospectuses to be Used by Issuers of New Securities Under Securities Act
Action toward making easier the flotation of new securities
was taken on Feb. 3 by the Securities and Exchange Commission, in making public instructions for a new prospectus
-to be used in the sale of securities registered on Form A-2
the new instructions simplifying the requirements for the
prospectuses. The Commission points out that Form A-2
(referred to in our issue of Jan. 19, page 382), was recently
883
adopted by the Commission for the registration of new
securities of seasoned corporations.
The announcement of the SEC issued Feb. 3 added:
Under the new requirements corporations can prepare prospectuses,
under the Securities Act, which will be brief, readable, and readily informative to the investor.
In conformity with the powers granted by the Act, the Commission has
required that the prospectus contain in full only information offirst importance to investors. In this regard,special emphasis is placed on the financial
statements of the issuer and on the details of the particular financing
involved in the offering.
In order to reduce the size of a prospectus, the new rules will allow the
omission of much data, including all exhibits filed with the Commission in
the registration statement. The existence of this information, however,
will be brought to the attention of investors by a brief index in the prospectus to the additional information in the registration statement. Registration statements on file with the Commission are always available to
investors and security analysts.
With one exception, the precise form of the prospectus is not prescribed.
On the first page of the prospectus the registrant must place the amount of
the "spread" received by the underwriters of the issue, and a statement
to the effect that the securities are not "approved" by the Commission.
The purpose of the latter statement is to warn prospective purchasers that
registration of a security is not to be regarded as a mark of approval by
the Commission.
With respect to the form of prospectuses, it ia the opinion of the Commission that a needlessly bulky prospectus can be a hindrance rather than
a help to the investor, and can thus defeat its own purpose. It is hoped
that in the future all issuers will make a serious effort to prepare prospectuses
which will be sufficiently brief, as well as informative, to meet the needs
of investors.
In the instructions as to the prospectus, the Commission
says in part:
The following rules shall govern prospectuses for securities registered on
Form A-2 for corporations:
1. The information set forth in the prospectus, except as to financial
statements required to be furnished, may be expressed in condensed or
summarized form. The information need not follow the numerical sequence of the items of information in the registration statement.
2. Where the incorporation by reference in the registration statement
proper of matter contained in exhibits is permitted, a similar incorporation
by reference may be made in the prospectus.
3. There shall be placed on the first page of the prospectus, in conspicuous print, the following three paragraphs, with the first and third paragraphs in capital letters:
"THESE SECURITIES HAVE NOT BEEN APPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION.
at
(insert name of
issuer) has registered the securities by filing certain information with the
Commission. The Commission has not passed on the merits of any securities registered with it.
"IT IS A CRIMINAL OFFENSE TO REPRESENT THAT THE
COMMISSION HAS APPROVED THESE SECURITIES OR HAS
MADE ANY FINDING THAT THE STATEMENTS IN THIS PROSPECTUS OR IN THE REGISTRATION STATEMENT ARE
CORRECT."
4. The answer to Item 24 of the Registration Statement shall be stated
on the first page of the prospectus.
5. The financial statements should, where possible, be set forth in comparative form and shall include the accountant's certificate.
6. There may be omitted from the prospectus matter contained in the
Registration Statement in regard to the following:
(a) The Facing Sheet;
(b) The Calculation of the Registration Fee;
(c) The following items of the Registration Statement proper:
Item 4 (a); Columns D, E, F, G, H and I of Item 9A; Columns I), E,
F and G of Item 10A; Columns D and E of Item 11A; Columns B and C of
Item 12A; information set forth in answer to Item 13A similar to that
which may be omitted as to Items 9A, 10A, 11A and 12A; Item 14; Items
18 and 19 other than as to securities to be offered; Items 20, 23, 27 (a) and
27 (b); Item 30 other than as to directors and principal executive officers;
Items 31, 34, 36, 37, 38, 41, 43 and 46; any item not set forth above, other
than Items 7 and 21. as to which the answer is in the negative;
d) The enumeration of contents of the Registration Statement;
e) The Signatures and the Consents of Experts;
f) All schedules to the respective financial statements other than:
1) Schedule VII, which schedule, however, may be expressed in condensed or summarized form if containing numerous items;
(2) The information required by Columns B and C of Items 1, 2 and 5
of Schedules VIII, and that required by footnote (2) of Schedule VIII,
which information shall be set forth by an apposite note to the respective
Profit and Loss Statement; and
(3) The information required by Note (1) (c) of Schedule III and Note
(1),(b) of Schedule V.
tg) All financial statements and schedules of any unconsolidated subsidiary the total assets of which, as shown by its latest balance sheet filed
with the registration statement, amount to less than 15 per cent of the
total assets of the registrant and its consolidated subsidiaries as shown by
the latest consolidated balance sheet filed with the registration statement;
(h) All exhibits.
7. There shall be placed at the end of the prospectus in type as large as
that used in the body thereof, the following statement:
"Further information concerning these securities and their issuer is to be
found in the registration statement on file with the Securities and Exchange Commission, Washington, D. C. The registration statement may
be inspected by anyone at toe office of the Commission, without charge,
and copies of all or any part of it may be obtained upon payment of the
Commission's charge for copying.
"The additional information concerns the following subjects:"
Following the foregoing statement in the prospectus, there shall be set
forth: (1) a brief indication of the subject matter contained in answer to
the numbered items of the registration statement proper omitted, provided, however, that as to the omissions which may be made as to Items
9A, 10A, 11A, 12A and 13A, it is permissible to make this single sattement:
"The number of securities of the registrant held by its subsidiaries and
other similar information." or one corresponding thereto and provided that
as to the other items omitted, the indication shall not be of more than one
line, if possible, per each numbered Item (not sub-item) as to which an
omission, wholly or partially, may be made; (2) an enumeration of each
financial statement omitted; and (3) a statement without enumeration to
the effect that schedules, for example, schedules on Income from Dividends
and Reserves for Depreciation, and exhibits such as the charter and indentures are on file with the Commission.
1
Filing of Patents Under Form A-1 Simplified by SEC—
of
Issuer Need Not File in Cases Involving More Than
Ten United States Patents
Announcement was made on Jan. 18 by the Securities and
Exchange Commission of an amendment to Form A-1,
altering the requirements for furnishing copies of patents.
884
Financial Chronicle
In substance the amendment, which became effective Jan.
18, provides that if more than 10 United States patents are
involved, the issuer is excused from filing copies of the
patents, provided their United States Patent Office numbers
are given. It also excuses the filing of copies of foreign
patents which are essentially the same as United States
patents described.
The text of the Commission's ruling follows:
Rule Amending the Requirements as to Exhibits in Form A-1-The requirements in regard to Exhibits contained in Form A-1 are amended to substitute
in place of:
"Exhibit H. Copies of other material documents referred to in answer
to Question 46 above."
the following:
"Exhibit H. Copies of other material documents referred to in answer
to Question 46 above. If, however, more than 10 material patents, granted
by the United States Patent Office, are referred to in answer to said question,
a copy of any such material patent may be omitted if there is supplied in
its place the United States Patent Office patent number thereof. If the
answer to Question 46 refers to any foreign patent in which the invention
described is essentially the same as the invention described in any United
States patent referred to in answer to that question, a copy of any such
foreign patent may be omitted if there is supplied in its place the patent
number thereof, the name of the country under which such patent is registered, and, as provided above, either a copy of such United States patent
or the patent office patent number of such United States patent."
The above amendment shall become effective Jan. 18 1935.
J. E. Jones Agrees to Temporary Injunction Restraining Him from Dealing in Oil Royalties-Incident
to Suit Brought by SEC.
J. Edward Jones, dealer in oil securities, yesterday (Feb.8)
agreed to consent to a temporary injunction against further
dealings in oil royalties pending trial of a complaint filed
against him by the Securities and Exchange Commission.
The agreement was reached before Judge R. P. Patterson in
Federal Court in New York City, and the matter was referred
to Judge John C. Knox for a formal order. It is expected
that trial may be held in about a month.
The SEC, in its bill of complaint, charged Mr. Jones with
failure to register oil royalty securities under the Securities
Act of 1933. Four other defendants were also named.
Increase Noted in Short Interest on New York Stock
Exchange During January
The total short interest existing as of the opening of
business on Jan. 31 1935, as compiled from information
secured by the New York Stock Exchange from its members,
was 764,854 shares, the Exchange announced Feb. 7. This
compares with 714,234 shares as of Dec. 31.
Rules Approved for Futures Trading in Tobacco on
New York Produce Exchange-Committee on
Tobacco Named
Announcement was made Feb. 7 by Samuel Knighton,
President of the New York Produce Exchange, that the Board
of Managers has approved the rules for futures trading in
tobacco on that Exchange, and that a Committee on Tobacco
has been appointed consisting of James Lovatelli, Chairman;
Axel Hansen, Vice-Chairman; James Eblen; John MoD.
Murray;John R. Collins Jr.; Howard E. Norris, and Wallace
Brindley, all of whom are at present associated with futures
trading in commodities on the Produce Exchange. Necessary sub-committees have also been appointed, Mr. Knighton
said. The membership of the Exchange approved the rules
on Feb. 5. Mr. Knighton's announcement of Feb. 7 stated:
The rules adopted are required to be posted on the Exchange for 10 days
before they become effective, and efforts are being made to complete
arrangements to begin trading shortly thereafter. The exact date for
beginning trading will be made known in a later announcement.
In early January the Produce Exchange decided to suspend
security trading about Feb. 28 and specialize as a market for
commodities. Reference to this action was made in our
issue of Jan. 5, page 41.
Decrease of $55,304,994 During January Reported in
Outstanding Brokers' Loans on New York Stock
Exchange-Total Jan. 31, $824,958,161-$48,299,727
of Government Securities Pledged as Collateral
Following two consecutive monthly increases, outstanding
brokers' loans on the New York Stock Exchange decreased
during January. The Exchange announced Feb. 4 that the
loans totaled $824,958,161 on Jan. 31, against $880,263,155
Dec. 31, a drop of $55,304,994. The loans last month were
-by $22,also below those of a year ago-Jan..31 1934
811,352. The figure for Dec.31 1934 represented an increase
of $49,147,807 over the total for Nov. 30 of $831,115,348,
which in turn was $4,081,932 above the Oct. 31 figures.
It is shown by the report for Jan. 31 that demand loans
decreased $40,404,125 during the month from $616,300,286
Dec. 31 to $575,896,161 Jan. 31. Time loans dropped
$14,900,869 from $263,962,869 Dec. 31 to $249,062,000 at
the end of January. The report indicates that $48,299,727
Feb. 9 1935
of Government securities were pledged as collateral for the
borrowings during January, against $50,523,673 in December. The report, as issued by the Exchange on Feb. 4,
follows:
New York Stock Exchange member total net borrowings on collateral,
contracted for an carried in New York, as of the close of business Jan. 31
1935, aggregated $824,958,161.
The detailed tabulation follows.
Time
Demand
1. Net borrowings on collateral from New York banks
$513,821,613 $244,456,000
or trust companies
2. Net borrowings on collateral from private bankers,
brokers,foreign bank agencies or others In the City
4,608,000
62,074,648
of New York
$575,896,161 $249,062,000
Combined total of time and demand borrowings, $824,958,161.
Total face amount of "Government securities" pledged as collateral for
the borrowings included in items (1) and (2). $48,299,727.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures:
1933Jan. 31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 30
1934
Jan, 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.29
Oct. 31
Nov.30
Dec. 31
1935
Jan. 31
Demand Loans
$255,285,758
222,501,556
207,601,081
207,385,202
398,148,452
582,691,556
679,514,938
634,158,695
624,450,531
514,827,033
544,317,539
597,953,524
Time Loans
$104,055,300
137,455,500
103,360,500
115,106,986
130,360,986
197,694,564
236,728,996
283,056,579
272,145,000
261,355,000
244,912,000
247,179,000
Total Loans
$359,341,058
359,957,056
310,961,581
322,492,188
528,509,438
780,386,120
916,243,934
917,215,274
896,595,531
776,182,033
789,229,539
845,132,524
626,590,507
656,626,227
714,279,548
812,119,359
722,373,686
740,573,126
588,073,826
545,125,876
531,630,447
546,491,416
557,742,348
616,300,286
276,484,000
281,384,000
267,074,400
276,107,000
294,013,000
341,667,000
334,982,000
329,082,000
299,899,000
280,542,000
273,373,000
263,962,869
903,074,507
938,010,227
981,353,948
1,088,226,359
1,016,386,689
1,082,240,126
923,055,826
874,207,876
831,529.447
827,033,416
831,115,348
890,263,155
824,958,161
575,896,161
249,062.000
Market Value of Stocks Listed on New York Stock
Exchange Feb. 1, $32,991,035,003, Compared with
$33,933,882,614 Jan. 1-Classification of Listed
Stocks
As of Feb. 1 1935, there were 1,185 stock issues aggregating 1,304,698,420 shares listed on the New York Stock
Exchange, with a total market value of $32,991,035,003.
This compares with 1,187 stock issues aggregating 1,305,420,004 shares listed on the Exchange Jan. 1, with a total
market value of $33,933,882,614, and with 1,186 stock
issues aggregating 1,304,936,095 shares with a total market
value of $33,888,023,435 Dec. 1. The Exchange, in making
public the Feb. 1 figures on Feb. 4, said:
As of Feb. 11935. New York Stock Exchange member total net borrowings on collateral amounted to $824,958,161. The ratio of these member
total borrowings to the market value of all listed stocks on this date was
therefore 2.50%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings on
all listed shares and their market values.
As of Jan. 1 1935, New York Stock Exchange member total
net borrowings on collateral amounted to $880,263,155.
The ratio of these member total borrowings to the market
value of all listed stocks on that date was therefore 2.59%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
Feb. 1 1935
January 11935
Market
Value
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufattUtlngFoods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable. tel. and radio)
Miscellaneous utilities
Aviation
Business and office equipment
Shinning services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad_ __
Foreign companies (incl. Cuba 6: Can.)
All listed stocks
.4 vet.
Price
Market
Value
Ayer.
Price
2,300,655,728
762,712,534
3,880,529,745
305,118,894
917,296,279
2.400,020,879
266,981,353
450,268,794
153,577,527
34.591,159
1,235,795,351
1,043,998,203
3,753,829,500
234,399.978
1,913,987,134
3,404,784,800
1,390,232,784
195,355.027
1,305,189,780
845,955,449
2,346,794,233
152,110,730
163.437,286
283,759,018
7,532,931
28,147,065
79,182,820
222,867,481
1,588,642,456
18,247.770
608,461,022
718,791,495
$
21.86
13.87
52.10
19.35
22.43
32.41
26.45
37.85
10.36
6.99
25.10
18.92
19.88
14.78
30.85
29.59
35.82
16.37
18.79
8.76
63.26
15.85
7.80
26.96
3.60
9.29
14.10
37.56
61.30
19.13
18.12
19.58
$
2,487,544,741
783,109,033
3,895,016,123
309,191,364
882,918,509
2,415,707,594
280,769,883
460,239,949
164,052,393
35,736,323
1,254,142,200
1,091.997,725
3,935,820,128
235,578,928
2.009,941,416
3,619,612,301
1,402,868,110
208,112,494
1.318,330,434
856,780,717
2,350,631,226
155,555,344
175,746,209
288,520,480
8,552,690
29,806,978
76,897,402
221,987,491
1,620,081,011
19,658,915
628,015.746
712,960,767
23.40
14.24
52.57
19.83
21.59
32.62
27.82
38.69
11.12
7.22
25.47
19.79
20.63
14.85
32.39
31.48
38.14
17.44
18.94
8.87
63.36
16.21
8.39
27.45
4.08
8.23
13.69
37.41
62.56
19.39
18.70
19.40
32.991,035,003 25.29 33.933.882,814 25.99
•
Financial Chronicle
Volume 140
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Exchange:
Alarkei
Value
1933Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan 1
822.767,636,718
23,073,194,091
19,700,985,981
19,914,893,399
26,815.110,054
32,473,061,395
38.348,747,926
32,762,207,992
36.669,889,331
32.729,938.196
30,117,833,982
32,542,456,452
83,094,751,244
Markel
natl.
$28.90
28.34
28.37
28.13
26,13
26.60
23.76
24.90
24.61
24.22
25.97
33,933,882,614
32,991,035,003
1934
$17.35 Feb. 1
17.71 Mar. 1
15.20 Apr. 1
15.41 May 1
20.73 June 1
25.10 July 1
28.29 Aug. 1
25.57 Sept. 1
28.42 Oct. 1
25.32 Nov. 1
23.30 Dec. 1
25.13
1935Jan. 1
25.59 Feb. 1
Average
Price
837,364,990,391
36,657,646,892
36,699,914,685
36.432,143,818
33,816,513.632
34,439,993,735
30,752,107,676
32,618,130,662
32,319,514,504
31,613,348.531
33,888,023.435
Average
Price
25.99
25.29
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Feb. 1 1935
The following announcement was issued on Feb. 6 by
the New York Stock Exchange, showing the total market
value of listed bonds as of Feb. 1 1935:
As of Feb. 1 1935, there were 1,538 bond issues aggregating $44,978,558,842 par value listed on the New York Stock Exchange, with a total
market value of 841,064,283,510.
This compares with 1,540 bond issues, aggregating $44,815,525,467 par value, listed on the Exchange Jan. 11935,
with a total market value of $40.659,643,442.
In the following table listed bonds are classified by govermental and industrial groups, with the aggregate market
value and average price for each:
Feb. 1 1935
Markel
Value
Jan. 1 1935
Aver.
Price
Market
Value
Aver,
Price
United States Government
21,022,590,169 104.18 20,635,434,880 103.24
Foreign government
4.623,729,724 84.68 4,665,139,220 85.33
Autos and accessories
41,375,546 87.78
41,161,086 87.32
Financial
69,298,896 99.06
67,832,162 96.96
Chemical
93,998.139 97.89
92,073,880 95.52
Building
50,429.295 88.31
49,727,054 84.12
Electrical equipment manufacturing
65,286,828 101.28
64,354,254 99.84
Food
218,937,366 102.89
219,870,859 102.55
Rubber and tires
148,176,196 98.13
147,286,597 97.35
Amusement
53,962,671 67.64
53,907,220 68.00
Land and realty
13,498,842 34.47
12,982.228 32.88
Machinery and metals
32,293.650 47.17
35,084,809 48.49
Mining (excluding iron)
159,403,763 70.48
157,237,543 89.26
Petroleum
504,957,947 97.26
502,819.363 96.85
Retail merchandising
66,449,955 77.25
66,129,973 78.36
Paper and publishing
22,421,140 84.01
21,715,706 81.36
Railway and equipment
8,136,634,180 75.10 8,116,827,374 75.06
Steel, iron and coke
391,922,115 91.73
386,319,789 90.08
Textile
8,952,129 58.99
8,690,096 57 64
Gas and electric (operating)
1,884,940.324 100 11 1,847,753,484 98.11
Gas and electric (holdinc)
163,858,675 70 99
156,885,168 67.97
Communication (cable, el. & radio).... 1,103,528,084 107.05 1,092,150 893 105.90
Miscellaneousutilities
407,856,697 70.06
405,275,947 69.61
Business and office equ pment
20,771,190 99.00
20,876,095 99.50
Shipping services
19,029,880 56.20
18,118,655 53.51
Shipbuilding and operating
11,431,690 45.33
11,829,500 46.91
Miscellaneous businesses
5,898,372 102.63
5,905,556 102.75
Leather and boots
904,332 100.75
889,746 99 13
Tobacco
52,360,304 122.55
88,153,749 112.60
U. S. companies operating abroad_ _ _ 213,157,116 51.20
207,106,510 49.74
Foreign companies (including Cuba
and Canada)
1,456,365,423 71.38 1,459,947,118
All listed bonds
41.069,263,510 91.30 40,659.643,442 90.73
The following table, compiled by us, gives' a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Market
Value
1933Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan. 1
Average
Price
831,918,066,155
32,456,657,292
30,758,171,007
30,554,431,090
31,354,026,137
32,997,675,932
33,917,221,869
39,457,822,282
35,218,429,938
34,513,782,705
33,651,082,433
34,179,882,418
77.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
84.63
83.00
82.33
81.38
284.14111 nag 4n9
,
82.24
Market
Value
1934
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1935Jan. 1
FA, 1 __
Average
Price
36,263,747,352
36,843,301,965
37,198,258,126
37,780,651,738
38,239,206,987
39,547,117,863
39,473,326,184
39,453,963,492
38,751,279,426
39,405,708,220
39,665,455,602
86.84
88.27
89.15
90.46
90.17
90.80
89.79
88.99
88.27
89.39
89.85
40.659,643,442
41 nA4 2ARAln
90.73
01 an
885
portion of all the jobs and all the buying power in the country. Here the
security market helps the producer and the worker.
Since the machinery of an organized security market makes it possible
for business to solicit capital at a reasonable cost, It likewise enables the
Investor to find a use for his funds. By bringing together the man with the
money and the corporation which can use the money, the market performs a
service for both. Here the security market helps the investor.
By making new capital available these markets encourage industrial
progress. They stimulate invention, research and experimentation. New
machines are created which multiply the energy of man, annihilate distance.
reduce the Inconveniences of life and create products and pleasures which
our ancestors never knew. Here the security market promotes a higher
standard of living and a more pleasurable life.
Emphasizing the importance of the Stock Exchange in
the economic structure of the nation, Mr. Whitney stated
that "three out of every four dollars . . . used in the
construction of plant and the erection of machinery has
been raised with the aid of the New York Stock Exchange."
In discussing the interdependence of the Stock Exchange
and industry, Mr. Whitney said in part:
Here, for example, is a great telephone system convering the land with
a network of wires and myriad switchboards. That single concern has
more than 675,000 owners. Not one of those owners holds as much as
one-half of one per cent, of the company's stock. This corporation has
gone to its owners on ten distinct occasions for additional capital and each
time the Stock Exchange was the instrument which brought together the
company needing capital and the owners with capital to invest.
Let it not be supposed that this miracle of modern finance and industry
concerns only the investor and the manufacturer. Passing by for the
moment the demonstrated fact that the investor comprehends every family
In the land I submit that the stake in this alliance of finance and factory
Is far broader than that of the immediate parties.
In a normal year our manufacturing units employ 9 million workers to
whom they pay 13 billion dollars in wages.
To their owners, the stock and bond holders, these corporations pay 3
billion dollars in dividends and interest.
An interesting fact, this, the comparison of what is received by the
-over four
owners of these industrial concerns, and by those they employ
times as much being paid to the workers as to invested capital.
they turn out, products which are a part of the
The products which
nation's real income, reach the breath-taking total of 30 billion dollars.
Bear in mind that the capital raised with the aid of organized security
markets has contributed to the creation of 9 million jobs, that the 13
billion dollars earned by these workers is spent largely for food, clothing,
shelter and entertainment.
Here we have a striking instance of the mutual dependence of all the
members of our economic family. The capital market creates an industrial
job. The worker buys food with his wages, thus furnishing a market for
the farmer. This same wage earner lives in a house and therefore creates
a job for the man who must build his house, for the miner who produces his
coal, for the motion picture industry which provides his entertainment.
Even as the great wells of capital, fed by a million tiny springs, when
opened by our organized security markets, create millions of jobs and billions of dollars in buying power, so do they also release a volume of goods
which may be used to satisfy the consumer.
Markets Awaiting Supreme Court Decision on GoldClause Cases-Court's Announcement That Findings Would Not Be Made Known Last Monday
President Roosevelt Denies Plans for Proclamation
in Event of Adverse Ruling
The Securities and Exchange Commission was reported
this week to have decided that if the forthcoming gold-clause
decision by the Supreme Court should create conditions necessitating suspension of security trading it would ask President
Roosevelt for an order to authorize such a step. Meanwhile
the Board of Governors of the New York Stock Exchange
came to no decision regarding closing that market when the
gold-clause ruling is announced, and it was said on Feb. 4
that each Governor would be empowered to control wide
price swings in particular issues by holding up transactions.
Exchange officials were reported to regard this device as
preferable to suspension of trading.
Although there had been much speculation as to when the
Supreme Court would announce its decision in the gold clause
cases, there has been no definite indication as to when the
ruling will actually be made public. The Court announced
on Feb.2that it would not hand down a decision in the cases
on Feb. 4. The Clerk of the Court issued the following
statement:
The Chief Justice, in order to avoid an unnecessary crowding of the
courtroom on Monday, directs the clerk to announce that the Court is
not ready as yet to announce a decision in the gold clause cases and hence
there will be no announcement on that day.
75% of Industrial Investments Listed on New York
Stock Exchange-Richard Whitney Tells Radio . This action of the Court was without precedent, since the
Audience Market Is of Paramount Importance
Court never makes any announcements prior to pending
in Raising Funds for Nation's Economic Life
Richard Whitney, President of the New York Stock decisions.
Administration officials were reported this week to be
Exchange, in the second of his series of radio broadcasts
that the gold-clause decision would sustain the
on Feb. 6, said that the keystones of economic recovery confident
open and freely 4functioning security markets, and Government, but at the same time were said to be prepared
are
pointed out that of $40,000,000,000 invested in industry, to act in ease the rulings were adverse. Attorney General
$30,000,000,000 was represented by securities listed on the Cummings, who has discussed the matter with Secretary of
New York Stock Exchange. Mr. Whitney urged that in- the Treasury Morgenthau and other officials, said on Feb. 7:
dustry be relieved of its fears and that capital markets be "We are ready for any emergency; we are always ready for
cleared of hindrances. He listed three elements necessary an emergency."
Preparations of various marketsfor action when the Court's
to recovery as follows:
decision is made public were noted as follows in the New
By enabling great corporations to raise necessary sums it makes modern
York "Times" of Feb. 5:
industry possible. Directly and indirectly this accounts for a substantial
886
•
Financial Chronicle
The Board of Governors of the New York Stock Exchange met in special
session yesterday morning and agreed to maintain close surveillance of
trading in stocks after the decision is announced. Their ruling empowers
each Governor to curb wide price swings in particular issues by holding up
transactions. This,it is believed, will be sufficient,if necessary, to prevent
a runaway market.
The device, similar to the price controls employed in commodity markets
limiting fluctuations to a certain number of points in any one session, was
regarded by officials of the Exchange as preferable to suspension of trading.
Officials of the Chicago Board of Trade received power to suspend trading
temporarily in both stocks and commodities on the day of the decision, if
the ruling is handed down in business hours. The President of the Chicago
Mercantile Exchange received like power. Similar action had been taken
by the Chicago Stock Exchange early last week. The President of the
Merchants' Exchange of St. Louis was authorized to suspend all trading
temporarily if, in his opinion, "an emergency exists." Officials of the
Winnipeg Grain Exchange decided, however, to take no action, barring
unforeseen developments.
Averse to Closing Here
The New York Stock Exchange's Governing Committee decided not to
close the Exchange before or during the reading of the decision at their
special session which was held yesterday morning.
President Roosevelt denied on Feb. 6 rumors that he
might issue a proclamation declaring "a National emergency"
in case the Supreme Court ruled against the Government.
Such reports were characterized as "100% fake."
New York Stock Exchange Considering 11-Point SEC
Program of Reforms—Richard Whitney Announces
Approval of Purpose of Suggestions—John W.
Davis Retained to Prepare Opinion
Richard Whitney, President of the New York Stock
Exchange, announced on Feb. 6 that the Exchange is
engaged in a "sympathetic examination" of the 11-point
program of administrative changes suggested by the Securities and Exchange Commission, and that it hopes to develop
at an early date a program which will meet with the Commission's approval. The announcement said that the SEC
recommendations are designed to afford the public a greater
degree of protection and added that "with this purpose the
administration of the Exchange is in hearty accord."
It was also announced on Feb. 6 that the Stock Exchange
has retained John W. Davis, well-known constitutional
lawyer, to prepare an opinion on the SEC program.
Mr. Whitney's statement of Feb. 6 is given below:
The administration of the New York Stock Exchange has had before it
the Report of the Securities and Exchange Commission on the Government
of Security Exchanges, submitted to Congress oil Jan. 25 1935. This
report contains recommendations made by the Securities and Exchange
Commission, representing their considered opinion after careful study of
a difficult problem. These recommendations are designed to afford the
public a greater degree of protection. With this purpose the administration of the Exchange is in hearty accord. It has been engaged upon a
sympathetic examination of this important document, and is hopeful of
developing at an early date a program which will meet with the approval
of the Commission.
We also quote in part from the New York "Times" of
Feb. 7 regarding the retention of Mr. Davis as an attorney
by the Stock Exchange:
V The opinion rendered by these attorneys will guide the Exchange's law
committee in its recommendation to members either to submit to the
mandates of the Commission or carry their opposition to the courts. It
was said yesterday at the Exchange that the opinion probably would be in
the hands of the law group by the end of this week. Until it is received,
the Exchange will take no action on the matter.
Officials of the Exchange contend that admission of non-members to
Its governing committee, as recommended by the Commission, would
jeopardize its legal existence as an association of business men. Operation
of the Exchange as a private club in the past has hitherto circumvented
attempts of the State to regulate it.
President of New York Produce.Exchange to Use
Discretion in Closing During Gold-Clause Ruling
Samuel Knighton, President of the New York Produce
Exchange, has been authorized to use his discretion in deciding whether to close the Exchange when the Supreme Court
makes public its decision on the gold-clause eases. The
Exchange announcement, dated Feb. 6, read as follows:
The Board of Managers of the New York Produce Exchange has authorized the president, Samuel Knighton, in his discretion, if and when the decision of the United States Supreme Court with respect to the Gold Clause
Is made public, to close the Exchange or any part thereof for such time as
he. the President, may deem the circumstances warrant, and to re-open
the exchange in his discretion upon giving notice of intention to do so.
Mutual Savings Banks Report Increased During 1934
in Assets, Deposits and Depositors—Position of
Banks at Outset of 1935 Most Favorable Ever Held
Assets, deposits and depositors of mutual savings banks
increased substantially in 1934, bringing the number of depositors to a new high level, with deposits and assets only
moderately below their peak in 1932. Gains were well distributed over the 18 States in which such institutions operate,
according to the National Association of Mutual Savings
Banks, which, under date of Feb. 1, also reported:
Last Dec. 31 assets reached the total of $11,055,498,096, an increase for
the year of $199,497,834. This figure involved an addition to surplus
of $25,756,405, the consolidated surplus of all the mutuals amounting to
Feb. 9 1935
31,192.628,224. Ratio of surplus to deposits is now 12.2%, representing
that additional margin of safety for each dollar on deposit.
"Mutual institutions begin 1935 in the most favorable
position they have ever held," said Philip A. Benson, President of the National organization. He added:
We are serving a larger number of the people than at any time in a centurY
of operation and OW percentage of surplus to deposits affords the greatest
measure of protection we have ever offered to the public. Our combined
deposits and assets are only slightly below the reocrd in each case. we
take particular satisfaction in the growing number of depositors, which shows
the public will to save. Last year. as usual, mutual institutions regularly
earned and paid their dividends. Results for 1934 demonstrated once more
the strength of the mutual principle as applied to the conservation and
Investment of the people's savings.
From the Association's announcement of Feb. 1 we take
the following:
The greatest gain of assets was made by the New York banks, amounting
to $109,715,244. Pennsylvania followed with $17,293,550 and Connecticut
with $16,417,440.
New York led in gain of deposits, having a total of $81,245,170. Massachusetts being second, $24,492,395. and Pennsylvania third, $16,453,961.
The increase for the 18 States reached $163,080,092, raising the total for
the country to $9.757.690.937.
New York likewise took the honors in growth of deposit accounts, which
increased by 215,497. Massachusetts was second, 44,868, and Pennsylvania third, 39,048. The total of accounts drew near to 14,000,000.
numbering 13,836,975.
In average of all accounts, Rhode Island came first, the figure being
$840.76; New York, $796.84, and Indiana, $706.07. For the 18 States
the average was $705.19, a decrease of $10.13 per account for the year,
Indicating the large number of new accounts opened for small sums.
By reason of restricted investment opportunities and lower earnings.
mutual institutions reduced their average dividend rate in 1934 from 3.31%
to 3.06%. On Jan. 1 the leading averages were Delaware. 3.50%; Connecticut, 3.40%; New Hampshire, 3.26%•
Central Bank Bills Pending in Congress
In a Washington account, Feb. 6, to the New York
"Herald Tribune" it was observed that three radical central
bank bills are pending in Congress, one introduced in the
House by Representative T. Alan Goldsborough, Democrat
of Maryland; a second in the Senate by Senator Bronson
Cutting, insurgent Republican of New Mexico, and a third
in the Senate by Senator Elmer Thomas, Democrat of
Oklahoma. All three go beyond what is contemplated by
the Treasury bill, said the advices from which we quote,
the "Herald Tribune" account adding:
Under both the Cutting and Thomas bills, the Treasury would be
authorized to acquire actual ownership of the key banks of the Federal Reserve System. Senator Thomas would put the Treasury under mandate by
Congress to buy all the stock in the 12 Federal Reserve banks, now owned,by
member banks. Senator Cutting would force the purchase of the member
banks as well and eventually of all the banks in the country, non-member
as well as member.
Since it is conceded that the pending Treasury bill would establish almost
as complete control over the Reserve banks as it could derive by outright
ownership, this probably will not be an important issue.
However,the Cutting and Thomas bills contemplate in differing degreessubstitution or non-interest bearing bonds, or what amount to greenbacks, for outstanding interest-bearing bonds.
The Goldsborough bill goes so far in this regard as to authorize the
controlling board of his central bank to call in all interest-bearing bonds
and circulate money in their place. The Goldsborough bill, incidentally,
provides for a complete payoff of depositors in closed banks.
The Treasury bill, as interpreted by Administration authorities,including
President Roosevelt, carries no provision for substituting non-interest
bearing for outstanding interest-bearing bonds.
Interest Rate Cut Possible
is even contended in some liberal quarters that the politically
controlled Reserve Board, through its powers to fix rediscount rates and
force Reserve bankers to take Government bonds, could force the interest
rate down to the vanishing point and thereby effect the purpose of the
Goldsborough bill by indirection.
Yet it
Revision of Banking and Currency System Urged by
Committee of New York Chamber of Commerce
in Reply to Questionnaire of Senator Fletcher—
Committee Not in Favor of Government Owned
System—Uniform Currency Issued by Federal Reserve System Backed by Gold and Commerce Paper
Advocated—Would Unify 49 Banking Systems and
Lodge Ownership of Reserve Banks with Public
The study in all its aspects of the entire banking and
currency problem by a commission created by Act of Congress is urged by the Committee on Finance and Currency
of the Chamber of Commerce of the State of New York.
The Committees views are indicated in a report, presented
to the Chamber on Feb. 7, which is in the nature of a reply
to the questionnaire of Senator Fletcher, Chairman of the
Senate Committee on Banking and Currency. This questionnaire was referred to in our issue of Nov. 24, page 3237.
The report of the Chamber's Committee makes the statement that "we have at the present time neither a currency
system nor a banking system." We quote as follows from
the report:
The questionnaire submitted by the Chairman of the Senate Banking
and Currency Committee calls for and is entitled to more than oridinary
consideration by the Chamber and Its Committee on Finance and Currency.
It is desirable that before attempting to answer any of these questions,
we make certain general observations.
Volume 140
Financial Chronicle
In the first place, the banking and currency system in this country has
not been scientifically revised and adjusted for over 20 years. As a result,
we have to-day a complexity of banking laws and amendments thereto and
a duplication of authority and supervision confusing alike to the banker.
the business man and the ordinary citizen.
Furthermore, we have at the present time neither a currency system nor
a banking system. By reason of the emergency legislation passed since
March 1933, our former currency system has been discarded and in its
place there has been substituted a currency dictatorship which, no matter
how well suited to meet the requirements of an emergency, cannot in any
sense be described as a system adequate to meet the needs of modern
economic life once the normal functions of business and government are
resumed.
In the same way, it is necessary to point out that our present banking
system is not a system but a hybrid hotch-potch of relics of various old
systems, upon which has been superimposed an emergency structure.
The Federal Reserve System has been largely diverted from its original
purpose as a source of short term credit and elastic currency based thereon—
free from political domination—and the business of the country is increasingly dependent upon administrative rulings and Treasury supervision—a
situation conducive to hesitation and lack of confidence.
In view of these facts, the recital of which is not intended to imply any
criticism of recent action, and in view of the vast complexity of the whole
banking and currency problem, the Chamber feels that a commission
should be created by Act of Congress to study the entire problem in all its
aspects, and to prepare the ground for the legislation which will eventually
be needed.
The Chamber is convinced that only in this way will it be possible to
carry on and complete the reform which has been begun under the present
Administration.
As will appear from the answers to the questionnaire which follow, there
are some points upon which the Chamber has taken a definite position but
there are also many aspects of the banking and currency problem upon
which the Chamber feels that it is Impossible to form a considered opinion
without full knowledge of the facts and without the benefit of competent
analysis of these facts.
In such cases the opinions expressed are therefore statements of general
principle which the Chamber feels should be tested In the light of a thorough
examination of the facts and a thorough consideration of all competent
opinion by the proposed commission.
Replying specifically to the questions of Senator Fletcher
the report urges "one uniform currency," this currency to be
issued by the Federal Reserve System "backed by gold and
commercial paper as originally provided in the Federal
Reserve Act." The belief that it is desirable that the ownership of the Federal Reserve banks be transferred from the
commercial banks to the general public is expressed in the
report. It is also stated in the report that "the Chamber is
of the opinion that we should not seek to establish a Government-owned and operated banking system." It is the view
of the Committee that the private banking system "is in
need of a thorough-going reform," a unification of the 49
different banking systems now in operation being advocated,
"by requiring all commercial banks to become members of
the Federal Reserve System." The Committee making the
report is under the Chairmanship of Edwin P. Maynard,
Chairman of the Board of the Brooklyn Trust Co. The
reply of the Chamber's Committee to Senator Flethher's
questionnaire follows:
The questionnaire falls into three parts, dealing with
I. Money,
II. Central Banking, and
III. General Banking.
I. Money
The following questions are contained in the questionnaire.
1. Is the power over the issuance of currency to be vested
a. in a non-political authority on which both Government and private
business are represented (such as the Federal Reserve System was intended
to be), or
b. in the Secretary of the Treasury (as it now is), or
c. in a non-political privately owned but Government
-chartered Central
Bank (Bank of England), or
d. In a Government
-owned and operated Central Bank?
2. Is the currency to be redeemable
a. in gold, or
b. in silver, or
c In both, or a combination of both?
3. If the currency is to be redeemable, is it to be redeemable
a. in coin, or
b. in bars of bullion, or
c. in bullion for export only?
4. Is a fixed ratio to gold to be re-established, and, if so, under what
conditions?
6. If not, under what conditions and by whom is the ratio to gold to be
changed from time to time?
6. Should one uniform currency be established for the country in place
of the various kinds now circulating, and, if so, what should it be?
7. If the currency is to be irredeemable "managed" currency, upon
what terms Is it to be issued and how managed?
In reply to the above questions dealing with the currency. the Chamber
of Commerce of the State of New York desires to draw attention to the
resolutions which it passed on Nov. 3 1933 in regard to the gold standard
and recovery, on June 7 1934 in regard to silver legislation, and on Oct. 4
1934 in regard to the Federal Reserve System. Copies of these resolutions
are appended to this report, and are hereby made a part thereof.
It follows from these resolutions that the Chamber believes:
1. That the power over the issuance of currency should be vested in a
non-political authority, such as the Federal Reserve System was intended
to be, on which both Government and business are represented, and, per
contra, does not believe it should be vested in the Executive as it now is,
-owned and operated central bank.
nor in a Government
2. That the currency should be redeemable in gold and not in silver,
nor in a combination of gold and silver.
3. That the currency should be redeemable at a fixed ratio to gold, and
that this ratio should not be subject to change from time to time.
Certain other questions require careful study and analysis on the basis
of material not available to the Chamber of Commerce. Such questions are:
1. Whether the currency should be redeemable in gold coin or in bullion,
or whether its redeemability should be in any way restricted.
2. At what fixed ratio to gold the currency should be made redeemable.
3. Whether one uniform currency should be substituted for the various
kinds now in circulation.
l'he Chamberlain principle in favor of a free bullion standard rather than
redemption in coin, and in favor of the ultimate substitution of one currency
887
for the various currencies circulating; however, it is not in a position to
form a considered judgment upon these matters, and urges that the proposed
Congressional commission be asked to determine:
1. The exact form of gold standard to be adopted as best suitable to
present-day conditions.
2. The proper ratio to gold to be established; and
3. What would constitute the best uniform currency, and upon what
terms and conditions it should be issued.
In regard to No. 2 above, the Chamber wishes to point out that in its
judgment a return to a fixed ratio to gold must be predicated upon similar
action by Great Britain and other former gold standard countries now off
gold, and that the parities of the various currencies must bear the proper
relation to each other in order to insure the future workings of an international gold standard.
In regard to No. 3 above, the Chamber wishes to record its opinion that
there should be one uniform currency, and that this currency should be
Issued by the Federal Reserve System; that the Federal Reserve currency
should be backed by gold and commercial paper as originally provided in
the Federal Reserve Act; that the gold backing the currency should be held
and controlled by the Federal Reserve System; and that Government bonds
should not be used as a backing for currency except in emergency, and then
only if the Government is carrying on a sound fiscal policy which provides
for the regular amortization of its funded debt out of current revenue.
II. Rediscount Functions
The following questions are contained in the questionnaire:
1. Is the rediscount function of the Federal Reserve System to remain
as it is, or to be changed? If changed, how?
2. Is the ownership of the Federal Reserve banks to remain where it is,
or to be transferred? If transferred, to whom?
3. Is the composition of the Federal Reserve Board to remain as it is or
to be changed? If changed, how?
4. Are any other changes to be made in the Federal Reserve System,such
as, for instance, in its open-market operation? If so, what changes?
In regard to these questions, the Chamber again calls attention to its
resolution of Oct. 4 1934, appended hereto, from which it follows that the
Chamber believes in:
1. a continuation of the Federal Reserve System;
2: a freeing of the Federal Reserve System from the present political
domination; and
3. such modification of the Federal Reserve System as careful study
by competent authorities may show to be desirable.
The Chamber does not consider itself competent to express opinions or
make suggestions in regard to the technical details of rediscount functions
or open-market operations. In general it desires to record its opinion that
the Federal Reserve System has been diverted from its original purpose of
supplying short term credit and an elastic currecny based thereon, and that
it should be brought back to this purpose as quickly as possible.
Here again, the Chamber wishes to stress the desirability of careful
study and analysis by a commission appointed for this purpose.
Subject to such study and analysis, the Chamber would reply to questions
Nos. 2 and 3 above as follows.
As to question No. 2. the Chamber believes that it is desirable that the
ownership of the Federal Reserve banks be transferred from the commercial
banks to the general public, with a limitation on the amount of stock that
can be owned by any one holder, with a provision against foreign bolding&
of stock, and with a provision protecting the system against proxy voting.
As to question No. 3, the Chamber believes that it would be wise toreconstitute the Federal Reserve Board so that it would consist of a Governor
one or more Vice-Governors, and a Secretary General, appointed for long
terms at high salaries, plus 4 of the 12 Governors of the 12 banks serving
in six months terms of rotation.
III. General Banking
The following questions are contained in the questionnaire.
1. Is there to be a Government-owned and operated banking system?
If so, what system?
2. If not, what changes are to be made in the private banking system?
For example:
A. Is there to be a unification of the 49 different banking systems that
we now have? If so, is this to be accomplished
(1) by actually merging the systems into one system, or
(2) by compulsory membership of State banks in the Federal Reserve
System, or
(3) by making the laws of all the States conform to a uniform pattern?
(4) Requiring all commercial banks to take out Federal charters.
B. Is there to be branch banking? If so, is it to be
1) Nation-de,
wi
2) State-wide, or
) Regional?
. What are to be the capital requirements of a bank in relation to ita
liabilities?
D. Are commercial banks to be allowed to take savings accounts? If
so, on what basis?
E. Are commercial banks to be allowed to do a trust business? If so,
on what basis?
F. Are commercial banks to be allowed to underwrite new securities whichthey are permitted by law to own?
G. Are savings banks to be compelled to mutualize?
H. Must savings banks belong to the Federal Reserve System? If not,
may they belong to it?
I. Is there to be a plan of deposit insurance? If so, what Plan? What
banks are compelled to belong to it?
J. Can anyone become a bank officer? If not, what qualifications are
to be demanded?
The Chamber is of the opinion that we should not seek to establish a
Government
-owned and operated banking system.
The Chamber is further of the opinion that the private banking system
is in need of a thoroughgoing reform, and that, again, such reform requires
the most careful study and analysis of all the available data and opinions.
Subject to such study, the Chamber expresses the following convictions in
principle:
1. That there should be a unification of the 49 different banking systems
now in operation by requiring all commercial banks to become members of
the Federal Reserve System; that duplication of examinations and control
should be eliminated in so far as possible; that the authority of the 12
Federal Reserve Banks over the banks in their respective regions be
strengthened and their responsibility for the soundness of these banks be
Increased; and that it be recognized that a certain amount of administrative
decentralization is necessary owing to the size and economic diversilacition
of the country.
2. That branch banking should gradually be developed in this country
in order that the whole country may be served by strong banks,or branches
of strong banks, particularly in those communities which are not large
enough to support strong banks of their own. The Chamber is of the
opinion that branch banking should not be allowed to become nation-wide:
that State boundaries have no particular economic significance; that regional branch banking within suitable trade areas should gradually& be
developed, with the ultimate objective of having these trade areas correspond to the Federal Reserve regions; and that the responsibility for the
authorization of branches should be placed upon the Federal Reserve
System.
3. That there should be some statutory limit to the ratio of aggregate
liabilities to capital resources in a commercial bank—this ratio to be established after careful study by the proposed commission, and not necssarily to be uniform for the entire country.
4. That,ideally speaking,commercial deposits and savings deposits should
be separated, in order that commercial deposits may be loanedeout only
In a manner consistent with prompt availability and safety for the de-
13
888
Financial Chronicle
positor, whereas savings deposits may seek employment through the investment market in supplying the capital needs of business; that it requires
careful study and analysis to determine whether, as a practical matter,
such separation can be accomplished and, if so, whether by prohibiting
commercial banks from taking savings deposits, or by segregation of commercial deposits and savings deposits within the same institution, or by a
combination of these two methods; and that it is particularly important
that a method of gradual approach to such separation be developed so as
not to create any undue disturbance in the economic life of the country.
5. That commercial banks should be allowed to do a trust business,
provided that this function is properly safeguarded.
6. That commercial banks should not be allowed to distribute securities
at wholesale or retail, but should be allowed to underwrite new securities of
such character and in such amount as they would be permitted under the
law to own.
7. That savings banksshould gradually be mutualized, should be allowed
to have branches within certain defined areas and under certain conditions
to be established by careful study, and should come under some form of
Federal supervision.
8. That if the general banking system is reorganized and reconstructed
upon sound lines as above indicated, and that if this reorganization is
brought about gradually over a period of years, with steadfast adherence to
a clearly determined course and toward a clearly defined objective, it
should not be necessary, when that objective is ultimately reached, to have
any form of deposit guarantee; that until the reorganization and reform is
complete,some form of deposit insurance should be maintained.
9. That it should not be possible for everyone,irrespective of qualification
or experience, to become a bank officer; that, on the other hand, character
and integrity are more important than actual knowledge, and that it is
difficult to devise any standards or tests of character and integrity; that this
is a problem which must be solved by the bankers themselves and not by the
Government, although it may be possible to endow accredited bankers'
associations with some measure of authority over their members, such as
that enjoyed by the Bar Associatio is in the legal profession; and that it is
highly desirable that means be provided in educational institutions for the
proper training of bank officers in order to give them a background of
knowledge of economics which many of them lack at the present time.
The above represents the closest approach to a categorical answer to the
questionnaire which the Chamber feels itself competent to give within the
limited time at its disposal.
The Committee on Finance and Currency is studying the matter further
and Is preparing a reasoned brief setting forth the considerations which had
led it to the conclusions above stated. The Chamber hopes likewise to be
able not only to produce support for the conclusions and recommendations
herein contained, but also to amplify somewhat its statements in regard to
some of the questions submitted.
In view of the fact that many of these questions are now, or may shortly
become the subject of discussion in Congress, it was felt beet to submit
the above in the nature of a preliminary report rather than delay the
answer requested by Senator Fletcher until a more comprehensive document
could be prepared.
Respectfully submitted,
EDWIN P. MAYNARD, Chairman
WALTER H. BENNETT
Of the
ROBERT C. HILL
Committee on
JOHN W. PRENTISS
Finance
JOHN S. SMALL
and Currency
JAMES P. WARBURG
New York, Jan. 28 1935.
Incorporation of National Monetary Conference—
Senator Owen Announces Permanent Body
The National Monetary Conference, which recently assembled in Washington more than a dozen monetary reform
organizations, has been incorporated as a permanent body,
former Senator Robert L. Owen, co-author of the Federal
Reserve Act, announced on Jan. 27, according to advices
from Washington on that date to the Philadelphia "Record,"
which quoted Senator Owen as saying:
The conference calls for purchase by the Government of the 12 Federal
Reserve banks, restoration of the money needed to do business, restoration
of property values, and a dollar yardstick no longer stretchable to four, five
or six feet long for the destruction of debtors and the unjust benefit of
creditors.
The account in the "Record" continued:
Favors Federal Control
As President of the conference, called together by Senator Thomas
(Dem., Okla.), Mr. Owen announced that the charter specifies.
"It is a non-profit, non-partisan organization, to promote legislation
by the Congress of the United States for the purpose of having the Government of the United States control the issue of monetary credit and currency,
in order to give them uniform debt-paying, purchasing power, regulating
the value of money as authorized and directed by the Constitution of
the United States (Article 1, Section 8, Clause 5) which provides that
'Congress shall have power to coin money, regulate the value thereof, and
of foreign coin . .
"To favor the establishment of an agency for such purpose, particularly,
by taking over the ownership and (or) control of the 12 Federal Reserve
banks operating the system as one central bank under a legislative mandate
and under a reconstituted Federal Reserve Board owing its allegiance
exclusively to the United States.
"And for other allied or collateral purposes, including investigation and
research for the proper basing of legislation to effect such purposes, and
publicity of the facts as determined."
13 Organizations Included
The organizations affiliated with the conference include the Sound
Money League,of which Senator Owen also is President; the National Union
for Social Justice, headed by Rev. Charles E. Coughlin; the National
Depositors Committee, whose Chairman is Charles P. Bloome; the Western
Governors' Group, the Farmers' Educational and Co-operative Union of
America, the World Monetary Reform League, the American Monetary
Reform Association, National Social Credit Association, Organization for
the Abolition of Poverty, Western Silver States Conference, Public Ownership League of America. American Society of Martians and National
Veterans' Organizations.
"The resolutions under which this charter has been taken out," Senator
Owen said, "set up for the first time the principle of stabilization of the
money of the United States, in a way to establish the purchasing power
of the dollar and all money throughout the world, on an equitable basis.
"It should stabilize the money of every nation, because, when we fix
and give stability to our monetary unit, the dollar, we fix the purchasing
power of an ounce of gold.
"Therefore, without any international agreement,it is possible to stabilize
the purchasing power of gold throughout the world, and every nation
which chooses to adhere to that measure of value and to manage its own
domestic currency,can have stability in the purchasing power ofits money."
An item with reference to the National Monetary Conference held in Washington Jan. 15, appeared in our issue of
Jan. 19, page 416.
Feb. 9 1935
Effect of Townsend Plan Described by National City
Bank of New York as "Uncontrolled Inflation"—
Criticism of 30
-Hour Week, Six-Hour Day for
Railway Workers and Veterans Bonus Proposal
Discussing the Townsend plan and the bonus, the National
City Bank of New York, in its February monthly letter,
says:
The Townsend Plan and the Banns
The proposals and plans purporting to lead to increases in purchasoing
power through Government measures are subject to criticism. . . . The
Townsend plan to pay a pension of $200 a month to each person over 60
years of age, provided the pensioned did not work at any gainful pursuit
and would spend the money within a month, is such a proposal. This
measure would require about $24,000,000,000 a year, which it is proposed
to raise by a tax on all business transactions. Of course, the accumulated
taxes, from the first sale of the raw material until the finished article
is sold to the consumer, would all fall on the last transaction, which means
that the whole amount would fall on that part of the national income
spent in trade or the markets. The total national income in 1933, according to the Department of Commerce, was only $46,800,000,000. The
Secretary of Labor, Miss Perkins, disposes of the scheme when she points
out that it would give 9% of the population more than half the income
of the country.
The practical effects of such a plan would be to set going an uncontrollable inflation. The annual tax burden could never be borne except
by such an inflationary rise of prices as would raise the national income,
in paper money, to fantastic heights. Undoubtedly Germany in the year
1922 could have paid a hundred billion reichsmarks in pensions without
turning a hair, but the endeavor of any country to pay it to.day would
duplicate the German calamity.
The proposal to pay the veterans' bonus without waiting for the due
date, raising the present value of the certificates by $1,400,000,000, is
open to the same criticisms as to principle, but is modest by comparison.
It would represent a diversion of future purchasing power to the present,
and help trade temporarily, but would be a factor keeping alive the fiscal
and monetary uncertainties which are a burden on the recuperative powers
of the economic system.
From the bank's February letter we also quote:
The Thirty-Hour Week
Within the past month Congress has been asked again to enact into
law the 30-hour week for all labor in the manufacturing industries engaged
in inter-State commerce, with increases in the hourly wage rate to maintain the weekly pay totals. This proposal is out of harmony with the
recovery program. Assuming that the standard factory week now averages
40 hours, the 30-hour week would raise wage rates (already at or above
the 1929 level) by one-third, and indirect costs by an amount difficult to
estimate. The latter would include the higher labor charges added in the
prices of materials purchased, and the loss of efficiency which this arbitrary limitation of working hours would undoubtedly cause, at least for
some time. The adaptation of work schedules to such a rigid requirement
would vary in the different industries, but would be confusing, expensive
and time-consuming in all. Also the additional labor hired would naturally
be less efficient than the selected workers already employed.
This gives one of the answers to the argument that the proposal would
promote recovery. It would involve a simultaneous increase in labor
costs and decrease in productive efficiency. It would necessarily cause a
rise in prices, and when this rise had gone around the circle the real
Income of labor, as measured by its purchasing power over the commodities it produces, would be no greater than before. . . .
Rail Labor Asks Six-Hour Day
Along with the industrial 30-hour week, the Railway Labor Executives
Association has declared that it will continue its efforts to have Congress
enact the six-hour day and five-day week for railway workers at this
session. To •be sure, it seems unlikely that the bill will be passed, since
the Federal Co-ordinator of Transportation, Mr. Eastman, has delivered a
telling blow against It; but the proposal is disturbing. Mr. Eastman states
that the six-hour day, unless it were established at the expense of labor,
would add at least $400,000,000 to railroad expenses. The railroads as a
whole have been operating for three years at a deficit after paying all
charges, and they are pledged to restore wage rates on April 1 1935 to the
full pre-depression level, which will make them 157% higher than in 1913.
The present proposal would increase them at one stroke 33 1/3% above
that level.
This proposal is put forward with the claim that it "would extend a ray
of hope to approximately 1,000,000 railway employees who comprise one
of the largest units of the national army of unemployed." But it may
be asked what the hope would be worth if rates were increased to cover
the $400,000,000 of cost, as would be necessary? Freight rates, even
though unremunerative, are 37% above the pre-war average, and have been
reduced only about 8% since 1929, while many of the commodities moving
over the roads are still cheaper than in 1913, and on the average are nearly
one-quarter lower than in 1929.
This is an instance of a maladjustment in economic relations that is
burdening business, diminishing traffic, and blocking recovery. Freight
charges enter into all prices, and in many products several times. If the
rates should be raised in the effort to obtain another $400,000,000 for labor
manifestly there would be further disruption of trade, and further loss of
traffic to the roads. How much employment could the railroads continue
to give under those conditions? Also, where would the $400,000,000 come
from?
Stock of Money in the Country
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve barks and agents. The figures this time are foT
Dec. 31 1934 and show that the money in circulation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,535,671,557, as against $5,548,533,937 on Nov. 30 1934
and $5,805,604,277 on Dec. 31 1933, and comparing with
$5.698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
Financial Chronicle
Volume 140
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MONEY HELD IN THE TREASURY
9,008,426,058 5,977,236,026
156,039,431
156,039.088
152.979,026
152,979,026
150,000,000
100,000.000
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Amt. Held as Reserve Against
Security Ag'nst United States
Notes
Gold and Silver
Certificates (it (and Treasury
Notes
Treasury Notes
of 1890)
01 1890)
14,306.813,806
8.848,416.004
3,766,214,131
2.436,864,530
2,952,020.313
1,845,569,804
212,420,402
5.895,254.914
1,656,617,475
718,674,378
2,681,691,072
1,507,178.879
21,602.640
14,105.252.602
10,209,624,041
8,479.620,824
5,396.596.677
3,797,825.099
1,007,084,483
0
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MN:
a Revised figures.
a Does not include gold other than that held by the Treasury.
b These amounts are not included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is Included
under gold, standard silver dollars, and silver bullion, respectively.
c 8211,619.975 secured by silver bullion held in the Treasury.
d This total includes $19,081,155 deposited for the redemption ot Federal Reserve
notes (81.899.205 in process of redemption).
e Includes $1.800.000,000 Exchange Stabilization Fund.
f Includes $31,846,977 lawful money deposited for the redemption of National
bank notes ($21,781,584 in process of redemption, Including notes chargeable to
the retirement fund), 81,877,500 lawful money deposited for the redemption of
Federal Reserve bank notes ($2,318,088 in process of redemption, including notes
chargeable to the retirement fund), $1,350 lawful money deposited for the retirement of additional circulation (Act May 30 1908), and $60,748,982 lawful money
deposited as a reserve for Postal Savings deposits.
g The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasuly
to arrive at the total amount of money in the United States.
to Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
The money in circulation includes any paper currency held outside the continental limits of the United States.
Note—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption for uses authorized by law; silver certificates are secured dollar
for dollar by standard silver dollars held in the Treasury for their redemption (or by
silver bullion); United States notes and Treasury notes of 1890 are secured by a
gold reserve of $156,039,431 held in the Treasury. Treasury notes of 1890 are also
secured dollar for dollar by standard silver dollars held in the Treasury; these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold certificates or of gold certificates and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act, or,
until March 3 1935, of direct obligations of the United States it so authorized by a
majority vote of the Federal Reserve Board. Federal Reserve banks must maintain
a reserve in gold certificates of at least 40%, including the redemption fund which
must be deposited with the United States Treasurer, against Federal Reserve notes
in actual circulation. Federal Reserve bank notes are secured by direct obligations
of the United States or commercial paper, except where lawful money has been
deposited with the Treasurer of the United States for their retirement. National
bank notes are secured by United States bonds except where lawful money has been
deposited with the Treasurer of the United States for their retirement. A 5% fund
is maintained in lawful money with the Treasurer of the United States for the
redemption of National bank notes and Federal Reserve bank notes.
889
New Offering of $75,000,000 or Thereabouts of 182
-Day
Treasury Bills—To Be Dated Feb. 13 1935—Tenders
Received 8196,853,000—$75,112,000 Accepted—Average Rate 0.11%
Up to 2 p. in., Eastern Standard Time, yesterday
(Feb. 8), tenders were received at the Federal Reserve
banks and the branches thereof to a new offering of $75,-day Treasury bills. The
000,000, or thereabouts, of 182
bills, which were sold on a discount basis to the highest
bidders, are dated Feb. 13 1935 and will mature on Aug. 14
1935. On the maturity date the face amount will be payable without interest. An issue of Treasury bills in amount
of $75,320,000 will mature on Feb. 13, and the tenders to the
new offering are to be used to retire the same. Tenders
totaling $196,853,000 were received to the offering, and bids
of $75,112,000 were accepted. The accepted bids ranged in
price from 99.965, equivalent to a rate of about 0.009% per
annum, to 99.941, equivalent to a rate of about 0.117% per
annum on a bank discount basis. Only part of the amount
bid at the latter price was accepted. The average price of
the Treasury bills to be issued is 99.944, and the average
rate is about 0.11% per annum on a bank discount basis.
In announcing the new offering, on Feb. 5, Henry Morgenthau Jr., Secretary of the Treasury, said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Feb. 8 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. 18 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.
Tenders Totaling $262,985,000 Received to Offering
-Day Treasury
of $75,000,000 or Thereabouts of 182
Bills Dated Feb. 6 1935—$75,185,000 Accepted at
Average Rate of 0.12%
Announcement was made on Feb. 4 by Henry Morgenthau
Jr., Secretary of the Treasury, that tenders of $262,985,000
were received at the Federal Reserve banks and the branches
thereof up to 2 p. m., Eastern Standard Time, to the offer-day Treasury bills,
ing of $75,000,000, or thereabouts, of 182
dated Feb. 6 1935 and maturing Aug. 7 1935. Secretary
Morgenthau said that bids of $75,185,000 were accepted.
Reference to the offering was made in our issue of Feb. 2,
page 721. The Secretary's announcement of Feb. 4 said:
The accepted bids ranged in price from 99.950, equivalent to a rate of
about 0.099% per annum, to 99.937, equivalent to a rate of about 0.125%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills to be
issued is 99.939, and the average rate is about 0.120% per annum on a
bank discount basis.
Other offerings of Treasury bills this year have sold at
average rates of about 0.14% (bills dated Jan. 30); 0.15%
(bills dated Jan. 23 and Jan. 16); 0.12% (bills dated Jan 9),
and 0.10% (bills dated Jan. 2).
4
Offering of $12,500,000 of 11 % Federal Intermediate
Credit Bank Debentures—Books Closed Following
Over-subscription
A new issue of IM% debentures of the Federal Intermediate Credit banks in amount of $12,500,000 was offered
this week. The books were closed one and one-half hours
after their opening on Feb. 7, and announcement by Charles
R.Dunn,fiscal agent for the System,indicated that the issue
had been heavily over-subscribed. The new debentures are
dated Feb. 15 1935, and are due in four and six months.
The accepted subscriptions will be used to refund maturing
debentures.
Seven previous issues of debentures of the Credit banks
rate. The last of these, amounting
have borne the 1
to $36,000,000, dated Jan. 15 1935, was referred to in our
issue of Jan. 12, page 240.
890
Financial Chronicle
Treasury Tax Refunds During 1934 Fiscal Year Totaled
$48,664,202
-Amount About $3,000,000 Below Preceding 12 Months
-New York Life Insurance Co.
Receives Largest Disbursement
Treasury tax refunds during the fiscal year 1934 amounted
to $48,664,202 as compared with $51,484,846 in the preceding
12 months, according to a tabulation submitted by the
Bureau of Internal Revenue to Congress on Feb. 3. Refunds of illegally collected taxes during the year ended
June 30 1933 were described in our issue of Jan. 27 1934
(page 606). The 1934 fiscal year refunds were less than
those of the previous fiscal period despite the fact that
income tax collections, from which most refunds are made,
were about 10% greater in 1934 than in 1933, while many
new taxes were collected during the later period. The
refunds included several large amounts to insurance companies and railroads, with the largest single disbursement
to the New York Life Insurance Co., which received
$4,227,030. Second place on the list was occupied by the
Pennsylvania RR., which got $3,191,938.
Associated Press Washington advices of Feb. 3 contained
the following additional information regarding the tax
refunds:
Railroads drew a big share, $3,191,938 going to the Pennsylvania;
$1,550,571 to the Delaware Lackawanna & Western; $727,578 to the
Norfolk & Western; $829,010 to the Chicago & North Western.
The largest refund in New Jersey, $699,801.37, went to the Wright-Martin
Aircraft Corp.
Sizable corporation income tax refunds in New York included: The
Equitable Trust Co., Chase National Bank, successor, $478,942; the American Cyanamid Co., $133,147; Interborough Rapid Transit Co., $272,400;
Erie RR., $84,820, and the Mutual Life Insurance Co., $1,205,382.
R. FL Macy & Co. overpaid the Government $545 for its 1934 income,
and this was refunded. . . .
The estate of George Ehret, who founded the brewery company bearing
his name, received two refunds for excess income tax paid, one of $246,408
and the other of $92,262.
To the David Belasco estate the Government returned $12,178 for
excessive estate tax paid, and to the trust fund set up by the late
William Waldorf Astor for John Jacob Astor, $57,022 was refunded.
Other prominent individuals who received refunds on their income tax
in 1934 were:
Alfred P. Sloan Jr., $26,500; David Warfield, the actor, $3,232; Mrs.
Grace Vanderbilt, $2,073; Frederick H. Ecker, President of the Metropolitan Life Insurance Co., $876 ; Frank A. Vanderlip, $516 ; Walter P.
Chrysler, $15,595; Elihu Root Jr., $1,061; Mrs. Lucy Cotton Thomas,
$4,736; Albert C. Bostwick, turfman and owner of Mate, $1,085; R. Fulton
Cutting, $10,781; William Ringsland Macy, $666.
The report also showed that the Treasury each year is admitting fewer
and fewer mistakes in original calculations. Last year's refunds compared
with a $51,484,000 total the year before.
That decrease was registered despite the first appearance on the list
of the New Deal's processing taxes on wheat, cotton and the like.
New Mexico won, hands down, the race for honors of having the fewest
refunds in 1934. Where New York's list included literally thousands of
names, New Mexico's included one-and that was only $2,170, to the estate
of Noa Ilfield.
North Dakota, Nevada and Idaho, with two each, tied for second low.
Individual names which often hit the headlines were sandwiched in
between those of lesser lights, all of them listed alphabetically and by
States in compliance with the law requiring an annual report to Congress
of all tax refunds over $500.
$580,496 of Hoarded Gold Received During Week of
Jan. 30-$41,326 Coin and $539,170 Certificates
The Federal Reserve banks and the Treasurer's office
received $580,469.39 of gold coin and gold certificates during
the week of Jan. 30, it is shown in figures issued by the
Treasury Department on Feb. 4. 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. 30,
amounted to $115,466,081.88. Of the amount received
during the week of Jan. 30, the figures show, $41,326.39
was gold coin and $539,170 gold certificates. The total
receipts are as follows:
Received by Federal Reserve BanksWeek ended Jan. 30 1935
Received previously
Total to Jan. 30 1935
Received by Treasurer's Office
Week ended Jan. 30 1935
Received previously
Gold Coin
341,326.39
29,801,809.49
Gold Certificates
5523,970.00
82,837,070 00
829,843.135.88
$83,361,040.00
259,306.00
$15,200.00
1,987,400.00
Total to Jan. 30 1935
5259,306.00
32,002,600.00
Note
-001d bars deposited with the New York Assay Office to the amount of
2200,572.69 previously reported.
Transfer of Silver to United States Under Nationalization Order-Receipts During Week Feb. 1 Totaled
134,096,Fine Ounces
Silver in amount of 134,096 fine ounces was transferred
to the United States during the week of Feb. 1 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Receipts since the order was issued and up to Feb. 1 total
112,179,398 fine ounces, it was noted in a statement issued
by the Treasury Department on Feb. 4. The order of
Aug. 9 was given in our issue of Aug. 11, page 858. In the
Feb. 4 statement of the Treasury it is shown that the silver
Feb. 9 1935
was received at the various mints and assay offices during
the week of Feb. 1 as follows:
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Ounces
534.00
84,506.00 New Orleans
750.00
43,142.00 Seattle
4,175.00
989.00
Totalfor wk.end. Feb.1'35_134,096.00
Following are the weekly receipts since the order of Aug. 9
was issued:
Week EndedAug. 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
Nov. 9 1934
Fine Ounces
33,465,091
26,088,019
12,301,731
4,144,157
3,984,363
8,435,920
2,550,303
2,474,809
2,883.948
1,044,127
746,469
7,157,273
3.665,239
Week EndedNov. 16 1934
Nov. 23 1934
Nov. 30 1934
Dec. 7 1934
Dec. 14 1934
Dec. 21 1934
Dec. 28 1934
Jan. 4 1935
Jan. 11 1935
Jan. 18 1935
Jan. 25 1935
Feb. 1 1935
Fine Ounces
336,191
261,870
86,662
292,358
444,308
692,795
63,105
309,117
535,734
75,797
62,077
134,096
Silver Received by Mints in Amount of 321,760.37 Fine
Ounces During Week of Feb. 1
During the week of Feb. 1, it is indicated in a statement
issued by the Treasury Department on Feb. 4, silver amounting to 321,760.37 fine ounces was received by the various
United States Mints from purchases by the Treasury in
accordance with the President's proclamation of Dec. 21
1933. The proclamation was referred to in our issue of
Dec. 23 1933, page 4441. It authorized the Treasury to
absorb at least 24,421,410 fine ounces of newly mined silver
annually. Receipts by the mints during the previous week
of Jan. 25 amounted to 973,304.97 fine ounces. During the
latest week the San Francisco mint received 321,144.37
fine ounces and the Denver Mint 616 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
Weak Ended1934Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
•Corrected figure.
Ounces
1.157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369,844
354,711
569,274
10,032
753,938
436,043
647,224
600,631
503,309
885,056
295,511
200,897
206,790
380,532
64,047
•1,218,247
230,491
115,217
Week EndedJuly 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept.21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dee. 21
Dec. 28
1935
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Ounces
292,719
118,307
254,458
699,757
376,504
11,574
264,307
353,004
103,041
1,054,287
620,638
609,475
712,208
268,900
826,342
359,428
1,025,955
443,531
359,290
487,693
698,729
797,206
484,278
467,385
504,363
732.210
973,305
321,760
Legislation Enacted in Nebraska to Invalidate
Gold Clauses
The signing by Governor Cochran of Nebraska of a bill
passed by the State Legislature invalidating gold clauses
in public and private contracts was noted in these columns
Feb. 2, page 723. Pointing out that the new Act holds the
clauses in contracts requiring payment in gold coin or its
equivalent to be usury and provides penalties for violations,
Associated Press accounts from Lincoln, Neb., on Jan. 30
added:
It declares also that any provision on a loan contract whereby more
dollars would be required for repayment of the principal than was specified
in the original agreement likewise shall be usuary and subject to the
penalties for that offense.
During discussion of the measure, which was first recommended by
Governor Cochran soon after he became Chief Executive, Jan. 3, some
legislators said it was intended to circumvent a possible adverse decision
by the United States Supreme Court on the National Administration's gold
clause abrogation.
The Democrats, possessing a two-thirds majority in both houses of the
Legislature, gave the Cochran proposal strong support. Following its
passage by the Senate the House added its approval to-day, 83 to 2.
The provisions of the new law were indicated as follows
In dispatches (Associated Press) from Lincoln, Jan. 31:
Any contract for the pament of money in satisfaction of indebtedness
which seeks, directly or indirectly, to prevent the debtor from discharging
Isis obligation in full in any lawful money of the United States with the
same number of dollars he originally contracted to pay, plus interest not
in excess of the maximum legal contract rate, is hereby declared to constitute usury, the same as if the contract sought to bind the debtor to pay
more than the minimum legal rate of interest.
All such contracts are hereby declared contrary to public policy and
usurious and in any action therefor the plaintiff shall only recover the
same number of dollars in any lawful money of the United States as the
number of dollars contracted for at the time the original contract was
entered into, plus interest not exceeding the maximum legal contract rate
and costs and no more.
Volume 140
Financial Chronicle
In the same accounts it was stated:
Although his measure does not mention gold clauses, the Governor said
it was designed to circumvent a possible decision of the Supreme Court
adverse to the Roosevelt Administration.
Great Britain Accumulates Gold
A wireless message, Jan. 25, to the New York "Times"
said:
There is nothing at all remarkable in the fact that London appears to
have an endless supply of gold upon which to draw in occasions like the
present. Gold imports into Great Britain in 1934 exceeded exports by
£134,000,000.
This gold is held privately, with foreign banks controlling a large
quantity. Hoarding continues on an extensive scale, but much gold has
been bought as a speculation because of the prevalence of the view that,
whatever happens eventually regarding international stabilization of currencies, gold is more likely to rise than to fall in value.
RecordiGoldProduction in New South Wales
Record gold production in New South Wales, Australia,
during 1934 is reported to the Commerce Department by
Trade Commissioner E. C. Squire, Sydney, according to an
announcement by the Department on Feb. 4, which said:
The total output of gold during the year is estimated to have amounted
to approximately 34,200 ounces, valued at £291,000 in Australian currency. This is the highest yield for New South Wales since 1921, the report
points out, and is approximately 5,000 ounces, or £42,000, in excess of
the 1933 yield. Reports indicate, Trade Commissioner Squire states, that
the gold output would be further increased in the current year.
Preliminary official figures show that total mineral production in New
South Wales during the past year was valued at approximately £9,900,000,
an increase of more than £1,000,000 compared with the yield for 1933.
Presidentjtoosevelt Defends Extension of Automobile
_. Code in Letter to A. F. of L. Counsel—Union
Leaders Criticize Donald R. Richberg
President Roosevelt on Feb. 5 made public correspondence
with Charlton Ogburn, counsel for the American Federation
of Labor, in which the President took full responsibility for
the extension of the code for the automobile industry. In
defending the Automobile Labor Board against union
charges that it had ordered plant elections without the consent of organized labor, the President pointed out that it
had been appointed by the Government as a result of the
threatened automobile strike in 1934. Therefore, he said,
the Board was "created for the benefit of all employers and
employees in the industry and to prevent discrimination
against any employee who exercised his right freely to
designate his representative for collective bargaining." To
Impair the power of the Board to conduct elections, the
President said, would place the Government "in the position
of preventing the employees from voting instead of fulfilling its promise to afford them a fair opportunity to
exercise this right."
Extension of the automobile code on Jan. 31 was described
In our issue of Feb. 2, page 740. John L. Lewis, President
of the United Mine Workers, commenting on the recommendation by Donald It. Richberg, Executive Director of the
National Emergency Council, that the automobile code be
extended, said on Feb. 2 that Mr. Richberg was "a traitor
to labor." Mr. Richberg replied on Feb. 2 that the attack
was unimportant and amounted "to the demand that as a
public official I should put subservience to the policies of a
particular labor organization above loyalty to the Government and to my conception of the public interest."
William Green, President of the American Federation of
Labor, issued a statement on Feb. 3 in which he assailed
Mr. Richberg, and asserted that In recommending extension
of the automobile code he had "decided to be subservient
to the automobile manufacturers."
President Roosevelt's action in publishing his correspondence with Mr. Ogburn was made on the same day that the
Executive Council of the A. F. of L. had voted to ask the
President for a conference at which they could give him a
"vote of confidence." The letter from Mr. Ogburn, which
elicited the President's reply, Is given below:
Jan. 28 1935.
Dear Mr. President: You are acquainted with the reasons for the withdrawal by the American Federation of Labor from the automobile settlement of March 25 last. These reasons were made clear to you in a letter
sent to you at Hyde Park, Sapt. 11 1934, by William Green, President of
the A. F. of L., with the accompanying resolutions adopted Aug. 31 by the
National Council of Automobile Workers. The reasons for this withdrawal
were given you in my letter to you of Dec. 19 and were reiterated in the
public announcement made by Mr. Green through the press on the 24th inst.,
which had heretofore been withheld.
You are thus familiar with our construction of the settlement of March 25,
which is that this was an agreement between the parties to the controversy
then threatening a strike, to wit, the automobile manufacurers and the
A. F. of L. Your successful mediation of this controversy resulted in the
announcement by you of the terms of settlement accepted by both sides, one
of the terms of which included the appointment of the Board with
limited jurisdiction—one a labor representative, another an industry repre-
891
sentative, and a neutral Chairman, all to be appointed by the National
Recovery Administration.
The labor representative was selected by the A. F. of L. labor unions, as
parties to the agreement, the industry member by the manufacturers, as
parties to the agreement, and the Chairman was designated by the NRA.
The announcement of the settlement made by you and the appointment
of the Board were not done under your Executive Order.
An analogy is found in many union contracts with employers under
which both sides agree to leave unsettled issues to an Arbitration Board
composed of one member representing the union, one representing the employer, and an impartial Chairman to be appointed by a Federal District
Judge, who, if he accepts the task, thus becomes responsible for the
appointment. Such an Arbitration Board, however, is not a Judicial
Board or creature of the court.
You are thoroughly familiar with our view that since this agreement
was without duration of time, either party could withdraw by giving notice
to the other party. Before the ending of the agreement by such withdrawal all decisions and rulings of the Board within its jurisdiction are
binding on the two parties.
This withdrawal is in no sense an abrogation of the agreement, but is a
perfectly legal manner of ending it. Had the agreement been for a fixed
duration of time we would have necessarily awaited the expiration date.
The Automobile Labor Board thus had no legal status except under
this agreement of the two parties. The withdrawal of one party from
the agreement, thus bringing the agreement to an end, naturally terminates
the existence of the Board.
During the period of uncertainty pending the public announcement of
the withdrawal of the A. F. of L. from this settlement, serious controversies under Section 7-A of the Recovery Act have been accumulating in
the automobile industry, some of them in their nature outside of the
limited jurisdiction of the Automobile Labor Board. These issues are
pressing for settlement; some are in an acute stage. The automobile labor
problem is to-day by far the most serious labor problem in America. The
facts adduced by the recent NRA investigation of the automobile industry
under your order demonstrates this fact.
Automobile workers have the same rights as all other workers in coded
industries to self-organization guaranteed them in Section 7-A of the
Recovery Act, and to have their controversies under Section 7-A submitted
to the National Labor Relations Board for investigation and findings of
fact, pending a determination by you of whether a special impartial Board
should be appointed for the automobile industry with full powers. The
exercise of this jurisdiction by the NLRB will, I am sure, relieve the
present tension, which is extremely grave.
Mr. Green's statement and any letter to you of Dec. 19, regarding the
disappointing record of the Automobile Labor Board and its unwarranted
ordering of elections among employees without the consent and against the
wishes of organized labor, make it clear why the personnel of this Board,
regardless of other factors, render it completely unacceptable to organized
labor.
Respectfully,
CFIARLTON OGBURN,
Counsel American Federation of Labor, Federal Labor Unions.
The President,
The White House, Washington, D. C.
President Roosevelt's reply, as made public Feb. 5,
follows:
My dear Mr. Ogburn: Your letter of Jan. 28 and communications along
the same line, to which you refer, place a construction upon the creation,
powers and functioning of the Automobile Labor Board, with which I
cannot agree. The Board was established by the Government and not as a
board of arbitration, created by the parties to an agreement.
There was in March 1934 the possibility of a strike in this industry,
arising out of controversies particularly concerning the right of employees
to organize freely for collective bargaining. The "principles of settlement" at that time recognized not only the possibility but the probability
that groups of employees in this industry might choose different representatives of organizations to act in their behalf. Provision was made
for the NRA to set up a "board responsible to the President of the United
States," and in the "principles of settlement" it was stated that "the
Government makes it dear that it favors no particular union or paricular
form of employee organization or representation."
The Board established by the Government was, therefore, created for
the benefit of all employers and employees in the industry and to prevent
discrimination against any employee who exercised his right freely to
designate his representatives for collective bargaining.
The Board so established is responsible to the President, and it is for
the President to determine whether the Board is fulfilling its duties and
how long the existence of the Board should be continued. The Board was
not established in the code; but it will be noted that the authority under
which the Board and the code were both established expires June 16 1935.
In the original creation of the Board there was no provision for the
nomination of members of the Board by any one, and in accepting advice,
or giving to persons an opportunity to suggest selections, the Government
did not give to any one a right to name members or otherwise to determine
the membership of the Board.
At the present time the Board is not only functioning to prevent discrimination against employees and otherwise to carry out the purposes of
its creation, but it is engaged also in the very important work of holding
elections, whereby through secret ballot, under Government supervision, all
employees are being given a full and fair opportunity to designate their
representatives, choosing them either as individuals, or as representatives
oi a labor organization. The result of these elections must be to provide
for the first time conclusive evidence of how and by whom the employees
desire to be represented.
When these elections are completed the freely chosen representatives of
the employees will be able to associate themselves together to bargain
collectively or otherwise to represent the interests of their constituents.
Thereby, both the employers and the Government will be able to determine
the wishes of the employees and will be assured that those who claim to
represent the employees and their wishes are, in fact, their duly designated
and authorized representatives.
Under these circumstances it would seem that any organization of employees in this industry or any organization claiming to represent such
employees would avail itself fully of the opportunity to establish the
authentic character of its representation.
From the reports of recent balloting in the elections now being held it
appears clearly that all but a very small percentage of the employees are
availing themselves of this opportunity. If the Government should, at this
time, annul or impair the power of the Automobile Labor Board to
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Financial Chronicle
conduct these elections it would be placed in the position of preventing
the employees from voting instead of fulfilling its promise to afford them a
full and fair opportunity to exercise this right.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
We also quote from a Washington dispatch of Feb. 2 to
the New York "Herald Tribune" regarding the charges made
by union leaders against Mr. Richberg:
Mr. Lewis assailed the "right-hand adviser" of President Roosevelt during
a hearing on the Black 30-hour week bill, a measure opposed by the
Administration, before a subcommittee of the Senate Judiciary Committee,
headed by Stnator M. M. Neely, Democrat, of West Virginia. . . .
Coming oS the heels of the action of the Executive Committee of the
American Federation of Labor, criticizing renewal of the automobile code
and charging Mr. Richberg with being "out of sympathy with the aims
and purposes of labor," the Lewis denunciation was recognized as accentuating the fact that organized labor has broken with the Roosevelt Administration. . . .
The attack of Mr. Williams, ratified through action of the Executive
Council of the A. F. of L., now in session here, was based directly on his
position in the tobacco industry as President of the R. J. Reynolds Tobacco
Co. It was made in connection with the adoption of a program of five
points in opposition to the tobacco industry's code now before the President, covering cigarettes, smoking tobacco, chewing tobacco and products
other than cigars.
It Was made by I. M. Ornburn, speaking for the Allied Trades Tobacco
Council, who demanded an end of the influence of S. Clay Williams in
tobacco code affairs as long as he is a member of the NRA Board.
Feb. 9 1935
States of Albanian parentage. The treaty with Sweden,
as quoted in the New York "Times" of February 7, exempts
"persons possessing the nationality of both parties who
habitually reside in the territory of one of them and who
are in fact most closely connected with that party from all
military obligations in the territory of the other party."
States to Abolish Consulate General in Moscow
and Reduce Embassy.Personnel
Secretary of State Cordell Hull on Feb. 6 announced
that the United States would abolish the Consulate General
established in Moscow last March, withdraw the acting
naval and air attaches, and reduce the personnel of the
embassy. This action follows the collapse of debt and
claim negotiations between the United States Government
with the Soviet Russian Government to which reference
was made in our Feb. 2 issue, page 716.
Despite an initial appropriation by Congress last year
for the construction of an embassy building, it was believed
that the project will be definitely abandoned. Earlier
plans for the establishment of consulates in Leningrad and
Vladivostok and other parts of Russia also have been deReference to Mr. Green's statement of Feb. 3 was con- ferred, it was reported in a Washington despatch of Feb. 6
tained in a Washington dispatch of that date to the "Herald to the New York "Times."
William C. Bullitt will return to Moscow as Ambassador,
Tribune," which, in part, said:
it is indicated. The United States has adopted a policy of
Mr. Green's statement to-night, although dealing with the dispute which
has arisen directly out of the Administration's extension of the automobile
refusing to grant Government credits to Russia, as a result
code despite determined opposition from the A. F. of L., reflected sharply
of the debt and claims settlement failure. On his part, M.
growing discontent in trade union circles over Administration policies.
Litvinoff, Soviet Foreign Minister, has indicated that
Mr. Green Criticizes 40-Hour Week
Russia does not now need the credits. Debts and claims
Holding that the 40-hour week, which is about the average established
settlements first broke down when Russia demanded a loan
under the codes, has failed to take up the unemployment slack to a very
large degree or to create sufficient buying power, Mr. Green said:
equal to the amount of her preferred cash payment of
"Economic and industrial necessity require the reduction in the work day
$100,000,000, as well as an equal amount of credits.
and work week to create additional work opportunities for those who are
United
being constantly displaced through the introduction of machinery and an
enlarged use of electric power.
"Notwithstanding the existence of these economic facts the large bulk of
the employers of the nation continue to resist any and all attempts to distribute the amount of work available to create enlarged work opportunities
for the millions who are Idle by reducing work hours and work days."
President Roosevelt Signs Bill Amending Second
Liberty Bond Act—New Legislation Increases to
$45,000,000,000 the Treasury's Borrowing Power—
Provides for Issuance of "Baby Bonds"
On Feb. 4 President Roosevelt signed the bill increasing
to $45,000,000,000 the Treasury's borrowing power. As
President Roosevelt Says S. Clay Williams Has Renwas indicated in these columns Feb. 2, page 726, the bill
dered "Devoted, Impartial" Service as Head of
NIRB—Letter to William Green Refuses Demands passed the House on Jan. 25 and the Senate on Jan. 30.
Provision is made in the newly enacted measure for the
for Dismissal
S. Clay Williams has rendered "a devoted, impartial ser- issuance, through.the Postal service or otherwise, of so-called
vice which fully justifies his selection" as Chairman of the "baby bonds"—to be known as "United States Savings
National Industrial Recovery Board, President Roosevelt Bonds"—to be issued in denominations as low as $25 and to
said in a letter dated Dec. 21 and addressed to William be sold on a discount basis. President Roosevelt is to be
Green, President of the American Federation of Labor. The the first purchaser of the new type of bonds, the first offerPresident's letter, made public at the White House on Feb.6, ing of which is scheduled for March 1. Secretary Morgenwas in reply to a demand from Mr. Green that Mr. Williams thau will handle the initial sale to the President and the
be dismissed, in accordance with a resolution adopted by transfer will be conducted with special ceremonies.
A tentative price range of $75 to $78 for a 10-year bond
the Federation at its recent convention in San Francisco.
maturing at $100 has been set by the Treasury for its first
The President's letter is given herewith:
issue of "baby bonds" it was stated in Associated Press
The White House, Washington, Dec. 211934.
Personal:
dispatches from Washington, Feb. 7, which added:
Dear Bill: I think it is perhaps best that I should not reply officially to
the resolution and action of the convention of the American Federation of
Labor in regard to the appointment of Mr. Clay Williams. There is no need
for any controversy over the resolution or in regard to a number of inaccuracies of fact and conclusion in the resolution.
As you know. I appointed Clay Williams after real consideration of all
the public and private interests affected and on the basis of my personal
knowledge of his qualifications. Since his appointment he has rendered a
devoted, impartial service which has fully justified his selection. I think
that as time goes on the Federation will agree with me on all of this.
Always sincerely,
FRANKLIN D. ROOSEVELT.
Hon. William Green, President, American Fedetation of Labor,
Washington, D. C.
Senate Ratifies Eight Treaties, Including Six Pacts
Covering Extradition Questions—Two Deal with
War Service Exemptions
The Senate on Feb. 6 ratified eight treaties with foreign
Nations. One was an extradition treaty with Iraq, five
were supplementary extradition pacts with Bulgaria, Estonia, Switzerland, Latvia and San Marino, and two, with
Albania and Sweden, provided certain exemptions for military service. The treaty with Albania was signed on Apr.
5, 1932, that with Sweden on Jan. 311933, and the others
since last June.
The treaty with Iraq lists the usual crimes subject to extradition action in treaties of this type. The extradition
treaties with the other countries, however, were supplementary in nature, adding fraudulent bankruptcy to the list
of extraditable offenses. The Albanian treaty exempts
from military service in Albania naturalized Americans
during a stay in Albania and persons born in the United
In making the announcement, Under Secretary T. Jefferson Coolidge
said that a price of $75 would yield 2.9% interest on a 10
-year maturity,
while the higher price would net a return of 2.5%.
Mr. Coolidge held the view the bonds would not be eligible as collateral
at commercial banks as they did not enjoy the transfer privilege. Ile
said, however, that they would be readily negotiable at commercial banks
as well as Federal Reserve banks and all local agencies of the Government.
The amount of the first "baby bond" issue was not disclosed at the
Treasury.
In a Washington dispatch Feb. 4 to the New York"Times"
it was stated:
Post Office to Safeguard Bonds
Every safeguard will be erected in marketing the new "baby bonds"
by the Treasury to secure the investors from loss. Post offices will provide
facilities for the safekeeping of the bonds of those who have no safety
deposit boxes.
The provisions of the bill increasing the amount of securities of all types
which the Treasury may have outstanding at any one time fixes the total
for bonds at $25,000,000,000.or about$11,500,000,000 more than at present.
A general limitation of $20,000,000,000 is placed on the maximum outstanding total of notes, certificates of indebtedness and Treasury bills.
the shorter term securities. The same total was previously in force, but
with the restriction that the maximum of notes outstanding should not
exceed 510,000,000,000 and that the same limitation should apply to
outstanding certificates and Treasury bills.
The following is the text of the bill as passed by Congress
and signed on Feb. 4 by President Roosevelt:
AN ACT to amend the Second Liberty Bond Act, as amended, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the Second Liberty Bond Act, as
amended, is further amended as follows:
The first paragraph of section 1 is amended to read as follows:
"The Secretary of the Treasury, with the approval of the President, is
hereby authorized to borrow,from time to time, on the credit of the United
States for the purposes of this Act, to provide for the purchase, redemption,
or refunding, at or before maturity, of any outstanding bonds, notes,
certificates of indebtedness, or Treasury bills of the United States, and
Volume 140
Financial Chronicle
to meet expenditures authorized for the national security and defense and
other public purposes authorized by law, such sum or sums as in his judgment may be necessary, and to issue therefor bonds of the United States:
Provided, That the face amount of bonds issued under this section and
section 22 of this Act shall not exceed in the aggregate $25,000,000,000
outstanding at any one time."
Sec. 2. The first sentence of subsection (a) of section 5 is amended to
read as follows: "In addition to the bonds and notes authorized by sections
1, 18, and 22 of this Act, as amended, the Secretary of the Treasury is
authorized, subject to the limitation imposed by section 21 of this Act,
to borrow from time to time, on the credit of the United States, for the
purposes of this Act, to provide for the purchase, redemption, or refunding, at or before maturity, of any outstanding bonds, notes, certificates of
indebtedness or Treasury bills of the United States, and to meet public
expenditures authorized by law, such sum or sums as in his judgment may
be necessary, and to issue therefore (1) certificates of indebtedness of the
United States at not less than par (except as provided in section 20 of this
Act, as amended) and at such rate or rates of interest, payable at such
time or times as he may prescribe; or,(2) Treasury bills on a discount basis
and payable at maturity without interest."
Sec. 3. Section 5 is further amended by striking out the final sentence
of subsection (a) thereof, reading as follows: "The sum of the par value of
such certificates and Treasury bills outstanding hereunder and under
section 6 of the First Liberty Bond Act shall not at any one time exceed
In the aggregate $10,000,000.000."
Sec. 4. Subsection (a) of section 18 is amended to read as follows:
"In addition to the bonds and certificates of indebtedness and warsavings certificates authorized by this Act and amendments thereto, the
Secretary of the Treasury, with the approval of the President, is authorized, subject to the limitation imposed by section 21 of this Act, to borrow
from time to time on the credit of the United States for the purposes of this
Act, to provide for the purchase, redemption, or refunding, at or before
maturity, of any outstanding bonds, notes, certificates of indebtedness, or
Treasury bills of the United States, and to meet public expenditures authorized by law, such sum or sums as in his judgment may be necessary and to
issue therefor notes of the United States at not less than par (except as
provided in section 20 of this Act, as amended) in such form or forms and
denomination or denominations, containing such terms and conditions, and
at such rate or rates of interest, as the Secretary of the freasury may prescribe, and each series of notes so issued shall be payable at such time not
less than one year nor more than five years from the date of its issue as
he may prescribe, and may be redeemable before maturity (at the option
of the United States) in whole or in part, upon not more than one year's
nor less than four months' notice, and under such rules and regulations and
during such period as he may prescribe."
Sec. 5. The Second Liberty Bond Act, as amended, is further amended
by adding a new section, as follows:
"Sec. 21. The face amount of certificates of indebtedness and freasury
bills authorized by section 5 of this Act, certificates of indebtedness authorized by section 6 of the First Liberty Bond Act, and notes authorized by
section 18 of this Act shall not exceed in the aggregate $20,000,000.000
outstanding at any one time."
Sec. 6. The Second Liberty Bond Act, as amended, is further amended.
by adding a new section, as follows:
"Sec. 22. (a) The Secretary of the Treasury, with the approval of the
President, is authorized to issue, from time to time, through the Postal
Service or otherwise, bonds of the United States to be known as "United
States Savings Bonds." The proceeds of the savings bonds shall be available to meet any public expenditures authorized by law and to retire any
outstanding obligations of the United States bearing interest or issued on
a discount basis. The various issues and series of the savings bonds shall
be in such forms,shall be offered in such amounts within the limits of section
1 of this Act, as amended, and shall be issued in such manner and subject
to such terms and conditions consistent with subsections (b) and (c) hereof,
and including any restriction on their transfer, as the Secretary of the
Treasury may from time to time prescribe.
"(b) Each savings bond shall be issued on a discount basis to mature
not less than ten nor more than twenty years from the date as of which
the bond is issued, and provision may be made for redemption before
maturity upon such terms and conditions as the Secretary of the Treasury
may prescribe: Provided, That the issue price of savings bonds and the
terms upon which they may be redeemed prior to maturity shall be such
as to afford an investment yield not in excess of three per centum per
annum, compounded semiannually. The denominations of savings bonds
shall be in terms of their maturity value and shall not be less than $25.
It shall not be lawful for any one person at any one time to hold savings
bonds issued during any one calendar year in an aggregate amount exceeding $10,000 (maturity value).
"(c) The provisions of section 7 of this Act, as amended(relating to the
exemptions from taxation both as to principal and as to interest of bonds
issued under authority of section 1 of this Act, as amended), shall apply
as well to the savings bonds; and, for the purposes of determining taxes
and tax exemptions, the increment in value represented by the difference
between.the price paid and the redemption value received (whether at or
before maturity) shall be considered as interest. The savings bonds shall
not bear the circulation privilege.
"(d) The appropriation for expenses provided by section 10 of this Act
and extended by the Act of June 16, 1921 (U. S. C., title 31, secs. 760 and
761), shall be available for all necessary expenses under this section; and
the Secretary of the Treasury is authorized to advance, from time to time,
to the Postmaster General from such appropriation such sums as are shown
to be required for the expenses of the Post Office Department,in connection
with the handling of the bonds issued under this section.
"(e) The board of trustees of the Postal Savings System is authorized
to permit,subject to such regulations as it may from time to time prescribe,
the withdrawal of deposits on less than sixty days' notice for the purpose of
acquiring Savings Bonds which may be offered by the Secretary of the
Treasury; and in such cases to make payment of interest to the date of
withdrawal whether or not a regular interest payment date. No further
original issue of bonds authorized by section 10 of the Act approved June
25, 1910 (U. S. C., title 39, sec. 760), shall be made after July 1, 1935.
"(f) At the request of the Secretary of the Treasury the Postmaster
General, under such regulations as he may prescribe, shall require the
employees of the Post Office Department and of the Postal Service to
perform, without extra compensation, such fiscal agency services as may
be desirable and practicable in connection with the issue.dellvery, safekeeping, redemption, and payment of the savings bonds."
Sec. 7. Section 1126 of the Revenue Act of 1926 is amended by adding
at the end thereof the following: "In order to avoid the frequent substitution of securities such rules and regulations may limit the effect of this
section, in appropriate classes of cases, to bonds and notes of the United
States maturing more than a year after the date of deposit of such bonds
as security. The phrase 'bonds or notes of the United States' shall be
deemed,for the purposes of this section, to mean any public-debt obligations
of the United States and any bonds, notes, or other obligations
893
which are unconditionally guaranteed as to both interest and principal by the
United States."
Nominations of Members of FCC Confirmed by Senate
The Senate on Feb. 7 confirmed the appointments as
members of the Federal Communications Commission made
by President Roosevelt on June 30 last. No action was taken
by the Senate on the appointment of Hampson Gary, of
Texas, inasmuch as he withdrew as an appointee. Mr.
Gary's term, which was for one year from July 1 1934, has
since been filled by Anning S. Prall, of New York; the Senate
confirmed Mr. Prall's appointment on Jan. 15. Those confirmed by the Senate on Feb. 7 are:
Eugene 0. Sykes of Mississippi, Chairman,seven-year term;
Thad H. Brown of Ohio, six-year term;
Paul Walker of Oklahoma,five-year term;
Norman Case of Rhode Island, four-year term;
Irvin Stuart of Texas, three-year term, and
George Henry Payne of New York, two-year term.
The appointment of the members of the FCC by President
Roosevelt last June was referred to in our issue of July 7 1934,
page 52.
House Committee Approves Resolution Calling for
Investigation by FCC of American Telephone &
Telegraph Co.
On Feb. 7 the House Committee on Inter-State Commerce
approved a resolution authorizing an investigation of the
American Telephone & Telegraph Co. by the Federal
Communications Commission. Associated Press advices
from Washington Feb. '7 reporting this:
The measure, by Committee Chairman Rayburn, Democrat, of Texas,
would direct the Commission to look into the reasons for what was termed
the general failure to reduce telephone rates and charges during the years
of declining prices.
It also would investigate the effect of monopolistic control upon the
reasonableness of telephone rates and charges, upon methods of competition
with independent telephone companies and upon the character of service
given.
While the resolution mentioned the A. T. & T. specifically. It would
permit investigation of all other companies engaged in telephone communication in inter-state commerce. Including all companies related to any of
them through holding concerns.
The resolution was drafted with a view to obtaining information to "aid
in providing more effective rate regulation." Similar legislation is before
the Senate.
Administration's "Banking Act of 1935"—Proposals
Would Broaden Powers of Federal Reserve Board—
Posts of Chairman and Governor of Reserve Banks
Would Be Merged—Changes in Open Market
Committee Proposed and Provision Made for
Real Estate Loans by National Banks—FDIC
Amendments
Wider powers than at present would be conferred on the
Federal Reserve Board in proposals embodied in the Administration's "Banking Act of 1935," the provisions of
which were made public this week. Reference to the fact
that a definite, legislative program affecting banking in
general and the Federal Reserve System was in the making
by the Administration was indicated in our issue of a week
ago, page 730, in which conferences in the matter between
President Roosevelt and Treasury heads were noted. The
draft legislation, said the Washington correspondent of
the New York "Journal of Commerce" was sent to the
Senate and House Banking Committee chairmen at the
President's direction, and immediately introduced in
the House by Representative Steagall. Mr. Roosevelt's
promised reform in the Federal Deposit Insurance assessments form part of the proposals and the other provisions
suggested, says the paper quoted, and asks also that provisions would provide a direct tie-in of Federal Reserve
activities with the Federal Reserve Board and the Treasury.
As the Senate had adjourned early on Feb. 4 the submission
of the bill by Senator Fletcher was delayed until Feb. 6.
President Roosevelt's letter transmitting the draft of the
legislation to Senator Fletcher and Representative Steagall,
Chairmen, respectively, of the Senate and House Banking
Committees, follow:
THE WHITE HOUSE
Washington, Feb. 4 1935
Chairman: I have had a number of conferences regarding
Medear Mr.
three banking matters which are to some extent inter-related and which
affect the Federal Deposit Insurance Corporation, the Federal Reserve
System and the office of the Comptroller of the Currency. I have discussed these matters with Mr. Leo T. Crowley, Chairman of the Federal
Deposit Insurance Corporation; Mr. Marriner S. Eccles, Governor of
the Federal Reserve Board, and Mr. J. F. T. O'Connor. Comptroller of
the Currency. I have asked the representatives of the various departments and agencies afiected to give consideration to the matters discussed.
For the information of your Committee, they have prepared a tentative
draft of legislation and I am asking the gentlemen named to give the
benefit of the results of their discussions to you as Chairman of the Banking
and Currency Committee of the Senate.
894
Financial Chronicle
I shall be glad to have you call them before your Committee for further
information if you desire.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Incident to the newly-drafted proposals, a Washington
account Feb. 5 to the New York "Times" said:
Representative Steagall, who introduced the bill in the House,. . was
pleased with the bill as it stood, he said. Senator Fletcher saw an "improvement over the existing situation," and "some very good features"
.
In the bill, which he finished reading at 2 a. m. to-day. . .
Questioned as to whether he thought the bill would allow undue currency expansion, Senator Fletcher said that the Federal Reserve Board
would be "given more power" over money. When asked if he meant
that the Board's control would be "more flexible" and include "up and
down" features, he replied affirmatively.
The proposed measure fixed a definite liability for members
of the Federal Deposit Insurance Corporation by setting
a maximum limit of assessment of 1-12th of 1% of total
deposits to replace the present 1% obligatory stock subscription of total deposits with liability for repeated assessments thereafter. A lower rate may be fixed for mutual
savings banks, it was noted in Associated Press advices
from Washington Feb. 4, which also said:
The temporary insurable maximum of $5.000 would be continued in
the new bill and banks not members of the Federal Reserve System would
be permitted to withdraw from insurance after notice to theirsdepositors
and to the Insurance Corporation.
At his press conference on Feb. 6 President Roosevelt is
reported as having described the new bill as intended to
outline the general objectives of the Administration. With
the introduction of the bill in the Senate by Senator Fletcher
on Feb. 6 it was referred to his Committee on Banking
and Currency. No further disposition of the bill will be
made until the group meets, probably not before next
Tuesday (Feb. 12), said a dispatch from Washington Feb. 6
to the New York "Herald Tribune" which likewise said:
Henry B. Steagall, Chairman of the House Banking and Currency
Committee, however, will convene this group before the week ends to
decide how the bill should be handled. With the printing of the bill
some of the provisions which were not previously fully understood became
clarified. The text confirmed the original description that the bill would
centralize great power in the Federal Reserve Board over the currency
and credit policies of the Government.
A summary of the provisions of the bill was made public
on Feb. 4, the text of the measure being made available
with its introduction in the Senate on Feb. 6.
As to the proposed legislation, Associated Press accounts
from Washington Feb. 4 stated:
Trained observers saw in the provisions a move to vest in the Governor
of the Reserve Board and the Board itself many of the powers of a Central
Bank. . ..
The proposed measure, in short, would bestow on the Board virtually
complete supervision of the credit policies of the nation.
The old system of having the 12 Reserve banks themselves:name the
Open Market Policy Committee, which determines Federal Reserve Bank
participation in the Government bond market, would be scrapped.
In its place would be substituted a new committee, consisting of the
Governor of the Board, two Board members, and two Governors of Reserve
banks elected annually by the Governors themselves.
Another suggested change would give the Board poweriof approval
over the Governors of the 12 banks before they can be elected, a power
heretofore lacking.
The bill would abolish the position of Federal Reserve'Agent, maintained by each of the banks, and combine this office with thatlof Governor.
These agents are now appointed by the Board here and act as Chairmen
of the boards of the various banks. Appointments would be made annually by the directors.
Open Market Committee
The revised Open Market Committee would take on the additional
duties of making recommendations about discount rate policies. It
would formulate the System's open market policies, which would be binding
on the Reserve banks.
Under the present system the Open Market Committee, conceivably,
could unload the System's holdings of $2,430,000,000 of Government
securities on the market to-morrow and the Reserve Board would be
powerless to stop such action.
As a means of preventing injurious credit expansion or contraction,
the Board would be given power to change Reserve requirements as to
districts, or cities, and as to time or demand deposits.
As an inducement to get new members, the proposed measure would
waive present capital requirements for admission of any insured nonmember institution, provided all regular requirements were met. This
permission, however, would expire on July 1 1937. when all insured banks
must become Reserve members or lose their insurance.
Real Estate Loans by Member Banks
The bill also would amend the Federal Reserve Act to permit member
-year period on real estate, if made on an amortization
bank loans for a 20
basis. The permission would extend up to 75% of the value:of the property.
lBoard by deThe bill also would seek to elevate the efficiency of the
manding higher qualifications, but would Increase the salaries of future
members by $3,000 to $15,000. with compulsory retirement at the ,age
of 70 on $12,000 pension.
In return, it would be required that the Board members be "well qualified
by educating and experience, or both, to participate in the formulation of
National economic and monetary policies."
The Governor's membership on the Board would expire when he is no
longer designated as Governor by the President.
Collateral requirements of member banks for rediscount would be
broadened to take in any sound asset, subject to regulations of the Reserve
Board, and the Board also would have authority to prescribe limitations
on maturity of advances to member banks. Obligations wholly guaranteed by the Government would be eligible for purchases by the banks
without regard to maturity.
Feb. 9 1935
From the Washington advices Feb. 6 to the New York
"Herald Tribune" we take the following:
It was said in Administration quarters that the Open Market Committee
proposal actually would empower three members of the Reserve Board,
named by the President and subject to political pressure, to force the
Reserve banks to buy whatever amount of Government obligations they
decreed. Instead of open market operations being used to regulate the
flow of credit for the accommodation of commerce, industry andaagriculture, it was said, the authority could be exercised for the benefitiof
Treasury financing.
Friends of the existing Reserve system contend that such a step isithe
most objectionable in the bill. They would keep authority over open
market operations in the hands of the country's financiers, or, at any
event, divorced from political pressure and Treasury influence.
kali
The text of the bill showed that instead of the requirement that prime
commercial paper in the face of amount of currency issued must be given
as collateral for Federal Reserve notes, each Federal Reserve Bank could
issue Federal Reserve notes which would be obligations of the United
States, secured by a first and paramount lien on all of the assets of any
such Bank.
The summary of the bill as made available Feb. 4 follows.
Title I—Federal Deposit Insurance Corporation Amendments
1. Existing temporary funds are merged into the permanent insurance
plan, which becomes operative immediately upon enactment of the
"Banking Act of 1935."
2. $5,000 continues to be the maximum insurance protection for each
depositor in any bank. Trust funds are insured up to $5,000 for each
trust estate.
3. Maximum limit of assessment of 1-12th of 1% of total deposits is
substituted for obligatory stock subscription amounting to 1% of total
deposits with liability for repeated assessments thereafter. A uniformly
lower assessment may be fixed by the board of directors for mutual savings
banks.
4. Banks not members of the Federal Reserve System are permitted
to withdraw from insurance after notice to their depositors and to the
Corporation. Similarly, after adequate notice and after a hearing the
Corporation may terminate the insured status of any bank.
5. The Corporation's present right to buy assets of closed member
banks is extended until July 1 1936 to open banks when it will facilitate
mergers and avert loss. For this purpose the Corporation may also make
loans to insured banks or guarantee other insured banks against loss in
assuming liabilities of insured banks.
6. The proceeds derived from the sale of capital stock of the Corporation
may be allocated between capital and surplus in such amounts as the
board of directors may prescribe, so that in the event of losses exceeding
the proceeds of the annual assessments the Corporation will not be forced
to operate with impaired capital. Dividends on capital stock of the
Corporation are eliminated.
7. Detailed administrative and technical changes, which seem advisable in the light of the experience of the Corporation, include the
following:
(a) Certain important terms used in the Act have been defined;
(b) Mechanics of pay-offs have been revised and clarified;
(c) The Corporation is given the right to require insured banks to
maintain adequate fidelity and burglary insurance;
(d) The standards for determining whether or not banks should become insured are set forth;
(e) Insured banks not members of the Federal Reserve System are
required to make reports of conditions, and the Corporation may order
publication of such reports;
(f) Corporation approval is required before a merger or consolidation
of insured banks with non-insured banks, or before a reduction of capital
of non-member banks takes place;
(g) Other miscellaneous changes:
I. The use of the words "deposit insurance" in the name of a bank
Is prohibited;
II. Examiners of the Corporation are prohibited from borrowing from
Insured banks;
III. Criminal provisions are extended to protect all insured banks.
Title II—Federal Reserve Act Amendments
With respect to Federal Reserve Banks:
1. Combine offices of Chairman of the board of directors and Governor
at each of the Federal Reserve banks, appointments to be made annually
by the directors of the Bank, after approval by the Federal Reserve Board.
Vice-Governors are to be selected in the same manner.
2. No members of the board of a Federal Reserve Bank, except Governor
and Vice-Governor, shall hold office for more than six consecutive years.
With respect to the Federal Reserve Board:
3. Change qualifications for future appointive members of the Federal
Reserve Board by providing that they shall be persons well qualified by
education or experience, or both, to participate in the formulation of
National economic and monetary policies. The present geographical
limitation shall not apply to selection of future Governors. The Governor's
membership on the board shall expire when he is no longer designated as
Governor by the President.
4. Increase the salaries of future appointive members to $15,000 Per
annum, with compulsory retirement at 70 on $12,000 pension. Present
members to be eligible for retirement at 70. Proportionate pensions
will be allowed for service of less than 12 years.
5. The Board shall be empowered to delegate specific powers and duties
not involving the determination of National or System policies to individual members of the Board or its representatives.
IVith respect to credit control:
.
6. Change Section 12-A of the Federal Reserve Act so as to provide
for an Open Market Committee to consist of the Governor and two members of the Board elected annually by the Board, and two Governors
of Federal Reserve banks elected annually by the Governors of the Federal
Reserve banks. This Committee shall make recommendations about
discount rate policies and shall formulate the System's open market policies,
which shall be binding on the Federal Reserve banks.
With respect to collateral requirements:
7. Any sound asset of a member bank shall be eligible for discount
at a Reserve Bank, subject to regulations of the Federal Reserve Board,
and the Board shall also have authority to prescribe limitations on maturity of advances to member banks.
8. Section 14 is amended so that obligations, the principal and interest
of which are guaranteed by the United States, shall be eligible for purchase by Federal Reserve banks without regard to maturity.
9. Collateral requirements for Federal Reserve notes shall be repealed.
and the office of Federal Reserve Agent shall be abolished.
With respect to reserve requirements:
10. In order to prevent injurious credit expansion or contraction, the
Federal Reserve Board may change reserve requirements as to any or
Volume 140
Financial Chronicle
all Federal Reserve districts and(or) anyZor all classes of cities, and as
to time and(or) demand deposits.
With respect to capital requirements:
lo 11. At any time prior to July 1 1937 the Federal Reserve Board may
admit any insured non-member bank to membership in the Federal Reserve System; and may waive the capital requirements for admission:
provided that such bank shall comply with all of the regular requirements
of members within such time as the Federal Reserve Board shall prescribe.
IVith,respect to real estate loans:
12. Section 24 of the Federal Reserve Act is amended to permit loans
to be made on amortization basis for periods of 20 years and up to 75%
of value of property. The geographical limitation as to location of real
estate is removed. The aggregate amount of real estate loans plus other
real estate (except bank premises) is not to exceed 60% of time deposits
or 100% of capital and surplus, whichever is the greater. All real estate
loans are to be secured by first liens, but second and subsequent liens
may be taken to secure debts previously contracted in good faith. The
limitations of Section 21 are made applicable to State member banks.
Title ill—Technical Amendments
Section 301 exempts "accidental" holding company affiliates from
voting permit requirements where not engaged as a business in holding
bank stock.
Section 302 provides that member banks need not divorce securities
affiliates which are in formal liquidation.
Section 303 (a) makes it clear that the prohibition against security
dealers accepting deposits does not prevent banking institutions from
dealing in, underwriting, purchasing and selling investment securities to
the extent permitted to National banks and does not prevent banking
Institutions from selling mortgages without recourse. (National banks
are limited, in dealing in and underwriting, to Government obligations,
general obligations of States or political subdivisions, obligations issued
under authority of the Federal Farm Loan Act, by Federal Home Loan
Board or Home Owners Loan Corporation.) (b) Exempts business institutions accepting deposits solely from their employees, from examination and publication of reports of condition; and requires private banks
to bear expense of their examination when made by Federal authorities.
Section 304 terminates double liability of shareholders of National
banks on July 1 1937.
Section 305 corrects omission of National banks in Alaska and Hawaii
from benefit of amendment repealing law requiring directors of National
banks to increase their shareholdings.
Section 306 gives Federal Reserve Board power to control connections
of officers, directors and employees of banks with securities companies
by regulation rather than by issue of individual permits.
Section 307 (a) eliminates any question of power of member banks
to buy or sell stocks solely for the account of their customers and permits National banks to purchase for their own account investment securities
not to exceed 10% of unimpaired capital and surplus. (b) Restates
existing prohibition against National banks purchasing stock for their
own account.
Section 308 requires new National banks to have paid-in surplus equal
to 20% of capital, subject to waiver as to State bank converting into
National bank.
Section 309 eliminates possibility that present law prevents corporations other than a bank from conditioning transfer of their shares on transfer of bank stock.
Section 310 (a) permits holding company to vote to place bank in voluntary liquidation without obtaining voting permit. (b) Since shares held
by bank as sole trustee cannot be voted, same are excluded from determination whether resolution adopted by requisite number of shares. (c)
Eliminates any doubt that holding company with voting permit may
cumulate its shares as may other shareholders.
Section 311 gives Comptroller discretion to permit converting State
bank to carry over sound assets not conforming to requirements as to
assets held by National banks.
Section 312 allows Comptroller to delegate manual labor of countersigning bond transfer.
Section 313 permits National bank branches located outside United
States to charge interest rate permitted by local law.
Section 314 provides for National banks gradually increasing surplus
out of earnings, until equal to capital.
Section 315 extends criminal provisions applicable to member banks
to include insured banks.
Section 316 gives Comptroller closer supervision over banks in voluntary liquidation.
Section 317 extends present prohibition on use of word "National"
by banks other than National banks, to include combinations of such
word.
Section 318 corrects oversight by requiring member banks to reduce
stock holdings in Federal Reserve Bank upon a reduction of surplus.
Section 319 requires State member banks to publish reports of condition.
Section 320 places State member banks on parity with National banks
as regards loans on Government obligations.
Section 321 permits Federal Reserve Bank direct loans to private business to be made on adequate indorsement or security, instead of requiring
both as under present law.
Section 322. Refers to par value of FDIC stock in the "Loans
to Industry" Act changed to "Amount paid for said stock."
Section 323. (a) Authorizes Federal Reserve Board to define "deposit"
and related terms for reserve and interest requirements respecting deposits. (b) Permits amounts due from other banks to be deducted from
gross deposits, instead of amounts due to banks, in determining reserve
requirements. (c) Extends power to regulate payment of interest by
member banks to include all insured banks except mutual savings and
Morris Plan banks not members of System. (d) Requires member banks
to maintain same reserves against Government deposits as against other
deposits.
Section 324 permits waiver of reports and examinations of bank afHUMAN whore deemed unnecessary fully to disclose relationship.
Section 325 (a) extends prohibition against loans and gratuities, to
examiners of all insured banks. (b) Extends prohibition against disclosure
of confidential information to FDIC examiners. (c) Corrects impractical
features of law prohibiting loans to executive officers, by vesting certain
discretion in the Federal Reserve Board, substituting power of removal
from office for present criminal provisions, and extending time within
which existing loans must be paid.
Section 326 excepts affiliates from existing requirements on loans where
affiliation arose out of foreclosure by bank on collateral, and excludes
affiliate engaged solely in operating property acquired for bank purposes
controlled by bank in fiduciary capacity.
Section 327 exempts loans for industrial purposes made with Federal
Reserve Bank or Reconstruction Finance Corporation from existing rostrictions on real estate loans by National banks.
895
Section 328 amends Clayton Act to permit Federal Reserve Board to
supervise matter of interlocking directorates through general regulations
instead of by individual permits.
Sections 329 and 330 bring law governing consolidation of National
banks into conformity with that governing consolidations of State and
National banks, offer additional protection to dissenting shareholders,
but require notice of dissent to be given when vote to consolidate is had.
Sections 331 and 332 extend to FDIC protection now given other Federal
institutions against misleading use of name and extend to all insured
banks law making robbery of member banks a Federal offense.
A statement by Senator Carter Glass indicating that he
does not know at this time what his attitude on the bill will
be, is given under another head in this issue.
Statement by Senator Carter Glass Says He Does Not
Know What Will Be His Attitude on Administration's "Banking Act of 1935"
In a statement issued on Feb. 7, Senator Carter Glass
took occasion to answer those who have reported him as
antagonistic to the Administration's Banking Act of 1935.
In his statement, which we give herewith, the Senator says
"I do not know at this time what will be my attitude on the
bill." The statement follows:
I regard it as somewhat presumptuous in the persons who have classed
me as "in antagonism" to the Federal Administration on the 78-page banking bill just sent up to Congress to be engaged in hostile discussion of my
attitude toward a measure not a line el which I had seen nor a copy of
which I was able to obtain unti: the night after it had been sent to the
Capitol.
I have not yet had time to rd one-fifth of the bill in the most cursory
way, nor have I had time even to
:Lily printed summary of its contents.
I do not know at this C! me wnat will be my attitude on the bill when it shall
have beer cousidere,„ and it is rather impertinent for certain other persons
to be assuming to state my attitude for me as a prelude to unfriendly
criticism.
As to the alleged assertion from one source that I have been proceeding on "undeserved prestige," I may say that whatever prestige, if any. I
may have, it was not gotten by using my position as a member of a Banking and Currency Committee of either House of Congress to gamble in
foreign exchange with a prison convict partner, nor in any attempt to influence the action of Federal Reserve authorities for my own pecuniary
benefit.
As to the authorship of the Federal Reserve Act, I cannot see that that
fact is particularly pertinent at this time, but I am perfectly content to
rest that matter with the "Congressional Record" itself, and upon the
statements of outstanding persons intimately associated with the circumstances of the time.
Increase of $1,500,000,000 in Bond Issue of HOLC
Proposed in Administration Bill Introduced in
Congress—Would Amend Also National Housing
Act
Under bills introduced in Congress by chairmen Duncan
U. Fletcher, of the Senate, and Henry B. Steagall, of the
House banking committees, an increase is proposed of
$1,500,000,000 (or from $3,000,000,000 to $4,500,000,000)
in the authorized bond issue of the Home Owners Loan
Corporation. Regarding the newly introduced legislation
the Washington correspondent of the New York "Journal of
Commerce" on Feb. 7, said in part:
Receipt of this bill, which proposed amendments to both the Home
Owners' Loan Act and the National Housing Act, had the effect of delaying
action on the Roosevelt Banking Act of 1935. . . .
Chairman Stegall of the House Banking and Currency Committee announced to-day that the home loan housing amendments would be taken
up first foe consideration. There is more popular interest in this newer
measure than in the highly technical Banking Act, which does not reach
down to the man on the street.
Larger Sum Favored
The Administration had considered that an increased authorization of
$1,250,000,000 would be sufficient to meet the needs for refinancing home
mortgages, as indicated by the acceptable applications now on file, but
members of Senate and House committees suggastod that the larger sum
be provided to take care of some of the "twilight" cases. . . .
In the newly presented legislation it is proposed to extend from 10 years
to 20 years the period during which insured institutions created under the
National Housing Act are required to build up their maximum reserves and
permitting them to pay dividends in any one year when losses are chargeable to reserves, if such are approved by the Insurance Corporation. Purpose of this is toimake insurance easier to carry and to enable insured institutions to lend at lower rates.
Annual Premium Cut
The annual premium to be charged by the Insurance Corporation would
be reduced from ono
-fourth of 1% to one-eighth of 1%,a similar reduction
being proposed in the amount of the additional assessment, to be based
on the total amount in insured accounts, plus creditor obligations. This
also is done for the purpose of reducing insurance costs and rates.
The Insurance Corporation mould be empowered to make loans to, by
the assets of, or make a contribution to an insured institution, in its discretion, to prevent defaults.
Under another amendment, the Federal Housing Administration would
be permitted to insure not only $2,000 advances on ordinary property,
but also to insure up to 850,000 advances for financing alterations, repairs
and improvements upon apartment houses, hotels, office buildings, hospitals, commercial buildings, manufacturing and industrial plants, including
installation of new permanent equipment and machinery. Purpose of this
amendment is to enable the Administrator to promote work on largo
buildings.
Plan to Cut Capital of National Mortgage Associations
The required capital of national mortgage associations would be reduced
from $5,000,000 to $2,000,000 to make it easier t)organize such associations. They also would be authorized to issue debentures up to 15 times
the aggregate par value of outstanding capital stock, instead of the present
limit of 10 times such value.
896
Financial Chronicle
An effort is being made to give the Secretary of Treasury and Director of
the Budget supervisory control over the expenditures of the Home Owners'
Loan Corporation, Federal Savings & Loan Insurance Corporation and
Federal Housing Administration. A similar effort in respect of the Reconstruction Finance Corporation was defeated by Congress.
Amendments proposed to be made in the Home Owners Loan Act are in
part as follows:
Mortgages on four-family, instead only of three-family houses, would be
made eligible as collateral in Federal Home Loan Banks.
Dividend on Federal Home Loan Bank stock would be permitted without
preference as a means of encouraging small banks to lend money at lower
rates and induce member institutions to lend more money and at lower
rates.
To reduce operating expenses, bank directorates would be reduced from
11 to 9 mem ]ers, and three of these, instead of two, would be named by
the Government agency.
The Federal Home Loan banks would be authorized to make long term
loans on Government obligations and obligations guaranteed by the Government, as well as on mortgage collateral, to encourage member institutions
to borrow on Home Owners Loan Corporation bonds on long terms for
relending.
It is proposed to increase by $4100.000,000 to a total of $400,000,000 the
amount which may be used for repairs and improvements.
The corporation would be enabled to expedite normal mortgage lending
by providing cheaper money for the loan banks than can be obtained in
the market and by encouraging the development of thrift associations. It
would be authorized to buy loan bank bonds or debentures or Federal
Savings & Loan Association shares with a fund of $250,000,000 to be made
available for that purpose.
Feb. 9 1935
7. There will be rigid control of intercorporato relations.
8. Necessary reorganization of holding companies is to be under general
administrative control.
United States Supreme Court Sustains Pennsylvania
Fuels Tax Act as Applied to Oil Shipped From Delaware to Pennsylvania
The Pennsylvania liquid fuels tax act of 1931 was sustained
on Feb. 4 by the United States Supreme Court as applied to
oil shipped by the Wiloil Corporation from Wilmington, Del.,
to Pennsylvania. Advices to this effect were contained in the
Philadelphia "Record" of Feb. 5, which also said:
The validity of the act was challenged by the Wiloil Corp., of Pittsburgh,
formerly the Willock Oil Corp. It contended the State was attempting to
tax oil in Inter-State shipment.
It asserted the shipments into Pennsylvania were from Its plant at Wilmington,and that Pennsylvania could tax the oll only after it had come Into
possession of the purchaser.
Federal Court Upholds Secretary of Agriculture Wallace
in Reducing Livestock Commission Rates 20%
A Federal Court in Chicago on Feb. 2 upheld the action of
Secretary of Agriculture Wallace in ordering a 20% reduction
in livestock commission rates, and ordered the dismissal of
a suit filed by 157 livestock commission houses attacking the
order as arbitrary and confiscatory. The Court dissolved a
temporary injunction under which the difference between the
higher commission rates previously charged and the lower
rates set by Mr. Wallace was impounded by the District
Court clerk. The Chicago "Tribune" of Feb. 3 summarized
the case as follows:
Bill for Drastic Regulation of Utility Holding Companies Introduced in Congress—Measure Would
Eliminate Such Organizations Within Five Years
—Denounced by Utility Executives
A bill designed to control, and eventually to eliminate,
public utility holding companies was introduced in the House
of Representatives on Feb. 6 by Representative Rayburn.
The orders were issued originally by Secretary Wallace on Jan. 8 and
The measure is said to have the support of the Administra- March 12 1934, under power granted to him by the Federal Stockyards and
tion. Under the bill, holding companies would be entirely Packers' Act, and 157 Chicago commission firms, headed by C. H. Acker
& Co., brought suit to restrain the Government from enforcing them.
abolished at the end of five years. The Federal Power Com- Thesuit charged the orders amounted to confiscation of their property withmission is given extensive authority to regulate such com- out due process of law in violation of the National Constitution and that
were, "arbitrary, capricious and unreasonable."
panies and to order them to dispose of securities or to reor- they was charged in the suit that the orders were
It
against the weight of the
ganize.
voluminous evidence heard by the Secretary in the summer of 1933, in
utility holding companies Washingto.a, when farmers, commission men and packers were questioned
Executives of 10 prominent
defended such organizations in a joint statement issued Feb. about the marketing conditions in the Chicago stockyards.
Policy Held Within Discretion
7,in which they commented on the introduction of the RayObjectors charged that Chicago quotations determined largely
burn bill. They defended the functions of the holding com- stock prices throughout the country and that the orders were an the liveattempt.
pany and its part in the development of American industry. to restrict the sales here.
The ruling of the judges held the orders were sustained by the evidence
additional regulation in this
While admitting that certain
Aischuler
and that they were reasonable and not arbitrary. While
field may be necessary, the executives said that to eliminate and Barnes concurred in all Secretary Wallace's findings ofJudges
fact, Judge Wilcompanies "would seriously impair the service of the kerson, in a dissenting memorandum, held that although he did not agree
holding
country's whole utility system and would irreparably damage with the adoption by the Court of all of the Secretary's findings of fact, he
joined in the entry of the decree which dismissed the bill for want of equity.
many sound operating companies which are to-day dependent
on holding company assistance," and "would work untold
Amends $4,880,000,000
Relief
injustices upon those who have honestly invested in both Senate Committee Wage Rate ProvisionWork
Inserted—
Bill—Prevailing
securities."
holding and operating company
Substitution of $2,880,000,000 Dole Almost Wins
A bill similar to that introduced in the House by Repre—Secretary Ickes Statement
sentative Rayburn was introduced in the Senate by Senator
Three major amendments in the Administration's $4,Wheeler. An outline of the principal features in this measure 880,000,000 work relief bill were made as the measure was
is given below, as contained in a Washington dispatch of under consideration by the Senate Appropriations ComFeb. 6 to the New York "Journal of Commerce":
mittee on Feb. 7, despite the opposition of Committee memThe legislation is among the most sweeping in scope to come before Conbers supporting President Roosevelt. The Committee by a
Deal Administration and is predicated on
gress at any time during the New
vote of 12 to 8 approved an amendment sponsored by the
the findings of the Splawn investigation of utilities made two years ago for
American Federation of Labor requiring that the security
the House and Federal Trade Commission, which recently recommended
that Congress assume control of public utilities, either under a plan of Fedpayments proposed by the President be abandoned in favor
eral Incorporation or resort to its taxing powers.
of the prevailing wage rate. The Committee also adopted a
The bill makes no provision for levying a tax,it being understood that this
phase of the program would be dealt with later in an omnibus tax bill,
provision requiring the employment of private contractors
expected to be presented to Congress by the Treasury Department.
on all projects where more than 10% of the work is performed
his own,
Senator Wheeler said that he plans to offer a tax program of
by skilled labor, and inserted a statement that wherever
however,designed to reach holding companies, which would be based on a
graduated rate according to the size of the corporation.
possible the facilities of private enterprise shall be used.
*Senator Wheeler denounced the holding company as "a device to give a
The Committee on Feb. 7 restored to the bill a section
few men complete control over billions of other people's money," and said
giving the President the right to acquire real property
"the bill proposes to stop the milking of the operating utilities by the holding company."
through condemnation proceedings. A Washington dispatch
Stripped of legal verbiage, the Wheeler-Rayburn bill provides:
of Feb. 7 to the New York "Sun" discussed the other amend1. That the Securities and Exchange Commission order all holding comments to the measure as follows:
panies which have securities registered with that agency to dispose of these
securities, reorganize or dissolve before Jan. 1 1940. Thereafter. the Commission may "in rare instances" permit holding units to continue if their
operations are proven conclusively to be of economic necessity to an Individual territory.
2. Operating companies are to come under strict Federal regulation.
3. The Federal Water Power Act is to be amended to fit in with the new
program.
Ups Although holding companies are given five years in which to liquidate
their assets, the legislation lays down eight restrictions which must be
observed by these companies during the interim.
They are:
1. Unnecessarily complicating holding company structures must be simplified and geographically and economically unrelated properties must be
eliminated.
lip 2. Future utility holding company investments must be confined to
public utility activities. All extraneous or speculative ventures are barred.
3. Pyramiding of structures must stop at once.
4. Full reports must be made to the Commission disclosing every detail
of the financial condition of companies and the nature of all interlocking
relationships.
gas trans5. Common control of electric utility properties and inter-State
mission and domestic and foreign properties is forbidden.
profits from subsidiary
6. Holding companies are denied the right to earn
units.
The amendment made in the Committee to-day, if supported by action
of the whole Senate when the bill reaches the floor, will destroy in large
measure one ofthe principal underlying purposes seen in the original work
relief program as outlined by the President in his annual message to
Congress.
That purpose was to use the huge lump sum appropriation as a club with
which to compel private industry and enterprise to absorb the present army
of the unemployed with the greatest possible speed.
The program was designed to compete with private enterprise, and the
President did not hesitate to reveal the fact that it was his intention that
no part of the work should be farmed out to private concerns on contract.
The Government, he made it clear, was to do the entire job from top to
bottom, hiring its men from the relief rolls and, when necessary, employing
the key men of private contracting organizations to handle special jobs of
great complexity or technical delicacy.
The obvious purpose of all this, it appeared to obervers here, was to
threaten private enterprise in such a way as to encourage It to shorten
hours and spread the work in its plants to the utmost limit In order to wipe
out this Governmental competition.
At the Appropriations Committee hearing on Feb. 6 only
a single vote prevented the Committee from substituting for
the $4,880,000,000 work bill a $2,880,000,000 dole. Senator
Financial Chronicle
Volume 140
Adams of Colorado offered an amendment that would have
effected this change, but on the roll call vote there was
recorded a 10-to-10 tie, and the proposal was defeated.
United Press advices from Washington, Feb. 6, described
this action of the Committee in part as follows:
Senator Adams warned that the huge appropriation requested might
jeopardize the nation's credit. He was joined in this belief by Chairman
Carter Glass (Dem., Va.), who is out of sympathy with the White House
in this and other fiscal measures.
Shortly before the vote Senator James Byrnes (Dem., S. C.), close friend
of Mr. Roosevelt and who has presented the Administration's case because
of Senator Glass' avowed opposition to the bill, left the committee room
hurriedly to telephone the White House.
On the first vote, Senator Adams' amendment was adopted by a vote of
9 to 8. Senator Glass and Senator Elmer Thomas (Dem., Okla.) and Senator William G. McAdoo (Dem., Calif.) did not vote. On the roll call vote,
however, the vote was tied, 10 to 10, and the proposal was defeated.
This is the way those who attended the meeting voted:
For the Administration: Hayden, Arizona; Thomas, Oklahoma; Byrnes,
South Carolina; Russell, Georgia; Coolidge, Massachusetts; Bankhead.
Alabama; O'Mahoney, Wyoming; McAdoo, California; Trues°, Missouri,
all Democrats; and Norbeck (Rep., S. Dak.).
plAgainst the Adminisuration: Glass, Virginia; Copeland, New York;
Adams, Colorado; McCarran, Nevada, Democrats. Hale, Maine; Keyes,
New Hamps.hire; Steiwer, Oregon; Dickinson, Iowa; Townsend, Delaware;
Carey. Wyoming, Republicans.
Senator Byrnes was not satisfied when the meeting adjourned to-day that
another attempt would not be made to substitute the dole for work relief
when the group assembles again to-morrow. The amendment can be offered
again and its proponents are determined to carry their fight to the floor if
they lose in committee.
Such action would be certain to precipitate a long and bitter fight.
Barbour Enters Fight
This was assured to-day when the measure was attacked by Senator W.
Warren Barbour (Rep., N. J.), who appealed to Republicans to block
further grants of Congressional powers to the White House.
He recommended that $880,000,000 of the huge fund which is to be diverted to direct relief channels be contained in a separate measure which
could receive prompt approval while the Senate debated the works bill.
The Administration is opposed to this, however, fearing it would endanger
the jobs-for-all program.
Secretary of the Interior Ickes told the Senate Appropriations Committee on Feb. 1 that he had not been consulted
about the bill, that he did not know how the money was to
be expended, and that he did not know what part he was to
play in the distribution of the funds. A Washington dispatch
of Feb. 1 to the New York "Herald Tribune" outlined this
testimony in part as follows:
The statements surprised members of the Committee, in view of the fact
that, as head of the Public Works Administration, he has had charge of
allotments of more than $3,000,000,000 for public works in recent months.
The testimony gave satisfaction to many Democrats at both ends of the
Capitol who are hostile to Secretary Ickes and would like to see him pried
loose from his powerful place in the Administration organization and retired
to private life. They are hoping he will have nothing to do with the expenditure of the huge works fund of $4,000,000,000 which is carried in the bill.
plus $880,000,000 for direct relief.
Committee Closes Hearings
Secretary Ickes threw doubts on the idea, advanced by the President.
that 3,500,000 men now on relief can be employed if the $4,000,000,000 for
works is turned over to him. He said he had applications for $1,000,000.000
for non-Federal projects. If this were turned over for that purpose, he
estimated it would serve to employ 600.000 men. On the basis of this estimate, Committee members calculated that 2,400,000 men might be
eventually employed by use of the $4,000,000,000. Secretary Ickes said
he could start putting men to work in sixty days if allowed $1,000,000,000
for non-Federal projects.
Another $1,000,000,000 the Secretary advised the Committee, could be
utilized on Federal projects. Although this was little discussed, it referred
to roads, rivers and harbors and the like.
Earlier references to the bill (which passed the House
Jan. 24) appeared in our issues of Jan. 26, page 565, and
Feb. 2, page 727.
tongresaional Committees Consider Social Security
Bill—Attorney General Studying Constitutionality of Legislation—Retailers Press Own Program
—Liberty League Urges Attention to Various
Proposals
The Administration's Social Security Bill continued as the
principal subject of discussion this week before the House
Ways and Means Committee, with Republican opponents of
the measure assailing it as one that might stir up a taxpayers' rebellion. These charges were made Feb. 6 by
Senator Hastings of Delaware and Representative Treadway
of Massachusetts. On the same day, before the Senate
Finance Committee, Abraham Epstein, Secretary of the
American Association for Social Security, suggested that the
Committee investigate both the financing and the "propaganda" behind the Townsend old-age pension program.
A contention that the payroll tax in the bill is not legal
brought the disclosure on Feb. 7(according to the Associated
Press) that the Justice Department is studying that phase of
the measure. The press accounts from Washington,
Feb. 7 also stated in part:
The argument was advanced by James A. Emery, general counsel for the
National Association of Manufacturers, one of the last witnesses before
the HOUS0 Ways and Means Committee. The bill will be considered for
possible amendments next week in secret session.
897
Mr. Emery did not use the word "unconstitutional," but expressed his
view of the unemployment insurance tax of3% on pay rolls in this language:
"The tax here imposed we believe to be injurious instead of beneficial, and
when we examine it closely we believe it is not a legal tax at all."
Representative Robert L. Doughton, of North Carolina, chairman of the
committee, subsequently informed reporters that he had asked Attorney
General Homer S. Cummings to assign an assistant to consider the constitutionality of the bill.
Mr. Emery's argument was that a tax to be legal should be purely for
the purpose of raising revenue for the Federal treasury. "This legislation
upon its face," he told the committee, "is pointed to one result—that is to
secure State legislation upon a subject on which the States have not legislated."
He was referring to provisions In the bill under which the Federal Government would collect the 3% payroll tax, but credit to any employer against
that charge 90% of what he had paid into a state job insurance fund
provided it had the approval of the Federal Government.
Mr. Emery said also that the 3% tax would pyramid, being collected on
every payroll from raw material to finished goods; was not levied in accord
with ability to pay, and would tend to make machines replace men because
machines draw no salaries and hence do not add to the payrolls.
Mr. Doughton said the bill was so voluminous that the committee would
have to pass to-morrow. Saturday and Sunday absorbing it. "Then next
week we can start talking about amendments." he said.
In a move to harmonize unemployment insurance plans
of New York State and the Federal Government, a subcommittee of the State's unemployment insurance committee won the support on Feb. 4 of Senator Robert F.
Wagner, Democrat, of New York, for a flat 3% payroll tax
on employers according to Washington adviees on that date
to the New York "Herald Tribune" which also said in part:
The flat tax would take the place of the sliding scale base for employers'
contributions which is now incorporated in the Federal legislation. The
Federal proposal would relate the tax to the Federal Reserve Board's
Index of industrial production.
The State bill definitely fixes the contribution at 3%,which is the lowest
that can maintain the scale of insurance benefits proposed by the President's
Committee on Economic Security, according to the latter's report.
The New York committee also urged the strengthening of the Federal
bill and provision of guarantees against discriminations as between different
States. It would accomplish this through insertion of more definite standards
In the Federal legislation as requirements upon the States.
Definite Benefits Named
While the Federal legislation is silent upon such matters, the State bill
provides a 16
-week maximum payment period and benefit payments on
a 50% wage basis with a maximum of $15 per week and a minimum of $5
a week. The committee stated that it was particularly important to have
Federal standards laid down with respect to these subjects in order that
conditions deemed acceptable in legislation of other competing industrial
States might be known in advance.
Earlier Committee discussion of the Federal bill was noted
in the "Chronicle" of Feb. 2, pages 727 and 728. Retailers
who testified before the House Ways and Means Committee
Feb. 1 advocated the retailers' economic security plan which
was unanimously adopted by the recent convention of the
National Retail Dry Goods Association. This testimony was
summarized, in part, as follows in a Washington dispatch of
Feb. 1 to the New York "Herald Tribune:"
The delegation of retailers was led by Samuel W. Rayburn, President of
Associated Dry Goods Corp., operating series of stores from New York
to Minneapolis,in presenting the retailer plan. Speaking as a representative
of the retailers in the National Retail Dry Goods Association, Albert D.
Hutzler, of Hutzler Bros., Baltimore, urged that under unemployment
insurance provision be made for establishment ofa differential in rates due to
experience after two years, as against five years as now written in the bill.
Would Stabilize Jobs ,
"We think this is essential, as it will stimulate employers to stabilize
employment and prevent employers from taking wage-saving measures
which would throw more people upon the benefits of the unemployment
reserves," Mr. Hutzler said. "The incentive to regular employment will be
greatly augmented by the differential in the rates."
In the same connection, the retailers urged that minimum standards
of compensation be written into the bill in order that no State may adopt
such low standards that most industries can take advantage of differential
rates and thus give the partially-co-operating States a competitive advantage over fully co-operating States.
After considerable study, retailers feel that contributions to any fund
for unemployment reserves should be made by the employer, the employee
and the State, Mr. Hutzler declared.
Advices from Washington Feb. 5 said that the President's
personal approval of the bill in final form will be asked before
House leaders seek to push the measure through that body
without important change.
Meanwhile,on Feb. 3, the American Liberty League issued
a statement urging that more serious consideration be given
the social security program. We quote in part from the
League's statement, as given in a Washington dispatch of
Feb. 3 to the New York "Times":
"The pending Wagner-Doughton bill covers a tremendously broad field,"
a statement of the Liberty League said. "If passed, none of its provisions
become effective before the fiscal year 1936. In these circumstances there
can be no excuse for too hasty action.
"The legislation is not of an emergency character. It should be given
the most careful consideration by the Congress. The various subjects
should be separated into independent measures in accordance with the
ordinary procedure.
"Any legislation enacted should be based on sound fiscal policies and
should not impose an excessive burden upon the Federal Government.
"Any old age annuity system established by the Federal Government
based on contributions by employers and employes should be self-sustaining.
"To the greatest extent possible all social insurance plans should involve
reliance upon the co-operation of the States.
898
"Taxes imposed upon industry for unemployment insurance and old age
pensions should not be so burdensome as to retard recovery.
"Unemployment insurance, amply safeguarded, should tend to place
upon industry a proper responsibility for a stabilization of operations.
"There may be justification for the exercise of the Federal taxing power
to assure the enactment of unemployment insurance laws by all the States,
but the attempt in the pending bill to compel the States to write into their
laws controversial collective bargaining provisions Is an improper use of
Federal authority."
The League termed such proposals as the Townsend Plan "fantastic."
We also quote from Associated Press Washington advices
on Feb.6 regarding the discussion of the bill on that date:
One of the Republican critics was Senator Hastings of Delaware. Before
the House Ways and Means Committee he commented that the taxes
and
imposed would "not take effect until after the next general election,"
asserted those taxed would not get back what they put in.
"When you get 40,000,000 people to paying a tax to the Federal Governthat
ment, I care not how little it may be, I think you'll find a resentment
will be felt by every person in public life." he declared.
Treadway of Masaschusetts. He
The other critic was Representative
bill with
predicted that, when the Committee later this week takes up the
Its own legislative clerk, numerous changes will have to be made.
of
Before the Senate Finance Committee, Abraham Epstein, Secretary
Committee
the American Association for Social Security,suggested that the
Investigate both the financing and "propaganda" behind the Townsend
information
pension plan. The House Committee already has sought such
about
from Dr. F.E. Townsend, who promised to submit later a statement
. . .
his aides and the funds raised by his organization.
Townsend organizers made as much as
Senator Gore said he understood
$10 and $15 a day.
of the TownThe Postofrice Department has looked into the promotion
send plan, but no results have been revealed.
Hearings Before Senate Committee on Agriculture to
Consider Means for Restoring Export Trade,
Particularly Cotton—Secretary Hull Denies Report
He Proposed New Economic Conference—George N.
Peek, James P. Warburg and B. M. Anderson, Jr.,'
Among Those Heard by Committee
The Senate Committee on Agriculture has continued this
week the hearings begun by it on Jan. 30 to consider reasons
for the decline in exports and particularly cotton, and to
ascertain views as to how a restoration of trade may be
effected. A reference to the earlier hearings appeared in
our issue of Feb. 2, page 724. On Feb. 1, George N.Peek,
Special Adviser to the President on Foreign Trade, was
heard by the Committee, and, according to the Washington
correspondent of the New York "Journal of Commerce,"
-Import Bank
he charged that his job as head of the Export
aiding industries in financing sales of merchandise abroad
of
has been made "impossible" by the restrictions placed upon
his operations. From the same advices we quote:
He also charged that the American Agricultural Administration has been
unwilling to use its authority to finance loans to the extent that he believed
it should and that there were too many Government agencies having
exports.
"fingers in the pie" in connection with the expansion of
Cites Cotton Deal
Mr. Peek said that the proposed cotton barter deal with Germany involvby the State Departing three-quarters of a million bales had been blocked
-Import
ment after it had been approved by the directors of the Export
by
Bank and another deal with Italy involving cotton had been blocked
the AAA when it refused to guarantee the loans.
of the governHe told the Committee that there should be a consolidation
organization
mental agencies dealing with foreign trade under one central
and announced his intention of recommending to Congress shortly legislation
,
-Import Bank..
making more elastic and enlarging the powers of the Export
Peek laid down:
During his appearance before the Committee Mr.
asifollows:
-point program for American foreign trade policy
5
a definite and direct
"I. Recognition by us that foreign trade has become
trade interests receive
concern of governments and that unless our foreign
to their
backing and assistance similar to that given by other governments
traders we will not be able to compete on equal terms.
effective foreign trade policies the
"2. In order to develop consistent and
with
present fifty or more organizations in our governmental setup dealing
under
foreign trade activities should be tied together and should function
unified direction.
"3. Accurate and up-to-date records of our commercial and financial
know how
relations with each individual country must be kept, as we must
if we
we stand on our trade and international balances at any given time
• is
are to steer our course intelligently.
and as we
"4. As international trade cannot move on a one-way street
exports, we should
must increase imports if we are to be paid for increased
pursue a policy of selective exports and imports,sending abroad, preferably
in manufactured form, those products we can best produce, particularly
agricultural products, and taking in turn those raw materials which we need
and such other products the importation of which does the least violence
to our domestic economy.
Would Settle Exchange Issue
case of countries exercising exchange controls against us, the
"5. In the
satisfactory solution of the exchange problem should be a prerequisite to
fill
the negotiation of any general trade agreement. When our nationals
the foreign
their part of a contract and their foreign customers theirs, and
government intervenes, I think that our nationals have a right to ask our
Government to act on their behalf."
stabiliza"If we want to trade we can trade without waiting upon a general
tariffs, or general
tion of the currencies of the world, general reductions in
reduction by international action of other trade barriers," Mr. Peek added.
"We can do it by resorting to the common sense principle of Yankee trading,
of bargaining without prospective customers, country by country."
The Secretary of State, who was one of those who testified
before the Committee on Jan. 31, was quoted to the following
effect in Washington advices to the "Wall Street Journal"
of Feb.2:
Feb. 9 1935
Financial Chronicle
Published reports that he had proposed before the Senate Agriculture
Committee that a new world economic conference be called were denied
by Secretary of State Hull.
Mr. Hull explained that there was no use in calling another conference
while the organization of one already exists in London.
The United States has made no overtures to other nations in regard to
reconvening of the London conference, he said.
Mr. Hull believes, however, that world trade could be stimulated by
exchanges of views through diplomatic channels.
The account from Washington Feb. 1 to the New York
"Journal of Commerce" contained the following:
Backs Hull's Views
Indorsement of the views given the Committee by Secretary Hull as to
the cause of the depression was expressed at the hearings to-day by Russell
0.Leffingwell, partner of J.P.Morgan & Co., who assailed the nationalistic
attitude of the United States and other countries and urged that every
effort be made to eliminate tariff restrictions and stabilize exchanges so
ri
that the capital markets may be reopened.
Alston H. Garside, Economist of the New York Cotton Exchange, told
in exports of cotton is not due to a
the Committee that the shrinkage
decline in the total world consumption but rather to an increased use of
foreign cotton due to the fact that it sells below the level of American cotton
on the world markets.
Supports Garside
A. E. Hopenberg, President of the American Cotton Shippers' Association, supported the testimony of Mr. Garside, and asserted that the loss of
export markets is due to the fact that the method of relief which has been
adopted under the Agricultural Adjustment Act has had the effect substantially of pricing American cotton out of the world's cotton markets. He
read excerpts from several letters from abroad stating that because of the
high price of American cotton sales could not be made.
At the hearing on Feb. 4, James P. Warburg, Vice-Chairman of the Bank of the Manhattan Co. of New York, stated
that bankruptcy faces the United States unless it removes
the necessity for relief. In United Press advices from
Washington Feb. 4 he was quoted as follows:
"Relief is only relief," Mr. Warburg said in criticizing various New Deal
policies. "If we don't remove the necessity for relief, well go bankrupt."
Mr. Warburg squarely opposed further devaluation of the dollar, as
suggested by Senator Elmer Thomas, Oklahoma Democrat.
"I believe in Government economy, reduction of taxes and reduction of
Interest rates on debt instead of reducing the value of the currency," he
said. "Reduction of interest rates was effected by law in Australia, and
I believe we can do it here by law just as we devalued the dollar by law.
It is much less vicious than reducing the value of currency."
Urges Foreign Trade Plan
Immediate adoption of a definite policy on foreign trade was also advocated by Mr. Warburg.
"Quite irrespective of whether America chooses national self-containment, or internationalism, or a middle road," Mr. Warburg told the Committee, "it is of the utmost importance that the choice be made soon and
definitely. Business can adjust itself to almost any set of circumstances.
Business, however, cannot adjust itself to perpetual uncertainty, and
recovery will be retarded more by a vacillating and undefined foreign
policy than by a wrong foreign policy definitely adhered to."
After outlining his ideas on foreign trade, the banker said the President
should be given bargaining powers to use in obtaining agreements with
other nations, but the basic decision of what our policy Should be, should
remain with Congress.
Mr. Warburg summarized his recommendations in a 4-point plan as
follows:
I. The first essential is that we should have a clearly defined foreign
policy, which we lack at present.
2. My own opinion is that such a foreign policy should be one which
Inclines more toward internationalism than economic self-sufficiency—a
policy deliberately designed to stimulate imports.
3. We must shape such a policy on the basis of carefully ascertained
interest of the nation as a whole.
4. We must modify our procedural methods so that there will rest more
clearly upon Congress the obligation to determine what our foreign policy
is to be: and so that there will rest upon the Executive and upon the Tariff
Commission the obligation to work out the details of such a policy and to
put it into effect.
W. Leslie Harriss, member of the New York Cotton
Exchange, urged on Feb. 5 that steps be taken to increase
foreign trade by financing of the Export-Import Bank.
From Washington Feb.5 the "Journal of Commerce"further
•
reported:
He said that the bank should be willing to accept I. 0. U.'s. believing
that the loss will be inconsequential, "because foreign buyers will find a
way to get the dollars back."
Sees Powers Adequate
-Import Bank has all the power necessary
It was his view that the Export
at the present time to aid in the expansion of foreign trade but said that one
probably Is that it is too permissive and should be made
of the troubles
mandatory.
Senator Smith remarked that he believed the success of the bank will
determine the success or failure of this country in getting out of the depression and indicated that further steps might be taken to inquire into its
operations.
"It is up to this Committee to find out why it is not functioning," he
declared. "If it is not functioning what is the use of keeping it."
Tobacco Tariff at Issue
Support of a lower tariff wall for Dutch imports, said the
Feb. 4 advices to the "Journal of Commerce," was seen in
the testimony of several leading cigar manufacturers, who
held that any increase in the duty on wrapper tobacco from
Sumatra would be detrimental to the domestic cigar industry.
This type of leaf, they contended, is the one satisfactory
wrapper which blends well with American grown filler tobacco. In part, these advices continued:
In addition, these witnesses declared that, despite testimony to the
contrary, domestic wrapper leaf is not satisfactory to many consumers who.
it was said, state their preference for a Sumatra wrapper when purchasing
cigars.
Volume 140
Financial Chronicle
Representative Kopplemann (Dem., Conn.), appearing for growers of
Connecticut shade grown leaf, recommended passage of a limited quota
for Sumatra wrapper leaf imports. This quota could be realized under an
amendment to the Kerr-Smith Tobacco Marketing Act, he explained. The
speaker also hit the spread in prices between foreign and domestic grown
wrappers because of the cheaper and more favorable labor conditions
in Sumatra.
This stand was echoed by Howard S. Cullman, George Peckham and
H. J. Love, representing growers of wrapper tobacco in New England,
Florida and Georgia.
B. G. Meyer, Vice-President General Cigar Co., led the attack against
existing tariffs with the declaration that a reduction in duty on Sumatra
wrappers would materially aid sales of American grown filler tobacco. An
expanded use of the foreign wrapper would, he said, increase cigar consumption to such extent that much of the existing tobacco surplus In this
country could be diverted into ordinary commercial channels.
The witness was supported in this stand by Harry S. Rothschild, President Bayuk Cigar Corp., who insisted that maintenance of the present
duty would not aid American wrapper growers because the domestic type
is unfavorable to cigar manufacturers.
B. M. Anderson, Jr., Economist of the Chase National
Bank of New York, appealed for reductions in tariffs on
industrial imports before the Committee on Feb.2,according
to the "Wall Street Journal," which also noted:
Mr. Anderson claimed that in many instances at present only about
1% of production of industrial products are allowed in this country from
abroad and that if 10% or 15% were allowed to come in, a 30% or
40%
expansion in manufacturing would result and also a corresponding benefit
to agricultural producers.
Senator Smith (Dena.,S.C.) welcomed Mr.Anderson's testimony,stating
that he was revising his opinion of Wall Street.
Government's Cotton Curtailment Program Viewed by
John H. McFadden, Jr., as Tantamount to Paying
Farmer a Bonus Not to Export Cotton
Characterizing the Government program of curtailment
of cotton production as being tantamount to paying the
farmer a bonus not to export his cotton, John H.McFadden,
Jr., of the cotton merchant firm of Geo. H. McFadden &
Bro., contends that it would be cheaper and better to pay
the cotton farmers a fixed sum on every bale of cotton that
is exported provided the market goes below some specified
price.
According to Mr. McFadden, the present Government
policy of crop control and loans cannot be continued indefinitely, and if this program is not abandoned in the very
near future this country's export markets for cotton will be
definitely lost to foreign countries that are increasing their
production. Commenting on the phenomenal increase in
production by Brazil, Mr. McFadden expressed the belief
that with an increasing supply of labor that country will
become one of the major cotton-growing countries of the
world. Mr. McFadden also makes the following comments:
It makes no difference what title is given to the various acts of legislation
which have resulted in higher prices for cotton. The result is the same.
We have embarked upon a program which is tantamount to paying the
farmer a bonus not to export his cotton. The program has entailed an
expenditure of huge sums of money. Would it not be more to the interest
of the country as a whole if we pursued the reverse policy and gave the
farmer a bonus to export his cotton?
Suppose there had been no 12c, loan this year, that the Bankhead Act
had provided for 12 million bales, and that this amount of cotton had been
produced. Would it not have been cheaper and better in the long run to
have pro-rated among all the cotton farmers a fixed sum on every bale
that was exported provided the market was below, let us say, 10
cents?
This idea is not original and it is worthy of the most serious consideration.
By such a plan, we would have exported more cotton, avoiding to a large
extent the surpluses which are now piling up in the Government's hands.
we would have retained the markets which had been ours for years, and
substantially more labor would have been employed in the handling, transporting, and shipping of cotton to foreign markets.
To-day the cotton farmer is traversing a charming and delightful road.
There is every reason to believe that at the end of it he will find a very
bitter disappointment.
If we are to gradually reduce our cotton crop to domestic needs, what
is
going to happen to the farmer who in the past has been producing the export
surplus? Unless he is prepared to face the situation squarely and make an
intelligent choice between a square fight with his ever-increasing competitors
and two or three years of halcyon profits, he is surely going to find himself
with no means of support and an object of charity. In that event,
it
would seem that he would be entitled to say to Congress:"Gentlemen, you
have gotten me into this mess, therefore I am your responsibility from
now
on." It is to be believed that such a situation would be repugnant to the
average American citizen, and, furthermore, there is no guarantee
that a
future Congress would be willing to accept this responsibility.
United States Supreme Court Sustains Power of Senate
to Punish for Contempt—W. P. MacCracken Jr.
Must Serve Sentence for Refusal to Furnish Papers
in Air Mail Case.
The United States Supreme Court on Feb. 4 handed down
a decision upholding the power of the Senate to punish
William P. MacCracken Jr., Assistant Secretary of Commerce for Aeronautics in the Hoover Administration, for
contempt of the Senate. As a result of this ruling, Mr.
MacCracken must serve ten days in jail because of alleged
failure to produce certain papers which were considered
necessary in the air mail investigation. On that occasion he
was acting as counsel for several clients figuring in the Senate
inquiry. Associate Justice James C. McReynolds did not
899
participate in the case, but the other eight Justices were
unanimous in their decision, which was written by Associate
Justice Louis D. Brandeis, Mr. MacCra,cken's attorneys
had contended that the Senate did not have authority to
arrest a private citizen "with a view to punishing him
directly and without recourse to the courts for the past
commission of a completed act which prior to the arrest and
proceedings to punish had reached such a stage of finality
that it could no longer affect the proceedings of the Senate
or any committee thereof, and which, and the effects of
which, had been undone long before the arrest."
A dispatch from Washington Feb. 4 to the New York
"Times" summarized the issues in the case and quoted from
the decision as follows:
Written by Justice Brandeis, the Court's opinion detailed the history
of the MacCracken case, and swept away the defendant's arguments under
three heads. Dismissing the contention that the Senate cannot deal with
a Past act, Justice Brandeis said:
"Where the offending act was of a nature to obstruct the legislative
process, the fact that the obstruction has since been removed or that its
removal has become impossible is wit.hou, legal significance."
Colonial Assemblies Had Power
Congressional power to punish private citizens went as far back as 1795.
and Colonial Assemblies exercised it before the Revolution, Justice Brandeis
stated. He said that no case had been found where authority to Punish
was successfully challenged merely because the act had already been
consummated.
This power to punish for contempt was not impaired because there
was a statute making the destruction of papers a misdemeanor, the court
held. In fact, the two punishments could go together.
MacCracken had also held that he should not be punished because he
had surrendered all papers he had, was willing to testify and was not
responsible for the acts of other men concerned. But the Court said
the question of guilt on this matter should be decided by the Senate.
Lawyers were puzzled when Justice Brandeis spoke of "questions which
the Senate proposes to try." The Senate had long since decided the questions in the MacCracken case, but the facts were not in the report of the
case before the Supreme Court.
Senators Voice Satisfaction
The Senate was not in session when the MacCracken verdict was handed
down, but there was an air of great satisfaction among those who
were
concerned with the air mail investigations a year ago.
"I never doubted the Senate's right to punish for contempt nor about
the circumstances of this case coming within the Senate's powers,"
said
Senator Block, Chief of the air mall investigators.
"To have held otherwise would have been an absolute destruction
of
the Senate's power to conduct investigations thoroughly. Its hands would
have been paralyzed."
Mr. MacCracken came into the air mail inquiry in January last year,
when as attorney for the Western Air Express, Pan-American Airways,
Transcontinental and Western Air, &c., he declined to give to the investigating committee certain papers because, he said, conflict between
lawyer
and client was involved. The committee suggested that he telegraph
to
these clients, and he did so, producing the papers on Feb. 1.
But before the committee decided to compel production of all the documents, he said he had allowed Gilbert Givven of the Western Air Express
to examine the files to remove documents unrelated to the air mail contracts. . . .
MacCracken was taken into custody on Feb. 12. Immediately he sued
for a writ of habeas corpus in the District of Columbia Supreme Court,
which ruled against him. The case was taken to the District of Columbia
Court of Appeals, which by a divided opinion held in his favor. The
Senate carried the case to the Supreme Court, which to-day sustained the
District Supreme Court and reversed the appellate court.
Justice McReynolds engaged in neither consideration of nor the decision in the MacCracken case, but no reason was ascribed.
United States District Court at Birmingham to Rule on
Legality of Questions in Suit Against TVA Feb. 11
—Continuance of Temporary Injunction Forbidding Municipalities to Use Federal Funds in
Constructing Electricity Systems
Judge W. I. Grubb, of United States District Court at
Birmingham, Ala., on Feb. 2 extended an injunction forbidding 14 Alabama municipalities from obtaining funds
from any Federal agency to construct electricity distribution systems to obtain "yardstick" rates set by the Tennessee Valley Authority. Judge Grubb said that he would
determine on Feb. 11 the legality of the question involved
and whether the case dependii upon illegal competition.
Samuel Ferguson, of the Hartford Electric Light Co., in
making his annual report to stockholders on Feb. 3, said
that the activities of the TVA embrace the "potential possibilities of a very real social contribution," in showing the
people that increased use of electricity will result in lower
rates. At the same time, Mr. Ferguson pointed out that
taxes equal 25.5% of all other operating expenses, and said
that "it is only through the concerted effort on the part
of all parties concerned toward the curtailment of governmental expenditures that there is any hope of relief from
the obstacle to lower rates."
The plaintiffs in the suit brought by the group of preferred stockholders of the Alabama Power Co. to test the
constitutionality of the TVA rested on Jan. 31. On the
following day Judge Grubb refused to strike out an attack
by the stockholders on the "good faith" of the
TVA in
lowering the price paid for the Wheeler Dam site from
$150,000 to $48,700.
900
Financial Chronicle
A dispatch from Birmingham, Jan. 31, to the New York
"Times" discussed arguments in the case as follows:
The TVA contends that the only interest of the Chemical National Bank
is to protect the security holders and that that is a question for settlement
by the Alabama Power Co. and the trustee.
J. 31. Barry, Executive Vice-President of the power company, testified
to-day that the company would be forced, if it carried out its contract,
to abandon its North Alabama distribution systems or to build new transmission lines to them.
James Lawrence Fly, chief TVA counsel, said that the question of value
raised by the Chemical National Bank should be "raised when we sue later
for specific performance of the contract."
Ezra B. Whitman, consulting engineer of Baltimore, was another witness
for the company on the expected development of power consumption in TVA
territory.
State
Right of Pennsylvania to Liquidate Affairs of
Building and Loan Associations Upheld by United
States Supreme Court
On Feb. 4 the United States Supreme Court confirmed
Pennsylvania's right to wind up the affairs of building and
loan associations in State courts, said the Philadelphia
"Record" of Feb. 5, which went on to say:
one. It ends a
MI The decision, given in Washington, is a far-reaching
may take jurisseries of test suits to determine whether Federal courts
diction.
courts in PhilakliThe U. S. Supreme Court held that the U. S. District
Building & Loan
delphia erred in appointing receivers for the Mortgage
Loan Association
Association and the Christian A. Fisher Building and
over the protest of the State Department of Banking.
Ordered Turned Over
to been liquidate
MTh° Supreme Court ruled the State should have allowed
their affairs over to
these associations and ordered the lower court to turn
thelState Banking Department.
its right
hmiThe Supreme Court held that where the State has not exercised out that
but pointed
to appoint receivers the Federal Courts may do so,
had taken over control.
inIthe instances at issue the State already
Court. appointed John
istJudge George A. Welsh, of the U. S. District
son-in-law of
G.SWilliams, Joseph B. Simon and Charles Denby. Jr.,
the Mortgage 11. &
former U. S. Senator David A. Reed, as receivers of
a creditor who was a resident
L. This was on Feb. 9 1933, at the request of
of another State.
Mr. Schnader Protested
on the ground
111William A. Schnader, then Attorney general, protested
State."
building and loan associations are "creatures of the
Warren Davis.
The Federal Court's action was sustained by Judges J.
S. Circuit Court
Joseph Buffington and J. Whitaker Thompson, in the U.
Supreme Court.
the
of Appeals, and Mr. Schnader carried his protest to
of Federal reIss Mr. Schnader also filed the protest against appointment
the Fisher Association.
ceivers in May 1933, for
of Philadelphia,
In the case of the Penn General Casualty Company
had power to appoint
the U. S. Supreme Court held the Federal Courts
prejudice" to an application by
receivers, but made its ruling "without
jurisdiction. This case also
the State Insurance Commissioner to assume
was affected.
quote
From the Philadelphia "Inquirer" of Feb. 5 we
the following:
start to finish by former
The building and loan battle was fought from
suffered defeats in the United
Attorney General William A. Schnader, who
of Appeals before the final
States District Court and the Circuit Court
victory in Washington.
Schnader explained last night,
"I appealed these cases originally," Mr.
of Pennsylvania banks.
"because I felt that to permit Federal receiverships
would strike a body
building and loan associations and insurance companies
the Supreme Court mean
blow at these institutions. The decisions of
the constant threat of
that these institutions may now operate without
Federal receiverships over them."
in 1934
Net Operating Income of Class I Railroads
Below 1933—December Income Increased Over
Year Ago
inClass I railroads in 1934 had a net railway operating
on their
come of $462,698,447, which was a return of 1.77%
the
property investment, according to complete reports for
of Railway
year just filed by the carriers with the Bureau
and
Economics of the Association of American Railroads
net railway operating income in
made public Feb. 8. The
invest1933 was $474,212,304 or 1.80% on their property
further reported:
ment. The Association
equipment as shown by
Property investment is the value of road and
supplies and cash. The
the books of the railroads, includin$ materials,
the payment of operating
net railway operating income is what is left after
interest and other fixed
expenses, taxes and equipment rentals but before
charges are paid.
based on reports from 147
illiaThis compilation as to earnings in 1934 is
of 239,052 miles.
Class I railroads representing a total mileage
preceding year, in the amount
This reduction in 1934, compared with the
volume of freight and passenger
of net earnings despite an increase in the
many of the drastic reductions
traffic handled and a continuation in effect of
years. The reduction
made necessary by the low level of business in recent
emresulted from the partial restoration of the 10% deduction in wages of
and supplies.
ployeesland a marked increase in the cost of materials
in 1934, compared with
Freight revenue amounted to $2,633,386,912
$2,492,893,539 in 1933, an increase of 5.6%.
an increase of
Passenger revenue in 1934 amounted to $346,220,277,
116.878.386 or 5.1% compared with 1933.
in 1934 amounted to
Total operating revenues of the Class I railroads
an increase of 5.7%.
$3.271.446.473 compared with $3,095,620,731 in 1933.
compared with $2,249,Operating expenses in 1934 totaled $2,441.772,339
operating ratio, or ratio of
535,599 in 1933, an increase of 8.5%. The
to 74.64% in 1934.
expenses to revenues, increased from 72.67% in 1933
taxes, a reduction of
Class I railroads in 1934 paid $239,506,857 in
$10,138,486 or 4.1% compared with 1933.
1934, of which 8 were in
Thirty Class I railroads operated at a loss in
District.
8 in the Southern, and 14 in the Western
the Eastern,
Feb. 9 1935
For the month of December 1934, net railway operating income of Class I
carriers amounted to $38,729,833 which was a return of 2.43% annually on
their property investment. In December 1933, their net railway operating
Income was $37,726,339 or 2.34% on their property investment.
Total operating revenues for the month of December amounted to
$257,505,761 compared with $245,346.958 in December 1933, an increase of
5%. Operating expenses in December totaled $195,351,270 compared
with $187,098,404 in the same month the year before, an increase of 44%.
111
Net railway operating income of Class I railroads in the Eastern District
In 1934 amounted to $273,315,087, which was a return of 2.26% on their
property investment. In 1933 their net railway operating income was
$281,770,845 or 2.32% on their property investment. Total operating
revenues of Class I railroads in the Eastern District in 1934 aggregated
$1,662,244,316, an increase of 4.9% above 1933, while operating expenses
totaled $1,203,860,965, an increase of 7.9% above 1933.
Class I railroads in the Eastern District for the month of December had
a net railway operating income of $23,924,061 compared with $20,114,241
in December 1933.
Southern District
Class I railroads in the Southern District in 1934 earned a net railway
operating income of $54,523,781, which was a return of 1.69% on their
property investment. In 1933, the net railway operating income amounted
to $59,677.489, which was a return of 1.82%. Total operating revenues of
Class I railroads in the Southern District in 1934 amounted to $408,242,451,
an increase of 5.1% over 1933, while operating expenses totaled $315,267,588, an increase of 8.3%.
Net railway operating income of Class I railroads in the Southern District
in December amounted to $6,570,303 while in the same month of 1933 it
was $6,615,028.
Western District
Class I railroads in the Western District in 1934 earned a net railway
operating income of $134,859,579, which was a return of 1.25% on their
property investment. In 1933, the railroads in that District had a net
railway operating income of $132,763,970, a return of 1.22% on their
property investment. Total operating revenues of the Class I railroads in
the Western District in 1934 aggregated $1,200,959,706, an increase of
6.9% above the preceding year, while operating expenses totaled $922,643,786, an increase of 9.4% compared with 1933.
For the month of December, net railway operating income of Class I
railroads in the Western District amounted to $8,235,469. Net railway
operating income of the same roads in December 1933, totaled $10,997,070.
CLASS I RAILR.OADS—UNITED STATES
1934
Per Cent
Inc.(+)
1933
Or
Dec.(—)
Month of December
$257,505,761 2245,346,958
Total operating revenues
187,098,404
105,351,270
Total operating expenses
11,273,450
13,708,237
Taxes
37,726,339
38,729,833
Net railway operating income
75.86
76.26
ratio—per cent
Operating
2.34%
2.43%
Rate of return on property investment-12 Months Ended Dec. 31—
$3,271,446,473 83,095,620,731
Total operating revenues
2,441,772,339 2,249,535,599
Total operating expenses
249,645,343
239,506,867
Taxes
474,212,304
462,698,447
Net railway operating income
74.64
72.67
Operating ratio—per cent
1.77%
1.80%
Rate of return on property investment
+6.0
+4.4
+21.6
+2.7
___ _
+6.7
+8.5
—4.1
—2.4
.
__ _
--
Report of Railroad Credit Corp. for January—$726,166
Liquidating Distribution Made Jan. 31
The Railroad Credit Corporation, according to report as
to its financial condition filed Feb. 4 with the Interstate
Commerce Commission, has, through liquidating distributions since termination of its lending period on June 1 1933,
returned $21,353,344, or 29%, of the net emergency freight
revenues collected by it. Of this amount, $9,442,565 has
been in cash and $11,910,779 in credits on obligations due
the Corporation. The Corporation announced:
The fourteenth liquidating distribution was made by the Railroad Credit
Corporation on Jan. 31, to participating carriers, and amounted to $728,188,
or 1%. Of the total amount, $344,834 was in cash and $381,332 in credits
on carriers' obligations.
Cash receipts in January amounted to $210,852, of which $181,885 was
on account of loans, $29,508 for interest on loans and $9 from miscellaneous sources.
The following is the Corporation's statement of condition
as of Jan. 31:
THE RAILROAD CREDIT CORP.REPORT TO INTERSTATE COMMERCE
COMMISSION AND PARTICIPATING CARRIERS AS OF JAN, 31 1935
Net Change During
Balance
January 1935
Jan. 311936
Assets—
Investment in affiliated companies (loans out$64,124,190.93
52562,298.92
standing)
239,500.00
Other investments
32,590.90
a148,341.39
Cash (reserved for tax refunds, $23,381.69)
25.00
Petty cash fund
200.000.00
225,000.00
Special deposits (reserve for tax refunds)
746.01
31,254.66
accounts receivable
Miscellaneous
120,953.04
22,280.56
Interest receivable
59,186.20
a565.25
Unadjusted debits
9,439.69
9,439.69
Expense of administration
.5703,739.31
Total
LiabilUles—
112764,967.18
Non-negotiable debt to affiliated companies
2563.61
Unadjusted credits
Income from securities and accounts (interest
51,791.48
accrued on loans, Ace.)
Capital stock
Total
a Decrease.
* Emergency revenues to Jan. 31 1936
Less: Refunds for taxes
Distributions Nos. 1 to 14
Fund share assigned to R.C.C
25703,739.31
$54,817,140.42
452,209.377.15
2,554,771.79
51,791.48
1,200.00
254,817,140.42
$75,422.410.62
$1,819,556.65
21,353,343.88
40,132.94
23,213,033.47
$52,200,877.15
Correct: ARTHUR B. CHAPIN, Treasurer.
Approved: E. R. WOODSON, Comptroller.
Washington, D. C., Feb. 1 1935. No. 85.
k
Financial Chronicle
Volume 140
Selected Income and Balance Sheet Items of Class I
Steam Railways for November
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of
November. These figures are subject to revision and were
compiled from 143 reports representing 149 steam railways.
The present statement excludes returns for Class I switching
and terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS)
For the Month of Nov.
Income Items
1934
1933
For the 11 Months of
1934
1933
$
Net railway operating income_ 31,882,801 37,662,127 423,117,536 436,485,963
12,225,45.5 13,616,973 152,881,528 156,341,551
Other income
44,108,256 51.279,100 575,999,064 592,827,514
Total income
Rent for leased roads
Interest deductions
Other deductions
Total deductions
11,259,868 11,027,701 122,686,064 121.711.470
43,477,835 43,642.196 477.475,747 485,902,725
1,495,401 1,725,666 18,894,173 13,399,505
56,233,104 56,395,563 619,055,984 621,013,700
Net income
c12,124,848 c5,116,463 c43,056,920 c28,186,I86
Dividend declarations (from income and surplus):
13,313,420 13,098,508 76.781.113 65,75.5,883
On common stock
930,599 14,527.928 12,461,031
On preferred stock
874,617
Balance at End of Nor.
Balance Sheet Items
1934
1933
Selected Asset Items—
Investments in stocks, bonds, &c.. other than those of
affiliated companies
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors_
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
Total current assets
Selected Liability Items—
Funded debt maturing within 6 months.a
Loans and bills payable b
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Tax liability—U. S. Government taxes
Other than U. S. Government taxes
801,458,295
753,047,157
348,401,163
36,146,518
34,963,578
54,361,403
6,698,805
49,271,497
43,756,679
156,507.021
300,793,376
51,285,364
3,262,073
3.873.045
340.969,389
40,195,729
57,313,344
28.849,113
10,064,384
53,058,170
43,407.467
136.535.202
295,733,197
49.373,672
2,565,094
4,455,713
1.089,320,522 1,062,520,474
178.427,295
297,222,440
307.559,735
63,262.085
220,750.051
71,871,572
299,326,602
4,682,240
272,079,848
13,073,863
123.400,482
41.734,563
16,356,938
340.005.656
66,593.413
217.182,494
56,741,411
216,459,534
4,779,954
96.000.760
13.135.758
124,396,241
40,370,270
14,905,162
1 434.097,979 1,190,570,653
34.842,892
140,891.026
36,767,910
157.689.948
a Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764. Funded debt matured unpaid) within six
months after close of month of report. b Includes obligations which mature less
than two years after date of issue. c Deficit.
National Industrial Traffic League Opposed to Regulatory Policies Embodied in Transportation Legislative Proposals of Co-Ordinator Eastman
Opposition to the general regulatory policies expressed in
the transportation legislative proposals submitted to Congress and the President on Jan. 30 through the Interstate
Commerce Commission, by Joseph B. Eastman, Federal CoOrdinator of Transportation, was voiced on Jan. 30 at the
offices of The National Industrial Traffic League,in Chicago.
Joseph H. Beek, Executive Secretary of the League, in expressing his views said:
The members of the League are generally opposed to binding other forms
of transportation with the tight chains now wound about the railroads.
It has been our idea, for instance, that although it would be wise to have
Federal regulation of the interstate moter vehicle transportation, both as
regards rates and services, the proper way to bring that form of transport
into regulative balance with the railroads would be to ease up a bit on the
latter. Mr. Eastman's proposals, as we read them, would affect not the
slightest relaxation on railroad regulation but, on the contrary would
strangle progress in other forms of transportation as effectively as the
railroads have been strangled.
The Traffic League, which through its membership, it is
said, voices the opinion of those in control of a large part of
the freight tonnage of the country, has expressed itself
officially on practically every one of the Eastman proposals.
In principle, it approves of motor truck transportation regulation as well as of the reorganization of the Interstate Commerce Commission into separate divisions with specific jurisdiction over firance, railroads and motor vehicles.
It does not favor a division to supervise water transportation for the simple reason that it opposes Federal regulation
of water carriers, Mr. Beek said. On the other hand, the
proposal that ports and gateways be included under the
preference and prejudice parts of the Interstate Commerce
901
law marches with recommendations made by the League at
its 1933 annual meeting in Chicago. Mr. Beek added:
But we shall strenously oppose Mr. Eastman's proposal to eliminate
that part of the fourth section of the law that would free the Commission
from consideration of the compensatory factors of rates when it grants
permission to depart from that section, not because we do not favor such
a change, but because it does not go nearly far enough. For years sentiment among shippers opposing the "long-and-short-haul" provisions of
that act has been growing, and more than a year ago we instructed our
committee to work unfalteringly toward that end.
Mr. Beek said that these proposals represented the most
important single matter to come before shippers for consideration in a good many years. He likewise stated:
We shall convene our executive committee as soon as possible to consider ways and means of making our voice heard, and it is quite possible
that we shall deside to call a special meeting of the membership, something
we have not found it necessary to do for a number of years.
The plan proposed by Co-Ordinator Eastman for Federal
control of major transportation agencies was referred to in
our Feb. 2 issue, page 693.
New York State Recovery Act Held Invalid by State
Supreme Court Justice
The New York State Recovery Act was declared invalid,
Feb. 1, in a ruling handed down by State Supreme Court
Justice Meier Steinbrink of Brooklyn. The Court decided
that the Legislature in passing the bill had virtually surrendered its soverign legislative power to Federal administrative authorities, and in so doing ignored constitutional
provisions designed to prevent this evil. Mrs. Anna M.
Rosenberg, New York Compliance Director of the National
Recovery Administration, said Feb. 2 that State NRA
officials were not disturbed by the decision, which she contended "stands alone against an overwhelming weight of
contrary authority in courts of equal and higher jurisdiction."
The ruling was issued in a suit brought by members of
the Allied Motion Picture Operators Union against the Parkside Ridge Amusements, Inc., operators of three Brooklyn
motion picture theaters. The union members sought the
reinstatement of seven discharged union operators and the
recovery of money damages. Justice Steinbrink, in deciding in their favor, overruled the defense plea invoking the
State Recovery Act.
The motion picture union made a contract with the defendant in August
1934, whereby the operating company was to employ Allied motion picture
machine operators. Formerly they had employed members of the Empire
State Motion Picture Operators Union. The operators belonging to the
Empire State Union were discharged and Allied operators were taken on.
The Empire State union filed a complaint with the Regional Labor Board
charging the defendant had violated Section 7-A of the NRA, with the
result that the theater concern discharged the Allied operators and re-employed members of the Empire State Union. In challenging the Allied
union's suit for relief in the Supreme Court, the theater company contended
that it had to breach the contract of August 1934 under the State law. It
also alleged that the discharge of the Empire State members was based
on a discrimination against their union.
The findings of Justice Steinbrink were quoted, in part,
in the Brooklyn "Daily Eagle" of Feb. 2:
"The desirability of subjecting those engaged in intra-State commerce
within the State to the same standards of fair competition applicable to
those engaged in intra-State commerce within the State cannot be questioned. Nor may one doubt that the method adopted by the State to
equalize standards of commercial conduct is calculated to prevent duplication with its attendant expense and perhaps confusion. But these considerations, salutary as they may be, cannot be employed as a means of leveling
constitutional barriers. While the State Recovery Act does not purport to
make the NRA or any of the codes adopted thereunder the law of this
State, it does provide that in the field of intra-State commerce violations
of the Federal statutes and the codes may be punished or restrained where
such violations occur within the State.
Questions Constitutionality
"The Legislature has not alone declared a policy but created a new
crime, the definition of which is left to agencies foreign to the State.
By indirection the entire machinery for the adoption of codes and agreements and issuance of licenses under the Federal statutes is carried into
the State Act. The question is whether this short cut to a perhaps desirable
end is sanctioned by the State Constitution.
"The Legislature," he concluded, "should neither invite Federal encroachment nor surrender to a foreign agency over which it has no control or
supervision."
Ohio Recovery Act Held Invalid as Unwarranted
Delegation of Legislative Power to Administrative
Officer
The Ohio Recovery Act, modeled after the National Industrial Recovery Act, was declared invalid Jan. 28 in a
ruling issued by the State Court of Appeals at Toledo in the
case of the State against Edward Dusha, coal dealer of
Toledo operating as the City Coal Co. The opinion said
that the State Act was an unwarranted delegation of legislative power to an administrative officer, and in this respect
the Court's finding was remarkably similar to that of a
New York court incident to the Recovery Act of that State.
The New York decision is noted elsewhere in this issue of
902
Financial Chronicle
the "Chronicle." The opinion of the Ohio Court of Appeals,
written by Judge Phil M. Crow of Kenton, of the Third
Judicial District, sitting at Toledo with Judges Harry W.
Lloyd and Silas S. Richards. Judges Richards and Lloyd
concurred.
The decision reversed that of Judge Stahl of the Lucas
County (Ohio) Common Pleas Court, who upheld the State
Act together with the price-fixing clause. Mr. Dusha had
attacked this clause, and admitted he undersold code prices
and refused to join in the formulation of a code, also declining to contribute assessments.
The decision was summarized as follows in the Toledo
"Blade" of Jan. 28:
The suit was brought by the State, in the name of Frazier Reams,
prosecutor, under provisions of the law, and was prosecuted by Oscar
Brown of the Attorney-General's office, and Arnold Bunge, at that time
Assistant County Prosecutor. U. G. Denman represented Mr. Dusha,
operator of the business for his mother, Mrs. Edith Dusha.
An injunction was sought to compel Mr. Dusha to abide by the coal price
schedule set up by the Authority and to contribute assessments. It was
charged that Mr. Dusha had violated wage regulations and gave short
weights, but in the lower court it was held that these contentions were
not sustained.
The Court of Appeals in its opinion said, in part:
"On the trial in this court defendant conceded that he had not complied
with certain requirements of the code, namely, that he had not made any
report pursuant thereto, and that he made and would continue to make
sales below code prices.
"There was no evidence tending to prove that he in any manner participated in or encouraged the formulation or establishment of the code,
nor did in any way consent thereto."
Supreme Court Cited
The opinion then cites a ruling of the United States Supreme Court,
Jan. 7, in which grounds for the disposition of the Dusha case are found.
The opinion continues: "The Ohio Act under which the code was established with which defendant has not complied in the particulars we have
alluded to, possesses in essence the identical infirmities found by the
Supreme Court of the United States in the Federal statute which was the
subject of controversy in the case cited.
"We could not, were we inclined to so undertake, add or take from the
reasoning of the opinion of the learned Chief Justice, for, as would have
been expected of him, the reasoning is perfect.
"Therefore, without further words, we find that as to the matters requiring decision in the case at bar, the provisions of the Ohio Act under which
the code in issue arose, are invalid in that the Act in its relation to such
matters is an unwarranted delegation of legislative power to an administration officer, the Governor of the State, and to the other persons sought
to be authorized with him to formulate codes.
"The finding and judgment will, therefore, be for the defendant at the
cost of the plaintiff."
Gov. Lehman of New York Signs Bill to Further Housing
Program
Yesterday (Feb. 8) Gov. Lehman of New York signed five
new bills, one of which is intended to speed up President
Roosevelt's housing program in New York State. An Albany dispatch to the New York "Sun" said:
'This was the Framerman bill permitting banks to invest in the bonds of
,
the Federal Housing Administration. It was passed by the Legislature after
President Roosevelt had appealed to the States for laws to facilitate the
housing program. Gov. Lehman signed without comment.
Gov. Lehman Signs Bill Extending New York State
Longer Milk Control Law
Governor Lehman signed, on Jan. 25, the Kelly-Dunn bill
extending New York State's milk control law for another
year. Associated Press advices from Albany, Jan. 25, said:
The measure passed both houses without debate, and Governor Lehman
signed it without comment. It provides for an extension of the law in its
present form. Amendments may be submitted and considered separately
under an agreement reached by party leaders. The milk law now will run
until March 31 1936.
Bill Relieving Bank Stockholders from Double Liability
441 Passed by New York Assembly
A proposed constitutional amendment which would relieve
stockholders of banks from double liability was passed by
the New York State Assembly on Feb. 5 by a vote of 130
to 10, and now goes to the Senate, where similar action is
expected. We quote from an Albany dispatch, Feb. 5, to
the New York "Herald Tribune," which also said:
Passage by the Senate would bring it before the voters at the election
next fall, as it was passed by both houses last year.
The proposal would repeal Section 7, Article 8, of the Constitution,
which requires that when a banking institution fails its stockholders lose
not only the amount of their stock but are required to contribute an
additional equal amount. The proposal was introduced by Assemblyman
Jacob H. Livingston, Democrat, of Kings, Chairman of the Committee on
Banks.
A similar bill in the Senate is sponsored by Senator
McCall. In Albany advices to the "Wall Street Journal"
of Jan. 31 it was noted:
The recommendation to eliminate the double liability on bank stocks was
made originally by the State Banking Board, and embodied in the 1933
report of Joseph A. Broderick, former Superintendent of Banks, to the
Governor and the Legislature.
Feb. 9 1935
Banking Bills Passed by New York State Assembly—
One Authorizing Banks and Trust Companies to
Maintain Insurance in FDIC Signed by Governor
The New York State Assembly passed and sent to the
Senate three Livingston bank bills, said an Albany dispatch,
Feb. 5, to the New York "Herald Tribune," which further
reported:
One prohibits banks and trust companies from lending to officers and
employees without the approval of directors. A second authorizes trust
companies to convert themselves into State banks, and the third authorizes
banks and trust companies to maintain deposit insurance in the Federal
Deposit Insurance Corporation.
The last of the three bills was opposed by Assemblyman Abbot Low
Moffat, Republican, of New York, and the vote by which it passed was
132 to 8.
On Feb. 8 Gov. Lehman signed (after it has passed tile
Assembly and Senate) the bill amending the banking law
to authorize banks and trust companies to maintain deposit
insurance in the FDIC.
Report of Joint Legislative Committee on Banks
Submitted to New York State Legislature—Many
Changes in Banking Law and Practices Recommended
A report of the Joint Legislative Committee on Banks
was submitted to the New York State Legislature on Jan. 31
by the Chairman of the Commission, Senator Thomas F.
Burchill. It is pointed out by the Savings Banks Association of the State of New York that while the report itself
is not yet available, a statement to the press gives a general
Idea of the Committee's recommendations. From the Association's "News Bulletin," dated Feb. 1, we also quote:
The Committee recommended many changes in the banking law and in
banking practices. Senator Burchill said that the Committee was greatly
concerned with the matter of licensed lenders, finance companies and auto
loan companies. He also said that the Committee believed "that a serious
and menacing social danger exists due to the vicious and oppressive practices now prevalent in the field of money lending." The report of the
Committee stated that the growth of the organizations and the individuals
under the supervision of the Banking Department has been rapid, but, unfortunately, the stress that has been placed upon the people has led to the
mushroom growth of the group of individuals, who by trick or device or
sheer terrorism are oppressing those unfortunates who have found it necessary to obtain small amounts of money for immediate needs.
Senator Burchill also said that the Committee would further such regmlatory legislation as is essential to curb the vicious activities of the finance
companies and loan sharks.
A summary of such legislation was given out, as follows,
by Senator Burchill:
1. That the Banking Law be amended to provide that all persons or corporations who engage in the business of lending money on the security of
mortgages, endorsed notes, assignments or other similar forms of securities,
or who purchase paper secured by such mortgages, be brought under the
supervision and inspection of the Banking Department, and that any and
all forms of the instruments or agreements that they use in conducting
their business be subject to the approval of the Banking Department.
2. That no seizures or repossessions of automobiles be made except in
the presence of and with the assistance of a police officer or peace officer,
and an inventory of the contents of the automobile be filed with the police
or other similar department.
I. That no charge for insurance obtained for the benefit of the lender
shall exceed the rates filed by the Superintendent of Insurance.
4. That no officer or employee of a company or corporation operating
under this section of the banking law shall give to any borrower his own
check or cash in exchange for the company check issued to the borrower.
5. That in the event that there be included in the finance charges on
the sale of any automobile a reserve of any kind that is to be rebated to
the dealer by the finance company, the fact of such rebate shall be made
known to the purchaser of the automobile. In addition, the committee feels
that the present rates allowed to licensed lenders under the small loan act
should be made the subject of careful study to see if a scaling down of
the interest charges might be in order.
The Association's "Bulletin" also had the following
to say:
It was further said by Senator Burchill that the Committee recommended
that it be continued so that it could commence work upon a re-codification
of the banking law. Senator Burchill pointed out that the last general
revision of the banking law took place 25 years ago, in 1909. The Committee believes that now is the proper time for such a project. "It is not
that our banking law is fundamentally unsound or out-moded, but rather
that through the necessity of expediency a great deal of patch work has
been done upon the original code." Times and conditions have changed
materially, and it is believed that our banking law should be studied so
that the State of New York will have as soon as possible a banking law
that will be a model of clarity, comprehension, conciseness and practicability for the protection of its citizens and its banks, and for the emulation of our sister States and the National Government.
Senator Burchill further stated that the report contained many salutary
and advisable changes in the present banking law, the principal ones of
which are as follows:
1. The elarifimtion of the powers of the Banking Board V) that it will
be able to fix maximum rates of interest on thrift accounts or the dividends
of mutual institutions, the power to limit withdrawals in eases of emergency, and the power to remove officers for violations of the banking law
or for continued unsafe and unsound practices.
2. An endeavor has been made to enable the average depositor in the
bank to be placed upon an equal footing with any other depositor in the
State. Accordingly, the Committee has recommended that the practice
of pledging assets to secure the various forms of governmental deposits be
abolished, And secondly, that the statutes now granting preferences upon
the linuidation of a bank be repealed.
3. That the present requirement of two examinations by the Superintendent of Banks in a year be changed to provide for two examinations to
Volume 140
be made in 15 months, and that the Banking Department make thorough
and comprehensive examinations of the trust departments of banks or trust
companies. The Committee renewed its recommendations that Senator
McCall's bill of last year (Senate introductory 704), which would bring
about the divorcement of commercial banking from the business of buying
and selling securities, be passed, and it further urged the re-passage of
the joint legislation affecting Article 8, Section 7, of the Constitution,
which imposes a double liability upon bank stocks.
4. The Committee recommended that Section 188, Subdivision 7, be
amended so as to provide that no trust company wishing to sell participating interests in a mortgage to its trust estates could purchase the same
• with its own funds, and further that any trust company selling or transferring such interests to its trust estates should be required to obtain,
before so doing, a certificate as to the value of the mortgage from the
Banking Department, and further, that notice of the intention to make
such a purchase for the trust estate be given to the beneficiary 15 days
beforehand together with a statement that the mortgage is not in arrears
or delinquent in any respect. Under no circumstances is a mortgage that
Is in arrears or delinquent in any respect to be sold or transferred.
5. In regard to savings banks, the Committee recommended that the
maximum amount which they could receive from any one person be reduced
to $5,000 and that the so-called moratorium bill on railroad bonds be
extended for another year. It also recommended that savings banks be
required to publish annually a detailed list of their bond investments.
6. The Committee recommended the creation of an insurance fund for
the shareholders of savings and loan associations, and has prepared and
submitted a bill on the same which is Senator McCall's bill (Senate introductory 38). Further, in regard to savings and loan associations, the Committee recommends that they be compelled to establish cash reserves and
that they be limited in their investments in mortgages, real estate, banking premises, furniture and fixtures and other non-liquid assets, to not more
than 90% of their total assets, and further that the maximum of savings
shares which can be held by any one individual shall be not more than
$5,000. A further recommendation was that the associations be permitted
to accumulate a surplus of zo% rather than 15% now allowed before compulsory distribution of dividends must be made.
7. The Committee has conducted an exhaustive survey of the cost of
liquidation of closed banks in this State and has published Its findings
thereon. One major recommendation on this subject is that the counsel
fees should be limited to 2% of the total amount of assets realised and
not more than $25,000 in any case except that application may be made
to the Supreme Court for additional allowance where necessary.
District Supreme Court in New York Dismisses Injunction Suit Charging NIRA Illegal—Steel Firm
of W. Ames 8c Co. Refused Order to Require
Government to Buy Its Products
An injunction suit attacking the constitutionality of the
National Industrial Recovery Act and an Executive Order
requiring bidders on work financed by Federal funds to
adhere to National Recovery Administration codes was
dismissed on Feb. 1 by District Supreme Court Justice F. D.
Letts of Washington. The suit was brought by W. Ames &
Co., New Jersey iron and steel manufacturers, against Secretary of Agriculture Wallace, Secretary of Interior Ickes
and Thomas H. MacDonald, Chief of the Bureau of Public
Roads. Judge Letts, in refusing to direct the Government to
purchase the Ames products, said that "Congress has unlimited power to prescribe such rules and regulations as it
sees fit regarding the public works of the United States, and
for work for which its funds are to be expended." We quote
below regarding the decision from an account in the Washington "Post" of Feb. 2:
The company contended that it was doing an intra-State business and
was unable to compete with the larger steel firms which, it claimed, had
drawn up the code of fair competition for the industry.
The Ames company admitted that it was a non-signer of the code, and
because of a Presidential edict it was prevented from even submitting a bid
where Federal funds were used. This amounted to a boycott, the firm
charged, and therefore was illegal. The edict required prospective bidders
to file a certificate showing compliance with the code before the bids
could be opened.
Secretary of Agriculture Wallace, Secretary of the Interior Ickes and
Thomas H. MacDonald, Chief of the Bureau of Public Roads, who are In
charge of Federal moneys earmarked for road building, were named
defendants. W. Ames & Co. charged it had formerly done a large portion
of its business with the State of New Jersey in providing steel for road
work. The State cannot now, it was shown, buy their products because
of the restriction,
Four Possible Roads Out of Depression, According to
Dr. Louis H. Haney—End of Spending, Balanced
Budget and Currency Stabilization Listed as
Necessary to Upturn
There are four possible ways in which the "wasteful experiments" of the present Administration may be terminated
and business recovery may begin, Dr. Louis H. Haney of
New York University, said Feb. 2, in an address before the
Real Estate Board of Baltimore. The Supreme Court, he
said, may compel "(honest observance of the spirit of our
Government"; taxpayers may revolt; the radicals may
revolt, or the American sense of humor may come to the
rescue. The only way out of the depression, he declared, is to
cease spending for unproductive purposes, balance the budget, correct inflation and stabilize the currency.
High taxes and the high cost of building constitute the
principal difficulties in connection with the real estate
situation. Dr. Haney said. Next year, he predicted, will see
903
Financial Chronicle
the end of the trough of the building cycle, while already
a discriminating person may find bargains in real estate,
which furnish one of the best hedges against inflation.
We quote below, in part, from a summary of Dr. Haney's
address, as made public Feb. 2:
Dr. Haney stated that he could see at least four possibilities as to
the termination of these experiments and the beginning of recovery.
"First, I can see a bare possibility that the Supreme Court will uphold
the Constitution, in ways which will limit the financial and other experiments of the Administration, and compel the honest observance of the
spirit of our Government. As long as the Administration has the will to
borrow and spend, however, Supreme Court decisions can hardly stop it.
"Second, I can see the possibility of a revolt of the taxpayers, which
might stop the spending, and thus prevent more serious Inflation."
Dr. Haney stated it as his opinion that taxes are already too high, as
evidenced by the large percentage of the national income taken from taxpayers, and by the increased resort to indirect "nuisance" taxes which are
burdensome to the small consumer.
"Our governments, State and Federal, are spending so much that they
don't dare send the bills home to the taxpayers. So they 'charge it,' and
run up debts, thus leaving their budgets unbalanced. Taxes, however, are
becoming so burdensome, both on business and on individual consumers,
that effective opposition to spending may arise."
Third, there may be a falling out among the radicals, the spezker said,
for it is not unusual to find great disagreement among them. He referred
in this connection to Hney Long, Senator Olsen, Father Coughlin and
Dr. Townsend as differing from the New Dealers in radicalism.
Fourth, the speaker saw the possibility that the American sense of
humor would come to the rescue. He said: "Maybe that great forgotten
man, the American sense of humor, may be found; and in the midst of our
troubles we will come to see the joke. Then we will grin and bear the
necessary liquidation and readjustments still required for sound recovery."
Dr. Haney suggested a young persons' pension of $200 a week as being
better than the Townsend old age pension with its $200 per month, since
the former would give a more rapid "turnover," and by compelling the
youth of the land to spend their money on the old folks, it would inculcate
respect for age. "After all, many of the experiments which we have
tried in vain have been rather funny."
It was the speaker's conclusion that the only way out of this depression
is to follow the way which led us into it. "The steps which led us in
were inflation, overspending and overproduction. We borrowed our way in.
Consequently, we must reverse the process and cease spending for unproductive purposes. We must quit trying to borrow ourselves out of debt
and balance our budgets. We must correct inflation and stabilize our
currency."
In reference to the real estate situation, Dr. Haney stated that in his
opinion there are two great difficulties: (1) High taxes, which have
resulted in a large percentage of delinquency in the case of real estate,
and (2) the high cost of building, notably wages, in the building trades.
The distressed condition of real estate is still an important handicap,
said he, and mortgage insurance, together with steps to broaden the
market for insured mortgages, may afford some assistance.
President Roosevelt to Seek Extension'effNRA for Two
Years—Message to Congress Expected to/Propose
Limited Revision—Permanent LegislationnAvoided
for Fear of Further Experimentation
President Roosevelt is expected to send to Congress a
special message recommending the extension of the National Recovery Administration for a period of two years,
and certain simple revisions in its method of procedure, according to Washington announcements Feb. 6, following a
conference of legislative leaders at the White House. It
was said that the decision to make the NRA extension for
a limited period was in accord with suggestions by Administration officials who discussed like subject with the President, and it was agreed that it would be better not to seek
permanent legislation at this time, since that might result
in further experimentation. An outline of some of the proposed changes in the NRA was given as follows in a Washington dispatch of Feb.6 to the New York "Herald Tribune":
The modifications in NRA procedure to be sought by the Administration
include:
Lightening the penalties for violations and writinethem into the law rather
than leaving them to administrative and executive orders.
Declaring against price-fixing, but providing for price control under exceptional
circumstances and with strict governmental supervision.
Granting power to the NRA to impose hour and wage conditions where an Industry fails to come to an acceptable agreement.
Simplifying trade practice regulations and emphasizing self-government in this
10,11.111111P•
field.
Provision of special governmental regulationfroethenatitragresource industries.
Provision for Small Business.
Definite machinery is also expected to be proposed for giving small
businesses a hearing when protesting code provisions and to prevent the
codes from monopolistic practices.
"We discussed the proposal to extend the NRA," said Senator Joseph
T. Robinson, Democratic leader of the Senate and spokesman for the
conferees. "It is expected the President will send to the Congress at
his convenience, probably in a few days, a message on the subject announcing certain principles which be thinks ought to be incorporated In
the legislation. I shall not assume to anticipate his announcement.
"The committees will proceed to consider the message and report legislation in time for its disposal before June 16. It is expected the NRA
will be extended for a definite period. The modifications will be simple
and such as have been demonstrated necessary by experience.
At the conference were Donald R. Richberg, the President's recovery
program co-ordinator; Senator Robinson, Senator Robert F. Wagner,
Democrat, New York, one of the sponsors of the original NRA legislation; Senator Pat Harrison, Chairman of the Finance Committee; Speaker
Joseph T. Byrnes, Representative Robert L. Doughton, Chairman of the
Ways and Means Committee; Representative Sam Rayburn, Chairman of
the House Interstate Commerce Committee, and Representative Edward T.
Taylor, acting House floor leader.
904
Financial Chronicle
A Washington dispatch of Feb.6 to the New York "Journal
of Commerce" discussed the prospects for extension of the
NRA as follows:
At the very outset it can be said that the proposal will be subjected to
attacks by Senators Borah, Idaho, and Nye, North Dakota, who charge
that, far from preventing monopoly, the codes and NRA have fostered
monopoly, and that the pacts and their administration have largely been
in the interests of the larger units in industries.
Further, Representative Connery (Dem., Mass.) will continue his fight
to have equal representation for organized labor on all code boards. The
thirty-hour week also will figure very largely in discussions, for there even
are business men who have openly charged that a shorter than the present
work week is necessary to take up the slack in unemployment.
Price fixing and production control will be flayed by the Senators, if
these provisions are retained in the draft legislation presented to Congress.
However, price fixing, except as to the natural resources industries, is believed to be out of the picture, and production control is questionable.
The legislators named are not to be overlooked for they each have very
substantial followings and there are promises of heated debates that will
prevent hurried action on the proposed legislation.
Ticket Agencies Refused Injunction to Prevent Enforcement of NRA Theater Code—Had Contended
Regulations Act to Create Monopoly—Decision to
Be Appealed
An application by five theater ticket agencies for an inPinction to restrain the NRA Code Authority for the Legitimate Theater from enforcing a provision of the amended
code requiring the licensing of brokers and the posting of a
$500 bond was dismissed on Jan. 31 by Justice John E.
McGeehan of the New York Supreme Court. Charles
Abrams, counsel for the ticket brokers, said.the case would
be appealed. The brokers contended that the regulations
act to create a monopoly by restricting competition and are
therefore illegal and unconstitutional. The agencies argued
that they cannot comply with the code and continue in business, since they are required to sell tickets at only 75c.
above the box office price and they are compelled to pay
that mucb to certain brokers. The decision was summarized
In part as follows in the New York "Herald Tribune" of
Feb. 1:
"It appears that certain theatrical proprietors have signed a contract
regulating the terms under which they will sell tickets to brokers," Justice
McGeehan wrote in an opinion accompanying the dismissal, "and those
who have not signed are satisfied to adopt those terms. One of these terms
Is that they will not sell to brokers who do not conform to certain rules.
Board to Enforce Rules
"The theatre manager can sell his tickets to whom he pleases, provided
only he does not refuse on the ground of race, creed or color. These plaintiffs seek to enjoin the body which the managers have agreed shall make
the rules. I fail to see how the plaintiffs have any standing.
"As I see this case, I think the plaintiffs have failed to recognize
what the code of fair competition really is. It is not a fiat of the Legislature. It is not an executive decree. It is not a judgment of the courts.
It is a contract drawn up by members of a business, under the supervision of the executive agencies. Unless the members specifically relinquish rights, they still have them."
Brock Pemberton, chairman of the Code Authority's Committee on
ticket distribution, hailed the dismissal of the application as the beginning of real enforcement of the code, explaining that it was the first time
the code authority's regulations for ticket brokers had been upheld by the
courts. "I think the move now will be to enforce the code," he said, explaining that it had not been enforced before because of argument over
the authority's legal right to do so.
George N. Peek, President's Adviser, Advocates Extension of Foreign Trade by Greater Use of Barter—
Chester C. Davis Urges Continued AAA Control
of Farm Production
George N. Peek, Special Adviser to the President on
Foreign Trade, on Jan. 30 told the Illinois Agricultural
Association, meeting in Quincy, Ill., that the Nation's
foreign commerce could be materially stimulated through the
adoption of a "barter" program that would partially supplant
the usual processes of outright buying and selling. Pointing
out that foreign tiade is a definite concern of governments,
Mr. Peek said that the "50 or more" Governmental agencies
dealing with foreign trade should be united under a single
direction. The Government should act, he said, to settle
foreign exchange problems, and should develop a policy of
selective exports and imports.
Chester C. Davis, Administrator of the Agricultural Adjustment Act, told the Association on the same day that
continued control of farm production is needed to maintain
the farmer's "present improved condition." He also advocated the restoration of farm exports and increased industrial production with lower industrial prices. A Quincy
(Ill.) dispatch Jan. 30 to the Chicago "Journal of Commerce" quoted Mr. Peek as saying:
"If we are to abandon any measure of protective tariff, It should be only
In exchange for tangible advantages to us. Foreign nations will scramble
to preserve and increase their trade in the United States upon any fair
basis. I desire only what is fair, but fair to our agriculture, industry,
labor, and to America."
Feb. 9 1935
From the same advices we quote:
Wants to Trade Now
Prefacing his address with the statement that he wants to trade now and
not await the millenium when all currencies may be stabilized to a common
standard and all trade barriers reduced to a common basis, the President's
adviser carried his audience through an exposition of trade and money,
studies conducted on foreign trade. England's activities as the world's
greatest foreign trade financing and trading nation, what the United States
has done, and his views as to what should be done now.
Mr. Peek reiterated his five-point program for foreign trade policy.
1. Government should back and assist foreign trade interests.
2. Co-ordination and unification of direction of all Governmental foreign
trade activities.
3. Maintenance of accurate and current records.
4. Selective exports and imports.
5. Governmental action on foreign exchange problems.
Perhaps the most potent factor in the congestion of America's international trade, Mr.Peek said,is that of exchange restrictions imposed by about
35 nations, more or less arbitrarily. fhe satisfactory solution of the exchange problem, he said, should be made a prerequisite to negotiation of
any general trade agreement.
The discussion of foreign trade and money was the highlight of to-day's
session of the Association, as much of the day was consumed by some 15
separate district meetings of the delegates. Chester C. Davis, AAA
Administrator, discussed his activities and W. I. Myers, Governor of the
Farm Credit Administration, talked on the future farm credit system, in
an early afternoon session.
Earl C. Smith, in his address as President of the Association, declared
that the most potent of all efforts directed toward National recovery has
been the National farm program, and pointed out advantages of crop adjustment programs and surplus control. ,
Advocating a feed grain control program financed from a processing
tax on llve stock, Mr. Davis assured the Association that corn loans will
be continued in 1935. The rate of the tax would be decided on the basis
of the benefits derived by each kind of stock, Adminsitrator Davis said.
He called upon his farm listeners to do everything in their power to aid the
AAA in securing an amendment to the farm act in order that the livestock
tax could be imposed.
According to Associated Press advices from Quincy,
Jan. 30, Mr. Davis told the Association that continued control of farm production was necessary to maintain the farmer's "present improved condition." The same account said:
He added two other suggestions. Restoration of as much foreign exports
as can be had on reasonable terms, and increased industrial production
with lower prices on industrial goods.
Mr. Davis said that "agriculture sailed blindly on" during the depression,
maintaining a 5
-year production level at 87% of the 1929 level through 1934,
although in 1932 industrial production fell to 41% of the 1929 level.
Some progress was made last year. he asserted, when the total National
cash farm income rose 20% above 1933, but it was due to various factors
and not by all means to the adjustment program.
He pointed to an improved condition in grain and cotton stocks as
encouraging.
in Farm Income Shared by all Agricultural
Regions and States Excepting Oklahoma- Analysis
• by Bureau of Agricultural Economics
An analysis of the increase in farm income during the past
Increase
year, made by the Bureau of Agricultural Economics, United
States Department of Agriculture, shows that all agricultural
regions and all States except Oklahoma shared in the improvement. Although in North Dakota, South Dakota,
Oklahoma, Texas, New Mexico and Utah,receipts from farm
marketings in 1934 were less than receipts from farm marketings during 1933 the bureau points out that when rental
and benefit payments are added for both years, all States
except Oklahoma, show larger total farm receipts in 1934
than in 1933. Oklahoma's position is largely the result of
severe drought damage to the cotton crop. In noting this,
an announcement issued Feb. 4 by the Department of
Agriculture, said:
The analysis is part of a new statistical series by the Bureau, to report
monthly farm receipts by States, for principal farm products. The reports
are intended to furnish a more current measure of the changing economic
conditions of farmers in the various States than has been available heretofore. This series is especially important, says the Bureau, in times of
marked fluctuations of both farm marketings and farm prices.
Cash receipts from farm marketings in the North Atlantic States were
about 16% more in 1934 than in 1933. Rental and benefit payments have
not been an important factor in the income to farmers in this area, and the
Improvement noted is attributed principally to increased receipts from the
sale of dairy and poultry products.
Cash receipts from the sale of farm products in the East North Central
States are computed at 14% more in 1934 than in 1933. When rental and
benefit payments are included, total cash receipts in these States last year
were 19% more than receipts in 1933.
For the West North Central States the Bureau says that with the exception of North and South Dakota, all States in this region had larger receipts
from farm marketings in 1934 than in 1933. Almost complete failure of
crop production in the Dakotas reduced farmers' income from crops despite
higher prices, but large payments by the Government in 1934 in this region
raised the total farm receipts in North Dakota 21% above 1933, and in
South Dakota 12% above 1933. When rental and benefit payments are
Included, the region as a whole showed improvement in receipts amounting
to 33% over 1933.
For the South Atlantic States the Bureau says the influence of the smaller
Production in the drought area on prices was an important factor in the
Increased receipts from marketings last year, the increase from crops and
livestock combined being 28%. Total receipts, including rental and benefit
payments, were 32% above 1933.
Receipts for the South Central States in 1934, excluding Oklahoma and
Texas, were substantially above 1933, it is stated, and including rental and
benefit payments the percentage increase was 13% for the region. The
severe drought in Oklahoma and Texas, it is stated,greatly restricted crop
Production in these States and was accompanied by a decline in income
from marketings of 14% for Oklahoma and 4% in Texas. The Bureau
Volume 140
Financial Chronicle
points out, however, there were considerable emergency sales of cattle to
the Government and receipts from these together with rental and benefit
payments raised the total receipts of Oklahoma to within 4% of 1933 and
of Texas to 4% more than in 1933.
The Western States as a group showed an increased of 17% in 1934
compared with 1933, and the addition of rental and benefit payments and
income from emergency sales of livestock raised the increase to 26%.
$629,614,037 Disbursed to Farmers Co-operating in AAA
Adjustment Programs
Disbursements to farmers co-operating in the adjustment
programs of the Agricultural Adjustment Administration,
including payments in connection with the exercise of cotton
options and the cotton producers' pool, reached a cumulative
total of $629,614,037 as of Jan. 31, according to the latest
tabulation of rental and benefit checks, it was announced
Feb. 4. Total payments, as shown by more than 10,000,000
checks issued, were as follows by commodity and program:
Cotton, 1933 program
5112,739,161
Cotton, 1934 program
103,831,384
Exercise of cotton options_
12,182,750
Cotton option pool advance; 45,895,857
Tobacco, 1933 program---- 2.055,725
Tobacco, 1934 program____ 816,962,277
Wheat 1933 program
90,376,236
Wheat, 1934 program
58,816,995
Corn-hogs, 1934 program
187.196,042
Sugar, 1934 program
55,604
In the announcement of Feb. 4, issued by the AAA, it
was also stated::
The regular monthly report of expenditures issued to-day by the Comptroller of the AAA,showing detailed analysis of expenditures from date of
organization. May 12 1933 to Dec. 31 1934 inclusive, classifies total expenditures of $733,983.535, showing by State and county the distribution of
$527,501,795 in rental and benefit payments, distribution of 8170,296.958
in removal of surplus operations by disbursing office and commodity, and
dministrative expenses of $36,184,780.
The Comptroller's report lists rental and benefit payments,cumulative for
all programs to Dec. 31 1934 by commodities, as follows:
Cotton
$202,546,560 Corn-hogs
159,154,075
146,749,953! Sugar
Wheat
55,541
18,995,664
Tobacco
Also reported are removal of surplus purchases and operations, as follows.
346,062,952 Sheep and goats
2,294,237
Hoge
Wheat (export operations in
Conservation of adapted vari6,057,227
eties of seeds
Pacific Northwest)
11,826,603
12,350,493
Butter and cheese
91,705,445
Cattle
As of the sameldate asItheromptroller's report. through Dec. 31 1934,
the returns from processing Land related taxes had reached a cumulative
total of 11640,871,403. By commodity on which collected, the cumulative
receipts from processing taxes were as follows:
8181,483,818.77 Sugar cane & sugar beets_ 833,901,906.13
Wheat
193,635,531.89 Peanuts
Cotton
430,917.85
34,328,731.32 Cotton ginning tax
Tobacco
121,517.31
Field corn
8,191,908.50 Tobacco producers sales
1,065,105.01
Hogs
175,896,167.47
tax
Paper and jute
4,683.-.
11,347,487.37 Unclassified
Loans on Farm-Stored Corn Provided in AAA CornHog Program for 1935
The provision for Government loans on corn stored on
the farm in surplus-producing areas definitely will be a part
of the corn-hog adjustment program for 1935, it was announced Jan. 30 by Administrator Chester C. Davis. In a
speech before the Illinois Agricultural Association at Quincy,
Ill., Mr. Davis said:
. . I want to announce definitely that provision for corn loans
will be an essential part of our corn-hog program for 1935. Just as last
year, only farmers who sign the corn-hog contract soon to be offered will
be eligible for these loans. But by this I do not mean that the amount
of the loan willibe the same. The amount to be loaned per bushel this
year has not been determined, and cannot be until later in the season when
the essential facts have developed in regard to probable production and
feed requirements.
Although not a part of the 1935 corn-hog contract, a
Government corn loan program which would be available
next fall only to those producers and landlords who signed
the 1935 corn-hog contract has been under consideration for
several weeks, and loan agency arrangements and other
details are being prepared, the Agricultural Adjustment
Administration announced. "Since its inauguration in the
fall of 1933, Government lending on farm-stored corn has
proven very satisfactory and is now recognized as a valuable
device for carrying surpluses from one year to another,
provided it is coupled with sound production control," Dr.
A. G. Black, chief of the corn-hog section of the AAA,
commented when definite plans for the loan were announced.
He said:
The corn loan program is an important supplement to the corn-hog adjustment program. It will aid contract signers in a financial way and will
be an additional factor in steadying production and prices.
In planning to make loans on farm-stored corn and by tieing the loan
program to production control, the Government is, in effect, inaugurating
the "ever-normal granary" policy. Contracting producers are enabled to
carry adequate reserve supplies over to following seasons, thus preventing
excessive marketing of corn and depression of corn prices. In following
adjustment programs corn plantings can be regulated in accordance with
these storage supplies and by prospective future requirements.
In event of anything like normal weather in 1935, there will be plenty
of corn raised in this country for reserve supplies. The maximum acreage
of corn which may be planted by contract signers was increased this year
from 80% of the 1932-33 average acreage up to 90% of this two-year base
in order that farmers might have such a margin. Besides, the contract
signers have unlimited use of the acres shifted from corn.
The announcement issued by the AAA, from which the
foregoing is taken, added:
905
The "ever-normal granary" plan would help materially in offsetting
variations in yield per acre due to weather, officials believe. Whatever
kind of adjustment program is in effect, there always remains the factor
of weather which,in any given year,is a variable that cannot be controlled.
The weather factor tends to even up over a series of years and thus a sound
farm-storage plan to hold over a part of the bumper crops from favorable
years would assist in maintaining a fairly constant grain supply. With
adequate reserves once established by means of an "ever-normal granary"
Plan. subsequent plantings could be fitted largely to-the estimated current
requirements based on effective demand outlook.
An important result of a farm-storage policy would be stabilization of
the volume of fat livestock coming on the market, according to administration officials. In the past, production of large feed supplies, due to favorable weather,invariably has been followed by greater livestock production,
almost without regard for the real demand situation. This shift usually
continues until the price relationship between livestock and feed grain
reaches a neutral point, that Is, a point where the return from the hundredweight of livestock is no longer any greater than the cash price for the
amount of grain that would be required to produce the hundredweight of
livestock. This shifting about in production of livestock until the price
relationship with feed grains is neutral, however, really gains nothing in
the long run if production of both feed grains and livestock is overshooting
demand.
Scrip Provisions of NRA Retail Trade Codes Stayed
to May 1
The National Industrial Recovery Board on Feb. 5 continued until May 1 1935"or such prior date as may be further
ordered," the stay of the effective date of the retail trades
code provisions regulating the acceptance of script. The
announcement of the NIRA said:
The provisions affected are Article IX, Section 4, of the code for the
retail trade; Article VIII, Section 4, of the code for the retail jewelry trade.
and Article IX, Section 3, of the code for the retail food and grocery trade.
Each of the sections had been approved subject to a temporary stay.
In each case, and then collectively, the stays have been extended. The
latest stay would have expired Feb. 6 1935.
A special committee of three was appointed under the code for the retail
trade to study the scrip problem. Its report, submitted Oct. 22 1934,
recommended substitute provisions for those which had been stayed, but
further recommended that the scrip problem be approached in codes of
industries issuing scrip in wage payments, rather than in codes for trades
accepting such scrip.
After the NIRA Advisory Council studied the report of the Committee,
it reached a similar major conclusion, that the scrip problem should be
attacked through codes for industries using scrip for wages. The Advisory
Council recommendations and those of the Special Committee are now
before the NIRA Board.
To-day's order extending the stay cites the Board's findings that such a
stay is "desirable until further efforts have been made to effect a control of
the problem relating to company scrip, either by amending the codes of
fair competition for the so-called basic producing industries, or otherwise.'
Stay of Injunction Order Averts Threatened Strike of
New York Teamsters and Longshoremen—Appeal
to Be Heard in March
A threatened strike of more than 20,000 New York City
teamsters and longshoremen, which would have demoralized
traffic along the waterfront, was averted Feb. 5 when Justice Burt Jay Humphrey of the Kings County Supreme
Court issued an injunction restraining members of labor
unions and others from "interfering with the commerce"
of the port. This order was made to apply to two classes
of workers and to certain steamship companies, but at the
same time Judge Humphrey granted a stay pending An
appeal. The New York Appellate Division is expected to
hear the appeal in March, but in the meanwhile the stay
will be operative only during the good behavior of the
defendants. Union leaders said they were satisfied with
the decision.
The threatened strike was described in the "Chronicle"
of Feb. 2, pages 741 and 742. Issuance of the injunction
was noted, as follows, in the New York "Times" of Feb. 6:
A week ago last Monday [Jan. 28] more than 20,000 teamsters carried
out a one-day strike demonstration, crippling trucking operations, and
threatened that if Justice Humphrey granted the restraining order they
would strike again and try to bring about a general strike of all organized
labor.
The injunction is directed against the International Brotherhood of Teamsters, the International Longshoremen's Association, and a group of steamship companies and agencies accused of co-operating with the unions in
interfering with the movement of non-union trucks along the waterfront.
Plaintiffs in the suit are the Merchants Association, the Brooklyn Chamber
of Commerce and a group of trade organizations, shippers and importers.
The injunction restrains the unions from interfering with non-union
trucking crews at the piers and enjoins the steamship companies and agencies from refusing to accept delivery from shippers using non-union truck
drivers, and also from refusing to accept cargo consigned to individuals
and concerns employing non-union trucks.
In granting a stay of the restraining order, Justice Humphrey made it
clear that it would remain operative only with the understanding that
there would be no interference with the free flow of traffic and that the
unions would refrain from violence pending the appeal.
Although no confirmation was obtained, it was intimated that the
stay granted by Justice Humphrey was on the basis of a "gentlemen's
agreement," under which the plaintiffs agreed not to enlarge their nonunion personnel and the unions agreed not to molest non-union crews already
at work, pending final disposition of the dispute.
Walter Gordon Merritt, chief counsel for the plaintiffs, said he was
entirely satisfied with Justice Humphrey's decision. He said:
"Justice Humphrey held the combination (of teamsters, longshoremen
and steamship companies) to be illegal on the following grounds:
"Because it aims to prevent the carriers from performing their public
duty of serving the public without discrimination; because it aims to
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Financial Chronicle
force shippers to dictate to their employees as to the union they shall join
and thus to force the shippers to violate the provisions of Section 7-A of the
National Industrial Recovery Act; and because strikes and refusal to work
on the part of the steamship employees constitute a violation of the collective bargaining agreements entered into last October between the steamship companies and the International Longshoremen's Association."
FTC Criticizes Banking Influence on Utility Holding
Companies—Report to Senate Says Control of
"Concentrated Power" to Prevent Abuse Is Difficul
The banking influence in the utility field has become very
important, and in some instances might conceivably be
exerted in favor of utilities and to the possible detriment
of conflicting interests, the Federal Trade Commission said
in a chapter of its final report on utility holding companies
and their subsidiaries, transmitted to the Senate Feb. 2.
Through the joining of large financial and public utility
interests, the Commission said, "it would seem possible that
machinery might be set up by Which dominating interests
within the organization might reach out to specific industries and communities over a vast area to influence important factors in the economic progress of such areas and
Industries."
Economic history has usually shown, the report added,
that when such situations exist regulation in the public
Interests is necessary so to control "concentrated power as
to prevent its abuse, and by the same token becomes increasingly difficult."
Discussing regulatory authorities, the report said that
their problem "is to see to it that a just portion of benefits
of these economies are passed on to the consuming and investing public."
The chapter of the Commission's report made public
Feb. 2 described the forms of organization under which
holding companies have been developed, the types of control which they have exercised over subsidiaries, and the
functions they have undertaken to perform in lieu of subsidiary operating companies. The chapter also discusses the
general principles underlying the holding company type of
organization, and the results which have arisen from the
conduct of such companies in controlling public utilities.
A press release by the Commission on Feb. 2 summarized
the section of the report dealing with.banking influences as
follows:
Discussing the importance of banking influence in the utility field, the
Commission says it has become very great, and that inherent in this influence are large potentialities as to the effect on industrial development in
the areas served by companies within the sphere of filICh influence. Pointing out that the profit of the operating utility as such depends upon the
prosperity of the industries and commerce of the communities served, the
report says that even beyond this the prosperity of many individual industrial units is dependent on efficient, adequate and low-cost service from
the utilities. "If," says the report, "the banking interests should become
Interested in any particular industry in a given locality, it is conceivable
that their influence might he exerted in favor of that interest and to the
possible detriment of conflicting interests. Through the joining of such
large financial and public utility holding and operating interests, it would
seem possible that machinery might be setup by which dominating interests within the organization might reach out to specific industries and
communities over a vast area to influence important factors in the economic
progress of such areas and industries. Economic history usually indicates
that wherever such situations exist, regulation in the public interest becomes
necessary in order so to control concentrated power as to prevent its
abuse, and by the same token becomes increasingly difficult." . . .
In Section 3 of Chapter IV, entitled "Economic Basis for Holding Companies," the report says that on the one hand this basis is certain needs
of small operating companies for financial, engineering and managerial
services, but on the other it lies in the personal ambitions of the individuals who form the holding companies. The report adds that if promotion of the organizers' purposes is accomplished only through straightforward performance of service functions, it may be in accord with the
theory underlying general industrial organization on the basis of private
ownership and private initiative for profit. However, there have been
instances in which only a pretense was made of performing these legitimate
functions, "and the conduct of the holding company's business in promotion of the organizers' selfish purposes has resulted in great detriment to
the public interest."
Business Advisory and Planning Council Recommends
Federal Agency With Fund of $2,500,000 to Aid
Industries to Shift from Cities to Rural Areas—
Secretary Roper Fails to Indorse Recommendation
Recommendations for a program of decentralization of
industry were contained in a report by the Business Advisory
and Planning Council of the Department of Commerce,
made public Feb. 3 by Secretary of Commerce Roper. The
report suggested the establishment of a Government agency
to administer a $2,500,000 revolving fund from which to
make loans to industries that can operate more advantageously in rural districts than in crowded metropolitan areas.
The amount of the loans, under this program, would be
based principally on payroll requirements. Although Mr.
Roper did not state what action he would take on the recommendations, he indicated that he does not believe that the
decentralization of industries should be carried to the point
Feb. 9 1935
when industrial plants might be shifted from metropolitan
centers to rural areas'to such an extent that it might harm
property owners and general business conditions in the city.
Rural rehabilitation, he declared, could better be brought
about through the building up of branch establishments in
the isolated communities.
The various recommendations were based on a survey
made by a committee headed by William A.Julian, Treasurer
of the United States. Mr. Julian, in his communication to
Secretary Roper,said:
The Government through its various agencies is now relocating a great
many familiesfrom congested cities and placing them in partial self-insurance
communities.
There are a great many old established communities which have been
built up around manufacturing or resource industries which have become
stranded because of the failure of the manufacturing enterprise or the
depletion of the resources. Many of these towns are now on a partial
self
-sustenance basis or could be revamped with gardens and small cooperative farms.
A large portion of the industrial workers still living in the congested
centers of our country should be removed to partial self-sustenance communities where they can enjoy leisure time and supplement their cash
Income by their own efforts on a plot of ground.
Therefore, we find that population is now being and should further be
decentralized, but that industry is not being decentralized to keep pace
with the population and there is no cash income provided for these rural
communities except government relief money.
The cash required by our decentrailized population is now being handled
on a relief basis with no thought of return. The longer this practice continues, the more dependent and demoralized the people will become and,
unless we stimulate the decentralization of industry, it undoubtedly will
take years for these stranded communities to attract or establish wagepaying enterprises.
While there is a great deal of interest on the part of various government
agencies in the decentralization of industry, no department has primary
responsibility. It is our proposal that a department be set up to select and
encourage the relocation of such industries as would contribute to the
welfare of these communities, and that a revolving fund be made available
to this department to be used when necessary as loans to these industries
to defray the cost of moving and insure their success in getting started in
their new location.
A fund of $2,500,000 has been suggested as the amount required to start
this program. While it is realized this fund would not adequately meet all
the demands placed upon it, it would be sufficiently large to start and
maintain the project for one year. After a satisfactory credit rating had
been established through prescribed procedure, taking into consideration
the advantages of a rural community to the manufacturer, the amount
of the loan would be predicated on the number of workers employed as
the loan would not be greater than the actual monthly payroll for a limited
number of months plus the actual cost of moving. A ratio limit between
cost of moving and monthly pay roll could be established to avoid investing
too much of the capital in anything except labor wages.
There is a type of industry which by reason of its seasonal production
can not furnish steady employment to its workers. Such an industry is a
liability to a congested area as it upsets the labor market during its peak
periods and creates unemployment during its slack seasons.
Such an industry is also penalized by having a metropolitan location
because it must pay 12 months of high overhead in items winch rent.
insurance, taxes, and other expenses incident to a city location, while
it actually needs its location only eight or nine months out of the year.
This industry also has to carry a skeleton organization of keymen the year
around to retain them. Therefore, this industry would have a much better
chance of success in a rural community with low overhead and with all its
employees on a satisfactory part-time basis.
Summarizing, we have a great many part-time towns which need parttime industry to supply the cash income required by the population. We
have a great many part-time industries which would have a better chance
of success in a rural community, and we have a large city which is now
burdened with part-time industries which cause unrest with their intermittent employment. All of these factors will be benefited by this limited
program of decentralization.
1 A selection of the town requiring industrial pay roll to reduce unemployment relief;
2 The proper selection of the industry to fit the town;
3 A suitable low cost factory building to rent to the industry;
4 Provisions for.
a A loan to the industry, if necessary, to cover cost of moving; and
b A monthly loan not to exceed the actual pay roll to be granted for a
limited number of months.
Cost of Administering NRA Codes $41,400,000 a Year
The actual cost to industry of administering all National
Recovery Administration codes was indicated on Feb. 5
to be in the neighborhood of $41,400,000 a year, with an
average assessment rate amounting to not more than 10-65ths
of 1% of the volume of sales by coded industries. The
announcement to this effect Feb. 5 by the NRA continued:
This figure was reported by a special accounting unit under Hiram S.
Brown, NRA Budget director, after an extended analysis not only of the
code authority budgets passed on by NRA but also of those pending. The
survey also includes the estimated expenditures of code authorities, which
operate on the basis of voluntary contributions from industry.
The indicated total was considerably below most official expectations and
unofficial estimates. The figures are not final and indications are that
after code authorities complete their organization and are able to relate their
estimated needs to actual operation, the total expenditures will be ail
further reduced.
Establishing an annual total was difficult because budgets run for varying
periods of time, are calculated on widely differing bases of contribution,
and are undergoing revision as code authorities enter their second budget
periods.
In calculating the percentage of assessment rate to volume of business
great difficulty was encountered because only in the case of 352 approved
budgets was it possible to establish the total sales for the industries affected.
For these 352 budgets it was found that $38,118,000 of assessments applied
on $70,380,000,000 worth of business, or a ratio of 1-19th of 1%•
This ratio was low because the figures included six budgets for industries
having very large volumes of business with relatively low code administra-
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Financial Chronicle
tion costs. These six budgets included Baking Industry, Construction
Industry, Retail Automobile Industry, Retail Drug Industry, the General
Retail Industry and the Investment Bankers Industry for which the ratio
was only 12-_000ths of 1%. Eliminating these six budgets the remaining
346 industries showed an operating ratio of 10-65ths of 1%.
High assessment rates were found prevalent in the smallest industries
which cover only a handful of establishments each. Fourteen such codes
had a rate of 1% or slightly more. In the total list of 352, however, the
accountants made the following classifications:
53 budgets under 1-10th of 1% of sales.
109 budgets from 1-10th to % of sales.
51 budgets from A to X% of sales.
19 budgets from 311 to 1% of sales.
14 budgets 1% or over.
NLRB Mediation Produces Accord Between Workers
and S. Klein—Dispute Between Employees and
New York Merchant Ended, and Picketing Ceases
Francis Biddle, Chairman of the National Labor Relations
Board, announced on Feb. 2 that a dispute between workers
and S. Klein, New York City merchant, had been settled as
a result of mediation by the NLRB. The settlement was
represented by an agreement between Mr. Klein and the
Office Workers Union, which negotiated on behalf of the
employees. Mr. Biddle said that the workers, who had been
picketing Mr. Klein's store since Nov. 17, would discontinue
this activity immediately, and that they would be placed
on a preferential list to receive jobs as soon as possible. The
agreement also provided for satisfactory reimbursement to
the workers for time lost. Mr. Biddle added that all complaints before regional and national boards would be withdrawn as a result of the agreement.
Building Service Employees in New York City
Threaten Walkout
A strike of building service employees, which has been
threatened in New York City since last fall, continued as
a possible menace this week, when union leaders representing
the workers said that they would issue a strike call against
building owners if they failed to comply with the decision
handed down by an arbitration committee appointed by
Mayor LaGuardia. The Building Service Employees
International Union claims a membership of 150,000, and
has asserted that all members would participate in a walkout. The arbitration committee, headed by Major Henry
H. Curran, sought to fix standards of wages and improved
working conditions. The strike, if one were called, would
involve elevator operators, scrubwomen, janitors and
bellboys in almost 500 large buildings.
The arbitration committee was appointed by Mayor
LaGuardia last November. The principal points of differences between the employers and union leaders are on
the stabilization of wages and hours.
We quote in part from the New York "Herald Tribune"
of Jan. 31 regarding the grievances alleged by the union
representatives:
With the union members ready to heed a strike call yesterday, James J.
Hambrick, President of the Council. ordered a secret meeting of the Executive Committee and presented Major Curran's request. He announced
later that his conferees had agreed to withhold action until another secret
meeting to-night, but had in no way backed down on their intention to
calling for a walkout.
"While some of the owners have fallen into line, afloat of these warlike
rugged individualists show nothing but contempt toward any honorable
moans of stabilization of wages and hours," Mr. Bambrick said, referring
to those owners who refused to sign an agreement to abide by any ruling
handed down by the Mayor's arbitration board.
"The communication from Major Curran. coming as it does from a
man whose entire life has been devoted to public service, presents a complication that is rather hard to overcome. We want peace and I think
that Major Curran realizes that only too well. However, these defiant
building owners whose actions are the essence of contempt for the entire
principle of progressive ideals must be dealt with summarily. We cannot
countenance the continuation of miserable wages and inhumanly long
hours forced upon the vorkers in these buildings.
"The Greater New York Council will not stop this campaign until each
and every building service employee in New York City is enjoying the
decent conditions that rightly belong to him."
Owners and relief investigators expressed the belief that the union was
greatly exaggerating the situation—that conditions were not as bad as
they were painted, that the majority of the owners had agreed to abide
by the decision of the arbitration board, and that in any event the union
could not muster enough men to make the strike effective. It was also
hinted that Mr. Bambrick. with an eye to the future, was merely attempting to gain publicity to build up the union in the public eye.
Mr. Bambrick, however. insisted that the situation was dangerous.
Not only would 10,000 persons walk out on his say so, he said, but he
was having a difficult time holding them in check.
Thomas W. Lamont, of J. P. Morgan & Co., Sails for
California and Central America
Thomas W. Lamont, a partner of J. P. Morgan & Co.,
sailed on the Grace liner "Santa Rosa" Feb. 2for California,
Mexico and Central American ports.
907
Safety-at-Sea_Legislation Likely,as Result of Sinking
of Ward Liner SS. Mohawk—Senator Wagner and
and Representative Dickstein Press Congressional
Action
Congressional legislation designed to prevent a recurrence
of steamship disasters such as that of the Morro Castle and
several other vessels in recent months was spurred When
the Ward liner Mohawk, with 160 passengers and crew
aboard, sank on Jan. 25 off the'New Jersey coast after a
collision with the freighter Talisman. Forty-five persons,
including Captain Joseph E. Wood, master of the Mohawk,
perished in the accident. United States Attorney Martin
Conboy began an investigation of the disaster in New York
City on Jan. 28, while the United States Steamboat Inspection Service started a separate inquiry in New York City
on Jan. 26.
President Roosevelt, at a press conference on Jan. 25,
said that safety-at-sea legislation, drafted by the Department of Commerce and designed to insure proper construction and operation of American ships, would be approved by
him. The President also indicated that he would consider
advising the Senate to approve the London Ship Convention
of 1929, providing for the safe construction of ships,
especially in enforcing the construction of large bulkheads
on vessels to enable them to remain afloat after an accident such as that which sank the Mohawk. The Senate
Commerce Committee has never released this Convention
for a vote on the floor.
Senator Wagner of New York on Jan. 28 introduced a
resolution asking for a Senate investigation of all recent
ship disasters, in order to formulate legislation to promote
greater safety in sea travel. On Jan. 30 Representative
Dickstein introduced a resolution in the House designed to
prevent a recurrence of such disasters as the Morro Castle
and the Mohawk.
A dispatch to the New York "Times" from Washington,
Jan. 27, quoted Senator Wagner, and mentioned legislation
already drafted by the Department of Commerce. as follows:
President Roosevelt said on Friday that he would send to Congress soon a
program designed to insure safety to passengers and crews on American
ships at sea. This program was completed after months of labor by Commerce Department aides working under the direction of Secretary Roper,
Senator Wagner remarked to-day, however, that "legislation being proposed
cannot be effective legislation until the facts are known."
In announcing his intention to call for the establishment of a select
committee to devote its exclusive efforts to the safety problem, Senator
Wagner said:
"In September 1934 the disaster of the Morro Castle off the New Jersey
Coast took its toll of 124 lives. During the next four months the American
people stood at shocked attention while a story was unraveled raising
grave doubts as to safety on the seas.
"On the opening day of Congress I introduced a resolution for an investigation, by the Committee on Commerce, of the Morro Castle and of all
the factors making for safety at sea. I believe that Congress owes this
duty to the bereaved families of the Morro Castle victims, to the shipping
Industry of America, which is entitled to have its name untarnished if its
record is clear, and to the seagoing public if their lives are not to be
consigned lightly to watery graves.
"For almost a month Congress has done nothing. Some of us had
come to despair that the wrongs of the Morro Castle would go as unrectified as the wrongs of the Vestris. But now another vessel of pleasure has
become a ship of grief. On Jan. 25 the Mohawk plunged to the bottom
of the same New Jersey coast, with an already ascertained loss of 46 lives.
Action can no longer be delayed.
"Legislation is being proposed. It cannot be effective legislation until
the facts are known. It will never be passed at all unless the facts are
known. We are still in the valley of doubt about the Morro Castle. We
know practically nothing about the Mohawk.
"I shall introduce in the Senate another resolution, calling for a special
select committee to confine its attention to a single task; it should
probe to the very depths of these horrible tragedies and there lay the foundation for fulfilling the responsibility of Congress toward all those whose
lives or livelihoods touch upon the sea."
The safety program approved by President Roosevelt includes provisions
for approval of all ship designs by the Commerce Department Bureau of
Navigation and Steamboat Inspection, higher pay for competent inspectors
and maximum loading requirements for ships in coastwise service.
United Press New York advices of Jan. 25 recounted the
story of the Mohawk tragedy, in part, as follows:
Captain J. E. Wood, master of the Mohawk, who stood on the bridge
clutching a broken steering mechanism as the Talisman's bow cut through
his vessel's forecastle, was given up as lost with his ship. From the
survivors and from Captain Edmund Wang of the Talisman, came the
story of the collision and the flight of passengers and crew from the
Mohawk. . . •
Like a great blade, the freighter's prow cut into the steel of the Mohawk's
port bow. The blade cut through and smashed the forecastle where many
of the liner's crow were asleep. At least two of them died in the twisted
mass of steel and wood. Probably two more were thrown overboard.
The Talisman's prow swung slowly away. Falling back into the sea, the
Mohawk began filling with water.
The decks of the Mohawk turned at a sharp angle as the lifeboats were
being lowered. Men and women—and among them two infants who were
saved—crawled desperately to reach the last lifeboat, often fell back and
were forced to struggle again to the rail. . . .
The rescue vessels were soon on the scene—the Algonquin, the S. S.
Limon, the Coast Guards Champlain and Icarus, and many small craft from
shore which later were joined by two amphibian planes and two blimps.
908
Financial Chronicle
Feb. 9 1935
The Algonquin took aboard five lifeboats with 38 passengers and 58 of
the crew. The Limon rescued 21 of the crew and one passenger. All were
suffering from exposure and about 62 received hospital or emergency
treatment when landed here by the Algonquin and the Champlain, which
took the Limon survivors.
Mr. Appleby is associated with Rockefeller Center. Also
elected at the meeting were Charles W. Bowring, First VicePresident; William A. Mitchell, Second Vice-President, and
Thomas R. Dester, Treasurer.
Isidor J. Kresel Reinstated to Full Standing at Bar—
Former Counsel for Bank of United States Again
Permitted to Practice, Following Reversal of
Conviction
Isidor J. Kresel, former attorney for the defunct Bank
of United States, was reinstated to full standing at the bar
on Feb. 4 by a unanimous vote of the Appellate Division of
the New York Supreme Court, First Department, with the
consent of the three bar associations concerned in the proceedings. This followed the action of the Appellate Division,
Third Department, at Albany in reversing Mr. Kresel's conviction on a charge of misapplying funds of the Municipal
Safe Deposit Co., a subsidiary of the bank, and in dismissing this indictment against him. The reinstatement
decision was handed down without any opinion. The New
York "Times" of Feb. 5 outlined the circumstances that had
Induced the motion for reinstatement as follows:
Samuel H. Squire Recently Appointed Ohio
Superintendent of Banks
Samuel H. Squire, of Elyria, Ohio, recently appointed
Superintendent of Banks of Ohio by Governor Martin L.
Davey, brings to his new office an extensive background of
diversified experience both in the field of banking and other
walks of life. Following graduation from public schools, he
entered the employ of the old Elyria (Ohio) National Bank
which later changed its title to The First National Bank of
Elyria. He was Executive Vice-President of this institution
when, in 1922, it surrendered its Federal charter and merged
with The Lorain County Savings and Trust Company, of
Elyria. Mr. Squire served this bank as Vice-President until
June, 1933, when he was advanced to the Presidency. He
relinquished this office to become Superintendent of Banks,
the duties of which he assumed actively January 21, 1935.
In addition to his banking activities, Mr. Squire has taken
a prominent part in the affairs of his home city, having been
a member of the City Council and the Board of Education
and President of the city sinking fund commission. He
founded the Elyria Rotary Club in 1918, was its first President and still retains his membership in the organization.
The motion for reinstatement of Mr. Kresel, who prosecuted the ambulance-chasing investigation of lawyers in 1928 and was chief counsel to
Samuel Seabury in the inquiry into the magistrates' courts, was made by
John W. Davis and Theodore Kiendl, who defended Mr. Kresel at his
trial in the Supreme Court, and conducted the appeal.
The bar associations declining to oppose the motion for reinstatement
were the Association of the Bar of the State of New York, the Association
of the Bar of the City of New York, and the New York County Lawyers
Association. The motion for reinstatement to the bar was made by Mr.
KresePs attorneys as soon as the refusal of Judge Crane to permit an
appeal precluded further prosecution under this indictment.
The local branch of the Appellate Division voted to reinstate Mr. Kresel
despite the fact that six indictments growing out of the Bank of United
States case are still pending against him.
His disbarment was voted by the Appellate Division here on April 13
1934, under Section 477 of the Judiciary Law, which requires the disbarment of any lawyer convicted of a felony. The court recited then that
on Nov. 27 1933 Mr. Kresel had been convicted of "a violation of
Section 305 of the Penal Law, which is a felony."
The Appellate Division took similar action reinstating Herbert Singer,
son of Saul Singer, executive of the Bank of United States, after the
Court of Appeals had cleared young Mr. Singer by dismissing a similar
Indictment against him. When the disbarment of Mr. Kresel was voted
it was understood that if the conviction were reversed he might apply
for reinstatement.
District Attorney William C. Dodge last Friday appeared in Brooklyn
before Chief Judge Crane of the Court of Appeals and sought permission
to go before the Court of Appeals on a motion to set aside the recent
action of the Appellate Division of the Third Department in Albany reversing the conviction of Mr. Kresel and quashing the indictment on which
he was convicted.
The prosecutor was understood to have made the application with a view
to arguing on his motion before the Court of Appeals on the law on
which the Appellate Division justices acted, but, it was reported, Judge
Crane peremptorily denied his application.
E. Burd Grubb, Retiring as President of New York
Curb Exchange, Honored at Dinner
The testimonial dinner to E. Burd Grubb, who is retiring
as President of the New York Curb Exchange next week
was held Feb. 7 at the Hotel Plaza. About 500 members
of the Curb Exchange and their guests attended the dinner.
The speakers were Richard Whitney, President of the New
York Stock Exchange, Frank R. Hope,President of the Association of Stock Exchange Firms, and William A. Lockwood,
counsel for the New York Curb Exchange. Walter H.
Sykes, Jr., a member of the Board of Governors, was toastmaster.
Mr. Grubb has been elected a member of the New York
Stock Exchange, and is joining the firm of Coggeshall &
Hicks, members of that Exchange.
B. K. Schaefer Elected to Board of Managers of New
York Coffee & Sugar Exchange
Bernhard K. Schaefer, President of the Schaefer-Klaussmann Co., Inc., was elected a member of the Board of
Managers of the New York Coffee & Sugar Exchange on
Feb. 7. Mr. Schaefer succeeds Charles C. Riggs, resigned.
J. L. van Zelm Re-elected President of Netherlands
Chamber of Commerce in New York, Inc.
J. Louis van Zelm, Vice-President of the Bank of New York
& Trust Co., New York City, had been re-elected President
of the Netherlands Chamber of Commerce in New York,Inc.
The Chamber has also elected J. A. De Laney, of the Asiatic
Petroleum Corp., and Hugo H. Hayman, of Funch, Edye &
Co., as Vice-Presidents.
British Empire Chamber of Commerce Re-elects R. R.
Appleby as President
At its annual meeting Jan. 24 the British Empire Chamber
of Commerce in the U.S. A., New York,re-elected Robert R.
Appleby as President for the sixth consecutive term of office.
First of Boston Corporation Elects Directors
The annual meeting of stockholders of The First Boston
Corporation was held Feb. 7 at the executive office of the
corporation, Boston, Mass. The following directors were
elected:
Harry M. Addinsell, James Coggeshall, Jr., Eugene I.
Cowell, Nevil Ford, Duncan R. Linsley, John R. Macomber,
Allan M. Pope, William H. Potter, Jr., George Ramsey,
Arthur C. Turner, and George D. Woods. Alfred A. Gerade
was elected Treasurer. Arthur B. Kenney was elected Clerk.
An announcement in the matter continued:
Allan M. Pope, President, reported that the period from June 16 1934 to
the end of the year produced varying market conditions which gave The
First Boston Corporation an opportunity to make use of its diversified
facilities, thereby making it possible under unfavorable market conditions
in one class of securities to expand its activities in other departments. As a
result, the total amount of all classes of securities purchased and sold during
this same period, exceeded the volume for the similar period of 1933.
Earnings of approximately $1.50 per share were reported for the period
June 16 to Dec. 31 1934.
Plans of Federal Reserve Board for Erection of New
Building in Washington—Program for Competition
for Selection of Architect
The Federal Reserve Board has announced on Feb. 4 that
the preparation of the program for a competition for the
selection of an architect for its new building has been completed. The immediate purpose of the competition said
the announcement is to enable the Board to choose from
among the competitors who have been invited to participate
an architect to whom shall be entrusted the development
of the final plans and specifications for the building which
the Board proposes to erect. The announcement also said:
Invitations to participate and programs containing the terms and conditions of the competition have been sent to Arthur Brown Jr., San Francisco, Calif.; Coolidge. Shepley, Bultinch and Abbott, Boston, Mass.;
Paul Philippe Cret, Philadelphia, Pa.; Delano and Aldrich, New York
City; Holobird and Root, Chicago, Ill.; John Russell Pope, New York
City; James Gamble Rogers, New York City; Egerton Swartwout, New
York City, and York & Sawyer. New York City.
It was also announced that a jury composed of three architects and two laymen has been selected by the Board to pass
upon the designs submitted by the competing architects.
The architects upon the jury are John W. Cross, New York
City; William Emercon, Boston, Mass., and John Mead
Howells, New York City. The other members of the jury
are Frederic A. Delano, Chairman of the National Capital
Park and Planning Commission, and Adolph C. Miller, a
member of the Federal Reserve Board.
The Reserve Board's announcement also had the following to say:
The Federal Reserve Board was authorized by the Act of June 19 1934,
to acquire a site and construct a building suitable and adequate in its judgement for its purposes. It has acquired property for this purpose on the
north side of Constitution Avenue between 20th and 21st Streets, adjoining that of the National Academy of Sciences on the west and the Public
Health Service on the east. The site was selected after a careful canvass
of numerous properties which had been offered for the Board's consideration. It was approved for this purpose by the National Capital Park and
Planning Commission and by the Secretary of the Interior who recommended it to the President and the President gave his approval on July 13
1934. Title was transferred to the Board on Jan. 22 1935.
The program for the competition was prepared under the direction of
Everett V. Meeks, Dean of the School of the Fine Arts in Yale University.
and has been approved by the Fine Arts Commission, the National Capital
Volume 140
Financial Chronicle
Park and Planning Commission and the American Institute of Architects.
In connection with the preparation of the program the Board has had the
benefit of the assistance and co-operation of the National Park Service of
the Department of the Interior.
The general architectural character of the proposed building is indicated by the following provision of the program.
The conditions under which the Federal Reserve Board has acquired its
building site on Constitution Avenue provide that the design and material
of the exterior of the building shall be subject to the approval of The Commission of Fine Arts. The Commission has prescribed that "the material
of the exterior of the building is to be of white marble, to conform to the
other buildings along this portion of Constitution Avenue," and has also
given an indication of its views as to the general architectural character
of the building.
While it is the desire of the Federal Reserve Board that the proposed
building should be designed with regard primarily to the commodious and
suitable housing of the activities of the Board and its staffs, the exterior
design of the building should be carefully studied and developed in order
that a building shall result which will at the same time satisfy the requirements of utility and beauty.
The architectural character of the exterior should be suggested by the
governmental quality of the Federal Reserve Boards' activities. It is
not a banking institution—it is a governmental body which has general
supervisory and administrative powers. The "nature of the functions performed by the Federal Reserve Board," in the view of the Commission,
"dictates an architectural concept of degnity and permanence." "It must,
consequently, have impressive dignity."
The proximity of the building to the Lincoln Memorial and other nearby
permanent structures already erected on Constitution Avenue or to be
erected by the Government in the West Rectangle suggests that the exterior design of the building for the Federal Reserve Board should be in
harmony with its enviroment.
It is, however, thought desirable that the aesthetic appeal of the exterior
design should be made through diginity of conception, purity of Line, proportion and scale rather than through stressing of merely decorative or
monumental features. For this reason it is further suggested that the
use of columns, pediments and other similar forms may be omitted and
should be restricted to a minimum consistent with the character of the
building as described.
It is not the intent of this program to over-stress or to dictate to the
competitors in the matter of style, nevertheless it is the Commission's
view that "the Federal Reserve Board building must be in general accord
with the governmental buildings in Washington—it must seem at home
in the city."
During the formulation of the program a thorough study of the Board's
needs was made by E. F. Abell, Consulting Engineer, as the Board intends
by careful planning to provide adequately for the future needs of the Board
and its staff, having in mind the possibility of changes of duties ahd responsibilities which may entail rearrangement and expansion of its forces
from time to time. The need for such planning is demonstrated by the
fact that within the past three years the Board's organization has increased
so% in size and substantial rearrangements of divisions have occurred.
chiefly because of new duties which developed in connection with the banking holiday of 1933 and as a result of legislation enacted since that time.
Ample room will be allowed for expansion so that when the building is
occupied the Board will not find itself in the position of having failed to
make proper prbvision for its needs, and soundproof movable partitions
will be used in the greater part of the building so that alterations in space
allotments may be made economically.
During the formulation of the program a thorough stu— of the Board's
The property acquired is of sufficient size to permit expansion of the
building if the Board finds it necessary, and also, if future developments
warrant, to build a suitable annex to the north of the presently proposed
building. The program of competition provides that the competitors
shall take these possibilities into consideration in the designs submitted.
General Manager S. H. Logan of Canadian Bank of
Commerce Says That in Addition to Exceptional
Gains in New Construction Contracts, the Most
Recent Progress in Canada Appears to Have Been
in the Automotive and Allied Industries
Commenting on business conditions throughout Canada
at the present time as compared with the same period last
year, S. H. Logan, General Manager of the Canadian Bank
of Commerce at Toronto, says that "as was the case a year
ago, only a few leading industries are notably less active than
in December. He adds in part:
A slackening in the operations of the textile and forest industries is
attributable to seasonal influences as well as to severe climatic conditions,
which also interfered somewhat with the commencement of work on the
comparatively large volume of new construction contracted for in January
about two-thirds more than was recorded in December. Appreciable increases in activity in certain groups of secondary industries have more than
offset recessions in other branches and,in fact, have partly counteracted the
seasonal declines.
Apart from the exceptional gain in new construction contracts, the most
recent progress appears to have been in the automotive and allied industries.
which have entered their season of peak production with, judging from the
latest official reports, a greater domestic, but a smaller foreign, demand than
was found a year ago.
The course of export trade continues to be of unusual interest. The value
of December exports declined from the preceding month, but this recession
was of seasonal proportion and smaller than recorded in the closing month of
1933. Moreover, the trade of the last month under review was, contrary to
the usual course, the third largest of the year and about 20% higher in value
than in December, 1933. While fortunately there was but a slight decrease
in the value of major agricultural exports,apart from that of animal products
which rose somewhat, the volume of grains declined below the subnormal
figure shown in the November returns. The greatest decrease was, however, in the metallic minerals division, in which there was a marked falling
off in copper and aluminum shipments. These losses were partly offset
by higher values registered in iron products, although there was a quite
marked decline in exports of automobiles, and in wood products, an expansion in shipments of newsprint and wood pulp more than overcoming a
moderate drop in lumber.
On the import side of the foreign trade account there was a decline from
the preceding month of more than seasonal proportions, although the total
value was the highest for any December since 1931.
Mid-Winter Trust Conference of Trust Division,
American Bankers Association, to Hear Representatives of Banking, Business, Insurance, and
Government—Meeting to Be Held in New York
Feb. 12, 13 and 14
Present-day problems in the administration of estates and
trusts will be surveyed from four different angles in the
909
forthcoming sixteenth annual mid-winter Trust Conference
of the Trust Division, American Bankers Association, to be
held Feb. 12-14, at the Waldorf-Astoria, New York City,
Leon M. Little, President of the Trust Division, said Jan. 22
In announcing the program for the meeting. Representatives of business, insurance, and the Government, as well
as of banking institutions, will discuss various aspects of
trust business in the light of current conditions, he said.
The program for the three-day meeting follows:
First Session, Feb. 12, 10:00 A. M.
"The President's Address," Leon M. Little, President Trust Division,
American Bankers.Association and Vice-President New England Trust Co.,
Boston, Mass.
Address of J. W. Allison, Vice-President and Trust Officer First and
Merchants National Bank, Richmond, Va.
Address of G. H, Hubbard, President, Doremus & Co., New York City.
Address of Dr. Harold Stonier, Educational Director, American Bankers
Association,
Second Session, Feb. 12, 2:15 P
There will be three informal round-table conferences on the following
general subjects: "Real Estate Acquired by Foreclosure," "Operating
Efficiency in the Trust Department" and "Trust Department Responsibilities and Liabilities."
Third Session, Feb. 13, 9:30 A. M.
Address of Robertson Griswold, Vice-President Maryland Trust Co.,
Baltimore, Md.
Address of L. E. Birdzell, General Counsel, Federal Deposit Insurance
Corporation, Washington, D. C.
"Greetings from the American Bankers Association," President Rudolf S.
Hecht, Chairman of the Board Hibernia National Bank, New Orleans, La.
Address of Richard L. Austin, Chairman of the Board Federal Reserve
Bank of Philadelphia.
Reactions to Present-day Examination Procedure—a Symposium: "Trust
Investments," J. Harvie Wilkinson Jr., Vice-President State-Planters Bank
& Trust Co., Richmond, Va.; "Records and Statistics," Francis A. Zara,
Assistant Vice-President City Bank Farmers Trust Co., New York City;
"Trust Instruments," Harold Eckhart, Vice-President and Secretary, Harris
Trust & Savings Bank, Chicago, Ill.; "General Procedure," Oliver Wolcott,
Vice-President Old Colony Trust Co., Boston, Mass,
Fourth Session, Feb. 13, 2:15 P. if,
Address of William C. Cope, President Drake College, Newark, N. J.
Address of Philip A. Benson, President Dime Savings Bank, Brooklyn, N. Y.
Address of William L. Hildeburn, Second Vice-President the Chase
National Bank, New York Oity.
Address of George W. Edwards, Chief Department of Economics, City
College of New York, New York City.
Fifth Session, Feb. 14, 9:30 A. M.
Address of Samuel C. Waugh, Executive Vice-President and Trust Officer
the First Trust Co. of Lincoln, Lincoln, Neb.
Address of Carl W. Fenninger, Chairman Special Committee on Common
Trust Funds, Trust Division, American Bankers Association, and VicePresident Provident Trust Co., Philadelphia, Pa.
Address of L. G. Hammer, of Johnson & Higgins, San Francisco, Calif.
Address of D. J. Needham, General Counsel American Bankers Association.
Previous reference to the conference appeared in our issue
of Dec. 29, page 4069.
Annual Eastern Regional Savings Conference of
Savings Division, American Bankers Association,
to Be Held in New York City March 7 and 8
The annual Eastern regional savings conference, sponsored by the Savings Division, American Bankers Association, will be held at the Waldorf-Astoria, New York City,
Mardi 7 and 8 1935, it was announced in New York, Feb. 4.
On the evening of March 7 the annual banquet will be held.
The conference area comprises the States of Connecticut,
Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia.
The announcement said that the theme for this year's conference will be "Security of Bank Investments." Other subjects will cover the management of real estate mortgages,
revision of bank investment portfolios, and the effect on
savings deposits of proposed social security legislation.
Henry R. Kinsey, President of the Savings Bank Association of the State of New York and Vice-President of the
Williamsburgrh Savings Bank of Brooklyn, is Chairman of
the Confernce Committee, and W. Espey Albig, Deputy Manager of the American Bankers Association, in charge of the
Savings Division, is Secretary.
Four National Banks Reopened During January, According to Comptroller of Currency—Review of
Federal Reserve Board Showed 190 Unlicensed
State and National Banks at Close of December—
Bank Suspensions in 1934 Smallest Since 1920
Comptroller of the Currency J. F. T. O'Connor announced
Feb.7,that at the close of business on Jan.31 there remained
yet to be disposed of only three unlicensed National banks,
with deposits at closing aggregating $3,280,000, and that
the reopening of these three awaits consummation of plans
which have been approved for their reorganization. The
deposits involved in the three unlicensed banks is compared
Feb. 9 1935
Financial Chronicle
910
with the total of $1,971,960,000 involved in the 1,417 banks
under the supervision of the Comptroller which were not
licensed following the banking holidays of March 1933. The
Treasury Department's announcement also said:
Summarizing the activities of his office in disposing of unlicensed banks
since the banking holidays, the Comptroller stated that 1,091 banks, with
deposits at closing aggregating 51.805,627,000, had been reorganized under
old or new charters or sold to going national banks: 31, with deposits of
$11.513,000. either quit or left the National Banking System: and 292.
with deposits of $151,540.000, are now in receivership following disapproval
of plans for reorganization.
There are now in receivership 1,547 banks under the supervision of the
Comptroller, including those banks which were placed in receivership prior
to Mar. 16 1933. and those for which receivers have been appointed since:
and these had deposits at closing aggregating $1,880,710,184. However.
provisions have already been made for the return of 51,016.439.935. or
slightly more than 54% of these funds to depositors.
Since Mar. 16 1933, 1,652 active national banks have issued $450,116,500
in preferred stock and 134 have issued $17,149,776 in common stock for
pruposes of capital strengthening.
During the month of January four unlicensed National banks were reorganized two from conservatorship and two from receivership. These
were as follows.
Name and Location of Bank—
From Conservatorship.
Woodford Co. National Bank, El Paso, Ill _ _
Labor National Bank, Paterson, N. J
From Receivership
First National Bank, Cambridge, Minn_ _
Ansted National Bank, Ansted, W. Va
Total,4 banks, with deposits of
Date
Reorganized
Deposits
Involved
Jan. 11 1935
Jan. 16 1935
5173.000
3,063.000
Jan. 5 1935
Jan. 2 1935
283,000
194,000
$3,713.000
A list of banks licensed and opened or reopened during
December was given in our issue of'Jan. 19, page 417.
Reviewing Federal activities in the rehabilitation of the
banking structure in the 22 months which have elapsed since
the bank crisis of 1933, the Federal Reserve Board, in its
"Bulletin" for January, states that "unlicensed banks
reduced from more than 4,500 to less than 200 at the end of
December." At the end of December, the Board said, "the
Federal Government through the Reconstruction Finance
Corporation had authorized investments in the capital
structure of about 6,694 banks in an aggregate amount of
$1,202,000,000." It added:
On Sept. 1 1934, when the most recent figures became available, the
members of the Federal Deposit Insurance Corporation comprised all
licensed commercial banks of the country except 1,200. The number of
licensed member banks in the Federal Reserve System increased by 439
during 1934.
Banks Suspended 1934
Bank suspensions in 1934 were fewer than in any similar period since
1920. The suspensions during the year comprised 56 licensed banks with
deposits of $37,000,000, one of which, with deposits at time of suspension of
$40,000, was a member of the Federal Reserve System. Included in these
figures of suspensions were eight other (non-member) banks participating
in Federal Deposit Insurance.
Preliminary reports indicate that during the past 12 months. 920 banks.
which were not licensed to operate on an unrestricted basis, with deposits
of 5647,000.000, were placed in liquidation or receivership. These included
396 National banks with deposits of 5402.000.000, 23 State member banks
with deposits of $40,000,000, and 501 banks, not members of the Federal
Reserve System, with deposits of 5205.000.000.
Unlicensed Banks
On April 12 1933, 4,215 banks with deposits of $4,000,000,000 had not
been given licenses to operate on an unrestricted basis. Of these, 1,108 were
National banks with deposits of $1,819,000,000 and 148 were State member
banks with deposits of $841,000,000. By the end of December 1934 all
except 190 banks had either been restored to an active status or placed in
liquidation or receivership. Of the banks remaining unlicensed, six were
National banks with deposits of 56.800,000, four State member banks with
deposits of 51.800.000. and 180 State non-member banks with deposits
of $88,000,000.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Feb. 2(page 744) with
regard to the banking situation in the various States, the
following further action is recorded:
MARYLAND
Judge Eugene O'Dunne has signed an order in Circuit
Court No. 2, directing John D. Hospelliorn, Deputy State
Bank Commissioner of Maryland, and receiver for the old
Baltimore Trust Co., Baltimore, to demand and collect
from 3,929 stockholders of the institution their statutory
liability of $10 a share on the stook they hold or held as of
March 4 1933. Baltimore advices on Feb. 7, printed in the
"Wall Street Journal," from which the foregoing is taken,
continuing said:
The court action was taken on a petition filed by the receiver.
Stockholders have until Feb. 25 next to show cause why they should not
be compelled to make such payments.
MICHIGAN
The last named has been conservator of the bank since it closed. Fifty
per cent of the desposits aggregating about 5130.000, are made available
at once. The remaining 50% have,been placed in a trust fund.
In addition to the State Savings Bank of Carlton, Mich.,
four other Michigan banks, the Port Austin State Bank,Port
Austin; the Liberty State Bank of Hamtramck; the Moline
State Bank, Moline, and the Morley State Bank, Morley,
recently reopened for business, we learn from the "Michigan
Investor" of Feb. 2.
OHIO
Regarding the affairs of the closed Guardian Trust Co. of
Cleveland, Ohio, the Cleveland "Plain Dealer" of Feb. 1
carried the following:
Announcement is made that the National City Bank of Cleveland is
distributing 5659,629 as the seventh dividend of the Guardian '15rust Co.
e
Mortgage Participation Trust. This makes 27%% that has been distributed, of which 22)4% represented principal and 5% interest.
In the present distribution of 7%,6% is distribution of principal and 1%
interest.
The Farmers' Bank of Lakewood, Ohio, with capital of
$25,000, opened for unrestricted business on Jan.28,releasing
50% of its deposits, according to advices from Bellefontaine,
Ohio, printed in "Money & Commerce" of Feb. 2, which
also named the bank's officers as follows: E. S. Sheets,
President; V. V. Gray, Vice-President; H. S. Chapman,
Secretary; W. G. Hyre, Cashier, and C. W.Heller, Assistant
Cashier.
According to advices from Martins Ferry, Ohio, printed
in "Money & Commerce" of Jan. 26, resumption of unrestricted business by the Morristown State Bank of Morristown, Ohio, was scheduled for Feb. 1 under terms of a plan
presented to the Belmont County Court by Attorneys
George Thornburg for the Ohio Banking Department and
W. J. Walker representing the bank.
The Mt. Gilead National Bank, Mt. Gilead, Ohio, is to
be reorganized under the title of the First National Bank
in Mt. Gilead, releasing $350,000 in deposits, we learn from
a dispatch from that place, appearing in "Money & Commerce" of Feb. 2.
The Farmers' State Bank of New Madison, Ohio, closed
for liquidation, has been licensed to reopen on a reorganized
basis, with capital of $25,000, contingent upon the Federal
Deposit Insurance Corporation, according to Greenville,
Ohio, advices, printed in "Money & Commerce" of Feb. 2.
Concerning the affairs of the closed Rudolph Savings
Bank, Rudolph, Ohio, advices from Bowling Green, Ohio,
on Jan. 28, appearing in the Toledo "Blade", had the
following to say:
The second dividend for depositors of the Rudolph Savings Bank since
it closed a year ago is asked in an application flied in Common Pleas Court
here by the liquidator. The dividend would be 15%. Accounts of $5
or less would be paid in full. The bank has made one 20% payment to
depositors.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Announcement was made this week of the appointment
by the executive committee of The National City Bank of
New York of Walter G. Speer as an Assistant Vice-President
and Joseph G. McCarthy as an Assistant Cashier.
Authority to open a branch office at 263 Utica Avenue,
Brooklyn, has been granted to the Manufacturers Trust Co.,
New York City, by the New York State Banking Department. The Banking Department granted the permission
conditional upon the discontinuance of the branch previously
authorized to be maintained at 1455 St. John's Place, in
Brooklyn.
On Jan. 26, the New York State Banking Department
approved plans for the reduction of the capital stock and
par value of shares of the Trust Co.of Northern Westchester,
Mount Kisco, N. Y., from $100,000 at a par value of $100
a share to $25,000 at a par value of $25 a share, and subsequently on the same date approved an increase in the capital
from $25,000 to $100,000.
Plans for the reduction of the capital sotck and par value
of shares of the Bank of Ellicottville, Ellicottville, N. Y.,
from $100,000, at a par value of $20 a share, to $50,000 at
a par value of $10 a share, were approved by the New York
State Banking Department on Jan. 28.
The State Savings Bank of Carlton, Mich., which had
The New York State Banking Department on Jan. 30
been closed since Feb. 11 1933, was reopened on Jan. 25
with the following officers: Dr. E. C. Maxwell, President; approved a proposed reduction of the permanent capital of
Edward Kahlbaum, Vice-President, and Harry German, the North Java Co., private bankers, of North Java, N. Y.,
'Cashier. In noting the matter, advices from Monroe, from $40,000 to $25,000.
Mich., printed in the Toledo "Blade," furthermore said:
Volume 140
Financial Chronicle
On Jan. 30, plans to reduce the capital stock and par value
of shares of the Liberty Bank of Buffalo, Buffalo, N. Y.,
from $5,500,000 at a par yalue of $25 each, to $2,200,000
at a par value of $10 each, were approved by the New York
State Banking Department.
TheFirst National Bank of Mount Vernon, N. Y., on
First
Feb. 1 was authorized by the Comptroller of the Currency
to open a branch in the village of Pelliam, N. Y.
The New York State Banking Department on Jan. 24
approved plans for the reduction of the capital stock and
par value of shares of the People's Bank of Potsdam, N. Y.,
from $200,000 at $20 a share to $100,000 at $10 a share.
That depositors in the savings department of the defunct
West Haven Bank & Trust Co., West Haven, Conn., were to
receive an additional dividend of 5% beginning Jan. 21,
through the New Haven Bank, N. B. A., New Haven, Conn.,
was reported in the New Haven "Register" of Jan. 19. The
dividend would bring the amount paid up to 75%, it was
said.
James S. Newkirk, Secretary-Treasurer of the Provident
Institution for Savings, Jersey City, N. J., which he joined
62 years ago, retired on Feb. 5 and was succeeded by his
son, Clarence G. Newkirk, according to the New York
"Times" of Feb. 6, which added, in part:
He started work as a clerk when he was 18 years old. In 1896 he was
made Secretary-Treasurer, and in 1907 he was appointed to the Board
of Managers.
On Jan. 22 the Scottsville National Bank, Scottsville, Va.,
with capital of $50,000, went into voluntary liquidation.
The institution was absorbed by the National Bank & Trust
Co., Charlottesville, Va.
The Conneaut Mutual Loan & Trust Co., Conneaut, Ohio,
has changed its title to the Conneaut Banking & Trust Co.
The institution is a member of the Federal Reserve System.
Accordingto Ironton, Ohio, advices, appearing in "Money
to
& Commerce" of Feb. 2, Hon. Homer M. Edwards was
chosen President of the First National Bank of Ironton at
the directors' annual meeting held recently, in lieu of E. S.
Culberton, who was made Chairman of the Board of Directors. The dispatch added:1
D.1Markin was named Vice-President, succeeding Mr. Edwards.
0. C. Gray was also renamed Vice-President and Cashier, with A. T.
Turnbull, E.O. Meistedt and John D. Hayes as Assistant Cashiers.
That two Gary, Ind., closed banks had announced further
payments to their depositors is learned from the Chicago
"Tribune" of Jan. 29. We quote the paper:
David H. Jennings, receiver for the First National Bank of Gary, Ind.,
announced that another 10% will be paid within 10 days to raise the
total to 51%%. Checks are in Washington for signatures now. The
National Bank of America, for which he also is receiver, la to return 15%
more in about three weeks, Mr. Jennings added. The institution already
has repaid 45 2/3%. Both Gary banks, closed in January 1932.
In indicating that two closed suburban Chicago banks—
the Bank of Harvey and the North Shore Trust & Savings
Bank of Highland Park—were about to make deposit refunds, the Chicago "Tribune" of Jan. 27 said, in part:
State Auditor Edward J. Barrett yesterday (Jan. 26) authorized a payment of 10% to depositors of the Bank of Harvey, while Circuit Judge
Ralph J. Dady, in Waukegan, ordered Receiver S. Parker Johnstone to
pay 30% to depositors of the North Shore Trust & Savings Bank in Highland Park.
The Harvey payment .
. amounts to $63,659. It brings total
repayments to 40%, and checks will be given out beginning to-morrow.
Funds were obtained in ordinary liquidation, according to Receiver William
L O'Connell.
The North Shore bank payment amounts to $131,415 and lifts the total
return to depositors to 55%.
--•-A membership on the Chicago Board of Trade sold, Feb. 2,
atw$4,800''net to the buyer, off $200 from last previous
transfer.
Regarding the proposed merger of the First State Savings
Bank and the Citizens' State Bank, both of Otsego, Mich.,
the following appeared in the "Michigan investor" of Feb. 2:
Merger of the First State Savings Bank and the Citizens State Bank,
both of Otsego, has been approved by the stockholders. The consolidated
institution will be named the State Savings Bank of Otsego and will establish
itself in the quarters of the former First State Savings Dank. Directors
have been elected and they will meet soon to name the new officers.
Louis W. Hill, son of the late James j. Hill, "empire
builder" of the Northwest, announced on Feb. 5 his retire-
911
ment as Chairman of the Board of Directors and as a
director of the First National Bank of St. Paul, Minn. He
had been connected with the institution for more than 20
years. St. Paul advices appearing in the New York "Times,"
authority for the above, went on to say:
The move was in pursuance of his policy of retiring gradually from
active business. F. R. Bigelow, President of the St. Paul Fire & Marine
Insurance Co., was elected the new Chairman of the Bank Board.
The following promotions were made recently in the personnel of the Merchants' National Bank & Trust Co. of
Fargo, N. Dak., we learn from the "Commercial West" of
Feb. 2: H. W. Gearety from President to Chairman of the
Board;F. R. Scott from Vice-President and Trust Offcier to
President, and F. L. Dwight from Assistant Trust Officer
to Trust Officer. At the same time it is understood, S. L.
Allen was elected Vice-President.
From the Omaha "Bee" of Jan. 30 it is learned that Ben
N. Saunders, State Superintendent of Banks for Nebraska,
announced at Lincoln on Jan. 29, the payment of a first
dividend of 53%, or $82,449, to depositors of the failed
Union State Bank of Omaha.
The First National Bank of Moline, Kan., was placed in
voluntary liquidation on Dec. 10. The institution, which
was capitalized at $25,000, was replaced by the Exchange
State Bank of the same place.
A charter was issued on Jan. 26 by the Comptroller of the
Currency to the American National Bank in Wetumka,
Wetumka, Okla. The new institution succeeds the American National Bank of Wetumka and is capitalized at
$50,000, consisting of $25,000 preferred stock and $25,000
common stock. E. D. Hall is President and D. G. Hall,
Cashier, of the new organization.
Evan M. Johnson, Assistant Comptroller of the First
National Bank & Trust Co. of Minneapolis, Minneapolis,
Minn., on April 1 will become Comptroller of the AngloCalifornia National Bank of San Francisco, Calif. The
"Commercial West" of Feb. 2, authority for the above,
also had the following to say regarding Mr. Johnson's banking career:
He started his banking career in 1906 with the old Security Bank, which
merged with the First, being currency shipping teller, assistant unit teller.
unit teller, manager country bank books, auditor 1920-29, then Assistant
Comptroller. He is First Vice-President National Association of Bank
Auditors and Comptrollers, Past President Twin City Bank Auditors and
Comptrollers' Conference.
The Bank of Montreal (head office Montreal, Canada) on
Feb. 5 announced that B. C. Gardner, its First Agent in
New York, had been appointed an Assistant General Manager, located in Montreal, with jurisdiction over the Quebec, Maritime and Newfoundland districts of the bank, and
that A. J. L. Haskell, Manager of the securities department of the bank at head office, had been appointed First
Agent in New York, succeeding Mr. Gardner. Details regarding Mr. Haskell's and Mr. Gardner's banking careers
follow:
Mr. Haskell was on the staff of the London City and Midland Bank in
England prior to entering the service of the Bank of Montreal at Sarnia
ia 1911. From Sarnia he was transferred to the Ottawa branch, where he
rose to the position of assistant accountant. Later he was for a year
accountant in the Halifax branch, and then returned to Ottawa as accountant. In 1921 he served for a period in the bank's New York office, and
since 1923 ha been a member of the head office staff. He was appointed
Assistant Manager of the securities department in 1928 and has been
Manager of this Important department since 1930.
Mr. Gardner began his banking career in Canada with the former Bank
of British North America, which was taken over by the Bank of Montreal
in 1918. He held important positions in branches in various parts of
Canada, from British Columbia to the Maritimes, and was for a period
Manager for the bank in St. John's, New Foundiand, prior to his transfer
to the New York agency three years ago.
Course of Bank Clearings
Bank clearings this week will again 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. 9) bank exchanges for all cities of the United
States from which it is possible to obtain weekly returns
will be 6.6% below those for the corresponding week last
year. Our preliminary total stands at $4,786,601,640,
against $5,123,400,771 for the same week in 1934. At this
center there is a loss for the week ended Friday of 15.0%.
Our comparative summary for the week follows:
Financial Chronicle
Clearings-Returns by Telegraph
Week Ending Feb. 9
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,484,366,952
178,117,555
221.000,000
144,000,000
62,931,682
55,600,000
90,565,000
74,799,443
57,513,475
41,558,676
39,204,692
23,383,000
$2,900,493,310
152,991,967
199,000,000
149,000,000
49,252,972
47,500,000
82,119,000
81,872,205
46,029,643
37,699,712
37,412,342
23,875,000
-15.0
+18.4
+11.1
-3.4
+27.8
+17.1
+10.3
+21.3
+24.9
+10.2
+4.8
-2.1
Twelve cities, 5 days
Other cities, 5 days
$3,453,020,475
535,814,225
$3,787,045,151
465,763.420
-8.8
+15.0
Total all cities, 5 days
All cities, 1 day
$3,988,834,700
797,766,940
$4,252,808,571
870,592,200
-6.3
-8.4
$4,786,801,640
$5,123,400,771
-6.6
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Feb. 2. For
that week there is a decrease of 1.2%, the aggregate of
clearings for the whole country being $5,676,933,116, against
$5,744,439,183 in the same week in 1934.
Outside of this city there is an increase of 12.2%, the
bank clearings at this center having recorded a loss of 7.0%.
We group the cities according to the Federal Reserve districts in which they are located, and from this it appears
that in the New York Reserve District, including this city,
the totals register a decline of 6.7% and in the Boston Reserve District of 1.4%, but in the Philadelphia Reserve
District the totals show an increase of 17.8%. The Cleveland Reserve District has to its credit a gain of 11.0%,
the Richmond Reserve District of 3.4%, and the Atlanta
Reserve District of 11.5%. In the Chicago Reserve District
the totals are larger by 25.7%, in the St. Louis Reserve
District by 6.7%, and in the Minneapolis Reserve District
by 0.7%. The San Francisco Reserve District enjoys an
increase of 16.7%, the Dallas Reserve District of 4.4%,
and the San Francisco Reserve District of 15.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Feb. 2 1935
1934
1935
Inc.or
Dec.
1933
1932
$
$
%
268,255,133
207,529,747
-1.4
-6.7 3,589,761,346 3,972,461,067
291,933,395
+17.8
304,467,045
+11.0
189,504,229
2 0,2
4 61,653
120,466,552
98,536,563
+3.4
81,629,631
08,061,170
+11.5
384,582,055
274,403,484
+25.7
+6.7
77,883,815
66,303,363
67,534,661
50,941,533
+0.7
105,695,420
82.226,462
+16.7
36,896,278
46,348,308
+4.4
197,877,639
143,186,075
+15.2
Federal Reserve Dists.
let Boston. _ _ _12 cities
2nd New York_..12 "
3rd PhIladelpla 9 "
4th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atlanta _ _ _ _10 "
7th Chicago- _19 "
8th St. LOUIS- 4 "
9th Minneapolis 6 "
10th Kansas City10 "
5 "
11th Dallas
12th San Fran_ _12 "
$
219,239,277
3,836,012,704
319,586,504
209,327,288
95,902,235
104,624,285
377,725,273
103,235,794
68,656,182
111,284,748
43,621,834
187,716,992
$
222,28,352
4,111,232,852
271,254,797
188,527,827
92,760,015
93,835,164
300,455,860
96,747,616
68,165,769
95,346,061
41,766,274
163.061,596
110 cities
Total
Outside N. Y. City
5,676,933,116
1,943,307,694
5,744,439,183 -1.2
1.731,581,550 +12.2
5,1343,265,208
1,647,124,598
5,891,780,616
2.044,336,546
262 R45 465
662450.326 -7.5
235.505.079
320.079.5E6
fbars.i6
22 61t166
We also furnish to-day a summary of the clearings for
the month of January. For that month there is an increase for the entire body of clearing houses of 19.4%, the
1935 aggregate of clearings being $25,538,411,841 and the
1934 aggregate $21,395,408,904. In the New York Reserve
District the totals show an increase of 19.6% in the Boston
Reserve District of 4.6% and in the Philadelphia Reserve
district of 25.2%. The Cleveland Reserve District has
Flb. 9 1935
managed tolenlarge its totals by 19.0%, the Richmond
Reserve District by 16.1% and the Atlanta Reserve District by 17.2%. In the Chicago Reserve District there is
an improvement of 33.2%, in the St. Louis Reserve District
by 13.7% and in the Minneapolis Reserve District by 7.6%.
In the Kansas City Reserve District the gain is 23.3%, in
the Dallas Reserve District 6.7% and in the San Francisco
Reserve District 16.2%.
January
1935
January
1934
Inc.or
Dec.
•
January
1933
January
1932
Federal Reserve Dists.
$
$
i
%
8
1st Boston_ _ _ _ 14 cities 1,033,658,651
988,106.730 +4.6
920,759,707 1,314,910,389
2nd New York..
.13 " 16,692,113,526 13,961,007,953 +19.6 13,065,252,905 17,205,046,569
1,466,518,060 1,170,886,341 +25.2 1,311,495,043 1,417,140,280
3rd Philadelpla 12 "
4th Cleveland_ _13 "
950,266,513
798,824,218 +19.0
769,286,929 1,034,247,674
5th Richmond _ 8 "
459,396,996
395,751,165 +16.1
421,671,634
531,005.922
6th Atlanta.._ _15 "
512,863,955
442,701,653 +17.2
371,189,421
470,868,902
7th Chicago _ _25 "
.
1,734,746,670 1,302,608,200 +33.2 1,244,929,666 1,798,228,291
8th St. LouLs_ 5 "
432,829,746 +13.7
492,000,173
372,740,898
454,914,851
9th Minneapolls12 ••
328,250,945
305,119,820 +7.6
252,383,035
315,304,293
10th Kansas City 14 "
623,933,913
506,030,645 +23.3
456,154,744
596,814,140
11th Dallas
313,338,023 +6.7
334,200,316
10 "
258,041,336
316,950.896
12th San Fran_ _21 "
778,204,400 +16.2
904,462,123
663,847,702
936,848,669
Total
162 cities 25,532,411,841 21,395,408,904 +19.4 20,107,753,022 26,392,280,875
Outside N. Y. City
9,331,886,572 7,843,154,510 +19.0 7,461,827,997 9,707,646,74
8
Canada '
32 Cities 1,310,305,194 1,256,361,070 +4.3
977,539,688 1,055,511,075
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for January in 1932 to 1935 are given below:
Month of January
Description
1934
1935
1933
1932
Stock, number of shares__ _- 19,409,132 54,565,349 18,718,292 34,382,383
Bonds
Railroad and miscell. bonds_ $195,181,000 $275,478,000 $160,091,700 $155,841,000
State, foreign, &c., bonds_ __ 40,649,000 93,687,500 84,805,500 66,694,000
U. S. Government bonds._ 94,716,000 71,819,200 38,132,900 69,853,000
Total bonds
$330,548,000 $440,984,700 $283,030,100 $292,388,000
The volume of transactions in share properties on the
New York Stock Exchange for the month of January for
the years 1932 to 1935 is indicated in the following:
1935
No. Shares
Month of January
19,409,132
1934
No. Shares
54,665,349
1933
No. Shares
18,718,292
1932
No. Shares
34,362,383
The course of bank clearings at leading cities of the country
for the month of January in each of the last eight years
is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JANUARY
Month of January
1935 1934 1933 1932 1931 1930 1929
$
$
$
$
$
$
$
16.207 13,552 12.646 16.684 25,300 32,031 43,903
1,114
822
795 1,141,
2,852 3,522
886
859
795 1,134 1,734 2,204 2,361
1,408 1,119 1,252 1,328 1,849 2,788 2,798
309
278
249
312
488
592
696
408
345
302
420
868
754
847
508
434
375
514
691
871
944
237
202
218
289
354
433
460
198
168
166
201
288
219
352
330
276
244
306
459
566
801
270
227
249
350
512
619
647
207
197
188
212
283
327
350
113
105
118
142
208
233
285
375
278
248
353
835
811 1,012
114
96
79
88
110
178
198
114
114
72
110
188
192
191
37
36
32
47
57
71
80
65
49
47
80
115
138
165
124
110
112
137
184
230
290
87
80
58
87
88
99
135
95
48
68
86
127
144
167
80
53
49
62
82
105
113
131
119
113
126
161
203
201
67
59
43
52
57
99
108
103
92
75
112
146
175
227
54
44
44
54
73
88
85
50
37
33
45
57 . 71
104
(000,000s
omitted)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detrolt
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indiana
Richmond
Memphis
Seattle
Salt Lake City
Hartford
1928
$
31,043
3,187
2,486
2,547
678
760
923
465
353
579
555
321
270
778
182
178
72
189
237
133
148
102
188
98
199
84
83
Total
Other cities
23,574 19,795 18.848 24,450 36,927 48,993 60,813 48,818
1,984 1,600 1,480 1,942 2,724 3,415 3,704 3,888
Total all
Outside New York
25,538 21,395 20,108 28,392 39,851 50,408 64,517 50,508
9,332 7,843 7,402 9,708 14,350 18,377 20,613 19,462
We now add our detailed statement showing the figures
for each city separately for January and for the week ended
Feb. 2 for four years:
CLEARINGS FOR JANUARY, AND FOR WEEK ENDING FEB. 2 FOR FOUR YEARS
Month of January-
Week Ended Feb. 2
Clearings at
1935
1934
Inc. or
Dec.
1933
1932
1935
1934
Inc. or
Dec.
1933
1932
$
%
$
$
$
$
%
$
$
$
First Federal Reserve District -Boston2,398,918
Maine-Bangor
Portland
8.524.273
-Boston
886.459,508
Mass.
Fall River
2,915,750
Holyoke
1.892,827
1.328.801
Lowell
2,818,895
New Bedford
11,487,584
Springfield
6,341,275
Worcester
-Hartford
50,480,659
Conn.
15.333,541
New Haven
5,133,600
Waterbury
37,213,500
R. 1.-Providenoe
-Manchester
1.751.520
N. H.
1,891,265
7,525,776
858,837,593
2,470,152
1,496,485
1,220.854
2,408,108
11.989,092
5,654,628
38,658,448
15,633,302
4,833,200
35,878.400
1,811,631
+28.7
+13.3
+3.2
+18.0
+13.1
+8.9
+8.8
-4.2
+12.1
+37.7
-1.9
+10.8
+3.7
-3.3
1.520,482
2,228,116
12,104.054
8,604,820
795,405,832 1,133.985,844
2,822,753
3,581,474
1,438,737
2.124,526
1.202,894
1,325.890
3,162,392
2,241,858
16,754,751
12,471,078
7,672,603
12,050,875
44,537,271
32,705,692
18.557,955
28,406.357
5.183,200
4,241,400
31,941,800
47,285,000
2,324,235
2,011,207
551,017
1,447,355
189.321.042
586,451
639,845 -13.9
1,555.946 -7.0
194,553,494 -2.7
548,802 +7.3
433,103
2,006,602
180,000,000
531,840
495,674
2,903,312
232,481,399
703,108
279,288
463,237
2,534,200
1.203,712
10,250,801
3.768.634
275.439 -F1.1
-,519,532 -10.8
2,598,484 -2.5
1,150,284 +4.6
8,323,848 +23.3
3,882.019 -2.9
258,550
486,627
2,953.396
1.719,091
7,155,631
3,888.281
239,588
557,890
3,843,552
2,501,417
8,173,576
8.388,380
8318,900
418,840
7,810,200
429.679
+7.8
-3.0
7,711,600
885,226
9,711.300
456,159
1,033,658,851
988.108.730
+4.8
920,759,707 1,314,910.389
219.239,277
222,285,352
-1.4
207,820,747
288.255,133
Total (14 cities)
913
Financial Chronicle
Volume 140
.
CLEARINGS-(Continuea)
Month of January
Week Ended Feb. 2
Clearings at
1935
1934
Inc. or
Dec.
$
Second Federal Reserve Distr let
-New Yor kN. Y.
39,514,044
-Albany
41,099,306
Binghamton
4,585,232
4.542,305
Buffalo
110,342,306
124,320,558
Elmira
2,355,170
2,636,381
Jamestown
1,992,150
2,075,097
New York
16,206,525,269 13,552,254,394
25,181,567
Rochester
29,213,413
16,232,974
Syracuse
15,647,767
13,878,067
Conn.
-Stamford
13,729,088
N. J.
1,742,960
1,702,258
-Montclair
70,405,422
Newark
77,414,067
Northern New Jersey
118,961,707
169,374,831
3,645,599
Oranges
3.749,557
Total (13 cities)
1933
1932
Inc. or
Dec.
1933
1932
--37.6
5,780,408
7,081.400
--11.2
1,507,391
1,176,975
--2.3
22,508,846
29,516,743
1,342,315
--20.5
1.765,400
476,643
648,630
-1-8.2
--7.0 3,489,140,610 3,847,444,070
A-2.7
8,935.110
11,328,800
--2.0
6.123,514
5,562.880
+1.5
2,536,920
3,135,414
A-6.0
420,000
625,500
A-14.8
20,096,654
24,319,548
A-25.1
30,892,935
39,945,707
16,692,113,526 13.961,007,963 +19.6 13,065,252,905 17,205,046,569 3,836,012,704 4,111,232,852
-6.7 3,589,761,346 3.972,461,067
1.466,518,060 1,170.886,341 +25.2 1,311,495,043 1,417,140,280
Yourth Federal Reserve Dist r ict-Clevelan dOhio-Akron
c
c
Canton
6,118,839
4,281,501
Cincinnati
168,359.434
197.877,899
Cleveland
227,046,562
270,222,683
Columbus
33,661,500
44,009,900
Hamilton
1,752,391
1,374,064
Lorain
469,432
704,628
Mansfield
4,496.813
5,065.268
Youngstown
b
b
Pa.
-Beaver County
517,474
625,861
Franklin
339,449
312,951
Greensburg
490,060
846,896
Pittsburgh
344,921,048
408,194,640
Ky.-Lexington
7,054,606
8,107,383
W. Va.-Wheeling
5,812,275
6,427,174
Total (13 cities)
1934
45,943,789
7,083.123
11,348,285
29,150,146
+4.0
3,798,735
4,225,402
1,388,528
1.564,007
+0.9
26,622,523
111.997,407
26,000,000
+12.7
136,665,456
2.891.048
769,801
968,841
+11.9
3,687,906
1,948,049
397,343
367,148
+4.2
2,904,637
+19.6 12,645,925,025 16,684,334,129 3,733,625,422 4,012,857,633
39,648,491
7,577,567
+16.0
26,885,807
7,785,838
15,074,994
4,237,174
-3.6
20.474,565
4,152,512
10,047,781
12,337,829
2,380.074
2,415,569
1,850,000
566,442
534,631
+2.
2,635,636
76,555,921
111,263,218
16,414,329
+10.0
18.847,288
150,984,714
26,360,640
+42.
118,133,625
32,980,838
+2.
4,200,724
6,734,440
Third Federal Reserve Distric t-Philadelp hie
316,803
2,261,906
Pa.
1,327,534 +12.4
-Altoona
1,492,701
ba 1,553,913
a2,938,523
Bethlehem
al1,244,912
983,829
2,577,982
1,202,790 - 16 ;
2-.
Chester
998,992
8,772,514
11,760,926
Harrisburg
6,597,664 +10.4
7,283,232
3,699,481
6,542,212
Lancaster
2,987,053 +40.2
4,186,629
1,286,040
1,661,054
Lebanon
1,119,952 +11.0
1,243,496
1,737,837 -2.8
1.797,738
2,128,488
Norristown
1,689,485
Philadelphia
1,408,000,000 1,119,000.000 +25.8 1,252,463,000 1,325,700,000
Reading
7,526,168
13,158,689
4,817.893 +15.9
5,585,404
9,279,408
Scranton
9,205,493 +8.1
15.480.965
9,949,785
6,807,272
9,414.217
4,366,961
5.390,320 -19.0
Wilkes-Barre
4,137,890
5,876,841
York
4,039,205 +29.7
5,240,775
N. J.
14,424,900
20,577,000
-Trenton
16,480,600
13,460,600 +22.4
Total (12 cities)
1935
950,266,513
+42.9
+17.5
+19.0
+30.7
+27.5
+50.1
+12.6
+20.
-7.8
+72.8
+18.3
+14.
+10.
798,824.218 +19.0
Fifth Federal Reserve Distric t-RichmondW.Va.-Huntington
507,135
653,607
Va.-Norfolk
8,044,000
9,295,000
Richmond
119.249,149
130,861,412
N. C.
-Raleigh
S. C.
-Charleston
4,128,020
4,236,365
Columbia
6,184,522
5,259,670
Md.-Baltimore
237,313,813
201.740,230
Frederick
1.285,354
1,085,664
Hagerstown
13. C.
-Washington
55,737.297
69,566,923
C
3,201,641
165,632,014
248,907,537
29,190,000
1,412,002
492,899
3,100,214
b
629,406
279,097
948,269
301,720,845
7,078,336
6.694,669
b
200,965,507
349,520,493
40,529,100
2,039,256
712,205
b
b
983,221
492,169
1,317,424
419,825,259
9,419,341
8.443,699
372,438
+1.4
245,794
4-7377
411,064
a469,947
272,245
564,650
a636,377
467,967
970.165
719,699 +34.8
876,519
1,011,415
309,000,000
1,027,320
2,148,560
993,642
1,199,678
3,622,000
262,000,000 +17.9
1,077,540 -4.7
2,100,551
+2.3
1,043,875 -4.8
1,028,900 +16.6
2,666,000 +35.9
294,000,000
1,596,539
2,348,323
1,647,774
957,581
2,357,000
278,000,000
2,664,805
2,775,288
2,176,873
1,177,397
3,095,000
319,586,504
271,254,797 +17.8
304,467,045
291,933.395
47,424,028
57,346,531
9,305,300
35,822,682 +32.4
50,379,810 +13.8
7,649,300 +21.6
36,883,521
55,281,780
6.698,800
44,805,100
70,702,675
8,926,200
377,530
a2,439,964
247,609
995,222
1,008,234
-0.9
is
645,493
850,000
94,256,207
93,667,801
+0.6
89.994,635
114,977,878
769,286,929 1.034,247.674
209.327,288
188,527,827 +11.0
189,504,229
240,261,853
112,845
2,073,000
27,850,056
139,018 -18.8
1,820,000 +13.9
28,793,265 -3.3
344,988
2,635,000
26,507,967
423,912
2,949,477
29,067,218
+28.9
+15.6
+9.7
1,510,506
9,892,000
113.425.076
2,059,150
12,859,593
125.514,683
+17.6
+17.6
+18.4
3,576,590
3,305,979
216,431,952
962,242
3,469,107
4,252,631
288,743,871
1,251,151
1,174,971
50,044,152
891,123 +31.9
48.860,437
+2.4
671.319
847,168
51,351,799
64,999.575
+24.8
72,567,289
92,855,736
14.647,211
12,256,172 +19.5
17,025,490
22,179,202
395,751.165 +16.1
421,671.634
531,005.922
95,902.235
92,760,015
+3.4
98,536,563
120,466.552
+32.6
+24.6
+16.0
-5.6
+26.7
+21.5
+28.3
-0.2
+23.9
+17.5
+38.5
+11.9
13.264,243
44,227.827
140,200,000
5,253,824
2,806,737
2,265,055
46,337,718
5.978,561
54,077,453
5,103,516
3,013,930
4,229,000
b
1.455,376
648,491
142,007,171
2,470,821
11,824,868
37,500,000
712,661
1,979,418 +24.8
10,248,389 +15.4
34,400,000 +9.0
955,545 -25.4
2,839,322
8,674,856
26,100.000
732,532
3,441,623
10,021,640
28,200,000
1,046,083
631,686
13,234,000
578,426 +9.2
10,641,000 +24.4
378,543
7.941,311
586,589
10.000,000
13,714,295
1,000,384
11,250,794 +21.9
930,736 +7.5
7,534,887
909,335
10,435,862
1,197,866
+7.2
-9.4
+8.0
7,000,000
40.275.352
110,700,000
3,073,933
1,875,444
1,448,523
35,536,916
4,708,026
38,136,685
3.870.848
2,147,263
2,925,000
b
1,228,397
509.518
117,753,516
147,694
23.387.876
220,824 -33.1
22.630,032 +3.3
191,826
26,327.019
266,137
32,865,370
518,863,955
442,701,653 +17.2
371,189,421
470,868,902
104,624,285
93,835,164 +11.5
81,629,631
98.061,170
Seventh Federal Reserve Dist rIct-Chicago
Mich.
-Adrian
330,904
Ann Arbor
2.522,775
Detroit
375,223,774
Flint
3,197,812
Grand Rapids
8.011,399
Jackson
1,605,950
Lansing
4,179.039
Ind.
-Ft. Wayne
3,026,776
Gary
8,393,672
Indianapolis
60,204,000
South Bend
3,512,770
Terre Haute
17,679,336
Wis.-Madison
2.717,849
Milwaukee
64,539,758
Oshkosh
1,513,900
Iowa-Cedar Rapids
3.374,251
Davenport
b
27,626,984
Des Moines
Iowa City
b
Sioux City
10,467,899
Waterloo
is
965,916
-Aurora
Ill.
Bloomington
1,290,475
1,113,968,668
Chicago
Decatur
2,558,336
11,243,312
Peoria
2,817,803
Rockford
3,773,312
Springfield
259,425 +27.6
2.309.776
+9.2
277,846.633 +35.0
3,604,871 -11.3
6,355,329 +26.1
1,289,779 +24.5
2,834,690 +47.4
2,291.237 +32.1
7,263,886 +15.6
53,132,000 +13.3
2,569,129 +36.7
18,110,893 -2.4
1,646,557 +65.1
48,655,004 +32.6
1,273,282 +18.9
1,229,723 +174.4
b
is
21,423,498 +29.0
b
is
9,103,769 +15.0
b
b
775,556 +24.5
1,143,101 +12.9
821,611,010 8+35.6
1,918,665 +33.3
10,721,294 +4.9
2,071,215 +36.0
3,167,878 +19.1
401,911
647.772
3.848,203
3,159,308
247,619,954
352,611,933
5,014,382
7,445,004
11,204,296
16.650.191
2,697,421
3,447,841
2.265,193
9,121,180
3,304,344
5,164,801
5,220,810
7,333.425
48,527,000
61,709.226
5,363,092
7.218,838
14,518,836
18,077,002
1,153,688
8,650,876
47.216,115
80,456,298
1,069.654
2,235,593
2,023,858
3,760,756
is
b
21,109,046
23,014,968
b
b
7,303,437
11.835,237
b
is
663,214
2,117,732
3,235,945
4,637,256
794,814,436 1,141.414,546
1,586,387
3,016,674
8,341,137
12,041,782
1,900,671
4,968,768
4.526.638
7.491,284
66.168
825.763
86,681,399
44,949 +47.2
776,468 +6.3
62.249,525 +39.2
76.599
989,424
61,278,919
145,249
837,069
73,327,843
1,734,746,670 1,302,608,200 +33.2 1,244,929,668 1,798,228,291
Total(8 cities)
459,396,996
Sixth Federal Reserve Metric t-AtiantaTenn.
-Knoxville
11.521,511
Nashville
55,697,497
Ga.-Atlanta
186,400,000
Augusta
4,235,356
Columbus
2,377,088
Macon
3,10,192
Fla.
-Jacksonville
54,138,482
Tampa
5.034,309
Ala.
-Birmingham
68,994,715
Mobile
5,191,536
Montgomery
3,415,096
Miss.
-Hattiesburg
4,006,000
Jackson
b
Meridian
1,211,770
Vicksburg
554.564
La.
-New Orleans
112,934,839
Total (15 cities)
Total (25 cities)
8,686,747
44,711,684
160,700,000
4,486,841
1.875,795
2,594,535
42.181,441
5,041.989
55,696,135
4.416,621
2,465,211
3,581.000
b
1,130,132
611.953
104,521.569
Eighth Federal Reserve DIstr ct-St.Louisb
-Evansville
b
Ind.
b
b
New Albany
276,436.137
308,803,086
Mo.-St. Louis
114,427,174
96,090,746
Ky.-Louisville
b
b
Owensboro
b
b
Paducah
58.743,544
66,961,868
Tenn.
-Memphis
150,319
177,472
-Jacksonville
Ill.
1,630,573
1,409,000
Quincy
Total (5 cities)
492,000,173
is
b
+11.7
+19.1
b
b
+14.0
+18.1
+15.7
b
b
248,988,954
78,842,749
b
b
43,496,541
122.139
1.290,515
b
b
311,866,275
88,079,146
b
b
52,029,785
523,671
2.415,974
432,829,746 +13.7
372,740.898
454.914,851
1,986,069
1,698,191 +17.0
2.629.846
3.219,310
1,171,927
716,469
751,127 +56.0
508,084 +41.0
864,520
826,924
2,444,300
1,320,923
12,052.000
644.662
3,652,935
9,968,000 +20.9
284,032 +127.0
3,308,365 +10.4
12,407,000
844,290
2,626,263
13,631,000
1,350,205
2.984,905
14,710,212
11,606,882 A-2677
-7
13,879,464
21,076,680
782,818
294,152 +166.1
6,464,201
5,014,934 +28.9
5.545,623
5.579,583
2,493,689
2,084,914 +19.6
is
1.555,068
2,923,423
285,521
240,586,207
504.973
2,640,069
636,377
823,814
283,969 +0.5
197.477,952 +21.8
465.026 +8.6
2,528,217 +4.4
419,149 +51.8
691,924 +19.1
751,511
166,295,451
330,843
2,012,302
407.717
1.081,720
921,132
247.738,329
627,755
2,689,952
1,056,125
1,836.178
377,725,273
300,455,860 +21.7
274,403,484
384,582,055
872,094
63,300.000
25.916,844
59.800,000
23.986,095
+5:5
+8.0
50,300,000
18,198,862
65,300,000
19,734,744
13,679.880
12,543,521
+9.1
9,142,647
12,643,979
418,000 -18.9
242,306
624,640
77,883,815
98,303.363
339,070
103.235,794
96.747.616
+6.7
Financial Chronicle
914
Feb. 9 1935
CLEARINGS-(Concluded)
Month of January-
Week Ended Feb. 2
Clearings at
1935
Inc. or
Dec.
1934
$
8
Ninth Federal Reserve Dist i ct-Mi n nee p oils
7,794,558
Minn.
8,263.163
-Duluth
197.384,997
206,815,605
Minneapolis
744.454
k Rochester
923,111
79.922,824
St. Paul
87,167.436
2,923,300
N. D.
3,048.000
-Grand Forks
477.212
500,329
*Minot
1,938.350
1,935,925
S. D.
-Aberdeen
3,548.016
00 Sioux Falls
4,853,026
1,265,350
1,790.980
Mont.
-Billings
1,591,169
2,323,295
Great Falls
7,390,809
10,463.300
Helena
138,781
166,775
_
Lewistown
1933
1932
1935
%
$
$
$
Inc. or
Dec.
$
1933
%
1934
$
1932
$
+6.0
+4.8
+24.0
+9.1
+4.3
+4.8
-0.1
+36.8
+41.5
+46.0
+41.6
+20.2
7,373,781
167,648,080
726,800
58,052,132
3,159.000
497,300
2,003,102
2,956,342
1.060,413
1,541.331
7,234,596
130,158
10,165,848
212,124,962
1,203,657
67,211,328
4,691,000
803,292
2,546,717
4,524,983
1.622,724
2,468,543
7,733,836
207.403
1,592,006
44,597,935
1,623,017
46,499,436
-1.9
-4.1
1.407,942
34,375,641
2,251,907
46,860,722
19,448,016
17,441,696 +11.5
13,149,670
16,041,604
+7.6
252,383,035
315,304,293
68,656,182
68.165,769
Tenth Federal Reserve Dist i ct-Kansas C Icy
301,282 +23.4
371,806
Neb.-Fremont
280,128 +14.1
319,499
Hastings
7.945,222 +17.1
9,303,305
Lincoln
114,023,317 -0.1
_
113,934,631
Omaha
11.3
6,590,870
5,848,487
Kan.
-Kansas City
7,426,653 +36.1
10,106,385
Topeka
8,065,887 +49.8
12,082,230
Wichita
1,437,319 +25.9
1,809,000
Mo.-Joplin
276,351,736 +19.6
330.391,804
Kansas City
13,718,776 +2.3
14.030,000
P. Si. Joseph
20,507,039 +27.8
26,202,000
Okla.
-Tulsa
1.897,493 +13.5
2,153,878
Colo.
-Colorado Springs
45,515,225 +108.6
94,960,534
Denver
1,969,698 +22.9
2,420,354
Pueblo
501,209
400,000
6,626,578
72,126,320
7,308,545
6,945,504
15,649,700
1,443,839
244,265,038
11,393,000
16,861,978
2,429,464
67.888,768
2,314,801
1,001,790
680,917
8,839,503
109,500.187
9.108,651
9.751,559
20,359,211
1,801,600
306,195,203
14,342,000
21,558,921
3,308,955
86,399,233
3,966,410
506,030,645 +23.3
456,154,744
596,814,140
+70.5
+14.4
+12.2
+19.3
-1.3
-8.7
-1.0
+12.7
+16.7
+7.6
2,866,693
2.555.448
108.286.969
9,621,097
18,321.676
9,473,000
94,608,658
949,651
2,600,000
8,758,144
4,347,943
6,370.974
133.136,781
11,394,951
29.118,580
12,030,000
103,568,710
1,483.477
3,028,000
12,471,479
313.338.023
+6.7
258,041,336
316,950,895
Twelfth Federal Reserve Ws rict-San Fra ncisco1,498,000
1,673,112
-Bellingham
Wash.
91,621.595
103,004,324
Seattle
24,301,000
36,295,000
Spokane
2,039.145
2,016,997
Yakima
3,394,751
4,180,862
464,000
513,466
-Eugene
Ore.
77,151,142
91,020,706
Portland
2,299,368
2.539,366
Utah-Ogden
44,307,751
53,983,666
Baitf
cltA?ly
8,840.142
10.604,582
3,252,040
4,514,354
Callf.-Bakersfield
24,295,405
15,335,513
Berkeley
11,916.800
13,091,313
Long Beach
2.150,587
2,333,000
Modesto
11,652,664
11,785,079
Pasadena
2,857,027
3,153,550
Riverside
16.270.105
23,854.004
Sacramento
433,616,755
505,979,211
San Francisco
6.741,607
7,802,842
San Jose
4,545,092
4,886,562
Santa Barbara
5,011.572
5,872,466
Stockton
+11.7
+12.4
+49.4
+1.1
+23.2
+10.7
+18.0
+10.4
+21.8
+20.0
+38.8
-36.9
+9.9
+8.5
+1.1
+10.4
+46.6
+16.7
+15.7
+7.5
+17.2
1,183,000
75.487,165
17,256,000
1,303,547
2.790,926
354,000
59,675,957
1,698.238
44.077,494
6,512,889
2,532,848
12.859.456
11.280,326
1,538,226
12,047,341
2.683,761
20,689,612
375,457.691
5,767,524
4,042,711
4.608,990
1,493,000
111,653,933
30,678,000
2,154,162
5,271,367
987,000
83,000,934
2,329,768
54.465,883
12.554.199
3,375,125
18,624,432
17,486,043
2,236,006
18,593,734
1,867,999
35,011,098
513,768,445
8,820.536
6,249.105
6,227,900
778.204,400 +16.2
663,847,702
936,848.669
187,716.992
328,250,945
Total(12 cities)
623,933,913
Total (14 cities)
305,119,820
Eleventh Federal Reserve DI i trict-Dallas3,224.863
5,499.109
Texas
-Austin
3,180,500
3.638,172
Beaumont
139,591,438
.
156,552,989
Dallas
11,226,109
13.390,142
El Paso
21,821,370
21.543,528
Ft. Worth
10,061,000
9,187,000
Galveston
111,812,442
110,734,339
Houston
1,212,135
1,366,130
Port Arthur
2,497,159
2,913,624
Wichita Falls
8,711,007
9,375,283
La.
-Shreveport
Total (10 cities)
Total (21 cities)
Grand total(162 cities)
Outside New York
•
334,200,316
904,462,123
406,915
443,792
-8.3
475,715
628,491
437.110
250,477 +74.5
197.603
346,709
2,174,200
1.907,351 +14.0
1,334,962
1,405.228
+0.7
50,941,533
67,534,661
87,162
66,530
3.154,386
24,253,275
71,961 +21.1
81,862 -18.7
1.773,019 +77.9
25,382,280 -4.4
100,879
112,485
1,743,786
16,001,403
217.836
178.684
2,376,620
24,082,285
1,839,613
2,500,367
-1,396,638 +31.:7
2,229,072 +12.2
1.520,265
3,344,615
2,751,860
4,838,773
76,146,373
2,592,015
61.155,164 +24.5
2,617.190 -1.0
56,477,051
2,082,484
66,527,342
3,023,985
827,320
186,894
232,193 -19.5
389,876
458,133
406,682 +12.7
453,618
870,715
111,284,748
95,346,061 +16.7
82,2213,462
105,695,420
992,052
34.858,360
4,139,295
1,710.000
857,404 +15.7
801,037
1,000,000
-I-9.5
26,417,340
32,992,022
4,758,292 -13:45
2,421,000 -29.4
4,448.771
2,111,000
7.351,374
2,189,000
31,834,114
1,922,127
1,895,464
+1.4
2,117,130
2,815,912
43.621,834
41.766.274
+4.4
35,895.278
46,348,308
23,734,862
7,989,000
462,648
20,291.707 +17.0
5,219,000 +53.1
424,556 +9.0
16,610.530
3,687,000
306.496
24.369,198
6,129,000
522,218
19,358,396
17,046,732
+13.6
13,091,641
18,938,632
9,660,841 +25.5
8,905,116
10,119.393
12,121.378
2,698,722
2,656,229
+1.6
2,488,170
3,907,543
2,540,907
2,558,205
-0.6
2.760.918
4,249,159
4,930.353
110,260,840
1,523,780
967,016
1,129.090
2,658,508
98.444,470
1,322,047
$15,483
966,818
+85.5
+12.0
+15.3
+18.6
+16.9
1,881,762
90.505,638
1,258,839
822,364
869.601
7,172,855
117,788,641
2,024,061
1,409,595
1,267,344
162.062.596 +15.8
143,186,075
197,877,639
25,538,411,841 21,395.408,904 +19.4 20,107,753,022 26,392,280,875 5,676,933,116 5,744,439.183
-1.2 5,136,265,208 5,891.780,616
9,331,886,572 7.843,154,510 +19.0 7,461,827,997 9,707,946,746 1,943,307,694 1,731,581,550 +12.2 1.647.124.5982,044.336.846
CANADIAN CLEARINGS FOR JANUARY, AND FOR WEEK ENDING JAN. 31 FOR FOUR YEARS
Month of January
Clearings at
-
Week Ended Jan. 31
a Not included in totaLs.
1 210 mix los 1
25.5 261
nm
+4.3
977.539.688 1.055.511.075
b No clearings available. c Clearing house not unctioning at present.
b'
wbVco'
clCwW1
41o'coVwCto, to a 51/..6. .1WWO,Vcolo
-4
1
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332,861,078
489,650,581
370.340,480 +7.1
297,375,537
166,134,228 +4.7
141,044,169
60,112,084 +0.1
47,843,974
14,822,114
18,340,767 +8.5
14,819.381
15,290,526 -1.7
8,168,916
8,633,563 +3.9
12,799.420
+0.6
14,338,461
17.829,228
18,837,229 +7.0
6.010,299
6,496,289 +2.9
5,223,237
6,285,678 -5.8
9,084,530
9,689.682 +14.8
16,472,923
15,059,303 +19.3
12.157,682
+3.7
10,878.501
1.003,641
1,135,616 +9.2
1,223,831
1.616,066 +0.1
4,428.602
4,463,238 +10.6
2,296,737
1,998.310 -7.2
2.726,529
3,358,804 +1.0
1,788,524
2,109,694 +11.2
1,576,993
1,821,825 +2.3
700,606
803,207 -4.6
2,229,935
2,425,197 +4.1
2,029,652
2,199,497 -6.6
3,059,535
3,949,497 +2.8
7,908,304
8,403,175 +4.6
886,986
972,174 +21.4
2,425,062
2,833,675 -5.5
1,932,674
2.060.172 -1.7
1,733,370
1,009.886 -0.1
1,442,244
1,847,098 -7.5
1,633,975
2,366,567 +14.7
1935
1932
awa.wmwo...4wa..wwawwwwidim
0,..404
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$
500,253,837
396,802,602
173,952,583
60,167,137
19,899,853
15,034,492
8,968,572
14,430,958
20,164,427
6,682.414
5,921.522
11,121,959
17,964,500
11,284,454
1,239.810
1,616,515
4,935,288
1,854,094
3,391,718
2,346,766
1.863,172
766,593
2,524,306
2,053,764
4,061,186
8,786,458
1,180,341
2.677,431
2,025,277
1,909,083
1.709,442
2,714,640
1033
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CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
3herbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Thatham
kinds
3udbury
_so.
,..-
1934
1934
242.645.465
Inc. or
Dec.
1933
$
1935
Inc. or
Dec.
%
$
1932
$
95,375,488
81,809.067
36,429,189
13,558,566
3,339,862
3,312,593
1,677,513
3,275,171
4,160.737
1,500,143
1,353,593
2,095,065
3,042,760
2,383,833
222,141
326,735
843,080
348,148
620,708
370,451
424,047
145,303
482,960
439,309
867,142
1,733,114
188.875
488,335
374,951
430,012
298.021
533.416
-3.4
-1.4
-29.3
-15.0
+2.8
-13.0
-1.0
-19.9
-11.9
-17.4
-17.0
-18.6
+1.8
-18.1
-8.7
-3.0
+6.1
-5.6
-6.4
-2.5
-13.8
+10.0
-17.0
-12.9
-15.7
+10.1
+14.7
+25.1
-7.6
+7.0
-6.1
+10.4
83,661,451
78.144,248
26,041.937
12,242,916
3,656,955
3,918,551
1.684,840
3,475,087
4,503,797
1,231,995
1,263,751
1,934,001
2.799,781
1.950.799
224,334
292,291
859,823
356,469
590,354
412,448
390,040
146.095
451,994
504,100
726,348
1,825,417
181,162
519,664
419,287
438,686
269,096
386,762
123,127,259
96,601,511
35,331,553
13,696,978
6,210,946
5,307,083
2.437,811
5,144,049
4,567.396
1,976.089
1,736,426
3,033,264
4,918,039
3,153,957
385,022
352,118
1,357,219
548.634
816,178
630,098
540.159
206,375
638,000
511,015
906,517
2,560,480
298,242
937,791
645,156
587,836
376,406
539,070
262A50.326
-7.5
235.505.070
320.070.586
Volume 140
THE CURB EXCHANGE
Price movements on the New York Curb Exchange displayed a strong downward tendency during the early part
of the present week, and while there were occasional periods
of strength, the gains were generally limited to small fractions. On Thursday the trend turned upward, and as the
volume increased, the market improved all along the line.
The turnover on Friday was the largest of the week and price
changes were generally upward.
The Curb Exchange was a comparatively quiet affair
during the abbreviated session on Saturday as most of the
transfers were unimportant and the changes were within a
narrow channel. Practically all groups were apparently unwilling to increase commitments and were marking time
awaiting the announcement of the gold clause decision in
Washington. Some of the public utilities were slightly
easier and the alcohol stocks about held their own, but the
oil shares were generally soft. The principal changes were
on the side of the advance, the gains including among others
%
Allied Mills, 121% to 133%; Atlas Corp.,83% to 83 ;Common%
wealth Edison, 55 to 553%; Creole Petroleum Corp., 113 to
12; Ford Motor of Canada A, 293 to 303%; Gulf Oil of
%
1
Pennsylvania, 56 to 56%; International Mining Corp., 13%
to 141%; Lake Shore Mines, 501% to 503 ;Newmont Mining
%
353% to 36; Sherwin-Williams, 87 to 88; Swift International,
34 to 343%, and Hiram Walker, 29% to 30.
The smallest volume of trading recorded in several months
marked the dealings on the curb market on Monday, the
total transfers reaching only about 84,800 shares. Moderate
losses were apparent all along the line, though there were a
few special stocks that showed minor gains. Pepperell
Manufacturing Co. was the best of these and showed an
advance of 2 points over the previous close. The list of
active stocks closing on the side of the decline included
among others, Allied Mills, American Cyanamid B, Atlas
Corp., Carrier Corp., Creole Petroleum, Fisk Rubber Corp.,
Ford Motor of Canada A, Glen Alden Coal, Greyhound
Corp., National BeIlas Hess, Niagara Hudson, Pennroad
Corp., Sherwin-Williams and Standard Oil of Kentucky.
Public utilities and industrial stocks continued to move
downward on Tuesday, and while trading was in somewhat
larger volume than on the preceding day, prices in general
were lower in all sections of the list. Pepperell Manufacturing Co. moved against the trend and showed a gain of
5 points on a small turnover. Outstanding among the
recessions were such market leaders as Aluminum Co. of
America, American Gas & Electric corn., American Light
& Traction, Creole Petroleum, Distillers Seagrams, Gulf Oil
of Pennsylvania, Humble Oil & Refining Co., International
Petroleum, Sherwin-Williams Co., Swift International and
Wright
-Hargreaves.
Moderate declines were again in evidence during the session
on Wednesday, and while the recessions were small in
most instances, there were occasional stocks that dropped
off sharply as in the case of Pepperell Manufacturing Co.,
which lost most of its 5 point gain of the previous 67:
Western Auto Supply also was weak and yielded about a
point before the close. Other prominent stocks show
-Gig
losses at the end of the session were Allied Mills, American
Cyanamid B, American Light & Traction, Distillers Sea..
grams, Ford Motor of Canada A, General Tire & Rubber,
Greyhound Corp., Gulf Oil of Pennsylvania, Lake Shore
Mines,Newmont Mining,Swift & Co. and Hiram Walker.
Moderate improvement was apparent on Thursday, though
irregular price tendencies were in evidence during most of the
session and the final changes were comparatively narrow.
The volume of sales was small and closing prices showed only
modest gains and numerous recessions. Prominent among
the stocks on the upside were Hiram Walker, Swift & Co.,
Sherwin Williams Co., Pioneer Gold Mines of B. C., International Petroleum, Greyhound Corp., Ford Motor of
Canada A, Creole Petroleum Corp. and Commonwealth
Edison.
Dealings on the curb exchange continued to show improvement on Friday, the volume of sales being the largest of the
week and the trend of prices was generally toward higher
levels. The power and light issues were the strong stocks
and led the upward swing,followed by the specialties and the
mining shares, the gains ranging from 2 to 5 or more points.
As compared with Friday last, the changes for the week were
about evenly divided between advances and losses, Aluminum
Co. of America closing last night at 44 against 45 on Friday
of last week, American Gas & Electric at 191% against 20.
915
Financial Chronicle
Atlas Corp. at 83% against 81%, Electric Bond & Share at
53% against 61%, Fisk Rubber Corp. at 83 against 9, Gulf
%
Oil of Pennsylvania at 56 against 561%, New York Telephone
pref. at 117 against 1171%, and Sherwin Williams Co. at
863% against 861%. On the side of the advance, Consolidated
Gas of Baltimore closed at 561% against 553%, Distillers Seagrams Ltd. at 173% against 161%, Ford of Canada A at 30%
against 301%, Glen Alden Coal at 21 against 20%, Grey%
hound Corp. at 221% against 213 , Hiram Walker at 303%
against 299/8, Hollinger Consolidated Gold Mines at 181%
against 171%, Humble Oil (New) at 461% against 46, Lake
Shore Mines Ltd. at 513 against 50%, and Swift & Co. at
%
183% against 18.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Feb. 8 1935
Stocks
(Number
Of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. GOTpOtaid.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
74,205 $1,864,000
83,930 2,290,000
100,095 3.199,000
127.200 3,102.000
117,245 4,541,000
166,045 5,254.000
373,000
199,000
110,000
40.000
232.000
49.000
Total
668,720 $20,250,000
$703,000
Saks at
New York Curb
Exchange.
Week Ended Feb. 8
1935.
1934.
3,482,195
Stocks
-No.of shares_
668,720
Bonds
320,250,000 $35,270,000
Domestic
1,682,000
Foreign government_ _
703,000
Foreign corporate
240,000
935,000
Total
321,193,000 337,887,000
Total.
$28,000 $1,965,000
54,000 2,543,000
63,000 3,372,000
23,000 3,165,000
31,000 4.804,000
41,000 5,344.000
$240,000 321,193,000
Jan. lto Feb. 8
1935.
1934.
4,462,594
12,728.184
3129.410.000
3,234,000
1.584,000
$141,888,000
6.872,000
6,243,000
$134.228,000
3155,003.000
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 23 1935:
GOLD
The Bank ofEngland gold reserve against notes amounted to £192.403.692
on the 16th inst.. as compared with £192,302,099 on the previous Wednesday. Bar gold to the value of £2,200.000 was disposed of in the open
market during the week. The United States Supreme Court has adjourned until Feb. 4 and its decision with regard to the gold clause is postponed accordingly: consequently very large gold shipments have been
made to New York calculated to reach there before the date mentioned,
but there is still nervousness as regards making arrangements further ahead.
The amount of gold shipped from London to New York since our last
letter is estimated to be at least £11,000.000. Prices have ruled at a
discount on dollar parity, and showed only small variations during the
period under review. Quotations during the week:
Equivalent Value
Per Pine Ounce
of £ Sterling
Jan. 17
141s. 11d.
us.11.67d.
Jan. 18
142s. 1 Xd.
11s. 11.46d.
Jan. 19
142.
115, 11.55(1.
Jan. 21
142s.0Md.
lls. 11.54d.
Jan. 22
142s. Id.
us. 11.50d.
Jan. 23
142s.1Hd.
118.11.46(1.
Average
142s. 0.58d.
lls. 11.34d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 14th inst. to mid-day on the 21st inst.:
Imports
British South Africa
£1,068.132 United States5
=ca.
£6,149.239
Australia
385,808 Venezuela
192.000
New Zealand
9.954 Persia
598,200
British India
600,291 France
11,925
Netherlands
831.050 Belgium
10,000
Belgium
28.478 Austria
5,725
France
72,601 Switzerland
1,142
Switzerland
8,595 Germany
2,879
Germany
3.931
Other countries
17,135
£3.025.975
£6,971.110
The steamship Strathnaver which sailed from Bombay on the 19th inst.
carries gold to the value of about £525,000 consigned to London. The
following are the details of the United Kingdom imports and exports of
gold for the month of December 1934:
Imports
Exports
British West Africa
£227,878
Union of South Africa
3,871,807
Southern Rhodesia
391,093
British India
3.337.798
British Malaya
24.924
Hongkong
66,620
China
691,986
Australia
815,604
New Zealand
93,152
British West India Islands lk British Guiana
12,613
Germany
13,774
Netherlands
123,736
f£48.080
Belgium
79.122
180,291
France
586,795
143,096
Switzerland
57.312
19,427
Iraq
22,873
United States of America
7.303
4,306,152
Venezuela
35,461
Argentine
10,556
Peru
62,949
Central and South America (Foreign)
538,202
Other countries
69.253
13,339
£10,602.609
£5,248,587
SILVER
The market continued to show a very steady tone and, during the
past
week, prices showed a variation of only 1-16d. Further re-sales
have been
made by the Indian Bazaars and speculators, but America has
been a
good buyer at current rates and with some China
speculative demand,
offerings were well absorbed. There is no indication of any
important
change at present, but the undertone is still firm. The following were
the
United Kingdom imports and exports of silver registered from mid-day on
The 14th Inst. to mid-day on the 21st inst.:
916
_
Financial Chronicle
Exports
£17,800 Bombay-via. other ports- _25,495
16.977
50.400 Canada
8,844 United States of America--847,150
7,993
10,694 France
3,300
3.305 Austria
2,366
Other countries
Imports
British India
Soviet Union
France
Belgium
Other countries
£903,281
£91,043
Quotations during the week:
IN LONDON
IN NEW YORK
-Bar Silver per Oz. Std.
(Per Ounce .999 Fine)
Cash
2 Mos.
Jan. 17-- --24A d.
Jan. 16
5434 cents
24d.
5434 cents
Jan. 16-24 9-16d.
24 11-16d. Jan. 17
Jan. 19- _24 9-16d.
5434 cents
2411-16d. Jan. 18
5434 cents
Jan. 21_ _ __24X d.
24Xd.
Jan. 19
54 9-16 cents
Jan. 22_ - -_24%d.
24'/d.
Jan 21
Jan.23- - _ _24 X d.
Jan.22
54 9-16 cents
.
24Xd
Average _--24.604d.
24.729d.
The highest rate of exchange on New York recorded during the period
.
from the 17th inst. to the 23d inst. was $4.8954 and the lowest $4.87 X
INDIAN CURRENCY RETURNS
Dec. 31
Jan. 15
Jan.7
(In Lacs ofRupees)18,391
18,447
18,399
Notes in circulation
9,564
9,508
9,457
Silver coin and bullion in India
4,155
4,155
4,155
Gold coin and bullion in India
3,304
3,304
3,363
Securities (Indian Government)
1,424
1,424
1,424
Securities (British Government)
The stocks in Shanghai on the 19th inst. consisted of about 19,600,000
ounces in sycee, 252,000,000 dollars and 43,200,000 ounces in bar silver.
as compared with about 20.700,000 ounces in sycee, 250,000,000 dollars
and 42,400,000 ounces in bar silver on the 12th inst.
-PER CABLE
ENGLISH FINANCIAL MARKET
The faily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Feb. 2
Silver, p.oz...(1_ 24 5-16d.
Gold, p.fine oz-142s.
Consols,2%% Holiday
British 334%
Holiday
W.L
British 4%
Holiday
1960-90
Frt.,
Thurs.,
Wed.,
Tues.,
Mon.,
Feb. 8
Feb. 7
Feb. 6
Feb. 4
Feb. 5
24 7-16d.
24 7-16d. 24 7-16d. 24 5-16d. 243icl.
142s. id. 1428.134d. 1418.1034d. 124s. Id. 142s. 134cl.
9134
9134
92 5-16
9134
9234
10834
10834
10834
12034
12034
12034
1085$
12054
10834
12034
The price of silver in New York on the same days has been:
Silver In N.Y.,
(foreign) per
Os.(cts.)---- 5334
U.S.Treasury. 50.01
U. 8. Treasury
(newly mined) 6434
5334
50.01
5334
50.01
6434
6434
5334
50.01
6434
5334
50.01
5334
50.01
6434
6434
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Feb. 2 Feb. 4 Feb. 5 Feb. 6 Feb. 7 Feb. 8
Francs Francs Francs Francs Francs Francs Francs
11,200 10,900 10,700 10,700 10,700 10,200
Bank of France.
982
945
991
975
Banque de Paris at Des Pays Bas
497497
____
500
Banque dL'Union Parisienne___
201
"ioi
"Hi
206
210
212
Canadian Pacific
17,900 17,900 17,800 17.700 17,600 17.800
Canal de Suez
1,187
1,180
1,185
1,276
Cie Distr. d'Electricitie
1,260
1,290 1,280
1,350
1.290 1,280
Cie Generale d'Electrieltie
24
• 23
Cie Generale Transatlantique --------------24
65
62
Citroen B
999
1,004
1,017
1,002
____
Comptoir Nationale d'Escompte
92
91
92
92
97
95
Coty S A
254
249
-__ _
253
252
Courrieres
588
587
584
585
Credit Commercial de France...
1,770
1,810
1,820 1,800
1i5 1,820
Credit Lyonnais
2,230 2,220 2,220 2,230 2,170
2,300
F.aux Lyonnais
521
519
525
522
Energle Fieetrique du Nord-. ____
735
745
740
737
____
---Energie Electrique du Littoral
536
537
536
537
Kuhlmann
"755
770
760
770
770
770
L'Air Liquide
_
1.008
995
992 1,000
Lyon (P L M)
1,299
1,295
1,303
1,307
Nord Ry
469
469
473
469
469
Orleans It,
45
45
45
46
---Pathe Capital
885
872
878
877
Pechiney
83.40 83.40 83.50 83.50 83.60 81:48
Rentes, Perpetual 3%
89.40
89.80 89.80 89.90 89.30 87.40
Routes 4%, 1917
88.80 88.90 88.90 88.90 88.80 86.75
Renter'4% 1918
92.40 92.90 93.00 93.00 93.00 91.20
Ftentes 4.4%, 1932 A
Ratites 434%. 1932 B
93.10 93.60 93.80 93.75 93.80 91.80
119.00 119.25 119.50 119.70 119.50 117.70
Rentes 5%, 1920
1.460
1,460
1,490
1,480 1,470
Royal Dutch
1,450
1,146
1.161
1,148
1,151
Saint Gobain C & C
1,400
1,395
__1,401
1,401
Schneider & Cie
48
48
48
49
48
.50
Societe Francalse Ford
49
54
53
58
Societe Generale Fanciers
2,235 2,225 2,225 2,205
Societe Lyonnalse
---585
585
585
585
Societe MarselliaNe
75
76
75
76
--Tubize Artificial Silk pref
_ _ __
640
738
639
643
Union d'ElectrIcitie
65
65
65
67
Wagon-Llts
NATIONAL BANKS
The following information is issued by the office of the
Comptroller of the Currency, Treasury Department:
CHARTERS ISSUED
Capital
$50,000
-American National Bank in Wetumka, Okla
Jan. 26
common stock and $25,000
Capital stock consists of $25,000
preferred stock. President, E. D. Hall; Cashier, D. G. Hall.
Will succeed No. 7724, the American National Bank of
Wetumka.
VOLUNTARY LIQUIDATIONS
$75,000
-The Stockraens National Bank of Cotulla, Tex
Jan. 26
Effective Jan.8 1935. Liq. agent: Ray M. Keck, Cotulla, Tex.
Cotulla," Tex.,
Succeeded by "Stockmens National Bank in
Charter No. 14302
30,000
-First National Bank in St. Marys, Ohio. Common
Jan. 26
Preferred--- - 30,000
Effective Jan. 25 1935. Liq. agent: C. H. Pauck, St. Marys,
Ohio. No absorbing or succeeding bank.
Feb. 9 1935
Capital
100,000
Jan. 28
-The First National Bank of Carteret, N.J
Effective Jan. 16 1935. Liq. committee: Robert Carson,
Eumwe M. Clark and Francis A. Monaghan, care of the
liquidating bank. Succeeded by "First National Bank in
Carteret," Charter No. 14153.
Jan, 28
50.000
-The Scottsville National Bank, Scottsville, Va
Effective Jan.22 1935. Liq. committee: Geo. T. Omohundro,
L. G. White and C. R. Dorrier, all of Scottsville, Va. Absorbed by National Bank & Trust Co. at Charlottesville,
Va., Charter No. 10618.
25,000
Jan. 28
-The First National Bank of Moline. Kens
Effective Dec. 10 1934. Liq. agent: F. L. Johnson, Moline,
Kans. Succeeded by the Exchange State Bank,Moline, Kans,
150,000
-The Montpelier National Bank, Montpelier, Vt
Jan.31
Effective Jan.29 1935. Liq.committee: Clarence B.Moulton,
John E. Willis and William L. McKee,care of the liquidating
bank. Succeeded by "Montpelier National Bank," Montpelier, Vt., Charter No. 13915.
CHANGE OF TITLE
Feb. 1-The Gap National Bank & Trust Co., Gap, Pa., to "The Gap
National Bank."
BRANCH AUTHORIZED
Feb. 1-The First National Bank of Mount Vernon, N. Y.
Location of branch: Village of Pelham. Westchester County, N. Y.
Certificate No. 1133A.
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ Per Share
-80th share scrip, no par:
30 Central Public Utility Corp. (Del.), class A and 6
46 Warrants for subscription to 46 shares Havana Electric Railway Co.
(Me.), common, no par
$1 lot
4023-67 Underwriters Trust Co.(N. V.), par $100
64
10 First National Bank of Manhasset, par $100
15
3 First National Bank & Trust Co.of Manhasset, par $100
35
2 Kanawha and Hocking Coal & Coke Co.(W. Va.), pref., par 8100; 8 Kanawha and Hocking Coal de Coke Co.(W. Va.). common, par $100
$2 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
Stocks
$ per Share
Receipts calling for 1,900 shares of Hibernia Trust Co. of the par of 8100
each and Hibernia Investing Co., Inc., of the par value of $25 each
$500 lot
By. R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
I Tracy Loan & Trust Co.,common,Salt Lake City. par $100
300
100
3Tracy Loan & Trust Co., preferred, Salt Lake City, par 8100
102 United Merchants de Manufacturers, Inc., voting trust certificates, par $1.6 3-16
113
1 First National Stores, 1st preferred, par 8100
77
6 Essex Co., par $50
By Crockett & Co., Boston:
Shares
Stock
$ per Share
$1101
200 Southern Surety Co., par $2.50
3 Boston Herald Traveler Corp
1954
5134
I American Manufacturing Co.. preferred, par $100
8110k
100 American Commonwealths Power, common A
BondsPer Cent
82,000 The Sheraton, let mtge. flh's, due May 1 1935(May 1932 coupon on)._ 16
$1.500 The Stonehaven, 1st mtge.fee 65, due Dec. 15 1942(Dec. 1931 coupon). 17
$500 Keith Memorial Theatre Corp., let mtge. leaseh. 65, due Nov. 11943.51 & int.
2634
$500 Harbor Building. 1st 6s, due July 1 1937 (July 1932 coupon on)
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
100 First Camden National Bank & Trust Co., Camden, N. J., par $25
1334
20 Pennsylvania Company for Insurances on Lives and Granting Annuities,
par $10
30
4Philadelphia Bourse,common,par $50
8
26
20 John C. Winston Publishing Co., capital stock, par $50
26
12 John C. Winston Publishing Co., capital stock, par $50
20 Girard Trust Co
8734
By A. J. Wright & Co., Buffalo:
$ Per Share
200.
Shares
Stocks
10 Zenda Gold Mines
CURRENT
NOTICES
-Distributors Group, Inc., 63 Wall St., New York, has prepared a
statistical analysis of 56 merchandising company stocks.
-McClure, Jones & Co., 115 Broadway, New York, have prepared an
analysis on Chicago Mail Order Co. common stock.
-Hornblower & Weeks have prepared an analysis of Corn Exchange
Bank Trust Co. capital stock.
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
Jan. 31 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Jan. 31 1935.
AssetsGold
CURRENT ASSETS AND LIABILITIES
GOLD
LiabilUtes8,389,873.478.88 Gold certificates:
Outstanding (outside
of Treasury)
898,301,899.00
Gold ctf. fund-Fed.
Reserve Board_ _ _ _4,618,267,515.48
Redemption fund
Fed. Reserve notes_
15,874,905.28
Gold reserve
156,039,430.93
Exch.stabilization fund _1,800,000,000.00
Gold in general fund... 901,394,728.17
Total
8,389,878,478.86
8,389,878,478.86
Total
Note-Reserve against 8346,681,016 o United States notes and 81,184,474 of
Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver dollars In the Treasury.
SILVER
LiabilUtes$
Assets$
211,819.974.50 Silver ctfs. outstanding. 709,091,117.00
Silver
509,553,347.00 Treasury notes of 1890
Silver dollars
outstanding
1,184,474.00
10.897,730.60
Silver in gen. fund
Total
721.173.321.50
Total
721.173,321.50
917
Financial Chronicle
Volume 140
3,400,657.85
60,748,981.80
money
31,852,508.31
Other deposits
Postmasters, clerks of
courts, disbursing
341,567,808.85
officers. &a
Deposits for:
Redemption of F. R.
bank notes(5% fund
1,841,100.00
lawful money)._ _Redemption of Nat'!.
bank-notes(5% fund
30,512,729.05
lawful money)
Retirement of addll
circularg notes, Act
1,350.00
of May 30 1908
Uncollected items, ex17,993,305.26
changes, dm
Total Croup II
4,280,456.43
Grand total
For footnotes, see under tables which follow.
Treasurer's cheeks outstanding
Deposits of Government
officers:
Post Office Dept
Board of Trustees,
Postal Savings
System:
5% reserve, lawful
492,198,897.55
Balance to-day
2,319,392,435.31
, Bo
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Dec.
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Jan. 1 1935
Feb.
1 1935
Cash balance in Tress.. 1,070,490,987 1,088,122,272 1,175,892,735 1,071,947,617
Dep. in spec'l depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 1,083,487,000 947,409,000 1,694,982,000 1,562,315,000
Dep. in Fed. Res. bank.. 183,624,629
92,754,321 153.068,748 125,241,459
Dep. in National banks
To credit Treas. U. S..
6,547.144
6.912.042
36,894.264
23,240,608
To credit disb. officers.
24,336,036
24.891,199
29.557,741
25,078,945
Cash in Philippine Island
1,260,021
1,188,518
819,788
1,238.371
Deposits in foreign depts.
2,864,207
2,984.773
2,965.258
2.529,333
Dep. in Fed. Land banks_
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MONTHLY REPORT OF THE UNITED STATES
TREASURY AS OF DEC. 31 1934
The monthly report of the Treasury Department showing
assets and liabilities of governmental corporations and
credit agencies, financed wholly or in part by the United
States, was contained in the Department's daily statement
for Jan. 31. The report is the seventh such to be issued
by the Treasury; the last previous for Nov. 30 1934,
appeared in our issue of Jan. 12, pages 266-268.
The report for Dec. 31 shows in the case of agencies
financed wholly from Government funds a proprietary
interest of the United States as of that date of $3,363,816,735,
which compares with $3,300,231,049 Nov. 30 1934. In
the case of these wholly owned Government agencies, the
proprietary interest represents the excess of assets over
liabilities, exclusive of inter-agency items.
The Government's proprietary interest in agencies financed partly from Government funds and partly from
private funds as of Dec. 31 was shown to be $1,113,525,728.
This compares with $1,082,176,333 as of Nov. 30. In the
case of these partly owned Government agencies, the Government's proprietary interest is the excess of assets over
liabilities, exclusive of inter-agency items, less the privately
owned interests. The statement follows:
.
Guaranteed Not Guar
anteed by
by
United
United
States
Slates
.
Includes Feb. 1 $108 163,413 silver bullion and $3,074,690 minor. Am., coin
not included in statement "Stock of Money."
.... .....„... 0300
4 441 o.
.
0 .N .
V. 0. .
WW
InW
la
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0 .0
°
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1$3,326,554152,580,077155,906,632154.747,9081 $270,565154,477.342156,792,0381
Net cash in Treasury
I and in banks....... 2,372,974,922 2.163,897,227 3.094,180.532 2,811,591,333
,
Deduct current liabilities_ 561,356,949 566,488,388 530.335,015 492,198,898
----Available cash balance_ 1,811,617,973 1,597.408,839 2,563,845,517 2,319,392,435
0
10. ..
CO 0
0.
to...1 WV
lab .0011.
ow oto
5127,163
Total cash in Treasury_ 1,226.530,418 1 244,181,703 1,331,932,166.
1227987,048
Less gold reserve fund... 156.039.431 156,039,431 156,039.431 156,039,431
00l..4141
o0 .nb
0
0
10
0 o
00
o.
'
0
$715,1991
Minor Coln, &C
1 1934
3
$
3
$
1,077,258,159 1,091,409,088 1,164,656,814 1,057,434,159
95,844,340
98,738,103 113,969,654 119,061,144
2.312,138
3,002,330
2,530.126
2,616,347
19,849,056
20,837,074
21.909.111
18,198,398
17,539,745
16,170,480
16,952,805
17,172,770
1,924,128
2,318,088
1,373,179
763,788
6,235,739
6,016,944
4,286,800
4,860,682
6,118,062
6,263,556
5,308,764
7,879,760
0
W000
W
.
.
.
.
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,
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000=0...
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(7.1
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.-4
1
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes. _
Net National bank notes_
Net Federal Reserve notes
Net Fed. Res, bank notes.
Net subsidiary silver
Nov.
.
. .
0
.
VW".
Cl'
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.
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Holdings in U. S. Treasury
0
M
1 W
i
Cash
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of November,
and December, 1934, and January and February 1935:
0
0
CO.
.
: w
0
00
w
Preferred
Capital
Stock, &a.
Total
2,811,591,332.86
2,811,591,332.86
Note 1-This item represents seigniorage resulting from the issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclamation dated Aug. 9 1934.
Note 2
-The amount to the credit of disbursing officers and agencies to-day was
$973,716.330.65.
$874,305 in Federal Reserve notes, $763,788 in Federal Reserve bank notes, and
$18,134,730 in National bank notes are in the Treasury in process of redemption and
are charges against the deposits for the respective 5% redemption funds and retirement funds.
m
.
.
40
V 0
to
W
N 0
W
0
Loans
Balance of increment resulting from reduction
In weight of the gold
dollar
800,838,794.73
Seigniorage (see note 1)_
79,604,558.08
Working balance
1,438,949,082.50
Total Group I
Liabilities
-
Gold (see above)
901,394.728.17
Silver (see above)
10,897,730.50
United States notes
2,616,347.00
Federal Reserve notes
17,172,770.00
Fed. Reserve bank notes
763,788.00
National-bank notes
18,198,398.50
Subsidiary silver coin
4,860,681.64
Minor coin
3,074,690.34
Silver bullion(cost value) 98,995,669.93
Silver bullion (reeolnage
value)
9,167,742.77
Unclassified
Collections, Am
4,805,069.74
Deposits in:
Fed. Reserve banks
125,241,458.92
Special depos. acct. of
sales of Govt.sees_ _1,562,315,000.00
Nat. and other bank
depositaries:
To credit of Treasurer of U. S
23,240,608.10
To credit of other
Govt. officers
25,078,944.76
Foreign depositaries:
To credit of Treasurer of U. S
1,202,049.95
To credit of other
Govt. officers_
1,327,283.34
Philippine Treasury:
To credit of Treasurer of U. S
1,238,371.20
I. Financed wholly from Government funds—
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Banks
Public Works Administration
Regional Agricultural Credit corporations
Production Credit corporations
Panama Railroad Cog
United States Shipping Board Merchant Fleet Corporation
War Emergency corporations and agencies_ h
Other.'
//. Financed partly from Govt. and partly from private funds—
Federal Land banks
Federal Intermediate Credit banks
Federal Farm Mortgage Corporation
Banks for co-operatives
Home Loan banks
Home Owners' Loan Corporation_J
Federal Savings en Loan Insurance Corpotation
Federal Savings & Loan associations
Federal Deposit Insurance Corporation
War Finance corporations_k
GENERAL FUND
Assets
-
•C.",
.
0 0
' *
-
w
4.
w
n
4.
.
.w
.tOW
V
.
.
wo
....
..
00010013
r
S
.
P
PI
o
oo
V
W
...0 0
- •43- -.-.
•t•Z00
.
VE
7.
w
000
w w
.t.o oo
.. O m
g
o
000g>
44
n.
w .w 4.w .
to
...
o
.
0
-.
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..
...
44I"
ow
wo
ww x.
ob . *0
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ET
.°.
&
a Si'7
0
a
918
Financial Chronicle
Feb. 9 1935
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATLs
AS OF DEC. 31 1934, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Continued
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed lVholly from Government Funds
Recon,
struction
Finance
Corp.
A'Ws-Loa is:
13 inks
lbUlroads
Insurance companies
Cledit unions
Bcchiding and loan associations
Livestock credit corporations
ortgage loan companies
rricultural credit corporations
Cti-operative associations
States, Territories. ,t‘c
Jolot Stock Land banks
Fe deral Land banks
Sb lp construction and reconditioning loans
ortgage loans (not otherwise classified)_ _ _
Crup livestock and commodity loans
her loans
Total loans
Pref.rred capital stock, 3:c.:
Bcinks and trust companies
Insurance companies
MtdIroads
her
Casti:
ith Treasurer, United States
Orc hand and In banks
In transit
In trust funds
Inv stments:
1J cited States securities
0 digations guaranteed by United States.
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank secur's _
Production credit associations class A stock_
IDinroad bonds and securities
Sb ip sales notes
0 her investments
Ace unto and other receivables
Accrued interest receivable
Real estate and business property:
It NU estate and equipment
V xiseLs and rolling stock
Stores and supplies
Real estate and other property held for sale
Oth r assets
Commodity
Credit
Corp.
ErportImport
Banks
Pubiie
Works
Administration
Regional
Agricultwat
Credit
Corp.
$
$
$
3
$
651,352
377,778
54,861
385
20,081
1,333
160,591
863
Other I
3
1,435,718
37,162
3
651,352
553,676
54,861
385
20,081
1,333
160,591
1,859
29,862
122,105
7,042
50,245
9,591
193,916
157,231
42,369
112,658
112,658
e87.075
37,162
Total
996
29,862
586
547
50
121,214
19,433
142,235
217
87,075
5,237
134,199 2,056,960
3.419
4
254,692
5,187
112,875
n
n
833,459
100
3,419
4
833.459
100
5,868
44
e78
86
n
1,687
157
e100
14,191
n
e12
806
36,112
24,114
76,237
27,690
191
10,585
123
17,712
38
578
59
9,658
2,470
11,143
23,444
926
1,815
5
10,301
4.083
4,077
15,463
17,218
1.755
1,065
94
90,086
2,600
20,435
903
13,836
49,142
29.139
16,180
2,064
3,258
92,316
66,531
53,541
4,916
7,266
391,308
90,086
761
684
42,456
n
1,730
297,979
89
490
160
77
24,376
1,280
1,483
12,175
36,080
1,368
50
146
191
110
558
94,108
113,809
43,339
210,930
2
293
4,445
133
231
14
2
146
a
2,089
a
5
37,765
14,202
256,782
1,845
20,435
814
8,224
647
488
544
n
2,943
616
55
136
15,019
359,347 3,763.971
3,596,508 3,709,102
564
1,919,346 11,986,479
60.632
60,000
37.765
14,202
377,414
1604,777
827 1,151,241
94,108
113,809
43,904
210,930
15,019 5,876,031 11.215,572
249,336
88,500
249,336
88,500
189
18,767
131
1,191
189
45,769
399
75
6
425
8,191
6,577
75
108,020
400.154
1301
e21,660
246
66
710
21
402
928
863
2,370
8,184
6,076
Total liabilities other than inter-agency....
272.434
.-agency liabilities:
le to governmental corporations or agencies 3,594,775
Total, all liabilities
3,867,210
Cap!tat and surplus:
Co,pital stock
Pa id-in surplus
Mcserves from earned suiplus.
Reserve for dividends and contingencies_
Legal reserves
Earned surplus and undivided profits
$
I
5
5
133,478
305
6,495
Total assets other than inter-agency
2,618,666
Intel-agency assets:
Di,:le from governmental corps, or agencies
Ccmitai stocks and paid-in surplus of govern- p112,028
mental corporations
67,132
Allocations for capital stock purchases and
Paid-in surplus
544,145
0 her allocations
1,0943,413
Total, all assets
4,432,386
2bilittesBon is, notes, and debentures:
atillgations guaranteed by United States._
her
Accrued interest payable:
Gccaranteed by United States
her
Oth r liabilities
Defereed income
neserves:
F I' uncollectible items
Other operating reserves
U. S.
Shipping
lVar
Emeroency
BoardMerchant
Corp.
and
Fleet
Agencies h
Corp.
Production Panama
Railroad
Credit
Corps.
Co. g
500.000
66
732
928
38,650
33,710
402
3,000
13,750
100
65,075
402
33,643
49
1,055
863
16,632
650 1,158,609 4,826,489
160
39,382
1,023
16,632
725 1,266,630 5,226,644
44,500
9,846
112,000
7,000
50,000
o3,599,294
45,675 4,598,215 5,751,555
12,260 3,621,492
285
377,414
928
880
93
1,103
35,881 c3,454,996
c31,381
2,418
c2,178 c3,386,449
Total liabilities, capital, and surplus
4,432,386
37,765
377.414
94.108
210,930
113,809
43.904
14.202
15,019 5.876,031 11.215.572
Non-stock (or includes non-stock proprietary interests).
b Excess inter-agency assets (deduct).
c Deficit (deduct).
d Exclusive of inter-agency assets and liabilities
e Adjusted for Inter-agency items and Items in (except bond investinents)•
transit.
f Excludes Contingent assets and liabilities amounting
to 55,464,767 for guaranteed loans. Ac.
st Statement as of Nov. 30 1934.
h Includes U. S. Housing Corporation: U. S. Spruce Production Corporation; U.
S. Railroad Administration, and notes received on account of war supplies.
Includes Inland Waterways Corporation (as of Nov, 30 1934); Federal Subsistence Homesteads Corporation; Tennessee Valley Authority, Inc.; Electric
Farm authority. Inc.: Federal Housing Administration; Farm Credit Administration (crop production and other loans): Agricultural AdJustment Administration:Home and
Tennessee
Valley Associated Co operatives, Inc., and inter-agency Interests
held by the U.S. Treasury, and loans to railroads.
Preliminary statement.
k In liquidation.
1 Inter-agency capital stock, paid-in surplus, and other proprietary interests.
n Less than 31.000.
o Appropriation provided by Congress.
p Includes $78,371,929 loans to Federal Land banks.
q Assets not classified. Includes only amount of capital stock subscribed by the United States.
r Assessments paid in by member banks and trust companies.
$ Includes accrued interest.
t Includes unissued bonds amounting to $232,459,675 covering loans In process.
CURRENT NOTICES
"List of Legal Investments for Savings Banks and Trust Funds in the
State of Connecticut" is the title of a brochure prepared by R. L. Day &
Co.'s New Haven office at 215 Church Street. This book contains a complete list of the securities which wore legal investments for savings banks in
Connecticut, as of Jan. 1 1935. It also contains analyses of railroad and
public utility companies and financial statements of all Connecticut municipalities having bonds outstanding.
Arthur Cohn, Contract Manager of Collier Advertising Service, Inc.
New York, has been made Vice-President and Manager of the contract
department. He recently was given a dinner by Barron Collier in honor of
his thirty years with the company.
-Recent reports compiled by the Realty Investors Service departmentnow being distributed by Arnott, Baker & Co.. Incorporated, 150 Broadway, New York, include London Terrace Apartments 1st & general Os.
Frontenac Apartments (Rochester) 1st 611s, One l'ark Avenue 1st Os and
Westbrook Apartments (Buffalo) 1st 6l4s.
-Following the dissolution of the New York Curb Exchange firms er
T. F. Rittenberg & Co. and Foch heimer & Mayor, the now firm of Bittenberg & Mayer, members New York Curb Exchange, has been formed by
Theodor F. Dittenberg, Sidney N. Mayer and John S. Spear. Offices will
be at 120 Broadway, New York.
-John B. Darchfield Jr. and Arthur N. Dillard announce the formation
of Darchfield, Dillard & Co. as successors to the investment securities business of Darchfield & Co., with offices at 42 Broadway, New York. -
919
Financial Chronicle
Volume 140
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
AS OF DEC. 31 1934. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Concluded
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Partly from Government and Partly from Private Funds
Federal
Land
Banks
Assets
Loans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage man companies
Agricultural credit corporations
Co-operative associations
States, Territories, &o
Joint Stock Land banks
Federal Land banks
Ship construction and reconditioning loans_
Mortgage loans (not otherwise classified)_ _
Crop livestock and commodity loans
Other loans
Federal
Intermediate
Credit
Banks
Federal
Farm
Mortgage
Corp.
Banks
for
Co-operaices
Home
Loan
Banks
Home
Owners'
Loan
Corp.j
Federal
Savings
and
Loan
Insurance
Corp.
Federal
Savings
and
Loan
Ascocialions
Federal
Deposit
Insurance
Corp.
War
Finance
Corp.k
3
$
$
$
$
$
$
$
$
$
$
4
61,819
27,850
33,969
7 82,394,037
116,696
616,765
59
150,665
616,825
27,850
5,646
5,315
4,007
1,546
4.899
2,960
33.542
27,030
2,062
40,661
52,945
1,980,074
3
118
600
2,237,380
126,819
44
105
15,851
11
1,130
99,999
579,453
1
3,358
1,089
42
15,042
9
679
4,399
7
496
4,131
44
50
10
2,649
10
516
19
38
1,708
234.798 1,217,582
114,139
112
110,047 2.529,389
n
147
.505
1,550
1
123
2
Total, all assets
2,244,183
Total liabilities other than inter-agency,
._ 1,880.093
Inter-agency liabilities:
Due to governmental corporations or agencles
78,371
Total, all liabilities
... 1,958,465
Capital and surplus:
Capital stock
.._
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies
.
Legal reserves
Earned surplus and undivided profits_
273,449 1,217,582
114.139
110,047 2,629,389
q11,209
101,785
983
81,908
17,001
11.209
334,001
235 6.800.569
29,838
802
1100,000
101,785
16,422
216
3,257
7
13.826
26.392
80.580
22,329
.
51
15,997
3,267
3,726 2,432,690
216
3,348
10 5.506.477
4,663 2,432,690
216
3,348
10 5.585,786
289,299
r41,353
.11
10 1,307.208
130,621
4
e3,722
n
91
n
1,719
10
170,052 1,016,331
235 7,036,023
334,001
3.062.200
10 2,281,882
7
n
n
79.308
936
170,052 1,016,331
7
70,000
30,000
200,000
111,517
103,577
200,000
100,000
64
221,594
59,268
11,209
9,480
4,346
1,321
3,603
757
Ill
45,454
2 .082,587
324,200
979,613
164,370
4,441
19.299
44,885
7,674
a
Inter-agency wets:
Due from governmental corps, or agencies
6,803
38,650
Capital stocks and paid-In surplus of covet _Al
mental corporations
100,000
Allocations for capital stock purchases a
paid-in surplus
Other allocations
LfaBiifiesBonds, notes, and debentures:
Obligations guaranteed by United States_
Other
1,793,302
Accrued Interest payable:
Guaranteed by United States
_
Other
25,066
Other liabilities
43,317
._
Deferred income
4,129
..
Reserves:
For uncollectible items
14,277
._
Other operating reserves
158,459
48,964
445,675
SW
117,999
107.914
579,506
315,480
7,914
4,990,884
116,759
718
126 5,256.838
87,258 2,394,037
53
n
4
86,651
86,651
Total loans
. 1,980,074
Preferred capital stock. &c.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
With Treasurer. United States
On hand and in banks
:
39,085
In transit
In trust funds
_
Investments:
United States securities
67,559
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation.. _
24,392
Home Owners Loan Corporation
_
Federal Land bank bonds
Federal Intermediate Credit bank secure,.__ _
Production credit associations class A stock.._
Railroads bonds and securities
Ship sales notes
_
Other investments
41
Accounts and other receivables
11,601
Accrued interest receivable
_
25,519
Real estate and business property:
Real estate and equipment
4,794
Vessels and rolling stock
_
Stores and supplies
_
Real estate and other property held for sale _
81,897
Other assets
2,413
_
Total assets other than inter-agency____ _
Total
3,396
1,251
2,548
280
882
643
5,376
c8.676
1,568
4,855
11,209
214
345
11,329
732
Total liabilities, capital, and surplus
235 7.036.022
334,001
_
2.244.183
273.449 L217.582
11.209
101,785
114.139
110.047 2,629.389
a Non-stock (or includes non-stock proprietary Interests),
b EXCOSs inter-agency assets (deduct).
c Deficit (deduct).
d Exclusive of inter-agency assets and liabilities (except bond investments).
P Adjusted for inter-agenCy items and items In transit.
f Excludes contingent assets and liabilities amounting to $5,464,767 for guaranteed loans, &c.
g Statement as of Nov. 30 1934.
h Includes U.S. Housing Corporation: Ti. S. Spruce Production Corporation:
U. S. Railroad Administration, and notes received on account of war supplies.
1 Includes Inland Waterways Corporation (as of Nov. 30 1934): Federal Subsistence Homesteads Corporation: Tennessee Valley Authority. Inc.: Electric Home and
Farm Authority, Inc.: Federal Housing Administration: Farm Credit Administration (crop production and
other loans): Agricultural Adlustment Administration: Tennessee
Valley Associated Co-operatives, Inc., and Inter-agency interests held by the U.S.Treasury, and
loans to railroads.
I Preliminary statement.
k In liquidation.
1 Inter-agency capital stock, pald-,in surplus, and other proprietary interests.
n Less than 81,000.
o Appropriation provided by Congress.
13 Includes $78,371,929 loans to Federal Land banks.
q Assets not classified. Includes only amount of capital stock subscribed by the United States.
r Assessments paid in by member banks and trust companies.
• Includes accrued Interest.
t Includes unissued bonds amounting to 5232,459,675 covering loans in process.
CURRENT
NOTICES
-Kidder, Peabody & Co. have prepared a study of General Electric
Co.special stock, which has been called for payment on April 15, suggesting
that holders give careful consideration to the alternative of selling their
shares or holding for retirement.
-M. F. Schlater & Co., Inc., announce that James H. Dewson, Jr.,
who has been associated with Eldredge & Co. and Stone & Webster and
illodget, is now associated with them.
-Adams,'McEntee & Co., Inc., 40 Wall St., New York, has prepared a
circular on the City of Mount Vernon, N. Y., with special reference to its
Water Supply Department.
105
-George P. Morrell is now associated with Taylor, Rates & Co. ,
-Homer & Co.. Inc., 40 Exchange Place. New York, has prepared a
circular on institutional bonds, with special comment on high grade rails
and public utilities.
G. V. Grace & Co., Inc., 29 Broadway, New York, has prepared an
analysis of the reorganization possibilities of Utilities Public Service secured
gold 6s of 1933.
-At the annual meeting of the board of directors of H. It. La Rocca &
Co., Inc., Chicago, Chas. G. Scheuer was elected Vice-President.
-Ira IIaupt & Co., 30 Broadway, New York. are distributing a financial
statement showing tax collections of Atlantic County, N. J.
James Talcott, Inc., has been appointed factor for Eskimo Knitting
Mills, Inc., Philadelphia, Pa., manufacturers of knit goods.
920
Financial Chronicle
Feb. 9 1935
FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDITURES
THEREFROM, AND UNEXPENDED BALANCES AS OF JAN. 31 1935
The statement of funds appropriated and allocated as of Jan. 31 1935, taken from the daily Treasury statement, is
as follows (see explanatory note below):
Sources of Funds
Expenditures
Appropriations
Organizations
Statutory and Executice
Allotments
National
Industrial
Recorery Act
Specific
$
bl 284,638,795
d661,386,319
Net
623,252,475
Commodity Credit Corporation_f
Farm Credit Administration_f
80,000000
Federal Farm Mortgage Corporation
Federal Land banks:
Capital stock
125,000,000
Paid-in surplus
125,000,000
Reducton in interest rates on mortgages
22,950,000
Federal Emergency Relief Administration
1585,555,000
Federal Surplus Relief Corporation
119,445,000
Civil Works Administration
1345,000,000
Emergency conservation work
93.101,630
Department of Agriculture, relief
Public Works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States, municipalities. &c. f
Public highways
255,488,217
Boulder Canyon project
18,339,960
River and harbor work
All other
72,000.000
Home Loan System:
Home Loan Bank stock
Home Owners' Loan Corporation
Federal savings and loan associations
k50,000,000
Emergency housing
Federal Housing Administration
8ubsistence homesteads
Reconstruction Finance Corporation—Direct
loans and expenclitures_f1
Export
-Import Banks of Wa.shington_f
Federal Deposit Insurance Corporation
150,000,000
Administration for Industrial Recovery
37,566,000
3,000,000
60,000,000
Total
Unallocated funds:
By the President
By Public Works Administration
Grand total
Total
$
c
Emergency
Appropriation
Act 1935
5
37,566,000
Agricultural Adjustment Administration
Less processing tax
Unexpended
$
1,322,204,795
661,386,319
3
455,307,594
308,337,522
$
290.249,668
353,048,796
$
576,647,531
660,818,475
416,308,859
550,032,530
200,000,000
146,970,072
h135,616,027
49,445.002
265
e62,799,128
164,341,934
282,004,974
199,999,734
576,647,531
387,582,951
218,682,552
125,000,000
125.000,000
22,950,000
869,878,000 1,852,755,027
103.273,000
41.162,000
833,965,000
88,960.000
759,853,945
98,845,000
h5,402,375
18,248,343
8,225,782
928,501,626
55.154,786
10,508,702
230,729,175
72,189,216
123,019.675
40,863.477
7,029,256
705,208,677
40,053,808
805,122,892
331,940,851
7,382,700
65,888,179
7,694,960
219,044,722
8,064,405
18,333.405
197,183,918
26,655,783
75,000.000
199,607,800
765.059,952
692,629,942
65,464.960
344,687,586
903,299,722
18,892,118
63,872,279
80,319,764
240.233,894
14,578,191
102,806,358
193,323,305
11,036,794
70.739.000
78,596,229
267,882,017
19,445,381
72,450,381
133,327,844
45,071,087
64,996,520
606,143,958
184,514,030
31,441,387
169,430,846
576,648,572
125,000.000
200,000,000
50,000,000
135,329,500
26,000,000
50,000,000
200,000
46,000,000
12,608,104
1,802,603
11,731,261
2,297,501
81,445,700
154,000,000
754,800
369,351
43,354,300
3
96,785,000
371,385,147
42,666,000
25,936,880
400,005,000
323,362,315
343,300,000
98,845,000
50,000,000
199,607,800
549,978,175
437,141,725
44,125.000
249,988,586
739,850,019
6413,308,859
313,247,530
200,000.000
25,000,000
j
j
215,081,777
3,000,000
94,699,000
91,449,703
125,000,000
200,000,000
135,329,500
1,000,000
25,000,000
c25,000,000
25,000,000
1,250,000
2,565,132,284 3,296,441,001
Fiscal Year
1935
c4,234,201,184 4,234,201,184
12,500,000
13,750,000
m
150,000,000
5,000,000
18,300,000
13,300.000
Fiscal Year
1934 and
Prior Years a
Reconstruction
Finance
Corporation
2,330,180
36,637,095
133,157,545
14,268,738
45,372,317
h82,529,753 2,411,844,706 1,904,886,232
298,612
2,654,324
10,797,063
497,850
149,502,149
6,632,491
6,523,220
5,144,287
1,412,301,627 6,523,257,574 13,797,132,487 2,092,409,884 6,099,797,507 5,604,925,095
3,558,998
715,095
n13,158,277
715,095
16.717,276
715,095
16,717,276
2,565,132.984 3,300,000,000 1,426,175,000 6,523,257,574 13,814,564,858 2,092,409,884 6,099,797,507 5,622,357,466
a The emergency expenditures included in this statement for the period prior
to the fiscal year 1934 include only expenditures on account o the Reconstruction
Finance Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Act of Jan. 23 1932. Expenditures by the several departments and establishments for public works under the Emergency Relief and Construction Act of 1932 were made from general disbursing accounts, and, therefore,
are not susceptible to segregation from the general expenditures of such departments and establishments on the basis of the daily Treasury statements.
b Includes (a) $350,000,000 specific appropriations from the General Treasury
under the Acts of May 12 1933, May 25 1934 and June 19 1934; (b) $924,885,000
advanced by the Secretary of the Treasury under authority of Sec. 12-11 of the
Agricultural Adjustment Act, which must be returned to the Treasury from the
proceeds of processing taxes collected on farm products; (c) $1,753.795 advanced
by the Secretary of the Treasury under authority of See. 10-A of the Act of June 28
1934; and (d) $8,000,000 allocated from processing taxes for purchase of surplus
sugar under the Act of May 9 1934.
c There are no statutory limitations on the amounts of funds which may be
made available by the Reconstruction Finance Corporation for carrying out the
purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by
the Reconstruction Finance Corporation of preferred stock or capital notes of
banks and trust companies under the Act of March 9 1933. The Reconstruction
Finance Corporation is required to make available to the Federal Housing Administrator such funds as he may deem necessary for the purposes of carrying out the
provisions of the National Housing Act. The amounts included in this column
for the purposes specified are based upon checks issued therefor from time to time
by the Reconstruction Finance Corporation. The authority of the Reconstruction
Finance Corporation to issue Its bonds, notes, and debentures has been Increased
by such amounts as may be required to provide funds for such purposes.
d The sum of $8,000,000 of this amount has been allocated for the purchase
of surplus sugar under the Act of May 9 1934. The remainder is reserved to reimburse the Treasury for the advances referred to In footnote b.
e Excess of processing tax, deduct.
f Expenditures are stated on a net basis. Le., gross expenditures less repayments and collections, the details of which are set forth in the supplementary
statement below.
a Net, after deducting repayments to the Reconstruction Finance Corporation.
h Excess of credits. deduct.
1 The appropriation of $950,000,000 provided in the Act of Feb. 15 1934 was
allocated by the President as follows: Civil Works Administration, 3345.000,000;
Federal Emergency Relief Administration, $605.000,000, of which latter amount
$19,445,000 has been transferred to the Federal Surplus Relief Corporation for
the purchase of commodities.
j Under the provisions of the Emergency Appropriation Act. fiscal Year 1935,
the Reconstruction Finance Corporation is authorized to purchase marketable
securities acquired by the Federal Emergency Administration of Public Works,
but the amount which the Reconstruction Finance Corporation may have Invested
at any one time in such securities may not exceed $250.000.000. Moneys paid
for such securities are available for loans (hut not grants) under Title II of the
National Industrial Recovery Act. The amount of obligations which the Recon-
struetion Finance Corporation is authorized to have outstanding at any one time
Is increased by the sums necessary for such purchases, not to exceed $250,000,000.
The purchase of such securities by the Reconstruction Finance Corporation is
reflected as expenditures of the Reconstruction Finance Corporation and as credits
against expenditures of the Federal Emergency Administration of Public Works.
The amount by which the available funds on account of such transactions has been
Increased is, therefore, included in the funds of the "Reconstruction Finance Corporation—direct loans and expenditures."
k Includes $500,000 allocated for savings and loan promotion as authorized
by Sec. 11 of the Act of April 27 1934.
The appropriation of $500,000,000 for subscription to capital stock is included
In the figures shown In the column for Reconstruction Finance Corporation.
m Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corporation is authorized to purchase at par obligations of the Federal Deposit Insurance
Corporation in a face amount of not to exceed $250,000,000, and the amount of
obligations which the Reconstruction Finance Corporation Is authorized to have
outstanding at any one time is increased by $250,000,000. The amount to be
Included in this column will represent the proceeds deposited with the Treasurer
of the United States on account of the sale of such obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
n This amount represents the unallocated balance of an allocation of 5400,000,000 by the President to the Administrator of Public Works. As and when
such funds are allocated by the Administrator to specific projects, the amounts
are transferred from an unallocated status to an allocated status.
NOTE—The expenditures in this statement are on the same basis as those
exhibited on page 2 of the daily Treasury statement, but differ with respect to
classification. The purpose of this statement is to show all funds appropriated
or allocated to the respective emergency organizations, the expenditures therefrom, and the unexpended balances. The principal difference in classification
of expenditures is with respect to amounts paid from funds allocated by the Reconstruction Finance Corporation to various emergency organizations. The expenditures on page 2 under the caption "Reconstruction Finance Corixrraton" comprehend all expenditures from funds of the Reconstruction Finance Corporation,
Including those allocated to other organizations, whereas expenditures included
In the foregoing statement on account of such allocated funds are exhibited as
expenditures of the organizations to which the funds were allocated rather than
expenditures of the Reconstruction Finance Corporation. Similarly, certain
expenditures of the Farm Credit Administration and the Commodity Credit Corporation, representing funds allocated to those organizations for the purpose of
carrying out the provisions of the Agricultural Adjustment Act, are exhibited on
page 2 under tile caption "Agricultural Adjustment Administration." whereas
such expenditures are exhibited in this statement as expenditures of the Farm
Credit Administration and the Commodity Credit Corporation, respectively.
The total amount of expenditures for the fiscal year 1935 in this statement can
be reconciled with the total amount of emergency expenditures shown on page 2
by adding to the latter the amounts included in general expenditures under the
captions "Agricultural Adjustment Administration," "Refunds of receipts—Processing tax on farm products," and "Subscriptions to stock of Federal Land banks,"
and deducting the receipts under the caption "Processing tax on farm products."
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
lscal Year 1935
This Month
Payments
Repayments and
Collections
Net
Expenditures
Payments
59,674,580
30,584,653
32,784,367
200,976,952
3.398,915
$5,519,140
20,769.106
28,780,346
241,210,294
4,403
$4,155,440
9,815,547
4,004 021
a40,233,342
3.394,511
$92,371,421
215,773.107
140,763,878
b984,104.822
3,703,344
Organizations
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States, municipalities. &c
Reconstruction Finance Corporation—Direct loans & expenditures
Export
-Import Banks of Washington
Repayments and
Collections
$227,987,448
166,328,104
60,444,114
b1066,634.576
3.404.731
Net
Expenditures
03135,616,027
49,445.002
80,319,764
a82,529,753
298,612
a Excess of repayments and collections, deduct.
b These figures have been adjusted by eliminating certain non cash transactions involving the allocation of funds by the Reconstruction Finance Corporation to other
Government organizations, the purchase of the Corporation's notes by the Secretary of the Treasury, and the transfers of funds between disbursing accounts. The adjustment does not affect the net expenditures of the Reconstruction Finance Corporation.
COMPARATIVE PUBLIC DEBT STATEMENT
On the basis or daily Treasury statements)
Mar. 31 1917
Pre-iVar
Debt
Gross debt
Net bal. in general fund_
Gross debt less net bal.--„.. In non • Inne1
Aug. 31 1919
highest PostWar Debt
Dec. 31 1930
Lowest PostIVar Debt
Jan. 31 1934
A Year Ago
Dec. 31 1934
Last Month
Jan. 31 1935
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803,319.55
74,216,460.05 1,118.109,534.76
$25,068,052,506.17 $28,478,663,924.70 $28,475,842,048.95
Gross debt
1,537,201,112.19 2,563,845,517.46 2,319.392,435.31
Net bal. in general fund_
710 283 767.52
Gross debt less net bal'men In nen. hind
423 530 851.393.98 325.914.818.407.24 $26.156.449.611.64
51 9117 507 555 95 59A SIR no, mix 25 515
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for January
1935 and 1934 and the seven months of the fiscal years
1934-35 and 1933-34.
General & Special Funds —Month of January— —July 1 to Jan. 31—
1934-35
1933-34
1934
1935
Receipts—
Internal Revenue:
$
8
439,383,236
335,488,362
Income tax
18,832,988
10,136,127
870,012,988
128,012,107
968,632,358
Miscell. Internal revenue
113,565,885
167,991,339
308,337,522
45,827,733
34.664.350
Processing tax on farm prod's_
196,121,007
201,367,529
26,350,712
26,306,294
Customs
Miscellaneous receipts:
Proceeds of Gov't
-owned securities:
64,355
394,175
Principal—for'n obligations
438,016
19,869,636
Interest torn obligations
2,124,028
34,577,565
39,694,189
All other
511,555,043
14,678,683
13,625.977
2,289,620
2,502,396
Panama Canal tolls, &is
54,038,767
74,744
651,250
934,557
S.eigniorage
7,369,732
31,612,485
31,332,512
6.342,249
Other miscellaneous
202,801,476
Total receipts
Expenditures—
General:
Departmental (see note 1)
Public bldg. construction and
sites, Treas. Dept.(note 1)River & harbor work (note 1)National defense (note 1):
Army
Navy
Veterans' Admin. (note 1)...
Adjusted service ctf. fund...._
Agricultural Adjustment Administration (note 1)
Farm Credit Admin.(note I).
Refundsof receipts:
Customs
Internal revenue
Processing tax on farm prod
Postal deficiency
Panama Canal (see note 1). _ _
Subscription to stock of Federal Land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Govt. share)
Dist. of Col.(Govt. share).- Interest on the public debt
Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments..
Received from torn Govta.
under debt settlements
Estate taxes
forfeitures,
gifts, &is
210,953,510
9.047.883994
Emergency:
Agricultural Adjust. Admin
Farm Credit Ad ministration
Federal Farm Mtge. Corp
Federal Land banks
Federal
Emergency
Relief
Administration (see note 2)
Civil Works Administration
Ernest. Conservation Work
Dept. of Agriculture—relief _
Public works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to State.,
municipalities, ace
Public highways
Boulder Canyon project
River and harbor work
Subsistence homesteads,—
All other
Fed.savings & loan associat'ne
Emergency housing
Reconstruction Finance Corporation (see note 2)
Fed. Deposit Insurance Corp_
Admin. for Indus. Recovery_
130.61-2% Consols of 1920
2% Panama Canal loan of 1916-36
l'amuna Canal loan of 1918-38
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
234% Postal Savings bonds(9th to 48th series)
$599,724,050.00
48,954,180.00
28.947,400.00
49,800,000.00
28,894,500.00
101.943,340.00
5855,263,470.00
32,256,092
20,785,923
217,501,235
193,761,900
1,375,388
4.665,717
6,880,182
4,032,874
.18,498,306
31,381,859
55,50.3.357
48,746,382
434% Fourth Liberty loan of 1933-38 (nailed
and uncalled)
-0
3,181,062,650.00
19,599,357
26.552.013
46,459,553
19,243,602
22,451,811
39,532,365
128,667,109
182,617,586
325,178,076
50.000,000
127,900,046
142.904,388
300,127,768
50,000,000
53,038,492
02,604,627
6,139,068
01,050,400
312,729,473
4,287,455
169,999,742
37,967,754
1,497,193
1,669,073
2,779,474
1,497,126
5,819,128
83,036
1,112,947
689,826
12,459,560
14,724,720
18,570,536
15,024,176
5,335,297
7,572,215
33,423,103
83,036
12,002,999
4,377,544
Treasury bonds:
4h % bonds of 1947-52
4% bonds of 1944-54
33 % bonds of 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
334% bonds of 1941-43
335% bonds of 1946-49
3% bonds of 1951-55
334 % bonds of 1941
334% bonds of 1943-45
3%% bonds of 1944-46
3% bonds of 1946-48
334% bonds of 1949-52
1758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352.993,950.00
544,914,050.00
818,646,500.00
755,478,850.00
834,474,100.00
1,400,570,500.00
1,518,857,800.00
824,508,050.00
491,377.100.00
$1,933,209,950.00
5,114,272,600.00
05,402,375
0191,000
20,850,000
20,850,000
292,700
5,700,000
375,251,785
51,976.000
• 21,686,721
21,772,316
159,100
4,364,295
435,566,328
6,227,500
24,689,000
145,741,650
01,500
5,500
453,750
9,000
172,571,357
1,938,708,136
1,638,616,571
7,581,516
7,613,144
3,057,494
124,099,942
30,281,448
42,581,226
40,000,000
5,795,783
357,850
5,435,445
26,474,126
188,392,710
31,095,815
534,443,089
10,508,702
230,729,176
72,189,216
274,762,418
183,430,971
2,761,68
04,497,612
750,911
6,990,000
18,892,118
63,872,280
2,164,111
6,990,000
4,004,022
18,927,085
1,717,611
9,214,704
281,615
25,810,302
3,014,137
119,746
2.953,258
20,544,664
1,583,777
13,923,130
80,319,764
240,233,894
14,578,191
102,806,358
2,297,502
194,171,704
12,608,105
1,802,603
51.051,355
139,621,178
9.121.336
29,390,987
112,991,697
307,523.484
497,850
6,523,221
1,064,369,980
54,791,655
2,944,292
10.280,861.000.00
Total bonds
Treasury Notes
3% series A-1935, maturing June 15 1935....
134% series 28-1935, maturing Aug. 1 1935-234% series C-1935. maturing Mar. 15 1935
239% series D-1935, maturing Dec 15 1935
334% series A-1936, maturing Aug. 1 1936___
234 % series 13-1936, maturing Dec. 15 1936_
234% series C-1936, maturing Apr. 15 1936_
% series D-1936, maturing Sept. 15 1936-ig % series E-1936, maturing June 15 1936._
% series A-1937, maturing Sept. 15 1937_
3% series 18-1937, maturing Apr. 15 1937-___
8% series 0-1937, maturing Feb. 15 1937_,
series A-1938. maturing Feb. 1 1938___
234
234% series 26-1938, maturing June 15 1938_
8% series 0-1938, maturing Mar. 15 1938
_
234% SerlE5 D-1938. maturing Sept. 151938..
% series A-1939. maturing June 15 1939_
24,124,223
21,749,549
394,889
31,134,520
2,588,486
12,601,520
12,500
38,471,332
18,000
1,023,727
Total
252,228,602
808,007,731
2,074,849,773
1,963,833,054
Total expenditure.
468,539,995
980,579,088
4,013,557,909
3,602,449,625
Excess of receipts
Excess of expenditures
265,738,518
769,625,578
1,965,673,916
1,922,598,174
Summary
Excess of expenditures
Less public debt retirements__
265,738,518
6,226,000
769,625,578
24,694,500
1,965,673,916
146,195,400
1,922,598,174
52,342,850
259,512,518
744,931,078
1,819,478,516
1,870,255,324
17,881,314
1,721,797
134,248.078
15,871,269
Total excess of expennitures
241,631,204
743,209,281
Increase (-I-) or decrease (—) in
general fund balance
—244,453,082 +511,052,489
1,685,230,437
1,854,384,055
—262.529,805
+674,995,891
116,250.397.070.00
8416,602,800.00
353,865,000.00
528,101,600.00
418,291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
514,066,000.00
686,616,400.00
817.483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
596,405.100.00
1,293,714.200.00
$9,187,029,400.00
4% Civil Service retirement fund, aeries 1935
to 1939
4% Foreign Service retirement fund, series
1935 to 1939
4% Canal Zone retirement fund, series 1936
to 1939
2% Postal Savings System series, maturing
June 30 1939
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1 1939
247,600,000.00
2,662,000.00
2,272,000.00
45,000,000.00
100,000,000.00
9,584,563,400.00
Certificates of Indebtedness
4% Adjusted Service Certificate Fund series.
maturing Jan. 1 1936
Treasury Rills (Maturity Value)—
Series maturing Feb. 6 1935
Series maturing Feb. 13 1935
Series maturing Feb. 20 1935
Series maturing Feb. 27 1935
Series maturing Mar. 6 1935
Series maturing Mar. 13 1935
Series maturing Mar. 20 1935
Series maturing Mar. 27 1935
Series maturing Apr. 3 1935
Series maturing Apr. 10 1935
Series maturing Apr. 17 1935
Series maturing Apr. 24 1935
Series maturing May 1 1935
Series maturing May 8 1935
Series maturing May 15 1935
Series maturing May 22 1935
Series maturing May 29 1935
Series maturing June 5 1935
Series maturing June 12 1935
Series maturing June 19 1935
Series maturing June 26 1935
Series maturing July 3 1935
Series maturing July 10 1935
Series maturing July 17 1935
Series maturing July 24 1935
Series maturing July 311936
163,100.000.00
$75,327,000.00
75,320,000.00
75,090,000.00
75.065,000.00
75,290,000.00
75,365,000.00
75,041,000.00
75,023,000.00
75,038,000.00
75.360,000.00
75,248,000.00
75,102,000.00
75,015,000.00
75.075.000.00
75,045,000.00
75.168,000.00
75,287,000.00
75,139,000.00
75,079,000.00
75,020.000.00
75,300,000.00
75,150,000.00
75,185,000.00
75,079.000.00
75,129,000.00
75,106,000.00
1,954.046,000.00
—2,821,878 +1,254,261,770 +1,422,700,632 +2.529,379,946
of
28,478,663,924 23,813,790,736 27,053,141,415 22,538,672,560
Public debt this date
28,475,842,046 25,068,052.506 28,475,842,047 25.068,052.506
Trust Funds, Increment on
Gold. &c.
Receipts—
18,164,240
Trust funds
30,561,246
130,372,278
93,077,943
Increment resulting from reduc1,221,432
123,639
tion In weight of gold dollar
Seigniorage (see note 1)
79,604,558
Total
Expenditures—
Trust funds
Chargeable against increment on
gold:
Exchange stabilization fund_
Melting losses, dre
Payments to Fed. Res. Banks
(Sec. 13-B, Federal Reserve
Act, as amended)
Total
PRELIMINARY DEBT STATEMENT OFATHE
UNITED STATES JAN. 31 1935
The preliminary statement of the public debt of the United
States Jan. 31 1935, as made upon the basis of the_daily
Treasury statement, is as follows:
First Liberty loan of 1932-47:
1135% bonds
81.392,226,250.00
4% bonds (converted)
5,002,450.00
434% bonds (converted)
535,981,250.00
466,763,791
53,386,071
516,645
Excess of expenditures (exeludt
public debt retirements)
Trust funds, Increment on gold,
aic.. excess of receipts (—) or
expenditures(+)
Note 1—Additional expenditures on[these accounts for thejmopths am:lithe:Meal
year:, are included under Emergency Expenditures, the classification of whichiwill be
6
shown in the statement of classified receipts and expenditures appearing..0nmage,5
of the daily Treasury statement for the 15th of each month. palms
Note 2—The expenditures of the Reconstruction FinancelCorporationtinclude
8126,127,360.29 for this month and $440.774,131.01 for the fiscal year 1935,50 date
for account of the Federal Emergency Relief Administration, in accordance with,the
Emergency Appropriation Act, approved June 19 1934.multuolummoommil
1,679,851,451
216,313,393
Total
Increase in the public debt
Public debt at beginning
month or year
921
Financial Chronicle
Volume 140
30,684,885
18.164.240
211,198,268
93.077,943
9,292,436
16,442,444
65,191,796
77,206,674
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928
334% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes, at various interest rates
Ctft, of indebtedness. at various Interest rates
Treasury bills
Treasury savings certificates
527.952,106370.00
$1,528,340.26
1.877,050.00
3.049,950.00
10,900.00
810,100.00
3,089,150.00
17,337,300.00
21,661.000.00
406,550.00
49.770.340.26
17,763
136,973
3,493,372
11,621,421
Debt Bearing No Interest—
United States notes
Lees gold reserve
12,803,571
16.442,444
76,950,190
$346,681,016.00
156,039,430.93
5190.641,585.07
77.206,674
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savIngs stamps, unclassified sales, &is
277,987,545.50
2.036.415.33
3,299.690.79
473,965.236.69
17,881.314
1,721,796
134,248,078
Excess of recelpta or credita___
15,871,269
Excess of expenditure.
a Counter entry (deduct). b Includes adju tment of $19,476.51 seigniorage for
December 1933. c Excess of credits (deduct).
Total gross debt
128.475,842.046.95
a Includes amounts of outstanding bonds called for redemption on April 15 1934,
and Oct. 15 1934, on which Interest has ceased.
922
Financial Chronicle
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show,the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Per
When Holders
Name of Company
Share Payable of Record
American Capital,$5% preferred (guar.)
51% Mar. 1 Feb. 15
American Factors. Ltd.(monthly)
10c Mar. 11 Feb. 21
American Rolling Mills, 6% preferred
h$2 Mar. 1 Feb. 15
American Steel Foundries, 7% preferred (g11.)
50c Mar.30 Mar. 15
Archer-Daniels-Miclland (guar.)
25c Mar. 1 Feb. 18
Extra
25c Mar. 1 Feb. 18
Artloom Corp., preferred
/41%, Mar. 1 Feb. 15
Atlas Powder Co.(quarterly)
50c Mar. 11 Feb. 28
Automotive Gear Works, $1.65 preferred (guar.) 41%c Mar. 1 Feb. 20
Bankers National Investing Corp.(Del.)(qu.)
Sc Feb. 25 Feb. 15
Series A and B (guar.)
32c Feb. 25 Feb. 15
60c preferred (guar.)
15c Feb. 25 Feb. 15
Baton Rouge Elect. Co.,$6 pref.(guar.)
51% Mar. 1 Feb. 15
Belding-Corticelli, preferred (guar.)
$1% Mar. 15 Feb. 28
Bird-Archer Co., common
$2 Feb. 15 Feb. 11
h..Preferred (semi-annually)
54 Feb. 15 Feb. 11
Birtman Electric Co.(guar.)
25c Feb. 15 Feb. 8
Boost Mills (guar.)
51 Feb. 1 Jan. 26
Boss Manufacturing Co.common
$1% Feb. 15 Jan 31
Boston & Albany RR. Co
$2 Mar.30 Feb. 28
Boston Warehouse & Storage Co.(guar.)
51% Mar. i
Bridgeport Machine Co. preferred
h$2 Feb. 25 Feb. 15
Brown Forman Distillery $6 preferred (quar.)
Apr. 1 Mar.20
$1
Brown Shoe Co.,common (guar.)
75c Mar. 1 Feb. 20
Cabot Mfg. Co. (guar.)
51% Feb. 15 Feb. 7
Canfield Oil, preferred (guar.)
51% Mar.31 Feb. 20
Central Mississippi Valley Electric Properties
6% preferred (quarterly)
51% Mar. 1 Feb. 15
Central Ohio Light & Power Co., $6 pref
141% Feb. 28 Feb. 18
Central Tube
Sc Feb .25 Feb. 15
Chamption Coated Paper (guar.)
$1 Feb. 25 Feb. 9
1st preferred (quarterly)
51% Apr. 1 Mar. 20
Special preferred (quarterly)
51% Apr. 1 Mar. 20
Champion Fiber Co., preferred (guar.)
51% Apr. 1 Mar. 20
Chicago Corp., preferred (quar.)
25c Mar. 1 Feb. 15
eine. New Orl. Tex. Pac. By.,5% pref.(guar.) 51% Mar. 1 Feb. 15
Collins & Alkman Corp. preferred (guar)
1%% Mar. 1 Feb. 15
Columbian Carbon Co. (guar.)
$1 Mar. 1 Feb. 15
Columbian National Life insurance (Bos.)
$2 Feb. 4 Feb. 1
Combined Trust Shares, Standard Oil Group
15.46c Feb. 15
Consolidated Gas El. Lt. & Pow. Co. of Balto.:
Common (guar.)
90c Apr. 1 Mar. 15
Series A 5% preferred (quar.
51% Apr. 1 Mar. 15
Series D 6% preferred (quar.
Seriee
Apr. 1 Mar. 15
51
Series E 53 % preferred (guar.)
$1
Apr. 1 Mar. 15
Crown Cork & Seal Co., inc.,common (quar.)
25.c Mar. 6 Feb. 25a
Preferred (guar.)
67c Mar. 15 Feb. 28a
Crum & Forster Ins. Shares Corp., A & B (guar.)
15c Feb. 28 Feb. 18
A & B extra
10c Feb. 28 Feb. 18
7% preferred (quarterly)
51% Feb. 28 Feb. 18
Delaware Division Canal Co. of Pa.(semi-ann.)
$1 Feb. 15 Feb. 4
Detroit Paper Products(guar.)
25c Mar. 1 Feb. 15
Distillers Co.(Am. dep. rec. for ord. reg.)
27.6c Feb. 8 Jan. 15
Durham Duplex Razor,$4 preferred
20c Mar. 1 Feb. 21
Eastern Utilities Assoc. (guar.)
25c Feb. 15 Feb. 8
37%e mar. 1 Feb. 19
Eldorado Oil Works(guar.)
El Paso Electric Co., Texas,6% pref. (guar.)._ 51% Apr. 15 Mar. 29
$1 Feb. 1 Jan. 31
Employers Casualty Co., Texas
sui Mar. 1 Feb. 15a
Federal Light & Traction, pref. (guar.)
Fishman(M. H.),(guar.)
15c Mar. 1 Feb. 15
Ewa Plantation Co. (guar.)
60c Feb. 15 Feb. 5
Fuller Brush Co., A (quarterly)
10c Feb. 1
Gates Rubber, 7% preferred (guar.)
31% Mar. 1 Feb. 16
10c Mar. 1 Feb. 15
General American Corp
General Motors Corp. common (guar.)
25c Mar. 12 Feb. 14
$5 preferred (guar.)
$1% May 1 Apr. 8
Glen Falls Insurance (guar.)
40c Apr. 1 Mar. 15
Great Atlantic & Pacific Tea Co.(guar.)
51% Feb. 28 Feb. 8
Extra
25c Feb. 28 Feb. 8
51% Feb. 28 Feb. 8
Preferred (quarterly)
Great Northern Paper (guar.)
25c Mar. 1 Feb. 20
Gulf States Utilities Co., $6 pref. (guar.)
El% Mar. 15 Mar. 1
51% Mar. 15 Mar. 1
55% preferred (quarterly)
Hamilton Cotton, Ltd., preferred
h50c Apr. 2 Mar. 15
10c Mar. 1 Feb. 15
Hancock Oil of California, A & B (guar.)
Hawaii Consol. By.. 7% pref. A (quar.)
20c Mar. 15 Mar. 5
7% preferred A (quarterly)
20c Juno 15 June 5
7% preferred A (quarterly)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hoyden Chemical (guar.)
25c Mar. 1 Fob. 18
5ge man 1 Feb. 15
Hires (Chas. E.) Co. class A common (guar.)...
Hollinger Consol. Gold Mines (monthly)
1% Feb. 25 Feb. 8
Extra
1% Feb. 25 Feb. 8
51 Feb. 25 Feb. 20
Homestake Mining (monthly)
Extra
52 Feb. 25 Feb. 20
Indiana Hydro-Elec. Power,7% cum. pref.(qu.) 8734c Mar. 15 Feb. 28
International Nickel
15c Mar.30 Feb. 28
Ironwood & Bessemer Ry.& Lt.Co..7% pref.
(qu.) 51% Mar. 1 Feb. 15
$1% Feb. 1 Jan. 24
Kansas City Stockyards (guar.)
$2 Feb. 1 Jan. 24
Extra
Preferred (quarterly)
51% Feb. 1 Jan. 24
Kelvinator Co. of Canada. preferred (quar.)_ _ 51% Feb. 15 Feb. 5
Keokuk Electric Co., 6% pref. (guar.)
51% Feb. 15 Feb. 9
Keystone Custodian Fund,set. E-2
8.29c Feb. 15 Jan. 31
Lake Superior DLtrict Power Co.7% pref.(qu.) 51% Mar. 1 Feb. 15
6% preferred (guar.)
51% Mar. 1 Feb. 15
Landis Machine
25c Feb. 15 Feb. 5
Langley's 7% preferred
/41% Feb. 15 Jan. 31
25c Mar. 1 Feb. 21
Lincoln Stores (quarterly)
Preferred (quarterly)
51% Mar. 1 Feb. 21
Little Miami RR., special guaranteed (guar.).50c Mar. 9 Feb. 25
51 Mar. 9 Feb. 25
Original capital stock
51% Mar. 1 Feb.. 9
Ludlow Mfg. Associates (guar.)
Macassa Mines. Ltd
Sc Mar. 1 Feb. 9
$124 Feb. 1 Jan. 19
Mallory Hat, preferred (guar.)
May Department Stores (guar.)
40c Mar. 1 Feb. 15
McColl Frontenac Oil (guar.)
20c Mar. 15 Fob. 15
McWilliams Dredging Co
50c Mar. 1 Feb. 15
Metro-Goldwyn Mayer Pictures,7% pref.(qu.)_ 47%c Mar. 15 Fob. 28
Monarch Knitting Mills, Ltd.. 7% pref
141% Apr. 1 Mar. 15
Feb. 7
Morns (Philip) Consol. (liquidating)
50c
Morris 5& 10c to $1 Stores,Inc.,7% pref.(qu.). 51% Apr. 1 Mar. 20
51% July 1 June 20
7% Preferred (quarterly)
7% preferred (quarterly)
51% Oct. 1 Sept.20
Morris Twist Drill & Machinery (quarterly)__ _
50c Feb. 15 Jan. 31
National Bond & Share Corp
25c Mar. 15 Feb. 28
National Industrial Loan (guar.)
Sc Feb. 15 Jan. 31
National Screen Service Corp.(quar.)
40c Feb. 1 Jan. 21
$1% Mar. 1 Fob. 14
Nebraska Power,7% pref. (guar.)
51% Mar. 1 Fob. 14
6% preferred (quarterly)
$1 Feb. 15 Feb. 9
Newmarket Manufacturing Co
51% Mar. 1 Feb. 16
New River Co. (guar.)
New York Bank Trust Shares (bearer)
ac Feb. 15
50c Feb. 15 Feb. 1
Nineteen Hundred Corp., A (guar.)
North American Match
fl Mar. 1 Jan. 31
Northwestern Public Service. 7% pref. (guar.). _ 87%c Mar. 1 Feb. 20
75c Mar. 1 Feb. 20
6% preferred (guar.)
Name of Company
Feb. 9 1935
Per
Share
When Holders
Payable of Record
Nova Scotia Light & Power, 6% pref. (quar.)-- 51% Mar. 1 Feb. 16
Occidental insurance (guar.)
30c Feb. 15 Feb. 5
Ohio Edison Co., $55 preferred (quar.)
51% Apr. 1 Mar. 15
$6 preferred (quarterly)
Apr. 1 Mar. 15
51
$6.60 preferred (quarterly)
$1.65 Apr. 1 Mar. 15
$7 preferred (quarterly)
518 All% 1 Mar. 15
$7.20 preferred (quarterly)
$1.80 Apr. 1 Mar. 15
Ohio Power,6% preferred (guar.)
51% Mar. 1 Feb. 8
Ohio Public Service Co.,7% preferred (monthly) 58 1-3c Mar. 1 Feb. 15
6% preferred (monthly)
50c Mar. 1 Feb. 15
5% preferred (monthly)
41 2-3c Mar. 1 Feb. 15
Oshkosh Overall Co.,52cony.pref.(guar.)
50c Mar. 1 Feb. 20
Parkview Building Corp
$15 Feb. 15 Feb. 10
Patterson-Sargent (quarterly)
25c Mar. 1 Feb. 15
Penn State Water, $7 preferred (quar.)
51% Mar. 1 Feb. 20
Penna Gas & Elec. Corp.(Dela.) A (guar.)
37%c Mar. 10 Feb. 20
7% preferred (quarterly)
51% Apr. 1 Mar. 20
$7 preferred (quarterly)
81% Apr. 1 Mar. 20
Prentice Hall (quarterly)
40c Mar. 1 Feb. 19
Preferred (quarterly)
75c Mar. 1 Feb. 19
Peoples Telep Corp., preferred
Mar. 1 Feb. 28
Pepperell Mfg. Co.(semi-annual)
Feb. 15 Feb. 6
Photo Engravers & Electric (semi-ann.)
50c Mar. 1 Feb. 15
Pioneer Mills Co., Ltd. (monthly)
10c Mar. 1 Feb. 21
Ponce Electric Co.. 7% pref. (guar.)
51% Apr. 1 Mar. 15
Properties Realization, voting trust ctfs
80c Feb. 20 Feb. 14
Public Service Co. of Colorado,7% pref. (mo.)_ 58 1-3c Mar. 1 Feb. 15
50c Mar. 1 Feb. 15
6 preferred (monthly)
41 2-3c Mar. 1 Feb. 15
5 preferred (monthly)
Puritan Ice,common
$8 Apr. 1 Dec. 31
Republic Insurance of Texas (guar.)
25c Feb. 10 Jan. 10
Republic Petroleum Co.(monthly)
3c Feb. 20 Feb. 9
Rockwood & Co., preferred
142 Feb. 20 Feb. 10
852 Feb. 20 Feb. 11
Rockwood Co.,8% preferred
Rolland Paper Co.,6% pref. (guar.)
51% Mar. 1 Feb. 15
Rose's 5-10-25c. Store. preferred (guar.)
11% Feb 1
San Jose Water Works.6% preferred (quar.).. 3735c Mar. 1 Feb. 20
Savannah Electric & Power
8% preferred A (guar.)
$2 Apr. 1 Mar. 15
51% Apr. 1 Mar. 15
7%% preferred B (guar.)
$1% Apr. 1 Mar. 15
7% preferred C (guar.)
$1% Apr. 1 Mar. 15
% preferred D (quar.)
20c Mar. 15 Feb 28
Second Twin Bell Syndicate (monthly)
Secord (Laura) Candy Shops (guar.)
75c Mar. 1 Feb. 15
h$2 Feb. 15 Feb. 1
Signal Mountain Portland Cement,8% pref.-37%c Feb. 15 Feb. 14
Sioux City Stockyards Co. (guar.)
37%c Feb. 15 Feb. 14
51% participating preferred guar.
37%c May 15 May 14
51% participating preferred quar.
37 c Aug. 15 Aug. 14
51% participating preferred guar.
Nov. 15 Nov. 14
51% participating preferred guar.
37 1g Mar. 15 Feb. 20a
Socony-Vacuum Oil Co
10c Feb. 18 Feb. 8
Southerland Paper,(bi-monthly)
Extra
5c Feb. 18 Feb. 8
Southern Pipe Line
15c Mar. 1 Feb. 15
25c Apr. 1 Feb. 25
Standard Brands, Inc., common (guar.)
51% Apr. 1 Feb. 25
$7 cumul. preferred, series A (guar.)
Standard Oil (Indiana )(guar.)
25c Mar. 15 Feb. 15
25c Mar. 1 Feb. 21
Telephone Investments Corp.(monthly)
Timken Detroit Axle, 7% pref. (quar.)
81% Mar. 1 Feb. 20
Timken Roller Bearing Co
25c Mar. 5 Feb. 18
Toledo Edison Co.,7% preferred (monthly)... 58 1-3c Mar. 1 Feb. 15
50c Mar. 1 Feb. 15
6% preferred (monthly)
41 2-3c Mar. 1 Feb. 15
5% preferred (monthly)
-Lux Daylight Picture Screen Corp
Trans
10c Mar. 1 Feb. 15
Trustee N. Y. Bank Shares
3c Feb. 11
Trustee Standard Oil Shares, series B coupon _ 10.79c Mar. 1
Twin Bell Oil Syndicate (monthly)
$2 Mar. 5 Feb. 28
10c Fob. 15 Feb. 1
Unexcelled Mfg. Co
30c Mar. 1 Feb. 15
Union Tank Car Co.(quarterly)
United States Light & Power Shares,series B.._ _
3c Feb. 15 Jan. 31
Utica Chenango & Susquehanna Valley RR.—
Guaranteed (semi-annual)
$3 May 1 Apr. 15
Vapor Car Heating Co., Inc
$2 Mar. 9 Mar. 1
51% Mar. 9 Mar. 1
7% preferred (quarterly)
Virginia Electric & Power, $6 Preferred (elliar•). 51% Mar. 20 Feb. 28
30c Feb. 20 Feb. 18
Walalua Agricultural, Ltd
Walker & Co.. A
50c Feb. 5
25c Mar. 15 Feb. 22
Walker (Hi, Gooderham & Worts, pref.(qu.)__
Weaver Piano Co., Inc.(semi-ann.)
$2 Jan. 30 Jan. 30
37 c Mar. 1 Feb. 11
Western Public Service, pref. A (guar.)
1
Westland Oil Refining, A (monthly)
Mar. 15 Feb. 28
51% Mar. 1 Feb. 8
Wheeling Electric, 6% preferred (guar.)
51% Mar. 1 Feb. 30
Williamsport Wa•er, $6 preferret: (guar.)
Woolworth (F. W.)& Co., Ltd—
xtr46.7c Feb. 8 Jan. 14
American deposit rec. for ord. reg
Below we give the dividends announced in previous'weeks
and not yet paid. This list does not include dividends announced this week, these being give in the preceding table.
Name of Company.
Affiliated Products Monthly)
Agnew-Surpass Shoe Stores. corn. (semi-ann.),._
Preference (guar.)
Alabama Great Southern RR. Co.. preferred...
Alaska Packers Association
Allegheny Steel
7% preferred (quarterly)
Allen Industries preferred (guar.)
Preferred
Allentown-Bethlehem Gas Co.,7% pref.(guar.)
Aloe (A. S.)7% preferred
Alpha Portland Cement
Ambassador Petroleum (monthly)
American Arch Co.(guar.)
American Asphalt Roofing Corp. 8% pref. (qu.)
American Business Shares, Inc
American Can Co. common (guar.)
Common(extra)
American Chicle (guar.)
American Factors, Ltd.(monthly)
American & General Securities Corp.—
Common, A (quarterly)
Preferred (quarterly)
American Home Products Corp. (monthly)__ _ _
American Investments. pref. (guar.)
American Investors, Inc.. $3 pref (guar.)
American Re-Insurance (guar.)
American Smelting & Refining.6% pref
7% 1st preferred (quarterly)
American Stores Co. (quarterly)
American Sugar Refining (guar.)
Preferred (guar.)
American Tobacco. com. & corn. B (guar.). _ _
American Water Works & Elect. (guar.)
Amoskeag Co • common
Preferred (semi-annual)
Armstrong Cork (special)
Arrow Distillers, Inc. (initial)
Associated Dry Goods Corp. 1st preferred
Atlas Corp., $3 pref. A (guar.)
Atlanta & Charlotte Air Line Ry.(semi-ann.)._
Automatic Voting Machine Co (quar.)
Quarterly
Per
When Holders
Share. Payable. of Record.
Sc Mar. 1 Feb. 14
20c Mar. 1 Feb. 15
Apr. 1 Mar. 15
Feb. 27 Jan. 22
Feb. 12 Feb. 2
25c Mar. 15 Mar. 1
81% Mar. 1 Feb. 15
75c Mar. I Feb. 20
h75c Mar. 1 Feb. 20
87%c Feb. 11 Jan. 31
855% Feb. 15 Feb. 5
25c Apr. 25 Apr. 1
2c Fob. 20 Jan. 31
25c Mar. 1 Feb. 18
/41% Apr. 15 Mar.31
2c Mar. 1 Fob. 15
11 Feb. 15 Jan. 25a
1
Feb. 15 Jan. 25a
75c Apr. 1 Mar. 12
10c Feb. 11 Jan. 31
7,ra
20c
51%
75c
6234c
31%
50c
50c
51%
51
2
75c
52%
12%c
2%c
75c
54%
12%c
12%c
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 14a
Feb. 15 Jan. 15
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Mar. I Feb. 8
Mar. I Feb. 8
Apr. I Mar. 15
Apr. 2 Mar. 5
Apr. 2 Mar. 5
Mar. 1 Feb. 8
Feb. 15 Jan. 11
July 2 June 22
July 2 June 22
Mar. 1 Feb. 14
Feb. 15 Jan. 31
Mar. 1 Feb. 7
Mar. 1 Feb. 15
Mar. 1 Feb. 20
Apr. 2 mar. 20
July 2 June 20
Financial Chronicle
Volume 140
Name of Company
Per
Share
Backstay Welt
35e
Baltimore American Ins
10c
Bamberger (L.)6M% pref. (quar.)
sig
Bandini Petroleum (monthly)
Bangor & Aroostook RR. (guar.)
63c
Preferred (quarterly)
$1%
Beacon Mfg. Co., preferred (quar.)
$1%
Best & Co
50c
Bigelow Sanford Carpet, pref.(guar.)
$134
Blauner's (guar.)
25c
Preferred (quar.)
The
Bloch Bros. Tobacco.—
Quarterly
37Me
Quarterly
3734c
6% pref. (quar.)
$134
$1%
67 preferred (quar.)
Blue Ridge Corp.,$3cony. pref.(guar.)
s75c
Bohack (H. C.) Co. 1st pref. (guar.)
$13i
Bohack Realty, preferred
25e
Borden Co.,common (quar.)
40c
Boston Insurance (quarterly)
$4
Boston & Providence RR.(quar.)
$2.125
Quarterly
$2.125
Quarterly
$2.125
Quarterly
$2.125
Bourjois. Inc.. $2% preferred (quar.)
68%c
Brach (E. J.) & Sons
25c
Brewer (C.)& Co.. Ltd.(me.)
$1
Monthly
$1
Bristol-Myers Co.common (guar.)
50c
Common (extra)
10c
Brooklyn Edison Co. (quar.)
$2
Brooklyn-Manhattan Transit Corp.
Preferred (quarterly)
$1
Preferred (quarterly)
$I
Brooklyn Union Gas (quar.)
$1
Buckeye Pipe Line Co
75c
Buck Hill Falls (quarterly)
12Mc
Buffalo Ankerite Gold Mines (semi-ann.)
50
Buffalo Niagara & Eastern Power, pf. (quar.)_ _
40c
$5 preferred (guar.)
$1 V
Burroughs Adding Machine Co.(guar.)
15e
Byron Jackson Co. (quarterly)
1234c
Calamba Sugar Estate (quarterly)
46c
Preferred (quarterly)
35e
California Packing (guar.)
37Mc
California Water Service.6% pref. (guar.)
$134
Campe Corp.,common (quar.)
20c
Canadian Converters (guar.)
50c
Canadian Foreign Investment (quar.)
40c
Quarterly
40c
Preferred
$2
(quer.
(quar.)Pefd
$2
Canadian Hydro- lectric. 1st pref.(guar.)
r$1;4
Canadian Oil Cos., Ltd. (quar.)
r12;ic
Canadian Oil Cos., preferred (guar.)
r$2
Carnation Co.,7% preferred (guar.)
$1%
7% preferred (quar.)
$1%
7% preferred (quarterly)
$1%
Carolina Teiep. & Teleg
$2;4
Castle (A. M.)& Co.(quar.)
50c
Caterpillar Tractor (guar.)
25c
Rapids Mfg.& Power (quar.)
Cedar
75c
Central Cold Storage
25c
Central Mass. Light & Power 6% pref.(quar.)
$1
Centrifugal Pipe Corp.(guar.)
10c
Quarterly
10c
Quarterly
10c
Quarterly
be
Century Ribbon Mills. preferred (quarterly)...- $1%
Chain Belt Co.. common
15c
Champion Oil Products pref. (quar.)
15c
Chartered Investors, Inc., $5 pref. (quar.)
$1 V
Chase (A. W.) Ltd., preferred (quar.)
50e
Chester Water Service. $5M Preferred (quar,)..
$1%
Chicago Mail Order Co.(quar.)
250
Extra
1234c
Chicago Yellow Cab (quar.)
Cincinnati Inter-Terminal RR. Co.
4% preferred (semi-annual)
$2
Clear Springs Water Service, $6 Pref.(guar.)$IM
Cleveland Electric Illuminating.6% pref. (qu.) $1%
Cleveland & Pittsburgh Ry.7% guar.(quar.)
87 Mc
7 guaranteed (quar.i
87;4c
707 guaranteed (quar.
8734c
7% guaranteed (quar.
8734c
Special guaranteed (quer.
Special guaranteed (quer.
50c
Special guaranteed (quar.
50c
Special guaranteed (quar.
50c
Colgate-Palmolive-Peet (guar.)
1234c
Preferred (quarterly)
Collateral Trust Shares(N. Y.)series A
8c
Columbia Gas& Electric Corp. %pref (quar.) $134
,6
.A
Cumulative 507 preferred (quar.)
$1
Convertible 5% cumulative preference (quar.) $134
Columbia Pictures Corp., preferred (quar.)_ _
75c
Columbus & Xenia RR
$1
Columbus & Xenia RR
$1.10
Commonwealth Utilities,634% prof. 0
$144
Swift Internacionai (semi-ann.)
(quar.)Compni
$1
Concord Gas. 7% pref. (quar.)
$1Si
Connecticut Light & Power 634% prof.
$1%
(guar.)s%
% preferred (guar.)
$154
Connecticut Power Co.(guar.)
62;4c
Connecticut R.& Lighting Corp. (guar.)
$1.125
434% prof. guar.)
$1.125
Connecticut River Power.6% pref.(quar.)_
$134
Consolidated Cigar, 77 pref. (quar.)
o
$1 Si
Consolidated Gas Co.(N. Y.)
25c
Consolidated Oil, preferred (quar.)
$2
Consolidated Paper (guar.)
150
Preferred (gear.)
17%c
Consumers Glass Co., 707 pref. (guar.)
$1%
Consumers Power Co., $5 pref. (quar.)
$1%
6% preferred (quarterly)
El%
6.6% preferred (quarterly)
$1.65
77 preferred (quarterly)
$1%
60 preferred (monthly
50c
6 o preferred (monthly
50c
6.607 preferred (monthly)
55c
6.6% preferred (monthly)
55c
Continental Can Co.. Inc. corn. (quar.)
60c
Go perweld Steel (quar.)
12Mc
Quarterly
12 Mc
Quarterly
1234c
Quarterly
1234c
Corno Mills (quar.)
Corporate Investors (guar.)
Sc
Cosmos Imperial Mills, Ltd.. pref. (guar.)
$1%
Crandall, McKenzie & Henderson, Inc
12Mc
Cresson Consolidated Gold Mining d; Milling
Sc
Crown Zellerbach. A & B, preferred
75c
Crum & Forster. 8% Preferred (guar.)
75c
(Dune° Press. Inc 634% preferred (quarterly). $134
Daniels & Fisher Stores
$2
6 yi% preferred (quar.)
$1%
Danville Traction & Power. preferred
334%
Dayton & Michigan RR.(semi-ann.)
87 c
8% preferred (quarterly)
1
Deere & Co., preferred
20c
Denver Union Stockyards. 7% pref. (guar.)
$1%
When Holders
Payable of Record
Apr. 1 Mar. 16
Feb. 20 Feb. 1
Mar. 1 Feb. 15
Feb. 20 Jan. 31
Apr. 1 Feb. 28
Apr. 1 Feb. 28
Feb. 15 Jan. 31
Feb. 15 Jan. 25
Mar. 1 Feb. 15
Feb. 15 Feb. 1
Feb. 15 Feb. 1
Feb. 15 Feb. 10
May 15 May 10
Mar.30 Mar.25
June 29 June 25
Mar. 1 Feb. 5
Feb. 15 Jan. 25
Feb. 15 Jan. 25
Mar. 1 Feb. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 20
July 1 June 20
Oct. 1 Sept. 20
Jan.2'36 Dec. 20
Feb. 15 Feb. 1
Mar. I Feb. 9
Feb. 25 Feb. 20
Mar. 25 Mar. 20
Mar. 1 Feb. 11
Mar. 1 Feb. 11
Feb. 28 Feb. 11
Apr. 15 Apr. 1
July 15 July 1
Apr. 1 Mar. 1
Mar. 15 Feb. 21
Feb. 15 Feb. 1
Feb. 15 Feb. 1
Apr. 1 Mar. 15
May 1 Apr. 15
Mar. 5 Feb. 2
Feb. 15 Feb. 5
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar. 15 Feb. 28
Feb 15 Jan. 31
Mar. 1 Feb. 15
Feb. 15 Jan. 31
Apr. 1 Mar. 15
July 1 June 15
Apr. 1 Mar. 15
July 1 J11110 15
Mar. 1 Feb. 1
Feb. 15 Feb. 1
Apr. 1 Mar. 20
Apr. 1 Mar. 20
July I June 20
Oct. 1 Sept.20
Apr. 1 Mar. 25
Feb. 10 Feb. 6
Feb. 28 Feb. 15
Feb. 15 Jan. 31
Feb. 15 Feb. 5
Feb. 15 Jan. 31
Feb. 15 Feb. 5
May 15 May 6
Aug. 15 Aug. 5
Nov. 15 Nov. 6
Mar. 1 Feb. 20
Feb. 15 Feb. 1
Feb. 15 Jan. 31
Mar. 1 Feb. 1
Feb. 10 Jan. 31
Feb. 15 Feb. 5
Mar. 1 Feb. 9
Mar. 1 Feb. 9
Mar. 1 Feb. 19
Aug. 1 July 20
Feb. 15 Feb. 5
Mar. 1 Feb. 15
Mar. 1 Feb. 9
June 1 May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 9
Mar. 1 Feb. 9
June I May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 9
Mar. 1 Feb. 8
Apr. 1 Mar. 5
Feb. 28
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Mar. 1 Feb. 14a
Feb. 25 Mar. 10
Mar. 11 Feb. 25
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Feb. 15 Jan. 28
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 15 Feb. 11
Feb. 15 Feb. 1
Mar. 1 Feb. 18
Apr. 1 Mar. 21
Mar. 15 Feb. 28
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Feb. 15 Jan. 25
Feb. 28 Feb. 15
May 31 May 15
Aug. 31 Aug. 15
Nov.30 Nov 15
Mar. 1 Feb. 19
Feb. 15 Jan. 31
Feb. 15 Jan. 28
Feb. 10 Jan. 15
Feb. 15 Jan. 31
Mar. 1 Feb. 13
Mar. 31 Mar. 21
Mar. 15 Mar. I
Mar. 1 Feb. 20
Apr.
Apr.
Mar.
Mar.
1 Mar. 15
1 Mar. 15
1 Feb. 15
I Feb. 20
Name of Company
923
Per
Share
Dexter Co
20c
Diamond Match
750
Participating preferred (semi-ann.)
75c
Dictaphone Corporation
250
Preferred (quarterly)
$2
Diem & Wing Paper Co.. 7% Pref. (guar.)
$1
r30c
Dominion Bridge Co.(guar.)
50c
Dow Chemical Co
1%
Preferred (quar.)
Duplan Silk (semi-annual)
Eastern Gas& Fuel ASSOC.,4M % pre.(guar.).- $1.125
6% preferred (quarterly)
$134
Eastern Shore Public Service. $634 pref. (qu.)_ $1%
$IM
$6 preferred (quar.)
25c
Eaton Mfg. Co.(quar.)
250
Electric Household Utilities Corp
$1
Elizabeth & Trenton RR. (semi-ann.)
$1
Semi-annual
$1%
5% preferred (semi-annual)
$1 3'
5% preferred (semi-annual)
25c
Ely & Walker Dry Goods(quar.)
50c
Emerson's Bromo Seltzer 8% preferred (quar.)._
$1
Empire & Bay State Telep„ 4% gtd.(quar.)
$1
4% guaranteed quar.
$1
4% guaranteed guar.
Si
407 guaranteed quar.
10c
Empire Capital Corp.. c
A (guar.)
Sc
Class A extra
10c
Class B
40c
Employers Re-Insurance (guar.)
$2
Eppens, Smith & Co., semi-annual
5c
Equity Fund, Inc.(quar.)
8734c
7rie & Pittsburgh RR. Co.7% gtd.(quar.)
8734c
7 guaranteed (quar.)
87%c
7 guaranteed (quar.
7% guaranteed (quar.)
87%c
80c
Guaranteed betterment (guar.)
80c
Guaranteed betterments (quar.)
80c
Guaranteed betterment (quar.)
80c
)
Guaranteed betterment (quar.
250
Faber Coe tz Gregg, Inc. (quarterly)
h$5%
Fair (The)7% cumulative preferred
$234
Farmers & Traders Life Ins.(guar.)
50c
Faultless Rubber (guar.)
16c
Fifth Ave. Bus Securities (guar.)
$IM
Firestone Tire & Rubber,preferred (guar.)
12Mc
Fitzsimmons & Connell Dredge (guar.)
$1%
Florida Power Corp.7% pref. A (quar.)
87}4c
7% preferred (quar.)
250
Florsheim Shoe Co.. A (guar.)
12 We
Class B (quar.)
50c
Food Machinery Corp., preferred
50c
63407 preferred
Food Machinery Corp. of N. Y.—
50c
6;4% preferred (monthly
50c
6;4% preferred 1monthly
50c
04% preferred monthly
50c
634% preferred monthly
50c
634% preferred monthly
250
Freeport Texas (guar.)
$134
Preferred (guar.)
$1%
General Capital Corp
$1%
General Cigar„ preferred (guar.)
$1%
Preferred (quar.)
45c
General Foods (quar.)
68734
Gilbert(A.0.) preferred
40c
Girard Life Insurance Co
Globe Democrat Publishers Co., pref. (guar.)._ $1%
40c
Golden Cycle Corp.(quar.)
60c
Extra
131%
Gottfried Baking Co., Inc. preferred (quar.)..
Preferred (quarterly)
%
131%
Preferred (quarterly)
Sc
Grand Rapids Metalcraft (Initial)
3734c
Grand Union,$3 cony. pref.(quar.)
250
Great Lakes Dredge & Dock Co.(quar.)
$2
Great Western Electro-Chemical
1
Green Bay & Western RR. Co., cap. stock__ _ _
Class A debenture
0
..
Guggenheim Co pref. (guar.)
$14
Gurd (Chas.) & Co. preferred (quar.)
15c
Hale Bros. Stores (quar.)
Hammermill Paper, pref.(quar.)
Hanna (M A.) Co.(quar.)
Preferred (quar.)
Hardesty (R.) Mfg.Co.,7% pref.(guar.)
7% preferred (quarterly)
707 preferred (quarterly)
7% preferred (quarterly)
Harbison-Walker Refractories Co
Preferred (quar.)
Hartford & Connecticut Western RR.(s-a)
75c
Hartford Times, Inc., $3 preferred (quar.)
75c
Hawaiian Commercial Sugar Co. (quar.)
25c
Helena Rubinstein, Inc. pref. (quar.)
Hercules Powder Co., preferred (quar.)
Hershey Chocolate Corp.(quar.)
Si
Cony. preferred (quarterly)
Si
Extra
10c
Hibbard,Spencer,Bartlett & Co.(monthly)_ _
10c
Monthly
37 Mc
Hobart Manufacturing class A (quar.)
1234e
Hollander (A.)& Sons(quar.)
250
Hormel (Geo. A.)(quar.
$1%
6% preferred A (quar.)
$1%
. pref. (quar.)
Horn & Hardart of N
Illuminating & Power Securities Corp.,preferred $1%
Imperial Tobacco Co.of Great Britain & Ireland
w 735%
Ordinary register
w Is. 6d.
Ordinary register (extra)
w 7M %
Amer. deposit receipts for ord. reg
Amer. deposit receipts for ord. reg.(extra)_ w is. 6d.
15c
Industrial Power Security (quar.)
5c
Extra
50c
Ingersoll-Rand
250
Inland Steel (quar.)
Si
International Business Machine Corp. (quar.)_ _
International Harvester preferred (quar.)
$1
14
International Power Co., 7% 1st preferred
60c
International Safety Razor, class A (guar.)._ _ _
Inter-Ocean Re-Insurance (semi-ann.)
$I
Interstate Hosiery Mills (quar.)
50c
Quarterly
50c
Quarterly
50c
Quarterly
50c
Investment Trust of N. Y., Inc.—
Sc
Collateral trustee shares,series A (semi-ann.)_
Iron Fireman Mfg.(quar.)
250
Quarterly
25c
Quarterly
250
Quarterly
25c
Irving Air-Chute Co., Inc., common (quar.)
10c
.iantzen Knitting Mills, preferred (quarterly)... 51%
Jefferson Lake 011 Co..Inc.,7% pref.(semi-an.)
35c
Jewel Tea Co., Inc. corn.(quar.)
75c
Kalamazoo Vegetable Parchment (quar.)
15c
Quarterly
150
Quarterly
150
Quarterly
150
Kayser (Julius) & Co
250
Kelvinator Corp
12 Mc
Kelvinator of Canada. 7% Pref. (guar.)
$1%
"iFsc
When Holders
Payable of Record
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Feb. 15 Feb. 1
Feb. 15 Feb. I
Feb. 15 Feb. 1
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar. 1 Feb. 10
Mar. 1 Feb. 10
Feb. 15 Feb. 1
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. 1 May 22
Sept. 1 Aug. 22
Dec. 1 Nov. 21
Feb. 28 Feb. 20
Feb. 28 Feb. 20
Feb. 28 Feb. 20
Feb. 15 Jan. 31
Aug. 1 July 27
Feb. 15 Jan. 31
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
Apr. 1 Mar. 15
Mar. 29 Mar. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 18
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Feb. 15 Feb. 10
Mar. 15 Mar. 10
Feb. 15 Feb. 10
Mar. 15 Feb. 10
Apr. 15 Apr. 10
May 15 May 10
June 15 June 10
Mar. I Feb. 15
May 1 Apr. 15
Feb. 11 Jan. 31
Mar. 1 Feb. 20
June 1 May 23
Feb. 15 Feb. 1
Feb. 15 Feb. 5
Feb.
.15 Feb. 1
Mar. 1 Feb. 20
Mar. 10 Feb. 28
Mar. 10 Feb. 28
Apr. 1 Mar. 20
July 1 June 20
Oct. 1 Sept.20
Feb. 15 Feb. 4
Mar. 1 Feb. 8
Feb. 15 Feb. 5
Feb. 15 Feb. 5
Feb. 11 Feb. 8
Feb. 11 Feb. 8
Feb. 15 Jan. 29
Feb. 15 Feb. 1
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Mar. 11 Mar. 5
Mar.20 Mar.
Mar. 1 Feb. 15
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 5
Mar. 1 Feb. 11
Apr. 20 Apr. 8
Feb. 28 Feb. 20
Feb. 15 Feb. 1
Feb. 15 Feb. 5
Mar. 1 Feb. 18
Feb. 15 Feb. 4
Feb. 15 Jan. 15
Feb. 15 Jan. 25
Feb. 15 Jan. 25
Feb. 22 Feb. 15
Mar. 29 Mar.22
Mar. 1 Feb. 15
Feb. 15 Jan. 31
Feb. 15 Feb. 1
Feb. 15 Feb. 1
Mar. 1 Feb. 8
Feb. 15 Jan. 31
Mar. 1 Feb. 13
Mar. 1 Feb. 13
Mar. 8 Feb. 13
Mar. 8 Feb. 13
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 4
Mar. 1 Feb. 14
Apr. 10 Mar. 22
Mar. 1 Feb. 5
Apr. 3 Mar. 15
Mar. 1 Feb. 15
Mar. 9
Feb. 15 Feb. 1
May 15 May 1
Aug. 15 Aug. 1
Nov. 15 Nov. 1
Feb. 28 Feb. 1
Mar. 1 Feb. 9
June 1 May 10
Sept. 2 Aug. 10
Dec. 2 Nov. 9
Apr. 1 Mar. 15
Mar. 1 Feb. 25
Mar. 10
Apr. 15 Apr. 1
Mar.30 Mar. 20
June 30 June 20
Sept.30 Sept.20
Dec. 30 Dec. 30
Feb. 15 Feb. 1
Apr. 1 Mar. 5
Feb. 15 Feb. 5
Financial Chronicle
924
Per
Share
When Holders
Payable of Record
Kendall Co.,cum.partic. pref. ser. A (guar.).-- $134
50c
Keystone Steel & Wire
25c
Klein (D. Emil.) Co.(quarterly)
1234c
Extra
1234c
Extra
75c
Knabb Barrel Co., Inc., pref.(s.
-a.)
40c
Kroger Grocery & Baking (guar.)
$134
6% preferred (quarterly)
$134
7% preferred (quarterly)
$134
Landis Machine preferred (guar.)
7% preferred (quarterly)
$134
$134
7% preferred (quarterly)
$134
7% preferred (quarterly)
25c
Lansing Co.(quarterly)
$1
Lanston Monotype (guar.)
35c
Lee(H. D.) Mercantile Co.(guar.)
8754c
Lehigh Portland Cement Co., preferred
3734c
Lehn & Fink Prod. Co., corn. (quar.)
40c
Life Savers Corp (guar.)
$1
Liggett & Myers Tobacco Co.common (quar.)
$1
Common (extra)
$1
Common B (guar.)
$1
Common B (extra)
60c
Lincoln National Life Insurance (semi-ann )
$134
Lincoln Teiep. & Teleg ,6% pref. A (guar.).
$1 34
5% special preferred (guar.)
10c
Lindsay Light (guar.)
15c
Link Belt
$134
% preferred (guar.)
50c
Little Miami RR. Co. spec. gtd. (guar.)
50c
Special guaranteed (quarterly)
$1
Original capital
$1•10
Original capital
r25c
Loblaw Groceterias, A & B (guar.)
$334
Lockhart Power Co., 7% pref. (8.-a.)
3134
Loew's, Inc., IS634 preferred (quarterly)
15c
Lone Star Gas Corp
$134
Loose-Wiles Biscuit, preferred (quarterly)
$134
Lord & Taylor, 1st pref. (guar.)
Los Angeles Gas & Elec.6% pref. B (quar.)_ _ $134
Louisville. Henderson & St. Louis Ry. Co.—
$4
Semi-annual
$2
Preferred (semi-annual(
$1 34
Louisville & Nashville RR.(semi-ann.)
$134
Lowenstein (M.)& Sons. 1st pref. (guar.)
1234c
Lunkenheimer Co.(quarterly)
$1 34
6 X % preferred (quarterly)
$134
634% preferred (quarterly)
$134
634% preferred (quarterly)
$134
6)4% preferred (quarterly)
Luzerne County Gas & Electric
3134
1st $7 preferred (guar.)
$134
1st $6 preferred (guar.)
o50c
Lynch Corp.(quarterly)
25c
MacMillan Co.(guar.)
50c
Macy (R H.) & Co., Inc., corn. (guar.)
$134
Magnin (I.) & Co.,6% pref. (guar.)
$134
6% preferred (quarterly)
$IX
6% preferred (quarterly)
51.34
6% preferred (quarterly)
5c
Managed Investors, Inc.(guar.)
15c
Manhattan Shit (guar.)
40c
Manufacturers Casualty Insurance (guar.)
75e
Mapes Consolidated Mfg.(guar.)
75c
Quarterly
h25c
May Hosiery Mills, preferred
$1
Preferred (quarterly)
43'%c
McClatchy Newspapers. 7% pf.(qu.)
4334c
7% preferred (quarterly)
43%c
7% preferred (quarterly)
43 X c
7% preferred (quarterly)
50c
McIntyre Porcupine Mines (guar.)
3734c
Meadville Teleph3ne (guar.)
'10c
Memphis Natural Gas
$134
Mercantile Stores, preferred (guar.)
d81 Xc
Metal Textile Corp., preferred (quarterly)
3134
Metropolitan Edison. $7 pref. (guar.)
3134
$6 preferred (quarterly)
$134
Preferred (quarterly)
$5
50c
Midland Royalty Corp..$2 preferred (guar.).- 75c
-Honeywell Regulator Co., common
Minneapolis
25c
Extra
$1
Mitchell (J. S.), Ltd
3c
Model Oils. Ltd
25c
Monsanto Chemical (guar.)
$134
Monmouth Consol. Water Co.,7% pref.(qu.)
30c
Montreal Bridge (guar.)
32
Montreal Light. Heat & Power (guar.)
75c
Moody's Investment Service, preferred (quar.)_
$134
Moore Dry Goods (guar.)
$134
Quarterly
$134
Quarterly
$114
Quarterly
$1
Morris Plan Insurance Society. (guar.)
$1
Quarterly
$I
Quarterly
$I
Quarterly
20c
Motor Finance Corp. (guar.)
Muskogee Co.6% cumulative preferred (quar.)_ $134
8c
Mutual Telep. Co.(Hawaii)(ma.)
h$134
National Bearing Metal Corp. 7% pref
$134
National Biscuit, pref
50c
National Container Corp. $2 pref. (guar.)
$134
National Lead. pref. A (guar.)
10c
National Libcrty Ins. Co. of Amer. (s•-a•)
.5e
Extra_
20c
National Power & Light Co. common (quar.)
$134
National Telephone & Telegraph A (quar.)
Nat. Telep. & feieg. corp., 1134, Ist peef.(qu.) 8734c
8734c
)
2nd preferred (quart,r1),
50c
National Union Fire Ins
50c
Extra
10c
Nestle-Le Mur class A
$134
Newberry (J. J.) Co.. 7% pref. (quar.)
10c
New Bradford Oil
80c
New Jersey Insurance Co
5134
New Jersey Pow.& Lt. Co.,$6 pt.(guar.)
$134
$5 preferred (quarterly)
50c
New Jersey Zinc Co. (quarterly)
$134
New Rochelle Water 7% pref. (guar.)
50c
New York Transportation (guar.)
Niagara Share Corp. of Md.. pref. A (quar.)__ _ $134
$1
Norfolk & Western, adj. pref. (guar.)
$2
Quarterly
32
Extra
m
North American Aviation
$134
North American Edison Co. pref. (guar.)
Mc
North River Ins. Co.(guar.)
10c
Extra
$1.
Northern RR.Co.of N.J.4% Mi.(guar.)
$1
4% guaranteed (guar.)
$1
4% guaranteed (guar.)
$1
4% guaranteed (guar.)
873.4c
Norwalk Tire & Rubber, pref.(guar.)
15c
Oahu Ity. & Land Co.(monthly)
15c
Monthly
15c
Monthly
10c
Oahu Sugar Co.(monthly)
30c
occidental Insurance (guar.)
$2
Omnibus Corp.. pref. (guar.)
20c
Onomea Sugar Co.(monthly)
$234
Oswego & Syracuse RR. (semi-ann.)
Mar. 1 Feb. 10a
Mar. 11 Mar. 1
Apr. 1 Mar. 20
Apr. 1 Mar. 20
July 1 June 20
June 1
Mar. 1 Feb. 8
Apr. 1 Mar. 20
May 1 Apr. 19
Mar. 15 Mar. 5
June 15 June 5
Sept. 15 Sept. 5
Dec. 15 Dec. 5
Feb. 10
Feb. 28 Feb. 19
Feb. 9 Jan. 30
Apr. 1 Mar. 14
Mar. 1 Feb. 15
Mar. 1 Feb. 1
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Aug. 8 Aug. 2
Feb. 10 Jan. 31
Feb. 10 Jan. 31
Feb. 11 Feb. 2
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Mar. 10 Feb. 25
June 10 May 24
Mar. 10 Feb. 25
June 10 May 24
Mar. 1 Feb. 12
Mar.30 Mar.30
Feb. 15 Jan. 31
Feb. 15 Jan. 25
Apr. 1 Mar. 18
Mar. 1 Feb. 16
Feb. 15 Jan. 31
Name of Company
Feb. 15 Feb. 1
Feb. 15 Feb. 1
Feb. 25 Jan. 31
Feb. 11 Dec. 31
Feb. 15 Feb. 5
Apr. 1 Mar. 21
July 1 June 20
Oct. 1 Sept.20
Jan. 1 Dec. 21
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Feb. 15 Feb. 5
Feb. 15 Feb. 15
Mar. 1 Feb. 8
Feb. 15 Jan. 31
May 15 Apr. 30
Aug. 15 July 31
Oct. 31 Nov. 15
Feb. 15 Feb. 1
Mar. 1 Feb. 11
Feb. 15 Feb. 1
Apr. 1 Mar. 15
July 1 June 14
Mar. 1 Feb. 15
Mar. 1 dFeb.15
Mar. 1 Feb. 28
June 1 May 31
Sept. 1 Aug. 31
Dec. 1 Nov. 30
Mar. 1 Feb. 1
Feb. 15 Jan. 31
Feb. 15 Feb. 1
Feb. 15 Jan. 31
Mar. 1 Feb. 20
Apr. 1 Feb. 28
8
Apr. 1 Feb.eb. 28
Feb 15 Feb. 5
Feb. 15 Feb. 4
Feb. 15 Feb.
Mar. 1 Feb. 15
Mar. 11 Feb. 18
Mar. 15 Feb. 25
Feb. 15 Feb. 1
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Feb. 15 Feb. 1
Apr. 1 Apr. 1
July 1 July 1
Oct. 1 Oct. 1
Jan. 1 Jan. 1
Mar. 1 Feb. 23
June 1 May 27
Sept. 1 Aug. 27
Dec. 1 Nov. 26
Nov.30 Nov 23
Mar. 1 Feb. 16
Feb. 20 Feb. 11
May 1 Apr .20
Feb. 28 Feb. 14
Mar. 1 Feb. 15
Mar. 15 Mar.
Feb. 20 e'eb. 1
Feb 20 Neb. 1
Mar. 1 Feb. 4
Mar. 1 Feb. 20
Feb. 10 Jan. 17
Feb. 10 Jan. 17
Feb. 11 Jan. 29
Feb. 11 Jan. 29
Feb. 15 Feb. 5
Mar. I Feb. 16
Mar. 15 Feb. 15
Feb. 20 Feb. 5
Apr. 1 Feb. 28
Apr. 1 Feb. 28
Feb. 9 Jan. 18
Mar. 1 Feb. 20
Mar. 28 Mar. 15
Apr. 1 Mar. 15
Feb. 19 Jan. 31
Mar. 19 Feb. 28
Mar. 19 Feb. 28
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Mar. 11 Mar.
Mar. 11 Mar. 1
Mar. 1 Feb. 19
June 1 May 20
Sept. 1 Aug. 20
Dec. 1 Nov. 21
Apr. 1 Mar. 21
Feb. 16 Feb. 11
Feb. 15 Feb. 12
Mar. 15 Mar. 12
Feb. 15 Feb. 5
Feb. 11 Feb. 5
Apr.1 Mar. 15
Feb. 20 Feb. 11
Feb. 20 Feb. 6
Feb. 9 1935
Per
Share
When Holders
Payable of Record
25c
Ontario Mfg. Co. (quarterly)
$134
Preferred (quarterly)
$1
Owens Illinois Glass (quar.)
Pacific Gas & Electric 6% pref. (quar.)
3734c
3434c
534% preferred (guar.)
75c
Pacific Lighting Corp.. common (quarterly)
Mc
Parker Pen
P75c
Parker Rust Proof (quarterly)
8734c
Ponder (David) Grocery,cony. A (guar.)
76c
Penmans. Ltd. (quarterly)
55c
Pennsylvania Power Co.. $6.60 pref. (monthly)
$134
$6 preferred (guar.)
50c
Pennsylvania RR. Co
54
-a.)
Peoria & Bureau Valley RR.(s.
25c
-a.)
Philadelphia Co.,5% pref.(s.
Philadelphia Suburban Water Co., pref. (guar.) $134
$234
Philadelphia & Trenton RR. (guar.)
5234
Quarterly
8234
Quarterly
25c
Philips Petroleum
50c
Phoenix Finance Corp.. 8% pref. (quar.)
50c
8% preferred (quarter.y)
50c
8% preferred (quarterly)
50c
8% preferred (quarterly)
873.4c
Phoenix Hosiery, 7% 1st preferred
-a.)
r50c
Photo Engravers & Electrotypers (s.
40c
Pillsbury Flour Mills (quar.)
75c
Pittsburgh, Bessemer & Lake Erie (s.-a.)
Pittsburgh Ft. Wayne & Chicago By.(quar.)_ _ 51/
Quarterly
Quarterly
3134
Quarterly
3134
7% preferred (guar.)
$134
7% preferred (guar.)
$134
7% preferred (guar.)
79' preferred (guar.)
$134
Pittsburgh Suburban Water Service Co.—
$134
$534 preferred (quarterly)
Pittsburgh Youngstown & Ashtabula RR.
$134
7% preferred (guar.)
$134
7% preferred (guar.)
$ly,
7% preferred (guar.)
3134
7% preferred (guar.)
50e
Portland & Ogdensburg RR.(quar.).._
Potomac Electric Power Co.
$134
6% preferred (quar.)
$134
5 X % preferred (quar.)
e2%
common
Pressed Metals of Amer.,
37P'c
I
Inc.,
Procter & Gamble Co.(quar.)_
33
-a.)
Protective Life Insurance (s.
70c
Public Service of N. J. (guar.)
lath'
$5 preferred (quarterly)
$2
8% preferred (quarterly)
$134
79' preferred (quarterly)
50c
6% preferred (monthly)
50c
61 preferred (monthly)
0
75c
Pullman, Inc. (guar.)
$1 X
Quaker Oats Co.,6% preferred (quarterly)
r25c
QuebecPower Co.(quarterly)
$934
Radio Corp. of America
h50c
Rainier Pulp & Paper.$2 class A
h50c
$2 class A_
50c
Reading Co. (quarterly)
50c.
1st preferred ,qoarterlyl_
3c
Reno Gold Mining Ltd. (guar.)
25c
Reynolds Metals Co. (quarterly)
$134
Rich's. Inc. 6349' preferred (guar.)
Rochester Gas St Electric,7% pref. B (quar.)__ _ $134
$134
6% preferred C (quarterly)
$134
6% preferred (quarterly)
10c
St. Joseph Lead Co
St. Louis Rocky Mountain & Pacific RR. Co.
25c
Common (quarterly)
81 34
Preferred (quarterly)
$134
Preferred (quarterly)
$134
Preferred (quarterly)
20c
San Carlos Milling Co.(monthly)
75c
Second Investors Corp.(R.I.), $3 pref.(qu.)_ _ _
20c
Second Twin Bell Syndicate (monthly)
50c
Seeman Bros., Inc. common (extra)
50c
Scotten Dillon
Shawinigan Water & Power Co of Mont.—
r13c
Common (guar 1
Shenango Valley Water,6% pref.(qu.)
$134
75c
Sherwin-Williams Co. (guar.)
$134
Preferred (quarterly)
h$10 X
Simon (II.)& Sons
$134
Sioux City Gas& Elec..7% pref.(guar.)
31
Smith (S. Morgan) Co (quarterly)
Quarterly
$1
$1.
Quarterly
$134
Smith (A.0.) Corp., preferred (guar.)
$1 X
Solvay Amer. Invest.. pref.(guar.)
5134
South Carolina Power Co., $6 pref. (quar.)____
Southern Calif. Edison Co.. Ltd.. corn. (guar.). 3734c
707 series A preferred (guar.)
43 X c
3734c
6% series B preferred (guar.)
20c
Southern Canada Power Co.. common (quar.)_ _
50c
Southern Fire Insurance Co.(semi-annual)
5134
South Pittsburgh Water 7% preferred (guar.)._
5% preferred rsemi-anntial)
$1,
1
Stamford Water Co. (quar.)
32
Standard Coosa-Thatcher,7% pref.(quar.)_ _ _ _ $134
25c
Standard Oil Co. of California
tt
Standard Oil Co. of N. J
Stanley Works of New Britain. Conn., pf. (qu.) 37 X c
25c
Stein (A.) & Co . common
95c
Sterling Products, Inc. (guar.)
25c
Sun 011 Co. (guar.)
$134
6% preferred (guar.)
Susquehanna Utilities Co.. 1st preferred (guar.) $134
25c
Swift 31 Co., special
Syracuse Lighting 6% pref. (guar.)
$134
$134
6)4% preferred (quar.)
$2
8% preferred (guar.)
56c
Tampa Electric (quarterly)
$13 .
4
Preferred A (quarterly)
$I
Taylor & Fenn Co.(guar.)
Tennessee Electric Power Co.
5134
5% 1st preferred (guar.)
5134
6% 1st preferred (guar.)
8134
79' 1st preferred (quar.)
$1.80
7.2% lot preferred (guar.)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
60c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
$134
Texas Utilities, 7% preferred (guar.)
$t%
Tex-O-Kan Flour Mills. pref.(guar.)
5134
Preferred (quarter y)
,
90c
Thatcher Mfg.. pref (quar.)
10c
Third Twin Bell Syndicate (Ill-monthly)
1234c
Thompson (John R.) Co (quarterly)
$131
Tide Water Oil, 5% pref. (guar.)
$134
Tide Water Power. $6 pref. (guar.)
2c
Toburn Gold Mines. Ltd
10c
Unexcelled Manufacturing Co
25c
Union Oii CO. oi California (quar.)------.- 40c
United Biscuit Co.of America,common (guar.)_
$134
Preferred (quarterly)
25c
United Gas Improvement
$134
Preferred (quarterly)
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Feb. 15 Jan. 30
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Feb. 15 Jan. 19
Mar. I Feb. 15
Feb. 20 Feb. 11
Mar. 1 Feb. 20
Feb. 16 Feb. 5
Mar 1 Feb. 20
Mar 1 Feb. 20
Mar. 15 Feb. 15
Feb 9 Jan. 18
Mar. 1 Feb. 9
Mar. I Feb 10a
Apr 10 Mar 30
July 10 June 30
Oct 10 Sept.30
Mar. 1 Feb. 5
Apr. 10 Mar. 31
July 10 June 30
Oct. 10 Sept.30
Jan. 10 Dec. 31
Mar. 1 Feb. 13
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 9
July 1 June 10
Oct. 1 Sept. 10
Jan. 2 Dec. 10
Apr. 2 Mar. 9
July 2 June 10
Oct. 8 Sept. 10
Jan. 7 Dec. 10
Name of Company
si q
8134
Feb. 15 Feb. 5
Mar. 1 Feb. 20
June 1 May 20
Sept. 1 Aug. 20
Dec. 1 Nov. 20
Feb. 28 Feb. 20
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Apr. 1 Feb. 28
Feb. 15 Jan 2.5
July 1 July 1
Mar. 30 Mar. 1
Mar. 30 Mar. 1
Mar. 30 Mar. 1
Mar. 30 Mar. 1
Feb. 28 Feb. 1
Mar. 30 Mar. 1
Feb. 15 Jan. 24
Feb. 28 Feb. 1
Feb. 15 Jan. 25
Feb. 19 Jan. 29
Mar. 1 Feb. 10
June 1 May 10
Feb. 14 Jan. 17
Mar. 14 Feb. 21
Apr. 1 Feb. 28
Mar. 1 Feb. 150
Mar. 30 Mar. 15
Mar. I Feb. 11
Mar. 1 Feb. 11
Mar. 1 Feb. 11
Mar. 20 Mar. 8
April 20 April 5a
April 20 April Sc
July 20 July 5
Oct. 21 Oct. 5a
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Feb. 15 Jan. 31
May 1 Apr. 15
Feb. 15 Feb. 6
Feb. 15 Jan. 25
Mar. 1 Feb. 20
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Feb. 11 Feb. 5
Feb. 11 Jan. 31
May 1 May 1
Aug. 1 Aug. 1
Nov. 1 Nov. 1
Feb. 15 Feb. 1
Feb. 15 Jan. 15
Apr. 1 Mar. 15
Feb. 15 Jan. 19
Mar. 15 Feb. 20
Mar. 15 Feb. 20
Feb. 15 Jan. 31
Mar. 1 Feb. 15
Feb 15 Jan. 2
Feb. 19 Feb. 9
Feb. 15 Feb. 5
Apr. 15 Apr. 15
Mar. 15 Feb. 15
Mar. 15 Feb. 15
Feb. 15 Feb. 2
Feb. 15 Ian. 31
Mar. 1 Feb. 150
Mar. 15 Feb. 25
Mar. 1 Feb. 11
Mar. 1 Feb. 20
Feb 15 Jan. 25
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Feb. 1 Jan. 26
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr 1. Mar. 15
Apr. 1 Mar. 15
Mar. 1 Feb. 15
Apr. I Mar. 15
Mar, 1 Feb. 15
Apr. 1 Mar. 15
Mar. 1 Feb. 21
Mar 1 Feb. 15
June 1 May 15
Feb. 15 Jan. 31
Feb. 25 Feb. 27
Feb. 15 Feb. 5
Feb, 15 Feb. 11
Mar. 1 Feb. 10
Feb. 21 Jan. 25
Feb. 15 Feb. 1
Feb. 9 Jan. 19
Mar. 1 Feb. 7
May 1 Apr. 15
Mar.30 Feb. 28
Mar.30 Feb. 28
925
Financial Chronicle
Volume 140
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
United Light & Rye.(Del.)
-79' pr. pref(mo.)_ 58 1-3c
53c
6.36% prior preferred (monthly)
50c
6% prior preferred (monthly
757 prior preferred (monthly
58 1-3c
53c
6.36% prior preferred (mont y)
50c
6% prior preferred (monthly)
$2 A
United New Jersey RR.& Canal kquar.)
12Ac
United States Pipe & Fdy Co.(quar.)
12Ac
Common (quar.
12Ac
Common (quar.
1214c
Common (guar.
1st preferred (quar.i
30c
let preferred (quar.
30c
1st preferred (quar.
30c
1st preferred (quar.)
25e
United States Playing Card (guar.)
25c
Extra
United States Steel, preferred (quar.)
50c
$13.'
United States Sugar Corp., pref. ((mar.)
$1 A
Preferred (quarterly)
Si A
Preferred (quarterly)
Upper Michigan Power & Light,6% pref.(quar.) $1 A
$134
6% Preferred (quarterly)
$1A
6% preferred (quarterly)
6% preferred quarterly
$1 A
Upson Co.. class A & B
435ic
Utica Clinton & Binghamton Ry.—
$1
Common (semi-ann.)
Debenture stock (semi-ann.)
$2
Debenture stock (semi-ann.)
$2
$1
Utica Gas & Elec. $7 Pref. (guar.)
h$3
Utica Knitting, 7% preferred
Van Raalte Co.. 1st pref. (guar.)
Si
Vermont & Boston Telephone isemi-ann.)
Vick Chemical Co.. (quarterly)
50e
Extra
10c
734c
Vick Financial (semi-ann.)
Vulcan Detinning, preferred (quar.)
1 31'7
Preferred (quar.
1 e
Preferred (quar.)
i3'9
75e
Warren (Northam) Corp., $3 pref. (guar.)
Washington Ry.& Electric Co.(quar.)
$3
6% preferred (quarterly)
$1
5% preferred (quarterly)
Si
Wed11 (Raphael) & Co. (semi-ann.)
$4
NV casco Oil & Snowdrift Co.,Inc—
Convertible preferred (guar.)
Si
$134
Western Cartridge Co.6% preferred (quar.)
Westinghouse Electric & Mfg Co
Westland 011 Royalty Co., class A (monthly)_ _
10e
West Penn Elec.,7% preferred
$1.31
,
6% preferred (quar.)
513.4
Westvaco Chlorine Products,(quar.)
10c
West Virginia Pulp & Paper Co.—
Preferred (quarterly)
$134
1 Feb. 15
1 Feb. 15
1 Feb. 15
1 Mar. 15
1 Mar. 15
Apr. 1 Mar. 15
Apr. 10 M ar.20
Apr. 20 Mar.30
July 20 June 29
Oct. 20 Sept.30
Jan. 20 Dec. 31
Apr. 20 Mar.30
July 20 June 29
Oct. 20 Sept. 30
Jan. 20 Dec. 31
Apr. 1 Mar. 21
Apr. 1 Mar. 21
Feb. 27 Feb. 1
Feb. 20 Sept 10
Apr. 5 Mar. 10
July 5 June 10
May 1 Apr. 26
Aug. 1 July 27
Nov. 1 Oct. 26
2-1-'36 Jan. 27
Feb. 15 Feb. 1
Mar.
Mar.
Mar.
Apr.
Apr.
Feb. 11 Jan. 31
June 26 June 16
Dec. 26 Dec. 16
Feb. 15 Feb. 1
Mar. 18 Feb. 18
Mar. 1 Feb. 14
July 1 une 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Feb. 15 Feb. 1
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct 10
Mar. 1 Feb. 15
Mar. 1 Feb. 16
Mar. 1 Feb. 16
June 1 May 15
Mar. 1 Feb. 1
Mar. 1 Feb. 15
Feb. 20 Jan. 31
Feb. 18 Jan. 21
Feb. 15 Jan. 31
Feb. 15 Jan. 18
Feb. 15 Jan. 18
Mar. 1 Feb. 15
Feb. 15 Feb. 1
When Holders
Per
Share. Payable. ofRecord
Name of Company.
Wilcox Rich Corp.class A (quar.)
Class B
Will & Baumer Candle Co., Inc—
Common
Common (extra)
Preferred
Winsted Hosiery (quar.)
Quarterly
Quarterly
Woolworth (F. W.)Co.(guar.)
Worcester Salt Co.,6% pref. (quar.)
Wrigley (Wm.) Jr. (monthly)
Monthly........
Zions Cooperative Mercantile Ins. (quar.)
Quarterly
Quarterly
Quarterly
d623.4 Mar.31 Mar.20
20c Feb. 15 Feb. a
10c
Sc
$2
$1 A
$134
$134
60c
$134
25c
25c
50c
50e
50c
50c
Feb. 15 Feb. 1
Feb. 15 Feb. 1
Apr. I Mar. 15
May 1
Aug. 1
Nov. 1
Mar. 1 Feb. 11
Feb. 15 Feb. 5
Mar. 1 Feb. 20
Apr. 1 Mar. 20
Jan. 25
Apr. 15
July 15
Oct. 15
t The New York Stock Exchange has ruled that stock will not be quote
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock w
not be quoted ex-dividend on tills date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payable in scrip. h On account of emu.
f Payable in common stock.
mulated dividends. .) 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 com. stock of the corporation for each share of such pref. stock, or, at
the option of such holders (providing written notice thereof is received by
the corporation on or before Feb. 15 1935), at the rate of 75e. per share in
cash.
m North American Aviation liquidating div. of 8-100ths share capital
stock of new Transcontinental & Western Air, Inc.
n Standard Oil of N.5. div. of one sh. of Mission Corp. stock for each
25 shares of 8. 0. of N. 5. $25 par value and 4 shs. of Mission Corp. stk.
for each 25 abs. of St. 0. of N. J. $100 par value.
o Lynch Corp. declared a 50% stock dividend in addition to its regular
quarterly dividend.
p Parker Rust Proof,distribution of 1 share of Parker Wolverine 5% Pref•
for each share held.
q Westinghouse Electric div., 31 share of R. C. A. for a share of its cam.
and pref.; pref. shareholders given option of $3 A in cash; pref. div. and
option constitutes full 1935 payment
r Payable in Canadian funds,and in the case of non-residents of Canada
a deduction of a tar of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. a A unit w Lees depositary expenses
Less tax. if 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 Feb. 6 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, FEB. 2 1935
Clearing House
Net Demand
Deposits.
Average
Surplus and
Undivided
• Capital
Profits
Members
$
Bank of N Y dr Trust Co
Bank of Manhattan Co.
National City Bank____
Chem Bank & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk di Tr Co
Corn Exch Bank 'Tr Co.
First National Bank__
Irving Trust Co
Continental Ilk & Tr Co
Chase National Bank__
Fifth Avenue Bank
Bankers Trust Co
Title Guar dr Trust Co__
Marine Midland Tr Co.
New York Trust Co.___
Comm'l Nat Bk & 'Fr Co
Public Nat Bk & Tr Co_
$
$
$
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500.000
7,000,000
8,250,000
10.298,100
113,847,000
6,527,000
25,431,700
309,594,000
29,209,000
38,273,300 a1,041,480,000 153,839,000
48,104,400
370,521,000
19,337,000
177,294,700 91,085,031,000
51,543,000
10,297,500
284,446.000 103,090,000
61,512,800
599,529,000
28,144,000
16,124,900
191.201,000
20,878,000
89,218,100
406,974,000
12,682,000
57,819,800
407,967,000
4,870.000
3,608,900
31,568,000
1,847,000
68,839,400 c1,429,740,000
66,284,000
3,329,600
44,065,000
352,000
62.018,800 d647,468,000
17,387,000
8,160,400
14,814,000
258,000
7,503,200
55,313,000
4,020,000
21,361,500
240,175,000
16.473,000
7,644,700
54,751,000
1,414,000
5,148,200
52,313,000
37,610,000
614.955.000
Totals
721.990.000 7.380.797.000
575.767M00
• As per official reports: National. Dec. 311934: State, Dec. 31 1934: trust cornpanics, Dec. 311934.
Includes deposits in foreign branches as follows: a 8201,753,000: b 64,941.000;
c $86,710,000; 4828,418.000.
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. FEB. 1 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Manhattan
a
Cash
$
Res. Dep., Dep. Other
N. Y. and Banks and
Gross
Elsewhere Trust Co..Deposits
$
3race National
24,340,400
Trade Bank of N. Y. 4,042,032
90,900
150,949
2,757,200
762,479
4,574,000
91,000
696.000
Brooklyn—
People's National
$
5
2,292,100 24,723,900
145,388 4,197,377
296.000
4.990.000
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Cush
Res. Dep.. Dep. Other
N. Y. and Rants and
Elsewhere Drun Cos.
53,927,200 *4,131,600 8,455,500
7.302,081
128,907
680,614
*853,678
574.719
12,618,503
Fulton
19,168,100 *2,618.700
629,400
Lawyers County____ 30,442,400 *7,889,600
622,500
United States
62,661,526 10,623,289 16,105,122
Brooklyn—
Brooklyn
88,392,000 2,555,000 21,629,000
Kings County
28,125,655 2.150,696 7.589.089
S
a
S
Gold certificates on band and dos from
2,112,095,000 2.041,711.000 835,430,000
U. S. Tretteury_x
Gross
Deposits
2,427,600 56,945,200
1,055,293 7,495,680
62,541 12,274,801
395,800 18,171,800
36,436,100
60,891,473
1,636,000
69,838,000
727,000
70,206.000
9,328,000
52,983,000
2,183,569,000 2.112,644,000
Total reserves
1,736,000
L509,000
Redemption fund—F. It. bank notes
Bills discounted:
Secured by U. B. Govt. obligations
2,056,000
1,661,000
direct & (or) fully guaranteed
2.575,000
2,386,000
Other bills discounted
897,741,000
2,979,000
4,047,000
4,631,000
33,386,000
2,102,000
1,071,000
2,102,000
1,064,000
5,403,000
141,018,000
477,501,000
159,299,000
141,018,000
477,501,000
159,299,000
170,045.000
353.257,000
308,453,000
777,818,000
777,818,000
831,755,000
Redemption fund—F. R. notes
Other cash
Total bills discounted
Bills bought in open market
Industrial Advances
U. 8. Government securities:
Bonds
Trea3ury notes
Certificates and bills
Total U.S. Government securities.
Other securities
Foreign loans on gold
•
783,000
785,038,000
785,615,000
871,327,000
316,000
5,178,000
97,953,000
11,508.000
34,148,000
1,288,000
3,234.000
91,537.000
11,423,000
46,696,000
3,113,349,000 3,049,098,000 1,926,225.000
Total assets
Lisbittttes652,468,000 643.699,000
F. R. notes in actual circulation
F. R. bank notes in actual circulation net
24,324,000
24,583.000
.
Deposits—Member bank reserve &col- 2,108,914,000 2,033,433,000
U. B. Treasurer—General account_..,
.
9,752,000
9,949,000
Foreign bank
.
4,165,000
3,969,000
Other deposits
100,855,000 117,610,000
Total deposit&
Deferred &vadat:City items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
12,448,000
20,938,000
317,000
3,638,000
96,221,000
11,508,000
31,549,000
•
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
Reaervs for contingencies.
AUother liabilities
580,000 99,141,000
31,621,619
• Includes amount with Federal Reserve as follows: Empire. $2,929,100: Fiduciary.
$601,657; Fulton, 82,426.800; Lawyers County, $1,180,900,
Assets—
Total bills and securities
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Feb. 1:
Loans
Disc. and
Investments
Feb. 6 1935 Jan. 30 1935 Feb. 7 1934
Time
Deposits,
Average
599,173,000
52,053,000
942,083,000
54,043,00e
5,880,000
25,620,000
.2,223,686,000 2,164,961,000 1,027,626,000
95,667,000
88,108,000
92,664,000
59.714,000
59,701,000
58,606,000
49,964,000
49,964,000
45,217,000
877,000
877,000
7.501,000
7,501,000
4,737,000
2,151,000
2,145,000
50,705,000
Total liabilities
- 3,113,349,000 3,049,098,000 1,926,225,000
Ratio of total reserves to deposit an 3
F. It. note liabilities combined
Contingent liability on bills purchase:I
for foreign correspondents
Commitments to make industrial
advances
75.9%
75.2%
55.2%
166,000
116,000
1,549,000
4.757.000
4.727.000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
a /lime 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
eents to 59.06 cents, these certificates being worth lesa to the extent of the (Menace. toe difference iuwil having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
926
Financial Chronicle
Feb. 9 1935
Weekly Return of the Federal Reserve Board
The following is Issued by the Federal Reserve Board on Thursday afternoon, Feb.. 7, showing the condition
of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 6 1935
Feb. 6 1935 Jan. 30 1935 Jan. 23 1935 Jan. 16 1933 Jan. 9 1935 Jan. 2 1935 Dec. 26 1934 Dec. 19 1934 Feb. 7 1934
ASSETS.
S
$
I
$
S
3
$
$
5
Gold cite. on hand & due frotn U.8.Treas x 5,445,101,000 5,350,959,000 5,281,298,000 5,237,503,000 5,162.076,000 5,124,339,000 5,122,396.000 5,122,762.000 3,513,171,000
Redemption fund (F. R. notes)
16,559,000
15,875,000
17,398,000
17,398,000
19.060,000
19,060,000
18,952,000
19,454,000 42,478,000
Other cash •
270,330,000 280,320,000 286.400,000 287,444,000 287,844,000 253,091,000 213,620,000 219,662,000 220,899,000
Total reserves
5,731,990,000 5,647,154,000 5,585,096,000 5,542,345,000 5,468.780,000 5,3913,490,000 5,354,968,000 5,361.878,000 3,776,548,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct St (or) fully guaranteed
Other bills discounted
1,986,000
1,579,000
3,124,000
3,304,000
3,558,000
3,500,000
5.294.000
3,394,000
13,604,000
3,617,000
6,428,000
Total bills discounted
1,759,000
7,058,000
8.688.000
17,221.000
1,752,000
1,677,000
1.677,000
3,588,000
3,406,000
3,544,000
3,548,000
4,820,000
4,461.000
4,768,000
3,839,000
21,020,000
52,307,000
6,994,000
7,092.000
9.281,000
8,607,000
73,327,000
1,964,000
1,841,000
12,520,000
Bills bought In Open Market
Industrial Advances_
U.S. Government securities
-Bonds
Treasury notes
Certificates and bills
5,538,000
5,539.000
5,503,000
5,562,000
5,612,000
5,611,000
5,611,000
96,899,000
5.682,000
15,636,000
17,824,000
17,493,000
14,826,000
14,744,000
14,315,000
13,589,000
12,494,000
395,630,000 395.652,000 395,650,000 395.627,000 395.662.000 396,088,000 395.582,000 395,572,000 442,785,000
1,511,666,000 1.511.693,000 1,506.688,000 1,508.667,000 1,507,117,000 1,507,118,600 1,507,141.000 1.507,124,000 1,028,137,000
522,925,000 522,925,000 527.925,000 525.925,000 527.475,000 527.475,000 527,475,000 527,475,000 960,821,000
Total U. S. Government securitlea
Other securities
Foreign loans on gold
2.430,221,000 2.430,270,0002.430,283.000 2.430.219,000 2.430,254,000 2,430,681,000 2,430,198,000 2,430,171,000 2,431,743,000
1,293,000
Total bills and aecuritlee
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premixes
All other assets
459 976 000 2.460.359,000 2.460,126,000 2,467,828.000 2.457,603.000 2,547,700.000 2.458,679.000 2.456,954.000 2.603,262,000
2. . .
805,000
17,165,000
416,543,000
49,336,000
45,286,000
Total assets
805.000
19,672,000
411.130.000
49.307,000
48.444.000
805.000
22.324,000
446,365.000
49,306,000
46.961,000
806,000
805,000
805.000
804,000
24,226,000
24.489.000
27.988,000
22,814,000
505,729,000 428,403.000 530.474,000 452,135,000
49,296,000
49.190,000
49,160,000
53,372,000
45.589,000
44.850,000
44,534,000
43,064,000
804,000
22,028,000
551,496,000
53,372,000
42,133,000
3,392.000
15,377,000
364,079,000
52,365.000
115,564,000
8,722,860,000 80338,857.000 8.612,562.000 8.837,571,000 8,476.084,000 8.508.828,000 8.387.313,000 8.490,506.000 6.943,107,000
LIABILITIES.
F. R. notes in actual circulatiot
F. R. bank notes In actual circulat1011.-
3,101,685,000 3,068.172.000 3.086,915.000 3,099,050,000 3,136,987.000 3,215,661,000 3.361,403,000 3,231.862,000 2,946,226,000
25,697,000
25,683,000
25,527,000
25,869,000
20,363,000
26.185,000
26,603,000
26,752,000 201,984,000
Deposits
--Member banks' reserve Itetrotint 4,632,647,000 4,541,755,000 4,500.919,000 4,387,560,000 4,282.546,000 4,089,552,000 3,961,204.000 3,943.123,000 2,735,701,000
U. 8. Treasurer-General account_a
56.481,000
49,155,000
35,434,000
67,227,000
80,137,000 125,594,000 168,114,000 232.261,000
84,912,000
Foreign banks
19,083,000
16,073,000
13,424,000
18,339,000
19.114,000
18,954,0()0
19,582,000
18,361,000
7,989,000
Other deposits
162,684,000 178.141,000 169,073,000 196,677,000 174,725,000 170,971,000 168,016,000 166,548,000 133,939,000
Total deposits
4,844,189,000 4.792.450,000 4.738,230,000 4,669,803,000 4,556,522,000 4,405,071,000 4,316,916,000 4.360,293,000 2,962,541,000
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-11)
Reserve for contingencies_
All other liabilities
411,155,000
146,868,000
144,893,000
12,351,000
30,822,000
5,270,000
Total liabilities
412,710,000
146,870,000
144,893,000
11.560,000
30,820,000
5,685.000
444.405,000 506,428,000
146,888,000 146,839,000
144,893,000 144,893,000
10.669,000
10,526,000
30,820.000
30.808,000
4,059.000
3,355,000
419.920.000 527,887,000
146.844,000 146.773,000
144,893,000 144.893,000
10,496,000
8,418,000
30,816,000
30,816.000
2,945,000
3.421,000
441.843.000
146,752,000
138,383,000
6,459,000
22,272,000
26,682,000
532,562.000
146.718.000
138,383,000
5,128,000
22,272,000
26,538,000
365,119,000
145,222,000
138,383,000
22,523,000
161,109,000
8,722,860,000 8.638.857,0008.612.562.000 8.637.571,000 8,476,084,000 8.508,828,000 8,387,313,000 8.490.506,000 6.943,107,000
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
Mammy Distribution of Bills and
Seort-terns Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
72.1%
71.8%
366.000
12,314,000
317,000
11,739.000
$
$
71.6%
317,000
11,109,000
$
71.3%
567,000
10.846,000
$
71.1%
878,000
10.375,000
3
70.8%
70.7%
70.6%
674,000
10.213.000
675,000
8.225,000
651,000
7.399,000
$
3
63.9'
4.478,000
$
5
4,693,000
673,000
715,000
290,000
48,000
5,416,000
627,000
635,000
358,000
22.000
7.021,000
110,000
1,228.000
296.000
33,000
15,588,000
223,000
677,000
701.000
32,000
5,478,000
125,000
1.239,000
122,000
30.000
5,266,000
251,000
1.417,000
84,000
74,000
7,281,000
404,000
884,000
638.000
74,000
6,855,000
221,000
863,000
627,000
31,000
6,428,000
7.058.000
8.688,000
17,221,000
6.994,000
7,092,000
9.281,000
8,607,000
73,327,000
857,000
1,219,000
219,000
3,208,000
657,000
1,506.000
386,000
2.989,000
2.750.000
815,000
1,213.000
731,000
2,743,000
833,000
669,000
1,317,000
741,000
2,719,000
882,000
1,289,000
515,000
2.869,000
1,144,000
1,084,000
1,165,000
695,000
1,027,000
2,724.000
1,140,000
513.000
1,271,000
2,758,000
27,138,000
33,381,000
21.412,0011
14,962,000
6,000
5,503,000
5,538,000
5,539,000
5,562,000
5,611,000
5.682,000
96,809,000
139,000
551,000
748,000
1,298,000
15,088,000
92,000
146,000
1,184,000
904,000
15,167,000
42,000
191,000
820,000
1,251,000
13,332,000
47,000
186,000
656,000
878,000
13,059,000
84,000
102.000
855,000
904,000
12.999,000
49,000
142,000
137,000
1,425,000
12,562,000
17,824,000
17,493.000
15,636,000
14.826,000
14.744,000
14.315,000
13.589.000
12.494,000
1-15 days U. S. certificates and bine-35,114,000
39,467,000
40,635,000
30,200,000
27,400,000
31,450,000
16-30 days U.S. certificates and bills- 36,222,000
35,114.000
44,467,000
39,690,000
45.535,000
33.300,000
31-60 days U. S. certificates and bills-- - - 165,130,000 175,030,000 163,880,000 154,252,000
81,354,000
83,239,000
61-90 days U. S. certificates and bills
179,175,000 172.177.000 189,545,000 201.873,000 164.630.000 175.230.000
Over PO days U. S. certificates and bills 2,011,112,000 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
56,401,000
87,693,000
304,930,000
038,643,000
371,154,000
527.475,000
527.475.000
960,821,000
Total bills discounted
1-16 days bills bought In open market...
16-30 days bills bought In open market
81-60 days bills bought In ()Pen market
81-90 days bills bought in open manes_
Over 90 days bills bought In open market
Total bill* bought in open market
1-16 days industrial advances
16-30 days Industrial advances
31-80 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
Total industrial advances
Total U. S. certificates and bills
1-15 days municipal warranta
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserce Noses
Issued to F. R. Bank by F. It• Agent
Held by Federal Reserve Bank
In actual circulation
5,612,000
2,430,221,000 2.430,270.000 2.430,263,000 2,430.219,000 2,430,254,000 2,430,681,000
5.611,000
32,000
71,000
211,000
865,000
12,410,000
99,000
146,000
205,000
832,000
11,212,000
3l,155,000
6,456,000
7,660,000
4,469,000
587,000
-
1,230,000
46,000
17,000
1,293,000
3,379,971,000 3.385.435,000 3,386.374,000 3.433,031,000 3.480.183,000 3.518.366,000 3,551,542,000 3,540.121,000 3,200,844,000
278,286,000 297.263.000 319.459,000 333.981.000 343,196,000 302,705,000 290,139,000 308,259,000 254,618,000
3,101,685,000 3,068,172,000 3,066,915,000 3,099,050,000 3,136,987,000 3.215,861,000 3,281.403,000 1.231.892,000 2,946,226,000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold etre on hand et due from U.S. Trees_ 3,256,450,000 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 2,341,818,000
By eligible papa'
5,587,000
7,285.000
4,955,000
15,778,000
5,582,000
5.523,000
7,575,000
6,932,000 137,328,000
U.S. Governm int securities
191,000,000 188,000.000 188,000,000 193,000,000 238,000,000 243,100,000 238,000,000 2011.000,000 561.100,000
Total collate' al
3.452.405 000 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 3,240,246,000
•"Other mall" does not Include Federal Reserve notes or a bank's own Federal Reserve bank note].
t Revised figures.
a 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 59,06 ands.
on Jan.31, 1934, these certificates being worth less to the extent of toe difference. the difference itself having been appropriated as profit by the Treasury under the Provielono of the Gold Reserve Act 011534.
a Caption Clanged from "Governmeni" to "U. S Treasurer-General account" and 3100.000.000 included in Government deposits on May 2 19.31 transferred to
”Othes deposiXs."
Volume 140
Financial Chronicle
927
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS FEB. 6 1935
Two Cipher,(00) Omitted.
Federal Reserre Bank of
-
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St, Louts Mtnneap. Kan. Coy Dallas
&arras.
RESO URCES
$
$
$
3
3
3
3 '
3
$
$
$
3
$
Gold certificates on hand and due
from U.S. Treasury
5,445,101.0 408,417,0 2,112,095,0 264,732,0 380,828,0 184,097,0 111,328,0 1,029,025,0 197,453,0 138,640,0 192,279.0 112,410,0
313,797,0
Redemption fund-F.R. notes_
16,559,0
512,0
1,636,0 2,212,0
1,560,0 1,426.0 3,555,0
848,0
503,0
223,0
521,0
250,0 3,313,0
Other cash
270.330.0 32,412.0
69,838,0 36.937,0 13,185,0 12,095,0 14,418,0
30.682,0 10,591,0 11,336,0 11,890,0 7,379,0 19,567,0
Total reserves
5,731,990,0 441.341,0 2,183.569,0 303,881,0 395,573,0 197,618,0 129.301,0 1,060,555,0 208,547,0 150,199,0 204,690,0 120,039,0
336,677,0
Redem. fund-F. R. bank notes.
1,759,0
250,0
1,509,0
Bills discounted:
Sec. by. U.S. Govt. obligations
direct and(or)fully guaranteed
3,124,0
332,0
1,661,0
378,0
490,0
100,0
55,0
18,0
80,0
10,0
Other bills discounted
3,304,0
16,0
2,386,0
441,0
122.0
156,0
56,0
80.0
17,0
30.0
Total bills discounted
6,428,0
348,0
4,047,0
819,0
612,0
256,0
111,0
18,0
160,0
17,0
40,0
Bills bought in open market
5,503,0
404,0
2,102.0
555,0
523,0
204,0
198,0
651,0
105,0
149,0
84,0
143,0
385.0
Industrial advances
17,824,0 1,849,0
1,071,0 3.798,0 1,152,0 2,773,0 1,057,0
1.266,0
478,0 1,809,0
635,0 1,283,0
653,0
U. B. Government securities:
Bonds
395,630,0 23,207.0 141,018,0 25,137,0 30,559,0 14,859,0 13,541,0
62,145,0 13,795,0 15,358,0 13,334,0 18,820,0
Treasury notes
1,511,666,0 99,055,0 477,501,0 105.049,0 134,418,0 65,346,0 59,445,0 273,635.0 58,494,0 37,142,0 57,837,0 38,789,0 23,857,0
104,955,0
Certificates and bills
522,925,0 35,409,0 159,299,0 36,934,0 48,048.0 23,358.0 21,250,0
92,563,0 20,911,0 13,095,0 20,673.0 13.866,0 37,519,0
Total U. S. Govt. securities 2,430,221,0 157,671.0 777,818,0 167,120,0 213,025,0 103,563,0
94.236,0 428,343,0 93,200,0 65,595,0 91,844,0 71,475,0 166,331,0
Total bills and securities
2,459,976,0 160,272,0 785,038,0 172,292,0 215,312,0 106,796,0 95,602,0 430,260.0 93,801,0 67,488,0 92,788,0 72,918,0
167,409,0
Due from foreign banks
805,0
60,0
317.0
83,0
76,0
30,0
29,0
97,0
8,0
6,0
22,0
21,0
56,0
Fed. Res. notes of other banks_
17,165.0
312,0
3,638,0
531,0
837,0 2,585,0 1,122,0
2,138,0
931,0
693,0 1,355,0
359,0 2,664,0
Uncollected items
416,543,0 43,305,0
96,221.0 33,601,0 38,137,0 36,936,0 16,759,0
55,609.0 19,391,0 10,964.0 26,888.0 15.952,0 22,780,0
Bank premises
49,336,0 3,168,0
11,508,0 4,515,0 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
All other resouroee
45,286,0
670,0
31,549,0 4,754,0 1,573,0
1,323,0
1,770,0
885.0
231,0
753,0
293,0
924,0
561,0
Total resources
• 8.722,860.0 649,378,0 3,113,349.0 519,657,0 658,137,0 348.316,0 246,908,0 1,554,499,0 325.537,0 231,683,0329.48
3,0 211,897.0 534,016.0
LIABILITIES
F. B. notes In actual circulation 3.101,685.0 263,980,0 652.468,0
229.911.0 297.880.0 156,029.0 126,026,0 770.832,0 138,126,0 103,903.0 115,776.0 48.648.0 198.101,0
F. R. bank notes In act'l circurn _ .
25,627.0
1,303,0
24,324.0
Deposits:
Member bank reserve account . 4,632,647,0 309,325.0 2,108.914.0
219,577,0 283.420,0 138,271,0 84,457,0 672.953,0 140,699,0 99,467,0 176,325,0 127,801,0 271,438.0
U. S. Treasurer-Gen. am__ •
35,434,0 1,296,0
9,752,0
836,0 2,608.0 1,459,0 2,985,0
911,0
6,379,0 2,657,0
752,0 4,506,0 1,293,0
Foreign bank
•
13,424,0 1,007,0
4,165,0
1,480,0 1.348,0
536,0
484,0
1,814,0
477.0
316,0
397,0
402,0
998,0
Other deposits
• 162.684,0 4,838,0 100,855,0 2,414,0 3,885,0 3,028,0
3.187,0
3,399,0 12,864,0 7,127,0 1,103,0 2,016,0 17,968,0
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13 b)
Reserve for contingencier
All other Bahl/Bias
Total liabilities
. 4,844,189,0 316,466.0 2,223,686.0 224,307,0 291,261,0 143,294,0 91,113,0
. 411,155,0 43,326,0
92.664,0 31.526.0 37,210.0 35,647,0 16,365,0
• 146,868,0 10,792,0
59,714,0 15,131,0 13,146,0 4,966,0 4,373.0
• 144,893,0 9,902,0
49,964,0 13,470,0 14,371,0 5,186,0
5,540,0
12,351,0
1,789,0
877,0 2,098,0
1,007,0 1,697,0
754,0
•
30,822.0 1.648,0
7,501,0 2,996,0 3,000,0 1,416,0 2,598,0
5,270,0
172,0
2,151,0
218,0
262,0
81,0
139,0
.8,722,860,0 649.378,0 3,113,349,0 519.657,0 653,137,0 348.316,0 246.908,0
Ratio of total res. to dep. & F.
note liabilities combined
Contingent liability on bills psi -..
abased for torn correeponden
Commitments to make indwitri .1
advances
684,545,0 156,697,0 107,821,0 178,577,0 134,725,0 291,697,0
57,350,0 20,508,0 10,831,0 26,213,0 18,595,0 20,920,0
12,759,0 4,049,0 3,134,0 4,046.0
4,021,0 10,737,0
21,350,0 4,655,0 3,420,0 3,613,0
3,777,0 9,645,0
1,241,0
381,0 1,003.0
293.0
626.0
585,0
5,325,0
894,0 1,211,0
808,0 1,363,0 2,062,0
1,097,0
227,0
355,0
157,C
142.0
269.0
1,554,499,0 325.537,0 231,683,0 329.483,0 211.897,0 534,016,0
72.1
76.0
75.9
66.9
67.1
66.0
59.5
72.9
70.7
70.9
69.5
85.1
368,0
23,0
166.0
31,0
30,0
12,0
11.0
37,0
9,0
8,0
9.0
8,0
12 314 0 1 745 0
4 757 0
2010 122.110
5020
7200
•"Other Cash" does not Include Federal Reserve notes
or bankM own FederallReserve bank notes.
41120
1 900 0
200
2011
68.7
22.(
1 OSA r
FEDER AI RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total
Boston
New York
Federal Reserve notes:
$
$
Issued to F.R.Bk. by F.R.Agt. 3,379,971,0 289.862,0
Held by Fedi Reserve Bank..._ 278,286,0 25,882,0
In aotual circulation
3,101,685,0 263,980,0
Collateral held by Agent as security for notes issued to bk.:
Gold oertificatee on hand and
due from U.S. Treasury __ _ _ 3,256,450,0 301,617,0
Eligible paper
4,955,0
348.0
U. S. Government securities_
191,000,0
Total collateral
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minnedp Kan. City Dallas
San Fres,
3
$
$
$
$
749,570,0 247,350.0 312,131,0 165,126,0 144,366,0
97,102,0 17,439,0 14,251,0 9,097,0 18,340.0
652,463,0 229,911.0 297.880.0 156,029,0 126,026.0
770,832,0 138,126,0 103,908.0 115,776,0 48.648,0 198.101,0
788,706,0 216.500,0 283,215.0 139,340,0 80,685.0
2,753,0
712,0
612,0
231,0
101,0
32.000,0 30,000.0 29.000,0 65.000,0
805,513,0 137,936,0 109.000,0 124.000,0 54.675,0 -15.263.0
18,0
123,0
17,0
40,0
5,000,0
30,000,0
701 459•0 249 212 0 212 A27 0 1091 571 n 145 7011 0
3.452.405 0 301 065 0
$
$
$
$
$
$
800,616,0 142,048.0 108,310,0 123,396,0 54,030,0 243,166.0
29,784,0 3,922,0 4,402,0 7,620,0 5,382,0 45.065,0
805 513•0 142 054 n 100 000 0,124_123 0 54.692.0 245,303.0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at--Federal Reserve bank notes:
Issued to F. It. Bk. (outattlg.)_
Held by Fell Reserve Bank__
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Total collateral
3
1,511,0
208,0
$
$
24,553.0 10,208,0
229,0 10,208,0
25,627,0
1.303,0
42,074,0
5,000.0
Chicago
St. Louts Mtnnecip. Kan. Ctis Dallas
San Iran.
24,324,0
25,074,0 12,000,0
42.074.0
In actual circulation-net •_
Oollat. pledged eget. outet. notes:
Discounted & purchased bills_
U. S. Government securities_
3
36,272,0
10.645,0
5 000 0
3
$
$
$
$
$
$
$
$
25 074 n 12 nnn n
• Does not include $74,018.000 of Federal Reserve
bank notes for the retirement of which Federal Amerce banks have deposited
lawful money with the Treasurer of
the united suttee.
Weekly Return for the Member Banks of
Following is the weekly statement issued by the Federal Reserve the Federal Reserve System
and liabilities of the reporting member banks in 91 leading cities from Board, giving the principal items of the resources
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. 30 1935
(In Millions of Dollars)
Federal Reserve COMOtans and Investments-total
Ltians on securities-total
To brokers and dealers
In New York
Outside New York
To others
A !sentences and commercial paper_
>ens on real estate
'her loans
0
. S. Government obligations
0bligs. fully guar. by U. S. Govt__ _ _
0Bier securities
eeerve with F. R. banks
ash In vault
et demand deposits
!me deposits
overnment deposits
ue from banks
ue to banks
nyvnarincrn from IT, R. Annki
Total
18,244
3,024
Boston
New York
Phila.
Cleveland Richmond
Atlanta
Chicago
St. Louis Aftrineap. Kan. My
Dallas
San Fran.
1,138
8,293
1,077
1,194
370
348
2,006
539
359
565
426
1.929
214
1,635
204
175
59
52
280
67
34
52
49
203
702
166
2,156
17
34
163
587
57
991
22
15
167
2
6
167
7
2
50
4
3
45
28
33
219
4
4
59
1
1
32
6
2
44
4
1
44
20
8
175
439
971
3.127
7,237
601
2,845
46
91
266
360
10
151
235
250
1,324
3,322
297
1,230
22
71
172
291
51
266
2
74
133
600
22
188
12
17
79
134
10
59
2
12
121
103
10
48
65
34
291
987
89
260
10
36
109
195
27
95
.5
6
101
154
4
55
17
14
111
238
17
116
3
23
114
178
18
41
20
343
306
675
46
336
3,439
278
14,027
4,434
1,227
1,785
4,245
253
68
930
317
83
111
207
1,820
64
7,316
1,030
713
155
1,929
144
13
728
315
69
171
246
151
20
704
444
50
127
190
49
11
238
137
9
83
99
27
6
190
128
33
79
79
479
47
1,757
522
63
268
570
100
8
397
165
24
101
182
64
4
259
128
5
95
115
106
11
472
163
24
231
281
83
9
308
126
58
151
143
163
17
72E
951
91
212
209
Financial Chronicle
928
aire A
aittinnterfw
ginanrial
Illb(irrxrnirle
United States Government Securities
Bankers Acceptances
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Subscription-Payable in Advance
12 Mos.
Including Postage115.00
United States. U. S. Possessions and Territories
16.50
In Dominion of Canada
18.50
Southland Central America. Spain, Mexico and Cuba
Great)Britain, Continental Europe (except Spain), Asia.
20.00
Australia and Africa
Feb. 9 1935
6 Mos.
59.00
9.75
10.75
11.50
37 WALL ST., NEW YORK
-Friday, Feb. 8
United States Treasury Bills
Rates quoted are for discount at purchase.
WILLIAM B. DANA COMPANY, Publishers,
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange. Quotations
after decimal point represent one or more 32ds of a point.
Daily Record of Ti. S. Bond Prices Feo. 2 Feb. 4 Feb. 5 Feb. 6 Feb. 7 Feb. 8
High 104.11 104.15 104.16 104.16 104.18 104.20
First Liberty Loan
334% bonds of 1932-47_ Low_ 104.9 104.12 104.13 104.13 104.14 104.16
Close 104.11 104.15 104.13 104.13 104.18 104.16
(First 350)
10
22
36
11
17
186
Total sales in 31.000 :mar__
--------------------102.16
Converted 4% bonds of.I HIM;
____ 102.16
--__
____
____
-_-_
Low1932-47 (Fhat 44)
-----__
------Total sales in $1,000 units__
Convected 4)(% bonds_rigb 103.24 103.23 103.25 103.25
of 1933-47 (Flint 441s) Low- 103.22 103.23 103.24 103.25
Close 103.24 103.23 103.24 103.25
2
11
1
4
Total salts lit 31,000 units_
Second converted 434%(Hlgb
---____
-----bonds of 1932-47 (First Low_
Second O(s)
__
__
____
____
Total sales in 81.000 unas___
_1114
_High 103.31 103.31 104
Fourth Liberty Loan
431% bonds of 1933-38_ Low. 103.30 103.29 103.30 103.30
104
Close 103.31 103.29 104
(Fourth 434s)
9
9
32
52
Total sales in 11.000 units__
102.2
102.2 102.2
High 102.2
Fourth Liberty Loan
102
101.31 101.31 102
434% bonds (3d called). Low_
102.2 102.2
Close 102.2 102.1
4
232
9
30
Total sales in $1.000 units-____ 114.30 114.28 114.29
High
T
____ 114.24 114.28 114.25
Low_
634s 1947-52
___ 114.24 114.28 114.25
Close
2
2
15
Total sales in $1.000 units__
___{High 110.4 110.4 110.3 110.5
Low_ 109.31 110.1 110.3 110.3
II. 1944-64
110.4 110.3 110.3
Close 110.4
29
4
19
10
Total sales in $1,000 units__
104.2 104.6
High 103.31 104.2
104.2
{
6141-3141. 1943-45_ _ _ _ Low_ 103.30 103.30 104
104.5
Close 103.30 104.2 104.1
209
17
15
6
Total galas in 31.000 units__
High 108.20 108.19 108.24 108.23
lLow_ 108.17 108.16 108.18 108.23
3345. 1946-56
Close 108.17 108.19 108.24 108.23
1
18
2
4
Total mks in 31.000 units__
105.18 105.21 105.24
High
____ 105.17 105.19 105.22
Low_
834.. 1943-47
____ 105.17 105.21 105.24
Close
ill
15
51
---_
Total sales in 31.000 units(High 102.23 102.26 102.28 102.31
Low. 102.19 102.24 102.24 102.23
3s, 198145
Close 102.19 102.24 102.28 102.31
35
31
10
31
Total salsa in 81.000 units -__
High 102.5 102.8 102.9 102.12
102.6 102.8 102.8
102
Low_
Os. 1946-48
Close 102.5 102.8 102.8 102.12
232
27
20
14
Total sales In $1.000 units._
106.3
High 105.22 105.25 106
1,0w. 105.22 105.22 105.28 106.3
OMs. 1940-43
106.3
Close 105.22 105.27 106
16
51
10
2
Total sales in 11.000 units__
106.6
High 105.25 105.28 106
L0w. 105.25 105.26 105.27 106.6
3848. 1941-43
106.6
Close 105.25 105.27 106
1
88
29
1
Total sales in $1,000 units__
High 103.20 103.21 103.25 103.29
ILow. 103.17 103.18 103.20 103.26
834s, 1946-49
Close 103.20 103.21 103.25 103.29
23
53
34
12
Total sates In $1,000 units-(High 103.6 103.9 103.10 103.15
4 Low. 103.2 103.5 103.9 103.10
134s1949-52
(Close 103.6 103.9 103.9 103.15
67
136
119
17
rota sales in $1,000 units__
HKh 105.18 105.19 105.21 105.23
lLow_ 105.17 105.18 105.18 105.22
334s, 1941
Close 105.18 105.18 105.21 105.22
108
42
15
127
Total sales in 81000 unite_
____
104.2
1 High 103.31 104.1
____
Low. 103.28 103.30 104
33(s. 1944-46
__
104
Close 103.30 104.1
__
5
3
17
Total sales in $1.000 units__
High 102.18 102.22 102.20 102.21
Wend Farm Mortgage
lLow_ 102.18 102.19 102.19 102.18
She. 1944-64
Close 102.18 102.19 102.20 102.18
23
146
1
Total sates in $1,000 units__
Were Farm mottling. High 100.20 100.20 100.20 100.22
lLow.. 100.17 100.17 100.19 100.17
38. 1944-1949..._
Close 100.20 100.20 100.20 100.22
19
19
43
203
Total sales in $1,000 unite__
------------100.22
High
Farm Mnrtgage
7ederal
__-. 100.20
___
____
Low.
38 1942-1947
21
------------100.
Close
85
-----Total sales in 31,000 units ___
{MO 101.7 101.6 101.9 101.9
Come Owners' Loan
101.6 101.7
Low_ 101.4 104.1
45. 1951
Close 101.8 101.6 101.9 101.9
22
10
85
16
Total sales In $1,000 units__
(High 100.22 100.22 100.20 100.21
Come Owners' Loan
[Low. 100.16 100.18 100.18 100.17
35. series A. 1952
(Close 100.20 100.20 100.20 100.21
160
77
45
Total sales ix 31.000 unUs__135
Big]; 98.19 98.20 98.18 98.18
{
Coma Owners' Loan
98.16 98.15
Low.. 98.15 98.16
234,, series B 1949_
Close 98.15 98.20 98.17 98.17
240
114
210
109
Total sales in 31.000 units__
1
--103.24 103.23
103.23 103.20
103.44 103.23
26
9
----
--
____
104.1
103.30
104.1
14
102.3
102
102.2
116
114.30
114.26
114.27
11
110.5
110.5
110.5
7
104.8
104.4
104.6
8
108.24
108.24
108.24
I
105.24
105.24
105.24
51
102.30
102.30
102.30
11
102.15
102.14
102.15
11
106.4
106.3
106.3
II
106.9
106.7
106.9
5
104
103.29
103.23
58
103.18
103.16
103.17
III
105.25
105.23
105.23
160
104.7
104.5
104.5
5
102.25
102.22
102.22
4
100.25
100.22
100.25
20
100.24
100.22
100.23
24
101.9
101.9
101.9
5
100.24
100.22
100.23
73
98.20
98.18
98.20
159
____
104.2
103.30
104.2
35
102.4
102.1
102.2
28
114.27
114.27
114.27
2
110.10
110.6
110.10
123
104.14
104.8
104.14
241
108.26
108.24
108.26
48
105.28
105.25
105.28
30
103.4
102.31
103.4
51
102.22
102.14
102.22
396
106.10
106.4
106.8
8
106.10
106.6
106.8
25
104.7
104.0
104.5
147
103.24
103.20
103.22
337
105.26
105.25
105.25
16
104.12
104.5
104.12
61
102.24
102.23
102.24
5
100.31
100.24
100.27
82
100.31
100.24
100.27
24
101.11
101.9
101.10
17
100.30
100.24
100.30
225
98.31
98.20
98.30
439
-The above table includes only sales of coupon
Note
bonds. Transactions in registered bonds were:
3
2
5
5
1
1
4th 438 (3d called)
Treasury 445, 1932
Treasury 331s, 1940-43
Home Owners' Loan 38, 1952
Federal Farm 38, 1949
Home Owners' Loan Ms, 1949
101.29 to
114.22 to
106.6 to
100.16 to
100.24 to
98.25 to
101.30
114.22
106.6
100.16
100.24
98.25
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 311936
Aug.7 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.205'
0.20%
Feb 13 1935
Feb. 20 1935
Feb. 27 1935
Mar. 6 1935
Mar. 13 1935
Mar. 20 1935
Mar. 27 1985
Apr. 3 1935
Apr. 10 1935
Apr. 17 1936
Ant. 24 1935
May 1 1935
May 8 1935
Asked.
BM.
Asked.
Bid.
William Street. Corner Spruce. New York.
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%
------
Quotations for United States Treasury Certificates of
Indebtedness, &c. Friday, Feb. 8
Ind.
Rate.
Maturity.
tune 15 1936.-kiPt.15 1936.Aug. 1 19851898 161939....
Sear. 16 1935Sept. 151038....
Dee 151935...
14M. 11938..
Asked.
Bid.
100s1s
101 24
1014,3
102
100811
24% 103",
234% 1028ts
234% 1041118
134%
134%
134%
234%
%
2 %
Maturity
Ind.
Rate.
Bid.
Asked.
1001st
10111,1
101 ts
,
1021,1
101
1031111
10211st
8
1041,
'4Ne. 15 1936- - Apt. 15 1938.._
June 15 1938....
June 161935...
Feb. 15 1937- ._
Apr. 15 1937_ - Mar.13 1938.._
Aug. 11936...
Sept.15 1937 _ _
2;1 %
234%
234%
3%
3%
3%
3%
3X %
3 ti %
1041118
103tts
10415st
101118
104118
104sitt
104218
10411st
10524..
104"st
103"t:
10411,1
1021st
104142
104,1ss
104"st
10411ss
1051In
-For
The Week on the New York Stock Market
review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Faded
Feb. 8 1935.
State,
Railroad
Stocks.
Number of and Miscall. Municipal &
Porn Bonds.
Shares.
Bonds.
Saturday
Monday
Tuesday
Wednesday ___ Thursday
Friday
Total
$3,722,000
4,980,000
5,950,000
5.793,000
7,106,000
6.284,000
3841,000
1,078,000
1,429.000
1,203,000
1,033,000
1,325,000
2,971.255 333.835,000
16.909.000
399,090
344,955
558,780
557.040
524,130
587.260
Sales at
New York Stock
Exchange
Stocks-No, of shares_
Bonds
Government
State and foreign
Railroad & industrial
Total
UnUed
States
Bonds.
Week Ended Feb. 8
1934
$979,000
1,022,000
752,000
1,449,000
893,000
2,385,000
Total
Bond
Sales.
$5,542,000
7,080,000
8,131,000
8,445,000
9,032.000
9,994.000
87.480.000 148,224,000
Jan. 1 to Pe/. 8
1935
1934
22,388,630
22,873,967
84,539,367
17.480,000 $10,614.500
6,909,000 20,597,000
33.835,000 99,290,000
$104,568,000
48.757,000
235,600,000
$86,152,500
125,619,500
412,906,000
148,224.000 1130,501.500
925.000
3624.078.000
1935
2,971,255
CURRENT
NOTICES
-The firm of Peter Lander & Co., Inc.. has been formed to deal in
general investment securities. Offices have been established in the Buhl
Building, Detroit.
The principals of the new firm include Julius C. Peter, John Z. Lander,
and E. Price Kimbrough.
Julius C. Peter came to Detroit in 1913 to join the Bond Department of
Paine, Webber & Co., and the following year became associated with the
Bond Department of the Detroit Trust Co. He remained with that institution for over 19 years, becoming Vice-President in charge of new trust
business activities.
John Z. Lander became associated with the Bond Department of the
Fidelity Trust Co. at the time of its organization in 1924,later joining Cray.
McFawn & Co., Detroit bond house, at its inception in 1930.
E. Price Kimbrough has for many years been actively engaged in the
investment banking business both in Detroit and New York, having been
Vice-President of the Guardian Detroit Co. in charge of distribution of
securities.
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.
z Ex-dividend.
y Ex-rights.
32 Adjusted for 25% stook dividend paid Oct. 11934.
3
3 Listed July 12 1934; pm value 10s. replaced LI par. share for share.
u Par value 550 lire listed June 27 1934; replaced 500 lire par value.
31 Listed Aug. 24 1933; replaced no par stock share for share.
6
3 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
77 Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
Adjusted for 100% stock dividend paid April 30 1934.
77 Adjusted for 100% stock dividend paid Dec. 31 1934.
44 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
77 Adjusted for 25% stock dividend pald 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.
17 Cincinnati Stock
32 Pittsburgh Stock
1 New York Stock
"Cleveland Stock
33 Richmond Stock
a New York Curb
"Colorado Springs Stock "St. Louis Stock
'New York Produce
as Salt Lake City Stock
4 New York Real Estate 23 Denver Stock
el Detroit Stock
74 San Francisco Stock
3 Baltimore Stock
77 San Francisco Curb
"Los Angeles Stock
'Boston Stock
Is San Francisco Mining
II Los Angeles Curb
7 Buffalo Stock
35 Seattle Stock
"Minneapolis-St. Paul
• California Stock
10 Spokane Stook
"New Orleans Stook
I Chicago Stock
33 Washington(D.C.)Stock
10 Chicago Board of Trade a, Philadelphia Stock
II Chicago Curb
929
Volume 140
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 la taken of such
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday
Feb.6
Thursday
Feb. 7
Friday
Feb. 8
Safes
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low Low
High
par $ per share
S per share s per sh
30
4
No pat 3634 Jan 23 363 Jan 23
Abraham & Straus
89
100 110 Jan 10 112 Jan 26
Preferred
__
57 Feb 6
6
714 Jan 2
No par
6,000 Adams Express
65
4
100 843 Jan 2 39 Jan 28
Preferred
50
144
Adams Millis
No par 29% Feb 6 3312 Jan 2
700
91 Jan 4
6
8 Jan 12
10
2,800 Address Multigr Corp
3%
614 Jan 3
No par
514 Jan 12
700 Advance Rumely
818 Feb 8
47
8
64 Jan 15
No par
3,900 Affiliated Products Inc
No par 10912 Jan 29 11534 Jan 8 8018
1,100 Air Reduction Inc
114
17 Jan 7
:00 Air Way Flee Appliance- No par
112 Jan 5
8
11,000 Alaska Juneau Gold Min_ 10 16% Feb 6 z2018 Jan 9 7 163
170
Albany & Susquehanna
100
___ n
2
312 Jan 8
2 Jan 4
No par
700 A P W Paper Co
17 Jan 7
114
1os Feb 1
No pat
4,700 :Allegheny Corp
438
7 Jan 4
44 Feb 6
100
Pref A with $30 warr
1,300
4
612 Jan 2
4 Feb 2
100
Pref A with $40 wan
200
37
8
63* Jan 5
34 Feb 4
100
Pre: A without war?
400
1314
No pat 21 Jan 12 23 Jan 7
100 Allegheny Steel Co
82
Allegheny dt West 6% gtd...100
4
2,900 Allied Chemical & Dye___No pat 1323 Jan 15 141 Jan 3 10712
100 12334 Jan 4 127 Feb 8 117
1.200 Preferred
103*
No pat 1518 Jan 15 17 Feb 6
7,000 Allis-Chalmers Mfg
1112
1,500 Alpha Portland Cement No par 17 Feb 6 2014 Jan 5
24
3 Feb 6
3 Feb 6
1
1,100 Amalgam Leather Co
2114
50 2814 Jan 10 31 Jan 21
100
7% preferred
27
Jan 11 5634 Feb 2
No par 4812
2,600 Amerada Corp
2712
Am Agri Chem (Conn) pi_No par
20
2,300 Amer Agri() Chem (Del) __No par 474 Jan 2 5713 Jan 23
111$
10 1312 Jan 12 17 Jan 22
2,100 American Bank Note
3413
80 43 Jan 11 5013 Jan 23
260
Preferred
194
2958 Jan 3
1.000 Am Brake Shoe & Fdy___No par 2533 Feb 3
88
310
Preferred
100 119 Jan 8 12214 Jan 28
25 110 Jan 15 1177 Jan 3 80
5.300 American Can
Preferred
300
100 1518 Jan 4 155 Jan 21 120
12
No par 164 Feb 8 2014 Jan 9
3,100 American Car & Fdy
3
3
Preferred
100 3712 Jan lb 45 * Jan 9 311
1,000
4
93$ Jan 23
3 Jan 30
No par
500 American Chain
14
100 38 Jan 11 41 Feb 8
700
7% preferred
4312
No par 66 Feb 8 69 Jan 7
1,000 American Chicle
20
Am Coal of NJ (Allegheny Co)25
2
3 Jan 12
34 Jan 25
10
100 Amer Colortype Co
3
20 26 Feb 6 3314 Jan 3 20 4
2,600 Am Comm, Alcohol Oorp
612
612 Feb 5
81s Jan 3
10
1,600 b American Crystal Sugar
32
690
7% preferred
100 575 Jan 2 67 Jan 24
*
118
3 Jan 3
1,100 Amer Encaustic TIling___No par
24 Jan 12
4
414 Jan 2
518 Jan 21
200 Amer European flec's__-_No par
3 11
7
33 Feb 7
4
518 Jan 3
No par
7.400 Amer & For'n Power
4
118
*
No pat 17 Jan 15 207 Jan 3
2,000
preferred
618
812 Jan 7
6 Feb 5
No par
3,000
2nd Preferred
1014
No pat 1312 Feb 5 17 Jan 3
800
ill preferred
1012
10 1034 Feb 7 13 Jan 10
900 Amer Hawaiian 13 13 Co
34
414 Feb 6
514 Jan 5
300 Amer Hide & Leather-No pat
1714
3
100 20% Feb 7 25 4 Jan 3
Preferred
100
24 4
3
_1 30% Jan 15 3238 Jan 2
1,700 Amer Home Products
47 Jan 17
3
312 Jan 2
2,200 American Ice
No par
253
100 28% Jan 2 3712 Jan 23
6% non-cum pref
500
434
83 Jan 3
4
53 Jan 15
4
No par
1,300 Amer Internat Corp
12 Jan 2
3 Jan 18
4
la
Am L France & Foamite_No par
800:
2
6 Jan 18
4 Jan 12
100
100
Preferred
1412
1.700 American L000motive„..No var 1612 Jan 28 2034 Jan 9
3512
100 477 Feb 7 5612 Jan 9
1,100
Preferred
12
2.000 Amer Mach & Fdry Co_.
-No par 220 Jan 15 2334 Jan 3
3
57 Feb 7
712 Jan 3
200 Amer Mach & Metals..
--No pat
3
7 Jan 3
6 Jan 30
No par
Voting trust cffs
12%
3.1300 Amer Metal Co Ltd
No par 1414 Jan 15 1612 Jan 5
63
300
6% cony preferred
100 72 Jan 2 81 Feb 7
2014
200 Amer News. NY Corp.. No par 224 Jan 3 22514 Jan 3
3
9,400 Amer Power & Light----No par
33 Jan 4
4
24 Feb 7
1138
2.000
No pat 1214 Jan 15 143* Jan 3
36 preferred
912
1.600
$5 preferred
No par 1018 Feb 7 1212 Jan 3
94
22,300 Am Bad & Stand Ilan'y..- No pat 1312 Feb 5 1618 Jan 7
90
Preferred
100 135 Jan 2 138 Jan 4 10712
1233
11,600 American Rolling Mill
25 19% Feb 7 24 Jan 7
33%
1,900 American Safety Rasor ....No pat 67 Jan 4 7213 Jan 21
2
1,400 American Seating v t 0.44.NO 1441
512 Jan 2
4% Jan 18
14 Jan 7
ba Jan 3
Amer Ship & Comm
1
3
NO par
*22
23 .2212 23
2212 *2134 2213
20% 2112 *21
22 22
15
100 Amer Shipbuilding Co....-No par 208 Feb 6 2614 Jan 7
343* 3518 3414 35
3333 3414 3234 3338 3318 3412 34
2812
35
8,100 Amer Smelting & Redg...-No par 3214 Feb 6 4018 Jan 7
122 122
121 1218, 121 121
121 121 *11912 120
121 121
71
1,400
100 121 Feb 4 12518 Jan 14
Preferred
110 11014 110 110
106 106
10912 10012 109 110 :106 106
57
1,000
2nd preferred 6% cum
100 z106 Feb 7 112 Jan 15
4
*5612 674 *6612 6713 6614 66'2 6634 663 *6n3 6712 *6678 6714
4
43
400 American Snuff
25 63 Jan 16 67 Jan 4
- *124
_
129 129 *124 129 *124 129 *124 129
10
Preferred
100 127 Jan 3 130 Jan 11 106
1612 1612 1512 1638 1538 16
*124-- - 1634 17
163 163
4
4
16
1634 3,700 Amer Steel Foundffes...-No pat 1412 Jan 15 1814 Jan 9
1018
58 88
*88
90
*88
88 88
89
88 88
*88 90
170
52
Preferred
100 88 Feb 4 92 Jan 4
3818 384 3834 3913 3914 3914 40
40 40
40 40
40
1,100 American Stores
3518
No pat 374 Jan 31 43 Jan 9
603 60 4 604 6014 6012 6012 *6012 6312 *6114 62
4
3
6238 623*
500 Amer Sugar Refining
454
100 60 Feb 1 6712 Jan 7
*128 12914 *128 12914 128 128
12912 12912 12812 1284 *1277 129
8
300
Preferred
100 12612 Jan 3 130 Jan 23 102
*20
2034 *2018 2012 20
*1934 2014 2014 20%
20
20
20
600 Am Sumatra Tobaeco-...No par 1812 Jan 29 243 Jan 3
11
1045, 105
1044 105
104 10412 103 104
10214 10413 10314 104
18,700 Amer Telco & 'Fakir
4
100 1023 Feb 7 10634 Jan 4 1001s
80 80
81
81
27934 793
8012 81
8013 81
4 7934 8012 2,000 American Tobacco
21 79 Jan 15 8434 Jan 7 6312
81
8212 82 824 82 8212 82 825 :8034 81
8
804 811
4 6,600
Common class 0
4
28 2803 Feb 7 8658 Jan 7 64%
*132 133 *132 135
134 134
13313 13412 *132 13418 *132 13414
600
Preferred_
100 12918 Jan 18 13412 Feb 6 105
47
47
47
*434 512 *412 514
47
*45
514 *45* 5
200 tAm Type Founder.
413 Jan 2
No pat
218
64 Jan 18
*15
15
15
1418 1414 1414
8 14
154 1413 1412 1414 143
150
7
Preferred
100 1318 Jan 12 193* Jan 18
127 13
8
1234 13
1212 123
8 1112 1238 1112 113* 1112 1218 5,800 Am Water Wks & Eleo-No par 1112 Feb 6 z147 Jan 10
125
8
5678
567 *504 567 *56
557g *54
554 554 *54
*5512 58
100
1st preferred - ___ -.No par 5518 Feb 4 60 Jan 5
50
.
72
75, .712 8
712 712
7
712 712 1.800 AmeNcan Woolen
74 74
/ 73*
1
4
7
718 Feb 7
No par
914 Jan 2
39
3878 39
3912 3814 3834 373 38
383 383
4
373 38
4
4
4 2,200
Preferred
100 3734 Feb 6 4518 Jan 3
36
14 114 *118
114 114
118 14
114
114 114 *112 114
600 tAm Writing Paper
1
118 Jan 14
134 Jan 18
1
438 412 *412 5
413 434 *414 412
*43
4 512
4
4
600
4 Feb 2
Preferred
No par
23*
612 Jan 18
*33* 418 *338 418 *35* 4
4
4
*312 4
*358 4
200 Amer Zinc Lead & Smelt__ 100
4 Jan 18
434 Jan 4
33
4
,36
394 4
391
3912 *36
3912 *36
3912 *35
*36
3912 *36
Preferred
25 38 Jan 5 384 Jan 8
32
104 107
8 103 103
1018 1018 1032 103 103* 15,900 Anaconda Copper Mining
s
4 104 1038 10
2
50 10 Feb 6 1238 Jan 7 *. 97
3
*1653 175* •I65 173 *1514 173 *1514 17 *1514 17
*1612 17
4
s
4
Anaconda Wire & Cable--No pa, 1613 Jan 2 187 Jan 8
753
8
*1534 1612 *1512 17
153 16
4
*1553 161
16
1512 1512 15
1,400 Anchor Cap
No pat 15 Feb 7 175* Jan 4
1318
105 1054 •10412 107 *10413 106 *10412 106 *1034 10512 *105 1061
20
$6.60 cony preferred-No pa, 103 Jan 4 10712 Jan 30
80
*4
54
5 4 *4
3
*4
53
4 *4
3
4
6
3
*4
5
5
Andes Copper Mining
10
412 Jan 12
413
513 Jan 3
3918 391$ 1,900 Archer Daniels Micird.--No pa, 36 .Tan1
3712 3813 *3818 384 363 3718 3712 3712 *3712 381
4
3014 Jan 10
2178
•118--- *118
--- *118
_ *118
_ _ *118
_
. _
-.
--- *118
7% preferred
100 11814 Jan
11814 Jan 4 106
--*101 102
102 102 10212 1034 1.700 Armour & Co (Del) pref..
1014 102
- / 10112
1013 102
4 1
4
10C 997 Jan 21 10318 Feb 8
64
54 53*
514 513
54 53*
54 514 21.700 Armour of Illinois new
54 514
54 538
64 Jan 3
312
54 Jan 15
2
66% 6712 67 6712 67 674 674 6812 3.100
675* 674 6713 677
36 cony pref
No par 6412 Jan 15 703* Jan 10
4614
•105 1074 10612 1064 *102 106 *102 106 •101 106
106 106
300
Preferred
100 85 Jan 2 10612 Feb 4
3114
$ Per share $ per share $ per share $ Per share $ Per share 5 per share
*35 __..- *35 ..__- *35 _--- *35 ---- *35 ---- *35 ---_
•112 _ _- *112 _ _ *112 _ _ *112 _
*112
_ *112 ____
6% 614
6% /14
57 _57 -618
6
W18
6
6 14
(f
*8714 90
*8714 89
884 883 *8712 8812 *8713 8812 8712 8712
4
293 2938 *2932 3014 2912 294 293 2938 *2912 3033 303s 308
8
,
3
9
918
87
88 9
85
87
834
83
4 83
4
83
4 88
53
53
3 3 54
3
4 *514 53*
514 5 3
3
514 54 *518 51
/
1
73
4 74
3
712 712
712 738
73
4 73
4
714 84
73
3 73
4
112 112
1103 11113 11012 11013 11012 11012 111 111
4
111 11114
*112 134
8 :3
4
4 *13
4 *15* :3
134 134 *15, 134 *158 13
1714 173
4 1714 173* 163 1718 163$ 168 163* 17
164 1718
4
__,_ _ _
__ z _ _
---- --..-.- --,- - - ---, - _ _ 180 _
*278 314 *234 - 3
2/4 - 3
24
212 - -3- *212 -1
24
213 - -12
2
24
112 13*
138 112
138 112
138
138
138
138
138
138
3518 6
412 5
412 412
414 432
438 432 *43
4 54
*33* 434 *358 412 *334 412 *418 434
4
4
4
4
*37
3 514
312 33
4
33* 35
418 418 *313 37
*33
8 47
3
*2112 24
*213* 25
*2112 24
22
*22
22
23
2313 *22
- ---- ---- ---- --- -_-_ ---- ---. --__ ---_ -_-.
1351- 131 13512 1384 134 135
2
1333 13414 13512 13512 1353 1353
4
4
4
12414 12414 1241$ 12412 *124 12412 12412 12478 125 126
127 127
163 1678 1612 1678 1614 1612 16
s
1614 1573 1618 1614 1634
7 183$ 1814 1814 173* 173
17
4 17
17 *17
173
4 1713 1713
*34 3 8
3
314 314
3
3
313 318
3
3
3
3
*32
3234 *2913 3212 *2912 3212 *2912 3212 31
*2912 3212
31
5513 5834 553 5612 55 55
4
55
55 *544 5434 54
5413
- -. ---4
"i'iT2 5512 543 5434 5334 5412 5312 54
5312 5412 541s 5412
1534 16
1514 16
1514 153
1514 153* 1512 1512 1534 16
*4838 4912 *483* 4912 *4838 4912 48% 483* 483$ 4913 4813 483
4
*26
2678 2613 2612 *26
27
254 26
2512 2513 2338 257
1207 121 *12018 121
8
120 1204 120 120
120 120
121 121
113 11338 114 11412 11214 11312 1124 1127 11134 1125 112131144
8
8
15313 15312 1534 1534 *154 155
*15312 155
154 154 •154 155
174 1713 1712 174 17
1714 164 1634 163$ 1613 1614 1718
39
39
38
3812 384 3814 3813 38
*38
3938 3734 38
*7
9
8
*74 9
8
8
8
8
8
8
8
*37
39 *37
3814 40 40
*36
3958 *39 45
404 41
674 6712 6613 664 67 67 .66 67
663 67
66
67
4
*2534 35 *25
35
*28
35
*28
35
*28
*28
35
35
*3
34 *3
318
3
3
*214 34 *23
4 318
4 34 *23
*2814 2718 26
273 28
4
28
28
/
4
274 261 2718 274 28
7
74
63
4 7
612 63
4
612 63
4
63
4 68
4 714
4 *67
6412 65
637 85
8
8314 64
6314 834 634 634 6313 6312
*214 212 *214 212
233 232
24 2 2
214 214
3
23
2 232
*44 434 *418 513 *44 434 *418 44
414 414 *44 45*
418 414
414 414
4
4
38 4
7
334 37g
37$ 4
•18
18
1814 18
171s 1714 17
17
17
173* 1714 1712
64 64
612 612
6
6
6
612
*6
*6
61
612
14
14
*1314 15
1313 134 1312 1313 1312 14
14% 1412
*1114 123
4 113* 113* 11
1114 11
11
11
1034 1034 11
*414 434 *414 434 *414 412
414 414 *4
414 *4
5
*2014 21% *20
2112 *20
217g *20
21
2178
203* 203* .20
3113 314 317 3178 *31
3134 3112 313
3 3112 313
8 315* 32%
45, 453
412 412
418 412
44 44
414 412
44 • 414
3514 3514 *34
37
35 *34
*3312 3512 *3418 35
35
36
6
6
578 6
57
2 57
53
4 54
3
57
s 57
3
53
4 514
12
1
8
8
58
%
5
8
*12
12
1
•
12
3
8
3
8
*4
5% *4
434
414 478
43
4 43
4 *418 43
4 *412 424
1713 1738 1738 17'± 17
171 •1638 1634 17
1712
1712 17
*4812 4934 48
481 *4512 477
493* 50
8 4778 4778 4912 50
205 21
21
21
2014 201
2014 2012 2014 203* 20% 21
*57
*6
7
57
*6
71
*6
6
6
61
*6
63*
*513 61
*534 61
*513 614 *53* 614 *54 614 *518 614
16
16
157 16
1512 1534 157 16
15% 16
16
1614
*80 8918 *80
83 *81
8918 *81
53
80 81
*80
83
25
25 .2418 26
*2514 26
*25
26
254 251s *2114 26
3
3
34
3's
214 212
212 27
2% 3
214 23
8
127 13
13
13
13
13
1234 123 *1214 1212 1212 13
4
11
11
*1034 107
4
8 103* 1012 1018 1018 1014 1114
8 103 107
137 143* 137 1414 1312 133
14
143*
4 133* 14
4 1312 133
*135 136 *135 136 *135 136
135 136
135 135 *133 135
21
213$ 2013 21
2012 20
20
4 203* 2112
2O's 197 203
*68
70
72
72% 7014 7014 69% 70
7012 7012 7114 7213
*434 5
434 47
434 414 *458 434
438 458
5
5
16112
For footnotes see page 928.
Shares
$ per share
35
43
89
111
6
117
*
7014 z85
16
34%
*
634 118
318
7%
98
43*
9134 113
38
138
16% 28%
196
205
23
4
76
7
114
5
14
43* 1618
4
1413
37
144
2318
15
82
984
11518 1604
12218 130
10% 233$
1112 2114
24
74
3
25
48
55 3
3
39
38
40
254 48
1118 2514
5012
40
1912 38
98 122
4
9038 1143
12612 15212
33%
12
5612
32
413 124
40
19
464 70%
22
354
21s
64
203* 6212
612 1311
613 72%
14
5
1012
4
3 4 nit
7
1134 30
818 174
25
11
1012 2211
313 1012
17 4 42
1
14
29t 36%
3
10
254 4514
484 11
3
2
14
314 10
1412 3834
3512 7482
123* 233*
314 1014
413 10
127
8 2753
63
91
34%
21
3
121
/
4
1138 297
912 2614
10
17%
11112 137%
1312 2814
36
653
4
71
218
.8
238
1758 30
3014 514
125
100
7114 10912
4814 71
106
12712
1018 264
5978 92
37
44 4
1
46
72
1034 129is
1334 24
1004 12514
6514 8512
87
89
10714 1303
4
13
3
734 283*
125
371s
54
80
7
1718
36
83 4
3
414
1
2 s 1713
7
34
3
9
384 504
10
173
4
$
94 185
1318 241
4
106
84
418 1013
2614 391g
.10
117
33
761 10 s
/
4
312
63
4
4614 711
/
4
54
85
use.m...
930
New York Stock Record-Continued-Page 2
HIGHLAND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday ' Wednesday
Feb. 5
Feb. 6
Thursday
Feb. 7
Friday
Feb. 8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Feb. 9 1935
Range Since Jan. i
-share Lots
On Basis of 100
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
High
Low Low
5 Per share 5 per share $ per share $ per share $ Per share $ Per share Shares
$ per share $ per sh
Par $ per share
47
8 47
8 5
8
5,s 518 *47
*43
4 5
64 Jan 3
*43
400 Arnold Constable Corp
45 Jan 15
8
27
3
4 54
5
43
4 5
*458 6
*44 53
4 *44 53
44 Feb 8
44 Feb 8
34
4 *44 53
200 Artloom Corp
No par
4 *43
8 53
4
43
8 4
4
*7018 ____ *7018 __ *7018 ____ *7018 ____ *704 ____
633
4
10
Preferred
100 7018 Jan 22 7018 Jan 22
7018 7018
35
8
Art Metal Construction
10
-115i2 If.
i63. -1- 7a - oT2 ---- ---- ---- *10 ---- -- ---- ------ Associated Dry Goods
3 6- i
1012
912 103 ---- 1012 1012 11
714
8
1,500
1
912 Feb 6 134 Jan 8
913 913 *90
4
4
92
92
92
*89
44
93
*89
93
*89
93
300
6% lot preferred
8
100 875 Jan 15 95 Jan 24
*5314 64
*533 64
8
*5314 64
*5314 64
*5314 64
30
*5314 64
7% 2d preferred
100 633 Jan 2 70 Jan 18
4
*3012 3312 '3012 3312 *3012 3312 *3012 39
26
10 Associated 011
25 3012 Feb 8 31 Jan 12
*3012 39
3012 3012
4314 45
435 45
8
4212 4312 417 425
8
8 42
4278 4314 445 21,700 Atch Topeka & Santa Fe___ 100 4178 Feb 6 554 Jan 7 6 4418
8
7812 793 *7778 7814 754 777
8
8 76
5314
76
777 774 774 80
8
2,000
100 7512 Feb 5 8612 Jan 5
Preferred
29
29
29
29
274 2819 2714 275
2412
4 274 2738 29
29
2,800 Atlantic Coast Line RR
100 2714 Feb 6 3714 Jan 4
*5
614 *5
7
5
5
5
5
*4
6
7 Jan 7
5
6
6
5 Feb 5
190 At 0 & W 1 SS Lines.,.
.,No par
*8
103
4
9
9
*8
9
*8
77
8
9
8
8
200
912 Jan 19
*7
8
Preferred
100
8 Jan 12
243 245
8
8 2414 243
3 24
2418 24
24
8
2118
233 24
4
237 243
8
8 3,600 Atlantic Refining
25 233 Jan 16 255 Jan 2
4
*3812 41
*39
41
39
39
3814 3814 39
3912 3912 40
18
1,100 Atlas Powder
No par 3712 Jan 30 43 Jan 11
*10812 1083 108 10812 107 107
4
75
107 107 *107 108 *10712 108
260
100 1063 Jan 2 109 Jan 29
4
Preferred
6
6
618 614
618 618 *512 614
512
6 Feb 2
73 Jan 8
4
6
No par
6
900 Atlas Tack Corp
*512 7
235 24
8
2312 235
8 223 2314 2212 223
4
4 2212 23
4
1612
2318 24
4,200 Auburn Automobile
No par 2212 Feb 6 293 Jan 7
14 914
4
9
93 10
4
912 93
4
10
*93 10
4
87 Jan 29 14 Jan 2
8
9
1,200 Austin Nichols
No par
913 10
51
51
*51
53
*51
53
*51
53 '51
275
8
53
Prior A
51
60
No par 50 Jan 28 63 Jan 2
51
434 434
434 434
44 458
412 45
5 8 Jan 3 51 35
5
8
8
43
414 Feb 8
8 412
Aviation Corp of Del (The)-___5
414 412 7,200
8
55
8 53i
65 Jan 9 0, 44
54 55
8
53
5 Feb 7
8 53
8
5ls
514
5
514
58
3
512 7,800 Baldwin Loco Works.._No par
2212 23
203 214 20
4
2012 20
2012 2012 21
1814
4
21
2158 5,800
Preferred
100 20 Feb 5 263 Jan 21
1114 1112 1118 1138 105 1114 1014 103
8
8
107
8
4
93 103
4
4 11
113 15,700 Baltimore & Ohlo
4
100
93 Feb 7 147 Jan 7
4
137 1414 .133 144 1312 133
8
4
4 1312 1312 13
1312
133
4 1414 1414
1,800
Preferred
100 13 Feb 7 1778 Jan 7
.101 102 *101 102 *101 102 *101 10112 101 101
86
102 102
20 Bamberger (L)& Co pref
100 101 Jan 2 102 Jan 2
39
39
*37
39
*37
39
*37
2914
38
*37
38
39
200 Bangor & Aroostook
39
50 3718 Jan 29 4214 Jan 2
'10818 110 *10818 110
110 110 *10818 110 *10818 110 *10818 110
9112
20
Preferred
100 108 Jan 15 110 Jan 11
.412 43
4 *438 43
4 *43
8 43
4
214
43
8 43
8 *414 434 *414 412
100 Barker Brothers
8 Jan 22
53
No par
414 Jan 2
*3612 38
3612 3612 *36
14
383 *3214 3712 .323 387 *35
4
8
8
387
8
10
4
6b4% cony preferred
100 3212 Jan 15 403 Jan 22
614 614
64 638
618 614
7 Jan 5
57
2
618 618
6
614 5,600 Barnsdall Corn
6 Feb 7
64
6
5
*4014 4112 *4014 4112 .4014 41
4014 4014 4014 4014 4014 4014
23
300 Bayuk Cigars Inc
No par 40 Jan 15 4453 Jan 7
90714
108 108 *10712
*10714 1093 '10714 10812 1073 1073
80
4
60
lot preferred
4
100 1073 Jan 11 10814 Jan 28
4
4
*165 -8 17
1618 165
8 163 16 4 1614 1612 1053 1714 17
2,000 Beatrice Creamery
4
1
17
83
4
25 1618 Feb 4 18 Jan 7
*101 10212 *101 10212 *99 10212 *10012 10212 *101 10212 *101 10212
55
Preferred
100 10012 Jan 5 10218 Jan 28
72
7214 *7012 753 *7012 75 4 *7118 75
54
4
3
*715 74
8
500 Beech-Nut Packing Co
723 73
4
20 72 Feb 2 78 Jan 12
1212 123
4 1212 123
4
1212 1212 1238 1212 123 123
8
8 1212 1258 2,200 Belding Hemingway Co_.No par
7
1238 Jan 16 1314 Jan 10
•11112 130 *11112 130 *11112 130 *1135 130
100 Belgian Nat Rya part prof
8
1135 1133 '11112 130
4
4
8354
1123 Jan 3 11418 Jan 8
4
1514 1512 1514 153
8 147 1518 1418 143
8
4 1414 145
8 147 1514 6,900 Bondi: Aviation
8
1712 Jan 2
93
4
6 1418 Feb 6
16
16
157 16
8
153 16
4
153 157
4
8 3,500 13enefIcIal Indus Loan____No par 153 Jan 31
173 Jan 7 3 12
8
4
8 153 16
4
153 157
4
347 35
g
*3414 3514 *345 35
8
3514 3514 3512 3512 3512 355
8
800 Best & Co
21
No par 34 Jan 30 37 Jan 2
295 304 293 3014 294 2912 2812 2914 2818 2914 2912 3018 14,600 Bethlehem Steel Corp
8
4
23
No par 2818 Feb 7 344 Jan 8
713 7214 71
4
71
6812 70
68
6812 68
6812 6814 693
4 1.500
4
444
7% preferred
100 68 Feb 6 773 Jan 9
2212 2312 *223 2378 *223 24
4
4
2218 2212 213 22
18
4
23
23
170 Bigelow-Sant Carpet Inc__ No par 213 Feb 7 2614 Jan 23
4
1178 12
117 1178 115 1158 113 1112 1118 115
8
8
8
8
8 2,900 Blaw-Knox Co
8
8 115 117
8
No par
1078 Jan 4 137 Jan 8
21
21
*20
2412 20
20 '18
40 Bloomingdale Brothers__ _No par 20 Feb 5 2314 Jan 21
237 '1818 237 *18
8
8
18
234
•10418 106 *1044 106 '10318 106 .10418 106
10418 1041g *10214 105
10
Preferred
65
100 10314 Jan 22 108 Jan 3
•34
39
*31
39 '3312 39
*3312 39
*3312 39
*3312 39
Blumenthal & Co prof
28
100 35 Jan 2 403 Jan 23
4
9
918
9
9
85
8 83
4
85
8 87
8
83
4 9
938 93
8 3,000 Boeing Airplane Co
5
63
4
818 Jan 15 10 Jan 2
54
5414 54
54
5312 54
53
53
5338 5338 54
543
8 1,600 Bohn Aluminum dt Br
333
4
5 53 Jan 29 5978 Jan 8
90
904 91
9512 9512 9578 9512 957
8 97 97
96
96
450 Bon Ami class A
97 Jan 24
68
No Par 90 Jan 31
243 2458 2414 2412 2414 2412 233 243
8
8
4
8 235 2418 2378 2414 5,400 Borden Co (The)
18
25 2314 Jan 29 253 Jan 7
4
293 295
8
8 293 293
8
4 29
2912 29
2914 2812 29
283 3014 8,700 Borg-Warner Corp
4
10 2814 Jan 15 3114 Jan 2 • 1112
*6
87
8
612 612 *6
6
6
9
*53
4 612
6
6
300 Boston & Maine
100
712 Jan 4
54
6 Jan 15
400 :Botany Cons Mills class A___60
*4
118
*7
8
118
4
4
*3
4 1
*3
4
114
3
4
3
4
3 Feb 7
4
112 Jan 9
4
2618 2678 2554 2612 254 26
2478 257
8 2412 255
8 253 2658 27,900 Briggs Manufacturing_No zr,. r
8
2412 Feb 7 29 Jan 8
614
*25
253 *25
8
25
2434 25
2514 25
1,100 Briggs & Stratton
243 243
4
4 2514 253
4
No par 234 Jan 17 26 Jan 23
1012
*341,2 35
*3412 35
34
3412 *3418 3414 3418 3414 23312 343
8 1,100 Bristol-Myers Co
25
5 2334 Feb 8 3614 Jan 10
23
8 23
8 *2
23
4
2
212 *218 212
500 Brooklyn & Queens Tr ___No par
2
*218 212 *218
2 Feb 5
23
8
34 Jan 5
22
22
4.2218 31 *22 254 '2112 254 *2012 254 *2014 2518
100
Preferred
No par 22 Feb 2 317 Jan 3
2418
8
4218 4278 42
423
8 405 4112 404 41
8
403 4118 4112 414 6,400 Bklyn Mach Transit
4
No par 367 Jan 15 4312 Feb 1
8
253
4
*95
96
96
9614 *93
500
96
*93
96
96
96
96
96
58 preferred series A __ _No par 90 Jan 4 9614 Feb 4
6914
*4912 5012 4912 4912 49 49
*483 50
4
*483 50
4
300 Brooklyn Union Gas
*483 50
4
Vo par 4814 Jan 9 52 Jan 10
46
100 Brown Shoe Co
5818 *57
58
*57
584 *57
5818
No par 57 Jan 3 5814 Jan 10
577 577 *57
8
8
5814 *57
41
•1204 12514 *12012 12514 *12012 12514 *121 12514 *1205 125 *1204 125
Preferred
8
100
117
300 Bruna-Balke-Collender___No par
5 Feb 6
6
*5
53
8
5
518 *5
4
*514 512 *5
512 *514 512
67 Jan 9
8
6
6
512
53
4 53
4
800 Bucyrus-Erle Co
10
5 Jan 2
53
8 53
4
514
63 Jan 7
8
*5 4 6
3
*53
4 6
312
113 1112 113 113
e
1,000
8
8 1112 1112 1114 1114
1114 113 *1112 12
8
Preferred
_5 1012 Jan 2 13 Jan 3
6
74
70
69
70
*65
74
70
70
*65
7% preferred
100 64 Jan 2 74 Jan 25
47
74
*70
7012 *70
412 458
412 434
414
438 4,600 Budd (E 0) Mfg
4 Feb 6
414 438
4
418
4
438
No par
514 Jan 2
3
260
7% preferred
29
30
3014 3014 *2714 2912 29
29
29
2914 30
29
100 26 Jan 15 33 Jan 22
10
35
8 35
8
35
8 35
8
312 312
314 312
34 318
314 32 2,400 Budd Wheel
No par
318 Jan 11
2
414 Jan 22
*414 434
4
100 Bulova Watch
No par
418 Jan 23
43
4 43
8 *414 434 *414 43
4 *412 43
478 Jan 16
212
4 *414 47
1114 Feb 6 15 Jan 2
8 1112 1212 2,200 Bullard Co
No par
12
12
117 12
8
113 1112 1114 1112 1114 113
8
44
*118 3
Burns Bros class A
No par
2 Jan 19
23 Jan 25
4
1
*118 214 *118 3
*118 212 *118 3
*14 3
er
3
*7
8 3
5
8
ClassA v 1 e
No par
1 Jan 17
112 Jan 23
*7
44 212
*7
8 212
*7
8 212 ' 3
7
8
Class B
90
No par
1 Jan 8
138 Feb 7
*13
8 2
*13
8
112 *13
8
112 *13
8
Us
114
13
8 •
1
114
1.3
8
4
Class B ctfs
No par
12 Feb 6
100
12 Feb 6
*18
1
*18
114
118
*14
114
•12
12
12
*12 Ps
7% preferred
80
100
7 Feb 6
97 Jan 23
8
3
7
74
712 712 *8
83
4
*75
8 87
s *712 814 *712 84
4,000 Burroughs Add Mach____No pal
1414 Jan 15 153 Jan 7
8
8
4
1012
143 147
4
8 144 144 1438 1434 143 1412 143 1412 1478 15
54
178 2
2
2
800 :Bush Term
No par
14 Jan 3
34 Jan 21
2
2
17
8
17
8
*2
214
214 214
400
Debenture
2
10
7
7
5712 912 *8
10
100
64 Jan 14 1012 Jan 22
814 814
712 712 *7
44
*16
18
174 1812
00 Bush Term B1 gu prof ctfs
100 144 Jan 14 2212 Jan 21
•1618 18
18
1812 *1618 1938 *1612 18
13
8
Butte & Superior Mining_ _10
__
700 Butte Copper de Zino
8
13 Jan 4
4
2 Jan 3
13
4
112
13
4 13
4 *13
4 2
13
4
13
8
13
4
4
14
1.3
4 *13
4
17
114
114
114
114
112
900 :Butterick Co
No par
114 Jan 23
13 Jan 3
4
•114
13
8 *114
8
114
114
114
14
13
No par
1512 Feb 6 205 Jan 7
155 16
8
16
8
133
4
1612 17
8 1614 1614 1512 16
1614 165
1612 2,300 Byers Co (A M)
47
47
45
46
80
Preferred
100 45 Feb 8 60 Jan 5
8
40
*457 4912 *457 47
g
*50
52
50 50
No par 3812 Jan 15 403 Jan 3
4
8 4,000 Callfon:fla Packing
8
4
4 373 3814 383 393
4
164
3812 387
8 375 3838 373 373
8
8 384 387
600 Callahan Zino-Lead
1
3 Jan 29
4
118 Jan 3
*5
8
3
4
7
8
31
3
4
3
4
3
1
4
4i i47
0
*3
.i
7
a
*3
4
3
3 Feb 8
44 Jan 7
23
4
318 318
3
34 2,400 Calumet & liecla Cons Cop._ _25
314 33
8
318 33
8
*314 312
312 312
800 Campbell W & C Fdy __ __No par
9 Feb 5 115 Jan 3
8
6
8
*95 1012
8
914 912
93
8 93
9
*914 912
914
914 914
5 127 Feb 7 185 Jan 7
1314 / 1312 13
127 134 2,600 Canada Dry Ginger Ale
8
8
8
1318 13
13
127 13
8
1212
1318 13
60 Canada Southern....100 52 Jan 18 53 Feb 4
51
"49
51
44
5112 *49
3,51
53
53
53
*49
5112 *49
8 8,700 Canadian Pacific
25 1112 Jan 2 133 Jan 9
4
107
8
8 1212 1253 1238 125
127 1318 124 1318 125 1234 1212 125
81
8
No par 335 Jan 2 36 Jan 10
3412 *3414 3412 3412 3412
200 Cannon Mills
8
3412 *34
3412 *34
2214
'34 8 3412 *34
1
100 Capital Adminbt ol A
53 Jan 29
4
718 Jan 9
44
3
6
6
*55
8 612 *5 4 614 *5 4 614
3
*55
8 63
4
*57
8 74
3
Preferred A
10 333 Feb 1 37 Jan 9
4
50
28
*3414 343
4 3414 3414 3414 3414 3414 3414 *3312 3414 *3312 3414
___ "82
__ ____ __ Carolina Clinch & Ohio Ry 100 8412 Jan 15 8412 Jan 15
__ .82
60
__ .62
__ *62
__ *62
St pd
100 90 Jan 29 90 Jan 29
*8814 95
•884 -95
10
70
90
*62-90
90 .8814 -*8814 -90
*8814 -95
100 513 Jan 15 61 Jan 3
4
35
55
5512 54
4
5518 5314 5412 523 5314 5214 5412 54
5512 10,300 Case (I I) Co
03' 0312 .93
2
94
100 92 Jan 12 99 Jan 8
94
60
Preferred certificates
567
8
*9312 94
*9312 94
9512 94
94
No par
10,300 Caterpillar Tractor
3812 Jan 16 4018 Jan 21
3914 3918 40
15
3814 39
39
393
8 38
3858 374 384 38
4
8
No par 2853 Jan 29 354 Jan 7
8 2918 31
303 315 15,000 Celaneee Corp of Am
174
8
314 313
4 3014 31
8 287 295
2912 297
No par
234 Feb 5
45 Jan 18
8
4
500 tCelOtex Corp
118
8 23
4
23
4 23
4 314
23
4 23
4 .17
*3
314
23
*23
4 3
4
No par
--------400
Certlfleatee
14 Jan 23
318 Jan 18
2
2
2
214 214 *2
214 *2
238
2
100 1818 Feb 7 2512 Jan 18
912
330
Preferred
212
181g 1818 19
185 1858 1812 19
8
1912 1912 *1814 19
1,700 Central Aguirre Aseo____No par
223 Jan 10 2458 Jan 28
4
8 223 23
4
133
4
8 227 227
8
2312 2312 23
23
23 23
224 227
500 Central RR of New Jersey. 100 45 Feb 2 554 Jan 4
4712
46
4512 4512 4512 46
45
45
*4512 4712 *4514 4712 *45
512
200 Century Ribbon Mills___No par
10 Jan 26 123 Jan 16
8
*94 10
*9
10
10
•1018 1112 1018 1018 *10
1112 10
100 102 Jan 26 10912 Jan 2
75
101 104
Preferred
101 110 *101 104 *101 104 *101 104
*101 104
2334
384 Jan 15 47 Jan 7
404 405 414 6,600 Cerro de Pasco Copper-NO par
8
8
8 40
404 4114 , 4012 4112 3958 4012 395 403
,
*514
514 *5 ' *514 512
5l
54 Jan 31
64 Jan 7
500 Certain-Teed Products___No par
5l
25
8
512 ft'''5 4 512 *514
,
100 2712 Jan 2 3314 Jan 23
10
7% preferred
105
8
30
*28
297 *2812 297s
8
29
29
*28
297 52814 284 *28
8
Checker Cab
5
85 Jan 7
8
412
8 512
*438 512 *43
512 Jan 29
*438 6
*5
6
*5
7
.5
7
33 Feb 7 4478 Jan 4
Vo par
2912
38
3812 1,800 Chesapeake Corp
38
3914 3914 394 394 39
3912 *3714 3814 38
25 404 Feb 6 453 Jan 7
4
3718
413
4 4112 4214 10,200 Chesapeake & Ohio
42
4
4212 417 4238 414 424 403 414 41
8
100
17 Jan 4
8
218 Jan 12
:Chia & East III Ry CO
1
17
8 *144
17
8 *114
17
8
•114 312 .114 5
17
8 513
8
*114
100
2 Jan 3
24 Jan 8
112
212
200
8% preferred
212 *2
4
8 212 *13
*218 212
218 218 *13
4 212 *15
14
300 Chicago Great Western
100
13 Jan 2 2 14 Jan 7
4
112
4
17
8 *13
178
17
8
*178 2
17
8
'17
8 214 5178. 218
412 Jan 4
100
312 Feb 6
Preferred
312
600
4
35
8 35
8 *34 33
5
312 312
*33
4 4
35
8 334 *312 3 8
:Chic Ind & Loulay prat__ -100
13
4
*13
4 8
*13
4 8
4 8
.13
4 8
*13
4 8
*13
*13
4 8
218 Feb 7
3 Jan 3
2
4 3,600 Chic Milw St P & Pao_ ___No par
212 23
214
24
24 214
214 23
8
214
212
212 212
100
34 Feb 7
43 Jan 4
4
Preferred
8 8,000
32
,
3 8 35
5
8
312 3 8
5
34 312
,
,
3 8 334
5
318 3 2
,
3 2 35
55 Jan 7
8
4 47
8 5,7110 Chicago & North Western....100418 Feb 6
312
43
8 45
8
418 44 44
43
8
43
4
47
8 44
438 43
100
8 Jan 15 105 Jan 8
8
64
4 1,700
Preferred
.8
838
812 83
8
1
812 812
8
8 14
8
84 814
54 Feb 6
74 Jan 7
900 Chicago Pneumat Tool___No par
6
35
8
6
57g
618
578
6
6
538
618 614
*614 612
1,400
Cony preferred
's1o par 22 Jan 15 264 Jan 7
1414
8
4
2312 2312 227 2314 2234 2318 237 2414
8
224 2314 223 23
214
24 2,200 :Chicago Rock Is] & Pac1fle__100
17 Jan 2 2 5 Jan 9
8
8
218
13
8
2
218
2
2
8 214 *2
*13
4 214 *17
314 34 *3
314
312 53
4,318 31,
34 314 *3
3:4
418 Jan 9
200
7% preferred
100
3 Jan 4
238
23
4 23
4
100
212 Feb 6
4 Jan 10
2
600
11% preferred
32
*212 3
3
5
8 38
3
212 23
.4
3
23
4 24
100
_ ____ ____ __ Chic St Paul Minn de Om
14
_. ____
_ ______
Preferred
100
314
Vs par
Chicago Yellow Cab
1012 Jan 2 1118 Jan 3
918
*10
1
0
12
-- *io
ii *1.0- 12 *10 -1-2
12
*10
For footnotes see page 928.
5 per share
3
84
4
1012
633
4 704
984
44
714 1814
46
90
36
644
2912 4012
4514 7384
7018 90
2412 5414
6
10
77
8 24
2112 3514
3514 554
33
107
512 1653
1814 574
8
812 185
3114 65
33
4
44
1614
1234
15
8612
5512
9518
214
1618
57
8
23
89
1014
55
58
87
8
9512
93
4
124
26
2418
547
8
1914
8
17
88
28
63
4
4412
70
197
8
164
54
7
8
12
14
20
33
8
3114
2814
8218
46
45
11814
4
103
4
16
643
4
3412
373
8
1024
4618
115
612
3812
10
454
10912
193
4
100
71358
1514
127
234
1918
40
4912
82 ,
40 '
1614
20
109
5614
114
681
4
04
2814
314
1914
3
283
8
2712
374
83
8
58 4
,
447
8
97
8012
61
12514
107
8
34
1111s
0
144
50
76
3
73
4
44
18
2
53
8
27
8
612
574 1513
14
6
5
8
412
1
311
12
212
4
1512
1012 X195
8
3
4
34
23
4
912
518 21
112
218
112
314
14
44
134 323
4
40
074
183
4 444
4
1114
66
8
238
6
1578
1212 294
484 584
107
8 1814
2812 3814
53
8 1014
263
4 39
74
85
70
9212
35
863
4
5878 93
23
384
171e 447
3
118
57
8
1
4
612 223
8
183
4 324
92
53
512 123
8
82
111112
3014 4412
784
31
73
1712 35
412 164
34
487
8
3912 485
8
1 18
7
158
8
112
512
312 1 14
13
4
7
2
812
312 1314
313 15
63
4 28
35
8
94
1414
2 4
83
653
13
8
2'8
65
8
8
2
14
04
113
4
4
94 216
New York Stock Record-Continued-Page 3
Volume 140
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday
Feb. 6
Thursday
Feb. 7
Friday
Feb. 8
$ Per share $ per share $ Per share $ per share $ per share $ per share
277 277
8
8 273 273
4
4 2714 273 .2614 27
63
4
2612 2 4 27
27
583 53
*512 583 .
4
53
8 5
4
5
4 54
53
4
3% 54 051
•12
14
*12
14
*12
14
.12
14 .12
14 .12
14
367 373
8
4 363 373
4
8 3618 37
363 367
8
8 3612 373
4 3783 387
8
2012 20 8 2012 20 4 *2012 203
,
4 2012 2012 2012 2012 .2018 203
3
4
90 907 *8812 90
8
9012 9012 90
90 90
90
90
90
*32
50
•32
50
*32
50 .32
50 .32
50
*32
50
118
118
14
114
14
114
118
1,
8
14
118 •144 114
*12
%
5
8
3
8
12
5
8
"2
83
"2
5
8
"2
"8
5
5
512 6
512 512 .
*53
4 6
*53
4 6
54 64
*514 53
8 .514 53
8 .514 53
8
514 514 .4
514 *4
514
*13
15
*13
144 *13
1483 .13
143
4 13
13
*13
14
.83 ____ *83
8413 .83
8412 x82
____ *83
82.813 8312
4
04414
.4414
.4414
_ *44 .
. *4414
_
.44
*2512 2614 *25 26
4
-14 025 253- *25 2534 *25
25 4 *25 -254
-3.
*114 116 *114 116 .114 116
11383 114 .1134 116 .1134 116
172 17212 171 171 •170 174 *170 174 *17014 174
172 172
2 563 •5583 563
9
4 563 563
4
4 563 563
4
4 563 563 *564 567
*55
4
4
4
8
.338*338 _ _ *336
_ .*336
_ __ *336
*336
163 -- -7
4 16; 1612 16
8
- .12 1638 165 Z1614 1 4
- -34 1618 16
-31612 163
4
*102 10214 *102 104
102 102 *102 1023 102 102 *100 102
8
*13
133
8 1283 1283 1212 123
. 1218 1218 1234 13
4 1218 121
07814 80
*784 80
*7814 80 .7814 7912 *7814 7912 .7814 7913
*612 7 2 0
,
612 712 *612 712 0 12 712 .612 712 *6127 2
1
6
414 414
414 412
438 43
8
43
8 43
8
414 43
8
44 438
21
21
22
22
.21
2112 2112 *2012 21
22
22
2212
017
.18
203
4 18
18
1712 1712 .1712 19
1612 17
19
*1212 133 .1212 1312 .1212 1314
4
1212 1212 .12
133 *1218 13
4
1014 1014 *1014 1914 .1014 1914 1014 1014 .983 1012 .1012 11
7012 703
4 70
704 6914 71
7014 707
8 704 7112 72
7314
*36
363 .36
4
4 343 3434 3512 353
4
363
4 353 353
4
8
4 394 377
63
4 634
64 678
658 7
65
8 63
4
68* 63
4
64 63
4
573
4 5712 5712 573 573
58
58,
8 584 5814 573 .5814 *57
4
4
4
*47
55
*4812 55 .48
55
4812 4812 .4812 55 .4813 55
4212 4278 427 427
4
8
8 4218 4278 413 4218 4133 423
8 4238 4383
*3012 32
32
3214 .3012 32
*3018 32 .3010 32 .3018 32
553 553
4
4 56
56
.55
553
4 55
55
54
54
5414 547
8
*30 8 31
,
303 31
4
31
31
3083 303 .30 4 31 .303 31
4
3
4
.110% 111
111 111
111 111
110 110 *110 1103
4
11083 111
573 58
4
573 573
4
4 56.8 5714 5612 5714 5614 583
8
8 5712 597
115 115 *11434. _ •1143
4
115 115
,
11483 114 8 *11313 11518
207 21
8
203 - -14 20 2034 1914 2018 193 2018 20
4 21
8
2012
118
114
118
118
118
118
1
118
1
118
1
118
3518 353
4 355 36
8
344 3514 34
4
343
4 3
44 3413 343 3612
*714 8
*714 8
*714 8
*718 8
*714 8
*714 8
4 3214 3212 317 323
323 323
4
4 3214 323
8
8 3112 3112 313 327
4
8
*813 103
8 *812 10
.812 10
*812 10
9
9
.813 10
0354 3912 .36
•3512 394
3912 *3583 3
383
8 383 384
8
9,2 *36
*4238 75
*423 75 .423 75
8
8
*4213 75 .43
75
*43
75
*812 9
812
812
812 812
812 812
83
4 83
4
83
4 83
4
*70
75 .70
75
*69
75
*67
75 .70
75 .70
75
733 733
4
4 7283 73
7212 7212 72
723
4 72
723
4 713 73
4
*71
.72
_ __ .71
_ _ _ •70 _ __ *71
_ .71
_ _
63
8 64 .614 .
6%
57
8 614
Ws -54 , 54
638
54 - 53
-4
2012 203
4 2034 203
4 2018 204 20
2018 2018 2012 2034 21
1912 193
4
1914 197
1938 183 1918 183* 1918 z183 184
4
8 19
8
783 79
4
783 783
4
4 7712 78
7614 7712 7614 7614 7614 763
4
.17
8 2
4 2
*13
4 2
17
8
14 *13
2
2
*2
214
712 73
8
712 73
4
712 783
73
8 712
8 73
4
73
8 712
73
.108 11012 .108 1111. 10812 10812 •10812 11112 .10812 11112.10812 11112
*238 338 .238 33 *217 334 238 234 .234 3
;
27
8 27
8
3
4
7
8
41
7
8
"21
3
4
4
3
4
4
1
41
3
4
3
4
1112 1112 1114 1138
11
1114 10% 1084 107 107
1114 113
4
8
8
414 414
412 412
414 414
4
44
4
4
4
4 14
13 583
.5
4 57
8
5
6
6
54 53* .512 53
4
53
4 53
4
7
8
78
78
7
8
7
8
78
1
7
8
1
83
83
'7s
.463 5012 463 463
8
8
8 463 463
8
8 47
4712 48 48
4312 4812
6513 053
4 66
66
8
655 6618 6413 6513 640 6512 6514 6614
8
.814 813 *8
814
*8
818
8
8
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812
818
818
32 32
32
3214 31
31
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30
3012 3012 32
118
114
118
13
8
118 • 118
118
14
118
118
118
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174 177
8 17% 1734 173 174 1718 1783 1718 1712 173* 18
8
.46
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47
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6214 1323
4 63 63 12 627 6314 62
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4 6214 6338 6314 643
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.150_ 15012 15012 15114 15114 .15114 153 .1515 153
6
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5 8 53
,
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,
8
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3614 363
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37
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134 1314
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243
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2183 213
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258 23
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283 283
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20 8 203
,
4 203 20 4 2013 2012 2012 204 2014 2012 2013 2012
4
3
3514 3512 3478 347
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3212 3218 3318 334 3412
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154 1583 1518 1514
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75
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2918 2918 2914 2914 283 29
29
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2812 2918 2812 287
8
*35
3578 3578 357 .35
8
36 .35
36
3512 3512 35
35
3612 367
8 363 363
4
8
4 3618 3612 363 3814
8 3512 3618 353 353
4
8 11
11
1112 124 114 1112 1118 113
107 11
8
103 11
4
2212 2318 223 23
4
214 2212 213 22
8
2114 223
8 2238 2234
4
143 *1218 1434 .1278 143
4
143 143 .13
•14
4
15
•14
15
4
.618 612 .64 612 .615 612 *618 612 *618 612 *618 612
58
.
3
2
34
3
4
"8
4
1
"8
5
8
"8
3
8
•3
8
5
8
.12
1
•12 1
•12 1
•12 1
•12 1
•12 1
4
4
4
4
*33
312 312 .33
37
8
34 33
4
4 4
•1313 1812 .1312 18
15
133* 144 .1418 1512 144 143* 15
.100 114 .100 112 .100 112 •100 112 •100 112 .100 112
933
4 9212 9312 9234 94
933 05
4
9313 947
933 954 93
4
8
8
8
.12612 12712 12712 12712 .12612 12713 1273 1273 •1263 12712 12678 12714
4
8
8
8
10512 1053* 10512 10512 1053 1053 105 1054 1053 10512 *10512 1053
4
----*2212 - - .2212 - - •2212 .
.2212 _
_ *2212
.2212.
.718 1 3
/8
634 63
4 .612 - f 8
(7
6 8 "6-"8
,
*612 Vs
67
8 7
113 113
11278 113
112 11213 11112 112
11178 11218 11214 11318
144 144
14312 146
.144 14512 14513 14512 144 144 .14212 146
194 1812 183
4 18
19
1813 177 1814 1838 1914
8
187 19
8
6 8 *6
,
612 *6
8 64 .6
*64 629 .63
612 .6
64
8 2312 24
8 24
2313 233
4 233 237
4
2434
243* 2513 2414 247
10712 10814 1073 10814 *10613 10814 108 10814 10814 10814
8
108 108
5
5
5
5
18
43
4 44
43
4 5
44 47
8
44 5
8
818
8
818 818
*818 883
8
8
84 818
8
212 23
8
8
24 23
214
2'8 23
8
23
8
4
214 23
214
2,2
714 714
618 63*
63
4
74 715
7
614 614
64 64
*6
612
618
10 t
6
6
*514
54
53* 54
53
2 53
2
For footnotes see page 928.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
Shares
1,300 Chickasha Cotton 011
10
No par
400 Childs Co
Chile Copper Co
25
37,600 Chrysler Corp
5
No pa
,
800 City Ice & Fuel
Preferred
220
100
City Investing
100
No par
3,900 City Stores
Voting trust certifs
_No par
1.100
Class A
No par
500
Class A v t i,
200
No par
No par
200 Clark Equipment
10 Cleveland & Pittsburgh
50
50
Special
Cluett Peabody & Co____No par
Preferred
50
100
600 Coca-Cola Co (The)
No par
Class A
700
No par
Coca Cola Internat Corp_No par
4.800 Colgate-Palmolive-Peet__ No par
300
100
6% preferred
1,900 Collins & Aikman
No par
Preferred
100
Colonial Beacon 011
No par
1,400 /Colorado Fuel & Iron
No par
90
100
Preferred
70 Colorado & Southern
100
20
100
4% 1st preferred
30
100
4% 2d preferred
5.100 Columbian Carbon•t (3 __No par
1,700 Columb Pict Corp•t a__ _No par
14.100 Columbia Gas & Elea__ _No par
1,900
100
Preferred eerlee A
10
5% preferred
100
7,800 Commercial Credit
10
20
7% 181 preferred
25
1,110
Class A
50
120
Preferred B
25
160
100
64% Bret preferres
10,225 Comm Inveet Trust
No par
600
No par
Cony preferred
21,200 Commercial 8olvents_No par
26,100 Commonwith & Sou
No par
No par
8,000
56 preferred series
Conde Nast Pub., Ine___No par:
5.400 Congoleum-Nairn Inc____No par
300 Congress Cigar
No par
70 Connecticut Ry & Lighting_100
Preferred
100
800 Consolidated Cigar
No par
100
Preferred
Prior preferred
370
100
_-_ _
Prlor pref ex-warrants
100
4,100 Consol Film Indus
I
4,200
No par
Preferred
17,000 Consolidated Gas Co
No par
2,300
No par
Preferred
200 Consol Laundriee Corp
No par
No par
13.300 Consol 011 Corp
100
8% preferred
100
1,000 Consol RR of Cuba prof
100
4,600 Consolidated Textile
No par
20
3,300 Container Corp class A
No par
Class B
3,100
SOO Continental Bak class A_ No par
No par
Class B
SOO
100
1,300
Preferred
20
6,500 Continental Can Inc
5
400 Cout'l Diamond Fibre
2,700 Continental Insurance
2.50
3,700 Continental Motors
No par
5
11,300 Continental Oil of Del
210 Corn Exchange Bank Trust Co 20
3,900 Corn Products Relining
26
200
100
Preferred
No par
2.700 COO Inc
Ni par
3,700 Cream of Wheat etre
1,000 Crosley Radio Corp
No par
No par
800 Crown Cork & Seal
No par
500
$2.70 preferred
Crown B"mette Pap let ythro par
2,000 Crown Zellerbaok •t .3_ No par
800 Crucible Steel ot America____100
200
Preferred
100
1,600 Cuba co (The)
No par
30 Cuba RR 6% pref
100
4,500 Cuban-American Sugar
10
950
Preferred
100
600 Cudahy Packing
50
1,600 curthi Pub CO (The)
No par
1,000
Preferred
No par
7,800 Curtiss-Wright
1
4,400
Class A
1
80 Cushman's Sons 7% pref ___100
8% preferred
No par
1,600 Cutler-Hammer Inc
No par
400 Davega Stores Corp
8
7,200 Deere & Co
No par
2,300
Preferred
20
4,900 Delaware & Hudson
100
7.100 Delaware Lack & Western___50
900 Deny & Rio Or West ore
100
800 Detroit Edison
100
Detroit & Mackinac RI Co__100
5% non-cum preferred __ -100
300 Devoe & Reynolds ANo par
20
1st preferred
100
1,900 Diamond Match
No par
300
Participating preferred
25
3,500 Dome Mines Ltd
No par
3,300 Dominion Stores Ltd__No par
10,300 Douglas Aircraft Co Inc -No par
100 Dresser(SR)Mfg oOnv A No par
Convertible class B____No par
Duluth 99 & Atlantic
100
Preferred
100
600 Dunhill International
1
700 Duplan Silk
No Par
Preferred
100
3,300 DuPont deNemours(E.I.)&Co.20
500
6% non-votIng deb
100
500 Duquesne Light 1st pref
100
Durham Hosiery Mills pref__)00
400 Eastern Rolling MUls____No par
2.500 Eastman Kodak (N J)___No par
160
6% cum preferred
100
8.500 Eaton Mfg CO
No par
Eltingon Schild
No Pa
7.800 Elec Auto-Lite (The)
5
470
Preferred
100
3,200 Electric Boat
3
2,100 Elec & Mus Ind Am shares
4,200 Electric Power & Light _..No par
2,500
Preferred
No par
Vo par
700
$6 preferred
931
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
July 1
1933 to
Jan. 31
1935
Highest
Low
$ per share
$ Per Share $ Perth
2612 Feb 7 2914 Jan 2
15
8
53 Feb 5
712 Jan 7
312
1218 Jan 28
12 Jan 22
1014
2614
3512 Jan 29 4212 Jan 3
20 Jan 14 21 Jan 25
1412
87 Jan 10 91 Jan 2
633
8
374
12
78 Jan 2
112 Jan 17
3
8
7 Jan 17
8
12 Jan 10
438 Jan 11
67 Jan 17
8
2
618 Jan 17
5 Jan 4
34
13 Feb 7 15 Jan 18
612
x82 Feb 7 282 Feb 7
60
31
243 Feb 1
22
4
2812 Jan 7
90
11212 Jan 7 114 Jan 14
85
1617 Jan 2 17812 Jan 11
8
4512
5512 Jan 5 57 Jan 23
200
1618 Feb 5 1814 Jan 7
9
66
101 Jan 3 10212 Jan 16
8
1218 Feb 6 153 Jan 7 1, 97
4
72
79 Jan 23 85 Jan 8
5
7 Jan 4
63 Jan 10
4
512 Jan 21
418 Jan 12
241
9
19 Jan 15 2812 Jan 21
164
1612 Feb 7 194 Jan 8
12
12 Jan 20 15 Jan 8
11
1014 Feb 2 13 Jan 8
45
67 Jan 15 75 Jan 7
3414 Jan 16 40 Jan 3
1718
612
73 Jan 10
4
612 Jan 24
50
55 Jan 7 5914 Jan 26
41
47 Jan 31 51 Jan 22
1114
3912 Jan 2 4429 Jan 9
22
29 Jan 5 3214 Feb 4
32
5212 Jan 7 5614 Jan 24
23
2912 Jan 3 33 Jan 25
05
1097 Jan 2 112 Jan 23
8
5614 Feb 7 6214 Jan 9 3, 2214
8412
1137 Jan 16 11512 Jan 29
8
8
1914 Feb 6 237 Jan 7
1534
1
8
1 Feb 6
13 Jan 2
173
8
Jan 4 3612 Feb 8
2918
5
7 4 Jan 23
3
714 Jan 23
3112 Feb 7 347 Jan 2
1612
8
714
9 Feb 7 1013 Jan 18
32
3414 Jan 2 42 Jan 4
507
8
514
812 Jan 30 1012 Jan 9
73 Jan 14 74 Jan 24
3014
4514
713 Feb 8 76 Jan 15
4
4514
712 Jan 16
53 Jan 7
8
18
,
1914 Jan 7 21 8 Jan 25
73
4
,
1812
x183 Feb 8 2229 Jan 11
8
7614 Feb 6 82 Jan 11 z71
214 Jan 18
13 Jan 3
112
4
738 Feb 6
74
83 Jan 2
4
10812 Feb 5 112 Jan 28 103
218
27 Jan 11
8
212 Jan 25
12
4 Feb 5
118 Jan 5
414
,
1083 Feb 7 13 8 Jan 10
2
4 Feb 6
518 Jan 9
63 Jan 7
4
512 Feb 5
514
78 Jan 5
I Jan 3
41
4614 Jan 23 503 Jan 2
4414
8
37
8
623 Jan 15 673 Jan 10
4
6
7 Jan 15
85a Jan 2
20
30 Feb 7 34 Jan 8
a,
13 Jan 8
4
3 Jan 2
4
1214
163 Jan 15 194 Jan 3
4
4414 Jan 2 47 Feb 4
4012
5512
8
62 Feb 6 667 Jan 7
149 Jan 2 151 12 Jan 23 133
314
67 Jan 3
8
53* Jan 29
23
357 Jan 15 377 Feb 8
8
8
7
1212 Jan 15 143* Jan 21
183
4
8
233* Jan 30 263 Jan 3
32
4312 Jan 4 444 Feb 8
83 Jan 17 86 Jan 11 ,7 40
314
4 Feb 4
53 Jan 10
8
14
2012 Jan 15 2514 Jan 7
30
62 Feb 6 68 Jan 2
3
4
112 Jan 4
1 Jan 28
3
8
5 Jan 5 5 7 Jan 16
212
54 Jan 2
64 Jan 5
1412
4012 Jan 3 47 Jan 9
3518
41 Feb 4 4712 Jan 2
18 Feb 6 2278 Jan 8
9313 Jan 2 101 Jan 10
212 Feb 7
3 Jan 2
73* Jan 28 104 Jan 2
7314 Jan 16 83 Feb 8
6418 Jan 23 65 Jan 19
1714 Jan 2 2014 Jan 10
8 Jan 21
73* Jan 2
2412 Jan 15 3029 Jan 2
4
19 Jan 15 203 Feb 1
32 Feb 6 4312 Jan 7
14 Feb 6 1918 Jan 7
3 Feb 7
43 Jan 8
4
68 Feb 7 78 Jan 25
6 Jan 17
4 Jan 5
Jan 29
8 Jan 4 11
39 Feb 6 503 Jan 2
8
11612 Jan 9 117 Jan 21
2612 Jan 2 293 Jan 28
4
8
343 Jan 7 36 Jan 28
344 Jan 15 3912 Jan 9
103 Feb 8 125s Jan 28
4
207 Jan 15 243 Jan 3
8
4
1412 Jan 15 157 Jan 7
8
7 Jan 18
74 Jan 8
32 Jan 9
3 Jan 9
8
312 Feb 7
1329 Feb 5
9212 Jan 15
1267 Feb 8
8
105 Jan 2
22 Jan 15
63 Jan 17
2
11012 Jan 16
141 Jan 4
1618 Jan 15
65 Jan 12
8
2312 Jan 29
107 Jan 23
43 Feb 5
4
714 Jan 16
214 Feb 5
618 Feb 7
53 Feb 8
8
518 Jan 18
1712 Jan 3
Range for
Year 1934
1312
3812
2
33
4
7314
6418
912
512
1018
1014
35
14
33
4
55
4
113
20
8913
21
2752
25
11
Ills
814
33
2
%
4
3
1312
92
11 597
8
10414
85
13
312
6512
120
10
993 Jan 3
8
129 Jan 8
107 Jan 17
22 Jan 15
8 Jan 7
1173 Jan 10
4
146 Feb 8
2014 Jan 25
73 Jan 4
4
6
115
8
29 Jan 3
75
10812 Jan 3
3
618 Jan 7
814 Jan 23 3 512
3 Jan 3
214
6%
812 Jan 10
6
714 Jan 11
High
$ per "a"
4
1914 303
33
4 1183
1014
1788
2914 603
2
1714 2438
67
9212
3714 52
12
24
38
114
214
54
514
2
83
4 213
4
7012 78
38
45
247
8 45
95
115
954 161 12
5018 57
314
314
93
2 1818
6813 10212
284
10
94
74
5
9
32.
824
1012 32
4038
164
3314
13
11
30
58
7714
8
21 13 413
64 1914
4
62
783
41
71
1883 4014
2313 3018
38
53
3018
24
9112 110
4 61
353
91
114
153
4 363
4
1
33
4
2113 52:
1383
5
22
353
8
74 14,
2
32
61
58
55
514 134
75
31
4514 747
8
49
70
1%
614
104 203
8
1813 47%
95
z71
112
43
8
714 144
108
11218
63 ,
4
24
12
215
618
13%
23
2
53
8
54 143*
7
8
23
8
4414 64
563
4 6412
118
6
233
2 36,
4
3
4
23
2
153
4 2284
4013 51
5512 8412
135
15012
94
383
28
3
64
8
1712
183
4 3629
354 4414
47
84
35
8
658 ,
17
383
8
44
71
7
8
34
314
1012
97
312
2018 65
37
6283
134 294
4
4312 953
24
114
514 12,
4
7514 91
3412 90
11
2112
6
814
1018 3418
1014 194
35
7312
14
333
4
33
4 1314
634 84
5
7
184
10
6514
29
99
117
2811
21
2814 34,2
4614
32
23
11
1414 2812
814 20
6
1178
4
155
218
12
3
1134
1312 23
100
110
80
1034
115
128,
2
90
107
21
30
418 128
4
79
11612
147
120
1218 2212
194
6
3138
15
110
80
3
712
414
94
214
94
64 21
6
193
4
932
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday
Feb. 6
Thursday
Feb. 7
Friday
Feb. 8
ES PVT share $ per share $ per share $ per share 4 per share $ per share
4514, 4534 4512 46
4512 4512 46
4514 4514 *4512 47%
46
*1,
8
4
*12
*13
12
12
12
32
%
*1
/
4
7
8
7
8
*118 1 2
,
*1
114
13
7
8
*7
8 138 "1
*7
8 13
8
7
8
59
5714 5714 574 5713 57% 577
4
584 5812 "563 5912 *57
2
'127 _ . 12714 12714 *128 _ __ "128 _ _ *128
*12612
.
21
-218 *2
214 214
238 "2
2% '2
-212 *2
212
*1518 1834 '154 168 *1458 1634 *1418 15
4
15
15
15
15
'15
18
*1412 18
*145 18
*1458 18
144 1514 1614 1614
8
08 18
*18
*164 184
1918 18
*1512 18
*18
20
18
5
22*5
54
5
5
5
5
5
5
5
5
5
p 1113 1114 1118 114 1038 11
1014 1012 1014 1078 1058 11
*1312 1412 *1312 14
1312 1312 1312 1358 *1212 1384 *1314 14
lik*9
11
*9
*9
11
11
*812 11
812 9
*8
11
i70 ,70 '67_ *68
_ *69
'69
_ *89
-111112 1114 1132 11
-38 1078 If 1034 -11:134 118 Ins 1138 -124
- 203 203
4
4 204 2058 197 2018 1934 204 204 2012 203 214
8
8
338 358
312 312
an% 458
414 414
44
33
8 358 *4
4.
1134 2
134 13
4 *114 14 *114 134 *14 134
13
4 134
ria 63
8 658 *612 712 *612 712 .63
8 712 *614 712
712 832
19
18 g 19
,
19
188 183
4
4 1814 1814 1812 184 19
19
76
'73
76
75
76
74
78
74
7412 7412 74
75
*64 7
*612 64 *614 678 '612 64 *618 678
7
1.7
556
56 '54 60 '54 60 '56
58
58
59
*5612 59
"48
60 "48
60 *48
60 '48
60 .48
60
60 *48
*62
72
.,*65
72 *60
*62
72
72
72 '62
72 '62
413 413 *44 4 4 *414 43
434
434
*434 48
3
43
4 44
4
3
*314 37
3 *313 37
8 *313 3 4
312 312
34 312 *33* 312
3
112 112
118 118
1
1
118
1
118 *1
Ils •1
2014 2014 '20 2158 "1938 20l
1938 1938 *18
20
2018 *18
31
31
31
3114 3012 31 '30
313 313 '3114 32
4
4
3112
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Feb. 9 1935
Ranee Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Jan, 31 Year 1934
1935
Low Low
High
Par $ Per share
$ per share $ Per oh
Elec Storage Battery
No par 45 Jan 15 4911 Jan 7 12 334
53
73 Jan 10
:Elk Horn Coal Corp
22 Feb 6
No par
18 Jan 10
1
78 Feb 4
50
8% part preferred
45
4
Endicott-Johnaon Corp
50 521 Jan 16 57% Feb 8
Preferred
4
100 1253 Jan 10 128 Jan 17 112
2
27 Jan 4
218 Feb 4
Engineers Public Serv......No par
104
$5 cony preferred
NO par 145 Jan 2 17 Jan 28
11
No par 1412 Feb 7 184 Jan 28
6534 preferred
12
38 preferred
No par 17 Jan 18 18 Jan 9
5
5 Jan 7
5 Jan 7
Equitable Office Bidg.....No par
958
Erie
100 1014 Feb 6 14 Jan 4
1314
First preferred
100 1214 Jan 30 1714 Jan 4
Pa
Second preferred
84 Feb 6 13 Jan 7
100
BO
Erie & Pittsburgh
50 70 Feb 2 70 Feb 2
88
6 1034 Jan 15 1218 Feb 8
Eureka Vacuum Clean
3
,
Evans Producta Co
5 19 Jan 14 227 Jan 7
3
5 Jan 18
34 Feb 4
Exchange Buffet Corp--No par
1
214 Jan 19
Fairbanks Co
14 Jan 15
/
1
25
932 Jan 18
312
88 Feb 2
Preferred
100
204 Jan 2
47
2
Fairbanks Morse & Co-No par 17 Janl
25
Preferred
100 72 Jan 17 80 Jan 2
4
7 Feb 1
534 Jan 8
Federal Light & Tree
15
33
Preferred
No par 48 Jan 8 58 Feb 7
60
Federal Min & Smelt Co--.100 60 Jan 17 50 Jan 17
50
Preferred
100 70 Jan 17 70 Jan 17
6 Jan 2 16 264
44 Feb 5
300 Federal Motor Truck---No par
1
44 Jan 7
300 Federal Screw Works_.
313 Jan 29
-No par
1
Ds Jan 7
1,300 Federal Water Baty A____No par
1 Jan 2
200 Federated Dept Stores_ .No par 19 Jan 10 203 Jan 7
1814
2
1,000 Fidel Phan Fire Ins N Yr_ -2.50 3013 Feb 6 3413 Jan 9
2014
614
Filene's(Wm)Sons Co__No par 1934 Jan 10 2312 Jan 8
____ 20 s____ 20 *---- 20 s____ 24 *____ 24
1934
20
11•15
10
__ *108
- *108
108 108 *108- "108
*1074 108
6,S% Preferred
100 107 Jan 23 11034 Jan 15 z85
1318
- 2,200 Firestone Tire & Rubber
2
7
1612 1612 1638 1632 *1538 16% 15 2 15
4
7
; 153 1632 16 Id7
4
10 153 Jan 30 1812 Jan 7
*9218 923
6712
4 9234 92% 9234 9234 914 924 9234 93
Preferred aeries A
9214 923
4 1,400
100 91% Feb 8 943 Jan 7
4712 4812 48
4
4834 4812 4938 8,000 Mat National Stores__--Aro par 4712 Feb 2 56 Jan 7 6 479
4
4912 473 4818 4712 484 48
Florsheim Shoe clans A___No par 2212 Jan 21 223 Jan 4
1258
2318 '2238 2318 *224 2318 "2238 2318
234 *20
•20
2318 *20
4
2
338
378 2,900 /Follansbee Bros
3
3
3
3
632 Jan 7
34 358
318
3
31s 313
No pp
238 Jan 23
3
4 2114 2212 2314 2313 1,100 Food Machinery Corp
4
223 *213 2214 215 213
8
*213 2212 *21
4
No par 2014 Jan 15 2312 Feb 8 37 1014
134 1458 2,500 Foster-Wheeler
13
133 *1358 14
4
14
1414 1412 1412 13% 14
813
No par 13 Feb 6 1712 Jan 2
50
Preferred
70 70
72
72 "70
70 70 '62
73
444
No par 70 Feb 5 77 Jan 2
*70
738 "70
73, 73
8
84 1,000 Foundation Co
*758 8
1
.712 8
*73
4 8%
8
8
814
75a Feb 5 1012 Jan 7
No par
2312 2313
23 23
234 *2112 23
*2014 237
800 Fourth Nat Invest w w
8 234 2314 23
1858
1 23 Jan 30 25 Jan 8
1014 1018 1013 6,300 FOX 1611/36 Masa A
105g 1078 *1034 1078 1012 1058 1012 1058 10
54
No par 10 Feb 7 134 Jan 2
3814 3814 *358 39
20 Fkln Simon & Co Inc 7% pf-100 3514 Jan 2 45 Jan 11
*3534 383 *353 39
20
*383 40 •3814 40
4
2013
3,900 Freeport Texas Co
2114 2112 2118 2114 208 2118 203* 2034 2012 2012 2114 22
10 2032 Feb 6 26 Jan 2
11712 11712 117 117
Preferred
300
- 11712 1171 *117 118
__ *117
'117
100 117 Feb 8 1201s Jan 22 11312
*17
21
20 '1714 20 '17
*2018 1512 "20 21 *17
Fuller (0 A) prior pref_--No oar 1834 Jan 15 24 Jan 25
20
124
*834 1014 •813 912 *81s 9'S
9
9
*9
1038
*9
11
$6 2d prat
20
5
84 Jan 7 12 Jan 24
No par
400 Gabriel Co (The)ol A___.No par
1% 17
•17
8 2
113
13
4 13
4
*13
4 17
17
a 17
*17
2
134 Feb 8
24 Jan 3
858 858 *8
100 Gamawell Co (The)
8
8
818
812 812 *858 812 "838 823
8 Feb 8
No par
912 Jan 10
8
718 2,500 Gen Amer Investors
63
4 7
634 712
63
7
7
No par
7
8 4 67
1
2
4 83
4
553
812 Jan 31
75* Jan 4
8723
8713 85 85 *85 874 *86
Preferred
100
8713 •85
•85 8712 *85
644
No par 8414 Jan 10 8512 Jan 4
3,000 Gen Amer Trans Corp
354 3513 3512 3512 3534 38
7
3614 3813 35 3 3614 3518 38
5 3512 Jan 15 3814 Jan 5
25 4
3
*16
1614 *153* 1614 155* 155* 1518 1512 153 1512 1618 1614 1,000 General Asphalt
8
10 154 Feb 8 1878 Jan 9
12
812
812
8
8
2,200 General Baking
8
8
772 8
772 8
72 8
7
83 Jan 7
73 Jan 15
4
6
64
$8 preferred
150
122 122
122 122 "121 122
120 120 *120 122
"119 120
No par 116 Jan 10 122 Feb 6 100
63
612 634
3 83
4
87
8 7
64 63
63
4
*65
4 1,900 General Bronze
612 65
8
5
71s Jan 8
6 Jan 2
6
2% 2% '258 318 *212 318
*272 314
214
300 General Cable
212 Feb 7
No par
314 Jan 3
213 24 *25* 318
Class A
200
512 512 *412 612 *412 612 *43
*5
818
5 Jan 29
No par
44
4 612 *43
7 Jan 3
714
1% cum preferred
400
24
*24
2484 24
*24
26
*2414 26
25
25
'2412 26
100 24 Feb 8 2712 Jan 7
14
5414 543
8 SA *55
4
*5218 5284 2,200 General Cigar Ino
5534
No par 5013 Feb 6 8314 Jan 8
*5218 54
4 504 54
244
54
7% preferred
100 12712 Jan 2 13412 Jan 4
50
*120 131 *11814 130 *11614 130 *11614 128 "120 12712 12713 12712
97
2278 2338 58,900 General Electric
2338 221z 23
2312 23
2314 2312 23
No par 2012 Jan 15 243 Jan 23 g 16
2212 23
Special
11322 11322 11322 1112
10 11 Jan 2 Ws Jan 3
113 111
0 ” 118,, 1111, 111gs 11131 111.1 11% 16,700
11
No par 323 Jan 4 343 Jan 22
343 344 34 1044 34 g 3434 3312 33 3 34
28
4
4
3458 3418 344 8,800 General Foods
7
3
8
3
8
sp
3
8
3
as
12
8
as
42
32
32
58 Jan 14
% Jan 2
No par
38 32,300 Gen'l Gas & Elea A
is
Cony pref series A_ _No par 124 Jan 30 1358 Jan 18
*12
1818 "1158 15
18
184 *15
1312 *13
*1212 14 •13
54
No par 13 Feb 7 14 Feb 5
27 pref class •
20
*1212 18
13
13
16
14
14 "14
*14
16
"14
16
63
4
713
1
$8 pref class A
No par 15 4 Jan 15 16 Jan 24
•1358 18
18
18 •1212 1334 •14
*15
18 *15
*15
18
300 Gen Dal Edison Elea Coro
*5932 6112
5712 Jan 2 814 Feb 5 w 54
4
4 6112 6112 *6012 62
6132 613
2 613 613
*8112 62
51
No par 5978 Feb 8 6212 Jan 26
62
8213 6212 6212 1,300 General Mills
8114 6112 8114 8114 804 6114 598 60
*11614 11718 *116t4 11718 *11614 11718 "118 11718 1174 1174 "116 1184
Preferred
100 116 Jan 3 1171a Jan 24 1004
100
301
10 30 Feb 6 3424 Jan 3 222238
30
3012 304 318 58,700 General Motors Corp
,
31
3114 303 3038 30
315* 31
25 preferred
84
No par x10712 Jan 4 113 Jan 28
111 11112 2,100
3
110 4 1118'111 11114 11034 11114 11012 110 4 11012 111
3
114 1118 *8
84
NO par 1118 Feb 7 13 Jan 10
100 Gen Outdoor Adv A
1112
•114 1212 *114 1212 "1114 1212 *1118 12
No par
314 Jan 9
332 Jan 2
Common
200
34
3
314 314 *34 3 3 '314 33,
34 314
*34 358 *34 358
720 General Printing Ink
No par 175* Feb 5 2234 Jan 9
104
1758 1758 *174 1812 *174 1912 1812 21
18
1818 *1713 187
No par 934 Jan 22 97 Jan 14
86 preferred
210
96
95
97
614
965* 97 *9532 963
*9512 9614 9614 9614 *98
258 Jan 3
132 Jan 20
1,700 Gen Public Service
2
2
2
2
158
No par
4 2
18 2
.13
*134 2
*134 2
No par 2414 Feb 8 30 Jan 7
4 2413 2434 *2278 2414 2414 244
800 Gen Railway Signal
4
25
2614 243 243
25 25
234
Preferred
100 80 Jan 2 91 Jan 30 80
92
92 *89
92 *89
*89
92 *89
"87 92 *87 92
114 Jan 8
1
1
14 Jan 10
138
158 1,600 Gen Realty & Utilities
138 158
114 13*
13
2 14 *14 132 *114 112
No par 16 Jan 6 194 Jan 10
10
88 preferred
400
163 1634 17% 1712
4
1712 17% *1714 1832 1714 1714 *1632 173
No par 183 Jan 30 2014 Jan 3
84
4
800 General Refractories
174 174 1832 1832
17
17
17
17
*1712 18
1712 18
Voting trtnt oertits
6,100
No Par 164 Jan 15 194 Jan 2
163 17% 17% 18
4
1714 1658 17
16% 173* 1718 1712 17
74
24I 2412 *2418 2412 2412 2412
50 Gen Steel Castings pref ....No par 2234 Jan 15 32 Jan 22
1732
2412 2412 *2412 25
*2418 28
*
7,300 Gillette Safety Rasor.....54 par 134 Feb 5 1512 Jan 10 3 74
1312 133
2 131 1312 1312 138 1314 13% 13% 135* 1312 14
No par 704 Jan 4 757a Jan 10
Cony preferred
74
733 74% 741 7434 1,400
4
4513
*7312 743* 7412 7412 737 73% 74
31 Jan 4
25
23 Feb 6
4
No par
2,000 Olmble Brothers
*272 3
3
3
24 3
3
27
8 3%
318 324
34 314
1313
100 2318 Jan 12 274 Jan 6
Preferred
300
2313 2312 2338 2333
*2338 274 *2313 2412 *2313 2412 234 231
12
NO par 238 Feb 7 2714 Jan 7
2472 2514 4,000 Glidden Co (The)
2338 248
2414 231 24
2 / 2478 2433 2434 24
44
805*
s
Prior preferred
100 1047 Jan 2 10712 Jan 8
190
*106 107
106 10612 10612 10612
106 106
106 10612 106 106
33
4 4 Jan 25
3
432 458 7,900 Gebel (Adolf)
44
3 8 Jan 19
5
_5
4
44 48,
34 4
4
44
418 414
157
4
No par 153 Feb 7 18 Jan 7
158 1813 5,200 Gold Dust Corp vie
4
153 18
16
1814 18
16
164 15% 18
16
984
a
$6 cony preferred
Aro par 1147 Jan 19 116 Jan 17
11012 114
*11012 11612 *11012 11612 *11012 11612 11012 11612 11012 114
97 10
912 Feb 8 1172 Jan 7
95
8
No par
3,800 Goodrich Co(B F)
9
53 10
913 95
3
94 91
93
4
10
10
Preterred.
100 45 Feb 7 544 Jan 8
2612
4614 4614 1,400
45
*4312 498
464 45
483* 4838 4612 4612 46
1812
21% 2134 2258 7,700 Goodyear Tire & Rubb___No pa, 21 Feb 6 264 Jan 7
2112 21
2214 2288 22
2258 2112 2158 21
182 preferred
5313
No par 8434 Jan 2 92 Jan 10 "
'8512 8812 *8512 88 "854 87 *8514 86 '851 86 "8514 87
513 Jan 3
414 Feb 8
No par
423 412 1,000 Gotham Silt E1080
44 44
3%
414 44
*412 434 *412 434
43, 412
Preferred.
100 x44 Jan 10 50 Jan 3 3812
45
*42
45 "42
*4218 45
*424 45
"4212 49 "4218 45
3% Jan 3
212 Feb 7
112
5,400 Urabarn-Palge Motors-- _1
212 21
23
212
2% 25,
212 23*
212 25
212 234
.100
4
714 Jan 7
65 Jan 2
800 ,Jranby Cons NI Sm & Pr
65g 632 *63* 634
632 65*
632 658
65
68
65* 638
5 Jan 7
312 Feb 4
1
353
3,100 Grand Union Co tr Ma
358 35
34 34
312 312
312 312
34 312
34 34
3
3
No par 21 Jan 23 2934 Jan 3
20
Cony pref series
500
21
21
*1972 21
*2113 22
21
2112 2112 2114 2114 *20
2078
Granite City Steel
No par 23 Jan 10 23 Jan 10
*23
24
24
24 "23
*2278 24 "23
*224 24
*2278 24
25
No par 30 Feb 1 354 Jan 3
70 Grant (W 3)
3112 3112
3018 31
*3018 31
*3014 31 4 "3014 31 4 31
,
31
,
73
1012 Jan 17 127 Jan 7
--No par
3,300 Gt Nor Iron Ore Prop.
11
103 103
*103 11
4
4
4 1012 1058 1012 10% 10% 104 11
100 123* Feb 6 172 Jan 7
1112
125 134 133 1412 14,700 Great Northern pref
13% 1418 1353 137
1312 1258 13
8 13
25
3,000 Great Western Sugar ____No par 2632 Jan 15 293* Jan 3
271g 2712 2758 2713 277
274 27
274 2712 •2718 2713 27
99
100 119 Jan 2 12612 Jan 16
Preferred
180
12514 12.514 125 125 1"125 12512 125 12512 *12312 12512 125 125
100 34 Feb 6 35 Feb 6
18
60 Greene Canape* Copper
_ *34 _ _
35 *34 _
*38
50 *38
34
50
50 *39
13 Jan 7
1 Feb 1
200 Guantanamo Sugar.........No par
114 1
14
118
%
113 *1
lla
114
14 •Ila
31
114 '
*1
74
Preferred
100
*1312 19
*1312 19 •134 19
*134 19
*1312 19
*1312 19
41 Jan 30
4
6 Jan 6
Gulf Mobile & Northern____100
*412 6
*412 6
*412 6
*44 6
*412 6
*413 6
1112
.100 11 Feb 7 1413 Jan 8
Preferred
300
"1014 13
11
1114 1138 11
*1133 14
14
"11
14 "11
No per 194 Feb 6 24 Jan 8
400 gulf States Steel
1514
1912 1912 *1558 204 *--,- 21
2112 2112 2014 21
*21
23
254
_100 6314 Feb 5 67 Jan 11
40
Preferred
67 67
64 *6614 67
*62 67 *62 6314 6314 6314 *62
191
25 2114 Jan 15 23 Jan 5
100 Hackensack Water
*2212 23 *2212 2514 *2212 2514
2212 224 *2212 23
*2114 23
26
25 30 Jan 18 32 Jan 15
7% Preferred class A
*304 3112 "3018 3112 "3018 3112 *3018 3ltz *3018 3112 *3018 3112
614 Jan 7
412 Feb 8
No par
45
43
312
453 4% 3,600 Hahn Dept Storea
453
44 47
43
4
5
5
5
512
18
Preferred
900
3
100 55 Jan 15 835* Jan 7
*5712 59
57
58
4
5612 574 573 57
57
*5512 5814 57
712 Jan 2 9 34
64 Jan 29
10
700 Hall Printing
*61
*8
84 *813 63
61
7
7
612 67
8
613 64
4
912 Jan 8
Hamilton Watch Co
353
91* Jan 8
No par
914 *612 914 "612 94 *618 914
94 *7
914 *7
*7
20
100 83 Jan 4 75 Jan 23
70
Preferred.
*86
70
*136
70 *68
70
70 *66
*68
70 "88
77
80 Hanna(M A) Co $7 pf.--No par 101 Jan 2 105 Jan 25
10412 105
104 104
104 104 *104 105 "104 105 *104 105
4
12
4
4
3 174 174 x173 1814 1,100 Harbison-Walk Refrso---No par 163 Jan 17 1912 Jan 9
8 1758 173
1814 1814 184 184 173 177
82
4
Preferred
100 993 Jan 7 1014 Jan 26
- ......
__ •10112
*10112 -- .*1014
- "10112
*10112 _ _ *10112
7 Jan 7
512 Feb 6
700 Hat Corp of America Si A.....1
14
4 814
-14 *51 -64 6
512 ---54
3
*512 -- 8
576 _6
*8
-64
1412
8i-% preferred
110
100 81 Feb 6 884 Jan 2
83 84
"8112 83
81
81
85
82 82 *81
"82 85
32
12 Jan 8
32 Jan 2
Havana Electric Hy Co --No par
3
4
*1
/
4
3
4
*12
*12
3
4
*3
13
3
4
3
4
*3
a
3
4
*3
s
214 Jan 26
100
•234 4
234 Jan 26
Preferred
"214 4
23
4
*23
4 4
•23
4 4
4 4
*23
4 512 *23
For footnotes see page 928.
Shares
600
1,200
100
500
10
200
200
700
200
900
2,500
600
200
20
1,800
3,500
50
250
110
1,200
180
200
30
$ Per share
34
52
68
17
3
1
34
3
46
63
120
128
2
83
4
104 2312
11
244
25,2
15
6
1032
9 3 24%
3
1434 2814
9
23
50
68
7
145t
9
2714
8
1012
1
22
3
3 4 12
3
/
1
4
7
183
4
7712
30
4
1114
344 82
52
107
62
98
272
113
2
2
Ms
1
4
20
31
233
4 3512
11
7
23
30
87
106
, 2514
131
9214
71
63
694
15
25
2
1732
8
1012 215
84 22
55
80
614 174
1712 2
74
84 1712
20
63
214 5058
11312 1604
14
3312
1952
6
1%
453
8
20
663 1112
73
87
30
4332
2312
12
64 14%
100
1084
104
5
24
6's
414 12
144 33
27
593
4
97 12712
1672 2514
11
12 4
3
28
38 2
7
13
138
614 19
11
21
18
22
50
624
644
51
103 118
2462 42
5944 109
88* 21
3%
63
1
1012 2512
734 96
52
2
234 4584
90
10112
1
332
10
WA
104 238k
10
20
174 484
83
187
4
72
67
fiss
25
261 30
/
4
1532 2858
03 1074
38
912
23
16
964 120
8
18
3513 82%
1813 4183
84
86%
378 111
4
38% 7112
12
412
4
1358
4
83
4
23
40
21
314
28
40%
813 151a
1214 324
25
3514
102 1184
59
18
%
312
74 31
1814
5
12
35%
1514 42
47
53
2012 284
27
31
34
814
2514 8312
98
34
35* 117
s
25
83
84
10114
13
24%
87
100
75
112
19% 92
si
113
812
3
New York Stock Record-Continued-Page 5
Volume 140
111011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday
Feb. 6
Thursday
Feb. 7
Sales
for
the
Week
Friday
Feb. 8
STOCKS
NEW YORK STOCK
EXCHANGE
933
Range Since Jan. 1
On Basis of 100-shars Lots
Lowest
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
High
Low Low
S Per share $ per share $ Per share S per share S per share $ Per share
27
8 3
*27
8
318
27
8 27
8
23
4
27
8
*212 27
8
23
4 318
89
8912 .88
8912 *89
8912 89
8912 •89
8934 8912 904
*123 132 *123 132 *123 132 *123 132 .123 132 *130 132
*145__ *145
__ *145
.*45
1
.*145
.*145
*1112 1213 *1112 1212 *1112 12
-12 *1112 - 12 *1014 12
12 •11
12
74
74
734 74
*7314 7412 74
744 74
/
1
74
*74
75
*12312 12414 12312 124
12312 12312 .123 124 *12318 124
123 12318
*7718 80
*77
797 '78
8
797
8 77
77 .77
797 *775 797
8
8
8
10412 10412 10412 10412 *104 10412 104 104 *10312 10412 10412 10412
74 74
*73
4 8
73
4 77
s
73
8 7
/ '74 7 8 *714
1
4
1
74
3
10
10
93
8 95
8
912 93
8
912 912 '93
8 912
912
95
8
.34718 350
345 345
338 338
341 341 *339 350
350 350
33
33
*31
3318 *314 317
8 3112 3112 3214 3214 33
34
8
73
4 74
8
73
4 8
75
8 8
7 8 73
5
4
77
2 818
*52
54
527 527 *51
8
8
53
*5118 52
5118 5118 52
52
*14
15
1414 1414 *14
15
14
14
*1412 1512 *1414 1513
23
4 23
4 '2 4 3
3
*23
4 3
*23
4 3
23
4 23
4
24 27
8
1412 45
45
45
*43
45
44
44
44
4434 45
46
43
8 43
8 *414 47
8
414 414
414 414 *414
412 *414
47
8
*1012 13
/ 1052 124 105 104 1018 104 *912 1314 *10
1
4
8
/
1
123
4
9
4 10
91 9
/
4
4
87
8 914
818 9
84 94
9
/ 10
1
4
24 27
s
23
4 27
8
23
4 23
4
2
/ 24
1
4
2
/ 23
1
4
4
23
8 23
4
1312 13
/ 1314 1314
1
4
1214 13
124 125
8 12
127
8 13
13
/
1
4
*1912 21
*1912 23
•18
2012 1814 184 1814 1814 1818 1812
'533 5412 533 533 *52
4
4
4
5412 '52
5412 *52
5412 52
52
*818 9,
2 "813 912 *8
812
8
/ 83
1
4
9
8 .8
*8
912
*238 212 *233 212 *214 212
214
24 *214 23
/
1
8
2
/ 238
1
4
313 32
4
3114 313
4 3012 3114 3014 304 3014 314 304 3112
/
1
6612 663
4 664 13714 66
66
*64
65
6512 6512 *66
67
'111___ _ *111
_ _ *111
_ _ •111
_ _ •111
_ _ *111
_
534 54
5314 - 5312 5134 5i
5118 - 12 517 - 1 1 53 - _5i
8 52
5314
278
278 *27
8 3
278 27
8
24 27
8
23
4
23
4
23
4 27
8
412 412 .43
8 41 2 *44 41
/
1
/
4
43
8 4
/ *438 4
1
4
/ *412 4
1
4
/
1
4
1412 15
14
/ 143 *137 1414
1
4
4
8
137 14
8
.137 14
8
1414 1414
- - -- _
- -__
_
_ __
_ _
*11.
-- 4 - .
*414 -'
6
•:
IT4 414
14 *4T4 i
:
1T4 - -14
4
6
'4
g
633
53 8 5
8 5
5
*3
/ 5
1
4
.318 5
*33
8 5
*33
8 5
18
18
*1618 18
.1618 18
*16
18
*1612 18
•17
18
2
/ 2 2 *238 3
1
4
3
"238 3
24 23
/
1
8 *238 3
*212 3
53
4 53
4
51 51
/
4
4
513 51 2
812 53
4
5
/ 55
1
4
8
53
4 53
4
114 414
418
44 418
4
4
4
418
44
/
1
414
43
8
*3914 397
8 3914 3914 38
38
363 363 '3612 38
8
8
38
38
15114 152 *15112 153
8
1517 1517 *152 155
8
15214 15214 *153 154
514 •518 53
514
8
5
5
5
5 18
5
5
5
5
27
2712 263 27
4
2614 2612 2612 2612 2614 2712 27
28
1114 413
8 4012 4118 40
4012 394 4014 3934 4014 40
407
.139 140 x13714 13714 *137 13918 13812 13812 .1391 140 .1395 140 8
/
4
8
"214 23
8
214
214
214 214
212 214
2
214
218
218
.212 234 3212 23
4
234 23
4 .212 23
4
212 212
24
214
227 23
8
223 23
4
2212 223
4 2212 223
4 22
/ 23
1
4
223 2314
4
^125 126 .125 126 •125 126 .125 126 '125 1263 125 125
4
*214 2
/
1
4
214 24
214
214
218 2123
24 214 *24 214
"1
13
8
*7
8
114
*7
8
13
8
*72
13
8
.
7
3
114 *1
114
*3
4
1
3
4
3
4
34
34
"4
1
4
14
7
8
"4
8
*912 97
8 *94 97
914
8
94
,
912
9
912 912
/
1
84 9
*2218 225 •2218 223
8
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'132 135 *13212 13412 *13218 1344 132 132
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__. *113 1151 113 113
For footnote:3 see page 928.
Shares
Par $ per share
6 per share S per sh
800 Hayes Body Corp
2
2 Feb 6
/
1
4
37 Jan 2 35 134
8
700 Hazel-Atlas Glass Co
25 85 Jan 2 9018 Feb 8
65
Helme (G W)
25 127 Jan 5 130 Jan 9
94
Preferred
100 14212 Jan 10 14212 Jan 10 120
Hercules Motors
11 Jan 8 1212 Jan 21
No par
514
700 Hercules Powder
No par 7314 Feb 4 77 Jan 8
/
1
4
40
180
$7 cum preferred
100 123 Feb 8 125 Jan 2 10418
600 Hershey Chocolate
No par 7313 Jan 2 813 Jan 19
4
44
600
Cony preferred
No par 104 Jan 25 107 Jan 9
80
700 Holland Furnace
No par
73 Feb 6
8
914 Jan 7
4
800 Hollander & Sons (A)
9 Jan 15 11 Jan 2
/
1
4
5
54
600 Homestake Mining
100 333 Feb 5 39118 Jan 7 200
1,100 Houdaille-Hershey cl A ...No par 31 Jan 12 363 Jan 25 3 7
4
11,900
Class B
No par
4
714 Jan 15
83 Jan 7
'213
300 Household Finance part pf___50 49 Jan 2 53 Jan 3
43
200 Houston 011 of Tex tern ctfs__100 14 Feb 6 173 Jan 2
4
1212
400
Voting trust Ws new
3 Jan 4
/
1
4
25
23 Jan 14
4
212
2.100 Howe Sound v t a
5 43 Jan 15 524 Jan 3
20
300 Hudson & Manhattan
55* Jan 21
100
414 Jan 4
4
Preferred
200
100
93 Jan 18 134 Jan 21
4
9
17,400 Hudson Motor Car
No par
818 Feb 6 123 Jan 7 11 6
4
5,800 Hupp Motor Car Corp
37 Jan 7
Feb 6
8
10
23
8
17
.1
7,400 Illinois Central
100 12 Feb 7 1714 Jan 7
1318
500
6% pref series A
4
100 1818 Feb 8 233 Jan 4
1912
20
Lease 1 lines
100 52 Feb 8 5712 Jan 10
464
100
RR Sec ctfs series A_-__1000
712
8 Jan 31 10 Jan 4
/
1
4
400 IndIan RefInIng
10
214 Feb 6
212 Jan 2
2
/
1
4
12,200 Industrial Rayon
No par 3014 Jan 11 33 Jan 7 36 1314
900 Ingersoll Rand
No par 65 Jan 28 6912 Jan 8
45
_ _ ___
_
Preferred
100 109 Jan 7 109 Jan 7 105
2,700 Inland Steel
No par 507 Jan 16 5514 Jan 2
8
28
1,200 Inspiration Cons Copper
24 Feb 7
/
1
20
37 Jan 8
8
2
/
1
4
200 Insuranshares CUB Inc
1
418 Jan 4
2
4 / Jan 24
1
4
4,400 fInterboro RapIdTran vie __100 123 Jan 15 155 Jan 7
4
8
513
____ __
Certificates
No par
5
20 Internat Rya of Cent Amer100
4 Jan 14
43 Jan 25
8
2
Certificates
No Dar
5 Jan 3
5 Jan 3
212
10
Preferred
100
154 Jan 2 1812 Jan 10
/
1
61
/
4
200 Intercont'l Rubber
24 Jan 15
No par
/
1
3 Jan 7
2
1.100 Interlake Iron
No par
512 Feb 5
7 Jan 7
4
2,800 Internal Agricul
No par
4 Jan 15
112
5 Jan 2
400
Prior preferred
100 3312 Jan 15 423 Jan 25
4
10
1,000 lot Business Machines___No ear 14912 Jan 15 1533 Jan 10 1253
4
4
1,000 Internal Carriers Ltd
4
1
5 Feb 5
65* Jan 8
3.700 International CemenS___-No par 2614 Feb 5 33 Jan 7
1832
19,300 Internat Harvester
No par 3714 Jan 15 437 Jan 2
2314
8
200
Preferred
100 135 Jan 2 139 Jan 30 110
/
1
4
2,700 Int Hydro-El Sys el A
25
2 Feb 7
24 Jan 9
218
300 Int Mercantile Marine. .No par
214 Jan 15
24 Jan 3
2
16,800 Int Nickel of Canada____No par 2214 Jan 15 244 Jan 7 11 141
/
1
/
4
Preferred
100
100 125 Feb 8 12512 Jan 7 101
Internat Paper 7% prof
100
814
500 Inter Pap & Pow el A____No par
218 Feb 7
3 Jan 8
2
Class B
72
No par
14 Jan 31
11 Jan 7
/
4
Class C
3,300
No par
3 Feb 1
4
118 Jan 19
53
2,200
Preferred
100
81 Feb 7 12 Jan 7
/
4
64
300 Int Printing Ink Corp___No par 2112 Jan 15 233 Jan 3
4
9
Preferred
300
100 984 Jan 2 10014 Feb 8
65
200 International Salt
No par 29 Jan 21
3118 Jan 4
20
800 International Shoe
No par 44 Jan 14 4514 Jan 10
38
International Silver
100 2112 Jan 31 28 Jan 4
19
90
7% preferred
100 70 Jan 15 75 Jan 3
40
14,600 Inter Telep & Tales
No par
812 Feb 6
94 Jan 10
712
Interstate Dept Stores
No par 10 Feb 5 123 Jan 7
200
4
24
/
1
Preferred
100 75 Jan 29 847 Jan 7
8
1614
400 Intertype Corp
No par
614 Jan 10
6 Jan 5
/
1
4
43
4
700 Island Creek Coal
1 31 Feb 7 36 Jan 8
204
/
1
Preferred
20
1 110 Jan 22 11212 Feb 5
85
400 Jewel Tea Inc
No par
534 Feb 6 57 Jan 7
/
1
26
7,100 Johns-Manville
No par
483 Jan 29 57 Jan 7
4
/
1
4
3612
Preferred
10
100 12112 Jan 24 125 Jan 4
87
Joliet Sr Chic RR Co 7% gtd_100
115
250 Jones & Laugh Steel pref.-100 5612 Jan 2 73 Jan 23
45
Kansas City P & L pf see BNo par
977
4
200 Kansas City Southern
100
7 Jan 15
8 Jan 7
/
1
4
6
/
1
4
300
Preferred
100 10 Feb 6 1312 Jan 7
1014
500 Kaufmann Dept Stores 612-50
712 Feb 6
54
812 Jan 2
1,200 Kayser (.1) & Co
5 153 Jan 17 164 Jan 3
4
/
1
12
Keith-Albee-Orpheum pref _ _100
15
2,700 )Kelly-Springfield,Tire
5
114 Jan 2
23 Jan 17
8
1
600
8% preferred
No par
74 Jan 2 133 Jan 17
5
2
100 Kelsey Hayes Wheel conv.cIA__1
6 Jan 25
212
712 Jan 11
200
Class B
1
334 Feb 6
412 Jan 2
112
7.300 Kelvinator Corp
No par
154 Feb 7 1814 Jan 9' 67
/
1
6
8
40 Kendall Co pt pf ser A_ No par 903 Jan 8 95 Jan 29
4
55
21,700 Kennecott Copper
No par
16 Feb 5 184 Jan 7
/
1
153
8
300 Kimberly-Clark
No par
1012 Jan 15 11 Jan 8
94
/
1
200 Kinney Co
No par
4 Feb 6
53 Jan 3
8
214
130
1'referred
No par
297 Feb 7 38 Jan 23
8
12
11,400 Kresge (88) Co
10 2012 Jan 15 214 Jan 2
1014
7%
- 10prefd
10612 Jan 16 112 Jan 4
9914
Kresge Dept Stores
No par
312 Jan 15
4 Jan 17
2
Preferred
10
100 42 Jan 11 474 Feb 6
12
200 Kress (8 H) a, CO
No par 60 Jan 29 6912 Jan 7
271
/
4
4,800 Kroger Grim & Bak
No par
235 Jan 29 283 Jan 2
8
4
19
40 Laclede Gas IA Co St Louis __100 16 Feb 5 21 Jan 12
20
10
57 preferred
100 28 Jan 4 31 Jan 24
27
2,100 Lambert CO (The)
No pa: 2614 Feb 6 2812 Jan 8
19
/
1
4
100 Lane Bryant
No par
813 Jan 2:3
9 Jan 3
44
1,000 Lee Rubber & Tire
5 1114 Jan 29 127 Jan 7
8
54
500 Lehigh Portland cement
50 14 Feb 6 17 Jan 7
/
1
4
9
90
7% preferred
100 89 Jan 3 96 Jan 14
/
1
4
73
1.700 Lehigh Valley RR
50
818 Feb 6
1112 Jan 7
8,
4
1.700 Lehigh Valley Coal
No par
218 Feb 6
24 Jan 4
2
1,400
Preferred
50 10 Jan 21
1212 Jan 23
4
800 Lehman Corp (The)
No par 6912 Jan 17 74 Jan 8
5814
900 Lehn & Fink Prod Co
5 1512 Jan 24
1714 Jan 25
1112
9.400 Libby Owens Ford Glass__ No par 27 Feb 6 324 Jan 2
/
1
21
1,000 Lite Savers Corp
5 2112 Jan 17 23 Jan 3
15
/
1
4
600 Liggett & Myers Tobac,so____25 102 Jan 15 10712 Jan 4
7112
2,000
Series B
25 102 Jan 15 10912 Jan 4
7314
7,500
Preferred
100 15112 Jan 30 154 Jan 30 123
1,900 Lily Tulip Cup Corp__No par
Lima Locomot 3Vorke____No par
1,800 Link Belt Co
No par
2,200 Liquid Carbonic
Ni Par
11,500 Loew's Incorporated__ _No par
400
Preferred
No par
1.200 Loft Incorporated
No par
600 Long Bell Lumber A__No par
800 Loose-Wlles Biscuit
25
50
7% let preferred
100
6,200 Lorillard (I') Co
10
130
7% preferred
100
700 Louisiana 011
No par
50
Preferred
100
700 Louisville Gas & El A___No par
2,200 Louisville & Nashville
100
1,900 Ludlum Steel
1
000
Cony preferred
No par
600 MacAndrews & Forbes
10
70
V. preferred
100
100
17 Feb 5
2014 Jan 29
1714 Jan 16
2514 Feb 6
3114 Feb 7
102 Feb 1
114 Jan 24
11 Jan 21
/
4
3412 Jan 28
126 Jan 30
19 Jan 15
13012 Jan 3
1 Jan 4
10 Feb 6
1212 Jan 2
39 Feb (1
1512 Jan 15
9014 Jan 4
40 Jan 24
113 Feb 8
1914 Jan 3
1414
1514
2412 Jan 5
1112
213 Feb 8
8
307 Jan 8
8
164
344 Jan 2
/
1
1912
1043 Jan 8
8
66
11 Jan 2
/
4
114
2 Jan 2
/
1
4
1
36 Jan 2
3314
12818 Feb 6 116
14
/
1
4
2
213 Jan 3
13512 Jan 25
9813
17 Jan 7
8
14
1412 Jan 8
8
1118 Jan 10
12
4712 Jan 7
3413
1814 Jan 8
712
10218 Feb 8
50
4318 Jan 311 21
11618 Feb 5
875
8
2018
$ per share
1 14
61
/
4
74
964
101
145
12312 153
514
124
59
811
/
4
Ill
12532
4812 733
4
83
1054
4
/ 1014
1
4
5
/ 13
1
4
310 x4304
11
34
252
85*
43
54
1213 291
4
212
5
/
1
4
3512 5714
4
124
9
2614
64
17
8
134
/
1
21
483
4
712
2
/
1
4
193
8
4912
105
3414
252
212
54
812
2
2414
74
387
2
50
66
2414
4
/
1
4
3214
733
4
11634
56
64
418
1713
1212
7
212
63
8
7
/
1
4
218
4
2
15
131
412
184
/
1
2314
110
24
2
21
1153
4
10
2
7
2
5
8
812
9
68
21
38
19
59
712
312
211
/
4
52
3
243
4
90
33
39
101
135
45
977
2
VI
1014
6
134
20
1
5
3
23
2
113
2
6518
18
978
3
131/
2214
54
11,
4
6,
8
3714
164
124
8714
464
137
918
6
2914
130
25
612
312
23
4
244
2512
100
32
501
/
4
453
4
8412
1714
164
/
1
8112
10
36
110
5712
861
/
4
121
140
77
11412
193
4
2712
101
/
4
1812
3712
413
20
10
75*
2114
94
2318
184
714
41
133
2 224
/
1
101 z114
212
714
19
55
6512
36
2314 33
/
1
4
20
6312
27
60
2214 311
/
4
5
1414
7
1422
11
20
73
/ 90
1
4
912 214
212
5
5
181
/
4
6414 78
1112 2312
2212 437
2
174 24
73
110
7412 111 14
129
15212
18
264
154 3614
1112 191
/
4
1618 35 8
3
2078 37
72
105
14
3
1
3
334 244
/
1
4
1193 12812
4
15
/ 2212
1
4
102 x130
34
35*
714 2312
12
21
373
4 6212
84 1913
60
97
30
4214
95
11114
2018 33
New York Stock Record-Continued-Page 6
934
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday' Thursday
Feb. 7
I
Feb. 6
Friday
Feb. 8
4 per share $ Per share $ per share 4 Per share
2638
26
26
2534 257
8
257 26
sI 26
4 3814 39
,
3812 39 1
3812 387 x3812 383
81
61i 633
612 718
6l
61g '61
631
8
8 197 20
8
1912 19's 1953 195 *1912 197
8
17
4 •1571
3 13
4 "15
8 .15
17
8 13
*15
8
*1312 16
13
13
*1314 16
15
15
4
13
1
118
4 *118
13
8
7
8 *1
7
412 412
41.2 478
4
4 518
43
4 43
43
4 614
4 614 *43
4 614 *43
4 614 *43
*43
8
4
*333 357s 343 343
4
4 3412 3412 *3312 357
19
19
19
1914 19
1913 1912 19
12
*II
*1118 12
11
8 11
117
"11
114
114
112 *1
114 •113 114
*1
8
518 514 *513 514 *518 53
518 518
614
6
6
6
6 18
6
618
6
4
3
*12
*12 1
4
3
*13
*23 118
4
4 *214 43
4 *2
43
4 *211 43
43
*2
512 512
4 512 '454 512
512 512 "43
*114 3
4 .114 3
13
4 *114
13
*114
8
4 237 24
2414 233 233
4
*2414 241* 24
8 9
87
812 9
8
5
8 8 85
8
812 85
4 9
83
9
9
8 77g
77
713
7
7 8 *7
8 *7
77
7
7 8 *7
7
7 8 *7
•7
2812
8 2718 2712 28
2818 2814 273 2818 2758 2778 2712 275
4
14512 146
'140 146 *140 146 *140 146 *140 146 *140 146
42
41
41
8 40
4
393 403
4112 4114 4114 4013 41
41
4
4 53
53
4
8 53
55
6
3
8 54
*55
6
3
3
5 4 5 4 *512 6
3518 3538 3512
35
35
8 3514 3514 35
3
35 4 3512 355
*35
*1913 35
35
*1918 40 .30
*1918 40
35
34
*1814 40
90
9012 90
90 .90
90
90
90
91
91
"88
4
2912 2914 2914 *293 3012
2918 2918 29
29
2812 2812 29
4
93 1012
918 10
8
95
9
914 10
1018
1014 10
10
8 912
85
8
838 85
818 838
8 9
83
913
912 *9
*9
62
5918 5918 *69
5922 5714 5931 5712 58
59
59
9
5
4 *812 83
4
8 *812 83
8 *812 87
8 *812 87
3 *812 87
*812 87
4
8 393 41 14
8 3913 395
3814 3812 3812 387
39
8
8 387
3812 393
9514
4
4
4 93 4 933
4 933 933 *94
4
3
4 933 933
933
4
933 *93
'92
712 8
713
7
714 712
,
7 2 712
3
*712 7 4
713 8
40 12 42
3914 40
4012 3912 40
8
403 4012 4012 4012 40
13
13
8 1212 123
4 1213 13
1258 127
8
8
127 127
4
123 13
*8914 93
91
.88
91
*88
92
8812 89 .88
93
'89
4211 43
4214 42 42
4
423 *4012 4214 *41
4 42
4212 423
414 414
414 414
418 412
412
412 412 *414
412 412
3112 3112 3hz
*30
3212 2913 32
8
8
335 335 *32
33
33
*2512 30
*2512 30
4
*243 30
4
*243 30
*2434 30
"2434 30
2534 2614 2612 267
2512 26
26
2612 2612 2618 2612 26
8
8
8
8
4
*2718 2811 *273 2814 *275 2814 *277 2814 *275 281 *275 28'j
3
3
3
3
318
*3
3
3
3
3
3
3
1118
1118
1118 1118 1114 11
11
1118 1113 1114 11
1118
1113
8
113 1123 1014 1114 1012 1012 11
8
8 117 12
1214 123
63
8 62
637
6118 611 *62
63
"61
8
*825 65
64
64
61
61
61
60
6012 61
60
60
60
6014 6014 60
106 106 *105 _ -106 106
•101 106 *105 106 *10518 106
51s
5
4 47
43
4 48
43
4 47
43
8 5
47
8 5
47
*3618 3914 3914 3914
*3514 39
38
38
•3813 40
4
"383 40
58
*14
8
3
8
3
14
14
8
3
*14
14
14
14
14
3
13
3 •128
13
.118
13
3 *118
13
8
13
8 •113
8
*7
3 13
*3
4
13
4 *1 24
13
3 •114
17
8 *114
17
8 *114
17
IA .124
.124
214
214
214 214
212 *232 213
213 212 •2311 212 *231
8 5
47
4
453 43
8
8 45
45
4
4 43
43
453 5
5
5
8
103 1012
958
918
918 10
8
912 103
8
8 1012 105
3
10 4 107
2
2
8
17
178
2
2
218
*2
214
3
2 8 •2
"2
234 318
8
8 27
8 *25
8 27
27
3
3
3
3
31/1 31s
8
8
8
1413 135 135 *137 1412 *1418 1412
*14
14
14
•1412 1514
5712
4 5614 .5614 5514 5814 5514 5512 5513 5618 56
5613 563
8
8 255 2658
4 2518 255
3 2518 253
8
255 257
3 25511 257
2531 26
6313
8
635 *60
*60
62
61
61
8
*617 6353 618 61% *61
4 Per share
8
2618 263
2
3914 397
'614 67
3
*1912 20
4
13
4
13
16
16
4
13
*118
4 512
*43
4 614
*43
*3314 3812
2014 2012
12
.11
112
*1
•518 53
8
8
*618 63
*12 113
4
43
*2
512 612
,
18
114
•
2414 2412
*5614
8
3
•8
8
243
*953
*938
4912
15
4
63
•3013
5
15 8
*2114
6
8
80
8
3
1212
2438
93
10
52
15
4
63
32
16
2314
6
8
$ per share
2614 2612
395 395
8
8
631 623
*1913 20
13
8
*15
4
8
8
157 157
8
13
*118
4 512
*43
4 614
*43
4
*333 36
8
*2014 205
12
.11
*1
8
13
*518 53
8
3
*618 63
*12 1
4
43
'2
*512 612
8
3 17
17
2412 2412
*5614
8
3
'
*812
2433
2
*922
4912
•1412
Mat
*3012
1512
*21
3
54
*712
*5614
80
12
12
1212 "8
2412 24
3
98
8
93
934
8
495
51
151 *1414
612
7
3414 *31
8 1514
157
2314 *21
4 .61,
52
.
8
*73*
8
"565
8
*6612 80 .565 80
80
2
3
12 '
Is
12
2
112
*9
121
1212 *5
1212 *8
2312 2313 227 2312 2313
8
24
834
814 834
4 9
83
8
93
9
8 *914 91
913 93
8
93
4914 50
48
50
50
51
*1438 17. •1412
*1414 17
17
6 14
6
512
618 832
8
65
*3113 3113 3112
32
3312 *31
1512 1513
1514 15
1512 15
2012 2012 21
22
8 21
227
6
8 531
55
6
8
5
5 8 55
8
3
77
712 7 8
4 73
73
77
5
4
80
1
12'z
2414
914
9 13
5012
17
8
55
3112
16
21 22
6
3
77
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Shares
No par
3.700 Mack Trucks Inc
No par
2.700 Macy (R H) Co Inc
1,900 Madison So Gard v I o_..-No par
10
500 magma Copper
100 Maillrison (H R) & Co___No par
100
7% preferred
80
100
900 /Manna Sugar
100
130
Preferred
No par
Mandel Bros
150 /Manhattan By 7% guar ___100
10Q
Mod 5% guar
1,500
26
200 Manhattan Shirt
100 Maracaibo Oil Explor___No par
5
700 Marancha Corp
6
3,200 Marine Midland Corp
100
Market Street By
100
Preferred
100
Prlor preferred
200
100
2nd preferred
100
No par
900 Marlin-Rockwell
No par
3,100 Marshall Field & CO
No par
100 Martin-Parry Coro
3,900 matnieson Alkali Works No par
100
Preferred
30
10
2,900 May Department Stores
No par
800 Maytag Co
No par
Preferred
800
Preferred ex-warranta No par
160
No par
Prior preferred
60
No par
1,000 McCall Corp
12,800 :McCrory Stores classA No par
No par
Class B
2,800
100
Cony preferred
2,700
McGraw-Hill Pub Co___No par
5,800 McIntyre Porcupine Mines......5
700 McKeesport Tin Plate_No par
9
5,200 McKesson & Robbins
59
Cony pre series A
3,300
No par
3.100 /Mc1.,ellan Stores
108
8% cony pref der A
200
No par
2,000 Melville Shoe
1
700 Mengel Co (The)
100
7% preferred
130
March & Min Tranap Co_No par
6
3.500 Mesta Machine Co
Metro-Goldwyn Pict pref____27
9
600 Miami Copper
10
3,200 Mid-Continent Petrol
No pat
,
2,000 Midland Steel Pir d
100
8% cum let prat
140
1,200 Minn-Honeywell Regu-No par
100
6% pref series A
200
5,400 Minn Moline Pow Imp! _-No par
Preferred
No par
200
500 Minneapolis & St Louls____100
Minn St Paul & SS Marle.-100
100
7% preferred
100
4% leased line etre
330
No par
2,000 Mo-Kan-Texas RR
100
Preferred series A
5,000
100
600 !Missouri Pacific
100
Cony preferred
2.700
20
300 Mohawk Carpet Mills
10
2,200 Monsanto Chem Co_
29,300 Mont Ward & Co Ine____No par
No par
200 Morrel (J) & Co
ao
NIorrLs & F.ssex
1,000 Mother Lode Coalition._ _No par
1
Moto Meter Gauge & EQ
1,700 Motor Products Corp____No par
5
3,100 Motor Wheel
No par
600 Mullins Mfg Co
No par
Cony preferred
410
No par
100 MunsIngwear Inc
10
7,200 Murray Corp of Amer
No par
100 Myers F & E Bros
No par
10,100 Nash Motors Co
70 Nashville Chatt & Si Louis --100
1
500 National Acn)e
500 National Aviation Corp.__No par
:National Bellas Hess pref___100
10
8,600 National Biscuit
100
7% cum pref.
100
No par
3,300 Nat Cash Register
No par
12.100 Nat Dairy Prod
6,500 INat DepartmentStores No par
100
Preferred
1.040
No par
20,000 Nati Distil Prod
200 Nat Enam & Stamping...No par
4
8
8 277 2818 2813 283
4
273 277
8
8 275 28
2812 27i8 285
144 144 *135 148 .142 148 *142 148
148 *144 148
16
4 16
4 1513 153
1512 153
4
8 153 16
163
1612 16
8
8 1512 153
4 1512 157
5
15 8 157
4
153 16
4
153 16
16
5
s 38
33
3 14
3
311
3
314 314
8
314 33
8
33
4
4
8
2913 293 303
2912 283 2958 28
29
31
3014 29
8 2612 2714
4
253 265
3
4
263 2718 25 4 2614 2512 26
27
*2412 27
*2412 27
*2413 27
*2412 27
*2412 27
25
100
500 National Lead
154 154 *152 155
153 153
153 153
4
4
1503 1503 152 152
100
15518
Preferred A
8
8
•1525 170 *1525 16518 *153 16518 *153 15518 *15314 15513 *15314
100
Preferred B
10
•12212 123 *12212 12312 *123 12313 123 123 *122 124 *12314 124
No par
614 631 5,700 National Pow & Li
3 612
63
8
612 65
4
4 63
63
678
678
4 678
63
100 Nat Rys of Mel 1,1 4% pf-100
118
*1
1
1
•I, 1
*12 1
*13 1
• 1
•1
100
2d preferred
200
12
4
*8
12
4
•3
12
8
3
8
3 '
31
12
3
*3
12
3
*3
25
4,700 National Steel Corp
4712 4712 48
4712 47
4 47
4812 4712 473
4834 4914 48
25
400 National Supply of Del
1114 *1112 1313
*11
11
11
4
4
•11114 1313 113 113 *1118 12
100
Preferred
120
44
41
41
41
42
41
43
*42
43
"41
43
•42
No par
8 1,500 National Tea Co
4 97
93
8
.934 97
4
93 10
8
973 97
1)78
97g
8
97 10
No ear
600 Netaner Bras
8
*2313 2513 24, 2412
2313 24
•2313 25
*2353 25 .233 25
4
No par
600 Newberry CO (J J)
4
*453 4614
4612 4612 4512 46
47
4 47
473
4714 4712 .47
100
7% preferred
__ ......
-- *11018
__ •11018 _ -- *11018 _ __ •11014 _ _
•11018 __ •11018
:New Orleans Texas & Mex__100
*514 19
19
9 •12/14 -19 *614 1-9 *614
*624 1•614 19
1
Newport Industries
614 631 1,500
614
61
614
6
618 61 1
614 614
612
612
No par
2,300 N Y Alf Brake
2514 26
2434 25
25
2512 2514 2514 25
2413 25
25
No par
31,000 Now York Central
8
4
4 163 173
163
8 16
8
8 157 163
8 1618 167
4
8 163 173
8
173 177
100
500 N Y Chic & St Louis Co
10
4 *9
4 83
83
918 918
912 910
.912 12
.958 12
100
Preferred series A
900
8
197
8 1814 19 .19
8
177 177
8
8
2012 *175 19
•175 20 .18
100
New York Dock
*212 3
*213 3
. 3
*91
*213 3
*213 3
.213 3
100
Preferred
2
, '612 912 *613 913
2 9
6,
2 912 '
4 '6,
. 914 "612 93
*62
50
30 N Y& Harlem
120
120
120 120 '118 120 *118 120
•120 - 122 •120 122
60
Preferred
*--- 160 •____ 160 •____ 180 •_ 160 •_ 160 •--__ 160
No par
600 IN Y Investors Inc
12
8
•3
8
3
38
8
3
8
3
8
3
/
33
12
8
*3
12
12
& Western_100
--- ---- __.- ---- ---- ---- --- N Y Lackawanna
--- - ---- ---- ---- ---100
614 812 6.400 N V N H & Hartford
8 614
6,
614 612
8
634 63
8 67
63
4
612 658
100
Con* preferred
1018 1012 1013 3,100
10
10
8 10
105
10
11
11
4
103 11
loo
N I'()Ballo & western
.3 2,000
419 45
418 418
3
8 48
43
413 412
8 518
*47
8 5
47
No par
N Y Railways pref
8
7
*34
1
4
*3
8
7
1
4
*3
4
*3
8
7
4
*3
8
7
4
*3
1214 1,100 NY Shipbidg Corp pan atk--.1
4 1214
*1113 123
12
12
2 1214 1238
8 1232 123
2
122 122
100
7% preferred
80
80
*73
80
80
80
.77
7814 81
81
81
83
"81
No par
180 NY Steam $6 pref
84
84
*8222 8312 8153 8212 *8112 8218 .8223 84
*8118 84
No par
preferred
57 let
20
02
"90
*9012 02
92
*90
92
*90
92
*90
90
90
No par
2,000 Noranda Mines Ltd
4
3214 323 33
8
8
4
313 323 *3112 3212 *3113 3214 315 3158 32
100
INorfolk Southern
8
17
8 •114
17
112 *114
112 *114
8 *114
17
8 *114
17
•114
100
500 Norfolk & Western
170 170 .1084 17312 17314 17314
173 173 .170 175
174
174
100
Adjust 4% pref
100
- •10018 102
•10018
10011 101 mows lows .10028 --- '100's
101 101
No par
17,800 North American Co
1112 12
12
115s --.3 1224 115 12"
4
8 12, 1212 12
8
123 125
50
Preferred
1,000
39
39
3812 *3818 40
3912 3812 3813 38
4 3918
4
383 383
1
3 18 8,800 North Amer Aviation
3
318
3
3 18
3
318
3
318 311
313 314
500 No Amer Edison pref____No par
4 6414 6411
4
673 .6112 673
*65
6718 6512 66
*63
66
66
100 North German Lloyd
1114
11 14 .10
1114 •10
13 1418 10
1113 *10
.101s
10
*9
50
Northern Central
4
4
8
4
8
4
8
4
943 *917 943 *915 943 *915 943 •9158 943
4
943 •93
*93
28•14412
1614
3
15 4
314
2938
2653
25
For too notes see page 928.
Feb. 9 1935
Range Since Jan. 1
-share Lola
On Basis of 100
Lowest
$ per share
2512 Jan 29
3814 Jan 28
512 Jan 2
8
185 Jan 16
4
13 Feb 1
13 Jan 15
8
7 Feb 6
4 Jan 7
8
45 Jan 15
32 Jan 23
1712 Jan 15
11 Jan 15
114 Feb 8
5 Jan 3
8 Jan 2
12 Jan 31
8
25 Jan 2
8
37 Jan 2
118 Jan 10
2214 Jan 10
812 Jan 29
4
73 Jan 10
2718 Feb 7
136 Jan 2
4
393 Feb 6
512 Jan 30
33 Jan 15
3212 Jan 7
8412 Jan 4
2812 Jan 28
9 Feb 6
818 Feb 6
5714 Feb 5
812 Jan 5
8
365 Jan 15
9012 Jan 15
7 Feb 7
37 Jan 15
12 Jan 12
88 Jan 12
41 Jan 2
4 Jan 17
23 Jan 11
2418 Jan 15
28 Jan 2
3 Jan 15
11 Jan 15
1014 Feb 6
61 18 Feb 6
58 Jan 15
105 Jan 9
453 Jan 12
s
34, Jan 15
14 Jan 7
1 Jan 30
2 Jan 21
214 Feb 7
45 Feb 4
8
918 Feb 6
8
17 Feb 7
4
23 Feb 8
1353 Feb 6
55 Feb 29
2513 Feb 6
61 Jan 25
8
3 Jan 16
8
227 Feb 7
814 Feb 7
9 Jan 15
8
367 Jan 11
15 Feb 2
513 Feb 8
30 Jan 12
15 Feb 6
2012 Feb 7
8
55 Jan 30
714 Jan 25
8
27 Jan 23
2758 Jan 15
142 Jan 3
1513 Feb 8
1512 Feb 7
25 Jan 2
8
2114 Jan 3
4
243 Jan 15
25 Feb 2
145 Jan 18
150 Jan 18
8
1215 Jan 26
614 Feb 8
1 Jan 10
3
3 Jan 11
4614 Jan 15
IL Feb 6
41 Jan 15
4
93 Feb 6
4
223 Jan 16
4312 Jan 2
109 Jan 25
6 Feb 6
2414 Feb 1
8
157 Feb 6
4
83 Feb 7
8
177 Feb 6
318 Jan 22
712 Feb 1
11912 Jan 15
8
3 Jan 31
618 Feb 7
10 Feb 5
4ls Feb 5
2
7 Jan 9
12 Jan 30
7814 Feb 5
80 Jan 12
90 Feb 2
4
303 Jan 15
8
13 Jan 17
16712 Jan 2
09 Jan 10
11 12 Feb 8
38 Feb 6
3 Feb 5
57 Jan 3
10 Feb 4
9112 Jan 21
Highest
July 1
1933 to Range for
Jan. 31 Year 1934
1935
High
Low Low
I per share $ per sh $ per share
4
413
22
22
2818 Jan 8
3514 621a
3.514
4414 Jan 2
7
8
25
728 Feb 8
213
1512 x2314
1214
2214 Jan 7
414
112
1
2 Jan 4
8
5
7 8 333
4
8
197 Jan 23
5
34
8
7
8
7
2 Jan 4
1
914
154
612 Jan 23
812
3
3
s
57 Jan 19
41
20
14
36 Jan 31
3
10 4 2923
4
103
22 Feb 1
1012 20 s
1014
1314 Jan 5
3
118
8
33
118
11
17 Jan 23
58
418
418
512 Jan 14
5
9
512
653 Jan 24
231
12
118 Jan 8
12
814
2
2
5 Jan 8
1258
3
3
7 Jan 28
414
1
8
214 Jan 8
7
32
17
12
8
255 Jan 23
8
8 1185
83
8
83
1114 Jan 3
8
123
4
2 14
918 Jan 7
4
2312 403
2312
32 Jan 8
136
146 Feb 8 10512 110
23
4554
30
44 Jan 22
854
418
314
652 Jan 4
36
10
4
83
3653 Jan 9
4
323
9
8
35 Jan 10
9212
49
27
91 Jan 10
32
24
22
32 Jan 10
1212
Ifs
4
3
13 Jan 3
118
8
114 125
1218 Jan 3
313
3
514 633
69 Jan 17
4
4
,
10 2
4
83 Jan 31
2858
3812 50,
43 Jan 10
2
6714
952s
79
97 Jan 3
8
87 Jan 2
313
924
414
* 4258
117
913
4
423 Jan 22
1718
8
153 Jan 3
1
4
3
9 12 9212
6
90 Jan 9
42
26
1712
g
437 Jan 11
312 11
312
, 553 Jan 22
52
24
24
3812 Jan 23
4
2512 333
5 24
26 41 83
3
4 :2012 25 4
3
277 Jan
2814
21
18
2814 Jan 3
2
6,
8
27
8
27
358 Jan 7
4
143
912
918
8
127 Jan 2
2
8 12
612 217
8
137 Jan 8
8514
44
44
70 Jan 22
65
36
2053
62 Jan 10
107
87
106 Feb 6 3 68
8
57
11
17
112
3
5 4 Jan 2
1512 41
15
8
417 Jan 22
Ps
14
3
3 Jan 7
14
4
3
353
84
1 Jan 3()
114
518
1 14
2 Jan 21
712
113
113
3 Jan 14
1473
8
43
8
43
614 Jan 7
3438
12
1012
1412 Jan 7
6
112
1 12
3 Jan 4
954
218
218
4 Jan 7
8
1213 223
11
1612 Jan 3
6153
39
6012 Jan 3 33 24
8
355
20
1514
3012 Jan 7
,
63 4
37
2
347
65 Jan 8
71
58
5534
38
2
13
32
511 Jan 8
12
6
4
13
1514 4434
28313 Jan 4
1114
658 1612
814
4
113 Jan 7
514 1512
378
1212 Jan 22
1218 48
10
59 Jan 22
2514
13
10
4
153 Jan 24
373 1153
8
35
8 Jan 7
33
14
1312
32 Jan 3
,
8 32 4
125
8
125
1912 Jan 7
4
2712 Jan 8
193
1958 46
8
87
314
3
714 Jan 7
1314
614
514
814 Jan 9
4
314 123
8
27
4
63 Jan 17
8 4912
267
8
257
3014 Jan 7
14812
14514 Jan 18 12913 131
23511
12
12
8
183 Jan 3
4
183
13
17 Jan 8
lilt
12
1
8
37
453 Jan 17
2818
3
5
4
333 Jan 17
8
16
315
16
2914 Jan 3
1612 327s
2814 Jan 8
10
170
4 135
16812 Jan 14
873
1461s
122
155 Jan 30 122
4 10012 12112
993
12412 Jan 16
1512
8
65
8
75 Jan 2
631
1 Jan 10
s
25
34
3
3
I
83
12 Jan 2
38
3412 5814
33
5013 Jan 9
21 13
10
8
145 Jan 3
914
3312 80
8
473 Jan 3
33
18114
9
9
8
113 Jan 4
4
812 3014
26 Jan 7
8
497
31
15
48 Jan 10
112
100
11114 Jan 15
80
25
6
8
53
al, 13
5
8 Jan 3
4
1112
1112 283
2814 Jan 4
4
213 Jan 7
2 4514
183
4
163
8
267
9
9
13 Jan 4
4314
16
25 Jan 7
1414
313 Jan 22
25
Sid
252
8
5
20
5
8 Jan 11
130
122 Jan 22 101
108
120
112
112
158
8
5 Jan 3
8
5
8
3
98
83
7858
2413
6
812 Jan 4
6
143 Jan 7
1012 3731
8
1012
412
412 1158
6 Jan 19
5,
4
13
22
l Jan 9
8
912 227
918
1618 Jan 7
72
4
893
87 Jan 7
6912
9912
73
70
85 Jan 2
8
1097
90
97 Jan 22
83
s
3014 457
3
353 Jan 3
25
418
lly
8
13 Jan 17
1
187
161
8
1743 Jan 22 138
100,2
82
77
101 Jan 12
1014 2514
1313 Jan 2
1014
46
34
4053 Jan 25
31
4
83
253
8
25
4 Jan 23
4712 741s
39
6612 Jan 28
16
718
718
10 Feb 4
9214
81
94 Jan 26
71
Volume 140
New York Stock Record-Continued-Page 7
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
}Wednesday
Feb. 6
Thursday .
Feb. 7
Friday
Feb. 8
Sales
for
the
Week
STOCKS
NEW/YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100
-share Lots
935
July 1
1933 to Range for
Jan. 31 Year 1934
1935
Low Low
High
Lowest
Highest
S Per share $ per share $ per share 5 Per share 3 Per share $ per share Shares
par $ per share
$ per share $ per s i per share
17
173
4 17
1714 1614 17
1618 161
1614 17
1718 173
4 9,900 Norther', Pacific
100 1618 Feb 6 217 Jan 7
1412
1412 364
8
*3712 3912 *3712 373
4 36
3712 •36
372
4
373 *313
4
373 *36
50 Northwestern Telegraph
50 357 Jan 18 3812 Jan 3
8
33
33
43
.13
4 214 *13
4 214
*13
218 .13
4 2
•13
4 2
*134 2
Norwalk Tire & Rubber __No par
2 Jan 2 2 14 Jan 4
15
8
138
412
*275 3012 2712 2712 *2612 2912 .2614 283 *2614 2814 *2614
8
4
Preferred
20
2814
50 2712 Feb 4 3212 Jan 3
2812
29
4014
97
3 07
8
03 10
4
97
93 10
4
97 10
912 98
958
5,800 Ohio 011 Co
912 Feb 6 10% Jan 3
No par
812
84 157
314
312 339
314 31
3 2 339
,
312 312 4,800 Oliver Farm Equip
38 312
312
/
4
No par
314 Feb 6
43 Jan 2
8
2
2
7
•
21
21% 203 203
8
8 2012 21
2018 20/2 2118 2112 2112 22
2,200
Preferred A
No par 20 Jan 15 2618 Jan 2
9
9
418 44
27%
4
418
4
4
4
4
*4
44 •438 43
4 1,000 Omnibus Corp(The)vtc No par
4 Feb 4
4 12 Jan 7
339
339
,
*75
84
*76
63
78
.76
84
*76
84
*76
84 .76
84
Preferred A
100 75 Jan 16 75 Jan 16
70
70
95
74 74 *64
67
67
8
63
8 65
739
8 *612 7
612 612
500 Oppenheim Coll & Co____No par
64 Jan 18
712 Jan 2
518
54 1439
1412 143
4 1412 1412 143 143
8
8 144 143
1418 1414
1414 1412 3,100 Otis Elevator
No par 1318 Jan 2 1539 Jan 7
113
4
1212 19%
.106 10714 1063 10714 1067 10712 1063 1063 107 107 *106 10714
4
8
4
4
170
Preferred
100 106 Jan 7 108 Jan 29
92
108
92
618 614
6
614
534 6
512 539
539 57
539 534
4,200 Ott, Steel
No par
5 Jan 12
714 Jan 21
3
332
8
373 373
4
388 387
4 3514 37
333 3412 3334 3412 .38
4
377
1,700
Prior preferred
100 223 Jan 16 46 Jan 21
4
712
9
25
*38
4412 *38
4412 *38
4412 *38
43
*38
43
*38
43
Outlet Co
No par 42 Jan 11 45 Jan 8
28
30
47
--_ *11234 --- *1123
4
- *1123
_ *1123
4
4 __ *1123
4 ___ _ _ _ ___
Preferred
100
97
97
11412
*112%87 87
*8612 87
8714 8614 -87
8614 853 853- 8612 4
4
88
1,300 Owens-Illinois Glase Co
25 83% Jan 11 88 Feb 8
60
80
94
•13
4 2
*13
4 2
13
4 13
4 213
4 .13
134 212 . 4 212
20 Pacific Coast
13
10
13 Jan 2
83
4
212 Jan 7
118
118
.5
6
*5
6
5
5
*5
6
.5
6
*5
6
10
let preferred
No par
33 Jan 2
4
6 Jan 7
312
312 1114
*212 4
*212 33
4 *212 3
212 21
*212 4
2d preferred
*212 3
40
No par
212 Jan 12
4 Jan 7
2
2
64
14
14
14
14
1358 137
8 133 131
8
1312 1334 137 14 / 3,600 Pacific Gas dc Electric
26 133 Feb 6 1439 Jsn 2
8
123
8
123
2312
*213 22
4
22
22
2178 2178 22
223
8 2218 2214 2139 22 I 2,100 Pacific Ltg Corp
No par 214 Jan 24 233 Jan 11
203
4
2034 37
•17
1712 *17
1712 1612 17
1512 16
15
153
4 153 153
4
4 1,400 Pacific Mills
No par
15 Feb 7 21 Jan 2 6 17
19
34
*72
7212 713 7212 7112 7112 *7012 7213 72
4
7212 72
72
240 Pacific Telep & Teleg
100 70 Jan 2 7212 Feb 1 17 6812
69
8512
*115 117
115 116
115 115 *115 116
1154 117 *116 117
/
1
340
8% preferred
100 11112 Jan 14 117 Feb 7
994
77
77
103
118
*73
4 8
73
4 74
3
3
7 4 734
712 712 .734 8
500 Pao Western 011 Corp_ _ _ _No par
7 Jan 24
93
812 Jan 3 3 5
512
43
4
412 458
439
412 43
8
43
8 43
8
414 48
439 412 30.000 Packard Motor Car
57 Jan 7 31 233
414 Feb 7
No par
2%
633
•11
1212 *11
1212 *11
12 .11
12
*11
12
*11
12
Pan-Amer Pete & Trans
5 104 Jan 9 11 Jan 19
/
1
103
814
4 12
1512 1512 *1512 197 *1512 198 1512 1512 *15
8
1918 *15
197
200 Park-Tilford Inc
1
1512 Feb 2 17 Jan 11
/
1
4
16
17
3512
1
1
7
8
.
8
*7
*%
8 1
*78
1
1
.
7
8 1
400 Parmelee Traneporta'n___No par
12
7 Jan 4
8
118 Jan 8
12
2
7
8
7
8
•7
8
.
118
7
8
1
7
8
7
8
.3
4 118
*3
4
7
8
200 Panhandle Prod & Ref ___No par
3 Jan 2
4
3
8
212
139 Jan 7
5
8
*914 11
*914 11
*914 10
914 914 *612 914 *712 914
10
8% cone preferred
8 Jan 4 12 Jan 7
100
7
7
21 12
333 333
37
8 4
339 33
4
312 339
312 33
4
4
339 33 15.300 :Paramount Publix etre
10
318 Jan 15
414 Jan 26
14
11
/
4
57
2
27
3
23
4 27
8
239 25
239 23
4
8
212 239
239 3
7,400 Park Utah C M
1
212 Feb 7
3
2
3 4 Jan 3
212
6%
1
Ils
1
118
1
1
1 18
1
1
Ils 5,600 Pathe Exchange
14
1
No par
1 Feb 2
112 Jan 2
414
39
12
.1412 143
: 143 143
4
4 1414 1412 1358 1518 14
14
147 148 1,100
8
Preferred class A
43
No par
1339 Feb 6 1714 Jan 2
1012 243
4
1039 104 103 1012 *1014 10'2 1014 1039 1014 1014 1014 1012 2,200 Patina
/
1
s
Mines & Enterpr No par
1014 Feb 8 1212 Jan 3
912
912 214
13
139
13
13
8
114
114
114
114
1 14
114
114
114 1,000 Peerless Motor Car
3
47
114 Jan 2
1
139 Jan 4
1
*6512 6612 *654 6812 6412 6412 6412 65
65
65
6512 6512
800 Penick & Ford
No par 6412 Feb 5 70 Jan 8
445
4439 67
683
67
4 6412 673
4 643 6512 65 6512 65
8
6612 07
08
No par
643 Feb 5 74 Jan 8
8
3512
5112 7414
•107 111 *10712 109 *10712 10812 .107 111 *10712 111 *10712 11114 8.700 Penney (J C)
Preferred
100 108 Jan 2 109 Jan 31 103
10512 10812
*212 314
14
14 314
314 314 .214 3
3
314 314
700 Penn Coal & Cote Corp
314 314
10
212 Jan 4
314 Feb 4
1%
1%
414 414 .44 412
514
414 414
44 418
4
4
*4
414
400 Penn-Dixie Cement
No par
512 Jan 7
4 Jan 15
23
2%
74
/
1
23
23
23
23
*213 23
4
2114 2212 2218 2218 2218 224
Preferred serial A
900
100 1812 Jan 15 2512 Jan 26
10
1214 32
21
2139 2018 207
2139 21
8 20
203
8 20
21
2078 217 25,900 Pennsy.vanla
8
50 20 Feb G 253 Jan 7
2018
8
2018 3772
3039 3033 *30
3118 30
30
*30. 3118 *30
3118 *30
3118
300 People, Drug Storm
No par 30 Feb 5 36% Jan 3 39 101z
1939 66
112 112 61114 112 611112 112
11112 11112 *11112 112 *11112 112
Preferred
40
100 1103 Jan 9 112 Jan 2
4
11214
80
86
*203 22
4
203 29 4 2014 20'2 19% 2014 2014 2114 *2018 2012 1,100 People's 0 1. & 0 (C01c)
3
4
100
197 Feb 6 237 Jan 10
8
k
19,
4
1914 43%
•212 410
212 212 *214 3
214 3
*214 3
214
Peoria & Eastern
300
214
100
214 Feb 8
2
3 Jan 7
8
2
•153 183 *1514 17
8
8
15
15
1412 141 *1338 20
.1338 193
4
300 Pere Marquette_
100 1412 Feb 6 19 Jan 31
12
12
38
*25
30
•25
30
27 .25
«25
27
*25
27
27
27
100
Prior preferred
100 27 Jan 26 32 Jan 9
1412
18
5112
25% *18
•18
257
18
*18
18
257 •18
257 618
257
8
100
Preferred
100 18 Feb 5 2412 Jan 11
12
1318 43
1914 19,
4 193 19% *19
8
194 19
19 .19
194 1914 1914
500 Pet Milk
No par
17 Jan 2 193 Feb 4
8
914
94 1772
812 84
84 818
8
8
84
8's
818 81
818 814
5
8 Feb 5
1414
814
93 Jan 2
8
814
141s 1412 1439 1412 144 j'2 1438 14'2 1439 1412 1439 1434 2,900 Petroleum Corp of Am
6,100 Phelpe-Dodge Corp
26 134 Jan 30 164 Jan 7
114
1314 187
*273 28
8
4
273 273
4
4 2714 28
2714 2712 2718 271s 27 27
700 Philadelphia Co 13% prat
60 28 Jan 3 2814 Jan 15
2112
2414 37
*40
4918 *40
49% *40
491 *40
49
.4212 46
*42
46
18 Preferred
No par 48 Jan 25 48 Jan 25
3814
49
*212 314 *2
645g
314 .2
31
*2
314 *2
31
:Philadelphia Rap Tran Co___50
*2
314
3 Jan 24
4 Jan 8 31 1 12
2
8
.514 57
8 *5
57
8
5
5
*439 57
100
*48 57
77 preferred
.44 572
50
5 Feb 5
6 Jan 12
3
412
18
33 37
33
4 37
3139 334 2.500 Phila & Read C & I
312 312
339 34
35
8 35
No par
312 Feb 6
47 Jan 9 fl 23
8
8
42
42
314
6%
41% 417
39
4014 384 39
38
3912 3912 407
2 5,600 Phillip Morris & Co Ltd
10 38 Feb 7 464 Jan 11
/
1
1018
1112 4839
*814 1012 *814 13
9
9
58
10
*8
10
100 Phillips Jones Corp
*8
10
No par
9 Feb 5 11 Jan 4
7
7
21
*63'2 693 *63 2 693 .55
,
4
4
693 .55
4
67 .55
/
1
4
673 *55
4
7% preferred
673
4
100 60 Jan 4 68 Jan 15
48
48
15
747
1514 15
1514 144 15
/
1
1412 147
8 1412 143
4 1439 1514 9.600 Philips Petroleum
No par
1414 Jan 15 16 Jan 4
11
133 x203
8
4
*54 612 *54 612
514 54 *414 612 *412 612 *412 612
100 Phoenix Hosiery
514 Feb 8
5
6 Jan 3
412
412 1312
55
55
*55
57
*55
655
57
*55
57
*55
57
Preferred
57
10
100 55 Jan 23 55 Jan 23
84
44
60
14
114
14
112
114
13
1
14
118
1
118
118 14,500 :Pierce-Arrow Mot Car Co
5
% Jan 2
17 Jan 7
8
14
61 2
14
12
12
12
12
12
12
12
12
12
900 Pierce 011 Corp
12
13
12
25
3 Jan 2
8
5 Jan 8
2
8
2
11.
*472 512 *Vs 514
.439 6
112
48 47
*439 6
5
5
47 Feb 5
Preferred
200
IOU
7
8
6 Jan 7
7
8
412
7
8
7
412 103
8
27
8
4
1
*7
8
1
.78
1
•7
8
1
1,800 Pierce Petroleum
No par
711 Jan 17
118 Jan 8
14
2
•32
14
3212 317 317
9 3139 3139 .319 323 •3134 3239 *32
8
3212
500 Pillsbury Flour MIN
No par
18% 3434
18
3139 Feb 5 3312 Jan 3
•75
7614 7614 7638 7512 7612 *7518 76
*7414 76
*7414 7512
GOO Pirelli Co of Italy Amer shares__
75 Jan 16 7612 Jan 25 975
'
7014 87
•102
__ .10112 _ __ •101
_ __
__
_ _ ___
_
12
Jan
87 -8 91
938 fol lo lot •101 _fo •10114 .91 •10114 _-- _ 3,000 ritts CC & St L RR Co___-1011 100 Jan 23 110 Feb 15 7312 - - -9
94 *8
/ 912
1
4
Pittsburgh Coal of Pa
100
814 Jan
1012
41
7.2
- -12 1812
7
37
37
3712 42
41
42
40
40
35
35
*3212 3712 1,800
Preferred
100 30 Jan 5 42 Feb 4
26
26
4212
*17218
.
_
____
____
_ ____
_ . ___ Pitts Ft W& Chia prat
__
100 173 Jan 1
14112 169
173 Jan 16 14114
0 -638
4
67 _-8 714 ____7
614 _--7
67
8
64 _- 67s
7 _--1s 2,600 Pittsburgh Screw & Bolt _.. No par
7
614 Feb 6
418
412 113
9 Jan 11
2
*30
32
*30
32
30
30
30
3018 *29
*29
32
32
110 Pitts Steel 7% cum pret
100 2512 Jan 2 35 Jan 21
154
1514 43
.112 212 *24 212 .114 21
*139 212 *138 212 *13
8 212
Pitts Term Coal Corp
100
218 Jan 12
218 Jan 12
118
112
34
•13
18
*14
18
*1412 18
.1214 18
*1214 18
•1214 18
6% preferred
100 143 Jan 4 143 Jan 4
4
61a
84 1912
4
•2
212
23
8 239 *2
212
2
2
5172 2
2
2
300 Pittsburgh United
25
13 Jan 18
8
212 Jan 21
Ds
33 .32
lis
33
5
34
.32
33
31
32
31
31
3012 31
180
Preferred
100 3012 Feb 8 3712 Jan 7
25 8 59%
5
.7
14
2539
*7
14
*7
14
*7
14
57
14
6'7
14
Pittsburgh & West Virginia __100
10
10
•151
27
__ . 150
_
_
Pitts Young &A sht Ry7% pf.100
113
133
144
•17
s 2
-18 *17
8 2
-12 .17
,8 - -18
2
17
2 - 8 *152 2
1-7
12 •112 2
12
100 Pittston Co (The)
No par
17 Feb 6
8
218 Jan 4
114
14
5
74
739
714
712
714
74 73
739
8
75
718 714
714
3,400 Plymouth 011 Co
5
718 Feb 7
83 Jan 7i
4
714
714 163
4
*914 10,
2 *94 97
8
94 918 .814 93
8
918 91s
918 93
8 1,200 Poor & Co clam B
No par
33
918 Jan 30 1112 Jan 9
6
*3
6
147s
*3
33
4
314 314 *3
312 53
3 14 *3
100 Porto Rio
-Am Tab Cl A
3 14
No par
3 Jan 2
23
418 Jan 24
8
114
23
114 .14
8
84
,
112 *118
114 .118
114
112 118 *I
118
200
Class B
No par
118 Feb 7
112 Jan 8
1
1
34
,
V1418 1412 1418 1418 133 1418 •1314 1312 1312 1312 1312
4
14
1,000 Poetal Tel & Cable 7% pref __100 1312 Feb 7 1633 Jan 7
1012
25
8 23
1012 29%
4
212 212
212 212
23
8 212
212 212
214 212 1,400 :Premed Steel Car
No par
2 Jan 17
318 Jan 21
114
*1312 143
4 127 127
114
8
512
12
1214 *113s 1178 117 117 *1212 1414
500
Preferred
100 1012 Jan 4 17 Jan 21
4514 453
514
4 455 4534 455 453
53
8 22
8
8
4 4512 453
4 4514 4812 4614 4639 10,200 Procter & Gamble
No par 423 Jan 12 463 Feb 8
8
8
•117-- 117 117
3318
334 443
2
117 117
11612 11612 11712 11712 11612 1101
140
6% prer (Bar of Feb 1'29)-..100 115 Jan 2 11712 Feb 7 .101
2511 253
10212 117
; 2514 2512 25
2514 2412 25
2414 2412 2414 247
8,100 Pub Ser Corp of N J
No par 2414 Jan 8 2714 Jan 25
2414
71
25
71
*7114 714 70
45
71
70
70
69 69
*6814 093
8
700
$6 preferred
No par 6639 Jan 9 71 Jan 26
08214 8432 *82
697
87
8
84
8412 *8112 84
.81
83
81
81
*8012 81
100
6% preferred
100 79 Jan 2 86 Jan 26
75
*92
9412 .92
78
9412 91% 917 *90
9754
93
*91
93
*91
93
100
77: preferred
100 90 Jan 8 93 Jan 191 84
.10512 109 *10512 109 *107 109 .10512 109 *105 109 *104 1081
108
88
8% preferred
100 104 Jan 3 10814 Jan 19
99
105
.1004 103 *10014 1027 *10039 103
11912
*997 10278 1014 10114
8
*99 103
1,000 Pub Ser El & Gas pt 55___No par 99 Jan 5 102 Jan 16, 837
4818 4818 4712 4712 47
8712 104'2
4712 47
473
47
4712 475 481
4,100 Pullman Inc
No par 4614 Jan 15 527 Jan 9' 3514
8
64 64
3514 5939
67
67
8
63
633 63
63
4
65
8 633
639 684 3,800 Pure Oil (The)
No par
135 Jan 12
8
73 Jan 4
4
5314 5314 5312 5312 5314 533
618
64 147
8
4 54
54
*54
56
54
54
130
8% cony preferred
100 5314 Feb 2 61 Jan 4
87
87
8
49
9
80
49
9
83
4 83
4
84 87
8
853 8s
87
9
3,300 Purity Bakerim
518 53
No par
8% Feb 1
8
8
107 Jan 2
83
8
518
83
2 194
533
5
47
5 18
5
518
519 37,700 Radio Corp of Amer
5
51g
No par
43 Jan 15
4
539 Jan 25
*6018 6012 604 6012 5939 60
. 8
43
412
94
597 6014 593 5934 60
8
6014 2,500
Preferred
4134 4239 41
50 533 Jan 11 6212 Jan 25
4
22
2314 584
42
3933 41
3914 40
3912 407
9 403 4l7s 13,400
4
Preferred B
No par 3512 Jan 15 4412 Jan 26
2
24 *2
8
48
133
15
218
2
2
134
17
2
2
2
17
s 2
7,200 :Radio-Keith-Or:di
No par
193 •19
8
•19
13 Feb 6
4
25 Jan 2
112
11312 19
433
112
19
187 18% 194 191
8
193 193
4
800 RaYbestoe Manhattan-No par 187 Feb 6 21 Jan 2
8
1118
•36
36
38
36
1412 23
36
36
36
36
36
36
36
36
600 Reading
60 35 Jan 25 4318 Jan 7
35
3518 5633
3839 3812 *3812 39'2 *3 2 3912 *3812 3912 *39
8,
391 .39
3912
100
1st preferred
*33
50 3812 Jan 9 3918 Jan 30
3633 .
28
334 4112
33
3639 533
36
.33
36 .33
36
*31
3512
2d preferred
50 3512 Jan 11 3639 Jan 15
3912
27
2918
54 5
'4
*512 53
4
512 512
5
5 14
*412 51
539 53
1
8
700 Real Silk Hosiery
10
.30
5 Feb 6
3712 .30
3712 *3412 3713 *3512 3712 3512 351 *35
812 Jan 3,
5
14
6
3712
10
Preferred
100 3512 Feb 7 39 Jan 71 35
*2
212 .2
218
35
2
6033
2
2
2
.17
8 212 •17
8 212
200 Reis (Robt) & Co
No par
13 .10
2 Jan 4
*11
212 Jan 71
12
15
8
6
10
10
139
*5
10
*614 12
*71,2 12
200
1st preferred
82
4 918
878 9
100 10 Feb 5 15 Jan 7
9
53
6 8 381
3
8
/
4
918
87
9
834 9
9
9 14 2,500 Remington-Rand
7412 7413 *73
1
83 Feb 2 1114 Jan 71
4
7412 73
514
6
7314 74
1339
7418 7478 75
7812 1,100
76
1st preferred
*70
100 713 Jan 15 78 Jan 91 243
4
723 *70
7012 70
3239 71
4
70
*6018 6814 *65
677 *68
70
40
2d preferred.
•__ _ 125 *---- 125 •____ 125 .110 125 .110
100 70 Jan 9 74 Jan 10
24
80
70
125 *110 125
Rams & Saratoga RR Co__ _100,.104
2332 4
239 239
3
114
128
212 212
212 239 •212 25s
21
233 3,300 Roo Motor Car
1378 14
512
6
133 14
212 Jan 2
4
2
3% Jan 71
2
1312 14
13
1312 1211 1318 123 1314 25,000 Republic Steel
8
Corp
No par
4614 4612 4614 47
1212 Feb 7 1512 Jan 7
1012 253
4512 47
4
4414 4514 393 44
9
4
40
417 12,500
6% eonv preferred
46
100 393 Feb 7 4912 Jan 21
457 46
8
4638 4512 47
4
19
3312 6712
443 4434 4312 4313 4012 4012 1,300
4
67, peel ctrs of dep
4012 Feb 8 49 Jan 21
•
611 712
3912
3912 4214
67
8 67
8 *6
71
71
•6
*512 712 .534 712
100 Revere Copper & Brass
6
14
14
8 Jan 30
*12
14
8 Jan 4 41 6
5
*1012 20
144
*1212 20
*1212 20 .12% 20
100
Class A
10 14 Jan 31
*78
8812 *78
8812 *86
15 Jan 11 "14
114 2812
881 *86
86
87'z 86
8512 8512
60
Preferred
100 8512 Feb 8 8812 Jan 24
2214 2214 *22
2212 2214 221
90
35
46
2112 221
22
22
23
2312 1,500 Reynolds Metal Co ____No par 2112
•123 13713 *124 14
2
Jan 15 2412 Jan 10
. 8
*121 14
154 27%
8
95
.123 133 51212 1354 .13
2
4
131.
Reynolds Spring
I 123 Jan 18 147 Jan 4 41 63
4712 477
2
8 474 473
4 47
612 16
8
4
473
8 47
4712 4739
4733 47
*5812 59
*5612 59 .5612 583 55612 5814 *5612 573 .5612 4778 12,800 Reynolds(R J) Tob class B___10 4612 Jan 12 515 Jan 3
398
533
39
/
1
4
4
8
4
4
573
Class A
10 553 Jan 14 61 Jan 8
4
•15112 20 .1714 20 .173 20 .184 20
563
67
4
4
82%
*173 20
*173 20
4
Rhine Westphalia Elec Power......121
2012 712 *612 7
.612 7
1212 23
2
612 612 *614 7
.614 7
100 Ritter Dental Mfg
No par
*2439 2518 243 243 .237 2439 24
612 Feb 6
31
25 41,25
2
7 Jan
8
54
532
1312
24
2312 24
700 Roan Antelope Copper Mines__
2314 Jan 2 26 Jan 22
20
20% 3313
For footnotes see page 928.
New York Stock Record-Continued-Page 8
936
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Feb. 2
Monday
Feb. 4
$ Per share 3 Per share
_
32
3178 - - 2
4 3
*313 - 5
8 61 2 *3 8 612
*35
8
1518 1518
147 15
138
112
112
112
4
13
134
4
13
4
13
14
13
*12
13
*21
21
2312 21
8 4018 40,
4
8
393 405
108 108
10718 108
11014 11012 11012 11012
612 612
4
*612 63
4 243 2512
4
2514 253
3
8 •314 3 8
8 33
33
1612 1612 1614 1614
4
59
4 5912 593
593
ki
78
4
3
8
85
112
112 *118
*118
23
23.
23 23
8
43
412 •4
*4
4
4
333 3412
333 34
112 112 *112 2
48
8
477 *47
*47
Tuesday
Feb. 5
3 per share
____
3158 - 331 4
*3'2 612
1518
15
813
118
8
4 2
*13
14
•12
*20
2412
3918 4018
10718 10812
110 110
4
*614 63
8
8
243 243
314 314
1618
16
59
59
4
3
•523
114
*1
2212 2212
4
4
3378 33%
*112 2
48
*44
Wednesday
Feb. 6
Thursday
Feb.7
3 per share
_
____
3112
3112 5
83 8 812
8
4
143 147
8
13
3
13
4
13
8
15
1312
*13
2412
*12
8
387 39
10612 10612
110 110
6
6
25
24
314 314
8
4
153 163
.5812 59
8
5
8
5
112
*1
2218 23
4
4
4 3318 3412
3314 333
*112 2
*112 2
47
47
47
47
$ per share
_
____
*3114 - 7
318
8 612
*35
4
143 15
8
13
8
13
8
15
4
13
14
*13
20 20
3914
39
10714 10712
110 110
6 14
86
4
233 2414
318 314
16
16
59
59
4
3
8
*3
112
*1
2214 2212
4
4
Friday
Feb. 8
Sales
for
the
Week
$ per share Shares
.
_
. ___
____
*3118 - 3. 1,100
314
8 612
*35
1518 1518 2,400
8 2,300
13
114
4 1,000
13
4
13
20
1312
*13
50
25
•15
3812 4018 4,100
410
107 107
111 111 12
260
500
8
614 63
8 7,000
2514 255
8 2,700
314 33
430
17
17
160
59
59
600
4
3
5s
112
*1
1,600
4
*233 24
300
.312 43
8
3412 3512 11,400
100
*112 2
100
47
47
8
818 - -12 ----------8
iii - -14
i
8 i7
81. - -12
8
iis - -18
812
gilt 4 8
400
8
4 77
5
5
7 8 7 8 *73
3
4 74
73
4
73
731
3
3
74 74
1 8
*73
113 1212 2,600
4
8 1114 12
4 1114 115
1218 1238 1112 113
1214
12
600
412
412
412 412
412
412
4
4 43
43
434
434
8
4 47
*43
4512
4512 *4412 4512 *44
8
3
45 4 *447 4512 *44
4
453 •43
*44
*2414 26
*2414 26
26
*24
4
*243 26
29
.25
29
*25
3,500
4 7
63
4
4 63
63
2
8 67
63
8 7
67
7
8
67
7
7
900
7412
4
3
70 8 *7012 723 *71
4
7312 7214 723 *7112 7312 70
73
600
8 9
8 •87
8 87
87
4
83
4
83
,
812 8 8
4
4 83
83
8
8 87
87
2,600
878 9
8
812 85
4
812 83
8
8 87
87
9
9
9
9
3
5
15 8 15 4 2,100
3
15 4
15
1514
3
3
8 15
8 15 4 15 4 *1514 157
163
*15
400
,2
712 7
712
714 *718
,
74
714
73
714
8
712
778
*714
63
300
63
62
62
*6118 62
62
62
63
•62
*6114 63
20
8
8
4
8
*1512 207 .163 207 *1612 207
8
8
207 *1612 207
8
3
15 8 155 •16
10
*2814 3412 82812 3412 *2812 3412 2812 2812 *2812 3412 *2912 3412 2,400
8 1812 19
183
18
18
18
4
8 173 18
8
1812 183 183
1818
23,400
4
133 14
12 14
4
1312 133
13
1414
1418 14
1418 14
14
100
8
10912 10912 8107 110 .107 1097
8
*10912 1097 *10912 110 *10912 110
1,300
o 2078 21
8
2018 .2018 2112 207 207
2018 2018 20
.2018 21
20
135 .126 135 .126 135
132 132 *132 135 •132
*132 135
2,400
1178 12
4
1112 1118 118 12
8 1178 1178
4
.113 117
4
113 12
8
103
3
10 8 *3
8 *3
103
8 *3
103
8 *3
103
*3
3
10 8
3
*114
•114 2
*114 3
3
*114 212 *Ili
•114 3
8
8
14
4 145 153 25,400
143
1438
14
Ible 1512 15 1538 1414 15
8
4
113 123 10,600
3
1112 10 4 1138
1218 11
, 1218 1212 1112
1214 12 4
4 2,000
153
1414 1514 15
4
1512 1512 143 15
1612 *1512 18
16
38
.25
38
*25
38
38
3612 823
*26
38
.26
100
•6
4
63
7
*6
7
*514
6 •___6
7
514
3
7
,
*5 4
10
4614 4614 •4612 .50
*4614 50
*4718 50
*4718 50
50
*49
____ ____ ____ ____ ____ ______
10
*5812 62
62
*50
62
.61
62
62
63
63 .62
*62
8 478 2,900
43
414 412
414 412
412 412
4
478 43
4
478 43
100
*519 618 *512 6
*512 612
6
6
612
4 •6
3
•5 4 63
85
*70
85
*70
85
*70
85
*62
85
*63
05
•62
4 3514 3512 1,100
4
8 3518 3514 3518 3518 3514 3514 343 343
*3518 357
10,600
8 9
85
8
8 85
83
8
834 85
8
812 85
4
8
8 83
85
4 87
83
400
912
918 *9
918
,
2 92
9,
8
*912 10,
*912 10
8
4
*93 10,
3614 *3412 3612 *3412 3612
3612 *3314
3812 *33
*35
37
*30
7414 4,200
7112 7212 73
8
7112 703 71
71
7112 7212 7214 73
8 1718 1712 21,300
173
8 17
8 1718 173
1714 175
4
1712 1778 1712 173
530
12412 12412 12414 12414
12318 12318 12318 12318 123 12318 12318 124
1,100
378 4
•312 378
4
4
8 4
35
4 4
*33
4
4
312 378 4,700
378 333
312 378
378 37
8
334 38
7
4 38
33
2,300
4 4
33
4
4
418
4
414 414
5
8 *414
412 47
500
,
8 8 8l8
4
93
814 814
*818 9
912
912 *8
912
934
912 1018 1.400
1014
101.4 1014 *1018
1012 1058 1012 1012
1118
11
8
13
8 *178
13
1-78 *118
8 8118
13
8 *118
13
*118
178 *118
800
*11214 11314 *11212 11314 11212 11212 *11212 11314 11278 11278 11214 1127
6,000
30
4 30
4
8 293 3018 2934 3018 2958 293
8
3018 297 297
30
10,300
4
233 24
4
2418 233 24
2418 24
2414 24
2418 24
24
32
*30
32
*30
32
*30
32
*30
32
*30
31
*30
4 3978 4012 12,600
8 39118 393
3912 397
8
4018 398 40
4014 4078 40
800
13% 14
,
1318 *13 8 14
4
1312 133 1312 13
8
2
137 137 .1314
6112 6212 4,800
14 6014 62
4 6012 60
,
4 60 8 803
6018 6034 6012 603
500
8
17
4
4 .13
13
4
13
4 2
4 .13
13
4
13
4 2
8 *13
17
4
*13
200
8 478
*35
8 5
*35
8 5
*35
8 5
*35
8 4
37
4
8 43
*37
3818
3818 *36
3818 *36
3818 *36
*36
38
3818 *36
*36
714
,2 2,000
7 14
712 7
7
7
714
7
714
73*
778
8
73
3,400
4
4
8 4
37
4 18
4
418 418
478
4'
414
414
1 109,900
1
8
7
1
8
7
8
7
114
8
7
158
114
8
15
112
2 5,000
812 87
818 9
4 814
73
1012
812
1112 13
13
13
500
67
.66
67
8
6812 6712 6712 6712 6712 667 6714 67
*67
80
8
4
4
8
8
*118 1197 .11812 1197 1183 1183 11812 1185 *118 11812 118 11812
200
8
8
143 .1314 147
8
4
4
•1412 153 *1412 153 *1412 1512 1412 1412 143
4 214 6,700
13
4
13
8
8 •15
15
8
15
8
15
8
15
4
13
8
15
4
13
4
13
1,400
8
77
.718
612 7
3
4 71s
63
8 78
73
5
8 78
75
8
758311 75
4 412 *312 412
8 *312 412 *312 412 *312 412 *33
3
93 41 45
4
3
"s
4
3
8
*3
4
3
8
*3
4
3
"N
4
3
*513
5
4k 7
35
212
*218
*218
84
2
238 .2% 23
212 *218
*218
*214 24 234
800
9
9
9
.87
s
8 9
4 *87
4 83
83
4 9
*83
1 9 il 9
1.400
5
5
8
478 47
478 478
8 478
47
5
5
I 514 4 514
8,500
1912 1912 20
19
8 1914 1912 1914 1912
1912 197
4
193 20
3512 5,500
35
35
8 34
345
3412 3514 34
4
4 343 35
353
35
8 3,100
37
374i
s
37
3713
4
3544 33
4
4 33
33
8
8 37
37
8
8 37
37
9,000
4
93 10
8
8 97
9,
918 912
9 14
9
918 91 4
91s 978
100
8
8 2114 2114 .1912 237 *1914 2414
8
4
*2114 247 *2014 247
.213 26
13,300
8 1814 19
1712 183
8
173 18
4
4 173 1814
173
1612 161. 17
8
8
8
;
601 *513 6012 *513 6018 *513 6012 *5212 60 .5212 60
*52
300
4
4 63
63
8
8
68 63
,
6 8 63
.618
7
*512 8
.512 7
70
3
4
75% - 4 753 75 4 •
4
753 753
__
,
r7614 761 4 *75 4
.8112 83
600
35
5
3 8 --8
3
8
*378 3 4
3
8 *312 35
8 35
35
31
378 --,
*3,8 3
300
4
43
*4
4
4
4
4
434
478 *4
8 54
47
54
100
2014
2014 *18
*18
20
*IS
20
*18
20
4
4
193 193 *
100
8
7
5 8 57
8 614
*57
8 6
8 *53
8 57
8 *55
3
4 1118 *5 4 57
*53
4
4 1412 1412 143 1518 1,900
143
8 14
8
145 145
4 1412 15
4
143 143
1,700
4
8 23
25
4
212 23
,2 25s
2
4
8 .25
8 23
21. 27
4
3
.2 8 23
.133 - 22 *16 22 *16 22 •16 22 .16 22 4 6,000
22
1
'16
8544 83
8 812
83
8 812
83
8
8 83
83
8 8341
83
812
1,000
8512 86
85
85
8412 8412 85
4 84
8412 *8414 843
*84
*2712 32
*2712 32
32
*2712
.2712 32
*2712 32 *2712 32
400
10218
4
*101 10334 10212 10212 *10212 1023 *10212 10312 10212 10212 .9912
8 2,500
614 63
7
3
54 58
8
2 57
57
5
2
618
34 57
8
6 18
6
8 5,000
343
8 3318
3278 333
4
323 3312 32% 33
8 3312 34
4
333 343
518 514 15,700
518
5
518
5
5 14
5
578
5
518 514
700
.
4 63
63
812 658
4
8 63
*63
4 7
63
718 718
714
*7
318 314 5,000
314
3
314
3-78
3
314 3 8
8
378 314
8 33
33
100
81
*77
81
*76
75
75
81
*75
81
.75
81
*75
800
4
363 363
36
36
38
.35
8 9
3912 3912 *3812 3914 38, 3
300
*414 41
414
414
412
412
412 412
4
4 *412 43
*412 43
2,100
412 41
4
413 43
4
4 43
43
478 47
8
5
5
3
3
58 5 8
200
8
378 37
8
*31; 37
4
4
414
412 •4
8 *4
*412 47
380
8
247
24
24
23
24
8 23
8 2412 245
, 2.513 2618 2412 253
300
8
15
.112
8
4 .112 15
13
4
13
4
13
4
13
8
17
4
*13
4 2
*13
100
60
*57
57
60
57
*56
58
8
*567 5812 58
60
*57
10
_
__ •127
_ *127
_ 12712 12712 *127
'127-__- *127
800
4
*4538 -;
2
4 i
45% 4614 4512 - -, *4518 18
4 47 ii
4
463 463
4 7.800
8
3
3
45 8 45 4 457 463
4512 46
4 4538 46
4612 463
4
4614 463
1514 2,100
8
8 147 1518 15
4
8
4
*143 1514 *147 1514 1512 1518 143 147
n..812
For footnotes see page 937.
Feb. 9 1935
6a82'e Since Jan. 1
-share Lots
On Basis of 100
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Par
b
Roes% Insurance Co
Royal Dutch Co (N Y shares)__
100
Rutland RR 7% prof
10
St Joseph Lead
telt Louis-San Francisco____100
100
1st preferred
100
St Louis Southwestern
100
Preferred
No par
Safeway Stores
100
8% preferred
10C
7% preferred
No par
Savage Arms Corp
5
Schenley Distillers Corp
1
Schulte Retail Stores
100
Preferred
No par
Scott Paper Co
No par
:Seaboard Air Line
100
Preferred
Seaboard 011 Co of Del___No par
No par
Seagrave Corp
No par
Sears. Roebuck & Co
1
Second Nat Investors
1
Preferred
No par
ISeneca Copper
1
Serval Inc
No par
Shattuck (F 0)
No par
Sharon Steel Hoop
No par
Sharpe & Dohme
Cony preferred Ber A _ __No par
Shell Transport & Trading___G2
No par
Shell Union Oil
100
Cony preferred
Silver King Coalition Mines_.5
No par
Simmons Co
10
Simms Petroleum
25
Skelly 011 Co
100
Preferred
Sloss-Sheff Steel & iron__ 100
100
7% preferred
Snider Packing Corp_ ..,.No pal
Socony Vacuum 011 CoInc--15
100
Solvay Am Invt Tr pref
No par
So Porto Rico Sugar
100
Preferred
25
Southern Calif Edison
Southern Dairies class A __No par
No par
Class 13
100
Southern Pacific Co
100
Southern Railway
100
Preferred
Mobile & Ohio stk tr ctfs -100
Spalding (A 0)& Bros___No par
100
1st preferred_
SpangChaltant&Co Ino_No Par
100
Preferred
No par
Sparks WIthIngtort
No par
Spear de Co
100
Preferred
Spencer Kellogg & Sons __No par
1
Sperry Corp (The) v to
No par
Spicer Mfg Co
No par
Cone preferred A
No par
Splegel-May-Stern Co
No par
Standard Brands
No par
Preferred
No par
Stand Comm Tobacoo
No par
Standard Gas & El Co
No par
Preferred
No par
86 corn prior pre
No par
37 cum prior prof
Stand Investing Corp_No par
Standard Oil Export pref___100
No par
Standard 011 of Calif
25
Standard 011 of Indiana
10
Standard 011 of Kansas
Standard 011 of New Jersey_ _25
Starrett Co (The) L S____No par
10
Sterling Products Ine _
Sterling Securities el A ___No par
No par
Preferred
50
Convert:01e preferred
5
Stewart-Warner
No par
Stone & Webster
:Studebaker Corp(The) No par
100
Preferred
No par
Sun 011
100
Preferred
Superheater Co (The)____No par
1
Superior 011
100
Superior Steel
50
Sweets Coot Amer (The)
Vo Pat
Symington Co
No par
Class A
5
Telautograph Corp
5
Tennessee Corp
21
Texas Corp (The)
No par
Texas Gulf Sulphur
10
Texas Pactfle Coal & 011
1
Texas Pacific Land Trust
100
Texas Ar Pacific Ry Co
No par
Thatcher Mfg
No par
$3.60 cony prat
No par
The Fair
100
Preferred
1
Thermold Co
100
Third Avenue
1
Third Nat Investors
26
Thompeon (J R)
Thompson Products Inc_ No par
Thompson-Starrett Co___No par
No par
-$3.50 cum prof
No par
Tidewater Assoc Oil
$ per share
Highest
July 1
1933 to Range for
Jan.31 Year 1934
1935 ----High
Low Low
$ per sh $ Per share
4
1014
338
8 3918
285
8
285
414
41 2 15
8
15
1514 277
8
45
118
118
112
618
112
20
8
8
27
13
13
3814 57
4
353
8434 108
80
9812 11318
9018
518 1 214
412
1718
1712 3878
8
3
2 12
3034
15
12
41
8
603
3714
2
'2
12
318
1
1
4 3838
203
19
518
212
212
31
30
4
51,
414
1 12
112
52
32
30
ty
2
12
8 9
43
312
9 Jan 19
6
1378
4
82
918 Jan 2
4
518 1314
141s Jan 21
4
Fe
4
518 Jan 3
384 48
30
47 Jan 7
2612
19
19
2412 Jan 31
6
11 12
6
8
77 Jan 7
89
57
46,
4
783 Jan 23" 2
1212
8
11 Jan 3 3, 514
818 24 18
818
1014 Jan 2
714
714
17,8
4
183 Jan 9
11 18
6
6
8
75 Jan 25
5112 88 18
42
6312 Jan 10
12
15
27 12
2114 Jan 8
15
1812 42
4
343 Jan 21
312
8
4
197 Jan 2
4 193
63
8
1212
8
1212 107
147 Jan 4
1081 2
86
76
10912 Feb 1
2(1
20
8
393
2318 Jan 4
137
115
136 Jan 23 112
1018 2218
1018
4
123 Jan 10
512 1038
512
S per short
s
4
293 Jan 3 323 Jan 26
512 Jan 3
414 Jan 28
8
4
143 Feb 8 175 Jan 3
2 Jan 8
114 Feb 8
212 Jan 8
8
15 Feb 1
12 Jan 16 14 Jan 12
16 Jan 12 21 Feb 1
3812 Feb 8 46 Jan 2
108 Jan 5 110 Jan 22
4
10612 Feb 7 1123 Jan 22
4
63 Jan 2
6 Jan 15
4
233 Feb 7 2812 Jan 3
4 Jan 2
318 Jan 12
4
153 Feb 7 20111 Jan 18
8
55 Jan 2 597 Jan 18
8
7 Jan 4
8
8 Jan 2
112 Jan 5
114 Jan 29
2
21 Jan 15 267 Jan 3
8
47 Jan 26
4 Feb 5
33 Jan 30 4012 Jan 3
Jan 7
112 Feb 2 2
4512 Jan 17 4918 Jan 2
4
73 Jan 5
8
75 Jan 29
8
95 Jan 2
412 Jan 29
8
447 Jan 29
8
203 Jan 2
8
65 Jan 17
4
683 Jan 11
812 Feb 5
812 Feb 6
15 Feb 6
612 Jan 15
60 Jan 22
8
153 Feb 2
2812 Feb 6
8
173 Jan 15
1317 Feb 6
10712 Jan 15
20 Jan 30
132 Feb 4
1112 Feb 1
112
Feb 6
Feb 7
Feb 7
Jan 29
Feb 5
Feb 7
1918
1612
8
205
3314
712
50
62 Feb 5
414 Feb 6
5 Jan 3
70 Jan 4
33 Jan 2
8
33 Feb 6
918 Feb 7
36 Jan 28
70-78 Feb 6
17 Feb 7
123 Jan 3
313 Jan 12
312 Feb 7
4
33 Feb 8
818 Feb 8
912 Feb 8
114 Jan 17
111 Jan 3
8
295 Feb 7
3
23 4 Feb 7
30 Jan 15
3938 Feb 7
13 Feb 6
583 Jan 15
4
8
15 Jan 8
378 Feb 4
3614 Jan 17
8
67 Jan 30
8
37 Feb 7
78 Feb 5
4
73 Feb 6
65 Jan 16
11512 Jan 10
14 Jan 4
8
15 Jan 2
66
4
53
7
74
36
934
8
115
4
z403
7912
1912
126
47
8
14
4
103
1414
33
6
4614
612 Feb 7
4 Jan 17
4
3 Jan 2
218 Jan 15
4
83 Jan 16
8
43 Jan 14
19 Feb 7
33 Jan 12
378 Jan 2
812 Jan 15
21 Jan 4
1518 Jan 15
51 Jan 5
6 Jan 15
811s Jan 7
5
3 8 Feb 1
4 Jan 31
4
193 Feb 2
518 Jan 7
14 Feb 6
212 Jan 17
Ws Jan 30
100 84 Jan 8
Preferred
No par
2712 Jan 29
Tide Water 011
8
100 1005 Jan 2
Preferred
534 Feb 5
10
Timken Detroit Axle
8
325 Feb 6
Timken Roller Bearing_ _ _No par
5 Feb 4
No par
Transamerica Corp
612 Feb 7
Transue A Williams SM.. No par
8
27 Jan 17
No par
TM-Continental Corp
75 Jan 3
No par
6% preferred
36 Feb 7
No par
TrIco Products Corp
412 Jan 15
No par
Truax Traer Coal
40
412 Feb 7
Truscon Steel
352 Jan 2
Twin City Rapid Trans__ No par
100 1814 Jan 2
Preferred
8
15 Jan 30
No par
Ulen & Co
.No par 57 Jan 17
Under Elliott Fisher Co
100 127 Jan 18
Preferred
Union Bag & Pap Corp___No par 45 Jan 3
Union Carbide A Carb___No per 44 Jan 15
4
25 143 Feb 6
Union Oil California
Jan
Jan
Jan
Jan
Jan
Jan
7
4
4
12
8
8
8
147
1112
14
28
5
3078
7
20
2
27
112
3012
1214
8
35
6
18
714
31 1718
120
3
Jan 7
Jan '2
Jan 22
Jan 7
Jan 10
Jan 2
Jan 8
Jan 3
Jan 17
Jan 3
Jan 9
Jan 21
,
3 i)
4
43 Jan 3
8
45
534 Jan 10
10
4
123 Jan 3
11 14
16 Jan 7
8
7
1 12 Jan 7
9412
113 Jan 16
2612
8
323 Jan 2
2314
2512 Jan 3
19
3014 Jan 2
3318
4312 Jan 2
6
4
153 Jan 3
4
453
6018 Feb 8
1
8
17 Jan 18
258
518 Jan 3
2818
3614 Jan 17
412
914 Jan 5
5 Jan 7
3744
8
4
33 Jan 3 15 15
10
21 Jan 3
42
6712 Jan 10
96
4
1183 Feb 5
1112
1653 Jan 10
114
214 Feb 8
8
45
912 Jan 7
3 18
514 Jan 3
78 Jan 4
8
3
112
4
23 Jan 4
712
8
97 Jan 9
318
512 Jan 26
2152 Jan 7 a 18 18
2234
4
353 Feb 2
212
414 Jan 18
6
1014 Jan 3
1312
3
25 4 Jan 10
8
19 Feb 8
3852
8
525 Jan 18
4
7 Jan 26
45
82 Jan 29
212
414 Jan 7
4
5 Jan 5
13
21 Jan 7
8
47
6 Jan 15
10
8
177 Jan 2
312 Jan 7
4
13
17
10 Jan 3 n 778
8
8712 Jan 7 27 -133
18
2712 Jan 29
62
10318 Jan 22
3
714 Jan 3
21
4
363 Jan 8
5
8
57 Jan 7
814 Jan 3
412
8
27
4
33 Jan 3
51
7518 Jan 15
4212 Jan 7
4
253
112
5 Jan 22
8
33
6 Jan 8
4
43 Feb 1
34
412
8
267 Feb 1
1
214 Jan 4
2212
59 Jan 11
95
12712 Feb 5
31 12
5012 Jan 22
48 Jan 7 "34
1112
8
163 Jan 3
112
314
4
8 333
147
1112 3612
41 1 4
14
3112 4734
13
5
3014 74
8
153
7
66
30
3
3
27
8
73
2
39
6412.
3
15 4 3318
5
5 2 113m
13
6
2114 41 1 4
76%
19
1714 251 1
12114 127
8
3
17
3313
8 17
45
33
10
1114 38,2
17,
8
7
9612 114
8
2614 427
2312 27,
4
41
26
3914 50,3
15%
6
4714 6812
3
114
7
5
3818
80
412 10541
1314
78
3
914
8
17
47
10
5112 7414
118
100
11 12 254
3
4
1,
4
452 153
534
318
278
2
3
3
53
112
15,4
/12
4
63
318
8
293
8
155
43,1
30
618
212
12
634
4
1312 43,
18
5
5218
59
1218
9
83
60
91s
212
878
4
134 2211
11
472
4
20,
10
513
1114
241 2
17
8
143
8
6418 87
41)
24
10012
80
812
8
37
41
24
812
518
'
413 13 3
654
3
6014 78
421t
83
513
8
15
978
Es
878
8
13
39
6
4
1
3
587
36
1287s
102
39,4 6073
1
507
8
357
11 12 201 2
1
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES
-PER SHARE, N07' PER CENT
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday
Feb. 6
Thursday
Feb. 7
Friday
Feb. 8
S per share 3 per share $ per share $ per share $ per share S per share
10014 102
100 1013
9612 98
965 9838 9918 100
8
8 9814 99
.84
8712 8512 8512 8212 8212 8212 83
*82
85
*8212 85
25
25
*2414 2514 2434 25
2514 2514 253 253
247 25
8
8
4
133 14
4
134 13 4 1314 133
125 1318 1318 133
8
,
8 12343 1314
4
34
54 6
54 6
53
4 54
5
538
54 53
4
53
4 6
*8
1118 *8
10
*8
10
*8
10
*8
10
*8
10
2414 247 *2418 243
8
4 2412 2412 *2414 243
4 245 2458 2418 2414
8
11512 11512 11512 11518 11512 11512 *114
- - 11512 11512 *114 11512
471
4714 4712 *4714 473
4 4714 473
8 4714 - 4 4718 4812 4814 49
214
23
8 212
214
23
8
214 238
214 218
23
8
214 238
2814 283
4 2814 283
4 2712 2814 2718 273
4 2718 273
4 2614 2712
11
1118 1118 1118 103 107
8 103 1034 1014 105
8
4
8 103 1112
4
6
5
5
512 512 *4
*514 6
5 8 54 *53
7
8 614
*71
7412 *71
7412 71
7412 *71
7412 *71
71
*70
_
6
6
4 6
6
8
-14
63
8 612 *534 618
618 618 *53
7212 723
4 723 7314 7212 7212 715 717
4
8
8 715 73
8
74
74
1112 113
4 1112 115
8 104 1158 1012 103
4 1012 105
8 1012 103
4
9012 9012 *8912 9114 9114 9114 *893 90
4
90
90
90
9018
*212 23
8 *218 23
8 *218 238
24 24 *214 24 *214 27
8
43
4 43
4 *45
434
4
418
44 438
8 47
45
8 *4
8
4
*2512 32
*25
32
*21
32
*2714 31
25
284 28
2918
53
8 53
8
514
538
5
54
4 5
5
5 18
43
5
5 14
5712 5712 5912 594 5912 61
58
5812 5712 571 2 58
58
5414 5414 54
54
53
53
53
53
54
*53
5312 53
.133 1343 *133 1343 *133 1343 *133 1343 *13312 1343 *13312 13434
4
4
4
4
4
3712 3712 *36
42
*36
42
*36
42
40
40
38
3814
331i2 13
4
15
8
8 *112 15
8
15
8
15
8
112 15
8 *112 15
13
4
*1212 1412 *12
1218 *1138 1478 *123 143
1478 *12
147
8 12
4
4
183 183
4
4 1812 1812 18
1818 1818
183
8 1712 173
4 173 18
4
*20
2012 20 20
2012 *20
*20
2012 *20
2012 20
20
•1
21g
*12 2
2
2
*12 218
*3
4 218 *114
218
*7
10
*7
10
*714 10
*7
10
7
7
*7
10
12
*14
4
3
8
3
8
*,
4
12
"8
"9
12
"8
12
*1312 1414 *13
145
8 1314 1314
13
13
*1314 14
1378 14
812 612
612 612
714 714
638 658
618 618
618 61g
*7812 86
*7819 83
*7812 83
*7812 80
*7812 80
*7812 80
474 4712 47
4714 4714 4714 4612 4612 4612 4714 47 473
4
*146 147 .146 147
146 148
146 146
147 147
146 147
5s
18 54
*54 5
512 512 *5
512
5
514
5
514 514
*3612 37
3612 3612 3614 3614 3614 3614 *363 37
3638 3714
8
53
4 514 *53
4 614 *38 618
63,
7
53
4 54 *6
64 612
*10
103
8 10
938 938
10
10
10
10 14
9,
2 912 10
*50
5712 *50
5712 *49
5712 *5012 5712 5712 5712 *56
59
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
6,500
400
1.600
11.100
10,300
Par
Union Pacific
100
Preferred
100
Union Tank Car
No par
United Aircraft Corp
5
United Air Lines Tramp vi c_.5
United American Bosch_ _No par
United Biscuit
No par
Preferred
100
United Carbon
No par
United Corp
No par
Preferred
No par
United Drug Inc
5
United Dyewood Corp
10
Preferred
100
United Electric Coal
No par
United Fruit
No par
United Gas Improve
No par
Preferred
No par
tUnited Paperboard
100
United Piece Dye Wkei.....No par
632% preferred
100
United Stores class A____No par
Preferred class A
No par
Universal Leaf Tobacco No par
Preferred
100
Universal Pictures 1st pfd
100
Universal Pipe & Rad
1
Preferred
100
U S Pipe & Foundry
20
1st preferred
No par
US Distrib Corp
No par
Preferred
100
United States Express
100
U S Freight
No par
U S & Foreign Secur
No par
Preferred
No par
US Gypsum
20
7% preferred
160
5
U 8 Hoff Mach Corn
U 18 Industrial Alcohol--No 1).
,
U S Leather v t a
No par
Class A v t a
No par
Prior preferred v t o
100
U S Realty & Impt
No par
U S Rubber
No par
1s1 preferred
100
U 8 Smelting Ref & Min
50
Preferred
50
0 S Steel Corp
100
Preferred
100
U 8 Tobacco
No par
Preferred
100
Utah Copper
10
Utilities Pow & Lt A
1
Vadsco Sales
No par
Preferred
100
Vanadium Corp of Am__No par
Van Raalte Co Ina
5
7% 1s1 pref
100
Vick Chemical Inc
5
Virginia-Carolina Chem __No par
100
6% preferred
100
7% preferred
Virginia El & Pow $8 pt __No par
Virginia Iron Coal & Coke _10
5% pref
100
100
Vulcan Detinning
Preferred
100
:Wabash
100
Preferred A
10
Preferred B
100
Waldorf System
No pa
Walgreen Co
No par
638% preferred
100
Walworth Co
No par
Ward Baking class A____No par
Class B
No par
Preferred
100
Warner Bros Pictures
5
$3.85 cony pref
No par
Warner Quinlan
No par
Warren Bros
No par
Convertible pref
No par
Warren Fdy & Pipe
No par
Webster Eisenlohr
No par
Preferred
100
Wells Fargo & Co
1
Wesson Oil& Snowdrift No par
Cony preferred
No par
Western Union Telegraph
100
Westingh'se Air BrakeNo par
Westinghouse El & Mfg
50
1s1 preferred
50
Weston Elm lastrumlNo par
Class A
No par
West Penn Elea class A.
-No par
Preferred
100
8% preferred
100
West Penn Power pref
100
6% preferred
100
West Dairy Prod cl A____No par
Class B v t a
No par
Western Maryland
100
2d preferred
100
Western Pacific
100
Preferred
100
Westvaco Chlorine Prod__ No par
Wheeling & Lake Erie Ry Co 100
8% non-cum preferred_ _100
Wheeling Steel Corp
No par
Preferred
100
White Motor
50
White Rk Min Spr ctt -_ _No par
White Sewing Maehlne___No par
Cony preferred
No par
Wilcox Oil & G8,8
5
Wilcox-Rich Corp class A _No par
Wilson & Co Inc
No par
Class A
No par
Preferred
100
Woolworth (F W) Co
10
Worthington P & W
100
Preferred A
100
Preferred B
100
Wright Aeronautical
No par
Wrigley (Wm) Jr (Del)No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach el B
10
Preferred
100
Young Spring & Wire__ No par
Youngstown Sheet & T-No par
100
538 preferred
'Jo par
Zenith Radio Corp
Zonite Products Corp
1
1,200
70
2,000
24,300
15,500
7,000
400
100
1,800
2,300
31,900
700
100
1,900
130
9,700
1,100
700
210
1,200
40
1,600
500
100
30
100
400
700
2,100
510
1,400
900
500
1,100
100
1,200
6,600
4,200
4,100
000
31,200
3,800
514 5,2 *54 512
51s 5 8
,
5
518
5
54
518 54
14
1414
134 14
1314 134 1318 1312 1314 135
8 1312 1438
3514 353
3412 3412 35
8 345 35
8
3418 3418 3334 34
353
4
11014 111
10912 1107 109 110
8
109 111
110 11112 112 11312
*643 643
8
4 64
64
6138 643 *6412 65
8
*643 65
4
65
6512
3618 37
36
363
8 3518 357
8 345 353
8
8 347 357
8
8 3558 363
8
8718 877
8 88
883
8 8612 8712 863 87
4
863 88
4
87
8814
*122 126 *122 126 *122 1255 *122 1253, *122 12518 *122 12518
8
*135 150 *135 150 *135 150 *135 150 *135 150 *135 150
*4514 543 *4814 543 *46
4
543 .46
4
4
48
*46
48
*46
48
1 2 1'2
2
112 112
114
13
8
13, 1,
13, 112
114
114
3,100
*7
8
1
7
8
7
8
*7
8
1
38
38
•7
8
1
*78
1
600
*20
223 *20
4
223 *20
4
223 *20
4
2234 *20
223 *20
4
223
4
177 18
8
1712 177
8 1718 1718 16,4 17
1812 163
4 1712 174 2,700
12
12
113 12
4
1112 115 •1114 113
8
800
4 11 14 11 14 *1112 113
4
*91
93
*9112 93
*9112 93
*9112 93
*9112 93
*9112 93
36
36
*3512 3618 353 355
8
8 35
3514 *35
3512 3518 3518 1,400
418 43
8
44 44
378 4
33
4 37
8
33
4 33
4
37
8 34 2,800
263 2714 2512 264 25
8
2512 24
2512 2512 2614 3,500
2434 24
.96 101
*96 10018 *9612 993 *9612 9912 *9612 99
8
*964 9812
81
8118 81
81
*8114 85
*8114 85
81
81
*811g 84
130
*4
512 *4
512 *4
5
*4
512 *4
5
*4
5
*15
25
*15
25
*15
25
*15
25
*15
25
.15
25
7218 7212 *7218 77
72
7218 71
71
*7112 72
77
120
*72
*10914
- *10914 10914 10914 *10814 11312 *10814 11312 *10814 11312
10
*17 --8 218
112 --17
8 *112 218 *112 218
*112 218 •13
4 218
200
*23
4 3
212 2 8
,
212 212
212 212 *212 3
600
*212 3
*218 43
8 *218 43
8 *13
4 44 •13
4 43
8 •13
4 44 .13
4 43
8
61
638
818 618 *6
618 *6
" 8 63
8 "6
63
8
100
639 *6
29
2912 *2912 30
2912 294 285 285
8
8 2858 284 283 29
4
900
115 115 *114 115 *114 115
114 114 *114 115 *114 115
100
27
8 27
8
27
8 27
8 *234 27
8
23
4 214
8
23
4 23
700
4
27
8 27
*45
8 612 *43
8
512 *5
57
8 *5
57
8 *5
57
8 *5
57
9
*112 13
4 *112
13
4
112
112
112
112
112 112 *112 13
4
500
*2812 3112 *28
3112 2812 2812 *283 311 •2912 311z *29
8
,
100
3112
37
8 34
37
8 37
8
33
8 33
4
3
'2 33
4
34 35
8
353 378 9,400
214 215
8 215 213
8
4 2012 214 2014 2014 2018 2018 *21
225
8
190
*7
8
1
118 14
118
Ds
1
1
1
1
1
1
900
43
4 43
4
43
4 47
8
412 43
4
43
8 412
43
8 412 *44 47
8 2,300
*814 12
*814 12
9
9
834 83
4 *83 101 4
,
500
83
4 94
27
27
26
2614 *25
2512 2414 25
243 243
4
4 24
24
1,100
*43
4 5
*43
4 518 *43
4 5
*45
8 5
*43
4 518
*43
4 518
*80
_ _ *80 _ _ *80
__- *80 _ . •80
*80
_
_...___
118 I's *118 1
12 *118
1
1
12 *14 - -12 .118 - -3
1 8 *118 -138
280
3412 343
8 334 3414 3314 333
4 3312 337
8 34
343
8 3414 35
7.100
*7312 7414 *74
7412 74
7412 *74
744 74
743
8 1,600
741s 74
284 283
4 2814 29
2834 2914
2814 2812 2734 2814
2812 29
8,200
245 247
8
8 2458 25
2414 245
8 24
2438 2418 2414 24
2434 4,900
374 377
8 37
363 37
8
3738 3638 37
3612 373
8 3718 3812 17,000
9012 9012 *90
94
90
90
*90
924 9012 9012 90
91
90
*1114 1214 *1114 12
*1114 12
11
1112 113 12
4
.12
1212
800
*30
3112 .30
3112 *30
3112 30
30
30
30
.30
32
140
*48
494 *48
491 *48
4914 48
48
4712 474 4712 4712
GO
.59
5814 581 *58
58
58
58
58
57
57
5712 5112
170
4812 4911 49
401
4$12 4912 471.2 4812 47
4712. *45
47
370
1073 108 *10712 108
4
108 108 *108 1083 108 109
10712 108
4
230
*1013 102
4
1013 102
4
102 102 .102 10214 1013 102
4
10112 1013
4
400
*2
214 *2
218
218 214
218 24 *2
214
2
2
600
*5
8
3
4
•5
8
3
4
5
8
5
8
•12
5
8
12
12
12
12 1,300
818 83
8
818
818
8
8
73
4 8
74 84
814 814
1,800
8
8 .912 10
*95 103
4
8 .94 104 *95 105
912 912 .10
1058
100
*212 3
.212 3
212 212
212 212
23
8
212
238 239
700
6
0
*6
612
47
8 518
47
5 518
538 55
538 6
8 2,700
2012 2034 2012 20's 2012 2012 20
20
20
20
20
20
1,200
*____ 271 •____ 271_ •15
2712 *15
2712 .15
2712 22
22
10
*25
30 .25
30 .25
30 .25
30 .25 . 30
*25
30
1914 1914 *183 1914
*1914 20
8
183 183 *17
8
8
19 .18
19
200
56
56
*50
567 *50
8
57
*50
56
*50
555 *53
8
55
100
15
1512 153 16
4
*127 1414 *124 1438 *127 1414 .1312 1414
8
8
50
223 *215 23
8
*2214 23
22
8
*2214 23
.214 2212 22
22
400
17
8
17
8
13
4
13
4
13
4
13
4
15
8
15
8 *112 11Is •112 IN
800
*6
8
858 658
•63
8 8
*614 8
738 714 *7
8
200
214 21
*214 24
214 214 *218 214 .218 214
214 214
400
34
3414 34
*34
35
*34
341 *34
*34
35
*34
35
100
*578 6
6
6
54 6
5$1 57
8
53
4 53
4
54 578 2,300
4 255 254 2512 26
8
26 18 263
8 253 253
4
257 26
8
253 263
4
4 3,800
96
96
9514 9514 98
98
95
9434 95
95
95
95
1.000
4
533 54
8
533 54'2 533 5412 5314 54
4
5312 543
4 5334 54
10,800
163 1612 17
8
*175 1812 164 174 •1614 18
8
*173 18
8
17
2,500
374 3718 35
*4018 40'2 3938 391g 3712 39
37
39
39
380
*25
30
*27
30
*2514 28
*26
28
28
*28
30
28
100
46
46
46
464 *4638 50
*4512 52 .4512 50
*48
497g
50
4
4
7614 7612 1,100
77
77
76
7614 754 754 753 753 *7518 76
*23
24
*223 24
4
2312 2312 223 223
4
4 2315 233
*223 24
4
8
600
33
8 338
312 35
8
338 35
8 4,700
312 312
34 34
33
8 33,
•38
38
38
38
38
39
38
39
38
38
38
*38
90
8
183 183
4
4 183 183
4
4 183 1834
4
*19
19, *184 1912 187 19
GOO
1812 18'2 1814 1812 175 18
8
163 173
4
8 163 173
4
8 1712 18
5,200
*47
494 *47
*49
50
493 *4512 49
4
*48
52
*46
497
8
17
8
14
14 14
13
4
14
14
14 *13
4 14
*134 2
700
4
4
4
4
4
4
4
4
44 5,500
4
438
4
Range Since Jan. 1
On Basis of 100
-share Lots
Lowest
For too notes see page 728.
937
-
$ per share
9612 Feb 6
8212 Feb 5
244 Jan 30
8
125 Feb 7
514 Jan 12
83 Jan 15
4
2418 Feb 8
113 Jan 18
46 Jan 28
214 Jan 28
2314 Jan 8
1014 Feb 7
5 Feb 7
71 Feb 7
578 Jan 2
7158 Feb 6
1012 Feb 6
89 Jan 3
218 Jan 28
4 Feb 5
25 Feb 7
4
43 Feb 6
5712 Feb 2
52 Jan 30
1343 Jan 30
4
3612 Jan 15
114 Jan 16
12 Feb 6
1712 Feb 6
1914 Jan 7
2 Jan 16
7 Feb 7
14 Jan 2
13 Feb 6
64 Feb 6
7612 Jan 3
4612 Feb 6
143 Jan 11
5 Feb 6
3614 Feb 1
55 Jan 26
8
912 Feb 6
53 Jan 22
5 Feb 6
1318 Feb 6
333 Feb 6
4
10612 Jan 15
624 Jan 3
345 Feb 6
8
85 Jan 15
11918 Jan 4
150 Jan 4
497 Jan 11
8
114 Feb 7
4 Jan 10
1614
1114
91 12
3418
38
5
2012
85
7212
Feb 6
Feb 7
Jan 23
Jan 14
Jan 2
Jan 15
Jan 4
Jan 4
71
10914
112
232
17
8
618
273
4
114
23
4
55
8
112
2812
312
18
1
43
8
83
4
24
5
Jan 15
Feb 5
Feb 4
Feb 4
Jan 11
Feb 5
Jan 15
Jan 7
Feb 6
Jan 30
Jan 3
Jan 12
Feb 6
Jan 17
Feb 5
Jan 5
Feb 6
Feb 8
Jan 28
1 Jan 5
3012 Jan 15
72 Jan 29
273 Feb 7
4
24 Jan 16
3534 Jan 15
90 Feb 5
11 Feb 6
29 Jan 4
4612 Jan 29
57 Jan 2
47 Feb 7
10412 Jan 17
95 Jan 2
2 Jan 15
12 Feb 7
73 Feb 5
4
912 Feb 7
23 Feb 7
8
44 Feb 6
20 Feb 6
18 Jan 3
18 Jan 12
4638 Jan 12
124 Jan 26
22 Jan 31
158 Feb 6
6 Jan 11
214 Jan 12
34 Feb 5
534 Jan 15
2512 Feb 7
9312 Jan 15
Si Jan 15
1618 Feb 5
35 Feb 7
28 Jan 29
46 Feb 5
75 Jan 12
203 Jan 3
4
33 Feb .5
8
38 Feb 4
183 Feb 6
4
163 Feb 6
4
48 Jan 3
13 Jan 28
4
4 Jan 28
Highest
July 1
1933 to Range for
Jan.31 Year 1934
1935
High
Low Low
$ per share $ per sh $ per share
11112 Jan 10
897
8
90
1334
883 Jan 11
4
627
8
713
4 89
264 Jan 4
133
4
153
s 253
4
84 1514
1518 Jan 7
818
314
64 Jan 31
314
612
9 Jan 12
7
8
17
2612 Jan 9
19
2114 2914
11712 Jan 2 10414 107
120
.50 Jan 7
2014
35
.503
8
3 Jan 2
24
24
84
293 Jan 25
8
2114
2114 3778
6Ig
1314 Jan 7
914
184
8 Jan 3
23
4
3 8 107
3
8
50
5934 7584
82 Jan 7
3
712 Jan 9
31g
714
753 Jan 7
4
4912
59
77
1112
1112 204
127 Jan 10
8
8212
86
924 Jan 22
9938
1
24 Jan 9
13
8
35
8
4
4
54 Jan 7
133
4
30
3312 Jan 24
30
68
712 Jan 3
24
214
814
4912
54
76
6512 Jan 19
37
4014 63
59 Jan 2
13812 Jan 4 10814 11212 140
40 Jan 9
15
187
s 4612
7
8
7
8
3
219 Jan 18
414
414 24
163 Jan 18
4
12
22 Jan 7
154 33
1314
1612 195
8
20, Jan 29
4
1
112
4
24 Jan 3
4
10 Jan 9
4
14
4
4
14
12 Jan 4
11
11
2712
1512 Jan 7
6
1514
6
712 Jan 3
80
6314 78
84 Jan 22
3414
5318 Jan 7
3414 514
146
115
14712 Jan 31 110
438 101a
63 Jan 7
4
314
4512 Jan 2
32
32
643
4
117
8
67 Jan 7
8
518
518
7
7
125 Jan 3
8
193
4
45
45
80
5712 Feb 7
4
128
4
4
7 Jan 7
11
24
1714 Jan 3 6 105
8
4238 Jan 7
1718
244 81 4
,
5314
12414 Jan 3
964 141
5112
6512 Feb 8
5
412 6512
293
8
2938 594
4018 Jan 8
94 Jan 23
6714
8714 99,
2
124 Feb 1
813
4
99
140
150
150 Jan 4 1243
8 126
497 Jan 11
8
4812
4812 67
2 Jan 2 33 7
8
112
54
34
17
8
14 Jan 2
4
1914 2212
1914
14
313
4
213 Jan 7
4
14
1212 Jan 11
33
4
412 124
9312 Jan 14
5414 25414 98
36 Feb 2
2318
245
8 363
4
17
8
17
8
53
8
43 Jan 3
8
2714 Feb 1
10
10
26
100 Feb 1
5714
59 4 84
3
82 Feb 1
60
65
80
312
33
2
9
1618
1618 27
82
38
52
8112 Jan 7
95
95
112
10914 Feb 5
23 Jan 8
8
14
14
47
4
214
23
8
85
8
312 Jan 4
13
4
23 Jan 19
4
114
612
712 Jan 10 5 34
4
84
8
31 Jan 3 9 1518
2214 297
8412 1165
8
115 Jan 5 9 80
378 Jan 7
2 14
214
63
8
5
5
12
57 Jan 23
8
14
14
15 Jan 9
8
338
32 Jan 4
24
24
36
45 Jan 2 2, 25
8
8
23
4
814
12
15
317
8
247 Jan 26
8
13 Jan 2
8
1
1
34
618 Jan 7
314
34 134
8
287
8
14 Jan 7
8
1312 31
1312
28 Jan 8
3
3
7
6 Jan 2
80
65
90
114 Jan 24
N
214
N
15
355 Jan 3
8
15 4 353
3
4
49
7512 Jan 10
5212 743
4
343 Jan 7
4
2812
294 864
27 Jan 9 ,2 153
4
1578 36
277
4014 Jan 10
8
2772 4714
99 Jan 28
77
82
95
1378 Jan 2
5
8
1512
15
163
3118 Jan 14
8 2912
53 Jan 12
393
4
4412 70
6012 Jan 7
47
513
4 80
4018
45
53 Jan 2
x88,
2
8812
109 Feb 8
8912 1105
8
10214 Feb 1
783
783 105
4
24 Jan 8
13
4
13
4
614
12
7 Jan 8
12
9
212
94 Jan 7
65
8
74 1714
914
914 23
105 Jan 19
8
33 Jan 7
8
2 18
24
84
4
77 Jan 7
8
45
8 1712
2312 Jan 3
1214
147
2 2714
22 Feb 8
18
2412 29
21
24
38
2014 Jan 21
1112
1112 29
53 Jan 22
34
34
57
185 Jan 3
8
127
8
15
284
2412 Jan 9
214
2114 3112
14
112
378
Jan 22
238
4
1114
912 Jan 24
5
2
534
25 Jan 8
8
2
343 Jan 3
4
224
2718 3
44
318
434
9
7 Jan 2
1214 3238
314 Jan 3
1114
30
53
105
100 Jan 5
543 Feb 7
4
35
4114 5514
4
2112 Jan 7
1312
1312 317
444 Jan 23
3112
3112 53
235
8 42
33 Jan 11
2214
5218 Jan 3
12
164 75
7912 Jan 7
473
4
5412 76
24 Feb 1
113
8
2238
14
44 Jan 7
24
23
4
74
,
41 Jan 2
28
25
4712
21 Jan 2
1018
13
223
4
2172 Jan 8
125
8
123
8 333
4
58 Jan 21 "30
34
594
212 Jan 8
118
112
44
44 Jan 10
33
8
332
73
4
7
938
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Feb. 9 1935
On Jan. 1 1909 the Ezchange method of quoting bonds was changed and prices are now "and Interest -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 of the
regular weekly range are shown In a footnote in the week in which they occur. No account Is taken of such sales in Computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8
July 1
Week's
July
r4,..
1Week's
''4
Range or
4 1933 to Range
Range or ; 1933 to
1..e
BONDS
ta
Lin Jan. 31
Since
......
Friday's
1,1 xt Jan. 31
N. Y. STOCK EXCHANGE
Friday's
2t
a
.
.. a. Bid & Asked ciii 04
1935
Jan. 1
Week Ended Feb. 8
.s. BO & Asked z0 1935
U. S. G
moot
Low
First Liberty Loan-33i of'32-47__ J D 104.9
J D 102.16
Cony 4% of 1932-47
Cony 433% of 1932-47
1 D 103.20
J D
25 cony 434% of 1932-47
Fourth Lib Loan 434% of 1933-1938 A 0 109
-4.3i% (3d called)
1933
-1938, 2 101.31
Treasury 41is
1947-1952 A 313 114.24
-Treasury 43(-33.3;s__Oct 15 1943-1945 A 0 103.30
Treasury 48
1944-1954.3 D 109.31
Treasury 334/3
1946-1956 M 8 16816
Treasury 334*
1943-1947 J D 105.17
Treasury 3s
Sept 15 1951-1955 M S 102.19
Treasury 3e
Dec 15 1948-1948.3 D 102
Treasury 33.4a____ June 15 1940-1943 1 I) 105.22
Treasury 334s___ Mar 15 1941-1943 M 8 105.25
Treasury 33213____ June 15 1948-1949 J D 103.17
1949-1952 J D 103.2
Treasury 33(s
Treasury 314e
Aug 1 1941 F A 105.17
Treasury 334*
1941-1946 - --, 103.28
Fed Farm Mtge Corp 334s
1964 51 la 102.18
as
1944-1949 M S 100.17
1942-47 J J 100.20
35
Home Owners Mtge Corp 48
1951 J. J 101.4
30 series A
1952 MN 100.16
23.0
1939-1949 F A
98.15
State & City-See note below.
High No.
104.20 292
1
102.16
54
103.25
......
153
104.3
419
102.4
33
114.30
104.14 337
110.10 191
75
108.26
105.28 259
168
103.4
3332.22 701
98
106.10
106.10 154
304
104.7
103.24 779
105.26 468
91
104.12
54
102.25
10031 323
100.21 109
101.11 154
100.30 709
98.31 1,190
Low Low
103.16
99
100.17 102.7
99.28 103.8
103
102
100.30 103.20
101.26 101.31
104.10 113.6
97.26 102.28
101.18 108.24
99.26 107
103.28
98.5
93.13 100.20
97.26 100.20
98.12 104.15
104.14
98.8
94.28 101.26
101.15
101.5
97.27 104.18
99.24 102.24
101.14
88
94.27 99.16
100.20
94.26 100.19
94.26 99.18
9223 96.20
High
105.14
102.16
104.4
103
104.16
102.16
115.2
104.16
110.12
108.30
105.28
103.6
102.24
106.10
106.10
104.7
103.25
105.30
104.18
102.25
100.31
100.31
101.11
101
98.31
Range
Since
Jan. 1
High
Low
High No. Low Low
Foreign Gore. & Munk.(Con.)
1
05
6818
95
Cuba (Republic) Soot 1904
1944 M 8 95
9714
831
2„
90 ---External 5s of 1914 ser A
1949 F A .80
8512 - 14
617
8
_ --__
External loan 434e
86
1949 F A *83
61
4
77
8012
8012
__-Sinking fund 534s Jan 15
1953 .1 J 80
*Public wks 534s June 30
8
1945.3 D 24
2312 267
193
4
243
4 38
It% 145
10
1218
123
8
6
•Cundinamarca 63.0
1959 MN
9814 103
773
4
103
11
Czechoslovakia (Rep of) 8a
1951 A 0 103
77
8
7
9759 10259
Sinking fund 8s ser B
_.j952 A 0 10214 1025
101.14 105
797
Denmark 20-year eat! the
88
4
1942 .1 J 1023 104
93 100%
75
100% 75
External gold 534a
1955 F A 100
61
92
96%
4 77
External g 43.2e_Apr 15
1962 A 0 938 943
Deutsche Bk Am part et! tle
1932
5514 63
4812
60 ____
*Stamped extd to Sept 1 1935
_--- *58
40
4
66
71 12
71
Dominican Rep Cust Ad 53.4ss __'42 M El 71
595 61
36
let ser 534ei of 1926
8
1
1940 A 0 60% 003
5918 61
36
2d series sink fund 510
3
1940 A 0 6014 603
27
45 ____
35
*Dresden (City) external 7s.._ 1945 M N *39
41 14
36
8--_
-___
'El Salvador (Republic) 88 A
1948 J .1 *601
35
551z di
61 ____
*Certificates of deposit
J J *60
4812
Estonia (Republic of) 713
5
8412 91
91
1967 .1 J 90
10312 106
70
106
13
Finland (Republic) eat 65
1945 M S 105
8
77
External sinking fund 7s
10018 1007
1950 M S 10018 10012 32
7012 10118 103
24
External sink fund 834*
1956 M S 10212 103
3
_
External sink fund 51213
4
1958 F A ------------664 100 1003
67
Finnish Mun Loan 634a
10012 101%
7
4 0
1954 A 0 1003 1114
671
4
1003 10114
4
External 634, serial 13
4
1954 A 0 1003 101
20
*Frankfort(City of) 51 03.481953 M N
2614 3514
3478
3514 10
French Republic extl 734s
44 126
18414 18812
1941 1 D 185% 187
External 7e of 1924
1 12712
1813 18042
4
183
1949 J D 183
*German Government Interns23
tonal 35-yr 534s of 1930
4 355 285
2859 355
1985 1 D 333
3112
*German Republic extl 7s
393 4534
4
1949 A 0 4412 4534 118
*German Prov & Communal Bks
(Cons Agric Loan) 63.3a
415 47
2312
1958 J D 4618
9
47
*Graz (Municipality) 85
49
1153 1155
8
*
9912 ---1954 M N .99
*Only unmatured coupons on
86
9912
9812 9912 15 ---Or Brit & Ire(U K of) 514a
1937 F A 11514 11612 16 10759 11312 116 1 2
14% fund loan t opt 1960
4
9559 1153 119
1990 MN al1614 al1718 67
22
*Greek Governmentsteer 7s
3914
375 3912
1984 MN *3818
•S t secured Os
2913 32
9
1659
30
3014
1988 F A
Haiti (Republic) s f Oa ser A
82
86%
83
1952 A 0 82
2:- 67
:
283 361
2018
4
*Hamburg (State) ea
8
3613
1946 A 0 35
15
r
2512 31
*Heidelberg (German) exti 734a_ 250 J J 3014
31
Heleingfors (City) ext 63.4*
6614 10114 103
8
1960 A 0 10214 103
*Hungarian Mimic Loan 734e _ _1945 J J ------------25
*Only unmet coup attached
J .1
414 3414
2 - 54
-3-8*External 5 f 79 (coup)_.
- - - 2659_
1946 J J ---*Only unmat'd coups attached_ __ J J *33
37
3712 --------32 -.-14
*Hungarian Land M lost 730 ... '61 MN •321e 45 __
3314 3314
295s
*Sinking fund 734. aer B
__
1981 M N •3218 47 -__
295
8 ---*Hungary (King of) e f 73.0.._ _1944 F A ------------3112
45 -45
*February coupon on
4212 4910
44
2 ---44
Irish Free State ext1 of bet
10412 109
92
3
1960 MN 10812 109
Italy (Kingdom of) end 75
91
86
9412
1951 J D 9134 9412 149
Italian Cred Consortium 7e A ____'37 M 8 99
99
894
95
1
90
External sec s f 7s ser B
rn
M 8 87
82
8612 89
8834 30
Italian Public Utility exti 7*
85
80
1952 1 J 8212 85
73
28
Japanese Govt 30-yr a 163.4*
77
97
1954 F A 9012 92
137
90
Exti sinking fund 5349
1965 M N
6713
45
,
7859 80
77, 84 2
4
*Jugoslavia secured eta 7,
1957 A 0 ------------23
•7e with all unmet coup_
25
35 --------25 -1957 ---- •271
*With Oct I '35 & sub coups on._ ---- *2
0% ---- ---- ------- ----
Foreign Gold & Municipals
•Agric 13.1tge 13ank e f 6s
1947 F A
183
4
*Feb 1 1935 aubeeq coupon
271
263 3312
4
23 ____
271
'Sinking fund Os A
155
Apr 15 1948 A 0
343 343
4
4
•AprIl 15 1935 coupon on
2715 32
2
---- 27% 271
,,
75
Akershus Wept) ext 5s
1963 M N 9/34 95
91
96
'vs
5
928
91
;
•Antioquia (Dept) coil 7e A
1945.3 1
912 113
4
*External e f 78 ser 131945J 1
912 1118
Oh
2
912
9%
*External 5 f 713 ser C
1945 J J
914 912
712
914
3
913
1945.3 J
952
*External s f 75 ser D
6
92
8
714
914 105
8
*External of 75 lat ear
1957 A 0
912
94 1014
912
I
659
9
1957 A 0
*External sec of 7s 2d ser
0
912
9
10
614
9
1957 A 0
*External eec s f 75 3d ser
978
9
612
3
9
1958 J D
Antwerp (City) external 5
9818 126
7438
e110 11513 36
18
Argentine Govt Pub Wks 6s
1960 A 0 9012 92
9018 947
44
19
1959 J D 90
Argentine Os of June 1925
44
90
9412
37
92
Eati a f 6s of Oct 1925
1959 A 0 90
90
445
59
92
9459
External is 1 62 series A
195758 S 9014
9218 49
44
9014 9412
2 913
External 65 series B_ _Dec
1958 J D 903
905 9412
8
4414
4 21
Extl a 18s of May 1926
196009 N 90
90
945
8
4413
56
917
External cc 6s (State Ry)
90
9412
1960 M S 90
4414
21
913
Extl 60 Sanitary Works
1981 F A 90
90
9412
4412
9112 45
Ext160 pub wks May 1927 __ _1961 M N 90
46
90
941
9159 11
Public Works extl 53
1962 F A
8612 9014
4114
33
4a86
12 88
Aentine Treasury be i
rg
1945 M 31, 973
973 9814
13' 6912
97%
Australia 30-yr be__July 15
1955 J., .1 10218 10314 138
10114 10412
775
Exrnal be of 1997__ Sept„ 1957 51 S 10212 10312 67
te
...
1013 10.412
8
78
External g 436e of 1928
1956 M N 957
737
e
957 97%
4 71
8 963
Austrian (Govt) a f 7
1943 J D
8314 1013 10212
4
e10218 10218 48
International loan a f 7e
1957.3 J 29214
8912 9514
4212
22
94
*Bavaria (Free State) 6345
4045 F A 36
3112 37
2614
26
37
Belgium 25-yr extl 6he10612 54
1949 M S 105/2
88% 103 10612
External s f 65
1915.3 J 1033 10414 20
86% 102 105
4
External 30-years 57*
923
4 110%115
13
1955 J D 1137 115
Stabilization loan 75
1956 M N 108
106 11014
91
10912 21
Bergen (Norway)6s.._Oct 15
1949 A 0 96
9712 31
95% 971
.
6718
External sinking.fund 5s
1960 M S 94
93
9612 *Leipzig (Germany) a f 7a
6214
9612 23
38
43
1947 F A 43
5
43
293*
*Berlin (Germany) a f 6 As
1950 A 0 3618
2714 3712 *Lower Austria (Prov) 714s_ _1950 J 0 -----------3712 99
50
22
115 116
375
8 76
*External a t 138_ __June 15
1958 1 D 36
2012
*Only unmatured coupe
273 375
2
8
97
99
99
ch'd -9at
1 __ .
i
9% ____
*Bogota (City) esti a 1 8e
1945 A 0 1612 1714
1612 18
17%
4
*Medellin (Colombia) 634*
1954 J 12 8912
912 10 4
,
*Bolivia (Republic of) ext18a
1947 MN
612
6%
714 *Mexican Irrig Asetng 414s
8
63
8
818
5
1943 MN
559
5
3
5
5
*External secured 7s (J3at)...._1958 JI .
514 6% *Mexico (US) int! 543 of 1899 .0
41
:
1
4
25 __
58
_
5
63
8 19
_'45 Q .1 *_ _
*External a 17*(flai)
638
1969 M fil
*Assenting 5a of 1899
5
43
8
558
10 If
47
5
*814
10 ____
1945 ---659 42
*Brazil(US of)external 8a
1941 J D 3012 33
283 39%
8
217
8
*Assenting 5, large
61
1014 11
5%
63 ---s
*5%
*External a f 634* of 1920
1957 A 0 253
*Assenting Os small
2314 3112
193
8
283 116
4
*External e f 63.4a of 1927
1957 A 0 253
•45 of 1904
2314 3134
19%
*
6 ____
1954 4 2812 60
412
•70 (Central fly)
1952 1 D 26
•AssentIng 4a 01 1904
24
31%
3
614
614
3
1964
1859
2859 47
61- i
4
1935 M S 393
*Bremen (State of) extl 70
512 612
29
4 41
*Assenting 41 of 1910 large
4
3359 41
23
953 9714
2
Brisbane (City) a 158
*Assenting 45 01 1910 small
68
4
1957 M S 96% 96% 12
5%
7
1958 F A
Sinking fund gold ba
•ITreaa (is of'13 assent(large)'__ _33 1 J
6812
96
*534
934
7
53
4
9714
9559 9759
20
-year e f 60
1950 J D 10114 10112 10
J J ------------534_ r
•1Small
1003 10214
75
4
.
Ws 14
,
1962.5 D 5312 5312
4912 5312 Milan (City, Italy) ext161421 _ _1952 A 0 8414
•Budapest (City) exti a 1 65
4
74
293
1
8012 8512
512 84
*June 1 1935 coupon on
323 39% *Minas Genies (Brash!) 6.34s
19158 M8_
1
383
4
383
4
Buenos Aires (City)6 3Sa 11 2 _ _1955 J 1 84
84
*September coupon off
4014
17
-1W2 - 7 __-L _ 17_
90
85%
118
ii" 1959
1960 A 0 83
External a f Os ser C-2
•Ext sec 634. series A
36
2
83
85
83
ii
_ ___
1939 M s _
1960 A 0 8212 83
External a f (is ser C-3
8212 85
*September coupon off
3614
3
i5T8 1612
i -,.,,
iiis -1- .12
9
--------2014
M 8 466
*Buenos Aires (Prov) extl 6e
1961
6812 7012 *Montevideo (City of) 714
1952 J D 3912 40
3912 42
2714
3
*Oa atamped
1961 M S 58i8 61, 74
*External a f Os series A
2552
56
613
1959 MN 33
25
3418
8
33
363
8
7/
71
1961 F A
New So Wales (State) extlba
*External a 1 6145
674 72
_1957 F A 101
2712
1
73% 10018 102,
10112 76
4
1961 F A
•634a stamped
253
2
7312 100 1021s
1013
4 36
5512 5814 44
552 62%
External s f 58
.- 1958 A 0 101
Apr
Norway 20
•Bulgarla (Kingdom)s f 7s
1907
-year exti 6.
1943 F A 1053 106
88
4
2
10352 106
1 1
1712 1812
*July coupon off
20
-year external 65
1712 18
15
4
8712 104 106
106
1944 F A 105
25
MN
•Stabil'n s f 736s Nov 15 1968
1814 1814
30
-year external 65
1612
1952 A 0 10218 103
6
1814
20
8318
1814
101 10312
40-year s f 545
*May coupon off
172 19
1965.3 D 1017 10212 43
s
2
18
787
*
1759
993 103
.
External s f 5a___Mar 15 _ _1903 M 8 10012 10159 45
9812 1017
76
s
•Caldas Dept of(Colombia)7141f46
1 .1
Municipal Bank exti a 15,
12
14
1967.3 D 101
1259
101
1014
4
1212
7713 101 10112
6
Canada (Dom'n of) 30-yr 41
Municipal Bank extl of ba
1970 .1 I) 100
1980 A 0 105
1013
4 11
86% 10412 10558
8012
98 1013
4
1055* 71
58
1952 M N 1107 11112 38
8
22
3414
9912 11014 1123 •Nuremburg (City) extl 6s
8
3512 10
1952 F A
281i 3512
4 34e
1936 F A 10314 10312 13
64
7912
9813 10318 10312 Oriental Devel guar 6a
7
1953 M S 79%
7714 8114
61
.59
*Carlsbad (City) a f 81L.
1964 i J
Ext1 deb 54411
1958 M N
5614
7514
6018 6212
757
7
69%
745 7012
ins 1312 Oslo (City) 30-year a f (is
*Cauca Val (Dept) Colom 730'46_ __ A 0 1112 12
10
2
73
4
1955 M N 993 10214 19
99 10259
*Cent Agile Bank (Ger) 7s5
9
2913
1950 M 0 56
55
5812
57
*Farm Loan 51 6s_July 15
44
47 Panama (Rev) exti 534
1953 .1 D 10612 10612
26
1960 J -I 4434 4614 19
89
4
105 10612
,
•Farm Loan 51 13e_ _Oct 15
4618
4618
•Extle 155 set A ___May 15
1960 A 0 4412 46
1
2478
4314 463
4
1963 M N
2659
18
43
4612
*Farm Loan Os eer A Apr 15
4212 43
*Stamped
1938 A 0 5318 55
271s
27
5012 5514
16
13
43
38
*Chile (Rep)-Ext1 a 1 7s
7
1558
1942 51 N
1334 164 *Pernambuco (State of) extl 7a .. __'47 M 8 - --- --165* 30
81e
*External sinking fund 621. .. 1960 A 0 1418
*September coupon off
1212 1514
1514 57
5
i5i4
153
4
5 ,_
HT, ilk,
•Ext einking fund_60_ _Feb _ _1961 F A
121s 1512 *Peru (Rep of) external 711
618
1312
1959 M S
137
1512 47
.
7
7
12
125*
133
4
87
97
•Ry ref ext *1 6s
*Nat Loan ext1 a 18. let leer __.1960 J D
Jan_ __1961 1 J
814
6
972 06
14
1212 1512
61e
1559 68
•Ext sinking fund 6s_ _ _Sept __1961 M 11
83
4
*Nat Loan extla f 8a 2d ser
97
2 36
1961 A 0
14
43
4
1214 1512
1512 99
83
a
97
s
6%
*External sinking fund 6a
613
56
8 46
1213 1559 Poland (Rep of) gold (is
1940 A 0 7714 797
1962 M S 14
1514 25
7959
73
*External sinking fund 6a
1223
8 60
1213 1512
Stabilization loan e f 7ii
1947 A 0 120
0
1963 M N
63
51
1414
11414 1228s
151
*Chile Mtge Bk 634a June 30
External sink fund g 8a
1957 J I) 1318
1213 1412
1960 1 J 9059 9512 51
135* 28
73
4
88
9512
635*
'elf 6303 of 1926__June 30
959
8
1961 .1 D 135
4
14
1318 143 *Porto Alegre guar 8a ______ _ 196I 1 D ------------161,
6
*Guar e f Os
193
4 22
*June coupon off
Apr 30
712
_1961 A 0 123
7
. . 183 22
42
4 -1214 1414
4
137
_ -14%
*Guar a f (is
1962 M N
1212 143
•Ext1 guar sink fund 734s
1960 1 J
712
7
123
-4
4
1314
*Chilean Cons Munic 7ii
-2i
il ---2
-*July coupon off
1960 M S 10%
5
59
1
12
-IA:3 .- i
7 i
4
93 12
*Chinese (Ilukttang Ity) 55
1952 M N 10012 10012
22
7714
433 47
Prague (Greater City) 752e
6
1961 1 D 433
1
993 103
8 443
4
4
Cluistiaria (Oalo> 20-yr a 16*'54,, M S 10012 1025
24%
75
29
99 1023 *Prussia (Free State) extl 832s -.'51 NI S 3514 37
8
287 37
s
8 26
*Cologne (City) Germany830
36
1952 A 0 35
21
231s
*External a f 6*a
22
14
1950 M 8 345
27% 30
8 36
2814 341
Colombia (Rev)6s of'28__Oct'61
1941 A 0 810859 10912 ____
94
Queensland (State) extl 2 f 7/3
10812 110
3034 3659
*April 1 1935 coupon on_Oct 1961 A 0 3112 337
25
10812 ____
-year external fia
18
50
1053 108
4
838
1947 F A •107
*Jan 1 1935 coupon on_Jan 1961 1 J
42
3518
2012
1
3812 42
303 37 'Rhine-Main-Danube 78 A
1950 M S 42
39
3118
33
*Colombia Mtge Bank 61413 of
1947 A 0 237
2313 2412 *Rio de Janeiro 25
14
6
-year *1 843....._1940 A 0 ------------1312_
2414
2212 2212
*Sinking fund 7a of 1926
1946 M N
*April coupon off
12
7
195*
24
2412
17
812
1 -71812
2359 2412
*Sinking fund 70 01 1927
1947 F A
13
. ____
1459
167 167
8
*External e 1 630
1953 F A ____
6
24
25
235* 2512
Copenhagen (City) 5*
1932 J D 92
17
18
.-6012
12 ___
16
18
90
943
*August coupon off
93
933
25
-year g 430
1953 M N 8818
5513
21
23
175
86
43
7
903 'Rio Grande do Sul extl5558 _-_1946 A 0 2212 23
8
90
*Cordoba (City) extl s f 7a
21
2214 11 -_
1957 F A *4014
18
22%
46
'April coupon off
12
4612
47satamped
413
1957 1514
-_ _ ____
4314
*External sinking fund (Is
1712 1712
1968 1 D _
17
40
41
*External a 1 7s__ _Nov 15 - I937 M N
5018 5012
103
/1 - 21
3
26 ____
163 21
4
501s 503
*June coupon off
29%
4
*73 stamped
1937 461 47
'External s f 7s of 1928
ma 1838 18%
.
1
47
--.„.
1966 NI N _....
47
Cordoba (Prov) Argentina 7e _ _ _ _1942 1 J 777
21
20
--21
23 ____
17
7612 7914
*May coupon off
251s
7
7812
19
*Costa Rica 7s Nov 1932 coupon 1951 MN
10
*External a 1 75 rnunic loan__ __1907 J D ____
3518 3518 21
1714
-351s 3518
-261s
195I --- *21
17% 20
197
-20
____
*June coupon on
3
•713 May 1 1936 coupon on
16 ____
25 --------25 4 25 4
3
For footnotes see page 943.
NOTE-Sales of State and City securi les occur very rarely on the New York Stock Exchange, dealings in such securities being almos entirely over the counter
bid and asked quotations, however, by active dealers in those securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities...
1
,
I
,
1
New York Bond Record—Continued—Page 2
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8
r.
.;
W OW1
Ju411 1
Range ot
4.
1933 to
Friday's
11,3,.. Jan.31
4 a, Bid & Asked to.1 1935
—
Range
Since
Jan. 1
Foreign Govt. &Munk.(Cond.)
Low
Mob NO
Low Low
High
Rome (City) extl 83414
1952 A 0 86
7811
868 36
8318 8714
Rotterdam (City) extl (38_. __ _1964 M N z130 - 130
10
9218 12418 1391j
•Roumanta (Monopolies)gu 75 _ _1959 F A ------------23
205 2052
8
•August coupon off
28
345
8 351
3312 3612
Saarbruecken (city) Co
1953 1 J *____
56
75 -___
78
78
*Sao Paulo(City) st88__Isdar _ _1952 SIN ------------18
'May coupon off
1918 1918
2 ___
19
1912
•External of 8345 of 1927
1957 M N
15%
'May coupon oft
1612 18
12
16
198
*San Paulo (State) extl at Bs__ _ _1936 J J ____
____ _—
1518
*July coupon off
2912 2912
2714 30
1
*External sec 51 8s
1212
20
1950 1 J
20
July coupon off
2014 2212 11
185 233
8
4
•Externali f 78 Water L'n __ _ _1956 at 5 ____
____ ____
12%
1914 20
*September coupon off
201, 15
19
17% 21
•External 5188
'July coupon off
15
201
17
19
s
207
*Secured s 178
1940 A 0 8018 85
81
62
7812 9114
*Santa Fe (Prov Arg Rep) 7s__ _A942 NI S •54
--------17
5418
52
'Stamped
5212 14
52
4912 5314
33
*Saxon Pub Wks(Germany) 72 _ __'45 F A
3812 4114 27
3212
38
41 14
*Gen ref guar 6145
1951 M N
18
4
2812
343 39
3858 39
'Saxon State Mtge Inst 75
8
1945 J D 4912 55
4212
49
55
•Sinking fund g 6 As_Dec _ _ _1946 J D *47
447
8
48
48
*Serbs Croats & Slovenes 8s
1962 M N
1914
'All unmatured coupon on
3814 42
2712 3814
35
'Nov 1 1935 coupon on
5
32
31
25
32
•External sec 78 ser B
1962 M N
17
3712 437
•All unmatured coupons on
--_
318 3858 38 ____
253 38%
4
•Nov 1 1935 coupon on
*2718
2218 28%
Silesia (Prov of) ext1 78
*Silesian Landowners Assn (is
Soissons (City of) exti 65
*Styria (Prov) external 78
*February 1934 coupon oft
Sydney (City) e 15348
Taiwan Elm Pow 8 f 5%s
'l'okyo City 52 loan of 1912
Externals f 6148 guar
*Tolima (Dept of) extl 78
Trondhjern (City) lot 5%5
1958 1 D 70
1947 F A 5512
1936 MN *167
9912
1946 F A
87
1955 F A 10014
1971 J l 75 4
,
1952 M S 683
4
1961 A 0 747
1947 51 N •105
8
1957 M N 9712
7212 65
6018 18
176
2
10012
1
87
10112 16
7714 13
684
2
7612 41
1312 ____
9712 39
42
2514
117
4714
____
75
58
533
4
59
812
633
4
6812 721:
493 8012
2
170 1751:
9814 10018
87
87
997 1021i
7412 7714
67
7114
743 771
2
:
12
1214
971:
91
*Upper Austria (Prov) 75
1945 J D
512
107 107
*Only unmatured coupe *Mb_ __ ---- •
94% ---- ---- ------- ---•
*External 5 f 634e_3une 15
1957 J D ------------4113
•Unmatured coupons on
1
841;
8412 8412
82
'Uruguay (Republic) esti 8__1948 F A 40
4318
b
33
40
47 1
,
•External 8165
1
1980 M N 37
38
55
26, 35
4111
•External a f 85
1964 M N 37
347 41
7
8
2652
375
8
Venetian Prey Mtge Bank 7s __'52 A 0 83
83
80
2
83
80
•Vienna (city of) est) a f 68
1952 M N
5258 10114 10811
'Slay coupon on
84% 921;
5 ____
9218
92
Warsaw (City) external 75
6814
7214 43
1058 F A
41
6514 721.
Yokohama (City) extl Co
8014 831
1961 J D 8114 8312 12
83
RAILROAD AND INDUSTRIAL
COMPANIES.
itAblUbl Pow & Paper let bs___ '53 J 0 36
Abraham & Straus deb 53.48
1943 A 0 10312
Adams Express coil tr g 45
1948 M S 8814
Adriatic Rice Co ext 78
1952 A 0 100
Ala Gt Sou let cons A 55..
1943.3 D .106.7
8
let cone 41 tier li
1943.1 D •102
Albany Perfor Wrap Pap 65
1948 A 0 5612
Alb & Swig let guar 3348
1946 A 0 102
:Alleghany Corp coil tr 58
1944 F A 68
:Coll & cony 55
1949 1 D 587
:Coll & COTIV 58
1950 A 0 22
:Certificates of deposit
22
Alleg & West let gu 411
,
1998 A 0 4 9958
Alieg Val gen guar g 48
1942 M S 106
Allis-Chalmers Mfg deb be
1937 M N 10012
•Alpine-Montan Steel let 711
1955 M S 87
*75 coupon on
1955
103%
Amer Beet Sugar 85
68 extended to Feb 1 1940 ______ -_ F A 100
American Chain 5-yr Co
1938 A 0 1005
8
:Arndt Foreigh Pow deb Es
2030 M S 54
American Ice 8 f deb 55
1953 J D 77
Chem cony 53411
1949 M N 106
Amer I 0
Am Internal Corp cony 534e
1919 J J 91%
Amer Mach & Fdy a f 88
1939 A 0 10212
Am Rolling Mill cony be
1938 M N 10612
Am Sin & It let 30-yr be ser A ____•47 A 0 10412
Am Telep & Teleg cony 45
1936 M 8 10314
30-year coil tr bs
1946 J D 1083
4
35-years f deb 58
1960.3 J 11212
20-year 0 5145
1943 MN 11214
Cony deb 4548
1939 J .1 10652
Debenture 55
1965 F A 1127
Am Type Founders (is etre
1940 ___- 36
Am Water Works & Electric—
Deb g 84 series A
1975 51 N
75
10-yr be cony coil tr
1944 M 8 9412
1947 J .1 2312
:Am Writing Paper let g 85
•Anglo-Chilean Nitrate 75
:Ann Arbor let g 45.__July
Ark & Niem Bridge & Ter 68
Armour de Co (III) lot 4%s
Armour & Co. of Del 53.4o
Armstrong Cork cony deb 5s
A tch Top & H Fe—Gen g 41
Adjustment gold 48__July
Stamped 40_
July _
Cony gold 45 of 1909
Cony 45 of 1905
Cony g 45 !Rene of 1910
Cony deb 4145
Rocky Mtn Div let 42
-Con Short I. lot 45
Trans
Cat-Ads let & ref 4%e A
AU Knox & Nor let g 55
1945 M N
O's
1995 Q J
53
1984 M 8 0873
4
1939 1 D 10212
1943 .1 J 10312
1940 J D 104
1995 A 0 107
1995 Nov •1023
4
_1995 M N 1025
8
1955.3 D 103
1955.3 D 10318
1980.3 D •100
1948 J D 10714
1965 J J •102
(958.3 .1 •10812
1962 M S 109%
(946.3 D •112
373
4
104
8812
100
los
49
23
10
1
5712
102
71
60
2314
. 2378
93
106
10114
88
10318
6
6
96
55
11
21
15
58
3
4
2
100
8 27
1005
78
587
811
43
1064 69
91
927
1
10212
lOSl2 227
10514 82
10312
4
76
1091
11234 65
59
113
10712 15
11314 153
8
37
7713
9558
2418
33
45
32
337 4112
8
1538
87
1033 104
8
81
85
881
901
98 100
801
, 1015 107
8
10118 102
74
645
40
40
8
83
100 102
4714
751
68
41
5814 661
19
22
26
1912
22
28
62
90
90
93
10512 107
831
10058 1011
50
87
9734
101 1031
80
5812
32
62
7812
85
10212
87
92
1007
e
10111
1003
4
103
105
100
20
98 100
99% 100
,
54
801
81 1
70
10518 10712
8512 94
10212 1051
10612 112
10358 1051
10314 104
10812 1091 2
111% 113
111% 113
10818 1081
111 1131 4
32
411 2
58
91
18
7218 78'
9312 971
225 251 2
8
314
958 20
54
5
27
90
7818
75
10314 78
104
141
74
10412 22
85
10812 100
84%
104 ____
75
103
11
7518
10318
2
75
10318
1
7414
10112 _
78
108
50
8818
103
79
--------89
8714
48
110
9934
1181,
83 11
4
5012 55
102
103
104
1067
101
1013
4
10112
10114
100
10634
10014
10712
1087
8
110
103'2
1051
1041 4
109
103
1031 4
103 8
103
102
108
102
109
1111
113
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb.
939
Week's
Range or
Friday',
Bid & Asked
Lou
HOD No,
0
1
Atl & Charl A L lot 4 tie A
;
1 92
1 954 J DJ 031:42
9947
1944 J J 1053 107
1st 0
16
-year 52 series B
Atlanta Gas L 1st 5s
Atlantic City lot guar 45
S 9
Atl Coast Line lot cons 43 July ____'52 jM D 100
, 1611; 36
147
91
General unified 434e A
3964 .3
L & N colt gold 45____Oct _..__1 944 j j 7
27
80
1952 i‘IN 39
,
8
Atl & Dan lot g 42
3912 11
3
1948 J J 3214
s
33
All Gulf & W I SS coil tr 52
47
1959 J J 3514 40
1937 J J 10712 108
Atlantic Refining deb be
13
Ati & Yad lot guar 45
2
1949 A 0 5412 55
Austin & N W 1st gu g 55
927
3
8 9312
1941.3 J
Low Low
High
867
8 104 104
86
105 10718
95
74
7112
8913 9212
6112
57
78
8212
35
38
42,
4
27
305 3412
8
40
3514 47
101
10718 105
37
53
5712
75
90
933
4
102 105
10012 1023
4
66
7712
1083 10834
4
77
8614
98 100
97
9912
8112 84
66
76
51
607
8
66
7812
110 1103
4
10014 102%
10312 10412
10312 114
Cal G & E Corp unf & ref 52
1937 MN .108
10812 - -Cal Pack cony deb 55
104
104
4
1940 J
Cal Petroleum cony deb a 1 be__ __ '39 FA *10214 103 _
Cony deb of g 5343
103
33
1938 MN 102
*Camaguey Sugar 78 We
314
2
1942
314
Canada Sou cons gu Es A
1982 AO 110
1103
4 11
Canadian Nat guar 4 340
1954 88 S 10314 1035
8 57
30
-year gold guar 434e
109
1957 J
1093
4 57
Guaranteed gold 454s
10354 1037
8 39
1968 J
Guaranteed g 52
July 1989 J J 11314 114
52
Guaranteed g Es
Oct 1989 AO 11512 11614 25
Guaranteed e 69
1970 P A 115 8 115%
,
8
D 11318 1135
Guar gold 4348
June 15 1955
8
4
Guar g 4345
1115
8 19
1956 FA 111
Guar g 434e
Sept 1951 MS 11014 11012 10
Canadian North deb guar 72
30
1940 J O 106% 107
Deb guar fitie
1946 J J 121
1213
4 15
guar g4%8
1935 J J 100, 10018 10
2
Canadian Par Ry 4% deb stock ______
8518 8714 173
Coll tr 434s
1946 MS 99% 1007
8 24
55 equip tr etre
1944 J J 1097 1105
8 35
8
Coll tr g bs
Dee 1 1954 J o 103
10334 51
Collateral trust 4 348
J 9614 973
1960
4 87
:Car Cent lot guar g 48
J *4112 45
1949
Caro Clinch &0 lot As
1938 .31) 1067 10718
8
7
1st & CORA g 85 ser A
Dec 15'52 3D *109
110
Cart & Ad ist gu g 42
1981 J D 07412 80
*Cent Branch U P lot e 48
1948 J D 3812 3812
Cent Dist Tel lot 30-yr 55
1943 J 0 10814 108 4
9
,
:central of Go let g 55
Nov 1945 F A *4118 60
:Corsolgold 58
21
1945 MN
2178
2
:Ref & gen 5%seeries B
1959 A0 0912
1112
:Ref & gen 55 series C
9%' 103
1959 AO
4
:Chatt Div pur money il Se_...._1951 1 D 1812
:Mac & Nor Div lot g bs
1946 J J
:Mid Ga & Atl Div put m be _ '47 J J *15
20
:Mobile Div let g 65
1948 J
*21
Cent Hudson GI & E be
350 1057 M 5 109
1- 66
107% 10814
10312 104 2
,
10152 102 4
,
10214 1037
8
412
314
1083 1103
4
4
10318 104%
1085 1135
8
8
10312 10514
11314 118
11512 12018
1155 1197
8
2
11314 1173
4
1103 1157
4
8
1093 1145
4
8
1063 1075
4
8
119 12214
100 101
84% 87%
9914 101%
1093 11112
8
10212 10412
9814 99 4
,
41
41
108 10718
10318 109
7412 78
39
38
10814 10912
46
47
21
26
11
1318
8
97 1412
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange — M•mbers — Now York Curb Exchange
-
Range
Since
Jan. 1
1940 M N 1023 10412 16
Baldwin Loco Works 1st 55
4
9814
Bait & Ohio 1st g 48__ _July _ _1948 A 0 1001 2 1013
4 97
8214
1995 J D 66
Refund & gen .5s series A
5412
69% 140
D a gengold55 63 wrio c July
lot
1948 A 0 10712 10812 43
9418
34
59
80
P LE&WVaSysref456___ 1 945' 11) 97,2 993
76%
150j .1
4 29
-e
dN98
7712
991 /
Southwest Div lot 3
7414
983
4 73
Tot & Cln Div lot ref 44A
81
1 81 2 8212 35
1959 J .
,
39
69
Ref & gen 58 series D
53
2000 M S 68
Cony 4142
176
51
54
4812
1960 F A
Ref & gen M 5s ser F
54
68% 75
1996 M 5 66
Bangor & Aroostook lot 65
1943 .1 J *1105
9412
8
Con ref 45
4
7418
__
1951 J_J_ 1013 11;14 19
4s stamped
10412 24 10112
1951
Batavian Petr guar deb 4345
3
94%
8
1942 J J 904312 1045
1
2
1989 J D .64
Battle Crk & Slur lot KU 3s
60
72
Beech Creek 1st gu g 45
88
102
21
2d guar g 55
8012
101
19351 2 0 :8 2 9412
1193366 .151 00 08893
' j 101,14
13 s 90
Beech Creek ext lot g 334s
ji
419
86
J J 1145 11512 14 103
Bell Telep of Pa 52 series B
8
1st & ref 55 series C
11912 14 10314
Beneficial Indus Loan deb Cs __ 1 99648
82
108% 23
11949
6
•Berlin City Elec Co deb 634s
2734
4 18
1951 ,,F (?)A A31734 433
*Deb sinking fund 8%2
253
4
3911 30
*Debenture 89
243
393
8
8 16
,
*Berlin Elec El & tinders 6148_ --195g
17
275
40
8
29
g
Beth Steel lst & ref 52 guar A __'42 MN 1084 110
9414
18
30
-year pm & Impt 5 f 62
94
60
1938 1 J 10358 104
Big Sandy 1st 4s
1914 1 D *1035
90
8
Bing & Bing deb 630
45
1950 M 5 *34
25
Boston & Maine let Es A C
5914
50
75
1987 M S 73
1st M 5s series II
61
1055 M N 735
8 7614 23
lot g 434e ser JJ
56
1981 A 0 69
: 7178 27
91
Boeton & N Y Air line lot 4a
40
39
37
17
1955 E A
1934 A 0 *1014
iltBotany Cons Mille 81411
_
914
10%
:Certificates of deposit
752
94
3
•1Bowman-Bilt Hotels let 7s____1934
MS •51,
Stmp as to pay of 6435 pt red
412
---ljtrway & 7th Av lot cons be__ __ '43 J O
812
972
9%
5
Brooklyn City RR let be
8714
3
1941 J J 87
6812
Bklyn Edison Inc gen 58 A
10918
5 103
1949 J J 109
Gen mtge be series E
10814 10918 12 10212
Bklyn-Manh R. T see 85 A
1 958 J J 105
10512 198
962
863
2
Bklyn Qu Co & Sub con gtd 55 ____'41 MN
5512 5512
5252
2
1st 52 stamped
•1323
4 _
1941 J
57 4
,
FA 102
Bklyn Union El let g be
102 4 81
- -77212
1950
Bklyn Un Gm 1st cons g 55
8
1945 MN 1155 11614 22 10312
let lien & ref 62 series A
119
2 10514
1947 MN 119
Cony deb g 5343
158
1938.33
Debenture gold 65
-1.
2
1950 J D KW. 104 4
93
MN 11014 11014 12 10012
let lien & ref Se series B_
Bruns & West lot gu g 48
1937 .1 J '10012
98
5
887
2
Buff Gen El 4%o series B
9
1981 P A 10912 110
9612
Butt Koch & Pitts gen g So
10574 21
1937 511 S 105
91
Contiol 4348
50
1957 MN 65
663
4 65
1:13url C R & Nor let & coll 52 ____'34 AG 2112 22
3
19
:Certificates of deposit
1934 2014
6
20
:Bush Terminal 1st 45
1952 AO 7612 7712 13
39
4214 46 4 15
:Corusol Es
,
1955 -I 1
10%
Bush Term Bldgs 55 gu tax ex __ _ '60 AG 64
31
67
9
8412
By-Prod Coke let 5348 A
82
4
54
1945 MN
For footnotes see page 943
49 WALL STREET
July 1
1933 to
Jan. 31
1935
-
NEW YORK
Private Wires 10 Chicago. Indianapolis and Si. Louis
102%
85
92
9412
1 12
79
9118
9114
91 12
98 4
,
9812
96 4
,
94 4
,
9152
9158
1024
10514
9812
523
4
66
94 2
,
7314
1341
4
19
9512
8914
88
2414
10352
39
11312
844
812
1712
35
20
25
10012
101 102
101 101
95
95
11314 11512
1163 120
4
10714 10914
373 43 4
2
,
31
3912
2914 393
2
3414 40
10712 11518
10318 10414
1025 10254
8
3412 3412
73
79
8
7312 793
6912 74
3712 405
8
11 12 1212
4
93 11
9,
2
84
10812
108
10418
55
9,8
8912
110
10954
106
53
s
ioois niic
1143 11814
4
119 12312
ioiT8 105
10814 11014
1083 116"
4
10412 1057
8
65
70%
2112 24
193 2018
8
76
83
51
38
685
8
57
77% 8712
"25
25
108% 110
New York Bond Record-Continued-Page 3
940
N
BONDS
Y. STOCK EXCHANGE
Week Ended Feb 8
Cent III Elec & Gas let 55
Cent New Eng! 1st gu 48
Central of N 2 gen g 5s
General 42
Cent Pac lot ref HU 6 4s
Through Short L lot gu 45
Guaranteed g 58
:Cent RR & Bkg of Ga coll 58
Central Steel let g 8 f 82
Certain-teed Prod 5148 A
July 1
Week's
Range or ; 1933 to
..._ ,..
Friday's
Lill Jan.31
:13: Bid & Asked arti% 1935
23
t
.
Low
glob No
1951 F A 79
81
88
1961 J J 6612 673
4
7
1987 2 2 107
108
28
19872 .1 9712 98
26
1949 F A
9814
9912 113
1954 A 0 9814
9814
1
1960 F A
763
4 7812 64
1937 M N 6412 6412
3
1941 MN 11514 11514
1
1948 M S 70
717
2 66
Charleston & Sav'h lot 72
1936 2 J *10458
Chemin Corp cony 58 ____May 1547 M N 10312
10
-year cony coll 52
1944 2 D 10214
Ches & Ohio 1st con g 58
1939 M N 1113
4
General gold 4142
1992 M S 1163
4
Ref & impt 4340
1993 A 0 1093
8
Ref dr !rapt 414s ser B
19952 J 109
Craig Valley 1st 5sMay ____1940 J J 105
Potts Creek Branch let 4e
1948 2 .1
R & A Div lot con g 48
1989 .1 J *10658
26 consol gold 42
1989 1 J *1023
2
Warm Spring V 1st g 52
1941 M S *1053
4
Chic & Alton RR ref g 32
1949 A 0 4612
Chic Burl & Q--Ill Div 314s
19492 3 10312
Illinois Division 4a
19492 .1 10612
General 48
1958 M S 10718
1st & ref 914• ser B
1977 F A 10712
let & ref fisser A
_1971 F A 1123
4
1:Chicago tic East Ill let es
1934 A 0 *
73
4
IC & E III Ry (new co) gen Be ____1951 M N
:Certificates of deposit
74
Chicago & Etie let gold Be
1982 M N 71141*
Ch 0£ & Coke 1st gu g 5s
1937 2 1 10412
*Chicago Great West 1st 42
1959 M S 32
•42 stamped
1959
31
:Chic Ind & Loulsv ref es
1947 2 2 21
:Refunding g baser B
19472 J *___ _
:Refunding 48 series C_
1947 2 2 *18
678
:1st & gen 5e series A
1966 M N
218
list di gen 8s series B.May __IN()J 1
Chic Ind & Sou 50
-year 48
1956 1 J
9012
Chic LB & East 158 4 Ms
1969 1 D *109
Chic M & St P gen 428er A
1989 2 2 5318
1989 J J •
Gen g 334it ser B May 1
Gen 4148 aeries C__May 1 ---_1989 2 J 565
8
Gen 93.42 series E__May 1 ____1989 J J 5712
Gen 4128 series F__May 1 ____1989 J J 59
Chic Mllw St P & Pac 58 A
1975 F A
2114
*Cony ad] 52
Jan 1 __2000 A 0
534
Chic & No West gen g 3142
1987 M N 43
General 42
1987 M N 48
Sod 48 non-p Fed Inctut......1987 M N 4814
Gen 4148 atpd Fed Inc tax
1987 M N *
Gen 52 stpd Fed Inc tax
1987 M N
54
1987 MN _
_
4148 stamped
Secured g 63-4e63
-4e1936 M N
6E118
1st ref g 52
May 1 ____2037 J D 25
let &ref 4148 stpd_May 1 ____2037
D 2112
1st dr ref 4142ser C_ May 1 ____2037
D 2112
Cony 41is series A
__1949 M N
167
8
*:Chicago Railways 1st 58 Mod - _ -_
F A
6712
Aug 1 1933 25% part pd
:Chic RI & P Ry gen 48
42
1988 i J
:Certificates of deposit
40
1939 A 0 1512
Sil Refunding gold 45
:Certificates of deposit
1518
21Secured 4148 series A
1952 M S 1514
:CertifIcates 01 deposit
15
834
:Cony g 4142
1960 MN
Range
Since
Jan. 1
Low Low
High
4
43
712 813
62
673
4
60
8
107 1085
90
987
8
93
78
9814 1003
65%
4
6312
98
9912
55
763 8118
4
49
6214 6512
100
115 116
70
753
4
42
103
94
10112
104
9114
8312
84
98
8.5
904
87
99
4512
84
923
4
8414
77
8412
53
714
612
8212
97
25
24
21
21
20
53
4
612
70
99
49
47
5218
52
5412
18
53
4
4512
48
482
5312
54%
56
02
24
22
2152
1612
Feb. 9 1935
July I
Week's
.
Range
Range or ; 1933 to
BONDS
b 'S.
Since
Friday's
....e L Jan.31
s
_
zt
N Y. STOCK EXCHANGE
Jan. 1
-- a. Bid & Asked rir3 1935
Week Ended Feb. 8
Log
FRO No
Low Low
High
35 _ - _32
32
Consol Ry non-cony deb 48
1954 / J *___ _
3514
1955 1 J * __ __
325 ___4912 ----Debenture 48
Debenture 45
1956 J J *____
------------443112 ---_
44
Debenture 48
194
34
10
29
34
:Cons Coal of Md lot & ref 58-1950 2 D 32
__ _
3112 333
4 84
10
29
:Certificates of deposit
333
4
8
98
Consumers Gas of Chic gu 58 ____1936 2 11 1037 104
8
103 1043
4
98
1083
4 34
10712 109
Consumers Power lot Ets C
1952 M N 108
68
Container Corp lot es
8 29
9912 1013
1946 1 D 10014 1007
4
9
4912
85
15
-year deb 52 with warr
83
905
8
1943 1 D 85
977
8 98
8
693
8
9512 98
Copenhagen Telep 52 Feb 15 ____1954 F A
12
964 106 107
107
Crown Cork Seal s f es
1947 J 0 106
10212 23
75
Crown Willamette Paper es
1013 103
4
11
1951 . J 102
5
65
Crown Zellerbach deb 58 w w_--- 1940 M S 983
9714 9912
4 99
57
15
37
42
Cuba Nor Ry 1st 5318
1942 1 0 4012 44
22
133
4
29
Cuba RR 1st Sag
33
1952 2 2 3112 33
30 14
7
1318
29
lot ref 7142 series A
1963 2 0 30
304
1
27
15
233 27
1st lien dr ref es ser B
4
1936 1 D 27
1950 .1 J
38
12 106
1:Cuban Cane Prod deb es
58
%
13
4
1937 J J 1065 107
8
16 102
1063 107
8
Cumb T at T 1st & gen 52
10312 10614
10112 1023
4
110 4 11214
3
1143 11712
2
10814 1107
8
10814 11012
105 105
1027 1027
8
8
___- --_1054 1055*
67
.
Del & Hudson 1st d ref 42
4
1943 M N 8618 883 248
1
93
--------Be
1935 A 0 10018 10018
8912
4612 5014
101
59
4818 39
Gold 548
1937 MN 99
Del Power di Light 1st 4342 ----1971 2 1 10612 10612
10112 104
1
933
4
104
48
106 1075
8
2
88
1st & ref 41(8
10214
1063
4 12
1
1969. J 102
1063 10812
4
1st mortgage 4;42
108
70
1969 2 J *10512 --------93
--------98
1065 108
8
D RR & Bridge 1st g 42
1077
2 20
1936 F A *102
111 113
4
85
13
Den Gas & El L 1st & refs f Be ___1951 M N 1044 105
113
1951 M N 104
104
1
8312
Stamped as to Penne tax
74
3
33
7r4 --8 •Den & HG 1st cons g 42
97
1936 1 J 30
33
20
3012
34
738
8
332
3
712 9
•Consol gold 4142
1936 1 2 33
11112 11412 *Den & RU West gen So.__Aug 1955 F A
10
7
2
97
8
1012
11412
8
97
8 23
*Assented (sub) to plan)._
1043
4 18
1033 10558
8
88
32
35 8
3
1612
3212 19
•Ref di Mut 58 ser B
1612 32
8
A
Apr 1978 - 0 147
31
34
32
23
Mee M di Ft Dodge 42 etre
1
24
23
4
23t
1935 1 J
21
21 12 Des Plaines Val let gu4 Hs
6358
21
4
77 ____
1947 M S *704
21
22
50
___
21
21
Detroit Edison 58 ser A
95
26
1949 A 0 10914 10912 10
610 814
712 13
Gen & ref 58 series 13
1955 .1 D 10918 1093
92
4
10
712
7
63
4 83
4
93
Gen & ref .52 series C
2
1962 F A 10912 10912
4
893 9112
8518
9112
2
Gen & ref 430 series D
10912 68
1961 F A 108
10612 108
Gen & ref 58 series E
903
8
109
20
1952 A 0 109
53
41
583 •Det & Mac let lien g 42
*
20
55
126
30 ____
1
1995. D '
577 _
8
503 55
2
*Second gold 42
114
8
1995 1 0 *123
58
25
5652 623 Detroit River Tunnel 4348
1961 M N 10712 10T735
84
4
8
5712 623 Dodge Bros cony deb es
4
6
1940 M N 10612 107
58
29
92
59
4
59
643 Donner Steel let ref 78
4
87
103
1
1942.5 J 103
2012 26
24
266
Dul Missabe & Nor gen 58
4 --------102
1941 1 J •1053
638 378
53
4 75 Dul & Iron Range 1st 52
2
2 102
1937 A 0 10712 10712
43
45
23
4812 Dul Sou Shore & AU g 52
1937 J J 4314
7
20
4512
50
48
53
24
Duquesne Light 1st 4118 ..L__1967 A 0 10718 108
9914
55
9954
4814 53
8
1st Mg 43.4s series B
4912
1957 M S*11112 -------543 ____
4
5312 577
8
54
6112 *Mast Cuba Sug I5-yr s f 7148 __1937 M SI
55
8
714
83
8 10
64
__ ____
____
_-- East Ry Minn Nor Div 1st 48 -1948 A 0 410112
_ ____
894
64
21
6018 East T Vs k Ga Div let 52
-70
79
111
-- 6
1956 M N 110
24
31
26
18
Ed El Ill Bklyn 1st cons 4a
99
_ ____
1939. 2 •107
1
2112 28
24
53
Ed Elec(NY) lot cons g 58
1995 J .1 124
4
124
_-4 1073
233
4 41
2112 28
•El Pow Corp (Germany) 614s 1950 M S 37
40
7
311a
19
342
167 2212
8
•Ist sinking fund 834s
30
1953 A 0 *37
Elgin Joliet & East 1st g 58
89
1941 M N 106
11)
6
3
6712
4214
6712 74
1
1965 A 0 92
El Paso & S W 1st 52
8112
92
5
42
3812
457 Erie & Pitts g gu 3348 sec 13
8
433
4 33
4 --------90
1940 J i *1013
3814
40
43
413
4
7
Series C 3148
90
i
.____
1940
1414
1518 17
17
42
Erie RR 1st cons 54,prior
9818 993
69
1996 J J •10134---8 145
143 16
8
33
13
16
1st consol gen lien g 48
52
512 777 135
1996 3 .1 7
2
1514 18
154
17
15
Penn coll trust gold 48
99
1951 F A 104
10414
11
1412 16
1412
Cony 42 series A
1512 13
4
7612
3
5012
1953 A 0 753
912 25
4
1953 A 0 7538
57
8
63 10
Series B
77
33
5012
Gen cony 48 series I)
7
62
1953 A 0*_728 ____
75
1043 10512
4
Ch St L & N 058
June 15 1951 .1 13 *10412 105
Ref & impt Soot 1927
181
464
1967 M N
lif2 69
1975 A 0 66
Gold 334,
63%---June 15 1951 J D
Ref & impt 58 of 1930
69
238
463
4
8012 82
-12
Memphis Div lot g 48____ ____1951 J 0 *81
83 ___
59
Erie & Jersey 1st 8 f es
11514 17
9014
1 115
1955
45
5014 553
1957 J J 11414 115
Chic T H & So East let Bs
1960 2 D 5014 53
14
4
Genessee River 1st 2 f es
0213
9
255
8
27
343
4
Inc gu 58
Dec 1
_1960 M El 27
3012 10
NY di Erie RR ext 1st 42
8 --------86
1947 M N *1037
5
108 109
93
1963 2 1 10818 109
58
Chic Un Sta'n 1st gu 434ti A
36 mtge 434e
1938 M S *10214 --------95
108 1093 Ernesto Breda 72
4
let 58 series B
1963 2 .1 108
10814
2 100
8
68
1954 F A 77612 7612
1944.5 D 108
1
95
107 108
Guaranteed g Es
108
11318 115
19632 2 11318 114
1st guar 6 Hs series C
20 108
Federal Light & Tr 1st 52
60
1942 M S 8518 86
4
14
1952 J .1 95
103
637
8
92
52 International series
Chic & West Ind con 42
96
97
1
75
86
1942 M S 86
102 1033
8
let ref 5142 series A
1962 M 5 10212 103
82
let lien 8 f 58 stamped
99
_ ____
59
1942 M S
591
Childs Co deb 58
1943 A 0 59
9
3014
59
6514
let lien &stamped
*8018--- _ _ _ _
60
8912
1942 M S •84
1947 .1 J
81
86
110
46
79
8658
Chile Copper Co deb 58
30-year deb es series B
19542 0 7078
71
3
4614
36
*Choc Okla & Gulf C008 58
1952 M N •40
45
Flat deb a f g 7s
J *954 9712 ___.
90
1946
-------Cin G & E let M 42 A
1968 A 0 10514 10512
9
877
2 10312 10512 :Fla Cent & Penin 52_ __-___ ____1943
25
J *42
687
8
___
1937 2 2 *10218
:Florida East Coast 1st 410
1959
D 59
Chs II & I? 241 gold 414s
59
1
48
10312 ____
9712 1027 1027
8 - 8
C 1St L & C let g 92_ _Aug 2 ____1936 Q F *103
:1st di ref 58 series A
93
4
1012 12
6%
1979 M 5
57
8
1942 M N *96
82
1007 1007
8
Cin Lab & Nor let cot gu 48
:Certificates of deposit
---958
93
2 13
20202 J 109
973
8 109 110
Cin Union Term 1st ,
iis A
109
10
:Fonda Johns & Glov 4148
1952
4
1st mtge Es series B
2020 J .1 1103 1118 79
8
983
4 110 1123
Proof of claim filed by owner__
MN
*5
1012 ---614
1113 114
4
1st guar 52 series C
1957 MN 1123 112% 53 100
8
(Amended) lit cone 2-4s
NO
Clearfield Bit Coal 1st 45
1940 1 J 06014 ____ ____
524 ---- ---:Proof of claim filed by owner_ __ M N
*4
19432 J *10014
Clearfield & Mah let gu 58
7812
--:Certificates of deposit
4
2
312
312
-_--,
97 101
Cleve Cin Chl & St L gen 42
1993 2 D 983
4 993
4 27
65
Fort St U D Co 1st g 4 34o
--------83
1941 1 J 5101
1961 J B *10618 --------9472
General 58 series B
1993 1 D *10812
924---- Ft W & Den C 1st g 51
48
Ref & impt es ser C
73
9818 10012 Frametican Ind Dev 20-yr 71111 ._1942 1 .1 *10914 110 ____
-1941 1 .1 *10014 10114 ____
94%
795 8512 :Francisco Bug let of 7148
Ref &!mot to ser D
49
66
24
25
1963 2 .1 793* 81
2
15
1942 M N
Ref & impt 4140 ser E
1977 1 2 71
7218 62
55 4
3
71
77 2
,
Cairo Div let gold 42
1939.5 J 10358 10414 25
2
79
884 1033 10414 Galv Flom & fiend 1st 5142 A.._.'38 A 0 79
2
72
('In W .1: M Div 1st 42
1991 J 1 91
873 9112 Gannett Co deb es eer A
8
9112
6
58
1023
4 40
1943 F A 102
733
4
66
91
9412 Gas & El of Berg Co cons g 58__ 1949 J D 11512 11512
St L Div lot coil leg 96__. __ _1990 M N *9112 9512 ____
2 10352
Spr & Col Dlv 19tg 49
1949 M S •1015
8
85
•IGelsenkirchen Mining es
1934 M S 263
63
4
35%
____
W W Val Div 1st g 48
1940.1 J *95
72
Gen Amer Investors deb SoA -- -_1952 F A 10018 10114
5
7312
Cleveland & Mahon Val g &a - 1938 J J 0105
--------87
105 1053 Gen Baking deb 8 f 5142
- __4
1990 A 0 ------------ 100
Clev & Mar 1st gu g 434a
99
Gen Cable 18t a f 510 A
1935 M N *10014 101
8 8912 47
1947.5 .1 885
46
Cloy & P gen gu 414s ser B
1942 A 0 *10712
Gen Electric deb g 31411
8
8
2
1942 F A 1057 1057
97
_ _942 _ ___ •Gen Elec (Germany) 78 Jan 16__ '45 1 .1 45
Series B 3148 guar
____ ____
_
45
1
1
A 0 *102
3212
•2 f deb 63.44
Series A 4142 guar
1942 J J *107
45
100 4
- 14
1940 2 0 45
33
Series C 334s guar
1948 M N *10012
90
•20
45
4518
-year a f deb 132
6
1948 M N
3014
Series D 310 guar
1950 A F 0101
Gen Petrol 1st sink I'd 52
1940 F A 10212 10212
4 1025*
91
Gen 4142 ser A
Gen Pub Serv deb 5142
1977 F A *10612
1939 2 1 95
9512
7
76
Cleve Sho Line 1st gu 4 348
7312 10414 10518 Gen Steel Cast 5112 with warr __ 1949.5 1 883
8 913* 21
55
8 35
1961 A 0 10414 1045
9912 103
73
4
Cleve Union Term gu 53412
1972 A 0 9912 10014 56
74
ftGen Theatres Equip deb 68_ __1940 A 0
812 21
212
......_
712
100
:Certificates of deposit
814 28
let s t Be Series B gust
1973 A 0 9614 97
71
95 4 97%
3
24
lets t 4 tie series C
8812 9114 :Ga & Ala Ry let cons So._ Oct '45 2 J
18
18
1977 A 0 8812 8912 107
66
1
9
1934.5 .1 0225
1:Ga Caro & Nor let ext es
_ ____
19
Coal River Ry 1st gu 42
.1945 .1 D *10458
9212 104 104
Georgia Midland 1st 3a
4812
1946 A 0 0448-_- ---39
Colon Oil cony deb es
38
38
49
1938 J J
47
48
25
:Colo Fuel & Jr Co gen s f 52
1943 F A
74
77
12
2612
6612 80 •Good Hope Steel & It sec 78_ ._1945 A 0 423
4 4312
7
34
1:Col Indus lot & coil 58 gu
1934 F A
25
34
Goodrich (B F)Co let 610
19472 .1 108
10814 33
30
3112 1C
1558
8911
9114 9614
Colo & South ref & ext 410
124
1935 M N 9114 943 206
4
73
Cony deb es
1945 1 D 934 94
63
General mtge 4348 set A
1980 M N
5614 63
89
5512
56 4 733 Goodyear Tire & Rub lot 52 ____1957 M N 104
,
10412 130
8334
Columbia G & E deb do__ _ May 1952 M N
Gotham Silk Hosiery deb (Is
9412
79
83
8
794 8212 84
59%
1936 2 D 94
85
Debenture 544
Apr 15 1952 A 0 8218 8218
80
83
420ould Coupler lot s 1 68
28
284 11
604
2
1940 F A
8
Debenture 58
76
813 Gouv & Oswegatchie 1st 152._ __ _ _1942 J D *100
Jan 15 1961 J 2 76
58
8
10014 ____
..
80
120
Col & H V let ext g 48
1948 A 0 010252
1
94
10214 10272 Gr R &(ext let gu g 4 he
1941 J 1 10412 10412
914
Columbus Ry P & List 9348 __1957 J 1 10112 1028 43
73
9812 10212 Grand Trunk of Can deb 78. __ _1940 A 0 106
106•
18 25 101%
1936 M S 1063.1 1067
Secured cony 55340
1942 A 0 10958 10912 12
4
9014 1063 10912
Deb guar 68
36 1004
Col & Tol let ext 45
1955 F A
- Grays Point Term let gu 58. __1947 J D
_ ___
91
Comm'l Invest Tr deb 5148
1949 F A *105--11012 112
111
9512 ------- Cl Cons El Pow (Japan) 78
8718 8812 34
5 -8
-1
8
11112 36
1944 F A
1943 A 0 *100
COOD dr Passum Rlv 101 48
100 10014
7812 793
92
1st & gen s f 6148
1950 2 J
4 12
56
1951 J J *10612
Conn Ry & L 1st & ref 4118
8812 1064 10618 Great Northern gen 72 tier A
1936.5 1 9012 9214 184
71%
1
965
8 106 1063
Stamped guar 434s
1951 1 J 106
4
lot di ref 4148 series A
8 46
1961 J J 1005* 1013
684
106
*Consolidated Hydro-Elec Works__
General 5340 series B
19
1952 1 J 8818 893
64
1950 1 J
35
405
8
Upper Wuertemberg 7a
39
405* 30
33
85
10
General 52 series C
57
1973 J .1 83
of
1945 F A 10512 106
105 10614
99
Consol Gas (N Y) deb 5142
163
General 4148 series D
537
1976 2 2 7512 7712 33
531k
Debenture 4142
1951
D 10112 10212 174
99 10212
88
General 4348 series E
1977 1 J
764
773
4 60
1957
J 10312 10414 168
Debenture 52
93
1023 104,
4
4
For footnotes see page 943
1047
8 81
1023 167
4
11214 20
11718 22
1093
4 58
1093
4 85
1
105
.
8618 947
2
100 101
99 1023
4
10612 107
102 10212
10512 106
10214
103
30
33
978
8%
147
8
23
4
105
--104
3914
3958
12
11
21
23
4
10712 1095*
10814 1093
4
1083 1097
4
8
10612 10912
10812 11012
1212 15
1057 108
8
10612 107
102 103
10714
43
10718
1113
4
107 2
-3
455
8
1087
8
1123
4
714 1114
102 102
109 111 12
10612 10714
12378 124
367 40
8
36% 37 2
,
10414 106
92
95
1017 1018
8
1013 1013
4
4
9712 10014
7512 787
2
104 10458
75
78
75
78
76
76
6612 7414
66
7418
11412 11512
11212 115
75
- - 14
77
81
83
793
4
8012
633*
90
86
86
86,2
89
7314
95,
2
59
67
93 121
4
8
93 12
2
--- ---3r2
1013
8
10612
10614
24
-
3i2
10152
10612
11018
3012
79
79
101 103
11512 11512
64
59
99 101,2
10212 102%
87
894
,
10512 1061
4012 46
40
45
90
9512
10212 1034
9112 96
88% oi
73
4
912
712 94
174 18
24
24
4518 46
4034 4312
108 1093*
9658
93
104 105
933 9712
8
193 29%
____
_
10412 10412
__106 106%
10612 10718
iai, -80,4
5-858
784
9012
99
8558
83
75
743
4
95
10258
9
3
8658
793
4
795k
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 9
New York Bond Record-Continued-Page 4
,
Weal
July 1
Range or ; 1933 go
S... L.
Priday's
g. a, Jan. 31
..r.e.. Bid de Asked0:1,
Z 1935
F. ..:
Law
*Green Bay & West deb etre A
Feb *35
*Debentures ctfs B
Feb
312
Oreenbrier Thy 1st gu 4s
1940 MN •1025s
Gulf Mob & Nor let 53413B
1950 A 0 6812
1st mtge 58 aeries C
1950 A 0 6034
Gulf dr 9 I lst ref & ter bs ____ Feb1952 J J *_
Stamped
_ .1 .1 s
Gulf States Steel deb 534s..._1942 J D 95
Hackensack Water lot 48
1952 J 1 10513
•Bansa SS Lines 6s with warr_ _1930 A 0 44
sharpen Mining 68
1949 1 J 4412
liavana Elec consol g bs
1952 F A
30
*Deb 5345 series of 1926
1951 M 5 .5
flocking Val 1st cons g 43413
1999.3 / 1123
4
1:11oe (It) dr Co 1st 634s ser A ____'34 A 0 40
•Ifolland-Amer Line 60 (flat)-_ 1947 M N *1214
I lousatonic Ry cons g 5s
1937 M N 9114
II & T C 1st g bs int guar
1937.9 J 1043
4
llouston Belt de Term 1st be
1937 J 1 1013
4
Houston Oil sink fund 53413 A _...1940 M N 85
'Judson Coal 1st s f 65 ser A
1962 1 D 4318
Iludson Co Gas lst g bs
194858 N *11612
Bud & Mantua 1st be ser A
1957 F A 8712
Adjustment income 55 __Feb 1957 A 0 353
4
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8
941
Week's
July 1
r.
.*a
Range or ; 1933 io
_
... 0
!1_....
Friday's
tg.i Jan. 31
..; ri.; Bid & Asked 3z.° 1935
High No
Range
Since
Jan. 1
Low Low
High
Low
Filch No. Low
Low
High
--------Lox & East lot 50-yr 5e gu
26
1965 A 0 114
114
8 8914
11318 11514
312 4
3
Liggett & Myers Tobacco 75
1944 A 0 13178 134
14 117
130 134
8814
M
1951 F A 118
11914 17 103
1157 11914
8
69
2
50
66
Little Miami gen 48 series A
70
8112
_ _ __
1982 M N ____
6434
5
4912
58
Loew's Inc deb s f 6s
66
1941 A 0 10314 10i18 5O 76
115:314 1053-- 4
72 ---55
6814 6614 Lombard Elec 75 ser A
1952.9 D 8014 8012
2 74
7712 801 2
70
55
Long Dock consol g 68
1935 A 0 *103
1033 ---- 9713
4
1027 1037
8
8
953
4 11
50
933 973 Long Island
4
4
10512
3
9512 10512 10614
General gold 4s
1938 ..1 D *1047 10558 ___- 9814
8
1047 105
8
45
14
31
45
3818
Unified gold 4s
1949 M S 1023 103
10 8714
4
10238 104
4412
2
3613
3912 4412
20-year p m deb 58
5 9218
1937 M N 10212 10212
10218 103
1
23
30
30
3018
Guar ref gold 4s
1949 M 9 10212 103
13 85 4
3
1013 10314
4
5
5
8
5
Lorillard (P) Co deb 75
4 14 110
1944 A 0 12712 1273
12712 12812
113
9
91
1125 114
8
5s
4
1951 F A 11412 1143
3 9853
11218 11514
42
17
20
3478 42
Louisiana & Ark 1st So ser A
1969.9 J 6618 6712 104 3813
6912
65
18 ---1212
____
__ Louisville Gas &El(Ky) bs
8
13 86
1952 MN 1093 110
10714 11012
9112
80
91
5
-95
Louis dr Jeff Bdge Co gu g 48 -_1945 M 9 *10212 ____ --_
7518
102 10312
1043
4
5
9058 10412 105
Louisville & Nashville 58
100
1937 M N *10712 10812
1073 107,
s
2
10212
6
89
101 10234
Unified gold 4s
1940 J .1 1043 10512 43 8812
4
10418 10512
8512 14
61
1st refund 534s series A
85
9614
8 81
'
7003 A 0 10814 1063
10412 1074
4334 45
38
43
443
4
1st & ref .55 series 13
8
2003 A 0 10412 10512 89 807
104 1064
11714 __
10153 1133 117
4
1st & ref 43313 series C
10152 66 74
2003 A 0 101
9914 1025
8
89
42
633
4
87
90
Gold 5s
8 11 934
1941 A 0 1064 1073
10614 1074
3712 113
27
354 3814
Paducah & Mem Div 4s
103
10 82
1946 F A 103
102 103
St Louis Div 2d gold 38
8012 20 54 2
1980 M El 79
,
7413 80,
Illinois Bell Telephone be
3
1956 1 D 109
11014 78 10312 109 11114
Mob & Nfontg 1st g 4348
1945 M S
_ ___ 92
Illinois Central 1st gold 45
1951 1 J 104
104
24
83
104 104
South Ry joint Monon 4s
*78
83
1952.9 J *10818--- -let gold 334s
567
8
803 id
4
1951 / J *993
8
____
7613
99 10012
Atl Knoxv &Cin Div 48
105
10614 17 80
0
00
0
105 107,
Extended let gold 334s
8
1951 A 0 *99
____
78
100 100
*Lower Austria Hydro El 634s. _1955 F N
1 4412
1944 M A
90
99
1st gold 3s sterling
1951 M 5
__
66
Collateral trust gold 4s
1952 A 0 *68-8012 8114 65
67
8312
80 - - §:McCrory Stores deb 53413
1941
Refunding 48
•
8412 85
1955 MN
13
5618
83
863
Proof of claim filed by owner
8
94
14 4612
813 9812
4
---- 82
Purchased lines 334s
1952 J .1 *68
78 - -58
71
71
McKesson & Robbins deb 53.4s.. __'50 M N 96
933 98
4
0712 161 63
Collateral trust gold Is
1953 51 N 70
7212 14
523
4
70
7512 1:Manati Sugar let s f 734s
21 ____
9
1942 A 0 *11
Refunding bs
1955 M N
9211 0312 13
9218 9412
7014
:Certificates of deposit_
*84 20 __-..712
814 814
16
-year secured 634s g
1938 1 1 997 100
8
82
6
997 101
8
21Stmpd Oct 1931 coupon__ _1942 - - 64
0
12
1
A 812
84 117
S's
3
40-year 434s
Aug 1 1966 F A
5412 57
5111
64
5412 6318
:Certificates of deposit
Cairo Bridge gold 4s
---- ------- ---1950.9 D 10014 1004
---- --5
7018
983 1003
8
4
:Mat stamped modified
94
912
1
4
914 9,2,
Litchfield Div 1st gold as
---1951 J J 85
95
5
733
8
35
85
:Certificates of deposit....
1
9
8
818 014
Loulsv Div de Term g 3345
9
1953 J / 91
7
6512
91
90
91
:Manhat Ry(NY)cons g 4s ____1990 - -A 0 54
5512 77 35
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1951 F A •67
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8 5412 11 35
50
---- 515
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1951 J 1 74
74
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1951 1
587
67
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Western Lines 1st g 4s
1951 F A 8512 86
15
75
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69 ___
51
1959 M N *____
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69
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1941 1 1 *---547 ---- 50
8
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1983 1 D i 683
8
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19431 D 7318
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1940 A 0 1063 10734 55 10114
4
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1947 A 0 6338 663
4 49 41
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5512 70
1948 F A 41
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31
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3 GO
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1940 @ J 70
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8
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795 8812
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1950.9 J *94
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1957 A 0 9112 9112
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1936 M N 103
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8
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1968 M S 99
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10014 84 67
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96
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994 1013
4
1965 1 1 5
__ ____
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___
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1938 F A *10
914 10
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4 - 8
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1981 F A 1033 1043
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43 ---8
178
---- ---1966 1 J 83
8412 285
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-year 6s
------1932 A 0 5812 62
55
1914
563 63
4
Michigan Central Detroit de Bay
.ioi ---- ---- 37
____
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-, 58
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4
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5614 604
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9314
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1932M 5 87
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-_ -_ ____ 873
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8
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101
1952 M N 101
2 8412
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10013 1013
4
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8
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72
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lot Agric Corp 1st & coil tr be1979 J J *953 100 --- 70
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80
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1936 M :3 103
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1023 10312
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1948 M N 9918 1007 113
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97 - 6214
1956 J J
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313 3814
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78
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1956 1 .1 3312
3612 24
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5 4213
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1947 m S 50
1944 A 0 4434 49
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61, 6 4
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611 -Internet Paper bs ser A dr 13
54 84
1947 1 1 7214 74
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13
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2
1949 M S
2 12
214
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1955 M 8 5312 55
23
314
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234
lilt Bye Cent Amer 1st 5* 11
1982 Q F 5112
33 ---4
1972 M N 723
---- ---8 73
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454
70
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1
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Q F
11
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1
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7418 81
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51St P & SS M con g 413Int gu ___•38 1 1 3378 3514 32 2912
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1947 F A *7312 79
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2312 2434 17 20
lot Telep & Teleg deb g 434s
2312 2612
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1952 J 1 6012 623 100
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193e J .1
3818
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18
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8 7312 17 513
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8
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1971 .1 J 727
1949 A 0 99
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Without warrants
1941 NI N *90__ ____ 85
1948 A 0 9913 9912
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82
99 10012 Mississippi Central lot 58
:Iowa Central 1st bs ctfs
1949 J 1 *9214 -93
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1951. 1 3 2314
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5218 55
80 51
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1K C Ft S rr M Ry ref g 45
594 84
1938 A 0 374 39
21
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Jan 1967 A O .- ii2 N14 -:13
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2312 3612
-5 2587
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K C Pow & Lt 1st 440 per B
1965 F A
2714
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1957 J 1 107
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let mtge 43.4s
22
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1961 F A 111
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1975 M 8
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1977 PA 8 2714
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2313 283
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27
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2 191
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1980 1 J 1053 10614 46
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--------20
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4438 16
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1949 IVi - 14
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4 2812 56 20
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:Kelly-Springfield Tire 138
1942 A 0 49
513
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1981 F A *6
285814620
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4
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Kentucky Central gold 45
2512 2512
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1987 J 1 *1033 1061 ___
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1961 J J *5518 893
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1954 J J •111
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8- 8
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8
tor footnotes see page 913.
r,
312
4
81,
*76
SO • - - 99 ____
-
942
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8
New York Bond Record—Continued—Page 5
Julie 1
: —Wiek's
1933 to
1
Range or
..... 7!
Friday',..7 Jan. 31
i ,.
./., ri. Bid & Aated 3,3,
1935
Imo
1957 J J
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1958 A0 1053
4
Nat Steel let coll 5s
1054 M N *60
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4
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Newberry (JJ) Co 534% notes
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1952 1 D 11612
New Eng Tel & Tel ba A
1961 MN 1141*
let g 434e seriee Ii
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1955 -I D 6214
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4
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1935 A 0 *101
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8
1935 M N 957
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1944 MN 10614
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4
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4
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8
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1974 A 0 69
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4
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8
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1951 F A 64
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1938 A 0 47
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1941 A 0 11318
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8
1944 A 0 1077
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4
1951 A 0 1083
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NY & Erle—See Erie P.R.
19482 0 1173
4
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1949 F A 10938
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1946 M N 88
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2000 M N 99
1973 M N 100
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1972 M N •108
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195.5 2 1 343
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4 70
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1956
43
1948 3 J 4212 4818 197
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5878 40
1940 A 0 54
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24
2814 25
1957 M N 25
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3914
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82
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.. ____
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8
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1965 Apr
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1965 J J 705
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1951 MN 1073 1073
4
NY & Richm Gas 1st Cs A
4
114
1
2
2
1962 --INY State Rys 4548 A etre
118
4
23
8
•17
1982
16345 series It certificates
98
4 15
1083
1'1 108
1947 m NY Steam (le series A
90
1
4
1951 M N 10512 1053
1st mortgage 5
8
9113
1956 MN *1063
1st mortgage Is
3
4014
1937 3 J
5512 64 ____
NY SUBQ & West 1st ref 58
43
49
1937 F A *45
2d gold 4348
3114
2
49
49
1940 F A
General gold 55
723
10012
1943 M N *99
Terminal let gold 58
1103* 97 10218
1039 MN 110
NY Telep 1st & gen s f 434a
5
6112
4555
1948 J 0 60
NY Trap Rock let 68
26
2812 303 102
NY Wench & B let ser I
_'46 J J
1955 A 0 1053 106
43413._90
20
Niag Lock &0 Pow 1st bs A
4
48
8 83
Niagara Share(Mo) deb 5338 ___1950 M N 6913 713
38
10
75
73
•NorddeutscheLloyd 20-yr ef6e _'47 M N
8
367
14
49
48
1947 61 N
New 4-6%
Nord Ry ext sink fund 83.48
1950 A 0 16612 1682* 97 10512
5
1961 F A
10
1738 18
if Norfolk South 1st & ref 58
4
1934
•1614
:Certificates of deposit
1414
3
1941 M N 3712 33
IINorfolk & South let g ba
91 14
N dr W Ry let coon g 45
1998 0 A 1113 11212 32
4
973
10812 19
1944 J 1 108
DWI 1st lien & gen g 48
913
1941 J 13 *10518
Pocah CA C Joint 48
61%
1981 F A 8412 88% 66
North Amer Co deb ba
56
1957 M S 7813 8112 11
No Am Edison deb Is ser A
50
8613 54
Deb 53411 ser B
Aug 15 1963 F A 85
54
78
Nov 15 1969 M N
76% 80
Deb 5s ser C
--------98
1974 M S *110
North Cent gen & ref 58 A
88
Gen & ref 43.4s series A
1974 M S
35
1945 A 0 •42% 60
:North Ohio let guar g be
35%
4
:Ex Apr'33-Oct'33-Apr'34 cpns-_ __
543
535
:Stmpd as to sale Oct 1933. &
3438
45
- •
/Apr 1934 coupons
8
747
2
1947 M S 10718 10712
Nor Ohio 'Frac & Lt 6s A
78
8 78
North Pacific prior lien 45
1997 Q J 10213 1037
5012
135
7312 75
2047 Q F
Gen lien ry & Id g 36 Jan
60
4
20472 .1 sys 8612
Ref & impt 430 series A
6812
8
2047 J .1 9914 1007 339
Ref &!metes series B
64
4
9112
20472 1 91
Ref & Mint bs series C
81
9112 18
91
20472 J
Ref dr impt 5s series D
100
1938 A 0 .10518 108
Nor Ry of Calif guar g be
89
*
1941 A 0 1041 10514 46
Nor States Pow 25-yr be A
93
3
1941 A 0 10712 108
1st & ref 5-yr 6s ser B
Northwestern Teleg 434s ext___ _1944 1 J ------------100
68%
4
Norweg Hydro-El Nit 534e
4 943
1957 MN 923
43
1948 J 1 540
Og & L Chem 1st flu g 48
46
1943 M S
Ohio Connecting Ry let 45
89
1946 A 0 110
11012 16
Ohlo Public Service 7345 A
78
1947 F A 1083 10912
5
4
1st & ref 75 series B
90
1936 J D *1023 10355 Ohio River RR let g Sg
87
1937 A 0 *1037
8
General gold be
10
1944 F A 51213 17 ____
:Old Ben Coal 1st 6s
99
1943 F A 110
11018 11
Ontario Power N F let 55
9413
1
1945 M N 5112 5112
Ontario Transmission 1st be
8314
D 106
1946
6
10612
Oregon RR dr Nay corn g 4a
1946 2 1 1153 11534
2 100
4
Ore Short Line lot cone g As
8
993
19482 J 118 611813
7
Guar stpd cone 58
For footnotes see page 913.
,amala.
BONDS
N 1'. STOCK EXCHANGE
Week Ended Feb. 8
Range
.50464
Jan. 1
39
39
3612
35
34
37
3431 40
8
337 3912
33
3638
4212 52
63
51
3014
25
45
37
9514
93
61
ISO
49
45
__
____
8714
8412 - 91 1
8
70% 7812
4
1073 10812
2
2%
Feb. 9 1935
1 Juig 1
Week's
7:
r."g
Rani or ; I l933 to
1,
,t 2 Jan. 31
E
. Friday's
i.
4
" 2 1935
...a. Ma & Asked ."
Low
1961 J J 10218
Ore-Wash RR & Nay 4s
6
M 8 9
1963
Oslo Gas es El Wks ext1 58
1941 NI S 8312
*Otis Steel let mtge 65 ser A
1946 1 D 3712
Pacific Coast Co 1st g 68
'42 .1 J 10713
Pacific Gas dr El gen & ref 58 A
,
1936 M 8 98 2
-,
Pacific Pub Ser. 5% notes
1938 F A 10114
Pac RR of Mo 1st eat g 4s
98
19382 J
412d extended gold 511
1937 J .1 107
Pacific Tel de Tel let be
1952 MN 11112
Ref mtge 55 series A
1955 J 1 105's-•
Paducah & Ills lst 61 g 430
II:Pan-Am Pet Co(Cal)cony 6s.._...40 J 0 *39
.. 38
:Certificates of deposit
-11951 --.1 47
•Paramount-B'way 1st 5345
4
473
- *Certificates of deposit
1947
:Paramount Faro Lasky 6o
6614
of claim filed by owner
:Proof
4
J D 663
:Certificates of deposit
1950 F A
:Paramount Pub Corp 534e
4
663
---:Proof of claim filed by owner
---- 6614
:Certificates of deposit
1968 M 8 15614
Paris-Orleans RR ext 5345
8
187
_
1953
•Park-LexIngton 63.4* etre__
A 0 241a
1944 -- Parmelee Trans deb 6*
1940 M S 116
Pat & Passaic0& E cons be
1937 M N 10112
Paths Each deb 7s with warr
11942 M S 91
*Pauli/31a Ry 1st ref e f 7s
1937 M S •102%
Penn Co gu 3356 coil tr A
,
99,8
9 1 F ek
1942 2 o •1001,
Guar 3348 coil trust ser B
Guar 3%5 trust ctfs C
1944 J D 98
Guar 334e trust etre D
1952 MN 10112
Guar 45 ser E trust etre
1983 M N 105
Secured gold 44313
1911 M S 784
Penn-Dixie Cement let 68 A
'77 A 0 10334
Pa Ohio & Bet 1st & ref
8
1981 1 J *1033
4348A_43.0 series B
1981 A 0 100
Pennsylvania PAL 151 43.45
M N 10714
1943
Pennsylvania RR cons g 4.8
1948 M N 109
Consul gold 4a
1948 M N 10814
48 steel stpd dollar May 1
1960 F A 116
Consol sinking fund 4348
1965 1 D 106
General 43.4s series A
3
19682 D 1123
General fe series B
8
1936 F A 1053
Secured 6345
1964 M N 105
Secured gold be
1970 A 0 9338
Debenture g 4345
8
1981 A 0 1007
General 433s series D
19842 J 101
E
Gen mtge 433s ser
4
1943 A 0 1113
Peep Gee L & C tat cone 8a
1947 M S 10118
Refunding gold 53
1940 A 0 68
Peoria & Eastern let cons 45
April ____1990 Apr *6
*Income 4s
1974 F A 10514
Peoria & Pekin Un let 6345
Pere Marquette let ser A 15a ._ _1958 J 1 8614
19162 1 7612
1st 45 merles 13
1980 M S 77
1st g 434s series C
Hloh No.
4 49
1023
47
98
8512 84
2
3712
10812 49
2
9812
5
10114
9812 16
10712 17
112
30
- --41 ---7,
3812
31
4912 56
48
6
6812 148
6814 49
Range
Since
Jan. 1
Low Low
HIM
7714 10112 1023
4
98
94
8512
20
4
693 915
25
3912
38
9813 108 109
64
8
9612 987
80
100% 10114
84
95% 9912
10314 1067 10712
8
10414 111 112
93
10512 105 1 2
3914 4312
251a
25
38
4313
2718
42 8 49%
,
42
2712
49
1313
15
683 683
4
4
69
59
4
683 238
*
127
6812 203
14
4 48 10414
1573
8
1
8
187
,
.
2418
14
116
1 102
102
'
l
,
73 4
91
4
. 463
---- ---94
n
___.._
81%
4
033
9
--8
7
8112
841,
10112
7
s 36
1053
82
8114 27
65
8 46
1043
78
-_ ---- 1013
4
37
7512
1-011-8
10714
9814
0438
,
109 2 15
8 11
1087
08%
35
117
2
98,
206
107
*
803
11313 28
8
873
4 51 101
1053
10618 69
81
9514 219
66
10238 157
753
10238 197
9112
112
34 llei
10312 86
80
70
21
50
8 ---414
4 ,_
105,
8312
4
87 .
1
51
10
773
4812
773
93
46
5911 897
3
581 683
4
155 16014
1712 2012
2418 27,
2
116 116
101 103
91
90
102 102
100 100
4
983 983
4
98
98
4
993 101 12
4
1043 106
754 852*
10312 105%
-- 983 161 10714 108
108 10912
3
108 1087
11411 117
10512 1077
a
III 11313
10514 106
105 10718
8
933 9638
3
1003 103
997 102%
1105* 112,2
984 1031 2
4
733
68
7
912
102 10514
8512 91
7538 8114
82
77
2
10838
1943 MN 108
93% 108 10812
Phlia Bait de Wash let if 45
1974 F A 11318 113%
2
9513 113 11318
General ba series II
1977 1 J •10918
- ---87
10813 10912
General g 433e series
- -- 4 32 1004 107 109
1083
1981 1 D 108
General 4348 series D
81
81
01%
88
84
1967J D 82
Phila Co sec 55 series A
10812 21 100
1967 MN 108
108 110
Phil(' Flee Co 1st dr ref 434,3
4 30
A 10618 1063
893
8 10414 10831
1971 F
1st & ref 4s
7318 75
17
485*
Phila & Reading C Al ref 5a ... —1973 1 J 7312 75
36
63
51
1949 M 8 50
50
a
537
Cony deb 8/3
5
6
1937 J 1 2212 223
2014
2212 24,2
Philippine Ry lets f 48
8414 10113 1023
1939 J D 10214 1025s 84
Phillips Petrol deb 53.3s
4 11 10214 107 1087
1083
8
43 A 0 108
Pillsbury Flour Mills 20-yr (Ss
10412 ---9912 104 104
1952 M N *103
Pirelli Co(Italy) cony 78
2 100
1940 A 0 10914 10914
1083 10934
4
FIRS C C & St L 4348 A
99
9
10812 10914
1942 A 0 10812 1091a
Series B 43413 guar
1942 M N *10812 --------10014 109 109
Series C 434e guar
--------8734
1945 M N *107
Series D 4s guar
--------8913
1949 iz a *100
Series E 334e guar gold
9618
_
-- ---_
19132 D
Series F 45 guar gold
109 - -- •107
98
1957 M N •108if15% 166%
Series G 4e guar
_ - -- ---961
8-1960 F A •105
Series If cone guar 49
1963 F A *10918 --------99
-135*
Series Icons 434e
11338 1 -- --;,;.
,
96 2
1964 M N *1086
Series J cons guar 434e
114
8
865i 1113 114
61
1970 3 D 113 8-General M 5s miles A
1975 A 0 11314 114
11138 115
8514
7
Gen mtge 5seer 13
76
1977,1 1 10512 10612 38
1043 1063
4
Gen 4345 series C
4
4 --------97
1940 A 0 *110,
Pitts Bh & L E 1st g be
•10378---19432 1
_
1st conso lgold be
04
1943 M N •10318 165% ---Pitts Va & Char let 45 guar
68
60
6
5
*Pitts & W Va 1st 4436 ser A _. 1958 2 0 *58
65 ---70 ---52
r70 r70
1958 A 0 *58
1st M 434,, series 13
19130 A 0 553
4
573 68
4
533
let M 434s series C
65 ---1948 1 I) •10112 --------921
Pitts Y & Ash 1st 45 sex A
— ---- --97
1962 F A
let gen 55 ',cries 13
1953 F A •109-2
804 85
614
Port Arthur Can & Dk 6s A
4
803 85%
1953 F A •____
92 - —
66
1st mtge 65 series B
3713
57
6014 60
Port Gen Else 1st 430 ser C — - -1960 M S 5414
191
453
121
5014 60
4 57
1957 ---- 543
Is assented
8 75 - __
1007
19362 J 100
98 1007
8
Portland Gen Else let 51
8 31
8 477
42 1 J 467
Porto Rican Am Tob cony 63
4512 52%
.28,4
3 497 134
3
37
1953 J 1 473
4434 5214
-Postal Teleg & Cable coil 58
4 513 ---40
'
4:1'ressed Steel Car cony g ba __ _1933 1 J *473
4312 55
34 --- _
35
1957 M N *......
I
35
35
Providence Sec guar deb 44
00
90
1956 M 8 00
Providence Term 186 4*
81 38
3
90
40
67 J D 10714 108
9818 107%109
Pub Serv El AG 1st & ref
8 13
07
107 108
1970 F A 1075* 1077
434,3_.,1st es ref 434s
1971 A 0 105% 10614 21
8 14 105 10612
8
158 de ref 4s
10112 29
87
1937 F A 101
10013 10138
Pure 01151 534% nettle
1940 M S 100% 1018 81
82
83 f 534% notes
4
993 101%
7814
52
85
1948 1 J 83
83
Purity Bakeries 5 f deb be
90
108 11012
4
1043 10618
10478 106
63
60
4
493 52
5112
48
981y 100
109 11012
5912 63
2813 32
10412 106
6214 713
75
63
4412 50
16114 1687
8
1738 1912
1612 183
4
8
357 397
11012 11212
1075* 1093
4
106 10612
8114 87
74% 8112
7812 8612
7112 80
____ ____ IRadio-Keith-Orpheum pt pd We
_- _ 54318
for deb 68 & corn etk (65% pd)
1941 J b 32
:Debenture gold Cs
40
40
51 A 0 095
---- --__ Reading Co Jersey Cent coll4e
1997 1 J 106
Gen & ref 4348 series A
1997 1 J 10612
Gen & net 434e series B
42
42
9912
4
1043 10814 Rem Rand deb 534e with weer ____'47 M N
1941 FA N •110
10212 1043 Rensselaer & Saratoga 65 gu
4
1940 A 0 10312
8
7318 767 Repub I & S 10-30-yr be s 1
1953 1 J 95
Ref & gen 5345 series A
85% 8912
8
1948 M S 1077
4
987 1023 Revere Cop & Brass 6s eer A
1946 3 J 40
9614 •Rhelnelbe Unions f 7s
01
3612
•Rhine-Ruhr Water series 6s._ 1953 1 J
96
91
4312
1950 51 N
•Rhine-Weetphalta El Pr 78
105 105
42
1952 M N
103 105%
*Direct mtge 13s
1953 F A 4112
*Cons mtge 68 of 1928
10514 108
_ _
____
*Cons M 65 of 1930 with warr _ __'55 A 0 4112
1944 M N 30
88 - 94% :Richfield 01101 Calif 6a
M N
29
43
:Certificates of deposit
5014
1948 59 N .41
Rich & Meek let g 48
1952 1 I •104
Richm Term Ry 1st cu Ss
10914 111
1955 F A *45
3
1073 1095* *Rims Steel let 5 f 75
1939 J 0 77
10318 104
Rio Grande June 1st gu be
1940 J I *1
8
1023 10313 :Rio Grande Sou 1st gold 45
1
4
133 18
.
:Guar 4a (Jan 1922 coupon) ..1940 J 1
7638
10912 111
*RI° Grande West 1st gold 48__1939 .1 J
1949 A 0 39
*let con & coil trust 4s A
112 11212
48 M S 108
4
105 1063 Roch G&E gen Si 5143 ser C _
1977 MI S •107
Gen mtge 4345 series D
3
11414 115 4
8
1982 M S •1083
Gen mtge bs series E
11518 11812
- _ ---32
2
10016 59
41
107
47
107
100
72
35
16
73
70
7914
63
- 4
1643 121
101
98
6
108
40
6
39
29
22
44
43
11
4112
1
2
43
4
3012
30
23
60 _-__
---_ ____
61 ---7712 19
16
-
1
1
11
755*
4112
7
5
108
_
- 14
166 ----
-___
68
39
96
86
8912
8113
70
2612
25
3614
3454
35
3213
20
1912
38
99
45
70
32
-5 - --9712
108
10612
90
100%
108,
8
108,2
10012
4
103195
10714
3614
4
313
4111
3934
40%
40
29%
29
105,1
102,3
1081 1
41
39
41
43
42
43
3312
3313
61)
60
86
77
1
1
7712
75
39
4712
10712 10878
10712 1681 2 1
-(
New York Bond Record—Concluded—Page 6
Volume 140
BONDS
N Y. STOCK EXCHANGE
Week Ended Feb. 8
I jR I Ark & Louis let 430
Royal Dutch 4s with warr
•Ituhr Chemicals f (is
Rut-Canada 1st gu g 4s
Rutland RR 1st con 4145
Weeks'
July 1
Range or
1933 to
Friday's
Jan. 31
Bid ,t Asked 113,
Q
1935
Low
High No
1934 MS 11
12
1238
2
1946 AO 1083 10834
4
1
1948 AO 38
38
1949 J J *4014 447
8
1941 J
*40
95
St Joe & Grand Isid 1st 48
1947 .7.7 *103
St Joseph Lead deb 534s
1941 MN 109
St Jos Ry Lt lit & Pr 1st 58
1937 MN 99
St Lawr & Adr 1st g be
1996 J J •
2d gold 13s
1996 AO
St Louis Iron Mt & Southern—
•4111v & 0 Div let g 4s
1933 MN 65
*Certificates of deposit
6418
St L Peor & N W 1st gu 58
1948 J J
St L Rocky Mt & P be stpd
1955 J J 637
8
-San Fran pr lien 48 A
1St 1.
14
1950 J J
:Certificates of deposit
1315
:Prior lien Ss series B
1950 J J
143
4
:Certificates of deposit
14
:Con M 434s series A
113
4
1978 M
:Ctrs of deposit stamped
103
4
St L S W 1st 48 bond cf.18 _ _ _1989 MN
-4
7614
28g 48 Inc bonZI etre
Nov 1989 J J
57
let terminal & unifying be
1952 J J 4614
Gen & ref g be ser A
1990 J J 3713
St Paul City Cable cone 58
1937 .7.7 90
Guaranteed bs
1937 J J 85
St P ,k Duluth 1st con g 4s
1988 ID *983
4
St Paul E Or Trk let 444s
I* 1947
•St Paul & K C Sh I. gu 4345_ _ 194I FA
16
Ht Paul Minn & Man 5
1943.7.7 10712
Mont ext let gold 4s
D 102
1037
tPacific ext gu 4s (large)
1940 J J 1100
St Paul Un Dep beguar
1972 J J •
1113
4
8 A & Ar Pass 1st gu g 4a
San Antonio Publ dery 1st 68
Santa Fe Pre...4M I'hen let bs
Hchulco Co guar 634s
Stamped
Guar 5 1 644e series B
Stamped
Scioto V & N E 1st gu 4e
6:Seaboard Air Line 1st g 48
:Certificates of deposit
Mold 46 stamped
:Certife of deposit stamped
:Adjustment be
Oct
:111088(118g 48
iCertificates of deposit
:let & cone 65 series A
:Certificates of deposit
:§Atl & firm let g 45
:Seaboard All Fla 6s A ctfs
:Series 11 certificates
Sharon Steel Hoops 1 544e
Shell Pipe lane s f deb 5a
Shell Union 0115 1 deb 541
Shinyetau El Pow let 634e
•§Slemens & Betake a 1 7s
*Debenture s f 63.4s
Sierra & San Fran Power 55
•Sileela Bice Corps f 8448
Silesian-Am Corp coil tr 75
Sinclair Cons 01178 eel- A
let lien 6445 series B
Skelly 011 deb 544s
Ho & No Ala cons gu g be
Geo cons guar 50-year 58
6712
6418
5118
64
1514
1
1514
14
1212
1212
77,
2
57
50
40
90
85
1 enn Cent let 68 A or B
1947 A 0 57
Tenn Coal Iron & Skit gen 55
1951 J J 115
Tenn Copp & Chem deb Os B
1944 M S 9314
'renn Elea Pow 1st Os ser A
1947 J D 92
Term Assn of St 1.186 it 43.48
8
1939 A 0 1087
let cons gold be
1944 F A 11012
Gen refund 5 f g 48
8
1953 .1 .1 1033
Texarkana & Ft S gu 5345 A
1950 F A 94
Texas Corp cony deb ba
1944 A 0 10418
Tex & N 0 con gold 58
1043.7 .1 83
Texas & Pac let gold be
2000 1 D 1174
Gen & ref be series 11
1977 A 0 9018
Gen & ref 58 series C
1979 A 0 9018
Gen & ref 55 series D
1080.7 D 9018
1964 M S 9312
'lax Pac-Nfo Pao Ter 534s A
Third Ave Sty lot ref 48
1960 J J 5612
*Ad)Inc be tax-ex N Y_Jan _1960 A 0 243
4
1937 J J 1013
Third Ave RR let g 58
8
Tobacco Prods(NJ)8448
2022 M N ____
Toho Else Power 124 75 A
1955 M 81 89
Tokyo Elec Light Co Ltd
1953 J I) 7418
1st 138 dollar series
1035.7 J 1007
8
Tol di Ohio Cent let gu ba
Western Div 1st g 58
1935 A 0 *101
1935 J D •10012
General gold 58
1950 A 0 884
Tol St L & W 181 48
1942 M S *10418
ml W V & Ohio 4sser C
'l'oronto ham & Buff 1st g 4s — —1946 i D *973
8
1949 M 8 *11512
Trenton G & El 1st g 55
Truax-Traer Coal cony 64s
80
1943 M N loo
0
Trumbull Steel lets 165
*Tyrol llydro-Elec Pow 710..._19i15 M N
87
•7148 May I 1935 coupon on
1955
1952 F-s -iir4
*Guar sec a f 78
i 8
1952
*75 Feb 1 1935 coupon on
1945 M
Ujigawa Elec Power s f 75
74
1957 A 0 10712
Union Elec Lt & Pr (Mo) be
Un E L & P (111) Ist g 544e A ____1954 J J 106
-7
10
63
2
4
30
48
15
2
27
32
22
10
45
21
1
- --49
16
142
108
102 8 16
,
3
100
3
115
1943 .7.7 824 3418
J 10238 104
1952
1942 St S •110
38
1946 J J *35
035
37
-14
*35
1948.39
*35
3618
N •110
112
1989
18
1950 AO 17
163
4
163
4
1950 AO I*1614
1712
AO •1512 17
3
1949 FA
3
7is
618
1959 AO
4,5
8
1945
83
4
7
1033 51 S *1412
1714
1935 A 0
24
3
312
1935 F A
23
4
33
8
1948 F A 8312 8512
1952 M N 103 8 104
,
1947 M N 10212 103
1952 J D 79
79
1935 J J 63
6414
4 49
1951 M S 483
1949 F A 1064 10712
3614
1946 F A
3818
4 59
1941 F A 563
1937 M 5 10314 1033
4
1938 1 D 10412 1044
1939 M 8 993 10018
8
1936 F A°10475
1963 A 00111
South Bell Tel & Tel 1st s 1 5e ____'41 1 1 1084
Southern Colo Power 06 A
1947 J J 90
So Pac coil 45(Cent Pao coll) .__.1040.7 D 6412
1977 M S 7812
1st 410(Oregon Lines) A
Gold 4345
1988 M 8 61
Gold 434e
1969 M N 613
4
Gold 43.0
1981 MN 6012
San Fran Term let 45
1950 A 0 1023
s
1937 MN •I061*
So Pac of Cal lat con gu g 58
So Pac Coast let gu g 4s
1037.7 J •
10014
So Pao RR let ref guar 48
1955 1 J 933
8
Southern Ry let cons g 58
1994 J J 997
8
1)evl & gen 45 series A
1958 A 0 543
4
Devl & gen 6e
1956 A 0 74
Devi & gen 6448
1956 A 0 7712
Mom Div 1st g 58
1996 J J *0012
St Louis Div let g 48
1951 1 J 8738
East Tenn reorg lien g 55
1938 M S •10114
Mobile & Ohio coil tr 45
193856 S 61
H'west Bell Tel let & ref 58
1954 F A 10912
:Spokane Internet let II 58
1955 J 1
7
/
1
4
Stand 011 of NJ deb 58__ _Dee 15 '48 F A
Stand 011 of N Y deb 4so
1951 J o ioiki
Staten Island Sty 1st 43.4s
1943 l D *9512
1:Stevens Hotels 8s series A
1945 J 1 •15
1:Studebaker Corp 6% notes ____'42 J D 433
4
j _ i .104
:Certificates of deposit
4i2
1
Sunbury .1, Lewleton let 48
1036
Syracuse Ltg Co let g 58
1951 J D *1174
110
100
90
94
44
4
56
28
19
3
13
51
37
1
12
38
13
12
36
33
79
1641- 173
- 4
ioi
32
11814
58
4
115
9418 20
95
74
109
7
2
110 2
,
104
63
9514 25
10412 112
83
2
11714 15
9214 27
917
8 84
92
61
9312
2
5712 16
2538 27
1014
- "
16
71
:3
1 - -_-_-_-_
0
- 4
5
887
8
—
"80"
mils
87
4518
52
62
37
12
11
12
11
94
/
1
97
8
51
4112
43
361g
45
457
s
84
45
1312
924
/
1
86
85
96
55
70
95
35 4
1
29
30
90
68
212
5
5
9414 179
69
101
5778 97
784 22
803
4 56
95
873
4 15
103
25
65
11012 29
73
8
7.54
1007
8
8314
1053
4
70
6414
70
1014
11
10
914
9112 IS
6712 114
803 195
8
653
4 35
643
4 76
643 177
4
1027
8 11
151*
47
.51_4
s
1
.
Low Low
97
8
11
904 10512
3412
35
4312 ---50
51
1212
104
/
1
1
13
24
2
514
10
23
8
214
35
88
78
/
1
4
58
39
38
863
4
28
33
1007
8
987
2
80
9!)
89
10312
6014
Lt3
55
43
42
801s
100
95
801s
74
45,2
58
65
60
534
/
1
73
4211
104
63
4
1014
/
1
96
9612
12
303
4
31
983
4
103
4314
1011s
BO
544
/
1
99
98
71
6414
934
84
82
55
6312
64
87
38
214
8514
97
7014
5712
85
91
83
60
103
82
1011
/
4
35
8712
4512
"
i3
"g814
8 4
108
10613
15
11
Range
Since
Jan. 1
891e
944
9914
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 8
943
.1
7
t
Week's
Range or
Friday's
Bid it Asked
July 1
1933 to
Jan. 31
1935
Range
Since
Jan. 1
High
Low
Mob No. Low Low
High
1312 •IUnion Elev Sty (Chic) be
1
1945 A0 1312 1312
104
13
1312
13612 Union 011 30-yr as A
May 1942 FA 11714 11838 17 105
11612 1184
Deb 58 with warr
38
25
Apr 1945 JD 20414 105
4
923
8 1033 10514
-- Union Pac RR let &Id gr 40 __1947 „I
1087 10912 49
8
94
1077 1094
8
51
1st Lien & ref 48
June 2008 MS 10518 10614
8012 10414 107
Gold 434s
1967 j 1 10412 10512 42
10414 1054
81
M
1st lien & ref 5s
1163 1173
June 2008
1163 11814
4
99
4
4 30
109 1113
4
D 1004 1013
Gold 43
1968
4 30
763
8
9912 10214
98 100
United Biscuit of Am deb Os
2
4
1942 MN 1053 10612
97
1053 107
4
87
88
United Drug Co (Del) be
91
9012 93
1953 M
53
8912 9312
U N J RR & Can gen 48
804 85
1
9712
1944 MS 108
108
108 IOS
j
2
4:United Rye St L 1st g 4/3
1934
28 4 2814
,
15
/
1
4
2814 30
634 6712 U S Rubber lot & ref 5e ser A __ _1947
j 927
8 9414 140
58
9012 95
633 6414 United S S Co 15
4
-year 6s
8518
98
1937 MN *9612 98
98
52
5818
60
65
*Un Steel Works Corp 614s A__ 1051 3D 3914 4112 19
26
35 4 4112
3
16
*Sec. s f 834s series C
3D 40
1314 1714
41
1951
27
37
41
13
18
*Sink fund deb 814e ser A
1
39
39
23
3518 39
1947
143 18
4
Un Steel Works (Burbach)7s
*109
120
1951 A
984 121 121
1211 164 *Universal Pipe & had deb es __ A938
21
21
13
21
2712
114 1412 *Unterelbe Power & Light 6s_ __ A953 A
7
8
33
404 403
373 41
4
103 137 Utah Lt dr Trac lot & ref 58
4
8
5012
723
8 7412 103
1944 A
65
7614
7614 7818 Utah Power & Light 1st be
73
A
744 77
1944
553
4
697 79,
8
2
57
60
Utica Elec L & P 1st ef g 58 ....MO
.1 *11014
109
4814 53
4 100
Utica Gas & Elec ref & ext 58 ...1957 .7
11812 11813
117 ll8'z
3712 443 Util Power & Light 544e
132
4
273
4 29
244 29
1947 .1
203
8
784 90
A
Debenture 55
2412 241
23
204 2412
1959
18
8.
79
10112 102
Vanadium Corp of Am cony be ____'41 A
90
903
4 31
Si)
8812 9212
Vandalla cone g 4e series A
A *10218
99
1955
16
2
1718
Cons s f 4ta series B
102, 1152(4
4
10214 102li
85
1957 56
-- 312 15
108 10814 •IVera Cruz & P let gu44s
312
13
4
312 412
1933
•3
102 10238
•11July coupon off
3
4
4
993 101 18 •Vertlentes Sugar 7s cgs
4
3
1942
314
33
4 6
113 115
Va Elec & Pow conv 5445
110 1103
1942 MS *11178
95
4
9 10114 10514 1067
58 series B
4
1954 ID 10612 1063
8
82
843
19 107
4
Secured cony 514s
11018 112
1944 .1 .7 11112 112
1003 104
4
6
Va Iron Coal & Coke let g 58
57:4 60
_1949 MS 574 60
50
108 110
6
91
Midland gen be
102,8 10212
1938 MN 10218 10218
1
Va & Southwest 1st gu be
J 95 4 9514
3
757
8
9518 984
2003
17
lot cons Ss
81
55
81
1958 A0 8212 83
37
Virginia Sty let bs series A
89
1104 113
/
1
1962 MN 11112 112
let mtge 43'4o series B
8
1962 MN 1053 1054 15
8412 10412 1057s
1091 10912
/
4
17
18
Wabash RR let gold 65
58
N 934 95
57
/
1
4
93
1939
/ 96
1
4
1634 17
:2d gold 58
7238
48
7212 75
1939 FA *64
18
20
1st lien g term 4s
Si)
./ *46
5312 53,2
1954
59
17
20
3
Det & Chic Ext let be
70
9812 100
1941 .73 994 100
23
8 313
Des Moines Div 1st g 4.8
5778
45
5412 554
1939 .1 .1 053
618 9
Omaha Div 1st g 314s
494 50
1941 A0 *4714 54
38
53
4 8
Toledo & Chic Div g 40
077
82
77
77
56
1941 M
8
117 :Wabash Sty ref & gen 534s A
g
1212
1612 1912
'75 MS 1612 1712 12
•
64 10
:Certificates of deposit
2012
17
11
17
164 1710
:Ref & gen Se
1618
1712 27
12
16, 1914
B'78 FA
8
23
4 4
:Certificates of deposit
1712
11
234 353
2
:Ref & gen 434s series C
17
23
1614 111
12
1978 A0 161*
8212 883
4
016 8
:Certificates of deposit
, 17
11
16% 1718
10314 1041s
10
:Ref & gen 58 series D
,
12
16 8 1912
,
1980 A0 16 8
17,4
10214 103
:Certificates of deposit
13
7612 81
•Walworth deb 6445 with warr_.'35 AO 37
37
1212
33
58
6414
A0 *31
37
•Without warrants
1212
3612 3612
45
50
2
*1st sinking fund Os ser A
1945 A 0 4.513 4712
181e
44
50
10334 1073
4
3818 Warner Bros Pict deb Os
30
1939 M S 54
5612 112
24
5312 6012
517 Si)
8
22
8
29
Warner-Quinlan Co deb 8s
8
26
267 2078
1939 M S 267
1027 104
8
7 104
Warner Sugar Refin let 7s
1941 11 D 1054 10614
10513 10713
1034 105
36
Warren Bros Co deb Os
30
1941 M
423
8
36
3712 15
983 10014 Warren RR 1st ref gu g
4
91
78
2000 FA
1043 1044 Washington Cent 1st gold 4s
4
9113
79
1948 QM *93 4
,
112 112
8
Wash Term 1st gu 3348
88
1945 PA •1013
let 40-year guar 45
94
1945 PA *104
10812 110
8
Wash Water Power s f be
9818 105 1074
1939 J J 1073 10738
82
9212 Westchester Ltg 58 and gtd
1950 JO 11718 11718 10 10314 1154 1174
6412 7214 West Penn Power ser A 58
8 10014 1083 110
8
1946 MS 1084 10912
77
81
11514 116
7 1017
1st 55 series E
e 11414 11612
1963 M
61
89
let sec 55 series G
4 21 101
10818 109
1956 ID 1084 1083
813 6912
4
1st mtge 4,s ser H
90,
,
4 10512 1083
1961 .1 .1 *107 8
4
6012 887
e
1003 10314 Western Electric deb ba
4
9418 10412 106 4
1944 *0 10514 1053
4 48
,
Western Maryland let 4s
9114 923 219
1952 AO
4
611
/
4
8712 923
4
1st & ref 534s series A
1977 J J 98
86
9612 1003
993
4 72
3
9134 9412 West N Y & Pa 1st g bs
7 100
J 10612 10678
10618 107
1937
997 10318
8
4
*0 104
Gen gold 48
104
78
1943
102 104
4
543 6212 *Western Pac let be ser A
1
32
23
32
1948 MS 32
37
81
74
•541 Assented
3212
7
3112
31
31
1946
383
4
7712 88
j 102
Western Union coll trust be
102
13
8
1938
8512 10112 1023
974
Funding & real eat g 434s
8512 17
84 ' 8614
1950 MN 84
83 2 88
7
I5
-year 6445
10112 13
92
1936 FA 101
10012 10212
102 1023
4
25
711
-year gold 5s
/
4
884 00
1951 JD 8812 8912 27
61
67
37
30
-year 5s
72
1960 MB 8612 88
85 4 883
3
4
10918 111
*Westphalia Un El Power 68
5
27
1953'.7 4212 43
354 43
74 912 West Shore 1st 45 guar
44
86
88
2301 J J 84
86
83
1017 1023
2
4
1
Registered
4 813
4
2361'3 813
78
813
4
103 10414
Wheel & L E ref 414e ser A
4
1986 56 S •1033 10414
81
10414 10414
1512 - 16
Refunding 58 series B
65
/ 104 104
1
4
1986 MS 010514
433 4912
4
RR 1st consol 40
8 - 31949 MS •1023 1624
83
10214 10212
4318 49
Wheeling Steel Corp let 5348
1023
8 58
1948 J J 101
70
10014 10314
let & ref 4448 series B
4 9414 64
1953 A0 923
60
90
96
118 11712 White Sew Mach 13s with warr __'38 J
*73
80
4318
65
65
Without warrants
72
'3 72
7
88
75
5518 63
Panic e f deb 8.1
72
4212
1940 MN .65
70
65
113 11512 :Wickwire Spencer St'l 1e6 7a
'35
9112 95
:Ctt dep Chase Nat Bank.......
93
8
414
1012 14
93
8 12
90
9714
:Ctfs for col & ref cony 7s A ___1935 MN
9,18
3
/
1
4
93
8 13
1014 24
10312 10918 Wilk & East 1st gu g 5s
4
1942 ID 464 47
33
4618 48
11012 11012
1011 104
/
4
Will & S F let gold 5s
1938 3D 10312
88
10212 10214
92
9614 Wilson & Co 1st 5 1 Os A
169 2 32 95/ 10814 10912
1941 *0 109
-11
4
103 1043 Winston-Salem S B let 48
4
1960 j J •10312
83
83
883 :Wle Cent 50-Yr let gen
4
11 4
1113 - 111
1949ii 1112 - 31015
11 2
41
11512 11712
:Certificates of deposit
813
2
1018
1014
918 1012
891 9312
4
:Sup & Dul div & term let 45 ___'38 M
812
3
63
4
612 7
83
4
893 9312
8
5312
:Certificates of deposit
5
53
8
893 9312 Wor & Conn East let 444s
4
1945 1-5 •40
88
8912 9312
55
583 Youngstown Sheet & Tube be ____'78
8
109
J 923
8 95
8314
9238 981
4
244 2812
let mtge 51 baser 13
1970 *0 9212 95
42
63 4
,
9212 99,
4
1004 10218
10014 10118
8812 90
e Cash sales in which no account Is taken in computing the range, are given below.
Oregon Short Line 5s guar. 1916. Feb. 5 at 11934.
72
767
8
1003 101
4
r Cash sales not Included in year's range. a Deferred delivery sale not Included In
101 101
Year's range. n Under-the-rule sale not included in year's range. I Negotiability
10014 10034
Impaired by maturity. t Accrued interest payable at exchange rate of $4.8865.
8518 90
103 103
Companies reported In receivership and bonds selling flat. • Friday's bid and
9814 98
asked price. •Bonds selling flat.
11214 11214
70
80
z Deferred delivery sales in which no account is taken in computing the range, are
100 10214 given below:
85
90
Austrian is 1957. Feb. Sat 92.
894 9214
Berlin Elec. Elev. 614s 1956, Feb. Sat 39.
8214 85
Chic. & Erie 5s 1982. Feb. Oat 114.
'85'z 89
Ernesto Breda 7s 1954. Feb. 7 at 7614.
87
89
Gelsenkirchen 6s 1934. Feb. 2 at 6142,
107 1093
s
Roumania 73 1959. Feb. 7 at 129.
10412 10612
Financial Chronicle
944
Feb. 9 1935
New York Curb Exchange-Weekly and Yearly Record
NOTICE.-Casb and deferred delivery sales are disregarded in the week's range. unless they are the only transactions or 'hi week, and when selling outside of ILO
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 rear.
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 (Feb.2 1935) and ending the present Friday (Feb.8 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:
1Veek's Range
of Prices
July 1
Sales 1933 to
Jan.31
for
Week
1935
Range Since
Jan. 1 1935
Par Low
StocksLow
11105
11108 Shares Low
84 Jan
26
Acme%hlreCovtc
6%
8% Jan
Jan
Feb 106
Adams Wills 7% let Pf 100 103% 1034 25,000 684 103
Jan
2% Jan
2
Aero Supply Mfg class B_•
500
24 24
34
34 Jan
3
Agfa Anseo Corp corn_ _1
34 Jan
18% Feb 20% Jan
100
5
A insw ortb Mfg Corp__ - _10 18% 184
0,
Jan
154 Jan
1
•
Air lave store com
151
600
4 Jan
Jan
Warrants
100
%
%
34
Jan
Jan 40
36
AlabamaGt Southern_50 36% 38
75 3351
Jan
• 46% 48%
4155 Jan 51
Ala Power $7 prat
30 26
• 42% 42%
37
Jan 444 Jan
$8 preferred _____
10 25
C/
55 Feb
llj
Feb
Alliance Investment corn..
300
si
144 Jan
• 12% 134 3,600
Allied Mills Luc _____
124 Jan
534
Jan
• 42% 45
Aluminum Co common
4251 Feb 52
800 43
100 72
70
Jan 744 Jan
8% preference
73
250 54
1055 Jan
8
Aluminum Goods Mfir •
94 Jan
74 Feb
74 Feb
Aluminum Industries corn•
300 126
74 7%
•
Aluminum Ltd corn
2014 Jan 204 Jan
1851
255 Jan
24 Jan
3
C warrants
Jan
Jan 57
37
56
100
6% preferred
151 Jan
1
14 Jan
Amer Beverage corn
Feb
57
Jan 61
American Book Co _ _ A00 61
61
30 41
35 Feb
Jan
Amer Brit & Coot Corp •
200
34
51
Amer Capital
131 Jan
131 Jan
Class A corn
55 Jan
•
Common class B
34 Jan
34
•
Jan
15% Jan 20
$3 preferred
Jan
110
Jan 110
110
Amer Cigar Co pref_ 100
Am Cities Pow & Ls
25 314 3335
Class A
350 23% 29% Jan 334 Feb
1% Jan
151
I
Clasa B
14 14
900
134 Jan
17% Jan
15% Feb
Amer Cyanamid el B n-v • 15% 17
6,800
Jan
Jan 76
734 76
Amer Dist Tel N J com_ •
14 Jan
151 Jan
Amer Equities Co com_ _1
Amer Founders Corp.... _1
300
4 Jan
5-1
Tit
56 Jan
31
15% Jan
50 14% 14%
13% Jan
50
854
7% prof seriee B
15% Jan
8
1351 Jan
6% 1st pre set D_ _50
251 Jan
3
Jan
Amer & Foreign Pow wart..
24
2155 Jan
Amer Gas & Eine c,om___
1955 Jan
1931 20
10,700 1651
Preferred
87
Jan
800 574 804 Fe
• 8055 85%
314 Jan
Amer Inventors corn
2
251 Jan
154 Jan
Amer Laundry Mach__20 1334 14
Jan
13
200 104
25
Amer L & Tr corn
10
Jan
94 94
Jan
9
1,900
84
194 Jan
25 1751 19
6% preferred
17% Fe
700 16
Jan
Amer alaise Prod
25
20
20
Jar
lie
lii
1
Amer Maracaibo Co
500
X Jan
34
55 Jan
Jan
• 11
Amer Meter Co
14
11
1155
Fe
54
50
Amer Pneumatic Service_•
1
Jan
1
1
Jan
19% Jan
11
Amer Potash & Chemical.•
15
Jan
Am Superpower Corp com •
14 Jan
1
Jan
1
1
14 15,000
54
• 444 44%
let preferred
Jan
500 454 444 Fe
Jan
Preferred
13
• 104 104
200
84 10% Fe
Amer Thread Co prat_ _ _5
44 Feb
44 431
4
Jan
200
Amsterdam Trading
114 Jan
11% 114 Jan
•
American shares
•
Anchor Post Fence
Jan
14 Jan
Appalachian El Pow pref_• 74% 7455
744 Jan
Jan
20 5734 71
9-16 Jan
Jan
_1
Arcturus Radio Tube
400
51
51
51
14 Jan
Arkansas Na;Gas nom_ .•
31 Jan
16,, Jan
Common clasa A•
1,300
54 Jan
'he
14
251 Jan
351 Jan
10
Preferred
1%
24 2%
600
4151 Jan
Arkansas 1' & 1, $7 pref. _n
2555 414 Jar
21% Fe
24
Jan
Armstrong Cork coin ___• 214 22
2,700 13
351 Jan
451 Jan
1
351
4
600
Art Metal %Yorks corn __ __5
Associated Elan Industries
851 Jan
4
Jan
Amer deposlt rota
100
31
•
531
Assoc Gas & Elec1
Common
15 Jan
100
34 5-16 Jan
%
55 Jan
Claes A
1,900 6
iii
14 Jan
1% Feb
154 Fe
$5 preferred
155
200
1%
1
Jan
251 Jan
Associated Rayon com
2
100
•
234 24
51 Jan
51
Assoc Tel Util corn
4 Jan
•
1051 Jan
2
74 Fe
Atlantic Coast Fisheries _•
755 851
1,400
s 24
Jan 30
Jan
Atlantic Coast Line Co._50
27
8
Fe
Atlas Corp common
851 11,200
734
8
955 Jan
494 Jan
$3 preference A
4755 Fe
• 4755 4811
1,000 35
251 Jan
3
Jan
Warrants
251
251
1,000
551 Jan
64 Jan
2%
•
Atlas Plywood Corp
151
Automatic-yoting Mach_•
5
Jan
651 Jan
1,000
•
651
Axton-Fisher Tobacco
Feb
Class A common
584 Jan 60
In 60 60
75 50
Babcock & Wilcox
__• 3155 3351
200 1851 3114 Feb 3755 Jan
Bal,twin Locomotive Worts
Co_351 Jan
24 Jan
231
Warrants
200
251 24
2555 Jan
11
254 Jan
Baumann(L)diCo7%pfd100
34 Jan
Bellanca Aircraft • t
1%
335 Jan
_I
Jan
1044 1294 Jan 132
Bell Tel of Canada
100
c_131 Jan
14
Benson & Hedges cora____•
151 Feb
155
151
100
9
Jan
4%
Bickfords Inc corn_ _ _
84 Feb
100
9
654 Jan
Bliss(N W)dr Co corn _ _•
455 Jan
100
1%
44
14 Jan
2
Jan
Blue Ridge Corp
300
1%
155
14
Jan
• 3834 404
$3 opt cony prat
600 284 3834 Jan 41
355 Jan
2
Blumenthal (B) & Co
251 Jan
•
200
24 231
II
Jan
8
Bohack(H C)Co eom
Jan
•
11
7% lot pref
Feb
64
Feb 65
70 40
100 65
65
4 Jan
Botany Consol Mills
•
Ire
34 Jan
451 Jan
Bourlots Inc
351 Jan
•
3%
Bower Roller Bearing _. 6 16% 174
1851 Jan
164 Jan
400 16 6%
Bowman-Biltmore Hotels-Jan
3
7% 1st pref
14 Jan
100
1%
BraxillianTr Lt & Pow__ _•
1031 Jan
9% Jan
8
9% 9%
200
Bridgeport Machine
454 Jan
34 Jan
34 4
500
•
54
51 Jan
Brill Corp class B
51 Jan
•
34
1
•
1
Jan
Class A
Jan
1
1 200
Brillo Mfg Co corn
631 Jan
655 Jan
5%
•
Jan
•
Class A
Jan 25
224 25
Brit Amer Oil coup
1551 Jan
1251
154 Jan
British Amer Tobacco
Am clap rein ord beareril 30
Feb 314 Jan
3031
1,000 244 30
British Celanese Ltd
355 Jan
Am dep rcta ord reg._ ms
235 2%
231 Jan
100
Brown Co 6% Pref
851 Jan
100
74 74
74 Jan
25
3)4
,
94 Jan
Brown I orman Distillery I
831 Jan
84 84
400
651
ao 3155 314
Buckeye Pipe Line
Jan
304 Jan 33
50 26
Buff Mar;& East Pr prat 25 154 16
16
Feb
144 Jan
500 14%
• 75
$5 tot preferred
75
Feb
69% Jan 75
300 66
Buio va Watch $34 pref..•
Jan
16% 25% Jan 28
Bunker Hill & Sullivan__ 10 30% 32%
150 26
304 Jan 394 Jan
Burco, Inc
•
Common
%
1
1% Jan
400
34 Feb
Jan
• 22% 22%
100 2355 224 Feb 25
$3 cony preferred
ill
34 Jan
'ii Jan
Warrants
300
2
24
Burma Am dep rota rag abs
Jan
2
400
2% Jan
10
Butler Brothers
655 7
1,200
7% Jan
64 Jan
234
1
Jan
Cable Elea Prod v t o___. •
900
Ns Jan
51
l'or footnotes see page 949.
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Jan.3t
1935
111th Shares Low
Stocks (Continued) Par Low
Cables & Wireless Lux400
II
Am dep rcte A ord ohs _ CI
4 1
100
34
Am den ram It ord she El
51
34
3)1
Amer dep rets pref abs £1
-- Canadian Hydro Elec Ltd
79
6% lot preferred_ ___100
100
534
,
94 -9ii
Canadian Indus Alcohol A•
Ith
•
B non-voting
15‘
Canadian Marconi
134 255 1,800
1
1.4, 131
300
134
Carib Syn dicate
25c
Carman & Co6x
100
6
. 64 17 51
Convertible class A.._._• 17
CarnatIon Co corn
500 134
83
Carolina 1' & L $7 pref •
----io 27
SO
preferred. 61 51 614 3,300
4)4
5 16
Carrier Corporation
17
33.4
1,800
551 555
Catalin Corp of Amer._ ...I
Celanese Corp of America
1,125 81
7% let partic prat ___100 105 107
25 75
7% prior preferred __100 10255 1024
6
Celluloid Corp corn
15 --- ---- ......
164
•
37 dist preferred
--- - 40
la preferred
•
8
Cent Had 0 & E •t a
•
Cent P & L 7% prof ____100 - (1;4 ii-- ---100 11
51
Cent & South West Mil_
is -1:66
Cent States Elec corn _ _ _.
/
34
1
6% pref without warr 100 -------- -----2
225
7% preferred
251
100
1
Cony preferred
100 ------- -----134
Cony pre!op ser '29 100 ---- ---.
• 24%
5
Centrifugal Pipe
-1:666 34
1434 143-4
loo 9
Charts Corporation new i
17
Chesebrough Mfg
17
50 1015
5
25 145 1453,i
900 9 8%
Chicago Mall Order
44
Chicago River & Mach__' 134 1455
700
800
1
Chief Consol Mining
4
54
54
1
140
. 1
535
Childs Co pref
100 225A 23 %
Cities Service corn
32,200
134
•
94 11
Preferred
2,800 10
•
1
1
Preferred B
300
1
0
4 11 1
30
Preferred BB
• 123% 123%
50 104
Cities Seri' P & I. 17 pref_•
.
50
84
$8 preferred
3
City Auto Stamping
•
200
Claude Neon Lights Inc....!
14
4
800 214
• 2551 2651
Cleve Elec Ilium com
1
Cleveland Tractor corn...._.
1,900
731 834
Club Aluminum Utenall_. ------.
•
Colon Oil Corp co
34
corn
4 -1:666
51
26
125 15
Colt's Patent Fire Arms_25 26
Columbia Grui & Ewe
Cony 5% prat
225 57
Columbia 011k Gas vte1( 5651 59
_6."
1 1,400
Columbla Pict urea
19%
•
Commonwealth EdLson_100 53% 55% 1,800 9 30%
Commonwealth & Southern
Warrants
3-1
4
4 12,400
Community P & L 38 prat•
100
734 74
3
Community Water Seri _
55
-7Compo Shoe Machinery _.•-15
_1
8
--- 15% ---.i(55
Consolidated Aircraft_ ___ 1
8
84 934 2,000
Consol Auto alerchand'g.• --------n11
Ill
$3.50 preferred
•
255
255 24,000
62C
Consol Copper Mines.... _5
Consol0 E LAP Balt cow • 55% 57
2,100 4551
Consol Min & Smelt Ltd_25 ___
.
115
5
Consol Retail Stores
5i
234 - 31
8% preferred w w....100 ---____
124
Consol Royalty 011
I%
Coat0 & E 7% prior pt 100 -ai- 1 5;;i
29
5
10
Continental Securities___•
3
3
2
Cooper Bessemer com____•
4
4
$3 pref A
12
•
•
Copper Range Co
3% 3%
100
3
Cord Corp
231
6
355 3% 2,200
Corroon & Reynolds
Common
1
$6 preferred A
10
•
Cosden 011 corn
1
55
800
51
34
Courtaulds Ltd
AM dap rots ord reg_il 1135 117-4
8
400
Crane Co corn
25
5
851 94 1,400
Preferred
50 932
100 87
87
Creole Petroleum
6,100
551
5 11% 12
Crocker Wheeler Elec
•
5
54 1,100
351
Croft Brewing Co
• 1
134 134
I
16 23.4
Crowley Milner & Co corn •
24
251
Crown Cent Petroleuru I
54
4 2,600
Crown Cork Internatl A..•
84 84
600
53'
2
Cuban Tobacco corn vto_•
Cuneo Frees corn
ai;i
• 30
600 1551
64% preferred
100 87
87
100 6951
Cusl Mesiean Mining_60e
1% 255 6,100
434
Darby Petroleum com___6
44 431
200
Davenport Hosiery Mills_• 14% 15
200 104
Dictograph Products____2
54 654
2,400
Distilled Liquors Corp__ 5 144 14%
100 • 11%
Distillers Co LtdAmer deposit Ms_ ..C1 2234 2251
200 174
Distillers Corp Seagrams_ • 16
174 13,800
831
3
• 11% 1235
Doehler Die Casting
1,000
llow Chemical
• 844 88
1,400 sz 36%
54
Draper Corp
•
Driver Harris Co
10
10 48
100 95
7% preferred
95
Dubilier Condenser Corp_l
33
Duke Power Co
10
if
Duval Texas Sulphur._•
900
51
914
3%
455
400
Eagle Platter Lead Co
451
20
East Gan & Fuel Assoc
5
•
Common
100 6 3, k
351 34
61
50 6 53
434% prior preferred.,100 61
6 4051
6% preferred
100
51
300
East States Pow corn B__•
55
55
451
150
554
5
$13 preferred series B___.
551
551
100
551
$7 preferred series A___•
234
Easy Washing Mach "13- •
6 1554
Economy Groc Stores corn•
6
100
Edison Broil Stores com _.• 2651 2655
200
54
•
Eisler Electric Corp
54
51
04 30,500 6
15
Elea Bond &Share com
5
• 3655 445k
3,400 25
$5 preferred
$11 preferred
9,300 284
• 4034 49
Range Since
Jan. 1 1935
Low
111th
Ha Jan
.
34 Jan
4
Jan
1
Feb
% Jan
Jan
4
Jan
Jan
Jail
Jan
Jan
Jan
79
9% Jan
Jan
9
24 Jan
2% Jan
634 Jail
17
Jan
5454 Jan
Feb
61
15
Jan
5
Jan
64 Feb
Jan
17
Jail
58
Feb
61
184 Jan
64 Jan
79
755
14
154
1024
102
124
33
72
9
204
31
24
2
14
411
14
140
17
124
34
2251
151
1
1855
13
1255
355
3-4
234
555
31
25
Jan
Jan 107
Jan 103% Jail
Jun
Jail
15
Jan 36
Jan
Jail 7651 Jan
Jail
9
Jan
Jan
2251 Jan
Jan
51 Jan
Jan
54 Jan
Jan
131 Jan
251 Jan
Feb
Jai
24 Jan
Jan
Jai
2
Jan
Jar
5
14% Jan
Jan
Jai 1474 Jan
Feb
1755 Feb
Jar
15% Jan
Jai
54 Jan
Jan
Feb 30
155 Jan
Feb
Feb 134 Jan
1% Jan
Feb
13
Jan
Feb
1455 Jan
Jai
Jan
13
Jai
Jan
Jai
5
Jai
55 Jan
Jar
2655 Jan
831 Feb
Jar
Jar
51 Jan
Jar
"Is Jan
284 Jan
Jut
56% Feb
34 Jai
38
Jai
474 Jai
31
Ill
13
814
lie
34
1
52%
135
251
3431
zI56
36%
3
4
16%
334
3%
24
264
34
Jan
34 Feb
3951 Jan
554, Jan
64
Jan
hi
Jai
734
51
Jai
Jar
1651
104
Jan
Jan
51
Jar
5i
255
,
Jar
Jan 57
Jai 140
255
Jut
Jai
36
x151
Jan
39%
Jar
34
Feb
554
Jai
194
Jan
Fe
4
Fe
454
Jan
Feb
Jan
Jan
Jan
Jail
Jail
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
251
28
31
Jan
Jan
Jan
Jan
Jail
Jan
11% Jan
854 Feb
87
Feb
1155 Feb
Feb
155 Jan
234 Feb
31 Jan
Jan
255 Jan
30
Feb
87
Feb
14 .Jan
455 Jan
14
Jan
53-1 Jan
14% Feb
12
Jan
1051 Jan
87
Feb
13% Jan
7% Jan
1% Jan
2% Feb
% Jan
84 Jan
Jan
3
33
Jan
87
Feb
Jan
2
436 Jan
,
Jan
16
Jan
7
1531 Jan
224 Feb
15% Jan
114 Feb
84
Jan
60
Jan
154 Jan
94
Jan
ena Jai
37
Jai
83-4 Feb
Jan
234 Jan
1855 Jan
1451 Jan
92
Jan
Jan
60
1835 Jan
Feb
95
55 Jan
Feb
41
104 Jan
Jan
5
Fe
Jan
Feb
Jan
Feb
Feb
I Jan
1Jan
Jan
!Jar
Feb
Jan
Jan
Jan
5
Jan
64
5015 Jan
51 Feb
651 Jan
651 Jan
451 Jan
Jan
20
2651 Feb
55 Jan
751 Jan
444 Feb
Feb
49
58
46
31
5
53.1
3
20
2454
34
34
3755
945
Financial Chronicle
Volume 140
.
Week's Range
of Prices
Julv 1
Sales 1933 to
for
Jan.31
1935
Week
Range Since
Jan. 1 1935
Week's Range
of Prices
July 1
Sales 1933 to
for
Jan.31
Week
1935
•
Range Since
Jan. 1 1935
Mph
Low
High Shares Low
Stocks (Continued) Par Low
High
Low
Stocks (Continued) Par Low
High Shares Low
334 Jan
235 Jan
1
500
215 3
4
Jan International Products_.•
3
Jan
3
500
Elea Power Assoc cum_ i
334
334
134 Jan
134
134 Feb
1
100
Jan Internatl Safety Razor B_•
4
134
3
Jan
ela.ss A
1
3
600
334
334
434 Jan Internat'l Utility
4
Jan
Elea P & L 2d prof A_
•
334
Jan
2
135 Jan
131
2
100
2
•
Class A
13.1 Jan
1
Feb
Option warrants
1
900
1
134
% Jan
34 Jan
34
34
34 100
Class B
1
Electric Snarehoidlng I,
% Jan
15 Jan
Warrants
135 Jan
I% Jan
14, 134
Common
1
1
200
Jan Interstate Equities
Jan 42
40
$6 eons ores w w
250 34
• 4031 41
flu Feb
94 Feb
34
200
f%
flis
1
Common
Elea Shovel Coal CoJan
Jan 20
20
100 1834
20
$3 cony preferred__50 20
Jan
1
1
Jan
1
•
$4 partlo preferred
2634 Jan 2734 Jan
300 13
• 2744 2715
634 Feb Interstate Hos Mills
6
Jan
I
Electrographic t_ orp com_l
100
6
6
12
Jan
8
Jan
7
40
Jan
1434 Jan Interstate Power $7 pret• 1135 12
12 34 14
Empire District El6%-100
15
Jan
15
Jan
331
Iron Fireman Vie
•
Empire Gas & Fuel Co6
Feb
311 Jan
2,400
434 6
234
1
Jan Irving Air Chute
Jan
12
10
1334
150 1
1245
100 12
8% preferred
131 Jan
35 Jan
1
13.4
•
%
200
15
Jan Italian Superpower A
7% preferred
1334 Feb
250 I. 11
100 1334 14
11.4 Jan
he Jan
%
Warrants
1534 Feb 1834 Jan
300 11 1314
8% preferred
100 1534 1611
934 Feb 1035 Jan Jersey Central P & L
4
100
Empire Power Part Eitk„.
934 934
Jan
Feb44
43
75 42
4341
100 43
134 Jan
134 Jan
514% Preferred
1
Equity Corp nom
I%
100
134 6,700
% Jan
31 Jan
31
.._ ......
•
Jan Jonas & Naumburg
34
Jan 34
30
Eureka Pipe Line
100
91£ Jan
Jan
s
734
•
$3 cony preferred
European Electric Corp25
Jan 3075 Jan
50 1534
2634
834 Jan Jones & Laughlin Stee1.100 25
Clam A
634 Jan
534
400
814
83-4
10
% Feb
4
Si Jan
15
500
%
11
15 Jan Kerr Lake Mines
15 Jan
Option warrants
15
234 Jan
134 Jan
n-5 2
154
700
lie Jan Kingsbury Breweries_ _ I
Evans Wallower Lead__ •
111 Jan
1s
Jan
2
234 Feb
%
1,000
2X
23.4
1
Feb7.5.1 Jan Kirby Petroleum
8
700. 215
9
6
Ex-cell-0 Air & Tool
3
634
'III Jan
916 Jan
34
200
"Is
"a
834 Feb835 Jan Kirkland Lake GM Ltd_ _1
234
2,300
Fairchild Aviation
I
834 9
16
Jan
Jan
934 15
71
Jan 7834 Jan Klein(Emil)
59
Fajardo Sugar Co
•
100
635 Jan
635 Jan
5
Jan Kleinert Rubber
10
Its
'is Jan
lis
.16 24,100
Falcon Lead Mines
111
1
134 Jan
134 Jan
1
335 Jan Knott Corn
1
235 Jan
231
Falstaff Brewing
600
1
234 3
% Jan
_ ._ £1 ----------------34 Jan
834 Feb935 Jan Holster Branded
1,800' 234
5
834 9
Fanny Farmer Candy __-1
LtdFansteel Products Co__ •
234 Jan Koppers Gas & CokeCo214 Jan
134
Jan 7735 Jan
74
55
6% preferred
935 Feb93-4 Feb
100
100 16 634
Ifedders Mfg Co class A_.•
915 955
1234 Jan
11 34 Jan
200 10
% Jan Kress (8 H) 2nd prof _A00 1134 12
Mello Brewery
I
%
11
% Jan
35
800
7
Jan
5.35 Jan
4%
1,200
1
534 634
Jan 5835 Jan Kreuger Brewing
57
11 31
Fire Association (Phil*)10
Jan
20 5934 5915 Jan 76
Lackawanna RR of N J 100 7541 7531
First National StoresJan
Jan 55
3,800 3235 48
s. 4954 52
Jan 11445 Jan Lake Shore Mines Ltd
112
110
7% let preferred_
100
134 Jan
34 Feb
900
34
% 1
511
3,500
Fisk Rubber Corp
734 Feb1134 Jan Lskey Foundry & Mach_ A
711 9
1
Jan
Jan 80
67
Jan Lane Bryant 7% prof 100 --------------25
Feb 88
50 3534 78
78
$6 preferred
100 78
211 Jan
234 Jan
1
Jan Lefoourt Realty corn
15
1134 Feb
334
1,000
Flintokote Co CIA
• 1135 1234
Jan
Jan 20
18
7
1834
300
Preferred
• 18
1435 Feb
400
Florida P & L $7 pre_ __ _• 1234 1434
1134 Jan
834
734 Jan
634 Feb
•
53-4
Lehigh Coal & Nay
634 631 1,000
Ford Motor Co Ltd35 Jan
114 Jan
i
he 2,400
15
914 Jan Leonard 011 Develop-25
.
3,600
Am dep rots ord reg_fl
734 Feb
434
754 8
Jan 443-4 Jan
200 1034 40
42
3034 3,600
Ford Motor of Can el A• 29
834 2834 Jan 3234 Jan Lerner Stores common_ _ _• 42
Jan
9135 Feb 95
8% prof with wart'._100 --------------40
Feb 3711 Jan
Class B
• 32
75 1434 32
3334
711 Jan
634 Jan
234
Libby McNeil & Libby_10
634 735 2,700
Ford Motor of France434 Jan
311 Feb
Jan Lion 011 Development.__• -------------- 9 3
100
3
3
American dap rots _100
334
234 Jan
234
1734 Feb 1834 Jan
200 15
15 Jan Loblaw Groceterlas A.....' 1734 1734
% Jan
Si
foremost Dairy Products_•
61£ Jan
415 Jan
431
1,500
55%
535
•
45 Jan Lone Star Gas Corp
35 Jan
Cony preferred_
•
11
634 Jan Long Island Ltg200
6
Jan
6
6
Foundation Co Horn she)*
334
Jan
3
235 Jan
2
200
234 23-4
Common
•
Froedtert Grain & MaltJan
Jan 51
43
is 1534 1534
50 38
100 48
7% Preferred
50 1434
Cony preferred
4834
1534 Feb
1434 Jan
Jan 4134 Jan
37
200 32
Prat elms B
100 40
40
Feb 2634 Jan
25
Garlock Packing corn_
•
1134
515 Feb
4% Jan
134
43-4
134
General Alloys Co
•
534 13,200
135 Jan Louisiana Land & Explor_ 1
100
1
Jan
1
134
Jan 9434 Jan
89
70
Ludlow Mfg Assoc
•
General Aviation CorpJan
200' 2234 3534 Jan 41
5 3934 3935
Common (new)
Ise Jan Lynch Corp cons
Isz Jan
Its
10
Jan
834 Jan
MangelStores Corp
1
300
•
Gen Electric Co Ltd93.4
954
Jan
5034 Jan 61
190 12
58
100 56
634% Pre! w w
400
Am dep rots ord rag-LI 1134 1134
1134 Feb 1235 Jan
934
Jan 3331 Jan
30
100 294
Gen Fireproofing nom ___ _.
30
• 30
3
200
511
435 Jan
534
534 Jan Mapes COnsol Mfg
Marconi Internet Marine
Gen Gas & Elec815 Jan
811 Jan
634
• 13
200
American deprecelpta_El
13
1334 Jan
$6 cony prat B
1234 Jan
534
11 Jan Marconi Wireless,see Can400
Tie
7is
Gen Investment Corn.. _ _ _1
Iss
7is Jan
adian Marconi.
17
Jan
200
15
Jan
3
$6 cony prof Mass B • 1534 1534
434 Jan
435
434 Jan
•
% Jan Margay 011 Corp
Warrants
116 Jan
In
331 Jan
234 Jan
134
200
Jan 3034 Jan Marlon Steam Shovel_ __ _•
120 20
2934
Gen Pub Serv $6 prof ___• 29
234
234
28
134 Jan
1
134 Jan
500
I%
11£
1
1
100
135
Gen Rayon Co A stock_.'
134 Feb134 Jan Maryland Casualty
134
Feb
1
1
Feb
400• 1
1
1
•
Jan Mass Util Assoc vtc
General Tire & Rubber._25 6034 6234
150 52
6
034 Feb7134
511 Jan
434 Jan
3
•
50 5831 94
97
100 97
Feb Massey-Harris corn
6% preferred A
Jan 97
11 Jan
1is Jan
35
2,200
31
Georgia Power 86 pref ___• 57
'is
Mavis Bottling class A___1
Jan
Jan 59
175 35
5734
52
Jan
4034 Fab 44
100 38
Gilbert (A C) corn
245 Jan Mayflower Associates--• 4034 413-4
Jan
2
1
•
Jan
Jan 43
43
22
21
• 20
Glen Alden Coal
May Hosiery $4 pref
•
Jan
1,300 10
20
Feb 24
1534 Jan
1444 Jan
100 12
15
200
711 8
Globe Underwriters Ino_2
8
Feb McColl Frontenao 011_ _ • 15
7
Jan
534
Jan
98
Jan 98
93
ioo
6% preferred
100 9 334
734 734
Godchaux Sugars Inc B_ •
Feb
8
7
Jan
734 Jan
631 Feb
%
916 3,500
134
200
Goldfield Consol mines_ in
645
634
34
11, Jan McCord Rad & Mfg B__•
34 Jan
2134 Jan 2734 Feb
450' 123.4
Gold Seal Electrical
..16 Jan McWilliams Dredging---• 2531 273-4
Si
ii
1
11 Jan
Si
500
Jan 63% Jan
400 4434 60
63%
• 62
Gorham Inc class A corn
315 Jan Mead Johnson & Co
Jan
--------------134
3
'
235 Jan
Jan
2
134
50 14
•
Memphis Nat Gas nom--5
$3 preferred
Feb
17
19
Jan
1334 Jan
1335 Jan
834
Mercantile Stores com_ •
Gorham Mfg CoJan 7354 Jan
70
60
.
100
100 1034
,
V t c agreement extended 1434 1434
7% preferred
18
Jan
1435 Jan
115 Jan
11 Jan
X
100
' Grand Rapids Varnish_ ....• --------------454
1
1
Merritt Chapman & Scott•
735 Jan
614 Jan
,
ti
'is Jan
he Jan
•
, Gray Talon Pay Station....' 10
1011 Feb Mesabi Iron Co
1011
8
4
00
054 Jan
Metropolitan Edison
Great Atl & Pan TeaJan 8034 Feb
80
50 4634
300 115
Non vol nom stock
• 126 127
66 preferred
Jan
* SOH 8034
126
Jan 139
Jan
1
% Jan
H
2,300
140 120
1
Jan Mexico-Ohio 011
7% 1st preferred____100 124 12534
1,5
•
12234 Jan 128
234 Jan I
211 Jan
231
Michigan Gas& 011
•
Jan
--- _
CH Northern Paper
25
26
19% 2234 Jan
"u Jan
% Jan
Greenfield Tap & Die..,..' --------------334
" Si
300
Jan Michigan Sugar Co
X
flis
•
6
535 Jan
' Greyhound Corp
5 21
Middle States Petrol
2354 Jan
2045 Jan
2234 3,000 9 5
111 Jan
1% Ja
1
400
135 1%
•
Grocery Stores Prod v t 025
Class A v t a
11 Jan
8
Feb
14
A
Si 1,000
15 Janis Jan
X
•
Guardian Inventors
Class 13 v t c
1ss Jan
iiii Jan
14
9111 Jan
It. Jan
5634 2,800 43
Gulf 011 Corn of Penna_ _25 E5
lit
1,500
55
Feb 6034 Jan Middle West Util cem - --•
15
he
34 Jan
35 Jan
%
Gulf States Util $6 pref.__ ---- ---- ______
$6 cony prof set A w w....'
55
Jan 55
40
Jan
14 Jan
15 Jan
35
$5.50 preferred
Certificates of dep_ •
Jan
Jan 55
--------------4054 55
Jan Midland Royalty Corti
t Gypsum, Lime & Alabast-• --------------634
7
7
Jan
Jan
i 3
9
Feb 10
•
Hail Lamp Co
4
100
9
9
•
$2 cony Prof
6
Jan
534 Jan
li
____ ----• ____
11
Jan
734 Jan
434
Happinees Candy
•
H Jan Midland Steel Prod
34 Jan
Jan
•
Jan 40
1844 35
Hartford Electric Light_25 --------------4834 5034 Jan 5135 Jan Midvale Co
1%
131
X
300
134 Jan
13-4 Jan
15% Jan Mining Corp of Canada_ •
13-4 Jan
134
Hartman Tobacco Co.....•
12
Jan
Jan
12
9 73.4
100
815 835
•
Corp
8
Jan
234
1 Hazeltine
834 Feb Minnesota Min & Mfg_ •
Jan
Feb 14
6% 12
4
7
25
7)4 1,000
200
. Elecla Mining Co
12
654 Jan
834 Jan Mock Judson VoehrInger_• 12
Jan
61
200
15
Jan 40
;I
•
200 3034 33
Mob & Mid Pow 1st prof..' 3555 39
% Jan
M Jan
Helena Ruberusteln
934 Jan
100 14
734 Jan
37
Jan 42
Hayden Chemical
10 3815 383-4
Molybdenum Corp vs e_ I
Jan
254
715
834 4,700
Jan 13534 Jan
127
2
135
Iiolophane Co
•
310' 56
Jan
234 Jan Montgomery Ward A......' 13334 13434
Jan 3134 Jan
814
Hollinger Consol 0 M
2734 30
5 1711 1834 4,800
173-4 Jan 2034 Jan Montreal Lt lit & Pow_ •
---- ------ II9 834 30
Holly Sugar Corp corn.....' ____
Jan 3235 Jan
Moody's Investors Service
Jan 2534 Jan
200
115 2
23
135 Feb234 Jan
134
•
, Horn (A C) Co corn
150 1634
Partin preferred
• 2434 2511
2154
Jan
• 20
Jan 20
350 1554 20
20
100
63-4
' Horn & Hardart
20
Feb2434 Jan Moore Drop Forging A....' 20
90 8334 10234 Jan 10415 Jan Moore Ltd pref A - -100
Jan 12534 Jan
125
90
7% preferred
100 10254 103
X Jan
1115 Jan
X Jan
X
1331 Jan Mountain States Power_ •
Hud Bay Min & Smelt_ _ _• 1234 1234 3,400
734
• 45
434 Jan
4634 2.300" 2234 44
445 Jan
Jan 4835 Jan Mountain Producers. _ _ ..10
Humble Oil & Ref
334
434 411
200
Jan
10511 Jan 110
Huylers of Delaware Ino20 100
_ountsin Ste Tel& Tel 100 10934 110
Common
Jan 7834 Feb
1
Jan
Jan Murphy(0 C)Co_ .. ___.• 76
1
911
1
200 3154 72
7815
23
Jan 2635 Jan Nachman SprIngfilled_
7% pre stamped_ _ _100 --------------23
.
834 Jan
9 431
834 Jan
•
431 Jan Nail Hellas Hess nom_ __ i
434 Jan
314
Hydro Electric Securities _* ---- ---- -----254 Jan
114 Feb
134
254 20,200
134
2%
Jan
335 Jan Nat Bond & Share CorP--* 2954 30
235 Jan
5
Hygrade Food Prod
300 2854 2
934 Feb30
600 17
231 334
Bygrade Sylvania Corp *
26
Jan 31
Feb Nat Dairy Products
5 30
100 10
1354 Jan
30
Jan
Feb107
19
Illinois P & L $6 pre!
103
Feb
377 80
7% prat class A
100 103 105
100 1735 1854
600 10
Jan
14
Jan
1334 Jan
13
1415 Jan National Fuel Gm
6% preferred
1,700 1234
• 1334 1315
___ ------ 3415 3435 Jan 3415 Jan National Investors nom_ _1
151 Jan
134 Jan
1
1,300
' Illuminating Shares Co A.* ____
135
134
Jan
66
Jan 66
120 35
1 60
$5.50 preferred
' Imperial Chem Industries
62
%
6
100
934 954
%
935 Jan
118 Jan
934 Jan
Amer dsposit rata ___,EI
hi Jan
Warrants_
300
if
1734 Jan NM Leather corn
1615 Feb
Imperial 011 (Can) eoup__• 1634 1615 4,800 1014
1
•
1
115 Jan
1
Jan
fi
400
•
1634 Jan
Registered
17
11)4
Jan
47
Feb 5334 Jan
1,500 32
• 47
National P & L $8 pref
503.4
100
13
13
1334 Jan Nat Rubber Mach
Feb
9)4
Imperial Tob of Canada_ -5 13
535 Jan
•
7
83-4 Jan
2
1,600
754
14 Jan
Nat Service common
1
41
X
11 Jan
X
400
' ImperIcal Tobacco of Great
200 2335 3435 Jan 3334 Jan
11 Jan
Britain and Ireland_ __£1 3434 3415
% Jan
14
Cony part preferred- •
,
100
4
4
10
435 Jan
354 Jan
354
3135 Jan 3334 Jan
• 3235 3335
Nat Sugar Refining
300 29
' Indiana Pipe Line
National Transit__ _ _ 12.50
Indianapolis P & L-634
714 Jan
611 Feb
614
600
755
25 48
55
65
100 65
Jan 65
Feb Nat Union Radio nom- 1
35 Feb
M Jan
.16
300
14
35
634% preferred
Indian Ter Ilium 0119
Jan
1,500" 354
•
8
834
Natomas Co
734 Jan
154 Jan
3
335 Jan
Jan
•
3
114 Jan Nehl Corp corn
Non-voting class A ... _ _• --------------1
3
11
100
Neisner Bros 7% pref_ _100
Industrial FinanceJan 9354 Jan
2031 92
115 Feb Nelson(Herman)Corp_ _5
115 Feb
15
200
1
155
Jan
13-4
8
2
V t c common
73-4 Jan
3
21
334 Feb Noptune Meter class A__ _•
Jan
436 434
234
100
Jan
9
200
8
7% preferred
75-4
754 Feb
354
1,500 84)4 5334 Jan 5534 Jan Nestle-Le Mur class A_ •
534 Jan
Insurance Co of N Amer_10 5315 5415
554 Jan
1
Jan
International Cigar Mach•--------1834 30% Jan 3215 Jan Nov-Calif El Corp nom 100
3511 Jan 40
6
5 1234 z2;4
215 Jan
New Bradford 011
2% Jan
1%
Internat Hydro-Elee9
7
Jan
811
175
934 Jan
5511
New Jersey Zinc
25 53
711 3
50
1,150 4711 53
Pref $3.50series
Feb 5875 Jan
'
13
Jan
154
13-4 Jan
154
11
200
153-4 Jan New Max & Ariz Land _ _ ..i
734
Internat Mining Corp....1 1314 1434 1,900
234 Jan
514 Jan
215
531 654 2,000
3611
35
Feb 4011 Jan
1,400 34
634 Jan New mont Mining Corp_ 10 35
Warrants
•
2814 Jan 3134 Jan New Process com
12
Jan
Jan
12
3015 7,800 1531
International Petroleum_• 29
1034
Jan
N V & Honduras Roeario10 3334 3535
2934 Jan 3114 Jan
211
200 1734
333.4 Feb 39
Registered
For footnotes see page 949.
•
946
Financial Chronicle
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Jan.31
1935
Feb. 9 1935
-
Range Since
Jan. 1 1935
Week's Range
of Prices
July 1
Sales 1933 to
Jan.31
for
Week
1935
Range Since
Jan. 1 1935
Stocks (Coniinued) Par Low
High Shares Low
Low
High
Stocks-(Continued) Par Low
Low
High Shares Low
High
NY Pr & Lt 7% prat_ _100
59
6134 Jan 6134 Jan Schulte Real Estate corn_ •
X Jan
14
34 Jan
$8 preferred
•
539.4 Jan Scoville Nlanufacturing _25 2134 2134
5334 5334 Jan
25 17
233.1 Jan
Jan
21
N Y Shipbuilding CorpSeaboard Utilities Shares_l
% Feb
1,000
%
lis Jan
six
316
Founders shares
1
Jan
12
8
1394 Jan Securities Corp General_•
34
1,500
1
fi Feb
31
134 Jan
N Y Steam Corp com____• 13
14
13
300 13
Feb 1434 Jan Seeman Bros Inc
•
34
483.4 Jan 4834 Jan
N Y Telep 634% pref _100 11634 11734
300 113
11534 Jan 11714 Jan Segal Lock & Hardware__•
%
500
%
X
Si Jan
% Jan
N Y Transit
5
3
314 Jan
100
334 39.4
394 Feb Selberling Rubber com _ __•
234 Feb
234
300
134
234 Jan
234
N Y Wat Serv 6% pfd_ _100 4634 4634
25 20
4634 Feb 4634 Feb Selby Shoe Co corn
•
Jan 2834 Jan
28
1534
Niagara Bud PowSelected Industries ino15
Common
Jan
3
334 334 0,000
Common
3
33,4 Jan
Jan
900
1
1
Si
1
134 Jan
134
Class A opt wars'
800 7
%
y, Jan
lie
% Jan
14
15.50 prior stock
4934 Jan 5634 Feb
200 38
25 55 5634
Class B opt warrants_
iliz Jan
*ix Jan
Allotment Certificates__.. 52
Si
1,450 3734
Jan
4834 Jan 55
543.4
Niagara ShareSelfridge Prov Stores
Class li common
1,000
234
334
29,4 Jan
5
Amer dep rec
334 Jan
234
13.1
234 Jan
£
234 Jan
Niles-Bement
-Pond
• 1194 1134
300
1134 Jan
1336 Jan Sentry Safety Control__ ...•
754
300
A
X Jan
X
14 Jan
34
Niplsaing Mines
1,4006 194
5
234 Jan
234
234
294 Jan Beton Leather corn
3X
•
431 Jan
534 Jan
Noma Electric
100
1
•
1
si
Si Jan
'Ii, Jan Shattuck Dann Mining_ _5
11%
134
Jan
2
I%
134 Jan
Northam Warren pref. •
3
373,4 Jan 3834 Jan Shawinigan Wat dr Power _• 1834 1834
034
1834 Jan
500 1434
1934 Jan
Nor Amer Lt & Pr-Sheatter Pen corn
•
734
22
Jan 2334 Jan
Common
1
X
X Jan
134 Jan Shenandoah Corp com_ _1
1
Jan
1
194 Jan
•
5
$6 preferred
5
100
3
43,4 Jan
6
Jan
53 cony pref
15
100 12
25 15
15
1734 Jan
Jan
North American Match_ •
Jan Sherwin-Williams com_ _25 85
18
2434 Jan 25
88
1,675 is 3294 84
Jan 9031 Jan
North Amer 1.411 Sec_
•
Si Jan
Si Jan
8% preferred A A___108 10934 110
34
50 is 901( 108
Jan 110
Feb
Nor Cent Texas 011 Co__5
134
Jan Simmons-Boardman Pub
2
Jan
2
Nor European 011 com .1
50
A Jan
lif
Si
H
li• Jan
Convertible preferred_ _•
8
8
5
100
Jan
8
Jan
8
Nor Ind Pub Ser6% pfd100 32
25 21
32
32
Feb Singer Mfg Co
Feb 32
100 238 238
10 119
238
Jan
Feb 256
Northern N Y Utilities
Singer Mfg Co Ltd
20 45 34 4534 Jan 51
7% let preferred-100 4534 4534
Jan
Amer dep roc ord reg_ CI
2
3
Jan
Jan
3
Northern Pipe Line
53,4 Feb Smith (H)Paper Mills_ •
511 Jan
454
100
594
10
534
1234
1234 Jan
1234 Jan
Nor Ste Pow corn class A100
1,300
934 1034
83,4
103,4 Fcb Smith (A 0)Corp com _ _ _• 39
934 Jan
40
1,200 1534
29
Jan
Jan 48
Northwest Engineering_'
200
534 6
Jan Smith (L C) & Corona
8
3
53,4 Jan
Novadel-Agene Corp.__• 2034 2134
400 1 1434 2034 Feb 2234 Jan
Typewriter v t c nom_ _•
334
Jan
7
Jan
8
5013 10
Ohio Brass Co cl B com__• 1934 1934
Jan Sonotone Corn
20
Jan
19
200
13,4 13,4
1
13,4 Feb
134
29,4 Jan
Ohio Edison $6 prof
•
---Feb So Amer Gold & Plat
70
Feb
4534 70
434 6.600
334
1
33-4 Jan
134
43,4 Jan
Ohio 0116% prat
200 8134 89
100 9034 9034
Jan
9034 Jan Sou Calif Edison
10 50
Ohio Power 6% prat_ _100 57
Jan
87
8534 Jan 87
5% original preferred_25
17 26
2
Jan
834 Jan 30
011stooks Ltd corn
631 Jan
634
5
1034 Jan
7% pre series A
25 2134 2134
800 1834
2034 Jan 2134 Jan
Outboard Motors B corn_'
200
34
1
1
% Jan
Jan
1
Preferred B
1834 1834
200 1534
26
1734 Jan
Jan
19
• ____
____
1634
Class A cony prof
4
Jan
434 Jan
534% prof series C____25 1634 1634
900 1, 14%
Jan.
17
1534 Jan
•
Overseas Securities
134 Jan
13-4
13,4 Jan South'n N E Telep_ __ 100
100
Jan
104
Jan 104
70027 131
Pacific Eastern Corp
1
29,4 Jan Southn Colo Pow cl A __25
23,4 Jan
234
23-4
1
100'
1
1
34
Jan
1
Jan
Pacific G & E6% let pref25 203,4 2034
900 1834
2134 Jan Southern Corp corn
203-4 Jan
•
%
Si
200
Si
% Feb
Si Feb
25--------------s 1831
5 A % let pref
1834 Jan Southern Nat Gan nom_ _•
1834 Jan
34 Jan
lig
A Jan
Pacific Ltg $6 pref
•
- is 66% 7134 Jan 7414 Jan Southern Pipe Line
4
10
4
200
33i
Feb
4
334 Jan
60017 1 34
Pacific, Pub Say let pref_'
714 734
83i Jan Southland Royalty Co_ _5
73,4 Feb
434
434 Jan
534 Jan
Pacific Tin spec elk
•
-Jan 28
2.5
10
Jan South Penn 011
1,400 1534
2234 Feb 2334 Jan
25 2234 2334
43'%
1,600 3134
Pan Amer A irwaYS.---10 42
393-4 Jan 4351 Feb So-west Pa Pipe Line...50 523,4 5234
50 3434 50
Jan 523,4 Feb
Pantepec 011 of venni_ _ _•
2,000
134
114
X
23,4 Jan Spanish dt Gen Corp
13,4 Jan
Paramount Motors
49,4
434
200
1
33.4 Feb
394 Feb
Am dep rcts ord bearer51
334
34
34 Jan
3,4 Jan
4
333.4 34
Parke, Davis & Co
1,300 1934 3231 Jan 3434 Jan Spiegel May Stern
Parker Rust
-Proof corn...." 5834 593,4
500 2 39% 55
Jan 6454 Jan
63-4% preferred
150 45
100 90
90
Jan
90
Feb 96
Pander (David) cl A ____. 34
100 2434
34
34
Feb 36
Feb Standard Brewing Co _ _ _ _•
Si Jan
800
94
34
Si
34 Jan
7
Class B
*
7
200
7
Feb
8
Feb Standard Cap & Seal corn _5
7
23
2934 Feb 3234 Jan
Peninsular Toler, com__-_• --------------5
Jan
6
Jan Stand Investing $5.50 pf_• 1531 16
8
250 1034
1531 Feb 173.4 Jan
Penn Men Fuel Co
1
Jan
Jan Standard 011(KY)
11
8
234
10 1934 2034 5,100 1334
18
Jan 2134 Jan
Pennroad Corp v to
445
134
1
17,4
134 Jan
334 Jan Standard Oil(Nab)
134
26
100
Jan
9
834
834 83,4
83-4 Jan
Pa Gas & Elec class A _ __ _• --------------6
Jan Standard Oil(Ohio) corn 25
Jan 10
10
14
1434
600 1231
1634 Jail
1334 Jan
Pa Pr & Lt $7 pref
• --------------743,4 8034 Jan 8414 Feb
5% preferred
100 9134 95 .
Jan
50 7634
933.4 Jan 95
$6 preferred
•
Jan Standard P & Lenin
Jan 77
7234 77
•
134
300
134
13,4
134 Jail
13,4 Jan
Pa Water & Power Co _ __ _• 55
57
300 4134 533i Jan 57
Feb
Preferred
•
10
1154
Feb
1214 Jail
Pepperell Mfg Co
82
200 6534 z73
100 573
Feb 8934 Jan Standard Silver Lead _ _ _ _1
Si
7 s 3,300
sis
Si Jan
911 Jan
Perfect Circle Co
•
9 21
Jan Starrett Corporation
Jan 33
33
1
%
Si
100
iiir
Si Feb
34 Jan
Pet Milk Co 7% pref_100 115 120
40 9034 115
Feb 130
Feb
6% preferred
134
10
13,4
400
34
13-4 Jan
13,4 Jan
Philadelphia Co corn
534
100
534
•
Jan Stein (A)& Co corn
8
534 z 534 Feb
• 10
10
25
5
10
Feb
1034 Jun
Philip Morris ConsolInc 16 16
1,600
1734
234 16
Feb 1934 Jan
834% Preferred
100 106
107
50 80
103
Jan 107
Feb
Phoenix SecuritiesStein Cosmetics
•
hi 2,600
34
31
31 Feb
14 Jan
Common
134
1
134 1,000
S4
Jan Stetson (J B) Co corn_
2
19-4 Jan
•
754
1131 Jan
1414 Jan
$3 cony prof ser A _ _ _10 --------------1634 29
Jan 3334 Jan Stinnes(Hugo)Corp
1
•
2
Jan
2
Jan
Pie Bakeries corn v t e_.• -- •
- -- --334
1094 Jan Stroock (5)& Co
834 Jan
4%
631 Jan
634 Jan
Pierce Governor com
•
1155
.
2
1
Jan
234 Jan Stutz Motor Car
234 534
3
•
1,300
33-4
134
234 Jan
334 Feb
Pines Winterfront
25
• 1 134 12
34 Jan Sullivan Machinery
15 Jan
3-i
550
9
511
1131 Jan
1434 Jan
Pioneer Gold Mines Ltd_l
954 105,4 5,700
1134 Jan Sun Inventing corn
93-4 Jan
83-4
•
234
334 Jan
4
Jan
Pitney-Bowes Postage
$3 cony preferred
•
34
41
Jan 41
Jan
Meter
•
534 594
800
23-4
63/ Jan Sunray 011
53-4 Jan
3,200
1
Si
1
I
Jan
13,4
131 Jan
Pittsburgh Forgings
1
234 Jan
4X Jan Sunshine Mining Co__10c 1134 12
2
7,700 10 2.10 1031 Jan
1294 Jan
Pittsburgh & Late Erie.50 58
30 64
57
Jan SwanFirich Oil Corp_ _ 25
Jan 60
5894
15,4
23-4 Jan
23.4 Jan
Pittsburgh Plate Glase_ _25 5511 5834 1,950 3034 5334 Jan 58
Jan Swift & Co
1731 Jan
25 1794 1834 5,500 6 11
193-4 Jan
6 10
Pond Creek Pocahontas- -• -------------2534 Jan 2534 Jan Swift Internacional
15 333,4 3434 2.700' 195.4
31
Jan
353-4 Jan
Potrero Sugar corn
100
Si Jan
5
13-4 Jan Swiss Am Elm pref._ _ _100 51
134
%
13,4
52
150 3234
4534 Jan 52
Feb
Powdrell & A lexander _ _ _• --------------734
.
Feb Swiss Oil Corp
731 Jan 10
100
231
1
1
234
234 Jan
234 Jan
Power Corp of Canada_ __•
934 934
100
934 Feb
7
934 Feb Taggart Corp corn
•
200
134
34
15.4
134 Jan
194 Jan
Pratt & Lambert Co__ _ _• 2931 2934
100 1534 28
Jan Tampa Electric Co com • 24
Jan 30
400 2134
2434
24
Jan 25
Jan
Premier Gold Mining
_1
135 1,700
34
134 Jan
134
11 a 5.000
he
134 Jan Tastyeast Inc class A__ _ _•
Si
he Feb
34 Jan
Pressed Metals of Amer_ _• ____
.
_-_ - - __
1334
• 12
1334 Jan
1334 Jan Technicolor Inc oom
734
1334 2,500
113,4 Jan
1334 Feb
Producers Royalty
six
1
34 4,800
Teck-Hughes Mines
i
he Jan
34 Jan
3,100
34
394 4
33.4
33-4 Jan
434 Jan
Properties RealizationTennessee Elect Prodcuts60 1234
Voting trust ctts_33 1-3c 13
13
1234 Jan
15
Jan
7% 1st preferred__ _ _100 48
125 45
50
48
Feb 50
Feb
Propper McCall Hos Mille
34 Jan
Si
200
Si
34
134 Feb Tennessee Products
•
X
31 Jan
31 Jan
Prudential Investors
53,4
57,4 2,500
•
544 Feb
434
634 Jan Texas 1' & L 7% pret__Ioo 75
50 78
75
75
Feb 75
Feb
$6 preferred
•
Jan 83
83
Jan Taxon Oil& Land Co _ _ _ _•
69
800
534 6
434
544 Feb
934 Jan
Pub Serv of Indian $7[ref ---------------8
8
Jan
1054 Jan Thermold 7% prof
100 28
28
25 20
27
Jan 28
Feb
$6 preferred
5
•
Jan
5
534 Jan Tobacco Allied Stocks__ •
3734 6294 Jan 6234 Jan
Public fiery Nor III com _ _• 18
50• 931
18
18
Feb 1934 Jan Tobacco Prod Exports_ _ _•
234
2
700
Si
2
Feb
29,4 Jan
Common
150
17
9
Feb
16
60 16
Feb Tobacco Securities Trust
17
- • 38
100
7% Preferred
_ Jan
Am dep rcts ord reg_ _ El
Jan 77
77
1834 2374 Jan
Jan
24
Pub Utli SecuritiesAm dep rcts der reg_ _El
634
694
500
534
634 Feb
Jan
7
$7 part preferred
25
34
% Jan Todd Shipyards Corp__ _ _• 2634 27
•
X
3.4 Feb
Si
400 18
2334 Jan 27
Feb
Puget Sound P & LToledo Edison 8% prat 100
51
68
Jan
78
Feb
$5 preferred
• 1434 16
300
1934 Jan
1334 Jan
75(
7% preferred A
583.4 83
100
Jan 86
Jan
$6 preferred
934 10
•
8
100
Jan Tonopah Mining of Nev_1
13
Jan
5
14
%
200
A
34 Feb
% Feb
Pure Oil Co 8% prat_ _100 38
Jan 4434 Jan Trans Air Transport
40
320 3334 38
13-4
1
23-4 Jan
Jan
3
Pyrene Manufacturing--10 --------------134
33.4 Jan
Stamped
29.4 Jan
1
hi
X
900
14
% Jan
94 Jan
Quaker Oats corn
127
108
•
Jan 130
Jan Trans Lux Plat Screen
6% preferred
100 133 134
20 111
Common
133
Jan 13531 Jan
2,500
234 3
1
134
2
Jan
334 Jan
Railroad Shares Corp__.' --------------'ii
X Jan
34 Jan TM-Continental warrants__
200
34
14
Si
34 Feb
Jan
1
Ry & Light Secur corn__'
434
50
Jan
7
7
7
734 Jan Triplex Safety Glass Cony & Utilities Invest A_ _ _1 ____
X
X Jan
____ ______
% Jan
Am dep rcts for ord reg__
1634 185-4
100 113,4
1894 Feb
1634 Feb
Rainbow Luminous ProdTrunz Pork Stores Inc_ •
834
9
Jan
Jan
9
•
xi
.
Class A
s... Feb Tubize Chatillon Corp_ _ ..1
200
lie
sit Feb
Si
434
1,100
534
474 Feb
334
634 Jan
Raymond Concrete PileClass A
1534 16
200
1
934
1354 Jan
Jan
18
• --------------5
Common
5
Jan
5
Jan Tung-Sol Lamp Works
•
254
4
Jan
53,4 Jan
Jan 25
23
$3 convertible preferred • --------------11
Jan
• 33
$3 cony pref
33
100 12
29
Jan 34
Jan
Raytheon Mfg vi 0.-__50C ---------------1
134 Jan
13i Jan
Union American Integ • 2034 21
300 18
20% Feb 23
Jan
Reeves(D) corn
WA
73.1 Jan TJnIon Gas of Can
634 Jan
•
•
45,4 494
500
8
49,4 Jan
59,4 Jan
Reliable Storrs Corp
• -------------811 Jan Union Tobacco eom
514 Jan
634 731 1,400
•
134
'is
Si Jan
Si Jan
Reliance International A.
13.4
Si
•
134
800
134 Feb
134 Jan United Aircraft Transport
234 Jan
Reybarn Co Inc
23i Jan
234
23,4
43( 434
100
134
10
Warrants
100
3
43.4 Feb
Jan
6
Reynolds investing
Jan United Carr Fastener__• 1534 165-4
34
1,200
13-4
134 Feb
134
1
13-4
1,300
534
1431 Jan
17
Feb
Rice Stilt Dry Goods
• 103,4 1034
123-4 Jan United Chemicals
1034 Feb
100°' 634
Richfield 011 pref
1
Jan
1
Si Jan
25
1
500
14
$3 turn & part prat
23
• ---------.---- 13
Jan 25
Jan
X
Richmond Radiator
34 Jan
A
X Jan United Corp warrants
•
Si
1,600
34
li Feb
% Jan
Preferred
•
Jan
211 Feb United Dry Docks corn. •
2
100
13.4
234
234
500
Si
34
h.
91O Feb
_
Ili Jan
Feb
Rogers-Majestic class A ' 734 834
734
834
200
934 Jan United Founders
'is 8,600
Si
1
'is
3.4 Jan
34 Jan
Roosevelt Field, Inc
134 Feb United Gas Corp com _ _ _1
115 Jan
134 134
5
600
Si
13.4 8,100
134
134
IX Feb
13.4 Jan
Root Refining Co
100
Feb
1
Si
Feb
1
Prof non-voting
1
"
• 363.4 383.4
1
1,400 15
3536 Jan 4334 Jan
ROSSIA International
he Jan
•
34
Option warrants
100
34
3i
34 Feb
800
he
Si
9is
31 Feb
XI Jan
1631 Feb
Royal Typewriter
• 1634 1634
Jan United G & E 7% prat _100 60
18
100
834
60
10 48
54
Jan
Jan 62
Ruberold Co
•
Jan United 1.1 & Pow corn A__•
Jan 43
41
25
Ti 1
1,200
Si
% Feb
131 Jan
5
534 Feb
Russeks Fifth Ave
•
13.4
434 Jan
431 534
400
13(
Common class B
234
100
134 Feb
134
134 Jan
Ryan Consol Petrol
134 13i
131 Jan
134 Jan
Si
•
$6 cony let prat
300
•
45-4
43-4
1,200
43,4
611 Jan
434 Feb
Jan United Milk Products_ _ _•
Safety Car Heat & Light100 6534 66
6534 Feb 68
75 35
3
100
3
3
3
3
Jan
Jan
% Jan
St Anthony Gold Mines_ _1
$3 preferred
lie
900
he
X Jan
Si
•
20
29
Jan
Jan 20
13.4 Jan United Molasses Co
10
Feb
Regis Paper com
154 6,300
St
13,4
13.4
154
Jan
27
100 2551 36
7% preferred
Am dep rcts ord ref _ _ _LI
120 1834
2594 Jan
434 Jan
23,4
434 531 1,300
53.4 Jan
Si
Jan United Pront-Sharing__--•
1
Si
Salt Creek Consol 011_ _ _ _1
200
Si Jan
91.
Hie
X
200
14
Si Feb
Si Jan
.
United Shoe Mach com_25 72
631 Jan
1.000
Salt Creek Producers_ _10
5
534 Jan
53-4 6
74
250 6 47
70
Jan 7531 Jan
•
X
Si Jan
Jan
1
Savoy 011
Preferred
30 3051 36
21 3634 3831
Jan
Jan 37
corn
TT s Elec Pow with warr_ _1
Feb3334 Jan
• 2934 31
1.100 13
2934
Schiff Co
34
% 1.200
34
34 Jan
Si Jan
For footnotes 900 Page 940.
Financial Chronicle
Volume 140
TVeek's Range
of Prices
July 1
Sales 193310
for
Jan.31
Week
1935
Stocks (Concluded)
High Shares Low
-Par Low
U 8 Fill6lhing COM
4
•
200
14
13
U S Foil Co Cia98 li
1
534
1034 1134 1,400
U E4 Intl Securities
A
•
400
4
%
1st pref with warr
• 504 51
500 3934
•
zi
l
US Lines pref
30012 1434
U S Playing Card
33
10 32
U S Radiator 7% pref_ _100 __----- ...___ 16 5
U S Rubber Reclaiming_ _.
300
%
4
%
United Stores v t e
4
•
900
4
7
15>t
3
Un Verde Extension _ _.50c
34 3,900
24
United Wall Paper
•
1
Universal Consol 011 Co _10 --------------1.20
Universal Insurance Co_8 --------------534
Utah Apex Mining Co
134
54
5
900
A
25 1334
Utah Pow & Lt $7 pref
• 194 1934
Utility Equities Corp_ _ _•
14 2,900
114
4
Priority stock
48
100 30
• 48
Utility & Ind Coro
%
•
Cony preferred
•
I
Util Pow & Lt corn
%
4 1,5009
1
14
V t e Cl888 B
4
1
7% preferred
44 4%
50
4
100
Venezuelan I'etroleum_ __A
4
700
"le
14
Vogt Manufacturing
9
•
9
100
24
Waco Aircraft Co
•
4% 5
400
5
Waltt J. Bond cl A
•
834
Class 11
34
300
•
34
1
Waigreen Co warrants__
100
134 1%
19.4
Walker(Hiram)-Gooderlyrn
& Worts Ltd corn _ _ . 29
3034 4,300 2034
Cumul preferred
• 1734 1714
200 1214
Walker Mining
Ii
1
Watson (John Warren) _• -- -- - __
4
Wenden Copper
iie 1,i6
1
34
yi
Western Air Express _ _ _ _10 --------------7
New corn
1
1,
'
2
Western Auto Supply A • 5414 56
600 17
Western Cartridge pref _100 --------------6234
Western Maryland RY
7% 1st preferred _ _ __10035
Western Power 7% pref 100 --------------65
--Western Tab & Stat v t c.• 12
13
400
614
West Texas utilities Co•
$6 Preferred
34
34
25 22
Westvaco Chlorine Prod7% preferred
100 10234 10234
75 60
West Va Coal & Coke_ _ •
334 434 4,100
.
4
Williams(R (2)& Co
• --------------11
WU-low Cafeterias Ina_ __I
%
1,19
200
34
cony
5
Wilson-Jones Co
preferred. 2134 21%
•
200
9
Woodley Petroleum
I
4
4%
1,500
2
Woolworth(F WI LtdAmer deposit rats _ _ _I5a --------------173,4
.
Wright-Hargreaves, Ltd
834 8% 9400
54
Yukon Gold Co
5
34
34
400
9>
BondsAbbott's Dairy tis_ -1942
Alabama Power Colet & ref 58
1946
ist & ref 51
1951
let & ref 5a
1956
1st & ref 58
1968
1st & ref 414s
1957
Aluminum Co n f deb 58'52
Aluminum Ltd deb 56 _ 1948
Amer Commonwealth Pow
Cony deb 65
1940
5445
1953
Amer Com'ity Pow 54s 53
Amer & Continental 561943
Am El Pow Corp deb 6s'57
Amer 0 & El deb 55_2028
Am Gas & Pow deb 60_1939
Secured deb 5a
1953
Am Pow & Lt deb (is _ _2016
Amer Radiator 44s _ _1947
AM Roll Mill deb 5s.._1948
Amer Seating cony 68_1936
Appalachian El Pr 55_1956
Appalachian Power 53_1941
Deb 64
2024
Arkansas Pr & Lt be._1956
Associated Elec 44s_ _1953
Associated Gas & El CoCony deb 534s
1938
Cony deb 434e C_I948
Cony deb 4148
19418
Cony deb 55
1950
Deb 58
1968
Cony deb 54s
1977
Aliso° Rayon tia
1950
Assoc Telephone Ltd 5665
Assoc T & T deb 5445 A 'bb
A8800 Telep Utll 5 4n_1944
Certificates of depoisit _
68
1933
Ctfs of deposit
Atlas Plywood 5%a_ _1943
i iald win Loco Works(Is with warr
1938
.
68 without warr _ _ _1938
11011 'Felon of Canada151 61 as series A_ _ _1951
1st M 6s series B1957
5a series C
1960
Bethlehem Steel 68_1998
Binghamton L 11 & P58'46
lit rmingham Ellie 4%a 1968
Birmingham Gag 55-1959
itoeton Consol Gas 50_1947
Broad River Pow 5g. _1954
Buff Gen Elea 141; __1939
Gen & ref be
1946
Canada Northern Pr 58 '50
Canadian Nat RY 78. _1935
Canadian Pac Sty 68._1942
Capital Adminis 58.__1953
Carolina Pr & Lt 56_ _ _1956
Cedar Rapids M & P Ss '53
Cent Ariz Lt 5c Pow 561960
Cent German l'ower 681934
Cent III Light 5e_..,1943
Central 111 Pub Service5s series E
1958
1st & ref 414s tier F_1967
&sautes°
1968
43.4% series II
1981
Cent Maine l'ow Se D_1955
494s aeries E
1957
cent Ohio Lt & Pow 6e1950
Cent Power ts see D_ _1957
Cent Pow & Lt 1st 58_1958
Cent States Else 5a_ _ _1948
5145 ex-warr
1954
Cent States P & L 5%a_'53
Chic Dist Else Gen 4 45'70
Range Since
Jan. 1 1935
Low
14 Feb
1011 Feb
34 Jan
4734 Jan
4 Jan
304 Jan
Jan
16
4 Feb
% Jan
Jan
3
234 Jan
314 Jan
Jan
7
34 Jan
Jan
16
14 Jan
4334 Jan
A Jan
14 Jan
% Jan
4 Jan
Jan
4
Tit Jan
Jan
8
4% Feb
Jan
b
35 Feb
134 Jan
Week's Range
of Prices
High
2
Jan
1334 Jan
Jan
1
51
Jan
4 Jan
334 Jan
17
Jan
4 Feb
134 Jan
334 Jan
34 Jan
54 Jan
Jan
7
14 Jan
20
Jan
114 Jan
48
Feb
34 Jan
14 Jan
34 Jan
Jna
1
6
Jan
4 Jan
9
Feb
54 Jan
8
Jan
1
Feb
144 Feb
3134
1734
14
4
Irs
134
314
5834
984
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
5534 Jan60
764
764 Jan
Feb14
12
Jan
Jan
Jan
28
Jan34
Feb
99
334
1634
Jan 10234 Feb
Jan
4% Jan
Jan
1734 Jan
lilt Feb
Jan
Jan
6
Jan
2234 Jan
Jan
Jan
414 Feb
2534
1611
%
14
44
1134
2
53
98
9,11
5
18
314
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
26% Jan
84 Jan
% Jan
28
93,4
%
Jan
Jan
Jan
$
884 102
Jan 103
Jan
76,000
37,000
31,000
70,000
109,000
7,000
21,000
884
63
5444 8334
55
834
73
474
6614
44%
924 10511
9731
59
Jan 96
Jan 91
Jan 9154
Jan 85
Jan 7834
Jan 10734
Jan 101
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5.000
3,000
964 9614 9,000
914 911 19.000
95
984 294,000
21
2334 58,000
184 22 132,000
5394 5614 229,000
1054 106
11,000
9715 9814 71,000
804 8114 11,000
1034 104
93,000
108% 1064 2,000
9014 92
7,000
8244 8434 173,000
3154 3344 75,000
4
14
44
34
1%
294
93
78
911
84
34
8934
1314
18
1734
1244
384 504
97% 103%
97%
82
74
41
64
101
99
10634
58
844
73%
50
2034 3134
Feb4
54
Jan
Jan
24
Jan9411
Feb104
Jan9814
Jan
2711
Jan 23
Jan 60
Jan 106
Jan 100
Jan 834
Jan 105
Jan 108
Jan 93
Jan 8434
Feb 3534
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
18
1834
1534 154
144 1534
154 174
164 1634
1794 1814
74
74
10134 10134
70
7294
16
1514
1434 1514
2314 2434
2274 224
83
83
7,000
6,000
56,000
64,000
46,000
9,000
1,000
5,000
87,000
50,000
60,000
6,000
1,000
3,000
12
914
934
11
114
II
3845
764
34
9
8
134
134
47
1734
154
1454
1544
154
1714
69
99
5714
1414
144
20
20
814
Jan 20
Feb 164
Feb 1514
Feb 1754
Feb 174
Jan 194
Jan 74
Jan 102
Jan 7234
Jan
164
1634
Jan
Jan 244
Jan 23
Feb 813
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
68
73
74,000
584 6214 104,000
8014
50
68
Feb81
584 Feb68
9211 9511
8914 9031
89
904
80
83
734 7515
106 106%
9811 994
%
44
4
Si
11094 1114
1114 11214
11316 1134
1264 1284
10494 10444
7514 78
8034
60
108% 109
73
7511
10734 10734
109 109
994 100
10154 10134
11011 11114
94
94
90
9211
111 11194
93)4
92
4044 4044
80
714
80
72
81
7414
8144
7434
9834
7844
6414
684
274
274
5531
9614
9811 62.000
80
19.000
6534 28,000
6934 117,000
2834 126,000
284 100,000
5634 74,000
984 154,000
For footnotes see page 949.
21,000
41,000
3,00
14,000
1,000
85,000
19,000
3,000
15,000
5,000
1,000
19,000
12,000
71,000
1,000
140,000
4,000
90,000
1,000
17,000
81,000
35,000
17,000
98
97
97%
102
7634
453.4
3834
10254
29
1024
102
71
10034
98
65
4634
9434
724
3334
99
1091
4
11194
11234
1264
10234
6944
56
110734
70
1064
10734
99
10134
110
883.4
834
11034
89
3944
10734
Jan 11254
Feb11374
Jan 114
Jan 1284
Jan 104%
Jan 78
Jan 62
Jan 109
Jan
7534
Jan 10934
Jan 109
Jan 1014
Feb 101%
Jan 112%
Jan 94
Jan 9334
Jan 11154
Jan 94
Jan 42
Jan 108
947
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
50
763.4 Jan 84
Jan
464 67
Jan 77
Jan
49
75
Jan 833.4 Jan
46
8711 Jan 7614 Jan
80
101
Jan 10374 Feb
72
9534 Jan 994 Jan
5544 72
Jan 80
Jan
3744
59
Jan 69
Jan
3734 5954 Jan 7234 Jan
2744 Feb3244 Jan
25
2744 2744 Feb3344 Jan
29
4894 Jan 5714 Jan
9244 Jan 9894 Feb
62
July 1
Sales 1933 to
for
Jan.31
Week
1935
Range Since
Jan. 1 1935
Low
Bonds (Continued)High
S
Low
Low
111th
Chic Jet Ry & Union Stk
Yards Es
1940 --------------90
10534 Jan 1074 Jan
Chic Pneu Tools 534s1942 98
984 22,0111 5134
8734 Jan 994 Jan
Chic Rye Es We
67
5,000 43
1927 66
6534 Jan 71
Jan
Cincinnati Street Ry8134 4,000 4034 60
54s series A
1952 GO
Feb 644 Jan
138 series B
1965 --------------47
71
Jan 74
Jan
40
13,111 2854 35
Cities Service 5a
1986 35
Feb 4334 Jan
Cony deb 58
1950 334 384 456,000 284
3315 Feb 4034 Jan
Cities Service Gas 514s '42 69
95,000 4334 6334 Jan 7534 Jan
72
Cities Service Gas Pipe
Line 58
1943 894 8934 21,000 55
8411 Jan 90
Feb
C1t1e/sServ P& L 544a 1952 3134 3434 160,000 27
314 Feb 3634 Jan
5348
1949 324 35
54,000 2734
3234 Feb 374 Jan
Cleve Elea Ill 1st 58_1935 105 1054 60,000 103
1034 Jan 1054 Feb
5,000 1014 10611 Jan 111
Es series A
1954 1094 111
Feb
1124 Jan 114
5e series B
1961
Jan
102
Commeraund Prtvat
1937 4334 464 48,000 33
Bank 5348
374 Jan 4634 Feb
Commonwealth Edison
1st M 58 aeries A _1953 1104 11134 24,000 8644 10934 Jan 11134 Jan
Jan 1114 Jan
1954 1104 111
18,000 8634 109
1st M 5s series B
let 448 series C_ _ _1956 107 108
7,000 80% 10534 Jan 108
Jan
let 445 series D 1957 10634 1074 5,000 794 10444 Jan 10714 Jan
let 44s series E......1960 102% 1034 30,000 soy, 1024 Jan 10434 Jan
1st M 4s series F
1981 9844 9931 264,000 694 9411 Jan 994 Jan
Jan 109
5%sserfea G
1962 1074 10334 48,000 9234 107
Jan
Com'wealt h Subald 5%6'48 91
9234 48,000 54
85
Jan 944 Jan
Community Pr & Lt Os 1957 5334 55
45,000 3334 5334 Jan 5834 Jan
Connecticut Light & Powe
,
1194 Jan 1194 Jan
1951 --------------112
7s series A
1954 11034 11034
11034 Jan 112
1,011 104
Jan
5449 aeries 0
1956 10845 10844
1,000 9834 10834 Jan 10834 Jan
4 %a series C
10835 Jan 10934 Jan
be series D
1962 --------------102
21,000 8734 10334 Jan 106
Jan
Conn River Pow ba A 1952 10434 105
Consul GE L& P 4%81935 10041 10034
1,000 10034 10034 Jan 10034 Jan
Stamped
10034 1004 Jan 10014 Jan
Consol Gas (Balto CltY)Jan 112
Jan
1939 --------------10034 111
68
Jan
9934 1144 Jan 116
Gen mtge 434s
1954 115 11544
5,00
Consul Gas El Lt & P (Balt>
2,000 10134 1084 Jan 10934 Jan
1969 1094 110
4348 series 0
Jan 10934 Jan
1970--------------9634 109
4%s series!'
1981
% 1i 7,8834 10634 Jan 108 Jan
1st ref a f 4a
Consol Gas UM Co
Jan 5.144 Jan
1st & coll 65 ser A_ _1943 53
51
54
39,000 33
44 Jan
44
414 514 4,00
Cony deb 6 48 w w _1943
54 Feb
Consul Pub 714s st pd _1939 --------------70
8734 Jan 8734 Jan
1074 Jan 10834 Feb
Consumers Pow 414s 1958 10734 1034 24,000 88
Jan
lst & ref 5(i
1936 10334 10334 19,000 10034 10344 Jan104
Jan
Jan 52
Conti Gas & El be_ _ _195S 4634 4834 242,000 33
42
Cosgrove-Meehan
Jan
94 Jan
8
24
1945
931 914 17,000
Coal Corp848
Jan
Jan 103
Crane Co U.__ Aug 1 1941 1024 1024 7,000 7734 102
Crucible Steel 55
1941
984 994 25,000 6034 9834 Feb 10034 Jan
50
Jan
Cuban Telephone 7340 1941
653.4 Jan 74
Jan 484 Jan
45
Cuban Tobacco ba-1944 4814 4834 1,000 35
Jan
Cudahy Pack deb 6 A s 1937 1033410334 44,000 9334 10334 Jan 104
1946 1054 1074 49,000 102
1054 Jan 10714 Feb
s f 5s
954 Jan 0034 Jan
Cumberld Co P& L 448'58 074 99
40,000 85
Dallas Pow & Lt 6.9 A_1945 109 109
2,000 10034 10834 Jan 10934 Jan ,
Jan ,
58 series C
1952 1043410434
1.000 94
10454 Feb 106
Dayton Pow & Lt 5a _ _1941 108 1084 9,000 99% 10734 Jan 1084 Jan "
Delaware El Pow 54a....'5i
, 894 90
884 Jan 904 Jan !
56,000 85
Denver Gas & Elec 5s..1945 10634 10834 14,000 9234 10534 Jan 10834 Feb
Jan I
Jan 86
Derby Gas & Elec 5,s_ _1948 844 85
15,000 5834 83
99
Jan 10234 Feb 4
83,000 76
Det City Gas 8s ger A..1947 101 102
1950 9534 9634 87,000 8714 914 Jan 9634 Feb
55 lat series 11
Detroit Internal Bridge
4
Jan
Jan
3
Aug. 1 1952
8345
214
3,000
334 4
Jan
1%
334 Jan
2
____ __
Certificates of deposit_ ____
Jan
1
34 Jan
Aug 1 1952
Deb 7s
4
34
44 2,000
14 Jan
14 Jan
___ _-_
Certificates of deposit_ ____
14
10134 Jan 1024 Jan
Dixie Gulf Gas 6%5_1937 102 10216
5,0(515 76
Jan 10714 Feb
1967 10734 10745 9,000 85
105
Duke Power 448
Jan
18
Eastern UM Invent 5s_1954 ---- ----------10
1634 Jan
334 Feb3814 Jan
Elea Power & Light 58_2030
22
101,
334 364
Jan
8544 Jan92
Elmira Nat,Lt &RR 513'56 --------------55
Jan
El Paso Elec 58 A._ _ _1950 93
64
93
8934 Jan 04
1,
El Paso Nat Gas 640_1943
Feb
Jan 95
With warrants
9444 9434 11,000 5634 91
Jan
904 Jan 95
1938 94
1,000 25
Deb 634s
94
Jan 774 Jan
Empire Dist El be__ _1952 75
67
7634 11,000 46
54
Jan 654 Jan
Empire 011 & Ref 53;81942 5944 624 81,000 41
Ercole Marelli Else Mfg
Jar)
1953
6614 6641 Jan 69
__ _
6445 A ex-ware
Jan
Jan 103
100
Erie Lighting 5e
78
1987 1E1144 10234 _
European Elea Corp Ltd
Jan
Jan 89
634s x-ware
1985 8734 88
7,000 694 85
European Mtge Inv 78 C'67 5234 544 37,000 24
52
Jan 5515 Jan
Fairbanks Morse 5a..1942 994 9934 33.000 58
963
4 Jan 100
Jan
384 5514 Jan 5514 Jan
Farmers Nat Mtge 78_1983
Jan
Federal Water Serv 548'54 35
314 Jan 39
374 40,000 15
Finland Residential Mtge
Jan 10034 Jan
Banks 6s-55
1961 100 100
5,000 5834 100
984 Jan 9934 Jan
Stamped
9834 9874 28,000 86
Firestone cot mills 5s.'48 10334 104
Jan
10234 Jan 105
44,000 85
103% Jan 1054 Jan
Firestone Tire & Rub be'42 103% 104
47,000 89
Jan 83
Jan
Fla Power Corp 5445.1979 767-4 7914 41,000 48
76
Florida Power & Lt 581954 7014 734 281,000 4434 6844 Jan 78
Jan
Gary Elan & Gas 50 ext _'44 6735 683,4 18,000 6341
8344 Jan 7131 Jan
Gatineau I'ower let 58 1956 9614 974 99,000 71 34
903
4 Feb 9914 Jan
9514 Feb 9911 Jan
Deb gold (18 June 16 1941 9534 964 29,000 68
Jan 9814 Jan
Deb 68series II
1941
95
953,4 974 33,000 62
Jan
General Bronze 8a_ _ _1940 93
Jan 94
00
9314 5,000 55
General Motors Acceptance
5% aerial notes...,..J935 10034 10034 11,000 10044 100% Feb 10134 Jan
5% serial notes
Jan
1936 10114 1015-4
10145 Jan 102
1,000 101
General Pub dery be -1953 8244 8244
Jan
824 Feb 84
1,000 54
Gen pub utii 6 48 A196s 5434 55
Jan
70,000 233.4 514 Jan 57
General Rayon 8s A_1948 57
Jan 57
56
Feb
5,000 38
57
Gen Refractories Cs _ _193b
.
_
90
With warrants
148
Jan 1804 Jan
Without warrants
10144 Jan 10234 Feb
jai" iiiiii - 8,065 85
Gen Vending 65 ex war '37
4
Jan
54 Feb
54 534
1,000
2
Certificates of deposit_ _
.
6,000
Jan
Jan
2
5
5
4
5
Gen Wat Wks & El 5s_ 194e 634 65
28,000 3834 5634 Jan 6594 Jan
Georgia Power ref 58_ -1987 8634 8714 202,000 5454 8115 Jan 8954 Jan
Georgia Pow & Lt Es_1978 62
584 Jan 66
Feb
66
35,000 40
Geafurel (13 x-warrants 1963
30
5234 Jan 5834 Jan
Gillette Safety Razor 55'40 105- 11
.6- 7
_ ___ 93
103
Jan 1054 Feb
Glen Alden Coal 48___1965 874 88% 121,000 53
8434 Jan 885% Jan
Gobel (Adolf) 64a. _ _1936
with warrants
Feb
8114 92 422,000 69
7314 Jan 02
Godchaux Sugar 748_1941 10634 10614 4,000 95
10814 Jan 107
Pan
Grand Trunk RI 6 1414 1936 105 105
Jan 10534 Jan
27,000 985% 105
Grand 'I runt West 4s-1950 88
8914 28,000 63
Jan 9214 Jan
88
Great Northern Pow 58'35 1024 10234 6,000 9314 10111 Jan 10234 Feb
5s stamped
1950 10294103
11
10234 Feb 103
Feb
Great Western Pow 581946 10834 10844 7,000 9334 107
Jan 10844 Feb
Guantanamo & West tki'58 23
8,000 10
Jan
24
1734 Jan 28
Guardian Investors 56_1948 34
34
2,000 24
334 Jan 38
Jan
Gulf 011 of Pa 5s
1937 10434 10514 36,000 9945 10454 Feb 10554 Jan
58
1947 106 1064 53,000 97
Feb 10714 Jan '
106
Gulf States 13111 5s _ _ _1956 95
9634 81,000 82
9434 Jan 99
Jan '
4348 aerie. B
1961 9134 91% 10,000 55
8714 Jan 934 Jan
Backensaca Water 58_1938 ____
___
___ 9831 1084 Jan 10934 Jan
197798
be series A
_
1055-4 Jan 10594 Jan
--,aao
4
Financial Chronicle
948
Week's Range
of Prices
July 1
Sales 1933 to
Jan.31
for
1935
Week
Range Since
Jan. 1 1935
Feb. 9 1935
Week's Range
of Prices
July 1
Sales 1933 to
Jan.31
for
Week
1935
Range Since
Jan. 1 1935
Low
Low
Bonds (Continued)Low
High
High
Low
Bonds (Con lucled)High
$
Low
High
Low
$
Feb
Jan Narragansett Elea Eis A '57 10544 106
Hall Printing 6 4._ _._ 1947 74
13,000 813,4 1044 Jan 106
7145 Jan 80
56,000 60
76
Jan 10531 Feb
Feb
Jan 51
Hamburg Elect 7s _ _ _ _1935 48
44
be series B
1957 1054 1054 21,000 934 104
7,000 43
51
Jan
10014 Jan 102
Hamburg El Underground
98
Nassau & Suffolk Ltg ba '45
Jan
7111 Jan 79
1938 4041 4031
Jan 4041 Feb Nat Pow & Lt Ils A_ _ _2026 75
& St Ry 548
35
7741 52.000 61
3,000 28
61% Jan 684 Feb
84
Deb ba series B_-_ _2030 654 6814 209,000 42
Jan 884 Jan
Hood Rubber 154a---1936 88
1,000 55
88
1936 914 92
Jan 9245 Jan Nat Public Service ba 1978
in
87
7,000 65
634 Jan
54
46.000
Jan
Houston Gulf Gas 6s_ _1943 953-4 964 35,000 40
93
53-4 Jan
Jan 97
Certificatea of deposit _ _ _
Jan
10735 Jan 110
Jan Nebraska Power 44a_ 1981 10945 110
Feb 85
11,000 83
6348 with warrants-1943 80
7.000 294 80
82
Jan
10544 106
6,000 7014 10145 Jan 106
Houston Light & Poweres series A
2022
Jan
Jan 95
90
13,000 35
lot 58 ser A
1953 1054 106
7,000 9135 10554 Jan 10634 Jan Nelener Bros Realty (is '48 9035 92
37.000 64
68
Jan 7711 Jan
1st 444s ser D
75
1978 10244 10341 13.000 79
10245 Feb 113434 Jan Nevada-Calif Elea 55_1956 74
1004 Jan 10235 Jan
Jan 1064 Jan New Amsterdam Ga 66.'48 10111 1014 20.000 85
1st 4455 ser F
104
1981 105 10535 30,000 80
5444 105,000 34
Hudson Bay M & S 68_1935 --------------10231 10231 Jan 10515 Jan
NE Gas ek El Assn 58_1947 52
503-4 Jan 5834 Jan
Hung-Italian Bk 748_1963 ---------------44
Jan
55
Cony deb be
Jan 55
3
1948 5 44 544 9,000 3331 5034 Jan 5831 Jan
5541 90,000 3345 50% Jan 5844 Jan
Hydraulic Pow bs__1951 1054 1054 2,000 00
Cony deb ba
10545 Feb 10734 Jan
1950 52
5844 78,000 4614 5445 Jan 6111 Jan
Feb New Eng Pow Assn 53_1948 57
58
1950 112 112
7,000 10045 1114 Jan 112
58
Jan 6435 Jan
HYgrade Food ProductsDebenture 544s_ _ __1954 614 6344 85,000 50
Jan
4744 Jan 61
es series A
Jan 6444 Jan New On Pub Baty 434s '36 6841 5941 46,000 3214
1949 57
604 23,000 404 55
304 Jan 404 Jan
Jan
Jan 62
es series B
60
(is series A
42
1949
1949 3414 364 18,000 25
79
14,000 56
Feb
Jan 79
77
Feb N Y Central Flee 54s '50 77
Idaho Power 5s
10546 Jan 107
1947 1064 107
17,000 86
Illinois Central RR ea 1937 704 76
N Y & Foreign Inventing
8041 Jan
70k Jan
20.000 72
Jan
1,000 55
90
Jan 90
Ill Northern Ut115s _ _ 1957 10445 104% 14,000 824 102% Jan 106
Jan
534s with warrants _I 48 a90 a90
1014 Jan 1034 Jan
7544 Jan 8744 Jan N Y Penna & Ohio 434n .35 102 10344 48.000 89
111 Pow & L let 88 ser A '53 814 844 95,000 48
8934 Jan 9634 Jan
N Y P&L Corp 1st 444s '67 9444 96 162,000 73
let & ref 545 ser B_1954 7741 80
Jan
6944 Jan 85
40,000 46
Jan 9131 Feb
9131 158,000 584 85
1s1 & ref 55 net C....1956 754 7744 111,000 4231
663-4 Jan 784 Jan NY State G & E 445_198n 88
1962 102 103
Feb
11,000 77
9945 Jan 103
St deb b 44 it
May 1957 62
let 534,
Jan 6731 Jan
57
644 79.000 32k
10.000 81
9914 Jan 10244 Jan
Indiana Electric Corp-N Y & Weetch'r Ltg 4a 2004 100 100
1,000 96
1954 10741 1074
10431 Jan 1074 Feb
Jan 7941 Jan
65 series A
1947 74
Debenture 58
11,000 544 64
76
1074 Jan 109% Feb
Jan Niagara Falls Pow 65_1950 1084 109% 15,000 104
Jan 82
6148 series IA
68
1953 76
774 6,000 58
1959 1074 10714 10,000 994 10631 Jan 108
Jan
58 series C
60
ba series A
Jan
Jan 73
1951 6641 70
51.000 45
Jan
824 Feb 83
Indiana Gen Serv bs_ _1948 --------------93
1074 Jan 10745 Jan Nippon El Pow 6,48_1953 8244 824 6,000 63
Jan No American Lt & PowIndiana Hydro-Elec be '58 694 71
6241 Jan 72
______ 44
1004 Feb ww, Jan
o
1935 ----------90
Indiana & Mich Elea Es '55 1014 10144 5,000 70
99
Jan 10145 Feb
5% notes
Jan
1936 1004 1664 3,000 8134 10031 Jan 101
Feb
5% notes
58
1957 10834 110
6,000 8844 1074 Jan 110
1956 49
504 102,000 254 46
Jan 5031 Feb
514a series A
Service 55._ _1950 40
Jan
Jan 48
Indiana
34,000 2334 3644
43
17,000 184 22
Jan
Jan 26
24
3531 Jan 4645 Jan Nor Coot Util 64a._ _1948 23
lot lien & ref ba_ _1983 38
4134 54,000 22
Jan
9931 Jan 101
Jan
Indianapolis Gia. 58 A1952 8414 85
No Indiana 0 de E 85_1952 994 1004 20,000 71
80
Jan 85
32,000 68
Ind'oolis P & L be ser A '57 100 10134 134,000 73
9744 [Jan 1014 Feb Northern Indiana P S33,000 51 31
Feb
77
Jan 87
Intercontinents Powerbs series C
1966 824 87
1969 824 864 57,000 524
7674 Jan 8634 Feb
be series D
Es series A ex-w_
34 Jan
244 Jan
14
1948
7131 Jan 814 Feb
444e series E
International Power See1970 7714 8134 68,000 494
Jan
10144 Jan 106
71% 7134 Jan 7731 Jan No Ohio P & L b 4s_ _ 1961 10444 1054 32,000 69
644s series C
1955
100
Jan 1023,4 Jan
Jan 8541 Feb Nor Ohio Trac dr Lt 58 '56 10234 10244 18,000 65
74
1957 80
7s series E
8534 10,000 74
964 151,000 71
904 Jan 97 s Jail
714 Jan 8041 Feb No States Pr ref 4%a_ _1961 95
75 series F
1952 80
8041 35,000 7131
9334 65,000 69
1940 92
88
Jan 9534 Jan
Jan 1074 Jan
International Salt 55..1951 1084 10641 13,000 834 105
644% notes
68.000 54
74% Jan 8144 Jan
International Sec 53_ _1947 724 7311 30,000 43
684 Jan 7511 Jan N'weatern Elect 6s_....1936 7745 80
9,000
844 28
36
Feb
Jan 36
Jan 964 Dec N'weetern Power fin A _1960 28
Interstate Irn & St14 40'46 90
964 19,000 6334 90
10,000
3014 36
831 28
Feb
Jan 36
103
10534 Jan 10534 Jan
Certificatee of deposit_
Interstate Nat Gait 65.1936
7641 28,000 474 72
Jan 784 Jan
Interstate Power be_ _1957 6244 66% 251.000 37
57
Jan 6744 Jan N'western Pub Serv bs 197-57 75
63,000 7345 96
99
1940 98
Jan
Jan 100
Debenture 68
38
1952 423-4 45
Jan 47.4 Jan Ogden Gas 55
59,000 2645
Ohio Edison let 55. _ .._ IMO 1004 10144 162.000 634 974 Jan 1014 Jan
Interstate Public Service55serieeD
52
losg Feb 10834 Jan
Jan Ohio Power bit be B__1952 10511 1064 11,000 88
Jan 67
1956 594 623-4 47,000 41
474 Jan 62
let de ref 4148 ser 01956 105 1054 21,000 834 105
Jan 10614 Jan
4 4s series F
Jan
5945 43,000 42
1958 55
Ohio Public, Service CoInvest Co of Amer195 106 10644 12,000 704 10531 Jan 10645 Feb
3
Feb
Jan 94
92
es series C
1947 94
5,000 67
bs series A w w
94
1954 10044 10131 46,000 604 9944 Jan 10231 Jan
Jan 933,4 Jan
91
be series D
without warrants
1.000 67
93
93
1961 1034 10344 17,000 83
10044 Jan 1033-4 Jail
lowa-Neb L & P bis. _ 1957 94
644s series E
.
Jan
Jan 97
88
57,000 56
95
Sc series B
Jan Okla Gas & Elea 58-1950 102 1024 121,000 6844 99
Jan 96
Jan 10231 Feb
1961 9341 9434 33.000 5645 86
1940 934 9434 26.000 83
Iowa Pow & Lt 4148._1958 10244 103
100
68 aeries A
Feb
Jan 103
19,000 72
9034 Jan 9645 Jan
17,000 40
Iowa Pub Serv 5s
Jan Okla Power & Water ba '48 5544 57
Jan 5844 Jan
48
1957 844 8545 40,000 6714 823-1 Jan 88
2,000 4534 6534 Jan
76
Jan
77
Jan 7831 Feb Oswego Falls 6s
Marco Hydro Else 75_1952 78
72
1941 75
7831 5,000 70
Jan Pacific Coast Power be 1940 10045 10044 17,000 65
Isotta Franshini 78._ _1942
Jan 83
9945 Jan 10134 Jail
734 83
Pacific Gas & El Co
Italian Superpower of Del
Deb as without war_ 1963 654 863-4 10,000 49
11134 Jan 1154 Feb
5741 Jan 6644 Feb
1st es series B
1941 1143-4 11535 36,000 101
Jacksonville Gas 58-- -1942 39
let & ref 544s net C_ 1952 10731 10844 25,000 9534 10831 Jan 10844 Feb
Jan 4334 Jan
36
4144 12,000 32
1955 10714 10734 12,000 91
55 series D
Jamaica Wat Suo 134555 1064 10744 4.000 9634 10645 Jan 10731 Feb
10541 Jan 10734 Feb
Jersey Central l'ow & Light
1st & ref 44s E_ .... _ 1957 103% 1044 3-0,000 8214 1014 Jail 1044 Feb
4
10134 Jan 1033-4 Jan
let & ref 444e F- -1960 103 11)44 43,000 824 1004 Jan 10444 Feb
1947 1023,4 103
5s series II
18.000 77
Jail 9434 Jail
4.4s series C
8,000 89
88
d:
1961 9634 98 134,000 7011 9344 Jan 9844 Jan Pacific Investing 56- 1948 9034 92
A.
110
102
Jan 11044 Jail
Jones & Laughlin 811 be '39
10244 10644 Jan 10714 Jan Pacific Ltg at Pow 58_1943
Jan
Jan 95
Jan
Kansas Gas & Elea 88_2022 94
pacific Pow he Ltg ba._1955 6314 6644 55,000 35
5734 Jan 70
6.000 6114 90
9441
Kansas Power 5s
1947 8511 8541 17,000 55
Jan Pacific Western Oil 644s'43
7731 Jan 88
10241 1024 83,000 7341 9831 Jan 10231 Jan
Kansas Power & LightWith warrants
1938 10241 1024 6,000 85
102
Jan 1024 Feb
Jan 10534 Jan Palmer Coro es
1955 10531 1053,4 5,000 8044 105
6s series A
Jan
Jan 1024 Jan Park & Tilford 68
100
924 Jan 95
82
1967 10231 10234 13,000 70
ba series B
1930
Jail
Kentucky Utilities CoPenn Cent L & P 4%n 1977 894 914 116,000 57
843-4 Jan 93
6245 Jan 7334 Jan
lat mtge 5s
1961 6944 71
18,000 46
68
9334 Jan 984 Jail
67
1979
Jan Penn Electric 43 F_ _ _1073 80
Jan 88
8131 74,000 5131 7441 Jan 824 Jail
15,000 55
64s series D
73
1948 8341 84
69
Jan Penn Ohio Edison
Jan 80
1955 764 7745 10.000 50
844a series F
82
48,000 3914 684 Jan 83
Jail
1969 6944 71
50 series I
73
Jan
27,000 4534 6241 Jan
es aeries A ow
1960 80
6134 Jan 7831 Jan
7641 145.000 35
Kimberly-Clark 5n_1943 10244 103
Deb 5 4sseries B.
Jan 1034 Jan
13,000 824 102
1959 73
10344 Jan 106
Jail
10134 Feb 1034 Jan Penn-Ohio P & L 540 1954 105 106
30.000 74
Koppers 0.6 C deb 55 1947 10114 10244 53,000 72
1958 106 1064 8,000 924 108
Jail
Jan 107
Sink fund deb 5 48_1960 103 10344 37,000 76
Feb 10544 Jan Penn Power 58
103
Jan
Kresge(S S) Co be_ _1945 10144 102
10134 Jan 10431 Jan Penn Pub Serv es C 1947 10111 10144 7,000 6634 100
Jan 101
5.000 89
98
10,000 60
95
Jan
Jan 98
Certificates of deposit- 10244 10211 17,000 85
5s series D
1954 95
1003-4 Jan 10244 Jan
103% Jai) 1043-4 Feb
Jan Penn Telephone bs 0_1960 10544 10545 2,000 86
Jan 73
Laclede Gas Light 61481935 6744 6745 47,000 50
67
11,000 103
11014 Jan 11134 Jan
Lehigh Pow Secur es_ _2026 94
9641 223.000 5
914 Jan 9611 Feb Penn Water Pow 50_1940 1104 111
4
Jan
10631 Jan 107
32
Feb 35
Leonard Tletz 73;is ex-w '46 32
10,000 25
4145 series B
Feb
1968 1064 10645 5,000 89
35
Lexington Utilitiesba_ 1952 8234 84
Jan Peoples Gas L.6 Coke
Jan 84
21.000 5434 75
5
1981
Jan 7834 Jan
75% 7745 71,000 6634 72
,
Libby Mel/ & Libby be '42 994 10045 77,000 57
9834 Jan 101
48 series 13
Jan
Jan
1957 934 9444 87.000 684 89
Jan 96
(is aeries0
Jan 10245 Jan
Lone Star Gas bs
1942 1024 1024
1,000 8214 101
244 15,000
145
144 Jan
244
214 Jan
Long Island Ltg (1e._1945 98
Jan Peoples Lt & Pr Es _ _ 1979
9544 Jan 99
984 28,000 65
3,000 10454 1124 Jan 11341 Jan
Phila Electric Co 55_1966 113 113
Los Angeles Gas he ElseJan 1104 Jan
17,000 100
108
Jan Phila Elec Pow 548_1972 10945 110
1074 Feb 108
55
6.000 100
1939 10731 108
8145 6,000 4434 7515 Jan 823-4 Feb
Jan Ihila Rapid Transit t3a 198? 81
1961 106 106
10,000 8734 1033.4 Jan 106
be
1074 Jan loag Jan
Jan Phil Sub Co 0.6 E 4348'57 108 10834 10,000 98
Jan 109
1942 1084 1084 2.000 9935 108
65
Jan
964 106
Jan 106
Jan 10744 Jan Phila Suburban Wat 58 55
107
5 4sseries E
1947
94
7.000 654 6545 Jan 7534 Jan
10414 Jan 1064 Jan Pledin't Hydro-El 644e '60 7414 875
1943
94
5455 series F
9634 32.000 69
9334 Jan 9634 Feb
Jan Piedmont & Nor 5s___1954 95
544s series I
1949 10741 108
Jan 108
6.000 94
108
10534 Jan 10741 Jan
8
Jan Pittsburgh Coal 8s..___1949 106 34 1084 10,000 89
Louisiana Pow & Lt be 1957 9034 9244 71,000 6134 8 5.4 Jan 94
96
Jan 10154 Jan Pittsburgh Steel 98_ _ _1948 9644 9734 5,000 79
Jan 9815 Jan
101
Louisville 0 & E es_ _ _1937 10144 1014 5.000 DO
1,000 2614 2844 Jan 35
35
Feb
104
Jan 10554 Feb Pomeranian FA 64-A953 35
4 ha aeries C
2,000 79
1961 10431 10431
6.000 80
99
Feb 1014 Jan
Jan 664 Feb Poor he Co (is
1939 99 z99
Manitoba Power 534s_ 1951 60
6644 37,000 2234 56
7244 11.000 6841 6811 Jan 77
Jan
Mass Gas deb ba
1955 9234 9341 44.000 70
Jan 954 Jan Portiand oaa & Coke 58'40 72
92
994 Jan 10334 Feb
5%n
9944 Jan 10254 Jan Potomac Edison ba_ _ _195e 103 10341 49,000 72
1946 9944 100
12.000 80
933.4 Jan 09
76,000 65
99
445 series F
Feb
1061 98
McCord Radiator & MfgJan 1054 Jan
6,000 101
105
Jan Potomac Eleo Pow 58_1936 105 105
78
784 9,000 33
Jan 82
es with warrants _ _1943 78
47
1947 45
4,000 13
Jan
34
Jan 47
Jan Potrero Sugar 7s
Memphis P & L 65 A __1948 94
004 Jan 95
9454 25,000 70
PowerCorp(Can) 444a B'59 8644 8644 4,000 53
864 Feb 8831 Jan
Metropolitan EdisonJan 9431 Jan Power Corp of N /43 aeries E
89
1971 9341 9435 65,000 63
21,000 50
90
Jan
76
Jan 91
1947 89
56 series F
5445
10044 Jan 10445 Jan
1962 10234 10341 24,000 73
8144 32,000 414 76
Jan
Feb 85
Middle States Pet 6348 '45 7044 7014 2,000 46
Jan Power Securities es __ _1949 76
Jan 72
66
Jail
29
3745 Jan 41
Prussian Electric 68..-1954
Middle West Utilities5,000 8214 104
Jail
Jan 105
be ctfs of deposit _ _1932
841 Feb Pub Baty of N H 4%.B '57 105 105
834 10,
741
Jan
334
000
5
118
Jan 12145 Jan
5s ars of dep
741
1933
841 14,000
834 Feb Pub Serv of NJ pet otfa__. 1204 1204 1,000 102
334
411 Jan
65 ars of dep
845 Feb Pub Serv of Nor Illinois
845 35,000
744
444 Jan
1934
33,4
Jan
9014 Jan 99
9844 37,000 62
1956 97
let he ref 55
Es cfta of deposit_ _1935
.
74 83-1 37.000
841 Feb
445 Jan
334
1986 9554 mg 6,000 584 89
55 series 0
Jan 97
Jan
Midland Valley be. _1943 6841 704 3.000 53
6244 Jan 7134 Jan
90
56,000 5334 81
Feb
Jan 90
1978 87
44s series D
Milw Gas Light 445..1967 10745 108
Feb 10844 Jan
10735
14,000 90
1980 8814 894 39,000 5245 8034 Jan 8945 Feb
434s merles B
Minneap Gas Li 4455_1950 974 9844 142,000 67
9444 Jan 9834 Feb
Feb
Jan 90
1st .6 ref 444s ser F.1981 8745 90 169.000 5214 80
Minn P.6 L 4445
1978 8334 8544 93,000 54
Jan
7931 Jan 89
1937 10644 10741 109.000 734 10315 Jan 10734 Jan
8488431.1es0
Se
Jan
9414 53.000 5845 8844 Jan 98
1956 92
ma 1014 10245 68.000 6934 0834 Jan 103
Jau
Mississippi Pow 58_.
634n series 11
.1955 70
724 65,000 3535 824 Jan 7331 Jan
Mies Pow & Lt ba__ _1957 75
Jan Pub Serv of Oklahoma72
Jan 80
77 105,000 40
9844 22,000 5034 944 Jan 1004 Jan
1961 98
5sseries C
MississitMl River Fuel65,000 65
9331 Jan 1004 Jail
&lantana I)
1957 9741 99
Feb 993-4 Jan
es with warrants_ _ _1944 98
5.000 89
98
99
Without warrants_ _ _ _
98
98
5,000 85%
Feb 9945 Jan Pub Serv Subsid 5445_1949 844 863-4 24,000 4031 7914 Jan 8644 Feb
98
Miss River Pow 1st be 1951 10644 107
39,000 954 1064 Jan 10734 Jan Puget Sound P.6 L 53.18'49 6534 6754 199,000 3734 5546 Jan 6944 Jan
Missouri Pow he Lt 5 45'55 10111 1034 10,000 7034 10144 Jab wag Jan
let he ref be series C.1950 6234 6444 52.000 384 533-4 Jan 13554 Jan
1st.6 ref 44e set D.1950 5941 6131 184,000 3344 5044 Jan 6331 Jan
Missouri Pub Serv be_1947 51
6244 35,000 33
Jan
42
Jan 54
10245 Jan 10431 Feb
1968 10441 10.434 0,000 86
Monongahela West PennQuebec l'ower bs
102
Jan 10314 Feb
Pub Serv 534 net B.1963 894 9144 59,000 58
86
Jan 9245 Jan Queens Boro CI & E 4148'68 10254 10344 14,000 88
9044 18,000 6144 86
1952 90
Jan 9034 Jail
Mont-Dakota Pow 5448 '44 60
545s series A
6044 3.000 4735 5715 Jan 64
Jan
Montreal L H.6 P ConReliance Manage. 5s_ _1954
Feb
Jan 84
4,000 5544 82
84
83
Jan 1074 Jan
31,000 9434 106
with warrants
let he ref 55 net A _ _ _1961 10644 107
43
14
Jan 4731 Jan
Republic Gaa 6s
1945
1970 1074 1074
1,000 933.4 1064 Jan 10835 Jan
Es series B
Jan
Jan 48
28,000 1314 40
44
47
.
Certificates of deposit _ _
Munson SS Line2214 3245 Jan 334 Jan
1937
344 34 2,000
3
634s with warn
434 Jan 5 Jan Rochester Central Pr be '53
For footnotes see page 949.
Financial Chronicle
Volume 140
Week's Range
of Prices
July 1
Sales 1933 to
for
Jaa.31
Week
1935
Bonds (Continued)
Low
High
Low
Rochester Ry & Lt 58_1954 113 113% 3,000 100
Ruhr Gas Corp 6 %5_ _1953 43% 43% 5,000 28%
Ruhr Housing 634e_ - _1958
23
Ryerson (Jos T) & Sons
NM 1 1943
Deb 58
90
Safe Harbor Water 4348 '79 107 107
14,000 91
St Louis Gas & Coke 68 '47
8% 10
46,000
334
San Antonio Puulic Service
be series B ---------1958 94% 96% 66,000 64
San Diego Gas & Elec1960
5%s series D
98%
San Joaquin Lt & Power
1952
88
65 series B
1957 101% 10234 19,000 7531
5s series D
1955 109% 10035 5,000 101
Sauda Falls be
Saxon Pub Wks 6s _ _ _ _1937 41% 41% 2,000 36
Schulte Real Estate
(38 with warrants__ _1935
7
1935 10% 1134 4,000
44
65 ex warrants
Script)
(E W)Co 5%5_1943 99
99% 44,000 66%
Seattle Lighting 5s _1949 31% 33% 81,000 17
10413 101 101% 36,000 61
Serval Inc 58
Shawinigan W & P 4%5'67 9534 97
48,000 634
1968 96
4%s series B
96% 3,000 63
1970 102% 103% 6,000 73
1st 55 series C
1970 96
let 4 %seeries D
97
36,000 63%
1948 106 106% 14,000 7731
Sheffield Steel 5%s
Sheridan Wyo Coal 115 1947 50% 51%
2,000 38
Sou Carolina Pow 58.1957 76
7734 8.000 41
Southeast P & L 68
2021
Without warrants
80% 228,000 37%
76
Sou Calif Edison 5s___1951 106% 107% 65,000 92
1939
be
100
Refunding 55 June 1 1954 10634 107% 38,000 90%
Refunding 55 Sep 1952 mg 107% 26,000 92%
Sou Calif Gas Co 4 30_1961 101
102% 66,000 78%
1957 105% 106% 15,000 85%
let ref 55
1952 105% 105% 2,000 92
5348 series B
Sou Calif Gas Corp as 1937 101% 102% 7,000 83%
Sou Counties Gas 4%s'68 99% 101
69,000 75%
Southern Gas Co 6%6_1935
93
Sou Indiana 0& E 5345 '57 108% 109% 5,000 9634
Sou Indiana Ity 4s___1951 42
4434 10,000 43
Sou Natural Gas 6s___1944
Unstamped
81
8234 28,000 53
Stamped
8034 82
5,000 56
S'weetern AssocTel Es '61 65
66
2,000 40
Southwest G & E 59 A.1957 963-4 97% 68,000 60
1957 9534 9734 63,000 60
55 series B
S'weetern Lt & Pr 58_1957
% 28,000 45
S'western Nat Gas 6s_1945 6831 66% 2,000 25
SoWent Pow & Lt 68_2022 51
54% 23,000 37
,
1045 87% 88% 13,000 55
S'weet Pub Son 6s_
1942 104% 105
10,000 83
Staley Mfg 611
Stand Gas & Elea 6s.._1935 4634 553-4 85,000 38%
1935 47
Cony 65
5534 51,000 38
1951
Debenture 65
32
36% 103,000 30
Debenture 68_ Dec 1 1966 32
35% 85,000 2834
85
9,000 64
Standard Inveetg 5%s 1939 84
1937 86% 86% 13,000 6433
Seen warrants
Stand Pow & Lt 6a _ _1957 28% 33 100,000 27
Standard Telep 5%s._1943 2431 2434 2,000 16
stinnes (Hugo) Core
1936
78 ex-warr
3031
1936
7-4% stamped
26
1946
75 ex-warr
29
7-4% stamped
1946 41
49,000 25
43
Super Power of III 43413 '68 94
95% 87,000 59
1970 94
1st 43413
95% 106,000 56
1961 103% 105
31.000 70
88
Swift & Co let m s f bs_1944 105% 106% 31,000 101%
_1940 103% 104
90,000 9431
5% notes
Tennessee Elec Pow Is 1965 86% 87% 33,000 48
Tenn Public Service be 1970 7531 78
10,000 40
Tenn Hydro Elea 645 1953 74% 7534 9,000 62
Texas Elec Service 58_1960 89% 92 134,000 60
5,000 12
Tetse Gas Util 6e._ __1946 14
16
Texas Power & Lt as __1956 96% 97% 117,000 65
65
1937 104% 104% 18,000 87
1,000 51
Os
2022 88
88
rherinold Co 65 stpd_1937 70
70% 7,000 55
Tide Water Power 65_1979 81% 82% 31,000 49
Toledo Edison be
1962 106% 107% 69,000 79
Twln City Rao Tr 5%5'52 50% 52% 88,000 19
1944 50
53
7,000 33
Ulan Co deb as
Union Amer Inv 5s A_1948 97
97
2,000 78
Union Flee Lt & Power
6s series A
1954
99
68 series 13
1967 684 ziosii 27,000 9234
7
4%s
1967 107 10734
5,000 90%
United Elea NJ 4s__1949 _96%
United El Serv 75 x-w_1956 74% 74% 6,000 63
United Industrial 6%51941 42
42
1,000 35
let 65
1945 40% 42
4,000 3334
United Lt & Pow as__ _ 1975 284 30% 57,000 26
6345
1974 31% 33% 21,000 2634
Apr 1 1959 84% 86% 83,000 50
%s
Un I.t & Itys(Del) 5345'52 43
47% 107,000 31
United Lt & Rye(Me)
68 series A
1962 88% 92
86,000 5134
33
Os scrim A
1973 30
9,000 25
U S Rubber(ia
1936 102 103
27,000 89%
64% serialnotes_ _ _1935 100% 100%
1,000 75
64% serial notes. 1936 101% 101% 13,000 65
614% serial notes_ _1937 100% 101
9,000 60
84% aerial notee_...1938 100 100% 6,000 60
64% serial notes_ I939 100% 100% 7,000 oo
634% serial motes._1940 100 102
8,000 60
Utah Pow & Lt 65 A _ _2022 60
61% 14,000 45
1944 71% 73
430
3,000 624
Valvoline 011 7s
1937
75
Vamma Water Pow 5348'57 97% 00
6,000 75
Va Elea & Power 55...1955 106% 106% 13,000 86
Va Public Sets 5345 A _ 1946 79% 82% 76,000 52
let ref ba ser B
1950 7331 76% 41,000 45
Os
1046 60
64
9,000 45
Waldorf-Astoria Corp
1954
78 with warrants
6
5,000
7
1954
78 ale of depoalt
2
7% 7% 1,000
1937 105% 106
Ward Baking 68
10.000 92%
Wtmli Gas Light 5s. _ A958 102 103
44,000 76
Wash fly & Elect 48_ _1951
2, 83
Wash Water Power 59_196(
99 100
35,000 75
West Penn Elea 59.__.2030 66% 69% 94,000 46%
West Penn Traction 5s_'60 84% 84%
1,000 60
West Texas Util 55 A.1957 68% 7031 101,000 41
Western Newspaper Union
65
1944 53% 55
13,000 23
Western United Gas & Elec
ist 5 .45 series A__ 1955 9431 96% 97.000 64
1
Westvaco Chlorine Prod
5%s
1937 103 103
1,000 101
Wheeling Elect 5s. _194
100
IV Ise Flee Pow 56 A _ _ _1954 104% 105% _ 8:666 97
Wlso-Minn Lt & Pow be '44 97% 9
831 33,000 61
Wise Pow & Lt 5s E_ _195
86% 18,000 52
85
,
5s series 1
1958 84
86
3,000 51
Wine Pub Serv Os A195 100 101
13,000 7834
Yadkin Illy Pow 64_194 101% 102
24,000 634
York Rye CO 55
103
98% 9831 70,000 70
Range Since
Jan. 1 1935
Week's Range
of Prices
Low
High
112% Jan 113% Jan
38
Jan 43% Jan
29% Jan 31
Jan
103
107
92%
Jan 103%
Jan 108%
Jan
10
Jan
Jan
Jan
Jan
96%
Jan
108
Jan 108%
Jan
107%
98
109
38
Jan 109% Jan
Jan 102% Feb
Jan
Jan 111
Jan 41% Feb
11
11
Jan
Jan
10% Feb 11% Feb
96
Jan 100
Feb
28% Jan 3334 Jan
101
Jan 102% Jan
95% Feb 9734 Jan
96
Feb 97% Jan
102% Feb 103% Jan
96
Jan 9731 Jan
105% Jan 107
Jan
47
Jan 52
Jan
73
Jan 7934 Jan
64%
105%
107%
105%
105%
9731
102
104%
101
96%
101%
108%
42
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
82%
107%
108
107%
107%
102%
106%
105%
102%
101
102
110
47%
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
81
80%
63%
93
92%
71%
60
49
77
1044
4634
47
32
32
82%
85
28%
234
Feb 85%
Feb 85%
Jan 67
9734
Jan
9734
Jan
Jan 85
Jan 684
Jan 57%
Jan 92
Jan 105
Feb 68
Feb 68
Feb 3934
Feb 38%
Jan 85
Jan 89
Feb 36
24%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
5131
42%
49
33%
86
85%
100%
105
102%
81%
75%
67
85%
13.31
94%
103%
8334
67
76%
105%
45%
4734
94%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
53
50
49
43
95%
9531
105
107
104%
90
82%
7.5%
934
16
99
104%
88
71
87
107%
53
54
97
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
107% Jan 108
106% Jan 108%
105% Jan 107%
1084 Jan 110%
6834 Jan 75
Jan 40%
39
39% Jan 42
28
Jan 34
30% Jan 35%
78
Jan 87
4131 Jan 49%
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
82%
30
102
100
100%
99%
98%
98
98%
55
62
92
%
95
105
73
68%
56%
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
92
35
103
100%
101%
101
100%
100%
102
66
75%
92%
99
107
84%
78
66
6
Feb
9
Jan
731 Jan
731 Jan
104% Jan 106
Feb
100% Jan 103
Feb
99
Jan 101% Jan
96% Jan 100
Feb
63% Jan 70
Jan
84
Jan 86
Jan
63
Jan 7331 Jan
50
Jan
56
Jan
9134
Jan
98
Jan
102% Jan 104
107% Jan 107%
104% Feb 106%
04
Jan 9034
7634 Jan 87.34
75
Jan 87%
96% Jan 101%
9531 Jan 102
9434 Jan 66,4'
949
Jan
Jan
Jan
Jan
Jan
Jan
rJan
Feb
Feb
Sales
for
1Veek
Jun, i
1933 to
Jan.31
1935
Bonds (Concluded)Low
High
6
Low
Foreign Government
and MunicipalitiesAgrIc Mtge Bk (Columbia)
75
1946 34% 3434 1,000 18%
78 with coupon
1946
7s
1947 --------------20
Baden 75
1951 --------------21
Buenos Aires (Province)
75 stamped
61% 22,000 2534
1952 59
7 345 stamped
1947 61
6431 27.000 2734
Cauca Valley 78
1948 --------------73.4
Cent Bk of German State &
Pros Banks 65 B
5134 11,000 30
1951 49
(fs series A
1952 4634 47
12,000 22
Danish 545
1955 95
95
13,000 6834
be
1953 --------------61
Danzig Port dr Waterways
External 634s
1952 72
72
1,000 3634
German Cons Mania 78 '47 35
37% 19,000 2434
Secured 6s
1947 34% 3634 39,000 2134
Hanover (City) 7a
1939 3834 39
11,000 23
Hanover(Pros)6 30_1949 32% 34
17,000 24
Lima (City) Peru 6%s__'58
Certificates of deposit__ ____
____ -----3%
Maranho 7s
1958 --------------1234
75 coupon off
1958 1434 14% 1,000
Medellin 7s ser E __ _1951 12
12
1,000 10%
Mendoza 7345
1951
26%
49 stamped
1951 4534 48
3,000 2334
Mtge Bk of Bogota 75_1947
Issue of May 1927
24
24
7,000 13%
Issue of Oct 1927
2334 233.4
1,000 1331
Mtge Bk of Chile 65_1931 13
13%
2,000
734
Mtge Bk of Denmark 5a'72 ____
____ ______ 624
Parana (State) 7s____1956 1334 13%
1,000
6
Coupon off
12% 1434 22,000
Rio de Janeiro 6%8_1959 --------------1134
Coupon oft
13% 16% 3,000
Russian (Soot 6%s _ _ _1919
2% 234 30,000
2
6345 certificates__ _ 1919
1% 234 206,000
134
5345
1921
2% 2% 45,000
1%
1% 234 126,000
534s certificates
1921
13.4
1935 47
50
Santa Fe 75
26,000 13
Santiago 75
1949 11
11
6,000
534
is
1981
10°.4 11
30 050
51 r
,
Range Since
Jan. 1 1935
Low
High
293.4 Jan
3434 Jan
29
Jan
2
634 Jan
38
34%
35
34
Jan
Jan
Jan
Jan
57%
59
10
Jan
Jan
-Tau
63%
6634
11
Jan
Jan
Jan
4834
41
9434
90%
Jan
Jan
Jan
Jan
54%
47
9851
93%
Jan
Feb
Jan
Jan
67
29
28%
3034
2934
Jan
Jan
Jan
Jan
Jan
72
37%
36%
39
34
Feb
Feb
Feb
Feb
Feb
534
15
1434
12
52%
4431
Jan
Jan
Jan
Jan
Jan
Jan
6
Feb
17% Jan
15% Jan
12
Jan
54
Jan
48
Jan
23
2334
1234
90
124,
12
14%
12%
23-4
1%
23-4
134
46
1031
Ill id
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
24
243-4
13%
94
14%
14%
164
15%
4%
431
5
434
50
11
Ii
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Investment Trusts
Par
Administered Fund
Amerer Holding Corp
•
Amer Banketocks Corp._ _•
Amer Business Shares
1
Amer & Continental Corp__
Am Founders Corp 6% pf 50
60
7% Preferred
Amer & General Sec cl A__•
•
$3 preferred
Amer Insurance Stock Corp•
Assoc Standard 011 Sharee_2
Bancamerica-Blair Corp___ _
Bancshares, Ltd part she 50e
Bankers Nail Invest Corp
Basic Industry Shares
•
British Type Invest A
1
Bullock Fund Ltd
1
Canadian Inv Fund Ltd_ _1
Central Nat Corp class A__
Class B
Century Trust Shares
•
Commercial Natl Corp
Corporate Trust Shares
Series AA
Accumulative series
Series AA mod
Series ACC • od
Crum & Foster Ins com_ _10
8% preferred
100
Crum & Foster Ins SbareeCommon B
10
7% preferred
100
Cumulative Trust Shares_ _•
Bid
13.91
9%
.98
.87
731
13
14
45
231
Ask
1.09
.95
8%
16
17
6%
50
334 31
%
.70 .95
4%
2.89
.3
.55
10% 12%
3.30 3.55
20% 22%
34 131
20.72 22.27
2%
1.8
1.8
1.8
2.09 2.22
2.09 2.22
23
26
110 115
Per
Investment Trust of N Y_•
Major Shares Corp
•
Mass Investors Trust
1
Mutual Invest Trust
1
Nation Wide Securities Co_
Voting trust certificates__
N Y Bank Trust Shares_
No Amer Band Trust etre__
No Amer Trust Shares, 1953
Series 1956
Series 1956
Series 1958
Northern Securities
100
Pacific Southern invest DI _
Class A
•
Class Li
Plymouth Fund Inc cl A_Inc
Quarterly Inc Shares. _25c
Representative Trust Shares
Republic Investors Fund_
Royalties Management____
Bid
Ask
18.58 20.20
1.00 1.10
2.84 2.94
1.11 1.22
_
88% oi4
1.73
2.14
2.12
2.14
45
50
30
3%
34
.83
1.20
7.51
1.92
34
34
4%
1
.93
1.32
8.26
2.06
31
Second Internal Sec cl A.._•
2%
Class B common
116
6% preferred
50 35
38
Selected Amer Shares Inc__
1.09 1.20
Selected American Shares__
2.24
Selected Cumulative She_ __
6.12
Selected Income Shares_
3.17 Yeti
26
29
Selected Man Trustees Shs
4% 414
Spencer Trask Fund
104 109
• 14.15 15.04
3.5
Standard Amer Trust Shares 2.55 2.80
Standard Utilities Inc
•
.34 .37
Deposited Bank Slim ser A.
2.1 2.35 State Street Inv Corp
• 62.65 67.71
Deposited Inane She A.... 3.5 3.90 Super Corp of Am Tr She A
2.8
Diversified Trustee She B__
AA
2.03
6%
2.8 3.10
3.0
4%
BB
2.0
Dividend Shares
25e 1.1 1.30
5.1
Equity Corp cv prat
1 22
D.
5.15
26
Fidelity Fund Inc
• 38.6 41.62 Supervised Shares
10c 1.1 1.28
Five-year Fixed Tr Shares__ 3.3
Fixed Trust Shares A
• 7.62
Trust Fund Shares
33/ 3%
• 6.44
Trustee Standard Invest C
2.0
Fundamental Investors Inc 1.87 Yoi
1.9
Fundamental 'fr Shares A__
3% 4% Trustee Standard Oil Shs A 5.6
Shares B
• 3%
4.6
Trusteed Amer Bank She B. 1.9 2.02
Guardian Invest pref w war 10
Trusteed Industry Shares
15
1.06 1.17
Huron Holding Corp
.15 .30 Trusteed N Y Bank Shares. 1.30 1.45
Incorporated Investors__• 16.39 17.62 20th Century °rig series __
1.40
Series B
2.30
Indus & Power Security__.• 12% 1434
Internat Security Corp(Am)
United Gold Equities (Can)
Claw A common
•
Standard Shares
1
1
2.13 2.37
Class B common
•
34 U S & Brit lot class A com •
35 1
100 16% 19%
Preferred
64% Preferred
• 634 9
6% preferred
100 1634 1934 U S Elec Lt & Pow Shares A 1031 10%
Investment Co. of Amer
1.34 1.44
Common
10 21% 24
Voting trust ctfs
.48 .56
7% preferred__ ______• 21%
Un N Y Bank Trust C 3 _
2% 331
Investors Fund of Amer____
.87 .95 U If t Tr Shs ser F
1.85 2.25
• 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:
Piedmont Hydro El. 6%s 1960, Feb. Sat 7734.
Poor & Co. 6s 1939, Feb. 5 at 100.
Un. El. Lt. & Pow. 5513 1967, Feb. Sat 108%.
41 Price adjusted for split-up.
22 Price adjusted for stock dividend.
Abbreriations Used Abore-"cod," certificates of deposit; "cons," consolidated;
"corn," cumulative; "cony," convertible; "m," mortgage; "n-v," non-voting stock.
"v t c," voting trust certificates; "w I," 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:
tz Cincinnati Stock
1 New York Stock
22 Pittsburgh Stock
.
10 Cleveland Stock
2 New York Curb
as Richmond Stock
14 Colorado Springs Stock 24
2 New York Produce
St. Louis Stock
4 New York Real Estate
12 Denver Stock
25 salt Lake City Stock
s Baltimore Stock
16 Detroit Stock
26 San Francisco Stock
6 Boston Stock
17 Los Angeles Stock
27 San Francisco Curb
7 Buffalo Stock
14 Los Angeles Curb
25 San Francisco Mining
19 Minneapolis-St. Paul
6 California Stock
29 Seattle Stock
• Chicago Stock
20 New Orleans Stock
2 Spokane Stock
°
10 Chicago Board of Trade z1 Philadelphia Stock
21 Washington(D.C.)Stock
11 Chicago Curb
Other Stock Exchanges
Week's Range
of Prices
New York Produce Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
Week's Range
of Prices
StocksP arLow
1
200
Admiralty Alaska
14
1
Allied Brew
200
z Altar Consol Aline
1
4
Angostura Wuppermann _1
14
z Austin Silver
1
4
ltrew & Distil v t c
•
Cache La Poudre
20 20
254
1
z Carnegie Metals
1.05
Central Amer Mine
1
Climax Molybdenum_ _ * 2514
114
Davison Chemical
•
15c
1
Elizabeth Brewing
z Fuhrmann & Schmidt I • 31c
254
1
z Harvard Brew
254
•
Indian Motor
131
International Vitamin__ _ _•
1
Kildun Alining
29-4
41e
1
Einner Air
26c
10
National Surety
1%
•
Newton Steel
13.1
1
Oldetyme Dtstillers
3%
Paramount Publlx
10
151
1
z Railways Corp
•
25c
Richfield Oil
1
4
z Simon Brew
3%
z Texas Gulf Producing_ _1
10 2731
Tobacco Products
1.40
USEI&Lt&PowB
254
1
Utah Metals •
5
250
Willys-Overland
19c
5
C
-D
231
100
Preferred
Sales
for
Week
July 1
103310
Jan.31
1935
High Shares Low
7c
25c 24,500
4
200
4
20c
20c 2,006
231
4% 2,000
1
300
134
54
400
34
200 15
2054
90c
200
234
1.05
100
50c
100 19
254
9c
700
14
12e
16c 1,100
51
300
31c
151
100
24
2%
50
254
31
1,400
2
1.75
1,200
24
10c
200
42c
20c
300
26c
1%
300
2
31
800 6
114
1
1,900
3%
4
2,600
114
15c
200
25c
54
100
54
34
351 3,300
5
26
29
1.35
1.40 1,000
10025 60c
234
lc
35c 5,100 11
Sc
400
20c
26c
300
234
11105
250 Feb
14 Jan
73c Jan
434 Feb
2
Jan
34 Jan
21
Jan
254 Jan
1.25 Jan
Jan
26
14 Jan
220 Jan
37c Jan
234 Jan
234 Feb
2
Feb
334 Jan
54 Jan
33c Jan
254 Jan
35.4 Jan
451 Feb
14 Feb
28c Jan
4 Jan
44 Jan
344 Jan
1.41 Jan
2% Jan
48c Jan
40c Jan
314 Jan
July 1
193310
Jan.31
1935
Range Since
Jan. 1 1935
High
Low
High Shares Low
Stocks (Concluded) Par Low
134 Jan
Utah Metal & Tunnel__ 1
234 Jan
251 24 2,210 60c
Feb 12531 Jan
125
Vermont Jr M8,88 R y _ _ _100 125 125
5 96
Jan
5
Jan
Waltham Watch Cl II COM.
2%
3
25
5
5
Jan
15
1254 Feb
5 11
Waltham Watch pref_ 100 124 124
64 Jan
434 Jan
33i
140
warren Bros Co
_ •
4% 4.4
Jan
7
474 Jan
434
20
Warren (SD)& Co
*
6
6
Range Since
Jan. 1 1935
Low
10c Jan
4 Jan
20c Jan
354 Jan
14 Feb
34 Jan
18
Jan
1.38 Jan
1.00 Jan
Jan
23
31 Jan
12c Jan
31c Jan
251 Jan
234 Feb
1% Jen
231 Feb
41c Feb
25c Jan
1% Feb
134 Jan
351 Jan
4 Jan
200 Jan
55 Jan
351 Feb
2731 Feb
1.40 Feb
1.90 Jan
14c Jan
100 Jan
1
Jan
Sales
for
Week
Bonds
Amoskpag Mtg Co ds 1948 6834 684 $6,000
1,000
Ch Jet Ry & UnStk Yd4s'40 10154 1014
E M9.98 St By ser A 44s'48 55
5734 6,000
East Mass St Ry sir B 1948 58
6634 6,150
1,550
66
Series D 6s
1948 65
58
88
32%
34
35
6734
101
4914
524
63
Jan
Jan 7034
Jan 1014 Feb
Jan 5754 Feb
Jan 664 Feb
Jan 66
Feb
I
Orders Executed on Baltimore Stock Exchange
I
1
STEIN BROS.eo BOYCE
Established 1853
39 Broadway
6.S. Calvert St.
NEW YORK
BALTIMORE, MD.
Louisville, Ky.
York, Pa.
Hagerstown, Md.
Members New York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Baltimore Stock Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
193310
Jan.31
1935
Range Since
Jan, 1 1935
New York Real Estate Securit'es ExchangeStocks- Corp
Appalachian
High
Par Low
Low
High Shares Low
10c Feb
•
10c
10c Feb
10c
100
7c
Arundel Corp
154 Jan
• 164 1751
772 1134
1734 Jan
Black & Decker corn
834 Jan
451
7% Jan
•
711 8
342
Preferred
Jan
25 24
Jan 25
25
134
851 24
Unlisted Bonds (Concluded)
Bid Ask
BM Ask
Unlisted Bonds
Chas & PotTel of Baltpf100 1174 11734
3 11254 115% Jan 1174 Jan
Comm Cred Corp pf 13_25 3034 31
Jan
52 23
2934 Jan 33
___
30
_ 120 E. 39 St.Bidg 6s 1939 __
1941 2512
Alden Os
64% 1st prof
Feb
Jan 110
100 110 110
106
4 82
19
Roxy Theatre 6518 1940.__
11
9
Allerton N Y Corp 54a 1947
7% preferred
25 30
2931 Jan 30% Jan
10 I 22
30
___ Savoy Plaza Corp 68..1945 1412
1939 44
Butler Hall(5s
Consol Gas E I. & Pow
_. Feb
Jan 57
57
* 55
398 z 45% 53
7
1-0
1941 2312 -- 79 Madison Ave Bldg E.s '48
Dorset 651s MN
6% prof ser D
-10 11254 1124
-0
112% Jan 112% Jan
10 104
2450 Tlway Apt lintel Bldg5th Ave & 29th St. Corp54% pref wiser E_ _100 10954 110
Jan
1094 Feb 110
25 100
-D
C
43
1948 39
(Is
100 105% 1064
5% Preferred
104% Jan 106% Feb
296 91
9
13
5th Ave Jr 55th Bldg 6548'45 2912 ___ 2124 Bway Bldg 531(1_1943 11
E Porto Rican Sug pref __ _1
54 Feb
534 Feb
554 534
3%
20
westinghouse Bldg 4s_ _1948 57
--- Emerson Brorno SeltzA2.50 20
Greely Square BldgFeb
17% Jan 20
20
10 1734
1950 12
1412
6s
Fidelity & Deposit
20 413-4 42
Jan
4151 Feb 46
60 15
Unlisted Stock,_-_
1940 40
....
Marey (Ss
Fidelity&Guar Flre Cot p.10 24
Jan
24
3
851 2251 Jan 25
City & Suburban Homes._
314 i'4 Finance Cool Am class A•
Mortgage Bond (N Y)
8
Jan
74 751
64 Jan
534820
89
0
100
--.
Hotel Barbizon Inc v t c
4S
1934 45
(Ser 61
Houston 011 pref
100
51
1
4 654
4
690
631 Jan
5% Feb
3
__,
._ Lincoln Bldg Corp v t c corn_
National Tower Bldg 6413'44 47
Maryland Casualty Co_ _ _1
1
151
111 Jan
1
Jan
685
1
Jr cony pref ser B
1
131 1%
120
14 Jan
154 Jan
114
Aferch Jr Miners Transp_ _• 2514 28
Jan
25
Jan 26
100 24
Alonon WPenn P S 7% pf25
1 534 1654
80 1254 154 Jan
1734 Jan
New Amsterdam Cas___ _5
711 74
8.4 Jan
280
55
, ay Jan
inclusive, compiled from official salesilists Northern Central
Feb. 2 to Feb. 8, both
' 91
50 91
71
' 91 4 Feb 9354 Jan
1
l'enna IVat & Pow com_ _ _• 55
92 41
57
53
Jan 57
Feb
July 1
--• -US Fidelity Jr Guar
2
64 6%
1,757
251
531 Jan
Range Since
6% Jan
Week's Range Sales 193310
Western National Bank_20 3134 3154
Jan
10 24
314 Feb 37
Jan. 1 1935
Jan.31
of Prices
for
1935
Week
.
111
BondsBaltimore City
High
Low
High Shares Low
Par Low
Stocks48 sewerage impt _ _1961 108 108
$500 93
Feb
104% Jan 108
Jan
9
74 Jan
4%
275
84 9
.
American Conti Corp _ _ _•
Maryld El lty 6 48(flat)'57
9
54 Jan
4
5,000
9
9
Feb
534 Jan
234
100
234 Jan
434
434
Amer Pneu Service pref_ 50
6% (ctfs)
1933 394 394 3,000 14
37
Jan 3954 Feb
Jan
1% Jan
1 2 1
165
131
1%
Amer Pneu Serv Co corn 25
North Ave Market 68_1910 51
51
2,000 33% 51
Feb
Feb 51
1914 Jan
124 Jan
60 10
50 1634 1834
1st preferred
1 31 131 3,000
14 Jan
34
1% Feb
100 10234 10554 3,665 10051 10234 Feb 106% Jan UtdRy Jr El fd 58(flat) '36
Amer Tel Jr Tel
1st 68 (flat)
11,000
1949 193-4 20
Feb
74 144 Jan 20
451 Jan
354 Feb
234
150
•
33-4 34
Araosteag Mfg Co
1st 68 ctfs (flat) _ _ _ _1949 20
10,000
20
14
Jan 20
7%
Feb
Feb
90
Jan 91
70 60
91
Bigelow Sanford pref _ _100 91
Income 48 (flat) _ _ _ _1949
1
151 (1,000
% Jan
54
14 Jan
Feb 12054 Jan
20 10954 112
100 112 113
Boston Jr Albany
Income ctfs
1
1949
54
14 6,000
14 Feb
'zit Jan
5931 Jan 6431 Feb
244 55
100 6254 64%
Boston Elevated
First 4s (flat)
1949 18% 20
1434 Jan 20
7
4,000
Feb
Boston Jr MaineFirst 4s ctfs(MO_ _ _1949 174 19
17,000
Jan
74 14
19
Jan
19
Jan
15
Jan
105 1434
1554
100 15
Prior Preferred
5
Jan
6
Jan Wash B Jr A Is (flat)._1941
5
-154 Jan
14
554 Feb
534 31,000
13
434
53-4
551
Class A let pref stud _100
4% ,
e
, 7
j
„„
Md 55 tr
44 5
1941
14 Jan
14
21.000
5
Feb
22
__
44 44
Class C 1st pref stpd_100
Jan
Jan 153
43 111
150
Boston Jr Providence_ _100 150 152
7
Feb
814 Jan
34
75
7
74
Brown Co 8% aura pref 100
44 Jan
3
Feb
231
30
3
3
25
Calumet Jr Hecht
Chl Jet Ry & Union Stock
Feb
106
Jan 114
105 85
Yards 6% cum pref _ _100 1134 114
4
Jan
351 Jan
3
225
3% 334
25
Copper Range
234 Jan
131 Jan
115 50c
1% 2
10
East Boston Co
East Gas & Fuel ASSD4% Jan
354 Feb
331
324
34 4
•
Common
Jan
Feb 50
498 4054 90
46
100 40
6% cum poet
Jan
CA
Members'
5934 Jan
317 5.3
64
prior preferred 100 61
4.4%
7% Jan
454
5
Jan
New York Stock Exchange
Chicago Stock Ezchange
38
751
694
I:ast Mass St Ry 1st Pf_100
Feb
1
Chicago Curb Ezchange
54
80c Jan
New York Curb (Aesoclate)
106
80c
1
Common
100
134 Jan
99c Jan
99c
20
134
14
100
Ad)
Jan
3
1
125
5
134 Jan
24 21 4.
100
Preferred B
Jan
Feb 107
98
1,157 98
99%
100 98
Edison Elea Ilium
1334 Jan
Jan
410
634
12
12
Employers Group
1234
451 Jan
24
34 Jan
35
Gilchrist Corp
•
334 3%
Feb 154 Jan
13
13
347
734
Gillette Safety Razor
1334
18
Feb Feb. 2 to Feb. 8, both inclusive, compiled from official
Feb
20 1034
18
18
I lathaway Bakeries prat_ _• 18
sales lists
234 Jan
234
234 Feb
20
234 24
I nternat Hydro Elec Cl A25
Feb 110
Feb
July 1
30 I 85
110
Island (1reek Coal prat__ _1 110 110
800 Jan
Week's Range Sales 193310
55c Jan
110 30c
Range Since
60c 60c
25
lobe Royale Copper
Jan
for
Jan.31
451 Jan
6
of Prices
29
44
Jan, 1 1935
100
6
6
Maine Central
17
Feb
114 Jan
Week
1935
10
8
17
100 17
Preferred
1
Feb
1
672
13-4 Jan
1
14
Mass Utilities Assoc vtc--•
High Shares Low
StocksPar Low
Low
50 2034 2934 Feb 3234 Jan
Alergenthaler Linotype_ _* 2954 2954
High
Feb 9534 Jan Abbott Laboratories com_• 6394 6316
100 3434 60
90
645 75
Jan 65
Feb
9254
New Fog Tel Jr Tel _ _ _ _100 90
Jan 60
Feb Acme Steel Co
25 46
950 21
464
42 244 55
4214 Jan 4634 Feb
60
New River Co pref _ _100 55
Feb
831 Jan Adams Mfg (J D) com _ _• 134 1354
100
6
5
x13
Jan
1434 Jan
85
6
6
634
NY N
30c Feb Advance Alum Cass mm 5
25c Jan
14 2
250
114
21c
114 Feb
2% Jan
2.50
25c 30c 1,815
No Butte Mining
Feb 103
Feb Allied Products Corp Cl A _• 13
50
551
103
13
12
Jan
105 83
14
Jan
Northern RR (N H)_ _100 103 103
Jan Altorfer Bros cony pfd __• 184 1854
20
94
18
6334 Feb 71
Jan
1914 Jan
62 68
100 6334 87
Old Colony RR
40c Jan Amer Pub eery Co pref _100
110
3
250 Feb
8% 9
714 Jan 12
100
25c
Jan
25c 25c
Old Dominion Mining Co25
Jan Amer-Yvette Co Inc corn_ 1
1554 Feb 21
h
34
190
4 I,Ian
4
94 Jan
• 1554 1654
210 17
Pacific Mills Co
27
Jan Armour Jr Co common...5
534
531
850 5 34
5
25
84 Jan
Jan
459 10
• 25
254
P C Pocahontas Co
18
Jan 2534 Jan Asbestos Mfg Co com _-_1
650
2
1,081 18
2% 254
114
% Jan
Jan
21
50 19% 21%
Pennsylvania RR
54
31
200
51
ii Jan Associated Tel Utll corn...*
54 Feb
51 Feb
25 50e
25
4 Jan
34
Quincy Mining Co
31
1534 Jan
Feb
Automatic Products nom_ 5
14
800
2%
40
8
5
751
7%
Jan
8% Jan
1434
Reece Button Hole Mach10 14
24 Jan Backstay Welt Co'com___• 14
14
10
455
1351 Jan
Jan
234 Jan
14
234 23-4
110
154
Reece Folding Mach Co.10
170 Jan Balabon Jr Katz Corp p1100 873-4 8734
100 20
8734 Feb 8734 Feb
120 Feb
12c
12c
10c
60
Shannon Copper Co_ _ _ _25
8% Jan Handl: Aviation corn_ _ _ _• 1454 154 1,700
1454 Feb
851 Feb
954
84 84
800
5%
17% Jan
Shawmut Assn to Ws_ _ _ _•
54 Jan Berghoff Brewing Co
2% Jan
34 Feb
750
2
•
31
% 44
258
34
' 24 2%
334 Jan
Stone & Webster
1934 Jan Borg-Warner Corp oom_10 2814 3051
2,850 1134
1751 Jan
2835 Jan 314 Jan
25 1734 183.1
160 11
Swift & Co
10834 Jan 111
74
Jan
40 87
Jan
7% preferred
69
100 10934 109%
Jan
• 71
524 35
7234
Torrington Co
14
Feb Brachl(E J) Jr Sons com__• 16
1254 Jan
16
100
631
25
8
1334 Jan
14
16
Jan
Union Twist Drill Co - _ -5 14
4 Jan Brown Fence Jr Wire
let Feb
11
230
Xs
4
United Founders corn_ _ _1
•
5
551
500
Jan 754 Jan
Class B
1%
4
1,426 47
70
Jan
25 724 74
5% Jan
Shoe Mach Corp
U
2.3502 234
Feb Butler Brothers
634 Jan
151 304 354 Jan 38
10
64 7
714 Jan
25 37
38
Preferred
Feb
14 Jan Canal Construct cony pf.•
70
1
1
24 Feb
5
i
1,640
4
254 234
2% Feb
13-4
Utah Apex Mining
Closing bid and asked quotations, Friday, Feb. 8
Boston Stock Exchange
CHICAGO SECURITIES
Listed and Unlisted
Paul Ii Davis &(Tca
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Hayen&Harttord100
Jan
For footnotes see page 953.
Financial Chronicle
Volume 140
1Veeks Range
of Prices
July 1
1933 to
Jan.31
1935
Sales
for
1Week
......:1
1.0.1
X
X
M
..7
g
:
X ', ..
.
t..>
.....
N
00000MC0.0
C.000NOMNMN
NM.C1N
N
X
.
i.
.
.
c0
OWMWW.D.WMNMWO
WOWOMIN.W.C..01
X XX X XXX
X XXX XXX
etc
NO0
mee.
Q000000000
NO.WM.M.0.1,
00
0=0000.0=000
11.0.50000M.,N000
—
Stocks (Concluded) Par Low
High Shares Low
Castle(AM)& Co com _ _10 25
27%
300 10
Central Cold Slot com__20 r 13% 14
130
4%
Cent III secur—
Convertible preference..
7% 735
200
5%
Cent Ill Pub Baty prat _• 18
19
280 log
Central Ind Power pref 100
3% 4
20
1%
Central S 1l,—
Common
1
39
1,100
139
u
Preferred
•
335 4%
120
2
Prior lien prat
• 13% 15
2
1,140
Chain Belt Co corn
24
• 23
80 14
Cherry Burrell Corp corn_• 23% 24
180
5
Chicago Corp common_ •
2
2% 4,650
1%
Preferred
• 30
30%
700 204
Chic Flexible Shaft nom_ _5 15
15
50
7
Chicago Mail Order com.5 17
17%
650
8%
Chic & N WRY corn. _ _ MO
2501 334
434 4%
Chic Rys part ctts "1"_100
Si
10
Si
Si
Chic Towel Co cony pref... 83
83
20 5834
Cities service Co nom. _ ..•
1% 4.800' 1%
13.4
Coleman Lp & Stove com_• 20% 2035
50
5%
Commonwealth Edison 100 5334 5534 3,450 30%
Congress Hotel com_100 12
12
20 10
Consumers to corn
5
%
50
Si
%
Cord Corp cap stock
5
334 2,550
2%
334
Crane Co common
25
8%
1,200
5
934
Preferred
100 86% 87%
230 32
Cudahy Packing pref 100 106 106%
Curtis Mfg Co corn
5
6
639
Dexter Co (The) com
5
434 535
Eddy Paper Corp corn...' 1739 19%
Elea Household Utll cap_5 1434 16%
Elgin Nat Watch cap elk 15 15% 15%
Fitz Sim & Con D&D corn •
9% 10
Gardner Denver Co com_• 17
17
General Candy Corp A _ _5
7
734
(:en Household Util nom_•
5% 634
Godchaux Sugars Inc—
Class A
• 16% 16%
Class II
•
7
7
Goldblatt Bros jib nom .• 1834 1934
(;rest Lakes!)& D corn_• 1734 1831
Greyhound Corp nom_ _ _ _5 21% 21%
hall Printing nom
10
6% 7
llart-Corter cony pref _
• 10
10
I I oudaille- Hershey Cl - •
B_
73-9
835
Illinois Brick Co cap
25
6
6
Imlay Priem Tool v t c • 3334 3334
Iron Fireman Mfg y to.. • 14
14%
Jefferson Electric Co corn.' 20
20
Kalamazoo Stove—
Common new
16% 17%
Katz Drug Co corn
1
35% 36
iCen-Rad T a, Lamp corn A•
4% 4%
Kentucky Util pr cumul
preferred
50 11
11
Keystone SU & Wire com_• 27% 27%
Preferred
100 88% 90%
Kingsbury Brewing cap_ _1
I% 234
lawbeck Cp 6% corn p1100 2934 30
Libby McNeil& Libby_ _II
639
73.4
Lindsay Light COM
10
3% 3%
Loudon Packing corn.._ _• 19
19
Lynch Corp corn
5 3744 38
alcCord Rad & Mfg A ___•
16
16
McGraw Electric corn...5 14
143.4
150
3%
McQuay-Norris Mfg corn-. 53
54
20 24 39
McWilliams Dredging Co.• 26
2734
1,050 124
5Iapes Cons Mfg CAD- ---• 3035 30%
20° 2934
Marshall Field common..
8% 934
400' 8%
5Ier & Mfrs Sec cl A nom.]
135
134
200
34
Mickelberry's Fd Pr corn 1
134
134
1,000
1
Midland United Co corn...
%
Si
200
%
Convertible preferred A •
50
39
%
34
Middle West Util Co com.•
h
yi
800*
is
Midland Utii6% prior lien
100
q
q
20
%
Modine Mfg corn
19
19
*
101
7
Monroe Chemical Co—
Common
•
71
7
744
2
Mohawk Itubber com
•
13.4
134
150 11 1
Mountain States Pr pref10C
7
7
30
6
Muskegon Mot Spec CIA.' 18
1834
101
5
Nachman Springfilled cow•
7
7
101
454
National Leather nom_..10
1
139
400
Si
Nat Rep Inv Tr cony pt.«
134
10
174
1
Noblitt-Sparks Ind corn..' 1334 1434
950 10
North American Car corn.'
3
3
200
17-4
No American Lt & Pr corn 1
%
100
%
%
Northwest Bancoro corn--•
434 434
750
234
Oshkosh Overallcom
•
5% 5%
100
3
Parker Pen Co (The)com10 1234 123.4
50
4
Peabody Coal Co B corn-•
%
Si
150
%
6% preferred
100
5% 535
20
5
Penn Gas & Elea A com__• 10
10
50
6
Prima Co common
•
354
334
850
134
Public Service of Nor 111—
Common
• 1834 1835
200
934
Common
60 17
1735
100
9
6% preferred
100 6634 68
140 28
7% preferred
100 78
78
50 38
quaker Oats Co—
Common
• 128% 129%
7 106
0
Preferred
100 134 135
200 ill
Rath Packing Co com_ _ _10 30
30
150 20
Reliance Internal A corn_•
134
100 2
134
Si
Reliance Mfg Co com_ _ _10
934 94
400
9
Rollins Hos Mills cony Pt • 1334 133.1
50
8%
Ryerson & Sons Ins corn.* 25% 26
300 11
Sangamo Electric Co—
Common
•
8% 834
50
4
Preferred
100 10034 100%
20 40
Sears Roebuck & Co corn.' 3334 34%
130' 30
Sewestern Lt & Pow prat* 29% 294
70 14
St Louis Nat Stkyds cap.' 73
73
10 32
Standard Dredge—
Common
•
150
134
134
Si
Convertible preferred..'
434 434
350
154
Sutherland Paper Co com10 12
13%
400
5%
Swift International
15 33
3434 3,250 193.4
Swift et Co
25 1734 1834 5,800' 11
Thompson (J TO corn_ ..25
5% 6
250
434
Utah Radio Products corn'
Si
14
200
54
Mil dc Ind Corp—
Common
•
Si
Si 2,100
Si
Convertible preferred..'
134
100
1
134
Viking Pump Co—
Common
•
734 9%
140
1%
Preferred
• 3445 35%
20 21%
Vortex Cup Co—
Common
• 16
1635
250
5%
Class A
• 32% 33
350 24
Wahl Co corn
•
15-4
I%
300
%
Walgreen Co
_ _• 28% 30
1,000 1531
Ward (Montg) At Co CIA.' 132% 133%
oommon_20 56
WiscoresinBankshares oorn•
23.4
234
100
134
Zenith Radio corn eorn._•
1% 2
300' 1 -4
7
For footnotes see page 953.
951
Range Since
Jan. 1 1935
Week's Range
of Prices
Low
1735 Jan
13
Jan
High
27% Feb
1434 Jan
7% Jan
13% Jan
3% Feb
7%
20%
0
q
334
12%
21%
1834
2
29
13%
154
4%
%
80
134
20
47
12
Si
3%
83.4
83
106
5%
4%
13%
14%
15
8%
17
534
5%
Jan
Jan
Jan
Jan 134
Feb
5
Jan
Jan
Jan 16% Jan
Jan 24
Feb
Jan 24
Jan
2% Jan
Jan
Jan 32% Jan
15
Jan
Jan
Jan 17% Jan
Feb
54 Jan
Jan
% Jan
Jan 83
Feb
Feb
134 Jan
Jan 20% Feb
Jan
Jan 56
Feb
13% Jan
Feb
31 Jan
Jan
4% Jan
Feb 10% Jan
Jan 8934 Jan
Jan 106% Feb
Jan
6% Feb
Jan
515 Feb
Jan 194 Feb
Jan 17% Jan
Jan
1734 Jan
Jan
10
Feb
Feb 21
Jan
Jan
7'Si ian
Jan
734 Jan
15%
634
1734
1734
19%
6%
7%
734
5%
33%
13%
18%
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
15%
35
3
Jan
Jan
Jan
8
Jan
23% Jan
Jan
85
134 Jan
29‘ Feb
,
844 Jan
3% Jan
19
Jan
353.4 Jan
Jan
15
13% Jan
53
Feb
223-4 Jan
30
Jan
8% Jan
I% (Jan
134 Jan
34 Jan
39 Jan
34 Jan
% Jan
1635 Jan
27%
29%
Feb
Jan
BALLINGER a& CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire Si/stem—First Boston Corporation
Cincinnati Stock Exchange
CLEVELAND, - - - OHIO
Feb
Feb
Feb
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
20% Jan
20
Jan
6935 Jan
78
Jan
134 Feb
234 Jan
4
Jan
534 Jan
Jan
18
Jan
3134 Jan - 354 Jan
17% Jan
1934 Jan
514 Jan
6
Feb
yi Feb
Si Jan
Jan
Jan
High
6633 Jan
,
GILLIS, WOOD & CO.
10
634
3434
Low
62
Jan
OHIO SECURITIES
8
Jan
834 Feb
95
Jan 100% Jan
3334 Feb 40
Jan
Jan
30
253-4 Jan
89
Jan 73
Jan
Jan
Feb
Bonds—
Low
High
Low
Chic City Ftys Is etts_1927 65% 65% $4,000 36
208 So La Salle St Bldg—
1st mtge 5%s
1958 27% 28%
6,000 19
Range Since
Jan, I 1935
rJan
128
IJan 130
Jan
133% (Jan 13634 Jan
29
Jan 30
Jan
13.1 Feb134 Jan
9% Feb10
Jan
11
Jan
1334 Feb
20
I Jan 2634 Jan
Si
13.4
July 1
1933 to
Jan.31
1935
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
July 1
IVeck's Range Sales 1933 to
Range Since
Jan.31
for
Jan. 1 1935
of Prices
1935
Week
—
Stocks
Par Low
High Shares Low
Low
High
Aluminum Industries_ ___•
7% Feb
7% 7%
10
6
8% Jan
452 10%
Amer Laundry Mach_20 13
13
Feb
13
1534 Jan
Burger Brewing
•
3
3
3
90
Feb
2
3
Feb
Carthage Mills pref.._100 60
60
Jan
5 51
55
60
Feb
Cinti Gas & Elea
79
72% Jan -79
100 78
234 62
Jan
Cincinnati Street Ry _ _ _50
3
155
3
Jan
3
3
3% Jan
Cincinnati Telephone_ __ 50 63% 64
368 6035 6335 Jan
64% I Jan
Cinti Un Stock Yds
• 21% 21%
150 18% 21% Jan
24 1Jan
City Ice & Fuel
21
• 20
13' 1434 20
Feb
2134 Feb
26
535
• 26
172
Jan
25
26 (Jan
16% Jan Coca-Cola A
s
80
7
1439 I Jan
13% 13!4.
13% Jan
7% Feb Crosley Radio
20
4
4 f.Jan
3%
105
43i iJan
4%
20
Jan E le-Picher Lead
ag
17
• 17
15 11%
Jan
17
Jan
17
194 Jan Early & Daniel
Formica Insulation
• 11
12
33
11
8
14
Feb
ran
23% Jan Gibson
• 20
Art
21
49
Jan
7% 16% Jan
20%
7% Jan
_ __• 27% 28
28
62 22% 27% [Jan
Jan
10% Jan Hobart class A
Kahn lot pref
100 74
69 [Jan
75
35 50
75
Feb
854 Jan
A
14%
40 14
55 10
13
14
Jan
Feb
734 Jan
• 25% 2535
7 1 19
28% Jan
23% Jan
3339 Feb Kroger
•
5% 5%
5% Feb
45
1
631 Jan
15
Jan Leonard
50 100 100
5 75
100 -I Feb 100 til Feb
20% Jan Little Miami Guar
Magnavox Ltd
1%
2.50
1%
40
44
% , Jan
134 Feb
'1
•
7% 7%
735 Feb
100
5
735 Feb
173-4 flan ;1anIschewitz
head Corp pref
37% I Jan
45
• 45
3 28
39% Jan
45
Feb
& Gamble
Procterpreferred
• 46
46%
158 33% 4334 Jan
46% Feb
5 (Jan
8 70
,
100 195 195
5 158
191% Jan 195
Feb
Jan567 preferred
100 115 115
4 101
114
Jan 115
14
• 18
18
90
9%
1735 I Jan
18% Ilan
27% Jan Randall A
B
•
119
2%
5% Jan
53-4 5%
5% Jan
90% Feb
• 28
2835
430 12
27% Jan
29% Jan
254 Jan Rapid
•
739 7%
220
6
8% Jan
73-9 Feb
Feb Richardson
30
10 32
33%
101 14% 29% [Jan
33% Feb
754 Jan U S Playing Card
S Printing
*
4
4
76
335 Jan
2
4
Feb
4% Jan U Preferred
12
50 12
102
4%
10
Jan
13% Feb
20
Jan
• 38
Whitaker
38
5 10
20 'Jan
38
Feb
39% Jan
18
Jan
1534 Jan
5535 Jan
277) Feb
Jan
33
1134 Jan
Listed and Unlisted
134 Jan
1% Jan
% Jan
Si Jan
% Jan
Members Cleveland Stock Exchange
Union Trust Bldg. Cherry 5050
—
% Jan
19
Feb
734
67-9 Jan
134 Feb
13-4
Jan
6
7
16
Jo
20
7
Feb934
1
I%
Jan
134 July
13.4
1334 Feb
1535
3
Feb
3%
14
Si Jan
3% Jan
534
53.4
534 Jan
11
Jan
13
% Jan
Si
535 Feb
5%
9% Jan
1035
2% (Jan
34
1534 Pan
16% Jan
6134 Jan
733.1 Jan
Sales
for
Week
%
1%
Jan
Jan
93-4 Feb
3534 Feb
15
Jan
1635 Feb
31
Jan 33
Feb
134 Jan
239 Jan
2834 Feb 31
I Jan
127
Jan 135
Jan
234 Jan
2% Jan
134 Jan
27.4 Jan
Cleveland Stock Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
193310
Jan.31
1935
Range Since
Jan. 1 1935
Stocks—
Par Low
High Shares Low
Low
High
Allen Industries, Inc
• 12
160
2
835 Jan
1234
Jan
13
Preferred
• 44
44
28 1734 40
Jan 44
Jan
Apex Electrical Mfg
5
•
5
20
3%
Jan
4
5
Jan
City Ice & Fuel pref _ _ _ _100 91
91
30 I 6354 90% Jan 91
Jan
Cleve Cliffs Iron pref... _. 1934 20
130 16
1935 Feb 20
Feb
Clay Elea III 6% prat _100 11135 113
151 9935 110% Jan 113
Feb
Cleve Ry ctfs of dep_ _ _100 54
84 3434 54
5634
Jan 58
Jan
Clay Union Stockyards_ _.• 1034 1034
100
734
11
Jan
1034 Jan
Clev Worsted Mills
•
5% 535
100
535 Jan
534
634 Jan
Cor McKinney non-votingl
10
358
834 10
1539
Feb
1535 Jan
Dow Chemical pier_ _ _ _100 115 115
23 99
112% Jan 116
Jan
Halle Bros
5 13
13
10
8
13
Jan
13
Jan
Hanna MA $7 cum pfd...' 105 105
10 77
101% Jan 105
Feb
Harbauer
• 21
22
40
434 21
Jan 23
Jan
Harris-Seybold-Potter
. 3
3
50
%
3
Feb
134 Jan
Medusa Port Cement....t 14
14
20
6
12
Jan
16
Jan
Metropol Pay Brick
*
335
134
100
334
2
Jan
335 Feb
Mohawk Rubber
135
•
1
180
154
139 Jan
2% Jan
Nlyers F E & 13ro
«
313.4 3234
10 1334 30
Jan 323-4 Feb
National Acme
1
10' 3
5% 5%
7
53.4 Jan
Jan
National Refining
25
334 3%
13
234
Jan
3
334 Jan
Preferred
100 50 .5035
85 45
50
Jan 60
Jan
National Tile
•
1%
no
1%
I
144 Jan
234 Jan
Nestle LeMur cum cl A
•
5% 53-9
1
115
4
Jan
5% Jan
Nineteen Hun Corp cl A_• 25% 27
130 21
2334 Jan 27
Feb
Ohio Brass B
• 23
23
100 1034
Jan 24
23
Jan
Richman Bros
• 49
4974
224 38
48
Jan 50
Jan
Robbins & Myers pref v t c•
3
3%
40
2
3
Jan
334 Jan
Selberling Rubber
•
2% 234
70
134
2% Jan
3
Jan
Selby Shoe
• 28
2052 15%
2835
273-4 Jan 29% Jan
Truseon St'l cum 7% p1100 35
4274
85 30
35
Feb 44
Feb
Weinberger Drug Inc_ _ _ _• 1235 1334
258
7
1235 Jan
1335 Jan
West Res Inv 6% or pf.
_100 25
25
50 20
20
Jan 25
Feb
Detroit Stock Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
Range Since
of Prices
for
Jan.31
Jan. 1 1935
Week
1935
Stocks—
Auto City Brew COM
Baldwin Rubber A
Par Low
High Shares Low
1
135
2,712
17-4
154
•
734
493
774
2%
L011)
1% Jan'
7
Jan
High
2
Jan
8
Jan
Financial Chronicle
952
1Week's Range
of Prices
Stocks (Concluded) Par Low
Bower Roller Bearg com__5 17
Briggs Mfg corn
• 25
Burroughs Add Machin&• 1434
Chrysler Corp COLO
5 3634
Detroit Edison com____100 69
Del Mich Stove corn
1
•is
Del Paper Prod corn
• 10
Eureka Vacuum
5 12
5%
Ex-Cell-0 Aircraft com
3
Federal Mogul coin
5%
•
Federal Motor Truck corn •
4%
General Motors corn _ ___10 30
Graham-Paige Mot com 1
234
Hall Lamp com
516
•
Hiram Walker-G & W_....* 2934
3%
Hoover Steel Ball corn_ _ _ 10
• 24
Hoskins Mfg corn
7%
Houdaille-Hershey B._ •
811
Hudson Motor Car
*
10 2034
Kresge(S S) corn
3
Mich Steel Tube com __•
Mich Sugar com
' %
234
10
Preferred
6
10
Murray Corp corn
4%
*
Packard Motors corn
• 3316
Parke
-Davis & Co
Parker-Rust-Proof com _ _• 59
214
Reo Motorear Co corn_ _.5
2%
2
Rickel(H W)
3
River-Raisin-Pape rcom *
Scotten-Dillon corn
10 21
• 21%
Square D "A"
*
916
16 13
834
Stearns (Fred'it) corn___ _•
6
Timken-Det Axle com___10
2
1
Tivoli Brewing corn
•
334
Universal Cooler A
•
1%
il
1
Warner Aircraft Corp_ _ _ _1
Sales
for
Week
July 1
1933 to
Jan.31
1935
High Shares Low
1714
605
634
715' 6%
25
383' 1034
14%
819 I 26%
3736
133 1 55
75
Si
800
916
3%
955
11
435
6%
1234
214
360
6
3
100
5%
500
5
234
1,948 2 22%
30%
194
1,570
2%
3
395
5%
380 2 2034
30%
1
1,252
314
130 13
24
835
294
8
1,96521 6
9%
628 10%
2034
3
100
3
1,100
A
34
100
214
234
3%
1,235
6%
1,75421 2%
434
1.6302 19%
34
144 2 36
60
2
195
2%
1,630
2%
3
1
3% 3,220
200 1734
2134
i,065'° 3
24
400 700
11
125
4%
834
3
400
636
126
2,076
234
1%
200
3.15
55c
1% 3,400
1,165
14
1
Feb. 9 1935
July 1
Week's Range Sales 1933 to
Jan.31
for
of Prices
1935
Week
Range Since
Jan. 1 1935
Low
Feb
17
Feb
25
1434 Jan
3634 Jan
Jan
68
14 Jan
914 Jan
1034 Jan
5% Feb
5% Feb
414 Feb
30
Feb
234 Feb
534 Feb
2934 Feb
33.6 Feb
2214 Jan
736 Jan
8% Feb
20% Feb
3
Feb
' Jan
1 is
234 Jan
Feb
6
4% Feb
33
Jan
55
Jan
234 Jan
2% Feb
234 Jan
2014 Jan
21
Jan
8% Jan
8% Jan
6
Jan
2
Jan
3% Feb
134 Jan
..i" Jan
High
Jan
19
287
% Jan
15% Jan
4234 Jan
7834 Jan
% Jan
Feb
11
1216 Feb
734 Jan
5% Jan
536 Jan
3434 Jan
3% Jan
Jan
6
2914 Feb
3% Jan
Feb
24
8% Jan
12% Jan
21% Jan
3
Feb
12, Jan
2% Jan
7% Jan
574 Jan
34% Jan
6316 Jan
2% Jan
3
Jan
3% Jan
2134 Jan
24
Feb
11
Feb
9
Jan
7% Jan
23', Jan
4
Jan
1% Jan
134 Jan
Stocks (Concluded) Par Low
High Shares Low
455 1 634
Columbia Gas & Elm Co_.
616 6%
8
00
11
Devonian 011
10 11
1
Duquesne Brewing com_ _5
4%
516 1140'
414
650
Class A
6% 7
5
5
40
Follansbee Bros pref...100 10
1034
350
134
Fort Pittsburgh Brewing.l
234 2%
113 1 12
Harb-Walker Refrac corn • 1734 1816
Low
636 Feb
1034 Jan
3% Jan
53. Jan
914 Jan
Jan
2
1734 Feb
High
7% Jan
Jan
12
534 Feb
Feb
7
1434 Jan
2% Jan
1934 Jan
Koppers Gas & Coke pf _100
Lone Star Gas Co
•
Mesta Machine Co
5
Natl Fireproofing pref _100
Pittsburgh Brewing Co.. _•
•
Preferred
Pittsburgh Forging Co..!
Pittsburgh Plate Glass_25
•
Pgh Screw & Bolt
Pittsburgh Steel Fdry _ *
7534
516
2634
50c
234
1514
4
5534
6%
2%
7716
5%
2634
116
234
16
4
56
7.
4
200
3,147
46
125
273
40
219
32 z
1.115'
62
54
436
14
1
116
15
2
3034
434
2
7434 Jan
5% Jan
2434 Jan
50c Feb
Jan
2
1534 Jan
2% Jan
52% Jan
6% Feb
Jan
2
7834 Jan
634 Jan
2734 Jan
Jan
2
234 Fel)
1636 Jan
4% Jan
57% Jan
8% Jan
Feb
4
Renner Co
1
San Toy Mining Co
1
Standard Steel Spring
•
United Rug & Foundry •
Vanadium Alloy Steel _ *
1
Victor Brewing CO
Waverly Oil Co class A._*
Western Pub Service
Westinghouse Air lirake_•
Westingh El & Mfg_ _ ..50
1%
2c
1234
30%
1034
1
2
4
24
3734
580
134
3c 15,000
40
1234
794
32%
35
20
570
134
320
216
123
4
418
24%
50'
38
1
2c
8
15
1534
95c
134
316
15%
2734
134
2c
12
2734
18
95c
2
316
24
3616
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
114 Jan
3e Jan
1434 Jan
3434 Jan
Jan
20
134 Jan
2% Feb
Jan
4
26% Jan
Jan
40
Unlisted
Lone Star Ga.9 CO 6% pf100
*
Penroad Corp v t c
7734 7734
1%
I%
24 64
3 2 134
75
1%
Jan
Jan
80
236
Low
Par Low High Shares Low
Stocks300
2
.. 334 Jan
3% 3%
1
Bandit:II Petroleum
2% Jan
100
1%
10 12% 2%
Bolan Chica 011 A
25c L14,000
110 Jan
15c
30
1
Buckeye Union Oil
70
23c _6,300
He Jan
1 121c
Voting trust ctfs
470 600 9,400
60
280 Jan
1
Preferred
29c Jan
1 147c 5716c .18,000 150
Preferred vtc
Jan
1
1
7
734 7%
Central Investment ___100
1
100
216 Feb
Chapman's Ice Cream Co. '234 216
5 '57% 37%
100 2634
3714 Feb
Chrysler Corp
50 18
20% Jan
Citizens Natl Tr & S Bk_20 2434 2434
100
1016 Jan
7%
Claude Neon Elec Prod_. 10% 10%
2001 714
734 Jan
Consolidated Oil;Corp • P734 7%
500
• 1.10 1.20
90c 1.10 Feb
Consolidated ..
.Steel
1,000
216
7
Jan
Erase° Dert& Equip Co 5 '8% 9%
10 275
340
Jan
Farmers & Mer Natl Bk 100 360 360
1,300
914 Jan
• 1134 11%
6
Hancock 011 A corn
31e Jan
400 1 40c 1,000
25c
1
Holly Development
.1c
20 2,000
20 Jan
20
1
Jade Oil Co
41e5216c 55,7201 100
380 Jan
Kinner Airpl & MotT,Corpl 600 Jan
200
Lincoln Petroleum Corp_ _ I 52%c 55e 8,000
1,600
90c 1.10 Jan
Lockheed Aircraft Corp_ _1 1.50 1.6216
100
70c
50c
700 Feb
70c
Los Aug Industries Inc 2
251 7334 60
8514
LA Gas Jr El 6% pref _100 85
Jan
500
5
Jan
5
114 45
Ang Investment Co_10
Los
100
200' 20c
200 Feb
15c
Merchants Petroleum Co_l
• 1.50 1.50
50c 1.50 Feb
460
Mills Alloys Inc B
600
2301 23c
230 ,23c Feb
Mt Diablo 011 Mng'St Devi
5
5
5
Jan
5
3
Mortgage Guarantee-Co100
10% 71,500
39% Jan
Pacific Finance Corp___10 10
636 '
1316 Feb
4 0 I 12%
0
Pacific Gas & Elec Co_ _25 1314 13%
1002 1834 20% Feb
6% 1st preferred___ _25 2034 2034
100 za,16%
1834 Feb
5Si% 1st preferred _ _ 25 1834 1834
916
600 •,716
9
p894 Jan
Pacific Indemnity'Co___10
Pacific Lighting Corp
f 100 , 20% 121% Jan
* 22
22
4002 5 '11:7% Jan
77
%
•
734
Pacific Western 011
Jan
234 234300
Republic Petroleum'Co_10
194 A 2
216 - 69
234 Jan
234
Sampson Corp 6% pref 10
23.4
--/IF6 26 65
7834 Feb
San Joaq L&P 6% pref 100 7814 79
'
1,500 25
Security First Natl Bk_20 3434 35%
3334 Jan
illi 150 13
16
Jan
• 1634 17
Security Co units
14 '
13% Jan
200 1234
14
SoconyoVacuum 011 Co_15
1116 Feb
25 1114 1174 1 700 1034
So Calif Edison Co
40 26
2931 Jan
Original preferred
25 - 3014 3034
7% preferred
25 - 2134 2174 - 300 1834 2034 Jan
4 1.0002 1516
1734 Jan
6% preferred
25 - 1834 182
1,500 1424
1634 Jan
516% preferred
25 1634 1874
So Calif Gas Co 6% pref_25 '2494 2434 I 200 2014 1.2316 Jan
100 19% '2334 Feb
A 6% preferred
25 2334 2334
Jan
80
4
20 75
So Counties Gas 6% pf1100 8314 831
Feb
14
Southern Pacific Co_ __100 14
1531
700 14%
60
5
'714 Jan
Square D Co B com•
9% 9%
A preferred
2194 Jan
• 234 2314
50 15
Standard 011 of Calif__.• 2911 3016 - 900 2634 29% ' Jan
Feb
5
Transamerica Corp
5% 2.700r* *70c
*
5
80
Union Bank & Trust Co_50 110
Feb
16 71
RO
l'Jan
15
Union 011 of Calif
900 I 11%
23 15' 15% 2
Universal Cons 011 Co__10 "" 5% 634 - 840 27 1,20
•so
Minins Stocks120 Jan
Blk Mamm Cons Mng_10c 141
70
6c 1,000
4c-141
100 Jan
Calumet Mines Co____I0c
6c
tic 113%e 3.000
Sc Jan
Imperial Development _25c 3140
4c 4,000
1340
420 Jan
Tom Reed Gold Mines...1
250
480 480 5,450
140 Jan
Zenda Gold Mining Co_l
He
I8e
180 i,100
•
Unlisted Stocks'
Feb
American Tel dr Tel_100 103 105
645 1100% 103
114 Jan
Cities Service
13
4 2,600 6 134
144
•
General Motors
204) 22 22% 3014 Jan
.4
10 3134 31 1
Montgomery Ward
Inn' 15% 25% 'Jan
* 264 264
Packard Motor Car Co..
43 Feb
200
•
416 44
2%
Radio Corp of America_ _•
474 'Jan
209 22 4%
5
514
Tide Water Assoc 011_ •
816 Feb
309 26 734
814 834
099 21 234
3)4
Warner Bros Pictures_ _ _5
.
334 Feb
4
rJan
High
, 3% pan
3% Jan
250 Feb
23c Feb
60e Feb
57340 Feb
Jan
7
234 Feb
39% Jan
24% Feb
10% Jan
8% Jan
1.40 Jan
994 Feb
36234 Feb
1134 Feb
400 Feb
20 Jan
52Si0 Feb
400 Jan
1.6216 Feb
82%c Jan
Jan
81
5
Jan
200 Feb
1.50 Feb
230 Feb
Jan
5
10% Jan
1434 Jan
20% Jan
1834 Feb
10
Feb
2216 Jan
a% Jan
3
Jan
234 Jan
Feb
79
Jan
3
8
Feb
17
14% Jan
1234 Jan
3034 Feb
22
Jan
1834 Jan
1734 Jan
2434 Feb
23% Feb
8334 Feb
19
Jan
714 Jan
2314 Feb
32
Jan
5% Jan
SO
Feb
In% Jan
63', Feb
170 Jan
13340 Jan
4c Jan
5I0 Jan
22c Jan
Jan
106
1% Feb
Jan
34
30
Jan
5% Jan
' 534 Jan
9% Jan
414 Jan
Pittsburgh Stock Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
Week's Range
of Prices
StocksArmstrong Corks Co
Blaw-Knox Co
Carnegie Metals Co
Par Low
High Shares Low
• 2114 2136
100 2
13
• 11% 12
6
555
1
2% 2% 10,204 90c
For footnotes see page 953.
July 1
Sales 1933 to
for
Jan.31
Week
1935
Range Since
Jan. 11035
Low
1
2114 Feb
1074 Jan
13-4 Jan
High
24
Jan
13% Jan
2% Jan
Jan
Jan
Established 1874
DeHaven & Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
Los Angeles Stock Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
July 1
Range Since
1Veek's Range Sales 1933 to
for
Jan.31
Jan. 1 1935
of Prices
1Veek
1935
Range Since
Jan. 1 1935
PHILADELPHIA
NEW YORK
1415 Walnut Stre•t
52 Broadway
Philadelphia Stock Exchange
Feb.. 2 to Feb. 8, both inclusive, compiled from official sales lists
July 1
1Veek's Range Sales 193310
Range Since
for
Jan.31
of Prices
Jan. 1 1935
1VeeJe
1935
StocksPar Low
• 38%
American Stores
Bell Tel Cool Pa pref__100 116
Budd (E G) Mfg Co
•
100 2834
Preferred
*
Budd Wheel Co
334
Cambria Iron
50 4394
Electric Storage 13attery 100
Horn&Ilardart(Phila)com•
liorn&Bardart(N Y)com •
10
Insurance Coot N A
Lehigh Coal at Nav
Lehigh Valley
Mitten Bank Sec Corp
Preferred
50
25
25
High Shares Low
Low
High
437 1 3514
/ Jan
6
4034
3734 Jan
117
325 109% 11534 Jan 11734 Jan
3
416 Jan
500
534 Jan
Jan
15' 16
26
28%
Jan 33
Jan
12
3%
3,14 Jar)
205
4
4414
85 34
1
4 Feb
42
Jan 44,
4534
8116
203.4
53%
4634
8134
21
5436
• 6%
8
34
134
6%
8%
34
1%
Pennroad Corp v t c
•
116
134
22
Pennsylvania RR
50 20
Penna Salt Mfg
50 7534 76
13
Piffle Dairy Prod pref _ _25 13
.
Philp, Electric of Pa $5 pf_• 10634 10716
Phila Elec Pow pref _
. 25 32% 33
Phila Insulated Wire
• 19% 21
Phila. Rap Tran 7% pf _50
5
534
Phil dc Rd Coal & Iron_ •
39.4
4
Philadelphia Traction_ _50 1614 1812
216
20
100
1762
1,602
2,507
1342
10
170
468
302
1031
175
565
20 r
87
14
200
514
220
40
416
11% 15,254
292
9134
Scott Paper
•
Tacony-Palmyra Bridge _•
Tonopah Belmont Devei_ 1
Union Traction_ _ _ _ 14_50
Certificates of deposit.....
United Gas Inapt corn_ _ _.*
•
Preferred
59
21
16
6
434
1034
90
Bonds
El & Peoples ctrs of dep___
1634 1634 $10,000
4514 Jan
8134 Feb
20% Feb
5316 Jan
534
894
A
14
160
476
56
509
33%
69
15%
3416
634 Jan
8
Feb
34 Feb
1
Jan
Jan
Jan
Jan
Jan
734 Jan
1134 Jan
36 Feb
1% Jan
1%
124 Feb
234 Jan
2014
20
Feb 2534 Jan
4234 7334 Jan 79
Jan
11
13
Feb
14% Jan
90
10334 Jan 10734 Feb
Feb
2994 3134 Jan 33
Jan
20
1914 Feb 25
5
Feb
3
634 Jan
3% Feb
434 Jan
2%
16
1634 Feb 2214 Jan
373-1
1794
%
414
414
1134
8234
56
20
14
5
416
1016
8994
16
59
21
499.4
86
24
5434
161 Feb
6
Jan
Jan
Jan
Feb
Feb
Feb
Jan
59% Jail
2134 Jan
% Jan
674 Jan
Jan
5
Jan
13
92% Jan
20
Jau
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDH El IV!, PLATT & CO.
.
Members
New York Stock Exchange
St. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Monthly quotation sheet matted upon request.
ST. LOUIS
613 011ve St.
MISSOURI
St. Louis Stock Exchange
Fob. 2 to Feb. 8, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
July 1
193310
Jan.31
1935
StocksPar Low High Shares Low
101 41
Brown Shoe com
• 5814 5814
1 117
Preferred
100 120% 120%
13urkart Mfg. pref
4'
9
23
• 22
Coca-Cola Bottling cam..! 30
30
5
8
14
70 10
Como Mills corn
• 14
12
5 10
Elder D,Ifg corn
• 12
Falstaff Brewing corn ___ _1
Iluttig S & D corn
*
Hyde Park Brew Co_ _ _ _10
International Shoe corn _ _•
Hey Boller EquIpt tom.,'
Mo Portl Cement com _ _25
334
334
234 214
1634 16%
44% 45
5
5
fl 14
6'4
110
234
2
51
602 10
29 38
100
414
6
100
Range Since
Jan, 1 1935
Low
High
5816 Feb
56
Jan
Jan
121
Jan 121
Jan
22
Feb 25
Feb
25
Jan 30
Jan
14
Fob
15
Feti
12
Feb
12
234 Jar,
216 1"eb
1636 Fe
Jai
44
5
Fel
4134 Jan
334 Jan
294 Feb
JIM
18
Feb
45
Feb
5
Jan
7
953
Financial Chronicle
Volume 140
i
1933 to
Jan.31
1935
.111ill
IWeek's Range Sales 1933 to
Jan.31
for
of Prices
1935
Week
Stocks (Concluded) Par Low
National Candy corn
• 14
100 100
2d preferred
Itice-Stix Dry Goods com_• 10
Low
High Shares Law
Feb
14
90 144
144
Feb
100
5 86
100
Feb
10
64
160
10%
High
154 Jan
Feb
100
124 Jan
Feb
2
14 Jan
100
134
14 Feb
Jan
1
25 40c
Jan 121% Jan
95 115% 119
104 Jan
Jan
9
74
10
144 Jan
124 Jan
634
220
2
2
Scruggs-V-B DO com_ _25
•
Scullin Steel prof
134
17-4
1214
Souwestern Bell Tel p1,100 121
Stk. Baer & Fuller corn_ _"
94 9%
Wagner Electric com_ _ _15 1314 14
DEAN WITTER & CO.
Municipal and Corporation Bonds
DIRECT PRIVATE WIRES
Los Angeles
Fresno New York
Seattle
Tacoma
San Francisco
Oakland Sacramento
Honolulu
Portland
Week's Range
of Prices
Range Since
Jan. 1 1935
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New York Coffee .4 Sugar Ex.
Commodity Exchange, Inc.
Honolulu Stock Exchange
• 2234 224
Dominguez Oil
43
20 43
Ewa Plantation
314
10 30
General Motors
Great West Elec-Chem _100 129% 135
3.00 3.20
1
Idaho Maryland
I7c
17c
1
Stabo Petroleum
80c 85c
1
Preferred
par Low
StocksAnglo Cal Nat Ilk ot S F_20 12%
2
Assoc luau Fund Inc_ __10
634
Atlas Imp Diesel Eng A _ ..•
100 145
Bank of Calif N A
7%
•
ilyron Jackson Co
4
104
30%
374
77
10
37%
30
80
28
4%
65%
054
%
12
304
394
77
11
394
30
80
28
44
68
8534
700
338
190
1,678'
6
90
1,437 1
125
16
305
1,642 1
190
50
4
4
17
16%
59
73-4
15
18%
5634
214
3%
27
26
4
10%
304
37
70
10
364
294
77
274
434
674
634
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
4
134
30%
40
80
11%
39%
31
80
284
534
704
70
121 Giorgio Fruit $3 prof100
*
Eldorado 011Works
Emporium Capwell Corp _•
Fireman's Fund Insur _ _ _25
Food Mach Corp com__•
Foster & Kleiser com _ _ _ _10
Galland Mere Laundry .•
Can Paint Corp A COM
•
Golden State Co Ltd
•
274
19
514
75
21%
1
404
164
5
2714
19
6
754
2334
1
42
164
54
85
25
1,500
188
2,214
210
140
190
466
16
13
5
44
10%
14
314
5
4
224
18
54
714
20%
1
39
15%
5
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
38
19
6
754
234
14
42
17%
54
•
Radio Corp
•
Shasta Water
25
South Calif Edison
25
554% preferred
25
6% preferred
Sou Pacific G G pref _ _100
5
24
114
16%
18%
184
5%
2434
12
16%
18%
184
II awallan C & S Ltd . 25
_
_10
Home F & M Ins Co. _10
llonolulu 011 Corp Ltd _.
I lonolulu Plantation__ _ _20
•
'Lunt 13ros A corn
I I utch Sugar Plant
15
Island Pine Co Ltd pre1_25
464
344
154
26%
9
9
21
4754
344
15%
27
9%
9
22
145
20
430
220
842
10
260
40
2434
104
17%
374
7
44
4334
314
144
26
814
7
204
Jan
Jan
Jar
Jan
Jan
Jan
Jars
4734 Jar
344 Fel
15% Jar
27% Jar
Jar
10
Fel
9
Feb
22
*
Jantzen Knitting Mills
I angendort Old Bak A_ _ _*
•
Leslie-Calif Salt Co
I. A Gas & Elee Corp p1100
Magnavox Co Ltd
23.4
Magnin & Co (I)8% p1100
lslarchant Cal Mch com_10
Market St Sty pr Ore!
.._100
7
7
834
731
25
24
854 86%
1
1
93
93
2% 214
44 54
100
4
7%
595
28' 21
100 75
234 12 %
40 88
1
100
200' 3
7
74
24
814
Si
93
2
44
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
74
834
26
884
1
93
2%
54
•
Nat Auto Fibres
•
Natomas Co
No Amer Inv 6% pref _ _100
North Amer 011 Consol...10
*
Oliver Utd Filters A
•
B
134
84
40
104
144
3
13
74
38
10
124
24
Feb1334 Fel
Jai
9
Jan
Fel
Jan 44
Ja
11
Jan
Jan 144 jet,
Ja
3
Jan
25 1334 14
Pacific G & E com
6% 1st prof
25 204 204
25 1854 1814
54% prof
• 217-4 21%
Pacific Lighting cons
74
• 73
6% Prof
4
4
.•
PacPubSer(non-vot)com
74 74
*
(Non-voting) prof
Pacific Tel & Tel com _ _100 714 7214
100 1154 117
6% preferred
• 38
38%
Paraffin° Co's corn
Rainier Pulp & Paper_ _ _ _ •
1
Roos Bros corn
S J L & I" 7% pr pref _ 100
6% pr prof
100
•
Shell Union 011 com
100
Preferred
Southern Pacific Co_
100
So Pac Golden Gate A _ _ _ _*
.
B
•
Spring Valley Water
•
Standard 011 of Calif
32
94
90
79
64
704
14
1%
1
6
294
2,499 I 1214
1314
3,2292 18% 204
337 16%
18
211 I 204 217-4
110 664 71
%
983" %
734
1%
1,363
692 684 704
25' 9934 111
350 21
3734
32
240 15
5
210
94
5 6794
90
5 65
79
6
120
tiff
300 457-4
7254
2,010' 1434
153-4
34
200
114
Si
325
1
4
26
6
503 264
294 1
30
9
883.4
77
614
7054
14
1%
4
5%
2954
134
25
14 2
134
Thomas-Allee Corp A _ _ _ _.
74
125
854
8% 84
TideWaterAssd 011 corn...*
76 4314 833-4
100 837-4 86
6% preferred
5
5
534 29,634
5
•
TrarlaitraCrICa Corp
912' 1134
1474
Union 011CootCallf____25 14% 1554
5
4
302
54 5%
Onion Sugar Co corn_ _25
230
33 179
Wells Fargo Ilk & U T_100 236 2364
10%
73.4
1.099
Western Pine & Stee1C0_10 114 1134
Jai
Jar
Jai
Jar
Jar
Fel
Fel
Fel
Feb
1454
Jan 214
Jan
1854
Feb
2354
Jan
743.4
N
Feb
814
Jan
73
Jan
Jan 117
Jan 4234
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Fe
Fe
Ja
324
834
90
79
6%
76
19
14
I
6
32
Ja
Ja
Fe
Fe
Ja
Ja
Ja
Ja
Ja
Fe
Jo
2
Jan
Feb94
Feb 864
Feb5%
Feb185-4
Jan
54
Jars 237
1194
Jan
Ft
Ja
Jo
Jo
Jo
Jo
Fe
Ja
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
San Francisco Curb Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
1Week's Range
of Prices
Jaw 1
Sales 1933 to
Jan.31
for
1935
Week
Range Since
Jan. 1 1935
High
Low
High Shares Low
Par TAW
Stocks410 110034 10334 Feb 1064 Jan
American Tel & Tel_ _ A00 1034 10434
30c Feb
22c Jan
20c
30c 1,200
27o
American Toll Bridge_ __ I
734 Jan
734 Jan
3
169
734 74
•
Anglo Natl Corp
Jan
14
Jan
1 71 10
1 son
lies 1946
k
.• 1,41nInn
.
j ---- .
Universal Con Oil
Virden Packing
Walalua Agricult
West Coast Life
10
25
20
5
5% 834
4.25 4.25
424
42
4.50 4.50
2,020
100
110
150
Jan
Jan
Feb
Jar
30e Feb
11% Jar
24 Jar
334 Feb
8 !Jar
134 Par
44 [Jan
Jan
22
11% Jan
4%
225
200 10
227' log
50 17 14%
5592 154
10 144
Jar
Feb
Jar
Fel
Fel
Jar
Fel
Jar
Jar
13
34
14
6%
5
134
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
fJan
514 [Jar
244 Feb
12% Jar
26e
934
24
32%
74
11
20e
1,300
5
400
134
358
65 30
4002 5
5
1,365
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
390
4.225
15
10
143
100
Feb 23
Jan 43
Feb 3334
Jan 135
3.35
Jan
18e
Jan
1.20
Jan
III
74
674 Jan
14
13% Feb
26c 30c
104
10
24 23.4
32% 33
4
74 8
12% 13
High
Jan
124 Jan
24 Feb
Jan
74 Jan
Jan
Jan
Jan 147
Jan
83-4 Jan
10
California Copper
Cal Cotton Mills com_ _100
•
Calif Ink Co A corn
California Packing Corp_ _•
('Uhf Water San( pref _ _100
carks'est Sts Lite Ins Cap 5
0
Caterpillar Tractor
•
Clorox Chemical Co
Cat Cos G & E 6% lstpf100
Consol Chem Indus A_,._°
Crown Zellerbach v t a_ _ _*
•
Pref A
*
Preferred 13
13%
8%
44
1054
144
3
54 Jan
Feb
27
1% Jan
50c Jan
Jan
87
224
10 17
100 4034 404
1,111 2222% 30
124
60 85
3.00
2.50
2,260
130
5c
345
66e
47c
272
Occidental Petroleum_ ___1
•
Pacific Amer Fish
Pacific Eastern Corp_ _ _ _1
Pacific Port Cem prat_ _100
•
Pacific Western 011
20
Pineapple Holding
Range Since
Jan. 1 1935
High Shares Low
Low
12
124
400
734
1%
234 5,040
%
1%
302
5
7
147
56 1204 143
1,143
74
7%
334
High
Low
54 Jan
Feb
27
14 Jan
43e Jan
Jan
75
950 2 234
7
7
Libby McNeill & Lib_ _ _10
9
72
• 13% 14
Marine Bancorp
100
74 74
•
McKesson & Robbins_
Sc
4c Jan
3c
Sc 10,000
4c
M J & M & M Cons Oil_ _1
Jan 105
105
10 49
Natl Auto Fibres pref____• 105 105
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
Week's Range
of Prices
Range Since
Jan. 1 1935
High Shares Low
Stocks (Concluded) Par Low
802 714
74 84
*
Atlas Corp
21 Cl 3%
44 44
5
Aviation Corp
30 20
27
Calif Ore Pw 6% '27_ _100 27
14
754
14 14
*
Cities Service
35c
100
49c 49c
1
Claude Neon Lights
385 40
824
• 80
Crown Will 1st pref
San Francisco Stock Exchange
July 1
Sales 193310
for
Jan.31
I Week
1935
Sales
for
Week
Jar
16%
16%
Jan
Jan
18% Feb
20% Jar
2.00
4.00
364
4.50
1.20
3.75
29
4.05
Jan
1714
17
Jan
Jan
Jan
Feb
64
5.00
424
4.50
Fet
Jar
Fel
Fet
-Curb Section
Toronto Stock Exchange
official sales lists
Feb. 2 to Feb. 8, both inclusive, compiled from
Stocks-
Sales
Friday
Last 1Veek's Range for
Week
of Prices
Sale
High Shares
Par Price Low
Range Since Jan. 1 1935
High
Low
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
•
13Lssell(T E) Co corn
34
•
Brewing Corp com
• 1714
Preferred
Consol Sand & Gravel pref. 26%
8
Canada B ud Breweriescorn•
Canada Malting corn_ __ _• 30
Canada Vinegars corn......• 263.4
Can Wirebound Boxes A _• '
Corrugated 13ox pref.. _100
34
334
17
26%
84
30
26
154
35
4
334
1734
26%
834
30
2634
154
35
50
3,235
270
50
235
430
430
25
10
334
3%
163.4
264
8
294
25
154
30
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
4
4%
194
264
84
314
284
17
35
•
Dehaviland Aircraft corn..
*
Distillers Seagrams
*
Dominion Bridge
Dom Tar & Chemical corn •
100
Preferred
*
Dufferin Paving corn
100
Preferred
2
1534
273-4
54
57
2
264
24
1734
28
534
584
2
2654
125
5,120
310
660
35
25
5
2
1.574
2694
374
42
2
264
Feb
Feb
Jan
Jan
Jan
Feb
Feb
234 Feb
184 Jan
Jan
34
5% Feb
6134 Jar
Tel
2
Jar
31
8
84
English El of Canada A-*
34
•
B
145
Goodyear Tire & Rub com• 145
44
*
Hamilton Bridge corn_
100 294 29
Preferred
30
•
Honey Dew corn
6
"
Preferred
Humberstone Shoe corn _ _* 304 303.4
834
334
146
434
31
35
7
3014
54
39
4
70
10
304
54
39
4
70
10
31
163.4
1034
9%
74
106
1634
104
10
814
106
Inter Metal Industries..-•
10
Preferred
•
Langleys corn
100
Preferred
•
Mercury Mills prof
Montreal I., II & Pr Cons.*
National Steel Car Corp_ *
•
Ontario Sliknit com
-Corp of Can corn_ _•
Power
*
Rogers•Majestie
Robert Simpson prat_ _100
Shawinigan Water & Pr_ _•
Stand Pay Sr Marls corn_ _•
•
Supersilk corn
100
Preferred
174
28
584
10
31
94
8%
1.10
65
183-4 1834
1.00 1.10
3
3
65
65
29
Tamblyns(G)Ltd COM- • 30
Preferred
414
Toronto Elevators cons__ _•
100 12354 1234
Preferred
34
314
•
Walkerville Brew
111
jot)
30
111
41%
126%
37-4
7
120
3
15
48 145
414
50
90 29
520 35
6
235
50 28
25
10
55
5
10
282
4%
37
4
60
10
304
8%
Jan
4
Jan
Feb 150
534
Feb
Feb 33
Feb 80
Feb7
Jan 3034
Ja
Jan
Feb
Jan
Feb
Jan
30 154 Jan
Jan
8
28
8% Jan
315
74 Jan
1,740
140 10314 Jan
25
160
100
10
1854
1.00
24
5894
Jan
Feb
Jan
Jan
6
40
4
70
10
32
184
11
10%
9
106
Jar
Jar
Jar
Jar
Jar
Jar
Feb
Feb
Jar
Jar
Fel
Feb
Fel
Jar
Jai
Jar
Jai
Jai
Vol
jai
20
1.75 Jo]
Fe
3
Jo]
68
Fe'
Jan 30
80 23
Ja
Jan 112
20 110
Jo
Jan 42
30 41
Jan 12934 Jo
78 122
4'4 Ja
314 Feb
885
Oils
*
Crown Dominion 011
•
Imperial Oil Ltd
International Petroleum _ _•
McColl Frontenao °Room*
100
Preferred
5
North Star 011 corn
5
Preferred
• Supertest Petroleum ord •
Supertast Petrol prof A.100
•
Thayers Ltd com
164
30
1534
984
3.25
224
2
2
164 164
30
29
100
6.968
2,718
24 Ja
14 Jan
Ja
164 Feb17
Feb314 Ja
29
14% 1594
9814 99%
1.40 1.50
2.85 3.25
629
166
350
1,035
144
96
70c
1.50
2114 24
111
111
44 5%
• No par value. c Cash sale. z Ex-dividend.
Jan
Jan
Jan
Jan
154
9954
1.50
3.25
70 214 Feb 25
Feb 113
4 111
6
434 Feb
49
Ja
Ja
Fe
Fe
Ja
Ja
Jo
y Ex-r ghts. z Listed.
g Price adjusted to 1130% stock dividend paid Dec. 29 1934(Kalamazoo Stove Co.)
The Notional Securities Exchanges on which low prices since July 1 1933 were
made ,designated by superior figures in tables), are as follows:
72 Pittsburgh Stock
11 Cincinnati Stock
New York Stock
n Richmond Stock
Cleveland Stock
"
New York Curb
2 St. Louis Stock
14 Colorado Springs Stock .
New York Produce
25 salt Lake City Stock
New York Real Estate 11 Denver Stock
1* San Francisco Stock
16 Detroit Stock
Baltimore Stock
77 San Francisco Curb
17 I.os Angeles Stock
Boston Stock
81 San Francisco Mining
10 I.os Angeles Curb
Buffalo Stock
19 Seattle Stock
10 Minneapolis-St. Paul
California Stock
Spokane Stock
zo New Orleans Stock
"
Chicago Stock
01 Wathingt011(D.0.) Stock
Trade 21 Philadelphia Stock
Chicago Board of
Chicago Curb
954
Feb. 9 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
-Bid
Ask Province of Ontario
434a
Apr 1 1935 10014 1003
554s
4
Jan
3 1937
be
Jan
1 1948 101
be
Oct
1 1942
4348
Oct
1 1958 97
98
68
Sept 15 1943
l'rov of British Columbia
55
May 1 1959
434s
Feb 15 1936 10014 1003
4s
4
June 1 1982
58
July 12 1949 9712 99
4555
Jan 15 1965
455e
Oct
1 1953 91
9512 Province of Quebec
Province of Manitoba
434e
Mar 2 1950
4555
Aug 1 1941 9914 10014
4s
Feb
1 1958
Is
June 15 1954 10212 104
4345
May 1 1961
58
Dec 2 1959 104'4 10514 Province of Saskatchewan
Prov of New Brunswick
4555
May 1 1936
4315
June 15 1938 10314 104
Is
June 15 1943
4315
Apr 15 1960 111 11212
5355
Nov 16 1948
455s
Apr 15 1961 10712 109
455e
Oct
1 1951
Province of Nova Scotia
455e
Sept 15 1952 108 10912
bs
Mar 1 1960 115 117
Bid Ask
10718 10712
112 113
115 Ile
1103 1181,,
4
105 108
11012 112
11034 1113
4
10612 108
110 11034
100 101
9712 99
100 101
93'2 95
LAIDLAW & CO.
Members New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
Montreal Stock Exchange
Friday
,Sates
Last 1Veek's Range for
Range Since Jan. 1 1935
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
Low
High
Celanese Corp of Amer... ...... 129 129
14 3034 Jan 3031 Jail
•
Cockshutt Plow
7
7
05
7
7
Jan
854 Jan
Con Mining & Smelt_25 13355 130
253 128
134
Jan 140
Jan
Dominion Bridge
• 2851
27
1,949 26
Jan 33% Jan
2834
Dominion Coal pref.._ 100 129
120 129
1,556 11634 Jan 129
Feb
Dominion Glass
100
118 118
392 111
Feb 120
Jan
Dom Steel & Coal B..25
5
534
534 2,525
6
434 Jan
Jan
Dominion Textile
•
80
81
310 80
Jan 8255 Jan
Preferred
100 145
141
145
214 137
Jan 145
Feb
Eastern Dairies
•
255
11
254 Jan
255
3
Jan
Foundation Co of Can__* 13
12
13
40 12
Feb
1355 Jail
General Steel Wares
•
4% 436
70
455 Jan
53,5 Jan
Goodyr T pref Inc'27_100 114
Private wires to Toronto and Montreal
114 115
80 114
Jan 115
Jan
Gurd (Charles)
•
534
555 551
125
455 Jan
69-4 Jan
Gypsum Lime & Alabast_.
8
635
634
380
6
Feb
7% Jan
Hamilton Bridge prat _100
2934
70 2935 Feb 32
,
Jan
Hollinger Gold Mines_ _ _..5 18.50 17.75 31
18.90 1,840 17.50 Jan 20.00 Jan
Holt (Renfrew)
BUS All
100
551 534
5
Bid
Ask
534 Feb
534 Feb
Howard Smith Paper M _* 12
Abitibi P & Pap ctfs 5s 1953 3212 3312 Lake St John Pr eic Pap
415 1055 Jan
1134 12
Co
1255 Jan
Preferred
Alberta Pacific Grain Cs 1948 93
100 85
94
85
654e
86
140 85
1942 28
Jail
Jan 00
3012 Imperial Tobacco
Asbestos Corp of Can Is 1942 9834
1334
650
1,555 1234 Jan 13% Jan
1234
1947 69
71
Int Nickel of Canada_ __ _• 2354 2251 1351
Beauharnois L 11 & P 550'73 103 163
- MacLaren-Que Pow 5558 '61 10212
4
2335 5,547 2251 Feb 2434 Jan
International Power
Beauharnois l'ower 65_ _1959 80
"
Manitoba Power 555e _ _1951 60
4
4
75
4
Jan
CI
Jan
6
Preferred
Bell Tel Co of Can 58_1955 1105 ill
100 58
8
Maple Leaf Milling 5501949
57
60
401 56
Jan 64
45
Jail
Jamaica P S Co Ltd pre1100 115
British-Amer 011 Co 55_1945 10514 100 Maritime Tel &
115 115
Tel 6s 1941 16612
10 115
- Jan 115
Jan
Lake of the Woods
Brit Col Power 5555...1960 10312 10434 Matisey-Harris
•
12
12
Co 68.1947 8414 86
90 1134 Jan
1335 JIM
Preferred
Se
1960 102 10312 McColl Frontenao Oil 8111949 1033 105
100
95
95
15 9034 Jan 95
Feb
4
Lindsay(C W)
British Columbia Tel 55 1960 10414 10514 Montreal Coke
•
334 335
& M 555e '47 1013
5
255 Jan
354 Jan
4
Massey-Harris
Burns & Co 5555
•
431
1948 4112 4312 Montreal Island Pow 5345'57 1013
434 434
340
455 Jan
534 Jar,
4
Calgary Power Co 5s....1960 102
McColl-Frontenac 011_ _ _• 153-4
1434 1534
Montreal LII & P (550
_
1,706 14
Jan
1534 Jan
Montreal Cottons pref _100
Canada Bread Ca
1941 10314
85
par value) 35
85
1939 48
33 7534 Jan 85
49
Jan
Montreal L II dr P Cons_ _• 31
Canada Cement Co 550 '47 102 1031 1
3034 31
58
3,839 3034 Jan 32
Oct 1 1951 1063 107
Jan
4
Montreal Tramways_ _ _100
Canadian Canners Ltd 8s '50 10512 10612
88
5s
88
Mar 1 1970 10714 104
10 80
Jan 88
Feb
National Breweries
Canadian Con Bubb 88_1946 983
• 33
32
Montreal Pub Serv 5s_ _1942 10612
3335 2,264 31
4
Jan 3334 Jan
Preferred
Canadian Copper Ref Cis '45 10512 107 Montreal
25
3834 3834
95 3835 Jan 39
Tramways 58_1941 99 166- Ogilvie
Jail
Canadian Inter Paper 6s '49 74
Flour Mills
•
175 175
7431 New Brunswick Pow
5 170
Jan 190
Jan
Preferred
Can North Power 5E4_1953 993 100 Northwestern Pow 55 1937 871,, 89
100
152 152
8
7 145
88 __ 1960 321; 3214 Ottawa L II
Jan 152
Fel,
Can Lt & Pow Co Es_ _ _1949 98 100
As Power__100 82
82
Certificates of deposit..
82
45 79
Jan 83
3214 3312
Feb
Preferred
Canadian Vickers Co es 1947 7112 73 Northwestern Util
100
103 103
205 102
7s_ _1938
Jan 10355 Jan
Ottawa Traction
Cedar Rapids M & P58 1953 11012 11114 Nova Scotia L & P 5s__1958 10412
100 21
18
21
61 14
Jan 21
1013 1024 Penmans
4
3Feb
Consol Pap Corp 550 1981 20
*
5954 60
Ottawa Lt Ut & Pr 5s...1957
21
95 5935 Feb 62
4
Jan
Preferred
Dominion Canners 68_1940 10814 16-f_ Ottawa Traction 535e__1956 1023
100
115 115
5 115
Jan 115
8812
Jan
Power Corp of Canada_ ..•
Dominion Coal be
9%
1940 103
951 1055
Ottawa Valley Power 5558'70 1041,
1,559
951 Jan
1055 Jan
1)om Gas & Elea 635s 1945 71
• 16
16
16%
Power Corp of Can 435s 1959 8638 9714 Quebec Power
125 1555 Jan
713
4
1754 Jan
Rolland Paper
Dominion Tar Cs
90
1949 9914 10012
90
91
90 00
1 1957 9512 97
Dec58
Jan 92
Jan
St Lawrence Corp
Donnaconna Paper 550 '48 55
• 1.70
571, Price Bros & Co 6s
1.70 1.80
335 1.50 Jan
1943 96
1.90 Jan
A preferred
Duke Price Power 6s. 1986 9918 993
50
Certificates of deposit.... 96
655 655
3
8
655 Jan
8% Jan
St Lawrence Paper pref 100
East Kootenay Power 75 '42 88
1434 1455
Provincial Paper Ltd 5556'47 1003
270 13
Jail 1654 Jar'
4
Shawinigan W & Power_
Eastern Dairies es
1949 87
1855 1854
89 Quebec Power 55
2,253 1851 Jail 20
1968 104 1043
4 Sherwin Williams of Can _• 1854
Jan
Eaton (T) Realty 55_1949 10012 102 Rowntree Co 6s
_• 15
15
15
320 15
1937 102
Jan
17
Jan
Preferred
Fain Play Can Corp 68_1948 10012 102 Shawinigan Wet & P
100
110 110
29 100
4555'67 9612 963
Jan 110
4 Simon (11) & Sons
Feb
Fraser Co Bs
• 11
1950 50
11
Simpson,' Ltd Cie
11
120
9% Jan
_113-4 Jan
Preferred
Gatineau Power be__ _1956 963 963 Southern Can Pow 5s_ 1949 102
100
10955 10955
8
4
10 10051 Jun 10934 Feb
_1955
General Steelwares 6s_.1952 9412 96 Steel of Canada Ltd 68_1940 10312 __- Simpson& class A
•
12
1255
60 12
109 4 ___
Feb
,
1435 Feb
Preferred
Great Lakes Pap Co let 68'50 31
100 88
3212 United Grain Grow 55_ _1948
8734 88
25 8555 Jan 8934 .11111
Steel Co of Canada
Hamilton By-Prod 75_1943 10014
• 4555 4431 46
United Sammie!Ltd 555e
983 4435 Jan 48
,
Jan
Preferred
Smith II l's killis 554s- 1953 1023 10314 West Kootenay Power 5a '52
25
42
4231
4
253 42
'56 10514
Jan 44
Jan
- Twin City
Int Pow & Pap of Nfld 55'68 98
•
455 455
Winnipeg Elea Co 58_ _1935 97
99
10
4
9))
Jan
434 Feb
Viau Biscuit
•
65
1.55 1.75
227 1.45 Jan
1954 5812 60
1.95 Jail
Preferred
100
1755 1754
10 12
Jan 20
Feb
Wabasso Cotton
• 25
23
2551
1,009 1734 Jan 27
Feb
Western Grocers Ltd_ _ _ -• 3355
33
3355
25 33
Jan 3335 Jan
Windsor Hotel
•
2
2
3
2
Feb. 2 to Feb. 8, both inclusive, compiled from official
Jan
2
Jan
Preferred
sales lists
100
2
2
255
140
2
Feb
234 Feb
Winnipeg Electric pref _100 10
10
10
55
8
rriaay
Jail
10
bales
Feb
Woods Mfg prof
100 68
65
68
131 62
Last Week's Range for
Jan 70
Range Since Jan. 1 1935
Jan
Sale
of Prices
Week
Banks
StocksPar Price Low
High .Shares
Low
High
Canada
56
55
56
91 55
Jan 57
Jan
Commerce
100
Agnew-Surpass Shoe
167 16935
40 168
•
Jan 16955 Feb
855 835
30
755 Jan
9
Jan Dominion
100
199 20055
Preferred
40 199
•
Feb 20054 rel,
9854 06.55
40 96
Jan 97
Feb Imperial
100
Alberta Pac Grain pref _100
206 206
30 206
Feb 206
25
125 2155 Jan 28
2534
Feb
Jan Montreal
100 19855 19755 19955
Amal Electric Corn Prat _50 15
108 197
15
Jan 204
15
80 15
Jan
Jan
15
Jan Nova Scotia
100 300
Associated 13reweries _ _ _ _• 1255
299 302
82 279
12
Jan 304
1351
298 12
Jan
Feb
1334 Jan Royal
100 17055 170 173
Preferred
133 168
*
104 104
Jan 17355 Jan
35 105
Jun 107
Jan Toronto
100 228
Bathurst Pow & Paper A.*
228 228
40 222
6%
Jan 228
175
634 655
Feb
855 Jan
634 Jan
Bawl( N Grain pref __ _100 22
22
22
10 32
Jan 40
Jan
Bell Telephone
100 13331 13334 135
405 129
Jan 135
Jan
Brazilian T L & Power..
•
934
934 9% 2,356
935 Jan
1034 Jan
Brit Col Power Corp A__• 2734
27
28
556 2834 Feb 3034 Jan
II
•
434 451
15
451 Feb
5
Jan
Bruck Silk Mills
' 1635
16
520 1434 Jan
1634
1731 Jan
Building Products A
•
29
29
239 27
Jan 2955 Jan
Canada Cement
•
75.5
7
755
1,025
8% Jan
734 Jan
Preferred
ESTABLISHED 1583
100 63
361 5555 Jan 6434 Jan
6134 6334
Canada Forgings class A _*
435 7
,
190
455 Jan
7
Feb
255 St. James St., Montreal
Class B
•
455 434
5
455 Feb
435 Feb
Canada No Power Corp_ •
18
1835
100 18
Jan
Jan
19
56 Sparks St., Ottawa
330 Bay St., Toronto
Canada Steamship
•
2
2
125 1.75 Jan
234
234 Jan
Preferred
100
8
8
855
339
11% Jan
634 Jan
Canadian Bronze
• 2934 29
2955
710 2734 Jan 3035 Jan
Canadian Car & Fdry
*
7.31
7
445
834 Jan
7
Jan
734
Preferred
25 1455
1434 1434
185 1451 Feb
17
Jan Feb. 2 to Feb. 8, both inclusive, compiled
Canadian Celanese
from official sales lists
• 2155
690 20% Feb 2334 Jan
2034 2155
7% preferred
100 106
106 107
Jan 107
401 100
Feb
Friday
Sales
Rights
20
1955 20
155 1955 Jan 2034 Jan
Last Week's Range for
Range Since Jan, 1 1935
Canadian Converters_ _100
30
30
10 30
Jan 30
Jan
Last
of Prices
1Veek
Canadian Cottons
100 65
65
65
Feb 65
Feb
35 65
StocksPar Price Low
High Shares
Low
Preferred
High
100 100
98 100
105 95
Feb 100
Feb
Canadian Foreign Invest__
30
28
30
Jan Acme Glove Wks pref _ _50
125 2534 Jan 30
35
36
55 32
Jan 36
Feb
Can Gen Else pref
50
6234 83
Jan 6334 Jan Asbestos Corp voting tr_.•
30 62
9
10%
951
245
7% Jan
Can IIydro-Elec pref_ _100 80
11% Jan
80
8055
Jan 8234 Jan Assoc 011 & Gas Co Ltd_..•
339 75
111
lie
500 10340 Feb
Canadian Indus Alcohol_•
130 Jan
955
834 934
2,045
7
Jan
10
Jan B C Packers Ltd
1.50
•
1.40 1.50
365
1.25 Jan
1.75 Jan
Bathurst l'ow & Paper II •
1.50 1.75
100
1.50 Jan
Jan
2
For footnote, see page 953.
Canadian
Bonds
Wood,
Gundy
14 Wall St.
New York
84 CO" Inc.
Industrial and Public Utility Bonds
Montrea Stock Exchange
HANSON
mooripol
BROS Canadian Government
utrio
Municipal
Public Utility and
Industrial Bonds
Montreal Curb Market
955
Financial Chronicle
Volume 140
Canadian Markets-Listed and Unlisted
CANADIAN SECURITIES
CANADIAN MARKETS
GOVERNMENT, MUNICIPAL, CORPORATION and RAILROADS
JENKS,GWYNNE & Co.
ERNST
Members New York Stock Exchange, New York Curb Exchange and other
principal Exchanges
65 Broadway, New York
256 Notre Dame St., W., Montreal
- - - Burlington, Vt.
British Amer Oil Co Ltd_ • 1555
160
Preferred
100
Canada l'aper pref
•
Canada Vinegars Ltd _
Can Dredge & Dock Ltd_ *
_100
Can Inteniatl cum pref.
74
Champlain 011 Prods pref _•
Commercial Alcohols Ltd'
Dist Corp Seagrams Ltd _ _* 17
Dominion Eng WorksLrd _•
•
Dominion Stores Ltd
54
Dom Tar dr Chem Co Ltd _*
100 58
Cum preferred
855
Eng Electric Co of Can A_ 5
•
Fraser Co's Ltd
5
Voting trust
•
Home Oil Co Ltd
* 1655
Imperial Oil Ltd
lot Petroleum Co Ltd_ _ _ _* 30
•
Interstate Royalty A
B
Melchers Distill Ltd A _ .. _*
B
34
5
Nlitchell dr Co Ltd (Robt) 5
Page-Hersey Tubes Ltd_ 5
5
Regent Knitting Mills Ltd*
...°
Rogers Majestic Corp..
Thint Stores Ltd25
curn prof 655%
3.75
Walkerville Brewery Ltd_*
Walker Gooderhin & Wort• 3054
* 17%
Preferred
Public Utility
13eauharnois l'ower Corp.
•
C Nor l'ow Corp Ltd pfd100
Pow Corp Can cum pfd _100
Southern Can 15 Ltd pfd100
Mining
Base Metals M Corp Ltd_•
Big Missouri Mines Corp_l
Bulolo Gold Dredging Ltd5
Brazil Gold & Diamond_ _1
Cartier-Malartio G M Ltd 1
5
Conlagas Mines Ltd
•
Dome Mines Ltd
Falconbridge Nick 151 Ltd..5
•
Francoeur Gold
J NI Cons
1
Lake Shore Mines Ltd_ _ _1
Lebel Oro Mines Ltd
1
Lee Gold Mines Ltd
1
MoIntyre-Porcupine Lte1.5
•
Noranda Mines Ltd
Parkhill Gold Nlines.Ltd_l
Pickle Crow
1
Quebec Gold Mining Corp 1
Read-Authier Mine Ltd 1
Sisco Gold Mines Ltd_ _..1
1
Sullivan Cons
Teck-Hughes Gold NI Ltd 1
White Eagle Silver Mines •
Wright Hargreaves NI Ltd•
Unlisted Mines
Central Patricia G Mines_l
noway Gold Mines Ltd_ _1
San Antonio GM Ltd__ _ _ 1
Sherritt-Gordon M Ltd 1
Stadacona Rouyn Mines_ 5
Sylvanite Gold Mines Ltd 1
634
15
1751
75
2655
2154
15c
731
650
16
20
11
555
574
74
4
354
60e
164
29
13
2
954
354
4
80
5
834
12
12
3.65 4.00
29
3034
1731 1755
Toronto Stock Exchange
634 734
104 10454
92
92
974 99
Range Since Jan. 1 1935
High
Low
1,308 1434
20 ' 16
30 60
25 26
35 2134
15c
60
7
135
240 65e
1,585 1594
50 20
15 11
351
630
135 44
731
55
34
17
355
20
60c
325
1651
4,661
975 29
50 1234
2
50
955
450
3
90
4
345
5 78
455
160
755
200
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
1554
18
75
2751
25
150
751
90
184
22
1251
555
62
834
5
4
75c
1734
3131
13
2
11
4
455
8234
534
9
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jar
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
12
3.65
26%
164
Jan
Feb
Jan
Jan
13
4.25
3155
1755
Jar
Jar
Jul
Jar
5
1,670
105
562
535
1341
27 104
10 88
99 95
•
755 Fel
Jan
Jan 1054 Jar
Jul
Jan 94
Jar
Jan 100
Jai
Jai
Jai
Jai
Jai
Fel
Jai
Ja:
Ja]
Jai
Jai
Ja
Fel
Feb
Ja
JoJai
Ja
Ja
Fe
Ja
Ja
Fe
Ja
62c Feb
100
62c
62c
62c
32c Feb
300
32c 32c
450 33.75 Jan
35.00 34.50 35.00
Jan
30c 36c 18,150 20e
36c
2c Jan
255e 254c
1,000
3.32 Feb
200
3.32 3.32
230 36.00 Feb
36.00 36.25
3.25 Jan
300
3.40 3.40
1055c 1055c 1,000 934c Jan
12c Jan
700
14c
14c
400 49.00 Jan
51 00 50.00 51.00
34c 351c 2,500 3910 Feb
351c 351c 34c 1,000 3510 Feb
715 - 38.00 Jan
41.50 39.00 41.50
32.90 31.75 32.90 1,096 31.00 Jan
22c 1,100
20c Jan
21e
21c
2.25 Jan
2.38 2.60 3,400
2.56
1134c 10550 1155c 6,850 955 c Jan
60c Jan
63c 1,700
620
2.50 Jan
2.50 2.73 15,98
2.68
38c Jan
390 38e
4034e 4,298
3.67 Jan
3.70 3.95
640
3.95
3c Jan
355e 355c 1,000
8.20 Jan
21
8.30 8.50
730
37c
36.95
380
3c
3.32
38.90
3.45
16550
17%c
54.00
4%c
3.91c
41.50
35.25
25c
2.76
15c
90c
2.73
44c
4.05
355c
9.25
Feb
Feb
Feb
Feb
Jan
Feb
1.28
1.09
4.65
68c
25c
2.50
Ja
Ja
Ja
Ja
Ja
Ja
2
Jan
Jan
955
655
Jan
95e
Jan
451
Jan
1955
Jan
Jan 31
Jan 30
Feb 11%
Ja
254
Ja
3234
Ja
4655
Feb145
Jan
18%
355
Jan
Jan 34
Jan 22.25
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Fe
Jo
Ja
Ja
Fe
Jo
Ja
Ja
Fe
1.25
4.25
21c
1.17 1.25 1 ,500
92c 1.02 1,30
4.00 4.25
200
Sic
60
500
19c 2135c 57,30
2.20 2.22
15
Unlisted
1.50 1.60
1.60
Abitibi l'ow & Paper Co_ _•
8
8
Coin preferred 6% _ _100 __
.551
Ctrs of dep 6% pre'_ _100
554 551
75c
75c
75c
13rewers & Distill of Van..'
3% 355
Brewing Corp of Can Ltd.•
1755 174
• 174
Preferred
304
30
Canada Malting Co Ltd_ _• 304
30
30
Can Light de Power Co_100
Consol Bakeries of Can_ •
1134 114
1.70 1.90
1.80
_•
Consol Paper Corp
294 31
Ltd_Ford Mot Co of Can LtdA 5 31
General Steel Wares pref100 4255 4155 43
145 145
Goodyear I' &Rub Co__ •
1835
18
Loblaw Groceterias Ltd A-• 1855
355
3
351
100
Price Bros Co Ltd
2751 32
IGO 32
Preferred
22.00 22.25
*
Rovalite Oil Co Ltd
1.15
92c
4.00
500
14c
2.20
1.25
1,160
451
10
491
25
260
65c
351
75
17
207
137 30
45 2155
50 1134
1.55
1.569
2,410 2854
82 37
10 145
55 18
1.75
935
650 22
105 18.25
Toronto Stock Exchange
Feb. 2 to Feb. 8, both inclusive, compiled from official sales lists
Sales
Friday
Range Stnce Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
Low
High
High Shares
Par Price Low
Stocks1.45
Abitibi Pow & Paper corn.*
2234
_100 2255
Alberta l'ac Grain pref.
16
10 16
Amer Cyaruon id B
15
1534
British Amer 011
534
634
Beauharnois I'ower com_ _•
100 1334 133
13ell Telephone
27
Blue Ribbon 655% pref _50
2834
Brantford Cord let pref.25
955
ON
Brazilian T L & Pow corn.*
For footnotes see page 953.
1.55
25
16
1534
7
135%
27%
30
974
New York
PRIVATE WIRES MONTREAL,TORONTO AND CHICAGO
Montreal Curb Market
1555
174
75
2654
2155
15c
791
65c
17
20
1155
555
60
835
4
4
61c
1634
3034
13
2
935
351
451
80
54
854
COMPANY
One South William Street
230 Bay St., Toronto
Philadelphia
Sales
Friday
Last TWeek's Range for
TVeek
of Prices
Sale
High Shares
Stocks (Concluded) Par Price Low
8c
Members New York and Chicago Stock Exchanges
Now York Curb Exchange - Chicago Board of Trade
1.25 Jan
850
2.00 Jan
Jan 29
Jan
135 21
17
Feb
Jan
1,225 16
3,602 144 Jan
1551 Jan
Feb
7
535 Feb
1,086
294 12855 Jan 13554 Feb
Feb 29
Feb
50 27
Feb
230 27% Jan 30
3.214
9'J Jan
105: Jan
Sales
Friday
Last Tired's Range for
Week
of Prices
Sale
High Shares
Stocks (Concluded) Par Price Low
Brewers & Distillers corn.•
•
B C Power B
•
Building Products A
25
Burt(F N)Co com
5
Canada Bread corn
100
1st preferred
100
B preferred
*
Canada Cement corn
*
Preferred
•
Canada Packers
100
Preferred
Canada Steamship corn...
lOo
Preferred
Can Canners lot prat_ _100
Convertible preferred..*
*
Can Car & Fdry corn
25
Preferred
Can Dredge & Dock com _*
50
Can Gen Elec pref
Can Indust Alcohol A..._•
•
Canadian Oil corn
100
Preferred
_
Canadian Pacific Ry.
•
Canadian Wineries
•
Cockshutt Plow corn
Conduits Co corn
Consolidated Bakeries_ *
Cons Mining & Smelting _25
100
Consumers Gas
Cosmos Imperial Mills_ •
100
Preferred
80
29
33
355
751
64
53
2%
93%
8%
22
62%
934
12%
534
734
114
133
19234
16
104
80
70
44 5
2855 29
3334
33
3% 334
7234
70
20% 22
6% 755
64
61
5155 35
111 111%
255 2%
8%
8
93
93%
834 834
73(
734
1434 1434
2134 23
6234 6334
84 934
13
13
125 125
124 13
534 534
7.34
7
1
1
1134 1134
130 135
191
19234
16
1614
104 10434
5
534
Dorn Steel & Coal B__ _ _25
1034
11
Dominion Stores corn....
2%
•
Easy Wash Mach corn_
8%
8%
Fanny Fanner corn
Ford Co of Canada A_ _ _ _ 5 30% 294
70
Frost Steel & Wire pref.100
434
434
General Steel Wares conl_ 5
Goodyr T & Rub prof..100 11434 114
655
834
Gypsum Lime & Alabast_•
3
Harding Carpet
29
Hamilton Cottons pref_ _30 30
55
Ham United Theat pref 100
1134
.
Made & Dauche Paper. 0
10
Hunts Ltd A
5
Imperial Tobacco
Internati MIII lot pref. _100
•
Internatl Nickel corn
•
Kelvinator corn
100
Preferred
Lake of Woods Mill com....•
Laura Secord Candy corn.*
Loblaw Groceterias
5
Maple Leaf Milling com •
Massey-Harris corn
Moore Corp com
100
A
100
National Sewer Pipe A. *
Ont Equit 10% paid__ _100
•
Orange Crush com
Page-1Iersey Tubes corn _ •
Photo Engravers & Elec.
•
Pressed Metals corn
•
Riverside Silk Mills A
Russell Motors pref _ _ _100
Simpson's Ltd pref _ _ _100
•
Steel of Canada corn
25
Preferred
•
Tip Top Tailors corn
100
Preferred
•
Traymore Ltd corn
20
Preferred
•
Union Gas Co corn
•
United Steel Corp
Walkers(Hiram)corn_ _ __*
•
Preferred
Western Can Flour
100
Pref
•
Weston Ltd (Geo) corn
100
Preferred
Winnipeg Electric pref _100
•
Zimmerknit corn
100
Preferred
Banks
Bank of Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
so
100
100
100
100
100
100
100
2334
8
62
18%
17%
1.05
434
18
534
12
2%
834
314
70
434
11534
655
3%
30
57
1155
10
1334
13
113 113
2234 2334
734 8
104 104
1134 1174
6235
61
17% 1834
1735
17
1.05 1.05
44 4%
17% 18
125 129
14055 141
2154 2135
Range Since Jan. 1 1935
High
Low
1,775
150
144
102
345
102
15
1,421
479
199
37
25
28
80
173
30
10
435
67
920
75
2
1,204
45
22
25
33
11
6
4
1
50
434
28
33
355
65
20
655
55
Si
110
295
7
90
855
7
1434
214
6234
734
13
120
1135
54
7
80
11%
128
1894
14%
10251
Jan
Jan 95
Feb
Jan
Feb
Feb
Jan
Jan
Feb
84
4
383285495
Jan 6
j j na
Jj ntinn
ji
Jan
Feb 56
Jan 1114 Feb
lan
1
12;1 Feb
Feb
Jan
Jan
Jan 94
935 Jan
Feb
Jan
an
8
17 h Jan
Feb
J
4
2
Feb 641 ..1
Jan
Ja
15
Jan 10Jan
Feb
Feb
Jan 125
Jan 168334
Feb
Feb
a
aa
jja
j nn
Feb
Jan : :
1255
Jan 100
Jan 13955 Jan
Jan
jab
164 Fen
Jan 193
Jan
Jan 105
455
1,42
105'5
3,12
5
234
834
.
3 500
5,419 28%
20 68
4%
45
227 114
350
6
234
845
398 27%
40 55
150 1034
9
10
405
15
8,772
710
45
30
115
1,717
880
175
4,137
355
105
15
100
13
110
2234
634
102
1134
60
174
17
1.00
414
17
118%
135
21
7
30
80
224
12
284
88
87
45
41%
934
96%
10
50
84
30
8034
2234
12
29
89
88
4634
4234
934
9734
10
50
7
6
50 20
5
78
303 22
55 12
165 27
58 70
130 84%
299 ,44
53 4134
125
84
76 90
75 10
100 50
434
3%
29
1734
6
51
41
110
814
834
4
74%
434
34
3034
1734
6
51
42
11034
855
4
75
,
1
43
1,510
3%
155
2,236 25%
1,509 1634
6
65
1 52
130 41
60 110
934
10
4
25
11 7455
55
16734
199
205
198
300
170
226
5534
16834
20134
20734
199
300
171
226
145
95
200
117
147
99
200
120
223i
88
454
9734
10
434
3034
17%
6
554
168
199
205
199
170
Loan and Trust- •
Canada Permanent. _ _ .A00 145
Huron & Erie Mortgage 100
100
National Trust
Toronto Gen Trusts_ ..100
137
33
115
53
7
110
14
2
1
3
Jan
Jan
6
1235 Jan
Feb
331 Jan
Jan
Feb
934 Jan
Jan 3255 Jan
Feb
Jan 70
Jan
Jan
5
11534 Feb
Fe
7% Jan
Jan
3% Feb
Jan
Feb
Jan 30
Feb
Feb 57
Jan
12
Jan
Jan
11
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
13%
113
24
8
106
1255
63
1894
18
1.30
595
18
130
141
22
831 Feb
Feb
30
Jan
83
2334 Jail
Jan
15
Feb
29
Feb
89
Jan
90
Jan
48
Jan
44
Jan
10
Jan
98
Jan
15
Jan
90
534
Jan
5
Feb
Jan 3151
1735
Jan
6
Feb
Jan 52
Feb 4651
Feb 113
Jan
831
534
Feb
Feb 85
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb 57
55
Jan 169% Jan
166
Feb 20134 Feb
199
Jan 207% Feb
200
Jan
19754 Jan 203
Jan
Jan 305
280
Jan
Jan 173
168
Jan 22634 Jan
220
135
90
175
104
Jan 150
Jan 99
Jan 200
Jan 120
Toronto Stock Exchange-Curb Section
(See Page 953)
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
956
Financial Chronicle
Feb. 9 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Mining Section
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
Stocks (Concluded) Par Price Low
High Shares
DOHERTY ROADHOUSE & CO.
Members
The Toronto Stock Exchange
Correspondence Solicited
WAverley 7411
293 BAY ST.
TORONTO
Toronto Stock Exchange-Mining Section
Feb. 2 to Feb. 8, both inclusive, compiled from official sales
lists
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
Par Price Low
High Shares
Range Since Jan. 1 1935
Low
High
Acme Gas & 011
2Ic 194c 210 8,850
I9c Jan
230 Jan
Ajax 011 & Gas
1
90c
87c 90c
550
860 Jan
1.00 Jan
Alta Pan Cons 011
1
Sc 955c
1,500
80 Jan
10c Jan
Alexandria Gold Mines_ _ _1
1 UC
155c 155c 14,000
155c Feb 255c Jan
Algoma Min dz Fin
• 355c
3c 355c 1,500 255c Jan 455c Jan
Anglo-Huronion
• 4.05
4.05 4.05
200
3.95 Jan
4.25 Jan
Area Mines
1
154c
154c 14c 3,000
155c Jan
255c Jan
Ashley Gold
1
18c
180 20c 5,700
18e Feb
320 Jan
Astoria Rouyn
1
3c
3c 1,500 2340 Jan
4c Jan
Bagamac Rouyn
1 1054c
10c 10, c 30,500 855c Jan
5
5
14c Jan
Barry-Hollinger
1
6c
5c
6c 13,850
50 Feb
8c Jan
Base Metals Mining
60c
580 60c 5,100
58c Feb
72c Feb
Bear Explor & It
16c 15550 17c 12,500
150 Feb
220 Jan
Beattie Gold Mines
1.84
1.75 1.85 2,400
1.59 Jan
2.16 Jan
Big Missouri (new)
1
310 32c 5,658
310 Feb
390 Jan
Bob.lo Mines
1 354c
300 36c 69,040
300 Jan
38c Jan
Bradian Mines
1
2.00 2.27 3,385
2.00 Jan
2.95 Jan
Bralorne Mines
• 10.70
9.60 10.75 4,580
9.25 Jan 12.50 Jan
B R X Gold Mines_ _ 50c 1855
17c 1855c 4,500
160 Jan
22c Jan
Buffalo A nkerite
1
2.85
2.65 2.97 3,525
2.63 Feb
3.10 Jan
Buffalo Canadian
• 14c 155c 1'4e 4,000
155c Jan
355c Jan
Bunker 11111 Eaten
454c 44c 3,700
4c Jan
Sc Jan
Cal & Edmon
•
80c
75c 80c
2,700
75c Jan
80c Feb
Calmont Oils
1
8c
50
8c 2,000
50 Feb
Se Feb
Cdn Malartic Gold
•
60c
55c 61c 15,403
540 Feb
72c Jan
Cariboo Gold_
1
1.15
1.10 1.25
1,550
1.10 Feb
1.50 Jan
Castle-Trethewey
1
60c
570 60c 5,502
560 Jan 6655c Jan
Cent Patricia
1
1.23
1.15 1.24 29,680
1.12 Jan
1.30 Jan
Chem Research
2.03
1.90 2.05 3,735
1.90 Jan
2.35 Jan
Chlbougamau Pros
• 101
5c 854c 1055c 46,000
8e Jan 1054c Feb
Clericy Consol(new)
• 255c
2c 235c 28,425
2c Jan
354c Jan
Columarlo Cons
9c
9c 2.400
7c Jan 1155c Jars
Commonwealth Pete
50
5c
40 Jan
300
Sc Jan
Coniag&s Mines
5 A3.35
2.60 3.60 12,855
2.25 Jan
3.60 Feb
Conaurum Mines
• WI 2.30
1.95 2.35 5,554
1.90 Jan
2.60 Jan
21 -2
Dome Mines
38.00 37.00 38.25 1,432 35.00 Jan 38.75 Jan
Dom Explor (new)
1
55.4c 534c 654c 1,375 540 Feb
Sc Jan
Eldorado
1
1.16
1.05 1.22 12,125
1.02 Jan
1.37 Jan
Falconbridge
• 3.45
3.30 3.50 2,065
3.25 Jan
3.52 Jan
Federal Kirk
1
255c 254c 2,000
2c Jan
30 Jan
God's Lake
• 1.60
1.51 1.68 52,417
1.47 Jan
2.24 Jan
Golconda Lead
1
30c
30c
1,000
30c Feb
35c Jan
GoIdale
1
154c
18c 3,200 1555c Jan
200 Jan
Gold Belt
50c
40c
40c
400
390 Jan
42c Jan
Goldfield Cons
1
14c
14c
550
120 Jan
19c Jan
Goodfish Mining
1,000
ScD
7c Jan
110 Jan
Graham Bousquet
1
2c Jar
1,500
23.4c 255e
3c Jan
Granada Gold
1 124(
12c
13.
5,15(
12c Jar 1555e Jan
Grandoro Mines
10(
•
10
10c
1,50(
9c Jar
12c Jan
Greene Stabell
1
31( 2955c
31, 14,471 294c Fet
450 Jan
Grull Wihicsne
1
554c 555.
50(
5c Jar
6c Jan
Gunnar Gold
1
68(
48c 68. 97,871
48c Fet
85c Jan
flalcrow Swayze
1
5(
50 Sc
5,70(
50 Jar
854c Jan
Harker Gold
855c 94, 16,10(
855(
6c Jar,
10c Jan
Hollinger Cons
5 18.50 17.75 18.81
8,01( 17.35 Jan 20.05 Jan
'Lowey Gold
1.00
958 1.0: 16,20(
93c Jan
1.10 Jan
Int M Corp (Certs)
14.50 14.00 14.51
40( 14.00 Jan 15.35 Jan
J M Cons Gold Mines
1455c
14c
15.
5,55(
12c Jan
180 Jan
•
Kirkland Cons
1
10c
100 12c
1,804.
Kirkland Lake Gold
1
59c
57c 60, 9,70(
Lakeland G Mines
1
155c 154.
14c
9,704.
Lake Shore Mines
1 50.75 49.85 51.51
3,824
Lamaque Contact Gold..1
455c
4c 455. 17,004.
Lee Gold Mines
351c
3c 334( 45,700
Little Long Lac
7.00
6.30 7.21 33,361
Macassa Mines
1
2.43
2.36 2.41 25,366
Man & East Mines
7c 655c 755( 26,200
Maple Leaf Mines
1
8c
80
9. 6,450
McIntyre-Porcupine
5 41.00 38.25 41.54.
1,341
McKenzie Bed Lake
1
1.30
1.19 1.3: 26,495
3
McMillan Gold
1
40c
35c 40( 11,800
McVittle Graham
3Ic
27c 32( 11,750
McWatters Gold
780
67c 80 89,700
Nferland Oil
19c
2,200
20(
Mldwal Oil & Gas
16c
15c
17c 5,000
Mining Corp
1.10
1.01 1.10
1,325
Minto Gold
190
19c
400
Moffatt-flall Mines
255c 255c 255c 5,600
Moneta Porcupine
15c 1255c
15c 8,300
Murphy Mines
lc 14c 15,500
Newbec Mines
NipissIng
Noranda
Nor Can Mining
Olga Oil & Gas
Paymaster
Peterson Cobalt
Pickle Crow
Pioneer Gold
Premier Gold
Prospectors Airways
Read-Authler
Reno Gold
Roche Long Lac
Royalite Oil
San Antonio
Sarnia 011 dz Gas
Sherritt Gordon
Since Gold
S Amer Gold & PI
South Tiblemont
St Anthony Gold
Sudbury Basin
Sudbury Contact
Sullivan Cons
•
2c
2c
2.35
5
2.30 2.35
• 32.60 31.75 32.75
30c
250 30c
• 34c 355c
4c
1
17c
16c
18c
1
235c
1540 255c
1
2.52
2.38 2.62
1 10.35
9.90 10.50
1
1.52
1.48 1.52
•
1.50
1.40 1.55
1
64c
61c 64c
1
1.42
1.28 1.45
1
555c 44c
6c
21.50 21.50 22.00
1
4.25 • 4.05 4.40
1
24c 254c
1
52c
50c 52c
1
2.69
2.48 2.75
1
4.10
4.10 4.10
•
2c
2c 254c
1
33c 27550 33c
•
1.30
1.25 1.32
1
60 555c
6c
4055c 3855c 4Ie
For footnotes see page 953.
10c
54c
155c
48.75
4c
2,55c
6.20
2.25
60
8c
37.00
1.10
3355c
270
45c
16c
158
1.00
19c
255c
12550
lc
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14c
6455c
155c
54.25
Sc
454c
7.25
2.75
12c
135
4c
42.50
1.45
4655c
40c
810
20c
290
1.28
I9c
34c
16c
155c
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3,500 140 Jan
34c Jan
2.15 Jan
2,635
2.75 Jan
2,139 31.00 Jan 35.00 Jan
11,100
25c Jan
310 Jan
9,400
3c Feb
55.4c Jan
16c Feb 2054c Jan
36,300
27,500
155c Feb 234c Jan
55,308
2.24 Jan
2.77 Jan
2,240
9.00 Jan 11.35 Jan
6,050
1.45 Jan
1.66 Jan
4,700
1.25 Jun
1.55 Jan
900 Jan
3,700
55c Jan
17,050
1.21 Jan
1.48 Jan
90 Jan
75,200 44c Feb
1,735 18.25 Jan 22.50 Jan
15,044
4.00 Jan
4.85 Jan
4550 Jan
1,000 255c Jan
11,649
500 Jan
73c Jan
2.48 Feb
47,090
2.75 Jan
200
3.90 Jan
4.60 Jan
11,500
2c Jan
3c Jan
25c Jan
39c Jan
20,750
3,510
1.25 Jan
1.50 Jan
4,800 555c Feb
951c
7.935
38c Jan
450 Jan
1
1
2.33
3.85
73c
1
1.33
1 2255c
•
95c
•
500
8c
• 35ic
1
5.4c
• 8.65
2.20 2.39
3.70 3.95
55c 73c
1.20 1.33
22c 2255c
,540
54c
91c
9.5c
755c 855c
Sc
4c
554c
6c
8.35 8.75
22,470
13.180
3,350
2,460
4,750
2,000
9,785
28,500
17,450
7,200
6.290
Low
2.20
3.70
55c
1.60
21c
4c
90c
7c
255c
.5c
8.25
Mob
Feb
2.55 Jan
Jan
4.09 Jan
Feb
73c Feb
Feb
1.45 Jan
Jan 3055c Jan
Jan
134c Jan
Jan
1.05 Jan
Jan
955c Jan
Jan 10550 Jan
Jan
7c Jan
Jan
9.20 Jars
Direct Wire
-New York & Toronto
CANADIAN MINING STOCKS
SILVER FUTURES
42'Broadway
Now York
C. A.GENTLES & C . Bay Street
0 347
14...r.
T"*".
•o...o.• o******artrMt." I''."""
Toronto
Toronto5tock:Exchange-Mining Curb Section
b'2 "to Feb. 8, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale I of Prices
Week
StocksPar Price Low
High Shares
Low
High
Aldermac,Mines
•
7c
8c
70
7c Jan 1055c Jan
Assoc 4011(&.Gas
100
110
11c
11c Jan 124.3 Jan
BaltaclOils
•
2550
30
2550 Feb
5.8 Jan
Brett Trethewey
2c
1
2c
2c
155c Jan
240 Jan
Brownlee .Mines
1
Mc 154c
140 Jan
Sc Jan
Canada Kirkland
1
245c 2550 255c
255c Jan
354c Jan
Central Manitoba
1
Sc 534c
Sc Jan 640 Jan
Churchill,Mining
1
3c
3c
3c
30 Jan
50 Jan
Clifton1Cons
1
.40 40
1
54c Jan
155() Jan
CoastiCopper
5
1.95
1.90 2.05
1.90 Jan
2.25 Jan
Cobalt Contact
1
Sc
2c 235c
Sc Jan
254c Jan
East.CrestiOil
•
90
100
Oc Jan
120 Jar.
GilbecapoldIMines
1550
•
Sc
155c Jan
254c Jan
Home4011
•
600 620
60c Feb
70c Jan
Hudson Bay Mining
• 12.35 12.15 11.55
11.50 Jan 13.00 Jan
Keora Mines
1
140 155c
14c Feb
2550 Jan
Kirk Townsite
31c
I
29c 3355c
20c Jan 3355c Jan
Lake Maxon
•
3c 355c
3c Jan
44.3 Jan
Lebel;Oro
1 340 34.)
40
355c Jan
4550 Jan
Malroblc Mines
1
1550
1550 154c
155c Jan
30 Jan
McLeod iltiver
• 140 1550 1540
1550 Jan
254c Jan
Night Hawk ll'en
1
2340 255C
be
2340 Feb
4550 Jan
Nordon:Corp
455c 455c
5
44c Jan
655c Jan
DII,Selections
•
4c 334c
40
355.3 Jan
4340 Jan
DsiskolLake
1
7c
7c
70 Jan
Sc Jan
Parkhill Gold
1
21c
20c
210
1935c Jan
27c Jan
Pawnee Kirk
1
15
14.2 155c
5c
135c Jan
Sc Jan
Pend Oreille
1
50c
50o 50e
50c Jan
620 Jan
Pioneer G Min of B C Ltd •
540
be
sic Jan
10 Jan
Porcupine Crown
3c
1
3c 33.ic
3c Jan
455.3 Jan
Preston East Dome
140 140 14c
1
154c Jan
2sic Jan
Ritchie Gold Mines:Ltd _ ..• 2340
20 24c
155c Jan
240 Feb
Robb Montbray
1
24o
Sc
254c Jan
434e Feb
iouth Keora Mines
.• 30 334c
1
3.2 Jan
7o Jan
itadacona Rouyn
• 21550 1954c
22c
1355o Jan
25c Jan
iudbury Mines
4c
1
40 440
3c Jan
455c Jan
remiskaming Mining_ _ _1
.
1540 15.4c
le Jan
2540 Jan
Vickers Minas
1
155c
20
155o Jan
3c Jan
Wood Kirkland M (I_ _ _ _1
4c
4c
40 Jan
Sc Jan
NA
A
ANA
ANA
A
0A00N4.00y.4A A 0 NAA00AMA N
WoAAAA.4 N.44.0AAA
0
011to 10;401nVO4
.0- 4..
01
0
007A
0 .
00 0000004.000000Q0
0
00 0000000000000000 00900q.0.00WCOO.00C0
0000000000000000000
Telephone:
Sylvanite Gold
Teck-flughes Gold
Texas Canadian
Toburn G M Ltd
Towagmac Explor
Vacuum Gas & 011
Ventures
Wayside Cons
White Eagle
Wiltsey-Coughlan
Wright-Hargreaves
Range Since Jan. 1 1935
Railway Bonds
Bid
Ask
514 Ask
Canadian Paciflo !IOCanadian Pacific RyU perpetual debentures_
8558 86
455s
Sept 1 1946 10012 10073
(is
Sept 15 1942 11012 11114
58
Dec 11954 10318 103 ,
,
455s
Dec 15 1944 9512 9612
454s
July 1 1060 97
.471!
1 ,
July 1 1944 11018 11012
Dominion Government Guaranteed Bonds
Bid
Ask
Canadian National ItyCanadian Northern Sty
4 Ms
Sept 1 1951 110 1101,
Feb 15 1935
434s
4558
Sept 15 1954 103 10314
76
Dec 1 1940
4518
June 15 1955 11318 114
6558
July 11948
4558
Feb
1 1956 111 11112 Grand Trunk Pacific fly
455s
July 1 1957 1083 10914
4s
.,
Jan
11962
44s
Dec 1 1968 10312 1037
3s
Jan
8
11982
58
July 1 1969 113 11334 Grand Trunk Railway
58
Oct
1 1969 I 13 1157
88
8
Sept 11938
18
58
Feb
1 1970 115,18 1137
, 7s
Oct
1 1940
Bid
Ask
100 10012
10811 107
/
4
1214 12112
104 105
9918 9912
106714 107
106
The Berlin Stock Exchange
Closing prices of representative stock• a• received by cable
day of the past week
Feb. Feb. Feb. Feb. Feb.
2
4
5
6
7
Per Cent of Par
AllgemelneElektrlzttaeta-Gesellsehatt
(AEO) 30
30
31
31
31
Berliner Handels-Gesellachaft(5%)
113
114
113
114
115
Berliner Kraft U. Licht(10%)
143
142
142
141
141
Commerz.und Privat-Bank A 0
82
82
81
82
86
Demmer(158(7%)
130
128
128
129
128
Deutsche Bank und Disconto-Geeellectaft„ 85
83
82
83
86
Deutsche Erdoel (4%)
105
104
104
103
104
Deutsche Reichebahn (German Rya) Pf (7%)119
119
118
118
118
Dresdner Bank
86
84
83
84
86
Frarbenindustrle I 0(7%)
145
144
144
144
144
Oesfuerel (5%)
117
116
116
115
116
Hamburg Electtlo Werke(8%)
132
131
131
131
131
Flapag
32
32
32
32
31
Mannesmann Roehren
81
79
79
79
79
Norddeutscher Lloyd
34
34
34
34
33
Relchsbank (12%)
165
162
165
165
167
itheininche Braunkohle (12%)
214
212
211
Salzdetfurth (7 1 %)
5
156
155
165
155 158
qinmens A FTalake(7%)
146
145
144
145
145
each
Feb.
8
31
116
142
87
129
88
103
118
88
143
116
130
32
78
34
167
188
144
957
Financial Chronicle
Volume 140
Securities +
Over-the-Counter +
21 traders covering
11
Bought and Sold
Private wires to
MIT,RQ,SE&IXISTER.
185
74 Trinity Place, New York
Whitehall 4-3700
special fields
different houses
Members New York Security Dealers Association
United States and Canada. •
• Open-end tekphone wires to Boston, Newark and Philade1phta. • Private wires to principal cities in
Quotations on Over-the-Counter Securities-Friday Feb. 8
New York City Bonds
a3s May 1935
4334s May 1954
a33.4s Nov 1954
a4s Nov 1055 & 1958
ais M & N 1957 to 1959....
ais May 1977
ats Oct 1980
citis Feb 15 1935 to 1940....
a452s March 1962 & 1964._
a4 lie Sept 1960
a432s March 1960
a43(ir April 1966
a448 April 15 1972
Bid Ask
8
8
1003 1005
4
963
96
9834
96
4
100 1003
0112
101
101 10112
101 101 12
r4.0
8
8
1037 1043
8
8
1037 1043
4
1003 101 14
8
8
1037 1043
8
8
1043 1047
G434] June 1974
a432s Feb 15 1978
a4 Pie Jan 1977
041.28 Nov 15 1978
a4 go March 1981
a4J.4s M & N 1957
a434e July 1967
a4 34s Dec. 15 1971
a4348 Dec I 1979
Bid Ask
8
8
1043 1047
8
8
1043 1047
8
8
1043 1047
8
8
1043 1047
- 105'2
10614 107
107 108
4
1073 10812
4
1073 10812
065 Jan 25 1936
a68 Jan 26 1937
1033 10414
4
10614 1063
4
sta
BId
Ask
World War Bonus
414s April 1935 to 1939._
434a April 1940 to 1949._
Institution Building
48 Sept 1934 to 1940
is Sept 1941 to 1976
Highway Improvement
:8 Mar & Sept 1958 to '67
Canal Imp 4s J &J '60 to'67
Barge C T 4a Jan 1942 to '46
Barge C T4143 Jan 1 1945._
Highway Imp 4 lie Sept'63_ 126
Canal Imp 412s Jan 1964_ -- 126
Can & Imp High 41.4. 1965_ 12312
Act
r .50 2.40
r2 50 2.40
rl .60 2.40
r2.40 3.10
11812
11812
11214
4
1133
Alt
1 Bayonne Bridge 4s series C
Arthur KIII Bridges 43.4s
J&J 3 100 101
series A 1935-46
1938-33
Itt&S 10312 105
Inland Terminal 4145 ser D
Iti&S 102 103
Geo Washington Bridge_
1938-80
48 series B 1936-50_ _ _J&D 10212
Holland Tunnel 434. series E
lis ser B 1939-53 M&N r3.75
NUS r3.70 3.60
1935-60
1r6o1
United States Insular Bonds
Philippine Government
4s 1946
4 34s Oct 199
4 tie July 1952
58 April 1955
5s Feb 1952
5145 Aug 1941
Hawaii 41.48 Oct 1958
Bid
99
1003
4
1003
4
100
104
106
112
Ask
100 Honolulu bs
1013 US Panama 3s June 1 1981_
4
2s Aug 1 1936
4
1013
28 Nov 1 1938
102
10512 Govt of Puerto Rico
4 lis July 1958
1071s
53 July 1948
115
1930
U S Consol 2s
Bid
108
109
102
101 18
Ask
111
111
10212
8
1015
107
107
101
110
109
10114
Bid
101
10138
101 18
101 18
8
1023
10118
10118
Ask
101 14
8
1015
101313
1011,
4
1023
1013
8
8
1013
Federal Land Bank Bonds
4s 1941 optional 1944
411 1957 optional 1937_51&N
40 1958 optional 1938.M&N
ills 1956 opt 1036____j&J
434e 1957 opt 1937____J&J
43-4e 1957 opt 1937__M&N
414s 1958 opt 1938__M&N
RIO I Ask ,
10312 10334 410 1942 opt 1935___M&N
10134 102181 414s 1943 opt 1935____J&J
81
102 i 1023 4148 1953 opt 1935____J&J
10218 ,10212, 0.58 1955 opt 1935____J&J
10214110212j 414s 1958 opt 1936___J&J
10214 1021-2 58 1941 optional 1935 M&N
103 103181 be 1941 optional 1935 M&N
POTTER
WINDS, WINSLOW & York
Street, New
40 Wall
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
Par BId
4
Bank of Manhattan Co 10 213
Bank of Yorktown__ 66 2-3 33
Bensonhurst National..100 30
13.65 2414
Chase
2112
121.4
City (National)
Commercial National Bank
100 135
& Trust
100 1000
Fifth Avenue
First National of N Y 100 1665
100 25
Flatbush National
Par Bid Ask
Ask
2314 Kingsboro Nat Bank __ _100 55
21"
National Bronx Bank__ __50 15
38
,
8 2 oiz
Nat Safety Bank & Tr-1254
10
7'4 814
Penn Exchange
25Y4
58
100 48
Peoples National
23
Public National Bank de
25 2912 3112
Trust
141
1050 Sterling Nat Bank & Tr__25 1912 2012
14
1212 12
1705 Trade Bank_
40
Yorkville (Nat Bank of).100 30
35
New York Trust Companies
Port of New York Authority Bonds
Bid
Bought, Sold and Quoted
New York Bank Stocks
New York State Bonds
Canal Os Highway
be Jan & Mar 1935
r .50
be Jan & Mar 1936 to 1945 r2.75
55 Jan & Mar 1946 to 1971 r3.40
Bank and Insurance Stocks
Ilk
Par Rid
anoaComm Italians...AO° 140 150
ant of New York & Tr_100 365 375
61
10 59
salters
12
20 10
ank of Sicily
8
8 57
47
ronx County
.7
90
100 85
rooklyn
20 116 120
:antral Hanover
41
:hernias] Bank & Trust __10 39
50 4212 47
:Union Trust
8
97 1158
100
iolonial Trust
10 11 12 13
iontinental Bk & Tr
20 401, 471.
1mm F.yeh Rk A. Tr
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Underwriters
United states
f
, 4uA,,
6-tymp a .
Ro-e-imi‘w4v (
MUNICIPAL BOND BROKERS-COUNSELORS
State 0540
120 So. LaSalle St., Chicago
Joint Stock Land Bank Bonds
Bid Ask
92
98
99 101
97
95
9512 9712
9012
89
9112 9212
84
96
98
100
100
100
91
95
4
100 1003
94
96
61
63
9912
98
82
79
13212 34
95
97
9112 9212
94
94
Chicago Bank Stocks
Ask
Par Bid
American National Bank dr
100 115 125
Trust
Continental III Bank &
4
3312 433 45
Trust
For footnotes see nage 9110
41F7gOIMI
4
Par 1314 ilst
100 991. 10112
First National
Harris Trust & Savings..100 185 1195
100 401
06
Northern Trust Co
Ask
18
265
313
16
1725
40
85
1695
100 56
100 1645
We specializr in
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
JOHN E. SLOANE & CO.
Members Ne w York Security Dealers Association
HAnoyer 2-2455
41 Broad St., New York
Railroad Bonds
Bid
Bought - Sold - Quoted
Comparative analysed and individual reports of the
various Joint Stock Land Banks available upon request.
Atlanta be
Atlantic Ea
liurlington 68
California ro
Chicago 5
3
Dallas 5s
Denver fa
Der Moines 55
First Carolinas 51
First of Fort Wayne Is
First of Montgomery bs____
First of New Orleans 5s__ _ _
First 'Texas of llouston be__
First Trust or Chicago
Fetcher bs
Fremont 51
Greenbrier bs
(lreensboro 51
Illinois Midwest bs
Illinois of :Monticello 5s_ _
Iowa of Sioux City bs
Lexington 58
Lincoln be
Bid
17
250
308
15
1680
38
4
20 213 231,
Manuiacturers
25 102 105
New York
514 61,
Title Guarantee & Trust __20
ALL ISSUES
LAND BANK BONDS
Ark,n
9312
'LaFayette bs
Louisville Ss
9512 97
Maryland-Virginia 55
9412
9912
MIsslasIDP1-Teuuessee 653612 3712 New York bs
9812 North Carolina be
97
90 Ohio-Pennsylvania bs
88
Oregon-Washington bs
98
Pacific Coast of Portland Ss
91
Pacific Coast of Los Ang bs
99
Paciflo Coast of Salt Lake bs
8012 82
1
Pacific Coast of San Fran.5
94
92
97
9812 Pennsylvania 6s
Phoenix te
94
9912 tr:i(C1- Potomac 58
2
87 St. Louis As
84
San Antonio Is
99 101
Southwest be
97
95
85 Southern Minnesota be
82
Tennessee as
87 89
Union of Detroit bs
95
Virginia-Carolina bs
90
Virginian 65
88
86
Par i
10'
100
100
1
100
25
Akron Canton dr Youngstown 554s, 1945
6s, 1945
Augusta Union Station lot 45. 1953
Birmingham Terminal lot is, 1.957
Boston & Maine 3s, 1950
Prior lien 45, 1942
Prior lien 434s, 1944
Convertible 5s, 1940-45
Buffalo Creek lot ref 5s, 1961
Chateaugay Ore & Iron 1st ref 4s, 1942
Choctaw & Memphis 18t 58. 1952
Cincinnati Indianapolis & Western lot 5s. 1965
Cleveland Terminal & Valley 1st 4.9. 1995
Georgia Southern & Florida lot 55, 1945
Goshen & Deckertown lot 5l-4s. 1978
Hoboken Ferry 1st be, 1946
Kanawha & West Virginia lot 5s, 1955
Kansas Oklahoma & Gulf 15t Is, 1978
Little Rock & Hot Springs Western lot 48, 1939
Macon Terminal lot 55, 1965
Maine Central 65, 1935
Maryland dr Pennsylvania lot 45, 1951
Meridian Terminal lot 4s, 1955
Minneapolis St. Paul & Sault Ste. Marie 2d 4s, 1949
Montgomery & Erie lot 55, 1956
New York & Hoboken Ferry gen 5s, 1948
Portland RR lot 356s, 1951
Consolidated 58. 1945
Rock Island-Frisco Terrains.. 4S45, 1957
St. Clair Madison & St. Louis lot 4s, 1951
Shreveport Bridge & Terminal lot bs, 1955
Somerset Ry 1st ref 45, 1955
Southern Illinois dr Missouri Bridge lot 48, 1951
Toledo Terminal RR 43-4s, 1957
Toronto Hamilton & Buffalo 45is, 1968
Washington County Ry lot 3548, 1954
Ask
J48
f48
85
8712
59
70
75
84
9812
89
146
86
8712
50
95
84
90
9213
4212
100
72
46
76
44
84
75
5712
7412
6812
78
76
44
86
10312
84
44
50
50
89
8913
63
87
8812
53
100
87
92
94
4512
102
75
50
47
78
5912
7612
71 12
80
48
69
105
87
47
Realty, Surety and Mortgage Companies
Pari Bid 1.45k
Par Bid lAsk
Bond & Mortgage Guar _ _20
14
8IlLawyers Mortgage
5
201
8
3
34
6
13
Empire Title & Guar__ _100
Lawyers Tide & Guar_ .100
24
114
Investment Trusts
For List of Securities under this heading see page 919
958
Financial Chronicle
Feb. 9 1935
Quotations on Over-the-Counter Securities—Friday Feb. 8—Continued
Railroad Stocks
Guaranteed & Leased Line
Preferred
Common
OVER-THE-COUNTER SECURITIES
BOUGHT—SOLD—QUOTED
RYAN & McMANUS
Railroad Bonds
Members New York Curb Exchance
Adams & Peck
63 WALL ST., NEW YORK
BO wling Green 9-8120
Boston Hartford Philadelphia
39 Broadway
New York City
Dlgby 4-2290
Private Wire Connections to Principal Cities
Miscellaneous Bonds
Guaranteed Railroad Stocks
(Guarantor in Parenthesis.)
Dividend
Par In Dollars.
Alabama & Vicksburg (Ill Cent)
11)0
Albany & Soso uehanna (Delaware & Hudson)_100
Allegheny & Western(Buff Roch & Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence(New Haven)
106
Canada Southern (New York Central)
100
Caro Clinchfield & Ohio(L & N A CL)4%
100
Common 5% stamped
100
Chic Cleve dine & St Louts pre!
(N Y Cent) J00
Cleveland dr Pittsburgh (Pennsylvania)
50
Betterman stock
50
Delaware(Pennsylvania)
25
Fort Wayne & Jackson pref (N Y Central)____ 100
Georgia 1111 & Banking(L & N.A CL)
100
Lackawanna RR of NJ(Del Lack & Western)-100
Michigan Central(New York Central)
100
Morris & Essex (Del Lack ds Western)
50
New York Lackawanna & Western(DL & W)_100
Northern Central (Pennsylvania)
50
Old Colony (N Y N H & Hartford)
100
Oswego & Syracuse (Del Lack & Weetern)_ _
60
Pittsburgh Bees & Lake Erie(U S Steel)
50
Preferred
50
Pittsburgh Fort Wayne & Chicago (Penn)._ _100
Preferred
100
Rensselaer & Saratoga (Delaware & Iludson).100
St Louis Bridge lat met (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR lc Canal (Penns)
100
Utica Chenango & Susquehanna(D L & W)100
Valley (Delaware Lackawanna dr Western)
100
Vicksburg Shreveport & Pacific (111 Cent).—.100
Preferred
100
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
50
6.00
10.50
6 00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
60.00
3.875
5.00
4.00
7.00
4.60
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
Bid.
Ask.
80
197
92
34
IA 1
150
49
84
88
83
82
46
44
70
172
77
800
6612
98
93
62
68
34
67
167
175
113
137
68
137
243
87
95
69
49
51
63
85
203
95
36
115
155
52
86
90
87
84
48
46
74
176
80
6712
100
94
65
73
36
72
162
178
1113
142
72
142
248
90
100
72
52
53
65
Adams Express 45 ____1947
American Meter 68 _ _ _ _1946
Amer Tobacco 4s .__1951
Am Type Fdrs is
Debenture 65
1939
Am Wire Fabrics 78 _1942
Bear Mountain-Hudson
1953
River 13ridge 78
ButterickPublishing 6341936
Chicago Stock Yds be 1961
Consolidation Coal 4 jis 1934
Deep Rock 011 78
1937
Haytian Corp 8s_ _ _ _ 1938
Home Owners' Loan Corp
1 As
Aug 15 1936
Aug 15 1937
13.is
2s
Aug 15 1938
844
4 sk
8612 88
94
10312
SSlz
35
3812
35
80
7712
15
92
13314
13612
110
82
18
94
3514
3813
13
01.10 101.14
01.12 101.16
01.12 101.16
Journal of Comm 6348_1937
Merchants R.efrig 6s_ __1937
Natl Radiator 55
1946
N Y Shiptildg be
1946
NorthAmerican Refractories
6;85
1944
Otis Steel as ctts
1941
Pierce Butler & P 6%5.1942
Scoville Mfg 538e
1945
Standard Textile Products—
let 63.45 assented ___ _1942
Starrett Investing 5s
1950
Struthers Wells Titusville
6)4a
1943
Witherbee Sherman 68_1944
Woodward Iron bs
1952
Bid
52
95
f25
94
Ask
58
147
182
10
103
5112
86
8
10312
17
38
20
42
60
f4
137
40
26 98
6
ABBOTT PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
A COMPREHENSIVE SERVICE
In the
Over-the-Counter Market
Bristol & Willett
EstablIslaed 1920
Yotk Security Dealers Association
115 Broadway, N. Y.
Tel. BArclay 7-0700
Members New
Specialists in —
WATER WORKS SECURITIES
Industrial Stocks
Complete Statistical Information—Inquiries Invited
SWART,BRENT Sr CO.
.N COS PO RATE ID
25 BROAD STREET, NEW YORK
TEL.: HAnover 2-0510
Water Bonds
I Bid Ask
Alabama Water Serv 55, '57 83 85 Manufacturers Water 55,'39
Middlesex Wat Co 5
Alton Water Co 5s, 1956_ _ 10212
'57
Monmouth Consol W 53.'56
Arkansaw Water Co 5s. 1956 103
Ashtabula Water Wks 54,58 99 161- Monongahela Valley Water
Atlantic County Wet 55,'58 9915 10012
bSis. 1950
Aluncle Water Works 5s,'39
lirmlngham Water Works
10112 _ __ New Jersey Water Is, 1950_
55, series C. 1957
11,
103
_ New Rochelle Wat 65, B,'51
55. series 13, 1954
105
- : 5345, 1951
6 Sis, series A, 1954
New York Wat Serv Is, 1951
littler Water Co 58, 1957_ 10115 _
California Water Serv 55,'58 10114 10314 Newport Water Co Ss. 1953_
Chester Water Serv 4)8s,'58 10012 102 Ohio Cities Water 5548, 1953
Ohio Valley Water 5s, 1954
Citizens Water Co (Wash)
5g. 1951
94 96 Ohio Water Service 55, 1968
100 Ore-Wash Wat Serv Is, 1957
5/to. series A, 1951
City of New Castle Water
Penns, State Water 5345,'52
10214
58, 1941
98
Penna Water Co Ss, 1940
City NV (Chat) 58 B____1954 102
_ Peoria Water Works de—
1st 55 series C
1957 102
ist & ref 58,1950
Clinton W Wks Co 55, 1939 101
151 consol 45, 1948
Commonwealth Water(NJ)
1st consol bs, 1948
55, series C. 1957
104 106
Prior lien I. 1948
5585, series A. 1947
104 10512 Phila Suburb Wat 43.4s,'70
Community Water Service
1st mtge bs. 1955
3912 39 Pittsburgh Sub Water bs,'58
5385, series B, 1946
65, series A. 1946
383 4014 Plainfield Upton Wat Is, '61
4
Consolidated Water of Utica
Richmond W W Co 55, 1957
4345. 1958
97 9812 Roanoke W W Ss, 1950._
1st mtge 5e, 1958
100
0112 Koch & L Out Wat 58, 1938
Davenport Water Co Ss, '61 10312
St Joseph Water 53, 1941__ _
E St L & Interurb Water
St Louis County Wet 55,'45
5s, series A, 1942
9712 Scranton Gas & Water Co
96
68, series B, 1942
02
45.0, 1958
100
89845511142, 9612 Scranton Spring Brook
5s, series D. 1960
Greenwich Water & Gas
Water Serv Ss, 1961
55, series A, 1952
87
1st dr ref Is, A, 1967
55, series B. 1952
87 Sedalia Water Co 5Si s. 1947
Hackensack Water Co 55,'77 10512 ___ South Bay Cons Wet 55,'50
5555, series B, 1977
___ South Pittsburgh Wet Is,'55
108
Huntington Water 55 B,'54 10114
bs, series A, 1960
1960
65, 1954
Is series B
104
Terre Haute Water 5s, B,'56
1962 101
Illinois Water Serv 58 A,'52 913 9312
65, series A, 1949
4
Indianapolis Water 434s,'40 10412 106 Texarkana \Vat 1st be_ _1958
1st lien & ref 55, 1960____ 10412
Union Water Serv 5)88, 1951
1st lien & ref 58, 1970_ __ 104
___ Water Serv Cos, Inc, 55,'42
1st lien & ref 5
1953.. 10412
West Virginia Water Ss, '51
1st lien dr rot 5545, 1954_ 10412 ..._ Western N Y Water Co
Indianapolis W W Securities
5s, series B. 1950
Ss, 1958
1st mtge Is, 1951
80 84
Interstate Water is, A, 1940 10112
1st mtge. 5348, 1950
Jamaica Water Sup 5 345,'55 107 166- Westmoreland Water 53, '52
Joplin W W Co 55, 1957_..,, 90, 101
Wichita Water Co 55, 13,'56
4
Kokomo W W Co 55. 1958_ 101 10214
58, series C. 1960
Lexington Nat Co 5M,'40 100
is, series A, 1949
Long Island Wat 535s, 1955 9512
W'insPort Water 53. 1952._
For footnotes see page 960
8td Ask
102
10412 li19414 9614
1023
4
102
95
94
9714
9712
102
68
103
7312
65
9112
104
10412
97
96
9914
9912
70
irr
67
93
90 92
84
85
103
--10412 --106
99 161
107
--101
79
76
100
102
--10412 --9912 01
8112
8212
95
67
10334
10312
104
101
104
94
053
4
70
9112
841- 1
66-
96
973
4
9312
9012 92
9212
91
9514 97
93 96
101
101
104
___
98 100
Par
Adams-Millbi Corp, pf_100
American Arch $1
•
American Book $4
100
American Hard Rubber I0
American Hardware
25
American Mfg
100
Preferred
100
•
American Meter con
American Republics com •
Andlan National Corp- - -•
Art Metal Construction_ _10
Babcock & Wilcox
•
Bancroft (Jos) dr Sons corn..'
Preferred
100
Beneficial Indust Loan Pt
.•
Bliss(E W)1st pref
50
2d pret B
10
Bon Ami COB common_..•
liowman-Biltmore Hotels..'
1st preferred_
100
2nd preferred
•
Brunsw-Balke-Colpref__100
Bunker H & Sullivan tom 10
Canadian Celanese corn _•
Preferred
.100
Carnation Co $7 pref
_100
Clinchfield Coal Corp p1100
Colts Patent Fire Arms...25
Columbia Baking coat_ _•
let preferred
•
24 preferred_
•
Columbia Broadcasting al A •
•
Class B
Columbia Pictures pref__ •
•
Crowell l'ub Co coca
$7 preferred
100
•
Dictaphone Corp
Preferred
100
Dixon (Jos) Crucible__ _100
Doehler Die Cast prof
•
Preferred
50
Douglas Shoe preferred _ _100
Draper Corp
•
Driver-Harris pref
100
First Boston Corp
Flour Mills of America.._•
Franklin Railway Supply- •
Gen Fireproofing $7 pf__100
Golden Cycle Corp
10
Graton & Knight com____•
Preferred
100
Great Northern Paper._ 25
Bid
sk
102 107
133
4
5712 61
4
7
21
2212
712 912
52
11 12
214
3614
234
383
4
514
33
3
15
511 1
24
414
46
12
2
3
18
1
5914 6112
3012 3212
4,
4
30
1
10
4878
17
214
43
20
105
10212
32
2512
12
4
112
2478
2414
45
204
97
2114
105
55
86
43
1212
5714
90
253
8
118
1012
60
33
25
8
21
21
22
108
2614
114
512
212
2632
253
4
47
213
4
58
93
48
1514
5912
05
267
8
17
8
1514
68
37
33
4
23
23
2 Ask
d
Herring-Hall-Mary firife_10
Pa Bi
() l
,
International Textbook__ _•
134 23.1
King Royalty corn
•
9
11
Kinner Airredne & Motor.1
8 prefer pla
100
Lawrence l'ort Cement_ _100
Locomotive Firebox Co...._•
7338 7852
1634 19
33
4 51s
Macfadden Publica'necom 5
5 52 632
Preferred
• 3934 413
4
Merck dr Co Inn com
1 25
27
8% preferred
100 10
.
National Casket
as
66- Preferred
• 100
--Nat Paper dr Type pret_100
1
5
New Haven Clock prof..100 5812 6412
North Amer Match Corp.._• 2414 26
Northwestern Yeast_ ___100 130 135
Norwich Pharmacal
5 2414 2614
Ohio Leather
Patbe Exchange 8% pret 100 104 107
• 11
15
Publication Corp
0414 2814
25 2
,
R.71.gt preferred
. a . rms..t.
t 1 .A
coin*
100
--•
278 31»
Riverside Silk Mills
• 2812 29
•
98, __ _
Rockwood & Co
Preferred
100 45
-—
Ruberoid Co
100 42
4312
Soovill Mfg
25 2034 22
Singer Manufacturing100 235 242
Standard Cap & Seal
5 2812 3112
Standard Screw
100 8012 8512
Taylor Milling Corp
•
Taylor Whar I & (3 com
•
Transcontinental & Western
(Tha ti n cum pf_100
collion
TuAbilrzeI
10
Unexcelled Mfg Co
U S Finishing pref
100
1012 1212
234 334
812 914
5212 63 2
6
11
,
4
Welch Grape Juice pret 100 71
West Va Pulp & Pap com_.• 1118
Preferred
100 8712
White (PS)Dental Mfg20 1438
White Rock Mtn Spring 100 2712
$7 1st preferred
Wilcox-Gibbe corn
50 20
Worcester Salt
100 4912
Young (J 8) Co corn_
100 8012
7% preferred
100 10112
612
___
1252
901 1
1514
25
55
Telephone and Telegraph Stocks
Par
Amer Dist Teleg(NJ)com •
Preferred
100
Bell Telep of Canada..
100
Bell Telep of Penn pref_ .100
Cincin & Sub Bell Telep-50
Cuban Telep 7% pref_100
Empire & Bay State Tel_100
Franklin Teleg $2.50
100
Int Ocean Teleg 8%,-100
Lincoln Tel dr Tel 7%
•
Mount States Tel & Te1.100
New England Tel & Tel_100
Bid (Ask
76
111 12,11314
,135
11612 11712
6212 6412
19
2412
58
54
3712 41
7612 81
Par
New York Mutual Tel__100
Northw Bell Tel pt634% 100
Pao & All Teleg U S 1%_25
Peninsular Telephone corn_•
i'referred A
100
Roch Telep 56.50 1st 01_100
So & Atl Teleg
Sou New Eng' Telep
100
S'western Bell Tel, pf_ _100
TS States Tel & Tel
Preferred_.
10812 110
89-10
8913 911z1 Wisconsin Telep 7% pref 100
/114 Ask
22
11112 1l5'2
1434 1734
63
4 8,2
7314 10012 105
-1812 20
105 107
4
120 1213
978 105
8
111 115
•
959
Financial Chronicle
Volume 140
Quotations on Over-the-Counter Securities—Friday Feb. 8—Continued
We specialize in
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
WmiCarnOie Ewen
2 Wall St., New York
T.I. REctor 2-8278
Public Utility Bonds
Par
Albany By Co con 5e 1930__
General be 1947
Amer States PS 554s 1948
Amer Wat Wks & Elee Es'75
Arizona Edison let Ss 1948_.
1st 6s series A 1945
Ark Missouri Pow 1st 6s '53
Associated Electric Es 1961_
Assoo Gas &Eleo Co 454ri '58
Associated Gas & Elm Corp
Income deb 33'4e_._,.1978
Income deb 39s.__.1978
Income deb 4s
1978
Income deb 41'4s....1978
Cony debenture 4s 1978._
Cony debenture 434s 1973
Cony debenture 55 1973__
Cony debenture 5!.4e 1973
Participating 811 1940____
Bellows Falls Hydro El 58'58
Birmingham Wat Wks 63'57
53s 1954
Bklyn C & Newt'n eon Si'39
Cent Ark Pub Serv Is 1948
Central0& E 534B 1946.....
1st lien ooll tr Els 1946____
Cent Ind. Pow 1st 6s A 1947
Colorado Power 68 1953_ __ _
Con laid & Bklyn con 4s '48
Consol Eleo & Gas 5-6s A '62
Duke Prise Pow 1966
Federal P S 1st 63 1947
Federated Util 534a 1957
4211 St Man & St Nick Se '40
Green Mountain Pow be '48
III Commercial Tel 55 A '48
III Wat Ser let be 1952
Interborough St T Is Otis '06
Iowa So Utti 53.4s 1950
Kan City Pub Serv 3s 1951_
Bid
130
125
3514
64
1321.2
134
5512
353
4
1514
Ask
_
_
3714
651_
34
36
57
3612
1614
12
13
1312 1412
14
15
15
1612
2612
25
2612 2712
271, 2812
32
30
69
68
9611 973
4
102
3103 124 8
79
83
75
7612
51
53
53
55
49
48
10412 106
63
19
20
993 997
8
8
129
31
42
44
75
9012 22
1:I
8312 85
9118 923
8
8112 8212
72
73
32
3312
Par
Keystone Telephone 5 Ms'55
Lehigh Vail Trans ref Se '60
Long Island Lighting Is 1955
Monmouth Cons Wet sem
Mtn States Pow 1st 65 1938
Nassau El RR let bs 1944_
Newport N & Ham be 1944_
New England 0 & E be 1982
New York Cent Else be 1952
New Rochelle Water 512s '151
NY Water Ser 51 1951
Northern N Y IRO Ess 1955_
Okla Natural Gas 65 1948_
Okla Natural Gas 6s 1946_ ._
Old Dom Pow be _May 19'S!
Parr Shoals Power Ss 1962_ _
PeninsularTelephoneb30 51
.
Pennsylvania Elee Si 1962__
Peoples L & P1530 1941.....
Public Serv of Colo es 1961_
Public Utilities Cons 543'48
Roanoke W W 54, 1950
Rochester fly let 5s 1930
Schenectady fly Co 1st 56'46
Scranton Gas & Wat 4 Sis'68
Sioux City Gas & Elec 68'47
Sou Blvd RR let 55 1945_
Sou Cities Utilities 55 A 1958
South Pittsburg Water Is'60
Tel Bond & Share be 1958.
Union By Co N Y Se 1942__
Un Trao Albany 434e 2004__
United Pow dt Lt 6s 1944___
Ss series B 1947
Virgin's Power be 1942
Wash & Suburban 5Ws 1941
Westchester Elec RR Es 1943
Western PS 554e 1980
Yonkers RR Co gtd be 1948_
Bid Ask
9414
92
35
3812
103 10414
9312 9512
6712 69
95 100
100 102
54
51
76
74
9612 9812
9718 98 4
,
8812 91
6412 66
84
86
45
461,
78
81
103
913 228
5
8
3512 3712
97% 9812
4111 4212
76
78
117
20
14
8
9912 1003
4
93
91
_
60- 29
30
10312
53
5412
72
/3
10112 10314
99
97
10512
64
66
62
76
fi
58
65
PUBLIC UTILITY BONDS
R.F. Gladwin 4St Co.
Established 1921
36 Nassau St.
New York City
Tel. Cortlandt 7-8952
A. T. T. Teletype—NY1-931
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility Preferred Stocks
30 Broad Street
New York
Tel. HAnover 2-4350
Public Utility Stocks
Par Bid Ask
49
Alabama Power $7 pref.._..' 47
Arkansas Pr & Lt $7 pref_ _• 41
42
14
1
Assoc (lea & El ortg pref
1
$6.50 preferred
14
14
$7 preferred
Atlantic City Else $6 pref..• 8514 87
Bangor Hydro-El 7% p1.100 97
Birmingham Elec $7 pret__• 28
29
Broad Itiv l'ow
p1..100 25
30
Buff N lag & East pr pret_25 1512 16
Carolina Pr & Lt $1 pref. • 6212 6412
• 57
6% preferred
60
Cent Ark Pub Fiery pref _100 62 65
43
Cent Maine Pow 6% P1..100 40
46
100 43
$7 Preferred
Cent Pr & Lt 7% pref. 190 2012 22
%
Cleve Elec III 60 pret.-100 11112 11312
Columbus fly. Pr & Lt—
71
lst US preferred A_ _ -100 68
66.50 preferred B...... 100 59
Consol Traction(N J)_ _100 38
_
76
Consumers Pow $5 pref. • 74
1E10 8614 871.1
6% preferred
100 9012 9212
6.60% preferred
Continental Gas & 1l100 38
40
7% Preferred
Dallas Pow & Lt 7% pref 100 10314 10414
9612
Dayton Pr & Lt 6% pret100 93
Derby Gas & Elec $7 pref.' 5514 57
Par
Eerier udson CIaa
100
Foreign Lt & Pow units__ _
Gan & Elec of Bergen__ .100
}Judson County Gas. _IGO
Idaho Power $8 pref
•
7% preferred
100
111144ols Pr & Lt let pref___•
Interstate Natural Gas.___•
Interstate Power $7 pref __•
Jamaica Water Supply p1_50
Jersey Cent P & L 7% p1100
Kansas Gas dr El 7% p1100
Kings Co Ltg
prof. 100
Long Island Leg 6% of. 100
7% preferred
100
Los Angeles & E 6% Pr 100
Memphis Pr & Lt $7 pref._•
MIssissIppI P & L $6 pref__•
Miss Riv I'ow
pref_ _100
Metro Edition $7 pref B_...•
6% Preferred ser
Slo Pub Serv $7 pref..__ _100
Mountain States Pr com__•
100
7% Preferred
Nassau & Suffolk Ltg p1100
Nebraska Power 7% pref100
Newark Consol Gas
100
New Engl 0 & E 51.6% pf_•
New Eng Pow Assn 6% pt100
Bur Ask
175
85
109
175
66
71
79
1812 1912
1012 12
1114 13
501 53
:
5714 5814
78
SO
72
- 40
4112
48
50
8512 87
47
49
35
3612
81
79
80
82
212 6
112
6
9
27
31
98
9912
10912
20
22
28
29
Associated Gas & Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO•
Members New York Curb Exchange
160 Broadway, New York
76 Federal St., Boston
COrtlandt 7.1868
Hancock 8920
Direct private telephone between New York and Boston
Par BM
New Jersey Pow & Lt 88 In • 73
New 041 Pub Serv $7 ___• 12
N Y & Queens E L P pf 100 101
Northern States Pr $7 p1100 48
Ohio l'ower
pref____100 z89
Ohio Edison $6 pref
• 70
78
$7 preferred
Ohio Pub Serv 6% Pt...100 6012
7% preferred
100 69
Okla G & E 7% pref
100 74
Pac Gas & Elec 6% Pf---26 2014
Pacific Pow dr Lt
p1_100 37
Penn Pow & Light $7 pref_• 8314
Philadelphia Co $5 pref_ _• 39
Piedmont Northern Ry_100 33
Pub Serv of Colo 7% pi_ .100 82
Puget Sound Pow & Lt
• 14
$5 prior preferred
Queens Borough G&E
100 50
6% preferred
Par Bid Ask
86
88
Roch Gas & Eleo 7% pre B_
79
8% preferred C
100 77
43
Sioux City 0& E $7 pf .100 41
83
51
Som'set Un & Mid'sex Ltg
25 2114 22
91 Sou Calif Ed prof A
Preferred B
25 181, 19
75
80 South jersey Gas at Elec_100 175 180
4612
63 Tenn Elec Pow 6% ()ref _100 44
7% preferred
100 4812 5012
72
77
78 Texas Pow & Lt 7% p1..100 75
2114 Toledo Edison 7% pf A_100 8612 89
61
United 0 & E (Conn) 7% pf 59
39
50
8412 United 0& E(NJ) pref 100 48
203
4
Utah Pow & Lt $7 pref....' 19
Utica Gas & El 7% prof.100 733 753
4
4
38
45
8 512
pref100
84 Util l'ower dr Lt
59
Virginia Railway
100 55
Wash fly dr Eiec com
100 295 345
16
5% preferred
100 100 102
Western Power $7 pref._ _100 7412
53
Ask
76
14
Specialists in
PRUDENCE BONDS
Statistical Information Furnished
Title Company Mortgages az Certificates
C. D. PULIS & CO
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
Reports—Markets
Public Utilities—Industrials— Railroads
AMOTT, BAKER i3c, CO.
INCORPORATED
BArClaY 7
2360
150 Broadway, N.Y.
A.T.& T.Tel.
N Y 1-588
Real Estate Bonds and Title Co. Mortgage Certificates
Alden let 65, JanD. 1941____
Broadmoor, The, 1st 63, '41
B'way Barclay lot 68, 1941_
Certificates of deposit____
B'way & 41st Street
1st leasehold (ilia. 1944..
B'way Motors Bldg Is 1948_
Chanin Bldg Inc 481945....
Chesebrough Bldg 1st es.'48
Chrysler Bldg 1st Is. 1948__
Court 4; Remsen St Off Bldg
Sat Is, Apr 28 1940
Dorset, The. let Is, 1941
Eastern Ambassador Hotels
1st & ref 5 tie. 1947
Eaultable Off Bldg deb 53'52
50 Bway Bldg let 33, Inc '48
.500 Fifth Avenue
634s, 1949 stamped
502 Park Avenue let Is, 1941
52d & Madison Off Bldg
63, Nov 1 1947
Film Center Bldg let 6s,'43
40 Wall St Corp 15, 1958...
42d St Lex Av Bldg 4,.'45
42 B'way 1st 63, 1939
1400 Broadway Bldg
1st SO stamped, 1948___
Fox bletrop Playhouse
830, 1932 ate
Fox Theatre dr Off Bldg
1st 6125, Oct 1 1941
Fuller Bldg deb 6s, 1944....
55is. 1949
Graybar Bldg 5s, 1948
Harriman Bldg Ist 63, 1951_
Hearst Brisbane Prop Os '42
Hotel Lexington let Is, 1943
Hotel St George let 554s,'43
Keith-Albee Bldg (New
Rochelle) 1st 65, 1936
Lefcourt Empire Bldg
1st 53 June 15 1941
49,
Lefeourt Manhattan Bldg—
let 514s, stamped, 1941_
1st 3-5s extended to 1948_
Lewis Morris Apt Bldg
1st 612e, Apr 15 1937
Lincoln Bldg inc 534s, p—
Loew's New Broad Pros, '45
let fee dr leasehold 133,' 45
Loew's Theatre Realty Corp
1st (3s. 1947
London Terrace Apts Is.'40
Ask
Bid
Ludwig Bauman
126
1st 6s (Bklyn), 1942
36
133
1st EiSis (L I). 1936
20
/23
/2312 2114 Majestic Apts 1st 65, 1948..
Mayflower Hotel 1st 6s, '48
Munson Bldg lot 634s. 1939
129
33- N Y Athletic Club
61
1st & gen 68, 19413
49
5212 N Y Eve Journal 1345, 1937
51
65 NewYork Title dr Mtge Co
63
530 series BK
534s series C-2
138
534s series F-1
1'2312 25
53.55 series Q
19 11 19th dr Walnut St (Phila)—
let 6s, July 7 1939
.5612 5812
3412 36 Oliver Cromwell, The-let Is, Nov 15 1939
/3312
1 Park Ave 63, Nov 6 1939
11411? 16.12 103 East 57th St 1st 65, 1941
165 B'way Bldg 1st 534s,'51
Postum Bldg 15103-4s. 1943_
119
Prudence Co 594s. 1961....
_
55
5612 5312 PrudenceBonds—
Series A to 18 incluelve
8
493 505
4
Prudence Co ctfs—
54
Hotel Taft
Hotel Wellington
136
Fifth Avenue Hotel
360 Central Park West
113714 381:
422 East 86th St
8
1834 97 Realty Assoc Sec Corp—
be, Income, 1943
35
3
614
135
3614 foxy Theatre—
let fee & leasehold 63.1e '40
6712 6912
55 Savoy Plaza Corp—
53
7812 81
Realty est 1st 594s. 19456s, 1945
37
135
46 Sherry Netherland Hotel
/43
1st 53
45, May 15 1948_ _
60 Park PI (Newark) Is,'37
60
616 Madison Ave let 63.4e '38
1950
37 61 B'way Bldg let 5
134
General 7s, 1945
Syracuse Hotel (Syracuse)
151
1st (312s, Oct 23 1940
5212 Ei
Textile Bldg 1st Is, 1958_ _
34 Trinity Bldgs Corp—
131
let Vie, 1939
/5212 54
2 Park Ave Bldg 1st 45, 1941
10012 10212 Walbridge Bldg (Buffalo)
1st 612s, Oct 19 1938
79
803 Westinghouse Bldg
4
1st fee & leasehold Is, '39
34
131
Bid
Ask
64
64
j25
27
7
/4214 44
/253 27
4
12712 29
10012 102
129
j2214
13514
13712
31
2318
3614
40
/22
25
11312
66
69
58
5612 581,
073 991;
4
166
13-60
30
30
45
48
48
2912 3112
11814 2014
11212
16
114
11912 21
143
12012
513 5314
4
17
21
131
541, 5612
97
49
99
122
59
Chain Store Stocks
Bohack (H C) corn
7% Preferred
Par Bid
• 10
100 59
Diamond Shoe pref
100
Edison Bros Stores pret_100
Fishman(M H)Stores_ ---•
Preferred
100
Great A & P Tea pf_ —100
Kress(S H)6% pref
Lerner Stores pref
10
100
Par
Ask
100
123 Lord & Taylor
4
67
let preferred 8%
100
2nd preferred 8%..100
Melville Shoe pref
100
75
Miller (I) & Sons pref__ _100
98 104 MockJuds&Voeheger pf 100
Murphy (0 C)8% pref _100
Nat Shirt Shops (Del)____ 0
1212 14
88
93
151 preferred
100
Reeves (Daniel) Prof.. _100
12412 127
Schiff Co preferred
100
United agar Stores 6% pref_
1112 1212
6% prof etre
U El Stores preferred___.100
9112 98
Btel Ask
150
98
100
108
15
70
111
23
4
29
87
96
8
18
78
75
8 83
4
712
Soviet Government Bonds
Eitcl I Ask
130
Union of Soviet Soo Repub
Union of Soviet Soo Repub
10% gold rouble__ _1942 86.96
7% gold rouble_ ___I943 86.101 83.09
For footnotes see page 960.
Ast
____
960
Financial Chronicle
Feb. 9 1935
Quotations on Over-the-Counter Securities-Friday Feb. 8-Concluded
fuLLER, CRUTTEN DEN .f.7- COMPANY
Organization
Trading Markets in
Hartford Insurance, Industrial and
Public Utility Stocks
An International Trading
Brokers for Banks and Dealers Exclusively
Bought - Sold - Quoted
Members:
Chicago Stack Exchange
Chicago Board of Trade
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Dearborn 0500
Phone: Chestnut 4640
Phone
78235
German and Foreign Unlisted Dollar Bonds
Anhalt 76 to 1946
Argentine 5%, 1945. $100
pieces
Antioquia 8%, 19413
Austrian Defaulted Capons
Bank of Colombia, 7%,'47
Bank of Colombia, 7%,'48
Bavaria 615s to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia) 835.'47
Bolivia 8%,19 0
4
Buenos Aires scrip
Brandenburg Elec. 6s, 1953
Brasil funding 5%. '31-'51
Brazil funding scrip
Britian Hungarian Bank
714s, 1962
Brown Coal Ind. Corp
635s, 1963
Call (Colombia) 7%. 1947
Callao (Peru) 715%. 1944
Ceara (Brazil) 8%. 1941...
Columbiascrip issue of'33
Issue of 1934
Costa Rica funding 5%.'51
City Savings Bank, Budapest. 7s. 1953
Dortmund Mun 1/ill 65, 48
Duisburg 7% to 1945
Duesseldorf 7s to 1945_ _
East Prussian Pr. 68, 1953_
European Mortgage & In_
vestment 7156. 1968
French Govt. 534s, 1937_ _
French Nat. Mail SS.85.'52
Frankfurt 7. to 1945
German Ati Cable 75. 1946
German Building & Landbank 615%. 1948
German defaulted coupons
German scrip
German called bonds _
German Dawes Coupons
10-15-34 Stamped
German Young Coupons
12-1-34 Stamped
Haiti 8% 19 3
5
Hamb-Am Line 6155 to '40
Hanover Harz Water Wks.
6%, 1957
Housing & Real Imp 78,'46
Hungarian Cent Mut 7s,'87
Hungarian Discount & Exchange Bank 7s, 1963_
Bid
132
Ask
3,$
98
96
12912 3212
86-126- 2
2.i1123
2412
123
3512
134
129
11512
0312
f53
136
60
1603
4
31
17
7
56
3712
6134
158
60
1.14
11012
18
13
170
145
17
48
121?
912
6
71
48
50
147
137
13112
13112
13512
60
40
34
3312
3712
161
163
167
131
140
64
173
170
3412
43
13612 3912
135__
8
16
32
126
11114
113
4
11414
84
85
143
4
13212
14112
153
3312
4312
56
11612
Ask
Bid
Hungarian defaulted coups 140-90
Hungarian Ital Bk 7148,'32 175
4412 4513
Jugoslavia 58, 1956
50-58
Jugoslavia coupons
39
136
Koholyt 634s, 1943
88
Land M Bk, Warsaw 86,'41 84
Leipzig Gland Pr. 6155.'46 14312 4812
40
Leipzig Trade Fair 79, 1953 136
Luneberg Power, Light &
39
136
Water 7%,1948
39
Mannheim & Pabst 75, 1941 138
3312
132
Munich 78 to 1945
Muni° Bk, Hewn,is to '45 13112, 3512
Municipal Gas & Elec Corp
Recklinghausen, is, 1947 13712 4
012
47
Nassau Landbank 6145,'38 145
Natl. Bank Panama 615%
1946-9
/4612 48
Nat Central Savings Bk of
155
58
Hungary 715s. 1982_
National Hungarian & Ind.
61
Mtge.7%,1948
159
36
Oberpfalz Elec. 7%,1946- 13
4
Oldenburg-Free State 7%
13112 3412
to 1945
22
Porto Alegre 7%. 1968.... 122
Protestant Church (Ger40
many), 7s. 1946
137
Prov Bk Westphalia 68.'33 137
Prov Bk Westphalia 6e.'36 13012
Rhine Westph Elea 7%.'38 145
49
Rio de Janeiro 6%, 1933_ 12011 2312
Rom Cath Church 6545.'46 142
44
R C Church Welfare 7s,'46 137
40
Saarbrusaken M Bk Os,'47 170
142
Salvador 7%,1957
Salvador 7% otf of den '57 131
33
Salvador scrip
13012 3212
Santa Catharine (Brasil).
12212
8%, 1947
12
Santander (Colom) 75, 1948 110
Sao Paulo (Brasil) 6s, 1943 117
20
Saxon State Mtge. 65. 1947 1
47
43
Serbian 58, 1956
/4412 4812
150-58
Serbian coupons
Siam & Heists deb 68. 2930 125312
State M tg Bk Jugosl 551956 k412 4712
/50-58
coupons
7
-12
Stettin Pub Uhl 75, 1946_ 13512
Tucuman City 7s, 1951_ _ 14212 4412
Tucuman Prov. 75, 1950751?,
Tucuman Scrip
143
41
/eaten Elm Ry 7s, 1947- 12712 3012
5
W unemberg 7s to 1945_ _ _
3212 3412
4912
Bid
2.00
3.00
3.25
3.25
3.50
3.50
2.75
2.75
3.50
3.00
2.50
2.50
2.50
2.50
5.75
5.75
5.75
5.75
70
70
5.50
5.50
5.50
3.00
3.00
3.25
3.25
2.50
2.50
3.00
8.00
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
Ask
ketna Casualty & Surety _10 6412 6612
ketna Fire
10 4714 4914
ketna Life
10 1712 19
kgricultural....
25 6512 6712
tmerican Alliance
10 2014 2134
kmerican Equitable
5 1912 2212
k mericar Home
10
814 934
imerican of Newark____214 1214 1334
kmerican Re-insurance-10 4934 5184
kmerican Reserve
10 20
2112
1 merican Surety
25 3214 3414
kutomobile
10 2412 26
MIN more Amer
5
214
6
3ankers & Shippers
25 71
75
3oston
100 555 573
3amden Fire
_5 1812 1912
3arolina
10 2154 2314
Nty of New York
100 191 198
3onnectiout General Llte_10 2714 2912
3ontinental Casualty
5 13
14
ilagle Fire_
215
158 25
8
fmployere Re-Insurance.10 28
30
fames
5 1312 143
4
5ederal
75
10 71
fidelity di Deposit of Md_20 4112 4312
firemen's of Newark
5
412 512
fianklin Fire
5 2434 2614
leneral Allianoe
1 1012 1112
3eorgla Home
10 22
24
Neu Falls Fire
5 34
36
llobe & Republic
5
8
10
/lobe & Rutgers Fire__ _ _25 26
3012
lreat American
5 2084 2214
Ireat Amer Indemnity_ --.1
7
8
Latta' Fire
10 18
1912
lamtiton Fire
25 15
20
lanover Fire
10 3234 3434
farmonla
10 23
2412
10 5712 5912
lartford Fire
lartford Steam Boller
10 7412 7612
lome
5 2634 2814
Par
Home Fire Regality..- _10
.
Homestead Fire
10
Hudson Insurance__ _ 10
Importers & Exp of N Y.25
Knickerbocker new
5
Lincoln Fire_
5
Maryland Casualty
2
Mass Bonding & Ins
25
Merchants FireAseurcom215
Mere)& Mfrs Fire Newark _5
National CasualtY
10
National Fire
10
National Liberty
2
National Union Fire
20
New Amsterdam Cas
5
New Brunswick Fire
10
New England Fire
10
New Hampshire Fire._ -10
New Jersey
20
New York Fire
5
Northern.
12.50
North River
2.50
Northwestern National_ _25
Pacific Fire
25
Phoenix
10
Preferred Accident
5
Providence-Washington _10
Rochester American...__10
Rasta
6
St Paul Fire & Marine_. 25
Seaboard Surety
Security New Haven_ _10
Southern Fire
le
Springfield Fire & Marire.25
Stuyvesant
10
Sun Life AssUIS1100
100
Travelers._ .. .......100
U 8 Fidelity & Guar Co..
.2
CI R Fire_
._..4
U S Cu:trance°
Westchester Fire
2 50
ilid Ask
14 194
19
201g
6
9
5
817
8
10
23
4 37
3
112 212
14
15
33 35
412 612
712 83
4
5712 5912
612 712
107 112
712 83
4
2454 2614
15
18
4212 4454
3912
36
1134 1434
77
84
213 2314
4
116 119
78 83
7312 7512
11
1212
3214 3414
1714 203
4
83
4 93
4
160 165
13
1412
313 3414
4
2012 2212
104 107
212 414
319 329
400 410
614 714
4312 4512
4312 4512
2834 3014
Sugar Stocks
Per Bid IA sk
East Porto Rican Sag corn..1
3
51211Flaytian Corp Amer
Preferred
5
7 Savannah Sugar Ref
Fajardo Sugar
100 75
80
7% preferred
Pari Bid i ds)
•
12
13
8
100
106
SHORT-TERM SECURITIES
24 BROAD ST., NEW YORK
Members N.Y. Stook Exchange
Tel. HAnover 2-4500
Short Term Securities
Philadelphia, Pa.
Bid
Ask
72.75
r3.70
73.95
73.95
74.10
74.10
73.75
73.75
74.00
73.50
r2 50
72.50
73.50
73.25
78.75
r6.75
76.75
76.75
64
64
r6.50
76.50
76.50
r3.70
r3.70
r3.85
r3.85
r3.25
73.25
r3.75
73.85
r3.85
73.75
r3.00
r1.75
76.50
73.50
r3.50
73.50
73.50
r2.50
r4.25
r4.25
r7.00
r7.00
Insurance Companies
Pell, Peake & Co.
Bid
Railroad Equipment Bonds
Atlantic Coast Line 6155.4155
Baltimore & Ohio 4355____
5s
Beaton dz Maine 4155
Is
Canadian National 4355._
56
Canadian Pacific 434s_ _
Cent RR New Jer
Chesapeake & Ohio 5158_ _
6145
4156
56
Chicago & Nor West 4156_
56
Chic Milw & St Paul 415s,
58
Chicago HI & Pao 415s_
5s
Denver & HG West 434a.
Eas
515.
Erie RR 5.14s
Os
4545
55
Great Northern 434.
56
Hocking Valley Ire
Illinois Central 4155
55
5155
6155
la
Internet Great Nor 4345....
Long Island 4141
56
Louisv & Nashv 4145
55
6345
Maine Central Si
5145
Mhin St P & S 8111 45....._
4345
HAN10412.
Railroads
-Industrials
-Public Utilities
Federal Intermediate Credit Bank Deb.
U.S. Treasury Notes
EQUIPMENT TRUST CERTIFICATES
.
STROUD & COMPANY INC.
Private Wires to New York
Bissell & Co.
CS.
.
Missouri Pacific 435s
5s
5348
New ON Tex & Mex 4348..
New York Central 4110....5.
76
N Y Chit)& St L CO-&
N Y N He: Hartford 4545.
Is
Northern Pacific 410-_-_
Pennsylvania RR 4545...65
Pere Marquette 4145
Reading Co 4155
58
St Louis-San Fran 4s
4155
5s
St Louis Southwestern 51;5 Sis
Southern Paalfle 75
415s
58
Southern Ry 4355
58
5145
Texas Pacific 45
43.48
58
Union Pacific 4518
56
7s
Virginian Ry 414s
58
Wabash Ry 4141
55
5155
611
Western Maryland 4345...
Se
Western Pacific 5.
5155
76.50
r6.50
76.50
76.50
73.85
r3.85
71.50
74.20
74.20
74.75
74.75
73.76
73.00
73.00
73.90
73.25
73.25
60
60
60
74.50
74.50
71.50
r3.80
r3.80
74,00
74.00
73.85
r4.00
r4.00
74.00
73.00
r3.00
71.00
r3.00
73.00
r7.50
77.50
77.50
r7.50
74.25
74.25
76.75
76.75
Ask
5.75
5.75
5.75
5.50
3.00
3.00
1.00
3.50
3.50
4.00
4.00
3.25
2.75
2.75
3.00
2.75
2.75
70
70
70
4.00
4.00
1.00
3.00
3.00
3.50
3.50
3.00
3.50
3.50
3.40
2.00
2.00
Ask
101 10112
107 10734
1023 10314
4
10738 10758
915 9214
4
10112 1015
8
10331 104
108 10812
10314 10312
1113 11218
4
4
1043 1043
8
105 10512
4
1025 10312
Bid
Allis-Chalmers Mfg Is 1937_
Appalachian Pr 7e 1936....
Armour & Co 4155 1939....
Atlantic Refg Co Es 1937___
B &0RR Sec 410 1939._Beech Creek RR 1st 45 1936.
Bethlehem Steel 58 1936_
Calif Gas & Elec 58 1937._
Canada(Donlon 4)0 1936.
Ches & Ohio RR 1st 661939.
Chit, Gas Lt& Coke 1st 56'37
Cleve Elec III Co 55 1939._
Columbus Power 117t 56 1936
Consumers El Lt & Pr(NO)
1st 56 1938
Consumers Power 1st 5s 1936
Consum Gas(Chic) 1st as'36
Cumbi'd Tel & Tel 1st 58'37
Dayton Lighting 5s 1937_
Del & Hudson Co 5348 1937Dodge Bros as 1940
Edison El ilium CO Boston
55 1936
3s July 16 1937
35 November 2 1937
Edison El Ill Bklyn 4s 1939_
Fox Film cony 65 1936
Glidden Co 5148 1939
Or Trunk Ry Can (gu)68'36
Gulf Oil Co of Pa Is I937__
Hackensack Wat cony Is '38
Kresge Foundation 63 1936_
Long Doak Co 66 1935
1041_
10218
10218
107
1015
4
104
1063
4
10458
109
10212
103
inno Talaml f.ter 1.85. 1028
11123, 11121s Wilro As Waldon RR I.5..2R
10114 10214
4
103'z 1033
1033 10412
4
1063 10718
4
107
99 100
106k, 107
10478
10212
10212
1073
4
10212
105
107
1045
8
1093
4
1025
8
1033
4
Midvale Steel dr Ord 5s 1936
Morris & Co 1st 434s 1939._
N Y Chi° de St L 1st 411937_
N Y Ps & Ohio RR 4148 '35
New York Tel 1st 4411939.
Nor American Lt & Power
55 1936
Ohio River RR 1st 5a1936._
General 55 April 11937
Pennsylvania RR 6145 1936_
Phillips Petroleum 530 1939
Pub fiery Co III 1st 63461987
Pure 011 Corp 5156 1937
Railway Express Agency
56 1935
fie 1949
Rod)az L Oat Water 681938
Sinclair Consol 011 Corp
78 1937
6148 1938
Scranton Elec 1st 531937...
Sou Calif Ed Es 1939
Swift & Co 58 1940
Texas Pr de Lt 1st 55 1937..
Tol& Ohio Cent Ry 1st 50'35
United States Rubber Co
6146 1936
6s 1936
Wash'n Wat Pr 1st 66 1939.
W Jer & &ash RR 1M 41 '36
Western Mass Cos 45 1939_
W N Y & Ps RR 18t 5s 1937
Western Unton Tel 63451936
Ask
10318
1013
4
101
10214
110
1.035s
10214
10112
1033
4
1103
s
10012 101
103 1033
4
10312 10414
105 8 10515
3
10214 10218
1063 10714
4
10118 10112
10018 -110
.-101 102
1033 1033
8
4
10438 1043
4
107
- -10714 108
8
1033 104
10414 1015
6
1003 10112
4
10114 102
102 10212
107 1073
4
10312 _ _ _
8
10318 1035
10612 107
101 10112
t Ala.
Federal Intermediate Credit Bank Debentures
.5o
2.00
2.00
6.50
6.50
6.50
6.50
3.50
3.50
5.50
5.50
Bid
Ask
Plc 29 Feb. 15 1935... r.25
___
F IC 1155 Mar. 15 1935_ __ r.30% ___
Pt C 68 Mar, 151935._ r.30% ___
Fl0 2a Apr. 16 1935... 7.35 .20%
Fl0 110 May 151935... 7.35 .20%
PTflI!Asinn. 151o25 - c40
20M
Bid
Ask
F 10 1115 July 15 1935._ 7.50
30%
F I C 1158 Aug. 16 1935_ 7.50 .30%
PLO 1348 Sept. 16 1935.. 7.625 .375%
F I0!Hs Oct. 15 1935_ 7.625 .375%
F I 0 1155 Jan, 15 1936- r.75
.50%
c Registered coupon (serial).
a Interchangeable.
* No par value.
r Basis pr ce.
x Ex-dividend.
d Coupon.
I Flat price.
Quotations per 111 gold rouble bond equivalent to 77.4234 grams of pure gold.
-6.
961
Financial Chronicle
Volume 140
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:
Length of Road.
Gross Earnings.
Month.
1933.
g
228.889,421
213,851.168
219,857,606
227,300,543
257,963,036
281.353,909
297.185,484
300,520,299
295.506.009
297.690,747
260,503.983
248,057.612
$
274,890.197
266,231,186
288,880.547
267,480,682
254.378.672
245.869.626
237.493,700
251,782.311
272,059.765
298,084,387
263.225 641
245.760.336
1934.
January _ __ .. 257,719,855
February- 248.104,297
March
292,775,785
soni
265,022,239
May
281.627,332
June
282,406,507
July
275,583,676
August
282,277,699
September_. 275,129,512
October
292,488,478
November
256.620.163
Inc. (-I-) or
Dec.(-).
1932.
1933.
226,276,523
211,882,826
217,773,265
224,565,926
254,857,827
277.923,922
293,341.605
296,564,653
291,772,770
293,983,028
257.378.378
January-FebruaryMarch
ADM
May
Arne
Any
August
September_ _
October
November_ _
December-
Per
Cent.
$
-48.000.776
-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
+31.443.332
+36,221,471
+75,002,520
+40.456,313
+26,769,505
+4,482,585
-17,757.929
-14,286,954
-16.643,258
-1,494.550
-747.213
-16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
+13.90
+17.10
+34.44
+18.02
+10.50
+1.61
-6.05
-4.82
-5.70
-0.62
-0.29
1933
1932.
Mass
241,881
241.189
240.911
241.680
241,484
241,455
241,348
241,166
240,992
240,858
242.708
240,338
Miles
241.991
241.467
241,489
242,160
242,143
242,333
241,906
242.358
239.904
242.177
244.143
240.950
1934.
239,444
239.389
239,228
239,109
238,983
239.107
239.160
239,114
238,977
238.937
228.828
1933.
241.337
241,263
241,194
241.113
240.906
240.932
240,882
240.658
240,563
240,428
240830
Inc.(+)Or Dec.(-)•
Net Earnings.
MontA
1933.
July
August
September
October
November
December
$
45,964.987
56,187.604
68.356.042
56,261,840
47,416.270
47.018.729
46.148.017
62,553,029
83,092.822
98.337.561
63,962.092
67.861,144
$
-361.700
-14,727,011
25.256.013
-3.676.793
+27,428,140
+47,429.940
+54,334.821
+33,555.892
+11.129.616
7.336.988
+2,904,522
+1.268,259
1934.
62.262,469
59,923,775
83,939,285
65,253.473
72,084,732
74.529,256
67.569,491
71,019.068
71,781.674
80.423.303
59,167,473
May
June
Amount.
46.603,287
41360,593
43.100,029
62.585.047
74.844,410
94.448,669
100,482,838
96.108.921
94.222.438
91,000,573
66.866.614
69.129,403
January
February
March
April
1932.
1933.
44.978.266
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
1,618,619
18.438,598
-31,234,339
23,488,177
-20,938,789
9,217,800
6.732,119
-
January
February
March
April
May
June
July
August
September
October
November
+2.19
+38.43
+46.48
+97.75
+26.36
2.20
-19.83
-31.61
-24.85
-22.58
-10.28
-10.22
52,415,406
54,300
Underwriting profit
Investment income earned
Appreciation in market value of securities
Loss on sale of securities
$2,361,106
1,554,924
273.888
Dr3,961
Gain from underwriting and investments
Dividends declared to stockholders
Voluntary reserves set up during year
Stockholders' tax accrued
Income tax accrued
Increase in unadmitted assets during year
$4,185,937
1,200,000
1,200,000
80,645
421.169
185,647
Increase in surplus
31.098,476
Financial Sta emelt Dec. 31
1934
LiabilitiesUnearned prems_16,004,201
Losses in process of
adjustment.. _
1,662.989
Res.for dividends_
300,000
Res. for taxes and
expenses
1,145,000
Conflagration and
miseel. reserves_ 1,700,000
Capital
7,500,000
Net surplus
15,677,243
1933
$
16,140,779
2,627,915
300,000
900,000
500,000
7,500,000
14,578,767
43,989,434 42,547,461
Note-In order to show relative comparisons, statements for both years
are based on actual market value of stocks and amortized value of bonds.
If market value of bonds wero used for 1934 the assets and surplus would
be increased by $93,758.-V. 138, p. 505.
Alabama Great Southern RR.-Earnings.-
4,888,350
981,067
661,908
1932
$294,069
95,210
88,048
1931
3368,815
87,268
66,336
4,497,665 4,090.649
1,110,202
307,237
661,538 def125,808
6,087,004
711,314
355,769
1933
$371,144
140,122
132,617
exps..Sz develop. chgs.,
but before depr., depl.
& Federal taxes
202,200
130,000
x Includes gold premium.
-V. 140. P. 311.
66,600
74,200
-AlaskaPackers Association-Earnings
Years Ended Dec. 311934
x$1,210.220
Indicated net profit after taxes and charges
Earnings per share on 57,508 shares capital stock_ _
17.94
x Includes $178,140 profit on sale of securities.
Consolidated Balance Sheet Dec. 31
1933
$320,670
5.58
1934
1933
1934
1933
$
Liabilities$
Assets$
$
5.750.800 5,750,800
Canneries, fleet,Ste 5,949.812 6,216,103 Capital stock
5,039,986 4,341.770 Notes payable__ 1,175,000 2,234,000
Inventories
146,885
106.872
Investments
716,666 1,106,115 Accounts payable_
242,497
Accts. receivable
234,799
111,585 Reserve for taxes_ 451,950
4,962,103 3,751,882
Cash
403,273
310,477 Surplus
Deferred charges_ 142,201
Total
12,486.738 12.086,052
12,486,738 12.056,052
Total
-V.140, p. 631.
1950 are asked to take five shares of $50 par value prior preferred stock in
payment of the next five years' interest payment.
-V.140, p. 136.
Loss from increase in amt. of accr. but unpaid taxes & expenses
1934
5381,096
109,624
95,879
1932
$279,500
approving the readjustment plan. Under the plan bondholders of the 5s of
Receipts in excess of disbursements
$1.304,479
Gain from decrease in amount of outstanding losses at end of yr.
974,349
Gain from release of unearned premium reserve
136,577
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, P. 126.
1933
$249,000
1934
+57.83
$16,767,292
7,288,793
502,888
7,671,131
Total
x$385,600
+100.87
+117.74
+63.64
+13.39
-7.48
+4.54
Income Account for Year Ended Dec. 31 1934
43,989,434 42,547,461
-Earnings
Alaska Juneau Gold Mining Co.
Moran of January1935
Gross earnings
x$335,500
Net profit after operating
Allegheny & Western RR.-bbituaryAdrian Iselin, a director, died on Jan. 29. (See also under "Items About
Banks" &c.In last week's "Chronicle," p.744).-V. 133, p. 1285.
Alliance Investment Corp.
-Earnings
Years End. Dec.31Divs.(excl.stock diva.)Interest on bonds
1934
$61,064
19,571
1933
$55,095
18.697
1932
$84,040
28,509
1931
$172,584
30.969
Total
Int. & amort. of deb.
disc. & exp.,incl. Fed.
& State taxes under
debentures
Miscellaneous expense
Reserve for taxes, &c_
580,635
573.792
5112,550
$203,554
50,033
9.723
52.320
9,913
62.126
9,601
92,318
11,367
1,487
$20,880
$11,558
Balance Sheet Dec. 31
$40,822
$98,382
Operating income.
--
Net premiums
Losses paid
Taxes paid
Commissions and expenses paid
Total
Federal Judge William I. Grubb at Birmingham, Ala., on Feb. 1, refused
to allow the Chemical Bank & Trust Co., New York, to go into the question
of adequacy of the Tennessee Valley Authority's offer for transmission lines
of the company. The bank is trustee for the bondholders. Its attorneys
argued that the Court should ascertain if the TVA offer was fair. Judge
Grubb previously had ruled that the question at issue was whether the
TVA had the power, constitutionally, to enter a contract for the purchase.-V. 140. p. 631.
Cen8 "'Algoma Steel Corp., Ltd.
'
-Bondholders Approve
The holders of the 5% first refunding mortgage bonds have approved
- 79
the reorganization plan as outlined in V. 140, p. 465.
-26.21
‘...-„Alleghany Corp.
-Bondholder Appdals Court RulingAn appeal has been filed in the ruling of the Federal Court at Baltimore.
-6.55
Aetna Ihsurance Co.
-Earnings
-
1933
1934
Assets
Bonds and stooks- 37,074.888 35,983,159
Real estate
950.000 1,035.000
Cash on band and
3,278,822 3,102,225
in bank
Premiums in course
of collection__... 2,514,238 2,262,533
151,214
Interest accrued__
154,659
13,330
16.826
0th. admit. assets
Alabama Power Co.
-Federal Judge in Birmingham Hears
Suit Seeking Petition to Halt TVA Electrification Program.
See'Chronicle Feb. 2, p. 730
Judge Declines to Allow Cost Debate
-
1933
1934
1934
LiabilitiesAssets1933
821,950
$74,935 Aocr. int. on debs_ $21,950
Cash In banks__ $38,338
748
746
Cash for deb.Int-21,950
21,950 Unclaimed dive-Aecr. int. on Inv__
5,238
5.713 Res. for Federal
10,000
5,500
Invests. at cost-b 3,319,228 3,513,562
taxes. &o
Bond disc.& exp__
49,255
53,319 Reserve for dive.
Furniture and fix.,
against exercise
4,501
less for deprec4,845
of stock perch.
1,359
1,362
warrants
869,000
878,000
5% gold deben's
Pt. stk.
(par 3100)_ 1,000,000 1.000,000
aCommon stocks_ 375,074
375,074
Capital surplus_ _ _ 1,160,382 1,391,694
Total
$3,438,511 $3,674,327
Total
33.438,511 33.674,327
a Represented by 187,537 no par shares. There are also in 1934, 33,465
shares reserved against exercise of common stock purchase warrants at
535 per share to Jan. 2 1936 and at $40 per share to Jan. 2 1938. b The
market value of securities owned Dec. 31 1934 was 51,737,089 against
31,436.637 in 1933.
The report contains a list of the companies in which company has an
Investment of $3,000 or more Dec. 31 1934.-V. 138, p. 683.
Allied General Corp.
-Earnings
Years Ended Dec. 31-
Interest earned
Dividends earned
Commissions earned
Totalincome
Salaries
Taxes
Legal and accounting
Commissions paid
Interest paid
Miscellaneous
1934
32,057
140
1933
$2.823
x8,277
479
$2,197
966
2,056
3,302
$11,579
12.166
49
2,763
11,306
4,936
1,183
23.044
Excess of expenses over income (without giving
effect to net losses on security transactions)--36.939
441.056
x Includes 53,750 reported by Distributors Group, Inc. as a dividend
from capital surplus.
Deficit Account Dec. 31 1934
Balance (deficit) at Dec. 31 1933
551.383
Add-Loss on sale of securities during the 12 months ended
Dec. 31 1934. after applying reserve of $25.050 previously
provided
5.962
Excess of expenses over Income for the 12 months ended
Dec. 31 1934. per statement attached
6,939
Provision for contingencies
51,220
Transfer tax applicable to 1933
31
Total
$115,537
Deduct-Profit realized on liquidation of investments in affiliated companies
12,307
Reserve for commissions no longer required. &c
2,527
Proceeds realized on accounts written offin prior years
201
Deficit as at Dec.31 1934
$100,500
Assets
Cash in,bank
Securities owned_ _
z Treas. stk. (cost)
Partio. In General
Amer. Life Insur.
Co.syndicate
Investment in other
cos. at Cost- _
Notes receivable__
Accr. Int. on bonds
Accounts receiv_
Special depos. with
trustees
Furniture and fist.
Deferred charge_
Feb. 9 1935
Financial Chronicle
962
Balance Sheet Dec. 31
1934
1933
$49,551
$16,012 Accounts pay., &c.
69,966
122,347 Unclaimed dive. on
194,588
194,588 $3 pref.stock-Reserve for taxes
& contingencies_
250,000
250,000 x $3 cony. pref.stk.
y Class A stock- __
40,570
Com.stock ($1 par)
30,716
30,243 Deficit account__ _
175
52,885
1,617
1934
$5,242
1933
$47,837
1,733
1,733
57,149
392.600
38,765
245,952
104,257
392,600
38,765
245,952
51,383
6,536
1,438
1.452
Total
$637,184 $675,503 Total
$637,184 $675,503
x 39.260 no par shares. 138.765 no par shares. zIncludes 1.977 shares
of class A stock and 11,741 shares of pref. stock.
-V.139. p. 2819
Allis Chalmers Manufacturing Co.
-Earnings
Calendar YearsSales billed
Cost of sales
1934
1933
$20,287.148 $13,286,767
21,299,582 16,201,928
Operating loss
Interest, discounts, &c
$1.012,434 $2,915,160
735,458
809,207
Total loss
Debenture interest, discounts, &c
$276.976 $2,105,953
787,951
762,429
Net loss
$1,039,405 $2.893,905
Orders booked by the company in 1934 amounted to $21,875,008, compared with bookings in 1933 of $14,270,940. This represents a gain
in bookings over the year 1933 of $7,604,068 or 53.3%.
Unfilled orders on the books Dec. 31 1934 amounted to $8,013,858.
compared with $6,425,998 Dec.31 1933, an increase of$1,587,860 or 24.7%•
The Dec.31 1934 balance sheet discloses net current assets of$23,361,977.
This compares with $23,454,642 as shown on Dec.31 1933.-V.139, p. 2668.
Alpine Montan Steel Corp.
-New York Stock Exchange
Ruling
The Committee on Securities of the New York Stock Exchange rules
that transactions made on and after Monday. Feb. 11 1935, in the bonds
listed below shall be settled by delivery of bonds bearing only the coupons
designated in each case and subsequent coupons, and that the bonds shall
continue to be dealt in "flat."
This ruling supersedes„those previously issued providing for deliveries
of the bonds with these coupons attached unless otherwise agreed at the
time of transaction and has been made for the purpose of avoiding confusion
In the execution of orders. It does not imply any recommendation with
respect to the retention or disposal of the past
-due coupons by bondholders.
Alpine Montan Steel Corp. 7% closed 1st mtge. 30
-year sinking fund gold
bonds, due 1955; March 1 1935 coupon.
Lower-Austrian Hydro-Electric Power Co. guaranteed 20
-year closed let
mtge. sinking fund 05% gold bonds, due 1944; Feb. 1 1935 coupon.
Rims, Steel Corp. 7% closed 1st mtge. 30
-year sinking fund gold bonds,
due 1955; Aug. 1 1935 coupon.
Tyrol Hydro-Electric Power Co. 7% guaranteed secured mortgage sinking fund gold bonds. due 1952; Aug. 1 1935 coupon; and 7;5% 30
-year
closed 1st mtge. sinking fund gold bonds, due 1955; May 1 1935 coupon.
-V. 140, p. 136.
American Business Shares, Inc.
-Rights
The stockholders have received rights to subscribe to one share of capital
stock for every five shares held on Jan. 25 at the offering price when the
right is exercised, less a discount of 2 cents a share.
-V.139, p. 2668.
of $54,500 reduced the outstanding debt to $1,365,000. The net earnings
in 1933 were $358,083.
The Bucyrus-Erie Co., in which company has an interest, showed in
1934 a substantial improvement. Although the final figures for the year
again will show a net loss, it was materially reduced. Fundamental conditions in their markets and in the company indicate an encouraging position
when an improvement in the capital goods industry is realized.
There was a gradual increase in the tonnages shipped by the companies
untll May when a recession, which lasted until Sept. occurred Since then
there has been a continuing minor improvement. Shipments exceeded
those in 1933, not only for the full year but also for each month except
Sept. and Oct. After April, shipments were approximately the same as in
1931. The present outlook is somewhat improved from the year preceding.
Consolidated Income Account for Calendar Years
1931
1932
1933
1934
$2,177.132 $1,902.499 51,097,420 $2,378,925
xOperating profit
834,307
837.840
852.912
835.957
Depreciation
158.480
2.201
62,895
171.834
Federal taxes
$1.169.341
Net profits
662,235
Preferred dividends(7%)
489,354
Common dividends
Deficit
Previous surplus
sur$17.752
9,295,548
$986,692
662.410
1367.750
5257,379 51.386,138
667,695
,667.695
533,612 1,520,263
$801,820
$943,928
$43,467
9,299,289 10.651.947 12,462,671
$9,313,300 $9,255,822 59.708,019 511,660,852
Total surplus
Excess of cost over stated
value ofcommon stock
1,008,905
408,730
39,726
1.114
acquired
Res. for claims no longer
65.891
required
Balance
$9.380,305 $9,295,548 59,299,289 510,651.947
Loss on sale of Welland.
Ont., plant
16.946
Trans. to res. for conting
65.891
Profit & loss surplus-- 59,297.468 59.295.548 59.299.289 510,651,947
Shares of common out627,776
612,916
612,916
standing (no par)...,. y611.692
$1.14
loss50.67
$0.53
Earnings per share
$0.83
administration and selling expenses
x After deducting manufacturing,
and including dividends received on stocks of associated companies whose
earnings are not incorporated herein and other net income. y Includes
1,224 shares of treasury stoeac.
Consolidated Balance Sheet Dec. 31
1933
1934
1934
1933
Liabilities
Assets$
$
Preferred stock-- 9,460,500 9,460,500
:Capital assets_ _ _ 9.521,654 9,760,660
yCommon stock__ 7,661,450 7,681,450
Patents, good-will,
160,355
&c:
1,698,526 1,715.306 Stock of sub. cos- 170,700
295.923
923.509 Accounts payable- 341,403
U. S. Govt. seam 1.291,217
Notes & accts. rec. 1.768,226 1,601,981 Res. for cont., &c_ 1,156,296 1,261,852
Other assets
714,166 Taxes, payrolls &
527,166
sundry accrued
Invest, in assoc.
217,057
348,702
and other cos.__ 6,913,939 6.963,995 Items
5,094,149 5,093,035
Cash
3,347,557 2.421,499 Capital surplus
.
4,203,319 4.202,512
Investmls(mkt.). 821,231 1,351,904 Earned surplus
Inventories
2.431,861 2,753,474
Deferred assets_
99,841
146,190
xTressury stock
15,300
28,436,520 28,352,686
Total
28,436,520 28,352.686 Total
x Land, buildings. machinery and equipment, patents, &c., after deducting depreciation of $8,247,610 in 1934 and 57,824.615 in 1933. y Represented by 612.916 no par shares. z Represented by 1,224 no par shares.
-V.139, p. 3800.
-Earnings
American Gas & Electric Co.(& Subs.)
Calendar Years1934
1932
1933
1931
bGross profit
$4.682,020 $4,151,704 $4.266,379 $4.692,445
Selling tsz adm.expenses- 2,419.213 2.290,101 2.352,773 2,467,398
1934-12 Mos.-1933
Period End, Dec. 31- 1934-Month-1933
Subs.cos.consol.(interco.items eliminated)
Operating revenue__ $5,520,356 $5,080,071 $61,576,710 $57,011,386
Operating expenses__
2,637,047 2,407,708 30,448,526 26,787,683
Net earnings
Other income (net)
52,262,807 $1,861,603 $1,913,606 *,225,047
81.945
122,029
142,656
149,411
Operating Income__ $2,883,309 $2,672,363 531,128,184 $30,223,703
814,125
732,537
62,060
Other income
92,280
Gross income
Income taxes
$2.344,752 51,983,632 $2,056,262 $2,374,458
338,354
284.318
292,869
285.336
Net profit
Previous surplus
$2,006,398 $1.699,315 $1,763,393 $2,089,122
3,973,883 4,023,586 4.018,437 3.414,024
Total income
$2,975,589 $2,734,423 531,860,722 531,037,829
Res. for renewals and
625,826 8,447,814 7,697,586
720,683
replacem'ts (depr.)_
1,352,336 16,196,881 16,166,869
Deductions
1,348,148
American Chicle Co. (& Subs.)
-Earnings
-
Total surplus
$5,980,281 $5.722,901 $5.781.830 $5,503.146
Common dividends
1,546,989 1,366.587 1.427,708 1,484,709
Difference between cost
& stated value of cap.
stock retired ______
1874,746
d382,431
c261,240
Loss on sale of market,
sec.in excess ofreserv_
69.296
Surplus
$3,558,546 53.973.883 54,023.586 $4,018,437
fShs.cons,stock(no par)
445,000
470,000
490,000
500.000
Earned per share
$4.18
$4.51
$3.62
$3.60
b After deducting:
Depreciation
$100,632
$89,415
$69,698
$60,591
General reserves
69,752
88,201
77,151
95.470
c 10,000 shares. d 20,000 shares. a 25,000 shares. f Including shares
held in treasury: 2,881 in 1934, 25,571 in 1933, 20,671 in 1932 and 11.839
In 1931.
Consolidated Balance Sheet Dec. 31
Assets1934
1934
1933
1933
a Land. bldgs. and
C Common stock_ _$4.450,000 $4,700,000
mach'y,after deAccts. payable__ _ 159,280
126,600
preciation
$2,062,282 $2,135,878 Accruals
102,838
111,670
Good-will. Pats. &
General reserves
231,105
227,017
trade-marks.... 1,500,000 1,500,000 Res. for selling and
Marketable securs. 1.083,155 1,444,510 advance expense 110,995
113,654
d Treasury _stock_ 129,616 1,162,360 Federal Inc. taxes_ 336,755
280,373
Cash
2,031,745
757,913 Earned surplus.... 3,558.548 3.973,883
b Accts. receivable 341,766
359,762
Inventories
1,239,844 1,755,643
Advances-chicle
purchases
292,701
137,155
Investments
L53,320
88,000
Due on contr, with
officer for purch.
of treas. stock_
100,550
Prepayments
200,407
126,708
Total..
$8,949,517 $9,533,199
8,949.517 9,533,199 Total
a After, depreciation of $2.735.880 in 1934 and 52,593,701 in 1933.
b After reserves of $38.126 in 1934 and 536.874 in 1933. c Represented
by 5445.000 shares of no par in 1934 and 470.000 in 1933. d 2.881 shares
(at cost)in 1934 (25,571 in 1933).-V. 139. p. 3147.
-Annual Report
American Brake Shoe Foundry Co.
-
Balance
$906,757
Amer. Gas & Elec. Co.Bal.ofsubs.cos.earns.
applic. to Amer. Gas
& Elec. Co
5906,757
Int. & pref. stk. dive.
423.640
from subs. cos
Other income
21,825
Total income
Expense
Deductions
Balance
-V. 140, p. 136.
$756,260 $7.216,025 $7,173,372
$756,260 57,216,025 $7,173,372
427,361
37,890
5,105,500
311,357
5,126,224
396,687
$1,352,223 51,221,513 512.632,883 $12,696,285
440,282
472,742
25,031
48,504
391,378 4,696,539 4,696,491
391,378
5935,813
$781,630 $7.463,601 $7,559,511
American-Hawaiian SS. Co.-Earnings[Incl. Williams SS. Corp.]
-Month-1933
1934-12 Mos.-1933
Period End. Dec. 31- 1934
5929,806 510.257,104 $10,834,354
$1,018,956
Operating earnings
957,366
795,515 9,694,089 9,153,214
Oper. & gen. expenses- Net profit from oper_
Other income (net)
561,589
8,167
$134,291
4,411
$563,015 $1,681,140
10,620
67,229
Total profit before deprec.& Fed.inc. tax
Prov.for depc
$69,757
54,473
$138,702
53,192
$630,244 $1,691,760
631,598
643,215
$15.284
$85,509
def$1,353 $1,048,545
Loss on sale ofinvestmls
and vessels
Expenses incident to Williams SS. Corp. bankruptcy proceedings_
Losses arising from adj.
of prior years
Longshore strike expense
Retroactive wages paid
longshoremen
Profit on sale of secur-
223,654
61,936
884
520,314
17,766
31,971
5553,170
21,042
5303.358
$532,128
$303,358
Net profit or loss beWilliam B. Given, Jr., President. says in part:
$745,187
$85,509 def$533,481
$15,284
fore Fed. inc. taxes_
The Ramapo Ajax Corp.realized a consolidated net profit of 58,245 during
-V. 139, p. 4119.
the year and this with its payment of a $2 preferred dividend resulted in a
reduction of $47.875 in its consolidated surplus account. As of Dec. 3l'American Insurance Union, Columbus, Ohio--Reor1934 the accumulated preferred dividend was $13 per share, or 5364.780.
ganization Advisers Appointed
Net current assets increased $127,854 during the year. Outstanding bonds
Stein Bros. & Boyce, with offices in Baltimore, New York and Louisville.
were reduced 581.000 to 5699.500. The earnings compare with a net loss
have been appointed reorganization advisers and investment counsel to the
o $219,944n
receivers in connection with the plan of reorganization for the 6% mortgage
The National Bearing Metals Corp.'s net earnings amounted to 5329.533.
bonds of American Insurance Union Building, Columbus, of which $3,455:
Dividends on its preferred stock amounted to $448,518 covering $7.25 per
000 principal amount are outstanding of an original issue of $3,800,000,
accumulated dividends and the $7 per share annual
share on account of
which bonds have been in default since the latter part of 1933.-V. 138.
dividend. As of Dec. 31 the accumulated dividend amounted to $3 per
p. 328.
share, or $94.068. Net current assets decreased $18,715. Bond purchases
Financial Chronicle
Volume 140
-- American Rolling Mill Co.
-To Pay $2 on PreferiedThe directors have declared a dividend of $2 per share on account of
accumulations on the 6% cumulative preferred stock, series B, par $100.
payable March 1 to holders of record Feb. 15. This is the first payment
to be made on this issue since Jan. 15 1933 when a regular quarterly dividend of $1.50 per share was paid. Accumulations after the March 1
disbursement will amount to $10 per share.
-V. 140, p. 312.
'
...- ---American Silver Co.
-To Liquidate
The company, employing 175 men and women, closed its plant on Feb. 1
and officials announced that liquidation of assets had begun. It has capital
stock of $400,000. Organized in 1857 as part of the Bristol Brass & Clock
Co., the concern was virtually given to the brass company's stockholders
in 1914 and 1916 as dividends.
-V. 132, p. 1417.
-Artloom Corp.
-Accumulated Preferred Dividend-
-American Steel Foundries-50
---Cent Accumulated Div.
The directors have declared a dividend of 50 cents per share on account
of accumulations on the 7% cum. preferred stock, par $100, payable
March 30 to holders of record March 15. A like amount was paid in each
of the eight preceding quarters, prior to which the company made regular
quarterly distributions of $1.75 per share. Accruals on the preferred
stock, after the payment of the March 30 dividend, will amount to $11.25
per share.
Calendar Years1934
1933
1932
1931
a Earnings
$1,168,867 loss$478,207 loss$593,492
$8,595
Depreciation
930,853
959.169
999,699
978,020
Net loss from oper__prof.$238,014 $1,437,376 $1,593,191
Miscellaneous income_ _ _
88,862
158,062
200,494
$969,425
335,712
Total loss
prof.$326,876 $1,279,314 $1,392,697
Net earns, ofsub. cos_ __
6,604
6,110
7,180
Res.for Federal taxes_ __
74,907
Other charges
115,216
126,367
$633,713
11,023
Net loss
prof.$245,365 $1,400,640 $1,526,244
Earnings per share on
Nil
Nil
aler ea = .-V 139, 13 4 39486.
t et u es
r
1
.
3
$791,373
146,637
Nil
American Surety Co. of New York-Earnings
Calendar Years1934
1933
1932
1931
Net premiums written-- $9,065,337 $9,018,318 $8,907.978 $9,812,127
Other income
999,591
1,116,273
1,675,162
1,515,415
Total income
Expenses
Taxes
Net losses
$10,064,928 $10.134,591 $10,583,140 $11,327,541
5,669,467
5,556,226
5,575,944
6,182.018
232,611
232,872
239,444
265,682
2,798,694
3.901.978
4,619,067
6,031,880
Net income
$1,364,156
$443,515
$148,6841oss$1152,039
Balance Sheet Dec. 31
1934
1933
1933
1934
Assets8
Liabilities-8
$
$
Realestate
10,000,000 10,000,000 Capitalstock
7,500,000 7,500,000
Bonds
3,736,944 4,051,645 Surplus and InstilStocks
5,305,309 6,465,015
vided profits__ _ 2,442,677 1,823,599
Cash
1 283 840
818 789 Res.unearn. prem. 5,748,993 5,779,620
Premium in course
Res.conting.claim 3,512,932 4,275,302
of collection_ _
1,654,733 1,768.549 Res. for depre__ _ _
100.000
Acced hat. & rents
56,714
61,985 Exp.& tax reserve 908,405
777,910
Reinsur. and other
Contingent reserve
1,296,656
accts. receivable 155,927
111,466 Spec, claim res_ _ _ 1,500,000 1,455.000
Dividends payable 150,000
Accts.payable, &c. 330,461
369,362
Total
22,193,468 23,277,449
Total
22,193,468 23.277,449
-V. 139, p. 3319.
American Telephone & Telegraph Co.
-President
Gifford Asks Permission to Retain Directorships in Associated
Companies
Walter S. Gifford, President, appeared before the Federal Communications Commission on Feb.5 seeking permission to remain as a director of the
21 Associated Bell companies.
Under the Communications Act. the Commission is empowered to
remove officers who hold more than one position in the communications
business, should that be found against public interest.
Mr. Gifford said that none of his companies competed and that an interlocking directorate was necessary to keep the telephone service at its present
high standard.
$750,000 Fund for Investigation Approved by Senate Committee.
An appropriation of $750,000 for further investigation by the Federal
Communications Commission was approved Feb. 5, by the Senate Interstate Commerce Committee.
-V. 140, p. 467.
American Water Works & Electric Co.
-Weekly Output
Output of electric energy for the week ended Feb. 2 1935, totaled 38,450,000 kilowatt hours, an increase of 13% over the output of 33,939,000
kilowatt hours for the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended1935
1934
1933
1932
1931
Jan. 12
37,637,000 32,519,000 28,844,000 30,030,000 34,945,000
Jan. 19
38,469,000 33,056,000 27,932,000 30,540,000 32,972,000
Jan. 26
39,285,000 32,957,000 27.657,000 29,991,000 33,477,000
Feb. 2
38,450,000 33,939,000 27,438,000 30,629,000 33,685, 00
- 140, p. 790.
.
"''
.4.....:
.
American Writing Paper Co., Inc.
-Deposits o
ds,
963
tion and a plan for reorganization has been filed in that Court in behalf of
theholders of junior securities of the corporation, which plan the committee
does not consider is suitable to the situation. Immediate action is, therefore, necessary."
The committee asks that bondholders give it the power of attorney
authorizing it to act. Forms may be obtained from John T. Beach, Secretary of the committee, 70 Pine St., N. Y. City Ehrich, Royall, W eeler
are acting as counsel.
-V. 134. p. 3634.
4t€_-
The directors have declared a dividend of $1.75 per share on the 7%
cumulative preferred stock, par $100, payable March 1 to holders of record
Feb. 15. This payment represents the dividend due June 1 1934. Similar
distributions were made each quarter since and incl. June 1 1933. as against
$1.50 per share on March 1 1933. 31 per share on March 1 and Nov. 18
1932 and $1.75 per share previously each quarter to and incl. Dec. 1 1931.
-V. 139, p. 2669.
Associated Gas & Electric Co.
-Weekly Output
-
For the week ended Jan. 26, the System reports net electric output of
of 56,161557 units (kwh.), an increase of 7.2% over the same week a year
ago. This is the largest percent increase over a comparable period reported
since May 12 1934.
Net output for the four weeks to date showed an increase of 5.1%.-V.
140, p. 791.
Atlantic Ice Mfg. Co.
-Earnings
Calendar Years
x Gross revenue
Operating caps., maint.
and taxes, including
Federal taxes
1934
$551,940
370,135
369,726
391.674
456,946
Income
Net income from sale of
refrigerators
$181,804
$192,148
$227,770
$336,083
Total income
Interest and amort
$184,596
77,511
$192,148
84,521
$227,770
91,118
$336,083
97,334
Balance
Depreciation
$107,086
55,177
$107,628
54,647
$136,652
61,290
$238,749
78,813
$51,908
36.848
$52,981
38,465
$75,361
38,556
$159,936
38,556
Balance
Preferred dividends_ __ _
1933
$561,874
1932
$619,444
1931
$793,030
2,791
Bal,avail,for com.stk.
$15,060
$14,516
$121,380
$36,805
Shares of common stock
outstanding
14,189
14,189
14,189
14.189
Earnings per share
$1.06
$1.02
$2.59
$8.55
x Inter-company sales eliminated.
Condensed Balance Sheet Dec. 31
Assets
1934
Liabilities
1933
1934
1933
Fixed capital
$2,922,952 $2,919,011 Preferred stock _ .. _ $526,014 $549,500
Cash
61,534
361,030
59,266 Common stock_ _ _ 361.030
Notes receivable_ _
3,149
3,2031st mtge. 20-year
Accts. receivable
69,773
71,102
bonds
1,127,500 1,182,000
Investments
11,884
10,502 Mortgages
19.000
22,000
Inventories (ice in
2,202
Serial notes
16,218
storage)
4,676
.5,253 Notes payable__ __
28,600
15.000
Matls. & supplies_
7,272
6,325 Accounts payable_
27,643
22.010
Prepayments
8,310
8,635 Accr.items, not due
39,848
34,337
Deferred items_
23,597
51,566 Res. for depree__ _ 590,715
540.757
14,757
Suspense
Earned surplus_ _ _ 400,583
367,265
Total
83,113,148 $3,134,861
-V. 138, p. 864.
Total
$3,113,148 $3,134,86
Auburn Automobile Co.
-New Vice-President
-
Harold T. Ames has been appointed Executive Vice-President to replace
W.H. Beal, who is a Vice-President of Cord Corp.
-V.140. p.632.
Aviation Securities Corp. of New England-To Exchange Shares for National Aviation Corp. Stock
The company on Feb. 5 offered to exchange its holdings of National
Aviation Corp. stock for its own shares. The notice to stockholders from
Richard F. Hoyt, President, says in part:
"Certain stockholders have expressed a desire to obtain stock of the
National Aviation Corp.in exchange for their holdings of Aviation Securities
Corp. of New England, pointing out that while the stock of your company
is listed on the Boston Stock Exchange, trading in it is very inactive,
whereas the stock of National Aviation Corp. is listed on the New York
Stock Exchange and enjoys a better market. Your directors are unwilling to
give such privilege to any without extending it to all stockholders.
"Your company's solo investment is 130,509 shares of National Aviation
Corp., equivalent to approximately 9-10ths of a share of National Aviation
Corp. for each of the 143,714 shares of your company's stock outstanding
other than this, current liabilities somewhat exceed current assets.
"While the expenses of Aviation Securities Corp. of New England are
being kept at a minimum, no officer drawing any salary, corporate expenses
will continue and there will be an additional item of expense for transfer
taxes and other items in connection with any exchange of Aviation Securities
Corp. of New England's holdings of National Aviation Corp. for this cornpany's stock.
"Your directors have decided, therefore, that any shareholder may exchange one share of your company's stock for 8-10ths of a share of the
capital stock of National Aviation Corp. this right to remain open until the
close of business Feb. 28 1935.
"It is impossible to issue fractional shares of National Aviation Corp.
stock, but in lieu thereof, any stockholder entitled to less than one full
share may sell the fraction to which he is entitled or purchase any necessary
fractional share to enable him to receive a full share upon exchange, both
purchase and sale of fractional shares to been the basis of 80 cents for each
1-10th share of National Aviation Corp. stock purchased or sold."
-V.
138, P. 3262.
The protective committee for the 1st mtge. 6% gold bonds due Jan. 1
1947, headed by D. Samuel Gottesman. is calling for deposits of these
bonds in a notice sent to holders Feb. 4. Deposits may be made with
Chase Natianal Bank, 11 Broad St., New York, or with Old Colony Trust
7 Court St., Boston, Mass., depositaries.
Beauharnois Power Corp., Ltd.(& Subs.)
Co.,&her members of the committee, which was formed last August, are
-Earnings
Benjamin L. Allen, Albert A. Ilarvey, George E. Warren and Oliver
Years Ended Dec.
31-1934
1933
Wolcott. Edward A. McQuade. 22 East 40th St., New York. is Secretary.
Gross revenue
$2,227,555 $1.185.756
Bonds deposited must be accompanied by the July 1 1934 and subseExpenses
466,682
450,473
quent coupons and certificates of deposit transferable on the books of
Fixed charges
1.637,186
1,433,928
the depositaries will be issued for all laonds del)saited.-V. 139,
150.000
If• No, /Uncollectibie advances written off
Depreciation and
153,337
-Archer-Daniels-Midland Co.
-25
-Cent Special Ditfident't Interest income amortization
,
Cr21,475
The directors have declared a special dividend of 25 cents per share,t
in addition to the regular quarterly dividend of 25 cents per share, on
Deficit
$8,175
$848.645
the common stock, no par value, both payable March 1 to holders of
record Feb. 18. Similar distributions were made on Dec. 1 and Sept. 1
Consolidated BalanceSheet Dec. 31
last. Regular quarterly dividends of 25 cents per share have been paid
1934
1934
1933
since and incl. Dec. 1 1931, prior to which 50 cents per share was paidAssetsLiabilities-$
S
$
$
quarterly from May 1 1929 to and incl. Feb. 1 1931.
Cost of prop, rights
x Capital stock-- 1.800.000 1,800,000
a( power develop 69,876,576 65.673,265 Funded debt
Period End. Dec.31- 1934-3 Mos.-1933
74,205,900 74,011,200
1934-6 Mos.-1933
Cash & secur. dep.
Accts. payable_ _ _ 226,161
Net profit after charges
354,609
as guarantee__
418,726 Int. acted on 1st
75,000
and taxes
$563,276 $1.199,045
$669.517
$927,578
Cash & call loans_
42,798 1,759,451
Earns. per sh.on 549,5413
mtge. bds. of B.
Dom. of Can bds_
90,859Ht. Pow.
shs. corn. stk.(no par
&
$0.92
$112
$1.98
$1.47
Accts.receivable_ 281.939
--y. 139, p. 2821.
195,366
853,433
Co
"
798,029
.... rla
&IN/
Amt, due from enReserves
99,375
52,898
--Arizona EdisonCo.- ommatee Formed-Trteeteederwriters of B.
Organization of a bondhold
committee for the first mortgage 5%
Lt, Ht. & Pow.
bonds, due Jan. 1 1948, and fi t mortgage sinking fund 6% bonds, series
Co. let mtge__ 6,584.270 8,081,961
A, due Oct. 1 1945, was announced Feb. 5. The committee comprises
De it charges__
Pre iid
73,926
39,248
Francis E. Frothingham, of Coffin & Burr, Inc. Henry B.Shaw, Burlington
159,501
848,719
Savings Bank, Burlington, Vt. John Witter of Dean Witter & Co.. San
Francisco C. NV. Adams, Jr., Franklin Savings Bank, Franklin, N. H.
Total
77,184,869 77,016,736
Total
77.184.869 77,016,736
Paul M. Ilinzel, of Morris Fox & Co., Milwaukee, and Willard D. Rand,
x Represented by 762,000 shares of no par value.
-V. 138, p. 2912.
Amoskeag Savings Bank, Manchester, N. H.
After noting that the Jan. 1 1935 coupon on the 5% bonds was not paid, - Berkey & Gay Furniture Co.
-Plan to Reopen
and that any default under the mortgage affects the 5s and 6s equally,
A press dispatch from Detroit states:
the committee says:
A plan has been developed at Grand Rapids to form a new corporation
"The company has been placed by the United States District Court of
to reopen the Berkey & Gay Furniture Co. which went into receivership
Arizona in the hands of a bankruptcy trustee for the purpose of reorganizathree years ago following acquisition of control in 1929 by Simmons Co.
964
Financial Chronicle
K. J. Stanford, expert hired by the city to work out a plan, announced
that assurances have been received from the Reconstruction Finance
Corporation and the Federal Reserve Bank that they will consider a $750,000
loan to the new company. Local interests have agreed, he said, to buy
850,000 of new common stock to provide working capital and will also provide the management. The plan will be presented to receiver Charles H.
Bender. Vice-President of Michigan Trust Co., who in turn will seek Federal
Court approval. City of Grand Rapids has agreed to accept one of the cornpany's five plants in satisfaction of tax liens totaling about 8100,000.
-V. 139, p. 4120.
Feb. 9 1935
It was reported on Feb. 1 that the city and the company had reached a
-M.T.lines for a price
final agreement for the purchase by the city of the B.
of approximately $192,500,000.-V. 140, p. 634.
rown-Forman Distillery Co., Inc., Louisvilee, Ky.President Offers to Give Part of Preferred Share Holdings to
,-,
Common Stockholders-
A special meeting of stockholders has been called for Feb. 18 at Louisvile, Ky., to vote on the offer of Owsley Brown, President, to distribute
out of his holdings of about 15,000 shares of 86 cumulative preferred stock
Bell Telephone Co. of Pennsylvania-Earningsor stated value of $100 a share, 85 stated value of such preferred stock for
each share of common held.
Period End. Dec. 31- 1934-Monlh-1933 1934-12 Mos.-1933
-year note of6% maturing
Mr. Brown would also accept an unsecured live
Operating revenues_ __ _ $5.075,837 84,980,128 $60,107,211 859,203,963
Feb. 1 1940, in lieu of his present short-term 3125,000 loan. Mr. Brown
492,060
Uncollectible oper. rev...
19,810
191,137
22,033
asks that in consideration of the offer he and all other individuals who are
Operating expenses
3,839.781 43,189,870 44.274,704
3,678,150
or have been officers or oirectors of the company be released from all claims,
Operating taxes
2,399.244
205,825
178.770
2,753,372
it any, of the company or its stockholders. Mr. Brown also owns about 50%
Net operating income. $1,169.829
8941,767 $13,972.83? $12,037,955
of the outstanding common stock but he is not to share in the distribution
-V. 140, P• 138.
of his preferred holnings
Mr. Brown in a letter dated Jan. 14,says in part:
-..,Bird-Archer Co.
-Larger Dividend
I have recently been reviewing the results of the operations of the cornThe directors have declared a dividend of 82 per share on the common
pony for the 12 months ended Oct. 31 1934. The report for the six months
stock, par $50, payable Feb. 15 to holders of record Feb. 11. This compares
ended April 30 1934, showed a net profit of 8173,000 before preferred
with 81.50 per share distributed on Sept. 1 and March 1 1934.-V. 138,
dividends. Their report for the six months ended Oct. 31 1934, shows a net
p. 1401.
loss for that period of 8144,329 before preferred dividends.
Tins disappointing showing of the first year after repeal is largely attribCourt Rules utable to various non-recurring charges and other extraordinary expenses
Boeing Air Transport, Inc.
-Airlines Can Sue
The District of Columbia Court of Appeals held Feb. 4 that Postmaster
with which there is every good reason to expect the company will not
contracts amounted to a breach of
General Parley's cancellation of airmail
be burdened in the future. As a matter of fact, the operations for the
contract which gave the air lines the right to sue the Government in the
months of November and December show profits for each of those months.
Court of Claims.
I fell confident that the major difficulties under which the company has
The action of the District Supreme Court in dismissing injunction suits
labored have in large part been overcome, and that the outlook for the
brought by five air line companies attacking Mr. Farley's order was upheld,
future is encouraging.
The injunction suits were brought by the Boeing Air Transport, National
Nevertheless, these results of the past year will be disappointing`to stoekAir Transport, Pacific Air Transport, Co , Varney Air Lines and Pennholders. I, myself, am the greatest sufferer. I own substantially all of the
sylvania Air Lines.
preferred stock of the company, and more than 50% of the common stock.
After holding the applications for an injunction were properly dismissed
I have made a further investment of 8125,000 cash in the company, reby the lower court because the complainants had a "remedy at law afforded
presented by its 6% note due within a year and consequently part of its
by a suit in the Court of Claims," the opinion of the Appellate Court said:
current indebtedness. Practically all that I have is invested in this corn"What has occurred in these cases amounts to a breach of the contracts by
pony,and its successful operation is vital to me from a financial standpoint,
the Postmaster-General. Whether properly or improperly breached,
as well as from the standpoint of maintaining the good name and reputation
cannot be determined in this action, but remains to be established in the
of the business bearing my name, and owned and maintained by myself
-V. 139, p. 2514.
appropriate action at law."
and my family for more than 60 rears.
1 want all the stockholders to feel that this business is their's as well as
-Balance Sheet Dec. 31Borne-Scrymser Co.
mine, that we are partners and that our common goal is reasonable profits
1934
1933
1933
1934
LiabilitiesAssetsfrom the continued honorable operation of a 64-year-old business. The
$1,000,000 $1,000,000
Plant, equip., &c_ $734,442 8732,470 Capital stock
disappointment of some stockholders over the showing of the company and
9,853
7,100
297,003
266,067 Accts. payable__
Merchandise
its securities, nas been brought to my attention. I want that disappoint71,592 Accrued expenses_
185
210
59,156
Notes & accts. rec_
ment to be changed to satisfaction, so that the business shall not be per475,881
21,895
57,061 Reserves
503,788
Cash
mitted to suffer from any cause that might divert the energies of the manage37,088 Surplus
128,271
198,275
40,431
-a purpose requiring
a Treasury stock._
ment from their single purpose of successful operation
514,145
Other Investments 484.120
undivided attention and loyal support.
3.042
5,050
Prepaid items.- __
In the past few weeks I have given earnest consideration to a plan which
would benefit the company and the siockholders (other than myself) withTotal
Total
$1.642.096 $1,681,465
$1,642,096 $1.681,465
out nost to them, whereby I v.ould turn over to the other stockholders a
substantial part of my interest in the company, without, however, reducing
a 4,251 shares in 1934 (3,701 in 1933).-V. 138, p. 1234.
my majority control of the common stock, or my devotion to the company's affairs. At the same time, I would allow my short-term loan of
Boston Consolidated Gas Co.
-January Output
-year unsecured note, ma$125,000 to the company to be funded into a 5
1935
1934
. 1933
turing Feb. 1 1940.
Output in cubic feet
1,346,975,000 1,172,408,000 1,132,707,000
Accordingly, I now make to the stockholders and the company the
-V. 140, p. 138.
following offer:
(a) Distribute to each common stockholder (other than myself), of
Boston Store of Chicago, Inc.
-To Sell Nash Cars
record on a date to be fixed by the company, out of the shares of $6 div.
This company has acquired dealership for the Nash-Lafayette automobile
cum preferred stock (having a stated value of 8100 per share) owned by
line. The store, it is said, will handle demonstration and sales, with deme, 85 stated value of such preferred stock Li respect of each share of
livery of cars and service to be undertaken by the Chicago brnch ,of Nets
common stock so held and
Motors Co.
-V. 139, p. 3635.
(b) Accept from the company, iri satisfaction of its indebtedness of
$125,000 to me for cash advances heretofore made, the company's unsecured
--Boss Manufacturing Co.
-Larger Dividend
inote carrying interest at the rate of 6% per annum and payable Feb. 1
The directors have declared a dividend of 81.50 per share on the common
1940. In this way the company will be relieved of the necessity of paying,
stock, par $100, payable Feb. 15 to holders of record Jan. 31. This compares
earlier than five years from this time, an indebtedness nearly equal to the
with $1 per share paid in each of the four quarters of 1934, 81.75 per share
company's losses during the six months' period ended Oct. 31 1934.
paid on Nov. 15 1933, and 25 cents per share in each of the five preceding
I must, naturally, ask that in consideration of the foregoing the company
quarters. On May 15 and Feb. 15 1932 $1 per share was paid. In addition
shall release me and all other individuals who are or have been officers or
an extra dividend of $3 per share was disbursed on Dec. 24 last, a d on
directors of the company from all claims, if any, of the company or its
per share was paid on Dec. 22 1933.-V. 139, p.4121.
of $1.50
stockholders, and shall bear all expenses connected with the acceptance of
this offer and uistribution of preferred stock. such as legal and accounting
"--Bridgeport Machine Co.
-Accumulation Dividen
expenses, taxes (not including income taxes of recipients of the preferred
The directors have declared a dividend of 82 per share on achdunt of
' stork) and miscellaneous disbursements, and that in audition, those inaccumulations on the 7% cumulative preferred stock, par 8100, payable
dividual stockholders who desire to accept preferred stock from me shall
Feb. 25 to holders of record Feb. 15. This compares with 81 per share
indicate in their proxies to be presented at the meeting that such acceptance
distributed on Jan. 25. last, and on Sept. 29, Aug. 30, July 31, June 30,
is in satisfaction of any individual claims against me or others In respect
May 31, April 30, March 25, March 1 and Jan. 2 1934. In 1933 the comof the company's management, or the acquisition or retention of common
pany distributed $1 per share on Oct. 10 and $1.75 on Jan. 1. In 1932 the
stock by such individuals.
company only paid two quarterly dividends on the above issue, the Oct. 1
It has been suggested that it might be to the interest of the company and
been passed.
and July 1 payments having
its stockholders if after April 1, the date for the next dividend on the
Accruals as of Jan. 1 after the payment of the Feb. 25 dividends will
pre.orred stock, and Lot later than the next annual stockholders' meeting,
-V. 140, p. 313.
amot to $4.50 per share.
un
10,000 shares or the preferred stock, including the shares distributed to
those other than myself, be changed into shares
of small
(The) Broadmoor, N. Y. City-Reorganizatiol par value, and made convertible, at the option ofof preferred stock common
the holder, into
A proposed plan of reorganization has been filed with the U. S. District
stock on the basis of one share of common stock for each $20 par value of
Court for the Southern District of New York. The plan provides that
such preferred stock, twill be prepared to vote in favor of such recapitalizaholders of 1st mtge. fee 6% sinking fund gold bonds are to receive:
tion, if it is desired by the holders of a majority of the stock, other than
(1) New bond certificates equal to their present holdings of let mtge.
stock held by me.
bond certificates, to mature in a period of 12 years and to bear interest
Earnings for Stated Periods
from date of issue at the fixed rate of 4% per annum and additional interest
-6Mos. Ended '34
3
. .En 4
-12 31. d
at the rate of 35 of 1% per annum, if earned, after payment of non-cumu,
Apr. 30 '34 Oct. 31
Oct. 31
lative interest at the rate of 2% per annum, if earned, on the gen. mtge.
a$173,000 loss$144,329
Net profit before pref. divs
a$28,671
bonds. The mortgage securing the new bond certificates is to provide
a Approximate.
for an annual sinking fund out of net earnings for the redemption of the
Consolidated Balance Sheet Oct. 31 1934
new bond certificates before any interest is payable in any year on the
gen. mtge. bonds; and
Liabilities
Assets(2) One-half of the stock of the new corporation which is to be formed
$365,000
Cash in banks and on hand_ _ _ $179,118 Notes payable: Banks
to acquire title to The Broadmoor. This stock (together with the reFor perch. of prop. secured_
196,350
2,500
Notes & accts. reedy., trade__
maining one-half which the stockholders of the present owner are to re1,881.534
Officer, unsecured
125,000
Inventories
ceive) is to be placed in a voting trust, under which all of the voting trustees
28,068 Accounts payable
149,474
Dep. on whiskey purch. contr.
are to be named by the Real Estate Bondholders Protective Committee
270 Customers' credit balances...
49,010
Miscellaneous accts. receivle.
(Geo. E. Roosevelt, Chairman) to represent the 1st mtge. bondholders.
16,211 Unclaimed wages
45
Accrued storage
In this manner, in addition to the ownership of one-half of the equity of
3,272 Accrued Items
79,719
Advances to employees, net__
the new corporation, the 1st mtge. bondholders are given control of the
For purchase of property
7,500
Invests.. net of allowance for
mortgaged property through their representatives, the voting trustees.
350 Reserves, non-operating
124,803
possible loss
Holders of General Mortgage Bonds Are to Receive: New gen. mtge. bonds
640 88 pref. stock (15,000 shares
Deposit in closed bank
(income bonds) in the same principal amount, to mature in a period of
817.729
no par)
1,500,000
Plant and property
15 years, and to bear interest at the rate of 2% per annum, if earned,
57.842 Common stock ($1 par)
200,000
Prepaid expenses
which shall be non-cumulative, with additional interest of M of 1% which
8,704 Capital surplus, paid in
418.689
Brands & trade-marks, at cost
shall be non-cumulative and payable only if earned after all interest and
Earned deficit
53,829
additional interest and sinking fund requirements with respect to the
1st mtge. bond certificates shall have been met.
Total
82,987,891
$2,967,891
Total
Owners of the Capital Stock of the Present Owner Are to Receive: One-half
-V. 139, p 1078.
of the shares of the capital stock of the new corporation. These shares
of stock are to be issued to and held by the voting trustees representing
-Asset Value
Bullock Fund, Ltd.
the holders of the 1st mtge. bond certificates so that such voting trustees
Net asset value per share was 811.9003 as of Dec. 31 1934, an increase
shall hold all of the shares of the capital stock of the new corporation.of 3.09% over not asset value of $11.5437 per share at the end of 1933.
V. 138. P. 1040.
Total assets at the end of 1934 were $1,766.777.43, of which 81,649,323.97
.was in securities and the balance represented cash or equivalent.
ABroadway & 7th Ave. Ry., N. Y. City-ForecloYeNet income for the year equaled 852,878. The company reports that
Federal Judge Robert P. Patterson on Feb. 6 approved the re
t lot the
dividends paid during 1934 do not constitute taxable income under the
special master recommending the foreclosure of a mortgage an interest
Federal Revenue Act of 1934.-V. 139, p. 1232.
which has surface
claims amounting to 86,603,106 against the company,
-Earnings
Buckeye Steel Castings Co.
line rights on Broadway from South Ferry to 15th St. and down from 59th
St. along Seventh Ave. The foreclosure proceedings were started in 1933
1932
1931
Years Ended Dec. 311934
1933
by the Manufacturers Trust Co. as trustee under consolidated 5% mortgage
Loss before depreciation
dated Dec. 22 1893. The court order provides a period of 10 days in
prof$401,903
864.859
& income tax
$146,083
$354.192
which the mortgage may be satisfied and unless this is done a sale at public
223,469
Depreciation
219,065
191.570
220,706
auction is ordered.
Income tax
29,135
-V.137,P.2976.
The company is controlled by New York Railways Corp.
$288,328
8365.148
Net loss
prof$181,198
8574.898
15,000
-Purchase Details 6% pref. div. (old)
Brooklyn-Manhattan Transit Corp.
148.785
10% coin. div.(old)
Remain to Be Worked Out
48,056
62,225
Prior pref. div
62,225
62,225
106,788
141,631
141,630
141.626
6% pref. div
Published statements as to an alleged agreement between the City of
356,264
Common dividend
353.934
-M. T. on acquisition of rapid transit properties are
New York and the B.
premature and inaccurate, according to Samuel Seabury, the city's special
$963,221
Deficit
$569,004 $1,132,682
$22.658
counsel on unification.
Financial Chronicle
Volume 140
Assets
Cash
Accts. & notes rec.
U. S. Gov. secure.
Inventory of steel
castings prod__ _
Inventory of raw
mat'ls & supplies
x Property assets_
Investments
Patents
Deferred charges__
Comparative Balance Sheet Dec. 31
1934
1933
Liabilities-$171,889 $186,045 Accounts payable_
185,573
70,496 Res. for Federal
1,850,022 1,645,119
income tax
Sundry reserves
47,938
79,798 Prior pref. stock
614% cum
573,386
612,224 Preferred stock 6%
2,900,822 3,096,200
cumul
99,217
99,217 Common stock
99,355
101.133 Surplus
22,681
17.683
1934
$34,401
1933
$20,220
29,135
135.494
113,184
1,000,000
1,000,000
2,380,560 2,380,560
1.190,280 1,190,280
1,181,014 1,203,671
Total
$5.950,883 $5,907,915
Total
$5.950,883 $5,907,915
x After deducting reserves for depreciation of $3,110,583 in 1934 and
$2,919,013 in 1933.-V. 138, p. 1401.
4. - Bush Terminal Co.
-Special Master is Requested to
Consider Reorganization
The plan for reorganization of the company, which was submitted by the
Bedford committee of preferred stockholders of Bush Terminal Bldg. Co., a
subsidiary, was attacked in Federal Court Feb. 1 by Lowell M. Birrell,
attorney for Irving T. Bush.
At the same time the Court was requested to refer to a special master,
for immediate consideration, the reorganization plan filed by Mr. Bush,
founder and President of Bush Terminal. Judge Robert A. Inch, presiding,
stated he would refer the whole matter of reorganization to a master.
-V. 139. p. 3475 V. 140, p. 634.
kb...Cabot Manufacturing Co.
-Dividend Reduced
-
The directors have declared a dividend of $1.50 per share on the capital
stock. payable Feb. 15 to holders ot record Feb. 7. This compares with
$2 per share paid each quarter from Nov. 15 1933 up to and including
Nov. 15 1934, and $1 per share each quarter from May 16 1932 up to and
including Aug. 15 1933.-V. 139, p. 2197.
965
Canadian Pacific Ry.-EarningsGross earnings
-V. 140. p. 794.
Earnings for Fourth Week of January
1935
1934
$2,530,000 $3,102,000
Decrease
$572,000
Catelli Macaroni Products Corp., Ltd.
-Earnings
Years Ended Nov.30Net profits for year
Rev,from investment
Non-operating expenses
Res. for income taxes
Prof. on sale of sec. & other income
1934
$74.409
3,599
8,976
4,700
3,318
1933
$74.394
1932
$92,627
Total income
Reserve for depreciation
$67,649
40,681
$74,395
84,297
$92,627
90,112
Net income
Previous deficit
Adjustments
Res.for inventories
$26,968
22,426
Cr414
2.115
def$9,903
8,774
3,749
$2,515
12,080
Cr790
Deficit, Nov.30
Balance Sheet
1934
1933
$66,498
535.056
140,536
136,081
209,376
237,164
59,948
a83.910
Assets-.
Cash
b Accts. rec.,trade
Inventories
Invest. seem Itles
Land.bldgs.,mach.
& equipment
1,506,119
Def. debits to oper.
13,098
Good-will, patent
rights. &.3
100,000
Deficit account__
* --Canada Bread Co., Ltd.
*-To Recapitalize
-
1,510,402
15,962
100,000
22,426
sur$2,841
$22,426
Nov. 30
Liabilities-1934
Accounts payable_ $27,853
Dividends payable
30
Accrued liabilities_
14,016
Res. for inc. taxes.
4,700
Ree, tot inv. sec__
448
Res. for gen. depr. 403,283
Special res. for idle
plants
292.404
Preferred stock _ _ _ 1,200,000
c Common stock
150,000
Earned surplus....
2,841
$8,774
1933
$33,343
30
11.819
448
373,100
132,654
1,439,610
150.000
C. li. Carlisle. President, in a recent letter to stockholders, said:
Total
$2,095.574 52,141,004
Total
$2.095,574 $2,141,004
Directors are of the opinion that the best interest of company will be
a At cost. b After reserves of$7,397 in 1934 and $7,162 in 1933. c Repro
served by the reconstruction of company's shares, and will shortly submit
sented by 30.00000 par shares.
-V.138. p. 865.
to the different groups of shareholders a plan for reorganization. This
plan will reduce the shares outstanding, will revise the conditions governing *----Celotex Co. Deposits-Um/et
'
Pltx-rt, ece.
the shares, lower the dividend rate and provide in some form a provision
The reorganization committee (William B. Nichols, Chairman), in a
for accumulative dividends,
-V. 139, p. 922.
notice to stockholders stated that t
Ian of reorganization e
.oteelgated
4y-the-commit
as already recelvell the support of more than 70% of
'-Canada Cement Co., Ltd.
L.
-Bonds Off List
the company's deb (including bonds, debentures and claims), of a majority
The Securities and Exchange Commission has granted the application of
of the preferred Thck and a large minority of the common stock. The
the Boston Stock Exchange for striking from the list of the Exchange and
plan, the committee states, has also received the endorsement of the stockfrom temporary registration thereon of $18,732,500 first mortgage gold
holders' committee.
bonds, series A. 534%.-V. 140, p. 139.
The committee urges stockholders that if their stock is not registered in
their own name, to do so at once, or (1) to advise the secretary of the comCanadian National Rys.-Earningsmittee of their name, address and holdings in order that they may be
Earnings of System for Fourth Week of January
furnished with full information regarding the plan or (2) if they are familiar
with the plan, to instruct their broker immediately to execute a proxy and
1935
1934
Increase
Gross earnings
power of attorney in their behalf in favor of the plan.
$4,192,066 $3,882,271
$309.795
-V. 140. p. 634.
Names
Carolina Insurance Co. of Wilmington, N. C.
Balance Sheet Dec. 31-
Committee to Report on Stock
-
At a special meeting of the directors held Feb. 7, a committee was appointed to report on the status of the company's shares listed on the New
York Stock Exchange. This action was taken in lieu of the original proposal to remove the stock from the list.
B. G. Dahlberg. President of the company, was authorized to file an
answer for the management consenting to the reorganization proceedings,
under Section 77B of the Bankruptcy Act, now pending in the U. S. District
Court of Delaware.
Two new directors, B. K. Edwards, Chicago, and A. E. Black, St. Louis,
were elected.
-V.140 p. 635.
Assets1934
1933
Liabilities
1934
1933
Cash in banks_ ___ $167,551 $116,300 Cash capital
$500,000 $500,000
Mtge. loans (mkt.) 256,960
311,859 Unearned prem..,.. 493,359
507,225
Stks.& bds.(mkt.) 1,411,367 1,385,662 Reserve for losses_
72,659
83,190
Real estate
85,700
70,500 Unpaid reinsur. _
142,684
207.822
Uncollected prem. 135,621
188,815 Res, for taxes, &o_
30,000
30,000
Accrued interest
19,450
23,102 Coining. res.(mkt) 100,000
140,832
Surplus
737,946
627,170 --tentral States Utilities Corp.
-Time for Deposits
Total
$2,076,647 $2,096,240
Total
Extended
$2,076,647 $2,096,240
-V. 140, p. 634.
Deposits of the 6% 10
-year secured bonds now total $2.650.000, or more
than 75% of the total of $3,500,000 outstanding, according to W. A.
(A. M.) Castle & Co.
-Earnings
Horner, secretary. The time-limit for deposits has been extended from
Calendar Years
1934
Feb. 1 to April 1 next.
1933
-V. 139, p. 2198.
1932
1931
Net earnings after oper.
exps., repairs & maint. $398,140
Century Indemnity Co.
-Earnings
$164,519 loss$94,322
$26,622
Proceeds from life ins.
Income Account for Year Ended Dec. 31 1934
leas cash surrender val.
prey. recorded
Net premiums
86,041
$5.299,359
Losses paid
2,704,023
Total income
Taxes paid
$484,181
$164,519 loss$94,322
94,065
$26,622
Depreciation
Commissions and expenses paid
56,040
61,695
2,473,605
66.875
61,870
Market decline in sec_
72,448
Federal taxes
Receipts in excess of disbursements
37,792
$27,666
Loss from increase in amt. of outstanding losses at end of year_ _
125.777
Net profit
Loss from increase in unearned premium reserve
$390,349
$102,824 loss$161,197 loss$107,696
155,706
Dividends
Loss from increase in amt, of accr. but unpaid taxes & expenses
229,291
58,397
90.000
Profit
Underwriting loss
3312,214
y Earns.per sh.on 120,000 $161,058 $102,824 def$161.197 def$197.696 Investment income earned
211.951
shs. com. stk.(par$10)
Appreciation in market value of securities
$3.25
$0.85
def$1.34
19,501
def$0.89
Loss on sale of securities
y Includes treasury stock.
Dr23,845
Balance Sheet Dec. 31
Net loss from underwriting and investments
$104,607
AssetsGain from decrease in unadmitted assets during year
1934
1935
Leabitities1934
58,028
1933
aLand, Bldgs, eto.$1,347,197 $1,356,355 Common stock__ _51,200,000
Stockholders' tax accrued
Dr5,632
$1,200,000
Investments
1,609 Capital surplus... 1.169,228 1,169,228
C Treasury stock_..
Net loss in surplus from operations
84.202
80,640 Earned surplus_ _ _d2,131,251 61,970,193
$52,211
Other securities.- 210,394
Surplus paid in
225,527 Accounts payable_
99,120
800,000
186,402
Ernpl. and sundry
Accrued tax,&c,.,.
32.210
49,634
accounts
Increase in surplus
20,227
37,093 Prov. for Fed.!no.
$747,789
Prepaid accounts17,378
22,381
tax
37.792
Officers' notes &
Financial Statement Dec. 31
accts. secured
10,999
Assets1934
1933
1934
1933
Cash
620,999
312,021
Bonds and stocks.$5,720,532 $4,958,929 Unearned prems_$2,140,358 $1,984,652
Notes & accounts
Cash on hand and
Reserve for losses.. 3,015.104 2.892,011
receivable
444,219
443,145
in bank
1,063,981
712,849 Res, for commis'ns 236,149
202,033
Cash stir. val. Ins_
205.919
166.955
Premiums in course
Res.for oth.claims 195,100
171,075
Inventories
1.683,363 1,826,845
of collection_
1,116,659
945,842 Capital
1,000,000
800,000
Invest. In land and
Interest accrued
31,491
27,629 Net surplus
1,350,775
602,985
Mints.. Seattle_
63,668
64,023
Oth, admit. assets
4,822
7,507
Total
$4,669,603 $4,575,457
Total
$4.669,603 $4,575,457
a After depreciation of $711,117 in 1934 ($701,056 in 1933). b
$89,011 appropriated by purchase of A. M. Castle & Co. stock. Of which
c Represented by 5,503 shares in 1934; 5.760 shares in 1933. d Of which $84,202 is
restricted representing stock held in treasury.
-V. 140. P. 794.
Catalin Corp. of America-Earnings
Calendar YearsProfit after deprec. & other charges
but before taxes
Assets
Cash
Accts. receivable..
Notes receivable._
Inventories
x Mach.& equip_
Prepaid rent & ins_
Synthetic resin_
Promos patents &
good-will
Investments
Adv. to Catalin
corp. of Can..
Ltd
1934
3260.154
383,539
1,300
-Central Ohio Light & Power Co.
-Accrued Dividend 7
The
1933
1932
$97,838
$64,802
Balance Sheet Dec. 31
1934
1933
Liabilities-1934
$63,967
$49,266 y Capital stock_ - $536,814
190,841
129,892 Accounts payable..
68,778
9,548
5,887 Trade accept. pay_
18,498
94.069
76.709 Loans due stkldrs_
296,888
165,608 Surplus
423,818
4,400
2,606
6,000
1933
$536,814
67,602
14,418
11.733
182,458
375,756
1,300
3,355
$1,047,907 $813,025
Total
Total
$1,047,907 $813,025
After depreciation of $99,990 in 1934 and $71,046 in 1933. y Repro-V.139, p. 2671.
sented by 536,892 shares.
Total
57.937,486 $6,652,756
Total
$7,937,486 $6,652,756
Note
-In order to show relative comparisons, statements for both years
are based on actual market value of stocks and amortized value of bonds.
If market value of bonds were used for 1934 the assets and surptauld
,
be increased by $129,598.
4
,...E
directors have declared a dividend ot $1.50 per share on the $6
cumulative preferred stock. payable Feb. 28 to holders of record Feb. 18.
This represents the regular quarterly dividend due Sept. 1 1934, leaving
the Dec. 1 1934 and March 1 1935 dividends unpaid.
-V. 139. p. 3960.
Central National Corp.
-Earnings
Years Ended Dec. 31Income from interest, dive., commissions, &c
Expenses
State franchise tax.
Federal capital stock tax
Remainder
Net realized profits on security transactions
1934
579,797
84.183
2,039
2,000
1933
5111.435
103,137
1,902
2.275
loss$8,425
32,370
$4,121
72,335
Net profit
Previous balance
$23,945
63,847
$76,455
12,392
Total surplus
Adjustments
Provision for reserves
$87,792
1,344
$88,847
386,448
363,847
Surplus Dec. 31
25.000
I
C..._
Financial Chronicle
966
Balance Sheet Dec. 31
Assets1934
1934
1933
LiabilitiesCash
$148,814 $101,303
Securities
.1,884,844 1,832,695
pur. & accts.pay. $30,841
Treas. stk., el. A.
Deferred credits_
4,910 abs. (cost) 293,174
293,174 b Class A stock___ 1,000,000
Accts. & notes rec.
137,500
116,229 c Class B stock___
40.354
Furn. Re- fixtures
6,772
7,208 Capital surplus___ 9,125,213
Accels & def. debt.
86,448
6,043
5.085 Undivided profits_
Total
$2,380,002 $2,355,695
a This item comprises.
Chicago Mail Order Co.
-Earnings
1933
$25,513
3,622
1,000,000
157,500
1,125,213
63,847
$2,380,002 .2,355,695
Total
% of Tota
Book
Capital
Value
$1,663,780
70.8%
1.1
27,125
8.3 o
193,939
80.2%
$1,884,844
The aggregate market value of these securities as of Dec. 31 1934 was
$6,406 in excess of the above.
Represented by 50.000 no par shares. C Represented by 55.000 no par
shares.
-V. 138, p. 686.
Common stocks
Preferred stocks
Bonds
Chain & General Equities, Inc.
-To Vote on Merger
The stockholders will vote Feb. 18 on an agreement of merger, dated as
of Jan. 21 1935, providing for the merger of Chain St General Equities, Inc.
and Interstate Equities Corp.. with Equity Corp.
Proposed Basis of Merger
Eachishare of stock of Chain & General Equities, Inc. and Interstate
Equities Corp. (except such shares as are owned by Equity Corp. and (or)
Chain &fGeneral Equities, Inc.) is to be converted into shares of Equity
Corp., the continuing corporation subsequent to the proposed merger, and
each share of stock of Equity Corp. outstanding is to remain outstanding,
aslindicated in the following table:
Shares of Equity Corp.
After Merger
Shares of Shares of
of Corn.
$3 Cone.
Stock
Pref. Stock
Chain & General Equities, Inc.
-Each 1 share 6 %
cumul. cony. pref. stock and accrued dividends is
to receive
1
Each 1 share common stock is to receive
Interstate Equities Corp.
-Each 1 share $3 cumul.
8-10
cony. pref. stock and accrued diva, is to receive
Each 1 share common stock is to receive
-5
5
Equity Corp.
-Each 1 share $3 cony. pref. stock Is
to remain
1
Each 1 share common stock is to remain
Report for Year Ended Dec. 31 1934
William B. Nichols, President, says:
In valuing the assets of corporation for the statement of asset value first
given below all securities owned were valued at the closing prices on Dec. 31
1934, provided there was a sale on that date. When no sales occurred on
that date, values were taken at the last sale made in December or at an
estimated fair value. On the above basis of valuation, the net asset value
of corporation's preferred stock outstanding as of Dec. 31 1934, was $80.49
per share, before deducting accumulated unpaid dividends. On the basis
of taking corporation's holdings of Interstate Equities Corp. stock at the
net asset value applicable theretograther than market), the net asset value
of corporation's preferred stock outstanding as of Dec. 31 1934, was $72.25
per share. As of Jan. 15 1935 the corresponding asset values per share of
preferred stock based on company figures were $67.80 per share and $71.35
per share respectively. The common stock had no asset value on either
basis at either date.
Statement of Income and Expenses 12 Months Ended Dec. 31 1934
Dividends and interest earned
$5,380
Expenses
12.985
Excess of expenses over income
$7.605
Notes
-The loss on sales of securities and securities written off has been
period in the amount of $333,242.
charged to capital surplus during the
The unrealized depreciation on securities owned (excluding investments
iniaffillated companies) based on market quotations or estimated fair value
In the absence thereof has been decreased during the period by $386,285.
Balance Sheet Dec. 31 1934
LiabtlatesAssets
$47,982 Accounts payable and accrued
Cash in banks
88,562
expenses
$2,446
Securities owned
cumul.cony. pret.stock y1,431,600
I Investments in affiliated cos. 2,092,696 6
Common stock (par 10c.)
62,720
Capital surplus
1,014,944
Unrealized depreciation (net)
on securities owned
Dr282,470
$2,229,240
Total
$2,229,240
Total
at cost: Preferred stock (17,533 shares,
x Interstate Equities
Corp..
par $50), $463,185; common stock of $1 par value, 718,617 shares (57.49%
of outstanding common stock), $1,439,511; General American Life Insurance Co. 4,750 shares of capital stock (an interest of 9.5%), at cost, which
In the opinion of officers, is not in excess of fair value, $190,000. y Unpaid
accumulated dividends at Nov. 1 1934 amounted to $23.625 per share.
-V. 139. p. 2824.
Chain Store Investors Trust-Organized
This corporation has been organized under the laws of Massachusetts as
an investment trust specializing particularly In the securities of chain store
and merchandising companies. Approximately 50,000 no par shares are
to be offered for sale at $20 per share.
Trustees are: Paul Dudley Childs, Richard C. Curtis, J. Amory Jeffries,
Benjamin A. G. Thorndike and Henry M. Williams Jr. ("Boston News
Bureau").
diately
-Chris Corp.-Liating-of-StrarexThe Securities and Exchange Commission has ordered, effective Immotlia application of the corporation for the registration on the N w
York Curb Exchange of 100,000 shares of $10 par value common stock
V.139, p.3961.
Chicago City Ry.-Interest Payment
The /First National Bank of Chicago has been authorized to pay the
Feb. 1 interest on the first mortgage 5% bonds of the Chicago City Ry.
and on the first mortgage 5% bonds of the Calumet & South, Chicago Ry.
Co.
-V. 139, p. 2516.
i
-Accumulated Dividend- t4
Chicago Corp.
The directors have declared a dividend of 25 cents per share on acco
offaccumulations on the $3 cum. cony. pref. stock, no par value, payable
March 1 to holders of record Feb. 15. A similar distribution was made
infeach of the eight preceding quarters. In addition a dividend of 50
cents per share was paid on Dec. 21 last.
Accumulations after the payment of the March 1 dividend will amount
to $1.75 per share -V. 140, p. 471.
-Chicago & Eastern Illinois Ry.-Reorganization Hearing
Postponed
The Interstate Commerce Commission has granted a request of the
company for postponement of a hearing on a proposed plan of reorganization to April 15 from Feb. 5.-V. 140, p. 705.
Chicago Indianapolis & Louisville Ry.-Earnings.•
1931
1932
1934
1933
- December railway
$614,785
$793,611
Gross from
Net from railway
Net after rent
From Jan. 1
Gross from railway
Net from railway
Net after rents
-Ir. 140, P. 140.
Feb. 9 1935
$618,864
161,505
488,726
$575,582
159,750
37,811
194,135
101,019
168,301
3,901
7,427,499
1,259.186
119,800
7,228,716
1,483.659
def21,083
7,916,338
1,458,923
def111,763
11,054,802
2,256,743
177,314
PeriodNet sales
Net profit before depreciation and Federal taxes
Write off of physical facilities
Provision for Federal taxes
Years Ended
Dec. 29 '34 Dec. 30 '33
$18,972,012 $17,973,004
366,740
906.360
108.439
99,805
40,000
109,000
$697,554
1,515,524
Surplus
Dividends declared
$218.300
1,293,360
3,863
$2,213,078
Dr519,272
Net profit for year
Previous surplus
Surplus adjustment
$1,515.524
81,693,808 $1,515,524
Comparative Balance Sheet
LiabilitiesDec. 29'34 Dec.30'33
AssetsDec. 29'34 Dec.30 '33
Accounts payable_ $259,031 $306.396
Cash on hand and
173,091
In banks
$610,429 $272,065 Dividends payable
52,955
50,000
U.S. Govt. bonds_ 2,286,413 1,173,393 Notes payable____
516.915
324,723 Other accts. curr't 691,965
Postage stamps_
240.083
95,500
131,161
117,378 Reserves
Accts. & notes rec_
167,039
1,730,905 1,730,905
Inventories
1,523,270 2,378,331 Capital stock
1,060,964 1,069,064
155,566 Capital surplus
Deferred expenses_
175,285
1,693,808 1,515,524
866,704 Earned surplus
Capital assets_
797,404
Final surplus
Total
$5,799,924 $5,288,160
-V. 140, p. 635.
Total
$5,799,924 $5,288,160
Chicago Railway Equipment Co.
-New Directors
E. D. Shumway and Forrest C. Donnell have been elected directors, to
succeed Henry W.Price and Paul Willis, both deceased. E. T. Walker, Jr.,
-V. 138, p. 1402.
has been elected Assistant Secretary of the company.
Chicago Rock Island & Pacific Ry.-Interest on Underlying Bond Issue
The trustees have been authorized by the Federal Court to pay coupons
due Jan. 1 1934, on the Choctaw & Memphis first mortgage 5% gold bonds
due Jan. 1 1949. Payment was made Feb. 5, and included interest on the
-V. 140, p. 795.
over-due coupon amounting to $1.37 on each $25 coupon.
Cincinnati New Orleans & Texas Pacific Ry.-Earns.
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.
1934
$937,143
377,544
340,473
19:13
$828,645
296,100
210,492
1932
$789,255
208,398
102,706
1931
$918,064
268,569
263,828
12,272,002
4,435,154
3,257,307
11,622,730
4.572,587
3,354,223
10.126,102
2,275,019
1,737,111
14,388,299
2,837,473
2,046,108
-Earnings
Cluett, Peabody & Co., Inc. (8c Subs.)
1934
calendar YearsGross operating profit__ $1,134,937
202,525
Other income
1933
$993,521
93,247
1932
$91,015
113,326
1931
$981,431
94,658
$1,337,463
208,466
135.900
463,271
$1,086.767
207,106
103,840
267,100
$204,341
193,302
17,750
265,040
$1,076,089
192,362
91,217
238,692
$508.722 loss$271,752
249,714
238,823
188,491
284,836
$553.818
277,679
576,423
Total income
Depreciation
Provision for taxes
Other charges (net)
Net profit
Preferred dividends_
Common dividends
Surplus
Previous earned surplus_
Profit on sale of miscellaneous investments
Prior res. not used
Disct, on pref.stock red
$529,824
237,948
188,291
$103,586
3,870.729
$81,408 def$806.302 def$300,284
5,128,297
3,473,062
4,398,326
113,928
197,983
229,326
Total earned surplus
$4,286,226
Reduc'n to mkt. val. and
loss on sale of miscell.
Invest. & sundry other
adjustments
Prov.for undeterminable
market changes applic.
to inventories
192.000
Miscoll. adjustments__ _
1.674
Prov. for possible loss on
breign exchange
$3,789,960
$3.592.023
$4,828,013
35,132
138.685
294,062
Cr115,900
Cr19.724
135.624
6,164
Earned surp. Dec. 31. $4.092.551 $3,870.728 $3,473,062 $4,398.326
Shares of corn. stock out190,491
188,291
standing (no par).....
188,201
189,091
$1.44
Earnings per share
$1.40
Nil
$1.55
Balance Sheet Dec. 31
Consolidated
1933
1934
1933
1934
LiabilitiesAssets2,506,193 2,624,771 bComnion stock__ 3,742,005 3,742,005
cReal estate
Preferred stock___ 3,800,000 3,800,000
pat. rts..
trade names,&c.
1 Notes payable_ _
1
750,000
Cash
894,999
782,775 Accounts payable
361,041
& aeon liabilities 351,161
Bank ctfs. of dep
175,000
108,627
Accrued taxes_ __ _
180,593
U. S. & Can. Gov.
59,570
778,901 Pref. diva. payable
59,483
securities
aAccts. receivable 2,634,572 2,227,143 Surplus
4,092,551 3,870,729
216,825
Misc. investments 225,536
Merchandise
6,074,395 4,531.742
182,582
152,301
Deferred charges
457,514
452.514
dTreasury stock._
Total
12,075,793 11.941,973
Total
12,975.793 11,941,973
a After deducting reserve for cash discount and bad debts amounting to
in 1934 and $78,047 in 1933. b Represented by 192.391 shares of
$83,521
no par value. c After depreciation of $4,173.863 in 1934 and $3,945,061
In 1933. d Represented by 3,960 shares of $100 par preferred stock in
1934 (4,010 shares in 1933) and 4,100 no par shares of conumon stock.
To Change Meeting Date
The stockholders at the annual meeting to be held Fob. 27 will consider
changing the annual meeting from the fourth Wednesday in February to
-V.140. p• 796.
the second Wednesday In March.
-Board Changed to
Columbia Gas & Electric Corp.
Eliminate Inlet locking Directorates
Floyd L. Carlisle, George H. Howard, II. C. McEldowney, William C.
Potter and Harold Stanley resigned on Feb. 7 as directors of this company.
and four new directors were elected, resulting in a reduction in the board
to 19 members.
The new directors are Edward W. Edwards, Harry A. Wallace, Douglas
M. Moffat and James M. Simpson.
The purpose of the resignations and the election of business men in the
territory served or of executives of major subsidiaries to replace the investment and banking Interests is to leave the distinct holding companies
without interlocking directorates, in pursuance of a policy adopted many
months ago.
-V. 139. p. 3151.
-.
--4' %.-Larger Dividend
.----- Columbian Carbon Co.
The directors have declared a dividend of $1 per share on the common
(v. t. c.) stock, no par value, payable March 1 to holders of record Feb. 15.
This compares with 85 cents per share paid on Dee 1 and Sept. 1 1934. 75
cents per share on Juno 1 '934. 50 cents distributed each quarter from
March 1 1933 up to and including March '934, and on Nov. 1 and Aug. 1
1932, and 75 cents per share paid on May 2 and Feb. "932. In addition
last, and a
a special dividend of 20 cents per share was paid on Dec. 24140, p. 472.
dividend of 25 cents per share was paid on March 1 1934.-V.
Volume 140
Financial Chronicle
'Columbian National Life Insurance Co. (Boston)
Resumes Dividends
A dividend of $2 per share was paid on the common stock on Feb. 4 to
holders of record Feb. 1. This is the first payment made on this issue
since a semi-annual dividend of $4 per share was paid on Feb. 3 1934.
-V. 139, p. 1702.
Commercial Investment Trust Corp.(& Subs.)
-Earns.
1934
d1933
1932
1931
Calendar Years
a Volume of business__ _779,749,248 475.884,330 317,397,520
Net service and comm__ 28,838,441 18,383,361 _14,734,177 374,093,766
18,029,147
Operating expenses
10,232,663
7.726.333
7,494,539
7,730,215
Int. on curr. indebt
1,509,150
Operating profit
17,096,628 10,657,028
7.239.638 110,298,931
Miscellaneous income__ _
88,476
145,329
331.060
406.737
Total income
17,185,104 10,802,357
7,570,698 10,705,668
Interest
1,015,355
1,551,047
1.237,420
2,138,338
Taxes
2,433.479
1,276,600
613,503
1.012,332
Prov, to write-dow-n invest. in afil. co
400,000
Net inc. applic. to min.
int. of affilicated co
1,693,135
500,315
Net profit
11,643.135
7.474,394
5,719.776
7,554,998
7% pref. dividends
63.827
259,863
271,719
6 y1% prof. dividends_
69,989
297,109
338,945
b Serial pref. stock divs_
839,572
851,582
1,044,976
1,778,682
Common dividends
5,358,731
3.770,736
4,036,201
4,066.928
Surplus
5,444,832
2,718,260
81,627
1,098,724
Total surplus
47,689.623 45,693,861 41,559,205 41,641.747
c.Earns. per sh. on corn_
$5.50
$3.42
$2.54
Includes foreign subsidiaries. b Includes stock $2.04
diva. as follows:
1934,$447: 1933,$64: 1932. $139; 1931,
outstanding during year. d Includes $354. c Figured on average amount
Universal
sidiary companies only from April 16 1933 to Dec. Credit Corp. and sub31 1933.-V. 140. p. 796.
Connecticut Coke Co.
-Bonds Called
-
A total of $336,000 1st mtge. 5% gold bonds,
for redemption as of March 1, next at 103 and series A, have been called
interest. Payment will be
made at the Union Trust Co. of Pittsburgh,
trustee, Pittsburgh, Pa.
-V. 138, P. 326.
Consolidated Gas Co. of New York-Merger
to Stockholders-Unification to Come Up at AnnualProposed
Meeting
Feb. 25
The company in notices sent Jan. 31 of its annual
meeting of stockholders
on Feb. 25, announced that there will come up
for consideration a proposal
for merging the gas, electric and steam
companies of the system into one
company.
...The unification is expected by the company to
result in lower operating
costs, and in increased efficiency, and is one of
the
the so-called Washington plan for progressive steps in connection with
by'Floyd L. Carlisle, Chairman of the board. rate reductions proposed
enactment of certain essential legislation by theIt is dependent upon the
present Legislature with
regard to minority interests.
ouThe Washington plan can be adapted to the
states, "in such a way as to provide progressivesituation here, the company
of substantially increased uses of service. It is rate reductions as the result
tion of the plan be facilitated by immediate proposed that the inaugurarate reductions and changes
in the form of rates."
As to taxes, the company states that "operating
taxes for 1935 are estimated as about 40% more than in 1933.
These figures are based on the
assumption that taxes already imposed are enforced
against our companies.
The end of increases in operating taxes for
to be yet in sight. The City of New York our companies does not appear
a tax on transformer vaults, and there is has recently undertaken to levy
on payrolls for social security for workers. a proposed Federal or State tax
,
present suggested, would add $1,000,000 A 131% tax on payrolls, as at
to the expenses of operation.
"In Washington, where lower
have been stated to amount, for rates have been realized, operating taxes
In New York City, where such 1934, to about 113,1% of gross revenues.
rate reductions as our companies would
like to make have been practically barred
taxes, the 1935 operating taxes have been by the groat burden of increased
basis of 1934 revenues. This difference estimated at about 22%, on the
,
amount, in the case of our companies, bewteen 22% and 1131% would
insure a very large rate reduction if to about $26,0160,000, which would
this great disparity in tax burdens
were removed.
-V. 140, p. 796.
Connecticut Power Co.
-Annual Report
-
967
Income Account for Calendar Years (ConnecticutPower Co. Only)
1934
1933
1932
1931
Elec. & gas oper. rev_.... $3.461,072 $3,395.260 $3.381,748 $3,640,769
Operating expenses
1,936,997
1.890,854
1.894.543
2.012,250
Retirem't res. accrual
369.000
366.000
365,000
359.000
Taxes
282,379
241,930
223,506
240,180
Operating income_ __ _
$872,696
$896,476
$898,699 $1,029,339
Other income
895,053
899.064
916,451
875.984
Nal •
Total income
$1,767,749 $1,795,540 $1,815,150 $1.905,323
Int. chgs.. amort , &c
141,821
151,644
141,323
146,554
Net income
$1.625,927 $1,643,897 $1,668,596 $1,764.000
Common stock divs
1.639.267
1.639,223
1,642.557
1,640,385
n's
Balance to surplus__
def$13,339 . $4,674
$121,442
$28,211
Net direct chgs. to Burp_
1,404
1,3931
1.760
2.248
Surplus Jan. 1
1,716,677
1,719,948
1,690,226
1,571,032
Surplus Dec.31
81,705,215 $1,719,948 $1,716,677 $1,690,226
Condensed Balance Sheet Dec. 31 (Company Only)
1934
1934
1933
Assets
Liabilities
Fixed capital
12,457,072 12,321,355 Common stock_ ..16,498,775
Invests.in affil.cos. 8,993,040 8,993.020 Prem. on stock... 3,131,111
Miscall.invest__ _ _ 3,254,260 3,254,600 Bonds
2,140,500
Sinking fund
1,018
Notes payable_ _ _ _
Misc, spec. funds_ 180,549
Accounts payable_ 121,799
180
Cash
127,126
31,510
122,503 Mina. liabilities_
Notes & accts. rec. 428,051
419,741 Taxes accrued_ __ _ 184,260
Int.& drys. rec_
151,034
22,387
200,959 Misc. & accrd. Int.
Maths & supplies_ 158,717
151,997 Adv.from Minxes. 775,000
Prepayments
22,339
8,912
13,546 Unadjusted credits
Adv. to affil. cos
1,730.587
470,000
465,000 Reserves
Unamortized debt,
1,705.215
Surplus
disc. & expense_
34,646
36,206
Unadjusted debits
96,898
61,037
Work in progress__
2,161
7,419
Total
26,363,484 26,228,233
-V. 140, p. 636.
Total
1933
16,498,675
3,131,091
2,209,500
200,000
129,807
29,741
182.576
33,060
550,000
20.208
1,523,627
1,719,948
26,363,484 26,228,233
Consolidated Cigar Corp.(& Subs.)
-Earnings
Period End. Dec. 31-- 1934--3 Mos.-1933- 1934--12 Mos.-1933
Net profit after deprec$497,779
$778,217
$224,084
$288,518
Federal taxes, &a_ _ _ _
NU
$0.26
$0.12
Earn, per sh, on common
$0.44
--v. 139, p. 2826.
,
Wg114 t.C.
---apposes Plan'
‘ Consolidated Gas Utilities Co.
----A letter has been sent to holders of the 6j4% convertible de ntures
company by Gaston F. Raime, independent representative of boqdthe
holders, advising holders that have deposited with the Diefenbach cona- ,
mittoe that they have the right to dissent from the amendments to the ' I'
deposit agreement and to withdraw the debentures which have been deposited.
He said that no plan of reorganization has yet been proposed to the court
as required by law. Mr. 'Jaime asked holders to accept the Independent
plan of reorganization dated Oct. 22 1934.--V. 140, p. 473.
Consum;is
:
ChiCagn=r7': C...WarraTtt7Off List 2
-
-CO7,
-,
1...
The ChicagviSaa Exchange has approved the removal of 246,890 voting
trust certificate purchase warrants ,af the company due to their expiration.
-V. 140. p. 796.
Continental Can Co., Inc.
-Annual Report
-
The largest net earnings in its history are reported for 1934 by the company, the amount being $10,707,122 after deducting all charges, Federal.
State and foreign income;taxes and a $500,000,,contingency reserve. The
earnings. which are equivalent(to $4.02 a share on 2,665,191 capital shares
outstanding at the year end, after payment of the 50% stock dividend in
October 1934, compare with similar earnings in 1933 of $7,547.401. or $4.31
a share on 1,750,934 capital shares then outstanding.
Consolidated Income Account for Calendar Years
1932
1931
1934
1933
Operating profit
d$15,487,253 $10,762,428 $7,623,872)
Dividends & int. rec., or
1 Not stated
accrued, &c
471,398
510.368)
F538,503
Consolidated Income and'Expense Statement for
Calendar Years
Net earnings
$15,958,651 $11,300,931 $8,134,240 $8,839,454
[This statement includes the revenue
and expenses of Connecticut
Interest paid or accrued_
Power Co., Manchester Electric Co.,
100,430
146.217
18,395
Depreciation
Union Electric Light & Power Co.. Stamford Gas & Electric Co. and
62,438,612
2,385,134
2,343,701
2,318.755
together with its subsidiary, New
Prov, for invent, price
Hartford Electric Co. Inter-company
transactions eliminated.]
decline or oth. conting
500,000
1934
1933
Res. for Fed. inc. taxes_ 2,212,486
1,350,000
825,000
850,000
1932
1931
Elec. & gas oper. rev_ _ _ $6,621,876
$6,467,063 $6,550,858 $6.989,368
....zo,........a
Operating expenses
3,653,626
3,559.568
$10,707,123 $7.547,402 $4,819,322 $5,670,699
M Net income
3.611.749
3.810,125
Retiremyt res. accruals
638,323
626.047
Common dividends
3,690,405
3,899,540
4.331,592
627,818
5.326,732
659.236
Taxes
662,496
604,771
602,565
610,782
Surplus
Operating income_ _ _ _ $1,667.431
$919,782 $1,339,107
$5,380,391 $3,856.997
$1,676,677 $1.708,726 $1,909.222
Previous earned surplus- 20,600,767 16,711,388 17,096,959 16.157.852
Other income
139.394
146.185
145,746
Adjust. of divs., bonus &
148,158
Gross corporate inc_ _ _ $1,806,825
int. on cancel, of sub$1.822,862 $1,854.472 $2,057,381
Int. chgs., amort., &c__
scrip. under stk. sub151,757
161.170
168,944
186,157
scrip. plans & divs. on
Bal,for corn.stk,diVS.
cos. stock held
240
32,382 11111 194,647
and surplus
Common stock divs__ _ _ $1,655,068 $1,661,692 $1.685,527 $1,871,223
1,645.742
1,645.694
$25,981,398 $20.600,767 $18,211,388 $17,496,959
1,647,229
1,649,616 ' Total surplus
Res, to write-down book
Balance to surplus__ i$9,326
$15,998
$38.298
val. of mtges., sec.. &c
$221,607
Net direct chgs. to sun).
1.500,000
350,000
26,354
*77,183
21,258
Approp.for unemploym't
Surplus as of Jan. 1
5,375
2.144.207
2,205.392
2,188,352
relief
1.972.119
50,000
Surplus, Dec. 31
Prop. of 50%Lstk. city.
$2,127,179 $2,144,207 $2.205.392 $2,188,351
chgd. to earn. sum_ ..c12,000,000
*Incl.$69.000 of unusual charges for previous
years.--Stam. G.& E. Co.
Plans to Reduce Electric Rates-Samuel
'Earned surplus
$13,981,398 520.600,767 $16,711,388 $17,096,959
Ferguson, Chairman, says there
are two reasons for believing the coming year
Shares corn, stock outwill see the greatest decrease
In the price of electricity in the history of the company,
standing ($20 par)-- _ 2,665.191
1.750,934
1.733,345 a1,732.985
lie says:
"The use of Federal funds to popularize
Earned per share
$4.02
$4.31
electric appliances in the Tennessee Valley area will have an indirect effect
a Shares of no par value. b Includes depletion. c In addition. $5,767,:
in lowering their price and in
popularizing them throughout the whole country.
940 was charged to capital surplus. d After deducting $3,641,584 sell.,
The development of a
method of giving free kilowatt-hours
adv., gen. and admin, expenses and $575,385 prov. for doubtful notes
progress toward greater use and lower opens a new road for more rapid
and accounts.
rates.
"It is therefore possible at this time for
Immediate objective, an average price ofthe company to entertain, as its
3 cents per kwh. (this year it
Consolidated Balance Sheet Dec. 31
was 5.7 cents)."
1934
1933
1934
1933
AssetsConsolidated Condensed Balance Sheet Dcc. 31
$
Liabilities$
$
$
aReal est., bidgs.,
bCapital stock _ ..53,303,820 35,018,680
1934
1933
1034
1933
machinery, &c_ _41,990,709 40,150,399 Par, money mtge.
f Assets6,840
7,380
$
$
Liabtlittes-$
$
Investments
3,919,283 2,954,930 Accounts payable_ 2,271,736 1,536,281
Fixed capital
22,813,177 22,471,964 Common stock. _
Inventories
18,661.700 18,881,890 Accrued wages,
Miscall. in vest _... 3,646,770 3,648,711 Prem. on stock _ _ _16,563,425 16,563,325
_ 2,068,876 2,068.876
Accts.receivable_ _19,305,721 (5,791,554
Sinking fund
taxes, &c
3,033,039
1,018
570,413
327 Bonds (less treas.
Notes receivable..!
13.785,118 Reserve for taxes_
Misc, spec. funds_ 197,494
196,629
bonds)
2,154,500 2,223,500
U. S. Govt. seem% 6,680,000 1,060,000 Other reserves.... 866,640 1,486,415
Cash
285,696
100,000
352,526 Notes payable__ __ 250,000
350,000
Cash
8,298,780 7,554,512 Earned surplus_ _ _13,981,398 20,600,767
Notes & accts. rec. 974,840
961,465 Accounts payable_ 362,628
357,841
Accr. int. & dIsct.
40,225
100,810 Capital surplus_ ..15.877,505 21,486,845
Int.& clIvs. rec__ _
3,222
2,552 Miscall, liabilities_ 104.069
89.800
mails& supplies_ 520,304 444.634 Taxes accrued__ _ _ 400.510 416,352 Employees'subscr.
to stock
66,862
prepayments
16.530
23,069 Misc. & accrd. int.
23,126
34,341
Daps. with mutual
Unamortized debt,
Adv.from affil.cos. 775,000
550,000
insurance cos_ _ _ 213,463
192,920
discount & exp.
34,646
36,206 Unadjusted credits
30,900
23,689
Prepaid incur.. &c. 281.147
276,777
Unadjusted debits 206,079
150,532
Reserves
Work In progress._
3,614
11,982 Miscellaneous_ _ _ _
26.727
26,342
Total
89,391,028 80,815,781
Total
89,391,028 80,815,781
Contrib.for exten_
63,789
63,050
.'.After reserve for depreciation of $24,442.205 in 1934 and $22,852,378
Casualty & insur__
49,930
48,862
In 1933. b $20 par value.
Retirement
3,711,818 3,340,411
Surplus
2,127,179 2,144,207
New Director
M. S. Huffman of San Francisco has been elected a director succeeding
Total
''8,712,480 28,300,506
Total
28,712,480 28,340,598
G. Cran well, deceased.
-V. 140, p. 315.
Financial Chronicle
968
-Balance Sheet Dec. 31Continental Assurance Co.
1933
1934
1933
s
$
Liabilities$
1,116,382 Policy reserves___I5,339,921 14,138,787
704,238
1,376,836 Pending claim res_ 776,672
80,304
1,387,198 Prems. paid in adv. 118,858
255,791
Miscell. liabilities_ 292,176
250,000
2,888,419 Contingency res__ 250,000
1,000,000 1,000,000
1,179,165 Capital
2,176,077 2,254,209
4,567,973 Surplus
3,233,053
1,678,381
1934
Assets
Cash
1,384.690
U.S. Govt oblig 2,094,155
Other public bonds 1,415,682
Railroad, pub. utll.
& miscell. bonds 3,548,154
Prof. Sr guar.stocks 1,239,870
3,850,279
Mortgage loans
3.339,400
Polley loans
Real estate
1,900,190
Net def. & uncoil.
804.126
premiums
294,366
Accrued interest
82,791
Other assets
738,081
361,871
155,968
W Total
19,953,704 18,683,327
- 138, p. 1750.
V.
Total
19,953,704 18,683,327
-Earnings
Continental Baking Corp.(& Subs.)
Years EndedOperating profit
Other income
Dec. 29 '34 Dec. 30 '33 Dec. 31 '32 Dec. 26 '31
$3,963,037
280,529
Total income
$4,243.566 $4,905,850 $5.470.184 $7,648,059
215,759
257,311
110,625
Interest paid
104,345
2,562,554
2,164,387
Depreciation
1,751.303
1,797,863
39,221
Loss on equip, disposed of
555,000
309.000
241,000
Estimated Federal taxes
296,850
Net profit from oper__ $2,005,287 $2,802,922 $2,781,039 $4,273,194
Divs. paid & accr., min.
29,722
21,983
14,492
615
pref. stockholders..,_
4,034.138
2,862,346
1,714,110
Divs. on 8% pref. stock- 1,633,296
Balance,surplus
Earned surplus
- 139, p. 3806.
V.
$209,333
3,460,116
$371,376 $1,074,320 def$103,290
3,235.352
4.004,637
4,376,043
-Balance Sheet Dec. 31Continental Casualty Co.
1934
Assets$
1,446,886
Cash
U. S. Govt. obllg_ 2,287,792
Other public bonds 2,074,351
Rail., public util.,
Indus. & miscell.
4,955,029
bonds
Guar.& pref. stks. 2,390,015
2,646,862
Other stocks
Mortgage loans___ 521,875
1,581,284
Real estate
Prem. in course of
3,063,505
collection
161,565
Accrued interest
588,613
Other assets
1933
Liabilities$
1,225,674 Unearn. prem. res.
1,721,431 Pend.claim reserve
2,061,982 Miscell. insur. and
tax liabilities__
Conting. reserve__
5,021.141 Gen. contIng. res.
2,145,530 Capital
2,668,769 Surplus
733,524
1,431,952
1933
1934
s
s
7,301,883 7,199,804
7,765,970 7,076,040
1,174,652 1,112,687
500,000
500.000
500,000
500,000
1,750,000 1,750,000
2,725,274 2,464,987
Total
-Earnings
Crocker-Wheeler Electric Mfg. Co.
1934
Calendar Years$1,297,998
Gross sales
22,608
Returns and allowances
908,601
Coat of sales
346,209
Selling, administrative & gen'l exp..
1933
$937,815
14,599
718.769
256,388
1932
$653,699
41,772
616,777
352,244
Net loss-before depreciation, Sze_ _prof$20,580
Other income-rentals, discounts,
11,228
sundry receipts
$51,942
$357,093
13,417
15,128
Net profit
Depreciation, amortization
Interest charges
$31,808 loss$38,525 loss$341,966
71,549
79,797
77,287
7,516
7,889
7,718
Net loss
Surplus
-Dec. 31
$47,631
$70,633
$123,531
$118,264
$429,278
$241,795
Balance Sheet Dec. 31
1934
1933
Liabilities
1934
1933
AssetsCash
$89,036 $105,357 Bank notes parle_ $150,000 5150,000
5,000
5,000
239,145 Other notes parle
Accts.& notes rec.. 302.124
Merchandise
610,841 Accts. payable and
587,383
86,928
70.801
accrued expenses
Employees' stock
6,884 Y Capital stock___ 3,512,360 3,512,360
purchase oblig
5,559
70.633
118,284
Earned surplus__
Invest'ts, prepaid
exps. & expend.
75,044
68,268
on new products
I Land, buildings,
mach.& other eq. 2,772,551 2,819,154
Total
$3,824,921 $3,856,425
Total
$3,824,921 3,856,425
eciation
x After depreciation reserve of $1 365.913 in 1934 and $1,307.22:
y Represented by 290,500 no par shares.
-V. 139, P. 3963.
---Crum & Forster Insurance Shares Corp.
-Extra Di
3,048,018
184,282
361,215
21,717,779 20,603,519
Total
V. 138. p. 1750.
Feb. 9 1935
The Aviation Corp., in which company has a large investment, suffered a
severe set-back as a result of the cancellation of the air mail contracts of its
subsidiary, American Airways, Inc., Feb. 9 1934.
American Airlines, Inc., the company organized to bid on the temporary
air mial contracts authorized by the Air Mail Act of 1934, had to be segregated from the parent company on account of certain terms of this Act.
Consequently, the stock of American Airlines, Inc., has been trusteed for
the benefit of Aviation Corp. stockholders, and if a final distribution of
American Airlines, Inc., stock is approved by the stockholders of Aviation
Corp.. stockholders of the Cord Corp. will receive their pro rata share of
the American Airlines, Inc., stock distributed. American Airlines, Inc.,
In order to protect its large investment, has been forced to operate under
most unsatisfactory conditions since last May, awaiting the outcome of
the Federal Aviation Commission's report and recommendations for permanent legislation. This report has recently been made, and it is hoped
that a more constructive attitude towards the air transportation industry
will shortly result. For comparative tables of earnings and balance sheet.
see V. 140, p. 797.
21,717,779 20,603,519
-Resumes Dividend
Copperweld Steel Co.
The directors have declared a quarterly dividend of 12M cents per share
on the common stock, no par value, payable Feb. 28 to holders of record
Feb. 15. This is the first distribution to be made on this issue since Feb. 15
1931 when a quarterly dividend of 50 cents per share was paid. An initial
distribution of like amount was made on Nov. 15 1930.-V. 132, p. 4063.
-Earnings
-Craddock-Terry Co.
The directors have declared an extra dividend of 10 cents per shar in
addition to the regular quarterly dividend of 15 cents per share on the
class A and B common stocks, par $10, all payable Feb. 28 to holders of
record Feb. 18. Similar distributions were made on Nov. 30, Aug. 31 and
May 31 1934. Company made regular quarterly distributions of 10 cents
per share on these issues from Aug. 31 1932 to and incl. February 1934.
On May 31 and Feb. 28 1932, 20 cents per share and 25 cents per share
respectively, were disbursed. In addition an extra dividend of 10 cents
per share was paid on Feb. 28 1934.-V. 139, p. 2992, 925.
-Earnings
Curtis Publishing Co.
1932
Years End. Dec. 311934
1933
1931
Net profit after deprec.
Federal taxes
$5,906,325 $1,313,577 $5,567,905 $12,217,288
Shares of common stock
1,791,228
1,791,353
1,800,000
outstanding (no par)_ 1,790,630
Nil
Nil
Nil
Earnings per share
$3.29
-V. 139, p. 3638.
1932
1934
1933
Years Ended Nov. 30$7,544,265 $8,535,384 $10,425,727
Sales
561.408
668,276
708,605
Returns, allowances, discounts, &c
-New Comptroller
Delaware & Hudson Co.
6,555,962
8,604,721
5,699,490
Cost of goods sold
W. W. Cox has been appointed Comptroller succeeding the late II. D
1,125,193
1,713,852
1,666,969
Selling, admin. & general expenses
Chamberlain.
-V. 140, p. 797.
Installation and school expenses at
3,668
Farmville
-Bonds Called
"Denver Gas & Electric Co.
260,202
Provision for bad debts
A total of $52,450 general mtge. 5% gold bonds have been called for
750,657
Lost accounts and collection costs_
redemption as of May 1 next, at 105 and interest. Payment will be made
-V. 109, p. 176.
prof.$154,507
$662,907 $1,305,225
at the Chase National Bank, 11 Broad St., N: Y. City.
Operating loss
41,127
29,123
61,868
Other income
prof.$195,635
Loss
63,028
Other deductions
Provision for Federal and State income
12,000
taxes (estimated)
$633,784
482,316
$1,243,356
720,322
prof.$120,606
$1,116,101
$1,963,679
Net loss
Balance Sheet Nov. 30
Liabilities-1934
1933
1934
AssetsFirst pref. stock__$1,250,000
x Lit., bldgs., machin'y, eq., &c_$2,224,078 $2,337,884 2d preferred stock_ 1,250,000
99,457 Class A pref. stock 995,600
240,356
Cash
974,640 Common stock_ 3,251,400
Notes & accts. rec. y562,715
1,147,106 1,377,342 Notes payable__
Inventories
Accounts payable_
26,432
Cash sur. val. life
6,402
32,650 Cust, credit bal___
33,550
insur. policies
230,160 Accr'd royalties &
222,043
Investments
21,397
expenses
104,997
34,947
Other assets
129,146
109,370 Accr'd payrolls &
Deferred charges__
commissions _
22,359
Res. for Federal &
State taxes
12,000
Due wholly owned
subsidiaries
26,133
Res.for loss on idle
equipment
1,945
Res. for loss on future purch. commitments
Res. for pens. fds.
58,343
& contingencies_
2,328,071
Deficit
1933
31,250,000
1,250,000
995,600
3,251,400
886,960
110,439
67,654
20,000
5,000
41,108
2,611,660
$4,593,940 85,266,502
Total
Total
84,593,940 $5,266,502
x After reserves for depreciation and amortization of $1,911,348 in 1934
-V. 138, p. 1922.
receivable only.
and $1,877,947 in 1933. y Accounts
Cord Corp.
-Portfolio Changes, &c.
L. B. Manning, President, in his remarks to stockholders covering the
year ended Nov. 30 1934 says in part:
During the year company materially increased its holdings in the Auburn
Automobile Co. [A Chicago dispatch states: Corporation's portfolio as of
Nov. 30 1934. reveals that during 1934 it repurchased 33,740 shares of
Auburn Automobile Co.stock. On that date it held 37,691 shares, against
3,879 a year earlier. Corporation repurchased the bulk of its Auburn
holdings prior to May 31 1934. Its total net purchases from May 31 to
Nov. 30 1934, amounted to 3,301 shares.]
The New York Shipbuilding Corp., in which company has had a substantial interest since Aug. 2 1933, has made considerable progress during
the year on its construction work for the U. S. Navy, and during the
year received additional contracts for further naval work, which will take
27 months to complete.
As of Nov. 30 1934 company sold its Interest in Stinson Aircraft Corp.,
manufacturer of Stinson airplanes; Airplane Development Corp., manufacturers of Vultee planes; Smith Engineering Co., under whose patents
the Lycoming-Smith controllable pitch propeller for airplanes is manufactured and certain other patents and propeller manufacturing machinery,
tools, dies, jigs and fixtures. The sale was made to Aviation Manufacturing
Corp. for cash and shares of that company's common stock.
Deere & Co.
-Annual Report- •
William Butterworth, Chairman, says in part:
Sales during the year were more than double those of 1933, each month
showing an increase over the corresponding month of the previous year.
Collections also were better, there being an increase of about 50% over the
collections for 1933.
Total amounts due from customers decreased $3,372.433 during the year.
This reduction in the receivables was brought about by better collections
during the year, which were the direct results of better prices of farm
products and payments made to farmers under the Agricultural Adjustment Act. Reserves amounting to $6,341.047 are carried to protect the
company against possible losses or allowances on these receivables. These
reserves amount to approximately 18% of the total receivables.
Inventories increased $2.972,627 during the year.
Company had no banking indebtedness at Oct. 31 1934, and the total
liabilities at the end of the year amounted to $2,908,782.
Including the reserves deducted from assets in the balance sheet, the
company's total reserves at Oct. 31 1934, amounted to $35,712,687, an
increase of $1,561,419 as compared with the previous year.
Under the Business Corporation Act of Illinois which became a law on
July 13 1933. directors on July 31 1934 adopted a resolution canceling
341.425 shares of preferred stock and 73,640 shares of common stock owned
by the company and held in its treasury. This left the outstanding preferred
stock at 1,550,000 shares (par $20) or a total of $31,000,000. The outstanding common stock amounted to 1,005,000 shares of a stated value of
$20 per share or a total value of $20,100,000. Company still holds in its
treasury, uncanceled, 8,635 shares of preferred stock and 3,546 shares of
common stock at a total cost of $171,953.
During the year the company exchanged real estate mortgages held in its
pension fund for Home Owners Loan Corp. bonds to the amount of$418,075,
which bonds were on hand at the end of the year. Company also accepted
Argentine 2% treasury notes from its representatives in Argentina, amounting to $572,595, of which $553,508 remained on hand at Oct. 31 1934.
These notes are being paid monthly.
Consolidated Income Account Years Ended Oct. 31
1934
1933
1932
1931
$2,019,562 loss$2567090loss$3270872 $2,748.857
x Profit for year
976,708
1,300,386
Other income
1,201,846
1,344,521
$3,319,948 loss$1590382loss$2069027
Net profit
Depreciation
1.346,159
1,341,841
1,416,747
Prov. for Federal income
and other taxes
856,801
683,668
615,963
508,439
Adminis. & general exps.
565,709
609,327
Interest on notes payable
206,659
175,863
456,139
& sundry obligations..
$4,093,378
1,448,568
Net profit for year__ _
Previous surplus
$406,554
22,977,415
$379,734 loss$4335309loss$5167104
9.469,341 14,114,650 20.289.254
767,005
914,250
557,001
Gross surplus
$9,849,075 $9,779,341 $15,122,150 $23,383,969
1,007,500
2,196,250
310,000
Preferred dividends......465,000
(cash).._602,003
Common diva.
296,462
Common diva. (stock)_
Surplus end of year.... $9,384,075 $9,469,341 $14,114,650 $20,289,254
x After provision for cash discounts and possible losses in collection of
receivables and special reserve provisions for pensions and possible losses
from decline in market value of inventories, &c.
Financial Chronicle
Volume 140
Consolidated Balance Sheet Oct. 31
1934
1933
1934
1933
r AssetsLiabilities
$
5
$
c Property & equip17,049,357 19,208,798 Preferred stock_ __31,000,000 a31000,000
Investments
2,501,560
Common stock __g20,100.000 020069.600
d Notes & accts.rec28.440.77931.759,431 Dividends payable 155,000
77,500
e Inventories
13,412.871 10,918,511 Empl says dep... 981,409 1,108,079
f Co.'s stk.owned_
171,953
Accts. payable.__ 1.126,852
796,069
Pension fund Inv
2,202,184 2,325,225 Accrued taxes_ _ __ 645,522
443,841
Cash
3,539,621 2,538,909 Res. for group life
Deposits in closed
I nsur accid.combanks
928,352
892,666
pensat'ns & penCash deposit, with
4,119,709 4,156,086
sions
escrow agent_ _ _
270,117 Ites, for coining
275,000
1,598,832 1,598,832
Notes & accts. rec.
Surplus
9,384,076 9,469,341
of officers & employees
227,557
228,500
Deferred charges_
400.897
396,908
Total
69,111,400 68,719,351
Total
69,111,400 68,719,351
l'referred stock issued, $37,828,500; less in treasury, $6,828,500.
b Common stock issued, (1,078,468 shares, no par, at stated value of $20
per share), $21,572,800; less 76,160 shares of stock held in treasury, $1,503,200. c After reserve for depreciation of $18,975,052 in 1934 and
$17,801,740 in 1933. d After reserves for cash discounts, returns and
allowances, and possible losses in collection of $6,341.047 in 1934 and
$6.394,828 in 1933. e After reserve for possible losses of $4,678,047 in
1934 and $4,199.780 in 1933. f Represented by 8,635 preferred shares
and 3,546 common shares in 1934 (2,026 in 1933). g Represented by
1,001,454 no par shares.
-V. 140, p. 797.
Denver & Rio Grande Western RR-Abandonment
The Interstate Commerce Commission on Jan. 23 issued a certificate
permitting the company to abandon Its Tropic branch, which extends
from a connection with the Pueblo division at Oakdale Junction in a northwesterly direction to Tropic Mine, 1.95 miles, all in iluerfano County,
Colo.
-V. 140, p. 797.
Denver Tramway Corp.
-Earnings-Years End. Dec. 311934
1933
Total °per. revenue_ _ _ _ $2.741,140
Operating expenses (incl.
depreciation)
2,103.458
Taxes
292,612
$2,533,829
1932
$2,943,649
1931
$3,531,914
2,045,829
259.796
2,297.824
313,852
2,527.602
439.289
Not operating income_
Miscellaneous income__ _
$345,070
34,309
$228.204
37,818
$331.974
46,980
$565.023
47,467
Gross Income
Int. on underlying bonds
Int. on gen & ref. bonds
Amortization of discount
on funded debt
$379,379
129.775
269.799
$266,022
137.100
279,481
$378.953
151.600
291,526
$612,490
160,600
301,259
5,013
12.062
14,012
15.978
Bal, avail. for &vs__ def$25,208 def$162,621
def$78,184
969
sinking fund gold bonds whose claims have been or shall be allowed.
acceptance must be in writing.
-V. 130. p. 1658.
This
Devoe & Raynolds Co., Inc.(& Subs.)
-Balance Sheet
Nov. 30AssetsC Plant, equip., &c
Investments
Reacquired stock..
Federal and shortterm obligations
Cash
1st pref. stk. per,
sinking fund_
Notes receivable__
Accts. receivable_
Inventories
Prepaid insur., &c.
1934
1933
5
1 Liabilities$
3,241,305 3,278.758 a Cl. A corn. stock
• 248,776
273,510 b Cl. B coin. stock
e14,789 d104,715 1st pref. stock....
2d pref. stock ____
202,113
402,456 Accts. payable, kc
1,475,951 1,170,447 Prov. for Federal
income tax
68 Surplus
68
156,646
225,6d0
1,683,301 1,845,330
2,916,957 2,730,324
335,999
287.579
1934
1933
S
5
3,539,746 3,539,746
1,333,333 1,333,333
1,161,400 1,231,400
894,000
894,000
413,645
432.031
70,329
61.607
2,872,175 2,818,040
Total
10,275,906 10,318,879
Total
10,275.906 10,318,879
a Represented by 95,000 shares of no par value. b Represented by
40,000 shares of no par value. c After depreciation of $2,945,995 in 1934
($3,249,145 in 1933). d Represented by 752 shares of 1st preferred
stock at $66,459; 294 shares of 2d preferred stock at $23,980; 116 shares
class A common stock at $1,705, and 1,259 shares class B common stock
at $12,571. e Represented by 162 shares of 1st preferred stock at cost.
Our usual comparative income statement for the year ended Nov. 30
1934 was published in V. 140, p. 798.
Dividend Shares, Inc.
-Earnings
Earnings for the Year Ended Dec. 31 1934
Cash dividends
Expenses
$920.552
116.745
Net income, excluding security profits and losses
Balance of distribution account at Dec. 31 1933
$803,807
323,290
Total
$1,127,098
Deduct
-Amounts included in price paid for capital stock surrendered for purchase at liquidating value equal to the per
share portion of distribution account at time of purchase__
53.846
Less-Amounts included in price received on subscriptions to
shares of capital stock to equalize the per share amount
available for distribution on then outstanding shares
999
$134.654
Balance Sheet Dec. 31.
1933
1934
1934
1933
Asset ,
Liabilnies5
$
Prop., equip. &
Preferred stock _10,441,200 10,441.200
franchise
24,888,568 25,150,434 b Common stock &
Real est not used. 485,948
surplus
511.235
8,014,139 7,918,293
Sinking fund
140,709
131,660 Funded debt
7,422,800 7,748.100
Invest.& securities 208,741
421,587 Accts. & wages pay
86,929
71.058
Material & suppl
303,359 Matured int. and
276,737
Insurance prem. &
dIv. unpaid ___
. 138.520
145,779
taxes paid In adv
33,374
35.617 Accrued int. pay
32.092
34,867
Cash
885,456
700,256 Accrued taxes_
333,610
361,617
Special deps. for
Service liabilities
103,464
99,937
matured lot. _
141,455
Oper. & othei res. 595,287
589.063
Acced int. & accts.
Deferr. & suspend.
received
61,523
97,263
credit items
11,249
11,304
Deferr & suspend.
debt items
56,834
69,552
Total
27.179,346 27.420,963
Total
27,179,346 27,420,963
a After deducting depreciation. b Represented by 61.240 no par shares.
-V. 139. p. 2827.
Railway
,& Harbor Terminals Land Co.' Reorganizationeaf
t
Total surplus
$1,074,251
Deduct-Dividends declared on capital stock
1,012,344
-Amount thereof charged to surplus arising from sale of
Less
investments annexed
98,247
Balance applicable to quarter ended Jan. 15 1935, included in
earned surplus, annexed
$160,154
Surplus Account Year Ended Dec. 31 1934
Capital Surplus
Balance Dec. 31 1933
$15,782,555
Excess over par value paid to stockholders for shares of capital
stock surrendered for purchase at liquidating value (not including $53,846 charged to distribution account, annexed)_ _ _ 6,936,168
Excess over par value received on subscriptions to capital stock
(not including $999.17 credited to distribution acc't, annexed)
Cr90.153
Balance of capital surplus at Dec. 31 1934
$8,936,540
Earned Surplus
Arising from sales of investments computed by the application
of first costs against first sales: Balance at Dec. 31 1933
$25,414
Net profit for the year, less Federal income tax thereon
7.866,180
Reversal of excess provision in 1933 for cost of changing trustee_
14,290
Portion of dividend declared charged thereto
Dr98,247
Balance of distribution account, per statement annexed
160,154
Surplus at Dec. 31 1934
$9,904,331
x During the year there was a decrease in net unrealized appreciation of
investments, after providing for Federal income tax thereon, amounting
to $249,371.
Balance Sheet Dec. 31
1933
1934
1934
1933
Assets
Liabilities$
$
x Investm'ts, corn.
Accts. payable and
stocks (at cost)_12,029,111 20,525,192
accrued expenses
2,032
Cash in bank
1,219,733
590,036 Prov.for accr. exp.
.
97
Cash dive. receiv_
84,435
154,797 Capital stock (25
Amt. due on subs.
cents per share). 3,321,376 5,064,896
to capital stock_
4,596
Pay, for cap, stock
Reedy. for securs.
perch. for treas.
3,785
80,333
16,383
56,345 Prov. for Fed, cap.
sold, not deliv'd
Prepaid expenses.
5,448
stock tax
25,712
10,665
Deferred charges
17,886
Prov. for Federal
income tax
116,843
Prey. for transfer
stamp taxes_
42,632
Capital surplus
8.936,540 15.782,555
Earned surplus
967,791
348,705
William E. Devine, trustee, in a letter to the holders of the $300,000
1st mtge. 6 t % 15-year sinking fund gold bonds says in part:
Under date of Sept. 14 1934. by an order signed by Federal Judge Edward
J. Aloinet. of the OF. S. District Court at Detroit. William E. Devine was
appointed permanent trustee, pursuant to the provisions of Section 77-B
of the Federal Bankruptcy Act as amended.
Under date of Nov. 28 1934, William S. Sayres. special master, filed his
report on the plan of reorganization as amended. While the special master
found that the company was insolvent and that therefore it was unnecessary
to the confirmation of the plan that the consent of any stockholders be
obtained, he nevertheless found that it was fair and equitable to grant the
preferred stockholders a small interest in the new company, to the extent of
something loss than 2% of the stock to be issued by the new corporation.
Brief Outline of Amended Reorganization Plan
13,372,144 21,331,820
Total
Total
13,372,144 21,331,820
Briefly stated, the amended plan contemplates the organization of a new
corporation under the Michigan law. After paying from the assets on hand
x The aggregate market value of investments at Dec. 31 1934 was $15.
reasonable compensation and expenses as provided in the plan, and as
590.983 (Dec. 31 1933, $24.361,432).-V. 139, p. 2992.
detertnintx1 by the U. S. District Judge, and after transferring to the new
company not in excess of the sum of $3.000 in cash, to constitute an adequate
Dominion Stores, Ltd.
-Sales
reserve for taxes and other charges and expenses, the balance of all cash
4 Weeks Ended Jan. 261935
1934
1933
on hand or in bank will be distributed pro-rata among the holders of the
Sales
81,226,610 $1,373,111 $1.398,267
1st mtge. bonds. The entire remaining assets of the company will be
-V. 140, p. 315.
transferred by the trustee to the new corporation to be organized.
The authorized capital stock of the now corporation shall consist of 30.600
Durham Duplex Razor Co.
-20
-Cent Preferred Dividend
-4
shares of common stock (par $7.50), making a total authorized capital.stock The directors have declared a dividend of 20 cents per share on account
of $229.500. There will be no other class of stock.
of accumulations on the $4 cum. prior preference stock, no par value,
The surplus of such new corporation shall consist of the fair value of the
payable March 1 to holders of record Feb. 21. Similar distributions
assets so transferred to the new company over and above such authorized
have been made each quarter since and incl. March 1 1933, as against
capital stock, such determination to be based upon the appraisal made by
25 cents per share in each of the three preceding quarters and 50 cents
the appraiser appointed by the special master.
per share previously. After payment of the March 1 dividend accruals
The entire authorized capital stock will be issued to voting trustees, conwill amount to $14.45 per share.
-V. 139, p. 2827.
sisting of Lewis LeB. Goodwin of Detroit, Mich.; F. Morris Cochran of
Albion, Mich., and Walter II. Steere of Marquette, Mich. Mr. Goodwin
Durham Hosiery Mills-Earnings
represents interest in Detroit holding bonds of the old company; Mr Cochran
Calendar Years1933
1934
1932
represents Albion College, which holds a block of these bonds; and the
1931
Net income after deprec.
placing of Mr. Steer° on the voting trust was requested by a large number
and other changes_ _ _ _
$47,905
$157,894 •
$64,518
of bondholders in the northern part of the State.
$74,504
- 139, p. 2827.
V.
Voting trust certificates will be issued to the holders of the 1st mtge. bonds
of the old company and to the preferred stockholders thereof, in the following
Early & Daniel Co.(& Subs.)
-Earnings
proportions:
Holders of 1st mtge. bonds shall receive voting trust certificates repreYears Ended Dec. 311934
1933
senting shares of stock In the proportion of 100 shares for each $1,000 bonds
Net income
$121.824
$114,640
Earns, per sh. on 37,042 common shares
or a total of 30.000 shares of the authorized and issued stock of the now
$2.62
$2.43
corporation.
V. 139, p. 1866.
Holders of the 7% preferred stock (6.000 shares, par $10), of the old
Eastern Malleable Iron Co.
company shall receive voting trust certificates representing shares of stock
-New Pres. and DirectorsIn the proportion of one share of stock for each ten shares of 7% preferred
Leeis A. Dibble was elected President on Feb. 6, succeeding Charles L.
Berger, who was made Chairman of the Board, a position last filled by the
stock, or a total of 600 shares of the authorized and issued stock of the now
corportion.
late Howard B. Tuttle.
Holders of common stock (24.000 shares, no par value) of the old comJohn P. Elton, Clifford F. Hollister, Mark L. Sperry, Jr., Elton S. Wayland and Robert S. Walker were elected to the board of directors.
pany will receive nothing for the shares of common stock held by them.
-V.
136, p. 499.
The voting trust under the Michigan law is limited to 10 years. It contains restrictions against mortgaging or soiling the assets of the company
Eastern SS. Lines, Inc.(& Subs.)
-Earnings
or entering Into leases for a term longer than a period of three years in the
event that the holders of one-third or more in amount of the voting trust
- 1934
Period End. Dec. 31
-Month-1933
1934-12 Mos.-1933
certificates which are to be issued shall object in writing to any such proOperating revenue
$523.531
$478.610 $9.539.817 $9,239.850
posed mortgage, sale or lease. The voting trust further provides for the
Operating expense
604,165
600,829
8.544.633
8.046,384
removal of any of the voting trustees upon the affirmative vote of registered
Other income
2.544
2,970
22.539
48,737
holders of not less than two-thirds in amount ofsuch voting trust certificates.
Other expense
41,939
65.663
729.072
859.117
proposed plan or reorganization cannot be confirmed by the District
The
Judge or become effective unless and until it is accepted in writing by or on
Deficit
$120,029
$184,912
$288,651
$383,086
-year
behalf of the holders of two-thirds in amount of the 1st mtge. 63i% 15
- 140. p. 316.
V.
970
Financial Chronicle
Eastern Massachusetts Street Ry.-Orders Buses
The company has placed an order with Mack Motor Truck Co. of Boston,
a subsidiary of Mack Trucks, Inc., for 42 buses to cost approximately
$420,000. The new buses are of the pusher type,streamlined, with capacity
for 35 to 37 passengers each. Delivery is to be made within 60 to 90 days
-V. 140, p. 798.
Eight & Ninth Ayes. Ry.-Bus Grants Asked-/
Feb. 9 1935
gold bonds, with unpaid interest accrued thereon amounting to $326,000.
The report of the I.
-S. C. C.says:
These bonds, which constitute all the applicant's bonded indebtedness
outstanding, were issued during 1906 and 1907. 3104,000 having been issued
to retire outstanding bonds. $324,000 in part payment for construction of
the applicant's Rock Lake extension, and 310,000 to provide funds for making improvements. They were acquired by the Great Northern By.. which
in 1910 disposed of them to the Brandon. Devils Lake & Southern By.,
to which it also transferred at the same time all the shares of stock of the
applicant it then owned, consisting of 4.841 shares out of a total of 8,000
shares then and now outstanding. These bonds and the 4,841 shares of
stock are still owned by the Brandon, Devils Lake & Southern, all the stock
of which is owned by the Great Northern.
The bonds to be extended are dated July 1 1905. and bear interest at
the rate of 5% per annum, payable semi-annually on Jan. 1 and July 1.
and the mortgage securing them constitutes a lien on the applicant's entire
line of about 53 miles. The bonds matured July 31925. and the applicant
was then unable to pay the principal and has not been able to pay it since.
It is also in default in the payment of $326,000 of interest which had accrued
on them prior to July 1 1925. The applicant represents that it has not now
and in the near future is not likely to have sufficient funds available for
payment of the bonds, and that the statutory time limit for proceeding
under the mortgage to enforce their payment will expire July 1 1935, and in
order to postpone the necessity for such proceeding, an agreement for the
proposed extension of the bonds will be entired into between the applicant.
the owner of the bonds, and the First National Bank & Trust Co. of Minneapolis, successor trustee under the mortgage.
The proposed agreement will provide for the extension of the mortgage
under which the bonds were issued and of the maturity date of the bonds
to July 1 1936, and for the payment on or before that date of the $326,000
of interest accrued prior to July 11925. By the terms of the agreement the
holder of the bonds will waive and relinquish all claim or right to any interest accruing on the principal of the bonds between July 1 1925, and the
maturity date as extended. The bonds will be tendered to the trustee which
will endorse thereon a legend setting forth the terms of the extension.
-V. p. 0000.
The Eighth Avenue Coach Corp.. a new subsidiary of the New York
Railways Corp., filed with the Board of Estimate on Feb. 6 an application
-year franchise to operate buses over the street-car routes of the
for a 10
Eighth & Ninth Avenues By.
-cent transfers
-cent fare service, with 2
The bus company has offered a 5
between its lines and the crosstown routes of the New York City Omnibus
Comprehensive Omnibus Corp.
Corp. and the
In return for the franchise grant the company offers to the city 3%
of the annual gross revenue of the bus line, plus an immediate cash payment of $475,000, of which $75,000 would go to meet the cost of repaving
the streets after the street railway tracks are removed.
A recent agreement between the city and the Eighth & NinthrAvenues
By., under which the company is to surrender its perpetual trolley franchise
and the city to waive claims against the company aggregating about
$2,000,000, paved the way for consideration of applications for bus grants
covering the street car routes.
If the franchise is granted to the Eighth Avenue Coach Corp. it will
add about 16 miles to the bus network now planned by the New York
Railways Corp. Already one of its subsidiaries, the Madison Avenue
Coach Co., has begun bus operation over the old trolley routes on Madison
and Fourth Avenues. Another subsidiary, the New 'York City Omnibus
Corp., is ready to begin operation soon over some of the surface car lines
of the New York Railways system, as the first step in motorizing the
entire street car network.
Another step in the reorganization of the New York Railways system
to pave the way for its complete motorization was taken when Federal
Judge Robert P. I'atterson signed an order for the sale, at public auction
within the next 10 days, of all the lines of the Broadway & Seventh Avenue
RR., South Ferry RR. and "all railroads on Broadway between South----Federal Union Life Insurance Co., Cincinnati
Ferry and 15th St." The sale will be in satisfaction of alien of $6,603,106
Policyholder Asks Receiver Be Named
held by the Manufacturers Trust Co.as trustee of a consolidated mortgage.
An intervening petition has been filed in U. S. District Court at CinThe sale order fixed an upset price of 3500,000.-V. 140, p. 638.
cinnati by Charles Kelly KIPhart, a policyholder, chargeing that the
-Weekly Output
company has admitted its insolvency and inability to meet its maturing
Electric Bond & Share Co.
obligations through a proposal dated Oct. 30 1934, to Superintendnet of
For the week ended Jan. 31, the kilowatt system input of subsidiaries'of
Insurance Charles T. Warner, "whereby it proposed to load the reserve
American Power & Light Co.. Electric Power & Light Corp. and National
of each of its outstanding policies with a lien, without consideration, when
the corresponding week during 1934,
Power & Light Co., as compared with
agreed to by the policyholders." The court is asked to name a receiver
was as follows:
-Increaseand take over the assets of the company.
%
Amount
1934
1935
Fidelity & Deposit Co. of Md.-Balance Sheet Dec. 318,376,000 110
_84,711.000
American Power & Light Co_84.711.000 76,335,000
5.0
1,656.000
_34,801,000
Electric Power & Light Corp_ 34,801,000 33,145,000
1933
1934
1934
1933
AssetsLiabilitiesNational Power & Light Co_ _76,812,000 61,211,000 15,601.000 25.5
$
$
Bonds
-V. 140, p. 798.
,1
) 2,084,104 6,937,072 Reserve
Stocks
p
vefor-rems 5,809,642 6,082,452
Empire District Electric Co.-Consol. Bal. Sheet Sept. 30 Honie office bldg._ 2,357,300 5,241,832
6,121,721 5,860,968
2,417,300
1933
1934
Other real estate__
Taxess & *saps. In
'
1033
25,000
1934
Freels. In course of
Liabidtles712,567
692,115
transit
ssetscollection
1,868,871 1,914,933 Miscell. purposes_ 304,074
205,558
6% preferred stock 7,382,000 7,332,000
Public util. other
Reins, salvage due
Returns and advs.
prop. and Invest.27,580,383 27,696,550 Common stock_ _ 3,000,000 3,000,000
13,124,000 13,125,000
from other cos
premiums
161,409
111,110
110,614
152,549
9,005 Funded debt
MIscell. investnils
18,965
77,500
73,000
Mtge. loans, acc. _ 290,500
Notes payable_
290,500 Reinsur. to other
Injuries & damages
39,679
37,161
Cush in banks and
298,556
453,795
58,460 Accounts payable_
companies
40,338
fund
-1
trust companies 1,339,747 1.300,710 Special and con500 Accts. pay. affil.
1.250
Special cash dep
42,136
40,182
1,260,835
companies
tingent
274,630
326,254
Sinking fund
271,121
ptal
Capilusstock
2,400,000 2,400,000
69,133 Int. Sc taxes accrd. 260,434
81,209
Cash
Surplus
2,234,968 1,322.849
306.108 Accts. pay. to parCust. acct. rec. _ _ _ 291,605
ent company _ _ _ 2,257,126 2,690,183
Accts. rec. from
Total
18,126,931 18,254,895
Total
18,126,931 18,254,895 .
38,646 Consumers & line
38,033
affhlated cos_
90,760
99,523
extension dep
0th. notes & accts.
-V. 139. p. 279.
32,645 Notes & accts. pay.
16,225
receivable
12,100
-New Vice-President
Fidelity Fund, Inc.
170,728 -not current...
Mdse. accts. rec._ 182,886
2,293,255 2,383,648
55 Reserves
122
Kendall Preston has been elected a Vice-President.
Int. receiv.accrued
-V. 140, p. 639.
938,957
938,957
200,471 Capital surplus..
Matis. & supplies_ 206,248
190,681
(M. H.) Fishman Co., Inc.
93 -Sales
35,439 Earned surplus_ _ _ 523,067
27,735
Prepd. insur., &c.
Balances in closed
onth
'South of January1934
1933
2,795
banks
Sales
4165.027
$154.799
b101,306
Notes & accts. rec.
15-Cent Quarterly Dividend
17.208
not
- current_ _ _
The directors have declared a quarterly dividend of 15 cents per share
Notes & accts. rec.
3,726
3,462
on the common stock, no par value, payable March 1 to holders of record
personnel_ _
Feb. 15. Previous payments were a special distribution of 50 cents per
1,209,882 1,332,774
Deferred charges
share made on March 20 1934 and an initial dividend of 20 cents per share
30,040,805 30,231,665
Total
was paid on March 15 1932.-V. 140. p. 316.
30,040,805 30,231,665
Total
x Accounts only.
FitzSimmons & Connell Dredge & Dock Co.(& Subs.)
Our usual comparative income statement for the year ended Sept. 30 1934
Calendar Yearswas published in V.140. p. 799.
1934
1933
1932
1931
x Net income
$28.281 loss$135.985 loss$152.216
$170,166
-Stock Reduction Approved
--------- Endicott Johnson Corp.
y Shares corn, stock outstanding (no par) _ _
The stockholders on Feb. 4 authorized a reduction of $6,750,000 in the
66,82166,8
66.821
Nil
Earnings per share
capital stock, representing 67.500 shares of preferred stock whichl has been
Nil
-V. 140,
purchased and cancelled by the corporation in the last 14 years.
A2
x After charging all administrativetive and operating expenses, inc111(1 12541
.
6832,8ng
p.474.
depreciation (amounting to $111,842 in 1934, 3116,732 in 1933 and $101.550 in 1932) and Federal taxes in 1931. y Includes treasury stock.
-Asks Extension of RFC Loans
RR.
Comparative Balance Sheet Dec. 31
The company on Jan. 29 applied to the Intertsate Commerce Commission for approval of extension for three years of $4,458,000 inlReconAssets1934
Liabilities-1933
1934
1933
WI
w•---s.'• so
struction Finance Corporation loans.
z Common stock--$1,259,105 $1,259,105
y Land, plant &
matures
Of the aggregate amount on which extension is sought $3,611.000
equip., docks,&41,278,928 $1,286,497 Accts. payable_ __ 22,440
22,450
Feb. 25: $435,000 on March 29 and $412,000 April 26.
144,651 Accrued insur. &
Cash
101.674
The company has also applied to the ICC for authority to extend for
taxes
73,998
8,787
Marketable securs.
33,800
17,778
three years from May 1 1935. a $2,775,000 RFC loan. The company
64,820 Other accrued flab.
Notes & UCCIS. ree_ 128,564
6,297
6,615
states in its application that it plans to take up with banks to which it
30,576 Res. for contlng
Cash val. life Ins
47,265
25,000
25,000
renewing them.
owes $2,575.000 in loans maturing May 31, the matter of
55,838 Operating reserves 137,132
66,080
Inventories
138,945
V. 140, p. 316.
30,000 a Surplus
investments. _
30,000
303,314
310.998
73,027
s Treasury stock
73,028
-Earnings
Eureka Vacuum Cleaner Co.
Officers & employ.
1931
1932
1933
Years1934
Calendar
5,434
5,865
notes & accts.rec
Net profit after taxes,
15,440
Long-term secur
8,388
$48,110 x$1,163,096
$99,035
$318,684
_
deprec. &
Dmg-terni notes
charges__Shares of cap, stock out8.856
receivable
254,163
247,953
244.918
240,606
standing
7.457
22,804
Deferred charges
Nil
$0.19
30.40
$1.32
Earnings per share
-V.139, p. 3640.
x loss.
Total
$1,771,384 $1,796,596
$1,771,384 $1.796,596
Total
a Of the earned surplus $73,028 is represented by 5,000 shares of treasury
-To Pay Dividends
European Electric Corp., Ltd.
stock and this amount therefore is not available for dividends, for the purSemi-annually
chase of company's shares. x Represented by 66,821 no par shares, including treasury stock. y After depreciation of $786,689 in 1934 and
At the annual meeting held Jan. 26 the directors decided to take' no
$728,607 in 1933. z Represented by 5,000 shares in 1933 and 4,698
action on the payment of a quarterly dividend ordinarily due Feb. 15 on
in 1932.-V. 138, p. 1052.
the class A and class B common stocks, par $10. The directors, however,
stated that it was their intention hereafter to pay dividends semi-annually
Fourth National Investors-Meeting Adjourned
instead of quarterly and that the said semi-annual dividends will be paid
The special stockholders' meeting to consider a plan to consolidate all
about the middle and end of each calendar year. Dividends of 15 cents per
of the National Investors group has again been adjourned from Feb. 7 to
share were paid Nov. 15, Aug. 15 and May 15 1934, 10 cents per share on
March 4. The adjournment was adopted in order that stockholders may
Feb. 15 1934 and Nov. 15 and Aug. 15 1933, and 734 cents per share each
consider several modifications to the original plan. It was stated by the
quarter from Feb. 15 1932 up to and including May 15 1933.-V. 138,
management that meetings of Third National Investors would be adjourned
p. 3088.
to March 8 and Second National Investors to March 7 and of National In-Earnings vestors to March 6.
Falconbridge Nickel Mines, Ltd.(& Subs.)
There were 270,867 shares voted in favor as against 70 opposed. Thar
1932
1933
1934
Years Ended Dec. 31are 500,00() shares outstanding.
$762,421
The need for modifying the plan submitted to stockholders Dec. 20 1934,
Net profit after depreciation & taxes_ $1,315,886 $1,122,999
-V. 139, P. 3640.
according to the management, grew out of a recent decision of the Appellate
Division under which National Investors Corp. might be confroated with
-Earnings
substantial liabilities. That decision reversed a ruling by the New York
Famise Corp.
Supreme Court dismissing an action involving an accounting rind the allo1933
1934
Years Ended Nov. 30cation of options in connection with the original promotion in 1928 and 1929
320.458
$23,797
Net profit after Federal taxes
of the existing National Investors.
December net profits, after taxes, showed an increase of 188% over the
The plan therefore has been amended to protect the new company, if
last month of 1933.
-V. 140, p. 317.
ormed. from liabilities of the existing company.
dividend at the rate of 25 cents per share per annum
An initial quarterly
on the common stock, class A was paid to stockholders op Jan. 2 193§.
-Annual Report
Foreign Bond Associates, Inc.
316.
V. 140, p.
tort itz.
r
Robert S. Byfield, President, says in part:
per $103 debenture (with non-detachAs of Dec 31 1933 the asset
'---- Farmers' Grain & Shipping Co.-Extehston of Bonds-x-- able escrow receipt representingvalueshares of common stock) amounted to
two
cd42The Interstate Commerce Commission on Jan. 26, authorized the -year
$113.92 and the issue price was $124.86. As of Dec. 31 1934 these figures
pany to extend to July 1 1936. the date of maturity of $438.000 of 20
Financial Chronicle
Volume 140
were respectively $145.49 and $159.44, representing an increase of 27.7%.
On Jan. 9 1935 directors declared a dividend of 75 cents a share on the
common stock payable Jan. 16 to holders of record Jan. 9 1935. During
1934 dividends aggregating $2.25 per share were paid on the common
stock. This was equivalent to more than 32% of the asset value of the
stock on Dec. 31 1933.
Statement of Surplus
-For Year Ended Dec. 31 1934
Capital surplus-Balance. Dec. 31 1933
$11,040
Excess of amounts received on issuance of 5% debs., series A.
with escrow receipts annexed over the prin. amt.of debs. issued 46,335
Total
857,375
Portion of redempt. price paid on the redomp. of 775 sits. corn. stk.
applicable to capital surplus
10,915
Balance
$46,460
Earned surplus (before increase in mkt. value of secs, owned
Added as a separate item on the balance sheet) Balance, Dec. 31
1933
3,264
Net profit realized from sale of securities (based on avge. cost)__ _ 54,724
Provision for Federal income tax
Dr5,439
Total
$52,550
Excess of oper. exps. & deb, interest over int. earned
15,188
Dividends paid
6,876
Portion of redemp. price paid on the redemp. of 775 shs. coin.
stock applicable to earned surplus
4,961
Total earned surplus
$25,523
Total surplus
$71,984
x The certificate of incorporation requires that any profits from the sale
of securities shall be excluded from the not earnings required thereby to be
paid out as dividends once in each year. However, earned surplus resulting
from such profits may be declared as dividends. After allowance for the
fiscal agent's fee applying to dividends, the earned surplus applicable to
each two shares of common stock outstanding on Dec. 31 1934, was $14.45.
Balance Sheet Dec. 31 1934
Assets
Liabilities
Cash in banks
$7,770 Pay. for securs. purch. but not
Rec. for secs, sold but not dolly_
received
355
5,914
Miscellaneous accts. receivable_
81 Accts. pay., fiscal agents' fees
204
Securities owned
229,543 Accrued int. on 5% debs. ser. A_
2,510
Accrued interest receivable
790 Provision for Federal taxes
6,404
Deferred charges, ‘to
845 Accrued expenses
701
5% debs., ser. A,due Sept. 1'48 150,600
Common stock (par 10c)_____
1.000
Capital surplus
y46,460
Earned surplus
x25.523
Excess of mkt. value over cost of
securities owned
67
Total
$239,386
Total
$239,386
x Under its agreement dated Oct. 6 1933 with the fiscal agent, the
company is obligatea to pay to the fiscal agent an amount equal to
10%
of any dividend thas may be declared, and upon termination of the agreement, 10% of the earned surplus and undivided profits of the company no
provision has been made In the above balance sheet for any such payments
which may be made subsequent to Dec. 31 1934. As at Dec. 31
1934, tne
asset value per $100 deb. with escrow receipt annexed (the net asset value
of two shares of common stock, as defined in the indenture, plus the principal amount of one such debenture)amounted to $145. y Representing the
excess of amounts received on issuance of 5% debentures, series A, with
escrow receipts annexed over the principal amount of
debs. issued, &c.
Earnings for Year Ended Dec. 31 1934
Interest earned
$3,018
Operating expenses
10,673
Interest on 5% debentures, series A
7,533
Deficit (before profit on sale of securities)
x$15,188
x As there was an excess of operating expenses and debenture Interest
over interest earned during the year ended Dec. 31 1934, for this
period
there wore no net earnings (as limited by tno certificate of
incorporation)
which would be required to bo distributed at the end of
the year. As at
Dec. 31 1934, the accrued interest since the last payment date
per $100
debenture was $1,667-V. 140. p. 316.
General Electric Co.
-Orders
Period End. Dec. 31- 1934-3 Mos.-1933
1934-12 Mos.-1933
Orders received
$51.016,760 $37,985,790$183,660,303$142,770,791
-V. 140. p. 800.
General Investors Trust-Earnings-Years Ended Dec.31Gross income
Expenses (incl. non-recurr. exp. items incident
to capital chares & Federal registration)
1934
$19.875
1933
$24,665
• 971
them over the following emergency. In addition to this, there were available equities to the extent of $15,000,000 that had been diverted toward
the purchase of homes.
"From the time the plan was put into effect to date, the distribution to
employees, covering both maturity and interim settlements, has aggregated
$215.000,000, of which $126.000,000 represented the employees' savings
and the balance of $89,000,000 Interest and investment fund credits paid
by the corporation.
"In normal times, over 90% of the entire General Motors organization
has availed itself of this opportunity for protection against contingencies."
V. 140, P• 800•
General Paint Corp.
-Earnings
Years End. Nov. 30-1934
Sales,less returns & allow $2,801,279
Profit from operations__
275,496
Gross income
Deprec. & maintenance.
Other charges
Prov. for estimated Fed.
Income tax
Applicable to min. int.
of sub. companies_ __ _
Net profit
Assets
Cash
Notes & accts. rec _
Accts. rec. isubs.)_
Inventories
Other assets
Due from Fire Ins.
Co'it
Creditors debt bal.
investments
x Land, buildings,
mach.,equ1p.,&c.
Patents, &c
Deferred charges_
8275,496
39,829
16,467
1933
1934",
1931
$2,234,629 32.266,462 83,972,972
115.560 loss101,150
2,418
3115,560 loss$101,150
45,943
112.463
28.447
65,491
$2,418
111,861
108.076
13,000
5,311
Cr9,893
12.025
Cr3,386
$200.889
$51,062 loss$291,129 loss$214.132
Balance Sheet Nov. 30
1934
Liabilities1933
1934
1933
$113,736
859,550 Notes payable__
$150,000
376,433
387,240 Accounts payable_
$98,446
100,986
89,900
68,084 Accr. prop. taxes,
837,538
814,391
payroll, &e
42,989
20,714
36.726
99,654 Mtge. payable_ _ _
.
40,000
40,000
Deferred income_ _
28,660
35,050
10,565
Res. for loss on
4
2,155
patent litigation
74
48,185
171,156
182,482 Res. for conting_ _
25,000
27,168
Res. for royalties
656,362
671.672
adv., &c
2,457
1
1 y Capital stock_ _ _ 3,197,065 3,197,065
77,955
82,341 Deficit
1,062,089 1,253,680
Total
$2,372,527 $2,365,489
Total
52,372,527 52.365,489
x After depreciation of $707,981 in 1934 and $664,560 in 1933. y Represented by 80,000 shares cumul. cony class A stock and 169.143 shares of
class B stock (no par).
-V. 139, p. 116.
General Railway Signal Co.
-Annual Report
-W. W. Salmon, President. says in part.
The dollar value of unfilled orders on hand at close of business Dec. 31
1933 equalled 9.5% of that on the same date in 1932, and 2.9% of the
average value of unfilled orders on hand on the same date in the
10
-Year
period ended Dec. 311932.
The dollar value of all orders booked in 1934 was 4.18 times that in
1933 and 61.9% of the average annual bookings for the 10
-year period ended
Dec. 31 1933. Of the orders booked in 1934 75% were for new signaling
projects and 25% for repairs and renewals.
The dollar value of orders booked for new signaling projects in 1934 was
12.2 times that in 1933 and 64.1% of the average annual bookings for
such projects during the 10
-year period ended Dec. 31 1933. Of these
orders 1.7% were booked in the first and 98.3% in the second half of the
year 1934.
The dollar value of orders booked for signal repairs and renewals in 1934
was 1.4 times that in 1933 and 55% of the average annual bookings of such
orders for the 10
-year period ended Dec. 31 1933. Of the total of all
such orders in 1034, 52.9% were taken in the first and 47.1% in the second
half of the year.
The total dollar value of orders filled in 1934 was 23.5% of the average
annual dollar value of orders filled during the 10
-year period ended Dec. 31
1933. Of the orders filled in 1934 38% were executed in the first and
62% in the second half of the year. In this connection it should be notea
that as of Jan. 1 1934 company had on hand an unprecedentedly small
amount of unfilled orders; that new orders booked in the first half of the
year amounted to 14.5% of the total bookings for the year and that 91.1%
of the bookings in the second half of the year was for installation projects
requiring a great deal of engineering work before fabrication of materials
could be started, with the unavoidable result that delivery and installation
of almost all of these materials were necessarily deferred until the year 1935.
Company enters the year 1935 with a sizable volume of business, the
dollar value of unfilled orders on hand as of Jan. 1 1935 being 33.5 times
that on hand Jan. 1 1934, and 116% of the average dollar value of unfilled
orders on hand on the sanie date for the 10 prior years ended Dec. 31
1933; but in view of what company's management regards as uncertainties
respecting early future railway earnings, the volume of which will influence
railway purchases of our devices and systems, it does not feel warranted
In making a forecast as to prospects for additional business duringithe
year 1935.
Income Account for Calendar Years
1934
1933
1932
$526,179
$778.312 51,612.769
645,134
601,716
691.729
7,843
8.918
Net income
Undistributed income, beginning of period
812,032
3.611
$15,746
5,291
Gross operating income_
Selling,adm.& gen,cap_
Total surplus
Dividends paid
$15,642
13,605
$21,037
17,427
$176,596
94,765
5921.040
88.028
51.688.256
157,503
82,037
$3,610
Operating income..___def$118,955
Other income
89,881
Profit on temp. invest.
in U.S. Treas. notes_
36,625
Total income
Deproc. and amortiz_ _ _ _
Maintenance and repairs
Cap.stk. & trench. taxes
Interest
Foreign exchange losses_
Fed. & State taxes (est.)
$7,551
289,587
34,248
25,867
$271,361
295.480
$1,009,069
352,681
51,845.759
339,282
10,723
28.803
47.421
220,000
$353,216 $370,22
b Shares of $1 par
Net loss
Divs. on pref. stock__
Divs. on corn. stock_ __ -
$342.151
138,228
320,700
General Motors Corp.
-Workers Get $11,000,000 from
Corporation's Savings Suystem-
Deficit
Earns, per sh. on coin__
Undistributed income end of period
Assets1934
•Inv. (at intt.)._ $349,725
Cash
3,491
Accr. int, on bonds
Balance Sheet Dec. 31
1933
Liablittles$348,853 b Capin stock _ ...
20,147 Capital surplus_
1,227 Unrealized appree
Undistrib. Income_
Res. for unclaimed
divs. & taxes_ _ _
Total
$353,216 $370,226
Total
a Cost $307 018 in 1934 and $316.859 in 1933.
value.
-V. 139, p. 2363.
1934
$81,281
224,174
42,707
2,037
3,017
1933
$88 ,847
243,608
31,994
3,611
11,000
2,166
The proposals of the President of the United States, looking toward
greater social security, wore referred to by Alfred P. Sloan Jr., President,
General Motors Corp., Feb. 8, in announcing the distribution of
$11,000,000 to approximately 30,000 General Motors employees nearly
under
that organization's savings plan.
"The objective of the General Motors Savings and Investment Plan,
now in its 16th year of operation," said Mr. Sloan, "is to provide financial
competence under adversity. It offers the possibilities of protection against
unemployment as well as provision against the time when old age makes
work Impossible. It is a mutual plan between management and employee
each making a contribution toward the objective.
"I am convinced that it is the duty of all branches of industry to recmore and more the importance, not only from the social standognize
point, but in its own interests, of providing greater social security. I am
gratified to believe that the General Motors' plan is in harmony with that
desirable objective.
"Our experience over 16 years has indicated that a mutual plan in which
the employee and the employer both contribute is not only feasible, but
creates an excellent opportunity of thrift and a sense of responsibility on
the part of those participating, which adds materially to the excellent
relations and morale of the organization. Furthermore, it develops selfreliance-it is in no sense paternalistic.
"Each employee, who In 1929 saved $25 per month, amounting to
$300 for the year-the maximum permitted-receives, in this present
settlement, the original $300, plus $321.52 in benefits contributed by
the employer, of which $114.35 represents interest. In other words, each
employee, who five years ago saved $300 under this plan, now receives
.
$621.52
The possibilities of this plan may be realized through the fact that,
"
as General Motors employees entered the depression, at the beginning of
1930, they had accumulated a reserve of approximately $75,000,000 to tide
1931
32,721,857
1.033,601
$24,120 inc$634,6651nc$1210.254
138,228
138,828
141,251
320.700
481,050
1.611.875
$801.079
$483,048 sur$14.787
Nil
Nil
81.55
Balance Sheet Dec. 31
1934
1933
1934
Assets
$
Liabilities$
y Plant,flats., &c. 2,061.608 2,126,157 Preferred stock__
2,303,800
b
4,467.340 4,563,693 x Common stock__ 6,500,000
Cash
1,298,648 1,001,830 Accts. payable and
Accts.receivable.,. 529.361
691,065
accrued expenses
69,029
Inv.inatfil.,&c.,cos 586.069
533,082 Prov. for Fed.and
Contr. work unbUl. 457,633
28,277
State taxes
33,784
U. S. Govt.sccur
1,008,031 Accrued dividends 114.732
a Mark.sec.at cost 478,404
571,456 Surplus
2,837,932
Inventories
1,639,945 1,830,489
Off.& empl.Invest.
and advances._
60,393
Mtge.rec. on rl. est 132.800
132.800
Prepaid it ems_ _ _ _
61.077
138,080
z Treasury stock
86,000
86,000
$542.872
$3.33
1933
$
2,303,800
6,500,000
113,684
16,976
110,188
3,666,322
Total
11,859,278 12.710,969
Total
11,859,278 12,710,969
a After reserves for shrinkage In market value of
$1,090,579
81.170,854 in 1933. The estimated market value Dec.31 1934 in 1934 and
was $595,973.
b After amortization of $2.613,752 in 1934 and
$2,415,223
resented by 325,000 shares of no par value. y After in 1933. a Represerve for depreciation of $2,967,485 in 1934 and $2,883,783 in
1933. z Represented by
4.300 no par shares.
-V. 139. p 3325.
Georgia &
Florida RR.
-Earnings-
PeriodGross earnings
-V. 140, p. 801.
-Fourth Week of Jan.- -Jan. 1 to Jan. 311935
1934
1935
loss 1934 .s
.
$23,450
$29.808
$69,350
lk, $83.758
972
Financial Chronicle
Georgia Southern & Florida 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. 145.
1934
$141,259
59,174
62,548
1933
$130,943
38,207
50,748
1932
$135,169
37,155
49,408
1931
$180,258
52,874
66,382
1,841,007
185,452
115,243
1,634,447
192,199
38,440
1,876,618
302.379
205,525
2,819,200
395,448
201,111
Giant Portland Cement Co.
-Earnings
Calendar Yearsx Net loss after depreciation and taxes
Loss on dismantling of
machinery, &c
Res. for duck sacks obsolescence
1934
$90,781
1933
1932
1931
$143,167
$225,088
$164,797
4,911
3.306
886
Balance Sheet as of Dec. 13 1934
Assets
LiabitUiesCash in banks & on hand____
$52,503 Accounts payable
Notes rec, from customers_
76.010 Accrued expense
Accounts receivable
48.121 Accrued liabilities
Inventories
3,029 Long-term Indebtedness
U. S. Treasury certificates__
25,000 Deferred credits to Income
Fixed assets
3,699.726 Class A stock (1.633 shares)_
Deferred charges
4,567 Class B stock (500 shares)___
Investments
500 38,566 shares class A stock__
Deficit
1,872,112 79,500 shares class B stock__
Total
-V.138, p. 1925.
$5,781,568
Total
$4,756
12,151
1,094,076
3,100.000
12,352
60,072
500
1,418.160
79,500
$5,781,568
Great Northern Ry.-PWA Increases Loan
An allotment of $5,785,000 made to the company by the Public Works
Administration has been increased to $5,865,000.
Abandonment
-
25,000
Net loss
$143,167
$225,974
$168,103
$120,691
x After depreciation of $101,894 in 1934; $107.159 in 1933; $107,055 in
1932 and $107,264 in 1931.
Balance Sheet Dec. 31
.Assets1933
Liabilities1934
1934
1933
Real estate, bidgs.,
Preferred stock___$1,880,000 $1,880,000
machinery,.S.0_41,068,006 $2,343,922 Common stock__ 1,110,000 1,110.000
Cash
12,269
11,431
246.445
165,622 Accts. payable_ _ _
Chicago Board of
Customers' credit
Educat n notes
227
967
19,975
balances
Notes & accts. reo _ x16,097
2,208
633
28,151 Payroll
Advances to sales6,573
1,752
Accrued taxes
men &employees
1,274
3,399 Reserve for con9,000
Rents and int,rec.
5,575
y175
tingencles. &0
---- -153,857
Inventories
329,405
392,535 Capital surplus___ 153,857
Deferred charges
5,108
8,425 Earned surplus.__ def61.855
58,836
1,177,895
Treasury stock
258,871
258,871
$3,103,278 $3,226,476
Total
Total
$3,103,278 53.226,476
x Accounts receivable only. y Rents receivable only.
-V. 138. p. 1571.
-Earnings
Gillette Safety Razor Co.(& Subs.)
1932
1931
Calendar Years1934
1933
Net income after all
charges & taxes_ _
x$4,188,000 $3,659,022 $5,504,866 $4,021,973
_
Earns, per sh. on 1,998,769 shs.common stock
$1.32
outstanding (no par)_
$1.05
$1.98
$1.23
x Approximately.
The company has acquired $550,000 of its own debentures since Jan. 1
1935,leaving $2,689,000 outstanding in hands of public.
-V.140, p.475.
-Sales-(W. T.) Grant Co.
Period End. Jan. 31- 1935-Month-1934
Sales
Stores in operation
-V.140. p. 317.
Feb. 9 1935
1935-12 2W'os.-1934
$5,165.765 $4.832,560 $85,069.710 $78,206.119
465
457
0 &9:61
)
Atlantic & Pacific Tea Co.
-Usual Extra Div.-„
The directors have declared an extra dividend of 25 cents per shareln
addition to the usual quarterly dividend of $1.50 per share on the common
stock, no par value, payable Feb. 28 to holders of record Feb. 8. Like
amounts have been payable each quarter since and including Sept. 1 1931.
-V.139, p. 3325.
Great Lakes Dredge & Dock Co.
-New Directors
Neil C. Hurley, Robert V. Hoopes and Aaron Colnon have been elected
directors to fill vacancies.
-V. 139. D. 1869.
Great Lakes Terminal „Warehouse Co. of Toledo
s-J1,.
Plan of Reorganization-jc
The Interstate Commerce Commission on Jan. 22 issued a certificate
permitting the company to abandon its line of railroad, which extends from
a point 0.75 mile north of Rexford northerly to the international boundary
line at Gateway, approximately 8.4 miles, all in Lincoln County, Mont.
V. 140. p. 801.
Great Western Sugar Co.
-Decision Reserved
Vice-Chancellor John H. Backes at Trenton, N. J. on Jan. 30 reserved
decision in the suit of two stockholders to compel the company to cancel
Its transfer of $9,000,000 in assets to the Cache La Poudre Co.
The court indicated during the course of argument that it was unwilling
to "unscramble" the transaction for the benefit of minority stockholders
when it had been ratified by the majority.
The stockholders, Victor Grieff, of Belle Harbor, N. Y., holder of 25
shares of common stock, and Dr. Robert W. Fraser, of Denver, holder of
10 shares of preferred, contended the purchase of La Poudre stock, thereby
transferring $9,000,000 in Government securities of the sugar company was
neither necessary nor desirable, was done to conceal assets and was a "fraud
upon the stockholders."
Attorneys for the sugar company maintained the transfer was made to
avoid giving beet sugar growers an erroneous impression that the $9.000,000
was profit and because of apprehension the Government would impose
heavy taxes on surplus.
-V. 138, p. 3603.
Greyhound Corp.
-Tenders
The company is prepared to purchase a limited amount of its 6% collateral
trust sinking fund notes due Jan. 1 1938 at par and accrued interest and
has asked holders to submit tenders.
-V. 139, p. 3642.
Gulf & Ship Island RR.-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934
$88,146
7,735
3,104
1933
$90,618
10,016
def4,427
1932
$78,616
591
def24,664
1931
$86,391
def587
31,379
1,140.281
1,070,054
1,627,830
1,034,915
132,863
150,204
42,302
def19,560
def150,098 def160,503 def280,280 def365,437
Notes
-
Interstate Commerce Commission on Jan. 31 authorized the comThekr
ani. to issue a promissory note for $40,000 to renew in part a matured note
or 43,325 due the Railroad Credit Corporation.
-V. 140, p. 802.
Hackensack Water Co.(& Subs.)
-Earnings
--Calendar Years1934
1933
1932
Gross oper. revenue_ _ -- $3,739.563 $3,649,186 $3,680,471
Other income
14,194
16,295
23.493
Total income
Net after expenses
Interest (net)
Depreciation
Federal taxes
1931
$3,670.450
22.076
33.753,757 $3,665.481 $3,703.964 $3.692,526
2,021,212
1,952.898
1.914,474
1.919,183
721.574
742,963
689,519
539.182
279,953
250,284
275.387
266.413
93.471
120.751
128.033
134,798
Net profit
$926,214
$813,798
$835.218
$990,210
- 139. p. 2996.
V.
A plan of reorganization has been proposed by the corporation pursuant
(W. F.) Hall Printing Co.
-Sinking Fund Plan Operative
to Section 77-B of the National Bankruptcy Act. The plan, dated as
The company has declared its sinking fund readjustment plan (V. 139.
of Jan. 25 1935, has been filed in U. S. District Court for the Northern
p. 2831) operative, approximately 83% of all outstanding bonds having
District of Ohio, Western Division.
been deposited in approval. The time for further deposit of bonds has been
The debtor on Nov. 24 1934 employed Leland E. Yeager to formulate
extended for a limited period.
and effect a plan for its reorganization. The plan adopted and now proUnder the plan bondholders were asked to approve a change In the sinking
posed is premised upon the following:
fund requirements as a result of which the company will set aside 25% of
(1) That the now total liabilities exceed the value of now total assets
net earnings for a sinking fund instead of a fixed amount of $307.500 annually.
and the debtor is insolvent.
Furthermore the plan relieves the company from dividend and retirement
(2) That the earnings at all times have been and still are insufficient to
provisions of the preferred stock until earnings remaining, after providing
make feasible any plan of reorganization on a basis other than a common
for the sinking fund, have aggregated $1,000,000.
stock capitalization.
Bonds deposited in approval of the plan will receive 6% interest instead
The plan hereinafter contemplates a decree being entered declaring the
of 5A % previously paid.
-V. 140. p. 476.
debtor to be insolvent and makes no provision for the debtor's present
stockholders. It likewise contemplates leaving all of the creditors of
Hamilton-Brown Shoe Co.
-New Directors
the debtor, except the holders of the 1st mtge. bonds and the convertible
debentures unaffected by its provisions. To effect the plan, a new corW. II. Matoushek and Ford Collins have been elected directors, succeedporation will be organized in Ohio, the capital stock of which shall be
ing E. C. Tittmann and George S. Johas.-V. 140, p. 802.
distributed to the holders of the bonds and debentures.
The plan further provides for a voting trust agreement pursuant to "Hamilton Cotton Co., Ltd.
-Accumulated Dividende‘1
41e
which, for a period of less than two years, the common stock will be held
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 cum cony, kl f preference stock, par $30.
by three voting trustees.
Proposed Plan of Reorganization-The trustees shall transfer all or subpayable April 2 to holders of record Mar. 15. The dividend will be paid
stantlally all of the assets of the debtor free and clear of the liens of the
In Canadian funds and is subject, in the case of non-residents, to a 5% tax
trust mortgage dated as of Sept. 1 1927 from the debtor to Fidelity Trust
The above payment is the first to be made on this Issue since the regular
-year 1st
Co., Detroit. securing the debtor's outstanding $2,250.000 I5
quarterly dividend of 50 cents per share was distributed on Oct. 1 1931.
mtge. 6;69' sinking fund gold bonds, due Sept. 11942. and its outstanding
Accumulations after the April 2 dividend will amount to $6.50 per share.
-v. 139, p. 1710.
$850.000 10-year 7% gen. mtge. convertible gold debentures, due Sept. 1
1937 to a new corporation to be organized in Ohio, with substantially the
Hamilton Woolen Co.
-Union Votes to End Strike
Identical name of the debtor, which shall have the following capital structure:
To lie Presently
Factory Closed Since November Because of Labor Difficulties
Authorized
Outstanding
Stockholders Voted to Liquidate-See "Chronicle" Feb. 2,
110.000 shs.
98,500 shs.
Common stock (no par value)
p. 741-V. 140, p. 642.
It Each holder of the 15
-year first mortgage 6%% sinking fund gold bonds
shall be entitled to receive from the corporation to be formed in exchange for
Hancock Oil Co. of Calif.
-Earnings
-each $100 owned by him a voting trust certificate or certificates representing
four shares of common stock.
Period End. Dec.31- 1934-3 Mos.-1933
1934-6 Mos.-1933
Each holder of 10
-year 7% general mortgage convertible gold debentures
Gross operating income_ $1,417.101 $1,161,237 $2,921,910 $2,315,914
shall be entitled to receive from the corporation to be formed in exchange
Costs. oper. & gen. exfor each $100 owned by him a voting trust certificate representing one share
penses. Incl. raw mateof common stock.
rials. oper., sell. & adNo provision will be made for accrued interest on bonds or debentures.
min exps. State, counAll of the common stock to be issued pursuant to this plan and represented
ty & Federal taxes _ _
1,235,961
1,092,183
2,649.853
2,108,122
by the voting trust certificates above referred to. shall be issued by the
Intangible develop.expo.
57.681
26.854
67.393
50,225
corporation to be formed to Leland E. Yeager, Bennington R. Gordon and
Deprec., retire. & other
Allan D. Converse, as voting trustees pursuant to a voting trust agreement
amortization
68,131
34.803
105,096
69.552
the date of the annual meeting of stockwhich shall terminate 30
-days after
Deplet.& lease amort_
23,755
20.027
43.213
44.497
holders of the reorganized debtor to be held in the year 1936.
All other creditors shall be unaffected by this plan and the r claims as
Net operating profit__
$31,572 loss$12,932
$56.356
$43,518
debtor's trustees or shall - 139, p. 2831.
allowed shall be paid in full by the debtor or by the
V.
be assumed and paid in full by the corporation to be formed.
Harbison-Walker Refractories Co.
The rights of all the holders of the capital stock of the debtor in and to
-Earnings
the debtor's assets forthwith shall terminate and said stock in effect shall
Calendar Years1934
1933
1932
1931
be canceled subject, however, to the entry of a decree in the above entitled
Net prof. after Fed, tax.,
proceeding adjudging the debtor insolvent.
int., deprec., depl., &c $1,246.587
$760.276 1088$609.952 $1,284,344
Shares of common stock
-A statement of the earnings of the company after depreciaEarnings
outstanding (no par)- 1.380,000
1,380,000
1,380,000
1,440,000
tion but before bond and debenture interest for each of the several years
Earnings per share
$0.42
30.77
Nil
$0.76
that the company has been in business follows:
-V. 140. p. 642.
$31.464
months ending Dec. 311928. deficit
Two
52.654
Year ending Dec. 31 1929. deficit
Holland Furnace Co.
-Earnings
81.459
Year ending Dec. 311930. deficit
43.315
Period End. Dec.31- 1934-3 Mos.-1933 1934-9 Mos.-1933
Year ending Dec. 311931. deficit
57.447
Net profit after taxes and
Year ending Dec. 311932. deficit
35.718
charges
$16.404
Year ending Dec. 31 1933. deficit
$189.519
$3337,484
$159.105
20,248 - 139. P. 2998.
V.
Jan. 1 to Dec. 13 1934. wont
Hartford Electric Light Co.
-Earnings
Calendar Years1932
1934
1933
1931
Sales of electric current:
Local sales
$5,733,453 $5,452,143 $5,597.676 $5,889,001
Other electrical corps_ 1,138,324
1,083,380
1,091.767
1,174,640
Street railways
138,773
129,646
193,946
161.137
Total
67,010,550 86.673,556
Customers October dry_
86,842.193 87,257.568
171,052
55,060
Net ssles elec. current_ $7,010,550 66,673,556 $6,671,141 $7,202,528
Misc. oper. revenues_ _
49,756
45,138
2,339
loss 568
Total oper. revenues__ $7,060,306 $6.718,694 $6,670,573 87,204,867
Operating exps. & maint. 3,380,180
3,153,933
3,119,548
3,407,254
Retirement res. accrual_
486,215
583,231
588.998
634,776
Taxes
862,800
750.150
696,400
690,000
Net oper.income
Inc.from other sources
973
Financial Chronicle
Volume 140
$2.331,111 $2,259,999 $2,243,408 $2,466,436
175,772
170.397
162,180
156,610
Total income
$2,506,884 $2,430,396 $2,405,588 $2,623,047
Miscell. interest, &c
3,750
4.218
5,754
1,581
Common stock di vs_ _ 2,303,304
2,303,210
2,322.127
2,303,267
Aprop, to retire. reserve..
135,512
Adj.for prey. periods,&c
8,712
Cr21,627
1,680
Cr7,177
In regard to a subscription right under the plan whereby holders are permitted but not required to subscribe $43.80 new money for each $1.000
bond now held, the Schlosser committee recommends that bondholders do
not exercise this right and in addition quote from Judge Lockwood's opinion
that the Court does not advise the old 1st mtge. bondholders to subscribe.
In any event the right to subscribe will not be issued until registration
under the Securities Act Is completed. The notice points out that all
expenses incurred in connection with the carrying out of the plan will be
taken care of under the plan and there will be no assessment upon any
bond certificate holders assenting to it.
The depositary for the committee is Halsey, Stuart & Co., Inc., New
York and Chicago,the Pennsylvania Co.for Insurances on Lives and Granting Annuities in Philadelphia, acting as sub-depositary. Frueauff, Robinson & Sloan are counsel and R. W. Wilson, 15 Broad St., N. Y. City, is
Secretary.
Comparative Statement of Income-Years Ended Dec. 31
1934
1933
Totalincome
$2,585,726 $2.218,017
Total operating expenses
2,060.393
1,539,969
Profit available for taxes, int., depreciation, &c
525.333
678,048
Real estate and franchise taxes
208,585
195,485
Profit available for interest, depreciation, &c__
Interest requirements-Interest on mortgage..--Trustees' fees
$316,748
459.425
500
$482,563
459,425
446
Profit before depreciation
loss$143.177
822,692
Depreciation (partial only)
b1.475
a155,597
Total added to surplus
for year
$145,063
$103,744
$55,138
$297,658
operations
c Loss on
$144,652
$132,905
a Depreciation on hotel buildings, furniture and equipment taken on
Comparative Balance Sheet Dec. 31
books of Clark-Henry Corp. before assignment on May 1 1933. b Depre1934
1933
1934
1933
ciation on furniture and equipment purchased by trustee since May 1 1933.
Assets
c Before providing for depreciation on buildings, furniture and equipment
Fixed capital
27.372,370 27,004,599 Capital stock
21,000.000 21,000,000
since May 1 1933.-V. 139, p. 2365.
Cash
390,500
455,062 Notes & accounts
Notes & accts. rec. 782.749
725,134
payable
208.392
169,241 '"Hotel Waldorf-Astoria Corp.-Listi.ng-RulingMaterial Si suppis 744.113
717,457 Consumers' & conThe Sectuities and Exchange Commission has denied the application of
Prepaym't Si misc.
tractors' deposits
34,148
9,095
34,925
31,419
the N
York Curb Exchange for continuance of unlisted trading privConn. Power Co.
Miscellaneous
39,697
42,295
ileges in series A receipts for first mortgage leasehold 7% sinking fund gold
stock
2,038.064 2,038.064 Accrd. taxes, &c.._ 601,508
598,766
bonds on the ground that the plan, assent to which would be evidenced
Conn. Power Co.
Retirement res've. 6,644,494 6,153,855
by such receipts, involved such a fundamental change in the bondholders'
notes
550,000 Contributions for
775,000
Miscellaneous_
220,022
line extensions
230,304
10,764
10,764 position that the receipts were not substantially equivalent to the bonds.
V. 139. p. 3326.
Hartford El. Light
Miscell. unadiust.
Co. coin. stock_ 117,026
117,026 credits
745,453
740,862
-Earnings
Howe Sound Co.(& Subs.)
Suspense
164.990 Surplus
160,449
3,334,439 3,279,301
Calendar Years1934
1932
1933
1931
Total
32.619,672 32.026,503
Total
$10,097,874 36,911.194 $33,292.368 88.593.678
Total income
32,619.672 32,026,503
Operating exps., &c_ _
7,490.699
5,640.552
3.119.163
7,423.714
-V. 140. p. 802.
156,264
Taxes
576.334
45,338
94.443
(A.) Hollander & Sons, Inc.(& Subs.)
Depreciation & depletion y339.698
y286.930
y204.564
482.305
-Earnings
Calendar Years1934
1933
1932
1931
Net income
$1,691,143
$827,449 loss$76,697
$593,215
Sales
$2,966,178 $2,774,055 $2,227,691 $3,845,194
Dividends
1,421.373
562,749
253.405
1,100,030
Cost of sales
2,078,492
1,829,477
1,538,572
2,425.185
Sell., gen. & wino. exp
624,989
555.896
572.166
761.143
Surplus
$264,700 def$330,102 def$506,815
$269,770
Shs.cap.stk.out.
($5 par)
473,791
473,791
473,791
x481.191
Gross profit
$262,697
$388,682
3116,953
$658.867
Earnings per share
Nil
$1.74
$3.57
$1.24
Other income
123.572
74.792
99,213
284,795
x No par shares. y Depreciation only.
Total income
$386.268
$463,474
$216.166
$943.662
Consolidated Balance Sheet Dec. 31
Interest paid
22,227
21.350
24,180
39.053
1934
1933
1934
1933
Depreciation
64,908
64,315
64,696
62.124
Assets
Liabilities
-$
S
$
Other deductions
64,822
127.184
296,208
195.336
c Capital stock .__ 2,368,955 2,368,955
b Prop., plant &
Res. for Fed. inc. taxes_
32,338
36,213
77.658
10,974,648 11,265,305 Reserves
equipment
1,107,691 1,253,661
419.902
Inventories
420,109 Payrolls, vouchers,
Net profit
$202,850
$213,534 def$168,918
$569.491
a92.351
Accts. receivable_
115,941
&c
209,967
206.371
Preferred dividends_ _
7,000
13,300
16,251
26,880
RR.& other bonds
47,188
57,275 Accounts payable_
79,114
Common dividends
93.263
Accr. market chgs_
Fire insurance fund
71.400
77,597
190,109
investments _ ___ 198,052
curr.!lab_
19,483
Balance
19,483
$102,587
3200.234 def$185,169
$542.611
Due from smelters 304,889
246,667 U. S. and foreign
Corn. sus. oust.($5 par)._
193,100
186,525
x190,000
x190,000
d Empl.stk. perch
taxes
230,138
166,311
a Earnings per share_ _...
$1.05
$1.03
Nil
$2.75
contracts
255,882 Surplus
13,606,077 13,277,738
a After allowing for dividends on B. J. Goodman, Inc., guaranteed
872.196 1,040,756
Metals on hand
preferred stock. x No par value.
Govt. bonds, &c__ 3,799.803 3,031,858
627.362
593,893
Cash
Consolidated Balance Sheet Dec. 31
277,320
Deferred charges
231,436
Assets1934
1933
Liabilities1934
1933
a Land, buildings,
Pref. stock, B. J.
17,613,710 17,449,230 Total
Total
17.613,710 17,449,230
machinery,&c--$1,396,117 81.391,462
Goodman
S100,000 $185,000
a Includes notes receivable. b After deducting reserve for depreciation
b Good-will, forc Common stock
1,000,000 1,000,000
of $5,384,907 in 1934 and $5,045,209 in 1933. c Represented by shares
mulae, Ac
460.000
460,000 Capital surplus_ _
500,000
500,000
of $5 par value. d 16,350 shares in 1933 at cost.
-V. 140, p. 477.
Investments
406,139
280,783 Earned surplus
1,875,199 1.772.612
d Tres. stk.(cost)_
80.850
41,400 Federal taxes
32,338
36,213
Huntingdon & Broad Top Mt. RR.& Coal Co.
-Earns.
Deposits
1.003
19 Res, for conting
94.500
94,500
Cash
Years Ended Dec. 311934
346.958
426,202
1933
1932
Notes receivable
Operating revenue
$317.079
182.945
167.083
$316.677
$3314.947
Accts. receivable
Operating expenses
650,323
418,741
760.850
351.379
349,980
Loans receivable
12,119
8,510
Inventories
Net operating deficit
65.582
52,016
$101,662
$34,702
$35.032
Other income
28.047
27.736
33,388
Total
83,602.038 $3,588,325
Total
S3,602,038 $3,588,325
Loss from operatioms
$73,615
36.966
31.644
a After depreciation of $863,139 in 1934 and 8798.231 In 1933. d GoodTaxes
*550
2.025
4.620
will, &c.. of B. J. Goodman, Inc.. only. c Represented by 200.000 shares
Interest on debt, &c
184..594
(par $5) before deductingshares in treasury amounting to 13.475 shares
184.594
184,593
Depreciation
71,706
83.803
84,002
In 1934 and 6,900 shares n 1933. d Represented by 13,475 shares (6,900
Retirement railway & equipment_ __ _
22,950
4,416
4.559
In 1933) of A. Hollander & Son, Inc., stock.
-V. 139. P. 280.
'.
Net deficit
$353,416
$281,804
$279.421
- Hollinger Consolidated Gold Mines, Ltd.
-Extra Div. • *Less adjustment for prior year.
'
A
-V. 134, p. 1020.
The directors have declared an extra dividend of 5 cents per share in
addition to the regular monthly dividend of like amount on the capital
Hupp Motor Car Corp-President Resigns-New Directors
stock, par $5. both payable Feb. 25 to holders of record Feb. 8. Similar
William J. .McAneany has resigned as President and General Manager.
distributions were made on Jan. 28, last, Dec. 31, Dec. 3 and Nov. 5, as
Three new directors have been elected, viz.: Eralen S. Hare, Frank E.
against an extra of 10 cents per share in addition to the usual monthly
Beall, and L. A. Herbert.
-V. 140, p. 803.
dividend paid on Oct. 8. Extra dividends of 5 cents per share were also
paid on Sept. 10, Aug. 13, July 16, June 18, May 21 and April 23 1934,
Illinois Bell Telephone Co.
-Report for 1934while on March 26 1934 an extra of 15 cents per share was distributed.
F. 0. Hale, President, says in part:
-V.140. p.318.
The results shown on the 1934 income statement are not directly com!
those
193
court4
omestake Mining Co.
-Extra Dividend of $2 per Snare A
n b 3 ati e
aTccttolv '
c
laresglied accounting ru s" t% givmagecitit:joutre
if I
3
beezuse cfad jifes,n nW e
'bo
r
-----71 directors have declared an extra dividend of $2 per share in additibn
11
order requiring refunds to certain coin box subscribers in Chicago for
regular monthly dividend of $31 per share on the capital stock, par
to the
several past years. Eliminating these adjustments for comparative pur$100, both payable Fob. 25 to holders of record Feb. 20. Similar distribuposes, net earnings for 1934 by itself were at the rate of3 92% on the average
tions were made in each of the seven preceding months. The company
cost of the proderty and other a.ssets amounting to $328,526,000 and net
paid extra dividends of $1 per share and regular dividends of $I per share
Income was $6,66 per average share of capital stock outstanding. Net
each month from Jan. 25 1934 to and incl. June 25 1934.-V. 140, p. 146.
earnings for 1933 were at the rate of 4.15% and net income was $6.94 per
share.
(Gc. A.) Hormel & Co.-ListingBecause of considerations as to the effect of the court decision on earnings
Th Chicago Stock Exchange on Jan. 31 approved *he application
- and cash resources, dividends usually paid in June and Sept. were omitted.
to list 47,564 additional shares of common stock, no par value.
compa
Payments were made of $2 per share on March 31 and $1.50 per share on
-V. 139. p. 3326.
Dec 31.
During the year there was a net Increase of 30.439 in the number of
--- Hotel St. George (Clark Henry Corp.), Brooklyn-. telephones in service. This is the first year since 1929 that there has been
any Important increase in ttlephones and compares with net losses in
Deposits of Bonds Asked
1932 of 174,676 and in 1933 of 52,130.
Announcing Its adoption of the plan of reorganization as approved with
amendments by the New York Supreme Court, the protective committee
Chicago Rate Case
headed by Alvin J. Schlosser, for Hotel St. George-Clark Henry Corp.
*
On April 30 1934. the U. S. Supreme Court reversed the decree of the
1st mtge. 53i% serial gold bond certificates,series A. which now represents
special statutory court sitting in the U. S. District Court for the Northern
about 42% of the outstanding issue. is asking holders of these securities
District of Illinois. The case was remanded to I he lower court with dito deposit them with the depositary on or before March 15 1935.
rections to dissolve the Injunction and to provide for refunding to subThe committee Includes, in addition to Mr. Schlosser. Joseph W. Dixon,
scribers the amounts collected for telephone service In excess of the rates
Sylvan Gotshal, Win. M.Greve, William T. Hunter,George V. McLaughlin
prescribed by the Illinois Commerce Commission in its order dated Aug 16
and Douglas Vought.
1923, for application in the City of Chicago. On June 1 1934, the U. S.
Under the plan as approved by the Court. bondholders will be entitled
District Court entered a decree dissolving the injunction and reserving
-year
to receive dollar for dollar principal amount in new first mortgage 15
jurisdiction for the purpose of supervising the making of refunds, the
4% bonds and are also to be reimbursed for all past due interest at 4% in
manner and form of making such refunds being prescribed In a supplemental decree dated June 11 1934. The established rates were put into
cash to the extent available and to the extent not available in new first
mortgage bonds at the rate of $1.50 principal amount of new bonds for
effect on June 1: a special force of abut 2,000 eroLloyees was promptly
assembled to carry on the necessary work involved in making refunds, and
each $1 of unpaid interest.
* New money to carry out the plan, amounting to $350,000, is being
the company began making payments on Oct 15 1934
By the end
For
of the year over 194 000 separate payments of refunds and interest amountfurnished by a syndicate of which Bing & Bing is syndicate manager
ing to more than $3 745,000 had been made, and the work will proceed as
the new money the underwriters get equity securities of the new company
rapidly as possible until completed.
subordinate to bonds being issued to bondholders.
r
Financial Chronicle
974
Feb. 9 1935
Following the opinions and decrees of the courts the company in June
adjusted its accounts for the period covered by the rates in suit (Oct. 1
1923 to May 31 1934). so that the books now reflect the estimated results
Involved in carrying out the court orders.
Comparative Income Statement Years Ended Dec. 31
al934
1933
$40,819.656 356,734,952
Local service revenues
15,518,630 15,071.302
Toll service revenues
1,180,767
1.059,603
Miscellaneous revenues
$5,000, leaving total net resources of $37,241,170. The net resources, after
deduction of above liabilities were equivalent to $17.08 for each of 2,181,576
shares.
-V. 140. p. 318.
$57,519,054 $72,865.859
Cr817,957
661,478
91,144,973 87,958,483 89,305,278 116,788,194
23,289,573 26,019,011 22,801,182 21,990,540
13,543.614 16,823,087 12,578,554 11,847,418
Earnings of Company only
1934
1933
1932
1931
$6,882,848 $6,635,509 $6,327,701 $7.038,997
1,810.374
1,526,279
1,905,015
2,254.135
1,610,178
1,962,734
1,323,062
1,347,467
Total
lincellectible operating revenues
$58,337,011 $72,204,380
Total operating revenues
13.820,521 12.934.829
Current maintenance
Cr4,174,034 11.791,272
Depreciation expense
12,438,250 12,411,153
Traffic expenses
66,394,817
6,027,608
Commercial expenses
1.095,504
1,139,128
Operating rents
General and miscellaneous expenses:
555,599
484,382
Executive and legal departments
63,138,861
2,312,837
Accounting and treasury departments
1,006,511
1,014,159
Provision for employees' service pensions
Employee's sickness, accident, death, and other
507,202
485,833
benefits
1,039,209
610,381
Services received under license contract
Other general expenses (less "expenses charged
403,768
661,900
construction")
8,442,949
9,550.590
Taxes
Income available for fixed charges
Bond Interest
Other interest
Amortization of discount on funded debt
79,228,255 75,966,799 77,745,558 99,095,976
20,074,138 21,940,948 19,958,720 18,516,021
12,688,092 15,371,241 12,434,934 11,421,469
Independent(Subway)System of N. Y. City-Earns.
Month
$886.036
556,153
5 Months
$3,999.813
2,733,286
Income from railway operations
Non-operating income
$329,884
662
$1,266,527
2,799
$14,877,896 $13,419.083
2.436,310
2,436,310
451.673
5,060,043
123,041
123,041
Net income
-V. 140, p. 477.
$330,546
$1,269,326
$2.008.501df$1,591,941
Balance carried to surplus
$6.94
$4.84
Earns, per sh. on 1,500,000 corn. shs. (par $100)
income statement for 1934 reflects the following adjustments in
a The
accounts listed, made In connection with Federal Court order requiring
refunds to Chicago coin box subscribers:
$15,948,059
-Local service revenues
Decreases
985,000
Uncollectible operating revenues
15.948.059
Depreciation expense
General and miscellaneous expenses:
429,601
Services received under license contract
434,905
Taxes
154,189
Increases-Net non-operating income
4,731,738
Other interest
b Commercial expenses include approximately $136,000 and accounting
and treasury departments' expenses include approximately $870,000 incurred in 1934 in the handling of refunds to Chicago coin box subscribers
under Federal Court order.
Comparative Balance Sheet Dec. 31
1934
1933
1933
1934
8
Assets
Capital stock_ _ _150,000,000 150,000,000
Land and bldgs.
18,701
4,168
plant, &c_ 295,821,091 294,326,608 Prem.on cap.stk
tel.
Funded debt__ _ 55,927,345 55,927,345
MIscell. physical
231,597
247,097
341,646 Notes
903,163
property_ __ _ _
Accts. payable_ 18,997,008 2,213,713
Invest, in affil.
1,977,278 1,977,278 Subscribers'dep.
cos
Other investmls 1,107,789 1,250,162 & serv. billed
1,418,257 1,484,657
250,000 in advance_
250,000
Sinking fund_
287,378 Accr. liabilities,
833,306
Working funds_
8,635,725 14,358,450
not due
Temporary cash
105,339
223,344
Investment...... 11,615,700 7,887,906 Other def. cred_
4,934,621 Res. for accrued
Tax anticip.warr
depreciation 73,937,381 81,631,268
Cash & deposits. 4,713,042 1,422,659
14,121
16,259
5,729 Other reserves.._
4,537
Bills receivable_
16,248,775
Accts.receivable 7,073,745 6,346,798 Approp. surplus
Mans As suppl's 4,041,895 3,745,234 Corporate surpl. 22,077,051 3,933,989
Deferred debits_ 3,156,622 3,377,402
331 498,168 326,153,423
Total
-V. 140. p. 318.
Total
331,498,168 326,153,423
-Earnings
Illinois Brick Co.
1934
$107,998
281,362
1933
$211,504
436,530
1932
$219,115
449,892
1931
$126,641
702,549
$389.361
2,112,127
$648,034
1.480,309
$669,007
808,003
$829.190
sur9,892
$2,501,488 32,128,343 $1,477,010
Total deficit
3,300
Assitional Federal tax_
Divs. in excess of res..16,216
Adjustment (net)
Profit and loss deficit_ $2,501.488 $2,112,127 $1,480,309
a After deducting costs, selling and general:expenses.
$819,298
Cr11,295
$808,003
Comparative Balance Sheet Dec. 31
1934
1933
1933
1934
Assets$5,875,000 $5,875,000
x Plant & equip_ _.$1,909.721 $2.002,415 Capital stock
8,322
11,657
1,676,576 1,668,961 Accounts payable_
Real estate
100,000
7,455 Note payable..
30,397
Cash
-.....-_
146,411
68,241 Accr. wages,tax,ke 135,494
54,979
Notes dr accts. rec.
148,658 Fire & tornado
146,360
Inventories
1,031,419
915,006
Insurance
488,405
U.S. Treas. notes.. 378,728
30,444
37.043
Other investments
130,096
123,672
Prepaid ins.. &c
291.271
291,271
y Trea.sury stock
Profit & loss def._ 2,501.488 2,112,127
57,150,235 $6,948,075
Total
$7,150,235 $6.948,075
Total
x After depreciation. y Treasury stock (par $758,375) at cost $291,271.
-V. 138, p. 871.
-Earnings
Incorporated Investors, Inc.
1933
$328,186
58
3 Months Ended Dec. 31Dividends received
Interest received
x Part of proceeds of net sales of cap. stock constituting payment for partic. in undivided earns.-
1934
$398,963
30,479
Total income
Total expenses
$429,443
60,478
$375,313
74,150
Net income
Part of proceeds of cap. stock constituting payment for part in undivided earnings
Undivided earnings, balance. Oct. 1
$368.965
$301,163
8,747
472,621
362,384
47,068
$850,333
$663,547
Undivided earnings, Dec. 31
is
x When each share of new capital stock is sold an amounton credited to
that date.
the accrued undivided earnings per share
income equal to
This credit prevents any reduction of the earnings per share on the stock
already outstanding.
-On Dec. 311034, the company had: Cash,
Net Resources, Dec. 31 1934
$3,593.808; investments, at market quotations, consisting of U. S. Govt.
$3,854,375; stocks, $29,697,100, and interest and dividends
securities,
receivable of $168,551, making total resources of $37,313,834 against which
the company had liabilities of: Management fee payable Jan. 2 1935,
$446,552: estimated State and Federal taxes, $21,111; accrued expenses;
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 140, p. 803.
Period Ended Nov. 30 1934Operating revenues
Operating expenses
$7,258,501 $10,408,058
5,250,000 12.000,000
Balance available for dividends
Dividends on common stock
Net loss
Previous deficit
1932
1931
1934
1933
$7,855,474 $7,815,162 $7,077,503 $8,237,542
2,184,605
2.765,024
1,937,585
1,824,785
1,530,579
1,763,714
2,276,501
1,235,574
S13,909,763 $12,538,389
880,694
968,133
Net operating income
Net non-operating income
Years End. Dec. 31a Net loss
Res., decree., taxes, &c_
Illinois Central RR. System-Earnings.DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Not after rents
Indianapolis Water Co.
-Earnings
Calendar YearsOperating revenues
Oper. exps. & taxes
1934
1932
1933
$2,536.165 $2,464,970 $2,479.358
1.142,540
1,143.657
1,052,201
Net oper. income..- Interest
Anaort., &c., deduc ns
$1,393,625
642,375
53.070
1931
$2,754.494
1,115,531
$1,321,312 $1,427,156 31,638.963
642,375
632,583
642,375
47,410
55,877
35,675
x Net corp. income__ _
$698,180
$623,059
x Before depreciation.
-V. 139, p. 2207.
$737,371
3970,705
International Carriers, Ltd.
-Earnings
Calendar Years
Cash dividends on stocks
Interest on bonds
Interest on call loans and
bank balances
1934
$142,635
78,996
Total income
Expenses
Prov. for Fed. inc. tax_ _
$221,631
61,899
1,668
Operating income.._..
x Net loss on sales of
securities
$158,064
$90,977
$129,480
$320,888
896,954
2,750,533
1,694,287
1,168,067
1933
$104,346
40,8671
1932
$167,164
1931
$423,412
14,1101
2,522
92)
$145,304
54,328
$181,274
51.794
$425,934
105,045
Net operating loss for
year
$738,890 $2,659,556 $1,564,806
$847.179
Dividends
111,868
111,868
140,005
286,067
x The basis for computing cost of securities sold is that of average cost.
Surplus Account for Year Ended Dec. 31.
1934
1933
Capital surplus balance Dec.31
$14.137,623 $14,137,623
Operating deficit balance Dec.31
6,961,919
4,190,494
Operating loss for year (as above)
738,890
2,659,556
Dividends declared
111,869
111,869
Balance, Dec. 31
$6,324,946 $7,175,705
Balance Sheet Dec. 31
Assets-1934
1933
1934
1933
z Invest. at cost
Dividend payable_ $27,967
$27,967
Stocks
$5,647,332 56,752,016 For sec. purch. but
Bonds
648,436
913,748
not received. _
3,411
Cash in bank
530.333
62,782 Prov. for Fed, cap.
Cash dep. with city.
stk. & other taxes
7,574
paying agent
27,967
Prov. for Fed. Inc.
Dividends reedy
18,131
16,906
tax
1,668
Recely,for sec.sold
30,181
2,874 Miscellaneous_ 2,061
8,709
Deferred franchise
Capital stock
559,345
559,343
taxes
2,330 Surplus
6,324,946 7,175,705
Accr. int. on bonds
14.042
24,477
Deferred charges
7,137
Total
$6,923,560 $7,775,134
Total
$6,923.560 $7,775,134
x Tho aggregate market value as of Dec. 31 1934 of securities owned wa
$3,981,668. At Dec. 31 1933 it was $4,464.429. y Represetted by s re
Divit
cu
of $1 par value.
-V. 139, p. 2833.
tilitt i
--- .Inter-Ocean Reinsurance Co.
-Extra
end-A-
An extra dividend of 50 cents per share was paid Jan. 31 to 6olders of
record Jan. 23. A regular semi-annual dividend of $1 per share has been
declared payable March 9 to holders of record March 1. Similar extra
dividends were paid Jan. 31 1934 and Jan. 1 1933.-V. 138, p. 872.
Interstate Bakeries Corp.(& Subs.)
-Earnings
52 Weeks Ended
Dec. 29 '34 Dec. 30 '33 Dec. 31 '32
3300.061
$448.189
$372,496
6,659
92,786
23,806
376.998
459.660
519,070
148,859
153,977
152,163
3,659
149
PeriodIncome from operations
Charges to income (net)
Depreciation
Bond and mortgage interest
Provision for Federal income tax
Deficit
Proportion of loss
minority interests
$232,455
applicable
$261,893
$322.693
Cr707
Cr2,I87
Cr2,495
to
Net loss
3231.747
8259.706
$320,198
Consolidated Statement of Surplus Year 1934
Paid In
Earned
Balance, Dec. 30 1933 incl. minority interest__
$941,753 def$497,563
Net loss, as above
232,454
Total
Discounts and insurance refunds a pplic. to 1933Adjustment in respect of accrued domestic taxes
applicable to prior years
Excess of stated value over cost of 30 shares of cony.
pref. and 100 shares of common stock of Schulze
Baking Co. purchased for cash
Restoration of surplus equipment previously
charged off
Miscellaneous credits
$941.753 def$730,018
4,688
5,779
1,202
475
Cr3,578
$943,431 def$715.971
Total
2,026
Federal income tax applicable to 1933
12,100
Settlement of disputed contracts. &c
3,000
Advertising services applicable to 1931
Excess of book value over amount realized on disposal
of fixed assets acquired prior to June 20 1926_ __ _
784
835
Miscellaneous charges
Balance
$942,646 def$733,933
Cr6,376
Applicable to minority interest
Dr1,723
$940,923 def$727,557
Balance Dec. 29 1934
Financial Chronicle
Volume 140
Comparative Consolidated Balance Sheet
Assets
Dec. 29'34 Dec. 30'33
LiabilitiesDec. 29'34 Dec. 30'33
Cash
$406,881 $198,928 Accounts payable_ $272,818 $251,107
Receivables
183,998
180.997 Accr. bond interest
48,705
47,691
Inventories
310,539 Accr. State & local
381,695
Prepaid insurance,
75,114
taxes
63,529
taxes & licenses_
44,933
70,958 Federal taxes (est.)
3,659
Duefrom office and
Salesmen's sec. dep
37.600
29,695
employees
2,395
2,646 Acceptances pay.._
7,784
36,590
Life insurance_ _
93
8,754 Note pay.,sprinkler
U. S. Treas. ctfs_ _
333,143 equipment
7.734
Investments
41,401
36,560 Sundry accruals__
5,226
16,283
Other assets
17,746
25,458
17,780 Reserve for conting
30,000
x Fixed assets_ _
4,753,746 4,924,151 Fund. debt of sub_ 2,445,000 2,454,500
Deferred charges
20,420
8,621 7% pref.stk. of sub 1,402,500 1,402,500
Good-will
3,900,000 3,900,000 Min.int. of sub__
12,880
14,656
Preferred stock.__ 3,979,800 3,979,800
y Common stock__ 1,217,015 1,217,015
Surplus
213,366
448,362
Total
89.753,310 $9,993,081
Total
$9,753,310 $9,993,081
a After reserve for depreciation of $1,967,535 in 1934 and $2,303,702
in 1933. y Represented by 243,403 no par shares.
-V. 138. p. 1239.
Interborough Rapid Transit Co.
-City Appeals Decisiona
The City of New York on Jan. 16 filed an appeal from the decree of
Federal Judge Julian W. Mack denying the application of the city for leave
to sue the receiver of the company in New York State courts. Judge Mack
allowed the appeal and issued a citation for appearance in the U. S. Circuit
Court of Appeals for the Second Judicial Circuit Feb. 16.
Judge Mack's decree of Jan. 14 refused the city and the Transit Commission, which had cited in concert, permission to sue in State Courts for a
declaratory judgment that threatened disaffirmance of the Interborough's
perpetual lease on the Manhattan Ry. properties would be an abrogation
of Interborough obligations to the city. It also made the city and the
Transit Commission parties to the American Brake Shoe & Foundry Co.'s
receivership proceedings against the Interborough.-V. 140, p. 803.
Interstate Department Stores Inc.-Jannary Sales
-
Period End, Jan.31- 1935
-Month-1934
1935-12 Mos.-1934
a Sales
$1,018,494 81,084,759 $19,674,959 $17,570,407
x Including company's ownd departments and excluding groceries and
leased departments.
-V. 140, p. 478.
4
.--4nterstate Equities Corp.
-To Vote on Merger
-
The stockholders will vote Feb. 18 on approving the merger of the
company with Equities Corp. (for further details see Chain & General
Equities, Inc. above).
Report for Year Ended Dec. 31 1934
-
David M. Milton, President, says:
On the basis of valuation of securities set forth in the balance sheet and
supporting statements, the asset value of the preferred stock of corporation
on Dec. 31 1934, amounted to $40.51 per share. As of Jan. 15 1935, the
corresponding asset value per share of preferred stock, based on company
figures. amounted to $39.89. The common stock had no asset value as of
either date.
Statement of Incomeland Expenses 12 MonthslEnded Dec. 31 1934
Income-Interest earned, $16,915; dividends earned, $66,119;
net profit realized from arbitrage transactions in silver, $14,632; miscellaneous income, $991
$98.658
Expenses-Operating expenses, $69,682; interest paid, $1,079;
franchise and capital stock taxes, $542
71.304
Net income for period
$27,354
Statement of Deficit Account 12 Months Ended Dec. 31 1934
Balance deficit as at Dec. 31 1933
$2,575,712
Net loss realized from the sale of securities
101.993
Total
$2,677,705
Unused portion of reserve for legal fees set up at Dec. 31 1933.
returned to surplus
$1,837
Unused portion of reserve for contingencies set up at Dec.31 1933,
returned to surplus
28,740
Unused portion of reserve for Federal capital stock tax set up at
Dec. 31 1933, returned to surplus
.5.450
Excess of par value over cost of 1,651 shares of own preferred stock
purchased and retired
55.784
Excess of income over expenses for the 12 months' period ended
Dec. 31 1934
27,354
Deficit as at Dec. 31 1934
$2,558,539
Balance Sheet Dec. 3111934
Assets-Liabilities
Cash In banks
$442,749 Accounts pay. & accr. caps.... 13154,841
Accounts receivable,for securi$3 cumulative cony. preferred
tiessold
64.972 stock ($50 par)
6,876,150
Securities owned
2.240,902 Common stock ($1 Par)
1,250,000
x Investments at cost
2.942.888 Deficit
2,558,539
Dividends receiv.and int.seer.
8,170 Reserve for unrealized appreDeferred charges
26,519
dation (net)on secur.owned
3,749
Total
$5,726,201
Total
$5,726,201
a Which in the opinion of officers of the corporation is not in excess of
fair value: General Alliance Corp.. 107.000 shares. 28.06% owned. $1,442,888; General American Securities Corp., 82.88% owned (which, in
turn owns 88.33% of General American Life Insurance Co.), $1.500,000.
-V. 139, p. 2833.
Interstate Hosiery Mills, Inc. (8c Subs.)
-Earnings
Calendar Years-.
Net profits after deductions, manuf., selling.
admin.& gen. exp_ _ _ _
Provisions for depreen
Federal income taxes__ _
1934
1933
1932
1931
$629,044
163.304
65,318
$710,324
158,794
88.911
$245.888
165,367
$192,502
127,136
Not income
Dividends paid
$400,421
191,732
$462,619
77.593
$80,520
64,020
$65.366
Balance, surplus
Previous surplus
Sundry adjustments_
Adj.of treasury stock _
Loss on mach. abanti'd
Loss on sale of Clifton
property
$206,689
950,671
1)r3,855
$385,026
563.671
Dr4.171
6.145
$16,500
619.820
Dr5,000
17.439
Dr85.089
$65,366
447,786
Dr3.361
140.840
Dr30,811
$1,155,505
Total surplus
$950.671
3563,671
3619.820
96,991
Shs. cap. stock (no par)._
96,191
97,391
98,719
$4.13
Earnings per share
$4.81
$0.82
$0.66
Comparative Consolidated Balance Sheet Dec. 31
1933
1934
Assets1934
1933
$472,529 $521,760 y Capital stock _ _ _$1,939,820 $1,923,820
Cash
Acets.ree.(lees res.) 895,762
503,268 Fed, taxes payable
65,318
88,910
682,640 Sundry
Inventory
546,876
45.963
75,931
10,641
9,048 Surplus
Inv. & sundry dep.
1.155,504
950,671
14,873
16,265
Deferred charges__
1
I
Patents & g'd-will
a 13Idgs.. IA1. & ea. 1,265,924 1,306.351
$3,206,606 $3,039,332
Total
Total
$3,206,606 $3,039,332
a After deducting depreciation of $771,584 in 1934 and $646,630 In 1933.
y Represented by 96,991 shares of no par stock in 1934 and 96,191 in 1933.
-v. 139. p• 2049.
Interstate RR.
-RFC Sells Equipment Trusts
The Reconstruction Finance Corporation has sold an issue of $250.000
4% equipment trust certificates, series F. held by the Public Works
Administration, to Strout & Co.. Philadelphia and associates at $970.80
per $1,000.-V. 138, p. 3950.
975
Investment Co. of America-Financial Statement
Jonathan B. Lovelace, President, says in part:
The report shows that company made some further financial progress
during the year. The net worth, or -liquidating value" per share of common stock computed from the balance sheet at Dec. 31 1934, with securities
adjusted to market prices at that date and with related adjustments with
respect to Federal income taxes payable, and management compensation
contingently payable, was $27.19 per share. This represents an increase
of 25% over the value, $21.68 a share, at the end of the preceding year.
Earnings for Year Ended Dec. 31 1934
Interest on investments in bonds
$28,065
Other interest
863
Dividends from investments m stocks
175.731
Total income
Administrative and research
Custodianship and agency
Interest on 5% debenture bonds
Federal capital stock tax and miscellaneous taxes
$204.660
34,859
11.785
126.607
16.118
Excess of income over expenses and financial charges, Ste
Profit from the sale of investments in securities on the basis of
cost to this company "first in,first out"
15,289
277.357
Totalincome$292,646
Provision for management compensation contingently payable__
16,657
Provision for Federal income tax
764
Net profit
$275,223
Balance Sheet Dec. 31 1934
AssetsLiabilities
Cash in banks & demand deps$1,488.508 Investment purchase obllgat'ns $42,333
12,685 Accrd. Mt, payable on 5% debs
Cash in closed Detroit banks__
31,650
59,399 Accounts payable
Receivable on sales of invests..
1,433
Divs. unpaid on stocks ex-div.
Accrd. Federal capital stk. tax
7,290
20,847 Reserve for Fed. income tax
& accrued interest receivable
764
3,392,593 Reserve for contingencies
Investments
-at cost
30,002
Res.for management compensation contingently payable..
16,657
5% gold debs., ser. A dated
Oct. 1 1927
2,532,000
Discount on debs. in treasury_
2,212
Common stock
x979,890
Capital surplus
1,064.669
Earned surplus
265,129
Total
$4,974,033
Total
4,974,033
x Authorized 600.000 shares, par $10 each, issued 91,434 shares (less 100
shares canceled), $913,340: to be issued subsequently 6,655 shares, representing the unissued balance of common shares of the capital stock required
under the plan of reorganization placed in force as of Dec. 5 1933. The
plan called for issuance of one common share with respect to each pref.
share of the predecessor of this corporation; the balance of $66,550 indicated
accrues to holders of pref. shares not yet surrendered for cancellation.
Note-Warrants are to be issued subsequently with respect to outstanding
common shares and options of Investment Co. of America, the trust administered by the Michigan Trustee Corp. of the same name, as follows:
One option to purchase a common share of the capital stock of this corporation for $115 at any time (without limit) to be issued with respect to eacti
outstanding common share of the trust-probable total, 137,827 options
(including those already issued). One option to purchase a common share
of the capital stock of this corporation for $155 on or before Dec. 31 1942,
to be issued with respect to each outstanding option to purchase a common
share of the trust-probable total, 282,173 options (including those already
-V. 139, p. 2999.
issued).
-Earnings
Jewel Tea Co., Inc.
Years EndedNet sales
Costs and expenses
Depreciation
Dec. 29 '34 Dec. 30 '33 Dec. 31 '32 Jan. 2'32
$17,217,177 $14,377,593 $11.090.562 $13,742.691
14,962,287 12,734,853 9,608,448 11,886,976
348.109
:307,974
364,146
387,013
Operating profit
Other income
$1,906,781 $1,334,766 $1,117,968 $1.468,702
293.168
211.456
169.046
211,687
Total income
$2.199,949 $1,546,222 $1,287,014 $1.680,389
Fed.& all other taxes__ _
589,069
426.897
233,389
316.609
Conting.reserve,&c-367.757
210,000
Net income
$1,243,123
Common dive. (cash)_ _ _
923,146
$909.325 $1.053,625 $1,363,780
800.176
996.053
1,211.765
Balance, surplus
Previous surplus
Approp.restored to surp_
$109,149
1,431,487
$319,978
1.540,636
357,573
2.404,357
y280.000
$152,015
2,320,190
Total surplus
31,860,614 31,540,636 $2,741,930 $2,472,205
Loss from operation of
Jewel Food Stores, Inc
210,443
Transf. to capital acct
z1.100,000
Provision for decline in
market value of secur_
67.848
Profit & loss surplus__ $1,860,614 $1,540,636 $1,431,487 $2,404,357
Com.shares outstanding
267,686
269.569
264,809
x280,000
Earns. per sh.on com___
$3.40
$4.61
$3.98
$4.87
x Includes stock held for employees. y Reserve for contingencies,
appropriated from profits in prior years. z As authorized by board of
directors, of an amount equivalent to advances from Jewel Tea Co., Inc.,
to Jewel Food Stores, Inc.,for acquisition of assets and for working capital.
Consolidated Balance Sheet
AssetsDec. 29'34 Dec. 30'33
LiabilitiesDec. 29'34 Dec. 30'33
:Land, bldgs., Ac_S1,913,232 $1,885.925 yCommon stock_ -$4,935,462 84,935.462
Good-will
1
I Letters of credit &
Inventories
2,628,865 2,334,506
acceptances.. _. _ 119,789
117,018
Accts. receivable
197,510
204,609 Accounts payable. 165,467
137,971
Investments
1,530,365 1,213,973 Sundry accruals__ 327,506
275,703
Trust funds
201,852 Federal Inc. taxes_ 328,217
262,990
Value of life Maur.
Dividends payable 201,487
210,000
policies
39,563
33,522 Surety deposits._ _ 254,609
201,852
Misc. investments
Trading stamps
& dept
33.844
outstanding......
51,119
51,712
Jewel erupt trust
Res, for conting__ 285,000
185,000
fund assets
254,609
Res,for auto. nodCash
1,014,336
845,149
dent & fire losses 167,542
137.732
Loans to empl'ees_
19,487
33,150 Res, for alterarns.
Other def. charges 1,017,802
953,872 impt. Ar. develop. 249,746
Common stock for
Surplus
1,860.613 1.540,636
a296.944
employees
349,517
Total
88,946,558 88,056,078
Total
$8,946,558 88,056,078
x After deduction of $1,098,745 for depreciation in 1934 and $1.069.101
in 1933. y Represented by 280.000 shares of no par value. z 11,350
shares of which 919 are under contract of sale.
Special Wage Dividend
Another special "wage extra" to employees of this company and the Jewel
Food Stores, was announced on Feb. .5 by the directors. The "wage extra"
will be paid April 15 to all who are then in the employ of these two companies, and who were continuously in their employ from July 15 through
Dec. 29 1934. Officers and senior executives are excluded from participation.
The distribution of this fund, which will amount to approximately
370,000, to be divided among more than 2.450 employees throughout the
Jewel organization, will be on the basis of a 5% wage or salary "extra"
on the total Income of each worker, including wages or salary, commissions,
bonuses, or other special awards, up to a total average income of $50 per
week. Those whose average income exceeded $50 per week will receive
the 5% "extra" on the $50 average but not on that portion of their income
above that figure.
Checks will be distributed to all eligible employees on April 15 Y.1140,
D. 479.
976
Financial Chronicle
Investment Corp. of Philadelphia-Earnings
-
Feb. 9 1935
Hopes to Continue Interest.
-
Committees representing bondholders and debenture holders of the company, who now control the directorate of the company under a voting trust
agreement, after pointing out in a report just issued that a,half
-year's
$47,144
interest on both bonds and debentures recently was declared add: "While
5.829
not wishing bondholders to regard this distribution as definite evidence of
resumption of regular interest payments, it is hoped that with the prospects
Total
$52.973
for stabile market prices for newsprint, the company will be able to continue
Expenses
27.141
at least one-half of its bond interest each year."
Federal capital stock tax
4,050
Regarding the newsprint price situation, the committees' report states:
Inverest paid
6.516
"Your committee are reasonably assured that the market price for news
print in 1935 will not recede, but will be maintained , and there is some
Balance
$15,265
reason to believe that a slight increase over 1934 prices will prevail."
Net realized profit on the sale of securities and other transactions
120,710
Directors of the company, in a statement accompanying the annual
report, say:
Total
$135,976
"Inventories are conservatively valued and the pulpwood supply has been
Provision for Federal income tax
14,500
further increased to the point where It is now ample to meet any emergency."
Net profit for the year
$121,476
President A. Stewart McNichols in his report to the shareholders says
Dividends paid
44.100
in part:
Profits from operations, after allowing for depletion but before providing
Balance
$77,376
for depreciation or bond and debenture interest amount to $405.822, comNote
-At Dec. 31 1934 unrealized net profits on securities and other
pared to $305.944 for the previous year. After allowing $210,370 for depretransactions were approximately $444.768 as compared with unrealized net
ciation there still remains a favorable balance of $195,452, which Is equal
losses of about $4,922 at Dec. 31 1933. reflecting a net unrealized appreciato 63% of the annual charge for bond interest of $306.215. Deficit for the
tion daring the year 1934 of approximately $49,690.
year after charging up bond and debenture interest and interest on arrears
amounts to 5367,066.
Balance Sheet Dec. 31 1934
Output at the mill averaged 84.5% of capacity during the year; though
Assets
Liabilities
this represents an increase over the previous year yet the amount of tonnage
Cash
$131,174 Provision for Federal income
ordered was below the amount stipulated in the sales contract of the comAccounts receivable
12.605 and capital stock taxes
$16,594
pany.
•
Divs. dr interest receivable- _
5,265 Unclaimed dividends
293
Inventories are conservatively valued and pulpwood supply has been
Investments, average cost--- 977,749 Accounts payable (secured)... 122,744
further increased to the point where it is now ample to meet any emergency.
Deposits (to secure contracts
Proceeds of sale of secur.shott
42,379
Years Ended Dec.311934
1933
1932
1931
and other transactions
47,224 Capital stock & capital surplusx2,086,531
Operating profit
$405,823
$305,945
$388,739
$569.963
Real estate
1,050 Earned deficit
1,093,471
Deprec. & depletion
210,370
196,665
174,117
262.443
Furniture and fixtures
1
Bond interest
306,215
306.215
307,176
318.369
Debenture interest
183.430
183.430
183,576
186,035
Total
Total
51,175,070
51,175,075
Postponed interest
38,123
72.873
6,652
z Capital stock, authorized 27,000 shares of no par value: issued and
Inventory written off_
206,361
outstanding at stated capital value. 20,000 shares (Incl. 3,478 shares in
treasury) $500,000; capital surplus 51.759.903; less cost of 3,478 shares of
Deficit
$367,066
5418.488
$489.143
$196,884
company's stock in treasury $173.372. balance $1.586.530: total foregoing
Prof. on bonds redeem_
Cr85,891
Cr43,133
$2.086.531. Of the 27.000 shares of common sock authorized. 7,000
Res.returned to surplus_
Cr50,502
shares are reserved against the exercise of warrants each entitling the
Adjustments
Cr49,370
Cr147,388
holders to subscribe, before Jan. 1 1939, to one share of no par value comPrevious deficit
773.856
404,738
51.987 sur101,764
mon stock at $100 per share. All warrants had been Issued and were
outstanding at Dec. 31 1934.-V. 139. p. 1087.
Deficit Dec.31
$993,534
$773,856
5404.737
351.987
Balance Sheet Dec. 31
Jones & Laughlin Steel Corp.
-Director Resigns
1934
1933
1934
George Gordon Crawford, former President. has stvered his connection
1933
Assets
$
Liabilities$
with the corporation to return to his home In Birmingham, Ala.
$
$
-V. 139,
Fixed assets
13,535,627 13,448,135 Bonds
4,711,000 4,711.000
p.2681.
Cash in trust
144 Debentures
146
2,822,000 2,822,000
Acct. & bills rec.. 256,317
Preferred stock
222,761
3,600,000 3,600,000
` ----,Kansas City Stock Yards Co.
"
..
-Extra Dividend
Dep. to guarantee
a Common stock
1.000,000 1,000,000
An extra dividend of $2 per share in addition to the regulat'quarterly
contract'l oblige.
25,000
Bank loan
148,481
465,990
distribution of $1.50 per share was paid on the common stock on Feb. 1
Investments
791
25.879 Accouota payable_ 126,005
182,568
to holders of record Jan. 24. Similar distributions were made on Feb. 1
Inventories
855,427 Interest accrued
990,842
1,545,780
983,262
1932.-V. 134, p. 858.
Cash
2,713 Canting, reserve
500
75.000
45,075
Deferred charges
13,393 Deprecli reset ye 1,308,257 1.097,887
14.898
Kelvinator Corp.
-January Shipments Up 43%
Deficit
993,534
773,856 Depletion reserve_ 458.718
379,012
January shipments totaled 17,479 units, a gain of 43% over shipments in
Defened liabilities
22,413
55.516
January 1934. according to H. W. Burritt, Vice-President in Charge of
Sales.
-V. 140. p. 803.
Total
15,817,655 15,342,309
Total
15,817,055 15,342,309
Represented by 100,000 shares of no par value.
Kimberly-Clark Corp.
-Estimated Earnings
Note
-The sinking fund payments on the debentures, amounting to
The corporation for the year ended Dec. 31 1934, reports a preliminary
$120.000, due Feb. 1 1932; 5120.000 due Feb. 1 1933. and $120,000 due
net loss on the common stock of $169,527. after proper deduction for bond
Feb. 1 1934, together with an amount equal to the annual interest on all
interest, preferred stock dividends, depreciation and depletion, equivalent
debentures previously redeemed and the sinking fund payment on the bonds.
to 35 cents per share. This loss is subject to adjustment of estimated Federal
amounting to $100.000. due Feb. 11933, and $100,000 due on Feb. 11934.
and State Income taxes and also final adjustment by independent auditors.
- together with an amount equal to the annual interest on all bonds preV. 139, p. 2682.
viously redeemed were postponed until Aug. 1 1934, when the amounts
become payable with 63i% interest compounded.
-V. 140. p. 643.
Earnings for the Year Ended Dec. 31 1934
Cash dividends (incl. all diva. rec. whether out of surplus or capital of the paying company)
Interest
k
(S. S.) Kresge Co.
-January Sales
-
Moth of January1934
1935
1933
Sales
$8,488,423 $8,824,821 $7.706,388
At the end of January 1935 the company had 686 American and 46
Canadian stores in operation, against 677 American and 44 Canadian at the
end of January 1934.
Calendar Years1934
1932
1933
1931
Net profit after interest
deprec., Fed. tax.. &c. 39.835.594 $8,441,098 $5,656.719 59,461.698
Shs. com.stk. outstand'g
(par $10)
5,517,881
5,517,930
5,517.930
5,517,930
Earnings per share
$1.50
$1.75
$1.00
$1.69
-V. 140. p. 320.
(S. H.) Kress & Co.
-January Sales-Month of January1935
Sales
-V. 140, p. 804.
$4.761,726
1934
1933
35,106,517 $3,912.983
Kroger Grocery & Baking Co.
-Sales
Four Weeks Ended Jan. 261934
1935
1933
Sales
$17,202,964 $15,401,157 $14,628.143
Stores in operation
4,730
4.387
4,366
-V. 140. p. 804.
Kraft-Phenix Cheese Corp.
-Expansion Program
The company on Feb. 4 announced a 51.000.000 building program for
1935, with units to be constructed at Freeport, HI.; Plymouth, Wis.;
Atlanta and Montreal.
-V. 140. p. 319
Kermath Mfg. Co., Detroit
-Earnings--Income Account Year Ended Sept. 30 1934
Gross profit
Selling, administrative & general expenses
Net operating loss
Miscellaneous income (net)
Net loss
Consolidated Balance Sheet Sept. 30 1934
Assets
Liabilities
Cash in bank ds on hand
$39,045 Accounts payable
a Customers' notes & accounts
Customers' deposits & credit
receivable
balances
47,414
Misc,accounts receivable
163 Accrued taxes. salaries & misc._
Inventories
151.065 Employees stock purchase payCash In closed bank
2,362
ments
Prepd. Maur.. taxes & 0th. oho.
5.517 Reserve for guarantee expense..
Due from employees
2,106 y Capital stock
Due from employees on capital
Surplus
stock purchases
1,242
Life Maur. policies (cash surrender value)
8.554
a Property. plant & equipment. 89,694
Unamortired improvements to
leased property
3,538
566.030
81,743
$15,713
3.183
$12.529
$32,362
1,191
2,469
3,438
10,000
84,135
217,105
Total
$350,699
$350,699
Total
x After reserve for depreciation of $43,337. y Represented by 90.000
shares of common stock. $1 par, less 5.865 shares held In treasury. z After
reserve for bad debts of $13.005.-V. 139. p. 2366.
Lake St. John Power & Paper Co., Ltd.
-Interest
-
•
The company in a notice to the first mortgage sinking fund 6%% 20year bonds, series A, states that on and after Feb. lit will pay In Canadian
funds at the office of National Trust Co.. Ltd., in Toronto, or Montreal,
in respect of the half-year's interest originally due Aug. 1 1932, the sum of
$32.50 per $1,000 bond and $16.25 per $500 bond against surrender In the
case of coupon bonds of Coupon No. 11.
'Landis Machine Co.
-Dividends Resumed
-
The directors have declared a dividend of 25 cents per share on the common stock, par $25, payable Feb. 15 to holders of record Feb. 5. This
payment will mark the resumption of dividends on this issue, no disbursements having been made since Feb. 15 1932, when 50 cents per share was
paid. Prior to then, quarterly dividends of 75 cents were distributed.
V. 138. p. 873.
Lane Bryant, Inc.(& Subs.)
-Earnings
6 Mos, End. Nov. 301933
1934
1932
1931
Sales
36,199,750 55,796,496 55,278,298 56,679,641
Net profit after Fed. tax.
5,210
98,408 1085171,938 loss81,124
Earns, per sh, on com.
after pref. dividends
$0.42
Nil
Nil
Nil
Current assets as of Nov. 30 1934 amounted to $4,200.553 and current
liabilities were $730,732 comparing with $4,352,977 and $1,038,561 respectively on Nov. 30 1933.-V. 140, p. 320.
Langleys, Ltd.
-Accumulated Dividend-ztet-tkAcd
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. cony. red. pref. stock, par $100. payable
Feb. 15 to holders of record Jan. 31. A similar distribution was made
on Nov. 15, Aug. 15 and May 15 1934. Regular quarterly payments at
the same rate were made up to and incl. May 15 1932. The balance of
accumulations due after the Feb. 15 payment will be $12.25 per share.
-V. 139, p. 2682.
Lyon Lumber Co.
-Annual Report
The company in a report to stockholders states in part:
Your officers and directors have been studying the possibilities of liquidating part of the company's Oregon timber, and in 1934 succeeded In selling
approximately 15,000,000 feet from lands not a part of the main body of
timber. The purchasers were small mill owners who make a down payment and remit the balance as the timber is cut. We expect to continue
efforts along this line.
The income of the company last year was about $10,000 less than the
previous year, due to a non-recurring item of income during 1933 and a
decrease in interest earned. The expenses of the company were decreased
over $5,000 for the year. The net Income before taxes amounted to
$2,329, but Oregon and other taxes, plus a new Federal capital stock tax,
aggregating $25,111,left a deficit for the year of $22,781.
Balance Sheet Dec. 31
Assets1933
1934
Liabilities1933
1934
Cash in banks.... $48,885
524.231 Accounts payable_
$1,542
5994
U.S. obligations__ 0187.484
205.962 Unpaid workmen's
Accr. Int. receiv__
1,527
1,744
compensation __
1,393
528
Ace'ts receivable_ _
25 Accr'd taxes and
Timber sales contr.
3,888
penalties
39,000
58,300
Oregon timber.... 2,430,718 2,440,156 Garyville Land Co.
13,847
19.562
Land scrip
1
Reserves
13.456
13,457
Garyville Land Co.
b Capital stock... 999,400
999,400
20.000 Surplus
20,000
(stock)
1,600,480 1,623,262
Total
82,692,719 52,691,902
Total
82,692,710 52,691,902
a U. 5. Government obligations were not revalued on the books at
market on Dec. 31 1934, but such market Indicates a profit of 36.612.
b Represented by 49.970 shares. $20 par.
Lawyers Title & Guaranty Co.
-Payments on Guaranteed
Mortgages
-Interest payments on guaranteed mortgages of this company, In rehabilitation, are aevraging 3.37% on certificates and 3.84% on whole
mortgages, according to D. William Leider, Special Deputy Superintendent
in charge of rehabilitation of the company.
From Aug. 11 1933, when the company was put in rehabilitation, to
Dec. 31 1934 56.678.784 was paid out as interest to certificate holders and
mortgages of the company, which is one of 19 title and mortgage guarantee
companies in State rehabilitation. Of this sum 32,557,277 was disbursed
Volume
977
Financial Chronicle
140
to certificate holders and $4,121,507 to mortgagees holding whole mortgages. During the same period $2,343,519 was paid by the rehabilitator
to reduce tax arrears on properties underlying certificated mortgages,
Payments in reduction or full satisfaction of mortgage principal in the
same period amounted to $302,038 on certificated issues and $651,301 on
whole mortgages, making total disbursements for interest, taxes, and on
account of principal of $9,094,120.-V. 139, p.3328.
-Annual Meeting Date
Long Island Lighting Co.
Changed-Earningsfor 1934-
panying the proposals had been returned to the bidders. He also stated
that the company had entirely liquidated the claims of creditors, with the
exception of interest charges. Recently the final payment of 10% on
creditor claims was made.
During the closing months of 1934 control of the company passed to the
George K. Morrow interests, that group having acquired more than 50%
of the outstanding common stock.
As a result, late in November a new board of directors was elected.
followed by the election of George K. Morrow as Chairman on Dec. 3.
At that time Mr. Morrow stated that the board had authorized the filing
of a petition in the bankruptcy proceedings in the United States District
Court looking to the prompt termination of the bankruptcy and the return
of the property to the company.
1934 Profits Estimated at $1,739,171
Estimated profits before depreciation, amortization, Federal taxes and
non-recurring charges for the year ended Dec.31 1934, amounted to $1,739,171. Sales for the year were $19,644,569. The above figures are given il2
a report submitted at the creditors' meeting by J. B. Simpson, representative of the trustees, the Irving Trust Co.
Cash on Dec. 31 amounted to $1,804,978, and inventories were valued
at $2,347,472.
The next meeting of creditors has been set for March 5, at which time
-V.140. p.644.
it is probable that final report for the year will be available.
More than 90% of the common stock, represented at the annual meeting
ofstockholders held Feb.5, was voted in favor of a resolution advancing the
date of the annual meeting from the first Tuesday in February to the
second Tuesday in March of each year. The purpose of the change is to
enable completion of audit of the annual report so that it will be ready in
advance of the meeting date,
A tentative income statement of the company, subject to annual adjustments and final audit, presented at the meeting by E. L. Phillips, President,
placed gross revenues during 1934. exclusive of dividends from subsidiaries,
at $10,986,255, net earnings on the same basis at $4,435,822 and total
net earnings. including $292,053 dividends from subsidiaries at $4,727,875.
Mr. Phillips reported the balance after fixed charges, which were earned
,
approximately 1.98 times. as $2,337,000, or approAmately 1.48 times the
preferred dividend requirement of $1,597,988 the balance remaining
-Dividends Increased
McWilliams Dredging Co.
being $739,012 or 24.6 cents earned per share on the common stock. He -The directors have declared a dividend of 50 cents per share on the
pointed out that the mortgage bond interest had been earned approximately
common stock, no par value payable March 1 to holders of record Feb. 15.
436 times and the total bond interest about 3.28 times,
This compares with regular quarterly disbursements of 25 cents per share
Edward J. Crummey was elected Secretary in place of Henry R. Frost,
paid from Sept. 1 1933 up to and including Dec. 1 1934, prior to which
resigned. All other officers were re-elected by the directors following the
quarterly dividends of 3734 cents per share were distributed. In addition
-V. 139, P. 3328.
meeting.
. 86
p p ci .
a s2e3 a1 dividend of 50 cents per share was paid on Dec. 1 1934.-V. 139.
-New York
Lower-Austrian Hydro-Electric Power Co.
Stock Exchange Ruling-V. 140, p. 148.
See Alpine Montan Steel Corp. above.
Lunkenheimer Co.
-Earnings-1934
Calendar YearsNet loss from oper. after deprec---yprof$73.458
Previous surplus
3,866.017
Miscellaneous credits
631
Write-up of U. S. securities
21,259
Discount on pref. stock purchased-
19331932
2
1 3
$686,284
$36,951
3,867,503 4,910,756
12,618
4,892
53.789
9,801
Total surplus
$3,961,365 $3,919,147 $4,290,879
Preferred dividends
38,831
8,528
34,112
Common dividends
25,000
25.000
75,000
Net write-down of Carthage plant_ _
329,592
Net write-down of other assets &
marketable securities
x14,221 - 29,953
5,381
Miscellaneous deductions
5,453
Surplus Dec. 31
$3,846.800 $3,866,017 $3.867,50.3
x U. S. Treasury bonds. y After Federal income tax of $9,647.
Balance Sheet Dec. 31
Assets1934
1934
1933
1933
Liabilities-Cash & accts. ree- 8412,221 $313,698 Accounts payable_ $42,444
$40,790
506,813 Pref. dividends_ _ _
8,528
U. S. Tress. bonds 528,072
8,528
17,869 Res, for county
18,500
Other market. seeInventories
1,812,870 1,815,135 taxes & miscell.
28,113 Items
26,069
Other assets
19,976
23,764
x Plant & equip-- 2,521,109 2,652,505 Ites. for Federal
131,766 income tax
9,647
Def. dr mLseell__. 133,354
Preferred stock...524,800
Good-will, patents,
524,800
tr.-marks, copyI' Common stock_ 1,000,000 1,000,000
1 Surplus
1
rights, Ja3
3.846,800 3,866,017
Total
85.452,196 $5,463,900 Total
$5.452,196 $5,463,900
x Less reserve for depreciation of $2,742,351 in 1934 and $2,607,623
in 1933. y Represented by 200,000 no par shares.
-V. 139. p. 769.
-Listing
so'Lych Corp.
.
Th Chicago Stock Exchange him approvedhe listing of 60,000 additional
mm
coon stock, $5 par value. 45,000 shares of the additional
shares
common stock are to be issued in connection with the 50% stock dividend
while the other 15,000 are to be reserved for future stock dividends,
Years Ended Dec. 31-*
1934
1933
Net profit after charges and taxes
4292,000 $267.325
x Approximate and before final year-end inventory and other adjust-V. 140, p. 805.
ments.
McCall Corp.(& Subs.)
-Earnings
Calendar YearsNet sales
Expenses
1934
1932
1931
1933
$11,065,960 $9,856.146 $10,839,267 $12,949,301
9,307,403 8,262,336 9,236,285 10,654.828
Operating income.- $1,758,558 $1,593,810 $1,602,982 $2,294,473
Other income (net)
Dr35,432
113,241
90,425
76,848
-Registration Effective
Madison Square Garden Corp.
The Securities and Exchange Commission has ordered effective immediately the application for registration on the New York Stock Exchange of
324,860 outstanding shares of no par capital stock of the corporation to be
-V.140. p.805.
Issued in exchangefor outstanding voting trust certificates.
--Earnings
Manchester Electric Co.
Calendar YearsTaal operating revenueOperating expenses
Retirement res. accrualTaxes
43
1 54
$ 9 8,268
316,606
25,000
41,957
1933
$422
$442,574
1939.518
317,962
316,652
25,00020,216
23,392
27.995
1931
$486.245
322.357
27.130
29.742
Netincome
Other income
$74.705
2,086
$72.927
1,606
$67.948
2.170
$107.014
2.006
Totalincome
Interest charges,&c..---
S76,792
5,449
$74.533
6,147
$70.118
2.408
$109,021
246
Netincome
Common stock dividends
$71,342
67,200
$68,386
67.200
$67,710
67,200
$108,774
68.320
Balance to surplus_ _ _ _
Net direct credits to surp
Net direct chgs. to BurpSurplus Jan. 1
$4,142
$1,186
1,136
Surplus Dec.31
-V. 138, p. 1043
Dr717
102,918
$106,343
$510
$40,454
100.595
Dr10,000
110,085
Dr4,754
74.384
$102.918
$100.595
$110,085
-Acquisition
Manhattan Shirt Co.
The company has acquired a brick factory building, formerly a part of
the R. & G. Corset Co. at South Norwalk, Conn. Work is in progress
setting up equipment for the processing of material for the company's new
-V.140, p.805.
line of wrinWeproof cloth for soft collar shirts.
Manhattan Towers, N. Y. City-Seeks to Reorganize
An involuntary petition for permission to reorganize the 2168 Broadway
Corp., which operates the Manhattan Towers, was filed Feb. 1 in U. S.
District Court by Harper & Matthews, attorneys. Current liabilities
set forth in the petition were $392.385. It was also stated that the properties of the corporation were assessed at $1,500,000 and that a mortgage for
-V. 137, p. 4706.
$1,600,000 was given to secure a loan.
-New Directors
(Glenn L.) Martin Co.
John K. Shaw, Stillman Evans and Otis A. Glazebrook, Jr., have been
elected directors and members of the Executive Committee. They suc-V.139,
ceed A. A. Van Duzen, Thomas H. Jones and John G. Gosling.
p.3811.
-Earnings
Marine Midland Corp.
Operating Statement-Years Ended Dec. 31 (Holding Company Only)
1931
1932
1933
1934
$512,702 $1,090.300
$85,690
$24.415
Interest
constit. banks.
Div.from
2,376.322 2.824,217 4,334.548 5,308.828
trust cos. & sec. affil
Total income
$1,835,405 $1,707,051 $1,693,407 $2,259,041
Loss on oper. of 37th St.
property
54,480
Miscellaneous charges
48,055
Res.for doubt account
52,126
3,711
32.288
25,039
Reserve for tax
155,881
122,026
207,785
276.788
Depreciation
336,299
347.894
355.947
354,029
$2.400.737 $2,909,907 $4,847,250 $6,399,128
Total Income
98.526
137.940
130.669
110,446
Operating expenses....
120.000
5,000
2,500
3,000
Inc. taxes
Prov. for Fed.
82,287,291 $2,776,738 $4,704.311 $6,180,602
Net profit
2,695,565 4,318,213 6.450.608
2,152,849
Dividends paid
Net income
Common dividends
$386.098 def$270.000
$81,173
$134,442
Balance
Balance Sheet as at Dec. 31 1934 (Holding Company Only)
Liabilities
AssetsDividend payable Jan. 2 1935 $537.988
Cash in banks-Marine Mid$173,531 Owing to Employees Service
land banks
1222,450
1.736,771 Corp
Other banks
162,189
U. S. Treas, bonds, at par.., 1,140,000 Reserves for taxes, &o
c3,304,225
6,494 General reserves
Accrued interest
27,755.050
Capital stock (par $5)
Capital stock of constituent
14,965,921
banks,trust cos.& affiliates a42517,445 Capital surplus
Capital stock of Employees
1,173,560
Service Corp
$1,185,076 $1,170,988 $1,163,308 $1,603,186
814,722
1,163.052 1.392,866
1,348,370
Balance, surplus
$256
def$163,294
$356,266
$210,320
Shares of common stock
outstanding (no par)_
540.060
545,360
552,360
539,360
Earns, per sh, on corn_
$2.17
$2.13
.
$2.90
$2.20
Comparative Consolidated Balance Sheet Dec 31
1934
1933
1933
1934
AssetsLiabilities
$
$
Cash on hand....2,281,850 1,481,011 Accounts payable_ 227,332
269,561
Reserve for taxes_ 175,067
Cash deposit with
151,596
Postmaster and
Accruals
222.956
94,316
postage stamps
Divs. pay. Feb. 1 269.674
on hand
Deferred credits__ 1,109,820
970,593
49,945
145.349
Marketable secure. 232,133
243,800 Reserves
3,607
y Accts. rec. (net) 192,563
9,632,630 9,632,630
85,980 z Capital stock
Loans to employees
Earned surplus... 4,702,497 4,872,133
1,250
Notes receivable__
800
Inventories
1,138,791 1,274,577
Accts. red'd from
officers & empl's 240,333
336,448
Deferred accts. roe
48,842
59,113
Leasehold
102,099
108,052
Inv. in & acct. rec.
from S. M.News
Co., Inc
120,596
170,602
Mdse. with dealers
at cost
76,965
71,346
Deferred charges.. 233,852
253,410
x Fixed assets _
3,339,566 3,603,976
Subs. lists, &a
8,365,931 8,365,931
16,485,326 15,994,436
Total
16,485,326 15,994,436 Total
z Less reserve for depreciation of $2,844,206 in 1934 and $2,540.653
1933. y Less reserve for doubtful accounts and reserve for discards
of $438.097 in 1934 and $516,453 in 1933. z Represented by 539.360
shares of no par value in 1934 and 540,060 in 1933.-V. 139, p. 769.
in
McLellan Stores Corp.
-Sale Abandoned
The sale of the assets of the corporation has been abandoned, Norman S.
Goetz, attorney for the trustee, at a hearing held Jan. 31 before Harold P.
Coffin, referee in bankruptcy, having secured permission to enter an order
to that effect.
At the hearing, which has been adjourned from Sept. 28 last, it was
stated by Mr. Goetz that all bids had been withdrawn and deposits accom-
$46,747,802
$48,747,802 Total
Total
a Valued on the basis of book value of net tangible assets as at Dec. 31
1934, as shown by accounts subm tted by responsible officials of the
respective companies. $43.321.231; Less amount applicable to minority in'Wrests, $803786. b For 4,490 shares of Marine Midland Corp. capital stock
borrowed in connection with bank acquisitions. c During the year an
additional amount of $850.000 was allocated from general reserves to the
reserve for investment in Employees Service Corp.
Statement of Consolidated Capital Surplus Year Ending Dec. 31 1934
$17.248,312
Balance at Dec. 31 1933
Operating profits of the hcloing company ant its constituent
banks, tru..t comranies an., affiliates, as shown by ths attached
4,035.220
consolidated operating statement
$21,283,533
Together
Deduct-Appropriations to general reserves fro a capital,surplus
and undivided profits of constituent banks, trust companies
4,113,420
ana affiliates
$17,170,112
Balance
Proportion of appropriations to general reserves and other
charges applicable to minority Interests, together with mis51.341
cellaneous adjustments
2.152,849
Dividends paid and accrued by Marine Midland Corp
$14.965,921
Balance at Dec. 31 1934
Note-Net losses on loans, securities, mortgages, &c., and on Bales
of securities charged to general reserves during the year amounted to
$13.060,856. In addition general reserves of $25,799,092 previously set
up for the purpose were applied to write down securities to or below market
and for all losses classified as such by Superintendent of Banks or Comptroller of the Currency on Sept. 28 1934.
•
978
Financial Chronicle
Consolidated Operating Statement
-Year Ended Dec. 31
(Marine Midland Corp. and its constituent banks, trust companies
and
security affiliates)
1934
1933
1932
1931
Int. inc. of Marine MidCorp.,incl. int, earned
on fds. deposited with
constituent banks &
trust cos., &c
524,415
585,690
5512,702 51.090.300
Oper. exp. & Fed. taxes
of Marine Midland
Corp
113.446
133,169
142,940
218,526
Net loss
889.031
$47.479 prof$369,763 prof$871774
Oper. profits of constit.
banks, tr. cos. & occur.
affils. for the year ___ _
4,907.927
6,466.904
7,114,772
Ohs, of earns. applic. to 4,194.879
minority interests
Dr70,628
Dr75.965
Dr95.733
Dr96.619
Oper. profits for year
carried to surplus__ 84,035,220 54.784.483 86.740,934
57,889.927
Consolidated Balance Sheet as at Dec. 31 1934
(Marine Midland Corp. and constituent banks, trust
companies
and affiliates)
rz• Assets
Liabilities
Cash and with banks
$62,202,883 Capital stock (par $5)
$27,755,050
U. S. Govt. securities
75,471,514 Capital surplus
14,965,921
Notes of RFC
1,000,000 Capital notes and pref. stock 11,700,000
State & municipal securities 22,028,652 Reserves
.6,184,081
Other bonds and securities__ 48,925,608 Provision for taxes, int.,
&c_
1,165,630
Loans and discounts
178,438,593 Minority interests in capital
Mortgages
27,968,099 stock and surplus of conBank bides. and other real
stituent banks, trust cos.
estate
16,957,100
and affiliates
803,786
Customers' Bab, on acceptLiability on acceptances and
ances and letters of credit 4,509,125
letters of credit
4,831,659
Accrued interest receivable_
1,935,312 Other liabilities
1,871,062
U. S. Treas., 5% red. fund_
95,000 Circulation
1,899.997
Other assets
853.615 Demand deposits
210,105,426
Time deposits
158,564,924
Dividends payable
537,966
Total
$440,385,507
Total
$440,385,507
•After applying certain reserves to write down assets.
Condensed Combined Statement Dec. 31
(Of constituent banks and trust cos., but excluding security affiliates)
1934
1933
1934
1933
P Assets
$
Cash and with
Capital
23,250,000 34,900,000
p. banks
60,466,113 42,378,020 Surplus
t 19,405,483 f28.100,000
U. S.tbonds
74,331,515 67,555,401 Undiv. profits J
1 5,361,920
Rawl.* mimic.
Capital note_ y11.700,000 1,000,000
securities_ _ _ _ 22,028,652 19,671,145 Reserves
2,598,936 12,808,554
Due Cr. Marine
Prov. for taxes,
Midiand bks_ 7,800,996 8,764,026
interest, &c
992,995
Notes of RFC__ 1,000,000 1,000,000 Liab. on accept.
Other bonds and
and letters of
securities_ _
47,505,441 64,795,502
credit_ _
Loans and disct _ 178,220,207 178.797,107 Other liabilities_ 4,831,659 6,449,267
1,531,187 1,232,510
Mortgages
27,935,527 30,619,038 Circulation ____ 1,899,998 2,889,778
Banks & bides.
Deposits
377,315,9231346,026,720
& equipment_ 16.851,178 15,584,034
Cust's. flab. on
accepts, and
letters of cred. 4,509,126 6,304,901
Accrued interest 1,928,818
1,899,891
U.S. Tress.,5%
redmpt. fund_
95,000
145,000
Other reseources
853,616 1,274,680
Total
443,526,190 438,768,748
Total
443,526,190 438,768,748
x Includes deposits on Marine Mid
for 1933 and 85.577,564 for 1932. y and Corp. in the amount of $610.735
Capital notes and preferred stock.
V. 139. p. 2683.
Maryland Casualty Co., Baltimore-Annual ReportSilllman Evans, President, says in part:
Company has made two substantial readjustments of Its affairs during
the past year, and is now facing the future in a strong position.
The year began with the company operating under the disadvantage
of
severely inadequate finances, which resulted not only from the
general
causes attendant upon the depression but because of the extraordinary
demands upon the company's treasury by losses on the guarantee of mortgages and leaseholds. The first refunding and refinancing was completed
on April 20 1934.
At that time, there was in progress the triennial examination
of the
company's affairs by the Insurance Department
The
surance Department of Connecticut was invited of Maryland. with Inby and joined
Insurance Department of Maryland in the examination, and, from the
to time, the Massachusetts Insurance Department lent its aid. Wetime
immediately placed at the direction of the examiners every facility of the company, and, to further aid them in a rigid and exhaustive study of the
company's affairs, we employed a private firm of auditors, experienced
in insurance matters. We kept in constant touch with the examination,
and, as it progressed, it became clear that major revisions in the company's
assets and reserves, as reported in the company's statement, published
as
of Dec. 31 1933, but reflecting the April financing, would
be necessary.
Extraordinary adjustments were necessary. Besides making various rereductions and charge-offs, we at the same time, materially increased our
reserves, in accordance with the Maryland Insurance Department's requirement's. A resume of these adjustments follows:
Assets Reductions
Eastern Mortgage & Securities Co.(a wholly-owned subsidiary)
$3,758,670
Real estate
000
.
Collateral loans
840,508
Mortgages
17,023
Refunding plan expenses & advances to mortgage companies
621,506
Loss on sale of undesirable securities
199.521
Claim reserve
Voluntary reserve
Dividend reserve
Reserve Increases
85,487.230
2,011,900
600,000
341.666
$8,440.803
Additional Financing-These adjustments were made possible by additional financing.
On April 20 1934, Reconstruction Finance Corporation
purchase of 1,000.000 shares of 1st cony. pref. stock at had financed the
price of $7,500,000. At the same time, the company had a total purchase
sold, on a partial
payment bast-, 299.343 shares of
at a total price of $598,686. Of junior cony. pref. stock, series A and 13,
this amount. $543,422
On Aug.30 1934, as a result of the situation disclosed has been paid.
by the examination
above referred to, RFC financed the purchase of 1,000,000
additional
shares of 1st cony. pref. stock, series A, at a total purchase price
of $10,000,000. The 1st cony. pref. stock issued at the time of the earlier financing was reclassified as 1st cony. pref. stock, series B.
The company had thus made available to it, in the course of the
year.
over 818,000,000 of new capital funds.
IVill Increase Surplus to Policyholders-Wo carry In our statement as
a
liability 8251.021 which represents partial payments on account of junior
cony. pref. series A and B stock. The last payments on this stock
duo this year, and when made will increase the surplus to policyholders are
the amount now carried in our statement as a liability, plus remaining by
payments of approximately 850,000, thereby adding a total of approximatel
y
$300.000 to the surplus to policyholders.
Because of these extraordinary adjustments, the large claims and
actually incurred in 1933 and prior years, which were not paid untillosses
1934
and for which inadequate reserves had been set up, and a material
increase
Feb. 9 1935
In premium reserves due to increased business written in 1934. our losses
and adjustments for the year amount to 810,140.331. Of this amount
$8,440,803 represents the adjustment of assets, the reserve and loss adjustments mentioned above and loss on the sale and depreciation of securities
and 81,699.528 represents current operating losses due in part to inadequate
reserves set up for losses in prior years.
Gain Is Recorded-The operating loss for the year, caused by the factors
related above, occurred in the first six months of the year. During the
period beginning July 1 1934, there was an operating gain of 3113.383.
Following is the current operating statement for the year:
Income-Total premiums
$23,091,926
Less reinsurance
1,679.107
Uncollectible premiums
127,507
Premium income
Investment income
Net decrease in reserve
821,285,311
771,280
99,827
Total
$22,156,419
Outgo--Conunissions
$4,667,824
Expenses
3,399,632
Taxes
518,084
Claims and claim expenses
15,077,702
Depreciation of real estate & securities
157,994
Increase in assets not admitted by Insurance Department_ _ _
34,709
Operating loss occasioned as above stated
81.699,528
Financial Statement as of Dec. 31 1934 (Giving Effect to the Financing Above)
AssetsLiabilities
Cash in banks and offices.._ _ $1,990,691 Res. for unearned premiums_ $8,952,904
U. S. Govt. and Govt. guar.
Res. for unadjusted claims.__ 15,650,390
obligations
9,768.020 Reserve for commissions._.
807,874
a Other bonds and stocks_ __ _ 12,920,871 Res. for expenses and taxes__
516,593
Premiums in course of collecReserve for reinsurance tuition, $4,382,055; less prem.
authorized
51,507
due snore than 90 days,
341,667
Res. for accurn. dividends_ _.
$391,695
3.090,360 Real estate depreciation
683,789
Real estate: home office buildFunds held under reinsurance
ines,32,545,735; Phila office
186,249
treaties
buildings, $761,839; other,
Partial payments received on
$153,758
3,461,334
251,022
unissued preferred stock _ _ _
1st intees. on real estate_
.
1,116,646 Special voluntary reserve....
600,000
Collateral loans
439,792 Capital: let cony. pref. stock
Reinsured losses due from
series A _ h
1.000,000
other companies
460,346
let cony. pref.stk. ser. 11_1z 1,000,000
Salvage recoverable
750.138
Junior cony. pref. err. B
Interest accrued
137,408
51,893
c
stock.
Common stock
508,792
4,261,896
Surplus
Total
$34,950,090
$34,950,090
Total
a Amortized values'.on bonds amortizable in accordance with resolution
adopted by the National Convention of Insurance Commissioners December 1934: market values on all other bonds and stocks,except those of whollyowned subsidiaries, which latter are carried at appraised or market values
of underlying assets.
b Fast conv, pref. stock, series A, represents11,000,000 shares. Si par,
issued at $1t per share and redeemable at the option( of the company at the
same price and entitled to dividends at the rate of 50 cents per share per
annum. First cony. pref. stock. se.les B. represents 1.000,000 shares.
$I par, issued at $7.50.:per share and redeemable at the option of the company at the same price ane entitled to dividends at the rate of 373 cents
per share per annum.
C 299,343 shares of junior cony. pref. series A and B stock have been subscribed for at 82 per share, of which 137,408 shares of series B stock have
been paid for in full and issued. This stock has a par value of 81, is issued
or subscribed for at $2 per share and is rotirable at the option of the company at the same price and,is entitled,to dividends at the rate of 12 cents
per share.
Refunding Plan-One of the most important events of the year was
the successful completion of the major mortgage refunding plan. Under
this plan, approximately $50,000,000 of collateral trust mortgage bonds
in which guarantees of the company were involved have been refunded on
a substantially reduced basis for a period of 20 years. While the cost of
placing this plan into effect will possibly aggregate 81,000,000,of which
the larger portion has already been paid, it will materially relieve the company in the future, although some continued exptuditures arising out of
the mortgage situation may be expected during the next year.
The company has created the Keswick Corp. to service the mortgages
and properties involved in the mortgage refunding plan. These mortgages
and properties comprise approximately 15,000 items in 36 States. The
Keswick Corp. has already taken over the servicing of approximately 40% of these properties and has been able in the short period of its
operation to reduce materially the servicing cost to the company.
-V.
140, p. 480.
Massachusetts Bonding & Insurance Co.
-Earnings-Year End. Year End.
PeriodGross premiums written
Premiums canceled and returned
Dec. 31 '34 Dec. 30 '33
$17,198,891 $15,801,056
3,446,352
3,823.198
r" Net premiums written
Premiums on risks reinsured
$13,752,539 811,977.857
1.346,058
771.472
Net premium income
Interest and rents received
Other income
$12,406,480 811,206,386
726,1021
636,514
1
14,694
Total income
Losses and loss expenses paid
Acquisition expense
Inspections and pay roll audits
Underwriting and management expenses
Taxes,licenses, fees and assessments
Miscellaneous expenses
$13.132,582 $11,857,594
7,005,726
6,622,348
3,450.654
3,274,936
166,493
157.036
745,970 . 700,740
291,801
262,854
163,979
92,647
Net income
$1.307,958
Balance Sheet
Dee. 31 '34 Dec.30'33
Assets
Cash
1,403,018 1,156,545
Stocks and bonds_z9,846.058 110362,794
Real estate
1,157,591 1,157,501
Real est. mtges..
150,000
Gross premiums in
course of coll't'n 1,993,225 1,760,165
Accrued Interest
100,744
92,485
Collateral loans_ _ _
161,838
13.960
Reinsur. due from
other companies
49,040
Depos. with Workmen's Corn pens'n
Re-insur.Bureau
39,730
Salvage assets__
355,548
Other assets
254,838
175,088
$747,034
Dec. 31 '34 Dec. 30'33
$
Res. for unearned
premiums
4,445,092
Reserve for claims 6,331,149
Res for accrued
taxes
269,839
Reserve for commissions on unpaid premiums_ 381,203
Reserve for other
liabilities
57,230
9 Res. for cooling.
Capital
2,000,000
Surplus
1,521,571
4,080,461
5,584,768
235,660
360,644
64,383
1,300,000
2,000,000
1,402,145
Total assets__ _.A5,006,084 15,224,177
Leas assets considered good by
co., not admitted
by Insurance Departments. viz.
a196,127
Total
15,006,084 15,028,051
Total
15,006,084 15,028,051
a Uncollected premiums on bonds and policies issued prior to Oct. 1
1933, $34,059; other assets not admitted, 8162,067. x Valuations authorized
by National Convention of Insurance Commissioners. y This reserve
exceeds the sum required(to place all of the company's stocks and all of its
bonds (except those amortized) on a basis of actual market valuations as of
Dec. 20 1933. z All stocks and all bonds in default as to interest or principal
on Dec. 31. are valued on the market basis as of that date. Bonds not in
default are valued on the amortized basis.
-V. 138. p. 2095.
979
Financial Chronicle
Volume 140
Massachusetts Northeastern Street Ry.-Distribution
Old Colony Trust Co., Boston, has notified the holders of 1st & ref.
mtge. 5% gold bonds of the company, dated July 1 1914, and holders
of coupons appurtenant thereto as follows:
Notice is hereby given that upon presentation thereof to the undersigned, successor trustee under the mortgage securing the above described
bonds, there will be paid a dividend in distribution, in accordance with
a decree of the District Court of the United States for the District of Massachusetts. This distribution will be upon the bonds and coupons, and not
upon certificates of deposit therefor issued by the bondholders' protective
committee. Bonds should be accompanied by coupons -V.138, p.27,54.1
"
"..Mayfair Investment Co., Los Angeles-Dividend-74'W.
The company, owner and lessor of the Mayfair Hotel property, recently
declared an initial quarterly dividend of 75 cents a share on 13,675 shares
of outstanding capital stock, payable Feb 1 to stock of record Jan. 31.
The stock was issued in connection with reorganization and foreclosure
proceedings, the Mayfair Investment Co. taking over the hotel property
and commencing its operations on Feb. 1 1934. The hotel is leased on
a percentage basis fixed upon both the gross and upon the net income of
the hotel property. Sun Realty Co. was the former owner of the property.
-Title
Mayflower Hotel Co., Washington, D. C.
Transferred
First mortgage bondholders of the company on Jan. 29 became owners
of the property. Justice F. Dickinson Letts, acting at the behest of Paul
E. Lush, who represented the noteholders in their fight to take over the
property because of default in interest and amortization payments, signed
orders which turned the property over to the newly formed Mayflower
Hotel Corp.
The reorganization of the hotel's financial structure, which involved a
$9,900,000 bonded indebtedness, was accomplished by an agreement
that second trust noteholders, who purchased a total of $2,500,000 secondary paper, should be paid off with $117,820 and should, in addition, be
allowed the costs of prosecuting their suit.
Justice Letts directed the three men who have been operating the hotel
as trustees in bankruptcy-John Lewis Smith, J. Miller Kenyon and Rush
L. Holland-to transfer the property from the old owner to the new corporation.
-V. 140, p. 322.
-Balance Sheet Dec. 31Melchers Distilleries, Ltd.
lator Co.). This was equivalent, after deducting an amount equivalent to
annual dividends of $6 a share on 9,827;i shares of Minneapolis-Honeywell
preferred stock issued in connection with the acquisition, to $5.20 a share
on.9,82715 shares of Minneapolls-Honeywell common stock issued in connection with the acquisition.
Consolidated Balance Sheet Dec. 31
[Brown Instrument Co. included for 1934]
1933
1934
1933
1934
Assds
$48,253
$2,306,559 $1,914,595 Accounts payable_ 8111,179
Cash
741,145 Accrued taxes and
. S. Govt. oblig_ 248,941
exp. and res. for
55.545
54,114
Securities(market)
231.193
Federal (axes...,.. 299,707
Tr. notes & accts.
22,500
20,168
541,867 Dividends payable
& accr. inc. rec_ 773,817
c178,000
Serial 5s ser. A_
Empis. stk. put..
.
7,152 6% pref. stock...... 2.327,300 1.436,860
26.262
&c., accounts
1,929,025 1,103,028 b Common stock_ 3,291,521 3,143,995
Inventories
2,161.873 1,394,168
153,649 d Surplus
177,900
Life ins. policies
a Real est., plant,
2,580,291 1,859,585
&c
8,702
Advances
Patents acquired in
18,431
49,495
1933
1
1
Pats. g'd-will, &c_
Prepaid licenses A-.
15,500
16,500
franchises
35,768
48,844
Other prep'd exp
"8,211,749 56,454,969
Total
88,211,749 86,454,969
Total
a After reserve for depreciation of $1.936,736 in 1934 and $1,142,727 En
1933. b Represented by 207,301 (197,468 in 1933) no par shares, less 19
shares held in treasury. c Called for redemption Feb. 1 1934. d Including
paid in and other capital surplus amounting to $909,521 in 1934 and $475.322 in 1933.-V. 140. p. 805.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.140. p. 805.
ancludinglWisconsin Centrality.]
1931
1932
1933
1934
$1.613.291 $1,949.106 $1.524,999 $1,735.563
143.568
140,519
444,736
174,609
223,289 def137,725 def148,516
def81,114
1934
Assets1933
Ltabdkies1933
1934
22.371,582 22,293,596 22,079,116 28.439.228
Cash
4,429.181
$15,371
$1,534
$4,995 Bills & accts. pay315,903
2,165,857
4.299,726
4.167,975
Call loan
280,984
Accrued liabilities
100,000
1,016,850 def1,547.931
1,243,926
Accts. receivable_
96,457
100,037 Depos.held against
50,000
Inventories
843,187 sales contract.
795,725
b Land, buildings
Provision for est.
41,
-Hearing on Plan-e"""h tkta•
West Utilities Co.
'
& equipment__ _ 1,435,340 1,438,332
3,652 ---Middle
losses, &c
- d e6n
Bank creditors and serial noteholders have offered stockholders'.- Trade-mks., good3,909,807 3.909,807
a Capital stock
reduction in the prices at which holders of the
cession in the form of a
141011. &c
42,356
17,406
1,555,200 1,555,200 Profit & loss acct.
stock purchase warrants to be issued to present stockholders under the
Deferred charges_
4,485
5,074
proposed reorganization plan will be able to buy new common stock.
The Federal Court hearing on the reorganizction plan has been continued
Total
'4,003,698 $3,946,238
Total
44.003,698 83,946,238
to Feb. 19.-V. 139. p. 4131.
a Represented by 100,000 no par shares class A stock and 50.000 no
par shares class 11 stock. b After depreciation reserves of $307,979 in
-Earnings
Michigan Bell Telephone Co.
1933 and $309.739 in 1934.-V. 139, p. 3329.
1934-12 Mos.-1933
-Month-1933
Period End. Dcc. 31- 1934
112,584,854 $2,551,616 $30,720.073 $29,673.231
Operating revenues
Memphis Natural Gas Co.
-Vice-President Resigns950.000
1,398
63,511
Cr166,289
Uncollectible open rev
D.C. Shaffer on Jan.26 resigned as Vice-President and General Manager
1,995.161 21,230,984 20,815,405
1,903,429
Operating expenses
of this company. No successor will be named, according to Milton S.
3,649,852
3,127.309
303,785
253,645
Operating taxes
Binswangor, Chairman of the Board of Directors.
-V. 140. p. 644.
$189.159 $6,360,402 $4,257,974
Net operating income 8594,069
Metropolitan Edison Co.(& Subs.)
-Earnings
-V. 140. p. 480.
12 Months Ended Dec. 311933
1934
-To Be
Total operating revenues
Mineola Bond & Mortgage Guaranty Co.
$10,820,847 $10,410,602
Operating expenses
3,427,274
3,181,438
Rehabilitated by State
Maintenance
1.198.846
1,110,314
Prov. for retire., renewals & replace, of fixed cap
George S. Van Shaick, New York State Superintendent of Insurance, was
1,750,004
1.750,000
authorized Feb. 4 by Supreme Court Justice Brower in Brooklyn to take
Federaliincome tax
440,910
467,096
Other taxes
over the company for rehabilitation.
341,337
418,021
Impairment of the company's guaranty fund to the extent of $44,288
was the basis of the Insurance Department's request for permission to
Operating income
$3,648,140 $3,498,065
1111
Other income
rehabilitate.
1.470,372
1,448,504
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
Dividends on preferred stocks
$5,096,645 $4,968,437
1.877.421
1.877.980
47.112
40,825
116,998
117.045
Cr81
Cr630
1.276.317
1,276,317
Balance
V•
- 139, P. 3645.
$1,784,605 $1,651,171
Mexican Light & Power Co., Ltd.
-Earnings
Period End. Nov. 30- 1934
-Month-1933
1934-11 Mos.-1933
Gross earns from oper__
$552.677
$686,492 $7,257,602 $8,051,565
Oper. exp. and deprec__
447,353
425.817
4,942,270
5,053,485
Net earnings
-V. 139, p. 3645.
$105,324
$260.675 $2,315,332 $2,998,080
Minneapolis-Honeywell Regulator Co. (& Subs.)
Calendar Yearsy1934
1933
1932
1931
Net sales
$5,390,137 $1,493.511 $3,636.617 $5,441,073
Cost of goods sold and
operating expenses. _ 4,032,369
3,270,044
3,163,624
4.437,483
202,515
Depreciation
224,144
259.014
292.849
Net profit
$1,155,252 , $999,324
17,503
Int. & diva. received _ _
21,387
Miscellaneous income._ _
6,316
7.441
$213.978
31,702
12,822
$710,741
48.451
18.752
Gross income
$1.179,071 $1,028,152
Interest on bonds
1,127
10,083
22,930
Prov. for doubtful accts_
34,767
Prov. for Federal taxes_
137,531
146.233
Loss on sale of securities_
462
853
Miscell. deductions
8,844
5,364
$258.502
11.000
33,861
14,776
$777,943
11,167
9,943
68.903
8,542
7,406
Net income
81,007,786
Previous surplus
1,394,168
Net sum paid in with
respect to coin. shs.
Issued in connection
with the acquis. of all
the cap. stk. of Brown
Instrument Co......
435,021
Net cap. surp. arising fr.
acquis. of pref. & corn.
Dr823
shs, of co.'s cap. stock
$831,241
1.556.930
$190,323
2,015.975
$680.524
2,344,970
8.034
1.116
Grass surplus
$2,836,152 $2,396,205 $2,207,414 $3.025,494
81,881
Preferred dividends_ _
86,928
89,136
90,000
197,464
592,397
448.187
Common dividends
664.874
714,170
37,141
Patent costs written off_
37,964
Amortization of patents.
63,582
119,682
Res. for decline in mkt.
12,437
3,475
value of securities_
97,001
$2,161,873 $1,394,168 $1.556,930 $2,015,975
Surplus Dec. 31
197,468
197,500
197.474
Shs. coin. stk.(no par)_ _
203,674
$0.51
x$4.69
$3.77
Earnings per share
$2.90
Disregarding the additional issue as of Dec. 31 1934, of preferred and
x
common stock in connection with the acquisition of all of the capital stock
of the Brown Instrument Co. y Brown Instrument not included.
Brown Instrument Co. net income for 1934, after depreciation and provision for all reserves, including Federal taxes was 8110,096 (after eliminating income from and losses on investments which were disposed of by the
Brown Instrument Co. and the proceeds applied to the redemption of its
outstanding preferred stock and the payment of an extraordinary dividend
prior to the acquisition of its stock by the Minneapolis-Honeywell Regu-
-Time for Depositing
%----Minnesota Power & Light Co.
Great Northern Power Co. Bonds Extended
holders of first mortage 5% goldlbonds of Great Northern Power Co.
are advised that the time within which holders of such bonds may become
parties to the extension agreement dated Nov. 15 1934 has been extended
to and including Feb. 28 1935.
have
"To date, insurance companies, banks and other investors
presented for extension under the extension agreement more than $4,540,000
constituting move than 71% of the total issue outstanding (exof bonds
clusive of bonds now held in the sinking fund).
"Bondholders are urged to present their bonds for extension without
and agreedelay. Bondholders may obtain copies of the extension proposal(Details of
ment from M. L. Hibbard, 2 Rector St., New York, N. Y."
agreement were given in V. 139, p. 3329.)-V. 139, p. 4131.
extension
- -Application to List Stock-4, ,
" Mission Corp.
hout_par va1u3
Application to list 1,399,345 shares of common stock w
is pending before the Committee on Stock List of thtt...Y. Stock Exchange.
-V. 140, p. 322.
l
• •e
A.„4"
& North Arkansas Ry.-Sa/e- I
any will be held March 12
Th sale of4ale prepet ty and assets of the
co3as ordered Feb. 5 by
it w
at H a risen, Ark., to satisfy claims of credito
named Joe H. Schneider,
Martineau. The order a
Federal Judge J. E.
referee in bankruptcy, as master to conduct the sale, and specified conditions thereof. The company owns and operates the railway between
Helena. Ark., and Joplin, Mo. A minimum'bid of $350,000 has been fixed
-V. 140, p. 806.
by the Court.
-Independent Group Renews Attack
Missouri Pacific RR.
-Warns Future of Road Depends on Change in Management
Pointing out that hasty railroad reorganizations are not a substitute for
earning power, the independent committee for the road's bondholders.
composed of Charles A Beard, Matthew Josephson and James B. Murray,
in a letter to bondholders, dated Feb. 4, urges that they seek a change in
management to obtain disinterested control of the property for the benefit
of all parties concerned.
The letter, which follows the recent announcement of the Van Sweringens
that a plan was being prepared for a reorganization of the road, and would
be announced shortly, seeks to impress upon the bondholders that the
future value of their securities depends not upon current market fluctuations, but upon conservative and proper management.
Explaining their stand,the committee's statement reads:in part as follows:
'The facts to bear in mind are these: Reorganization is no magic with
which to get rid of the depression; stock market activities bode no good for
investors when based on mere paper changes and fanned by speculators
acting on advance tips; the substantial goal for which to aim is the getting
of a management and control as far as possible from that provided by the
Van Sweringen interests and the bankers who have been behind them.
"Quick reorganization at the present time holds certain disadvantages for
ordinary investors in Missouri Pacific securities. It tends to cover up the
past by turning people's attention to something else. As a result, inquiries
Into past wrongs to the company and lawsuits, to recover for past mismanagement can be more easily washed away. As a further result, with the
past forgotten and with no inquiry to ascertain the relations between the
Van Sweringen interests, their bankers and the management designated for
the property in the reorganization, control will sooner or later be back
In the same hands as before, or in the hands of people not very different
from those who have controlled the company in the past."
The committee expresses the belief that until a proper reorganization
under capable management can be arranged, it is preferable to have the
property continue under the Jurisdiction of the courts. The letter points to
the record of the Van Sweringen management, and traces the stake the
bankers for the road have in its future through large loans to the Van
Sweringen Bros., which now aggregate $48,000,000.
Since the bankers' ability to realize anything on these loans depends very
largely on a recovery in the road's common andrpreferred stocks and debenture bonds, the committee states that the interests of the banker-
,
980
Financial Chronicle
management group are opposed to those/of the mortgage bondholders.
-V.140, p. 806.
(J. S.) Mitchell & Co., Ltd.
-Earnings
Calendar Years
Gross profit
Expenses
1934
$207,858
173,101
1933
$171,210
167.892
1932
$196,238
201.165
1931
$252,145
213.244
Balance
Other income
$34.757
9,748
$3,318
7,671
def$4,927
15,865
$38,901
20,085
Net income
Preferred dividends__ _ _
Common dividends
$44,505
21,611
$10,990
22,172
$10,939
23,014
$58.986
24,747
30,000
Surplus
Previous surplus adj _ _
Profit on sale of invest_ _
$22,894 def$11,182 def$12,075
320,724
331,616
334,746
11,150
8,000
337
$4,239
349,033
$333,821
1,305
900
$353,272
2,803
2,097
Totalsurplus
Adj. prey. years inc. tax
Prem. on pref. stk. ret'd
Dom. of Canada bonds
written down to mkt-
$351,618
39
23
$320.771
48
13.625
Net surplus
$334,747
$351,557
$320,724
$331.617
Earns, per sh. on 15.000
shs.com.stk.(no par)
Nil
Nil
$1.53
$0.28
Comparative Balance Sheet Dec. 31
Assets
1934
1933
1933
IAaSUUtea
1934
Cash
8226.760 8222,650 Accounts payable_ 3119,185 3136,798
Accts. dr bills reo
273,870
290,540 Dividends payable
5,504
5,318
Inventories
258,133
3,860
8.300
249,616 Accr.liabilities__
Cash surr. value
Mortgage payable
62,000
50,000
life lnsur. policy
314,500
38,273 Preferred stack._ _ 303,900
42,480
Fixed assets
340,445
375,182
380,124 y Common stock._ 340,445
Unexp.lnsur.prems
320,724
351,557
2,281
2,627 Surplus
Total
81,178,706 81,183,831
Total
31,178,706 81,183,831
x Including provision for income tax. y Represented by 15,000 s
-V. 140. p. 644.
(no Par).
The directors have declared a dividend of $1.75 per share on account tof
accumulations on the 7% cum. pref. stock, par 8100, payable April 1 to
holders of record March 15. Dividends of $1 per share were paid on this issue
in each of the four preceding quarters, while on Feb.20 1934 a payment of
$3 per share was made. The current dividend will be paid in Canadian
funds. Non-residents will be subject to a 5% tax. After payment of the
April 1 dividend,accruals on the pref.stock wffi total $49 per share.
-V.139.
p.3485.
Montreal Light, Heat & Power Consol.-EarningsCalendar Years1934
1932
1933
1931
Gross earnings
$24,273,720 $23,766,432 $24,783,066 $25,410.776
Operating expenses
8,136,688 7,679,135 7,758,773 7,880,825
Taxes
2,0 5,659 1,760,809 1,771,523 1,719,657
Deprec.& renew.res've_ 2,427,372 2,376,643 2.478.307 2.541.078
Fixed charges
3,658,782 3,886,576 4,021.933 3,502,295
Netincome
$7.985,218 $8,063.268 $8,752,531 $9.766,921
Dividends paid
6,733.772 6,733,772 6,733,772 6,586.967
Contingentfund
700,000
700,000
Peneion fund
20,000
20,000
20,000
20,000
Depreciation (extra)---750,000
1934
Assets
-Cash & call loans 1,840,552
Dom. dr Prov.
govt. dr Que.
munle. bonds_ 19,325,845
Bills dr accounts
receivable__ _ _ 1,726,135
Stocks, bonds dr
Int, in sub.
cos. less depre152,295,569
Inventories ____
288,761
$481,446 $1,309,496 $1,298,759
4,489,001 4,488,993 4,488.925
$1.78
$1.80
$1.95
Balance Sheet Dec. 31
1933
1934
$
1.844,959 b Cap.stk.& sur 98,724,446
5% bonds
39,500.000
Debentures_ _ _ _ 26,463,600
22,799,048 a Accts. payable 3,453,117
Accrued interest 1,348,235
1,851,231 Div. payable_ _ _ 1,705,889
Recpts. on acct.
of deb. subscr.
381,576
148,072,919 Insurance fund_ 1,250,000
290,596 Contingent fund 2,650.000
$2,459,954
4.492,042
$2.17
1933
98,279,760
39,834,500
25,841.800
3.281,083
1,329.618
1,705,889
686,103
1,250,000
2,650,000
Pursuant to regulations issued by the Superintendent of Banks of the.
State of New York, the company is distributing to the holders of its mortgage bonds of all series, as a payment on account, the interest accrued on
such bonds from Jan. 16 1934 to March 1 1934.
In order to obtain such payment, it will be necessary for holders of bonds
not now registered both as to principal and interest, to present their bonds
for such registration at the office of the company. 120 Wall St., N.Y.City.
Arrangements have been made with the bondholders' committee, acting
under the agreement dated as of April 5 1933, whereby registered holders
of its certificates of deposit will receive such payment through the cornmIttee.-V. 139. p. 3160.
Munson Building, N. Y.
-Filing ofClaims
Munson Steamship Line-Filing of Claims- "IP 4 elk
The bondholders, debentureholders and creditors of and claimants against
the corporation and its subsidiary and affiliated companies are notified that
pursuant to an order of the U. S. District Court for the Southern District
of New York, dated Jan. 16. they are required to file their claims on or
before March 15.
Holders of the 6% secured gold bonds of Munson Steamship Line shall
file their proofs of claim with the bonds and unpaid coupons annexed,
with Guaranty Trust Co., 140 Broadway, New York.
Holders of the 64% gold debenture bonds of Munson Steamship Line
shall file their proofs of claim, with the debenture bonds, unpaid coupons
and warrants annexed, with Guaranty Trust Co.
Holders of the first mortgage 15
-year 63.1% sinking fund gold loan certificates of Munson Building Corp. (guaranteed by Munson Steamship
Line) shall file their proofs of claim in respect of such guarantee with the
trustees of Munson Steamship Line, 67 Wall St., New York, and deliver
their certificates to the trustees for stamping so as to indicate that proofs
of claim on account of the guarantee of such certificates by Munson Steamship Line have been filed.
All other creditors of or claimants against any of the corporations listed
shall file their proofs of claim with the trustees of the corporation against
which such claim is being made, at 67 Wall St., New York.
-V.139, p.1559.
-January Sales
(G. C.) Murphy Co.
Month of January1935
1934
1933
Sales
$1,803,350 31,554,500 81,129.575
The company had 186 stores in operation on Jan. 31 1935, as against
179 stores on Jan. 311934.-V. 140. p. 322.
National Life Assurance Co. of Canada-Earnings
Revenue Account Year Ended Dec.31 1934
Net premium income
Interest, rents, profits on securities sold. &c
Supplementary contracts
Proceeds of policies and amounts left with interest
Agents' advances repaid
$1,526,678
605,489
28,289
88.478
1,194
Total
Payments to policyholders
Taxes
Amounts and dividends held on deposit withdrawn
Dividends to shareholders
Expenses, salaries and commissions
Amounts written off bonds
Transfer foreign business
$2,250,128
1,299.435
42,279
56,725
25,000
555,089
7,586
23,595
8240.419
Balance Sheet Dec. 31 1934
Assets
LiabilUlesGovt., munic. dr other bonds.$7,674,229 Reserves, Govt. standard.. _ _ $9,801,519
Stocks, bank, public utilities,
Death claims dr disabil. claims
47,346
preferred stocks
342,424 Matured endowments
6,250
Head office bldg. dr property_ 440,000 Dividends due dr on deposit _ _
113,421
Policy loans
2,160,461 Amounts left on deposit
111,445
Cash in banks dr head office__ 607,147 Taxes & accrued accounts__ _
44,876
Amounts owing by other cos_
1,190 Dividends payable
6,250
Interest due and accrued_ _
108,534 Interest & prems. paid in adv.
67,152
Outstanding dr def. premiums 277.713 Reserve for unreported claims
15,000
Reserve for future expend.,
head office building
7,082
Reserve for investments
750,000
Profits allotted deferred div.
policies
216.488
x Surplus
424,869
Total
$11,611,698 Total
$11,611,698
a Including paid-up capital of $250,000 and policyholders' and shareholders' surplus
National Steel Corp.
-Earnings
Years End. Dec. 31- 1934-3 Mos.-1933 1934-12 Mos.-1933
Netprofitaft.Fed,taxes,
deprec., depl. & int.... $1,467,825
$242,530 $6,050,724 32,812,407
Earns, per share on 2,156,832 shs, common
stock (par $25)
$0.68
$0.11
$2.80
$1.30
-V. 140, p. 481.
1935
1934
1933
$4,387,876 $4,344,288 84,928,131
1,241
1,272
1,394
"-National Title Guaranty Co.
--Liquidation Ordered
Liquidation
the
iv
See Munson Steamship Line below.
-V.139, p. 604.
Balance Sheet Dec. 31
Assets1934
1933
Liabilities1934
1933
Invest. (at cost).-35,036,642 $5,942,182 Accruals
1E1,172
$5,586
Divs. receivable_
450 Notes pay. (see.)125,000
Accts. receivable__
5,017
21,010 Res. for Fed. taxes
10,767
Bond Int. receiv__
20,200
5,380 Res. for liab. dr
Cash
724,270
123,267 caps. assumed_
8,346
Due from brokers.
16,102
x Capital stock.-- 2,386,760 2,386.760
Deferred assets ___
50
Paid-in surplus. _ _ 6,041,302 6,033,205
Deficit (earned)._ 2,642,135 2.462,194
Total
$5,802,280 $6,092,290 Total
$5,802,280 $6,092,290
x Represented by 477.352 no par shares.
Our usual comparative income statement for the calendar year was
published in V. 140, p. 807.
National Tea Co.
-January Sales
-
The company has notified stockholders that it will pay to stockholders
of record Feb. 7 a liquidating dividend of 50 cents in cash and 4-10ths of a
share of Philip Morris & Co., Ltd., stock. Books will be permanently
closed on that date.
A cash balance will be held by the company pending determination of
taxes to be paid and liquidating expenses. When these items have been
settled, the balance (estimated unofficially at about $1 per share) will be
distributed pro rata to stockholders.
-V. 139, p. 3646.
Mortgage Bond Co. of New York-Distribution
-
See Aviation Securities Corp. of New England above.
Month of JanuarySales
Stores in operation
-V. 140, p. 645.
Total
175,476,862 174,858,753 Total
175,476,862 174,858,753
a Including provision for income tax. b Represented by 4,489.001
shares of no par value in 1934 (1933, 4,488,993 shares, no par).- 13
p.935.
(Philip) Morris Consolidated, Inc.
-Liquidating
National rAviation Corp.
-Aviation Securities Co. of
New England to Exchange Sharesfor This Company's Stock
-
Excess receipts over disbursements
\Monarch Knitting Co., Ltd.
-$1.75 Preferred Dividendjç-
Balance,surplus
Sha. con.stk. oustand
Earned per share
Feb. 9 1935
company, which has been fn rehabilitation under the
of
supervision of George S. V an Schaick. N.Y. State Superintendent of Inoueance, was approved formally Jan. 23 in an order signed by Supreme
Court Justice George E. Brower in Brooklyn.
The liquidation order followed the submission to the court by the State
Insurance Department of an examiner's report indicating the insolvency
of the company. The company's liabilities were said to exceed its assets'
by $147,849, and these are expected to be increased by further claims,
It was said.
The company was taken over by the State authorities on Aug. 2 1933.
At the time of the March 1933 banking holiday it had outstanding mortgages and certificates of $41,000.000. These have been reduced to about
$13,000,000 by releases and revocations of agency. Servicing of the remaining guarantees has been transferred to two servicing corporations created by
the State Superintendent of Insurance.
-V. 139, p. 3331.
Neisner Brothers, Inc.
-January Sales
Month of January1935
1934
1933
Sales
$993.998
$984,596
$793,048
-V. 140, p. 150.
New Amsterdam Casualty Co.
-Earnings
-Years Ended Dec. 31
1934
1933
1932
$13,633.498 $13,186,348 $12,546,781
745.822
781,530
892,161
Total
$14,379,320
Acquistion & admin. exps. paid__ _ _ 5,099,935 $13,967.878 $13,438,942
5,002,238
Losses and claim expenses paid_ _ - 8,917,207 5,068,084
9,168,677 9,488,797
Excess of debts over credits
prolV62,178
$268,883 $1,052,093
Credits by adjustments of reserves_
461,345
434,186
Net loss
prof$362,178
$730,228
$617,907
Dividends paid
183,333
607,500
675,000
Net loss of surplus
sur$178,845
$122,728 $1,292,907
Balance Sheet Dec. 31
1933
1934
1934
1933
Assets
Ltabfitttes$
$
Real estate
6,206,035 6,204.035 Capital
1,000,000 2,500,000
...Bonds
77,675,746 8.840,294 Surplus
2,000,000 2,795,275
*Stocks
x2,878,692 3,301,919 Res. for reinsur
5,703,217
Mortgig eloans _ _ 185,000
191,000 Res,for taxes
231,500
Collateral loans_
10,000 Res. for unearned
Accrued Interest.
51,297
premiums
5,808,727
Prems., accts. rec.. 2,581,120 2,992,976 Res. for undeterDep. with Workmined claims... 9.072,934 9,647,278
men's CompenRes, for accrued
sation Reimancommission.... 561,142
567,788
anise Bureau..... 173,945
Res, for all Bab__ 520,705
182,350
Cash in suss. obi_ 312,580
506,964 Res. for conting- 2,041,185 1,000,000
Cash In banks, office dr bureaus
886,065
634,433
Net premiums written
Net investment earnings
Total
20,899,184 22.732,918 Total
20,899,184 22,732,918
* Book values. y 2419,550 is listed at market value. z 81,125,509
is listed at market value. -V. 140, p. 150.
(J. J.) Newberry Co., Inc.
-January Sales
Month of JanuarySales
-V. 140, p. 323.
1935
1934
1933
$2,344,989 $2,360,766 $1,883,121
Financial Chronicle
Volume 140
New England Telephone & Telegraph Co.
-Report
Operating Statistics-Calendar Years
1934
1933
1932
1,113,388
1.107,109
1,153,721
47,195
50,405
53.722
No. of owned stations__
Miscellaneous stations__
1931
1.265,119
68.403
Total stations
No. of miles of wire_
No. of central offices...
No. of employees
1,160,583
1,157,514
1,207,443
1,333,522
5,348,543
5,312,682
5,316,917
5,235,414
597
588
584
561
19,819
19,597
18,935
20.579
Comparative Income Statement Years Ended Dec. 31
1934
1933
Local service revenues
$49,573,872 $48,905,532
Toll service revenues
15,186,344 14,469,001
Miscellaneous revenues
2,182,712
2,352,677
Total
$66,942,928 $65,727,210
Uncollectible operating revenues
184.487
576,243
Total operating revenues
$66,758,441 $65.150,968
Current maintenance
13.906,771 13,738,310
Depreciation expense
11,610,786 11,640,813
Traffic expenses
11.854,742 11,001,346
Commercial expenses
5,150,647
4.867.999
Operating rents
679,45g
751.508
General 5c miscellaneous expenses
5,031,543
5.039,786
981
New York Casualty Co.
-Report
Calendar Years
Net premiums written
Decrease in unearned premium reserve
1934
$2.258,377
22.562
Earned premiums
Income from rents
Interest and dividends from securities
$2.280,938 $2,334,035
728
124.974
152,056
Total income
Operating expenses paid
Claim expenses
Commissions paid
Taxes
Losses incurred
42,405,641 $2,486,090
498,962
511.754
243.495
259,973
548.451
515,881
57.143
64,357
1,091,609
1,154,422
Excess of outgo over income
Reserve for expenses
Reserve for overdue premiums
Special claim reserve
Agents' balances charged off
1933
$2,233,864
100.171
$52,866
Cr10,217
Cr35,000
10,000
10.683
$449
$5,545
Cr15,000
12.493
Underwriting loss
Loss on sale of investments
Transfer to special reserve for unreported loss__ _ _
Transfer to reserve for deprec'n of secure unsold_
Contribution to surplus account by stockholders
$3,487
7.187
25,000
114,002
179.910
$28,332
Cr7,495
444,196
349,825
Net operating revenues
Taxes
$18,524,497 $18,111.204
5.176,950
4,701,625
To surplus
Previous surplus
Net operating income
Net non-operating 111C011:10
$13,347,547 $13,409,579
205.300
241.976
Income available for fixed charges
Bond interest
Other interest
Amortization of discount on funded debt
$13.552,847 $13.651.555
3.550,000
3,550,000
1,825,342
2.170,272
166,306
166,306
Surplus Dec. 31 1934
$235,115
$204,882
Financial Statement Dec. 31
Resources-Liabilities1934
1933
1934
1933
$14,000 b Capital stock__ _51,000,000 $1,000,000
Real est. dr Impts_ $111,087
946.775 Surplus and undiReal estate ratios_ 796,250
vided profits_ _ _
Securities, stocks
204,882
235,114
1,953,090 a2,523,274 Contingency res've
347,992
and bonds
Premiums in course
Reserve for unearned premiums 1,127,165 1,149,728
460,023
of collection_ _ _ _ 462,285
Res, for reported
Cash in banks and
257,153
losses
133,690
931,250 1,126,354
offices
Reinsur. and other
Res.for unreported
62,664
150,000
61,245
accts. receivable
losses
125,000
37,462 Res.for exp.& tax. 192,982
25,115
187,430
Accr. int. reedy
Reinsur. and other
36,502
29,714
accts. payable
Balance available for dividends
Dividends on common stock
Balance, surplus
1934
AssetsTelep. plant... 304,131,074
General equip.
Invert. *recurs_
Advs.to system
1,276.418
corporations
Mlscell. investments
4,752,313
Cash & deposits 1,421,136
Working funds_
322,647
Notes receivable
5,553
Accts. receivanle 7.795,734
Materials & supplies
2,144,245
Deferred items_ 4,530,298
$8.011,198
8,000.748
$7.764,976
8.000.748
$10.450 def$235.771
Balance Sheet Dec. 31
1933
1934
1933
Liabilities
$
306,763,174 Capital stock_ _ _133,345,800 133,345,800
x 1st m.5% bds. 65,000,000 35,000,000
x 1st mtge. 4)4s 40,000,000 40,000,000
1,352,126 Real est. mtge.- 2,000,000 2,000,000
Advances from
system corps_ 23,750,000 28,650,000
593,409 Notes payable__ 8,473,706
7,829,657
1.312,735 Accts. payable_ 2,843,759 2,917,981
558,197 Acced liabilities
7,198
not due
1,759,992
1,720,374
7,915,631 Subscribers' dep.
& serv. billed
In advance__ _
2,048,418
520,682
437,530
4,556,986 Deferred credits
41.892
37,790
Deprec. reserve_ 70,131,370 64,630,667
Corp'n surplus
unappropeted 8,512,215 8,538,076
Total
326,379,417 325,107,875
Total
326,379,417 325,107,857
x All issues are equally secured by mortgage.
-V. 140, p. 481.
New Jersey Power & Light Co.
-Earnings
12 Months Ended Dec. 31
1934
.1933
Total operating revenues
$4,365,989 $4,115,590
Operating expenses
1,896,780
1,722,827
Maintenance
428,997
451,529
Provision for retirements, renewals and replacements offixed capital
600,000
579.000 •
Federal income tax
99.169
92,491
Other taxes
295,519
257,285
Opemting ncome
$1,045,523 $1,012,456
Other income
286,447
267.673
Gross income
$1,331,970 $1,280,129
Interest on funded debt
626,400
626,400
Interest on unfunded debt
31,897
28,071
Amortization of debt discount and expense
45,465
45,481
Interest charged to construction
Cr13,082
Cr15,488
Dividends on preferred stocks
203.565
203.565
Balance
$437,725
$392,100
-V. 139, p. 3332.
'.. New Jersey Zinc Co.-Divide1d
The officers of this company af.of the opinion
the year 1934 should be allocated as betweenthat dividends paid during
taxable
distributions under Section 115-B of the Revenue Act ofand non-taxable
1934 as follows.
Div.
Date
Taxable Non-taxable
Total
No.
Paid
(Per Share) (Per Share) (Per Share)
243 Feb. 10 1934
$0.3001. $0.1999
$0.50
244 May 10 1934
.2299
.2701
.50
245 Aug. 10 1934
.2244
.2756
.50
246 Nov. 10 1934
2273
.2727
.50
-Totals year 1934
$0.9817
$1.0183
$2.00
The above allocations have been tentatively approved
by the United
States Treasury Department pending its final determination
upon said
Department's completion of the usual annual audit of the company's
income tax return.
--y. 139. p. 3161.
V--
„Tr:7.c
New Orleans & Northeastern 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. 150.
• $30.234 def$115,208
204,882
320,090
$3,666,229 $4,177,888
$3,666,228 $4,177,888
Total
Total
a After difference between cost and values of $1,377.855. on basis adopted
by the National Convention of Insurance Commissioners. b Represented
by 40,000 shares, $25 par, of which the American Surety Co., N. Y., owns
39,980 shares and carries the same at $31 per share ($30 in 1933)-V.
133. p. 4339.
New York Central RR.-PW A Increases Loan
An allotment of $2,500,000 made to the road last spring by the Public
Works Administration for purchasing and laying 37,000 tons of new rails
has been increased to $3,706,000. The additional money will be used to
purchase 20,000 tons of fastenings, it was stated. The New York Central
has purchased and laid all the rail provided for in the original allotment;
spending $2,075,427 for rails and paying its track forces $424,599 in wages
-V. 140, p.481.
for laying them, it was announced.
-Trustee
New York Chicago & St. Louis RR.
The company has informed the Interstate Commerce Commission that,
subject to toe Commission's approval, it has named G. A. Tomlinson of
Cleveland as trustee to represent its holdings of Wheeling & Lake Erie
stocks. Mr. Tomlinson would succeed the late E. R. Fancher.-V. 140.
p.645.
-Buses Supplant Trolleys
New York 8c Harlem RR.
The substitution of modern motor coaches for street cars on the FourthMadison Ave. line, New York City, went into effect midnight Feb. 1.
The company's franchise and surface rights on Madison Ave. and Fourth
Ave. were sold in the latter part of 1934 for $450.000 to New York Rye.
Corp., which owns the Madison Ave. Coach Co. The latter company oper
-V. 139. p. 1876.
ates the buses.
-Earnings
-New York Merchandise Co., Inc.
Calendar Years1934
Profit from operations_ _lUnreported f
Res. for Fed. income taxf
1
1933
$420,376
61,441
1932
$229,386
30.786
1931
$183,981
21.374
Net profit
Div.on 7% pref.stock_
$370,510
$358,936
17.292
$198,599
19,919
8162.607
27,192
$370,510
5341.643
$178.681
$135.414
72,909
$5.08
72,909
$4.69
72.909
$2.45
72,909
$1.86
Net profit applicable
to common stock-Shares of common stock
(no par) outstanding_
Earns.per sh.on com.stk.
Balance Sheet Dec. 31
1934
1934
Assets1933
1933
Cash
4187,379 $162,200 1st Pref. 7% cum.
776.448
Accts. receivable
stock
905,025
4189.900
Loans receivable
7,500 2d pref. 7% cum_
5,383
43,200
Life Ins, policies
x Common stock 41,822,725
374,124
cash sure. value_
26,280 Current liabilities_ 227,145
28,300
131,349
Securities
105,676 Due to employees77.419
1,482
Due from empl's
Res, for disct. on
Due from affil. co_
accts. receivable
185,563
41,166
7,500
6,500
Divs. receivable
Surplus
902,355 2,096.650
1,640.523 1,485,163
Inventory
Stock of atilt. cos_
130,652
118,201
Furn. and fixtures_
12,915
9,603
Mach.-deprec.val.
10,500
9,401
Prepd.Ins. and exp
17,091
11,913
Treasury stock
250
250
1934
$168,644
63,335
29,899
1933
$168,808
58,021
20.257
1932
$133,017
24,097
def10.970
1931
$195.510
49,700
13,956
2,195,949
541,171
81,609
1,949,879
369,603
def182,615
1,960,873
73,266
def415,740
3,049,995
325,004
def349,157
Total
$2,959,725 $2,919,142
Total
42,959,725 42,919,142
x Represented by 72,909 shares no par stock -V.138, p. 4308.
New. Orleans Public Service Inc.
-Time Extended for
Deposit of Bonds
-
The Interstate Commerce Commission on Jan.30 authorized the comapny
to issue, reissue, renew or extend from time to time not exceeding $19,821,888.44 of promissory notes. The report of the Commission states:
As of Dec. 26 1934 the company had outstanding $25,821.888 of promissory notes with a maturity of two years or less. Of these, $6,000.000 had
been issued to the Reconstruction Finance Corporation and are not involved
in this application. The remainder of the notes, $19,821,888, had been
issued to banks, trust companieli, and the Railroad Credit Corp. Since
Dec. 26 1934 a number of these notes have been renewed. The notes now
outstanding have various dates, mature at various timed; in 1935, and bear
interest at the rate of 43i% per annum, with the exception of three notes
to the Railroad Credit Corp. amounting to $3,546,888, two of which mature
during 1935, and one of which matures Dec. 25 1936, and all of which
bear interest varying according to the New York Federal Reserve rediscount
rate.
Included in the outstanding notes are $13,171,888 of notes that were
Issued without the Commission's authority at times when each note so
issued together with all other then outstanding notes of the applicant of
a maturity of two years or less exceeded 5% of the applicant's securities
then outstanding. The notes so issued are as follows: $1,000,000 dated
Nov. 30 1934 and maturing May 31 1935 to the Bank of the Manhattan
Co. $1,546,888 dated Dec. 26 1934 and maturing Dec. 25 1936, to the
Railroad Credit Corp. $4,750,000 dated Dec. 31 1934 and maturing July 1
1935, to the Chase National Bank, New York $4,000.000 dated Dec. 31
1934 and maturing July 1 1935, to the First National Bank, Boston:
8500.000 dated Dec. 31 1934 and maturing July 1 1935. to the Merchants
National Bank, Boston $500,000 to Rhode Island Hospital National Bank.
New York New Haven & Hartford RR.
-Notes
-
The holders of the gen. lien 4M % gold bonds are notified that the directors have extended the time within which holders of the bonds may become
parties to the extension agreement of Aug. 24 1934 to•and including April 1
1935.
As of Jan. 25 insurance companies, banks and individual investors have
deposited under the extension agreement more than $9,470,000 of bonds.
constituting more than 82% of the total issue outstanding.
The officers and directors of the company believe that under existing
conditions the extension plan is fair and that the bondholders' interests
will best be protected by prompt deposit of their bonds.
The plan provides: (a) Upon the deposit of bonds thereunder, for the
immediate payment in cash by the company of all interest coupons maturing on or prior to July 1 1935; and (b) when the plan becomes operative, for
(1) the payment in cash of 10% of the principal amount of the deposited
bonds; (2) the extension of the maturity of bonds to July 1 1942; and
(3) an increase in the interest rate for the extended period to 5% instead
-V. 140, p. 323.
of 4% as at present.
New Orleans Texas & Mexico Ry. System-Earnings-Period End. Dec. 31- 1934
-Month-1933 1934-12 Mos.-1933
Operating revenues
isl et ry. oper. income....
-V. 140, p. 807.
$827,612
63,633
$795,212 $9,834,123
166,103
900.075
$8,218,351
345.477
982
Financial Chronicle
Providence, R. I. 3200,000 to the Union Trust Co., Springfield, Mass.;
3175.000 to the State Street Trust Co., Boston, Mass., and $500.000 to
tne Second National Bank, Boston. Each of the last four notes is dated
Jan. 7 1935 and will mature July 8 1935. These notes are, by the plain
letter of the statute, void, and no means are provided for validating them.
The proposed notes will be issued to replace the void notes upon their
surrender and cancellation, and to renew or extend valid notes at their
maturities. The notes to be replaced, renewed or extended aggregate
$19,821,888. The new notes will be payable on demand or upon such
due dates as may be specified therein, but not later than Dec. 31 1936.
Our order herein will provide that they bear interest or be discounted at
a rate not exceeding 6% per annum-V. 140. P. 807.
New York Title & Mortgage Co.-Reorg. of Issue
Justice Alfred Frankenthaler of the N. Y. Supreme Court on Jan. 21
signed an interlocutory order approving a Schackno law reorganization of
series N-72 guaranteed mortgage issue of the company. Series N-72 covers
a $1,200,000 mortgage on the 16-story apartment house at 900 West End
Ave., corner of 104th St. The reorganization plan provides for a corporation headed by a board of 7 directors to take over supervision of the property
from Superintendent of Insurance George S. Van Schaick, who is in charge
of the rehabilitation of the New York Title & Mortgage Co. Six certificate holders and a seventh person to be designated by Superintendent
Van Schaick will serve as directors until the first stockholders' meeting.
Equalizing Payment
-
Edward McLoughlin, special Deputy Superintendent of Insurance in
charge of rehabilitation of the company, announced Feb. 1 a payment of
$240,000 in interest to 3,500 holders of certificates of the $27,889,158
series F-1 mortgage issue.
The disbursement, the first since Sept. 15 1933, was in the nature of
an equalizing payment to place all certificate holders on the same basis.
Those whose certificates bear March and September interest due dates
did not receive any checks because they already had received more interest
than other creditors. All certiifcate holders have now been paid at the full
rate of 5M % up to March 1 1933, and at the rate of 2% up to Sept. 1 1933
-V. 140, p. 481.
-Company Files Reply
Niagara Hudson Power Corp.
Memorandum with Investigating Committee-Contradicts
Testimony of Committee's Accountant
Feb. 9 1935
North American Investment Corp.
1933
Calendar Years1934
$102,644
$111,047
Gross earnings
71,114
Expenses
72,827
4,990
Taxes
3,995
Bond int. and amortiza85,019
tion of discount
83,170
Expense applicable to
prior period
Amortization of discount
1.826
on capital stock
1.807
Prov.for loss on accts.
and notes receivable_ _
5.000
Prov.for Fed.income tax
13,126
93.535
Net loss on sale of secur_prof212,715
Net loss
prof$135.433
Preferred dividends_ _ _ _
59,897
Common dividends_
Deficit for year
Oruf$75.536
Deficit at beginning of
4.999,573
year
Dr21,244
Adjustments (net)
$145.437
-Earns.
Subs.)
1932
$153,403
61,246
3,535
1931
$361,830
80.810
8.229
119,883
184,209
2,920
1,826
1,825
2,816,215
2.894.381
$2.852,223 $2,807,626
45,835
42,401
$145,437 $2,852,223 82.895.862
4,873,279
Dr2,101
2,131.803 sur703,147
Cr39,637
Cr 89,471
Deficit at hnd of year. $4,945,281 $5,020,817 64,894.554 62.153,078
Balance Sheet 08 01 Dec. 31
1932
1934
1933
Assets1934
invest'ts at cost-$3,527,478 $3,306,408 Common stock- _$4,240,100 $4,240,100
6% pref.stock._ __ 1,798,700 1.798.70
0
Securities sold not
51i% pref.stock__ 1,304,900 1,304,900
41,126
delivered
5,538 Coll, trust bonds_ 1,500.000 1,500,000
Bankers accept__
4.054
Accounts payable2,048
Sold undet reptuch
24,633
25,000
93,450 Accr, bond int.pay.
agieement
93.450
16,794 Repurch.agreenfts
Coll. trust bonds_
35,000
y1,773
788 Notes payable.
Accts. receivable__
2.625
15,020
355,650 Taxes payable__
Cash
185,976
14,792 Reserve for conAccrued interest
5,530
649
gencies
Furn. and fixtures_
1
1
1.893
Deferred cxedits
400
Discount on capi4,945,281 5,020,817
77.412 Deficit
75,605
tal stock
Unamortized bond
109,567
101,246
discount
2,804
4,137
Deferred debits- _
A factual memorandum contradicting parts of the testimony given last
December before the(New York)Joint Legislative Committee to Investigate
Public Utilities, was handed to Judge John E. Mack, counsel, by Randall
LeBoeuf, Jr., Gen. Counsel of the corporation, at the hearing Feb. 1.
Total
$3.941,537 $3.984,538
$3,941,537 $3,984,538
Total
The charge that there had been a "write-up" of approximately $83,000,x The market value of securities owned as of Dec. 31 1934 was $3.017,344
000 in the value of the securities acquired by Niagara Hudson at organization
as compared with $2,449,400 Dec. 31 1933. y Includes notes receivable.
In 1929 is met by a complete explanation of all the facts. This figure,
-V. 139, p. 1247.
previously given by Walter It. Seymour, the Committee's accountant, is
referred to as "the mere product of a bookkeeping mathematical formula
North American Oil Consolidated-Earnings-,
which admittedly takes no account of the real value of the investment in
1932
1931
these underlying companies." The memorandum further sets forth that
1933
1934
Calendar Years$715,022
If this is to be regarded by the Committee as significant, their attention
$870,080
$958,835
Total revenues
$1,100.903
should be called to subsequent "write-clown.s."
508,553
498,877
507,770
521,897
Exp.,taxes,royalties, &c
In this connection it is stated that the organization of Niagara Hudson
11,330
Federal income tax
as a holding company in no way raised the rates charged by the subsidiary
199,973
159,967
183,984
Depreciation & depletion
259,983
operating companies, but on the contrary the joint operation of the properties resulted in economies which made possible the numerous and sub$201,560
632.162
$321,819
$236,965
Net income
stantial rate reductions since 1929.
84.948
220,527
55,132
Dividends
The memorandum further seeks to straighten out for the Committee
Seymour's testimony regarding the dividend policy of Niagara Hudson.
$101,292
$181,833
$201,560 def$52,785
Balance, surplus
His original statements, later corrected under questioning by Judge Mack,
Balance Sheet Dec. 31
had made it appear that dividends had been paid while the company was
1933
Liabilities1934
1934
1933
Asset
operating in the red. This is declared to have been erroneous because
$339,081
6839,454 8308.695 Accounts payable_ $36,453
Cash
Seymour substracted the dividends twice from gross revenues. Since the
9,458
Purchase °Wig's__
9,457
Accounts & notes
organization of the company up to Nov. 30 1934, gross income has been
5,151
11,329
75,811 Accrued Fed. tax_
39,559
receivable
dividends and other charges
$53,272,921; expenses and interest $7,976,735;
3,599
4,255
to earned surplus $43,316,724, leaving 61,979,462 at that date in earned
yLand and wells.. 3,829.331 3.889,774 Accrued payroll__
5,000
72,736 Accr. cap. stk. tax
44,582
surplus. At all times since organization the company has had a large capital
Mist.& equipment
xCapital stock._ _ 2,756,590 2,756,590
Prepaid & deferred
or paid-in surplus, which under the New York law is applicable to the
1,551,367 1,559,685
28,547 Surplus
21,525
charges
payment of dividends.
Denial is made of the inference before the Committee that executives'
Total
64,374,452 $4,373,583
Total__ _ _ .....$4,374,452 $4,373.563
salaries of Niagara Hudson and subsidiaries have been increased since the
organization of the company. Based upon total salaries paid to all prinx Par $10. y After deducting $5,033,673 for depletion in 1934 and
cipal officers of the system,figures are given to show that these have been
$4,805,966 in 1933.-V. 139, p. 2526.
reduced by 31.4% since 1929. This has been brought about by economies
arising from joint operations of the companies plus general salary reduc- .. --..North German Lloyd-Receiver Asked
"
'
tions, it is pointed out.
A bondholders' suit asking appointment of a receiver for the assets
A section of the memorandum deals with the frequent contention that
of the company in the United States and charging an attempt to defraud
utility regulation has failed because the companies seek to nullify the
bondholders of the company was begun Feb. 7 in the New York Supreme
Public Serivce Commission's decisions by immediate recourse to the courts.
Court. but transferred to United States District Court by Justice Louis A
The history of the Niagara Hudson companies is cited to contradict this
Valente, on petition of the defendants.
statement. The point is made that since the company's organization in
The suit was brought on behalf of Beatrice M. Blumenkopf and Joseph
1929 no subsidiary has taken to court a single rate case out of 54 proceedings.
Samuels as bondholders, against the Norddeutscher Lloyd (Bremen),
Tracing the history of the system companies from 1929 back to 1907 it is
the German corporation, and the N. G. L. Corp., a Delaware corporation.
stated that of 135 rate cases prior to forming Niagara Hudson, only 16
The complaint declared that on June 21 1934 the German comanpy assigned
(actually consolidated into nine complete cases) were appealed to the
to the Delaware company all of its present and future "gross dollar revenues
courts, and of these only one was taken to a Federal Court.
-V. 140, p. 808.
derived from sources within the United States."
Elaborate statistical studies are included in the memorandum for the
Northern Alabama Ry.-Earnings.purpose of showing the fallacy of the claim that reductions in residence
rates always bring about increased use of electricity and immediate restora1931
December-'
1933
1932
1934
tion of companies' revenues. Records of the Niagara Hudson System
649,394
$46,211
Gross from railway
345,994
$46.284
show, on the contrary, that revenue losses following reductions run as high
21,888
25,448
18.177
Net from railway
25,665
as 26% and that as much as three years are sometimes required to recoup
12,557
19,649
20,555
Net after rents
24,620
former billings. On the other hand there have been cases in which conFrom Jan. 1
sumption and revenues came back within a few months.
681,754
486,613
530,818
Gross from railway
543,739
of
Nor do low rates in and of themselves uniformly result in large use
165,398
140,157
204,704
Net from railway
191,171
electricity, according to the memorandum. Examples are given of comdef61,551
8,708
def60.209
Net after rents
41,761
munities in Canada served by the Hydro Electric Power Commission, with
-V. 140. p. 151.
low rates, to illustrate how gas competition for cooking and water heating
has kept down large use of electricity. Large residence consumption of
Northwestern National Life Insurance Co., Minneelectricity in Tacoma, Seattle, Ottawa and Winnipeg, on the other hand,
is due to the favorable relation between the cost of electricity and the high
apolis-Financial Statement Dec. 31 1934price and scarcity of other fuels for residential cooking and hot water heatLiabilities
Resources
ing. It is pointed out that in Jamestown, N. Y., where cheap natural
338.732.722
Cash
$1,552,185 Reserve on policies
gas has been available during the development of the municipal electric
U. S. Govt. sees. & bonds.- 12,538,198 Claims reported, but proofs
customer amounts to only 602 kwh.
system, the average use per domestic
77,187
not received
Canadian Govt. securities371.716
-V.
a year, or just about the present average for the entire United States.
75,000
Other bonds
14,038,518 Rea. for claims unreported
140, p.323.
6,664.679 Present value of death. dis1st mtge.loans
ability, & 0th. claims pay.
Policy loans
9,437,008
Niagara Share Corp.
-New Trial Denied
2,482,715
In instalments
2,626,532
Real estate
315,833
A new trial of the $148,000,000 stockholders' suit against the corporation
122,627 Prems. & int. paid In advance
Real est, sold under contract_
296,809
2,098,010 Reserve for taxes pay. In 1935
and its management was denied Feb. 1 by Justice James E. Norton at
Piemiums, due & deferred_
599,850 Other reserves
1.081,71T
Buffalo, N. Y.
Int. due & accr.& other assets
Profits for distribution to
The suit was dismissed by Justice Alonzo G. Hinkley after hearing con-V. 140, p. 807.
policyholders
1.721,158
siderable evidence. The Appellate Division upheld him.
Miami!. contingency reserves
953.390
To adjust bonds in default to
-Earnings
-Noblitt-Sparks Industries Inc.
Dec. 31 '34 market values_
333,332
1933
1934
Years Ended Dec. 31General contingency reserve_ 1.000,000
$302,711
$240,i29
Net income after deprec., Federal taxes, &c
x Surplus to policyholders._ _ 2,979,677
62.01
$1.60
Earnings per share on 150,000 shares cap. stock _
-V.139, P. 1560.
$50,049,320
Total
Total
650,049,320
x Including $1,100,000 paid-in cap tal.
-Explains
North American Co.
-Answers Chm gesi of FTC
Property Write-Ups
-The company, one of the major public utility holding companies criticized
Feb. 4 by the Federal Trade Commission for write-ups in property values,
Issued a statement Feb. 5 through its President. J. F. Fogarty, taking
exception to the Commission's findings.
"A. misleading impression has been created as far as the North American
Co. and subsidiaries are concerned," said Mr. Fogarty, "by a tabulation
prepared by the FTC showing $27,995,239 as total 'write-ups, improperly
capitalized intangibles and inflation' of capital assets of the North American
System. Of this total, $21,209,500 is included under the heading of operating companies and results from the interpretation placed by the ,C
upon initial capitalization of a property 11 years before it became a part of
the North American System.
"The figures of $4,228.390 and $1,862,349 shown in the tabulation as
applicable to holding companies are before $1,045,634 eliminated in consolidation and so reported by the FTC examiner. Thus the net appreciation
found by the FTC examiner was 35.040,105, which was offset by deduction
of 34,538,115 leaving net appreciation of $681.990 "-V. 139, p.3486.
-"--...ZIorthwestern Public Service Co.-Pref. Dividen s-7 '
The directors have declared a dividend of 87X cents per share on the 7%
,
cumul. pref. stock. par $100. and a dividend of 75 cents per share on the
6% curnul. pref. stock, par $100, both payable March 1 to holders of record
Feb. 20. Similar distributions were made on these homes in each of the four
preceding quarters. Previously the company had made regular quarterly
payments of $1.75 per share on the 7% pref. and $1.50 per share on the 6%
pref. stock up to and including June 11933.-V. 139, p. 3003.
Ohio Bell Telephone Co.
-Earnings
-Month-1933 1934-12 Mos.-1933
Period End. Dec. 31- 1934
Operating revenues
$2.899,733 $2,820,063 334.116,911 333,010,512
292,030
12,611
20,036
IThcollectible oper. rev._
5,988
2.010,088
2,250,368 22,539,056 22,000,495
Operating expenses
4.184,304
Operating taxes
390,173
300,203 4,198,051
Net operating income_
-V. 140, p. 324.
$486.861
$249,456 $7,373,816 $6,533,683
Financial Chronicle
Volume 140
''Ohio Oil Co.
-To Change Dividend Dates
-
The company has notified stockholders that during 1935 the directors
will consider the payment of dividends on the common stock semi-annually
instead of quarterly.
-V. 139, p. 3162.
1556 Broadway Corp.
-Trustee
Manufacturers Trust Ca.. New York,is trustee for 1556 Broadway Corp.
(185 West 46th Street Corp.) 6% sinking fund gold bonds. Amount of
Issue $2,137.000.
983
promptly to execute the proxy, waiver and consent in order to insure the
iw,uired affirmative vote of 85% of the bonds by that date.
Coupons payable March 1 1935, may now be detached from bonds of
this issue with respect to which proxies, waivers and consents have been
executed and presented for immediate payment at the office of the Chase
National Bank New York. Coupons appurtenant to other outstanding
Bank,
bonds will be
immediately upon receipt of proxy, waiver and consent
properly executed.
-V. 140. p. 647.
-----,
`Prentice-Hall, Inc.
-Increases Dividend
-
The directors have declared a dividend of 40 cents per share on the common stock, no par value, payable March 1 to holders of record Feb. 19.
This compares with 35 cents per share paid in each of the four quarters of
Years End, Dec. 311934
1931
1932
1933
1934, 50 cents paid on Dec. 1 1933, and 70 cents paid each quarter from
Net sales
$40,732,302 832,311,264 $21,268,125 $33,808,023
June 1 1929 up to and including March 1 1931.-T. 139, p. 2372.
Net loss after taxes and
charges
521.091 pf1.005,208
3,801,678 - "..Properties Realization
3.044,952
'
-Second Liquidating Div.
Corp.
-V. 139, p. 2840.
The voting trustees have declared a dividend of 80 cents per share on the
Pacific RR. of Nicaragua-New Directors
new 33 1-3 cents par stock. payable Feb. 20 to holders of record Feb. 14.
This is the second liquidating dividend to be paid on this issue, an initial
The directorate of this company, which is owned by the Government.
distribution of $1 per share having been paid on Jan. 10last.
-V.139.p.3972
was transferred to Managua, Nicaragua from New York, in the election of
the new board of six members. The new members are Dr. Vicente Vita,
Providence Washington Insurance Co.
-Earnings
Manager of the National Bank, Guillermo Arguello Vargas, Dr. Jose
Guerrero MonteIvan, Francisco Renazzo, Jose Leon Leiva and Jose de la
Income Account for Year Ended Dec. 31 1934
Luz Guerrero, Manager of the railroad.
-V.98, p. 1994.
Gross premiums
$8.302,378
Returns and reinsurance
3,222,822
Paramount-Publix Corp.
-Personnel
Emanuel Cohen, Vice-President and Production Chief, has resigned.
Net premiums
$5.079.557
At a meeting of the reorganization committee, Henry Herzbrun. Los
Net losses paid
2,249,173
Angeles attorney, was named General Manager, and Ernest Lubitsch,
Expenses
2,240,327
Screen Director, was promoted to the new position of Supervisor of ProTaxes
144.796
duction. Albert A. Kaufman, assistant to Mr. Cohen, will become an
Unearned premium reserve
73,188
associate producer.
-V. 140, P. 809.
Federal tax reserve
65,260
Other reserves
18.175
Parke, Davis & Co.(& Subs.)
Loss reserve
-Earnings
Cr154,445
Calendar Years1934
1933
1932
1931
Underwriting profit
$443,082
Gross earnings
$10,553,646 $9,048,802 $8,203,771 $8,728,828
Income from investments
405,488
a Res, to equalize value
Federal tax reserve on interest
10,240
of current assets
Cr520,996
Cr93,733
y820,620
Res, for depreciation_ _ _
475,604
470,321
438,152
469,683
Operating earnings
$838.330
Foreign exchange
192,093
Dividends paid
330.000
Int. & dive. on sec. &
misc, other income__ _ Cr296.420
Net profit
8508,330
Federal & foreign taxes_ 1.463,000
1,417,000
965,000
875.000
Appreciation of securities
632.057
Exch. losses on acct. of
trans. of foreign CUIT_
779,795
934,899
302,491
Increase in surplus
$1,140,387
Net income
$8,719,368 $6,902,683 $5,927,923 $6,292,565
Balance Sheet Dec. 31 1934
Cash dividends
8,232,480
5,362,563
5,362,190
7,228.975
Assets
Liabilities
U.S. ponds & Treas. ctis
$652,065
$1,228,806 Reserve for losses
Bal., surplus for year. $486,888 $1,540,120
8565,733 def$936,410
State, municipal Si other bds 2,046,622 Res, for unearned premiums._ 4,121,719
Anchor Ins. Co
1,486,500 Res. for tax. Si exp. Si oth. liab 367,691
Surplus
$12.057,144 $10,934,291 $10,722,209 $10,565,874
Rank & trust co.(stocks)
1,290,016 Capital
3,000,000
Shs.cap.stk.out (no par) 4,842,644
.
4,873,517
4,875.085 4
.874.991
Preferred stocks
1,051,910 Surplus
3,787,541
Earn. per sh.on cap.stk.
$1.80
$1.41
$1.21
$1.29
Other stocks
2,789,885
x Reserve to equalize value of current assets in foreign countries with
Office building
.100,000
market rates of exchange. y Includes $153,635 representing 1931 profits
Cash
1,074,435
not transferred.
-V. 139, p. 3971.
Bills receivable
4,142
•
Agents' balances & other assets 856,699
".,.Parker
Pacific Mills-Ealnings---
Pen Co.
-Dividends Resumed
-
The directors have declared a dividend of 15 cents per share on
common stock, par $10, payable March 1 to holders of record Feb. the
15.
This is the first payment since Aug. 15 1931 when 25 cents per share was
paid; prior to which 37 Yi cents per share was paid on May 15 1931 as against
62M cents per share previously each quarter.
-V. 138. p. 4473.
Pennsylvania RR.-PW A to Sell Equipments
-
The Public Works Administration plans to sell any on all of $15,525,000
of Pennsylvania RR. series E 4% equipment trust.certificates it has received from the road in return for loans made for equipment maintenance
and repairs, it is stated in an application filed by the road with
state Commerce Commission. The road asks permission to issue the Interdefinitive
instead of temporary equipment trust certificates.
The Interstate Commerce Commission has granted authority to the
company to equip 500 additional cars, being built under a Public Works
Administration loan, with auto loaders. Originally the road planned to
equip only 500 cars with these devices, but it reported that demand for
cars so equipped exceeded the supply and therefore asked that the number
be increased to 1.000.-V. 140, P. 809.
Peoples Drug Stores, Inc.
-January Sales
Month of January-Sales
-V. 140, p. 324.
1935
1934
1933
$1.466,958 $1,322.136 $1,310,613
Piedmont Fire Insurance Co.
-Earnings
Income Account for Year Ended Dec. 31 1934
Net premiums
Losses Paid
Taxes paid
Commissions and expenses paid
Receipts in excess of disbursements
Loss from increase in amt. of outstanding losses at end of year
Loss from increase in unearned premium reserve
Loss from increase in amt, of accr, but unpaid taxes & expenses
Underwriting profit
Investment income earned
Appreciation in market value of securities
Gain from underwriting and investments
Corporation assets tax
Income tax accrued
Decrease in unadmitted assets during year
$147,524
3.121
98,266
2,500
$43,637
18,919
1,043
Total
$11.929,016
Prudence Bonds Corp.
-Payment on Bonds
The Bank of the Manhattan Co.,trustee,on Jan. 28 notified the owners
of the Prudence Bonds Corp., fifth series, that they may present the same
at the office of the trustee, 40 Wall St., New York, and receive an amount
equal to 5% of the principal amount thereof in cash.
The holders of ninth series were likewise notified that they may present
the same at the office of the trustee and receive an amount equal to 10%
of the principal amount thereof in cash.
After trying for more than a year to enforce, as trustee, the rights of
holders of Prudence, fifth and ninth series, and losing in the lower courts.
the Bank of the Manhattan Co. obtained from the New York Court of
Appeals a decision in its favor, upholding the title of the bondholders to
certain moneys collected upon mortgages underlying the bonds.
-V. 139,
p. 2060.
Prudence Co., Inc.
-State Ousted from Control
Federal Judge Grover M. Moscowitz of Brooklyn on Feb. 4 denied an
application for a stay of his order, issued Feb. 1, ousting the New York
State Banking Department from control of the company. The application
was made by counsel for the Bank Superintendent.
At the same time Federal Judge Robert A. Inch reserved decision on
the motion as to whether it would be for the best interests of holders of
Prudence bonds to lay out now the money collected by various financial
Institutions as trustees.
The State Banking Department took over the affairs of the company in
September last. On Feb. 1, on motion of a group of creditors. Judge
Aloscowitz ordered the Banking Department to surrender control of the
company and turn it over to three trustees named by the Court for reorganization under the Federal bankruptcy laws. State officials applied for
a stay pending appeal. In denying the stay, Judge Moscovritz held that
to grant it "will interfere with the .
proper administration of the estate by
the trustees and will cause delay.'
"It is important that the trustees should proceed at once with their
duties," he stated.
In the case before Judge Inch attorneys were informed by the Court
that when a decision was reached the Court would restrain the financial
institutions concerned from foreclosure of any mortgage or collateral security unless on notice to the Court with opportunity for hearing.
-V. 140.
p• 647.
Total
Puget Sound Power & Light Co.
-Securities Undervalued-Banker Says Bonds Would Get Par if City of Seattle
Took Over Company
-
$49,460
Financial Sta ement Dec. 31
.4ssets1034
1933
1934
Bonds and stocks_ $647,337 $330,894 Unearned prems._ $278,029
Real estate
148,937
128,381 Losses in process of
Cash on hand and
adjustment _ _ _
18,626
in bank
137,279
99,868 Reserve for taxes
Collateral loarul,
226,018
and expenses_ _
13,500
Mdrtgage loans..
175,185 Conting. reserves
Premiums in course
Capital
200,000
_
of collection
84,348
50,453 Net surplus
511,731
Interest accrued..
3,984
8,739
The Boston "News Bureau" Jan. 31 stated:
Following an exhaustive study of the company, the investment firm
of Drumheller, Ehrlichman & IA hits of Seattle, Wash., reached the conclusion that the "company's outstanding securities are very much undervalued, after taking all the unfavorable factors into consideration." After
making their study, the investment firm accumulated bonds of the Puget
Sound company for their own account.
The company can meet securities maturing in the next few years out
of earnings, states Ben B. Ehrlichman, President of the investment firm,
and its rates are so low-only about half the national average-that
pressure for lower charges is not likely to succeed. The first mortgage
bonds are amply protected by plant assets.
Company's Low Rates
-"Because of municipal competition at the major
centers it serves, chiefly Seattle, company has exceptionally low rates,"
states Mr. Erhliclunan. "In 1933 its average domestic rate was 2.95 cents
per kwh., or only 53.7% of the national average of 5.49 cents. These
low rates are a source of protection against political pressure for further
reductions, and, paradoxically, so is the municipal competition at Seattle.
The Seattle municipal plant covenants to maintain rates sufficient to
meet interest on and serial maturity of its bonds, and it could not lower
Its rates and fulfill this obligation.
"The Puget Sound company, with its rates thus protected, is not likely
to have to be reorganized in years just ahead, and it should be able to
meet maturities put of earnings. On Jan. 1 of this year it had cash of
approximately $2,000.000 and bank loans of $1,000,000. Latter have
since been reduced.
"Next maturity is one of $1,167.000 Whatcom County 1st 5s on Nov. 1
next, for which cash will be available. Then will come maturities of
$1,800,000 in 1939 and $7,000.000 in 1940. Even in its poorest earnings
periods the company had $2,250,000 in cash per year remaining after
interest and other deductions, and if this situation continues over the
next six years the company will accumulate $13,500,000 to meet the
maturities of just under $10,000,000. Company's plants are in excellent
shape, and no large expenditures for maintenance or new construction
are in sight.
Plants Alight Be Taken Over-"T here is a proposal before the Seattle
City Council for purchase of the company's plants and other assets for
1933
8179,763
15,504
12,000
150,000
200,000
462,271
$1,021,885 $1,019,538
Pioneer Gold Mines of British Columbia, Ltd.
-Earns.
Month ofJan. 1935 Jan. 1934
Dec. 1933
Nov. 1933
Gross earnings
3240,600 $235.200
3220,000
$224.200
a Net prof. after expenses
171,600
165,000
167,200
155.700
-V. 140, p. 324.
a Before depreciation, depletion and taxes.
Pond Creek Pocahontas Co.
-Tenders
The First National Bank of Boston, trustee, will until 12 noon Feb. 18
receive bids for the sale to it of sufficient 10
-year 7% convertible gold
debentures due May 1 1935 to exhaust the sum of $64,360 at 110 and int.V. 140, p. 483.
kPortland (Ore.) General Electric Co.
-Over 57% of
Bonds Approved Plan-Payment of March 1 Coupons-'
Proxies, waivers and consents have now been executed' by holders of
more than 57% ($23,000.000 of the outstanding 1st & ref. mtge. 414%
bonds, due 1960, according to an announcement made Feb. 4 by the company. The bondholders' meeting has been postponed to March 1 1935,
according to the announeement and holders are urged by the company
$11,929,016
$63,600
6.926
8,405
Cr1,192
Increase in surplus
Total
51.021.885 81,019,538
-V. 134, p. 3652.
$371,498
90,246
6,352
127,376
Total
-V. 139. P. 3816
.
•
984
Financial Chronicle
$95,000,000, and there seems to be a very good possibility this transaction
could be consummated. As to the fairness of the figure, on the same
basis that assets of Tennessee Public Service are to be taken over by the
Tennessee Valley Authority, the price for Puget Sound assets would be
$90.000.000.
"The proposed figure of $95,000,000 is less than 82% of the depreciated
book value of the company's property; it is 147% of the par value of the
outstanding 1st & ref. mtge. and prior lien bonds and is 135% of the total
outstanding indebtedness. It would leave about $25.000,000 to be distributed to holders of junior securities, the preferred and common stocks."
-V. 140. v. 324.
Punta Alegre Sugar Corp.
-Earnings
-
The report covering year ended Sept. 30 1934 shows an operating loss
after all charges of $2,621. For the year ended Sept. 30 1933 company
reported an operating profit of $272,091, before deductions for depreciation
and cyclone damage. After charges for depreciation and cyclone damage,
there was a loss of $62.767 charged to surplus account.
• The balance sheet as of Sept. 30 1934 shows current assets totaling
$3,198,123, of which $790,144 was cash, and total current liabilities of
$3,289.179, including $2,704,100 of 6% notes due Sept. 1 1935. As of
Sept. 30 1933 company reported current assets of $3,434,909, of which
$1.654,950 W88 cash, and current liabilities of $852,424. The 6% note
issue amounting to $2,705.700 was not included in current liabilities.-V. 138, 1:1. 161.
Puritan Ice Co.
-Resumes Dividends
The directors have declared a dividend of $8 per share on the common
stock, payable on April 1 to holders of record Dec. 31. This is the first
payment to be made on this issue since April 1 1932, when a like amount
was distributed.
-V. 122, v. 2961.
Railroad Receiverships and Foreclosure Sales in 1934
-The "Railway Age" Jan. 26 said in pail:
Feb. 9 1935
week was intended to "enable the corporation to proceed promptly as soon
as conditions permit."
Mr. Girdier added: "Proxies for more than 65% of the preferred stock
and more than two-thirds of the common stock have been received in Slipport of the plan. It is apparent that proxies for the requisite two-thirds
of each class of stock will be in hand shortly."
Federal Suit Asks Steel Merger Ban
-
The Department of Justice filed two suits in Federal Court at Cleveland
Feb. 7, invoking the anti-trust laws in one suit to prevent the merger of
two big steel concerns and, in the second action, to dissolve an alleged interlocking directorate involving seven prominent steel men and ten steel
companies.
The Federal suit against the proposed merger involves the Republic Steel
Corp. and the Corrigan-McKinney Steel Co.
Attorney-General Cummings' explanation of the suits was issued by the
Department of Justice. The statement says in part:
Two anti-trust proceedings against members of the steel industry were
instituted this morning in Cleveland, Ohio.
"The first suit, against six steel corporations, seeks to restrain consummation of the proposed merger agreement between Republic Steel Corp. and
the Corrigan-McKinney Steel Co. and its subsidiaries. The petition alleges
that the various stock acquisitions in connection with this proposed merger
are in violation of Section 7 of the Clayton Anti-Trust Act, and that the
effect of the stock acquisitions will be to substantially lessen competition
between the companies involved.
"Republic Steel Corp. will acquire all of the assets of the Corrigan-McKinney Steel Co.,including approximately 80% of the stock of the Newton
Steel Co. and virtually 100% of the stock of the N. & G. Taylor Co. now
held by Corrigan. Corrigan will acquire at least 17M % of the common
stock of Republic in addition to other Republic securities.
"Under the terms of the merger agreement, Corrigan will dissolve within
30 days, and will distribute the Republic's stock and other securities to its
stockholders. including McKinney Steel Holding Co.
"Both Republic and Corrigan are alleged to be integrated steel companies,
engaged in the production of iron ore, pig iron, semi-finished steel and
finished steel. Republic has assets of approximately $271,000,000, and
Corrigan has assets of approximately $65,000.000. The petition alleges
that the two companies combined will sell more than 16% of the semifinished steel produced for sale in the entire United States, and 12% of the
merchant bars produced for sale in the United States.
"The petition alleges that the corporations involved have already obtained the consent of more than two-thirds of each class of stockholders,
and that unless enjoined the defendants will consummate the merger within
approximately 10 days. A temporary Injunction is sought pending the final
determination on the merits.
"The other suit is brought under Section 8 of the Clayton Act against
17 defendants. It charges that seven individuals have interlocking directorships among 10 competing steel companies, including:
Youngstown Sheet & Tube Co.
Republic Steel Corp.
Inland Steel Co.
Corrigan-McKinney Steel Co.
Wheeling Steel Corp.
McKinney Steel Holding Corp.
Otis Steel Co.
Cleveland-Cliffs Iron Co.
Delaware River Steel Co.
Cliffs Corp.
"The interlocking directors, who are named as defendants, are William
G. Mather, S. Livingston Mather, D. T. Croxton, Cyrus S. Eaton, George
T. Bishop, William R. Burwell and Myron A. Wick. Each is alleged to be
a director of two or more of the 10 name corporations, which have assets
aggregating approximately $900,000,000."-V. 140, p. 810.
There was little change in the roads in the hands of receivers or trustees
during the year. Only one line, 81 miles in length, came into the hands of
the courts during the year-affording a marked and pleasing change from
the preceding year, when companies with 21,222 miles of line went bankrupt.
The total mileage operated by receivers still exceeds that of any previous
period in history, and, except for the aid of the Reconstruction Finance
Corporation, the total would be much higher.
No definite progress was made during the year in reorganizing any of the
large companies which are in the hands of trustees or receivers. Tentative
plans were formulated by interests concerned in several such companies,
but they continued in the discussion stage throughout 1934. If Congress
permits the RFC to purchase securities for its own account or for that of
the railway's, and if it modflea the bankruptcy act in one or two particulars,
perhaps the present year may witness greater progress in the matter of
reorganizations.
Railroads in the Hands of Receivers or Trustees on Dec. 31 1934
Date of
Mileage Mileage Receivership
Road
Operated
Owned or Trusteeship
Akron Canton & Youngstown
171
19
Apr. 3 1933
Alabama Florida & Gulf
29
29
Jan. 29 1930
Ann Arbor
294
294
Dec. 4 1931
Apache
72
72
Sept. 29 1931
Apalachicola Northern
99
99
May 28 1932
Boyne City Gaylord & Alpena
92
92
Nov. 21 1931
Rima Steel Corp.
-New York Stock Exchange Ruling
California & Oregon Coast
15
15
Feb. 19 1925
See Alpine Montan Steel Corp. above.
-V. 140, v. 810.
Cape Girardeau Northern
13
104
Apr. 14 1914
Central of Georgia
1,927
1,460
Dec. 19 1932
Roan Antelope Copper Mines, Ltd.
-Earnings
Chesterfield & Lancaster
33
Apr. 14 1931
32
Chicago & Eastern Illinois
939
822
Sept. 15 1933
Earnings for 3 Months Ended Dec. 31 1934
Chicago Attica & Southern
155
140
Aug. 4 1931
Gross revenue
.C467,503
Chicago Indianapolis & Louisville
644
618
Dec. 30 1933
Operating expenditure, incl. London & mine adminis. charges
344,516
Chicago Springfield & St. Louis
87
79
Jan. 24 1930
a Coeur d'Alene & Pend d'Oreille
21
21
Aug. 30 1933
Estimated surplus over working expenditures
£122987
Colorado-Kansas
25
July 1 1931
24
Provision for debenture stock interest and premium on redemption_ 22,926 ,
b East & West Coast
Side track
Feb. 2 1931
Reserve for depreciation
37,500
Florida & East Coast
812
Sept. 1 1931
807
b Florida Western & Northern
233
233
Feb. 2 1931
Profit, subject to taxation
E62,561
Fonda Johnstown & Gloversville
64
62
Apr. 20 1933
-V. 139, p. 3656.
Fort Smith & Western
250
197
June 11931
Gainesville Midland
74
Feb. 15 1921....\ Roanoke Water Works Co.
72
-Extension of Notes Asked
Georgia & Florida
409
Oct. 19 1929
364
Holders of the 3
-year 6% notes, due Feb. 1. which were not redeemed.
b Georgia Florida & Alabama
192
192
Nov. 7 1931
have been asked to extend the payment of the principal to Feb. 1 1938. at
Georgia Southwestern & Gulf
35
36
Jan. 2 1933
an interest rate of 5%.
Gulf Coast Lines
1.858
1.625
July 1 1933
Vernon F. West, President, says that net earnings have been more than
International-Great Northern
1,160
1,106
July 1 1933
sufficient to meet all note interest and prior charges, but not enough to pay
Jacksonville & Havana
d60
42
Feb. 1 1930
for necessary property addtilons and extensions and also provide for payLouisiana Southern
59
Aug. 2 1933
59
ment of principal.
Meridian & Bigbee River
48
June 15 1933
46
Holders consenting to the extension would receive, under the plan, 3%
Minneapolis & St. Louis
1,648
1,549
July 26 1923
of the principal amount of their notes in cash. The New York Trust Co.
Missouri & North Arkansas
365
335
May 5 1927
Is depository. See also V. 139, p. 4135.
Missouri-Illinois
214
137
July 1 1933
Missouri Pacific
7,361
6,811 July 1 1933
Rochester Gas & Electric Corp.
-To Modernize Plant
Mobile & Ohio
1,202
913
June 3 1932
The company has announced that it will spend $1,000,000 to modernize
Nevada Copper Belt
41
41
Apr. 2 1925
one of its power generating units. Work is expected to start not later than
Norfolk Southern
933
790
July 27 1932
April 1 and will give immediate employment to 150 men for six months.
North & South
41
41
Aug. 1 1924
The company, as its first step, will install a new high pressure bo er and
e Northern Ohio
152
152
Apr. 3 1933
turbine.
-V. 139, p. 3164.
Northwestern RR. Co. of South Carolina_
81
Oct. 1 193
76
Pittsburgh Shawmut & Northern
195
158
Aug. 1 1905
4- Rockwood & Co.
•
-$2 Accumulation Divaeet
nt;"
Pittsburgh & Susquehanna
18
18
Apr. 22 1931
A dividend of $2 per share was declared on account of accllmulations on
Raleigh & Charleston
20
20
May 1 1931
8% cum. pref. stock, par $100, payable Feb. 20 to holders of record Feb. 11.
Rio Grande Southern
174
174
Dec. 16 1929
Similar distributions were made on Oct. 20, April 20, and Feb. 20 1934.
Rock Island Lines
8,298
7.810
Dec. 1 1933
and on Nov. 24, July 20, and May 20 1933 prior to which no dividends
Rutland Toluca & Northern
21
21
Mar. 16 1931
had been distributed on this issue since April 1 1932 when a regular quarterly
St. Louis- San Francisco
5,237
Nov. 1 1932
5.087
dividend of $2 per share was paid.
Sandy River & Rangeley Lake
42
July 8 1923
96
Accumulations after Feb. 20 dividend amount to $8 per share.
-V. 139.
Santa Fe San Juan & Northern
p. 2690.
Savannah & Atlanta
142
145
Mar:. 4 1921
Seaboard Air Line
Dec. 23 1930
4,309 .3,329
Rollins Hosiery Mills
-New Director
b Seaboard-All Florida
184
Feb. 2 1931
184
Gardner Symonds has been elected a director, replacing Ralph Bard.
Shelby Northwestern
22
22
Sept. 15 1932
V. 138, p. 4475.
Sierra Railway Co. of California
79
79
May 5 1932
Spokane International
164
139
Aug. 28 1933
Rose's 5, 10 & 25
-Cent Stores, Inc.
-January Sales
Tallulah Falls
57
June 24 1923
57
Month of January1934
1935
Tennessee Kentucky & Northern
Nov. 24 1933
19
--Sales
$213,287
$186,008
Tonopah & Goldfield
July 20 1932 - 140, p. 810.
102
93
V.
Wabash
2,447
2,003
Dec. 1 1931
Waco Beaumont Trinity & Sabine
Feb. 8 1930
115
115
-Sales
Safeway Stores, Inc.
Wichita Northwestern
Nov. 10 1922
99
99
4 Weeks Ended Jan. 261935
1934
1933
Wilmington Brunswick & Southern
35
35
Mar. 17 1933
$18,842.638 $16,486,586 $14,995,855
Sales
Wisconsin Central
1,119
1,014
Dec. 2 1932
The company had 3,200 stores in oation on Jan. 26 1035, as against
eLeased to Spokane International. b Leased to Seaboard Air Line.
3,282 stores on Jan. 27 1934.-V. 140, p. 811.
c I•elsed to Akron Canton & Youngstown. d This company has the right
to operate over the Chicago Burlington & Quincy between Jacksonville an
-Hearing Set Feb. 12
St. Louis Gas & Coke Corp.
Waverly. a distance of 17.95 miles. e Includes 8.50 miles owned but not
The U. S. District Court in Bloomington, Ill., has adjourned to Feb. 12
operated.
-V.138, p. 858.
the hearing on a plan of reorganization for the corporation.
The trustee in bankruptcy is to be directed to corn:thence action against
Reliance Mfg. Co. of Illinois-Earnings
the Utilities Power & Light Corp. for the recovery of inventories and a
Calendar Years
1932
1934
1931
1933
general accounting unless an equitable plan of reorganization is submitted,
Net income after taxes,
according to the 1st mtge. bondholders protective committee, consisting a
int. and depreciation_
$186,217
$789,150
$194,229
$384,938
W. II. Sullivan, Eben Burroughs and E. M. Goodman.
Shares of common stock
"Certain substantial improvements and concessions affecting the plan of
outstanding
231,552
215,905
220,330
250,000
reorganization have been offered by the representatives of Utilities in
Earnings per share
$0.38
$1.03
$0.29
$3.05
negotiations with this committee," the committee has written to bond-V.139, p. 3164.
holders."but we are of the opinion that further concessions should be made."
holders to deposit their bonds with
The committee has
Republic Steel Corp.
-Meeting to Affirm Consolidation National Bank & Trustaskedof Racine, Wis., to facilitate its work. the First
Co.,
-V.139.
Seeks More Opportune Time
p. 3656.
The directors of the corporation voted on Jan. 31 to adjourn from week
-Earnings-Southwestern Ry. Lines
St. Louis
to week the stockholders' meeting, scheduled to be held on Feb. 5, to pass
-Fourth 1Veek of Jan.- -Jan. 110 Jan. 31on the plan for acquiring the assets and business of the Corrigan McKinney
1934 '
1935
1935
Period1934
Steel Co.. of obtaining control of the Truscon Steel Co., and for the re$381,855 $1,241,500 $1,091,792
capitalization of Republic itself.
Gross earnings
$400,300
The imminence of the decision of the U. S. Supreme Court in the gold
- 140. p. 811.
V.
clause cases makes impossible at the moment completion of arrangements
Salt Creek Producers Association-Annuity Insurance
for the sale of the corporation's new bonds, which are to be issued under the
The stockholders at the annual meeting to be held on March 1 will
terms of the plan, it was stated by T. M. Girdier, Chairman and President,
vote on this company authorizing its operating company, Midwest Oil
following the meeting. He said the plan of adjournment from week to
Financial Chronicle
Volume 140
Co., to take out annuities for employees with established insurance companies. Men would be retired at 65 and women at 60 years, at not more
than $175 nor less than $40 a month.
-V. 139. P. 1879.
dl-acr
chuyler Trust Shares, N. Y. City-Initial Dividen
An initial dividend of8 cents per share was paid on the ordinary registe
'shares on Feb. 1 to holders of record Dec. 31. The directors have stag
that future disbursements will be made semi-annually in varying amounts.
The Schuyler Corp., 70 Pine St., N. Y. City, a Delaware corporation in
May 1934 filed a registration statement with the Federal Trade Commission in which it was stated that the company, an investment trust,
proposed to issue 1.050,000 trust share certificates known as "Schuyler
Trust Shares" at an aggregate offering price of $3,517,500.
Among officers mentioned were: Kenneth F. Nash, President Charles A.
Stevens, Vice-President and Treasurer, and John W. Donahey, Secretary
and Assistant Treasurer, all of N. Y. City.
Schulze Baking Co.
-Earnings
Years EndedIncome from operations
Charges to income-net
Depreciation
Bond interest and tax at source
Dec. 29'34. Dec. 30'33. Dec. 31'32.
$231,684
$137.289
$145,426
15,039
16,370
16,235
168,950
250,175
299,634
142,859
146,988
144,705
Net loss
$95,164
$276,245
Previous earned surplus
def654,583 def282,384
Discounts and insur. refunds applicable to 1933
4,688
Adj..in respect of accrued domestic
takes applicable to prior years
5,780
Profit on bonds retired
Other surplus credits
2,792
$315,147
15,014
Total deficit
Loss on disposal and retirement of
fixed assets
Advertising service inven. charged off
Settlement of disputed contracts, &c_
Balance in closed bank-written off_
Prov. for reserve against investments
Prov. for reserve for contingencies..
Sundry charges (net)
$558,629
$254,663
7,643
10,933
16,788
$736,487
3,000
12,100
1,620
34,305
11,164
11,593
44,000
30,000
2,718
Balance, deficit, Dec. 30
$753,207
$654,583
$282,384
Balance Sheet
Assets
Dec. 29'34. Dec. 30'33. Liabilities-Dec. 29'34. Dec. 30'33*
Cash
$151,783 Trade accts, payAcols receivable__
75,223 able, current___ $105,873 8203.171
77,879
Inventories
181,464 Accrued bodd int_
219,009
48,164
47,149
Prepaid insurance
Accrued State and
and licensee_ _
12,752
38,288 local taxes
57,559
89.180
Due from officers
Salesmen's security
and employees.._
1,981
2,246
deposits
13,880
20,882
Investments
21,680 Accept. payable._
18,966
38,591
7,784
Other assets
7,276
7.276 Note payable for
Fixed assets___ 3,103,258 3,224,023 sprinkler equip7,734
Deferred charges Co
Sundry accruals
13,398
3,900
future opation
8,061
Res, for coming
25,458
30,000
Good-will
2,109,703 2,109,703 Due to Interstate
Baking Corp
328,812
218,925
First mtge. 8% g.
bonds (Payable
Sept. 1 1945). _ 2,345,000 2,354,500
7% preferred stock 1.402,500 1,402,500
83 cony. pref.stk 919,450
919,450
z Common stock 1,042.035 1,042,035
Palthin surplus
127,551
127,551
Deficit
753,207
654,583
Total
$5,899,448 $5,811,379 Total
35,899,446 85,811,379
x After depreciation of $1,803,106 in 1934 and $1.764,785 in 1933.
y 34,678 no par shares. z 208,407 no par shares.
-V. 138, P. 1245.
Scott Paper Co.-Consol, Bal. Sheet Dec. 31-
Assets1934
1933
Liabilities1934
1933
a Land, bldgs., ma7% pref. A stock_.$1,718,900
chin'y, eq., Szo_$3,874,582 $3,764,762 6% pref. B stock__ 542,300 81,770,100
.
560,300
Cash
902,749
938,449 b Common stock__ 337.833
337,833
Acc'ts & accept'ces
Acc'ts payable and
receivable
627,784
554,244 accrued items__ 417,430
425,449
Inventories
1,836,492 1,490,038 Federal tax reserve 202,991
144,000
Mortgage owned
64,298
72,872 Res. for contlng. &
Install. receiv. on
preferred dive__
92,322
65,395
mtge. owned.....
8,573
8,573 Surplus
4,247,573 3,794,927
Recelv. from employees, &c____
11,828
14,942
c Treasury stock
(at cost)
191,217
221,009
Pats., trade-marks
and good-will..
1
1
Deferred charges
41,823
33,114
Total
$7,559,349 $7,098,007 Total
$7,559,349 $7,098,007
a After deducting reserve for depreciation and depletion of
In 1934 (1933, $2,610,620). b Represented by 168.917 no $3,096,103
par shares
In 1934 (including scrip equivalent to 48.98 shares), and 168.917 shares in
1933 (including scrip equivalent to 68.98 shares). c Represented by 936
shares series A pref. (1,212 in 1933); 1.012 shares series B pref. (1,058
in 1933), and 25 shares of common in 1933.
Our usual comparative income statement for the calendar year 1934 was
published in V. 140. p. 811.
Sears, Roebuck & Co.
-Sales
-4 1Veeks Ended
Feb. 26
Mar. 26
Apr. 23
May 21
June 18
July 16
Aug. 13
Sept. 10
Oct. 8
Nov. 5
Dec. 3
Dec. 31
Jan. 27
Total 52 weeks
-V. 140, p. 811.
1934
$20,395,895
22,362.353
23,731,274
27,485.073
25.023.393
21,641,512
20.284.116
23.609,935
31.201,216
30,816,415
30,878.320
39.080,640
522,093.564
1933
$15,826.847
14,215.630
18.519.608
21.050,502
19.935.951
19.442,052
19,179.932
22,584,264
26.311.738
28,590,302
28,763,631
34.482.615
$20,386,475
$338,603,706 $289,289.547
Shawinigan Water & Power Co.
-Annual Report for
-Julian C. Smith, President, in his remarks to stock1934
holders, says in part:
Results.
-The financial statement shows: Gross earnings for the year,
$12,504,406; net before depreciation, $3.367,443. These figures compare
with gross of $11,945,863 and net, before depreciation, of $2,943,043 for
the year 1933. From the net earnings of $3,367,443 the following appropriations have been made: Transferred to depreciation and renewal reserve
$1,000,000; transferred- to contingent reserve, $100,000. Dividends
amounting to $1,080,125 have been paid, being at the rate of 50 cents per
sharo, leaving a balance of $1,178,318. To this has been added the balance
from the previous year of $1,134,213. There has been transferred to the
surplus account the amount previously standing at the credit of general
reserve account amounting to 51,199,526, bringing about a surplus of
$3,512,058. From this sum there has been appropriated for depreciation
and renewal reserve a special amount of $700,000, and for insurance reserve
$499,526. There is carried forward, subject to deduction for the 1934in.
come taxes, an amount of $2,312,531.
No deduction has been made from fixed charges for interest charged to
power development on the cost of work in course of construction, although
in the statement issued to shareholders for the period ended Sept. 30 there
had been deducted an amount of $150,000.
985
The special transfer to depreciation and renewal reserve of 8700.000
covers amounts previously charged as interest during course of construction
on the Rapide Blanc plant for the year 1932. The delay in the construction
during that year increased the total cost fo the plant by approximately
the amount above mentioned.
-year notes.
During the year the company purchased $393,000 6% 5
Change in Security-During the year bonds of Shawinigan Chemicals,
Ltd. to the amount of $2,000,000 held by the trustee as part of the security
for the company's first mortgage and collateral trust sinking fund gold bonds
have been withdrawn. In exchange therefore there have been substituted
additional properties representing capital expenditures during the year of an
equivalent value, and these properties have been pledged in accordance
with the deed of trust.
Power Output
-The output from the company's generating stations was
3,228,290,263 kwh.and there was purchased under contracts 688,000.786
kwh., a total for 1b34 of 3,916.291,049 kwh., as compared with 3,505.111,325 kwh. for 1933.
In addition to the above quantity, 669,586,258 kwh. were purchased
from other companies for sale as secondary power, as compared with 396.660,802 kwh. so purchased for 1933. The total amount of secondary
For
owmTld was 1,653,992,946 kwh. as compared with 1,343.859.833 kwh.
.
k.
The total energy generated and purchased for all purposes for 1934
was 4,585,877,307 kwh. as compared with 3,901,772,127 kwh. for 1933.
The peak load of the electric system exclusive of purchased secondary
power was 927,426 hp. This compares with 760,530 hp. in 1933 and 729.442 hp. in 1932. The total peak load on the company s electric system for
1934 was 1,056,400 hp.
Construction-Company's new plant at Rapide Blanc, having a present
total capacity of 160,000 hp., started operating early in 1934. The ultimate
total capacity of this plant is 240,000 hp. and the two additional units can
be installed at low cost, when conditions warrant. The total expenditure
on this plant, including interest during course of construction, amounts
to 813,599,517.
-This company ,a wholly owned subsidiary.
Shawinigan Chemicals, Ltd.
has continued in successful operation during the year. Its operations have
resulted in a profit of $774,914 before payment of bond Interest. From this
sum there has been applied to depreciation and obsolescence an amount of
$396,788,leaving 3378.125,from which there has been paid to Shawinigan
Water & Power Co. $367,414, in part payment of interest on bonds held
by the latter company.
The income account and balance sheet for the year 1934
will be found in the advertising pages of to-day's issue.
Comparative Income Statement for Calendar Years
1932
1933
1934
Gross oper. revenue....--$10,974,372 $10,827.576 $10,773,4591
1.179.551j
1,118,287
a Miscell, non-open. rev. 1,530,035
1931
3c
Gr. earns., all sources-$12,504.406 $11.945,863 511,953.010 $13,693.195
2.437.6532,854.613
Operating expenses. Scc.. 2,748,159 2.503,134
1,354,007
Power purchased1,539.675 1,634.217 b1,560,845
624,462
642.434
674,380
658.862
Taxes and insurance_ 200,000
605,431
377,957
62,585
Exchange on U. S.funds
4,113,127 4,054,443 3.909.675
4,127,681
Interest
Int. charged to power
development on cost of
Cr300,000 Cr682.270
work in construction_
600.000
800.000
Depreciation reserves___ 1,000,000 f1.100.000
Net income
Dividends.
$2.367,443 111,843,044 $2,534,472 54,150.438
1,089.125
1,633.687 4,901.063
1,089,125
Balance, surplus
$1.278,318
Prey. surp. (after adj.). 1,134,213
Transfer from gen'l res_ 1,199,526
$753.919
780.894
$900,785 def$750.625
d927.080
g287.314
400.000
$3.612,057 51,534,813 51,188,099
Total
300.000
100,000
300,000
Transf, to conting. res..
Transf. to insur. res__ 499.526
Special transf. to deprec.
700,000
reserve
5576.455
$576,455
5888.099
c Total surp. Dec.31- $2,312,531 $1.234,813
Shares capital stock outstanding (no par) --- 2.178.250 2.178.250 2.178.250 2.178.250
.
$1.91
$1.16
$0.84
Earned per share
$1.09
a Ind. revenue from investments in subsidiary and other companies and
exchange thereon. c Surplus subject to
property rentals. b Incl. U. S.
deductions for income tax. d After deducting income tax of $408.312 for
1930. f Incl. special depreciation of 3300.000. g After deducting income
tax of $214,142 for 1931 and after adjustments. x Not stated.
Comparative Balance Sheet Dec. 31
1933
1934
1934
1933
3
Liabilities$
Assets
$
stock_ 72,118,447 72,118,447
y Capital
x Total fixed as84,071,000 84,335,000
172,817,716 171,844,566 Bonds
sets
-year se6% 5
Movable plant
844,255 cured notes_ _ 4,060,500 4,453,500
and stores_ _ 887,914
876,579
488,845
262,577 Accts. payable_
Prepaid charges
298,379
376,991
258,681
Bills payable_ _ _
Account & bills
receivable...... 1,903,392 1,823,047 Int. & dirs. pay. 1,414,541 1,427,148
Call loans
2,489,153 1,978,506 Depre. res., &c_ 12,763,850 11,189,965
1,199,526
Cash
676,952 1,468,947 Reserve account
Contingent & insurance fund_ 1,585,110 1,009,927
2,312,531 1,234,813
z Surplus
179,073,505 178,221,899
Total
Total
179,073,505 178,221,899
x Includes securities of subsidiary and other companies amounting to
$21,235,544 in 1934 and 522,450.195 n 1933. y Represented by 2,178,250
shares of no par value. z Subject to deduction for income tax.
New Officers for Shawinigan Engineering Co.
The company has announced the appointment of James A. McCrory as
Vice-President and chief engineer of the Shawinigan Engineering Co., Ltd.,
and of R. E. Heartz as assistant chief engineer of the same company.
V. 139, p. 2530.
Shareholders Corp.
-Earnings
Earnings 6 Months Ended Dec. 31 1934
Income
-dividends
Expenses
$11.045
3.821
Net income
Earned surplus at beginning of the period
Gross surplus
Dividends declared during the period
7.224
7.031
$14.255
x13,912
Earned surplus. Dec.31 1934
x Not including $8,788 charged to paid-in surplus.
Balance Sheet Dec.31 1934
disse4-Liabilities
a Investments-stocks
$327,683 Dividend payable
Cash in banks
6,559 Accrued taxes
Dividends receivable
3,085 Capital stock (par $1)
Deferred debit
300 Portion of legal capital under
laws of Delaware In excess of
par value of outstanding stk
Surplus
$343
$10,000
650
100,000
27,000
199,977
Total
$337,627 Total
$337,627
a Stocks at cost except those having a ledger value of $15,875 which were
reduced to market value June 30 1931. Valuation based on market quotations Dec. 31 1934, $49,138.
herry-Netherland Hotel(59th St.& Fifth Ave. Corp.)
-Creditors Seek to Reorganize
Creditors of the Fifty-ninth Street and Fifth Avenue Corporation (owner
of the Sherry-Netherland Hotel) filed a petition Jan. 31 in U. S. District
Financial Chronicle
986
•
Court, New York, asking permission to reorganize under Section 77-B
of the Bankruptcy Act.
One of the petitioners was the Manufacturers Trust Co., which is owed
$250,000 and is trustee of a mortgage for $1,600,000 given to protect
holders of $1,000,000 "in series B (or junior) certificates."
Other petitioners include Louis K. Jacobson, Lewis H. Pounds, George
Gordon Battle, Frank J. Murphy, John D. Reilly, George W. Ritz,
George U. Tempers and A. L. Warner, members of a committee for the
protection of junior first mortgage gold certificates valued at $414,500.V. 137, P. 2989.
-Sale of
-- ---Shoreland Arcade Building, Miami, Fla.
"
Deposited Bonds
The Real Estate Bondholders' Protective Committee (George E. Roosevelt, Chairman),in a letter to depositors offirst mortgage fee and leasehold
6 % sinking fund gold bonds of Shoreland Building Co. secured by the
Shoreland Arcade Building, Miami, Fla., states:
Subject to the approval of Charles E. Hughes Jr., arbiter, as provided in
the deposit agreement,the committee has entered into an agreement dated
Jan. 10 1935 for the sale of the deposited bonds of this issue. The agreement provides that the bonds on deposit with the committee at the time of
the closing ofthe agreement, which it is expected will take place on or about
March 30 1935, are to be sold for a price of $33 in cash for each $100 in
principal amount thereof.
There were on deposit with the committee at the close of business on
Jan. 26 1935. 8785.000 of bonds. The total principal amount of bonds
outstanding is $795,500.
It is estimated that the committee will be in a position shortly after the
date of closing to distribute to depositors approximately $30.25 in cash for
each $100 of bonds deposited by them.
Simpsons, Ltd.(& Subs.)
-Earnings
Year Ended Year Ended 11 Mos.End.
PeriodJan. 2 '35 Jan. 3 '34 Jan. 4 '33
a Combined profitfrom operations_ _ _142,398,994 81,826.607
$679,278
Int. paid & ace?, on 5% 1st mtge.
bonds of Robt. Simpson Co., Ltd__
69,084
71,689
68,562
Divs. paid & accr. on 6Va Pref. ha.
of Robert Simpson Co., Ltd
201.000
185,540
201.000
Directors' remuneration, other than
salaries
6,258
Int. paid & accr. on 1st mtge. and
coll. trust bonds of Simpsons, Ltd
608,668
624,891
588,994
Proportion of disct. & comm. on sec._
15,000
Prov.for deprec. of bldgs. & equip_ _ _
601,058
603,149
Prov. for empls.' savings and profitsharing fund
16,675
12,974
22,525
Provision for profits and taxes
168.000
108,300
Balance of earnings
Surplus brought forward
$707,923
725,819
Balance available for dividends of
Simpsons. Ltd
31,433,741
Divs. paid on 64% pref. shares of
Simpsons, Ltd
225,000
$200,903 loss$177,314
524,915
702,229
$725.818
$524,915
Feb. 9 1935
great in 1934, and it is expected that they will be unusually heavy for some
time. This is due in part to being unable to defer any longer important
Improvements and replacements and in part to trends in the industry requiring new investment in plants and production to protect the future of
your business.
"Your directors believe that prudent and conservative management requires the change in dividend policy of which you are now informed. Future
dividends will depend upon the earnings and current asset position with
relation to the need for maintaining the strength of your business, and
to-day's action is not to be considered as indicating any regular dividend
basis.
"During the past year, consumption of petroleum products in the world
increased and your company increased its sales. Potential oversupply of
crude oil and difficulties of marketing competition have operated to prevent
satisfactory prosperity for the industry as a whole. The directors will
endeavor to keep your company in a position to benefit from any future
Improvement in the industry's condition."
-Will Buy Petroleum for Fuel to Supply
Makes Soviet Deal
Trade This Year in Far East-$2,000,000 Involved
The New York "Times" Jan. 27 had the following:
The company signed last week a contract with the oil syndicate of Russia
whereby the Soviets will supply the fuel oil required by the American
concern in the Near East this year. The contract provides for a minimum of 700,000 barrels and a maximum of 1.750,1)(10. The price will
be based on the world figure, but it is estimated that the sum may reach
82,000,000.
It was said that two other contracts for oil between Socony-Vacuum
and the Soviets were about ready to be closed. One covers about 200,000
barrels of diesel and gas oil for Socony's outlets in the Near East, and
the other, 500,000 barrels of gasoline and kerosene to be marketed in Egypt.
These contracts will be in addition to one now existing between the
Soviets and the Standard-Vacuum Oil Co. for approximately 1,200,000
barrels of kerosene annually for the Indian market. This contract, made
several years ago between the Standard Oil Co. of New York and the
Soviets, will not expire until 1936. Last year, when Standard-Vacuum
Oil was formed by the Standard Oil Co. of New Jersey and SoconyVacuum to take over their operations in the Far East, the contract was
assumed by the new company.
Purchases of oil products from the Soviets by Socony-Vacuum and
Standard-Vacuum this year, it is estimated, will reach $6.000,000 to
-V. 140, p. 485.
38,000,000, depending on prices.
-Tenders
-Southern Ice & Utilities Co.
The Chase National Bank,successor trustee, is inviting offers for the sale
to it, at a price not exceeding 103% and interest, of 1st mtge. gold bonds,
cony. 6% series, due Feb. 1 1946, in an amount sufficient to exhaust the
sum of $40,192 in the sinking fund. Offers will be opened at noon, Feb. 11
-V.139.
1935,at the Corporate Trust Department ofthe bank,11 Board St.
P. 1720.
-Note
Southern Illinois & Kentucky RR.
The Interstate Commerce Commission on Jan. 25 authorized the company to issue a promissory note for $22,230,715 to be delivered to the
-V. 117,
Illinois Central RR. in payment of a like amount of advances.
P. 896.
Southern Pacific RR.
-Orders Rails
Balance carried forward
$1,208,741
$725,818
$524,915
The company announced on Feb. 1 that it had placed orders for steel rails
,
a After deducting all selling and general expenses providing for bad debts.
totaling $1,156,500 as follows: Columbia Steel Co., 12.559 tons; Pacific
b Includes income from investments of $35,305 and excess of par over
Coast Steel Co., 6,001); Colorado Fuel & Iron Co., 7,615. All eliveries
cost of bonds redeemed of $31,794.
are to be made before June 30.-V. 140, p. 812.
/put
Consolidated Balance Sheet
•
-Cent Dividend
-15
Jan. 2'35 Jan. 3'34
Jan. 2'35 Jan. 3'34 ..""-Southern Pipe Line Co.
The directors have declared a dividend of 15 cents & share on the
Assess
Liabilates-$
capital stock, par $10, payable March 1 to holders of record Feb. 15.
Minch. on band_ 6,026,760 8,204,362 Accounts payable_ 2,636.422 2.630,048
A similar payment was made on Sept. 1 last and compared with 10 cents
Accounts receivle_ 5,501,885 4,754,469 Reserve for Govt.
per share paid on March 1 1934, Sept. 1 1933 and March 1 1933: 15 cents per
Payments in adv.
taxes, accr, int.,
share paid Dec. 1 and Sept. 1 1932; 35 cents per share on June 1 1932 and
of receipt of marents, &c
526,907
408,546
50 cents per share each quarter from March 2 1931 to and including March
Rea, for empl. savterials and goods
1 1932.-V. 139, p. 778.
In transit
190,376
211,622 ings and profitInvestments
452,520
373,491
sharing fund__
22,525
16,675
Southern Public Utilities Co.-EarningsCash on hand and
Accrued dividends
34,790
34,790
In banks
108,578
127,049 Accr. int. on bonds
1,688
[Incl. Salisbury & Spencer Ry.)
Employees' stock
1st. 55 Robt. Simp1934-12 Mos.-1933
-Month-1934
Period End. Nov. 30- 1934
purchase plan__ 296,729
299,252 son Co., Ltd.__ 1,375,223 1,375,223
$1,107,574 $1,063,195 $13,243,694 $12,594,487
Gross income
824,961 6% pf. sha. Robt.
Prepaid charges__ 701,108
8,548,953
8,909,777
752,226
780,598
Oper. exps.,incl. taxes
Disc. & comm. on
Simpson Co.,Ltd 3,350,000 3,350,000
437,055
614,857
25,712
37,555
General expense
swum. sold..,...218,047
Simpsons, Ltd., 6s 8,875,300 9,127,600
1,540,755
1,526,327
129,016
127,450
Renewals & replace. res5s series B___ 1,124,100 1,155.900
Cash in hands of
Interest on underlying &
Res. for deprec..... 3,010.315 2,417,810
trustee for the
266,898
316,319
25,585
20,633
divisional bonds
bondholders of
% cum. pf. shs.11,250,000 11,250,000
Interest on S. P. U. Co.
a Cl. A & B sbs___ 5,061,314 5,061,314
Robt. Simpson
824,350
824,350
68,695
68,695
5% bonds
Profit and loss__
1,208,741
725,818
63,475
Co., Ltd
Land, bidgs.& eqt.24,966,159 24,780,207
5941.482
$63.525 11,087,055
$71,073
Net profit
-V. 140. p. 326.
Total
38,525,637 37,555,413
Total
38,525,637 37,555,413
Southern Ry.-Preliminary Earnings
a Represented by 120,000 shares no par class A stock and 120,000 shares
no par class B stock.
-V. 140. p. 485.
1932
1931
1933
1934
Calendar YearsGross oper. revenues....478,183.701 $76,148,103 $72,986,541 $97,715,112
-Earnings
Sivyer Steel Casting Co.
Total oper. expenses__ 58.120.444 53.705,409 60,865,040 79,783,959
1934
1933
1932
Calendar YearsNet rev, from oper_ -$20,063,257 $22,442,694 $12.121,502 $17,931,152
$195,507
$87,426
$29,056
Gross profit
Taxes and uncollectible
122,520
89,561
97,864
Selling, admin. and general expenses_
5,569,243
8,039,871
7,331,858
5.201,721
railway revenue
57,727
45,897
45,574
Provision for depreciation
1,875,382
1,857,507
2,318,387
Equip. & joint facil. rents 2,196,178
815.260 loss$48,032 loss$114,382
Operating profit
Railway oper. income312,665,358 $15,015,944 $4,406.268 $8,281,106
9.203
16,321
Interest and other income
8,479
1.685.058
1,928,557
3,247.789
1,540,702
Other income
823.739 loss$38,829 loss$98,060
Net profit
Total gross income_ - _$14,206.060 $16,701,002 $6.334,825 $11,528,895
Provision for income taxes
373
Interest and rentals_ _ _ _ 17,001,303 17,435,802 17.553,332 17,451,737
12,433
13,085
Sundry charges
17,845
Net profit for year
45.521 los451,261 loss$111,144
x Before deducting $3,234 provision for unemployment benefits in accordance with Wisconsin Unemployment Reserves and Compensation Act.
Balance Sheet Dec. 31
1934
Liabtlates-1933
Assets
1934
1933
$6,423
$20,687
Cash & Ob.of dep z$79,718
$74,038 Accounts payable_
Bonds
94,484
98,749 Accr. salaries &
4,220
2,788
wages
Accr. int. on secure
1,641
917
11,350
13,860
Accrued taxes_ __ _
Surrender value of
373
life insurance___
51,033 Res, for inc. tax....
56,788
Accts. & notes tee.
71,514 Res, for unempl.
95,930
2,689
benefits
Inventories
98,836
96,075
y Properties
1,161,597 1,281,366 x Common stock__ 1,200,000 1,200.000
23,598
21.310
Unemploy. Benefit
Earned surplus_ _
Trust Fund_ _
Burp. arising horn
2,690
420,906
Defd. cbgs. to oper
7,724
5,859 aePraisal vain's- 350.755
$1,599,408 11,679.553
Total
Total
$1,599,408 $1,679,553
x Represented by 80.000 shares (no par) stock. y After depreciation
Cash only.
-V. 138, P. 2591.
of $725,619 in 1934 and 1647,454 in 1933. z
-To Pay Dividends SemiOil Co.
Annually
The directors on Feb. 5 declared a dividend of 15 cents per share, payable
March 15 1935, to stockholders of record Feb. 20 1935. Similar payments
were made in previous quarters.
The directors also decided to consider dividend action in the future
semi-annually in Feb. and August, for March and Sept. payment. In a
letter sent to stockholders, J. A. Brown, Chairman of the Executive Committee, said:
"This policy should enable the directors to act with better knowledge of
the company's financial requirements and the trend of earnings each year.
The next regular meeting for dividend action will be in August, this year.
"Earnings for 1934 can not be accurately stated until accounting is completed, but are estimated to be more than in 1933. Current asset position
was somewhat reduced, but continues strong. Cash and marketable seourities at the end of the year were approximately $54,000,000, it being impossible to state the exact amount until reports from all world operations are
received. Necessary capital expenditures, always large, were particularly
$734,800 $11,218,506 $5,922,842
Net loss
$2,795,243
73,000.000
Divs, on pref. stock_
x5,192,800
Common dividends
x Consists of $3.65 pee share ($4,738.430) charged against surplus in
1930 and paid in 1931 together with the dividend of 35 cents per share
($454.370) charged against surplus in 1931. y Although dividends of 5%
($3,000,000) were paid on pref. stock during 1931, this amount was previously appropriated out of surplus and therefore is not shown as a direct
charge in 1931.
The company issued the following statement: "The increase of the deficit
as compared with 1933, despite increased revenues (due largely to recovered
passenger traffic): operating economies aggregating $473,000 (accomplished
in large part by the suspension of the use of portions of the plant not needed
at the present volume of traffic); and reduction of taxes and fixed charges,
is explained by the increase in wages and the cost of materials necessarily
used, notably fuel and lumber."
.
1934
1933
December1932
1931
$6.434,076 $5,936,025 $6,046,176 $6,813,301
Gross from railway
1,818,927
1,796,515
924,586
Net from railway_ _ ___ _ 2.474,462
1,408,294
2,030,602
Net after rents
1.362,409
349,800
From Jan. 1
78,183,701 76,148,103 72.986,542 97,715,111
Gross from railway
.. 20,063,257 22,442,694 12,121.502 17,931,152
Net from railway
12,665.358 15,015,944
4,406,269 8,281,106
Net after rents
-Fourth Week in Jan.- -Jan. 1 to Jan. 311935
1934
1935
Period1934
Gross earnings (est.)---- 12.811,850 32.985,926 $8,470,301 $8,340,914
Asks Extension of RFC Loan
The company has applied to the Interstate Commerce Commission for
approval of extension for five years from Feb. 1 1935, of a $7,254.000
Reconstruction Finance Corporation loan due March 1. The application
states that the company proposes to ask for extension of three ether RFC
-V.140, p. 812.
loans maturing later this year when they fall due.
Standard Brands, Inc. (8c Subs.)
-Earnings--- •
Period End. Dec. 31- 1934-3 Mos.-1933 1934-12 Mos.-1933
Net inc. after all chgs_.._ $2,940,457 $4,632.148 $13,878,021 $15,048,795
Earns. per sh. on 12,645,$1.15
$0.36
$0.22
$1.06
374 shares com.stock_
-V. 139. p. 2846.
987
Financial Chronicle
Volume 140
-Earnings
Southwestern Bell Telephone Co.
12 Months Ended Dec. 31Total revenues
Expenses, including taxes
Interest
1933
1934
$70,613,999 $67,781,567
54,448,586 52.664,532
3,204,802
3,050,823
Net income
Dividends paid
813.114,590 811,912,233
15,364,985 15,364,985
Deficit
-V. 140, p. 326.
$2,250,395
$3,452,752
-January Sales
Spiegel, May, Stern Co., Inc.
Month of January
Sales
-V. 140, p. 326.
1935
$1.260,469
1934
$927.917
1933
$320,710
-Earnings
Stamford Gas & Electric Co.
Calendar Years1932
1931
1934
1933
Total operating revenue_ $2,400,917 $2,330,575 $2,452,382 $2,567,503
1,311,794
Operating expenses
1,229,221
1,227,229
1,182,155
246,813
Retirement res. actual
220,926
210,046
216,333
Taxes
318.000
331,766
305,300
306,802
•
Statement of Capital Surplus at Dec. 31 1934
Credit arising from reduction in stated value of 115,000 shares
corn,stock from $25 a sh. to $10 a sh., in accordance with action taken at a special meeting of the common stockholders,
$1,725,000
Dec. 29 1930
Unamortized balance of organization expenses charged off in '30
154,850
1,570,150
Realized losses on securities acquired prior to July 1 1930
Remainder
Credits arising from purchase of co.'s pref. shs. at a discount__ _
Balance Sheet Dec. 31
1934
Assets
1934
Liabilities1933
Cash
5.5,664
$14,513 $181,384 Taxes pay. & accr.
2,941
Accrued Interest Sr
Accounts payable_
dlvs. receivable_
15,657
12,686 Unclaimed diva
a Investmls (cost) 2.733,223 3.070,711 b Preferred stock_ 1,563,000
Spot silver In Lonc Common stock__ 1,400,000
556,764
don at cost
93,346
Capital surplus.. _
Cash in closed bks
670,166
1,464
1,979 Deficit
Total
$2,858,204 $3,266,761
Nil
$556,764
1933
$18,021
25
1,751.300
1,400,000
522,022
424,608
ii2,858,204 ',3,266,761
Total
a Market value including syndicate participation Dec. 31 was $2,411,715
in 1934 against $2,339,062 in 1932. is Represented by 31,260 (35,026
in 1933) no par shares. c Represented by 140,000 no par shares.
-V. 139,
Operating income_ _ _ _
Other income
$652,055
Dr3,176
8631.573
1,173
$670,469
Dr757
P. 614.
'
$690 895
Dr581-............
Total income
Interest charges,Pec_
_
$648,879
24,223
3632,745
24,688
$669,712
34,578
$690,314
44,599
Net income
Common stock dividends
$624,656
600,000
$608,057
600,000
$635,134
600,000
Balance to surplus_ _ _
Net direct chgs. to surp
Surplus, Jan. 1
$24,656
24,037
552,237
$8,057
76.024
620,205
$35,134
6,785
591,855
$45,714
79
546,220
Under the company's fifth stock acquisition plan directors have fixed a
price of $41.50 a share, at which employees may purchase stock during
the first six months of 1935. For the last half of 1934, under the fourth
$552,856
$552,237
$620.205
3591.855
plan, which expired at the end of 1934, the subscription price was $44 a
share and for the first half of the year $43. The plan provides that the price
Surplus,Dec.31
-V. 138. p. 1043.
Electric output for the week ended Feb. 2 1935 totaled 84,460,785 kw.,
an increase of 4.3% compared with the corresponding week last year.
V. 140. p. 813.
Standard Investing Co.
-Consolidated Bal. Sheet Dec. 31
Assets1934
1933
Liabilities1934
1933
c Securities at cost 87.798,130 58,462,499 a Preferred stock_32,757,800 $2,757,800
Cash in bank
378,419
45,518 b Common stock__
394,591
394,591
Misc. sec. & advs.
1,500
.
10-yr. 5% gold deb 3,214,000 3,343,000
Awls receivable:
534% cony. debs _ 3.125.000 3,265,000
For secur. sold_
5,075
Minority int. In
Accrued Interest
Amer. London &
receivable....53,802
66,319
Emphe Corp_ _ _
30,127
27,391
Misc.seem'. Se adv.
1,952
1,500 Accts. payable for
Prepaid ta'ceq
6,792
6,666
securs. purch.
29,372
6,671
Accr. Int. on deb__
118,019
123,057
Fed'i & State tax_
26,511
13,931
Misc. curr. liab_ __
4,538
4,477
Capital deficit..___ 1,525,940 1,449,264
Earned surplus.._
71,652
95,876
$8,245,670 $8,582,531
Total
58,245,670 $8,582,531
a Represented by 55,156 no par shares. b Represented by 394,591 no
par shares. c Market value Dec. 31 1934, $7,199,217, against $7,061,590
In 1933.
The income account for the year ended Dec. 31 1934 was given in V. 140,
p.812.
(S.) Stroock & Co., Inc.
-Earnings
-Calendar Years-
Net profit from operations, before depreciation__
Discounts on purchases, interest earned, dividends
received, profit on sales of securities. &c
Total income
Depreciation
Administrative, selling and general expenses and
State franchise & N. Y. City taxes
Property taxes
Discounts on sales, Fed. cap. stk. taxes, &c
1934
$191.903
1933
$117,652
19,585
24.959
$211.488
60,784
$142,611
60,933
98,257
11.761
18,300
27,667
Net income
Previous deficit
$22.385
81,123
$54,011
135,134
Deficit, Dec. 31
Earnings per share on 93,800 shares capital stock
$58,738
$0.24
$81.123
$0.58
Assets
1934
Cash
$232,944
Market. securities 336,552
Accts. receivable. 123,057
Accr. int. receiv.
2,844
Inventories
375,374
Prepaid hour. &
miscell. assets_ _
3,867
Advs. to enipl. on
group life insur.
policies
4,750
Land, bldgs., machinery, &c
1,136,685
American Felt Co.
common stock. 318,750
Treas. stk. (6.200
shs. at cost)
28,375
Total
Balance Sheet Dec. 31
1933
Liabilities$57,085
386,933
60,753
3,198
512,592
1934
1933
Capital stock
$2,606,500 $2,606,500
Prov. for prior
year taxes, cap.
stock taxes, &c.
15,436
24,525
Deficit
58,738
81.123
9,542
Total
$2,563.198 82,549,903
Sun Investing Co., Inc.
-Earnings
-
Profit
from
$28,072
50,483
arbitrage
trans
Stock of Radio Corp. of
America rec, as div_
Total income
1933
$23,085
50,720
1932
$23,090
73.757
1931
$43,262
143,977
$78,555
b308,140
$75,096
$96,848
27,057
33,672
6466,352 sprof18,870
Net loss
Earned deficit Jan. I_ _ _
Adj. of Fed. income tax
$252,420
424,607
$418,314dprof$82,046 d$183,392
6,294
76,340 sur235,503
22,835
reserve
Adj. of pref.stock diva
Refund prior year N. Y.
State franch. tax.._ _
Excess res. over actual
taxes prior years
Deficit
Preferred dividends_
$187,699
56,661
c314,429
Dr12,000
50
Cr968
Cr5.893
$670,166
8424,607
56,294 sur$52,161
128,501
Earned deficit Dec. 31 $670,166
$424,607
$6,294
$76,341
b Computed on the basis of the identified cost of certificates sold. c Net
loss on sales of securities acquired subsequent to June 30 1930. d Exclusive of realized losses from sales of securities acquired prior to July 1 1930.
After deducting $2.555 for losses on sales of securities acquired prior to
July 1 1930, in excess of losses charged to capital surplus.
The directors have declared an extra dividend of 5 cents per share in
addition to the regular bi-monthly dividend of 10 cents per share on the
common stock, both payable Feb. 28 to holders of record Feb. 18. An
extra dividend of 10 cents per share was paid on Dec. 20 1934.
1931
1932
Calendar Years1934
1933
$107,373
Profit from operations.. $536,915
$32,780
$401,373
Cr8,041
40.728
Inc. charges less credits_
26,078
52,338
$115.414
15,142
Total income
Federal income tax
$510,837
70,104
8349.035
41,949
loss$7,949
Net profit
Dividends paid
$440,733
200.900
$307,086
57,400
$100,272
loss$7,949
29,540Not reported
Balance
Shares of cap. stock outstanding ($10 par)
Earnings per share
-V. 139. p. 3337.
$239,833
$249,686
def$37.489
$100,272
287.000
$1.53
287.000
$1.07
300.000
Nil
300.000
$0.33
Thermoid Corp.
-Subsidiary Develops New Product
The Thermoid Rubber Co., a subsidiary announced that it has gone into
quantity production of a new brake block for trucks and buses which. under
rigorous tests on the road and in the company's laboratories has proved
virtually indestructible. The new compound is he invention of Carl
Schell, Vice-President of Thermoid.
Forms Canadian Unit
The company has announced the formation 01 Thermoid, Ltd. under a
Dominion Charter as its Canadian subsidiary, with offices at 47 SImcoe
Street, Toronto. Arthur B. Dougall has been elected President of the
Canadian subsidiary, and Allen G. Sylvester of Toronto, Is Vice-President
and Sales Manager.
The company will maintain a complete warehouse stock in Toronto of the
-V. 140, p. 81:3.
entire line of automotive products of Thermoid Co.
-Earnings
Twin City Rapid Transit Co.(& Subs.)
Calendar YearsRev, from transport'n
Other revenue
1931'
1932
1934
1933
58,447.459 $8,030,929 89,032.748 $10,515,314
84,611
115.807
45,603
41,954
Total oper. revenue__ $8,489,413 $8,076,532 $9,117,359 $10,631,121
955.671
952,192
Way and structures_ _ __
888,490
894,686
868,131
750,232
Equipment
703,691
708,739
1,087.192
1,003,755
Power
795,403
785,732
2,975,205 3,671,442
Conducting transport'n_ 2,249,061
2.300.782
54,557
55,898
Traffic
45,719
49,319
672,139
838.608
Motor bus expenses_ _ _ _
637,589
610,825
934,497
815,909
General and miscell_ _ _ _
817,004
844,045
$1.540,559 $1,281,953 $1,349,960 $1,637,195
1,170,611
1,174,446
1,185,280
1,166,254
62.234
60,906
56,786
62.199
Net income
Pref. dividends (7%)_
$312,108
Balance, surplus
Shares of common outstanding (no par)_ _
Earns, per sh. on corn..
x Par $100.
850,436
$113,280
$395,129
210,000
$312,108
550.436
5113,280
5185,129
220,000
$0.46
220,000
220,000
Nil
Nil
x220.000
$0.84
Consolidated Balance Sheet Dec. 31
459
1,291
Net loss on sales ofsec
Exps. & other charges_ _
-Sutherland Paper Co.
-Extra Dividend
Gross income
Int. on funded debt _ _
Miscellaneous
28,375
1934
tion
Operating income_ _ _ _ $1,457,322 81,185,322 $1,225,132 $1,499,171
Non-operating income__
96,630
124,828
138,024
83,237
318,750
-v. 138, p. 1246.
Calendar YearsInterest on bonds, call
loans, &c
Dividends earned
-Seeks to Reorganize
Stein Cosmetics Co., Inc.
The company on Jan. 29 filed a petition for reorganization under
Total oper. expenses_ $6,133,759 $6.197,326 $7,225,328 $8.410,097
1,892,031
2,221,024
Net operating revenue__ 2,355,654
1,879,206
721.853
Taxes
666,899
693,883
898,332
1,172,675
$2,563,198 52,549.903
`-,Standard Oil Co. of N. J.
-Price Fixedfor Fifth Stock Plan
shall not be above nor more than 10% below the average market price of
the stocks of the previous three months.
-V. 140, p. 649.
Standard Gas & Electric Co.
-Weekly Output
-
Total
.
Standard Oil Co. of Indiana-Price Fixed for Stock Plan
The directors have fixed a price of $25 a share on sales of its stock to trusees, to be used on all purchases of stock from the company for employees
during the first six months of 1935. The company's fourth plan will expire
$645,714 -June 30.-V. 140, p. 486.
600.000
1934
1934
1933
1933
Assets
Lfabtlifies-Road Sr equipm1_58.569,475 59,131,421 y Common stock_11,000,000 11,000,000
Trust fund for sePreferred stock.-- 3,000,000 3,000,000
cured div. notes
Funded debt unand scrip Ws__
amortized
21,559,000 21,769,000
871,498
880,000
Misc. phys. prop_
5.770
5,771 Secured dlv. notes
Other investm'ts_ 1,075,449
880,000
and scrip ctfs__ _
880,000
984,888
Deposits in lieu of
Audited accts. ana
mtge. prop. sold
7,284
14,727
wages payable.
17,044
14,727
Cash
1,079
2,147,279 1,200,388 Miscell. accts. pay.
1,193
Loans & notes rec.
11,083
139,522 Accr. interest (not
Int. Sr diva. reedit.
188.226
,
190,612
23.174
41,535
due)
849,239
645.358
Misc.accts. reedy.
38,258
50,747 Tax liability
Mat Is Sr supplies_
616,988
690,288 Reserve for injuries
Injuries and dam292,706
and damages.. 300,498
ages reserve fund
107,506
107,265 Reserve for depreRent Sr insurance
16,059,297 16,078.314
ciation
143,094
paid in advance
71,265
41.917 Unadjusted credits 146,665
Disc, and exp. on
x Capital surplus_ 8,713,589 8,710,779
fund. dl. amort. 1,261,011 1.331,393 Profit and loss
2,108,606 1,891.762
Total
64,813.484 64,619,862
Total
64,813,484 64,619,862
x Created by change from $100 par value per share to stock without
par value with a stated value of $11,000,000, the number of shares remaining unchanged. y 220,000 shares no par.
-V. 139, p. 4138.
988
Financial Chronicle
Trans
-Lux Daylight Picture Screen Corp.
-Div. No. 3
The directors on Jan. 31 declared a dividend of 10 cents per share on
the capital stock, par $1, payable March 1 to holders of record Feb. 15.
Similar payments were made on Aug. 31 1934 and Feb. 15 1934.-V.
139. p. 4138.
Transue & Williams Steel Forging Corp.
-Earnings
Calendar Years1934
1932
1933
1931
x Gross profit
$105,810
$87,354
$99,266
$81,371
y Depreciation
87.117
86,541
84,65794,483
Sell., office & adm. exp _
118.889
106,092
99,634
172,020
Other deductions-net_ _
Cr560
Cr216
6,678
638
Extraord. chgs. & adjust
20,000
33,075
Net loss
$99,636
$125.061
$167.875
$142,673
Dividends
(Mc.) 50,750
Deficit
$99,636
$125,061
$142,673
$218,625
x Gross profit on sales after deducting all returns, allowances, labor,
material and factory expenses, &c. y Depreciation under normal conditions would have been $156,401 In 1934: $155,248 in 1933: $152,069 in
1932; and $150,781 in 1931, but because of subnormal operations the
above figures were taken.
Balance Sheet Dec. 31
Assets1934
1933
Ltalittutes1934
1933
a Real est.& equip.$1,646,895 $1,893,536 b Capital stock_ __ $640,000 $640,000
Cash
305,520
310,996 Accounts payable..
36,112
19,432
Notes de accts. rec. 119,250
160,382 Accrued payrolls,
Co.'s stk.purch.for
25,091
19,835
resale to employ.
8,637
8,637Accrued taxes, &a_
14,455
15,736
Secur. held as perCapital surplus. _ _ 1,801,947 c2,156,748
manent invest._
30,000
30,000
Misc. receivables_
13
2.846
Inventory
404,312
441,732
Deferred charges
3,619
2,977
Total
$2,517,605 $2,851,750 Total
$2,517,605 $2,851,750
a After depreciation of $1,797,728 in 1934 and $1,559,910 in 1933.
b Represented by 128,000 no par shares. c After deducting earned deficit
of $625,010 in 1933 and $415.482 in 1932. Capital suri.lus was increased
by $1,500.000 during 1933 by reducing stated value of common stock from
-V.139. p. 2375.
$20 per share to $5 per share.
Tyler Building Corp.
-Interest
The rate of interest to be paid to the holders of the 20
-year general
mortgage income bonds outstanding, on account of the coupon which
matures on March 1 1935, has been fixed at 2%, payable upon presentation
and surrender of said coupon accompanied by requisite ownership certificate
at the principal office of New York Trust Co., 100 Broadway, N. Y. City.
-V.139, p. 1255.
Tyrol
Hydro
-Electric
Power
Co.
-New
Yrok Stock
Exchange Ruling
See Alpine Montan Steel Corp. above.
-V. 140, p. 814.
--......N.Jnexcelled Mfg. Co., Inc.
-Resumes Common Dividend
The directors have declared a dividend of 10 cents per share on the
common stock, par $10, payable Feb. 15 to holders of record Feb. 1. This
Is the first payment to be made on this issue since Dec. 1 1932 when 5 cents
per share was paid. A similar payment was made on Sept. 1 1932, 10 cents
per share was paid on June 1 and March 1 1932 while 17i cents per share
was distributed each quarter, prior to then.
-V. 136, p. 1219.
Union Central Life Insurance Co.
-New Director
Walter E. Barton has been elected a director it was annuonced on Jan.
31.-V. 140. p. 814.
Union Electric Light & Power Co. (Conn.)
-Earnings
Years Ended Dec. 311934
1932
1933
1931
Total operating revenue $281,229
$278,701
$267,471
$275,017
Operating expenses
165,228
162.120
161.834
156,308
Retirement res. accrual_
25,000
25,000
20,000
23.554
Taxes
29,721
25,277
21,745
20.995
Operating income---$61,280
$66,304
$74,161
$63,891
Other income
41,630
40,784
41,712
44.271
Gross income
$102,064
$107,934
$118,432
$105,603
Interest charges
7
197
179
181
Net income
$102,057
$107,737
$105,424
$118,251
Common stock dividends
107,625
105,000
107,625
105,000
Balance to surplus_ __
Net direct chgs. to sum_
Surplus as of Jan. 1_ _ _ _
def$5.568
207
111,892
$112
155
111,935
$424
27,628
139,139
$13,252
Cr750
125,137
Surplus as of Dec. 31-V. 138, p. 1044.
$106,117
$111,892
$111,935
$139,138
Union Pacific RR.-Earnings.December1933
1934
1932
1931
Gross from railway
$5.328,338 $5,234,696 $4,503,865 $5.964,220
Net from railway
1,437,584 1,601,441
1.546,197 2,179,600
Net after rents
920,039 1,487,046 1,323,228 2,086,629
From Jan 1
Gross from railway
67,490,849 63,357,225 66,141,146 89,253,104
Net from railway
20,589,086 22,446,396 22,630,838 28,997,551
Net after rents
11,585,526 14,246,901 15,012,306 19,760,956
-V.140. p. 814.
Union Street Ry., New Bedford, Maiss.-EarningsCalendar Years
1933
1934
1932
1931
Gross earns,from oper$720,405
$744,810
$767,624
$976,915
803,270
Opwating expenses
691,995
699.584
957.272
Miscell. income (int.).
Cr126
Cr55
Cr367
Interest charges
15,327
14,342
13,315
16.163
Taxes
52.203
45,063
48,822
49,357
Deficit
Previous surplus
Adjust, of accts., &c
sur$2,523
448,107
Cr1,234
$.31,924
483,455
Dr3,424
$122.032
606,623
Dr1,136
$44,976
651,733
Dr133
Credit bal. Dec. 31-- $451,864
$448.107
$483,455
$606,623
General Balance Sheet Dec. 31
Assets1934
1934
Liablitttes1933
1933
Cost of railway_ _ _32,022,898 $2,028,955 Capital stock
$2,437,500 $2,437,500
Cost of equipment 1,388,360 1,390,052 Funded debt
250,000
250,000
Cost of 1933 busses
30,000
32.792 Notes payable._ _ _
57,000
Cost of land and
16,582
Due on 1933 busses
buildings
38,750
2,403,890 2,404,014 Deferred credits
37,480
Cash
67,101
24,657
58,353 Accounts payable_
27,908
Accts. receivable_
27,038
32,141 Deprec. and other
Prepaid accounts.
2,195,666 2,161,441
12,342
5,531
reserves
Mat'l & supplies
51,338
31,251 Prem. acct. new
545,800
545,800
Issue stock
451,864
448,107
Profit & loss bal
Total
$5,972,967 $5,083,089 Total
$5.972,967 $5,983,089
-V. 138, P. 3108.
-Securities Sold
United American Utilities, Inc.
The reorganization committee acquired at auction on Jan. 31 for $350
In cash, $1,947,436 of promissory notes of affiliates drawn to the order
of United American Utilities and pledged under the indenture securing
jp-year 6% bonds of that company.
This action was taken pursuant to the carrying out of the reorganization
of the properties. There were no bids for lots comprising stocks of the
Eastern States Public Service Corp. and the Pacific Freight Lines Corp.
Feb. 9 1935
The reorganization committee has received deposits of 80% of the debt
of United American Utilities and Pacific Freight Lines.
-V. 139, p. 2065.
United Gas Improvement Co.
-Earnings
Income Statement for 12 Months Ended Dec. 31
1933
1934
Dividends-Subsidiary companies
$23,419,823 $23,486,602
Other companies
8,183,075
7,539,044
Total dividends
$30,958,867 $31,669,678
Interest-Advances to subsidiary companies
304,269
498,376
Bank balances
48,659
85,586
Notes, bonds and miscellaneous interest
54,892
3,991
Total interest
Miscellaneous income-Services to subsidiary cos
Other income incl. professional services, reimbursement items and compensation for operation of Philadelphia Gas Works
Total miscellaneous income
$356,918
375,415
$638,854
453,179
802,434
863,378
$1,177,849 $1,316,557
Total income
$32,493.634 $33,625,089
Salaries, traveling exps., office rentals, suppls., &c. 1,328,271
1,445,279
General expenses
364,719
395,510
Income available for taxes, int., diva. & surplus.$30,769,853 $31,815,091
Provision for taxes
582,646
544,266
Interest on notes payable, &c
493
1,987
Net income
$30,223,600 $31,231,952
Dividends on $5 dividend preferred stock
3,826,080 3,826,080
Dividends on common stock
27,902,093 27.902,072
Excess of dividends over Income
$496,199
$1,504.572
Earnings per share on common
$1.18
$1.13
Note-The decrease in dividends on stocks of other companies was due
principally to a reduction in dividends received from the Pulbic Service
Corp. of N. J., and to the omission of dividends on Niagara Hudson Power
Corp. common stock and Mohawk Hudson Power Corp. $7 2d pref. stock.
Balance Sheet Dec. 31
1933
1934
1934
Assets
Liabilities$
Inv. In sub. co8_209,600,529 209,805,529 y $5 div. pref.
Other investmls
stock
75,146,600
at cost or less_ 122,244,768 122,667,538 x Com. stock._ _204,109.604
Advances to sub.
Accts. payable
89,071
companies _ _ 8,321,1251 9,688,558 Accrued taxes._
584,718
881,446J
Other advances.
Contingent res. 31,280,969
Cash
1,471,307 2,325,801 Earned surplus. 32,294,625
Divs. dt int. rec.
762,248
808,454
Accts. and notes
receivable
45,279
124,848
37,942
Mat'ls & supplies
36,144
61,187
Office equipm't.
53,064
Prepaid accts.__
20.152
10,108
1933
$
75,146,800
204,109,492
383,485
901,965
11,181,415
53,737,484
Total
343,505,586 345,460,441
Total
343,505,586 345,460,441
x Represented by 23,251,750 shares of no par value in 1934 (1933.
23,251,735 shares no par value). y Represented by 657,216 shs. (no par).
Note-Company is guarantor of $1,954,000 principal amount and Interest
thereon of Nashville (Tenn.) Gas & Heating Co. 1st mtge. 5% bonds due
May 1 1937. Company is also guarantor of interest only on $12,153,000
,
Connecticut Railway & lighting Co. 1st and refunding mtge. 4A % bonds
due Jan. 1 1951. Company is obligated to indemnify Koppers Co. of Del.
on account of that company's guarantee of the payment of dividends at
the rate of $3 per share per annum on 199,997 shares of preferred stock
of Connecticut Gas & Coke Securities Co. for 25 years from Oct. 1 1926.
President Zimmermann replies to attack on Public Utilities-John E.
Zimmermann, President, in a letter to the stockholders Jan. 31, said:
At this time of general attack on the public utility industry, and particularly against the holding companies, I urge that in considering the problems
Involved you keep clearly in mind the distinction between wholesale condemnation of an entire industry and criticism of unsound practices of individual companies. The former is entirely unfair, destructive and calculated to undermine the value of sound investments conservatively made
in honestly managed companies. The latter, if based on facts clearly
established and applicable to existing conditions, is constructive and entirely
proper. Unfortunately, the first form of attack is the one now prevalent.
Let me give you two recent examples in relation to the facts as they exist
in your company. On Jan. 12 1935, the newspapers carried a Washington dispatch referring to a report prepared by the Federal Power Commission, which it was said:
"Constituted a final reply to critics of the power program who have stated
that furtherance of it would injure life insurance companies and savings
banks and thereby harm the 'widows and orphans.'"
The report was further quoted as follows:
. . . It is clear that holders of life insurance policies and depositors
In savings banks have no cause for concern regarding the security of that
part of the assets of such institutions invested in electric utility bonds.'
"Widows and orphans and other beneficiaries of estates likewise are secure,
provided the executors and trustees of such estates have conformed to the
legal requirements which most States have established for such fiduciary
officers, and have invested the funds entrusted to their care in the securities
of operating companies and not in stocks or debentures of holding companies or so-called investment trusts."
The inference of the above is that while bonds of utility operating companies are sound investments, trustees of other people's money should not
Invest the funds entrusted to their care in securities of operating companies
other than bonds, or in any securities of holding companies. The fact
remains that they have made such investments in stocks of sound operating
and holding companies, and properly so, except in cases where restricted
to so-called "legal investments." Furthermore, bonds of operating companies will not be salable and will cease to be "legal investments" if not
supported by junior securities, the investment and earnings of which
produce a margin of safety for the bond...
In the case of your company, a public utility holding company, shares
of its preferred and common stocks are owned by those in a position of
trust for the benefit of others, as follows:
Preferred
Common
Shares
Shares
Insurance companies
131,740
184,390
Educational organizations
12,216
41,768
CHaritable organizations
6,729
38,008
Religious organizations
2,462
31,258
Trustees
126,187
2,214.914
Guardians
1,064
25,702
Fraternal organizations
1.668
5,962
Total
2,542,002
282.066
These shares represent some $50,000,000 of stockholders' funds, invested
by company primarily in common stocks of operating utility companies.
In addition to these classes of stockholders, who are acting on behalf of
others, there are those who have invested their savings directly in the stock
of company. Of the 100,000 stockholders,approximately 45.000 are women.
The second example: On Jan. 24 1935. Mr. H. I. Harriman, who is
the President of the U. S. Chamber of Commerce was quoted in news
dispatches from Pittsburgh as follows:
"There is an actual investment of about $11,000,000,000 in utility properties throughout this country. In 1929 this real investment had been
Inflated to carry some 70 or 80 billions of dollars' worth of securities. To
correct this the holding companies should set their houses in order and
they should recast their financial structure in line with real values."
"They must do this if they are to avoid punitive legislation."
The inference here again is that it is common practice for holding companies to base their securities on inflated values of the properties or securities
of their subsidiaries. Such generalization, unsupported by any factual
evidence, is a shocking statement and one that does not apply to the capital
structure of your company.
So again I urge you to measure the wholesale criticism of holding companies against the company in which you have made your investment.
By so doing you will realize the unfairness of attacks and legislation aimed
Volume 140
Financial Chronicle
at the destruction of an entire industry, as against constructive criticism
and legislation looking toward elimination of unsound practices where they
exist.
Weekly Electric Output
Week EndedElectric output ofsystem (kwh.)
-V. 140, p. 814.
Feb. 2 '35 Jan. 26 '35 Feb. 3 '34
79,109,784 78,242,813 73,330,542
United Fruit Co.
-Annual Report for 1934
Francis R. Hart, President, in his remarks to stockholders
in part:
"During the year 49,879,345 stems of bananas were shipped, says tropical
from
divisions, as compared with 46,181.163 stems in 1933. Growing conditions
have been uniformly better than average throughout the banana producing
area. Market conditions in the United States and Canada improved in
volume but unit sales were slightly below the average
year. In
Europe the situation with respect to restrictive quotas andfor last which was
tariffs,
mentioned last year, has grown worse rather than better.
"As a whole, the fluctuations in the value offoreign currencies in relation
to United States dollars have been beneficial.
The company has 114,920 acres of banana cultivations, 99,991 acres of
sugar cane. 38,769 acres of cacao, 7,423 acres of coconuts, and lesser areas
of other products.
"The company's fleet comprises 92 owned ships, aggregating 426,935
gross tons, and 6 ships chartered from other companies, aggregating 17,066
gross tons, a total of 98 ships, aggregating 444,001 gross tons. During
the year the fleet made 1,233 round-trip voyages and steamed 5,247,701
nautical miles. The fleet carried 47,082 passengers and 875,867 tons of
general cargo, in addition to transporting company
ducts. The operations of the company's subsidiary,fruit and other proRefrigerated Steamship Line, Inc., contributed to the increased number of voyages and tons
of cargo.
"The company's raw sugar quota was limited by Cuban
originally to 546,947 bags. Due to the inability of other Cuban legislation
producers
to furnish sufficient cane to make the crop desired by the Government of
Cuba and to the fact that the company was in a position to produce more
raw sugaz because its cultivations had been fully maintained during the
years of restriction, the company's quota was increased and its crop
amounted to 1,288,227 bags as compared with 536,066 bags last year.
This is the third largest crop and the lowest cost crop in the history of the
company.
"The Revere Sugar Refinery melted 381,279.871
an average of 1,417,397 pounds per working day, aspounds of raw sugar.
compared with
319 495 pounds in 1933, an average of 1,528,592 pounds per working391,day.
Deliveries of refined sugar to customers amounted to 369.434,167
pounds,
as compared with 362,423,777 pounds in 1933."
Consolidated Incoine Account for Calendar Years
1934
1933
1932
1931
Operating income
$23,037,360 $19,401,627 $14,666,839 $19,001,094
Other income
1,363,864
1,079,282 1,169.485
1,978,372
Gain on for'n exchange_ _
594,441
Total income
$24,401,224 $21,075,350 $15,836,324 $20,979,466
Depreciation
8.849,315 9,133,477 9,132,292 13,255,594
Income taxes
1,889,361
1,417,867
121,400
663,419
Interest
439,420
453,086
319,694
281,090
Loss on foreign exchange
153,206
Loss on property sold or
abandoned
1,020,623
829,976
555,717
Net income
$12,049,300 $9,240,942 $5,707,221 $6,779,363
Dividends
8,717,985 5.811,980 6,538,476 10,968,703
Surplus
$3,331,315 $3,428,962 def$831,255dfS4,189,340
Previous surplus
30,750,972 27,277,034 71,716,089E205,942,581
Tax refund, &c
3,261,428
Credit from recovery under claims
144.976
715,170
Addl capitalstock issued
for Cuyamel Fruit Co.
Total
$34,082,287 $30,850,972 $71,600,004 $205.014669
Property write off, &c_
843,958,182 d4,798,908
c Special reserve
10,000.000
Amortiz, disc, and prem.
paid on Cuyamel bds_
364,789
Res, prov,for workmen's
compensation claims_
100,000
Surplus
$34,082.287 $30,750,972 $27,277,034 e190,215761
Shares capital stock outstanding (no par)_
a2,906,000 a2,906,000 a2,906,000 2,906,000
Earnings per share
$4.14
$3.18
$1.97
$2.31
a Excluding 19,000 shares held in treasury. b Includes reserve provided for revaluation of fixed assets as at Dec. 31 1931, $50,945,033;
less
proportion charged to special reserve, $9,573,028; balance, $41,372,005,
and reserves provided for adjustment of book values of other assets, &c.,
$2,586,176. c To provide future write-downs in values of certain properties
and accounts. d Includes write-down of company's stock in connection
with employees' stock purchase plan. e Includes capital stock.
989
United States Fidelity & Guaranty Co.
-Annual Report
E. Asbury Davis, President, says in part:
"In April the capital stock was increased by the issue of 800,000 shares of
preferred stock, (par $1). The Reconstruction Finance Corporation
financed the purchase of this stock at $5 per share, enabling us to retire
the loan of the RFC of $4,900,000, so that now there are no bills payable
of any kind.
"In addition to full legal reserves, we have set up a voluntary contingency
reserve of $1,500,000; a reserve of $5,402,207, representing the sum required
to place, on a basis of actual market quotations, all of the company's stocks
and all of its bonds not amortized and a reserve of $210,260 to take care of
deprec:ation of our office buildings.",j.g
Income Account for Year Ended Dec. 31 1934.
Total premiums written
Total reinsurance
$32.270,492
2,042.209
Net premiums written
Premium reserve adjustment
$30,228,283
266,825
Net premiums earned
Miscellaneous income
Interest earned and net rents
$29.961,458
93,778
1.640.016
Total earned premiums, interest and rents
Losses incurred, including expenses of adjustment, inspection$31,695.253
and accident preven.lon
$20,854,279
Expenses incurred, including commissions
10,208,467
Taxes incurred
665.630
Decrease in surplus for year resulting from operations
$33,124
Surplus at beginning of the year
5,278.105
Surplus at end of year before adjusting security values and
capital structure changes
Increase in surplus from adjustment ofcapital and security values $5.244,981
343.439
Total
$5,588,420
Dividend paid and accrued on preferred stock
113.553
Surplus Dec. 31 1934
$5,474.867
Financial Statement Dec. 31 1934
A
LiabliUiesCash on band and in banks_ $3.123,783 Funds held under reinsurance
Bonds
20,550,556 treaties
$787,260
Stocks
10,388,946 Res. for div. on
33,333
Loanssecured by pledge of coll. 2,931,426 Reserve for 1934 pref. stock__
taxes and exLoans secured by mortgages367.002 penses in transit
601,975
Accounts receivable
107,812 Commissions accrued on unFurniture and fixtures
1
collectible premiums_ _
Prems.in course of collection_ 5,494,717 Premium reserve computed _ _ 1,017,289
in
Attorneys list dept. subscripaccordance with requiretion.s due
109,318
ments of insurance depts.- 12,450,509
Depos.with Workmen's ComReserve for claims
pensation Reinsur. Bureau
157,573 Fidelity and surety
5,530,470
Funds recoverable under deBurglary & misc. casualty_
739,145
pository losses paid
323,379
Liability
5,377,569
Secured claims
217,454 Compensation
6,617,606
Interest due and accrued_ _
251,822 Res. for deprec. of securities_ 5.402,207
Due from reinsurers on paid
Reserve for depreciation of
losses
585,986
company's office buildings210,260
Home office buildings
2,186,742 Voluntary reserve for continN.Y.office building
1,029,056
gencies
1,500,000
Philadelphia office building
325,245 Common stock
2,000,000
Other real estate
391,673 Preferred stock
800,000
Surplus
5,474.867
Total
$48,542,494 Total
$48,542,494
-V.139. p. 3658.
United States & Foreign Securities Corp.
-Earnings
Calendar Years
1934
1933
1932
1931
Cash divs. received
$1.029,036
$906,701
$900,367
$915.894
Int, rec'd and accrued
105,655
257,153
377.804
477,034
Total income
$1,134,691 $1.163.8.54 $1.278,172 $1,392.929
Interest paid
481
Cap. stk. & other taxes_
16,324
49,058
Other expenses
101,278
113,751
115,837
112.407
Operating profit
$1,016,608 $1,001,045 $1,162,335 $1.280,522
Loss from sale of secur's.
121,988
301,074 3.671.092
1,906,910
Profit on synd. particip_
Cr6,000
Cr9,257 Dr423,529
Total profit
$900,622
$699,9711os42499502 loss$1049917
Red. of prov.for & ref. of
Federal tax applic. to
prior years
12,002
Previous surplus
6,358,901
7,688,410 9,764.672 21,256,681
Surp. arising fr, retirem't
of 1st pref. stock
189,965
764,730
341,124
Total surplus
$7,271,523
1st preferred dividends. 1,260,000 $8,578.346 $8,029,900 $20,547,888
2,219,445
341,490
1,065.105
2d preferred dividends_
225,000
Amount approp. to res.
against invest. in U.S.
& int. Sec. Corp
9.493,111
a Surplus Dec. 31....,.. $6.01L523 $6,358,901 $7,688,410
$9,764,672
It Includes capital surplus.
-V. 139, p. 3168.
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
Assets$
b Fixed assets 106,394,277 109,509,939 a Capital stock 118,499,671 118,499.671
Insurance fund 10,000,000 10.000,000 Drafts payable..
600,967
d Co.'s own stk417,620
417,620 Accts. payable &
AdVillleee for fiaccrued liab__ 4,776.208 4,667,371
nancing nageCustomers' and
elated opera-835,517
other deposits
541,927
531,803
Other stocks and
C U.S. Govt.loan 13,074,250 13.802.375
bonds
3,456,349 3,769,077 Funded debt of
Leasehold
1,549.917 1,595,403 subsidiary
585 040
Cash
.
S. Hoffman Machinery Corp.
27,077,519
Divs. payable__
-RFC Loan
U.S. Govt.secs 13,880,023 27,480.531 Deferred credits 2,179,496 1.452,995
A mortgage of $300,000 on the Syracuse plant of the
9.638.276
938,813
787,902
e Notes dr accts
a loan for that amount granted by the Reconstructioncornny,securing
Insur. reserve__ 10,000,000 10,000.000
receivable_ __ 4.872,621 4,171,775 Tax reserve__ __ 2,530,878
tion, has been filed in the Onondaga County Clerk's office.F1' nee Corpora
1,714,853
V. 139. p.2693.
Sugar and other
Other reserves__ 1,948,290 1,657,633
products
4.628,180 2,766,588 Surplus
34,082.287 30.750.972
United States Pipe & Foundry Co.
Merch. for sale
-Earnings
III co.'s stores- 1,653,028
Calendar Years1,413,824
1934
1933
1932
1931
Mat'is & suppl's 3,878,103 3,445,653
Net profit after deprec.,
Deferred assets- 5,341,509 6.491,989
&c., charges
$818,068 def$71,453df$1,273,054 $1,012,216
Deferred charges 4,561,886 4,288,402
Earns, per an, on 600,000
Transit items--com. shares (par $20)_
25.272
62,502
$0.25
Nil
Nil
$0.49
-V. 140, p. 652.
Total
188,571,820 185,051,582
Total
188,571,820 185,051.582
a Represented by 2,925,000 no par shares (incl. 19,000
Utah Light & Traction Co.
-Tenders
--treasury). b After reserves for depreciation of $144,691,66 shares held in
The Bankers Trust Co., trustee will
noon, March
In 1933) and revaluation of $31,574.469 ($36,920,720 in2 ($137,361,459
bids for the sale to its of sufficient 30 until 12 and refunding 4, receive
-year first
1933). c For
mortgage
construction of mail ships. d 19,000 shares having a market
gold bonds to absorb the sum of $21,909 at 105 and interest.
value of
-V.140. p.329.
$1,439.250S1,125,750A
in 1933). e After reserves of $554,594 ($544.455
In 1933).-V. 139, P. 3818.
'Virginia-Carolina Chemical Corp.
-Court
United States Leather Co.
-Sells Timber and Land
The company has sold 4,300 acres of standing timber and 12,000
acres
of stripped lands to the U. S. Government for which it expects to receive
$760,000. David G.Ong,President. told stockholders at the annual meeting.
When the funds are received it is the intention to purchase
prior
ferred stock for retirement and tenders probably will be asked from prestockholders.
"We will be fortunate if we can show a profit for the first quarter
of
the fiscal year to Jan. 31," Mr. Ong told stockholders. "I rather expect
that we may show a slight loss."
Mr. Ong estimated that the company is now operating on a profit basis
In the current quarter. He said he believed that hide and leather prices
are headed definitely upward.
New Director
H. G. Brooke has been elected a director, succeeding John Hertz.
V. 140. p. 652.
dend Paid on 7% Preferred Stock
-
Orders Divi-
Judge E. H. Wells in Hustings
Feb. 1 handed down a mandatoryCourt, Part 2, in Richmond, Va. on
decree ordering the company to 'pay
a dividend of $7 per share on its 7% prior
preference stock, amounting
to about $380,000, covering accruals for one year.
The dividend is to
be paid out of 1934 profits. Accruals on the
stock as of Dec. 1 1934
amounted to $21 a share. After this payment
the
amounting to $14 per share will total about $760,000. remaining accruals
The suit was brought by prior preferred stockholders
in order to get
a court ruling that would clarify the situation,
directors took the position that the company since the majority of the
could not pay preferred
dividends as long as it had a profit and loss deficit.
-V. 139, p. 3008.
Wabash Ry.---Pays Equipments
-The receivers have issued the following statement: "In
accordance
with the deferment plan of June 11933. the receivers
are paying the principal maturity of the equipment trust series H due
Feb. 1 1935,in the amount
of $225,000."-V. 140, P. 815.
Feb. 9 1935
Financial Chronicle
990
-Earnings
World Fire & Marine Insurance Co.
-January Sales
Walgreen Co.
1933
1934
1935
$4,704,507 $4.303,470 $3.664.964
Month of JanuarySales
-V. 140. p. 329.
-Utility Circles Cheered by Decisions
West Ohio Gas Co.
Made by U. S. Supreme Court in Ohio Rate Cases
The following is from the New York "Times," Jan. 27:
Decisions of the U. S. Supreme Court handed down this month in two
cases brought by the West Ohio Gas Co. against the Public Utilities Commission of Ohio were described last week in public utility circles as most
encouraging. The Court reversed decrees of the Supreme Court of Ohio
and remanded the causes "for further proceedings not inconsistent with
this opinion."
The first case involved sales ofgas in Lima,0.,and the second in Kenton,
0. In the Lima case the Court held that proper additions to operating
charges would reduce the net income to a yield of about 4.53% upon the
rate base.
"This is too low a rate to satisfy the requirements of the Constitution
years
when applied to a corporation engaged in the sale of gas during theof the
1928 to 1931, two at least of the four years being before the days
the Court ruled.
depression,"
business
Justice Stone, concurring, held, however,that the charge of new
not
expenditures against earnings had not been shown by the petitioner as
Commission, with respect to this item alone,
a capital charge and that if the
to 4.91%.
were sustained, the rate of return would be increased of return on the rate
In the Kenton case, the Court found that the rate
have been
base in 1929 VMS only 4.92%, while the return for 1930 "would on the asseen to be 4.23%, and for 1931 only 3.68%, all this, moreover,
not committed in the classification or dissumption that further error was
allowance of operating charges."
to a 6% rate was not
By implication,the decisions indicated that a ieturnp. 4480.
-V.138,
considered by the Court to be confiscatory.
-January Sales
Western Auto Supply Co.
1935
$1.114,000
Month of January-Sales
-V. 140, p. 815.
1934
$870,000
1933
2866,862
-Earnings
Western Breweries, Ltd.(& Subs.)
Earnings for Year Ended Oct. 31
Opor. prof. after deducting sell., gen. & administration expsSundry income, rents, discounts, &c
Dividends on Canadian stocks
-
Total income
Dominion and provincial gallonage taxes
Dominion sales tax
Provision for current year's bond interest and arrears
Provision for depreciation
Other deductions
Consolidated loss for year
Previous deficit
years
Estimated adjustment of income tax reserve prior
Loss on property sold
Reserve for losses
1934
$267,739
1,986
158
$269,882
144,588
47,308
33,947
36,508
8,289
$758
130.893
Cr17,346
807
8,258
$123,169
Deficit Oct. 31 1934
Consolidated Balance Sheet Oct. 31 1934
LiabUttiesAssets
$9,835 Open accounts & acceptances 3155,808
Cash on hand & in banks_ _ _
3,232
75,177 Accrued wages & expenses _ _ _
receivable
Accounts
10,401
3.899 Estimated income tax liability
Due from director
450,000
2,032 Mtge. bonds (serial-1932-40)
Duefrom employees
60,564
161,689 Interest (arrears & accrued)._
Inventories
107
127,481 Unclaimed checks
Bottles, cases & casks
:8
985 443
2.44760
562,499 Reserves for depreciationSecurities Corp., Ltd
Reliance
Capital stock
56,222
Sundry loans & investments Minority shareholders' stock
Investments in sundry stocks
40,619
subsidiary companies
1,940
& bonds
123,169
Consolidated deficit
Real estate, buildings. plant,
2,600,456
&c
67,269
Deferred charges
Organization expense, Amer4,526
ican business
357,880
Good-will
$4,030,866
Total
Total
$4.030,866
Western Maryland Ry.-Earnings-
-Fourth Week of Jan.- -Jan. 1 to Jan. 311934
1935
1934
1935
Period$1,263,402 $1,154,897
Gross earnings (est.)-- -- $397,303 $398,918
-V. 140, p. 816.
-New Trustee
Pacific RR.
Western
that Samuel Armstrong,
E. W. Mason, Vice-President, has announced New York, has been apNank,
now a Vice-President of Chase Nationalthe first mortgage dated June 26
the individual trustee under
pointed as
Cooper. Such appointment became
1916, in succession to Henry It.
effective on Jan. 28 1935.-V. 140, p. 816.
Wichita Union Stock Yards Co.-Bal. Sheet Dec. 31 '34
Assets-a Real estate, huildings,
$1,872,243
equipment, &c
42,349
Inventories
71,743
Cash
8,898
Accounts receivable
10,778
Prepaid expenses
Liabilities
Common stock
Preferred stock
Funded debt
Accounts payable
Interest accrued
lies. for pref. stock dividend_
Other reserves
Surplus
$840,000
860,000
150,000
11,405
2,813
28,400
605
314,789
$2,006,012
Total
$2,006,012
Total
P. 3976.
x After reserve for depreciation of $537.127.-V. 139.
-Dividend Passed
Gibbs Sewing Machine Co.
8c
ordinarily due at this
The directors have decided to omit the dividend payment of 50 cents
semi-annual
time on the common stock. par $50. Aagainst $1 per share each on Feb.
per share was made on Aug. 15 1934 as
distributions of $1.25 per
15 1934 and Feb. 15 1932, and semi-annual
-V. 139. p. 949.
share prior thereto.
Co.-Financin
The "Wall Street Journal" Jan. 26 state6.
John N. Willys
Financing of Willys-Overiand's renewed operations with
time to lead it out of its
taking active charge of the plant for the third
also playing the role offinance chief.
receivership has begun with Mr. Willys
certificates authorized
On Jan. 24 he purchased E200,000 of the receivers'
and arranged the sale of $200,000 worth
recently in U. S. District Court,the Ohio Citizens Trust Co. and $50,000
to Toledo Trust Co., $75,000 to
have given cash
worth to the Commerce Guardian Bank. Dealers also
deposits on 11,000 cars.
preferred stockholders
Earlier on Jan. 24 Judge George Hahn criticized
and naming Mr. Willys
for seizing control of the company on Jan. 18, receiver, from the poPresident by ousting David R. Wilson. operating
p. 653.
-V. 140.
sition.
-January Sales
(F. W.) Woolworth Co.
Month of JanuarySales
-V. 140, p. 816.
1933
1934
1935
117.147,912 $18,137,412 $15,844,884
-Tenders
Street Ry. Co.
Worcester
until p. m. Feb. 13, receive bids
The Union Trust Co. of Boston will series3 due June 1 1947.-V. 139.
A,
bonds,
for the sale to it of 5% mortgage
p. 2533.
Income Account for Year Ended Dec. 31 1934
Net premiums
Losses paid
Taxes paid
Commissions and expenses paid
$1,126,552
543,108
62,541
351,313
Receipts in excess of disbursements
Gain from decrease in amt. of outstanding losses at end of year
Loss from increase in unearned premium reserve
Loss from increase in amt. of accr. but unpaid taxes & expenses
$169,591
40,320
Dr11,418
Dr5,400
Underwriting profit
Investment income earned
Appreciation in market value of securities
Loss on sale of securities
$193,093
170,309
57,928
Dr447
Gain from underwriting and investments
Stockholders' tax accrued
Income tax accrued
Increase in unadmitted assets during year
$420,883
12.800
36,000
1,828
$370,255
Increase in surplus
Financial Statement Dec. 31
1933
1934
1933
1934
AssetsBonds and stocks_83,979.453 $3,499,109 Unearned prems__$1.033,652 $1,022,234
Losses In process of
Cash on hand and
143,704
adjustment_ -- 108,814
608,261
In bank
486,634
Reserve for taxes
Premiums in course
110,000
335,140 and expenses.... 110,000
of collection_ _ 314,979
1,000.000 1,000.000
26,172 Capital
28,719
Interest accrued
2.567,022 2,196,767
4,023 Net surplus
9,703
0th. admit. assets
$4.819,489 $4,472,706
Total
$4,819.489 $4,472,706
Total
-In order to show relative comparisons, statements for both years
Note
value of stocks and amortized value of bonds.
are based on actual market
If market value of bonds were used for 1934 the assets and surplus would
be increased by 1152,793.-V. 137, p. 2476.
--Earnings.
Yazoo & Mississippi Valley RR.
DecemberGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net atter rents
-V.139, p. 4140.
1933
1934
$972.626 $1,179.653
510,889
279,590
313,767
143,751
1932
1931
$749,802 $1,198,545
298,506
127.211
183,112
def87,488
11,916,718 11,991,884
4,078.063
3,215,435
1,451,846
734.093
11,559,720 17,892,218
3,474,519
2,842,462
425,949
143,820
-Receives Order
York Ice Machinery Corp.
The company has received an order for the air conditioning of 50 additional cars from the Baltimore & Ohio RR. The contract calls for completion of the work at an early date and amounts to approximately $50.000.
In announcing this order, I. C. Baker, Manager of the air conditioning
division, stated that with the delivery of these cars, York will have airconditioned a total of 328 railroad cars for the Baltimore & Ohio
New Vice-President & Director
President William S. Shipley announced that Elmer A. Kleinschmidt.
formerly secretary and Genearl Treasurer, had been elected Vice-President
and Secretary in coarse of finances. Carl W Fenninger was elected a
-V 140, p. 489.
director.
-Earnings
Youngstown Sheet & Tube Co.(& Subs.)
Period End. Dec. 31- 1934-3 Mos.-1933
Net loss after taxes, int.,
deprec., depletion, &c. $920,152 $1,117,121
-V.139, P. 2850.
CURRENT
1934-12 Mos.-1933
$2,588,785 $8,342,901
NOTICES
-Substantial gains were made by the New York Life Insurance Co. in
1934, Thomas A. Buckner, President of the company, stated in reviewing
the New York Life's financial condition on Dec. 311934.
The general recovery of business in 1934 was reflected in an increase of
over $60,000,000 in new insurance issued during the year, a decrease of
over $17,000.000 in the total volume of policy loans, and a decrease of over
227,000,000 in surrender values.
New insurance issued during 1934 exceeded $440,000,000. In addition,
men and women paid over $50,000,000 to the company for annuities. At
the close of the year total insurance in force, represented by 2,649.953
policies, amounted to $6,661,514,072.
Assets of the company at the end of 1934 totalled $2,109,505,224, an
increase of $98.582,112 over the previous year. The gain in assets during
the single year 1934 is greater than the total amount of assets accumulated
by the company during the first 44 years of its history.
U. S. Government Bonds Increase $110.561.870
During the year the company increased its holdings of the most conforms of investment. Total holdings of United States Governservative
ment, direct, or fully guaranteed bonds were $208,726,056, a gain of
$110,561,670 over Dec. 31 1933. State, County and Municipal bonds
were Increased by $36,357,118 and amounted to $191,270,360 at the
year-end.
The company increased its holdings of United States Government, direct,
or fully guaranteed bonds from 4.9% of assets at the end of 1933 to 9.9%
at the end of 1934. State, County and Municipal bonds increased from
7.7% to 9.1%. Railroad bonds decreased from 17.9% to 16.2% and public
utility bonds decreased from 7.7% to 7.5%. The total of real estate owned
and first mortgages on real estate decreased from 29.1% of total assets to
27.0%. There was also a decrease in policy loans from 20.6% to 18.8% •
Surplus of $115,370,645
After deducting liabilities of $1,994,134,579, which include reserves to
contractual obligations, the company's surplus funds reserved for
meet all
general contingencies amounted to $115,370,645.
In addition to this surplus the company voluntarily set up and included in
its liabilities a Special Investment Reserve of $28,000.000 not required by
law. The company also set aside reserves of $45,734,207 for dividends
Payable to policyholders in 1935.
Over $4,142,000,000 Paid to Policyholders
From its founding April 12 1845 to Dec. 31 1934 the New York Life has
paid over 14,142,000.000 to living policyholders and the beneficiaries of
those who died.
Over one billion dollars of this total was paid since 1929. "The distribution of this vast sum," said President Buckner, "has contributed to the
stability of homes, businesses and individuals during a five-year period of
severe economic stress."
The amount which the company has paid to policyholders since organization together with the amount now held for their benefit is over $600.000,000
more than has been received from them in premiums.
-E. Gordon Bartow, formerly with Wm. C. Orton & Co., has become
associated with Holland & Co. as Manager of their Trading Department.
Financial Chronicle
Volume 140
991
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL
-DRY GOODS
-ETC.
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
Friday Night, Feb. 8 1935
Coffee futures on the 2d inst. after showing early weakness recovered and closed 2 points lower to 1 point higher on
Santos with sales of 5,000 bags and unchanged to 2 points
higher on Rio. Spot coffee was quiet. On the 4th inst.
Santos contracts declined 4 to 7 points and Rio ended unchanged to 3 points lower; sales 9,750 bags of Santos. New
lows were again reached. Cost and freight offers from
Brazil were 5 points lower to 5 points higher. On the 5th
inst. the market became more active and prices advanced
4 to 10 points on Santos with sales of 14,750 bags and 2 to 5
points on Rio with sales of 2,750 bags. The opening of the
Brazilian futures market and local covering caused the
strength here. On the 6th inst. futures were weaker and
some months touched new low ground for the season.
Santos contracts ended at net declines of 2 to 12 points and
Rio contracts were 7 to 9 points lower; sales 24,250 bags of
Santos and 2,500 bags of Rio. Cost and freight offers from
Brazil advanced 5 to 10 points. Spot coffee was in better
demand with Santos 4s at 10% to lie.
On the 7th inst. futures closed unchanged to 7 points
higher on Santos contracts with sales of 32,250 bags and
3 to 5 points higher on Rios with sales of 6,500 bags. To-day
prices closed 9 to 13 points lower on Rio contracts and 1 to
15 points lower on Santos. New lows for the season were
reached.
Rio coffee prices closed as follows:
6.47
March
6.16 September
6.57
May
6.27 December
July
6.37
Santos coffee prices closed as follows:
9.641September
43
March9
May
9.49
9.53 December
July
9.48
Cocoa futures on the 2d inst. closed 3 points lower with
sales of 3,658 tons. Wall Street liquidation was well taken.
March ended at 4.96c.; May at 5.090.; July at 5.2204 Sept.
at 5.34c.; Dec. at 5.50c. On the 4th inst. futures declined
3 to 4 points, owing to nervousness over the pending gold
elapse decision. Spot commanded a premium of 15 to 20
points over March futures. Sales were 132 lots. March
ended at 4.92c.; May at 5.06e.; July at 5.18e.; Sept. at 5.30o.;
Dec. at 5.460., and Jan. at 5.51c. On the 5th inst. futures
showed losses in the end of 2 to 4 points; sales 185 lots.
Warehouse stocks decreased 1,213 bags to 846,518 bags or
the smallest total since July 1933. March closed at 4.89e.;
May at 5.03c.; July at 5.15c.; Sept. at 5.26c.; Oct. at 5.33c.,
and Dec. at 5.43c. On the 6th inst. the market was more
active and futures advanced 4 to 6c. points. The 1934-35
Gold Coast production was estimated in London cables
at 232,000 tons, against 220,901 tons in 1933-34. March
ended at 4.94c.; May at 5.080.; July at 5.20e.; Sept. at
5.32c., and Jan. at 5.53c.
On the 7th inst. futures ended 2 to 5 points higher with
sales of 418 lots. March ended at 4.98c.; May at 5.10e.;
July at 5.24c.; Sept. at 5.36e., and Dec. at 5.52c. To-day
futures closed 3 to 5 points higher with March at 5.02c.;
May at 5.15c.; July at 5.28c.; Sept. at 5.39c., and Dec.
at 5.55e.
Sugar, after showing weakness early in the week, became
more active and stronger on the 5th inst. when prices advanced 3 to 4 points on the old contracts with sales of 23,000
tons and 2 to 3 points on the new contracts with sales of
19,950 tons. There was considerable covering against
sales in the actual market. Raws were active and higher
with duty free sugars selling up to 2.89e. The spot price
rose 3 points to 2.85c. on sales of prompt Puerto Rieos and
Cubes. London on the 5th inst. closed unchanged to
Md. higher. On the 6th inst. futures closed unchanged to
3 points lower with sales of 8,950 tons of old and 11,800 tons
of new contracts. Raws were quiet. Puerto Ricos sold at
2.85c. London closed unchanged to Md. lower.
On the 7th inst. futures reached new high levels in light
trading. Old contracts touched 3.13c. for Dec., the highest
for any delivery since February 1930. New contracts closed
2 to 3 points higher on sales of 10,100 tons and old contracts
were 2 to 4 points higher on sales of 4,900 tons. Philippines
sold at 2.86c. in the raw market. To-day prices closed
.
unchanged to 2 points higher. A sale of duty free Puerto
Rico was reported at 2.900. Speculative and trade buying
resulted in a firmer market. Prices were as follows:
2.14 July
2.03
December
1.93 September
2.08
March
2.12
1.98 January
May
Lard-On the 7th inst. futures closed 10 to 15 points
higher under a better demand influenced by the firmness
of grain. Hogs were firm with the top $8.20 at Chicago.
Cash lard was firm; in tierces, 12.95c. nominal; refined to
%
%
%
Continent, 113/ to 115 c.; South America, 115 to 113 c.
Foreign demand was slow. To-day futures closed 13 to 20
points higher in sympathy with grain.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon. Tues.
Wed. Thurs. Frt.
January
-13.00 12.87 12.90 12.92 13.07 13.27
13.12
13.02
13.02 13.10 13.20 13.40
May
13.20 13.15 13.10 13.15 13.27 13.45
July
Pork steady; mess $27.75;family $26.50;fat backs,$24 to
$27.75. 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.,
113/20.; 6 to 8 lbs., 113 0.; 8 to 10 lbs., 11 Me.; skinned loose
4
(Lai. 14 to 16 lbs., 18c.; 18 to 20 lbs., 173'c.; 22 to 24 lbs.,
15%c.; pickled bellies, clear f.o.b. N. Y., 6 to 12 lbs. 20c.;
17
bellies, clear, dry salted, boxed, N. Y., 14 to 20 lbs.,'%e.;
20 to 25 lbs., 173e.; 25 to 30 lbs. 17c. Butter, creamery,
38
firsts to higher than extra,34M to'Me. Cheese,flats, 18M
to 22e. Eggs, mixed colors, checks to special packs, 31
to 35 Me.
Oils-Linseed was dull. Cake and meal were inactive.
Tanks cars were quoted at 8.5e. Cocoanut, Manila coast
4
tanks,4Mc.;tanks, N. Y.,47 c. Corn,crude,tanks, Western
mills, 103e. China wood, N. Y. tanks, shipment 9.2 to
9.3c.; drums, spot 9% to 10c. Olive, denatured, spot,
Spanish, 95c.; shipments, Spanish, 86 to 87c.; Greek, 85 to
86e. Soya Bean, western mills, spot forward, 83c.; C.L.
drums, 9.60.• L.C.L., 100. Edible, cocoanut, 76 egrees
extra strained winter, 9%c.
ii 3'c. Lard, prime, 10
'
Cod, Newfoundland, 32c. Turpentine, 553 to 593(c.
Rosin, $5.20 to $7.50.
Cottonseed Oil sales, including switches, 94 contracts.
%
Crude, S. E., 93 e. Prices closed as follows:
11.3011.40
11.100-February
11.33(811.35
March
11.25011.27 July
11.3511.42
Mll
ar
11.25011.35 August
11.40011.44
11.28011.29 September
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 2d inst. closed 1 to 6 points higher
after sales of 1,150 tons. Spot ribbed smoked sheets were
higher at 12.67e. London closed unchanged to Md. lower
but Singapore was up 1-16d. to 3-32d. March ended at
12.74c., May at 12.90c., July at 13.02 to 13.03e., Sept. at
13.16 to 13.19e. and Oct. at 13.25e. On the 4th inst. futures
were 1 point lower to 5 points higher with sales of 1,220 tons.
Spot ribbed smoked sheets rose to 12.68c. London advanced
1-16 to 3-16d. and Singapore was closed owing to a holiday.
March ended at 12.76c., May at 12.89 to 12.91c., July at
13.02 to 13.04e., Sept. at 13.21c. and Dec. at 13.48e. On
the 5th inst. the market closed 1 to 4 points higher for futures;
sales, 2,290 tons. The spot price of ribbed smoked sheets
were up to 12.70e. London was unchanged and Singapore
was closed. March ended at 12.68e., May at 12.93 to
12.950., July at 13.06 to 13.07c., Sept. at 13.23 to 13.250.
and Dec. at 13.49e. On the 6th inst. futures after early
weakness firmed up somewhat to close 7 to 10 points lower
after sales of 1,770 tons. Spot ribbed smoked sheets dropped
id.
to 12.60e. London was 1-16d. to X lower and Singapore
was unchanged to 1-16d. lower. March ended at 12.68c.,
May at 12.85 to 12.800., July at 12.97c., Sept. at 13.15 to
13.16e., Oct. at 13.25e. and Dec. at 13.41c.
On the 7th inst. futures closed 1 to 7 points higher on sales
of 3,440 tons. March ended at 12.75c. May at 12.88 to
at
12.90c. July at 13.03 to 13.05c. Sept. ' 13.16 to 13.17c.,
Oct. at 13.2443. and Dec. at 13.12c. To-day prices ended
'
35 to 41 points higher at 13.12c.for March, 13.23c.for May,
13.41c. for July, 13.54c. for Sept., 13.65e. for Oct. and
13.83c.for Dec.
Hides futures on the 2d inst. closed 7 to 15 points lower
after sales of 1,240,000 lbs. In the Chicago spot market
3,500 hides sold with heavy native steers selling at 110.
Sales were made in the Argentine spot market of 8,000
frigorifico steers at 10 7-160. March ended at 9.18 to 9.22c.,
June at 9.47c., Sept. at 9.80 to 9.87c., and Dec. at 10.150.
On the 4th inst. futures declined 5 to 10 points after sales
of 1,040,000 lbs. March ended at 9.10 to 9.150., June at
9.40c., Sept. at 9.75 to 9.78c. and Dec. at 10.050. On the
5th inst. futures were 3 to 10 points lower; sales, 1,480,000
lbs. Sales of 27,000 hides were reported in the Chicago spot
market with heavy native steers at lle, and branded cows
at 8c. March ended at 9.00 to 9.09c., June at 9.35 to 9.37c.,
Sept. at 9.67c. and Dec.at 10.01 to 10.05c. On the 6th inst.
prices dropped 2 to 10 points; sales, 440,000 lbs. March
was 8.98e. at the close, June 9.27 to 9.200., Sept., 9.61 to
9.63c. and Dec. 9.93 to 9.950.
On the 7th inst. futures closed 7 to 12 points higher on
sales of 2,640,000 lbs. Light native cows sold in the Chicago
market at a decline of Yic. March ended at 9.05c., June at
9.38 to 9.300., Sept. at 9.70 to 9.75c. and Dec. at 10.050.
To-day prices ended 27 to 33 points higher with March at
9.34c., June at 9.650., Sept. at 10.030. and Dec. at 10.300.
Trade was somewhat broader.
992
Financial Chronicle
Ocean Freights were moving a little more freely.
Charters included-Grain booked-2% loads to Copenhagen at 13c.;
a fee loads to Havre at 7c. Tankers-Feb. 4, prompt Gulf to N. H. 20e,
-Continent. 10s. 3d.
21c, and 22c. fuel Tampico, Mar., crude, to U. K.
Scrap iron-New York, prompt, to Japan about 13c.; several ports each
way, Mar., Gulf to Japan, 13s. 3d. Trip-West Indies round, Si North
Atlantic,redelivery U. H.
-Continent,80c. Atlantic range, redelivery U.IC.
Continent. 65c. West Indies round, 90c. same, 623c.
Coal was in good demand. Bituminous output last week
was the heaviest in a year, totaling 8,480,000 tons. For
three weeks t Feb. 2 it was 24,490,000 tons and the weekly
average 8,163,000 tons, against 22,375,000 and 7,458,000
tons respectively a year ago.
Copper was weaker of late both here and abroad. Domestic sales were below the average. The London market
was under considerable liquidation and the range there was
6.62% to 6.65e. c.i.f. European ports. Blue Eagle was
still 9c. In London on the 7th inst. spot standard dropped
2s. 6d. to £27 is. 3d. and futures dropped is. 3d. to
£27 6s. 3d.; sales 800 tons of spot and 1,000 tons of futures;
electrolytic fell 2s. 6d. to £30 2s. 6d. bid and £30 7s. 6d.
asked; at the second session futures declined is. 3d. on sales
of 50 tons of spot and 225 tons of futures.
Tin was slightly stronger on the 7th inst. at 51.20e. for
spot Straits. The market was quiet. Stocks in New York
warehouses decreased 25 tons to 1,046 tons. In London
on the 7th inst. spot standard declined 5s. to £232 10s.;
futures unchanged at £228 17s. 6d.; sales 150 tons of spot
and 250 tons of futures; spot Straits dropped 5s. to £232 15s.;
Eastern c. i. f. London was 5s. higher at £232: at the second
London session standard was unchanged, with sales of 5 tons
of spot and 95 tons of futures.
Lead was in better demand and firmer at 3.50 to 3.55c.
New York and 3.35e. East St. Louis. World production in
December totaled 130,651 short tons against 125,612 in
November and 130,651 in December 1933, according to the
American Bureau of Metal Statistics. United States production in December was 32,500 tons against 29,755 in
November. In London on the 7th inst. prices were is. 3d.
higher at £10 2s. 6d. for spot and £10 7s. 6d. for futures;
sales 350 tons of spot and 550 tons of futures.
Zinc was rather quiet but steady at 3.70c. East St. Louis.
Surplus stocks of slab zinc increased 76 tons during January,
the smallest net change for a month in several years. Stocks
at the end of the month were 119,906 tons, the largest since
June 1934. Production during the month was 35,614 tons,
as against shipments of 35,538 tons. Production at 1,149
tons daily or just two tons per day less than in Dec.,according
to the American Zinc Institute. In London on the 7th inst.
prices were unchanged at £11 15s. for spot and £12 for
futures; sales 350 tons of spot and 900 tons of futures.
Steel-Sales of structural steel were the best in many
weeks. In the local district sales in Jan. exceeded those in
Dec. Most of the demand came from railroads and automobile manufacturers. The time is near at hand for filing
second quarter prices but the general belief is that no important changes will take place. Iron billets were reduced
$1.90 per ton. Quotations: Semi-finished billets, rerolling
$27.; billets, forging $32.; sheet bars $28.; slabs $27.; wire
rods $36.; skelp 1.70c.; sheets, hot rolled annealed 2.40c.;
galvanized 3.10c.; strips, hot rolled 1.85c.; strips, cold rolled
2.60c.; hoops 1.850.; bands 1.85c.; tin plate, per box $5.25;
hot rolled bars, shapes and plates 1.80c.
Pig Iron production gained more rapidly in January than
that of steel. It showed an increase of 44%. Sales in the
New York district were rather small. Prices for second quarter delivery will be filed on Feb. 18 but no changes are
expected. Quotations: Foundry No. 2 plain, Eastern
Pennsylvania $19.50; Buffalo $18.50; Chicago, Valley and
Cleveland $18.50; Birmingham $14.50; basic Valley $18;
Eastern Pennsylvania $19; malleable, Eastern Pennsylvania
$20; Buffalo $19.
Wool was rather quiet. Boston wired a government report
on Feb. 7th saying:"The volume of business is about steady,
compared with the early part of the week. Sales continue
scattered and are largely confined to the finer Western grown
wools at steady prices. Ohio and similar fleeces remain
quiet. Quotations are firm on the higher grades at 27 to 28e.
in the grease for strictly combing 64s and finer, or fine delaine, and at 28c. to 29e. for strictly combing 58s, 60s, half
blood." In London on Feb. 4th at the Colonial wool
auctions offerings of 7,225 bales were quickly absorbed by
home and Continental buyers. Prices were firm. On the
5th inst. the Colonial wool auctions at London closed with
offerings of 5,829 bales which were readily taken by Yorkshire and the Continent at firm prices. Compared with
December merinos and crossbreds were par to 5% higher.
The home trade was estimated to have taken 60,000 bales,
the Continent 59,000 and America 100 bales. Stocks carried
over including old stock amounted to 78,000 bales. Details
of Feb. 5th sale:
Sydney. 2311 bales scoured merinos, 15 to 16d. greasy, 94 to 124d.
Queensland, 857 bales scoured metinos. 18% to 21%d.; greasy, 9% to
10%ci. Victoria, 884 bales; scoured merinos 17% to 19%d.; greasy, 10%
to 13,4d.; scoured crossbreds, 7% to 16%d. South Australia. 185 bales;
scoured merinos, 17% to 19%d.; greasy merinos, 94 to 10%d. West
Australia. 299 bales; greasy merinos, 9 to 10d. New Zealand, 1208 bales;
greasy crossbreds, 5% to R4d. New Zealand slipe ranged from 6d. to
12d.. the latter price for halfbred lambs. The next series will begin on
March 12th.
Feb. 9 1935
Silk futures on the 4th inst. closed %c. lower to 13'c.
higher. Sales totaled 700 bales. Crack double extra spot
fell 13e. to $1.43. Japanese markets were stronger. March
ended at $1.35; April at $1.35 to $1.353/; May at $1.35;
June at $1.35 to $1.35%; July, $1.35, and Aug. and Sept.,
$1.35 to $1.353'. On the 5th inst. futures dropped 1 to 2e.
with sales of 2,180 bales. Crack double extra spot was
down to $1.41. The Yokohama Bourse ended 5 to 11 points
lower. February ended at $1.33 to $1.34; March at $1.33;
April at $1.33 to $1.333'; May and June, $1.33; July and
August, $1.33%, and Sept. at $1.33. On the 6th inst.
futures closed % to 13..c. lower with sales of 1,580 bales.
Crack double spot in the spot market fell 3e. to $1.38.
Japanese cables were weaker. Feb. ended at $1.32 to
$1.333; March at $1.32%; April and May ,$1.32; June and
July, $1.32 to $1.32%; Aug., $1.32, and Sept., $1.32 to
On the 7th inst. futures closed 1% to 2c. higher on sales
of 940 bales. February ended at $1.35% to $1.343'; March
at $1.34; April at $1.33 to $1.34; May at $1.333' to $1.34;
June and July, $1.333. to $1.34; Aug., $1.34 and Sept. at
$1.33% to $1.34. Pp-day prices ended 2c. to 3c. higher with
Feb. at $1.36; March, April and May,$1.36; Jan. and July,
$1.36%; Aug.,$1.36 and Sept. at $1.363'.
COTTON
Friday Night, Feb. 8 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 54,614
bales, against 44,884 bales last week and 52,473 bales the
previous week, making the total receipts since Aug. 1 1934
3,523,693 bales, against 6,011,550 bales for the same period
of 1933-34, showing a decrease since Aug. 1 1934 of 2,487,857 bales.
Receipts at-
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
1,712
173
117
591
---2
85
145
33
------124
90
183
---2
23
Total
960
Galveston
Texas City
Houston
Corpus Christi
New Orleans___,.
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
Baltimore
2,056
3.977
541 9.419
319
319
178
759 4,641 10023
1,527
----------------464
5,854 1,073 15,177 1,078 26,568
293
486
114
124 2,045
1,429
__-_
1,130
311
1,489
464
2,256
717
441
425
_-_
38
400
48
102
---1
128
Totals this week_
6.230 10.382 10.181
2.212 17.308
31
122
733
248
____
68
396
31
963
2,067
248
43
828
396
8.301 64.614
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
1933-34
1934-35
Receipts to
Feb.8
This Since Aug
Week
1 1934
Stock
This SinceAug
Week
1 1933
1935
1934
Galveston
9,419 819,692 20,321 1,735,506 583,186 797,159
813 170,539
23.027
62,018
Texas City
43,112
319
Houston
10,023 971,719 26,806 2,014,237 944,851 1,379,458
Corpus Christi..
464 269,443 1,241 313,178
71.832
79,400
8.767
4,538
---1,886
Beaumont
8,588
New Orleans
26,568 834,915 25,722 1,064,202 664,836 772,370
Gulfport
694 123,301
94,829 111,095
Mobile
2,045 119,366
13,630
Pensacola
66,519 4,600 119,658
22,579
1,200
158
12,598
6,581
3,770
7,002
Jacksonville
31
891 147.707 116,575 125.502
Savannah
963 105,292
100
25,133
459
Brunswick
Charleston
2,067 129,048 1,359 111,485
54,949
52,881
55,278
387
95,997
Lake Charles_
248
29.692
36,827
14,453
282
18,588
43
25,081
Wilmington
19,890
32,452
372
42,581
Norfolk
828
27,034
19,927
i
N'port News, dtc.
New York
29.970
89.117
5,120
Boston
10,042
18,202
21,791 1,565
2,745
Baltimore
396
2,657
Philadelphia
Tnt.1
Ad Ald '1 522 502 55 211 8 011 MO 2 RAI MR 2 5775(15
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934-35 1933-34
20,321
26,806
25,722
694
891
100
1.359
282
372
1932-33
1931-32
1930-31
1929-30
22,312
47,287
34,468
4,297
3,211
56,372
46,769
110,626
14,692
5,563
17,913
25,914
23,702
17,259
11,078
11,195
18,371
12,169
2,892
2,024
773
798
611
916
521
214
1,406
2,043
1,949
1,898
1,068
1,316
Galveston____
Houston
New Orleans_
Mobile
Savannah_..__
Brunswick
Charleston.-Wilmington_ Norfolk
NewportNews
All others_ _ _ _
9,419
10,023
26,568
2,045
963
2,658
8.764
7,406
14,176
4,842
2,573
Total this wk-
54,614
85,311
121,163
249.848
106,106
53,506
2,067
43
828
Since Atm, 1_ _ R.525.503 6.011.550 6.808.302 7.806.046 7.448.236 7.222.625
.
The exports for the week ending this even ng reach a total
of 107,689 bales, of which 13,276 were to Great Britain,
12,882 to France, 4,512 to Germany, 16,547 to Italy,
23,572 to Japan, 15,000 to China, and 21,720 to other
destinations. In the corresponding week last year total
exports were 154,460 bales. For the season to date aggregate exports have been 2,993,257 bales, against 5,053,262
bales in the same period of the previous season. Below are
the exports for the week:
Volume 140
Week Ended
Feb. 8 1935
axports'TOMGalveston
Houston
Texas City
Beaumont
New Orleans _ _ _
.
Lake Charles_ _ _
Mobile
Jacksonville_ _
Pensacola
Charleston
Norfolk
Gulfport
Los Angeles.. _ _ _
San Francisco_ _ _
Total
Total 1934
Total 1933
Financial Chronicle
Exported to-
oreas
Britain France
tier
-
many
____
____
____
___
5,504 3,496
122___
605
450
242
3.178
784
401
9,226
5,599
40
____
--__
282
200
China
Other
Total
_ 7,785 28,248
3,6181,989 15.411141 6,878 30.740
--------1,055 1,369
__
____
___
122
---_ 4.555 19,693
2.960
--------397 2,068
--------250 1,543
ioo
--------100
-------------------------2,818-__
50
____
____
____
------------1,200------------1,200
2,023 1.060
--------13,175
__ _
.
800 17,058
581
------------1,910
--------2,491
13,276 12.882
4,512 16,547 23,752 15,000 21,720 107,689
29,048 9,233 46,729 17,595 28.620
24,373 15,790 20,627 23,730 17.648
2,775 20.460 154,460
8,253 32,646 143,067
Exported to
Wen
I
tier
-
Exports from- Britain Francei many 1 Italy
Galveston
68,558
Houston
72,846
Corpus Christi_ 30,057
Texas City
1,896
Beaumont--- 3,132
New Orleans_ - 132.643
Lake Charles..
8,339
Mobile
31,170
Jacksonville...2,493
Pensacola
8,740
Panama City
9,572
Savannah
48,202
Brunswick. _
Charleston _ _ _ _ 67,099
Norfolk
4,042
Gulfport
2,535
New York.--7,213
Boston
Philadelphia...
61!
Los Angeles...
8.626
San Francsico.
687
Seattle
Total
Japan
2,818
From
Aug. 1 1934 to
ECU. 51000
Italy
4,198
1,274
274
3,421
60,564
87.666
22,019
11,191
122
59,92:
9,68:
8,423
52
29
12.
3,49
Japan
China
Other
Total
48,063
38,444
7.906
2,295
223
69,664
1,534
21,633
1,348
6,558
3,594
21.668
76,230 285,539 8.452 138,184 685,590
91,443 287.104 54,013150,517 782,033
13.778 136,62
6,675 34,138 251.198
434
743
___ 11.709 28,268
--------1,019
400
4,896
78,694 127,539 2.37, 85,23: 556,081
2,48
9,112
____ 9,347 40,504
13.499 32,311
528 8,79 116,358
------------550
4,443
2,481 11,369
____ 2,92
32.103
__ 14,01
__
77
28,080
100
6,050 -_ 5,462 84,976
200
1,076
5.086 15,452
____ 10,400
__-- 3,100 101,137
203
3,481 2,033
200
--- 1,400 11,359
__ __
------------4,160
425 1,200
812
5,533 2,172
--------8,211 23,941
26
____
____
____ 2,17.
2,206
--------1
--------50
670
2,392
3,460
100 171,76: 1,150 5,90 193,401
__ __
643
____ 38.732
250
283 40,595
182
182
569,346272.862 250.882285.049 1131,506 73,443470.1692993,257
Total 1933-34_ 902,844 599,557 1007,462465,002 1227,009 187,281664,1075053,262
Total 1932-33_ 911,592620,535 1170.546 494,6351149,233 195,127655,7835197,45r
In addition to above exports, our telegrams to-night also
us the following amounts of cotton on shipboard, not
cleared, at the ports named:
give
On Shipboard Not Cleared for
-
Feb.8 at
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports
1,100
4,145
1,231
1,600
1,905
1,640
Germany
Other CoastForeign wise
3,900 22.000
2,111 15,852
1,541 13,677
1.I5§
Total 1935-- 6.476 5,145 7.552 52,661
Total 1934-- 14,832 20,675 19,686 99,459
Total 1933-- 31.678 9,879 17,939 84.353
•Estimated.
Leaving
Stock
Total
1,200 29.800
24,013
16,858
732
732
2,363
553.386
920,838
647,978
116,575
54.217
92,466
27,034
206,753
1,932 73,766 2,619,247
6,200 160,852 3.416,754
3.418 147.267 4.522,405
Speculation in cotton for future delivery was very small,
with the uncertainty over the gold clause decision checking
business. Liquidation sent prices downward, but at times
trade price-fixing acted as a prop to the market.
On the 2d inst. prices ended 10 to 12 points under general
liquidation. The Continent and Bombay interests were
selling. Weakness at Alexandria accounted for some of the
selling. The new crop deliveries were under the most
pressure. The recent liquidation,however,has strengthened
the technical position. Mills were fixing prices on a scale
down but this support was notlarge enough to offset the selling. The world'et consumption of American cotton during
December, according to the New York Cotton Exchange
Service totaled 916,000 bales against 1,007,000 in November
and 1,025,000 bales in December last year. For the first
five months of the current season it totaled 4,828,000 bales
as compared with 5,882,000 in the corresponding period last
year and 5,785,000 two seasons ago. World's spinners'
takings of foreign cotton totaled 1,115,000 bales in December
against 1,126,000 in November and 972,000 in December
last year;consumption for the first five months of the current
season, 5,344,000 bales against 4,615,000 last season and
4,173,000 two seasons ago. On the 4th inst. prices ended
3 to 4 points higher or slightly under the highs for the day.
Trading was slow owing to the failure of the Supreme Court
to render a decision in the gold clause cases. The market
moved within a range of 3 to 6 points. Liverpool after an
early decline of 2 to 5 American points firmed up somewhat
later in the morning. New Orleans, Wall Street and
Japanese interests were buying. The trade was fixing
prices on a small scale. The weather map showed fair to
partly cloudy conditions in the Eastern Belt and eastern
parts of the Central and Western Belts. There was a trace
of snow at Asheville, N. C. Reports from southern Texas
said that some planting had taken place but that the cold
weather was greatly interfering with it. On the 5th inst.
prices ended 6 to 8 points higher reflecting a stronger technical position. Liverpool cables were better than expected.
The trade was fixing prices on a fair scale and spot interests
and Wall Street bought moderately. Brokers who usually
act for the ACCA were good buyers. This buying was believed to have represented lifting of hedges against the sale of
actual cotton. Some early sellers became buyers late in the
993
session. There was little if any change in underlying co nditions in the market. The general belief is that little if
anything will develop from the Senate Agricultural Committee conference in regard to exports. Except for light
frost at New Orleans the weather was generally clear.
Indian exports during December were the largest of any
total for that month since 1930, according to cable advices
to the Cotton Exchange Service. During December India
exported 236,000 running bales against 166,000 in November
and 163,000 in December last year. The total for the season
to Dec. 31 was 842,000 bales against 611,000 in the same
period last season. India consumed 249,000 bales (400 lbs.)
of its own cotton in December as compared with 228,000 in
November and 200,000 bales in December 1933; first five
months of present season the consumption amounted to
1,144,000 bales against 955,000in the same period last season.
Worth Street report business quiet with prices generally unchanged. On the 6th inst. prices ended unchanged to 5
points lower on light selling prompted by the weakness in
outside markets. Demand was small. Southern advices
said the spot basis was firm but that very little business was
being transacted. Commission houses and the South were
early sellers. Liverpool cables were disappointing. Yet
Bombay, Liverpool and the Continent were among the early
buyers and there was some trade price fixing. The Indian
crop was reported to have been further reduced by the recent
frost, but this had little if any effect on the market here.
The weather over the belt was clear except for cloudy conditions in the north-central and northwestern areas.
On the 7th inst. cotton showed a better tone, closing unchanged to 7 points higher. There was less selling pressure.
The trade was again fixing prices. Southern advices said
the basis continued firm, but indicated that it was difficult to obtain any substantial quantity of actual cotton.
Old crop deliveries at one time improved 10 points. Exports
were 2,061,000 bales behind those of a year ago. Certificated stocks at delivery markets showed a further reduction. The total was around 98,000 bales, or the smallest
amount since 1930, and compared with the peak of more
than 1,300,000 bales in 1931. The certificated stock here
was only 22,000 bales, the lowest in many years. West
Texas had good general rains, the first in many weeks.
They were badly needed in that section.
• To-day prices, after some early weakness, rallied on trade
buying and closed 6 to 11 points higher. Liquidation of
near months and disappointing Liverpool cables caused the
early weakness.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Feb. 15 1935
15-16
inch
1-Inch &
longer
.22
.22
.49
.49
.49
.49
.49
.41
.38
Differences between grades established
for deliveries on contract to Feb. 15 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
white
.70 on Mid.
Strict Good Middling
do
57
Good Middling
do
46
Strict Middling
do
31
Middling
do
Bads
Strict Low Middling_
do
.38 off
Low Middling
do
.80
*Strict Good Ordinary- do
1.81
*Good Ordinary
do
1.76
Middling
Good
Extra White
47 on
Strict Middling
do do
82
Middling
do do
01
Strict Low Middling... do do
.37 off
Low Middling
do do
77
.46
.21
Good Middling
Spotted
28 on
.21
Strict Middling
.46
do
Even
.18
Middling
.38
do
38011
*Strict Low Middling
do
80
*Low Middling
do
1 31
.18
Strict Good Middling-Yellow Tinged
.38
02011
.18
Good Middling
.38
do do
28011
.18
.ao
Strict Middling
do do
46
*Middling
do do
80
*Strict Low Middling
do do
1.31
*Low N • IddlIng
do do
1 76
.17
Good Middling
.ss
Light Yellow Stained_ .43 off
*Strict Middling
do do
do
__ .81
*Middling
do
do
do
-1.30
.17
Good Middling
.35
yellow Stained.80 off
*Strict Middling
do do
1.31
*Middling
do do
1.76
.18
.36
Good Middling
Gray
.27011
.18
Strict Middling
.24
do
51
do
*Middling
82
*Good Middling
Blue Stained
81011
*Strict Middling
do do
181
*Middling
do do
1.76
•
Not deliverable on future contract
.22
.22
.22
.19
.18
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 2 to Feb. 8Middling upland
1935
1934
1933
1932
1931
1930
1929
1928
Sat. Mon. Tues. Wed.Thurs.
Fri.
12.45 12.50 12.55 12.50 12.55 12.65
New York Quotations for 32 Years
12.654.
12.454.
6.054.
6.70c.
10.70c.
15.20c.
20.054.
18.154.
1927
14.154. 1919
1926
20.754. 1918
1925 -1- -24.45c. 1917
1924
33.50c. 1916
1923
27.85c. 1915
1922
17.40c. 1914
1921
17.10c. 1913
1920
38.00c. 1912
25.00c.
31.70c.
15.554.
12.10c.
8.654.
12.654.
12.954.
10.34k.
1911
1910
1909
1908
1907
1906
1905
1904
14.40c.
15.00c.
10.00c.
11.70c.
11.10c.
11.254.
7.90c.
14.254.
Market and Sales at New York
Spot Market
Closed
Futures
Market
Closed
Saturday... Quiet, 10 pts. dec... Steady
Quiet, Spin. adv._ _ Steady
Monday
Tuesday --- Steady, 5 pts. adv.. Steady
Wednesday_ Steady, 5 pts. dec.. Steady
Thursday _ _ Steady, 5 pts. adv.. Steady
Friday
Steady, 10 pts. adv. Steady
Total week_
Since Aug. 1
SALES
Spot
1,000
586
100
400
Contr'ct Total
1.000
586
100
400
2,086
-- 2,086
48,512 102.600 151.112
994
Financial Chronicle
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday
Feb. 6
Thursday
Feb. 7
Range of future prices at New York for week ending
Feb. 8 1935 and since trading began on each option:
Option for
Feb. 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 Week
Range Since Beginning of Option
12.20 Feb. 2 12.44 Feb. 8 11.13 May
1 1934 14.15 Aug. 9 1934
12.26 Feb. 2 12.49 Feb. 8 11.79 May 25 1934 14.23 Aug. 9 1934
12.26 Feb. 2 12.49 Feb. 8 12.03
12.30
12.35
12.17 Feb. 2 12.42 Feb. 8 11.74
Nov. 1 1934 14.21
Nov. 14 1934 12.53
Oct. 24 1934 12.35
Nov. 1 1934 12.71
Aug. 9 1934
Jan. 24 1935
Oct. 24 1934
Jan. 2 1935
12.22 Feb. 2 12.48 Feb. 8 12.22 Jan. 15 1935 12.70 Jan. 9 1935
12 25 Feb. 2 12.48 Feb. 8 12.31 Jan. 29 1935 12.43 Jan. 31 1935
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
Feb.8Stock at Liverpool
Stock at Manchester
1935.
bales_ 823,000
79,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mewtre
Stock at Trieste
1934
918,000
99,000
1933
790,000
101.000
1932
667,000
167,000
902,000 1,017,000
295,000 567.000
169,000 305.000
26,000
22 000
83,000
90,000
38,000 114,000
17,000
7,000
8.000
9.000
891,000
530,000
280,000
23.000
83,000
111,000
834.000
333,000
177.000
20,000
100.000
89,000
636,000'1,114,000 1,027.000 719,000
w
1,538,00012,131.000 1,918,000 1,553,000
Total European stocks
India cotton afloat for Europe- _ - 125,000 ill 168.000 103,000
48.000
American cotton afloat for Europe 236,000 386,000 423.000 368,000
Egypt,Brazil,Szc.,afl t for Europe 123,000 122.0007,000
74.000
'300,000 422.000 547,000 722,000
Stock in Alexandria, Egypt
655,000 932.000 644,000 483,000
Stock in Bombay. India
2,693,013 3,577,60614,669,672 4,844,484
Stock in U. S. ports
1,740,457 1,964,74612,084,026 2,102,990
Stock in U.S.interior towns
17,505
19.828
19,862
U. S. exports to-day
30,299
7,427,975 9.723.180 10465,560 10225,773
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales 268.000 482,000 456,000 303,000
Liverpool stock
49,000
60,000 .62.000
86,000
Manchester stock
246,000
Bremen Stock
143,000
Havre Stock
94,000 1,022,000 955,000 669,000
Other Continental stock
236,000 386,000 423,000 368,000
American afloat for Europe
2,693.013 3,577,606 4,669,672 4,844,484
U.S. port stocks
1,740.457 1,964,746 2,084,026 2,102,990
U. S. interior stocks
17.505
19,828
19.862
30.299
U. S. exports to-day
Total East India Szc
Total American
5,486,975 7,522.180 8,659,560 8,403,773
555.000 [436,000
30,000
39,000
49,000
26,000
78,000
82.000
125,000 168,000
123,000 122.000
300,000 422,000
655,000 1932,000
334,000
39,000
364,000
81,000
72,000
103.000
57.000
547,000
644,000
50,000
48,000
74,000
722,000
483,000
1,941,000 2,201,000 1,796.000 1,822,000
5,486,975 7.522.180 8,659.560 8.403,773
Total visible supply
7,427,975 9,723.180 10455.560 10225,773
5.09d.
5.07d.
6.806.
5.59d.
Middling uplands, Liverpool_ _ _ _
6.70c.
6.15c.
Middling uplands, New York_ _ _ _ 12.65e.
12.55c.
9.97d.
8.10-1.
8.70d.
9.206.
Egypt. good Sakel, Liverpool__
4.81d.
5.41d.
6.02d.
5.13d.
Broach, fine, Liverpool
5.546.
6.11d.
4.94d.
6.67d.
Tinnevelly, good. Liverpool
Continental imports for past week have been 63,000 bales.
The above figures for 1935 show a decrease from last
week of 54,376 bales, a loss of 2,295,205 bales from 1934, a
decrease of 3,027,585 bales from 1933, and a decrease of
2,797,798 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
Movement to Feb. 8 1935
Towns
Receipts
Week
Season
Shipments
Week
Movement to Feb. 9 1934
Stocks
Feb.
8
Receipts
Week
Season
ShipMents Stocks
Week Feb.9
Us.,BIrming'm
52
26
19,337
474 6,073
24,584
9441 12,033
Eufaula
28
7,326
211 5,290
106
7,543
39 6,101
Montgomery.
29
22,571 1,287 21,989
233
26,111
408 32,042
Selma
33
27
43,029
399 45,436
36,382
776 40,389
Ark.,13lythville
998 116,851 3,206 95,078
965 123,567 1,637 69.688
Forest City
5511 24,483
27,301
68
8
17,731
262 15,831
Helena
43,147 1,102 25,714
239
170
42,171 1,094 28,633
Hope
100
28,294
100 21,957
361
45.327
334 17.290
Jonesboro_....
1
191
28,00
29,554
___ 25.678
797 11,947
Little Rock
1,294
73,335 1,468 48.980 2,195
96,680 2,136 45,019
Newport _
128
18
16,941
114 15,012
29,197
311 19.995
Pine Bluff....
363
72.803 1,389 37,450
684
94,744 2,070 42,653
Walnut Ridge
8
24,578
533 12,991
126
52,742 1,999 17,788
Ga., Albany....
1
4,493
36 8.124
177
10,755
157 3,959
Athens
200
45
13,388 1,800 44.628
29,230
200 59.125
Atlanta
63,165 7,085 104,144 3,481
1,392
98,099 5,442217,670
Augusta
2,007
85.741 4,589 129,129 1,810 125,976 4,431 137,496
Columbus- -- 1,000
20,750
900 14,461 1,000
15,440
900 13.761
Macon
12,078
3
498
455 26,269
15,867
533 34,444
Rome
465
18,438
300 21,623
170
11,442
150 10.069
La., Shreveport
16
56.765
996 26,868
200
49,857 1,200 37.061
MIss.Clarksdale 2,450 118,703 4,935 49,685 1,627 116,505 3,419 46,370
Columbus_..
50
20,644
250 19,043
81
15,788
637 12,406
Greenwood_
631 125,266 2,723 60,537 1,000 137,396 2,000 69,095
Jackson
240
100
23.987
670 21,242
25,810
100 18,039
Natchez
14
3,546
39
116 4,912
4,332
40 5,034
Vicksburg_
353
20,128 1,337 8,224
185
19,416
584 9,117
Yazoo City
135
7
28,187
922 21,098
27,168
377 13,648
Mo., St. Louis_
4,808 120,471 4,262 2,860 6,948 155,395 7,992 18,098
NT.C.,Censboro
250
2,316
198 18,107
87
6,558
79 19,061
Dklahoma15 towns •_ _
1,925 232,084 2,825 125,611 8,710 782,214 22,903 172,371
3.C., Greenville 2,885
86,133 4,597 68,817 3,812 101,306 4,860 89,882
Tenn.,Memphis 33,306 1.079,005 32,215501,771 40.6461,373.761 66.507547.951
Texas, Abilene_
23,504
169
198 8,044
551
63,163
546 1,721
Austin
73
20,326
148 3,633
200
18,990
451 3,521
Brenham_ _ _
.
97
14,489
142 4,691
65
26,647
496 5,149
Dallas
325 44,422
526 10.580
889
92.121
902 13,624
Paris
360
34.368
514 14,347
62
52,497
519 13,590
Robstown
____
4
6,680_ _ __ 1,
515
5,451
29
938
San Antonio..
638
16,277
34 4,345
104
10,511
50
701
47
25,993
Texarkana
376 18,559
341
26,912 1,401 16,062
32:
Waco
54,808 1,065 11,459
309
88,677 1,575 14,484
fatal, 56 towns 57.0502.899,669 84.858 740457 78.7174.134 617141 2147111R474R
* Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 26,855 bales and are to-night
224,289 bales less than at the same period last year. The
receipts at all the towns have been 21,667 bales loss than
the same week last year.
Overland Movement for the Week and Since Aug. 1
1934-35 -Since
Week
Aug. 1
4,262 129,559
2,300
65,571
Feb. 8ShippedVla St. Louis
Via Mounds, Ac
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. Ac
1933-34
Since
Week
Aug. 1
7,992 137.537
4.120
96,694
1,322
-7
ti8
8.106
4,665 101,025
8,785 341,861
914
3.984
21,549
Total to be deducted
33,009
709,124
25.977
686,545
396
353
8,481
21.791
8,637
169,658
200,086
1,365
424
6,390
-8,179
17,997
8.469
130,196
9,230
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
10,437
108,368
395.189
17,798
529,883
Leaving total net overland*-_ _23,779 509.038
* Including movement by rail to Canada.
Total Continental stocks
Total American
East Indian, Brazil, &c.Liverpool stock
Manchester stock
Bremen Stock
Havre Stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
corresponding period of the previous year-is set out in
ietail below:
Fr{day
Ft b. 8
Feb.(1935)
Range__
Closing _ 12.16n
12.200
12.28n
12.26n
12.27n
12.3(
March
Range _ _ 12.20-12.29 12.22-12.27 12.26-12.35 12.26-12.32 12.27-12.34 12.21 12.44
Closing _ 12.21-12.22 12.2512.33-12.34 12.31 12.32-12.33 12.41 -12.43
April
Range__
Closing _ 12.24n
12.28n
12.36n
12.32s
12.36n
12.4
,
May
Range_ _ 12.26-12.35 12.28-12.33 12.32-12.40 12.31-12.37 12.32-12.42 12.31 -12.49
Closing 12.27-12.28 12.31 12.39 -12.3412.4012.41
June
Range _ _
Closing. 12.27n
12.31n
12.38n
12.34n
12.40n
12.4(
July
Range_ _ 12.26-12.35 12.28-12.34 12.32-12.39 12.32-12.37 12.30-12.41 12.a!-12.49
Closing. 12.28-12.30 12.31 12.37-12.38 12.33-12.34 12.4012.41 12.47
Aug.
Range..
Cloning. 12.25n
12.28n
12.34n
12.31n
12.36n
12.4
,
Sept.
Range_ •
Closing _ 12.220
12.250
12.31n
12.29n
12.32n
12.4:
Oct.
Range-- 12.17-12.26 12.18-12.23 12.23-12.31 12.24-12.28 12.24-12.32 12.21 12.42
Closing _ 12.19-12.20 12.22 --- 12.2812.2812.2812.31 12.40
November _
Range_ _
Closing 12.23n
12.25n
12.32n
12.31n
12.33n
12.4:
Dec.
Range... 12.22-12.33 12.25-12.29 12.31-12.38 12.31-12.34 12.30-12.39 12.31 -12.48
Closing _ 12.2712.29-12.36 12.3412.3912.4'
Jan.
(1936)
Range-- 12.25-12.30 12.25-12.28 12.31-12.37 12.33-12.35 12.33-12.35 12.31 12.48
1.25- no.
19
12 57 -19RRn
12 RAn
12 41
Closing_
n Nominal.
Feb. 9 1935
156,662
The foregoing shows the week's net overland movement
this year has been 23,779 bales, against 17,798 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 20,845 bales.
1934-35
1933-34
In Sight and Spinners'
Since
Since
Takings
Week
Aug. 1
Week
Aug. 1
Receipts at ports to Feb. 8
54,614 3,523,693
85,311 6,011,550
Net overland to Feb. 8
509,038
23,779
17.798
529,883
Southern consumption to Feb.8.. 85,000 2,400,000
80.000 2.579,000
Total marketed
163,393 6,432,731 183,109 9,120,433
Interior stocks in excess
587,720 '
*26,855
062,960
702,508
Excess of Southern mill takings
over consumption to Jan. 1_ _134,626
230,931
Came into sight during week....-136,538
120,149
Total in sight Feb.8
7,155,077
---- 10.053,872
North.spinn's's takings to Feb. 8.. 33,066
622,475
37,789
832.726
* Decrease.
Movement into sight in previous years:
Week1933
-Feb. 10
1932
-Feb. 12
1931-Feb. 13
Bales
Since Aug. 1194.061 1932
337,079 1931
180,791 1930
Bales
10,767,064
12,588,609
11,620,443
New Orleans Contract Market
Saturday
Feb. 2
Monday
Feb. 4
Tuesday
Feb. 5
Wednesday Thursday
Feb. 6
Feb. 7
Feb.(1935)
March_ _ 12.21-12.2512.22 -12.33-12.34 12.29-12.3012.31 ---April
May
12.28 ---- 12.31 ---- 12.39 ---- 12.35 ---- 12.38 ---June
July
12.30 ---- 12.32 ---- 12.39 ---- 12.36 ---- 1239512400
August
September
October
12.18-12.19 122181222a 12.30 Bid. 122751228a 123051231a
November
December_ 12.25-12.26 12.26 -12.35123251233a 12.36-12.37
Jan.(1936) 12.26 Bid. 12.25 Bid. 12.35n
12.325
12.365
Tone
Quiet.
Quiet.
Spot
Steady.
Steady.
Quiet.
Options
Barely stdy Steady.
Steady.
Steady.
Steady.
n Nominal
F11day
Fe 8
(b.
12.4(
12.41
12.41
12.41
12.458-1247a
12.4! Bid
Stlady
St dy
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:
Saturday Monday Tuesday Wed'day Thursday Friday
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery_ _
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ _ _
12.45
12.43
12.21
12.51
12.41
12.25
12.52
12.00
12.45
11.96
11.95
11.95
12.45
12.43
12.25
12.45
12.45
12.30
12.56
12.05
12.45
12.00
12.00
12.00
12.55
12.54
12.33
12.54
12.55
12.40
12.64
12.15
12.55
12.08
12.10
12.10
12.55
12.50
12.32
12.53
12.55
12.35
12.65
12.20
12.55
12.07
12.10
12.10
12.55
12.50
12.31
12.51
12.50
12.35
12.59
12.10
12.50
12.06
12.05
12.05
12.65
12.60
12.42
12.63
12.65
12.45
12.71
12.30
12.65
12.20
12.20
World Consumption of American Cotton Declined
-Use of Foreign
Seasonally from November to December
Cotton Lower, Contrary to Usual Trend-Consumption
returns in recent months indicate that the long-extended
increase in world consumption of foreign cottons has been
halted for the time being, and that world consumption of
American cotton is no longer declining, according to a report
issued Feb. 4 by the New York Cotton Exchange Service.
During December, world use of foreign cottons registered a
decline from November whereas it usually shows an increase.
World consumption of American cotton registered about the
usual seasonal decline from November to December. The
Exchange Service's report continued:
World consumption of foreign cottons was 1.0% smaller in December
than in November, whereas, in the past seven seasons It has been 3.4%
larger in December than in November on an average. World consumption
of American cotton declined 9.0% from November to December, exactly
the same percentage as the average decline in the past seven seasons. World
consumption of all growths of cotton, that is, both American and foreign
cottons combined. declined 4.8% from November to December as compared
with an average decline of 3.4% in the past seven seasons.
During December, world cotton spinners used 1,115,000 bales of foreign
cottons as compared with 1,126,000 in November, 972,000 in December
last season, and 914,000 two seasons ago. December consumption offoreign
growths was the largest for any December on record. During the first five
months of this season, that is. from Aug. 1 through Dec. 31, world consumption of foreign cottons totaled 5,344,000 bales as against 4,615.000 in
the corresponding portion of last season, and 4,173,0010 two seasons ago.
As for American cotton, world mills used 916.000 bales in December as
compared with 1,007,000 in November, 1.025,000 in December last season.
and 1,145.000 two seasons ago. From Aug. 1 through Dec. 31, world
consumption of American cotton aggregated 4,828,000 bales as compared
with 5.882.000 in the corresponding portion of last season, and 5,785,000
two seasons ago.
During December, world consumption of all cottons ran at a season rate
of about 24,500,000 bales. Last season, the world used 25,261,000 bales of
all kinds of cotton, and two seasons ago 24,712,000 bales. In December
this season, world spanners used 2,031,000 bales of all cottons as compared
with 2.133,000 in November, 1,997,000 in December last season, and
2,059.000 two seasons ago. During the five months of this season from
Aug. 1 through Dec.31, world consumption of all growths totaled 10,172,000
bales as compared with 10.497.000 in the corresponding portion of last
season, and 9,958,000 two seasons ago.
Receipts from the Plantations-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week!
Ended
Receipts at Parts
1934
1933
1932
Stoats at Interior Towns
1934
1933
Receiptsfrom Plantations
1932
1934
1933 1 1932
Nov.9..... 148,501275,658 377,879 1,922,2542,081,23912,201,601 188,532370,1 446.197
16..184.427257,126425,222 1.983.2932,151,371 2,248,953 175,466 327,258472.574
23-- 138,525285,767308,468 1.983.1742,186.6662,251,477 153,406 250,572 310.992
2.246,716 110,549 277,796 370.950
30- 119 756266,062 375,711 1,973,968 2.198,
Deer
7._ 104,01 218,332 298,545 1.960,556 2,207,1392,256,650 90,602227.181 257,542
14_ 109,94 177.899282.064 1.934,2152,203,4172,260,614 83.604 174,177266,028
21_ 105,029 165,800162,170 1,915,1662,195,9032,231,716 85,980 158,286132.272
28-- 84,650150,873182.588 1,911,138 2,188,7452,213,874 80,552143,715164,248
1934
1933
1935
Jan.-. 1935 1934 1933
4._ 62,371 101.016 194,0201,883,0292,181,2682.169,330
11_ 55,46 105,071 168,774 1,851,0222,152.086 2.167,2
18._ 65,908103,831 188,072 1,825,437 2,122,3622,185,999
25.- 62,473114,611 198,9811.601,024 2.084.406 2.138.401
Feb.
1_ 44.884100,030182,1101,767,3122,027.706 2,118,211
8- 54,814 85,311 121,163 1,740,457 1,964,746 2,084.026
1935
34,262
23,455
40,323
28.060
1934 1933
93,539 149,976
75,888166,687
74,103186.828
76.655171.383
11,1721 43 330 161,920
.
27,759 22.351 86,978
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 4,104,640 bales;
in 1933-34 were 6,690,633 bales and in 1932-33 were 7,426,863
bales. (2) That, although the receipts at the outports the
past week were 54,614 bales, the actual movement from
plantations was 27,759 bales, stock at interior towns
having decreased 26,855 bales during the week.
Weather Reports by Telegraph-Reports to 118 by
telegraph this evening indicate that in areas in both the
east and west there have been complaints of the soil getting
in bad plowing candition due to the continued dry weather
of the cotton belt in general. In the extreme west and
northwestern portions, the drought is becoming seriou,s.
Rain Rainfall
Thermometer
2 days 1.62 in. high 74 low 50 mean 62
Galveston, Tex
high 70 low 24 mean 47
Amarillo,Tex
1 day 172 in. high 78 low 42 mean 60
Austin, Tex
1 day
1.14 in. high 78 low 30 mean 54
Abilene, Tex
1 day 0.01 in. high 78 low 44 mean 61
Brownsville, Tex
1 day 0.02 in. high 80 low 48 mean 64
Christi, Tex
Corpus
2 days 0.66 in. high 76 low 38 mean 57
Dallas, Tex
3 days 0.47 in. high 76 low 42 mean 59
Del Rio, Tex
2 days 0.03 in. high 70 low 34 mean 52
El Paso, Tex
_2 days 0.84 in. high 78 low 44 mean 61
Houston, Tex
2 days 0.70 in. high 74 low 38 mean 56
Palestine, Tex
Port Arthur,Texhigh 76 low 44 mean 60
ea
.&
1 day gr in. high 78 low 46 mean 62
San Antonio Tex
2 days 0.46 in. high 64 low 28 mean 46
Oklahoma City, Okla
2 days 0.24 in. high 66 low 34 mean 50
Fort Smith, Ark
1 day 0.14 in. high 68 low 36 mean 52
Little Rock, Ark
70 low 44 mean
New Orleans,Lahigh 74 low 40 mean 57
57
1 day gi l in. high
l
Shreveport, La
2 days 0.08 in. high 72 low 30 mean 51
Meridian, Miss
1 day 0.01 in. high 68 low 38 mean 53
Vicksburg Miss
high 69 low 37 mean 83
dry
Mobile, Ala
high 64 low 32 mean 48
dry
Birmingham, Ala
high 72 low 34 mean 53
dry
Montgomery. Ala
Thermometer
Rain Rainfall
dry
high 70 low 34 mean 52
Jacksonville, Fla
dry
high 72 low 40 mean 56
Miami, Fla
dry
high 66 low 38 mean 52
Pensacola, Fla
dry
high 74 low 36 mean 56
Tampa, Fla
high 70 low 32 mean 51
dry
Savannah, Ga
dry
high 64 low 24 mean 44
Ga
Atlanta,
Augusta,Gahigh 68 low 28 mean 48
1 day 07 in. high 70 low 24 mean 47
6
Macon, Ga
dry
high 66 low 30 mean 48
Charleston, S. C
dry
high 58 low 26 mean 47
Asheville, N.0
dry
high 56 low 26 mean 41
Charlotte, N. C
high 60 low 24 mean 42
dry
Raleigh, N.0
hi
Memphis,Tenngh 64 low 35 mean 46
1 day 07 in. high 54 low 30 mean 42
2
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:
Above zero of gauge_
Above zero of gauge.
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feb. 9 1934
Feet
1.5
5.2
9.1
7.1
7.0
Feb. 8 1935
Feet
10.9
20.9
13.2
12.8
33.3
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:
1933-34
1934-35
Cotton Takings,
Week and Season
Season
Week
Season
Week
9,837.231
7,482.351
Visible supply Feb. 1
7,632,242
6,879,719
Visible supply Aug. 1
120,149 10,053.872
136,538 7,155.077
American in sight to Feb. 8_ _
966,000
87.000
91,000 1,028.000
Feb.7 _
Bombay receipts to
372,000
36,000
353,000
39,000
Other India ship'ts to Feb. 7..
42,000 1,268.400
28.000 1,093,200
Alexandria receipts to Feb.6_
345.000
17,000
318,000
16,000
Other supply to Feb.6 *b_-_ _
7,792.889 16,826,996 10.139,380 20.635,514
Total supply
Deduct
Visible supply Feb.8
7,427.975 7.427,975 9,723.180 9.723,180
416,200 10,912,334
364,914 9,399,021
Total takings to Feb.8 a
291,200 8,373,934
214,914 6,362,821
Of which American
125.000 2.538.400
150,000 3.036.200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
since Aug. 1 the total estimated consumption by
a This total embraces
Southern mills, 2,400,000 bales in 1934-35 and 2,579,000 bales in 1933-34
-takings not being available-and the aggregate amounts taken by
Northern and foreign spinners, 6.999,021 bales in 1934-35 and 8,333,334
bales in 1933-34, of which 3,962,821 bales and 5,794,931 bales American.
b
India Cotton Movement from All Ports
1934-35
1933-34
1932-83
Since
Week I Aug. 1
Feb. 7
Receipts
Since
Weekl Aug.1
Since
Week I Aug. 1
87,600 96.600 1,100,000
91,000 1,028,000 87,000
Bombay
Since August 1
For the Week
Exports
Froth--
Great . I Conti- Japan
Greatn1Conti- Jap'n&
China &Brita
nest China Total 1 Britain 1 tient
Elmnbay1934-351933-34-1932-33._
OtherInd0a1934-36._
1933-34__
1932-33__
Total
I
I
3.0001 8,000 43,000 54,000 24,000,
_ 13,000 30,000 43,000 30.000
4:000 18,000 63.000 85,000 18.000
1
1
19,000 20.000, - 39,0001 84,000
15.000 21.0001 ____ 36,000t 113.000
1,000 15,000 ..... 16.000 49,000
353.000
872,000
237,000
158.000 612,000 794,000
189,000 206,0001 425,000
156,000 437.000 611,000
269,000
259,000
188,000
Totalall1934-35__ 22,000 28,000 43,000 93.000, 108,0001 427,000 612,000 1,147,000
1933-34_ 15,000 34.000 30,000 79,000 143.000 448,000 206.000 797,000
1932-33._ 5.000 33.000 63.000101.000 67.000 344.000 437.000 848,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
4,000 bales. Exports from all India ports record an increase
of 14,000 bales during the week, and since Aug. 1 show an
increase of 350,000 bales.
Manchester Market-Our report received by cable tonight from Manchester states that the market in both
yarns and cloths is dull but steady. Demand for India is
poor. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1933
1934
32s Cop
Twist
81.4 Lbs. Shirt- Cotton
ings, Common Middrg
to Finest
UpPds
32s Cop
Twist
834 Lbs. Shirt- Cotton
g
tags, Common
Uprds
to Finest
s. d.
d.
d.
s. d.
d.
d.
s. d.
10 @HS(
1016011%
105401134
10;601154
92
92
94
94
@
@
@
O
94
94
98
96
6.81
6.88
8.91
6.96
814‘410
8540 9%
81.40 934
8340 OH
84
84
84
84
@
(4
O
@
86
86
86
86
5.31
5.13
5.09
5.15
104011:4
1040114
103401134
1040114
94
94
94
94
@
O
@
O
96
96
96
96
7.02
7.08
7.15
7.20
MO)94
840 91.4
8540 9:4
8540 9%
84
84
84
84
@ 86
@ 86
O 86
@86
6.25
5.25
5.25
5.33
Pa 41i)VgZ)
Closing Qoutationsfor Middling Cotton on
Week Ended
Feb. 8
995
Financial Chronicle
Volume 140
96
96
96
96
7.23
7.18
7.15
7.08
19 34
86
4
81 010
95401034 86
93401034 86
010,4 86
9 1
9 1
91
9 1
5.64
5.88
6.05
6.07
96
94
7.07 934011% 90 (4 9 2
7.05 105401134 91 @ 9 3
6.29
6.80
s. d.
Nov.
21._
Jan.-
Feb.
19 35
105401134 94
10%011% 94
10:0411% 94
l034@11 34 94
103401154 94
103401134 92
@
@
O
@
-We now reAlexandria Receipts and Shipments
ceive 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:
Financial Chronicle
Alexandria. Egypt,
Feb. 6
Receipts (cantars)This week
Since Ana. 1
Exports (Bales)To Liverpool
To Manchester,&c
To Continem & India_
To America
Total oznorla
1934-35
1933-34
1932-33
140,000
5.486.072
210,000
6.313.037
105,000
3.777.915
This Since
Week Aug. 1
This Since
Week Aug. 1
This Since
Week Aug. 1
86,535
192,810 9,000 82,992
6,000 84,431 9,000 115,505 5,000 60,650
32,000 429,833 20,000 367,415 13,000 281,253
3.000 23,139 4,000 44.986 1,000 21,897
ell 114111R9f1 ORR RR nnn 790 71R on Ann 44R 709
Note
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Feb. 6 were
140,000 cantars and the foreign shipments 41,000 bales.
Shipping News
-Shipments in detail:
Bales
GALVESTON-To Gdynia-Jan. 31--Stureholm, 1,546
1,546
To Oslo-Jan. 31-Stureholm, 145
145
To Liverpool
-Logician, 2017
-Feb. 6
2.017
To Gothenburg
-Jan. 31-Stureholm, 661
661
To Manchester-Feb. 6
-Logician. 1,404
1,404
To Copenhagen-Jan. 31-Stureholm, 755
755
To Bombay-Jan. 31-Steelage, 700
700
To Porto Columbia-Jan. 30
-Tillie Lykes, 153
153
To Ghent
-Duquesne, 264; Michigan, 290
-Feb.2
554
-Feb. 2
To Havre
-Duquesne, 1,345; Michigan, 2,060
3,405
To Rotterdam-Feb.2
-Duquesne, 512
512
To Dunkirk-Feb. 2
-Michigan, 793
793
To Genoa-Feb. 2
-Marina 0-4, 486; Feb. 1-Cardonia, 362_ 4,848
To Barcelona-Feb. 1-Cardonia, 923
923
To Naples
-Feb. 1-Cardonia, 141
141
To Trieste-Feb. 1--Cardonia. 61; Feb. 4
-Alberta, 1,584
1,645
To Venice-Feb. 1-Cardonia, 449; Feb. 4
-Alberta, 2,143- 2,592
To Lisbon-Jan. 31-Sapinero, 275
275
To Oporto-Jan. 31--Sapinero, 555
555
To Leixoes-Jan. 31--Sapinero, 528
528
To Bilboa-Jan. 31-Sapinero, 278
278
To Passages
-Jan. 31-Sapinero, 200
200
To Japan-Feb.2
-Belfast Maru, 3,618
3.618
HOUSTON-To Ghent
-Feb.5
-Duquesne, 201
201
To Havre
-Duquesne, 1.274
-Feb. 5
1,274
To Rotterdam-Feb. 5
-Duquesne, 1,016
1,016
To Japan-Feb. 1-Ethan Allen, 304-Jan. 31-Belfast
Maru, 1,685
1,989
To China-Jan. 31-Belfast Maru. 15,000
15,000
To Genoa-Feb. 1-Ingola, 2,945
2,945
To Bilboa-Feb. 2-Sapinero, 272
272
To Lisbon-Feb.2--Sapinero, 150
150
To Leixoes
-Feb. 2-Sapinero, 587
587
To Oporto
-Feb. 2-Sapinero. 933
933
To Passages
-Feb. 2-Saphaero, 100
100
To Barcelona-Feb. 1-Aidecoa, 3,601
3,601
To Malaga-Feb. 1-Aldecoa, 18
18
To Venice-Feb. 1-Alberta, 1,582
1,582
To Trieste-Feb. 1-Alberta, 1,072
1,072
NEW ORLEANS
-To Barcelona-Jan.20-Latcomo„ 118
118
To Oporto-Jan. 29-SapInero,905. Feb. 2-Idarwald, 100.. 2,005
To Antwerp-Feb. 2
-San Mateo, 800.. Feb. 6
-Michigan,
100
600
To Havre
-Feb. 2
-San Mateo, 1.578.. Feb. 4-Bradesk,
3,101--_Feb. 6-Mictitgan. 50
4,729
To Dmalsirk-Feb. 2
-San Mateo, 800... Feb. 6
-Michigan,
175
775
To Rotterdam-Feb. 6-Bilderdyk, 1,100
1,100
To Japan-Feb.2-Snestad, 2.160. _Feb. 7, 800
2,960
To San Jelipe-Jan. 23-Tiviois, 100
100
To Bremen-Feb.2
-West Hobomac.768; Idarvrald, 2,213
2.981
To Havana-Jan 26
-Santa Marta,40.._ _Feb. 2--Sixaola,40
80
To Hamburg
-Feb. 2
-West Hobomac, 515
515
To Porto Colombia-Jan. 26
-Santa Marta. 100
100
To Liverpool
-Feb. 1-West Chetala. 1,461
1,461
To Buena Ventura-Feb. 2-Sixola, 50
50
To Manchester-Feb. 1-West Chetala, 1,717
1,717
To Arico Chila-Feb. 2-Sixaola. 300
300
To Varburg-Feb. 2-Idarwald, 100
100
To Port de France-Feb. 2-Austrangen, 2
2
NORFOLK
-To Hamburg
-Feb. 8
-City of Havre, 50
50
LAKE CHARLES
-To Liverpool
-Feb. 1-Logician, 167
167
To Manchester
-Feb. 1-Logician, 617
617
To Bremen-Feb.6
-Ingram,605
605
To Gdynia-Feb. 6
-Ingram, 218
218
To Genoa
-Feb. 2-Lafcomo, 282
' 282
To Barcelona-Feb. 2-Lafcomo, 179
179
-To Liverpool
MOBILE
-Jan. 16
-Dramatist, 146
146
To Manchester-Jan. 16
-Dramatist, 255
255
To Antwerp-Jan. 22-Topa Topa. 100
100
To Bremen-Jan. 22-Topa Topa, 242
242
To Gdynia-Jan. 22-Topa Topa, 100
100
To Rotterdam-Jan. 22-Topa Topa, 50
50
To Genoa-Jan.24-Monfiere, 100-._Jan. 28-Monbaldo,100
200
To Havre-Jan. 30
-Hastings, 450
450
PENSACOLA-To Japan
-Houston City, 100
-Feb.5
100
GULFPORT-To Genoa-Jan. 28-Monfiore, 1.200
1,200
SAN FRANCISCO
-To Great Britain-7-581
581
To Japan-4-1.910
1,910
CHARLESTON-To Manchester-Feb. 1-Liberty Glo, 2,818
2,818
BEAUMONT-To Havre-Jan. 27
-Duquesne, 122
122
LOS ANGELES
-To Liverpool
-Jan. 26-Goellc Star, 77; Pacific
Grove, 918
995
To Havre-Jan. 26
-San Francisco, 1.060
1,060
To Japan-Jan. 28
-President Van Buren, 1,350-Jan. 30Penrith Castle. 2.500: Santos Meru,200; Kiriai Maru,1,800 5.650
To India-Jan. 28
-President Van Buren, 800
800
JACKSONVILLE
-To Manchester-Feb. 7-Schoharie, 70
70
To Bremen-Feb. 7-Havo, 119
119
To Japan-Feb.2-Nako Maru. 3,200: President Wilson. 350.
Feb. 4-Asama Meru, 500_ _ _Feb. 6
-Golden Star. 3,275
7.325
To Liverpool-Feb. 2-Drechtdijk, 753; Imperial Valley, 275- 1.028
TEXAS CITY
-To Antwerp-Feb.2
-Michigan, 100
100
To Havre
-Feb. 2
-Michigan, 258
258
To Ghent Feb. 2
-Michigan, 168
168
To Dunkirk, Feb. 2
-Michigan, 16
16
To Genoa-Jan. 30-Cardonia, 19
19
To Trieste-Jan. 30-Cardonia, 21
21
To Barcelona-Jan. 30-Cardonia, 370
370
To Oporto-Jan. 31-Sapinero, 332
332
To Leixoes-Jan. 31-8apinero, 85
85
107,689
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 StandDensity ard
Liverpool .250. .250.
Trieste
Mancheater.25c. .25c. Flume
Antwerp .35c, .50c.
Barcelona
Havre
.25c. .400. Japan
Rotterdam .35c. .50c. Shanghai
Genoa
.400. .Mc. Bombay a
Oslo
.46c. .81c.
Bremen
Stockholm .420. .57c.
Hamburg
•Rate Is open. a Only small Iota.
High StandHigh
Density ard
Density
.65c. Piraeus
.750.
.500. .650. Saionica
.750.
.35o.
Venice
.500.
•
• Copenhag'n .38c.
•
•
Naples
.400.
.400. .550. Leghorn
.400.
.35o.
Gothenberg .420.
.350.
Standard
.90c.
.90c.
.65c.
.53c.
.55c.
.55o.
.570.
Feb. 9 1935
Liverpool
-By cable from Liverpool we have the following statement of the week's imports,stocks,&e.,at that port:
Jan. 11
Jan. 18
54,000
55,000
830,000 835.000
240,000 245.000
37,000
59,000
10,000
18,000
191,000 162,000
86,000
77.000
Forwarded
Total stocks'
Of which American
Total imports
Of which American
Amount afloat
Of which American
Feb. 1
Feb.8
54,000
54,000
815,000 823,000
260,000 268,000
40,000
62,000
23,000
26,000
170,000 152,000
86,000
72,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Monday
Market,
12:15
Moderate
P. M. I demand,
Mld.Uprds
Quiet.
7.06d.
7.02d.
Futures. Steady,
1
Market
2 to 4 pts.
decline,
opened
Tuesday
Quiet.
7.076.
Wednesday Thursday
A fair
business
doing.
7.04d.
Quiet.
7.046.
Friday
Moderate
demand
7.058.
Steady,
Steady,
Steady, Steady, 1
ea
Steady
1 to 2 pts 1 to 3 pts. pt. dec. to 1 point
1 pt.
decline, advance. advance. 1 pt. adv. advance
Market,
Quiet, Steady, un- Quiet, un- Steady,un- Steady, Quiet, but
4
1 4 to 5 pts. changed to changed to changed to 1 to 2 phi. stdy. 1 pt.
P. M.
decline. 1 pt. dec. 3 pts. dec. 1 pt. dec. advance. adv.to 2pts
rleollno
Prices of futures at Liverpool for each day are given below:
Saturday Monday
Feb. 2
to
Feb. 8 .
Tuesday Wed'day Thursd'y
Friday
12.00 12.00 12.15 4.00 12.11 4.00 12.15 4.0012.15 4.0012.15 4.00
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 .
March(1935)- -_
May
__
July
October
__ __
December
__ __
January (1936) __ __
March
May
July
October
DeCember
d.
d.
6.78 6.75
6.72 6.69
6.68 6.65
6.58 6.55
6.58.. __
6.56 6.52
6.55.._ __
8.55_ __
d. d.
6.78 6.80
6.72 6.74
6.68 6.70
6.58. 6.59
6.56.. __
6.55 6.56
6.55 __ __
8.55_ _
d.
d. d.
d.
6.77 6.77 6.77 8.77
6.72 6.72 6.72 6.71
6.67 8.87 6.6 6.66
6.56 6,56 6.58 6.55
6.54.,.. __ 6.54.... __
6.53 6.53 6.53 6.52
6.53.. __ 6.53.._.
6.52i,... __ 8.52_ __
d.
6.79
6.7.
6.68
6.57
8...
6.54
6.54
8.53
d.
6.78
6.73
6.68
6.57
____
6.53
____
____
d.
6.80
6.74
6.69
6.57
6.53
6.54
8.53
8.52
-- -- -- -- -- -- ---- -- -
BREADSTUFFS
Friday Night, Feb. 8 1935
Flour demand was slow, but a better business is expected
When the gold clause decision is out of the way.
Wheat was an evening-up affair on the 2d inst. and
prices closed X to 3 c. higher. Shorts covered. Early
A
prices were lower owing to selling influenced by the weakness
at. Liverpool. Winnipeg ended A to %c. higher reflecting
the strength at Chicago. There was no improvement,
however, in the export demand for Canadian wheat. Liverpool declined A to Xd. On the 4th inst. came a reversal of
trend and prices ended 1 to 13 c. lower, owing to a lack of
A
support more than anything else. Liquidation wits not
very heavy, but it was persis ent. The decline in corn
prompted some of the selling in the wheat pit. Winnipeg
was A to /0.lower and Liverpool ended unchanged to Xd.
3
lower. The weakness at Liverpool was attributed to the
big increase in supplies on ocean passage. World shipments
were 10,384,000 bushels, including 2,628,000 bushels from
North America. Supplies on ocean passage increased 3,488,000 bushels and totaled 33,464,000 against 37,784,000
last year. On the 5th inst. prices declined in the early trading but rallied later and ended unchanged to Ac. higher.
The May delivery was down close to the season's low. Mill
buying of cash wheat and futures on the recessions strengthened the market. Shorts covered and some longs were
reinstating long lines. Weakness at Liverpool prompted
liquidation and stop-loss selling which caused the early
decline. Winnipeg closed A to %c. higher but Liverpool
ended lower, and prices there were down to new low levels
on all options in American currency. On the 6th inst.
prices reflected the weakness in Liverpool and Winnipeg
and declined N to %c. Winnipeg dropped A to Xc. and
Liverpool declined X to Ad. Buying by mills caused a
rally at one time. Broomhall estimate world's requirements at 552,000,000 bushels, a decrease of 24,000,000
bushels from his previous estimate. He placed European
needs at 32,000,000 bushels less, non-European at 8,000,000
more.
4
4
On the 7th inst. prices advanced I/ to 7 3c., under short
covering. There seemed to be less fear of the pending gold
clause decision. A leading operator was reported to have
bought 1,000,000 bushels of May. Selling pressure was
rather light. Many operators who had sold early in the
day became buyers later on. Liverpool was 1,t to %c. higher,
and Winnipeg ended unchanged to lige. up. Buenos Aires
was up IA to %c.
To-day prices ended 3 to %c. higher. The open interest
4
was 100.834,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs, Frt.
111;i 1103i 1103 1103i 1113i 1121
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs, Fri.
May
963's 944 94 X 94-i 9514 961
July
88X 8714 874 874 88
88
September
8714 8614 87
8614 86
87
Season's High and When Made
Season's Low and When Made
I
May
Aug. 10 1934 May
117
9314 Feb. 5 1935
July
98X Dec. 5 1934 July
8614 Jan. 15 1935
September
9214 Jan. 5 1935 September.... 8414 Jan. 15 1935
No. 2 red
Financial Chronicle
Volume 140
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8234 8134 8234 82
8234 8234
July
8234 8134 8134 8134 8134 8234
Indian Corn was in rather slow demand with trading
checked by the failure of the Supreme Court to make a
decision on the gold clause cases. On the 2d inst. prices
advanced X to Mc. in sympathy with wheat. Shipping
sales were 43,000 bushels and receivers booked 5,000 bushels
to arrive. On the 4th inst. prices declined 1M to 1 8c.
on moderate selling by Northwestern interests. Stop loss
orders were uncovered. Support was lacking. Shipping
sales were 26,000 bushels, and 6,000 bushels were booked to
arrive. On the 5th inst. prices closed M to Xc. higher,
reflecting the strength in wheat. Shipping sales were 43,000
bushels and 5,000 bushels were booked to arrive. At one
time prices were down to the lowest level reached since
Nov. 10, owing to general liquidation. Later came a rally
under short covering. Shipping sales were 103,000 bushels
and receivers booked 3,000 bushels to arrive.
On the 6th inst. prices closed Mc. lower to Mc. higher.
The market showed weakness in the early dealing owing to the
decline in Buenos Aires. Eastern buying caused a late rally.
Shipping sales were 16,000 bushels. Receivers booked 3,000
bushels to arrive. The area seeded to corn in Argentina was
estimated officially at 17,364,000 acres, again t 15,800,000
seeded last year.
On the 7th inst. prices ended % to 1.
/ higher, on buying
3
4c.
stimulated by the strength in wheat. There was more
friendly feeling towards the buying side. Country offerings
to arrive were light. To-day corn led other grain upward
and ended
to 14c. higher. Unfavorable weather has
interfered with the movement of corn and encouraged buying. Higher prices for hogs also helped.
DAILY ()LOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
10034 9831 9834 9934 9934 10034
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8234 8234 8234 8334 84%
84
July
80
7834 7834 78% 79
7914
September.*.
77
7531 7534 75% 76
7634
Season's High and When Made
Season's Low and When Made
May
9334 Dec. 5 1934 May
Oct 4 1934
75
July
9034 Dec. 5 1934 July
Oct. 4 1934
75
September ____ 8434 Jan. 5 1935 September
7434 Feb. 6 1935
Oats were dominated by the movement in other grain in
relatively light trading. On the 2d inst. they ended unchanged to 5i.c. lower and there was a further decline of
M to 13/8c. on the 4th inst. On the 5th inst. they showed
some strength in sympathy with wheat and corn, ending
unchanged to Md. higher, and on the 6th inst. the close was
unchanged to Mc. lower.
On the 7th inst. prices ended % to lc. higher, under dhort
covering. Cash interests were buying May early: To-day
prices ended % to %c. higher, reflecting the strength in
corn.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
63
64
63
6234 6334 6434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4934 4834 4834 4834 4935 4934
July
4234 4114 42
4134 4234 4334
September
4034 40
4034 40
4034 41
Season's High and When Made
Season's Low and When Made
May
5934 Aug. 10 1934 May
4531 Oct. 4 1934
July
Dec. 5 1934 July
51
41
Oct. 4 1934
September ---- 4434 Jan. 7 1935 September
3934 Feb. 5 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4134 41
4034 4034 4034 41
July
4134 40
4034 40
4034 4034
Rye reflected the weakness in other grain and recorded
daily declines. Up to and including the close on the 6th
inst. prices show net declines as compared with last Friday
of 1% to 23c.
On the 7th inst. prices rose % to %c., on short covering.
Today prices ended % to lc. higher, in sympathy with corn.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
6534 6334 6234 6234 6334 6434
July
6534 6334 6214 6234 6334 64
September
6434 6334 6334 6234 6334 6434
Season's High and When Made
Season's Low and When Made
May
6114 Feb. 5 1935
9534 Aug. 9 1934 May
September ---- 76
Jan. 5 1935 September
6234 Feb. 6 1935
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5334 52
5134 51
5134 53
July
5434 5234 5234 5134 5234 533(
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
May
7234 7234 74
72
7434 73
July
68
68
68
68
68
68
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5034 4834 48311 4734 4834 49%
July
4934 4734 4734 4634 4734 49%
Closing quotations were as follows:
GRAIN
Wheat. New York
Oats, New York
No. 2 red., c.1 f., domestic-112%
No. 2 white
64%
Manitoba No. 1,f.o b N.Y.. 89% Rye,No.2,f.o.b.bond N.Y 70%
Barley, New York
Corn. New York
4734 lbs. malting
9034
No.2 yellow. all rail
Chicago,cash
10034
65-120
FLOUR
pats.,high proteinS7.30 7.501Rye flour patents
94.474.70
Spring Patents
7.00 7.20 Semlnola,bbl.,Nos.1-3- 9.20 9.40
Clears.firstspring
6.65 6.90 Oats good
3. 0
Soft winter straights
5.70 6.15 Corn flour
2.75
Hard winter straights
6 50 6.70 Barley goods
Hard winterpatents......- 6.70 6.90
Coarse
42
6.00 6.10
Fancy pearl,Nos.2.4&7 6.3006 50
Hard winter clear.
1
997
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 al-
Chicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis
St. Louis_ _
Peoria
Kansas City.
Omaha
St. Joseph_ _
Wichita
Sioux City _ _
Buffalo
Flour
Total wk.,'35
Same wk.. '34
Same wk., '33
Since Aug. 1
1934
1933
1932
Wheat
I
Corn
I
Oats
I
Rye
I
Barley
bbls 196 lbsibush. 60 lbs.bush.56 lbs. bush. 32 Ws.bush 56 lbs bush 48 lbs
262.000
164,000
106,000
46.000
58,000; 149,000
435,000
20,000
, ', ' 197,000
42,000
5,ocio!
39,000
13,000
4,000
82,000
19,000,
1,000
187,000
82,000
14,000
6,000:
2,000
14,000
6,000
12,000
3,000
8,000
30,000
274.000
8,000:
18,000
102,000
145,000
198,000
248,0001
1.000
33,000
41,000
22,000
317,000
8,000,
60,000
47,000
15,000
153,000
246,000
12,0001
29,000
72.000
17,000:
17,000
41,000
38,000:
48,000
2,000;
I
16,000
2k: ::
1
4,000
I
19,000
248,000
13,000:
9,000,
26.000
335,000
413,000
385,000
1,162.000
2.766,000
2,768,000
1,811,000
3,576,000
2,489,000
495.000:
995,000
987,000:
183,000:
152,000:
102,000;
686,000
661,000
343,000
I
I
9,497,000144,647,000 123,903,000 32,938.000, 9,301,00043.085,000
9,190,000146,996,000123,579,000 46,052,000 7.970,00032.359.000
10,264,000222,137.000 112,958,000 55,441.000 6,873,00025.678.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Feb. 2 1935, follow:
Receipts at
-
Flour
Wheat
I
Corn
bbis 196 us'bush 60 lbs bush
New York_ _
129,000'
111,000
Philadelphia _
22,000
2.000
Baltimore__
8,000
4,000
Newport News
New Orleans.
20,000
St. John, West
13,000
264,000
Halifax
14,000
466,000
Total wk., '35 206,000
Since Jan. 1'35 1,111,000
847,000
2,616,000
I
Oats
Rye
I
Barley
56 lbs bush 32 Os bush 56 lbs bush 48 Ms
4,000
24,000
35,000 265.000
I 291,000
21,0001
46.000
i
7,000'
36,000:
341,000
1
1,000
88.0001
381,000
639,0001 1,445,000
556.000
46,000
99,000
802,000
Week 1934_ _ _
267,000
742,000
169,0001
,
129,000
70,000
9,000
Since Jan. 1'34 1,326,000' 4.295,0001
560,000
515,000
126,000
85.000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Feb. 2 1935, are shown in the annexed
statement:
Exports front-New York
PhiladelPhla
Baltimore
Newport News
New Orleans
St. John, West
Halifax
Wheat
Bushels
Corn
Bushels
Flour
Barrels
370,000
60,000
Oats
Bushels
Rye
Bushels
Barley
Bushels
8,130
1,000
7,000
4,000
264,000
466,000
Total week 1935_ _ 1,164,000
Same week 1934_ _ __ 1.167.000
2,000
13,000
14,000
7,000
12.000
1,000
38,130
66.395
1,000
85.000
The destination of these exports for the week and since
July 1 1934 is as below:
Flour
Exports for Week
and Since
July 1 to-
Week
Feb. 2
1935
Since
Jul,/ 1
1934
Barrels Barrels
United Kingdom_ 25,765 1,501,789
Continent
5,365
364,750
So.& Cent. Amer_
____
30,000
West Indies
182,000
6,000
Brit. No. Am.Col.
__ __
60,000
Other countries___
1,000
120,929
Total 1935
Total 1934
Wheat
Went
Feb. 2
1935
Corn
Since
July 1
' 1934
Bushels
Bushels
730,000 23,875,000
426,000 24,999,000
7,000
184.000
1,000
36,000
Week
Feb. 2
1935
Bushels
7,000
Since
July 1
1934
Bushels
8,000
2,000
8,000
825,000
38,130 2,259,468 1,164,000 49,919,000
66395 2.967.678 1167000 72 56:1 nna
7,000
12 non
18,000
351 non
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 2, were as follows:
United States•Boston
x New York
x
"Afloat
Philadelphia
y Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
Afloat
Milwaukee
Minneapolis
z Duluth
Detroit
Buffalo
"Afloat
GRAIN STOCKS
Wheat
Corn
Oats
bush,
bush,
bush,
111,000
.43,000 *226,000
234,000
332,000 x402,000
179,000 x164,000
409,000
311,000
306,000
1,100,000
106,000
237,000
32,000
885,000
3,313,000
795,000
3,345,000
1,406,000
17,317,000
3,594,000
232,000
4,979,000
1,279,000
4,000
4.366,000
333,000
643,000
10,316,000
3,581,000
115,000
7.459,000
4,045,000
Rye
bush.
x238,000
Barley
bush.
47,000
17,000
256,000
y72,000
13,000
15,000
90,000
677,000
25.000
22.000
833,000
117,000
411,000
127,000
6,000
29.000
1,093,000
276,000
8,000
2,522,000 1,051,000
41,000
5,000
4,571,000 1,050,000
2,000
28,000
417,000
273,000
16,000
367,000
488,000
47,000
19,000
1,041,000
360,000
179,000
40,000
8,082,000 2,593,000 5,220,000 1,145,000
300.000
937,000
403,000
517,000
9,000 1,932,000
5.559,000 6,582,000 1,733,000 6,541,000
1,250,000 2,919,000 z1,677,000 1,459,000
5.000
6.000
8,000
50,000
4,029,000 1,122,000
629,000 1,090,000
590,000
290,000
132,000
520,000
Total Feb. 2 1935._ _ _ 69,893.000 32,119,000 20,421,000
11,032,000
Total Jan. 26 1935
72,611,000 33.947,000 21,031,000 11,133,000 12,956,000
Total Feb. 3 1934
109,528,000 65,357,000 43,201,000 12,833,000 13,306,000
14,095.000
• Boston includes 41,000 bushels Rumanian corn; Boston
includes 103,000 bushels
Polish oats. x New York also has 104,000 bushels Argentine
rye in store; New
York also has 734,000 bushels Argentine oats in store; New
York also has 550,000
bushels Argentine oats afloat. y Baltimore also has 183.000
bushels Polish rye in
store. z Duluth also has 328,000 bushels Polish rye afloat.
Financial Chronicle
998
Note—Bonded grain not included above: Barley. Buffalo, 226,000; bushels, Milwaukee afloat. 692,000; Duluth in store, 222.000; Duluth afloat, 120,000: total,
1,260,000 bushels, against none in 1934. Wheat, New York. 1,062,000 bushels;
New York afloat. 390,000; Erie, 2,202,000; Buffalo. 6,756.000; Buffalo afloat,
7,631,000; Duluth in store, 1.174,000: Duluth afloat, 540,000; Chicago afloat, low
grade, 786,000; Milwaukee afloat. 283,000; total, 20,824,000 bushels, against
9,798.000 bushels in 1934.
Barley
Rye
Oats
Corn
Wheat
bush.
bush.
bush,
bush,
bush,
Canadian—
236,000 1,152,000
531.000
6,137,000
Montreal
2,498,000 2,556,000 3,321,000
Ft. Wm.& Port Arthur_ 58,147,000
432,000 1,699,000
3,544,000
Oth. Can.& oth. wat pts. 50.152,000
6,573,000 3.224,000 6,172,000
6,821,000 3.227,000 6,124,000
9,348,000 3,142,000 5,953,000
Total Feb. 2 1935_ _ _ _114,436,000
116,515,000
Total Jan. 26 1935
110,360,000
Total Feb. 3 1934
Summary—
American
Canadian
69,893.000 32,119,000 20,421,000 11,032,000 12,956,000
6,573,000 3,224,000 6,172,000
114,436,000
Total Feb. 2 1935_ ___184,329,000 32,119,000 26,994,000 14,256,000 19,128,000
189,126,000 33,947,000 27,852,000 14,360,000 19.430,000
Total Jan. 26 1935
219,888,000 65,357.000 52,549,000 15,975,000 20,048,000
Total Feb. 3 1934
The world's shipment of wheat and corn, as furnished by
Broomha,ll to the New York Produce Exchange, for the week
ended Feb. 1, and since July 1 1934 and July 2 1933, are
shown in the following:
Corn
Wheat
Exports
Week
Feb. 1
1935
Since
July
1934
Since
July 2
1933
Week
Feb. 1
1935 '
Since
July 1
1934
Since
July 2
1933
Bushels 1 Bushels
Bushels
Bushels
Bushels
Bushels
451,000
26,000
7,000
North Amer_ 2.628.000102,985,000137,049,000
4,520,000. .000 595.000 13,879,00020,606,000
Black Sea_
107,940,000
4,806,000107,940,000 67.363,000 5,098,000135,000,000142,390,000
Argentina_
Australia — 2,326,000 63,734,000 55,802,000
1
1
328,000
India
0th. countes 624,000 25,064,000 18,704,000 800.000 27,299,000, 7,017,000
10,384,000 304,571.000 313,233,000 6.500.000176,204,000170.464.000
Total
Weather Report for the Week Ended Feb. 6—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 6, follows:
The week ending Feb. 5 brought unusually marked contrasts in temperature conditions to different areas and,for the country as a whole,it was one
of the driest weeks of record. In the Atlantic States temperatures were
abnormally low, but in the northwest they were persistently high. The table
on page 4 shows the departure of temperature from normal for first-order
Weather Bureau stations. In the Atlantic States, from Florida to Maine,
the weekly means were from 6 to 11 degrees below normal, but, from the
Mississippi Valley westward, they were abnormally high, especially from
northern Arkansas, Oklahoma and New Mexico northward. Over the
northern Great Plains the average temperature for the week was as much
as 27 degrees above normal at some points.
By way of temperature contrast, it may be noted that, in the East,
central Virginia had temperatures normal to southern New England for
this season, while in the West, North Dakota and eastern Montana had
temperatures comparable to those normal for southern Missouri. Freezing
weather did not reach the Gulf Coast, but extended into northern Florida.
In the Great Plains the minima ranged from 6 degrees above zero at Devils
Lake, N. Dak.. to about 45 degrees in south-central Texas. In northeastern
States there were some decidedly low temperatures, the lowest reported for
a first-order station being 32 degrees below zero at Northfield, Vt., on
Jan. 31
The table shows also that, except locally, there was practically no precipitation in any part of the country. A few light to moderate falls are
shown in the Lake region and in the central and north Pacific area, while
heavy rains occurred in extreme southern California. Otherwise, as a
rule, there was not enough during the week to measure.
There was more or less additional frost damage in south Atlantic sections,
on
from North Carolina southward, and the low temperatures were hardfair
truck in southeastern Virginia. In Florida hardy truck crops are in
condition, but the tender varieties are poor and scarce. Damage to peach
buds by the recent cold weather is more apparent in New Jersey, and they
have been harmed in. Arkansas. In Gulf Coast sections, from Louisiana
eastward, the weather was too cool for rapid recovery from recent freezes,
and not much revival in truck is noted.
Except for the unfavorably cold weather in the southeast, no harm has
been reported by low temperatures of the week. On the other hand, the
abnormal warmth over the western two-thirds of the country was decidedly favorable for livestock interests, and the mild, open weather facilitated outside operations. The Pacific Coast States continue in especially
1.1
favorable condition.
Except very locally, there was practically no precipitation, and the
moisture situation remains as of last week. It continues extremely dry
In most parts of the western Plains and on the eastern slopes of the Rocky
Mountain States, with complaints of dustiness in a number of places,
especially in Nebraska and northeastern New Mexico: in eastern New
Mexico the range continues the poorest of record. Throughout the Mississippi Valley there is abundant soil moisture, and most sections to the
eastward have sufficient for present needs.al
SMALL GRAINS—The most important features of the week's weather as
affecting winter grains were the recession of the snow cover over many
central sections and the change to more moderate temperatures.
In the Ohio Valley the snow cover is largely gone and the ice blanket
in the western part melted; wheat is still apparently good, although some
detrimental effects of heaving were noted in central and western sections.
In Iowa the sleet and ice cover also has diminished considerably, while
in Missouri the melting of the snow and sleet revealed wheat in satisfactory
shape, with some greening noted the last few days. Conditions in the
week, with
Great Plains area have not changed appreciably from last the western
winter wheat mostly fair in the eastern part and very poor in
where extremely dry conditions continue. In Texas most wheat is recovering
from the effects of the recent low temperatures, but much of the oat crop
was totally destroyed.
The snow cover was largely removed from the lower levels in Montana,
with thawing and freezing hard on wheat in the eastern part. In most
from
of the northwest winter grains are satisfactory and in the northeastinjury
Maryland northward, an ample snow cover still prevails. Some
from the previous cold was noted in the southeast, butimost winter grains
are in good shape there.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 8 1935.
While improved weather conditions in the local area
brought a slight upturn in retail sales, comparisors with
last year continued to make a poor showing with the still
prevailing traffic hindrances, the effects of the recently
imposed sales tax and the general restraint caused by the
pending decision on the ,„old clause cases, constituting the
main deterrent factors. The bulk of the demand again
centered in' winter merchandise, and inventories of these
goods both in retailers' and wholesalers' hands were reported
Feb. 9 1935
to be sharply diminished and requiring urgent replenishing.
Other sections of the country, particularly in the Middle
West and the southwest continued to report moderate gains
in sales volume as compared with last year. In the metropolitan district a decrease for January against last year of
about 3% was anticipated while out-of-town stores are
expected to show gains ranging from 2 to 8%. One large
chain store organization reported a decrease in sales from
January 1934 of 5.4%,compared with a gain of 6.9% shown
in December.
Trading in the wholesale dry goods markets, in a growing
measure, reflected the less favorable results shown by retail
establishments, with merchants curtailing their buying
activities even in lines such as ready-to-wear merchandise
which heretofore had been the scene of some animation.
While unfavorable weather conditions and the lateness of
Easter were partly held resopnsible, it was commonly
admitted that the uncertainty caused by the pending decision
on the gold clause cases had a good deal to do with the
caution shown by buyers in all lines. Despite the paucity of
buying orders no real weakness appeared in the more important lines although it was conceded that if the present
uncertainty is prolonged, a general easing of the price
structure may be looked for. Business in silk goods continued
quiet, with most of the buying coming from the retail piece
goods departments rather than the garment trade. Chief
interest again centered in taffetas. Price advances of 5 to
10c. a pound were made by individual throwsters. Trading
in rayon yarns showed a distinct falling-off as compared
with the activity prevailing during the recent past. While
some of the larger producers are reported to have sold about
half of their March output, others do not seem to be in such
a fortunate position although, in view of the spurtbin sales
preceding the present lull, the condition of the industry as a
whole is still considered quite promising with virtually the
entire February output having been absorbed by buyers.
Domestic Cotton Goods—Trading in print cloths continued listless, with the uncertainty over the pending gold
clause decision again proving the chief hindrance to a
revival of activities. Prices, however, held fairly steady
as the majority of mills showed little inclination to meet the
demands of buyers for concessions. Meanwhile, the movement of finished goods was reported to hold up relatively
well resulting in an accumulation of uncovered requirements
by converters which,in the event of a favorable gold decision,
might lead to a rush for goods. Tobacco cloths were in fairly
active demand at steady prices, and there was some scattered
buying of narrow sheetings. Business in fine goods was
quiet, and occasional transactions came to light where
slight price concessions had been made. Deterrent factors
were the nervousness over the gold decision and the disappointment over the failure of the recent curtailment proposals to make any headway. Closing prices in print cloths
8
5
were as follows: 39-inch 80s,9 to 93/c.; 39-inch 72-76s,8%0.;
39-inch 68-72s, 734 to 7Mc.; 3834-inch 64-60s, 634 to 6Mo.;
/
3834-inch 60-48s, 5 9-16 to 558c.
Woolen Goods—While new business in men's wear fabrics
was restricted, owing to the general caution displayed in all
markets caused by the pending gold decision, mills were
kept busy on existing orders, and there appeared no desire
on the part of buyers to ask for cancellations or deferred
shipments. Quick deliveries continued to be difficult to
obtain. Overcoatings again met with active demand.
Orders received by clothing manufacturers were less numerous than heretofore, probably due to the fact that spring
needs of merchants have been covered rather extensively
and also owing to the somewhat less active movement of
*goods in retail channels. Business in women's wear fabrics
likewise was less spirited, largely as a result of the slower
flow of merchandise in wholesale and retail centres. Mill
operations, however, are well sustained, because of the
substantial orders placed previously.
Foreign Dry Goods—Trading in linens shared the fate
of most other markets being adversely affected by the uncertainty surrounding the coming gold clause decision.
While transactions in both the suitings and household
divisions were small, prices held steady reflecting the continued firmness of the foreign markets. Burlap prices ruled
a shade higher, in consequence of slightly better Calcutta
cables. A moderate business in spot goods was transacted
but shipments attracted little attention. A restraining influence was the prevailing nervousness over the gold question.
Domestically lightweights were quoted at 4.50c., heavies
at 6.150.
Volume 140
Financial Chronicle
999
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
MUNICIPAL BOND SALES IN JANUARY
Continuance during January of the favorable conditions
which prevailed throughout the year 1934 for the sale of
State and municipal bonds resulted in the disposition of new
issues in the past month aggregating $96,492,689. Although
awards in December amounted to $121,826,239, the total
for that month was augmented considerably by the sale of
such issues as $42,900,000 by New York City and $22,300,000
by the Chicago School District, Ill. The uncertainty in the
money and investment markets created during January by
the pending decision of the United States Supreme Court
in the gold clause litigation also contributed to some extent
to the decline in volume of municipal financing in the past
month as compared with the total sales in December. The
awards of State and municipal bonds in January 1934 totaled
only $55,071,204.
Among the larger issues of municipal bonds sold during
the month just ended were $10,500,000 by Newark, N. J.,
$10,000,000 by the State of New Jersey and $9,175,000 by
Allegheny County, Pa. In addition, the Reconstruction
Finance Corporation contributed heavily to the January
bond sales total of $96,492,689, having made public award
of more than $5,000,000 of municipal bonds which had
originally been acquired by the Public Works Administration. The sales included an issue of $2,987,000 New York
City bonds.
The outlook for further improvement in the municipal
bond market appears very promising, particularly in view
of the constantly increasing taxes being levied on incomes
by the Federal, State and local governments. The taxexemption privileges enjoyed by municipal liens add considerably to their attractiveness as investments. It should
be noted, however, that there is a strong possibility that the
subject of elimination of the tax-exempt feature from future
issues of Federal, State and local government bonds will be
considered at the present session of Congress. Both President Roosevelt and Secretary of the Treasury Henry Morgenthau are reported to be in favor of the move. V. 140,
p.666. Still another factor which is unquestionably enhancing the demand for municipal bonds is maintenance of the
restrictions placed on new corporate financing by the onerous
provisions of the Federal Securities Act. This has served to
virtually leave the entire field of profitable investment of
funds to the obligations of States and municipalities.
The issues of $1,000,000 or more sold publicly during
January are shown herewith:
$10,500,000 Newark, N. J., bonds, of which $3,000,000 were sold at
competitive bidding and $7,500,000 accepted by banks in
exchange for a like amount of temporary obligations of the
city held by them. The block of $3.000,000. due serially
from 1936 to 1950. incl., was purchased by Lehman Bros. of
New York and associates at a price of 98.10, a basis of about
4.02%. Reoffered on a yield basis of from 2% to 4%, according to maturity.
10,000,000 New Jersey (State of) 234% emergency reliefbonds, due
11,250,000 each year from 1936 to 1943, incl., awarded to a
syndicate headed by Lehman Bros. of New York at 100.76,
a basis of about 2.32%. Reoffered for public investment
to yield from 0.60% to 2.50%, according to maturity.
9,175,000 Allegheny County, Pa., 2;(% bonds, including $7.298,000
sold to the Union Trust Co. of Pittsburgh and associates at
101.26, a basis of about 2.55%. and 11,877,000 purchased by
the Union Trust Co., bidding alone, at 100.17, a basis of about
2.73%. Seven individual issues were included in the sale,
due serially from 1936 to 1965, incl. • Public reoffering of the
$7,298,000 bonds was made at prices to yield from 0.625% to
2.50% on the maturities from 1936 to 1945, incl., while the
remaining maturities were offered at prices ranging from
101.50 for the 1946 bonds to 101 for those due from 1956 to
1965. Of the $1,877.000 bonds, a block of $1,609.000 was
priced to yield from 0.75% to 2.60% on those due from 1935
to 1944, incl., while the maturities from 1945 to 1964, incl.,
were offered at prices of 101, 100.50 and par.
5,066,000 St. Louis, Mo., bonds, comprising $3,500,000 3s, due from
1950 to 1955, incl. and $1.566,000 2Ms, due in 1951. were
awarded to a syndicate headed by Ladenburg, Thalmann &
Co. of New York at 100.18, a basis of about 2.92%. Reoffered at prices to yield 2.80% and 2.85%.
5,225,000 Jersey City, N. J., 4)4% general and school refunding bonds
were taken by the city's Sinking Fund Commission in exchange
for an equal amount of matured temporary obligations. Bonds
mature serially from 1939 to 1964, inclusive.
4,312,000 South Carolina (State of) 4)4% certificates of indebtedness
purchased by a group managed by Lehman Bros. of New York
at 101.07, a basis of about 4.14%. Reoffered to yield from
3.90% to 4.05%, according to maturities, which are from
1942 to 1953, inclusive.
3,412,000 Buffalo, N.Y.,bonds,including $3,040,000 3.40s and $372,000
4s, due serially from 1936 to 1955, incl., purchased by the
Bankers Trust Co. of New York and associates, on their
bid of 100.119 for the 3.40% bonds, a basis Met Of
and 104.529 for the 4s, or a basis of about 3.440 3.39%,
7. Reoffering of all of the bonds was made at prices to yield from
1% to 3.40%, according to interest rate and maturity.
3.200.000 Golden Gate Bridge and Highway District, Calif.. 4%
bonds, sold to Blyth & Clo., Inc., of San Francisco, and associates, at 102.65, a basis of about 4.57%. Due serially from
1942 to 1971, incl., and offered for general investment on a
yield basis offrom 3.75% to 4.45%. depending on maturity.
2,987,000 New York, N. Y., 4% bonds, maturing serially from 1935 to
1949, incl., were sold by the Reconstruction Finance Corporation to Haligarten & Co. of New York and associates, at
102.34. a basis of about 2.95%. Reoffered at prices to yield
from 0.50% to 3.75%, according to due date.
2,750,000 Erie County, N. Y., 3.40% bonds awarded to a syndicate
under the leadership of Halsey, Stuart & Co.. Inc., of New
York at 100.30, a basis of about 3.32%. Due serially from
1936 to 1945,incl., and priced to investors to yield from 1.50%
to 3.40%.
2,250,000 Massachusetts (State of) 2)4% water bonds, due $75,000 each
year from 1936 to 1975. incl., sold to a group headed by
Kidder, Peabody & Co. of New York at 100.869, a basis of
about 2.43%. Offered for general investment to yield from
0.35% to 2.50%, according to maturity.
2,000.000 Delaware River Joint Commission, N. J., 43(% bonds, maturing serially from 1938 to 1973, incl., sold to Graham,
Parsons & Co. of Philadelphia and others, at 108.27, a basis
of about 3.75%. Bonds are callable on any interest payment
date on and after Sept. 1 1943 at a price of 105 and accrued
Interest. Reoffered to yield from 2.25% to 3.80%; yield to
callable date on the 1944 to 1973 maturities is 3.50%.
2,000,000 New Mexico (State of) 3.60% refunding bonds reported sold
at par to a syndicate of seven investment houses. Due over
a period of 16 years.
1,945,000 Utah (State of) deficit bonds purchased by the State Board of
Loan Commissioners. Additional details not yet available.
1,829,000 Kearny, N. J., bonds, comprising $1,429,000 4Ms due from
1938 to 1952, incl., and $400,000 4s, maturing from 1936 to
1940, incl., purchased by a syndicate headed by Blyth & Co..
Inc., of New York.
1,500,000 Texas (State of) bonds, comprising $651.000 3s, due from
1938 to 1940, incl., $479,000 334s, due from 1935 to 1937. and
$370,000 2Ns, maturing $180.000 in 1942 and $190,000 in
1943, sold to the Mercantile Commerce Bank & Trust Co. of
St. Louis and associates, at 100.016, the net interest cost to
the State being about 2.95%.
1,200.000 Passaic, N. J., 4ji% bonds, due serially from 1935 to 1951.
incl., sold privately to Blyth & Co., Inc., of New York and
associates.
1,078,000 Columbus, Ohio. 4% bonds, sold by the RFC to Brown
Harriman & Co., Inc., of New York and others at a price of
105.41, a basis of about 3.26%. Due serially from 1940 to
1949. incl., and reoffered at prices to yield from 2.75% to
3.25%, depending on maturity.
1.050,000 San Francisco, Calif., 4% bonds sold to a syndicate headed by
the Bankamerica Co. of San Francisco at 103.62, a basis of
about 3.59%. Due serially from 1935 to 1963, incl.
1.000,000 West Virginia (State of) bonds, including $600,000 38 and
6400,000 2fis, due $40,000 each year from 1935 to 1959, incl.,
awarded to Gertler & Co. of New York at 100.013, a basis of
about 2,74%. Reoffered at prices to yield from 0.50% to
2.85% on the 3% bonds and at a price of par for the 2Ms.
Although the market for State and municipal bonds was
of an extremely favorable nature during January, a number
of municipalities failed to dispose of their offerings. In
many of such instances no bids were submitted for the loans.
The number of issues unsuccessfully offered during January
was 13, representing bonds having an aggregate par value of
$4,924,235. They are listed herewith, together with the
page number of the "Chronicle" where an account of the
abortive offering appears; also the rate of interest named by
the prospective borrower, amount of the loan and the reason
given for the non-sale:
Page
Name
lid. Rate
Amount
Report
341 aAnn Arbor, Mich$3465_
45,000 Bide rejected
668 bBainbridge, Ohio
24,000 Bide unopened
343 Dennison, Ohio
14,500 No bids
5g%
830 Deschutes Co. S. D. No. 1,
Ore
not exc.6%
45,000 Sale postponed
503 Grayling, Mich
4%
37,300 No bids
833 Merrill, Wis
31.500 Bids rejected
505 Moore, Mont
not exc. 5%
c.
6,500 No bids
833 cMorris, Mimi
188,000 Sale enjoined
672 North Bend, Ore
g%
67,500 No bids
672 dOradell, N. J
not exc. 5%
300.000 Reoffered
347 °Summit County. Ohio
x
500,000 Bide rejected
348 f Toledo, Ohio
3,287,000 No bids
4)4%
836 Willoughby, Ohio
77,935 No bids
5%
a Issue was sold later to the Public Works Administration. b Offers
were unopened due to court proceedings against the issue. c Sale of the
issue, which is for a municipal utility plant, was enjoined by the local power
company. d New sale was held on Feb. 4; result is given on a subsequent
page of this section. •At a reoffering held on Feb. 1 the bonds were sold.
Details of award appear on a later page. f Bonds will be exchanged in
accordance with refunding plan arranged some time ago. x Rate ofinterest
was optional with the bidder.
Temporary loans negotiated by States and municipalities
during the month of January aggregated $141,812,000.
This figure includes $33,000,000 contributed by the City of
New York and $60,000,000 by the State of New York.
Continuance of easy money rates, particularly for credits
of short duration, resulted in the sale in the past month of an
unusually large number of municipal loans. The bulk of
these represented issues of New England municipalities.
Financial Chronicle
1000
The demand for investments of that character has reduced
the cost of such financing to States and municipalities to
levels heretofore untouched.
The outstanding feature of the Canadian municipal bond
market in January concerned the announcements by several
large cities of their intention to take action toward lowering
current principal and interest charges on outstanding debts.
The most important of these units is the City of Vancouver,
British Columbia, whose intention in that regard attracted
the most attention due to the size of its indebtedness and the
nature of the relief sought. This provides for a reduction of
50% in interest rates on all existing loans. Mayor McGeer
has called a meeting of holders of bonds and registered stock
of the city to be held in Vancouver on Feb. 11 for the purpose of discussing the proposed reduction-V. 140, p. 836.
Other large municipalities that propose to obtain concessions
of one form or another from bondholders are the cities of
New Westminster, B. C., and Verdun, Que.
Canadian municipal bond financing during the past
month aggregated $34,172,600, of which $20,000,000 was
contributed by the Province of Ontario and $13,730,000 by
the Province of Quebec. The borrowing by Ontario consisted of the sale of 2.25% Treasury notes due Jan. 31 1937
-V. 140, p. 676. The Provto a group of Canadian banks
vince of Quebec likewise negotiated its financing in Canada,
having sold $13,720,000 23/% five-year bonds to a syndicate
headed by the Bank of Montreal and the Banque Canadienne
Nationale-V. 140, p. 508.
During January the Reconstruction Finance Corporation
sold $158,000 4% Maui County, Hawaii, bonds to Dean
Witter & Co. of San Francisco, and $200,000 4% Hawaii
County, Hawaii, bonds to ($100,000 each) Heller, Bruce &
Co. of San Francisco, and Lowry Sweney,Inc., of Columbus.
In addition, the Government of Puerto Rico made public
award of $75,000 4),4% bonds to the Huntington National
Bank of Columbus, Ohio. These represented the first
United States Possession loans to be sold publicly since
December 1933.
Below we furnish a comparison of all the various forms of
municipal obligations sold in January during the last five
years:
January
1935
1934
1933
1932
1931
$
$
$
$
$
Perm.loans(U.5.).- 96,492,689 55,071,204 35,834,606 138,248,064 50,648,907
*Temp. loans(U. 5.) 141,812,000 130,363.200 47,293,039 111,071,967 75,051,000
3,000,000
None 4,300,000
500,000
Can'dlan Ens (temp.)
Can'dian l'ns(perm.):
None 40,817,849 19,332,400 46,163,836 22.126,114
Placed in Canada.
None 12,000,000
None
None
Placed in U. S.__ 34,172,600
None
None
None
None
433,000
Bonds U.S.Posses'ns
273.410.289 226.242.253 106,760,045 295,483,867 162,826,021
Tnisd
* Includes temporary securities issued by New York CI y-$33,000,000 in 1935.
$56,672,200 In 1934, $17,000,000 in 1933, $55,350,000 In 1932 and 1.30,000,000
In 1931.
The number of municipalities in the United States emitting
permanent bonds and the number of separate issues made
during January 1935 were 241 and 296, respectively. This
contrasts with 130 and 154 in January 1934.
For comparative purposes, we add the following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of years. It will be
observed that the 1933 and 1931 January disposals were
the smallest of any year since 1919.
1935
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
$96,492,689 1920
55,071,204 1919
35,834,606 1918
a138,248,064 1917
50,648,907 1916
109,842,814 1915
75,710,723 1914
100,343,627 1913
206,877,975 1912
70,366,623 1911
135,536,122 1910
99,625,470 1909
96,995.609 1908
108.587,199 1907
87050 550 1906
$53,529,891 1905
25,090,625 1904
24.060,118 1903
40,073,081 1902
650,176,099 1901
34,303,088 1900
c84,603.094 1899
30,414.439 1898
25,265,749 1897
d78,510.274 1896
16,319,478 1895
29,318,403 1894
10,942,068 1893
10,160,146
8,307,582
$8,436,253
23,843,801
15,141,796
10,915,845
9,240,864
20,374,320
6,075,957
8,147,893
10,405,776
6,507,721
10,332,101
7,072,267
5,438,577
-year notes. b Includes $25,000,000
a Includes $100,000,000 New York City 3 to 5
New York State bonds. c Includes $51,000,000 New York State bonds. d Includes 560,000,000 New York City corporate stock.
In the following table we give a list of January 1935 loans
in the amount of $96,492,689, issued by 241 municipalities. In the case of each loan reference is made to the
page in the "Chronicle" where accounts of the sale are given.
Page
340
828
341
666
666
828
1004
500
Name
Ada School District, Ohio
Ada School District, Okla
AIWA Ind. S. D., Iowa
Allegheny Co., Pa.(5 issues)
Allegheny Co.,Pa.(2 issues)
Anniston, Ala
Ardmore, Okla
Ashland, Ky
Rate
4
4
4
214
234
5
4
Amount
Maturity
6,109
1935-1940
42,000
1938-1958
23,000
1937-1952
1936-1965 7,298,000
1936-1964 1,877,000
200,000
1935-1962
34,000
19,089
Price
100
100.002
95.37
101.26
100.17
95.65
100
Basis
1.65
4.68
2.55
2.73
5.40
4.00
Feb. 9 1935
Amount
Price
Page
Rate Maturity
Name
1935-1962
33,000 101.39
829 Ashland, Ky
4
44,800 100.05
666 Attica, N. Y
3.40 1936-1955
1936-1958
92,000 100.65
341 Battle Creek, Mich
4
1936-1953
100,000 102.82
829 Bayless Con. S. D., Mo
4
341 Belmont Co., Ohio
25,000 100.22
23( 1935-1938
1941-1945 r103,000 101.02
666 Beloit, Wis
3
15,000 100.50
341 Benton Co.S. D.No.16, Wash
411
1935-1941
7,000 100
341 Bergenfield, N. J
5
1936-1947
42,000 103.51
341 Bernardsville, N. J
4
341 Birmingham, Ala
750,000 95.60
416 1938-1965
45,000 101.31
501 Bloomfield, Conn
216 1936-1944
1948-1953
829 Brentwood S D., Mo
4
43,000 103.02
1935-1953
57,000 100.10
341 Brighton 8. D. No, 1, N.Y
4
829 Buchanan, N.Y
1935-1959
74.000 101.40
4
29,000
667 Buchanan Co., Iowa
234
667 Buffalo, N. Y.(2 issues)
3.40 1936-1955 3,040,000 100.11
1935-1954
372,000 104.52
667 Buffalo, N.Y
4
1938-1943
341 Buffalo, N. Y
4
200,000 105
20,000 106.34
451 1935-1941
829 Burlington, Wis
341 Butler Co., Ohio
37,500 100.34
216 1935-1938
341 Butternuts, Unadilla S.D.No.1,
1935-1964
99,000 101.40
N.Y
341 Cambridge, Mass
100,000 100.59
2.16 1936-1945
501 Cambridge. Ohio
19,000 100
1935-1940
89,000 100
168 Campbell S. D., Ohio
5
501 Camp Hills. D., Pa
311 1943-1951
32,000 101.21
501 Carroll Co., Ohio
5,400 100.20
315 1935-1938
1936-1942
667 Cedar Rapids, Iowa
20,000 100.45
3
667 Center TwD., Ind
171,800
354 1-13 years
342 Charlotte, N. C.(2 issues)
1937-1951 r250,000 100.01
4
342 Charlotte, N. C.(2 issues)
313 1952-1956 r125,000 100.01
162,000 100.16
501 Chenango Co.. N. Y.(2 issues) 2.40 1936-1944
342 Cherokees. D., Okla
1937-1953
4
25,000 100.05
829 Chickasha S. D., Okla
1937-1958
4
65,000 100.61
168 Cincinnati, Ohio (2 issues)
3
1936-1947 7882,000 10(,
168 Clinton Co., Iowa
50.000 101.62
351
830 Clinton Co., Iowa
1940-1947
67,000 100
3
830 Columbia Co., N. Y.(2 issues)....2.60 1937-1945
100,000 100.10
830 Columbus, Ohio
675,000 100.50
316 1943-1958
830 Columbus Ohio
351 1954-1958
128,000 100.50
502 Columbus, Ga
1936-1965
4
38,500 108
668 Columbus, Ohio
23 Sept. 1936
,
4
80,000 100.10
342 Columbus, Ohio
1940-1949 1,078,000 105.41
4
830 Columbus, Neb
216
24,000 100.19
502 Commerce S. D., Okla
5
5-20 years
12.000 100
342 Coraopolis S. D., Pa
316 1938-1945
40,000 100.69
342
'
415 1937-1945
13,000 102.16
830 Coshocton Co., Ohio
251 1935-1938
25,300 100.31
830 Covert, Ovid & Lodi S.D.4,N.Y.314; 1935-1964
187,000 100.15
668 Cumberland, Md
4
1955-1958
100,000 107.85
830 Creston, Iowa
5
1955
40,000 100
668 Dayton, Ohio
6
1937-1941
25,000 100
830 Dayton, Ohio
411 1936-1941
52,000 103.56
830 Decatur County, Iowa
20,916
342 Deer Park Sch. District, Ohlo__4
68,000
830 Defiance. Ohio
1940-1944
750,000 100.27
668 Delaware River Jt. Comm., N.J.',
I
1938-1973 2,000,000 108.27
502 Dennison. Ohio
516
r14,500 100
343 Denton Co. Rural Dist. No.3,Tex434 1936-1949 r750,000
830 De Ruyter, Georgetown, &c. Sch.
District No. 1, N. Y
4
1937-1962
102,000 102.25
668 Des Moines, County,Iowa
216
82,000 100
668 Hover, N.li
261 1936-1944
67,500 101.73
668 Dubuque County, Iowa
4
1937-1942
61,000 100
830 Durham, N. C
1937-1971
4
280.000 102.84
169 Durham County, N.C
1935-1958
4
115,000 101.43
343 East Windsor, Conn
214 1936-1949
80,000 101.11
002 Elmsford, N. Y
531 1939-1956
90,000 100
169 Erie County, N. Y.(2 issues)__3.40 1936-1945 2,750,000 100.79
343 Evanston III
4
1936-1943
77,000 104 44
830 Fayette County, Ill
416 1936-1950
75,000 101.33
502 Fayette County, Ohio
23'( 1935-1938
17,000 100.14
343 Fayetteville, N C
4
26,000 100.06
831 Floyd County, Iowa
4
1936-1945
24,300 100
669 Fort Dodge. Iowa
3
1936-1944
34,000 100.09
831 Franklin County, N. C
5
1936-1955
142,000 100.70
831 Fremont, Neb
254-3
r90,000
669 Fulton, N. Y
351 1936-1945
768,000 100.02
831 Galveston, Tex
1940-1948
5
63,000 100.18
503 Garfield School District, Ga
1935-1954
5
10,000 95
831 Golden Gate Bridge & Highway
District, Calif
414 1942-1971 3,200,000 102.65
831 Goodhue Ind. Sch. Dist. No. 152,
Minn
1935-1963
4
43,500 103.08
343 Grady County, Okla
4
1937-1953
135,000 100.55
170 Grandville, Mich
5
5,000 100
831 Granite School District, Utah_ _311 11-12 yrs. r240,000
831 Granite School District, Utah.
...434 13-20 yrs. r200,000
831 Greater Greenville Sewer District.
S. C
4
r117,000 100
669 Greenfield, Mass
251 1936-1955
80,000 100.83
831 Greenburgh, N.Y
1935-1950
4
225,000 103.08
343 Green Isle, Minn
415 1935-1954
9,600
503 Guernsey County, Ohio
1935-1938
3
9,500 100.71
343 Hamilton, Ohio
4
1951-1964
294,000 108.70
831 Hancock Place Sch. Dist., Mo 4
1939-1953
87,000 103.44
503 Harlowton, Mont
1950
6
12.000 100
831 Harrison County, Iowa
40,000
831 Hastings on Hudson, N.Y
1935-1948
14,000 100.52
4
170 Hattiesburg. Miss
r83,100
511 1935-1959
503 Haverford Township, Pa
216 1944-1955 7200,000 100.39
831 Haverstraw Sea Dist. No.3. N.Y-4
1936-1939
4,000 100
344 Henrico Co. San. Dist. No. 2, Va.4
1935-1953
46,000 100.34
503 Hoboken, N. J
6
1938
100,000
669 Hocking County, Ohio
254 1935-1938
8,200 100.13
170 Holdredge. Neb
10 years
311
r44.000 99.66
669 Huron County, Ohio
216 1937-1938
10,000 100.32
344 Iowa Falls Ind. Sch. Dist., Iovra 316 1934-1953
40,000 100.77
832 Ironton, Ohio
1938-1943
5
712,200 100.23
832 Irvington, N. J
545,000 99.07
314 1939-1949
344 Irvington, N. Y
4
1935-1948
34,000 102.03
670 Jackson Con. S. D., Ga
12,000 100
832 Jackson County, Iowa
316 1938-1941
720,000 100
832 Jackson County, Iowa
316 1943-1945
18,000 100
344 Jay, Keene, Chesterfield, &e., Sch.
District No. 1, N. Y
4
1935-1952
166.000 98.85
670 Jefferson City, Mo
3
763,000 100.40
670 Jerome,Ida
1937-1950
r20,000 100
832 Jersey City, N. J.(3 issues)-..,__. 416 1939-1964 75.225,000 100
3
670 Johnson County, Iowa
10,000
504 Johnstown School District,Pa---416 1936-1941
250,000 100.05
504 Kansas City Kan
1-10 yrs.
254
53,693
504 Knox County, Tenn
416
1955 r100,000 100
832 Kahoka, Mo
4
1935-1954
24,000 101.11
670 Kansas City, Mo.(4 issues)
216 1937-1946
400,000 100.13
670 Kansas City, Mo.(2 issues)
2
1937-1941
50,000 100.50
832 Kearny N. J
4/1 1938-1952 1,429,000
832 Kearny, N. J
4
1936-1940
400,000
504 Laguna High Bch. Dist., Callf.....5
5,000
344 Lake County, Ohio
231 1935-1938
10,800 100.03
832 Laurence County, Iowa
1935-1938
4
9,600 100
832 Lehi, Utah
1-20 yrs.
29,000
832 Lima, Ohio
6
1936-1940
34,500 100
670 Lockport, N. Y
4
1936-1944
25,000 100.21
670 Louisa County,Iowa
216 1939-1942
14,900 100.17
344 Lucas County, Ohio
416 1940-1950
r82,000 100.46
832 McPherson, Kan
4
1938-1940 3160,000 100.50
344 Madawaska, Me
4
1935-1954
63,000 100.88
504 Madison Co., Tenn
416
167,000 100.07
832 Malta McConellsville S. D.,0-4
1936-1960
50,000 100.68
344 Mansfield, Ohio
216 1936-1940
75,000 100.21
504 Marion Co., Ind
216 1936-1939
715,000 100.02
345 Marion Co., Ohio
216 1935-1938
14,500 100.31
3
832 Marshall Co.. Iowa
1936-1938
30,000 100
345 Marydell Con. S. D., Miss
4,800
Basis
3.88
3.39
3.93
3.70
2.17
2.86
1:65
3.42
4.89
2.47
2.74
3.98
3.84
3.39
3.44
3.04
2.93
2.04
3.88
2.37
1:65
3.14
3.40
2.94
3.85
3.85
2.36
3.99
3.93
3.00
1755
2.58
3.41
3.41
3.23
2.18
3.26
1:66
3.38
3.30
2.04
3.74
3.40
5.00
6.00
2.87
4.21
3.75
5.50
3.79
2.75
1:66
3.80
3.85
2.62
5.50
3.09
2.95
4.32
2.18
4:66
2.98
4.92
4.60
5.65
4.67
3.71
3.94
5.00
4.00
2.66
3.59
3.45
3.68
6.00
3.92
2 46
.
4.00
3.96
3.79
3.15
4.96
3.86
3.69
3.50
3.50
4.16
4.25
4.50
4.
I:86
3.87
2.66
1.87
2.23
4.00
6.00
3.95
2.47
4.40
3.73
3.88
1:5i
2.43
2.24
2.31
3.00
Volume 140
Page
833
833
671
505
345
505
833
345
833
345
345
345
671
505
833
505
505
345
345
833
672
833
345
346
Price
100.86
103.63
100.80
100
105.10
101.70
100.62
Basis
2.43
3.65
2.87
6.00
3.81
2.79
2.83
100
100
100.30
100
101.69
100.67
103.49
4.00
3.50
2.38
5.00
3.40
4.07
3.61
98.10
102
100176
100
100
102.34
100.49
4.02
4.59
2.32
3.60
3.75
2.95
2.95
101.70
4.26
100
100.58
100.72
100
4.50
2.36
4.65
6.00
100
100
4.00
4.00
104.32
101.01
100.08
100.20
100
3.25
4.11
"4- '
.
101.77
3.62
100
100
101.17
100.02
106.87
100
100
100
100.63
100.18
100.18
100.14
100.41
100.41
109.31
104.26
3.00
5.00
3.20
3.24
155
100.77
100
100.01
100.01
2.93
4.50
3.2
2.42
2.42
2.97
3.06
3.06
3.69
3.47
6.00
2.07
5.00
3.99
2.79
100.76
100.18
100.18
100.18
100.31
100.09
103.62
3.92
2.92
2.92
2.71
5.96
2.21
3.59
100.51
2.94
100.77
100.73
100.22
101.62
101.24
101.07
100.13
100.03
100.24
101.57
100.07
103.43
100
100.01
100.01
100.01
100
107.41
100.23
100.40
100.28
2.81
3.42
3.97
3.83
100.09
102.27
111.87
100
109.08
:c.ii
2.95
2.10
3.85
2.20
2.37
5.00
2.95
2.95
2.95
5.00
3.95
2.18
4.45
2.08
3.83
- 755
2
4.00
4.21
100.24
103.50
2.13
3.04
100
105.09
103.19
96.72
100.01
100.01
100.29
100
2.50
3.63
3.64
4.16
2.79
2.79
2.65
3.50
106.37
3.19
100
100
100.17
3.12
5.00
2.14
100
100.58
1.50
3.94
d Subject to call in and during the earlier years and to mature in the later years.
k Not including $33,000,000 temporary loans or Reconstruction Finance Corporation
municipal loans. r Refunding bonds.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found. (No such eliminations
during January.)
We have also learned of the following additional sales
for previous months:
1001
Financial Chronicle
Name
Rate
Maturity
Amount
Massachusetts (State of)
2) 1936-1975 2,250,000
Mecklenburg Co., N. C
4
1936-1959
350,000
Medford, Moss
3
1936-1950
40,000
Miami Twp. S. D., Ohio
6
1936-1940
9,046
Midway, Pa
1942-1946
5,000
41
Milford, Mass
3
1936-1955
179,000
Minneapolis, Minn. (3 issues)__2.90 1936-1955
675,000
Mississippi Co. S. D. No. 1, Ark 4
r19,000
Monett, Mo
4
1935-1954
40,000
Monroe Co., Ohio
32,600
334
Morgan Co., Ohio
2% 1935-1938
17,000
Mortals S. D. No.5, N. Y
5
1936-1944
8,500
Mount Pleasant Twp. S. D., Pa_ .3Si 1936-1945
30,000
Muskegon S. D., Mich
4X 1939-1952
r25,000
Muskogee, Okla
117,000
4
1939-1953
Newark, N..7
7.500,000
Newark, N. J
35 1936-1950 3,000,000
New Carlisle, Ohio
5
1936-1945
6,000
New Jersey (State of)
2.12 1936-1943 10,000,000
New Mexico (State of)
3.60 1-16 years r2,000,000
New Washington, Ohio
3( 1936-1950
7,500
New York City
4
1935-1949 2,987,000
Niagara Falls, N. Y
3
1943-1952
176,000
Niles City & Twp. S. D. No. 1,
4)( 1939-1950
Mich
61,000
834 Norfolk S. D., Neb
3
1936-1940
r50,000
834 Norfolk S. D., Neb
1940-1950 rd175,000
33
672 Northwood, Iowa
434 1936-1944
12.887
505 Norwood, Ohio
2Si 1936-1941
18,625
672 Oakwood, Ohio
43.4 1940-1948
r62,997
1936-1940
834 Ogden, Utah
6
5,900
834 Olney, Ill
12,000
53. 1935-1946
834 Orange, N. J
4
1936-1949
697.000
346 Osakis, Minn
4
1935-1947
8,500
346 Oskaloosa, Iowa
183,000
4
834 Ossining, N. Y
1935-1947
73,000
505 Oswego, Kan
4M 1936-1950
15,000
834 Ottawa Co., Ohio
27,000
P4 1935-1936
234 1935-1938
834 Ottawa Co., Ohio
6,200
43% 1936-1937
172 Owosso, Mich
40,000
672 Pasadena City H. S. D..
Calif
3X 1938-1955
375,000
4x 1935-1951 1,200,000
346 Passaic, N. J
346 Philadelphia S. D., Pa
3
1935-1965
100.000
834 Port Angeles, Wash
5
2-16 years
55,000
834 Port Chester, N. Y
4
1935-1938
37,000
3X 1938-1945
506 Port Jervis, N. Y
95,000
506 Portland, Ore
6
3-5 years d151,639
23i 1936-1940
673 Pottsville, Pa
87,000
673 Pottsville, Pa
3
1946-1955
180,000
834 Princeton S. D., N. J
434
30,000
506 Prospect Park, Pa
3M
1955
35,000
2M 1936-1955
506 Quincy, Mass
100,000
506 Quincy. Mass.(2 issues)
134 1936-1940
125,000
3
1936-1945
673 Ramsey County, Minn
600,000
834 Rensselaer County, N. Y
3.10 1936-1955 r300,000
834 Rensselaer County, N. Y
3.10 1936-1960
220,000
347 Ridgway. Pa
4% 1939-1964
25.000
834 Ritenour Con, Sch. Dist., Mo.._ 4
1936-1952
39,000
674 Rochelle, Ill
4(4 1938-1946
d67.500
506 Rock Island S. D. No.41, III
215 1936-1940 1280,000
,
674 Rocky River, Ohio
5
r210,410
834 Sabina School District. Ohio-- 4
1935-1957
123,000
674 St. Lawrence County, N. Y
2.80 1944-1949
65,000
835 St. L01119 Co. Con,Sch. Dist., No.
1. Mo
4
1937-1953
47,000
507 St. Louis, Mo
3
1950-1955 r3,500,000
507 St. LOUIS, Mo
2M
1951 1,566,000
674 St. Paul, Minn
2X 1936-1945
300,000
674 Salem, Ohio
6
1938-1944
r78,369
676 Sandusky County, Ohio
2(4 1935-1938
9,800
674 San Francisco, Calif. (2 issues)_4
1935-1963 1,050,000
173 Sapulpa, Okla
5
1938-1954
135,000
507 Saratoga Springs, N.Y
3
1936-1954
250,000
675 Saunders Co. S. D. No. 72, Neb_3M 1940-1950
rd90,000
173 Scarsdale, N. Y
2.90 1936-1955
100,000
347 Shaler Township, Pa. (2 issues)..-354 1936-1957
290,000
835 Sharon Springs, N. J
4
1935-1952
30,000
835 Sioux Falls S. Dak
4
1936-1953
22,000
675 Southbury, Conn
2(4 1936-1947
65,000
173 South Carolina (State of)
4X 1932-1953 4,312,000
507 Stamford, Conn
3
1936-1955
40,000
173 Stanly County, N. C
3
30,000
347 Stark County. Ohio
23.( 1935-1938
107,200
347 Stockton Port District, Calif
4
1936-1957
155,000
347 Summit County, Ohio
2M 1935-1938
131,500
507 Taylor County, Wis
4
1936-1937
50.000
348 Teaneck Township, N. J
5
1935-1939
3.000
835 Texas (State of)
3X 1935-1937
479,000
835 Texas (State of)
3
1938-1941
651,000
835 Texas (State of)
2M 1942-1943
370,000
507 Thurston Co.S. D.No.319, Wash.5
1946
20,000
174 Tionesta, Pa
4X 1940-1955
7,500
507 Trumbull County, Ohio
2M 1935-1938
58,700
4% 1936-1950
835 Tupelo, Miss
20,000
835 Tuscarawas County, Ohio
2(4 1935-1938
17,000
835 University Heights, Ohio
r527,700
836 Upper Arlington, Ohio
1937-1941
22,000
836 Utbana Sch. Dist, No. 11, N. Y...4
1936-1957
84,800
675 Utah (State of)
1.945.000
4
836 Utica, N.Y
1944-1948
130.000
4
836 Versailles, Ohio
11,000
508 Vincennes, Ind
5
1951
r17,500
836 Wapakoneta, Ohio
8.000
348 Warren Co., Ohio
23( 1935-1938
22,700
508 Washington, Pa
3(4 1936-1945
50,000
4M
836 Wayne Co., Iowa
71.609
4M
508 Weld Co. S. D. No.80. Colo
r39,000
2X
348 Willmar, Minn
150
45,000
4% 1936-1946
348 Wilmette, Ill
58,000
4
1935-1954
836 Windsor S. D., Mo
36,000
3M 1936-1955
450,000
676 West Orange, N J
3
1935-1950
600,000
676 West Virginia (State of)
231 1951-1957
400.000
676 West Virginia (State of)
200,000
676 Westchester Co., N. Y.(2 issues).23( 1936-1940
334 1936-1944
45,000
676 White Plains, N. Y
4
1935-1954
125,000
836 West Allis, Wis
4
1940-1947
550,000
836 Westchester Co., N. Y
4n 1935-1944
508 West Mayfield S. D.,Pa
7,000
35,000
836 Williamson Co., Tenn.(2 issues)...3 X 1940-1945
5
1935-1942
30,000
508 Woodcliff Park, N,.2
234 1936-1938
10,500
348 Wood Co., Ohio
1X
1936
28,000
508 Wyandotte. Mich
2
1937
20,000
508 Wyandotte, Mich
1937
134
50,000
836 Wyandotte, Mich
1938-1951
35,000
508 Yam hill Co.S. D.No.29, Ore_ _ _ A
5
157,000
508 Yuma, Colo
Total bond sales for January (241 municipalities. cov8896,492,689
ering 296 separate issues)
Page
Name
Rate
Maturity
341 Akron, Ohio
4
167 Aloion, Pa
1936-1950
341 Amity Twp., Pa
434 1938-1943
341 Andover, Ohio
4
1936-1941
4
500 Arcata, Calif
1940-1964
5
500 Arcata, Calif
1935-1939
168 Beatrice, Neb
3(4 1936-1950
168 Bergenfield, N. J
43i
168 Berlin, Pa
3X 1940-1947
168 Berlin, Pa
334 1940-1947
341 Brighton, Vt
4
1935-1954
414 1936-1947
168 Brush Valley Twp.S. D.,Pa
4.X 1939-1946
341 Burns, Kan
501 Clinton Co., Iowa
3h
169 Crawford Co.. Ohio
3
1935-1938
4
1936-1939
169 Duluth, Minn
4
502 Elyria, Ohio
4(4 1936-1951
169 Exeter S. D., Pa
170 Garfield Heights, Ohio
5
1936-1945
503 Glassboro, N. J
4
503 Hebron, Neb. (Oct.)
4
170 Jefferson School District, Calif___4
1935-1959
170 Kenesaw, Neb
344 Kittson County School District
No. 75, Minn.(Nov.)
4% 1937-1954
1935-1954
505 Mississippi Co. S. D. No. 1, Ark_ _4
4
1947-1950
345 Nampa, Ida
1936-1958
346 Oakwood City, Ohio
6
172 Ottawa, Ohio
5
1936-1949
834 Redfield, S. Dak
4% 1935-1942
173 Rucker School District, Calif
1936-1957
347 Saltsburg School District, Pa
4
1935-1939
6
347 Stevens Point, Wis. (Nov.)
Amount
30,000
30,000
11,000
8,500
75,000
15,000
7172,000
175,000
7,000
1,000
29,000
9,000
13,000
50,000
8,400
150,000
15.000
36,000
r5,102
283,000
r28,000
80,000
8,000
rd29,000
r18,000
d30,000
r23,178
18,500
15,000
8,000
35,000
Price
Basis
100
100
100
4.00
4.50
4.00
100.25
100.20
101.16
100
100.23
101.62
100
-- 83
3
.
4.50
4.72
1.50
102.64
100
100
5.00
4.00
101.58
3.85
100
100
100
103.33
4.50
4.00
4.00
100
100
5.00
4.50
10,000
All of the above sales (except as indicated) are for December 1934. These additional December issues will make
the total sales (not including temporary or RFC loans) for
that month $121,826,239.
UNITED STATES POSSESSION BONDS SOLD IN JANUARY
Amount
Price Basis
Maturity
Rate
Page
Name
3.89
1935-1945
200,000 100.50
4
1006 Hawaii Co., Hawaii
3.88
158,000 101.34
4
1938-1961
345 Maul County, Hawaii
3.48
1974
76,000 106.50
4X
834 Puerto Rico (Government of)
BONDS SOLD BY CANADIAN MUNICIPALITIES IN JANUARY
Price Basis
Amount
Rate
Maturity
Page
Name
4.63
98.73
77.000
4X
1-30 yrs.
676 Grand Mere, Qua
175.000 100.08
1-15 yrs.
3
508 Halifax, N. S
95.29
150,000
334
30 yeai
508 Halifax, N. S
99
17,000
10 years
3
508 Halifax, N. D
2.25 Jan 31 '37 20000000
676 Ontario (Province of)
2.33
5 years 13730000 100.78
234
508 Quebec (Province of)
23.600
98.77
5.14
1-20 yrs.
5
174 St. Anne De Bellevue, Que
1 year .500.000
434
836 Saskatchewan (province of)
Total long-term Canadian debentures sold in January _ _$34,172,600
•Temporary loan: not included in total for month.
Note-Additional December awards: 8316,364 Brantford, Out., p. 348. and
$92,000 Lincoln County, Ont., p. 348.
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. 1213
The changing of three allotments from loans and grants to grants only
was announced to-day by Public Works Administrator Harold L. Ickes.
These changes released $156,400 for reallotment. The changes were requested by recipients of allotments who have notified PWA that they have
sold their bonds privately and will not need PWA loans. A total of $57,695,216 released by several hundred such changes has been reallotted to
expand the public works program.
The following allotments were changed to-day:
-Docket 3528: Loan and grant of $92,700 for
Albuquerque, N. M.
Improvements to the water system changed to a grant of $15,000.
Scarsdale, N. Y.
-Docket 4364: Loan and grant of $74,000 for sewer
construction changed to a grant of $21,000.
-Loan and grant of $58,500 allotted to Cabarrus
Kannapolis, N. C.
County for a new high school building in Kannapolls changed to a grant of
$32,800.
Release No. 1214
Increases in 22 previously awarded non-Federal allotments were announced to-day by Public Works Administrator Harold L. Ickes. The
Increases total $159.330.
Allotments for the following projects have been increased:
Guth, Ala.
-Docket 569: Loan and grant of $79,000 for water and sewer
systems increased to $83,000 because contracts awarded show that the
projects will cost more than originally estimated.
Richford. Vt.-Docket 827: Loan and grant of $80,000 for a dam and
water supply line increased to $87,000 because of increased costs.
Newark, N. J.
-Docket 1146: Grant of $27,100 for improving the municiral airport increased to $40,100 to enable the city to do more work.
The additional improvements provided for by the increase awarded to-day
include installation of a field radio system, telephone extensions, electrical
service alterations and repaving an old runway.
Newton, Mass.
-Docket 1581: Grant of $41,700 for an addition to the
Park Street School, Newton Corner. increased to $61,300 to cover increased costs and to include certain additional work not provided for In
the original allotment.
Newton, Mass.
-Docket 1586: Grant of $69,600 for a new school building in Newtonville increased to $93,450 to cover increased costs of construction and to include cost of furniture and equipment not provided for in the
original allotment.
Cumberland, Md.-Docket 1609: Grant of $78,000 for sewer construction increased to $121,000 because of increased costs and additional work.
Glenwood Springs, Colo.
-Docket 1977: Grant of $8,300 allotted to
Garfield County for a hospital building in Glenwood Springs increased to
$9,700 to cover increased costs.
Lewis County, Wash.
-Docket 2407: Grant of $1,000 for relocating a
bridge increased to $1,550 to cover increased costs.
-Docket 2493: Loan and grant of $54,000 for imPort Lavaca, Texas
proving the water system increased to $56.000 because of increased costs.
San Buenaventura. Calif.
-Docket 2647: Grant of $5,100 allotted to the
San Buenaventura Elementary School District of Ventura County for repairing a school building increased to $7,200 because of increased costs.
-Docket 2925: Grant of $13.500 for a school building
McPherson. Kan.
increased to $13.800 because of increased costs.
Sioux City, Iowa
-Docket 3061: Grant of $162.000 for a new school
building increased to $167,700 because of increased costs.
Brattleboro. Vt.-Docket 3122: Grant of $4,000 for road construction
increased to $5,200 because of increased costs ant, additional wont.
1002
Financial Chronicle
Pine Bluff. Ark.
-Docket 3479: Loan and grant of $65,000 allotted to the
State Agricultural, Mechanical and Normal School at Pine Bluff for a
gymnasium and eight faculty residences increased to $79,500 because of
increased costs and additional work.
Tallahatchie County, Miss.
-Docket 3900: Loan and grant of $16,000
allotted to Cascilla Consolidated School Distric., for a school building increased to $17,250 because of increased costs.
1.4 Jefferson, Mo.-Docket 4936: Grant of $1.700 for sewer construction
increased to $2,450 to cover increased costs and additional work.
Pierce County, Wash.
-Docket 5168: Grant of $7,600 for road construction word increased to $9,800 because of increased costs.
Brentwood, Mo.-Docket 5775: Loan and grant of $43,400 for a city hall
building increased to $47,600 because of increased costs.
Cape KLizabeth, Me.
-Docket 5942: Grant of $1,500 for a fire station
increased to $1.850 because of increased costs.
Greensboro, N. C.
-Docket 6118: Grant of $31,400 allotted to the
University of North Carolina for a new building increased to $39,600 because
ofincreased costs.
Delaware County, Pa.
-Docket 6847: Grant of $14,600 allotted to the
School District of the Township of Nether Providence for an addition to
the.high school building increased to $18,200 because of increased costs and
additional work.
Woodford County. Ill.
-Docket 8302: Grant of $3,600 allotted to School
District No. 115 increased to $4.180 because of increased costs.
Release No. 1215
Reductions in three non-Federal allotments were announced to-day by
Public Works Administrator Harold L.Ickes. The reductions total $88,000.
Allotments for the following projects were reduced:
Waukegan, Ill.
-Docket 8144: Grant of $274.000 allotted to the North
Shore Sanitary District for construction of intercepting sewers and a sewage
treatment play,. at Waukegan, and an outfall sewer and sewage treatment
plant at Winthrop reduced to $238.000 because the district has revised its
plans.
Roseville. Calif.
-Docket 8352: Grant of $55,000 for waterworks improvements reduced to $19,000 because the city has revised its plans.
Onaga, Kan.
-Docket 8629: Loan and grant of $24,000 for improving
the water system reduced to $18,000 because the city has revised its plans.
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, &c. It has been
our custom to publish these under their separate headings
whenever reported, but for the sake of convenient reference
we have gathered together the following latest reports issued
from Washington.
The following are the latest announcements received:
Release No. 1216
Revocation of 18 allotments totaling $2,129,000 previously' awarded to
municipalities for local public improvements was announced to-day by
Public Works Administrator Harold L. Ickes.
The following allotments were rescinded:
Youngstown, 0.
-Docket 1072: Loan and grant of $106,000 for repairing
the Milton Dam across the Mahoning River rescinded because the city has
not complied with the terms of the bond contract and grant agreement
covering the allotment. The city contracted to issue general obligation
bonds payable from unlimited taxation to secure the PWA loan. These
bonds have not been issued nor has the necessary election required to authorize issuance been called. The city has offered bonds payable from
limited taxation as security for the loan. Based on the information furnished
by the city, it is the opinion of the PWA Finance Division that the bonds
offered do not constitute the reasonable security required by the Public
Works Act. The Finance Division has requested the city to furnish additional inforniation, but it has not been furnished. Because of the failure of
the city to fulfill the terms of its contract and its failure to co-operate with
PWA by furnishing information which might justify a revision of the
contract, the allotment is rescinded.
Youngstown, 0.
-Docket 1425: Loan and grant of $175,000 for storm
sewer construction rescinded for the same reason as Docket No. 1072.
Butte, Mont.
-Docket 1694: Loan and grant of $800,000 allotted to
School District No. 1 of Silver Bow County for a new high school building in
Butte rescinded because oflocal efforts to prevent issuance of bonds through
court action. The allotment was made on Nov. 23 1933.
Hopkinton, Iowa-Docket 1795: Grant of $7,500 for paving work rescinded because the town has abandoned the project.
Max, N. Dak.-Docket 2184: Loan and grant of $3,500 for a municipal
building rescinded at the request of the village.
Davis, Co., Utah-Docket 2484: Loan and grant of $15,400 for road improvement rescinded because the bond issue was defeated.
Lewisville. Ark.
-Docket 2599: Loan and grant of $14,000 for improving
the water system rescinded at the request of the town.
Nederland, Tex.
-Docket 3986: Loan of $8,000 allotted to the Nederland
Utilities Corporation for improving its water plant rescinded at the request
of the company.
Soldier Summit, Utah-Docket 4672: Loan and grant of $30,000 for
Improving the water system rescinded because of local court action which
may prevent construction of the proposed improvements.
Marbury. Ala.
-Docket 4685: Loan and grant of $10,000 allotted to
the Board of Education of Autauga County for a new school building in
Marbury rescinded at the request of the applicant.
Corinth, N. Y.
-Docket 5072: Loan and grant of $225,000 for a new
high school building rescinded at the request of the applicant, Union Free
School District No. 7.
Marion, Ind.
-Docket 5203: Loan and grant of $221,000 for improving
the water system rescinded at the request of the city.
Roanoke, Ill.
-Docket 5367: Grant of $19,000 for a sewage treatment
plant rescinded because the town has not executed and returned the bond
contract and grant agreement sent out on Oct. 27.
Monroeville, Ohio-Docket 5712: Loan and grant of $32,000 for improving the water system rescinded at the request of the village.
North Chicago, Ill.
-Loan and grant of $382.000 for a power plant and
distribution system rescinded because the election to authorize issuance of
bonds has not been held.
Watseka, Ill.
-Docket 6907: Loan and grant of $62,000 for a gas plant
rescinded on advice from the city that title to the necessary property cannot
be obtained.
Laclede. Mo.-Docket 6083: Loan and grant of $14,000 for an electric
distribution system rescinded because the city has not executed and returned
the loan and grant contract sent out on Nov. 8.
Ingleside, Neb.-Docket 8239: Grant of $4600 allotted to the Nebraska
State Board of Control for a dormitory building at the State Hospital for
the Insane at Ingleside rescinded at the request of the Board of Control.
NEWS ITEMS.
Alabama-Refunding of Bonded Debt Contemplated-According to recent news dispatches from Montgomery a bill
has been approved by the Senate Committee on Finance and
Taxation, which would authorize Governor Bibb Graves to
refund the bonded debt of the State, estimated at from
$60,000,000 to $80,000,000, and is said to be scheduled for
early action by the Senate. The bill as approved by the
Committee is reported to direst the Governor to refund
"all or any part" of the debt at an interest rate of not more
than 432%. Members of the Committee are said to have
expressed the belief that the debt might be refunded at not
more than 4% interest.
Astoria Ore.
-Complete Financial Reports Issued-It is
announced by the Baker, Fordyce, Harpham Co. of Port'
Feb. 9 1935
OHIO and MICHIGAN
Cities-Towns-Counties-School Districts
Bought
-Sold-Quoted
Gearhart St Lichtenstein
99 Wall Street, New York
A.T.& T.Teletype-New York-1-852 Tel. WHitehall 4-3325
lltalILLILLMMLIWARD
land, that a new report has just been compiled on the City
and the Port of Astoria, thus bringing down to date a report
which they issued in 1934. Complete statistics on financial
condition are given, and attached to the report is a copy of
an article appearing in a recent issue of the "Weekly Astorian," which includes articles of agreement between the
City of Astoria Commission and the City of Astoria Bondholders' Committee.
Indiana-Gross Income and Intangibles Tax Laws Upheld
-We quote in part as follows from the Indianapolis "News"
of Jan. 29, regarding a decision of far-reaching interest
handed down on that date by the State Supreme Court,
in ruling on cases involving two State taxes:
Constitutionality of the gross income and intangibles tax laws was upheld
Tuesday by the Indiana Supreme Court.
The decision upholding the gross income tax was in a case brought by
J. Harry Miles and Frank L. Moore, Indianapolis realtors, in the Marion
County Superior Court, Room 5. The suit was a friendly one by real
estate groups intended to bring the constitutionality of the tax law to a
full test.
The decision in the income tax case, in which the Court was unanimous,
was written by Judge Michael Fansler, Logansport.
Judge James P. Hughes, Greencastle, wrote the prevailing opinion in
the intangibles tax case decision. Judge Curtis W. Roll, Kokomo, and
Judge Fansler dissented from this finding and will file dissenting opinions
later. Judge Walter E. Treanor, Bloomington, while agreeing with the
result reached in this case, did not agree with the method of arriving at
It. He, too, will submit a separate opinion later.
Sales Tax Not Barred
Late Monday Philip Lutz Jr., Attorney-General, had made public an
opinion to Clarence A. Jackson, Administrator of the State gross income
tax division, holding that the State Constitution did not bar enactment
of a sales tax as there was no specific bar against such tax. The power
to tax, he said, lies in the Legislature. The opinion, it was disclosed, was
dated Jan. 22, but had not been made public before.
"The act as a whole is clear and we see no reason why it is not workable," said the Court opinion in the gross income tax case. "The suggestion that it is so vague as to be impossible of interpretation and therefore
unconstitutional does not appeal to us as worthy of serious consideration.
There are numerous provisions for the operation and enforcement of the act.
"It may develop that some of these need construction or interpretation,
as is the case with a comprehensive tax law, but, as we see it, could not
conceivably require that the entire act be held unconstitutional.'
Los Angeles, Calif.
-Improvement Shown in Financial
Condition-In contrast with many other large cities, the
above city has steadily improved its financial position
throughout the past five years, has met all debt service
payments promptly without resort to short-term financing
and without registering its warrants, and at the same time
has set a unique record in tax reduction. The city also has
reduced its cost of operation from $33,361,074 in the year
1928-29 to $18,873,339 in the year 1934-35, or a decrease of
$14,487,735. These facts are revealed in an analysis by
R.H.Moulton & Co., municipal bond dealers in the preparation of which they are said to have been assisted by the
municipal authorities.
Assessed valuation of taxable property in the city has been
reduced approximately $752,000,000, or 42% from that of
the peak year, 1929-30. Tax collections in the city over
the past five years have never fallen below 87.72% (1932-33),
and for the year 1933-34 have recovered to 89.66%, as compared with 95.42% in 1929-30. A similar improvement is
indicated in the survey for the County of Los Angeles.
Municipal Bonds
-Outlook During 1935-A booklet has
been issued recently by Gertler & Co.; municipal bond
dealers of New York,giving the views of Donald D. Mackey,
economist of that company, regarding the prospect for
municipal credit during this year. In this comprehensive
survey of conditions calculated to affect the municipal bond
market in 1935, Mr. Mackey lays proper stress upon the
fact that continuance of low money rates will do much for
municipal credit. He cites several refunding plans that have
been adopted under the encouragement of a bond market
made relatively stable by low money rates, and that with
the "prevalence of cheap money, municipalities which were
forced to incur unwieldy floating debts will be able to fund
such debts on terms that will not be perennially onerous."
Nebraska-Proposal to Bl oaden Mortgage Moratorium
Before Legislature
-On Jan. 31 the legislators took under
consideration the problem of extending and broadening the
mortgage moratorium. It is stated in the Omaha "Bee" of
Feb. 1 that the House was to act on a proposal to broaden
the moratorium covering notes and contracts on which real
estate mortgages are based. Representative Cone is said
to have argued for this provision on the ground that the
moratorium is evaded through suits on notes instead of
foreclosure actions. Other legislators are reported to be
seeking the elimination of the Cone plan for fear that the last
shreds of constitutional authority by which the moratorium
act is justified might be torn away and the moratorium
invalidated.
New York State -Governor Signs Mortgage Aid Bill
Governor Herbert H. Lehman signed on Feb. 5 the Joseph
bill creating a mortgage commission of three members,
according to Albany advises. This commission will he
Volume 140
vested with broad powers and will be authorized to take
over all certified guaranteed mortgage issues from the
Superintendents of Banks and Insurance and seek to rehabilitate the property underlying the investments. The bill, for
which the Governor had fought strenously for the last year,
was passed by the Legislature on Jan. 30—V. 140, p. 827.
It is said that the Governor does not expect to appoint the
commission for some days. He is understood to have a
number of men under consideration, but has not yet weighed
his decision on the job, which involves a great deal of
responsibility. According to report, the commission would
be empowered to borrow money from Federal and other
agencies and loan it on the certificates.
Legislature Passes New York City Bills Easing "Bankers'
Pact"—The Assembly passed and sent to Governor Lehman
for his signature on Feb. 5 the Dunnigan bill modifying the
so-called New York City bankers' agreement, it is said in a
United Press dispatch from the Capital on the 5th. The
bill as approved required the city to set aside $16,000,000
reserve against delinquent taxes in this year's budget. This
is less than the $25,000,000 required under the law as
amended last summer but more than the $11,000,000 which
Mayor La Guardia provided in the budget in anticipation of
a change.
The Assembly is said to have also approved another Dunnigan bill authorizing New York City to set up the additional
$5,000,000 in its budget as a reserve against tax delinquencies.
Mastick Report Cites Need for Reorganization—Large-scale
revision of the State Constitution and laws, involving
various constitutional amendments and 55 proposals which
can be enacted by the Legislature, was recommended to the
Legislature on Feb. 6 to permit the reorganization of local
government for the purpose of economy, in a report by the
New York State Commission for the Revision of the Tax
Laws, headed by former State Senator Seabury C. Mastic*.
The Commission had been acting under instructions to
explore the possibilities of local reform in connection with the
constitutional amendment on reform of county government,
which will be up before the voters at the next general election.
The Commission is said to have found that, after the economies of recent years and in consideration of the increased
responsibilities of government, the only prospect of preventing an increase of the tax load is in reorganization.
Temporary Emergency Relief Bill Advanced—The Wicks bill,
continuing for another year the Temporary Emergency
Relief Administration, was passed on Feb. 6 by the Senate
under pressure of an emergency message from Governor
Lehman, and forwarded to the Assembly, according to news
dispatches from Albany. The bill increases the membership
of the administration from five to six, with a new provision
that at least one shall be a member of the State Board of
Social Welfare. Another added provision requires that the
Commissioner of Social Welfare shall attend the meetings
of the administration and participate in its discussions
and deliberations, without the right of voting.
Budget and Tax Bills Reported Out—While the Republican
members of the Legislature protested in vain against the
steamroller tactics employed by the Democrats, Governor
Lehman's entire fiscal program, including the $294,000,000
budget and the emergency tax bills, was reported out by
committees of the Senate and Assembly on Feb. 6, and it is
said that they will be ready for adoption very shortly.
Bill to Safeguard New York City Sinking Funds Proposed—
Under the provisions of a bill introduced in the Legislature
on Feb. 5 by Senator Joseph Clark Baldwin 3d, and
.
Assemblyman .Abbott Low Moffat, Republicans of New
York, the city would be compelled to purchase its own
securities at market prices "so as to safeguard the sinking
fund of the city from paper manipulation." It is felt by
Senator Baldwin that in the past the city has failed to create
and maintain a market for its own securities, thus resulting
in the loss of much money.
North Dakota—Governor Moodie Ruled Ineligible by State
Supreme Court—The State Supreme Court on Feb. 2 ruled
Governor Thomas H. Moodie, Democrat, who took office
on Jan. 7, is not qualified to hold that office. The ruling
came in proceedings instituted by Attorney-General P. 0.
Sathre, who questioned Governor Moodie's right to hold
office on the ground that he had not lived in the State five
consecutive years before election, as required by the State
Constitution. An Associated Press dispatch from Bismarck
on Feb. 2 reported in part as follows on the ouster proceedings:
The Governor admitted he had voted in Minnesota in 1930, while temporarily employed on a newspaper there, but contended it was not his
Intention to give up his North Dakota citizenship.
Mr. Moodie is the second Governor to be removed by the Supreme Court
In a seven-month period. William Langer was removed last June after
his conviction of conspiracy to solicit political contributions from workers
paid with Federal relief funds.
Lieutenant Governor Walter Welford, affiliated with the Nonpartisan
League, apparently will become Chief Executive. the State's fourth in seven
months. Ole Olson, then Lieutenant Governor, succeeded Mr. Langer.
Mr. Moodie, second Democrat to be elected Governor in the history of
the normally Republican State, quickly accepted the Court's decision and
called on citizens to co-operate with Mr. Welford.
Oklahoma—Governor Signs Cigarette Tax Bill—It is
reported in an Associated Press dispatch from Oklahoma
City on Feb. 5 that Governor Marland on that day had
signed a House Administration bill providing a tax of 3 cents
a package of 20 cigarettes. It is said that collections will
begin on March 7.
1003
Financial Chronicle
Port of New York Authority—Comparative Study of
Earnings Prepared—Consolidated statement of the Port of
New York Authority bridges and tunnel shows an increase of
$512,098, or 5.08% in gross income for last year over 1933
and a resulting increase of $421,525, or 5.24% in the amount
available for interest and reserves, according to a comparative study of earnings for the last three years by Van Alstyne,
Noel &
Inc. Consolidated gross income for 1934
amounted to $10,581,115, as compared with $10,069,017 in
Co.,
1933 and $10,203,862 in 1932, while balance for interest and
reserves of $8,467,441 compared with $8,045,916 in 1933 and
$8,066,544 in 1932. Operating expenses for 1934 showed a
slight increase over 1933 but the net for sinking and reserve
funds last year rose $163,275. Interest was earned 1.61
times.
In commenting on the results of the year 1934, Van Alstyne, Noel & Co.,
Inc., says, "The increase in gross income of the bridges and tunnel during
1934 over 1933, compared with a slight decrease in 1933 over 1932, would
appear to indicate that the bottom of the traffic depression has been reached
and that the Trans-Hudson vehicular movement has resumed its upward
trend which was interrupted for the first time in 1933."
New Jersey House Authorizes Inquiry—The New York
"Herald Tribune" of Feb. 6 carried a Trenton dispatch to
the effect that on the previous day the New Jersey Assembly
authorized an investigation into the affairs of the above
Authority by a committee of five members and adopted a
resolution requesting the co-operation of the New York
Assembly in the proposed inquiry. It is said that the committee will be named shortly. The Attorney General's
office will be asked to furnish legal assistance as no money
is to be spent in the investigation.
The resolution is said to have been adopted by a count of
29 to 20, with the Democratic minority opposing the inquiry
on the ground that it was a fishing expedition, unjustified by
any charges of irregularities and calculated to impair favorable prices for the forthcoming $52,000,000 bond issue—
(See item on subsequent page).
Utah—Child Labor Amendment Signed-22d State to
Ratify—Action by the House of Representatives on Jan. 31,
giving concurrence to approval by the Senate, made Utah
the 22d State to approve the child labor amendment to the
Federal Constitution, according to press dispatches of that
date. To become a legally ratified amendment, the proposal
still needs approval by 14 more States.
It is also stated that the State Affairs Committee of the
Kansas House, has recommended against ratification.
Virginia—Financial Statistics on Counties Compiled—The
Richmond Corp., of Richmond, recently compiled certain
financial information relative to the counties in this State,
of which there are 100. The cities in Virginia are separate
political subdivisions from the counties in which they are
located and the property in the cities is not included in the
assessed values of such counties nor is it subject to county
taxation. All taxes on real estate and on tangible personal
property are segregated to the cities and counties for taxation
and are not subject to State taxation. It is stated that the
basis of assessment varies with the different counties but
probably would average around 50% of real values.
Among the financial statistics presented in this compilation, are: Assessed values subject to local taxation in 1933;
long term indebtedness as of June 30 1934; the tax levy of
1933, and the delinquency as of June 16 1934.
WE WANT OFFERINGS
STATE AND MUNICIPAL BONDS
Arkansas, Louisiana & Mississippi
Edward D. Jones 84 Co.
member,113t. Louis Stock Exchange
INew York Curb Exchange (Assoc.)
ST.LOUIS,MO,
Boatmen's Bank Bldg.
OFFERINGS WANTED
Arkansas-1111nols—MIssourI—Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. 811 CO.
ESTABLISHED 1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
BOND PROPOSALS AND NEGOTIATIONS
ADAMSTOWN, Lancaster County, Pa.—BOND SALE—The M3.000
4% coupon fire department apparatus bonds offered on Jan. 31—V. 140,
p. 340—were awarded to J. C. Arnold,local investor, at a price of 102.269.
a basis of about 3.30%. Dated Jan. 1 1935 and due $1,000 on Jan. 1 from
1936 to 1941 incl. This issue was approved by the Pennsylvania Department of Internal Affairs on Feb. 1. Other bidders were:
Rate Bid
Bidder—
101.12
Ephrata National Bank
Reamstown Exchange Bank
100.40
Graham, Parsons & Co
101.00
Peoples-Pittsburgh Trust Co
101.27
Leach Bros., Inc
100.13
ALBANY, Albany County, N. Y.—ADDITIONAL INFORMATION
—The provisions of the bill now pending in the State Legislature empowering the city to refund $1,000,000 of 1933 principal maturities do not apply
to bonds Issued for revenue deficiency and welfare purposes. Surplus
revenues that may accrue in 1935 as a result of the refinancing would be
used to reduce the tax levy for operating purposes in 1936.
1004
Financial Chronicle
AKRON,Summit County, Ohio
-BOND OFFERING-Ross F. Walker,
Director of Finance, will receive sealed bids until 12 in. on Feb. 25 for the
purchase of $2,249,432.77 44% refunding bonds, divided as follows:
$920,450.89 bonds. One bond for $450.89, others for $1,000. Due Oct. 1
as follows: $92,450.89 in 1939 and $92,000 from 1940 to 1948
incl.
592.485.88 bonds. One bond for $485.88, others for $1,000. Due Oct. 1
as follows: $118,485.88, 1939; $118,000 in 1940 and 1941, and
$119,000 in 1942 and 1943.
584,360.00 bonds. One bond for $360, others for $1,000. Due Oct. 1 as
follows: $116,360 in 1939 and 8117,000 from 1940 to 1943 incl.
152,136.00 bonds. One bond for $136, others for $1,000. Due Oct. 1 a
follows: $30.136, 1939; $30,000, 1940 and 1941, and $31,000
In 1942 and 1943.
Each issue is dated Oct. 1 1934. Bonds are callable in whole or in part
on Oct. 1 1939 or on any interest payment date thereafter. Principal and
interest (A. & 0.) payable at the office of the Director of Finance. Coupon
bonds, registerable as to principal only or may be exchanged for registered
bonds. Bids for the bonds to him' interest at a rate other than 4,14%, expressed in a multiple of 4 of 1%, will also be considered. A certified check
for 2% of the bonds bid for, payable to the order of the Director of Finance,
must accompany each proposal. Bids to be made subject to validity of the
obligations; legal opinion to be furnished by the successful bidder.
ALBANY COUNTY (P. 0. Albany), N. Y.
-PROPOSED REFUNDING
-A bill authorizing the county to refund $700,000 bonds maturing in
1935 has been introduced in the State Assembly.
-BOND SALE
PFALBURTIS, Lehigh County, Pa.
-The $19,950 water
bonds offered on Feb. 4-V. 140, p. 500
-were awarded as 4s to Singer,
Deane & Scribner of Pittsburgh at a price of 102.25, a basis of about 3.73%.
Dated Dec. 30 1934. One bond for $450, others for $500. Due two bonds
annually over a period of 20 years.
ALLEGHENY COUNTY HOME POOR DISTRICT (P. 0. Pittsburhg), Pa.
-The Pennsylvania Department of
-BONDS APPROVED
Internal Affairs on Jan. 29 approved an issue of $1,609,000 hospital building bonds.
-BOND SALE
ALLIANCE, Stark County, Ohio
-The $227,592.56
-were awarded
coupon refunding bonds offered on Jan. 31-V. 140, p. 500
as follows:
8132,400.00 bonds outside the tax limitation sold to Fox, Einhorn & CO,
of Cincinnati as 5s, at par plus a premium of $383.83, equal to
100.289, a basis of about 4.94%. Due Oct. 15 as follows:
812,400, 1938; $13,000, 1939 to 1944, incl., and $14,000 from
1945 to 1947, inclusive.
95,192.56 bonds inside the tax limitation, sold to the Provident Savings
Bank & Trust Co. of Cincinnati as fa. at par plus a premium
of $95.19, equal to 100.09, a basis of about 5.98%. Due
Oct. 15 as follows: $9,192.56 in 1938; $9,000, 1939 to 1942.
incl.. and $10,000 from 1943 to 1947, incl.
Each issue is dated Oct. 15 1934. Four bids were submitted for the
bonds.
AMHERST SCHOOL DISTRICT NO. 11 (P. 0. Williamsville) Erie
-At an election held on Jan. 18 a
-BONDS VOTED
County, N. Y.
proposal to issue $10,000 school building bonds carried by a vote of 40 to 2.
ANDERSON SCHOOL CITY, Madison County, Ind.
-BONDS AUTHORIZED
-An issue of 2150.000 bonds has been authorized for sale.
ANDERSON SCHOOL DISTRICT NO. 17(P. 0. Anderson), Ander-PROPOSED BOND ELECTION
son County, S. C.
-It is stated by the
Superintendent of Schools that an election will be held some time in March
on the proposed issuance of $100,000 in junior high school building bonds.
ANNE ARUNDEL COUNTY(P.O. Annapolis), Md.-BOND SALE
The 318,000 5% coupon Fair Haven Taxing and Assessment District bonds
unsuccessfully offered last November-V. 139. p. 3506
-were sold on Jan.
15 at a price of par to Stein Bros. & Boyce of Baltimore. Dated Nov. 1
1934 and due Nov. 1 as follows: $2,000 from 1935 to 1937, incl., and $1.000
from 1938 to 1949, incl. Legality approved by Niles, Barton, Morrow &
Yost of Baltimore.
ANSONIA, New Haven County, Conn.
-PROPOSED BOND ISSUE
City will present a bill to the General Assembly seeking authority to issue
bonds to the amount of $250,000 for construction of a new high school.
ARDMORE, Carter County, Okla.
-BOND SALE DETAILS
-The
$34,000 issue of 4% sewage disposal plant bonds that was purchased by
the Fir. t National Bank of Ardmore, at par
-V. 140. p. 829
-is more fully
described as follows: Coupon bonds dated Nov. 1 1934. Denomination
$500 and $1,000. Due from Nov. 1 1937 to 1959 incl. Interest payable
M. & N.
-REPORT ON PROGRESS
ARKANSAS. State of (P. 0. Little Rock)
OF BOND REFUNDING-The following report is taken from an article
appearing in the St. Louis "Globe-Democrat" of Jan. 28: "There are
now $29,000,000 (at par) of bonds on hand at Little Rock which have yet
to be refunded, and an average of $518,000 is being refunded daily. The
various securities received there up to January 23 are shown below, together
with those refunded and those remaining to be refunded, as of that date:
Highway bonds received to date
$74,690,000
Highway bonds refunded to date
60,648,000
Highway bonds on hand unrefunded
Toll bridge bonds received to date
Toll bridge bonds refunded to date
Toll bridge bonds on hand unrefunded
Road district bonds received to date
Road district bonds refunded to date
Road district bonds on hand unrefunded
$14,042,000
6,463,000
5,614,000
$849,000
:11,234,075
16,758,375
$14.475,700
-BOND ISSUANCE NOT CONATHENS, Henderson County, Tex.
TEMPLATED-In connection with the $64,000 water revenue bonds that
were scheduled to come up for a vote on Aug. 14-V. 139, p. 2235
-it is
reported by the Mayor that the bonds will not be submitted as the project
has been definitely abandoned. (An allotment of $90,000 has been approved by the Public Works Administration.)
-PAYMENT OF DEBARBERTON, Summit County', Ohio
FAULTED BONDS
-Glenn A. Peters, City Solicitor, under data of Feb. 7
informed us as follows: "This Is to advise that The City of Barberton is
now ready to pay, in cash, all bonds which have been issued by the city and
have heretofore matured. Interest will be paid to Feb. 5 1935. If you
or any of your clients hold city bonds please send same to The First Central
Trust Company, Barberton, Ohio, for collection."
-The $2,752,000
-BOND SALE
BAYONNE, Hudson County, N. J.
-were awarded
coupon or registered bonds offered on Feb.8-V. 140, p. 829
to a syndicate composed of the Chemical Bank & Trust Co., E. H. Rollins
& Sons, Dick & Merle-Smith, Mercantile Commerce Bank & Trust Co.,
St. Louis; Eldredge & Co., Manufacturers & Traders Trust Co., Buffalo;
H. L. Allen & Co. and M. F. Schlater & Co., Inc., as follows:
$1,952.000_general refunding bonds sold as 44s, at a price of 101.02. a
basis of about 4.12%. Dated Dec. 15 1934 and due Dec. 15
as follows: $150,000 from 1939 to 1950 incl. and $152,000 in
1951.
$800,000-tax revenue bonds sold as 3.40s, at a price of 100.001, a basis
of about 3.399%. Dated Feb. 1 1935 and due Aug. 1 as follows:
$260,000, 1936: $265,000 in 1937 and $275,000 in 1938.
"- The bankers re-offered the bonds for public investment at prices to yield
from 3.50% to 4.05%. Phelps, Fenn & Co. and associates bid for the
$1,952,000 issue as 44s,at a price of 101, and offered 100.31 for the $800,000
Issue as 45. The Bancamerica-Blair Corp. and associates bid 100.085 for
3800.000 3.705 and 100.85 for 31.952,000 44s.
BEAUREGARD PARISH SCHOOL DISTRICT No. 6 (P. 0. De
-BONDS NOT SOLD-The $300,000 issue of not to exceed
Ridder), La.
6% semi-annual building and equipment bonds offered on Feb. 5-V. 140,
P. 341-was not sold as no bids were received. It is said that these bonds
will be offered at private sale within the next 60 days for not less than
par. Dated Jan. 1 1935. Due serially in from 1 to 10 years, on March 1
of each year.
BECCARIA TOWNSHIP SCHOOL DISTRICT (P. 0. Coalport,
-BOND SALE
-The $25.000 414%
Box 106), Clearfield County, Pa.
school bonds for which no bids were obtained last October-V. 139, p.
Feb. 9 1935
2863
-were sold later at par to Leach Bros., Inc., of Philadelphia. Dated
Sept. 15 1934. Due in 1964; optional after 5 years.
BERKS COUNTY (P. 0. Reading), Pa.
ED-LOANS AUTHORI7
County Commissioners have voted to borrow $820,000, of which $470.000
will be used to refund bonds maturing this year, while 8350,000 will consist
of tax anticipation warrants, dated Feb. 15 1935 and due July 15 1935.
BLACK HAWK COUNTY (P. 0. Waterloo), Iowa-BOND SALE
The 830,000 issue of county funding bonds offered for sale on Feb. 5V. 140, p. 829
-was awarded to W. D. Hanna & Co. of Burlington. as
24s, paying a premium of $12.00, equal to 100.04, a basis of about 2.74%.
Dated Jan. 11935. Due from 1943 to 1948.
The following is an official list of the other bids received:
Names of Other BiddersRate Premium
White-Phillips Co
24%
811
Jacicley & Co
3
260
Iowa-Des Moines Bank & Trust Co
3
265
National Bank of Waterloo
3
75
Waterloo Savings Bank
3
275
A. C. Allyn & Co
23
10
Polk. Peterson Co
3
175
Glaspell. Vieth & Duncan
3
570
Carleton D. Beh Co
3
525
BOSTON,Suffolk County, Mass.
-BORROWS $4,000,000 AT RECORD
LOW RATE
-City Treasurer John H. Dorsey made award on Feb. 6 of
$4,000,000 temporary loan notes to the Chase National Bank of New York
and associates at 0.85% interest plus a premium of $21. This is the
lowest rate the city has paid for short-term credit, the previous record low
being 0.97% on a loan of 81,000,000 running from Sept. 14 1932 to Oct. 10
1932. The successful syndicate also included R. W. Pressprich & Co.
Blyth & Co., Inc. Paine, Webber & Co. Whiting, Weeks & Knowles,
Inc. Newton, Abbe & Co., and Lee Higginson Corp. Notes are dated
Feb. 8 1935 and mature Nov. 4 1935. Re-offering is being made by the
bankers priced to yield 0.65%. Other bidders for the issue were as follows:
Halsey, Stuart & Co. Hemphill, Noyes & Co. G. M.
-P. Murphy & Co.
Darby & Co. Burr & Co., Inc. R. F. Griggs & Co., 0.87% plus $77 j3remhun. Chemical Bank & Trust and Marine Trust of Buffalo bid 0.85%
plus $7 premium. Brown Bros. Harriman Sr Co. Kidder, Peabody & Co.
First Boston Corp. F. S. Moseley & Co., 0.91% plus $60 premium. E. B.
Smith & Co. Lazard Freres & Co. Goldman, Sachs & Co. Dick & MerleSmith W. 0. Gay & Co. Hornblower & Weeks, and Washburn Frost &
Co., 1.19% plus $42 premium,
BRADLEY COUNTY (P. 0. Cleveland), Tenn.
-BOND VALIDATION SOUGHT
-It is stated that a bill has been introduced in the Legislature to valldate the 325.0004% semi-ann. jail bonds that were purchased
by the Public Works Adminisoation in Nov. 1934, at par
-V.139,p. 3024.
Dated Sept. 1 1934. Due on March and Nov. 1 from 1936 to 1960.
BRAZORIA COUNTY ROAD DISTRICT NO. 10 (P. 0. Angleton)
Tex.
-BOND ELECTION
-It is reported that an election was held on
Feb. 9 to vote on the issuance of $15,000 in road bonds.
BRIDGEPORT, Fairfield County, Conn.
-ADDITIONAL REFUNDING MEASURE IN LEGISLATURE
-In connection with the bill
empowering the city to refund $2,202,000 bonds maturing in the next two
years, introduced in the Legislature some time ago
-V. 140, p. 341-we
learn that another measure, providing for refunding of 50% of the total
outstanding indebtedness to permit adoption of a definite pay-as-you-go
policy has also been submitted for legislative consideration.
BUCHANAN COUNTY (P. 0. Independence), Iowa-BOND SALE
DETAII,S-The $29,000 funding bonds that were purchased by the WhitePhillips Co. of Davenport as 21s
-were sold at par and
-V. 140, p. 667
mature on Ja.,. 1 as follows: 37,000. 1937 to 1939, and 88,000 in 1940.
BYESVILLE, Guernsey County, Ohio
-BOND ISSUE REPORT
William Slay, Village Clerk, states that the $60,000 sewer system construction bonds voted at the primary election Aug. 14 1934 have not been
offered for sale as yet.
CATTARAUGUS COUNTY (P. 0. Salamanca), N. Y.
-BOND
SALE
-The $200,000 coupon or registered bonds offered on Feb.5-V.140,
-were awarded as 24s to Halsey, Stuart & Co., Inc., of New York
P. 667
at a price of 100.225, a basis of about 2.73%. They consisted of:
$100,000 highway improvement bonds. Due $50,000 on Feb. 15 in 1949
and 1950.
100,000 highway refunding bonds. Due Feb. 15 as follows: $5,000 from
1936 to 1947, incl., and $40,000 in 1948.
Each issue is dated Feb. 15 1935. The bankers are reoffering the bonds
for public investment at prices to yield from 0.75% to 2.65%, according to
maturity.
Financial Statement (Jan. 11935)
The assessed value of the property of said county subject to the taxing
power of the county is 867,741,125.00. The total bonded debt of said
county including said $200,000 highway and refunding bonds, but excluding
obligations of said county to be paid and retired with the proceeds of sale
of said 8200,000 bonds is $1,660,000.00 Floating debt as of Jan. 1 1935 was
$60.000. The total debt above stated does not include the debt of any othe
subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the county.
Population: 1920 Federal census, 71,323; 1930 Federal census, 72,398.
A detailed report of essential facts will be submitted to any Interested bidder.
Tax Data
Total
Uncoll'd End
Uncollected
Fiscal YearLevy
of Year
Jan. 21 1935
1933-34
3970,918.79
$13,501.01
$12,248.12
1932-33
898,784.87
28,944.75
9.984.07
1931-32
1.324,290.24
18,575.10
2.836.95
CENTERVILLE, Hickman County, Tenn.
-BONDS NOT SOLD
It is stated by the City Recorder that the $25,000 county-town municipal
building bonds approved by the voters on Nov. 30-V. 139, p. 3675
-have
not as yet been sold because the Legislature has not passed the validating
Act.
CHAPMAN SCHOOL DISTRICT NO. 80 (P. 0. Chapman), Dickin-BOND DETAILS
son County, Kan.
-The 833,000 school bonds that
were approved at the election held on Jan. 15-V. 140, p. 667
-were voted
by a count of 260 to 136.
BONDS OFFERED
-It is reported by the District Clerk that these bonds
were offered for sale on Feb. 4. The interest rate was fixed tentatively
at 34%. They mature serially in from 1 to 20 years.
CHARLESTON (P. 0. West Charleston), Orleans County, Vt.BOND OFFERING-Grace M. Spitler, Town Treasurer, will receive sealed
bids until 12 m.on Feb. 25 for the purchase of $53,0004% refunding bonds.
Dated Feb. 5 1935. Denom. $1,000. Due serially on Feb. 5 from 1936
to 1955 inclusive.
CHARLEVOIX, Charlevoix County, Mich.
-NOTE SALE
-An issue
of $7.290 6% general operating expenses notes was sold on Jan. 15 to the
Charlevoix County State Bank of Charlevoix. Dated Jan. 15 1935 and
due Oct. 1 1935. Interest payable at maturity date.
CHICAGO SANITARY DISTRICT, Cook County, III.
-DEBT
PAYMENTS
-The First National Bank of Chicago had on deposit Feb. 1
funds sufficient to cover Feb. 1 1935 interest charges on district bonds.
Coupons tendered for payment must be accompanied by certificate of
ownership, form T-1, which can be secured from Kelley, Richardson &
Co., Chicago, or the First National Bank. It is further stated that the
district made provision with the institution to make payment on Feb. 6
of 9% of the principal amount of bonds which matured between Jan. 1
1932 and June 1 1932.
CLACKAMAS COUNTY UNION HIGH SCHOOL DISTRICT No. 2
(P. 0. Oregon City), Ore.
-BONDS SOLD-The $40,000 issue of 4%
semi-annual school bonds, the award of which was indefinitely postponed
on Sept. 29-V. 139, p. 2236
-Is said to have been purchased on Dec. 1
by Atkinson. Jones & Co. of Portland at par. Dated Oct. 1 1934. Due
from Oct. 1 1936 to 1848.
CLAY COUNTY (P. 0. Spencer), Iowa-BOND SALE
-The 818,500
Issue of funding bonds offered for sale on Feb. 4-V. 140, p. 829
-was
awarded to Glaspell, Vieth & Duncan of Davenport, according to the
County Treasurer. Dated Jan. 1 1935. Due from May 1 1938 to Nov. 1
1940.
Volume 140
Financial Chronicle
1005
CLEVELAND, Cuyahoga County, Ohio
-BOND ELECTION
-At a
from unlimited taxes. Legal opinion of Clay, Dillon & Vandewater of
special election to be held on Feb. 19 the voters will be asked to approve an
New York will be furnished successful bidder.
issue of $6,000,000 deficiency bonds. A bill providing for the issue was
CORPUS CHRISTI, Nueces County, Tex.
-BOND REFUNDING
passed by the Legislature on Jan. 30, it is said-V. 140, p. 830.
PLAN
-A dispatch from Corpus Christi to the "Wall Street Journal" of
CLIFTON, Passaic County, N. J.
-At the offering
-BOND SALE
Feb. 5 reported as follows: "The city council has entered a contract
on Feb. 5 of $2,715,000 coupon or registered water bonds
-V.140, p.667
with the bondholders committee of the city for the refunding of all its outaward was made of $2,705,000 worth to a syndicate headed by Blyth & Co., - standing tax-supported bonds, exclusive of seawall and breakwater construcInc.. of New York, as 4.Vis, at a price of $2,715,820, equal to 100.40, a
tion bonds. Total amount of bonded indebtedness now is $33,166,000 in
basis of about 4.72%. The group also included Bancamerica-Blair Corp.,
principal with $59,000 in interest payments past due. The refunding
Stone & Webster & Blodget, Inc., E. H. Rollins & Sons, Inc., B. J. Van
bonds which will take up these obligations, will mature from 1935 to 1969.
Ingen & Co., Kean, Taylor & Co. Graham, Parsons & Co., George B.
The contract does not become effective until 80% of all bonds have been
Gibbons & Co., Inc., Bacon, Steven'son & Co., Roosevelt & Welgold, Inc.,
collected by the bondholders committee."
J. S. Rippel & Co., Newark; A. C. Allyn & Co., Inc., Edward Lowber
CRAIG, Moffat County, Colo.
-PROPOSED BOND REFUNDING
Stokes & Co., Minsch, Mellen & Co., Inc., H. L. Allen & Co., MacBride,
It is stated by the Town Recorder that the Board of Trustees is contemplatMiller & Co., and Adams & Mueller, both of Newark, and Van Deventer,
ing the refunding of a 1925 issue of $35,000 5% bonds, due on April 1 1940,
Spear & Co., Inc., all, unless otherwise noted, of New York City. The
and optional on April 1 1935. (A tentative report on this proposal was
bonds are dated Feb. 1 1935 and mature Feb. 1 as follows: $20,000. 1936
given in V. 140, p. 830.)
to 1940; $25.000, 1941 to 1944; $30,000, 1945 to 1948; $35,000, 1949 tot
It is also stated that the Board is considering the possibility of erecting
1951 $40,000, 1952 to 1954; $45,000. 1955 and 1956: $50,000, 1957 and
a water filtration plant system, which would involve the issuance of about
1958 $55,000, 1959 and 1960; $60,000, 1961 and 1962; $65,000, 1963 and
$7,000 or $8,000 in bonds.
1964 $70,000, 1965; $76,000, 1966 and 1967; $80,000, 1968; $85,000, 1969;
$90,000. 1970; $95,000, 1971 and 1972; $100,000, 1973; $105,000, 1974;
CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.
$110,000, 1975; $115,000, 1976; $120,000, 1977; $130,000, 1978; $135,000
BOND OFFERING-Alvan R. Denmann, Township Clerk, will receive
in 1979 and $130,000 in 1980.
sealed bids untll 8.30 p. m.on Feb.19 for the purchase of $125_,000 4%,4g%
or 43
g
coupon or registered trunk sewer bonds of 1935. Dated March 1
,
PUBLIC OFFERING MADE
-Members of the successful group made
1935. Denom. $1,000. Due $5,000 on March 1 from 1937 to 1961 incl.
public re-offering of the bonds on Feb. 7 at prices to yield, according to
Principal and interest (M. & S.) payable in lawful money of the United
maturities, as follows: 1936, 3%; 1937, 3.50%; 1938. 3.75%; 1939, 4%;
States at the Cranford Trust Co., Cranford, or, at holders' option, at the
1940, 4.10%; 941 to 1944, 4.20%; 1945 to 1949, 4.25%; 1950 to 1954.
1
Chase National Bank, New York. A certified check for 2% of the bonds
4.30%; 1955 to 1964, 4.35%, and from 1965 to 1980, incl.. 4.40% • In
bid for, payable to the order of the township, must accompany each proconnection with the issue, the bankers state as follows: "These bonds
posal. Legal opinion of Hawkins, Delafield & Longfellow of New York will
constitute, in the opinion of counsel, valid and legally binding obligations
be furnished the successful bidder.
of the city of Clifton, N. J., payable as to both principal and interest from
ad valorem taxes levied on all of the taxable property therein without
CROCKETT COUNTY (P. 0. Alamo), Tenn.
-BONDS AUTHORlimitation as to rate or amount. In addition, the payment of both prinIZED
-It is said that Governor McAllister has signed a bill validating
cipal and interest on these bonds has been assumed. in the opinion of
$335,000 of funding bonds.
counsel, by the Passaic Valley Water Commission without in any way
CUMBERLAND, Allegany County, Md.-VOTE ON LIGHT PLANT
relieving the city of its obligation. Under the Act creating the Commission
water rates must be maintained so that earnings will be adequate to cover
-City Solicitor Lewis M. Wilson has been instructed to draw up a bill
all operating expenses and debt service, and this requirement is made a
providing for an election on a proposal to construct a municipal electric
part of the contract with the bondholders."
light plant. Vote would be taken on July 1.
-The
-BOND SALE
CURRY COUNTY (P. 0. Gold Beach), Ore.
CLYDE PARK, Park County, Mont.
-BONDS NOT SOLD-The
$10,000 issue of 51i% semi-ann. refunding bonds offered for sale on Feb. 2
$11,000 issue of 6% semi-ann. refunding bonds that was offered at public
-was purchased by Conrad, Bruce & Co. of Portland.
auction on Jan. 21-V. 140, p. 501
-V. 140, p. 830
-was not sold, according to the Town
Dated Jan. 15 1935. Due $1,000 from Jan. 15 1937 to 1946. incl. No
Clerk. Dated Jan. 1 1935. Due on Jan. 1 1950, optional on Jan. I 1936.
other bids were received.
COCONINO COUNTY SCHOOL DISTRICT NO.1(P.O. Flagstaff),
Ariz.
-BOND OFFERING-Sealed bids will be received by Gso. A.Fleming,
-PROPOSED BOND ISSUANCE
DALLAS, Dallas County, Texas
Clerk of the Board of Supervisors, until 2 p. m.on Feb. 23,for the purchase
It is stated by the City Auditor that it is intended to issue some of the
of a $35,000 issue of 4% school building bonds. Denom. $1,000. Dated
$800,000 city-county hospital bonds•that are now on hand but the amount
Oct. 1 1934. Due on Oct. 1 as follows: $2,000. 1935 to 1941, and $3,000,
to be issued as well as the date of sale has not been definitely decided.
1942 to 1948. all incl. Prin. and int. (A. & 0.) payable in lawful money
-It is reported
at the County Treasurer's office. These are coupon bonds registerable,
-BOND SALE
DAVENPORT, Scott County, Iowa
at the option of the holder, as to principal only. No bid will be accepted
that a $39,236.68 issue of 5% semi-ann. special assessment, street improvefor less than par and accrued interest. These bonds are .part of a total
ment bonds was purchased on Jan. 26 by the McCarthy Improvement Co.
Issue of $53.000. approved by the voters at an election on Oct. 20 1934.
of Davenport. Due in from 1 to 9 years.
COLORADO SPRINGS, El Paso County, Colo.
-BOND SALE--BOND ELECTION
DAVIDSON COUNTY (P. 0. Nashville) Tenn.
-It is stated by the City Clerk that the issuance of $200,000 in sewage
The $2,000.000 issue of public building and court house bonds offered for
disposal plant bonds, mentioned in V. 140, p. 502, will probably be subsale on Feb. 8-V. 140, p. 502-was awarded to a syndicate headed by the
mitted to the voters on April 2.
Chemical Bank & Trust Co., Blyth & Co., and Eldredge & Co., all of New
York, paying a price of 100.27 for 3s, a basis of about 2.98%. Dated Jan, 1
CONNECTICUT (State of)
-$1.2,000,000 HIGHWAY BONDS PRO1935. Due from Jan. 1 1936 to 1962.
POSED
--The Hartford "Courant" of Jan. 31 had the following to say:
The second highest bid for the bonds was an offer of 102.43 for 3g%
"Speedy construction of the Merritt Highway to relieve the congested
bonds, tendered by a syndicate headed by the Harris Trust & Savings Bank,
traffic on the Boston Post Road and to provide unemployment relief is
the Chase National Bank, and the Boatmen's National Bank of St. Louis,
proposed in a bill to be introduced in the Senate to-day by Republican
$1,601,000.00
Leader J. Kenneth Bradley. The bill, in addition to authorizing borrowing
Bonds outstanding Jan. I 1919
money from the Federal Government, if necessary, provides for a State
3,100,000.00
Issued since Jan. 1 1919
bond Issue of $12.000,000 for the construction, and the allocation from the
$4,701,000.00
highway fund of the State each year of $750.000 or 5%, whichever is larger,
Total
2,016,000.00
to pay interest and retire the bonds. By this means, Senator Bradley,
Less bonds paid and canceled
estimates, the entire cost of the road would be paid in less than 25 years."
$2,685,000.00
Bonds outstanding Jan. 1 1935
CONNECTICUT (State of)
Less outstanding highway bonds assumed by State drawing in-PROPOSED BOND ISSUE
-A bill to
issue $1,000.000 41i% bonds to finance the acquisition of land and water
1.273,000.00
terest to county at rate of 5%
rights for public hunting and fishing grounds is reported to have been introduced in the General Assembly.
$1,412,000.00
I.00; cash advanced to State of Tennessee which as paid back
CONSHOHOCKEN, Montgomery County, Pa.
-BOND SALE
will go to credit of sinking fund and draws interest to
The $54,000 coupon bonds offered on Jan. 30-V. 140. p. 502-were
569,689.28
county at rate of 5%
awarded as 24 1s to M. M. Freeman & Co. of Philadelphia at par plus a
1
premium of $55.55, equal to 100.102, a basis of about 2.73%. Dated
$842.310.72
Feb. 1 1935 and due Feb. 1 as follows: $6,000 from 1936 to 1939 incl.,
318,650.28
Less cash balance in all other sinking funds
and $5,000 from 1940 to 1945 inclusive.
523,660.44
Net debt Jan. 1 1935, not including new issue
COOK COUNTY (P. 0. Chicago), 111.
-DEFAULTED INTEREST
2,523,660.44
Net debt, including this issue
PAYMENT-Robert M. Sweitzer, County Treasurer, has announced that
funds are available for payment of past
-due interest on the following deTax Collection Data
scribed bonds and that the coupons will be paid upon presentation through
1933
1932
1931
1930
any bank or to the County Treasurer:
$
$
$
Series N-New County Pavilions. &c. bonds interest due Jan. 1 and
2,280,762.11 2,079.089.64 2,045,852.98 1,853,008.87
Tax aggregate
July 1 1934.
Unmid at delinquent
Series P
-Road bonds interest due April 1 and Oct. 1 1934.
290,820.38 280,980.69 444,215.10 337,938.22
date
Series Q-Oak Forest Infirmary and County Agent's Building bonds interUnpaid Feb. 1, Year
est due May 1 and Nov. 1 1934.
following delinq'y,
Series R-County,State and road bonds interest due April 1 and Oct. 1 1934.
•
at time of bringing
Series S
-New Detention Home bonds interest due April 1 and Oct. 1 1934.
190,233.03 176.721.32 246,729.95--_„
suit
Series T
-New Criminal Court House and Jail bonds interest due June 1
87,011.99 154,427.07 214,751.60
73,990.22
Unpaid Jan. 1 1935
and Dec. 1 1934.
11.5%
4.1%
7.5%
3.2%
Series U-Addition to County Hospital bonds interest due June 1 and
Unpaid Jan. 1 1935 on 1934 levy, $1,614,594.69.
Dec. 1 1934.
Series 2
Taxes 1934 due Oct. 1 1934. not subject to interest and penalty until
-Revolving Fund bonds interest due Feb. 1 1935.
Series AA-Nurses' Dormitory bonds interest due Dec.
March 1 1935. Suit for collection and additional cost added Feb. 1 1936.
Series CO-Poor Relief bonds of 1932 interest due June 1 1 1934.
and Dec.
-The
DAVISON COUNTY (P. 0. Mitchell), S. Dak.-BOND SALE
Series DD-Poor Relief bonds of 1933 interest due Feb. 1 and Aug.11934.
1 1934
two issues of coupon bonds aggregating $175,000, offered for sale on Feb.5
and Feb. 1 1935.
-V. 140. p. 668
-are said to have been purchased by the Public Works
COOK COUNTY (P. 0. Chicago), III.
Administration, as 4s at par. The bonds are divided as follows:
-TAX LEVY AT SEVENYEAR LOW
-Michael J. Flynn, County Clerk, stated on Jan. 27 that the
$150,000 court house bonds. Dated Jan. 1 1934. Due from 1937 to
1933 tax bill total was $178,841,148, the lowest of any total since 1926.
1953 incl.
The levy in, 1932 was $217,863,487, while the peak load was in 1930,
25,000 poor farm bonds. Dated Nov. 1 1933. Due from 1937 to 1953.
when the aggregate levies amounted to $290,284,505,it is said. Collections
-BOND SALE DETAILS
of 1933 taxes to date amount to $69,679,596. it is said, of which realty
DECATUR COUNTY (P. 0. Leon), Iowa
owners paid $47,695,184 and personal property holders $21,984,412.
The $20,916.25 funding bonds that were purchased by JackleY & Co. Of
Collections to date of previous levies are reported as follows:
Des Moines
-were awarded as 4h's, at par. Due on Nov.
-V. 140, p 830
1 as follows: $4,916.25 in 1942, and $4,030. 1943 to 1946.
Amount
P.C. of Levy
Amount
P.0 of Levy
Collected
Collected
CollectedCollected
-No bids
-BONDS NOT SOLD
DEMAREST, Bergen County, N. J.
1928
$194,699,815
88.67
1931
$185,452,173
70.31%
were submitted for the $249,000 not to exceed 5% interest coupon or rees1929
211,947,771
133,556,641
61.30%
81.35% 1932
tered bonds offered on Feb. 6-V. 140. p. 668. The offering included
1930
213.262,849
73.47%
$163.000 public impt. refunding bonds, due from 1935 to 1949 incl., and
COOK SCHOOL DISTRICT (P. 0. Cook), Johnson County, Neb.
$86,000 funding bonds, maturing from 1935 to 1949 incl.
-BOND DETAILS
-The report that an election will be held on Feb. 11
-BOND AUTHORIZADENTON COUNTY (P. 0. Denton), Tex.
to vote on the issuance of $12,500 in school bonds
-V. 140. p. 830
-is conTION RESCINDE-R is stated by the County Judge that the order to
firmed by the Secretary of the Board of Education, who states that if the
-was rescinded by
668
issue $65,000 in 5% refunding bonds
-V. 140.
bonds are approved they will mature on May 11947. callable not more than
action of the County Court on Jan. 26.
$1,000 in any one of the first three years. Balance optional on and after
the fourth interest paying date. Interest rate not to exceed 4%.
-VOTE ON MUNICIPAL POWER
DENVER (City and County), Colo.
-The following report is taken from a Denver dispatch
PLANT SOUGHT
COOPER, Delta County, Tex.
-BONDS VOTED
-At the election on
to the New York "Journal of Commerce" of Feb. 4:
Jan. 31-V. 140, p. 668
-the voters approved the issuance of the $104,900
"Climaxing several years of attempts to get lower rates on gas and
in 6% electric light plant bonds by a count of 235 to 161. Due serially
electric light and power from the Public Service Co. of Colorado, a movein 15 years, optional before maturity.
ment has been started here to get the approval of voters for the establishCORINTH UNION FREE SCHOOL DISTRICT NO. 7 (P. 0.
ment of a municipally-owned plant. If enough signatures are obtained to
Corinth), Saratoga County, N. Y.
-BOND OFFERING-Ralph F.
the petition now in circulation, which appears likely, the question will be
Pyle, District Clerk, will receive sealed bids until 1 p. m. on Feb. 13 for
placed on the ballot at the municipal election next May.
the purchase of $225,000 not to exceed 6% interest coupon or registered
"Similar movements are reported in progress in other Colorado munischool bonds. Dated March 1 1935. Denom. $1,000. Due March 1 as
cipalities, although in most cases when the voters have been asked to
follows: $4,000, 1936 to 1939 incl.; $5,000, 1940 to 1944 incl.; $6,000.
approve the actual establishment of plants, they have voted them down,
1945 to 1948 incl.; $7,000, 1949 to 1952
l.• $8,000, 1953 to 1955 incl.•,
despite the example of Colorado Springs, which has owned its own utilities
$9,000. 1956 to 1958 incl. $10,000, 1959 inc.
and 1960; $12,000, 1961 to 1964
and successfully operated them for several years."
incl., and $13,000 in 1965. Bidder to name a single interest rate for all
DENVER (City and County), Colo.
-It
of the bonds, expressed in a multiple of g or 1-10th of 1%. Principal
-BOND SALE PROPOSAL
and interest (M. & S.) payable in lawful money of the United States at the
is stated by Wm. F. McGlone, Manager of Revenue, that no definite date
Marine Midland Trust Co., New York City. A certified check for $4,500,
has been fixed for the sale of the remaining $177,000 of Cherry Creek flood
payable to the order of Harley B. Andrew, District Treasurer, must accomcontrol bonds, out of the total authorized issue of $295,000. It is considered possible that these bonds will be offered about March 1.
pany each proposal. Bonds are direct obligations of the district, payable
1006
Financial Chronicle
DICKSON, Dickson County, Tenn.
-NOTES AUTHORIZED-It is
reported that Governor McAllister has signed a bill permitting the issuance
of $50,000 in notes.
DOVER, Kent County, Del.
-PLANS REFUNDING ISSUE
-A bill
empowering the city to refund $450,000 of outstanding bonds has been
introduced in the State Legislature.
DULUTH, St. Louis County, Minn.
-PROPOSED BOND ISSUANCE
-It is stated by the City Auditor that a curative Act is being asked of the
Legislature, legalizing an authorized issue of $275,000 in permanent impt.,
revolving fund refunding bonds, dated Oct. 1 1934, and if secured the
bonds will probably be sold to local investors.
He states that the city will probably issue refunding bonds for a water
and light plant issue due on March 1, and also refund $100,000 of permanent
improvement bonds due on July 1.
EAST ORANGE, Essex County, N. J.
-DEBT REDUCTION
-City
Auditor Gilbert reported to Council on Jan. 28 that the gross debt of the
city at the close of 1934 was $13,542,555.27, compared with $15,686,065.18
in the preceding year, and that the net debt was $4,609,985.68, compared
with $5,939,599.77. Proportion of net debt to average assessed valuation
at the close of 1934 was 3.84%, as against 4.84% in the previous year.
Mr. Gilbert declared the reduction in indebtedness had come about through
the payment of large obligations owed the county and the schools.
EDEN TOWNSHIP RURAL SCHOOL DISTRICT, Seneca County,
Ohio
-INJUNCTION AGAINST BOND ISSUE VACATED
-Judge
Ralph Sugrue in Common Pleas Court on Jan. 30 vacated the temporary
injunction granted last November restraining the district from proceeding
with the sale of $61,000 school bonds voted at the Nov.'6 general election.
-V. 139, p. 3835. Ruling that legal requirements had been compiled
with, Judge Sugrue said, in his opinion, that he was unable to find any just,
lawful reason for making the temporary order permanent, according to
report.
EDWARDSVILLE, Madison County, 111.
-PROPOSED BOND ISSUE
-A proposal to issue $300.000 5% water plant purchase bonds was scheduled
for consideration of the City Council on Feb. 5.
ELBERT COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Simla)
Colo.
-BOND SALE
-A $9,000 issue of 500 refunding bonds has been purchased recently by Oswald F. Benwell of Denver. Denom. $500. Dated
Jan, 1 1935. Due on Jan. 1 as follows: $500, 1936 to 1941, and $1,000, 1942
to 1947. all incl. Prin. and int.(J. & J.) payable at the County Treasurer's
office in Kiowa. Legality approved by Myles P. Tallmadge of Denver.
ELKIN, Surry County, N. C.
-A
-PROPOSED BOND ISSUANCE
bill is said to have been introduced in the Legislature recently, authorizing
the city to issue $528,250 in refunding bonds for the purpose of refunding a
like amount of the principal of existing bonded indebtedness. It is reported
that the bill also provides for the issuance of $40,420.83 in funding bonds.
to be used for the payment of interest on the said outstanding debt.
,
ENID, Garfield County, Okla.
-BONDS DEFEATED
-At the election
held on Jan. 29-V. 140. p. 502
-the voters rejected the proposal to issue
$124,000 in water works system bonds.
EPHRATA SCHOOL DISTRICT, Lancaster County, Pa.
-BOND
CALL
-George L. Nies, District Secretary, announces the call for payment on April 1 1935 at the Farmers National Bank, Ephrata, of $28,000
44% school bonds, Nos. 1 to 56, issued in 1927. Coupons due April 1
are to be paid through the usual course of collection.
FAYETTEVILLE, Fayette County, Tenn.
-BOND SALE
-A $42,000
issue of funding bonds is reported to have been purchased recently by the
Equitable Securities Corp. of Nashville as 4)s. paying a premium of
equal to 100.859.
$361.
It is stated that a bill is now under consideration by the Legislature, for
the validation of these bonds.
FLINT SCHOOL DISTRICT, Genesee County, Mich.
-360,000
BORROWED FROM BANKS
-Ann Macpherson of the Board of Education
informs us that the district borrowed $60,000 on 57 notes, due in 30 days,
o
from the Genesee County Savings Bank and the Citizens Commercial &
Savings Bank. The loan was first reported in amount of $100,000.-V.
140. p. 669.
FOREST CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Forest
City), Winnebago County, Iowa
-BOND ELECTION ABANDONED
It is stated by the Secretary of the Board of School Directors that the
proposal to vote on the issuance of $20,000 in school and auditorium bonds
-V. 139, p. 4153
-has been dropped.
FORT SMITH,Sebastian County, Ark.
-COURT DECISION CLEARS
PWA BOND CONTRACT
-In a decision handed down on Feb. 4, the State
Supreme Court is reported to have sustained the rulings of Chancellor
C. M. Wofford, thus clearing the way for the execution of a contract drawn
between the city and the Public Works Administration, for the purchase of
$1,650,000 in revenue bonds, the proceeds of which will be used to construct a water supply system-V.140, p. 503. It had been contended by the
plaintiff, a former Mayor of the city, that the city officials were overstepping their discretionary powers by making an unnecessary expenditure
of public funds.
FORT WORTH, Tarrant County, Tex.
-BOND REFUNDING
CONTRACT
-In connection with the reports that several offers had been
received to purchase $1.700.000 of refunding bonds from the city
-V. 140.
V. 831-it is now reported that the City Council has authorized the Mayor
to sign a contract with Donald O'Neil & Co. of Dallas and Frazier Moss
& Co. of Fort Worth for a refunding program. The proposal is said to
includethe refunding of $1,737,000 of 5% bonds that fall due in 1941. 1949
and 1951, by the issuance and sale to the two companies of $264,000 4%
bonds maturing from 1935 to 1942 and $1,473,000 44% serial bonds
maturing from 1936 to 1956. The program is said to provide for the
refunding of all except $495,000 of the city's $3,523,000 in outstanding
term bonds. The City Manager is reported to have stated that the remainder will be refunded on the Sept. 1 optional date.
In connection with the above report we give the following news dispatch
from Fort Worth to the "Wall Street Journal" of Feb. 6:
"The City Council has authorized Mayor Van Zandt Jarvis to sign a
contract with Donald O'Neil & Co. of Dallas and Frazier Moss & Co. of
Fort Worth for a refunding program which will reorganize completely the
debt structure of the city. Effect of the transactions involved in the refunding proposal will be to reduce the city's bonded indebtedness by $1,291,000. This will be accomplished by canceling bond issues of that
amount which become callable April 1.
"The proposal includes the refunding and sale to the two companies of
$1.737,000 of 5% city term bonds, maturing in 1941, 1949 and 1951, by
the issuance of $264.000 in 4% serial bonds maturing from 1935 to 1942,
and $1,473,000 in 43. % serial bonds maturing from 1936 to 1956. The
program provides for refunding all except $495,000 of the city's $3,523,000
in outstanding term bonds. The remainder will be refunded, City Manager
George Fairtrace said, when they become callable Sept. 1, leaving no term
bonds for which a legal sinking fund must be set up.
"The program will cut the city's outstanding bonded indebtedness from
$21,305,000 to $20,014.000."
FOWLER, Otero County, Colo.
-BOND SALE
-Two WINO Of 4X%
bonds, aggregating $16,500, were purchased recently at par by the J. K.
Mullen Investment C,o. of Denver. The issues are divided as follows:
$10,000 city hall refunding bonds. Due $LOW from 1939 to 1948.
6,500 water extension bonds. Due in 15 years, optional in 10 years.
FREDERICA, Kent County, Del.
-PROPOSED BOND ISSUE
-A
bill authorizing the issuance of $15.000 water plant bonds has been introduced in the State Legislature.
FREMONT, Dodge County, Neb.-BOND SALE
-A $90,000 issue of
refunding bonds is reported to have been purchased by the United States
National Bank of Omaha as 248 and 3s, paying a premium of $105, equal
to 100.116.
FULTON AND KNOX COUNTIES COMMUNITY HIGH SCHOOL
DISTRICT NO. 213 (P. 0. London Mills) III.
-BOND SALE
-R. R.
Nichols, Secretary of the Board of Education, states that Bartlett, Knight
& Co. of Chicago purchased an issue of $38,000 4% school building bonds
at a price of 103.61.
FULTON, Oswego County, N. Y.
-PROPOSED REFUNDING
Bills have been introduced in both houses of the State Legislature to permit
the city to refund $60.000 bonds maturing in 1935 and to borrow money
temporarily in anticipation of the refinancing.
Feb. 9 1935
GASTONIA, Gaston County, N. C.
-NOTE SALE DETAILS
The $45,000 revenue anticipation notes that were purchased by the National
Bank a Commerce and the Citizens National Bank, both of Gastonia,
at 6%-V. 140. p. 831-are said to be dated Jan. 25 1935, and to mature
on April 25 1935.
GRANT TOWNSHIP CONSOLIDATED SCHOOL DISTRICT
(P. 0. Ledyard), Kossuth County, Iowa-BOND ELECTION
-It is
stated that an election will be held on Feb. 18 to vote on the issuance of
$15,000 in school building bonds. (This report corrects the election notice
previously given under the caption of Swea City, Iowa.
-V. 140, P. 835.)
GRAYVILLE, White County, Ill.
-BOND ELECTION
-On March 5
the voters will be asked to approve an issue of $7,600 4% general obligation street improvement bonds. Dated Sept. 1 1934. Denom. $100.
Due Sept. 1 as follows: $900 from 1937 to 1940 incl., and $1,000 from
1941 to 1944 inclusive.
GREATER GREENVILLE SEWER DISTRICT (P. 0. Greenville),
Greenville County, S. C.
-MATURITY
-The $117.000 4% semi-ann.
Parker Water and Sewer Sub-District bonds that were purchased at par by
local textile plants
-V. 140, P.831-are stated by the District Superintendent to be due from 1935 to 1964.
GREENWOOD LAKE, Orange County, N. Y.
-BOND SALE-The
$90,000 coupon or registered Water bonds offered on Feb. 1-V. 140. n• 669
-were awarded as 3.80s to A. C. Allyn & Co. of New York at a price of
100.04, a basis of about 3.79%. Dated Feb. 1 1935 and due $3,000 on
Feb. 1 from 1940 to 1969,incl. Other bidders were:
BidderInt.Rate
Rate Bid
Par
First National Bank of Warwick
4.30%
J. & W.Seligman & Co
100.15
3.90%
Manufacturers' Trust Co., Buffalo
4 10`90
100.06
Financial Statement
The assessed valuation of property subject to the taxing power of the
village is $1,649,451, The total contract debt, including this issue of
$90,000, is $90,000. Deducting no tax notes and no water debt and no
special assessments for _paving or sewers levied prior to May 22 1934, the
net debt is $90.000. 'The population of the village (1930 census) is 332.
Present summer population estimated at 2,000.
The total debt above stated does not include the debt of any other subdivision having power to levy taxes upon any or all of the property subject
to the taxing power of the village; there are such other subdivisions.
Tax Data1931-1932 1932-1933 1933-1934
Total levy
$11,422.50 $11,475.00 $9,360.00
887.30
Uncollected end of year
259.23
901.90
637.80
Uncollected Feb. 1 1935
None
58.50
The taxes of the current fiscal year March 1 1934 to Feb. 28 1935 amount
to $10.701.11.of which amount there has been collected to date $9.138.94.
GUNTOWN SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. 0. Guntown), Lee County, Miss.
-BOND OFFERING-It is reported that sealed bids will be received until March 4 by the Clerk of the
Board of Supervisors for the purchase of a $15,000 issue of school bonds.
HAMTRAMCK CITY SCHOOL DISTRICT, Wayne County, Mich.
-NOTES NOT SOLD-The issue of $80,000 4% tax-anticipation notes
offered on Feb. 4-V. 140, p. 831-was not sold, as no bids were obtained.
Dated Jan. 1 1935 and due $20.000 May 11036 and $60.000 May 1 1937.
-PROPOSED BOND
HANCOCK COUNTY (P. 0. Carthage), 111.
ELECTION
-A proposal to hold an election on the question of issuing
$700.000 bonds for the purpose of financing the construction of about 300
miles of gravel roads in the various townships will be considered shortly by
the Board of County Supervisors.
HARBORCREEK TOWNSHIP SCHOOL DISTRICT, Erie County,
Pa.
-BONDS APPROVED-Approval of $15,000 school building extension
and repair bonds was announced on Feb. 1 by the Pennsylvania Department of Internal Affairs.
-An
HARDEN, Calhoun County, 111.
-BOND ISSUE APPROVED
issue of $32.000 4% water revenue bonds dated Dec. 1 1934 has been approved as to legality by Benjamin H. Charles of St. Louis. Municipality
has requested a loan and grant of $42,000 from the Public Works Administration..
HARFORD COUNTY (P. 0. Bel Air), Md.-BOND APPROVAL
SOUGHT
-Issuance of $150,000 refunding bonds is provided for in a bill
now pending in the State Legislature.
-BOND ELECTION AUTHHARRISON, Boone County, Ark.
ORIZED-The Mayor is said to have been authorized to set a date for a
special election for a vote on a bond issue of $130,000 for the construction
of a municipal electric light plant.
-BONDS SOLD BY RFC
HAWAII COUNTY (P. 0. Hilo), Hawaii
It is now stated that the $200,000 4% semi-ann. public improvement bonds
Corporation on Jan. 30, the high
offered by the Reconstruction Finance
bid on which was later withdrawn-V. 140, p. 831-were awarded at a
price of 100.50, a basis of about 3.89% on the bonds divided as follows:
$100.000 to Heller, Bruce & Co. of San Francisco, and $100,000 to Lowry
Sweney.Inc.,of Columbus, Ohio. Due from Aug. 11035 to 1945.
-PROPOSED REFUNDING
HAWTHORNE, Passaic County, N. J.
Mayor Arthur Rhodes is reported to be negotiating for the refunding of
6% sewer bonds, with the interest rate to be cut to
$1.000,000
%•
-It is
-INTEREST RATE
011HILLSBORO Washington County, Ore.
stated by the City Recorder that the $10,063.86 Bancroft Act refunding
bonds purchased by two local banks in November-V. 139, p. 3354 boar
interest at 6%.payable J. &
AA at
HOPE, Steele County, N. Dak.-BOND ISSUANCE CONTEMPLATED-It is said that the city officials are contemplating the issuance of
$12,000 in auditorium bonds.
-BONDS APPROVED-Thiiie
HOUSTON,Harris County, Tex.
of $100,000 in street improvement bonds is reported to have been approved
at a recent meeting of the City Council. The funds realized will be used
for paving purposes, the bonds to secure Public Works Administration
allotments.
-BONDS AUTTIOI
TrIt
HOUSTON COUNTY (P. 0. Erin), Tenn.
-It is said that a bill authorizing the issuance of $25,000 in refunding bonds
was signed recently by the Governor, after passage by the Legislature.
-PROPOSED Bon
HOWARD COUNTY (P. 0. Kokomo), Ind.
ISSUE
-A bill authorizing the county to issue bonds to purchase the Citizens National Bank Building for use as the county courthouse was passed
recently by the State House of Representatives. daft'
INDIANAPOLIS Marion County Ind.
-NOTE SALE
-The $50,000
Sanitary District notes offered on Feb. 7-V. 140, p. 669
-were awarded
to the Indiana Trust Co. and the Merchants National Bank, both of
Indianapolis, jointly, at 3 % interest. Dated Feb. 7 1935 and due May
23 1935. Other bidders were:
Bidder
DU.Rate Premium
$3
Indianapolis Bond & Share Corp
14%
6
Union Trust Co
1.50
1
1.90°/
0
Fletcher Trust Co
INDIANAPOLIS SANITARY DISTRICT, Marion C6unty, Ind.
PROPOSED BOND ISSUE- A bill authorizing the district to 119Ille 173,000
bonds in order to finance settlement of a patent infringement compromise
has been introduced in the State House of Representatives. It is stated
that unless the debt is met before April 15, the district will be forced to
increase the amount owed to $114,000.
INKOM COMMON SCHOOL DISTRICT (P. 0. Inkom) Bannock
County, Ida.
-At an election held on Jan. 18 the
-BONDS VOTED
voters approved the issuance of $50,000 in school site purchase and repair
bonds, according to report.
-DETAIL ON FEDERAL FUND
IONE,Pend Oreille County, Wash.
ALLOTMENT
-The report of a loan and grant of $14,500 for sewer construction being approved for this town by the Public Works Administration
-V. 140, p. 498
-is confirmed by the Town Clerk, who states that the
amount of the loan portion is $10,000.
IOWA-SCHEDULE FOR 1935 ROAD REFUNDING PROGRAM
In connection with the advance notice of the proposed primary road refunding program, to be undertaken by the counties in this State during
Volume 140
Financial Chronicle
1935, we give the following information, taken from the official report put
out by the State Highway Commission-see V. 140, p. 831:
Amt. of
Amt. of
CountyIssue
issue
CountyAdair
*185,000
$430,000 Jasper
Adams
320,000
658,000 Jefferson
Appanoose
507,000
266,000 Jones
Audubon
450,000 Keokuk
677,000
Black Hawk
320,000
423,000 Kossuth
Boone
490.000
260,000 Lee
Bremer
880,000
640,000 Linn
Buchanan
300,000
635,000 Lucas
Butler
855,000
650,000 Mahaska
Carroll
306,000 Marion
477,000
Cass
271,000
180,000 Mills
Chickasaw
219,000 Monona
316,000
Clark
244,000 Monroe
140,000
Clayton
1,170,000 Montgomery
295,000
Clinton
200,000
763,000 Muscatine
Crawford
491,000
715,000 O'Brien
Dallas
180.000 Page
765,000
Davis
340,000 Polk
353.000
Decatur
160,000 Pottawattamie
853,000
Delaware
480,000 Shelby
405,000
Des Moines
453,000 Story
995,000
Dubuque
1,240,000 Tama
195,000
Fayette
1,304,000 Taylor
180,000
Floyd
89,000 Union
509,000
Franklin
440.000 Van Buren
340,000
Fremont
351,000 Wapello
375,000
Grundy
180,000 Warren
373,000
Guthrie
270,000 Washington
491,000
Hamilton
360,000 Wayne
473,000
Hardin
180,000 Webster
473,000
Harrison
656,000 Winneshiek
858,000
Henry
320,000 Woodbury
315,000
Howard
291,000 Worth
133,000
Iowa
555,000
Jackson
638,000
Total
331.306.000
IOWA CITY, Johnson County, Iowa
-BONDS AUTHORIZED
At a recent meeting the City Council is stated to have approved the issuance
of $403,000 of bonds to finance the sewage disposal plant and main extensions that are planned as a Public Works Administration project.
IRON COUNTY (P. 0. Crystal Falls), Mich.
-TO SEEK BIDS ON
$150,000 BONDS
-The $150,000 highway bonds authorized at an election
held Jan. 8-V. 140, P. 504
-will be offered for sale soon. The Board of
Supervisors has fixed the interest rate at 43;(%.
.v•JACKSON COUNTY (P. 0. Maquoketa), Iowa-ADDITIONAL INFORMATION
-The $18000 coupon poor funding bonds that were purchased by the White-Phillips Co. of Davenport as 3;413 at par
-V. 140,
p. 802
-are dated Jan. 1 1935 and mature from 1944 to 1946,incl. Denom.
$1,000. Interest payable M. & N.
JEFFERSON COUNTY (P.O. Birmingham), Ala.
-BIDS REJECTED
IN COUNTY REFUNDING-The following report is taken from the Birmingham "Age-Herald" of Jan. 31, regarding the rejection of bids for the
purchase of a refunding bond issue:
"Bids for a $1,083,000 refunding road warrant issue were rejected by
the Jefferson County Commission Wednesday and Feb. 5 was set as the
date for receiving additional bids.
"The Commission took this course on the grounds that a better offer
should have been made.
"The maturing bonds, falling due in March, May and June, were issued
in 1920 and 1921 and bear interest at 5 and 6%.
"Two groups of offers were submitted, one by Equitable Securities Corp.,
Birmingham; Robertson-Humphries Corp., Atlanta: Kalman & Co., St.
Paul, Minn., and Watkins, Morrow & Co., Birmingham; and the other
bid by Ward-Sterne & Co., Marx & Co., and Steiner Brothers, all of Birmingham, and certain out-of-town firms."
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
-BOND OFFERING
Sealed bids will be received until 10 a. m.on Feb. 11, by the County Clerk,
for the purchase of a $25,000 issue of 23 % Wellman Road bonds. Dated
Feb. 1 1938. Due $2:500 from Feb. 1 1936 to 1945 incl. Interest payable
F. & A. The legal opinion will be furnished by Dean & Dean of Topeka.
a certified check for 2% must accompany the bid.
JOHNSON, Stanton County, Kan.
-BOND ELECTION CONTEMPLATED-It si said that an election will be held in the near future to
vote on the issuance of $20,000 in municipal light plant bonds.
JUNCTION CITY, Perry County Ohio
-BOND ELECTION
-At a
special election to be held on Feb. 21 the voters will be asked to approve an
issue of $15,000 water works construction bonds.
KANSAS CITY, Jackson County, Mo.-BONDS AUTHORIZED-It
is reported that the issuance of $50,000 in airport impt. bonds has been
approved recently by the Bond Advisory Board. Due in 10 years.
KEARNY (P. 0. Arlington), Hudson County, N. J.
-ADDITIONAL
INFORMATION
-Payment of principal and interest on the $1,829,000
4% and 4 It% bonds recently sold to Blyth & Co. of New York and as-V. 140, p. 832
sociates
-will be made as follows: $1,429,000 water funding
bonds at the West Hudson County Trust Co., Harrison, or at the Bankers
Trust Co., New York; $400,000 serial funding bonds at the Kearny National Bank, Kearny, or at the Irving Trust Co., New York City.
Financial Statement (Officially Reported as of Jan. 1 1935)
Assessed valuation, 1935
$76,555,698
Total bonded debt (incl. these bonds after giving effect to fund.) 14,796,410
Less: Water debt
$7,368,000
Sinking fund
613,144
Net bonded debt
6,815,266
Population, 1930 U. S. Census
-40,716.
The above financial statement does not include the debts of other political
divisions having power to levy taxes on property within the Town of Kearny.
KINGSTON, Luzerne County, Pa.
-BOND OFFERING-Charles H.
Blochberger, Borough Secretary, will receive sealed bids until 7:30 p. m.
on Feb. 18, for the purchase of $80,000 2H,3, 331, 3;4,3 H or 4% coupon
storm sewer bonds. Dated Jan. 1 1935. Denom. $1,000. Due Jan. 1 as
follows: $10,000, 1938 to .1940, incl.; $15,000, 1941; *20,000, 1944 and
1945 and $5,000 in 1946. Itegisterable as to principal only. Bidder to
name a single interest rate for all of the bonds. Interest payable J. & J.
A certified check for 1% of the amount bid for, payable to the order of the
Borough Treasurer, must accompany each proposal. Bonds will be sold
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia and approval of the Pennsylvania Department of Internal
Affairs. This sale was originally scheduled to have been held on Feb. 4V. 140, p. 504, although the offering notice did not indicate the specific
amount of bonds proposed for award. The Borough has since been advised
that the project will cost $80,000 and has changed the sale date as indictaed
above.
LAKEWOOD, Cuyahoga County, Ohio
-PROPOSED BOND ISSUEPreihninarY legislation has-been passed by the City Council to issue $50,000
hospital repair and improvement bonds.
-BOND ELECTION CONLANE COUNTY (P. 0. Dighton) Kan.
TEMPLATED
-It is reported that an election will be held soon to vote on
the issuance of $33.000 in lake bonds.
-VOTED
LA PORTE CITY, Black Hawk County, Iowa-BONDS
At the election held on Feb. 5-V. 140, p. 67b-the voters approved the
issuance of not to exceed $100,000 in electric light and power plant revenue
bonds by a count of 605 to 131. The offering date has not been determined
as yet, according to the City Clerk.
-FEDERAL FUND ALLOTLEWISVILLE, Lafayette County, Ark.
MENT DECLINED-It is stated by the City Recorder that the city has
declined the loan and grant of $14,000 from the Public Works Adminis-since it has secured
tration for a water works system-NT. 140, p. 496
financing of the project through other sources.
LIBERTY CENTER VILLAGE SCHOOL DISTRICT (P. 0. Liberty
-Warren C. Sharp,
-BOND OFFERING
Center), Henry County, Ohio
Clerk of the Board of Education, will receive sealed bids until 12 m.on Feb.
Dated Dec. 15
% funding bonds.
15 for the purchase of $8,496.64
1934. Due as follows: $846.64 Dec. 15 1935; $850 June 15 and Dec. 15
from 1936 to 1939 incl. and $850 June 15 1940. Interest payable semi-
1007
annually. Bids for the bonds to bear interest at a rate other than 4;(%.
expressed in a multiple of ;4' of 1%, will also be considered. A certified
check for 5% of the issue, payable to the order of the Board of Education.
must accompany each proposal.
LIBERTY TOWNSHIP SCHOOL DISTRICT (P. 0. Saxton), Bedford County, Pa.
-BOND SALE
-The $18,000 434% coupon school
bonds offered on Feb. 2-V. 140, p. 670
-were awarded to Glover &
MacGregor, Inc. of Pittsburhg, at a premium of $542.20, equal to 103.01,
a basis of about 4.10%. Dated Jan. 1 1935 and due $1,000 on Jan. 1 from
1940 to 1957 incl. Bonds due after Jan. 1 1945 are subject to redemption
at any time, at a price of par. Other bids were as follows:
BidderPremium
Leach Bros., Inc
$59.40
S. K. Cunningham & Co
369.00
E. H. Rollins & Sons
108.00
First National Bank of Saxton
Par
LINCOLN COUNTY (P. 0. Libby), Mont.
-BONDS NOTSOLD
-The
issue of not to exceed $75,000 court house construction bonds offered on
Feb. 5-V. 140, p. 171-was not sold as no bids were received, according
to the County Clerk. Interest rate is not to exceed 4%, payable J. & D.
Dated June 4 1935. Due in 20 years.
LITTLE RED RIVER LEVEE DISTRICT NO. 1, White County,
-The said District is
Ark.
-DEBT ADJUSTMENT PLAN SOUGHT
reported to have filed a petition in the U. S. District Court at Little Rock,
under the provisions of the corporate bankruptcy act, for adjustment of its
debt and refinancing of $56,000 outstanding bonds at a 25% basis.
LONDONGROVE TOWNSHIP SCHOOL DISTRICT, Chester
-Approval of an Issue of $10,000
County, Pa.
-BONDS APPROVED
operating expenses bonds was announced by the Pennsylvania Department
of Internal Affairs on Feb. 1..
LOS ANGELES COUNTY SANITARY DISTRICT NO. 1 (P. 0.
Los Angeles), Calif.
-BOND OFFERING-It is reported that sealed bids
will be received until Feb. 13, by the Chairman of the Board of Directors,
for the purchase of a $2,000,000 issue of sewer bonds.
• LOUISVILLE, Jefferson County, Ky.-BOND OFFERING CONTEMPLATED-The following report is taken from a Louisville dispatch
to the "Wall Street Journal" of Feb. 6:
"Tbe Sewer Commission plans to offfer shortly $1,500,000 in sewer bonds.
bearing 231% to 3% interest, the lowest rate ever set for a city of Louisville
bond. Under the law they must sell at par or better, a level the Commissioners feel confident the bids will touch because of the high market for other
city of Louisville bonds. The new issue will mature in 1969.
"The city's net bonded debt is $31,700,000, about $8,000,000 under the
constitutional limit, 10% of the present total assessment of $401,000,000.
"City of Louisville bonds have enjoyed consistent favor because of the
city's conservative fiscal policies. There has not been a year even during
the depression, that the city treasury has not finished with a surplus, ranging from $300,000 to $700,000 out of approximate income of $10,000,000
annually. City officials have faithfully followed their budget system.
"The $1.000,000 sale proposed by the Sewer Commission is part of an
issue of $10,000,000 authorized by the voters of which $7,000,000 has been
sold. Outstanding bonds of all issues are bringing the highest prices in the
city's history. The 1941 3%s are bringing bids of 97, ranging upward
to 1l83.4 for 43,4s of 1965 and 125 for 5s of 1963."
LOWER MAHONOY TOWNSHIP SCHOOL DISTRICT, North
-BONDS APPROVED-The Department of
umberland County, Pa.
Internal Affairs of Pennsylvania on Feb. 1 approved an issue of $23,100
school building site and construction bonds.
McDONALD SCHOOL DISTRICT (P. 0. McDonald), Rawlins
-BOND SALE
-The $35,000 school building bonds apCounty, Kan.
proved by the voters at the election held on Oct. 16-V. 139, p. 2550
have been purchased by the State of Kansas, according to the Clerk of the
Board of Education.
-$1,000,000 BOND ISSUE FOR ROAD CONSTRUCMAINE (State of)
TION
-A bill now pending in State Senate provides for issuance of $1.000,000 bonds during 1935 and 1936 to provide funds to match possible
Federal appropriations for road construction in the State.
-Tyler, Buttrick
-BOND SALE
MALDEN, Middlesex County, Mass.
& Co. of Boston were awarded on Feb. 7 two issues of coupon bonds,
aggregating $75,000, as 2.4'5 at a price of 100.377. a basis of about 2.17%.
Dated Jan. 1 1935 and described as follows:
$60,000 street construction bonds. Due $6,000 on Jan. 1 from 1936 to
1945, inclusive.
15,000 sewer construction bonds. Due $3,000 on Jan. 1 from 1936 to
1940, inclusive.
Other bidders were: (for 23(s) Blyth & Co.. 100.136; (for 234s) Bond.
Judge & Co., 100.856; Hornblower & Weeks, 100.620; Whiting, Weeks &
Knowles. 1110.17; E. H. Rollins & Sons, 100.199; First National Bank of
Be.ton, 100.152; A. C. Allyn & Co., 100.117;(for Ms)Faxon, Gade & Co..
100.875 and R. L. Day & Co.. 100.159 for 3s.
-The
-TEMPORARY LOAN
MALDEN, Middlesex County, Mass.
First National Bank of Boston was awarded on Feb. 1 a $500,000
discount basis. Due $250,000 on
revenue anticipation loan at 0.53%
Nov. 20 and on Dec. 20 1935. Other bidders were: Faxon, Gade & Co.,
National Shawmut Bank, 0.59%; Whiting, Weeks & Knowles.
0.55
0.61%; First National Bank of Malden, 0.61%; W.0. Gay & Co.. 0.64%;
Maiden Trust Co., 0.64%; Malden Savings Bank, 0.54% plus $10 for
$250,000 maturing Nov. 20 and 0.68% Plus $7 for $250,000 maturing
Dec. 20.
-BOND ELECTION
MAMARONECK, Westchester County, N. Y.
At an election to be held on March 19 the voters will be asked to approve
an issue of $35,000 harbor basin bonds.
-A $15,000 issue
-BOND SALE
MANITOU, El Paso County, Colo.
of 4% water refunding bonds was purchased at par recently by the J. K.
Mullen Investment Co. of Denver. Due $1,000 annually in from 1 to 15
years.
MARCELINE, Linn County, Mo.-BOND ISSUANCE NOT CONTEMPLATED
-It is reported by the City Clerk that it is not expected
anything will be done in the near future toward the issuance and sale of the
-V. 139.
$70,000 water supply bonds approved by the voters last August.
p. 1274.
-BOND OFFERING
MARION COUNTY (P. 0. Indianapolis), Ind.
Charles A. Grossart, County Auditor, will receive sealed bids until 10 a.m.
on Feb. 28 for the purchase of $15,000 not to exceed 5% interest refunding
bonds. Dated March 20 1935. Denom. $1,000. Due $3,000 on June 1
from 1936 to 1940 incl. Principal and interest (J. & D.) payable at the
County Treasurer's office. A certified check for 3% of the bonds bid for,
payable to the order of the County Commissioners, must accompany each
proposal. No conditional bid will be accepted and the opinion as to the
validity of said bonds to be furnished by the bidder, and bids are made
subject to the legality of the issue.
MARION SCHOOL TOWNSHIP(P.O. Mitchell), Lawrence County,
-We are advised that an issue of $5,000 coupon reInch-BOND SALE
funding bonds was sold on Jan. 21 to the First National Bank of Mitchell
at a price of par and accrued interest. Denom. $1,000. Dated Sept. 1
1933 and due in 1941 and 1942. One bond bears 5% interest and the others
434%. Interest payable J. &J.
MARYLAND (State of)
-$8.000,000 BOND ISSUE RECOMMENDED
-The advisory committee on State revenues, of which William J. Casey
Is Chairman, in a letter submitted recently to Governor Harry W. Nice,
declared that an additional $16,000,000 must be raised for the balance of
the current fiscal year and the two succeeding years ending Sept. 30 1937.
and recommended that an $8,000,000 bond issue be immediately floated by
the State to cover half of the amount required. Previous estimates of the
sum needed for extraordinary purposes during the period named had placed
the figure at $30,000,000. The bonds would bear 334% interest and mature
over a period of 15 years. The committee suggested that $700,000 be
appropriated each year out of the State Roads Commission funds to service
the proposed bonds. The State. it is said, will retire *3.900.000 of outstanding bonds during the present year.
ED-The
MEMPHIS, Shelby County, Tenn.
-BONDS AUTHORI7
following report is taken from a Chicago dispatch to the "Wall Street
Journal" of Feb. 1: "City of Memphis has been authorized to sell $75.000
in bonds for the construction of an abattoir. Net bonded debt of the city.
as of Jan. 2 1935, amounted to $20,457,564, which is 7.5% of 1934 assessed
1008
Financial Chronicle
values and 8.33% of 1934 realty assessed values. The city has due in
the current year $1,290,698 in interest and $1,218,000 in principal. Of
these amounts $270,668 interest and $218.000 principal are payable out
of the water revenues, an entirely self-sustaining department."
MIAMISBURG, Montgomery County, Ohio
-ADDITIONAL INFORMATION
-The $11.000 fire department apparatus purchase bonds sold
last October to the City Retirement Fund-V. 139, p. 2711-bear 5%
interest and were disposed of at a price of par. Due serially from 1935 to
1944 inclusive.
MILLCREEK TOWNSHIP (P. 0. Erie), Erie County., Pa.
-BOND
SALE
-The $70,000 coupon sewer construction bonds offered on Jan. 31V. 140, p. 671-were awarded as 4s to E. H. Rollins & Sons of Philadelphia,
at a price of 102.81, a basis of about 3.70%. Due Jan. 1 as follows: $3.000
from 1936 to 1945 incl. and $4,000 from 1946 to 1955 incl.,• optional Jan. 1
1945. A bid of 100.21 was submitted by the Mehl Co. of Erie.
MINDEN CITY, Sanilac County, Mich.
-BOND ELECTION
-A proposal to issue $14,000 water works system bonds, in connection with a
proposed loan and grant of $21,000 from the Public Works Administration,
will be considered by the voters at an election on March 11.
MINNEAPOLIS, Hennepin County, Minn.
-LIST OF BIDDERS
The following is an official list of the bids received on Jan.31 for the purchase
of the three issues of bonds aggregating $675,000, a complete report on
which sale appeared in V. 140. p. 833:
Bonds awarded to Phelps, Fenn & Co., Wells
-Dickey Co. and the Milwaukee Co. for par, a premium of $4,200 and interest at the rate of 2.90%
per annum.
The best bids of the other bidders were as follows:
(1) Bid by Harris Trust & Savings Bank for $150,000 permanent impt.
bonds only, par, a premium of $75 and interest at the rate of 3%.
itll bids except the above were for all or none.)
l
oHalsey, Stuart & Co., par, a premium of $4,100 and int. at 2.90%.
3 First of Boston C
and Halsey, Stuart & Co., par, a premium of
$1,
4 and interest 2.90%.
(4) Kean. Taylor & Co.,o. Watling, Lerchen & Hayes, Granberry, Safford & Co. and Bigelow, Webb & Co., par, a premium of $625 and interest 2.90%.
(5) Fhst National Bank & Trust Co. and Edw. B. Smith & Co., par, a
premium of $1,600 and Interest at 3%.
(6) Gertler & Co., par, a premium of $500 and interest at 3.10%.
(7) Salomon Bros. & Hutzler and R. W. Pressprich & Co., par, a premium of $600 and interest at 3.20%.
(8) Brown-Harriman Co., First of Michigan Corp. and Northwestern
National Bank & Trust Co., par, a premium of $1,700 and interest at 3.25%•
(9) Lehman Bros., Estabrook & Co. and Piper, Jaffrey & Hopwood.
Par. a Premium of $600 and interest at 3.25%.
MISSOULA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Missoula),
Mont.
-BOND SALE
-The $147,000 issue of school 3) nds offered for sale
on Feb. 5-V. 140, P. 671-was awarded to Richards • Blum of Spokane,
as 330, paying a premium of $2,228.50. equal to 101.;IS. according to the
District Clerk. Dated Dec. 1 1934.
i
MITCHELL, Scotts Bluff County, Neb.-BOND
LE
-The $13,000
of refunding bonds that were authorized by the City Council in December
-V. 140, p. 171-are stated to have been purchased by the KirkpatrickPettis-Loomis Co. of Omaha.
MONTGOMERY COUNTY (P. 0. Dayton) Ohio
-BOND OFFERING
-F. E. Treon, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. on Feb. 14 for the purchase of 3105,000
6% poor relief bonds. Dated Dec. 15 1934. Denom. $1,000. Due
$15,000 on March 1 from 1936 to 1942 incl. 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 Si of 1%, will
also be considered. A certified check for $1,050, payable to the order of
the County Treasurer, must accompany each proposal. Approving
opinion of Peck, Shaffer & Williams of Cincinnati will be furnished the
successful bidder.
MONTGOMERY COUNTY (P. 0. Montgomery), Ala.
-BOND
REFUNDING AUTHORIZED-It is reported that the County Board of
Revenue has authorized the refunding of $300,000 5% road and bridge bonds
which will fall due on April 1 1935.
MORGAN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Fort Morgan), Colo.
-BONDS VOTED
-At the election held on Feb. 2-V. 140.
-the voters approved the issuance of the $35,000 in 314% refunding
p. 345
bonds by a count of 80 to 1. These bonds were sold subject to this election.
W MORRISTOWN, Morris County, N. J.
-FINANCIAL STATE-The following was issued in connection with the offering at 8:15
MENT
p. m. on Feb. 8 of $162,000 not to exceed 5% interest coupon or registered
bonds.
-V. 140. p. 671:
FINANCIAL STATEMENT (AS OF DEC. 31 1934)
Indebtedness
Bonds and notes
General improvement bonds
$984,000.00
Temporary improvement bonds
393,700,00
Water bonds
2,411,000.00
Emergency bonds and notes
21,291.45
Tax revenue bonds and notes
573,378.46
Total bonds and notes
$4,383,369.91
Deductions
Water bonds
$2,411,000.00
Sinking funds applicable to debt not otherwise deducted
202,360.35
Cash applic. to debt not otherwise deducted6,035.87
Tax revenue bonds and notes
573,378.46 3,192,774.68
Net debt
$1,190.595.23
Bonds to Be Issued
The $162.000 bonds to be issued are for water and funding purposes and
do not increase the net debt.
Net debt
$1,190,595.23
Tax Collections
Year1932
1933
1934
Total levy
$1,020,278.07
783,823.47
827,000.48
Collected at end of year of levy_
623,740.40
489,166.02
529,743.77
Uncollected at end of yr. of levy 396,537.67
294.657.45
297,256.71
Collected as of Dec. 31
637,210.29
- 912,517.15
529,743.77
Uncollected as of Dec. 31 1934* 107,761.72
146,613.18
1934-297,256.71
* Subject to auditor's adjustments.
Assessed Valuations
2d Class
YearRR. Property
Real
Personal
Gross Total
1932
$17,898.950
$192,678
$1,444,950
$19,563,578
1933
17.632.875
1,414,200
192.678
19,239,753
170,782
17.467,525
1934
19,003,207
1.364,900
Population-1930 census, 15.193.
Tax rate per $100 assessed valuation: 1932. $5.25;3933. $4.09; 1934.$4.37
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Multnomah), Ore.
-BOND SALE
-The $194,000 issue of coupon school bonds
offered for sale on Feb. 1-V. 140, p. 671-was awarded to Halsey, Stuart
& Co. of Chicago, as 2s. paying a premium of $50, equal to 100.025. a basis
of about 1.99%. Dated Feb. 15 1935. Due $65.000 from April 15 1936
to 1938 incl.
The following is an official list of the bids received:
BidderInterest
Amount
Blyth & Co., Inc
3%
$194,544.00
Ferris & Hardgrove; Spokane & Eastern Trust Co.;
pkWells-Dickey Co
194,545.14
214%
Grande, Stolle & Co.; Phclps, Fenn & Co.; Holt,
1'.Robbins & Warsckkul
3'
194,407.40
Halsey, Stuart & Co
2V
194,050.00
Jaxtheimer & Co
3
194,737.20
Hess,Tripp & Butchart; Murphey,Favre & Co_ _ _ 214%
.
194,116.40
Camp & Co., Inc.: William P. Harper & Son & Co.;
First National Bank of Seattle
214%
194,043.00
MORTON, Tazewell County, Ill.
-The Channer Se-BOND SALE
curities Co. of Chicago has purchased an issue of $16,000 414% village
Feb. 9 1935
hall bonds at par plus a premium of $603, equal to 103.769. a basis of about
3.81%. Dated April 1 1935. Denorns. $1,000 and $500. Due April 1
as follows: $1,000 from 1936 to 1945 incl. and $1,500 from 1946 to 1949
inclusive.
MUNCIE, Delaware County, Ind.
-BOND ISSUANCE CONTEMPLATED
-A program for improving park drives, to be financed by the
Issuance of about $220,000 bonds, is be considered by municipal officials.
MUNCIE, Delaware County, Ind.
-BOND SALE
-The Merchants
National Bank of Munice purchased during January an issue of $16,000
% river Improvement bonds at a price of 100.63, a basis of about 4.24%.
Dated Dec. 15 1934. Denom. $500. Due $4,000 on Dec. 15 from 1935 to
1938, inclusive.
MUSKEGON HEIGHTS SCHOOL DISTRICT, Mich.
-BONDS NOT
SOLD
-No bids were submitted for the $178,000 not to exceed 69' interest
coupon refunding bonds offered on Feb.5-V.140. p.833. Dated March 15
1935 and due serially from 1939 to 1951 incl.; callable on any interest payment date.
NASHUA, Hillsboro County, N. H.
-BOND ISSUE CONTEMPLATED-The city plans to issue $100,000 sewerage system enlargement
bonds. Dated March 1 1935. Denom. $1,000. Due $5,000 on March
1 from 1936 to 1955 incl. They would be general obligations of the city
NASSAU COUNTY (P. 0. Mineola), N. Y.
-The
-BOND SALE
$3,000.000 coupon or registered bonds offered on Feb. 7-V. 140, P. 833
were awarded as 334s and 33 0 to a syndicate composed of the Chase
/
National Bank; First Boston Corp.; Salomon Bros. & Hutzler; Stone Sr
Webster and Blodget, Inc., Graham, Parsons & Co. and Roosevelt &
Weigold, Inc., all of New York. at a price of 100.039, the net interest cost
to the County being 3.4289%. Award was made as follows:
$2,000,000 emergency relief bonds sold as 314s. Due Aug. 15 as follows:
$240,000, 1937;$250,000, 1938;$450,000, 1939; 8150.000. 1940:
$140,000, 1941; 8190,00; in 1942 and 1943; $200,000 in 1944
and $190,000 in 1945.
$1.000,000 land purchase bonds sold as 3145. Due Aug. 15 as follows:
880,000, 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. Public re-offering of the 82,000.000
314% bonds is being made at prices to yield from 2.50% to 3.40%,according
to maturity, while all of the $1,000,000 3Ys are priced to yield 3.40%•
Other bids for the bonds were as follows: The second highest tender on
this issue, submitted by Lehman Brothers and associates, was 100.2137 for
$2,000,0004% bonds and $1,000,000 3.40s, or a net interest cost of 3.607%.
Other members of this group were Ladenburg, Thalmann & Co.; the Bancamerica-Blair Corporation, Phelps, Fenn & Co.; Kean, Taylor & Co.;
George B. Gibbons & Co., Inc.; Bacon, Stevenson & Co.; R. H. Moulton
& Co.; the Manufacturers and Traders Trust Company, Wertheim & Co.,
Darby & Co.; Hemphill, Noyes & Co.; Adams, McEntee & Co.; the Wells
Dickey Company and the South Shore Trust Company of Rockville Center.
The final bid was 100.171 for $2,000,000 3.90s and $1,000,000 3145, a
net interest cost of 3.636%. This was submitted by a syndicate composed
of Halsey, Stuart & Co., Inc.; Goldman, Sachs & Co.; E. H. Rollins &
Sons; Dick & Merle-Smith; B. J. Van Ingen & Co.; Burr & Co. and Piper,
Jaffrey & Hopwood.
NEWARK, Essex County, N. J.
-BONDS OFFERED FOR INVESTMENT
-A syndicate composed of Lehman Bros., Estabrook & Co., Blyth
& Co., Inc., Stone & Webster and Blodget, Inc., Phelps, Fenn & Co., F. S.
Moseley & Co., Graham. Parsons & Co., Kean, Taylor & Co., R. H.
Moulton & Co., Inc.. First of Michigan Corp., Hemphill, Noyes & Co.,
Adams & Mueller of Newark, A. C. Allyn & Co.. Inc. and Van DeVenter,
Spear & Co.. Inc. made formal offering on Feb. i of $1,894,000 couon or
registered funding bonds, including 81,335,000 354s and $559,000 414s, at
prices to yield from 3.50% to 3.80%, according to interest rate an maturity. Bonds are dated July 1 1934 or Feb. 1 1935 and mature as follows:
31.334.000, due 355,000. 1940: $135,000 In 1941 and 1942 and $1,010.000
during the years from 1943 to 1950 incl.; $559,000 due on July 1 from 1944
to 1946 incl. The same group recently offered and quickly sold a 53,000,000
Issue of bonds purchased from the city. Coincident with that sale, which
occurred on Jan. 17, the city arranged for the exchange of an additional
$7.500,000 bonds for temporary obligations held by banking institutions.
The current 81,894,000 bonds represent the initial part of the $7,500,000
to be re-offered publicly.
-V. 140, p. 505. All of the $10,500,000 bonds have
been Issued under Chapter 60 of the New Jersey laws, which provides
for the funding of the city's temporary debt and the establishment of the
city's operations on a cash basis. They do not constitute any addition
to the city's debt. Coincident with the formal offering of the $1,894,000
black the banking syndicate announced that more than one-half of the bonds
had already been sold.
NEW HAMPSHIRE (State of)
-$2,500,000 BOND ISSUE BILL CONSIDERED-State officials are giving detailed study to a bill introduced in
the House recently by Representative Joseph B. Perley of Lebanon, under
which $1,250,000 bonds would be issued in 1935 and 1936, respectively, to
finance a class five rural road improvement program to provide employment.
NEW HAVEN, New Haven County, Conn.
-DEBT STATEMENT
TAX COLLECTIONS
-Mayor John W. Murphy included the following
data In his address to the Board of Aldermen on Jan. 31:
Financial Statement as of Dec. 31 1934
Taxable grand list(1934-1935)
$31913 7
10:1466
2 104
:
Deduct-Intangible property
$309,829.662
64,741,592
374,571,254
$18.728,562.70
Add-Usable exempt property (1933-1934)
Grand list for bonding purposes
ndlr o e tronding limit
57 t'Gzapd e eSnrss
h, d
Total bonds outstanding (including town of New Haven and
Westville School District)
816,167,000.00
Less
-Sinking fund
933,236.22
Other Indebtedness
Tax anticipation notes outstanding, due Feb.8 1935
Total net indebtedness
Fiscal Yr
.Levy
Prior to 1930
87.808.326.57
1930
8.478,030.68
1931
8,386,443.01
1932
9,495,941.48
1933
1934
8,369,123.66
$15,233,763.78
$500,000.00
$15,733,763.78
Tax Collections
Uncollected at
Per
End of Year
ofLevy
Cent
$683.864.90
1,076,629.79
1,192,096.56
1,608,713.85
1,202,341.72
8.76
12.70
14.21
16.94
14.37
Uncollected
Per
Dec.31 1934
Cent
$580,621.49
-75,648.11
.97
123,070.11
1.45
237,914.86 2.84
645.704.26 6.80
1,202,341.72 14.37
Total $2,865,300.55
88,390,217.31 due in 1935.
1935
NEW MEXICO, State of (P. 0. Santa Fe)
-It is
-BOND SALE
reported by the State Treasurer that a $2,000,000 issue of refunding bonds
has been purchased as 3.60% bonds, at par, by a syndicate composed of
John Nuveen & Co. of Chicago, the International Trust Co. of Denver,
Moore & 'Varna of New Orleans, Stranahan, Harris & Co.. Inc.. of Toledo,
Blyth & Co. of New York, E. M. Knox & Co. of Kansas City, and Bosworth
Chanute, Loughridge & Co. of Denver. The maturities are said to begin
not later than two years, from March 1 1935, not to extend beyond the
date of final maturity of such bonds to be so refunded. The State Board of
Finance is to fix the schedule of maturities of principal to the end that total
annual principal and interest requirements shall be approximately equal in
each year when any of said bonds mature. (A tentative report on this sale
appeared in V. 140. p. 833.)
The "Wall Street Journal" of Feb. 8 carried the following San Francisco
dispatch of the sale of bonds by this State:
"Blyth & Co.. Inc., in joint account with R. W. Pressprich & Co.:
Stranahan, Harris & Co., and Stern Bros., yesterday purchased $2,080,000
State of New Mexico 3.60% refunding bonds, due 1937 to 1952. The bonds
were immediately re-offered at prices to yield from 1.50 to 3%.
"Assessed valuation of taxable property in the State of New Mexico was
reported at 3291.489.671 as of Jan. 29, last. Total direct bonded debt was
32.951,500, excluding $8,350,000 highway debentures which are payable
solely from gasoline tax and other revenues of the highway department
which are stated to be almost two times annual principal and interest
requirements."
Volume 140
Financial Chronicle
-B. F
-TEMPORARY LOAN
NEWPORT, Newport County, R. I.
Downing, City Treasurer, made award on Jan. 31 of a $150,000 revenue
anticipation loan to the Boston Safe Deposit & Trust Co. at 0.247% discount basis. Dated Feb. 4 1935 and due Aug 29 1935. Other bidders
were: First National Bank of Boston, 0.27%; First Boston Corp., 0.31%
plus $2; Faxon, Gade & Co. 0.31%; Newport Trust Co., 0.33'; W. 0.
Gay & Co. 0.34%; Second National Bank, 0.345%; Whiting, Weeks &
'
-P. Murphy &
Knowles, 0.'42%; Merchants National Bank, 0.45%; G. M.
Co., 0.53%; R. L. Day & Co., 0.59%.
Tax Data
1934 levy $1,383,300
-uncollected Dec. 31 1934, $186.478.
1933 levy 31,406,924-uncollected Dec. 31 1934, $98,973.
1932 levy $1,485,354-uncollected Dec. 31 1934, $9,415.
No tax notes outstanding.
-TEMPORARY LOAN
-The
NEWTON, Middlesex County, Mass.
Boston Safe Deposit & Trust Co. was awarded on Feb.6 a $100,000 revenue
anticipation loan at 0.21% discount basis, plus a premium of $3. Due
Nov. 12 1935. Other bidders were: National Shawmut Bnak, 0.23%
plus $6 Whiting, Weeks & Knowles,0.24%; Newton, Abbe & Co.,0.245%;
;
West Newton Savings Bank,0.31% plus $1;First National Bank of Boston,
0.31%; Faxon, Gade 8z Co.,0.325% and W.0. Gay & Co., 0.33%•
NEW YORK; N. Y.-$10.000.000 BRIDGE LOAN BILL INTRODUCED-Under the provisions of a bill introduced in both houses of the
State Legislature, the city is authorized to finance the construction, at a
cost of up to $10,000,000, of the Henry Hudson Memorial Bridge, together
with adjacent approaches, highways and parkways. between the northerly
end of Riverside Drive in the Borough of Manhattan and the comparative
point of the City of New York in the Borough of Bronx. Payment of the
indebtedness would be provided for through collection of tolls and the
obligations issued for the project would be excluded from the ordinary debt
limitations of the city.
NEW YORK, N. Y.
--TEMPORARY FINANCING IN JANUARY
New short-term financing negotiated by the city during January aggregated
$33,000,000 and included sale of $25,000,000 3% revenue bills of 1935,
due June 29 1935 and $8,000,000 3% assessment bonds, due on or at anytime before Jan. 24 1945. This latter issue, taken by the sinking funds, was
sold for the purpose of financing local improvements in various parts of tne
city, and will be repaid immediately upon collection of assessments levied on
property owners benefitting from the projects undertaken. The city also
effected during January exchange of $46,530,000 of 3% revenue notes of
1935, due on or before Jan. 1 1938, for a like amount of revenue bills of 1934
which matured and could not be retired owing to insufficiency of tax collections last year. This transaction was arranged under the 4
-year compact between the city and a syndicate of New York City banks.
NEWNYORK (State of)
-PROPOSED $50,000,000 HOME RELIEF'
BOND ISSUE
-Under the provisions of a bill introduced in both houses of
the State Legislature, the State is authorized, subject to approval of the
voters at the November 1935 general election, to issue $50,000,000 bonds to
provide funds during the period from Nov. 15 1935 to Nov. 15 1936 "to
relieve the people of the State from the hardhsips and suffering caused by
Imminent foreclosure of mortgages upon single and two family houses in
this State." The obligations, to be known as "home owners mortgage
relief bonds," would bear interest at not more than 5% and mature in from
1 to 20 years. Interest payable in New York City. It is provided that the
bonds be sold In whole or part at public sale, after advertisement for a period
of 10 consecutive days, Sundays excepted, in at least two daily newspapers
printed in New York City and one in the City of Albany. n•ovision also
is made for the State to borrow funds temporarily to meet the purposes of
the legislation pending sale of the bonds.
NOME, Alaska-BONDS AUTHORIZED-The City Council has
adopted a resolution to issue $70.000 4% general improvement bonds.
Application has been made to the Public Works Administration for a loan
and grant of $100,000.
NORTH ANDOVER, Essex County, Mass.
-TEMPORARY LOAN
The New England Trust Co. was awarded on Feb. 4 a $25,000 revenue
anticipation note issue at 0.43% discount basis. Due Dec. 10 1935. Other
bidders were: Second National Bank of Boston 0.57%; National Shawmut
Bank 0.62%; Faxon, Gade & Co., 0.63%; R. L. Day & Co. 0.63%; First
National Bank of Boston, 0.66% and Washburn Frost & Co., 0.66%•
NORTH BERGEN TOWNSHIP, N. .1.-NER REFUNDING PLAN
BEING PREPARED-The Seaboard Trust Co. of Hoboken announced on
Feb.7 that it has a plan now in preparation for the refinancing of the bonds
and obligations of the township. This plan will be completed Feb. 25
1935, and a copy thereof sent to all bondholders and others interested.
NORTH EAST, Erie County, Pa.
-BONDS SCHEDULED FOR
SALE
-A. I. Loop, Acting Borough Secretary, states that the $35,000
water works bonds voted on Dec. 11 1934 may be offered for sale within
the next 30 or 60 days.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-TO REFUND DEFAULTED COVERT ROAD DEBTS
-As of Nov. 1 1934 the county was in
default on $8,362,687 of Covert road indebtedness, including $7,304,500
in unpaid principal and $918,187 of interest. Board of Supervisors is
negotiating with bondholders to refund the obligations, it is said.
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.
-BOND
ISSUANCE CONTEMPLATED
-We are informed by the County Clem
that a petition for submitting a bond issue of $1,200,000 for a new court
house and jail to the voters is now being circulated. He states that the
matter has not been submitted to the Commissioners as yet and it is doubtful
at the present time if enough signatures to the petition can be secured
to present the matter to the Board.
1009
skin and Bainbridge districts. His recommendation was made in connection with the plan of the district to sell the $12,000 bonds voted at the last
general election. Mr. Hatch declared that the 'Paint District is an unnecessary district both from an educational and financial standpoint."
-It is stated
-BOND CALL
PALESTINE, Anderson County, Texas
by Irma Campbell, City Secretary, that she is calling for payment on
carrying dates of issuance
March 5 and on April 10 certain bonds of the city
that range from March 1 1906 to Oct. 1 1921. All of these bonds may be
presented for redemption at the places of payment therein specified, or at
the office of the City Secretary, or at the City Treasurer's office. Interest
shall cease on dates called.
-BOND REFUNDING PLAN
PALESTINE,Anderson County,Tex.
The "Wall Street Journal" of Feb. 7 carried the following report on a bond
refunding plan for the above city:
"The City Council has consummated a deal with Garrett & Co. of Dallas
to refund $389,000 of outstanding term bonds of the city, which bear interest ranging from 434% to 6%, with a new serial issue which would be
completely retired in 14 years and would pay from 4% to 4%% interest.
Annual payments on the entire $389,000 would range from $23,000 the first
year to $20,000 the final year, which would be 1949. Of the issue, $81,000
would pay only 4%.
-We are informed by
PAYSON, Utah County, Utah-BOND SALE
the City Recorder that the $25,000 water works bonds approved by the
-were sold recently to Snow, Goodart &
voters on Oct. 9-V. 139. p. 2713
Co. of Salt Lake City. Dated Jan. 1 1935.
-Benjamin H.
-BONDS APPROVED
PERCY, Randolph County, Ill.
Charles of St. Louis has approved as to legality an issue of $27,000 4%
water revenue bonds, dated May 15 1934. Application has been made to
the Public Works Administration for a loan and grant of $35.000.
-A dis-FINAL ASSESSMENT FIGURES
PHILADELPHIA, Pa.
patch from the city to the "Wall Street Journal" of recent date reported as
follows: "Board of Revision of Taxes announced actual assessments for
Philadelphia for 1935 as follows: Real estate, 52,906.748.766, decrease of
$165.129.180 under 1934,_• personal property. $816,284,575, decrease of
$20,106,934 under 1934. Figures by wards were not made public. Actual
figures on which taxes will be levied were shown to be $75,633,341 higher
than estimates of last August, on which budget for this year was based.
Decreased assessments mean lower taxes for individuals favored by Board
of Revision, but wiping out of last vestiges of a borrowing capacity for the
city."
-SINKING FUND COMMISSION VOTES
PHILADELPHIA, Pa.
-The Sinking Fund Commission on Feb. 4 voted to sue "the City
SUIT
of Philadelphia and its officials" for $7,771,780, the amount that the fiscal
which
body unsuccessfully sought to have included in the budget for 1935,Moore
was approved recently by the City Council over the veto of Mayor
action will be brought before the State Supreme Court
-V.140. p.834. The
and,according to the Philadelphia "Inquirer.'will petition for the following:
"An injunction preventing the city from 'diverting' every cent of sinking
fund appropriation to other purposes, as was done in the budget ordinance
recently passed over the veto of Mayor Moore. A requirement that the city
'raise and appropriate' to the sinking fund the $7,171,780 requested by the
Commissioners prior to budget hearings last Year.'
-BOND
PIERPONT TOWNSHIP SCHOOL DISTRICT, Ohio
ELECTION
-The Board of Education has received permission from the
State Tax Commission to hold a special election on Feb. 26 to consider the
-V. 140, p. 672.
issuance of $25,000 school building bonds
-Smith-White
-BOND SALE
PITTSFIELD, Somerset County, Me.
nc. of Waterville were awarded on Feb. 7 an issue of $20,000 4%
&
3.80%. Due serially
water
Co.,'bonds at a price of 101.75, a basis of about
from 1936 to 1955 incl.
-The $61,329.89
-BOND EXCHANGE
PLEASANT RIDGE, Mich.
special assessment refunding bonds authorized by the State Public Debt
-have since been exchanged
Commission last November-V. 139, p. 3358
for the original bonds, according to Ashton J. Berst, City Manager.
-BOND SALE
PLEASANTVILLE, Westchester County, N. Y.
The $4,000 coupon or registered public improvement bonds offered on
-were awarded as 4.20s., at a price of par, to
Feb. 2-V. 140, p. 672
Sherwood & Merrifield, Inc. of New York. Dated Feb. 1 1935 and due
New York
$1.000 on Feb. 1 from 1937 to 1940, incl. White, Weld & Co. of Gibbons &
offered par plus a $4 premium for 4%% bonds, while George B.
Co., bidding for 4.40s, offered a premium of $5.60.
POMPTON LAKES (P.0.Pompton Lakes), Passaic County, N. J.
-The $106,450 coupon or registered 1935 funding_bonds
BOND SALE
-were awarded as 4 Us to Fisher, Hand &
offered on Jan.31-V. 140, p.672
Co. of Newark, at par plus a premium of $260, equal to 100.244, a basis of
about 4.71%. Dated Feb. 1 1935 and due Aug. 1 as follows: $6,450.
1936; $6,000, 1937 to 1942 incl. and $8,000 from 1943 to 1950 incl.
-BOND SALE DETAILS
PCTRTCAND, Multnomah County, Ore.
"- It is stated by the City Auditor that the $151,639.03 6% semi-ann. street
lighting bonds purchased by the First National Bank of Portland at a price
-are due on Dec. 1 1939, the city reserving the
of 106.87-V. 140, 13. 506
right to take up and cancel such bonds upon the payment of the face value
thereof, with accrued interest to date of payment, upon the first day of
date of the bonds.
any month at or after three years from the _
-The $30,000
-BOND SALE
PORTLAND, Multnomah County, Ore.
-was
issue of public works bonds offered for sale on Feb. 6-V. 140. p. 834about
sold to Camp & Co. of Portland, as 4s, at a price of 101.43. a basis of
3.87%. Dated Feb. 11935. Due from Feb. 1 1941 to 1955 incl.
ONEIDA, Madison County, N. Y.
-SEEKS REFUNDING AUTHORITY
-The Common Council on Jan. 15 voted to seek legislative
authority to refund $50,000 of the $70,000 bonds maturing Jan. 1 1936.
ORADELL, Bergen County, N. J.
-BOND SALE
-The $300,000
coupon or registered bonds offered on Feb.4-V. 140, p. 672
-were awarded
as 5s to a syndicate composed of M. F. Schlater & Co., Inc., C. A. Preim
&
of New York; MacBride, Miller & Co. and C. P. Dunning &
both
Co., bth of Newark, at par plus a premium of $932, equal to 100.31,a basis
Co.'
of about 4.43%. The sale included:
$170,000 public improvement refunding bonds. Due $17,000 on Dec. 15
from 1935 to 1944 incl. Redeemable at par and accrued interest
on Dec. 15 of each year, upon public notice of such intention in
a financial journal published in New York City, at least six
months prior to the date set for redemption.
130,000 funding bonds. Due $13,000 on Dec. 15 from 1935 to 1944 incl.
Each issue is dated Dec. 15 1934.
ORANGE, Essex County, N. J.
-BONDS PUBLICLY OFFERED
A syndicate headed by Blyth & Co. of New York which purchased recently, at par, $697,000 4% general refunding bonds
-V. 140, p. 834
-are
making public reoffering at prices to yield from 2.50% to 3.85%, according
to maturities, which are from 1936 to 1949 incl. Bonds have been issued
under Chapter 233, Pamphlet Laws of 1934 of New Jersey.
Financial Statement (Officially Reported)
Assessed valuation, 1934
$47,878,391
Total bonded and note debt, as of Dec. 31 1934, including this
issue after giving effect to refunding
5,450,581
Less: Water debt
$380,000
Sinking funds, except for water debt
720.666
-PLANS $52,500,000
PORT OF NEW YORK AUTHORITY, N. Y.
BOND FINANCING-Commissioners of the Port Authority on Feb. 1
which $22,000,000 will be offered at
voted to issue $52.500,000 bonds, of
public sale early in March according to present plans. All of the bonds
will bear 4% interest and a substantial part of the authorization will be
applied toward completing the first step in the general plan of consolidating
all of the outstanding bonds of the Authority. J. E. Ramsey, General
Manager of the Authority, announced last November that the question of
consolidating existing indebtedness had been discussed with a group of
bankers headed by Brown Harriman & Co. of New York. Such a plan,
it was said, would result in a large saving to the municipal unit,in addition
to simplifying its financial setup and the public understanding thereof
V. 139, p. 3024. Frank C. Ferguson is Chairman of the governing body.
The projected financing is subject to approval ofthe Governors of New York
and New Jersey. In connection therewith, Van Alstyne, Noel & Co.,
Inc., 52 Broadway, N. Y. City, have issued a new report containing a comparison of the separate and consolidated earnings for 1932, 1933 and 1934
of the various facilities of the Port Authority.
The purposes of the projected $52,500,000 bond financing are detailed
as follows:
$10.500,000
For mid-Hudson construction (1935)
2,500,000
To retire notes publicly held
9,000,000
For series A exchange
Net debt
4.349.915
Population, U. S. Census, 1930
35,399
The above financial statement does not include the debts of other political
divisions having power to levy taxes on property within the City of Orange.
OSAWATOMIE, Miami County, Kan.
-BONDS VOTED
-At the elec-the voters approved the issuance
tion held on Jan. 18-V. 139, P. 4155
of the $15,000 in stadium construction bonds.
-BOND SALE
OSWEGO, Oswego County, N. Y.
-The $200,000
coupon or registered emergency relief bonds of 1935 offered on Feb. 2-V.
-were awarded as 2.60s. to Edward B. Smith St Co. of New
V. 140, P. 672
York,at a price of 100.569,a basis of about 2.49%. Dated Feb. 1 1935 and
due $20,000 on Feb. 1 from 1936 to 1945. inclusive.
-ABOLITION OF UNIT
PAINT RURAL SCHOOL DISTRICT, Ohio
URGED
-C. B. Hatch, special investigator of the State Department of
Education. on Jan. 27 urged upon the Ross County Board of Education
the abolition of the above district by splitting the territory between Buck-
$52,500,000
Total issue
• Whether $22,000,000 or $34,300,000 is publicly offered depends on
whether the PWA elects to take the new bonds, or cash, in exchange for
its notes. Policy of the PWA would suggest that it would take cash in order
to have funds available for other projects. IN ...Iles el .4611
VOTE INVESTIGATION OF PORT AUTHORITY
-The New Jersey
Assembly this past week adopted a resolution to make a complete investigation into the finances and all other matters pertaining to operations of the
Authority. The matter is reported in greater detail on a preceding page of
this section.
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND SALE- --The
-$240.000 coupon or registered general bonds offered on Feb. 5-V. 140,
p, 673-were awarded as 2.40s to the Harris Trust & Savings Bank of
New York, at par plus a premium of $277. equal to 100.115, a basis of
about 2.37%. Dated March 1 1935 and due $30,000 on March 1 from
1936 to 1943 incl. A feature of this sale was the closeness of the bidding,
the accepted offer having been but $1 better than the second highest tender,
Public offering
To retire Public Works Administration notes *
$22,000,000
12,300,000
Possible public offering
To exchange for outstanding Port Authority bonds
$34,300,000
18,200,000
1010
Financial Chronicle
as Halsey, Stuart & Co. of New York, also bidding for 2.40s, named a
premium of $276. Other bids were as follows:
BidderInt. Role Premium
Manufacturers & Traders Trust Co. of Buffalo, with
Adams. McEntee & Co. of New York
$24.00
2.4007
First National Bank of Poughkeepsie
2.50%
719.76
F. S. Moseley Co. of New York, with Shannon, Kenower
& Co. of New York
2.50%
425.00
Bancamerica-Blair Corp.. New York, with Spencer
Trask & Co
2.5007
264.00
A. C.Allyn & Co.,E.H. Rollins & Sons and Rutter & Co.2.70
720.00
Lazard Freres & Co., N. Y. with First of Michigan Corp2.7007
645.60
Blyth & Co., Inc., of New York
3.00%
720.00
PRINCETON SCHOOL DISTRICT, Mercer County, N. J.
-ADDITIONAL INFORMATION
-The $35,000 (not $30,000) 4Si% school building bonds purchased at par by the Teachers' Pension and Annuity Fund of
Trenton-V. 140, p. 834
-are dated Oct. 1 1934 and mature serially from
1936 to 1953 incl. Registered, in denoms. of $1.000. Int. payable A. & 0.
PROSPECT PARK, Delaware County, Pa.
-BONDS APPROVED
An issue of $35,000 refunding bonds was approved on Jan. 29 by the Department of internal Affairs of Pennsylvania.
RECONSTRUCTION FINANCE CORPORATION-OFFERING OF
BONDS TAKEN OVER FROM PWA HOLDINGS
-It was announced on
Feb. 8 by Jesse H. Jones, Chairman of the above Corporation, that 33
municipal bond issues, taken over from the holdings of the Public Works
Administration, having an aggregate face value of $4,938,450, will be
offered for sale on Feb. 20. This offering includes $1,964,000 New York
City rapid transit subway and water tunnel 4% bonds. Unlike the several
other sales conducted by the RFC, this one contains thirteen issues on
which bankers will be permitted to enter "all or part" bids. No bid will
be entertained for less than one-third of the amount offered in any one case.
Bids for an entire issue will be given preference.
The issues on which partial bids will not be accepted are as follows:
Austin. Texas, $95,000.
Blackwell, Okla., Board of Education, $99,500.
Carrollton, Board of Education, $8,000.
Charlotte, N. C., $229,500.
Hackettatown, N.J. Inhabitants of. $46,000.
•
Helena, Okla., 55,000.
Hinsdale, Ill. $28,000.
Hughes, S. 0.. county of. $31,000.
Marine, Ill., $7,000.
Moorhead, Minn., $117,000.
Morris Plains, N. J., borough of, $16,000.
New York City. $1,964,000.
Pawtucket. It. I., $18,000.
Pawtucket, R. I., $180,000.
Polk County, Minn., Independent School District No. 1. $69,000.
Ponca City, Okla., $73,500.
Tipton, Mo., $33,000.
University Park, Tex., $87.000.
White Plains, N. Y.. $37,000.
Wright County, Mo., Consolidated School District No. 3, $48,000.
Bids will be entertained for part or all of each of the following:
Anderson, S. C., $36,000; Bloomington, Ind., $359,000; Columbia, S. C..
$643,000; Sacramento. Calif., Grant Union High School District. $95,000;
Greenfield, Ind. $35,000; Hartsville, S. C., $71.000; Lebanon, Ind.. $35,000; Pocatello,'
Ida., $215,500; Williamsport, Md., $64,000,• Carrington,
N. D., $20,000; Moab, Utah, $31,500; Rockymount, N. C., $100.000:
Yankton, S. D., $41,950.
All bonds carry 4% coupons.
RECONSTRUCTION FINANCE CORPORATION-SUMMARY OF
-In the interests of convenient reference
BOND ISSUES SOLD ON JAN.30
we give herewith the official summary of the awards made by the RFC on
Jan. 30 of the municipal issues taken over from the holdings of the Public
Works Administration, detailed reports on which were given in the municipal
columns of the Feb. 2 issue, under their respective headings:
The bonds, the successful bidders and the prices paid were:
$33,000 City of Ashland. Ky., 4% sewer improvement bonds, MasonHagan, Inc., Richmond, Va.; $1,013.95 per thousand.
100,000 Bayless Consolidated School District, St. Louis County, Mo.,
4% bonds, Commerce Trust Co., Kansas City, Mo.; $1,028.20
per thousand.
43,000 School District of Brentwood, Mo.,4% bonds, Stern Brothers &
Co., Kansas City, Mo.; $1,030.20 per thousand.
74,000 Village of Buchanan, N.Y. 4% water bonds, Geo. B. Gibbons &
Co.. Inc., New York, N. Y.; $1,014 per thousand.
65,000 Board of Education of City of Chickasha. Okla.,47 school build0
ing and equipment bonds of 1934, the Brown-Crumtner Co.,
Wichita, Kan.; $1,006.10 per thousand.
%
52,000 City of Dayton, Ohio,4 j sewage disposal plant bonds,series E,
Provident Savings Bank & Trust Co., Cincinnati, Ohio:$1,035.60
per thousand.
102,000 Central School District No. 1 of the towns of DeRuyter. Georgetown. Cazenovia and Nelson, Madison County, °wane and
Lincklaen. Chenango County, and Cuyler, Cortland County,
N. Y., 4% school bonds. J. & W. Seligman & Co., New York,
N. Y.; $1,022.50 per thousand.
280,000 City of Durham, N. C., 4% sewage disposal bonds, Chase National Bank, New York, N. Y.; $1,028.40 per thousand.
225,000 Town of Greemburgh, N. Y.. 4% road bonds of 1934, Halsey,
Stuart & Co. Inc., New York, N. Y.; $1,030.80 per thousand.
87.000 School District of Hancock Place, Mo., 4% bonds, Commerce
Trust Co. Kansas City. Mo.: $1,034.40 per thousand.
-on-Hudson. N. Y., 4% sewer bonds, Phelps.
'
14,000 Village of Hastings
Fenn & Co., New York, N. Y.: $1,005.20 per thousand.
200,000 County of Hawaii. Territory of Hawaii, public improvement 4%
serial bonds, $100,000 par value to Heller Bruce & Co., San
Francisco and $100,000 to Lowry Sweney, Inc., Columbus, Ohio,
$1,005 per thousand.
24.000 City of Kahoka, Mo., 4% waterworks improvement and extension bonds, Bankers Bond & Securities Co., Hannibal, Mo.:
$1,011.14 per thousand.
50,000 Board of Education of the Malta-McConnellsville Exempted
Village School District, Ohio, 4% bonds, Johnson, Kase & Co.,
Cleveland, Ohio; $1,006.89 per thousand.
350,000 County of Mecklenburg. N. C.,4% school bonds, Gertler & Co.,
New York. N. Y.; $1,036.36 per thousand.
117.000 city of Muskogee, Muskogee County, Oklagoma. 45 water and
improvement bonds of 1934, Commerce Trust Co., Kansas City,
Mo.; $1,034.90 per thousand.
2,987.000 City of New York, N. Y., various purposes 4% serial bonds,
Hallgarten & Co., New York, and associates; $1,023.49 per
thousand.
22,000 City of Sioux Falls, So. Dak., 4% sewer improvement bonds of
1933, the First National Bank & Trust Co. in Sioux Falls, So.
Dak., Sioux Falls, So. Dak.: $1,016.25 per thousand.
84,800 Union Free School District No. 11 of the Town of Urbana, N. Y.,
4% school building bonds, J. & W. Seligman & Co., New York,
N °Y.; $1,022.70 per thousand.
130,000 City of Utica, N. Y., 4% public improvement bonds, Lazard
Freres & Co., New York. and associates; $1,118.79 per thousand.
550,000 County of Westchester, N. Y.,4% North Yonkers sanitary sewer
bonds, Halsey, Stuart & Co., Inc., New York, N. Y.: 51,063.75
per thousand.
36.000 School District of Windsor, Mo., 4% bonds, Citizens Bank of
Windsor, Windsor, Mo.; $1,031.95 per thousand.
73,000 Town of Ossining, N. Y.,4% improvement bonds, Phelps, Fenn
& Co., New York, N. Y.; 81.043.20 per thousand.
37,000 Village of Port Cheater. N. Y., 407 improvement bonds, Graham,
Parsons & Co.. New York. N. Y.; $1,011.73 per thousand.
39,000 Ritenour Consolidated School District, St. Louis County, Mo.;
4% school bonds, Commerce Trust Co.. Kansas City. Mo.;
$1.042.60 per thousand.
23,000 Board of Education of the Sabina Village School District, Ohio,
407 school improvement bonds, the Southern Ohio Savings Bank
& Trust Co., Cincinnati, Ohio; $1,000.10 per thousand.
47,000 Consolidated School District No. 1, St. Louis County, Mo.. 407
bonds, Stifel, Nicolaus & Co., Inc., St. Louis, Mo.; $1.007.60
per thousand.
30,000 Village of Sharon Springs, Schoharie County, N. Y., 4% water
bends, A. C. Ally' & Co., New York, N. Y.; $1,002.20 per
thousand.
Feb. 9 1935
REEVES COUNTY (P. 0. Pecos), Tex.
-BOND ELECTION CON
TEMPLATED--It is reported by the County Clerk that an election will be
held soon to vote on the proposed issuance of $144,000 in court house bonds.
REYNOLDSBURG, Franklin County, Ohio
-BOND ISSUE REPORT
-Delay in the sale of the $10,000 water works and $5,000 sanitary
sewer system bonds authorized at the primary election Aug. 14 1934 is
due to technical points in the proceedings of the transcript, according to
Mayor F. B. Poole.
RHODE ISLAND (State of)
-PROPOSED BOND ISSUE FOR BRIDGE
CONSTRUCTION
-A proposal providing for a referendum on a plan to
Issue $5,200,000 bridge construction bonds has been introduced in the
House of the Legislature.
RICHMOND, Wayne County, Ind.
-PROPOSED BOND SALE
Harold D. Salter, City Clerk, under date of Feb. 6 advises us as follows
with respect to the proposed sale of $360,000 sewage disposal system construction bonds mentioned in-V. 140. P. 834. "Date of sale is not yet set
but will be some time after Feb. 14 1935, and advertised as per law. The
purpose of these bonds is to finance the building of a sewage disposal plant
and intercepting sewers, at estimated cost of $500,000. The United States
Government has granted the city $140,000 to apply on the building of said
plant and said grant is being made under the Public Works Administration
and was made on the date of Aug. 16 1934."
Financial Statement
Net assessed valuation
$31,182.511.00
Bonded indebtedness
201,000.00
General sinking fund
5,751.80
Improvement sinking fund
6,255.66
City tax rate, .77 per $100.
RIDLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Woodlyn)
Delaware County, Pa.
-BOND OFFERING-Vincent A. Mallon, District
Secretary, will.receive sealed bids until 7:30 p. m. on Feb. 11 for the purchase of $100,000 33.07. 3X %,47 4jj07, or 4M % coupon school bonds.
0,
Dated Feb. 1 1935. Denom. $1,000. Due Feb. 1 as follows: $10,000
in 1940 and 1945; $15,000 in 1950 and 1955: 520,000 in 1960 and $30,000
in 1965. Bidder to name a single interest rate for all of the bonds. They
are registerable as to principal only. Interest payable F. & A. A certified
check for 2%, payable to the order of the District Treasurer, must aCCOMpany each proposal. Issue subject to approval as to validity by Townsend.
Elliott & Munson of Philadelphia.
RIPLEY, Tippah County, Miss.
-BOND ELECTION
-It is reported
that an election will be held on Feb. 19 to vote on the issuance of $52,000
In water works improvement bonds. (An allotment of 565,000 has been
approved by the PWA for this purpose.)
RIVER HILLS(P.0. Milwaukee), Milwaukee County, Wis.-BOND
SALE
-It is reported that $45,000
% semi-ann. bridge bonds ;were
purchased recently by the Securities Co.of Milwaukee.(A $30,000 issue of
these bonds were approved on Nov.6-V. 139, p. 3192.)
ROANE COUNTY (P. 0. Kingston), Tenn.
-BOND ISSUANCE
PROPOSED
-The County Court is said to have recommended to the
Legislature an Act authorizing the Court to issue 5150,000 8% funding
bonds to be described as follows: Denom. $1,000. Dated Jan. 1 1935.
Due $5,000 from 1936 to 1965, Incl. Prin. and int. (J. & J.) payable at the
Chemical Bank & Trust Co. In New York City.
ROCHESTER,Oakland County, Mich.
-PROPOSED BOND ISSUE
The village plans to ask the Pubhc Debt Commission for permission to
refund $25,000 of outstanding bonds and tax anticipation notes.
ROCHESTER, Monroe County, N. Y.
-BONDS AUTHORIZED
The City Council has voted to issue $3.000,000 bonds for welfare and tax
revenue purposes. It is not expected that they will be offered for sale for
another month or six weeks. A plan to cut interest on delinquent tax payments to 4%, provided the 1935 tax is paid, is being considered by Council.
The offer would be available to taxpayers until May 1 1935. after which
date the present charges, amounting to 10% after Nov. 15, will prevail.
BOND OFFERING-Paul B. Aex, City Comptroller, will receive sealed
bids until 11 a. m.(Eastern Standard Time) on Feb. 13 for the purchase of
$1,200,000 not to exceed 35407 interest water bonds. Dated Feb. 1 1935.
Due Feb. 1 as follows: $136,000 in 1936 and $133,000 from 1937 to 1944
incl. Bidder to name a single interest rate for all of the bonds, expressed
In a multiple of 5 of 17. Principal and interest payable at the paying
0
agency of the city in New York City. A certified check for 2% of the bonds
bid for. payable to the order of the Comptroller, must accompany each
proposal. Legal opinion of Reed, Hoyt & Washburn of New York will be
furnished the successful bidder. Bonds will be delivered at a place in New
York indicated by the purchaser, on or about March 4 1935. The City
redeemed 51,200,000 4% water bonds on Feb. 1 through the proceeds of a
temporary loan negotiated previously in anticipation of the present bond
financing.
-The city had a 1934 tax delinquency of $256.010,
TAX COLLECTIONS
the lowest in recent years, according to report. This compares with $2,103,408 in 1933. Lowering the interest rate on past due taxes, the city Comptroller says, was responsible for the drop. In 1929 the total was $1,913.269.
in 1930, $457,281. in 1931, $978,957, In 1932, $1,659,784; in 1933, $2,
103,408.
ROUTT COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Steamboat
-PRE
-ELECTION SALE
Springs), Colo.
-A $34,000 issue of 454%
refunding bonds is stated to have been purchased by Bosworth, Chanute.
Loughridge & Co. of Denver, at par, subject to a pending election. Denom.
$1,000. Dated March 1 1935. Due as follows: $1,000, 1944 to 1948:
$2,000. 1949 to 1958. and $3,000 in 1959 and 1960. All bonds maturing
from 1949 to 1960, are optional in 1948.
RUSK COUNTY (P. 0. Henderson), Tex.
-BOND ELECTION
-A
election is said to be scheduled for March 2 to vote on the issuance of
$3,000,000 in road bonds.
RYE (P. 0. Port Chester), Westchester County, N. Y.
-CERTIFICATE ISSUE SOLD-Faxon, Gade & Co. of Boston purchased on
Jan. 23 an issue of $325,000 tax anticipation certificates of indebtedness
at 1.95% interest. Dated Feb. 1 1935 and due Oct. 1 1935.
SABETHA, Nemaha County, Kan.
-BONDS VOTED
-At an election
hela on Jan. 10 the voters are said to have approved the issuance of $100.000
in reservoir bones by a count of 690 to 141. The bond ordinance setting
the date of sale has not as yet been passed, according to the City Clerk,
ST. CLAIRSVILLE, Belmont County, Ohio
-BOND ISSUE REPORT
-Issuance of the $65.000 sewage disposal plant bonds authorized last
December depends on approval and acceptance of the undertaking as a
Public Works Administration project.
-BONDS HELD LEGAL-Legality
ST. ELMO, Fayette County, 111.
of an issue of $50,000 4% water revenue bonds has been approved by
Benjamin H. Charles of St. Louis. They will be dated Aug. 1 1934 and
probably form the basis of a loan and grant of $65,000 by the Public Works
Administration.
SANGER UNION HIGH SCHOOL DISTRICT (P. 0. Fresno),
Fresno County, Calif.
-BOND SALE
-The $40,000 IMO of school bonds
-was awarded to Earl S. Carper
offered for sale on Feb. 5-V. 140, p. 674
of Fresno. as 4),/s, paying a premium of $783, equal to 101.57, a basis of
about 4.07%. Dated Jan. 11935. Due from 1941 to 1955.
-BOND SALE
SAXTON SCHOOL DISTRICT, Bedford County, Pa.
-The 518.000
% coupon school bonds offered on Feb. 2-V. 140. 13•
-were awarded to Glover & MacGregor. Inc. of Pittsburgh, at par
675
plus a premium of $542.20. equal to 103.01, a basis of about 4.10%. Dated
ends due
Jan. 1 1935 and due $1,000 on Jan. 1 from 1940 to 1957, incl.
after Jan. 1 1945 are subject to redemption, at any time, at a price of par.
Other bids were as follows:
Premium
Bidder
S. K. Cunningham & Co
1310689.W
E. H. Rollins& Sons
59.Par40
Leach Bros., Inc
First National Bank of Saxton
Volume 140
Financial Chronicle
-An issue
SCOTT COUNTY (P. 0. Davenport), Iowa-BOND SALE
of $105,000 4;i% semi-ann. judgment funding bonds is reported to have
been purchased on Jan. 24 by the White-Phillips Co. and Glaspell, Vieth &
Duncan. both of Davenport, jointly. Due from 1937 to 1944.
-BOND ISSUE AGAIN DESEAFORD, Nassau County, N. Y.
FEATED-The proposal to issue $90,000 to build a six-room elementary
school was defeated for the third time within a year at a special election
held Feb. 6. The vote was 47 "for" and 163 "against.'
SEATTLE, King County, Wash.
-BOND CALL-It is reported that
H.L. Collier, City Treasurer,is calling for payment from Feb.6 to Feb. 13,
various local improvement district bonds and. coupons.
-BONDS APSHALER TOWNSHIP, Allegheny County, Pa.
PROVED-Approval of an issue of $290,000 water and sewer system bonds
was announced by the Pennsylvania Department of Internal Affairs on
Jan. 29.
-A $58,000 issue
SHENANDOAH, Page County, Iowa-BOND SALE
of water works bonds was offered for sale on Feb.4 and was awarded to the
Carleton D. Beh Co. of Des Moines, as 41.1s, paying a premium of $76,
equal to 100.131.
SONORA, Sutton County, Tex.
-It is stated by the
-BOND SALE
City Manager that the Public Works Administration has purchased $4,700
municipal building bonds, as 4s at par. (A loan and grant of $6,000 has
been approved by the PWA.)
SOUTH BEND, St. Joseph County, Ind.
-BONDS AUTHORIZED
-The City Council has authorized an issue of $500,000 bonds "to insure
materialization of the city's anticipated 'bottle-neck'rerouting project."
SOUTH PORTLAND, Cumberland County, Me.
-BOND OFFERING-Harry A. Brinkerhoff, Treasurer and City Manager, will receive
sealed bids until Feb. 18 for the purchase of $25,000 bonds, the proceeds
of which will be used for retirement, through purchase at par, of $25,200
5% municipal building notes, dated Nov. 12 1931 and due $3,600 annually
from 1935 to 1941 incl. Rate of interest on the bonds is to be named by
the bidder and the issue will mature 65.000 each year on Jan. 15 from 1936
to 1940 incl.
Financial Statement (as of Jan. 1 1935)
Assessed valuation
$12,134,750
34)
Total bonded debt due 1935-59 incl.)
513,500
Serial notes (due 1935-41 incl.)
30,200
Total funded (net) debt (4.5% of assessed valuation)
$543,700
Population 1934 (est.), 14.000. Tax rate 1934, $4.80.
1932
1931
1934
1933
Budget requirements to
be raised from taxa'n _6596,637.00 $602,500.00 $602,500.00 $607.500.00
Amount of levy
595,170.00 597,437.00 582,536.00 580,686.00
Amount uncollected as of
Jan. 1 1935
8,870.69
2,157.69
88,422.65
6,277.10
Tax titles held, $74,804.68. Tax sales held first Monday in February.
Taxes due Aug. 1 and payable on or before Oct. 1 without interest penalty.
Percentage of taxes levied against corporations, approx. 25%. Banks of
account: Canal National Bank, Portland; Casco Bank dz Trust Co., Portland. 1934 temporary loans outstanding, none.
1935 temporary loans (as of Jan. 28 1935)
Outstanding (sold Jan. 9, 0.95% discount plus $7 premium)._ $150,000
To be sold, April
150,000
Total authorized
$300,000
SPRING VALLEY, Fillmore County., Minn.
-BOND ISSUANCE
NOT CONTEMPLATED-It is stated by the Village Clerk that no further
action has been taken on the $45,000 in not to exceed 6% power bonds
that were approved by the voters at an election on Dec. 4-V. 139, p. 3841.
It is said that the election is being contested on the question for which they
were voted. Until such time as a decision is rendered by the District Court
no further action can be taken.
SPRINGFIELD, Sangamon County, 131.
-MAY LOSE PWA GRANT
-Warning that the city will lose a Public Works Administration grant of
$4415,000 unless it fulfills the obligations of its contract and completes the
construction of its water works was given recently by Administrator Harold
L. Ickes. In a letter to Mayor John W. Kapp, the Administrator denied
a request of the City Council that it be permitted to obtain the free grant
of P WA for already completed work without constructing remaining and
integral parts of the water system-a filtration plant and a clear well.
The project was made possible by a PWA loan and grant of $1,385,000.
PWA has actually purchased bonds totaling $533,000. which are secured
by revenues of the water system. An investigation by PWA engineers
revealed that failure to carry out the terms of the contract would not
only result in partial abandonment of costly improvements already finished
but would also, through impairing water revenues, threaten the value of
the bonds now held by PWA. Cessation of work would aggravate Springfield's unemp oyment problem, they reported, and loss of the grant might
result in an increase in city water taxes.
STANBERRY SCHOOL DISTRICT NO. 53 (P. 0. Stanberry);
Gentry County, Mo.-BONDS NOT SOLD BY RFC
-The $27,500 issue
of 4% semi-ann, school bonds offered by the Reconstruction Finance
Corporation on Jan. 30-V. 140, p. 673
-was not sold as no bids were
received. Due from Aug. 1 1935 to 1954 incl.
STEARNS COUNTY (P. 0. St. Cloud), Minn.
-BOND OFFERING
Sealed bids will be received until 1 p. m. on March 4, by the Secertary of
the County Board, for the purchase of a $50,000 issue of refunding bonds.
Interest rate is not to exceed 3%, payable M.& S. Denom. $500. Due
on March 1 1942. It is stated that these bonds are being issued for the
purpose of refunding court house bonds maturing in 1935.
STEPHENVILLE, Erath County, Tex.
-BOND ELECTION
-An
election is said to have been called for Feb. 26 to vote on the Issuance of
$190,000 in light plant bonds.
SULLIVAN COUNTY (P. 0. Newport), N. H.
-LOAN OFFERING
Sealed bids addressed to the County Commissioners will be received until
2 p. m. on Feb. 11 for the purchase at discount basis of an $80,000 tax
anticipation loan, dated Feb. 15 1935 and due Dec. 16 1935. County
reports an assessed valuation for 1934 of $27,209,204 and total bonded debt
of $294,000. There are no revenue anticipation notes now outstanding.
SUMMIT COUNTY (P.O. Akron), Ohio
-BOND SALE
-The $500,000
refunding bonds re-offered on Feb. 1 were finally sold. after the county on
three previous occasions had rejected the bids submitted in each instance
as unsatisfactory. Award of the issue was made to Fox, Einhorn & Co.
of Cincinnati and associates, as 414s, at par plus a premium of $3,888. equal
to 100.777, a basis of about 4.36%. This was the first time that a bid
had been received by the county for the bonds to bear interest at a rate
below 4 fi %. The bonds are dated Oct. 1 1934 and mature $100,000 on
Oct. 1 from 1939 to 1943 incl.
SUMNER SCHOOL DISTRICT (P. 0. Sumner), Bremer County,
Iowa-BOND ISSUANCE CONTEMPLATED-It is stated that the School
Board plans to issue $28,000in 4% refunding bonds,to take up a like amount
of 5% school bonds.
-BOND SALE
SUNBURY, Northumberland County Pa.
-Mary E.
Holsapple, City Clerk,states that the $5,000 41f% coupon street improvemalt bonds offered on Feb. 1 were sold to local investors, as follows:
53,000 to John R. Kauffman Jr., at a price of 103 and $2,000 to L. J.
Rogers at 102.125. Bidding for "all or none," E. H. Rollins & Sons offered
to pay 102. while J. H. Dress & Co. bid 102.511.
-It is stated by
SUPERIOR, Douglas County, Wis.-BOND SALE
the City Comptroller that an issue of $133,000 refunding bonds has been
purchased as 5;is, at par, by Seipp. Princell & Co., and Morris Mather &
Co. both of Chicago, jointly. Due serially from July 1 1948 to 1954.
(This report corrects the notice of a sale of $91,639.53 of these bonds to
-V. 139, P. 2241.)
the above named companies, reported last October
It is also stated by the City Comptroller that of $151,000 S % refunding
bonds authorized last November, a block of $69,000 has been sold to Morris
Mather & Co. of Chicago. Due serially from Jan. 1 1945 to 1949.
1011
-BONDS VOTED-It is
SWEETWATER, Noran County, Tex.
reported that the voters have approved recently the issuance of $55,000 in
city hospital bonds.
-TEMPORARY LOAN
SYRACUSE, Onondaga County, N. Y.
N. W. Markson, City Comptroller, made award on Feb. 4 of $2,000,000
tax anticipation certificates of indebtedness jointly to Halsey, Stuart &
Co., Inc., and the Bancamerica-Blair Corp., both of New York, on their
bid of 0.87% interest plus a premium of $25. Dated Feb. 6 1935 and due
Oct. 15 1935. Public reoffering was made at a price to yield 0.65% • The
bid of the Chemical Bank & Trust Co. and associates for the issue at 0.85%
interest plus a premium of $7.10 was received too late for consideration by
the city. Other bidders were: Marine Trust Co., Buffalo, 1.15% plus $19;
Blyth & Co. and Dick & Merle-Smith. 1.19% plus $12; Chase National
Bank, 1.22% plus $11; First National Bank of Boston, 1.48%, and Faxon.
(lade & Co. at 1.57%.
-Mr. Markson will receive sealed bids until 12 m.
BOND OFFERING
(Eastern Standard Time) on Feb. 15 for the purchase of $4,779,000 not to
exceed 6% interest coupon or registered bonds, divided as follows:
$2,000,000 welfare bonds. Due $200,000 each year on March 1 from 1936
to 1945 incl.
1,430,000 series A general refunding bonds. Due March 1 as follows:
$72,000 from 1936 to 1945 incl. and $71,000 from 1946 to 1955
incl.
740,000 series B general refunding bonds. Due $74,000 each year on
March 1 from 1936 to 1945 incl.
609,000 welfare refunding bonds. Due 687,000 on March 1 from 1936
to 1942 incl.
Each issue is dated March 1 1935. Bidders are asked to name the rate
of interest in. multiple of SI or 1-10th of 1% and all of the bonds of each
issue must bear the same rate. Principal and semi-annual interest payable
in lawful money of the United States at the Chase National Bank, New
York. A certified check for 2% of the bonds bid for, payable to the order
of the City Comptroller, must accompany each proposal. Approving opinion
of Caldwell & Raymond of New York will be furnished the successful bidder.
Bonds will be delivered on or about March 1 1935 at the Chase National
Bank, New York.
Financial Statement
$383,892.995.00
Assessed valuation taxable property
440,000.000.00
Actual valuation taxable property (estimated)
368,542,560.00
Assessed valuation real property
15.350,435.00
Assessed valuation special franchises
43,142.712.89
* Bonded debt, including above issues
6,051,750.00
included in above (exempt debt)
Water bonds,
2,624.000.00
Local improvement bonds, included in above (exempt debt)
174,600.00
Sinking fund general bonds (cash)
5,560,938.74
Temporary debt
debt figures above include $2,779,000 of bonds being refunded by
* The
this proposed issue: and also include $617,357.51 of bonds maturing during
the year 1935, which are appropriated for in the 1935 tax budget and will
automatically be deductible from the debt upon the adoption of such budget.
209.326
Population census 1930
-BOND OFFERING-Sealed
TAYLOR, Williamson County, Tex.
bids will be received until 7:30 io. m. on Feb. 14, by 0. W. Davis, City
Secretary, for the purchase of $20,000 434 or 5% city hall building bonds.
Denom. $1,000. Due $1,000 annually from 1936 to 1955 incl. These bonds
are offered subject to rejection of purchase by the State Board of Education.
A certified check for $500 must accompany the bid.
-STATUS OF REFUNDING PLAN
TOLEDO, Lucas County, Ohio
Committee for Bondholders announced under date of Feb. 4 that holders
of 707 of the bonds to be refunded under the plan agreed upon last Novem-have assented to the program and that it expects
-V. 139. p. 3360
ber
the deposit of a sufficient amount of additional bonds to declare the plan
operative on or about Feb. 15. Philip A.Benson, President, Dime Savings
Bank, Brooklyn and President of National Association of Mutual Savings
Banks, is Chairman of the Committee, while W. D. Bradford, 115 Broadway, New York City, is Secretary. Depositary is the Bankers Trust Co..
New York. The committee advises that if the plan is declared operative by
Feb. 15, a distribution of interest on deposited bonds to Dec. 15 1934. leas
the bondholders' share of expenses, can be made.
-BABY BOND ISSUE NEARER
TOLEDO, Lucas County, Ohio
The Toledo "Blade" of Jan. 29 contained the following report:
"Issuance of $1,946,000 in baby bonds to pay the holders of old city scrip
and other debtors of the city was one step nearer to-day when Charles
Austin, Finance Director, was given a certification from the County Auditor
showing that the city still has due $5,186,089 in delinquent taxes. Mr
Austin explained that he will confer with the State Tax Commission to
determine whether the city must set aside $2,000,000 of these delinquent
taxes as due the sinking fund.
"If this must be done the city must also set aside $600,000 against which
Hyre Act bonds were issued; $50,000 against which Miller Act certificates
were issued and $1,500 to retire outstanding Marshall Act scrip, Mr. Austin
explained. The city then could issue baby bonds in the amount of 70%
of the remaining delinquency or a total of $1.775,000, Mr. Austin estimated.
This would not take care of the city's entire floating debt, but would provide for the retirement of the $900,000 of outstanding city certificates of
indebtedness.
"The city plans to exchange the baby bonds with the holders of the old
scrip and other debtors of the city. Mr. Austin expects a ruling in order to
get the legislation before Council by Feb. 18."
-BOND
TOLEDO SCHOOL DISTRICT (P. 0. Chehalis) Wash.
SALE
-The $19,000 issue of school building bonds offered for sale on Feb. 1
-V. 140. P. 507
purchased by the State of Washington, as 4,1{s, at
-was
par. Denom. $500. Dated Feb. 1 1934. Due in 20 years, optional after
two years. Interest payable annually.
TOM BEAN COMMON SCHOOL DISTRICT (P. 0. Tom Bean),
-At the election held on
-BONDS VOTED
Grayson County, Tex.
Jan. 26-V. 140, P. 348
-the voters are said to have approved the issuance
of the 622,500 in school bonds.
-At the elecTOOELE, Tooele County, Utah-BONDS DEFEATED
-the voters are stated to have rejected
tion held on Jan. 26-V. 140. p. 174
the proposal to issue $61.000 in 4% water works construction bonds. (This
corrects the tentative report that these bonds had been approved-V.
140. p.835.)
TOPEKA SCHOOL DISTRICT (P. 0. Topeka) Shawnee'County,
-In connection with the
Kan.
-BOND ELECTION CONTEMPLATE
report that the voters would pass on the issuance of $300,000 in school
-we
-V. 140, p. 835
construction bonds at the regular election in April
were informed on Feb. 6 by the Business Manager that the matter will not
be definitely determined until March 4.
-BOND SALE
TOWER HILL SCHOOL DISTRICT NO. 185, III.
The H. C. Speer & &ins Co. of Chicago has purchased $35,000 4% school
bonds. Dated Jan. 1 1935. Due Jan. 1 as follows: 51,000 in 1940 and
1941: $2.000 from 1942 to 1949 incl.: $3,000 from 1950 to 1952 incl. and
$4.000 in 1953 and 1954. They are part of an issue of $41,000 authorized
at an election held Dec. 22 1934. Payable in Tower Hill. Legality to be
approved by Thomas W. Samuels of Decatur. Ill.
-V. 140, p. 348.
•••
'
1
TRENTON, Grundy County, Mo.-FEDERAL COURT CONSIDERS
RESTRAINING ORDER ON MUNICIPAL ELECTRICPLANT
-Federal
Judge M. E. Otis is said to have taken under advisement recently an
application of the Missouri Public Service Co.to restrain the city from
an allotment from the Public Works Administration for the construction
a municipal electric plant. In September 1934, the city was denied a
petition by Federal Judge Albert L. Reeves, which sought to dismiss the
company's action-V. 139, p. 2403. Application was made by the city
for an allotment of $315,000 from the PWA,following the approval of a
$225,000 bond issue.
TRENTON, Mercer County N. J.
DS
-TAX REVENUE
AUTHORIZED-The City Commission voted on Jan. 23 to issue $125,000
tax revenue bonds of 1934.
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Tulsa County, Okla.
BOND SALE
-It is reported by the Clerk of the Board of Education that
Financial Chronicle
1012
353,300 5% send-annual funding bonds have been purchased recently by
the Brown-Crummer Co. of Wichita, at par.
TWIN FALLS COUNTY INDEPENDENT SCHOOL DISTRICT
(P. 0. Twin Falls), Ida.
-BOND CALL
-It is reported by S. H. Graves,
District Treasurer, that the following bonds are being called for payment:
Nos. 41 to 50 of an issue dated March 1 1920, hit, to cease after March 1;
Nos. 76 to 90 of an issue dated April 1 1919, int. to cease after April 1.
and Nos. 31 to 36 of an issue dated July 1 1919, int, to cease after July 1.
Prin. and int, payable at the office of the District Treasurer.
TYLER, Smith County, Texas
-The $10,000 issue of
-BOND SALE
5% coupon park bonds offered for sale on Feb. 1-V. 140, p. 508
-was purchased by the Citizens National Bank of Tyler at a price of 102.50, a basis
of about 4.43%. Denom. $1,000. Dated Feb. 1 1935. Due $1,000 from
1936 to 1945, incl. Interest payable F. & A.
UNION COUNTY(P.O. Monroe), N. C.
-ADDITIONAL INFORMATION
-In connection with the sale of the $36.000 notes to the American
Bank & Trust Co. of Monroe, at 4%-V. 139, p. 3842
-it is stated by
the Clerk of the Board of County Commissioners that the money will be
advanced as needed.
UPPER ARLINGTON (P. 0. Columbus), Franklin County, Ohio
RATE OF INTEREST
-The $22,000 coupon special assessment refunding
bonds awarded on Jan. 30 to Lowry Sweney, Inc. of Columbus, at a price of
100.095-V. 140. p. 836
-bear 4% interest. Basis cost about 3.98%.
Dated Jan. 1 1935 and due Oct. 1 as follows: $4,000 from 1937 to 1939 incl.
and $5,000 in 1940 and 1941. Other bids were as follows:
BidderInt. Rate
Premium
BancOhlo Securities Co
$3 .00
435%
Weil, Roth & Irving Co
14.80
G. Parr Ayers & Co
29.00
PP UTICA, Oneida County, N. Y.
-BONDS AUTHORIZED-The
Common Council recently voted to issue $350,000 school bonds and referred
the proposal to issue $200,000 welfare bonds for consideration of the Finance
Committee.
VERMILION, Erie County, Ohio
-BOND SALE
-The $54,680
special assessment bonds offered on Feb. 4-V. 140, p. 508
-were awardea
as 454. to Stranahan, Harris & Co., Inc. of Toledo, at par Aus a premium
of $217.22. equal to 100.397, a basis of about 4.41%. The sale consisted of:
$29.680 water distribution system and street improvement bonds. One
bona for $680, others for $1,000. Due Dec. 1 as follows: $4,680
in 1936; $4.000, 1937 to 1940, incl., and $3,000 from 1941 to
1943, inclusive.
25,000 sanitary sewer construction bonds. Denom. $1,000. Due Dec. 1
as follows: $4,000 in 1936 and $3,000 1937 to 1943, incl.
Each issue is dated Dec. 1 1934.
VINCENNES SCHOOL CITY, Knox County, Ind.
-BOND SALE
The $13,000
% refunding bonds offered on Feb. 1-V. 140, p. 508
were awarded to the American National Bank of Vincennes at par plus a
premium of 3550, equal to 104.23, a basis of about 4.23%. Dated Feb. 1
1935 and due $7,000 Feb. 1 1946, and $6,000 Aug. 1 1946. Other bidders
were.
BidderPremium
City Securities Corp., Indianapolis
$135.50
Seipp, Princell & Co., Chicago
138.00
A. C. Allyn & Co., Chicago
263.50
Miller-Givan Co., Indianapolis
305.50
Albert McGann Securities Co., South Bend
392.60
Fletcher Trust Co., Indianapolis
394.00
Bartlett, Knight & Co., Chicago
411.00
Lewis, Pickett & Co., Chicago
440.00
Seasongood & Mayer, Cincinnati
533.00
VIRGINIA, St. Louis County Minn.-BOND SALE
-The $185,000
issue of coupon hospital construction bonds offered for sale on Feb. 4V. 140, p. 675
-was awarded to the Wells
-Dickey Co. of Minneapolis, as
334s, paying a premium of $1,410, equal to 100.76, a basis of about 3.30%.
Due from 1936 to 1942. This company also submitted an offer of $6,845
premium for 4% bonds.
VIRGINIA, St. Louis County, Minn.
-BOND SALE
-The $185.000
Issue of hospital construction bonds offered for sale on Feb. 4-V. 140, p.
675
-was awarded to the Wells-Dickey Co. of Minneapolis, as 3 hs,
paying a premium of $1,410, equal to 100.76, a basis of about 3.15%•
Due from 1936 to 1942.
14 a
WAKE COUNTY (P. 0. Raleigh), N. C.
-BONDS NOT SOLD-The
$44,500 issue of 4% coupon semi-ann. school bonds offered on Jan. 22V. 140, p. 508
-was not sold as no bids were received. It is stated by the
Secretary of the Local Government Commission that the bonds may be purchased privately by the Public Works Administration. Dated June 1
1934. Due from June 1 1935 to 1954, inclusive.
WALLOWA, Wallowa County, Ore.
-FEDERAL FUND ALLOTMENT REJECTED
-It is stated by the City Recorder that the loan and
grant of $62.000 for water system improvement, approved by the Public
Works Administration recently
-V. 140, P. 498
-was rejected by the
City Council on Jan. 24.
WAPAKONETA, Auglaize County, Ohio
-ADDITIONAL INFORMATION-The $8,000 electric light plant bonds purchased by the Sinking Fund Trustees
-V. 140, p. 836
-will bear 4% interest. dated Oct. 1
1934. in $500 denom., and mature one bond annually on Oct. 1 from 1936
to 1951, incl. Prin. and int. (A. & 0.) payable at the City Treasurer's
office.
WAPELLO COUNTY (P. 0. Ottumwa), Iowa-BOND OFFERING-.
Sealed bids will be received until 2 p.m. on Feb. 13 by Guy Kitterman,
County Treasurer, for the purchase of an issue of $164,000 judgment funding bonds. Interest rate to be stated by bidder. Denom. $1,000. Dated
Feb. 1 1935. Due as follows: $16.000. 1940 to 1943: $56,000, 1944, and
$44,11110 in 1945. Bonds maturing prior to Nov. 1 1940 are optional on
that date and on any Interest payment date thereafter. Open bids will be
received after all sealed bids are in. The county agrees to furnish the blank
bonds and the approving opinion of Chapman & Cutler of Chicago, and all
bids must be so conditioned. Bonds will have a provision for the registration of principal. Delivery of the bonds will be made at the County
Treasurer's office. A certified check for 3% of the bonds offered, payable
to the County Treasurer, is required.
WARM SPRINGS SCHOOL DISTRICT (P. 0. Oakland), Alameda
County, Calif.
-BOND SALE
-The $35,000 issue of coupon or registered
school bonds offered for sale on Feb. 5-V. 140, p. 836
-was awarded to
Blyth & Co. of San Francisco, as 3 hs, paying a premium of $419, equal
to 101.197, a basis of about 3.60%. Dated Feb. 1 1935. Due from
Feb. 1 1937 to 1951.
WASHINGTON TOWNSHIP (P. 0. Indianapolis), Marion County,
Ind.
-BOND OFFERING-Charles M. Dawson, trustee, will receive sealed
bids until 3 p. m. on March 4 for the purchase of $13,533.61 not to exceed
5% interest judgment funding bonds. Dated March 15 1935. Denotes.
not less than $50 nor more than $1,000. Due July 15 as follows: $1,533.61
In 1936 and $3,000 from 1937 to 1940 incl. Payable from ad valorem taxes
to be levied on all taxable property in the township.
WAYNE COUNTY (P. 0. Corydon), Iowa-MATURITY
-The
$11,609 4 51% funding bonds that were taken over recently by Jackley &
Co.of Des Moines
-V.140, p. 836
-are due on Nov. 1 as follows: $3,600,38
in 1936; $3,000, 1938, and $5,000 in 1939, according to the County Auditor.
WAYNESFIELD, Auglaize County, Ohio
-BONDS AUTHORIZED-.
The Village Council passed an ordinance providing for the issuance of
$17,500 4% water works system mortgage revenue bonds. Dated Sept. 1
1934. Due Sept. 1 as follows: $500 from 1938 to 1946, incl., and $1,000
from 1947 to 1959, incl. Principal and interest (M. & S.) payable at the
Village Treasurer's office. The project will cost about $35,000 and will
be financed by the Public Works Administration,
WATERVILLE, Kennebec County, Me.
-NEW FINANCING
Chairman Leon 0. Tebbetts of the Finance Commission has been negotiating with the First National Bank of Boston for a $500,000 temporary
loan in anticipation of 1935 taxes, to mature next October. Negotiations
have recently been completed with Smith, White & Co. of this city for sale
of $100.000 bonds. The money will be used for the express purpose of
refinancing the city enabling it to pay every outstanding obligation save Its
bonded indebtedness. State and county taxes, long overdue, will be met
promptly.
Feb. 9 1935
WELD COUNTY SCHOOL DISTRICT NO. 103 (P. 0. Galeton),
Colo.
-BOND SALE
-A $12,000 issue of 44% refunding bonds was purchased by Oswald F. Benwell of Denver. Denominations $1,000 and $500.
Dated Dec. 11934. Due on Dec. 1 as follows: $1,000, 1938; $1,500, 1939
to 1944, and $2,000 in 1945. Prin. and int. (J. & D.) payable at the County
Treasurer's office in Greeley. Legality of issue will be approved by Myles
P. Tallmadge of Denver.
WELLESLEY, Norfolk County, Mass.
-The
-TEMPORARY LOAN
3200,000 revenue anticipation notes offered on Feb. 4-V. 140. 11• 836
were awarded to the Boston Safe Deposit & Trust Co. at 0.22% discount
basis plus a premium of $7. Dated Feb. 4 1935 and due $100,000 each on
Nov. 12 and Nov. 18 1935. Other bidders were: National Shawmut
Bank of Boston, 0.23; Newton, Abbe &
.235; Wellesley Trust Co.,
0.24; Whiting, Weeks & Knowles, 0.25; Co...M.-P.'Murphy & Co., 0.26;
G.
Norfolk County Trust
.263; First National Bank of Boston, 0.325
Wellesley National Bank,
Co.,d.34; Faxon, Gade & Co., 0.35; Second National
Bank of Boston, 0.41; Halsey, Stuart & Co.. 0.47.
WEST READING, Pa.
-The $78.000 coupon refunding
-BOND SALE
bonds offered on Feb. 5-V. 140, p. 676
-were awarded as 38 to Edward
Lowber Stokes & Co. of Philadelphia, at par plus a premium of $288.53,
equal to 100.369, a basis of about 2.94%. Dated Feb. 15 1935 and due
Feb. 15 as follows: $5,000, 1936 and 1937, 36,000, 1938 and 1939 and
$8,000 from 1940 to 1946 incl.
WICHITA, Sedgwick County, Kan.
-BOND OFFERING
-Sealed bids
will be received until 7.30
m. on Feb. 11 by C. C. Ellis, City Clerk, for
the purchase of a $211,000 issue of 3% internal impt. bonds. Denom.
p.
$1,000. Dated Feb. 1 1935. Due serially in from 1 to 10 years. A
certified check for 2% must accompany the bid.
WILLIAMSFIELD, Knox County, Ill.
-PLANS BOND ISSUE
The township may issue $20,000 gravel road construction bonds.
WILLIAMSPORT,Lycoming County, Pa.
-BONDS AUTHORIZED
The City Council on Jan. 25 voted to issue about $200,000 bonds under the
Mansfield Act to provide funds for operating purposes pending collection
of 1935 taxes.
WOODBURY COUNTY (P. 0. Sioux City), Iowa
-BOND SALE
The $130,000 issue of funding bonds offered for sale on Feb. 4-V. 140,
p. 836
-was purchased by the Iowa-Des Moines National Bank of Des
Moines, as 2 hs, paying a premium of:3245, equal to 100.188, according
to the County Treasurer. Dated .,Taka...,1 1935. Due from Jan. 1 1940
to 1945.
•
The following is an official list Witte other bids received:
Names of Other BiddersPrise Bid
Glaspell, Veith & Duncan, Davenport
$390 on 234s
Halsey, Stuart & Co., Chicago
325 on 2hs
Greenway-Raynor Co., Omaha
1,750 for 3s
C. W. Britton Co
1,040 for 3s
Carleton D. Beh Co
985 for 3s
WOODBURY HEIGHTS, Gloucester County, N. J.
-REFINANCING PLAN APPROVED
-The Borough Council on Jan. 14 voted to proceed with the refinancing of unpaid State and county taxes, delinquent
payrolls and other indebtedness through the issuance of between $80,000
and $90,000 bonds. The bonds are to bear interest at not more than 5%
and the program will be placed in operation by M. M. Freeman & Co.
5f Ph ilaZiphia, it is said. Current bonded debt of the Borough, not
os to 6 .
Including the school debt, is $86,000, with interest rates ranging from
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN
The city awarded $1,000,000 revenue anticipation notes on Feb.8 as follows:
$500.000, due Nov. 20 1935, to the National Shawmut Bank at 0.27%
atscgtmt basis, and 3500,000. due Feb. 7 1936, to the First Boston Corp.
di . %
39
YADKIN COUNTY (P. 0. Yadkinville), N. C.
-BONDS NOT SOLD
-The $140,000 issue of 4% semi-ann. school bonds offered on Jan. 29-was not sold as no legal bids were received. The Secretary
V. 140, 13. 676
of the Local Government Commission states that it is contemplated that
the bonds will be sold privately to the Public Works Administration. (An
allotment of $199,000 has been approved by the PWA.)
YONKERS, Westchester County, N. Y.
-TAX COLLECTIONS
HIGHER-Reporting collection of $2,200,000 in 1935 taxes to Feb. 5.
James Hushion. City Comptroller, stated that the amount received was
about 20% of the $11,000,000 tax levy and constituted a much larger
percentage than had been paid in the same period last year. He attributed
the increase to the desire of taxpayers to avoid penalities.
YOUNGSTOWN, Mahoning County, Ohio
-PLANS $120,000 BOND
-The city law department is preparing ordinances providing
FLOTATION
for the issuance of $120,000 swimming pool construction bonds in blocks
of 160,000 each.
CANADA, Its Provinces and Municipalities.
-NOTE SALE
CANADA (Dominion of)
-The Government on Feb. 5
sold an issue of $18,300,000 Treasury notes to banks and other institutions
at an average Interest rate of 2.055%. Due May 1 1935.
FOUR-YEAR RECORD OF MATURITIES
-Pointing out that maturities
of Government, municipal and corporation obligations in the next four years
aggregate 11,181,950,000, C. H. Carlisle, President of the Dominion
Bank stated, in his address at the bank's annual meeting recently, that
Canada would be well advised to appoint a non-political commission to
investigate the country's financial problems, with a view to correcting
them. He suggested a Commission similar to the May Committee in Great
Britain, which in July 1931 made public the first realization of an impending
deficit of 1120,000,000 and was responsible in large measure for England's
suspension of the wild standard. Mr. Carlisle set forth the maturities as
follows:
Debt Maturities Next Four Years
Dominion
$773,800,0001All others
$30,000,000
Provincial
218,150,000
Municipal
160,000,000
Total
$1,181,950,000
-Adding interest charges, the total would be over $24 billions, said Mr.
Carlisle. While continuation of the rate at which Government expenditures
have exceeded revenues in the past 10 years, would bring total obligations
to be met in the next four years to almost $3 billion. Of the total shown in
the foregoing table, £232,000,000 is held abroad, he stated. Mr. Carlisle
further initmated that the aid of these investors abroad is important to
Canada and that this country is closing the doors to them by rapidly increasing its debt.
-At a two-day meeting
MAYORS FAVOR REFUNDING OF DEBTS
concluded in Calgary on Jan. 29, the Mayors of Western Canada confirmed a resolution providing for complete refunding all municipal capital
indebtedness at a maximum interest rate of 3% with Federal Government
guarantee, according to a report of their deliberations as given in the
Montreal "Gazette" of Jan. 30. Mayor Andy Davidson of Calgary was
continued as chairman, with power to reconvene the delegates if necessary.
HALDIMAND COUNTY (P. 0. Caledonia), Ont.-BOND OFFERING-Harrison Arrell, County Clerk, will receive sealed bids until March
13 for the purchase of $35,000 4% improvement bonds, due in from 1 to
10 years. This issue was previously offered on Nov. 14 1934, at which
time all bids were rejected. C. H. Burgess & Co. of Toronto entered a bid
-V. 139, P. 3362.
of 99.51 at that time.
-INTEREST REMITTED IN FULL
-The city
VANCOUVER B. C.
forwarded approximately $3355,000 to its fiscal agents in London, England,
representing full payment of Feb. 1 semi-annual Interest on stock and debentures held in Great Britain, according to report. The stock held in London totals $16,171,300 and debentures amount to $3,975,000, it is said.
Interest rates on the obligations are 4% and 434%. Next interest payment
is due Aug. 1. In connection with the city's proposal to suspend 50% of
the interest payments on all outstanding obligations, various committees
have been formed in London, including representatives of trust and insurance companies, for the purpose of protecting interests of 5,500 British
holders of Vancouver securities, it is said. Stock jobbers previously had
-V. 140, p. 836. Mayor
decided to withhold quotations on city bonds
McGeer has called a meeting of holders of city obligations to be held in
Vancouver on Feb. 11 for the purpose of considering the proposed interest
reduction.
@FedFRASER